Fulton Financial Announces Third Quarter 2021 Results
Fulton Financial Corporation (NASDAQ:FULT) reported a net income of $73 million or $0.45 per diluted share for Q3 2021, showcasing record earnings per share. Loan growth improved in various sectors, with net interest income surging to $171 million, a $9 million increase from Q2 2021. Additionally, mortgage banking income and wealth management achieved record highs. Non-interest income rose by 21% to $63 million, while total average deposits grew to $22.1 billion. However, average loans decreased 2.6% to $18.4 billion.
- Record earnings per share of $0.45 in Q3 2021.
- Net interest income increased to $171 million, $9 million higher than Q2 2021.
- Wealth management income and assets reached record levels.
- Non-interest income rose 21% from the previous quarter, totaling $63 million.
- Stable asset quality with non-performing assets at 0.58% of total assets.
- Average net loans decreased by $492 million, or 2.6%, compared to Q2 2021.
- Decline in PPP loans, affecting overall loan balance.
“Fulton achieved strong financial performance during the quarter, including continued record earnings per share,” said
Net Interest Income and Balance Sheet
Net interest income for the third quarter of 2021 was
Total average interest-earning assets for the third quarter of 2021 were
Average loans and yields, by type, for the third quarter of 2021 in comparison to the second quarter of 2021 are summarized in the following table:
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Growth |
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Balance |
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Yield (1) |
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Balance |
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Yield (1) |
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$ |
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% |
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(dollars in thousands) |
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Average Net Loans by type: |
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Real estate - commercial mortgage |
$ |
7,134,177 |
|
|
3.11 |
% |
|
$ |
7,177,622 |
|
|
3.16 |
% |
|
$ |
(43,445) |
|
|
(0.6) |
% |
Commercial and industrial(2) |
4,729,385 |
|
|
2.79 |
% |
|
5,445,160 |
|
|
2.58 |
% |
|
(715,775) |
|
|
(13.1) |
% |
|||
Real estate - residential mortgage |
3,642,822 |
|
|
3.39 |
% |
|
3,396,690 |
|
|
3.39 |
% |
|
246,132 |
|
|
7.2 |
% |
|||
Real estate - home equity |
1,128,076 |
|
|
3.68 |
% |
|
1,139,558 |
|
|
3.71 |
% |
|
(11,482) |
|
|
(1.0) |
% |
|||
Real estate - construction |
1,085,846 |
|
|
3.13 |
% |
|
1,054,469 |
|
|
3.05 |
% |
|
31,377 |
|
|
3.0 |
% |
|||
Consumer |
452,844 |
|
|
4.00 |
% |
|
451,486 |
|
|
3.89 |
% |
|
1,358 |
|
|
0.3 |
% |
|||
Equipment lease financing |
247,776 |
|
|
3.88 |
% |
|
256,248 |
|
|
3.74 |
% |
|
(8,472) |
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|
(3.3) |
% |
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Other(3) |
(6,773) |
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N/A |
|
(14,677) |
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|
N/A |
|
7,904 |
|
|
53.9 |
% |
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Total Average Net Loans |
$ |
18,414,153 |
|
|
3.53 |
% |
|
$ |
18,906,556 |
|
|
3.32 |
% |
|
$ |
(492,403) |
|
|
(2.6) |
% |
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(1) Presented on a fully-taxable equivalent basis using a |
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(2) Includes average PPP loans of |
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(3) Consists of overdrafts and net origination fees and costs. |
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Total average liabilities increased
______________________________
(1)Loans and lease receivables, (net of unearned income)
Three months ended |
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Growth |
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Balance |
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Rate |
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Balance |
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Rate |
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$ |
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% |
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(dollars in thousands) |
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Average Deposits, by type: |
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Noninterest-bearing demand |
$ |
7,439,644 |
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— |
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$ |
7,203,696 |
|
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— |
|
|
$ |
235,948 |
|
|
3.3 |
% |
Interest-bearing demand |
6,168,908 |
|
|
0.05 |
% |
|
5,979,855 |
|
|
0.06 |
% |
|
189,053 |
|
|
3.2 |
% |
|||
Savings |
6,392,537 |
|
|
0.07 |
% |
|
6,280,629 |
|
|
0.09 |
% |
|
111,908 |
|
|
1.8 |
% |
|||
Total average demand and savings |
20,001,089 |
|
|
0.04 |
% |
|
19,464,180 |
|
|
0.05 |
% |
|
536,909 |
|
|
2.8 |
% |
|||
Brokered |
270,168 |
|
|
0.34 |
% |
|
297,815 |
|
|
0.34 |
% |
|
(27,647) |
|
|
(9.3) |
% |
|||
Time |
1,852,223 |
|
|
0.95 |
% |
|
2,003,606 |
|
|
1.09 |
% |
|
(151,383) |
|
|
(7.6) |
% |
|||
Total Average Deposits |
$ |
22,123,480 |
|
|
0.12 |
% |
|
$ |
21,765,601 |
|
|
0.15 |
% |
|
$ |
357,879 |
|
|
1.6 |
% |
Asset Quality
In the third quarter of 2021, a negative provision for credit losses of
The
Non-performing assets were
Annualized net charge-offs (recoveries) for the quarter ended
Non-interest Income
Non-interest income in the third quarter of 2021, excluding investment securities gains, was
Compared to the third quarter of 2020, non-interest income, excluding investment securities gains, in the third quarter of 2021, decreased
Non-interest Expense
Non-interest expense was
Compared to the third quarter of 2020, non-interest expense increased
Income Tax Expense
The effective income tax rate was
Additional information on Fulton is available on the Internet at www.fult.com.
Safe Harbor Statement
This news release may contain forward-looking statements with respect to the Corporation’s financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, they are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation’s Annual Report on Form 10-K for the year ended
Non-GAAP Financial Measures
The Corporation uses certain non-GAAP financial measures in this earnings release. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this release.
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SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) |
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in thousands, except per-share data and percentages |
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Three months ended |
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2021 |
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2021 |
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2021 |
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2020 |
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2020 |
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Ending Balances |
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Investments |
$ |
4,000,760 |
|
|
$ |
3,921,658 |
|
|
$ |
3,612,010 |
|
|
$ |
3,340,424 |
|
|
$ |
3,097,721 |
|
Net Loans |
18,269,407 |
|
|
18,586,756 |
|
|
18,990,986 |
|
|
18,900,820 |
|
|
19,028,621 |
|
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Total assets |
26,390,832 |
|
|
26,079,774 |
|
|
25,892,990 |
|
|
25,906,733 |
|
|
25,543,281 |
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Deposits |
22,074,041 |
|
|
21,724,312 |
|
|
21,633,838 |
|
|
20,839,207 |
|
|
20,730,051 |
|
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Shareholders' equity |
2,699,818 |
|
|
2,692,958 |
|
|
2,629,655 |
|
|
2,616,828 |
|
|
2,390,261 |
|
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Average Balances |
|
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|
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|
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Investments |
$ |
3,914,627 |
|
|
$ |
3,670,333 |
|
|
$ |
3,448,166 |
|
|
$ |
3,221,289 |
|
|
$ |
2,977,672 |
|
Net Loans |
18,414,153 |
|
|
18,906,556 |
|
|
18,980,586 |
|
|
18,994,514 |
|
|
18,880,519 |
|
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Total assets |
26,440,876 |
|
|
26,017,542 |
|
|
26,082,816 |
|
|
25,749,405 |
|
|
25,169,508 |
|
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Deposits |
22,123,480 |
|
|
21,765,601 |
|
|
21,117,024 |
|
|
20,791,522 |
|
|
20,388,447 |
|
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Shareholders' equity |
2,722,833 |
|
|
2,669,413 |
|
|
2,637,098 |
|
|
2,544,866 |
|
|
2,374,091 |
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Income Statement |
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Net interest income |
$ |
171,270 |
|
|
$ |
162,399 |
|
|
$ |
164,448 |
|
|
$ |
161,591 |
|
|
$ |
154,116 |
|
Provision for credit losses |
(600 |
) |
|
(3,500 |
) |
|
(5,500 |
) |
|
6,240 |
|
|
7,080 |
|
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Non-interest income |
62,577 |
|
|
51,890 |
|
|
95,397 |
|
|
55,574 |
|
|
63,249 |
|
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Non-interest expense |
144,596 |
|
|
140,831 |
|
|
178,384 |
|
|
154,737 |
|
|
139,145 |
|
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Income before taxes |
89,851 |
|
|
76,958 |
|
|
86,961 |
|
|
56,187 |
|
|
71,140 |
|
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Net income available to common shareholders |
73,021 |
|
|
62,402 |
|
|
70,472 |
|
|
48,690 |
|
|
61,611 |
|
|||||
Pre-provision net revenue(1) |
90,947 |
|
|
75,575 |
|
|
81,795 |
|
|
64,092 |
|
|
80,044 |
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Per Share |
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Net income available to common shareholders (basic) |
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
Net income available to common shareholders (diluted) |
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
Cash dividends |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.17 |
|
|
$ |
0.13 |
|
Common shareholders' equity |
$ |
15.53 |
|
|
$ |
15.34 |
|
|
$ |
14.99 |
|
|
$ |
14.93 |
|
|
$ |
14.74 |
|
Common shareholders' equity (tangible)(1) |
$ |
12.21 |
|
|
$ |
12.05 |
|
|
$ |
11.69 |
|
|
$ |
11.62 |
|
|
$ |
11.44 |
|
Weighted average shares (basic) |
162,506 |
|
|
162,785 |
|
|
162,441 |
|
|
162,242 |
|
|
162,061 |
|
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Weighted average shares (diluted) |
163,456 |
|
|
163,858 |
|
|
163,737 |
|
|
163,071 |
|
|
162,579 |
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(1) Non-GAAP financial measure. Refer to the calculation on the page titled “Reconciliation of Non-GAAP Measures” at the end of this document. |
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Three months ended |
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2021 |
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2021 |
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2021 |
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2020 |
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2020 |
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Asset Quality |
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Net charge-offs (recoveries) to average loans (annualized) |
(0.05 |
)% |
|
0.15 |
% |
|
0.13 |
% |
|
(0.07 |
)% |
|
(0.05 |
)% |
|||||
Non-performing loans to total loans |
0.82 |
% |
|
0.83 |
% |
|
0.80 |
% |
|
0.78 |
% |
|
0.75 |
% |
|||||
Non-performing assets to total assets |
0.58 |
% |
|
0.60 |
% |
|
0.60 |
% |
|
0.58 |
% |
|
0.57 |
% |
|||||
ACL - loans(2) to total loans |
1.41 |
% |
|
1.37 |
% |
|
1.40 |
% |
|
1.47 |
% |
|
1.40 |
% |
|||||
ACL - loans(2) to non-performing loans |
171 |
% |
|
166 |
% |
|
174 |
% |
|
189 |
% |
|
188 |
% |
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Asset Quality, excluding PPP(1)(3) |
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Net charge-offs (recoveries) to adjusted average loans (annualized) |
(0.05 |
)% |
|
0.16 |
% |
|
0.14 |
% |
|
(0.08 |
)% |
|
(0.06 |
)% |
|||||
Non-performing loans to total adjusted loans |
0.85 |
% |
|
0.88 |
% |
|
0.88 |
% |
|
0.85 |
% |
|
0.83 |
% |
|||||
ACL - loans(2) to total adjusted loans |
1.45 |
% |
|
1.46 |
% |
|
1.54 |
% |
|
1.60 |
% |
|
1.56 |
% |
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Profitability |
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Return on average assets |
1.13 |
% |
|
1.00 |
% |
|
1.14 |
% |
|
0.79 |
% |
|
0.97 |
% |
|||||
Return on average common shareholders' equity |
10.64 |
% |
|
9.38 |
% |
|
10.84 |
% |
|
7.61 |
% |
|
10.32 |
% |
|||||
Return on average common shareholders' equity (tangible)(1) |
14.56 |
% |
|
12.93 |
% |
|
15.00 |
% |
|
10.32 |
% |
|
13.35 |
% |
|||||
Net interest margin |
2.82 |
% |
|
2.73 |
% |
|
2.79 |
% |
|
2.75 |
% |
|
2.70 |
% |
|||||
Efficiency ratio(1) |
60.3 |
% |
|
63.8 |
% |
|
63.0 |
% |
|
62.5 |
% |
|
62.3 |
% |
|||||
Non-interest expenses to total average assets(1) |
2.14 |
% |
|
2.14 |
% |
|
2.25 |
% |
|
2.13 |
% |
|
2.16 |
% |
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Capital Ratios |
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Tangible common equity ratio(1) |
7.6 |
% |
|
7.7 |
% |
|
7.5 |
% |
|
7.4 |
% |
|
7.4 |
% |
|||||
Tier 1 leverage ratio(4) |
8.4 |
% |
|
8.5 |
% |
|
8.3 |
% |
|
8.2 |
% |
|
7.5 |
% |
|||||
Common equity Tier 1 capital ratio(4) |
10.1 |
% |
|
10.0 |
% |
|
9.8 |
% |
|
9.5 |
% |
|
9.6 |
% |
|||||
Tier 1 risk-based capital ratio(4) |
11.1 |
% |
|
11.0 |
% |
|
10.8 |
% |
|
10.5 |
% |
|
9.6 |
% |
|||||
Total risk-based capital ratio(4) |
14.5 |
% |
|
14.5 |
% |
|
14.2 |
% |
|
14.4 |
% |
|
13.8 |
% |
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(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document. |
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(2) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures. |
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(3) Asset quality information excluding Paycheck Protection Program ("PPP") loans. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this document. |
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(4) Regulatory capital ratios as of |
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CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
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dollars in thousands |
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% Change from |
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2021 |
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2021 |
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2021 |
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2020 |
|
2020 |
|
2021 |
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2020 |
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ASSETS |
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|
Cash and due from banks |
$ |
260,564 |
|
|
$ |
143,002 |
|
|
$ |
102,570 |
|
|
$ |
120,462 |
|
|
$ |
139,304 |
|
|
82.2 |
% |
|
87.0 |
% |
|
Other interest-earning assets |
2,271,738 |
|
|
1,823,688 |
|
|
1,625,515 |
|
|
1,819,499 |
|
|
1,489,550 |
|
|
24.6 |
% |
|
52.5 |
% |
|||||
|
Loans held for sale |
43,123 |
|
|
41,924 |
|
|
34,092 |
|
|
83,886 |
|
|
93,621 |
|
|
2.9 |
% |
|
(53.9) |
% |
|||||
|
Investment securities |
4,000,760 |
|
|
3,921,658 |
|
|
3,612,010 |
|
|
3,340,424 |
|
|
3,097,721 |
|
|
2.0 |
% |
|
29.2 |
% |
|||||
|
Net Loans |
18,269,407 |
|
|
18,586,756 |
|
|
18,990,986 |
|
|
18,900,820 |
|
|
19,028,621 |
|
|
(1.7) |
% |
|
(4.0) |
% |
|||||
|
Less: ACL - loans(1) |
(256,727) |
|
|
(255,032) |
|
|
(265,986) |
|
|
(277,567) |
|
|
(266,825) |
|
|
0.7 |
% |
|
(3.8) |
% |
|||||
|
Loans, net |
18,012,680 |
|
|
18,331,724 |
|
|
18,725,000 |
|
|
18,623,253 |
|
|
18,761,796 |
|
|
(1.7) |
% |
|
(4.0) |
% |
|||||
|
Net, premises and equipment |
228,179 |
|
|
228,353 |
|
|
229,035 |
|
|
231,480 |
|
|
236,943 |
|
|
(0.1) |
% |
|
(3.7) |
% |
|||||
|
Accrued interest receivable |
57,902 |
|
|
63,232 |
|
|
65,649 |
|
|
72,942 |
|
|
70,766 |
|
|
(8.4) |
% |
|
(18.2) |
% |
|||||
|
|
536,697 |
|
|
536,847 |
|
|
536,544 |
|
|
536,659 |
|
|
534,907 |
|
|
— |
% |
|
0.3 |
% |
|||||
|
Other assets |
979,189 |
|
|
989,346 |
|
|
962,575 |
|
|
1,078,128 |
|
|
1,118,673 |
|
|
(1.0) |
% |
|
(12.5) |
% |
|||||
|
Total Assets |
$ |
26,390,832 |
|
|
$ |
26,079,774 |
|
|
$ |
25,892,990 |
|
|
$ |
25,906,733 |
|
|
$ |
25,543,281 |
|
|
1.2 |
% |
|
3.3 |
% |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Deposits |
$ |
22,074,041 |
|
|
$ |
21,724,312 |
|
|
$ |
21,633,838 |
|
|
$ |
20,839,207 |
|
|
$ |
20,730,051 |
|
|
1.6 |
% |
|
6.5 |
% |
|
Short-term borrowings |
468,967 |
|
|
533,749 |
|
|
520,989 |
|
|
630,066 |
|
|
611,727 |
|
|
(12.1) |
% |
|
(23.3) |
% |
|||||
|
Other liabilities |
520,620 |
|
|
501,542 |
|
|
482,101 |
|
|
524,369 |
|
|
515,230 |
|
|
3.8 |
% |
|
1.0 |
% |
|||||
|
Long-term borrowings |
627,386 |
|
|
627,213 |
|
|
626,407 |
|
|
1,296,263 |
|
|
1,296,012 |
|
|
— |
% |
|
(51.6) |
% |
|||||
|
Total Liabilities |
23,691,014 |
|
|
23,386,816 |
|
|
23,263,335 |
|
|
23,289,905 |
|
|
23,153,020 |
|
|
1.3 |
% |
|
2.3 |
% |
|||||
|
Shareholders' equity |
2,699,818 |
|
|
2,692,958 |
|
|
2,629,655 |
|
|
2,616,828 |
|
|
2,390,261 |
|
|
0.3 |
% |
|
13.0 |
% |
|||||
|
Total Liabilities and Shareholders' Equity |
$ |
26,390,832 |
|
|
$ |
26,079,774 |
|
|
$ |
25,892,990 |
|
|
$ |
25,906,733 |
|
|
$ |
25,543,281 |
|
|
1.2 |
% |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL: |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Real estate - commercial mortgage |
$ |
7,145,115 |
|
|
$ |
7,152,932 |
|
|
$ |
7,142,137 |
|
|
$ |
7,105,092 |
|
|
$ |
7,046,330 |
|
|
(0.1) |
% |
|
1.4 |
% |
|
Commercial and industrial |
3,863,154 |
|
|
3,870,462 |
|
|
3,986,858 |
|
|
4,088,561 |
|
|
4,007,278 |
|
|
(0.2) |
% |
|
(3.6) |
% |
|||||
|
Real estate - residential mortgage |
3,719,684 |
|
|
3,555,897 |
|
|
3,254,058 |
|
|
3,141,915 |
|
|
3,061,835 |
|
|
4.6 |
% |
|
21.5 |
% |
|||||
|
Real estate - home equity |
1,126,628 |
|
|
1,136,128 |
|
|
1,149,958 |
|
|
1,202,913 |
|
|
1,222,709 |
|
|
(0.8) |
% |
|
(7.9) |
% |
|||||
|
Real estate - construction |
1,111,487 |
|
|
1,070,755 |
|
|
1,083,494 |
|
|
1,047,218 |
|
|
1,007,534 |
|
|
3.8 |
% |
|
10.3 |
% |
|||||
|
Consumer |
458,595 |
|
|
448,433 |
|
|
451,857 |
|
|
466,772 |
|
|
469,551 |
|
|
2.3 |
% |
|
(2.3) |
% |
|||||
|
Equipment lease financing |
242,967 |
|
|
252,158 |
|
|
260,907 |
|
|
279,118 |
|
|
280,286 |
|
|
(3.6) |
% |
|
(13.3) |
% |
|||||
|
Other(2) |
11,330 |
|
|
(14,410) |
|
|
(26,677) |
|
|
(12,481) |
|
|
(27,067) |
|
|
N/M |
|
N/M |
|||||||
|
Net Loans before PPP |
17,678,960 |
|
|
17,472,355 |
|
|
17,302,592 |
|
|
17,319,108 |
|
|
17,068,456 |
|
|
1.2 |
% |
|
3.6 |
% |
|||||
|
PPP |
590,447 |
|
|
1,114,401 |
|
|
1,688,394 |
|
|
1,581,712 |
|
|
1,960,165 |
|
|
(47.0) |
% |
|
(69.9) |
% |
|||||
|
Total Net Loans |
$ |
18,269,407 |
|
|
$ |
18,586,756 |
|
|
$ |
18,990,986 |
|
|
$ |
18,900,820 |
|
|
$ |
19,028,621 |
|
|
(1.7) |
% |
|
(4.0) |
% |
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Noninterest-bearing demand |
$ |
7,434,155 |
|
|
$ |
7,442,132 |
|
|
$ |
7,046,116 |
|
|
$ |
6,531,002 |
|
|
$ |
6,378,077 |
|
|
(0.1) |
% |
|
16.6 |
% |
|
Interest-bearing demand |
6,187,096 |
|
|
5,795,404 |
|
|
5,959,909 |
|
|
5,818,564 |
|
|
5,813,935 |
|
|
6.8 |
% |
|
6.4 |
% |
|||||
|
Savings |
6,401,619 |
|
|
6,276,554 |
|
|
6,244,513 |
|
|
5,929,792 |
|
|
5,805,431 |
|
|
2.0 |
% |
|
10.3 |
% |
|||||
|
Total demand and savings |
20,022,870 |
|
|
19,514,090 |
|
|
19,250,538 |
|
|
18,279,358 |
|
|
17,997,443 |
|
|
2.6 |
% |
|
11.3 |
% |
|||||
|
Brokered |
262,617 |
|
|
277,444 |
|
|
309,873 |
|
|
335,185 |
|
|
317,588 |
|
|
(5.3) |
% |
|
(17.3) |
% |
|||||
|
Time |
1,788,554 |
|
|
1,932,778 |
|
|
2,073,427 |
|
|
2,224,664 |
|
|
2,415,020 |
|
|
(7.5) |
% |
|
(25.9) |
% |
|||||
|
Total Deposits |
$ |
22,074,041 |
|
|
$ |
21,724,312 |
|
|
$ |
21,633,838 |
|
|
$ |
20,839,207 |
|
|
$ |
20,730,051 |
|
|
1.6 |
% |
|
6.5 |
% |
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Customer funding |
$ |
468,967 |
|
|
$ |
533,749 |
|
|
$ |
520,989 |
|
|
$ |
630,066 |
|
|
$ |
611,727 |
|
|
(12.1) |
% |
|
(23.3) |
% |
|
Total Short-term Borrowings |
$ |
468,967 |
|
|
$ |
533,749 |
|
|
$ |
520,989 |
|
|
$ |
630,066 |
|
|
$ |
611,727 |
|
|
(12.1) |
% |
|
(23.3) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. |
||||||||||||||||||||||||||
(2) Consists of overdrafts and net origination fees and costs. |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Three Months Ended |
|
% Change from |
|
|
|
Nine Months Ended |
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
2021 |
|
2020 |
|
% Change |
|
|||||||||||||||||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest income |
|
|
$ |
184,079 |
|
|
$ |
176,673 |
|
|
$ |
184,936 |
|
|
$ |
183,645 |
|
|
$ |
179,159 |
|
|
4.2 |
% |
|
2.7 |
% |
|
|
|
$ |
545,688 |
|
|
$ |
559,233 |
|
|
(2.4) |
% |
|
|
Interest expense |
|
|
12,809 |
|
|
14,274 |
|
|
20,488 |
|
|
22,054 |
|
|
25,043 |
|
|
(10.3) |
% |
|
(48.9) |
% |
|
|
|
47,570 |
|
|
91,617 |
|
|
(48.1) |
% |
|
|||||||
|
Net Interest Income |
|
|
171,270 |
|
|
162,399 |
|
|
164,448 |
|
|
161,591 |
|
|
154,116 |
|
|
5.5 |
% |
|
11.1 |
% |
|
|
|
498,118 |
|
|
467,616 |
|
|
6.5 |
% |
|
|||||||
|
Provision for credit losses |
|
|
(600) |
|
|
(3,500) |
|
|
(5,500) |
|
|
6,240 |
|
|
7,080 |
|
|
82.9 |
% |
|
(108.5) |
% |
|
|
|
(9,600) |
|
|
70,680 |
|
|
(113.6) |
% |
|
|||||||
|
Net Interest Income after Provision |
|
|
171,870 |
|
|
165,899 |
|
|
169,948 |
|
|
155,351 |
|
|
147,036 |
|
|
3.6 |
% |
|
16.9 |
% |
|
|
|
507,718 |
|
|
396,936 |
|
|
27.9 |
% |
|
|||||||
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Commercial banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Merchant and card |
|
|
6,979 |
|
|
6,786 |
|
|
5,768 |
|
|
5,953 |
|
|
6,237 |
|
|
2.8 |
% |
|
11.9 |
% |
|
|
|
19,533 |
|
|
17,187 |
|
|
13.6 |
% |
|
|||||||
|
Cash management |
|
|
5,285 |
|
|
5,341 |
|
|
4,921 |
|
|
4,737 |
|
|
4,742 |
|
|
(1.0) |
% |
|
11.5 |
% |
|
|
|
15,547 |
|
|
13,987 |
|
|
11.2 |
% |
|
|||||||
|
Capital markets |
|
|
2,063 |
|
|
1,536 |
|
|
2,800 |
|
|
3,513 |
|
|
4,696 |
|
|
34.3 |
% |
|
(56.1) |
% |
|
|
|
6,399 |
|
|
14,775 |
|
|
(56.7) |
% |
|
|||||||
|
Other commercial banking |
|
|
2,411 |
|
|
3,466 |
|
|
2,853 |
|
|
2,606 |
|
|
2,636 |
|
|
(30.4) |
% |
|
(8.5) |
% |
|
|
|
8,730 |
|
|
7,528 |
|
|
16.0 |
% |
|
|||||||
|
Total commercial banking |
|
|
16,738 |
|
|
17,129 |
|
|
16,342 |
|
|
16,809 |
|
|
18,311 |
|
|
(2.3) |
% |
|
(8.6) |
% |
|
|
|
50,209 |
|
|
53,477 |
|
|
(6.1) |
% |
|
|||||||
|
Consumer banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Card |
|
|
5,941 |
|
|
5,733 |
|
|
5,878 |
|
|
5,123 |
|
|
5,002 |
|
|
3.6 |
% |
|
18.8 |
% |
|
|
|
17,552 |
|
|
14,653 |
|
|
19.8 |
% |
|
|||||||
|
Overdraft |
|
|
3,474 |
|
|
2,750 |
|
|
2,724 |
|
|
3,376 |
|
|
3,015 |
|
|
26.3 |
% |
|
15.2 |
% |
|
|
|
8,948 |
|
|
9,180 |
|
|
(2.5) |
% |
|
|||||||
|
Other consumer banking |
|
|
2,386 |
|
|
2,377 |
|
|
2,152 |
|
|
2,298 |
|
|
2,406 |
|
|
0.4 |
% |
|
(0.8) |
% |
|
|
|
6,915 |
|
|
6,967 |
|
|
(0.7) |
% |
|
|||||||
|
Total consumer banking |
|
|
11,801 |
|
|
10,860 |
|
|
10,754 |
|
|
10,797 |
|
|
10,423 |
|
|
8.7 |
% |
|
13.2 |
% |
|
|
|
33,415 |
|
|
30,800 |
|
|
8.5 |
% |
|
|||||||
|
Wealth management |
|
|
18,532 |
|
|
17,634 |
|
|
17,347 |
|
|
15,653 |
|
|
14,943 |
|
|
5.1 |
% |
|
24.0 |
% |
|
|
|
53,513 |
|
|
43,405 |
|
|
23.3 |
% |
|
|||||||
|
Mortgage banking |
|
|
9,535 |
|
|
2,838 |
|
|
13,960 |
|
|
9,311 |
|
|
16,801 |
|
|
N/M |
|
(43.2) |
% |
|
|
|
26,333 |
|
|
32,998 |
|
|
(20.2) |
% |
|
||||||||
|
Other |
|
|
5,971 |
|
|
3,393 |
|
|
3,519 |
|
|
3,004 |
|
|
2,769 |
|
|
76.0 |
% |
|
115.6 |
% |
|
|
|
12,883 |
|
|
10,080 |
|
|
27.8 |
% |
|
|||||||
|
Non-interest income before investment securities gains |
|
|
62,577 |
|
|
51,854 |
|
|
61,922 |
|
|
55,574 |
|
|
63,247 |
|
|
20.7 |
% |
|
(1.1) |
% |
|
|
|
176,353 |
|
|
170,761 |
|
|
3.3 |
% |
|
|||||||
|
Investment securities gains, net |
|
|
— |
|
|
36 |
|
|
33,475 |
|
|
— |
|
|
2 |
|
|
(100.0) |
% |
|
(100.0) |
% |
|
|
|
33,511 |
|
|
3,053 |
|
|
N/M |
|
||||||||
|
Total Non-Interest Income |
|
|
62,577 |
|
|
51,890 |
|
|
95,397 |
|
|
55,574 |
|
|
63,249 |
|
|
20.6 |
% |
|
(1.1) |
% |
|
|
|
209,864 |
|
|
173,814 |
|
|
20.7 |
% |
|
|||||||
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Salaries and employee benefits |
|
|
82,679 |
|
|
78,367 |
|
|
82,586 |
|
|
83,929 |
|
|
79,227 |
|
|
5.5 |
% |
|
4.4 |
% |
|
|
|
243,632 |
|
|
240,467 |
|
|
1.3 |
% |
|
|||||||
|
Data processing and software |
|
|
14,335 |
|
|
13,932 |
|
|
13,561 |
|
|
11,951 |
|
|
12,285 |
|
|
2.9 |
% |
|
16.7 |
% |
|
|
|
41,828 |
|
|
36,123 |
|
|
15.8 |
% |
|
|||||||
|
Net occupancy |
|
|
12,957 |
|
|
12,494 |
|
|
13,982 |
|
|
13,161 |
|
|
13,221 |
|
|
3.7 |
% |
|
(2.0) |
% |
|
|
|
39,433 |
|
|
39,851 |
|
|
(1.0) |
% |
|
|||||||
|
Other outside services |
|
|
7,889 |
|
|
8,178 |
|
|
8,490 |
|
|
8,334 |
|
|
7,617 |
|
|
(3.5) |
% |
|
3.6 |
% |
|
|
|
24,557 |
|
|
23,098 |
|
|
6.3 |
% |
|
|||||||
|
Equipment |
|
|
3,416 |
|
|
3,424 |
|
|
3,428 |
|
|
3,563 |
|
|
3,711 |
|
|
(0.2) |
% |
|
(7.9) |
% |
|
|
|
10,268 |
|
|
10,322 |
|
|
(0.5) |
% |
|
|||||||
|
Professional fees |
|
|
2,271 |
|
|
2,651 |
|
|
2,779 |
|
|
2,424 |
|
|
2,879 |
|
|
(14.3) |
% |
|
(21.1) |
% |
|
|
|
7,701 |
|
|
10,412 |
|
|
(26.0) |
% |
|
|||||||
|
|
|
|
2,727 |
|
|
2,282 |
|
|
2,624 |
|
|
2,346 |
|
|
1,578 |
|
|
19.5 |
% |
|
72.8 |
% |
|
|
|
7,633 |
|
|
6,519 |
|
|
17.1 |
% |
|
|||||||
|
Amortization of tax credit investments |
|
|
1,546 |
|
|
1,563 |
|
|
1,531 |
|
|
1,532 |
|
|
1,694 |
|
|
(1.1) |
% |
|
(8.7) |
% |
|
|
|
4,640 |
|
|
4,594 |
|
|
1.0 |
% |
|
|||||||
|
Marketing |
|
|
1,448 |
|
|
1,348 |
|
|
1,002 |
|
|
1,098 |
|
|
1,147 |
|
|
7.4 |
% |
|
26.2 |
% |
|
|
|
3,798 |
|
|
4,029 |
|
|
(5.7) |
% |
|
|||||||
|
Intangible amortization |
|
|
150 |
|
|
178 |
|
|
115 |
|
|
132 |
|
|
132 |
|
|
(15.7) |
% |
|
13.6 |
% |
|
|
|
443 |
|
|
397 |
|
|
11.6 |
% |
|
|||||||
|
Debt extinguishment |
|
|
— |
|
|
412 |
|
|
32,163 |
|
|
— |
|
|
— |
|
|
(100.0) |
% |
|
(100.0) |
% |
|
|
|
32,575 |
|
|
2,878 |
|
|
N/M |
|
||||||||
|
Other |
|
|
15,178 |
|
|
16,002 |
|
|
16,123 |
|
|
26,268 |
|
|
15,654 |
|
|
(5.1) |
% |
|
(3.0) |
% |
|
|
|
47,303 |
|
|
46,014 |
|
|
2.8 |
% |
|
|||||||
|
Total Non-Interest Expense |
|
|
144,596 |
|
|
140,831 |
|
|
178,384 |
|
|
154,737 |
|
|
139,145 |
|
|
2.7 |
% |
|
3.9 |
% |
|
|
|
463,811 |
|
|
424,705 |
|
|
9.2 |
% |
|
|||||||
|
Income Before Income Taxes |
|
|
89,851 |
|
|
76,958 |
|
|
86,961 |
|
|
56,187 |
|
|
71,140 |
|
|
16.8 |
% |
|
26.3 |
% |
|
|
|
253,771 |
|
|
146,045 |
|
|
73.8 |
% |
|
|||||||
|
Income tax expense |
|
|
14,268 |
|
|
11,994 |
|
|
13,898 |
|
|
5,362 |
|
|
9,529 |
|
|
19.0 |
% |
|
49.7 |
% |
|
|
|
40,160 |
|
|
18,832 |
|
|
113.3 |
% |
|
|||||||
|
Net Income |
|
|
75,583 |
|
|
64,964 |
|
|
73,063 |
|
|
50,825 |
|
|
61,611 |
|
|
16.3 |
% |
|
22.7 |
% |
|
|
|
213,611 |
|
|
127,213 |
|
|
67.9 |
% |
|
|||||||
|
Preferred stock dividends |
|
|
(2,562) |
|
|
(2,562) |
|
|
(2,591) |
|
|
(2,135) |
|
|
— |
|
|
— |
% |
|
N/M |
|
|
|
(7,715) |
|
|
— |
|
|
N/M |
|
|||||||||
|
Net Income Available to Common Shareholders |
|
|
$ |
73,021 |
|
|
$ |
62,402 |
|
|
$ |
70,472 |
|
|
$ |
48,690 |
|
|
$ |
61,611 |
|
|
17.0 |
% |
|
18.5 |
% |
|
|
|
$ |
205,896 |
|
|
$ |
127,213 |
|
|
61.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income available to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Basic |
|
|
$ |
0.45 |
|
|
$ |
0.38 |
|
|
$ |
0.43 |
|
|
$ |
0.30 |
|
|
$ |
0.38 |
|
|
18.4 |
% |
|
18.4 |
% |
|
|
|
$ |
1.27 |
|
|
$ |
0.78 |
|
|
62.8 |
% |
|
|
Diluted |
|
|
0.45 |
|
|
0.38 |
|
|
0.43 |
|
|
0.30 |
|
|
0.38 |
|
|
18.4 |
% |
|
18.4 |
% |
|
|
|
1.26 |
|
|
0.78 |
|
|
61.5 |
% |
|
|||||||
|
Cash dividends |
|
|
0.14 |
|
|
0.14 |
|
|
0.14 |
|
|
0.17 |
|
|
0.13 |
|
|
— |
% |
|
7.7 |
% |
|
|
|
0.42 |
|
|
0.39 |
|
|
7.7 |
% |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Weighted average shares (basic) |
|
|
162,506 |
|
|
162,785 |
|
|
162,441 |
|
|
162,242 |
|
|
162,061 |
|
|
(0.2) |
% |
|
0.3 |
% |
|
|
|
162,577 |
|
|
162,416 |
|
|
0.1 |
% |
|
|||||||
|
Weighted average shares (diluted) |
|
|
163,456 |
|
|
163,858 |
|
|
163,737 |
|
|
163,071 |
|
|
162,579 |
|
|
(0.2) |
% |
|
0.5 |
% |
|
|
|
163,634 |
|
|
163,083 |
|
|
0.3 |
% |
|
|||||||
N/M - Not meaningful
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
||||||||||||||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
Three months ended |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|||||||||||||||
|
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|||||||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net Loans |
$ |
18,414,153 |
|
|
$ |
163,343 |
|
|
3.53 |
% |
|
$ |
18,906,556 |
|
|
$ |
156,525 |
|
|
3.32 |
% |
|
$ |
18,880,519 |
|
|
$ |
160,344 |
|
|
3.38 |
% |
|
Taxable investment securities |
2,785,828 |
|
|
13,757 |
|
|
1.80 |
% |
|
2,630,090 |
|
|
13,898 |
|
|
1.93 |
% |
|
2,011,893 |
|
|
13,150 |
|
|
2.61 |
% |
||||||
|
Tax-exempt investment securities |
1,035,685 |
|
|
7,906 |
|
|
3.05 |
% |
|
961,141 |
|
|
7,494 |
|
|
3.11 |
% |
|
861,764 |
|
|
6,899 |
|
|
3.19 |
% |
||||||
|
|
3,821,513 |
|
|
21,663 |
|
|
2.27 |
% |
|
3,591,231 |
|
|
21,392 |
|
|
2.38 |
% |
|
2,873,657 |
|
|
20,049 |
|
|
2.79 |
% |
||||||
|
Loans held for sale |
36,427 |
|
|
299 |
|
|
3.28 |
% |
|
31,948 |
|
|
199 |
|
|
2.49 |
% |
|
79,999 |
|
|
728 |
|
|
3.64 |
% |
||||||
|
Other interest-earning assets |
2,301,326 |
|
|
1,888 |
|
|
0.18 |
% |
|
1,752,549 |
|
|
1,575 |
|
|
0.16 |
% |
|
1,387,327 |
|
|
1,028 |
|
|
0.30 |
% |
||||||
|
Total Interest-earning Assets |
24,573,419 |
|
|
187,193 |
|
|
3.03 |
% |
|
24,282,284 |
|
|
179,691 |
|
|
2.97 |
% |
|
23,221,502 |
|
|
182,149 |
|
|
3.13 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Cash and due from banks |
200,315 |
|
|
|
|
|
|
129,927 |
|
|
|
|
|
|
138,567 |
|
|
|
|
|
||||||||||||
|
Premises and equipment |
228,861 |
|
|
|
|
|
|
229,047 |
|
|
|
|
|
|
239,183 |
|
|
|
|
|
||||||||||||
|
Other assets |
1,695,767 |
|
|
|
|
|
|
1,643,410 |
|
|
|
|
|
|
1,835,190 |
|
|
|
|
|
||||||||||||
|
Less: ACL - loans(2) |
(257,486) |
|
|
|
|
|
|
(267,126) |
|
|
|
|
|
|
(264,934) |
|
|
|
|
|
||||||||||||
|
Total Assets |
$ |
26,440,876 |
|
|
|
|
|
|
$ |
26,017,542 |
|
|
|
|
|
|
$ |
25,169,508 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
$ |
6,168,908 |
|
|
$ |
814 |
|
|
0.05 |
% |
|
$ |
5,979,855 |
|
|
$ |
932 |
|
|
0.06 |
% |
|
$ |
5,591,548 |
|
|
$ |
1,913 |
|
|
0.14 |
% |
|
Savings deposits |
6,392,537 |
|
|
1,054 |
|
|
0.07 |
% |
|
6,280,629 |
|
|
1,363 |
|
|
0.09 |
% |
|
5,716,050 |
|
|
2,347 |
|
|
0.16 |
% |
||||||
|
Brokered deposits |
270,168 |
|
|
229 |
|
|
0.34 |
% |
|
297,815 |
|
|
253 |
|
|
0.34 |
% |
|
314,721 |
|
|
440 |
|
|
0.56 |
% |
||||||
|
Time deposits |
1,852,223 |
|
|
4,428 |
|
|
0.95 |
% |
|
2,003,606 |
|
|
5,434 |
|
|
1.09 |
% |
|
2,495,445 |
|
|
9,931 |
|
|
1.58 |
% |
||||||
|
Total Interest-bearing Deposits |
14,683,836 |
|
|
6,525 |
|
|
0.18 |
% |
|
14,561,905 |
|
|
7,982 |
|
|
0.22 |
% |
|
14,117,764 |
|
|
14,631 |
|
|
0.41 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Short-term borrowings |
494,811 |
|
|
131 |
|
|
0.11 |
% |
|
514,025 |
|
|
137 |
|
|
0.11 |
% |
|
613,127 |
|
|
370 |
|
|
0.24 |
% |
||||||
|
Long-term borrowings |
627,300 |
|
|
6,153 |
|
|
3.92 |
% |
|
626,795 |
|
|
6,155 |
|
|
3.93 |
% |
|
1,295,515 |
|
|
10,042 |
|
|
3.10 |
% |
||||||
|
Total Interest-bearing Liabilities |
15,805,947 |
|
|
12,809 |
|
|
0.32 |
% |
|
15,702,725 |
|
|
14,274 |
|
|
0.36 |
% |
|
16,026,406 |
|
|
25,043 |
|
|
0.62 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
7,439,644 |
|
|
|
|
|
|
7,203,696 |
|
|
|
|
|
|
6,270,683 |
|
|
|
|
|
||||||||||||
|
Other |
472,452 |
|
|
|
|
|
|
441,708 |
|
|
|
|
|
|
498,328 |
|
|
|
|
|
||||||||||||
|
Total Liabilities |
23,718,043 |
|
|
|
|
|
|
23,348,129 |
|
|
|
|
|
|
22,795,417 |
|
|
|
|
|
||||||||||||
|
Total Deposits/Cost of Deposits |
22,123,480 |
|
|
|
|
0.12 |
% |
|
21,765,601 |
|
|
|
|
0.15 |
% |
|
20,388,447 |
|
|
|
|
0.29 |
% |
|||||||||
|
Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
23,245,591 |
|
|
|
|
0.22 |
% |
|
22,906,421 |
|
|
|
|
0.25 |
% |
|
22,297,089 |
|
|
|
|
0.45 |
% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Shareholders' equity |
2,722,833 |
|
|
|
|
|
|
2,669,413 |
|
|
|
|
|
|
2,374,091 |
|
|
|
|
|
||||||||||||
|
Total Liabilities and Shareholders' Equity |
$ |
26,440,876 |
|
|
|
|
|
|
$ |
26,017,542 |
|
|
|
|
|
|
$ |
25,169,508 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
174,384 |
|
|
2.82 |
% |
|
|
|
165,417 |
|
|
2.73 |
% |
|
|
|
157,106 |
|
|
2.70 |
% |
|||||||||
|
Tax equivalent adjustment |
|
|
(3,114) |
|
|
|
|
|
|
(3,018) |
|
|
|
|
|
|
(2,990) |
|
|
|
||||||||||||
|
Net interest income |
|
|
$ |
171,270 |
|
|
|
|
|
|
$ |
162,399 |
|
|
|
|
|
|
$ |
154,116 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(1) Presented on a fully taxable-equivalent basis using a |
||||||||||||||||||||||||||||||||
|
(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. |
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED): |
||||||||||||||||||||||||||
dollars in thousands |
||||||||||||||||||||||||||
|
|
Three months ended |
|
% Change from |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Real estate - commercial mortgage |
$ |
7,134,177 |
|
|
$ |
7,177,622 |
|
|
$ |
7,128,997 |
|
|
$ |
7,101,363 |
|
|
$ |
6,986,528 |
|
|
(0.6) |
% |
|
2.1 |
% |
|
Commercial and industrial |
3,878,767 |
|
|
3,920,771 |
|
|
4,033,367 |
|
|
4,024,879 |
|
|
4,030,750 |
|
|
(1.1) |
% |
|
(3.8) |
% |
|||||
|
Real estate - residential mortgage |
3,642,822 |
|
|
3,396,690 |
|
|
3,183,585 |
|
|
3,087,529 |
|
|
2,975,516 |
|
|
7.2 |
% |
|
22.4 |
% |
|||||
|
Real estate - home equity |
1,128,076 |
|
|
1,139,558 |
|
|
1,175,218 |
|
|
1,212,113 |
|
|
1,237,602 |
|
|
(1.0) |
% |
|
(8.8) |
% |
|||||
|
Real estate - construction |
1,085,846 |
|
|
1,054,469 |
|
|
1,054,718 |
|
|
1,009,284 |
|
|
981,589 |
|
|
3.0 |
% |
|
10.6 |
% |
|||||
|
Consumer |
452,844 |
|
|
451,486 |
|
|
459,038 |
|
|
468,678 |
|
|
464,851 |
|
|
0.3 |
% |
|
(2.6) |
% |
|||||
|
Equipment lease financing |
247,776 |
|
|
256,248 |
|
|
266,405 |
|
|
279,059 |
|
|
279,217 |
|
|
(3.3) |
% |
|
(11.3) |
% |
|||||
|
Other(1) |
(6,773) |
|
|
(14,677) |
|
|
(9,455) |
|
|
(18,817) |
|
|
(28,656) |
|
|
53.9 |
% |
|
76.4 |
% |
|||||
|
Net Loans before PPP |
17,563,535 |
|
|
17,382,167 |
|
|
17,291,873 |
|
|
17,164,088 |
|
|
16,927,397 |
|
|
1.0 |
% |
|
3.8 |
% |
|||||
|
PPP |
850,618 |
|
|
1,524,389 |
|
|
1,688,713 |
|
|
1,830,426 |
|
|
1,953,122 |
|
|
(44.2) |
% |
|
(56.4) |
% |
|||||
|
Total Net Loans |
$ |
18,414,153 |
|
|
$ |
18,906,556 |
|
|
$ |
18,980,586 |
|
|
$ |
18,994,514 |
|
|
$ |
18,880,519 |
|
|
(2.6) |
% |
|
(2.5) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Noninterest-bearing demand |
$ |
7,439,644 |
|
|
$ |
7,203,696 |
|
|
$ |
6,672,832 |
|
|
$ |
6,477,228 |
|
|
$ |
6,270,683 |
|
|
3.3 |
% |
|
18.6 |
% |
|
Interest-bearing demand |
6,168,908 |
|
|
5,979,855 |
|
|
5,832,174 |
|
|
5,762,150 |
|
|
5,591,548 |
|
|
3.2 |
% |
|
10.3 |
% |
|||||
|
Savings |
6,392,537 |
|
|
6,280,629 |
|
|
6,137,084 |
|
|
5,905,137 |
|
|
5,716,050 |
|
|
1.8 |
% |
|
11.8 |
% |
|||||
|
Total demand and savings |
20,001,089 |
|
|
19,464,180 |
|
|
18,642,090 |
|
|
18,144,515 |
|
|
17,578,281 |
|
|
2.8 |
% |
|
13.8 |
% |
|||||
|
Brokered |
270,168 |
|
|
297,815 |
|
|
324,364 |
|
|
340,451 |
|
|
314,721 |
|
|
(9.3) |
% |
|
(14.2) |
% |
|||||
|
Time |
1,852,223 |
|
|
2,003,606 |
|
|
2,150,570 |
|
|
2,306,556 |
|
|
2,495,445 |
|
|
(7.6) |
% |
|
(25.8) |
% |
|||||
|
Total Deposits |
$ |
22,123,480 |
|
|
$ |
21,765,601 |
|
|
$ |
21,117,024 |
|
|
$ |
20,791,522 |
|
|
$ |
20,388,447 |
|
|
1.6 |
% |
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Customer funding |
$ |
494,811 |
|
|
$ |
514,025 |
|
|
$ |
570,775 |
|
|
$ |
622,623 |
|
|
$ |
613,127 |
|
|
(3.7) |
% |
|
(19.3) |
% |
|
Total Short-term borrowings |
$ |
494,811 |
|
|
$ |
514,025 |
|
|
$ |
570,775 |
|
|
$ |
622,623 |
|
|
$ |
613,127 |
|
|
(3.7) |
% |
|
(19.3) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Consists of overdrafts and net origination fees and costs. |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
|
|
|||||||||||||||||
dollars in thousands |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
Nine months ended |
|
||||||||||||||||||||
|
|
|
2021 |
|
2020 |
|
||||||||||||||||||
|
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
||||||||||
|
|
|
Balance |
|
(1) |
|
Rate |
|
Balance |
|
(1) |
|
Rate |
|
||||||||||
ASSETS |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Net Loans |
|
$ |
18,765,024 |
|
|
$ |
485,330 |
|
|
3.46 |
% |
|
$ |
18,027,253 |
|
|
$ |
498,455 |
|
|
3.69 |
% |
|
|
Taxable investment securities |
|
2,619,411 |
|
|
41,345 |
|
|
1.93 |
% |
|
2,165,180 |
|
|
44,615 |
|
|
2.75 |
% |
|
||||
|
Tax-exempt investment securities |
|
969,946 |
|
|
22,557 |
|
|
3.10 |
% |
|
804,484 |
|
|
19,596 |
|
|
3.24 |
% |
|
||||
|
|
|
3,589,357 |
|
|
63,902 |
|
|
2.37 |
% |
|
2,969,664 |
|
|
64,211 |
|
|
2.88 |
% |
|
||||
|
Loans held for sale |
|
40,551 |
|
|
969 |
|
|
3.19 |
% |
|
54,355 |
|
|
1,557 |
|
|
3.82 |
% |
|
||||
|
Other interest-earning assets |
|
1,986,161 |
|
|
4,599 |
|
|
0.18 |
% |
|
936,819 |
|
|
4,325 |
|
|
0.62 |
% |
|
||||
|
Total Interest-earning Assets |
|
24,381,093 |
|
|
554,799 |
|
|
3.04 |
% |
|
21,988,091 |
|
|
568,548 |
|
|
3.45 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Cash and due from banks |
|
150,435 |
|
|
|
|
|
|
143,496 |
|
|
|
|
|
|
||||||||
|
Premises and equipment |
|
229,513 |
|
|
|
|
|
|
239,739 |
|
|
|
|
|
|
||||||||
|
Other assets |
|
1,689,094 |
|
|
|
|
|
|
1,729,351 |
|
|
|
|
|
|
||||||||
|
Less: ACL - loans(2) |
|
(268,412) |
|
|
|
|
|
|
(242,300) |
|
|
|
|
|
|
||||||||
|
Total Assets |
|
$ |
26,181,723 |
|
|
|
|
|
|
$ |
23,858,377 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
|
$ |
5,994,878 |
|
|
$ |
2,905 |
|
|
0.06 |
% |
|
$ |
5,116,696 |
|
|
$ |
9,933 |
|
|
0.26 |
% |
|
|
Savings deposits |
|
6,271,019 |
|
|
3,944 |
|
|
0.08 |
% |
|
5,431,071 |
|
|
12,788 |
|
|
0.31 |
% |
|
||||
|
Brokered deposits |
|
297,250 |
|
|
876 |
|
|
0.39 |
% |
|
300,795 |
|
|
1,935 |
|
|
0.86 |
% |
|
||||
|
Time deposits |
|
2,001,043 |
|
|
16,383 |
|
|
1.09 |
% |
|
2,626,802 |
|
|
33,533 |
|
|
1.71 |
% |
|
||||
|
Total Interest-bearing Deposits |
|
14,564,190 |
|
|
24,108 |
|
|
0.22 |
% |
|
13,475,364 |
|
|
58,189 |
|
|
0.58 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Short-term borrowings |
|
526,259 |
|
|
456 |
|
|
0.12 |
% |
|
873,694 |
|
|
4,960 |
|
|
0.76 |
% |
|
||||
|
Long-term borrowings |
|
839,396 |
|
|
23,006 |
|
|
3.66 |
% |
|
1,240,253 |
|
|
28,468 |
|
|
3.06 |
% |
|
||||
|
Total Interest-bearing Liabilities |
|
15,929,845 |
|
|
47,570 |
|
|
0.40 |
% |
|
15,589,311 |
|
|
91,617 |
|
|
0.78 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|||||||||||||||||
|
Demand deposits |
|
7,108,199 |
|
|
|
|
|
|
5,458,807 |
|
|
|
|
|
|
||||||||
|
Other |
|
466,917 |
|
|
|
|
|
|
470,055 |
|
|
|
|
|
|
||||||||
|
Total Liabilities |
|
23,504,961 |
|
|
|
|
|
|
21,518,173 |
|
|
|
|
|
|
||||||||
|
Total Deposits/Cost of Deposits |
|
21,672,389 |
|
|
|
|
0.15 |
% |
|
18,934,171 |
|
|
|
|
0.41 |
% |
|
||||||
|
Total Interest-bearing liabilities and non-interest bearing deposits ("Cost of Funds") |
|
23,038,044 |
|
|
|
|
0.28 |
% |
|
21,048,118 |
|
|
|
|
0.58 |
% |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Shareholders' equity |
|
2,676,762 |
|
|
|
|
|
|
2,340,204 |
|
|
|
|
|
|
||||||||
|
Total Liabilities and Shareholders' Equity |
|
$ |
26,181,723 |
|
|
|
|
|
|
$ |
23,858,377 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
|
507,229 |
|
|
2.78 |
% |
|
|
|
476,931 |
|
|
2.90 |
% |
|
||||||
|
Tax equivalent adjustment |
|
|
|
(9,111) |
|
|
|
|
|
|
(9,315) |
|
|
|
|
||||||||
|
Net interest income |
|
|
|
$ |
498,118 |
|
|
|
|
|
|
$ |
467,616 |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(1) Presented on a fully taxable-equivalent basis using a |
|
||||||||||||||||||||||
|
(2) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. |
|
||||||||||||||||||||||
|
|||||||||||
AVERAGE LOANS, DEPOSITS AND SHORT-TERM BORROWINGS DETAIL (UNAUDITED): |
|||||||||||
dollars in thousands |
|||||||||||
|
|
|
|
|
|
|
|||||
|
|
Nine months ended |
|
|
|||||||
|
|
2021 |
|
2020 |
|
% Change |
|||||
Loans, by type: |
|
|
|
|
|
|
|||||
Real estate - commercial mortgage |
|
$ |
7,146,951 |
|
|
$ |
6,870,148 |
|
|
4.0 |
% |
Commercial and industrial |
|
3,943,736 |
|
|
4,308,559 |
|
|
(8.5) |
% |
||
Real estate - residential mortgage |
|
3,409,381 |
|
|
2,805,694 |
|
|
21.5 |
% |
||
Real estate - home equity |
|
1,147,444 |
|
|
1,269,525 |
|
|
(9.6) |
% |
||
Real estate - construction |
|
1,065,125 |
|
|
950,845 |
|
|
12.0 |
% |
||
Consumer |
|
454,434 |
|
|
465,661 |
|
|
(2.4) |
% |
||
Equipment lease financing |
|
256,741 |
|
|
282,800 |
|
|
(9.2) |
% |
||
Other(1) |
|
(10,292) |
|
|
121 |
|
|
N/M |
|||
Net Loans before PPP |
|
17,413,520 |
|
|
16,953,353 |
|
|
2.7 |
% |
||
PPP |
|
1,351,504 |
|
|
1,073,900 |
|
|
25.9 |
% |
||
Total Net Loans |
|
$ |
18,765,024 |
|
|
$ |
18,027,253 |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|||||
Deposits, by type: |
|
|
|
|
|
|
|||||
Noninterest-bearing demand |
|
$ |
7,108,199 |
|
|
$ |
5,458,807 |
|
|
30.2 |
% |
Interest-bearing demand |
|
5,994,878 |
|
|
5,116,696 |
|
|
17.2 |
% |
||
Savings |
|
6,271,019 |
|
|
5,431,071 |
|
|
15.5 |
% |
||
Total demand and savings |
|
19,374,096 |
|
|
16,006,574 |
|
|
21.0 |
% |
||
Brokered |
|
297,250 |
|
|
300,795 |
|
|
(1.2) |
% |
||
Time |
|
2,001,043 |
|
|
2,626,802 |
|
|
(23.8) |
% |
||
Total Deposits |
|
$ |
21,672,389 |
|
|
$ |
18,934,171 |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|||||
Short-term borrowings, by type: |
|
|
|
|
|
|
|||||
Customer funding |
|
526,259 |
|
|
529,667 |
|
|
(0.6) |
% |
||
Federal funds purchased |
|
— |
|
|
86,715 |
|
|
N/M |
|||
Short-term FHLB advances and other borrowings |
|
— |
|
|
257,312 |
|
|
N/M |
|||
Total Short-term Borrowings |
|
$ |
526,259 |
|
|
$ |
873,694 |
|
|
(39.8) |
% |
|
|
|
|
|
|
|
|||||
N/M - Not meaningful |
|
|
|
|
|
|
|||||
(1) Consists of overdrafts and net origination fees and costs. |
|
|
|||||||||
|
||||||||||||||||||||||||||||
ASSET QUALITY INFORMATION (UNAUDITED) |
||||||||||||||||||||||||||||
dollars in thousands |
||||||||||||||||||||||||||||
|
|
Three months ended |
|
Nine months ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||
Allowance for credit losses related to Net Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at beginning of period |
$ |
255,032 |
|
|
$ |
265,986 |
|
|
$ |
277,567 |
|
|
$ |
266,825 |
|
|
$ |
256,537 |
|
|
$ |
277,567 |
|
|
$ |
163,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
| Impact of adopting CECL | — |
— |
— |
— |
— |
— |
45,724 |
|||||||||||||||||||||
|
Loans charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Commercial and industrial |
(647) |
|
|
(954) |
|
|
(4,319) |
|
|
(1,567) |
|
|
(2,969) |
|
|
(5,920) |
|
|
(17,348) |
|
|||||||
|
Real estate - commercial mortgage |
(14) |
|
|
(6,506) |
|
|
(1,837) |
|
|
(300) |
|
|
(746) |
|
|
(8,357) |
|
|
(3,925) |
|
|||||||
|
Consumer and home equity |
(504) |
|
|
(1,130) |
|
|
(847) |
|
|
(668) |
|
|
(1,093) |
|
|
(2,481) |
|
|
(3,925) |
|
|||||||
|
Real estate - residential mortgage |
(602) |
|
|
(496) |
|
|
(192) |
|
|
— |
|
|
(198) |
|
|
(1,290) |
|
|
(620) |
|
|||||||
|
Real estate - construction |
— |
|
|
— |
|
|
(39) |
|
|
— |
|
|
— |
|
|
(39) |
|
|
(17) |
|
|||||||
|
Equipment lease financing and other |
(467) |
|
|
(436) |
|
|
(968) |
|
|
(483) |
|
|
(483) |
|
|
(1,871) |
|
|
(1,704) |
|
|||||||
|
Total loans charged off |
(2,234) |
|
|
(9,522) |
|
|
(8,202) |
|
|
(3,018) |
|
|
(5,489) |
|
|
(19,958) |
|
|
(27,539) |
|
|||||||
Recoveries of loans previously charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Commercial and industrial |
2,330 |
|
|
693 |
|
|
769 |
|
|
4,581 |
|
|
2,103 |
|
|
3,792 |
|
|
6,815 |
|
|||||||
|
Real estate - commercial mortgage |
564 |
|
|
729 |
|
|
174 |
|
|
588 |
|
|
100 |
|
|
1,467 |
|
|
439 |
|
|||||||
|
Consumer and home equity |
504 |
|
|
634 |
|
|
440 |
|
|
594 |
|
|
491 |
|
|
1,578 |
|
|
1,786 |
|
|||||||
|
Real estate - residential mortgage |
86 |
|
|
105 |
|
|
95 |
|
|
199 |
|
|
95 |
|
|
286 |
|
|
292 |
|
|||||||
|
Real estate - construction |
697 |
|
|
254 |
|
|
384 |
|
|
179 |
|
|
4,873 |
|
|
1,335 |
|
|
4,943 |
|
|||||||
|
Equipment lease financing and other |
358 |
|
|
153 |
|
|
159 |
|
|
219 |
|
|
185 |
|
|
670 |
|
|
385 |
|
|||||||
|
Recoveries of loans previously charged off |
4,539 |
|
|
2,568 |
|
|
2,021 |
|
|
6,360 |
|
|
7,847 |
|
|
9,128 |
|
|
14,660 |
|
|||||||
Net loans recovered (charged off) |
2,305 |
|
|
(6,954) |
|
|
(6,181) |
|
|
3,342 |
|
|
2,358 |
|
|
(10,830) |
|
|
(12,879) |
|
||||||||
Provision for credit losses |
(610) |
|
|
(4,000) |
|
|
(5,400) |
|
|
7,400 |
|
|
7,930 |
|
|
(10,010) |
|
|
70,360 |
|
||||||||
Balance at end of period |
$ |
256,727 |
|
|
$ |
255,032 |
|
|
$ |
265,986 |
|
|
$ |
277,567 |
|
|
$ |
266,825 |
|
|
$ |
256,727 |
|
|
$ |
266,825 |
|
|
Net charge-offs (recoveries) to average loans (annualized) |
(0.05) |
% |
|
0.15 |
% |
|
0.13 |
% |
|
(0.07) |
% |
|
(0.05) |
% |
|
0.08 |
% |
|
0.10 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance credit losses related to OBS Credit Exposures(1) |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Balance at beginning of period |
$ |
14,773 |
|
|
$ |
14,273 |
|
|
$ |
14,373 |
|
|
$ |
15,533 |
|
|
$ |
16,383 |
|
|
|
|
|
||||
|
Provision for credit losses |
10 |
|
|
500 |
|
|
(100) |
|
|
(1,160) |
|
|
(850) |
|
|
|
|
|
|||||||||
|
Balance at end of period |
$ |
14,783 |
|
|
$ |
14,773 |
|
|
$ |
14,273 |
|
|
$ |
14,373 |
|
|
$ |
15,533 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Non-accrual loans |
$ |
138,833 |
|
|
$ |
147,864 |
|
|
$ |
143,889 |
|
|
$ |
137,198 |
|
|
$ |
128,321 |
|
|
|
|
|
||||
|
Loans 90 days past due and accruing |
11,389 |
|
|
5,865 |
|
|
8,559 |
|
|
9,929 |
|
|
13,761 |
|
|
|
|
|
|||||||||
|
Total non-performing loans |
150,222 |
|
|
153,729 |
|
|
152,448 |
|
|
147,127 |
|
|
142,082 |
|
|
|
|
|
|||||||||
|
Other real estate owned |
1,896 |
|
|
2,779 |
|
|
3,664 |
|
|
4,178 |
|
|
4,565 |
|
|
|
|
|
|||||||||
|
Total non-performing assets |
$ |
152,118 |
|
|
$ |
156,508 |
|
|
$ |
156,112 |
|
|
$ |
151,305 |
|
|
$ |
146,647 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NON-PERFORMING LOANS, BY TYPE: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial and industrial |
$ |
32,697 |
|
|
$ |
33,522 |
|
|
$ |
31,871 |
|
|
$ |
32,610 |
|
|
$ |
37,224 |
|
|
|
|
|
||||
|
Real estate - commercial mortgage |
52,100 |
|
|
53,693 |
|
|
54,164 |
|
|
52,647 |
|
|
43,426 |
|
|
|
|
|
|||||||||
|
Real estate - residential mortgage |
37,077 |
|
|
38,185 |
|
|
36,152 |
|
|
30,793 |
|
|
28,287 |
|
|
|
|
|
|||||||||
|
Consumer and home equity |
11,509 |
|
|
11,408 |
|
|
13,072 |
|
|
13,090 |
|
|
12,292 |
|
|
|
|
|
|||||||||
|
Real estate - construction |
965 |
|
|
1,016 |
|
|
1,440 |
|
|
1,550 |
|
|
4,051 |
|
|
|
|
|
|||||||||
|
Equipment lease financing and other |
15,874 |
|
|
15,905 |
|
|
15,749 |
|
|
16,437 |
|
|
16,802 |
|
|
|
|
|
|||||||||
|
Total non-performing loans |
$ |
150,222 |
|
|
$ |
153,729 |
|
|
$ |
152,448 |
|
|
$ |
147,127 |
|
|
$ |
142,082 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(1) The allowance for credit losses related to OBS Credit Exposures is presented in "other liabilities" on the consolidated balance sheets. |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) |
|||||||||||||||
in thousands, except per share data and percentages |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Explanatory note: |
This press release contains supplemental financial information, as detailed below, which has been derived by methods other than Generally Accepted Accounting Principles ("GAAP"). The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Three months ended |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|||||
Common shareholders' equity (tangible), per share |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shareholders' equity |
|
|
$ |
2,699,818 |
|
$ |
2,692,958 |
|
$ |
2,629,655 |
|
$ |
2,616,828 |
|
$ |
2,390,261 |
||||
Less: Preferred stock |
|
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
— |
|||||||||
Less: |
|
|
(536,697) |
|
(536,847) |
|
(536,544) |
|
(536,659) |
|
(534,907) |
|||||||||
Tangible common shareholders' equity (numerator) |
|
|
$ |
1,970,243 |
|
$ |
1,963,233 |
|
$ |
1,900,233 |
|
$ |
1,887,291 |
|
$ |
1,855,354 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period (denominator) |
|
|
161,429 |
|
162,988 |
|
162,518 |
|
162,350 |
|
162,134 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common shareholders' equity (tangible), per share |
|
|
$ |
12.21 |
|
$ |
12.05 |
|
$ |
11.69 |
|
$ |
11.62 |
|
$ |
11.44 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average common shareholders' equity (tangible) |
|
|
|
|
|
|
||||||||||||||
Net income available to common shareholders |
|
|
$ |
73,021 |
|
$ |
62,402 |
|
$ |
70,472 |
|
$ |
48,690 |
|
$ |
61,611 |
||||
Plus: Intangible amortization, net of tax |
|
|
118 |
|
140 |
|
90 |
|
104 |
|
103 |
|||||||||
(Numerator) |
|
$ |
73,139 |
|
$ |
62,542 |
|
$ |
70,562 |
|
$ |
48,794 |
|
$ |
61,714 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Average shareholders' equity |
|
|
$ |
2,722,833 |
|
$ |
2,669,413 |
|
$ |
2,637,098 |
|
$ |
2,544,866 |
|
$ |
2,374,091 |
||||
Less: Average preferred stock |
|
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(127,639) |
|
— |
|||||||||
Less: Average goodwill and intangible assets |
|
|
(536,772) |
|
(536,470) |
|
(536,601) |
|
(535,474) |
|
(534,971) |
|||||||||
Average tangible common shareholders' equity (denominator) |
|
$ |
1,993,183 |
|
$ |
1,940,065 |
|
$ |
1,907,619 |
|
$ |
1,881,753 |
|
$ |
1,839,120 |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average common shareholders' equity (tangible), annualized |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible common equity to tangible assets (TCE Ratio) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Shareholders' equity |
|
|
$ |
2,699,818 |
|
$ |
2,692,958 |
|
$ |
2,629,655 |
|
$ |
2,616,828 |
|
$ |
2,390,261 |
||||
Less: Preferred stock |
|
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
— |
|||||||||
Less: |
|
|
(536,697) |
|
(536,847) |
|
(536,544) |
|
(536,659) |
|
(534,907) |
|||||||||
Tangible common shareholders' equity (numerator) |
|
|
$ |
1,970,243 |
|
$ |
1,963,233 |
|
$ |
1,900,233 |
|
$ |
1,887,291 |
|
$ |
1,855,354 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets |
|
|
|
|
|
|
$ |
26,390,832 |
|
$ |
26,079,774 |
|
$ |
25,892,990 |
|
$ |
25,906,733 |
|
$ |
25,543,281 |
Less: |
|
|
(536,697) |
|
(536,847) |
|
(536,544) |
|
(536,659) |
|
(534,907) |
|||||||||
Total tangible assets (denominator) |
|
|
$ |
25,854,135 |
|
$ |
25,542,927 |
|
$ |
25,356,446 |
|
$ |
25,370,074 |
|
$ |
25,008,374 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tangible common equity to tangible assets |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-interest expense |
|
|
$ |
144,596 |
|
$ |
140,831 |
|
$ |
178,384 |
|
$ |
154,737 |
|
$ |
139,145 |
||||
Less: Amortization of tax credit investments |
|
|
(1,546) |
|
(1,563) |
|
(1,531) |
|
(1,532) |
|
(1,694) |
|||||||||
Less: Intangible amortization |
|
|
(150) |
|
(178) |
|
(115) |
|
(132) |
|
(132) |
|||||||||
Less: 2020 cost savings initiatives |
|
|
— |
|
— |
|
— |
|
(15,400) |
|
(800) |
|||||||||
Less: Debt extinguishment costs |
|
|
— |
|
(412) |
|
(32,163) |
|
— |
|
— |
|||||||||
Non-interest expense (numerator) |
|
|
$ |
142,900 |
|
$ |
138,678 |
|
$ |
144,575 |
|
$ |
137,673 |
|
$ |
136,519 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
|
|
$ |
171,270 |
|
$ |
162,399 |
|
$ |
164,449 |
|
$ |
161,591 |
|
$ |
154,116 |
||||
Tax equivalent adjustment |
|
|
3,114 |
|
3,018 |
|
2,979 |
|
2,987 |
|
2,990 |
|||||||||
Plus: Total Non-interest income |
|
|
62,577 |
|
51,890 |
|
95,397 |
|
55,574 |
|
63,249 |
|||||||||
Less: Investment securities gains, net |
|
|
— |
|
(36) |
|
(33,475) |
|
— |
|
(2) |
|||||||||
Total revenue (denominator) |
|
|
$ |
236,961 |
|
$ |
217,271 |
|
$ |
229,350 |
|
$ |
220,152 |
|
$ |
220,353 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
Three months ended |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
2021 |
|
2021 |
|
2021 |
|
2020 |
|
2020 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest expenses to total average assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-interest expense |
|
|
$ |
144,596 |
|
$ |
140,831 |
|
$ |
178,384 |
|
$ |
154,737 |
|
$ |
139,145 |
||||
Less: Amortization of tax credit investments |
|
|
(1,546) |
|
(1,563) |
|
(1,531) |
|
(1,532) |
|
(1,694) |
|||||||||
Less: Intangible amortization |
|
|
(150) |
|
(178) |
|
(115) |
|
(132) |
|
(132) |
|||||||||
Less: 2020 cost savings initiatives |
|
|
— |
|
— |
|
— |
|
(15,400) |
|
(800) |
|||||||||
Less: Debt extinguishment costs |
|
|
— |
|
(412) |
|
(32,163) |
|
— |
|
— |
|||||||||
Non-interest expense (numerator) |
|
|
$ |
142,900 |
|
$ |
138,678 |
|
$ |
144,575 |
|
$ |
137,673 |
|
$ |
136,519 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total average assets (denominator) |
|
|
$ |
26,440,876 |
|
$ |
26,017,542 |
|
$ |
26,082,816 |
|
$ |
25,749,405 |
|
$ |
25,169,508 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest expenses to total average assets, (annualized) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality, excluding PPP |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loans recovered (charged-off) (numerator) |
|
|
$ |
2,305 |
|
$ |
(6,954) |
|
$ |
(6,181) |
|
$ |
3,342 |
|
$ |
2,358 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Net Loans |
|
|
$ |
18,414,153 |
|
$ |
18,906,556 |
|
$ |
18,980,586 |
|
$ |
18,994,514 |
|
$ |
18,880,519 |
||||
Less: Average PPP loans |
|
|
(850,618) |
|
(1,524,389) |
|
(1,688,713) |
|
(1,830,426) |
|
(1,953,122) |
|||||||||
Total adjusted average loans (denominator) |
|
|
$ |
17,563,535 |
|
$ |
17,382,167 |
|
$ |
17,291,873 |
|
$ |
17,164,088 |
|
$ |
16,927,397 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net charge-offs (recoveries) to adjusted average loans (annualized) |
|
|
(0.05)% |
|
|
|
|
|
(0.08)% |
|
(0.06)% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans (numerator) |
|
|
$ |
150,222 |
|
$ |
153,729 |
|
$ |
152,448 |
|
$ |
147,127 |
|
$ |
142,082 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Loans |
|
|
$ |
18,269,407 |
|
$ |
18,586,756 |
|
$ |
18,990,986 |
|
$ |
18,900,820 |
|
$ |
19,028,621 |
||||
Less: PPP loans |
|
|
(590,447) |
|
(1,114,401) |
|
(1,688,394) |
|
(1,581,712) |
|
(1,960,165) |
|||||||||
Total adjusted loans (denominator) |
|
|
$ |
17,678,960 |
|
$ |
17,472,355 |
|
$ |
17,302,592 |
|
$ |
17,319,108 |
|
$ |
17,068,456 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-performing loans to total adjusted loans |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ACL - loans (numerator) |
|
|
$ |
256,727 |
|
$ |
255,032 |
|
$ |
265,986 |
|
$ |
277,567 |
|
$ |
266,825 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net Loans |
|
|
$ |
18,269,407 |
|
$ |
18,586,756 |
|
$ |
18,990,986 |
|
$ |
18,900,820 |
|
$ |
19,028,621 |
||||
Less: PPP loans |
|
|
(590,447) |
|
(1,114,401) |
|
(1,688,394) |
|
(1,581,712) |
|
(1,960,165) |
|||||||||
Total adjusted loans (denominator) |
|
|
$ |
17,678,960 |
|
$ |
17,472,355 |
|
$ |
17,302,592 |
|
$ |
17,319,108 |
|
$ |
17,068,456 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ACL - loans to total adjusted loans |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pre-provision net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
|
|
|
$ |
171,270 |
|
$ |
162,399 |
|
$ |
164,448 |
|
$ |
161,591 |
|
$ |
154,116 |
||
Non-interest income |
|
|
|
|
62,577 |
|
51,890 |
|
95,397 |
|
55,574 |
|
63,249 |
|||||||
Less: Investment securities gains, net |
|
|
|
|
— |
|
(36) |
|
(33,475) |
|
— |
|
(2) |
|||||||
Total revenue |
|
|
|
|
$ |
233,847 |
|
$ |
214,253 |
|
$ |
226,370 |
|
$ |
217,165 |
|
$ |
217,363 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-interest expense |
|
|
|
|
$ |
144,596 |
|
$ |
140,831 |
|
$ |
178,384 |
|
$ |
154,737 |
|
$ |
139,145 |
||
Less: Debt extinguishment |
|
|
|
|
— |
|
(412) |
|
(32,163) |
|
— |
|
— |
|||||||
Less: Amortization on tax credit investments |
|
|
|
|
(1,546) |
|
(1,563) |
|
(1,531) |
|
(1,532) |
|
(1,694) |
|||||||
Less: Intangible amortization |
|
|
|
|
(150) |
|
(178) |
|
(115) |
|
(132) |
|
(132) |
|||||||
Total non-interest expense |
|
|
|
|
$ |
142,900 |
|
$ |
138,678 |
|
$ |
144,575 |
|
$ |
153,073 |
|
$ |
137,319 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pre-provision net revenue |
|
|
|
|
$ |
90,947 |
|
$ |
75,575 |
|
$ |
81,795 |
|
$ |
64,092 |
|
$ |
80,044 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Note: numbers may not sum due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211019006245/en/
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Investor Contact:
Source:
FAQ
What are Fulton's earnings for Q3 2021?
How much did Fulton's net interest income increase in Q3 2021?
What was the non-interest income of Fulton in Q3 2021?
What is the average loan amount for Fulton in Q3 2021?
What percentage of non-performing assets did Fulton report?
