Maryland | 1-34582 | 27-0950358 | ||
(State or other jurisdiction | (Commission File No.) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
100 Liberty Street | ||
Warren, Pennsylvania | 16365 | |
(Address of principal executive office) | (Zip code) |
Exhibit No. | Description | |
Press release dated January 22, 2018 |
NORTHWEST BANCSHARES, INC. | ||||
DATE: | January 22, 2018 | By: | /s/ William W. Harvey, Jr. | |
William W. Harvey, Jr. | ||||
Chief Financial Officer | ||||
Contact: | William J. Wagner, Chairman and Chief Executive Officer (814) 726-2140 |
Ronald J. Seiffert, President and Chief Operating Officer (814) 726-2140 | |
William W. Harvey, Jr., Senior Executive Vice President and Chief Financial Officer (814) 726-2140 |
December 31, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 77,710 | 165,676 | 389,867 | |||||||
Marketable securities available-for-sale (amortized cost of $800,094, $867,311 and $825,552 respectively) | 792,535 | 869,481 | 826,200 | ||||||||
Marketable securities held-to-maturity (fair value of $29,667, $32,282 and $20,426 respectively) | 29,678 | 31,961 | 19,978 | ||||||||
Total cash and cash equivalents and marketable securities | 899,923 | 1,067,118 | 1,236,045 | ||||||||
Residential mortgage loans held-for-sale | 3,128 | 1,382 | 9,625 | ||||||||
Residential mortgage loans | 2,773,075 | 2,741,844 | 2,688,541 | ||||||||
Home equity loans | 1,310,355 | 1,313,435 | 1,345,370 | ||||||||
Consumer loans | 671,389 | 673,920 | 642,961 | ||||||||
Commercial real estate loans | 2,454,726 | 2,398,886 | 2,342,089 | ||||||||
Commercial loans | 580,736 | 596,671 | 528,761 | ||||||||
Total loans receivable | 7,793,409 | 7,726,138 | 7,557,347 | ||||||||
Allowance for loan losses | (56,795 | ) | (56,927 | ) | (60,939 | ) | |||||
Loans receivable, net | 7,736,614 | 7,669,211 | 7,496,408 | ||||||||
Assets held-for-sale | — | — | 152,528 | ||||||||
Federal Home Loan Bank stock, at cost | 11,733 | 7,984 | 7,390 | ||||||||
Accrued interest receivable | 23,352 | 22,802 | 21,699 | ||||||||
Real estate owned, net | 5,666 | 5,462 | 4,889 | ||||||||
Premises and equipment, net | 151,944 | 152,761 | 161,185 | ||||||||
Bank owned life insurance | 171,547 | 173,096 | 171,449 | ||||||||
Goodwill | 307,420 | 307,420 | 307,420 | ||||||||
Other intangible assets | 25,669 | 27,244 | 32,433 | ||||||||
Other assets | 30,066 | 26,716 | 32,194 | ||||||||
Total assets | $ | 9,363,934 | 9,459,814 | 9,623,640 | |||||||
Liabilities and Shareholders’ equity | |||||||||||
Liabilities | |||||||||||
Noninterest-bearing demand deposits | $ | 1,610,409 | 1,625,189 | 1,448,972 | |||||||
Interest-bearing demand deposits | 1,442,928 | 1,451,818 | 1,428,317 | ||||||||
Money market deposit accounts | 1,707,450 | 1,759,395 | 1,841,567 | ||||||||
Savings deposits | 1,653,579 | 1,669,782 | 1,622,879 | ||||||||
Time deposits | 1,412,623 | 1,435,861 | 1,540,586 | ||||||||
Total deposits | 7,826,989 | 7,942,045 | 7,882,321 | ||||||||
Liabilities held-for-sale | — | — | 215,657 | ||||||||
Borrowed funds | 108,238 | 115,388 | 142,899 | ||||||||
Advances by borrowers for taxes and insurance | 40,825 | 21,864 | 36,879 | ||||||||
Accrued interest payable | 460 | 518 | 635 | ||||||||
Other liabilities | 68,485 | 62,939 | 63,373 | ||||||||
Junior subordinated debentures | 111,213 | 111,213 | 111,213 | ||||||||
Total liabilities | 8,156,210 | 8,253,967 | 8,452,977 | ||||||||
Shareholders’ equity | |||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued | — | — | — | ||||||||
Common stock, $0.01 par value: 500,000,000 shares authorized, shares, 102,687,811 shares, 102,565,667,and 101,699,406 issued and outstanding, respectively | 1,027 | 1,026 | 1,017 | ||||||||
Paid-in-capital | 730,719 | 728,163 | 718,834 | ||||||||
Retained earnings | 508,058 | 502,265 | 478,803 | ||||||||
Accumulated other comprehensive loss | (32,080 | ) | (25,607 | ) | (27,991 | ) | |||||
Total shareholders’ equity | 1,207,724 | 1,205,847 | 1,170,663 | ||||||||
Total liabilities and shareholders’ equity | $ | 9,363,934 | $ | 9,459,814 | $ | 9,623,640 | |||||
Equity to assets | 12.90 | % | 12.75 | % | 12.16 | % | |||||
Tangible common equity to assets | 9.68 | % | 9.55 | % | 8.95 | % | |||||
Book value per share | $ | 11.76 | 11.76 | 11.51 | |||||||
Tangible book value per share | $ | 8.52 | 8.49 | 8.17 | |||||||
Closing market price per share | $ | 16.73 | 17.27 | 18.03 | |||||||
Full time equivalent employees | 2,106 | 2,137 | 2,306 | ||||||||
Number of banking offices | 172 | 173 | 176 |
Quarter ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
2017 | 2017 | 2017 | 2017 | 2016 | |||||||||||
Interest income: | |||||||||||||||
Loans receivable | $ | 87,154 | 85,373 | 84,714 | 82,751 | 85,669 | |||||||||
Mortgage-backed securities | 3,016 | 3,118 | 2,987 | 2,222 | 2,166 | ||||||||||
Taxable investment securities | 805 | 957 | 981 | 1,006 | 988 | ||||||||||
Tax-free investment securities | 449 | 476 | 529 | 569 | 625 | ||||||||||
FHLB dividends | 78 | 63 | 50 | 59 | 285 | ||||||||||
Interest-earning deposits | 59 | 244 | 536 | 660 | 300 | ||||||||||
Total interest income | 91,561 | 90,231 | 89,797 | 87,267 | 90,033 | ||||||||||
Interest expense: | |||||||||||||||
Deposits | 5,971 | 5,795 | 5,826 | 5,465 | 5,859 | ||||||||||
Borrowed funds | 1,350 | 1,199 | 1,240 | 1,225 | 1,232 | ||||||||||
Total interest expense | 7,321 | 6,994 | 7,066 | 6,690 | 7,091 | ||||||||||
Net interest income | 84,240 | 83,237 | 82,731 | 80,577 | 82,942 | ||||||||||
Provision for loan losses | 6,525 | 3,027 | 5,562 | 4,637 | 2,145 | ||||||||||
Net interest income after provision for loan losses | 77,715 | 80,210 | 77,169 | 75,940 | 80,797 | ||||||||||
Noninterest income: | |||||||||||||||
Gain/(loss) on sale of investments | (369 | ) | 1,497 | 3 | 17 | 213 | |||||||||
Service charges and fees | 12,527 | 12,724 | 12,749 | 11,717 | 12,406 | ||||||||||
Trust and other financial services income | 4,290 | 4,793 | 4,600 | 4,304 | 4,131 | ||||||||||
Insurance commission income | 1,874 | 1,992 | 2,353 | 2,794 | 2,499 | ||||||||||
Gain/ (loss) on real estate owned, net | (307 | ) | (193 | ) | (230 | ) | (67 | ) | 164 | ||||||
Income from bank owned life insurance | 2,295 | 1,078 | 1,652 | 1,068 | 1,281 | ||||||||||
Mortgage banking income | 225 | 519 | 434 | 240 | 2,344 | ||||||||||
Gain on sale of offices | — | — | 17,186 | — | — | ||||||||||
Other operating income | 2,370 | 2,184 | 2,730 | 1,431 | 1,781 | ||||||||||
Total noninterest income | 22,905 | 24,594 | 41,477 | 21,504 | 24,819 | ||||||||||
Noninterest expense: | |||||||||||||||
Compensation and employee benefits | 38,776 | 36,039 | 37,658 | 37,755 | 36,562 | ||||||||||
Premises and occupancy costs | 7,293 | 6,951 | 7,103 | 7,516 | 7,228 | ||||||||||
Office operations | 4,011 | 3,939 | 4,170 | 4,222 | 4,395 | ||||||||||
Collections expense | 1,179 | 568 | 553 | 549 | 437 | ||||||||||
Processing expenses | 9,888 | 9,650 | 9,639 | 9,909 | 9,429 | ||||||||||
Marketing expenses | 2,125 | 2,488 | 2,846 | 2,148 | 2,181 | ||||||||||
Federal deposit insurance premiums | 724 | 771 | 856 | 1,167 | 475 | ||||||||||
Professional services | 2,945 | 2,321 | 2,452 | 2,575 | 2,088 | ||||||||||
Amortization of intangible assets | 1,575 | 1,691 | 1,749 | 1,749 | 1,806 | ||||||||||
Real estate owned expense | 195 | 310 | 217 | 282 | 192 | ||||||||||
Restructuring/ acquisition expense | 164 | 1,398 | 2,634 | 223 | 1,009 | ||||||||||
Other expense | 3,021 | 2,673 | 3,385 | 3,551 | 2,959 | ||||||||||
Total noninterest expense | 71,896 | 68,799 | 73,262 | 71,646 | 68,761 | ||||||||||
Income before income taxes | 28,724 | 36,005 | 45,384 | 25,798 | 36,855 | ||||||||||
Income tax expense | 6,576 | 12,414 | 14,402 | 8,052 | 12,361 | ||||||||||
Net income | $ | 22,148 | 23,591 | 30,982 | 17,746 | 24,494 | |||||||||
Basic earnings per share | $ | 0.22 | 0.23 | 0.31 | 0.18 | 0.24 | |||||||||
Diluted earnings per share | $ | 0.22 | 0.23 | 0.30 | 0.17 | 0.24 | |||||||||
Weighted average common shares outstanding - basic | 101,293,307 | 101,163,534 | 100,950,772 | 100,653,277 | 100,219,370 | ||||||||||
Weighted average common shares outstanding - diluted | 102,643,726 | 102,564,476 | 102,449,693 | 102,480,549 | 102,089,892 | ||||||||||
Annualized return on average equity | 7.31 | % | 7.81 | % | 10.48 | % | 6.15 | % | 8.37 | % | |||||
Annualized return on average assets | 0.94 | % | 0.99 | % | 1.30 | % | 0.75 | % | 1.01 | % | |||||
Annualized return on tangible common equity | 10.05 | % | 10.74 | % | 14.44 | % | 8.57 | % | 11.73 | % | |||||
Efficiency ratio * | 65.48 | % | 60.94 | % | 64.36 | % | 68.25 | % | 61.20 | % | |||||
Annualized noninterest expense to average assets * | 2.97 | % | 2.76 | % | 2.89 | % | 2.94 | % | 2.73 | % |
Year ended December 31, | |||||||
2017 | 2016 | ||||||
Interest income: | |||||||
Loans receivable | $ | 339,992 | 329,039 | ||||
Mortgage-backed securities | 11,343 | 8,540 | |||||
Taxable investment securities | 3,749 | 3,409 | |||||
Tax-free investment securities | 2,023 | 2,732 | |||||
FHLB dividends | 250 | 1,371 | |||||
Interest-earning deposits | 1,499 | 543 | |||||
Total interest income | 358,856 | 345,634 | |||||
Interest expense: | |||||||
Deposits | 23,057 | 23,465 | |||||
Borrowed funds | 5,014 | 14,834 | |||||
Total interest expense | 28,071 | 38,299 | |||||
Net interest income | 330,785 | 307,335 | |||||
Provision for loan losses | 19,751 | 13,542 | |||||
Net interest income after provision for loan losses | 311,034 | 293,793 | |||||
Noninterest income: | |||||||
Gain on sale of investments | 1,148 | 625 | |||||
Service charges and fees | 49,717 | 44,113 | |||||
Trust and other financial services income | 17,987 | 14,103 | |||||
Insurance commission income | 9,013 | 10,522 | |||||
Loss on real estate owned, net | (797 | ) | (39 | ) | |||
Income from bank owned life insurance | 6,093 | 5,361 | |||||
Mortgage banking income | 1,418 | 4,894 | |||||
Gain on sale of offices | 17,186 | — | |||||
Other operating income | 8,715 | 5,781 | |||||
Total noninterest income | 110,480 | 85,360 | |||||
Noninterest expense: | |||||||
Compensation and employee benefits | 150,228 | 140,927 | |||||
Premises and occupancy costs | 28,863 | 26,134 | |||||
Office operations | 16,342 | 14,898 | |||||
Collections expense | 2,849 | 2,431 | |||||
Processing expenses | 39,086 | 34,859 | |||||
Marketing expenses | 9,607 | 8,852 | |||||
Federal deposit insurance premiums | 3,518 | 4,404 | |||||
Professional services | 10,293 | 7,865 | |||||
Amortization of intangible assets | 6,764 | 4,259 | |||||
Real estate owned expense | 1,004 | 1,004 | |||||
Restructuring/ acquisition expense | 4,419 | 12,213 | |||||
FHLB prepayment penalty | — | 36,978 | |||||
Other expense | 12,630 | 13,014 | |||||
Total noninterest expense | 285,603 | 307,838 | |||||
Income before income taxes | 135,911 | 71,315 | |||||
Income tax expense | 41,444 | 21,648 | |||||
Net income | $ | 94,467 | $ | 49,667 | |||
Basic earnings per share | $ | 0.94 | 0.50 | ||||
Diluted earnings per share | $ | 0.92 | 0.49 | ||||
Weighted average common shares outstanding - basic | 101,015,083 | 99,439,174 | |||||
Weighted average common shares outstanding - diluted | 102,564,905 | 100,664,688 | |||||
Annualized return on average equity | 7.95 | % | 4.28 | % | |||
Annualized return on average assets | 0.99 | % | 0.55 | % | |||
Annualized return on tangible common equity | 10.80 | % | 5.98 | % | |||
Efficiency ratio * | 64.71 | % | 64.78 | % | |||
Annualized noninterest expense to average assets * | 2.89 | % | 2.79 | % |
Year ended December 31, | |||||||
2017 | 2016 | ||||||
Operating results (non-GAAP): | |||||||
Net interest income | $ | 330,785 | 307,335 | ||||
Provision for loan losses | 19,751 | 13,542 | |||||
Noninterest income | 93,294 | 85,360 | |||||
Noninterest expense | 281,184 | 253,510 | |||||
Income taxes | 39,409 | 43,379 | |||||
Net operating income (non-GAAP) | $ | 83,735 | 82,264 | ||||
Diluted earnings per share (non-GAAP) | $ | 0.83 | 0.82 | ||||
Average equity | $ | 1,188,787 | 1,159,791 | ||||
Average assets | 9,502,518 | 9,111,587 | |||||
Annualized ROE (non-GAAP) | 7.04 | % | 7.09 | % | |||
Annualized ROA (non-GAAP) | 0.88 | % | 0.90 | % | |||
Reconciliation of net operating income to net income: | |||||||
Net operating income (non-GAAP) | $ | 83,735 | 82,264 | ||||
Nonoperating income and expenses | |||||||
Gain on sale of offices, net of tax | 10,311 | — | |||||
Restructuring/ acquisition expenses, net of tax | (2,651 | ) | (7,330 | ) | |||
Stock-based compensation expense - ESOP termination, net of tax | — | (3,081 | ) | ||||
FHLB prepayment penalty, net of tax | — | (22,186 | ) | ||||
Tax benefit from the Tax Cuts and Jobs Act of 2017 | 3,072 | — | |||||
Net income (GAAP) | $ | 94,467 | 49,667 | ||||
Diluted earnings per share (GAAP) | $ | 0.92 | 0.49 | ||||
Annualized ROE (GAAP) | 7.95 | % | 4.28 | % | |||
Annualized ROA (GAAP) | 0.99 | % | 0.55 | % |
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | |||||||||||
Nonaccrual loans current: | |||||||||||||||
Residential mortgage loans | $ | 70 | 318 | 841 | 1,864 | 2,109 | |||||||||
Home equity loans | 615 | 439 | 158 | 1,244 | 1,451 | ||||||||||
Consumer finance loans | — | 1 | — | — | — | ||||||||||
Consumer loans | 317 | 259 | 379 | 633 | 520 | ||||||||||
Commercial real estate loans | 10,080 | 10,646 | 16,189 | 13,347 | 13,955 | ||||||||||
Commercial loans | 4,178 | 4,098 | 5,262 | 5,335 | 5,361 | ||||||||||
Total nonaccrual loans current | $ | 15,260 | 15,761 | 22,829 | 22,423 | 23,396 | |||||||||
Nonaccrual loans delinquent 30 days to 59 days: | |||||||||||||||
Residential mortgage loans | $ | 509 | 200 | 181 | 1,001 | 1,464 | |||||||||
Home equity loans | 167 | 466 | 164 | 328 | 422 | ||||||||||
Consumer finance loans | — | — | — | — | — | ||||||||||
Consumer loans | 239 | 200 | 169 | 218 | 400 | ||||||||||
Commercial real estate loans | 1,928 | 597 | 474 | 1,970 | 3,478 | ||||||||||
Commercial loans | 25 | — | 32 | 328 | 145 | ||||||||||
Total nonaccrual loans delinquent 30 days to 59 days | $ | 2,868 | 1,463 | 1,020 | 3,845 | 5,909 | |||||||||
Nonaccrual loans delinquent 60 days to 89 days: | |||||||||||||||
Residential mortgage loans | $ | 703 | 892 | 896 | 704 | 1,522 | |||||||||
Home equity loans | 874 | 499 | 326 | 408 | 440 | ||||||||||
Consumer finance loans | — | — | — | — | — | ||||||||||
Consumer loans | 500 | 405 | 342 | 242 | 366 | ||||||||||
Commercial real estate loans | 1,104 | 5,895 | 2,233 | 540 | 2,027 | ||||||||||
Commercial loans | 69 | 3 | — | 23 | 695 | ||||||||||
Total nonaccrual loans delinquent 60 days to 89 days | $ | 3,250 | 7,694 | 3,797 | 1,917 | 5,050 | |||||||||
Nonaccrual loans delinquent 90 days or more: | |||||||||||||||
Residential mortgage loans | $ | 13,509 | 11,785 | 11,637 | 11,911 | 13,169 | |||||||||
Home equity loans | 7,251 | 6,295 | 5,744 | 6,194 | 5,552 | ||||||||||
Consumer finance loans | 199 | 332 | 536 | 471 | 743 | ||||||||||
Consumer loans | 3,617 | 3,244 | 2,273 | 2,888 | 3,080 | ||||||||||
Commercial real estate loans | 15,361 | 22,583 | 21,295 | 20,897 | 19,264 | ||||||||||
Commercial loans | 3,140 | 4,177 | 3,642 | 2,744 | 3,373 | ||||||||||
Total nonaccrual loans delinquent 90 days or more | $ | 43,077 | 48,416 | 45,127 | 45,105 | 45,181 | |||||||||
Total nonaccrual loans | $ | 64,455 | 73,334 | 72,773 | 73,290 | 79,536 | |||||||||
Total nonaccrual loans | $ | 64,455 | 73,334 | 72,773 | 73,290 | 79,536 | |||||||||
Loans 90 days past maturity and still accruing | 502 | 398 | 182 | 265 | 649 | ||||||||||
Nonperforming loans | 64,957 | 73,732 | 72,955 | 73,555 | 80,185 | ||||||||||
Real estate owned, net | 5,666 | 5,462 | 6,030 | 6,242 | 4,889 | ||||||||||
Nonperforming assets | $ | 70,623 | 79,194 | 78,985 | 79,797 | 85,074 | |||||||||
Nonaccrual troubled debt restructuring * | $ | 12,285 | 17,809 | 17,873 | 18,273 | 16,346 | |||||||||
Accruing troubled debt restructuring | 19,819 | 20,660 | 23,987 | 25,305 | 26,580 | ||||||||||
Total troubled debt restructuring | $ | 32,104 | 38,469 | 41,860 | 43,578 | 42,926 | |||||||||
Nonperforming loans to total loans | 0.83 | % | 0.95 | % | 0.95 | % | 0.97 | % | 1.06 | % | |||||
Nonperforming assets to total assets | 0.75 | % | 0.84 | % | 0.83 | % | 0.82 | % | 0.88 | % | |||||
Allowance for loan losses to total loans | 0.73 | % | 0.74 | % | 0.82 | % | 0.81 | % | 0.81 | % | |||||
Allowance for loan losses to nonperforming loans | 87.43 | % | 77.16 | % | 86.20 | % | 83.07 | % | 76.00 | % |
At December 31, 2017 | Pass | Special mention * | Substandard ** | Doubtful | Loss | Loans receivable | |||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,758,465 | — | 17,738 | — | — | 2,776,203 | ||||||||||||
Home equity loans | 1,300,277 | — | 10,078 | — | — | 1,310,355 | |||||||||||||
Consumer loans | 666,629 | — | 4,760 | — | — | 671,389 | |||||||||||||
Total Personal Banking | 4,725,371 | — | 32,576 | — | — | 4,757,947 | |||||||||||||
Commercial Banking: | |||||||||||||||||||
Commercial real estate loans | 2,216,326 | 83,537 | 154,863 | — | 2,454,726 | ||||||||||||||
Commercial loans | 511,035 | 19,297 | 50,404 | — | 580,736 | ||||||||||||||
Total Commercial Banking | 2,727,361 | 102,834 | 205,267 | — | — | 3,035,462 | |||||||||||||
Total loans | $ | 7,452,732 | 102,834 | 237,843 | — | — | 7,793,409 | ||||||||||||
At September 30, 2017 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,725,060 | — | 18,166 | — | — | 2,743,226 | ||||||||||||
Home equity loans | 1,302,036 | — | 11,399 | — | — | 1,313,435 | |||||||||||||
Consumer loans | 669,532 | — | 4,388 | — | — | 673,920 | |||||||||||||
Total Personal Banking | 4,696,628 | — | 33,953 | — | — | 4,730,581 | |||||||||||||
Commercial Banking: | |||||||||||||||||||
Commercial real estate loans | 2,196,510 | 56,118 | 146,258 | — | — | 2,398,886 | |||||||||||||
Commercial loans | 526,824 | 18,924 | 50,923 | — | — | 596,671 | |||||||||||||
Total Commercial Banking | 2,723,334 | 75,042 | 197,181 | — | — | 2,995,557 | |||||||||||||
Total loans | $ | 7,419,962 | 75,042 | 231,134 | — | — | 7,726,138 | ||||||||||||
At June 30, 2017 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,718,866 | — | 16,916 | — | — | 2,735,782 | ||||||||||||
Home equity loans | 1,307,022 | — | 8,699 | — | — | 1,315,721 | |||||||||||||
Consumer loans | 655,149 | — | 2,976 | — | — | 658,125 | |||||||||||||
Total Personal Banking | 4,681,037 | — | 28,591 | — | — | 4,709,628 | |||||||||||||
Commercial Banking: | |||||||||||||||||||
Commercial real estate loans | 2,178,996 | 67,826 | 149,841 | — | — | 2,396,663 | |||||||||||||
Commercial loans | 521,520 | 10,269 | 48,657 | — | — | 580,446 | |||||||||||||
Total Commercial Banking | 2,700,516 | 78,095 | 198,498 | — | — | 2,977,109 | |||||||||||||
Total loans | $ | 7,381,553 | 78,095 | 227,089 | — | — | 7,686,737 | ||||||||||||
At March 31, 2017 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,673,678 | — | 16,866 | — | — | 2,690,544 | ||||||||||||
Home equity loans | 1,311,707 | — | 9,212 | — | — | 1,320,919 | |||||||||||||
Consumer loans | 639,574 | — | 3,531 | — | — | 643,105 | |||||||||||||
Total Personal Banking | 4,624,959 | — | 29,609 | — | — | 4,654,568 | |||||||||||||
Commercial Banking: | |||||||||||||||||||
Commercial real estate loans | 2,187,545 | 48,189 | 142,740 | — | — | 2,378,474 | |||||||||||||
Commercial loans | 474,662 | 12,226 | 43,158 | — | — | 530,046 | |||||||||||||
Total Commercial Banking | 2,662,207 | 60,415 | 185,898 | — | — | 2,908,520 | |||||||||||||
Total loans | $ | 7,287,166 | 60,415 | 215,507 | — | — | 7,563,088 | ||||||||||||
At December 31, 2016 | |||||||||||||||||||
Personal Banking: | |||||||||||||||||||
Residential mortgage loans | $ | 2,680,107 | — | 18,059 | — | — | 2,698,166 | ||||||||||||
Home equity loans | 1,335,596 | — | 9,774 | — | — | 1,345,370 | |||||||||||||
Consumer loans | 639,044 | — | 3,917 | — | — | 642,961 | |||||||||||||
Total Personal Banking | 4,654,747 | — | 31,750 | — | — | 4,686,497 | |||||||||||||
Commercial Banking: | |||||||||||||||||||
Commercial real estate loans | 2,153,328 | 43,724 | 145,037 | — | — | 2,342,089 | |||||||||||||
Commercial loans | 469,993 | 17,192 | 41,576 | — | — | 528,761 | |||||||||||||
Total Commercial Banking | 2,623,321 | 60,916 | 186,613 | — | — | 2,870,850 | |||||||||||||
Total loans | $ | 7,278,068 | 60,916 | 218,363 | — | — | 7,557,347 |
December 31 2017 | * | September 30 2017 | * | June 30 2017 | * | March 31 2017 | * | December 31 2016 | * | |||||||||||||||||||||||||||||||||||||||||
(Number of loans and dollar amount of loans) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans delinquent 30 days to 59 days: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 317 | $ | 25,784 | 0.9 | % | 44 | $ | 2,771 | 0.1 | % | 64 | $ | 2,893 | 0.1 | % | 280 | $ | 22,254 | 0.8 | % | 360 | $ | 27,386 | 1.0 | % | |||||||||||||||||||||||||
Home equity loans | 218 | 7,461 | 0.6 | % | 191 | 7,330 | 0.6 | % | 111 | 4,058 | 0.3 | % | 125 | 4,586 | 0.4 | % | 179 | 6,805 | 0.5 | % | ||||||||||||||||||||||||||||||
Consumer finance loans | 849 | 2,128 | 11.4 | % | 1,045 | 3,065 | 11.4 | % | 581 | 1,785 | 4.1 | % | 308 | 947 | 1.8 | % | 410 | 1,255 | 2.1 | % | ||||||||||||||||||||||||||||||
Consumer loans | 1,295 | 10,912 | 1.7 | % | 1,119 | 9,510 | 1.5 | % | 818 | 6,793 | 1.1 | % | 714 | 6,210 | 1.1 | % | 1,087 | 8,613 | 1.5 | % | ||||||||||||||||||||||||||||||
Commercial real estate loans | 53 | 8,315 | 0.3 | % | 27 | 5,753 | 0.2 | % | 38 | 4,629 | 0.2 | % | 60 | 9,364 | 0.4 | % | 61 | 10,377 | 0.4 | % | ||||||||||||||||||||||||||||||
Commercial loans | 26 | 1,865 | 0.3 | % | 16 | 746 | 0.1 | % | 20 | 1,378 | 0.2 | % | 29 | 2,304 | 0.4 | % | 20 | 1,178 | 0.2 | % | ||||||||||||||||||||||||||||||
Total loans delinquent 30 days to 59 days | 2,758 | $ | 56,465 | 0.7 | % | 2,442 | $ | 29,175 | 0.4 | % | 1,632 | $ | 21,536 | 0.3 | % | 1,516 | $ | 45,665 | 0.6 | % | 2,117 | $ | 55,614 | 0.7 | % | |||||||||||||||||||||||||
Loans delinquent 60 days to 89 days: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 75 | $ | 6,235 | 0.2 | % | 84 | $ | 7,196 | 0.3 | % | 72 | $ | 6,320 | 0.2 | % | 28 | $ | 1,594 | 0.1 | % | 80 | $ | 6,227 | 0.2 | % | |||||||||||||||||||||||||
Home equity loans | 72 | 2,871 | 0.2 | % | 73 | 2,390 | 0.2 | % | 44 | 1,522 | 0.1 | % | 36 | 1,145 | 0.1 | % | 62 | 1,563 | 0.1 | % | ||||||||||||||||||||||||||||||
Consumer finance loans | 412 | 1,113 | 6.0 | % | 831 | 2,190 | 8.1 | % | 276 | 759 | 1.7 | % | 164 | 475 | 0.9 | % | 235 | 766 | 1.3 | % | ||||||||||||||||||||||||||||||
Consumer loans | 463 | 3,351 | 0.5 | % | 473 | 3,283 | 0.5 | % | 347 | 2,475 | 0.4 | % | 266 | 1,766 | 0.3 | % | 401 | 2,843 | 0.5 | % | ||||||||||||||||||||||||||||||
Commercial real estate loans | 25 | 2,539 | 0.1 | % | 22 | 7,666 | 0.3 | % | 14 | 3,368 | 0.1 | % | 19 | 3,034 | 0.1 | % | 25 | 4,495 | 0.2 | % | ||||||||||||||||||||||||||||||
Commercial loans | 10 | 441 | 0.1 | % | 9 | 196 | — | % | 9 | 199 | — | % | 10 | 499 | 0.1 | % | 21 | 2,081 | 0.4 | % | ||||||||||||||||||||||||||||||
Total loans delinquent 60 days to 89 days | 1,057 | $ | 16,550 | 0.2 | % | 1,492 | $ | 22,921 | 0.3 | % | 762 | $ | 14,643 | 0.2 | % | 523 | $ | 8,513 | 0.1 | % | 824 | $ | 17,975 | 0.2 | % | |||||||||||||||||||||||||
Loans delinquent 90 days or more: ** | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 158 | $ | 13,890 | 0.5 | % | 143 | $ | 12,190 | 0.4 | % | 145 | $ | 12,053 | 0.4 | % | 139 | $ | 12,326 | 0.5 | % | 169 | $ | 13,621 | 0.5 | % | |||||||||||||||||||||||||
Home equity loans | 177 | 7,349 | 0.6 | % | 150 | 6,397 | 0.5 | % | 126 | 5,800 | 0.4 | % | 143 | 6,258 | 0.5 | % | 155 | 5,756 | 0.4 | % | ||||||||||||||||||||||||||||||
Consumer finance loans | 74 | 199 | 1.1 | % | 124 | 332 | 1.2 | % | 188 | 536 | 1.2 | % | 169 | 471 | 0.9 | % | 228 | 743 | 1.2 | % | ||||||||||||||||||||||||||||||
Consumer loans | 719 | 3,627 | 0.6 | % | 428 | 3,254 | 0.5 | % | 299 | 2,285 | 0.4 | % | 363 | 2,901 | 0.5 | % | 418 | 3,095 | 0.5 | % | ||||||||||||||||||||||||||||||
Commercial real estate loans | 109 | 16,284 | 0.7 | % | 113 | 23,310 | 1.0 | % | 108 | 22,044 | 0.9 | % | 106 | 23,009 | 1.0 | % | 101 | 21,270 | 0.9 | % | ||||||||||||||||||||||||||||||
Commercial loans | 37 | 3,140 | 0.5 | % | 45 | 4,177 | 0.7 | % | 39 | 3,642 | 0.6 | % | 39 | 2,744 | 0.5 | % | 37 | 3,520 | 0.7 | % | ||||||||||||||||||||||||||||||
Total loans delinquent 90 days or more | 1,274 | $ | 44,489 | 0.6 | % | 1,003 | $ | 49,660 | 0.6 | % | 905 | $ | 46,360 | 0.6 | % | 959 | $ | 47,709 | 0.6 | % | 1,108 | $ | 48,005 | 0.6 | % | |||||||||||||||||||||||||
Total loans delinquent | 5,089 | $ | 117,504 | 1.5 | % | 4,937 | $ | 101,756 | 1.3 | % | 3,299 | $ | 82,539 | 1.1 | % | 2,998 | $ | 101,887 | 1.3 | % | 4,049 | $ | 121,594 | 1.5 | % |
Quarter ended | |||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | |||||||||||
Beginning balance | $ | 56,927 | 62,885 | 61,104 | 60,939 | 63,246 | |||||||||
Provision | 6,525 | 3,027 | 5,562 | 4,637 | 2,145 | ||||||||||
Charge-offs residential mortgage | (162 | ) | (215 | ) | (372 | ) | (290 | ) | (710 | ) | |||||
Charge-offs home equity | (393 | ) | (528 | ) | (689 | ) | (649 | ) | (321 | ) | |||||
Charge-offs consumer finance | (2,900 | ) | (3,891 | ) | (782 | ) | (796 | ) | (1,003 | ) | |||||
Charge-offs consumer | (3,322 | ) | (3,002 | ) | (2,735 | ) | (2,864 | ) | (2,466 | ) | |||||
Charge-offs commercial real estate | (1,470 | ) | (1,901 | ) | (329 | ) | (474 | ) | (323 | ) | |||||
Charge-offs commercial | (785 | ) | (509 | ) | (929 | ) | (1,267 | ) | (2,489 | ) | |||||
Recoveries | 2,375 | 1,061 | 2,055 | 1,868 | 2,860 | ||||||||||
Ending balance | $ | 56,795 | 56,927 | 62,885 | 61,104 | 60,939 | |||||||||
Net charge-offs to average loans, annualized | 0.34 | % | 0.47 | % | 0.20 | % | 0.23 | % | 0.23 | % |
Year ended December 31, | ||||||
2017 | 2016 | |||||
Beginning balance | $ | 60,939 | 62,672 | |||
Provision | 19,751 | 13,542 | ||||
Charge-offs residential mortgage | (1,039 | ) | (3,480 | ) | ||
Charge-offs home equity | (2,259 | ) | (2,539 | ) | ||
Charge-offs consumer finance | (8,369 | ) | (3,323 | ) | ||
Charge-offs consumer | (11,923 | ) | (7,582 | ) | ||
Charge-offs commercial real estate | (4,174 | ) | (3,740 | ) | ||
Charge-offs commercial | (3,490 | ) | (4,217 | ) | ||
Recoveries | 7,359 | 9,606 | ||||
Ending balance | $ | 56,795 | 60,939 | |||
Net charge-offs to average loans, annualized | 0.31 | % | 0.21 | % |
December 31, 2017 | ||||||||||||||||||
Originated loans | Acquired loans | Total loans | ||||||||||||||||
Balance | Reserve | Balance | Reserve | Balance | Reserve | |||||||||||||
Residential mortgage loans | $ | 2,662,380 | 3,824 | 113,823 | 131 | 2,776,203 | 3,955 | |||||||||||
Home equity loans | 1,051,558 | 4,072 | 258,797 | 762 | 1,310,355 | 4,834 | ||||||||||||
Consumer finance loans | 18,619 | 3,968 | — | — | 18,619 | 3,968 | ||||||||||||
Consumer loans | 553,366 | 8,475 | 99,404 | 890 | 652,770 | 9,365 | ||||||||||||
Personal Banking loans | 4,285,923 | 20,339 | 472,024 | 1,783 | 4,757,947 | 22,122 | ||||||||||||
Commercial real estate loans | 2,161,212 | 19,911 | 293,514 | 3,549 | 2,454,726 | 23,460 | ||||||||||||
Commercial loans | 521,198 | 10,322 | 59,538 | 891 | 580,736 | 11,213 | ||||||||||||
Commercial Banking loans | 2,682,410 | 30,233 | 353,052 | 4,440 | 3,035,462 | 34,673 | ||||||||||||
Total loans | $ | 6,968,333 | 50,572 | 825,076 | 6,223 | 7,793,409 | 56,795 |
Quarter ended | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | $ | 2,746,992 | 28,373 | 4.13 | % | $ | 2,732,546 | 28,279 | 4.14 | % | $ | 2,721,445 | 28,245 | 4.15 | % | $ | 2,718,904 | 27,309 | 4.02 | % | $ | 2,766,693 | 28,165 | 4.07 | % | ||||||||||||||||||||||||
Home equity loans | 1,312,146 | 15,187 | 4.59 | % | 1,299,473 | 14,694 | 4.49 | % | 1,311,274 | 14,344 | 4.39 | % | 1,332,647 | 14,201 | 4.32 | % | 1,346,856 | 14,442 | 4.27 | % | |||||||||||||||||||||||||||||
Consumer loans | 633,023 | 8,004 | 5.02 | % | 617,754 | 7,627 | 4.90 | % | 595,170 | 7,405 | 4.99 | % | 580,836 | 7,219 | 5.04 | % | 571,108 | 7,580 | 5.28 | % | |||||||||||||||||||||||||||||
Consumer finance loans | 22,469 | 1,151 | 20.32 | % | 33,469 | 1,433 | 17.13 | % | 40,945 | 2,110 | 20.61 | % | 46,452 | 2,482 | 21.37 | % | 49,186 | 2,503 | 20.36 | % | |||||||||||||||||||||||||||||
Commercial real estate loans | 2,442,528 | 28,251 | 4.53 | % | 2,389,969 | 27,234 | 4.46 | % | 2,430,594 | 27,071 | 4.41 | % | 2,456,070 | 26,562 | 4.33 | % | 2,467,569 | 27,863 | 4.42 | % | |||||||||||||||||||||||||||||
Commercial loans | 588,420 | 6,739 | 4.48 | % | 593,143 | 6,659 | 4.39 | % | 554,506 | 6,087 | 4.34 | % | 522,847 | 5,515 | 4.22 | % | 527,330 | 5,682 | 4.27 | % | |||||||||||||||||||||||||||||
Total loans receivable (a) (b) (d) | 7,745,578 | 87,705 | 4.49 | % | 7,666,354 | 85,926 | 4.45 | % | 7,653,934 | 85,262 | 4.47 | % | 7,657,756 | 83,288 | 4.41 | % | 7,728,742 | 86,235 | 4.44 | % | |||||||||||||||||||||||||||||
Mortgage-backed securities (c) | 581,055 | 3,016 | 2.08 | % | 607,454 | 3,118 | 2.05 | % | 592,917 | 2,987 | 2.02 | % | 471,674 | 2,222 | 1.88 | % | 482,707 | 2,166 | 1.79 | % | |||||||||||||||||||||||||||||
Investment securities (c) (d) | 301,268 | 1,495 | 1.98 | % | 352,813 | 1,690 | 1.92 | % | 372,398 | 1,796 | 1.93 | % | 377,819 | 1,881 | 1.99 | % | 401,602 | 1,950 | 1.94 | % | |||||||||||||||||||||||||||||
FHLB stock | 10,066 | 78 | 3.07 | % | 7,748 | 63 | 3.23 | % | 7,602 | 50 | 2.64 | % | 7,305 | 59 | 3.28 | % | 7,575 | 285 | 4.54 | % | |||||||||||||||||||||||||||||
Other interest-earning deposits | 13,515 | 59 | 1.71 | % | 71,482 | 243 | 1.33 | % | 208,141 | 536 | 1.02 | % | 294,391 | 660 | 0.90 | % | 325,889 | 300 | 0.36 | % | |||||||||||||||||||||||||||||
Total interest-earning assets | 8,651,482 | 92,353 | 4.24 | % | 8,705,851 | 91,040 | 4.15 | % | 8,834,992 | 90,631 | 4.11 | % | 8,808,945 | 88,110 | 4.06 | % | 8,946,515 | 90,936 | 4.04 | % | |||||||||||||||||||||||||||||
Noninterest earning assets (e) | 709,753 | 755,026 | 716,913 | 799,569 | 677,888 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,361,235 | $ | 9,460,877 | $ | 9,551,905 | $ | 9,608,514 | $ | 9,624,403 | |||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 1,655,798 | 763 | 0.18 | % | $ | 1,681,777 | 776 | 0.18 | % | $ | 1,714,290 | 768 | 0.18 | % | $ | 1,702,528 | 755 | 0.18 | % | $ | 1,668,492 | 771 | 0.18 | % | ||||||||||||||||||||||||
Interest-bearing demand deposits | 1,419,352 | 331 | 0.09 | % | 1,435,143 | 297 | 0.08 | % | 1,451,787 | 283 | 0.08 | % | 1,422,284 | 116 | 0.03 | % | 1,431,671 | 85 | 0.02 | % | |||||||||||||||||||||||||||||
Money market deposit accounts | 1,734,444 | 1,017 | 0.23 | % | 1,789,082 | 1,048 | 0.23 | % | 1,839,693 | 1,064 | 0.23 | % | 1,879,292 | 1,074 | 0.23 | % | 1,890,220 | 1,101 | 0.23 | % | |||||||||||||||||||||||||||||
Time deposits | 1,421,569 | 3,860 | 1.08 | % | 1,449,830 | 3,674 | 1.01 | % | 1,518,650 | 3,711 | 0.98 | % | 1,573,574 | 3,520 | 0.91 | % | 1,643,785 | 3,902 | 0.94 | % | |||||||||||||||||||||||||||||
Borrowed funds (f) | 159,599 | 187 | 0.46 | % | 106,282 | 49 | 0.18 | % | 126,685 | 55 | 0.17 | % | 136,872 | 58 | 0.17 | % | 143,540 | 61 | 0.17 | % | |||||||||||||||||||||||||||||
Junior subordinated debentures | 111,213 | 1,163 | 4.09 | % | 111,213 | 1,150 | 4.05 | % | 111,213 | 1,185 | 4.22 | % | 111,213 | 1,167 | 4.20 | % | 111,213 | 1,171 | 4.12 | % | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,501,975 | 7,321 | 0.45 | % | 6,573,327 | 6,994 | 0.42 | % | 6,762,318 | 7,066 | 0.42 | % | 6,825,763 | 6,690 | 0.40 | % | 6,888,921 | 7,091 | 0.41 | % | |||||||||||||||||||||||||||||
Noninterest-bearing demand deposits (g) | 1,599,834 | 1,573,112 | 1,544,953 | 1,506,268 | 1,493,528 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 57,956 | 116,021 | 59,277 | 106,578 | 77,827 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 8,159,765 | 8,262,460 | 8,366,548 | 8,438,609 | 8,460,276 | ||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,201,470 | 1,198,417 | 1,185,357 | 1,169,905 | 1,164,127 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,361,235 | $ | 9,460,877 | $ | 9,551,905 | $ | 9,608,514 | $ | 9,624,403 | |||||||||||||||||||||||||||||||||||||||
Net interest income/ Interest rate spread | 85,032 | 3.79 | % | 84,046 | 3.73 | % | 83,565 | 3.69 | % | 81,420 | 3.66 | % | 83,845 | 3.63 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets/ Net interest margin | $ | 2,149,507 | 3.93 | % | $ | 2,132,524 | 3.86 | % | $ | 2,072,674 | 3.78 | % | $ | 1,983,182 | 3.75 | % | $ | 2,057,594 | 3.75 | % | |||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.33X | 1.32X | 1.31X | 1.29X | 1.30X |
Year ended December 31, | |||||||||||||||||||
2017 | 2016 | ||||||||||||||||||
Average Balance | Interest | Avg. Yield/ Cost (h) | Average Balance | Interest | Avg. Yield/ Cost (h) | ||||||||||||||
Assets: | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Residential mortgage loans | $ | 2,730,055 | 112,206 | 4.11 | % | $ | 2,749,314 | 114,991 | 4.18 | % | |||||||||
Home equity loans | 1,313,789 | 58,426 | 4.45 | % | 1,220,220 | 52,671 | 4.32 | % | |||||||||||
Consumer loans | 590,439 | 30,253 | 5.12 | % | 501,587 | 25,348 | 5.05 | % | |||||||||||
Consumer finance loans | 35,761 | 7,177 | 20.07 | % | 50,950 | 10,582 | 20.77 | % | |||||||||||
Commercial real estate loans | 2,429,644 | 109,118 | 4.43 | % | 2,392,290 | 107,231 | 4.41 | % | |||||||||||
Commercial loans | 564,600 | 25,000 | 4.37 | % | 477,095 | 20,499 | 4.23 | % | |||||||||||
Loans receivable (a) (b) (d) | 7,664,288 | 342,180 | 4.46 | % | 7,391,456 | 331,322 | 4.48 | % | |||||||||||
Mortgage-backed securities (c) | 563,696 | 11,343 | 2.01 | % | 467,560 | 8,540 | 1.83 | % | |||||||||||
Investment securities (c) (d) | 350,870 | 6,862 | 1.96 | % | 344,575 | 7,612 | 2.21 | % | |||||||||||
FHLB stock | 8,186 | 250 | 3.05 | % | 26,386 | 1,371 | 5.20 | % | |||||||||||
Other interest-earning deposits | 158,229 | 1,499 | 0.93 | % | 100,336 | 543 | 0.53 | % | |||||||||||
Total interest-earning assets | 8,745,269 | 362,134 | 4.14 | % | 8,330,313 | 349,388 | 4.19 | % | |||||||||||
Noninterest earning assets (e) | 757,249 | 781,274 | |||||||||||||||||
Total assets | $ | 9,502,518 | $ | 9,111,587 | |||||||||||||||
Liabilities and shareholders’ equity: | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Savings deposits | $ | 1,688,451 | 3,062 | 0.18 | % | $ | 1,500,655 | 3,218 | 0.21 | % | |||||||||
Interest-bearing demand deposits | 1,432,134 | 1,027 | 0.07 | % | 1,209,325 | 462 | 0.04 | % | |||||||||||
Money market deposit accounts | 1,810,083 | 4,203 | 0.23 | % | 1,473,897 | 3,621 | 0.25 | % | |||||||||||
Time deposits | 1,490,378 | 14,765 | 0.99 | % | 1,630,424 | 16,164 | 0.99 | % | |||||||||||
Borrowed funds (f) | 132,350 | 348 | 0.26 | % | 592,581 | 10,274 | 1.73 | % | |||||||||||
Junior subordinated debentures | 111,213 | 4,666 | 4.14 | % | 111,213 | 4,560 | 4.03 | % | |||||||||||
Total interest-bearing liabilities | 6,664,609 | 28,071 | 0.42 | % | 6,518,095 | 38,299 | 0.59 | % | |||||||||||
Noninterest-bearing demand deposits (g) | 1,556,511 | 1,245,320 | |||||||||||||||||
Noninterest bearing liabilities | 92,611 | 188,381 | |||||||||||||||||
Total liabilities | 8,313,731 | 7,951,796 | |||||||||||||||||
Shareholders’ equity | 1,188,787 | 1,159,791 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 9,502,518 | $ | 9,111,587 | |||||||||||||||
Net interest income/ Interest rate spread | 334,063 | 3.72 | % | 311,089 | 3.60 | % | |||||||||||||
Net interest-earning assets/ Net interest margin | $ | 2,080,660 | 3.82 | % | $ | 1,812,218 | 3.73 | % | |||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.31X | 1.28X |