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Name | Symbol | Market | Type |
---|---|---|---|
Privatebancorp - Privatebancorp Capital Trust IV - 10% Trust Preferred | NASDAQ:PVTBP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.22 | 25.19 | 27.60 | 0 | 01:00:00 |
Delaware | 001-34066 | 36-3681151 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) |
120 South LaSalle Street Chicago, Illinois | 60603 | |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
Exhibit | Description | |
99.1 | Fourth Quarter 2015 Earnings Release dated January 21, 2016 (intended to be deemed furnished with the Commission rather than filed pursuant to General Instruction B.2. to Form 8-K) |
PRIVATEBANCORP, INC. | ||||||
Dated: January 21, 2016 | By: | /s/ Kevin M. Killips | ||||
Kevin M. Killips | ||||||
Chief Financial Officer |
Exhibit | Description | |
99.1 | Fourth Quarter 2015 Earnings Release dated January 21, 2016 (intended to be deemed furnished with the Commission rather than filed pursuant to General Instruction B.2. to Form 8-K) |
• | Total loans grew to $13.3 billion, up $1.4 billion from a year ago and $187.2 million from September 30, 2015. |
• | Total deposits were $14.3 billion, increasing $1.3 billion from a year ago and $447.9 million from September 30, 2015. Noninterest-bearing demand deposits grew $839.0 million from a year ago and $286.9 million from September 30, 2015, representing 30 percent of total deposits at December 31, 2015, compared to 27 percent a year ago. |
• | Net revenue of $170.4 million for the fourth quarter 2015 benefited from growth in average loans, increasing 15 percent from the fourth quarter 2014 and 4 percent from the third quarter 2015. Average loans grew $1.4 billion, or 13 percent, from the fourth quarter 2014 and $397.2 million, or 3 percent, from the third quarter 2015. |
• | Net interest margin was 3.25 percent for the fourth quarter 2015, up from 3.07 percent for the fourth quarter 2014 and 3.23 percent for the third quarter 2015. Fourth quarter 2015 net interest margin benefited from fees recognized on early loan repayments. An improvement in short-term rates during the quarter also contributed modestly to net interest margin. |
• | The provision for loan and covered loan losses was $2.8 million for the fourth quarter 2015, compared to $4.1 million for the fourth quarter 2014 and $4.2 million for the third quarter 2015. |
• | Return on average assets was 1.21 percent and return on average common equity was 12.3 percent for the fourth quarter 2015. For the full year 2015, return on average assets was 1.13 percent, up from 1.04 percent for 2014, and return on average common equity was 11.6 percent, up from 10.9 percent for the prior year. |
• | uncertainty regarding recent geopolitical developments and the U.S. and global economic outlook that may continue to impact market conditions or affect demand for certain banking products and services; |
• | unanticipated developments in pending or prospective loan transactions or greater-than-expected paydowns or payoffs of existing loans; |
• | competitive pressures in the financial services industry relating to both pricing and loan structures, which may impact our growth rate; |
• | unforeseen credit quality problems or changing economic conditions that could result in charge-offs greater than we have anticipated in our allowance for loan losses or changes in value of our investments; |
• | unanticipated changes in monetary policies of the Federal Reserve or significant changes in the pace of, or market expectations for, future interest rate increases; |
• | an inability to attract and maintain sufficient or cost-effective sources of liquidity or funding as and when needed; |
• | unanticipated losses of one or more large depositor relationships, or other significant deposit outflows; |
• | loss of key personnel or an inability to recruit appropriate talent cost-effectively; |
• | greater-than-anticipated costs to support the growth of our business, including investments in technology, process improvements or other infrastructure enhancements, or greater-than-anticipated compliance costs or regulatory burdens; or |
• | failures or disruptions to, or compromises of, our data processing or other information or operational systems, including the potential impact of disruptions or security breaches at our third-party service providers. |
Consolidated Income Statements | |||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||
Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Unaudited | Unaudited | Unaudited | Audited | ||||||||||||
Interest Income | |||||||||||||||
Loans, including fees | $ | 137,006 | $ | 120,649 | $ | 517,461 | $ | 463,755 | |||||||
Federal funds sold and interest-bearing deposits in banks | 229 | 347 | 903 | 770 | |||||||||||
Securities: | |||||||||||||||
Taxable | 14,587 | 13,250 | 55,283 | 53,500 | |||||||||||
Exempt from Federal income taxes | 2,306 | 1,683 | 8,270 | 6,173 | |||||||||||
Other interest income | 115 | 49 | 295 | 189 | |||||||||||
Total interest income | 154,243 | 135,978 | 582,212 | 524,387 | |||||||||||
Interest Expense | |||||||||||||||
Interest-bearing demand deposits | 936 | 1,026 | 3,845 | 3,728 | |||||||||||
Savings deposits and money market accounts | 5,487 | 4,623 | 20,169 | 16,857 | |||||||||||
Time deposits | 5,941 | 5,803 | 23,092 | 21,366 | |||||||||||
Short-term borrowings | 201 | 143 | 656 | 638 | |||||||||||
Long-term debt | 5,087 | 7,507 | 20,035 | 27,061 | |||||||||||
Total interest expense | 17,652 | 19,102 | 67,797 | 69,650 | |||||||||||
Net interest income | 136,591 | 116,876 | 514,415 | 454,737 | |||||||||||
Provision for loan and covered loan losses | 2,831 | 4,120 | 14,790 | 12,044 | |||||||||||
Net interest income after provision for loan and covered loan losses | 133,760 | 112,756 | 499,625 | 442,693 | |||||||||||
Non-interest Income | |||||||||||||||
Asset management | 4,392 | 4,241 | 17,958 | 17,268 | |||||||||||
Mortgage banking | 2,812 | 3,083 | 14,079 | 10,245 | |||||||||||
Capital markets products | 6,341 | 5,705 | 18,530 | 18,047 | |||||||||||
Treasury management | 7,878 | 7,262 | 30,636 | 27,472 | |||||||||||
Loan, letter of credit and commitment fees | 4,958 | 4,901 | 20,648 | 19,311 | |||||||||||
Syndication fees | 4,844 | 3,943 | 17,205 | 19,514 | |||||||||||
Deposit service charges and fees and other income | 1,394 | 1,291 | 10,134 | 5,203 | |||||||||||
Net securities gains | 29 | — | 822 | 530 | |||||||||||
Total non-interest income | 32,648 | 30,426 | 130,012 | 117,590 | |||||||||||
Non-interest Expense | |||||||||||||||
Salaries and employee benefits | 52,619 | 46,746 | 205,019 | 182,192 | |||||||||||
Net occupancy and equipment expense | 8,505 | 7,947 | 32,708 | 31,258 | |||||||||||
Technology and related costs | 3,843 | 3,431 | 14,267 | 13,281 | |||||||||||
Marketing | 4,196 | 3,687 | 16,122 | 13,441 | |||||||||||
Professional services | 2,746 | 3,471 | 11,320 | 11,761 | |||||||||||
Outsourced servicing costs | 1,994 | 1,814 | 7,494 | 6,864 | |||||||||||
Net foreclosed property expenses | 1,217 | 1,456 | 4,210 | 8,681 | |||||||||||
Postage, telephone, and delivery | 964 | 809 | 3,582 | 3,400 | |||||||||||
Insurance | 3,644 | 3,455 | 13,972 | 12,451 | |||||||||||
Loan and collection expense | 1,754 | 2,037 | 8,556 | 6,765 | |||||||||||
Other expenses | 1,538 | 8,172 | 15,987 | 21,982 | |||||||||||
Total non-interest expense | 83,020 | 83,025 | 333,237 | 312,076 | |||||||||||
Income before income taxes | 83,388 | 60,157 | 296,400 | 248,207 | |||||||||||
Income tax provision | 31,251 | 22,934 | 111,089 | 95,128 | |||||||||||
Net income available to common stockholders | $ | 52,137 | $ | 37,223 | $ | 185,311 | $ | 153,079 | |||||||
Per Common Share Data | |||||||||||||||
Basic earnings per share | $ | 0.66 | $ | 0.48 | $ | 2.36 | $ | 1.96 | |||||||
Diluted earnings per share | $ | 0.65 | $ | 0.47 | $ | 2.32 | $ | 1.94 | |||||||
Cash dividends declared | $ | 0.01 | $ | 0.01 | $ | 0.04 | $ | 0.04 | |||||||
Weighted-average common shares outstanding | 78,366 | 77,173 | 77,968 | 77,007 | |||||||||||
Weighted-average diluted common shares outstanding | 79,738 | 78,122 | 79,206 | 77,822 |
Consolidated Income Statements | |||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | |||||||||||||||
Interest Income | |||||||||||||||||||
Loans, including fees | $ | 137,006 | $ | 132,106 | $ | 125,647 | $ | 122,702 | $ | 120,649 | |||||||||
Federal funds sold and interest-bearing deposits in banks | 229 | 168 | 245 | 261 | 347 | ||||||||||||||
Securities: | |||||||||||||||||||
Taxable | 14,587 | 13,599 | 13,541 | 13,556 | 13,250 | ||||||||||||||
Exempt from Federal income taxes | 2,306 | 2,177 | 1,981 | 1,806 | 1,683 | ||||||||||||||
Other interest income | 115 | 69 | 63 | 48 | 49 | ||||||||||||||
Total interest income | 154,243 | 148,119 | 141,477 | 138,373 | 135,978 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest-bearing demand deposits | 936 | 937 | 966 | 1,006 | 1,026 | ||||||||||||||
Savings deposits and money market accounts | 5,487 | 5,119 | 4,953 | 4,610 | 4,623 | ||||||||||||||
Time deposits | 5,941 | 5,782 | 5,730 | 5,639 | 5,803 | ||||||||||||||
Short-term borrowings | 201 | 24 | 234 | 197 | 143 | ||||||||||||||
Long-term debt | 5,087 | 5,048 | 4,972 | 4,928 | 7,507 | ||||||||||||||
Total interest expense | 17,652 | 16,910 | 16,855 | 16,380 | 19,102 | ||||||||||||||
Net interest income | 136,591 | 131,209 | 124,622 | 121,993 | 116,876 | ||||||||||||||
Provision for loan and covered loan losses | 2,831 | 4,197 | 2,116 | 5,646 | 4,120 | ||||||||||||||
Net interest income after provision for loan and covered loan losses | 133,760 | 127,012 | 122,506 | 116,347 | 112,756 | ||||||||||||||
Non-interest Income | |||||||||||||||||||
Asset management | 4,392 | 4,462 | 4,741 | 4,363 | 4,241 | ||||||||||||||
Mortgage banking | 2,812 | 3,340 | 4,152 | 3,775 | 3,083 | ||||||||||||||
Capital markets products | 6,341 | 3,098 | 4,919 | 4,172 | 5,705 | ||||||||||||||
Treasury management | 7,878 | 8,010 | 7,421 | 7,327 | 7,262 | ||||||||||||||
Loan, letter of credit and commitment fees | 4,958 | 5,670 | 4,914 | 5,106 | 4,901 | ||||||||||||||
Syndication fees | 4,844 | 4,364 | 5,375 | 2,622 | 3,943 | ||||||||||||||
Deposit service charges and fees and other income | 1,394 | 1,585 | 1,538 | 5,617 | 1,291 | ||||||||||||||
Net securities gains (losses) | 29 | 260 | (1 | ) | 534 | — | |||||||||||||
Total non-interest income | 32,648 | 30,789 | 33,059 | 33,516 | 30,426 | ||||||||||||||
Non-interest Expense | |||||||||||||||||||
Salaries and employee benefits | 52,619 | 50,019 | 50,020 | 52,361 | 46,746 | ||||||||||||||
Net occupancy and equipment expense | 8,505 | 8,180 | 8,159 | 7,864 | 7,947 | ||||||||||||||
Technology and related costs | 3,843 | 3,583 | 3,420 | 3,421 | 3,431 | ||||||||||||||
Marketing | 4,196 | 3,682 | 4,666 | 3,578 | 3,687 | ||||||||||||||
Professional services | 2,746 | 3,679 | 2,585 | 2,310 | 3,471 | ||||||||||||||
Outsourced servicing costs | 1,994 | 1,786 | 2,034 | 1,680 | 1,814 | ||||||||||||||
Net foreclosed property expenses | 1,217 | 1,080 | 585 | 1,328 | 1,456 | ||||||||||||||
Postage, telephone, and delivery | 964 | 857 | 899 | 862 | 809 | ||||||||||||||
Insurance | 3,644 | 3,667 | 3,450 | 3,211 | 3,455 | ||||||||||||||
Loan and collection expense | 1,754 | 2,324 | 2,210 | 2,268 | 2,037 | ||||||||||||||
Other expenses | 1,538 | 6,318 | 3,869 | 4,262 | 8,172 | ||||||||||||||
Total non-interest expense | 83,020 | 85,175 | 81,897 | 83,145 | 83,025 | ||||||||||||||
Income before income taxes | 83,388 | 72,626 | 73,668 | 66,718 | 60,157 | ||||||||||||||
Income tax provision | 31,251 | 27,358 | 27,246 | 25,234 | 22,934 | ||||||||||||||
Net income available to common stockholders | $ | 52,137 | $ | 45,268 | $ | 46,422 | $ | 41,484 | $ | 37,223 | |||||||||
Per Common Share Data | |||||||||||||||||||
Basic earnings per share | $ | 0.66 | $ | 0.58 | $ | 0.59 | $ | 0.53 | $ | 0.48 | |||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.57 | $ | 0.58 | $ | 0.52 | $ | 0.47 | |||||||||
Cash dividends declared | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||
Weighted-average common shares outstanding | 78,366 | 78,144 | 77,942 | 77,407 | 77,123 | ||||||||||||||
Weighted-average diluted common shares outstanding | 79,738 | 79,401 | 79,158 | 78,512 | 78,122 |
Consolidated Balance Sheets | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | |||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 145,147 | $ | 145,477 | $ | 185,983 | $ | 158,431 | $ | 132,211 | |||||||||
Federal funds sold and interest-bearing deposits in banks | 238,511 | 231,600 | 192,531 | 799,953 | 292,341 | ||||||||||||||
Loans held-for-sale | 108,798 | 76,225 | 54,263 | 89,461 | 115,161 | ||||||||||||||
Securities available-for-sale, at fair value | 1,765,366 | 1,703,926 | 1,698,233 | 1,631,237 | 1,645,344 | ||||||||||||||
Securities held-to-maturity, at amortized cost | 1,355,283 | 1,293,433 | 1,199,120 | 1,159,853 | 1,129,285 | ||||||||||||||
Federal Home Loan Bank ("FHLB") stock | 26,613 | 30,740 | 25,854 | 28,556 | 28,666 | ||||||||||||||
Loans – excluding covered assets, net of unearned fees | 13,266,475 | 13,079,314 | 12,543,281 | 12,170,484 | 11,892,219 | ||||||||||||||
Allowance for loan losses | (160,736 | ) | (162,868 | ) | (157,051 | ) | (156,610 | ) | (152,498 | ) | |||||||||
Loans, net of allowance for loan losses and unearned fees | 13,105,739 | 12,916,446 | 12,386,230 | 12,013,874 | 11,739,721 | ||||||||||||||
Covered assets | 26,954 | 28,559 | 30,529 | 32,191 | 34,132 | ||||||||||||||
Allowance for covered loan losses | (5,712 | ) | (6,337 | ) | (6,332 | ) | (6,021 | ) | (5,191 | ) | |||||||||
Covered assets, net of allowance for covered loan losses | 21,242 | 22,222 | 24,197 | 26,170 | 28,941 | ||||||||||||||
Other real estate owned, excluding covered assets | 7,273 | 12,760 | 15,084 | 15,625 | 17,416 | ||||||||||||||
Premises, furniture, and equipment, net | 42,405 | 38,265 | 37,672 | 38,544 | 39,143 | ||||||||||||||
Accrued interest receivable | 45,482 | 43,064 | 43,442 | 41,202 | 40,531 | ||||||||||||||
Investment in bank owned life insurance | 56,653 | 56,292 | 55,926 | 55,561 | 55,207 | ||||||||||||||
Goodwill | 94,041 | 94,041 | 94,041 | 94,041 | 94,041 | ||||||||||||||
Other intangible assets | 3,430 | 4,008 | 4,586 | 5,230 | 5,885 | ||||||||||||||
Derivative assets | 40,615 | 59,978 | 47,442 | 56,607 | 43,062 | ||||||||||||||
Other assets | 202,823 | 166,128 | 161,291 | 147,003 | 196,427 | ||||||||||||||
Total assets | $ | 17,259,421 | $ | 16,894,605 | $ | 16,225,895 | $ | 16,361,348 | $ | 15,603,382 | |||||||||
Liabilities | |||||||||||||||||||
Demand deposits: | |||||||||||||||||||
Noninterest-bearing | $ | 4,355,700 | $ | 4,068,816 | $ | 3,702,377 | $ | 3,936,181 | $ | 3,516,695 | |||||||||
Interest-bearing | 1,503,372 | 1,264,201 | 1,304,270 | 1,498,810 | 1,907,320 | ||||||||||||||
Savings deposits and money market accounts | 6,296,443 | 6,249,485 | 5,992,288 | 6,156,331 | 5,171,025 | ||||||||||||||
Time deposits | 2,190,077 | 2,315,237 | 2,390,001 | 2,510,406 | 2,494,928 | ||||||||||||||
Total deposits | 14,345,592 | 13,897,739 | 13,388,936 | 14,101,728 | 13,089,968 | ||||||||||||||
Deposits held-for-sale | — | — | — | — | 122,216 | ||||||||||||||
Short-term borrowings | 372,467 | 514,121 | 434,695 | 258,788 | 432,385 | ||||||||||||||
Long-term debt | 694,788 | 694,788 | 694,788 | 344,788 | 344,788 | ||||||||||||||
Accrued interest payable | 7,080 | 6,509 | 7,543 | 7,004 | 6,948 | ||||||||||||||
Derivative liabilities | 18,229 | 21,967 | 24,696 | 26,967 | 26,767 | ||||||||||||||
Other liabilities | 122,314 | 111,482 | 90,441 | 82,644 | 98,631 | ||||||||||||||
Total liabilities | 15,560,470 | 15,246,606 | 14,641,099 | 14,821,919 | 14,121,703 | ||||||||||||||
Equity | |||||||||||||||||||
Common stock: | |||||||||||||||||||
Voting | 78,439 | 78,197 | 78,047 | 77,968 | 77,211 | ||||||||||||||
Treasury stock | (103 | ) | (63 | ) | (29 | ) | (5,560 | ) | (53 | ) | |||||||||
Additional paid-in capital | 1,071,674 | 1,060,274 | 1,051,778 | 1,047,227 | 1,034,048 | ||||||||||||||
Retained earnings | 531,682 | 480,342 | 435,872 | 390,247 | 349,556 | ||||||||||||||
Accumulated other comprehensive income, net of tax | 17,259 | 29,249 | 19,128 | 29,547 | 20,917 | ||||||||||||||
Total equity | 1,698,951 | 1,647,999 | 1,584,796 | 1,539,429 | 1,481,679 | ||||||||||||||
Total liabilities and equity | $ | 17,259,421 | $ | 16,894,605 | $ | 16,225,895 | $ | 16,361,348 | $ | 15,603,382 |
Selected Financial Data | ||||||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | ||||||||||||||||
Selected Statement of Income Data: | ||||||||||||||||||||
Net interest income | $ | 136,591 | $ | 131,209 | $ | 124,622 | $ | 121,993 | $ | 116,876 | ||||||||||
Net revenue (1)(2) | $ | 170,445 | $ | 163,134 | $ | 158,717 | $ | 156,453 | $ | 148,180 | ||||||||||
Operating profit (1)(2) | $ | 87,425 | $ | 77,959 | $ | 76,820 | $ | 73,308 | $ | 65,155 | ||||||||||
Provision for loan and covered loan losses | $ | 2,831 | $ | 4,197 | $ | 2,116 | $ | 5,646 | $ | 4,120 | ||||||||||
Income before income taxes | $ | 83,388 | $ | 72,626 | $ | 73,668 | $ | 66,718 | $ | 60,157 | ||||||||||
Net income available to common stockholders | $ | 52,137 | $ | 45,268 | $ | 46,422 | $ | 41,484 | $ | 37,223 | ||||||||||
Per Common Share Data: | ||||||||||||||||||||
Basic earnings per share | $ | 0.66 | $ | 0.58 | $ | 0.59 | $ | 0.53 | $ | 0.48 | ||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.57 | $ | 0.58 | $ | 0.52 | $ | 0.47 | ||||||||||
Dividends declared | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||||
Book value (period end) (1) | $ | 21.48 | $ | 20.90 | $ | 20.13 | $ | 19.61 | $ | 18.95 | ||||||||||
Tangible book value (period end) (1)(2) | $ | 20.25 | $ | 19.65 | $ | 18.88 | $ | 18.35 | $ | 17.67 | ||||||||||
Market value (period end) | $ | 41.02 | $ | 38.33 | $ | 39.82 | $ | 35.17 | $ | 33.40 | ||||||||||
Book value multiple (period end) | 1.91 | x | 1.83 | x | 1.98 | x | 1.79 | x | 1.76 | x | ||||||||||
Share Data: | ||||||||||||||||||||
Weighted-average common shares outstanding | 78,366 | 78,144 | 77,942 | 77,407 | 77,173 | |||||||||||||||
Weighted-average diluted common shares outstanding | 79,738 | 79,401 | 79,158 | 78,512 | 78,122 | |||||||||||||||
Common shares issued (period end) | 79,099 | 78,865 | 78,718 | 78,654 | 78,180 | |||||||||||||||
Common shares outstanding (period end) | 79,097 | 78,863 | 78,717 | 78,494 | 78,178 | |||||||||||||||
Performance Ratio: | ||||||||||||||||||||
Return on average common equity | 12.29 | % | 11.05 | % | 11.85 | % | 11.05 | % | 10.03 | % | ||||||||||
Return on average assets | 1.21 | % | 1.09 | % | 1.15 | % | 1.07 | % | 0.95 | % | ||||||||||
Return on average tangible common equity (1)(2) | 13.13 | % | 11.85 | % | 12.75 | % | 11.94 | % | 10.89 | % | ||||||||||
Net interest margin (1)(2) | 3.25 | % | 3.23 | % | 3.17 | % | 3.21 | % | 3.07 | % | ||||||||||
Fee revenue as a percent of total revenue (1) | 19.28 | % | 18.88 | % | 20.97 | % | 21.28 | % | 20.66 | % | ||||||||||
Non-interest income to average assets | 0.75 | % | 0.74 | % | 0.82 | % | 0.86 | % | 0.78 | % | ||||||||||
Non-interest expense to average assets | 1.92 | % | 2.04 | % | 2.03 | % | 2.14 | % | 2.12 | % | ||||||||||
Net overhead ratio (1) | 1.16 | % | 1.30 | % | 1.21 | % | 1.27 | % | 1.35 | % | ||||||||||
Efficiency ratio (1)(2) | 48.71 | % | 52.21 | % | 51.60 | % | 53.14 | % | 56.03 | % | ||||||||||
Balance Sheet Ratios: | ||||||||||||||||||||
Loans to deposits (period end) (3) | 92.48 | % | 94.11 | % | 93.68 | % | 86.30 | % | 90.85 | % | ||||||||||
Average interest-earning assets to average interest-bearing liabilities | 152.94 | % | 149.67 | % | 144.67 | % | 144.69 | % | 145.10 | % | ||||||||||
Capital Ratios (period end): | ||||||||||||||||||||
Total risk-based capital (1) | 12.37 | % | 12.28 | % | 12.41 | % | 12.29 | % | 12.51 | % | ||||||||||
Tier 1 risk-based capital (1) | 10.56 | % | 10.39 | % | 10.49 | % | 10.34 | % | 10.49 | % | ||||||||||
Tier 1 leverage ratio (1) | 10.35 | % | 10.35 | % | 10.24 | % | 10.16 | % | 9.96 | % | ||||||||||
Common equity Tier 1 (1)(4) | 9.54 | % | 9.35 | % | 9.41 | % | 9.23 | % | 9.33 | % | ||||||||||
Tangible common equity to tangible assets (1)(2) | 9.33 | % | 9.23 | % | 9.22 | % | 8.86 | % | 8.91 | % | ||||||||||
Total equity to total assets | 9.84 | % | 9.75 | % | 9.77 | % | 9.41 | % | 9.50 | % |
(1) | Refer to Glossary of Terms for definition. |
(2) | This is a non-U.S. GAAP financial measure. Refer to "Non-U.S. GAAP Financial Measures" for a reconciliation from non-U.S. GAAP to U.S. GAAP. |
(3) | Excludes covered assets. Refer to Glossary of Terms for definition. |
(4) | Effective January 1, 2015, the common equity Tier 1 ratio is a required regulatory capital measure and as presented for the 2015 periods is calculated in accordance with the new Basel III capital rules. For periods prior to January 1, 2015, this ratio was considered a non-U.S. GAAP financial measure and was calculated without giving effect to the final Basel III capital rules. Refer to "Non-U.S. GAAP Financial Measures" for a reconciliation from non-U.S. GAAP to U.S. GAAP for periods prior to 2015. |
Selected Financial Data (continued) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | |||||||||||||||
Additional Selected Information: | |||||||||||||||||||
Decrease (increase) credit valuation adjustment on capital markets derivatives (1) | $ | 1,043 | $ | (1,227 | ) | $ | 616 | $ | (805 | ) | $ | (216 | ) | ||||||
Salaries and employee benefits: | |||||||||||||||||||
Salaries and wages | $ | 28,113 | $ | 28,143 | $ | 27,461 | $ | 27,002 | $ | 26,521 | |||||||||
Share-based costs | 4,871 | 4,509 | 4,316 | 5,143 | 4,118 | ||||||||||||||
Incentive compensation and commissions | 14,676 | 13,308 | 13,091 | 11,062 | 12,053 | ||||||||||||||
Payroll taxes, insurance and retirement costs | 4,959 | 4,059 | 5,152 | 9,154 | 4,054 | ||||||||||||||
Total salaries and employee benefits | $ | 52,619 | $ | 50,019 | $ | 50,020 | $ | 52,361 | $ | 46,746 | |||||||||
Loan and collection expense: | |||||||||||||||||||
Loan origination and servicing expense | $ | 1,445 | $ | 1,522 | $ | 1,607 | $ | 1,626 | $ | 1,528 | |||||||||
Loan remediation expense | 309 | 802 | 603 | 642 | 509 | ||||||||||||||
Total loan and collection expense | $ | 1,754 | $ | 2,324 | $ | 2,210 | $ | 2,268 | $ | 2,037 | |||||||||
Assets under management and administration (AUMA): | |||||||||||||||||||
Personal managed | $ | 1,872,737 | $ | 1,839,829 | $ | 1,892,973 | $ | 1,897,644 | $ | 1,786,633 | |||||||||
Corporate and institutional managed | 1,787,187 | 1,800,522 | 1,883,166 | 1,826,215 | 1,347,299 | ||||||||||||||
Total managed assets | 3,659,924 | 3,640,351 | 3,776,139 | 3,723,859 | 3,133,932 | ||||||||||||||
Custody assets | 3,631,149 | 3,519,364 | 3,682,388 | 3,604,333 | 3,511,996 | ||||||||||||||
Total AUMA | $ | 7,291,073 | $ | 7,159,715 | $ | 7,458,527 | $ | 7,328,192 | $ | 6,645,928 |
Basic and Diluted Earnings per Common Share | |||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||
4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | |||||||||||||||
Basic earnings per common share | |||||||||||||||||||
Net income | $ | 52,137 | $ | 45,268 | $ | 46,422 | $ | 41,484 | $ | 37,223 | |||||||||
Net income allocated to participating stockholders (2) | (412 | ) | (354 | ) | (366 | ) | (463 | ) | (470 | ) | |||||||||
Net income allocated to common stockholders | $ | 51,725 | $ | 44,914 | $ | 46,056 | $ | 41,021 | $ | 36,753 | |||||||||
Weighted-average common shares outstanding | 78,366 | 78,144 | 77,942 | 77,407 | 77,123 | ||||||||||||||
Basic earnings per common share | $ | 0.66 | $ | 0.58 | $ | 0.59 | $ | 0.53 | $ | 0.48 | |||||||||
Diluted earnings per common share | |||||||||||||||||||
Diluted earnings applicable to common stockholders (3) | $ | 51,729 | $ | 44,922 | $ | 46,059 | $ | 41,028 | $ | 36,758 | |||||||||
Weighted-average diluted common shares outstanding: | |||||||||||||||||||
Weighted-average common shares outstanding | 78,366 | 78,144 | 77,942 | 77,407 | 77,173 | ||||||||||||||
Dilutive effect of stock awards | 1,372 | 1,257 | 1,216 | 1,105 | 949 | ||||||||||||||
Weighted-average diluted common shares outstanding | 79,738 | 79,401 | 79,158 | 78,512 | 78,122 | ||||||||||||||
Diluted earnings per common share | $ | 0.65 | $ | 0.57 | $ | 0.58 | $ | 0.52 | $ | 0.47 |
(1) | Refer to Glossary of Terms for definition. |
(2) | Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., the Company’s deferred stock units and certain restricted stock units and restricted stock awards). |
(3) | Net income allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. |
Loan Portfolio Composition (excluding covered assets (1)) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||
12/31/15 | % of Total | 9/30/15 | % of Total | 6/30/15 | % of Total | 3/31/15 | % of Total | 12/31/14 | % of Total | |||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 6,747,389 | 51 | % | $ | 6,654,268 | 51 | % | $ | 6,397,736 | 51 | % | $ | 6,213,029 | 51 | % | $ | 5,996,070 | 50 | % | ||||||||||||||
Commercial - owner-occupied CRE | 1,888,238 | 14 | % | 2,017,733 | 16 | % | 2,048,489 | 16 | % | 1,977,601 | 16 | % | 1,892,564 | 16 | % | |||||||||||||||||||
Total commercial | 8,635,627 | 65 | % | 8,672,001 | 67 | % | 8,446,225 | 67 | % | 8,190,630 | 67 | % | 7,888,634 | 66 | % | |||||||||||||||||||
Commercial real estate | 2,629,873 | 20 | % | 2,545,143 | 19 | % | 2,432,608 | 19 | % | 2,411,359 | 20 | % | 2,323,616 | 20 | % | |||||||||||||||||||
Commercial real estate - multi-family | 722,637 | 5 | % | 704,195 | 5 | % | 561,924 | 5 | % | 492,695 | 4 | % | 593,103 | 5 | % | |||||||||||||||||||
Total commercial real estate | 3,352,510 | 25 | % | 3,249,338 | 24 | % | 2,994,532 | 24 | % | 2,904,054 | 24 | % | 2,916,719 | 25 | % | |||||||||||||||||||
Construction | 522,263 | 4 | % | 412,688 | 3 | % | 371,096 | 3 | % | 357,258 | 3 | % | 381,102 | 3 | % | |||||||||||||||||||
Residential real estate | 461,412 | 4 | % | 439,005 | 3 | % | 415,826 | 3 | % | 376,741 | 3 | % | 361,565 | 3 | % | |||||||||||||||||||
Home equity | 129,317 | 1 | % | 133,122 | 1 | % | 137,461 | 1 | % | 138,734 | 1 | % | 142,177 | 1 | % | |||||||||||||||||||
Personal | 165,346 | 1 | % | 173,160 | 2 | % | 178,141 | 2 | % | 203,067 | 2 | % | 202,022 | 2 | % | |||||||||||||||||||
Total loans | $ | 13,266,475 | 100 | % | $ | 13,079,314 | 100 | % | $ | 12,543,281 | 100 | % | $ | 12,170,484 | 100 | % | $ | 11,892,219 | 100 | % | ||||||||||||||
Total new loans to new clients (2) | $ | 498,496 | $ | 399,209 | $ | 344,356 | $ | 385,777 | $ | 451,896 |
(1) | Refer to Glossary of Terms for definition. |
(2) | Amounts are unaudited. |
Commercial Loan Portfolio Composition by Industry Segment | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Classified pursuant to the North American Industrial Classification System standard industry descriptions and represents our client's primary business activity) | ||||||||||||||||||||
December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||
Manufacturing | 1,810,085 | 21 | % | 1,839,569 | 21 | % | 1,700,561 | 22 | % | |||||||||||
Healthcare | 1,807,764 | 21 | % | 1,813,421 | 21 | % | 1,791,921 | 23 | % | |||||||||||
Finance and insurance | 1,333,363 | 15 | % | 1,205,733 | 14 | % | 800,690 | 10 | % | |||||||||||
Wholesale trade | 768,571 | 9 | % | 713,267 | 8 | % | 726,176 | 9 | % | |||||||||||
Professional, scientific and technical services | 574,278 | 7 | % | 583,059 | 7 | % | 461,672 | 6 | % | |||||||||||
Real estate, rental and leasing | 542,437 | 6 | % | 602,262 | 7 | % | 578,329 | 7 | % | |||||||||||
Administrative and support and waste management and remediation | 481,827 | 5 | % | 463,336 | 5 | % | 480,266 | 6 | % | |||||||||||
Architecture, engineering and construction | 252,351 | 3 | % | 303,510 | 4 | % | 301,172 | 4 | % | |||||||||||
Retail | 228,935 | 3 | % | 258,822 | 3 | % | 251,790 | 3 | % | |||||||||||
All other (1) | 836,016 | 10 | % | 889,022 | 10 | % | 796,057 | 10 | % | |||||||||||
Total commercial (2) | $ | 8,635,627 | 100 | % | $ | 8,672,001 | 100 | % | $ | 7,888,634 | 100 | % |
(1) | All other consists of numerous smaller balances across a variety of industries with no category greater than 3%. |
(2) | Includes owner-occupied commercial real estate of $1.9 billion at December 31, 2015, $2.0 billion at September 30, 2015, and $1.9 billion at December 31, 2014. |
Commercial Real Estate and Construction Loan Portfolio by Collateral Type | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||
Commercial Real Estate | ||||||||||||||||||||
Retail | $ | 763,179 | 23 | % | $ | 735,868 | 23 | % | $ | 608,102 | 21 | % | ||||||||
Multi-family | 722,637 | 22 | % | 704,195 | 22 | % | 593,103 | 20 | % | |||||||||||
Office | 572,711 | 17 | % | 503,343 | 15 | % | 543,657 | 19 | % | |||||||||||
Healthcare | 335,918 | 10 | % | 383,929 | 12 | % | 361,476 | 12 | % | |||||||||||
Industrial/warehouse | 319,958 | 9 | % | 311,745 | 9 | % | 264,976 | 9 | % | |||||||||||
Land | 247,190 | 7 | % | 242,801 | 7 | % | 199,497 | 7 | % | |||||||||||
Residential 1-4 family | 86,214 | 3 | % | 81,444 | 3 | % | 76,995 | 3 | % | |||||||||||
Mixed use/other | 304,703 | 9 | % | 286,013 | 9 | % | 268,913 | 9 | % | |||||||||||
Total commercial real estate | $ | 3,352,510 | 100 | % | $ | 3,249,338 | 100 | % | $ | 2,916,719 | 100 | % | ||||||||
Construction | ||||||||||||||||||||
Multi-family | $ | 130,020 | 25 | % | $ | 115,516 | 28 | % | 113,206 | 30 | % | |||||||||
Retail | 107,327 | 21 | % | 85,607 | 21 | % | 100,086 | 26 | % | |||||||||||
Office | 84,459 | 16 | % | 54,770 | 13 | % | 14,447 | 4 | % | |||||||||||
Healthcare | 62,460 | 12 | % | 35,262 | 9 | % | 22,382 | 6 | % | |||||||||||
Industrial/warehouse | 46,530 | 9 | % | 32,585 | 8 | % | 43,779 | 11 | % | |||||||||||
Residential 1-4 family | 21,849 | 4 | % | 30,527 | 7 | % | 32,419 | 9 | % | |||||||||||
Mixed use/other | 69,618 | 13 | % | 58,421 | 14 | % | 54,783 | 14 | % | |||||||||||
Total construction | $ | 522,263 | 100 | % | $ | 412,688 | 100 | % | $ | 381,102 | 100 | % |
Asset Quality (excluding covered assets (1)) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | |||||||||||||||
Credit Quality Key Ratios | |||||||||||||||||||
Net charge-offs (recoveries) (annualized) to average loans | 0.15 | % | -0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | |||||||||
Nonperforming loans to total loans | 0.41 | % | 0.34 | % | 0.45 | % | 0.58 | % | 0.57 | % | |||||||||
Nonperforming loans to total assets | 0.31 | % | 0.26 | % | 0.35 | % | 0.43 | % | 0.43 | % | |||||||||
Nonperforming assets to total assets | 0.35 | % | 0.34 | % | 0.44 | % | 0.53 | % | 0.54 | % | |||||||||
Allowance for loan losses to: | |||||||||||||||||||
Total loans | 1.21 | % | 1.25 | % | 1.25 | % | 1.29 | % | 1.28 | % | |||||||||
Nonperforming loans | 299 | % | 370 | % | 278 | % | 221 | % | 226 | % | |||||||||
Nonperforming assets | |||||||||||||||||||
Loans past due 90 days and accruing | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Nonaccrual loans | 53,749 | 43,982 | 56,574 | 71,018 | 67,544 | ||||||||||||||
OREO | 7,273 | 12,760 | 15,084 | 15,625 | 17,416 | ||||||||||||||
Total nonperforming assets | $ | 61,022 | $ | 56,742 | $ | 71,658 | $ | 86,643 | $ | 84,960 | |||||||||
Restructured loans accruing interest | $ | 16,546 | $ | 25,697 | $ | 36,686 | $ | 22,368 | $ | 22,745 | |||||||||
Loans past due and still accruing | |||||||||||||||||||
30-59 days | $ | 7,452 | $ | 2,236 | $ | 2,151 | $ | 6,673 | $ | 7,696 | |||||||||
60-89 days | 1,615 | 4,184 | 672 | 2,544 | 4,120 | ||||||||||||||
Total loans past due and still accruing | $ | 9,067 | $ | 6,420 | $ | 2,823 | $ | 9,217 | $ | 11,816 | |||||||||
Special mention loans | $ | 120,028 | $ | 146,827 | $ | 132,441 | $ | 102,651 | $ | 100,989 | |||||||||
Potential problem loans | $ | 132,398 | $ | 127,950 | $ | 137,757 | $ | 107,038 | $ | 87,442 | |||||||||
Nonperforming Loans Rollforward | |||||||||||||||||||
Beginning balance | $ | 43,982 | $ | 56,574 | $ | 71,018 | $ | 67,544 | $ | 73,429 | |||||||||
Additions: | |||||||||||||||||||
New nonaccrual loans | 19,969 | 1,127 | 6,884 | 16,279 | 6,052 | ||||||||||||||
Reductions: | |||||||||||||||||||
Return to performing status | (614 | ) | (998 | ) | — | (97 | ) | (439 | ) | ||||||||||
Paydowns and payoffs, net of advances | (997 | ) | (8,807 | ) | (15,800 | ) | (4,841 | ) | (457 | ) | |||||||||
Net sales | (393 | ) | (1,990 | ) | (317 | ) | (2,407 | ) | (1,800 | ) | |||||||||
Transfer to OREO | (1,141 | ) | (954 | ) | (1,996 | ) | (2,152 | ) | (6,177 | ) | |||||||||
Transfer to loans held for sale | (667 | ) | — | — | — | — | |||||||||||||
Charge-offs | (6,390 | ) | (970 | ) | (3,215 | ) | (3,308 | ) | (3,064 | ) | |||||||||
Total reductions | (10,202 | ) | (13,719 | ) | (21,328 | ) | (12,805 | ) | (11,937 | ) | |||||||||
Balance at end of period | $ | 53,749 | $ | 43,982 | $ | 56,574 | $ | 71,018 | $ | 67,544 |
(1) | Refer to Glossary of Terms for definition. |
Asset Quality (excluding covered assets (1)) | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||
Special Mention Loans | % of Portfolio Loan Type | Potential Problem Loans | % of Portfolio Loan Type | Non-Performing Loans | % of Portfolio Loan Type | Total Loans | |||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||
Commercial | $ | 85,217 | 1.0 | % | $ | 124,654 | 1.4 | % | $ | 32,794 | 0.4 | % | $ | 8,635,627 | |||||||||||||
Commercial real estate | 27,580 | 0.8 | % | 121 | * | 8,501 | 0.3 | % | 3,352,510 | ||||||||||||||||||
Construction | — | — | % | — | — | % | — | — | % | 522,263 | |||||||||||||||||
Residential real estate | 5,988 | 1.3 | % | 5,031 | 1.1 | % | 4,762 | 1.0 | % | 461,412 | |||||||||||||||||
Home equity | 623 | 0.5 | % | 2,451 | 1.9 | % | 7,671 | 5.9 | % | 129,317 | |||||||||||||||||
Personal | 620 | 0.4 | % | 141 | 0.1 | % | 21 | * | 165,346 | ||||||||||||||||||
Total | $ | 120,028 | 0.9 | % | $ | 132,398 | 1.0 | % | $ | 53,749 | 0.4 | % | $ | 13,266,475 | |||||||||||||
September 30, 2015 | |||||||||||||||||||||||||||
Commercial | $ | 139,622 | 1.6 | % | $ | 116,345 | 1.3 | % | $ | 18,370 | 0.2 | % | $ | 8,672,001 | |||||||||||||
Commercial real estate | 77 | * | 2,687 | 0.1 | % | 12,041 | 0.4 | % | 3,249,338 | ||||||||||||||||||
Construction | — | — | % | — | — | % | — | — | % | 412,688 | |||||||||||||||||
Residential real estate | 6,029 | 1.4 | % | 6,071 | 1.4 | % | 4,272 | 1.0 | % | 439,005 | |||||||||||||||||
Home equity | 487 | 0.4 | % | 2,696 | 2.0 | % | 9,273 | 7.0 | % | 133,122 | |||||||||||||||||
Personal | 612 | 0.4 | % | 151 | 0.1 | % | 26 | * | 173,160 | ||||||||||||||||||
Total | $ | 146,827 | 1.1 | % | $ | 127,950 | 1.0 | % | $ | 43,982 | 0.3 | % | $ | 13,079,314 |
Reserve for Unfunded Commitments (2) | |||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | |||||||||||||||
Balance at beginning of period | $ | 15,209 | $ | 13,157 | $ | 12,650 | $ | 12,274 | $ | 9,844 | |||||||||
(Release) provision for unfunded commitments | (3,450 | ) | 2,048 | 507 | 376 | 2,514 | |||||||||||||
Recovery (charge-off) of unfunded commitments | — | 4 | — | — | (84 | ) | |||||||||||||
Balance at end of period | $ | 11,759 | $ | 15,209 | $ | 13,157 | $ | 12,650 | $ | 12,274 | |||||||||
Unfunded commitments, excluding covered assets, at period end | $ | 6,606,746 | $ | 6,310,701 | $ | 6,135,242 | $ | 6,229,242 | $ | 6,041,301 |
(1) | Refer to Glossary of Terms for definition. |
(2) | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Unfunded commitments related to covered assets are excluded as they are covered under a loss sharing agreement with the FDIC. |
* | Less than 0.1%. |
Allowance for Loan Losses (excluding covered assets (1)) | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
4Q15 | 3Q15 | 2Q15 | 1Q15 | 4Q14 | |||||||||||||||
Change in allowance for loan losses: | |||||||||||||||||||
Balance at beginning of period | $ | 162,868 | $ | 157,051 | $ | 156,610 | $ | 152,498 | $ | 150,135 | |||||||||
Loans charged-off: | |||||||||||||||||||
Commercial | (5,654 | ) | (661 | ) | (2,921 | ) | (2,202 | ) | (1,732 | ) | |||||||||
Commercial real estate | (298 | ) | (175 | ) | (98 | ) | (887 | ) | (417 | ) | |||||||||
Construction | — | — | — | — | 1 | ||||||||||||||
Residential real estate | (166 | ) | (97 | ) | (194 | ) | (37 | ) | (847 | ) | |||||||||
Home equity | (260 | ) | (85 | ) | — | (371 | ) | (130 | ) | ||||||||||
Personal | (15 | ) | (6 | ) | (28 | ) | (10 | ) | (7 | ) | |||||||||
Total charge-offs | (6,393 | ) | (1,024 | ) | (3,241 | ) | (3,507 | ) | (3,132 | ) | |||||||||
Recoveries on loans previously charged-off: | |||||||||||||||||||
Commercial | 786 | 2,115 | 984 | 511 | 720 | ||||||||||||||
Commercial real estate | 205 | 134 | 272 | 598 | 270 | ||||||||||||||
Construction | 11 | 10 | 164 | 19 | 57 | ||||||||||||||
Residential real estate | 16 | 198 | 47 | 57 | 231 | ||||||||||||||
Home equity | 314 | 50 | 73 | 70 | 73 | ||||||||||||||
Personal | 12 | 131 | 86 | 873 | 167 | ||||||||||||||
Total recoveries | 1,344 | 2,638 | 1,626 | 2,128 | 1,518 | ||||||||||||||
Net (charge-offs) recoveries | (5,049 | ) | 1,614 | (1,615 | ) | (1,379 | ) | (1,614 | ) | ||||||||||
Provisions charged to operating expenses | 2,917 | 4,203 | 2,056 | 5,491 | 3,977 | ||||||||||||||
Balance at end of period | $ | 160,736 | $ | 162,868 | $ | 157,051 | $ | 156,610 | $ | 152,498 | |||||||||
Allocation of allowance for loan losses: | |||||||||||||||||||
General allocated reserve: | |||||||||||||||||||
Commercial | $ | 113,161 | $ | 115,543 | $ | 110,255 | $ | 98,230 | $ | 91,975 | |||||||||
Commercial real estate | 26,454 | 24,836 | 26,108 | 29,405 | 29,397 | ||||||||||||||
Construction | 5,441 | 4,397 | 3,816 | 4,026 | 4,290 | ||||||||||||||
Residential real estate | 3,700 | 3,772 | 4,651 | 4,793 | 4,581 | ||||||||||||||
Home equity | 2,638 | 2,713 | 2,750 | 2,296 | 3,069 | ||||||||||||||
Personal | 2,080 | 2,535 | 2,003 | 2,224 | 2,559 | ||||||||||||||
Total allocated | 153,474 | 153,796 | 149,583 | 140,974 | 135,871 | ||||||||||||||
Specific reserve | 7,262 | 9,072 | 7,468 | 15,636 | 16,627 | ||||||||||||||
Total | $ | 160,736 | $ | 162,868 | $ | 157,051 | $ | 156,610 | $ | 152,498 | |||||||||
Allocation of reserve by a percent of total allowance for loan losses: | |||||||||||||||||||
General allocated reserve: | |||||||||||||||||||
Commercial | 70 | % | 70 | % | 70 | % | 63 | % | 60 | % | |||||||||
Commercial real estate | 17 | % | 15 | % | 17 | % | 19 | % | 19 | % | |||||||||
Construction | 3 | % | 3 | % | 2 | % | 3 | % | 3 | % | |||||||||
Residential real estate | 2 | % | 2 | % | 3 | % | 3 | % | 3 | % | |||||||||
Home equity | 2 | % | 2 | % | 2 | % | 1 | % | 2 | % | |||||||||
Personal | 1 | % | 2 | % | 1 | % | 1 | % | 2 | % | |||||||||
Total allocated | 95 | % | 94 | % | 95 | % | 90 | % | 89 | % | |||||||||
Specific reserve | 5 | % | 6 | % | 5 | % | 10 | % | 11 | % | |||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Allowance for loan losses to: | |||||||||||||||||||
Total loans | 1.21 | % | 1.25 | % | 1.25 | % | 1.29 | % | 1.28 | % | |||||||||
Nonperforming loans | 299 | % | 370 | % | 278 | % | 221 | % | 226 | % |
(1) | Refer to Glossary of Terms for definition. |
Deposits | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||
12/31/15 | % of Total | 9/30/15 | % of Total | 6/30/15 | % of Total | 3/31/15 | % of Total | 12/31/14 | % of Total | |||||||||||||||||||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 4,355,700 | 30 | % | $ | 4,068,816 | 29 | % | $ | 3,702,377 | 28 | % | $ | 3,936,181 | 28 | % | $ | 3,516,695 | 27 | % | ||||||||||||||
Interest-bearing demand deposits | 1,503,372 | 11 | % | 1,264,201 | 9 | % | 1,304,270 | 10 | % | 1,498,810 | 11 | % | 1,907,320 | 15 | % | |||||||||||||||||||
Savings deposits | 377,191 | 3 | % | 356,694 | 3 | % | 329,258 | 2 | % | 331,796 | 2 | % | 319,100 | 2 | % | |||||||||||||||||||
Money market accounts | 5,919,252 | 41 | % | 5,892,791 | 42 | % | 5,663,030 | 42 | % | 5,824,535 | 41 | % | 4,851,925 | 37 | % | |||||||||||||||||||
Time deposits | 2,190,077 | 15 | % | 2,315,237 | 17 | % | 2,390,001 | 18 | % | 2,510,406 | 18 | % | 2,494,928 | 19 | % | |||||||||||||||||||
Total deposits | $ | 14,345,592 | 100 | % | $ | 13,897,739 | 100 | % | $ | 13,388,936 | 100 | % | $ | 14,101,728 | 100 | % | $ | 13,089,968 | 100 | % | ||||||||||||||
Total new deposits from new clients (1) | $ | 198,980 | $ | 356,399 | $ | 251,361 | $ | 302,849 | $ | 330,000 |
(1) | Amounts are unaudited. |
Brokered Deposit Composition | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
12/31/15 | 9/30/15 | 6/30/15 | 3/31/15 | 12/31/14 | ||||||||||||||||
Noninterest-bearing demand deposits | $ | 381,723 | $ | 371,675 | $ | 231,193 | $ | 264,493 | $ | 107,564 | ||||||||||
Interest-bearing demand deposits | 242,466 | 266,133 | 304,876 | 323,094 | 641,466 | |||||||||||||||
Savings | 974 | 948 | — | — | — | |||||||||||||||
Money market accounts | 1,818,091 | 1,903,413 | 1,926,246 | 1,891,590 | 1,448,663 | |||||||||||||||
Time deposits: | ||||||||||||||||||||
Traditional | 437,235 | 576,859 | 624,137 | 673,944 | 564,116 | |||||||||||||||
CDARS (1) | 208,086 | 228,436 | 348,073 | 458,192 | 521,995 | |||||||||||||||
Other | 74,954 | 87,463 | 90,438 | 87,732 | 82,714 | |||||||||||||||
Total time deposits | 720,275 | 892,758 | 1,062,648 | 1,219,868 | 1,168,825 | |||||||||||||||
Total brokered deposits | $ | 3,163,529 | $ | 3,434,927 | $ | 3,524,963 | $ | 3,699,045 | $ | 3,366,518 | ||||||||||
Brokered deposits as a % of total deposits | 22 | % | 25 | % | 26 | % | 26 | % | 26 | % |
(1) | The CDARS® deposit program is a deposit services arrangement that effectively achieves FDIC deposit insurance for jumbo deposit relationships. |
Net Interest Margin | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate | Average Balance | Interest (1) | Yield/ Rate | Average Balance | Interest (1) | Yield/ Rate | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | $ | 316,349 | $ | 229 | 0.28 | % | $ | 270,278 | $ | 168 | 0.24 | % | $ | 546,290 | $ | 347 | 0.25 | % | ||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||
Taxable | 2,560,038 | 14,587 | 2.28 | % | 2,440,779 | 13,599 | 2.23 | % | 2,313,925 | 13,250 | 2.29 | % | ||||||||||||||||||||||
Tax-exempt (2) | 444,339 | 3,512 | 3.16 | % | 424,003 | 3,313 | 3.13 | % | 320,064 | 2,561 | 3.20 | % | ||||||||||||||||||||||
Total securities | 3,004,377 | 18,099 | 2.41 | % | 2,864,782 | 16,912 | 2.36 | % | 2,633,989 | 15,811 | 2.40 | % | ||||||||||||||||||||||
FHLB stock | 26,025 | 115 | 1.74 | % | 25,907 | 69 | 1.04 | % | 28,666 | 49 | 0.67 | % | ||||||||||||||||||||||
Loans, excluding covered assets: | ||||||||||||||||||||||||||||||||||
Commercial | 8,696,086 | 94,345 | 4.25 | % | 8,561,067 | 92,139 | 4.21 | % | 7,936,429 | 85,122 | 4.20 | % | ||||||||||||||||||||||
Commercial real estate | 3,291,094 | 31,226 | 3.71 | % | 3,108,679 | 29,039 | 3.66 | % | 2,756,167 | 25,535 | 3.63 | % | ||||||||||||||||||||||
Construction | 507,444 | 4,918 | 3.79 | % | 442,331 | 4,493 | 3.97 | % | 367,492 | 3,607 | 3.84 | % | ||||||||||||||||||||||
Residential | 471,378 | 4,158 | 3.53 | % | 446,783 | 3,959 | 3.54 | % | 376,140 | 3,481 | 3.70 | % | ||||||||||||||||||||||
Personal and home equity | 291,524 | 2,177 | 2.96 | % | 301,449 | 2,237 | 2.94 | % | 337,844 | 2,532 | 2.97 | % | ||||||||||||||||||||||
Total loans, excluding covered assets (3) | 13,257,526 | 136,824 | 4.04 | % | 12,860,309 | 131,867 | 4.02 | % | 11,774,072 | 120,277 | 4.00 | % | ||||||||||||||||||||||
Covered assets (4) | 27,681 | 182 | 2.61 | % | 29,322 | 239 | 3.23 | % | 39,408 | 372 | 3.74 | % | ||||||||||||||||||||||
Total interest-earning assets (2) | 16,631,958 | $ | 155,449 | 3.67 | % | 16,050,598 | $ | 149,255 | 3.65 | % | 15,022,425 | $ | 136,856 | 3.57 | % | |||||||||||||||||||
Cash and due from banks | 188,286 | 172,742 | 168,412 | |||||||||||||||||||||||||||||||
Allowance for loan and covered loan losses | (171,277 | ) | (167,173 | ) | (157,870 | ) | ||||||||||||||||||||||||||||
Other assets | 512,251 | 486,158 | 475,904 | |||||||||||||||||||||||||||||||
Total assets | $ | 17,161,218 | $ | 16,542,325 | $ | 15,508,871 | ||||||||||||||||||||||||||||
Liabilities and Equity (5): | ||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,426,603 | $ | 936 | 0.26 | % | $ | 1,411,434 | $ | 937 | 0.26 | % | $ | 1,470,988 | $ | 1,026 | 0.28 | % | ||||||||||||||||
Savings deposits | 368,087 | 430 | 0.46 | % | 342,568 | 370 | 0.43 | % | 315,982 | 306 | 0.38 | % | ||||||||||||||||||||||
Money market accounts | 5,946,834 | 5,057 | 0.34 | % | 5,829,378 | 4,749 | 0.32 | % | 5,316,027 | 4,317 | 0.32 | % | ||||||||||||||||||||||
Time deposits | 2,262,252 | 5,941 | 1.04 | % | 2,302,743 | 5,782 | 1.00 | % | 2,645,410 | 5,803 | 0.87 | % | ||||||||||||||||||||||
Total interest-bearing deposits | 10,003,776 | 12,364 | 0.49 | % | 9,886,123 | 11,838 | 0.48 | % | 9,748,407 | 11,452 | 0.47 | % | ||||||||||||||||||||||
Short-term borrowings | 176,165 | 201 | 0.45 | % | 143,436 | 24 | 0.07 | % | 16,137 | 143 | 3.46 | % | ||||||||||||||||||||||
Long-term debt | 694,788 | 5,087 | 2.91 | % | 694,788 | 5,048 | 2.89 | % | 588,310 | 7,507 | 5.09 | % | ||||||||||||||||||||||
Total interest-bearing liabilities | 10,874,729 | 17,652 | 0.64 | % | 10,724,347 | 16,910 | 0.63 | % | 10,352,854 | 19,102 | 0.73 | % | ||||||||||||||||||||||
Noninterest-bearing demand deposits | 4,420,246 | 4,039,259 | 3,542,261 | |||||||||||||||||||||||||||||||
Other liabilities | 182,759 | 152,737 | 141,645 | |||||||||||||||||||||||||||||||
Equity | 1,683,484 | 1,625,982 | 1,472,111 | |||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 17,161,218 | $ | 16,542,325 | $ | 15,508,871 | ||||||||||||||||||||||||||||
Net interest spread (2)(6) | 3.03 | % | 3.02 | % | 2.84 | % | ||||||||||||||||||||||||||||
Contribution of noninterest-bearing sources of funds | 0.22 | % | 0.21 | % | 0.23 | % | ||||||||||||||||||||||||||||
Net interest income/margin (2)(6) | 137,797 | 3.25 | % | 132,345 | 3.23 | % | 117,754 | 3.07 | % | |||||||||||||||||||||||||
Less: tax equivalent adjustment | 1,206 | 1,136 | 878 | |||||||||||||||||||||||||||||||
Net interest income, as reported | $ | 136,591 | $ | 131,209 | $ | 116,876 |
(1) | Interest income included $9.2 million, $8.0 million, and $6.0 million in loan fees for the three months ended December 31, 2015, September 30, 2015 and December 31, 2014, respectively. |
(2) | Interest income and yields are presented on a tax-equivalent basis, assuming a federal income tax rate of 35%. This is a non-U.S. GAAP measure. |
(3) | Includes loans held-for-sale and nonaccrual loans. Average loans on a nonaccrual basis for the recognition of interest income totaled $48.9 million, $49.3 million, and $73.1 million for the three months ended December 31, 2015, September 30, 2015, and December 31, 2014, respectively. Interest foregone on impaired loans was estimated to be approximately $488,000, $481,000 and $722,000 for the three months ended December 31, 2015, September 30, 2015, and December 31, 2014, respectively, calculated based on the average loan portfolio yield for the respective period. |
(4) | Covered interest-earning assets consist of loans acquired through a FDIC-assisted transaction that are subject to a loss share agreement and the related indemnification asset. |
(5) | Includes deposits held-for-sale. |
(6) | Refer to Glossary of Terms for definition. |
Net Interest Margin | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Average Balance | Interest (1) | Yield / Rate | Average Balance | Interest (1) | Yield / Rate | ||||||||||||||||
Assets: | |||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | $ | 349,803 | $ | 903 | 0.26 | % | $ | 309,535 | $ | 770 | 0.25 | % | |||||||||
Securities: | |||||||||||||||||||||
Taxable | 2,440,429 | 55,283 | 2.27 | % | 2,279,054 | 53,500 | 2.35 | % | |||||||||||||
Tax-exempt (2) | 400,258 | 12,592 | 3.15 | % | 286,551 | 9,406 | 3.28 | % | |||||||||||||
Total securities | 2,840,687 | 67,875 | 2.39 | % | 2,565,605 | 62,906 | 2.45 | % | |||||||||||||
FHLB stock | 26,743 | 295 | 1.10 | % | 29,058 | 189 | 0.65 | % | |||||||||||||
Loans, excluding covered assets: | |||||||||||||||||||||
Commercial | 8,447,121 | 359,794 | 4.26 | % | 7,592,012 | 330,220 | 4.35 | % | |||||||||||||
Commercial real estate | 3,052,095 | 114,868 | 3.76 | % | 2,568,603 | 93,123 | 3.63 | % | |||||||||||||
Construction | 433,123 | 17,245 | 3.98 | % | 360,711 | 14,152 | 3.92 | % | |||||||||||||
Residential | 430,332 | 15,145 | 3.52 | % | 359,621 | 13,299 | 3.70 | % | |||||||||||||
Personal and home equity | 313,758 | 9,353 | 2.98 | % | 348,815 | 10,552 | 3.03 | % | |||||||||||||
Total loans, excluding covered assets (3) | 12,676,429 | 516,405 | 4.07 | % | 11,229,762 | 461,346 | 4.11 | % | |||||||||||||
Covered assets (4) | 30,169 | 1,056 | 3.50 | % | 72,153 | 2,409 | 3.34 | % | |||||||||||||
Total interest-earning assets (2) | 15,923,831 | $ | 586,534 | 3.69 | % | 14,206,113 | $ | 527,620 | 3.71 | % | |||||||||||
Cash and due from banks | 176,586 | 154,334 | |||||||||||||||||||
Allowance for loan and covered loan losses | (165,994 | ) | (161,001 | ) | |||||||||||||||||
Other assets | 495,437 | 478,025 | |||||||||||||||||||
Total assets | $ | 16,429,860 | $ | 14,677,471 | |||||||||||||||||
Liabilities and Equity (5): | |||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,447,298 | $ | 3,845 | 0.27 | % | $ | 1,289,190 | $ | 3,728 | 0.29 | % | |||||||||
Savings deposits | 341,709 | 1,434 | 0.42 | % | 293,316 | 912 | 0.31 | % | |||||||||||||
Money market accounts | 5,799,593 | 18,735 | 0.32 | % | 4,966,272 | 15,945 | 0.32 | % | |||||||||||||
Time deposits | 2,389,460 | 23,092 | 0.97 | % | 2,623,243 | 21,366 | 0.81 | % | |||||||||||||
Total interest-bearing deposits | 9,978,060 | 47,106 | 0.47 | % | 9,172,021 | 41,951 | 0.46 | % | |||||||||||||
Short-term borrowings | 230,402 | 656 | 0.28 | % | 42,797 | 638 | 1.49 | % | |||||||||||||
Long-term debt | 548,075 | 20,035 | 3.66 | % | 618,556 | 27,061 | 4.37 | % | |||||||||||||
Total interest-bearing liabilities | 10,756,537 | 67,797 | 0.63 | % | 9,833,374 | 69,650 | 0.71 | % | |||||||||||||
Noninterest-bearing demand deposits | 3,915,032 | 3,308,345 | |||||||||||||||||||
Other liabilities | 156,840 | 132,220 | |||||||||||||||||||
Equity | 1,601,451 | 1,403,532 | |||||||||||||||||||
Total liabilities and equity | $ | 16,429,860 | $ | 14,677,471 | |||||||||||||||||
Net interest spread (2)(6) | 3.06 | % | 3.00 | % | |||||||||||||||||
Contribution of noninterest-bearing sources of funds | 0.20 | % | 0.22 | % | |||||||||||||||||
Net interest income/margin (2)(6) | 518,737 | 3.26 | % | 457,970 | 3.22 | % | |||||||||||||||
Less: tax-equivalent adjustment | 4,322 | 3,233 | |||||||||||||||||||
Net interest income, as reported | $ | 514,415 | $ | 454,737 |
(1) | Interest income included $31.0 million and $26.4 million in loan fees for the year ended December 31, 2015 and 2014, respectively. |
(2) | Interest income and yields are presented on a tax-equivalent basis, assuming a federal income tax rate of 35%. This is a non-U.S. GAAP measure. |
(3) | Includes loans held-for-sale and nonaccrual loans. Average loans on a nonaccrual basis for the recognition of interest income totaled $57.9 million and $82.7 million for the year ended December 31, 2015 and 2014, respectively. Interest foregone on impaired loans was estimated to be approximately $2.3 million and $3.2 million for the year ended December 31, 2015 and 2014, respectively, calculated based on the average loan portfolio yield for the respective period. |
(4) | Covered interest-earning assets consist of loans acquired through a FDIC-assisted transaction that are subject to a loss share agreement and the related indemnification asset. |
(5) | Includes deposits held-for-sale. |
(6) | Refer to Glossary of Terms for definition. |
Three Months Ended | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
Taxable-equivalent net interest income | |||||||||||||||||||
U.S. GAAP net interest income | $ | 136,591 | $ | 131,209 | $ | 124,622 | $ | 121,993 | $ | 116,876 | |||||||||
Taxable-equivalent adjustment | 1,206 | 1,136 | 1,036 | 944 | 878 | ||||||||||||||
Taxable-equivalent net interest income (a) | $ | 137,797 | $ | 132,345 | $ | 125,658 | $ | 122,937 | $ | 117,754 | |||||||||
Average Earning Assets (b) | $ | 16,631,958 | $ | 16,050,598 | $ | 15,703,136 | $ | 15,293,533 | $ | 15,022,425 | |||||||||
Net Interest Margin ((a) annualized) / (b) | 3.25 | % | 3.23 | % | 3.17 | % | 3.21 | % | 3.07 | % | |||||||||
Net Revenue | |||||||||||||||||||
Taxable-equivalent net interest income | $ | 137,797 | $ | 132,345 | $ | 125,658 | $ | 122,937 | $ | 117,754 | |||||||||
U.S. GAAP non-interest income | 32,648 | 30,789 | 33,059 | 33,516 | 30,426 | ||||||||||||||
Net revenue (c) | $ | 170,445 | $ | 163,134 | $ | 158,717 | $ | 156,453 | $ | 148,180 | |||||||||
Operating Profit | |||||||||||||||||||
U.S. GAAP income before income taxes | $ | 83,388 | $ | 72,626 | $ | 73,668 | $ | 66,718 | $ | 60,157 | |||||||||
Provision for loan and covered loan losses | 2,831 | 4,197 | 2,116 | 5,646 | 4,120 | ||||||||||||||
Taxable-equivalent adjustment | 1,206 | 1,136 | 1,036 | 944 | 878 | ||||||||||||||
Operating profit | $ | 87,425 | $ | 77,959 | $ | 76,820 | $ | 73,308 | $ | 65,155 | |||||||||
Efficiency Ratio | |||||||||||||||||||
U.S. GAAP non-interest expense (d) | $ | 83,020 | $ | 85,175 | $ | 81,897 | $ | 83,145 | $ | 83,025 | |||||||||
Net revenue | $ | 170,445 | $ | 163,134 | $ | 158,717 | $ | 156,453 | $ | 148,180 | |||||||||
Efficiency ratio (d) / (c) | 48.71 | % | 52.21 | % | 51.60 | % | 53.14 | % | 56.03 | % | |||||||||
Adjusted Net Income | |||||||||||||||||||
U.S. GAAP net income available to common stockholders | $ | 52,137 | $ | 45,268 | $ | 46,422 | $ | 41,484 | $ | 37,223 | |||||||||
Amortization of intangibles, net of tax | 357 | 353 | 398 | 397 | 449 | ||||||||||||||
Adjusted net income (e) | $ | 52,494 | $ | 45,621 | $ | 46,820 | $ | 41,881 | $ | 37,672 | |||||||||
Average Tangible Common Equity | |||||||||||||||||||
U.S. GAAP average total equity | $ | 1,683,484 | $ | 1,625,982 | $ | 1,571,896 | $ | 1,522,401 | $ | 1,472,111 | |||||||||
Less: average goodwill | 94,041 | 94,041 | 94,041 | 94,041 | 94,041 | ||||||||||||||
Less: average other intangibles | 3,711 | 4,291 | 4,897 | 5,551 | 6,243 | ||||||||||||||
Average tangible common equity (f) | $ | 1,585,732 | $ | 1,527,650 | $ | 1,472,958 | $ | 1,422,809 | $ | 1,371,827 | |||||||||
Return on average tangible common equity ((e) annualized) / (f) | 13.13 | % | 11.85 | % | 12.75 | % | 11.94 | % | 10.89 | % |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Taxable-equivalent net interest income | |||||||
U.S. GAAP net interest income | $ | 514,415 | $ | 454,737 | |||
Taxable-equivalent adjustment | 4,322 | 3,233 | |||||
Taxable-equivalent net interest income (a) | $ | 518,737 | $ | 457,970 | |||
Average Earning Assets (b) | $ | 15,923,831 | $ | 14,206,113 | |||
Net Interest Margin (a) / (b) | 3.26 | % | 3.22 | % | |||
Net Revenue | |||||||
Taxable-equivalent net interest income | $ | 518,737 | $ | 457,970 | |||
U.S. GAAP non-interest income | 130,012 | 117,590 | |||||
Net revenue (c) | $ | 648,749 | $ | 575,560 | |||
Operating Profit | |||||||
U.S. GAAP income before income taxes | $ | 296,400 | $ | 248,207 | |||
Provision for loan and covered loan losses | 14,790 | 12,044 | |||||
Taxable-equivalent adjustment | 4,322 | 3,233 | |||||
Operating profit | $ | 315,512 | $ | 263,484 | |||
Efficiency Ratio | |||||||
U.S. GAAP non-interest expense (d) | $ | 333,237 | $ | 312,076 | |||
Net revenue | $ | 648,749 | $ | 575,560 | |||
Efficiency ratio (d) / (c) | 51.37 | % | 54.22 | % | |||
Adjusted Net Income | |||||||
U.S. GAAP net income available to common stockholders | $ | 185,311 | $ | 153,079 | |||
Amortization of intangibles, net of tax | 1,505 | 1,823 | |||||
Adjusted net income (e) | $ | 186,816 | $ | 154,902 | |||
Average Tangible Common Equity | |||||||
U.S. GAAP average total equity | $ | 1,601,451 | $ | 1,403,532 | |||
Less: average goodwill | 94,041 | 94,041 | |||||
Less: average other intangibles | 4,606 | 7,366 | |||||
Average tangible common equity (f) | $ | 1,502,804 | $ | 1,302,125 | |||
Return on average tangible common equity (e) / (f) | 12.43 | % | 11.90 | % |
As of | |||||||||||||||||||
2014 | |||||||||||||||||||
December 31 | |||||||||||||||||||
Common Equity Tier 1 | |||||||||||||||||||
U.S. GAAP total equity | $ | 1,481,679 | |||||||||||||||||
Trust preferred securities | 169,788 | ||||||||||||||||||
Less: accumulated other comprehensive income, net of tax | 20,917 | ||||||||||||||||||
Less: goodwill | 94,041 | ||||||||||||||||||
Less: other intangibles | 5,885 | ||||||||||||||||||
Less: disallowed servicing rights | 44 | ||||||||||||||||||
Tier 1 risk-based capital | 1,530,580 | ||||||||||||||||||
Less: trust preferred securities | 169,788 | ||||||||||||||||||
Common equity Tier 1 (g) | $ | 1,360,792 | |||||||||||||||||
As of | |||||||||||||||||||
2015 | 2014 | ||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | December 31 | |||||||||||||||
Tangible Common Equity | |||||||||||||||||||
U.S. GAAP total equity | $ | 1,698,951 | $ | 1,647,999 | $ | 1,584,796 | $ | 1,539,429 | $ | 1,481,679 | |||||||||
Less: goodwill | 94,041 | 94,041 | 94,041 | 94,041 | 94,041 | ||||||||||||||
Less: other intangibles | 3,430 | 4,008 | 4,586 | 5,230 | 5,885 | ||||||||||||||
Tangible common equity (h) | $ | 1,601,480 | $ | 1,549,950 | $ | 1,486,169 | $ | 1,440,158 | $ | 1,381,753 | |||||||||
Tangible Assets | |||||||||||||||||||
U.S. GAAP total assets | $ | 17,259,421 | $ | 16,894,605 | $ | 16,225,895 | $ | 16,361,348 | $ | 15,603,382 | |||||||||
Less: goodwill | 94,041 | 94,041 | 94,041 | 94,041 | 94,041 | ||||||||||||||
Less: other intangibles | 3,430 | 4,008 | 4,586 | 5,230 | 5,885 | ||||||||||||||
Tangible assets (i) | $ | 17,161,950 | $ | 16,796,556 | $ | 16,127,268 | $ | 16,262,077 | $ | 15,503,456 | |||||||||
Risk-weighted Assets (j) | — | — | — | — | $ | 14,592,655 | |||||||||||||
Period-end Common Shares Outstanding (k) | 79,097 | 78,863 | 78,717 | 78,494 | 78,178 | ||||||||||||||
Ratios: | |||||||||||||||||||
Common equity Tier 1 ratio (g) / (j) (1) | — | — | — | — | 9.33 | % | |||||||||||||
Tangible common equity to tangible assets (h) / (i) | 9.33 | % | 9.23 | % | 9.22 | % | 8.86 | % | 8.91 | % | |||||||||
Tangible book value (h) / (k) | $ | 20.25 | $ | 19.65 | $ | 18.88 | $ | 18.35 | $ | 17.67 |
(1) | Effective January 1, 2015, the common equity Tier 1 ratio became a required regulatory capital measure and is calculated in accordance with the new capital rules. For the periods prior to January 1, 2015, this ratio is considered a Non-GAAP measure and was calculated without giving effect to the final Basel III capital rules. |
1 Year Privatebancorp - Privatebancorp Capital Trust IV - 10% Trust Preferred Chart |
1 Month Privatebancorp - Privatebancorp Capital Trust IV - 10% Trust Preferred Chart |
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