Fulton Financial Corporation Announces Third Quarter 2024 Results
"We are excited about the progress we made on key strategic initiatives and pleased to see that this work has generated record operating earnings this quarter," said
Financial Highlights
Third quarter of 2024 operating results of
- Solid net interest margin of 3.49%, an increase of six basis points compared to the prior quarter.
- Excluding brokered deposits, customer deposits increased
$745.0 million compared to the prior quarter. - Common equity tier 1 capital increased to 10.5%, compared to 10.3% in the prior quarter.
- Tangible shareholders' equity per common share increased
$0.59 , or 4.7%, to$13.02 compared to the prior quarter. - Acquisition-related(2) expenses of
$14.2 million . - FultonFirst implementation and asset disposal costs of
$9.4 million .
The following items highlight notable changes in the components of net income in the third quarter of 2024 compared to the second quarter of 2024:
- Net interest income totaled
$258.0 million , an increase of$16.3 million , which was largely due to the full-quarter impact of the Acquisition and an increase in on-balance sheet liquidity. - Non-interest income before investment securities gains (losses) was
$59.7 million compared to$113.3 million in the second quarter of 2024. The decrease was primarily due to a$55.1 million change in the gain on acquisition (net of tax) with a$7.7 million reduction recorded in the third quarter of 2024. - Non-interest expense was
$226.1 million compared to$219.8 million in the second quarter of 2024, excluding the$20.3 million gain on the sale-leaseback transaction, reflected in other expense in the second quarter of 2024. The increase was largely due to an$8.2 million increase in salaries and benefits expense driven by a$4.9 million increase in employee severance costs related to the FultonFirst initiative, a full-quarter impact of salaries and benefits from the Acquisition resulting in an increase of$2.7 million and a$1.7 million increase in incentive compensation expense. The increase in salaries and benefits expense was partially offset by a$1.4 million decrease in consulting costs related to the FultonFirst initiative.
Balance Sheet Summary
- Net loans totaled
$24.2 billion , an increase of$69.8 million compared to$24.1 billion as ofJune 30, 2024 . The increase was largely due to increases of$203.7 million and$53.8 million in commercial mortgage loans and residential mortgage loans, respectively, partially offset by decreases of$130.8 million ,$53.1 million and$40.4 million in construction loans, commercial and industrial loans and consumer loans, respectively. Excluding the impact from the day 1 Purchased Credit Deteriorated ("PCD") adjustment of$55.9 million and purchase accounting accretion of$24.9 million , net loans acquired in the Acquisition declined approximately$82.3 million since the Acquisition Date. Excluding purchase accounting accretion of$14.5 million , net loans acquired in the Acquisition declined approximately$49.2 million to$2.5 billion , compared to the second quarter of 2024. - Deposits totaled
$26.2 billion , an increase of$592.5 million compared to$25.6 billion as ofJune 30, 2024 . The increase was primarily due to increases of$374.2 million ,$301.4 million and$177.1 million in time deposits, interest-bearing demand deposits and savings deposits, respectively, partially offset by decreases of$152.5 million in brokered deposits and$107.7 million in noninterest-bearing demand deposits. Deposits assumed in the Acquisition declined approximately$248.6 million since the Acquisition Date and increased approximately$108.7 million to$3.9 billion compared to the second quarter of 2024.
Provision for Credit Losses and Asset Quality
- The provision for credit losses was
$11.9 million in the third quarter of 2024 compared to$32.1 million in the second quarter of 2024. The decrease was primarily related to the Acquisition, which included a provision for credit losses of$23.4 million for non-PCD loans in the second quarter of 2024. - Non-performing assets were
$205.0 million , or 0.64% of total assets, atSeptember 30, 2024 , in comparison to$174.0 million , or 0.55% of total assets, atJune 30, 2024 . - Net charge-offs for the third quarter of 2024 were 0.18% of total average loans in comparison to 0.19% in the second quarter of 2024.
- The allowance for credit losses attributable to net loans remained relatively unchanged and totaled
$376.0 million , or 1.56% of total loans atSeptember 30, 2024 , compared to$375.9 million , or 1.56% of total loans atJune 30, 2024 .
Additional information on Fulton is available on the Internet at www.fultonbank.com.
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(1) |
Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release. |
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(2) |
On |
Safe Harbor Statement
This press release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended
Non-GAAP Financial Measures
The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.
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SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) |
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(dollars in thousands, except per share and shares data) |
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Three months ended |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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Ending Balances |
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Investment securities |
$ 4,545,278 |
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$ 4,184,027 |
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$ 3,783,392 |
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$ 3,666,274 |
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$ 3,698,601 |
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Net loans |
24,176,075 |
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24,106,297 |
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21,444,483 |
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21,351,094 |
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21,177,508 |
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Total assets |
32,185,726 |
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31,769,813 |
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27,642,957 |
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27,571,915 |
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27,375,177 |
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Deposits |
26,152,144 |
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25,559,654 |
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21,741,950 |
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21,537,623 |
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21,421,589 |
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Shareholders' equity |
3,203,943 |
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3,101,609 |
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2,757,679 |
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2,760,139 |
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2,566,693 |
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Average Balances |
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Investment securities |
4,237,805 |
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4,043,136 |
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3,672,844 |
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3,665,261 |
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3,834,824 |
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Net loans |
24,147,801 |
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23,345,914 |
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21,370,033 |
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21,255,779 |
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21,121,277 |
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Total assets |
31,895,235 |
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30,774,891 |
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27,427,626 |
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27,397,671 |
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27,377,836 |
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Deposits |
25,778,259 |
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24,642,954 |
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21,378,754 |
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21,476,548 |
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21,357,295 |
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Shareholders' equity |
3,160,322 |
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2,952,671 |
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2,766,945 |
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2,618,024 |
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2,645,977 |
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Income Statement |
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Net interest income |
258,009 |
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241,720 |
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206,937 |
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212,006 |
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213,842 |
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Provision for credit losses |
11,929 |
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32,056 |
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10,925 |
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9,808 |
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9,937 |
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Non-interest income |
59,673 |
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92,994 |
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57,140 |
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59,378 |
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55,961 |
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Non-interest expense |
226,089 |
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199,488 |
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177,600 |
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180,552 |
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171,020 |
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Income before taxes |
79,664 |
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103,170 |
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75,552 |
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81,024 |
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88,846 |
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Net income available to common shareholders |
60,644 |
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92,413 |
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59,379 |
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61,701 |
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69,535 |
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Per Share |
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Net income available to common shareholders (basic) |
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Net income available to common shareholders (diluted) |
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Operating net income available to common shareholders(1) |
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Cash dividends |
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Common shareholders' equity |
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Common shareholders' equity (tangible)(1) |
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Weighted average shares (basic) |
181,905 |
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175,305 |
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162,706 |
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163,975 |
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164,566 |
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Weighted average shares (diluted) |
183,609 |
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176,934 |
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164,520 |
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165,650 |
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166,023 |
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(1) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. |
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Three months ended |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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Asset Quality |
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Net charge-offs to average loans |
0.18 % |
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0.19 % |
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0.16 % |
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0.15 % |
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0.10 % |
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Non-performing loans to total net loans |
0.84 % |
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0.72 % |
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0.73 % |
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0.72 % |
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0.67 % |
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Non-performing assets to total assets |
0.64 % |
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0.55 % |
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0.57 % |
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0.56 % |
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0.52 % |
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ACL - loans(1) to total loans |
1.56 % |
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1.56 % |
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1.39 % |
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1.37 % |
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1.38 % |
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ACL - loans(1) to non-performing loans |
186 % |
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218 % |
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191 % |
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191 % |
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208 % |
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Profitability |
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Return on average assets |
0.79 % |
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1.24 % |
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0.91 % |
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0.93 % |
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1.04 % |
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Operating return on average assets(2) |
1.17 % |
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1.11 % |
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1.00 % |
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1.03 % |
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1.08 % |
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Return on average common shareholders' equity |
8.13 % |
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13.47 % |
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9.28 % |
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10.09 % |
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11.25 % |
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Operating return on average common shareholders' equity (tangible)(2) |
15.65 % |
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15.56 % |
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13.08 % |
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14.68 % |
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15.17 % |
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Net interest margin |
3.49 % |
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3.43 % |
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3.32 % |
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3.36 % |
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3.40 % |
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Efficiency ratio(2) |
59.6 % |
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62.6 % |
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63.2 % |
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62.0 % |
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61.5 % |
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Non-interest expense to total average assets |
2.82 % |
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2.61 % |
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2.60 % |
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2.61 % |
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2.48 % |
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Operating non-interest expense to total average assets(2) |
2.45 % |
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2.55 % |
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2.49 % |
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2.47 % |
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2.47 % |
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Capital Ratios (3) |
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Tangible common equity ratio ("TCE")(2) |
7.5 % |
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7.3 % |
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7.4 % |
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7.4 % |
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6.8 % |
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Tier 1 leverage ratio |
8.9 % |
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9.2 % |
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9.3 % |
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9.5 % |
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9.4 % |
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Common equity Tier 1 capital ratio |
10.5 % |
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10.3 % |
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10.3 % |
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10.3 % |
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10.3 % |
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Tier 1 risk-based capital ratio |
11.3 % |
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11.1 % |
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11.1 % |
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11.2 % |
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11.1 % |
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Total risk-based capital ratio |
14.0 % |
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13.8 % |
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14.0 % |
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14.0 % |
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14.0 % |
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(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet ("OBS") credit exposures. |
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(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release. |
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(3) Regulatory capital ratios as of |
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CONDENSED CONSOLIDATED ENDING BALANCE SHEETS (UNAUDITED) |
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(dollars in thousands) |
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2024 |
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2024 |
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2024 |
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2023 |
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2023 |
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ASSETS |
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Cash and due from banks |
$ 296,500 |
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$ 333,238 |
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$ 247,581 |
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$ 300,343 |
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$ 304,042 |
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Other interest-earning assets |
1,287,392 |
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1,188,341 |
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231,389 |
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373,772 |
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222,781 |
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Loans held for sale |
17,678 |
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26,822 |
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10,624 |
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15,158 |
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20,368 |
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Investment securities |
4,545,278 |
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4,184,027 |
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3,783,392 |
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3,666,274 |
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3,698,601 |
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Net loans |
24,176,075 |
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24,106,297 |
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21,444,483 |
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21,351,094 |
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21,177,508 |
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Less: ACL - loans(1) |
(375,961) |
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(375,941) |
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(297,888) |
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(293,404) |
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(292,739) |
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Loans, net |
23,800,114 |
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23,730,356 |
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21,146,595 |
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21,057,690 |
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20,884,769 |
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Net premises and equipment |
171,731 |
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180,642 |
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213,541 |
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222,881 |
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215,626 |
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Accrued interest receivable |
115,903 |
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120,752 |
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107,089 |
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107,972 |
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101,624 |
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641,739 |
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648,026 |
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560,114 |
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560,687 |
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561,284 |
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Other assets |
1,309,391 |
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1,357,609 |
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1,342,632 |
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1,267,138 |
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1,366,082 |
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Total Assets |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Deposits |
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Borrowings |
2,052,227 |
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2,178,597 |
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2,296,040 |
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2,487,526 |
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2,370,112 |
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Other liabilities |
777,412 |
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929,953 |
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847,288 |
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786,627 |
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1,016,783 |
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Total Liabilities |
28,981,783 |
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28,668,204 |
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24,885,278 |
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24,811,776 |
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24,808,484 |
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Shareholders' equity |
3,203,943 |
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3,101,609 |
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2,757,679 |
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2,760,139 |
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2,566,693 |
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Total Liabilities and Shareholders' Equity |
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LOANS, DEPOSITS AND BORROWINGS DETAIL: |
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Loans, by type: |
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Real estate - commercial mortgage |
$ 9,493,479 |
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$ 9,289,770 |
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$ 8,252,117 |
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$ 8,127,728 |
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$ 8,106,300 |
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Commercial and industrial |
4,914,734 |
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4,967,796 |
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4,467,589 |
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4,545,552 |
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4,577,334 |
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Real estate - residential mortgage |
6,302,624 |
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6,248,856 |
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5,395,720 |
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5,325,923 |
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5,279,681 |
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Real estate - home equity |
1,144,402 |
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1,120,878 |
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1,040,335 |
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1,047,184 |
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1,045,438 |
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Real estate - construction |
1,332,954 |
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1,463,799 |
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1,249,199 |
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1,239,075 |
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1,078,263 |
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Consumer |
651,717 |
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692,086 |
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698,421 |
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729,318 |
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743,976 |
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Leases and other loans(2) |
336,165 |
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323,112 |
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341,102 |
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336,314 |
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346,516 |
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Total Net Loans |
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Deposits, by type: |
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Noninterest-bearing demand |
$ 5,501,699 |
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$ 5,609,383 |
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$ 5,086,514 |
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$ 5,314,094 |
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$ 5,575,374 |
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Interest-bearing demand |
7,779,472 |
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7,478,077 |
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5,521,017 |
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5,722,695 |
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5,757,487 |
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Savings |
7,740,595 |
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7,563,495 |
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6,846,038 |
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6,616,901 |
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6,707,729 |
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Total demand and savings |
21,021,766 |
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20,650,955 |
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17,453,569 |
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17,653,690 |
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18,040,590 |
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Brokered |
843,473 |
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995,975 |
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1,152,427 |
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1,144,692 |
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941,059 |
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Time |
4,286,905 |
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3,912,724 |
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3,135,954 |
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2,739,241 |
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2,439,940 |
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Total Deposits |
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Borrowings, by type: |
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Federal funds purchased |
$ — |
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$ — |
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$ — |
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$ 240,000 |
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$ 544,000 |
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950,000 |
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750,000 |
|
900,000 |
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1,100,000 |
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730,000 |
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Senior debt and subordinated debt |
535,917 |
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535,741 |
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535,566 |
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535,384 |
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540,174 |
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Other borrowings |
566,310 |
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892,856 |
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860,474 |
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612,142 |
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555,938 |
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Total Borrowings |
$ 2,052,227 |
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$ 2,178,597 |
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$ 2,296,040 |
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$ 2,487,526 |
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$ 2,370,112 |
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(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures. |
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|
(2) Includes equipment lease financing, overdraft and net origination fees and costs. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|||||||||||
|
(dollars in thousands, except per share and share data) |
|
|
|
|
|||||||||||
|
|
|
|
Three months ended |
|
Nine months ended |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
Net Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
$ 1,167,828 |
|
|
|
|
Interest expense |
|
169,647 |
|
158,786 |
|
132,729 |
|
126,128 |
|
116,529 |
|
461,162 |
|
292,822 |
|
|
Net Interest Income |
|
258,009 |
|
241,720 |
|
206,937 |
|
212,006 |
|
213,842 |
|
706,666 |
|
642,281 |
|
|
Provision for credit losses |
|
11,929 |
|
32,056 |
|
10,925 |
|
9,808 |
|
9,937 |
|
54,910 |
|
44,228 |
|
|
Net Interest Income after Provision |
|
246,080 |
|
209,664 |
|
196,012 |
|
202,198 |
|
203,905 |
|
651,756 |
|
598,053 |
|
Non-Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management |
|
21,596 |
|
20,990 |
|
20,155 |
|
19,388 |
|
19,413 |
|
62,741 |
|
56,152 |
|
|
Commercial banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merchant and card |
|
7,496 |
|
7,798 |
|
6,808 |
|
7,045 |
|
7,626 |
|
22,103 |
|
22,160 |
|
|
Cash management |
|
7,201 |
|
6,966 |
|
6,305 |
|
6,030 |
|
5,960 |
|
20,473 |
|
17,310 |
|
|
Capital markets |
|
3,311 |
|
2,585 |
|
2,341 |
|
4,258 |
|
2,960 |
|
8,236 |
|
11,396 |
|
|
Other commercial banking |
|
4,281 |
|
4,061 |
|
3,375 |
|
3,447 |
|
3,176 |
|
11,716 |
|
9,514 |
|
|
Total commercial banking |
|
22,289 |
|
21,410 |
|
18,829 |
|
20,780 |
|
19,722 |
|
62,528 |
|
60,380 |
|
|
Consumer banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Card |
|
7,917 |
|
8,305 |
|
6,628 |
|
6,739 |
|
6,770 |
|
22,850 |
|
19,604 |
|
|
Overdraft |
|
3,957 |
|
3,377 |
|
2,786 |
|
2,991 |
|
2,996 |
|
10,120 |
|
8,425 |
|
|
Other consumer banking |
|
3,054 |
|
2,918 |
|
2,254 |
|
2,357 |
|
2,407 |
|
8,226 |
|
7,081 |
|
|
Total consumer banking |
|
14,928 |
|
14,600 |
|
11,668 |
|
12,087 |
|
12,173 |
|
41,196 |
|
35,110 |
|
|
Mortgage banking |
|
3,142 |
|
3,951 |
|
3,090 |
|
2,288 |
|
3,190 |
|
10,183 |
|
8,100 |
|
|
Gain on acquisition, net of tax |
|
(7,706) |
|
47,392 |
|
— |
|
— |
|
— |
|
39,685 |
|
— |
|
|
Other |
|
5,425 |
|
4,933 |
|
3,398 |
|
5,587 |
|
1,463 |
|
13,756 |
|
8,539 |
|
|
Non-interest income before investment securities gains (losses) |
|
59,674 |
|
113,276 |
|
57,140 |
|
60,130 |
|
55,961 |
|
230,089 |
|
168,281 |
|
|
Investment securities gains (losses), net |
|
(1) |
|
(20,282) |
|
— |
|
(752) |
|
— |
|
(20,283) |
|
19 |
|
|
Total Non-Interest Income |
|
59,673 |
|
92,994 |
|
57,140 |
|
59,378 |
|
55,961 |
|
209,806 |
|
168,300 |
|
Non-Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
118,824 |
|
110,630 |
|
95,481 |
|
97,275 |
|
96,757 |
|
324,935 |
|
280,142 |
|
|
Data processing and software |
|
20,314 |
|
20,357 |
|
17,661 |
|
16,985 |
|
16,914 |
|
58,332 |
|
49,486 |
|
|
Net occupancy |
|
18,999 |
|
17,793 |
|
16,149 |
|
14,647 |
|
14,561 |
|
52,942 |
|
43,373 |
|
|
Other outside services |
|
15,839 |
|
16,933 |
|
13,283 |
|
14,670 |
|
12,094 |
|
46,055 |
|
33,054 |
|
|
Intangible amortization |
|
6,287 |
|
4,688 |
|
573 |
|
597 |
|
601 |
|
11,548 |
|
2,347 |
|
|
|
|
5,109 |
|
6,696 |
|
6,104 |
|
11,138 |
|
4,738 |
|
17,909 |
|
14,427 |
|
|
Equipment |
|
4,860 |
|
4,561 |
|
4,040 |
|
3,995 |
|
3,475 |
|
13,461 |
|
10,395 |
|
|
Professional fees |
|
2,811 |
|
2,571 |
|
2,088 |
|
2,302 |
|
1,869 |
|
7,470 |
|
6,090 |
|
|
Marketing |
|
2,251 |
|
2,101 |
|
1,912 |
|
3,550 |
|
1,913 |
|
6,263 |
|
5,454 |
|
|
Acquisition-related expenses |
|
14,195 |
|
13,803 |
|
— |
|
— |
|
— |
|
27,998 |
|
— |
|
|
Other |
|
16,600 |
|
(645) |
|
20,309 |
|
15,393 |
|
18,098 |
|
36,263 |
|
53,888 |
|
|
Total Non-Interest Expense |
|
226,089 |
|
199,488 |
|
177,600 |
|
180,552 |
|
171,020 |
|
603,176 |
|
498,656 |
|
|
Income Before Income Taxes |
|
79,664 |
|
103,170 |
|
75,552 |
|
81,024 |
|
88,846 |
|
258,386 |
|
267,697 |
|
|
Income tax expense |
|
16,458 |
|
8,195 |
|
13,611 |
|
16,761 |
|
16,749 |
|
38,264 |
|
47,680 |
|
|
Net Income |
|
63,206 |
|
94,975 |
|
61,941 |
|
64,263 |
|
72,097 |
|
220,122 |
|
220,017 |
|
|
Preferred stock dividends |
|
(2,562) |
|
(2,562) |
|
(2,562) |
|
(2,562) |
|
(2,562) |
|
(7,686) |
|
(7,686) |
|
|
Net Income Available to Common Shareholders |
|
$ 60,644 |
|
$ 92,413 |
|
$ 59,379 |
|
$ 61,701 |
|
$ 69,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders (basic) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders (diluted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (basic) |
|
181,905 |
|
175,305 |
|
162,706 |
|
163,975 |
|
164,566 |
|
173,337 |
|
165,667 |
|
|
Weighted average shares (diluted) |
|
183,609 |
|
176,934 |
|
164,520 |
|
165,650 |
|
166,023 |
|
175,033 |
|
167,181 |
|
|
|
|
|
|
|
|
||||||||||||
|
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
|||||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
||||||||||||
|
|
|
Three months ended |
||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
|
Balance |
|
Interest(1) |
|
Rate |
|
Balance |
|
Interest(1) |
|
Rate |
|
Balance |
|
Interest(1) |
|
Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Net loans(2) |
$ 24,147,801 |
|
|
|
6.20 % |
|
$ 23,345,914 |
|
|
|
6.12 % |
|
$ 21,121,277 |
|
|
|
5.72 % |
|
|
Investment securities(3) |
4,526,885 |
|
37,853 |
|
3.34 % |
|
4,396,050 |
|
33,799 |
|
3.07 % |
|
4,197,550 |
|
27,274 |
|
2.59 % |
|
|
Other interest-earning assets |
1,338,592 |
|
18,068 |
|
5.37 % |
|
1,125,886 |
|
15,730 |
|
5.61 % |
|
263,244 |
|
3,372 |
|
5.11 % |
|
|
Total Interest-Earning Assets |
30,013,278 |
|
432,081 |
|
5.74 % |
|
28,867,850 |
|
405,062 |
|
5.64 % |
|
25,582,071 |
|
334,813 |
|
5.20 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Cash and due from banks |
306,427 |
|
|
|
|
|
302,381 |
|
|
|
|
|
306,496 |
|
|
|
|
|
|
Premises and equipment |
181,285 |
|
|
|
|
|
203,166 |
|
|
|
|
|
217,447 |
|
|
|
|
|
|
Other assets |
1,772,052 |
|
|
|
|
|
1,759,138 |
|
|
|
|
|
1,562,233 |
|
|
|
|
|
|
Less: ACL - loans(4) |
(377,807) |
|
|
|
|
|
(357,644) |
|
|
|
|
|
(290,411) |
|
|
|
|
|
|
Total Assets |
$ 31,895,235 |
|
|
|
|
|
$ 30,774,891 |
|
|
|
|
|
$ 27,377,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Demand deposits |
|
|
$ 38,768 |
|
2.01 % |
|
|
|
$ 31,748 |
|
1.80 % |
|
|
|
$ 18,690 |
|
1.29 % |
|
|
Savings deposits |
7,663,599 |
|
49,477 |
|
2.57 % |
|
7,309,141 |
|
44,901 |
|
2.47 % |
|
6,676,792 |
|
34,277 |
|
2.04 % |
|
|
Brokered deposits |
842,661 |
|
11,344 |
|
5.36 % |
|
1,123,328 |
|
15,074 |
|
5.40 % |
|
937,657 |
|
12,250 |
|
5.18 % |
|
|
Time deposits |
4,107,466 |
|
45,735 |
|
4.43 % |
|
3,670,158 |
|
39,364 |
|
4.31 % |
|
2,330,206 |
|
18,939 |
|
3.22 % |
|
|
Total Interest-Bearing Deposits |
20,282,309 |
|
145,324 |
|
2.85 % |
|
19,182,929 |
|
131,087 |
|
2.75 % |
|
15,684,884 |
|
84,156 |
|
2.13 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other interest-bearing liabilities |
2,229,348 |
|
24,324 |
|
4.34 % |
|
2,441,691 |
|
27,699 |
|
4.53 % |
|
2,691,087 |
|
32,373 |
|
4.74 % |
|
|
Total Interest-Bearing Liabilities |
22,511,657 |
|
169,648 |
|
3.00 % |
|
21,624,620 |
|
158,786 |
|
2.95 % |
|
18,375,971 |
|
116,529 |
|
2.51 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Demand deposits |
5,495,950 |
|
|
|
|
|
5,460,025 |
|
|
|
|
|
5,672,411 |
|
|
|
|
|
|
Other liabilities |
727,306 |
|
|
|
|
|
737,575 |
|
|
|
|
|
683,477 |
|
|
|
|
|
|
Total Liabilities |
28,734,913 |
|
|
|
|
|
27,822,220 |
|
|
|
|
|
24,731,859 |
|
|
|
|
|
|
Shareholders' equity |
3,160,322 |
|
|
|
|
|
2,952,671 |
|
|
|
|
|
2,645,977 |
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ 31,895,235 |
|
|
|
|
|
$ 30,774,891 |
|
|
|
|
|
$ 27,377,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin (fully |
|
|
262,433 |
|
3.49 % |
|
|
|
246,276 |
|
3.43 % |
|
|
|
218,284 |
|
3.40 % |
|
|
Tax equivalent adjustment |
|
|
(4,424) |
|
|
|
|
|
(4,556) |
|
|
|
|
|
(4,442) |
|
|
|
|
Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
|
|
|
|
|
|
|
|
|||||||||
|
|
(2) Average balances include non-performing loans. |
|||||||||||||||||
|
|
(3) Average balances include amortized historical cost for available for sale ("AFS") securities; the related unrealized holding gains (losses) are included in other assets. |
|||||||||||||||||
|
|
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. |
|||||||||||||||||
|
|
|||||||||||
|
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) |
|||||||||||
|
(dollars in thousands) |
|||||||||||
|
|
|
Three months ended |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
|
Loans, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
4,998,051 |
|
4,853,583 |
|
4,517,179 |
|
4,579,441 |
|
4,611,376 |
|
|
|
Real estate - residential mortgage |
6,268,922 |
|
5,977,132 |
|
5,353,905 |
|
5,303,632 |
|
5,209,105 |
|
|
|
Real estate - home equity |
1,122,313 |
|
1,117,367 |
|
1,039,321 |
|
1,043,753 |
|
1,045,806 |
|
|
|
Real estate - construction |
1,437,907 |
|
1,430,057 |
|
1,240,640 |
|
1,153,601 |
|
1,254,577 |
|
|
|
Consumer |
682,602 |
|
685,183 |
|
721,523 |
|
746,011 |
|
761,273 |
|
|
|
Leases and other loans(1) |
319,733 |
|
324,453 |
|
331,447 |
|
338,714 |
|
326,339 |
|
|
|
Total Net Loans |
$ 24,147,801 |
|
$ 23,345,914 |
|
$ 21,370,033 |
|
$ 21,255,779 |
|
$ 21,121,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
7,668,583 |
|
7,080,302 |
|
5,596,725 |
|
5,723,169 |
|
5,740,229 |
|
|
|
Savings |
7,663,599 |
|
7,309,141 |
|
6,669,228 |
|
6,682,512 |
|
6,676,792 |
|
|
|
Total demand and savings |
20,828,132 |
|
19,849,468 |
|
17,327,028 |
|
17,845,779 |
|
18,089,432 |
|
|
|
Brokered |
842,661 |
|
1,123,328 |
|
1,083,382 |
|
1,051,369 |
|
937,657 |
|
|
|
Time |
4,107,466 |
|
3,670,158 |
|
2,968,344 |
|
2,579,400 |
|
2,330,206 |
|
|
|
Total Deposits |
$ 25,778,259 |
|
$ 24,642,954 |
|
$ 21,378,754 |
|
$ 21,476,548 |
|
$ 21,357,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings, by type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased |
$ — |
|
$ 32,637 |
|
$ 173,659 |
|
$ 446,707 |
|
$ 634,163 |
|
|
|
|
754,130 |
|
833,726 |
|
902,890 |
|
760,087 |
|
793,098 |
|
|
|
Senior debt and subordinated debt |
535,831 |
|
535,656 |
|
535,479 |
|
539,186 |
|
540,086 |
|
|
|
Other borrowings and other interest-bearing liabilities |
939,387 |
|
1,039,672 |
|
996,348 |
|
795,747 |
|
723,740 |
|
|
|
Total Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes equipment lease financing, overdraft and net origination fees and costs. |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED) |
|
|
|
|
|
|
|||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|||||||
|
|
|
|
Nine months ended |
||||||||||
|
|
|
|
2024 |
|
2023 |
||||||||
|
|
|
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
|
|
|
Balance |
|
Interest(1) |
|
Rate |
|
Balance |
|
Interest(1) |
|
Rate |
|
ASSETS |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|||||||
|
|
Net loans(2) |
|
$ 22,918,845 |
|
$ 1,045,573 |
|
6.09 % |
|
$ 20,819,280 |
|
$ 854,384 |
|
5.49 % |
|
|
Investment securities(3) |
|
4,303,048 |
|
98,701 |
|
3.05 % |
|
4,240,093 |
|
82,098 |
|
2.58 % |
|
|
Other interest-earning assets |
|
921,483 |
|
37,126 |
|
5.38 % |
|
427,810 |
|
11,882 |
|
3.71 % |
|
|
Total Interest-Earning Assets |
|
28,143,376 |
|
1,181,400 |
|
5.60 % |
|
25,487,183 |
|
948,364 |
|
4.97 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Earning assets: |
|
|
|
|
|
|
|||||||
|
|
Cash and due from banks |
|
297,268 |
|
|
|
|
|
193,083 |
|
|
|
|
|
|
Premises and equipment |
|
202,531 |
|
|
|
|
|
219,087 |
|
|
|
|
|
|
Other assets |
|
1,828,085 |
|
|
|
|
|
1,555,891 |
|
|
|
|
|
|
Less: ACL - loans(4) |
|
(353,567) |
|
|
|
|
|
(282,144) |
|
|
|
|
|
|
Total Assets |
|
$ 30,117,693 |
|
|
|
|
|
$ 27,173,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing liabilities: |
|
|
|
|
|
|
|||||||
|
|
Demand deposits |
|
$ 6,785,106 |
|
$ 91,016 |
|
1.79 % |
|
$ 5,535,671 |
|
$ 41,756 |
|
1.01 % |
|
|
Savings deposits |
|
7,215,631 |
|
133,175 |
|
2.47 % |
|
6,593,703 |
|
84,102 |
|
1.71 % |
|
|
Brokered deposits |
|
1,015,823 |
|
41,073 |
|
5.40 % |
|
779,191 |
|
29,557 |
|
5.07 % |
|
|
Time deposits |
|
3,583,905 |
|
114,721 |
|
4.28 % |
|
2,032,360 |
|
40,160 |
|
2.64 % |
|
|
Total Interest-Bearing Deposits |
|
18,600,465 |
|
379,985 |
|
2.73 % |
|
14,940,925 |
|
195,575 |
|
1.75 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and other interest-bearing liabilities |
|
2,425,753 |
|
81,177 |
|
4.47 % |
|
2,848,704 |
|
97,247 |
|
4.53 % |
|
|
Total Interest-Bearing Liabilities |
|
21,026,218 |
|
461,162 |
|
2.93 % |
|
17,789,629 |
|
292,822 |
|
2.20 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing liabilities: |
|
|
|
|
|
|
|||||||
|
|
Demand deposits |
|
5,339,590 |
|
|
|
|
|
6,108,197 |
|
|
|
|
|
|
Other liabilities |
|
791,175 |
|
|
|
|
|
639,569 |
|
|
|
|
|
|
Total Liabilities |
|
27,156,983 |
|
|
|
|
|
24,537,395 |
|
|
|
|
|
|
Shareholders' equity |
|
2,960,710 |
|
|
|
|
|
2,635,705 |
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ 30,117,693 |
|
|
|
|
|
$ 27,173,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin (fully taxable equivalent) |
|
|
|
720,238 |
|
3.42 % |
|
|
|
655,542 |
|
3.44 % |
|
|
Tax equivalent adjustment |
|
|
|
(13,572) |
|
|
|
|
|
(13,261) |
|
|
|
|
Net Interest Income |
|
|
|
$ 706,666 |
|
|
|
|
|
$ 642,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances. |
|
|
|
|||||||||
|
|
(2) Average balances include non-performing loans. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets. |
||||||||||||
|
|
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities. |
||||||||||||
|
|
|
|
|
|||
|
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED) |
||||||
|
(dollars in thousands) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
||
|
|
|
|
2024 |
|
2023 |
|
|
Loans, by type: |
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
|
$ 8,803,503 |
|
$ 7,803,775 |
|
|
|
Commercial and industrial |
|
4,786,976 |
|
4,602,573 |
|
|
|
Real estate - residential mortgage |
|
5,844,317 |
|
5,004,289 |
|
|
|
Real estate - home equity |
|
1,091,526 |
|
1,066,003 |
|
|
|
Real estate - construction |
|
1,370,134 |
|
1,278,923 |
|
|
|
Consumer |
|
697,204 |
|
748,788 |
|
|
|
Leases and other loans(1) |
|
325,185 |
|
314,929 |
|
|
|
Total Net Loans |
|
$ 22,918,845 |
|
$ 20,819,280 |
|
|
|
|
|
|
|
|
|
|
Deposits, by type: |
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ 5,339,590 |
|
$ 6,108,197 |
|
|
|
Interest-bearing demand |
|
6,785,106 |
|
5,535,671 |
|
|
|
Savings |
|
7,215,631 |
|
6,593,703 |
|
|
|
Total demand and savings |
|
19,340,327 |
|
18,237,571 |
|
|
|
Brokered |
|
1,015,823 |
|
779,191 |
|
|
|
Time |
|
3,583,905 |
|
2,032,360 |
|
|
|
Total Deposits |
|
$ 23,940,055 |
|
$ 21,049,122 |
|
|
|
|
|
|
|
|
|
|
Borrowings, by type: |
|
|
|
|
|
|
|
|
Federal funds purchased |
|
$ 68,515 |
|
$ 606,708 |
|
|
|
|
|
829,971 |
|
976,783 |
|
|
|
Senior debt and subordinated debt |
|
535,656 |
|
539,907 |
|
|
|
Other borrowings |
|
991,611 |
|
725,306 |
|
|
|
Total Borrowings |
|
$ 2,425,753 |
|
$ 2,848,704 |
|
|
|
|
|
|
|
|
|
|
(1) Includes equipment lease financing, overdraft and net origination fees and costs. |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
ASSET QUALITY INFORMATION (UNAUDITED) |
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
||||||
|
|
|
Three months ended |
|
Nine months ended |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
Allowance for credit losses related to net loans: |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Balance at beginning of period |
$ 375,941 |
|
$ 297,888 |
|
$ 293,404 |
|
$ 292,739 |
|
$ 287,442 |
|
$ 293,404 |
|
$ 269,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CECL day 1 provision expense(1) |
— |
|
23,444 |
|
— |
|
— |
|
— |
|
23,444 |
|
— |
|
|
Initial purchased credit deteriorated allowance for credit losses |
(1,139) |
|
55,906 |
|
— |
|
— |
|
— |
|
54,767 |
|
— |
|
|
Loans charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
(2,723) |
|
(7,853) |
|
(26) |
|
(3,547) |
|
(860) |
|
(10,602) |
|
(14,452) |
|
|
Commercial and industrial |
(6,256) |
|
(2,955) |
|
(7,632) |
|
(3,397) |
|
(3,220) |
|
(16,843) |
|
(5,849) |
|
|
Real estate - residential mortgage |
(1,131) |
|
(35) |
|
(251) |
|
— |
|
— |
|
(1,417) |
|
(62) |
|
|
Consumer and home equity |
(2,308) |
|
(1,766) |
|
(2,238) |
|
(2,192) |
|
(1,803) |
|
(6,312) |
|
(5,322) |
|
|
Real estate - construction |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
Leases and other loans(2) |
(726) |
|
(1,398) |
|
(805) |
|
(1,096) |
|
(1,396) |
|
(2,929) |
|
(3,284) |
|
|
Total loans charged off |
(13,144) |
|
(14,007) |
|
(10,952) |
|
(10,232) |
|
(7,279) |
|
(38,103) |
|
(28,969) |
|
Recoveries of loans previously charged off: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate - commercial mortgage |
107 |
|
146 |
|
152 |
|
160 |
|
101 |
|
405 |
|
916 |
|
|
Commercial and industrial |
1,008 |
|
796 |
|
1,248 |
|
779 |
|
620 |
|
3,052 |
|
2,694 |
|
|
Real estate - residential mortgage |
130 |
|
122 |
|
116 |
|
278 |
|
37 |
|
368 |
|
143 |
|
|
Consumer and home equity |
545 |
|
1,161 |
|
676 |
|
555 |
|
1,023 |
|
2,382 |
|
2,643 |
|
|
Real estate - construction |
103 |
|
233 |
|
— |
|
87 |
|
— |
|
336 |
|
771 |
|
|
Leases and other loans(2) |
129 |
|
247 |
|
162 |
|
374 |
|
400 |
|
538 |
|
729 |
|
|
Recoveries of loans previously charged off |
2,022 |
|
2,705 |
|
2,354 |
|
2,233 |
|
2,181 |
|
7,081 |
|
7,896 |
|
Net loans charged off |
(11,122) |
|
(11,302) |
|
(8,598) |
|
(7,999) |
|
(5,098) |
|
(31,022) |
|
(21,073) |
|
|
Provision for credit losses(1) |
12,281 |
|
10,005 |
|
13,082 |
|
8,664 |
|
10,395 |
|
35,368 |
|
44,446 |
|
|
Balance at end of period |
$ 375,961 |
|
$ 375,941 |
|
$ 297,888 |
|
$ 293,404 |
|
$ 292,739 |
|
$ 375,961 |
|
$ 292,739 |
|
|
Net charge-offs to average loans |
0.18 % |
|
0.19 % |
|
0.16 % |
|
0.15 % |
|
0.10 % |
|
0.18 % |
|
0.13 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses related to OBS Credit Exposures |
|
|
|
|
|
|
|
|
|
|||||
|
|
Provision for credit losses(1) |
$ (352) |
|
|
|
|
|
$ 1,144 |
|
$ (458) |
|
|
|
$ (218) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Non-accrual loans |
$ 175,861 |
|
$ 145,630 |
|
$ 129,628 |
|
$ 121,620 |
|
$ 113,022 |
|
|
|
|
|
|
Loans 90 days past due and accruing |
26,286 |
|
26,962 |
|
26,521 |
|
31,721 |
|
27,962 |
|
|
|
|
|
|
Total non-performing loans |
202,147 |
|
172,592 |
|
156,149 |
|
153,341 |
|
140,984 |
|
|
|
|
|
|
Other real estate owned |
2,844 |
|
1,444 |
|
277 |
|
896 |
|
2,549 |
|
|
|
|
|
|
Total non-performing assets |
$ 204,991 |
|
$ 174,036 |
|
$ 156,426 |
|
$ 154,237 |
|
$ 143,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS, BY TYPE: |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Commercial and industrial |
$ 64,450 |
|
$ 58,433 |
|
$ 44,118 |
|
$ 41,020 |
|
$ 33,365 |
|
|
|
|
|
|
Real estate - commercial mortgage |
71,505 |
|
48,615 |
|
47,891 |
|
46,527 |
|
44,058 |
|
|
|
|
|
|
Real estate - residential mortgage |
41,727 |
|
41,033 |
|
40,685 |
|
42,029 |
|
40,560 |
|
|
|
|
|
|
Consumer and home equity |
12,792 |
|
11,886 |
|
10,172 |
|
10,878 |
|
11,580 |
|
|
|
|
|
|
Leases and other loans(2) |
9,927 |
|
9,993 |
|
10,135 |
|
10,011 |
|
10,744 |
|
|
|
|
|
|
Real estate - construction |
1,746 |
|
2,632 |
|
3,148 |
|
2,876 |
|
677 |
|
|
|
|
|
|
Total non-performing loans |
$ 202,147 |
|
$ 172,592 |
|
$ 156,149 |
|
$ 153,341 |
|
$ 140,984 |
|
|
|
|
|
|
|
|||||||||||||
|
(1) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income. |
||||||||||||||
|
(2) Includes equipment lease financing, overdraft and net origination fees and costs. |
||||||||||||||
|
|
||||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
|
||||||||||||||
|
(dollars in thousands, except per share and share data) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Explanatory note: |
This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow: |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
Operating net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
||||
|
Net income available to common shareholders |
|
$ 60,644 |
|
$ 92,413 |
|
$ 59,379 |
|
$ 61,701 |
|
$ 69,535 |
||||
|
Less: Non-PCD credit-related interest income from acquisition |
|
(815) |
|
(571) |
|
— |
|
— |
|
— |
||||
|
Less: Interest rate derivative transition valuation(1) |
|
138 |
|
(137) |
|
(151) |
|
(1,102) |
|
2,958 |
||||
|
Less: Loss (gain) on acquisition, net of tax |
|
7,706 |
|
(47,392) |
|
— |
|
— |
|
— |
||||
|
Plus: Loss on securities restructuring |
|
— |
|
20,282 |
|
— |
|
— |
|
— |
||||
|
Plus: Core deposit intangible amortization |
|
6,155 |
|
4,556 |
|
441 |
|
441 |
|
441 |
||||
|
Plus: Acquisition-related expense |
|
14,195 |
|
13,803 |
|
— |
|
— |
|
— |
||||
|
Plus: CECL day 1 provision expense |
|
— |
|
23,444 |
|
— |
|
— |
|
— |
||||
|
Less: Gain on sale-leaseback |
|
— |
|
(20,266) |
|
— |
|
— |
|
— |
||||
|
Plus: |
|
(16) |
|
— |
|
956 |
|
6,494 |
|
— |
||||
|
Plus: FultonFirst implementation and asset disposals |
|
9,385 |
|
6,323 |
|
6,329 |
|
3,197 |
|
— |
||||
|
Less: Tax impact of adjustments |
|
(6,099) |
|
(9,961) |
|
(1,591) |
|
(1,896) |
|
(714) |
||||
|
Operating net income available to common shareholders (numerator) |
|
$ 91,293 |
|
$ 82,494 |
|
$ 65,363 |
|
$ 68,835 |
|
$ 72,220 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted) (denominator) |
|
183,609 |
|
176,934 |
|
164,520 |
|
165,650 |
|
166,023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income available to common shareholders, per share (diluted) |
|
$ 0.50 |
|
$ 0.47 |
|
$ 0.40 |
|
$ 0.42 |
|
$ 0.43 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shareholders' equity (tangible), per share |
|
|
|
|
|
|
|
|
|
|
||||
|
Shareholders' equity |
|
$ 3,203,943 |
|
$ 3,101,609 |
|
$ 2,757,679 |
|
$ 2,760,139 |
|
$ 2,566,693 |
||||
|
Less: Preferred stock |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
||||
|
Less: |
|
(641,739) |
|
(648,026) |
|
(560,114) |
|
(560,687) |
|
(561,284) |
||||
|
Tangible common shareholders' equity (numerator) |
|
$ 2,369,326 |
|
$ 2,260,705 |
|
$ 2,004,687 |
|
$ 2,006,574 |
|
$ 1,812,531 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Shares outstanding, end of period (denominator) |
|
181,957 |
|
181,831 |
|
162,087 |
|
163,801 |
|
164,084 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Common shareholders' equity (tangible), per share |
|
$ 13.02 |
|
$ 12.43 |
|
$ 12.37 |
|
$ 12.25 |
|
$ 11.05 |
||||
|
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. |
||||||||||||||
|
(2) Results are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
Operating return on average assets (2) |
|
|
|
|
|
|
|
|
|
|
||||
|
Net income |
|
$ 63,206 |
|
$ 94,975 |
|
$ 61,941 |
|
$ 64,263 |
|
$ 72,097 |
||||
|
Less: Non-PCD credit-related interest income from acquisition |
|
(815) |
|
(571) |
|
— |
|
— |
|
— |
||||
|
Less: Interest rate derivative transition valuation(1) |
|
138 |
|
(137) |
|
(151) |
|
(1,102) |
|
2,958 |
||||
|
Less: Loss (gain) on acquisition, net of tax |
|
7,706 |
|
(47,392) |
|
— |
|
— |
|
— |
||||
|
Plus: Loss on securities restructuring |
|
— |
|
20,282 |
|
— |
|
— |
|
— |
||||
|
Plus: Core deposit intangible amortization |
|
6,155 |
|
4,556 |
|
441 |
|
441 |
|
441 |
||||
|
Plus: Acquisition-related expense |
|
14,195 |
|
13,803 |
|
— |
|
— |
|
— |
||||
|
Plus: CECL day 1 provision expense |
|
— |
|
23,444 |
|
— |
|
— |
|
— |
||||
|
Less: Gain on sale-leaseback |
|
— |
|
(20,266) |
|
— |
|
— |
|
— |
||||
|
Plus: |
|
(16) |
|
— |
|
956 |
|
6,494 |
|
— |
||||
|
Plus: FultonFirst implementation and asset disposals |
|
9,385 |
|
6,323 |
|
6,329 |
|
3,197 |
|
— |
||||
|
Less: Tax impact of adjustments |
|
(6,099) |
|
(9,961) |
|
(1,591) |
|
(1,896) |
|
(714) |
||||
|
Operating net income (numerator) |
|
$ 93,855 |
|
$ 85,056 |
|
$ 67,925 |
|
$ 71,397 |
|
$ 74,782 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets |
|
$ 31,895,235 |
|
$ 30,774,891 |
|
$ 27,427,626 |
|
$ 27,397,671 |
|
$ 27,377,836 |
||||
|
Less: Average net core deposit intangible |
|
(89,350) |
|
(68,234) |
|
(4,666) |
|
(5,106) |
|
(5,548) |
||||
|
Total operating average assets (denominator) |
|
$ 31,805,885 |
|
$ 30,706,657 |
|
$ 27,422,960 |
|
$ 27,392,565 |
|
$ 27,372,288 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average assets |
|
1.17 % |
|
1.11 % |
|
1.00 % |
|
1.03 % |
|
1.08 % |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on average common shareholders' equity (tangible) (2) |
|
|
|
|
|
|
||||||||
|
Net income available to common shareholders |
|
$ 60,644 |
|
$ 92,413 |
|
$ 59,379 |
|
$ 61,701 |
|
$ 69,535 |
||||
|
Less: Non-PCD credit-related interest income from acquisition |
|
(815) |
|
(571) |
|
— |
|
— |
|
— |
||||
|
Less: Interest rate derivative transition valuation(1) |
|
138 |
|
(137) |
|
(151) |
|
(1,102) |
|
2,958 |
||||
|
Less: Loss (gain) on acquisition, net of tax |
|
7,706 |
|
(47,392) |
|
— |
|
— |
|
— |
||||
|
Plus: Loss on securities restructuring |
|
— |
|
20,282 |
|
— |
|
— |
|
— |
||||
|
Plus: Intangible amortization |
|
|
6,287 |
|
4,688 |
|
573 |
|
597 |
|
601 |
|||
|
Plus: Acquisition-related expense |
|
|
14,195 |
|
13,803 |
|
— |
|
— |
|
— |
|||
|
Plus: CECL day 1 provision expense |
|
— |
|
23,444 |
|
— |
|
— |
|
— |
||||
|
Less: Gain on sale-leaseback |
|
— |
|
(20,266) |
|
— |
|
— |
|
— |
||||
|
Plus: |
|
(16) |
|
— |
|
956 |
|
6,494 |
|
— |
||||
|
Plus: FultonFirst implementation and asset disposals |
|
9,385 |
|
6,323 |
|
6,329 |
|
3,197 |
|
— |
||||
|
Less: Tax impact of adjustments |
|
|
(6,127) |
|
(9,989) |
|
(1,618) |
|
(1,929) |
|
(747) |
|||
|
Adjusted net income available to common shareholders (numerator) |
|
$ 91,397 |
|
$ 82,598 |
|
$ 65,468 |
|
$ 68,958 |
|
$ 72,347 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average shareholders' equity |
|
$ 3,160,322 |
|
$ 2,952,671 |
|
$ 2,766,945 |
|
$ 2,618,024 |
|
$ 2,645,977 |
||||
|
Less: Average preferred stock |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
||||
|
Less: Average goodwill and intangible assets |
|
(644,814) |
|
(624,471) |
|
(560,393) |
|
(560,977) |
|
(561,578) |
||||
|
Average tangible common shareholders' equity (denominator) |
|
$ 2,322,630 |
|
$ 2,135,322 |
|
$ 2,013,674 |
|
$ 1,864,169 |
|
$ 1,891,521 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating return on average common shareholders' equity (tangible) |
|
15.65 % |
|
15.56 % |
|
13.08 % |
|
14.68 % |
|
15.17 % |
||||
|
(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. |
||||||||||||||
|
(2) Results are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|
Tangible common equity to tangible assets (TCE Ratio) |
|
|
|
|
|
|
|
|
|
|
||||
|
Shareholders' equity |
|
$ 3,203,943 |
|
$ 3,101,609 |
|
$ 2,757,679 |
|
$ 2,760,139 |
|
$ 2,566,693 |
||||
|
Less: Preferred stock |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
|
(192,878) |
||||
|
Less: |
|
(641,739) |
|
(648,026) |
|
(560,114) |
|
(560,687) |
|
(561,284) |
||||
|
Tangible common shareholders' equity (numerator) |
|
$ 2,369,326 |
|
$ 2,260,705 |
|
$ 2,004,687 |
|
$ 2,006,574 |
|
$ 1,812,531 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ 32,185,726 |
|
$ 31,769,813 |
|
$ 27,642,957 |
|
$ 27,571,915 |
|
$ 27,375,177 |
||||
|
Less: |
|
(641,739) |
|
(648,026) |
|
(560,114) |
|
(560,687) |
|
(561,284) |
||||
|
Total tangible assets (denominator) |
|
$ 31,543,987 |
|
$ 31,121,787 |
|
$ 27,082,843 |
|
$ 27,011,228 |
|
$ 26,813,893 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets |
|
7.51 % |
|
7.26 % |
|
7.40 % |
|
7.43 % |
|
6.76 % |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Non-interest expense |
|
$ 226,089 |
|
$ 199,488 |
|
$ 177,600 |
|
$ 180,552 |
|
$ 171,020 |
||||
|
Less: Acquisition-related expense |
|
(14,195) |
|
(13,803) |
|
— |
|
— |
|
— |
||||
|
Plus: Gain on sale-leaseback |
|
— |
|
20,266 |
|
— |
|
— |
|
— |
||||
|
Less: |
|
16 |
|
— |
|
(956) |
|
(6,494) |
|
— |
||||
|
Less: FultonFirst implementation and asset disposals |
|
(9,385) |
|
(6,323) |
|
(6,329) |
|
(3,197) |
|
— |
||||
|
Less: Intangible amortization |
|
(6,287) |
|
(4,688) |
|
(573) |
|
(597) |
|
(601) |
||||
|
Less: Debt extinguishment |
|
— |
|
— |
|
— |
|
720 |
|
— |
||||
|
Operating non-interest expense (numerator) |
|
$ 196,238 |
|
$ 194,940 |
|
$ 169,742 |
|
$ 170,984 |
|
$ 170,419 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income |
|
$ 258,009 |
|
$ 241,720 |
|
$ 206,937 |
|
$ 212,006 |
|
$ 213,842 |
||||
|
Tax equivalent adjustment |
|
4,424 |
|
4,556 |
|
4,592 |
|
4,549 |
|
4,442 |
||||
|
Plus: Total non-interest income |
|
59,673 |
|
92,994 |
|
57,140 |
|
59,378 |
|
55,961 |
||||
|
Less: Interest rate derivative transition valuation(1) |
|
138 |
|
(137) |
|
(151) |
|
(1,102) |
|
2,958 |
||||
|
Less: Non-PCD credit-related interest income from acquisition |
|
(815) |
|
(571) |
|
— |
|
— |
|
— |
||||
|
Less: Loss (gain) on acquisition, net of tax |
|
7,706 |
|
(47,392) |
|
— |
|
— |
|
— |
||||
|
Plus: Investment securities (gains) losses, net |
|
1 |
|
20,282 |
|
— |
|
752 |
|
— |
||||
|
Total revenue (denominator) |
|
$ 329,136 |
|
$ 311,452 |
|
$ 268,518 |
|
$ 275,583 |
|
$ 277,203 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Efficiency ratio |
|
59.62 % |
|
62.59 % |
|
63.21 % |
|
62.04 % |
|
61.48 % |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest expense to total average assets |
|
|
|
|
|
|
|
|
|
|
||||
|
Non-interest expense |
|
$ 226,089 |
|
$ 199,488 |
|
$ 177,600 |
|
$ 180,552 |
|
$ 171,020 |
||||
|
Less: Intangible amortization |
|
(6,287) |
|
(4,688) |
|
(573) |
|
(597) |
|
(601) |
||||
|
Less: Acquisition-related expense |
|
(14,195) |
|
(13,803) |
|
— |
|
— |
|
— |
||||
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Plus: Gain on sale-leaseback |
|
— |
|
20,266 |
|
— |
|
— |
|
— |
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|
Less: |
|
16 |
|
— |
|
(956) |
|
(6,494) |
|
— |
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|
Less: FultonFirst implementation and asset disposals |
|
(9,385) |
|
(6,323) |
|
(6,329) |
|
(3,197) |
|
— |
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|
Operating non-interest expense (numerator) |
|
$ 196,238 |
|
$ 194,940 |
|
$ 169,742 |
|
$ 170,264 |
|
$ 170,419 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average assets (denominator) |
|
$ 31,895,235 |
|
$ 30,774,891 |
|
$ 27,427,626 |
|
$ 27,397,671 |
|
$ 27,377,836 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating non-interest expenses to total average assets |
|
2.45 % |
|
2.55 % |
|
2.49 % |
|
2.47 % |
|
2.47 % |
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(1) Resulting from the reference rate transition from LIBOR to SOFR in the Corporation's commercial customer interest rate swap program. |
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(2) Results are annualized. |
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Note: numbers in this report may not sum due to rounding. |
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Media Contact:
Investor Contact:
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SOURCE
