Delaware
|
56-1528994
|
||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
||
|
|
|
|
4300 Six Forks Road
|
Raleigh
|
North Carolina
|
27609
|
(Address of principle executive offices)
|
(Zip code)
|
||
|
|
|
|
|
|
(919)
|
716-7000
|
(Registrant’s telephone number, including area code)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Class A Common Stock, Par Value $1
|
FCNCA
|
Nasdaq Global Select Market
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
Emerging growth company
|
☐
|
|
|
|
Page
|
|
|
CROSS REFERENCE INDEX
|
|
|
|
|
|
PART I
|
Item 1
|
||
|
Item 1A
|
||
|
Item 1B
|
Unresolved Staff Comments
|
None
|
|
Item 2
|
||
|
Item 3
|
||
|
Item 4
|
Mine Safety Disclosures
|
N/A
|
PART II
|
Item 5
|
||
|
Item 6
|
||
|
Item 7
|
||
|
Item 7A
|
||
|
Item 8
|
Financial Statements and Supplementary Data
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
Item 9
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
None
|
|
Item 9A
|
||
|
|
||
|
Item 9B
|
Other Information
|
None
|
PART III
|
Item 10
|
Directors, Executive Officers and Corporate Governance
|
*
|
|
Item 11
|
Executive Compensation
|
*
|
|
Item 12
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
*
|
|
Item 13
|
Certain Relationships and Related Transactions and Director Independence
|
*
|
|
Item 14
|
Principal Accounting Fees and Services
|
*
|
PART IV
|
Item 15
|
Exhibits, Financial Statement Schedules
|
|
|
(1)
|
Financial Statements (see Item 8 for reference)
|
|
|
(2)
|
All Financial Statement Schedules normally required for Form 10-K are omitted since they are not applicable, except as referred to in Item 8.
|
|
|
(3)
|
||
|
Item 16
|
Form 10-K Summary
|
None
|
•
|
Capital Planning and Stress Testing. The Dodd-Frank Act mandated stress tests be developed and performed to ensure financial institutions have sufficient capital to absorb losses and support operations during multiple economic and bank scenarios. The EGRRCPA gave immediate relief from stress testing for applicable bank holding companies and therefore, BancShares is no longer required to submit company-run annual stress tests. Notwithstanding these amendments to the stress testing requirements, the federal banking agencies indicated, through inter-agency guidance, the capital planning and risk management practices of institutions with total assets less than $100 billion would continue to be reviewed through the regular supervisory process. BancShares will continue to monitor its capital consistent with the safety and soundness expectations of the federal regulators through the use of internal, customized stress testing in order to support the business and its capital planning process, as well as prudent risk mitigation.
|
•
|
The Volcker Rule. The Volcker Rule was promulgated to implement provisions of the Dodd-Frank Act. It prohibits banks and their affiliates from engaging in proprietary trading and investing in and sponsoring hedge funds and private equity funds. The EGRRCPA exempted many financial institutions with total consolidated assets of less than $10 billion from the Volcker Rule, but it continues to apply to BancShares and its subsidiaries. However, the Volcker Rule does not significantly impact our operations as we do not have any significant engagement in the businesses it prohibits.
|
•
|
Ability-to-Repay and Qualified Mortgage Rule. Creditors are required to comply with mortgage reform provisions prohibiting the origination of any residential mortgages that do not meet rigorous Qualified Mortgage standards or Ability-to-Repay standards. All mortgage loans originated by FCB meet Ability-to-Repay standards and a substantial majority also meet Qualified Mortgage standards. The EGRRCPA impact on the original Ability-to-Repay and Qualified Mortgage standards is only applicable to banks with less than $10 billion in total consolidated assets.
|
|
Basel III minimum requirement
|
|
Basel III conservation buffer
2019
|
|
Basel III conservation buffer
2018
|
|
Basel III well-capitalized
|
Leverage ratio
|
4.00%
|
|
N/A
|
|
N/A
|
|
5.00%
|
Common equity Tier 1
|
4.50%
|
|
2.50%
|
|
1.875%
|
|
6.50%
|
Tier 1 capital ratio
|
6.00%
|
|
2.50%
|
|
1.875%
|
|
8.00%
|
Total capital ratio
|
8.00%
|
|
2.50%
|
|
1.875%
|
|
10.00%
|
•
|
Operational Risk: The risk of loss resulting from inadequate or failed processes, people and systems or from external events.
|
•
|
Credit Risk: The risk a borrower will fail to perform on an obligation.
|
•
|
Market Risk: The risk to BancShares’ financial condition resulting from adverse movements in market rates or prices, including, but not limited to, interest rates, foreign exchange rates or equity prices.
|
•
|
Liquidity Risk: The risk that BancShares will be unable to meet its obligations as they come due because of an inability to (i) liquidate assets or obtain adequate funding (referred to as “Funding Liquidity Risk”), or (ii) unwind or offset specific exposures without significantly lowering market prices because of inadequate market depth or market disruptions (“Market Liquidity Risk”).
|
•
|
Capital Adequacy Risk: The risk that capital levels are inadequate to preserve the safety and soundness of BancShares, support ongoing business operations and strategies and provide support against unexpected or sudden changes in the business/economic environment.
|
•
|
Compliance Risk: The risk of loss or reputational harm resulting from regulatory sanctions, fines, penalties or losses due to the failure to comply with laws, rules, regulations or other supervisory requirements applicable to a financial institution.
|
•
|
Strategic Risk: The risk to earnings or capital arising from business decisions or improper implementation of those decisions.
|
•
|
Financial Reporting Risk: The risk that financial information is reported incorrectly, including incorrect or incomplete financial information, errors and omissions, or improper application of accounting standards.
|
•
|
allow the Board to issue and set the terms of preferred shares without further shareholder approval;
|
•
|
limit who can call a special meeting of shareholders; and
|
•
|
establish advance notice requirements for nominations for election to the Board and proposals of other business to be considered at annual meetings of shareholders.
|
Class A common stock
|
Total Number of Class A Shares Repurchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet be Repurchased Under the Plans or Programs
|
|||||
Total repurchases in the first quarter of 2019
|
243,000
|
|
|
$
|
414.58
|
|
|
243,000
|
|
|
375,000
|
|
Total repurchases in the second quarter of 2019
|
205,500
|
|
|
436.81
|
|
|
205,500
|
|
|
169,500
|
|
|
Total repurchases in the third quarter of 2019
|
295,900
|
|
|
457.50
|
|
|
295,900
|
|
|
504,100
|
|
|
Repurchases from October 1, 2019 to October 31, 2019(1)
|
146,100
|
|
|
472.94
|
|
|
146,100
|
|
|
358,000
|
|
|
Repurchases from November 1, 2019 to November 30, 2019(2)
|
64,210
|
|
|
511.11
|
|
|
64,210
|
|
|
435,790
|
|
|
Repurchases from December 1, 2019 to December 31, 2019(2)
|
44,200
|
|
|
521.22
|
|
|
44,200
|
|
|
391,590
|
|
|
Total repurchases in the fourth quarter of 2019
|
254,510
|
|
|
$
|
490.96
|
|
|
254,510
|
|
|
391,590
|
|
Total repurchases in 2019
|
998,910
|
|
|
$
|
451.33
|
|
|
998,910
|
|
|
391,590
|
|
(Dollars in thousands, except share data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
SUMMARY OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
1,404,011
|
|
|
$
|
1,245,757
|
|
|
$
|
1,103,690
|
|
|
$
|
987,757
|
|
|
$
|
969,209
|
|
Interest expense
|
92,642
|
|
|
36,857
|
|
|
43,794
|
|
|
43,082
|
|
|
44,304
|
|
|||||
Net interest income
|
1,311,369
|
|
|
1,208,900
|
|
|
1,059,896
|
|
|
944,675
|
|
|
924,905
|
|
|||||
Provision for loan and lease losses
|
31,441
|
|
|
28,468
|
|
|
25,692
|
|
|
32,941
|
|
|
20,664
|
|
|||||
Net interest income after provision for loan and lease losses
|
1,279,928
|
|
|
1,180,432
|
|
|
1,034,204
|
|
|
911,734
|
|
|
904,241
|
|
|||||
Gain on acquisitions
|
—
|
|
|
—
|
|
|
134,745
|
|
|
5,831
|
|
|
42,930
|
|
|||||
Noninterest income excluding gain on acquisitions
|
415,861
|
|
|
400,149
|
|
|
387,218
|
|
|
371,268
|
|
|
424,158
|
|
|||||
Noninterest expense
|
1,103,741
|
|
|
1,076,971
|
|
|
1,012,469
|
|
|
937,766
|
|
|
1,038,915
|
|
|||||
Income before income taxes
|
592,048
|
|
|
503,610
|
|
|
543,698
|
|
|
351,067
|
|
|
332,414
|
|
|||||
Income taxes
|
134,677
|
|
|
103,297
|
|
|
219,946
|
|
|
125,585
|
|
|
122,028
|
|
|||||
Net income
|
$
|
457,371
|
|
|
$
|
400,313
|
|
|
$
|
323,752
|
|
|
$
|
225,482
|
|
|
$
|
210,386
|
|
Net interest income, taxable equivalent (1)
|
$
|
1,314,940
|
|
|
$
|
1,212,280
|
|
|
$
|
1,064,415
|
|
|
$
|
949,768
|
|
|
$
|
931,231
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
41.05
|
|
|
$
|
33.53
|
|
|
$
|
26.96
|
|
|
$
|
18.77
|
|
|
$
|
17.52
|
|
Cash dividends
|
1.60
|
|
|
1.45
|
|
|
1.25
|
|
|
1.20
|
|
|
1.20
|
|
|||||
Market price at period end (Class A)
|
532.21
|
|
|
377.05
|
|
|
403.00
|
|
|
355.00
|
|
|
258.17
|
|
|||||
Book value at period end
|
337.38
|
|
|
300.04
|
|
|
277.60
|
|
|
250.82
|
|
|
239.14
|
|
|||||
SELECTED PERIOD AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
37,161,719
|
|
|
$
|
34,879,912
|
|
|
$
|
34,302,867
|
|
|
$
|
32,439,492
|
|
|
$
|
31,072,235
|
|
Investment securities
|
6,919,069
|
|
|
7,074,929
|
|
|
7,036,564
|
|
|
6,616,355
|
|
|
7,011,767
|
|
|||||
Loans and leases (2)
|
26,656,048
|
|
|
24,483,719
|
|
|
22,725,665
|
|
|
20,897,395
|
|
|
19,528,153
|
|
|||||
Interest-earning assets
|
34,866,734
|
|
|
32,847,661
|
|
|
32,213,646
|
|
|
30,267,788
|
|
|
28,893,157
|
|
|||||
Deposits
|
32,218,536
|
|
|
30,165,249
|
|
|
29,119,344
|
|
|
27,515,161
|
|
|
26,485,245
|
|
|||||
Interest-bearing liabilities
|
20,394,815
|
|
|
18,995,727
|
|
|
19,576,353
|
|
|
19,158,317
|
|
|
18,986,755
|
|
|||||
Securities sold under customer repurchase agreements
|
530,818
|
|
|
555,555
|
|
|
649,252
|
|
|
721,933
|
|
|
606,357
|
|
|||||
Other short-term borrowings
|
23,087
|
|
|
58,686
|
|
|
77,680
|
|
|
7,536
|
|
|
227,937
|
|
|||||
Long-term borrowings
|
392,150
|
|
|
304,318
|
|
|
842,863
|
|
|
811,755
|
|
|
547,378
|
|
|||||
Shareholders’ equity
|
$
|
3,551,781
|
|
|
$
|
3,422,941
|
|
|
$
|
3,206,250
|
|
|
$
|
3,001,269
|
|
|
$
|
2,797,300
|
|
Shares outstanding
|
11,141,069
|
|
|
11,938,439
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|||||
SELECTED PERIOD-END BALANCES
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
39,824,496
|
|
|
$
|
35,408,629
|
|
|
$
|
34,527,512
|
|
|
$
|
32,990,836
|
|
|
$
|
31,475,934
|
|
Investment securities
|
7,173,003
|
|
|
6,834,362
|
|
|
7,180,256
|
|
|
7,006,678
|
|
|
6,861,548
|
|
|||||
Loans and leases
|
28,881,496
|
|
|
25,523,276
|
|
|
23,596,825
|
|
|
21,737,878
|
|
|
20,239,990
|
|
|||||
Deposits
|
34,431,236
|
|
|
30,672,460
|
|
|
29,266,275
|
|
|
28,161,343
|
|
|
26,930,755
|
|
|||||
Securities sold under customer repurchase agreements
|
442,956
|
|
|
543,936
|
|
|
586,256
|
|
|
590,936
|
|
|
592,182
|
|
|||||
Other short-term borrowings
|
295,277
|
|
|
28,351
|
|
|
107,551
|
|
|
12,551
|
|
|
2,551
|
|
|||||
Long-term borrowings
|
588,638
|
|
|
319,867
|
|
|
870,240
|
|
|
832,942
|
|
|
704,155
|
|
|||||
Shareholders’ equity
|
$
|
3,586,184
|
|
|
$
|
3,488,954
|
|
|
$
|
3,334,064
|
|
|
$
|
3,012,427
|
|
|
$
|
2,872,109
|
|
Shares outstanding
|
10,629,495
|
|
|
11,628,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|||||
SELECTED RATIOS AND OTHER DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Rate of return on average assets
|
1.23
|
%
|
|
1.15
|
%
|
|
0.94
|
%
|
|
0.70
|
%
|
|
0.68
|
%
|
|||||
Rate of return on average shareholders’ equity
|
12.88
|
|
|
11.69
|
|
|
10.10
|
|
|
7.51
|
|
|
7.52
|
|
|||||
Average equity to average assets ratio
|
9.56
|
|
|
9.81
|
|
|
9.35
|
|
|
9.25
|
|
|
9.00
|
|
|||||
Net yield on interest-earning assets (taxable equivalent)
|
3.77
|
|
|
3.69
|
|
|
3.30
|
|
|
3.14
|
|
|
3.22
|
|
|||||
Allowance for loan and lease losses to total loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
1.35
|
|
|
1.51
|
|
|
1.31
|
|
|
1.70
|
|
|
1.72
|
|
|||||
Non-PCI
|
0.77
|
|
|
0.86
|
|
|
0.93
|
|
|
0.98
|
|
|
0.98
|
|
|||||
Total
|
0.78
|
|
|
0.88
|
|
|
0.94
|
|
|
1.01
|
|
|
1.02
|
|
|||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned
|
0.58
|
|
|
0.52
|
|
|
0.61
|
|
|
0.67
|
|
|
0.83
|
|
|||||
Tier 1 risk-based capital ratio
|
10.86
|
|
|
12.67
|
|
|
12.88
|
|
|
12.42
|
|
|
12.65
|
|
|||||
Common equity Tier 1 ratio
|
10.86
|
|
|
12.67
|
|
|
12.88
|
|
|
12.42
|
|
|
12.51
|
|
|||||
Total risk-based capital ratio
|
12.12
|
|
|
13.99
|
|
|
14.21
|
|
|
13.85
|
|
|
14.03
|
|
|||||
Leverage capital ratio
|
8.81
|
|
|
9.77
|
|
|
9.47
|
|
|
9.05
|
|
|
8.96
|
|
|||||
Dividend payout ratio
|
3.90
|
|
|
4.32
|
|
|
4.64
|
|
|
6.39
|
|
|
6.85
|
|
|||||
Average loans and leases to average deposits
|
82.74
|
|
|
81.17
|
|
|
78.04
|
|
|
75.95
|
|
|
73.73
|
|
Standard
|
|
Date of Adoption
|
ASU 2016-02 - Leases (Topic 842)
|
|
January 1, 2019
|
ASU 2018-15 - Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract
|
|
July 1, 2019
|
ASU 2019-04 - Codification Improvements to 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments
|
|
November 1, 2019
|
•
|
Net interest income for the year ended 2019 increased $102.5 million, or by 8.5%, compared to the year ended 2018. The taxable-equivalent net interest margin was 3.77% for the year ended 2019, an increase of 8 basis points from the year ended 2018. These increases were driven by loan growth and increases in both loan and investment yields, partially offset by higher deposit costs.
|
•
|
BancShares recorded net provision expense for loan and lease losses of $31.4 million in 2019, compared to $28.5 million in 2018. Provision expense remained relatively stable due to strong credit quality, partially offset by loan growth. The net charge-off to average non-PCI loans ratio was 0.12% for the year, up 1 basis point from 2018.
|
•
|
Noninterest income for the year ended 2019 totaled $415.9 million, an increase of $15.7 million, or 3.9%, from the prior year. This was supported by our fee-income producing lines of business led by mortgage, cardholder and wealth services. Additionally, marketable equity securities gains and realized gains on investment securities available for sale increased $28.2 million and $6.8 million, respectively, offset by $26.6 million in debt extinguishment gains in 2018 which did not recur in 2019.
|
•
|
Noninterest expense was $1.10 billion for the year ended December 31, 2019, compared to $1.08 billion for the same period in 2018. The increase was primarily attributable to personnel, furniture and equipment and merger-related expenses.
|
•
|
Income tax expense was $134.7 million and $103.3 million for the years ended 2019 and 2018, respectively, representing effective tax rates of 22.7% and 20.5%. The rate increase was primarily due to the 2018 recognition of a tax benefit recorded as a result of the Tax Act.
|
•
|
Loan growth was strong during 2019, as loans increased by $3.36 billion, or by 13.2% to $28.88 billion, primarily driven by originated portfolio growth and net loans acquired from Biscayne Bancshares, First South Bancorp and Entegra. Excluding current year acquired loans of $2.00 billion, total loans increased by $1.36 billion, or 5.3%.
|
•
|
The allowance for loan and lease losses as a percentage of total loans was 0.78% at December 31, 2019, compared to 0.88% at December 31, 2018. At December 31, 2019, BancShares’ nonperforming assets, including nonaccrual loans and OREO, increased $34.4 million to $168.3 million or 0.58% of total loans from $133.9 million or 0.52% of total loans at December 31, 2018. Although nonperforming assets have increased, credit quality continues to be strong and ratios remain at historically low levels.
|
•
|
Deposit growth continued in 2019, up $3.76 billion, or by 12.3% to $34.43 billion, primarily due to organic growth as well as the addition of deposit balances from the Biscayne Bancshares, First South Bancorp and Entegra acquisitions. Excluding current year acquired deposits of $2.27 billion, total deposits increased by $1.49 billion, or 4.8%.
|
•
|
In 2019, we returned $468.6 million of capital to shareholders through the repurchase of 998,910 shares of Class A common stock for $450.8 million and cash dividends of $17.7 million.
|
•
|
Common shareholders’ equity increased to $3.59 billion on December 31, 2019, compared to $3.49 billion on December 31, 2018 as earnings exceeded share repurchases and dividends during the year.
|
•
|
Under Basel III capital requirements, BancShares remained well-capitalized at December 31, 2019, with a total risk-based capital ratio of 12.12%, Tier 1 risk based capital ratio and common Tier 1 ratio of 10.86% and leverage capital ratio of 8.81%.
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
105,618
|
|
|
$
|
101,342
|
|
Accretion
|
6,777
|
|
|
4,023
|
|
||
Adjustments related to changes in assumptions
|
—
|
|
|
253
|
|
||
Ending balance
|
$
|
112,395
|
|
|
$
|
105,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2019
|
|
2018
|
|
||||||||||||||||||
(Dollars in thousands, taxable equivalent)
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases(1)
|
$
|
26,656,048
|
|
|
$
|
1,219,825
|
|
|
4.58
|
|
%
|
$
|
24,483,719
|
|
|
$
|
1,075,682
|
|
|
4.39
|
|
%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury
|
945,094
|
|
|
22,235
|
|
|
2.35
|
|
|
1,514,598
|
|
|
28,277
|
|
|
1.87
|
|
|
||||
Government agency
|
491,001
|
|
|
14,308
|
|
|
2.91
|
|
|
106,067
|
|
|
2,697
|
|
|
2.54
|
|
|
||||
Mortgage-backed securities
|
5,198,884
|
|
|
114,819
|
|
|
2.21
|
|
|
5,241,865
|
|
|
113,698
|
|
|
2.17
|
|
|
||||
Corporate bonds
|
153,841
|
|
|
7,945
|
|
|
5.16
|
|
|
104,796
|
|
|
5,727
|
|
|
5.46
|
|
|
||||
Other investments
|
130,249
|
|
|
2,205
|
|
|
1.69
|
|
|
107,603
|
|
|
1,059
|
|
|
0.98
|
|
|
||||
Total investment securities
|
6,919,069
|
|
|
161,512
|
|
|
2.33
|
|
|
7,074,929
|
|
|
151,458
|
|
|
2.14
|
|
|
||||
Overnight investments
|
1,291,617
|
|
|
26,245
|
|
|
2.03
|
|
|
1,289,013
|
|
|
21,997
|
|
|
1.71
|
|
|
||||
Total interest-earning assets
|
34,866,734
|
|
|
$
|
1,407,582
|
|
|
4.04
|
|
%
|
32,847,661
|
|
|
$
|
1,249,137
|
|
|
3.80
|
|
%
|
||
Cash and due from banks
|
271,466
|
|
|
|
|
|
|
281,510
|
|
|
|
|
|
|
||||||||
Premises and equipment
|
1,218,611
|
|
|
|
|
|
|
1,164,542
|
|
|
|
|
|
|
||||||||
Allowance for loan and lease losses
|
(226,600
|
)
|
|
|
|
|
|
(223,300
|
)
|
|
|
|
|
|
||||||||
Other real estate owned
|
45,895
|
|
|
|
|
|
|
47,053
|
|
|
|
|
|
|
||||||||
Other assets
|
985,613
|
|
|
|
|
|
|
762,446
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
37,161,719
|
|
|
|
|
|
|
$
|
34,879,912
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking with interest
|
$
|
5,353,555
|
|
|
$
|
1,854
|
|
|
0.03
|
|
%
|
$
|
5,188,542
|
|
|
$
|
1,257
|
|
|
0.02
|
|
%
|
Savings
|
2,604,217
|
|
|
1,700
|
|
|
0.07
|
|
|
2,466,734
|
|
|
789
|
|
|
0.03
|
|
|
||||
Money market accounts
|
8,175,510
|
|
|
27,479
|
|
|
0.34
|
|
|
7,993,943
|
|
|
10,664
|
|
|
0.13
|
|
|
||||
Time deposits
|
3,315,478
|
|
|
45,221
|
|
|
1.36
|
|
|
2,427,949
|
|
|
9,773
|
|
|
0.40
|
|
|
||||
Total interest-bearing deposits
|
19,448,760
|
|
|
76,254
|
|
|
0.39
|
|
|
18,077,168
|
|
|
22,483
|
|
|
0.12
|
|
|
||||
Securities sold under customer repurchase agreements
|
530,818
|
|
|
1,995
|
|
|
0.38
|
|
|
555,555
|
|
|
1,738
|
|
|
0.31
|
|
|
||||
Other short-term borrowings
|
23,087
|
|
|
671
|
|
|
2.87
|
|
|
58,686
|
|
|
1,919
|
|
|
3.27
|
|
|
||||
Long-term obligations
|
392,150
|
|
|
13,722
|
|
|
3.45
|
|
|
304,318
|
|
|
10,717
|
|
|
3.48
|
|
|
||||
Total interest-bearing liabilities
|
20,394,815
|
|
|
92,642
|
|
|
0.45
|
|
|
18,995,727
|
|
|
36,857
|
|
|
0.19
|
|
|
||||
Demand deposits
|
12,769,776
|
|
|
|
|
|
|
12,088,081
|
|
|
|
|
|
|
||||||||
Other liabilities
|
445,347
|
|
|
|
|
|
|
373,163
|
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
3,551,781
|
|
|
|
|
|
|
3,422,941
|
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
37,161,719
|
|
|
|
|
|
|
$
|
34,879,912
|
|
|
|
|
|
|
||||||
Interest rate spread
|
|
|
|
|
3.59
|
|
%
|
|
|
|
|
3.61
|
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income and net yield on interest-earning assets
|
|
|
$
|
1,314,940
|
|
|
3.77
|
|
%
|
|
|
$
|
1,212,280
|
|
|
3.69
|
|
%
|
|
|
|
|
|
|
2019
|
|
2018
|
||||||||||||||||||||||||
2017
|
|
Change from previous year due to:
|
|
Change from previous year due to:
|
||||||||||||||||||||||||||||
Average
Balance |
|
Interest
Income/ Expense |
|
Yield/
Rate |
|
Volume
|
|
Yield/Rate
|
|
Total Change(2)
|
|
Volume
|
|
Yield/Rate
|
|
Total Change(2)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
$
|
22,725,665
|
|
|
$
|
959,785
|
|
|
4.22
|
%
|
$
|
83,908
|
|
|
$
|
60,235
|
|
|
$
|
144,143
|
|
|
$
|
65,709
|
|
|
$
|
50,188
|
|
|
$
|
115,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
1,628,088
|
|
|
18,015
|
|
|
1.11
|
|
(10,632
|
)
|
|
4,590
|
|
|
(6,042
|
)
|
|
(1,255
|
)
|
|
11,517
|
|
|
10,262
|
|
||||||||
38,948
|
|
|
647
|
|
|
1.66
|
|
9,787
|
|
|
1,824
|
|
|
11,611
|
|
|
1,115
|
|
|
935
|
|
|
2,050
|
|
||||||||
5,206,897
|
|
|
98,341
|
|
|
1.89
|
|
(191
|
)
|
|
1,312
|
|
|
1,121
|
|
|
586
|
|
|
14,771
|
|
|
15,357
|
|
||||||||
60,950
|
|
|
3,877
|
|
|
6.36
|
|
2,680
|
|
|
(462
|
)
|
|
2,218
|
|
|
2,789
|
|
|
(939
|
)
|
|
1,850
|
|
||||||||
101,681
|
|
|
698
|
|
|
0.69
|
|
230
|
|
|
916
|
|
|
1,146
|
|
|
50
|
|
|
311
|
|
|
361
|
|
||||||||
7,036,564
|
|
|
121,578
|
|
|
1.73
|
|
1,874
|
|
|
8,180
|
|
|
10,054
|
|
|
3,285
|
|
|
26,595
|
|
|
29,880
|
|
||||||||
2,451,417
|
|
|
26,846
|
|
|
1.10
|
|
45
|
|
|
4,203
|
|
|
4,248
|
|
|
(12,729
|
)
|
|
7,880
|
|
|
(4,849
|
)
|
||||||||
32,213,646
|
|
|
$
|
1,108,209
|
|
|
3.44
|
%
|
$
|
85,827
|
|
|
$
|
72,618
|
|
|
$
|
158,445
|
|
|
$
|
56,265
|
|
|
$
|
84,663
|
|
|
$
|
140,928
|
|
|
417,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
1,133,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(226,465
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
56,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
708,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
34,302,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
$
|
4,956,498
|
|
|
$
|
1,021
|
|
|
0.02
|
%
|
$
|
40
|
|
|
$
|
557
|
|
|
$
|
597
|
|
|
$
|
48
|
|
|
$
|
188
|
|
|
$
|
236
|
|
2,278,895
|
|
|
717
|
|
|
0.03
|
|
44
|
|
|
867
|
|
|
911
|
|
|
59
|
|
|
13
|
|
|
72
|
|
||||||||
8,136,731
|
|
|
6,969
|
|
|
0.09
|
|
242
|
|
|
16,573
|
|
|
16,815
|
|
|
(123
|
)
|
|
3,818
|
|
|
3,695
|
|
||||||||
2,634,434
|
|
|
7,489
|
|
|
0.28
|
|
3,572
|
|
|
31,876
|
|
|
35,448
|
|
|
(587
|
)
|
|
2,871
|
|
|
2,284
|
|
||||||||
18,006,558
|
|
|
16,196
|
|
|
0.09
|
|
3,898
|
|
|
49,873
|
|
|
53,771
|
|
|
(603
|
)
|
|
6,890
|
|
|
6,287
|
|
||||||||
649,252
|
|
|
2,179
|
|
|
0.34
|
|
(77
|
)
|
|
334
|
|
|
257
|
|
|
(314
|
)
|
|
(127
|
)
|
|
(441
|
)
|
||||||||
77,680
|
|
|
2,659
|
|
|
3.39
|
|
(1,164
|
)
|
|
(84
|
)
|
|
(1,248
|
)
|
|
(607
|
)
|
|
(133
|
)
|
|
(740
|
)
|
||||||||
842,863
|
|
|
22,760
|
|
|
2.67
|
|
3,057
|
|
|
(52
|
)
|
|
3,005
|
|
|
(13,316
|
)
|
|
1,273
|
|
|
(12,043
|
)
|
||||||||
19,576,353
|
|
|
43,794
|
|
|
0.22
|
|
5,714
|
|
|
50,071
|
|
|
55,785
|
|
|
(14,840
|
)
|
|
7,903
|
|
|
(6,937
|
)
|
||||||||
11,112,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
407,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
3,206,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
34,302,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
3.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
$
|
1,064,415
|
|
|
3.30
|
%
|
$
|
80,113
|
|
|
$
|
22,547
|
|
|
$
|
102,660
|
|
|
$
|
71,105
|
|
|
$
|
76,760
|
|
|
$
|
147,865
|
|
|
Year ended December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Service charges on deposit accounts
|
$
|
105,191
|
|
|
$
|
105,486
|
|
|
$
|
101,201
|
|
Wealth management services
|
99,241
|
|
|
97,966
|
|
|
86,719
|
|
|||
Cardholder services, net
|
69,078
|
|
|
65,478
|
|
|
57,583
|
|
|||
Other service charges and fees
|
31,644
|
|
|
30,606
|
|
|
28,321
|
|
|||
Merchant services, net
|
24,304
|
|
|
24,504
|
|
|
22,678
|
|
|||
Mortgage income
|
21,126
|
|
|
16,433
|
|
|
23,251
|
|
|||
Recoveries of PCI loans previously charged off
|
17,445
|
|
|
16,598
|
|
|
21,111
|
|
|||
Insurance commissions
|
12,810
|
|
|
12,702
|
|
|
12,465
|
|
|||
ATM income
|
6,296
|
|
|
7,980
|
|
|
9,143
|
|
|||
Marketable equity securities gains (losses), net
|
20,625
|
|
|
(7,610
|
)
|
|
—
|
|
|||
Realized gains on investment securities available for sale, net
|
7,115
|
|
|
351
|
|
|
4,293
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
26,553
|
|
|
12,483
|
|
|||
Gain on acquisitions
|
—
|
|
|
—
|
|
|
134,745
|
|
|||
Other
|
986
|
|
|
3,102
|
|
|
7,970
|
|
|||
Total noninterest income
|
$
|
415,861
|
|
|
$
|
400,149
|
|
|
$
|
521,963
|
|
•
|
Marketable equity securities gains increased income by $28.2 million due to favorable movements in the stock market throughout 2019.
|
•
|
Realized gains on investment securities available for sale increased $6.8 million due primarily to gains recognized on sales of mortgage-backed securities.
|
•
|
Mortgage income increased $4.7 million primarily due to favorable mortgage interest rate movements and higher sales volumes.
|
•
|
Cardholder services income increased by $3.6 million due to an increase in sales volume and cost savings achieved by converting credit card processing services.
|
•
|
The gain on extinguishment of debt of $26.6 million due to the early termination of FHLB advances in 2018 did not recur in 2019.
|
|
Year ended December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Salaries and wages
|
$
|
551,112
|
|
|
$
|
527,691
|
|
|
$
|
490,610
|
|
Employee benefits
|
120,501
|
|
|
118,203
|
|
|
105,975
|
|
|||
Occupancy expense
|
111,179
|
|
|
109,169
|
|
|
104,690
|
|
|||
Equipment expense
|
112,290
|
|
|
102,909
|
|
|
97,478
|
|
|||
Processing fees paid to third parties
|
29,552
|
|
|
30,017
|
|
|
25,673
|
|
|||
Merger-related expenses
|
17,166
|
|
|
6,462
|
|
|
9,015
|
|
|||
Core deposit intangible amortization
|
16,346
|
|
|
17,165
|
|
|
17,194
|
|
|||
Consultant expense
|
12,801
|
|
|
14,345
|
|
|
14,963
|
|
|||
Collection and foreclosure-related expenses
|
11,994
|
|
|
16,567
|
|
|
14,407
|
|
|||
Advertising expense
|
11,437
|
|
|
11,650
|
|
|
11,227
|
|
|||
FDIC insurance expense
|
10,664
|
|
|
18,890
|
|
|
22,191
|
|
|||
Telecommunications expense
|
9,391
|
|
|
10,471
|
|
|
12,172
|
|
|||
Other
|
89,308
|
|
|
93,432
|
|
|
86,874
|
|
|||
Total noninterest expense
|
$
|
1,103,741
|
|
|
$
|
1,076,971
|
|
|
$
|
1,012,469
|
|
•
|
Personnel expense, which includes salaries, wages and employee benefits, increased by $25.7 million, primarily driven by merit increases, increased headcount primarily driven by acquired bank personnel, increased payroll incentives and commissions and higher retirement benefit costs.
|
•
|
Merger-related expenses increased by $10.7 million primarily due to the 2019 acquisitions of Biscayne Bancshares, First South Bancorp and Entegra.
|
•
|
Equipment expense increased by $9.4 million primarily due to increased depreciation from hardware and software additions.
|
•
|
FDIC insurance expense decreased $8.2 million primarily due to the discontinuation of the Deposit Insurance Fund surcharge on large banks during 2018.
|
•
|
Collections and foreclosure-related expense decreased by $4.6 million primarily due to reductions in the write-downs of bank-owned properties.
|
|
December 31
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
(Dollars in thousands)
|
Cost
|
|
Fair value
|
|
Cost
|
|
Fair value
|
|
Cost
|
|
Fair value
|
||||||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
409,397
|
|
|
$
|
409,999
|
|
|
$
|
1,249,243
|
|
|
$
|
1,247,710
|
|
|
$
|
1,658,410
|
|
|
$
|
1,657,864
|
|
Government agency
|
684,085
|
|
|
682,772
|
|
|
257,252
|
|
|
256,835
|
|
|
—
|
|
|
—
|
|
||||||
Residential mortgage-backed securities
|
5,269,060
|
|
|
5,267,090
|
|
|
2,956,793
|
|
|
2,909,339
|
|
|
5,428,074
|
|
|
5,349,426
|
|
||||||
Commercial mortgage-backed securities
|
373,105
|
|
|
380,020
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Corporate bonds
|
198,278
|
|
|
201,566
|
|
|
143,829
|
|
|
143,226
|
|
|
67,059
|
|
|
67,682
|
|
||||||
State, county and municipal
|
118,227
|
|
|
118,227
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total investment securities available for sale
|
7,052,152
|
|
|
7,059,674
|
|
|
4,607,117
|
|
|
4,557,110
|
|
|
7,153,543
|
|
|
7,074,972
|
|
||||||
Investment in marketable equity securities
|
59,262
|
|
|
82,333
|
|
|
73,809
|
|
|
92,599
|
|
|
75,471
|
|
|
105,208
|
|
||||||
Investment securities held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage-backed securities
|
—
|
|
|
—
|
|
|
2,087,024
|
|
|
2,103,126
|
|
|
76
|
|
|
81
|
|
||||||
Commercial mortgage-backed securities
|
—
|
|
|
—
|
|
|
97,629
|
|
|
98,376
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
30,996
|
|
|
30,996
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Total investment securities held to maturity
|
30,996
|
|
|
30,996
|
|
|
2,184,653
|
|
|
2,201,502
|
|
|
76
|
|
|
81
|
|
||||||
Total investment securities
|
$
|
7,142,410
|
|
|
$
|
7,173,003
|
|
|
$
|
6,865,579
|
|
|
$
|
6,851,211
|
|
|
$
|
7,229,090
|
|
|
$
|
7,180,261
|
|
|
December 31, 2019
|
|||||||||||
|
|
|
|
|
Average maturity
(Yrs./mos.)
|
|
Weighted taxable equivalent yield
|
|||||
(Dollars in thousands)
|
Cost
|
|
Fair value
|
|
|
|||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
|||||
U.S. Treasury
|
|
|
|
|
|
|
|
|||||
Within one year
|
$
|
406,325
|
|
|
$
|
406,927
|
|
|
0/2
|
|
2.41
|
%
|
One to five years
|
2,021
|
|
|
2,021
|
|
|
2/7
|
|
1.65
|
|
||
Five to ten years
|
1,051
|
|
|
1,051
|
|
|
5/1
|
|
1.69
|
|
||
Over ten years
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
||
Total
|
409,397
|
|
|
409,999
|
|
|
0/3
|
|
2.41
|
|
||
Government agency(1)
|
|
|
|
|
|
|
|
|||||
One to five years
|
3,236
|
|
|
3,208
|
|
|
4/2
|
|
3.35
|
|
||
Five to ten years
|
236,247
|
|
|
235,532
|
|
|
9/5
|
|
2.42
|
|
||
Over ten years
|
444,602
|
|
|
444,032
|
|
|
23/1
|
|
2.49
|
|
||
Total
|
684,085
|
|
|
682,772
|
|
|
18/3
|
|
2.47
|
|
||
Residential mortgage-backed securities(1)
|
|
|
|
|
|
|
|
|||||
One to five years
|
87
|
|
|
87
|
|
|
3/10
|
|
0.65
|
|
||
Five to ten years
|
1,001,952
|
|
|
996,404
|
|
|
8/5
|
|
1.74
|
|
||
Over ten years
|
4,267,021
|
|
|
4,270,599
|
|
|
18/8
|
|
2.30
|
|
||
Total
|
5,269,060
|
|
|
5,267,090
|
|
|
16/9
|
|
2.20
|
|
||
Commercial mortgage-backed securities(1)
|
|
|
|
|
|
|
|
|||||
One to five years
|
9,374
|
|
|
9,374
|
|
|
3/8
|
|
2.01
|
|
||
Five to ten years
|
52,819
|
|
|
54,460
|
|
|
7/1
|
|
2.99
|
|
||
Over ten years
|
310,912
|
|
|
316,186
|
|
|
35/10
|
|
3.16
|
|
||
Total
|
373,105
|
|
|
380,020
|
|
|
30/11
|
|
3.11
|
|
||
State, county and municipal
|
|
|
|
|
|
|
|
|||||
One to five years
|
4,025
|
|
|
4,025
|
|
|
4/7
|
|
2.19
|
|
||
Five to ten years
|
9,308
|
|
|
9,308
|
|
|
8/5
|
|
1.96
|
|
||
Over ten years
|
104,894
|
|
|
104,894
|
|
|
15/11
|
|
2.26
|
|
||
Total
|
118,227
|
|
|
118,227
|
|
|
14/11
|
|
2.24
|
|
||
Corporate bonds
|
|
|
|
|
|
|
|
|||||
One to five years
|
18,450
|
|
|
18,925
|
|
|
4/1
|
|
5.40
|
|
||
Five to ten years
|
174,848
|
|
|
177,508
|
|
|
7/3
|
|
5.10
|
|
||
Over ten years
|
4,980
|
|
|
5,133
|
|
|
17/4
|
|
7.41
|
|
||
Total
|
198,278
|
|
|
201,566
|
|
|
7/3
|
|
5.18
|
|
||
Total investment securities available for sale
|
7,052,152
|
|
|
7,059,674
|
|
|
|
|
|
|||
Investment securities held to maturity
|
|
|
|
|
|
|
|
|||||
Other investments
|
|
|
|
|
|
|
|
|||||
Within one year
|
30,746
|
|
|
30,746
|
|
|
0/4
|
|
2.06
|
|
||
One to five years
|
250
|
|
|
250
|
|
|
1/1
|
|
2.41
|
|
||
Total investment securities held to maturity
|
30,996
|
|
|
30,996
|
|
|
0/4
|
|
2.06
|
|
|
December 31
|
||||||||||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Non-PCI loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
$
|
1,013,454
|
|
|
$
|
757,854
|
|
|
$
|
669,215
|
|
|
$
|
649,157
|
|
|
$
|
620,352
|
|
Commercial mortgage
|
12,282,635
|
|
|
10,717,234
|
|
|
9,729,022
|
|
|
9,026,220
|
|
|
8,274,548
|
|
|||||
Other commercial real estate
|
542,028
|
|
|
426,985
|
|
|
473,433
|
|
|
351,291
|
|
|
321,021
|
|
|||||
Commercial and industrial and leases
|
4,403,792
|
|
|
3,938,730
|
|
|
3,625,208
|
|
|
3,393,771
|
|
|
3,099,736
|
|
|||||
Other
|
310,093
|
|
|
296,424
|
|
|
302,176
|
|
|
340,264
|
|
|
314,832
|
|
|||||
Total commercial loans
|
18,552,002
|
|
|
16,137,227
|
|
|
14,799,054
|
|
|
13,760,703
|
|
|
12,630,489
|
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
5,293,917
|
|
|
4,265,687
|
|
|
3,523,786
|
|
|
2,889,124
|
|
|
2,695,985
|
|
|||||
Revolving mortgage
|
2,339,072
|
|
|
2,542,975
|
|
|
2,701,525
|
|
|
2,601,344
|
|
|
2,523,106
|
|
|||||
Construction and land development
|
357,385
|
|
|
257,030
|
|
|
248,289
|
|
|
231,400
|
|
|
220,073
|
|
|||||
Consumer
|
1,780,404
|
|
|
1,713,781
|
|
|
1,561,173
|
|
|
1,446,138
|
|
|
1,219,821
|
|
|||||
Total noncommercial loans
|
9,770,778
|
|
|
8,779,473
|
|
|
8,034,773
|
|
|
7,168,006
|
|
|
6,658,985
|
|
|||||
Total non-PCI loans and leases
|
$
|
28,322,780
|
|
|
$
|
24,916,700
|
|
|
$
|
22,833,827
|
|
|
$
|
20,928,709
|
|
|
$
|
19,289,474
|
|
Total PCI loans
|
$
|
558,716
|
|
|
$
|
606,576
|
|
|
$
|
762,998
|
|
|
$
|
809,169
|
|
|
$
|
950,516
|
|
Total loans and leases
|
28,881,496
|
|
|
25,523,276
|
|
|
23,596,825
|
|
|
21,737,878
|
|
|
20,239,990
|
|
|||||
Less allowance for loan and lease losses
|
(225,141
|
)
|
|
(223,712
|
)
|
|
(221,893
|
)
|
|
(218,795
|
)
|
|
(206,216
|
)
|
|||||
Net loans and leases
|
$
|
28,656,355
|
|
|
$
|
25,299,564
|
|
|
$
|
23,374,932
|
|
|
$
|
21,519,083
|
|
|
$
|
20,033,774
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Allowance for loan and lease losses at beginning of period
|
$
|
223,712
|
|
|
$
|
221,893
|
|
|
$
|
218,795
|
|
|
$
|
206,216
|
|
|
$
|
204,466
|
|
Non-PCI provision for loan and lease losses
|
33,049
|
|
|
29,232
|
|
|
29,139
|
|
|
34,870
|
|
|
22,937
|
|
|||||
PCI credit for loan losses
|
(1,608
|
)
|
|
(765
|
)
|
|
(3,447
|
)
|
|
(1,929
|
)
|
|
(2,273
|
)
|
|||||
Non-PCI Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
(196
|
)
|
|
(44
|
)
|
|
(599
|
)
|
|
(680
|
)
|
|
(1,012
|
)
|
|||||
Commercial mortgage
|
(1,096
|
)
|
|
(1,140
|
)
|
|
(421
|
)
|
|
(987
|
)
|
|
(1,498
|
)
|
|||||
Other commercial real estate
|
—
|
|
|
(69
|
)
|
|
(5
|
)
|
|
—
|
|
|
(178
|
)
|
|||||
Commercial and industrial and leases
|
(13,352
|
)
|
|
(10,211
|
)
|
|
(11,921
|
)
|
|
(9,455
|
)
|
|
(6,354
|
)
|
|||||
Other
|
(100
|
)
|
|
(130
|
)
|
|
(912
|
)
|
|
(144
|
)
|
|
—
|
|
|||||
Total commercial loans
|
(14,744
|
)
|
|
(11,594
|
)
|
|
(13,858
|
)
|
|
(11,266
|
)
|
|
(9,042
|
)
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
(1,137
|
)
|
|
(1,689
|
)
|
|
(1,376
|
)
|
|
(926
|
)
|
|
(1,619
|
)
|
|||||
Revolving mortgage
|
(2,584
|
)
|
|
(3,235
|
)
|
|
(2,368
|
)
|
|
(3,287
|
)
|
|
(2,925
|
)
|
|||||
Construction and land development
|
—
|
|
|
(219
|
)
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|||||
Consumer
|
(24,562
|
)
|
|
(22,817
|
)
|
|
(18,784
|
)
|
|
(14,108
|
)
|
|
(11,696
|
)
|
|||||
Total noncommercial loans
|
(28,283
|
)
|
|
(27,960
|
)
|
|
(22,528
|
)
|
|
(18,321
|
)
|
|
(16,262
|
)
|
|||||
Total non-PCI charge-offs
|
(43,027
|
)
|
|
(39,554
|
)
|
|
(36,386
|
)
|
|
(29,587
|
)
|
|
(25,304
|
)
|
|||||
Non-PCI Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
310
|
|
|
311
|
|
|
521
|
|
|
398
|
|
|
566
|
|
|||||
Commercial mortgage
|
596
|
|
|
1,076
|
|
|
2,842
|
|
|
1,281
|
|
|
2,027
|
|
|||||
Other commercial real estate
|
15
|
|
|
150
|
|
|
27
|
|
|
176
|
|
|
45
|
|
|||||
Commercial and industrial and leases
|
2,894
|
|
|
3,496
|
|
|
3,989
|
|
|
1,729
|
|
|
947
|
|
|||||
Other
|
869
|
|
|
489
|
|
|
285
|
|
|
539
|
|
|
91
|
|
|||||
Total commercial loans
|
4,684
|
|
|
5,522
|
|
|
7,664
|
|
|
4,123
|
|
|
3,676
|
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
416
|
|
|
558
|
|
|
539
|
|
|
467
|
|
|
861
|
|
|||||
Revolving mortgage
|
1,212
|
|
|
1,549
|
|
|
1,282
|
|
|
916
|
|
|
1,173
|
|
|||||
Construction and land development
|
—
|
|
|
127
|
|
|
—
|
|
|
66
|
|
|
74
|
|
|||||
Consumer
|
6,703
|
|
|
5,267
|
|
|
4,603
|
|
|
4,267
|
|
|
3,650
|
|
|||||
Total noncommercial loans
|
8,331
|
|
|
7,501
|
|
|
6,424
|
|
|
5,716
|
|
|
5,758
|
|
|||||
Total non-PCI recoveries
|
13,015
|
|
|
13,023
|
|
|
14,088
|
|
|
9,839
|
|
|
9,434
|
|
|||||
Non-PCI loans and leases charged off, net
|
(30,012
|
)
|
|
(26,531
|
)
|
|
(22,298
|
)
|
|
(19,748
|
)
|
|
(15,870
|
)
|
|||||
PCI loans charged off, net
|
—
|
|
|
(117
|
)
|
|
(296
|
)
|
|
(614
|
)
|
|
(3,044
|
)
|
|||||
Allowance for loan and lease losses at end of period
|
$
|
225,141
|
|
|
$
|
223,712
|
|
|
$
|
221,893
|
|
|
$
|
218,795
|
|
|
$
|
206,216
|
|
Reserve for unfunded commitments
|
$
|
1,055
|
|
|
$
|
1,107
|
|
|
$
|
1,032
|
|
|
$
|
1,133
|
|
|
$
|
379
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Average loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
$
|
537,131
|
|
|
$
|
671,128
|
|
|
$
|
845,030
|
|
|
$
|
898,706
|
|
|
$
|
1,112,286
|
|
Non-PCI
|
26,058,370
|
|
|
23,812,591
|
|
|
21,880,635
|
|
|
19,998,689
|
|
|
18,415,867
|
|
|||||
Loans and leases at period-end:
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
558,716
|
|
|
606,576
|
|
|
762,998
|
|
|
809,169
|
|
|
950,516
|
|
|||||
Non-PCI
|
28,322,780
|
|
|
24,916,700
|
|
|
22,833,827
|
|
|
20,928,709
|
|
|
19,289,474
|
|
|||||
Allowance for loan and lease losses allocated to loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
7,536
|
|
|
9,144
|
|
|
10,026
|
|
|
13,769
|
|
|
16,312
|
|
|||||
Non-PCI
|
217,605
|
|
|
214,568
|
|
|
211,867
|
|
|
205,026
|
|
|
189,904
|
|
|||||
Total
|
$
|
225,141
|
|
|
$
|
223,712
|
|
|
$
|
221,893
|
|
|
$
|
218,795
|
|
|
$
|
206,216
|
|
Net charge-offs to average loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
0.00
|
%
|
|
0.02
|
%
|
|
0.04
|
%
|
|
0.07
|
%
|
|
0.27
|
%
|
|||||
Non-PCI
|
0.12
|
|
|
0.11
|
|
|
0.10
|
|
|
0.10
|
|
|
0.09
|
|
|||||
Total
|
0.11
|
|
|
0.11
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|||||
Allowance for loan and lease losses to total loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
1.35
|
|
|
1.51
|
|
|
1.31
|
|
|
1.70
|
|
|
1.72
|
|
|||||
Non-PCI
|
0.77
|
|
|
0.86
|
|
|
0.93
|
|
|
0.98
|
|
|
0.98
|
|
|||||
Total
|
0.78
|
|
|
0.88
|
|
|
0.94
|
|
|
1.01
|
|
|
1.02
|
|
|
December 31
|
|||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||
(dollars in thousands)
|
Allowance
for loan and lease losses |
|
Percent
of loans to total loans |
|
Allowance
for loan and lease losses |
|
Percent
of loans to total loans |
|
Allowance
for loan and lease losses |
|
Percent
of loans to total loans |
|
Allowance
for loan and lease losses |
|
Percent
of loans to total loans |
|
Allowance
for loan and lease losses |
|
Percent
of loans to total loans |
|||||||||||||||
Non-PCI loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Construction and land development
|
$
|
33,213
|
|
|
3.5
|
%
|
|
$
|
35,270
|
|
|
3.0
|
%
|
|
$
|
24,470
|
|
|
2.8
|
%
|
|
$
|
28,877
|
|
|
3.0
|
%
|
|
$
|
16,288
|
|
|
3.1
|
%
|
Commercial mortgage
|
45,335
|
|
|
42.5
|
|
|
43,451
|
|
|
42.0
|
|
|
45,005
|
|
|
41.2
|
|
|
48,278
|
|
|
41.4
|
|
|
69,896
|
|
|
40.8
|
|
|||||
Other commercial real estate
|
2,211
|
|
|
1.9
|
|
|
2,481
|
|
|
1.7
|
|
|
4,571
|
|
|
2.0
|
|
|
3,269
|
|
|
1.6
|
|
|
2,168
|
|
|
1.6
|
|
|||||
Commercial and industrial and leases
|
59,374
|
|
|
15.3
|
|
|
55,620
|
|
|
15.3
|
|
|
59,824
|
|
|
15.4
|
|
|
56,132
|
|
|
15.6
|
|
|
48,640
|
|
|
15.3
|
|
|||||
Other
|
2,236
|
|
|
1.1
|
|
|
2,221
|
|
|
1.2
|
|
|
4,689
|
|
|
1.3
|
|
|
3,127
|
|
|
1.6
|
|
|
1,855
|
|
|
1.6
|
|
|||||
Total commercial
|
142,369
|
|
|
64.3
|
|
|
139,043
|
|
|
63.2
|
|
|
138,559
|
|
|
62.7
|
|
|
139,683
|
|
|
63.2
|
|
|
138,847
|
|
|
62.4
|
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential mortgage
|
18,232
|
|
|
18.3
|
|
|
15,472
|
|
|
16.7
|
|
|
15,706
|
|
|
15.0
|
|
|
14,447
|
|
|
13.3
|
|
|
14,105
|
|
|
13.3
|
|
|||||
Revolving mortgage
|
19,702
|
|
|
8.1
|
|
|
21,862
|
|
|
10.0
|
|
|
22,436
|
|
|
11.4
|
|
|
21,013
|
|
|
12.0
|
|
|
15,971
|
|
|
12.5
|
|
|||||
Construction and land development
|
2,709
|
|
|
1.2
|
|
|
2,350
|
|
|
1.0
|
|
|
3,962
|
|
|
1.1
|
|
|
1,596
|
|
|
1.1
|
|
|
1,485
|
|
|
1.1
|
|
|||||
Consumer
|
34,593
|
|
|
6.2
|
|
|
35,841
|
|
|
6.7
|
|
|
31,204
|
|
|
6.6
|
|
|
28,287
|
|
|
6.7
|
|
|
19,496
|
|
|
6.0
|
|
|||||
Total noncommercial
|
75,236
|
|
|
33.8
|
|
|
75,525
|
|
|
34.4
|
|
|
73,308
|
|
|
34.1
|
|
|
65,343
|
|
|
33.1
|
|
|
51,057
|
|
|
32.9
|
|
|||||
Total allowance for non-PCI loan and lease losses
|
217,605
|
|
|
98.1
|
|
|
214,568
|
|
|
97.6
|
|
|
211,867
|
|
|
96.8
|
|
|
205,026
|
|
|
96.3
|
|
|
189,904
|
|
|
95.3
|
|
|||||
Allowance for PCI loans
|
7,536
|
|
|
1.9
|
|
|
9,144
|
|
|
2.4
|
|
|
10,026
|
|
|
3.2
|
|
|
13,769
|
|
|
3.7
|
|
|
16,312
|
|
|
4.7
|
|
|||||
Total allowance for loan and lease losses
|
$
|
225,141
|
|
|
100.0
|
%
|
|
$
|
223,712
|
|
|
100.0
|
%
|
|
$
|
221,893
|
|
|
100.0
|
%
|
|
$
|
218,795
|
|
|
100.0
|
%
|
|
$
|
206,216
|
|
|
100.0
|
%
|
|
December 31
|
||||||||||||||||||
(Dollars in thousands, except ratios)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Nonaccrual loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
$
|
114,946
|
|
|
$
|
84,546
|
|
|
$
|
92,534
|
|
|
$
|
82,307
|
|
|
$
|
95,854
|
|
PCI
|
6,743
|
|
|
1,276
|
|
|
624
|
|
|
3,451
|
|
|
7,579
|
|
|||||
Other real estate owned
|
46,591
|
|
|
48,030
|
|
|
51,097
|
|
|
61,231
|
|
|
65,559
|
|
|||||
Total nonperforming assets
|
$
|
168,280
|
|
|
$
|
133,852
|
|
|
$
|
144,255
|
|
|
$
|
146,989
|
|
|
$
|
168,992
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
$
|
28,322,780
|
|
|
$
|
24,916,700
|
|
|
$
|
22,833,827
|
|
|
$
|
20,928,709
|
|
|
$
|
19,289,474
|
|
PCI
|
558,716
|
|
|
606,576
|
|
|
762,998
|
|
|
809,169
|
|
|
950,516
|
|
|||||
Total loans and leases
|
$
|
28,881,496
|
|
|
$
|
25,523,276
|
|
|
$
|
23,596,825
|
|
|
$
|
21,737,878
|
|
|
$
|
20,239,990
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans and leases 90 days or more past due:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
$
|
3,291
|
|
|
$
|
2,888
|
|
|
$
|
2,978
|
|
|
$
|
2,718
|
|
|
$
|
3,315
|
|
PCI
|
24,257
|
|
|
37,020
|
|
|
58,740
|
|
|
65,523
|
|
|
73,751
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income recognized on nonperforming loans and leases
|
$
|
1,888
|
|
|
$
|
792
|
|
|
$
|
843
|
|
|
$
|
549
|
|
|
$
|
1,110
|
|
Interest income that would have been earned on nonperforming loans and leases had they been performing
|
5,677
|
|
|
3,677
|
|
|
4,013
|
|
|
3,904
|
|
|
4,324
|
|
|||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned
|
0.58
|
%
|
|
0.52
|
%
|
|
0.61
|
%
|
|
0.67
|
%
|
|
0.83
|
%
|
|
December 31
|
||||||||||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Accruing TDRs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
$
|
111,676
|
|
|
$
|
108,992
|
|
|
$
|
112,228
|
|
|
$
|
101,462
|
|
|
$
|
84,065
|
|
PCI
|
17,074
|
|
|
18,101
|
|
|
18,163
|
|
|
26,068
|
|
|
29,231
|
|
|||||
Total accruing TDRs
|
$
|
128,750
|
|
|
$
|
127,093
|
|
|
$
|
130,391
|
|
|
$
|
127,530
|
|
|
$
|
113,296
|
|
Nonaccruing TDRs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
42,331
|
|
|
28,918
|
|
|
33,898
|
|
|
23,085
|
|
|
30,127
|
|
|||||
PCI
|
111
|
|
|
119
|
|
|
272
|
|
|
301
|
|
|
1,420
|
|
|||||
Total nonaccruing TDRs
|
$
|
42,442
|
|
|
$
|
29,037
|
|
|
$
|
34,170
|
|
|
$
|
23,386
|
|
|
$
|
31,547
|
|
All TDRs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
154,007
|
|
|
137,910
|
|
|
146,126
|
|
|
124,547
|
|
|
114,192
|
|
|||||
PCI
|
17,185
|
|
|
18,220
|
|
|
18,435
|
|
|
26,369
|
|
|
30,651
|
|
|||||
Total TDRs
|
$
|
171,192
|
|
|
$
|
156,130
|
|
|
$
|
164,561
|
|
|
$
|
150,916
|
|
|
$
|
144,843
|
|
|
December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Demand
|
$
|
12,926,796
|
|
|
$
|
11,882,670
|
|
|
$
|
11,237,375
|
|
Checking with interest
|
5,782,967
|
|
|
5,338,511
|
|
|
5,230,060
|
|
|||
Money market
|
9,319,087
|
|
|
8,194,818
|
|
|
8,059,271
|
|
|||
Savings
|
2,564,777
|
|
|
2,499,750
|
|
|
2,340,449
|
|
|||
Time
|
3,837,609
|
|
|
2,756,711
|
|
|
2,399,120
|
|
|||
Total deposits
|
$
|
34,431,236
|
|
|
$
|
30,672,460
|
|
|
$
|
29,266,275
|
|
(Dollars in thousands)
|
December 31, 2019
|
||
Time deposits maturing in:
|
|
||
Three months or less
|
$
|
568,038
|
|
Over three months through six months
|
415,644
|
|
|
Over six months through 12 months
|
523,215
|
|
|
More than 12 months
|
478,161
|
|
|
Total
|
$
|
1,985,058
|
|
|
December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Securities sold under customer repurchase agreements
|
$
|
442,956
|
|
|
$
|
543,936
|
|
|
$
|
586,256
|
|
Federal funds purchased
|
—
|
|
|
—
|
|
|
2,551
|
|
|||
Federal Home Loan Bank borrowings
|
572,185
|
|
|
193,556
|
|
|
835,221
|
|
|||
Subordinated debentures
|
|
|
|
|
|
||||||
SCB Capital Trust I
|
9,739
|
|
|
9,701
|
|
|
9,662
|
|
|||
FCB/SC Capital Trust II
|
17,532
|
|
|
17,401
|
|
|
17,272
|
|
|||
FCB/NC Capital Trust III
|
88,145
|
|
|
88,145
|
|
|
90,207
|
|
|||
Capital Trust debentures assumed in acquisitions
|
14,433
|
|
|
4,124
|
|
|
—
|
|
|||
Other subordinated debentures
|
33,563
|
|
|
21,370
|
|
|
15,000
|
|
|||
Total subordinated debentures
|
163,412
|
|
|
140,741
|
|
|
132,141
|
|
|||
Other borrowings
|
148,318
|
|
|
13,921
|
|
|
7,878
|
|
|||
Total borrowings
|
$
|
1,326,871
|
|
|
$
|
892,154
|
|
|
$
|
1,564,047
|
|
Type of obligation
|
Payments due by period
|
||||||||||||||||||
(Dollars in thousands)
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
Thereafter
|
|
Total
|
||||||||||
Contractual obligations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits
|
$
|
2,971,410
|
|
|
$
|
692,584
|
|
|
$
|
156,235
|
|
|
$
|
17,380
|
|
|
$
|
3,837,609
|
|
Short-term borrowings
|
738,233
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
738,233
|
|
|||||
Long-term obligations
|
61,995
|
|
|
127,470
|
|
|
132,026
|
|
|
267,147
|
|
|
588,638
|
|
|||||
Operating leases
|
14,257
|
|
|
23,949
|
|
|
16,719
|
|
|
36,653
|
|
|
91,578
|
|
|||||
Estimated payment to settle FDIC clawback liability
|
99,467
|
|
|
15,888
|
|
|
—
|
|
|
—
|
|
|
115,355
|
|
|||||
Total contractual obligations
|
$
|
3,885,362
|
|
|
$
|
859,891
|
|
|
$
|
304,980
|
|
|
$
|
321,180
|
|
|
$
|
5,371,413
|
|
Commitments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan commitments
|
$
|
5,478,293
|
|
|
$
|
1,405,296
|
|
|
$
|
710,970
|
|
|
$
|
3,087,819
|
|
|
$
|
10,682,378
|
|
Standby letters of credit
|
88,790
|
|
|
10,651
|
|
|
—
|
|
|
160
|
|
|
99,601
|
|
|||||
Affordable housing partnerships
|
33,582
|
|
|
34,021
|
|
|
1,186
|
|
|
1,184
|
|
|
69,973
|
|
|||||
Total commitments
|
$
|
5,600,665
|
|
|
$
|
1,449,968
|
|
|
$
|
712,156
|
|
|
$
|
3,089,163
|
|
|
$
|
10,851,952
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|||||||||||
(Dollars in thousands)
|
Requirements to be well-capitalized
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||
BancShares
|
|
|
|
|
|
|
|
|
|
|||||||
Tier 1 risk-based capital
|
8.00
|
%
|
|
$
|
3,344,305
|
|
|
10.86
|
%
|
|
$
|
3,463,307
|
|
|
12.67
|
%
|
Common equity Tier 1
|
6.50
|
|
|
3,344,305
|
|
|
10.86
|
|
|
3,463,307
|
|
|
12.67
|
|
||
Total risk-based capital
|
10.00
|
|
|
3,731,501
|
|
|
12.12
|
|
|
3,826,626
|
|
|
13.99
|
|
||
Leverage capital
|
5.00
|
|
|
3,344,305
|
|
|
8.81
|
|
|
3,463,307
|
|
|
9.77
|
|
||
FCB
|
|
|
|
|
|
|
|
|
|
|||||||
Tier 1 risk-based capital
|
8.00
|
|
|
3,554,974
|
|
|
11.54
|
|
|
3,315,742
|
|
|
12.17
|
|
||
Common equity Tier 1
|
6.50
|
|
|
3,554,974
|
|
|
11.54
|
|
|
3,315,742
|
|
|
12.17
|
|
||
Total risk-based capital
|
10.00
|
|
|
3,837,670
|
|
|
12.46
|
|
|
3,574,561
|
|
|
13.12
|
|
||
Leverage capital
|
5.00
|
|
|
3,554,974
|
|
|
9.38
|
|
|
3,315,742
|
|
|
9.39
|
|
|
December 31, 2019
|
Collateral location
|
Percent of real estate secured loans with collateral located in the state
|
North Carolina
|
37.2
|
South Carolina
|
16.0
|
California
|
9.7
|
Florida
|
8.1
|
Georgia
|
6.6
|
Virginia
|
6.5
|
Washington
|
3.2
|
Texas
|
2.6
|
Tennessee
|
1.5
|
All other locations
|
8.6
|
|
Estimated (decrease) increase in net interest income
|
||||
Change in interest rate (basis points)
|
December 31, 2019
|
|
December 31, 2018
|
||
-100
|
(8.00
|
)%
|
|
(10.67
|
)%
|
+100
|
1.30
|
|
|
2.38
|
|
+200
|
0.01
|
|
|
1.66
|
|
|
Estimated (decrease) increase in EVE
|
||||
Change in interest rate (basis points)
|
December 31, 2019
|
|
December 31, 2018
|
||
-100
|
(8.25
|
)%
|
|
(15.14
|
)%
|
+100
|
(0.03
|
)
|
|
3.34
|
|
+200
|
(4.80
|
)
|
|
1.40
|
|
|
At December 31, 2019, maturing
|
||||||||||||||
(Dollars in thousands)
|
Within
One Year |
|
One to Five
Years |
|
After
Five Years |
|
Total
|
||||||||
Loans and leases:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
$
|
1,687,724
|
|
|
$
|
6,425,925
|
|
|
$
|
14,263,743
|
|
|
$
|
22,377,392
|
|
Commercial and industrial
|
977,176
|
|
|
2,194,956
|
|
|
1,239,808
|
|
|
4,411,940
|
|
||||
Other
|
435,601
|
|
|
885,359
|
|
|
771,204
|
|
|
2,092,164
|
|
||||
Total loans and leases
|
$
|
3,100,501
|
|
|
$
|
9,506,240
|
|
|
$
|
16,274,755
|
|
|
$
|
28,881,496
|
|
Loans maturing after one year with:
|
|
|
|
|
|
|
|
||||||||
Fixed interest rates
|
|
|
$
|
7,871,730
|
|
|
$
|
10,096,854
|
|
|
$
|
17,968,584
|
|
||
Floating or adjustable rates
|
|
|
1,634,510
|
|
|
6,177,901
|
|
|
7,812,411
|
|
|||||
Total
|
|
|
$
|
9,506,240
|
|
|
$
|
16,274,755
|
|
|
$
|
25,780,995
|
|
•
|
Tactical - Measures the risk of a negative cash flow position whereby cash outflows exceed cash inflows over a short-term horizon out to nine weeks;
|
•
|
Structural - Measures the amount by which illiquid assets are supported by long-term funding; and
|
•
|
Contingent - Measures the risk of having insufficient liquidity sources to support cash needs under potential future stressed market conditions or having an inability to access wholesale funding sources in a timely and cost effective manner.
|
|
2019
|
|
2018
|
||||||||||||||||||||||||||||
(Dollars in thousands, except share data and ratios)
|
Fourth
Quarter |
|
Third
Quarter |
|
Second
Quarter |
|
First
Quarter |
|
Fourth
Quarter |
|
Third
Quarter |
|
Second
Quarter |
|
First
Quarter |
||||||||||||||||
SUMMARY OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest income
|
$
|
354,048
|
|
|
$
|
362,318
|
|
|
$
|
350,721
|
|
|
$
|
336,924
|
|
|
$
|
333,573
|
|
|
$
|
315,706
|
|
|
$
|
303,877
|
|
|
$
|
292,601
|
|
Interest expense
|
26,924
|
|
|
25,893
|
|
|
23,373
|
|
|
16,452
|
|
|
12,691
|
|
|
8,344
|
|
|
7,658
|
|
|
8,164
|
|
||||||||
Net interest income
|
327,124
|
|
|
336,425
|
|
|
327,348
|
|
|
320,472
|
|
|
320,882
|
|
|
307,362
|
|
|
296,219
|
|
|
284,437
|
|
||||||||
Provision for loan and lease losses
|
7,727
|
|
|
6,766
|
|
|
5,198
|
|
|
11,750
|
|
|
11,585
|
|
|
840
|
|
|
8,438
|
|
|
7,605
|
|
||||||||
Net interest income after provision for loan and lease losses
|
319,397
|
|
|
329,659
|
|
|
322,150
|
|
|
308,722
|
|
|
309,297
|
|
|
306,522
|
|
|
287,781
|
|
|
276,832
|
|
||||||||
Noninterest income
|
104,393
|
|
|
100,930
|
|
|
106,875
|
|
|
103,663
|
|
|
82,007
|
|
|
94,531
|
|
|
100,927
|
|
|
122,684
|
|
||||||||
Noninterest expense
|
292,262
|
|
|
270,425
|
|
|
273,397
|
|
|
267,657
|
|
|
275,378
|
|
|
267,537
|
|
|
265,993
|
|
|
268,063
|
|
||||||||
Income before income taxes
|
131,528
|
|
|
160,164
|
|
|
155,628
|
|
|
144,728
|
|
|
115,926
|
|
|
133,516
|
|
|
122,715
|
|
|
131,453
|
|
||||||||
Income taxes
|
29,654
|
|
|
35,385
|
|
|
36,269
|
|
|
33,369
|
|
|
26,453
|
|
|
16,198
|
|
|
29,424
|
|
|
31,222
|
|
||||||||
Net income
|
$
|
101,874
|
|
|
$
|
124,779
|
|
|
$
|
119,359
|
|
|
$
|
111,359
|
|
|
$
|
89,473
|
|
|
$
|
117,318
|
|
|
$
|
93,291
|
|
|
$
|
100,231
|
|
Net interest income, taxable equivalent
|
$
|
328,045
|
|
|
$
|
337,322
|
|
|
$
|
328,201
|
|
|
$
|
321,372
|
|
|
$
|
321,804
|
|
|
$
|
308,207
|
|
|
$
|
297,021
|
|
|
$
|
285,248
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
$
|
9.55
|
|
|
$
|
11.27
|
|
|
$
|
10.56
|
|
|
$
|
9.67
|
|
|
$
|
7.62
|
|
|
$
|
9.80
|
|
|
$
|
7.77
|
|
|
$
|
8.35
|
|
Cash dividends
|
0.40
|
|
|
0.40
|
|
|
0.40
|
|
|
0.40
|
|
|
0.40
|
|
|
0.35
|
|
|
0.35
|
|
|
0.35
|
|
||||||||
Market price at period end (Class A)
|
532.21
|
|
|
471.55
|
|
|
450.27
|
|
|
407.20
|
|
|
377.05
|
|
|
452.28
|
|
|
403.30
|
|
|
413.24
|
|
||||||||
Book value at period-end
|
337.38
|
|
|
327.86
|
|
|
319.74
|
|
|
309.46
|
|
|
300.04
|
|
|
294.40
|
|
|
286.99
|
|
|
280.77
|
|
||||||||
SELECTED QUARTERLY AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total assets
|
$
|
38,326,641
|
|
|
$
|
37,618,836
|
|
|
$
|
37,049,030
|
|
|
$
|
35,625,885
|
|
|
$
|
35,625,500
|
|
|
$
|
34,937,175
|
|
|
$
|
34,673,927
|
|
|
$
|
34,267,495
|
|
Investment securities
|
7,120,023
|
|
|
6,956,981
|
|
|
6,803,570
|
|
|
6,790,671
|
|
|
7,025,889
|
|
|
7,129,089
|
|
|
7,091,442
|
|
|
7,053,001
|
|
||||||||
Loans and leases(1)
|
27,508,062
|
|
|
26,977,476
|
|
|
26,597,242
|
|
|
25,515,988
|
|
|
25,343,813
|
|
|
24,698,799
|
|
|
24,205,363
|
|
|
23,666,098
|
|
||||||||
Interest-earning assets
|
36,032,680
|
|
|
35,293,979
|
|
|
34,674,842
|
|
|
33,432,162
|
|
|
33,500,732
|
|
|
32,886,276
|
|
|
32,669,810
|
|
|
32,320,431
|
|
||||||||
Deposits
|
33,295,141
|
|
|
32,647,264
|
|
|
32,100,210
|
|
|
30,802,567
|
|
|
30,835,157
|
|
|
30,237,329
|
|
|
30,100,615
|
|
|
29,472,125
|
|
||||||||
Interest-bearing liabilities
|
20,958,943
|
|
|
20,551,393
|
|
|
20,397,445
|
|
|
19,655,434
|
|
|
19,282,749
|
|
|
18,783,160
|
|
|
18,885,168
|
|
|
19,031,404
|
|
||||||||
Securities sold under customer repurchase agreements
|
495,804
|
|
|
533,371
|
|
|
556,374
|
|
|
538,162
|
|
|
572,442
|
|
|
547,385
|
|
|
516,999
|
|
|
585,627
|
|
||||||||
Other short-term borrowings
|
28,284
|
|
|
23,236
|
|
|
40,513
|
|
|
—
|
|
|
53,552
|
|
|
43,720
|
|
|
46,614
|
|
|
91,440
|
|
||||||||
Long-term borrowings
|
467,223
|
|
|
384,047
|
|
|
371,843
|
|
|
344,225
|
|
|
319,410
|
|
|
261,821
|
|
|
233,373
|
|
|
404,065
|
|
||||||||
Shareholders' equity
|
$
|
3,570,872
|
|
|
$
|
3,580,235
|
|
|
$
|
3,546,041
|
|
|
$
|
3,509,746
|
|
|
$
|
3,491,914
|
|
|
$
|
3,470,368
|
|
|
$
|
3,400,867
|
|
|
$
|
3,333,114
|
|
Shares outstanding
|
10,708,084
|
|
|
11,060,462
|
|
|
11,286,520
|
|
|
11,519,008
|
|
|
11,763,832
|
|
|
11,971,460
|
|
|
12,010,405
|
|
|
12,010,405
|
|
||||||||
SELECTED QUARTER-END BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets
|
$
|
39,824,496
|
|
|
$
|
37,748,324
|
|
|
$
|
37,655,094
|
|
|
$
|
35,961,670
|
|
|
$
|
35,408,629
|
|
|
$
|
34,954,659
|
|
|
$
|
35,088,566
|
|
|
$
|
34,436,437
|
|
Investment securities
|
7,173,003
|
|
|
7,167,680
|
|
|
6,695,578
|
|
|
6,914,513
|
|
|
6,834,362
|
|
|
7,040,674
|
|
|
7,190,545
|
|
|
6,967,921
|
|
||||||||
Loans and leases
|
28,881,496
|
|
|
27,196,511
|
|
|
26,728,237
|
|
|
25,463,785
|
|
|
25,523,276
|
|
|
24,886,347
|
|
|
24,538,437
|
|
|
23,611,977
|
|
||||||||
Deposits
|
34,431,236
|
|
|
32,743,277
|
|
|
32,719,671
|
|
|
31,198,093
|
|
|
30,672,460
|
|
|
30,163,537
|
|
|
30,408,884
|
|
|
29,969,245
|
|
||||||||
Securities sold under customer repurchase agreements
|
442,956
|
|
|
522,195
|
|
|
544,527
|
|
|
508,508
|
|
|
543,936
|
|
|
567,438
|
|
|
499,723
|
|
|
522,207
|
|
||||||||
Other short-term borrowings
|
295,277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,351
|
|
|
120,311
|
|
|
114,270
|
|
|
2,551
|
|
||||||||
Long-term borrowings
|
588,638
|
|
|
453,876
|
|
|
369,854
|
|
|
341,108
|
|
|
319,867
|
|
|
297,487
|
|
|
241,360
|
|
|
224,413
|
|
||||||||
Shareholders' equity
|
$
|
3,586,184
|
|
|
$
|
3,568,482
|
|
|
$
|
3,574,613
|
|
|
$
|
3,523,309
|
|
|
$
|
3,488,954
|
|
|
$
|
3,499,013
|
|
|
$
|
3,446,886
|
|
|
$
|
3,372,114
|
|
Shares outstanding
|
10,629,495
|
|
|
10,884,005
|
|
|
11,179,905
|
|
|
11,385,405
|
|
|
11,628,405
|
|
|
11,885,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
||||||||
SELECTED RATIOS AND OTHER DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Rate of return on average assets (annualized)
|
1.05
|
%
|
|
1.32
|
%
|
|
1.29
|
%
|
|
1.27
|
%
|
|
1.00
|
%
|
|
1.33
|
%
|
|
1.08
|
%
|
|
1.19
|
%
|
||||||||
Rate of return on average shareholders’ equity (annualized)
|
11.32
|
|
|
13.83
|
|
|
13.50
|
|
|
12.86
|
|
|
10.17
|
|
|
13.41
|
|
|
11.00
|
|
|
12.20
|
|
||||||||
Net yield on interest-earning assets (taxable equivalent)
|
3.62
|
|
|
3.80
|
|
|
3.79
|
|
|
3.89
|
|
|
3.82
|
|
|
3.73
|
|
|
3.64
|
|
|
3.57
|
|
||||||||
Allowance for loan and lease losses to total loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
PCI
|
1.35
|
|
|
1.34
|
|
|
1.51
|
|
|
1.61
|
|
|
1.51
|
|
|
1.71
|
|
|
1.84
|
|
|
1.75
|
|
||||||||
Non-PCI
|
0.77
|
|
|
0.82
|
|
|
0.83
|
|
|
0.88
|
|
|
0.86
|
|
|
0.86
|
|
|
0.89
|
|
|
0.92
|
|
||||||||
Total
|
0.78
|
|
|
0.83
|
|
|
0.85
|
|
|
0.90
|
|
|
0.88
|
|
|
0.88
|
|
|
0.92
|
|
|
0.94
|
|
||||||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned
|
0.58
|
|
|
0.57
|
|
|
0.57
|
|
|
0.53
|
|
|
0.52
|
|
|
0.52
|
|
|
0.54
|
|
|
0.59
|
|
||||||||
Tier 1 risk-based capital ratio
|
10.86
|
|
|
11.80
|
|
|
12.03
|
|
|
12.69
|
|
|
12.67
|
|
|
13.23
|
|
|
13.06
|
|
|
13.38
|
|
||||||||
Tier 1 common equity ratio
|
10.86
|
|
|
11.80
|
|
|
12.03
|
|
|
12.69
|
|
|
12.67
|
|
|
13.23
|
|
|
13.06
|
|
|
13.38
|
|
||||||||
Total risk-based capital ratio
|
12.12
|
|
|
13.09
|
|
|
13.34
|
|
|
14.02
|
|
|
13.99
|
|
|
14.57
|
|
|
14.43
|
|
|
14.70
|
|
||||||||
Leverage capital ratio
|
8.81
|
|
|
9.18
|
|
|
9.35
|
|
|
9.80
|
|
|
9.77
|
|
|
10.11
|
|
|
9.99
|
|
|
10.01
|
|
||||||||
Dividend payout ratio
|
4.19
|
|
|
3.55
|
|
|
3.79
|
|
|
4.14
|
|
|
5.25
|
|
|
3.57
|
|
|
4.50
|
|
|
4.19
|
|
||||||||
Average loans and leases to average deposits
|
82.62
|
|
|
82.63
|
|
|
82.86
|
|
|
82.84
|
|
|
82.19
|
|
|
81.68
|
|
|
80.41
|
|
|
80.30
|
|
|
2019
|
|
2018
|
|
Increase (decrease) due to:
|
||||||||||||||||||||||||||||
|
|
|
Interest
|
|
|
|
|
|
Interest
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
|
Yield/
|
|
Total
|
||||||||||||||||
(Dollars in thousands, taxable equivalent)
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Volume
|
|
Rate
|
|
Change
|
||||||||||||||||
Assets
|
|
||||||||||||||||||||||||||||||||
Loans and leases(1)
|
$
|
27,508,062
|
|
|
$
|
308,832
|
|
|
4.46
|
|
%
|
$
|
25,343,813
|
|
|
$
|
288,484
|
|
|
4.52
|
|
%
|
$
|
21,390
|
|
|
$
|
(1,042
|
)
|
|
$
|
20,348
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U. S. Treasury
|
595,515
|
|
|
3,706
|
|
|
2.47
|
|
|
1,454,889
|
|
|
7,261
|
|
|
1.98
|
|
|
(4,289
|
)
|
|
734
|
|
|
(3,555
|
)
|
|||||||
Government agency
|
659,857
|
|
|
4,224
|
|
|
2.56
|
|
|
192,830
|
|
|
1,288
|
|
|
2.67
|
|
|
3,120
|
|
|
(184
|
)
|
|
2,936
|
|
|||||||
Mortgage-backed securities
|
5,563,653
|
|
|
29,964
|
|
|
2.15
|
|
|
5,136,489
|
|
|
29,261
|
|
|
2.28
|
|
|
2,337
|
|
|
(1,634
|
)
|
|
703
|
|
|||||||
Corporate bonds
|
172,424
|
|
|
2,165
|
|
|
5.02
|
|
|
135,962
|
|
|
1,810
|
|
|
5.32
|
|
|
485
|
|
|
(130
|
)
|
|
355
|
|
|||||||
Other investments
|
128,574
|
|
|
653
|
|
|
2.02
|
|
|
105,719
|
|
|
326
|
|
|
1.22
|
|
|
119
|
|
|
208
|
|
|
327
|
|
|||||||
Total investment securities
|
7,120,023
|
|
|
40,712
|
|
|
2.29
|
|
|
7,025,889
|
|
|
39,946
|
|
|
2.27
|
|
|
1,772
|
|
|
(1,006
|
)
|
|
766
|
|
|||||||
Overnight investments
|
1,404,595
|
|
|
5,425
|
|
|
1.53
|
|
|
1,131,030
|
|
|
6,065
|
|
|
2.13
|
|
|
1,469
|
|
|
(2,109
|
)
|
|
(640
|
)
|
|||||||
Total interest-earning assets
|
36,032,680
|
|
|
$
|
354,969
|
|
|
3.92
|
|
%
|
33,500,732
|
|
|
$
|
334,495
|
|
|
3.97
|
|
%
|
$
|
24,631
|
|
|
$
|
(4,157
|
)
|
|
$
|
20,474
|
|
||
Cash and due from banks
|
255,963
|
|
|
|
|
|
|
282,589
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Premises and equipment
|
1,229,445
|
|
|
|
|
|
|
1,182,640
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan and lease losses
|
(225,170
|
)
|
|
|
|
|
|
(221,710
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other real estate owned
|
44,134
|
|
|
|
|
|
|
46,000
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other assets
|
989,589
|
|
|
|
|
|
|
835,249
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets
|
$
|
38,326,641
|
|
|
|
|
|
|
$
|
35,625,500
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Checking with interest
|
$
|
5,479,226
|
|
|
$
|
563
|
|
|
0.04
|
|
%
|
$
|
5,254,677
|
|
|
$
|
332
|
|
|
0.03
|
|
%
|
$
|
14
|
|
|
$
|
217
|
|
|
$
|
231
|
|
Savings
|
2,596,608
|
|
|
439
|
|
|
0.07
|
|
|
2,511,444
|
|
|
213
|
|
|
0.03
|
|
|
7
|
|
|
219
|
|
|
226
|
|
|||||||
Money market accounts
|
8,378,366
|
|
|
8,064
|
|
|
0.38
|
|
|
7,971,726
|
|
|
4,335
|
|
|
0.22
|
|
|
221
|
|
|
3,508
|
|
|
3,729
|
|
|||||||
Time deposits
|
3,513,432
|
|
|
13,367
|
|
|
1.51
|
|
|
2,599,498
|
|
|
4,179
|
|
|
0.64
|
|
|
1,469
|
|
|
7,719
|
|
|
9,188
|
|
|||||||
Total interest-bearing deposits
|
19,967,632
|
|
|
22,433
|
|
|
0.45
|
|
|
18,337,345
|
|
|
9,059
|
|
|
0.20
|
|
|
1,711
|
|
|
11,663
|
|
|
13,374
|
|
|||||||
Securities sold under customer repurchase agreements
|
495,804
|
|
|
479
|
|
|
0.38
|
|
|
572,442
|
|
|
419
|
|
|
0.29
|
|
|
(56
|
)
|
|
116
|
|
|
60
|
|
|||||||
Other short-term borrowings
|
28,284
|
|
|
190
|
|
|
2.63
|
|
|
53,552
|
|
|
298
|
|
|
2.21
|
|
|
(141
|
)
|
|
33
|
|
|
(108
|
)
|
|||||||
Long-term borrowings
|
467,223
|
|
|
3,822
|
|
|
3.20
|
|
|
319,410
|
|
|
2,915
|
|
|
3.58
|
|
|
1,334
|
|
|
(427
|
)
|
|
907
|
|
|||||||
Total interest-bearing liabilities
|
20,958,943
|
|
|
26,924
|
|
|
0.51
|
|
|
19,282,749
|
|
|
12,691
|
|
|
0.26
|
|
|
2,848
|
|
|
11,385
|
|
|
14,233
|
|
|||||||
Demand deposits
|
13,327,509
|
|
|
|
|
|
|
12,497,812
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other liabilities
|
469,317
|
|
|
|
|
|
|
353,025
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Shareholders' equity
|
3,570,872
|
|
|
|
|
|
|
3,491,914
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total liabilities and shareholders' equity
|
$
|
38,326,641
|
|
|
|
|
|
|
$
|
35,625,500
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate spread
|
|
|
|
|
3.41
|
|
%
|
|
|
|
|
3.71
|
|
%
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net interest income and net yield on interest-earning assets
|
|
|
$
|
328,045
|
|
|
3.62
|
|
%
|
|
|
$
|
321,804
|
|
|
3.82
|
|
%
|
$
|
21,783
|
|
|
$
|
(15,542
|
)
|
|
$
|
6,241
|
|
•
|
We tested the design and operating effectiveness of controls relating to management’s determination of the ALLL, including controls over the allowance models and the inputs utilized to support the reserve calculations. Controls tested around the model include review of the model calculations and analysis by management, monitoring over key performance indicators and other ratios, as well as the evaluation of factors impacting the qualitative assessment, such as changes in the factor related to the nature and volume of the portfolio. Additionally, we tested controls around the appropriateness of the loan grading policy and the consistency of application, including risk grade changes, as it relates to the loss factors and calculation of the quantitative reserve.
|
•
|
We evaluated the reasonableness of management’s judgment in determining qualitative loss factors, which included evaluating portfolio composition changes, economic factors, and other adjustments, and analyzing whether these inputs were appropriately applied based on available data.
|
•
|
We tested management’s assumptions in setting the qualitative factors, including the changes in the nature and volume of the loan portfolio, comparing trends in key performance indicators to changes in the components of the ALLL reserve for reasonableness.
|
•
|
We evaluated the appropriateness of inputs and assumptions used by management in determining the loss rates, such as historical charge-offs, loss frequencies used in calculating the probability of default, historical loan migration to charge-off experience, and delinquencies rates, assessing whether such factors were reasonable for the purpose used.
|
(Dollars in thousands, except share data)
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
376,719
|
|
|
$
|
327,440
|
|
Overnight investments
|
1,107,844
|
|
|
797,406
|
|
||
Investment in marketable equity securities (cost of $59,262 at December 31, 2019 and $73,809 at December 31, 2018)
|
82,333
|
|
|
92,599
|
|
||
Investment securities available for sale (cost of $7,052,152 at December 31, 2019 and $4,607,117 at December 31, 2018)
|
7,059,674
|
|
|
4,557,110
|
|
||
Investment securities held to maturity (fair value of $30,996 at December 31, 2019 and $2,201,502 at December 31, 2018)
|
30,996
|
|
|
2,184,653
|
|
||
Loans held for sale
|
67,869
|
|
|
45,505
|
|
||
Loans and leases
|
28,881,496
|
|
|
25,523,276
|
|
||
Allowance for loan and lease losses
|
(225,141
|
)
|
|
(223,712
|
)
|
||
Net loans and leases
|
28,656,355
|
|
|
25,299,564
|
|
||
Premises and equipment
|
1,244,396
|
|
|
1,204,179
|
|
||
Other real estate owned
|
46,591
|
|
|
48,030
|
|
||
Income earned not collected
|
123,154
|
|
|
109,903
|
|
||
Goodwill
|
349,398
|
|
|
236,347
|
|
||
Other intangible assets
|
68,276
|
|
|
72,298
|
|
||
Other assets
|
610,891
|
|
|
433,595
|
|
||
Total assets
|
$
|
39,824,496
|
|
|
$
|
35,408,629
|
|
Liabilities
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing
|
$
|
12,926,796
|
|
|
$
|
11,882,670
|
|
Interest-bearing
|
21,504,440
|
|
|
18,789,790
|
|
||
Total deposits
|
34,431,236
|
|
|
30,672,460
|
|
||
Securities sold under customer repurchase agreements
|
442,956
|
|
|
543,936
|
|
||
Federal Home Loan Bank borrowings
|
572,185
|
|
|
193,556
|
|
||
Subordinated debentures
|
163,412
|
|
|
140,741
|
|
||
Other borrowings
|
148,318
|
|
|
13,921
|
|
||
FDIC shared-loss payable
|
112,395
|
|
|
105,618
|
|
||
Other liabilities
|
367,810
|
|
|
249,443
|
|
||
Total liabilities
|
36,238,312
|
|
|
31,919,675
|
|
||
Shareholders’ equity
|
|
|
|
||||
Common stock:
|
|
|
|
||||
Class A - $1 par value (16,000,000 shares authorized; 9,624,310 and 10,623,220 shares issued and outstanding at December 31, 2019 and December 31, 2018 respectively)
|
9,624
|
|
|
10,623
|
|
||
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at December 31, 2019 and December 31, 2018)
|
1,005
|
|
|
1,005
|
|
||
Preferred stock - $0.01 par value (10,000,000 shares authorized; no shares issued and outstanding at December 31, 2019 and December 31, 2018)
|
—
|
|
|
—
|
|
||
Surplus
|
44,081
|
|
|
493,962
|
|
||
Retained earnings
|
3,658,197
|
|
|
3,218,551
|
|
||
Accumulated other comprehensive loss
|
(126,723
|
)
|
|
(235,187
|
)
|
||
Total shareholders’ equity
|
3,586,184
|
|
|
3,488,954
|
|
||
Total liabilities and shareholders’ equity
|
$
|
39,824,496
|
|
|
$
|
35,408,629
|
|
|
Year ended December 31
|
||||||||||
(Dollars in thousands, except share and per share data)
|
2019
|
|
2018
|
|
2017
|
||||||
Interest income
|
|
|
|
|
|
||||||
Loans and leases
|
$
|
1,217,306
|
|
|
$
|
1,073,051
|
|
|
$
|
955,637
|
|
Investment securities interest and dividend income
|
160,460
|
|
|
150,709
|
|
|
121,207
|
|
|||
Overnight investments
|
26,245
|
|
|
21,997
|
|
|
26,846
|
|
|||
Total interest income
|
1,404,011
|
|
|
1,245,757
|
|
|
1,103,690
|
|
|||
Interest expense
|
|
|
|
|
|
||||||
Deposits
|
76,254
|
|
|
22,483
|
|
|
16,196
|
|
|||
Securities sold under customer repurchase agreements
|
1,995
|
|
|
1,594
|
|
|
1,767
|
|
|||
Federal Home Loan Bank borrowings
|
5,472
|
|
|
5,801
|
|
|
19,915
|
|
|||
Subordinated debentures
|
7,099
|
|
|
6,277
|
|
|
5,213
|
|
|||
Other borrowings
|
1,822
|
|
|
702
|
|
|
703
|
|
|||
Total interest expense
|
92,642
|
|
|
36,857
|
|
|
43,794
|
|
|||
Net interest income
|
1,311,369
|
|
|
1,208,900
|
|
|
1,059,896
|
|
|||
Provision for loan and lease losses
|
31,441
|
|
|
28,468
|
|
|
25,692
|
|
|||
Net interest income after provision for loan and lease losses
|
1,279,928
|
|
|
1,180,432
|
|
|
1,034,204
|
|
|||
Noninterest income
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
105,191
|
|
|
105,486
|
|
|
101,201
|
|
|||
Wealth management services
|
99,241
|
|
|
97,966
|
|
|
86,719
|
|
|||
Cardholder services, net
|
69,078
|
|
|
65,478
|
|
|
57,583
|
|
|||
Other service charges and fees
|
31,644
|
|
|
30,606
|
|
|
28,321
|
|
|||
Merchant services, net
|
24,304
|
|
|
24,504
|
|
|
22,678
|
|
|||
Mortgage income
|
21,126
|
|
|
16,433
|
|
|
23,251
|
|
|||
Insurance commissions
|
12,810
|
|
|
12,702
|
|
|
12,465
|
|
|||
ATM income
|
6,296
|
|
|
7,980
|
|
|
9,143
|
|
|||
Marketable equity securities gains (losses), net
|
20,625
|
|
|
(7,610
|
)
|
|
—
|
|
|||
Realized gains on investment securities available for sale, net
|
7,115
|
|
|
351
|
|
|
4,293
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
26,553
|
|
|
12,483
|
|
|||
Gain on acquisitions
|
—
|
|
|
—
|
|
|
134,745
|
|
|||
Other
|
18,431
|
|
|
19,700
|
|
|
29,081
|
|
|||
Total noninterest income
|
415,861
|
|
|
400,149
|
|
|
521,963
|
|
|||
Noninterest expense
|
|
|
|
|
|
||||||
Salaries and wages
|
551,112
|
|
|
527,691
|
|
|
490,610
|
|
|||
Employee benefits
|
120,501
|
|
|
118,203
|
|
|
105,975
|
|
|||
Occupancy expense
|
111,179
|
|
|
109,169
|
|
|
104,690
|
|
|||
Equipment expense
|
112,290
|
|
|
102,909
|
|
|
97,478
|
|
|||
Processing fees paid to third parties
|
29,552
|
|
|
30,017
|
|
|
25,673
|
|
|||
FDIC insurance expense
|
10,664
|
|
|
18,890
|
|
|
22,191
|
|
|||
Collection and foreclosure-related expenses
|
11,994
|
|
|
16,567
|
|
|
14,407
|
|
|||
Merger-related expenses
|
17,166
|
|
|
6,462
|
|
|
9,015
|
|
|||
Other
|
139,283
|
|
|
147,063
|
|
|
142,430
|
|
|||
Total noninterest expense
|
1,103,741
|
|
|
1,076,971
|
|
|
1,012,469
|
|
|||
Income before income taxes
|
592,048
|
|
|
503,610
|
|
|
543,698
|
|
|||
Income taxes
|
134,677
|
|
|
103,297
|
|
|
219,946
|
|
|||
Net income
|
$
|
457,371
|
|
|
$
|
400,313
|
|
|
$
|
323,752
|
|
Weighted average shares outstanding
|
11,141,069
|
|
|
11,938,439
|
|
|
12,010,405
|
|
|||
Net income per share
|
$
|
41.05
|
|
|
$
|
33.53
|
|
|
$
|
29.96
|
|
Dividends declared per share
|
$
|
1.60
|
|
|
$
|
1.45
|
|
|
$
|
1.25
|
|
|
Year ended December 31
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
(Dollars in thousands)
|
|
|
|
|
|
||||||
Net income
|
$
|
457,371
|
|
|
$
|
400,313
|
|
|
$
|
323,752
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
||||||
Unrealized gains on securities available for sale:
|
|
|
|
|
|
||||||
Unrealized gains on securities available for sale arising during the period
|
64,644
|
|
|
29,170
|
|
|
28,166
|
|
|||
Tax effect
|
(14,868
|
)
|
|
(6,709
|
)
|
|
(10,531
|
)
|
|||
Reclassification adjustment for realized gains on securities available for sale included in income before income taxes
|
(7,115
|
)
|
|
(351
|
)
|
|
(4,293
|
)
|
|||
Tax effect
|
1,636
|
|
|
81
|
|
|
1,588
|
|
|||
Unrealized gains on securities available for sale arising during the period, net of tax
|
44,297
|
|
|
22,191
|
|
|
14,930
|
|
|||
|
|
|
|
|
|
||||||
Unrealized losses on securities available for sale transferred from (to) held to maturity:
|
|
|
|
|
|
||||||
Unrealized losses on securities available for sale transferred from (to) held to maturity
|
72,512
|
|
|
(109,507
|
)
|
|
—
|
|
|||
Tax effect
|
(16,678
|
)
|
|
25,186
|
|
|
—
|
|
|||
Reclassification adjustment for accretion of unrealized losses on securities available for sale transferred to held to maturity
|
19,889
|
|
|
17,106
|
|
|
—
|
|
|||
Tax effect
|
(4,574
|
)
|
|
(3,934
|
)
|
|
—
|
|
|||
Total change in unrealized losses on securities available for sale transferred from (to) held to maturity, net of tax
|
71,149
|
|
|
(71,149
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Defined benefit pension items:
|
|
|
|
|
|
||||||
Actuarial losses arising during the period
|
(20,049
|
)
|
|
(32,012
|
)
|
|
(12,945
|
)
|
|||
Tax effect
|
4,611
|
|
|
7,363
|
|
|
4,789
|
|
|||
Amortization of actuarial losses and prior service cost
|
10,981
|
|
|
13,981
|
|
|
9,720
|
|
|||
Tax effect
|
(2,525
|
)
|
|
(3,216
|
)
|
|
(3,596
|
)
|
|||
Total change from defined benefit plans, net of tax
|
(6,982
|
)
|
|
(13,884
|
)
|
|
(2,032
|
)
|
|||
Other comprehensive income (loss)
|
108,464
|
|
|
(62,842
|
)
|
|
12,898
|
|
|||
Total comprehensive income
|
$
|
565,835
|
|
|
$
|
337,471
|
|
|
$
|
336,650
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Class A
Common Stock
|
|
Class B
Common Stock
|
|
Surplus
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Shareholders’
Equity
|
||||||||||||
(Dollars in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2016
|
$
|
11,005
|
|
|
$
|
1,005
|
|
|
$
|
658,918
|
|
|
$
|
2,476,691
|
|
|
$
|
(135,192
|
)
|
|
$
|
3,012,427
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
323,752
|
|
|
—
|
|
|
323,752
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,898
|
|
|
12,898
|
|
||||||
Cash dividends declared ($1.25 per share)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Class A common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,757
|
)
|
|
—
|
|
|
(13,757
|
)
|
||||||
Class B common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,256
|
)
|
|
—
|
|
|
(1,256
|
)
|
||||||
Balance at December 31, 2017
|
11,005
|
|
|
1,005
|
|
|
658,918
|
|
|
2,785,430
|
|
|
(122,294
|
)
|
|
3,334,064
|
|
||||||
Cumulative effect of adoption of ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
18,715
|
|
|
(18,715
|
)
|
|
—
|
|
||||||
Cumulative effect of adoption of ASU 2018-02
|
—
|
|
|
—
|
|
|
—
|
|
|
31,336
|
|
|
(31,336
|
)
|
|
—
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
400,313
|
|
|
—
|
|
|
400,313
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62,842
|
)
|
|
(62,842
|
)
|
||||||
Repurchase of 382,000 shares of Class A common stock
|
(382
|
)
|
|
—
|
|
|
(164,956
|
)
|
|
—
|
|
|
—
|
|
|
(165,338
|
)
|
||||||
Cash dividends declared ($1.45 per share)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Class A common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,785
|
)
|
|
—
|
|
|
(15,785
|
)
|
||||||
Class B common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,458
|
)
|
|
—
|
|
|
(1,458
|
)
|
||||||
Balance at December 31, 2018
|
10,623
|
|
|
1,005
|
|
|
493,962
|
|
|
3,218,551
|
|
|
(235,187
|
)
|
|
3,488,954
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
457,371
|
|
|
—
|
|
|
457,371
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108,464
|
|
|
108,464
|
|
||||||
Repurchase of 998,910 shares of Class A common stock
|
(999
|
)
|
|
—
|
|
|
(449,881
|
)
|
|
—
|
|
|
—
|
|
|
(450,880
|
)
|
||||||
Cash dividends declared ($1.60 per share)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Class A common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,117
|
)
|
|
—
|
|
|
(16,117
|
)
|
||||||
Class B common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,608
|
)
|
|
—
|
|
|
(1,608
|
)
|
||||||
Balance at December 31, 2019
|
$
|
9,624
|
|
|
$
|
1,005
|
|
|
$
|
44,081
|
|
|
$
|
3,658,197
|
|
|
$
|
(126,723
|
)
|
|
$
|
3,586,184
|
|
(Dollars in thousands)
|
|
As recorded by FCB
|
||||||
Purchase price
|
|
|
|
$
|
222,750
|
|
||
Assets
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
59,815
|
|
|
|
||
Overnight investments
|
|
242,770
|
|
|
|
|||
Investment securities
|
|
227,834
|
|
|
|
|||
Loans
|
|
1,031,186
|
|
|
|
|||
Premises and equipment
|
|
24,458
|
|
|
|
|||
Other real estate owned
|
|
1,846
|
|
|
|
|||
Income earned not collected
|
|
5,447
|
|
|
|
|||
Intangible assets
|
|
6,899
|
|
|
|
|||
Other assets
|
|
81,069
|
|
|
|
|||
Total assets acquired
|
|
1,681,324
|
|
|
|
|||
Liabilities
|
|
|
|
|
||||
Deposits
|
|
1,326,967
|
|
|
|
|||
Borrowings
|
|
169,433
|
|
|
|
|||
Other liabilities
|
|
14,808
|
|
|
|
|||
Total liabilities assumed
|
|
$
|
1,511,208
|
|
|
|
||
Fair value of net assets acquired
|
|
|
|
170,116
|
|
|||
Goodwill recorded for Entegra
|
|
|
|
$
|
52,634
|
|
(Dollars in thousands)
|
|
As recorded by FCB
|
||||||
Purchase price
|
|
|
|
$
|
37,486
|
|
||
Assets
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
4,633
|
|
|
|
||
Overnight investments
|
|
3,188
|
|
|
|
|||
Investment securities
|
|
23,512
|
|
|
|
|||
Loans
|
|
179,243
|
|
|
|
|||
Premises and equipment
|
|
4,944
|
|
|
|
|||
Other real estate owned
|
|
1,567
|
|
|
|
|||
Income earned not collected
|
|
604
|
|
|
|
|||
Intangible assets
|
|
2,268
|
|
|
|
|||
Other assets
|
|
19,192
|
|
|
|
|||
Total assets acquired
|
|
239,151
|
|
|
|
|||
Liabilities
|
|
|
|
|
||||
Deposits
|
|
207,556
|
|
|
|
|||
Borrowings
|
|
5,155
|
|
|
|
|||
Other liabilities
|
|
2,850
|
|
|
|
|||
Total liabilities assumed
|
|
$
|
215,561
|
|
|
|
||
Fair value of net assets acquired
|
|
|
|
23,590
|
|
|||
Goodwill recorded for First South Bancorp
|
|
|
|
$
|
13,896
|
|
(Dollars in thousands)
|
As recorded by FCB
|
||||||
Purchase price
|
|
|
$
|
118,949
|
|
||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
78,010
|
|
|
|
||
Overnight investments
|
306
|
|
|
|
|||
Investment securities held to maturity
|
34,539
|
|
|
|
|||
Loans
|
863,384
|
|
|
|
|||
Premises and equipment
|
1,533
|
|
|
|
|||
Other real estate owned
|
2,046
|
|
|
|
|||
Income earned not collected
|
3,049
|
|
|
|
|||
Intangible assets
|
4,745
|
|
|
|
|||
Other assets
|
41,572
|
|
|
|
|||
Total assets acquired
|
1,029,184
|
|
|
|
|||
Liabilities
|
|
|
|
||||
Deposits
|
786,512
|
|
|
|
|||
Borrowings
|
157,415
|
|
|
|
|||
Accrued interest payable
|
—
|
|
|
|
|||
Other liabilities
|
12,829
|
|
|
|
|||
Total liabilities assumed
|
$
|
956,756
|
|
|
|
||
Fair value of net assets acquired
|
|
|
72,428
|
|
|||
Goodwill recorded for Biscayne Bancshares
|
|
|
$
|
46,521
|
|
|
December 31, 2019
|
||||||||||||||
(Dollars in thousands)
|
Cost
|
|
Gross
unrealized
gains
|
|
Gross unrealized
losses
|
|
Fair
value
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
409,397
|
|
|
$
|
602
|
|
|
$
|
—
|
|
|
$
|
409,999
|
|
Government agency
|
684,085
|
|
|
928
|
|
|
2,241
|
|
|
682,772
|
|
||||
Residential mortgage-backed securities
|
5,269,060
|
|
|
13,417
|
|
|
15,387
|
|
|
5,267,090
|
|
||||
Commercial mortgage-backed securities
|
373,105
|
|
|
6,974
|
|
|
59
|
|
|
380,020
|
|
||||
Corporate bonds
|
198,278
|
|
|
3,420
|
|
|
132
|
|
|
201,566
|
|
||||
State, county and municipal
|
118,227
|
|
|
—
|
|
|
—
|
|
|
118,227
|
|
||||
Total investment securities available for sale
|
$
|
7,052,152
|
|
|
$
|
25,341
|
|
|
$
|
17,819
|
|
|
$
|
7,059,674
|
|
Investment in marketable equity securities
|
59,262
|
|
|
23,304
|
|
|
233
|
|
|
82,333
|
|
||||
Investment securities held to maturity
|
|
|
|
|
|
|
|
||||||||
Other
|
30,996
|
|
|
—
|
|
|
—
|
|
|
30,996
|
|
||||
Total investment securities
|
$
|
7,142,410
|
|
|
$
|
48,645
|
|
|
$
|
18,052
|
|
|
$
|
7,173,003
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
|
Cost
|
|
Gross
unrealized gains
|
|
Gross unrealized
losses
|
|
Fair
value
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
1,249,243
|
|
|
$
|
633
|
|
|
$
|
2,166
|
|
|
$
|
1,247,710
|
|
Government agency
|
257,252
|
|
|
222
|
|
|
639
|
|
|
256,835
|
|
||||
Residential mortgage-backed securities
|
2,956,793
|
|
|
5,309
|
|
|
52,763
|
|
|
2,909,339
|
|
||||
Corporate bonds
|
143,829
|
|
|
261
|
|
|
864
|
|
|
143,226
|
|
||||
Total investment securities available for sale
|
$
|
4,607,117
|
|
|
$
|
6,425
|
|
|
$
|
56,432
|
|
|
$
|
4,557,110
|
|
Investment in marketable equity securities
|
73,809
|
|
|
19,010
|
|
|
220
|
|
|
92,599
|
|
||||
Investment securities held to maturity
|
|
|
|
|
|
|
|
||||||||
Residential mortgage-backed securities
|
2,087,024
|
|
|
16,592
|
|
|
490
|
|
|
2,103,126
|
|
||||
Commercial mortgage-backed securities
|
97,629
|
|
|
747
|
|
|
—
|
|
|
98,376
|
|
||||
Total investment securities held to maturity
|
2,184,653
|
|
|
17,339
|
|
|
490
|
|
|
2,201,502
|
|
||||
Total investment securities
|
$
|
6,865,579
|
|
|
$
|
42,774
|
|
|
$
|
57,142
|
|
|
$
|
6,851,211
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(Dollars in thousands)
|
Cost
|
|
Fair value
|
|
Cost
|
|
Fair value
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
Non-amortizing securities maturing in:
|
|
|
|
|
|
|
|
||||||||
One year or less
|
$
|
406,325
|
|
|
$
|
406,927
|
|
|
$
|
1,049,253
|
|
|
$
|
1,047,380
|
|
One through five years
|
24,496
|
|
|
24,971
|
|
|
205,526
|
|
|
205,805
|
|
||||
Five through 10 years
|
185,209
|
|
|
187,868
|
|
|
134,370
|
|
|
133,626
|
|
||||
Over 10 years
|
109,872
|
|
|
110,026
|
|
|
3,923
|
|
|
4,125
|
|
||||
Government agency
|
684,085
|
|
|
682,772
|
|
|
257,252
|
|
|
256,835
|
|
||||
Residential mortgage-backed securities
|
5,269,060
|
|
|
5,267,090
|
|
|
2,956,793
|
|
|
2,909,339
|
|
||||
Commercial mortgage-backed securities
|
373,105
|
|
|
380,020
|
|
|
—
|
|
|
—
|
|
||||
Total investment securities available for sale
|
$
|
7,052,152
|
|
|
$
|
7,059,674
|
|
|
$
|
4,607,117
|
|
|
$
|
4,557,110
|
|
Investment securities held to maturity
|
|
|
|
|
|
|
|
||||||||
Non-amortizing securities maturing in:
|
|
|
|
|
|
|
|
||||||||
One year or less
|
30,746
|
|
|
30,746
|
|
|
—
|
|
|
—
|
|
||||
One through five years
|
250
|
|
|
250
|
|
|
—
|
|
|
—
|
|
||||
Residential mortgage-backed securities
|
—
|
|
|
—
|
|
|
2,087,024
|
|
|
2,103,126
|
|
||||
Commercial mortgage-backed securities
|
—
|
|
|
—
|
|
|
97,629
|
|
|
98,376
|
|
||||
Total investment securities held to maturity
|
$
|
30,996
|
|
|
$
|
30,996
|
|
|
$
|
2,184,653
|
|
|
$
|
2,201,502
|
|
|
Year ended December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Gross gains on retirement/sales of investment securities available for sale
|
$
|
8,993
|
|
|
$
|
353
|
|
|
$
|
11,635
|
|
Gross losses on sales of investment securities available for sale
|
(1,878
|
)
|
|
(2
|
)
|
|
(7,342
|
)
|
|||
Realized gains on investment securities available for sale, net
|
$
|
7,115
|
|
|
$
|
351
|
|
|
$
|
4,293
|
|
|
Year ended December 31
|
||||||
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Marketable equity securities gains (losses), net
|
$
|
20,625
|
|
|
$
|
(7,610
|
)
|
Less net gains recognized on marketable equity securities sold
|
16,344
|
|
|
1,190
|
|
||
Unrealized (losses) gains recognized on marketable equity securities held
|
$
|
4,281
|
|
|
$
|
(8,800
|
)
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency
|
$
|
347,081
|
|
|
$
|
1,827
|
|
|
$
|
63,947
|
|
|
$
|
414
|
|
|
$
|
411,028
|
|
|
$
|
2,241
|
|
Residential mortgage-backed securities
|
2,387,293
|
|
|
14,016
|
|
|
264,257
|
|
|
1,371
|
|
|
2,651,550
|
|
|
15,387
|
|
||||||
Commercial mortgage-backed securities
|
35,926
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
35,926
|
|
|
59
|
|
||||||
Corporate bonds
|
7,714
|
|
|
123
|
|
|
4,749
|
|
|
9
|
|
|
12,463
|
|
|
132
|
|
||||||
Total
|
$
|
2,778,014
|
|
|
$
|
16,025
|
|
|
$
|
332,953
|
|
|
$
|
1,794
|
|
|
$
|
3,110,967
|
|
|
$
|
17,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2018
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
248,983
|
|
|
$
|
113
|
|
|
$
|
848,622
|
|
|
$
|
2,053
|
|
|
$
|
1,097,605
|
|
|
$
|
2,166
|
|
Government agency
|
115,273
|
|
|
601
|
|
|
2,310
|
|
|
38
|
|
|
117,583
|
|
|
639
|
|
||||||
Residential mortgage-backed securities
|
262,204
|
|
|
2,387
|
|
|
1,940,695
|
|
|
50,376
|
|
|
2,202,899
|
|
|
52,763
|
|
||||||
Corporate bonds
|
79,066
|
|
|
842
|
|
|
5,000
|
|
|
22
|
|
|
84,066
|
|
|
864
|
|
||||||
Total
|
$
|
705,526
|
|
|
$
|
3,943
|
|
|
$
|
2,796,627
|
|
|
$
|
52,489
|
|
|
$
|
3,502,153
|
|
|
$
|
56,432
|
|
Investment securities held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage-backed securities
|
$
|
5,111
|
|
|
$
|
181
|
|
|
$
|
10,131
|
|
|
$
|
309
|
|
|
$
|
15,242
|
|
|
$
|
490
|
|
(Dollars in thousands)
|
December 31, 2019
|
|
December 31, 2018
|
||||
Non-PCI loans and leases:
|
|
|
|
||||
Commercial:
|
|
|
|
||||
Construction and land development
|
$
|
1,013,454
|
|
|
$
|
757,854
|
|
Commercial mortgage
|
12,282,635
|
|
|
10,717,234
|
|
||
Other commercial real estate
|
542,028
|
|
|
426,985
|
|
||
Commercial and industrial and leases
|
4,403,792
|
|
|
3,938,730
|
|
||
Other
|
310,093
|
|
|
296,424
|
|
||
Total commercial loans
|
18,552,002
|
|
|
16,137,227
|
|
||
Noncommercial:
|
|
|
|
||||
Residential mortgage
|
5,293,917
|
|
|
4,265,687
|
|
||
Revolving mortgage
|
2,339,072
|
|
|
2,542,975
|
|
||
Construction and land development
|
357,385
|
|
|
257,030
|
|
||
Consumer
|
1,780,404
|
|
|
1,713,781
|
|
||
Total noncommercial loans
|
9,770,778
|
|
|
8,779,473
|
|
||
Total non-PCI loans and leases
|
28,322,780
|
|
|
24,916,700
|
|
||
Total PCI loans
|
558,716
|
|
|
606,576
|
|
||
Total loans and leases
|
$
|
28,881,496
|
|
|
$
|
25,523,276
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Non-PCI commercial loans and leases
|
||||||||||||||||||||||
(Dollars in thousands)
|
Construction and
land development |
|
Commercial mortgage
|
|
Other commercial real estate
|
|
Commercial and industrial and leases
|
|
Other
|
|
Total non-PCI commercial loans and leases
|
||||||||||||
Pass
|
$
|
1,004,922
|
|
|
$
|
12,050,799
|
|
|
$
|
536,682
|
|
|
$
|
4,256,456
|
|
|
$
|
308,796
|
|
|
$
|
18,157,655
|
|
Special mention
|
2,577
|
|
|
115,164
|
|
|
3,899
|
|
|
44,604
|
|
|
622
|
|
|
166,866
|
|
||||||
Substandard
|
5,955
|
|
|
116,672
|
|
|
1,447
|
|
|
34,148
|
|
|
675
|
|
|
158,897
|
|
||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||
Ungraded
|
—
|
|
|
—
|
|
|
—
|
|
|
68,581
|
|
|
—
|
|
|
68,581
|
|
||||||
Total
|
$
|
1,013,454
|
|
|
$
|
12,282,635
|
|
|
$
|
542,028
|
|
|
$
|
4,403,792
|
|
|
$
|
310,093
|
|
|
$
|
18,552,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2018
|
||||||||||||||||||||||
|
Non-PCI commercial loans and leases
|
||||||||||||||||||||||
|
Construction and
land development |
|
Commercial mortgage
|
|
Other commercial real estate
|
|
Commercial and industrial and leases
|
|
Other
|
|
Total non-PCI commercial loans and leases
|
||||||||||||
Pass
|
$
|
753,985
|
|
|
$
|
10,507,687
|
|
|
$
|
422,500
|
|
|
$
|
3,778,797
|
|
|
$
|
294,700
|
|
|
$
|
15,757,669
|
|
Special mention
|
1,369
|
|
|
114,219
|
|
|
3,193
|
|
|
54,814
|
|
|
1,105
|
|
|
174,700
|
|
||||||
Substandard
|
2,500
|
|
|
92,743
|
|
|
1,292
|
|
|
30,688
|
|
|
619
|
|
|
127,842
|
|
||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
354
|
|
|
—
|
|
|
354
|
|
||||||
Ungraded
|
—
|
|
|
2,585
|
|
|
—
|
|
|
74,077
|
|
|
—
|
|
|
76,662
|
|
||||||
Total
|
$
|
757,854
|
|
|
$
|
10,717,234
|
|
|
$
|
426,985
|
|
|
$
|
3,938,730
|
|
|
$
|
296,424
|
|
|
$
|
16,137,227
|
|
|
December 31, 2019
|
||||||||||||||||||
|
Non-PCI noncommercial loans and leases
|
||||||||||||||||||
(Dollars in thousands)
|
Residential mortgage
|
|
Revolving mortgage
|
|
Construction and land development
|
|
Consumer
|
|
Total non-PCI noncommercial loans and leases
|
||||||||||
Current
|
$
|
5,205,380
|
|
|
$
|
2,316,010
|
|
|
$
|
354,393
|
|
|
$
|
1,762,606
|
|
|
$
|
9,638,389
|
|
30-59 days past due
|
45,839
|
|
|
9,729
|
|
|
977
|
|
|
10,481
|
|
|
67,026
|
|
|||||
60-89 days past due
|
18,289
|
|
|
3,468
|
|
|
218
|
|
|
3,746
|
|
|
25,721
|
|
|||||
90 days or greater past due
|
24,409
|
|
|
9,865
|
|
|
1,797
|
|
|
3,571
|
|
|
39,642
|
|
|||||
Total
|
$
|
5,293,917
|
|
|
$
|
2,339,072
|
|
|
$
|
357,385
|
|
|
$
|
1,780,404
|
|
|
$
|
9,770,778
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
|
Non-PCI noncommercial loans and leases
|
||||||||||||||||||
|
Residential mortgage
|
|
Revolving mortgage
|
|
Construction and land development
|
|
Consumer
|
|
Total non-PCI noncommercial loans and leases
|
||||||||||
Current
|
$
|
4,214,783
|
|
|
$
|
2,514,269
|
|
|
$
|
254,837
|
|
|
$
|
1,696,321
|
|
|
$
|
8,680,210
|
|
30-59 days past due
|
28,239
|
|
|
12,585
|
|
|
581
|
|
|
10,035
|
|
|
51,440
|
|
|||||
60-89 days past due
|
7,357
|
|
|
4,490
|
|
|
21
|
|
|
3,904
|
|
|
15,772
|
|
|||||
90 days or greater past due
|
15,308
|
|
|
11,631
|
|
|
1,591
|
|
|
3,521
|
|
|
32,051
|
|
|||||
Total
|
$
|
4,265,687
|
|
|
$
|
2,542,975
|
|
|
$
|
257,030
|
|
|
$
|
1,713,781
|
|
|
$
|
8,779,473
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
(Dollars in thousands)
|
PCI commercial loans
|
||||||
Pass
|
$
|
148,412
|
|
|
$
|
141,922
|
|
Special mention
|
44,290
|
|
|
48,475
|
|
||
Substandard
|
87,970
|
|
|
101,447
|
|
||
Doubtful
|
3,657
|
|
|
4,828
|
|
||
Ungraded
|
—
|
|
|
—
|
|
||
Total
|
$
|
284,329
|
|
|
$
|
296,672
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
(Dollars in thousands)
|
PCI noncommercial loans
|
||||||
Current
|
$
|
240,995
|
|
|
$
|
268,280
|
|
30-89 days past due
|
13,764
|
|
|
11,155
|
|
||
60-89 days past due
|
5,608
|
|
|
7,708
|
|
||
90 days or greater past due
|
14,020
|
|
|
22,761
|
|
||
Total
|
$
|
274,387
|
|
|
$
|
309,904
|
|
|
December 31, 2019
|
||||||||||||||||||||||
(Dollars in thousands)
|
30-59 days
past due
|
|
60-89 days
past due
|
|
90 days or greater
|
|
Total past
due
|
|
Current
|
|
Total loans
and leases
|
||||||||||||
Non-PCI loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
$
|
3,146
|
|
|
$
|
195
|
|
|
$
|
2,702
|
|
|
$
|
6,043
|
|
|
$
|
1,007,411
|
|
|
$
|
1,013,454
|
|
Commercial mortgage
|
20,389
|
|
|
8,774
|
|
|
8,319
|
|
|
37,482
|
|
|
12,245,153
|
|
|
12,282,635
|
|
||||||
Other commercial real estate
|
861
|
|
|
331
|
|
|
698
|
|
|
1,890
|
|
|
540,138
|
|
|
542,028
|
|
||||||
Commercial and industrial and leases
|
18,269
|
|
|
4,842
|
|
|
5,032
|
|
|
28,143
|
|
|
4,375,649
|
|
|
4,403,792
|
|
||||||
Other
|
51
|
|
|
411
|
|
|
126
|
|
|
588
|
|
|
309,505
|
|
|
310,093
|
|
||||||
Total commercial loans
|
42,716
|
|
|
14,553
|
|
|
16,877
|
|
|
74,146
|
|
|
18,477,856
|
|
|
18,552,002
|
|
||||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
45,839
|
|
|
18,289
|
|
|
24,409
|
|
|
88,537
|
|
|
5,205,380
|
|
|
5,293,917
|
|
||||||
Revolving mortgage
|
9,729
|
|
|
3,468
|
|
|
9,865
|
|
|
23,062
|
|
|
2,316,010
|
|
|
2,339,072
|
|
||||||
Construction and land development
|
977
|
|
|
218
|
|
|
1,797
|
|
|
2,992
|
|
|
354,393
|
|
|
357,385
|
|
||||||
Consumer
|
10,481
|
|
|
3,746
|
|
|
3,571
|
|
|
17,798
|
|
|
1,762,606
|
|
|
1,780,404
|
|
||||||
Total noncommercial loans
|
67,026
|
|
|
25,721
|
|
|
39,642
|
|
|
132,389
|
|
|
9,638,389
|
|
|
9,770,778
|
|
||||||
Total non-PCI loans and leases
|
$
|
109,742
|
|
|
$
|
40,274
|
|
|
$
|
56,519
|
|
|
$
|
206,535
|
|
|
$
|
28,116,245
|
|
|
$
|
28,322,780
|
|
|
|
||||||||||||||||||||||
|
December 31, 2018
|
||||||||||||||||||||||
|
30-59 days
past due
|
|
60-89 days
past due
|
|
90 days or greater
|
|
Total past
due
|
|
Current
|
|
Total loans
and leases
|
||||||||||||
Non-PCI loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
$
|
516
|
|
|
$
|
9
|
|
|
$
|
444
|
|
|
$
|
969
|
|
|
$
|
756,885
|
|
|
$
|
757,854
|
|
Commercial mortgage
|
14,200
|
|
|
2,066
|
|
|
3,237
|
|
|
19,503
|
|
|
10,697,731
|
|
|
10,717,234
|
|
||||||
Other commercial real estate
|
91
|
|
|
76
|
|
|
300
|
|
|
467
|
|
|
426,518
|
|
|
426,985
|
|
||||||
Commercial and industrial and leases
|
9,655
|
|
|
1,759
|
|
|
2,892
|
|
|
14,306
|
|
|
3,924,424
|
|
|
3,938,730
|
|
||||||
Other
|
285
|
|
|
—
|
|
|
89
|
|
|
374
|
|
|
296,050
|
|
|
296,424
|
|
||||||
Total commercial loans
|
24,747
|
|
|
3,910
|
|
|
6,962
|
|
|
35,619
|
|
|
16,101,608
|
|
|
16,137,227
|
|
||||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
28,239
|
|
|
7,357
|
|
|
15,308
|
|
|
50,904
|
|
|
4,214,783
|
|
|
4,265,687
|
|
||||||
Revolving mortgage
|
12,585
|
|
|
4,490
|
|
|
11,631
|
|
|
28,706
|
|
|
2,514,269
|
|
|
2,542,975
|
|
||||||
Construction and land development
|
581
|
|
|
21
|
|
|
1,591
|
|
|
2,193
|
|
|
254,837
|
|
|
257,030
|
|
||||||
Consumer
|
10,035
|
|
|
3,904
|
|
|
3,521
|
|
|
17,460
|
|
|
1,696,321
|
|
|
1,713,781
|
|
||||||
Total noncommercial loans
|
51,440
|
|
|
15,772
|
|
|
32,051
|
|
|
99,263
|
|
|
8,680,210
|
|
|
8,779,473
|
|
||||||
Total non-PCI loans and leases
|
$
|
76,187
|
|
|
$
|
19,682
|
|
|
$
|
39,013
|
|
|
$
|
134,882
|
|
|
$
|
24,781,818
|
|
|
24,916,700
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
loans and
leases
|
|
Loans and leases > 90 days and accruing
|
|
Nonaccrual
loans and
leases
|
|
Loans and
leases > 90 days and accruing
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Construction and land development
|
$
|
4,281
|
|
|
$
|
—
|
|
|
$
|
666
|
|
|
$
|
—
|
|
Commercial mortgage
|
29,733
|
|
|
—
|
|
|
12,594
|
|
|
—
|
|
||||
Commercial and industrial and leases
|
7,365
|
|
|
1,094
|
|
|
4,624
|
|
|
808
|
|
||||
Other commercial real estate
|
708
|
|
|
—
|
|
|
366
|
|
|
—
|
|
||||
Other
|
320
|
|
|
—
|
|
|
279
|
|
|
—
|
|
||||
Total commercial loans
|
42,407
|
|
|
1,094
|
|
|
18,529
|
|
|
808
|
|
||||
Noncommercial:
|
|
|
|
|
|
|
|
||||||||
Construction and land development
|
2,828
|
|
|
—
|
|
|
1,823
|
|
|
—
|
|
||||
Residential mortgage
|
44,357
|
|
|
45
|
|
|
35,662
|
|
|
—
|
|
||||
Revolving mortgage
|
22,411
|
|
|
—
|
|
|
25,563
|
|
|
—
|
|
||||
Consumer
|
2,943
|
|
|
2,152
|
|
|
2,969
|
|
|
2,080
|
|
||||
Total noncommercial loans
|
72,539
|
|
|
2,197
|
|
|
66,017
|
|
|
2,080
|
|
||||
Total non-PCI loans and leases
|
$
|
114,946
|
|
|
$
|
3,291
|
|
|
$
|
84,546
|
|
|
$
|
2,888
|
|
|
2019
|
|
2018
|
||||||||||||||||||||
(Dollars in thousands)
|
Entegra
|
|
First South Bancorp
|
|
Biscayne Bancshares
|
|
Palmetto Heritage
|
|
Capital Commerce
|
|
HomeBancorp
|
||||||||||||
Contractually required payments
|
$
|
1,135,451
|
|
|
$
|
175,465
|
|
|
$
|
1,078,854
|
|
|
$
|
142,413
|
|
|
$
|
198,568
|
|
|
$
|
710,876
|
|
Fair value at acquisition date
|
953,679
|
|
|
162,845
|
|
|
850,352
|
|
|
131,283
|
|
|
173,354
|
|
|
550,618
|
|
|
2019
|
|
2018
|
||||||||||||||||||||
(Dollars in thousands)
|
Entegra
|
|
First South Bancorp
|
|
Biscayne Bancshares
|
|
Palmetto Heritage
|
|
Capital Commerce
|
|
HomeBancorp
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
$
|
92,495
|
|
|
$
|
8,663
|
|
|
$
|
15,647
|
|
|
$
|
13,186
|
|
|
$
|
10,299
|
|
|
$
|
525
|
|
Commercial mortgage
|
381,729
|
|
|
74,713
|
|
|
203,605
|
|
|
29,225
|
|
|
57,049
|
|
|
188,688
|
|
||||||
Other commercial real estate
|
28,678
|
|
|
7,509
|
|
|
98,107
|
|
|
753
|
|
|
6,370
|
|
|
55,183
|
|
||||||
Commercial and industrial and leases
|
27,062
|
|
|
40,208
|
|
|
28,135
|
|
|
8,153
|
|
|
34,301
|
|
|
7,931
|
|
||||||
Other
|
4,741
|
|
|
—
|
|
|
—
|
|
|
1,039
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial loans and leases
|
534,705
|
|
|
131,093
|
|
|
345,494
|
|
|
52,356
|
|
|
108,019
|
|
|
252,327
|
|
||||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
310,039
|
|
|
24,641
|
|
|
405,419
|
|
|
59,076
|
|
|
50,630
|
|
|
296,273
|
|
||||||
Revolving mortgage
|
36,701
|
|
|
2,162
|
|
|
54,081
|
|
|
6,175
|
|
|
2,552
|
|
|
51
|
|
||||||
Construction and land development
|
51,786
|
|
|
3,552
|
|
|
31,668
|
|
|
11,103
|
|
|
11,173
|
|
|
—
|
|
||||||
Consumer
|
20,448
|
|
|
1,397
|
|
|
13,690
|
|
|
2,573
|
|
|
980
|
|
|
1,967
|
|
||||||
Total noncommercial loans and leases
|
418,974
|
|
|
31,752
|
|
|
504,858
|
|
|
78,927
|
|
|
65,335
|
|
|
298,291
|
|
||||||
Total non-PCI loans
|
$
|
953,679
|
|
|
$
|
162,845
|
|
|
$
|
850,352
|
|
|
$
|
131,283
|
|
|
$
|
173,354
|
|
|
$
|
550,618
|
|
|
2019
|
|
2018
|
||||||||||||||||||||
(Dollars in thousands)
|
Entegra
|
|
First South Bancorp
|
|
Biscayne Bancshares
|
|
Palmetto Heritage
|
|
Capital Commerce
|
|
HomeBancorp
|
||||||||||||
Contractually required payments
|
$
|
103,441
|
|
|
$
|
23,389
|
|
|
$
|
19,720
|
|
|
$
|
4,783
|
|
|
$
|
13,871
|
|
|
$
|
26,651
|
|
Cash flows expected to be collected
|
82,503
|
|
|
21,392
|
|
|
16,815
|
|
|
4,112
|
|
|
11,814
|
|
|
19,697
|
|
||||||
Fair value at acquisition date
|
77,507
|
|
|
16,398
|
|
|
13,032
|
|
|
3,863
|
|
|
10,772
|
|
|
15,555
|
|
|
2019
|
|
2018
|
||||||||||||||||||||
(Dollars in thousands)
|
Entegra
|
|
First South Bancorp
|
|
Biscayne Bancshares
|
|
Palmetto Heritage
|
|
Capital Commerce
|
|
HomeBancorp
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
$
|
10,326
|
|
|
$
|
1,233
|
|
|
$
|
—
|
|
|
$
|
212
|
|
|
$
|
1,482
|
|
|
$
|
—
|
|
Commercial mortgage
|
30,316
|
|
|
9,355
|
|
|
7,589
|
|
|
1,053
|
|
|
1,846
|
|
|
7,815
|
|
||||||
Other commercial real estate
|
1,734
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Commercial and industrial
|
1,363
|
|
|
1,202
|
|
|
1,660
|
|
|
372
|
|
|
922
|
|
|
423
|
|
||||||
Other
|
1,731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total commercial loans
|
45,470
|
|
|
11,790
|
|
|
9,249
|
|
|
1,637
|
|
|
4,250
|
|
|
8,238
|
|
||||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
24,989
|
|
|
4,591
|
|
|
3,783
|
|
|
2,226
|
|
|
6,503
|
|
|
7,317
|
|
||||||
Revolving mortgage
|
5,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Construction and land development
|
1,114
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer
|
352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
||||||
Total noncommercial loans
|
32,037
|
|
|
4,608
|
|
|
3,783
|
|
|
2,226
|
|
|
6,522
|
|
|
7,317
|
|
||||||
Total PCI loans
|
$
|
77,507
|
|
|
$
|
16,398
|
|
|
$
|
13,032
|
|
|
$
|
3,863
|
|
|
$
|
10,772
|
|
|
$
|
15,555
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at January 1
|
$
|
606,576
|
|
|
$
|
762,998
|
|
|
$
|
809,169
|
|
Fair value of PCI loans acquired during the year
|
106,937
|
|
|
30,190
|
|
|
199,682
|
|
|||
Accretion(1)
|
57,687
|
|
|
61,502
|
|
|
76,594
|
|
|||
Payments received and other changes, net
|
(212,484
|
)
|
|
(248,114
|
)
|
|
(322,447
|
)
|
|||
Balance at December 31
|
$
|
558,716
|
|
|
$
|
606,576
|
|
|
$
|
762,998
|
|
Unpaid principal balance at December 31
|
$
|
768,391
|
|
|
$
|
960,457
|
|
|
$
|
1,175,441
|
|
(1)Accretion is recorded in interest income from loans and leases
|
|
|
|
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at January 1
|
$
|
312,894
|
|
|
$
|
316,679
|
|
|
$
|
335,074
|
|
Additions from acquisitions
|
17,403
|
|
|
6,393
|
|
|
44,120
|
|
|||
Accretion
|
(57,687
|
)
|
|
(61,502
|
)
|
|
(76,594
|
)
|
|||
Reclassifications from nonaccretable difference
|
6,489
|
|
|
5,980
|
|
|
18,901
|
|
|||
Changes in expected cash flows that do not affect nonaccretable difference
|
(27,964
|
)
|
|
45,344
|
|
|
(4,822
|
)
|
|||
Balance at December 31
|
$
|
251,135
|
|
|
$
|
312,894
|
|
|
$
|
316,679
|
|
|
Years ended December 31, 2019, 2018, and 2017
|
||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development
- commercial
|
|
Commercial
mortgage
|
|
Other
commercial
real estate
|
|
Commercial
and
industrial and leases
|
|
Other
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Construction
and land
development
- non-
commercial
|
|
Consumer
|
|
Total
|
||||||||||||||||||||
Non-PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Balance at January 1, 2017
|
$
|
28,877
|
|
|
$
|
48,278
|
|
|
$
|
3,269
|
|
|
$
|
56,132
|
|
|
$
|
3,127
|
|
|
$
|
14,447
|
|
|
$
|
21,013
|
|
|
$
|
1,596
|
|
|
$
|
28,287
|
|
|
$
|
205,026
|
|
Provision (credits)
|
(4,329
|
)
|
|
(5,694
|
)
|
|
1,280
|
|
|
11,624
|
|
|
2,189
|
|
|
2,096
|
|
|
2,509
|
|
|
2,366
|
|
|
17,098
|
|
|
29,139
|
|
||||||||||
Charge-offs
|
(599
|
)
|
|
(421
|
)
|
|
(5
|
)
|
|
(11,921
|
)
|
|
(912
|
)
|
|
(1,376
|
)
|
|
(2,368
|
)
|
|
—
|
|
|
(18,784
|
)
|
|
(36,386
|
)
|
||||||||||
Recoveries
|
521
|
|
|
2,842
|
|
|
27
|
|
|
3,989
|
|
|
285
|
|
|
539
|
|
|
1,282
|
|
|
—
|
|
|
4,603
|
|
|
14,088
|
|
||||||||||
Balance at December 31, 2017
|
24,470
|
|
|
45,005
|
|
|
4,571
|
|
|
59,824
|
|
|
4,689
|
|
|
15,706
|
|
|
22,436
|
|
|
3,962
|
|
|
31,204
|
|
|
211,867
|
|
||||||||||
Provision (credits)
|
10,533
|
|
|
(1,490
|
)
|
|
(2,171
|
)
|
|
2,511
|
|
|
(2,827
|
)
|
|
897
|
|
|
1,112
|
|
|
(1,520
|
)
|
|
22,187
|
|
|
29,232
|
|
||||||||||
Charge-offs
|
(44
|
)
|
|
(1,140
|
)
|
|
(69
|
)
|
|
(10,211
|
)
|
|
(130
|
)
|
|
(1,689
|
)
|
|
(3,235
|
)
|
|
(219
|
)
|
|
(22,817
|
)
|
|
(39,554
|
)
|
||||||||||
Recoveries
|
311
|
|
|
1,076
|
|
|
150
|
|
|
3,496
|
|
|
489
|
|
|
558
|
|
|
1,549
|
|
|
127
|
|
|
5,267
|
|
|
13,023
|
|
||||||||||
Balance at December 31, 2018
|
35,270
|
|
|
43,451
|
|
|
2,481
|
|
|
55,620
|
|
|
2,221
|
|
|
15,472
|
|
|
21,862
|
|
|
2,350
|
|
|
35,841
|
|
|
214,568
|
|
||||||||||
Provision (credits)
|
(2,171
|
)
|
|
2,384
|
|
|
(285
|
)
|
|
14,212
|
|
|
(754
|
)
|
|
3,481
|
|
|
(788
|
)
|
|
359
|
|
|
16,611
|
|
|
33,049
|
|
||||||||||
Charge-offs
|
(196
|
)
|
|
(1,096
|
)
|
|
—
|
|
|
(13,352
|
)
|
|
(100
|
)
|
|
(1,137
|
)
|
|
(2,584
|
)
|
|
—
|
|
|
(24,562
|
)
|
|
(43,027
|
)
|
||||||||||
Recoveries
|
310
|
|
|
596
|
|
|
15
|
|
|
2,894
|
|
|
869
|
|
|
416
|
|
|
1,212
|
|
|
—
|
|
|
6,703
|
|
|
13,015
|
|
||||||||||
Balance at December 31, 2019
|
$
|
33,213
|
|
|
$
|
45,335
|
|
|
$
|
2,211
|
|
|
$
|
59,374
|
|
|
$
|
2,236
|
|
|
$
|
18,232
|
|
|
$
|
19,702
|
|
|
$
|
2,709
|
|
|
$
|
34,593
|
|
|
$
|
217,605
|
|
|
December 31, 2019
|
||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development
- commercial
|
|
Commercial
mortgage
|
|
Other
commercial
real estate
|
|
Commercial
and industrial and leases
|
|
Other
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Construction
and land
development
- non-commercial
|
|
Consumer
|
|
Total
|
||||||||||||||||||||
Non-PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment
|
$
|
463
|
|
|
$
|
3,650
|
|
|
$
|
39
|
|
|
$
|
1,379
|
|
|
$
|
103
|
|
|
$
|
3,278
|
|
|
$
|
2,722
|
|
|
$
|
174
|
|
|
$
|
1,107
|
|
|
$
|
12,915
|
|
ALLL for loans and leases collectively evaluated for impairment
|
32,750
|
|
|
41,685
|
|
|
2,172
|
|
|
57,995
|
|
|
2,133
|
|
|
14,954
|
|
|
16,980
|
|
|
2,535
|
|
|
33,486
|
|
|
204,690
|
|
||||||||||
Total allowance for loan and lease losses
|
$
|
33,213
|
|
|
$
|
45,335
|
|
|
$
|
2,211
|
|
|
$
|
59,374
|
|
|
$
|
2,236
|
|
|
$
|
18,232
|
|
|
$
|
19,702
|
|
|
$
|
2,709
|
|
|
$
|
34,593
|
|
|
$
|
217,605
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Loans and leases individually evaluated for impairment
|
$
|
4,655
|
|
|
$
|
70,149
|
|
|
$
|
1,268
|
|
|
$
|
12,182
|
|
|
$
|
639
|
|
|
$
|
60,442
|
|
|
$
|
28,869
|
|
|
$
|
3,882
|
|
|
$
|
3,513
|
|
|
$
|
185,599
|
|
Loans and leases collectively evaluated for impairment
|
1,008,799
|
|
|
12,212,486
|
|
|
540,760
|
|
|
4,391,610
|
|
|
309,454
|
|
|
5,233,475
|
|
|
2,310,203
|
|
|
353,503
|
|
|
1,776,891
|
|
|
28,137,181
|
|
||||||||||
Total loan and leases
|
$
|
1,013,454
|
|
|
$
|
12,282,635
|
|
|
$
|
542,028
|
|
|
$
|
4,403,792
|
|
|
$
|
310,093
|
|
|
$
|
5,293,917
|
|
|
$
|
2,339,072
|
|
|
$
|
357,385
|
|
|
$
|
1,780,404
|
|
|
$
|
28,322,780
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development
- commercial
|
|
Commercial
mortgage
|
|
Other
commercial
real estate
|
|
Commercial
and industrial and leases
|
|
Other
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Construction
and land
development
- non-commercial
|
|
Consumer
|
|
Total
|
||||||||||||||||||||
Non-PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment
|
$
|
490
|
|
|
$
|
2,671
|
|
|
$
|
42
|
|
|
$
|
1,137
|
|
|
$
|
105
|
|
|
$
|
1,901
|
|
|
$
|
2,515
|
|
|
$
|
81
|
|
|
$
|
885
|
|
|
$
|
9,827
|
|
ALLL for loans and leases collectively evaluated for impairment
|
34,780
|
|
|
40,780
|
|
|
2,439
|
|
|
54,483
|
|
|
2,116
|
|
|
13,571
|
|
|
19,347
|
|
|
2,269
|
|
|
34,956
|
|
|
204,741
|
|
||||||||||
Total allowance for loan and lease losses
|
$
|
35,270
|
|
|
$
|
43,451
|
|
|
$
|
2,481
|
|
|
$
|
55,620
|
|
|
$
|
2,221
|
|
|
$
|
15,472
|
|
|
$
|
21,862
|
|
|
$
|
2,350
|
|
|
$
|
35,841
|
|
|
$
|
214,568
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Loans and leases individually evaluated for impairment
|
$
|
2,175
|
|
|
$
|
55,447
|
|
|
$
|
860
|
|
|
$
|
9,868
|
|
|
$
|
291
|
|
|
$
|
42,168
|
|
|
$
|
28,852
|
|
|
$
|
3,749
|
|
|
$
|
3,020
|
|
|
$
|
146,430
|
|
Loans and leases collectively evaluated for impairment
|
755,679
|
|
|
10,661,787
|
|
|
426,125
|
|
|
3,928,862
|
|
|
296,133
|
|
|
4,223,519
|
|
|
2,514,123
|
|
|
253,281
|
|
|
1,710,761
|
|
|
24,770,270
|
|
||||||||||
Total loan and leases
|
$
|
757,854
|
|
|
$
|
10,717,234
|
|
|
$
|
426,985
|
|
|
$
|
3,938,730
|
|
|
$
|
296,424
|
|
|
$
|
4,265,687
|
|
|
$
|
2,542,975
|
|
|
$
|
257,030
|
|
|
$
|
1,713,781
|
|
|
$
|
24,916,700
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Allowance for loan losses:
|
|
|
|
|
|
||||||
Balance at January 1
|
$
|
9,144
|
|
|
$
|
10,026
|
|
|
$
|
13,769
|
|
Provision credits
|
(1,608
|
)
|
|
(765
|
)
|
|
(3,447
|
)
|
|||
Charge-offs
|
—
|
|
|
(117
|
)
|
|
(296
|
)
|
|||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at December 31
|
$
|
7,536
|
|
|
$
|
9,144
|
|
|
$
|
10,026
|
|
(Dollars in thousands)
|
December 31, 2019
|
|
December 31, 2018
|
||||
Allowance for loan losses:
|
|
|
|
||||
ALLL for loans acquired with deteriorated credit quality
|
$
|
7,536
|
|
|
$
|
9,144
|
|
Loans acquired with deteriorated credit quality
|
558,716
|
|
|
606,576
|
|
|
December 31, 2019
|
||||||||||||||||||
(Dollars in thousands)
|
With a
recorded
allowance
|
|
With no
recorded
allowance
|
|
Total
|
|
Unpaid
principal balance |
|
Related
allowance
recorded
|
||||||||||
Non-PCI impaired loans and leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
$
|
1,851
|
|
|
$
|
2,804
|
|
|
$
|
4,655
|
|
|
$
|
5,109
|
|
|
$
|
463
|
|
Commercial mortgage
|
42,394
|
|
|
27,755
|
|
|
70,149
|
|
|
74,804
|
|
|
3,650
|
|
|||||
Other commercial real estate
|
318
|
|
|
950
|
|
|
1,268
|
|
|
1,360
|
|
|
39
|
|
|||||
Commercial and industrial and leases
|
7,547
|
|
|
4,635
|
|
|
12,182
|
|
|
13,993
|
|
|
1,379
|
|
|||||
Other
|
406
|
|
|
233
|
|
|
639
|
|
|
661
|
|
|
103
|
|
|||||
Total commercial loans
|
52,516
|
|
|
36,377
|
|
|
88,893
|
|
|
95,927
|
|
|
5,634
|
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
48,796
|
|
|
11,646
|
|
|
60,442
|
|
|
64,741
|
|
|
3,278
|
|
|||||
Revolving mortgage
|
26,104
|
|
|
2,765
|
|
|
28,869
|
|
|
31,960
|
|
|
2,722
|
|
|||||
Construction and land development
|
2,470
|
|
|
1,412
|
|
|
3,882
|
|
|
4,150
|
|
|
174
|
|
|||||
Consumer
|
3,472
|
|
|
41
|
|
|
3,513
|
|
|
3,821
|
|
|
1,107
|
|
|||||
Total noncommercial loans
|
$
|
80,842
|
|
|
$
|
15,864
|
|
|
$
|
96,706
|
|
|
$
|
104,672
|
|
|
$
|
7,281
|
|
Total non-PCI impaired loans and leases
|
$
|
133,358
|
|
|
$
|
52,241
|
|
|
$
|
185,599
|
|
|
$
|
200,599
|
|
|
$
|
12,915
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2018
|
||||||||||||||||||
(Dollars in thousands)
|
With a
recorded
allowance
|
|
With no
recorded
allowance
|
|
Total
|
|
Unpaid
principal balance |
|
Related
allowance
recorded
|
||||||||||
Non-PCI impaired loans and leases
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
$
|
1,897
|
|
|
$
|
278
|
|
|
$
|
2,175
|
|
|
$
|
2,606
|
|
|
$
|
490
|
|
Commercial mortgage
|
34,177
|
|
|
21,270
|
|
|
55,447
|
|
|
61,317
|
|
|
2,671
|
|
|||||
Other commercial real estate
|
243
|
|
|
617
|
|
|
860
|
|
|
946
|
|
|
42
|
|
|||||
Commercial and industrial and leases
|
7,153
|
|
|
2,715
|
|
|
9,868
|
|
|
14,695
|
|
|
1,137
|
|
|||||
Other
|
216
|
|
|
75
|
|
|
291
|
|
|
301
|
|
|
105
|
|
|||||
Total commercial loans
|
43,686
|
|
|
24,955
|
|
|
68,641
|
|
|
79,865
|
|
|
4,445
|
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
40,359
|
|
|
1,809
|
|
|
42,168
|
|
|
45,226
|
|
|
1,901
|
|
|||||
Revolving mortgage
|
25,751
|
|
|
3,101
|
|
|
28,852
|
|
|
31,371
|
|
|
2,515
|
|
|||||
Construction and land development
|
2,337
|
|
|
1,412
|
|
|
3,749
|
|
|
4,035
|
|
|
81
|
|
|||||
Consumer
|
2,940
|
|
|
80
|
|
|
3,020
|
|
|
3,405
|
|
|
885
|
|
|||||
Total noncommercial loans
|
71,387
|
|
|
6,402
|
|
|
77,789
|
|
|
84,037
|
|
|
5,382
|
|
|||||
Total non-PCI impaired loans and leases
|
$
|
115,073
|
|
|
$
|
31,357
|
|
|
$
|
146,430
|
|
|
$
|
163,902
|
|
|
$
|
9,827
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
|
|
Interest Income Recognized
|
|
Average
Balance
|
|
Interest Income Recognized
|
|
Average
Balance
|
|
Interest Income Recognized
|
||||||||||||
Non-PCI impaired loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development
|
$
|
3,915
|
|
|
$
|
53
|
|
|
$
|
1,734
|
|
|
$
|
84
|
|
|
$
|
858
|
|
|
$
|
37
|
|
Commercial mortgage
|
64,363
|
|
|
2,188
|
|
|
65,943
|
|
|
2,569
|
|
|
73,815
|
|
|
2,596
|
|
||||||
Other commercial real estate
|
919
|
|
|
27
|
|
|
1,225
|
|
|
43
|
|
|
1,642
|
|
|
34
|
|
||||||
Commercial and industrial and leases
|
11,884
|
|
|
482
|
|
|
9,560
|
|
|
364
|
|
|
11,600
|
|
|
427
|
|
||||||
Other
|
396
|
|
|
11
|
|
|
135
|
|
|
3
|
|
|
426
|
|
|
22
|
|
||||||
Total commercial
|
81,477
|
|
|
2,761
|
|
|
78,597
|
|
|
3,063
|
|
|
88,341
|
|
|
3,116
|
|
||||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
52,045
|
|
|
1,386
|
|
|
41,368
|
|
|
1,237
|
|
|
33,818
|
|
|
990
|
|
||||||
Revolving mortgage
|
29,516
|
|
|
1,009
|
|
|
26,759
|
|
|
900
|
|
|
14,022
|
|
|
436
|
|
||||||
Construction and land development
|
3,589
|
|
|
116
|
|
|
3,677
|
|
|
172
|
|
|
3,383
|
|
|
145
|
|
||||||
Consumer
|
3,311
|
|
|
138
|
|
|
2,722
|
|
|
116
|
|
|
2,169
|
|
|
103
|
|
||||||
Total noncommercial
|
88,461
|
|
|
2,649
|
|
|
74,526
|
|
|
2,425
|
|
|
53,392
|
|
|
1,674
|
|
||||||
Total non-PCI impaired loans and leases
|
$
|
169,938
|
|
|
$
|
5,410
|
|
|
$
|
153,123
|
|
|
$
|
5,488
|
|
|
$
|
141,733
|
|
|
$
|
4,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Accruing
|
|
Nonaccruing
|
|
Total
|
|
Accruing
|
|
Nonaccruing
|
|
Total
|
|
Accruing
|
|
Nonaccruing
|
|
Total
|
||||||||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Construction and land development
|
$
|
487
|
|
|
$
|
2,279
|
|
|
$
|
2,766
|
|
|
$
|
1,946
|
|
|
$
|
352
|
|
|
$
|
2,298
|
|
|
$
|
4,089
|
|
|
$
|
483
|
|
|
$
|
4,572
|
|
Commercial mortgage
|
50,819
|
|
|
11,116
|
|
|
61,935
|
|
|
53,270
|
|
|
7,795
|
|
|
61,065
|
|
|
62,358
|
|
|
15,863
|
|
|
78,221
|
|
|||||||||
Other commercial real estate
|
571
|
|
|
—
|
|
|
571
|
|
|
851
|
|
|
9
|
|
|
860
|
|
|
1,012
|
|
|
788
|
|
|
1,800
|
|
|||||||||
Commercial and industrial and leases
|
9,430
|
|
|
2,409
|
|
|
11,839
|
|
|
7,986
|
|
|
2,060
|
|
|
10,046
|
|
|
8,320
|
|
|
1,958
|
|
|
10,278
|
|
|||||||||
Other
|
320
|
|
|
105
|
|
|
425
|
|
|
118
|
|
|
173
|
|
|
291
|
|
|
521
|
|
|
—
|
|
|
521
|
|
|||||||||
Total commercial loans
|
61,627
|
|
|
15,909
|
|
|
77,536
|
|
|
64,171
|
|
|
10,389
|
|
|
74,560
|
|
|
76,300
|
|
|
19,092
|
|
|
95,392
|
|
|||||||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential mortgage
|
41,813
|
|
|
16,048
|
|
|
57,861
|
|
|
37,903
|
|
|
9,621
|
|
|
47,524
|
|
|
34,067
|
|
|
9,475
|
|
|
43,542
|
|
|||||||||
Revolving mortgage
|
21,032
|
|
|
7,367
|
|
|
28,399
|
|
|
20,492
|
|
|
8,196
|
|
|
28,688
|
|
|
17,673
|
|
|
5,180
|
|
|
22,853
|
|
|||||||||
Construction and land development
|
1,452
|
|
|
2,430
|
|
|
3,882
|
|
|
2,227
|
|
|
110
|
|
|
2,337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Consumer
|
2,826
|
|
|
688
|
|
|
3,514
|
|
|
2,300
|
|
|
721
|
|
|
3,021
|
|
|
2,351
|
|
|
423
|
|
|
2,774
|
|
|||||||||
Total noncommercial loans
|
67,123
|
|
|
26,533
|
|
|
93,656
|
|
|
62,922
|
|
|
18,648
|
|
|
81,570
|
|
|
54,091
|
|
|
15,078
|
|
|
69,169
|
|
|||||||||
Total loans
|
$
|
128,750
|
|
|
$
|
42,442
|
|
|
$
|
171,192
|
|
|
$
|
127,093
|
|
|
$
|
29,037
|
|
|
$
|
156,130
|
|
|
$
|
130,391
|
|
|
$
|
34,170
|
|
|
$
|
164,561
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
All restructurings
|
|
Restructurings with payment default
|
|
All restructurings
|
|
Restructurings with payment default
|
|
All restructurings
|
|
Restructurings with payment default
|
||||||||||||||||||
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest only period provided
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loans
|
11
|
$
|
1,595
|
|
|
1
|
$
|
238
|
|
|
3
|
$
|
1,003
|
|
|
—
|
$
|
—
|
|
|
5
|
$
|
1,124
|
|
|
1
|
$
|
634
|
|
Noncommercial loans
|
7
|
4,018
|
|
|
2
|
2,717
|
|
|
—
|
—
|
|
|
—
|
—
|
|
|
1
|
82
|
|
|
—
|
—
|
|
||||||
Total interest only
|
18
|
5,613
|
|
|
3
|
2,955
|
|
|
3
|
1,003
|
|
|
—
|
—
|
|
|
6
|
1,206
|
|
|
1
|
634
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan term extension
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loans
|
16
|
3,904
|
|
|
5
|
533
|
|
|
21
|
3,933
|
|
|
4
|
675
|
|
|
13
|
3,007
|
|
|
—
|
—
|
|
||||||
Noncommercial loans
|
2
|
342
|
|
|
1
|
306
|
|
|
21
|
1,554
|
|
|
4
|
190
|
|
|
34
|
3,510
|
|
|
2
|
273
|
|
||||||
Total loan term extension
|
18
|
4,246
|
|
|
6
|
839
|
|
|
42
|
5,487
|
|
|
8
|
865
|
|
|
47
|
6,517
|
|
|
2
|
273
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below market interest rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loans
|
90
|
13,932
|
|
|
24
|
2,634
|
|
|
85
|
12,859
|
|
|
24
|
2,998
|
|
|
92
|
14,811
|
|
|
32
|
3,392
|
|
||||||
Noncommercial loans
|
176
|
12,458
|
|
|
66
|
4,014
|
|
|
184
|
15,545
|
|
|
68
|
5,461
|
|
|
271
|
15,601
|
|
|
78
|
4,591
|
|
||||||
Total below market interest rate
|
266
|
26,390
|
|
|
90
|
6,648
|
|
|
269
|
28,404
|
|
|
92
|
8,459
|
|
|
363
|
30,412
|
|
|
110
|
7,983
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Discharged from bankruptcy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loans
|
25
|
5,571
|
|
|
20
|
5,028
|
|
|
26
|
2,043
|
|
|
8
|
825
|
|
|
39
|
3,012
|
|
|
26
|
708
|
|
||||||
Noncommercial loans
|
178
|
10,349
|
|
|
71
|
4,239
|
|
|
151
|
6,617
|
|
|
56
|
3,169
|
|
|
177
|
7,853
|
|
|
65
|
2,392
|
|
||||||
Total discharged from bankruptcy
|
203
|
15,920
|
|
|
91
|
9,267
|
|
|
177
|
8,660
|
|
|
64
|
3,994
|
|
|
216
|
10,865
|
|
|
91
|
3,100
|
|
||||||
Total restructurings
|
505
|
$
|
52,169
|
|
|
190
|
$
|
19,709
|
|
|
491
|
$
|
43,554
|
|
|
164
|
$
|
13,318
|
|
|
632
|
$
|
49,000
|
|
|
204
|
$
|
11,990
|
|
(Dollars in thousands)
|
Useful Life ( years)
|
|
2019
|
|
2018
|
||||
Land
|
indefinite
|
|
$
|
335,093
|
|
|
$
|
306,734
|
|
Premises and leasehold improvements
|
3 - 40
|
|
1,228,588
|
|
|
1,228,582
|
|
||
Furniture, equipment and software
|
3 - 10
|
|
595,686
|
|
|
560,923
|
|
||
Total
|
|
|
2,159,367
|
|
|
2,096,239
|
|
||
Less accumulated depreciation and amortization
|
|
|
914,971
|
|
|
892,060
|
|
||
Total premises and equipment
|
|
|
$
|
1,244,396
|
|
|
$
|
1,204,179
|
|
(Dollars in thousands)
|
OREO
|
||
Balance at January 1, 2018
|
$
|
51,097
|
|
Additions
|
24,997
|
|
|
Acquired in business combinations
|
4,454
|
|
|
Sales
|
(28,128
|
)
|
|
Write-downs/losses
|
(4,390
|
)
|
|
Balance at December 31, 2018
|
48,030
|
|
|
Additions
|
21,684
|
|
|
Acquired in business combinations
|
5,459
|
|
|
Sales
|
(24,432
|
)
|
|
Write-downs/losses
|
(4,150
|
)
|
|
Balance at December 31, 2019
|
$
|
46,591
|
|
|
Year ended December 31
|
||||||
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Beginning Balance
|
$
|
236,347
|
|
|
$
|
150,601
|
|
Recognized in the Biscayne Bancshares acquisition
|
46,521
|
|
|
—
|
|
||
Recognized in the First South Bancorp acquisition
|
13,896
|
|
|
—
|
|
||
Recognized in the Entegra acquisition
|
52,634
|
|
|
—
|
|
||
Recognized in HomeBancorp acquisition
|
—
|
|
|
57,616
|
|
||
Recognized in Capital Commerce acquisition
|
—
|
|
|
10,680
|
|
||
Recognized in Palmetto Heritage acquisition
|
—
|
|
|
17,450
|
|
||
Balance at December 31
|
$
|
349,398
|
|
|
$
|
236,347
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at January 1
|
$
|
21,396
|
|
|
$
|
21,945
|
|
|
$
|
20,415
|
|
Servicing rights originated
|
6,149
|
|
|
5,258
|
|
|
7,174
|
|
|||
Servicing rights acquired in Entegra transaction
|
1,873
|
|
|
—
|
|
|
—
|
|
|||
Amortization
|
(6,233
|
)
|
|
(5,807
|
)
|
|
(5,648
|
)
|
|||
Valuation allowance (increase) decrease
|
(222
|
)
|
|
—
|
|
|
4
|
|
|||
Balance at December 31
|
$
|
22,963
|
|
|
$
|
21,396
|
|
|
$
|
21,945
|
|
|
2019
|
|
2018
|
||||
Discount rate - conventional fixed loans
|
8.92
|
%
|
|
9.69
|
%
|
||
Discount rate - all loans excluding conventional fixed loans
|
9.92
|
%
|
|
10.69
|
%
|
||
Weighted average constant prepayment rate
|
13.72
|
%
|
|
9.26
|
%
|
||
Weighted average cost to service a loan
|
$
|
87.09
|
|
|
$
|
87.52
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Balance at January 1
|
$
|
48,232
|
|
|
$
|
51,151
|
|
Acquired in Biscayne Bancshares transaction
|
4,745
|
|
|
—
|
|
||
Acquired in First South Bancorp transaction
|
2,268
|
|
|
—
|
|
||
Acquired in Entegra transaction
|
4,487
|
|
|
—
|
|
||
Acquired in the HomeBancorp transaction
|
—
|
|
|
9,860
|
|
||
Acquired in the Capital Commerce transaction
|
—
|
|
|
2,680
|
|
||
Acquired in the Palmetto Heritage transaction
|
—
|
|
|
1,706
|
|
||
Amortization
|
(16,346
|
)
|
|
(17,165
|
)
|
||
Balance at December 31
|
$
|
43,386
|
|
|
$
|
48,232
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Gross balance
|
$
|
154,507
|
|
|
$
|
143,007
|
|
Accumulated amortization
|
(111,121
|
)
|
|
(94,775
|
)
|
||
Carrying value
|
$
|
43,386
|
|
|
$
|
48,232
|
|
(Dollars in thousands)
|
|
||
2020
|
$
|
14,165
|
|
2021
|
10,850
|
|
|
2022
|
7,658
|
|
|
2023
|
5,056
|
|
|
2024 and subsequent
|
5,657
|
|
|
|
$
|
43,386
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Demand
|
$
|
12,926,796
|
|
|
$
|
11,882,670
|
|
Checking with interest
|
5,782,967
|
|
|
5,338,511
|
|
||
Money market accounts
|
9,319,087
|
|
|
8,194,818
|
|
||
Savings
|
2,564,777
|
|
|
2,499,750
|
|
||
Time
|
3,837,609
|
|
|
2,756,711
|
|
||
Total deposits
|
$
|
34,431,236
|
|
|
$
|
30,672,460
|
|
(Dollars in thousands)
|
Year ended December 31
|
||
2020
|
$
|
2,971,410
|
|
2021
|
306,490
|
|
|
2022
|
386,094
|
|
|
2023
|
106,782
|
|
|
2024
|
49,453
|
|
|
Thereafter
|
17,380
|
|
|
Total time deposits
|
$
|
3,837,609
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Securities sold under customer repurchase agreements
|
$
|
442,956
|
|
|
$
|
543,936
|
|
Notes payable to FHLB of Atlanta
|
255,000
|
|
|
28,500
|
|
||
Other short-term debt
|
40,277
|
|
|
—
|
|
||
Unamortized purchase accounting adjustments(1)
|
—
|
|
|
(149
|
)
|
||
Total short-term borrowings
|
$
|
738,233
|
|
|
$
|
572,287
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036
|
$
|
88,145
|
|
|
$
|
88,145
|
|
Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034
|
19,588
|
|
|
19,588
|
|
||
Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034
|
10,310
|
|
|
10,310
|
|
||
Junior subordinated debenture at 3-month LIBOR plus 2.00% maturing July 7, 2036
|
—
|
|
|
4,124
|
|
||
Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034
|
14,433
|
|
|
—
|
|
||
Junior subordinated debentures at 7.00% maturing December 31, 2026
|
20,000
|
|
|
20,000
|
|
||
Junior subordinated debentures at 6.50% maturing October 1, 2025
|
7,500
|
|
|
—
|
|
||
Junior subordinated debentures at 7.13% maturing February 25, 2025
|
5,000
|
|
|
—
|
|
||
Obligations under capitalized leases extending to December 2050
|
8,230
|
|
|
13,160
|
|
||
Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 3.17% and maturing through March 2032
|
317,191
|
|
|
165,205
|
|
||
Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022
|
96,425
|
|
|
—
|
|
||
Unamortized purchase accounting adjustments(1)
|
(1,569
|
)
|
|
(1,426
|
)
|
||
Other long-term debt
|
3,385
|
|
|
761
|
|
||
Total long-term obligations
|
$
|
588,638
|
|
|
$
|
319,867
|
|
|
Year ended December 31
|
||
2020
|
$
|
61,995
|
|
2021
|
13,332
|
|
|
2022
|
114,138
|
|
|
2023
|
125,500
|
|
|
2024
|
6,526
|
|
|
Thereafter
|
267,147
|
|
|
Total long-term borrowings
|
$
|
588,638
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
105,618
|
|
|
$
|
101,342
|
|
Accretion
|
6,777
|
|
|
4,023
|
|
||
Adjustments related to changes in assumptions
|
—
|
|
|
253
|
|
||
Ending balance
|
$
|
112,395
|
|
|
$
|
105,618
|
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|||||||||||
(Dollars in thousands)
|
Requirements to be well-capitalized
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||
BancShares
|
|
|
|
|
|
|
|
|
|
|||||||
Tier 1 risk-based capital
|
8.00
|
%
|
|
$
|
3,344,305
|
|
|
10.86
|
%
|
|
$
|
3,463,307
|
|
|
12.67
|
%
|
Common equity Tier 1
|
6.50
|
|
|
3,344,305
|
|
|
10.86
|
|
|
3,463,307
|
|
|
12.67
|
|
||
Total risk-based capital
|
10.00
|
|
|
3,731,501
|
|
|
12.12
|
|
|
3,826,626
|
|
|
13.99
|
|
||
Leverage capital
|
5.00
|
|
|
3,344,305
|
|
|
8.81
|
|
|
3,463,307
|
|
|
9.77
|
|
||
FCB
|
|
|
|
|
|
|
|
|
|
|||||||
Tier 1 risk-based capital
|
8.00
|
|
|
3,554,974
|
|
|
11.54
|
|
|
3,315,742
|
|
|
12.17
|
|
||
Common equity Tier 1
|
6.50
|
|
|
3,554,974
|
|
|
11.54
|
|
|
3,315,742
|
|
|
12.17
|
|
||
Total risk-based capital
|
10.00
|
|
|
3,837,670
|
|
|
12.46
|
|
|
3,574,561
|
|
|
13.12
|
|
||
Leverage capital
|
5.00
|
|
|
3,554,974
|
|
|
9.38
|
|
|
3,315,742
|
|
|
9.39
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(Dollars in thousands)
|
Accumulated
other
comprehensive income
(loss)
|
|
Deferred
tax expense
(benefit)
|
|
Accumulated
other
comprehensive
loss,
net of tax
|
|
Accumulated
other comprehensive income (loss) |
|
Deferred
tax expense (benefit) |
|
Accumulated
other
comprehensive
loss,
net of tax
|
||||||||||||
Unrealized gains (losses) on securities available for sale
|
$
|
7,522
|
|
|
$
|
1,730
|
|
|
$
|
5,792
|
|
|
$
|
(50,007
|
)
|
|
$
|
(11,502
|
)
|
|
$
|
(38,505
|
)
|
Unrealized losses on securities available for sale transferred from (to) held to maturity
|
—
|
|
|
—
|
|
|
—
|
|
|
(92,401
|
)
|
|
(21,252
|
)
|
|
(71,149
|
)
|
||||||
Defined benefit pension items
|
(172,098
|
)
|
|
(39,583
|
)
|
|
(132,515
|
)
|
|
(163,030
|
)
|
|
(37,497
|
)
|
|
(125,533
|
)
|
||||||
Total
|
$
|
(164,576
|
)
|
|
$
|
(37,853
|
)
|
|
$
|
(126,723
|
)
|
|
$
|
(305,438
|
)
|
|
$
|
(70,251
|
)
|
|
$
|
(235,187
|
)
|
(Dollars in thousands)
|
Unrealized gains (losses) on securities available-for-sale(1)
|
|
Unrealized losses on securities available for sale transferred from (to) held to maturity(1)(2)
|
|
Defined benefit pension items(1)
|
|
Total
|
||||||||
Balance at January 1, 2018
|
$
|
(30,945
|
)
|
|
$
|
—
|
|
|
$
|
(91,349
|
)
|
|
$
|
(122,294
|
)
|
Cumulative effect adjustments(3)
|
(29,751
|
)
|
|
—
|
|
|
(20,300
|
)
|
|
(50,051
|
)
|
||||
Adjusted beginning balance
|
(60,696
|
)
|
|
—
|
|
|
(111,649
|
)
|
|
(172,345
|
)
|
||||
Net unrealized gains (losses) arising during period
|
22,461
|
|
|
(84,321
|
)
|
|
(24,649
|
)
|
|
(86,509
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
(270
|
)
|
|
13,172
|
|
|
10,765
|
|
|
23,667
|
|
||||
Net current period other comprehensive income (loss)
|
22,191
|
|
|
(71,149
|
)
|
|
(13,884
|
)
|
|
(62,842
|
)
|
||||
Balance at December 31, 2018
|
(38,505
|
)
|
|
(71,149
|
)
|
|
(125,533
|
)
|
|
(235,187
|
)
|
||||
Net unrealized gains (losses) arising during period
|
49,776
|
|
|
55,834
|
|
|
(15,438
|
)
|
|
90,172
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
(5,479
|
)
|
|
15,315
|
|
|
8,456
|
|
|
18,292
|
|
||||
Net current period other comprehensive income (loss)
|
44,297
|
|
|
71,149
|
|
|
(6,982
|
)
|
|
108,464
|
|
||||
Balance at December 31, 2019
|
$
|
5,792
|
|
|
$
|
—
|
|
|
$
|
(132,515
|
)
|
|
$
|
(126,723
|
)
|
(Dollars in thousands)
|
|
Year ended December 31, 2019
|
||||
Details about accumulated other comprehensive (loss) income
|
|
Amount reclassified from accumulated other comprehensive (loss) income(1)
|
|
Affected line item in the statement where net income is presented
|
||
Unrealized gains on available for sale securities
|
|
$
|
7,115
|
|
|
Realized gains on investment securities available for sale, net
|
|
|
(1,636
|
)
|
|
Income taxes
|
|
|
|
$
|
5,479
|
|
|
|
|
|
|
|
|
||
Amortization of unrealized losses on securities available for sale transferred to held to maturity
|
|
$
|
(19,889
|
)
|
|
Net interest income
|
|
|
4,574
|
|
|
Income taxes
|
|
|
|
$
|
(15,315
|
)
|
|
|
|
|
|
|
|
||
Amortization of defined benefit pension items
|
|
|
|
|
||
Prior service costs
|
|
$
|
(57
|
)
|
|
Salaries and wages
|
Actuarial losses
|
|
(10,924
|
)
|
|
Other
|
|
|
|
(10,981
|
)
|
|
Income before income taxes
|
|
|
|
2,525
|
|
|
Income taxes
|
|
|
|
$
|
(8,456
|
)
|
|
|
Total reclassifications for the period
|
|
$
|
(18,292
|
)
|
|
|
|
|
|
|
|
||
|
|
Year ended December 31, 2018
|
||||
Details about accumulated other comprehensive (loss) income
|
|
Amount reclassified from accumulated other comprehensive (loss) income(1)
|
|
Affected line item in the statement where net income is presented
|
||
Unrealized gains on available for sale securities
|
|
$
|
351
|
|
|
Realized gains on investment securities available for sale, net
|
|
|
(81
|
)
|
|
Income taxes
|
|
|
|
$
|
270
|
|
|
|
|
|
|
|
|
||
Amortization of unrealized losses on securities available for sale transferred to held to maturity
|
|
$
|
(17,106
|
)
|
|
Net interest income
|
|
|
3,934
|
|
|
Income taxes
|
|
|
|
$
|
(13,172
|
)
|
|
|
|
|
|
|
|
||
Amortization of defined benefit pension items
|
|
|
|
|
||
Prior service costs
|
|
$
|
(79
|
)
|
|
Salaries and wages
|
Actuarial losses
|
|
(13,902
|
)
|
|
Other
|
|
|
|
(13,981
|
)
|
|
Income before income taxes
|
|
|
|
3,216
|
|
|
Income taxes
|
|
|
|
$
|
(10,765
|
)
|
|
|
Total reclassifications for the period
|
|
$
|
(23,667
|
)
|
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Core deposit intangible amortization
|
$
|
16,346
|
|
|
$
|
17,165
|
|
|
$
|
17,194
|
|
Consultant expense
|
12,801
|
|
|
14,345
|
|
|
14,963
|
|
|||
Advertising
|
11,437
|
|
|
11,650
|
|
|
11,227
|
|
|||
Telecommunications expense
|
9,391
|
|
|
10,471
|
|
|
12,172
|
|
|||
Other
|
89,308
|
|
|
93,432
|
|
|
86,874
|
|
|||
Total other noninterest expense
|
$
|
139,283
|
|
|
$
|
147,063
|
|
|
$
|
142,430
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Current tax expense
|
|
|
|
|
|
||||||
Federal
|
$
|
68,984
|
|
|
$
|
95,151
|
|
|
$
|
87,992
|
|
State
|
11,095
|
|
|
21,523
|
|
|
6,116
|
|
|||
Total current tax expense
|
80,079
|
|
|
116,674
|
|
|
94,108
|
|
|||
Deferred tax expense (benefit)
|
|
|
|
|
|
||||||
Federal
|
50,522
|
|
|
(10,944
|
)
|
|
115,392
|
|
|||
State
|
4,076
|
|
|
(2,433
|
)
|
|
10,446
|
|
|||
Total deferred tax expense (benefit)
|
54,598
|
|
|
(13,377
|
)
|
|
125,838
|
|
|||
Total income tax expense
|
$
|
134,677
|
|
|
$
|
103,297
|
|
|
$
|
219,946
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Income taxes at federal statutory rates
|
$
|
124,330
|
|
|
$
|
105,758
|
|
|
$
|
190,294
|
|
Increase (reduction) in income taxes resulting from:
|
|
|
|
|
|
||||||
Nontaxable income on loans, leases and investments, net of nondeductible expenses
|
(1,639
|
)
|
|
(1,796
|
)
|
|
(2,525
|
)
|
|||
Excess tax benefits of compensation
|
1,070
|
|
|
371
|
|
|
—
|
|
|||
State and local income taxes, including any change in valuation allowance, net of federal income tax benefit
|
11,985
|
|
|
15,081
|
|
|
10,765
|
|
|||
Effect of federal rate change
|
—
|
|
|
(15,736
|
)
|
|
25,762
|
|
|||
Tax credits net of amortization
|
(4,474
|
)
|
|
(2,891
|
)
|
|
(4,840
|
)
|
|||
Other, net
|
3,405
|
|
|
2,510
|
|
|
490
|
|
|||
Total income tax expense
|
$
|
134,677
|
|
|
$
|
103,297
|
|
|
$
|
219,946
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Allowance for loan and lease losses
|
$
|
53,073
|
|
|
$
|
53,391
|
|
Operating lease liabilities
|
17,752
|
|
|
—
|
|
||
Executive separation from service agreements
|
12,334
|
|
|
7,927
|
|
||
Net operating loss carryforwards
|
11,085
|
|
|
6,862
|
|
||
Net unrealized loss included in comprehensive income
|
—
|
|
|
32,663
|
|
||
Employee compensation
|
13,313
|
|
|
11,145
|
|
||
FDIC assisted transactions timing differences
|
8,678
|
|
|
7,622
|
|
||
Other reserves
|
5,001
|
|
|
5,574
|
|
||
Other
|
10,698
|
|
|
9,555
|
|
||
Deferred tax asset
|
131,934
|
|
|
134,739
|
|
||
Accelerated depreciation
|
51,249
|
|
|
4,987
|
|
||
Lease financing activities
|
8,101
|
|
|
12,674
|
|
||
Operating lease assets
|
17,837
|
|
|
—
|
|
||
Net unrealized gain on securities included in accumulated other comprehensive loss
|
1,821
|
|
|
—
|
|
||
Net deferred loan fees and costs
|
11,781
|
|
|
10,651
|
|
||
Intangible assets
|
9,148
|
|
|
11,713
|
|
||
Security, loan and debt valuations
|
5,767
|
|
|
4,557
|
|
||
Pension liability
|
5,079
|
|
|
6,287
|
|
||
Other
|
15,993
|
|
|
1,722
|
|
||
Deferred tax liability
|
126,776
|
|
|
52,591
|
|
||
Net deferred tax asset
|
$
|
5,158
|
|
|
$
|
82,148
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Unrecognized tax benefits at the beginning of the year
|
$
|
28,255
|
|
|
$
|
29,004
|
|
|
$
|
28,879
|
|
Reductions related to tax positions taken in prior year
|
(683
|
)
|
|
(1,054
|
)
|
|
(44
|
)
|
|||
Additions related to tax positions taken in current year
|
6,554
|
|
|
1,433
|
|
|
169
|
|
|||
Reductions related to lapse of statute of limitations
|
(1,900
|
)
|
|
(1,128
|
)
|
|
—
|
|
|||
Unrecognized tax benefits at the end of the year
|
$
|
32,226
|
|
|
$
|
28,255
|
|
|
$
|
29,004
|
|
•
|
Level 1 inputs are quoted prices in active markets for identical assets and liabilities.
|
•
|
Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices observable for the assets or liabilities and market corroborated inputs.
|
•
|
Level 3 inputs are unobservable inputs for the asset or liability. These unobservable inputs and assumptions reflect estimates market participants would use in pricing the asset or liability.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(Dollars in thousands)
|
Carrying value
|
|
Fair value
|
|
Carrying value
|
|
Fair value
|
||||||||
Cash and due from banks
|
$
|
376,719
|
|
|
$
|
376,719
|
|
|
$
|
327,440
|
|
|
$
|
327,440
|
|
Overnight investments
|
1,107,844
|
|
|
1,107,844
|
|
|
797,406
|
|
|
797,406
|
|
||||
Investment securities available for sale
|
7,059,674
|
|
|
7,059,674
|
|
|
4,557,110
|
|
|
4,557,110
|
|
||||
Investment securities held to maturity
|
30,996
|
|
|
30,996
|
|
|
2,184,653
|
|
|
2,201,502
|
|
||||
Investment in marketable equity securities
|
82,333
|
|
|
82,333
|
|
|
92,599
|
|
|
92,599
|
|
||||
Loans held for sale
|
67,869
|
|
|
67,869
|
|
|
45,505
|
|
|
45,505
|
|
||||
Net loans and leases
|
28,656,355
|
|
|
28,878,550
|
|
|
25,299,564
|
|
|
24,845,060
|
|
||||
Income earned not collected
|
123,154
|
|
|
123,154
|
|
|
109,903
|
|
|
109,903
|
|
||||
Federal Home Loan Bank stock
|
43,039
|
|
|
43,039
|
|
|
25,304
|
|
|
25,304
|
|
||||
Mortgage and other servicing rights
|
24,891
|
|
|
26,927
|
|
|
24,066
|
|
|
27,435
|
|
||||
Deposits
|
34,431,236
|
|
|
34,435,789
|
|
|
30,672,460
|
|
|
30,623,214
|
|
||||
Securities sold under customer repurchase agreements
|
442,956
|
|
|
442,956
|
|
|
543,936
|
|
|
543,936
|
|
||||
Federal Home Loan Bank borrowings
|
572,185
|
|
|
577,362
|
|
|
193,556
|
|
|
195,374
|
|
||||
Subordinated debentures
|
163,412
|
|
|
173,685
|
|
|
140,741
|
|
|
151,670
|
|
||||
Other borrowings
|
148,318
|
|
|
149,232
|
|
|
13,921
|
|
|
13,985
|
|
||||
FDIC shared-loss payable
|
112,395
|
|
|
114,252
|
|
|
105,618
|
|
|
105,846
|
|
||||
Accrued interest payable
|
18,124
|
|
|
18,124
|
|
|
3,712
|
|
|
3,712
|
|
|
December 31, 2019
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
(Dollars in thousands)
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets measured at fair value
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
409,999
|
|
|
$
|
—
|
|
|
$
|
409,999
|
|
|
$
|
—
|
|
Government agency
|
682,772
|
|
|
—
|
|
|
682,772
|
|
|
—
|
|
||||
Residential mortgage-backed securities
|
5,267,090
|
|
|
—
|
|
|
5,267,090
|
|
|
—
|
|
||||
Commercial mortgage-backed securities
|
380,020
|
|
|
—
|
|
|
380,020
|
|
|
—
|
|
||||
Corporate bonds
|
201,566
|
|
|
—
|
|
|
131,881
|
|
|
69,685
|
|
||||
State, county and municipal
|
118,227
|
|
|
—
|
|
|
118,227
|
|
|
—
|
|
||||
Total investment securities available for sale
|
$
|
7,059,674
|
|
|
$
|
—
|
|
|
$
|
6,989,989
|
|
|
$
|
69,685
|
|
Marketable equity securities
|
$
|
82,333
|
|
|
$
|
29,458
|
|
|
$
|
52,875
|
|
|
—
|
|
|
Loans held for sale
|
67,869
|
|
|
—
|
|
|
67,869
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets measured at fair value
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
1,247,710
|
|
|
$
|
—
|
|
|
$
|
1,247,710
|
|
|
$
|
—
|
|
Government agency
|
256,835
|
|
|
—
|
|
|
256,835
|
|
|
—
|
|
||||
Residential mortgage-backed securities
|
2,909,339
|
|
|
—
|
|
|
2,909,339
|
|
|
—
|
|
||||
Corporate bonds
|
143,226
|
|
|
—
|
|
|
—
|
|
|
143,226
|
|
||||
Total investment securities available for sale
|
$
|
4,557,110
|
|
|
$
|
—
|
|
|
$
|
4,413,884
|
|
|
$
|
143,226
|
|
Marketable equity securities
|
$
|
92,599
|
|
|
$
|
17,887
|
|
|
$
|
74,712
|
|
|
$
|
—
|
|
Loans held for sale
|
45,505
|
|
|
—
|
|
|
45,505
|
|
|
—
|
|
|
December 31, 2019
|
||
(Dollars in thousands)
|
Corporate bonds
|
||
Balance at January 1, 2019
|
$
|
143,226
|
|
Purchases(1)
|
35,993
|
|
|
Unrealized net gains included in other comprehensive income
|
3,891
|
|
|
Amounts included in net income
|
174
|
|
|
Transfers out
|
(112,599
|
)
|
|
Sales / Calls
|
(1,000
|
)
|
|
Balance at December 31, 2019
|
$
|
69,685
|
|
(1)Includes Corporate bonds of $500 thousand acquired in Entegra transaction.
|
|
(Dollars in thousands)
|
|
|
|
December 31, 2019
|
||||
Level 3 assets
|
|
Valuation technique
|
|
Significant unobservable input
|
|
Fair Value
|
||
Corporate bonds
|
|
Indicative bid provided by broker
|
|
Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer
|
|
$
|
69,685
|
|
|
December 31, 2019
|
||||||||||
(Dollars in thousands)
|
Fair Value
|
|
Unpaid Principal Balance
|
|
Difference
|
||||||
Originated loans held for sale
|
$
|
67,869
|
|
|
$
|
65,697
|
|
|
$
|
2,172
|
|
|
|
|
|
|
|
||||||
|
December 31, 2018
|
||||||||||
|
Fair Value
|
|
Unpaid Principal Balance
|
|
Difference
|
||||||
Originated loans held for sale
|
$
|
45,505
|
|
|
$
|
44,073
|
|
|
$
|
1,432
|
|
|
December 31, 2019
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
(Dollars in thousands)
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
132,336
|
|
|
—
|
|
|
—
|
|
|
132,336
|
|
||||
Other real estate remeasured during current year
|
38,310
|
|
|
—
|
|
|
—
|
|
|
38,310
|
|
||||
Mortgage servicing rights
|
3,757
|
|
|
—
|
|
|
—
|
|
|
3,757
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Impaired loans
|
$
|
105,994
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
105,994
|
|
Other real estate remeasured during current year
|
35,344
|
|
|
—
|
|
|
—
|
|
|
35,344
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Change in benefit obligation
|
|
|
|
||||
Projected benefit obligation at January 1
|
$
|
852,975
|
|
|
$
|
919,428
|
|
Service cost
|
12,767
|
|
|
16,154
|
|
||
Interest cost
|
37,260
|
|
|
34,733
|
|
||
Actuarial loss (gain)
|
118,964
|
|
|
(87,752
|
)
|
||
Benefits paid
|
(31,560
|
)
|
|
(29,588
|
)
|
||
Projected benefit obligation at December 31
|
990,406
|
|
|
852,975
|
|
||
Change in plan assets
|
|
|
|
||||
Fair value of plan assets at January 1
|
842,534
|
|
|
881,590
|
|
||
Actual return on plan assets
|
161,506
|
|
|
(59,468
|
)
|
||
Employer contributions
|
3,592
|
|
|
50,000
|
|
||
Benefits paid
|
(31,560
|
)
|
|
(29,588
|
)
|
||
Fair value of plan assets at December 31
|
976,072
|
|
|
842,534
|
|
||
Funded status at December 31
|
$
|
(14,334
|
)
|
|
$
|
(10,441
|
)
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Net actuarial loss
|
$
|
172,098
|
|
|
$
|
162,973
|
|
Prior service cost
|
—
|
|
|
57
|
|
||
Accumulated other comprehensive loss, excluding income taxes
|
$
|
172,098
|
|
|
$
|
163,030
|
|
|
Year ended December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
$
|
12,767
|
|
|
$
|
16,154
|
|
|
$
|
15,186
|
|
Interest cost
|
37,260
|
|
|
34,733
|
|
|
35,593
|
|
|||
Expected return on assets
|
(62,590
|
)
|
|
(60,296
|
)
|
|
(53,244
|
)
|
|||
Amortization of prior service cost
|
57
|
|
|
79
|
|
|
210
|
|
|||
Amortization of net actuarial loss
|
10,924
|
|
|
13,902
|
|
|
9,510
|
|
|||
Total net periodic benefit (income) cost
|
(1,582
|
)
|
|
4,572
|
|
|
7,255
|
|
|||
Current year actuarial loss
|
20,049
|
|
|
32,012
|
|
|
12,945
|
|
|||
Amortization of actuarial loss
|
(10,924
|
)
|
|
(13,902
|
)
|
|
(9,510
|
)
|
|||
Amortization of prior service cost
|
(57
|
)
|
|
(79
|
)
|
|
(210
|
)
|
|||
Net loss recognized in other comprehensive income
|
9,068
|
|
|
18,031
|
|
|
3,225
|
|
|||
Total recognized in net periodic benefit cost and other comprehensive income
|
$
|
7,486
|
|
|
$
|
22,603
|
|
|
$
|
10,480
|
|
|
2019
|
|
2018
|
||
Discount rate
|
3.46
|
%
|
|
4.38
|
%
|
Rate of compensation increase
|
5.60
|
|
|
5.60
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Discount rate
|
4.38
|
%
|
|
3.76
|
%
|
|
4.30
|
%
|
Rate of compensation increase
|
5.60
|
|
|
4.00
|
|
|
4.00
|
|
Expected long-term return on plan assets
|
7.50
|
|
|
7.50
|
|
|
7.50
|
|
|
December 31, 2019
|
|||||||||||||||||||
(Dollars in thousands)
|
Market Value
|
|
Quoted prices in
Active Markets for Identical Assets (Level 1) |
|
Significant
Observable Inputs (Level 2) |
|
Significant
Nonobservable Inputs (Level 3) |
|
Target Allocation
|
|
Actual %
of Plan Assets |
|||||||||
Cash and equivalents
|
$
|
10,974
|
|
|
$
|
10,974
|
|
|
—
|
|
|
—
|
|
|
0 - 5%
|
|
1
|
%
|
||
Equity securities
|
|
|
|
|
|
|
|
|
30 - 70%
|
|
73
|
%
|
||||||||
Common and preferred stock
|
142,157
|
|
|
142,157
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Mutual funds
|
565,343
|
|
|
565,343
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Fixed income
|
|
|
|
|
|
|
|
|
15 - 45%
|
|
23
|
%
|
||||||||
U.S. government and government agency securities
|
78,175
|
|
|
—
|
|
|
78,175
|
|
|
—
|
|
|
|
|
|
|||||
Corporate bonds
|
122,370
|
|
|
—
|
|
|
122,370
|
|
|
—
|
|
|
|
|
|
|||||
Mutual funds
|
25,288
|
|
|
25,288
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Alternative investments
|
|
|
|
|
|
|
|
|
0 - 30%
|
|
3
|
%
|
||||||||
Mutual funds
|
31,765
|
|
|
31,765
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Total pension assets
|
$
|
976,072
|
|
|
$
|
775,527
|
|
|
$
|
200,545
|
|
|
$
|
—
|
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
December 31, 2018
|
|||||||||||||||||||
|
Market Value
|
|
Quoted prices in
Active Markets for Identical Assets (Level 1) |
|
Significant
Observable Inputs (Level 2) |
|
Significant
Nonobservable Inputs (Level 3) |
|
Target Allocation
|
|
Actual %
of Plan Assets |
|||||||||
Cash and equivalents
|
$
|
19,029
|
|
|
$
|
19,029
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
0 - 5%
|
|
2
|
%
|
Equity securities
|
|
|
|
|
|
|
|
|
30 - 70%
|
|
64
|
%
|
||||||||
Common and preferred stock
|
143,939
|
|
|
143,939
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Mutual funds
|
395,328
|
|
|
393,104
|
|
|
2,224
|
|
|
—
|
|
|
|
|
|
|||||
Fixed income
|
|
|
|
|
|
|
|
|
15 - 45%
|
|
30
|
%
|
||||||||
U.S. government and government agency securities
|
79,294
|
|
|
—
|
|
|
79,294
|
|
|
—
|
|
|
|
|
|
|||||
Corporate bonds
|
140,358
|
|
|
—
|
|
|
140,358
|
|
|
—
|
|
|
|
|
|
|||||
Mutual funds
|
29,561
|
|
|
29,561
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Alternative investments
|
|
|
|
|
|
|
|
|
|
|
0 - 30%
|
|
4
|
%
|
||||||
Mutual funds
|
35,025
|
|
|
35,025
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Total pension assets
|
$
|
842,534
|
|
|
$
|
620,658
|
|
|
$
|
221,876
|
|
|
$
|
—
|
|
|
|
|
100
|
%
|
(Dollars in thousands)
|
Estimated Payments
|
||
2020
|
$
|
36,251
|
|
2021
|
38,980
|
|
|
2022
|
41,511
|
|
|
2023
|
43,891
|
|
|
2024
|
46,234
|
|
|
2025-2029
|
261,027
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Present value of accrued liability as of January 1
|
$
|
34,063
|
|
|
$
|
37,299
|
|
Liability assumed in the Biscayne Bancshares acquisition
|
1,138
|
|
|
—
|
|
||
Liability assumed in the First South Bancorp acquisition
|
1,067
|
|
|
—
|
|
||
Liability assumed in the Entegra acquisition
|
9,738
|
|
|
—
|
|
||
Liability assumed in the Capital Commerce acquisition
|
—
|
|
|
808
|
|
||
Benefit expense and interest cost
|
3,970
|
|
|
535
|
|
||
Benefits paid
|
(4,681
|
)
|
|
(4,579
|
)
|
||
Present value of accrued liability as of December 31
|
$
|
45,295
|
|
|
$
|
34,063
|
|
Discount rate at December 31
|
3.46
|
%
|
|
4.38
|
%
|
(Dollars in thousands)
|
Classification
|
December 31, 2019
|
||
Assets:
|
|
|
||
Operating
|
Other assets
|
$
|
77,115
|
|
Finance
|
Premises and equipment
|
8,820
|
|
|
Total leased assets
|
|
$
|
85,935
|
|
Liabilities:
|
|
|
||
Operating
|
Other liabilities
|
$
|
76,746
|
|
Finance
|
Other borrowings
|
8,230
|
|
|
Total lease liabilities
|
|
$
|
84,976
|
|
(Dollars in thousands)
|
Classification
|
2019
|
||
Lease cost:
|
|
|
||
Operating lease cost (1)
|
Occupancy expense
|
$
|
16,094
|
|
Finance lease cost:
|
|
|
||
Amortization of leased assets
|
Equipment expense
|
1,975
|
|
|
Interest on lease liabilities
|
Interest expense - Other borrowings
|
259
|
|
|
Variable lease cost
|
Occupancy expense
|
2,394
|
|
|
Sublease income
|
Occupancy expense
|
(390
|
)
|
|
Net lease cost
|
|
$
|
20,332
|
|
(1) Operating lease cost includes short-term lease cost, which is immaterial.
|
|
(Dollars in thousands)
|
Operating Leases
|
|
Finance Leases
|
|
Total
|
||||||
2020
|
$
|
14,257
|
|
|
$
|
2,142
|
|
|
$
|
16,399
|
|
2021
|
12,688
|
|
|
2,159
|
|
|
14,847
|
|
|||
2022
|
11,261
|
|
|
1,876
|
|
|
13,137
|
|
|||
2023
|
9,340
|
|
|
993
|
|
|
10,333
|
|
|||
2024
|
7,379
|
|
|
617
|
|
|
7,996
|
|
|||
Thereafter
|
36,653
|
|
|
1,066
|
|
|
37,719
|
|
|||
Total lease payments
|
$
|
91,578
|
|
|
$
|
8,853
|
|
|
$
|
100,431
|
|
Less: Interest
|
14,832
|
|
|
623
|
|
|
15,455
|
|
|||
Present value of lease liabilities
|
$
|
76,746
|
|
|
$
|
8,230
|
|
|
$
|
84,976
|
|
|
Weighted average remaining lease term (years):
|
December 31, 2019
|
|
Operating
|
10.2
|
|
Finance
|
4.7
|
|
Weighted average discount rate:
|
|
|
Operating
|
3.23
|
%
|
Finance
|
3.06
|
|
(Dollars in thousands)
|
2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
15,703
|
|
Operating cash flows from finance leases
|
259
|
|
|
Financing cash flows from finance leases
|
1,850
|
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
17,837
|
|
|
Right-of-use assets obtained in exchange for new finance lease liabilities
|
1,886
|
|
|
Year ended December 31
|
||||||
(dollars in thousands)
|
2019
|
|
2018
|
||||
Balance at January 1
|
$
|
199
|
|
|
$
|
74
|
|
New loans
|
5
|
|
|
134
|
|
||
Repayments
|
(59
|
)
|
|
(9
|
)
|
||
Balance at December 31
|
$
|
145
|
|
|
$
|
199
|
|
(Dollars in thousands)
|
2019
|
|
2018
|
||||
Unused commitments to extend credit
|
$
|
10,682,378
|
|
|
$
|
10,054,712
|
|
Standby letters of credit
|
99,601
|
|
|
96,467
|
|
Parent Company
|
|||||||
Condensed Balance Sheets
|
|||||||
|
|||||||
(Dollars in thousands)
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
4,573
|
|
|
$
|
7,188
|
|
Overnight investments
|
2,547
|
|
|
385
|
|
||
Investments in marketable equity securities
|
82,333
|
|
|
92,599
|
|
||
Investment securities available for sale
|
3,015
|
|
|
6,456
|
|
||
Investment in banking subsidiaries
|
3,763,947
|
|
|
3,314,292
|
|
||
Investment in other subsidiaries
|
3,555
|
|
|
41,830
|
|
||
Due from subsidiaries
|
—
|
|
|
814
|
|
||
Note to banking subsidiaries
|
—
|
|
|
100,000
|
|
||
Other assets
|
45,164
|
|
|
42,810
|
|
||
Total assets
|
$
|
3,905,134
|
|
|
$
|
3,606,374
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Subordinated debentures
|
$
|
105,677
|
|
|
$
|
105,546
|
|
Other borrowings
|
201,702
|
|
|
—
|
|
||
Due to subsidiaries
|
1,670
|
|
|
299
|
|
||
Other liabilities
|
9,901
|
|
|
11,575
|
|
||
Shareholders’ equity
|
3,586,184
|
|
|
3,488,954
|
|
||
Total liabilities and shareholders’ equity
|
$
|
3,905,134
|
|
|
$
|
3,606,374
|
|
Parent Company
|
|||||||||||
Condensed Income Statements
|
|||||||||||
|
|||||||||||
|
Year ended December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Interest and dividend income
|
$
|
1,327
|
|
|
$
|
1,362
|
|
|
$
|
921
|
|
Interest expense
|
7,187
|
|
|
5,154
|
|
|
4,814
|
|
|||
Net interest loss
|
(5,860
|
)
|
|
(3,792
|
)
|
|
(3,893
|
)
|
|||
Dividends from banking subsidiaries
|
149,819
|
|
|
242,910
|
|
|
50,424
|
|
|||
Marketable equity securities gains (losses), net
|
20,625
|
|
|
(7,610
|
)
|
|
—
|
|
|||
Other income
|
257
|
|
|
347
|
|
|
8,437
|
|
|||
Other operating expense
|
9,497
|
|
|
11,127
|
|
|
6,881
|
|
|||
Income before income tax benefit and equity in undistributed net income of subsidiaries
|
155,344
|
|
|
220,728
|
|
|
48,087
|
|
|||
Income tax expense (benefit)
|
892
|
|
|
(5,184
|
)
|
|
(5,395
|
)
|
|||
Income before equity in undistributed net income of subsidiaries
|
154,452
|
|
|
225,912
|
|
|
53,482
|
|
|||
Equity in undistributed net income of subsidiaries
|
302,919
|
|
|
174,401
|
|
|
270,270
|
|
|||
Net income
|
$
|
457,371
|
|
|
$
|
400,313
|
|
|
$
|
323,752
|
|
Parent Company
|
|||||||||||
Condensed Statements of Cash Flows
|
|||||||||||
|
Year ended December 31
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
457,371
|
|
|
$
|
400,313
|
|
|
$
|
323,752
|
|
Adjustments
|
|
|
|
|
|
||||||
Undistributed net income of subsidiaries
|
(302,919
|
)
|
|
(174,401
|
)
|
|
(270,270
|
)
|
|||
Net amortization of premiums and discounts
|
119
|
|
|
88
|
|
|
759
|
|
|||
Marketable equity securities (gains) losses, net
|
(20,625
|
)
|
|
7,610
|
|
|
—
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
(160
|
)
|
|
(919
|
)
|
|||
Realized gains (losses) on investment securities available for sale, net
|
(20
|
)
|
|
—
|
|
|
(8,003
|
)
|
|||
Net change in due to/from subsidiaries
|
(2,185
|
)
|
|
(381
|
)
|
|
(1,626
|
)
|
|||
Change in other assets
|
(2,001
|
)
|
|
3,657
|
|
|
(10,509
|
)
|
|||
Change in other liabilities
|
981
|
|
|
(2,595
|
)
|
|
6,310
|
|
|||
Net cash provided by operating activities
|
130,721
|
|
|
234,131
|
|
|
39,494
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Net change in loans
|
100,000
|
|
|
(100,000
|
)
|
|
—
|
|
|||
Net change in overnight investments
|
2,162
|
|
|
14,091
|
|
|
11,681
|
|
|||
Purchases of marketable equity securities
|
(26,166
|
)
|
|
(2,818
|
)
|
|
—
|
|
|||
Proceeds from sales of marketable equity securities
|
56,749
|
|
|
9,528
|
|
|
—
|
|
|||
Purchases of investment securities
|
—
|
|
|
(6,438
|
)
|
|
(28,012
|
)
|
|||
Proceeds from sales, calls, and maturities of securities
|
3,477
|
|
|
9,997
|
|
|
32,463
|
|
|||
Net cash provided by (used in) investing activities
|
136,222
|
|
|
(75,640
|
)
|
|
16,132
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net change in short-term borrowings
|
40,277
|
|
|
(15,000
|
)
|
|
—
|
|
|||
Repayment of long-term obligations
|
(3,575
|
)
|
|
(1,840
|
)
|
|
(4,081
|
)
|
|||
Origination of long-term obligations
|
165,000
|
|
|
—
|
|
|
—
|
|
|||
Repurchase of common stock
|
(453,123
|
)
|
|
(163,095
|
)
|
|
—
|
|
|||
Cash dividends paid
|
(18,137
|
)
|
|
(16,779
|
)
|
|
(14,412
|
)
|
|||
Net cash used in financing activities
|
(269,558
|
)
|
|
(196,714
|
)
|
|
(18,493
|
)
|
|||
Net change in cash
|
(2,615
|
)
|
|
(38,223
|
)
|
|
37,133
|
|
|||
Cash balance at beginning of year
|
7,188
|
|
|
45,411
|
|
|
8,278
|
|
|||
Cash balance at end of year
|
$
|
4,573
|
|
|
$
|
7,188
|
|
|
$
|
45,411
|
|
CASH PAYMENTS FOR:
|
|
|
|
|
|
||||||
Interest
|
$
|
7,187
|
|
|
$
|
5,154
|
|
|
$
|
4,814
|
|
Income taxes
|
78,345
|
|
|
73,806
|
|
|
88,565
|
|
2.1
|
|
2.2
|
|
2.3
|
|
3.1
|
|
3.2
|
|
4.1
|
|
4.2
|
|
4.3
|
|
4.4
|
|
4.5
|
|
4.6
|
|
4.7
|
|
4.8
|
|
10.1
|
|
10.2
|
|
10.3
|
|
10.4
|
|
10.5
|
|
10.6
|
|
10.7
|
*
|
|
Interactive data files are furnished but not filed for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended, and Section 18 of the Securities Exchange Act of 1934, as amended.
|
FIRST CITIZENS BANCSHARES, INC. (Registrant)
|
|
/S/ FRANK B. HOLDING, JR.
|
|
Frank B. Holding, Jr.
Chairman and Chief Executive Officer
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ FRANK B. HOLDING, JR.
Frank B. Holding, Jr.
|
|
Chairman and Chief Executive Officer
|
|
February 26, 2020
|
|
|
|
||
/S/ CRAIG L. NIX
Craig L. Nix
|
|
Chief Financial Officer (principal financial officer)
|
|
February 26, 2020
|
|
|
|
||
/S/ JASON W. GROOTERS
Jason W. Grooters
|
|
Assistant Vice President and Chief Accounting Officer (principal accounting officer)
|
|
February 26, 2020
|
|
|
|
|
|
/s/ JOHN M. ALEXANDER, JR. *
John M. Alexander, Jr.
|
|
Director
|
|
February 26, 2020
|
|
|
|
||
/s/ VICTOR E. BELL, III *
Victor E. Bell, III
|
|
Director
|
|
February 26, 2020
|
|
|
|
||
/s/ HOPE HOLDING BRYANT *
Hope Holding Bryant
|
|
Director
|
|
February 26, 2020
|
|
|
|
|
|
/s/ PETER M. BRISTOW *
Peter M. Bristow
|
|
Director
|
|
February 26, 2020
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ H. LEE DURHAM, JR. *
H. Lee Durham, Jr.
|
|
Director
|
|
February 26, 2020
|
|
|
|
||
/s/ DANIEL L. HEAVNER *
Daniel L. Heavner
|
|
Director
|
|
February 26, 2020
|
|
|
|
||
/s/ ROBERT R. HOPPE *
Robert R. Hoppe
|
|
Director
|
|
February 26, 2020
|
|
|
|
|
|
/s/ FLOYD L. KEELS *
Floyd L. Keels
|
|
Director
|
|
February 26, 2020
|
|
|
|
||
/s/ ROBERT E. MASON, IV *
Robert E. Mason, IV
|
|
Director
|
|
February 26, 2020
|
|
|
|
||
/s/ ROBERT T. NEWCOMB *
Robert T. Newcomb
|
|
Director
|
|
February 26, 2020
|
|
|
|
*
|
|
Craig L. Nix hereby signs this Annual Report on Form 10-K on February 26, 2020, on behalf of each of the indicated persons for whom he is attorney-in-fact pursuant to a Power of Attorney filed herewith.
|
By:
|
|
/S/ CRAIG L. NIX
|
|
|
Craig L. Nix
As Attorney-In-Fact
|
•
|
16,000,000 shares of Class A common stock with a par value of $1.00 per share;
|
•
|
2,000,000 shares of Class B common stock with a par value of $1.00 per share; and
|
•
|
10,000,000 shares of Preferred Stock with a par value of $0.01 per share.
|
Name of Participant:
|
________________________________
|
Grant Date:
|
________________________________
|
Performance Period:
|
________________________________
|
TBV+D Growth Rate
|
Award Percentage
|
Threshold Level: [ ]%
|
[ ]%
|
Target Level: [ ]%
|
[ ]%
|
Stretch Level: [ ]%
|
[ ]%
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ John M. Alexander, Jr.
|
|
Director
|
|
January 28, 2020
|
John M. Alexander, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Victor E. Bell III
|
|
Director
|
|
January 28, 2020
|
Victor E. Bell III
|
|
|
|
|
|
|
|
|
|
/s/ Peter M. Bristow
|
|
Director
|
|
January 28, 2020
|
Peter M. Bristow
|
|
|
|
|
|
|
|
|
|
/s/ Hope H. Bryant
|
|
Vice Chairman
|
|
January 28, 2020
|
Hope H. Bryant
|
|
|
|
|
|
|
|
|
|
/s/ H. Lee Durham, Jr.
|
|
Director
|
|
January 28, 2020
|
H. Lee Durham, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Daniel L. Heavner
|
|
Director
|
|
January 28, 2020
|
Daniel L. Heavner
|
|
|
|
|
|
|
|
|
|
/s/ Frank B. Holding, Jr.
|
|
Chairman of the Board; Chief Executive Officer
|
|
January 28, 2020
|
Frank B. Holding, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Robert R. Hoppe
|
|
Director
|
|
January 28, 2020
|
Robert R. Hoppe
|
|
|
|
|
|
|
|
|
|
/s/ Floyd L. Keels
|
|
Director
|
|
January 28, 2020
|
Floyd L. Keels
|
|
|
|
|
|
|
|
|
|
/s/ Robert E. Mason, IV
|
|
Director
|
|
January 28, 2020
|
Robert E. Mason, IV
|
|
|
|
|
|
|
|
|
|
/s/ Robert T. Newcomb
|
|
Director
|
|
January 28, 2020
|
Robert T. Newcomb
|
|
|
|
|
|
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of First Citizens BancShares, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Frank B. Holding, Jr.
|
Frank B. Holding, Jr.
|
Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K of First Citizens BancShares, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Craig L. Nix
|
Craig L. Nix
|
Chief Financial Officer
|
/s/ Frank B. Holding, Jr.
|
Frank B. Holding, Jr.
|
Chief Executive Officer
|
/s/ Craig L. Nix
|
Craig L. Nix
|
Chief Financial Officer
|