2nd Quarter 2017 Highlights:
- Earnings of $38.9 million, or $0.28 per share
- Commercial and commercial real estate loan growth of 10.0% annualized from 1st quarter 2017
- Tangible book value1 increase of 3.6% from 1st quarter 2017
1 Non-GAAP measure – refer to Table 10 for Non-GAAP reconciliation
EVANSVILLE, Ind., July 25, 2017 (GLOBE NEWSWIRE) -- Today Old National Bancorp (the “Company” or “Old National”) (NASDAQ:ONB) reported 2nd quarter 2017 net income of $38.9 million, or $0.28 per diluted share. Included in the current quarter were $0.5 million in pre-tax net branch consolidation charges and a $1.0 million pre-tax charge for a client experience improvement initiative. This current quarter net income represents an increase of 8.0% over the 1st quarter of 2017 net income of $36.0 million. During the 1st quarter, Old National incurred $1.4 million in pre-tax branch consolidation charges related to the 15 banking centers that were consolidated by the Company in January 2017.
“Our strong 2nd quarter results are reflective of our transformation into higher growth markets and executing on our stated initiatives,” said Old National Chairman and CEO Bob Jones. “With strong commercial loan growth and low credit costs, coupled with revenue growth and well-maintained expenses, this was a successful quarter of execution for Old National.”
Committed to our Strategic Imperatives
Old National’s continued steady performance and strong credit and capital positions can be attributed to the Company’s unwavering commitment to the three strategic imperatives that have guided Old National for 12 years:
1. Strengthen the risk profile; 2. Enhance management discipline; and 3. Achieve consistent quality earnings.
Balance Sheet and Net Interest Margin
Old National’s period-end loans, including loans held for sale, at June 30, 2017, totaled $9.259 billion, an increase of $110.4 million, or 4.8% annualized, from the $9.149 billion at March 31, 2017. Importantly, Old National’s portfolio of commercial and commercial real estate loans grew by 10.0%, annualized, from the 1st quarter to the 2nd quarter of 2017.
Total period-end core deposits, including demand and interest-bearing deposits, decreased $142.7 million to $10.561 billion at June 30, 2017, compared to $10.704 billion at March 31, 2017.
Net interest income for the 2nd quarter of 2017 totaled $104.3 million compared to $105.8 million in the 1st quarter of 2017, and $99.3 million in the 2nd quarter of 2016. On a fully taxable equivalent basis, net interest income was $110.0 million for the 2nd quarter of 2017 and represented a net interest margin on total average earning assets of 3.42%. These results compare to net interest income on a fully taxable equivalent basis of $111.5 million and a margin of 3.50% in the 1st quarter of 2017. In the 2nd quarter of 2016, Old National reported net interest income on a fully taxable equivalent basis of $104.6 million and a margin of 3.57%. Refer to Table 3 for Non-GAAP taxable equivalent reconciliations.
In the 2nd quarter of 2017, Old National recorded $9.7 million in accretion income as part of net interest income, which represents 30 basis points of the Company’s net interest margin. Accretion income is related to purchase accounting discounts from the Company’s various acquisitions. Total accretion income in the 1st quarter of 2017 and the 2nd quarter of 2016 reported by Old National was $12.6 million, or 40 basis points of the net interest margin, and $14.2 million, or 49 basis points of the net interest margin, respectively.
Noninterest Income
Total noninterest income for the 2nd quarter of 2017 amounted to $49.3 million and compares to $42.9 million reported in the 1st quarter of 2017 and $93.4 million in the 2nd quarter of 2016. The current quarter included $1.6 million of recoveries on loans originated by AnchorBank, fsb that had been fully charged-off prior to the acquisition; the 1st quarter of 2017 included $1.5 million of such recoveries. During the 2nd quarter of 2016, Old National recognized a $41.9 million pre-tax gain on the sale of its insurance subsidiary. The 2nd quarter of 2016 also included $7.1 million in insurance income, compared to essentially none in both the 1st quarter of 2017 and the 2nd quarter of 2017.
Noninterest Expenses
Noninterest expenses for Old National totaled $102.8 million for the 2nd quarter of 2017. The current quarter included $1.7 million in pre-tax charges: $0.7 million related to branch consolidations and $1.0 million related to a client-experience improvement initiative currently in process at the Company. Noninterest expenses for the 1st quarter of 2017 totaled $101.9 million and included $1.4 million in pre-tax charges related to branch consolidations. In the 2nd quarter of 2016, noninterest expenses totaled $121.5 million and included the following pre-tax charges: $7.2 million for merger and integration, $4.9 million for the Old National Bank Foundation and community support and $1.1 million for branch consolidations. Old National currently operates 188 branches throughout its franchise.
Capital
Old National’s capital position at June 30, 2017, remained well above regulatory guideline minimums with regulatory tier 1 and total risk-based capital ratios of 11.8% and 12.3%, respectively, compared to 11.7% and 12.2% at March 31, 2017, and 11.8% and 12.4% at June 30, 2016. Old National did not repurchase any stock in the open market during the 2nd quarter of 2017.
The following table presents Old National’s risk-based and leverage ratios compared to industry requirements:
| Table 1 | Fully Phased-In Regulatory Guidelines Minimum | Consolidated ONB at June 30, 2017 | |
| Tier 1 Risk-Based Capital Ratio | > 8.5% | 11.8% | |
| Total Risk-Based Capital Ratio | > 10.5% | 12.3% | |
| Common Equity Tier 1 Capital Ratio | > 7.0% | 11.5% | |
| Tier 1 Leverage Capital Ratio | > 4.0% | 8.7% | |
Old National’s ratio of tangible common equity to tangible assets was 8.41% at June 30, 2017, compared to 8.16% at March 31, 2017, and 8.10% at June 30, 2016. Refer to Table 10 for Non-GAAP reconciliations.
Credit
Old National recorded a provision expense of $1.4 million and had net charge-offs of $0.2 million in the 2nd quarter of 2017. These results compare to $0.3 million in provision expense and net charge-offs of $0.3 million, and provision expense of $1.3 million and net charge-offs of $0.2 million, in the 1st quarter of 2017 and the 2nd quarter of 2016, respectively. Net charge-offs for the 2nd quarter of 2017 were 0.01% of average total loans on an annualized basis, compared to net charge-offs of 0.01% of average total loans in both the 1st quarter of 2017 and the 2nd quarter of 2016, respectively.
Delinquencies remained low as Old National reported 30+ day delinquent loans of 0.32% in the 2nd quarter of 2017 compared to 0.32% in the 1st quarter of 2017. Old National’s 90+ day delinquent loans for the 2nd quarter of 2017 were near zero compared to 0.01% for the 2nd quarter of 2016.
At June 30, 2017, Old National’s allowance for loan losses was $51.0 million, or 0.55% of total loans, compared to an allowance of $49.8 million, or 0.55% of total loans at March 31, 2017, and $51.8 million, or 0.59% of total loans, at June 30, 2016. The coverage ratio (allowance to non-performing loans) stood at 37% at June 30, 2017, compared to 38% at March 31, 2017, and 30% at June 30, 2016.
In accordance with current accounting practices, the loans acquired from recent acquisitions were recorded at fair value with no allowance recorded at the acquisition date. As of June 30, 2017, the remaining discount on these acquired loans was $107.6 million.
The following table presents certain credit quality metrics related to Old National’s loan portfolio:
| Table 2 ($ in millions) | 2Q17 | 1Q17 | 2Q16 | ||||||
| Non-Performing Loans (NPLs) | $139.6 | $130.3 | $174.2 | ||||||
| Problem Loans (Including NPLs) | 238.0 | 219.9 | 250.2 | ||||||
| Special Mention Loans | 99.5 | 95.9 | 106.9 | ||||||
| Net Charge-Off (Recoveries) Ratio | 0.01 | % | 0.01 | % | 0.01 | % | |||
| Provision for Loan Losses | $1.4 | $0.3 | $1.3 | ||||||
| Allowance for Loan Losses | 51.0 | 49.8 | 51.8 | ||||||
| Remaining Loan Discount on Acquired Loans | 107.6 | 117.1 | 159.4 | ||||||
About Old National
Old National Bancorp (NASDAQ:ONB), the holding company of Old National Bank, is the largest financial services holding company headquartered in Indiana. With $15.0 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for six consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients. Today, Old National’s footprint includes Indiana, Kentucky, Michigan and Wisconsin. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investments and brokerage services. For more information and financial data, please visit Investor Relations at oldnational.com.
Conference Call
Old National will hold a conference call at 10:00 a.m. Central Time on Tuesday, July 25, 2017, to discuss 2nd quarter 2017 financial results, strategic developments, and the Company’s financial outlook. The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Company’s Investor Relations web page at oldnational.com and will be archived there for 12 months. A replay of the call will also be available from 1:00 p.m. Central Time on July 25 through August 8. To access the replay, dial 1-855-859-2056, Conference ID Code 49543317.
Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Old National’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
Table 3 – Non-GAAP Reconciliations-Fully Taxable Equivalent Net Interest Margin
| ($ in millions) | 2Q17 | 1Q17 | 2Q16 | ||||||
| Net Interest Income | $ | 104.3 | $ | 105.8 | $ | 99.3 | |||
| Taxable Equivalent Adjustment | 5.7 | 5.7 | 5.3 | ||||||
| Net Interest Income – Taxable Equivalent | $ | 110.0 | $ | 111.5 | $ | 104.6 | |||
| Average Earning Assets | $ | 12,844.5 | $ | 12,742.9 | $ | 11,726.4 | |||
| Net Interest Margin | 3.42 | % | 3.50 | % | 3.57 | % | |||
Forward-Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of Old National Bancorp’s (“Old National’s”) financial condition, results of operations, asset and credit quality trends and profitability. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: expected cost savings, synergies and other financial benefits from the recently completed mergers might not be realized within the expected timeframes and costs or difficulties relating to integration matters might be greater than expected; market, economic, operational, liquidity, credit and interest rate risks associated with Old National’s business; competition; government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations); ability of Old National to execute its business plan; changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of our internal controls; failure or disruption of our information systems; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities or unfavorable resolutions of litigations; disruptive technologies in payment systems and other services traditionally provided by banks; computer hacking and other cybersecurity threats; other matters discussed in this press release and other factors identified in our Annual Report on Form 10-K and other periodic filings with the SEC. These forward-looking statements are made only as of the date of this press release, and Old National does not undertake an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this press release.
| TABLE 4 | |||||||||||||||||||
| Financial Highlights (unaudited) | |||||||||||||||||||
| ($ and shares in thousands, except per share data) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
| Income Statement | |||||||||||||||||||
| Net interest income | $ | 104,333 | $ | 105,801 | $ | 99,340 | $ | 210,134 | $ | 184,983 | |||||||||
| Provision for loan losses | 1,355 | 347 | 1,319 | 1,702 | 1,410 | ||||||||||||||
| Noninterest income | 49,271 | 42,920 | 93,385 | 92,191 | 142,836 | ||||||||||||||
| Noninterest expense | 102,811 | 101,891 | 121,472 | 204,702 | 219,827 | ||||||||||||||
| Net income | 38,854 | 35,992 | 39,122 | 74,846 | 66,099 | ||||||||||||||
| Per Common Share Data (Diluted) | |||||||||||||||||||
| Net income available to common shareholders | $ | 0.28 | $ | 0.27 | $ | 0.31 | $ | 0.55 | $ | 0.55 | |||||||||
| Average diluted shares outstanding | 135,697 | 135,431 | 127,973 | 135,641 | 121,273 | ||||||||||||||
| Book value | 13.92 | 13.63 | 13.42 | 13.92 | 13.42 | ||||||||||||||
| Stock price | 17.25 | 17.35 | 12.53 | 17.25 | 12.53 | ||||||||||||||
| Dividend payout ratio | 46 | % | 48 | % | 42 | % | 47 | % | 47 | % | |||||||||
| Tangible common book value (1) | 8.85 | 8.54 | 8.23 | 8.85 | 8.23 | ||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Return on average assets | 1.05 | % | 0.98 | % | 1.16 | % | 1.01 | % | 1.04 | % | |||||||||
| Return on average common equity | 8.33 | % | 7.89 | % | 9.22 | % | 8.11 | % | 8.26 | % | |||||||||
| Net interest margin (FTE) | 3.42 | % | 3.50 | % | 3.57 | % | 3.46 | % | 3.54 | % | |||||||||
| Efficiency ratio (2) | 64.05 | % | 64.66 | % | 60.22 | % | 64.35 | % | 63.76 | % | |||||||||
| Net charge-offs (recoveries) to average loans | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.05 | % | |||||||||
| Allowance for loan losses to ending loans | 0.55 | % | 0.55 | % | 0.59 | % | 0.55 | % | 0.59 | % | |||||||||
| Non-performing loans to ending loans | 1.51 | % | 1.43 | % | 1.97 | % | 1.51 | % | 1.97 | % | |||||||||
| Balance Sheet | |||||||||||||||||||
| Total loans | $ | 9,232,040 | $ | 9,131,773 | $ | 8,830,158 | $ | 9,232,040 | $ | 8,830,158 | |||||||||
| Total assets | 14,957,281 | 14,869,645 | 14,420,262 | 14,957,281 | 14,420,262 | ||||||||||||||
| Total deposits | 10,683,714 | 10,821,352 | 10,451,602 | 10,683,714 | 10,451,602 | ||||||||||||||
| Total borrowed funds | 2,259,918 | 2,066,617 | 1,935,555 | 2,259,918 | 1,935,555 | ||||||||||||||
| Total shareholders' equity | 1,886,594 | 1,846,359 | 1,811,117 | 1,886,594 | 1,811,117 | ||||||||||||||
| Capital Ratios (1) | |||||||||||||||||||
| Risk-based capital ratios (EOP): | |||||||||||||||||||
| Tier 1 common equity | 11.5 | % | 11.4 | % | 11.6 | % | 11.5 | % | 11.6 | % | |||||||||
| Tier 1 | 11.8 | % | 11.7 | % | 11.8 | % | 11.8 | % | 11.8 | % | |||||||||
| Total | 12.3 | % | 12.2 | % | 12.4 | % | 12.3 | % | 12.4 | % | |||||||||
| Leverage ratio (to average assets) | 8.7 | % | 8.5 | % | 8.9 | % | 8.7 | % | 9.5 | % | |||||||||
| Total equity to assets (averages) | 12.56 | % | 12.36 | % | 12.56 | % | 12.46 | % | 12.59 | % | |||||||||
| Tangible common equity to tangible assets | 8.41 | % | 8.16 | % | 8.10 | % | 8.41 | % | 8.10 | % | |||||||||
| Nonfinancial Data | |||||||||||||||||||
| Full-time equivalent employees | 2,652 | 2,659 | 2,919 | 2,652 | 2,919 | ||||||||||||||
| Number of branches | 188 | 188 | 206 | 188 | 206 | ||||||||||||||
| (1) See non-GAAP measures on Table 10. | |||||||||||||||||||
| (2) Efficiency ratio is defined as noninterest expense before amortization of intangibles as a percent of FTE net interest income and | |||||||||||||||||||
| noninterest revenues, excluding net gains from securities transactions. This presentation excludes intangible amortization and net | |||||||||||||||||||
| securities gains, as is common in other company releases, and better aligns with true operating performance. | |||||||||||||||||||
| FTE - Fully taxable equivalent basis | EOP - End of period actual balances | ||||||||||||||||||
| TABLE 5 | |||||||||||||||
| Income Statement (unaudited) | |||||||||||||||
| ($ and shares in thousands, except per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||
| Interest income | $ | 118,209 | $ | 118,468 | $ | 110,243 | $ | 236,677 | $ | 205,572 | |||||
| Less: interest expense | 13,876 | 12,667 | 10,903 | 26,543 | 20,589 | ||||||||||
| Net interest income | 104,333 | 105,801 | 99,340 | 210,134 | 184,983 | ||||||||||
| Provision for loan losses | 1,355 | 347 | 1,319 | 1,702 | 1,410 | ||||||||||
| Net interest income after provision for loan losses | 102,978 | 105,454 | 98,021 | 208,432 | 183,573 | ||||||||||
| Wealth management fees | 9,679 | 8,999 | 9,355 | 18,678 | 17,476 | ||||||||||
| Service charges on deposit accounts | 10,040 | 9,843 | 10,437 | 19,883 | 20,076 | ||||||||||
| Debit card and ATM fees | 4,436 | 4,236 | 4,471 | 8,672 | 8,256 | ||||||||||
| Mortgage banking revenue | 5,186 | 4,226 | 5,203 | 9,412 | 8,123 | ||||||||||
| Insurance premiums and commissions | 160 | 107 | 7,122 | 267 | 20,243 | ||||||||||
| Investment product fees | 5,004 | 4,989 | 4,724 | 9,993 | 8,629 | ||||||||||
| Capital markets income | 2,747 | 1,031 | 794 | 3,778 | 1,413 | ||||||||||
| Company-owned life insurance | 2,117 | 2,149 | 2,080 | 4,266 | 4,118 | ||||||||||
| Change in Indemnification Asset | - | - | 888 | - | 233 | ||||||||||
| Other income | 6,776 | 5,794 | 4,621 | 12,570 | 9,426 | ||||||||||
| Net gain on sale of ONB Insurance Group, Inc. | - | - | 41,864 | - | 41,864 | ||||||||||
| Gains (losses) on sales of securities | 3,075 | 1,500 | 1,856 | 4,575 | 2,962 | ||||||||||
| Gains (losses) on derivatives | 51 | 46 | (30 | ) | 97 | 17 | |||||||||
| Total noninterest income | 49,271 | 42,920 | 93,385 | 92,191 | 142,836 | ||||||||||
| Salaries and employee benefits | 57,606 | 56,564 | 62,715 | 114,170 | 119,687 | ||||||||||
| Occupancy | 10,539 | 12,134 | 13,568 | 22,673 | 26,412 | ||||||||||
| Equipment | 3,350 | 3,227 | 3,316 | 6,577 | 6,209 | ||||||||||
| Marketing | 3,673 | 3,050 | 5,111 | 6,723 | 7,597 | ||||||||||
| Data processing | 8,226 | 7,608 | 8,676 | 15,834 | 15,799 | ||||||||||
| Communication | 2,288 | 2,414 | 2,535 | 4,702 | 4,399 | ||||||||||
| Professional fees | 4,077 | 2,651 | 5,181 | 6,728 | 8,549 | ||||||||||
| Loan expenses | 1,693 | 1,631 | 2,123 | 3,324 | 3,456 | ||||||||||
| Supplies | 594 | 579 | 598 | 1,173 | 1,181 | ||||||||||
| FDIC assessment | 2,130 | 2,487 | 2,030 | 4,617 | 3,949 | ||||||||||
| Other real estate owned expense | 1,009 | 1,115 | 2,099 | 2,124 | 2,523 | ||||||||||
| Intangible amortization | 2,781 | 3,020 | 3,365 | 5,801 | 6,012 | ||||||||||
| Other expense | 4,845 | 5,411 | 10,155 | 10,256 | 14,054 | ||||||||||
| Total noninterest expense | 102,811 | 101,891 | 121,472 | 204,702 | 219,827 | ||||||||||
| Income before income taxes | 49,438 | 46,483 | 69,934 | 95,921 | 106,582 | ||||||||||
| Income tax expense | 10,584 | 10,491 | 30,812 | 21,075 | 40,483 | ||||||||||
| Net income | $ | 38,854 | $ | 35,992 | $ | 39,122 | $ | 74,846 | $ | 66,099 | |||||
| Diluted Earnings Per Share | |||||||||||||||
| Net income | $ | 0.28 | $ | 0.27 | $ | 0.31 | $ | 0.55 | $ | 0.55 | |||||
| Average Common Shares Outstanding | |||||||||||||||
| Basic | 135,085 | 134,912 | 127,508 | 134,999 | 120,753 | ||||||||||
| Diluted | 135,697 | 135,431 | 127,973 | 135,641 | 121,273 | ||||||||||
| Common shares outstanding at end of period | 135,516 | 135,435 | 135,005 | 135,516 | 135,005 | ||||||||||
| TABLE 6 | ||||||||||||||||
| Balance Sheet (unaudited) | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||||
| 2017 | 2017 | 2016 | ||||||||||||||
| Assets | ||||||||||||||||
| Federal Reserve Bank account | $ | 22,117 | $ | 24,460 | $ | 56,433 | ||||||||||
| Money market investments | 9,815 | 7,601 | 5,514 | |||||||||||||
| Investments: | ||||||||||||||||
| Treasury and government sponsored agencies | 586,258 | 595,172 | 694,264 | |||||||||||||
| Mortgage-backed securities | 1,470,687 | 1,484,561 | 1,349,805 | |||||||||||||
| States and political subdivisions | 1,118,437 | 1,144,412 | 1,128,700 | |||||||||||||
| Other securities | 449,045 | 446,830 | 437,669 | |||||||||||||
| Total investments | 3,624,427 | 3,670,975 | 3,610,438 | |||||||||||||
| Loans held for sale | 27,425 | 17,373 | 44,422 | |||||||||||||
| Loans: | ||||||||||||||||
| Commercial | 2,001,621 | 1,910,536 | 1,893,700 | |||||||||||||
| Commercial and agriculture real estate | 3,259,998 | 3,222,865 | 2,943,525 | |||||||||||||
| Consumer: | ||||||||||||||||
| Home equity | 472,198 | 464,911 | 473,550 | |||||||||||||
| Other consumer loans | 1,398,849 | 1,421,199 | 1,419,613 | |||||||||||||
| Subtotal of commercial and consumer loans | 7,132,666 | 7,019,511 | 6,730,388 | |||||||||||||
| Residential real estate | 2,099,374 | 2,112,262 | 2,099,770 | |||||||||||||
| Total loans | 9,232,040 | 9,131,773 | 8,830,158 | |||||||||||||
| Total earning assets | 12,915,824 | 12,852,182 | 12,546,965 | |||||||||||||
| Allowance for loan losses | (50,986 | ) | (49,834 | ) | (51,804 | ) | ||||||||||
| Non-earning Assets: | ||||||||||||||||
| Cash and due from banks | 230,809 | 184,974 | 205,973 | |||||||||||||
| Premises and equipment | 413,933 | 420,866 | 231,656 | |||||||||||||
| Goodwill and intangible assets | 686,894 | 689,675 | 699,760 | |||||||||||||
| Company-owned life insurance | 354,875 | 353,786 | 350,193 | |||||||||||||
| Net deferred tax assets | 146,780 | 165,376 | 179,448 | |||||||||||||
| Loan servicing rights | 25,023 | 25,446 | 25,756 | |||||||||||||
| Other real estate owned | 11,071 | 12,547 | 24,254 | |||||||||||||
| Other assets | 223,058 | 214,627 | 208,061 | |||||||||||||
| Total non-earning assets | 2,092,443 | 2,067,297 | 1,925,101 | |||||||||||||
| Total assets | $ | 14,957,281 | $ | 14,869,645 | $ | 14,420,262 | ||||||||||
| Liabilities and Equity | ||||||||||||||||
| Noninterest-bearing demand deposits | $ | 3,011,156 | $ | 3,024,111 | $ | 2,883,917 | ||||||||||
| NOW accounts | 2,639,813 | 2,635,317 | 2,456,963 | |||||||||||||
| Savings accounts | 2,924,689 | 2,997,919 | 2,616,365 | |||||||||||||
| Money market accounts | 672,391 | 697,287 | 1,015,336 | |||||||||||||
| Other time deposits | 1,313,199 | 1,349,303 | 1,300,611 | |||||||||||||
| Total core deposits | 10,561,248 | 10,703,937 | 10,273,192 | |||||||||||||
| Brokered CD's | 122,466 | 117,415 | 178,410 | |||||||||||||
| Total deposits | 10,683,714 | 10,821,352 | 10,451,602 | |||||||||||||
| Federal funds purchased and interbank borrowings | 227,029 | 61,016 | 263,536 | |||||||||||||
| Securities sold under agreements to repurchase | 298,094 | 345,550 | 354,123 | |||||||||||||
| Federal Home Loan Bank advances | 1,515,628 | 1,441,030 | 1,099,240 | |||||||||||||
| Other borrowings | 219,167 | 219,021 | 218,656 | |||||||||||||
| Total borrowed funds | 2,259,918 | 2,066,617 | 1,935,555 | |||||||||||||
| Accrued expenses and other liabilities | 127,055 | 135,317 | 221,988 | |||||||||||||
| Total liabilities | 13,070,687 | 13,023,286 | 12,609,145 | |||||||||||||
| Common stock, surplus, and retained earnings | 1,917,714 | 1,894,924 | 1,834,734 | |||||||||||||
| Other comprehensive income | (31,120 | ) | (48,565 | ) | (23,617 | ) | ||||||||||
| Total shareholders' equity | 1,886,594 | 1,846,359 | 1,811,117 | |||||||||||||
| Total liabilities and shareholders' equity | $ | 14,957,281 | $ | 14,869,645 | $ | 14,420,262 | ||||||||||
| TABLE 7 | ||||||||||||||||||||||||||||||
| Average Balance Sheet and Interest Rates (unaudited) | ||||||||||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||
| June 30, 2017 | March 31, 2017 | June 30, 2016 | ||||||||||||||||||||||||||||
| Average | Income (1)/ | Yield/ | Average | Income (1)/ | Yield/ | Average | Income (1)/ | Yield/ | ||||||||||||||||||||||
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
| Fed Funds sold, resell agr, Fed Reserve | ||||||||||||||||||||||||||||||
| Bank account, and money market | $ | 27,222 | $ | 55 | 0.80 | % | $ | 27,482 | $ | 31 | 0.46 | % | $ | 23,604 | $ | 21 | 0.36 | % | ||||||||||||
| Investments: | ||||||||||||||||||||||||||||||
| Treasury and gov't sponsored agencies | 575,940 | 2,798 | 1.94 | % | 540,422 | 2,780 | 2.06 | % | 738,642 | 3,586 | 1.94 | % | ||||||||||||||||||
| Mortgage-backed securities | 1,485,582 | 7,590 | 2.04 | % | 1,511,388 | 7,818 | 2.07 | % | 1,209,231 | 5,562 | 1.84 | % | ||||||||||||||||||
| States and political subdivisions | 1,122,769 | 13,375 | 4.76 | % | 1,133,373 | 13,607 | 4.80 | % | 1,117,367 | 13,207 | 4.73 | % | ||||||||||||||||||
| Other securities | 446,521 | 2,866 | 2.57 | % | 445,235 | 2,828 | 2.54 | % | 434,089 | 2,119 | 1.95 | % | ||||||||||||||||||
| Total investments | 3,630,812 | 26,629 | 2.93 | % | 3,630,418 | 27,033 | 2.98 | % | 3,499,329 | 24,474 | 2.80 | % | ||||||||||||||||||
| Loans: (2) | ||||||||||||||||||||||||||||||
| Commercial | 1,938,751 | 19,352 | 3.95 | % | 1,887,929 | 19,088 | 4.04 | % | 1,825,627 | 17,709 | 3.84 | % | ||||||||||||||||||
| Commercial and agriculture real estate | 3,240,318 | 39,830 | 4.86 | % | 3,171,005 | 40,324 | 5.09 | % | 2,589,342 | 35,273 | 5.39 | % | ||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||
| Home equity | 474,308 | 4,837 | 4.09 | % | 476,353 | 4,659 | 3.97 | % | 454,581 | 6,586 | 5.83 | % | ||||||||||||||||||
| Other consumer loans | 1,405,226 | 11,881 | 3.39 | % | 1,408,100 | 11,767 | 3.39 | % | 1,344,288 | 11,438 | 3.42 | % | ||||||||||||||||||
| Subtotal commercial and consumer loans | 7,058,603 | 75,900 | 4.31 | % | 6,943,387 | 75,838 | 4.43 | % | 6,213,838 | 71,006 | 4.60 | % | ||||||||||||||||||
| Residential real estate loans | 2,127,867 | 21,268 | 4.00 | % | 2,141,571 | 21,254 | 3.97 | % | 1,989,612 | 20,009 | 4.03 | % | ||||||||||||||||||
| Total loans | 9,186,470 | 97,168 | 4.21 | % | 9,084,958 | 97,092 | 4.29 | % | 8,203,450 | 91,015 | 4.42 | % | ||||||||||||||||||
| Total earning assets | $ | 12,844,504 | $ | 123,852 | 3.84 | % | $ | 12,742,858 | $ | 124,156 | 3.91 | % | $ | 11,726,383 | $ | 115,510 | 3.93 | % | ||||||||||||
| Less: Allowance for loan losses | (50,937 | ) | (50,710 | ) | (51,269 | ) | ||||||||||||||||||||||||
| Non-earning Assets: | ||||||||||||||||||||||||||||||
| Cash and due from banks | $ | 200,209 | $ | 195,620 | $ | 187,974 | ||||||||||||||||||||||||
| Other assets | 1,860,676 | 1,877,849 | 1,655,720 | |||||||||||||||||||||||||||
| Total assets | $ | 14,854,452 | $ | 14,765,617 | $ | 13,518,808 | ||||||||||||||||||||||||
| Interest-Bearing Liabilities: | ||||||||||||||||||||||||||||||
| NOW accounts | $ | 2,643,123 | $ | 511 | 0.08 | % | $ | 2,585,814 | $ | 456 | 0.07 | % | $ | 2,416,761 | $ | 405 | 0.07 | % | ||||||||||||
| Savings accounts | 2,944,314 | 1,209 | 0.16 | % | 2,969,866 | 1,157 | 0.16 | % | 2,492,202 | 843 | 0.14 | % | ||||||||||||||||||
| Money market accounts | 684,911 | 146 | 0.09 | % | 706,990 | 149 | 0.09 | % | 861,791 | 282 | 0.13 | % | ||||||||||||||||||
| Other time deposits | 1,330,026 | 2,536 | 0.76 | % | 1,332,912 | 2,368 | 0.72 | % | 1,175,435 | 2,367 | 0.81 | % | ||||||||||||||||||
| Total interest-bearing deposits | 7,602,374 | 4,402 | 0.23 | % | 7,595,582 | 4,130 | 0.22 | % | 6,946,189 | 3,897 | 0.23 | % | ||||||||||||||||||
| Brokered CD's | 111,972 | 322 | 1.15 | % | 107,519 | 253 | 0.95 | % | 174,338 | 357 | 0.82 | % | ||||||||||||||||||
| Total interest-bearing deposits and CD's | 7,714,346 | 4,724 | 0.25 | % | 7,703,101 | 4,383 | 0.23 | % | 7,120,527 | 4,254 | 0.24 | % | ||||||||||||||||||
| Federal funds purchased and interbank borrowings | 166,690 | 422 | 1.02 | % | 189,070 | 356 | 0.76 | % | 183,115 | 217 | 0.48 | % | ||||||||||||||||||
| Securities sold under agreements to repurchase | 329,182 | 334 | 0.41 | % | 331,400 | 256 | 0.31 | % | 378,838 | 391 | 0.42 | % | ||||||||||||||||||
| Federal Home Loan Bank advances | 1,443,453 | 6,017 | 1.67 | % | 1,429,977 | 5,312 | 1.51 | % | 983,174 | 3,610 | 1.48 | % | ||||||||||||||||||
| Other borrowings | 219,085 | 2,379 | 4.34 | % | 218,965 | 2,360 | 4.31 | % | 235,022 | 2,431 | 4.14 | % | ||||||||||||||||||
| Total borrowed funds | 2,158,410 | 9,152 | 1.70 | % | 2,169,412 | 8,284 | 1.55 | % | 1,780,149 | 6,649 | 1.50 | % | ||||||||||||||||||
| Total interest-bearing liabilities | $ | 9,872,756 | $ | 13,876 | 0.56 | % | $ | 9,872,513 | $ | 12,667 | 0.52 | % | $ | 8,900,676 | $ | 10,903 | 0.49 | % | ||||||||||||
| Noninterest-Bearing Liabilities | ||||||||||||||||||||||||||||||
| Demand deposits | $ | 2,988,147 | $ | 2,917,053 | $ | 2,725,417 | ||||||||||||||||||||||||
| Other liabilities | 128,231 | 150,392 | 195,091 | |||||||||||||||||||||||||||
| Shareholders' equity | 1,865,318 | 1,825,659 | 1,697,624 | |||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 14,854,452 | $ | 14,765,617 | $ | 13,518,808 | ||||||||||||||||||||||||
| Net interest rate spread | 3.28 | % | 3.39 | % | 3.44 | % | ||||||||||||||||||||||||
| Net interest margin (FTE) | 3.42 | % | 3.50 | % | 3.57 | % | ||||||||||||||||||||||||
| FTE adjustment | $ | 5,643 | $ | 5,688 | $ | 5,267 | ||||||||||||||||||||||||
| (1) Interest income is reflected on a fully taxable equivalent basis (FTE). | ||||||||||||||||||||||||||||||
| (2) Includes loans held for sale. | ||||||||||||||||||||||||||||||
| TABLE 8 | ||||||||||||||||||||
| Average Balance Sheet and Interest Rates (unaudited) | ||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Six Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2017 | June 30, 2016 | |||||||||||||||||||
| Average | Income (1)/ | Yield/ | Average | Income (1)/ | Yield/ | |||||||||||||||
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
| Fed Funds sold, resell agr, Fed Reserve | ||||||||||||||||||||
| Bank account, and money market | $ | 27,352 | $ | 86 | 0.63 | % | $ | 34,051 | $ | 70 | 0.41 | % | ||||||||
| Investments: | ||||||||||||||||||||
| Treasury and gov't sponsored agencies | 558,279 | 5,579 | 2.00 | % | 734,511 | 7,063 | 1.92 | % | ||||||||||||
| Mortgage-backed securities | 1,498,414 | 15,408 | 2.06 | % | 1,129,876 | 10,639 | 1.88 | % | ||||||||||||
| States and political subdivisions | 1,128,042 | 26,981 | 4.78 | % | 1,110,417 | 26,216 | 4.72 | % | ||||||||||||
| Other securities | 445,881 | 5,694 | 2.55 | % | 431,206 | 4,956 | 2.30 | % | ||||||||||||
| Total investments | 3,630,616 | 53,662 | 2.96 | % | 3,406,010 | 48,874 | 2.87 | % | ||||||||||||
| Loans: (2) | ||||||||||||||||||||
| Commercial | 1,913,480 | 38,440 | 4.00 | % | 1,803,669 | 34,871 | 3.82 | % | ||||||||||||
| Commercial and agriculture real estate | 3,205,853 | 80,154 | 4.97 | % | 2,243,147 | 63,311 | 5.58 | % | ||||||||||||
| Consumer: | ||||||||||||||||||||
| Home equity | 475,325 | 9,496 | 4.03 | % | 434,189 | 10,865 | 5.03 | % | ||||||||||||
| Other consumer loans | 1,406,655 | 23,648 | 3.39 | % | 1,277,640 | 21,118 | 3.32 | % | ||||||||||||
| Subtotal commercial and consumer loans | 7,001,313 | 151,738 | 4.37 | % | 5,758,645 | 130,165 | 4.55 | % | ||||||||||||
| Residential real estate loans | 2,134,681 | 42,522 | 3.98 | % | 1,830,000 | 36,930 | 4.05 | % | ||||||||||||
| Total loans | 9,135,994 | 194,260 | 4.25 | % | 7,588,645 | 167,095 | 4.39 | % | ||||||||||||
| Total earning assets | $ | 12,793,962 | $ | 248,008 | 3.87 | % | $ | 11,028,706 | $ | 216,039 | 3.91 | % | ||||||||
| Less: Allowance for loan losses | (50,824 | ) | (51,673 | ) | ||||||||||||||||
| Non-earning Assets: | ||||||||||||||||||||
| Cash and due from banks | $ | 197,927 | $ | 177,162 | ||||||||||||||||
| Other assets | 1,869,215 | 1,557,129 | ||||||||||||||||||
| Total assets | $ | 14,810,280 | $ | 12,711,324 | ||||||||||||||||
| Interest-bearing Liabilities: | ||||||||||||||||||||
| NOW accounts | $ | 2,614,627 | $ | 967 | 0.07 | % | $ | 2,265,779 | $ | 643 | 0.06 | % | ||||||||
| Savings accounts | 2,957,020 | 2,367 | 0.16 | % | 2,358,177 | 1,623 | 0.14 | % | ||||||||||||
| Money market accounts | 695,890 | 295 | 0.09 | % | 707,133 | 372 | 0.11 | % | ||||||||||||
| Other time deposits | 1,331,460 | 4,903 | 0.74 | % | 1,044,391 | 4,481 | 0.86 | % | ||||||||||||
| Total interest-bearing deposits | 7,598,997 | 8,532 | 0.23 | % | 6,375,480 | 7,119 | 0.22 | % | ||||||||||||
| Brokered CD's | 109,758 | 575 | 1.06 | % | 150,812 | 628 | 0.84 | % | ||||||||||||
| Total interest-bearing deposits and CD's | 7,708,755 | 9,107 | 0.24 | % | 6,526,292 | 7,747 | 0.24 | % | ||||||||||||
| Federal funds purchased and interbank borrowings | 177,818 | 778 | 0.88 | % | 146,747 | 340 | 0.47 | % | ||||||||||||
| Securities sold under agreements to repurchase | 330,285 | 590 | 0.36 | % | 382,441 | 764 | 0.40 | % | ||||||||||||
| Federal Home Loan Bank advances | 1,436,752 | 11,329 | 1.59 | % | 1,044,933 | 7,027 | 1.35 | % | ||||||||||||
| Other borrowings | 219,025 | 4,739 | 4.33 | % | 226,671 | 4,711 | 4.16 | % | ||||||||||||
| Total borrowed funds | 2,163,880 | 17,436 | 1.62 | % | 1,800,792 | 12,842 | 1.43 | % | ||||||||||||
| Total interest-bearing liabilities | $ | 9,872,635 | $ | 26,543 | 0.54 | % | $ | 8,327,084 | $ | 20,589 | 0.50 | % | ||||||||
| Noninterest-Bearing Liabilities | ||||||||||||||||||||
| Demand deposits | 2,952,797 | 2,599,253 | ||||||||||||||||||
| Other liabilities | 139,250 | 184,694 | ||||||||||||||||||
| Shareholders' equity | 1,845,598 | 1,600,293 | ||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 14,810,280 | $ | 12,711,324 | ||||||||||||||||
| Net interest rate spread | 3.33 | % | 3.41 | % | ||||||||||||||||
| Net interest margin (FTE) | 3.46 | % | 3.54 | % | ||||||||||||||||
| FTE adjustment | $ | 11,331 | $ | 10,467 | ||||||||||||||||
| (1) Interest income is reflected on a fully taxable equivalent basis (FTE). | ||||||||||||||||||||
| (2) Includes loans held for sale. | ||||||||||||||||||||
| TABLE 9 | ||||||||||||||||||
| Asset Quality (EOP) (unaudited) | ||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||
| 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
| Beginning allowance for loan losses | $ | 49,834 | $ | 49,808 | $ | 50,700 | $ | 49,808 | $ | 52,233 | ||||||||
| Provision for loan losses | 1,355 | 347 | 1,319 | 1,702 | 1,410 | |||||||||||||
| Gross charge-offs | (3,380 | ) | (3,239 | ) | (2,677 | ) | (6,619 | ) | (6,619 | ) | ||||||||
| Gross recoveries | 3,177 | 2,918 | 2,462 | 6,095 | 4,780 | |||||||||||||
| Net (charge-offs) recoveries | (203 | ) | (321 | ) | (215 | ) | (524 | ) | (1,839 | ) | ||||||||
| Ending allowance for loan losses | $ | 50,986 | $ | 49,834 | $ | 51,804 | $ | 50,986 | $ | 51,804 | ||||||||
| Net charge-offs (recoveries) / average loans (1) | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.05 | % | ||||||||
| Average loans outstanding (1) | $ | 9,180,987 | $ | 9,078,672 | $ | 8,191,544 | $ | 9,130,112 | $ | 7,581,061 | ||||||||
| EOP loans outstanding (1) | $ | 9,232,040 | $ | 9,131,773 | $ | 8,830,158 | $ | 9,232,040 | $ | 8,830,158 | ||||||||
| Allowance for loan losses / EOP loans (1) | 0.55 | % | 0.55 | % | 0.59 | % | 0.55 | % | 0.59 | % | ||||||||
| Underperforming Assets: | ||||||||||||||||||
| Loans 90 Days and over (still accruing) | $ | 201 | $ | 381 | $ | 670 | $ | 201 | $ | 670 | ||||||||
| Non-performing loans: | ||||||||||||||||||
| Nonaccrual loans (2) | 125,519 | 115,377 | 160,340 | 125,519 | 160,340 | |||||||||||||
| Renegotiated loans | 14,123 | 14,969 | 13,904 | 14,123 | 13,904 | |||||||||||||
| Total non-performing loans | 139,642 | 130,346 | 174,244 | 139,642 | 174,244 | |||||||||||||
| Foreclosed properties | 11,071 | 12,547 | 24,254 | 11,071 | 24,254 | |||||||||||||
| Total underperforming assets | $ | 150,914 | $ | 143,274 | $ | 199,168 | $ | 150,914 | $ | 199,168 | ||||||||
| Classified loans - "problem loans" | $ | 237,997 | $ | 219,929 | $ | 250,214 | $ | 237,997 | $ | 250,214 | ||||||||
| Other classified assets | 7,449 | 7,306 | 6,392 | 7,449 | 6,392 | |||||||||||||
| Criticized loans - "special mention loans" | 99,502 | 95,881 | 106,886 | 99,502 | 106,886 | |||||||||||||
| Total classified and criticized assets | $ | 344,948 | $ | 323,116 | $ | 363,492 | $ | 344,948 | $ | 363,492 | ||||||||
| Non-performing loans / EOP loans (1) | 1.51 | % | 1.43 | % | 1.97 | % | 1.51 | % | 1.97 | % | ||||||||
| Allowance to non-performing loans (3) | 37 | % | 38 | % | 30 | % | 37 | % | 30 | % | ||||||||
| Under-performing assets / EOP loans (1) | 1.63 | % | 1.57 | % | 2.26 | % | 1.63 | % | 2.26 | % | ||||||||
| EOP total assets | $ | 14,957,281 | $ | 14,869,645 | $ | 14,420,262 | $ | 14,957,281 | $ | 14,420,262 | ||||||||
| Under-performing assets / EOP assets | 1.01 | % | 0.96 | % | 1.38 | % | 1.01 | % | 1.38 | % | ||||||||
| EOP - End of period actual balances | ||||||||||||||||||
| (1) Excludes loans held for sale. | ||||||||||||||||||
| (2) Includes renegotiated loans totaling $46.2 million at June 30, 2017, $34.2 million at March 31, 2017 and $38.1 million | ||||||||||||||||||
| at June 30, 2016. | ||||||||||||||||||
| (3) Includes acquired loans that were recorded at fair value in accordance with ASC 805 at the date of acquisition. As such, the | ||||||||||||||||||
| credit risk was incorporated in the fair value recorded and no allowance for loan losses was recorded on the acquisition date. | ||||||||||||||||||
| TABLE 10 | ||||||||||||||||||||
| Non-GAAP Measures (unaudited) | ||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
| Actual End of Period Balances | ||||||||||||||||||||
| GAAP shareholders' equity | $ | 1,886,594 | $ | 1,846,359 | $ | 1,811,117 | $ | 1,886,594 | $ | 1,811,117 | ||||||||||
| Deduct: | ||||||||||||||||||||
| Goodwill | 655,018 | 655,018 | 655,523 | 655,018 | 655,523 | |||||||||||||||
| Intangibles | 31,876 | 34,657 | 44,237 | 31,876 | 44,237 | |||||||||||||||
| 686,894 | 689,675 | 699,760 | 686,894 | 699,760 | ||||||||||||||||
| Tangible shareholders' equity | $ | 1,199,700 | $ | 1,156,684 | $ | 1,111,357 | $ | 1,199,700 | $ | 1,111,357 | ||||||||||
| Average Balances | ||||||||||||||||||||
| GAAP shareholders' equity | $ | 1,865,318 | $ | 1,825,659 | $ | 1,697,624 | $ | 1,845,598 | $ | 1,600,293 | ||||||||||
| Deduct: | ||||||||||||||||||||
| Goodwill | 655,018 | 655,018 | 646,131 | 655,018 | 615,383 | |||||||||||||||
| Intangibles | 33,189 | 36,097 | 45,710 | 34,635 | 39,747 | |||||||||||||||
| 688,207 | 691,115 | 691,841 | 689,653 | 655,130 | ||||||||||||||||
| Average tangible shareholders' equity | $ | 1,177,111 | $ | 1,134,544 | $ | 1,005,783 | $ | 1,155,945 | $ | 945,163 | ||||||||||
| Actual End of Period Balances | ||||||||||||||||||||
| GAAP assets | $ | 14,957,281 | $ | 14,869,645 | $ | 14,420,262 | $ | 14,957,281 | $ | 14,420,262 | ||||||||||
| Add: | ||||||||||||||||||||
| Trust overdrafts | 31 | 86 | 337 | 31 | 337 | |||||||||||||||
| Deduct: | ||||||||||||||||||||
| Goodwill | 655,018 | 655,018 | 655,523 | 655,018 | 655,523 | |||||||||||||||
| Intangibles | 31,876 | 34,657 | 44,237 | 31,876 | 44,237 | |||||||||||||||
| 686,894 | 689,675 | 699,760 | 686,894 | 699,760 | ||||||||||||||||
| Tangible assets | $ | 14,270,418 | $ | 14,180,056 | $ | 13,720,839 | $ | 14,270,418 | $ | 13,720,839 | ||||||||||
| Risk-weighted assets | $ | 10,367,804 | $ | 10,171,517 | $ | 9,624,966 | $ | 10,367,804 | $ | 9,624,966 | ||||||||||
| GAAP net income | $ | 38,854 | $ | 35,992 | $ | 39,122 | $ | 74,846 | $ | 66,099 | ||||||||||
| Add: | ||||||||||||||||||||
| Intangible amortization (net of tax) | 1,807 | 1,963 | 2,188 | 3,770 | 3,908 | |||||||||||||||
| Tangible net income | $ | 40,661 | $ | 37,955 | $ | 41,310 | $ | 78,616 | $ | 70,007 | ||||||||||
| Tangible Ratios | ||||||||||||||||||||
| Return on tangible common equity | 13.56 | % | 13.13 | % | 14.87 | % | 13.11 | % | 12.60 | % | ||||||||||
| Return on average tangible common equity | 13.82 | % | 13.38 | % | 16.43 | % | 13.60 | % | 14.81 | % | ||||||||||
| Return on tangible assets | 1.14 | % | 1.07 | % | 1.20 | % | 1.10 | % | 1.02 | % | ||||||||||
| Tangible common equity to tangible assets | 8.41 | % | 8.16 | % | 8.10 | % | 8.41 | % | 8.10 | % | ||||||||||
| Tangible common equity to risk-weighted assets | 11.57 | % | 11.37 | % | 11.55 | % | 11.57 | % | 11.55 | % | ||||||||||
| Tangible common book value (1) | 8.85 | 8.54 | 8.23 | 8.85 | 8.23 | |||||||||||||||
| Tangible common equity presentation includes other comprehensive income as is common in other company releases. | ||||||||||||||||||||
| (1) Tangible common shareholders' equity divided by common shares issued and outstanding at period-end. | ||||||||||||||||||||
| Tier 1 capital | $ | 1,222,250 | $ | 1,191,735 | $ | 1,134,978 | $ | 1,222,250 | $ | 1,134,978 | ||||||||||
| Deduct: | ||||||||||||||||||||
| Trust Preferred Securities | 45,000 | 45,000 | 45,000 | 45,000 | 45,000 | |||||||||||||||
| Additional Tier 1 capital deductions | (14,977 | ) | (16,100 | ) | (30,760 | ) | (14,977 | ) | (30,760 | ) | ||||||||||
| 30,023 | 28,900 | 14,240 | 30,023 | 14,240 | ||||||||||||||||
| Tier 1 common equity | $ | 1,192,227 | $ | 1,162,835 | $ | 1,120,738 | $ | 1,192,227 | $ | 1,120,738 | ||||||||||
| Risk-weighted assets | 10,367,804 | 10,171,517 | 9,624,966 | 10,367,804 | 9,624,966 | |||||||||||||||
| Tier 1 common equity to risk-weighted assets | 11.50 | % | 11.43 | % | 11.64 | % | 11.50 | % | 11.64 | % | ||||||||||