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Share Name | Share Symbol | Market | Type |
---|---|---|---|
First Citizens BancShares Inc | NASDAQ:FCNCA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-3.50 | -0.20% | 1,710.00 | 1,181.69 | 1,789.18 | 1,745.15 | 1,700.30 | 1,729.00 | 62,387 | 01:00:00 |
Delaware
|
56-1528994
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
|
|
4300 Six Forks Road, Raleigh, North Carolina
|
27609
|
(Address of principle executive offices)
|
(Zip code)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
|
Smaller reporting company
|
¨
|
|
|
|
Emerging growth company
|
¨
|
|
|
Page No.
|
|
|
|
PART I.
|
FINANCIAL INFORMATION
|
|
|
|
|
Item 1.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
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|
||
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||
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Item 2.
|
||
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Item 3.
|
||
|
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|
Item 4.
|
||
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 6.
|
Item 1.
|
Financial Statements
|
(Dollars in thousands, unaudited)
|
March 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
502,273
|
|
|
$
|
539,741
|
|
Overnight investments
|
2,736,514
|
|
|
1,872,594
|
|
||
Investment securities available for sale
|
7,119,861
|
|
|
7,006,580
|
|
||
Investment securities held to maturity
|
83
|
|
|
98
|
|
||
Loans held for sale
|
49,952
|
|
|
74,401
|
|
||
Loans and leases
|
21,906,449
|
|
|
21,737,878
|
|
||
Allowance for loan and lease losses
|
(220,943
|
)
|
|
(218,795
|
)
|
||
Net loans and leases
|
21,685,506
|
|
|
21,519,083
|
|
||
Premises and equipment
|
1,123,838
|
|
|
1,133,044
|
|
||
Other real estate owned
|
56,491
|
|
|
61,231
|
|
||
Income earned not collected
|
80,456
|
|
|
79,839
|
|
||
FDIC shared-loss receivable
|
3,981
|
|
|
4,172
|
|
||
Goodwill
|
150,601
|
|
|
150,601
|
|
||
Other intangible assets
|
75,325
|
|
|
78,040
|
|
||
Other assets
|
433,524
|
|
|
471,412
|
|
||
Total assets
|
$
|
34,018,405
|
|
|
$
|
32,990,836
|
|
Liabilities
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing
|
$
|
10,797,613
|
|
|
$
|
10,130,549
|
|
Interest-bearing
|
18,205,155
|
|
|
18,030,794
|
|
||
Total deposits
|
29,002,768
|
|
|
28,161,343
|
|
||
Short-term borrowings
|
795,587
|
|
|
603,487
|
|
||
Long-term obligations
|
727,500
|
|
|
832,942
|
|
||
FDIC shared-loss payable
|
98,013
|
|
|
97,008
|
|
||
Other liabilities
|
293,841
|
|
|
283,629
|
|
||
Total liabilities
|
30,917,709
|
|
|
29,978,409
|
|
||
Shareholders’ equity
|
|
|
|
||||
Common stock:
|
|
|
|
||||
Class A - $1 par value (16,000,000 shares authorized; 11,005,220 shares issued and outstanding at March 31, 2017 and December 31, 2016)
|
11,005
|
|
|
11,005
|
|
||
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at March 31, 2017 and December 31, 2016)
|
1,005
|
|
|
1,005
|
|
||
Preferred stock - $0.01 par value (10,000,000 shares authorized; no shares issued and outstanding at March 31, 2017 and December 31, 2016)
|
—
|
|
|
—
|
|
||
Surplus
|
658,918
|
|
|
658,918
|
|
||
Retained earnings
|
2,540,709
|
|
|
2,476,691
|
|
||
Accumulated other comprehensive loss
|
(110,941
|
)
|
|
(135,192
|
)
|
||
Total shareholders’ equity
|
3,100,696
|
|
|
3,012,427
|
|
||
Total liabilities and shareholders’ equity
|
$
|
34,018,405
|
|
|
$
|
32,990,836
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands, except per share data, unaudited)
|
2017
|
|
2016
|
||||
Interest income
|
|
|
|
||||
Loans and leases
|
$
|
226,630
|
|
|
$
|
216,404
|
|
Investment securities and dividend income
|
29,751
|
|
|
23,042
|
|
||
Overnight investments
|
4,476
|
|
|
3,666
|
|
||
Total interest income
|
260,857
|
|
|
243,112
|
|
||
Interest expense
|
|
|
|
||||
Deposits
|
4,436
|
|
|
4,659
|
|
||
Short-term borrowings
|
580
|
|
|
434
|
|
||
Long-term obligations
|
5,498
|
|
|
5,299
|
|
||
Total interest expense
|
10,514
|
|
|
10,392
|
|
||
Net interest income
|
250,343
|
|
|
232,720
|
|
||
Provision for loan and lease losses
|
8,231
|
|
|
4,843
|
|
||
Net interest income after provision for loan and lease losses
|
242,112
|
|
|
227,877
|
|
||
Noninterest income
|
|
|
|
||||
Gain on acquisitions
|
12,017
|
|
|
1,704
|
|
||
Cardholder services
|
21,258
|
|
|
19,358
|
|
||
Merchant services
|
24,987
|
|
|
21,977
|
|
||
Service charges on deposit accounts
|
22,142
|
|
|
21,850
|
|
||
Wealth management services
|
20,962
|
|
|
19,634
|
|
||
Securities (losses) gains
|
(24
|
)
|
|
4,628
|
|
||
Other service charges and fees
|
7,601
|
|
|
6,989
|
|
||
Mortgage income
|
7,576
|
|
|
1,311
|
|
||
Insurance commissions
|
3,558
|
|
|
3,178
|
|
||
ATM income
|
1,773
|
|
|
1,765
|
|
||
Adjustments to FDIC shared-loss receivable
|
(1,628
|
)
|
|
(2,533
|
)
|
||
Net impact from FDIC shared-loss agreement termination
|
(45
|
)
|
|
—
|
|
||
Other
|
7,115
|
|
|
5,421
|
|
||
Total noninterest income
|
127,292
|
|
|
105,282
|
|
||
Noninterest expense
|
|
|
|
||||
Salaries and wages
|
112,263
|
|
|
103,899
|
|
||
Employee benefits
|
29,293
|
|
|
27,350
|
|
||
Occupancy expense
|
24,762
|
|
|
25,012
|
|
||
Equipment expense
|
24,588
|
|
|
22,345
|
|
||
Merchant processing
|
16,783
|
|
|
15,087
|
|
||
Cardholder processing
|
5,553
|
|
|
6,084
|
|
||
FDIC insurance expense
|
5,593
|
|
|
4,789
|
|
||
Foreclosure-related expenses
|
2,471
|
|
|
1,731
|
|
||
Merger-related expenses
|
833
|
|
|
38
|
|
||
Other
|
42,206
|
|
|
45,336
|
|
||
Total noninterest expense
|
264,345
|
|
|
251,671
|
|
||
Income before income taxes
|
105,059
|
|
|
81,488
|
|
||
Income taxes
|
37,438
|
|
|
29,416
|
|
||
Net income
|
$
|
67,621
|
|
|
$
|
52,072
|
|
Average shares outstanding
|
12,010,405
|
|
|
12,010,405
|
|
||
Net income per share
|
$
|
5.63
|
|
|
$
|
4.34
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands, unaudited)
|
2017
|
|
2016
|
||||
Net income
|
$
|
67,621
|
|
|
$
|
52,072
|
|
Other comprehensive income:
|
|
|
|
||||
Unrealized gains on securities:
|
|
|
|
||||
Change in unrealized securities gains arising during period
|
36,096
|
|
|
68,033
|
|
||
Tax effect
|
(13,419
|
)
|
|
(26,016
|
)
|
||
Reclassification adjustment for net losses (gains) realized and included in income before income taxes
|
24
|
|
|
(4,628
|
)
|
||
Tax effect
|
(9
|
)
|
|
1,770
|
|
||
Total change in unrealized gains on securities, net of tax
|
22,692
|
|
|
39,159
|
|
||
Change in fair value of cash flow hedges:
|
|
|
|
||||
Change in unrecognized loss on cash flow hedges
|
—
|
|
|
700
|
|
||
Tax effect
|
—
|
|
|
(263
|
)
|
||
Total change in unrecognized loss on cash flow hedges, net of tax
|
—
|
|
|
437
|
|
||
Change in pension obligation:
|
|
|
|
||||
Amortization of actuarial losses and prior service cost
|
2,500
|
|
|
1,652
|
|
||
Tax effect
|
(941
|
)
|
|
(632
|
)
|
||
Total change in pension obligation, net of tax
|
1,559
|
|
|
1,020
|
|
||
Other comprehensive income
|
24,251
|
|
|
40,616
|
|
||
Total comprehensive income
|
$
|
91,872
|
|
|
$
|
92,688
|
|
(Dollars in thousands, unaudited)
|
Class A
Common Stock
|
|
Class B
Common Stock
|
|
Surplus
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Total
Shareholders’
Equity
|
||||||||||||
Balance at December 31, 2015
|
$
|
11,005
|
|
|
$
|
1,005
|
|
|
$
|
658,918
|
|
|
$
|
2,265,621
|
|
|
$
|
(64,440
|
)
|
|
$
|
2,872,109
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
52,072
|
|
|
—
|
|
|
52,072
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,616
|
|
|
40,616
|
|
||||||
Cash dividends ($0.30 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,603
|
)
|
|
—
|
|
|
(3,603
|
)
|
||||||
Balance at March 31, 2016
|
$
|
11,005
|
|
|
$
|
1,005
|
|
|
$
|
658,918
|
|
|
$
|
2,314,090
|
|
|
$
|
(23,824
|
)
|
|
$
|
2,961,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2016
|
$
|
11,005
|
|
|
$
|
1,005
|
|
|
$
|
658,918
|
|
|
$
|
2,476,691
|
|
|
$
|
(135,192
|
)
|
|
$
|
3,012,427
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
67,621
|
|
|
—
|
|
|
67,621
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,251
|
|
|
24,251
|
|
||||||
Cash dividends ($0.30 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,603
|
)
|
|
—
|
|
|
(3,603
|
)
|
||||||
Balance at March 31, 2017
|
$
|
11,005
|
|
|
$
|
1,005
|
|
|
$
|
658,918
|
|
|
$
|
2,540,709
|
|
|
$
|
(110,941
|
)
|
|
$
|
3,100,696
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands, unaudited)
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
67,621
|
|
|
$
|
52,072
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
||||
Provision for loan and lease losses
|
8,231
|
|
|
4,843
|
|
||
Deferred tax expense (benefit)
|
6,693
|
|
|
(8,806
|
)
|
||
Net change in current taxes
|
27,462
|
|
|
35,678
|
|
||
Depreciation
|
22,616
|
|
|
22,053
|
|
||
Net increase in accrued interest payable
|
150
|
|
|
324
|
|
||
Net increase in income earned not collected
|
(617
|
)
|
|
(3,482
|
)
|
||
Gain on acquisitions
|
(12,017
|
)
|
|
(1,704
|
)
|
||
Securities losses (gains)
|
24
|
|
|
(4,628
|
)
|
||
Loss on termination of FDIC shared-loss agreement
|
45
|
|
|
—
|
|
||
Origination of loans held for sale
|
(134,932
|
)
|
|
(144,895
|
)
|
||
Proceeds from sale of loans held for sale
|
162,837
|
|
|
140,160
|
|
||
Gain on sale of loans held for sale
|
(3,456
|
)
|
|
(2,487
|
)
|
||
Gain on sale of portfolio loans
|
(164
|
)
|
|
—
|
|
||
Net write-downs/losses on other real estate
|
1,717
|
|
|
2,599
|
|
||
Gain/loss on sales of premises and equipment
|
(156
|
)
|
|
—
|
|
||
Net accretion of premiums and discounts
|
(10,985
|
)
|
|
(12,201
|
)
|
||
Amortization of intangible assets
|
5,271
|
|
|
5,586
|
|
||
Reduction in FDIC receivable for shared-loss agreements
|
2,591
|
|
|
4,076
|
|
||
Net increase in FDIC payable for shared-loss agreements
|
1,005
|
|
|
1,790
|
|
||
Net change in other assets
|
(15,078
|
)
|
|
(19,678
|
)
|
||
Net change in other liabilities
|
8,741
|
|
|
3,857
|
|
||
Net cash provided by operating activities
|
137,599
|
|
|
75,157
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
||||
Net increase in loans outstanding
|
(105,100
|
)
|
|
(131,923
|
)
|
||
Purchases of investment securities available for sale
|
(871,698
|
)
|
|
(1,139,933
|
)
|
||
Proceeds from maturities/calls of investment securities held to maturity
|
15
|
|
|
61
|
|
||
Proceeds from maturities/calls of investment securities available for sale
|
787,182
|
|
|
396,211
|
|
||
Proceeds from sales of investment securities available for sale
|
14,162
|
|
|
987,260
|
|
||
Net increase in overnight investments
|
(856,442
|
)
|
|
(805,699
|
)
|
||
Proceeds from sales of portfolio loans
|
32,294
|
|
|
—
|
|
||
Cash paid to the FDIC for shared-loss agreements
|
(2,760
|
)
|
|
(9,871
|
)
|
||
Net cash paid to the FDIC for termination of shared-loss agreement
|
(285
|
)
|
|
—
|
|
||
Proceeds from sales of other real estate
|
8,845
|
|
|
8,202
|
|
||
Proceeds from sales of premises and equipment
|
2,205
|
|
|
—
|
|
||
Purchases of premises and equipment
|
(15,459
|
)
|
|
(13,595
|
)
|
||
Net cash acquired in business acquisitions
|
25,646
|
|
|
14,745
|
|
||
Net cash used by investing activities
|
(981,395
|
)
|
|
(694,542
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
||||
Net decrease in time deposits
|
(107,339
|
)
|
|
(84,802
|
)
|
||
Net increase in demand and other interest-bearing deposits
|
827,009
|
|
|
460,086
|
|
||
Net increase in short-term borrowings
|
87,100
|
|
|
92,841
|
|
||
Repayment of long-term obligations
|
(442
|
)
|
|
(68
|
)
|
||
Origination of long-term obligations
|
—
|
|
|
75,000
|
|
||
Net cash provided by financing activities
|
806,328
|
|
|
543,057
|
|
||
Change in cash and due from banks
|
(37,468
|
)
|
|
(76,328
|
)
|
||
Cash and due from banks at beginning of period
|
539,741
|
|
|
534,086
|
|
||
Cash and due from banks at end of period
|
$
|
502,273
|
|
|
$
|
457,758
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
||||
Transfers of loans to other real estate
|
$
|
5,822
|
|
|
$
|
9,980
|
|
Dividends declared but not paid
|
3,603
|
|
|
3,603
|
|
•
|
Allowance for loan and lease losses;
|
•
|
Fair value of financial instruments, including acquired assets and assumed liabilities;
|
•
|
Pension plan assumptions;
|
•
|
Cash flow estimates on purchased credit-impaired loans;
|
•
|
Goodwill and other intangible assets;
|
•
|
Federal Deposit Insurance Corporation (FDIC) shared-loss payable; and
|
•
|
Income tax assets, liabilities and expense
|
(Dollars in thousands)
|
As recorded by FCB
|
||
Assets
|
|
||
Cash and cash equivalents
|
$
|
3,350
|
|
Overnight investments
|
7,478
|
|
|
Investment securities
|
14,455
|
|
|
Loans
|
85,149
|
|
|
Income earned not collected
|
31
|
|
|
Intangible assets
|
850
|
|
|
Other assets
|
237
|
|
|
Total assets acquired
|
111,550
|
|
|
Liabilities
|
|
||
Deposits
|
121,755
|
|
|
Other liabilities
|
74
|
|
|
Total liabilities assumed
|
121,829
|
|
|
Fair value of net liabilities assumed
|
(10,279
|
)
|
|
Cash received from FDIC
|
22,296
|
|
|
Gain on acquisition of HCB
|
$
|
12,017
|
|
|
March 31, 2017
|
||||||||||||||
(Dollars in thousands)
|
Cost
|
|
Gross
unrealized gains
|
|
Gross unrealized
losses
|
|
Fair
value
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
1,619,380
|
|
|
$
|
342
|
|
|
$
|
1,554
|
|
|
$
|
1,618,168
|
|
Government agency
|
40,185
|
|
|
36
|
|
|
—
|
|
|
40,221
|
|
||||
Mortgage-backed securities
|
5,363,747
|
|
|
2,946
|
|
|
60,586
|
|
|
5,306,107
|
|
||||
Equity securities
|
72,064
|
|
|
22,201
|
|
|
—
|
|
|
94,265
|
|
||||
Corporate bonds
|
49,370
|
|
|
220
|
|
|
25
|
|
|
49,565
|
|
||||
Other
|
11,702
|
|
|
45
|
|
|
212
|
|
|
11,535
|
|
||||
Total investment securities available for sale
|
$
|
7,156,448
|
|
|
$
|
25,790
|
|
|
$
|
62,377
|
|
|
$
|
7,119,861
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
|
Cost
|
|
Gross
unrealized gains |
|
Gross unrealized
losses |
|
Fair
value |
||||||||
U.S. Treasury
|
$
|
1,650,675
|
|
|
$
|
579
|
|
|
$
|
935
|
|
|
$
|
1,650,319
|
|
Government agency
|
40,291
|
|
|
107
|
|
|
—
|
|
|
40,398
|
|
||||
Mortgage-backed securities
|
5,259,466
|
|
|
2,809
|
|
|
86,850
|
|
|
5,175,425
|
|
||||
Equity securities
|
71,873
|
|
|
11,634
|
|
|
—
|
|
|
83,507
|
|
||||
Corporate bonds
|
49,367
|
|
|
195
|
|
|
—
|
|
|
49,562
|
|
||||
Other
|
7,615
|
|
|
—
|
|
|
246
|
|
|
7,369
|
|
||||
Total investment securities available for sale
|
$
|
7,079,287
|
|
|
$
|
15,324
|
|
|
$
|
88,031
|
|
|
$
|
7,006,580
|
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, 2017
|
||||||||||||||
|
Cost
|
|
Gross
unrealized gains |
|
Gross unrealized
losses |
|
Fair
value |
||||||||
Investment securities held to maturity
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
$
|
83
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
89
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
|
Cost
|
|
Gross
unrealized gains |
|
Gross unrealized
losses |
|
Fair
value |
||||||||
Mortgage-backed securities
|
$
|
98
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
104
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
(Dollars in thousands)
|
Cost
|
|
Fair
value
|
|
Cost
|
|
Fair
value
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
Non-amortizing securities maturing in:
|
|
|
|
|
|
|
|
||||||||
One year or less
|
$
|
550,275
|
|
|
$
|
549,566
|
|
|
$
|
842,798
|
|
|
$
|
842,947
|
|
One through five years
|
1,109,290
|
|
|
1,108,823
|
|
|
848,168
|
|
|
847,770
|
|
||||
Five through 10 years
|
49,370
|
|
|
49,565
|
|
|
49,367
|
|
|
49,562
|
|
||||
Over 10 years
|
11,702
|
|
|
11,535
|
|
|
7,615
|
|
|
7,369
|
|
||||
Mortgage-backed securities
|
5,363,747
|
|
|
5,306,107
|
|
|
5,259,466
|
|
|
5,175,425
|
|
||||
Equity securities
|
72,064
|
|
|
94,265
|
|
|
71,873
|
|
|
83,507
|
|
||||
Total investment securities available for sale
|
$
|
7,156,448
|
|
|
$
|
7,119,861
|
|
|
$
|
7,079,287
|
|
|
$
|
7,006,580
|
|
Investment securities held to maturity
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities held to maturity
|
$
|
83
|
|
|
$
|
89
|
|
|
$
|
98
|
|
|
$
|
104
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Gross gains on sales of investment securities available for sale
|
$
|
3
|
|
|
$
|
4,933
|
|
Gross losses on sales of investment securities available for sale
|
(27
|
)
|
|
(305
|
)
|
||
Total realized securities (losses) gains
|
$
|
(24
|
)
|
|
$
|
4,628
|
|
|
March 31, 2017
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
(Dollars in thousands)
|
Fair
value |
|
Unrealized
losses |
|
Fair
value |
|
Unrealized
losses |
|
Fair
value |
|
Unrealized
losses |
||||||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
1,068,144
|
|
|
$
|
1,554
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,068,144
|
|
|
$
|
1,554
|
|
Mortgage-backed securities
|
4,318,258
|
|
|
56,017
|
|
|
361,488
|
|
|
4,569
|
|
|
4,679,746
|
|
|
60,586
|
|
||||||
Corporate bonds
|
9,975
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
9,975
|
|
|
25
|
|
||||||
Other
|
5,294
|
|
|
212
|
|
|
—
|
|
|
—
|
|
|
5,294
|
|
|
212
|
|
||||||
Total
|
$
|
5,401,671
|
|
|
$
|
57,808
|
|
|
$
|
361,488
|
|
|
$
|
4,569
|
|
|
$
|
5,763,159
|
|
|
$
|
62,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
|
Fair
value |
|
Unrealized
losses |
|
Fair
value |
|
Unrealized
losses |
|
Fair
value |
|
Unrealized
losses |
||||||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
807,822
|
|
|
$
|
935
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
807,822
|
|
|
$
|
935
|
|
Mortgage-backed securities
|
4,442,700
|
|
|
82,161
|
|
|
362,351
|
|
|
4,689
|
|
|
4,805,051
|
|
|
86,850
|
|
||||||
Other
|
7,369
|
|
|
246
|
|
|
—
|
|
|
—
|
|
|
7,369
|
|
|
246
|
|
||||||
Total
|
$
|
5,257,891
|
|
|
$
|
83,342
|
|
|
$
|
362,351
|
|
|
$
|
4,689
|
|
|
$
|
5,620,242
|
|
|
$
|
88,031
|
|
(Dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
||||
Non-PCI loans and leases:
|
|
|
|
||||
Commercial:
|
|
|
|
||||
Construction and land development
|
$
|
683,415
|
|
|
$
|
649,157
|
|
Commercial mortgage
|
9,173,612
|
|
|
9,026,220
|
|
||
Other commercial real estate
|
364,862
|
|
|
351,291
|
|
||
Commercial and industrial
|
2,477,911
|
|
|
2,567,501
|
|
||
Lease financing
|
840,201
|
|
|
826,270
|
|
||
Other
|
321,352
|
|
|
340,264
|
|
||
Total commercial loans
|
13,861,353
|
|
|
13,760,703
|
|
||
Noncommercial:
|
|
|
|
||||
Residential mortgage
|
2,945,361
|
|
|
2,889,124
|
|
||
Revolving mortgage
|
2,604,156
|
|
|
2,601,344
|
|
||
Construction and land development
|
218,103
|
|
|
231,400
|
|
||
Consumer
|
1,428,660
|
|
|
1,446,138
|
|
||
Total noncommercial loans
|
7,196,280
|
|
|
7,168,006
|
|
||
Total non-PCI loans and leases
|
21,057,633
|
|
|
20,928,709
|
|
||
PCI loans:
|
|
|
|
||||
Commercial:
|
|
|
|
||||
Construction and land development
|
26,542
|
|
|
20,766
|
|
||
Commercial mortgage
|
455,551
|
|
|
453,013
|
|
||
Other commercial real estate
|
18,723
|
|
|
12,645
|
|
||
Commercial and industrial
|
27,794
|
|
|
11,844
|
|
||
Other
|
1,244
|
|
|
1,702
|
|
||
Total commercial loans
|
529,854
|
|
|
499,970
|
|
||
Noncommercial:
|
|
|
|
||||
Residential mortgage
|
275,904
|
|
|
268,777
|
|
||
Revolving mortgage
|
40,345
|
|
|
38,650
|
|
||
Consumer
|
2,713
|
|
|
1,772
|
|
||
Total noncommercial loans
|
318,962
|
|
|
309,199
|
|
||
Total PCI loans
|
848,816
|
|
|
809,169
|
|
||
Total loans and leases
|
$
|
21,906,449
|
|
|
$
|
21,737,878
|
|
|
March 31, 2017
|
||||||||||||||||||||||||||
(Dollars in thousands)
|
Non-PCI commercial loans and leases
|
||||||||||||||||||||||||||
Grade:
|
Construction and land
development
|
|
Commercial
mortgage
|
|
Other
commercial real estate
|
|
Commercial and
industrial
|
|
Lease financing
|
|
Other
|
|
Total non-PCI commercial loans and leases
|
||||||||||||||
Pass
|
$
|
675,254
|
|
|
$
|
8,977,705
|
|
|
$
|
360,981
|
|
|
$
|
2,303,778
|
|
|
$
|
829,872
|
|
|
$
|
314,857
|
|
|
$
|
13,462,447
|
|
Special mention
|
2,144
|
|
|
72,007
|
|
|
592
|
|
|
23,335
|
|
|
3,560
|
|
|
1,006
|
|
|
102,644
|
|
|||||||
Substandard
|
5,979
|
|
|
123,588
|
|
|
3,289
|
|
|
19,585
|
|
|
6,761
|
|
|
5,488
|
|
|
164,690
|
|
|||||||
Doubtful
|
38
|
|
|
312
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
357
|
|
|||||||
Ungraded
|
—
|
|
|
—
|
|
|
—
|
|
|
131,206
|
|
|
8
|
|
|
1
|
|
|
131,215
|
|
|||||||
Total
|
$
|
683,415
|
|
|
$
|
9,173,612
|
|
|
$
|
364,862
|
|
|
$
|
2,477,911
|
|
|
$
|
840,201
|
|
|
$
|
321,352
|
|
|
$
|
13,861,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||||||
|
Non-PCI commercial loans and leases
|
||||||||||||||||||||||||||
|
Construction and land
development |
|
Commercial
mortgage |
|
Other
commercial real estate |
|
Commercial and
industrial |
|
Lease financing
|
|
Other
|
|
Total non-PCI commercial loans and leases
|
||||||||||||||
Pass
|
$
|
645,232
|
|
|
$
|
8,821,439
|
|
|
$
|
347,509
|
|
|
$
|
2,402,659
|
|
|
$
|
818,008
|
|
|
$
|
335,831
|
|
|
$
|
13,370,678
|
|
Special mention
|
2,236
|
|
|
76,084
|
|
|
1,433
|
|
|
22,804
|
|
|
2,675
|
|
|
1,020
|
|
|
106,252
|
|
|||||||
Substandard
|
1,683
|
|
|
126,863
|
|
|
2,349
|
|
|
17,870
|
|
|
5,415
|
|
|
3,413
|
|
|
157,593
|
|
|||||||
Doubtful
|
6
|
|
|
334
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
348
|
|
|||||||
Ungraded
|
—
|
|
|
1,500
|
|
|
—
|
|
|
124,160
|
|
|
172
|
|
|
—
|
|
|
125,832
|
|
|||||||
Total
|
$
|
649,157
|
|
|
$
|
9,026,220
|
|
|
$
|
351,291
|
|
|
$
|
2,567,501
|
|
|
$
|
826,270
|
|
|
$
|
340,264
|
|
|
$
|
13,760,703
|
|
|
March 31, 2017
|
||||||||||||||||||
|
Non-PCI noncommercial loans and leases
|
||||||||||||||||||
(Dollars in thousands)
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Construction
and land
development
|
|
Consumer
|
|
Total non-PCI noncommercial
loans and leases |
||||||||||
Current
|
$
|
2,899,295
|
|
|
$
|
2,582,739
|
|
|
$
|
215,112
|
|
|
$
|
1,418,899
|
|
|
$
|
7,116,045
|
|
30-59 days past due
|
27,662
|
|
|
11,702
|
|
|
610
|
|
|
5,661
|
|
|
45,635
|
|
|||||
60-89 days past due
|
3,885
|
|
|
3,162
|
|
|
1,378
|
|
|
2,214
|
|
|
10,639
|
|
|||||
90 days or greater past due
|
14,519
|
|
|
6,553
|
|
|
1,003
|
|
|
1,886
|
|
|
23,961
|
|
|||||
Total
|
$
|
2,945,361
|
|
|
$
|
2,604,156
|
|
|
$
|
218,103
|
|
|
$
|
1,428,660
|
|
|
$
|
7,196,280
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2016
|
||||||||||||||||||
|
Non-PCI noncommercial loans and leases
|
||||||||||||||||||
|
Residential
mortgage |
|
Revolving
mortgage |
|
Construction
and land development |
|
Consumer
|
|
Total non-PCI noncommercial
loans and leases |
||||||||||
Current
|
$
|
2,839,045
|
|
|
$
|
2,576,942
|
|
|
$
|
229,106
|
|
|
$
|
1,434,658
|
|
|
$
|
7,079,751
|
|
30-59 days past due
|
27,760
|
|
|
14,290
|
|
|
1,139
|
|
|
6,775
|
|
|
49,964
|
|
|||||
60-89 days past due
|
7,039
|
|
|
2,698
|
|
|
598
|
|
|
2,779
|
|
|
13,114
|
|
|||||
90 days or greater past due
|
15,280
|
|
|
7,414
|
|
|
557
|
|
|
1,926
|
|
|
25,177
|
|
|||||
Total
|
$
|
2,889,124
|
|
|
$
|
2,601,344
|
|
|
$
|
231,400
|
|
|
$
|
1,446,138
|
|
|
$
|
7,168,006
|
|
|
March 31, 2017
|
||||||||||||||||||||||
(Dollars in thousands)
|
PCI commercial loans
|
||||||||||||||||||||||
Grade:
|
Construction
and land
development
|
|
Commercial
mortgage
|
|
Other
commercial
real estate
|
|
Commercial
and
industrial
|
|
Other
|
|
Total PCI commercial
loans
|
||||||||||||
Pass
|
$
|
11,129
|
|
|
$
|
243,473
|
|
|
$
|
14,896
|
|
|
$
|
18,204
|
|
|
$
|
642
|
|
|
$
|
288,344
|
|
Special mention
|
1,509
|
|
|
66,969
|
|
|
641
|
|
|
2,449
|
|
|
—
|
|
|
71,568
|
|
||||||
Substandard
|
10,776
|
|
|
131,350
|
|
|
2,516
|
|
|
2,901
|
|
|
602
|
|
|
148,145
|
|
||||||
Doubtful
|
3,128
|
|
|
13,759
|
|
|
670
|
|
|
4,215
|
|
|
—
|
|
|
21,772
|
|
||||||
Ungraded
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||||
Total
|
$
|
26,542
|
|
|
$
|
455,551
|
|
|
$
|
18,723
|
|
|
$
|
27,794
|
|
|
$
|
1,244
|
|
|
$
|
529,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||
|
PCI commercial loans
|
||||||||||||||||||||||
|
Construction
and land development |
|
Commercial
mortgage |
|
Other
commercial real estate |
|
Commercial
and industrial |
|
Other
|
|
Total PCI commercial
loans |
||||||||||||
Pass
|
$
|
8,103
|
|
|
$
|
234,023
|
|
|
$
|
8,744
|
|
|
$
|
7,253
|
|
|
$
|
696
|
|
|
$
|
258,819
|
|
Special mention
|
950
|
|
|
67,848
|
|
|
102
|
|
|
620
|
|
|
—
|
|
|
69,520
|
|
||||||
Substandard
|
7,850
|
|
|
138,312
|
|
|
3,462
|
|
|
3,648
|
|
|
1,006
|
|
|
154,278
|
|
||||||
Doubtful
|
3,863
|
|
|
12,830
|
|
|
337
|
|
|
303
|
|
|
—
|
|
|
17,333
|
|
||||||
Ungraded
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||||
Total
|
$
|
20,766
|
|
|
$
|
453,013
|
|
|
$
|
12,645
|
|
|
$
|
11,844
|
|
|
$
|
1,702
|
|
|
$
|
499,970
|
|
|
March 31, 2017
|
||||||||||||||
|
PCI noncommercial loans
|
||||||||||||||
(Dollars in thousands)
|
Residential
mortgage |
|
Revolving
mortgage |
|
Consumer
|
|
Total PCI noncommercial
loans |
||||||||
Current
|
$
|
236,294
|
|
|
$
|
34,868
|
|
|
$
|
2,541
|
|
|
$
|
273,703
|
|
30-59 days past due
|
10,017
|
|
|
1,231
|
|
|
48
|
|
|
11,296
|
|
||||
60-89 days past due
|
4,935
|
|
|
349
|
|
|
3
|
|
|
5,287
|
|
||||
90 days or greater past due
|
24,658
|
|
|
3,897
|
|
|
121
|
|
|
28,676
|
|
||||
Total
|
$
|
275,904
|
|
|
$
|
40,345
|
|
|
$
|
2,713
|
|
|
$
|
318,962
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
|
PCI noncommercial loans
|
||||||||||||||
|
Residential
mortgage |
|
Revolving
mortgage |
|
Consumer
|
|
Total PCI noncommercial
loans |
||||||||
Current
|
$
|
230,065
|
|
|
$
|
33,827
|
|
|
$
|
1,637
|
|
|
$
|
265,529
|
|
30-59 days past due
|
9,595
|
|
|
618
|
|
|
68
|
|
|
10,281
|
|
||||
60-89 days past due
|
6,528
|
|
|
268
|
|
|
4
|
|
|
6,800
|
|
||||
90 days or greater past due
|
22,589
|
|
|
3,937
|
|
|
63
|
|
|
26,589
|
|
||||
Total
|
$
|
268,777
|
|
|
$
|
38,650
|
|
|
$
|
1,772
|
|
|
$
|
309,199
|
|
|
March 31, 2017
|
||||||||||||||||||||||
(Dollars in thousands)
|
30-59 days
past due
|
|
60-89 days
past due
|
|
90 days or greater
|
|
Total past
due
|
|
Current
|
|
Total loans
and leases
|
||||||||||||
Non-PCI loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development - commercial
|
$
|
3,897
|
|
|
$
|
2
|
|
|
$
|
102
|
|
|
$
|
4,001
|
|
|
$
|
679,414
|
|
|
$
|
683,415
|
|
Commercial mortgage
|
16,294
|
|
|
3,633
|
|
|
8,750
|
|
|
28,677
|
|
|
9,144,935
|
|
|
9,173,612
|
|
||||||
Other commercial real estate
|
181
|
|
|
172
|
|
|
530
|
|
|
883
|
|
|
363,979
|
|
|
364,862
|
|
||||||
Commercial and industrial
|
9,543
|
|
|
1,576
|
|
|
3,229
|
|
|
14,348
|
|
|
2,463,563
|
|
|
2,477,911
|
|
||||||
Lease financing
|
992
|
|
|
733
|
|
|
290
|
|
|
2,015
|
|
|
838,186
|
|
|
840,201
|
|
||||||
Residential mortgage
|
27,662
|
|
|
3,885
|
|
|
14,519
|
|
|
46,066
|
|
|
2,899,295
|
|
|
2,945,361
|
|
||||||
Revolving mortgage
|
11,702
|
|
|
3,162
|
|
|
6,553
|
|
|
21,417
|
|
|
2,582,739
|
|
|
2,604,156
|
|
||||||
Construction and land development - noncommercial
|
610
|
|
|
1,378
|
|
|
1,003
|
|
|
2,991
|
|
|
215,112
|
|
|
218,103
|
|
||||||
Consumer
|
5,661
|
|
|
2,214
|
|
|
1,886
|
|
|
9,761
|
|
|
1,418,899
|
|
|
1,428,660
|
|
||||||
Other
|
194
|
|
|
—
|
|
|
161
|
|
|
355
|
|
|
320,997
|
|
|
321,352
|
|
||||||
Total non-PCI loans and leases
|
$
|
76,736
|
|
|
$
|
16,755
|
|
|
$
|
37,023
|
|
|
$
|
130,514
|
|
|
$
|
20,927,119
|
|
|
$
|
21,057,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||
|
30-59 days
past due |
|
60-89 days
past due |
|
90 days or greater
|
|
Total past
due |
|
Current
|
|
Total loans
and leases |
||||||||||||
Non-PCI loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development - commercial
|
$
|
1,845
|
|
|
$
|
39
|
|
|
$
|
286
|
|
|
$
|
2,170
|
|
|
$
|
646,987
|
|
|
$
|
649,157
|
|
Commercial mortgage
|
11,592
|
|
|
2,773
|
|
|
10,329
|
|
|
24,694
|
|
|
9,001,526
|
|
|
9,026,220
|
|
||||||
Other commercial real estate
|
310
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|
350,981
|
|
|
351,291
|
|
||||||
Commercial and industrial
|
7,918
|
|
|
2,102
|
|
|
1,051
|
|
|
11,071
|
|
|
2,556,430
|
|
|
2,567,501
|
|
||||||
Lease financing
|
1,175
|
|
|
444
|
|
|
863
|
|
|
2,482
|
|
|
823,788
|
|
|
826,270
|
|
||||||
Residential mortgage
|
27,760
|
|
|
7,039
|
|
|
15,280
|
|
|
50,079
|
|
|
2,839,045
|
|
|
2,889,124
|
|
||||||
Revolving mortgage
|
14,290
|
|
|
2,698
|
|
|
7,414
|
|
|
24,402
|
|
|
2,576,942
|
|
|
2,601,344
|
|
||||||
Construction and land development - noncommercial
|
1,139
|
|
|
598
|
|
|
557
|
|
|
2,294
|
|
|
229,106
|
|
|
231,400
|
|
||||||
Consumer
|
6,775
|
|
|
2,779
|
|
|
1,926
|
|
|
11,480
|
|
|
1,434,658
|
|
|
1,446,138
|
|
||||||
Other
|
72
|
|
|
—
|
|
|
198
|
|
|
270
|
|
|
339,994
|
|
|
340,264
|
|
||||||
Total non-PCI loans and leases
|
$
|
72,876
|
|
|
$
|
18,472
|
|
|
$
|
37,904
|
|
|
$
|
129,252
|
|
|
$
|
20,799,457
|
|
|
$
|
20,928,709
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
loans and
leases
|
|
Loans and
leases > 90
days and
accruing
|
|
Nonaccrual
loans and
leases
|
|
Loans and
leases > 90
days and
accruing
|
||||||||
Non-PCI loans and leases:
|
|
|
|
|
|
|
|
||||||||
Construction and land development - commercial
|
$
|
778
|
|
|
$
|
—
|
|
|
$
|
606
|
|
|
$
|
—
|
|
Commercial mortgage
|
25,709
|
|
|
962
|
|
|
26,527
|
|
|
482
|
|
||||
Other commercial real estate
|
687
|
|
|
—
|
|
|
86
|
|
|
—
|
|
||||
Commercial and industrial
|
4,023
|
|
|
584
|
|
|
4,275
|
|
|
440
|
|
||||
Lease financing
|
1,281
|
|
|
—
|
|
|
359
|
|
|
683
|
|
||||
Residential mortgage
|
36,257
|
|
|
191
|
|
|
32,470
|
|
|
37
|
|
||||
Revolving mortgage
|
13,931
|
|
|
—
|
|
|
14,308
|
|
|
—
|
|
||||
Construction and land development - noncommercial
|
1,315
|
|
|
—
|
|
|
1,121
|
|
|
—
|
|
||||
Consumer
|
1,830
|
|
|
1,245
|
|
|
2,236
|
|
|
1,076
|
|
||||
Other
|
275
|
|
|
—
|
|
|
319
|
|
|
—
|
|
||||
Total non-PCI loans and leases
|
$
|
86,086
|
|
|
$
|
2,982
|
|
|
$
|
82,307
|
|
|
$
|
2,718
|
|
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Balance at January 1
|
$
|
809,169
|
|
|
$
|
950,516
|
|
Fair value of acquired loans
|
85,149
|
|
|
35,416
|
|
||
Accretion
|
19,351
|
|
|
21,398
|
|
||
Payments received and other changes, net
|
(64,853
|
)
|
|
(61,443
|
)
|
||
Balance at March 31
|
$
|
848,816
|
|
|
$
|
945,887
|
|
Unpaid principal balance at March 31
|
$
|
1,155,034
|
|
|
$
|
1,665,896
|
|
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Balance at January 1
|
$
|
335,074
|
|
|
$
|
343,856
|
|
Additions from acquisitions
|
16,653
|
|
|
6,176
|
|
||
Accretion
|
(19,351
|
)
|
|
(21,398
|
)
|
||
Reclassifications from nonaccretable difference
|
11,277
|
|
|
9,905
|
|
||
Changes in expected cash flows that do not affect nonaccretable difference
|
(2,179
|
)
|
|
4,418
|
|
||
Balance at March 31
|
$
|
341,474
|
|
|
$
|
342,957
|
|
|
|
|
|
|
Three months ended March 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development
- commercial
|
|
Commercial
mortgage
|
|
Other commercial real estate
|
|
Commercial
and industrial
|
|
Lease
financing
|
|
Other
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Construction
and land
development
- non-
commercial
|
|
Consumer
|
|
Total
|
||||||||||||||||||||||
Non-PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Balance at January 1
|
$
|
28,877
|
|
|
$
|
48,278
|
|
|
$
|
3,269
|
|
|
$
|
50,225
|
|
|
$
|
5,907
|
|
|
$
|
3,127
|
|
|
$
|
23,094
|
|
|
$
|
12,366
|
|
|
$
|
1,596
|
|
|
$
|
28,287
|
|
|
$
|
205,026
|
|
Provision
|
2,536
|
|
|
6
|
|
|
304
|
|
|
3,592
|
|
|
575
|
|
|
517
|
|
|
1,061
|
|
|
840
|
|
|
(83
|
)
|
|
1,728
|
|
|
11,076
|
|
|||||||||||
Charge-offs
|
(77
|
)
|
|
(37
|
)
|
|
(5
|
)
|
|
(3,253
|
)
|
|
(173
|
)
|
|
(123
|
)
|
|
(250
|
)
|
|
(825
|
)
|
|
—
|
|
|
(3,966
|
)
|
|
(8,709
|
)
|
|||||||||||
Recoveries
|
55
|
|
|
364
|
|
|
4
|
|
|
265
|
|
|
6
|
|
|
13
|
|
|
287
|
|
|
552
|
|
|
—
|
|
|
1,080
|
|
|
2,626
|
|
|||||||||||
Balance at March 31
|
$
|
31,391
|
|
|
$
|
48,611
|
|
|
$
|
3,572
|
|
|
$
|
50,829
|
|
|
$
|
6,315
|
|
|
$
|
3,534
|
|
|
$
|
24,192
|
|
|
$
|
12,933
|
|
|
$
|
1,513
|
|
|
$
|
27,129
|
|
|
$
|
210,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Three months ended March 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development
- commercial
|
|
Commercial
mortgage
|
|
Other commercial real estate
|
|
Commercial
and industrial
|
|
Lease
financing
|
|
Other
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Construction
and land
development
- non-
commercial
|
|
Consumer
|
|
Total
|
||||||||||||||||||||||
Balance at January 1
|
$
|
16,288
|
|
|
$
|
69,896
|
|
|
$
|
2,168
|
|
|
$
|
43,116
|
|
|
$
|
5,524
|
|
|
$
|
1,855
|
|
|
$
|
14,105
|
|
|
$
|
15,971
|
|
|
$
|
1,485
|
|
|
$
|
19,496
|
|
|
$
|
189,904
|
|
Provision
|
943
|
|
|
394
|
|
|
(104
|
)
|
|
2,201
|
|
|
(282
|
)
|
|
(328
|
)
|
|
776
|
|
|
1,158
|
|
|
87
|
|
|
1,995
|
|
|
6,840
|
|
|||||||||||
Charge-offs
|
(426
|
)
|
|
(90
|
)
|
|
—
|
|
|
(1,317
|
)
|
|
—
|
|
|
(71
|
)
|
|
(174
|
)
|
|
(1,036
|
)
|
|
—
|
|
|
(3,108
|
)
|
|
(6,222
|
)
|
|||||||||||
Recoveries
|
80
|
|
|
256
|
|
|
143
|
|
|
479
|
|
|
180
|
|
|
321
|
|
|
20
|
|
|
32
|
|
|
3
|
|
|
990
|
|
|
2,504
|
|
|||||||||||
Balance at March 31
|
$
|
16,885
|
|
|
$
|
70,456
|
|
|
$
|
2,207
|
|
|
$
|
44,479
|
|
|
$
|
5,422
|
|
|
$
|
1,777
|
|
|
$
|
14,727
|
|
|
$
|
16,125
|
|
|
$
|
1,575
|
|
|
$
|
19,373
|
|
|
$
|
193,026
|
|
|
March 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development
- commercial
|
|
Commercial
mortgage
|
|
Other
commercial
real estate
|
|
Commercial and industrial
|
|
Lease
financing
|
|
Other
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Construction
and land
development
- non-commercial
|
|
Consumer
|
|
Total
|
||||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment
|
$
|
151
|
|
|
$
|
3,122
|
|
|
$
|
132
|
|
|
$
|
1,043
|
|
|
$
|
213
|
|
|
$
|
21
|
|
|
$
|
3,189
|
|
|
$
|
287
|
|
|
$
|
103
|
|
|
$
|
591
|
|
|
$
|
8,852
|
|
ALLL for loans and leases collectively evaluated for impairment
|
31,240
|
|
|
45,489
|
|
|
3,440
|
|
|
49,786
|
|
|
6,102
|
|
|
3,513
|
|
|
21,003
|
|
|
12,646
|
|
|
1,410
|
|
|
26,538
|
|
|
201,167
|
|
|||||||||||
Total allowance for loan and lease losses
|
$
|
31,391
|
|
|
$
|
48,611
|
|
|
$
|
3,572
|
|
|
$
|
50,829
|
|
|
$
|
6,315
|
|
|
$
|
3,534
|
|
|
$
|
24,192
|
|
|
$
|
12,933
|
|
|
$
|
1,513
|
|
|
$
|
27,129
|
|
|
$
|
210,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Loans and leases individually evaluated for impairment
|
$
|
1,058
|
|
|
$
|
74,788
|
|
|
$
|
1,497
|
|
|
$
|
10,864
|
|
|
$
|
2,054
|
|
|
$
|
259
|
|
|
$
|
34,484
|
|
|
$
|
8,272
|
|
|
$
|
2,577
|
|
|
$
|
1,858
|
|
|
$
|
137,711
|
|
Loans and leases collectively evaluated for impairment
|
682,357
|
|
|
9,098,824
|
|
|
363,365
|
|
|
2,467,047
|
|
|
838,147
|
|
|
321,093
|
|
|
2,910,877
|
|
|
2,595,884
|
|
|
215,526
|
|
|
1,426,802
|
|
|
20,919,922
|
|
|||||||||||
Total loan and leases
|
$
|
683,415
|
|
|
$
|
9,173,612
|
|
|
$
|
364,862
|
|
|
$
|
2,477,911
|
|
|
$
|
840,201
|
|
|
$
|
321,352
|
|
|
$
|
2,945,361
|
|
|
$
|
2,604,156
|
|
|
$
|
218,103
|
|
|
$
|
1,428,660
|
|
|
$
|
21,057,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land development - commercial |
|
Commercial
mortgage |
|
Other
commercial real estate |
|
Commercial and industrial
|
|
Lease
financing |
|
Other
|
|
Residential
mortgage |
|
Revolving
mortgage |
|
Construction
and land development - non-commercial |
|
Consumer
|
|
Total
|
||||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment
|
$
|
151
|
|
|
$
|
3,488
|
|
|
$
|
152
|
|
|
$
|
1,732
|
|
|
$
|
75
|
|
|
$
|
23
|
|
|
$
|
2,447
|
|
|
$
|
366
|
|
|
$
|
109
|
|
|
$
|
667
|
|
|
$
|
9,210
|
|
ALLL for loans and leases collectively evaluated for impairment
|
28,726
|
|
|
44,790
|
|
|
3,117
|
|
|
48,493
|
|
|
5,832
|
|
|
3,104
|
|
|
20,647
|
|
|
12,000
|
|
|
1,487
|
|
|
27,620
|
|
|
195,816
|
|
|||||||||||
Total allowance for loan and lease losses
|
$
|
28,877
|
|
|
$
|
48,278
|
|
|
$
|
3,269
|
|
|
$
|
50,225
|
|
|
$
|
5,907
|
|
|
$
|
3,127
|
|
|
$
|
23,094
|
|
|
$
|
12,366
|
|
|
$
|
1,596
|
|
|
$
|
28,287
|
|
|
$
|
205,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Loans and leases individually evaluated for impairment
|
$
|
1,045
|
|
|
$
|
76,361
|
|
|
$
|
1,563
|
|
|
$
|
12,600
|
|
|
$
|
1,074
|
|
|
$
|
142
|
|
|
$
|
31,476
|
|
|
$
|
7,613
|
|
|
$
|
2,613
|
|
|
$
|
1,912
|
|
|
$
|
136,399
|
|
Loans and leases collectively evaluated for impairment
|
648,112
|
|
|
8,949,859
|
|
|
349,728
|
|
|
2,554,901
|
|
|
825,196
|
|
|
340,122
|
|
|
2,857,648
|
|
|
2,593,731
|
|
|
228,787
|
|
|
1,444,226
|
|
|
20,792,310
|
|
|||||||||||
Total loan and leases
|
$
|
649,157
|
|
|
$
|
9,026,220
|
|
|
$
|
351,291
|
|
|
$
|
2,567,501
|
|
|
$
|
826,270
|
|
|
$
|
340,264
|
|
|
$
|
2,889,124
|
|
|
$
|
2,601,344
|
|
|
$
|
231,400
|
|
|
$
|
1,446,138
|
|
|
$
|
20,928,709
|
|
|
Three months ended March 31, 2017
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development -
commercial
|
|
Commercial
mortgage
|
|
Other
commercial
real estate
|
|
Commercial
and
industrial
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Consumer
and other
|
|
Total
|
||||||||||||||||
PCI Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at January 1
|
$
|
483
|
|
|
$
|
6,423
|
|
|
$
|
502
|
|
|
$
|
504
|
|
|
$
|
4,818
|
|
|
$
|
956
|
|
|
$
|
83
|
|
|
$
|
13,769
|
|
Provision
|
(186
|
)
|
|
(1,230
|
)
|
|
(158
|
)
|
|
(142
|
)
|
|
(545
|
)
|
|
(550
|
)
|
|
(34
|
)
|
|
(2,845
|
)
|
||||||||
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balance at March 31
|
$
|
297
|
|
|
$
|
5,193
|
|
|
$
|
344
|
|
|
$
|
362
|
|
|
$
|
4,273
|
|
|
$
|
406
|
|
|
$
|
49
|
|
|
$
|
10,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Three months ended March 31, 2016
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land
development -
commercial
|
|
Commercial
mortgage
|
|
Other
commercial
real estate
|
|
Commercial
and
industrial
|
|
Residential
mortgage
|
|
Revolving
mortgage
|
|
Consumer
and other
|
|
Total
|
||||||||||||||||
Balance at January 1
|
$
|
1,082
|
|
|
$
|
7,838
|
|
|
$
|
773
|
|
|
$
|
445
|
|
|
$
|
5,398
|
|
|
$
|
523
|
|
|
$
|
253
|
|
|
$
|
16,312
|
|
Provision
|
(349
|
)
|
|
(980
|
)
|
|
2
|
|
|
(220
|
)
|
|
(347
|
)
|
|
(108
|
)
|
|
5
|
|
|
(1,997
|
)
|
||||||||
Charge-offs
|
—
|
|
|
(108
|
)
|
|
(5
|
)
|
|
—
|
|
|
(371
|
)
|
|
—
|
|
|
(74
|
)
|
|
(558
|
)
|
||||||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balance at March 31
|
$
|
733
|
|
|
$
|
6,750
|
|
|
$
|
770
|
|
|
$
|
225
|
|
|
$
|
4,680
|
|
|
$
|
415
|
|
|
$
|
184
|
|
|
$
|
13,757
|
|
|
March 31, 2017
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land development - commercial |
|
Commercial
mortgage |
|
Other
commercial real estate |
|
Commercial
and industrial |
|
Residential
mortgage |
|
Revolving
mortgage |
|
Consumer
and other |
|
Total
|
||||||||||||||||
ALLL for loans and leases acquired with deteriorated credit quality
|
$
|
297
|
|
|
$
|
5,193
|
|
|
$
|
344
|
|
|
$
|
362
|
|
|
$
|
4,273
|
|
|
$
|
406
|
|
|
$
|
49
|
|
|
$
|
10,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans and leases acquired with deteriorated credit quality
|
26,542
|
|
|
455,551
|
|
|
18,723
|
|
|
27,794
|
|
|
275,904
|
|
|
40,345
|
|
|
3,957
|
|
|
848,816
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
December 31, 2016
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Construction
and land development - commercial |
|
Commercial
mortgage |
|
Other
commercial real estate |
|
Commercial
and industrial |
|
Residential
mortgage |
|
Revolving
mortgage |
|
Consumer
and other |
|
Total
|
||||||||||||||||
ALLL for loans and leases acquired with deteriorated credit quality
|
$
|
483
|
|
|
$
|
6,423
|
|
|
$
|
502
|
|
|
$
|
504
|
|
|
$
|
4,818
|
|
|
$
|
956
|
|
|
$
|
83
|
|
|
$
|
13,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans and leases acquired with deteriorated credit quality
|
20,766
|
|
|
453,013
|
|
|
12,645
|
|
|
11,844
|
|
|
268,777
|
|
|
38,650
|
|
|
3,474
|
|
|
809,169
|
|
|
March 31, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
With a
recorded
allowance
|
|
With no
recorded
allowance
|
|
Total
|
|
Unpaid
principal balance |
|
Related
allowance
recorded
|
||||||||||
Non-PCI impaired loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development - commercial
|
$
|
750
|
|
|
$
|
308
|
|
|
$
|
1,058
|
|
|
$
|
1,191
|
|
|
$
|
151
|
|
Commercial mortgage
|
38,730
|
|
|
36,058
|
|
|
74,788
|
|
|
81,232
|
|
|
3,122
|
|
|||||
Other commercial real estate
|
1,052
|
|
|
445
|
|
|
1,497
|
|
|
1,810
|
|
|
132
|
|
|||||
Commercial and industrial
|
8,053
|
|
|
2,811
|
|
|
10,864
|
|
|
13,244
|
|
|
1,043
|
|
|||||
Lease financing
|
1,808
|
|
|
246
|
|
|
2,054
|
|
|
2,054
|
|
|
213
|
|
|||||
Other
|
116
|
|
|
143
|
|
|
259
|
|
|
274
|
|
|
21
|
|
|||||
Residential mortgage
|
21,606
|
|
|
12,878
|
|
|
34,484
|
|
|
35,863
|
|
|
3,189
|
|
|||||
Revolving mortgage
|
1,627
|
|
|
6,645
|
|
|
8,272
|
|
|
9,535
|
|
|
287
|
|
|||||
Construction and land development - noncommercial
|
862
|
|
|
1,715
|
|
|
2,577
|
|
|
3,044
|
|
|
103
|
|
|||||
Consumer
|
1,425
|
|
|
433
|
|
|
1,858
|
|
|
2,056
|
|
|
591
|
|
|||||
Total non-PCI impaired loans and leases
|
$
|
76,029
|
|
|
$
|
61,682
|
|
|
$
|
137,711
|
|
|
$
|
150,303
|
|
|
$
|
8,852
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
With a
recorded allowance |
|
With no
recorded allowance |
|
Total
|
|
Unpaid
principal balance |
|
Related
allowance recorded |
||||||||||
Non-PCI impaired loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development - commercial
|
$
|
1,002
|
|
|
$
|
43
|
|
|
$
|
1,045
|
|
|
$
|
1,172
|
|
|
$
|
151
|
|
Commercial mortgage
|
42,875
|
|
|
33,486
|
|
|
76,361
|
|
|
82,658
|
|
|
3,488
|
|
|||||
Other commercial real estate
|
1,279
|
|
|
284
|
|
|
1,563
|
|
|
1,880
|
|
|
152
|
|
|||||
Commercial and industrial
|
8,920
|
|
|
3,680
|
|
|
12,600
|
|
|
16,637
|
|
|
1,732
|
|
|||||
Lease financing
|
1,002
|
|
|
72
|
|
|
1,074
|
|
|
1,074
|
|
|
75
|
|
|||||
Other
|
142
|
|
|
—
|
|
|
142
|
|
|
233
|
|
|
23
|
|
|||||
Residential mortgage
|
20,269
|
|
|
11,207
|
|
|
31,476
|
|
|
32,588
|
|
|
2,447
|
|
|||||
Revolving mortgage
|
1,825
|
|
|
5,788
|
|
|
7,613
|
|
|
8,831
|
|
|
366
|
|
|||||
Construction and land development - noncommercial
|
645
|
|
|
1,968
|
|
|
2,613
|
|
|
3,030
|
|
|
109
|
|
|||||
Consumer
|
1,532
|
|
|
380
|
|
|
1,912
|
|
|
2,086
|
|
|
667
|
|
|||||
Total non-PCI impaired loans and leases
|
$
|
79,491
|
|
|
$
|
56,908
|
|
|
$
|
136,399
|
|
|
$
|
150,189
|
|
|
$
|
9,210
|
|
|
Three months ended March 31, 2017
|
|
Three months ended March 31, 2016
|
||||||||||||
(Dollars in thousands)
|
Average
balance |
|
Interest income recognized
|
|
Average
balance |
|
Interest income recognized
|
||||||||
Non-PCI impaired loans and leases:
|
|
|
|
|
|
|
|
||||||||
Construction and land development - commercial
|
$
|
1,055
|
|
|
$
|
12
|
|
|
$
|
3,164
|
|
|
$
|
41
|
|
Commercial mortgage
|
75,310
|
|
|
642
|
|
|
92,945
|
|
|
766
|
|
||||
Other commercial real estate
|
1,584
|
|
|
8
|
|
|
423
|
|
|
5
|
|
||||
Commercial and industrial
|
11,529
|
|
|
104
|
|
|
15,551
|
|
|
151
|
|
||||
Lease financing
|
1,568
|
|
|
14
|
|
|
1,657
|
|
|
20
|
|
||||
Other
|
196
|
|
|
2
|
|
|
1,072
|
|
|
14
|
|
||||
Residential mortgage
|
32,963
|
|
|
253
|
|
|
23,500
|
|
|
172
|
|
||||
Revolving mortgage
|
7,969
|
|
|
57
|
|
|
6,309
|
|
|
32
|
|
||||
Construction and land development - noncommercial
|
2,605
|
|
|
33
|
|
|
556
|
|
|
6
|
|
||||
Consumer
|
1,900
|
|
|
23
|
|
|
1,265
|
|
|
18
|
|
||||
Total non-PCI impaired loans and leases
|
$
|
136,679
|
|
|
$
|
1,148
|
|
|
$
|
146,442
|
|
|
$
|
1,225
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in thousands)
|
Accruing
|
|
Nonaccruing
|
|
Total
|
|
Accruing
|
|
Nonaccruing
|
|
Total
|
||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development -
commercial |
$
|
3,228
|
|
|
$
|
329
|
|
|
$
|
3,557
|
|
|
$
|
3,292
|
|
|
$
|
308
|
|
|
$
|
3,600
|
|
Commercial mortgage
|
64,447
|
|
|
15,282
|
|
|
79,729
|
|
|
70,263
|
|
|
14,435
|
|
|
84,698
|
|
||||||
Other commercial real estate
|
863
|
|
|
608
|
|
|
1,471
|
|
|
1,635
|
|
|
80
|
|
|
1,715
|
|
||||||
Commercial and industrial
|
9,124
|
|
|
652
|
|
|
9,776
|
|
|
9,193
|
|
|
1,436
|
|
|
10,629
|
|
||||||
Lease financing
|
1,135
|
|
|
917
|
|
|
2,052
|
|
|
882
|
|
|
192
|
|
|
1,074
|
|
||||||
Other
|
184
|
|
|
74
|
|
|
258
|
|
|
64
|
|
|
78
|
|
|
142
|
|
||||||
Total commercial TDRs
|
78,981
|
|
|
17,862
|
|
|
96,843
|
|
|
85,329
|
|
|
16,529
|
|
|
101,858
|
|
||||||
Noncommercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
35,292
|
|
|
6,374
|
|
|
41,666
|
|
|
34,012
|
|
|
5,117
|
|
|
39,129
|
|
||||||
Revolving mortgage
|
6,712
|
|
|
1,725
|
|
|
8,437
|
|
|
6,346
|
|
|
1,431
|
|
|
7,777
|
|
||||||
Construction and land development -
noncommercial |
240
|
|
|
—
|
|
|
240
|
|
|
240
|
|
|
—
|
|
|
240
|
|
||||||
Consumer and other
|
1,531
|
|
|
326
|
|
|
1,857
|
|
|
1,603
|
|
|
309
|
|
|
1,912
|
|
||||||
Total noncommercial TDRs
|
43,775
|
|
|
8,425
|
|
|
52,200
|
|
|
42,201
|
|
|
6,857
|
|
|
49,058
|
|
||||||
Total TDRs
|
$
|
122,756
|
|
|
$
|
26,287
|
|
|
$
|
149,043
|
|
|
$
|
127,530
|
|
|
$
|
23,386
|
|
|
$
|
150,916
|
|
(Dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
||||
Accruing TDRs:
|
|
|
|
||||
PCI
|
$
|
20,296
|
|
|
$
|
26,068
|
|
Non-PCI
|
102,460
|
|
|
101,462
|
|
||
Total accruing TDRs
|
122,756
|
|
|
127,530
|
|
||
Nonaccruing TDRs:
|
|
|
|
||||
PCI
|
298
|
|
|
301
|
|
||
Non-PCI
|
25,989
|
|
|
23,085
|
|
||
Total nonaccruing TDRs
|
26,287
|
|
|
23,386
|
|
||
All TDRs:
|
|
|
|
||||
PCI
|
20,594
|
|
|
26,369
|
|
||
Non-PCI
|
128,449
|
|
|
124,547
|
|
||
Total TDRs
|
$
|
149,043
|
|
|
$
|
150,916
|
|
|
Three months ended March 31, 2017
|
|
Three months ended March 31, 2016
|
||||||||||||||||||||
|
All restructurings
|
|
Restructurings with payment default
|
|
All restructurings
|
|
Restructurings with payment default
|
||||||||||||||||
(Dollars in thousands)
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
|
Number of Loans
|
Recorded investment at period end
|
||||||||||||
Non-PCI loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest only period provided
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial mortgage
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
1
|
|
$
|
252
|
|
|
1
|
|
$
|
252
|
|
Total interest only
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
1
|
|
252
|
|
|
1
|
|
252
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan term extension
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development - commercial
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
1
|
|
404
|
|
|
—
|
|
—
|
|
||||
Commercial mortgage
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
1
|
|
—
|
|
|
—
|
|
—
|
|
||||
Other commercial real estate
|
—
|
|
—
|
|
|
1
|
|
530
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Commercial and industrial
|
2
|
|
94
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Residential mortgage
|
1
|
|
32
|
|
|
1
|
|
47
|
|
|
1
|
|
34
|
|
|
—
|
|
—
|
|
||||
Consumer
|
2
|
|
14
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total loan term extension
|
5
|
|
140
|
|
|
2
|
|
577
|
|
|
3
|
|
438
|
|
|
—
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below market interest rate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development - commercial
|
1
|
|
60
|
|
|
—
|
|
—
|
|
|
1
|
|
18
|
|
|
1
|
|
18
|
|
||||
Commercial mortgage
|
10
|
|
2,512
|
|
|
1
|
|
92
|
|
|
10
|
|
1,422
|
|
|
4
|
|
511
|
|
||||
Other commercial real estate
|
1
|
|
4
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Commercial and industrial
|
3
|
|
108
|
|
|
1
|
|
—
|
|
|
3
|
|
12
|
|
|
—
|
|
—
|
|
||||
Lease financing
|
3
|
|
839
|
|
|
2
|
|
769
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Residential mortgage
|
30
|
|
1,543
|
|
|
15
|
|
824
|
|
|
46
|
|
3,288
|
|
|
13
|
|
841
|
|
||||
Construction and land development - noncommercial
|
2
|
|
412
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Consumer
|
2
|
|
14
|
|
|
—
|
|
—
|
|
|
2
|
|
73
|
|
|
—
|
|
—
|
|
||||
Other
|
1
|
|
143
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total below market interest rate
|
53
|
|
5,635
|
|
|
19
|
|
1,685
|
|
|
62
|
|
4,813
|
|
|
18
|
|
1,370
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Discharged from bankruptcy
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development - commercial
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
1
|
|
16
|
|
||||
Commercial mortgage
|
—
|
|
—
|
|
|
1
|
|
190
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Lease financing
|
16
|
|
227
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Residential mortgage
|
3
|
|
140
|
|
|
1
|
|
978
|
|
|
1
|
|
144
|
|
|
—
|
|
—
|
|
||||
Revolving mortgage
|
4
|
|
99
|
|
|
9
|
|
649
|
|
|
8
|
|
347
|
|
|
8
|
|
277
|
|
||||
Consumer
|
18
|
|
193
|
|
|
10
|
|
128
|
|
|
7
|
|
68
|
|
|
4
|
|
59
|
|
||||
Total discharged from bankruptcy
|
41
|
|
659
|
|
|
21
|
|
1,945
|
|
|
16
|
|
559
|
|
|
13
|
|
352
|
|
||||
Total non-PCI restructurings
|
99
|
|
$
|
6,434
|
|
|
42
|
|
$
|
4,207
|
|
|
82
|
|
$
|
6,062
|
|
|
32
|
|
$
|
1,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2017
|
|
Three months ended March 31, 2016
|
||||||||||||||||||||
|
All restructurings
|
|
Restructurings with payment default
|
|
All restructurings
|
|
Restructurings with payment default
|
||||||||||||||||
(Dollars in thousands)
|
Number of loans
|
Recorded investment at period end
|
|
Number of loans
|
Recorded investment at period end
|
|
Number of loans
|
Recorded investment at period end
|
|
Number of loans
|
Recorded investment at period end
|
||||||||||||
PCI loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Below market interest rate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction and land development - commercial
|
—
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
1
|
|
$
|
14
|
|
|
—
|
|
$
|
—
|
|
Commercial mortgage
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
3
|
|
2,016
|
|
|
—
|
|
—
|
|
||||
Residential mortgage
|
2
|
|
181
|
|
|
1
|
|
73
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Total below market interest rate
|
2
|
|
181
|
|
|
1
|
|
73
|
|
|
4
|
|
2,030
|
|
|
—
|
|
—
|
|
||||
Total PCI restructurings
|
2
|
|
$
|
181
|
|
|
1
|
|
$
|
73
|
|
|
4
|
|
$
|
2,030
|
|
|
—
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
Covered
|
|
Noncovered
|
|
Total
|
||||||
Balance at December 31, 2015
|
$
|
6,817
|
|
|
$
|
58,742
|
|
|
$
|
65,559
|
|
Additions
|
3,936
|
|
|
6,044
|
|
|
9,980
|
|
|||
Additions acquired in the North Milwaukee State Bank acquisition
|
—
|
|
|
330
|
|
|
330
|
|
|||
Sales
|
(523
|
)
|
|
(7,547
|
)
|
|
(8,070
|
)
|
|||
Write-downs
|
(496
|
)
|
|
(2,235
|
)
|
|
(2,731
|
)
|
|||
Balance at March 31, 2016
|
$
|
9,734
|
|
|
$
|
55,334
|
|
|
$
|
65,068
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2016
|
$
|
472
|
|
|
$
|
60,759
|
|
|
$
|
61,231
|
|
Additions
|
—
|
|
|
5,822
|
|
|
5,822
|
|
|||
Sales
|
(71
|
)
|
|
(9,048
|
)
|
|
(9,119
|
)
|
|||
Write-downs
|
(52
|
)
|
|
(1,391
|
)
|
|
(1,443
|
)
|
|||
Balance at March 31, 2017
|
$
|
349
|
|
|
$
|
56,142
|
|
|
$
|
56,491
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
4,172
|
|
|
$
|
4,054
|
|
Amortization
|
(600
|
)
|
|
(2,375
|
)
|
||
Net cash payments to FDIC
|
2,760
|
|
|
9,871
|
|
||
Post-acquisition adjustments
|
(2,591
|
)
|
|
(4,076
|
)
|
||
Termination of FDIC shared-loss agreement
|
240
|
|
|
—
|
|
||
Ending balance
|
$
|
3,981
|
|
|
$
|
7,474
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
20,415
|
|
|
$
|
19,351
|
|
Servicing rights originated
|
1,702
|
|
|
977
|
|
||
Amortization
|
(1,350
|
)
|
|
(1,268
|
)
|
||
Valuation allowance reversal (provision)
|
4
|
|
|
(1,874
|
)
|
||
Ending balance
|
$
|
20,771
|
|
|
$
|
17,186
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Beginning balance
|
$
|
4
|
|
|
$
|
95
|
|
Valuation allowance (reversal) provision
|
(4
|
)
|
|
1,874
|
|
||
Ending balance
|
$
|
—
|
|
|
$
|
1,969
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Discount rate - conventional fixed loans
|
9.39
|
%
|
|
9.45
|
%
|
||
Discount rate - all loans excluding conventional fixed loans
|
10.39
|
%
|
|
10.45
|
%
|
||
Weighted average constant prepayment rate
|
9.82
|
%
|
|
10.42
|
%
|
||
Weighted average cost to service a loan
|
$
|
63.84
|
|
|
$
|
62.75
|
|
•
|
Level 1 values are based on quoted prices for identical instruments in active markets.
|
•
|
Level 2 values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.
|
•
|
Level 3 values are generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation techniques include the use of discounted cash flow models and similar techniques.
|
(Dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
Carrying value
|
|
Fair value
|
|
Carrying value
|
|
Fair value
|
|||||||||
Cash and due from banks
|
$
|
502,273
|
|
|
$
|
502,273
|
|
|
$
|
539,741
|
|
|
$
|
539,741
|
|
Overnight investments
|
2,736,514
|
|
|
2,736,514
|
|
|
1,872,594
|
|
|
1,872,594
|
|
||||
Investment securities available for sale
|
7,119,861
|
|
|
7,119,861
|
|
|
7,006,580
|
|
|
7,006,580
|
|
||||
Investment securities held to maturity
|
83
|
|
|
89
|
|
|
98
|
|
|
104
|
|
||||
Loans held for sale
|
49,952
|
|
|
49,952
|
|
|
74,401
|
|
|
74,401
|
|
||||
Net loans and leases
|
21,685,506
|
|
|
20,727,792
|
|
|
21,519,083
|
|
|
20,614,548
|
|
||||
Receivable from the FDIC for shared-loss agreements
|
3,981
|
|
|
3,981
|
|
|
4,172
|
|
|
4,172
|
|
||||
Income earned not collected
|
80,456
|
|
|
80,456
|
|
|
79,839
|
|
|
79,839
|
|
||||
Federal Home Loan Bank stock
|
43,495
|
|
|
43,495
|
|
|
43,495
|
|
|
43,495
|
|
||||
Mortgage servicing rights
|
20,771
|
|
|
25,690
|
|
|
20,415
|
|
|
24,446
|
|
||||
Deposits
|
29,002,768
|
|
|
28,976,211
|
|
|
28,161,343
|
|
|
28,135,698
|
|
||||
Short-term borrowings
|
795,587
|
|
|
795,587
|
|
|
603,487
|
|
|
603,487
|
|
||||
Long-term obligations
|
727,500
|
|
|
713,402
|
|
|
832,942
|
|
|
832,201
|
|
||||
Payable to the FDIC for shared-loss agreements
|
98,013
|
|
|
100,948
|
|
|
97,008
|
|
|
100,069
|
|
||||
Accrued interest payable
|
3,947
|
|
|
3,947
|
|
|
3,797
|
|
|
3,797
|
|
|
March 31, 2017
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
(Dollars in thousands)
|
Fair value
|
|
Level 1 inputs
|
|
Level 2 inputs
|
|
Level 3 inputs
|
||||||||
Assets measured at fair value
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
1,618,168
|
|
|
$
|
—
|
|
|
$
|
1,618,168
|
|
|
$
|
—
|
|
Government agency
|
40,221
|
|
|
—
|
|
|
40,221
|
|
|
—
|
|
||||
Mortgage-backed securities
|
5,306,107
|
|
|
—
|
|
|
5,306,107
|
|
|
—
|
|
||||
Equity securities
|
94,265
|
|
|
30,345
|
|
|
63,920
|
|
|
—
|
|
||||
Corporate bonds
|
49,565
|
|
|
—
|
|
|
49,565
|
|
|
—
|
|
||||
Other
|
11,535
|
|
|
—
|
|
|
11,535
|
|
|
—
|
|
||||
Total investment securities available for sale
|
$
|
7,119,861
|
|
|
$
|
30,345
|
|
|
$
|
7,089,516
|
|
|
$
|
—
|
|
Loans held for sale
|
$
|
49,952
|
|
|
$
|
—
|
|
|
$
|
49,952
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
|
Fair value
|
|
Level 1 inputs
|
|
Level 2 inputs
|
|
Level 3 inputs
|
||||||||
Assets measured at fair value
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
1,650,319
|
|
|
$
|
—
|
|
|
$
|
1,650,319
|
|
|
$
|
—
|
|
Government agency
|
40,398
|
|
|
—
|
|
|
40,398
|
|
|
—
|
|
||||
Mortgage-backed securities
|
5,175,425
|
|
|
—
|
|
|
5,175,425
|
|
|
—
|
|
||||
Equity securities
|
83,507
|
|
|
29,145
|
|
|
54,362
|
|
|
—
|
|
||||
Corporate bonds
|
49,562
|
|
|
—
|
|
|
49,562
|
|
|
—
|
|
||||
Other
|
7,369
|
|
|
—
|
|
|
7,369
|
|
|
—
|
|
||||
Total investment securities available for sale
|
$
|
7,006,580
|
|
|
$
|
29,145
|
|
|
$
|
6,977,435
|
|
|
$
|
—
|
|
Loans held for sale
|
$
|
74,401
|
|
|
$
|
—
|
|
|
$
|
74,401
|
|
|
$
|
—
|
|
|
March 31, 2017
|
||||||||||
(Dollars in thousands)
|
Fair Value
|
|
Aggregate Unpaid Principal Balance
|
|
Difference
|
||||||
Loans held for sale
|
$
|
49,952
|
|
|
$
|
48,283
|
|
|
$
|
1,669
|
|
|
|
|
|
|
|
||||||
|
December 31, 2016
|
||||||||||
|
Fair Value
|
|
Aggregate Unpaid Principal Balance
|
|
Difference
|
||||||
Loans held for sale
|
$
|
74,401
|
|
|
$
|
75,893
|
|
|
$
|
(1,492
|
)
|
|
Three months ended March 31
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Gains from fair value changes on loans held for sale
|
$
|
3,161
|
|
|
$
|
763
|
|
|
March 31, 2017
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
(Dollars in thousands)
|
Fair value
|
|
Level 1 inputs
|
|
Level 2 inputs
|
|
Level 3 inputs
|
||||||||
Impaired loans
|
$
|
67,235
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67,235
|
|
Other real estate not covered under shared-loss agreements remeasured during current year
|
12,874
|
|
|
—
|
|
|
—
|
|
|
12,874
|
|
||||
Other real estate covered under shared-loss agreements remeasured during current year
|
122
|
|
|
—
|
|
|
—
|
|
|
122
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2016
|
||||||||||||||
|
|
|
Fair value measurements using:
|
||||||||||||
|
Fair value
|
|
Level 1 inputs
|
|
Level 2 inputs
|
|
Level 3 inputs
|
||||||||
Impaired loans
|
$
|
70,977
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
70,977
|
|
Other real estate not covered under shared-loss agreements remeasured during current year
|
44,963
|
|
|
—
|
|
|
—
|
|
|
44,963
|
|
||||
Other real estate covered under shared-loss agreements remeasured during current year
|
439
|
|
|
—
|
|
|
—
|
|
|
439
|
|
||||
Mortgage servicing rights
|
342
|
|
|
—
|
|
|
—
|
|
|
342
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Service cost
|
$
|
3,376
|
|
|
$
|
3,220
|
|
Interest cost
|
7,380
|
|
|
7,180
|
|
||
Expected return on assets
|
(10,698
|
)
|
|
(9,159
|
)
|
||
Amortization of prior service cost
|
52
|
|
|
52
|
|
||
Amortization of net actuarial loss
|
2,234
|
|
|
1,600
|
|
||
Net periodic benefit cost
|
$
|
2,344
|
|
|
$
|
2,893
|
|
|
Three months ended March 31
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Service cost
|
$
|
671
|
|
|
$
|
650
|
|
Interest cost
|
1,683
|
|
|
1,675
|
|
||
Expected return on assets
|
(2,796
|
)
|
|
(2,779
|
)
|
||
Amortization of net actuarial loss
|
214
|
|
|
—
|
|
||
Net periodic benefit cost
|
$
|
(228
|
)
|
|
$
|
(454
|
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
(Dollars in thousands)
|
Accumulated
other
comprehensive
loss
|
|
Deferred
tax benefit
|
|
Accumulated
other
comprehensive
loss,
net of tax
|
|
Accumulated
other
comprehensive
loss
|
|
Deferred
tax benefit
|
|
Accumulated
other
comprehensive
loss,
net of tax
|
||||||||||||
Unrealized losses on investment securities available for sale
|
$
|
(36,587
|
)
|
|
$
|
(13,404
|
)
|
|
$
|
(23,183
|
)
|
|
$
|
(72,707
|
)
|
|
$
|
(26,832
|
)
|
|
$
|
(45,875
|
)
|
Funded status of defined benefit plans
|
(139,274
|
)
|
|
(51,516
|
)
|
|
(87,758
|
)
|
|
(141,774
|
)
|
|
(52,457
|
)
|
|
(89,317
|
)
|
||||||
Total
|
$
|
(175,861
|
)
|
|
$
|
(64,920
|
)
|
|
$
|
(110,941
|
)
|
|
$
|
(214,481
|
)
|
|
$
|
(79,289
|
)
|
|
$
|
(135,192
|
)
|
|
Three months ended March 31, 2017
|
||||||||||||||
(Dollars in thousands)
|
Unrealized (losses) gains on available for sale securities
1
|
|
(Losses) gains on cash flow hedges
1
|
|
Defined benefit pension items
1
|
|
Total
|
||||||||
Beginning balance
|
$
|
(45,875
|
)
|
|
$
|
—
|
|
|
$
|
(89,317
|
)
|
|
$
|
(135,192
|
)
|
Other comprehensive income before reclassifications
|
22,677
|
|
|
—
|
|
|
—
|
|
|
22,677
|
|
||||
Amounts reclassified from accumulated other comprehensive (loss) income
|
15
|
|
|
—
|
|
|
1,559
|
|
|
1,574
|
|
||||
Net current period other comprehensive income
|
22,692
|
|
|
—
|
|
|
1,559
|
|
|
24,251
|
|
||||
Ending balance
|
$
|
(23,183
|
)
|
|
$
|
—
|
|
|
$
|
(87,758
|
)
|
|
$
|
(110,941
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
Three months ended March 31, 2016
|
||||||||||||||
|
Unrealized (losses) gains on available for sale securities
1
|
|
(Losses) gains on cash flow hedges
1
|
|
Defined benefit pension items
1
|
|
Total
|
||||||||
Beginning balance
|
$
|
(15,125
|
)
|
|
$
|
(892
|
)
|
|
$
|
(48,423
|
)
|
|
$
|
(64,440
|
)
|
Other comprehensive income before reclassifications
|
42,017
|
|
|
437
|
|
|
—
|
|
|
42,454
|
|
||||
Amounts reclassified from accumulated other comprehensive (loss) income
|
(2,858
|
)
|
|
—
|
|
|
1,020
|
|
|
(1,838
|
)
|
||||
Net current period other comprehensive income
|
39,159
|
|
|
437
|
|
|
1,020
|
|
|
40,616
|
|
||||
Ending balance
|
$
|
24,034
|
|
|
$
|
(455
|
)
|
|
$
|
(47,403
|
)
|
|
$
|
(23,824
|
)
|
(Dollars in thousands)
|
|
Three months ended March 31, 2017
|
||||
Details about accumulated other comprehensive income (loss)
|
|
Amounts reclassified from accumulated other comprehensive income (loss)
1
|
|
Affected line item in the statement where net income is presented
|
||
Unrealized gains and losses on available for sale securities
|
|
$
|
(24
|
)
|
|
Securities (losses) gains
|
|
|
9
|
|
|
Income taxes
|
|
|
|
$
|
(15
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
||
Prior service costs
|
|
$
|
(52
|
)
|
|
Employee benefits
|
Actuarial losses
|
|
(2,234
|
)
|
|
Employee benefits
|
|
|
|
(2,500
|
)
|
|
Employee benefits
|
|
|
|
941
|
|
|
Income taxes
|
|
|
|
$
|
(1,559
|
)
|
|
Net income
|
Total reclassifications for the period
|
|
$
|
(1,574
|
)
|
|
|
|
|
|
|
|
||
|
|
Three months ended March 31, 2016
|
||||
Details about accumulated other comprehensive income (loss)
|
|
Amounts reclassified from accumulated other comprehensive income (loss)
1
|
|
Affected line item in the statement where net income is presented
|
||
Unrealized gains and losses on available for sale securities
|
|
$
|
4,628
|
|
|
Securities (losses) gains
|
|
|
(1,770
|
)
|
|
Income taxes
|
|
|
|
$
|
2,858
|
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
||
Prior service costs
|
|
$
|
(52
|
)
|
|
Employee benefits
|
Actuarial losses
|
|
(1,600
|
)
|
|
Employee benefits
|
|
|
|
(1,652
|
)
|
|
Employee benefits
|
|
|
|
632
|
|
|
Income taxes
|
|
|
|
$
|
(1,020
|
)
|
|
Net income
|
Total reclassifications for the period
|
|
$
|
1,838
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
FCB completed the acquisition of HCB which contributed
$82.5 million
in loans and leases and
$106.8 million
in deposit balances at
March 31, 2017
.
|
•
|
Loans grew by
$168.6 million
to
$21.91 billion
, or by
3.2 percent
on an annualized basis, during the
first quarter
of
2017
, reflecting originated portfolio growth and the HCB acquisition.
|
•
|
Deposits increased
$841.4 million
, or by
12.1 percent
on an annualized basis, from
December 31, 2016
, primarily due to organic growth in low-cost demand deposit accounts and the deposit balances acquired from HCB.
|
•
|
Net interest income increased
$6.4 million
, or by
2.6 percent
, compared to the
fourth
quarter of
2016
. The increase was primarily due to higher interest income earned on purchased credit impaired (PCI) loans and investment securities.
|
•
|
The taxable-equivalent net interest margin increased
11
basis points to
3.25
percent, compared to the
fourth
quarter of
2016
. The most significant components of the increase were improved investment yields, higher investment portfolio balances and higher non-PCI loan balances.
|
•
|
Net charge-offs on total loans and leases were
$6.1 million
, or
0.11 percent
of average loans and leases on an annualized basis, compared to
$9.2 million
, or
0.17 percent
, during the fourth quarter of 2016.
|
•
|
BancShares remained well capitalized at
March 31, 2017
, under Basel III capital requirements with a Tier 1 risk-based capital ratio of
12.57 percent
, common equity Tier 1 ratio of
12.57
percent, total risk-based capital ratio of
13.99 percent
and leverage capital ratio of
9.15 percent
.
|
|
2017
|
|
2016
|
|
||||||||||||||||
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
||||||||||
(Dollars in thousands, except share data)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
||||||||||
SUMMARY OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
260,857
|
|
|
$
|
254,782
|
|
|
$
|
246,494
|
|
|
$
|
243,369
|
|
|
$
|
243,112
|
|
|
Interest expense
|
10,514
|
|
|
10,865
|
|
|
10,645
|
|
|
11,180
|
|
|
10,392
|
|
|
|||||
Net interest income
|
250,343
|
|
|
243,917
|
|
|
235,849
|
|
|
232,189
|
|
|
232,720
|
|
|
|||||
Provision for loan and lease losses
|
8,231
|
|
|
16,029
|
|
|
7,507
|
|
|
4,562
|
|
|
4,843
|
|
|
|||||
Net interest income after provision for loan and lease losses
|
242,112
|
|
|
227,888
|
|
|
228,342
|
|
|
227,627
|
|
|
227,877
|
|
|
|||||
Gain on acquisitions
|
12,017
|
|
|
—
|
|
|
837
|
|
|
3,290
|
|
|
1,704
|
|
|
|||||
Noninterest income excluding gain on acquisitions
|
115,275
|
|
|
124,698
|
|
|
117,004
|
|
|
136,960
|
|
|
103,578
|
|
|
|||||
Noninterest expense
|
264,345
|
|
|
271,531
|
|
|
267,233
|
|
|
258,303
|
|
|
251,671
|
|
|
|||||
Income before income taxes
|
105,059
|
|
|
81,055
|
|
|
78,950
|
|
|
109,574
|
|
|
81,488
|
|
|
|||||
Income taxes
|
37,438
|
|
|
28,365
|
|
|
27,546
|
|
|
40,258
|
|
|
29,416
|
|
|
|||||
Net income
|
$
|
67,621
|
|
|
$
|
52,690
|
|
|
$
|
51,404
|
|
|
$
|
69,316
|
|
|
$
|
52,072
|
|
|
Net interest income, taxable equivalent
|
$
|
251,593
|
|
|
$
|
245,330
|
|
|
$
|
237,146
|
|
|
$
|
233,496
|
|
|
$
|
234,187
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
5.63
|
|
|
$
|
4.39
|
|
|
$
|
4.28
|
|
|
$
|
5.77
|
|
|
$
|
4.34
|
|
|
Cash dividends
|
0.30
|
|
|
0.30
|
|
|
0.30
|
|
|
0.30
|
|
|
0.30
|
|
|
|||||
Market price at period end (Class A)
|
335.37
|
|
|
355.00
|
|
|
293.89
|
|
|
258.91
|
|
|
251.07
|
|
|
|||||
Book value at period end
|
258.17
|
|
|
250.82
|
|
|
256.76
|
|
|
252.76
|
|
|
246.55
|
|
|
|||||
SELECTED QUARTERLY AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets
|
$
|
33,494,500
|
|
|
$
|
33,223,995
|
|
|
$
|
32,655,417
|
|
|
$
|
32,161,905
|
|
|
$
|
31,705,658
|
|
|
Investment securities
|
7,084,986
|
|
|
6,716,873
|
|
|
6,452,532
|
|
|
6,786,463
|
|
|
6,510,248
|
|
|
|||||
Loans and leases
(1)
|
21,951,444
|
|
|
21,548,313
|
|
|
21,026,510
|
|
|
20,657,094
|
|
|
20,349,091
|
|
|
|||||
Interest-earning assets
|
31,298,970
|
|
|
31,078,428
|
|
|
30,446,592
|
|
|
29,976,629
|
|
|
29,558,629
|
|
|
|||||
Deposits
|
28,531,166
|
|
|
28,231,477
|
|
|
27,609,418
|
|
|
27,212,814
|
|
|
26,998,026
|
|
|
|||||
Long-term obligations
|
816,953
|
|
|
835,509
|
|
|
842,715
|
|
|
817,750
|
|
|
750,446
|
|
|
|||||
Interest-bearing liabilities
|
19,669,075
|
|
|
19,357,282
|
|
|
19,114,740
|
|
|
19,092,287
|
|
|
19,067,251
|
|
|
|||||
Shareholders' equity
|
$
|
3,061,099
|
|
|
$
|
3,056,426
|
|
|
$
|
3,058,155
|
|
|
$
|
2,989,097
|
|
|
$
|
2,920,611
|
|
|
Shares outstanding
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
|||||
SELECTED QUARTER-END BALANCES
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets
|
$
|
34,018,405
|
|
|
$
|
32,990,836
|
|
|
$
|
32,971,910
|
|
|
$
|
32,230,403
|
|
|
$
|
32,195,657
|
|
|
Investment securities
|
7,119,944
|
|
|
7,006,678
|
|
|
6,384,940
|
|
|
6,557,736
|
|
|
6,687,483
|
|
|
|||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
848,816
|
|
|
809,169
|
|
|
868,200
|
|
|
921,467
|
|
|
945,887
|
|
|
|||||
Non-PCI
|
21,057,633
|
|
|
20,928,709
|
|
|
20,428,780
|
|
|
19,821,104
|
|
|
19,471,802
|
|
|
|||||
Deposits
|
29,002,768
|
|
|
28,161,343
|
|
|
27,925,253
|
|
|
27,257,774
|
|
|
27,365,245
|
|
|
|||||
Long-term obligations
|
727,500
|
|
|
832,942
|
|
|
840,266
|
|
|
850,504
|
|
|
779,087
|
|
|
|||||
Shareholders' equity
|
$
|
3,100,696
|
|
|
$
|
3,012,427
|
|
|
$
|
3,083,748
|
|
|
$
|
3,035,704
|
|
|
$
|
2,961,194
|
|
|
Shares outstanding
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
12,010,405
|
|
|
|||||
SELECTED RATIOS AND OTHER DATA
|
|
|
|
|
|
|
|
|
|
|||||||||||
Rate of return on average assets (annualized)
|
0.82
|
|
%
|
0.63
|
|
%
|
0.63
|
|
%
|
0.87
|
|
%
|
0.66
|
|
%
|
|||||
Rate of return on average shareholders' equity (annualized)
|
8.96
|
|
|
6.86
|
|
|
6.69
|
|
|
9.33
|
|
|
7.17
|
|
|
|||||
Net yield on interest-earning assets (taxable equivalent)
|
3.25
|
|
|
3.14
|
|
|
3.10
|
|
|
3.13
|
|
|
3.18
|
|
|
|||||
Allowance for loan and lease losses to total loans and leases:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
1.29
|
|
|
1.70
|
|
|
1.34
|
|
|
1.25
|
|
|
1.45
|
|
|
|||||
Non-PCI
|
1.00
|
|
|
0.98
|
|
|
0.98
|
|
|
0.99
|
|
|
0.99
|
|
|
|||||
Total
|
1.01
|
|
|
1.01
|
|
|
1.00
|
|
|
1.00
|
|
|
1.01
|
|
|
|||||
Nonperforming assets to total loans and leases and other real estate at period end:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Covered
|
0.59
|
|
|
0.66
|
|
|
0.75
|
|
|
1.17
|
|
|
4.74
|
|
|
|||||
Noncovered
|
0.66
|
|
|
0.67
|
|
|
0.75
|
|
|
0.77
|
|
|
0.74
|
|
|
|||||
Total
|
0.66
|
|
|
0.67
|
|
|
0.75
|
|
|
0.77
|
|
|
0.80
|
|
|
|||||
Tier 1 risk-based capital ratio
|
12.57
|
|
|
12.42
|
|
|
12.50
|
|
|
12.63
|
|
|
12.58
|
|
|
|||||
Common equity Tier 1 ratio
|
12.57
|
|
|
12.42
|
|
|
12.50
|
|
|
12.63
|
|
|
12.58
|
|
|
|||||
Total risk-based capital ratio
|
13.99
|
|
|
13.85
|
|
|
13.96
|
|
|
14.10
|
|
|
14.09
|
|
|
|||||
Leverage capital ratio
|
9.15
|
|
|
9.05
|
|
|
9.07
|
|
|
9.09
|
|
|
9.00
|
|
|
|||||
Dividend payout ratio
|
5.33
|
|
|
6.83
|
|
|
7.01
|
|
|
5.20
|
|
|
6.91
|
|
|
|||||
Average loans and leases to average deposits
|
76.94
|
|
|
76.33
|
|
|
76.16
|
|
|
75.91
|
|
|
75.37
|
|
|
(Dollars in thousands)
|
As recorded by FCB
|
||
Assets
|
|
||
Cash and cash equivalents
|
$
|
3,350
|
|
Overnight investments
|
7,478
|
|
|
Investment securities
|
14,455
|
|
|
Loans
|
85,149
|
|
|
Income earned not collected
|
31
|
|
|
Intangible assets
|
850
|
|
|
Other assets
|
237
|
|
|
Total assets acquired
|
111,550
|
|
|
Liabilities
|
|
||
Deposits
|
121,755
|
|
|
Other liabilities
|
74
|
|
|
Total liabilities assumed
|
121,829
|
|
|
Fair value of net liabilities assumed
|
(10,279
|
)
|
|
Cash received from FDIC
|
22,296
|
|
|
Gain on acquisition of HCB
|
$
|
12,017
|
|
|
Three months ended
|
|
|||||||||||||||||||||||||||||||
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
|
|||||||||||||||||||||||||||
|
|
|
Interest
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Interest
|
|
|
|
|||||||||||||||
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans and leases
|
$
|
21,951,444
|
|
|
$
|
227,792
|
|
|
4.20
|
|
%
|
$
|
21,548,313
|
|
|
$
|
226,651
|
|
|
4.19
|
|
%
|
$
|
20,349,091
|
|
|
$
|
217,732
|
|
|
4.30
|
|
%
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U. S. Treasury
|
1,644,598
|
|
|
4,199
|
|
|
1.04
|
|
|
1,593,610
|
|
|
3,328
|
|
|
0.83
|
|
|
1,533,028
|
|
|
2,880
|
|
|
0.76
|
|
|
||||||
Government agency
|
53,545
|
|
|
205
|
|
|
1.53
|
|
|
172,037
|
|
|
396
|
|
|
0.92
|
|
|
463,597
|
|
|
1,031
|
|
|
0.89
|
|
|
||||||
Mortgage-backed securities
|
5,241,296
|
|
|
24,322
|
|
|
1.86
|
|
|
4,802,198
|
|
|
20,937
|
|
|
1.74
|
|
|
4,467,186
|
|
|
19,012
|
|
|
1.70
|
|
|
||||||
Corporate bonds
|
57,104
|
|
|
980
|
|
|
6.87
|
|
|
54,255
|
|
|
772
|
|
|
5.69
|
|
|
10,659
|
|
|
166
|
|
|
6.23
|
|
|
||||||
State, county and municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
1
|
|
|
2.73
|
|
|
||||||
Other
|
88,443
|
|
|
133
|
|
|
0.61
|
|
|
94,773
|
|
|
253
|
|
|
1.06
|
|
|
35,582
|
|
|
91
|
|
|
1.02
|
|
|
||||||
Total investment securities
|
7,084,986
|
|
|
29,839
|
|
|
1.69
|
|
|
6,716,873
|
|
|
25,686
|
|
|
1.53
|
|
|
6,510,248
|
|
|
23,181
|
|
|
1.43
|
|
|
||||||
Overnight investments
|
2,262,540
|
|
|
4,476
|
|
|
0.80
|
|
|
2,813,242
|
|
|
3,858
|
|
|
0.55
|
|
|
2,699,290
|
|
|
3,666
|
|
|
0.54
|
|
|
||||||
Total interest-earning assets
|
31,298,970
|
|
|
$
|
262,107
|
|
|
3.39
|
|
%
|
31,078,428
|
|
|
$
|
256,195
|
|
|
3.28
|
|
%
|
29,558,629
|
|
|
$
|
244,579
|
|
|
3.32
|
|
%
|
|||
Cash and due from banks
|
496,929
|
|
|
|
|
|
|
478,779
|
|
|
|
|
|
|
470,159
|
|
|
|
|
|
|
||||||||||||
Premises and equipment
|
1,130,049
|
|
|
|
|
|
|
1,134,228
|
|
|
|
|
|
|
1,131,235
|
|
|
|
|
|
|
||||||||||||
FDIC shared-loss receivable
|
5,456
|
|
|
|
|
|
|
5,584
|
|
|
|
|
|
|
8,742
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses
|
(220,811
|
)
|
|
|
|
|
|
(214,463
|
)
|
|
|
|
|
|
(206,338
|
)
|
|
|
|
|
|
||||||||||||
Other real estate owned
|
60,034
|
|
|
|
|
|
|
65,670
|
|
|
|
|
|
|
65,616
|
|
|
|
|
|
|
||||||||||||
Other assets
|
723,873
|
|
|
|
|
|
|
675,769
|
|
|
|
|
|
|
677,615
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
33,494,500
|
|
|
|
|
|
|
$
|
33,223,995
|
|
|
|
|
|
|
$
|
31,705,658
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Checking with interest
|
$
|
4,834,779
|
|
|
$
|
252
|
|
|
0.02
|
|
%
|
$
|
4,696,279
|
|
|
$
|
261
|
|
|
0.02
|
|
%
|
$
|
4,317,299
|
|
|
$
|
200
|
|
|
0.02
|
|
%
|
Savings
|
2,160,689
|
|
|
184
|
|
|
0.03
|
|
|
2,080,598
|
|
|
161
|
|
|
0.03
|
|
|
1,944,805
|
|
|
145
|
|
|
0.03
|
|
|
||||||
Money market accounts
|
8,343,092
|
|
|
1,859
|
|
|
0.09
|
|
|
8,113,686
|
|
|
1,619
|
|
|
0.08
|
|
|
8,335,030
|
|
|
1,642
|
|
|
0.08
|
|
|
||||||
Time deposits
|
2,815,682
|
|
|
2,141
|
|
|
0.31
|
|
|
2,892,143
|
|
|
2,411
|
|
|
0.33
|
|
|
3,061,333
|
|
|
2,672
|
|
|
0.35
|
|
|
||||||
Total interest-bearing deposits
|
18,154,242
|
|
|
4,436
|
|
|
0.10
|
|
|
17,782,706
|
|
|
4,452
|
|
|
0.10
|
|
|
17,658,467
|
|
|
4,659
|
|
|
0.11
|
|
|
||||||
Repurchase agreements
|
669,923
|
|
|
404
|
|
|
0.24
|
|
|
726,318
|
|
|
485
|
|
|
0.27
|
|
|
655,787
|
|
|
433
|
|
|
0.27
|
|
|
||||||
Other short-term borrowings
|
27,957
|
|
|
176
|
|
|
2.51
|
|
|
12,749
|
|
|
52
|
|
|
1.63
|
|
|
2,551
|
|
|
1
|
|
|
0.12
|
|
|
||||||
Long-term obligations
|
816,953
|
|
|
5,498
|
|
|
2.69
|
|
|
835,509
|
|
|
5,876
|
|
|
2.81
|
|
|
750,446
|
|
|
5,299
|
|
|
2.82
|
|
|
||||||
Total interest-bearing liabilities
|
19,669,075
|
|
|
10,514
|
|
|
0.22
|
|
|
19,357,282
|
|
|
10,865
|
|
|
0.22
|
|
|
19,067,251
|
|
|
10,392
|
|
|
0.22
|
|
|
||||||
Demand deposits
|
10,376,924
|
|
|
|
|
|
|
10,448,771
|
|
|
|
|
|
|
9,339,559
|
|
|
|
|
|
|
||||||||||||
Other liabilities
|
387,402
|
|
|
|
|
|
|
361,516
|
|
|
|
|
|
|
378,237
|
|
|
|
|
|
|
||||||||||||
Shareholders' equity
|
3,061,099
|
|
|
|
|
|
|
3,056,426
|
|
|
|
|
|
|
2,920,611
|
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders'
equity
|
$
|
33,494,500
|
|
|
|
|
|
|
$
|
33,223,995
|
|
|
|
|
|
|
$
|
31,705,658
|
|
|
|
|
|
|
|||||||||
Interest rate spread
|
|
|
|
|
3.17
|
|
%
|
|
|
|
|
3.06
|
|
%
|
|
|
|
|
3.10
|
|
%
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income and net yield on interest-earning assets
|
|
|
$
|
251,593
|
|
|
3.25
|
|
%
|
|
|
$
|
245,330
|
|
|
3.14
|
|
%
|
|
|
$
|
234,187
|
|
|
3.18
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2017
|
||||||||||
|
Change from prior year period due to:
|
||||||||||
(Dollars in thousands)
|
Volume
|
|
Yield/Rate
|
|
Total Change
|
||||||
Assets
|
|
|
|
|
|
||||||
Loans and leases
|
$
|
16,033
|
|
|
$
|
(5,973
|
)
|
|
$
|
10,060
|
|
Investment securities:
|
|
|
|
|
|
||||||
U. S. Treasury
|
235
|
|
|
1,084
|
|
|
1,319
|
|
|||
Government agency
|
(1,240
|
)
|
|
414
|
|
|
(826
|
)
|
|||
Mortgage-backed securities
|
3,407
|
|
|
1,903
|
|
|
5,310
|
|
|||
Corporate bonds
|
760
|
|
|
54
|
|
|
814
|
|
|||
State, county and municipal
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Other
|
105
|
|
|
(63
|
)
|
|
42
|
|
|||
Total investment securities
|
3,266
|
|
|
3,392
|
|
|
6,658
|
|
|||
Overnight investments
|
(751
|
)
|
|
1,561
|
|
|
810
|
|
|||
Total interest-earning assets
|
$
|
18,548
|
|
|
$
|
(1,020
|
)
|
|
$
|
17,528
|
|
Liabilities
|
|
|
|
|
|
||||||
Interest-bearing deposits:
|
|
|
|
|
|
||||||
Checking with interest
|
$
|
39
|
|
|
$
|
13
|
|
|
$
|
52
|
|
Savings
|
27
|
|
|
12
|
|
|
39
|
|
|||
Money market accounts
|
7
|
|
|
210
|
|
|
217
|
|
|||
Time deposits
|
(221
|
)
|
|
(310
|
)
|
|
(531
|
)
|
|||
Total interest-bearing deposits
|
(148
|
)
|
|
(75
|
)
|
|
(223
|
)
|
|||
Repurchase agreements
|
14
|
|
|
(43
|
)
|
|
(29
|
)
|
|||
Other short-term borrowings
|
84
|
|
|
91
|
|
|
175
|
|
|||
Long-term obligations
|
456
|
|
|
(257
|
)
|
|
199
|
|
|||
Total interest-bearing liabilities
|
406
|
|
|
(284
|
)
|
|
122
|
|
|||
Change in net interest income
|
$
|
18,142
|
|
|
$
|
(736
|
)
|
|
$
|
17,406
|
|
|
Three months ended
|
||||||||||
(Dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||
Gain on acquisitions
|
$
|
12,017
|
|
|
$
|
—
|
|
|
$
|
1,704
|
|
Cardholder services
|
21,258
|
|
|
21,468
|
|
|
19,358
|
|
|||
Merchant services
|
24,987
|
|
|
24,382
|
|
|
21,977
|
|
|||
Service charges on deposit accounts
|
22,142
|
|
|
22,471
|
|
|
21,850
|
|
|||
Wealth management services
|
20,962
|
|
|
19,381
|
|
|
19,634
|
|
|||
Securities (losses) gains
|
(24
|
)
|
|
9,164
|
|
|
4,628
|
|
|||
Other service charges and fees
|
7,601
|
|
|
6,708
|
|
|
6,989
|
|
|||
Mortgage income
|
7,576
|
|
|
7,808
|
|
|
1,311
|
|
|||
Insurance commissions
|
3,558
|
|
|
2,952
|
|
|
3,178
|
|
|||
ATM income
|
1,773
|
|
|
1,765
|
|
|
1,765
|
|
|||
Adjustments to FDIC receivable for shared-loss agreements
|
(1,628
|
)
|
|
(2,052
|
)
|
|
(2,533
|
)
|
|||
Net impact from FDIC shared-loss termination
|
(45
|
)
|
|
—
|
|
|
—
|
|
|||
Recoveries of PCI loans previously charged off
|
5,224
|
|
|
8,220
|
|
|
2,884
|
|
|||
Other
|
1,891
|
|
|
2,431
|
|
|
2,537
|
|
|||
Total noninterest income
|
$
|
127,292
|
|
|
$
|
124,698
|
|
|
$
|
105,282
|
|
|
Three months ended
|
||||||||||
(Dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||
Salaries and wages
|
$
|
112,263
|
|
|
$
|
112,631
|
|
|
$
|
103,899
|
|
Employee benefits
|
29,293
|
|
|
24,757
|
|
|
27,350
|
|
|||
Occupancy expense
|
24,762
|
|
|
27,785
|
|
|
25,012
|
|
|||
Equipment expense
|
24,588
|
|
|
23,705
|
|
|
22,345
|
|
|||
Merchant processing
|
16,783
|
|
|
16,662
|
|
|
15,087
|
|
|||
Cardholder processing
|
5,553
|
|
|
5,935
|
|
|
6,084
|
|
|||
FDIC insurance expense
|
5,593
|
|
|
5,794
|
|
|
4,789
|
|
|||
Foreclosure-related expenses
|
2,471
|
|
|
1,859
|
|
|
1,731
|
|
|||
Merger-related expenses
|
833
|
|
|
154
|
|
|
38
|
|
|||
Processing fees paid to third parties
|
4,316
|
|
|
5,328
|
|
|
4,102
|
|
|||
Cardholder reward programs
|
2,544
|
|
|
2,953
|
|
|
2,120
|
|
|||
Telecommunications
|
3,612
|
|
|
3,855
|
|
|
3,589
|
|
|||
Consultant expense
|
1,879
|
|
|
3,327
|
|
|
1,771
|
|
|||
Collection expense
|
1,292
|
|
|
1,788
|
|
|
2,581
|
|
|||
Advertising expense
|
2,500
|
|
|
2,682
|
|
|
2,055
|
|
|||
Core deposit intangible amortization
|
3,921
|
|
|
4,196
|
|
|
4,318
|
|
|||
Other
|
22,142
|
|
|
28,120
|
|
|
24,800
|
|
|||
Total noninterest expense
|
$
|
264,345
|
|
|
$
|
271,531
|
|
|
$
|
251,671
|
|
•
|
Occupancy expense declined
$3.0 million
. The largest component of the decline was related to building repairs as a result of Hurricane Matthew recognized in the fourth quarter of 2016.
|
•
|
Consultant expense declined
$1.4 million
primarily due to non-recurring expenses recognized in the fourth quarter of 2016.
|
•
|
Processing fees paid to third parties declined
$1.0 million
primarily due to conversion and contract termination costs recognized in the fourth quarter of 2016.
|
•
|
Other expense declined primarily as a result of a $1.2 million reversal of a repurchase reserve on a Small Business Administration (SBA) guaranteed loan, lower losses on asset sales of $528 thousand, lower operational losses of $423 thousand, a decline in appraisal expense of $332 thousand and an increase to the unfunded commitment reserve of $754 thousand recorded in the fourth quarter of 2016.
|
•
|
Employee benefits increased by
$4.5 million
as a result of higher payroll taxes and health care costs.
|
•
|
Personnel expense, which includes salaries, wages and employee benefits, increased by
$10.3 million
primarily due to merit increases, increased headcount and higher payroll incentives.
|
•
|
Equipment expense increased by
$2.2 million
due to software maintenance and software projects placed into service over the past year.
|
•
|
Merchant processing expense increased by
$1.7 million
related to higher sales volume.
|
•
|
Collection expense declined
$1.3 million
resulting from managing fewer nonperforming assets.
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Cost
|
|
Fair value
|
|
Cost
|
|
Fair value
|
|
Cost
|
|
Fair Value
|
||||||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
1,619,380
|
|
|
$
|
1,618,168
|
|
|
$
|
1,650,675
|
|
|
$
|
1,650,319
|
|
|
$
|
1,538,907
|
|
|
$
|
1,541,215
|
|
Government agency
|
40,185
|
|
|
40,221
|
|
|
40,291
|
|
|
40,398
|
|
|
355,488
|
|
|
356,157
|
|
||||||
Mortgage-backed securities
|
5,363,747
|
|
|
5,306,107
|
|
|
5,259,466
|
|
|
5,175,425
|
|
|
4,693,313
|
|
|
4,727,282
|
|
||||||
Equity securities
|
72,064
|
|
|
94,265
|
|
|
71,873
|
|
|
83,507
|
|
|
50,066
|
|
|
52,095
|
|
||||||
Corporate bonds
|
49,370
|
|
|
49,565
|
|
|
49,367
|
|
|
49,562
|
|
|
8,500
|
|
|
8,500
|
|
||||||
Other
|
11,702
|
|
|
11,535
|
|
|
7,615
|
|
|
7,369
|
|
|
2,115
|
|
|
2,040
|
|
||||||
Total investment securities available for sale
|
7,156,448
|
|
|
7,119,861
|
|
|
7,079,287
|
|
|
7,006,580
|
|
|
6,648,389
|
|
|
6,687,289
|
|
||||||
Investment securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
83
|
|
|
89
|
|
|
98
|
|
|
104
|
|
|
194
|
|
|
203
|
|
||||||
Total investment securities
|
$
|
7,156,531
|
|
|
$
|
7,119,950
|
|
|
$
|
7,079,385
|
|
|
$
|
7,006,684
|
|
|
$
|
6,648,583
|
|
|
$
|
6,687,492
|
|
(Dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||
Non-PCI loans and leases:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Construction and land development
|
$
|
683,415
|
|
|
$
|
649,157
|
|
|
$
|
626,311
|
|
Commercial mortgage
|
9,173,612
|
|
|
9,026,220
|
|
|
8,353,631
|
|
|||
Other commercial real estate
|
364,862
|
|
|
351,291
|
|
|
324,858
|
|
|||
Commercial and industrial
|
2,477,911
|
|
|
2,567,501
|
|
|
2,389,946
|
|
|||
Lease financing
|
840,201
|
|
|
826,270
|
|
|
751,292
|
|
|||
Other
|
321,352
|
|
|
340,264
|
|
|
343,877
|
|
|||
Total commercial loans
|
13,861,353
|
|
|
13,760,703
|
|
|
12,789,915
|
|
|||
Noncommercial:
|
|
|
|
|
|
||||||
Residential mortgage
|
2,945,361
|
|
|
2,889,124
|
|
|
2,718,208
|
|
|||
Revolving mortgage
|
2,604,156
|
|
|
2,601,344
|
|
|
2,521,902
|
|
|||
Construction and land development
|
218,103
|
|
|
231,400
|
|
|
213,232
|
|
|||
Consumer
|
1,428,660
|
|
|
1,446,138
|
|
|
1,228,545
|
|
|||
Total noncommercial loans
|
7,196,280
|
|
|
7,168,006
|
|
|
6,681,887
|
|
|||
Total non-PCI loans and leases
|
21,057,633
|
|
|
20,928,709
|
|
|
19,471,802
|
|
|||
PCI loans:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Construction and land development
|
26,542
|
|
|
20,766
|
|
|
32,799
|
|
|||
Commercial mortgage
|
455,551
|
|
|
453,013
|
|
|
526,776
|
|
|||
Other commercial real estate
|
18,723
|
|
|
12,645
|
|
|
18,050
|
|
|||
Commercial and industrial
|
27,794
|
|
|
11,844
|
|
|
14,742
|
|
|||
Other
|
1,244
|
|
|
1,702
|
|
|
1,860
|
|
|||
Total commercial loans
|
529,854
|
|
|
499,970
|
|
|
594,227
|
|
|||
Noncommercial:
|
|
|
|
|
|
||||||
Residential mortgage
|
275,904
|
|
|
268,777
|
|
|
298,662
|
|
|||
Revolving mortgage
|
40,345
|
|
|
38,650
|
|
|
50,574
|
|
|||
Consumer
|
2,713
|
|
|
1,772
|
|
|
2,424
|
|
|||
Total noncommercial loans
|
318,962
|
|
|
309,199
|
|
|
351,660
|
|
|||
Total PCI loans
|
848,816
|
|
|
809,169
|
|
|
945,887
|
|
|||
Total loans and leases
|
$
|
21,906,449
|
|
|
$
|
21,737,878
|
|
|
$
|
20,417,689
|
|
|
2017
|
|
2016
|
||||||||||||||||
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||
(Dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||||||
Allowance for loan and lease losses at beginning of period
|
$
|
218,795
|
|
|
$
|
211,950
|
|
|
$
|
208,008
|
|
|
$
|
206,783
|
|
|
$
|
206,216
|
|
Non-PCI provision for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
2,536
|
|
|
10,802
|
|
|
835
|
|
|
291
|
|
|
943
|
|
|||||
Commercial mortgage
|
6
|
|
|
(20,844
|
)
|
|
(2,163
|
)
|
|
701
|
|
|
394
|
|
|||||
Other commercial real estate
|
304
|
|
|
958
|
|
|
150
|
|
|
(79
|
)
|
|
(104
|
)
|
|||||
Commercial and industrial
|
3,592
|
|
|
9,347
|
|
|
2,954
|
|
|
81
|
|
|
2,201
|
|
|||||
Lease financing
|
575
|
|
|
300
|
|
|
274
|
|
|
343
|
|
|
(282
|
)
|
|||||
Other
|
517
|
|
|
985
|
|
|
183
|
|
|
37
|
|
|
(328
|
)
|
|||||
Total commercial loans
|
7,530
|
|
|
1,548
|
|
|
2,233
|
|
|
1,374
|
|
|
2,824
|
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
1,061
|
|
|
6,654
|
|
|
531
|
|
|
1,487
|
|
|
776
|
|
|||||
Revolving mortgage
|
840
|
|
|
(4,541
|
)
|
|
679
|
|
|
1,470
|
|
|
1,158
|
|
|||||
Construction and land development
|
(83
|
)
|
|
(208
|
)
|
|
88
|
|
|
78
|
|
|
87
|
|
|||||
Consumer
|
1,728
|
|
|
10,439
|
|
|
3,899
|
|
|
2,299
|
|
|
1,995
|
|
|||||
Total noncommercial loans
|
3,546
|
|
|
12,344
|
|
|
5,197
|
|
|
5,334
|
|
|
4,016
|
|
|||||
Total non-PCI provision
|
11,076
|
|
|
13,892
|
|
|
7,430
|
|
|
6,708
|
|
|
6,840
|
|
|||||
PCI provision for loan losses
|
(2,845
|
)
|
|
2,137
|
|
|
77
|
|
|
(2,146
|
)
|
|
(1,997
|
)
|
|||||
Non-PCI Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
(77
|
)
|
|
(41
|
)
|
|
(77
|
)
|
|
(136
|
)
|
|
(426
|
)
|
|||||
Commercial mortgage
|
(37
|
)
|
|
(392
|
)
|
|
(461
|
)
|
|
(44
|
)
|
|
(90
|
)
|
|||||
Other commercial real estate
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial and industrial
|
(3,253
|
)
|
|
(5,321
|
)
|
|
(1,198
|
)
|
|
(1,177
|
)
|
|
(1,317
|
)
|
|||||
Lease financing
|
(173
|
)
|
|
(310
|
)
|
|
(132
|
)
|
|
—
|
|
|
—
|
|
|||||
Other
|
(123
|
)
|
|
15
|
|
|
—
|
|
|
(88
|
)
|
|
(71
|
)
|
|||||
Total commercial loans
|
(3,668
|
)
|
|
(6,049
|
)
|
|
(1,868
|
)
|
|
(1,445
|
)
|
|
(1,904
|
)
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
(250
|
)
|
|
(245
|
)
|
|
(328
|
)
|
|
(179
|
)
|
|
(174
|
)
|
|||||
Revolving mortgage
|
(825
|
)
|
|
(779
|
)
|
|
(391
|
)
|
|
(1,081
|
)
|
|
(1,036
|
)
|
|||||
Construction and land development
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer
|
(3,966
|
)
|
|
(4,241
|
)
|
|
(3,623
|
)
|
|
(3,136
|
)
|
|
(3,108
|
)
|
|||||
Total noncommercial loans
|
(5,041
|
)
|
|
(5,265
|
)
|
|
(4,342
|
)
|
|
(4,396
|
)
|
|
(4,318
|
)
|
|||||
Total non-PCI charge-offs
|
(8,709
|
)
|
|
(11,314
|
)
|
|
(6,210
|
)
|
|
(5,841
|
)
|
|
(6,222
|
)
|
|||||
Non-PCI Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development
|
55
|
|
|
120
|
|
|
69
|
|
|
129
|
|
|
80
|
|
|||||
Commercial mortgage
|
364
|
|
|
147
|
|
|
378
|
|
|
500
|
|
|
256
|
|
|||||
Other commercial real estate
|
4
|
|
|
10
|
|
|
13
|
|
|
10
|
|
|
143
|
|
|||||
Commercial and industrial
|
265
|
|
|
207
|
|
|
328
|
|
|
525
|
|
|
479
|
|
|||||
Lease financing
|
6
|
|
|
4
|
|
|
5
|
|
|
1
|
|
|
180
|
|
|||||
Other
|
13
|
|
|
19
|
|
|
170
|
|
|
29
|
|
|
321
|
|
|||||
Total commercial loans
|
707
|
|
|
507
|
|
|
963
|
|
|
1,194
|
|
|
1,459
|
|
|||||
Noncommercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
287
|
|
|
72
|
|
|
334
|
|
|
41
|
|
|
20
|
|
|||||
Revolving mortgage
|
552
|
|
|
414
|
|
|
256
|
|
|
214
|
|
|
32
|
|
|||||
Construction and land development
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Consumer
|
1,080
|
|
|
1,074
|
|
|
1,092
|
|
|
1,111
|
|
|
990
|
|
|||||
Total noncommercial loans
|
1,919
|
|
|
1,623
|
|
|
1,682
|
|
|
1,366
|
|
|
1,045
|
|
|||||
Total non-PCI recoveries
|
2,626
|
|
|
2,130
|
|
|
2,645
|
|
|
2,560
|
|
|
2,504
|
|
|||||
Non-PCI loans and leases charged off, net
|
(6,083
|
)
|
|
(9,184
|
)
|
|
(3,565
|
)
|
|
(3,281
|
)
|
|
(3,718
|
)
|
|||||
PCI loans charged off, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|
(558
|
)
|
|||||
Allowance for loan and lease losses at end of period
|
$
|
220,943
|
|
|
$
|
218,795
|
|
|
$
|
211,950
|
|
|
$
|
208,008
|
|
|
$
|
206,783
|
|
Reserve for unfunded commitments
|
$
|
1,198
|
|
|
$
|
1,133
|
|
|
$
|
379
|
|
|
$
|
399
|
|
|
$
|
407
|
|
|
2017
|
|
2016
|
|
||||||||||||||||
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
||||||||||
(Dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
||||||||||
Average loans and leases:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
$
|
857,501
|
|
|
$
|
831,858
|
|
|
$
|
892,115
|
|
|
$
|
931,820
|
|
|
$
|
939,839
|
|
|
Non-PCI
|
21,093,943
|
|
|
20,716,455
|
|
|
20,134,395
|
|
|
19,725,274
|
|
|
19,409,252
|
|
|
|||||
Loans and leases at period-end:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
848,816
|
|
|
809,169
|
|
|
868,200
|
|
|
921,467
|
|
|
945,887
|
|
|
|||||
Non-PCI
|
21,057,633
|
|
|
20,928,709
|
|
|
20,428,780
|
|
|
19,821,104
|
|
|
19,471,802
|
|
|
|||||
Allowance for loan and lease losses allocated to loans and leases:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
10,924
|
|
|
13,769
|
|
|
11,632
|
|
|
11,555
|
|
|
13,757
|
|
|
|||||
Non-PCI
|
210,019
|
|
|
205,026
|
|
|
200,318
|
|
|
196,453
|
|
|
193,026
|
|
|
|||||
Total
|
$
|
220,943
|
|
|
$
|
218,795
|
|
|
$
|
211,950
|
|
|
$
|
208,008
|
|
|
$
|
206,783
|
|
|
Net charge-offs (annualized) to average loans and leases:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
—
|
|
%
|
—
|
|
%
|
—
|
|
%
|
0.02
|
|
%
|
0.24
|
|
%
|
|||||
Non-PCI
|
0.12
|
|
|
0.18
|
|
|
0.07
|
|
|
0.07
|
|
|
0.08
|
|
|
|||||
Total
|
0.11
|
|
|
0.17
|
|
|
0.07
|
|
|
0.06
|
|
|
0.08
|
|
|
|||||
ALLL to total loans and leases:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI
|
1.29
|
|
|
1.70
|
|
|
1.34
|
|
|
1.25
|
|
|
1.45
|
|
|
|||||
Non-PCI
|
1.00
|
|
|
0.98
|
|
|
0.98
|
|
|
0.99
|
|
|
0.99
|
|
|
|||||
Total
|
1.01
|
|
|
1.01
|
|
|
1.00
|
|
|
1.00
|
|
|
1.01
|
|
|
|
2017
|
|
2016
|
||||||||||||||||
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||
(Dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||||||
ALLL on non-PCI loans and leases (GAAP)
|
$
|
210,019
|
|
|
$
|
205,026
|
|
|
$
|
200,318
|
|
|
$
|
196,453
|
|
|
$
|
193,026
|
|
Unamortized discount related to non-PCI loans and leases (GAAP)
|
28,402
|
|
|
31,525
|
|
|
36,126
|
|
|
34,991
|
|
|
37,878
|
|
|||||
Adjusted ALLL on non-PCI loans and leases (non-GAAP)
|
238,421
|
|
|
236,551
|
|
|
236,444
|
|
|
231,444
|
|
|
230,904
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
ALLL on PCI loans (GAAP)
|
10,924
|
|
|
13,769
|
|
|
11,632
|
|
|
11,555
|
|
|
13,757
|
|
|||||
Unamortized discount related to PCI loans (GAAP)
|
120,879
|
|
|
118,946
|
|
|
127,200
|
|
|
136,516
|
|
|
140,379
|
|
|||||
Adjusted ALLL on PCI loans (non-GAAP)
|
131,803
|
|
|
132,715
|
|
|
138,832
|
|
|
148,071
|
|
|
154,136
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total ALLL (GAAP)
|
220,943
|
|
|
218,795
|
|
|
211,950
|
|
|
208,008
|
|
|
206,783
|
|
|||||
Net acquisition accounting fair value discounts on loans and leases (GAAP)
|
149,281
|
|
|
150,471
|
|
|
163,326
|
|
|
171,507
|
|
|
178,257
|
|
|||||
Adjusted ALLL (non-GAAP)
|
$
|
370,224
|
|
|
$
|
369,266
|
|
|
$
|
375,276
|
|
|
$
|
379,515
|
|
|
$
|
385,040
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted ALLL to total loans and leases (non-GAAP):
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
1.13
|
%
|
|
1.13
|
%
|
|
1.16
|
%
|
|
1.17
|
%
|
|
1.19
|
%
|
|||||
PCI
|
15.53
|
|
|
16.40
|
|
|
15.99
|
|
|
16.07
|
|
|
16.30
|
|
|||||
Total
|
1.69
|
%
|
|
1.70
|
%
|
|
1.76
|
%
|
|
1.83
|
%
|
|
1.89
|
%
|
|
2017
|
|
2016
|
||||||||||||||||
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||||
(Dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||||||
Nonaccrual loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
$
|
86,086
|
|
|
$
|
82,307
|
|
|
$
|
87,043
|
|
|
$
|
89,006
|
|
|
$
|
90,455
|
|
PCI
|
1,458
|
|
|
3,451
|
|
|
4,142
|
|
|
3,759
|
|
|
7,319
|
|
|||||
Other real estate
|
56,491
|
|
|
61,231
|
|
|
68,964
|
|
|
67,089
|
|
|
65,068
|
|
|||||
Total nonperforming assets
|
$
|
144,035
|
|
|
$
|
146,989
|
|
|
$
|
160,149
|
|
|
$
|
159,854
|
|
|
$
|
162,842
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Covered under shared-loss agreements
|
$
|
98
|
|
|
$
|
93
|
|
|
$
|
95
|
|
|
$
|
637
|
|
|
$
|
2,968
|
|
Not covered under shared-loss agreements
|
87,446
|
|
|
85,665
|
|
|
91,090
|
|
|
92,128
|
|
|
94,806
|
|
|||||
Other real estate:
|
|
|
|
|
|
|
|
|
|
||||||||||
Covered
|
349
|
|
|
472
|
|
|
591
|
|
|
484
|
|
|
9,734
|
|
|||||
Noncovered
|
56,142
|
|
|
60,759
|
|
|
68,373
|
|
|
66,605
|
|
|
55,334
|
|
|||||
Total nonperforming assets
|
$
|
144,035
|
|
|
$
|
146,989
|
|
|
$
|
160,149
|
|
|
$
|
159,854
|
|
|
$
|
162,842
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Covered
|
$
|
75,895
|
|
|
$
|
84,821
|
|
|
$
|
91,469
|
|
|
$
|
95,534
|
|
|
$
|
258,179
|
|
Noncovered
|
21,830,554
|
|
|
21,653,057
|
|
|
21,205,511
|
|
|
20,647,037
|
|
|
20,159,510
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans and leases 90 days or more past due
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-PCI
|
2,982
|
|
|
2,718
|
|
|
1,879
|
|
|
3,017
|
|
|
4,882
|
|
|||||
PCI
|
75,576
|
|
|
65,523
|
|
|
67,433
|
|
|
76,807
|
|
|
70,398
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of nonperforming assets to total loans, leases and other real estate owned:
|
|
|
|
|
|
|
|
|
|
||||||||||
Covered
|
0.59
|
%
|
|
0.66
|
%
|
|
0.75
|
%
|
|
1.17
|
%
|
|
4.74
|
%
|
|||||
Noncovered
|
0.66
|
|
|
0.67
|
|
|
0.75
|
|
|
0.77
|
|
|
0.74
|
|
|||||
Total
|
0.66
|
%
|
|
0.67
|
%
|
|
0.75
|
%
|
|
0.77
|
%
|
|
0.80
|
%
|
(Dollars in thousands)
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||
Accruing TDRs:
|
|
|
|
|
|
||||||
PCI
|
$
|
20,296
|
|
|
$
|
26,068
|
|
|
$
|
29,410
|
|
Non-PCI
|
102,460
|
|
|
101,462
|
|
|
84,319
|
|
|||
Total accruing TDRs
|
122,756
|
|
|
127,530
|
|
|
113,729
|
|
|||
Nonaccruing TDRs:
|
|
|
|
|
|
||||||
PCI
|
298
|
|
|
301
|
|
|
923
|
|
|||
Non-PCI
|
25,989
|
|
|
23,085
|
|
|
26,745
|
|
|||
Total nonaccruing TDRs
|
26,287
|
|
|
23,386
|
|
|
27,668
|
|
|||
All TDRs:
|
|
|
|
|
|
||||||
PCI
|
20,594
|
|
|
26,369
|
|
|
30,333
|
|
|||
Non-PCI
|
128,449
|
|
|
124,547
|
|
|
111,064
|
|
|||
Total TDRs
|
$
|
149,043
|
|
|
$
|
150,916
|
|
|
$
|
141,397
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
|
|
||||||||||||||||||
(Dollars in thousands)
|
|
Subordinated Debentures Owed to Trust
|
|
Trust Preferred Securities of the Trusts
|
|
Subordinated Debentures Owed to Trust
|
|
Trust Preferred Securities of the Trusts
|
|
Subordinated Debentures Owed to Trust
|
|
Trust Preferred Securities of the Trusts
|
|
Maturity Date
|
||||||||||||
FCB/NC Capital Trust III
|
|
$
|
90,206
|
|
|
$
|
87,500
|
|
|
$
|
90,206
|
|
|
$
|
87,500
|
|
|
$
|
96,392
|
|
|
$
|
93,500
|
|
|
June 30, 2036
|
FCB/SC Capital Trust II
|
|
24,743
|
|
|
24,000
|
|
|
24,743
|
|
|
24,000
|
|
|
25,774
|
|
|
25,000
|
|
|
June 15, 2034
|
||||||
SCB Capital Trust I
|
|
10,310
|
|
|
10,000
|
|
|
10,310
|
|
|
10,000
|
|
|
10,310
|
|
|
10,000
|
|
|
April 7, 2034
|
||||||
|
|
$
|
125,259
|
|
|
$
|
121,500
|
|
|
$
|
125,259
|
|
|
$
|
121,500
|
|
|
$
|
132,476
|
|
|
$
|
128,500
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
|
Regulatory
minimum |
|
Well-capitalized requirement
|
|||||
BancShares
|
|
|
|
|
|
|
|
|
|
|||||
Risk-based capital ratios
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 risk-based capital
|
12.57
|
%
|
|
12.42
|
%
|
|
12.58
|
%
|
|
6.00
|
%
|
|
8.00
|
%
|
Common equity Tier 1
|
12.57
|
|
|
12.42
|
|
|
12.58
|
|
|
4.50
|
|
|
6.50
|
|
Total risk-based capital
|
13.99
|
|
|
13.85
|
|
|
14.09
|
|
|
8.00
|
|
|
10.00
|
|
Tier 1 leverage ratio
|
9.15
|
|
|
9.05
|
|
|
9.00
|
|
|
4.00
|
|
|
5.00
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Bank
|
|
|
|
|
|
|
|
|
|
|||||
Risk-based capital ratios
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 risk-based capital
|
12.41
|
%
|
|
12.25
|
%
|
|
12.35
|
%
|
|
6.00
|
%
|
|
8.00
|
%
|
Common equity Tier 1
|
12.41
|
|
|
12.25
|
|
|
12.35
|
|
|
4.50
|
|
|
6.50
|
|
Total risk-based capital
|
13.37
|
|
|
13.21
|
|
|
13.32
|
|
|
8.00
|
|
|
10.00
|
|
Tier 1 leverage ratio
|
9.04
|
|
|
8.94
|
|
|
8.84
|
|
|
4.00
|
|
|
5.00
|
|
|
Estimated increase (decrease) in net interest income
|
||||
Change in interest rate (basis point)
|
March 31, 2017
|
|
December 31, 2016
|
||
+100
|
4.34
|
%
|
|
4.12
|
%
|
+200
|
5.40
|
|
|
5.06
|
|
+300
|
2.60
|
|
|
2.08
|
|
|
Estimated increase (decrease) in EVE
|
||||
Change in interest rate (basis point)
|
March 31, 2017
|
|
December 31, 2016
|
||
+100
|
3.93
|
%
|
|
3.10
|
%
|
+200
|
2.13
|
|
|
0.85
|
|
+300
|
(3.92
|
)
|
|
(5.44
|
)
|
•
|
Tactical liquidity measures the risk of a negative cash flow position whereby cash outflows exceed cash inflows over a short-term horizon out to nine weeks;
|
•
|
Structural liquidity measures the amount by which illiquid assets are supported by long-term funding; and
|
•
|
Contingent liquidity utilizes cash flow stress testing across three crisis scenarios to determine the adequacy of our liquidity.
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 6.
|
Exhibits
|
Date:
|
May 4, 2017
|
|
|
FIRST CITIZENS BANCSHARES, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
||
|
|
By:
|
|
/s/ CRAIG L. NIX
|
|
|
|
|
Craig L. Nix
|
|
|
|
|
Chief Financial Officer
|
1 Year First Citizens BancShares Chart |
1 Month First Citizens BancShares Chart |
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