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 | ||||||
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A | FCNCP | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page No. | ||||||||
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | OTHER INFORMATION | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. |
(Dollars in thousands, unaudited) | September 30, 2020 | December 31, 2019 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 352,419 | $ | 376,719 | |||||||
Overnight investments | 3,137,945 | 1,107,844 | |||||||||
Investment in marketable equity securities (cost of $100,408 at September 30, 2020 and $59,262 at December 31, 2019)
|
93,074 | 82,333 | |||||||||
Investment securities available for sale (cost of $8,884,548 at September 30, 2020 and $7,052,152 at December 31, 2019)
|
9,019,788 | 7,059,674 | |||||||||
Investment securities held to maturity (fair value of $761,252 at September 30, 2020 and $30,996 at December 31, 2019)
|
747,732 | 30,996 | |||||||||
Loans held for sale | 120,305 | 67,869 | |||||||||
Loans and leases | 32,845,144 | 28,881,496 | |||||||||
Allowance for credit losses | (223,936) | (225,141) | |||||||||
Net loans and leases | 32,621,208 | 28,656,355 | |||||||||
Premises and equipment | 1,255,250 | 1,244,396 | |||||||||
Other real estate owned | 52,789 | 46,591 | |||||||||
Income earned not collected | 151,737 | 123,154 | |||||||||
Goodwill | 350,298 | 349,398 | |||||||||
Other intangible assets | 54,170 | 68,276 | |||||||||
Other assets | 710,158 | 610,891 | |||||||||
Total assets | $ | 48,666,873 | $ | 39,824,496 | |||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 18,234,561 | $ | 12,926,796 | |||||||
Interest-bearing | 24,016,045 | 21,504,440 | |||||||||
Total deposits | 42,250,606 | 34,431,236 | |||||||||
Securities sold under customer repurchase agreements | 693,889 | 442,956 | |||||||||
Federal Home Loan Bank borrowings | 655,179 | 572,185 | |||||||||
Subordinated debt | 504,381 | 163,412 | |||||||||
Other borrowings | 92,456 | 148,318 | |||||||||
FDIC shared-loss payable | 15,313 | 112,395 | |||||||||
Other liabilities | 380,635 | 367,810 | |||||||||
Total liabilities | 44,592,459 | 36,238,312 | |||||||||
Shareholders’ equity | |||||||||||
Common stock: | |||||||||||
Class A - $1 par value (16,000,000 shares authorized; 8,811,220 and 9,624,310 shares issued and outstanding at September 30, 2020 and December 31, 2019 respectively)
|
8,811 | 9,624 | |||||||||
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at September 30, 2020 and December 31, 2019)
|
1,005 | 1,005 | |||||||||
Preferred stock - $0.01 par value (10,000,000 shares authorized; 345,000 and no shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively)
|
339,937 | — | |||||||||
Surplus | — | 44,081 | |||||||||
Retained earnings | 3,738,417 | 3,658,197 | |||||||||
Accumulated other comprehensive loss | (13,756) | (126,723) | |||||||||
Total shareholders’ equity | 4,074,414 | 3,586,184 | |||||||||
Total liabilities and shareholders’ equity | $ | 48,666,873 | $ | 39,824,496 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands, except per share data, unaudited) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans and leases | $ | 336,382 | $ | 315,012 | $ | 988,029 | $ | 909,167 | |||||||||||||||
Investment securities interest and dividend income | 37,195 | 40,155 | 113,293 | 119,976 | |||||||||||||||||||
Overnight investments | 757 | 7,151 | 5,828 | 20,820 | |||||||||||||||||||
Total interest income | 374,334 | 362,318 | 1,107,150 | 1,049,963 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | 13,468 | 21,737 | 55,578 | 53,821 | |||||||||||||||||||
Securities sold under customer repurchase agreements | 395 | 542 | 1,236 | 1,516 | |||||||||||||||||||
Federal Home Loan Bank borrowings | 2,156 | 1,316 | 7,612 | 4,187 | |||||||||||||||||||
Subordinated debt | 4,351 | 1,774 | 11,783 | 5,398 | |||||||||||||||||||
Other borrowings | 305 | 524 | 1,488 | 796 | |||||||||||||||||||
Total interest expense | 20,675 | 25,893 | 77,697 | 65,718 | |||||||||||||||||||
Net interest income | 353,659 | 336,425 | 1,029,453 | 984,245 | |||||||||||||||||||
Provision for credit losses | 4,042 | 6,766 | 52,949 | 23,714 | |||||||||||||||||||
Net interest income after provision for credit losses | 349,617 | 329,659 | 976,504 | 960,531 | |||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposit accounts | 20,841 | 27,112 | 64,776 | 77,967 | |||||||||||||||||||
Wealth management services | 26,369 | 25,212 | 75,152 | 74,786 | |||||||||||||||||||
Cardholder services, net | 19,756 | 15,957 | 55,503 | 51,069 | |||||||||||||||||||
Other service charges and fees | 7,892 | 8,237 | 22,829 | 23,823 | |||||||||||||||||||
Merchant services, net | 6,763 | 6,034 | 18,014 | 18,324 | |||||||||||||||||||
Mortgage income | 13,106 | 7,438 | 28,141 | 16,134 | |||||||||||||||||||
Insurance commissions | 3,576 | 2,960 | 10,453 | 9,105 | |||||||||||||||||||
ATM income | 1,537 | 1,635 | 4,354 | 4,771 | |||||||||||||||||||
Marketable equity securities (losses) gains, net | (2,701) | (967) | 10,461 | 13,505 | |||||||||||||||||||
Realized gains on investment securities available for sale, net | 21,425 | 1,136 | 54,972 | 6,855 | |||||||||||||||||||
Other | 2,008 | 6,176 | 5,330 | 15,129 | |||||||||||||||||||
Total noninterest income | 120,572 | 100,930 | 349,985 | 311,468 | |||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries and wages | 147,297 | 137,841 | 439,185 | 406,788 | |||||||||||||||||||
Employee benefits | 31,788 | 28,358 | 100,663 | 91,090 | |||||||||||||||||||
Occupancy expense | 27,990 | 28,163 | 85,026 | 82,810 | |||||||||||||||||||
Equipment expense | 29,430 | 28,770 | 86,054 | 83,999 | |||||||||||||||||||
Processing fees paid to third parties | 11,927 | 7,250 | 32,485 | 20,980 | |||||||||||||||||||
FDIC insurance expense | 2,167 | 2,440 | 9,364 | 7,857 | |||||||||||||||||||
Collection and foreclosure-related expenses | 2,168 | 3,044 | 10,171 | 9,725 | |||||||||||||||||||
Merger-related expenses | 3,507 | 3,892 | 12,108 | 9,695 | |||||||||||||||||||
Other | 35,388 | 30,667 | 108,256 | 98,535 | |||||||||||||||||||
Total noninterest expense | 291,662 | 270,425 | 883,312 | 811,479 | |||||||||||||||||||
Income before income taxes | 178,527 | 160,164 | 443,177 | 460,520 | |||||||||||||||||||
Income taxes | 35,843 | 35,385 | 89,538 | 105,023 | |||||||||||||||||||
Net income | $ | 142,684 | $ | 124,779 | $ | 353,639 | $ | 355,497 | |||||||||||||||
Less: Preferred stock dividends | 4,636 | — | 9,426 | — | |||||||||||||||||||
Net income available to common shareholders | $ | 138,048 | $ | 124,779 | $ | 344,213 | $ | 355,497 | |||||||||||||||
Weighted average common shares outstanding | 9,836,629 | 11,060,462 | 10,137,321 | 11,286,984 | |||||||||||||||||||
Net income per common share | $ | 14.03 | $ | 11.27 | $ | 33.96 | $ | 31.50 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands, unaudited) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income | $ | 142,684 | $ | 124,779 | $ | 353,639 | $ | 355,497 | |||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Unrealized gains (losses) on securities available for sale: | |||||||||||||||||||||||
Unrealized gains on securities available for sale arising during the period | 9,781 | 3,932 | 182,690 | 62,974 | |||||||||||||||||||
Tax effect | (2,251) | (906) | (42,019) | (14,485) | |||||||||||||||||||
Reclassification adjustment for realized gains on securities available for sale included in income before income taxes | (21,425) | (1,136) | (54,972) | (6,855) | |||||||||||||||||||
Tax effect | 4,928 | 262 | 12,644 | 1,577 | |||||||||||||||||||
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (8,967) | 2,152 | 98,343 | 43,211 | |||||||||||||||||||
Unrealized losses on securities available for sale transferred from/to held to maturity: | |||||||||||||||||||||||
Reclassification adjustment for accretion of unrealized losses on securities available for sale transferred to held to maturity | — | 6,095 | — | 18,004 | |||||||||||||||||||
Tax effect | — | (1,402) | — | (4,141) | |||||||||||||||||||
Total change in unrealized losses on securities available for sale transferred to held to maturity, net of tax | — | 4,693 | — | 13,863 | |||||||||||||||||||
Change in pension obligation: | |||||||||||||||||||||||
Amortization of actuarial losses and prior service cost | 6,332 | 2,745 | 18,994 | 8,235 | |||||||||||||||||||
Tax effect | (1,457) | (631) | (4,370) | (1,894) | |||||||||||||||||||
Total change in pension obligation, net of tax | 4,875 | 2,114 | 14,624 | 6,341 | |||||||||||||||||||
Other comprehensive income (loss) | (4,092) | 8,959 | 112,967 | 63,415 | |||||||||||||||||||
Total comprehensive income | $ | 138,592 | $ | 133,738 | $ | 466,606 | $ | 418,912 |
Three months ended September 30 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, unaudited) |
Class A
Common Stock |
Class B
Common Stock |
Preferred
Stock |
Surplus |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total
Shareholders’ Equity |
||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | 10,175 | $ | 1,005 | $ | — | $ | 303,880 | $ | 3,440,284 | $ | (180,731) | $ | 3,574,613 | |||||||||||||||||||||||||||
Net income | — | — | — | — | 124,779 | — | 124,779 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 8,959 | 8,959 | ||||||||||||||||||||||||||||||||||
Repurchase of 295,900 shares of Class A common stock
|
(296) | — | — | (135,090) | — | — | (135,386) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.40 per common share)
|
|||||||||||||||||||||||||||||||||||||||||
Class A common stock | — | — | — | — | (4,081) | — | (4,081) | ||||||||||||||||||||||||||||||||||
Class B common stock | — | — | — | — | (402) | — | (402) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | 9,879 | $ | 1,005 | $ | — | $ | 168,790 | $ | 3,560,580 | $ | (171,772) | $ | 3,568,482 | |||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 8,929 | $ | 1,005 | $ | 339,937 | $ | — | $ | 3,651,237 | $ | (9,664) | $ | 3,991,444 | |||||||||||||||||||||||||||
Net income | — | — | — | — | 142,684 | — | 142,684 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (4,092) | (4,092) | ||||||||||||||||||||||||||||||||||
Repurchase of 117,700 shares of Class A common stock
|
(118) | — | — | — | (46,942) | — | (47,060) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.40 per common share)
|
|||||||||||||||||||||||||||||||||||||||||
Class A common stock | — | — | — | — | (3,524) | — | (3,524) | ||||||||||||||||||||||||||||||||||
Class B common stock | — | — | — | — | (402) | — | (402) | ||||||||||||||||||||||||||||||||||
Preferred stock dividends declared | — | — | — | — | (4,636) | — | (4,636) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 8,811 | $ | 1,005 | $ | 339,937 | $ | — | $ | 3,738,417 | $ | (13,756) | $ | 4,074,414 | |||||||||||||||||||||||||||
Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, unaudited) |
Class A
Common Stock |
Class B
Common Stock |
Preferred
Stock |
Surplus |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total
Shareholders’ Equity |
||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 10,623 | $ | 1,005 | $ | — | $ | 493,962 | $ | 3,218,551 | $ | (235,187) | $ | 3,488,954 | |||||||||||||||||||||||||||
Net income | — | — | — | — | 355,497 | — | 355,497 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 63,415 | 63,415 | ||||||||||||||||||||||||||||||||||
Repurchase of 744,400 shares of Class A common stock
|
(744) | — | — | (325,172) | — | — | (325,916) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($1.20 per common share)
|
|||||||||||||||||||||||||||||||||||||||||
Class A common stock | — | — | — | — | (12,262) | — | (12,262) | ||||||||||||||||||||||||||||||||||
Class B common stock | — | — | — | — | (1,206) | — | (1,206) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | 9,879 | $ | 1,005 | $ | — | $ | 168,790 | $ | 3,560,580 | $ | (171,772) | $ | 3,568,482 | |||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 9,624 | $ | 1,005 | $ | — | $ | 44,081 | $ | 3,658,197 | $ | (126,723) | $ | 3,586,184 | |||||||||||||||||||||||||||
Cumulative effect of adoption of ASC 326 | — | — | — | — | 36,943 | — | 36,943 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 353,639 | — | 353,639 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 112,967 | 112,967 | ||||||||||||||||||||||||||||||||||
Issuance of preferred stock | — | — | 339,937 | — | — | — | 339,937 | ||||||||||||||||||||||||||||||||||
Repurchase of 813,090 shares of Class A common stock
|
(813) | — | — | (44,081) | (288,861) | — | (333,755) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($1.20 per common share)
|
|||||||||||||||||||||||||||||||||||||||||
Class A common stock | — | — | — | — | (10,869) | — | (10,869) | ||||||||||||||||||||||||||||||||||
Class B common stock | — | — | — | — | (1,206) | — | (1,206) | ||||||||||||||||||||||||||||||||||
Preferred stock dividends declared | — | — | — | — | (9,426) | — | (9,426) | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 8,811 | $ | 1,005 | $ | 339,937 | $ | — | $ | 3,738,417 | $ | (13,756) | $ | 4,074,414 |
Nine months ended September 30 | |||||||||||
(Dollars in thousands, unaudited) | 2020 | 2019 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 353,639 | $ | 355,497 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Provision for credit losses on loans and leases | 52,949 | 23,714 | |||||||||
Deferred tax expense | 16,227 | 43,939 | |||||||||
Net increase in current tax receivable | (38,878) | (33,433) | |||||||||
Depreciation and amortization | 81,169 | 77,024 | |||||||||
Net (decrease) increase in accrued interest payable | (7,620) | 14,147 | |||||||||
Net increase in income earned not collected | (28,025) | (3,567) | |||||||||
Contribution to pension plans | (100,000) | (3,500) | |||||||||
Realized gains on investment securities available for sale, net | (54,972) | (6,855) | |||||||||
Marketable equity securities gains, net | (10,461) | (13,505) | |||||||||
Origination of loans held for sale | (775,900) | (518,894) | |||||||||
Proceeds from sale of loans held for sale | 743,508 | 490,261 | |||||||||
Gain on sale of loans held for sale | (25,728) | (10,607) | |||||||||
Net write-downs/losses on other real estate owned | 2,360 | 1,924 | |||||||||
Net amortization (accretion) of premiums and discounts | 4,599 | (24,769) | |||||||||
Amortization of intangible assets | 18,589 | 17,934 | |||||||||
Net change in mortgage servicing rights | (1,332) | (3,770) | |||||||||
Net change in other assets | (6,394) | 2,536 | |||||||||
Net change in other liabilities | (7,472) | (8,916) | |||||||||
Net cash provided by operating activities | 216,258 | 399,160 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Net increase in loans outstanding | (3,876,578) | (629,705) | |||||||||
Purchases of investment securities available for sale | (7,608,380) | (3,706,949) | |||||||||
Purchases of investment securities held to maturity | (856,047) | (223,353) | |||||||||
Purchases of marketable equity securities | (333,126) | (23,238) | |||||||||
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 134,736 | 305,479 | |||||||||
Proceeds from maturities, calls, and principal repayments of investment securities available for sale | 1,909,462 | 1,690,277 | |||||||||
Proceeds from sales of investment securities available for sale | 3,889,386 | 1,746,099 | |||||||||
Proceeds from sales of marketable equity securities | 332,762 | 12,739 | |||||||||
Net increase in overnight investments | (1,994,972) | (150,006) | |||||||||
Proceeds from sales of portfolio loans | — | 24,247 | |||||||||
Cash paid to FDIC for settlement of shared-loss agreement | (99,468) | — | |||||||||
Proceeds from sales of other real estate owned | 19,683 | 18,892 | |||||||||
Proceeds from sales of premises and equipment | 46 | 128 | |||||||||
Purchases of premises and equipment | (98,490) | (89,219) | |||||||||
Business acquisitions, net of cash acquired | (59,999) | (73,792) | |||||||||
Net cash used in investing activities | (8,640,985) | (1,098,401) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Net (decrease) increase in time deposits | (759,491) | 376,596 | |||||||||
Net increase in demand and other interest-bearing deposits | 8,556,808 | 701,426 | |||||||||
Net decrease in short-term borrowings | (44,344) | (138,741) | |||||||||
Repayment of long-term obligations | (82,747) | (43,545) | |||||||||
Origination of long-term obligations | 400,000 | 100,000 | |||||||||
Net proceeds from subordinated notes issuance | 345,849 | — | |||||||||
Net proceeds from preferred stock issuance | 339,937 | — | |||||||||
Repurchase of common stock | (333,755) | (321,263) | |||||||||
Cash dividends paid | (21,830) | (13,739) | |||||||||
Net cash provided by financing activities | 8,400,427 | 660,734 | |||||||||
Change in cash and due from banks | (24,300) | (38,507) | |||||||||
Cash and due from banks at beginning of period | 376,719 | 327,440 | |||||||||
Cash and due from banks at end of period | $ | 352,419 | $ | 288,933 | |||||||
Nine months ended September 30 | |||||||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | 2020 | 2019 | |||||||||
Transfers of loans to other real estate | $ | 10,295 | $ | 13,242 | |||||||
Dividends declared but not paid | 3,926 | 4,397 | |||||||||
Net reclassification of portfolio loans (to) from loans held for sale | (3,464) | 22,758 | |||||||||
Transfers of premises and equipment to other real estate | 8,133 | 2,184 | |||||||||
Unsettled common stock repurchases | — | 4,653 | |||||||||
(Dollars in thousands) | As recorded by FCB | ||||||||||
Purchase price | $ | 2,320 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 1,085 | |||||||||
Overnight investments | 35,129 | ||||||||||
Investment securities | 30,146 | ||||||||||
Loans | 133,989 | ||||||||||
Premises and equipment | 7,624 | ||||||||||
Other real estate owned | 9,813 | ||||||||||
Income earned not collected | 558 | ||||||||||
Intangible assets | 536 | ||||||||||
Other assets | 2,520 | ||||||||||
Total assets acquired | 221,400 | ||||||||||
Liabilities | |||||||||||
Deposits | 209,340 | ||||||||||
Borrowings | 9,925 | ||||||||||
Other liabilities | 501 | ||||||||||
Total liabilities assumed | $ | 219,766 | |||||||||
Fair value of net assets acquired | 1,634 | ||||||||||
Goodwill recorded for Community Financial | $ | 686 |
September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Cost |
Gross
unrealized gains |
Gross unrealized
losses |
Allowance for credit losses |
Fair
value |
||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 654,588 | $ | 174 | $ | — | $ | — | $ | 654,762 | |||||||||||||||||||
Government agency | 659,260 | 642 | 4,961 | — | 654,941 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 5,968,192 | 101,788 | 312 | — | 6,069,668 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,058,640 | 32,004 | 434 | — | 1,090,210 | ||||||||||||||||||||||||
Corporate bonds | 543,868 | 9,132 | 2,793 | — | 550,207 | ||||||||||||||||||||||||
Total investment securities available for sale | $ | 8,884,548 | $ | 143,740 | $ | 8,500 | $ | — | $ | 9,019,788 | |||||||||||||||||||
Investment in marketable equity securities | 100,408 | 3,353 | 10,687 | 93,074 | |||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 614,489 | 12,905 | — | — | 627,394 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | 130,987 | 650 | 35 | 131,602 | |||||||||||||||||||||||||
Other | 2,256 | — | — | — | 2,256 | ||||||||||||||||||||||||
Total investment securities held to maturity | 747,732 | 13,555 | 35 | — | 761,252 | ||||||||||||||||||||||||
Total investment securities | $ | 9,732,688 | $ | 160,648 | $ | 19,222 | $ | — | $ | 9,874,114 | |||||||||||||||||||
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 held to maturity | 30,996 | — | — | 30,996 | |||||||||||||||||||||||||
Total investment securities | $ | 7,142,410 | $ | 48,645 | $ | 18,052 | $ | 7,173,003 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
(Dollars in thousands) | Cost |
Fair
value |
Cost |
Fair
value |
|||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Non-amortizing securities maturing in: | |||||||||||||||||||||||
One year or less | $ | 655,609 | $ | 655,779 | $ | 406,325 | $ | 406,927 | |||||||||||||||
One through five years | 71,262 | 72,446 | 24,496 | 24,971 | |||||||||||||||||||
Five through 10 years | 456,620 | 461,847 | 185,209 | 187,868 | |||||||||||||||||||
Over 10 years | 14,965 | 14,897 | 109,872 | 110,026 | |||||||||||||||||||
Government agency | 659,260 | 654,941 | 684,085 | 682,772 | |||||||||||||||||||
Residential mortgage-backed securities | 5,968,192 | 6,069,668 | 5,269,060 | 5,267,090 | |||||||||||||||||||
Commercial mortgage-backed securities | 1,058,640 | 1,090,210 | 373,105 | 380,020 | |||||||||||||||||||
Total investment securities available for sale | $ | 8,884,548 | $ | 9,019,788 | $ | 7,052,152 | $ | 7,059,674 | |||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||
Non-amortizing securities maturing in: | |||||||||||||||||||||||
One year or less | 1,507 | 1,507 | 30,746 | 30,746 | |||||||||||||||||||
One through five years | 749 | 749 | 250 | 250 | |||||||||||||||||||
Residential mortgage-backed securities | 614,489 | 627,394 | — | — | |||||||||||||||||||
Commercial mortgage-backed securities | 130,987 | 131,602 | — | — | |||||||||||||||||||
Total investment securities held to maturity | $ | 747,732 | $ | 761,252 | $ | 30,996 | $ | 30,996 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Gross realized gains on sales of investment securities available for sale | $ | 21,425 | $ | 1,326 | $ | 55,651 | $ | 7,045 | |||||||||||||||
Gross realized losses on sales of investment securities available for sale | — | 190 | 679 | 190 | |||||||||||||||||||
Net realized gains on sales of investment securities available for sale | $ | 21,425 | $ | 1,136 | $ | 54,972 | $ | 6,855 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Marketable equity securities (losses) gains, net | $ | (2,701) | $ | (967) | $ | 10,461 | $ | 13,505 | |||||||||||||||
Less net gains recognized on marketable equity securities sold | 2,568 | 714 | 39,884 | 3,029 | |||||||||||||||||||
Unrealized gains (losses) recognized on marketable equity securities held | $ | (5,269) | $ | (1,681) | $ | (29,423) | $ | 10,476 |
September 30, 2020 | |||||||||||||||||||||||||||||||||||
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 | $ | 187,167 | $ | 2,570 | $ | 338,169 | $ | 2,391 | $ | 525,336 | $ | 4,961 | |||||||||||||||||||||||
Residential mortgage-backed securities | 161,578 | 259 | 23,717 | 53 | 185,295 | 312 | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 56,703 | 434 | — | — | 56,703 | 434 | |||||||||||||||||||||||||||||
Corporate bonds | 81,825 | 2,738 | 4,744 | 55 | 86,569 | 2,793 | |||||||||||||||||||||||||||||
Total | $ | 487,273 | $ | 6,001 | $ | 366,630 | $ | 2,499 | $ | 853,903 | $ | 8,500 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
(Dollars in thousands) | September 30, 2020 | ||||||||||
Commercial: | |||||||||||
Construction and land development | $ | 1,054,186 | |||||||||
Owner occupied commercial mortgage | 10,683,822 | ||||||||||
Non-owner occupied commercial mortgage | 2,965,904 | ||||||||||
Commercial and industrial and leases | 4,797,344 | ||||||||||
SBA-PPP | 3,112,676 | ||||||||||
Total commercial loans | 22,613,932 | ||||||||||
Consumer: | |||||||||||
Residential mortgage | 5,463,646 | ||||||||||
Revolving mortgage | 2,145,506 | ||||||||||
Construction and land development | 347,850 | ||||||||||
Consumer auto | 1,234,196 | ||||||||||
Consumer other | 544,136 | ||||||||||
Total consumer loans | 9,735,334 | ||||||||||
Total non-PCD loans and leases | 32,349,266 | ||||||||||
PCD loans | 495,878 | ||||||||||
Total loans and leases | $ | 32,845,144 |
(Dollars in thousands) | December 31, 2019 | ||||||||||
Commercial: | |||||||||||
Construction and land development | $ | 1,013,454 | |||||||||
Commercial mortgage | 12,282,635 | ||||||||||
Other commercial real estate | 542,028 | ||||||||||
Commercial and industrial and leases | 4,403,792 | ||||||||||
Other | 310,093 | ||||||||||
Total commercial loans | 18,552,002 | ||||||||||
Noncommercial: | |||||||||||
Residential mortgage | 5,293,917 | ||||||||||
Revolving mortgage | 2,339,072 | ||||||||||
Construction and land development | 357,385 | ||||||||||
Consumer | 1,780,404 | ||||||||||
Total noncommercial loans | 9,770,778 | ||||||||||
Total non-PCI loans and leases | 28,322,780 | ||||||||||
PCI loans | 558,716 | ||||||||||
Total loans and leases | $ | 28,881,496 |
September 30, 2020 | |||||||||||||||||||||||||||||||||||
(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 |
|||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 7,860 | $ | — | $ | 1,502 | $ | 9,362 | $ | 1,044,824 | $ | 1,054,186 | |||||||||||||||||||||||
Owner occupied commercial mortgage | 23,354 | 5,212 | 6,695 | 35,261 | 10,648,561 | 10,683,822 | |||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | 9,854 | 7,381 | 6,671 | 23,906 | 2,941,998 | 2,965,904 | |||||||||||||||||||||||||||||
Commercial and industrial and leases | 8,401 | 3,920 | 3,862 | 16,183 | 4,781,161 | 4,797,344 | |||||||||||||||||||||||||||||
SBA-PPP | — | — | — | — | 3,112,676 | 3,112,676 | |||||||||||||||||||||||||||||
Total commercial loans | 49,469 | 16,513 | 18,730 | 84,712 | 22,529,220 | 22,613,932 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 37,921 | 5,811 | 36,441 | 80,173 | 5,383,473 | 5,463,646 | |||||||||||||||||||||||||||||
Revolving mortgage | 8,477 | 1,582 | 7,508 | 17,567 | 2,127,939 | 2,145,506 | |||||||||||||||||||||||||||||
Construction and land development | 923 | — | 312 | 1,235 | 346,615 | 347,850 | |||||||||||||||||||||||||||||
Consumer auto | 4,245 | 1,059 | 910 | 6,214 | 1,227,982 | 1,234,196 | |||||||||||||||||||||||||||||
Consumer other | 4,490 | 1,324 | 1,467 | 7,281 | 536,855 | 544,136 | |||||||||||||||||||||||||||||
Total consumer loans | 56,056 | 9,776 | 46,638 | 112,470 | 9,622,864 | 9,735,334 | |||||||||||||||||||||||||||||
PCD loans | 16,298 | 3,201 | 32,438 | 51,937 | 443,941 | 495,878 | |||||||||||||||||||||||||||||
Total loans and leases | $ | 121,823 | $ | 29,490 | $ | 97,806 | $ | 249,119 | $ | 32,596,025 | $ | 32,845,144 | |||||||||||||||||||||||
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 |
|||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
PCI loans | 26,478 | 10,784 | 28,973 | 66,235 | 492,481 | 558,716 | |||||||||||||||||||||||||||||
Total loans and leases | $ | 136,220 | $ | 51,058 | $ | 85,492 | $ | 272,770 | $ | 28,608,726 | $ | 28,881,496 |
December 31, 2019 | |||||||||||||||||||||||
(Dollars in thousands) |
Nonaccrual
loans and leases |
Loans and
leases > 90 days and accruing |
|||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 4,281 | $ | — | |||||||||||||||||||
Commercial mortgage | 29,733 | — | |||||||||||||||||||||
Commercial and industrial and leases | 7,365 | 1,094 | |||||||||||||||||||||
Other commercial real estate | 708 | — | |||||||||||||||||||||
Other | 320 | — | |||||||||||||||||||||
Total commercial loans | 42,407 | 1,094 | |||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||
Construction and land development | 2,828 | — | |||||||||||||||||||||
Residential mortgage | 44,357 | 45 | |||||||||||||||||||||
Revolving mortgage | 22,411 | — | |||||||||||||||||||||
Consumer | 2,943 | 2,152 | |||||||||||||||||||||
Total noncommercial loans | 72,539 | 2,197 | |||||||||||||||||||||
PCI loans | 6,743 | 24,257 | |||||||||||||||||||||
Total loans and leases | $ | 121,689 | $ | 27,548 |
Commercial Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification: | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving | Revolving converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 247,187 | $ | 396,322 | $ | 208,736 | $ | 132,518 | $ | 35,780 | $ | 13,144 | $ | 11,909 | $ | — | $ | 1,045,596 | |||||||||||||||||||||||||||||||||||
Special Mention | 176 | — | 312 | 5,436 | — | — | — | — | 5,924 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 292 | 832 | 1,452 | — | 8 | 82 | — | — | 2,666 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 247,655 | 397,154 | 210,500 | 137,954 | 35,788 | 13,226 | 11,909 | — | 1,054,186 | ||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,098,636 | 2,218,063 | 1,731,557 | 1,423,847 | 1,146,027 | 1,714,102 | 101,547 | 135 | 10,433,914 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 5,578 | 24,032 | 37,273 | 12,246 | 17,433 | 27,905 | 3,313 | — | 127,780 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 17,625 | 14,618 | 9,465 | 24,561 | 11,693 | 38,206 | 5,888 | 72 | 122,128 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 2,121,839 | 2,256,713 | 1,778,295 | 1,460,654 | 1,175,153 | 1,780,213 | 110,748 | 207 | 10,683,822 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 660,088 | 624,860 | 407,230 | 372,287 | 304,782 | 469,429 | 35,321 | — | 2,873,997 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 355 | 701 | 11,740 | 1,500 | 5,213 | 3,340 | 777 | — | 23,626 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,387 | 19,121 | 12,839 | 6,918 | 10,160 | 14,873 | 1,983 | — | 68,281 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 662,830 | 644,682 | 431,809 | 380,705 | 320,155 | 487,642 | 38,081 | — | 2,965,904 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial and leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,175,036 | 1,090,278 | 562,547 | 361,442 | 267,706 | 352,946 | 809,256 | 5,433 | 4,624,644 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 3,713 | 17,409 | 8,908 | 5,631 | 3,641 | 4,607 | 13,673 | 216 | 57,798 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 12,370 | 3,598 | 4,387 | 5,016 | 2,707 | 4,685 | 25,096 | 803 | 58,662 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | 11 | — | 2 | — | 13 | ||||||||||||||||||||||||||||||||||||||||||||
Ungraded | — | — | — | — | — | — | 56,227 | — | 56,227 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 1,191,119 | 1,111,285 | 575,842 | 372,089 | 274,065 | 362,238 | 904,254 | 6,452 | 4,797,344 | ||||||||||||||||||||||||||||||||||||||||||||
SBA-PPP | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 3,112,676 | — | — | — | — | — | — | — | 3,112,676 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 3,112,676 | — | — | — | — | — | — | — | 3,112,676 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 7,336,119 | $ | 4,409,834 | $ | 2,996,446 | $ | 2,351,402 | $ | 1,805,161 | $ | 2,643,319 | $ | 1,064,992 | $ | 6,659 | $ | 22,613,932 | |||||||||||||||||||||||||||||||||||
Consumer and PCD Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due: | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving | Revolving converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 1,349,415 | $ | 1,044,542 | $ | 754,024 | $ | 677,727 | $ | 524,014 | $ | 1,006,894 | $ | 26,857 | $ | — | $ | 5,383,473 | |||||||||||||||||||||||||||||||||||
30-59 days | 1,450 | 3,274 | 10,486 | 6,124 | 4,627 | 11,875 | 85 | — | 37,921 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 19 | 854 | 187 | 316 | 2,241 | 2,194 | — | — | 5,811 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 173 | 1,573 | 2,704 | 3,948 | 6,187 | 18,884 | 2,972 | — | 36,441 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 1,351,057 | 1,050,243 | 767,401 | 688,115 | 537,069 | 1,039,847 | 29,914 | — | 5,463,646 | ||||||||||||||||||||||||||||||||||||||||||||
Revolving mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | — | — | — | — | — | — | 1,969,703 | 158,236 | 2,127,939 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | — | — | — | — | — | — | 4,993 | 3,484 | 8,477 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | — | — | — | — | — | — | 419 | 1,163 | 1,582 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | — | — | — | — | — | — | 2,449 | 5,059 | 7,508 | ||||||||||||||||||||||||||||||||||||||||||||
Total | — | — | — | — | — | — | 1,977,564 | 167,942 | 2,145,506 | ||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 144,559 | 140,794 | 29,400 | 13,049 | 6,818 | 3,721 | 8,274 | — | 346,615 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 250 | 26 | 466 | 96 | 17 | 68 | — | — | 923 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | — | — | — | — | — | 97 | 215 | — | 312 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 144,809 | 140,820 | 29,866 | 13,145 | 6,835 | 3,886 | 8,489 | — | 347,850 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer auto | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 398,216 | 380,919 | 250,602 | 122,352 | 61,076 | 14,817 | — | — | 1,227,982 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 492 | 1,400 | 823 | 889 | 425 | 216 | — | — | 4,245 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 120 | 382 | 224 | 160 | 164 | 9 | — | — | 1,059 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 39 | 306 | 268 | 191 | 54 | 52 | — | — | 910 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 398,867 | 383,007 | 251,917 | 123,592 | 61,719 | 15,094 | — | — | 1,234,196 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 39,667 | 33,269 | 14,505 | 7,832 | 9,269 | 30,406 | 401,907 | — | 536,855 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 145 | 92 | 109 | 12 | 61 | 21 | 4,050 | — | 4,490 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 46 | 42 | 31 | 15 | — | — | 1,190 | — | 1,324 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 7 | 80 | 8 | 1 | — | — | 1,371 | — | 1,467 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 39,865 | 33,483 | 14,653 | 7,860 | 9,330 | 30,427 | 408,518 | — | 544,136 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | 1,934,598 | $ | 1,607,553 | $ | 1,063,837 | $ | 832,712 | $ | 614,953 | $ | 1,089,254 | $ | 2,424,485 | $ | 167,942 | $ | 9,735,334 | |||||||||||||||||||||||||||||||||||
PCD loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 24,169 | $ | 24,565 | $ | 29,739 | $ | 34,617 | $ | 32,149 | $ | 262,095 | $ | 14,236 | $ | 22,371 | $ | 443,941 | |||||||||||||||||||||||||||||||||||
30-59 days | 3,531 | 710 | 940 | 438 | 691 | 9,575 | 215 | 198 | 16,298 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | — | 337 | 54 | 155 | 52 | 2,054 | 218 | 331 | 3,201 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 117 | 2,889 | 4,594 | 1,233 | 773 | 21,131 | 54 | 1,647 | 32,438 | ||||||||||||||||||||||||||||||||||||||||||||
Total PCD | $ | 27,817 | $ | 28,501 | $ | 35,327 | $ | 36,443 | $ | 33,665 | $ | 294,855 | $ | 14,723 | $ | 24,547 | $ | 495,878 | |||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 9,298,534 | $ | 6,045,888 | $ | 4,095,610 | $ | 3,220,557 | $ | 2,453,779 | $ | 4,027,428 | $ | 3,504,200 | $ | 199,148 | $ | 32,845,144 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Construction and land
development |
Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | PCI | Total commercial loans and leases | ||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,004,922 | $ | 12,050,799 | $ | 536,682 | $ | 4,256,456 | $ | 308,796 | $ | 148,412 | $ | 18,157,655 | |||||||||||||||||||||||||||
Special mention | 2,577 | 115,164 | 3,899 | 44,604 | 622 | 44,290 | 166,866 | ||||||||||||||||||||||||||||||||||
Substandard | 5,955 | 116,672 | 1,447 | 34,148 | 675 | 87,970 | 158,897 | ||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | 3 | — | 3,657 | 3 | ||||||||||||||||||||||||||||||||||
Ungraded | — | — | — | 68,581 | — | — | 68,581 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,013,454 | $ | 12,282,635 | $ | 542,028 | $ | 4,403,792 | $ | 310,093 | $ | 284,329 | $ | 18,552,002 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Noncommercial loans and leases | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Residential mortgage | Revolving mortgage | Construction and land development | Consumer | PCI | Total noncommercial loans and leases | |||||||||||||||||||||||||||||
Days past due: | |||||||||||||||||||||||||||||||||||
Current | $ | 5,205,380 | $ | 2,316,010 | $ | 354,393 | $ | 1,762,606 | $ | 240,995 | $ | 9,638,389 | |||||||||||||||||||||||
30-59 days past due | 45,839 | 9,729 | 977 | 10,481 | 13,764 | 67,026 | |||||||||||||||||||||||||||||
60-89 days past due | 18,289 | 3,468 | 218 | 3,746 | 5,608 | 25,721 | |||||||||||||||||||||||||||||
90 days or greater past due | 24,409 | 9,865 | 1,797 | 3,571 | 14,020 | 39,642 | |||||||||||||||||||||||||||||
Total | $ | 5,293,917 | $ | 2,339,072 | $ | 357,385 | $ | 1,780,404 | $ | 274,387 | $ | 9,770,778 |
(Dollars in thousands) | Community Financial | ||||||||||||||||
Contractually required payments | $ | 25,635 | |||||||||||||||
Initial PCD allowance | 1,193 | ||||||||||||||||
Discount | 1,055 | ||||||||||||||||
Fair value at acquisition date | $ | 23,387 |
(Dollars in thousands) | Community Financial | ||||||||||||||||
Commercial: | |||||||||||||||||
Construction and land development | $ | 9,428 | |||||||||||||||
Owner occupied commercial mortgage | 31,473 | ||||||||||||||||
Non-owner occupied commercial mortgage | 25,143 | ||||||||||||||||
Commercial and industrial and leases | 15,065 | ||||||||||||||||
Total commercial loans | 81,109 | ||||||||||||||||
Consumer: | |||||||||||||||||
Residential mortgage | 21,168 | ||||||||||||||||
Revolving mortgage | 2,084 | ||||||||||||||||
Construction and land development | 5,254 | ||||||||||||||||
Consumer auto | 294 | ||||||||||||||||
Consumer other | 693 | ||||||||||||||||
Total consumer loans | 29,493 | ||||||||||||||||
Total non-PCD loans | $ | 110,602 |
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Construction
and land development - commercial |
Owner occupied commercial mortgage | Non-owner occupied commercial mortgage |
Commercial
and industrial and leases |
Residential
mortgage |
Revolving
mortgage |
Construction and land development - consumer | Consumer auto | Consumer other | PCD | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 6,906 | $ | 22,489 | $ | 22,149 | $ | 24,633 | $ | 42,872 | $ | 26,640 | $ | 1,640 | $ | 8,898 | $ | 39,295 | $ | 26,928 | $ | 222,450 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 120 | 625 | 667 | 3,381 | 837 | (958) | (54) | 708 | 1,341 | (2,625) | 4,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (87) | — | (3,241) | (253) | (359) | — | (824) | (3,673) | (495) | (8,932) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 264 | 65 | 10 | 1,999 | 275 | 336 | 23 | 401 | 1,684 | 1,319 | 6,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 7,290 | $ | 23,092 | $ | 22,826 | $ | 26,772 | $ | 43,731 | $ | 25,659 | $ | 1,609 | $ | 9,183 | $ | 38,647 | $ | 25,127 | $ | 223,936 | |||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 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 | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 31,944 | $ | 48,962 | $ | 2,342 | $ | 56,901 | $ | 2,183 | $ | 16,932 | $ | 21,121 | $ | 2,750 | $ | 35,105 | $ | 8,343 | $ | 226,583 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 208 | (1,337) | (90) | 4,714 | 54 | 1,024 | (153) | 148 | 3,674 | (1,476) | 6,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (116) | (1) | — | (3,047) | (42) | (313) | (534) | — | (5,594) | — | (9,647) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 52 | 226 | — | 611 | 20 | 68 | 201 | — | 1,945 | — | 3,123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 32,088 | $ | 47,850 | $ | 2,252 | $ | 59,179 | $ | 2,215 | $ | 17,711 | $ | 20,635 | $ | 2,898 | $ | 35,130 | $ | 6,867 | $ | 226,825 | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Construction
and land development - commercial |
Owner occupied commercial mortgage | Non-owner occupied commercial mortgage |
Commercial
and industrial and leases |
Residential
mortgage |
Revolving
mortgage |
Construction and land development - consumer | Consumer auto | Consumer other | PCD | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 33,213 | $ | 36,444 | $ | 11,102 | $ | 61,610 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 4,292 | $ | 30,301 | $ | 7,536 | $ | 225,141 | |||||||||||||||||||||||||||||||||||||||||||
Adoption of ASC 326 | (31,061) | (19,316) | 460 | (37,637) | 17,118 | 3,665 | (1,291) | 1,100 | 10,037 | 19,001 | (37,924) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | 2,152 | 17,128 | 11,562 | 23,973 | 35,350 | 23,367 | 1,418 | 5,392 | 40,338 | 26,537 | 187,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 4,876 | 6,011 | 11,165 | 10,802 | 9,339 | 2,557 | 209 | 5,708 | 7,253 | (4,971) | 52,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance on PCD loans | — | — | — | — | — | — | — | — | — | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (138) | (407) | (8) | (12,159) | (1,513) | (1,439) | (70) | (3,023) | (13,490) | (3,010) | (35,257) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 400 | 360 | 107 | 4,156 | 555 | 1,174 | 52 | 1,106 | 4,546 | 5,378 | 17,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 7,290 | $ | 23,092 | $ | 22,826 | $ | 26,772 | $ | 43,731 | $ | 25,659 | $ | 1,609 | $ | 9,183 | $ | 38,647 | $ | 25,127 | $ | 223,936 | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 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 | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 35,270 | $ | 43,451 | $ | 2,481 | $ | 55,620 | $ | 2,221 | $ | 15,472 | $ | 21,862 | $ | 2,350 | $ | 35,841 | $ | 9,144 | $ | 223,712 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | (3,217) | 4,748 | (230) | 10,138 | (618) | 2,903 | (272) | 548 | 11,991 | (2,277) | 23,714 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (188) | (851) | — | (8,327) | (73) | (957) | (1,990) | — | (18,017) | — | (30,403) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 223 | 502 | 1 | 1,748 | 685 | 293 | 1,035 | — | 5,315 | — | 9,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 32,088 | $ | 47,850 | $ | 2,252 | $ | 59,179 | $ | 2,215 | $ | 17,711 | $ | 20,635 | $ | 2,898 | $ | 35,130 | $ | 6,867 | $ | 226,825 |
(Dollars in thousands) | Collateral-Dependant Loans | Net Realizable Value of Collateral | Collateral Coverage | Allowance for Credit Losses | |||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Construction and land development | $ | 1,425 | $ | 1,952 | 137.0 | % | $ | — | |||||||||||||||
Owner occupied commercial mortgage | 5,411 | 9,428 | 174.2 | — | |||||||||||||||||||
Non-owner occupied commercial mortgage | 7,121 | 10,874 | 152.7 | — | |||||||||||||||||||
Total commercial loans | 13,957 | 22,254 | 159.4 | — | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Residential mortgage | 22,804 | 31,779 | 139.4 | 162 | |||||||||||||||||||
Revolving mortgage | 310 | 315 | 101.6 | — | |||||||||||||||||||
Total consumer loans | 23,114 | 32,094 | 138.9 | 162 | |||||||||||||||||||
Total non-PCD loans | 37,071 | 54,348 | 146.6 | 162 | |||||||||||||||||||
PCD | 17,109 | 25,443 | 148.7 | — | |||||||||||||||||||
Total collateral-dependent loans | $ | 54,180 | $ | 79,791 | 147.3 | % | $ | 162 |
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 |
(Dollars in thousands) | December 31, 2019 | ||||||||||
ALLL for loans acquired with deteriorated credit quality | $ | 7,536 | |||||||||
Loans acquired with deteriorated credit quality | 558,716 |
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 |
Three months ended September 30, 2019 | Nine months ended September 30, 2019 | ||||||||||||||||||||||
(Dollars in thousands) |
Average
balance |
Interest income recognized |
Average
balance |
Interest income recognized | |||||||||||||||||||
Non-PCI impaired loans and leases: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 6,130 | $ | 6 | $ | 3,460 | $ | 40 | |||||||||||||||
Commercial mortgage | 70,351 | 551 | 61,962 | 1,653 | |||||||||||||||||||
Other commercial real estate | 1,186 | 6 | 797 | 20 | |||||||||||||||||||
Commercial and industrial and leases | 13,085 | 140 | 11,478 | 353 | |||||||||||||||||||
Other | 298 | 2 | 314 | 6 | |||||||||||||||||||
Total commercial | 91,050 | 705 | 78,011 | 2,072 | |||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||
Residential mortgage | 56,029 | 346 | 49,048 | 988 | |||||||||||||||||||
Revolving mortgage | 30,067 | 260 | 29,477 | 763 | |||||||||||||||||||
Construction and land development | 3,124 | 25 | 3,473 | 93 | |||||||||||||||||||
Consumer | 3,443 | 37 | 3,152 | 97 | |||||||||||||||||||
Total noncommercial | 92,663 | 668 | 85,150 | 1,941 | |||||||||||||||||||
Total non-PCI impaired loans and leases | $ | 183,713 | $ | 1,373 | $ | 163,161 | $ | 4,013 |
September 30, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Nonaccruing | Total | ||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 791 | $ | 57 | $ | 848 | |||||||||||||||||||||||||||||
Owner occupied commercial mortgage | 33,202 | 9,076 | 42,278 | ||||||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | 17,728 | 1,180 | 18,908 | ||||||||||||||||||||||||||||||||
Commercial and industrial and leases | 28,942 | 5,650 | 34,592 | ||||||||||||||||||||||||||||||||
Total commercial loans | 80,663 | 15,963 | 96,626 | ||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 33,163 | 17,202 | 50,365 | ||||||||||||||||||||||||||||||||
Revolving mortgage | 22,232 | 7,140 | 29,372 | ||||||||||||||||||||||||||||||||
Construction and land development | 2,918 | 272 | 3,190 | ||||||||||||||||||||||||||||||||
Consumer auto | 1,992 | 841 | 2,833 | ||||||||||||||||||||||||||||||||
Consumer other | 1,010 | 159 | 1,169 | ||||||||||||||||||||||||||||||||
Total consumer loans | 61,315 | 25,614 | 86,929 | ||||||||||||||||||||||||||||||||
PCD loans | 16,801 | 6,774 | 23,575 | ||||||||||||||||||||||||||||||||
Total loans | $ | 158,779 | $ | 48,351 | $ | 207,130 |
December 31, 2019 | |||||||||||||||||
(Dollars in thousands) | Accruing | Nonaccruing | Total | ||||||||||||||
Commercial loans: | |||||||||||||||||
Construction and land development | $ | 487 | $ | 2,279 | $ | 2,766 | |||||||||||
Commercial mortgage | 50,819 | 11,116 | 61,935 | ||||||||||||||
Other commercial real estate | 571 | — | 571 | ||||||||||||||
Commercial and industrial and leases | 9,430 | 2,409 | 11,839 | ||||||||||||||
Other | 320 | 105 | 425 | ||||||||||||||
Total commercial loans | 61,627 | 15,909 | 77,536 | ||||||||||||||
Noncommercial: | |||||||||||||||||
Residential mortgage | 41,813 | 16,048 | 57,861 | ||||||||||||||
Revolving mortgage | 21,032 | 7,367 | 28,399 | ||||||||||||||
Construction and land development | 1,452 | 2,430 | 3,882 | ||||||||||||||
Consumer | 2,826 | 688 | 3,514 | ||||||||||||||
Total noncommercial loans | 67,123 | 26,533 | 93,656 | ||||||||||||||
Total loans | $ | 128,750 | $ | 42,442 | $ | 171,192 |
Three months ended September 30, 2020 | Three months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 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 | |||||||||||||||||||||||||||
Loans and leases | |||||||||||||||||||||||||||||||||||
Interest only | 6 | $ | 5,703 | 3 | $ | 3,730 | 2 | $ | 1,221 | — | $ | — | |||||||||||||||||||||||
Loan term extension | 29 | 2,380 | 18 | 1,755 | 5 | 2,473 | — | — | |||||||||||||||||||||||||||
Below market interest rate | 55 | 15,341 | 26 | 3,170 | 80 | 4,460 | 34 | 2,034 | |||||||||||||||||||||||||||
Discharged from bankruptcy | 55 | 1,654 | 22 | 755 | 55 | 6,097 | 25 | 2,002 | |||||||||||||||||||||||||||
Total restructurings | 145 | $ | 25,078 | 69 | $ | 9,410 | 142 | $ | 14,251 | 59 | $ | 4,036 | |||||||||||||||||||||||
Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 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 | |||||||||||||||||||||||||||
Loans and leases | |||||||||||||||||||||||||||||||||||
Interest only | 23 | $ | 24,847 | 6 | $ | 6,967 | 6 | $ | 3,209 | 2 | $ | 2,064 | |||||||||||||||||||||||
Loan term extension | 62 | 5,885 | 34 | 3,244 | 13 | 3,870 | 4 | 514 | |||||||||||||||||||||||||||
Below market interest rate | 212 | 38,740 | 72 | 5,088 | 205 | 14,968 | 86 | 5,977 | |||||||||||||||||||||||||||
Discharged from bankruptcy | 165 | 7,025 | 66 | 2,254 | 157 | 13,499 | 72 | 5,421 | |||||||||||||||||||||||||||
Total restructurings | 462 | $ | 76,497 | 178 | $ | 17,553 | 381 | $ | 35,546 | 164 | $ | 13,976 |
(Dollars in thousands) | OREO | ||||
Balance at December 31, 2019 | $ | 46,591 | |||
Additions | 18,428 | ||||
Acquired in business combinations | 9,813 | ||||
Sales | (18,645) | ||||
Write-downs/losses | (3,398) | ||||
Balance at September 30, 2020 | $ | 52,789 | |||
Balance at December 31, 2018 | $ | 48,030 | |||
Additions | 15,426 | ||||
Acquired in business combinations | 3,613 | ||||
Sales | (17,595) | ||||
Write-downs/losses | (3,221) | ||||
Balance at September 30, 2019 | $ | 46,253 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Beginning balance | $ | 18,664 | $ | 20,665 | $ | 22,963 | $ | 21,396 | |||||||||||||||
Servicing rights originated | 1,994 | 1,532 | 5,673 | 3,943 | |||||||||||||||||||
Amortization | (2,208) | (1,581) | (6,150) | (4,595) | |||||||||||||||||||
Valuation allowance (increase) decrease | (305) | (45) | (4,341) | (173) | |||||||||||||||||||
Ending balance | $ | 18,145 | $ | 20,571 | $ | 18,145 | $ | 20,571 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Beginning balance | $ | 4,258 | $ | 128 | $ | 222 | $ | — | |||||||||||||||
Valuation allowance increase (decrease) | 305 | 45 | 4,341 | 173 | |||||||||||||||||||
Ending balance | $ | 4,563 | $ | 173 | $ | 4,563 | $ | 173 |
September 30, 2020 | December 31, 2019 | ||||||||||
Discount rate - conventional fixed loans | 7.68 | % | 8.92 | % | |||||||
Discount rate - all loans excluding conventional fixed loans | 8.68 | % | 9.92 | % | |||||||
Weighted average constant prepayment rate | 20.80 | % | 13.72 | % | |||||||
Weighted average cost to service a loan | $ | 87.30 | $ | 87.09 |
(Dollars in thousands) | Total | ||||
Balance at December 31, 2019 | $ | 112,395 | |||
Accretion | 2,386 | ||||
Payment made to the FDIC to settle shared-loss agreement | (99,468) | ||||
Balance at September 30, 2020 | $ | 15,313 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Accumulated
other comprehensive income (loss) |
Deferred
tax expense (benefit) |
Accumulated
other comprehensive income (loss), net of tax |
Accumulated
other comprehensive income (loss) |
Deferred
tax expense (benefit) |
Accumulated
other comprehensive income (loss), net of tax |
|||||||||||||||||||||||||||||
Unrealized gains on securities available for sale | $ | 135,240 | $ | 31,105 | $ | 104,135 | $ | 7,522 | $ | 1,730 | $ | 5,792 | |||||||||||||||||||||||
Defined benefit pension items | (153,104) | (35,213) | (117,891) | (172,098) | (39,583) | (132,515) | |||||||||||||||||||||||||||||
Total | $ | (17,864) | $ | (4,108) | $ | (13,756) | $ | (164,576) | $ | (37,853) | $ | (126,723) |
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands, net of tax) | Unrealized gains (losses) on securities available for sale | Unrealized losses on securities available for sale transferred to held to maturity | Defined benefit pension items | Total | |||||||||||||||||||||||||
Beginning balance | $ | 113,102 | $ | — | $ | (122,766) | $ | (9,664) | |||||||||||||||||||||
Net unrealized gains arising during period | 7,530 | — | — | 7,530 | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (16,497) | — | 4,875 | (11,622) | |||||||||||||||||||||||||
Net current period other comprehensive (loss) income | (8,967) | — | 4,875 | (4,092) | |||||||||||||||||||||||||
Ending balance | $ | 104,135 | $ | — | $ | (117,891) | $ | (13,756) | |||||||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands, net of tax) | Unrealized gains (losses) on securities available for sale | Unrealized losses on securities available for sale transferred to held to maturity | Defined benefit pension items | Total | |||||||||||||||||||||||||
Beginning balance | $ | 2,554 | $ | (61,979) | $ | (121,306) | $ | (180,731) | |||||||||||||||||||||
Net unrealized gains arising during period | 3,026 | — | — | 3,026 | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (874) | 4,693 | 2,114 | 5,933 | |||||||||||||||||||||||||
Net current period other comprehensive income | 2,152 | 4,693 | 2,114 | 8,959 | |||||||||||||||||||||||||
Ending balance | $ | 4,706 | $ | (57,286) | $ | (119,192) | $ | (171,772) | |||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands, net of tax) | Unrealized gains on securities available for sale | Unrealized losses on securities available for sale transferred to held to maturity | Defined benefit pension items | Total | |||||||||||||||||||||||||
Beginning balance | $ | 5,792 | $ | — | $ | (132,515) | $ | (126,723) | |||||||||||||||||||||
Net unrealized gains arising during period | 140,671 | — | — | 140,671 | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (42,328) | — | 14,624 | (27,704) | |||||||||||||||||||||||||
Net current period other comprehensive income | 98,343 | — | 14,624 | 112,967 | |||||||||||||||||||||||||
Ending balance | $ | 104,135 | $ | — | $ | (117,891) | $ | (13,756) | |||||||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands, net of tax) | Unrealized gains on securities available for sale | Unrealized losses on securities available for sale transferred to held to maturity | Defined benefit pension items | Total | |||||||||||||||||||||||||
Beginning balance | $ | (38,505) | $ | (71,149) | $ | (125,533) | $ | (235,187) | |||||||||||||||||||||
Net unrealized gains arising during period | 48,489 | — | — | 48,489 | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (5,278) | 13,863 | 6,341 | 14,926 | |||||||||||||||||||||||||
Net current period other comprehensive income | 43,211 | 13,863 | 6,341 | 63,415 | |||||||||||||||||||||||||
Ending balance | $ | 4,706 | $ | (57,286) | $ | (119,192) | $ | (171,772) |
(Dollars in thousands) | Three months ended September 30, 2020 | |||||||||||||
Details about accumulated other comprehensive income (loss) | Amounts reclassified from accumulated other comprehensive income (loss) | Affected line item in the statement where net income is presented | ||||||||||||
Unrealized gains on securities available for sale | $ | 21,425 | Realized gains on investment securities available for sale, net | |||||||||||
(4,928) | Income taxes | |||||||||||||
$ | 16,497 | |||||||||||||
Amortization of defined benefit pension actuarial losses | (6,332) | Other noninterest expense | ||||||||||||
1,457 | Income taxes | |||||||||||||
$ | (4,875) | |||||||||||||
Total reclassifications for the period | $ | 11,622 | ||||||||||||
Three months ended September 30, 2019 | ||||||||||||||
Details about accumulated other comprehensive income (loss) | Amounts reclassified from accumulated other comprehensive income (loss) | Affected line item in the statement where net income is presented | ||||||||||||
Unrealized gains on securities available for sale | $ | 1,136 | Realized gains on investment securities available for sale, net | |||||||||||
(262) | Income taxes | |||||||||||||
$ | 874 | |||||||||||||
Amortization of unrealized losses on securities available for sale transferred to held to maturity | $ | (6,095) | Net interest income | |||||||||||
1,402 | Income taxes | |||||||||||||
$ | (4,693) | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | $ | (15) | Salaries and wages | |||||||||||
Actuarial losses | (2,730) | Other noninterest expense | ||||||||||||
(2,745) | Income before income taxes | |||||||||||||
631 | Income taxes | |||||||||||||
$ | (2,114) | |||||||||||||
Total reclassifications for the period | $ | (5,933) | ||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||
Details about accumulated other comprehensive income (loss) | Amounts reclassified from accumulated other comprehensive income (loss) | Affected line item in the statement where net income is presented | ||||||||||||
Unrealized gains on securities available for sale | $ | 54,972 | Realized gains on investment securities available for sale, net | |||||||||||
(12,644) | Income taxes | |||||||||||||
$ | 42,328 | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Actuarial losses | $ | (18,994) | Other | |||||||||||
4,370 | Income taxes | |||||||||||||
$ | (14,624) | |||||||||||||
Total reclassifications for the period | $ | 27,704 | ||||||||||||
Nine months ended September 30, 2019 | ||||||||||||||
Details about accumulated other comprehensive income (loss) | Amounts reclassified from accumulated other comprehensive income (loss) | Affected line item in the statement where net income is presented | ||||||||||||
Unrealized gains on securities available for sale | $ | 6,855 | Realized gains on investment securities available for sale, net | |||||||||||
(1,577) | Income taxes | |||||||||||||
$ | 5,278 | Net income | ||||||||||||
Amortization of unrealized losses on securities available for sale transferred to held to maturity | $ | (18,004) | Net interest income | |||||||||||
4,141 | Income taxes | |||||||||||||
$ | (13,863) | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | $ | (43) | Salaries and wages | |||||||||||
Actuarial losses | (8,192) | Other noninterest expense | ||||||||||||
(8,235) | Income before income taxes | |||||||||||||
1,894 | Income taxes | |||||||||||||
$ | (6,341) | |||||||||||||
Total reclassifications for the period | $ | (14,926) |
(Dollars in thousands) | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||
Carrying value | Fair value | Carrying value | Fair value | ||||||||||||||||||||
Cash and due from banks | $ | 352,419 | $ | 352,419 | $ | 376,719 | $ | 376,719 | |||||||||||||||
Overnight investments | 3,137,945 | 3,137,945 | 1,107,844 | 1,107,844 | |||||||||||||||||||
Investment in marketable equity securities | 93,074 | 93,074 | 82,333 | 82,333 | |||||||||||||||||||
Investment securities available for sale | 9,019,788 | 9,019,788 | 7,059,674 | 7,059,674 | |||||||||||||||||||
Investment securities held to maturity | 747,732 | 761,252 | 30,996 | 30,996 | |||||||||||||||||||
Loans held for sale | 120,305 | 120,305 | 67,869 | 67,869 | |||||||||||||||||||
Net loans and leases | 32,621,208 | 33,269,733 | 28,656,355 | 28,878,550 | |||||||||||||||||||
Income earned not collected | 151,737 | 151,737 | 123,154 | 123,154 | |||||||||||||||||||
Federal Home Loan Bank stock | 45,392 | 45,392 | 43,039 | 43,039 | |||||||||||||||||||
Mortgage and other servicing rights | 19,484 | 20,313 | 24,891 | 26,927 | |||||||||||||||||||
Deposits with no stated maturity | 39,110,297 | 39,110,297 | 30,593,627 | 30,593,627 | |||||||||||||||||||
Time deposits | 3,140,309 | 3,162,058 | 3,837,609 | 3,842,162 | |||||||||||||||||||
Securities sold under customer repurchase agreements | 693,889 | 693,889 | 442,956 | 442,956 | |||||||||||||||||||
Federal Home Loan Bank borrowings | 655,179 | 680,718 | 572,185 | 577,362 | |||||||||||||||||||
Subordinated debt | 504,381 | 509,518 | 163,412 | 173,685 | |||||||||||||||||||
Other borrowings | 92,456 | 92,794 | 148,318 | 149,232 | |||||||||||||||||||
FDIC shared-loss payable | 15,313 | 15,789 | 112,395 | 114,252 | |||||||||||||||||||
Accrued interest payable | 10,477 | 10,477 | 18,124 | 18,124 |
September 30, 2020 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
(Dollars in thousands) | Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | 654,762 | $ | — | $ | 654,762 | $ | — | |||||||||||||||
Government agency | 654,941 | — | 654,941 | — | |||||||||||||||||||
Residential mortgage-backed securities | 6,069,668 | — | 6,069,668 | — | |||||||||||||||||||
Commercial mortgage-backed securities | 1,090,210 | — | 1,090,210 | — | |||||||||||||||||||
Corporate bonds | 550,207 | — | 299,493 | 250,714 | |||||||||||||||||||
Total investment securities available for sale | $ | 9,019,788 | $ | — | $ | 8,769,074 | $ | 250,714 | |||||||||||||||
Marketable equity securities | $ | 93,074 | $ | 38,192 | $ | 54,882 | $ | — | |||||||||||||||
Loans held for sale | $ | 120,305 | $ | — | $ | 120,305 | $ | — | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
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 | $ | — | |||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Beginning balance | $ | 169,977 | $ | 149,137 | $ | 69,685 | $ | 143,226 | |||||||||||||||
Purchases | 78,000 | 8,000 | 178,595 | 11,991 | |||||||||||||||||||
Unrealized net gains included in other comprehensive income | 2,818 | 1,147 | 901 | 2,985 | |||||||||||||||||||
Amounts included in net income | (81) | 41 | (249) | 123 | |||||||||||||||||||
Transfers in | — | — | 1,782 | — | |||||||||||||||||||
Ending balance | $ | 250,714 | $ | 157,325 | $ | 250,714 | $ | 157,325 |
(Dollars in thousands) | September 30, 2020 | |||||||||||||||||||
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 | $ | 250,714 |
September 30, 2020 | |||||||||||||||||
(Dollars in thousands) | Fair value | Aggregate unpaid principal balance | Difference | ||||||||||||||
Originated loans held for sale | $ | 120,305 | $ | 114,100 | $ | 6,205 | |||||||||||
December 31, 2019 | |||||||||||||||||
Fair value | Aggregate unpaid principal balance | Difference | |||||||||||||||
Originated loans held for sale | $ | 67,869 | $ | 65,697 | $ | 2,172 |
September 30, 2020 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
(Dollars in thousands) | Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||||||||
Collateral-dependent loans | $ | 10,970 | $ | — | $ | — | $ | 10,970 | |||||||||||||||
Other real estate owned | 44,557 | — | — | 44,557 | |||||||||||||||||||
Mortgage servicing rights | 16,819 | — | — | 16,819 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
Impaired loans | $ | 132,336 | $ | — | $ | — | $ | 132,336 | |||||||||||||||
Other real estate owned | 38,310 | — | — | 38,310 | |||||||||||||||||||
Mortgage servicing rights | 3,757 | — | — | 3,757 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Service cost | $ | 3,570 | $ | 3,191 | $ | 10,709 | $ | 9,575 | |||||||||||||||
Interest cost | 8,549 | 9,316 | 25,648 | 27,945 | |||||||||||||||||||
Expected return on assets | (16,423) | (15,647) | (49,267) | (46,943) | |||||||||||||||||||
Amortization of prior service cost | — | 15 | — | 43 | |||||||||||||||||||
Amortization of net actuarial loss | 6,332 | 2,730 | 18,994 | 8,192 | |||||||||||||||||||
Net periodic cost (benefit) | $ | 2,028 | $ | (395) | $ | 6,084 | $ | (1,188) |
(Dollars in thousands) | Classification | September 30, 2020 | December 31, 2019 | |||||||||||
Assets: | ||||||||||||||
Operating | Other assets | $ | 69,968 | $ | 77,115 | |||||||||
Finance | Premises and equipment | 7,005 | 8,820 | |||||||||||
Total leased assets | $ | 76,973 | $ | 85,935 | ||||||||||
Liabilities: | ||||||||||||||
Operating | Other liabilities | $ | 70,129 | $ | 76,746 | |||||||||
Finance | Other borrowings | 6,703 | 8,230 | |||||||||||
Total lease liabilities | $ | 76,832 | $ | 84,976 |
(Dollars in thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Unused commitments to extend credit | $ | 11,972,688 | $ | 10,682,378 | |||||||
Standby letters of credit | 112,016 | 99,601 |
(Dollars in thousands) | |||||||||||
Loan Size | $ of Loans | % of Loans $ | |||||||||
Less than $150,000 | $ | 862,026 | 27.7 | % | |||||||
$150,000 to $2,000,000 | 1,766,649 | 56.8 | |||||||||
Greater than $2,000,000 | 484,001 | 15.5 | |||||||||
Total | $ | 3,112,676 | 100.0 | % |
2020 |
2019 (1)
|
Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except share data) | Quarter | Quarter | Quarter | Quarter | Quarter | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 374,334 | $ | 363,257 | $ | 369,559 | $ | 354,048 | $ | 362,318 | $ | 1,107,150 | $ | 1,049,963 | |||||||||||||||||||||||||||
Interest expense | 20,675 | 25,863 | 31,159 | 26,924 | 25,893 | 77,697 | 65,718 | ||||||||||||||||||||||||||||||||||
Net interest income | 353,659 | 337,394 | 338,400 | 327,124 | 336,425 | 1,029,453 | 984,245 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | 4,042 | 20,552 | 28,355 | 7,727 | 6,766 | 52,949 | 23,714 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 349,617 | 316,842 | 310,045 | 319,397 | 329,659 | 976,504 | 960,531 | ||||||||||||||||||||||||||||||||||
Noninterest income | 120,572 | 165,402 | 64,011 | 104,393 | 100,930 | 349,985 | 311,468 | ||||||||||||||||||||||||||||||||||
Noninterest expense | 291,662 | 291,679 | 299,971 | 292,262 | 270,425 | 883,312 | 811,479 | ||||||||||||||||||||||||||||||||||
Income before income taxes | 178,527 | 190,565 | 74,085 | 131,528 | 160,164 | 443,177 | 460,520 | ||||||||||||||||||||||||||||||||||
Income taxes | 35,843 | 36,779 | 16,916 | 29,654 | 35,385 | 89,538 | 105,023 | ||||||||||||||||||||||||||||||||||
Net income | 142,684 | 153,786 | 57,169 | 101,874 | 124,779 | 353,639 | 355,497 | ||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 138,048 | $ | 148,996 | $ | 57,169 | $ | 101,874 | $ | 124,779 | $ | 344,213 | $ | 355,497 | |||||||||||||||||||||||||||
Net interest income, taxable equivalent | $ | 354,256 | $ | 337,965 | $ | 339,174 | $ | 328,045 | $ | 337,322 | $ | 1,031,395 | $ | 986,896 | |||||||||||||||||||||||||||
PER COMMON SHARE DATA | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 14.03 | $ | 14.74 | $ | 5.46 | $ | 9.55 | $ | 11.27 | $ | 33.96 | $ | 31.50 | |||||||||||||||||||||||||||
Cash dividends on common shares | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 1.20 | 1.20 | ||||||||||||||||||||||||||||||||||
Market price at period end (Class A) | 318.78 | 405.02 | 332.87 | 532.21 | 471.55 | 318.78 | 471.55 | ||||||||||||||||||||||||||||||||||
Book value at period-end | 380.43 | 367.57 | 351.90 | 337.38 | 327.86 | 380.43 | 327.86 | ||||||||||||||||||||||||||||||||||
SELECTED QUARTERLY AVERAGE BALANCES | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 48,262,155 | $ | 45,553,502 | $ | 40,648,806 | $ | 38,326,641 | $ | 37,618,836 | $ | 44,834,045 | $ | 36,770,191 | |||||||||||||||||||||||||||
Investment securities | 9,930,197 | 8,928,467 | 7,453,159 | 7,120,023 | 6,956,981 | 8,774,840 | 6,851,348 | ||||||||||||||||||||||||||||||||||
Loans and leases (2)
|
32,694,996 | 31,635,958 | 29,098,101 | 27,508,062 | 26,977,476 | 31,148,683 | 26,368,922 | ||||||||||||||||||||||||||||||||||
Interest-earning assets | 45,617,376 | 42,795,781 | 38,004,341 | 36,032,680 | 35,293,979 | 42,151,861 | 34,473,814 | ||||||||||||||||||||||||||||||||||
Deposits | 41,905,844 | 39,146,415 | 34,750,061 | 33,295,141 | 32,647,264 | 38,612,836 | 31,856,771 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | 25,591,707 | 24,407,285 | 23,153,777 | 20,958,943 | 20,551,393 | 24,388,339 | 20,204,705 | ||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 710,237 | 659,244 | 474,231 | 495,804 | 533,371 | 614,920 | 542,618 | ||||||||||||||||||||||||||||||||||
Other short-term borrowings | — | 45,549 | 157,759 | 28,284 | 23,236 | 67,522 | 21,335 | ||||||||||||||||||||||||||||||||||
Long-term borrowings | 1,256,331 | 1,275,928 | 961,132 | 467,223 | 384,047 | 1,164,475 | 366,850 | ||||||||||||||||||||||||||||||||||
Common shareholders' equity | 3,679,138 | 3,648,284 | 3,625,975 | 3,570,872 | 3,580,235 | 3,651,132 | 3,545,418 | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | $ | 4,019,075 | $ | 3,988,225 | $ | 3,682,634 | $ | 3,570,872 | $ | 3,580,235 | $ | 3,896,645 | $ | 3,545,418 | |||||||||||||||||||||||||||
Common shares outstanding | 9,836,629 | 10,105,520 | 10,473,119 | 10,708,084 | 11,060,462 | 10,137,321 | 11,286,984 | ||||||||||||||||||||||||||||||||||
SELECTED QUARTER-END BALANCES | |||||||||||||||||||||||||||||||||||||||||
Total assets (1)
|
$ | 48,666,873 | $ | 47,866,194 | $ | 41,594,453 | $ | 39,824,496 | $ | 37,748,324 | $ | 48,666,873 | $ | 37,748,324 | |||||||||||||||||||||||||||
Investment securities | 9,860,594 | 9,508,476 | 8,845,197 | 7,173,003 | 7,167,680 | 9,860,594 | 7,167,680 | ||||||||||||||||||||||||||||||||||
Loans and leases | 32,845,144 | 32,418,425 | 29,240,959 | 28,881,496 | 27,196,511 | 32,845,144 | 27,196,511 | ||||||||||||||||||||||||||||||||||
Deposits | 42,250,606 | 41,479,245 | 35,346,711 | 34,431,236 | 32,743,277 | 42,250,606 | 32,743,277 | ||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 693,889 | 740,276 | 540,362 | 442,956 | 522,195 | 693,889 | 522,195 | ||||||||||||||||||||||||||||||||||
Other short-term borrowings | — | — | 105,000 | 295,277 | — | — | — | ||||||||||||||||||||||||||||||||||
Long-term borrowings | 1,252,016 | 1,258,719 | 1,297,132 | 588,638 | 453,876 | 1,252,016 | 453,876 | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | $ | 4,074,414 | $ | 3,991,444 | $ | 3,957,520 | $ | 3,586,184 | $ | 3,568,482 | $ | 4,074,414 | $ | 3,568,482 | |||||||||||||||||||||||||||
Common shares outstanding | 9,816,405 | 9,934,105 | 10,280,105 | 10,629,495 | 10,884,005 | 9,816,405 | 10,884,005 | ||||||||||||||||||||||||||||||||||
SELECTED RATIOS AND OTHER DATA | |||||||||||||||||||||||||||||||||||||||||
Return on average assets (annualized) | 1.18 | % | 1.36 | % | 0.57 | % | 1.05 | % | 1.32 | % | 1.05 | % | 1.29 | % | |||||||||||||||||||||||||||
Return on average common shareholders’ equity (annualized) | 14.93 | 16.43 | 6.34 | 11.32 | 13.83 | 12.59 | 13.41 | ||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets (taxable equivalent) | 3.06 | 3.14 | 3.55 | 3.59 | 3.77 | 3.23 | 3.80 | ||||||||||||||||||||||||||||||||||
Net charge-offs (annualized) to average loans and leases | 0.03 | 0.09 | 0.10 | 0.14 | 0.10 | 0.07 | 0.10 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans and leases(3):
|
|||||||||||||||||||||||||||||||||||||||||
PCD | 5.07 | 5.07 | 4.80 | 1.35 | 1.34 | 5.07 | 1.34 | ||||||||||||||||||||||||||||||||||
Non-PCD | 0.61 | 0.61 | 0.64 | 0.77 | 0.82 | 0.61 | 0.82 | ||||||||||||||||||||||||||||||||||
Total | 0.68 | 0.69 | 0.72 | 0.78 | 0.83 | 0.68 | 0.83 | ||||||||||||||||||||||||||||||||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned (4)
|
0.73 | 0.77 | 0.79 | 0.58 | 0.57 | 0.73 | 0.57 | ||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 11.48 | 11.38 | 11.43 | 10.86 | 11.80 | 11.48 | 11.80 | ||||||||||||||||||||||||||||||||||
Common equity Tier 1 ratio | 10.43 | 10.32 | 10.36 | 10.86 | 11.80 | 10.43 | 11.80 | ||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | 13.70 | 13.63 | 13.65 | 12.12 | 13.09 | 13.70 | 13.09 | ||||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | 7.80 | 8.07 | 8.98 | 8.81 | 9.18 | 7.80 | 9.18 | ||||||||||||||||||||||||||||||||||
Dividend payout ratio | 2.85 | 2.71 | 7.33 | 4.19 | 3.55 | 3.53 | 3.81 | ||||||||||||||||||||||||||||||||||
Average loans and leases to average deposits | 78.02 | 80.81 | 83.74 | 82.62 | 82.63 | 80.67 | 82.77 |
Three months ended September 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Loans and leases | $ | 32,694,996 | $ | 336,934 | 4.06 | % | $ | 26,977,476 | $ | 315,621 | 4.61 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Treasury | 695,419 | 497 | 0.28 | 834,577 | 5,262 | 2.50 | |||||||||||||||||||||||||||||
Government agency | 587,377 | 1,335 | 0.91 | 628,322 | 4,742 | 3.02 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 8,047,247 | 28,236 | 1.40 | 5,195,711 | 27,891 | 2.15 | |||||||||||||||||||||||||||||
Corporate bonds | 489,602 | 6,433 | 5.26 | 149,888 | 1,912 | 5.10 | |||||||||||||||||||||||||||||
Other investments | 110,552 | 739 | 2.66 | 148,483 | 636 | 1.70 | |||||||||||||||||||||||||||||
Total investment securities | 9,930,197 | 37,240 | 1.50 | 6,956,981 | 40,443 | 2.32 | |||||||||||||||||||||||||||||
Overnight investments | 2,992,183 | 757 | 0.10 | 1,359,522 | 7,151 | 2.09 | |||||||||||||||||||||||||||||
Total interest-earning assets | 45,617,376 | 374,931 | 3.24 | 35,293,979 | 363,215 | 4.06 | |||||||||||||||||||||||||||||
Cash and due from banks | 349,079 | 256,379 | |||||||||||||||||||||||||||||||||
Premises and equipment | 1,261,864 | 1,224,118 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | (222,793) | (227,707) | |||||||||||||||||||||||||||||||||
Other real estate owned | 52,716 | 46,131 | |||||||||||||||||||||||||||||||||
Other assets | 1,203,913 | 1,025,936 | |||||||||||||||||||||||||||||||||
Total assets | $ | 48,262,155 | $ | 37,618,836 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Checking with interest | $ | 9,239,838 | $ | 1,369 | 0.06 | % | $ | 7,361,758 | $ | 1,509 | 0.08 | % | |||||||||||||||||||||||
Savings | 3,070,619 | 314 | 0.04 | 2,636,583 | 528 | 0.08 | |||||||||||||||||||||||||||||
Money market accounts | 8,108,832 | 3,634 | 0.18 | 6,088,740 | 6,610 | 0.43 | |||||||||||||||||||||||||||||
Time deposits | 3,205,850 | 8,151 | 1.01 | 3,523,658 | 13,090 | 1.47 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 23,625,139 | 13,468 | 0.23 | 19,610,739 | 21,737 | 0.44 | |||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 710,237 | 395 | 0.22 | 533,371 | 542 | 0.40 | |||||||||||||||||||||||||||||
Other short-term borrowings | — | — | — | 23,236 | 203 | 3.50 | |||||||||||||||||||||||||||||
Long-term borrowings | 1,256,331 | 6,812 | 2.15 | 384,047 | 3,411 | 3.51 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 25,591,707 | 20,675 | 0.32 | 20,551,393 | 25,893 | 0.50 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 18,280,705 | 13,036,525 | |||||||||||||||||||||||||||||||||
Other liabilities | 370,668 | 450,683 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 4,019,075 | 3,580,235 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 48,262,155 | $ | 37,618,836 | |||||||||||||||||||||||||||||||
Interest rate spread | 2.92 | % | 3.56 | % | |||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 354,256 | 3.06 | % | $ | 337,322 | 3.77 | % |
Nine months ended September 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Loans and leases | $ | 31,148,683 | $ | 989,708 | 4.20 | % | $ | 26,368,922 | $ | 910,993 | 4.58 | % | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Treasury | 401,666 | 2,853 | 0.95 | 1,062,901 | 18,529 | 2.33 | |||||||||||||||||||||||||||||
Government agency | 655,097 | 6,883 | 1.40 | 434,097 | 10,084 | 3.10 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 7,224,224 | 87,475 | 1.61 | 5,075,959 | 84,855 | 2.23 | |||||||||||||||||||||||||||||
Corporate bonds | 332,029 | 12,692 | 5.10 | 147,579 | 5,780 | 5.22 | |||||||||||||||||||||||||||||
Other investments | 161,824 | 3,653 | 3.02 | 130,812 | 1,552 | 1.59 | |||||||||||||||||||||||||||||
Total investment securities | 8,774,840 | 113,556 | 1.73 | 6,851,348 | 120,800 | 2.35 | |||||||||||||||||||||||||||||
Overnight investments | 2,228,338 | 5,828 | 0.35 | 1,253,544 | 20,820 | 2.22 | |||||||||||||||||||||||||||||
Total interest-earning assets | 42,151,861 | 1,109,092 | 3.48 | 34,473,814 | 1,052,613 | 4.05 | |||||||||||||||||||||||||||||
Cash and due from banks | 351,334 | 277,736 | |||||||||||||||||||||||||||||||||
Premises and equipment | 1,258,147 | 1,214,960 | |||||||||||||||||||||||||||||||||
Allowance for credit losses | (206,737) | (227,081) | |||||||||||||||||||||||||||||||||
Other real estate owned | 53,871 | 46,488 | |||||||||||||||||||||||||||||||||
Other assets | 1,225,569 | 984,274 | |||||||||||||||||||||||||||||||||
Total assets | $ | 44,834,045 | $ | 36,770,191 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Checking with interest | $ | 8,665,758 | $ | 4,380 | 0.07 | % | $ | 7,467,762 | $ | 4,457 | 0.08 | % | |||||||||||||||||||||||
Savings | 2,837,867 | 911 | 0.04 | 2,606,781 | 1,260 | 0.06 | |||||||||||||||||||||||||||||
Money market accounts | 7,583,359 | 19,262 | 0.34 | 5,950,591 | 16,249 | 0.37 | |||||||||||||||||||||||||||||
Time deposits | 3,454,438 | 31,025 | 1.20 | 3,248,768 | 31,854 | 1.31 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 22,541,422 | 55,578 | 0.33 | 19,273,902 | 53,820 | 0.37 | |||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 614,920 | 1,236 | 0.27 | 542,618 | 1,516 | 0.37 | |||||||||||||||||||||||||||||
Other short-term borrowings | 67,522 | 1,052 | 2.05 | 21,335 | 481 | 2.99 | |||||||||||||||||||||||||||||
Long-term borrowings | 1,164,475 | 19,831 | 2.24 | 366,850 | 9,900 | 3.56 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 24,388,339 | 77,697 | 0.42 | 20,204,705 | 65,717 | 0.43 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 16,071,414 | 12,582,869 | |||||||||||||||||||||||||||||||||
Other liabilities | 477,647 | 437,199 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 3,896,645 | 3,545,418 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 44,834,045 | $ | 36,770,191 | |||||||||||||||||||||||||||||||
Interest rate spread | 3.06 | % | 3.62 | % | |||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 1,031,395 | 3.23 | % | $ | 986,896 | 3.80 | % |
Three months ended September 30, 2020 | Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Change from prior year period due to: | Change from prior year period due to: | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Volume(1)
|
Yield/Rate(1)
|
Total Change |
Volume(1)
|
Yield/Rate(1)
|
Total Change | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Loans and leases | $ | 70,257 | $ | (48,944) | $ | 21,313 | $ | 166,172 | $ | (87,457) | $ | 78,715 | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. Treasury | (889) | (3,876) | (4,765) | (11,531) | (4,145) | (15,676) | |||||||||||||||||||||||||||||
Government agency | (309) | (3,098) | (3,407) | 5,134 | (8,335) | (3,201) | |||||||||||||||||||||||||||||
Mortgage-backed securities | 16,028 | (15,683) | 345 | 38,131 | (35,511) | 2,620 | |||||||||||||||||||||||||||||
Corporate bonds | 4,334 | 187 | 4,521 | 7,224 | (312) | 6,912 | |||||||||||||||||||||||||||||
Other investments | (164) | 267 | 103 | 362 | 1,739 | 2,101 | |||||||||||||||||||||||||||||
Total investment securities | 19,000 | (22,203) | (3,203) | 39,320 | (46,564) | (7,244) | |||||||||||||||||||||||||||||
Overnight investments | 8,544 | (14,938) | (6,394) | 16,203 | (31,195) | (14,992) | |||||||||||||||||||||||||||||
Total interest-earning assets | $ | 97,801 | $ | (86,085) | $ | 11,716 | $ | 221,695 | $ | (165,216) | $ | 56,479 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Checking with interest | $ | 380 | $ | (520) | $ | (140) | $ | 704 | $ | (781) | $ | (77) | |||||||||||||||||||||||
Savings | 85 | (299) | (214) | 110 | (459) | (349) | |||||||||||||||||||||||||||||
Money market accounts | 2,169 | (5,145) | (2,976) | 4,407 | (1,394) | 3,013 | |||||||||||||||||||||||||||||
Time deposits | (1,213) | (3,726) | (4,939) | 1,934 | (2,763) | (829) | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 1,421 | (9,690) | (8,269) | 7,155 | (5,397) | 1,758 | |||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 178 | (325) | (147) | 199 | (479) | (280) | |||||||||||||||||||||||||||||
Other short-term borrowings | (203) | — | (203) | 681 | (110) | 571 | |||||||||||||||||||||||||||||
Long-term borrowings | 7,717 | (4,316) | 3,401 | 14,003 | (4,072) | 9,931 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,113 | (14,331) | (5,218) | 22,038 | (10,058) | 11,980 | |||||||||||||||||||||||||||||
Change in net interest income | $ | 88,688 | $ | (71,754) | $ | 16,934 | $ | 199,657 | $ | (155,158) | $ | 44,499 | |||||||||||||||||||||||
(1) The rate/volume variance is allocated proportionally between the changes in volume and rate.
|
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Service charges on deposit accounts | $ | 20,841 | $ | 27,112 | $ | 64,776 | $ | 77,967 | |||||||||||||||
Wealth management services | 26,369 | 25,212 | 75,152 | 74,786 | |||||||||||||||||||
Cardholder services, net | 19,756 | 15,957 | 55,503 | 51,069 | |||||||||||||||||||
Other service charges and fees | 7,892 | 8,237 | 22,829 | 23,823 | |||||||||||||||||||
Merchant services, net | 6,763 | 6,034 | 18,014 | 18,324 | |||||||||||||||||||
Mortgage income | 13,106 | 7,438 | 28,141 | 16,134 | |||||||||||||||||||
Insurance commissions | 3,576 | 2,960 | 10,453 | 9,105 | |||||||||||||||||||
ATM income | 1,537 | 1,635 | 4,354 | 4,771 | |||||||||||||||||||
Marketable equity securities (losses) gains, net | (2,701) | (967) | 10,461 | 13,505 | |||||||||||||||||||
Realized gains on investment securities available for sale, net | 21,425 | 1,136 | 54,972 | 6,855 | |||||||||||||||||||
Other | 2,008 | 6,176 | 5,330 | 15,129 | |||||||||||||||||||
Total noninterest income | $ | 120,572 | $ | 100,930 | $ | 349,985 | $ | 311,468 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Salaries and wages | $ | 147,297 | $ | 137,841 | $ | 439,185 | $ | 406,788 | |||||||||||||||
Employee benefits | 31,788 | 28,358 | 100,663 | 91,090 | |||||||||||||||||||
Occupancy expense | 27,990 | 28,163 | 85,026 | 82,810 | |||||||||||||||||||
Equipment expense | 29,430 | 28,770 | 86,054 | 83,999 | |||||||||||||||||||
Processing fees paid to third parties | 11,927 | 7,250 | 32,485 | 20,980 | |||||||||||||||||||
FDIC insurance expense | 2,167 | 2,440 | 9,364 | 7,857 | |||||||||||||||||||
Collection and foreclosure-related expenses | 2,168 | 3,044 | 10,171 | 9,725 | |||||||||||||||||||
Merger-related expenses | 3,507 | 3,892 | 12,108 | 9,695 | |||||||||||||||||||
Telecommunications expense | 3,197 | 2,391 | 8,985 | 6,825 | |||||||||||||||||||
Consultant expense | 2,936 | 2,764 | 9,223 | 9,284 | |||||||||||||||||||
Advertising expense | 2,396 | 2,937 | 7,045 | 8,431 | |||||||||||||||||||
Core deposit intangible amortization | 3,468 | 4,049 | 10,999 | 12,529 | |||||||||||||||||||
Other | 23,391 | 18,526 | 72,004 | 61,466 | |||||||||||||||||||
Total noninterest expense | $ | 291,662 | $ | 270,425 | $ | 883,312 | $ | 811,479 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Composition(1)
|
Cost |
Fair
value |
Composition(1)
|
Cost |
Fair
value |
|||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury | 6.6 | % | $ | 654,588 | $ | 654,762 | 5.7 | % | $ | 409,397 | $ | 409,999 | |||||||||||||||||||||||
Government agency | 6.6 | 659,260 | 654,941 | 9.5 | 684,085 | 682,772 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 61.4 | 5,968,192 | 6,069,668 | 73.4 | 5,269,060 | 5,267,090 | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 11.1 | 1,058,640 | 1,090,210 | 5.3 | 373,105 | 380,020 | |||||||||||||||||||||||||||||
Corporate bonds | 5.6 | 543,868 | 550,207 | 2.8 | 198,278 | 201,566 | |||||||||||||||||||||||||||||
State, county and municipal | — | — | — | 1.7 | 118,227 | 118,227 | |||||||||||||||||||||||||||||
Total investment securities available for sale | 91.3 | 8,884,548 | 9,019,788 | 98.4 | 7,052,152 | 7,059,674 | |||||||||||||||||||||||||||||
Investment in marketable equity securities | 0.9 | 100,408 | 93,074 | 1.2 | 59,262 | 82,333 | |||||||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 6.4 | 614,489 | 627,394 | — | — | — | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1.3 | 130,987 | 131,602 | — | — | — | |||||||||||||||||||||||||||||
Other | 0.1 | 2,256 | 2,256 | 0.4 | 30,996 | 30,996 | |||||||||||||||||||||||||||||
Total investment securities held to maturity | 7.8 | 747,732 | 761,252 | 0.4 | 30,996 | 30,996 | |||||||||||||||||||||||||||||
Total investment securities | 100.0 | % | $ | 9,732,688 | $ | 9,874,114 | 100.0 | % | $ | 7,142,410 | $ | 7,173,003 | |||||||||||||||||||||||
(1) Calculated as a percent of the total fair value of investment securities.
|
(Dollars in thousands) | September 30, 2020 | ||||||||||
Commercial: | |||||||||||
Construction and land development | $ | 1,054,186 | |||||||||
Owner occupied commercial mortgage | 10,683,822 | ||||||||||
Non-owner occupied commercial mortgage | 2,965,904 | ||||||||||
Commercial and industrial and leases | 4,797,344 | ||||||||||
SBA-PPP | 3,112,676 | ||||||||||
Total commercial loans | 22,613,932 | ||||||||||
Consumer: | |||||||||||
Residential mortgage | 5,463,646 | ||||||||||
Revolving mortgage | 2,145,506 | ||||||||||
Construction and land development | 347,850 | ||||||||||
Consumer auto | 1,234,196 | ||||||||||
Consumer other | 544,136 | ||||||||||
Total consumer loans | 9,735,334 | ||||||||||
Total non-PCD loans and leases | 32,349,266 | ||||||||||
PCD loans | 495,878 | ||||||||||
Total loans and leases | 32,845,144 | ||||||||||
Less allowance for credit losses | (223,936) | ||||||||||
Net loans and leases | $ | 32,621,208 |
(Dollars in thousands) | December 31, 2019 | ||||||||||
Commercial: | |||||||||||
Construction and land development | $ | 1,013,454 | |||||||||
Commercial mortgage | 12,282,635 | ||||||||||
Other commercial real estate | 542,028 | ||||||||||
Commercial and industrial and leases | 4,403,792 | ||||||||||
Other | 310,093 | ||||||||||
Total commercial loans | 18,552,002 | ||||||||||
Noncommercial: | |||||||||||
Residential mortgage | 5,293,917 | ||||||||||
Revolving mortgage | 2,339,072 | ||||||||||
Construction and land development | 357,385 | ||||||||||
Consumer | 1,780,404 | ||||||||||
Total noncommercial loans | 9,770,778 | ||||||||||
Total non-PCI loans and leases | 28,322,780 | ||||||||||
PCI loans | 558,716 | ||||||||||
Total loans and leases | 28,881,496 | ||||||||||
Less allowance for loan and lease losses | (225,141) | ||||||||||
Net loans and leases | $ | 28,656,355 |
Three months ended September 30, 2020
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Construction
and land development - commercial |
Owner occupied commercial mortgage | Non-owner occupied commercial mortgage |
Commercial
and industrial and leases |
Residential
mortgage |
Revolving
mortgage |
Construction and land development - consumer | Consumer auto | Consumer other | PCD | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 6,906 | $ | 22,489 | $ | 22,149 | $ | 24,633 | $ | 42,872 | $ | 26,640 | $ | 1,640 | $ | 8,898 | $ | 39,295 | $ | 26,928 | $ | 222,450 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 120 | 625 | 667 | 3,381 | 837 | (958) | (54) | 708 | 1,341 | (2,625) | 4,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (87) | — | (3,241) | (253) | (359) | — | (824) | (3,673) | (495) | (8,932) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 264 | 65 | 10 | 1,999 | 275 | 336 | 23 | 401 | 1,684 | 1,319 | 6,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 7,290 | $ | 23,092 | $ | 22,826 | $ | 26,772 | $ | 43,731 | $ | 25,659 | $ | 1,609 | $ | 9,183 | $ | 38,647 | $ | 25,127 | $ | 223,936 | |||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 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 - consumer | Consumer | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at July 1 | $ | 31,944 | $ | 48,962 | $ | 2,342 | $ | 56,901 | $ | 2,183 | $ | 16,932 | $ | 21,121 | $ | 2,750 | $ | 35,105 | $ | 8,343 | $ | 226,583 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 208 | (1,337) | (90) | 4,714 | 54 | 1,024 | (153) | 148 | 3,674 | (1,476) | 6,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (116) | (1) | — | (3,047) | (42) | (313) | (534) | — | (5,594) | — | (9,647) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 52 | 226 | — | 611 | 20 | 68 | 201 | — | 1,945 | — | 3,123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 32,088 | $ | 47,850 | $ | 2,252 | $ | 59,179 | $ | 2,215 | $ | 17,711 | $ | 20,635 | $ | 2,898 | $ | 35,130 | $ | 6,867 | $ | 226,825 | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Construction
and land development - commercial |
Owner occupied commercial mortgage | Non-owner occupied commercial mortgage |
Commercial
and industrial and leases |
Residential
mortgage |
Revolving
mortgage |
Construction and land development - consumer | Consumer auto | Consumer other | PCD | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 33,213 | $ | 36,444 | $ | 11,102 | $ | 61,610 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 4,292 | $ | 30,301 | $ | 7,536 | $ | 225,141 | |||||||||||||||||||||||||||||||||||||||||||
Adoption of ASC 326 | (31,061) | (19,316) | 460 | (37,637) | 17,118 | 3,665 | (1,291) | 1,100 | 10,037 | 19,001 | (37,924) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 2,152 | $ | 17,128 | $ | 11,562 | $ | 23,973 | $ | 35,350 | $ | 23,367 | $ | 1,418 | $ | 5,392 | $ | 40,338 | $ | 26,537 | $ | 187,217 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 4,876 | 6,011 | 11,165 | 10,802 | 9,339 | 2,557 | 209 | 5,708 | 7,253 | (4,971) | 52,949 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance on PCD loans | — | — | — | — | — | — | — | — | — | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (138) | (407) | (8) | (12,159) | (1,513) | (1,439) | (70) | (3,023) | (13,490) | (3,010) | (35,257) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 400 | 360 | 107 | 4,156 | 555 | 1,174 | 52 | 1,106 | 4,546 | 5,378 | 17,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 7,290 | $ | 23,092 | $ | 22,826 | $ | 26,772 | $ | 43,731 | $ | 25,659 | $ | 1,609 | $ | 9,183 | $ | 38,647 | $ | 25,127 | $ | 223,936 | |||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 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 | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 35,270 | $ | 43,451 | $ | 2,481 | $ | 55,620 | $ | 2,221 | $ | 15,472 | $ | 21,862 | $ | 2,350 | $ | 35,841 | $ | 9,144 | $ | 223,712 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | (3,217) | 4,748 | (230) | 10,138 | (618) | 2,903 | (272) | 548 | 11,991 | (2,277) | 23,714 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (188) | (851) | — | (8,327) | (73) | (957) | (1,990) | — | (18,017) | — | (30,403) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 223 | 502 | 1 | 1,748 | 685 | 293 | 1,035 | — | 5,315 | — | 9,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30 | $ | 32,088 | $ | 47,850 | $ | 2,252 | $ | 59,179 | $ | 2,215 | $ | 17,711 | $ | 20,635 | $ | 2,898 | $ | 35,130 | $ | 6,867 | $ | 226,825 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Average loans and leases: | |||||||||||||||||||||||
PCD | $ | 512,559 | $ | 530,390 | $ | 529,819 | $ | 551,065 | |||||||||||||||
Non-PCD | 32,065,084 | 26,379,156 | 30,525,411 | 25,762,098 | |||||||||||||||||||
Loans and leases at period-end: | |||||||||||||||||||||||
PCD | 495,878 | 513,589 | 495,878 | 513,589 | |||||||||||||||||||
Non-PCD | 32,349,266 | 26,682,922 | 32,349,266 | 26,682,922 | |||||||||||||||||||
Allowance for credit losses allocated to: | |||||||||||||||||||||||
PCD | 25,127 | 6,867 | 25,127 | 6,867 | |||||||||||||||||||
Non-PCD | 198,809 | 219,958 | 198,809 | 219,958 | |||||||||||||||||||
Total | $ | 223,936 | $ | 226,825 | $ | 223,936 | $ | 226,825 | |||||||||||||||
Net charge-offs (recoveries) to average loans and leases: | |||||||||||||||||||||||
PCD | (0.64) | % | — | % | (0.60) | % | — | % | |||||||||||||||
Non-PCD | 0.04 | 0.10 | 0.09 | 0.11 | |||||||||||||||||||
Total | 0.03 | 0.10 | 0.07 | 0.10 | |||||||||||||||||||
Allowance for credit losses to total loans and leases(1):
|
|||||||||||||||||||||||
PCD | 5.07 | 1.34 | 5.07 | 1.34 | |||||||||||||||||||
Non-PCD | 0.61 | 0.82 | 0.61 | 0.82 | |||||||||||||||||||
Total | 0.68 | 0.83 | 0.68 | 0.83 | |||||||||||||||||||
(1) Loans originated in relation to the SBA-PPP ($3.11 billion as of September 30, 2020) do not have a recorded ACL. As of September 30, 2020, the ratio of ACL to total Non-PCD loans excluding SBA-PPP loans is 0.68% while the ratio of ACL to total loans excluding SBA-PPP loans is 0.75%.
|
2020 | 2019 | ||||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | |||||||||||||||||||||||||
(Dollars in thousands) | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||
Nonaccrual loans and leases: | |||||||||||||||||||||||||||||
Non-PCD | $ | 130,927 | $ | 135,280 | $ | 121,337 | $ | 114,946 | $ | 108,816 | |||||||||||||||||||
PCD | 55,527 | 62,511 | 53,234 | 6,743 | 829 | ||||||||||||||||||||||||
Other real estate owned | 52,789 | 53,850 | 55,707 | 46,591 | 46,253 | ||||||||||||||||||||||||
Total nonperforming assets | $ | 239,243 | $ | 251,641 | $ | 230,278 | $ | 168,280 | $ | 155,898 | |||||||||||||||||||
Accruing loans and leases 90 days or more past due | |||||||||||||||||||||||||||||
Non-PCD | $ | 3,587 | $ | 3,644 | $ | 2,933 | $ | 3,291 | $ | 4,247 | |||||||||||||||||||
PCD | — | 152 | 37 | 24,257 | 23,287 | ||||||||||||||||||||||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned | 0.73 | % | 0.77 | % | 0.79 | % | 0.58 | % | 0.57 | % |
(Dollars in thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Accruing TDRs: | |||||||||||
Non-PCD | $ | 141,978 | $ | 111,676 | |||||||
PCD | 16,801 | 17,074 | |||||||||
Total accruing TDRs | 158,779 | 128,750 | |||||||||
Nonaccruing TDRs: | |||||||||||
Non-PCD | 41,577 | 42,331 | |||||||||
PCD | 6,774 | 111 | |||||||||
Total nonaccruing TDRs | 48,351 | 42,442 | |||||||||
All TDRs: | |||||||||||
Non-PCD | 183,555 | 154,007 | |||||||||
PCD | 23,575 | 17,185 | |||||||||
Total TDRs | $ | 207,130 | $ | 171,192 |
(Dollars in thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Demand | $ | 18,234,561 | $ | 12,926,796 | |||||||
Checking with interest | 9,355,731 | 8,284,302 | |||||||||
Money market | 8,371,891 | 6,817,752 | |||||||||
Savings | 3,148,114 | 2,564,777 | |||||||||
Time | 3,140,309 | 3,837,609 | |||||||||
Total deposits | $ | 42,250,606 | $ | 34,431,236 |
(Dollars in thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Securities sold under customer repurchase agreements | $ | 693,889 | $ | 442,956 | |||||||
Federal Home Loan Bank borrowings | 655,179 | 572,185 | |||||||||
Subordinated debt | |||||||||||
SCB Capital Trust I | 9,769 | 9,739 | |||||||||
FCB/SC Capital Trust II | 17,631 | 17,532 | |||||||||
FCB/NC Capital Trust III | 88,145 | 88,145 | |||||||||
Capital Trust debentures assumed in acquisitions | 14,433 | 14,433 | |||||||||
Other subordinated debt | 374,403 | 33,563 | |||||||||
Total subordinated debt | 504,381 | 163,412 | |||||||||
Other borrowings | 92,456 | 148,318 | |||||||||
Total borrowings | $ | 1,945,905 | $ | 1,326,871 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
($ in thousands, expect per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Number of shares repurchased | 117,700 | 295,900 | 813,090 | 744,400 | |||||||||||||||||||
Total cost | $ | 47,060 | $ | 135,373 | $ | 333,756 | $ | 325,882 | |||||||||||||||
Average price per share | $ | 399.82 | $ | 457.50 | $ | 410.48 | $ | 437.84 |
2020 | 2019 | ||||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | |||||||||||||||||||||||||
(in thousands) | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||
Class A shares outstanding at beginning of period | 8,929 | 9,275 | 9,624 | 9,879 | 10,175 | ||||||||||||||||||||||||
Share repurchases | (118) | (346) | (349) | (255) | (296) | ||||||||||||||||||||||||
Class A shares outstanding at end of period | 8,811 | 8,929 | 9,275 | 9,624 | 9,879 | ||||||||||||||||||||||||
Estimated percentage (decrease) increase in net interest income | ||||||||||||||
Change in interest rate (basis points) | September 30, 2020 | December 31, 2019 | ||||||||||||
-100 | (3.44) | % | (8.00) | % | ||||||||||
+100 | 8.37 | 1.30 | ||||||||||||
+200 | 13.19 | 0.01 | ||||||||||||
Estimated percentage (decrease) increase in EVE | ||||||||||||||
Change in interest rate (basis points) | September 30, 2020 | December 31, 2019 | ||||||||||||
-100 | (23.93) | % | (8.25) | % | ||||||||||
+100 | 12.97 | (0.03) | ||||||||||||
+200 | 16.73 | (4.80) | ||||||||||||
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 | ||||||||||
Repurchases from July 1, 2020 to July 31, 2020 | 117,700 | $ | 399.82 | 117,700 | 148,000 | |||||||||
The Board authorized the repurchase of up to 500,000 shares of Class A common stock for the period May 1, 2020 through July 31, 2020. The authorization was publicly announced on April 28, 2020. |
2.1 | |||||
10.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Inline XBRL Instance Document (filed herewith) | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema (filed herewith) | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith) | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith) | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase (filed herewith) | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith) | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document filed as Exhibit 101) |
Date: | November 3, 2020 | FIRST CITIZENS BANCSHARES, INC. | ||||||||||||
(Registrant) | ||||||||||||||
By: | /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 |
/s/ Frank B. Holding, Jr. | ||
Frank B. Holding, Jr. | ||
Chief Executive Officer |
/s/ Craig L. Nix | ||
Craig L. Nix | ||
Chief Financial Officer |