[April 25, 2018] |
|
Cadence Bancorporation Reports Record First Quarter 2018 Results
"We are very pleased to report to you our first quarter of 2018
financial results," stated Paul B. Murphy, Jr., Chairman and Chief
Executive Officer of Cadence Bancorporation. "April 2018 marks the
one-year anniversary since we took Cadence Bancorporation public. Since
that time, our loans are up $1.1 billion or 14%, our core deposits have
increased $1.5 billion or 21%, our revenues are up $17.2 million or
17.4%, and importantly, our earnings per share has increased $0.11 or
31%. As a result, our stock has performed well since our IPO. Today, our
business is strong, our bankers are motivated, and we are focused on
doing a great job for our clients. That combination ultimately
translates into our continued financial performance and return for our
shareholders."
Cadence Bancorporation (NYSE:CADE) ("Cadence") today announced net
income for the quarter ended March 31, 2018 of $38.8 million, or $0.46
per diluted common share ("per share"), compared to $14.7 million, or
$0.17 per share, in the fourth quarter of 2017, and $26.1 million, or
$0.35 per share, in the first quarter of 2017. The fourth quarter of
2017 includes a one-time charge of $19.0 million, or $0.22 per share,
recorded in income tax expense (the "one-time tax charge") related to
the enactment of the Tax Cuts and Jobs Act in December 2017 requiring a
re-measurement of our deferred tax assets arising from a lower corporate
tax rate.
Highlights:
-
First quarter of 2018 net income was $38.8 million, representing an
increase compared to the fourth quarter of 2017 of $5.1 million, or
15.2%, excluding the one-time tax charge(1), (an increase
of $24.1 million, or 164.3%, as reported), and an increase of $12.7
million, or 48.7%, compared to first quarter of 2017.
-
On a per-share basis, net income was $0.46 per share for the first
quarter of 2018, compared to $0.39 per share excluding the
one-time tax charge(1) for the fourth quarter of 2017,
(or $0.17 per share as reported), and $0.35 per share for the
first quarter of 2017.
-
Annualized returns on average assets, common equity and tangible
common equity(1) for the first quarter of 2018 were
1.44%, 11.73% and 15.52%, respectively, compared to 1.26%, 9.92%
and 13.11%, respectively, excluding the one-time tax charge(1),
for the fourth quarter of 2017, (0.55%, 4.32% and 5.71%,
respectively, as reported), and 1.10%, 9.71% and 13.96%,
respectively, for the first quarter of 2017.
-
Total revenue for the first quarter of 2018 was $116.1 million, up
2.2% from the linked quarter and up 17.4% from the same period in 2017
driven by strong loan growth and increases in net interest margin.
-
Our fully tax-equivalent net interest margin ("NIM") for the first
quarter of 2018 was 3.64%, an increase from 3.59% for the fourth
quarter of 2017 and 3.46% for the first quarter of 2017, reflecting
our asset sensitivity. Our NIM excluding recovery accretion for
acquired-impaired loans was 3.62% for the first quarter of 2018, up
14bp from 3.48% in the fourth quarter of 2017 and up 19bp from 3.43%
in the first quarter of 2017.
-
The efficiency ratio(1) for the first quarter of 2018 was
53.35%, an improvement from both linked and prior quarter efficiency
ratios of 58.44% and 54.95%, respectively. The first quarter of 2018
included approximately $3.1 million of non-routine secondary offering
and legal costs.
-
Loans were $8.6 billion as of March 31, 2018, an increase of $393.6
million, or 4.8%, as compared to $8.3 billion at December 31, 2017,
and an increase of $1.1 billion, or 14.4%, as compared to $7.6 billion
at March 31, 2017.
-
Core deposits (total deposits excluding brokered) were $8.2 billion as
of March 31, 2018, up $15.8 million, or 0.2%, from December 31, 2017,
and up $1.5 billion, or 21.4%, from March 31, 2017. Both the increases
in loans and deposits were 100% organically derived.
(1) Considered a non-GAAP financial measure. See Table 7
"Reconciliation of Non-GAAP Financial Measures" for a reconciliation of
our non-GAAP measures to the most directly comparable GAAP financial
measure.
Balance Sheet:
Cadence continued its solid growth during the quarter with total assets
reaching $11.0 billion as of March 31, 2018, an increase of $50.5
million, or 0.5%, from December 31, 2017, and an increase of $1.3
billion, or 13.2%, from March 31, 2017.
Loans at March 31, 2018 were $8.6 billion, an increase of
$393.6 million, or 4.8%, from December 31, 2017, and an increase of $1.1
billion, or 14.4%, from March 31, 2017. Average loans for the first
quarter of 2018 were $8.4 billion, an increase of $217.7 million, or
2.6%, from fourth quarter of 2017, and an increase of $892.8 million, or
11.8%, from first quarter of 2017. Increases in loans reflect continued
demand primarily in our specialized and general C&I portfolios compared
to linked quarter and in our specialized, general C&I and residential
portfolios compared to prior year.
Total deposits at March 31, 2018 were $9.0 billion, an
increase of $37.5 million, or 0.4%, from December 31, 2017, and an
increase of $1.2 billion, or 15.4%, from March 31, 2017. Average total
deposits for the first quarter of 2018 were $9.0 billion, an increase of
$376.9 million, or 4.4%, from fourth quarter of 2017, and an increase of
$987.3 million, or 12.3%, from first quarter of 2017.
-
Deposit increases reflect growth in core deposits, specifically with
success in expanding commercial deposit relationships and treasury
management services.
-
Noninterest bearing deposits as a percent of total deposits were
22.6%, compared to 24.9% at December 31, 2017 and 23.9% at March 31,
2017.
-
The year-over-year core deposit growth supported a $246.2 million
reduction in brokered deposits since March 31, 2017. As of March 31,
2018, brokered deposits totaled $0.8 billion, or 9.0% of total
deposits, up slightly from 8.8% of total deposits at December 31, 2017
and down from 13.6% of total deposits at March 31, 2017, respectively.
Shareholders' equity was $1.4 billion at March 31, 2018, a
decrease of $2.0 million from December 31, 2017, and an increase of
$251.1 million from March 31, 2017.
-
The linked quarter decline in shareholders' equity was impacted by a
decline in Other Comprehensive Income due to unrealized losses related
to the impact of rising interest rates on the fair market valuation of
our securities portfolio.
-
In March 2018, Cadence paid a $0.125 per common share dividend
totaling $10.5 million.
-
The year-over-year increase in shareholders' equity includes $155.6
million in net proceeds from our April 2017 initial public offering
that was added to tangible common equity during the second quarter of
2017. This offering resulted in increasing average diluted shares to
84.7 million for the first quarter of 2018, as compared to 75.7
million and 84.7 million in the first quarter of 2017 and fourth
quarter of 2017, respectively.
-
In November 2017 and February 2018, Cadence completed secondary
offerings whereby its controlling stockholder, Cadence Bancorp LLC,
sold 10,925,000 and 9,200,000 Cadence Bancorporation shares,
respectively, reducing its ownership in Cadence to 76.6% and 65.6%,
respectively. All proceeds from these transactions were received by
Cadence Bancorp LLC and did not impact Cadence Bancorporation's equity
or outstanding shares.
Asset Quality:
Credit quality metrics reflected general credit stability
in the first quarter of 2018.
-
Annualized net-charge offs as a percent of average loans for the
quarter ended March 31, 2018 were $0.4 million, or 0.02%, compared to
$4.4 million, or 0.06%, for the full year of 2017.
-
NPAs totaled $72.7 million, or 0.8%, of total loans, OREO and other
NPAs as of March 31, 2018, compared to $70.7 million, or 0.9%, as of
December 31, 2017, and down from $171.0 million, or 2.3%, as of March
31, 2017.
-
Of the $37.3 million in energy nonperforming loans included in total
NPAs as of March 31, 2018, 85% were paying in accordance with
contractual terms.
-
The allowance for credit losses ("ACL") was $91.5 million, or 1.06% of
total loans, as of December 31, 2017, as compared to $87.6 million, or
1.06% of total loans, as of December 31, 2017 and $88.3 million, or
1.17% of total loans, as of March 31, 2017. The year-over-year decline
in the ACL as a percentage of total loans resulted primarily from the
reduction in non-performing loans and related valuation reserves
(largely from the energy portfolio) and improved environmental factors
in the energy sector over the past year.
Total Revenue:
Total revenue for the first quarter of 2018 was $116.1 million, up 2.2%
from the linked quarter and up 17.4% from the same period in 2017. The
revenue increases were primarily a result of both strong loan growth
during the period and meaningful increases in net interest margins.
Net interest income for the first quarter of 2018 was
$91.1 million, an increase of $3.2 million, or 3.6%, from the fourth
quarter of 2017 and an increase of $16.4 million, or 21.9%, from the
same period 2017, reflecting strong growth in our earning assets
combined with increases in net interest margin.
-
Our fully tax-equivalent net interest margin ("NIM") for the first
quarter of 2018 was 3.64% as compared to 3.59% for the fourth quarter
of 2017 and 3.46% for the first quarter of 2017. The increases in NIM
are primarily a result of our asset sensitive balance sheet and
earning asset yields increasing more significantly than our funding
costs in the recent rising rate environment. Our NIM excluding
recovery accretion for acquired-impaired loans was 3.62%, 3.48% and
3.43% for the first quarter of 2018, fourth quarter of 2017 and first
quarter of 2017 respectively.
-
Earning asset yields for the first quarter of 2018 were 4.51%, up 10
basis points from 4.41% in the fourth quarter of 2017, and up 38 basis
points from 4.13% in the first quarter of 2017, driven by increases in
loan yields.
-
Over 72% of our loan portfolio is floating rate and has benefited
from the short-term rate increases during the periods.
-
Yield on loans, excluding acquired-impaired loans, increased
meaningfully to 4.81% for the first quarter of 2018, as compared
to 4.47% and 4.14% for the fourth quarter of 2017 and first
quarter of 2017, respectively.
-
Total accretion for acquired-impaired loans was $5.6 million in
the first quarter of 2018, down $2.5 million from the fourth
quarter of 2017 and down $1.3 million from the first quarter of
2017. The declines in accretion were due to recovery timing.
Recovery accretion was $0.4 million, $2.8 million and $0.6 million
for the first quarter of 2018, fourth quarter of 2017 and first
quarter of 2017, respectively.
-
Total loan yields increased to 4.94% for the first quarter of 2018
versus 4.72% for the fourth quarter of 2017 and 4.34% for the
first quarter of 2017.
-
The impact of the lower tax rate in the first quarter of 2018 on
the tax-equivalent yield served to reduce the first quarter of
2018 NIM by (4) basis points.
-
Total cost of funds for the first quarter of 2018 was 94 basis points
versus 89 basis points in the linked quarter and 71 basis points in
the first quarter of 2017.
-
Total cost of deposits for the first quarter of 2018 was 75 basis
points versus 69 basis points in the linked quarter and 49 basis
points in the first quarter of 2017.
Noninterest income for the first quarter of 2018 was $25.0
million, a decrease of $0.7 million, or 2.6%, from the fourth quarter of
2017, and an increase of $0.9 million, or 3.6%, from the same period of
2017.
-
Total service fees and revenue for the first quarter of 2018 were
$23.9 million, an increase of $1.5 million, or 6.7%, from the fourth
quarter of 2017, and an increase of $1.4 million, or 6.3%, from the
same period of 2017. The first quarter of 2018 increases compared to
the linked quarter were driven throughout various fee categories due
to broad based business growth, notably in trust services, service
charges on deposit accounts, credit related fees and insurance
revenue. Mortgage banking revenue declined slightly due to the rate
environment and overall seasonality. Compared to the prior year's
quarter, increases were also broad-based, with notable increases in
credit-related fees and investment advisory revenue, and softer
mortgage banking revenue.
-
Total other noninterest income for the first quarter of 2018 was $1.1
million, a decrease of $2.2 million from the fourth quarter of 2017,
and a decrease of $0.5 million from the same period of 2017. The
decline from linked quarter was largely a result of the $1.6 million
gain on sale of a loan in the fourth quarter of 2017.
Noninterest Expenses:
Noninterest expense for the first quarter of 2018 was $61.9 million, a
decrease of $4.4 million, or 6.7%, from $66.4 million for the fourth
quarter of 2017, and an increase of $7.6 million, or 14%, from $54.3
million during the same period in 2017. The linked quarter included an
increase of $2.2 million in salaries and benefits driven by timing of
payroll taxes and 401k contributions due to annual incentives paid in
the first quarter of 2018 and the beginning of the tax year. This
increase was more than offset by decreases in consulting and
professional fees, OREO costs and other expenses as a result of
non-routine fourth quarter of 2017 expenses. The increase in expenses
from the prior year's quarter was due to a $3.1 million growth in
salaries and benefits driven by business growth and related incentives,
and a $4.1 million increase in other expenses due to overall growth and
non-routine expenses in the first quarter of 2018 detailed below:
-
Consulting and professional fees in the first quarter of 2018 included
$0.9 million in expenses specific to the February 2018 secondary
offering.
-
Legal expense for the first quarter of 2018 included $2.2 million in
legal costs associated with litigation related to a pre-acquisition
matter of a legacy acquired bank. This matter was resolved in the
first quarter of 2018 and is not expected to result in any future
expenses.
The efficiency ratio(1) for the first quarter
of 2018 was 53.35%, as compared to the first quarter of 2017 and fourth
quarter of 2017 ratios of 54.95% and 58.44%, respectively. The
improvement in the efficiency ratio reflects ongoing focus on managing
expenses and expanding revenue. First quarter 2018 revenues increased
$17.2 million over first quarter 2017, while first quarter 2018 expenses
increased $7.6 million over first quarter 2017.
(1) Considered a non-GAAP financial measure. See Table 7
"Reconciliation of Non-GAAP Financial Measures" for a reconciliation of
our non-GAAP measures to the most directly comparable GAAP financial
measure.
Taxes:
The effective tax rate for the quarter ended March 31, 2018 was 22.0% as
compared to 34.8%(1) excluding the one-time tax charge in the
fourth quarter of 2017, (71.6% as reported), and 32.6% in the first
quarter of 2017.
Quarterly Dividend:
On April 25, 2018, the Board of Directors of Cadence declared a
quarterly cash dividend in the amount of $0.125 per share of common
stock, representing an annualized dividend of $0.50 per share. The
dividend will be paid on June 15, 2018 to holders of record of the Class
A common stock on June 1, 2018.
Supplementary Financial Tables (Unaudited):
Supplementary Financial Tables (Unaudited) are included in this release
following the customary disclosure information.
First Quarter 2018 Earnings Conference Call:
Cadence Bancorporation executive management will host a conference call
to discuss first quarter 2018 results on Thursday, April 26, 2018, at
10:00 a.m. CT / 11:00 a.m. ET. Slides to be presented by management on
the conference call can be viewed by visiting www.cadencebancorporation.com
and selecting "Events & Presentations" then "Event Calendar".
Conference Call Access:
To access the conference call, please dial one of the following numbers
approximately 10-15 minutes prior to the start time to allow time for
registration, and use the Elite Entry Number provided below.
Dial in (toll free):
|
|
|
|
1-888-317-6003
|
International dial in:
|
|
|
|
1-412-317-6061
|
Canada (toll free):
|
|
|
|
1-866-284-3684
|
Participant Elite Entry Number:
|
|
|
|
3260143
|
For those unable to participate in the live presentation, a replay will
be available through May 10, 2018. To access the replay, please use the
following numbers:
US Toll Free:
|
|
|
|
|
1-877-344-7529
|
International Toll:
|
|
|
|
|
1-412-317-0088
|
Canada Toll Free:
|
|
|
|
|
1-855-669-9658
|
Replay Access Code:
|
|
|
|
|
10118996
|
End Date:
|
|
|
|
|
May 10, 2018
|
Webcast Access:
A webcast of the conference call as well as the slides to be presented
by management can be viewed by visiting www.cadencebancorporation.com
and selecting "Events & Presentations" then "Event Calendar".
About Cadence Bancorporation
Cadence Bancorporation (NYSE:CADE) is an $11 billion in assets regional
bank holding company headquartered in Houston, Texas. Through its
affiliates, Cadence operates 65 locations in Alabama, Florida, Texas,
Mississippi and Tennessee, and provides corporations, middle-market
companies, small businesses and consumers with a full range of
innovative banking and financial solutions. Services and products
include commercial and business banking, treasury management,
specialized lending, commercial real estate, foreign exchange, wealth
management, investment and trust services, financial planning,
retirement plan management, business and personal insurance, consumer
banking, consumer loans, mortgages, home equity lines and loans, and
credit cards. Clients have access to leading-edge online and mobile
solutions, interactive teller machines, and 56,000 ATMs. The Cadence
team of 1,200 associates is committed to exceeding customer expectations
and helping their clients succeed financially. Cadence Bank, N.A.,
Cadence Insurance, and Linscomb & Williams are direct or indirect
subsidiaries of Cadence Bancorporation.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect our current views with respect to,
among other things, future events and our results of operations,
financial condition and financial performance. These statements are
often, but not always, made through the use of words or phrases such as
"may," "should," "could," "predict," "potential," "believe," "will
likely result," "expect," "continue," "will," "anticipate," "seek,"
"estimate," "intend," "plan," "projection," "would" and "outlook," or
the negative version of those words or other comparable words of a
future or forward-looking nature. These forward-looking statements are
not historical facts, and are based on current expectations, estimates
and projections about our industry, management's beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain and beyond our control. Accordingly, we caution you
that any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions and uncertainties that
are difficult to predict. Although we believe that the expectations
reflected in these forward-looking statements are reasonable as of the
date made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements. Such
factors include, without limitation, the "Risk Factors" referenced in
our Registration Statement on Form S-1 filed with the Securities and
Exchange Commission (SEC), other risks and uncertainties listed from
time to time in our reports and documents filed with the SEC, including
our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and
the following factors: business and economic conditions generally and in
the financial services industry, nationally and within our current and
future geographic market areas; economic, market, operational,
liquidity, credit and interest rate risks associated with our business;
lack of seasoning in our loan portfolio; deteriorating asset quality and
higher loan charge-offs; the laws and regulations applicable to our
business; our ability to achieve organic loan and deposit growth and the
composition of such growth; increased competition in the financial
services industry, nationally, regionally or locally; our ability to
maintain our historical earnings trends; our ability to raise additional
capital to implement our business plan; material weaknesses in our
internal control over financial reporting; systems failures or
interruptions involving our information technology and
telecommunications systems or third-party servicers; the composition of
our management team and our ability to attract and retain key personnel;
the fiscal position of the U.S. federal government and the soundness of
other financial institutions; the composition of our loan portfolio,
including the identify of our borrowers and the concentration of loans
in energy-related industries and in our specialized industries; the
portion of our loan portfolio that is comprised of participations and
shared national credits; and the amount of nonperforming and classified
assets we hold. Cadence can give no assurance that any goal or plan or
expectation set forth in forward-looking statements can be achieved and
readers are cautioned not to place undue reliance on such statements.
The forward-looking statements are made as of the date of this
communication, and Cadence does not intend, and assumes no obligation,
to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events or circumstances, except
as required by applicable law.
About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including
"efficiency ratio," "adjusted noninterest expenses," "adjusted operating
revenue," "tangible common equity ratio," "tangible book value per
share" and "return on average tangible common equity" and "pre-tax,
pre-provision net earnings," are supplemental measures that are not
required by, or are not presented in accordance with, U.S. generally
accepted accounting principles (GAAP). We refer to these financial
measures and ratios as "non-GAAP financial measures." We consider the
use of select non-GAAP financial measures and ratios to be useful for
financial and operational decision making and useful in evaluating
period-to-period comparisons. We believe that these non-GAAP financial
measures provide meaningful supplemental information regarding our
performance by excluding certain expenditures or assets that we believe
are not indicative of our primary business operating results or by
presenting certain metrics on a fully taxable equivalent basis. We
believe that management and investors benefit from referring to these
non-GAAP financial measures in assessing our performance and when
planning, forecasting, analyzing and comparing past, present and future
periods.
These non-GAAP financial measures should not be considered a substitute
for financial information presented in accordance with GAAP and you
should not rely on non-GAAP financial measures alone as measures of our
performance. The non-GAAP financial measures we present may differ from
non-GAAP financial measures used by our peers or other companies. We
compensate for these limitations by providing the equivalent GAAP
measures whenever we present the non-GAAP financial measures and by
including a reconciliation of the impact of the components adjusted for
in the non-GAAP financial measure so that both measures and the
individual components may be considered when analyzing our performance.
A reconciliation of non-GAAP financial measures to the comparable GAAP
financial measures is included at the end of the financial statement
tables (Table 7).
|
Table 1 - Selected Financial Data
|
|
|
|
|
|
|
|
As of and for the Three Months Ended
|
(In thousands, except per share data)
|
|
|
|
|
|
March 31,
2018
|
|
|
|
December 31,
2017
|
|
|
|
September 30,
2017
|
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
$
|
113,093
|
|
|
|
$
|
108,370
|
|
|
|
$
|
99,503
|
|
|
|
$
|
99,375
|
|
|
|
$
|
89,619
|
Interest expense
|
|
|
|
|
|
|
21,982
|
|
|
|
|
20,459
|
|
|
|
|
18,340
|
|
|
|
|
16,991
|
|
|
|
|
14,861
|
Net interest income
|
|
|
|
|
|
|
91,111
|
|
|
|
|
87,911
|
|
|
|
|
81,163
|
|
|
|
|
82,384
|
|
|
|
|
74,758
|
Provision for credit losses
|
|
|
|
|
|
|
4,380
|
|
|
|
|
(4,475
|
)
|
|
|
|
1,723
|
|
|
|
|
6,701
|
|
|
|
|
5,786
|
Net interest income after provision
|
|
|
|
|
|
|
86,731
|
|
|
|
|
92,386
|
|
|
|
|
79,440
|
|
|
|
|
75,683
|
|
|
|
|
68,972
|
Noninterest income - service fees and revenue
|
|
|
|
|
|
|
23,904
|
|
|
|
|
22,405
|
|
|
|
|
23,014
|
|
|
|
|
22,144
|
|
|
|
|
22,489
|
- other noninterest income
|
|
|
|
|
|
|
1,079
|
|
|
|
|
3,251
|
|
|
|
|
4,110
|
|
|
|
|
845
|
|
|
|
|
1,616
|
Noninterest expense
|
|
|
|
|
|
|
61,939
|
|
|
|
|
66,371
|
|
|
|
|
56,530
|
|
|
|
|
56,134
|
|
|
|
|
54,321
|
Income before income taxes
|
|
|
|
|
|
|
49,775
|
|
|
|
|
51,671
|
|
|
|
|
50,034
|
|
|
|
|
42,538
|
|
|
|
|
38,756
|
Income tax expense
|
|
|
|
|
|
|
10,950
|
|
|
|
|
36,980
|
|
|
|
|
17,457
|
|
|
|
|
13,570
|
|
|
|
|
12,639
|
Net income
|
|
|
|
|
|
$
|
38,825
|
|
|
|
$
|
14,691
|
|
|
|
$
|
32,577
|
|
|
|
$
|
28,968
|
|
|
|
$
|
26,117
|
Period-End Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
|
|
|
$
|
1,251,834
|
|
|
|
$
|
1,262,948
|
|
|
|
$
|
1,198,032
|
|
|
|
$
|
1,079,935
|
|
|
|
$
|
1,116,280
|
Total loans, net of unearned income
|
|
|
|
|
|
|
8,646,987
|
|
|
|
|
8,253,427
|
|
|
|
|
8,028,938
|
|
|
|
|
7,716,621
|
|
|
|
|
7,561,472
|
Allowance for credit losses
|
|
|
|
|
|
|
91,537
|
|
|
|
|
87,576
|
|
|
|
|
94,765
|
|
|
|
|
93,215
|
|
|
|
|
88,304
|
Total assets
|
|
|
|
|
|
|
10,999,382
|
|
|
|
|
10,948,926
|
|
|
|
|
10,502,261
|
|
|
|
|
9,811,557
|
|
|
|
|
9,720,937
|
Total deposits
|
|
|
|
|
|
|
9,048,971
|
|
|
|
|
9,011,515
|
|
|
|
|
8,501,102
|
|
|
|
|
7,930,383
|
|
|
|
|
7,841,710
|
Noninterest-bearing deposits
|
|
|
|
|
|
|
2,040,977
|
|
|
|
|
2,242,765
|
|
|
|
|
2,071,594
|
|
|
|
|
1,857,809
|
|
|
|
|
1,871,514
|
Interest-bearing deposits
|
|
|
|
|
|
|
7,007,994
|
|
|
|
|
6,768,750
|
|
|
|
|
6,429,508
|
|
|
|
|
6,072,574
|
|
|
|
|
5,970,196
|
Borrowings and subordinated debentures
|
|
|
|
|
|
|
471,335
|
|
|
|
|
470,814
|
|
|
|
|
572,683
|
|
|
|
|
499,266
|
|
|
|
|
682,568
|
Total shareholders' equity
|
|
|
|
|
|
|
1,357,103
|
|
|
|
|
1,359,056
|
|
|
|
|
1,340,848
|
|
|
|
|
1,304,054
|
|
|
|
|
1,105,976
|
Average Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
|
|
|
$
|
1,234,226
|
|
|
|
$
|
1,228,330
|
|
|
|
$
|
1,169,182
|
|
|
|
$
|
1,099,307
|
|
|
|
$
|
1,125,174
|
Total loans, net of unearned income
|
|
|
|
|
|
|
8,443,951
|
|
|
|
|
8,226,294
|
|
|
|
|
7,867,794
|
|
|
|
|
7,650,048
|
|
|
|
|
7,551,173
|
Allowance for credit losses
|
|
|
|
|
|
|
89,097
|
|
|
|
|
94,968
|
|
|
|
|
94,706
|
|
|
|
|
90,366
|
|
|
|
|
82,258
|
Total assets
|
|
|
|
|
|
|
10,922,274
|
|
|
|
|
10,586,245
|
|
|
|
|
10,024,871
|
|
|
|
|
9,786,355
|
|
|
|
|
9,670,593
|
Total deposits
|
|
|
|
|
|
|
9,012,390
|
|
|
|
|
8,635,473
|
|
|
|
|
8,139,969
|
|
|
|
|
7,940,421
|
|
|
|
|
8,025,068
|
Noninterest-bearing deposits
|
|
|
|
|
|
|
2,128,595
|
|
|
|
|
2,170,758
|
|
|
|
|
1,982,784
|
|
|
|
|
1,845,447
|
|
|
|
|
1,857,657
|
Interest-bearing deposits
|
|
|
|
|
|
|
6,883,795
|
|
|
|
|
6,464,715
|
|
|
|
|
6,157,185
|
|
|
|
|
6,094,974
|
|
|
|
|
6,167,411
|
Borrowings and subordinated debentures
|
|
|
|
|
|
|
444,557
|
|
|
|
|
502,428
|
|
|
|
|
484,798
|
|
|
|
|
510,373
|
|
|
|
|
474,976
|
Total shareholders' equity
|
|
|
|
|
|
|
1,342,445
|
|
|
|
|
1,348,867
|
|
|
|
|
1,320,884
|
|
|
|
|
1,251,217
|
|
|
|
|
1,090,905
|
|
|
Table 1 (Continued) - Selected Financial Data
|
|
|
|
|
|
|
|
As of and for the Three Months Ended
|
|
(In thousands, except per share data)
|
|
|
|
|
|
March 31,
2018
|
|
|
|
December 31,
2017
|
|
|
|
September 30,
2017
|
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
|
Per Share Data:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
0.46
|
|
|
|
$
|
0.18
|
|
|
|
$
|
0.39
|
|
|
|
$
|
0.35
|
|
|
|
$
|
0.35
|
|
Diluted
|
|
|
|
|
|
|
0.46
|
|
|
|
|
0.17
|
|
|
|
|
0.39
|
|
|
|
|
0.35
|
|
|
|
|
0.35
|
|
Book value per common share
|
|
|
|
|
|
|
16.23
|
|
|
|
|
16.25
|
|
|
|
|
16.03
|
|
|
|
|
15.59
|
|
|
|
|
14.75
|
|
Tangible book value (1)
|
|
|
|
|
|
|
12.32
|
|
|
|
|
12.33
|
|
|
|
|
12.10
|
|
|
|
|
11.64
|
|
|
|
|
10.33
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
83,625,000
|
|
|
|
|
83,625,000
|
|
|
|
|
83,625,000
|
|
|
|
|
81,918,956
|
|
|
|
|
75,000,000
|
|
Diluted
|
|
|
|
|
|
|
84,674,807
|
|
|
|
|
84,717,005
|
|
|
|
|
83,955,685
|
|
|
|
|
81,951,795
|
|
|
|
|
75,672,750
|
|
Cash dividends declared
|
|
|
|
|
|
$
|
0.125
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
Dividend payout ratio
|
|
|
|
|
|
|
27.17
|
%
|
|
|
|
-
|
%
|
|
|
|
-
|
%
|
|
|
|
-
|
%
|
|
|
|
-
|
%
|
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average common equity (2)
|
|
|
|
|
|
|
11.73
|
%
|
|
|
|
4.32
|
%
|
|
|
|
9.78
|
%
|
|
|
|
9.29
|
%
|
|
|
|
9.71
|
%
|
Return on average tangible common equity (1) (2)
|
|
|
|
|
|
|
15.52
|
|
|
|
|
5.71
|
|
|
|
|
13.04
|
|
|
|
|
12.63
|
|
|
|
|
13.96
|
|
Return on average assets (2)
|
|
|
|
|
|
|
1.44
|
|
|
|
|
0.55
|
|
|
|
|
1.29
|
|
|
|
|
1.19
|
|
|
|
|
1.10
|
|
Net interest margin (2)
|
|
|
|
|
|
|
3.64
|
|
|
|
|
3.59
|
|
|
|
|
3.52
|
|
|
|
|
3.71
|
|
|
|
|
3.46
|
|
Efficiency ratio (1)
|
|
|
|
|
|
|
53.35
|
|
|
|
|
58.44
|
|
|
|
|
52.20
|
|
|
|
|
53.27
|
|
|
|
|
54.95
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming assets ("NPAs") to total loans and OREO and
other NPAs
|
|
|
|
|
|
|
0.84
|
%
|
|
|
|
0.85
|
%
|
|
|
|
1.51
|
%
|
|
|
|
1.82
|
%
|
|
|
|
2.25
|
%
|
Total nonperforming loans to total loans
|
|
|
|
|
|
|
0.60
|
|
|
|
|
0.58
|
|
|
|
|
0.96
|
|
|
|
|
1.36
|
|
|
|
|
1.77
|
|
Total ACL to total loans
|
|
|
|
|
|
|
1.06
|
|
|
|
|
1.06
|
|
|
|
|
1.18
|
|
|
|
|
1.21
|
|
|
|
|
1.17
|
|
ACL to total nonperforming loans ("NPLs")
|
|
|
|
|
|
|
175.30
|
|
|
|
|
183.62
|
|
|
|
|
122.66
|
|
|
|
|
88.81
|
|
|
|
|
65.80
|
|
Net charge-offs to average loans (2)
|
|
|
|
|
|
|
0.02
|
|
|
|
|
0.13
|
|
|
|
|
0.01
|
|
|
|
|
0.09
|
|
|
|
|
(0.01
|
)
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity to assets
|
|
|
|
|
|
|
12.34
|
%
|
|
|
|
12.41
|
%
|
|
|
|
12.77
|
%
|
|
|
|
13.29
|
%
|
|
|
|
11.38
|
%
|
Tangible common equity to tangible assets (1)
|
|
|
|
|
|
|
9.65
|
|
|
|
|
9.71
|
|
|
|
|
9.95
|
|
|
|
|
10.27
|
|
|
|
|
8.25
|
|
Common equity tier 1 (CET1)
|
|
|
|
|
|
|
10.42
|
|
|
|
|
10.57
|
|
|
|
|
10.79
|
|
|
|
|
10.92
|
|
|
|
|
8.99
|
|
Tier 1 leverage capital
|
|
|
|
|
|
|
10.57
|
|
|
|
|
10.68
|
|
|
|
|
11.12
|
|
|
|
|
11.00
|
|
|
|
|
9.10
|
|
Tier 1 risk-based capital
|
|
|
|
|
|
|
10.79
|
|
|
|
|
10.94
|
|
|
|
|
11.17
|
|
|
|
|
11.31
|
|
|
|
|
9.36
|
|
Total risk-based capital
|
|
|
|
|
|
|
12.63
|
|
|
|
|
12.81
|
|
|
|
|
13.18
|
|
|
|
|
13.41
|
|
|
|
|
11.43
|
|
_____________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) - Considered a non-GAAP financial measure. See Table 7
"Reconciliation of Non-GAAP Financial Measures" for a
reconciliation of our non-GAAP
measures to the most directly comparable GAAP financial measure.
|
|
(2) - Annualized.
|
|
(3) - As of the completion of a secondary offering on February 13,
2018, 54,875,000 of our outstanding shares are owned by our
parent-holding company
Cadence Bancorp LLC.
|
|
|
|
|
Table 2 - Average Balances/Yield/Rates
|
|
|
|
|
|
|
|
For the Three Months Ended March 31,
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Income/
|
|
|
|
Yield/
|
|
|
|
|
Average
|
|
|
|
Income/
|
|
|
|
Yield/
|
|
|
(In thousands)
|
|
|
|
|
|
Balance
|
|
|
|
Expense
|
|
|
|
Rate
|
|
|
|
|
Balance
|
|
|
|
Expense
|
|
|
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned income(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated and ANCI loans
|
|
|
|
|
|
$
|
8,189,448
|
|
|
|
$
|
97,168
|
|
|
|
|
4.81
|
|
%
|
|
|
$
|
7,234,671
|
|
|
|
$
|
73,869
|
|
|
|
|
4.14
|
|
%
|
ACI portfolio
|
|
|
|
|
|
|
254,503
|
|
|
|
|
5,623
|
|
|
|
|
8.96
|
|
|
|
|
|
316,502
|
|
|
|
|
6,941
|
|
|
|
|
8.89
|
|
|
Total loans
|
|
|
|
|
|
|
8,443,951
|
|
|
|
|
102,791
|
|
|
|
|
4.94
|
|
|
|
|
|
7,551,173
|
|
|
|
|
80,810
|
|
|
|
|
4.34
|
|
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
|
|
827,227
|
|
|
|
|
5,118
|
|
|
|
|
2.51
|
|
|
|
|
|
722,465
|
|
|
|
|
4,301
|
|
|
|
|
2.41
|
|
|
Tax-exempt(2)
|
|
|
|
|
|
|
406,999
|
|
|
|
|
4,134
|
|
|
|
|
4.12
|
|
|
|
|
|
402,709
|
|
|
|
|
5,252
|
|
|
|
|
5.29
|
|
|
Total investment securities
|
|
|
|
|
|
|
1,234,226
|
|
|
|
|
9,252
|
|
|
|
|
3.04
|
|
|
|
|
|
1,125,174
|
|
|
|
|
9,553
|
|
|
|
|
3.44
|
|
|
Federal funds sold and short-term investments
|
|
|
|
|
|
|
515,017
|
|
|
|
|
1,529
|
|
|
|
|
1.20
|
|
|
|
|
|
264,355
|
|
|
|
|
425
|
|
|
|
|
0.65
|
|
|
Other investments
|
|
|
|
|
|
|
48,986
|
|
|
|
|
389
|
|
|
|
|
3.22
|
|
|
|
|
|
48,047
|
|
|
|
|
669
|
|
|
|
|
5.65
|
|
|
Total interest-earning assets
|
|
|
|
|
|
|
10,242,180
|
|
|
|
|
113,961
|
|
|
|
|
4.51
|
|
|
|
|
|
8,988,749
|
|
|
|
|
91,457
|
|
|
|
|
4.13
|
|
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
|
|
92,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment
|
|
|
|
|
|
|
62,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,298
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and other assets
|
|
|
|
|
|
|
613,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
644,354
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
|
|
|
|
|
(89,097
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(82,258
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
$
|
10,922,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,670,593
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
|
|
|
$
|
4,795,114
|
|
|
|
$
|
9,025
|
|
|
|
|
0.76
|
|
%
|
|
|
$
|
4,455,742
|
|
|
|
$
|
5,531
|
|
|
|
|
0.50
|
|
%
|
Savings deposits
|
|
|
|
|
|
|
179,662
|
|
|
|
|
114
|
|
|
|
|
0.26
|
|
|
|
|
|
182,247
|
|
|
|
|
112
|
|
|
|
|
0.25
|
|
|
Time deposits
|
|
|
|
|
|
|
1,909,019
|
|
|
|
|
7,491
|
|
|
|
|
1.59
|
|
|
|
|
|
1,529,422
|
|
|
|
|
4,122
|
|
|
|
|
1.09
|
|
|
Total interest-bearing deposits
|
|
|
|
|
|
|
6,883,795
|
|
|
|
|
16,630
|
|
|
|
|
0.98
|
|
|
|
|
|
6,167,411
|
|
|
|
|
9,765
|
|
|
|
|
0.64
|
|
|
Other borrowings
|
|
|
|
|
|
|
309,323
|
|
|
|
|
2,956
|
|
|
|
|
3.88
|
|
|
|
|
|
340,470
|
|
|
|
|
2,802
|
|
|
|
|
3.34
|
|
|
Subordinated debentures
|
|
|
|
|
|
|
135,233
|
|
|
|
|
2,396
|
|
|
|
|
7.19
|
|
|
|
|
|
134,506
|
|
|
|
|
2,294
|
|
|
|
|
6.92
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
|
|
7,328,351
|
|
|
|
|
21,982
|
|
|
|
|
1.22
|
|
|
|
|
|
6,642,387
|
|
|
|
|
14,861
|
|
|
|
|
0.91
|
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
|
|
|
|
2,128,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,857,657
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and other liabilities
|
|
|
|
|
|
|
122,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,644
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
9,579,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,579,688
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
1,342,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,090,905
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
|
$
|
10,922,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,670,593
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest spread
|
|
|
|
|
|
|
|
|
|
|
|
91,979
|
|
|
|
|
3.29
|
|
%
|
|
|
|
|
|
|
|
|
76,596
|
|
|
|
|
3.22
|
|
%
|
Net yield on earning assets/net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.64
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.46
|
|
%
|
Taxable equivalent adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
(868
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,838
|
)
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
|
|
|
|
|
$
|
91,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
74,758
|
|
|
|
|
|
|
|
_____________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonaccrual loans are included in loans, net of unearned income.
No adjustment has been made for these loans in the calculation of
yields.
|
|
|
(2) Interest income and yields are presented on a fully taxable
equivalent basis using a tax rate of 21% for the three months
ended March 31, 2018,
and using a tax rate of 35% for the three months ended March 31,
2017.
|
|
|
|
|
|
|
|
|
For the Three Months Ended
March 31, 2018
|
|
|
|
|
For the Three Months Ended
December 31, 2017
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
Income/
|
|
|
|
Yield/
|
|
|
|
|
Average
|
|
|
|
Income/
|
|
|
|
Yield/
|
|
|
(In thousands)
|
|
|
|
|
|
Balance
|
|
|
|
Expense
|
|
|
|
Rate
|
|
|
|
|
Balance
|
|
|
|
Expense
|
|
|
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned income(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated and ANCI loans
|
|
|
|
|
|
$
|
8,189,448
|
|
|
|
$
|
97,168
|
|
|
|
|
4.81
|
|
%
|
|
|
$
|
7,961,692
|
|
|
|
$
|
89,762
|
|
|
|
|
4.47
|
|
%
|
ACI portfolio
|
|
|
|
|
|
|
254,503
|
|
|
|
|
5,623
|
|
|
|
|
8.96
|
|
|
|
|
|
264,602
|
|
|
|
|
8,145
|
|
|
|
|
12.21
|
|
|
Total loans
|
|
|
|
|
|
|
8,443,951
|
|
|
|
|
102,791
|
|
|
|
|
4.94
|
|
|
|
|
|
8,226,294
|
|
|
|
|
97,907
|
|
|
|
|
4.72
|
|
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
|
|
827,227
|
|
|
|
|
5,118
|
|
|
|
|
2.51
|
|
|
|
|
|
817,971
|
|
|
|
|
5,000
|
|
|
|
|
2.43
|
|
|
Tax-exempt(2)
|
|
|
|
|
|
|
406,999
|
|
|
|
|
4,134
|
|
|
|
|
4.12
|
|
|
|
|
|
410,359
|
|
|
|
|
5,047
|
|
|
|
|
4.88
|
|
|
Total investment securities
|
|
|
|
|
|
|
1,234,226
|
|
|
|
|
9,252
|
|
|
|
|
3.04
|
|
|
|
|
|
1,228,330
|
|
|
|
|
10,047
|
|
|
|
|
3.25
|
|
|
Federal funds sold and short-term investments
|
|
|
|
|
|
|
515,017
|
|
|
|
|
1,529
|
|
|
|
|
1.20
|
|
|
|
|
|
409,317
|
|
|
|
|
1,151
|
|
|
|
|
1.12
|
|
|
Other investments
|
|
|
|
|
|
|
48,986
|
|
|
|
|
389
|
|
|
|
|
3.22
|
|
|
|
|
|
51,318
|
|
|
|
|
1,030
|
|
|
|
|
7.96
|
|
|
Total interest-earning assets
|
|
|
|
|
|
|
10,242,180
|
|
|
|
|
113,961
|
|
|
|
|
4.51
|
|
|
|
|
|
9,915,259
|
|
|
|
|
110,135
|
|
|
|
|
4.41
|
|
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
|
|
92,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,849
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment
|
|
|
|
|
|
|
62,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,730
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and other assets
|
|
|
|
|
|
|
613,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
634,375
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
|
|
|
|
|
(89,097
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(94,968
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
$
|
10,922,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,586,245
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
|
|
|
$
|
4,795,114
|
|
|
|
$
|
9,025
|
|
|
|
|
0.76
|
|
%
|
|
|
$
|
4,424,371
|
|
|
|
$
|
7,844
|
|
|
|
|
0.70
|
|
%
|
Savings deposits
|
|
|
|
|
|
|
179,662
|
|
|
|
|
114
|
|
|
|
|
0.26
|
|
|
|
|
|
177,413
|
|
|
|
|
112
|
|
|
|
|
0.25
|
|
|
Time deposits
|
|
|
|
|
|
|
1,909,019
|
|
|
|
|
7,491
|
|
|
|
|
1.59
|
|
|
|
|
|
1,862,931
|
|
|
|
|
7,129
|
|
|
|
|
1.52
|
|
|
Total interest-bearing deposits
|
|
|
|
|
|
|
6,883,795
|
|
|
|
|
16,630
|
|
|
|
|
0.98
|
|
|
|
|
|
6,464,715
|
|
|
|
|
15,085
|
|
|
|
|
0.93
|
|
|
Other borrowings
|
|
|
|
|
|
|
309,323
|
|
|
|
|
2,956
|
|
|
|
|
3.88
|
|
|
|
|
|
367,373
|
|
|
|
|
3,021
|
|
|
|
|
3.26
|
|
|
Subordinated debentures
|
|
|
|
|
|
|
135,233
|
|
|
|
|
2,396
|
|
|
|
|
7.19
|
|
|
|
|
|
135,055
|
|
|
|
|
2,353
|
|
|
|
|
6.91
|
|
|
Total interest-bearing liabilities
|
|
|
|
|
|
|
7,328,351
|
|
|
|
|
21,982
|
|
|
|
|
1.22
|
|
|
|
|
|
6,967,143
|
|
|
|
|
20,459
|
|
|
|
|
1.17
|
|
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
|
|
|
|
2,128,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,170,758
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and other liabilities
|
|
|
|
|
|
|
122,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,477
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
9,579,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,237,378
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
1,342,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,348,867
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
|
$
|
10,922,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,586,245
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/net interest spread
|
|
|
|
|
|
|
|
|
|
|
|
91,979
|
|
|
|
|
3.29
|
|
%
|
|
|
|
|
|
|
|
|
89,676
|
|
|
|
|
3.24
|
|
%
|
Net yield on earning assets/net interest margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.64
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.59
|
|
%
|
Taxable equivalent adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
|
|
|
|
|
|
|
|
|
|
(868
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,765
|
)
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
|
|
|
|
|
$
|
91,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
87,911
|
|
|
|
|
|
|
|
_____________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonaccrual loans are included in loans, net of unearned income.
No adjustment has been made for these loans in the calculation of
yields.
|
(2) Interest income and yields are presented on a fully taxable
equivalent basis using a tax rate of 21% for the three months
ended March 31, 2018,
and using a tax rate of 35% for the three months ended March 31,
2017.
|
|
|
Table 3 - Loan Interest Income Detail
|
|
|
|
|
|
|
|
For the Three Months Ended,
|
|
(In thousands)
|
|
|
|
|
|
March 31,
2018
|
|
|
|
December 31,
2017
|
|
|
|
September 30,
2017
|
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
|
Loan Interest Income Detail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on loans, excluding ACI loans
|
|
|
|
|
|
$
|
97,168
|
|
|
|
$
|
89,762
|
|
|
|
$
|
84,321
|
|
|
|
$
|
79,904
|
|
|
|
$
|
73,869
|
|
Scheduled accretion for the period
|
|
|
|
|
|
|
5,192
|
|
|
|
|
5,348
|
|
|
|
|
5,550
|
|
|
|
|
6,075
|
|
|
|
|
6,331
|
|
Recovery income for the period
|
|
|
|
|
|
|
431
|
|
|
|
|
2,797
|
|
|
|
|
290
|
|
|
|
|
4,450
|
|
|
|
|
610
|
|
Accretion on acquired credit impaired (ACI) loans
|
|
|
|
|
|
|
5,623
|
|
|
|
|
8,145
|
|
|
|
|
5,840
|
|
|
|
|
10,525
|
|
|
|
|
6,941
|
|
Loan interest income
|
|
|
|
|
|
$
|
102,791
|
|
|
|
$
|
97,907
|
|
|
|
$
|
90,161
|
|
|
|
$
|
90,429
|
|
|
|
$
|
80,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan yield, excluding ACI loans
|
|
|
|
|
|
|
4.81
|
%
|
|
|
|
4.47
|
%
|
|
|
|
4.41
|
%
|
|
|
|
4.36
|
%
|
|
|
|
4.14
|
%
|
ACI loan yield
|
|
|
|
|
|
|
8.96
|
|
|
|
|
12.21
|
|
|
|
|
8.27
|
|
|
|
|
14.02
|
|
|
|
|
8.89
|
|
Total loan yield
|
|
|
|
|
|
|
4.94
|
%
|
|
|
|
4.72
|
%
|
|
|
|
4.55
|
%
|
|
|
|
4.74
|
%
|
|
|
|
4.34
|
%
|
|
|
Table 4 - Allowance for Credit Losses
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
(In thousands)
|
|
|
|
|
|
March 31,
2018
|
|
|
|
December 31,
2017
|
|
|
|
September 30,
2017
|
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
|
Balance at beginning of period
|
|
|
|
|
|
$
|
87,576
|
|
|
|
$
|
94,765
|
|
|
|
$
|
93,215
|
|
|
|
$
|
88,304
|
|
|
|
$
|
82,268
|
|
Charge-offs
|
|
|
|
|
|
|
(812
|
)
|
|
|
|
(2,860
|
)
|
|
|
|
(581
|
)
|
|
|
|
(2,879
|
)
|
|
|
|
(551
|
)
|
Recoveries
|
|
|
|
|
|
|
393
|
|
|
|
|
146
|
|
|
|
|
408
|
|
|
|
|
1,089
|
|
|
|
|
801
|
|
Net (charge-offs) recoveries
|
|
|
|
|
|
|
(419
|
)
|
|
|
|
(2,714
|
)
|
|
|
|
(173
|
)
|
|
|
|
(1,790
|
)
|
|
|
|
250
|
|
Provision for (reversal of) credit losses
|
|
|
|
|
|
|
4,380
|
|
|
|
|
(4,475
|
)
|
|
|
|
1,723
|
|
|
|
|
6,701
|
|
|
|
|
5,786
|
|
Balance at end of period
|
|
|
|
|
|
$
|
91,537
|
|
|
|
$
|
87,576
|
|
|
|
$
|
94,765
|
|
|
|
$
|
93,215
|
|
|
|
$
|
88,304
|
|
|
|
Table 5 -Noninterest Income
|
|
|
|
|
|
|
|
For the Three Months Ended
|
(In thousands)
|
|
|
|
|
|
March 31,
2018
|
|
|
|
December 31,
2017
|
|
|
|
September 30,
2017
|
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory revenue
|
|
|
|
|
|
$
|
5,299
|
|
|
|
$
|
5,257
|
|
|
|
$
|
5,283
|
|
|
|
$
|
5,061
|
|
|
|
$
|
4,916
|
Trust services revenue
|
|
|
|
|
|
|
5,015
|
|
|
|
|
4,836
|
|
|
|
|
4,613
|
|
|
|
|
4,584
|
|
|
|
|
5,231
|
Service charges on deposit accounts
|
|
|
|
|
|
|
3,960
|
|
|
|
|
3,753
|
|
|
|
|
3,920
|
|
|
|
|
3,784
|
|
|
|
|
3,815
|
Credit-related fees
|
|
|
|
|
|
|
3,577
|
|
|
|
|
3,372
|
|
|
|
|
3,306
|
|
|
|
|
2,741
|
|
|
|
|
2,747
|
Insurance revenue
|
|
|
|
|
|
|
2,259
|
|
|
|
|
1,470
|
|
|
|
|
1,950
|
|
|
|
|
1,828
|
|
|
|
|
2,130
|
Bankcard fees
|
|
|
|
|
|
|
1,884
|
|
|
|
|
1,833
|
|
|
|
|
1,803
|
|
|
|
|
1,862
|
|
|
|
|
1,812
|
Mortgage banking revenue
|
|
|
|
|
|
|
577
|
|
|
|
|
687
|
|
|
|
|
965
|
|
|
|
|
1,213
|
|
|
|
|
866
|
Other service fees earned
|
|
|
|
|
|
|
1,333
|
|
|
|
|
1,197
|
|
|
|
|
1,174
|
|
|
|
|
1,071
|
|
|
|
|
972
|
Total service fees and revenue
|
|
|
|
|
|
|
23,904
|
|
|
|
|
22,405
|
|
|
|
|
23,014
|
|
|
|
|
22,144
|
|
|
|
|
22,489
|
Securities gains (losses), net
|
|
|
|
|
|
|
12
|
|
|
|
|
16
|
|
|
|
|
1
|
|
|
|
|
(244
|
)
|
|
|
|
81
|
Other
|
|
|
|
|
|
|
1,067
|
|
|
|
|
3,235
|
|
|
|
|
4,109
|
|
|
|
|
1,089
|
|
|
|
|
1,535
|
Total other noninterest income
|
|
|
|
|
|
|
1,079
|
|
|
|
|
3,251
|
|
|
|
|
4,110
|
|
|
|
|
845
|
|
|
|
|
1,616
|
Total noninterest income (GAAP)
|
|
|
|
|
|
|
24,983
|
|
|
|
|
25,656
|
|
|
|
|
27,124
|
|
|
|
|
22,989
|
|
|
|
|
24,105
|
Less: Securities gains (losses)
|
|
|
|
|
|
|
12
|
|
|
|
|
16
|
|
|
|
|
1
|
|
|
|
|
(244
|
)
|
|
|
|
81
|
Adjusted noninterest operating revenue (Non-GAAP measure)
|
|
|
|
|
|
$
|
24,971
|
|
|
|
$
|
25,640
|
|
|
|
$
|
27,123
|
|
|
|
$
|
23,233
|
|
|
|
$
|
24,024
|
|
|
Table 6 -Noninterest Expense
|
|
|
|
|
|
|
|
For the Three Months Ended
|
(In thousands)
|
|
|
|
|
|
March 31,
2018
|
|
|
|
December 31,
2017
|
|
|
|
September 30,
2017
|
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
Noninterest Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
|
|
|
$
|
37,353
|
|
|
|
$
|
35,162
|
|
|
|
$
|
35,007
|
|
|
|
$
|
34,682
|
|
|
|
$
|
34,267
|
Premises and equipment
|
|
|
|
|
|
|
7,591
|
|
|
|
|
7,629
|
|
|
|
|
7,419
|
|
|
|
|
7,180
|
|
|
|
|
6,693
|
Intangible asset amortization
|
|
|
|
|
|
|
792
|
|
|
|
|
1,085
|
|
|
|
|
1,136
|
|
|
|
|
1,190
|
|
|
|
|
1,241
|
Net cost of operation of other real estate owned
|
|
|
|
|
|
|
(52
|
)
|
|
|
|
1,075
|
|
|
|
|
453
|
|
|
|
|
427
|
|
|
|
|
296
|
Data processing
|
|
|
|
|
|
|
2,365
|
|
|
|
|
2,504
|
|
|
|
|
1,688
|
|
|
|
|
1,702
|
|
|
|
|
1,696
|
Special asset expenses
|
|
|
|
|
|
|
53
|
|
|
|
|
331
|
|
|
|
|
215
|
|
|
|
|
469
|
|
|
|
|
140
|
Consulting and professional fees
|
|
|
|
|
|
|
2,934
|
|
|
|
|
4,380
|
|
|
|
|
2,069
|
|
|
|
|
1,502
|
|
|
|
|
1,139
|
Loan related expenses
|
|
|
|
|
|
|
255
|
|
|
|
|
810
|
|
|
|
|
532
|
|
|
|
|
757
|
|
|
|
|
280
|
FDIC insurance
|
|
|
|
|
|
|
955
|
|
|
|
|
939
|
|
|
|
|
889
|
|
|
|
|
954
|
|
|
|
|
1,493
|
Communications
|
|
|
|
|
|
|
704
|
|
|
|
|
857
|
|
|
|
|
650
|
|
|
|
|
675
|
|
|
|
|
655
|
Advertising and public relations
|
|
|
|
|
|
|
341
|
|
|
|
|
683
|
|
|
|
|
521
|
|
|
|
|
499
|
|
|
|
|
345
|
Legal expenses
|
|
|
|
|
|
|
2,627
|
|
|
|
|
2,626
|
|
|
|
|
612
|
|
|
|
|
508
|
|
|
|
|
432
|
Branch closure expenses
|
|
|
|
|
|
|
35
|
|
|
|
|
55
|
|
|
|
|
50
|
|
|
|
|
47
|
|
|
|
|
46
|
Other
|
|
|
|
|
|
|
5,986
|
|
|
|
|
8,235
|
|
|
|
|
5,289
|
|
|
|
|
5,542
|
|
|
|
|
5,598
|
Total noninterest expenses
|
|
|
|
|
|
$
|
61,939
|
|
|
|
$
|
66,371
|
|
|
|
$
|
56,530
|
|
|
|
$
|
56,134
|
|
|
|
$
|
54,321
|
|
|
Table 7 - Reconciliation of Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
As of and for the Three Months Ended
|
|
(In thousands)
|
|
|
|
|
|
March 31,
2018
|
|
|
|
December 31,
2017
|
|
|
|
September 30,
2017
|
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
|
Efficiency ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses (numerator)
|
|
|
|
|
|
$
|
61,939
|
|
|
|
$
|
66,371
|
|
|
|
$
|
56,530
|
|
|
|
$
|
56,134
|
|
|
|
$
|
54,321
|
|
Net interest income
|
|
|
|
|
|
$
|
91,111
|
|
|
|
$
|
87,911
|
|
|
|
$
|
81,163
|
|
|
|
$
|
82,384
|
|
|
|
$
|
74,758
|
|
Noninterest income
|
|
|
|
|
|
|
24,983
|
|
|
|
|
25,656
|
|
|
|
|
27,124
|
|
|
|
|
22,989
|
|
|
|
|
24,105
|
|
Operating revenue (denominator)
|
|
|
|
|
|
$
|
116,094
|
|
|
|
$
|
113,567
|
|
|
|
$
|
108,287
|
|
|
|
$
|
105,373
|
|
|
|
$
|
98,863
|
|
Efficiency ratio
|
|
|
|
|
|
|
53.35
|
%
|
|
|
|
58.44
|
%
|
|
|
|
52.20
|
%
|
|
|
|
53.27
|
%
|
|
|
|
54.95
|
%
|
Adjusted noninterest expenses and operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense
|
|
|
|
|
|
$
|
61,939
|
|
|
|
$
|
66,371
|
|
|
|
$
|
56,530
|
|
|
|
$
|
56,134
|
|
|
|
$
|
54,321
|
|
Less: Branch closure expenses
|
|
|
|
|
|
|
35
|
|
|
|
|
55
|
|
|
|
|
50
|
|
|
|
|
47
|
|
|
|
|
46
|
|
Adjusted noninterest expenses
|
|
|
|
|
|
$
|
61,904
|
|
|
|
$
|
66,316
|
|
|
|
$
|
56,480
|
|
|
|
$
|
56,087
|
|
|
|
$
|
54,275
|
|
Net interest income
|
|
|
|
|
|
$
|
91,111
|
|
|
|
$
|
87,911
|
|
|
|
$
|
81,163
|
|
|
|
$
|
82,384
|
|
|
|
$
|
74,758
|
|
Noninterest income
|
|
|
|
|
|
|
24,983
|
|
|
|
|
25,656
|
|
|
|
|
27,124
|
|
|
|
|
22,989
|
|
|
|
|
24,105
|
|
Less: Securities gains (losses), net
|
|
|
|
|
|
|
12
|
|
|
|
|
16
|
|
|
|
|
1
|
|
|
|
|
(244
|
)
|
|
|
|
81
|
|
Adjusted operating revenue
|
|
|
|
|
|
$
|
116,082
|
|
|
|
$
|
113,551
|
|
|
|
$
|
108,286
|
|
|
|
$
|
105,617
|
|
|
|
$
|
98,782
|
|
Tangible common equity ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
$
|
1,357,103
|
|
|
|
$
|
1,359,056
|
|
|
|
$
|
1,340,848
|
|
|
|
$
|
1,304,054
|
|
|
|
$
|
1,105,976
|
|
Less: Goodwill and other intangible assets, net
|
|
|
|
|
|
|
(327,247
|
)
|
|
|
|
(328,040
|
)
|
|
|
|
(329,124
|
)
|
|
|
|
(330,261
|
)
|
|
|
|
(331,450
|
)
|
Tangible common shareholders' equity
|
|
|
|
|
|
|
1,029,856
|
|
|
|
|
1,031,016
|
|
|
|
|
1,011,724
|
|
|
|
|
973,793
|
|
|
|
|
774,526
|
|
Total assets
|
|
|
|
|
|
|
10,999,382
|
|
|
|
|
10,948,926
|
|
|
|
|
10,502,261
|
|
|
|
|
9,811,557
|
|
|
|
|
9,720,937
|
|
Less: Goodwill and other intangible assets, net
|
|
|
|
|
|
|
(327,247
|
)
|
|
|
|
(328,040
|
)
|
|
|
|
(329,124
|
)
|
|
|
|
(330,261
|
)
|
|
|
|
(331,450
|
)
|
Tangible assets
|
|
|
|
|
|
$
|
10,672,135
|
|
|
|
$
|
10,620,886
|
|
|
|
$
|
10,173,137
|
|
|
|
$
|
9,481,296
|
|
|
|
$
|
9,389,487
|
|
Tangible common equity ratio
|
|
|
|
|
|
|
9.65
|
%
|
|
|
|
9.71
|
%
|
|
|
|
9.95
|
%
|
|
|
|
10.27
|
%
|
|
|
|
8.25
|
%
|
Tangible book value per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
$
|
1,357,103
|
|
|
|
$
|
1,359,056
|
|
|
|
$
|
1,340,848
|
|
|
|
$
|
1,304,054
|
|
|
|
$
|
1,105,976
|
|
Less: Goodwill and other intangible assets, net
|
|
|
|
|
|
|
(327,247
|
)
|
|
|
|
(328,040
|
)
|
|
|
|
(329,124
|
)
|
|
|
|
(330,261
|
)
|
|
|
|
(331,450
|
)
|
Tangible common shareholders' equity
|
|
|
|
|
|
$
|
1,029,856
|
|
|
|
$
|
1,031,016
|
|
|
|
$
|
1,011,724
|
|
|
|
$
|
973,793
|
|
|
|
$
|
774,526
|
|
Common shares issued
|
|
|
|
|
|
|
83,625,000
|
|
|
|
|
83,625,000
|
|
|
|
|
83,625,000
|
|
|
|
|
83,625,000
|
|
|
|
|
75,000,000
|
|
Tangible book value per share
|
|
|
|
|
|
$
|
12.32
|
|
|
|
$
|
12.33
|
|
|
|
$
|
12.10
|
|
|
|
$
|
11.64
|
|
|
|
$
|
10.33
|
|
Return on average tangible common equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity
|
|
|
|
|
|
$
|
1,342,445
|
|
|
|
$
|
1,348,867
|
|
|
|
$
|
1,320,884
|
|
|
|
$
|
1,251,217
|
|
|
|
$
|
1,090,905
|
|
Less: Average intangible assets
|
|
|
|
|
|
|
(327,727
|
)
|
|
|
|
(328,697
|
)
|
|
|
|
(329,816
|
)
|
|
|
|
(330,977
|
)
|
|
|
|
(332,199
|
)
|
Average tangible common shareholders' equity
|
|
|
|
|
|
$
|
1,014,718
|
|
|
|
$
|
1,020,170
|
|
|
|
$
|
991,068
|
|
|
|
$
|
920,240
|
|
|
|
$
|
758,706
|
|
Net income
|
|
|
|
|
|
$
|
38,825
|
|
|
|
$
|
14,691
|
|
|
|
$
|
32,577
|
|
|
|
$
|
28,968
|
|
|
|
$
|
26,117
|
|
Return on average tangible common equity(1)
|
|
|
|
|
|
|
15.52
|
%
|
|
|
|
5.71
|
%
|
|
|
|
13.04
|
%
|
|
|
|
12.63
|
%
|
|
|
|
13.96
|
%
|
Pre-tax, pre-provision net earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
|
|
|
|
|
|
$
|
49,775
|
|
|
|
$
|
51,671
|
|
|
|
$
|
50,034
|
|
|
|
$
|
42,538
|
|
|
|
$
|
38,756
|
|
Plus: Provision for credit losses
|
|
|
|
|
|
|
4,380
|
|
|
|
|
(4,475
|
)
|
|
|
|
1,723
|
|
|
|
|
6,701
|
|
|
|
|
5,786
|
|
Pre-tax, pre-provision net earnings
|
|
|
|
|
|
$
|
54,155
|
|
|
|
$
|
47,196
|
|
|
|
$
|
51,757
|
|
|
|
$
|
49,239
|
|
|
|
$
|
44,542
|
|
|
|
Table 7 (continued) - Reconciliation of Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
As of and for the Three
Months Ended
|
|
(In thousands)
|
|
|
|
|
|
December 31, 2017
|
|
Reconciliation of Non-GAAP Financial Measures Related to One-Time
Tax Charge
|
|
|
|
|
|
|
|
|
Net income excluding one-time tax charge
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
$
|
14,691
|
|
Add: One-time tax charge
|
|
|
|
|
|
|
19,022
|
|
Net income excluding one-time tax charge
|
|
|
|
|
|
$
|
33,713
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
Earnings per diluted common share
|
|
|
|
|
|
$
|
0.17
|
|
One-time tax charge per share
|
|
|
|
|
|
|
0.22
|
|
Earnings per diluted common share excluding one-time tax charge
|
|
|
|
|
|
$
|
0.39
|
|
Return on Average Assets
|
|
|
|
|
|
|
|
|
Net income excluding one-time tax charge
|
|
|
|
|
|
$
|
33,713
|
|
Average assets
|
|
|
|
|
|
|
10,586,245
|
|
Return on average assets excluding one-time tax charge(1)
|
|
|
|
|
|
|
1.26
|
%
|
Return on Average Common Equity
|
|
|
|
|
|
|
|
|
Net income excluding one-time tax charge
|
|
|
|
|
|
$
|
33,713
|
|
Average common equity
|
|
|
|
|
|
|
1,348,867
|
|
Return on average common equity excluding one-time tax charge(1)
|
|
|
|
|
|
|
9.92
|
%
|
Return on Average Tangible Common Equity
|
|
|
|
|
|
|
|
|
Net income excluding one-time tax charge
|
|
|
|
|
|
$
|
33,713
|
|
Average tangible common shareholders' equity
|
|
|
|
|
|
|
1,020,170
|
|
Return on average tangible common shareholder's equity excluding
one-time tax charge(1)
|
|
|
|
|
|
|
13.11
|
%
|
Effective Tax Rate
|
|
|
|
|
|
|
|
|
Income before taxes
|
|
|
|
|
|
$
|
51,671
|
|
Income tax expense
|
|
|
|
|
|
|
36,980
|
|
Less: one-time tax charge
|
|
|
|
|
|
|
19,022
|
|
Income tax expense excluding one-time tax charge
|
|
|
|
|
|
|
17,958
|
|
Effective tax rate excluding one-time tax charge
|
|
|
|
|
|
|
34.8
|
%
|
_____________________
|
|
|
|
|
|
|
|
|
(1) Annualized for the three month periods.
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180425006854/en/
[ Back To TMCnet.com's Homepage ]
|