Old National Bancorp Reports Second Quarter 2024 Results
Old National Bancorp (NASDAQ: ONB) reported strong Q2 2024 results, with net income of $117.2 million and diluted EPS of $0.37. Adjusted figures were $144.1 million and $0.46 respectively. Highlights include:
- Net interest income (FTE) of $394.8 million
- Net interest margin (FTE) of 3.33%, up 5 bps
- Period-end total deposits of $40.0 billion, up $2.3 billion
- End-of-period total loans of $36.2 billion, up $2.6 billion
- Provision for credit losses of $36.2 million
The company successfully closed its CapStar Bank partnership, expanding its presence in Nashville and other Southeastern markets. Credit quality remains strong with net charge-offs at 16 bps of average loans.
Old National Bancorp (NASDAQ: ONB) ha riportato risultati solidi nel secondo trimestre del 2024, con un utile netto di 117,2 milioni di dollari e un utile per azione diluito di 0,37 dollari. I dati rettificati sono stati 144,1 milioni di dollari e 0,46 dollari rispettivamente. I punti salienti includono:
- Reddito netto da interessi (FTE) di 394,8 milioni di dollari
- Margine netto d'interesse (FTE) del 3,33%, in aumento di 5 punti base
- Depositi totali alla fine del periodo di 40,0 miliardi di dollari, in aumento di 2,3 miliardi di dollari
- Prestiti totali alla fine del periodo di 36,2 miliardi di dollari, in aumento di 2,6 miliardi di dollari
- Provisione per perdite su crediti di 36,2 milioni di dollari
L'azienda ha chiuso con successo la sua partnership con CapStar Bank, ampliando la sua presenza a Nashville e in altri mercati del sud-est. La qualità del credito rimane solida, con addebiti netti pari a 16 punti base sui prestiti medi.
Old National Bancorp (NASDAQ: ONB) reportó resultados sólidos en el segundo trimestre de 2024, con un ingreso neto de 117.2 millones de dólares y una utilidad por acción diluida de 0.37 dólares. Las cifras ajustadas fueron de 144.1 millones de dólares y 0.46 dólares respectivamente. Los aspectos destacados incluyen:
- Ingresos netos por intereses (FTE) de 394.8 millones de dólares
- Margen de interés neto (FTE) de 3.33%, un aumento de 5 puntos básicos
- Depósitos totales al final del período de 40.0 mil millones de dólares, un aumento de 2.3 mil millones de dólares
- Préstamos totales al final del período de 36.2 mil millones de dólares, un aumento de 2.6 mil millones de dólares
- Provisión para pérdidas crediticias de 36.2 millones de dólares
La compañía cerró con éxito su asociación con CapStar Bank, ampliando su presencia en Nashville y otros mercados del sureste. La calidad crediticia sigue siendo sólida, con cancelaciones netas del 16 puntos básicos sobre los préstamos promedio.
Old National Bancorp (NASDAQ: ONB)는 2024년 2분기 강력한 실적을 발표했으며, 순익은 1억 1,720만 달러, 희석 주당 순이익(EPS)은 0.37달러였습니다. 조정된 수치는 각각 1억 4,410만 달러와 0.46달러였습니다. 주요 내용은 다음과 같습니다:
- 순이자수익(FTE) 3억 9,480만 달러
- 순이자 마진(FTE) 3.33%, 5bp 증가
- 기말 총 예금 400억 달러, 23억 달러 증가
- 기말 총 대출 362억 달러, 26억 달러 증가
- 신용 손실 충당금 3,620만 달러
회사는 Nashville 및 기타 남동부 시장에서의 입지를 확대하는 CapStar Bank 파트너십을 성공적으로 마무리했습니다. 신용 품질은 순 차감이 평균 대출의 16bp로 강력하게 유지되고 있습니다.
Old National Bancorp (NASDAQ: ONB) a rapporté de bons résultats pour le deuxième trimestre 2024, avec un revenu net de 117,2 millions de dollars et un bénéfice par action dilué de 0,37 dollar. Les chiffres ajustés sont de 144,1 millions de dollars et 0,46 dollar respectivement. Les points forts incluent :
- Revenu net d'intérêts (FTE) de 394,8 millions de dollars
- Marge d'intérêt net (FTE) de 3,33%, en hausse de 5 points de base
- Dépôts totaux à la fin de la période de 40,0 milliards de dollars, en hausse de 2,3 milliards de dollars
- Prêts totaux à la fin de la période de 36,2 milliards de dollars, en hausse de 2,6 milliards de dollars
- Provision pour pertes sur créances de 36,2 millions de dollars
L'entreprise a réussi à finaliser son partenariat avec CapStar Bank, élargissant sa présence à Nashville et dans d'autres marchés du sud-est. La qualité de crédit reste solide, avec des pertes nettes s'élevant à 16 points de base des prêts moyens.
Old National Bancorp (NASDAQ: ONB) berichtet über starke Ergebnisse im Q2 2024 mit einem Nettogewinn von 117,2 Millionen USD und einem verwässerten Gewinn pro Aktie von 0,37 USD. Die bereinigten Zahlen lagen bei 144,1 Millionen USD und 0,46 USD. Die Highlights umfassen:
- Nettozinseinkommen (FTE) von 394,8 Millionen USD
- Nettomarge (FTE) von 3,33%, um 5 Basispunkte gestiegen
- Gesamteinlagen zum Periodenende von 40,0 Milliarden USD, um 2,3 Milliarden USD gestiegen
- Gesamtdarlehen zum Periodenende von 36,2 Milliarden USD, um 2,6 Milliarden USD gestiegen
- Rückstellungen für Kreditverluste von 36,2 Millionen USD
Das Unternehmen hat erfolgreich die Partnerschaft mit CapStar Bank abgeschlossen und seine Präsenz in Nashville und anderen Märkten im Südosten erweitert. Die Kreditqualität bleibt stark, mit Nettoausfällen von 16 Basispunkten der durchschnittlichen Kredite.
- Net income increased to $117.2 million, with adjusted net income of $144.1 million
- Net interest margin improved by 5 basis points to 3.33%
- Total deposits grew by $2.3 billion to $40.0 billion
- Total loans increased by $2.6 billion to $36.2 billion
- Successful completion of CapStar Bank acquisition, expanding presence in Nashville and Southeastern markets
- Strong credit quality maintained with low net charge-offs of 16 bps of average loans
- Provision for credit losses increased to $36.2 million, including $15.3 million CECL Day 1 non-PCD provision expense
- Noninterest expense rose to $283.0 million, including $19.4 million of merger-related charges
- Efficiency ratio increased to 57.2% from 58.3% in the previous quarter
Insights
Old National Bancorp (NASDAQ: ONB) has released robust second quarter results for 2024, showcasing significant growth across multiple financial metrics. Their net income applicable to common shares stands at
One of the outstanding achievements is the net interest margin (NIM) of
Additionally, the increase in deposits and the growth in total loans, both fueled by the CapStar acquisition, highlight the company’s successful expansion strategy. For retail investors, these results suggest a strong financial position and promising future growth prospects. However, they should also be aware of potential risks associated with any acquisition-related integration challenges.
The CapStar acquisition significantly enhances Old National Bancorp’s market presence in Nashville and other Southeastern markets. This geographic expansion not only diversifies the company's market footprint but also provides access to high-growth areas, likely leading to increased market share and customer base.
It's pertinent to observe that the company has successfully integrated CapStar’s systems by early July, which is a positive indicator of management's operational execution capabilities. The $19.4 million in pre-tax merger-related charges are a short-term cost but should lead to long-term benefits through enhanced market reach and operational synergies.
For investors, the successful integration and expansion into new markets could result in sustained revenue growth. Nevertheless, it's critical to monitor how the company manages this expanded footprint and whether they can maintain operational efficiencies across a broader geographic base.
Old National Bancorp maintains a strong credit profile, with 30+ day delinquencies at only
The provision for credit losses of
Investors should find confidence in the company’s ability to manage credit risks effectively, which is critical for long-term financial stability. However, ongoing economic factors and potential future credit cycles should be closely monitored.
EVANSVILLE, Ind., July 23, 2024 (GLOBE NEWSWIRE) --
Old National Bancorp (NASDAQ: ONB) reports 2Q24 net income applicable to common shares of
CEO COMMENTARY:
| "Old National’s second quarter results exceeded expectations due to better than expected revenue growth and lower expenses," said Chairman and CEO Jim Ryan. "We achieved these outstanding results while also successfully closing on our CapStar Bank partnership and working to complete the associated systems integration. As a result, Old National has meaningfully increased our presence in Nashville, Tenn., while expanding our operations into several other vibrant Southeastern markets." | |
SECOND QUARTER HIGHLIGHTS2:
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| 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans through the provision for credit losses | |
RESULTS OF OPERATIONS2
Old National Bancorp ("Old National") reported second quarter 2024 net income applicable to common shares of
Included in second quarter results were pre-tax charges of
DEPOSITS AND FUNDING
Growth in deposits driven by CapStar including seasonal outflows of commercial and retail deposits offset by public fund and brokered deposits increases.
- Period-end total deposits were
$40.0 billion , up$2.3 billion ; core deposits up$1.7 billion ; includes$2.1 billion of end of period deposits assumed in the CapStar transaction.- Excluding deposits assumed in the CapStar transaction, period-end total deposits were up
2.4% annualized.
- Excluding deposits assumed in the CapStar transaction, period-end total deposits were up
- On average, total deposits for the second quarter were
$40.1 billion , up$3.0 billion . - Granular low-cost deposit franchise; total deposit costs of 216 bps and a cycle to date total deposit beta of
41% (interest-bearing deposit beta of53% ). - A loan to deposit ratio of
91% , combined with existing funding sources, provides strong liquidity.
LOANS
Broad-based disciplined commercial loan growth.
- Period-end total loans3 were
$36.2 billion , up$2.6 billion ; includes$2.1 billion of period end loans acquired in the CapStar transaction.- Excluding loans acquired in the CapStar transaction, period-end total loans3 were up
5.9% annualized.
- Excluding loans acquired in the CapStar transaction, period-end total loans3 were up
- Total commercial loan production in the second quarter was
$1.5 billion ; period-end commercial pipeline totaled$3.4 billion . - Average total loans in the second quarter were
$36.1 billion , an increase of$2.8 billion .
CREDIT QUALITY
Strong credit quality continues to be a hallmark of Old National.
- Provision4 expense was
$36.2 million ,$20.9 million excluding$15.3 million of CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction, compared to$18.9 million , reflecting net charge-offs and loan growth, as well as economic factors. - Net charge-offs were
$14.0 million , or 16 bps of average loans compared to net charge-offs of 14 bps of average loans.- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 11 bps.
- 30+ day delinquencies as a percentage of loans were consistent at
0.16% . - Nonaccrual loans as a percentage of total loans were
0.94% compared to0.98% . - Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was
$190.0 million , of which$119.0 million related to CapStar. - The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at
$392.1 million , or1.08% of total loans, compared to$346.0 million , or1.03% of total loans, reflecting$15.3 million of CECL Day 1 non-PCD provision expense related to acquired non-PCD loans and$23.9 million of allowance related to acquired PCD loans.
NET INTEREST INCOME AND MARGIN
Higher net interest income and margin expansion reflective of CapStar.
- Net interest income on a fully taxable equivalent basis1 increased to
$394.8 million compared to$362.7 million , driven by CapStar, loan growth and higher asset yields, partly offset by higher funding costs. - Net interest margin on a fully taxable equivalent basis1 increased 5 bps to
3.33% . - Accretion income on loans and borrowings was
$11.6 million , or 10 bps of net interest margin1, compared to$5.1 million , or 5 bps of net interest margin1. - Cost of total deposits was
2.16% , increasing 15 bps and the cost of total interest-bearing deposits increased 16 bps to2.84% .
NONINTEREST INCOME
Increase driven by CapStar, wealth fees, mortgage fees and capital markets income.
- Total noninterest income was
$87.3 million compared to$77.5 million .- CapStar contributed
$6.5 million to noninterest income during the quarter.
- CapStar contributed
- Noninterest income was up
12.6% driven by CapStar revenue as well as higher wealth fees, mortgage fees and capital markets income.
NONINTEREST EXPENSE
Higher due to CapStar; disciplined expense management.
- Noninterest expense was
$283.0 million and included$19.4 million of merger-related charges.- CapStar contributed
$17.7 million to noninterest expense during the quarter.
- CapStar contributed
- Excluding merger-related charges, adjusted noninterest expense was
$263.6 million , compared to$243.1 million ; higher due primarily to operating costs associated with CapStar as well as technology and professional fees. - The efficiency ratio1 was
57.2% , while the adjusted efficiency ratio1 was52.6% compared to58.3% and53.4% , respectively.
INCOME TAXES
- Income tax expense was
$35.3 million , resulting in an effective tax rate of22.5% compared to21.3% . On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was25.5% compared to24.4% . - Income tax expense included
$3.5 million of tax credit benefit.
CAPITAL
Capital ratios remain strong.
- Preliminary total risk-based capital down 3 bps to
12.71% and preliminary regulatory Tier 1 capital down 7 bps to11.33% , as strong retained earnings were more than offset by the CapStar transaction and loan growth. - Tangible common equity to tangible assets was
6.94% compared to6.86% .
CAPSTAR TRANSACTION
On April 1, 2024, Old National completed its acquisition of CapStar, and its wholly-owned subsidiary, CapStar Bank. This partnership strengthens Old National’s Nashville, Tennessee presence and adds several new high-growth markets. At closing, CapStar had approximately
CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 23, 2024, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 2973663. A replay of the call will also be available from approximately noon Central Time on July 23, 2024 through August 6, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 2973663.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately
USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD provision expense, debt securities gains/losses, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location ("Louisville expenses"), and property optimization charges. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes pre-provision net revenues, adjusted may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS
This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and CapStar Financial Holdings, Inc. not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.
| CONTACTS: | |
| Media: Kathy Schoettlin | Investors: Lynell Durchholz |
| (812) 465-7269 | (812) 464-1366 |
| Kathy.Schoettlin@oldnational.com | Lynell.Durchholz@oldnational.com |
| Financial Highlights (unaudited) | ||||||||||||||||||||||
| ($ and shares in thousands, except per share data) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| Income Statement | ||||||||||||||||||||||
| Net interest income | $ | 388,421 | $ | 356,458 | $ | 364,408 | $ | 375,086 | $ | 382,171 | $ | 744,879 | $ | 763,659 | ||||||||
| FTE adjustment1,3 | 6,340 | 6,253 | 6,100 | 5,837 | 5,825 | 12,593 | 11,491 | |||||||||||||||
| Net interest income - tax equivalent basis3 | 394,761 | 362,711 | 370,508 | 380,923 | 387,996 | 757,472 | 775,150 | |||||||||||||||
| Provision for credit losses | 36,214 | 18,891 | 11,595 | 19,068 | 14,787 | 55,105 | 28,224 | |||||||||||||||
| Noninterest income | 87,271 | 77,522 | 100,094 | 80,938 | 81,629 | 164,793 | 152,310 | |||||||||||||||
| Noninterest expense | 282,999 | 262,317 | 284,235 | 244,776 | 246,584 | 545,316 | 497,295 | |||||||||||||||
| Net income available to common shareholders | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 151,003 | $ | 233,446 | $ | 293,569 | ||||||||
| Per Common Share Data | ||||||||||||||||||||||
| Weighted average diluted shares | 316,461 | 292,207 | 292,029 | 291,717 | 291,266 | 304,207 | 291,870 | |||||||||||||||
| EPS, diluted | $ | 0.37 | $ | 0.40 | $ | 0.44 | $ | 0.49 | $ | 0.52 | $ | 0.77 | $ | 1.01 | ||||||||
| Cash dividends | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.28 | 0.28 | |||||||||||||||
| Dividend payout ratio2 | 38 | % | 35 | % | 32 | % | 29 | % | 27 | % | 36 | % | 28 | % | ||||||||
| Book value | $ | 18.28 | $ | 18.24 | $ | 18.18 | $ | 17.07 | $ | 17.25 | $ | 18.28 | $ | 17.25 | ||||||||
| Stock price | 17.19 | 17.41 | 16.89 | 14.54 | 13.94 | 17.19 | 13.94 | |||||||||||||||
| Tangible book value3 | 11.05 | 11.10 | 11.00 | 9.87 | 10.03 | 11.05 | 10.03 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||||
| ROAA | 0.92 | % | 0.98 | % | 1.09 | % | 1.22 | % | 1.29 | % | 0.95 | % | 1.27 | % | ||||||||
| ROAE | 8.2 | % | 8.7 | % | 10.2 | % | 11.4 | % | 12.0 | % | 8.4 | % | 11.8 | % | ||||||||
| ROATCE3 | 14.1 | % | 14.9 | % | 18.1 | % | 20.2 | % | 21.4 | % | 14.5 | % | 21.2 | % | ||||||||
| NIM (FTE) | 3.33 | % | 3.28 | % | 3.39 | % | 3.49 | % | 3.60 | % | 3.31 | % | 3.65 | % | ||||||||
| Efficiency ratio3 | 57.2 | % | 58.3 | % | 59.0 | % | 51.7 | % | 51.2 | % | 57.7 | % | 52.0 | % | ||||||||
| NCOs to average loans | 0.16 | % | 0.14 | % | 0.12 | % | 0.24 | % | 0.13 | % | 0.15 | % | 0.17 | % | ||||||||
| ACL on loans to EOP loans | 1.01 | % | 0.95 | % | 0.93 | % | 0.93 | % | 0.93 | % | 1.01 | % | 0.93 | % | ||||||||
| ACL4 to EOP loans | 1.08 | % | 1.03 | % | 1.03 | % | 1.03 | % | 1.04 | % | 1.08 | % | 1.04 | % | ||||||||
| NPLs to EOP loans | 0.94 | % | 0.98 | % | 0.83 | % | 0.80 | % | 0.91 | % | 0.94 | % | 0.91 | % | ||||||||
| Balance Sheet (EOP) | ||||||||||||||||||||||
| Total loans | $ | 36,150,513 | $ | 33,623,319 | $ | 32,991,927 | $ | 32,577,834 | $ | 32,432,473 | $ | 36,150,513 | $ | 32,432,473 | ||||||||
| Total assets | 53,119,645 | 49,534,918 | 49,089,836 | 49,059,448 | 48,496,755 | 53,119,645 | 48,496,755 | |||||||||||||||
| Total deposits | 39,999,228 | 37,699,418 | 37,235,180 | 37,252,676 | 36,231,315 | 39,999,228 | 36,231,315 | |||||||||||||||
| Total borrowed funds | 6,085,204 | 5,331,161 | 5,331,147 | 5,556,010 | 6,034,008 | 6,085,204 | 6,034,008 | |||||||||||||||
| Total shareholders' equity | 6,075,072 | 5,595,408 | 5,562,900 | 5,239,537 | 5,292,095 | 6,075,072 | 5,292,095 | |||||||||||||||
| Capital Ratios | ||||||||||||||||||||||
| Risk-based capital ratios (EOP): | ||||||||||||||||||||||
| Tier 1 common equity | 10.73 | % | 10.76 | % | 10.70 | % | 10.41 | % | 10.14 | % | 10.73 | % | 10.14 | % | ||||||||
| Tier 1 capital | 11.33 | % | 11.40 | % | 11.35 | % | 11.06 | % | 10.79 | % | 11.33 | % | 10.79 | % | ||||||||
| Total capital | 12.71 | % | 12.74 | % | 12.64 | % | 12.32 | % | 12.14 | % | 12.71 | % | 12.14 | % | ||||||||
| Leverage ratio (average assets) | 8.90 | % | 8.96 | % | 8.83 | % | 8.70 | % | 8.59 | % | 8.90 | % | 8.59 | % | ||||||||
| Equity to assets (averages)3 | 11.31 | % | 11.32 | % | 10.81 | % | 10.88 | % | 10.96 | % | 11.31 | % | 10.98 | % | ||||||||
| TCE to TA3 | 6.94 | % | 6.86 | % | 6.85 | % | 6.15 | % | 6.33 | % | 6.94 | % | 6.33 | % | ||||||||
| Nonfinancial Data | ||||||||||||||||||||||
| Full-time equivalent employees | 4,267 | 3,955 | 3,940 | 3,981 | 4,021 | 4,267 | 4,021 | |||||||||||||||
| Banking centers | 280 | 258 | 258 | 257 | 256 | 280 | 256 | |||||||||||||||
| 1 Calculated using the federal statutory tax rate in effect of | ||||||||||||||||||||||
| 2 Cash dividends per common share divided by net income per common share (basic). | ||||||||||||||||||||||
| 3 Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. June 30, 2024 capital ratios are preliminary. | ||||||||||||||||||||||
| 4 Includes the allowance for credit losses on loans and unfunded loan commitments. | ||||||||||||||||||||||
| FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity | ||||||||||||||||||||||
| NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | ||||||||||||||||||||||
| Income Statement (unaudited) | ||||||||||||||||||||||
| ($ and shares in thousands, except per share data) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| Interest income | $ | 663,663 | $ | 595,981 | $ | 589,751 | $ | 576,519 | $ | 544,902 | $ | 1,259,644 | $ | 1,040,551 | ||||||||
| Less: interest expense | 275,242 | 239,523 | 225,343 | 201,433 | 162,731 | 514,765 | 276,892 | |||||||||||||||
| Net interest income | 388,421 | 356,458 | 364,408 | 375,086 | 382,171 | 744,879 | 763,659 | |||||||||||||||
| Provision for credit losses | 36,214 | 18,891 | 11,595 | 19,068 | 14,787 | 55,105 | 28,224 | |||||||||||||||
| Net interest income after provision for credit losses | 352,207 | 337,567 | 352,813 | 356,018 | 367,384 | 689,774 | 735,435 | |||||||||||||||
| Wealth and investment services fees | 29,358 | 28,304 | 27,656 | 26,687 | 26,521 | 57,662 | 53,441 | |||||||||||||||
| Service charges on deposit accounts | 19,350 | 17,898 | 18,667 | 18,524 | 17,751 | 37,248 | 34,754 | |||||||||||||||
| Debit card and ATM fees | 10,993 | 10,054 | 10,700 | 10,818 | 10,653 | 21,047 | 20,635 | |||||||||||||||
| Mortgage banking revenue | 7,064 | 4,478 | 3,691 | 5,063 | 4,165 | 11,542 | 7,565 | |||||||||||||||
| Capital markets income | 4,729 | 2,900 | 5,416 | 5,891 | 6,173 | 7,629 | 13,112 | |||||||||||||||
| Company-owned life insurance | 5,739 | 3,434 | 3,773 | 3,740 | 4,698 | 9,173 | 7,884 | |||||||||||||||
| Gain on sale of Visa Class B restricted shares | — | — | 21,635 | — | — | — | — | |||||||||||||||
| Other income | 10,036 | 10,470 | 9,381 | 10,456 | 11,651 | 20,506 | 20,118 | |||||||||||||||
| Debt securities gains (losses), net | 2 | (16 | ) | (825 | ) | (241 | ) | 17 | (14 | ) | (5,199 | ) | ||||||||||
| Total noninterest income | 87,271 | 77,522 | 100,094 | 80,938 | 81,629 | 164,793 | 152,310 | |||||||||||||||
| Salaries and employee benefits | 159,193 | 149,803 | 141,649 | 131,541 | 135,810 | 308,996 | 273,174 | |||||||||||||||
| Occupancy | 26,547 | 27,019 | 26,514 | 25,795 | 26,085 | 53,566 | 54,367 | |||||||||||||||
| Equipment | 8,704 | 8,671 | 8,769 | 8,284 | 7,721 | 17,375 | 15,110 | |||||||||||||||
| Marketing | 11,284 | 10,634 | 10,813 | 9,448 | 9,833 | 21,918 | 19,250 | |||||||||||||||
| Technology | 24,002 | 20,023 | 20,493 | 20,592 | 20,056 | 44,025 | 39,258 | |||||||||||||||
| Communication | 4,480 | 4,000 | 4,212 | 4,075 | 4,232 | 8,480 | 8,693 | |||||||||||||||
| Professional fees | 10,552 | 6,406 | 8,250 | 5,956 | 6,397 | 16,958 | 13,129 | |||||||||||||||
| FDIC assessment | 9,676 | 11,313 | 27,702 | 9,000 | 9,624 | 20,989 | 20,028 | |||||||||||||||
| Amortization of intangibles | 7,425 | 5,455 | 5,869 | 6,040 | 6,060 | 12,880 | 12,246 | |||||||||||||||
| Amortization of tax credit investments | 2,747 | 2,749 | 7,200 | 2,644 | 2,762 | 5,496 | 5,523 | |||||||||||||||
| Other expense | 18,389 | 16,244 | 22,764 | 21,401 | 18,004 | 34,633 | 36,517 | |||||||||||||||
| Total noninterest expense | 282,999 | 262,317 | 284,235 | 244,776 | 246,584 | 545,316 | 497,295 | |||||||||||||||
| Income before income taxes | 156,479 | 152,772 | 168,672 | 192,180 | 202,429 | 309,251 | 390,450 | |||||||||||||||
| Income tax expense | 35,250 | 32,488 | 36,192 | 44,304 | 47,393 | 67,738 | 88,814 | |||||||||||||||
| Net income | $ | 121,229 | $ | 120,284 | $ | 132,480 | $ | 147,876 | $ | 155,036 | $ | 241,513 | $ | 301,636 | ||||||||
| Preferred dividends | (4,033 | ) | (4,034 | ) | (4,034 | ) | (4,034 | ) | (4,033 | ) | (8,067 | ) | (8,067 | ) | ||||||||
| Net income applicable to common shares | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 151,003 | $ | 233,446 | $ | 293,569 | ||||||||
| EPS, diluted | $ | 0.37 | $ | 0.40 | $ | 0.44 | $ | 0.49 | $ | 0.52 | $ | 0.77 | $ | 1.01 | ||||||||
| Weighted Average Common Shares Outstanding | ||||||||||||||||||||||
| Basic | 315,585 | 290,980 | 290,701 | 290,648 | 290,559 | 303,283 | 290,822 | |||||||||||||||
| Diluted | 316,461 | 292,207 | 292,029 | 291,717 | 291,266 | 304,207 | 291,870 | |||||||||||||||
| Common shares outstanding (EOP) | 318,969 | 293,330 | 292,655 | 292,586 | 292,597 | 318,969 | 292,597 | |||||||||||||||
| End of Period Balance Sheet (unaudited) | |||||||||||||||
| ($ in thousands) | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 428,665 | $ | 350,990 | $ | 430,866 | $ | 381,343 | $ | 473,023 | |||||
| Money market and other interest-earning investments | 804,381 | 588,509 | 744,192 | 1,282,087 | 724,863 | ||||||||||
| Investments: | |||||||||||||||
| Treasury and government-sponsored agencies | 2,207,004 | 2,243,754 | 2,453,950 | 2,515,249 | 2,309,285 | ||||||||||
| Mortgage-backed securities | 5,890,371 | 5,566,881 | 5,245,691 | 4,906,290 | 5,168,458 | ||||||||||
| States and political subdivisions | 1,678,597 | 1,672,061 | 1,693,819 | 1,705,200 | 1,760,725 | ||||||||||
| Other securities | 775,623 | 760,847 | 779,048 | 751,404 | 802,323 | ||||||||||
| Total investments | 10,551,595 | 10,243,543 | 10,172,508 | 9,878,143 | 10,040,791 | ||||||||||
| Loans held-for-sale, at fair value | 66,126 | 19,418 | 32,006 | 122,033 | 114,369 | ||||||||||
| Loans: | |||||||||||||||
| Commercial | 10,332,631 | 9,648,269 | 9,512,230 | 9,333,448 | 9,698,241 | ||||||||||
| Commercial and agriculture real estate | 16,016,958 | 14,653,958 | 14,140,629 | 13,916,221 | 13,450,209 | ||||||||||
| Residential real estate | 6,894,957 | 6,661,379 | 6,699,443 | 6,696,288 | 6,684,480 | ||||||||||
| Consumer | 2,905,967 | 2,659,713 | 2,639,625 | 2,631,877 | 2,599,543 | ||||||||||
| Total loans | 36,150,513 | 33,623,319 | 32,991,927 | 32,577,834 | 32,432,473 | ||||||||||
| Allowance for credit losses on loans | (366,335 | ) | (319,713 | ) | (307,610 | ) | (303,982 | ) | (300,555 | ) | |||||
| Premises and equipment, net | 601,945 | 564,007 | 565,396 | 565,607 | 564,299 | ||||||||||
| Goodwill and other intangible assets | 2,306,204 | 2,095,511 | 2,100,966 | 2,106,835 | 2,112,875 | ||||||||||
| Company-owned life insurance | 862,032 | 767,423 | 767,902 | 774,517 | 771,753 | ||||||||||
| Accrued interest receivable and other assets | 1,714,519 | 1,601,911 | 1,591,683 | 1,675,031 | 1,562,864 | ||||||||||
| Total assets | $ | 53,119,645 | $ | 49,534,918 | $ | 49,089,836 | $ | 49,059,448 | $ | 48,496,755 | |||||
| Liabilities and Equity | |||||||||||||||
| Noninterest-bearing demand deposits | $ | 9,336,042 | $ | 9,257,709 | $ | 9,664,247 | $ | 10,091,352 | $ | 10,532,838 | |||||
| Interest-bearing: | |||||||||||||||
| Checking and NOW accounts | 7,680,865 | 7,236,667 | 7,331,487 | 7,495,417 | 7,654,202 | ||||||||||
| Savings accounts | 4,983,811 | 5,020,095 | 5,099,186 | 5,296,985 | 5,578,323 | ||||||||||
| Money market accounts | 10,485,491 | 10,234,113 | 9,561,116 | 8,793,218 | 7,200,288 | ||||||||||
| Other time deposits | 5,688,432 | 4,760,659 | 4,565,137 | 4,398,182 | 4,012,813 | ||||||||||
| Total core deposits | 38,174,641 | 36,509,243 | 36,221,173 | 36,075,154 | 34,978,464 | ||||||||||
| Brokered deposits | 1,824,587 | 1,190,175 | 1,014,007 | 1,177,522 | 1,252,851 | ||||||||||
| Total deposits | 39,999,228 | 37,699,418 | 37,235,180 | 37,252,676 | 36,231,315 | ||||||||||
| Federal funds purchased and interbank borrowings | 250,154 | 50,416 | 390 | 918 | 136,060 | ||||||||||
| Securities sold under agreements to repurchase | 240,713 | 274,493 | 285,206 | 279,061 | 311,447 | ||||||||||
| Federal Home Loan Bank advances | 4,744,560 | 4,193,039 | 4,280,681 | 4,412,576 | 4,771,183 | ||||||||||
| Other borrowings | 849,777 | 813,213 | 764,870 | 863,455 | 815,318 | ||||||||||
| Total borrowed funds | 6,085,204 | 5,331,161 | 5,331,147 | 5,556,010 | 6,034,008 | ||||||||||
| Accrued expenses and other liabilities | 960,141 | 908,931 | 960,609 | 1,011,225 | 939,337 | ||||||||||
| Total liabilities | 47,044,573 | 43,939,510 | 43,526,936 | 43,819,911 | 43,204,660 | ||||||||||
| Preferred stock, common stock, surplus, and retained earnings | 6,866,480 | 6,375,036 | 6,301,709 | 6,208,352 | 6,100,728 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | (791,408 | ) | (779,628 | ) | (738,809 | ) | (968,815 | ) | (808,633 | ) | |||||
| Total shareholders' equity | 6,075,072 | 5,595,408 | 5,562,900 | 5,239,537 | 5,292,095 | ||||||||||
| Total liabilities and shareholders' equity | $ | 53,119,645 | $ | 49,534,918 | $ | 49,089,836 | $ | 49,059,448 | $ | 48,496,755 | |||||
| Average Balance Sheet and Interest Rates (unaudited) | |||||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||||||
| Average | Income1/ | Yield/ | Average | Income1/ | Yield/ | Average | Income1/ | Yield/ | |||||||||||||||
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
| Money market and other interest-earning investments | $ | 814,944 | $ | 11,311 | 5.58 | % | $ | 757,244 | $ | 9,985 | 5.30 | % | $ | 724,601 | $ | 8,966 | 4.96 | % | |||||
| Investments: | |||||||||||||||||||||||
| Treasury and government-sponsored agencies | 2,208,935 | 21,531 | 3.90 | % | 2,362,477 | 23,266 | 3.94 | % | 2,222,269 | 19,355 | 3.48 | % | |||||||||||
| Mortgage-backed securities | 5,828,225 | 47,904 | 3.29 | % | 5,357,085 | 38,888 | 2.90 | % | 5,301,084 | 34,291 | 2.59 | % | |||||||||||
| States and political subdivisions | 1,686,994 | 14,290 | 3.39 | % | 1,680,175 | 13,976 | 3.33 | % | 1,768,897 | 14,396 | 3.26 | % | |||||||||||
| Other securities | 788,571 | 12,583 | 6.38 | % | 770,438 | 12,173 | 6.32 | % | 824,482 | 9,995 | 4.85 | % | |||||||||||
| Total investments | 10,512,725 | 96,308 | 3.66 | % | 10,170,175 | 88,303 | 3.47 | % | 10,116,732 | 78,037 | 3.09 | % | |||||||||||
| Loans:2 | |||||||||||||||||||||||
| Commercial | 10,345,098 | 183,425 | 7.09 | % | 9,540,385 | 167,263 | 7.01 | % | 9,862,728 | 163,721 | 6.64 | % | |||||||||||
| Commercial and agriculture real estate | 15,870,809 | 260,407 | 6.56 | % | 14,368,370 | 230,086 | 6.41 | % | 13,164,390 | 199,287 | 6.06 | % | |||||||||||
| Residential real estate loans | 6,952,942 | 67,683 | 3.89 | % | 6,693,814 | 63,003 | 3.76 | % | 6,643,254 | 60,717 | 3.66 | % | |||||||||||
| Consumer | 2,910,331 | 50,869 | 7.03 | % | 2,645,091 | 43,594 | 6.63 | % | 2,585,493 | 39,999 | 6.21 | % | |||||||||||
| Total loans | 36,079,180 | 562,384 | 6.24 | % | 33,247,660 | 503,946 | 6.07 | % | 32,255,865 | 463,724 | 5.75 | % | |||||||||||
| Total earning assets | $ | 47,406,849 | $ | 670,003 | 5.66 | % | $ | 44,175,079 | $ | 602,234 | 5.46 | % | $ | 43,097,198 | $ | 550,727 | 5.11 | % | |||||
| Less: Allowance for credit losses on loans | (331,043 | ) | (313,470 | ) | (301,311 | ) | |||||||||||||||||
| Non-earning Assets: | |||||||||||||||||||||||
| Cash and due from banks | $ | 430,256 | $ | 362,676 | $ | 418,972 | |||||||||||||||||
| Other assets | 5,341,022 | 4,961,595 | 4,884,694 | ||||||||||||||||||||
| Total assets | $ | 52,847,084 | $ | 49,185,880 | $ | 48,099,553 | |||||||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||||||||||
| Checking and NOW accounts | $ | 8,189,454 | $ | 34,398 | 1.69 | % | $ | 7,141,201 | $ | 25,252 | 1.42 | % | $ | 7,881,863 | $ | 24,358 | 1.24 | % | |||||
| Savings accounts | 5,044,800 | 5,254 | 0.42 | % | 5,025,400 | 5,017 | 0.40 | % | 5,785,603 | 3,247 | 0.23 | % | |||||||||||
| Money market accounts | 10,728,156 | 102,560 | 3.84 | % | 9,917,572 | 94,213 | 3.82 | % | 6,084,963 | 35,358 | 2.33 | % | |||||||||||
| Other time deposits | 5,358,103 | 56,586 | 4.25 | % | 4,689,136 | 47,432 | 4.07 | % | 3,680,029 | 26,633 | 2.90 | % | |||||||||||
| Total interest-bearing core deposits | 29,320,513 | 198,798 | 2.73 | % | 26,773,309 | 171,914 | 2.58 | % | 23,432,458 | 89,596 | 1.53 | % | |||||||||||
| Brokered deposits | 1,244,237 | 17,008 | 5.50 | % | 1,047,140 | 13,525 | 5.19 | % | 948,397 | 11,378 | 4.81 | % | |||||||||||
| Total interest-bearing deposits | 30,564,750 | 215,806 | 2.84 | % | 27,820,449 | 185,439 | 2.68 | % | 24,380,855 | 100,974 | 1.66 | % | |||||||||||
| Federal funds purchased and interbank borrowings | 148,835 | 1,986 | 5.37 | % | 69,090 | 961 | 5.59 | % | 441,145 | 5,655 | 5.14 | % | |||||||||||
| Securities sold under agreements to repurchase | 249,939 | 639 | 1.03 | % | 296,236 | 917 | 1.25 | % | 340,178 | 900 | 1.06 | % | |||||||||||
| Federal Home Loan Bank advances | 4,473,978 | 44,643 | 4.01 | % | 4,386,492 | 41,167 | 3.77 | % | 5,283,728 | 45,088 | 3.42 | % | |||||||||||
| Other borrowings | 891,609 | 12,168 | 5.49 | % | 825,846 | 11,039 | 5.38 | % | 796,536 | 10,114 | 5.09 | % | |||||||||||
| Total borrowed funds | 5,764,361 | 59,436 | 4.15 | % | 5,577,664 | 54,084 | 3.90 | % | 6,861,587 | 61,757 | 3.61 | % | |||||||||||
| Total interest-bearing liabilities | $ | 36,329,111 | $ | 275,242 | 3.05 | % | $ | 33,398,113 | $ | 239,523 | 2.88 | % | $ | 31,242,442 | $ | 162,731 | 2.09 | % | |||||
| Noninterest-Bearing Liabilities and Shareholders' Equity | |||||||||||||||||||||||
| Demand deposits | $ | 9,558,675 | $ | 9,258,136 | $ | 10,741,646 | |||||||||||||||||
| Other liabilities | 980,322 | 964,089 | 841,663 | ||||||||||||||||||||
| Shareholders' equity | 5,978,976 | 5,565,542 | 5,273,802 | ||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 52,847,084 | $ | 49,185,880 | $ | 48,099,553 | |||||||||||||||||
| Net interest rate spread | 2.61 | % | 2.58 | % | 3.02 | % | |||||||||||||||||
| Net interest margin (GAAP) | 3.28 | % | 3.23 | % | 3.55 | % | |||||||||||||||||
| Net interest margin (FTE)3 | 3.33 | % | 3.28 | % | 3.60 | % | |||||||||||||||||
| FTE adjustment | $ | 6,340 | $ | 6,253 | $ | 5,825 | |||||||||||||||||
| 1 Interest income is reflected on a FTE basis. | |||||||||||||||||||||||
| 2 Includes loans held-for-sale. | |||||||||||||||||||||||
| 3 Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | |||||||||||||||||||||||
| Average Balance Sheet and Interest Rates (unaudited) | |||||||||||||||||
| ($ in thousands) | |||||||||||||||||
| Six Months Ended | Six Months Ended | ||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||
| Average | Income1/ | Yield/ | Average | Income1/ | Yield/ | ||||||||||||
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||
| Money market and other interest-earning investments | $ | 786,094 | $ | 21,296 | 5.45 | % | $ | 611,903 | $ | 12,064 | 3.98 | % | |||||
| Investments: | |||||||||||||||||
| Treasury and government-sponsored agencies | 2,285,706 | 44,797 | 3.92 | % | 2,209,916 | 35,886 | 3.25 | % | |||||||||
| Mortgage-backed securities | 5,592,655 | 86,792 | 3.10 | % | 5,364,788 | 69,381 | 2.59 | % | |||||||||
| States and political subdivisions | 1,683,585 | 28,266 | 3.36 | % | 1,788,498 | 29,086 | 3.25 | % | |||||||||
| Other securities | 779,504 | 24,756 | 6.35 | % | 781,549 | 18,599 | 4.76 | % | |||||||||
| Total investments | $ | 10,341,450 | $ | 184,611 | 3.57 | % | $ | 10,144,751 | $ | 152,952 | 3.02 | % | |||||
| Loans:2 | |||||||||||||||||
| Commercial | 9,942,741 | 350,688 | 7.05 | % | 9,661,029 | 311,341 | 6.45 | % | |||||||||
| Commercial and agriculture real estate | 15,119,590 | 490,493 | 6.49 | % | 12,910,787 | 378,762 | 5.87 | % | |||||||||
| Residential real estate loans | 6,823,378 | 130,686 | 3.83 | % | 6,582,982 | 118,817 | 3.61 | % | |||||||||
| Consumer | 2,777,711 | 94,463 | 6.84 | % | 2,611,295 | 78,106 | 6.03 | % | |||||||||
| Total loans | 34,663,420 | 1,066,330 | 6.16 | % | 31,766,093 | 887,026 | 5.59 | % | |||||||||
| Total earning assets | $ | 45,790,964 | $ | 1,272,237 | 5.56 | % | $ | 42,522,747 | $ | 1,052,042 | 4.95 | % | |||||
| Less: Allowance for credit losses on loans | (322,256 | ) | (302,844 | ) | |||||||||||||
| Non-earning Assets: | |||||||||||||||||
| Cash and due from banks | $ | 396,466 | $ | 428,370 | |||||||||||||
| Other assets | 5,151,308 | 4,895,843 | |||||||||||||||
| Total assets | $ | 51,016,482 | $ | 47,544,116 | |||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||||
| Checking and NOW accounts | $ | 7,665,327 | $ | 59,650 | 1.56 | % | $ | 7,934,927 | $ | 43,717 | 1.11 | % | |||||
| Savings accounts | 5,035,100 | 10,271 | 0.41 | % | 5,983,407 | 5,477 | 0.18 | % | |||||||||
| Money market accounts | 10,322,808 | 196,773 | 3.83 | % | 5,864,351 | 55,368 | 1.90 | % | |||||||||
| Other time deposits | 5,023,620 | 104,018 | 4.16 | % | 3,370,668 | 41,922 | 2.51 | % | |||||||||
| Total interest-bearing core deposits | 28,046,855 | 370,712 | 2.66 | % | 23,153,353 | 146,484 | 1.28 | % | |||||||||
| Brokered deposits | 1,145,744 | 30,533 | 5.36 | % | 725,701 | 17,083 | 4.75 | % | |||||||||
| Total interest-bearing deposits | 29,192,599 | 401,245 | 2.76 | % | 23,879,054 | 163,567 | 1.38 | % | |||||||||
| Federal funds purchased and interbank borrowings | 108,962 | 2,947 | 5.44 | % | 430,278 | 10,494 | 4.92 | % | |||||||||
| Securities sold under agreements to repurchase | 273,088 | 1,556 | 1.15 | % | 376,298 | 1,679 | 0.90 | % | |||||||||
| Federal Home Loan Bank advances | 4,430,236 | 85,810 | 3.90 | % | 4,781,326 | 83,084 | 3.50 | % | |||||||||
| Other borrowings | 858,727 | 23,207 | 5.43 | % | 788,921 | 18,068 | 4.62 | % | |||||||||
| Total borrowed funds | 5,671,013 | 113,520 | 4.03 | % | 6,376,823 | 113,325 | 3.58 | % | |||||||||
| Total interest-bearing liabilities | 34,863,612 | 514,765 | 2.97 | % | 30,255,877 | 276,892 | 1.85 | % | |||||||||
| Noninterest-Bearing Liabilities and Shareholders' Equity | |||||||||||||||||
| Demand deposits | $ | 9,408,406 | $ | 11,131,789 | |||||||||||||
| Other liabilities | 972,205 | 936,158 | |||||||||||||||
| Shareholders' equity | 5,772,259 | 5,220,292 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 51,016,482 | $ | 47,544,116 | |||||||||||||
| Net interest rate spread | 2.59 | % | 3.10 | % | |||||||||||||
| Net interest margin (GAAP) | 3.25 | % | 3.59 | % | |||||||||||||
| Net interest margin (FTE)3 | 3.31 | % | 3.65 | % | |||||||||||||
| FTE adjustment | $ | 12,593 | $ | 11,491 | |||||||||||||
| 1 Interest income is reflected on a FTE. | |||||||||||||||||
| 2 Includes loans held-for-sale. | |||||||||||||||||
| 3 Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | |||||||||||||||||
| Asset Quality (EOP) (unaudited) | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| Allowance for credit losses: | ||||||||||||||||||||||
| Beginning allowance for credit losses on loans | $ | 319,713 | $ | 307,610 | $ | 303,982 | $ | 300,555 | $ | 298,711 | $ | 307,610 | $ | 303,671 | ||||||||
| Allowance established for acquired PCD loans | 23,922 | — | — | — | — | 23,922 | — | |||||||||||||||
| Provision for credit losses on loans | 36,745 | 23,853 | 13,329 | 23,115 | 11,936 | 60,598 | 23,405 | |||||||||||||||
| Gross charge-offs | (17,041 | ) | (14,020 | ) | (13,202 | ) | (22,750 | ) | (14,331 | ) | (31,061 | ) | (32,511 | ) | ||||||||
| Gross recoveries | 2,996 | 2,270 | 3,501 | 3,062 | 4,239 | 5,266 | 5,990 | |||||||||||||||
| NCOs | (14,045 | ) | (11,750 | ) | (9,701 | ) | (19,688 | ) | (10,092 | ) | (25,795 | ) | (26,521 | ) | ||||||||
| Ending allowance for credit losses on loans | $ | 366,335 | $ | 319,713 | $ | 307,610 | $ | 303,982 | $ | 300,555 | $ | 366,335 | $ | 300,555 | ||||||||
| Beginning allowance for credit losses on unfunded commitments | $ | 26,264 | $ | 31,226 | $ | 32,960 | $ | 37,007 | $ | 34,156 | $ | 31,226 | $ | 32,188 | ||||||||
| Provision (release) for credit losses on unfunded commitments | (531 | ) | (4,962 | ) | (1,734 | ) | (4,047 | ) | 2,851 | (5,493 | ) | 4,819 | ||||||||||
| Ending allowance for credit losses on unfunded commitments | $ | 25,733 | $ | 26,264 | $ | 31,226 | $ | 32,960 | $ | 37,007 | $ | 25,733 | $ | 37,007 | ||||||||
| Allowance for credit losses | $ | 392,068 | $ | 345,977 | $ | 338,836 | $ | 336,942 | $ | 337,562 | $ | 392,068 | $ | 337,562 | ||||||||
| Provision for credit losses on loans | $ | 36,745 | $ | 23,853 | $ | 13,329 | $ | 23,115 | $ | 11,936 | $ | 60,598 | $ | 23,405 | ||||||||
| Provision (release) for credit losses on unfunded commitments | (531 | ) | (4,962 | ) | (1,734 | ) | (4,047 | ) | 2,851 | (5,493 | ) | 4,819 | ||||||||||
| Provision for credit losses | $ | 36,214 | $ | 18,891 | $ | 11,595 | $ | 19,068 | $ | 14,787 | $ | 55,105 | $ | 28,224 | ||||||||
| NCOs / average loans1 | 0.16 | % | 0.14 | % | 0.12 | % | 0.24 | % | 0.13 | % | 0.15 | % | 0.17 | % | ||||||||
| Average loans1 | $ | 36,053,845 | $ | 33,242,739 | $ | 32,752,406 | $ | 32,639,812 | $ | 32,251,242 | $ | 34,648,292 | $ | 31,762,256 | ||||||||
| EOP loans1 | 36,150,513 | 33,623,319 | 32,991,927 | 32,577,834 | 32,432,473 | 36,150,513 | 32,432,473 | |||||||||||||||
| ACL on loans / EOP loans1 | 1.01 | % | 0.95 | % | 0.93 | % | 0.93 | % | 0.93 | % | 1.01 | % | 0.93 | % | ||||||||
| ACL / EOP loans1 | 1.08 | % | 1.03 | % | 1.03 | % | 1.03 | % | 1.04 | % | 1.08 | % | 1.04 | % | ||||||||
| Underperforming Assets: | ||||||||||||||||||||||
| Loans 90 days and over (still accruing) | $ | 5,251 | $ | 2,172 | $ | 961 | $ | 1,192 | $ | 303 | $ | 5,251 | $ | 303 | ||||||||
| Nonaccrual loans | 340,181 | 328,645 | 274,821 | 261,346 | 295,509 | 340,181 | 295,509 | |||||||||||||||
| Foreclosed assets | 8,290 | 9,344 | 9,434 | 9,761 | 9,824 | 8,290 | 9,824 | |||||||||||||||
| Total underperforming assets | $ | 353,722 | $ | 340,161 | $ | 285,216 | $ | 272,299 | $ | 305,636 | $ | 353,722 | $ | 305,636 | ||||||||
| Classified and Criticized Assets: | ||||||||||||||||||||||
| Nonaccrual loans | $ | 340,181 | $ | 328,645 | $ | 274,821 | $ | 261,346 | $ | 295,509 | $ | 340,181 | $ | 295,509 | ||||||||
| Substandard loans (still accruing) | 841,087 | 626,157 | 599,358 | 563,427 | 524,709 | 841,087 | 524,709 | |||||||||||||||
| Loans 90 days and over (still accruing) | 5,251 | 2,172 | 961 | 1,192 | 303 | 5,251 | 303 | |||||||||||||||
| Total classified loans - "problem loans" | 1,186,519 | 956,974 | 875,140 | 825,965 | 820,521 | 1,186,519 | 820,521 | |||||||||||||||
| Other classified assets | 60,772 | 54,392 | 48,930 | 48,998 | 40,942 | 60,772 | 40,942 | |||||||||||||||
| Special Mention | 967,655 | 827,419 | 843,920 | 775,526 | 614,547 | 967,655 | 614,547 | |||||||||||||||
| Total classified and criticized assets | $ | 2,214,946 | $ | 1,838,785 | $ | 1,767,990 | $ | 1,650,489 | $ | 1,476,010 | $ | 2,214,946 | $ | 1,476,010 | ||||||||
| Loans 30-89 days past due (still accruing) | $ | 51,712 | $ | 53,112 | $ | 71,868 | $ | 56,772 | $ | 39,748 | $ | 51,712 | $ | 39,748 | ||||||||
| Nonaccrual loans / EOP loans1 | 0.94 | % | 0.98 | % | 0.83 | % | 0.80 | % | 0.91 | % | 0.94 | % | 0.91 | % | ||||||||
| ACL / nonaccrual loans | 115 | % | 105 | % | 123 | % | 129 | % | 114 | % | 115 | % | 114 | % | ||||||||
| Under-performing assets/EOP loans1 | 0.98 | % | 1.01 | % | 0.86 | % | 0.84 | % | 0.94 | % | 0.98 | % | 0.94 | % | ||||||||
| Under-performing assets/EOP assets | 0.67 | % | 0.69 | % | 0.58 | % | 0.56 | % | 0.63 | % | 0.67 | % | 0.63 | % | ||||||||
| 30+ day delinquencies/EOP loans1 | 0.16 | % | 0.16 | % | 0.22 | % | 0.18 | % | 0.12 | % | 0.16 | % | 0.12 | % | ||||||||
| 1 Excludes loans held-for-sale. | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
| ($ and shares in thousands, except per share data) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| Earnings Per Share: | ||||||||||||||||||||||
| Net income applicable to common shares | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 151,003 | $ | 233,446 | $ | 293,569 | ||||||||
| Adjustments: | ||||||||||||||||||||||
| Merger-related charges | 19,440 | 2,908 | 5,529 | 6,257 | 2,372 | 22,348 | 16,930 | |||||||||||||||
| Tax effect1 | (4,413 | ) | (710 | ) | (1,343 | ) | (1,042 | ) | (277 | ) | (5,123 | ) | (3,449 | ) | ||||||||
| Merger-related charges, net | 15,027 | 2,198 | 4,186 | 5,215 | 2,095 | 17,225 | 13,481 | |||||||||||||||
| CECL Day 1 non-PCD provision expense | 15,312 | — | — | — | — | 15,312 | — | |||||||||||||||
| Tax effect1 | (3,476 | ) | — | — | — | — | (3,476 | ) | — | |||||||||||||
| CECL Day 1 non-PCD provision expense, net | 11,836 | — | — | — | — | 11,836 | — | |||||||||||||||
| Debt securities (gains) losses | (2 | ) | 16 | 825 | 241 | (17 | ) | 14 | 5,199 | |||||||||||||
| Tax effect1 | 1 | (4 | ) | (200 | ) | (40 | ) | 2 | (3 | ) | (1,135 | ) | ||||||||||
| Debt securities (gains) losses, net | (1 | ) | 12 | 625 | 201 | (15 | ) | 11 | 4,064 | |||||||||||||
| Distribution of excess pension assets | — | 13,318 | — | — | — | — | 13,318 | — | ||||||||||||||
| Tax effect1 | — | (3,250 | ) | — | — | — | — | (3,250 | ) | — | ||||||||||||
| Distribution excess pension assets, net | — | 10,068 | — | — | — | 10,068 | — | |||||||||||||||
| FDIC special assessment | — | 2,994 | 19,052 | — | — | 2,994 | — | |||||||||||||||
| Tax effect1 | — | (731 | ) | (4,628 | ) | — | — | (731 | ) | — | ||||||||||||
| FDIC special assessment, net | — | 2,263 | 14,424 | — | — | 2,263 | — | |||||||||||||||
| Gain on sale of Visa Class B restricted shares | — | — | (21,635 | ) | — | — | — | — | ||||||||||||||
| Tax effect1 | — | — | 5,255 | — | — | — | — | |||||||||||||||
| Gain on sale of Visa Class B restricted shares, net | — | — | (16,380 | ) | — | — | — | — | ||||||||||||||
| Contract termination charge | — | — | 4,413 | — | — | — | — | |||||||||||||||
| Tax effect1 | — | — | (1,072 | ) | — | — | — | — | ||||||||||||||
| Contract termination charge, net | — | — | 3,341 | — | — | — | — | |||||||||||||||
| Louisville expenses | — | — | — | — | 3,361 | — | 3,361 | |||||||||||||||
| Tax effect1 | — | — | — | — | (392 | ) | — | (392 | ) | |||||||||||||
| Louisville expenses, net | — | — | — | — | 2,969 | — | 2,969 | |||||||||||||||
| Property optimization charges | — | — | — | — | 242 | — | 1,559 | |||||||||||||||
| Tax effect1 | — | — | — | — | (28 | ) | — | (315 | ) | |||||||||||||
| Property optimization charges, net | — | — | — | — | 214 | — | 1,244 | |||||||||||||||
| Total adjustments, net | 26,862 | 14,541 | 6,196 | 5,416 | 5,263 | 41,403 | 21,758 | |||||||||||||||
| Net income applicable to common shares, adjusted | $ | 144,058 | $ | 130,791 | $ | 134,642 | $ | 149,258 | $ | 156,266 | $ | 274,849 | $ | 315,327 | ||||||||
| Weighted average diluted common shares outstanding | 316,461 | 292,207 | 292,029 | 291,717 | 291,266 | 304,207 | 291,870 | |||||||||||||||
| EPS, diluted | $ | 0.37 | $ | 0.40 | $ | 0.44 | $ | 0.49 | $ | 0.52 | $ | 0.77 | $ | 1.01 | ||||||||
| Adjusted EPS, diluted | $ | 0.46 | $ | 0.45 | $ | 0.46 | $ | 0.51 | $ | 0.54 | $ | 0.90 | $ | 1.08 | ||||||||
| NIM: | ||||||||||||||||||||||
| Net interest income | $ | 388,421 | $ | 356,458 | $ | 364,408 | $ | 375,086 | $ | 382,171 | $ | 744,879 | $ | 763,659 | ||||||||
| Add: FTE adjustment2 | 6,340 | 6,253 | 6,100 | 5,837 | 5,825 | 12,593 | 11,491 | |||||||||||||||
| Net interest income (FTE) | $ | 394,761 | $ | 362,711 | $ | 370,508 | $ | 380,923 | $ | 387,996 | $ | 757,472 | $ | 775,150 | ||||||||
| Average earning assets | $ | 47,406,849 | $ | 44,175,079 | $ | 43,701,283 | $ | 43,617,456 | $ | 43,097,198 | $ | 45,790,964 | $ | 42,522,747 | ||||||||
| NIM (GAAP) | 3.28 | % | 3.23 | % | 3.34 | % | 3.44 | % | 3.55 | % | 3.25 | % | 3.59 | % | ||||||||
| NIM (FTE) | 3.33 | % | 3.28 | % | 3.39 | % | 3.49 | % | 3.60 | % | 3.31 | % | 3.65 | % | ||||||||
| Refer to last page of Non-GAAP reconciliations for footnotes. | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| PPNR: | ||||||||||||||||||||||
| Net interest income (FTE)2 | $ | 394,761 | $ | 362,711 | $ | 370,508 | $ | 380,923 | $ | 387,996 | $ | 757,472 | $ | 775,150 | ||||||||
| Add: Noninterest income | 87,271 | 77,522 | 100,094 | 80,938 | 81,629 | 164,793 | 152,310 | |||||||||||||||
| Total revenue (FTE) | 482,032 | 440,233 | 470,602 | 461,861 | 469,625 | 922,265 | 927,460 | |||||||||||||||
| Less: Noninterest expense | (282,999 | ) | (262,317 | ) | (284,235 | ) | (244,776 | ) | (246,584 | ) | (545,316 | ) | (497,295 | ) | ||||||||
| PPNR | $ | 199,033 | $ | 177,916 | $ | 186,367 | $ | 217,085 | $ | 223,041 | $ | 376,949 | $ | 430,165 | ||||||||
| Adjustments: | ||||||||||||||||||||||
| Gain on sale of Visa Class B restricted shares | $ | — | $ | — | $ | (21,635 | ) | $ | — | $ | — | $ | — | $ | — | |||||||
| Debt securities (gains) losses | (2 | ) | 16 | 825 | 241 | (17 | ) | 14 | 5,199 | |||||||||||||
| Noninterest income adjustments | (2 | ) | 16 | (20,810 | ) | 241 | (17 | ) | 14 | 5,199 | ||||||||||||
| Adjusted noninterest income | 87,269 | 77,538 | 79,284 | 81,179 | 81,612 | 164,807 | 157,509 | |||||||||||||||
| Adjusted revenue | $ | 482,030 | $ | 440,249 | $ | 449,792 | $ | 462,102 | $ | 469,608 | $ | 922,279 | $ | 932,659 | ||||||||
| Adjustments: | ||||||||||||||||||||||
| Merger-related charges | $ | 19,440 | $ | 2,908 | $ | 5,529 | $ | 6,257 | $ | 2,372 | $ | 22,348 | $ | 16,930 | ||||||||
| Distribution of excess pension assets | — | 13,318 | — | — | — | 13,318 | — | |||||||||||||||
| FDIC Special Assessment | — | 2,994 | 19,052 | — | — | 2,994 | — | |||||||||||||||
| Contract termination charges | — | — | 4,413 | — | — | — | — | |||||||||||||||
| Louisville expenses | — | — | — | — | 3,361 | — | 3,361 | |||||||||||||||
| Property optimization charges | — | — | — | — | 242 | — | 1,559 | |||||||||||||||
| Noninterest expense adjustments | 19,440 | 19,220 | 28,994 | 6,257 | 5,975 | 38,660 | 21,850 | |||||||||||||||
| Adjusted total noninterest expense | (263,559 | ) | (243,097 | ) | (255,241 | ) | (238,519 | ) | (240,609 | ) | (506,656 | ) | (475,445 | ) | ||||||||
| Adjusted PPNR | $ | 218,471 | $ | 197,152 | $ | 194,551 | $ | 223,583 | $ | 228,999 | $ | 415,623 | $ | 457,214 | ||||||||
| Efficiency Ratio: | ||||||||||||||||||||||
| Noninterest expense | $ | 282,999 | $ | 262,317 | $ | 284,235 | $ | 244,776 | $ | 246,584 | $ | 545,316 | $ | 497,295 | ||||||||
| Less: Amortization of intangibles | (7,425 | ) | (5,455 | ) | (5,869 | ) | (6,040 | ) | (6,060 | ) | (12,880 | ) | (12,246 | ) | ||||||||
| Noninterest expense, excl. amortization of intangibles | 275,574 | 256,862 | 278,366 | 238,736 | 240,524 | 532,436 | 485,049 | |||||||||||||||
| Less: Amortization of tax credit investments | (2,747 | ) | (2,749 | ) | (7,200 | ) | (2,644 | ) | (2,762 | ) | (5,496 | ) | (5,523 | ) | ||||||||
| Less: Noninterest expense adjustments | (19,440 | ) | (19,220 | ) | (28,994 | ) | (6,257 | ) | (5,975 | ) | (38,660 | ) | (21,850 | ) | ||||||||
| Adjusted noninterest expense, excluding amortization | $ | 253,387 | $ | 234,893 | $ | 242,172 | $ | 229,835 | $ | 231,787 | $ | 488,280 | $ | 457,676 | ||||||||
| Total revenue (FTE)2 | $ | 482,032 | $ | 440,233 | $ | 470,602 | $ | 461,861 | $ | 469,625 | $ | 922,265 | $ | 927,460 | ||||||||
| Less: Debt securities (gains) losses | (2 | ) | 16 | 825 | 241 | (17 | ) | 14 | 5,199 | |||||||||||||
| Total revenue excl. debt securities (gains) losses | 482,030 | 440,249 | 471,427 | 462,102 | 469,608 | 922,279 | 932,659 | |||||||||||||||
| Less: Gain on sale of Visa Class B restricted shares | — | — | (21,635 | ) | — | — | — | — | ||||||||||||||
| Total adjusted revenue | $ | 482,030 | $ | 440,249 | $ | 449,792 | $ | 462,102 | $ | 469,608 | $ | 922,279 | $ | 932,659 | ||||||||
| Efficiency Ratio | 57.2 | % | 58.3 | % | 59.0 | % | 51.7 | % | 51.2 | % | 57.7 | % | 52.0 | % | ||||||||
| Adjusted Efficiency Ratio | 52.6 | % | 53.4 | % | 53.8 | % | 49.7 | % | 49.4 | % | 52.9 | % | 49.1 | % | ||||||||
| Refer to last page of Non-GAAP reconciliations for footnotes. | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| ROAE and ROATCE: | ||||||||||||||||||||||
| Net income applicable to common shares | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 151,003 | $ | 233,446 | $ | 293,569 | ||||||||
| Amortization of intangibles | 7,425 | 5,455 | 5,869 | 6,040 | 6,060 | 12,880 | 12,246 | |||||||||||||||
| Tax effect1 | (1,856 | ) | (1,364 | ) | (1,467 | ) | (1,510 | ) | (1,515 | ) | (3,220 | ) | (3,062 | ) | ||||||||
| Amortization of intangibles, net | 5,569 | 4,091 | 4,402 | 4,530 | 4,545 | 9,660 | 9,184 | |||||||||||||||
| Net income applicable to common shares, excluding intangibles amortization | 122,765 | 120,341 | 132,848 | 148,372 | 155,548 | 243,106 | 302,753 | |||||||||||||||
| Total adjustments, net (see pg.12) | 26,862 | 14,541 | 6,196 | 5,416 | 5,263 | 41,403 | 21,758 | |||||||||||||||
| Adjusted net income applicable to common shares, excluding intangibles amortization | $ | 149,627 | $ | 134,882 | $ | 139,044 | $ | 153,788 | $ | 160,811 | $ | 284,509 | $ | 324,511 | ||||||||
| Average shareholders' equity | $ | 5,978,976 | $ | 5,565,542 | $ | 5,281,487 | $ | 5,294,072 | $ | 5,273,802 | $ | 5,772,259 | $ | 5,220,292 | ||||||||
| Less: Average preferred equity | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | ||||||||
| Average shareholders' common equity | $ | 5,735,257 | $ | 5,321,823 | $ | 5,037,768 | $ | 5,050,353 | $ | 5,030,083 | $ | 5,528,540 | $ | 4,976,573 | ||||||||
| Average goodwill and other intangible assets | (2,245,405 | ) | (2,098,338 | ) | (2,103,935 | ) | (2,109,944 | ) | (2,115,894 | ) | (2,171,872 | ) | (2,119,008 | ) | ||||||||
| Average tangible shareholder's common equity | $ | 3,489,852 | $ | 3,223,485 | $ | 2,933,833 | $ | 2,940,409 | $ | 2,914,189 | $ | 3,356,668 | $ | 2,857,565 | ||||||||
| ROAE | 8.2 | % | 8.7 | % | 10.2 | % | 11.4 | % | 12.0 | % | 8.4 | % | 11.8 | % | ||||||||
| ROAE, adjusted | 10.0 | % | 9.8 | % | 10.7 | % | 11.8 | % | 12.4 | % | 9.9 | % | 12.7 | % | ||||||||
| ROATCE | 14.1 | % | 14.9 | % | 18.1 | % | 20.2 | % | 21.4 | % | 14.5 | % | 21.2 | % | ||||||||
| ROATCE, adjusted | 17.2 | % | 16.7 | % | 19.0 | % | 20.9 | % | 22.1 | % | 17.0 | % | 22.7 | % | ||||||||
| Refer to last page of Non-GAAP reconciliations for footnotes. | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | |||||||||||||||
| ($ in thousands) | |||||||||||||||
| As of | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||
| Tangible Common Equity: | |||||||||||||||
| Shareholders' equity | $ | 6,075,072 | $ | 5,595,408 | $ | 5,562,900 | $ | 5,239,537 | $ | 5,292,095 | |||||
| Less: Preferred equity | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | |||||
| Shareholders' common equity | $ | 5,831,353 | $ | 5,351,689 | $ | 5,319,181 | $ | 4,995,818 | $ | 5,048,376 | |||||
| Less: Goodwill and other intangible assets | (2,306,204 | ) | (2,095,511 | ) | (2,100,966 | ) | (2,106,835 | ) | (2,112,875 | ) | |||||
| Tangible shareholders' common equity | $ | 3,525,149 | $ | 3,256,178 | $ | 3,218,215 | $ | 2,888,983 | $ | 2,935,501 | |||||
| Total assets | $ | 53,119,645 | $ | 49,534,918 | $ | 49,089,836 | $ | 49,059,448 | $ | 48,496,755 | |||||
| Less: Goodwill and other intangible assets | (2,306,204 | ) | (2,095,511 | ) | (2,100,966 | ) | (2,106,835 | ) | (2,112,875 | ) | |||||
| Tangible assets | $ | 50,813,441 | $ | 47,439,407 | $ | 46,988,870 | $ | 46,952,613 | $ | 46,383,880 | |||||
| Risk-weighted assets3 | $ | 40,627,117 | $ | 37,845,139 | $ | 37,407,347 | $ | 37,501,646 | $ | 37,414,177 | |||||
| Tangible common equity to tangible assets | 6.94 | % | 6.86 | % | 6.85 | % | 6.15 | % | 6.33 | % | |||||
| Tangible common equity to risk-weighted assets3 | 8.68 | % | 8.60 | % | 8.60 | % | 7.70 | % | 7.85 | % | |||||
| Tangible Common Book Value: | |||||||||||||||
| Common shares outstanding | 318,969 | 293,330 | 292,655 | 292,586 | 292,597 | ||||||||||
| Tangible common book value | $ | 11.05 | $ | 11.10 | $ | 11.00 | $ | 9.87 | $ | 10.03 | |||||
| 1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state). | |||||||||||||||
| 2 Calculated using the federal statutory tax rate in effect of | |||||||||||||||
| 3 June 30, 2024 figures are preliminary. | |||||||||||||||
FAQ
What was Old National Bancorp's (ONB) net income for Q2 2024?
How much did Old National Bancorp's (ONB) total deposits grow in Q2 2024?
What was Old National Bancorp's (ONB) net interest margin in Q2 2024?
Did Old National Bancorp (ONB) complete any acquisitions in Q2 2024?
