|
|
|
|
|
Illinois
|
001-35077
|
|
36-3873352
|
|
(State or other jurisdiction
of Incorporation)
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|||
9700 W. Higgins Road, Suite 800
Rosemont, Illinois
|
|
60018
|
||
(Address of principal executive offices)
|
|
(Zip Code)
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¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
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|
|
|
WINTRUST FINANCIAL CORPORATION
(Registrant)
|
|
|
|
|
By:
|
/s/ David L. Stoehr
|
|
|
David L. Stoehr
Executive Vice President and
Chief Financial Officer
|
|
|
|
FOR IMMEDIATE RELEASE
|
|
July 15, 2019
|
•
|
Total assets increased by $1.3 billion, including $220 million from the acquisition of Rush-Oak Corporation ("ROC"), the parent company of Oak Bank (the "Oak Bank Acquisition"), or
16%
on an annualized basis.
|
•
|
Total loans
increased
by
$1.1 billion
, including $114 million from the Oak Bank Acquisition, or
18%
on an annualized basis.
|
•
|
Total deposits
increased
by
$714 million
, including $158 million from the Oak Bank Acquisition, or
11%
on an annualized basis.
|
•
|
Net interest income increased by $4.2 million as the impact of a $797 million increase in average earning assets was partially offset by an eight basis point decline in net interest margin.
|
•
|
Mortgage banking production revenue
increased
by $13.3 million as mortgage originations for sale totaled
$1.2 billion
in the
second quarter of 2019
as compared to
$678 million
in the
first quarter of 2019
.
|
•
|
Total period end loans were $751 million higher than average total loans in the current quarter.
|
•
|
Recorded the following activity related to mortgage servicing rights:
|
◦
|
Current period capitalization of $9.8 million;
|
◦
|
Reduction in value related to payoffs and paydowns of $4.1 million; and
|
◦
|
Reduction in value related to changes in fair value model assumptions, net of derivative contract activity held as an economic hedge, of $3.4 million.
|
•
|
Recognized
$24.6 million
of provision for credit losses and
$22.3 million
of net charge-offs, of which $15.2 million of provision for credit losses and $18.4 million of net charge-offs related to three credits.
|
•
|
Completed a subordinated debt issuance which generated proceeds of $297.5 million, net of the underwriting discount, and contributed to increase the total capital ratio to approximately 12.3%
.
|
•
|
Opened a new branch in Waukegan, Illinois, as well as completed the Oak Bank Acquisition, with one branch in the city of Chicago.
|
•
|
Announced an agreement to acquire STC Bancshares Corp., the parent company of STC Capital Bank, which is expected to close in the third quarter of 2019
.
|
|
|
|
|
|
|
|
% or
(4)
basis point (bp) change from
1st Quarter
2019
|
|
% or
basis point (bp)
change from
2nd Quarter
2018
|
||||||||||
|
|
Three Months Ended
|
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
|
June 30,
2019 |
|
March 31,
2019 |
|
June 30,
2018 |
|
||||||||||||
Net income
|
|
$
|
81,466
|
|
|
$
|
89,146
|
|
|
$
|
89,580
|
|
(9
|
)
|
%
|
|
(9
|
)
|
%
|
Net income per common share – diluted
|
|
1.38
|
|
|
1.52
|
|
|
1.53
|
|
(9
|
)
|
|
|
(10
|
)
|
|
|||
Net revenue
(1)
|
|
364,360
|
|
|
343,643
|
|
|
333,403
|
|
6
|
|
|
|
9
|
|
|
|||
Net interest income
|
|
266,202
|
|
|
261,986
|
|
|
238,170
|
|
2
|
|
|
|
12
|
|
|
|||
Net interest margin
|
|
3.62
|
%
|
|
3.70
|
%
|
|
3.61
|
%
|
(8
|
)
|
bp
|
|
1
|
|
bp
|
|||
Net interest margin - fully taxable equivalent (non-GAAP)
(2)
|
|
3.64
|
|
|
3.72
|
|
|
3.63
|
|
(8
|
)
|
|
|
1
|
|
|
|||
Net overhead ratio
(3)
|
|
1.64
|
|
|
1.72
|
|
|
1.57
|
|
(8
|
)
|
|
|
7
|
|
|
|||
Return on average assets
|
|
1.02
|
|
|
1.16
|
|
|
1.26
|
|
(14
|
)
|
|
|
(24
|
)
|
|
|||
Return on average common equity
|
|
9.68
|
|
|
11.09
|
|
|
11.94
|
|
(141
|
)
|
|
|
(226
|
)
|
|
|||
Return on average tangible common equity (non-GAAP)
(2)
|
|
12.28
|
|
|
14.14
|
|
|
14.72
|
|
(186
|
)
|
|
|
(244
|
)
|
|
|||
At end of period
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
33,641,769
|
|
|
$
|
32,358,621
|
|
|
$
|
29,464,588
|
|
16
|
|
%
|
|
14
|
|
%
|
Total loans
(5)
|
|
25,304,659
|
|
|
24,214,629
|
|
|
22,610,560
|
|
18
|
|
|
|
12
|
|
|
|||
Total deposits
|
|
27,518,815
|
|
|
26,804,742
|
|
|
24,365,479
|
|
11
|
|
|
|
13
|
|
|
|||
Total shareholders’ equity
|
|
3,446,950
|
|
|
3,371,972
|
|
|
3,106,871
|
|
9
|
|
|
|
11
|
|
|
(1)
|
Net revenue is net interest income plus non-interest income.
|
(2)
|
See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.
|
(3)
|
The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period's average total assets. A lower ratio indicates a higher degree of efficiency.
|
(4)
|
Period-end balance sheet percentage changes are annualized.
|
(5)
|
Excludes mortgage loans held-for-sale.
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||
(Dollars in thousands, except per share data)
|
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
|
June 30,
2018 |
June 30,
2019 |
|
June 30,
2018 |
||||||||||||||
Selected Financial Condition Data (at end of period):
|
|
|
|
||||||||||||||||||||||||
Total assets
|
|
$
|
33,641,769
|
|
|
$
|
32,358,621
|
|
|
$
|
31,244,849
|
|
|
$
|
30,142,731
|
|
|
$
|
29,464,588
|
|
|
|
|
||||
Total loans
(1)
|
|
25,304,659
|
|
|
24,214,629
|
|
|
23,820,691
|
|
|
23,123,951
|
|
|
22,610,560
|
|
|
|
|
|||||||||
Total deposits
|
|
27,518,815
|
|
|
26,804,742
|
|
|
26,094,678
|
|
|
24,916,715
|
|
|
24,365,479
|
|
|
|
|
|||||||||
Junior subordinated debentures
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|
|
|
|||||||||
Total shareholders’ equity
|
|
3,446,950
|
|
|
3,371,972
|
|
|
3,267,570
|
|
|
3,179,822
|
|
|
3,106,871
|
|
|
|
|
|||||||||
Selected Statements of Income Data:
|
|
|
|
||||||||||||||||||||||||
Net interest income
|
|
$
|
266,202
|
|
|
$
|
261,986
|
|
|
$
|
254,088
|
|
|
$
|
247,563
|
|
|
$
|
238,170
|
|
$
|
528,188
|
|
|
$
|
463,252
|
|
Net revenue
(2)
|
|
364,360
|
|
|
343,643
|
|
|
329,396
|
|
|
347,493
|
|
|
333,403
|
|
708,003
|
|
|
644,164
|
|
|||||||
Net income
|
|
81,466
|
|
|
89,146
|
|
|
79,657
|
|
|
91,948
|
|
|
89,580
|
|
170,612
|
|
|
171,561
|
|
|||||||
Net income per common share – Basic
|
|
1.40
|
|
|
1.54
|
|
|
1.38
|
|
|
1.59
|
|
|
1.55
|
|
2.94
|
|
|
2.98
|
|
|||||||
Net income per common share – Diluted
|
|
1.38
|
|
|
1.52
|
|
|
1.35
|
|
|
1.57
|
|
|
1.53
|
|
2.91
|
|
|
2.93
|
|
|||||||
Selected Financial Ratios and Other Data:
|
|
|
|
||||||||||||||||||||||||
Performance Ratios:
|
|
|
|
||||||||||||||||||||||||
Net interest margin
|
|
3.62
|
%
|
|
3.70
|
%
|
|
3.61
|
%
|
|
3.59
|
%
|
|
3.61
|
%
|
3.66
|
%
|
|
3.58
|
%
|
|||||||
Net interest margin - fully taxable equivalent (non-GAAP)
(3)
|
|
3.64
|
|
|
3.72
|
|
|
3.63
|
|
|
3.61
|
|
|
3.63
|
|
3.68
|
|
|
3.60
|
|
|||||||
Non-interest income to average assets
|
|
1.23
|
|
|
1.06
|
|
|
0.99
|
|
|
1.34
|
|
|
1.34
|
|
1.15
|
|
|
1.29
|
|
|||||||
Non-interest expense to average assets
|
|
2.87
|
|
|
2.79
|
|
|
2.78
|
|
|
2.87
|
|
|
2.90
|
|
2.83
|
|
|
2.87
|
|
|||||||
Net overhead ratio
(4)
|
|
1.64
|
|
|
1.72
|
|
|
1.79
|
|
|
1.53
|
|
|
1.57
|
|
1.68
|
|
|
1.58
|
|
|||||||
Return on average assets
|
|
1.02
|
|
|
1.16
|
|
|
1.05
|
|
|
1.24
|
|
|
1.26
|
|
1.09
|
|
|
1.23
|
|
|||||||
Return on average common equity
|
|
9.68
|
|
|
11.09
|
|
|
10.01
|
|
|
11.86
|
|
|
11.94
|
|
10.37
|
|
|
11.62
|
|
|||||||
Return on average tangible common equity (non-GAAP)
(3)
|
|
12.28
|
|
|
14.14
|
|
|
12.48
|
|
|
14.64
|
|
|
14.72
|
|
13.19
|
|
|
14.38
|
|
|||||||
Average total assets
|
|
$
|
32,055,769
|
|
|
$
|
31,216,171
|
|
|
$
|
30,179,887
|
|
|
$
|
29,525,109
|
|
|
$
|
28,567,579
|
|
$
|
31,638,289
|
|
|
$
|
28,190,683
|
|
Average total shareholders’ equity
|
|
3,414,340
|
|
|
3,309,078
|
|
|
3,200,654
|
|
|
3,131,943
|
|
|
3,064,154
|
|
3,362,000
|
|
|
3,030,062
|
|
|||||||
Average loans to average deposits ratio
|
|
93.9
|
%
|
|
92.7
|
%
|
|
92.4
|
%
|
|
92.2
|
%
|
|
95.5
|
%
|
93.3
|
%
|
|
95.3
|
%
|
|||||||
Period-end loans to deposits ratio
|
|
92.0
|
|
|
90.3
|
|
|
91.3
|
|
|
92.8
|
|
|
92.8
|
|
|
|
|
|||||||||
Common Share Data at end of period:
|
|
|
|
||||||||||||||||||||||||
Market price per common share
|
|
$
|
73.16
|
|
|
$
|
67.33
|
|
|
$
|
66.49
|
|
|
$
|
84.94
|
|
|
$
|
87.05
|
|
|
|
|
||||
Book value per common share
|
|
58.62
|
|
|
57.33
|
|
|
55.71
|
|
|
54.19
|
|
|
52.94
|
|
|
|
|
|||||||||
Tangible book value per common share (non-GAAP)
(3)
|
|
47.48
|
|
|
46.38
|
|
|
44.67
|
|
|
44.16
|
|
|
43.50
|
|
|
|
|
|||||||||
Common shares outstanding
|
|
56,667,846
|
|
|
56,638,968
|
|
|
56,407,558
|
|
|
56,377,169
|
|
|
56,329,276
|
|
|
|
|
|||||||||
Other Data at end of period:
|
|
|
|
||||||||||||||||||||||||
Tier 1 leverage ratio
(5)
|
|
9.1
|
%
|
|
9.1
|
%
|
|
9.1
|
%
|
|
9.3
|
%
|
|
9.4
|
%
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tier 1 capital ratio
(5)
|
|
9.6
|
|
|
9.8
|
|
|
9.7
|
|
|
10.0
|
|
|
10.0
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
(5)
|
|
9.2
|
|
|
9.3
|
|
|
9.3
|
|
|
9.5
|
|
|
9.6
|
|
|
|
|
|||||||||
Total capital ratio
(5)
|
|
12.3
|
|
|
11.7
|
|
|
11.6
|
|
|
12.0
|
|
|
12.1
|
|
|
|
|
|||||||||
Allowance for credit losses
(6)
|
|
$
|
161,901
|
|
|
$
|
159,622
|
|
|
$
|
154,164
|
|
|
$
|
151,001
|
|
|
$
|
144,645
|
|
|
|
|
||||
Non-performing loans
|
|
113,447
|
|
|
117,586
|
|
|
113,234
|
|
|
127,227
|
|
|
83,282
|
|
|
|
|
|||||||||
Allowance for credit losses to total loans
(6)
|
|
0.64
|
%
|
|
0.66
|
%
|
|
0.65
|
%
|
|
0.65
|
%
|
|
0.64
|
%
|
|
|
|
|||||||||
Non-performing loans to total loans
|
|
0.45
|
|
|
0.49
|
|
|
0.48
|
|
|
0.55
|
|
|
0.37
|
|
|
|
|
|||||||||
Number of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Bank subsidiaries
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
|
|
|||||||||
Banking offices
|
|
172
|
|
|
170
|
|
|
167
|
|
|
166
|
|
|
162
|
|
|
|
|
(1)
|
Excludes mortgage loans held-for-sale.
|
(2)
|
Net revenue includes net interest income and non-interest income.
|
(3)
|
See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information on this performance measure/ratio.
|
(4)
|
The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.
|
(5)
|
Capital ratios for current quarter-end are estimated.
|
(6)
|
The allowance for credit losses includes both the allowance for loan losses and the allowance for unfunded lending-related commitments.
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(In thousands)
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
|
$
|
300,934
|
|
|
$
|
270,765
|
|
|
$
|
392,142
|
|
|
$
|
279,936
|
|
|
$
|
304,580
|
|
Federal funds sold and securities purchased under resale agreements
|
|
58
|
|
|
58
|
|
|
58
|
|
|
57
|
|
|
62
|
|
|||||
Interest bearing deposits with banks
|
|
1,437,105
|
|
|
1,609,852
|
|
|
1,099,594
|
|
|
1,137,044
|
|
|
1,221,407
|
|
|||||
Available-for-sale securities, at fair value
|
|
2,186,154
|
|
|
2,185,782
|
|
|
2,126,081
|
|
|
2,164,985
|
|
|
1,940,787
|
|
|||||
Held-to-maturity securities, at amortized cost
|
|
1,191,634
|
|
|
1,051,542
|
|
|
1,067,439
|
|
|
966,438
|
|
|
890,834
|
|
|||||
Trading account securities
|
|
2,430
|
|
|
559
|
|
|
1,692
|
|
|
688
|
|
|
862
|
|
|||||
Equity securities with readily determinable fair value
|
|
44,319
|
|
|
47,653
|
|
|
34,717
|
|
|
36,414
|
|
|
37,839
|
|
|||||
Federal Home Loan Bank and Federal Reserve Bank stock
|
|
92,026
|
|
|
89,013
|
|
|
91,354
|
|
|
99,998
|
|
|
96,699
|
|
|||||
Brokerage customer receivables
|
|
13,569
|
|
|
14,219
|
|
|
12,609
|
|
|
15,649
|
|
|
16,649
|
|
|||||
Mortgage loans held-for-sale
|
|
394,975
|
|
|
248,557
|
|
|
264,070
|
|
|
338,111
|
|
|
455,712
|
|
|||||
Loans, net of unearned income
|
|
25,304,659
|
|
|
24,214,629
|
|
|
23,820,691
|
|
|
23,123,951
|
|
|
22,610,560
|
|
|||||
Allowance for loan losses
|
|
(160,421
|
)
|
|
(158,212
|
)
|
|
(152,770
|
)
|
|
(149,756
|
)
|
|
(143,402
|
)
|
|||||
Net loans
|
|
25,144,238
|
|
|
24,056,417
|
|
|
23,667,921
|
|
|
22,974,195
|
|
|
22,467,158
|
|
|||||
Premises and equipment, net
|
|
711,214
|
|
|
676,037
|
|
|
671,169
|
|
|
664,469
|
|
|
639,345
|
|
|||||
Lease investments, net
|
|
230,111
|
|
|
224,240
|
|
|
233,208
|
|
|
199,241
|
|
|
194,160
|
|
|||||
Accrued interest receivable and other assets
|
|
1,023,896
|
|
|
888,492
|
|
|
696,707
|
|
|
700,568
|
|
|
666,673
|
|
|||||
Trade date securities receivable
|
|
237,607
|
|
|
375,211
|
|
|
263,523
|
|
|
—
|
|
|
450
|
|
|||||
Goodwill
|
|
584,911
|
|
|
573,658
|
|
|
573,141
|
|
|
537,560
|
|
|
509,957
|
|
|||||
Other intangible assets
|
|
46,588
|
|
|
46,566
|
|
|
49,424
|
|
|
27,378
|
|
|
21,414
|
|
|||||
Total assets
|
|
$
|
33,641,769
|
|
|
$
|
32,358,621
|
|
|
$
|
31,244,849
|
|
|
$
|
30,142,731
|
|
|
$
|
29,464,588
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest bearing
|
|
$
|
6,719,958
|
|
|
$
|
6,353,456
|
|
|
$
|
6,569,880
|
|
|
$
|
6,399,213
|
|
|
$
|
6,520,724
|
|
Interest bearing
|
|
20,798,857
|
|
|
20,451,286
|
|
|
19,524,798
|
|
|
18,517,502
|
|
|
17,844,755
|
|
|||||
Total deposits
|
|
27,518,815
|
|
|
26,804,742
|
|
|
26,094,678
|
|
|
24,916,715
|
|
|
24,365,479
|
|
|||||
Federal Home Loan Bank advances
|
|
574,823
|
|
|
576,353
|
|
|
426,326
|
|
|
615,000
|
|
|
667,000
|
|
|||||
Other borrowings
|
|
418,057
|
|
|
372,194
|
|
|
393,855
|
|
|
373,571
|
|
|
255,701
|
|
|||||
Subordinated notes
|
|
436,021
|
|
|
139,235
|
|
|
139,210
|
|
|
139,172
|
|
|
139,148
|
|
|||||
Junior subordinated debentures
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|||||
Accrued interest payable and other liabilities
|
|
993,537
|
|
|
840,559
|
|
|
669,644
|
|
|
664,885
|
|
|
676,823
|
|
|||||
Total liabilities
|
|
30,194,819
|
|
|
28,986,649
|
|
|
27,977,279
|
|
|
26,962,909
|
|
|
26,357,717
|
|
|||||
Shareholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock
|
|
125,000
|
|
|
125,000
|
|
|
125,000
|
|
|
125,000
|
|
|
125,000
|
|
|||||
Common stock
|
|
56,794
|
|
|
56,765
|
|
|
56,518
|
|
|
56,486
|
|
|
56,437
|
|
|||||
Surplus
|
|
1,569,969
|
|
|
1,565,185
|
|
|
1,557,984
|
|
|
1,553,353
|
|
|
1,547,511
|
|
|||||
Treasury stock
|
|
(6,650
|
)
|
|
(6,650
|
)
|
|
(5,634
|
)
|
|
(5,547
|
)
|
|
(5,355
|
)
|
|||||
Retained earnings
|
|
1,747,266
|
|
|
1,682,016
|
|
|
1,610,574
|
|
|
1,543,680
|
|
|
1,464,494
|
|
|||||
Accumulated other comprehensive loss
|
|
(45,429
|
)
|
|
(50,344
|
)
|
|
(76,872
|
)
|
|
(93,150
|
)
|
|
(81,216
|
)
|
|||||
Total shareholders’ equity
|
|
3,446,950
|
|
|
3,371,972
|
|
|
3,267,570
|
|
|
3,179,822
|
|
|
3,106,871
|
|
|||||
Total liabilities and shareholders’ equity
|
|
$
|
33,641,769
|
|
|
$
|
32,358,621
|
|
|
$
|
31,244,849
|
|
|
$
|
30,142,731
|
|
|
$
|
29,464,588
|
|
|
|||||||||||||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||
(In thousands, except per share data)
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
|
June 30,
2018 |
|
June 30,
2019 |
|
June 30,
2018 |
||||||||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest and fees on loans
|
$
|
309,161
|
|
|
$
|
296,987
|
|
|
$
|
283,311
|
|
|
$
|
271,134
|
|
|
$
|
255,063
|
|
|
$
|
606,148
|
|
|
$
|
490,057
|
|
Mortgage loans held-for-sale
|
3,104
|
|
|
2,209
|
|
|
3,409
|
|
|
5,285
|
|
|
4,226
|
|
|
5,313
|
|
|
7,044
|
|
|||||||
Interest bearing deposits with banks
|
5,206
|
|
|
5,300
|
|
|
5,628
|
|
|
5,423
|
|
|
3,243
|
|
|
10,506
|
|
|
6,039
|
|
|||||||
Federal funds sold and securities purchased under resale agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
Investment securities
|
27,721
|
|
|
27,956
|
|
|
26,656
|
|
|
21,710
|
|
|
19,888
|
|
|
55,677
|
|
|
39,016
|
|
|||||||
Trading account securities
|
5
|
|
|
8
|
|
|
14
|
|
|
11
|
|
|
4
|
|
|
13
|
|
|
18
|
|
|||||||
Federal Home Loan Bank and Federal Reserve Bank stock
|
1,439
|
|
|
1,355
|
|
|
1,343
|
|
|
1,235
|
|
|
1,455
|
|
|
2,794
|
|
|
2,753
|
|
|||||||
Brokerage customer receivables
|
178
|
|
|
155
|
|
|
235
|
|
|
164
|
|
|
167
|
|
|
333
|
|
|
324
|
|
|||||||
Total interest income
|
346,814
|
|
|
333,970
|
|
|
320,596
|
|
|
304,962
|
|
|
284,047
|
|
|
680,784
|
|
|
545,252
|
|
|||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest on deposits
|
67,024
|
|
|
60,976
|
|
|
55,975
|
|
|
48,736
|
|
|
35,293
|
|
|
128,000
|
|
|
61,842
|
|
|||||||
Interest on Federal Home Loan Bank advances
|
4,193
|
|
|
2,450
|
|
|
2,563
|
|
|
1,947
|
|
|
4,263
|
|
|
6,643
|
|
|
7,902
|
|
|||||||
Interest on other borrowings
|
3,525
|
|
|
3,633
|
|
|
3,199
|
|
|
2,003
|
|
|
1,698
|
|
|
7,158
|
|
|
3,397
|
|
|||||||
Interest on subordinated notes
|
2,806
|
|
|
1,775
|
|
|
1,788
|
|
|
1,773
|
|
|
1,787
|
|
|
4,581
|
|
|
3,560
|
|
|||||||
Interest on junior subordinated debentures
|
3,064
|
|
|
3,150
|
|
|
2,983
|
|
|
2,940
|
|
|
2,836
|
|
|
6,214
|
|
|
5,299
|
|
|||||||
Total interest expense
|
80,612
|
|
|
71,984
|
|
|
66,508
|
|
|
57,399
|
|
|
45,877
|
|
|
152,596
|
|
|
82,000
|
|
|||||||
Net interest income
|
266,202
|
|
|
261,986
|
|
|
254,088
|
|
|
247,563
|
|
|
238,170
|
|
|
528,188
|
|
|
463,252
|
|
|||||||
Provision for credit losses
|
24,580
|
|
|
10,624
|
|
|
10,401
|
|
|
11,042
|
|
|
5,043
|
|
|
35,204
|
|
|
13,389
|
|
|||||||
Net interest income after provision for credit losses
|
241,622
|
|
|
251,362
|
|
|
243,687
|
|
|
236,521
|
|
|
233,127
|
|
|
492,984
|
|
|
449,863
|
|
|||||||
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Wealth management
|
24,139
|
|
|
23,977
|
|
|
22,726
|
|
|
22,634
|
|
|
22,617
|
|
|
48,116
|
|
|
45,603
|
|
|||||||
Mortgage banking
|
37,411
|
|
|
18,158
|
|
|
24,182
|
|
|
42,014
|
|
|
39,834
|
|
|
55,569
|
|
|
70,794
|
|
|||||||
Service charges on deposit accounts
|
9,277
|
|
|
8,848
|
|
|
9,065
|
|
|
9,331
|
|
|
9,151
|
|
|
18,125
|
|
|
18,008
|
|
|||||||
Gains (losses) on investment securities, net
|
864
|
|
|
1,364
|
|
|
(2,649
|
)
|
|
90
|
|
|
12
|
|
|
2,228
|
|
|
(339
|
)
|
|||||||
Fees from covered call options
|
643
|
|
|
1,784
|
|
|
626
|
|
|
627
|
|
|
669
|
|
|
2,427
|
|
|
2,266
|
|
|||||||
Trading (losses) gains, net
|
(44
|
)
|
|
(171
|
)
|
|
(155
|
)
|
|
(61
|
)
|
|
124
|
|
|
(215
|
)
|
|
227
|
|
|||||||
Operating lease income, net
|
11,733
|
|
|
10,796
|
|
|
10,882
|
|
|
9,132
|
|
|
8,746
|
|
|
22,529
|
|
|
18,437
|
|
|||||||
Other
|
14,135
|
|
|
16,901
|
|
|
10,631
|
|
|
16,163
|
|
|
14,080
|
|
|
31,036
|
|
|
25,916
|
|
|||||||
Total non-interest income
|
98,158
|
|
|
81,657
|
|
|
75,308
|
|
|
99,930
|
|
|
95,233
|
|
|
179,815
|
|
|
180,912
|
|
|||||||
Non-interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Salaries and employee benefits
|
133,732
|
|
|
125,723
|
|
|
122,111
|
|
|
123,855
|
|
|
121,675
|
|
|
259,455
|
|
|
234,111
|
|
|||||||
Equipment
|
12,759
|
|
|
11,770
|
|
|
11,523
|
|
|
10,827
|
|
|
10,527
|
|
|
24,529
|
|
|
20,599
|
|
|||||||
Operating lease equipment depreciation
|
8,768
|
|
|
8,319
|
|
|
8,462
|
|
|
7,370
|
|
|
6,940
|
|
|
17,087
|
|
|
13,473
|
|
|||||||
Occupancy, net
|
15,921
|
|
|
16,245
|
|
|
15,980
|
|
|
14,404
|
|
|
13,663
|
|
|
32,166
|
|
|
27,430
|
|
|||||||
Data processing
|
6,204
|
|
|
7,525
|
|
|
8,447
|
|
|
9,335
|
|
|
8,752
|
|
|
13,729
|
|
|
17,245
|
|
|||||||
Advertising and marketing
|
12,845
|
|
|
9,858
|
|
|
9,414
|
|
|
11,120
|
|
|
11,782
|
|
|
22,703
|
|
|
20,606
|
|
|||||||
Professional fees
|
6,228
|
|
|
5,556
|
|
|
9,259
|
|
|
9,914
|
|
|
6,484
|
|
|
11,784
|
|
|
13,133
|
|
|||||||
Amortization of other intangible assets
|
2,957
|
|
|
2,942
|
|
|
1,407
|
|
|
1,163
|
|
|
997
|
|
|
5,899
|
|
|
2,001
|
|
|||||||
FDIC insurance
|
4,127
|
|
|
3,576
|
|
|
4,044
|
|
|
4,205
|
|
|
4,598
|
|
|
7,703
|
|
|
8,960
|
|
|||||||
OREO expense, net
|
1,290
|
|
|
632
|
|
|
1,618
|
|
|
596
|
|
|
980
|
|
|
1,922
|
|
|
3,906
|
|
|||||||
Other
|
24,776
|
|
|
22,228
|
|
|
19,068
|
|
|
20,848
|
|
|
20,371
|
|
|
47,004
|
|
|
39,654
|
|
|||||||
Total non-interest expense
|
229,607
|
|
|
214,374
|
|
|
211,333
|
|
|
213,637
|
|
|
206,769
|
|
|
443,981
|
|
|
401,118
|
|
|||||||
Income before taxes
|
110,173
|
|
|
118,645
|
|
|
107,662
|
|
|
122,814
|
|
|
121,591
|
|
|
228,818
|
|
|
229,657
|
|
|||||||
Income tax expense
|
28,707
|
|
|
29,499
|
|
|
28,005
|
|
|
30,866
|
|
|
32,011
|
|
|
58,206
|
|
|
58,096
|
|
|||||||
Net income
|
$
|
81,466
|
|
|
$
|
89,146
|
|
|
$
|
79,657
|
|
|
$
|
91,948
|
|
|
$
|
89,580
|
|
|
$
|
170,612
|
|
|
$
|
171,561
|
|
Preferred stock dividends
|
2,050
|
|
|
2,050
|
|
|
2,050
|
|
|
2,050
|
|
|
2,050
|
|
|
4,100
|
|
|
4,100
|
|
|||||||
Net income applicable to common shares
|
$
|
79,416
|
|
|
$
|
87,096
|
|
|
$
|
77,607
|
|
|
$
|
89,898
|
|
|
$
|
87,530
|
|
|
$
|
166,512
|
|
|
$
|
167,461
|
|
Net income per common share - Basic
|
$
|
1.40
|
|
|
$
|
1.54
|
|
|
$
|
1.38
|
|
|
$
|
1.59
|
|
|
$
|
1.55
|
|
|
$
|
2.94
|
|
|
$
|
2.98
|
|
Net income per common share - Diluted
|
$
|
1.38
|
|
|
$
|
1.52
|
|
|
$
|
1.35
|
|
|
$
|
1.57
|
|
|
$
|
1.53
|
|
|
$
|
2.91
|
|
|
$
|
2.93
|
|
Cash dividends declared per common share
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.50
|
|
|
$
|
0.38
|
|
Weighted average common shares outstanding
|
56,662
|
|
|
56,529
|
|
|
56,395
|
|
|
56,366
|
|
|
56,299
|
|
|
56,596
|
|
|
56,218
|
|
|||||||
Dilutive potential common shares
|
699
|
|
|
699
|
|
|
892
|
|
|
918
|
|
|
928
|
|
|
700
|
|
|
909
|
|
|||||||
Average common shares and dilutive common shares
|
57,361
|
|
|
57,228
|
|
|
57,287
|
|
|
57,284
|
|
|
57,227
|
|
|
57,296
|
|
|
57,127
|
|
|
|
|
|
|
|
|
|
|
|
% Growth From
|
||||||||||||||
(Dollars in thousands)
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
|
June 30,
2018 |
December 31, 2018
(1)
|
|
June 30,
2018 |
||||||||||||
Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
$
|
8,270,774
|
|
|
$
|
7,994,191
|
|
|
$
|
7,828,538
|
|
|
$
|
7,473,958
|
|
|
$
|
7,289,060
|
|
11
|
%
|
|
13
|
%
|
Commercial real estate
|
7,276,244
|
|
|
6,973,505
|
|
|
6,933,252
|
|
|
6,746,774
|
|
|
6,575,084
|
|
10
|
|
|
11
|
|
|||||
Home equity
|
527,370
|
|
|
528,448
|
|
|
552,343
|
|
|
578,844
|
|
|
593,500
|
|
(9
|
)
|
|
(11
|
)
|
|||||
Residential real estate
|
1,118,178
|
|
|
1,053,524
|
|
|
1,002,464
|
|
|
924,250
|
|
|
895,470
|
|
23
|
|
|
25
|
|
|||||
Premium finance receivables - commercial
|
3,368,423
|
|
|
2,988,788
|
|
|
2,841,659
|
|
|
2,885,327
|
|
|
2,833,452
|
|
37
|
|
|
19
|
|
|||||
Premium finance receivables - life insurance
|
4,634,478
|
|
|
4,555,369
|
|
|
4,541,794
|
|
|
4,398,971
|
|
|
4,302,288
|
|
4
|
|
|
8
|
|
|||||
Consumer and other
|
109,192
|
|
|
120,804
|
|
|
120,641
|
|
|
115,827
|
|
|
121,706
|
|
(19
|
)
|
|
(10
|
)
|
|||||
Total loans, net of unearned income
|
$
|
25,304,659
|
|
|
$
|
24,214,629
|
|
|
$
|
23,820,691
|
|
|
$
|
23,123,951
|
|
|
$
|
22,610,560
|
|
13
|
%
|
|
12
|
%
|
Mix:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
33
|
%
|
|
33
|
%
|
|
33
|
%
|
|
32
|
%
|
|
32
|
%
|
|
|
|
|||||||
Commercial real estate
|
29
|
|
|
29
|
|
|
29
|
|
|
29
|
|
|
29
|
|
|
|
|
|||||||
Home equity
|
2
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
3
|
|
|
|
|
|||||||
Residential real estate
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
|
|
|||||||
Premium finance receivables - commercial
|
13
|
|
|
12
|
|
|
12
|
|
|
12
|
|
|
12
|
|
|
|
|
|||||||
Premium finance receivables - life insurance
|
18
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
19
|
|
|
|
|
|||||||
Consumer and other
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
|
|
|||||||
Total loans, net of unearned income
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
(1)
|
Annualized.
|
|
As of June 30, 2019
|
|||||||||||||||||
|
|
|
% of
Total
Balance
|
|
Nonaccrual
|
|
> 90 Days
Past Due
and Still
Accruing
|
|
Allowance
For Loan
Losses
Allocation
|
|||||||||
|
|
|
||||||||||||||||
(Dollars in thousands)
|
Balance
|
|
||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial, industrial and other
|
$
|
5,295,775
|
|
|
34.0
|
%
|
|
$
|
35,902
|
|
|
$
|
488
|
|
|
$
|
52,756
|
|
Franchise
|
926,521
|
|
|
6.0
|
|
|
11,076
|
|
|
—
|
|
|
8,314
|
|
||||
Mortgage warehouse lines of credit
|
275,170
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
2,195
|
|
||||
Asset-based lending
|
1,068,226
|
|
|
6.9
|
|
|
568
|
|
|
—
|
|
|
9,335
|
|
||||
Leases
|
680,757
|
|
|
4.4
|
|
|
58
|
|
|
—
|
|
|
1,879
|
|
||||
PCI - commercial loans
(1)
|
24,325
|
|
|
0.2
|
|
|
—
|
|
|
1,451
|
|
|
414
|
|
||||
Total commercial
|
$
|
8,270,774
|
|
|
53.3
|
%
|
|
$
|
47,604
|
|
|
$
|
1,939
|
|
|
$
|
74,893
|
|
Commercial Real Estate:
|
|
|
|
|
|
|
|
|
|
|||||||||
Construction
|
$
|
838,499
|
|
|
5.3
|
%
|
|
$
|
1,030
|
|
|
$
|
—
|
|
|
$
|
9,343
|
|
Land
|
145,639
|
|
|
0.9
|
|
|
1,226
|
|
|
—
|
|
|
4,193
|
|
||||
Office
|
957,218
|
|
|
6.2
|
|
|
8,981
|
|
|
—
|
|
|
9,778
|
|
||||
Industrial
|
956,530
|
|
|
6.2
|
|
|
368
|
|
|
—
|
|
|
6,591
|
|
||||
Retail
|
976,201
|
|
|
6.3
|
|
|
6,867
|
|
|
—
|
|
|
6,515
|
|
||||
Multi-family
|
1,240,067
|
|
|
8.0
|
|
|
296
|
|
|
—
|
|
|
11,983
|
|
||||
Mixed use and other
|
2,035,099
|
|
|
13.0
|
|
|
2,107
|
|
|
—
|
|
|
14,813
|
|
||||
PCI - commercial real estate
(1)
|
126,991
|
|
|
0.8
|
|
|
—
|
|
|
5,124
|
|
|
54
|
|
||||
Total commercial real estate
|
$
|
7,276,244
|
|
|
46.7
|
%
|
|
$
|
20,875
|
|
|
$
|
5,124
|
|
|
$
|
63,270
|
|
Total commercial and commercial real estate
|
$
|
15,547,018
|
|
|
100.0
|
%
|
|
$
|
68,479
|
|
|
$
|
7,063
|
|
|
$
|
138,163
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate - collateral location by state:
|
|
|
|
|
|
|
|
|
|
|||||||||
Illinois
|
$
|
5,505,290
|
|
|
75.7
|
%
|
|
|
|
|
|
|
||||||
Wisconsin
|
740,288
|
|
|
10.2
|
|
|
|
|
|
|
|
|||||||
Total primary markets
|
$
|
6,245,578
|
|
|
85.9
|
%
|
|
|
|
|
|
|
||||||
Indiana
|
179,977
|
|
|
2.5
|
|
|
|
|
|
|
|
|||||||
Florida
|
60,343
|
|
|
0.8
|
|
|
|
|
|
|
|
|||||||
Arizona
|
62,607
|
|
|
0.9
|
|
|
|
|
|
|
|
|||||||
Michigan
|
37,271
|
|
|
0.5
|
|
|
|
|
|
|
|
|||||||
California
|
68,497
|
|
|
0.9
|
|
|
|
|
|
|
|
|||||||
Other
|
621,971
|
|
|
8.5
|
|
|
|
|
|
|
|
|||||||
Total commercial real estate
|
$
|
7,276,244
|
|
|
100.0
|
%
|
|
|
|
|
|
|
(1)
|
Purchased credit impaired ("PCI") loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
|
|
|
|
|
|
|
|
|
|
% Growth From
|
||||||||||||||
(Dollars in thousands)
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
|
June 30,
2018 |
December 31, 2018
(1)
|
|
June 30,
2018 |
||||||||||||
Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest bearing
|
$
|
6,719,958
|
|
|
$
|
6,353,456
|
|
|
$
|
6,569,880
|
|
|
$
|
6,399,213
|
|
|
$
|
6,520,724
|
|
5
|
%
|
|
3
|
%
|
NOW and interest bearing demand deposits
|
2,788,976
|
|
|
2,948,576
|
|
|
2,897,133
|
|
|
2,512,259
|
|
|
2,452,474
|
|
(8
|
)
|
|
14
|
|
|||||
Wealth management deposits
(2)
|
3,220,256
|
|
|
3,328,781
|
|
|
2,996,764
|
|
|
2,520,120
|
|
|
2,523,572
|
|
15
|
|
|
28
|
|
|||||
Money market
|
6,460,098
|
|
|
6,093,596
|
|
|
5,704,866
|
|
|
5,429,921
|
|
|
5,205,678
|
|
27
|
|
|
24
|
|
|||||
Savings
|
2,823,904
|
|
|
2,729,626
|
|
|
2,665,194
|
|
|
2,595,164
|
|
|
2,763,062
|
|
12
|
|
|
2
|
|
|||||
Time certificates of deposit
|
5,505,623
|
|
|
5,350,707
|
|
|
5,260,841
|
|
|
5,460,038
|
|
|
4,899,969
|
|
9
|
|
|
12
|
|
|||||
Total deposits
|
$
|
27,518,815
|
|
|
$
|
26,804,742
|
|
|
$
|
26,094,678
|
|
|
$
|
24,916,715
|
|
|
$
|
24,365,479
|
|
11
|
%
|
|
13
|
%
|
Mix:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest bearing
|
24
|
%
|
|
24
|
%
|
|
25
|
%
|
|
26
|
%
|
|
27
|
%
|
|
|
|
|||||||
NOW and interest bearing demand deposits
|
10
|
|
|
11
|
|
|
11
|
|
|
10
|
|
|
10
|
|
|
|
|
|||||||
Wealth management deposits
(2)
|
12
|
|
|
12
|
|
|
12
|
|
|
10
|
|
|
11
|
|
|
|
|
|||||||
Money market
|
24
|
|
|
23
|
|
|
22
|
|
|
22
|
|
|
21
|
|
|
|
|
|||||||
Savings
|
10
|
|
|
10
|
|
|
10
|
|
|
10
|
|
|
11
|
|
|
|
|
|||||||
Time certificates of deposit
|
20
|
|
|
20
|
|
|
20
|
|
|
22
|
|
|
20
|
|
|
|
|
|||||||
Total deposits
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
(1)
|
Annualized.
|
(2)
|
Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, CDEC, trust and asset management customers of the Company and brokerage customers from unaffiliated companies which have been placed into deposit accounts.
|
(Dollars in thousands)
|
CDARs &
Brokered
Certificates
of Deposit
(1)
|
|
MaxSafe
Certificates
of Deposit
(1)
|
|
Variable Rate
Certificates
of Deposit
(2)
|
|
Other Fixed
Rate Certificates
of Deposit
(1)
|
|
Total Time
Certificates of
Deposit
|
|
Weighted-Average
Rate of Maturing
Time Certificates
of Deposit
(3)
|
|||||||||||
1-3 months
|
$
|
75,122
|
|
|
$
|
32,378
|
|
|
$
|
103,079
|
|
|
$
|
745,645
|
|
|
$
|
956,224
|
|
|
1.68
|
%
|
4-6 months
|
—
|
|
|
22,108
|
|
|
—
|
|
|
653,009
|
|
|
675,117
|
|
|
1.78
|
|
|||||
7-9 months
|
—
|
|
|
22,094
|
|
|
—
|
|
|
778,564
|
|
|
800,658
|
|
|
2.04
|
|
|||||
10-12 months
|
—
|
|
|
10,439
|
|
|
—
|
|
|
1,072,876
|
|
|
1,083,315
|
|
|
2.19
|
|
|||||
13-18 months
|
—
|
|
|
15,064
|
|
|
—
|
|
|
520,874
|
|
|
535,938
|
|
|
2.17
|
|
|||||
19-24 months
|
—
|
|
|
9,844
|
|
|
—
|
|
|
850,748
|
|
|
860,592
|
|
|
2.71
|
|
|||||
24+ months
|
1,000
|
|
|
9,301
|
|
|
—
|
|
|
583,478
|
|
|
593,779
|
|
|
2.60
|
|
|||||
Total
|
$
|
76,122
|
|
|
$
|
121,228
|
|
|
$
|
103,079
|
|
|
$
|
5,205,194
|
|
|
$
|
5,505,623
|
|
|
2.15
|
%
|
(1)
|
This category of certificates of deposit is shown by contractual maturity date.
|
(2)
|
This category includes variable rate certificates of deposit and savings certificates with the majority repricing on at least a monthly basis.
|
(3)
|
Weighted-average rate excludes the impact of purchase accounting fair value adjustments.
|
|
|
Average Balance for three months ended,
|
||||||||||||||||||
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(In thousands)
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Interest-bearing deposits with banks and cash equivalents
(1)
|
|
$
|
893,332
|
|
|
$
|
897,629
|
|
|
$
|
1,042,860
|
|
|
$
|
998,004
|
|
|
$
|
759,425
|
|
Investment securities
(2)
|
|
3,653,580
|
|
|
3,630,577
|
|
|
3,347,496
|
|
|
3,046,272
|
|
|
2,890,828
|
|
|||||
FHLB and FRB stock
|
|
105,491
|
|
|
94,882
|
|
|
98,084
|
|
|
88,335
|
|
|
115,119
|
|
|||||
Liquidity management assets
(6)
|
|
4,652,403
|
|
|
4,623,088
|
|
|
4,488,440
|
|
|
4,132,611
|
|
|
3,765,372
|
|
|||||
Other earning assets
(3)(6)
|
|
15,719
|
|
|
13,591
|
|
|
16,204
|
|
|
17,862
|
|
|
21,244
|
|
|||||
Mortgage loans held-for-sale
|
|
281,732
|
|
|
188,190
|
|
|
265,717
|
|
|
380,235
|
|
|
403,967
|
|
|||||
Loans, net of unearned income
(4)(6)
|
|
24,553,263
|
|
|
23,880,916
|
|
|
23,164,154
|
|
|
22,823,378
|
|
|
22,283,541
|
|
|||||
Total earning assets
(6)
|
|
29,503,117
|
|
|
28,705,785
|
|
|
27,934,515
|
|
|
27,354,086
|
|
|
26,474,124
|
|
|||||
Allowance for loan losses
|
|
(164,231
|
)
|
|
(157,782
|
)
|
|
(154,438
|
)
|
|
(148,503
|
)
|
|
(147,192
|
)
|
|||||
Cash and due from banks
|
|
273,679
|
|
|
283,019
|
|
|
271,403
|
|
|
268,006
|
|
|
270,240
|
|
|||||
Other assets
|
|
2,443,204
|
|
|
2,385,149
|
|
|
2,128,407
|
|
|
2,051,520
|
|
|
1,970,407
|
|
|||||
Total assets
|
|
$
|
32,055,769
|
|
|
$
|
31,216,171
|
|
|
$
|
30,179,887
|
|
|
$
|
29,525,109
|
|
|
$
|
28,567,579
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW and interest bearing demand deposits
|
|
$
|
2,878,021
|
|
|
$
|
2,803,338
|
|
|
$
|
2,671,283
|
|
|
$
|
2,519,445
|
|
|
$
|
2,295,268
|
|
Wealth management deposits
|
|
2,605,690
|
|
|
2,614,035
|
|
|
2,289,904
|
|
|
2,517,141
|
|
|
2,365,191
|
|
|||||
Money market accounts
|
|
6,095,285
|
|
|
5,915,525
|
|
|
5,632,268
|
|
|
5,369,324
|
|
|
4,883,645
|
|
|||||
Savings accounts
|
|
2,752,828
|
|
|
2,715,422
|
|
|
2,553,133
|
|
|
2,672,077
|
|
|
2,702,665
|
|
|||||
Time deposits
|
|
5,322,384
|
|
|
5,267,796
|
|
|
5,381,029
|
|
|
5,214,637
|
|
|
4,557,187
|
|
|||||
Interest-bearing deposits
|
|
19,654,208
|
|
|
19,316,116
|
|
|
18,527,617
|
|
|
18,292,624
|
|
|
16,803,956
|
|
|||||
Federal Home Loan Bank advances
|
|
869,812
|
|
|
594,335
|
|
|
551,846
|
|
|
429,739
|
|
|
1,006,407
|
|
|||||
Other borrowings
|
|
419,064
|
|
|
465,571
|
|
|
385,878
|
|
|
268,278
|
|
|
240,066
|
|
|||||
Subordinated notes
|
|
220,771
|
|
|
139,217
|
|
|
139,186
|
|
|
139,155
|
|
|
139,125
|
|
|||||
Junior subordinated debentures
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|
253,566
|
|
|||||
Total interest-bearing liabilities
|
|
21,417,421
|
|
|
20,768,805
|
|
|
19,858,093
|
|
|
19,383,362
|
|
|
18,443,120
|
|
|||||
Non-interest bearing deposits
|
|
6,487,627
|
|
|
6,444,378
|
|
|
6,542,228
|
|
|
6,461,195
|
|
|
6,539,731
|
|
|||||
Other liabilities
|
|
736,381
|
|
|
693,910
|
|
|
578,912
|
|
|
548,609
|
|
|
520,574
|
|
|||||
Equity
|
|
3,414,340
|
|
|
3,309,078
|
|
|
3,200,654
|
|
|
3,131,943
|
|
|
3,064,154
|
|
|||||
Total liabilities and shareholders’ equity
|
|
$
|
32,055,769
|
|
|
$
|
31,216,171
|
|
|
$
|
30,179,887
|
|
|
$
|
29,525,109
|
|
|
$
|
28,567,579
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net free funds/contribution
(5)
|
|
$
|
8,085,696
|
|
|
$
|
7,936,980
|
|
|
$
|
8,076,422
|
|
|
$
|
7,970,724
|
|
|
$
|
8,031,004
|
|
(1)
|
Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.
|
(2)
|
Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
|
(3)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(4)
|
Loans, net of unearned income, include non-accrual loans.
|
(5)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(6)
|
See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.
|
|
|
Net Interest Income for three months ended,
|
||||||||||||||||||
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(In thousands)
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits with banks and cash equivalents
|
|
$
|
5,206
|
|
|
$
|
5,300
|
|
|
$
|
5,628
|
|
|
$
|
5,423
|
|
|
$
|
3,244
|
|
Investment securities
|
|
28,290
|
|
|
28,521
|
|
|
27,242
|
|
|
22,285
|
|
|
20,454
|
|
|||||
FHLB and FRB stock
|
|
1,439
|
|
|
1,355
|
|
|
1,343
|
|
|
1,235
|
|
|
1,455
|
|
|||||
Liquidity management assets
(2)
|
|
34,935
|
|
|
35,176
|
|
|
34,213
|
|
|
28,943
|
|
|
25,153
|
|
|||||
Other earning assets
(2)
|
|
184
|
|
|
165
|
|
|
253
|
|
|
178
|
|
|
172
|
|
|||||
Mortgage loans held-for-sale
|
|
3,104
|
|
|
2,209
|
|
|
3,409
|
|
|
5,285
|
|
|
4,226
|
|
|||||
Loans, net of unearned income
(2)
|
|
310,191
|
|
|
298,021
|
|
|
284,291
|
|
|
272,075
|
|
|
255,875
|
|
|||||
Total interest income
|
|
$
|
348,414
|
|
|
$
|
335,571
|
|
|
$
|
322,166
|
|
|
$
|
306,481
|
|
|
$
|
285,426
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW and interest bearing demand deposits
|
|
$
|
5,553
|
|
|
$
|
4,613
|
|
|
$
|
4,007
|
|
|
$
|
2,479
|
|
|
$
|
1,901
|
|
Wealth management deposits
|
|
7,091
|
|
|
7,000
|
|
|
7,119
|
|
|
8,287
|
|
|
6,992
|
|
|||||
Money market accounts
|
|
21,451
|
|
|
19,460
|
|
|
16,936
|
|
|
13,260
|
|
|
8,111
|
|
|||||
Savings accounts
|
|
4,959
|
|
|
4,249
|
|
|
3,096
|
|
|
2,907
|
|
|
2,709
|
|
|||||
Time deposits
|
|
27,970
|
|
|
25,654
|
|
|
24,817
|
|
|
21,803
|
|
|
15,580
|
|
|||||
Interest-bearing deposits
|
|
67,024
|
|
|
60,976
|
|
|
55,975
|
|
|
48,736
|
|
|
35,293
|
|
|||||
Federal Home Loan Bank advances
|
|
4,193
|
|
|
2,450
|
|
|
2,563
|
|
|
1,947
|
|
|
4,263
|
|
|||||
Other borrowings
|
|
3,525
|
|
|
3,633
|
|
|
3,199
|
|
|
2,003
|
|
|
1,698
|
|
|||||
Subordinated notes
|
|
2,806
|
|
|
1,775
|
|
|
1,788
|
|
|
1,773
|
|
|
1,787
|
|
|||||
Junior subordinated debentures
|
|
3,064
|
|
|
3,150
|
|
|
2,983
|
|
|
2,940
|
|
|
2,836
|
|
|||||
Total interest expense
|
|
$
|
80,612
|
|
|
$
|
71,984
|
|
|
$
|
66,508
|
|
|
$
|
57,399
|
|
|
$
|
45,877
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Less: Fully taxable-equivalent adjustment
|
|
(1,600
|
)
|
|
(1,601
|
)
|
|
(1,570
|
)
|
|
(1,519
|
)
|
|
(1,379
|
)
|
|||||
Net interest income
(GAAP)
(1)
|
|
266,202
|
|
|
261,986
|
|
|
254,088
|
|
|
247,563
|
|
|
238,170
|
|
|||||
Fully taxable-equivalent adjustment
|
|
1,600
|
|
|
1,601
|
|
|
1,570
|
|
|
1,519
|
|
|
1,379
|
|
|||||
Net interest income, fully taxable-equivalent (non-GAAP)
(1)
|
|
$
|
267,802
|
|
|
$
|
263,587
|
|
|
$
|
255,658
|
|
|
$
|
249,082
|
|
|
$
|
239,549
|
|
(1)
|
See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.
|
(2)
|
Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the three months ended
June 30, 2019
,
March 31, 2019
,
December 31, 2018
,
September 30, 2018
and
June 30, 2018
were
$1.6 million
,
$1.6 million
,
$1.6 million
,
$1.5 million
and
$1.4 million
, respectively.
|
|
|
Net Interest Margin for three months ended,
|
|||||||||||||
|
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
|
June 30,
2018 |
|||||
Yield earned on:
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits with banks and cash equivalents
|
|
2.34
|
%
|
|
2.39
|
%
|
|
2.14
|
%
|
|
2.16
|
%
|
|
1.71
|
%
|
Investment securities
|
|
3.11
|
|
|
3.19
|
|
|
3.23
|
|
|
2.90
|
|
|
2.84
|
|
FHLB and FRB stock
|
|
5.47
|
|
|
5.79
|
|
|
5.43
|
|
|
5.54
|
|
|
5.07
|
|
Liquidity management assets
|
|
3.01
|
|
|
3.09
|
|
|
3.02
|
|
|
2.78
|
|
|
2.68
|
|
Other earning assets
|
|
4.68
|
|
|
4.91
|
|
|
6.19
|
|
|
3.95
|
|
|
3.24
|
|
Mortgage loans held-for-sale
|
|
4.42
|
|
|
4.76
|
|
|
5.09
|
|
|
5.51
|
|
|
4.20
|
|
Loans, net of unearned income
|
|
5.07
|
|
|
5.06
|
|
|
4.87
|
|
|
4.73
|
|
|
4.61
|
|
Total earning assets
|
|
4.74
|
%
|
|
4.74
|
%
|
|
4.58
|
%
|
|
4.45
|
%
|
|
4.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rate paid on:
|
|
|
|
|
|
|
|
|
|
|
|||||
NOW and interest bearing demand deposits
|
|
0.77
|
%
|
|
0.67
|
%
|
|
0.60
|
%
|
|
0.39
|
%
|
|
0.33
|
%
|
Wealth management deposits
|
|
1.09
|
|
|
1.09
|
|
|
1.23
|
|
|
1.31
|
|
|
1.19
|
|
Money market accounts
|
|
1.41
|
|
|
1.33
|
|
|
1.19
|
|
|
0.98
|
|
|
0.67
|
|
Savings accounts
|
|
0.72
|
|
|
0.63
|
|
|
0.48
|
|
|
0.43
|
|
|
0.40
|
|
Time deposits
|
|
2.11
|
|
|
1.98
|
|
|
1.83
|
|
|
1.66
|
|
|
1.37
|
|
Interest-bearing deposits
|
|
1.37
|
|
|
1.29
|
|
|
1.20
|
|
|
1.06
|
|
|
0.84
|
|
Federal Home Loan Bank advances
|
|
1.93
|
|
|
1.67
|
|
|
1.84
|
|
|
1.80
|
|
|
1.70
|
|
Other borrowings
|
|
3.37
|
|
|
3.16
|
|
|
3.29
|
|
|
2.96
|
|
|
2.84
|
|
Subordinated notes
|
|
5.08
|
|
|
5.10
|
|
|
5.14
|
|
|
5.10
|
|
|
5.14
|
|
Junior subordinated debentures
|
|
4.78
|
|
|
4.97
|
|
|
4.60
|
|
|
4.54
|
|
|
4.42
|
|
Total interest-bearing liabilities
|
|
1.51
|
%
|
|
1.40
|
%
|
|
1.33
|
%
|
|
1.17
|
%
|
|
1.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate spread
(1)(3)
|
|
3.23
|
%
|
|
3.34
|
%
|
|
3.25
|
%
|
|
3.28
|
%
|
|
3.32
|
%
|
Less: Fully taxable-equivalent adjustment
|
|
(0.02
|
)
|
|
(0.02
|
)
|
|
(0.02
|
)
|
|
(0.02
|
)
|
|
(0.02
|
)
|
Net free funds/contribution
(2)
|
|
0.41
|
|
|
0.38
|
|
|
0.38
|
|
|
0.33
|
|
|
0.31
|
|
Net interest margin (GAAP)
(3)
|
|
3.62
|
%
|
|
3.70
|
%
|
|
3.61
|
%
|
|
3.59
|
%
|
|
3.61
|
%
|
Fully taxable-equivalent adjustment
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
Net interest margin, fully taxable-equivalent (non-GAAP)
(3)
|
|
3.64
|
%
|
|
3.72
|
%
|
|
3.63
|
%
|
|
3.61
|
%
|
|
3.63
|
%
|
(1)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(2)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(3)
|
See "Supplemental Non-GAAP Financial Measures/Ratios" at Table 18 for additional information on this performance measure/ratio.
|
|
Average Balance for six months ended,
|
Interest for six months ended,
|
Yield/Rate for six months ended,
|
||||||||||||||||
(Dollars in thousands)
|
June 30,
2019 |
|
June 30,
2018 |
June 30,
2019 |
|
June 30,
2018 |
June 30,
2019 |
|
June 30,
2018 |
||||||||||
Interest-bearing deposits with banks and cash equivalents
(1)
|
$
|
895,497
|
|
|
$
|
754,725
|
|
$
|
10,506
|
|
|
$
|
6,040
|
|
2.37
|
%
|
|
1.61
|
%
|
Investment securities
(2)
|
3,642,142
|
|
|
2,891,718
|
|
56,811
|
|
|
40,113
|
|
3.15
|
|
|
2.80
|
|
||||
FHLB and FRB stock
|
100,187
|
|
|
110,293
|
|
2,794
|
|
|
2,753
|
|
5.62
|
|
|
5.04
|
|
||||
Liquidity management assets
(3)(8)
|
$
|
4,637,826
|
|
|
$
|
3,756,736
|
|
$
|
70,111
|
|
|
$
|
48,906
|
|
3.05
|
%
|
|
2.63
|
%
|
Other earning assets
(3)(4)(8)
|
14,661
|
|
|
24,390
|
|
349
|
|
|
346
|
|
4.79
|
|
|
2.86
|
|
||||
Mortgage loans held-for-sale
|
235,220
|
|
|
342,914
|
|
5,313
|
|
|
7,044
|
|
4.55
|
|
|
4.14
|
|
||||
Loans, net of unearned income
(3)(5)(8)
|
24,218,946
|
|
|
21,999,022
|
|
608,212
|
|
|
491,539
|
|
5.06
|
|
|
4.51
|
|
||||
Total earning assets
(8)
|
$
|
29,106,653
|
|
|
$
|
26,123,062
|
|
$
|
683,985
|
|
|
$
|
547,835
|
|
4.74
|
%
|
|
4.23
|
%
|
Allowance for loan losses
|
(161,024
|
)
|
|
(145,161
|
)
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
278,324
|
|
|
262,408
|
|
|
|
|
|
|
|
||||||||
Other assets
|
2,414,336
|
|
|
1,950,374
|
|
|
|
|
|
|
|
||||||||
Total assets
|
$
|
31,638,289
|
|
|
$
|
28,190,683
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW and interest bearing demand deposits
|
$
|
2,840,886
|
|
|
$
|
2,275,589
|
|
$
|
10,166
|
|
|
$
|
3,286
|
|
0.72
|
%
|
|
0.29
|
%
|
Wealth management deposits
|
2,609,839
|
|
|
2,307,983
|
|
14,091
|
|
|
12,433
|
|
1.09
|
|
|
1.09
|
|
||||
Money market accounts
|
6,005,902
|
|
|
4,703,135
|
|
40,911
|
|
|
12,778
|
|
1.37
|
|
|
0.55
|
|
||||
Savings accounts
|
2,734,228
|
|
|
2,757,911
|
|
9,208
|
|
|
5,440
|
|
0.68
|
|
|
0.40
|
|
||||
Time deposits
|
5,295,241
|
|
|
4,440,299
|
|
53,624
|
|
|
27,905
|
|
2.04
|
|
|
1.27
|
|
||||
Interest-bearing deposits
|
$
|
19,486,096
|
|
|
$
|
16,484,917
|
|
$
|
128,000
|
|
|
$
|
61,842
|
|
1.32
|
%
|
|
0.76
|
%
|
Federal Home Loan Bank advances
|
732,834
|
|
|
939,978
|
|
6,643
|
|
|
7,902
|
|
1.83
|
|
|
1.70
|
|
||||
Other borrowings
|
442,189
|
|
|
251,532
|
|
7,158
|
|
|
3,397
|
|
3.26
|
|
|
2.72
|
|
||||
Subordinated notes
|
180,219
|
|
|
139,110
|
|
4,581
|
|
|
3,560
|
|
5.08
|
|
|
5.12
|
|
||||
Junior subordinated debentures
|
253,566
|
|
|
253,566
|
|
6,214
|
|
|
5,299
|
|
4.88
|
|
|
4.16
|
|
||||
Total interest-bearing liabilities
|
$
|
21,094,904
|
|
|
$
|
18,069,103
|
|
$
|
152,596
|
|
|
$
|
82,000
|
|
1.46
|
%
|
|
0.91
|
%
|
Non-interest bearing deposits
|
6,466,122
|
|
|
6,589,511
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
715,263
|
|
|
502,007
|
|
|
|
|
|
|
|
||||||||
Equity
|
3,362,000
|
|
|
3,030,062
|
|
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
31,638,289
|
|
|
$
|
28,190,683
|
|
|
|
|
|
|
|
||||||
Interest rate spread
(6)(8)
|
|
|
|
|
|
|
3.28
|
%
|
|
3.32
|
%
|
||||||||
Less: Fully taxable-equivalent adjustment
|
|
|
|
(3,201
|
)
|
|
(2,583
|
)
|
(0.02
|
)
|
|
(0.02
|
)
|
||||||
Net free funds/contribution
(7)
|
$
|
8,011,749
|
|
|
$
|
8,053,959
|
|
|
|
|
0.40
|
|
|
0.28
|
|
||||
Net interest income/ margin
(GAAP)
(8)
|
|
|
|
$
|
528,188
|
|
|
$
|
463,252
|
|
3.66
|
%
|
|
3.58
|
%
|
||||
Fully taxable-equivalent adjustment
|
|
|
|
3,201
|
|
|
2,583
|
|
0.02
|
|
|
0.02
|
|
||||||
Net interest income/ margin, fully taxable-equivalent (non-GAAP)
(8)
|
|
|
|
$
|
531,389
|
|
|
$
|
465,835
|
|
3.68
|
%
|
|
3.60
|
%
|
(1)
|
Includes interest-bearing deposits from banks, federal funds sold and securities purchased under resale agreements.
|
(2)
|
Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
|
(3)
|
Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on a marginal federal corporate tax rate in effect as of the applicable period. The total adjustments for the
six months ended
June 30, 2019
and
2018
were
$3.2 million
and
$2.6 million
respectively.
|
(4)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(5)
|
Loans, net of unearned income, include non-accrual loans.
|
(6)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(7)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(8)
|
See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 for additional information on this performance ratio.
|
Static Shock Scenario
|
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|||
June 30, 2019
|
|
17.3
|
%
|
|
8.9
|
%
|
|
(10.2
|
)%
|
March 31, 2019
|
|
14.9
|
|
|
7.8
|
|
|
(8.5
|
)
|
December 31, 2018
|
|
15.6
|
|
|
7.9
|
|
|
(8.6
|
)
|
September 30, 2018
|
|
18.1
|
|
|
9.1
|
|
|
(10.0
|
)
|
June 30, 2018
|
|
19.3
|
|
|
9.7
|
|
|
(10.7
|
)
|
Ramp Scenario
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|||
June 30, 2019
|
8.3
|
%
|
|
4.3
|
%
|
|
(4.6
|
)%
|
March 31, 2019
|
6.7
|
|
|
3.5
|
|
|
(3.3
|
)
|
December 31, 2018
|
7.4
|
|
|
3.8
|
|
|
(3.6
|
)
|
September 30, 2018
|
8.5
|
|
|
4.3
|
|
|
(4.2
|
)
|
June 30, 2018
|
8.7
|
|
|
4.5
|
|
|
(4.4
|
)
|
|
Loans repricing or maturity period
|
|
|
||||||||||||
As of June 30, 2019
|
One year or less
|
|
From one to five years
|
|
Over five years
|
|
|
||||||||
(In thousands)
|
|
|
|
Total
|
|||||||||||
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
174,882
|
|
|
1,151,480
|
|
|
795,619
|
|
|
2,121,981
|
|
||||
Variable rate
|
6,142,234
|
|
|
6,418
|
|
|
141
|
|
|
6,148,793
|
|
||||
Total commercial
|
$
|
6,317,116
|
|
|
$
|
1,157,898
|
|
|
$
|
795,760
|
|
|
$
|
8,270,774
|
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
436,317
|
|
|
2,047,111
|
|
|
327,794
|
|
|
2,811,222
|
|
||||
Variable rate
|
4,435,060
|
|
|
29,954
|
|
|
8
|
|
|
4,465,022
|
|
||||
Total commercial real estate
|
$
|
4,871,377
|
|
|
$
|
2,077,065
|
|
|
$
|
327,802
|
|
|
$
|
7,276,244
|
|
Home equity
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
21,140
|
|
|
8,325
|
|
|
9,019
|
|
|
38,484
|
|
||||
Variable rate
|
488,886
|
|
|
—
|
|
|
—
|
|
|
488,886
|
|
||||
Total home equity
|
$
|
510,026
|
|
|
$
|
8,325
|
|
|
$
|
9,019
|
|
|
$
|
527,370
|
|
Residential real estate
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
28,796
|
|
|
20,535
|
|
|
238,940
|
|
|
288,271
|
|
||||
Variable rate
|
50,646
|
|
|
336,681
|
|
|
442,580
|
|
|
829,907
|
|
||||
Total residential real estate
|
$
|
79,442
|
|
|
$
|
357,216
|
|
|
$
|
681,520
|
|
|
$
|
1,118,178
|
|
Premium finance receivables - commercial
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
3,302,806
|
|
|
65,617
|
|
|
—
|
|
|
3,368,423
|
|
||||
Variable rate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total premium finance receivables - commercial
|
$
|
3,302,806
|
|
|
$
|
65,617
|
|
|
$
|
—
|
|
|
$
|
3,368,423
|
|
Premium finance receivables - life insurance
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
12,537
|
|
|
116,560
|
|
|
10,389
|
|
|
139,486
|
|
||||
Variable rate
|
4,494,992
|
|
|
—
|
|
|
—
|
|
|
4,494,992
|
|
||||
Total premium finance receivables - life insurance
|
$
|
4,507,529
|
|
|
$
|
116,560
|
|
|
$
|
10,389
|
|
|
$
|
4,634,478
|
|
Consumer and other
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
71,568
|
|
|
10,562
|
|
|
1,988
|
|
|
84,118
|
|
||||
Variable rate
|
25,074
|
|
|
—
|
|
|
—
|
|
|
25,074
|
|
||||
Total consumer and other
|
$
|
96,642
|
|
|
$
|
10,562
|
|
|
$
|
1,988
|
|
|
$
|
109,192
|
|
|
|
|
|
|
|
|
|
||||||||
Total per category
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
4,048,046
|
|
|
3,420,190
|
|
|
1,383,749
|
|
|
8,851,985
|
|
||||
Variable rate
|
15,636,892
|
|
|
373,053
|
|
|
442,729
|
|
|
16,452,674
|
|
||||
Total loans, net of unearned income
|
$
|
19,684,938
|
|
|
$
|
3,793,243
|
|
|
$
|
1,826,478
|
|
|
$
|
25,304,659
|
|
|
|
|
|
|
|
|
|
||||||||
Variable Rate Loan Pricing by Index:
|
|
|
|
|
|
|
|
||||||||
Prime
|
|
|
|
|
|
|
$
|
2,308,201
|
|
||||||
One- month LIBOR
|
|
|
|
|
|
|
8,507,875
|
|
|||||||
Three- month LIBOR
|
|
|
|
|
|
|
417,452
|
|
|||||||
Twelve- month LIBOR
|
|
|
|
|
|
|
4,988,875
|
|
|||||||
Other
|
|
|
|
|
|
|
230,271
|
|
|||||||
Total variable rate
|
|
|
|
|
|
|
$
|
16,452,674
|
|
|
|
Basis Points (bps) Change in
|
|||||
|
|
Prime
|
|
1-month
LIBOR
|
|
12-month
LIBOR
|
|
Second Quarter 2019
|
|
+0
|
bps
|
-9
|
bps
|
-53
|
bps
|
First Quarter 2019
|
|
+0
|
|
-1
|
|
-30
|
|
Fourth Quarter 2018
|
|
+25
|
|
+24
|
|
+9
|
|
Third Quarter 2018
|
|
+25
|
|
+17
|
|
+16
|
|
Second Quarter 2018
|
|
+25
|
|
+21
|
|
+10
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
June 30,
|
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
2019
|
|
2018
|
||||||||||||||
Allowance for loan losses at beginning of period
|
|
$
|
158,212
|
|
|
$
|
152,770
|
|
|
$
|
149,756
|
|
|
$
|
143,402
|
|
|
$
|
139,503
|
|
$
|
152,770
|
|
|
$
|
137,905
|
|
Provision for credit losses
|
|
24,580
|
|
|
10,624
|
|
|
10,401
|
|
|
11,042
|
|
|
5,043
|
|
35,204
|
|
|
13,389
|
|
|||||||
Other adjustments
|
|
(11
|
)
|
|
(27
|
)
|
|
(79
|
)
|
|
(18
|
)
|
|
(44
|
)
|
(38
|
)
|
|
(84
|
)
|
|||||||
Reclassification (to) from allowance for unfunded lending-related commitments
|
|
(70
|
)
|
|
(16
|
)
|
|
(150
|
)
|
|
(2
|
)
|
|
—
|
|
(86
|
)
|
|
26
|
|
|||||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial
|
|
17,380
|
|
|
503
|
|
|
6,416
|
|
|
3,219
|
|
|
2,210
|
|
17,883
|
|
|
4,897
|
|
|||||||
Commercial real estate
|
|
326
|
|
|
3,734
|
|
|
219
|
|
|
208
|
|
|
155
|
|
4,060
|
|
|
968
|
|
|||||||
Home equity
|
|
690
|
|
|
88
|
|
|
715
|
|
|
561
|
|
|
612
|
|
778
|
|
|
969
|
|
|||||||
Residential real estate
|
|
287
|
|
|
3
|
|
|
267
|
|
|
337
|
|
|
180
|
|
290
|
|
|
751
|
|
|||||||
Premium finance receivables - commercial
|
|
5,009
|
|
|
2,210
|
|
|
1,741
|
|
|
2,512
|
|
|
3,254
|
|
7,219
|
|
|
7,975
|
|
|||||||
Premium finance receivables - life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|||||||
Consumer and other
|
|
136
|
|
|
102
|
|
|
148
|
|
|
144
|
|
|
459
|
|
238
|
|
|
588
|
|
|||||||
Total charge-offs
|
|
23,828
|
|
|
6,640
|
|
|
9,506
|
|
|
6,981
|
|
|
6,870
|
|
30,468
|
|
|
16,148
|
|
|||||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial
|
|
289
|
|
|
318
|
|
|
225
|
|
|
304
|
|
|
666
|
|
607
|
|
|
928
|
|
|||||||
Commercial real estate
|
|
247
|
|
|
480
|
|
|
1,364
|
|
|
193
|
|
|
2,387
|
|
727
|
|
|
4,074
|
|
|||||||
Home equity
|
|
68
|
|
|
62
|
|
|
105
|
|
|
142
|
|
|
171
|
|
130
|
|
|
294
|
|
|||||||
Residential real estate
|
|
140
|
|
|
29
|
|
|
47
|
|
|
466
|
|
|
1,522
|
|
169
|
|
|
1,562
|
|
|||||||
Premium finance receivables - commercial
|
|
734
|
|
|
556
|
|
|
567
|
|
|
1,142
|
|
|
975
|
|
1,290
|
|
|
1,360
|
|
|||||||
Premium finance receivables - life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|||||||
Consumer and other
|
|
60
|
|
|
56
|
|
|
40
|
|
|
66
|
|
|
49
|
|
116
|
|
|
96
|
|
|||||||
Total recoveries
|
|
1,538
|
|
|
1,501
|
|
|
2,348
|
|
|
2,313
|
|
|
5,770
|
|
3,039
|
|
|
8,314
|
|
|||||||
Net charge-offs
|
|
(22,290
|
)
|
|
(5,139
|
)
|
|
(7,158
|
)
|
|
(4,668
|
)
|
|
(1,100
|
)
|
(27,429
|
)
|
|
(7,834
|
)
|
|||||||
Allowance for loan losses at period end
|
|
$
|
160,421
|
|
|
$
|
158,212
|
|
|
$
|
152,770
|
|
|
$
|
149,756
|
|
|
$
|
143,402
|
|
$
|
160,421
|
|
|
$
|
143,402
|
|
Allowance for unfunded lending-related commitments at period end
|
|
1,480
|
|
|
1,410
|
|
|
1,394
|
|
|
1,245
|
|
|
1,243
|
|
1,480
|
|
|
1,243
|
|
|||||||
Allowance for credit losses at period end
|
|
$
|
161,901
|
|
|
$
|
159,622
|
|
|
$
|
154,164
|
|
|
$
|
151,001
|
|
|
$
|
144,645
|
|
$
|
161,901
|
|
|
$
|
144,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
|
|
|
|
||||||||||||||||||||||||
Commercial
|
|
0.85
|
%
|
|
0.01
|
%
|
|
0.33
|
%
|
|
0.16
|
%
|
|
0.09
|
%
|
0.44
|
%
|
|
0.11
|
%
|
|||||||
Commercial real estate
|
|
0.00
|
|
|
0.19
|
|
|
(0.07
|
)
|
|
0.00
|
|
|
(0.14
|
)
|
0.10
|
|
|
(0.09
|
)
|
|||||||
Home equity
|
|
0.47
|
|
|
0.02
|
|
|
0.43
|
|
|
0.28
|
|
|
0.29
|
|
0.25
|
|
|
0.22
|
|
|||||||
Residential real estate
|
|
0.06
|
|
|
(0.01
|
)
|
|
0.10
|
|
|
(0.06
|
)
|
|
(0.64
|
)
|
0.03
|
|
|
(0.20
|
)
|
|||||||
Premium finance receivables - commercial
|
|
0.55
|
|
|
0.23
|
|
|
0.16
|
|
|
0.19
|
|
|
0.34
|
|
0.40
|
|
|
0.51
|
|
|||||||
Premium finance receivables - life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|||||||
Consumer and other
|
|
0.30
|
|
|
0.16
|
|
|
0.30
|
|
|
0.23
|
|
|
1.21
|
|
0.23
|
|
|
0.76
|
|
|||||||
Total loans, net of unearned income
|
|
0.36
|
%
|
|
0.09
|
%
|
|
0.12
|
%
|
|
0.08
|
%
|
|
0.02
|
%
|
0.23
|
%
|
|
0.07
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net charge-offs as a percentage of the provision for credit losses
|
|
90.68
|
%
|
|
48.37
|
%
|
|
68.82
|
%
|
|
42.27
|
%
|
|
21.80
|
%
|
77.92
|
%
|
|
58.51
|
%
|
|||||||
Loans at period-end
|
|
$
|
25,304,659
|
|
|
$
|
24,214,629
|
|
|
$
|
23,820,691
|
|
|
$
|
23,123,951
|
|
|
$
|
22,610,560
|
|
|
|
|
||||
Allowance for loan losses as a percentage of loans at period end
|
|
0.63
|
%
|
|
0.65
|
%
|
|
0.64
|
%
|
|
0.65
|
%
|
|
0.63
|
%
|
|
|
|
|||||||||
Allowance for credit losses as a percentage of loans at period end
|
|
0.64
|
|
|
0.66
|
|
|
0.65
|
|
|
0.65
|
|
|
0.64
|
|
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
June 30,
|
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
2019
|
|
2018
|
||||||||||||||
Provision for loan losses
|
|
$
|
24,510
|
|
|
$
|
10,608
|
|
|
$
|
10,251
|
|
|
$
|
11,040
|
|
|
$
|
5,043
|
|
$
|
35,118
|
|
|
$
|
13,415
|
|
Provision for unfunded lending-related commitments
|
|
70
|
|
|
16
|
|
|
150
|
|
|
2
|
|
|
—
|
|
86
|
|
|
(26
|
)
|
|||||||
Provision for credit losses
|
|
$
|
24,580
|
|
|
$
|
10,624
|
|
|
$
|
10,401
|
|
|
$
|
11,042
|
|
|
$
|
5,043
|
|
$
|
35,204
|
|
|
$
|
13,389
|
|
|
As of June 30, 2019
|
As of March 31, 2019
|
||||||||||||||||||
(Dollars in thousands)
|
Recorded
Investment
|
|
Calculated
Allowance
|
|
% of its
category’s balance
|
Recorded
Investment |
|
Calculated
Allowance |
|
% of its
category’s balance |
||||||||||
Commercial:
(1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
4,529,952
|
|
|
$
|
49,451
|
|
|
1.09
|
%
|
$
|
4,460,202
|
|
|
$
|
46,436
|
|
|
1.04
|
%
|
Asset-based lending
|
1,066,231
|
|
|
9,335
|
|
|
0.88
|
|
1,037,632
|
|
|
8,868
|
|
|
0.85
|
|
||||
Tax exempt
|
489,524
|
|
|
2,808
|
|
|
0.57
|
|
514,789
|
|
|
3,255
|
|
|
0.63
|
|
||||
Leases
|
674,251
|
|
|
1,879
|
|
|
0.28
|
|
615,015
|
|
|
1,675
|
|
|
0.27
|
|
||||
Commercial real estate:
(1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
39,633
|
|
|
797
|
|
|
2.01
|
|
38,986
|
|
|
879
|
|
|
2.25
|
|
||||
Commercial construction
|
792,782
|
|
|
8,523
|
|
|
1.08
|
|
759,826
|
|
|
8,240
|
|
|
1.08
|
|
||||
Land
|
138,255
|
|
|
4,193
|
|
|
3.03
|
|
146,654
|
|
|
4,194
|
|
|
2.86
|
|
||||
Office
|
925,150
|
|
|
9,778
|
|
|
1.06
|
|
891,365
|
|
|
6,266
|
|
|
0.70
|
|
||||
Industrial
|
921,116
|
|
|
6,589
|
|
|
0.72
|
|
931,343
|
|
|
6,532
|
|
|
0.70
|
|
||||
Retail
|
930,594
|
|
|
6,515
|
|
|
0.70
|
|
863,435
|
|
|
6,065
|
|
|
0.70
|
|
||||
Multi-family
|
1,184,025
|
|
|
11,983
|
|
|
1.01
|
|
1,073,431
|
|
|
10,874
|
|
|
1.01
|
|
||||
Mixed use and other
|
1,944,182
|
|
|
14,800
|
|
|
0.76
|
|
1,931,079
|
|
|
14,641
|
|
|
0.76
|
|
||||
Home equity
(1)
|
489,813
|
|
|
3,595
|
|
|
0.73
|
|
500,636
|
|
|
8,584
|
|
|
1.71
|
|
||||
Residential real estate
(1)
|
1,089,496
|
|
|
8,042
|
|
|
0.74
|
|
1,027,586
|
|
|
7,524
|
|
|
0.73
|
|
||||
Total core loan portfolio
|
$
|
15,215,004
|
|
|
$
|
138,288
|
|
|
0.91
|
%
|
$
|
14,791,979
|
|
|
$
|
134,033
|
|
|
0.91
|
%
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Franchise
|
$
|
891,481
|
|
|
$
|
8,255
|
|
|
0.93
|
%
|
$
|
834,911
|
|
|
$
|
11,975
|
|
|
1.43
|
%
|
Mortgage warehouse lines of credit
|
275,170
|
|
|
2,195
|
|
|
0.80
|
|
174,284
|
|
|
1,399
|
|
|
0.80
|
|
||||
Community Advantage - homeowner associations
|
192,056
|
|
|
481
|
|
|
0.25
|
|
185,488
|
|
|
465
|
|
|
0.25
|
|
||||
Aircraft
|
11,305
|
|
|
9
|
|
|
0.08
|
|
11,491
|
|
|
15
|
|
|
0.13
|
|
||||
Purchased commercial loans
(2)
|
140,804
|
|
|
480
|
|
|
0.34
|
|
160,379
|
|
|
550
|
|
|
0.34
|
|
||||
Purchased commercial real estate
(2)
|
400,507
|
|
|
92
|
|
|
0.02
|
|
337,386
|
|
|
159
|
|
|
0.05
|
|
||||
Purchased home equity
(2)
|
37,557
|
|
|
36
|
|
|
0.10
|
|
27,812
|
|
|
43
|
|
|
0.15
|
|
||||
Purchased residential real estate
(2)
|
28,682
|
|
|
104
|
|
|
0.36
|
|
25,938
|
|
|
106
|
|
|
0.41
|
|
||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. commercial insurance loans
|
2,914,625
|
|
|
6,789
|
|
|
0.23
|
|
2,620,703
|
|
|
6,251
|
|
|
0.24
|
|
||||
Canada commercial insurance loans
(2)
|
453,798
|
|
|
725
|
|
|
0.16
|
|
368,085
|
|
|
592
|
|
|
0.16
|
|
||||
Life insurance loans
(1)
|
4,487,921
|
|
|
1,426
|
|
|
0.03
|
|
4,389,599
|
|
|
1,376
|
|
|
0.03
|
|
||||
Purchased life insurance loans
(2)
|
146,557
|
|
|
—
|
|
|
—
|
|
165,770
|
|
|
—
|
|
|
—
|
|
||||
Consumer and other
(1)
|
105,966
|
|
|
1,538
|
|
|
1.45
|
|
117,561
|
|
|
1,246
|
|
|
1.06
|
|
||||
Purchased consumer and other
(2)
|
3,226
|
|
|
3
|
|
|
0.09
|
|
3,243
|
|
|
2
|
|
|
0.06
|
|
||||
Total consumer, niche and purchased loan portfolio
|
$
|
10,089,655
|
|
|
$
|
22,133
|
|
|
0.22
|
%
|
$
|
9,422,650
|
|
|
$
|
24,179
|
|
|
0.26
|
%
|
Total loans, net of unearned income
|
$
|
25,304,659
|
|
|
$
|
160,421
|
|
|
0.63
|
%
|
$
|
24,214,629
|
|
|
$
|
158,212
|
|
|
0.65
|
%
|
(1)
|
Excludes purchased loans reported in accordance with ASC 310-20 and ASC 310-30.
|
(2)
|
Purchased loans represent loans reported in accordance with ASC 310-20 and ASC 310-30.
|
|
|
|
|
90+ days
|
|
60-89
|
|
30-59
|
|
|
|
|
||||||||||||
As of June 30, 2019
|
|
|
|
and still
|
|
days past
|
|
days past
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
|
Nonaccrual
|
|
accruing
|
|
due
|
|
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
(1)
|
|
$
|
47,604
|
|
|
$
|
1,939
|
|
|
$
|
5,283
|
|
|
$
|
16,102
|
|
|
$
|
8,199,846
|
|
|
$
|
8,270,774
|
|
Commercial real estate
(1)
|
|
20,875
|
|
|
5,124
|
|
|
11,199
|
|
|
72,987
|
|
|
7,166,059
|
|
|
7,276,244
|
|
||||||
Home equity
|
|
8,489
|
|
|
—
|
|
|
321
|
|
|
2,155
|
|
|
516,405
|
|
|
527,370
|
|
||||||
Residential real estate
(1)
|
|
14,236
|
|
|
1,867
|
|
|
1,306
|
|
|
1,832
|
|
|
1,098,937
|
|
|
1,118,178
|
|
||||||
Premium finance receivables - commercial
|
|
13,833
|
|
|
6,940
|
|
|
17,977
|
|
|
16,138
|
|
|
3,313,535
|
|
|
3,368,423
|
|
||||||
Premium finance receivables - life insurance
(1)
|
|
590
|
|
|
—
|
|
|
18,580
|
|
|
19,673
|
|
|
4,595,635
|
|
|
4,634,478
|
|
||||||
Consumer and other
(1)
|
|
220
|
|
|
235
|
|
|
242
|
|
|
227
|
|
|
108,268
|
|
|
109,192
|
|
||||||
Total loans, net of unearned income
|
|
$
|
105,847
|
|
|
$
|
16,105
|
|
|
$
|
54,908
|
|
|
$
|
129,114
|
|
|
$
|
24,998,685
|
|
|
$
|
25,304,659
|
|
Aging as a % of Loan Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
(1)
|
|
0.6
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
99.1
|
%
|
|
100.0
|
%
|
||||||
Commercial real estate
(1)
|
|
0.3
|
|
|
0.1
|
|
|
0.2
|
|
|
1.0
|
|
|
98.4
|
|
|
100.0
|
|
||||||
Home equity
|
|
1.6
|
|
|
—
|
|
|
0.1
|
|
|
0.4
|
|
|
97.9
|
|
|
100.0
|
|
||||||
Residential real estate
(1)
|
|
1.3
|
|
|
0.2
|
|
|
0.1
|
|
|
0.2
|
|
|
98.2
|
|
|
100.0
|
|
||||||
Premium finance receivables - commercial
|
|
0.4
|
|
|
0.2
|
|
|
0.5
|
|
|
0.5
|
|
|
98.4
|
|
|
100.0
|
|
||||||
Premium finance receivables - life insurance
(1)
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
0.4
|
|
|
99.2
|
|
|
100.0
|
|
||||||
Consumer and other
(1)
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
99.2
|
|
|
100.0
|
|
||||||
Total loans, net of unearned income
|
|
0.4
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
0.5
|
%
|
|
98.8
|
%
|
|
100.0
|
%
|
(1)
|
Including PCI loans. PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
|
|
|
|
90+ days
|
|
60-89
|
|
30-59
|
|
|
|
|
||||||||||||
As of March 31, 2019
|
|
|
|
and still
|
|
days past
|
|
days past
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
|
Nonaccrual
|
|
accruing
|
|
due
|
|
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
(1)
|
|
$
|
55,792
|
|
|
$
|
2,499
|
|
|
$
|
1,787
|
|
|
$
|
49,700
|
|
|
$
|
7,884,413
|
|
|
$
|
7,994,191
|
|
Commercial real estate
(1)
|
|
15,933
|
|
|
4,265
|
|
|
5,612
|
|
|
54,872
|
|
|
6,892,823
|
|
|
6,973,505
|
|
||||||
Home equity
|
|
7,885
|
|
|
—
|
|
|
810
|
|
|
4,315
|
|
|
515,438
|
|
|
528,448
|
|
||||||
Residential real estate
(1)
|
|
15,879
|
|
|
1,481
|
|
|
509
|
|
|
11,112
|
|
|
1,024,543
|
|
|
1,053,524
|
|
||||||
Premium finance receivables - commercial
|
|
14,797
|
|
|
6,558
|
|
|
5,628
|
|
|
20,767
|
|
|
2,941,038
|
|
|
2,988,788
|
|
||||||
Premium finance receivables - life insurance
(1)
|
|
—
|
|
|
168
|
|
|
4,788
|
|
|
35,046
|
|
|
4,515,367
|
|
|
4,555,369
|
|
||||||
Consumer and other
(1)
|
|
326
|
|
|
280
|
|
|
47
|
|
|
350
|
|
|
119,801
|
|
|
120,804
|
|
||||||
Total loans, net of unearned income
|
|
$
|
110,612
|
|
|
$
|
15,251
|
|
|
$
|
19,181
|
|
|
$
|
176,162
|
|
|
$
|
23,893,423
|
|
|
$
|
24,214,629
|
|
Aging as a % of Loan Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
(1)
|
|
0.7
|
%
|
|
0.0
|
%
|
|
0.0
|
%
|
|
0.6
|
%
|
|
98.7
|
%
|
|
100.0
|
%
|
||||||
Commercial real estate
(1)
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
0.8
|
|
|
98.8
|
|
|
100.0
|
|
||||||
Home equity
|
|
1.5
|
|
|
—
|
|
|
0.2
|
|
|
0.8
|
|
|
97.5
|
|
|
100.0
|
|
||||||
Residential real estate
(1)
|
|
1.5
|
|
|
0.1
|
|
|
—
|
|
|
1.1
|
|
|
97.3
|
|
|
100.0
|
|
||||||
Premium finance receivables - commercial
|
|
0.5
|
|
|
0.2
|
|
|
0.2
|
|
|
0.7
|
|
|
98.4
|
|
|
100.0
|
|
||||||
Premium finance receivables - life insurance
(1)
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.8
|
|
|
99.1
|
|
|
100.0
|
|
||||||
Consumer and other
(1)
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
0.3
|
|
|
99.2
|
|
|
100.0
|
|
||||||
Total loans, net of unearned income
|
|
0.5
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.7
|
%
|
|
98.6
|
%
|
|
100.0
|
%
|
(1)
|
Including PCI loans. PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Loans past due greater than 90 days and still accruing
(1)
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
488
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,122
|
|
|
$
|
—
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Premium finance receivables - commercial
|
6,940
|
|
|
6,558
|
|
|
7,799
|
|
|
7,028
|
|
|
5,159
|
|
|||||
Premium finance receivables - life insurance
|
—
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
172
|
|
|
218
|
|
|
109
|
|
|
233
|
|
|
224
|
|
|||||
Total loans past due greater than 90 days and still accruing
|
7,600
|
|
|
6,974
|
|
|
7,908
|
|
|
12,383
|
|
|
5,383
|
|
|||||
Non-accrual loans
(2)
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
47,604
|
|
|
55,792
|
|
|
50,984
|
|
|
58,587
|
|
|
18,388
|
|
|||||
Commercial real estate
|
20,875
|
|
|
15,933
|
|
|
19,129
|
|
|
17,515
|
|
|
19,195
|
|
|||||
Home equity
|
8,489
|
|
|
7,885
|
|
|
7,147
|
|
|
8,523
|
|
|
9,096
|
|
|||||
Residential real estate
|
14,236
|
|
|
15,879
|
|
|
16,383
|
|
|
16,062
|
|
|
15,825
|
|
|||||
Premium finance receivables - commercial
|
13,833
|
|
|
14,797
|
|
|
11,335
|
|
|
13,802
|
|
|
14,832
|
|
|||||
Premium finance receivables - life insurance
|
590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
220
|
|
|
326
|
|
|
348
|
|
|
355
|
|
|
563
|
|
|||||
Total non-accrual loans
|
105,847
|
|
|
110,612
|
|
|
105,326
|
|
|
114,844
|
|
|
77,899
|
|
|||||
Total non-performing loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
48,092
|
|
|
55,792
|
|
|
50,984
|
|
|
63,709
|
|
|
18,388
|
|
|||||
Commercial real estate
|
20,875
|
|
|
15,933
|
|
|
19,129
|
|
|
17,515
|
|
|
19,195
|
|
|||||
Home equity
|
8,489
|
|
|
7,885
|
|
|
7,147
|
|
|
8,523
|
|
|
9,096
|
|
|||||
Residential real estate
|
14,236
|
|
|
15,909
|
|
|
16,383
|
|
|
16,062
|
|
|
15,825
|
|
|||||
Premium finance receivables - commercial
|
20,773
|
|
|
21,355
|
|
|
19,134
|
|
|
20,830
|
|
|
19,991
|
|
|||||
Premium finance receivables - life insurance
|
590
|
|
|
168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
392
|
|
|
544
|
|
|
457
|
|
|
588
|
|
|
787
|
|
|||||
Total non-performing loans
|
$
|
113,447
|
|
|
$
|
117,586
|
|
|
$
|
113,234
|
|
|
$
|
127,227
|
|
|
$
|
83,282
|
|
Other real estate owned
|
9,920
|
|
|
9,154
|
|
|
11,968
|
|
|
14,924
|
|
|
18,925
|
|
|||||
Other real estate owned - from acquisitions
|
9,917
|
|
|
12,366
|
|
|
12,852
|
|
|
13,379
|
|
|
16,406
|
|
|||||
Other repossessed assets
|
263
|
|
|
270
|
|
|
280
|
|
|
294
|
|
|
305
|
|
|||||
Total non-performing assets
|
$
|
133,547
|
|
|
$
|
139,376
|
|
|
$
|
138,334
|
|
|
$
|
155,824
|
|
|
$
|
118,918
|
|
TDRs performing under the contractual terms of the loan agreement
|
$
|
45,862
|
|
|
$
|
48,305
|
|
|
$
|
33,281
|
|
|
$
|
31,487
|
|
|
$
|
57,249
|
|
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
0.58
|
%
|
|
0.70
|
%
|
|
0.65
|
%
|
|
0.85
|
%
|
|
0.25
|
%
|
|||||
Commercial real estate
|
0.29
|
|
|
0.23
|
|
|
0.28
|
|
|
0.26
|
|
|
0.29
|
|
|||||
Home equity
|
1.61
|
|
|
1.49
|
|
|
1.29
|
|
|
1.47
|
|
|
1.53
|
|
|||||
Residential real estate
|
1.27
|
|
|
1.51
|
|
|
1.63
|
|
|
1.74
|
|
|
1.77
|
|
|||||
Premium finance receivables - commercial
|
0.62
|
|
|
0.71
|
|
|
0.67
|
|
|
0.72
|
|
|
0.71
|
|
|||||
Premium finance receivables - life insurance
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
0.36
|
|
|
0.45
|
|
|
0.38
|
|
|
0.51
|
|
|
0.65
|
|
|||||
Total loans, net of unearned income
|
0.45
|
%
|
|
0.49
|
%
|
|
0.48
|
%
|
|
0.55
|
%
|
|
0.37
|
%
|
|||||
Total non-performing assets as a percentage of total assets
|
0.40
|
%
|
|
0.43
|
%
|
|
0.44
|
%
|
|
0.52
|
%
|
|
0.40
|
%
|
|||||
Allowance for loan losses as a percentage of total non-performing loans
|
141.41
|
%
|
|
134.55
|
%
|
|
134.92
|
%
|
|
117.71
|
%
|
|
172.19
|
%
|
(1)
|
Loans past due greater than 90 days and still accruing interest included TDRs totaling $5.1 million as of
September 30, 2018
. As of
June 30, 2019
,
March 31, 2019
,
December 31, 2018
and
June 30, 2018
, no TDRs were past due greater than 90 days and still accruing interest.
|
(2)
|
Non-accrual loans included TDRs totaling
$30.1 million
,
$40.1 million
,
$32.8 million
,
$34.7 million
and
$8.1 million
as of
June 30, 2019
,
March 31, 2019
,
December 31, 2018
,
September 30, 2018
and
June 30, 2018
, respectively.
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
June 30,
|
|
June 30,
|
||||||||||||||
(Dollars in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
2019
|
|
2018
|
||||||||||||||
Balance at beginning of period
|
$
|
117,586
|
|
|
$
|
113,234
|
|
|
$
|
127,227
|
|
|
$
|
83,282
|
|
|
$
|
89,690
|
|
$
|
113,234
|
|
|
$
|
90,162
|
|
Additions, net
|
20,567
|
|
|
24,030
|
|
|
18,553
|
|
|
56,864
|
|
|
10,403
|
|
44,597
|
|
|
17,011
|
|
|||||||
Return to performing status
|
(47
|
)
|
|
(14,077
|
)
|
|
(6,155
|
)
|
|
(3,782
|
)
|
|
(759
|
)
|
(14,124
|
)
|
|
(4,512
|
)
|
|||||||
Payments received
|
(5,438
|
)
|
|
(4,024
|
)
|
|
(16,437
|
)
|
|
(6,212
|
)
|
|
(4,589
|
)
|
(9,462
|
)
|
|
(7,158
|
)
|
|||||||
Transfer to OREO and other repossessed assets
|
(1,486
|
)
|
|
(82
|
)
|
|
(970
|
)
|
|
(659
|
)
|
|
(3,528
|
)
|
(1,568
|
)
|
|
(5,509
|
)
|
|||||||
Charge-offs
|
(16,817
|
)
|
|
(3,992
|
)
|
|
(7,161
|
)
|
|
(3,108
|
)
|
|
(1,968
|
)
|
(20,809
|
)
|
|
(5,523
|
)
|
|||||||
Net change for niche loans
(1)
|
(918
|
)
|
|
2,497
|
|
|
(1,823
|
)
|
|
842
|
|
|
(5,967
|
)
|
1,579
|
|
|
(1,189
|
)
|
|||||||
Balance at end of period
|
$
|
113,447
|
|
|
$
|
117,586
|
|
|
$
|
113,234
|
|
|
$
|
127,227
|
|
|
$
|
83,282
|
|
$
|
113,447
|
|
|
$
|
83,282
|
|
(1)
|
This includes activity for premium finance receivables and indirect consumer loans.
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Accruing TDRs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
15,923
|
|
|
$
|
19,650
|
|
|
$
|
8,545
|
|
|
$
|
8,794
|
|
|
$
|
37,560
|
|
Commercial real estate
|
12,646
|
|
|
14,123
|
|
|
13,895
|
|
|
14,160
|
|
|
15,086
|
|
|||||
Residential real estate and other
|
17,293
|
|
|
14,532
|
|
|
10,841
|
|
|
8,533
|
|
|
4,603
|
|
|||||
Total accrual
|
$
|
45,862
|
|
|
$
|
48,305
|
|
|
$
|
33,281
|
|
|
$
|
31,487
|
|
|
$
|
57,249
|
|
Non-accrual TDRs:
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
21,850
|
|
|
$
|
34,390
|
|
|
$
|
27,774
|
|
|
$
|
30,452
|
|
|
$
|
1,671
|
|
Commercial real estate
|
2,854
|
|
|
1,517
|
|
|
1,552
|
|
|
1,326
|
|
|
1,362
|
|
|||||
Residential real estate and other
|
5,435
|
|
|
4,150
|
|
|
3,495
|
|
|
2,954
|
|
|
5,028
|
|
|||||
Total non-accrual
|
$
|
30,139
|
|
|
$
|
40,057
|
|
|
$
|
32,821
|
|
|
$
|
34,732
|
|
|
$
|
8,061
|
|
Total TDRs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
37,773
|
|
|
$
|
54,040
|
|
|
$
|
36,319
|
|
|
$
|
39,246
|
|
|
$
|
39,231
|
|
Commercial real estate
|
15,500
|
|
|
15,640
|
|
|
15,447
|
|
|
15,486
|
|
|
16,448
|
|
|||||
Residential real estate and other
|
22,728
|
|
|
18,682
|
|
|
14,336
|
|
|
11,487
|
|
|
9,631
|
|
|||||
Total TDRs
|
$
|
76,001
|
|
|
$
|
88,362
|
|
|
$
|
66,102
|
|
|
$
|
66,219
|
|
|
$
|
65,310
|
|
(1)
|
Included in total non-performing loans.
|
|
Three Months Ended
|
||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(Dollars in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Balance at beginning of period
|
$
|
21,520
|
|
|
$
|
24,820
|
|
|
$
|
28,303
|
|
|
$
|
35,331
|
|
|
$
|
36,598
|
|
Disposals/resolved
|
(2,397
|
)
|
|
(2,758
|
)
|
|
(3,848
|
)
|
|
(7,291
|
)
|
|
(4,557
|
)
|
|||||
Transfers in at fair value, less costs to sell
|
1,746
|
|
|
32
|
|
|
997
|
|
|
349
|
|
|
4,801
|
|
|||||
Additions from acquisition
|
—
|
|
|
—
|
|
|
160
|
|
|
1,418
|
|
|
—
|
|
|||||
Fair value adjustments
|
(1,032
|
)
|
|
(574
|
)
|
|
(792
|
)
|
|
(1,504
|
)
|
|
(1,511
|
)
|
|||||
Balance at end of period
|
$
|
19,837
|
|
|
$
|
21,520
|
|
|
$
|
24,820
|
|
|
$
|
28,303
|
|
|
$
|
35,331
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Period End
|
||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
Balance by Property Type:
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
||||||||||
Residential real estate
|
$
|
1,312
|
|
|
$
|
3,037
|
|
|
$
|
3,446
|
|
|
$
|
3,735
|
|
|
$
|
5,155
|
|
Residential real estate development
|
1,282
|
|
|
1,139
|
|
|
1,426
|
|
|
1,952
|
|
|
2,205
|
|
|||||
Commercial real estate
|
17,243
|
|
|
17,344
|
|
|
19,948
|
|
|
22,616
|
|
|
27,971
|
|
|||||
Total
|
$
|
19,837
|
|
|
$
|
21,520
|
|
|
$
|
24,820
|
|
|
$
|
28,303
|
|
|
$
|
35,331
|
|
|
Three Months Ended
|
|
Q2 2019 compared to
Q1 2019 |
|
Q2 2019 compared to
Q2 2018 |
||||||||||||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
|
||||||||||||||||||||||
(Dollars in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
||||||||||||||||
Brokerage
|
$
|
4,764
|
|
|
$
|
4,516
|
|
|
$
|
4,997
|
|
|
$
|
5,579
|
|
|
$
|
5,784
|
|
|
$
|
248
|
|
|
5
|
%
|
|
$
|
(1,020
|
)
|
|
(18
|
)%
|
Trust and asset management
|
19,375
|
|
|
19,461
|
|
|
17,729
|
|
|
17,055
|
|
|
16,833
|
|
|
(86
|
)
|
|
—
|
|
|
2,542
|
|
|
15
|
|
|||||||
Total wealth management
|
$
|
24,139
|
|
|
$
|
23,977
|
|
|
$
|
22,726
|
|
|
$
|
22,634
|
|
|
$
|
22,617
|
|
|
$
|
162
|
|
|
1
|
%
|
|
$
|
1,522
|
|
|
7
|
%
|
Mortgage banking
|
37,411
|
|
|
18,158
|
|
|
24,182
|
|
|
42,014
|
|
|
39,834
|
|
|
19,253
|
|
|
106
|
|
|
(2,423
|
)
|
|
(6
|
)
|
|||||||
Service charges on deposit accounts
|
9,277
|
|
|
8,848
|
|
|
9,065
|
|
|
9,331
|
|
|
9,151
|
|
|
429
|
|
|
5
|
|
|
126
|
|
|
1
|
|
|||||||
Gains (losses) on investment securities, net
|
864
|
|
|
1,364
|
|
|
(2,649
|
)
|
|
90
|
|
|
12
|
|
|
(500
|
)
|
|
(37
|
)
|
|
852
|
|
|
NM
|
|
|||||||
Fees from covered call options
|
643
|
|
|
1,784
|
|
|
626
|
|
|
627
|
|
|
669
|
|
|
(1,141
|
)
|
|
(64
|
)
|
|
(26
|
)
|
|
(4
|
)
|
|||||||
Trading (losses) gains, net
|
(44
|
)
|
|
(171
|
)
|
|
(155
|
)
|
|
(61
|
)
|
|
124
|
|
|
127
|
|
|
(74
|
)
|
|
(168
|
)
|
|
NM
|
|
|||||||
Operating lease income, net
|
11,733
|
|
|
10,796
|
|
|
10,882
|
|
|
9,132
|
|
|
8,746
|
|
|
937
|
|
|
9
|
|
|
2,987
|
|
|
34
|
|
|||||||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swap fees
|
3,224
|
|
|
2,831
|
|
|
2,602
|
|
|
2,359
|
|
|
3,829
|
|
|
393
|
|
|
14
|
|
|
(605
|
)
|
|
(16
|
)
|
|||||||
BOLI
|
1,149
|
|
|
1,591
|
|
|
(466
|
)
|
|
3,190
|
|
|
1,544
|
|
|
(442
|
)
|
|
(28
|
)
|
|
(395
|
)
|
|
NM
|
|
|||||||
Administrative services
|
1,009
|
|
|
1,030
|
|
|
1,260
|
|
|
1,099
|
|
|
1,205
|
|
|
(21
|
)
|
|
(2
|
)
|
|
(196
|
)
|
|
(16
|
)
|
|||||||
Foreign currency remeasurement gains (losses)
|
113
|
|
|
464
|
|
|
(1,149
|
)
|
|
348
|
|
|
(544
|
)
|
|
(351
|
)
|
|
(76
|
)
|
|
657
|
|
|
NM
|
|
|||||||
Early pay-offs of capital leases
|
—
|
|
|
5
|
|
|
3
|
|
|
11
|
|
|
554
|
|
|
(5
|
)
|
|
(100
|
)
|
|
(554
|
)
|
|
(100
|
)
|
|||||||
Miscellaneous
|
8,640
|
|
|
10,980
|
|
|
8,381
|
|
|
9,156
|
|
|
7,492
|
|
|
(2,340
|
)
|
|
(21
|
)
|
|
1,148
|
|
|
15
|
|
|||||||
Total Other
|
$
|
14,135
|
|
|
$
|
16,901
|
|
|
$
|
10,631
|
|
|
$
|
16,163
|
|
|
$
|
14,080
|
|
|
$
|
(2,766
|
)
|
|
(16
|
)%
|
|
$
|
55
|
|
|
—
|
%
|
Total Non-Interest Income
|
$
|
98,158
|
|
|
$
|
81,657
|
|
|
$
|
75,308
|
|
|
$
|
99,930
|
|
|
$
|
95,233
|
|
|
$
|
16,501
|
|
|
20
|
%
|
|
$
|
2,925
|
|
|
3
|
%
|
|
|
Six Months Ended
|
|
|
|
|
|||||||||
|
|
June 30,
|
|
June 30,
|
|
$
|
|
%
|
|||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
|
Change
|
|
Change
|
|||||||
Brokerage
|
|
$
|
9,280
|
|
|
$
|
11,815
|
|
|
$
|
(2,535
|
)
|
|
(21
|
)%
|
Trust and asset management
|
|
38,836
|
|
|
33,788
|
|
|
5,048
|
|
|
15
|
|
|||
Total wealth management
|
|
48,116
|
|
|
45,603
|
|
|
2,513
|
|
|
6
|
|
|||
Mortgage banking
|
|
55,569
|
|
|
70,794
|
|
|
(15,225
|
)
|
|
(22
|
)
|
|||
Service charges on deposit accounts
|
|
18,125
|
|
|
18,008
|
|
|
117
|
|
|
1
|
|
|||
Gains on investment securities, net
|
|
2,228
|
|
|
(339
|
)
|
|
2,567
|
|
|
NM
|
|
|||
Fees from covered call options
|
|
2,427
|
|
|
2,266
|
|
|
161
|
|
|
7
|
|
|||
Trading (losses) gains, net
|
|
(215
|
)
|
|
227
|
|
|
(442
|
)
|
|
NM
|
|
|||
Operating lease income, net
|
|
22,529
|
|
|
18,437
|
|
|
4,092
|
|
|
22
|
|
|||
Other:
|
|
|
|
|
|
|
|
|
|||||||
Interest rate swap fees
|
|
6,055
|
|
|
6,066
|
|
|
(11
|
)
|
|
—
|
|
|||
BOLI
|
|
2,740
|
|
|
2,258
|
|
|
482
|
|
|
21
|
|
|||
Administrative services
|
|
2,039
|
|
|
2,266
|
|
|
(227
|
)
|
|
(10
|
)
|
|||
Foreign currency remeasurement gain (loss)
|
|
577
|
|
|
(872
|
)
|
|
1,449
|
|
|
NM
|
|
|||
Early pay-offs of leases
|
|
5
|
|
|
587
|
|
|
(582
|
)
|
|
(99
|
)
|
|||
Miscellaneous
|
|
19,620
|
|
|
15,611
|
|
|
4,009
|
|
|
26
|
|
|||
Total Other
|
|
31,036
|
|
|
25,916
|
|
|
5,120
|
|
|
20
|
|
|||
Total Non-Interest Income
|
|
$
|
179,815
|
|
|
$
|
180,912
|
|
|
$
|
(1,097
|
)
|
|
(1
|
)%
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||
(Dollars in thousands)
|
June 30,
2019 |
|
March 31,
2019 |
|
December 31,
2018 |
|
September 30,
2018 |
|
June 30,
2018 |
June 30,
2019 |
|
June 30,
2018 |
||||||||||||||
Originations:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail originations
|
$
|
669,510
|
|
|
$
|
365,602
|
|
|
$
|
463,196
|
|
|
$
|
642,213
|
|
|
$
|
769,279
|
|
$
|
1,035,112
|
|
|
$
|
1,309,190
|
|
Correspondent originations
|
182,966
|
|
|
148,100
|
|
|
289,101
|
|
|
310,446
|
|
|
122,986
|
|
331,066
|
|
|
249,450
|
|
|||||||
Veterans First originations
|
301,324
|
|
|
164,762
|
|
|
175,483
|
|
|
199,774
|
|
|
204,108
|
|
466,086
|
|
|
316,585
|
|
|||||||
Total originations for sale (A)
|
$
|
1,153,800
|
|
|
$
|
678,464
|
|
|
$
|
927,780
|
|
|
$
|
1,152,433
|
|
|
$
|
1,096,373
|
|
$
|
1,832,264
|
|
|
$
|
1,875,225
|
|
Originations for investment
|
106,237
|
|
|
93,689
|
|
|
93,275
|
|
|
54,172
|
|
|
68,234
|
|
199,926
|
|
|
111,483
|
|
|||||||
Total originations
|
$
|
1,260,037
|
|
|
$
|
772,153
|
|
|
$
|
1,021,055
|
|
|
$
|
1,206,605
|
|
|
$
|
1,164,607
|
|
$
|
2,032,190
|
|
|
$
|
1,986,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchases as a percentage of originations for sale
|
63
|
%
|
|
67
|
%
|
|
71
|
%
|
|
76
|
%
|
|
80
|
%
|
64
|
%
|
|
77
|
%
|
|||||||
Refinances as a percentage of originations for sale
|
37
|
|
|
33
|
|
|
29
|
|
|
24
|
|
|
20
|
|
36
|
|
|
23
|
|
|||||||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
100
|
%
|
|
100
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Production Margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Production revenue (B)
(1)
|
$
|
29,895
|
|
|
$
|
16,606
|
|
|
$
|
18,657
|
|
|
$
|
25,253
|
|
|
$
|
27,814
|
|
$
|
46,501
|
|
|
$
|
48,340
|
|
Production margin (B / A)
|
2.59
|
%
|
|
2.45
|
%
|
|
2.01
|
%
|
|
2.19
|
%
|
|
2.54
|
%
|
2.54
|
%
|
|
2.58
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage Servicing:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans serviced for others (C)
|
$
|
7,515,186
|
|
|
$
|
7,014,269
|
|
|
$
|
6,545,870
|
|
|
$
|
5,904,300
|
|
|
$
|
5,228,699
|
|
|
|
|
||||
MSRs, at fair value (D)
|
72,850
|
|
|
71,022
|
|
|
75,183
|
|
|
74,530
|
|
|
63,194
|
|
|
|
|
|||||||||
Percentage of MSRs to loans serviced for others (D / C)
|
0.97
|
%
|
|
1.01
|
%
|
|
1.15
|
%
|
|
1.26
|
%
|
|
1.21
|
%
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Components of Mortgage Banking Revenue:
|
|
|
|
|||||||||||||||||||||||
Production revenue
|
$
|
29,895
|
|
|
$
|
16,606
|
|
|
$
|
18,657
|
|
|
$
|
25,253
|
|
|
$
|
27,814
|
|
$
|
46,501
|
|
|
$
|
48,340
|
|
MSR - current period capitalization
|
9,802
|
|
|
6,580
|
|
|
9,683
|
|
|
11,340
|
|
|
7,889
|
|
16,382
|
|
|
12,048
|
|
|||||||
MSR - collection of expected cash flows - paydowns
|
(457
|
)
|
|
(505
|
)
|
|
(496
|
)
|
|
(689
|
)
|
|
(639
|
)
|
(962
|
)
|
|
(1,082
|
)
|
|||||||
MSR - collection of expected cash flows - payoffs
|
(3,619
|
)
|
|
(1,492
|
)
|
|
(896
|
)
|
|
(392
|
)
|
|
(725
|
)
|
(5,111
|
)
|
|
(1,484
|
)
|
|||||||
MSR - changes in fair value model assumptions
|
(4,305
|
)
|
|
(8,744
|
)
|
|
(7,638
|
)
|
|
1,077
|
|
|
2,097
|
|
(13,049
|
)
|
|
6,230
|
|
|||||||
Gain on derivative contract held as an economic hedge, net
|
920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
920
|
|
|
—
|
|
|||||||
MSR valuation adjustment, net of gain on derivative contract held as an economic hedge
|
(3,385
|
)
|
|
(8,744
|
)
|
|
(7,638
|
)
|
|
1,077
|
|
|
2,097
|
|
(12,129
|
)
|
|
6,230
|
|
|||||||
Servicing income
|
5,460
|
|
|
5,460
|
|
|
4,917
|
|
|
3,942
|
|
|
3,505
|
|
10,920
|
|
|
6,410
|
|
|||||||
Other
|
(285
|
)
|
|
253
|
|
|
(45
|
)
|
|
1,483
|
|
|
(107
|
)
|
(32
|
)
|
|
332
|
|
|||||||
Total mortgage banking revenue
|
$
|
37,411
|
|
|
$
|
18,158
|
|
|
$
|
24,182
|
|
|
$
|
42,014
|
|
|
$
|
39,834
|
|
$
|
55,569
|
|
|
$
|
70,794
|
|
(1)
|
Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation.
|
|
Three Months Ended
|
|
Q2 2019 compared to
Q1 2019 |
|
Q2 2019 compared to
Q2 2018 |
||||||||||||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
|
||||||||||||||||||||||
(Dollars in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
||||||||||||||||
Salaries and employee benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Salaries
|
$
|
75,360
|
|
|
$
|
74,037
|
|
|
$
|
67,708
|
|
|
$
|
69,893
|
|
|
$
|
66,976
|
|
|
$
|
1,323
|
|
|
2
|
%
|
|
$
|
8,384
|
|
|
13
|
%
|
Commissions and incentive compensation
|
36,486
|
|
|
31,599
|
|
|
33,656
|
|
|
34,046
|
|
|
35,907
|
|
|
4,887
|
|
|
15
|
|
|
579
|
|
|
2
|
|
|||||||
Benefits
|
21,886
|
|
|
20,087
|
|
|
20,747
|
|
|
19,916
|
|
|
18,792
|
|
|
1,799
|
|
|
9
|
|
|
3,094
|
|
|
16
|
|
|||||||
Total salaries and employee benefits
|
133,732
|
|
|
125,723
|
|
|
122,111
|
|
|
123,855
|
|
|
121,675
|
|
|
8,009
|
|
|
6
|
|
|
12,057
|
|
|
10
|
|
|||||||
Equipment
|
12,759
|
|
|
11,770
|
|
|
11,523
|
|
|
10,827
|
|
|
10,527
|
|
|
989
|
|
|
8
|
|
|
2,232
|
|
|
21
|
|
|||||||
Operating lease equipment depreciation
|
8,768
|
|
|
8,319
|
|
|
8,462
|
|
|
7,370
|
|
|
6,940
|
|
|
449
|
|
|
5
|
|
|
1,828
|
|
|
26
|
|
|||||||
Occupancy, net
|
15,921
|
|
|
16,245
|
|
|
15,980
|
|
|
14,404
|
|
|
13,663
|
|
|
(324
|
)
|
|
(2
|
)
|
|
2,258
|
|
|
17
|
|
|||||||
Data processing
|
6,204
|
|
|
7,525
|
|
|
8,447
|
|
|
9,335
|
|
|
8,752
|
|
|
(1,321
|
)
|
|
(18
|
)
|
|
(2,548
|
)
|
|
(29
|
)
|
|||||||
Advertising and marketing
|
12,845
|
|
|
9,858
|
|
|
9,414
|
|
|
11,120
|
|
|
11,782
|
|
|
2,987
|
|
|
30
|
|
|
1,063
|
|
|
9
|
|
|||||||
Professional fees
|
6,228
|
|
|
5,556
|
|
|
9,259
|
|
|
9,914
|
|
|
6,484
|
|
|
672
|
|
|
12
|
|
|
(256
|
)
|
|
(4
|
)
|
|||||||
Amortization of other intangible assets
|
2,957
|
|
|
2,942
|
|
|
1,407
|
|
|
1,163
|
|
|
997
|
|
|
15
|
|
|
1
|
|
|
1,960
|
|
|
NM
|
|
|||||||
FDIC insurance
|
4,127
|
|
|
3,576
|
|
|
4,044
|
|
|
4,205
|
|
|
4,598
|
|
|
551
|
|
|
15
|
|
|
(471
|
)
|
|
(10
|
)
|
|||||||
OREO expense, net
|
1,290
|
|
|
632
|
|
|
1,618
|
|
|
596
|
|
|
980
|
|
|
658
|
|
|
NM
|
|
|
310
|
|
|
32
|
|
|||||||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commissions - 3rd party brokers
|
749
|
|
|
718
|
|
|
779
|
|
|
1,059
|
|
|
1,174
|
|
|
31
|
|
|
4
|
|
|
(425
|
)
|
|
(36
|
)
|
|||||||
Postage
|
2,606
|
|
|
2,450
|
|
|
2,047
|
|
|
2,205
|
|
|
2,567
|
|
|
156
|
|
|
6
|
|
|
39
|
|
|
2
|
|
|||||||
Miscellaneous
|
21,421
|
|
|
19,060
|
|
|
16,242
|
|
|
17,584
|
|
|
16,630
|
|
|
2,361
|
|
|
12
|
|
|
4,791
|
|
|
29
|
|
|||||||
Total other
|
24,776
|
|
|
22,228
|
|
|
19,068
|
|
|
20,848
|
|
|
20,371
|
|
|
2,548
|
|
|
11
|
|
|
4,405
|
|
|
22
|
|
|||||||
Total Non-Interest Expense
|
$
|
229,607
|
|
|
$
|
214,374
|
|
|
$
|
211,333
|
|
|
$
|
213,637
|
|
|
$
|
206,769
|
|
|
$
|
15,233
|
|
|
7
|
%
|
|
$
|
22,838
|
|
|
11
|
%
|
|
|
Six Months Ended
|
|
|
|
|||||||||
|
|
June 30,
|
|
June 30,
|
$
|
|
%
|
|||||||
(Dollars in thousands)
|
|
2019
|
|
2018
|
Change
|
|
Change
|
|||||||
Salaries and employee benefits:
|
|
|
|
|
|
|
|
|||||||
Salaries
|
|
$
|
149,397
|
|
|
$
|
128,962
|
|
$
|
20,435
|
|
|
16
|
%
|
Commissions and incentive compensation
|
|
68,085
|
|
|
67,856
|
|
229
|
|
|
—
|
|
|||
Benefits
|
|
41,973
|
|
|
37,293
|
|
4,680
|
|
|
13
|
|
|||
Total salaries and employee benefits
|
|
259,455
|
|
|
234,111
|
|
25,344
|
|
|
11
|
|
|||
Equipment
|
|
24,529
|
|
|
20,599
|
|
3,930
|
|
|
19
|
|
|||
Operating lease equipment depreciation
|
|
17,087
|
|
|
13,473
|
|
3,614
|
|
|
27
|
|
|||
Occupancy, net
|
|
32,166
|
|
|
27,430
|
|
4,736
|
|
|
17
|
|
|||
Data processing
|
|
13,729
|
|
|
17,245
|
|
(3,516
|
)
|
|
(20
|
)
|
|||
Advertising and marketing
|
|
22,703
|
|
|
20,606
|
|
2,097
|
|
|
10
|
|
|||
Professional fees
|
|
11,784
|
|
|
13,133
|
|
(1,349
|
)
|
|
(10
|
)
|
|||
Amortization of other intangible assets
|
|
5,899
|
|
|
2,001
|
|
3,898
|
|
|
NM
|
|
|||
FDIC insurance
|
|
7,703
|
|
|
8,960
|
|
(1,257
|
)
|
|
(14
|
)
|
|||
OREO expense, net
|
|
1,922
|
|
|
3,906
|
|
(1,984
|
)
|
|
(51
|
)
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Commissions - 3rd party brokers
|
|
1,467
|
|
|
2,426
|
|
(959
|
)
|
|
(40
|
)
|
|||
Postage
|
|
5,056
|
|
|
4,433
|
|
623
|
|
|
14
|
|
|||
Miscellaneous
|
|
40,481
|
|
|
32,795
|
|
7,686
|
|
|
23
|
|
|||
Total other
|
|
47,004
|
|
|
39,654
|
|
7,350
|
|
|
19
|
|
|||
Total Non-Interest Expense
|
|
$
|
443,981
|
|
|
$
|
401,118
|
|
$
|
42,863
|
|
|
11
|
%
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
June 30,
|
|
June 30,
|
||||||||||||||
(Dollars and shares in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
2019
|
|
2018
|
||||||||||||||
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
|
|
|
|
|||||||||||||||||||||||
(A) Interest Income (GAAP)
|
$
|
346,814
|
|
|
$
|
333,970
|
|
|
$
|
320,596
|
|
|
$
|
304,962
|
|
|
$
|
284,047
|
|
$
|
680,784
|
|
|
$
|
545,252
|
|
Taxable-equivalent adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
- Loans
|
1,031
|
|
|
1,034
|
|
|
980
|
|
|
941
|
|
|
812
|
|
2,065
|
|
|
1,482
|
|
|||||||
- Liquidity Management Assets
|
568
|
|
|
565
|
|
|
586
|
|
|
575
|
|
|
566
|
|
1,133
|
|
|
1,097
|
|
|||||||
- Other Earning Assets
|
1
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
1
|
|
3
|
|
|
4
|
|
|||||||
(B) Interest Income (non-GAAP)
|
$
|
348,414
|
|
|
$
|
335,571
|
|
|
$
|
322,166
|
|
|
$
|
306,481
|
|
|
$
|
285,426
|
|
$
|
683,985
|
|
|
$
|
547,835
|
|
(C) Interest Expense (GAAP)
|
$
|
80,612
|
|
|
$
|
71,984
|
|
|
$
|
66,508
|
|
|
$
|
57,399
|
|
|
$
|
45,877
|
|
$
|
152,596
|
|
|
$
|
82,000
|
|
(D) Net Interest Income (GAAP) (A minus C)
|
$
|
266,202
|
|
|
$
|
261,986
|
|
|
$
|
254,088
|
|
|
$
|
247,563
|
|
|
$
|
238,170
|
|
$
|
528,188
|
|
|
$
|
463,252
|
|
(E) Net Interest Income (non-GAAP) (B minus C)
|
$
|
267,802
|
|
|
$
|
263,587
|
|
|
$
|
255,658
|
|
|
$
|
249,082
|
|
|
$
|
239,549
|
|
$
|
531,389
|
|
|
$
|
465,835
|
|
Net interest margin (GAAP)
|
3.62
|
%
|
|
3.70
|
%
|
|
3.61
|
%
|
|
3.59
|
%
|
|
3.61
|
%
|
3.66
|
%
|
|
3.58
|
%
|
|||||||
Net interest margin, fully taxable-equivalent (non-GAAP)
|
3.64
|
%
|
|
3.72
|
%
|
|
3.63
|
%
|
|
3.61
|
%
|
|
3.63
|
%
|
3.68
|
%
|
|
3.60
|
%
|
|||||||
(F) Non-interest income
|
$
|
98,158
|
|
|
$
|
81,657
|
|
|
$
|
75,308
|
|
|
$
|
99,930
|
|
|
$
|
95,233
|
|
$
|
179,815
|
|
|
$
|
180,912
|
|
(G) Gains (losses) on investment securities, net
|
864
|
|
|
1,364
|
|
|
(2,649
|
)
|
|
90
|
|
|
12
|
|
2,228
|
|
|
(339
|
)
|
|||||||
(H) Non-interest expense
|
229,607
|
|
|
214,374
|
|
|
211,333
|
|
|
213,637
|
|
|
206,769
|
|
443,981
|
|
|
401,118
|
|
|||||||
Efficiency ratio (H/(D+F-G))
|
63.17
|
%
|
|
62.63
|
%
|
|
63.65
|
%
|
|
61.50
|
%
|
|
62.02
|
%
|
62.91
|
%
|
|
62.24
|
%
|
|||||||
Efficiency ratio (non-GAAP) (H/(E+F-G))
|
62.89
|
%
|
|
62.34
|
%
|
|
63.35
|
%
|
|
61.23
|
%
|
|
61.76
|
%
|
62.62
|
%
|
|
61.99
|
%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
|
|
|
|
|||||||||||||||||||||||
Total shareholders’ equity
|
$
|
3,446,950
|
|
|
$
|
3,371,972
|
|
|
$
|
3,267,570
|
|
|
$
|
3,179,822
|
|
|
$
|
3,106,871
|
|
|
|
|
||||
Less: Non-convertible preferred stock
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
|
|
|||||||||
Less: Intangible assets
|
(631,499
|
)
|
|
(620,224
|
)
|
|
(622,565
|
)
|
|
(564,938
|
)
|
|
(531,371
|
)
|
|
|
|
|||||||||
(I) Total tangible common shareholders’ equity
|
$
|
2,690,451
|
|
|
$
|
2,626,748
|
|
|
$
|
2,520,005
|
|
|
$
|
2,489,884
|
|
|
$
|
2,450,500
|
|
|
|
|
||||
(J) Total assets
|
$
|
33,641,769
|
|
|
$
|
32,358,621
|
|
|
$
|
31,244,849
|
|
|
$
|
30,142,731
|
|
|
$
|
29,464,588
|
|
|
|
|
||||
Less: Intangible assets
|
(631,499
|
)
|
|
(620,224
|
)
|
|
(622,565
|
)
|
|
(564,938
|
)
|
|
(531,371
|
)
|
|
|
|
|||||||||
(K) Total tangible assets
|
$
|
33,010,270
|
|
|
$
|
31,738,397
|
|
|
$
|
30,622,284
|
|
|
$
|
29,577,793
|
|
|
$
|
28,933,217
|
|
|
|
|
||||
Common equity to assets ratio (GAAP) (L/J)
|
9.9
|
%
|
|
10.0
|
%
|
|
10.1
|
%
|
|
10.1
|
%
|
|
10.1
|
%
|
|
|
|
|||||||||
Tangible common equity ratio (non-GAAP) (I/K)
|
8.2
|
%
|
|
8.3
|
%
|
|
8.2
|
%
|
|
8.4
|
%
|
|
8.5
|
%
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||||||||
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
June 30,
|
|
June 30,
|
||||||||||||||
(Dollars and shares in thousands)
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
2019
|
|
2018
|
||||||||||||||
Reconciliation of Non-GAAP Tangible Book Value per Common Share:
|
|
|
|
|||||||||||||||||||||||
Total shareholders’ equity
|
$
|
3,446,950
|
|
|
$
|
3,371,972
|
|
|
$
|
3,267,570
|
|
|
$
|
3,179,822
|
|
|
$
|
3,106,871
|
|
|
|
|
||||
Less: Preferred stock
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
|
|
|||||||||
(L) Total common equity
|
$
|
3,321,950
|
|
|
$
|
3,246,972
|
|
|
$
|
3,142,570
|
|
|
$
|
3,054,822
|
|
|
$
|
2,981,871
|
|
|
|
|
||||
(M) Actual common shares outstanding
|
56,668
|
|
|
56,639
|
|
|
56,408
|
|
|
56,377
|
|
|
56,329
|
|
|
|
|
|||||||||
Book value per common share (L/M)
|
$
|
58.62
|
|
|
$
|
57.33
|
|
|
$
|
55.71
|
|
|
$
|
54.19
|
|
|
$
|
52.94
|
|
|
|
|
||||
Tangible book value per common share (non-GAAP) (I/M)
|
$
|
47.48
|
|
|
$
|
46.38
|
|
|
$
|
44.67
|
|
|
$
|
44.16
|
|
|
$
|
43.50
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
|
|
|
|
|||||||||||||||||||||||
(N) Net income applicable to common shares
|
$
|
79,416
|
|
|
$
|
87,096
|
|
|
$
|
77,607
|
|
|
$
|
89,898
|
|
|
$
|
87,530
|
|
$
|
166,512
|
|
|
$
|
167,461
|
|
Add: Intangible asset amortization
|
2,957
|
|
|
2,942
|
|
|
1,407
|
|
|
1,163
|
|
|
997
|
|
5,899
|
|
|
2,001
|
|
|||||||
Less: Tax effect of intangible asset amortization
|
(771
|
)
|
|
(731
|
)
|
|
(366
|
)
|
|
(292
|
)
|
|
(263
|
)
|
(1,502
|
)
|
|
(506
|
)
|
|||||||
After-tax intangible asset amortization
|
2,186
|
|
|
2,211
|
|
|
1,041
|
|
|
871
|
|
|
734
|
|
4,397
|
|
|
1,495
|
|
|||||||
(O) Tangible net income applicable to common shares (non-GAAP)
|
$
|
81,602
|
|
|
$
|
89,307
|
|
|
$
|
78,648
|
|
|
$
|
90,769
|
|
|
$
|
88,264
|
|
$
|
170,909
|
|
|
$
|
168,956
|
|
Total average shareholders' equity
|
$
|
3,414,340
|
|
|
$
|
3,309,078
|
|
|
$
|
3,200,654
|
|
|
$
|
3,131,943
|
|
|
$
|
3,064,154
|
|
$
|
3,362,000
|
|
|
$
|
3,030,062
|
|
Less: Average preferred stock
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
|
(125,000
|
)
|
(125,000
|
)
|
|
(125,000
|
)
|
|||||||
(P) Total average common shareholders' equity
|
$
|
3,289,340
|
|
|
$
|
3,184,078
|
|
|
$
|
3,075,654
|
|
|
$
|
3,006,943
|
|
|
$
|
2,939,154
|
|
$
|
3,237,000
|
|
|
$
|
2,905,062
|
|
Less: Average intangible assets
|
(624,794
|
)
|
|
(622,240
|
)
|
|
(574,757
|
)
|
|
(547,552
|
)
|
|
(533,496
|
)
|
(623,524
|
)
|
|
(535,077
|
)
|
|||||||
(Q) Total average tangible common shareholders’ equity (non-GAAP)
|
$
|
2,664,546
|
|
|
$
|
2,561,838
|
|
|
$
|
2,500,897
|
|
|
$
|
2,459,391
|
|
|
$
|
2,405,658
|
|
$
|
2,613,476
|
|
|
$
|
2,369,985
|
|
Return on average common equity, annualized (N/P)
|
9.68
|
%
|
|
11.09
|
%
|
|
10.01
|
%
|
|
11.86
|
%
|
|
11.94
|
%
|
10.37
|
%
|
|
11.62
|
%
|
|||||||
Return on average tangible common equity, annualized (non-GAAP) (O/Q)
|
12.28
|
%
|
|
14.14
|
%
|
|
12.48
|
%
|
|
14.64
|
%
|
|
14.72
|
%
|
13.19
|
%
|
|
14.38
|
%
|
•
|
FIRST Insurance Funding, a division of Lake Forest Bank & Trust Company, N.A., and Wintrust Life Finance, a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
|
•
|
First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
|
•
|
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
|
•
|
Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
|
•
|
Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
|
•
|
Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
|
•
|
The Chicago Trust Company, a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
|
•
|
Wintrust Asset Finance offers direct leasing opportunities.
|
•
|
CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.
|
•
|
economic conditions that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates;
|
•
|
negative effects suffered by us or our customers resulting from changes in U.S. trade policies;
|
•
|
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
|
•
|
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
|
•
|
the financial success and economic viability of the borrowers of our commercial loans;
|
•
|
commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
|
•
|
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for loan and lease losses;
|
•
|
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
|
•
|
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
|
•
|
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
|
•
|
failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions;
|
•
|
unexpected difficulties and losses related to FDIC-assisted acquisitions;
|
•
|
harm to the Company’s reputation;
|
•
|
any negative perception of the Company’s financial strength;
|
•
|
ability of the Company to raise additional capital on acceptable terms when needed;
|
•
|
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
|
•
|
ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
|
•
|
failure or breaches of our security systems or infrastructure, or those of third parties;
|
•
|
security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion or data corruption attempts and identity theft;
|
•
|
adverse effects on our information technology systems resulting from failures, human error or cyberattacks;
|
•
|
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
|
•
|
increased costs as a result of protecting our customers from the impact of stolen debit card information;
|
•
|
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
|
•
|
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
|
•
|
environmental liability risk associated with lending activities;
|
•
|
the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
|
•
|
losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
|
•
|
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
|
•
|
the soundness of other financial institutions;
|
•
|
the expenses and delayed returns inherent in opening new branches and de novo banks;
|
•
|
examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
|
•
|
changes in accounting standards, rules and interpretations such as the new CECL standard, and the impact on the Company’s financial statements;
|
•
|
the ability of the Company to receive dividends from its subsidiaries;
|
•
|
uncertainty about the future of LIBOR;
|
•
|
a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
|
•
|
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
|
•
|
a lowering of our credit rating;
|
•
|
changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet as a result of the end of its program of quantitative easing or otherwise;
|
•
|
restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business resulting from the Dodd-Frank Act;
|
•
|
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
|
•
|
the impact of heightened capital requirements;
|
•
|
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
|
•
|
delinquencies or fraud with respect to the Company’s premium finance business;
|
•
|
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
|
•
|
the Company’s ability to comply with covenants under its credit facility; and
|
•
|
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation.
|