PROSPERITY BANCSHARES, INC.® REPORTS SECOND QUARTER 2024 EARNINGS
-
Completed the merger of
Lone Star State Bancshares, Inc. onApril 1, 2024 -
Net income of
$111.6 million and diluted earnings per share of$1.17 for second quarter 2024 -
Net income of
$116.6 million (1) and diluted earnings per share of$1.22 (1), excluding merger related provision and expenses, gain onVisa Class B-1 stock exchange net of investment securities sales andFDIC special assessment - Net interest margin increased 15 basis points to 2.94% during second quarter 2024
-
Loans increased
$1.06 billion or 5.0% during second quarter 2024 -
Loans, excluding Warehouse Purchase Program loans, increased
$839.1 million or 4.1% during second quarter 2024 -
Deposits increased
$757.6 million or 2.8% during second quarter 2024 -
Noninterest-bearing deposits of
$9.7 billion , representing 34.7% of total deposits -
Allowance for credit losses on loans and on off-balance sheet credit exposure of
$397.5 million and allowance for credit losses on loans to total loans, excluding Warehouse Purchase Program, of 1.69%(1) - Nonperforming assets remain low at 0.25% of second quarter average interest-earning assets
- Repurchased 671 thousand shares of common stock during second quarter 2024, and 1.2 million shares during 2024
The annualized return on second quarter average assets was 1.12%; and the annualized return on second quarter average assets excluding merger related provision and expenses, net of tax, gain on
"We want to welcome the customers and associates from
"We are also pleased to report that our net interest income before provision for credit losses was
"We are optimistic about the future and confident in our ability to create meaningful long-term value for our shareholders. Over the last twelve months, we have returned
"
"Prosperity continues to focus on building core customer relationships, maintaining sound asset quality and operating the bank in an efficient manner, while investing in ever-changing technology and product distribution channels. Thank you to all of our customers, shareholders and associates who make this possible," concluded Zalman.
Results of Operations for the Three Months Ended
For the three months ended
Excluding merger related provision and expenses, gain on
Net interest income before provision for credit losses was
The net interest margin on a tax equivalent basis was 2.94% for the three months ended
Noninterest income was
Noninterest expense was
Results of Operations for the Six Months Ended
For the six months ended
Excluding merger related provision and expenses, gain on
Net interest income before provision for credit losses for the six months ended
The net interest margin on a tax equivalent basis for the six months ended
Noninterest income was
Noninterest expense was
Balance Sheet Information
At
Loans were
Deposits were
The table below provides detail on the impact of loans acquired and deposits assumed in the
Balance Sheet Data (at period end) |
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(In thousands) |
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|||||
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(Unaudited) |
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|
(Unaudited) |
|
|
(Unaudited) |
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|
(Unaudited) |
|
|
(Unaudited) |
|
|||||
Loans acquired (including new production since acquisition date): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
$ |
1,209,936 |
|
|
$ |
1,302,582 |
|
|
$ |
1,376,356 |
|
|
$ |
1,494,378 |
|
|
$ |
1,590,137 |
|
|
|
|
1,084,559 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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|
|
— |
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|
|
|
|
|
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|
|
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|||||
Warehouse Purchase Program loans |
|
|
1,081,403 |
|
|
|
864,924 |
|
|
|
822,245 |
|
|
|
912,327 |
|
|
|
1,148,883 |
|
All other loans |
|
|
18,944,917 |
|
|
|
19,097,741 |
|
|
|
18,981,937 |
|
|
|
19,026,008 |
|
|
|
18,914,926 |
|
Total loans |
|
$ |
22,320,815 |
|
|
$ |
21,265,247 |
|
|
$ |
21,180,538 |
|
|
$ |
21,432,713 |
|
|
$ |
21,653,946 |
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Deposits assumed (including new deposits since acquisition date): |
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|||||
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$ |
1,317,130 |
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$ |
1,449,166 |
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$ |
1,517,217 |
|
|
$ |
1,625,691 |
|
|
$ |
1,481,831 |
|
|
|
|
1,187,821 |
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|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
All other deposits |
|
|
25,428,135 |
|
|
|
25,726,352 |
|
|
|
25,662,592 |
|
|
|
25,687,109 |
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|
|
25,899,055 |
|
Total deposits |
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$ |
27,933,086 |
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|
$ |
27,175,518 |
|
|
$ |
27,179,809 |
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|
$ |
27,312,800 |
|
|
$ |
27,380,886 |
|
As reflected in the table above, loan and deposit growth was impacted by the
Excluding loans acquired in these acquisitions and new production at the acquired banking centers since the respective acquisition dates, loans at
Excluding deposits assumed in these acquisitions and new deposits generated at the acquired banking centers since the respective acquisition dates, deposits at
Asset Quality
Nonperforming assets totaled
The allowance for credit losses on loans and off-balance sheet credit exposures was
The allowance for credit losses on loans was
Net charge-offs were
Net charge-offs were
During the second quarter 2024, Prosperity tendered all of its shares of Visa, Inc. ("
Dividend
Stock Repurchase Program
On
Merger of
On
Pursuant to the terms of the definitive agreement, Prosperity issued 2,376,182 shares of Prosperity common stock plus approximately
Merger of
On
Pursuant to the terms of the definitive agreement, Prosperity issued 3,583,370 shares of Prosperity common stock plus approximately
Conference Call
Prosperity's management team will host a conference call on
Alternatively, individuals may listen to the live webcast of the presentation by visiting Prosperity's website at www.prosperitybankusa.com. The webcast may be accessed from Prosperity's Investor Relations page by selecting "Presentations, Webcasts & Calls" from the menu and following the instructions.
Non-GAAP Financial Measures
Prosperity's management uses certain non-GAAP financial measures to evaluate its performance. Specifically, for internal planning and forecasting purposes, Prosperity reviews each of diluted earnings per share, return on average assets, return on average common equity, and return on average tangible common equity, in each case excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax,
As of
Prosperity currently operates 288 full-service banking locations: 65 in the
Cautionary Notes on Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains, and the remarks by Prosperity's management on the conference call may contain, forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, oral or written forward-looking statements may also be included in other information released to the public. Such forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "believe," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Forward-looking statements include all statements other than statements of historical fact, including forecasts or trends, and are based on current expectations, assumptions, estimates and projections about
(1) |
Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. |
(2) |
Includes purchase accounting adjustments of |
(3) |
Includes purchase accounting adjustments of |
(4) |
Includes purchase accounting adjustments of |
(5) |
Includes purchase accounting adjustments of |
(6) |
Includes purchase accounting adjustments of |
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Grapevine Main |
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Tyler-South |
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West |
Bryan |
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Kiest |
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Tyler-University |
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Waller |
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Bryan-29th Street |
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Bryan-East |
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Bryan-North |
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McKinney Eldorado |
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Winnie |
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Grant |
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McKinney Redbud |
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Wirt |
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North Carrolton |
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Aldine |
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Parkway |
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Park Cities |
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Plano-West |
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Beltway |
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Calallen |
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Cattlemans |
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Carmel |
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Kell |
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Copperfield |
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Northwest |
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Cypress |
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Other |
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Downtown |
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Timbergate |
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Locations |
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Eastex |
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Richardson-West |
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Rosewood Court |
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First Colony |
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Victoria |
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The Colony |
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Tollroad |
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Gessner |
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Victoria- |
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Gladebrook |
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Victoria-North |
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Cisco |
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West 15th |
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Heights |
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Early |
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West Allen |
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Other |
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Northland |
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Westmoreland |
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Locations |
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Medical Center |
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Alice |
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Northside |
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Other |
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Hulen |
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Locations |
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Edna |
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Stockyards |
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Tanglewood |
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Lone Star West Texas Area |
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The Plaza |
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Mathis |
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Other |
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Uptown |
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Locations |
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Arlington |
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Westheimer |
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Gruene |
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Woodcreek |
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Sinton |
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Katy |
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Taft |
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23rd Street |
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Expressway |
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Muenster |
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Memorial |
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The Woodlands- |
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Other |
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Locations |
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Other |
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Edmond |
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Locations |
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Mockingbird |
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Norman |
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Hillside |
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Soncy |
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Garnett |
14th Street Plano |
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Harvard |
Abrams Centre |
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Memorial |
Addison |
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Dayton |
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Sheridan |
Allen |
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Eustace |
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Groves |
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98th Street |
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Liberty |
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Avenue Q |
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Other Tulsa Area Locations |
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Magnolia |
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Frisco |
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Rusk |
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Frisco-West |
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North |
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Garland |
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Wadley |
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Grapevine |
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Tyler- |
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Spring |
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Financial Highlights (Unaudited) (In thousands) |
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Balance Sheet Data (at period end) |
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Loans held for sale |
|
$ |
9,951 |
|
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$ |
6,380 |
|
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$ |
5,734 |
|
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$ |
10,187 |
|
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$ |
10,656 |
|
Loans held for investment |
|
|
21,229,461 |
|
|
|
20,393,943 |
|
|
|
20,352,559 |
|
|
|
20,510,199 |
|
|
|
20,494,407 |
|
Loans held for investment - Warehouse Purchase Program |
|
|
1,081,403 |
|
|
|
864,924 |
|
|
|
822,245 |
|
|
|
912,327 |
|
|
|
1,148,883 |
|
Total loans |
|
|
22,320,815 |
|
|
|
21,265,247 |
|
|
|
21,180,538 |
|
|
|
21,432,713 |
|
|
|
21,653,946 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||||
Investment securities(A) |
|
|
11,702,139 |
|
|
|
12,301,138 |
|
|
|
12,803,896 |
|
|
|
13,192,742 |
|
|
|
13,667,319 |
|
Federal funds sold |
|
|
234 |
|
|
|
250 |
|
|
|
260 |
|
|
|
234 |
|
|
|
181 |
|
Allowance for credit losses on loans |
|
|
(359,852) |
|
|
|
(330,219) |
|
|
|
(332,362) |
|
|
|
(351,495) |
|
|
|
(345,209) |
|
Cash and due from banks |
|
|
1,507,604 |
|
|
|
1,086,444 |
|
|
|
458,153 |
|
|
|
512,239 |
|
|
|
396,848 |
|
|
|
|
3,504,107 |
|
|
|
3,396,402 |
|
|
|
3,396,086 |
|
|
|
3,396,459 |
|
|
|
3,383,698 |
|
Core deposit intangibles, net |
|
|
74,324 |
|
|
|
60,757 |
|
|
|
63,994 |
|
|
|
67,553 |
|
|
|
71,128 |
|
Other real estate owned |
|
|
4,960 |
|
|
|
2,204 |
|
|
|
1,708 |
|
|
|
9,320 |
|
|
|
3,107 |
|
Fixed assets, net |
|
|
377,394 |
|
|
|
372,333 |
|
|
|
369,992 |
|
|
|
370,237 |
|
|
|
365,299 |
|
Other assets |
|
|
630,569 |
|
|
|
601,964 |
|
|
|
605,612 |
|
|
|
665,682 |
|
|
|
708,814 |
|
Total assets |
|
$ |
39,762,294 |
|
|
$ |
38,756,520 |
|
|
$ |
38,547,877 |
|
|
$ |
39,295,684 |
|
|
$ |
39,905,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing deposits |
|
$ |
9,706,505 |
|
|
$ |
9,526,535 |
|
|
$ |
9,776,572 |
|
|
$ |
10,281,893 |
|
|
$ |
10,364,921 |
|
Interest-bearing deposits |
|
|
18,226,581 |
|
|
|
17,648,983 |
|
|
|
17,403,237 |
|
|
|
17,030,907 |
|
|
|
17,015,965 |
|
Total deposits |
|
|
27,933,086 |
|
|
|
27,175,518 |
|
|
|
27,179,809 |
|
|
|
27,312,800 |
|
|
|
27,380,886 |
|
Other borrowings |
|
|
3,900,000 |
|
|
|
3,900,000 |
|
|
|
3,725,000 |
|
|
|
4,250,000 |
|
|
|
4,800,000 |
|
Securities sold under repurchase agreements |
|
|
233,689 |
|
|
|
261,671 |
|
|
|
309,277 |
|
|
|
300,714 |
|
|
|
434,160 |
|
Subordinated debentures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,093 |
|
Allowance for credit losses on off-balance sheet credit exposures |
|
|
37,646 |
|
|
|
36,503 |
|
|
|
36,503 |
|
|
|
36,503 |
|
|
|
36,503 |
|
Other liabilities |
|
|
374,429 |
|
|
|
278,284 |
|
|
|
217,958 |
|
|
|
362,990 |
|
|
|
282,373 |
|
Total liabilities |
|
|
32,478,850 |
|
|
|
31,651,976 |
|
|
|
31,468,547 |
|
|
|
32,263,007 |
|
|
|
32,937,015 |
|
Shareholders' equity(B) |
|
|
7,283,444 |
|
|
|
7,104,544 |
|
|
|
7,079,330 |
|
|
|
7,032,677 |
|
|
|
6,968,116 |
|
Total liabilities and equity |
|
$ |
39,762,294 |
|
|
$ |
38,756,520 |
|
|
$ |
38,547,877 |
|
|
$ |
39,295,684 |
|
|
$ |
39,905,131 |
|
|
|
(A) |
Includes |
(B) |
Includes |
Financial Highlights (Unaudited) (In thousands) |
|
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year-to-Date |
|
||||||||||||||||||||||
|
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|
|||||||
Income Statement Data |
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loans |
|
$ |
336,428 |
|
|
$ |
306,228 |
|
|
$ |
306,562 |
|
|
$ |
308,678 |
|
|
$ |
286,638 |
|
|
$ |
642,656 |
|
|
$ |
533,756 |
|
Securities(C) |
|
|
62,428 |
|
|
|
66,421 |
|
|
|
68,077 |
|
|
|
69,987 |
|
|
|
72,053 |
|
|
|
128,849 |
|
|
|
145,238 |
|
Federal funds sold and other earning assets |
|
|
14,095 |
|
|
|
9,265 |
|
|
|
1,793 |
|
|
|
1,689 |
|
|
|
1,757 |
|
|
|
23,360 |
|
|
|
8,763 |
|
Total interest income |
|
|
412,951 |
|
|
|
381,914 |
|
|
|
376,432 |
|
|
|
380,354 |
|
|
|
360,448 |
|
|
|
794,865 |
|
|
|
687,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Deposits |
|
|
106,124 |
|
|
|
92,692 |
|
|
|
84,969 |
|
|
|
76,069 |
|
|
|
63,964 |
|
|
|
198,816 |
|
|
|
111,307 |
|
Other borrowings |
|
|
46,282 |
|
|
|
48,946 |
|
|
|
52,386 |
|
|
|
62,190 |
|
|
|
57,351 |
|
|
|
95,228 |
|
|
|
91,747 |
|
Securities sold under repurchase agreements |
|
|
1,759 |
|
|
|
2,032 |
|
|
|
2,094 |
|
|
|
2,533 |
|
|
|
2,674 |
|
|
|
3,791 |
|
|
|
4,777 |
|
Subordinated debentures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total interest expense |
|
|
154,165 |
|
|
|
143,670 |
|
|
|
139,449 |
|
|
|
140,830 |
|
|
|
123,989 |
|
|
|
297,835 |
|
|
|
207,831 |
|
Net interest income |
|
|
258,786 |
|
|
|
238,244 |
|
|
|
236,983 |
|
|
|
239,524 |
|
|
|
236,459 |
|
|
|
497,030 |
|
|
|
479,926 |
|
Provision for credit losses |
|
|
9,066 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,540 |
|
|
|
9,066 |
|
|
|
18,540 |
|
Net interest income after provision for credit losses |
|
|
249,720 |
|
|
|
238,244 |
|
|
|
236,983 |
|
|
|
239,524 |
|
|
|
217,919 |
|
|
|
487,964 |
|
|
|
461,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nonsufficient funds (NSF) fees |
|
|
8,153 |
|
|
|
8,288 |
|
|
|
8,365 |
|
|
|
8,719 |
|
|
|
8,512 |
|
|
|
16,441 |
|
|
|
16,607 |
|
Credit card, debit card and ATM card income |
|
|
9,384 |
|
|
|
8,861 |
|
|
|
9,314 |
|
|
|
9,285 |
|
|
|
9,206 |
|
|
|
18,245 |
|
|
|
17,872 |
|
Service charges on deposit accounts |
|
|
6,436 |
|
|
|
6,406 |
|
|
|
6,316 |
|
|
|
6,262 |
|
|
|
6,078 |
|
|
|
12,842 |
|
|
|
12,004 |
|
Trust income |
|
|
3,601 |
|
|
|
4,156 |
|
|
|
3,360 |
|
|
|
3,326 |
|
|
|
3,358 |
|
|
|
7,757 |
|
|
|
6,583 |
|
Mortgage income |
|
|
745 |
|
|
|
610 |
|
|
|
542 |
|
|
|
857 |
|
|
|
661 |
|
|
|
1,355 |
|
|
|
899 |
|
Brokerage income |
|
|
1,186 |
|
|
|
1,235 |
|
|
|
1,059 |
|
|
|
1,067 |
|
|
|
1,000 |
|
|
|
2,421 |
|
|
|
2,149 |
|
Bank owned life insurance income |
|
|
1,885 |
|
|
|
2,047 |
|
|
|
1,882 |
|
|
|
1,864 |
|
|
|
1,553 |
|
|
|
3,932 |
|
|
|
2,907 |
|
Net (loss) gain on sale or write-down of assets |
|
|
(903) |
|
|
|
(35) |
|
|
|
(84) |
|
|
|
(45) |
|
|
|
1,994 |
|
|
|
(938) |
|
|
|
2,115 |
|
Net gain on sale or write-up of securities |
|
|
10,723 |
|
|
|
298 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,021 |
|
|
|
— |
|
Other noninterest income |
|
|
4,793 |
|
|
|
7,004 |
|
|
|
5,814 |
|
|
|
7,408 |
|
|
|
7,326 |
|
|
|
11,797 |
|
|
|
16,818 |
|
Total noninterest income |
|
|
46,003 |
|
|
|
38,870 |
|
|
|
36,568 |
|
|
|
38,743 |
|
|
|
39,688 |
|
|
|
84,873 |
|
|
|
77,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Salaries and benefits |
|
|
89,584 |
|
|
|
85,771 |
|
|
|
80,486 |
|
|
|
85,423 |
|
|
|
84,723 |
|
|
|
175,355 |
|
|
|
162,521 |
|
Net occupancy and equipment |
|
|
8,915 |
|
|
|
8,623 |
|
|
|
9,093 |
|
|
|
9,464 |
|
|
|
8,935 |
|
|
|
17,538 |
|
|
|
16,960 |
|
Credit and debit card, data processing and software amortization |
|
|
11,998 |
|
|
|
10,975 |
|
|
|
10,741 |
|
|
|
10,919 |
|
|
|
10,344 |
|
|
|
22,973 |
|
|
|
19,910 |
|
Regulatory assessments and |
|
|
10,317 |
|
|
|
5,538 |
|
|
|
24,940 |
|
|
|
5,155 |
|
|
|
5,097 |
|
|
|
15,855 |
|
|
|
10,070 |
|
Core deposit intangibles amortization |
|
|
4,156 |
|
|
|
3,237 |
|
|
|
3,559 |
|
|
|
3,576 |
|
|
|
3,167 |
|
|
|
7,393 |
|
|
|
5,541 |
|
Depreciation |
|
|
4,836 |
|
|
|
4,686 |
|
|
|
4,607 |
|
|
|
4,585 |
|
|
|
4,658 |
|
|
|
9,522 |
|
|
|
9,091 |
|
Communications |
|
|
3,485 |
|
|
|
3,402 |
|
|
|
3,572 |
|
|
|
3,686 |
|
|
|
3,693 |
|
|
|
6,887 |
|
|
|
7,155 |
|
Other real estate expense |
|
|
69 |
|
|
|
187 |
|
|
|
165 |
|
|
|
153 |
|
|
|
(464) |
|
|
|
256 |
|
|
|
(406) |
|
Net (gain) loss on sale or write-down of other real estate |
|
|
31 |
|
|
|
(138) |
|
|
|
34 |
|
|
|
(734) |
|
|
|
(33) |
|
|
|
(107) |
|
|
|
(46) |
|
Merger related expenses |
|
|
4,381 |
|
|
|
— |
|
|
|
278 |
|
|
|
1,104 |
|
|
|
12,891 |
|
|
|
4,381 |
|
|
|
13,751 |
|
Other noninterest expense |
|
|
15,070 |
|
|
|
13,567 |
|
|
|
14,696 |
|
|
|
12,326 |
|
|
|
12,859 |
|
|
|
28,637 |
|
|
|
24,323 |
|
Total noninterest expense |
|
|
152,842 |
|
|
|
135,848 |
|
|
|
152,171 |
|
|
|
135,657 |
|
|
|
145,870 |
|
|
|
288,690 |
|
|
|
268,870 |
|
Income before income taxes |
|
|
142,881 |
|
|
|
141,266 |
|
|
|
121,380 |
|
|
|
142,610 |
|
|
|
111,737 |
|
|
|
284,147 |
|
|
|
270,470 |
|
Provision for income taxes |
|
|
31,279 |
|
|
|
30,840 |
|
|
|
25,904 |
|
|
|
30,402 |
|
|
|
24,799 |
|
|
|
62,119 |
|
|
|
58,838 |
|
Net income available to common shareholders |
|
$ |
111,602 |
|
|
$ |
110,426 |
|
|
$ |
95,476 |
|
|
$ |
112,208 |
|
|
$ |
86,938 |
|
|
$ |
222,028 |
|
|
$ |
211,632 |
|
|
|
(C) |
Interest income on securities was reduced by net premium amortization of |
Financial Highlights (Unaudited) (Dollars and share amounts in thousands, except per share data and market prices) |
|
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year-to-Date |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Profitability |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income (D) (E) |
|
$ |
111,602 |
|
|
$ |
110,426 |
|
|
$ |
95,476 |
|
|
$ |
112,208 |
|
|
$ |
86,938 |
|
|
$ |
222,028 |
|
|
$ |
211,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic earnings per share |
|
$ |
1.17 |
|
|
$ |
1.18 |
|
|
$ |
1.02 |
|
|
$ |
1.20 |
|
|
$ |
0.94 |
|
|
$ |
2.34 |
|
|
$ |
2.30 |
|
Diluted earnings per share |
|
$ |
1.17 |
|
|
$ |
1.18 |
|
|
$ |
1.02 |
|
|
$ |
1.20 |
|
|
$ |
0.94 |
|
|
$ |
2.34 |
|
|
$ |
2.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Return on average assets (F)(J) |
|
|
1.12 |
% |
|
|
1.13 |
% |
|
|
0.98 |
% |
|
|
1.13 |
% |
|
|
0.89 |
% |
|
|
1.13 |
% |
|
|
1.09 |
% |
Return on average common equity (F)(J) |
|
|
6.10 |
% |
|
|
6.20 |
% |
|
|
5.39 |
% |
|
|
6.39 |
% |
|
|
5.01 |
% |
|
|
6.15 |
% |
|
|
6.18 |
% |
Return on average tangible common equity (F) (G)(J) |
|
|
11.81 |
% |
|
|
12.06 |
% |
|
|
10.54 |
% |
|
|
12.58 |
% |
|
|
9.67 |
% |
|
|
11.93 |
% |
|
|
11.97 |
% |
Tax equivalent net interest margin (D) (E) (H) |
|
|
2.94 |
% |
|
|
2.79 |
% |
|
|
2.75 |
% |
|
|
2.72 |
% |
|
|
2.73 |
% |
|
|
2.87 |
% |
|
|
2.83 |
% |
Efficiency ratio (G) (I)(K) |
|
|
51.82 |
% |
|
|
49.07 |
% |
|
|
55.61 |
% |
|
|
48.74 |
% |
|
|
53.21 |
% |
|
|
50.49 |
% |
|
|
48.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liquidity and Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity to assets |
|
|
18.32 |
% |
|
|
18.33 |
% |
|
|
18.37 |
% |
|
|
17.90 |
% |
|
|
17.46 |
% |
|
|
18.32 |
% |
|
|
17.46 |
% |
Common equity tier 1 capital |
|
|
15.42 |
% |
|
|
15.75 |
% |
|
|
15.54 |
% |
|
|
14.98 |
% |
|
|
14.49 |
% |
|
|
15.42 |
% |
|
|
14.48 |
% |
Tier 1 risk-based capital |
|
|
15.42 |
% |
|
|
15.75 |
% |
|
|
15.54 |
% |
|
|
14.98 |
% |
|
|
14.49 |
% |
|
|
15.42 |
% |
|
|
14.48 |
% |
Total risk-based capital |
|
|
16.67 |
% |
|
|
17.00 |
% |
|
|
16.56 |
% |
|
|
16.05 |
% |
|
|
15.52 |
% |
|
|
16.67 |
% |
|
|
15.51 |
% |
Tier 1 leverage capital |
|
|
10.29 |
% |
|
|
10.37 |
% |
|
|
10.39 |
% |
|
|
10.03 |
% |
|
|
9.96 |
% |
|
|
10.29 |
% |
|
|
9.96 |
% |
Period end tangible equity to period end tangible assets (G) |
|
|
10.24 |
% |
|
|
10.33 |
% |
|
|
10.31 |
% |
|
|
9.96 |
% |
|
|
9.64 |
% |
|
|
10.24 |
% |
|
|
9.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted-average shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
95,765 |
|
|
|
93,706 |
|
|
|
93,715 |
|
|
|
93,720 |
|
|
|
92,930 |
|
|
|
94,735 |
|
|
|
92,073 |
|
Diluted |
|
|
95,765 |
|
|
|
93,706 |
|
|
|
93,715 |
|
|
|
93,720 |
|
|
|
92,930 |
|
|
|
94,735 |
|
|
|
92,073 |
|
Period end shares outstanding |
|
|
95,262 |
|
|
|
93,525 |
|
|
|
93,722 |
|
|
|
93,717 |
|
|
|
93,721 |
|
|
|
95,262 |
|
|
|
93,721 |
|
Cash dividends paid per common share |
|
$ |
0.56 |
|
|
$ |
0.56 |
|
|
$ |
0.56 |
|
|
$ |
0.55 |
|
|
$ |
0.55 |
|
|
$ |
1.12 |
|
|
$ |
1.10 |
|
Book value per common share |
|
$ |
76.46 |
|
|
$ |
75.96 |
|
|
$ |
75.54 |
|
|
$ |
75.04 |
|
|
$ |
74.35 |
|
|
$ |
76.46 |
|
|
$ |
74.35 |
|
Tangible book value per common share (G) |
|
$ |
38.89 |
|
|
$ |
39.00 |
|
|
$ |
38.62 |
|
|
$ |
38.08 |
|
|
$ |
37.49 |
|
|
$ |
38.89 |
|
|
$ |
37.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common Stock Market Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
High |
|
$ |
66.18 |
|
|
$ |
68.88 |
|
|
$ |
68.79 |
|
|
$ |
63.65 |
|
|
$ |
63.13 |
|
|
$ |
68.88 |
|
|
$ |
78.76 |
|
Low |
|
$ |
57.16 |
|
|
$ |
60.08 |
|
|
$ |
49.60 |
|
|
$ |
52.62 |
|
|
$ |
55.12 |
|
|
$ |
57.16 |
|
|
$ |
55.12 |
|
Period end closing price |
|
$ |
61.14 |
|
|
$ |
65.78 |
|
|
$ |
67.73 |
|
|
$ |
54.58 |
|
|
$ |
56.48 |
|
|
$ |
61.14 |
|
|
$ |
56.48 |
|
Employees – FTE (excluding overtime) |
|
|
3,902 |
|
|
|
3,901 |
|
|
|
3,850 |
|
|
|
3,853 |
|
|
|
3,710 |
|
|
|
3,902 |
|
|
|
3,710 |
|
Number of banking centers |
|
|
288 |
|
|
|
283 |
|
|
|
285 |
|
|
|
285 |
|
|
|
286 |
|
|
|
288 |
|
|
|
286 |
|
|
|
(D) |
Includes purchase accounting adjustments for the periods presented as follows: |
|
Three Months Ended |
|
Year-to-Date |
||||||||||
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
Loan discount accretion |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-PCD |
|
|
|
|
|
|
|
|
|
|
|
|
|
PCD |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities net accretion |
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(E) |
Using effective tax rate of 21.9%, 21.8%, 21.3%, 21.3% and 22.2% for the three months ended |
(F) |
Interim periods annualized. |
(G) |
Refer to the "Notes to Selected Financial Data" at the end of this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. |
(H) |
Net interest margin for all periods presented is based on average balances on an actual 366-day or 365-day basis. |
(I) |
Calculated by dividing total noninterest expense, excluding credit loss provisions, by net interest income plus noninterest income, excluding net gains and losses on the sale, write-down or write-up of assets and securities. Additionally, taxes are not part of this calculation. |
(J) |
For calculations of the annualized returns on average assets, average common equity and average tangible common equity excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
(K) |
For calculations of the efficiency ratio excluding merger related expenses and |
Financial Highlights (Unaudited) (Dollars in thousands)
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
YIELD ANALYSIS |
|
Three Months Ended |
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
Average |
|
|
Interest |
|
|
Average |
|
(L) |
Average |
|
|
Interest |
|
|
Average |
|
(L) |
Average |
|
|
Interest |
|
|
Average |
|
(L) |
|||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans held for sale |
|
$ |
8,446 |
|
|
$ |
149 |
|
|
7.10 % |
|
|
$ |
5,467 |
|
|
$ |
92 |
|
|
6.77 % |
|
|
$ |
3,910 |
|
|
$ |
67 |
|
|
6.87 % |
|
|
|||
Loans held for investment |
|
|
21,328,824 |
|
|
|
319,361 |
|
|
6.02 % |
|
|
|
20,415,316 |
|
|
|
292,673 |
|
|
5.77 % |
|
|
|
19,802,751 |
|
|
|
270,688 |
|
|
5.48 % |
|
|
|||
Loans held for investment - Warehouse Purchase Program |
|
|
917,026 |
|
|
|
16,918 |
|
|
7.42 % |
|
|
|
720,650 |
|
|
|
13,463 |
|
|
7.51 % |
|
|
|
898,768 |
|
|
|
15,883 |
|
|
7.09 % |
|
|
|||
Total loans |
|
|
22,254,296 |
|
|
|
336,428 |
|
|
6.08 % |
|
|
|
21,141,433 |
|
|
|
306,228 |
|
|
5.83 % |
|
|
|
20,705,429 |
|
|
|
286,638 |
|
|
5.55 % |
|
|
|||
Investment securities |
|
|
12,179,074 |
|
|
|
62,428 |
|
|
2.06 % |
|
(M) |
|
12,693,268 |
|
|
|
66,421 |
|
|
2.10 % |
|
(M) |
|
13,976,818 |
|
|
|
72,053 |
|
|
2.07 % |
|
(M) |
|||
Federal funds sold and other earning assets |
|
|
1,026,251 |
|
|
|
14,095 |
|
|
5.52 % |
|
|
|
672,840 |
|
|
|
9,265 |
|
|
5.54 % |
|
|
|
150,300 |
|
|
|
1,757 |
|
|
4.69 % |
|
|
|||
Total interest-earning assets |
|
|
35,459,621 |
|
|
|
412,951 |
|
|
4.68 % |
|
|
|
34,507,541 |
|
|
|
381,914 |
|
|
4.45 % |
|
|
|
34,832,547 |
|
|
|
360,448 |
|
|
4.15 % |
|
|
|||
Allowance for credit losses on loans |
|
|
(332,904) |
|
|
|
|
|
|
|
|
|
(331,708) |
|
|
|
|
|
|
|
|
|
(283,594) |
|
|
|
|
|
|
|
|
||||||
Noninterest-earning assets |
|
|
4,822,131 |
|
|
|
|
|
|
|
|
|
4,759,697 |
|
|
|
|
|
|
|
|
|
4,738,673 |
|
|
|
|
|
|
|
|
||||||
Total assets |
|
$ |
39,948,848 |
|
|
|
|
|
|
|
|
$ |
38,935,530 |
|
|
|
|
|
|
|
|
$ |
39,287,626 |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing demand deposits |
|
$ |
4,839,194 |
|
|
$ |
9,133 |
|
|
0.76 % |
|
|
$ |
5,143,585 |
|
|
$ |
8,423 |
|
|
0.66 % |
|
|
$ |
5,147,453 |
|
|
$ |
3,791 |
|
|
0.30 % |
|
|
|||
Savings and money market deposits |
|
|
9,084,051 |
|
|
|
50,252 |
|
|
2.22 % |
|
|
|
8,889,077 |
|
|
|
47,152 |
|
|
2.13 % |
|
|
|
9,156,047 |
|
|
|
43,025 |
|
|
1.88 % |
|
|
|||
Certificates and other time deposits |
|
|
4,400,922 |
|
|
|
46,739 |
|
|
4.27 % |
|
|
|
3,683,815 |
|
|
|
37,117 |
|
|
4.05 % |
|
|
|
2,652,064 |
|
|
|
17,148 |
|
|
2.59 % |
|
|
|||
Other borrowings |
|
|
3,900,000 |
|
|
|
46,282 |
|
|
4.77 % |
|
|
|
4,083,132 |
|
|
|
48,946 |
|
|
4.82 % |
|
|
|
4,427,914 |
|
|
|
57,351 |
|
|
5.20 % |
|
|
|||
Securities sold under repurchase agreements |
|
|
258,637 |
|
|
|
1,759 |
|
|
2.74 % |
|
|
|
296,437 |
|
|
|
2,032 |
|
|
2.76 % |
|
|
|
441,303 |
|
|
|
2,674 |
|
|
2.43 % |
|
|
|||
Subordinated debentures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,547 |
|
|
|
— |
|
|
|
— |
|
|
Total interest-bearing liabilities |
|
|
22,482,804 |
|
|
|
154,165 |
|
|
2.76 % |
|
(N) |
|
22,096,046 |
|
|
|
143,670 |
|
|
2.62 % |
|
(N) |
|
21,826,328 |
|
|
|
123,989 |
|
|
2.28 % |
|
(N) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noninterest-bearing demand deposits |
|
|
9,780,211 |
|
|
|
|
|
|
|
|
|
9,443,249 |
|
|
|
|
|
|
|
|
|
10,274,819 |
|
|
|
|
|
|
|
|
||||||
Allowance for credit losses on |
|
|
36,729 |
|
|
|
|
|
|
|
|
|
36,503 |
|
|
|
|
|
|
|
|
|
30,022 |
|
|
|
|
|
|
|
|
||||||
Other liabilities |
|
|
327,847 |
|
|
|
|
|
|
|
|
|
238,480 |
|
|
|
|
|
|
|
|
|
220,775 |
|
|
|
|
|
|
|
|
||||||
Total liabilities |
|
|
32,627,591 |
|
|
|
|
|
|
|
|
|
31,814,278 |
|
|
|
|
|
|
|
|
|
32,351,944 |
|
|
|
|
|
|
|
|
||||||
Shareholders' equity |
|
|
7,321,257 |
|
|
|
|
|
|
|
|
|
7,121,252 |
|
|
|
|
|
|
|
|
|
6,935,682 |
|
|
|
|
|
|
|
|
||||||
Total liabilities and |
|
$ |
39,948,848 |
|
|
|
|
|
|
|
|
$ |
38,935,530 |
|
|
|
|
|
|
|
|
$ |
39,287,626 |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income and margin |
|
|
|
|
$ |
258,786 |
|
|
2.94 % |
|
|
|
|
|
$ |
238,244 |
|
|
2.78 % |
|
|
|
|
|
$ |
236,459 |
|
|
2.72 % |
|
|
||||||
Non-GAAP to GAAP reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tax equivalent adjustment |
|
|
|
|
|
800 |
|
|
|
|
|
|
|
|
|
808 |
|
|
|
|
|
|
|
|
|
854 |
|
|
|
|
|
||||||
Net interest income and margin |
|
|
|
|
$ |
259,586 |
|
|
2.94 % |
|
|
|
|
|
$ |
239,052 |
|
|
2.79 % |
|
|
|
|
|
$ |
237,313 |
|
|
2.73 % |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(L) |
Annualized and based on an actual 366-day or 365-day basis. |
(M) |
Yield on securities was impacted by net premium amortization of |
(N) |
Total cost of funds, including noninterest bearing deposits, was 1.92%, 1.83% and 1.55% for the three months ended |
Financial Highlights (Unaudited) (Dollars in thousands)
|
|
|
|||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
YIELD ANALYSIS |
|
Year-to-Date |
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Average |
|
|
Interest |
|
|
Average |
|
(O) |
Average |
|
|
Interest |
|
|
Average |
|
(O) |
||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans held for sale |
|
$ |
6,957 |
|
|
$ |
241 |
|
|
6.97 % |
|
|
$ |
3,131 |
|
|
$ |
105 |
|
|
6.76 % |
|
|
||
Loans held for investment |
|
|
20,872,069 |
|
|
|
612,034 |
|
|
5.90 % |
|
|
|
19,064,334 |
|
|
|
507,294 |
|
|
5.37 % |
|
|
||
Loans held for investment - Warehouse Purchase Program |
|
|
818,838 |
|
|
|
30,381 |
|
|
7.46 % |
|
|
|
759,071 |
|
|
|
26,357 |
|
|
7.00 % |
|
|
||
Total loans |
|
|
21,697,864 |
|
|
|
642,656 |
|
|
5.96 % |
|
|
|
19,826,536 |
|
|
|
533,756 |
|
|
5.43 % |
|
|
||
Investment securities |
|
|
12,436,171 |
|
|
|
128,849 |
|
|
2.08 % |
|
(P) |
|
14,153,681 |
|
|
|
145,238 |
|
|
2.07 % |
|
(P) |
||
Federal funds sold and other earning assets |
|
|
849,546 |
|
|
|
23,360 |
|
|
5.53 % |
|
|
|
373,931 |
|
|
|
8,763 |
|
|
4.73 % |
|
|
||
Total interest-earning assets |
|
|
34,983,581 |
|
|
|
794,865 |
|
|
4.57 % |
|
|
|
34,354,148 |
|
|
|
687,757 |
|
|
4.04 % |
|
|
||
Allowance for credit losses on loans |
|
|
(332,306) |
|
|
|
|
|
|
|
|
|
(282,959) |
|
|
|
|
|
|
|
|
||||
Noninterest-earning assets |
|
|
4,790,888 |
|
|
|
|
|
|
|
|
|
4,667,547 |
|
|
|
|
|
|
|
|
||||
Total assets |
|
$ |
39,442,163 |
|
|
|
|
|
|
|
|
$ |
38,738,736 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand deposits |
|
$ |
4,991,390 |
|
|
$ |
17,556 |
|
|
0.71 % |
|
|
$ |
5,510,530 |
|
|
$ |
7,583 |
|
|
0.28 % |
|
|
||
Savings and money market deposits |
|
|
8,986,565 |
|
|
|
97,404 |
|
|
2.18 % |
|
|
|
9,366,694 |
|
|
|
78,546 |
|
|
1.69 % |
|
|
||
Certificates and other time deposits |
|
|
4,042,369 |
|
|
|
83,856 |
|
|
4.17 % |
|
|
|
2,350,498 |
|
|
|
25,178 |
|
|
2.16 % |
|
|
||
Other borrowings |
|
|
3,991,566 |
|
|
|
95,228 |
|
|
4.80 % |
|
|
|
3,661,719 |
|
|
|
91,747 |
|
|
5.05 % |
|
|
||
Securities sold under repurchase agreements |
|
|
277,537 |
|
|
|
3,791 |
|
|
2.75 % |
|
|
|
434,632 |
|
|
|
4,777 |
|
|
2.22 % |
|
|
||
Subordinated debentures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
774 |
|
|
|
— |
|
|
|
— |
|
|
Total interest-bearing liabilities |
|
|
22,289,427 |
|
|
|
297,835 |
|
|
2.69 % |
|
(Q) |
|
21,324,847 |
|
|
|
207,831 |
|
|
1.97 % |
|
(Q) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing demand deposits |
|
|
9,611,730 |
|
|
|
|
|
|
|
|
|
10,332,082 |
|
|
|
|
|
|
|
|
||||
Allowance for credit losses on off-balance sheet credit exposures |
|
|
36,616 |
|
|
|
|
|
|
|
|
|
29,985 |
|
|
|
|
|
|
|
|
||||
Other liabilities |
|
|
283,139 |
|
|
|
|
|
|
|
|
|
203,769 |
|
|
|
|
|
|
|
|
||||
Total liabilities |
|
|
32,220,912 |
|
|
|
|
|
|
|
|
|
31,890,683 |
|
|
|
|
|
|
|
|
||||
Shareholders' equity |
|
|
7,221,251 |
|
|
|
|
|
|
|
|
|
6,848,053 |
|
|
|
|
|
|
|
|
||||
Total liabilities and shareholders' equity |
|
$ |
39,442,163 |
|
|
|
|
|
|
|
|
$ |
38,738,736 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income and margin |
|
|
|
|
$ |
497,030 |
|
|
2.86 % |
|
|
|
|
|
$ |
479,926 |
|
|
2.82 % |
|
|
||||
Non-GAAP to GAAP reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tax equivalent adjustment |
|
|
|
|
|
1,608 |
|
|
|
|
|
|
|
|
|
1,687 |
|
|
|
|
|
||||
Net interest income and margin (tax equivalent basis) |
|
|
|
|
$ |
498,638 |
|
|
2.87 % |
|
|
|
|
|
$ |
481,613 |
|
|
2.83 % |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(O) |
Based on an actual 366-day or 365-day basis. |
(P) |
Yield on securities was impacted by net premium amortization of |
(Q) |
Total cost of funds, including noninterest bearing deposits, was 1.88% and 1.32% for the six months ended |
Financial Highlights (Unaudited) (Dollars in thousands) |
|
||||||||||||||||||
|
|
||||||||||||||||||
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
YIELD TREND (R) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans held for sale |
|
7.10 |
% |
|
|
6.77 |
% |
|
|
7.47 |
% |
|
|
6.54 |
% |
|
|
6.87 |
% |
Loans held for investment |
|
6.02 |
% |
|
|
5.77 |
% |
|
|
5.68 |
% |
|
|
5.62 |
% |
|
|
5.48 |
% |
Loans held for investment - Warehouse |
|
7.42 |
% |
|
|
7.51 |
% |
|
|
7.46 |
% |
|
|
7.32 |
% |
|
|
7.09 |
% |
Total loans |
|
6.08 |
% |
|
|
5.83 |
% |
|
|
5.75 |
% |
|
|
5.70 |
% |
|
|
5.55 |
% |
Investment securities (S) |
|
2.06 |
% |
|
|
2.10 |
% |
|
|
2.07 |
% |
|
|
2.05 |
% |
|
|
2.07 |
% |
Federal funds sold and other earning assets |
|
5.52 |
% |
|
|
5.54 |
% |
|
|
5.68 |
% |
|
|
5.33 |
% |
|
|
4.69 |
% |
Total interest-earning assets |
|
4.68 |
% |
|
|
4.45 |
% |
|
|
4.35 |
% |
|
|
4.30 |
% |
|
|
4.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing demand deposits |
|
0.76 |
% |
|
|
0.66 |
% |
|
|
0.56 |
% |
|
|
0.43 |
% |
|
|
0.30 |
% |
Savings and money market deposits |
|
2.22 |
% |
|
|
2.13 |
% |
|
|
2.03 |
% |
|
|
1.96 |
% |
|
|
1.88 |
% |
Certificates and other time deposits |
|
4.27 |
% |
|
|
4.05 |
% |
|
|
3.80 |
% |
|
|
3.31 |
% |
|
|
2.59 |
% |
Other borrowings |
|
4.77 |
% |
|
|
4.82 |
% |
|
|
5.16 |
% |
|
|
5.28 |
% |
|
|
5.20 |
% |
Securities sold under repurchase agreements |
|
2.74 |
% |
|
|
2.76 |
% |
|
|
2.77 |
% |
|
|
2.58 |
% |
|
|
2.43 |
% |
Subordinated debentures |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.85 |
% |
|
|
— |
|
Total interest-bearing liabilities |
|
2.76 |
% |
|
|
2.62 |
% |
|
|
2.58 |
% |
|
|
2.54 |
% |
|
|
2.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Interest Margin |
|
2.94 |
% |
|
|
2.78 |
% |
|
|
2.74 |
% |
|
|
2.71 |
% |
|
|
2.72 |
% |
Net Interest Margin (tax equivalent) |
|
2.94 |
% |
|
|
2.79 |
% |
|
|
2.75 |
% |
|
|
2.72 |
% |
|
|
2.73 |
% |
|
|
(R) |
Annualized and based on average balances on an actual 366-day or 365-day basis. |
(S) |
Yield on securities was impacted by net premium amortization of |
Financial Highlights (Unaudited) (Dollars in thousands) |
|
|||||||||||||||||||
|
|
|||||||||||||||||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance Sheet Averages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans held for sale |
|
$ |
8,446 |
|
|
$ |
5,467 |
|
|
$ |
9,828 |
|
|
$ |
9,832 |
|
|
$ |
3,910 |
|
Loans held for investment |
|
|
21,328,824 |
|
|
|
20,415,316 |
|
|
|
20,370,915 |
|
|
|
20,496,075 |
|
|
|
19,802,751 |
|
Loans held for investment - Warehouse Purchase Program |
|
|
917,026 |
|
|
|
720,650 |
|
|
|
770,481 |
|
|
|
972,936 |
|
|
|
898,768 |
|
Total loans |
|
|
22,254,296 |
|
|
|
21,141,433 |
|
|
|
21,151,224 |
|
|
|
21,478,843 |
|
|
|
20,705,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment securities |
|
|
12,179,074 |
|
|
|
12,693,268 |
|
|
|
13,074,243 |
|
|
|
13,512,137 |
|
|
|
13,976,818 |
|
Federal funds sold and other earning assets |
|
|
1,026,251 |
|
|
|
672,840 |
|
|
|
125,295 |
|
|
|
125,690 |
|
|
|
150,300 |
|
Total interest-earning assets |
|
|
35,459,621 |
|
|
|
34,507,541 |
|
|
|
34,350,762 |
|
|
|
35,116,670 |
|
|
|
34,832,547 |
|
Allowance for credit losses on loans |
|
|
(332,904) |
|
|
|
(331,708) |
|
|
|
(346,493) |
|
|
|
(343,967) |
|
|
|
(283,594) |
|
Cash and due from banks |
|
|
295,077 |
|
|
|
315,612 |
|
|
|
302,864 |
|
|
|
301,201 |
|
|
|
281,593 |
|
|
|
|
3,482,448 |
|
|
|
3,396,177 |
|
|
|
3,396,224 |
|
|
|
3,387,293 |
|
|
|
3,291,659 |
|
Core deposit intangibles, net |
|
|
59,979 |
|
|
|
62,482 |
|
|
|
65,986 |
|
|
|
69,551 |
|
|
|
48,616 |
|
Other real estate |
|
|
3,071 |
|
|
|
2,319 |
|
|
|
4,781 |
|
|
|
6,301 |
|
|
|
2,712 |
|
Fixed assets, net |
|
|
377,369 |
|
|
|
372,458 |
|
|
|
370,900 |
|
|
|
367,814 |
|
|
|
357,593 |
|
Other assets |
|
|
604,187 |
|
|
|
610,649 |
|
|
|
670,187 |
|
|
|
697,176 |
|
|
|
756,500 |
|
Total assets |
|
$ |
39,948,848 |
|
|
$ |
38,935,530 |
|
|
$ |
38,815,211 |
|
|
$ |
39,602,039 |
|
|
$ |
39,287,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest-bearing deposits |
|
$ |
9,780,211 |
|
|
$ |
9,443,249 |
|
|
$ |
9,960,240 |
|
|
$ |
10,269,162 |
|
|
$ |
10,274,819 |
|
Interest-bearing demand deposits |
|
|
4,839,194 |
|
|
|
5,143,585 |
|
|
|
4,822,698 |
|
|
|
4,768,485 |
|
|
|
5,147,453 |
|
Savings and money market deposits |
|
|
9,084,051 |
|
|
|
8,889,077 |
|
|
|
8,815,892 |
|
|
|
8,977,824 |
|
|
|
9,156,047 |
|
Certificates and other time deposits |
|
|
4,400,922 |
|
|
|
3,683,815 |
|
|
|
3,442,115 |
|
|
|
3,172,178 |
|
|
|
2,652,064 |
|
Total deposits |
|
|
28,104,378 |
|
|
|
27,159,726 |
|
|
|
27,040,945 |
|
|
|
27,187,649 |
|
|
|
27,230,383 |
|
Other borrowings |
|
|
3,900,000 |
|
|
|
4,083,132 |
|
|
|
4,028,263 |
|
|
|
4,671,449 |
|
|
|
4,427,914 |
|
Securities sold under repurchase agreements |
|
|
258,637 |
|
|
|
296,437 |
|
|
|
300,317 |
|
|
|
389,149 |
|
|
|
441,303 |
|
Subordinated debentures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,578 |
|
|
|
1,547 |
|
Allowance for credit losses on off-balance sheet credit exposures |
|
|
36,729 |
|
|
|
36,503 |
|
|
|
36,503 |
|
|
|
36,504 |
|
|
|
30,022 |
|
Other liabilities |
|
|
327,847 |
|
|
|
238,480 |
|
|
|
323,344 |
|
|
|
290,217 |
|
|
|
220,775 |
|
Shareholders' equity |
|
|
7,321,257 |
|
|
|
7,121,252 |
|
|
|
7,085,839 |
|
|
|
7,024,493 |
|
|
|
6,935,682 |
|
Total liabilities and equity |
|
$ |
39,948,848 |
|
|
$ |
38,935,530 |
|
|
$ |
38,815,211 |
|
|
$ |
39,602,039 |
|
|
$ |
39,287,626 |
|
Financial Highlights (Unaudited) (Dollars in thousands) |
|||||||||||||||
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Period End Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
9.1 % |
|
|
9.1 % |
|
|
9.2 % |
|
|
10.1 % |
|
|
10.5 % |
Warehouse purchase program |
|
1,081,403 |
4.8 % |
|
864,924 |
4.1 % |
|
822,245 |
3.9 % |
|
912,327 |
4.3 % |
|
1,148,883 |
5.3 % |
Construction, land development and other land loans |
|
2,828,372 |
12.7 % |
|
2,876,588 |
13.5 % |
|
3,076,591 |
14.5 % |
|
3,200,479 |
14.9 % |
|
3,215,016 |
14.8 % |
1-4 family residential |
|
7,496,485 |
33.6 % |
|
7,331,251 |
34.5 % |
|
7,207,226 |
34.0 % |
|
7,032,593 |
32.8 % |
|
6,780,813 |
31.3 % |
Home equity |
|
930,428 |
4.2 % |
|
950,169 |
4.5 % |
|
960,852 |
4.5 % |
|
969,498 |
4.5 % |
|
977,070 |
4.5 % |
Commercial real estate (includes multi-family residential) |
|
5,961,884 |
26.7 % |
|
5,631,460 |
26.5 % |
|
5,662,948 |
26.7 % |
|
5,606,837 |
26.2 % |
|
5,676,526 |
26.2 % |
Agriculture (includes farmland) |
|
1,037,361 |
4.6 % |
|
813,092 |
3.8 % |
|
816,043 |
3.9 % |
|
801,933 |
3.7 % |
|
804,376 |
3.7 % |
Consumer and other |
|
340,611 |
1.5 % |
|
326,915 |
1.5 % |
|
329,593 |
1.6 % |
|
306,018 |
1.4 % |
|
305,207 |
1.4 % |
Energy |
|
620,740 |
2.8 % |
|
538,314 |
2.5 % |
|
368,323 |
1.7 % |
|
449,637 |
2.1 % |
|
500,435 |
2.3 % |
Total loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Types |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing DDA |
|
|
34.7 % |
|
|
35.1 % |
|
|
36.0 % |
|
|
37.6 % |
|
|
37.9 % |
Interest-bearing DDA |
|
4,762,730 |
17.1 % |
|
4,867,247 |
17.9 % |
|
5,115,945 |
18.8 % |
|
4,797,259 |
17.6 % |
|
4,953,090 |
18.1 % |
Money market |
|
6,180,769 |
22.1 % |
|
6,134,221 |
22.6 % |
|
5,859,701 |
21.6 % |
|
5,892,505 |
21.6 % |
|
5,904,160 |
21.5 % |
Savings |
|
2,765,197 |
9.9 % |
|
2,830,117 |
10.4 % |
|
2,881,397 |
10.6 % |
|
3,005,936 |
11.0 % |
|
3,179,351 |
11.6 % |
Certificates and other time deposits |
|
4,517,885 |
16.2 % |
|
3,817,398 |
14.0 % |
|
3,546,194 |
13.0 % |
|
3,335,207 |
12.2 % |
|
2,979,364 |
10.9 % |
Total deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to Deposit Ratio |
|
79.9 % |
|
|
78.3 % |
|
|
77.9 % |
|
|
78.5 % |
|
|
79.1 % |
|
Financial Highlights (Unaudited) (Dollars in thousands) |
|
||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
Construction Loans |
|
||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family residential construction |
|
$ |
940,381 |
|
|
33.2 |
% |
|
$ |
1,031,163 |
|
|
35.8 |
% |
|
$ |
1,088,636 |
|
|
35.4 |
% |
|
$ |
1,157,016 |
|
|
36.1 |
% |
|
$ |
1,244,631 |
|
|
38.7 |
% |
Land development |
|
|
241,639 |
|
|
8.5 |
% |
|
|
290,243 |
|
|
10.1 |
% |
|
|
367,849 |
|
|
12.0 |
% |
|
|
359,518 |
|
|
11.2 |
% |
|
|
310,199 |
|
|
9.7 |
% |
Raw land |
|
|
291,112 |
|
|
10.3 |
% |
|
|
311,265 |
|
|
10.8 |
% |
|
|
328,365 |
|
|
10.7 |
% |
|
|
340,659 |
|
|
10.7 |
% |
|
|
359,228 |
|
|
11.2 |
% |
Residential lots |
|
|
222,343 |
|
|
7.9 |
% |
|
|
224,901 |
|
|
7.8 |
% |
|
|
222,591 |
|
|
7.2 |
% |
|
|
216,659 |
|
|
6.8 |
% |
|
|
216,706 |
|
|
6.7 |
% |
Commercial lots |
|
|
60,264 |
|
|
2.1 |
% |
|
|
59,691 |
|
|
2.1 |
% |
|
|
155,415 |
|
|
5.0 |
% |
|
|
154,425 |
|
|
4.8 |
% |
|
|
158,278 |
|
|
4.9 |
% |
Commercial construction and other |
|
|
1,074,361 |
|
|
38.0 |
% |
|
|
959,687 |
|
|
33.4 |
% |
|
|
914,436 |
|
|
29.7 |
% |
|
|
973,022 |
|
|
30.4 |
% |
|
|
927,025 |
|
|
28.8 |
% |
Net unaccreted discount |
|
|
(1,728) |
|
|
|
|
|
(362) |
|
|
|
|
|
(701) |
|
|
|
|
|
(820) |
|
|
|
|
|
(1,051) |
|
|
|
|||||
Total construction loans |
|
$ |
2,828,372 |
|
|
|
|
$ |
2,876,588 |
|
|
|
|
$ |
3,076,591 |
|
|
|
|
$ |
3,200,479 |
|
|
|
|
$ |
3,215,016 |
|
|
|
Non-Owner Occupied Commercial Real Estate Loans by Metropolitan Statistical Area (MSA) as of |
|
|
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
OK City |
|
|
|
|
|
Other (T) |
|
|
Total |
|
|
|||||||
Collateral Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Shopping center/retail |
$ |
348,870 |
|
|
$ |
280,071 |
|
|
$ |
58,647 |
|
|
$ |
15,289 |
|
|
$ |
13,897 |
|
|
$ |
280,447 |
|
|
$ |
997,221 |
|
|
Commercial and industrial buildings |
|
137,531 |
|
|
|
110,561 |
|
|
|
27,016 |
|
|
|
35,320 |
|
|
|
17,520 |
|
|
|
210,784 |
|
|
|
538,732 |
|
|
Office buildings |
|
94,784 |
|
|
|
218,221 |
|
|
|
87,915 |
|
|
|
47,777 |
|
|
|
3,746 |
|
|
|
91,537 |
|
|
|
543,980 |
|
|
Medical buildings |
|
80,149 |
|
|
|
17,847 |
|
|
|
1,712 |
|
|
|
43,383 |
|
|
|
31,092 |
|
|
|
61,423 |
|
|
|
235,606 |
|
|
Apartment buildings |
|
141,505 |
|
|
|
127,928 |
|
|
|
17,749 |
|
|
|
14,169 |
|
|
|
15,120 |
|
|
|
197,712 |
|
|
|
514,183 |
|
|
Hotel |
|
108,891 |
|
|
|
99,805 |
|
|
|
32,910 |
|
|
|
17,775 |
|
|
|
— |
|
|
|
161,340 |
|
|
|
420,721 |
|
|
Other |
|
176,995 |
|
|
|
57,368 |
|
|
|
36,284 |
|
|
|
8,118 |
|
|
|
1,593 |
|
|
|
82,988 |
|
|
|
363,346 |
|
|
Total |
$ |
1,088,725 |
|
|
$ |
911,801 |
|
|
$ |
262,233 |
|
|
$ |
181,831 |
|
|
$ |
82,968 |
|
|
$ |
1,086,231 |
|
|
$ |
3,613,789 |
|
(U) |
Acquired Loans |
|
||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||
|
Non-PCD Loans |
|
|
PCD Loans |
|
|
Total Acquired Loans |
|
|||||||||||||||||||||||||||
|
Balance at |
|
|
Balance at |
|
|
Balance at |
|
|
Balance at |
|
|
Balance at |
|
|
Balance at |
|
|
Balance at |
|
|
Balance at |
|
|
Balance at |
|
|||||||||
Loan marks: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Acquired banks (V) |
$ |
345,599 |
|
|
$ |
245 |
|
|
$ |
(920) |
|
|
$ |
320,052 |
|
|
$ |
2,503 |
|
|
$ |
2,412 |
|
|
$ |
665,651 |
|
|
$ |
2,748 |
|
|
$ |
1,492 |
|
|
|
22,648 |
|
|
|
18,436 |
|
|
|
17,210 |
|
|
|
7,790 |
|
|
|
4,858 |
|
|
|
4,305 |
|
|
|
30,438 |
|
|
|
23,294 |
|
|
|
21,515 |
|
|
|
20,378 |
|
|
|
— |
|
|
|
17,960 |
|
|
|
4,558 |
|
|
|
— |
|
|
|
2,790 |
|
|
|
24,936 |
|
|
|
— |
|
|
|
20,750 |
|
Total |
|
388,625 |
|
|
|
18,681 |
|
|
|
34,250 |
|
|
|
332,400 |
|
|
|
7,361 |
|
|
|
9,507 |
|
|
|
721,025 |
|
|
|
26,042 |
|
|
|
43,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Acquired portfolio loan balances: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Acquired banks (V) |
|
12,286,159 |
|
|
|
977,286 |
|
|
|
875,474 |
|
|
|
689,573 |
|
|
|
56,982 |
|
|
|
57,417 |
|
|
|
12,975,732 |
|
|
|
1,034,268 |
|
|
|
932,891 |
|
|
|
1,021,694 |
|
|
|
699,277 |
|
|
|
652,527 |
|
|
|
627,991 |
|
|
|
438,092 |
|
|
|
395,743 |
|
|
|
1,649,685 |
|
|
|
1,137,369 |
|
|
|
1,048,270 |
|
|
|
1,016,128 |
|
|
|
— |
|
|
|
919,865 |
|
|
|
59,109 |
|
|
|
— |
|
|
|
59,075 |
|
|
|
1,075,237 |
|
|
|
— |
|
|
|
978,940 |
|
Total |
|
14,323,981 |
|
|
|
1,676,563 |
|
|
|
2,447,866 |
|
|
|
1,376,673 |
|
|
|
495,074 |
|
|
|
512,235 |
|
|
|
15,700,654 |
|
(Y) |
|
2,171,637 |
|
|
|
2,960,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Acquired portfolio loan |
$ |
13,935,356 |
|
|
$ |
1,657,882 |
|
|
$ |
2,413,616 |
|
|
$ |
1,044,273 |
|
|
$ |
487,713 |
|
|
$ |
502,728 |
|
|
$ |
14,979,629 |
|
|
$ |
2,145,595 |
|
|
$ |
2,916,344 |
|
|
|
(T) |
Includes other MSA and non-MSA regions. |
(U) |
Represents a portion of total commercial real estate loans of |
(V) |
Includes |
(W) |
The FB Merger was completed on |
(X) |
The LSSB Merger was completed on |
(Y) |
Actual principal balances acquired. |
Financial Highlights (Unaudited) (Dollars in thousands) |
|
||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||
|
Three Months Ended |
|
|
Year-to-Date |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nonaccrual loans |
$ |
84,175 |
|
|
$ |
78,475 |
|
|
$ |
68,688 |
|
|
$ |
59,729 |
|
|
$ |
57,723 |
|
|
$ |
84,175 |
|
|
$ |
57,723 |
|
Accruing loans 90 or more days past due |
|
322 |
|
|
|
3,035 |
|
|
|
2,195 |
|
|
|
397 |
|
|
|
1,744 |
|
|
|
322 |
|
|
|
1,744 |
|
Total nonperforming loans |
|
84,497 |
|
|
|
81,510 |
|
|
|
70,883 |
|
|
|
60,126 |
|
|
|
59,467 |
|
|
|
84,497 |
|
|
|
59,467 |
|
Repossessed assets |
|
113 |
|
|
|
97 |
|
|
|
76 |
|
|
|
35 |
|
|
|
153 |
|
|
|
113 |
|
|
|
153 |
|
Other real estate |
|
4,960 |
|
|
|
2,204 |
|
|
|
1,708 |
|
|
|
9,320 |
|
|
|
3,107 |
|
|
|
4,960 |
|
|
|
3,107 |
|
Total nonperforming assets |
$ |
89,570 |
|
|
$ |
83,811 |
|
|
$ |
72,667 |
|
|
$ |
69,481 |
|
|
$ |
62,727 |
|
|
$ |
89,570 |
|
|
$ |
62,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial and industrial (includes energy) |
$ |
16,340 |
|
|
$ |
10,199 |
|
|
$ |
8,957 |
|
|
$ |
22,219 |
|
|
$ |
24,027 |
|
|
$ |
16,340 |
|
|
$ |
24,027 |
|
Construction, land development and other land loans |
|
4,895 |
|
|
|
15,826 |
|
|
|
17,343 |
|
|
|
8,684 |
|
|
|
4,245 |
|
|
|
4,895 |
|
|
|
4,245 |
|
1-4 family residential (includes home equity) |
|
33,935 |
|
|
|
30,206 |
|
|
|
26,096 |
|
|
|
23,708 |
|
|
|
19,609 |
|
|
|
33,935 |
|
|
|
19,609 |
|
Commercial real estate (includes multi-family residential) |
|
31,776 |
|
|
|
23,720 |
|
|
|
18,775 |
|
|
|
13,341 |
|
|
|
13,504 |
|
|
|
31,776 |
|
|
|
13,504 |
|
Agriculture (includes farmland) |
|
2,550 |
|
|
|
3,714 |
|
|
|
1,460 |
|
|
|
1,511 |
|
|
|
1,284 |
|
|
|
2,550 |
|
|
|
1,284 |
|
Consumer and other |
|
74 |
|
|
|
146 |
|
|
|
36 |
|
|
|
18 |
|
|
|
58 |
|
|
|
74 |
|
|
|
58 |
|
Total |
$ |
89,570 |
|
|
$ |
83,811 |
|
|
$ |
72,667 |
|
|
$ |
69,481 |
|
|
$ |
62,727 |
|
|
$ |
89,570 |
|
|
$ |
62,727 |
|
Number of loans/properties |
|
349 |
|
|
|
319 |
|
|
|
292 |
|
|
|
260 |
|
|
|
241 |
|
|
|
349 |
|
|
|
241 |
|
Allowance for credit losses on loans |
$ |
359,852 |
|
|
$ |
330,219 |
|
|
$ |
332,362 |
|
|
$ |
351,495 |
|
|
$ |
345,209 |
|
|
$ |
359,852 |
|
|
$ |
345,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net charge-offs (recoveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial and industrial (includes energy) |
$ |
2,777 |
|
|
$ |
283 |
|
|
$ |
16,123 |
|
|
$ |
1,594 |
|
|
$ |
160 |
|
|
$ |
3,060 |
|
|
$ |
(1,312) |
|
Construction, land development and other land loans |
|
109 |
|
|
|
(2) |
|
|
|
(5) |
|
|
|
(5) |
|
|
|
50 |
|
|
|
107 |
|
|
|
37 |
|
1-4 family residential (includes home equity) |
|
425 |
|
|
|
457 |
|
|
|
20 |
|
|
|
(78) |
|
|
|
(70) |
|
|
|
882 |
|
|
|
(210) |
|
Commercial real estate (includes multi-family residential) |
|
(381) |
|
|
|
(17) |
|
|
|
1,590 |
|
|
|
570 |
|
|
|
14,957 |
|
|
|
(398) |
|
|
|
14,956 |
|
Agriculture (includes farmland) |
|
214 |
|
|
|
23 |
|
|
|
— |
|
|
|
— |
|
|
|
(78) |
|
|
|
237 |
|
|
|
(84) |
|
Consumer and other |
|
1,224 |
|
|
|
1,399 |
|
|
|
1,405 |
|
|
|
1,327 |
|
|
|
1,046 |
|
|
|
2,623 |
|
|
|
2,063 |
|
Total |
$ |
4,368 |
|
|
$ |
2,143 |
|
|
$ |
19,133 |
|
|
$ |
3,408 |
|
|
$ |
16,065 |
|
|
$ |
6,511 |
|
|
$ |
15,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nonperforming assets to average interest-earning assets |
|
0.25 |
% |
|
|
0.24 |
% |
|
|
0.21 |
% |
|
|
0.20 |
% |
|
|
0.18 |
% |
|
|
0.26 |
% |
|
|
0.18 |
% |
Nonperforming assets to loans and other real estate |
|
0.40 |
% |
|
|
0.39 |
% |
|
|
0.34 |
% |
|
|
0.32 |
% |
|
|
0.29 |
% |
|
|
0.40 |
% |
|
|
0.29 |
% |
Net charge-offs to average loans (annualized) |
|
0.08 |
% |
|
|
0.04 |
% |
|
|
0.36 |
% |
|
|
0.06 |
% |
|
|
0.31 |
% |
|
|
0.06 |
% |
|
|
0.16 |
% |
Allowance for credit losses on loans to total loans |
|
1.61 |
% |
|
|
1.55 |
% |
|
|
1.57 |
% |
|
|
1.64 |
% |
|
|
1.59 |
% |
|
|
1.61 |
% |
|
|
1.59 |
% |
Allowance for credit losses on loans to total loans, excluding Warehouse Purchase Program loans (G) |
|
1.69 |
% |
|
|
1.62 |
% |
|
|
1.63 |
% |
|
|
1.71 |
% |
|
|
1.68 |
% |
|
|
1.69 |
% |
|
|
1.68 |
% |
Notes to Selected Financial Data (Unaudited)
(Dollars and share amounts in thousands, except per share data)
NOTES TO SELECTED FINANCIAL DATA
Prosperity's management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, for internal planning and forecasting purposes, Prosperity reviews each of diluted earnings per share, return on average assets, return on average common equity, and return on average tangible common equity, in each case excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax,
|
|
Three Months Ended |
|
|
Year-to-Date |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of diluted earnings per share to diluted earnings per share excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share (unadjusted) |
|
$ |
1.17 |
|
|
$ |
1.18 |
|
|
$ |
1.02 |
|
|
$ |
1.20 |
|
|
$ |
0.94 |
|
|
$ |
2.34 |
|
|
$ |
2.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income |
|
$ |
111,602 |
|
|
$ |
110,426 |
|
|
$ |
95,476 |
|
|
$ |
112,208 |
|
|
$ |
86,938 |
|
|
$ |
222,028 |
|
|
$ |
211,632 |
|
Merger related provision for credit losses, net of tax(Z) |
|
|
7,162 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,647 |
|
|
|
7,162 |
|
|
|
14,647 |
|
Merger related expenses, net of tax(Z) |
|
|
3,461 |
|
|
|
— |
|
|
|
220 |
|
|
|
872 |
|
|
|
10,184 |
|
|
|
3,461 |
|
|
|
10,863 |
|
|
|
|
2,807 |
|
|
|
— |
|
|
|
15,736 |
|
|
|
— |
|
|
|
— |
|
|
|
2,807 |
|
|
|
— |
|
Net gain on sale or write-up of securities, net of tax(Z) |
|
|
(8,472) |
|
|
|
(235) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,707) |
|
|
|
— |
|
Net income excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
$ |
116,560 |
|
|
$ |
110,191 |
|
|
$ |
111,432 |
|
|
$ |
113,080 |
|
|
$ |
111,769 |
|
|
$ |
226,751 |
|
|
$ |
237,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average diluted shares outstanding |
|
|
95,765 |
|
|
|
93,706 |
|
|
|
93,715 |
|
|
|
93,720 |
|
|
|
92,930 |
|
|
|
94,735 |
|
|
|
92,073 |
|
Merger related provision for credit losses, net of tax, per diluted |
|
$ |
0.07 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.16 |
|
|
$ |
0.07 |
|
|
$ |
0.16 |
|
Merger related expenses, net of tax, per diluted common share(Z) |
|
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.11 |
|
|
$ |
0.04 |
|
|
|
0.12 |
|
|
|
$ |
0.03 |
|
|
$ |
— |
|
|
$ |
0.17 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.03 |
|
|
$ |
— |
|
Net gain on sale or write-up of securities, net of tax, per diluted common share(Z) |
|
$ |
(0.09) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.09) |
|
|
$ |
— |
|
Diluted earnings per share excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
$ |
1.22 |
|
|
$ |
1.18 |
|
|
$ |
1.19 |
|
|
$ |
1.21 |
|
|
$ |
1.21 |
|
|
$ |
2.39 |
|
|
$ |
2.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of return on average assets to return on average assets excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Return on average assets (unadjusted) |
|
|
1.12 |
% |
|
|
1.13 |
% |
|
|
0.98 |
% |
|
|
1.13 |
% |
|
|
0.89 |
% |
|
|
1.13 |
% |
|
|
1.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
$ |
116,560 |
|
|
$ |
110,191 |
|
|
$ |
111,432 |
|
|
$ |
113,080 |
|
|
$ |
111,769 |
|
|
$ |
226,751 |
|
|
$ |
237,142 |
|
Average total assets |
|
$ |
39,948,848 |
|
|
$ |
38,935,530 |
|
|
$ |
38,815,211 |
|
|
$ |
39,602,039 |
|
|
$ |
39,287,626 |
|
|
$ |
39,442,163 |
|
|
$ |
38,738,736 |
|
Return on average assets excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
|
1.17 |
% |
|
|
1.13 |
% |
|
|
1.15 |
% |
|
|
1.14 |
% |
|
|
1.14 |
% |
|
|
1.15 |
% |
|
|
1.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Z) Calculated assuming a federal tax rate of 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Year-to-Date |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of return on average common equity to return on average common equity excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Return on average common equity (unadjusted) |
|
|
6.10 |
% |
|
|
6.20 |
% |
|
|
5.39 |
% |
|
|
6.39 |
% |
|
|
5.01 |
% |
|
|
6.15 |
% |
|
|
6.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
$ |
116,560 |
|
|
$ |
110,191 |
|
|
$ |
111,432 |
|
|
$ |
113,080 |
|
|
$ |
111,769 |
|
|
$ |
226,751 |
|
|
$ |
237,142 |
|
Average shareholders' equity |
|
$ |
7,321,257 |
|
|
$ |
7,121,252 |
|
|
$ |
7,085,839 |
|
|
$ |
7,024,493 |
|
|
$ |
6,935,682 |
|
|
$ |
7,221,251 |
|
|
$ |
6,848,053 |
|
Return on average common equity excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
|
6.37 |
% |
|
|
6.19 |
% |
|
|
6.29 |
% |
|
|
6.44 |
% |
|
|
6.45 |
% |
|
|
6.28 |
% |
|
|
6.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of return on average common equity to return on average tangible common equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income |
|
$ |
111,602 |
|
|
$ |
110,426 |
|
|
$ |
95,476 |
|
|
$ |
112,208 |
|
|
$ |
86,938 |
|
|
$ |
222,028 |
|
|
$ |
211,632 |
|
Average shareholders' equity |
|
$ |
7,321,257 |
|
|
$ |
7,121,252 |
|
|
$ |
7,085,839 |
|
|
$ |
7,024,493 |
|
|
$ |
6,935,682 |
|
|
$ |
7,221,251 |
|
|
$ |
6,848,053 |
|
Less: Average goodwill and other intangible assets |
|
|
(3,542,427) |
|
|
|
(3,458,659) |
|
|
|
(3,462,210) |
|
|
|
(3,456,844) |
|
|
|
(3,340,275) |
|
|
|
(3,500,542) |
|
|
|
(3,311,222) |
|
Average tangible shareholders' equity |
|
$ |
3,778,830 |
|
|
$ |
3,662,593 |
|
|
$ |
3,623,629 |
|
|
$ |
3,567,649 |
|
|
$ |
3,595,407 |
|
|
$ |
3,720,709 |
|
|
$ |
3,536,831 |
|
Return on average tangible common equity (F) |
|
|
11.81 |
% |
|
|
12.06 |
% |
|
|
10.54 |
% |
|
|
12.58 |
% |
|
|
9.67 |
% |
|
|
11.93 |
% |
|
|
11.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of return on average common equity to return on average tangible common equity excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
$ |
116,560 |
|
|
$ |
110,191 |
|
|
$ |
111,432 |
|
|
$ |
113,080 |
|
|
$ |
111,769 |
|
|
$ |
226,751 |
|
|
$ |
237,142 |
|
Average shareholders' equity |
|
$ |
7,321,257 |
|
|
$ |
7,121,252 |
|
|
$ |
7,085,839 |
|
|
$ |
7,024,493 |
|
|
$ |
6,935,682 |
|
|
$ |
7,221,251 |
|
|
$ |
6,848,053 |
|
Less: Average goodwill and other intangible assets |
|
|
(3,542,427) |
|
|
|
(3,458,659) |
|
|
|
(3,462,210) |
|
|
|
(3,456,844) |
|
|
|
(3,340,275) |
|
|
|
(3,500,542) |
|
|
|
(3,311,222) |
|
Average tangible shareholders' equity |
|
$ |
3,778,830 |
|
|
$ |
3,662,593 |
|
|
$ |
3,623,629 |
|
|
$ |
3,567,649 |
|
|
$ |
3,595,407 |
|
|
$ |
3,720,709 |
|
|
$ |
3,536,831 |
|
Return on average tangible common equity excluding merger related provision for credit losses, net of tax, merger related expenses, net of tax, |
|
|
12.34 |
% |
|
|
12.03 |
% |
|
|
12.30 |
% |
|
|
12.68 |
% |
|
|
12.43 |
% |
|
|
12.19 |
% |
|
|
13.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of book value per share to tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Shareholders' equity |
|
$ |
7,283,444 |
|
|
$ |
7,104,544 |
|
|
$ |
7,079,330 |
|
|
$ |
7,032,677 |
|
|
$ |
6,968,116 |
|
|
$ |
7,283,444 |
|
|
$ |
6,968,116 |
|
Less: |
|
|
(3,578,431) |
|
|
|
(3,457,159) |
|
|
|
(3,460,080) |
|
|
|
(3,464,012) |
|
|
|
(3,454,826) |
|
|
|
(3,578,431) |
|
|
|
(3,454,826) |
|
Tangible shareholders' equity |
|
$ |
3,705,013 |
|
|
$ |
3,647,385 |
|
|
$ |
3,619,250 |
|
|
$ |
3,568,665 |
|
|
$ |
3,513,290 |
|
|
$ |
3,705,013 |
|
|
$ |
3,513,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Period end shares outstanding |
|
|
95,262 |
|
|
|
93,525 |
|
|
|
93,722 |
|
|
|
93,717 |
|
|
|
93,721 |
|
|
|
95,262 |
|
|
|
93,721 |
|
Tangible book value per share |
|
$ |
38.89 |
|
|
$ |
39.00 |
|
|
$ |
38.62 |
|
|
$ |
38.08 |
|
|
$ |
37.49 |
|
|
$ |
38.89 |
|
|
$ |
37.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of equity to assets ratio to period end tangible equity to period end tangible assets ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tangible shareholders' equity |
|
$ |
3,705,013 |
|
|
$ |
3,647,385 |
|
|
$ |
3,619,250 |
|
|
$ |
3,568,665 |
|
|
$ |
3,513,290 |
|
|
$ |
3,705,013 |
|
|
$ |
3,513,290 |
|
Total assets |
|
$ |
39,762,294 |
|
|
$ |
38,756,520 |
|
|
$ |
38,547,877 |
|
|
$ |
39,295,684 |
|
|
$ |
39,905,131 |
|
|
$ |
39,762,294 |
|
|
$ |
39,905,131 |
|
Less: |
|
|
(3,578,431) |
|
|
|
(3,457,159) |
|
|
|
(3,460,080) |
|
|
|
(3,464,012) |
|
|
|
(3,454,826) |
|
|
|
(3,578,431) |
|
|
|
(3,454,826) |
|
Tangible assets |
|
$ |
36,183,863 |
|
|
$ |
35,299,361 |
|
|
$ |
35,087,797 |
|
|
$ |
35,831,672 |
|
|
$ |
36,450,305 |
|
|
$ |
36,183,863 |
|
|
$ |
36,450,305 |
|
Period end tangible equity to period end tangible assets ratio |
|
|
10.24 |
% |
|
|
10.33 |
% |
|
|
10.31 |
% |
|
|
9.96 |
% |
|
|
9.64 |
% |
|
|
10.24 |
% |
|
|
9.64 |
% |
|
|
|||||||||||||||||||||||||||
|
|
Three Months Ended |
|
|
Year-to-Date |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of allowance for credit losses to total loans to allowance for credit losses on loans to total loans excluding Warehouse Purchase Program: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for credit losses on loans |
|
$ |
359,852 |
|
|
$ |
330,219 |
|
|
$ |
332,362 |
|
|
$ |
351,495 |
|
|
$ |
345,209 |
|
|
$ |
359,852 |
|
|
$ |
345,209 |
|
Total loans |
|
$ |
22,320,815 |
|
|
$ |
21,265,247 |
|
|
$ |
21,180,538 |
|
|
$ |
21,432,713 |
|
|
$ |
21,653,946 |
|
|
$ |
22,320,815 |
|
|
$ |
21,653,946 |
|
Less: Warehouse Purchase Program loans |
|
|
(1,081,403) |
|
|
|
(864,924) |
|
|
|
(822,245) |
|
|
|
(912,327) |
|
|
|
(1,148,883) |
|
|
|
(1,081,403) |
|
|
|
(1,148,883) |
|
Total loans less Warehouse Purchase Program |
|
$ |
21,239,412 |
|
|
$ |
20,400,323 |
|
|
$ |
20,358,293 |
|
|
$ |
20,520,386 |
|
|
$ |
20,505,063 |
|
|
$ |
21,239,412 |
|
|
$ |
20,505,063 |
|
Allowance for credit losses on loans to total loans excluding Warehouse Purchase Program |
|
|
1.69 |
% |
|
|
1.62 |
% |
|
|
1.63 |
% |
|
|
1.71 |
% |
|
|
1.68 |
% |
|
|
1.69 |
% |
|
|
1.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of efficiency ratio to efficiency ratio excluding net gains and losses on the sale, write-down or write-up of assets and securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest expense |
|
$ |
152,842 |
|
|
$ |
135,848 |
|
|
$ |
152,171 |
|
|
$ |
135,657 |
|
|
$ |
145,870 |
|
|
$ |
288,690 |
|
|
$ |
268,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
258,786 |
|
|
$ |
238,244 |
|
|
$ |
236,983 |
|
|
$ |
239,524 |
|
|
$ |
236,459 |
|
|
$ |
497,030 |
|
|
$ |
479,926 |
|
Noninterest income |
|
|
46,003 |
|
|
|
38,870 |
|
|
|
36,568 |
|
|
|
38,743 |
|
|
|
39,688 |
|
|
|
84,873 |
|
|
|
77,954 |
|
Less: net (loss) gain on sale or write-down of assets |
|
|
(903) |
|
|
|
(35) |
|
|
|
(84) |
|
|
|
(45) |
|
|
|
1,994 |
|
|
|
(938) |
|
|
|
2,115 |
|
Less: net gain on sale or write-up of securities |
|
|
10,723 |
|
|
|
298 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,021 |
|
|
|
— |
|
Noninterest income excluding net gains and losses on the sale, write-down or write-up of assets and securities |
|
|
36,183 |
|
|
|
38,607 |
|
|
|
36,652 |
|
|
|
38,788 |
|
|
|
37,694 |
|
|
|
74,790 |
|
|
|
75,839 |
|
Total income excluding net gains and losses on the sale, write-down or write-up of assets and securities |
|
$ |
294,969 |
|
|
$ |
276,851 |
|
|
$ |
273,635 |
|
|
$ |
278,312 |
|
|
$ |
274,153 |
|
|
$ |
571,820 |
|
|
$ |
555,765 |
|
Efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities |
|
|
51.82 |
% |
|
|
49.07 |
% |
|
|
55.61 |
% |
|
|
48.74 |
% |
|
|
53.21 |
% |
|
|
50.49 |
% |
|
|
48.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reconciliation of efficiency ratio to efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities, merger related expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Noninterest expense |
|
$ |
152,842 |
|
|
$ |
135,848 |
|
|
$ |
152,171 |
|
|
$ |
135,657 |
|
|
$ |
145,870 |
|
|
$ |
288,690 |
|
|
$ |
268,870 |
|
Less: merger related expenses |
|
|
4,381 |
|
|
|
— |
|
|
|
278 |
|
|
|
1,104 |
|
|
|
12,891 |
|
|
|
4,381 |
|
|
|
13,751 |
|
Less: |
|
|
3,554 |
|
|
|
— |
|
|
|
19,919 |
|
|
|
— |
|
|
|
— |
|
|
|
3,554 |
|
|
|
— |
|
Noninterest expense excluding merger related expenses and |
|
$ |
144,907 |
|
|
$ |
135,848 |
|
|
$ |
131,974 |
|
|
$ |
134,553 |
|
|
$ |
132,979 |
|
|
$ |
280,755 |
|
|
$ |
255,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income |
|
$ |
258,786 |
|
|
$ |
238,244 |
|
|
$ |
236,983 |
|
|
$ |
239,524 |
|
|
$ |
236,459 |
|
|
$ |
497,030 |
|
|
$ |
479,926 |
|
Noninterest income |
|
|
46,003 |
|
|
|
38,870 |
|
|
|
36,568 |
|
|
|
38,743 |
|
|
|
39,688 |
|
|
|
84,873 |
|
|
|
77,954 |
|
Less: net (loss) gain on sale or write down of assets |
|
|
(903) |
|
|
|
(35) |
|
|
|
(84) |
|
|
|
(45) |
|
|
|
1,994 |
|
|
|
(938) |
|
|
|
2,115 |
|
Less: net gain on sale or write-up of securities |
|
|
10,723 |
|
|
|
298 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,021 |
|
|
|
— |
|
Noninterest income excluding net gains and losses on the sale, write-down or write-up of assets and securities |
|
|
36,183 |
|
|
|
38,607 |
|
|
|
36,652 |
|
|
|
38,788 |
|
|
|
37,694 |
|
|
|
74,790 |
|
|
|
75,839 |
|
Total income excluding net gains and losses on the sale, write-down or write-up of assets and securities |
|
$ |
294,969 |
|
|
$ |
276,851 |
|
|
$ |
273,635 |
|
|
$ |
278,312 |
|
|
$ |
274,153 |
|
|
$ |
571,820 |
|
|
$ |
555,765 |
|
Efficiency ratio, excluding net gains and losses on the sale, write-down or write-up of assets and securities, merger related expenses and |
|
|
49.13 |
% |
|
|
49.07 |
% |
|
|
48.23 |
% |
|
|
48.35 |
% |
|
|
48.51 |
% |
|
|
49.10 |
% |
|
|
45.90 |
% |
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SOURCE