Independent Bank Corp. Reports Third Quarter Net Income of $40.0 Million
Independent Bank Corp. (INDB) reported a third quarter net income of $40.0 million, or $1.21 per diluted share, marking an increase from $37.6 million or $1.14 in the previous quarter. The results included $1.9 million in merger-related costs due to the acquisition of Meridian Bancorp. Total assets grew by 2.4% to $14.5 billion since last quarter, with deposits increasing by 2.3%. However, net interest income fell to $90.1 million from $93.4 million, primarily due to reduced PPP fee recognition.
- Net income increased by 6.4% from the prior quarter to $40.0 million.
- Total assets rose by 2.4%, reaching $14.5 billion.
- Deposits grew by 2.3%, reaching $12.3 billion.
- Noninterest income increased by 6.0% to $26.5 million.
- Net interest income declined by 3.5% to $90.1 million.
- Total loans decreased by 1.5% (5.8% annualized) primarily due to reductions in PPP loans.
- Return on average common equity decreased from 9.04% to 9.00% on a GAAP basis.
Business line fundamentals drive solid performance
“We enjoyed another quarter of solid performance owing to our sound fundamentals,” said
BALANCE SHEET
Total assets of
Total loans at
Deposit balances of
The securities portfolio increased by
Total borrowings decreased by
Stockholders' equity at
NET INTEREST INCOME
Net interest income for the third quarter decreased to
NONINTEREST INCOME
Noninterest income of
-
Deposit account fees increased by
$476,000 12.5% , primarily driven by overdraft fees. -
Interchange and ATM fees increased by
$373,000 12.2% , as a result of increased volume during the third quarter, reflecting a rise in customer spending. -
Investment management income increased by
$302,000 3.4% , due primarily to increased insurance commissions. Additionally, assets under management as ofSeptember 30, 2021 remained consistent with the prior quarter's record high level at$5.4 billion -
Mortgage banking income grew by
$120,000 4.4% , reflecting continued strong volume for the quarter, offset by a reduction in gain on sale margins. -
Loan level derivative income increased by
$470,000 -
Other noninterest income decreased by
$258,000 5.4% , primarily attributable to decreased unrealized gains on equity securities and income from other investments, partially offset by increases in commercial loan fees and income from like-kind exchanges.
NONINTEREST EXPENSE
Noninterest expense of
-
Salaries and employee benefits decreased by
$400,000 0.9% , mainly due to decreases in payroll taxes and other commissions. -
Occupancy and equipment decreased by
$142,000 1.6% , mainly due to decreases in rent on leased property. -
FDIC assessment increased by$205,000 26.5% , as the prior quarter benefited from a refund of prior period assessment fees of approximately$109,000 -
The Company incurred merger and acquisition expenses of
$1.9 million $1.7 million -
Other noninterest expense decreased by 745,000, or
4.2% , primarily due to decreases in director equity compensation expense, legal fees, advertising, and provision for unfunded commitments, partially offset by increases in unrealized loss on equity securities, recruitment expense, and other miscellaneous expenses.
The Company generated a return on average assets and a return on average common equity of
The tax rate of
ASSET QUALITY
During the third quarter, the Company recorded total net charge-offs of
In addition, total loans subject to a payment deferral remained relatively consistent with the prior quarter, amounting to
The Company recorded credit reserve releases of
CONFERENCE CALL INFORMATION
ABOUT INDEPENDENT BANK CORP.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.
Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:
-
further weakening in
the United States economy in general and the regional and local economies within theNew England region and the Company’s market area, including future weakening caused by the COVID-19 pandemic; - the length and extent of economic contraction as a result of the COVID-19 pandemic;
- unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other external events;
- adverse changes or volatility in the local real estate market;
- adverse changes in asset quality and any unanticipated credit deterioration in our loan portfolio including those related to one or more large commercial relationships;
- failure to consummate or a delay in consummating the acquisition of Meridian, which is subject to standard closing conditions, including the receipt of regulatory approvals;
- acquisitions, including the acquisition of Meridian, may not produce results at levels or within time frames originally anticipated and may result in unforeseen integration issues or impairment of goodwill and/or other intangibles;
-
additional regulatory oversight and related compliance costs, including the additional costs associated with the Company's increase in assets to over
$10 billion -
changes in trade, monetary and fiscal policies and laws, including interest rate policies of the
Board of Governors of theFederal Reserve System ; - higher than expected tax expense, resulting from failure to comply with general tax laws and changes in tax laws;
- changes in market interest rates for interest earning assets and/or interest bearing liabilities and changes related to the phase-out of LIBOR;
- increased competition in the Company’s market areas;
- adverse weather, changes in climate, natural disasters, the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic, other public health crises or man-made events could negatively affect our local economies or disrupt our operations, which would have an adverse effect on our business or results of operations;
- a deterioration in the conditions of the securities markets;
-
a deterioration of the credit rating for
U.S. long-term sovereign debt; - inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery;
- electronic fraudulent activity within the financial services industry, especially in the commercial banking sector;
- adverse changes in consumer spending and savings habits;
- the effect of laws and regulations regarding the financial services industry;
- changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business;
- the Company's potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic;
-
changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the
Public Company Accounting Oversight Board , theFinancial Accounting Standards Board , and other accounting standard setters including, but not limited to, changes to how the Company accounts for credit losses; - cyber security attacks or intrusions that could adversely impact our businesses; and
- other unexpected material adverse changes in our operations or earnings.
Further, the foregoing factors may be exacerbated by the ultimate impact of the COVID-19 pandemic, which is unknown at this time. Statements about the COVID-19 pandemic and its potential impact on our business, financial condition, liquidity and results of operations may constitute forward-looking statements and are subject to the risk that actual results may differ, possibly materially, from what is reflected in such statements due to factors and future developments that are uncertain, unpredictable and, in many cases, beyond our control, including the scope, duration and extent of the pandemic and any resurgences, actions taken by governmental authorities in response to the pandemic and the direct and indirect impact on the Company’s employees, customers, business and third-parties with which the Company conducts business.
The Company wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in
Operating net income, operating EPS, operating return on average assets and operating return on average common equity exclude items that management believes are unrelated to the Company's core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its core margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as out-sized cash balances, unique low-yielding loans originated through government programs in response to the pandemic, or significant purchase accounting adjustments. Management believes that adjusting for these items to arrive at a core margin provides additional insight into the operating environment and how management decisions impact the net interest margin. Similarly, management reviews certain loan metrics such as growth rates and allowance as a percentage of total loans, adjusted to exclude loans that are not considered part of its core portfolio, which includes loans originated in association with government sponsored and guaranteed programs in response to the pandemic, to arrive at adjusted numbers more representative of the core growth of the portfolio and core reserve to loan ratio.
Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders' equity less goodwill and identifiable intangible assets, or "tangible common equity", by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by "tangible assets", defined as total assets less goodwill and other intangibles). The Company has included information on tangible book value per share and the tangible common equity ratio because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.
These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management deems to be noncore and excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, core margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Category: Earnings Releases
INDEPENDENT BANK CORP. FINANCIAL SUMMARY |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited, dollars in thousands) |
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% Change |
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% Change |
|||||||||
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Assets |
|
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|
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|||||||||
Cash and due from banks |
$ |
138,148 |
|
|
$ |
141,953 |
|
|
$ |
125,103 |
|
|
(2.68 |
)% |
|
10.43 |
% |
|
Interest-earning deposits with banks |
1,869,683 |
|
|
2,114,477 |
|
|
1,142,934 |
|
|
(11.58 |
)% |
|
63.59 |
% |
||||
Securities |
|
|
|
|
|
|
|
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|
|||||||||
Trading |
3,504 |
|
|
3,439 |
|
|
2,612 |
|
|
1.89 |
% |
|
34.15 |
% |
||||
Equities |
22,794 |
|
|
22,975 |
|
|
21,119 |
|
|
(0.79 |
)% |
|
7.93 |
% |
||||
Available for sale |
1,427,210 |
|
|
794,516 |
|
|
423,478 |
|
|
79.63 |
% |
|
237.02 |
% |
||||
Held to maturity |
865,249 |
|
|
861,821 |
|
|
659,573 |
|
|
0.40 |
% |
|
31.18 |
% |
||||
Total securities |
2,318,757 |
|
|
1,682,751 |
|
|
1,106,782 |
|
|
37.80 |
% |
|
109.50 |
% |
||||
Loans held for sale |
33,553 |
|
|
25,561 |
|
|
54,713 |
|
|
31.27 |
% |
|
(38.67 |
)% |
||||
Loans |
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial |
1,640,709 |
|
|
1,726,498 |
|
|
2,062,345 |
|
|
(4.97 |
)% |
|
(20.44 |
)% |
||||
Commercial real estate |
4,221,259 |
|
|
4,251,543 |
|
|
4,125,464 |
|
|
(0.71 |
)% |
|
2.32 |
% |
||||
Commercial construction |
515,415 |
|
|
496,539 |
|
|
573,334 |
|
|
3.80 |
% |
|
(10.10 |
)% |
||||
Small business |
184,138 |
|
|
182,863 |
|
|
167,632 |
|
|
0.70 |
% |
|
9.85 |
% |
||||
Total commercial |
6,561,521 |
|
|
6,657,443 |
|
|
6,928,775 |
|
|
(1.44 |
)% |
|
(5.30 |
)% |
||||
Residential real estate |
1,222,849 |
|
|
1,240,279 |
|
|
1,352,305 |
|
|
(1.41 |
)% |
|
(9.57 |
)% |
||||
Home equity - first position |
592,564 |
|
|
606,332 |
|
|
643,187 |
|
|
(2.27 |
)% |
|
(7.87 |
)% |
||||
Home equity - subordinate positions |
407,904 |
|
|
412,076 |
|
|
457,867 |
|
|
(1.01 |
)% |
|
(10.91 |
)% |
||||
Total consumer real estate |
2,223,317 |
|
|
2,258,687 |
|
|
2,453,359 |
|
|
(1.57 |
)% |
|
(9.38 |
)% |
||||
Other consumer |
23,175 |
|
|
22,858 |
|
|
23,059 |
|
|
1.39 |
% |
|
0.50 |
% |
||||
Total loans |
8,808,013 |
|
|
8,938,988 |
|
|
9,405,193 |
|
|
(1.47 |
)% |
|
(6.35 |
)% |
||||
Less: allowance for credit losses |
(92,246 |
) |
|
(102,357 |
) |
|
(115,625 |
) |
|
(9.88 |
)% |
|
(20.22 |
)% |
||||
Net loans |
8,715,767 |
|
|
8,836,631 |
|
|
9,289,568 |
|
|
(1.37 |
)% |
|
(6.18 |
)% |
||||
|
8,666 |
|
|
9,079 |
|
|
15,090 |
|
|
(4.55 |
)% |
|
(42.57 |
)% |
||||
Bank premises and equipment, net |
123,528 |
|
|
117,435 |
|
|
121,816 |
|
|
5.19 |
% |
|
1.41 |
% |
||||
|
506,206 |
|
|
506,206 |
|
|
506,206 |
|
|
— |
% |
|
— |
% |
||||
Other intangible assets |
19,055 |
|
|
20,370 |
|
|
24,543 |
|
|
(6.46 |
)% |
|
(22.36 |
)% |
||||
Cash surrender value of life insurance policies |
244,573 |
|
|
242,963 |
|
|
199,453 |
|
|
0.66 |
% |
|
22.62 |
% |
||||
Other assets |
555,375 |
|
|
496,781 |
|
|
587,457 |
|
|
11.79 |
% |
|
(5.46 |
)% |
||||
Total assets |
$ |
14,533,311 |
|
|
$ |
14,194,207 |
|
|
$ |
13,173,665 |
|
|
2.39 |
% |
|
10.32 |
% |
|
Liabilities and Stockholders' Equity |
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Deposits |
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Noninterest-bearing demand deposits |
$ |
4,590,492 |
|
|
$ |
4,370,852 |
|
|
$ |
3,715,528 |
|
|
5.03 |
% |
|
23.55 |
% |
|
Savings and interest checking accounts |
4,484,208 |
|
|
4,445,903 |
|
|
3,912,703 |
|
|
0.86 |
% |
|
14.61 |
% |
||||
Money market |
2,399,878 |
|
|
2,352,897 |
|
|
2,164,436 |
|
|
2.00 |
% |
|
10.88 |
% |
||||
Time certificates of deposit |
785,562 |
|
|
817,319 |
|
|
1,058,641 |
|
|
(3.89 |
)% |
|
(25.80 |
)% |
||||
Total deposits |
12,260,140 |
|
|
11,986,971 |
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|
10,851,308 |
|
|
2.28 |
% |
|
12.98 |
% |
||||
Borrowings |
|
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|
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|
|||||||||
|
25,675 |
|
|
35,693 |
|
|
145,765 |
|
|
(28.07 |
)% |
|
(82.39 |
)% |
||||
Long-term borrowings, net |
18,750 |
|
|
23,425 |
|
|
37,447 |
|
|
(19.96 |
)% |
|
(49.93 |
)% |
||||
Junior subordinated debentures, net |
62,853 |
|
|
62,852 |
|
|
62,850 |
|
|
— |
% |
|
— |
% |
||||
Subordinated debentures, net |
49,767 |
|
|
49,743 |
|
|
49,672 |
|
|
0.05 |
% |
|
0.19 |
% |
||||
Total borrowings |
157,045 |
|
|
171,713 |
|
|
295,734 |
|
|
(8.54 |
)% |
|
(46.90 |
)% |
||||
Total deposits and borrowings |
12,417,185 |
|
|
12,158,684 |
|
|
11,147,042 |
|
|
2.13 |
% |
|
11.39 |
% |
||||
Other liabilities |
360,172 |
|
|
293,901 |
|
|
336,899 |
|
|
22.55 |
% |
|
6.91 |
% |
||||
Total liabilities |
12,777,357 |
|
|
12,452,585 |
|
|
11,483,941 |
|
|
2.61 |
% |
|
11.26 |
% |
||||
Stockholders' equity |
|
|
|
|
|
|
|
|
|
|||||||||
Common stock |
329 |
|
|
329 |
|
|
328 |
|
|
— |
% |
|
0.30 |
% |
||||
Additional paid in capital |
949,316 |
|
|
948,130 |
|
|
944,218 |
|
|
0.13 |
% |
|
0.54 |
% |
||||
Retained earnings |
787,742 |
|
|
763,596 |
|
|
696,546 |
|
|
3.16 |
% |
|
13.09 |
% |
||||
Accumulated other comprehensive income, net of tax |
18,567 |
|
|
29,567 |
|
|
48,632 |
|
|
(37.20 |
)% |
|
(61.82 |
)% |
||||
Total stockholders' equity |
1,755,954 |
|
|
1,741,622 |
|
|
1,689,724 |
|
|
0.82 |
% |
|
3.92 |
% |
||||
Total liabilities and stockholders' equity |
$ |
14,533,311 |
|
|
$ |
14,194,207 |
|
|
$ |
13,173,665 |
|
|
2.39 |
% |
|
10.32 |
% |
|
CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited, dollars in thousands, except per share data) |
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Three Months Ended |
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% Change |
|
% Change |
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Interest income |
|
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|||||||||
Interest on federal funds sold and short-term investments |
$ |
815 |
|
|
$ |
513 |
|
|
$ |
254 |
|
|
58.87 |
% |
|
220.87 |
% |
|
Interest and dividends on securities |
7,796 |
|
|
7,189 |
|
|
7,227 |
|
|
8.44 |
% |
|
7.87 |
% |
||||
Interest and fees on loans |
84,212 |
|
|
88,814 |
|
|
90,112 |
|
|
(5.18 |
)% |
|
(6.55 |
)% |
||||
Interest on loans held for sale |
193 |
|
|
186 |
|
|
326 |
|
|
3.76 |
% |
|
(40.80 |
)% |
||||
Total interest income |
93,016 |
|
|
96,702 |
|
|
97,919 |
|
|
(3.81 |
)% |
|
(5.01 |
)% |
||||
Interest expense |
|
|
|
|
|
|
|
|
|
|||||||||
Interest on deposits |
1,633 |
|
|
2,017 |
|
|
5,432 |
|
|
(19.04 |
)% |
|
(69.94 |
)% |
||||
Interest on borrowings |
1,292 |
|
|
1,331 |
|
|
1,604 |
|
|
(2.93 |
)% |
|
(19.45 |
)% |
||||
Total interest expense |
2,925 |
|
|
3,348 |
|
|
7,036 |
|
|
(12.63 |
)% |
|
(58.43 |
)% |
||||
Net interest income |
90,091 |
|
|
93,354 |
|
|
90,883 |
|
|
(3.50 |
)% |
|
(0.87 |
)% |
||||
Provision for credit losses |
(10,000 |
) |
|
(5,000 |
) |
|
7,500 |
|
|
100.00 |
% |
|
(233.33 |
)% |
||||
Net interest income after provision for credit losses |
100,091 |
|
|
98,354 |
|
|
83,383 |
|
|
1.77 |
% |
|
20.04 |
% |
||||
Noninterest income |
|
|
|
|
|
|
|
|
|
|||||||||
Deposit account fees |
4,298 |
|
|
3,822 |
|
|
3,428 |
|
|
12.45 |
% |
|
25.38 |
% |
||||
Interchange and ATM fees |
3,441 |
|
|
3,068 |
|
|
3,044 |
|
|
12.16 |
% |
|
13.04 |
% |
||||
Investment management |
9,174 |
|
|
8,872 |
|
|
7,571 |
|
|
3.40 |
% |
|
21.17 |
% |
||||
Mortgage banking income |
2,825 |
|
|
2,705 |
|
|
7,704 |
|
|
4.44 |
% |
|
(63.33 |
)% |
||||
Increase in cash surrender value of life insurance policies |
1,596 |
|
|
1,589 |
|
|
1,314 |
|
|
0.44 |
% |
|
21.46 |
% |
||||
Loan level derivative income |
586 |
|
|
116 |
|
|
2,457 |
|
|
405.17 |
% |
|
(76.15 |
)% |
||||
Other noninterest income |
4,537 |
|
|
4,795 |
|
|
3,829 |
|
|
(5.38 |
)% |
|
18.49 |
% |
||||
Total noninterest income |
26,457 |
|
|
24,967 |
|
|
29,347 |
|
|
5.97 |
% |
|
(9.85 |
)% |
||||
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Salaries and employee benefits |
42,235 |
|
|
42,635 |
|
|
38,409 |
|
|
(0.94 |
)% |
|
9.96 |
% |
||||
Occupancy and equipment expenses |
8,564 |
|
|
8,706 |
|
|
9,273 |
|
|
(1.63 |
)% |
|
(7.65 |
)% |
||||
Data processing and facilities management |
1,673 |
|
|
1,686 |
|
|
1,567 |
|
|
(0.77 |
)% |
|
6.76 |
% |
||||
|
980 |
|
|
775 |
|
|
1,034 |
|
|
26.45 |
% |
|
(5.22 |
)% |
||||
Merger and acquisition expense |
1,943 |
|
|
1,731 |
|
|
— |
|
|
12.25 |
|
|
100.00 |
% |
||||
Loss on termination of derivatives |
— |
|
|
— |
|
|
684 |
|
|
n/a |
|
|
(100.00 |
) |
||||
Other noninterest expenses |
17,024 |
|
|
17,769 |
|
|
15,691 |
|
|
(4.19 |
)% |
|
8.50 |
% |
||||
Total noninterest expenses |
72,419 |
|
|
73,302 |
|
|
66,658 |
|
|
(1.20 |
)% |
|
8.64 |
% |
||||
Income before income taxes |
54,129 |
|
|
50,019 |
|
|
46,072 |
|
|
8.22 |
% |
|
17.49 |
% |
||||
Provision for income taxes |
14,122 |
|
|
12,447 |
|
|
11,199 |
|
|
13.46 |
% |
|
26.10 |
% |
||||
Net Income |
$ |
40,007 |
|
|
$ |
37,572 |
|
|
$ |
34,873 |
|
|
6.48 |
% |
|
14.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares (basic) |
33,043,716 |
|
|
33,033,578 |
|
|
32,951,918 |
|
|
|
|
|
||||||
Common share equivalents |
15,554 |
|
|
21,270 |
|
|
24,758 |
|
|
|
|
|
||||||
Weighted average common shares (diluted) |
33,059,270 |
|
|
33,054,848 |
|
|
32,976,676 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Basic earnings per share |
$ |
1.21 |
|
|
$ |
1.14 |
|
|
$ |
1.06 |
|
|
6.14 |
% |
|
14.15 |
% |
|
Diluted earnings per share |
$ |
1.21 |
|
|
$ |
1.14 |
|
|
$ |
1.06 |
|
|
6.14 |
% |
|
14.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP): |
|
|
|
|
|
|
||||||||||||
Net income |
$ |
40,007 |
|
|
$ |
37,572 |
|
|
$ |
34,873 |
|
|
|
|
|
|||
Noninterest expense components |
|
|
|
|
|
|
|
|
|
|||||||||
Add - loss on termination of derivatives |
— |
|
|
— |
|
|
684 |
|
|
|
|
|
||||||
Add - merger and acquisition expenses |
1,943 |
|
|
1,731 |
|
|
— |
|
|
|
|
|
||||||
Noncore increases to income before taxes |
1,943 |
|
|
1,731 |
|
|
684 |
|
|
|
|
|
||||||
Net tax benefit associated with noncore items (1) |
(546 |
) |
|
(487 |
) |
|
(192 |
) |
|
|
|
|
||||||
Noncore increases to net income |
1,397 |
|
|
1,244 |
|
|
492 |
|
|
|
|
|
||||||
Operating net income (Non-GAAP) |
$ |
41,404 |
|
|
$ |
38,816 |
|
|
$ |
35,365 |
|
|
6.67 |
% |
|
17.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted earnings per share, on an operating basis |
$ |
1.25 |
|
|
$ |
1.17 |
|
|
$ |
1.07 |
|
|
6.84 |
% |
|
16.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income. |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Performance ratios |
|
|
|
|
|
|
|
|
|
|||||||||
Net interest margin (FTE) |
2.78 |
% |
|
2.99 |
% |
|
3.13 |
% |
|
|
|
|
||||||
Return on average assets (GAAP) (calculated by dividing net income by average assets) |
1.11 |
% |
|
1.08 |
% |
|
1.07 |
% |
|
|
|
|
||||||
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) |
1.15 |
% |
|
1.12 |
% |
|
1.08 |
% |
|
|
|
|
||||||
Return on average common equity (GAAP) (calculated by dividing net income by average common equity) |
9.04 |
% |
|
8.70 |
% |
|
8.21 |
% |
|
|
|
|
||||||
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) |
9.35 |
% |
|
8.98 |
% |
|
8.32 |
% |
|
|
|
|
||||||
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
|
||||||
(Unaudited, dollars in thousands, except per share data) |
|
|
|
|
|||||||
|
|
Nine Months Ended |
|
|
|||||||
|
|
|
|
|
|
% Change |
|||||
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||
Interest income |
|
|
|
|
|
|
|||||
Interest on federal funds sold and short-term investments |
|
$ |
1,654 |
|
|
$ |
546 |
|
|
202.93 |
% |
Interest and dividends on securities |
|
21,617 |
|
|
23,033 |
|
|
(6.15 |
)% |
||
Interest and fees on loans |
|
265,409 |
|
|
280,768 |
|
|
(5.47 |
)% |
||
Interest on loans held for sale |
|
675 |
|
|
917 |
|
|
(26.39 |
)% |
||
Total interest income |
|
289,355 |
|
|
305,264 |
|
|
(5.21 |
)% |
||
Interest expense |
|
|
|
|
|
|
|||||
Interest on deposits |
|
6,361 |
|
|
23,351 |
|
|
(72.76 |
)% |
||
Interest on borrowings |
|
3,965 |
|
|
5,628 |
|
|
(29.55 |
)% |
||
Total interest expense |
|
10,326 |
|
|
28,979 |
|
|
(64.37 |
)% |
||
Net interest income |
|
279,029 |
|
|
276,285 |
|
|
0.99 |
% |
||
Provision for credit losses |
|
(17,500 |
) |
|
52,500 |
|
|
(133.33 |
)% |
||
Net interest income after provision for credit losses |
|
296,529 |
|
|
223,785 |
|
|
32.51 |
% |
||
Noninterest income |
|
|
|
|
|
|
|||||
Deposit account fees |
|
11,704 |
|
|
11,227 |
|
|
4.25 |
% |
||
Interchange and ATM fees |
|
9,229 |
|
|
13,154 |
|
|
(29.84 |
)% |
||
Investment management |
|
26,350 |
|
|
21,696 |
|
|
21.45 |
% |
||
Mortgage banking income |
|
11,270 |
|
|
13,570 |
|
|
(16.95 |
)% |
||
Increase in cash surrender value of life insurance policies |
|
4,508 |
|
|
3,902 |
|
|
15.53 |
% |
||
Gain on life insurance benefits |
|
258 |
|
|
692 |
|
|
(62.72 |
)% |
||
Loan level derivative income |
|
875 |
|
|
8,918 |
|
|
(90.19 |
)% |
||
Other noninterest income |
|
12,476 |
|
|
10,813 |
|
|
15.38 |
% |
||
Total noninterest income |
|
76,670 |
|
|
83,972 |
|
|
(8.70 |
)% |
||
Noninterest expenses |
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
124,759 |
|
|
113,027 |
|
|
10.38 |
% |
||
Occupancy and equipment expenses |
|
26,543 |
|
|
27,863 |
|
|
(4.74 |
)% |
||
Data processing and facilities management |
|
5,024 |
|
|
4,684 |
|
|
7.26 |
% |
||
|
|
2,805 |
|
|
1,537 |
|
|
82.50 |
% |
||
Loss on termination of derivatives |
|
— |
|
|
684 |
|
|
(100.00 |
)% |
||
Merger and acquisition expense |
|
3,674 |
|
|
— |
|
|
100.00 |
% |
||
Other noninterest expenses |
|
52,598 |
|
|
52,310 |
|
|
0.55 |
% |
||
Total noninterest expenses |
|
215,403 |
|
|
200,105 |
|
|
7.64 |
% |
||
Income before income taxes |
|
157,796 |
|
|
107,652 |
|
|
46.58 |
% |
||
Provision for income taxes |
|
38,506 |
|
|
21,126 |
|
|
82.27 |
% |
||
Net Income |
|
$ |
119,290 |
|
|
$ |
86,526 |
|
|
37.87 |
% |
|
|
|
|
|
|
|
|||||
Weighted average common shares (basic) |
|
33,024,386 |
|
|
33,358,879 |
|
|
|
|||
Common share equivalents |
|
18,238 |
|
|
27,871 |
|
|
|
|||
Weighted average common shares (diluted) |
|
33,042,624 |
|
|
33,386,750 |
|
|
|
|||
|
|
|
|
|
|
|
|||||
Basic earnings per share |
|
$ |
3.61 |
|
|
$ |
2.59 |
|
|
39.38 |
% |
Diluted earnings per share |
|
$ |
3.61 |
|
|
$ |
2.59 |
|
|
39.38 |
% |
|
|
|
|
|
|
|
|||||
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP): |
|
|
|
|
|
|
|||||
Net Income |
|
$ |
119,290 |
|
|
$ |
86,526 |
|
|
|
|
Noninterest expense components |
|
|
|
|
|
|
|||||
Add - loss on termination of derivatives |
|
— |
|
|
684 |
|
|
|
|||
Add - merger and acquisition expenses |
|
3,674 |
|
|
— |
|
|
|
|||
Noncore increases to income before taxes |
|
3,674 |
|
|
684 |
|
|
|
|||
Net tax benefit associated with noncore items (1) |
|
(1,033 |
) |
|
(192 |
) |
|
|
|||
Noncore increases to net income |
|
$ |
2,641 |
|
|
$ |
492 |
|
|
|
|
Operating net income (Non-GAAP) |
|
$ |
121,931 |
|
|
$ |
87,018 |
|
|
40.12 |
% |
|
|
|
|
|
|
|
|||||
Diluted earnings per share, on an operating basis |
|
$ |
3.69 |
|
|
$ |
2.61 |
|
|
41.38 |
% |
|
|
|
|
|
|
|
|||||
(1) The net tax benefit associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company's combined marginal tax rate to only those items included in net taxable income. |
|||||||||||
|
|
|
|
|
|
|
|||||
Performance ratios |
|
|
|
|
|
|
|||||
Net interest margin (FTE) |
|
3.00 |
% |
|
3.36 |
% |
|
|
|||
Return on average assets (GAAP) (calculated by dividing net income by average assets) |
|
1.15 |
% |
|
0.93 |
% |
|
|
|||
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average assets) |
|
1.17 |
% |
|
0.94 |
% |
|
|
|||
Return on average common equity (GAAP) (calculated by dividing net income by average common equity) |
|
9.20 |
% |
|
6.80 |
% |
|
|
|||
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing net operating net income by average common equity) |
|
9.40 |
% |
|
6.84 |
% |
|
|
|||
ASSET QUALITY |
|
|
||||||||||
(Unaudited, dollars in thousands) |
|
Nonperforming Assets At |
||||||||||
|
|
|
|
|
|
|
||||||
Nonperforming loans |
|
|
|
|
|
|
||||||
Commercial & industrial loans |
|
$ |
19,275 |
|
|
$ |
20,831 |
|
|
$ |
36,851 |
|
Commercial real estate loans |
|
11,788 |
|
|
9,031 |
|
|
38,164 |
|
|||
Small business loans |
|
46 |
|
|
558 |
|
|
542 |
|
|||
Residential real estate loans |
|
10,872 |
|
|
12,786 |
|
|
16,229 |
|
|||
Home equity |
|
3,746 |
|
|
4,517 |
|
|
6,159 |
|
|||
Other consumer |
|
83 |
|
|
95 |
|
|
80 |
|
|||
Total nonperforming loans |
|
45,810 |
|
|
47,818 |
|
|
98,025 |
|
|||
Total nonperforming assets |
|
$ |
45,810 |
|
|
$ |
47,818 |
|
|
$ |
98,025 |
|
|
|
|
|
|
|
|
||||||
Nonperforming loans/gross loans |
|
0.52 |
% |
|
0.53 |
% |
|
1.04 |
% |
|||
Nonperforming assets/total assets |
|
0.32 |
% |
|
0.34 |
% |
|
0.74 |
% |
|||
Allowance for credit losses/nonperforming loans |
|
201.37 |
% |
|
214.06 |
% |
|
117.95 |
% |
|||
Allowance for credit losses/total loans |
|
1.05 |
% |
|
1.15 |
% |
|
1.23 |
% |
|||
Delinquent loans/total loans |
|
0.21 |
% |
|
0.11 |
% |
|
0.31 |
% |
|||
|
|
|
|
|
|
|
||||||
|
|
Nonperforming Assets Reconciliation for the Three Months Ended |
||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Nonperforming assets beginning balance |
|
$ |
47,818 |
|
|
$ |
59,201 |
|
|
$ |
48,814 |
|
New to nonperforming |
|
4,613 |
|
|
2,233 |
|
|
60,850 |
|
|||
Loans charged-off |
|
(332 |
) |
|
(481 |
) |
|
(4,304 |
) |
|||
Loans paid-off |
|
(3,488 |
) |
|
(10,364 |
) |
|
(5,050 |
) |
|||
Loans restored to performing status |
|
(2,813 |
) |
|
(2,771 |
) |
|
(2,229 |
) |
|||
Other |
|
12 |
|
|
— |
|
|
(56 |
) |
|||
Nonperforming assets ending balance |
|
$ |
45,810 |
|
|
$ |
47,818 |
|
|
$ |
98,025 |
|
|
|
Net Charge-Offs (Recoveries) |
||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial loans |
|
$ |
— |
|
|
$ |
107 |
|
|
$ |
184 |
|
|
$ |
3,374 |
|
|
$ |
138 |
|
Commercial real estate loans |
|
— |
|
|
— |
|
|
3,876 |
|
|
(57 |
) |
|
3,876 |
|
|||||
Small business loans |
|
33 |
|
|
31 |
|
|
47 |
|
|
119 |
|
|
186 |
|
|||||
Residential real estate loans |
|
— |
|
|
— |
|
|
(1 |
) |
|
(1 |
) |
|
(2 |
) |
|||||
Home equity |
|
(49 |
) |
|
24 |
|
|
(21 |
) |
|
(38 |
) |
|
(32 |
) |
|||||
Other consumer |
|
127 |
|
|
30 |
|
|
(34 |
) |
|
249 |
|
|
469 |
|
|||||
Total net charge-offs |
|
$ |
111 |
|
|
$ |
192 |
|
|
$ |
4,051 |
|
|
$ |
3,646 |
|
|
$ |
4,635 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs to average loans (annualized) |
|
0.00 |
% |
|
0.01 |
% |
|
0.17 |
% |
|
0.05 |
% |
|
0.07 |
% |
|||||
|
|
Troubled Debt Restructurings At |
||||||||||
|
|
|
|
|
|
|
||||||
Troubled debt restructurings on accrual status |
|
$ |
15,950 |
|
|
$ |
19,495 |
|
|
$ |
17,521 |
|
Troubled debt restructurings on nonaccrual status |
|
21,104 |
|
|
20,212 |
|
|
23,810 |
|
|||
Total troubled debt restructurings |
|
$ |
37,054 |
|
|
$ |
39,707 |
|
|
$ |
41,331 |
|
|
|
|
|
|
|
|
||||||
BALANCE SHEET AND CAPITAL RATIOS |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Gross loans/total deposits |
|
71.84 |
% |
|
74.57 |
% |
|
86.67 |
% |
|||
Common equity tier 1 capital ratio (1) |
|
13.46 |
% |
|
13.31 |
% |
|
12.41 |
% |
|||
Tier 1 leverage capital ratio (1) |
|
9.36 |
% |
|
9.41 |
% |
|
9.52 |
% |
|||
Common equity to assets ratio GAAP |
|
12.08 |
% |
|
12.27 |
% |
|
12.83 |
% |
|||
Tangible common equity to tangible assets ratio (2) |
|
8.79 |
% |
|
8.89 |
% |
|
9.17 |
% |
|||
Book value per share GAAP |
|
$ |
53.14 |
|
|
$ |
52.72 |
|
|
$ |
51.27 |
|
Tangible book value per share (2) |
|
$ |
37.24 |
|
|
$ |
36.78 |
|
|
$ |
35.17 |
|
(1) Estimated number for |
||||||||||||
(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios. |
||||||||||||
INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(Unaudited, dollars in thousands) |
|
Three Months Ended |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Interest |
|
|
|
|
Interest |
|
|
|
|
Interest |
|
|
|||||||||||||||||
|
|
Average |
|
Earned/ |
Yield/ |
|
Average |
|
Earned/ |
Yield/ |
|
Average |
|
Earned/ |
|
Yield/ |
|||||||||||||||||
|
|
Balance |
|
Paid (1) |
|
Rate |
|
Balance |
|
Paid (1) |
|
Rate |
|
Balance |
|
Paid (1) |
|
Rate |
|||||||||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning deposits with banks, federal funds sold, and short term investments |
|
$ |
2,135,031 |
|
|
$ |
815 |
|
|
0.15 |
% |
|
$ |
1,882,285 |
|
|
$ |
513 |
|
|
0.11 |
% |
|
$ |
997,921 |
|
|
$ |
254 |
|
|
0.10 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Securities - trading |
|
3,498 |
|
|
— |
|
|
— |
% |
|
3,359 |
|
|
— |
|
|
— |
% |
|
2,607 |
|
|
— |
|
|
— |
% |
||||||
Securities - taxable investments |
|
1,880,863 |
|
|
7,792 |
|
|
1.64 |
% |
|
1,514,336 |
|
|
7,184 |
|
|
1.90 |
% |
|
1,139,843 |
|
|
7,218 |
|
|
2.52 |
% |
||||||
Securities - nontaxable investments (1) |
|
468 |
|
|
5 |
|
|
4.24 |
% |
|
555 |
|
|
6 |
|
|
4.34 |
% |
|
1,146 |
|
|
11 |
|
|
3.82 |
% |
||||||
Total securities |
|
$ |
1,884,829 |
|
|
$ |
7,797 |
|
|
1.64 |
% |
|
$ |
1,518,250 |
|
|
$ |
7,190 |
|
|
1.90 |
% |
|
$ |
1,143,596 |
|
|
$ |
7,229 |
|
|
2.51 |
% |
Loans held for sale |
|
30,143 |
|
|
193 |
|
|
2.54 |
% |
|
28,279 |
|
|
186 |
|
|
2.64 |
% |
|
50,709 |
|
|
326 |
|
|
2.56 |
% |
||||||
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial (1) |
|
1,640,422 |
|
|
15,309 |
|
|
3.70 |
% |
|
1,944,026 |
|
|
20,351 |
|
|
4.20 |
% |
|
2,033,385 |
|
|
17,724 |
|
|
3.47 |
% |
||||||
Commercial real estate (1) |
|
4,232,575 |
|
|
41,469 |
|
|
3.89 |
% |
|
4,196,171 |
|
|
41,532 |
|
|
3.97 |
% |
|
4,086,594 |
|
|
41,578 |
|
|
4.05 |
% |
||||||
Commercial construction |
|
507,393 |
|
|
4,916 |
|
|
3.84 |
% |
|
514,935 |
|
|
4,777 |
|
|
3.72 |
% |
|
568,007 |
|
|
5,126 |
|
|
3.59 |
% |
||||||
Small business |
|
181,953 |
|
|
2,341 |
|
|
5.10 |
% |
|
178,525 |
|
|
2,302 |
|
|
5.17 |
% |
|
168,662 |
|
|
2,303 |
|
|
5.43 |
% |
||||||
Total commercial |
|
6,562,343 |
|
|
64,035 |
|
|
3.87 |
% |
|
6,833,657 |
|
|
68,962 |
|
|
4.05 |
% |
|
6,856,648 |
|
|
66,731 |
|
|
3.87 |
% |
||||||
Residential real estate |
|
1,231,606 |
|
|
10,955 |
|
|
3.53 |
% |
|
1,226,520 |
|
|
11,058 |
|
|
3.62 |
% |
|
1,387,055 |
|
|
13,436 |
|
|
3.85 |
% |
||||||
Home equity |
|
1,007,371 |
|
|
9,043 |
|
|
3.56 |
% |
|
1,024,798 |
|
|
8,591 |
|
|
3.36 |
% |
|
1,107,685 |
|
|
9,658 |
|
|
3.47 |
% |
||||||
Total consumer real estate |
|
2,238,977 |
|
|
19,998 |
|
|
3.54 |
% |
|
2,251,318 |
|
|
19,649 |
|
|
3.50 |
% |
|
2,494,740 |
|
|
23,094 |
|
|
3.68 |
% |
||||||
Other consumer |
|
25,929 |
|
|
398 |
|
|
6.09 |
% |
|
22,471 |
|
|
411 |
|
|
7.34 |
% |
|
24,134 |
|
|
515 |
|
|
8.49 |
% |
||||||
Total loans |
|
$ |
8,827,249 |
|
|
$ |
84,431 |
|
|
3.79 |
% |
|
$ |
9,107,446 |
|
|
$ |
89,022 |
|
|
3.92 |
% |
|
$ |
9,375,522 |
|
|
$ |
90,340 |
|
|
3.83 |
% |
Total interest-earning assets |
|
$ |
12,877,252 |
|
|
$ |
93,236 |
|
|
2.87 |
% |
|
$ |
12,536,260 |
|
|
$ |
96,911 |
|
|
3.10 |
% |
|
$ |
11,567,748 |
|
|
$ |
98,149 |
|
|
3.38 |
% |
Cash and due from banks |
|
144,556 |
|
|
|
|
|
|
142,198 |
|
|
|
|
|
|
124,482 |
|
|
|
|
|
||||||||||||
|
|
8,904 |
|
|
|
|
|
|
9,410 |
|
|
|
|
|
|
15,090 |
|
|
|
|
|
||||||||||||
Other assets |
|
1,268,199 |
|
|
|
|
|
|
1,258,056 |
|
|
|
|
|
|
1,313,194 |
|
|
|
|
|
||||||||||||
Total assets |
|
$ |
14,298,911 |
|
|
|
|
|
|
$ |
13,945,924 |
|
|
|
|
|
|
$ |
13,020,514 |
|
|
|
|
|
|||||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings and interest checking accounts |
|
$ |
4,426,106 |
|
|
$ |
338 |
|
|
0.03 |
% |
|
$ |
4,339,645 |
|
|
$ |
384 |
|
|
0.04 |
% |
|
$ |
3,836,488 |
|
|
$ |
838 |
|
|
0.09 |
% |
Money market |
|
2,375,492 |
|
|
443 |
|
|
0.07 |
% |
|
2,347,852 |
|
|
429 |
|
|
0.07 |
% |
|
2,087,822 |
|
|
945 |
|
|
0.18 |
% |
||||||
Time deposits |
|
795,943 |
|
|
852 |
|
|
0.42 |
% |
|
843,090 |
|
|
1,204 |
|
|
0.57 |
% |
|
1,076,546 |
|
|
3,649 |
|
|
1.35 |
% |
||||||
Total interest-bearing deposits |
|
$ |
7,597,541 |
|
|
$ |
1,633 |
|
|
0.09 |
% |
|
$ |
7,530,587 |
|
|
$ |
2,017 |
|
|
0.11 |
% |
|
$ |
7,000,856 |
|
|
$ |
5,432 |
|
|
0.31 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
31,118 |
|
|
165 |
|
|
2.10 |
% |
|
35,704 |
|
|
191 |
|
|
2.15 |
% |
|
145,766 |
|
|
408 |
|
|
1.11 |
% |
||||||
Long-term borrowings |
|
18,742 |
|
|
77 |
|
|
1.63 |
% |
|
23,417 |
|
|
94 |
|
|
1.61 |
% |
|
37,439 |
|
|
141 |
|
|
1.50 |
% |
||||||
Junior subordinated debentures |
|
62,852 |
|
|
432 |
|
|
2.73 |
% |
|
62,852 |
|
|
429 |
|
|
2.74 |
% |
|
62,850 |
|
|
438 |
|
|
2.77 |
% |
||||||
Subordinated debentures |
|
49,753 |
|
|
617 |
|
|
4.92 |
% |
|
49,730 |
|
|
618 |
|
|
4.98 |
% |
|
49,659 |
|
|
617 |
|
|
4.94 |
% |
||||||
Total borrowings |
|
$ |
162,465 |
|
|
$ |
1,291 |
|
|
3.15 |
% |
|
$ |
171,703 |
|
|
$ |
1,332 |
|
|
3.11 |
% |
|
$ |
295,714 |
|
|
$ |
1,604 |
|
|
2.16 |
% |
Total interest-bearing liabilities |
|
$ |
7,760,006 |
|
|
$ |
2,924 |
|
|
0.15 |
% |
|
$ |
7,702,290 |
|
|
$ |
3,349 |
|
|
0.17 |
% |
|
$ |
7,296,570 |
|
|
$ |
7,036 |
|
|
0.38 |
% |
Noninterest-bearing demand deposits |
|
4,502,045 |
|
|
|
|
|
|
4,237,135 |
|
|
|
|
|
|
3,700,902 |
|
|
|
|
|
||||||||||||
Other liabilities |
|
280,754 |
|
|
|
|
|
|
273,449 |
|
|
|
|
|
|
332,937 |
|
|
|
|
|
||||||||||||
Total liabilities |
|
$ |
12,542,805 |
|
|
|
|
|
|
$ |
12,212,874 |
|
|
|
|
|
|
$ |
11,330,409 |
|
|
|
|
|
|||||||||
Stockholders' equity |
|
1,756,106 |
|
|
|
|
|
|
1,733,050 |
|
|
|
|
|
|
1,690,105 |
|
|
|
|
|
||||||||||||
Total liabilities and stockholders' equity |
|
$ |
14,298,911 |
|
|
|
|
|
|
$ |
13,945,924 |
|
|
|
|
|
|
$ |
13,020,514 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income |
|
|
|
$ |
90,312 |
|
|
|
|
|
|
$ |
93,562 |
|
|
|
|
|
|
$ |
91,113 |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest rate spread (2) |
|
|
|
|
|
2.72 |
% |
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
3.00 |
% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest margin (3) |
|
|
|
|
|
2.78 |
% |
|
|
|
|
|
2.99 |
% |
|
|
|
|
|
3.13 |
% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total deposits, including demand deposits |
|
$ |
12,099,586 |
|
|
$ |
1,633 |
|
|
|
|
$ |
11,767,722 |
|
|
$ |
2,017 |
|
|
|
|
$ |
10,701,758 |
|
|
$ |
5,432 |
|
|
|
|||
Cost of total deposits |
|
|
|
|
|
0.05 |
% |
|
|
|
|
|
0.07 |
% |
|
|
|
|
|
0.20 |
% |
||||||||||||
Total funding liabilities, including demand deposits |
|
$ |
12,262,051 |
|
|
$ |
2,924 |
|
|
|
|
$ |
11,939,425 |
|
|
$ |
3,349 |
|
|
|
|
$ |
10,997,472 |
|
|
$ |
7,036 |
|
|
|
|||
Cost of total funding liabilities |
|
|
|
|
|
0.09 |
% |
|
|
|
|
|
0.11 |
% |
|
|
|
|
|
0.25 |
% |
||||||||||||
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is |
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. |
|
|
Nine Months Ended |
||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
||||||||||
|
|
Average |
|
Earned/ |
|
Yield/ |
|
Average |
|
Earned/ |
|
Yield/ |
||||||||||
|
|
Balance |
|
Paid |
|
Rate |
|
Balance |
|
Paid |
|
Rate |
||||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest earning deposits with banks, federal funds sold, and short term investments |
|
$ |
1,782,463 |
|
|
$ |
1,654 |
|
|
0.12 |
% |
|
$ |
599,827 |
|
|
$ |
546 |
|
|
0.12 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities - trading |
|
3,267 |
|
|
— |
|
|
— |
% |
|
2,421 |
|
|
— |
|
|
— |
% |
||||
Securities - taxable investments |
|
1,550,859 |
|
|
21,603 |
|
|
1.86 |
% |
|
1,178,671 |
|
|
23,006 |
|
|
2.61 |
% |
||||
Securities - nontaxable investments (1) |
|
555 |
|
|
17 |
|
|
4.10 |
% |
|
1,176 |
|
|
34 |
|
|
3.86 |
% |
||||
Total securities |
|
$ |
1,554,681 |
|
|
$ |
21,620 |
|
|
1.86 |
% |
|
$ |
1,182,268 |
|
|
$ |
23,040 |
|
|
2.60 |
% |
Loans held for sale |
|
35,953 |
|
|
675 |
|
|
2.51 |
% |
|
43,150 |
|
|
917 |
|
|
2.84 |
% |
||||
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial (1) |
|
1,898,100 |
|
|
58,706 |
|
|
4.14 |
% |
|
1,784,715 |
|
|
52,027 |
|
|
3.89 |
% |
||||
Commercial real estate (1) |
|
4,195,200 |
|
|
123,377 |
|
|
3.93 |
% |
|
4,050,154 |
|
|
129,800 |
|
|
4.28 |
% |
||||
Commercial construction |
|
525,652 |
|
|
14,976 |
|
|
3.81 |
% |
|
554,222 |
|
|
17,341 |
|
|
4.18 |
% |
||||
Small business |
|
178,294 |
|
|
6,924 |
|
|
5.19 |
% |
|
172,575 |
|
|
7,253 |
|
|
5.61 |
% |
||||
Total commercial |
|
6,797,246 |
|
|
203,983 |
|
|
4.01 |
% |
|
6,561,666 |
|
|
206,421 |
|
|
4.20 |
% |
||||
Residential real estate |
|
1,242,991 |
|
|
34,449 |
|
|
3.71 |
% |
|
1,473,812 |
|
|
41,856 |
|
|
3.79 |
% |
||||
Home equity |
|
1,027,311 |
|
|
26,391 |
|
|
3.43 |
% |
|
1,125,817 |
|
|
31,617 |
|
|
3.75 |
% |
||||
Total consumer real estate |
|
2,270,302 |
|
|
60,840 |
|
|
3.58 |
% |
|
2,599,629 |
|
|
73,473 |
|
|
3.78 |
% |
||||
Other consumer |
|
23,382 |
|
|
1,241 |
|
|
7.10 |
% |
|
25,643 |
|
|
1,587 |
|
|
8.27 |
% |
||||
Total loans |
|
$ |
9,090,930 |
|
|
$ |
266,064 |
|
|
3.91 |
% |
|
$ |
9,186,938 |
|
|
$ |
281,481 |
|
|
4.09 |
% |
Total interest-earning assets |
|
$ |
12,464,027 |
|
|
$ |
290,013 |
|
|
3.11 |
% |
|
$ |
11,012,183 |
|
|
$ |
305,984 |
|
|
3.71 |
% |
Cash and due from banks |
|
147,269 |
|
|
|
|
|
|
122,302 |
|
|
|
|
|
||||||||
|
|
9,516 |
|
|
|
|
|
|
17,645 |
|
|
|
|
|
||||||||
Other assets |
|
1,256,066 |
|
|
|
|
|
|
1,256,074 |
|
|
|
|
|
||||||||
Total assets |
|
$ |
13,876,878 |
|
|
|
|
|
|
$ |
12,408,204 |
|
|
|
|
|
||||||
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings and interest checking accounts |
|
$ |
4,292,992 |
|
|
$ |
1,145 |
|
|
0.04 |
% |
|
$ |
3,592,069 |
|
|
$ |
3,873 |
|
|
0.14 |
% |
Money market |
|
2,337,445 |
|
|
1,393 |
|
|
0.08 |
% |
|
1,978,006 |
|
|
5,495 |
|
|
0.37 |
% |
||||
Time deposits |
|
848,143 |
|
|
3,823 |
|
|
0.60 |
% |
|
1,202,746 |
|
|
13,983 |
|
|
1.55 |
% |
||||
Total interest-bearing deposits |
|
$ |
7,478,580 |
|
|
$ |
6,361 |
|
|
0.11 |
% |
|
$ |
6,772,821 |
|
|
$ |
23,351 |
|
|
0.46 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
34,185 |
|
|
544 |
|
|
2.13 |
% |
|
205,244 |
|
|
1,369 |
|
|
0.89 |
% |
||||
Long-term borrowings |
|
23,434 |
|
|
282 |
|
|
1.61 |
% |
|
61,240 |
|
|
1,045 |
|
|
2.28 |
% |
||||
Junior subordinated debentures |
|
62,852 |
|
|
1,287 |
|
|
2.74 |
% |
|
62,849 |
|
|
1,362 |
|
|
2.89 |
% |
||||
Subordinated debentures |
|
49,729 |
|
|
1,852 |
|
|
4.98 |
% |
|
49,635 |
|
|
1,852 |
|
|
4.98 |
% |
||||
Total borrowings |
|
$ |
170,200 |
|
|
$ |
3,965 |
|
|
3.11 |
% |
|
$ |
378,968 |
|
|
$ |
5,628 |
|
|
1.98 |
% |
Total interest-bearing liabilities |
|
$ |
7,648,780 |
|
|
$ |
10,326 |
|
|
0.18 |
% |
|
$ |
7,151,789 |
|
|
$ |
28,979 |
|
|
0.54 |
% |
Noninterest-bearing demand deposits |
|
4,213,764 |
|
|
|
|
|
|
3,257,058 |
|
|
|
|
|
||||||||
Other liabilities |
|
280,002 |
|
|
|
|
|
|
300,248 |
|
|
|
|
|
||||||||
Total liabilities |
|
$ |
12,142,546 |
|
|
|
|
|
|
$ |
10,709,095 |
|
|
|
|
|
||||||
Stockholders' equity |
|
1,734,332 |
|
|
|
|
|
|
1,699,109 |
|
|
|
|
|
||||||||
Total liabilities and stockholders' equity |
|
$ |
13,876,878 |
|
|
|
|
|
|
$ |
12,408,204 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
|
|
$ |
279,687 |
|
|
|
|
|
|
$ |
277,005 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate spread (2) |
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
3.17 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin (3) |
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
3.36 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total deposits, including demand deposits |
|
$ |
11,692,344 |
|
|
$ |
6,361 |
|
|
|
|
$ |
10,029,879 |
|
|
$ |
23,351 |
|
|
|
||
Cost of total deposits |
|
|
|
|
|
0.07 |
% |
|
|
|
|
|
0.31 |
% |
||||||||
Total funding liabilities, including demand deposits |
|
$ |
11,862,544 |
|
|
$ |
10,326 |
|
|
|
|
$ |
10,408,847 |
|
|
$ |
28,979 |
|
|
|
||
Cost of total funding liabilities |
|
|
|
|
|
0.12 |
% |
|
|
|
|
|
0.37 |
% |
||||||||
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is |
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. |
APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)
The following table summarizes the calculation of the Company's tangible common equity to tangible assets ratio, tangible book value per share, and loan and allowance metrics, exclusive of PPP loan balances at the dates indicated:
|
|
|
|
|
|
|
|
||||||
Tangible common equity |
|
(Dollars in thousands, except per share data) |
|
||||||||||
Stockholders' equity (GAAP) |
|
$ |
1,755,954 |
|
|
$ |
1,741,622 |
|
|
$ |
1,689,724 |
|
(a) |
Less: |
|
525,261 |
|
|
526,576 |
|
|
530,749 |
|
|
|||
Tangible common equity |
|
$ |
1,230,693 |
|
|
$ |
1,215,046 |
|
|
$ |
1,158,975 |
|
(b) |
Tangible assets |
|
|
|
|
|
|
|
||||||
Assets (GAAP) |
|
$ |
14,533,311 |
|
|
$ |
14,194,207 |
|
|
$ |
13,173,665 |
|
(c) |
Less: |
|
525,261 |
|
|
526,576 |
|
|
530,749 |
|
|
|||
Tangible assets |
|
$ |
14,008,050 |
|
|
$ |
13,667,631 |
|
|
$ |
12,642,916 |
|
(d) |
|
|
|
|
|
|
|
|
||||||
Common Shares |
|
33,043,812 |
|
|
33,037,859 |
|
|
32,955,547 |
|
(e) |
|||
|
|
|
|
|
|
|
|
||||||
Common equity to assets ratio (GAAP) |
|
12.08 |
% |
|
12.27 |
% |
|
12.83 |
% |
(a/c) |
|||
Tangible common equity to tangible assets ratio (Non-GAAP) |
|
8.79 |
% |
|
8.89 |
% |
|
9.17 |
% |
(b/d) |
|||
Book value per share (GAAP) |
|
$ |
53.14 |
|
|
$ |
52.72 |
|
|
$ |
51.27 |
|
(a/e) |
Tangible book value per share (Non-GAAP) |
|
$ |
37.24 |
|
|
$ |
36.78 |
|
|
$ |
35.17 |
|
(b/e) |
|
|
|
|
|
|
|
|
||||||
Total loans (GAAP) |
|
$ |
8,808,013 |
|
|
$ |
8,938,988 |
|
|
$ |
9,405,193 |
|
|
Total loans, excluding PPP (Non-GAAP) |
|
$ |
8,424,442 |
|
|
$ |
8,456,338 |
|
|
$ |
8,593,470 |
|
|
|
|
|
|
|
|
|
|
||||||
Allowance as a % of total loans (GAAP) |
|
1.05 |
% |
|
1.15 |
% |
|
1.23 |
% |
|
|||
Allowance as a % of total loans, excluding PPP (Non-GAAP) |
|
1.09 |
% |
|
1.21 |
% |
|
1.35 |
% |
|
|||
APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics
(Unaudited, dollars in thousands)
The following table summarizes the impact of noncore items on the Company's calculation of noninterest income and noninterest expense, as well as the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio for the periods indicated:
|
Three Months Ended |
|
Nine Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net interest income (GAAP) |
$ |
90,091 |
|
|
$ |
93,354 |
|
|
$ |
90,883 |
|
|
$ |
279,029 |
|
|
$ |
276,285 |
|
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest income (GAAP) |
$ |
26,457 |
|
|
$ |
24,967 |
|
|
$ |
29,347 |
|
|
$ |
76,670 |
|
|
$ |
83,972 |
|
(b) |
|
Noninterest income on an operating basis (Non-GAAP) |
$ |
26,457 |
|
|
$ |
24,967 |
|
|
$ |
29,347 |
|
|
$ |
76,670 |
|
|
$ |
83,972 |
|
(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest expense (GAAP) |
$ |
72,419 |
|
|
$ |
73,302 |
|
|
$ |
66,658 |
|
|
$ |
215,403 |
|
|
$ |
200,105 |
|
(d) |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Merger and acquisition expense |
1,943 |
|
|
1,731 |
|
|
— |
|
|
3,674 |
|
|
— |
|
|
||||||
Loss on termination of derivatives |
— |
|
|
— |
|
|
684 |
|
|
— |
|
|
684 |
|
|
||||||
Noninterest expense on an operating basis (Non-GAAP) |
$ |
70,476 |
|
|
$ |
71,571 |
|
|
$ |
65,974 |
|
|
$ |
211,729 |
|
|
$ |
199,421 |
|
(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total revenue (GAAP) |
$ |
116,548 |
|
|
$ |
118,321 |
|
|
$ |
120,230 |
|
|
$ |
355,699 |
|
|
$ |
360,257 |
|
(a+b) |
|
Total operating revenue (Non-GAAP) |
$ |
116,548 |
|
|
$ |
118,321 |
|
|
$ |
120,230 |
|
|
$ |
355,699 |
|
|
$ |
360,257 |
|
(a+c) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios |
|
|
|
|
|
|
|
|
|
|
|||||||||||
Noninterest income as a % of total revenue (GAAP based) |
22.70 |
% |
|
21.10 |
% |
|
24.41 |
% |
|
21.55 |
% |
|
23.31 |
% |
(b/(a+b)) |
||||||
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) |
22.70 |
% |
|
21.10 |
% |
|
24.41 |
% |
|
21.55 |
% |
|
23.31 |
% |
(c/(a+c)) |
||||||
Efficiency ratio (GAAP based) |
62.14 |
% |
|
61.95 |
% |
|
55.44 |
% |
|
60.56 |
% |
|
55.55 |
% |
(d/(a+b)) |
||||||
Efficiency ratio on an operating basis (Non-GAAP) |
60.47 |
% |
|
60.49 |
% |
|
54.87 |
% |
|
59.52 |
% |
|
55.36 |
% |
(e/(a+c)) |
||||||
APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Core Margin
|
Three Months Ended |
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Volume |
Interest |
Margin
|
Volume |
Interest |
Margin
|
||||||||||||||||
|
|
|
|
(Dollars in thousands) |
||||||||||||||||||
Reported total interest earning assets |
$ |
12,877,252 |
|
$ |
90,247 |
|
2.78 |
% |
$ |
12,535,962 |
|
$ |
93,564 |
|
2.99 |
% |
||||||
Core adjustments: |
|
|
|
|
|
|
||||||||||||||||
PPP volume @ |
(418,645 |
) |
(1,064 |
) |
|
(717,847 |
) |
(1,794 |
) |
|
||||||||||||
PPP fee amortization |
|
(2,242 |
) |
|
|
(7,217 |
) |
|
||||||||||||||
Total PPP impact |
(418,645 |
) |
(3,306 |
) |
(0.01 |
)% |
(717,847 |
) |
(9,011 |
) |
(0.12 |
)% |
||||||||||
Acquisition fair value accretion |
|
(1,927 |
) |
(0.06 |
)% |
|
(1,664 |
) |
(0.06 |
)% |
||||||||||||
Nonaccrual interest |
|
163 |
|
— |
% |
|
33 |
|
— |
% |
||||||||||||
Other noncore adjustments |
|
(415 |
) |
(0.01 |
)% |
|
(410 |
) |
(0.01 |
)% |
||||||||||||
Core margin (Non-GAAP) |
$ |
12,458,607 |
|
$ |
84,762 |
|
2.70 |
% |
$ |
11,818,115 |
|
$ |
82,512 |
|
2.80 |
% |
||||||
APPENDIX D: Commercial Loan Portfolio Characteristics
Commercial Industries Highly Impacted by COVID-19 Pandemic
While
The table below provides total outstanding balances of commercial loans as of
|
|||
|
|||
|
|
||
|
(Dollars in thousands) |
||
Accommodations |
$ |
388,083 |
|
Food Services |
142,059 |
|
|
Retail Trade |
527,957 |
|
|
Other Services (except |
139,679 |
|
|
Arts, Entertainment, and Recreation |
99,699 |
|
|
Total (1) |
$ |
1,297,477 |
|
| (1) Amounts presented above exclude |
|||
|
|||
|
|
||
|
(Dollars in thousands) |
||
Accommodations |
|
||
Balance |
$ |
388,083 |
|
Average borrower loan size |
$ |
4,283 |
|
% secured by real estate |
99.8 |
% |
|
Weighted average loan to value |
54.0 |
% |
|
Other information: |
|
||
– The accommodation portfolio consists of 65 properties representing a combination of flagged ( |
|||
– Loans secured by hotel properties deemed to be located in areas of leisure comprise |
|||
– Approximately |
|||
|
|
||
Food Services |
|
||
Balance |
$ |
142,059 |
|
Average borrower loan size |
$ |
384 |
|
% secured by real estate |
67.7 |
% |
|
Weighted average loan to value |
50.5 |
% |
|
Other information: |
|
||
– The food services portfolio includes full-service restaurants ( |
|||
|
|
||
Retail Trade |
|
||
Balance |
$ |
527,957 |
|
Average borrower loan size |
$ |
499 |
|
% secured by real estate |
43.3 |
% |
|
Weighted average loan to value |
57.4 |
% |
|
Other information: |
|
||
– The retail trade portfolio consists broadly of food and beverage stores ( |
|||
– Collateral for these loans varies and may consist of real estate, motor vehicles inventories, other types of inventories and general business assets. |
|||
|
|
||
Other Services (except |
|
||
Balance |
$ |
139,679 |
|
Average borrower loan size |
$ |
250 |
|
% secured by real estate |
51.6 |
% |
|
Weighted average loan to value |
48.8 |
% |
|
Other information: |
|
||
– The other services portfolio consists of various for-profit and not-for-profit services diversified across religious, civic and social service organizations ( |
|||
|
|
||
Arts, Entertainment, and Recreation |
|
||
Balance |
$ |
99,699 |
|
Average borrower loan size |
$ |
793 |
|
% secured by real estate |
85.5 |
% |
|
Weighted average loan to value |
52.3 |
% |
|
Other information: |
|
||
– Amusement, gambling and recreational industries make up a majority of this category ( |
|||
Other Commercial Loan Portfolio Characteristics
Average total loan size varies across the commercial portfolio with commercial real estate loans having an average size of
|
||||||||||||||||||||
|
< |
|
|
|
|
|
> |
|
Total |
|||||||||||
Dollar Amount (in '000s) |
$ |
2,662,491 |
|
|
$ |
922,711 |
|
|
$ |
754,931 |
|
|
$ |
396,541 |
|
|
$ |
4,736,674 |
|
|
# of loans |
4,052 |
|
|
131 |
|
|
56 |
|
|
16 |
|
|
4,255 |
|
||||||
Commercial and Industrial (Including PPP) |
||||||||||||||||||||
|
< |
|
|
|
|
|
> |
|
Total |
|||||||||||
Dollar Amount (in '000s) |
$ |
1,094,040 |
|
|
$ |
219,766 |
|
|
$ |
301,941 |
|
|
$ |
24,962 |
|
|
$ |
1,640,709 |
|
|
# of loans |
11,649 |
|
|
33 |
|
|
22 |
|
|
1 |
|
|
11,705 |
|
||||||
APPENDIX E: COVID-19 Related Modifications Details
Deferrals by Modification Type |
|||||||||||||||||||||||
|
Deferral of
|
|
Deferral of
|
|
Deferral of
|
|
Total
|
|
Total
|
|
% Deferral |
||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||||||
Commercial and industrial |
$ |
2,300 |
|
|
$ |
560 |
|
|
$ |
1,165 |
|
|
$ |
4,025 |
|
|
$ |
1,640,709 |
|
|
0.2 |
% |
|
Commercial real estate (1) |
7,950 |
|
|
210,335 |
|
|
— |
|
|
218,285 |
|
|
4,736,674 |
|
|
4.6 |
% |
||||||
Business banking |
— |
|
|
588 |
|
|
— |
|
|
588 |
|
|
184,138 |
|
|
0.3 |
% |
||||||
Residential real estate |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,222,849 |
|
|
— |
% |
||||||
Home equity |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,000,468 |
|
|
— |
% |
||||||
Consumer |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
23,175 |
|
|
— |
% |
||||||
Total active deferrals as of |
$ |
10,250 |
|
|
$ |
211,483 |
|
|
$ |
1,165 |
|
|
$ |
222,898 |
|
|
$ |
8,808,013 |
|
|
2.5 |
% |
|
(1) Balances include commercial construction deferrals. |
|||||||||||||||||||||||
Deferrals by Industry |
||||
|
|
|||
|
(Dollars in thousands) |
|||
|
|
|||
Accommodation |
$ |
167,685 |
|
|
Arts, Entertainment, and Recreation |
14,964 |
|
||
|
182,649 |
|
||
|
|
|||
Other Industries |
|
|||
Real Estate and Leasing |
39,661 |
|
||
Transportation and Warehousing |
588 |
|
||
|
40,249 |
|
||
Grand Total |
$ |
222,898 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20211021006037/en/
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