|
|
|
|
|
|
Michigan
(State or Other Jurisdiction
of Incorporation)
|
000-08185
(Commission
File Number)
|
38-2022454
(IRS Employer
Identification No.)
|
|
333 W. Fort Street, Suite 1800
Detroit, Michigan
(Address of Principal Executive Offices)
|
|
48226
(Zip Code)
|
|
|
|
|
|
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 7.01
|
Regulation FD Disclosure
|
Item 9.01
|
Financial Statements and Exhibits.
|
99.1
|
Earnings Press Release dated
January 28, 2019
. This Exhibit is furnished to, and not filed with, the Commission.
|
99.2
|
Supplemental Earnings Slides. This Exhibit is furnished to, and not filed with, the Commission.
|
Dated:
|
January 28, 2019
|
CHEMICAL FINANCIAL CORPORATION
(Registrant)
|
|
|
|
|
|
|
|
|
/s/ Dennis L. Klaeser
|
|
|
Dennis L. Klaeser
|
|
|
Executive Vice President and Chief Financial Officer
|
Exhibit Number
|
|
Document
|
|
|
|
99.1
|
99.2
|
•
|
our ability to attract and retain new commercial lenders and other bankers as well as key operations staff in light of competition for experienced employees in the banking industry;
|
•
|
operational and regulatory challenges associated with our information technology systems and policies and procedures in light of our rapid growth and systems conversion in 2018;
|
•
|
our ability to grow deposits;
|
•
|
our inability to execute on our strategy to expand investments and commercial lending;
|
•
|
our inability to efficiently manage our operating expenses;
|
•
|
economic conditions (both generally and in our markets) may be less favorable than expected, which could result in, among other things, a deterioration in credit quality, a reduction in demand for credit and a decline in real estate values;
|
•
|
a general decline in the real estate and lending markets, particularly in our market areas, could negatively affect our financial results;
|
•
|
increased cybersecurity risk, including potential network breaches, business disruptions, or financial losses;
|
•
|
increases in competitive pressure in the banking and financial services industry;
|
•
|
the timing of when historic tax credits are placed into service could impact operating expenses;
|
•
|
current or future restrictions or conditions imposed by our regulators on our operations may make it more difficult for us to achieve our goals;
|
•
|
legislative or regulatory changes, including changes in accounting standards and compliance requirements, may adversely affect us;
|
•
|
changes in the interest rate environment may reduce margins or the volumes or values of the loans we make or have acquired; economic, governmental, or other factors may prevent the projected population, residential, and commercial growth in the markets in which we operate; and
|
•
|
the risks, uncertainties and assumptions set forth under the heading "Cautionary Note Regarding Forward-Looking Statements" in the joint press release issued by Chemical and TCF on the date hereof with respect to the proposed merger transaction between Chemical and TCF.
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||
Assets
|
|
|
|
|
|
|
||||||
Cash and cash equivalents:
|
|
|
|
|
|
|
||||||
Cash and cash due from banks
|
|
$
|
228,527
|
|
|
$
|
285,605
|
|
|
$
|
226,003
|
|
Interest-bearing deposits with the Federal Reserve Bank and other banks and federal funds sold
|
|
267,312
|
|
|
379,158
|
|
|
229,988
|
|
|||
Total cash and cash equivalents
|
|
495,839
|
|
|
664,763
|
|
|
455,991
|
|
|||
Investment securities:
|
|
|
|
|
|
|
||||||
Carried at fair value
|
|
3,021,832
|
|
|
2,736,880
|
|
|
1,963,546
|
|
|||
Held-to-maturity
|
|
624,099
|
|
|
608,367
|
|
|
677,093
|
|
|||
Total investment securities
|
|
3,645,931
|
|
|
3,345,247
|
|
|
2,640,639
|
|
|||
Loans held-for-sale
|
|
85,030
|
|
|
93,736
|
|
|
52,133
|
|
|||
Loans:
|
|
|
|
|
|
|
||||||
Total loans
|
|
15,269,779
|
|
|
14,796,252
|
|
|
14,155,267
|
|
|||
Allowance for loan losses
|
|
(109,984
|
)
|
|
(104,041
|
)
|
|
(91,887
|
)
|
|||
Net loans
|
|
15,159,795
|
|
|
14,692,211
|
|
|
14,063,380
|
|
|||
Premises and equipment
|
|
123,442
|
|
|
123,305
|
|
|
126,896
|
|
|||
Loan servicing rights
|
|
71,013
|
|
|
72,707
|
|
|
63,841
|
|
|||
Goodwill
|
|
1,134,568
|
|
|
1,134,568
|
|
|
1,134,568
|
|
|||
Other intangible assets
|
|
28,556
|
|
|
29,981
|
|
|
34,271
|
|
|||
Interest receivable and other assets
|
|
754,167
|
|
|
748,971
|
|
|
709,154
|
|
|||
Total Assets
|
|
$
|
21,498,341
|
|
|
$
|
20,905,489
|
|
|
$
|
19,280,873
|
|
Liabilities
|
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
3,809,252
|
|
|
$
|
4,015,323
|
|
|
$
|
3,725,779
|
|
Interest-bearing
|
|
11,784,030
|
|
|
11,429,529
|
|
|
9,917,024
|
|
|||
Total deposits
|
|
15,593,282
|
|
|
15,444,852
|
|
|
13,642,803
|
|
|||
Collateralized customer deposits
|
|
382,687
|
|
|
377,471
|
|
|
415,236
|
|
|||
Short-term borrowings
|
|
2,035,000
|
|
|
1,670,000
|
|
|
2,000,000
|
|
|||
Long-term borrowings
|
|
426,002
|
|
|
430,971
|
|
|
372,882
|
|
|||
Interest payable and other liabilities
|
|
225,110
|
|
|
193,271
|
|
|
181,203
|
|
|||
Total liabilities
|
|
18,662,081
|
|
|
18,116,565
|
|
|
16,612,124
|
|
|||
Shareholders' Equity
|
|
|
|
|
|
|
||||||
Preferred stock, no par value per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, $1 par value per share
|
|
71,460
|
|
|
71,438
|
|
|
71,207
|
|
|||
Additional paid-in capital
|
|
2,209,761
|
|
|
2,207,631
|
|
|
2,203,637
|
|
|||
Retained earnings
|
|
616,149
|
|
|
567,510
|
|
|
419,403
|
|
|||
Accumulated other comprehensive loss
|
|
(61,110
|
)
|
|
(57,655
|
)
|
|
(25,498
|
)
|
|||
Total shareholders' equity
|
|
2,836,260
|
|
|
2,788,924
|
|
|
2,668,749
|
|
|||
Total Liabilities and Shareholders' Equity
|
|
$
|
21,498,341
|
|
|
$
|
20,905,489
|
|
|
$
|
19,280,873
|
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||
|
December 31,
2018 |
|
September 30,
2018 |
|
December 31,
2017 |
|
December 31,
2018 |
|
December 31,
2017 |
||||||||||
Interest Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans
|
$
|
180,983
|
|
|
$
|
172,686
|
|
|
$
|
150,558
|
|
|
$
|
675,875
|
|
|
$
|
573,128
|
|
Interest on investment securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
18,746
|
|
|
16,360
|
|
|
10,289
|
|
|
62,231
|
|
|
31,496
|
|
|||||
Tax-exempt
|
6,554
|
|
|
6,178
|
|
|
5,105
|
|
|
24,286
|
|
|
18,343
|
|
|||||
Dividends on nonmarketable equity securities
|
2,419
|
|
|
1,368
|
|
|
2,018
|
|
|
7,877
|
|
|
4,924
|
|
|||||
Interest on deposits with the Federal Reserve Bank and other banks and federal funds sold
|
1,401
|
|
|
1,785
|
|
|
1,192
|
|
|
5,727
|
|
|
4,244
|
|
|||||
Total interest income
|
210,103
|
|
|
198,377
|
|
|
169,162
|
|
|
775,996
|
|
|
632,135
|
|
|||||
Interest Expense
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
34,106
|
|
|
27,250
|
|
|
14,303
|
|
|
96,980
|
|
|
46,727
|
|
|||||
Interest on collateralized customer deposits
|
721
|
|
|
721
|
|
|
461
|
|
|
2,607
|
|
|
1,269
|
|
|||||
Interest on short-term borrowings
|
9,426
|
|
|
9,510
|
|
|
6,952
|
|
|
37,510
|
|
|
19,052
|
|
|||||
Interest on long-term borrowings
|
2,398
|
|
|
1,415
|
|
|
1,541
|
|
|
6,566
|
|
|
7,509
|
|
|||||
Total interest expense
|
46,651
|
|
|
38,896
|
|
|
23,257
|
|
|
143,663
|
|
|
74,557
|
|
|||||
Net Interest Income
|
163,452
|
|
|
159,481
|
|
|
145,905
|
|
|
632,333
|
|
|
557,578
|
|
|||||
Provision for loan losses
|
8,894
|
|
|
6,028
|
|
|
7,522
|
|
|
30,750
|
|
|
23,300
|
|
|||||
Net interest income after provision for loan losses
|
154,558
|
|
|
153,453
|
|
|
138,383
|
|
|
601,583
|
|
|
534,278
|
|
|||||
Noninterest Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges and fees on deposit accounts
|
8,654
|
|
|
9,319
|
|
|
9,994
|
|
|
37,097
|
|
|
38,367
|
|
|||||
Wealth management revenue
|
6,457
|
|
|
6,040
|
|
|
6,539
|
|
|
25,996
|
|
|
25,512
|
|
|||||
Other charges and fees for customer services
|
6,506
|
|
|
5,349
|
|
|
6,601
|
|
|
21,437
|
|
|
29,405
|
|
|||||
Net gain on sale of loans and other mortgage banking revenue
|
3,977
|
|
|
9,837
|
|
|
7,925
|
|
|
35,193
|
|
|
32,205
|
|
|||||
Gain (loss) on sale of investment securities
|
221
|
|
|
—
|
|
|
(7,556
|
)
|
|
224
|
|
|
(7,388
|
)
|
|||||
Other
|
6,232
|
|
|
7,372
|
|
|
8,816
|
|
|
28,589
|
|
|
25,918
|
|
|||||
Total noninterest income
|
32,047
|
|
|
37,917
|
|
|
32,319
|
|
|
148,536
|
|
|
144,019
|
|
|||||
Operating Expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries, wages and employee benefits
|
56,828
|
|
|
56,894
|
|
|
47,363
|
|
|
225,427
|
|
|
212,094
|
|
|||||
Occupancy
|
7,360
|
|
|
8,620
|
|
|
7,546
|
|
|
31,670
|
|
|
30,554
|
|
|||||
Equipment and software
|
7,641
|
|
|
8,185
|
|
|
8,000
|
|
|
31,761
|
|
|
32,248
|
|
|||||
Outside processing and service fees
|
11,698
|
|
|
12,660
|
|
|
9,081
|
|
|
45,387
|
|
|
35,142
|
|
|||||
Merger expenses
|
—
|
|
|
—
|
|
|
1,511
|
|
|
—
|
|
|
8,522
|
|
|||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
1,056
|
|
|
—
|
|
|
19,880
|
|
|||||
Other
|
24,839
|
|
|
23,302
|
|
|
25,465
|
|
|
89,953
|
|
|
83,554
|
|
|||||
Total operating expenses
|
108,366
|
|
|
109,661
|
|
|
100,022
|
|
|
424,198
|
|
|
421,994
|
|
|||||
Income before income taxes
|
78,239
|
|
|
81,709
|
|
|
70,680
|
|
|
325,921
|
|
|
256,303
|
|
|||||
Income tax expense
|
5,200
|
|
|
11,312
|
|
|
61,234
|
|
|
41,901
|
|
|
106,780
|
|
|||||
Net Income
|
$
|
73,039
|
|
|
$
|
70,397
|
|
|
$
|
9,446
|
|
|
$
|
284,020
|
|
|
$
|
149,523
|
|
Earnings Per Common Share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average common shares outstanding-basic
|
71,445
|
|
|
71,385
|
|
|
71,095
|
|
|
71,385
|
|
|
70,865
|
|
|||||
Weighted average common shares outstanding-diluted
|
72,079
|
|
|
72,087
|
|
|
71,682
|
|
|
72,025
|
|
|
71,513
|
|
|||||
Basic earnings per common share
|
$
|
1.02
|
|
|
$
|
0.99
|
|
|
$
|
0.13
|
|
|
$
|
3.98
|
|
|
$
|
2.11
|
|
Diluted earnings per common share
|
$
|
1.01
|
|
|
$
|
0.98
|
|
|
$
|
0.13
|
|
|
$
|
3.94
|
|
|
$
|
2.08
|
|
Diluted earnings per common share, excluding significant items (non-GAAP)
|
$
|
1.01
|
|
|
$
|
0.98
|
|
|
$
|
0.87
|
|
|
$
|
3.94
|
|
|
$
|
3.06
|
|
Cash Dividends Declared Per Common Share
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
$
|
0.28
|
|
|
$
|
1.24
|
|
|
$
|
1.10
|
|
Key Ratios (annualized where applicable):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Return on average assets
|
1.39
|
%
|
|
1.37
|
%
|
|
0.20
|
%
|
|
1.41
|
%
|
|
0.81
|
%
|
|||||
Return on average tangible shareholders' equity, excluding significant items (non-GAAP)
|
17.8
|
%
|
|
17.5
|
%
|
|
16.5
|
%
|
|
17.9
|
%
|
|
14.9
|
%
|
|||||
Net interest margin (FTE) (non-GAAP)
|
3.49
|
%
|
|
3.48
|
%
|
|
3.47
|
%
|
|
3.53
|
%
|
|
3.48
|
%
|
|||||
Efficiency ratio - GAAP
|
55.4
|
%
|
|
55.6
|
%
|
|
56.1
|
%
|
|
54.3
|
%
|
|
60.1
|
%
|
|||||
Efficiency ratio - adjusted (non-GAAP)
|
50.4
|
%
|
|
52.8
|
%
|
|
47.4
|
%
|
|
51.5
|
%
|
|
51.9
|
%
|
|
|
4th Quarter 2018
|
|
3rd Quarter 2018
|
|
2nd Quarter 2018
|
|
1st Quarter 2018
|
|
4th Quarter 2017
|
|
3rd Quarter 2017
|
|
2nd Quarter 2017
|
|
1st Quarter 2017
|
||||||||||||||||
Summary of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest income
|
$210,103
|
|
$
|
198,377
|
|
|
$
|
189,582
|
|
|
$
|
177,934
|
|
|
$
|
169,162
|
|
|
$
|
164,944
|
|
|
$
|
155,133
|
|
|
$
|
142,896
|
|
||
Interest expense
|
46,651
|
|
|
38,896
|
|
|
32,045
|
|
|
26,071
|
|
|
23,257
|
|
|
21,316
|
|
|
17,185
|
|
|
12,799
|
|
||||||||
Net interest income
|
163,452
|
|
|
159,481
|
|
|
157,537
|
|
|
151,863
|
|
|
145,905
|
|
|
143,628
|
|
|
137,948
|
|
|
130,097
|
|
||||||||
Provision for loan losses
|
8,894
|
|
|
6,028
|
|
|
9,572
|
|
|
6,256
|
|
|
7,522
|
|
|
5,499
|
|
|
6,229
|
|
|
4,050
|
|
||||||||
Net interest income after provision for loan losses
|
154,558
|
|
|
153,453
|
|
|
147,965
|
|
|
145,607
|
|
|
138,383
|
|
|
138,129
|
|
|
131,719
|
|
|
126,047
|
|
||||||||
Noninterest income
|
32,047
|
|
|
37,917
|
|
|
38,018
|
|
|
40,554
|
|
|
32,319
|
|
|
32,122
|
|
|
41,568
|
|
|
38,010
|
|
||||||||
Operating expenses, excluding merger and restructuring expenses and impairment of income tax credits (non-GAAP)
|
102,594
|
|
|
106,499
|
|
|
102,845
|
|
|
99,976
|
|
|
91,298
|
|
|
95,241
|
|
|
97,772
|
|
|
100,029
|
|
||||||||
Merger and restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,567
|
|
|
21,203
|
|
|
465
|
|
|
4,167
|
|
||||||||
Impairment of income tax credits
|
5,772
|
|
|
3,162
|
|
|
1,716
|
|
|
1,634
|
|
|
6,157
|
|
|
3,095
|
|
|
—
|
|
|
—
|
|
||||||||
Income before income taxes
|
78,239
|
|
|
81,709
|
|
|
81,422
|
|
|
84,551
|
|
|
70,680
|
|
|
50,712
|
|
|
75,050
|
|
|
59,861
|
|
||||||||
Income tax expense
|
5,200
|
|
|
11,312
|
|
|
12,434
|
|
|
12,955
|
|
|
61,234
|
|
|
10,253
|
|
|
23,036
|
|
|
12,257
|
|
||||||||
Net income
|
$
|
73,039
|
|
|
$
|
70,397
|
|
|
$
|
68,988
|
|
|
$
|
71,596
|
|
|
$
|
9,446
|
|
|
$
|
40,459
|
|
|
$
|
52,014
|
|
|
$
|
47,604
|
|
Significant items, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,240
|
|
|
13,782
|
|
|
302
|
|
|
2,709
|
|
||||||||
Net income, excluding significant items
|
$
|
73,039
|
|
|
$
|
70,397
|
|
|
$
|
68,988
|
|
|
$
|
71,596
|
|
|
$
|
62,686
|
|
|
$
|
54,241
|
|
|
$
|
52,316
|
|
|
$
|
50,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Basic
|
$
|
1.02
|
|
|
$
|
0.99
|
|
|
$
|
0.97
|
|
|
$
|
1.01
|
|
|
$
|
0.13
|
|
|
$
|
0.57
|
|
|
$
|
0.73
|
|
|
$
|
0.67
|
|
Diluted
|
1.01
|
|
|
0.98
|
|
|
0.96
|
|
|
0.99
|
|
|
0.13
|
|
|
0.56
|
|
|
0.73
|
|
|
0.67
|
|
||||||||
Diluted, excluding significant items (non-GAAP)
|
1.01
|
|
|
0.98
|
|
|
0.96
|
|
|
0.99
|
|
|
0.87
|
|
|
0.76
|
|
|
0.73
|
|
|
0.70
|
|
||||||||
Cash dividends declared
|
0.34
|
|
|
0.34
|
|
|
0.28
|
|
|
0.28
|
|
|
0.28
|
|
|
0.28
|
|
|
0.27
|
|
|
0.27
|
|
||||||||
Book value - period-end
|
39.69
|
|
|
39.04
|
|
|
38.52
|
|
|
37.91
|
|
|
37.48
|
|
|
37.57
|
|
|
37.11
|
|
|
36.56
|
|
||||||||
Tangible book value - period-end (non-GAAP)
|
23.54
|
|
|
22.87
|
|
|
22.33
|
|
|
21.68
|
|
|
21.21
|
|
|
21.36
|
|
|
20.89
|
|
|
20.32
|
|
||||||||
Market value - period-end
|
36.61
|
|
|
53.40
|
|
|
55.67
|
|
|
54.68
|
|
|
53.47
|
|
|
52.26
|
|
|
48.41
|
|
|
51.15
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Key Ratios (annualized where applicable)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net interest margin (FTE) (non-GAAP)
|
3.49
|
%
|
|
3.48
|
%
|
|
3.59
|
%
|
|
3.56
|
%
|
|
3.47
|
%
|
|
3.48
|
%
|
|
3.48
|
%
|
|
3.49
|
%
|
||||||||
Efficiency ratio - adjusted (non-GAAP)
|
50.4
|
%
|
|
52.8
|
%
|
|
51.2
|
%
|
|
51.6
|
%
|
|
47.4
|
%
|
|
51.2
|
%
|
|
52.2
|
%
|
|
57.4
|
%
|
||||||||
Return on average assets
|
1.39
|
%
|
|
1.37
|
%
|
|
1.39
|
%
|
|
1.47
|
%
|
|
0.20
|
%
|
|
0.86
|
%
|
|
1.14
|
%
|
|
1.09
|
%
|
||||||||
Return on average assets, excluding significant items (non-GAAP)
|
1.39
|
%
|
|
1.37
|
%
|
|
1.39
|
%
|
|
1.47
|
%
|
|
1.31
|
%
|
|
1.15
|
%
|
|
1.15
|
%
|
|
1.15
|
%
|
||||||||
Return on average shareholders' equity
|
10.4
|
%
|
|
10.2
|
%
|
|
10.2
|
%
|
|
10.7
|
%
|
|
1.4
|
%
|
|
6.1
|
%
|
|
8.0
|
%
|
|
7.4
|
%
|
||||||||
Return on average tangible shareholders' equity (non-GAAP)
|
17.8
|
%
|
|
17.5
|
%
|
|
17.8
|
%
|
|
19.0
|
%
|
|
2.5
|
%
|
|
10.9
|
%
|
|
14.3
|
%
|
|
13.3
|
%
|
||||||||
Return on average tangible shareholders' equity, excluding significant items (non-GAAP)
|
17.8
|
%
|
|
17.5
|
%
|
|
17.8
|
%
|
|
19.0
|
%
|
|
16.5
|
%
|
|
14.6
|
%
|
|
14.4
|
%
|
|
14.1
|
%
|
||||||||
Average shareholders' equity as a percent of average assets
|
13.4
|
%
|
|
13.5
|
%
|
|
13.6
|
%
|
|
13.7
|
%
|
|
13.9
|
%
|
|
14.0
|
%
|
|
14.3
|
%
|
|
14.8
|
%
|
||||||||
Capital ratios (period end):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Tangible shareholders' equity as a percent of tangible assets
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.4
|
%
|
|
8.8
|
%
|
||||||||
Total risk-based capital ratio
(1)
|
11.5
|
%
|
|
11.7
|
%
|
|
11.4
|
%
|
|
11.2
|
%
|
|
11.0
|
%
|
|
11.2
|
%
|
|
11.1
|
%
|
|
11.4
|
%
|
|
(1)
|
Fully taxable equivalent (FTE) basis using a federal income tax rate of 21% for the three month periods ending in 2018 and 35% for the three months ended
December 31, 2017
. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry.
|
(2)
|
Nonaccrual loans and loans held-for-sale are included in average balances reported and are included in the calculation of yields. Also, tax equivalent interest includes net loan fees.
|
|
|
|
Year Ended
|
||||||||||||||||||||
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||
|
|
Average
Balance
|
|
Interest (FTE)
|
|
Effective
Yield/Rate
(1)
|
|
Average
Balance
|
|
Interest (FTE)
|
|
Effective
Yield/Rate (1) |
||||||||||
Assets
|
|
|
||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)(2)
|
|
$
|
14,605,963
|
|
|
$
|
678,911
|
|
|
4.65
|
%
|
|
$
|
13,607,683
|
|
|
$
|
576,429
|
|
|
4.24
|
%
|
Taxable investment securities
|
|
2,098,894
|
|
|
62,231
|
|
|
2.96
|
|
|
1,431,167
|
|
|
31,496
|
|
|
2.20
|
|
||||
Tax-exempt investment securities
(1)
|
|
1,036,269
|
|
|
30,708
|
|
|
2.96
|
|
|
905,831
|
|
|
28,120
|
|
|
3.10
|
|
||||
Other interest-earning assets
|
|
189,153
|
|
|
7,877
|
|
|
4.16
|
|
|
157,738
|
|
|
4,924
|
|
|
3.12
|
|
||||
Interest-bearing deposits with the FRB and other banks and federal funds sold
|
|
263,210
|
|
|
5,727
|
|
|
2.18
|
|
|
298,006
|
|
|
4,244
|
|
|
1.42
|
|
||||
Total interest-earning assets
|
|
18,193,489
|
|
|
785,454
|
|
|
4.32
|
|
|
16,400,425
|
|
|
645,213
|
|
|
3.93
|
|
||||
Less: allowance for loan losses
|
|
(99,152
|
)
|
|
|
|
|
|
(82,644
|
)
|
|
|
|
|
||||||||
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash due from banks
|
|
215,284
|
|
|
|
|
|
|
235,621
|
|
|
|
|
|
||||||||
Premises and equipment
|
|
125,606
|
|
|
|
|
|
|
144,114
|
|
|
|
|
|
||||||||
Interest receivable and other assets
|
|
1,765,303
|
|
|
|
|
|
|
1,767,640
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
20,200,530
|
|
|
|
|
|
|
$
|
18,465,156
|
|
|
|
|
|
||||||
Liabilities and shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand deposits
|
|
$
|
2,786,138
|
|
|
$
|
10,029
|
|
|
0.36
|
%
|
|
$
|
2,753,294
|
|
|
$
|
4,870
|
|
|
0.18
|
%
|
Savings deposits
|
|
4,246,063
|
|
|
29,636
|
|
|
0.70
|
|
|
3,940,499
|
|
|
13,049
|
|
|
0.33
|
|
||||
Time deposits
|
|
3,654,470
|
|
|
57,315
|
|
|
1.57
|
|
|
3,014,302
|
|
|
28,808
|
|
|
0.96
|
|
||||
Collateralized customer deposits
|
|
391,703
|
|
|
2,607
|
|
|
0.67
|
|
|
366,828
|
|
|
1,269
|
|
|
0.35
|
|
||||
Short-term borrowings
|
|
1,970,009
|
|
|
37,510
|
|
|
1.90
|
|
|
1,612,123
|
|
|
19,052
|
|
|
1.18
|
|
||||
Long-term borrowings
|
|
369,910
|
|
|
6,566
|
|
|
1.77
|
|
|
455,246
|
|
|
7,509
|
|
|
1.67
|
|
||||
Total interest-bearing liabilities
|
|
13,418,293
|
|
|
143,663
|
|
|
1.07
|
|
|
12,142,292
|
|
|
74,557
|
|
|
0.61
|
|
||||
Noninterest-bearing deposits
|
|
3,845,773
|
|
|
—
|
|
|
—
|
|
|
3,547,271
|
|
|
—
|
|
|
—
|
|
||||
Total deposits and borrowed funds
|
|
17,264,066
|
|
|
143,663
|
|
|
0.83
|
|
|
15,689,563
|
|
|
74,557
|
|
|
0.48
|
|
||||
Interest payable and other liabilities
|
|
196,065
|
|
|
|
|
|
|
147,731
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
2,740,399
|
|
|
|
|
|
|
2,627,862
|
|
|
|
|
|
||||||||
Total liabilities and shareholders' equity
|
|
$
|
20,200,530
|
|
|
|
|
|
|
$
|
18,465,156
|
|
|
|
|
|
||||||
Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities)
|
|
|
|
3.25
|
%
|
|
|
|
|
|
3.32
|
%
|
||||||||||
Net Interest Income (FTE)
|
|
|
|
$
|
641,791
|
|
|
|
|
|
|
$
|
570,656
|
|
|
|
||||||
Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets)
|
|
|
|
3.53
|
%
|
|
|
|
|
|
3.48
|
%
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation to Reported Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income, fully taxable equivalent (non-GAAP)
|
|
$
|
641,791
|
|
|
|
|
|
|
$
|
570,656
|
|
|
|
||||||||
Adjustments for taxable equivalent interest
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
|
|
|
(3,036
|
)
|
|
|
|
|
|
(3,301
|
)
|
|
|
||||||||
Tax-exempt investment securities
|
|
|
|
(6,422
|
)
|
|
|
|
|
|
(9,777
|
)
|
|
|
||||||||
Total taxable equivalent interest adjustments
|
|
|
|
(9,458
|
)
|
|
|
|
|
|
(13,078
|
)
|
|
|
||||||||
Net interest income (GAAP)
|
|
|
|
$
|
632,333
|
|
|
|
|
|
|
$
|
557,578
|
|
|
|
||||||
Net interest margin (GAAP)
|
|
|
|
3.48
|
%
|
|
|
|
|
|
3.40
|
%
|
|
|
(1)
|
Fully taxable equivalent (FTE) basis using a federal income tax rate of 21% for the year ended
December 31, 2018
and 35% for the year ended
December 31, 2017
. The presentation of net interest income on a FTE basis is not in accordance with GAAP, but is customary in the banking industry.
|
(2)
|
Nonaccrual loans and loans held-for-sale are included in average balances reported and are included in the calculation of yields. Also, tax equivalent interest includes net loan fees.
|
|
|
4th Quarter 2018
|
|
3rd Quarter 2018
|
|
2nd Quarter 2018
|
|
1st Quarter 2018
|
|
4th Quarter 2017
|
|
3rd Quarter 2017
|
|
2nd Quarter 2017
|
|
1st Quarter 2017
|
||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||
Noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Service charges and fees on deposit accounts
|
$
|
8,654
|
|
|
$
|
9,319
|
|
|
$
|
9,690
|
|
|
$
|
9,434
|
|
|
$
|
9,994
|
|
|
$
|
9,874
|
|
|
$
|
9,667
|
|
|
$
|
8,832
|
|
Wealth management revenue
|
6,457
|
|
|
6,040
|
|
|
7,188
|
|
|
6,311
|
|
|
6,539
|
|
|
6,188
|
|
|
6,958
|
|
|
5,827
|
|
||||||||
Other fees for customer
services
(1)
|
1,379
|
|
|
1,067
|
|
|
1,050
|
|
|
1,164
|
|
|
1,535
|
|
|
1,841
|
|
|
1,793
|
|
|
1,590
|
|
||||||||
Electronic banking fees
(1)
|
5,127
|
|
|
4,282
|
|
|
3,749
|
|
|
3,619
|
|
|
5,066
|
|
|
4,056
|
|
|
7,051
|
|
|
6,473
|
|
||||||||
Net gain on sale of loans and other mortgage banking revenue
(2)
|
6,804
|
|
|
8,905
|
|
|
8,874
|
|
|
8,783
|
|
|
7,938
|
|
|
9,282
|
|
|
11,681
|
|
|
9,679
|
|
||||||||
Change in fair value in loan servicing rights
(2)
|
(2,827
|
)
|
|
932
|
|
|
(30
|
)
|
|
3,752
|
|
|
(13
|
)
|
|
(4,041
|
)
|
|
(1,802
|
)
|
|
(519
|
)
|
||||||||
Gain (loss) on sale of investment securities
|
221
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(7,556
|
)
|
|
1
|
|
|
77
|
|
|
90
|
|
||||||||
Bank-owned life insurance
(3)
|
273
|
|
|
1,167
|
|
|
1,669
|
|
|
891
|
|
|
1,377
|
|
|
1,124
|
|
|
1,106
|
|
|
1,211
|
|
||||||||
Other
(3)
|
5,959
|
|
|
6,205
|
|
|
5,825
|
|
|
6,600
|
|
|
7,439
|
|
|
3,797
|
|
|
5,037
|
|
|
4,827
|
|
||||||||
Total noninterest income
|
$
|
32,047
|
|
|
$
|
37,917
|
|
|
$
|
38,018
|
|
|
$
|
40,554
|
|
|
$
|
32,319
|
|
|
$
|
32,122
|
|
|
$
|
41,568
|
|
|
$
|
38,010
|
|
(1)
|
Included within the line item "Other charges and fees for customers services" in the Consolidated Statements of Income.
|
(2)
|
Included within the line item "Net gain on sale of loans and other mortgage banking revenue" in the Consolidated Statements of Income.
|
(3)
|
Included within the line item "Other" noninterest income in the Consolidated Statements of Income.
|
|
4th Quarter 2018
|
|
3rd Quarter 2018
|
|
2nd Quarter 2018
|
|
1st Quarter 2018
|
|
4th Quarter 2017
|
|
3rd Quarter 2017
|
|
2nd Quarter 2017
|
|
1st Quarter 2017
|
||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Salaries and wages
(1)
|
$
|
48,486
|
|
|
$
|
49,182
|
|
|
$
|
47,810
|
|
|
$
|
45,644
|
|
|
$
|
41,866
|
|
|
$
|
44,641
|
|
|
$
|
44,959
|
|
|
$
|
48,526
|
|
Employee benefits
(1)
|
8,342
|
|
|
7,712
|
|
|
8,338
|
|
|
9,913
|
|
|
5,497
|
|
|
7,949
|
|
|
7,288
|
|
|
11,368
|
|
||||||||
Occupancy
|
7,360
|
|
|
8,620
|
|
|
7,679
|
|
|
8,011
|
|
|
7,546
|
|
|
6,871
|
|
|
8,745
|
|
|
7,392
|
|
||||||||
Equipment and software
|
7,641
|
|
|
8,185
|
|
|
8,276
|
|
|
7,659
|
|
|
8,000
|
|
|
7,582
|
|
|
8,149
|
|
|
8,517
|
|
||||||||
Outside processing and service fees
|
11,698
|
|
|
12,660
|
|
|
10,673
|
|
|
10,356
|
|
|
9,081
|
|
|
9,626
|
|
|
8,924
|
|
|
7,511
|
|
||||||||
FDIC insurance premiums
(2)
|
3,583
|
|
|
4,823
|
|
|
4,473
|
|
|
5,629
|
|
|
4,556
|
|
|
2,768
|
|
|
2,460
|
|
|
1,406
|
|
||||||||
Professional fees
(2)
|
3,758
|
|
|
3,399
|
|
|
3,004
|
|
|
2,458
|
|
|
3,483
|
|
|
3,489
|
|
|
2,567
|
|
|
1,968
|
|
||||||||
Intangible asset amortization
(2)
|
1,426
|
|
|
1,426
|
|
|
1,425
|
|
|
1,439
|
|
|
1,525
|
|
|
1,526
|
|
|
1,525
|
|
|
1,513
|
|
||||||||
Credit-related expenses
(2)
|
829
|
|
|
1,239
|
|
|
1,467
|
|
|
1,306
|
|
|
803
|
|
|
1,874
|
|
|
1,895
|
|
|
1,200
|
|
||||||||
Merger expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,511
|
|
|
2,379
|
|
|
465
|
|
|
4,167
|
|
||||||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,056
|
|
|
18,824
|
|
|
—
|
|
|
—
|
|
||||||||
Impairment of income tax credit
(2)
|
5,772
|
|
|
3,162
|
|
|
1,716
|
|
|
1,634
|
|
|
6,157
|
|
|
3,095
|
|
|
—
|
|
|
—
|
|
||||||||
Other
(2)
|
9,471
|
|
|
9,253
|
|
|
9,700
|
|
|
7,561
|
|
|
8,941
|
|
|
8,915
|
|
|
11,260
|
|
|
10,628
|
|
||||||||
Total operating expenses
|
$
|
108,366
|
|
|
$
|
109,661
|
|
|
$
|
104,561
|
|
|
$
|
101,610
|
|
|
$
|
100,022
|
|
|
$
|
119,539
|
|
|
$
|
98,237
|
|
|
$
|
104,196
|
|
(1)
|
Included within the line item "Salaries, wages and employee benefits" in the Consolidated Statements of Income.
|
(2)
|
Included within the line item "Other" operating expenses in the Consolidated Statements of Income.
|
|
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Loan Growth - Three Months Ended Dec 31, 2018
(1)
|
|
Jun 30,
2018 |
|
Mar 31,
2018 |
|
Dec 31,
2017 |
|
Loan Growth - Year Ended Dec 31, 2018
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Composition of Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
$
|
4,002,568
|
|
|
$
|
3,719,922
|
|
|
30.4
|
%
|
|
$
|
3,576,438
|
|
|
$
|
3,427,285
|
|
|
$
|
3,385,642
|
|
|
18.2
|
%
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Owner-occupied
|
2,059,557
|
|
|
1,897,934
|
|
|
34.1
|
|
|
1,863,563
|
|
|
1,832,824
|
|
|
1,813,562
|
|
|
13.6
|
|
|||||
Non-owner occupied
|
2,785,020
|
|
|
2,739,700
|
|
|
6.6
|
|
|
2,728,103
|
|
|
2,680,801
|
|
|
2,606,761
|
|
|
6.8
|
|
|||||
Vacant land
|
67,510
|
|
|
73,987
|
|
|
(35.0
|
)
|
|
79,606
|
|
|
74,751
|
|
|
80,347
|
|
|
(16.0
|
)
|
|||||
Total commercial real estate
|
4,912,087
|
|
|
4,711,621
|
|
|
17.0
|
|
|
4,671,272
|
|
|
4,588,376
|
|
|
4,500,670
|
|
|
9.1
|
|
|||||
Real estate construction
|
597,212
|
|
|
622,147
|
|
|
(16.0
|
)
|
|
618,985
|
|
|
559,780
|
|
|
574,215
|
|
|
4.0
|
|
|||||
Subtotal - commercial loans
|
9,511,867
|
|
|
9,053,690
|
|
|
20.2
|
|
|
8,866,695
|
|
|
8,575,441
|
|
|
8,460,527
|
|
|
12.4
|
|
|||||
Consumer loan portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
3,458,666
|
|
|
3,391,987
|
|
|
7.9
|
|
|
3,325,277
|
|
|
3,264,620
|
|
|
3,252,487
|
|
|
6.3
|
|
|||||
Consumer installment
|
1,521,074
|
|
|
1,560,265
|
|
|
(10.0
|
)
|
|
1,587,327
|
|
|
1,572,240
|
|
|
1,613,008
|
|
|
(5.7
|
)
|
|||||
Home equity
|
778,172
|
|
|
790,310
|
|
|
(6.1
|
)
|
|
800,394
|
|
|
806,446
|
|
|
829,245
|
|
|
(6.2
|
)
|
|||||
Subtotal - consumer loans
|
5,757,912
|
|
|
5,742,562
|
|
|
1.1
|
|
|
5,712,998
|
|
|
5,643,306
|
|
|
5,694,740
|
|
|
1.1
|
|
|||||
Total loans
|
$
|
15,269,779
|
|
|
$
|
14,796,252
|
|
|
12.8
|
%
|
|
$
|
14,579,693
|
|
|
$
|
14,218,747
|
|
|
$
|
14,155,267
|
|
|
7.9
|
%
|
(1)
|
Annualized.
|
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Deposit Growth - Three Months Ended Dec 31, 2018
(1)
|
|
Jun 30,
2018 |
|
Mar 31,
2018 |
|
Dec 31,
2017 |
|
Deposit Growth - Twelve Months Ended Dec 31, 2018
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Composition of Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest-bearing demand
|
$
|
3,809,252
|
|
|
$
|
4,015,323
|
|
|
(20.5
|
)%
|
|
$
|
3,894,259
|
|
|
$
|
3,801,125
|
|
|
$
|
3,725,779
|
|
|
2.2
|
%
|
Savings and money market accounts
|
4,092,082
|
|
|
4,220,658
|
|
|
(12.2
|
)
|
|
3,841,540
|
|
|
3,774,975
|
|
|
3,655,671
|
|
|
11.9
|
|
|||||
Interest-bearing demand
|
3,316,278
|
|
|
3,037,289
|
|
|
36.7
|
|
|
2,514,232
|
|
|
2,701,055
|
|
|
2,724,415
|
|
|
21.7
|
|
|||||
Brokered deposits
|
985,522
|
|
|
915,348
|
|
|
30.7
|
|
|
1,087,959
|
|
|
651,846
|
|
|
453,227
|
|
|
117.4
|
|
|||||
Other time deposits
|
3,390,147
|
|
|
3,256,234
|
|
|
16.5
|
|
|
3,213,546
|
|
|
3,038,816
|
|
|
3,083,711
|
|
|
9.9
|
|
|||||
Total deposits
|
$
|
15,593,281
|
|
|
$
|
15,444,852
|
|
|
3.8
|
%
|
|
$
|
14,551,536
|
|
|
$
|
13,967,817
|
|
|
$
|
13,642,803
|
|
|
14.3
|
%
|
(1)
|
Annualized.
|
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Jun 30,
2018 |
|
Mar 31,
2018 |
|
Dec 31,
2017 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Additional Data - Intangibles
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
$
|
1,134,568
|
|
|
$
|
1,134,568
|
|
|
$
|
1,134,568
|
|
|
$
|
1,134,568
|
|
|
$
|
1,134,568
|
|
Loan servicing rights
|
71,013
|
|
|
72,707
|
|
|
70,364
|
|
|
68,837
|
|
|
63,841
|
|
|||||
Core deposit intangibles (CDI)
|
28,556
|
|
|
29,981
|
|
|
31,407
|
|
|
32,833
|
|
|
34,259
|
|
|||||
Noncompete agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
|
Dec 31, 2018
|
|
Sep 30, 2018
|
|
Jun 30, 2018
|
|
Mar 31, 2018
|
|
Dec 31, 2017
|
|
Sep 30, 2017
|
|
Jun 30, 2017
|
|
Mar 31, 2017
|
||||||||||||||||
Nonperforming Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonperforming Loans
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
$
|
30,139
|
|
|
$
|
25,328
|
|
|
$
|
20,741
|
|
|
$
|
20,000
|
|
|
$
|
19,691
|
|
|
$
|
15,648
|
|
|
$
|
18,773
|
|
|
$
|
16,717
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Owner-occupied
|
16,056
|
|
|
14,936
|
|
|
16,103
|
|
|
19,855
|
|
|
19,070
|
|
|
16,295
|
|
|
11,683
|
|
|
12,575
|
|
||||||||
Non-owner occupied
|
23,021
|
|
|
8,991
|
|
|
9,168
|
|
|
5,489
|
|
|
5,270
|
|
|
4,361
|
|
|
3,600
|
|
|
3,793
|
|
||||||||
Vacant land
|
3,337
|
|
|
4,711
|
|
|
3,135
|
|
|
4,829
|
|
|
5,205
|
|
|
4,494
|
|
|
4,440
|
|
|
4,460
|
|
||||||||
Total commercial real estate
|
42,414
|
|
|
28,638
|
|
|
28,406
|
|
|
30,173
|
|
|
29,545
|
|
|
25,150
|
|
|
19,723
|
|
|
20,828
|
|
||||||||
Real estate construction
|
12
|
|
|
28,477
|
|
|
5,704
|
|
|
77
|
|
|
77
|
|
|
78
|
|
|
56
|
|
|
79
|
|
||||||||
Residential mortgage
|
7,988
|
|
|
9,611
|
|
|
7,974
|
|
|
7,621
|
|
|
8,635
|
|
|
8,646
|
|
|
7,714
|
|
|
6,749
|
|
||||||||
Consumer installment
|
1,276
|
|
|
1,350
|
|
|
945
|
|
|
922
|
|
|
842
|
|
|
875
|
|
|
757
|
|
|
755
|
|
||||||||
Home equity
|
3,604
|
|
|
3,269
|
|
|
2,972
|
|
|
3,039
|
|
|
4,305
|
|
|
3,908
|
|
|
3,871
|
|
|
2,713
|
|
||||||||
Total nonaccrual loans
(1)
|
85,433
|
|
|
96,673
|
|
|
66,742
|
|
|
61,832
|
|
|
63,095
|
|
|
54,305
|
|
|
50,894
|
|
|
47,841
|
|
||||||||
Other real estate and repossessed assets
|
6,256
|
|
|
6,584
|
|
|
5,828
|
|
|
7,719
|
|
|
8,807
|
|
|
10,605
|
|
|
14,582
|
|
|
16,395
|
|
||||||||
Total nonperforming assets
|
$
|
91,689
|
|
|
$
|
103,257
|
|
|
$
|
72,570
|
|
|
$
|
69,551
|
|
|
$
|
71,902
|
|
|
$
|
64,910
|
|
|
$
|
65,476
|
|
|
$
|
64,236
|
|
Accruing loans contractually past due 90 days or more as to interest or principal payments,
excluding acquired loans accounted for under ASC 310-30
:
|
|||||||||||||||||||||||||||||||
Commercial
|
$
|
—
|
|
|
$
|
632
|
|
|
$
|
472
|
|
|
$
|
322
|
|
|
$
|
—
|
|
|
$
|
3,521
|
|
|
$
|
58
|
|
|
$
|
1,823
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Owner-occupied
|
52
|
|
|
47
|
|
|
461
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
700
|
|
||||||||
Non-owner occupied
|
887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Vacant land
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262
|
|
|
—
|
|
||||||||
Total commercial real estate
|
939
|
|
|
47
|
|
|
477
|
|
|
—
|
|
|
13
|
|
|
144
|
|
|
262
|
|
|
700
|
|
||||||||
Real estate construction
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Home equity
|
488
|
|
|
475
|
|
|
713
|
|
|
913
|
|
|
1,364
|
|
|
2,367
|
|
|
2,026
|
|
|
1,169
|
|
||||||||
Total accruing loans contractually past due 90 days or more as to interest or principal payments
|
$
|
1,427
|
|
|
$
|
1,192
|
|
|
$
|
1,662
|
|
|
$
|
1,235
|
|
|
$
|
1,377
|
|
|
$
|
6,032
|
|
|
$
|
2,346
|
|
|
$
|
3,692
|
|
(1)
|
Acquired loans, accounted for under Accounting Standards Codification 310-30, that are not performing in accordance with contractual terms are not reported as nonperforming loans because these loans are recorded in pools at their net realizable value based on the principal and interest the Corporation expects to collect on these loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
||||||||||||||||||||||
|
4th Quarter 2018
|
|
3rd Quarter 2018
|
|
2nd Quarter 2018
|
|
1st Quarter 2018
|
|
4th Quarter 2017
|
|
3rd Quarter 2017
|
|
2nd Quarter 2017
|
|
1st Quarter 2017
|
|
Dec 31,
2018 |
|
Dec 31,
2017 |
||||||||||||||||||||
Allowance for loan losses - originated portfolio
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses - beginning of period
|
$
|
103,071
|
|
|
$
|
100,015
|
|
|
$
|
94,762
|
|
|
$
|
91,887
|
|
|
$
|
85,181
|
|
|
$
|
83,797
|
|
|
$
|
78,774
|
|
|
$
|
78,268
|
|
|
$
|
91,887
|
|
|
$
|
78,268
|
|
Provision for loan losses
|
9,444
|
|
|
5,058
|
|
|
9,572
|
|
|
6,256
|
|
|
8,101
|
|
|
4,920
|
|
|
6,229
|
|
|
4,050
|
|
|
30,330
|
|
|
23,300
|
|
||||||||||
Net loan charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial
|
(627
|
)
|
|
(564
|
)
|
|
(517
|
)
|
|
(1,252
|
)
|
|
(613
|
)
|
|
(2,348
|
)
|
|
(239
|
)
|
|
(1,999
|
)
|
|
(2,960
|
)
|
|
(5,199
|
)
|
||||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Owner-occupied
|
(153
|
)
|
|
255
|
|
|
(1,656
|
)
|
|
341
|
|
|
(232
|
)
|
|
(170
|
)
|
|
(173
|
)
|
|
725
|
|
|
(1,213
|
)
|
|
150
|
|
||||||||||
Non-owner occupied
|
(544
|
)
|
|
392
|
|
|
92
|
|
|
(456
|
)
|
|
748
|
|
|
(7
|
)
|
|
(35
|
)
|
|
21
|
|
|
(516
|
)
|
|
727
|
|
||||||||||
Vacant land
|
—
|
|
|
2
|
|
|
(921
|
)
|
|
(448
|
)
|
|
267
|
|
|
3
|
|
|
3
|
|
|
(16
|
)
|
|
(1,367
|
)
|
|
257
|
|
||||||||||
Total commercial real estate
|
(697
|
)
|
|
649
|
|
|
(2,485
|
)
|
|
(563
|
)
|
|
783
|
|
|
(174
|
)
|
|
(205
|
)
|
|
730
|
|
|
(3,096
|
)
|
|
1,134
|
|
||||||||||
Real estate construction
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
26
|
|
|
(10
|
)
|
||||||||||
Residential mortgage
|
(243
|
)
|
|
(773
|
)
|
|
(88
|
)
|
|
(53
|
)
|
|
(142
|
)
|
|
(44
|
)
|
|
19
|
|
|
(567
|
)
|
|
(1,157
|
)
|
|
(734
|
)
|
||||||||||
Consumer installment
|
(1,293
|
)
|
|
(1,410
|
)
|
|
(994
|
)
|
|
(997
|
)
|
|
(1,318
|
)
|
|
(857
|
)
|
|
(747
|
)
|
|
(1,310
|
)
|
|
(4,694
|
)
|
|
(4,232
|
)
|
||||||||||
Home equity
|
(91
|
)
|
|
96
|
|
|
(235
|
)
|
|
(542
|
)
|
|
(104
|
)
|
|
(113
|
)
|
|
(34
|
)
|
|
(389
|
)
|
|
(772
|
)
|
|
(640
|
)
|
||||||||||
Net loan charge-offs
|
(2,951
|
)
|
|
(2,002
|
)
|
|
(4,319
|
)
|
|
(3,381
|
)
|
|
(1,395
|
)
|
|
(3,536
|
)
|
|
(1,206
|
)
|
|
(3,544
|
)
|
|
(12,653
|
)
|
|
(9,681
|
)
|
||||||||||
Allowance for loan losses - end of period
|
109,564
|
|
|
103,071
|
|
|
100,015
|
|
|
94,762
|
|
|
91,887
|
|
|
85,181
|
|
|
83,797
|
|
|
78,774
|
|
|
109,564
|
|
|
91,887
|
|
||||||||||
Allowance for loan losses - acquired loan portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Allowance for loan losses - beginning of period
|
970
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
579
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Provision for loan losses
|
(550
|
)
|
|
970
|
|
|
—
|
|
|
—
|
|
|
(579
|
)
|
|
579
|
|
|
—
|
|
|
—
|
|
|
420
|
|
|
—
|
|
||||||||||
Allowance for loan losses - end of period
|
420
|
|
|
970
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
579
|
|
|
—
|
|
|
—
|
|
|
420
|
|
|
—
|
|
||||||||||
Total allowance for loan losses
|
$
|
109,984
|
|
|
$
|
104,041
|
|
|
$
|
100,015
|
|
|
$
|
94,762
|
|
|
$
|
91,887
|
|
|
$
|
85,760
|
|
|
$
|
83,797
|
|
|
$
|
78,774
|
|
|
$
|
109,984
|
|
|
$
|
91,887
|
|
Net loan charge-offs as a percent of average loans (quarterly amounts annualized)
|
0.08%
|
|
0.05%
|
|
0.12%
|
|
0.10%
|
|
0.04%
|
|
0.10%
|
|
0.04%
|
|
0.11%
|
|
0.09%
|
|
0.07%
|
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Jun 30,
2018 |
|
Mar 31,
2018 |
|
Dec 31,
2017 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Originated loans
|
$
|
11,844,756
|
|
|
$
|
11,145,442
|
|
|
$
|
10,696,533
|
|
|
$
|
10,012,516
|
|
|
$
|
9,747,429
|
|
Acquired loans
|
3,425,023
|
|
|
3,650,810
|
|
|
3,883,160
|
|
|
4,206,231
|
|
|
4,407,838
|
|
|||||
Total loans
|
$
|
15,269,779
|
|
|
$
|
14,796,252
|
|
|
$
|
14,579,693
|
|
|
$
|
14,218,747
|
|
|
$
|
14,155,267
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses, originated portfolio, as a percent of:
|
|
|
|
|
|||||||||||||||
Total originated loans
|
0.93%
|
|
0.93%
|
|
0.94%
|
|
0.95%
|
|
0.94%
|
||||||||||
Nonperforming loans
|
128.2%
|
|
106.6%
|
|
149.9%
|
|
153.3%
|
|
145.6%
|
||||||||||
Credit mark as a percent of unpaid principal balance on acquired loans
|
1.7%
|
|
1.7%
|
|
1.8%
|
|
1.8%
|
|
2.4%
|
|
|
4th Quarter 2018
|
|
3rd Quarter 2018
|
|
2nd Quarter 2018
|
|
1st Quarter 2018
|
|
4th Quarter 2017
|
|
3rd Quarter 2017
|
|
2nd Quarter 2017
|
|
1st Quarter 2017
|
|
Year Ended
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
Dec 31, 2017
|
||||||||||||||||||||||||||||
Non-GAAP Operating Results
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net income, as reported
|
$
|
73,039
|
|
|
$
|
70,397
|
|
|
$
|
68,988
|
|
|
$
|
71,596
|
|
|
$
|
9,446
|
|
|
$
|
40,459
|
|
|
$
|
52,014
|
|
|
$
|
47,604
|
|
|
$284,020
|
|
$149,523
|
||||
Merger and restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,567
|
|
|
21,203
|
|
|
465
|
|
|
4,167
|
|
|
—
|
|
|
28,402
|
|
||||||||||
Losses on sales of investment securities
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,556
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,556
|
|
||||||||||
Significant items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,123
|
|
|
21,203
|
|
|
465
|
|
|
4,167
|
|
|
—
|
|
|
35,958
|
|
||||||||||
Income tax benefit
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,543
|
)
|
|
(7,421
|
)
|
|
(163
|
)
|
|
(1,458
|
)
|
|
—
|
|
|
(12,585
|
)
|
||||||||||
Revaluation of net deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,660
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,660
|
|
||||||||||
Significant items, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,240
|
|
|
13,782
|
|
|
302
|
|
|
2,709
|
|
|
—
|
|
|
70,033
|
|
||||||||||
Net income, excluding significant items
|
$
|
73,039
|
|
|
$
|
70,397
|
|
|
$
|
68,988
|
|
|
$
|
71,596
|
|
|
$
|
62,686
|
|
|
$
|
54,241
|
|
|
$
|
52,316
|
|
|
$
|
50,313
|
|
|
$
|
284,020
|
|
|
$
|
219,556
|
|
Diluted Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Diluted earnings per share, as reported
|
$
|
1.01
|
|
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
0.99
|
|
|
$
|
0.13
|
|
|
$
|
0.56
|
|
|
$
|
0.73
|
|
|
$
|
0.67
|
|
|
$
|
3.94
|
|
|
$
|
2.08
|
|
Effect of significant items, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.74
|
|
|
0.20
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
|
0.98
|
|
||||||||||
Diluted earnings per share, excluding significant items
|
$
|
1.01
|
|
|
$
|
0.98
|
|
|
$
|
0.96
|
|
|
$
|
0.99
|
|
|
$
|
0.87
|
|
|
$
|
0.76
|
|
|
$
|
0.73
|
|
|
$
|
0.70
|
|
|
$
|
3.94
|
|
|
$
|
3.06
|
|
Return on Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Return on average assets, as reported
|
1.39
|
%
|
|
1.37
|
%
|
|
1.39
|
%
|
|
1.47
|
%
|
|
0.20
|
%
|
|
0.86
|
%
|
|
1.14
|
%
|
|
1.09
|
%
|
|
1.41
|
%
|
|
0.81
|
%
|
||||||||||
Effect of significant items, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.11
|
|
|
0.29
|
|
|
0.01
|
|
|
0.06
|
|
|
—
|
|
|
0.38
|
|
||||||||||
Return on average assets, excluding significant items
|
1.39
|
%
|
|
1.37
|
%
|
|
1.39
|
%
|
|
1.47
|
%
|
|
1.31
|
%
|
|
1.15
|
%
|
|
1.15
|
%
|
|
1.15
|
%
|
|
1.41
|
%
|
|
1.19
|
%
|
||||||||||
Return on Average Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Return on average shareholders' equity
|
10.4
|
%
|
|
10.2
|
%
|
|
10.2
|
%
|
|
10.7
|
%
|
|
1.4
|
%
|
|
6.1
|
%
|
|
8.0
|
%
|
|
7.4
|
%
|
|
10.4
|
%
|
|
5.7
|
%
|
||||||||||
Effect of significant items, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.0
|
|
|
2.1
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
2.7
|
|
||||||||||
Return on average shareholders' equity, excluding significant items
|
10.4
|
%
|
|
10.2
|
%
|
|
10.2
|
%
|
|
10.7
|
%
|
|
9.4
|
%
|
|
8.2
|
%
|
|
8.0
|
%
|
|
7.8
|
%
|
|
10.4
|
%
|
|
8.4
|
%
|
||||||||||
Return on Average Tangible Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Average shareholders' equity, as reported
|
$2,798,498
|
|
$2,769,101
|
|
$2,707,346
|
|
$2,668,325
|
|
$2,676,029
|
|
$2,643,233
|
|
$2,606,517
|
|
$2,584,501
|
|
$2,740,399
|
|
$2,627,862
|
||||||||||||||||||||
Average goodwill, CDI and noncompete agreements, net of tax
|
1,154,469
|
|
1,155,679
|
|
1,156,877
|
|
1,158,084
|
|
1,156,122
|
|
1,153,394
|
|
1,154,229
|
|
1,155,177
|
|
1,156,371
|
|
1,155,734
|
||||||||||||||||||||
Average tangible shareholders' equity
|
1,644,029
|
|
1,613,422
|
|
1,550,469
|
|
1,510,241
|
|
1,519,907
|
|
1,489,839
|
|
1,452,288
|
|
1,429,324
|
|
1,584,028
|
|
1,472,128
|
||||||||||||||||||||
Return on average tangible shareholders' equity
|
17.8
|
%
|
|
17.5
|
%
|
|
17.8
|
%
|
|
19.0
|
%
|
|
2.5
|
%
|
|
10.9
|
%
|
|
14.3
|
%
|
|
13.3
|
%
|
|
17.9
|
%
|
|
10.2
|
%
|
||||||||||
Effect of significant items, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.0
|
|
|
3.7
|
|
|
0.1
|
|
|
0.8
|
|
|
—
|
|
|
4.7
|
|
||||||||||
Return on average tangible shareholders' equity, excluding significant items
|
17.8
|
%
|
|
17.5
|
%
|
|
17.8
|
%
|
|
19.0
|
%
|
|
16.5
|
%
|
|
14.6
|
%
|
|
14.4
|
%
|
|
14.1
|
%
|
|
17.9
|
%
|
|
14.9
|
%
|
(1)
|
Represents losses on sales of investment securities in the fourth quarter of 2017 as part of our treasury and tax management objectives.
|
(2)
|
Assumes merger and restructuring expenses and other significant items are deductible at an income tax rate of 35% for each period during 2017.
|
|
|
4th Quarter 2018
|
|
3rd Quarter 2018
|
|
2nd Quarter 2018
|
|
1st Quarter 2018
|
|
4th Quarter 2017
|
|
3rd Quarter 2017
|
|
2nd Quarter 2017
|
|
1st Quarter 2017
|
|
Year Ended
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Dec 31, 2018
|
|
Dec 31, 2017
|
||||||||||||||||||||||||||||
Efficiency Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net interest income
|
$
|
163,452
|
|
|
$
|
159,481
|
|
|
$
|
157,537
|
|
|
$
|
151,863
|
|
|
$
|
145,905
|
|
|
$
|
143,628
|
|
|
$
|
137,948
|
|
|
$
|
130,097
|
|
|
$
|
632,333
|
|
|
$
|
557,578
|
|
Noninterest income
|
32,047
|
|
|
37,917
|
|
|
38,018
|
|
|
40,554
|
|
|
32,319
|
|
|
32,122
|
|
|
41,568
|
|
|
38,010
|
|
|
148,536
|
|
|
144,019
|
|
||||||||||
Total revenue - GAAP
|
195,499
|
|
|
197,398
|
|
|
195,555
|
|
|
192,417
|
|
|
178,224
|
|
|
175,750
|
|
|
179,516
|
|
|
168,107
|
|
|
780,869
|
|
|
701,597
|
|
||||||||||
Net interest income FTE adjustment
|
2,514
|
|
|
2,386
|
|
|
2,331
|
|
|
2,227
|
|
|
3,580
|
|
|
3,260
|
|
|
3,169
|
|
|
3,068
|
|
|
9,458
|
|
|
13,077
|
|
||||||||||
Loan servicing rights change in fair value (gains)losses
|
2,827
|
|
|
(932
|
)
|
|
30
|
|
|
(3,752
|
)
|
|
13
|
|
|
4,041
|
|
|
1,802
|
|
|
519
|
|
|
(1,827
|
)
|
|
6,375
|
|
||||||||||
Losses (gains) from sale of investment securities
|
(221
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
7,556
|
|
|
(1
|
)
|
|
(77
|
)
|
|
(90
|
)
|
|
(224
|
)
|
|
7,388
|
|
||||||||||
Total revenue - Non-GAAP
|
$
|
200,619
|
|
|
$
|
198,852
|
|
|
$
|
197,913
|
|
|
$
|
190,892
|
|
|
$
|
189,373
|
|
|
$
|
183,050
|
|
|
$
|
184,410
|
|
|
$
|
171,604
|
|
|
$
|
788,276
|
|
|
$
|
728,437
|
|
Operating expenses - GAAP
|
$
|
108,366
|
|
|
$
|
109,661
|
|
|
$
|
104,561
|
|
|
$
|
101,610
|
|
|
$
|
100,022
|
|
|
$
|
119,539
|
|
|
$
|
98,237
|
|
|
$
|
104,196
|
|
|
$
|
424,198
|
|
|
$
|
421,994
|
|
Merger and restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,567
|
)
|
|
(21,203
|
)
|
|
(465
|
)
|
|
(4,167
|
)
|
|
—
|
|
|
(28,402
|
)
|
||||||||||
Impairment of income tax credits
|
(5,772
|
)
|
|
(3,162
|
)
|
|
(1,716
|
)
|
|
(1,634
|
)
|
|
(6,157
|
)
|
|
(3,095
|
)
|
|
—
|
|
|
—
|
|
|
(12,284
|
)
|
|
(9,252
|
)
|
||||||||||
Operating expense, core - Non-GAAP
|
102,594
|
|
|
106,499
|
|
|
102,845
|
|
|
99,976
|
|
|
91,298
|
|
|
95,241
|
|
|
97,772
|
|
|
100,029
|
|
|
411,914
|
|
|
384,340
|
|
||||||||||
Amortization of intangibles
|
(1,426
|
)
|
|
(1,426
|
)
|
|
(1,425
|
)
|
|
(1,439
|
)
|
|
(1,525
|
)
|
|
(1,526
|
)
|
|
(1,525
|
)
|
|
(1,513
|
)
|
|
(5,716
|
)
|
|
(6,089
|
)
|
||||||||||
Operating expenses, efficiency ratio - Non-GAAP
|
$
|
101,168
|
|
|
$
|
105,073
|
|
|
$
|
101,420
|
|
|
$
|
98,537
|
|
|
$
|
89,773
|
|
|
$
|
93,715
|
|
|
$
|
96,247
|
|
|
$
|
98,516
|
|
|
$
|
406,198
|
|
|
$
|
378,251
|
|
Efficiency ratio - GAAP
|
55.4
|
%
|
|
55.6
|
%
|
|
53.5
|
%
|
|
52.8
|
%
|
|
56.1
|
%
|
|
68.0
|
%
|
|
54.7
|
%
|
|
62.0
|
%
|
|
54.3
|
%
|
|
60.1
|
%
|
||||||||||
Efficiency ratio - adjusted Non-GAAP
|
50.4
|
%
|
|
52.8
|
%
|
|
51.2
|
%
|
|
51.6
|
%
|
|
47.4
|
%
|
|
51.2
|
%
|
|
52.2
|
%
|
|
57.4
|
%
|
|
51.5
|
%
|
|
51.9
|
%
|
|
Dec 31,
2018 |
|
Sep 30,
2018 |
|
Jun 30,
2018 |
|
Mar 31,
2018 |
|
Dec 31,
2017 |
|
Sep 30,
2017 |
|
Jun 30,
2017 |
|
Mar 31,
2017 |
||||||||||||||||
Tangible Book Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Shareholders' equity
|
$
|
2,836,260
|
|
|
$
|
2,788,924
|
|
|
$
|
2,750,999
|
|
|
$
|
2,704,703
|
|
|
$
|
2,668,749
|
|
|
$
|
2,673,089
|
|
|
$
|
2,639,442
|
|
|
$
|
2,600,051
|
|
Goodwill, CDI and noncompete agreements, net of tax
|
(1,153,877
|
)
|
|
(1,155,083
|
)
|
|
(1,156,307
|
)
|
|
(1,157,505
|
)
|
|
(1,158,738
|
)
|
|
(1,153,576
|
)
|
|
(1,153,595
|
)
|
|
(1,154,915
|
)
|
||||||||
Tangible shareholders' equity
|
$
|
1,682,383
|
|
|
$
|
1,633,841
|
|
|
$
|
1,594,692
|
|
|
$
|
1,547,198
|
|
|
$
|
1,510,011
|
|
|
$
|
1,519,513
|
|
|
$
|
1,485,847
|
|
|
$
|
1,445,136
|
|
Common shares outstanding
|
71,460
|
|
|
71,438
|
|
|
71,418
|
|
|
71,350
|
|
|
71,207
|
|
|
71,152
|
|
|
71,131
|
|
|
71,118
|
|
||||||||
Book value per share (shareholders' equity, as reported, divided by common shares outstanding)
|
$
|
39.69
|
|
|
$
|
39.04
|
|
|
$
|
38.52
|
|
|
$
|
37.91
|
|
|
$
|
37.48
|
|
|
$
|
37.57
|
|
|
$
|
37.11
|
|
|
$
|
36.56
|
|
Tangible book value per share (tangible shareholders' equity divided by common shares outstanding)
|
$
|
23.54
|
|
|
$
|
22.87
|
|
|
$
|
22.33
|
|
|
$
|
21.68
|
|
|
$
|
21.21
|
|
|
$
|
21.36
|
|
|
$
|
20.89
|
|
|
$
|
20.32
|
|
Tangible Shareholders' Equity to Tangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total assets
|
$21,498,341
|
|
$20,905,489
|
|
$20,282,603
|
|
$19,757,510
|
|
$19,280,873
|
|
$19,354,308
|
|
$18,781,405
|
|
$17,636,973
|
||||||||||||||||
Goodwill, CDI and noncompete agreements, net of tax
|
(1,153,877
|
)
|
|
(1,155,083
|
)
|
|
(1,156,307
|
)
|
|
(1,157,505
|
)
|
|
(1,158,738
|
)
|
|
(1,153,576
|
)
|
|
(1,153,595
|
)
|
|
(1,154,915
|
)
|
||||||||
Tangible assets
|
$20,344,464
|
|
$19,750,406
|
|
$19,126,296
|
|
$18,600,005
|
|
$18,122,135
|
|
$18,200,732
|
|
$17,627,810
|
|
$16,482,058
|
||||||||||||||||
Shareholders' equity to total assets
|
13.2
|
%
|
|
13.3
|
%
|
|
13.6
|
%
|
|
13.7
|
%
|
|
13.8
|
%
|
|
13.8
|
%
|
|
14.1
|
%
|
|
14.7
|
%
|
||||||||
Tangible shareholders' equity to tangible assets
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.3
|
%
|
|
8.4
|
%
|
|
8.8
|
%
|