Old National Bancorp Reports Third Quarter 2024 Results
Old National Bancorp (NASDAQ: ONB) reported strong third quarter 2024 results, with net income applicable to common shares of $139.8 million and diluted EPS of $0.44. On an adjusted basis, net income was $147.2 million with EPS of $0.46. Key highlights include:
- Net interest income on a fully taxable equivalent basis of $397.9 million
- Net interest margin of 3.32%, down 1 basis point
- Period-end total deposits of $40.8 billion, up $0.8 billion
- End-of-period total loans of $36.5 billion, up 2.7% annualized
- Provision for credit losses of $28.5 million
- Efficiency ratio of 53.8%; adjusted efficiency ratio of 51.2%
The company maintained strong credit quality and capital ratios, with a tangible common equity to tangible assets ratio of 7.44%.
Old National Bancorp (NASDAQ: ONB) ha riportato risultati solidi nel terzo trimestre del 2024, con un utile netto applicabile alle azioni ordinarie di 139,8 milioni di dollari e un EPS diluito di 0,44 dollari. Su base rettificata, l'utile netto è stato di 147,2 milioni di dollari con un EPS di 0,46 dollari. I punti salienti includono:
- Utile netto da interessi su base totalmente equivalente imponibile di 397,9 milioni di dollari
- Margine di interesse netto di 3,32%, in calo di 1 punto base
- Depositi totali di fine periodo di 40,8 miliardi di dollari, in aumento di 0,8 miliardi di dollari
- Prestiti totali a fine periodo di 36,5 miliardi di dollari, in aumento del 2,7% annualizzato
- Accantonamento per perdite su crediti di 28,5 milioni di dollari
- Rapporto di efficienza del 53,8%; rapporto di efficienza rettificato del 51,2%
L'azienda ha mantenuto alta qualità del credito e rapporti di capitale, con un rapporto tra patrimonio netto comune tangibile e attivi tangibili del 7,44%.
Old National Bancorp (NASDAQ: ONB) reportó resultados sólidos en el tercer trimestre de 2024, con un ingreso neto aplicable a acciones comunes de 139,8 millones de dólares y un EPS diluido de 0,44 dólares. En términos ajustados, el ingreso neto fue de 147,2 millones de dólares con un EPS de 0,46 dólares. Los puntos destacados incluyen:
- Ingresos netos por intereses en una base totalmente equivalente a impuestos de 397,9 millones de dólares
- Margen de interés neto de 3,32%, disminución de 1 punto base
- Depósitos totales al final del período de 40,8 mil millones de dólares, un aumento de 0,8 mil millones de dólares
- Préstamos totales al final del período de 36,5 mil millones de dólares, un aumento del 2,7% anualizado
- Provisión para pérdidas crediticias de 28,5 millones de dólares
- Ratio de eficiencia del 53,8%; ratio de eficiencia ajustado del 51,2%
La empresa mantuvo una fuerte calidad crediticia y ratios de capital, con un ratio de patrimonio común tangible a activos tangibles del 7,44%.
Old National Bancorp (NASDAQ: ONB)는 2024년 3분기 강력한 실적을 발표했으며, 보통주에 대한 순이익은 1억 3,980만 달러로 희석 EPS는 0.44달러입니다. 조정 기준으로 순이익은 1억 4,720만 달러, EPS는 0.46달러입니다. 주요 하이라이트는 다음과 같습니다:
- 세금 완전 상당기준의 순이자 수익 3억 9,790만 달러
- 순이자 마진 3.32%, 1bp 감소
- 기말 총 예치금 408억 달러, 8억 달러 증가
- 기말 총 대출 365억 달러, 연율 기준 2.7% 증가
- 신용 손실 충당금 2,850만 달러
- 효율성 비율 53.8%; 조정 효율성 비율 51.2%
회사는 높은 신용 품질과 자본 비율을 유지했으며, 유형자산 대비 유형공동지분 비율은 7.44%입니다.
Old National Bancorp (NASDAQ: ONB) a annoncé des résultats solides pour le troisième trimestre 2024, avec un revenu net applicable aux actions ordinaires de 139,8 millions de dollars et un BPA dilué de 0,44 dollar. Sur une base ajustée, le revenu net était de 147,2 millions de dollars avec un BPA de 0,46 dollar. Les points forts comprennent :
- Revenu net d'intérêts sur une base totalement équivalente imposable de 397,9 millions de dollars
- Marge d'intérêt nette de 3,32%, en baisse de 1 point de base
- Dépôts totaux à la fin de la période de 40,8 milliards de dollars, en hausse de 0,8 milliard de dollars
- Prêts totaux à la fin de la période de 36,5 milliards de dollars, en hausse de 2,7 % annualisée
- Provision pour pertes sur créances de 28,5 millions de dollars
- Ratio d'efficacité de 53,8 % ; ratio d'efficacité ajusté de 51,2 %
L'entreprise a maintenu une solide qualité de crédit et des ratios de capital, avec un ratio de capitaux propres tangibles à des actifs tangibles de 7,44 %.
Old National Bancorp (NASDAQ: ONB) hat starke Ergebnisse für das dritte Quartal 2024 berichtet, mit einem Nettogewinn, der auf Stammaktien entfällt, von 139,8 Millionen Dollar und einem verwässerten EPS von 0,44 Dollar. Auf Basis von Anpassungen betrug der Nettogewinn 147,2 Millionen Dollar mit einem EPS von 0,46 Dollar. Zu den wichtigsten Highlights gehören:
- Nett Zinseinnahmen auf einer voll steuerlichen Äquivalenzbasis von 397,9 Millionen Dollar
- Nettzinsmarge von 3,32%, ein Rückgang um 1 Basispunkt
- Gesamteinlagen am Periodenende von 40,8 Milliarden Dollar, ein Anstieg um 0,8 Milliarden Dollar
- Gesamtdarlehen am Periodenende von 36,5 Milliarden Dollar, annualisiert um 2,7% gestiegen
- Rückstellung für Kreditverluste von 28,5 Millionen Dollar
- Effizienzverhältnis von 53,8%; angepasstes Effizienzverhältnis von 51,2%
Das Unternehmen hat eine starke Kreditqualität und Kapitalquote beibehalten, mit einem Verhältnis von tangiblem Eigenkapital zu greifbaren Vermögenswerten von 7,44%.
- Net income applicable to common shares increased to $139.8 million, with adjusted net income of $147.2 million
- Period-end total deposits grew by $0.8 billion to $40.8 billion
- End-of-period total loans increased by 2.7% annualized to $36.5 billion
- Net interest income on a fully taxable equivalent basis rose to $397.9 million
- Adjusted efficiency ratio improved to 51.2% from 52.6% in the previous quarter
- Tangible common equity to tangible assets ratio strengthened to 7.44% from 6.94%
- Net interest margin decreased by 1 basis point to 3.32%
- Provision for credit losses was $28.5 million
- Net charge-offs increased to $17.5 million, or 19 bps of average loans
- Nonaccrual loans as a percentage of total loans rose to 1.22% from 0.94%
- Cost of total deposits increased by 9 bps to 2.25%
Insights
Old National Bancorp's Q3 2024 results demonstrate solid performance with net income of
- Strong deposit growth of
8.5% annualized, reaching$40.8 billion - Disciplined loan growth of
2.7% annualized, totaling$36.5 billion - Stable net interest margin of
3.32% - Robust credit quality with net charge-offs at
19 bps of average loans - Efficiency ratio improvement to
51.2% on an adjusted basis
The bank's focus on fundamentals, including deposit and loan growth, credit management and expense control, positions it well for continued growth. The
Old National's Q3 results reflect a bank navigating the current economic environment effectively. The
The bank's commercial focus is evident, with
Investors should view Old National's performance positively, especially its ability to maintain a stable net interest margin in a challenging rate environment. The bank's strategic acquisitions and focus on operational efficiency position it well for sustainable growth in the Midwest and Southeast markets.
EVANSVILLE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) --
Old National Bancorp (NASDAQ: ONB) reports 3Q24 net income applicable to common shares of |
CEO COMMENTARY:
"Old National’s strong 3rd quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital, and creating positive operating leverage through disciplined expense management," said Chairman and CEO Jim Ryan. "As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise." |
THIRD QUARTER HIGHLIGHTS2:
Net Income |
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Net Interest Income/NIM |
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Operating Performance |
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Deposits and Funding |
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Loans and Credit Quality |
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Return Profile & Capital |
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Notable Items |
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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 Expense associated with a mutual separation agreement with a former Old National executive
RESULTS OF OPERATIONS2
Old National Bancorp ("Old National") reported third quarter 2024 net income applicable to common shares of
Included in third quarter results were pre-tax charges of
DEPOSITS AND FUNDING
Growth in deposits driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.
- Period-end total deposits were
$40.8 billion , up8.5% annualized; core deposits up10.1% annualized. - On average, total deposits for the third quarter were
$40.6 billion , up4.8% annualized. - Granular low-cost deposit franchise; total deposit costs of 225 bps.
- A loan to deposit ratio of
89% , combined with existing funding sources, provides strong liquidity.
LOANS
Broad-based disciplined commercial loan growth.
- Period-end total loans3 were
$36.5 billion , up2.7% annualized. - Total commercial loan production in the third quarter was
$1.7 billion ; period-end commercial pipeline totaled$2.8 billion . - Average total loans in the third quarter were
$36.3 billion , an increase of$235.9 million .
CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.
- Provision4 expense was
$28.5 million compared to$36.2 million , or$20.9 million excluding$15.3 million of current expected credit loss ("CECL") Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction in the second quarter of 2024. - Net charge-offs were
$17.5 million , or 19 bps of average loans compared to net charge-offs of 16 bps of average loans.- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps.
- 30+ day delinquencies as a percentage of loans were
0.26% compared to0.16% . - Nonaccrual loans as a percentage of total loans were
1.22% compared to0.94% . - Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was
$174.0 million . - The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at
$405.9 million , or1.12% of total loans, compared to$392.1 million , or1.08% of total loans.
NET INTEREST INCOME AND MARGIN
Higher net interest income and stable margin reflective of the rate environment.
- Net interest income on a fully taxable equivalent basis1 increased to
$397.9 million compared to$394.8 million , driven by loan growth as well as higher asset yields and accretion, partly offset by higher funding costs. - Net interest margin on a fully taxable equivalent basis1 modestly decreased 1 bps to
3.32% . - Accretion income on loans and borrowings was
$15.6 million , or 13 bps of net interest margin1, compared to$11.6 million , or 10 bps of net interest margin1. - Cost of total deposits was
2.25% , increasing 9 bps and the cost of total interest-bearing deposits increased 9 bps to2.93% .
NONINTEREST INCOME
Increase driven by higher service charges, mortgage fees, capital markets income, and other income.
- Total noninterest income was
$94.1 million compared to$87.3 million . - Noninterest income was up
7.9% driven by higher service charges, mortgage fees, capital markets income, and other income.
NONINTEREST EXPENSE
Disciplined expense management.
- Noninterest expense was
$272.3 million and included$6.9 million of merger-related charges and$2.6 million of pre-tax separation expense5.- Excluding these items, adjusted noninterest expense1 was
$262.8 million , compared to$263.6 million .
- Excluding these items, adjusted noninterest expense1 was
- The efficiency ratio1 was
53.8% , while the adjusted efficiency ratio1 was51.2% compared to57.2% and52.6% , respectively.
INCOME TAXES
- Income tax expense was
$41.3 million , resulting in an effective tax rate of22.3% compared to22.5% . On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was24.8% compared to25.5% . - Income tax expense included
$4.0 million of tax credit benefit compared to$3.5 million .
CAPITAL
Capital ratios remain strong.
- Preliminary total risk-based capital up 23 bps to
12.94% and preliminary regulatory Tier 1 capital up 27 bps to11.60% , as strong retained earnings drive capital. - Tangible common equity to tangible assets was
7.44% compared to6.94% .
CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 22, 2024, to review third 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 1586600. A replay of the call will also be available from approximately noon Central Time on October 22, 2024 through November 5, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 1586600.
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, separation expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, 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 adjusted pre-provision net revenues 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, separation expense, 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 | Nine Months Ended | |||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
Income Statement | ||||||||||||||||||||||
Net interest income | $ | 391,724 | $ | 388,421 | $ | 356,458 | $ | 364,408 | $ | 375,086 | $ | 1,136,603 | $ | 1,138,745 | ||||||||
FTE adjustment1,3 | 6,144 | 6,340 | 6,253 | 6,100 | 5,837 | 18,737 | 17,328 | |||||||||||||||
Net interest income - tax equivalent basis3 | 397,868 | 394,761 | 362,711 | 370,508 | 380,923 | 1,155,340 | 1,156,073 | |||||||||||||||
Provision for credit losses | 28,497 | 36,214 | 18,891 | 11,595 | 19,068 | 83,602 | 47,292 | |||||||||||||||
Noninterest income | 94,138 | 87,271 | 77,522 | 100,094 | 80,938 | 258,931 | 233,248 | |||||||||||||||
Noninterest expense | 272,283 | 282,999 | 262,317 | 284,235 | 244,776 | 817,599 | 742,071 | |||||||||||||||
Net income available to common shareholders | $ | 139,768 | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 373,214 | $ | 437,411 | ||||||||
Per Common Share Data | ||||||||||||||||||||||
Weighted average diluted shares | 317,331 | 316,461 | 292,207 | 292,029 | 291,717 | 308,605 | 291,809 | |||||||||||||||
EPS, diluted | $ | 0.44 | $ | 0.37 | $ | 0.40 | $ | 0.44 | $ | 0.49 | $ | 1.21 | $ | 1.50 | ||||||||
Cash dividends | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.42 | 0.42 | |||||||||||||||
Dividend payout ratio2 | 32 | % | 38 | % | 35 | % | 32 | % | 29 | % | 35 | % | 28 | % | ||||||||
Book value | $ | 19.20 | $ | 18.28 | $ | 18.24 | $ | 18.18 | $ | 17.07 | $ | 19.20 | $ | 17.07 | ||||||||
Stock price | 18.66 | 17.19 | 17.41 | 16.89 | 14.54 | 18.66 | 14.54 | |||||||||||||||
Tangible book value3 | 11.97 | 11.05 | 11.10 | 11.00 | 9.87 | 11.97 | 9.87 | |||||||||||||||
Performance Ratios | ||||||||||||||||||||||
ROAA | 1.08 | % | 0.92 | % | 0.98 | % | 1.09 | % | 1.22 | % | 0.99 | % | 1.25 | % | ||||||||
ROAE | 9.4 | % | 8.2 | % | 8.7 | % | 10.2 | % | 11.4 | % | 8.8 | % | 11.7 | % | ||||||||
ROATCE3 | 16.0 | % | 14.1 | % | 14.9 | % | 18.1 | % | 20.2 | % | 15.0 | % | 20.8 | % | ||||||||
NIM (FTE) | 3.32 | % | 3.33 | % | 3.28 | % | 3.39 | % | 3.49 | % | 3.31 | % | 3.59 | % | ||||||||
Efficiency ratio3 | 53.8 | % | 57.2 | % | 58.3 | % | 59.0 | % | 51.7 | % | 56.4 | % | 51.9 | % | ||||||||
NCOs to average loans | 0.19 | % | 0.16 | % | 0.14 | % | 0.12 | % | 0.24 | % | 0.16 | % | 0.19 | % | ||||||||
ACL on loans to EOP loans | 1.05 | % | 1.01 | % | 0.95 | % | 0.93 | % | 0.93 | % | 1.05 | % | 0.93 | % | ||||||||
ACL4 to EOP loans | 1.12 | % | 1.08 | % | 1.03 | % | 1.03 | % | 1.03 | % | 1.12 | % | 1.03 | % | ||||||||
NPLs to EOP loans | 1.22 | % | 0.94 | % | 0.98 | % | 0.83 | % | 0.80 | % | 1.22 | % | 0.80 | % | ||||||||
Balance Sheet (EOP) | ||||||||||||||||||||||
Total loans | $ | 36,400,643 | $ | 36,150,513 | $ | 33,623,319 | $ | 32,991,927 | $ | 32,577,834 | $ | 36,400,643 | $ | 32,577,834 | ||||||||
Total assets | 53,602,293 | 53,119,645 | 49,534,918 | 49,089,836 | 49,059,448 | 53,602,293 | 49,059,448 | |||||||||||||||
Total deposits | 40,845,746 | 39,999,228 | 37,699,418 | 37,235,180 | 37,252,676 | 40,845,746 | 37,252,676 | |||||||||||||||
Total borrowed funds | 5,449,096 | 6,085,204 | 5,331,161 | 5,331,147 | 5,556,010 | 5,449,096 | 5,556,010 | |||||||||||||||
Total shareholders' equity | 6,367,298 | 6,075,072 | 5,595,408 | 5,562,900 | 5,239,537 | 6,367,298 | 5,239,537 | |||||||||||||||
Capital Ratios | ||||||||||||||||||||||
Risk-based capital ratios (EOP): | ||||||||||||||||||||||
Tier 1 common equity | 11.00 | % | 10.73 | % | 10.76 | % | 10.70 | % | 10.41 | % | 11.00 | % | 10.41 | % | ||||||||
Tier 1 capital | 11.60 | % | 11.33 | % | 11.40 | % | 11.35 | % | 11.06 | % | 11.60 | % | 11.06 | % | ||||||||
Total capital | 12.94 | % | 12.71 | % | 12.74 | % | 12.64 | % | 12.32 | % | 12.94 | % | 12.32 | % | ||||||||
Leverage ratio (average assets) | 9.05 | % | 8.90 | % | 8.96 | % | 8.83 | % | 8.70 | % | 9.05 | % | 8.70 | % | ||||||||
Equity to assets (averages)3 | 11.60 | % | 11.31 | % | 11.32 | % | 10.81 | % | 10.88 | % | 11.41 | % | 10.95 | % | ||||||||
TCE to TA3 | 7.44 | % | 6.94 | % | 6.86 | % | 6.85 | % | 6.15 | % | 7.44 | % | 6.15 | % | ||||||||
Nonfinancial Data | ||||||||||||||||||||||
Full-time equivalent employees | 4,105 | 4,267 | 3,955 | 3,940 | 3,981 | 4,105 | 3,981 | |||||||||||||||
Banking centers | 280 | 280 | 258 | 258 | 257 | 280 | 257 | |||||||||||||||
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 to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. September 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 | Nine Months Ended | |||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
Interest income | $ | 679,925 | $ | 663,663 | $ | 595,981 | $ | 589,751 | $ | 576,519 | $ | 1,939,569 | $ | 1,617,070 | ||||||||
Less: interest expense | 288,201 | 275,242 | 239,523 | 225,343 | 201,433 | 802,966 | 478,325 | |||||||||||||||
Net interest income | 391,724 | 388,421 | 356,458 | 364,408 | 375,086 | 1,136,603 | 1,138,745 | |||||||||||||||
Provision for credit losses | 28,497 | 36,214 | 18,891 | 11,595 | 19,068 | 83,602 | 47,292 | |||||||||||||||
Net interest income after provision for credit losses | 363,227 | 352,207 | 337,567 | 352,813 | 356,018 | 1,053,001 | 1,091,453 | |||||||||||||||
Wealth and investment services fees | 29,117 | 29,358 | 28,304 | 27,656 | 26,687 | 86,779 | 80,128 | |||||||||||||||
Service charges on deposit accounts | 20,350 | 19,350 | 17,898 | 18,667 | 18,524 | 57,598 | 53,278 | |||||||||||||||
Debit card and ATM fees | 11,362 | 10,993 | 10,054 | 10,700 | 10,818 | 32,409 | 31,453 | |||||||||||||||
Mortgage banking revenue | 7,669 | 7,064 | 4,478 | 3,691 | 5,063 | 19,211 | 12,628 | |||||||||||||||
Capital markets income | 7,426 | 4,729 | 2,900 | 5,416 | 5,891 | 15,055 | 19,003 | |||||||||||||||
Company-owned life insurance | 5,315 | 5,739 | 3,434 | 3,773 | 3,740 | 14,488 | 11,624 | |||||||||||||||
Gain on sale of Visa Class B restricted shares | — | — | — | 21,635 | — | — | — | |||||||||||||||
Other income | 12,975 | 10,036 | 10,470 | 9,381 | 10,456 | 33,481 | 30,574 | |||||||||||||||
Debt securities gains (losses), net | (76 | ) | 2 | (16 | ) | (825 | ) | (241 | ) | (90 | ) | (5,440 | ) | |||||||||
Total noninterest income | 94,138 | 87,271 | 77,522 | 100,094 | 80,938 | 258,931 | 233,248 | |||||||||||||||
Salaries and employee benefits | 147,494 | 159,193 | 149,803 | 141,649 | 131,541 | 456,490 | 404,715 | |||||||||||||||
Occupancy | 27,130 | 26,547 | 27,019 | 26,514 | 25,795 | 80,696 | 80,162 | |||||||||||||||
Equipment | 9,888 | 8,704 | 8,671 | 8,769 | 8,284 | 27,263 | 23,394 | |||||||||||||||
Marketing | 11,036 | 11,284 | 10,634 | 10,813 | 9,448 | 32,954 | 28,698 | |||||||||||||||
Technology | 23,343 | 24,002 | 20,023 | 20,493 | 20,592 | 67,368 | 59,850 | |||||||||||||||
Communication | 4,681 | 4,480 | 4,000 | 4,212 | 4,075 | 13,161 | 12,768 | |||||||||||||||
Professional fees | 7,278 | 10,552 | 6,406 | 8,250 | 5,956 | 24,236 | 19,085 | |||||||||||||||
FDIC assessment | 11,722 | 9,676 | 11,313 | 27,702 | 9,000 | 32,711 | 29,028 | |||||||||||||||
Amortization of intangibles | 7,411 | 7,425 | 5,455 | 5,869 | 6,040 | 20,291 | 18,286 | |||||||||||||||
Amortization of tax credit investments | 3,277 | 2,747 | 2,749 | 7,200 | 2,644 | 8,773 | 8,167 | |||||||||||||||
Other expense | 19,023 | 18,389 | 16,244 | 22,764 | 21,401 | 53,656 | 57,918 | |||||||||||||||
Total noninterest expense | 272,283 | 282,999 | 262,317 | 284,235 | 244,776 | 817,599 | 742,071 | |||||||||||||||
Income before income taxes | 185,082 | 156,479 | 152,772 | 168,672 | 192,180 | 494,333 | 582,630 | |||||||||||||||
Income tax expense | 41,280 | 35,250 | 32,488 | 36,192 | 44,304 | 109,018 | 133,118 | |||||||||||||||
Net income | $ | 143,802 | $ | 121,229 | $ | 120,284 | $ | 132,480 | $ | 147,876 | $ | 385,315 | $ | 449,512 | ||||||||
Preferred dividends | (4,034 | ) | (4,033 | ) | (4,034 | ) | (4,034 | ) | (4,034 | ) | (12,101 | ) | (12,101 | ) | ||||||||
Net income applicable to common shares | $ | 139,768 | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 373,214 | $ | 437,411 | ||||||||
EPS, diluted | $ | 0.44 | $ | 0.37 | $ | 0.40 | $ | 0.44 | $ | 0.49 | $ | 1.21 | $ | 1.50 | ||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||||||
Basic | 315,622 | 315,585 | 290,980 | 290,701 | 290,648 | 307,426 | 290,763 | |||||||||||||||
Diluted | 317,331 | 316,461 | 292,207 | 292,029 | 291,717 | 308,605 | 291,809 | |||||||||||||||
Common shares outstanding (EOP) | 318,955 | 318,969 | 293,330 | 292,655 | 292,586 | 318,955 | 292,586 | |||||||||||||||
End of Period Balance Sheet (unaudited) | |||||||||||||||
($ in thousands) | |||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 498,120 | $ | 428,665 | $ | 350,990 | $ | 430,866 | $ | 381,343 | |||||
Money market and other interest-earning investments | 693,450 | 804,381 | 588,509 | 744,192 | 1,282,087 | ||||||||||
Investments: | |||||||||||||||
Treasury and government-sponsored agencies | 2,335,716 | 2,207,004 | 2,243,754 | 2,453,950 | 2,515,249 | ||||||||||
Mortgage-backed securities | 6,085,826 | 5,890,371 | 5,566,881 | 5,245,691 | 4,906,290 | ||||||||||
States and political subdivisions | 1,665,128 | 1,678,597 | 1,672,061 | 1,693,819 | 1,705,200 | ||||||||||
Other securities | 783,079 | 775,623 | 760,847 | 779,048 | 751,404 | ||||||||||
Total investments | 10,869,749 | 10,551,595 | 10,243,543 | 10,172,508 | 9,878,143 | ||||||||||
Loans held-for-sale, at fair value | 62,376 | 66,126 | 19,418 | 32,006 | 122,033 | ||||||||||
Loans: | |||||||||||||||
Commercial | 10,408,095 | 10,332,631 | 9,648,269 | 9,512,230 | 9,333,448 | ||||||||||
Commercial and agriculture real estate | 16,356,216 | 16,016,958 | 14,653,958 | 14,140,629 | 13,916,221 | ||||||||||
Residential real estate | 6,757,896 | 6,894,957 | 6,661,379 | 6,699,443 | 6,696,288 | ||||||||||
Consumer | 2,878,436 | 2,905,967 | 2,659,713 | 2,639,625 | 2,631,877 | ||||||||||
Total loans | 36,400,643 | 36,150,513 | 33,623,319 | 32,991,927 | 32,577,834 | ||||||||||
Allowance for credit losses on loans | (380,840 | ) | (366,335 | ) | (319,713 | ) | (307,610 | ) | (303,982 | ) | |||||
Premises and equipment, net | 599,528 | 601,945 | 564,007 | 565,396 | 565,607 | ||||||||||
Goodwill and other intangible assets | 2,305,084 | 2,306,204 | 2,095,511 | 2,100,966 | 2,106,835 | ||||||||||
Company-owned life insurance | 863,723 | 862,032 | 767,423 | 767,902 | 774,517 | ||||||||||
Accrued interest receivable and other assets | 1,690,460 | 1,714,519 | 1,601,911 | 1,591,683 | 1,675,031 | ||||||||||
Total assets | $ | 53,602,293 | $ | 53,119,645 | $ | 49,534,918 | $ | 49,089,836 | $ | 49,059,448 | |||||
Liabilities and Equity | |||||||||||||||
Noninterest-bearing demand deposits | $ | 9,429,285 | $ | 9,336,042 | $ | 9,257,709 | $ | 9,664,247 | $ | 10,091,352 | |||||
Interest-bearing: | |||||||||||||||
Checking and NOW accounts | 7,314,245 | 7,680,865 | 7,236,667 | 7,331,487 | 7,495,417 | ||||||||||
Savings accounts | 4,781,447 | 4,983,811 | 5,020,095 | 5,099,186 | 5,296,985 | ||||||||||
Money market accounts | 11,601,461 | 10,485,491 | 10,234,113 | 9,561,116 | 8,793,218 | ||||||||||
Other time deposits | 6,010,070 | 5,688,432 | 4,760,659 | 4,565,137 | 4,398,182 | ||||||||||
Total core deposits | 39,136,508 | 38,174,641 | 36,509,243 | 36,221,173 | 36,075,154 | ||||||||||
Brokered deposits | 1,709,238 | 1,824,587 | 1,190,175 | 1,014,007 | 1,177,522 | ||||||||||
Total deposits | 40,845,746 | 39,999,228 | 37,699,418 | 37,235,180 | 37,252,676 | ||||||||||
Federal funds purchased and interbank borrowings | 135,263 | 250,154 | 50,416 | 390 | 918 | ||||||||||
Securities sold under agreements to repurchase | 244,626 | 240,713 | 274,493 | 285,206 | 279,061 | ||||||||||
Federal Home Loan Bank advances | 4,471,153 | 4,744,560 | 4,193,039 | 4,280,681 | 4,412,576 | ||||||||||
Other borrowings | 598,054 | 849,777 | 813,213 | 764,870 | 863,455 | ||||||||||
Total borrowed funds | 5,449,096 | 6,085,204 | 5,331,161 | 5,331,147 | 5,556,010 | ||||||||||
Accrued expenses and other liabilities | 940,153 | 960,141 | 908,931 | 960,609 | 1,011,225 | ||||||||||
Total liabilities | 47,234,995 | 47,044,573 | 43,939,510 | 43,526,936 | 43,819,911 | ||||||||||
Preferred stock, common stock, surplus, and retained earnings | 6,971,054 | 6,866,480 | 6,375,036 | 6,301,709 | 6,208,352 | ||||||||||
Accumulated other comprehensive income (loss), net of tax | (603,756 | ) | (791,408 | ) | (779,628 | ) | (738,809 | ) | (968,815 | ) | |||||
Total shareholders' equity | 6,367,298 | 6,075,072 | 5,595,408 | 5,562,900 | 5,239,537 | ||||||||||
Total liabilities and shareholders' equity | $ | 53,602,293 | $ | 53,119,645 | $ | 49,534,918 | $ | 49,089,836 | $ | 49,059,448 | |||||
Average Balance Sheet and Interest Rates (unaudited) | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | September 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 | $ | 904,176 | $ | 11,696 | 5.15 | % | $ | 814,944 | $ | 11,311 | 5.58 | % | $ | 980,813 | $ | 13,194 | 5.34 | % | ||||||
Investments: | ||||||||||||||||||||||||
Treasury and government-sponsored agencies | 2,255,629 | 21,851 | 3.87 | % | 2,208,935 | 21,531 | 3.90 | % | 2,376,864 | 23,037 | 3.88 | % | ||||||||||||
Mortgage-backed securities | 5,977,058 | 48,425 | 3.24 | % | 5,828,225 | 47,904 | 3.29 | % | 5,079,091 | 33,237 | 2.62 | % | ||||||||||||
States and political subdivisions | 1,668,454 | 14,042 | 3.37 | % | 1,686,994 | 14,290 | 3.39 | % | 1,737,037 | 14,220 | 3.27 | % | ||||||||||||
Other securities | 785,107 | 12,547 | 6.39 | % | 788,571 | 12,583 | 6.38 | % | 793,196 | 10,127 | 5.11 | % | ||||||||||||
Total investments | 10,686,248 | 96,865 | 3.63 | % | 10,512,725 | 96,308 | 3.66 | % | 9,986,188 | 80,621 | 3.23 | % | ||||||||||||
Loans:2 | ||||||||||||||||||||||||
Commercial | 10,373,340 | 183,878 | 7.09 | % | 10,345,098 | 183,425 | 7.09 | % | 9,612,102 | 163,869 | 6.82 | % | ||||||||||||
Commercial and agriculture real estate | 16,216,842 | 274,832 | 6.78 | % | 15,870,809 | 260,407 | 6.56 | % | 13,711,156 | 219,575 | 6.41 | % | ||||||||||||
Residential real estate loans | 6,833,597 | 67,084 | 3.93 | % | 6,952,942 | 67,683 | 3.89 | % | 6,712,269 | 62,775 | 3.74 | % | ||||||||||||
Consumer | 2,891,260 | 51,714 | 7.12 | % | 2,910,331 | 50,869 | 7.03 | % | 2,614,928 | 42,322 | 6.42 | % | ||||||||||||
Total loans | 36,315,039 | 577,508 | 6.36 | % | 36,079,180 | 562,384 | 6.24 | % | 32,650,455 | 488,541 | 5.98 | % | ||||||||||||
Total earning assets | $ | 47,905,463 | $ | 686,069 | 5.73 | % | $ | 47,406,849 | $ | 670,003 | 5.66 | % | $ | 43,617,456 | $ | 582,356 | 5.34 | % | ||||||
Less: Allowance for credit losses on loans | (366,667 | ) | (331,043 | ) | (300,071 | ) | ||||||||||||||||||
Non-earning Assets: | ||||||||||||||||||||||||
Cash and due from banks | $ | 413,583 | $ | 430,256 | $ | 382,755 | ||||||||||||||||||
Other assets | 5,394,032 | 5,341,022 | 4,960,383 | |||||||||||||||||||||
Total assets | $ | 53,346,411 | $ | 52,847,084 | $ | 48,660,523 | ||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||
Checking and NOW accounts | $ | 7,551,264 | $ | 29,344 | 1.55 | % | $ | 8,189,454 | $ | 34,398 | 1.69 | % | $ | 7,515,439 | $ | 25,531 | 1.35 | % | ||||||
Savings accounts | 4,860,161 | 5,184 | 0.42 | % | 5,044,800 | 5,254 | 0.42 | % | 5,414,775 | 4,268 | 0.31 | % | ||||||||||||
Money market accounts | 11,064,433 | 106,148 | 3.82 | % | 10,728,156 | 102,560 | 3.84 | % | 7,979,999 | 65,549 | 3.26 | % | ||||||||||||
Other time deposits | 5,928,241 | 64,435 | 4.32 | % | 5,358,103 | 56,586 | 4.25 | % | 4,229,692 | 37,110 | 3.48 | % | ||||||||||||
Total interest-bearing core deposits | 29,404,099 | 205,111 | 2.78 | % | 29,320,513 | 198,798 | 2.73 | % | 25,139,905 | 132,458 | 2.09 | % | ||||||||||||
Brokered deposits | 1,829,218 | 24,616 | 5.35 | % | 1,244,237 | 17,008 | 5.50 | % | 1,183,228 | 14,970 | 5.02 | % | ||||||||||||
Total interest-bearing deposits | 31,233,317 | 229,727 | 2.93 | % | 30,564,750 | 215,806 | 2.84 | % | 26,323,133 | 147,428 | 2.22 | % | ||||||||||||
Federal funds purchased and interbank borrowings | 14,549 | 292 | 7.98 | % | 148,835 | 1,986 | 5.37 | % | 62,921 | 910 | 5.74 | % | ||||||||||||
Securities sold under agreements to repurchase | 239,524 | 612 | 1.02 | % | 249,939 | 639 | 1.03 | % | 302,305 | 710 | 0.93 | % | ||||||||||||
Federal Home Loan Bank advances | 4,572,046 | 47,719 | 4.15 | % | 4,473,978 | 44,643 | 4.01 | % | 4,537,250 | 40,382 | 3.53 | % | ||||||||||||
Other borrowings | 754,544 | 9,851 | 5.19 | % | 891,609 | 12,168 | 5.49 | % | 841,307 | 12,003 | 5.66 | % | ||||||||||||
Total borrowed funds | 5,580,663 | 58,474 | 4.17 | % | 5,764,361 | 59,436 | 4.15 | % | 5,743,783 | 54,005 | 3.73 | % | ||||||||||||
Total interest-bearing liabilities | $ | 36,813,980 | $ | 288,201 | 3.11 | % | $ | 36,329,111 | $ | 275,242 | 3.05 | % | $ | 32,066,916 | $ | 201,433 | 2.49 | % | ||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
Demand deposits | $ | 9,371,698 | $ | 9,558,675 | $ | 10,338,267 | ||||||||||||||||||
Other liabilities | 970,662 | 980,322 | 961,268 | |||||||||||||||||||||
Shareholders' equity | 6,190,071 | 5,978,976 | 5,294,072 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 53,346,411 | $ | 52,847,084 | $ | 48,660,523 | ||||||||||||||||||
Net interest rate spread | 2.62 | % | 2.61 | % | 2.85 | % | ||||||||||||||||||
Net interest margin (GAAP) | 3.27 | % | 3.28 | % | 3.44 | % | ||||||||||||||||||
Net interest margin (FTE)3 | 3.32 | % | 3.33 | % | 3.49 | % | ||||||||||||||||||
FTE adjustment | $ | 6,144 | $ | 6,340 | $ | 5,837 | ||||||||||||||||||
1 Interest income is reflected on a FTE basis. | ||||||||||||||||||||||||
2 Includes loans held-for-sale. | ||||||||||||||||||||||||
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | ||||||||||||||||||||||||
Average Balance Sheet and Interest Rates (unaudited) | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||
September 30, 2024 | September 30, 2023 | ||||||||||||||||
Average | Income1/ | Yield/ | Average | Income1/ | Yield/ | ||||||||||||
Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||
Money market and other interest-earning investments | $ | 825,743 | $ | 32,992 | 5.34 | % | $ | 736,225 | $ | 25,258 | 4.59 | % | |||||
Investments: | |||||||||||||||||
Treasury and government-sponsored agencies | 2,275,607 | 66,648 | 3.91 | % | 2,266,177 | 58,923 | 3.47 | % | |||||||||
Mortgage-backed securities | 5,721,725 | 135,217 | 3.15 | % | 5,268,509 | 102,618 | 2.60 | % | |||||||||
States and political subdivisions | 1,678,504 | 42,308 | 3.36 | % | 1,771,155 | 43,306 | 3.26 | % | |||||||||
Other securities | 781,385 | 37,303 | 6.37 | % | 785,474 | 28,726 | 4.88 | % | |||||||||
Total investments | $ | 10,457,221 | $ | 281,476 | 3.59 | % | $ | 10,091,315 | $ | 233,573 | 3.09 | % | |||||
Loans:2 | |||||||||||||||||
Commercial | 10,087,322 | 534,566 | 7.07 | % | 9,644,541 | 475,210 | 6.57 | % | |||||||||
Commercial and agriculture real estate | 15,488,010 | 765,325 | 6.59 | % | 13,180,509 | 598,337 | 6.05 | % | |||||||||
Residential real estate loans | 6,826,809 | 197,770 | 3.86 | % | 6,626,551 | 181,592 | 3.65 | % | |||||||||
Consumer | 2,815,837 | 146,177 | 6.93 | % | 2,612,519 | 120,428 | 6.16 | % | |||||||||
Total loans | 35,217,978 | 1,643,838 | 6.22 | % | 32,064,120 | 1,375,567 | 5.72 | % | |||||||||
Total earning assets | $ | 46,500,942 | $ | 1,958,306 | 5.62 | % | $ | 42,891,660 | $ | 1,634,398 | 5.08 | % | |||||
Less: Allowance for credit losses on loans | (337,168 | ) | (301,909 | ) | |||||||||||||
Non-earning Assets: | |||||||||||||||||
Cash and due from banks | $ | 402,213 | $ | 412,998 | |||||||||||||
Other assets | 5,232,807 | 4,917,592 | |||||||||||||||
Total assets | $ | 51,798,794 | $ | 47,920,341 | |||||||||||||
Interest-Bearing Liabilities: | |||||||||||||||||
Checking and NOW accounts | $ | 7,627,029 | $ | 88,994 | 1.56 | % | $ | 7,793,561 | $ | 69,248 | 1.19 | % | |||||
Savings accounts | 4,976,361 | 15,455 | 0.41 | % | 5,791,780 | 9,745 | 0.22 | % | |||||||||
Money market accounts | 10,571,821 | 302,921 | 3.83 | % | 6,577,317 | 120,917 | 2.46 | % | |||||||||
Other time deposits | 5,327,361 | 168,453 | 4.22 | % | 3,660,156 | 79,032 | 2.89 | % | |||||||||
Total interest-bearing core deposits | 28,502,572 | 575,823 | 2.70 | % | 23,822,814 | 278,942 | 1.57 | % | |||||||||
Brokered deposits | 1,375,231 | 55,149 | 5.36 | % | 879,886 | 32,053 | 4.87 | % | |||||||||
Total interest-bearing deposits | 29,877,803 | 630,972 | 2.82 | % | 24,702,700 | 310,995 | 1.68 | % | |||||||||
Federal funds purchased and interbank borrowings | 77,262 | 3,239 | 5.60 | % | 306,480 | 11,404 | 4.97 | % | |||||||||
Securities sold under agreements to repurchase | 261,818 | 2,168 | 1.11 | % | 351,362 | 2,389 | 0.91 | % | |||||||||
Federal Home Loan Bank advances | 4,477,851 | 133,529 | 3.98 | % | 4,699,074 | 123,466 | 3.51 | % | |||||||||
Other borrowings | 823,746 | 33,058 | 5.36 | % | 806,575 | 30,071 | 4.98 | % | |||||||||
Total borrowed funds | 5,640,677 | 171,994 | 4.07 | % | 6,163,491 | 167,330 | 3.63 | % | |||||||||
Total interest-bearing liabilities | 35,518,480 | 802,966 | 3.02 | % | 30,866,191 | 478,325 | 2.07 | % | |||||||||
Noninterest-Bearing Liabilities and Shareholders' Equity | |||||||||||||||||
Demand deposits | $ | 9,396,081 | $ | 10,864,375 | |||||||||||||
Other liabilities | 971,687 | 944,619 | |||||||||||||||
Shareholders' equity | 5,912,546 | 5,245,156 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 51,798,794 | $ | 47,920,341 | |||||||||||||
Net interest rate spread | 2.60 | % | 3.01 | % | |||||||||||||
Net interest margin (GAAP) | 3.26 | % | 3.54 | % | |||||||||||||
Net interest margin (FTE)3 | 3.31 | % | 3.59 | % | |||||||||||||
FTE adjustment | $ | 18,737 | $ | 17,328 | |||||||||||||
1 Interest income is reflected on a FTE. | |||||||||||||||||
2 Includes loans held-for-sale. | |||||||||||||||||
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | |||||||||||||||||
Asset Quality (EOP) (unaudited) | ||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||
Beginning allowance for credit losses on loans | $ | 366,335 | $ | 319,713 | $ | 307,610 | $ | 303,982 | $ | 300,555 | $ | 307,610 | $ | 303,671 | ||||||||
Allowance established for acquired PCD loans | 2,803 | 23,922 | — | — | — | 26,725 | — | |||||||||||||||
Provision for credit losses on loans | 29,176 | 36,745 | 23,853 | 13,329 | 23,115 | 89,774 | 46,520 | |||||||||||||||
Gross charge-offs | (18,965 | ) | (17,041 | ) | (14,020 | ) | (13,202 | ) | (22,750 | ) | (50,026 | ) | (55,261 | ) | ||||||||
Gross recoveries | 1,491 | 2,996 | 2,270 | 3,501 | 3,062 | 6,757 | 9,052 | |||||||||||||||
NCOs | (17,474 | ) | (14,045 | ) | (11,750 | ) | (9,701 | ) | (19,688 | ) | (43,269 | ) | (46,209 | ) | ||||||||
Ending allowance for credit losses on loans | $ | 380,840 | $ | 366,335 | $ | 319,713 | $ | 307,610 | $ | 303,982 | $ | 380,840 | $ | 303,982 | ||||||||
Beginning allowance for credit losses on unfunded commitments | $ | 25,733 | $ | 26,264 | $ | 31,226 | $ | 32,960 | $ | 37,007 | $ | 31,226 | $ | 32,188 | ||||||||
Provision (release) for credit losses on unfunded commitments | (679 | ) | (531 | ) | (4,962 | ) | (1,734 | ) | (4,047 | ) | (6,172 | ) | 772 | |||||||||
Ending allowance for credit losses on unfunded commitments | $ | 25,054 | $ | 25,733 | $ | 26,264 | $ | 31,226 | $ | 32,960 | $ | 25,054 | $ | 32,960 | ||||||||
Allowance for credit losses | $ | 405,894 | $ | 392,068 | $ | 345,977 | $ | 338,836 | $ | 336,942 | $ | 405,894 | $ | 336,942 | ||||||||
Provision for credit losses on loans | $ | 29,176 | $ | 36,745 | $ | 23,853 | $ | 13,329 | $ | 23,115 | $ | 89,774 | $ | 46,520 | ||||||||
Provision (release) for credit losses on unfunded commitments | (679 | ) | (531 | ) | (4,962 | ) | (1,734 | ) | (4,047 | ) | (6,172 | ) | 772 | |||||||||
Provision for credit losses | $ | 28,497 | $ | 36,214 | $ | 18,891 | $ | 11,595 | $ | 19,068 | $ | 83,602 | $ | 47,292 | ||||||||
NCOs / average loans1 | 0.19 | % | 0.16 | % | 0.14 | % | 0.12 | % | 0.24 | % | 0.16 | % | 0.19 | % | ||||||||
Average loans1 | $ | 36,299,544 | $ | 36,053,845 | $ | 33,242,739 | $ | 32,752,406 | $ | 32,639,812 | $ | 35,202,727 | $ | 32,057,989 | ||||||||
EOP loans1 | 36,400,643 | 36,150,513 | 33,623,319 | 32,991,927 | 32,577,834 | 36,400,643 | 32,577,834 | |||||||||||||||
ACL on loans / EOP loans1 | 1.05 | % | 1.01 | % | 0.95 | % | 0.93 | % | 0.93 | % | 1.05 | % | 0.93 | % | ||||||||
ACL / EOP loans1 | 1.12 | % | 1.08 | % | 1.03 | % | 1.03 | % | 1.03 | % | 1.12 | % | 1.03 | % | ||||||||
Underperforming Assets: | ||||||||||||||||||||||
Loans 90 days and over (still accruing) | $ | 1,177 | $ | 5,251 | $ | 2,172 | $ | 961 | $ | 1,192 | $ | 1,177 | $ | 1,192 | ||||||||
Nonaccrual loans | 443,597 | 340,181 | 328,645 | 274,821 | 261,346 | 443,597 | 261,346 | |||||||||||||||
Foreclosed assets | 4,077 | 8,290 | 9,344 | 9,434 | 9,761 | 4,077 | 9,761 | |||||||||||||||
Total underperforming assets | $ | 448,851 | $ | 353,722 | $ | 340,161 | $ | 285,216 | $ | 272,299 | $ | 448,851 | $ | 272,299 | ||||||||
Classified and Criticized Assets: | ||||||||||||||||||||||
Nonaccrual loans | $ | 443,597 | $ | 340,181 | $ | 328,645 | $ | 274,821 | $ | 261,346 | $ | 443,597 | $ | 261,346 | ||||||||
Substandard loans (still accruing) | 1,074,243 | 841,087 | 626,157 | 599,358 | 563,427 | 1,074,243 | 563,427 | |||||||||||||||
Loans 90 days and over (still accruing) | 1,177 | 5,251 | 2,172 | 961 | 1,192 | 1,177 | 1,192 | |||||||||||||||
Total classified loans - "problem loans" | 1,519,017 | 1,186,519 | 956,974 | 875,140 | 825,965 | 1,519,017 | 825,965 | |||||||||||||||
Other classified assets | 59,485 | 60,772 | 54,392 | 48,930 | 48,998 | 59,485 | 48,998 | |||||||||||||||
Special Mention | 837,543 | 967,655 | 827,419 | 843,920 | 775,526 | 837,543 | 775,526 | |||||||||||||||
Total classified and criticized assets | $ | 2,416,045 | $ | 2,214,946 | $ | 1,838,785 | $ | 1,767,990 | $ | 1,650,489 | $ | 2,416,045 | $ | 1,650,489 | ||||||||
Loans 30-89 days past due (still accruing) | $ | 91,750 | $ | 51,712 | $ | 53,112 | $ | 71,868 | $ | 56,772 | $ | 91,750 | $ | 56,772 | ||||||||
Nonaccrual loans / EOP loans1 | 1.22 | % | 0.94 | % | 0.98 | % | 0.83 | % | 0.80 | % | 1.22 | % | 0.80 | % | ||||||||
ACL / nonaccrual loans | 92 | % | 115 | % | 105 | % | 123 | % | 129 | % | 92 | % | 129 | % | ||||||||
Under-performing assets/EOP loans1 | 1.23 | % | 0.98 | % | 1.01 | % | 0.86 | % | 0.84 | % | 1.23 | % | 0.84 | % | ||||||||
Under-performing assets/EOP assets | 0.84 | % | 0.67 | % | 0.69 | % | 0.58 | % | 0.56 | % | 0.84 | % | 0.56 | % | ||||||||
30+ day delinquencies/EOP loans1 | 0.26 | % | 0.16 | % | 0.16 | % | 0.22 | % | 0.18 | % | 0.26 | % | 0.18 | % | ||||||||
1 Excludes loans held-for-sale. | ||||||||||||||||||||||
Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
($ and shares in thousands, except per share data) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
Earnings Per Share: | ||||||||||||||||||||||
Net income applicable to common shares | $ | 139,768 | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 373,214 | $ | 437,411 | ||||||||
Adjustments: | ||||||||||||||||||||||
Merger-related charges | 6,860 | 19,440 | 2,908 | 5,529 | 6,257 | 29,208 | 23,187 | |||||||||||||||
Tax effect1 | (1,528 | ) | (4,413 | ) | (710 | ) | (1,343 | ) | (1,042 | ) | (6,651 | ) | (4,491 | ) | ||||||||
Merger-related charges, net | 5,332 | 15,027 | 2,198 | 4,186 | 5,215 | 22,557 | 18,696 | |||||||||||||||
Separation expense | 2,646 | — | — | — | — | 2,646 | — | |||||||||||||||
Tax effect1 | (589 | ) | — | — | — | — | (589 | ) | — | |||||||||||||
Separation expense, net | 2,057 | — | — | — | — | 2,057 | — | |||||||||||||||
Debt securities (gains) losses | 76 | (2 | ) | 16 | 825 | 241 | 90 | 5,440 | ||||||||||||||
Tax effect1 | (17 | ) | 1 | (4 | ) | (200 | ) | (40 | ) | (20 | ) | (1,175 | ) | |||||||||
Debt securities (gains) losses, net | 59 | (1 | ) | 12 | 625 | 201 | 70 | 4,265 | ||||||||||||||
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 | — | |||||||||||||||
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 | |||||||||||||||
Tax effect1 | — | — | — | — | — | — | (392 | ) | ||||||||||||||
Louisville expenses, net | — | — | — | — | — | — | 2,969 | |||||||||||||||
Property optimization charges | — | — | — | — | — | — | 1,559 | |||||||||||||||
Tax effect1 | — | — | — | — | — | — | (315 | ) | ||||||||||||||
Property optimization charges, net | — | — | — | — | — | — | 1,244 | |||||||||||||||
Total adjustments, net | 7,448 | 26,862 | 14,541 | 6,196 | 5,416 | 48,851 | 27,174 | |||||||||||||||
Net income applicable to common shares, adjusted | $ | 147,216 | $ | 144,058 | $ | 130,791 | $ | 134,642 | $ | 149,258 | $ | 422,065 | $ | 464,585 | ||||||||
Weighted average diluted common shares outstanding | 317,331 | 316,461 | 292,207 | 292,029 | 291,717 | 308,605 | 291,809 | |||||||||||||||
EPS, diluted | $ | 0.44 | $ | 0.37 | $ | 0.40 | $ | 0.44 | $ | 0.49 | $ | 1.21 | $ | 1.50 | ||||||||
Adjusted EPS, diluted | $ | 0.46 | $ | 0.46 | $ | 0.45 | $ | 0.46 | $ | 0.51 | $ | 1.37 | $ | 1.59 | ||||||||
NIM: | ||||||||||||||||||||||
Net interest income | $ | 391,724 | $ | 388,421 | $ | 356,458 | $ | 364,408 | $ | 375,086 | $ | 1,136,603 | $ | 1,138,745 | ||||||||
Add: FTE adjustment2 | 6,144 | 6,340 | 6,253 | 6,100 | 5,837 | 18,737 | 17,328 | |||||||||||||||
Net interest income (FTE) | $ | 397,868 | $ | 394,761 | $ | 362,711 | $ | 370,508 | $ | 380,923 | $ | 1,155,340 | $ | 1,156,073 | ||||||||
Average earning assets | $ | 47,905,463 | $ | 47,406,849 | $ | 44,175,079 | $ | 43,701,283 | $ | 43,617,456 | $ | 46,500,942 | $ | 42,891,660 | ||||||||
NIM (GAAP) | 3.27 | % | 3.28 | % | 3.23 | % | 3.34 | % | 3.44 | % | 3.26 | % | 3.54 | % | ||||||||
NIM (FTE) | 3.32 | % | 3.33 | % | 3.28 | % | 3.39 | % | 3.49 | % | 3.31 | % | 3.59 | % | ||||||||
Refer to last page of Non-GAAP reconciliations for footnotes. |
Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
PPNR: | ||||||||||||||||||||||
Net interest income (FTE)2 | $ | 397,868 | $ | 394,761 | $ | 362,711 | $ | 370,508 | $ | 380,923 | $ | 1,155,340 | $ | 1,156,073 | ||||||||
Add: Noninterest income | 94,138 | 87,271 | 77,522 | 100,094 | 80,938 | 258,931 | 233,248 | |||||||||||||||
Total revenue (FTE) | 492,006 | 482,032 | 440,233 | 470,602 | 461,861 | 1,414,271 | 1,389,321 | |||||||||||||||
Less: Noninterest expense | (272,283 | ) | (282,999 | ) | (262,317 | ) | (284,235 | ) | (244,776 | ) | (817,599 | ) | (742,071 | ) | ||||||||
PPNR | $ | 219,723 | $ | 199,033 | $ | 177,916 | $ | 186,367 | $ | 217,085 | $ | 596,672 | $ | 647,250 | ||||||||
Adjustments: | ||||||||||||||||||||||
Gain on sale of Visa Class B restricted shares | $ | — | $ | — | $ | — | $ | (21,635 | ) | $ | — | $ | — | $ | — | |||||||
Debt securities (gains) losses | 76 | (2 | ) | 16 | 825 | 241 | 90 | 5,440 | ||||||||||||||
Noninterest income adjustments | 76 | (2 | ) | 16 | (20,810 | ) | 241 | 90 | 5,440 | |||||||||||||
Adjusted noninterest income | 94,214 | 87,269 | 77,538 | 79,284 | 81,179 | 259,021 | 238,688 | |||||||||||||||
Adjusted revenue | $ | 492,082 | $ | 482,030 | $ | 440,249 | $ | 449,792 | $ | 462,102 | $ | 1,414,361 | $ | 1,394,761 | ||||||||
Adjustments: | ||||||||||||||||||||||
Merger-related charges | $ | 6,860 | $ | 19,440 | $ | 2,908 | $ | 5,529 | $ | 6,257 | $ | 29,208 | $ | 23,187 | ||||||||
Separation expense | 2,646 | — | — | — | — | 2,646 | — | |||||||||||||||
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 | |||||||||||||||
Property optimization charges | — | — | — | — | — | — | 1,559 | |||||||||||||||
Noninterest expense adjustments | 9,506 | 19,440 | 19,220 | 28,994 | 6,257 | 48,166 | 28,107 | |||||||||||||||
Adjusted total noninterest expense | (262,777 | ) | (263,559 | ) | (243,097 | ) | (255,241 | ) | (238,519 | ) | (769,433 | ) | (713,964 | ) | ||||||||
Adjusted PPNR | $ | 229,305 | $ | 218,471 | $ | 197,152 | $ | 194,551 | $ | 223,583 | $ | 644,928 | $ | 680,797 | ||||||||
Efficiency Ratio: | ||||||||||||||||||||||
Noninterest expense | $ | 272,283 | $ | 282,999 | $ | 262,317 | $ | 284,235 | $ | 244,776 | $ | 817,599 | $ | 742,071 | ||||||||
Less: Amortization of intangibles | (7,411 | ) | (7,425 | ) | (5,455 | ) | (5,869 | ) | (6,040 | ) | (20,291 | ) | (18,286 | ) | ||||||||
Noninterest expense, excl. amortization of intangibles | 264,872 | 275,574 | 256,862 | 278,366 | 238,736 | 797,308 | 723,785 | |||||||||||||||
Less: Amortization of tax credit investments | (3,277 | ) | (2,747 | ) | (2,749 | ) | (7,200 | ) | (2,644 | ) | (8,773 | ) | (8,167 | ) | ||||||||
Less: Noninterest expense adjustments | (9,506 | ) | (19,440 | ) | (19,220 | ) | (28,994 | ) | (6,257 | ) | (48,166 | ) | (28,107 | ) | ||||||||
Adjusted noninterest expense, excluding amortization | $ | 252,089 | $ | 253,387 | $ | 234,893 | $ | 242,172 | $ | 229,835 | $ | 740,369 | $ | 687,511 | ||||||||
Total revenue (FTE)2 | $ | 492,006 | $ | 482,032 | $ | 440,233 | $ | 470,602 | $ | 461,861 | $ | 1,414,271 | $ | 1,389,321 | ||||||||
Less: Debt securities (gains) losses | 76 | (2 | ) | 16 | 825 | 241 | 90 | 5,440 | ||||||||||||||
Total revenue excl. debt securities (gains) losses | 492,082 | 482,030 | 440,249 | 471,427 | 462,102 | 1,414,361 | 1,394,761 | |||||||||||||||
Less: Gain on sale of Visa Class B restricted shares | — | — | — | (21,635 | ) | — | — | — | ||||||||||||||
Total adjusted revenue | $ | 492,082 | $ | 482,030 | $ | 440,249 | $ | 449,792 | $ | 462,102 | $ | 1,414,361 | $ | 1,394,761 | ||||||||
Efficiency Ratio | 53.8 | % | 57.2 | % | 58.3 | % | 59.0 | % | 51.7 | % | 56.4 | % | 51.9 | % | ||||||||
Adjusted Efficiency Ratio | 51.2 | % | 52.6 | % | 53.4 | % | 53.8 | % | 49.7 | % | 52.3 | % | 49.3 | % | ||||||||
Refer to last page of Non-GAAP reconciliations for footnotes. |
Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
ROAE and ROATCE: | ||||||||||||||||||||||
Net income applicable to common shares | $ | 139,768 | $ | 117,196 | $ | 116,250 | $ | 128,446 | $ | 143,842 | $ | 373,214 | $ | 437,411 | ||||||||
Amortization of intangibles | 7,411 | 7,425 | 5,455 | 5,869 | 6,040 | 20,291 | 18,286 | |||||||||||||||
Tax effect1 | (1,853 | ) | (1,856 | ) | (1,364 | ) | (1,467 | ) | (1,510 | ) | (5,073 | ) | (4,572 | ) | ||||||||
Amortization of intangibles, net | 5,558 | 5,569 | 4,091 | 4,402 | 4,530 | 15,218 | 13,714 | |||||||||||||||
Net income applicable to common shares, excluding intangibles amortization | 145,326 | 122,765 | 120,341 | 132,848 | 148,372 | 388,432 | 451,125 | |||||||||||||||
Total adjustments, net (see pg.12) | 7,448 | 26,862 | 14,541 | 6,196 | 5,416 | 48,851 | 27,174 | |||||||||||||||
Adjusted net income applicable to common shares, excluding intangibles amortization | $ | 152,774 | $ | 149,627 | $ | 134,882 | $ | 139,044 | $ | 153,788 | $ | 437,283 | $ | 478,299 | ||||||||
Average shareholders' equity | $ | 6,190,071 | $ | 5,978,976 | $ | 5,565,542 | $ | 5,281,487 | $ | 5,294,072 | $ | 5,912,546 | $ | 5,245,156 | ||||||||
Less: Average preferred equity | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | ||||||||
Average shareholders' common equity | $ | 5,946,352 | $ | 5,735,257 | $ | 5,321,823 | $ | 5,037,768 | $ | 5,050,353 | $ | 5,668,827 | $ | 5,001,437 | ||||||||
Average goodwill and other intangible assets | (2,304,597 | ) | (2,245,405 | ) | (2,098,338 | ) | (2,103,935 | ) | (2,109,944 | ) | (2,216,437 | ) | (2,115,953 | ) | ||||||||
Average tangible shareholder's common equity | $ | 3,641,755 | $ | 3,489,852 | $ | 3,223,485 | $ | 2,933,833 | $ | 2,940,409 | $ | 3,452,390 | $ | 2,885,484 | ||||||||
ROAE | 9.4 | % | 8.2 | % | 8.7 | % | 10.2 | % | 11.4 | % | 8.8 | % | 11.7 | % | ||||||||
ROAE, adjusted | 9.9 | % | 10.0 | % | 9.8 | % | 10.7 | % | 11.8 | % | 9.9 | % | 12.4 | % | ||||||||
ROATCE | 16.0 | % | 14.1 | % | 14.9 | % | 18.1 | % | 20.2 | % | 15.0 | % | 20.8 | % | ||||||||
ROATCE, adjusted | 16.8 | % | 17.2 | % | 16.7 | % | 19.0 | % | 20.9 | % | 16.9 | % | 22.1 | % | ||||||||
Refer to last page of Non-GAAP reconciliations for footnotes. |
Non-GAAP Measures (unaudited) | |||||||||||||||
($ in thousands) | |||||||||||||||
As of | |||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||
Tangible Common Equity: | |||||||||||||||
Shareholders' equity | $ | 6,367,298 | $ | 6,075,072 | $ | 5,595,408 | $ | 5,562,900 | $ | 5,239,537 | |||||
Less: Preferred equity | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | |||||
Shareholders' common equity | $ | 6,123,579 | $ | 5,831,353 | $ | 5,351,689 | $ | 5,319,181 | $ | 4,995,818 | |||||
Less: Goodwill and other intangible assets | (2,305,084 | ) | (2,306,204 | ) | (2,095,511 | ) | (2,100,966 | ) | (2,106,835 | ) | |||||
Tangible shareholders' common equity | $ | 3,818,495 | $ | 3,525,149 | $ | 3,256,178 | $ | 3,218,215 | $ | 2,888,983 | |||||
Total assets | $ | 53,602,293 | $ | 53,119,645 | $ | 49,534,918 | $ | 49,089,836 | $ | 49,059,448 | |||||
Less: Goodwill and other intangible assets | (2,305,084 | ) | (2,306,204 | ) | (2,095,511 | ) | (2,100,966 | ) | (2,106,835 | ) | |||||
Tangible assets | $ | 51,297,209 | $ | 50,813,441 | $ | 47,439,407 | $ | 46,988,870 | $ | 46,952,613 | |||||
Risk-weighted assets3 | $ | 40,584,608 | $ | 40,627,117 | $ | 37,845,139 | $ | 37,407,347 | $ | 37,501,646 | |||||
Tangible common equity to tangible assets | 7.44 | % | 6.94 | % | 6.86 | % | 6.85 | % | 6.15 | % | |||||
Tangible common equity to risk-weighted assets3 | 9.41 | % | 8.68 | % | 8.60 | % | 8.60 | % | 7.70 | % | |||||
Tangible Common Book Value: | |||||||||||||||
Common shares outstanding | 318,955 | 318,969 | 293,330 | 292,655 | 292,586 | ||||||||||
Tangible common book value | $ | 11.97 | $ | 11.05 | $ | 11.10 | $ | 11.00 | $ | 9.87 | |||||
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 September 30, 2024 figures are preliminary. |
FAQ
What was Old National Bancorp's (ONB) earnings per share in Q3 2024?
How much did Old National Bancorp's (ONB) total deposits grow in Q3 2024?
What was Old National Bancorp's (ONB) net interest margin in the third quarter of 2024?
How did Old National Bancorp's (ONB) loan portfolio perform in Q3 2024?