☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Arkansas | 71-0407808 | ||||
(State or other jurisdiction of | (I.R.S. Employer | ||||
incorporation or organization) | Identification No.) | ||||
501 Main Street | 71601 | ||||
Pine Bluff | (Zip Code) | ||||
Arkansas | |||||
(Address of principal executive offices) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.01 per share | SFNC | The Nasdaq Global Select Market |
Large accelerated filer |
☒
|
Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company | ☐ | Emerging Growth company | ☐ |
Page | ||||||||
Item 3. | Defaults Upon Senior Securities | * | ||||||
Item 4. | Mine Safety Disclosures | * | ||||||
Item 5. | Other Information | * | ||||||
September 30, | December 31, | ||||||||||
(In thousands, except share data) | 2021 | 2020 | |||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and non-interest bearing balances due from banks | $ | 225,500 | $ | 217,499 | |||||||
Interest bearing balances due from banks and federal funds sold | 1,555,913 | 3,254,653 | |||||||||
Cash and cash equivalents | 1,781,413 | 3,472,152 | |||||||||
Interest bearing balances due from banks - time | 1,780 | 1,579 | |||||||||
Investment securities: | |||||||||||
Held-to-maturity, net of allowance for credit losses of $1,279 and $2,915 at September 30, 2021 and December 31, 2020, respectively
|
1,516,797 | 333,031 | |||||||||
Available-for-sale, net of allowance for credit losses of $0 and $312 at September 30, 2021 and December 31, 2020, respectively (amortized cost of $6,852,465 and $3,397,043 at September 30, 2021 and December 31, 2020, respectively)
|
6,822,203 | 3,473,598 | |||||||||
Total investments | 8,339,000 | 3,806,629 | |||||||||
Mortgage loans held for sale | 34,628 | 137,378 | |||||||||
Loans | 10,825,227 | 12,900,897 | |||||||||
Allowance for credit losses on loans | (202,508) | (238,050) | |||||||||
Net loans | 10,622,719 | 12,662,847 | |||||||||
Premises and equipment | 463,924 | 441,692 | |||||||||
Premises held for sale | — | 15,008 | |||||||||
Foreclosed assets and other real estate owned | 11,759 | 18,393 | |||||||||
Interest receivable | 68,405 | 72,597 | |||||||||
Bank owned life insurance | 421,762 | 255,630 | |||||||||
Goodwill | 1,075,305 | 1,075,305 | |||||||||
Other intangible assets | 100,428 | 111,110 | |||||||||
Other assets | 304,807 | 289,432 | |||||||||
Total assets | $ | 23,225,930 | $ | 22,359,752 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Deposits: | |||||||||||
Non-interest bearing transaction accounts | $ | 4,918,845 | $ | 4,482,091 | |||||||
Interest bearing transaction accounts and savings deposits | 10,697,451 | 9,672,608 | |||||||||
Time deposits | 2,455,774 | 2,832,327 | |||||||||
Total deposits | 18,072,070 | 16,987,026 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 217,276 | 299,111 | |||||||||
Other borrowings | 1,338,585 | 1,342,067 | |||||||||
Subordinated notes and debentures | 383,278 | 382,874 | |||||||||
Other liabilities held for sale | — | 154,620 | |||||||||
Accrued interest and other liabilities | 184,190 | 217,398 | |||||||||
Total liabilities | 20,195,399 | 19,383,096 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, 40,040,000 shares authorized; Series D, $0.01 par value, $1,000 liquidation value per share; 767 shares issued and outstanding at September 30, 2021 and December 31, 2020
|
767 | 767 | |||||||||
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at September 30, 2021 and December 31, 2020; 106,603,231 and 108,077,662 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
|
1,066 | 1,081 | |||||||||
Surplus | 1,974,561 | 2,014,076 | |||||||||
Undivided profits | 1,065,566 | 901,006 | |||||||||
Accumulated other comprehensive (loss) income | (11,429) | 59,726 | |||||||||
Total stockholders’ equity | 3,030,531 | 2,976,656 | |||||||||
Total liabilities and stockholders’ equity | $ | 23,225,930 | $ | 22,359,752 |
Three Months Ended September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||
Loans, including fees | $ | 132,216 | $ | 163,180 | $ | 417,444 | $ | 527,656 | |||||||||||||||
Interest bearing balances due from banks and federal funds sold | 763 | 623 | 2,212 | 3,667 | |||||||||||||||||||
Investment securities | 30,717 | 14,910 | 79,418 | 47,326 | |||||||||||||||||||
Mortgage loans held for sale | 230 | 1,012 | 1,255 | 1,961 | |||||||||||||||||||
TOTAL INTEREST INCOME | 163,926 | 179,725 | 500,329 | 580,610 | |||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||
Deposits | 9,116 | 16,206 | 33,077 | 65,489 | |||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 70 | 335 | 507 | 1,431 | |||||||||||||||||||
Other borrowings | 4,893 | 4,943 | 14,592 | 14,783 | |||||||||||||||||||
Subordinated notes and debentures | 4,610 | 4,631 | 13,702 | 14,133 | |||||||||||||||||||
TOTAL INTEREST EXPENSE | 18,689 | 26,115 | 61,878 | 95,836 | |||||||||||||||||||
NET INTEREST INCOME | 145,237 | 153,610 | 438,451 | 484,774 | |||||||||||||||||||
Provision for credit losses | (19,890) | 22,981 | (31,396) | 68,030 | |||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 165,127 | 130,629 | 469,847 | 416,744 | |||||||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||||||
Trust income | 7,145 | 6,744 | 21,049 | 21,148 | |||||||||||||||||||
Service charges on deposit accounts | 11,557 | 10,385 | 31,322 | 32,283 | |||||||||||||||||||
Other service charges and fees | 1,964 | 1,764 | 5,934 | 4,841 | |||||||||||||||||||
Mortgage lending income | 5,818 | 13,971 | 16,755 | 31,476 | |||||||||||||||||||
SBA lending income | 191 | 304 | 718 | 845 | |||||||||||||||||||
Investment banking income | 732 | 557 | 2,081 | 2,005 | |||||||||||||||||||
Debit and credit card fees | 7,102 | 6,478 | 20,785 | 18,296 | |||||||||||||||||||
Bank owned life insurance income | 2,573 | 1,591 | 6,134 | 4,334 | |||||||||||||||||||
Gain on sale of securities, net | 5,248 | 22,305 | 15,846 | 54,790 | |||||||||||||||||||
Other income | 6,220 | 5,380 | 24,590 | 27,990 | |||||||||||||||||||
TOTAL NON-INTEREST INCOME | 48,550 | 69,479 | 145,214 | 198,008 | |||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||
Salaries and employee benefits | 61,902 | 61,144 | 182,503 | 186,712 | |||||||||||||||||||
Occupancy expense, net | 9,361 | 9,647 | 27,764 | 28,374 | |||||||||||||||||||
Furniture and equipment expense | 4,895 | 6,231 | 15,169 | 18,098 | |||||||||||||||||||
Other real estate and foreclosure expense | 339 | 602 | 1,545 | 1,201 | |||||||||||||||||||
Deposit insurance | 1,870 | 2,244 | 4,865 | 7,557 | |||||||||||||||||||
Merger related costs | 1,401 | 902 | 2,320 | 3,800 | |||||||||||||||||||
Other operating expenses | 34,565 | 35,807 | 107,826 | 113,154 | |||||||||||||||||||
TOTAL NON-INTEREST EXPENSE | 114,333 | 116,577 | 341,992 | 358,896 | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | 99,344 | 83,531 | 273,069 | 255,856 | |||||||||||||||||||
Provision for income taxes | 18,770 | 17,633 | 50,151 | 53,920 | |||||||||||||||||||
NET INCOME | 80,574 | 65,898 | 222,918 | 201,936 | |||||||||||||||||||
Preferred stock dividends | 13 | 13 | 39 | 39 | |||||||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 80,561 | $ | 65,885 | $ | 222,879 | $ | 201,897 | |||||||||||||||
BASIC EARNINGS PER SHARE | $ | 0.75 | $ | 0.60 | $ | 2.06 | $ | 1.83 | |||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 0.74 | $ | 0.60 | $ | 2.05 | $ | 1.83 |
Three Months Ended
September 30, |
Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||
NET INCOME | $ | 80,574 | $ | 65,898 | $ | 222,918 | $ | 201,936 | |||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period on available-for-sale securities | (41,398) | 4,975 | (95,313) | 82,703 | |||||||||||||||||||
Less: Reclassification adjustment for realized gains included in net income | 5,248 | 22,305 | 15,846 | 54,790 | |||||||||||||||||||
Less: Realized loss on available-for-sale securities interest rate hedges | (13,722) | — | (13,722) | — | |||||||||||||||||||
Amortization of securities transferred from available for sale to held to maturity | 1,106 | — | 1,106 | — | |||||||||||||||||||
Other comprehensive income (loss), before tax effect | (31,818) | (17,330) | (96,331) | 27,913 | |||||||||||||||||||
Less: Tax effect of other comprehensive income (loss) | (8,316) | (4,529) | (25,176) | 7,295 | |||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (23,502) | (12,801) | (71,155) | 20,618 | |||||||||||||||||||
COMPREHENSIVE INCOME | $ | 57,072 | $ | 53,097 | $ | 151,763 | $ | 222,554 |
(In thousands) | September 30, 2021 | September 30, 2020 | |||||||||
(Unaudited) | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 222,918 | $ | 201,936 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 35,396 | 36,590 | |||||||||
Provision for credit losses | (31,396) | 68,030 | |||||||||
Gain on sale of investments | (15,846) | (54,790) | |||||||||
Net accretion of investment securities and assets | (36,929) | (43,286) | |||||||||
Net amortization on borrowings | 404 | 406 | |||||||||
Stock-based compensation expense | 12,591 | 10,750 | |||||||||
Gain on sale of premises held for sale | (591) | (33) | |||||||||
Gain on sale of foreclosed assets held for sale | (76) | (475) | |||||||||
Gain on sale of mortgage loans held for sale | (29,222) | (28,994) | |||||||||
Gain on sale of other intangibles | — | (301) | |||||||||
Gain on sale of banking operations | (5,316) | (8,094) | |||||||||
Fair value write-down of closed branches | — | 1,465 | |||||||||
Deferred income taxes | 3,585 | 2,920 | |||||||||
Income from bank owned life insurance | (6,229) | (4,983) | |||||||||
Originations of mortgage loans held for sale | (752,480) | (851,356) | |||||||||
Proceeds from sale of mortgage loans held for sale | 884,452 | 745,723 | |||||||||
Changes in assets and liabilities: | |||||||||||
Interest receivable | 4,191 | (15,601) | |||||||||
Other assets | (22,677) | (7,009) | |||||||||
Accrued interest and other liabilities | (41,674) | 43,696 | |||||||||
Income taxes payable | (1,199) | (20,206) | |||||||||
Net cash provided by operating activities | 219,902 | 76,388 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Net change in loans | 2,056,058 | 243,826 | |||||||||
Proceeds from sale of loans | 26,472 | 32,742 | |||||||||
Net change in due from banks - time | (201) | 493 | |||||||||
Purchases of premises and equipment, net | (36,832) | (22,697) | |||||||||
Proceeds from sale of premises held for sale | 5,621 | 123 | |||||||||
Proceeds from sale of foreclosed assets held for sale | 14,594 | 9,705 | |||||||||
Proceeds from sale of available-for-sale securities | 342,577 | 1,717,364 | |||||||||
Proceeds from maturities of available-for-sale securities | 559,259 | 2,218,259 | |||||||||
Purchases of available-for-sale securities | (4,786,533) | (3,169,534) | |||||||||
Proceeds from maturities of held-to-maturity securities | 13,804 | 10,520 | |||||||||
Purchases of held-to-maturity securities | (694,734) | (16,997) | |||||||||
Purchases of bank owned life insurance | (160,000) | — | |||||||||
Proceeds from bank owned life insurance death benefits | 3,814 | 1,425 | |||||||||
Disposition of assets and liabilities held for sale | (134,166) | 181,271 | |||||||||
Net cash (used in) provided by investing activities | (2,790,267) | 1,206,500 | |||||||||
FINANCING ACTIVITIES | |||||||||||
Net change in deposits | 1,075,422 | 191,714 | |||||||||
Repayments of subordinated debentures | — | (5,927) | |||||||||
Dividends paid on preferred stock | (39) | (39) | |||||||||
Dividends paid on common stock | (58,319) | (56,141) | |||||||||
Net change in other borrowed funds | (3,482) | 45,170 | |||||||||
Net change in federal funds purchased and securities sold under agreements to repurchase | (81,835) | 163,549 | |||||||||
Net shares issued (cancelled) under stock compensation plans | 1,222 | (3,355) | |||||||||
Shares issued under employee stock purchase plan | 1,170 | 956 | |||||||||
Repurchases of common stock | (54,513) | (93,307) | |||||||||
Net cash provided by financing activities | 879,626 | 242,620 | |||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,690,739) | 1,525,508 | |||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,472,152 | 996,623 | |||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 1,781,413 | $ | 2,522,131 |
(In thousands, except share data) | Preferred Stock |
Common
Stock |
Surplus |
Accumulated
Other Comprehensive (Loss) Income |
Undivided
Profits |
Total | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 (Unaudited) | $ | 767 | $ | 1,084 | $ | 2,021,128 | $ | 12,073 | $ | 1,004,314 | $ | 3,039,366 | |||||||||||||||||||||||
Comprehensive income | — | — | — | (23,502) | 80,574 | 57,072 | |||||||||||||||||||||||||||||
Stock-based compensation plans, net – 22,767 shares
|
— | — | 4,848 | — | — | 4,848 | |||||||||||||||||||||||||||||
Stock repurchases – 1,806,205 shares
|
— | (18) | (51,415) | — | — | (51,433) | |||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (13) | (13) | |||||||||||||||||||||||||||||
Dividends on common stock – $0.18 per share
|
— | — | — | — | (19,309) | (19,309) | |||||||||||||||||||||||||||||
Balance, September 30, 2021 (Unaudited) | $ | 767 | $ | 1,066 | $ | 1,974,561 | $ | (11,429) | $ | 1,065,566 | $ | 3,030,531 | |||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 (Unaudited) | $ | 767 | $ | 1,090 | $ | 2,029,383 | $ | 54,310 | $ | 819,153 | $ | 2,904,703 | |||||||||||||||||||||||
Comprehensive income | — | — | — | (12,801) | 65,898 | 53,097 | |||||||||||||||||||||||||||||
Stock-based compensation plans, net – 29,392 shares
|
— | — | 2,989 | — | — | 2,989 | |||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (13) | (13) | |||||||||||||||||||||||||||||
Dividends on common stock – $0.17 per share
|
— | — | — | — | (18,535) | (18,535) | |||||||||||||||||||||||||||||
Balance, September 30, 2020 (Unaudited) | $ | 767 | $ | 1,090 | $ | 2,032,372 | $ | 41,509 | $ | 866,503 | $ | 2,942,241 |
(In thousands, except share data) | Preferred Stock |
Common
Stock |
Surplus |
Accumulated
Other Comprehensive (Loss) Income |
Undivided
Profits |
Total | |||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 767 | $ | 1,081 | $ | 2,014,076 | $ | 59,726 | $ | 901,006 | $ | 2,976,656 | |||||||||||||||||||||||
Comprehensive (loss) income | — | — | — | (71,155) | 222,918 | 151,763 | |||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan – 60,697 shares
|
— | 1 | 1,169 | — | — | 1,170 | |||||||||||||||||||||||||||||
Stock-based compensation plans, net – 401,993 shares
|
— | 3 | 13,810 | — | — | 13,813 | |||||||||||||||||||||||||||||
Stock repurchases – 1,937,121 shares
|
— | (19) | (54,494) | — | — | (54,513) | |||||||||||||||||||||||||||||
Dividends on preferred stock
|
— | — | — | — | (39) | (39) | |||||||||||||||||||||||||||||
Dividends on common stock – $0.54 per share
|
— | — | — | — | (58,319) | (58,319) | |||||||||||||||||||||||||||||
Balance, September 30, 2021 (Unaudited) | $ | 767 | $ | 1,066 | $ | 1,974,561 | $ | (11,429) | $ | 1,065,566 | $ | 3,030,531 | |||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 767 | $ | 1,136 | $ | 2,117,282 | $ | 20,891 | $ | 848,848 | $ | 2,988,924 | |||||||||||||||||||||||
Impact of ASU 2016-13 adoption | — | — | — | — | (128,101) | (128,101) | |||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 20,618 | 201,936 | 222,554 | |||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan – 43,681 shares
|
— | 1 | 955 | — | — | 956 | |||||||||||||||||||||||||||||
Stock-based compensation plans, net – 273,835 shares
|
— | 2 | 7,393 | — | — | 7,395 | |||||||||||||||||||||||||||||
Stock repurchases – 4,922,336 shares
|
— | (49) | (93,258) | — | — | (93,307) | |||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (39) | (39) | |||||||||||||||||||||||||||||
Dividends on common stock – $0.51 per share
|
— | — | — | — | (56,141) | (56,141) | |||||||||||||||||||||||||||||
Balance, September 30, 2020 (Unaudited) | $ | 767 | $ | 1,090 | $ | 2,032,372 | $ | 41,509 | $ | 866,503 | $ | 2,942,241 |
(In thousands) | Amortized Cost |
Allowance
for Credit Losses |
Net Carrying Amount |
Gross Unrealized
Gains |
Gross Unrealized
(Losses) |
Estimated Fair
Value |
|||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
U.S. Government agencies | $ | 232,549 | $ | — | $ | 232,549 | $ | — | $ | (5,179) | $ | 227,370 | |||||||||||||||||||||||
Mortgage-backed securities | 57,930 | — | 57,930 | 417 | (1,024) | 57,323 | |||||||||||||||||||||||||||||
State and political subdivisions
|
1,210,287 | (1,196) | 1,209,091 | 2,206 | (24,962) | 1,186,335 | |||||||||||||||||||||||||||||
Other securities | 17,310 | (83) | 17,227 | — | (339) | 16,888 | |||||||||||||||||||||||||||||
Total HTM | $ | 1,518,076 | $ | (1,279) | $ | 1,516,797 | $ | 2,623 | $ | (31,504) | $ | 1,487,916 | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 22,354 | $ | — | $ | 22,354 | $ | 683 | $ | — | $ | 23,037 | |||||||||||||||||||||||
State and political subdivisions
|
312,416 | (2,307) | 310,109 | 8,148 | (30) | 318,227 | |||||||||||||||||||||||||||||
Other securities | 1,176 | (608) | 568 | 93 | — | 661 | |||||||||||||||||||||||||||||
Total HTM | $ | 335,946 | $ | (2,915) | $ | 333,031 | $ | 8,924 | $ | (30) | $ | 341,925 |
(In thousands) |
Amortized
Cost |
Allowance
for Credit Losses |
Gross Unrealized
Gains |
Gross Unrealized
(Losses) |
Estimated Fair
Value |
||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 300 | $ | — | $ | — | $ | — | $ | 300 | |||||||||||||||||||
U.S. Government agencies | 361,452 | — | 635 | (7,705) | 354,382 | ||||||||||||||||||||||||
Mortgage-backed securities | 4,434,981 | — | 14,741 | (28,102) | 4,421,620 | ||||||||||||||||||||||||
State and political subdivisions | 1,574,674 | — | 17,877 | (17,343) | 1,575,208 | ||||||||||||||||||||||||
Other securities | 467,336 | — | 7,328 | (3,971) | 470,693 | ||||||||||||||||||||||||
Total AFS | $ | 6,838,743 | $ | — | $ | 40,581 | $ | (57,121) | $ | 6,822,203 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
U.S. Government agencies | $ | 477,693 | $ | — | $ | 844 | $ | (1,300) | $ | 477,237 | |||||||||||||||||||
Mortgage-backed securities | 1,374,769 | — | 21,261 | (1,094) | 1,394,936 | ||||||||||||||||||||||||
State and political subdivisions | 1,416,136 | (217) | 55,111 | (307) | 1,470,723 | ||||||||||||||||||||||||
Other securities | 128,445 | (95) | 2,447 | (95) | 130,702 | ||||||||||||||||||||||||
Total AFS | $ | 3,397,043 | $ | (312) | $ | 79,663 | $ | (2,796) | $ | 3,473,598 |
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
(In thousands) |
Estimated
Fair Value |
Gross
Unrealized Losses |
Estimated
Fair Value |
Gross
Unrealized Losses |
Estimated
Fair Value |
Gross
Unrealized Losses |
|||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
U.S. Government agencies | $ | 190,275 | $ | (3,759) | $ | 111,662 | $ | (3,946) | $ | 301,937 | $ | (7,705) | |||||||||||||||||||||||
Mortgage-backed securities | 2,342,244 | (27,380) | 46,253 | (722) | 2,388,497 | (28,102) | |||||||||||||||||||||||||||||
State and political subdivisions | 969,120 | (16,056) | 23,372 | (1,287) | 992,492 | (17,343) | |||||||||||||||||||||||||||||
Other securities | 157,974 | (3,971) | — | — | 157,974 | (3,971) | |||||||||||||||||||||||||||||
Total AFS | $ | 3,659,613 | $ | (51,166) | $ | 181,287 | $ | (5,955) | $ | 3,840,900 | $ | (57,121) |
(In thousands) | State and Political Subdivisions |
Other
Securities |
Total | ||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||
Beginning balance, July 1, 2021 | $ | 871 | $ | 261 | $ | 1,132 | |||||||||||
Provision for credit loss expense | 325 | (325) | — | ||||||||||||||
Recoveries | — | 147 | 147 | ||||||||||||||
Ending balance, September 30, 2021 | $ | 1,196 | $ | 83 | $ | 1,279 | |||||||||||
Available-for-sale | |||||||||||||||||
Beginning balance, July 1, 2021 | $ | — | $ | — | $ | — | |||||||||||
Net decrease in allowance on previously impaired securities | — | — | — | ||||||||||||||
Ending balance, September 30, 2021 | $ | — | $ | — | $ | — | |||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||
Beginning balance, January 1, 2021 | $ | 2,307 | $ | 608 | $ | 2,915 | |||||||||||
Provision for credit loss expense | (1,111) | (72) | (1,183) | ||||||||||||||
Securities charged-off | — | (600) | (600) | ||||||||||||||
Recoveries | — | 147 | 147 | ||||||||||||||
Ending balance, September 30, 2021 | $ | 1,196 | $ | 83 | $ | 1,279 | |||||||||||
Available-for-sale | |||||||||||||||||
Beginning balance, January 1, 2021 | $ | 217 | $ | 95 | $ | 312 | |||||||||||
Reduction due to sales | — | (11) | (11) | ||||||||||||||
Net decrease in allowance on previously impaired securities | (217) | (84) | (301) | ||||||||||||||
Ending balance, September 30, 2021 | $ | — | $ | — | $ | — |
(In thousands) | State and Political Subdivisions |
Other
Securities |
Total | ||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||
Beginning balance, July 1, 2020 | $ | 95 | $ | 212 | $ | 307 | |||||||||||
Provision for credit loss expense | (22) | 88 | 66 | ||||||||||||||
Ending balance, September 30, 2020 | $ | 73 | $ | 300 | $ | 373 | |||||||||||
Available-for-sale | |||||||||||||||||
Beginning balance, July 1, 2020 | $ | 371 | $ | 238 | $ | 609 | |||||||||||
Credit losses on securities not previously recorded | 1,137 | 23 | 1,160 | ||||||||||||||
Reduction due to sales | $ | (294) | $ | — | $ | (294) | |||||||||||
Net decrease in allowance on previously impaired securities | (66) | (201) | (267) | ||||||||||||||
Ending balance, September 30, 2020 | $ | 1,148 | $ | 60 | $ | 1,208 | |||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||
Beginning balance, January 1, 2020 | $ | — | $ | — | $ | — | |||||||||||
Impact of ASU 2016-13 adoption
|
58 | 311 | 369 | ||||||||||||||
Provision for credit loss expense | 15 | (11) | 4 | ||||||||||||||
Ending balance, September 30, 2020 | $ | 73 | $ | 300 | $ | 373 | |||||||||||
Available-for-sale | |||||||||||||||||
Beginning balance, January 1, 2020 | $ | — | $ | — | $ | — | |||||||||||
Impact of ASU 2016-13 adoption
|
373 | — | 373 | ||||||||||||||
Credit losses on securities not previously recorded | 1,130 | 78 | 1,208 | ||||||||||||||
Reduction due to sales | (244) | — | (244) | ||||||||||||||
Net increase in allowance on previously impaired securities | (111) | (18) | (129) | ||||||||||||||
Ending balance, September 30, 2020 | $ | 1,148 | $ | 60 | $ | 1,208 |
State and Political Subdivisions | |||||||||||||||||||||||||||||
(In thousands) | Not Guaranteed or Pre-Refunded | Other Credit Enhancement or Insurance | Pre-Refunded | Total | Other Securities | ||||||||||||||||||||||||
Aaa/AAA | $ | 130,326 | $ | 114,831 | $ | — | $ | 245,157 | $ | — | |||||||||||||||||||
Aa/AA | 495,498 | 308,656 | — | 804,154 | — | ||||||||||||||||||||||||
A | 45,229 | 82,432 | — | 127,661 | — | ||||||||||||||||||||||||
Baa/BBB | 1,049 | 10,302 | — | 11,351 | — | ||||||||||||||||||||||||
Not Rated | 6,322 | 15,642 | — | 21,964 | 17,310 | ||||||||||||||||||||||||
Total | $ | 678,424 | $ | 531,863 | $ | — | $ | 1,210,287 | $ | 17,310 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Taxable: | |||||||||||||||||||||||
Held-to-maturity | $ | 1,127 | $ | 256 | $ | 2,477 | $ | 715 | |||||||||||||||
Available-for-sale | 15,949 | 6,937 | 39,313 | 26,604 | |||||||||||||||||||
Non-taxable: | |||||||||||||||||||||||
Held-to-maturity | 4,853 | 65 | 9,887 | 205 | |||||||||||||||||||
Available-for-sale | 8,788 | 7,652 | 27,741 | 19,802 | |||||||||||||||||||
Total | $ | 30,717 | $ | 14,910 | $ | 79,418 | $ | 47,326 |
Held-to-Maturity | Available-for-Sale | ||||||||||||||||||||||
(In thousands) |
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||||||||
One year or less | $ | 5,644 | $ | 5,678 | $ | 8,385 | $ | 8,423 | |||||||||||||||
After one through five years | 7,676 | 7,993 | 53,515 | 54,008 | |||||||||||||||||||
After five through ten years | 27,094 | 26,019 | 487,966 | 492,654 | |||||||||||||||||||
After ten years | 1,419,732 | 1,390,903 | 1,853,165 | 1,844,768 | |||||||||||||||||||
Securities not due on a single maturity date | 57,930 | 57,323 | 4,434,981 | 4,421,620 | |||||||||||||||||||
Other securities (no maturity) | — | — | 731 | 730 | |||||||||||||||||||
Total | $ | 1,518,076 | $ | 1,487,916 | $ | 6,838,743 | $ | 6,822,203 |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Consumer: | |||||||||||
Credit cards | $ | 175,884 | $ | 188,845 | |||||||
Other consumer | 182,492 | 202,379 | |||||||||
Total consumer | 358,376 | 391,224 | |||||||||
Real Estate: | |||||||||||
Construction and development | 1,229,740 | 1,596,255 | |||||||||
Single family residential | 1,540,701 | 1,880,673 | |||||||||
Other commercial | 5,308,902 | 5,746,863 | |||||||||
Total real estate | 8,079,343 | 9,223,791 | |||||||||
Commercial: | |||||||||||
Commercial | 1,821,905 | 2,574,386 | |||||||||
Agricultural | 216,735 | 175,905 | |||||||||
Total commercial | 2,038,640 | 2,750,291 | |||||||||
Other | 348,868 | 535,591 | |||||||||
Total loans | $ | 10,825,227 | $ | 12,900,897 |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Consumer: | |||||||||||
Credit cards | $ | 390 | $ | 301 | |||||||
Other consumer | 391 | 1,219 | |||||||||
Total consumer | 781 | 1,520 | |||||||||
Real estate: | |||||||||||
Construction and development | 2,330 | 3,625 | |||||||||
Single family residential | 21,068 | 28,062 | |||||||||
Other commercial | 17,838 | 24,155 | |||||||||
Total real estate | 41,236 | 55,842 | |||||||||
Commercial: | |||||||||||
Commercial | 16,532 | 65,244 | |||||||||
Agricultural | 505 | 273 | |||||||||
Total commercial | 17,037 | 65,517 | |||||||||
Total | $ | 59,054 | $ | 122,879 |
(In thousands) |
Gross
30-89 Days Past Due |
90 Days
or More Past Due |
Total
Past Due |
Current |
Total
Loans |
90 Days
Past Due & Accruing |
|||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Credit cards | $ | 751 | $ | 253 | $ | 1,004 | $ | 174,880 | $ | 175,884 | $ | 154 | |||||||||||||||||||||||
Other consumer | 925 | 90 | 1,015 | 181,477 | 182,492 | 1 | |||||||||||||||||||||||||||||
Total consumer | 1,676 | 343 | 2,019 | 356,357 | 358,376 | 155 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Construction and development | 2,854 | 605 | 3,459 | 1,226,281 | 1,229,740 | 5 | |||||||||||||||||||||||||||||
Single family residential | 6,546 | 6,154 | 12,700 | 1,528,001 | 1,540,701 | 75 | |||||||||||||||||||||||||||||
Other commercial | 2,293 | 13,620 | 15,913 | 5,292,989 | 5,308,902 | — | |||||||||||||||||||||||||||||
Total real estate | 11,693 | 20,379 | 32,072 | 8,047,271 | 8,079,343 | 80 | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial | 2,130 | 6,639 | 8,769 | 1,813,136 | 1,821,905 | 99 | |||||||||||||||||||||||||||||
Agricultural | 140 | 459 | 599 | 216,136 | 216,735 | — | |||||||||||||||||||||||||||||
Total commercial | 2,270 | 7,098 | 9,368 | 2,029,272 | 2,038,640 | 99 | |||||||||||||||||||||||||||||
Other | 7 | — | 7 | 348,861 | 348,868 | — | |||||||||||||||||||||||||||||
Total | $ | 15,646 | $ | 27,820 | $ | 43,466 | $ | 10,781,761 | $ | 10,825,227 | $ | 334 | |||||||||||||||||||||||
(In thousands) |
Gross
30-89 Days Past Due |
90 Days
or More Past Due |
Total
Past Due |
Current |
Total
Loans |
90 Days
Past Due & Accruing |
|||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Credit cards | $ | 708 | $ | 256 | $ | 964 | $ | 187,881 | $ | 188,845 | $ | 256 | |||||||||||||||||||||||
Other consumer | 2,771 | 302 | 3,073 | 199,306 | 202,379 | 13 | |||||||||||||||||||||||||||||
Total consumer | 3,479 | 558 | 4,037 | 387,187 | 391,224 | 269 | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Construction and development | 1,375 | 3,089 | 4,464 | 1,591,791 | 1,596,255 | — | |||||||||||||||||||||||||||||
Single family residential | 23,726 | 14,339 | 38,065 | 1,842,608 | 1,880,673 | 253 | |||||||||||||||||||||||||||||
Other commercial | 2,660 | 9,586 | 12,246 | 5,734,617 | 5,746,863 | — | |||||||||||||||||||||||||||||
Total real estate | 27,761 | 27,014 | 54,775 | 9,169,016 | 9,223,791 | 253 | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial | 7,514 | 7,429 | 14,943 | 2,559,443 | 2,574,386 | 56 | |||||||||||||||||||||||||||||
Agricultural | 226 | 187 | 413 | 175,492 | 175,905 | — | |||||||||||||||||||||||||||||
Total commercial | 7,740 | 7,616 | 15,356 | 2,734,935 | 2,750,291 | 56 | |||||||||||||||||||||||||||||
Other | 92 | — | 92 | 535,499 | 535,591 | — | |||||||||||||||||||||||||||||
Total | $ | 39,072 | $ | 35,188 | $ | 74,260 | $ | 12,826,637 | $ | 12,900,897 | $ | 578 |
Accruing TDR Loans | Nonaccrual TDR Loans | Total TDR Loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Balance | Number | Balance | Number | Balance | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Single-family residential | 28 | $ | 2,994 | 12 | $ | 1,141 | 40 | $ | 4,135 | ||||||||||||||||||||||||||
Other commercial | 2 | 820 | 1 | 1 | 3 | 821 | |||||||||||||||||||||||||||||
Total real estate | 30 | 3,814 | 13 | 1,142 | 43 | 4,956 | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial | 2 | 437 | 2 | 1,408 | 4 | 1,845 | |||||||||||||||||||||||||||||
Total commercial | 2 | 437 | 2 | 1,408 | 4 | 1,845 | |||||||||||||||||||||||||||||
Total | 32 | $ | 4,251 | 15 | $ | 2,550 | 47 | $ | 6,801 | ||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Single-family residential | 28 | $ | 2,463 | 18 | $ | 2,736 | 46 | $ | 5,199 | ||||||||||||||||||||||||||
Other commercial | 1 | 49 | 1 | 12 | 2 | 61 | |||||||||||||||||||||||||||||
Total real estate | 29 | 2,512 | 19 | 2,748 | 48 | 5,260 | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial | 3 | 626 | 3 | 1,627 | 6 | 2,253 | |||||||||||||||||||||||||||||
Total commercial | 3 | 626 | 3 | 1,627 | 6 | 2,253 | |||||||||||||||||||||||||||||
Total | 32 | $ | 3,138 | 22 | $ | 4,375 | 54 | $ | 7,513 |
(Dollars in thousands) | Number of loans | Balance Prior to TDR | Balance at September 30, | Change in Maturity Date | Change in Rate | Financial Impact on Date of Restructure | |||||||||||||||||||||||||||||
Nine Months Ended Sept 30, 2021 | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Other commercial | 1 | $ | 784 | $ | 778 | $ | — | $ | 778 | $ | — | ||||||||||||||||||||||||
Total real estate | 1 | $ | 784 | $ | 778 | $ | — | $ | 778 | $ | — | ||||||||||||||||||||||||
Nine Months Ended Sept 30, 2020 | |||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Single-family residential | 5 | $ | 1,948 | $ | 1,896 | $ | 1,896 | $ | — | $ | — | ||||||||||||||||||||||||
Total real estate | 5 | $ | 1,948 | $ | 1,896 | $ | 1,896 | $ | — | $ | — |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2021 (YTD) | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Lines of Credit (“LOC”) Amortized Cost Basis | LOC Converted to Term Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | — | — | — | — | — | — | 174,880 | — | 174,880 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | — | — | — | — | — | — | 751 | — | 751 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | — | 253 | — | 253 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - credit cards | — | — | — | — | — | — | 175,884 | — | 175,884 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 105,415 | 26,334 | 15,158 | 8,396 | 7,051 | 5,138 | 13,985 | — | 181,477 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 197 | 148 | 113 | 142 | 184 | 129 | 12 | — | 925 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | 14 | 27 | 9 | 20 | 19 | 1 | — | 90 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - other | 105,612 | 26,496 | 15,298 | 8,547 | 7,255 | 5,286 | 13,998 | — | 182,492 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - C&D | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 47,644 | 94,278 | 33,487 | 19,254 | 12,848 | 10,030 | 982,776 | 21,429 | 1,221,746 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 279 | — | — | — | — | — | 279 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,801 | 83 | 146 | 57 | 328 | 674 | 2,673 | 1,953 | 7,715 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - C&D | 49,445 | 94,361 | 33,912 | 19,311 | 13,176 | 10,704 | 985,449 | 23,382 | 1,229,740 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - SF residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 223,243 | 245,410 | 152,838 | 229,241 | 179,874 | 318,019 | 169,693 | 9,683 | 1,528,001 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | — | 217 | 1,124 | 704 | 1,279 | 2,215 | 1,007 | — | 6,546 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | 67 | 380 | 595 | 1,141 | 1,528 | 1,785 | 586 | 72 | 6,154 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - SF residential | 223,310 | 246,007 | 154,557 | 231,086 | 182,681 | 322,019 | 171,286 | 9,755 | 1,540,701 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - other commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 712,198 | 825,416 | 361,642 | 305,381 | 484,230 | 549,452 | 1,410,186 | 217,398 | 4,865,903 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 32,752 | 57,067 | 2,833 | 7,666 | 34,164 | 8,723 | 91,572 | 7,194 | 241,971 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 33,001 | 25,289 | 6,172 | 9,800 | 33,130 | 22,630 | 50,335 | 20,671 | 201,028 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - other commercial | 777,951 | 907,772 | 370,647 | 322,847 | 551,524 | 580,805 | 1,552,093 | 245,263 | 5,308,902 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 419,739 | 212,161 | 91,328 | 66,078 | 30,687 | 44,298 | 852,103 | 46,186 | 1,762,580 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 2,438 | 569 | 210 | 252 | 384 | 106 | 11,016 | 14,975 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 3,726 | 18,934 | 2,016 | 1,512 | 688 | 978 | 10,048 | 6,448 | 44,350 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 423,465 | 233,533 | 93,913 | 67,800 | 31,627 | 45,660 | 862,257 | 63,650 | 1,821,905 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial - agriculture | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 27,000 | 22,841 | 11,726 | 4,599 | 2,688 | 655 | 144,909 | 1,447 | 215,865 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | 9 | — | — | — | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 192 | 70 | 99 | 254 | 68 | 9 | 99 | 70 | 861 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial - agriculture | 27,192 | 22,911 | 11,825 | 4,862 | 2,756 | 664 | 145,008 | 1,517 | 216,735 | ||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 58 | 4,789 | 1,287 | 24,108 | 5,483 | 6,111 | 307,025 | — | 348,861 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | — | — | — | — | — | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total other | 58 | 4,789 | 1,287 | 24,108 | 5,483 | 6,118 | 307,025 | — | 348,868 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,607,033 | $ | 1,535,869 | $ | 681,439 | $ | 678,561 | $ | 794,502 | $ | 971,256 | $ | 4,213,000 | $ | 343,567 | $ | 10,825,227 |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and Prior | Lines of Credit (“LOC”) Amortized Cost Basis | LOC Converted to Term Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | — | — | — | — | — | — | 187,881 | — | 187,881 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | — | — | — | — | — | — | 708 | — | 708 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | — | 256 | — | 256 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - credit cards | — | — | — | — | — | — | 188,845 | — | 188,845 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 69,334 | 44,215 | 27,525 | 21,995 | 19,023 | 2,530 | 14,684 | — | 199,306 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 234 | 441 | 327 | 658 | 689 | 84 | 338 | — | 2,771 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | 79 | 58 | 25 | 80 | 40 | 12 | 8 | — | 302 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - other | 69,647 | 44,714 | 27,877 | 22,733 | 19,752 | 2,626 | 15,030 | — | 202,379 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - C&D | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 165,990 | 35,989 | 31,279 | 15,960 | 9,233 | 4,807 | 1,272,870 | 23,251 | 1,559,379 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 2,728 | 344 | 259 | 2,107 | 19 | — | 9,613 | — | 15,070 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 294 | 2,069 | 404 | 449 | 342 | 320 | 17,914 | 14 | 21,806 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - C&D | 169,012 | 38,402 | 31,942 | 18,516 | 9,594 | 5,127 | 1,300,397 | 23,265 | 1,596,255 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - SF residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 473,340 | 209,810 | 297,308 | 235,429 | 183,229 | 236,395 | 196,505 | 10,592 | 1,842,608 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 6,300 | 2,258 | 2,593 | 2,610 | 2,058 | 6,050 | 1,781 | 76 | 23,726 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | 557 | 1,853 | 2,735 | 2,582 | 832 | 3,852 | 1,928 | — | 14,339 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - SF residential | 480,197 | 213,921 | 302,636 | 240,621 | 186,119 | 246,297 | 200,214 | 10,668 | 1,880,673 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - other commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,563,245 | 525,750 | 375,303 | 518,534 | 372,679 | 284,098 | 1,445,428 | 181,949 | 5,266,986 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 100,085 | 4,346 | 10,738 | 19,943 | 26,245 | 10,608 | 63,305 | 23,435 | 258,705 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 66,737 | 9,418 | 24,380 | 14,067 | 3,744 | 11,158 | 52,182 | 39,486 | 221,172 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - other commercial | 1,730,067 | 539,514 | 410,421 | 552,544 | 402,668 | 305,864 | 1,560,915 | 244,870 | 5,746,863 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,168,085 | 154,740 | 110,383 | 65,757 | 35,198 | 45,568 | 803,751 | 56,648 | 2,440,130 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 5,707 | 342 | 465 | 972 | 54 | — | 12,318 | 22,546 | 42,404 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 23,227 | 4,495 | 1,586 | 730 | 276 | 334 | 53,682 | 7,522 | 91,852 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 1,197,019 | 159,577 | 112,434 | 67,459 | 35,528 | 45,902 | 869,751 | 86,716 | 2,574,386 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial - agriculture | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 36,128 | 19,144 | 10,014 | 4,671 | 1,916 | 340 | 101,238 | 1,560 | 175,011 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 79 | 13 | 299 | — | 6 | 34 | — | 431 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 86 | 101 | 64 | 47 | 12 | 10 | 68 | 75 | 463 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial - agriculture | 36,214 | 19,324 | 10,091 | 5,017 | 1,928 | 356 | 101,340 | 1,635 | 175,905 | ||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 125 | 4,260 | 27,256 | 6,489 | 2,628 | 6,065 | 488,676 | — | 535,499 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 59 | — | — | — | 33 | — | — | — | 92 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total other | 184 | 4,260 | 27,256 | 6,489 | 2,661 | 6,065 | 488,676 | — | 535,591 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,682,340 | $ | 1,019,712 | $ | 922,657 | $ | 913,379 | $ | 658,250 | $ | 612,237 | $ | 4,725,168 | $ | 367,154 | $ | 12,900,897 |
(In thousands) | Real Estate Collateral | Energy | Other Collateral | Total | |||||||||||||||||||
Construction and development | $ | 4,181 | $ | — | $ | — | $ | 4,181 | |||||||||||||||
Single family residential | 2,921 | — | — | 2,921 | |||||||||||||||||||
Other commercial real estate | 31,672 | — | — | 31,672 | |||||||||||||||||||
Commercial | — | — | 3,317 | 3,317 | |||||||||||||||||||
Total | $ | 38,774 | $ | — | $ | 3,317 | $ | 42,091 |
(In thousands) | Commercial |
Real
Estate |
Credit
Card |
Other
Consumer and Other |
Total | ||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Beginning balance, July 1, 2021 | $ | 29,793 | $ | 188,388 | $ | 5,442 | $ | 3,616 | $ | 227,239 | |||||||||||||||||||
Provision for credit loss expense | (11,853) | (7,668) | (247) | (122) | (19,890) | ||||||||||||||||||||||||
Charge-offs | (932) | (5,941) | (711) | (463) | (8,047) | ||||||||||||||||||||||||
Recoveries | 463 | 2,068 | 267 | 408 | 3,206 | ||||||||||||||||||||||||
Net charge-offs | (469) | (3,873) | (444) | (55) | (4,841) | ||||||||||||||||||||||||
Ending balance, September 30, 2021 | $ | 17,471 | $ | 176,847 | $ | 4,751 | $ | 3,439 | $ | 202,508 | |||||||||||||||||||
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Beginning balance, January 1, 2021 | $ | 42,093 | $ | 182,868 | $ | 7,472 | $ | 5,617 | $ | 238,050 | |||||||||||||||||||
Provision for credit loss expense | (25,453) | (1,948) | (763) | (1,737) | (29,901) | ||||||||||||||||||||||||
Charge-offs | (2,099) | (8,068) | (2,759) | (1,577) | (14,503) | ||||||||||||||||||||||||
Recoveries | 2,930 | 3,995 | 801 | 1,136 | 8,862 | ||||||||||||||||||||||||
Net charge-offs | 831 | (4,073) | (1,958) | (441) | (5,641) | ||||||||||||||||||||||||
Ending balance, September 30, 2021 | $ | 17,471 | $ | 176,847 | $ | 4,751 | $ | 3,439 | $ | 202,508 |
(In thousands) | Commercial |
Real
Estate |
Credit
Card |
Other
Consumer and Other |
Total | ||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Beginning balance, July 1, 2020 | $ | 59,138 | $ | 149,471 | $ | 10,979 | $ | 12,055 | $ | 231,643 | |||||||||||||||||||
Provision for credit losses | (6,499) | 33,479 | (1,823) | (2,844) | 22,313 | ||||||||||||||||||||||||
Charge-offs | (4,327) | (1,153) | (832) | (1,091) | (7,403) | ||||||||||||||||||||||||
Recoveries | 936 | 120 | 276 | 366 | 1,698 | ||||||||||||||||||||||||
Net (charge-offs) recoveries | (3,391) | (1,033) | (556) | (725) | (5,705) | ||||||||||||||||||||||||
Ending balance, September 30, 2020 | $ | 49,248 | $ | 181,917 | $ | 8,600 | $ | 8,486 | $ | 248,251 | |||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Beginning balance, January 1, 2020 - prior to adoption of CECL | $ | 22,863 | $ | 39,161 | $ | 4,051 | $ | 2,169 | $ | 68,244 | |||||||||||||||||||
Impact of CECL adoption | 22,733 | 114,314 | 2,232 | 12,098 | 151,377 | ||||||||||||||||||||||||
Provision for credit loss expense | 42,808 | 31,341 | 4,870 | (3,829) | 75,190 | ||||||||||||||||||||||||
Charge-offs | (40,537) | (3,373) | (3,326) | (3,062) | (50,298) | ||||||||||||||||||||||||
Recoveries | 1,381 | 474 | 773 | 1,110 | 3,738 | ||||||||||||||||||||||||
Net charge-offs | (39,156) | (2,899) | (2,553) | (1,952) | (46,560) | ||||||||||||||||||||||||
Ending balance, September 30, 2020 | $ | 49,248 | $ | 181,917 | $ | 8,600 | $ | 8,486 | $ | 248,251 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Provision for credit losses related to: | |||||||||||||||||||||||
Loans | $ | (19,890) | $ | 22,313 | $ | (29,901) | $ | 75,190 | |||||||||||||||
Unfunded commitments | — | — | — | (8,000) | |||||||||||||||||||
Securities - HTM | — | 66 | (1,183) | 4 | |||||||||||||||||||
Securities - AFS | — | 602 | (312) | 836 | |||||||||||||||||||
Total | $ | (19,890) | $ | 22,981 | $ | (31,396) | $ | 68,030 |
September 30, | December 31, | ||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Right-of-use lease assets | $ | 40,700 | $ | 31,348 | |||||||
Lease liabilities | 41,110 | 31,433 | |||||||||
Weighted average remaining lease term | 8.52 years | 6.55 years | |||||||||
Weighted average discount rate | 2.43 | % | 3.09 | % |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Right-of-use lease assets | $ | 40,700 | $ | 31,348 | |||||||
Premises and equipment: | |||||||||||
Land | 99,317 | 90,953 | |||||||||
Buildings and improvements | 313,884 | 293,338 | |||||||||
Furniture, fixtures and equipment | 103,946 | 100,863 | |||||||||
Software | 65,855 | 64,877 | |||||||||
Construction in progress | 3,950 | 763 | |||||||||
Accumulated depreciation and amortization | (163,728) | (140,450) | |||||||||
Total premises and equipment, net | $ | 463,924 | $ | 441,692 |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Core deposit premiums: | |||||||||||
Balance, beginning of year | $ | 97,363 | $ | 111,808 | |||||||
Disposition of intangible asset(1)
|
(674) | (2,324) | |||||||||
Amortization | (8,978) | (12,121) | |||||||||
Balance, end of period | 87,711 | 97,363 | |||||||||
Books of business and other intangibles: | |||||||||||
Balance, beginning of year | 13,747 | 15,532 | |||||||||
Disposition of intangible asset | — | (413) | |||||||||
Amortization | (1,030) | (1,372) | |||||||||
Balance, end of period | 12,717 | 13,747 | |||||||||
Total other intangible assets, net | $ | 100,428 | $ | 111,110 |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Core deposit premiums: | |||||||||||
Gross carrying amount | $ | 144,202 | $ | 146,355 | |||||||
Accumulated amortization | (56,491) | (48,992) | |||||||||
Core deposit premiums, net | 87,711 | 97,363 | |||||||||
Books of business and other intangibles: | |||||||||||
Gross carrying amount | 19,937 | 19,937 | |||||||||
Accumulated amortization | (7,220) | (6,190) | |||||||||
Books of business and other intangibles, net | 12,717 | 13,747 | |||||||||
Total other intangible assets, net | $ | 100,428 | $ | 111,110 |
(In thousands) | Year |
Amortization
Expense |
|||||||||
Remainder of 2021 | $ | 3,332 | |||||||||
2022 | 13,275 | ||||||||||
2023 | 12,992 | ||||||||||
2024 | 12,090 | ||||||||||
2025 | 9,505 | ||||||||||
Thereafter | 49,234 | ||||||||||
Total | $ | 100,428 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income taxes currently payable | $ | 21,500 | $ | 19,329 | $ | 46,566 | $ | 51,000 | |||||||||||||||
Deferred income taxes | (2,730) | (1,696) | 3,585 | 2,920 | |||||||||||||||||||
Provision for income taxes | $ | 18,770 | $ | 17,633 | $ | 50,151 | $ | 53,920 |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Deferred tax assets: | |||||||||||
Loans acquired | $ | 5,882 | $ | 10,100 | |||||||
Allowance for credit losses | 47,652 | 58,028 | |||||||||
Valuation of foreclosed assets | 1,631 | 1,673 | |||||||||
Tax NOLs from acquisition | 13,698 | 16,028 | |||||||||
Deferred compensation payable | 3,342 | 3,060 | |||||||||
Accrued equity and other compensation | 6,091 | 5,905 | |||||||||
Acquired securities | 431 | 587 | |||||||||
Right-of-use lease liability | 9,992 | 7,835 | |||||||||
Unrealized loss on AFS securities | 3,631 | — | |||||||||
Allowance for unfunded commitments | 5,444 | 5,583 | |||||||||
Other | 8,255 | 7,600 | |||||||||
Gross deferred tax assets | 106,049 | 116,399 | |||||||||
Deferred tax liabilities: | |||||||||||
Goodwill and other intangible amortization | (36,584) | (38,882) | |||||||||
Accumulated depreciation | (24,510) | (34,667) | |||||||||
Right-of-use lease asset | (9,893) | (7,813) | |||||||||
Unrealized gain on AFS securities | — | (17,521) | |||||||||
Other | (4,001) | (4,021) | |||||||||
Gross deferred tax liabilities | (74,988) | (102,904) | |||||||||
Net deferred tax asset | $ | 31,061 | $ | 13,495 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Computed at the statutory rate (21%) | $ | 20,859 | $ | 17,539 | $ | 57,336 | $ | 53,719 | |||||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||||||||
State income taxes, net of federal tax benefit | 1,477 | 1,143 | 4,855 | 5,502 | |||||||||||||||||||
Stock-based compensation | (22) | 74 | 15 | 143 | |||||||||||||||||||
Tax exempt interest income | (2,973) | (1,752) | (8,224) | (4,594) | |||||||||||||||||||
Tax exempt earnings on BOLI | (435) | (308) | (995) | (839) | |||||||||||||||||||
Federal tax credits | (491) | (434) | (1,670) | (1,252) | |||||||||||||||||||
Other differences, net | 355 | 1,371 | (1,166) | 1,241 | |||||||||||||||||||
Actual tax provision | $ | 18,770 | $ | 17,633 | $ | 50,151 | $ | 53,920 |
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
(In thousands) |
Overnight and
Continuous |
Up to 30 Days | 30-90 Days |
Greater than
90 Days |
Total | ||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||||||||||||
U.S. Government agencies | $ | 202,276 | $ | — | $ | — | $ | — | $ | 202,276 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||||||||||||
U.S. Government agencies | $ | 248,861 | $ | — | $ | — | $ | — | $ | 248,861 |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Other Borrowings | |||||||||||
FHLB advances, net of discount, due 2022 to 2035, 0.23% to 7.37% secured by real estate loans
|
$ | 1,306,360 | $ | 1,308,674 | |||||||
Other long-term debt
|
32,225 | 33,393 | |||||||||
Total other borrowings | 1,338,585 | 1,342,067 | |||||||||
Subordinated Notes and Debentures | |||||||||||
Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly)
|
330,000 | 330,000 | |||||||||
Trust preferred securities, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly
|
10,310 | 10,310 | |||||||||
Trust preferred securities, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty
|
10,310 | 10,310 | |||||||||
Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty
|
6,702 | 6,702 | |||||||||
Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty
|
25,290 | 25,172 | |||||||||
Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty
|
3,036 | 3,023 | |||||||||
Unamortized debt issuance costs | (2,370) | (2,643) | |||||||||
Total subordinated notes and debentures | 383,278 | 382,874 | |||||||||
Total other borrowings and subordinated debt | $ | 1,721,863 | $ | 1,724,941 |
Year | (In thousands) | |||||||
Remainder of 2021 | $ | 451 | ||||||
2022 | 1,727 | |||||||
2023 | 1,686 | |||||||
2024 | 2,327 | |||||||
2025 | 4,876 | |||||||
Thereafter | 1,710,796 | |||||||
Total | $ | 1,721,863 |
Stock Options
Outstanding |
Non-vested Stock Awards Outstanding | Non-vested Stock Units Outstanding | |||||||||||||||||||||||||||||||||
(Shares in thousands) |
Number
of Shares |
Weighted
Average Exercise Price |
Number
of Shares |
Weighted
Average Grant-Date Fair Value |
Number
of Shares |
Weighted
Average Grant-Date Fair Value |
|||||||||||||||||||||||||||||
Beginning balance, January 1, 2021 | 658 | $ | 22.48 | 5 | $ | 22.35 | 1,032 | $ | 24.53 | ||||||||||||||||||||||||||
Granted | — | — | — | — | 526 | 29.00 | |||||||||||||||||||||||||||||
Stock options exercised | (183) | 22.50 | — | — | — | — | |||||||||||||||||||||||||||||
Stock awards/units vested (earned) | — | — | (3) | 22.48 | (331) | 25.62 | |||||||||||||||||||||||||||||
Forfeited/expired | — | — | — | — | (77) | 25.78 | |||||||||||||||||||||||||||||
Balance, September 30, 2021 | 475 | $ | 22.47 | 2 | $ | 22.20 | 1,150 | $ | 26.14 | ||||||||||||||||||||||||||
Exercisable, September 30, 2021 | 475 | $ | 22.47 |
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||||||||||||
Range of Exercise Prices |
Number
of Shares (In thousands) |
Weighted
Average Remaining Contractual Life (Years) |
Weighted
Average Exercise Price |
Number
of Shares (In thousands) |
Weighted
Average Exercise Price |
|||||||||||||||||||||||||||||||||||||||
$ | 9.46 | — | $ | 9.46 | 1 | 0.30 | $9.46 | 1 | $9.46 | |||||||||||||||||||||||||||||||||||
10.65 | — | 10.65 | 3 | 1.33 | 10.65 | 3 | 10.65 | |||||||||||||||||||||||||||||||||||||
20.29 | — | 20.29 | 47 | 3.25 | 20.29 | 47 | 20.29 | |||||||||||||||||||||||||||||||||||||
20.36 | — | 20.36 | 1 | 3.13 | 20.36 | 1 | 20.36 | |||||||||||||||||||||||||||||||||||||
22.20 | — | 22.20 | 51 | 3.48 | 22.20 | 51 | 22.20 | |||||||||||||||||||||||||||||||||||||
22.75 | — | 22.75 | 293 | 3.86 | 22.75 | 293 | 22.75 | |||||||||||||||||||||||||||||||||||||
23.51 | — | 23.51 | 72 | 4.30 | 23.51 | 72 | 23.51 | |||||||||||||||||||||||||||||||||||||
24.07 | — | 24.07 | 7 | 3.96 | 24.07 | 7 | 24.07 | |||||||||||||||||||||||||||||||||||||
$ | 9.46 | — | $ | 24.07 | 475 | 3.80 | $22.47 | 475 | $22.47 |
(In thousands) | Performance Stock Units | |||||||
Non-vested, January 1, 2021 | 222 | |||||||
Granted | 97 | |||||||
Vested (earned) | (57) | |||||||
Forfeited | (5) | |||||||
Non-vested, June 30, 2021 | 257 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income available to common stockholders | $ | 80,561 | $ | 65,885 | $ | 222,879 | $ | 201,897 | |||||||||||||||
Average common shares outstanding | 107,822 | 109,019 | 108,130 | 110,292 | |||||||||||||||||||
Average potential dilutive common shares | 538 | 189 | 538 | 189 | |||||||||||||||||||
Average diluted common shares | 108,360 | 109,208 | 108,668 | 110,481 | |||||||||||||||||||
Basic earnings per share | $ | 0.75 | $ | 0.60 | $ | 2.06 | $ | 1.83 | |||||||||||||||
Diluted earnings per share | $ | 0.74 | $ | 0.60 | $ | 2.05 | $ | 1.83 |
Nine Months Ended
September 30, |
|||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Interest paid | $ | 59,535 | $ | 95,040 | |||||||
Income taxes (refunded) paid | 46,693 | 30,708 | |||||||||
Transfers of loans to foreclosed assets held for sale | 3,516 | 3,083 | |||||||||
Transfers of premises to foreclosed assets and other real estate owned
|
— | 3,120 | |||||||||
Transfers of premises to premises held for sale | — | 1,072 | |||||||||
Transfers of other real estate owned to premises held for sale | — | 3,504 | |||||||||
Transfers of premises held for sale to other real estate owned | 4,368 | — | |||||||||
Transfers of premises held for sale to premises | 5,610 | — | |||||||||
Transfers of loans to other assets held for sale
|
— | 114,925 | |||||||||
Transfers of deposits to other liabilities held for sale
|
— | 58,405 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Professional services | $ | 4,399 | $ | 3,779 | $ | 14,207 | $ | 13,529 | |||||||||||||||
Postage | 1,964 | 1,932 | 6,277 | 5,937 | |||||||||||||||||||
Telephone | 1,516 | 2,103 | 4,758 | 6,738 | |||||||||||||||||||
Credit card expense (1)
|
2,727 | 2,818 | 7,588 | 7,690 | |||||||||||||||||||
Marketing | 5,019 | 3,517 | 12,912 | 11,430 | |||||||||||||||||||
Software and technology | 10,134 | 9,552 | 30,242 | 29,021 | |||||||||||||||||||
Operating supplies | 605 | 824 | 2,013 | 2,588 | |||||||||||||||||||
Amortization of intangibles | 3,332 | 3,362 | 10,008 | 10,144 | |||||||||||||||||||
Branch right sizing expense | (3,280) | 442 | (2,187) | 2,401 | |||||||||||||||||||
Other expense | 8,149 | 7,478 | 22,008 | 23,676 | |||||||||||||||||||
Total other operating expenses | $ | 34,565 | $ | 35,807 | $ | 107,826 | $ | 113,154 |
Fair Value Measurements Using | ||||||||||||||||||||||||||
(In thousands) | Fair Value |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||
U.S. Treasury | $ | 300 | $ | 300 | $ | — | $ | — | ||||||||||||||||||
U.S. Government agencies | 354,382 | — | 354,382 | — | ||||||||||||||||||||||
Mortgage-backed securities | 4,421,620 | — | 4,421,620 | — | ||||||||||||||||||||||
State and political subdivisions | 1,575,208 | — | 1,575,208 | — | ||||||||||||||||||||||
Other securities | 470,693 | — | 470,693 | — | ||||||||||||||||||||||
Mortgage loans held for sale | 34,628 | — | — | 34,628 | ||||||||||||||||||||||
Derivative asset | 31,609 | — | 31,609 | — | ||||||||||||||||||||||
Derivative liability | (17,825) | — | (17,825) | — | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||
U.S. Government agencies | $ | 477,237 | $ | — | $ | 477,237 | $ | — | ||||||||||||||||||
Mortgage-backed securities | 1,394,936 | — | 1,394,936 | — | ||||||||||||||||||||||
States and political subdivisions | 1,470,723 | — | 1,470,723 | — | ||||||||||||||||||||||
Other securities | 130,702 | — | 130,702 | — | ||||||||||||||||||||||
Mortgage loans held for sale | 137,378 | — | — | 137,378 | ||||||||||||||||||||||
Derivative asset | 35,846 | — | 35,846 | — | ||||||||||||||||||||||
Other liabilities held for sale | (154,620) | — | — | (154,620) | ||||||||||||||||||||||
Derivative liability | (36,141) | — | (36,141) | — |
Fair Value Measurements Using | |||||||||||||||||||||||
(In thousands) | Fair Value |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Individually assessed loans (1) (2) (collateral-dependent)
|
$ | 31,075 | $ | — | $ | — | $ | 31,075 | |||||||||||||||
Foreclosed assets and other real estate owned (1)
|
2,661 | — | — | 2,661 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Individually assessed loans (1) (2) (collateral-dependent)
|
$ | 66,209 | $ | — | $ | — | $ | 66,209 | |||||||||||||||
Foreclosed assets and other real estate owned (1)
|
17,074 | — | — | 17,074 |
Carrying | Fair Value Measurements | ||||||||||||||||||||||||||||
(In thousands) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 1,781,413 | $ | 1,781,413 | $ | — | $ | — | $ | 1,781,413 | |||||||||||||||||||
Interest bearing balances due from banks - time
|
1,780 | — | 1,780 | — | 1,780 | ||||||||||||||||||||||||
Held-to-maturity securities
|
1,516,797 | — | 1,487,916 | — | 1,487,916 | ||||||||||||||||||||||||
Interest receivable
|
68,405 | — | 68,405 | — | 68,405 | ||||||||||||||||||||||||
Loans, net
|
10,622,719 | — | — | 10,705,185 | 10,705,185 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Non-interest bearing transaction accounts
|
4,918,845 | — | 4,918,845 | — | 4,918,845 | ||||||||||||||||||||||||
Interest bearing transaction accounts and savings deposits
|
10,697,451 | — | 10,697,451 | — | 10,697,451 | ||||||||||||||||||||||||
Time deposits
|
2,455,774 | — | — | 2,460,441 | 2,460,441 | ||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
217,276 | — | 217,276 | — | 217,276 | ||||||||||||||||||||||||
Other borrowings
|
1,338,585 | — | 1,408,087 | — | 1,408,087 | ||||||||||||||||||||||||
Subordinated notes and debentures
|
383,278 | — | 395,786 | — | 395,786 | ||||||||||||||||||||||||
Interest payable
|
11,230 | — | 11,230 | — | 11,230 | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents
|
$ | 3,472,152 | $ | 3,472,152 | $ | — | $ | — | $ | 3,472,152 | |||||||||||||||||||
Interest bearing balances due from banks - time
|
1,579 | — | 1,579 | — | 1,579 | ||||||||||||||||||||||||
Held-to-maturity securities
|
333,031 | — | 341,925 | — | 341,925 | ||||||||||||||||||||||||
Interest receivable
|
72,597 | — | 72,597 | — | 72,597 | ||||||||||||||||||||||||
Loans, net
|
12,662,847 | — | — | 12,736,991 | 12,736,991 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Non-interest bearing transaction accounts
|
4,482,091 | — | 4,482,091 | — | 4,482,091 | ||||||||||||||||||||||||
Interest bearing transaction accounts and savings deposits
|
9,672,608 | — | 9,672,608 | — | 9,672,608 | ||||||||||||||||||||||||
Time deposits
|
2,832,327 | — | — | 2,848,621 | 2,848,621 | ||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
299,111 | — | 299,111 | — | 299,111 | ||||||||||||||||||||||||
Other borrowings
|
1,342,067 | — | 1,448,625 | — | 1,448,625 | ||||||||||||||||||||||||
Subordinated notes and debentures | 382,874 | — | 398,827 | — | 398,827 | ||||||||||||||||||||||||
Interest payable
|
8,887 | — | 8,887 | — | 8,887 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(In thousands) | Balance Sheet Location | Weighted Average Pay Rate | Receive Rate | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||||
Derivative assets | Other assets | 1.21% | Federal Funds | $ | 1,001,715 | $ | 13,948 | $ | — | $ | — |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In thousands) | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||
Derivative assets | $ | 316,357 | $ | 17,661 | $ | 408,881 | $ | 35,846 | |||||||||||||||
Derivative liabilities | 320,001 | 17,825 | 417,941 | 36,141 |
PPP | PPP | Total | |||||||||||||||
(Dollars in thousands) | Round 1 | Round 2 | PPP Loans | ||||||||||||||
Beginning balance, January 1, 2021 | $ | 904,673 | $ | — | $ | 904,673 | |||||||||||
PPP loan originations | — | 318,919 | 318,919 | ||||||||||||||
PPP loan forgiveness and repayments | (882,295) | (129,210) | (1,011,505) | ||||||||||||||
Ending balance, September 30, 2021 | $ | 22,378 | $ | 189,709 | $ | 212,087 |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest income | $ | 163,926 | $ | 179,725 | $ | 500,329 | $ | 580,610 | |||||||||||||||
FTE adjustment | 4,941 | 2,864 | 13,652 | 7,519 | |||||||||||||||||||
Interest income – FTE | 168,867 | 182,589 | 513,981 | 588,129 | |||||||||||||||||||
Interest expense | 18,689 | 26,115 | 61,878 | 95,836 | |||||||||||||||||||
Net interest income – FTE | $ | 150,178 | $ | 156,474 | $ | 452,103 | $ | 492,293 | |||||||||||||||
Yield on earning assets – FTE | 3.21 | % | 3.74 | % | 3.31 | % | 4.10 | % | |||||||||||||||
Cost of interest bearing liabilities | 0.49 | % | 0.74 | % | 0.54 | % | 0.90 | % | |||||||||||||||
Net interest spread – FTE | 2.72 | % | 3.00 | % | 2.77 | % | 3.20 | % | |||||||||||||||
Net interest margin – FTE | 2.85 | % | 3.21 | % | 2.91 | % | 3.43 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||
(In thousands) | 2021 vs. 2020 | 2021 vs. 2020 | |||||||||
Decrease due to change in earning assets | $ | (16,818) | $ | (43,521) | |||||||
Increase (decrease) due to change in earning asset yields | 3,096 | (30,627) | |||||||||
Increase (decrease) due to change in interest bearing liabilities | 93 | (1,472) | |||||||||
Increase due to change in interest rates paid on interest bearing liabilities | 7,333 | 35,430 | |||||||||
Decrease in net interest income | $ | (6,296) | $ | (40,190) |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||||||||||||||||
(In thousands) | Balance | Expense | Rate (%) | Balance | Expense | Rate (%) | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||||||||||
Interest bearing balances due from banks and federal funds sold
|
$ | 1,866,530 | $ | 763 | 0.16 | $ | 2,265,233 | $ | 623 | 0.11 | |||||||||||||||||||||||||
Investment securities - taxable
|
5,475,932 | 17,076 | 1.24 | 1,534,742 | 7,193 | 1.86 | |||||||||||||||||||||||||||||
Investment securities - non-taxable
|
2,496,958 | 18,399 | 2.92 | 1,155,099 | 10,382 | 3.58 | |||||||||||||||||||||||||||||
Mortgage loans held for sale
|
32,134 | 230 | 2.84 | 145,226 | 1,012 | 2.77 | |||||||||||||||||||||||||||||
Loans - including fees | 11,030,438 | 132,399 | 4.76 | 14,315,014 | 163,379 | 4.54 | |||||||||||||||||||||||||||||
Total interest earning assets | 20,901,992 | 168,867 | 3.21 | 19,415,314 | 182,589 | 3.74 | |||||||||||||||||||||||||||||
Non-earning assets | 2,353,549 | 2,350,007 | |||||||||||||||||||||||||||||||||
Total assets | $ | 23,255,541 | $ | 21,765,321 | |||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing transaction and savings deposits
|
$ | 10,629,142 | $ | 4,369 | 0.16 | $ | 8,977,886 | $ | 6,769 | 0.30 | |||||||||||||||||||||||||
Time deposits | 2,645,896 | 4,747 | 0.71 | 2,998,091 | 9,437 | 1.25 | |||||||||||||||||||||||||||||
Total interest bearing deposits | 13,275,038 | 9,116 | 0.27 | 11,975,977 | 16,206 | 0.54 | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
219,604 | 70 | 0.13 | 386,631 | 335 | 0.34 | |||||||||||||||||||||||||||||
Other borrowings | 1,338,866 | 4,893 | 1.45 | 1,357,278 | 4,943 | 1.45 | |||||||||||||||||||||||||||||
Subordinated debt and debentures | 383,213 | 4,610 | 4.77 | 382,672 | 4,631 | 4.81 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 15,216,721 | 18,689 | 0.49 | 14,102,558 | 26,115 | 0.74 | |||||||||||||||||||||||||||||
Non-interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 4,803,171 | 4,529,782 | |||||||||||||||||||||||||||||||||
Other liabilities | 167,677 | 190,169 | |||||||||||||||||||||||||||||||||
Total liabilities | 20,187,569 | 18,822,509 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,067,972 | 2,942,812 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 23,255,541 | $ | 21,765,321 | |||||||||||||||||||||||||||||||
Net interest spread – FTE | 2.72 | 3.00 | |||||||||||||||||||||||||||||||||
Net interest margin – FTE | $ | 150,178 | 2.85 | $ | 156,474 | 3.21 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||||||||||||||||
(In thousands) | Balance | Expense | Rate (%) | Balance | Expense | Rate (%) | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||||||||||
Interest bearing balances due from banks and federal funds sold
|
$ | 2,676,911 | $ | 2,212 | 0.11 | $ | 1,742,166 | $ | 3,667 | 0.28 | |||||||||||||||||||||||||
Investment securities - taxable
|
4,081,927 | 41,790 | 1.37 | 1,832,577 | 27,319 | 1.99 | |||||||||||||||||||||||||||||
Investment securities - non-taxable
|
2,193,431 | 50,737 | 3.09 | 974,748 | 26,888 | 3.68 | |||||||||||||||||||||||||||||
Mortgage loans held for sale
|
59,362 | 1,255 | 2.83 | 91,889 | 1,961 | 2.85 | |||||||||||||||||||||||||||||
Loans - including fees | 11,772,077 | 417,987 | 4.75 | 14,530,938 | 528,294 | 4.86 | |||||||||||||||||||||||||||||
Total interest earning assets | 20,783,708 | 513,981 | 3.31 | 19,172,318 | 588,129 | 4.10 | |||||||||||||||||||||||||||||
Non-earning assets | 2,302,279 | 2,331,246 | |||||||||||||||||||||||||||||||||
Total assets | $ | 23,085,987 | $ | 21,503,564 | |||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing transaction and savings deposits
|
$ | 10,377,609 | $ | 15,178 | 0.20 | $ | 9,040,053 | $ | 31,926 | 0.47 | |||||||||||||||||||||||||
Time deposits | 2,871,519 | 17,899 | 0.83 | 3,068,459 | 33,563 | 1.46 | |||||||||||||||||||||||||||||
Total interest bearing deposits | 13,249,128 | 33,077 | 0.33 | 12,108,512 | 65,489 | 0.72 | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
255,684 | 507 | 0.27 | 370,116 | 1,431 | 0.52 | |||||||||||||||||||||||||||||
Other borrowings | 1,339,970 | 14,592 | 1.46 | 1,357,543 | 14,783 | 1.45 | |||||||||||||||||||||||||||||
Subordinated debt and debentures | 383,078 | 13,702 | 4.78 | 386,129 | 14,133 | 4.89 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 15,227,860 | 61,878 | 0.54 | 14,222,300 | 95,836 | 0.90 | |||||||||||||||||||||||||||||
Non-interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 4,684,485 | 4,164,189 | |||||||||||||||||||||||||||||||||
Other liabilities | 165,694 | 205,942 | |||||||||||||||||||||||||||||||||
Total liabilities | 20,078,039 | 18,592,431 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,007,948 | 2,911,133 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 23,085,987 | $ | 21,503,564 | |||||||||||||||||||||||||||||||
Net interest spread – FTE | 2.77 | 3.20 | |||||||||||||||||||||||||||||||||
Net interest margin – FTE | $ | 452,103 | 2.91 | $ | 492,293 | 3.43 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||||||||||||||
2021 vs. 2020 | 2021 vs. 2020 | ||||||||||||||||||||||||||||||||||
(In thousands, on a fully taxable equivalent basis) | Volume |
Yield/
Rate |
Total | Volume |
Yield/
Rate |
Total | |||||||||||||||||||||||||||||
Increase (decrease) in: | |||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||
Interest bearing balances due from banks and federal funds sold | $ | (124) | $ | 264 | $ | 140 | $ | 1,407 | $ | (2,862) | $ | (1,455) | |||||||||||||||||||||||
Investment securities - taxable | 13,003 | (3,120) | 9,883 | 25,164 | (10,693) | 14,471 | |||||||||||||||||||||||||||||
Investment securities - non-taxable | 10,180 | (2,163) | 8,017 | 28,811 | (4,962) | 23,849 | |||||||||||||||||||||||||||||
Mortgage loans held for sale | (808) | 26 | (782) | (688) | (18) | (706) | |||||||||||||||||||||||||||||
Loans - including fees | (39,069) | 8,089 | (30,980) | (98,215) | (12,092) | (110,307) | |||||||||||||||||||||||||||||
Total | (16,818) | 3,096 | (13,722) | (43,521) | (30,627) | (74,148) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Interest bearing transaction and savings accounts | 1,082 | (3,482) | (2,400) | 4,166 | (20,914) | (16,748) | |||||||||||||||||||||||||||||
Time deposits | (1,007) | (3,683) | (4,690) | (2,034) | (13,630) | (15,664) | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | (108) | (157) | (265) | (358) | (566) | (924) | |||||||||||||||||||||||||||||
Other borrowings | (67) | 17 | (50) | (191) | — | (191) | |||||||||||||||||||||||||||||
Subordinated notes and debentures | 7 | (28) | (21) | (111) | (320) | (431) | |||||||||||||||||||||||||||||
Total | (93) | (7,333) | (7,426) | 1,472 | (35,430) | (33,958) | |||||||||||||||||||||||||||||
Decrease in net interest income | $ | (16,725) | $ | 10,429 | $ | (6,296) | $ | (44,993) | $ | 4,803 | $ | (40,190) |
Three Months Ended
September 30, |
2021
Change from |
Nine Months Ended
September 30, |
2021
Change from |
||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2020 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Trust income | $ | 7,145 | $ | 6,744 | $ | 401 | 6.0% | $ | 21,049 | $ | 21,148 | $ | (99) | (0.5)% | |||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 11,557 | 10,385 | 1,172 | 11.3 | 31,322 | 32,283 | (961) | (3.0) | |||||||||||||||||||||||||||||||||||||||
Other service charges and fees | 1,964 | 1,764 | 200 | 11.3 | 5,934 | 4,841 | 1,093 | 22.6 | |||||||||||||||||||||||||||||||||||||||
Mortgage lending income | 5,818 | 13,971 | (8,153) | (58.4) | 16,755 | 31,476 | (14,721) | (46.8) | |||||||||||||||||||||||||||||||||||||||
SBA lending income | 191 | 304 | (113) | (37.2) | 718 | 845 | (127) | (15.0) | |||||||||||||||||||||||||||||||||||||||
Investment banking income | 732 | 557 | 175 | 31.4 | 2,081 | 2,005 | 76 | 3.8 | |||||||||||||||||||||||||||||||||||||||
Debit and credit card fees (1)
|
7,102 | 6,478 | 624 | 9.6 | 20,785 | 18,296 | 2,489 | 13.6 | |||||||||||||||||||||||||||||||||||||||
Bank owned life insurance income | 2,573 | 1,591 | 982 | 61.7 | 6,134 | 4,334 | 1,800 | 41.5 | |||||||||||||||||||||||||||||||||||||||
Gain on sale of securities, net | 5,248 | 22,305 | (17,057) | (76.5) | 15,846 | 54,790 | (38,944) | (71.1) | |||||||||||||||||||||||||||||||||||||||
Gain on sale of branches | — | — | — | — | 5,316 | 8,093 | (2,777) | (34.3) | |||||||||||||||||||||||||||||||||||||||
Other income | 6,220 | 5,380 | 840 | 15.6 | 19,274 | 19,897 | (623) | (3.1) | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | $ | 48,550 | $ | 69,479 | $ | (20,929) | (30.1)% | $ | 145,214 | $ | 198,008 | $ | (52,794) | (26.7)% |
Three Months Ended
September 30, |
2021
Change from |
Nine Months Ended
September 30, |
2021
Change from |
||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2020 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 61,902 | $ | 58,798 | $ | 3,104 | 5.3% | $ | 182,503 | $ | 183,873 | $ | (1,370) | (0.8)% | |||||||||||||||||||||||||||||||||
Early retirement expense | — | 2,346 | (2,346) | (100.0) | — | 2,839 | (2,839) | (100.0) | |||||||||||||||||||||||||||||||||||||||
Occupancy expense, net | 9,361 | 9,647 | (286) | (3.0) | 27,764 | 28,374 | (610) | (2.2) | |||||||||||||||||||||||||||||||||||||||
Furniture and equipment expense | 4,895 | 6,231 | (1,336) | (21.4) | 15,169 | 18,098 | (2,929) | (16.2) | |||||||||||||||||||||||||||||||||||||||
Other real estate and foreclosure expense | 339 | 602 | (263) | (43.7) | 1,545 | 1,201 | 344 | 28.6 | |||||||||||||||||||||||||||||||||||||||
Deposit insurance | 1,870 | 2,244 | (374) | (16.7) | 4,865 | 7,557 | (2,692) | (35.6) | |||||||||||||||||||||||||||||||||||||||
Merger related costs | 1,401 | 902 | 499 | 55.3 | 2,320 | 3,800 | (1,480) | (39.0) | |||||||||||||||||||||||||||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Professional services | 4,399 | 3,779 | 620 | 16.4 | 14,207 | 13,529 | 678 | 5.0 | |||||||||||||||||||||||||||||||||||||||
Postage | 1,964 | 1,932 | 32 | 1.7 | 6,277 | 5,937 | 340 | 5.7 | |||||||||||||||||||||||||||||||||||||||
Telephone | 1,516 | 2,103 | (587) | (28.0) | 4,758 | 6,738 | (1,980) | (29.4) | |||||||||||||||||||||||||||||||||||||||
Debit and credit card (1)
|
2,727 | 2,818 | (91) | (3.2) | 7,588 | 7,690 | (102) | (1.3) | |||||||||||||||||||||||||||||||||||||||
Marketing | 5,019 | 3,517 | 1,502 | 42.7 | 12,912 | 11,430 | 1,482 | 13.0 | |||||||||||||||||||||||||||||||||||||||
Software and technology | 10,134 | 9,552 | 582 | 6.1 | 30,242 | 29,021 | 1,221 | 4.2 | |||||||||||||||||||||||||||||||||||||||
Operating supplies | 605 | 824 | (219) | (26.6) | 2,013 | 2,588 | (575) | (22.2) | |||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 3,332 | 3,362 | (30) | (0.9) | 10,008 | 10,144 | (136) | (1.3) | |||||||||||||||||||||||||||||||||||||||
Branch right sizing | (3,280) | 442 | (3,722) | * | (2,187) | 2,401 | (4,588) | (191.1) | |||||||||||||||||||||||||||||||||||||||
Other | 8,149 | 7,478 | 671 | 9.0 | 22,008 | 23,676 | (1,668) | (7.1) | |||||||||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 114,333 | $ | 116,577 | $ | (2,244) | (1.9)% | $ | 341,992 | $ | 358,896 | $ | (16,904) | (4.7)% |
September 30, | December 31, | ||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Consumer: | |||||||||||
Credit cards | $ | 175,884 | $ | 188,845 | |||||||
Other consumer | 182,492 | 202,379 | |||||||||
Total consumer | 358,376 | 391,224 | |||||||||
Real estate: | |||||||||||
Construction and development | 1,229,740 | 1,596,255 | |||||||||
Single family residential | 1,540,701 | 1,880,673 | |||||||||
Other commercial | 5,308,902 | 5,746,863 | |||||||||
Total real estate | 8,079,343 | 9,223,791 | |||||||||
Commercial: | |||||||||||
Commercial | 1,821,905 | 2,574,386 | |||||||||
Agricultural | 216,735 | 175,905 | |||||||||
Total commercial | 2,038,640 | 2,750,291 | |||||||||
Other | 348,868 | 535,591 | |||||||||
Total loans before allowance for credit losses | $ | 10,825,227 | $ | 12,900,897 |
September 30, | December 31, | ||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Nonaccrual loans (1)
|
$ | 59,054 | $ | 122,879 | |||||||
Loans past due 90 days or more (principal or interest payments) | 334 | 578 | |||||||||
Total non-performing loans | 59,388 | 123,457 | |||||||||
Other non-performing assets: | |||||||||||
Foreclosed assets held for sale and other real estate owned | 11,759 | 18,393 | |||||||||
Other non-performing assets | 1,724 | 2,016 | |||||||||
Total other non-performing assets | 13,483 | 20,409 | |||||||||
Total non-performing assets | $ | 72,871 | $ | 143,866 | |||||||
Performing TDRs | $ | 4,251 | $ | 3,138 | |||||||
Allowance for credit losses to non-performing loans | 341 | % | 193 | % | |||||||
Non-performing loans to total loans | 0.55 | % | 0.96 | % | |||||||
Non-performing assets (including performing TDRs) to total assets | 0.33 | % | 0.66 | % | |||||||
Non-performing assets to total assets | 0.31 | % | 0.64 | % |
(In thousands) | 2021 | 2020 | |||||||||
Balance, beginning of year | $ | 238,050 | $ | 68,244 | |||||||
Impact of CECL adoption | — | 151,377 | |||||||||
Loans charged off: | |||||||||||
Credit card | 2,759 | 3,326 | |||||||||
Other consumer | 1,577 | 3,062 | |||||||||
Real estate | 8,068 | 3,373 | |||||||||
Commercial | 2,099 | 40,537 | |||||||||
Total loans charged off | 14,503 | 50,298 | |||||||||
Recoveries of loans previously charged off: | |||||||||||
Credit card | 801 | 773 | |||||||||
Other consumer | 1,136 | 1,110 | |||||||||
Real estate | 3,995 | 474 | |||||||||
Commercial | 2,930 | 1,381 | |||||||||
Total recoveries | 8,862 | 3,738 | |||||||||
Net loans charged off | 5,641 | 46,560 | |||||||||
Provision for credit losses | (29,901) | 75,190 | |||||||||
Balance, September 30, | $ | 202,508 | $ | 248,251 | |||||||
Loans charged off: | |||||||||||
Credit card | 787 | ||||||||||
Other consumer | 960 | ||||||||||
Real estate | 10,415 | ||||||||||
Commercial | 8,199 | ||||||||||
Total loans charged off | 20,361 | ||||||||||
Recoveries of loans previously charged off: | |||||||||||
Credit card | 241 | ||||||||||
Other consumer | 355 | ||||||||||
Real estate | 431 | ||||||||||
Commercial | 1,835 | ||||||||||
Total recoveries | 2,862 | ||||||||||
Net loans charged off | 17,499 | ||||||||||
Provision for credit losses | 7,298 | ||||||||||
Balance, end of year | $ | 238,050 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(Dollars in thousands) |
Allowance
Amount |
% of
loans (1)
|
Allowance
Amount |
% of
loans (1)
|
|||||||||||||||||||
Credit cards | $ | 4,751 | 1.7 | % | $ | 7,472 | 1.4 | % | |||||||||||||||
Other consumer | 1,234 | 1.7 | % | 4,100 | 1.6 | % | |||||||||||||||||
Real estate | 176,847 | 74.6 | % | 182,868 | 71.5 | % | |||||||||||||||||
Commercial | 17,471 | 18.8 | % | 42,093 | 21.3 | % | |||||||||||||||||
Other | 2,205 | 3.2 | % | 1,517 | 4.2 | % | |||||||||||||||||
Total | $ | 202,508 | 100.0 | % | $ | 238,050 | 100.0 | % |
September 30, | December 31, | ||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Tier 1 capital: | |||||||||||
Stockholders’ equity | $ | 3,030,531 | $ | 2,976,656 | |||||||
CECL transition provision | 122,787 | 131,430 | |||||||||
Goodwill and other intangible assets | (1,152,688) | (1,163,797) | |||||||||
Unrealized loss (gain) on available-for-sale securities, net of income taxes | 11,429 | (59,726) | |||||||||
Total Tier 1 capital | 2,012,059 | 1,884,563 | |||||||||
Tier 2 capital: | |||||||||||
Trust preferred securities and subordinated debt | 383,278 | 382,874 | |||||||||
Qualifying allowance for credit losses and reserve for unfunded commitments | 60,700 | 89,546 | |||||||||
Total Tier 2 capital | 443,978 | 472,420 | |||||||||
Total risk-based capital | $ | 2,456,037 | $ | 2,356,983 | |||||||
Risk weighted assets | $ | 14,098,320 | $ | 14,048,608 | |||||||
Assets for leverage ratio | $ | 22,189,921 | $ | 20,765,127 | |||||||
Ratios at end of period: | |||||||||||
Common equity Tier 1 ratio (CET1) | 14.27 | % | 13.41 | % | |||||||
Tier 1 leverage ratio | 9.07 | % | 9.08 | % | |||||||
Tier 1 leverage ratio, excluding average PPP loans (non-GAAP)(1)
|
9.22 | % | 9.50 | % | |||||||
Tier 1 risk-based capital ratio | 14.27 | % | 13.41 | % | |||||||
Total risk-based capital ratio | 17.42 | % | 16.78 | % | |||||||
Minimum guidelines: | |||||||||||
Common equity Tier 1 ratio (CET1) | 4.50 | % | 4.50 | % | |||||||
Tier 1 leverage ratio | 4.00 | % | 4.00 | % | |||||||
Tier 1 risk-based capital ratio | 6.00 | % | 6.00 | % | |||||||
Total risk-based capital ratio | 8.00 | % | 8.00 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income available to common stockholders | $ | 80,561 | $ | 65,885 | $ | 222,879 | $ | 201,897 | |||||||||||||||
Non-core items: | |||||||||||||||||||||||
Gain on sale of branches | — | — | (5,316) | (8,093) | |||||||||||||||||||
Merger related costs | 1,401 | 902 | 2,320 | 3,800 | |||||||||||||||||||
Early retirement program | — | 2,346 | — | 2,839 | |||||||||||||||||||
Branch right sizing (net) | (3,041) | 72 | (2,554) | 2,031 | |||||||||||||||||||
Tax effect (1)
|
429 | (867) | 1,451 | (151) | |||||||||||||||||||
Net non-core items | (1,211) | 2,453 | (4,099) | 426 | |||||||||||||||||||
Core earnings (non-GAAP) | $ | 79,350 | $ | 68,338 | $ | 218,780 | $ | 202,323 | |||||||||||||||
Diluted earnings per share(2)
|
$ | 0.74 | $ | 0.60 | $ | 2.05 | $ | 1.83 | |||||||||||||||
Non-core items: | |||||||||||||||||||||||
Gain on sale of branches | — | — | (0.05) | (0.07) | |||||||||||||||||||
Merger related costs | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||||||||||
Early retirement program | — | 0.02 | — | 0.02 | |||||||||||||||||||
Branch right sizing (net) | (0.03) | — | (0.02) | 0.02 | |||||||||||||||||||
Tax effect (1)
|
0.01 | — | 0.01 | — | |||||||||||||||||||
Net non-core items | (0.01) | 0.03 | (0.04) | — | |||||||||||||||||||
Core diluted earnings per share (non-GAAP) | $ | 0.73 | $ | 0.63 | $ | 2.01 | $ | 1.83 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Other income | $ | 6,220 | $ | 5,380 | $ | 24,590 | $ | 27,990 | |||||||||||||||
Gain on sale of branches | — | — | (5,316) | (8,093) | |||||||||||||||||||
Branch right sizing | 239 | (370) | (367) | (370) | |||||||||||||||||||
Core other income (non-GAAP) | $ | 6,459 | $ | 5,010 | $ | 18,907 | $ | 19,527 | |||||||||||||||
Non-interest expense | $ | 114,333 | $ | 116,577 | $ | 341,992 | $ | 358,896 | |||||||||||||||
Non-core items: | |||||||||||||||||||||||
Merger related costs | (1,401) | (902) | (2,320) | (3,800) | |||||||||||||||||||
Early retirement program | — | (2,346) | — | (2,839) | |||||||||||||||||||
Branch right sizing | 3,280 | (442) | 2,187 | (2,401) | |||||||||||||||||||
Total non-core items | 1,879 | (3,690) | (133) | (9,040) | |||||||||||||||||||
Core non-interest expense (non-GAAP) | $ | 116,212 | $ | 112,887 | $ | 341,859 | $ | 349,856 |
September 30, | December 31, | ||||||||||
(In thousands, except per share data) | 2021 | 2020 | |||||||||
Total stockholders’ equity | $ | 3,030,531 | $ | 2,976,656 | |||||||
Preferred stock | (767) | (767) | |||||||||
Total common stockholders’ equity | 3,029,764 | 2,975,889 | |||||||||
Intangible assets: | |||||||||||
Goodwill | (1,075,305) | (1,075,305) | |||||||||
Other intangible assets | (100,428) | (111,110) | |||||||||
Total intangibles | (1,175,733) | (1,186,415) | |||||||||
Tangible common stockholders’ equity | $ | 1,854,031 | $ | 1,789,474 | |||||||
Shares of common stock outstanding | 106,603,231 | 108,077,662 | |||||||||
Book value per common share | $ | 28.42 | $ | 27.53 | |||||||
Tangible book value per common share (non-GAAP) | $ | 17.39 | $ | 16.56 |
September 30, | December 31, | ||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Total common stockholders’ equity | $ | 3,029,764 | $ | 2,975,889 | |||||||
Intangible assets: | |||||||||||
Goodwill | (1,075,305) | (1,075,305) | |||||||||
Other intangible assets | (100,428) | (111,110) | |||||||||
Total intangibles | (1,175,733) | (1,186,415) | |||||||||
Tangible common stockholders’ equity | $ | 1,854,031 | $ | 1,789,474 | |||||||
Total assets | $ | 23,225,930 | $ | 22,359,752 | |||||||
Intangible assets: | |||||||||||
Goodwill | (1,075,305) | (1,075,305) | |||||||||
Other intangible assets | (100,428) | (111,110) | |||||||||
Total intangibles | (1,175,733) | (1,186,415) | |||||||||
Tangible assets | $ | 22,050,197 | $ | 21,173,337 | |||||||
Paycheck Protection Program (“PPP”) loans | (212,087) | (904,673) | |||||||||
Total assets excluding PPP loans | $ | 23,013,843 | $ | 21,455,079 | |||||||
Tangible assets excluding PPP loans | $ | 21,838,110 | $ | 20,268,664 | |||||||
Ratio of common equity to assets | 13.04 | % | 13.31 | % | |||||||
Ratio of tangible common equity to tangible assets (non-GAAP) | 8.41 | % | 8.45 | % | |||||||
Ratio of common equity to assets excluding PPP loans (non-GAAP) | 13.16 | % | 13.87 | % | |||||||
Ratio of tangible common equity to tangible assets excluding PPP loans (non-GAAP) | 8.49 | % | 8.83 | % |
(Dollars in thousands) |
Three Months Ended
September 30, 2021 |
||||
Total Tier 1 capital | $ | 2,012,059 | |||
Adjusted average assets for leverage ratio | $ | 22,189,921 | |||
Average PPP loans | (359,828) | ||||
Adjusted average assets excluding average PPP loans | $ | 21,830,093 | |||
Tier 1 leverage ratio | 9.07 | % | |||
Tier 1 leverage ratio excluding average PPP loans (non-GAAP) | 9.22 | % |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net interest income | $ | 145,237 | $ | 153,610 | $ | 438,451 | $ | 484,774 | |||||||||||||||
FTE adjustment | 4,941 | 2,864 | 13,652 | 7,519 | |||||||||||||||||||
Fully tax equivalent net interest income | 150,178 | 156,474 | 452,103 | 492,293 | |||||||||||||||||||
Total accretable yield | (4,122) | (8,948) | (16,371) | (32,508) | |||||||||||||||||||
Core net interest income | $ | 146,056 | $ | 147,526 | $ | 435,732 | $ | 459,785 | |||||||||||||||
PPP loan and additional liquidity (1) interest income
|
(10,064) | (6,131) | (32,013) | ||||||||||||||||||||
Net interest income adjusted for PPP loans and additional liquidity (1)
|
$ | 140,114 | $ | 150,343 | $ | 420,090 | |||||||||||||||||
Average earning assets | $ | 20,901,992 | $ | 19,415,314 | $ | 20,783,708 | $ | 19,172,318 | |||||||||||||||
Average PPP loan balance and additional liquidity (1)
|
(1,475,098) | (2,359,928) | (2,601,327) | ||||||||||||||||||||
Average earning assets adjusted for PPP loans and additional liquidity (1)
|
$ | 19,426,894 | $ | 17,055,386 | $ | 18,182,381 | |||||||||||||||||
Net interest margin | 2.85 | % | 3.21 | % | 2.91 | % | 3.43 | % | |||||||||||||||
Core net interest margin (non-GAAP) | 2.77 | % | 3.02 | % | 2.80 | % | 3.20 | % | |||||||||||||||
Net interest margin adjusted for PPP loans and additional liquidity (1) (non-GAAP)
|
2.86 | % | 3.51 | % | 3.09 | % |
Interest Rate Scenario | % Change from Base | ||||
Up 200 basis points | 6.65% | ||||
Up 100 basis points | 3.04% | ||||
Down 25 basis points | (0.18)% |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
July 1, 2021 - July 31, 2021 | 22,582 | $ | 27.21 | 22,582 | $ | 149,349,000 | |||||||||||||||||
August 1, 2021 - August 31, 2021 | 858,623 | 28.62 | 858,623 | $ | 124,776,000 | ||||||||||||||||||
September 1, 2021 - September 30, 2021 | 925,000 | 28.37 | 925,000 | $ | 98,531,000 | ||||||||||||||||||
Total | 1,806,205 | $ | 28.48 | 1,806,205 |
Exhibit No. | Description | ||||
Agreement and Plan of Merger, dated as of June 4, 2021, by and among Simmons First National Corporation, Simmons Bank and Landmark Community Bank (incorporated by reference to Annex A to the Registration Statement on Form S-4 filed under the Securities Act of 1933 by Simmons First National Corporation on July 21, 2021 (File No. 333-258059)). | |||||
Agreement and Plan of Merger, dated as of June 4, 2021, by and among Simmons First National Corporation and Triumph Bancshares, Inc. (incorporated by reference to Annex B to the Registration Statement on Form S-4 filed under the Securities Act of 1933 by Simmons First National Corporation on July 21, 2021 (File No. 333-258059)). | |||||
Amended and Restated Articles of Incorporation of Simmons First National Corporation, as amended on July 14, 2021 (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-4 filed under the Securities Act of 1933 by Simmons First National Corporation on July 21, 2021 (File No. 333-258059)). | |||||
As Amended By-Laws of Simmons First National Corporation, as amended on October 21, 2020 (incorporated by reference to Exhibit 3.1 to Simmons First National Corporation’s Current Report on Form 8-K filed October 22, 2020 (File No. 000-06253)). | |||||
4.1 | Instruments defining the rights of security holders, including indentures. Simmons First National Corporation hereby agrees to furnish copies of instruments defining the rights of holders of long-term debt of the Corporation and its consolidated subsidiaries to the U.S. Securities and Exchange Commission upon request. No issuance of debt exceeds ten percent of the total assets of the Corporation and its subsidiaries on a consolidated basis. | ||||
Indemnification Agreement for James M. Brogdon dated July 30, 2021 (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Current Report on Form 8-K filed August 5, 2021 (File No. 000-06253). | |||||
Executive Change in Control Severance Agreement for James M. Brogdon dated July 30, 2021 (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Current Report on Form 8-K filed August 5, 2021 (File No. 000-06253)). | |||||
Deferred Compensation Agreement for James M. Brogdon dated July 30, 2021 (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Current Report on Form 8-K filed August 5, 2021 (File No. 000-06253). | |||||
Amended and Restated Simmons First National Corporation Code of Ethics (as amended and restated on July 23, 2020) (incorporated by reference to Exhibit 14.1 to Simmons First National Corporation’s Current Report on Form 8-K filed July 28, 2020 (File No. 000-06253)). | |||||
Awareness Letter of BKD, LLP.* | |||||
Rule 13a-15(e) and 15d-15(e) Certification – George A. Makris, Jr., Chairman and Chief Executive Officer.* | |||||
Rule 13a-15(e) and 15d-15(e) Certification – James M. Brogdon, Executive Vice President, Chief Financial Officer, and Treasurer.* | |||||
Rule 13a-15(e) and 15d-15(e) Certification – David W. Garner, Executive Vice President, Executive Director of Finance and Accounting and Chief Accounting Officer.* | |||||
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – George A. Makris, Jr., Chairman and Chief Executive Officer.* | |||||
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – James M. Brogdon, Executive Vice President, Chief Financial Officer, and Treasurer.*
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Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – David W. Garner, Executive Vice President, Executive Director of Finance and Accounting and Chief Accounting Officer.* | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema. | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase. |
Exhibit No. | Description | ||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase. | ||||
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104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Date: | November 5, 2021 | /s/ George A. Makris, Jr. | ||||||
George A. Makris, Jr. | ||||||||
Chairman and Chief Executive Officer | ||||||||
Date: | November 5, 2021 | /s/ James M. Brogdon | ||||||
James M. Brogdon | ||||||||
Executive Vice President, Chief Financial Officer, and Treasurer | ||||||||
Date: | November 5, 2021 | /s/ David W. Garner | ||||||
David W. Garner | ||||||||
Executive Vice President, Executive Director of Finance and | ||||||||
Accounting and Chief Accounting Officer |
BKD, LLP | ||
/s/ BKD, LLP |
/s/ George A. Makris, Jr. | |||||
George A. Makris, Jr. | |||||
Chairman and Chief Executive Officer |
/s/ James M. Brogdon | |||||
James M. Brogdon | |||||
Executive Vice President, Chief Financial Officer, | |||||
and Treasurer |
/s/ David W. Garner | |||||
David W. Garner | |||||
Executive Vice President, Executive Director of Finance | |||||
and Accounting and Chief Accounting Officer |
/s/ George A. Makris, Jr. | |||||
George A. Makris, Jr. | |||||
Chairman and Chief Executive Officer
|
/s/ James M. Brogdon | |||||
James M. Brogdon | |||||
Executive Vice President, Chief Financial Officer | |||||
and Treasurer |
/s/ David W. Garner | |||||
David W. Garner | |||||
Executive Vice President, Executive Director of Finance | |||||
and Accounting and Chief Accounting Officer |