UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2018
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number001-38481
UMB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
|
Missouri |
|
43-0903811 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
1010 Grand Boulevard, Kansas City, Missouri |
|
64106 |
|
(Address of principal executive offices) |
|
(Zip Code) |
(Registrant's telephone number, including area code): (816) 860-7000
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large accelerated filer |
☒ |
|
Accelerated filer |
☐ |
|
Non- accelerated filer |
☐ |
(Do not check if a smaller reporting company) |
Smaller reporting company |
☐ |
|
|
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of October 25, 2018, UMB Financial Corporation had 49,876,231 shares of common stock outstanding.
FORM 10-Q
INDEX
|
3 |
||
|
|
|
|
|
ITEM 1. |
3 |
|
|
3 |
||
|
4 |
||
|
6 |
||
|
7 |
||
|
8 |
||
|
9 |
||
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
39 |
|
ITEM 3. |
57 |
|
|
ITEM 4. |
62 |
|
|
|
|
|
|
63 |
||
|
|
|
|
|
ITEM 1. |
63 |
|
|
ITEM 1A. |
63 |
|
|
ITEM 2. |
63 |
|
|
ITEM 3. |
63 |
|
|
ITEM 4. |
63 |
|
|
ITEM 5. |
63 |
|
|
ITEM 6. |
64 |
|
|
65 |
||
2
PART I – FINANCIAL INFORMATION
UMB FINANCIAL CORPORATION
(unaudited, dollars in thousands, except share and per share data)
|
|
|
September 30, |
|
|
December 31, |
|
||
|
|
|
2018 |
|
|
2017 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
11,964,724 |
|
|
$ |
11,280,513 |
|
|
Allowance for loan losses |
|
|
(101,302 |
) |
|
|
(100,604 |
) |
|
Net loans |
|
|
11,863,422 |
|
|
|
11,179,909 |
|
|
Loans held for sale |
|
|
2,222 |
|
|
|
1,460 |
|
|
Securities: |
|
|
|
|
|
|
|
|
|
Available for sale |
|
|
5,932,741 |
|
|
|
6,258,577 |
|
|
Held to maturity (fair value of $1,091,640 and $1,207,447, respectively) |
|
|
1,199,114 |
|
|
|
1,261,014 |
|
|
Trading securities |
|
|
81,159 |
|
|
|
54,055 |
|
|
Other securities |
|
|
65,252 |
|
|
|
65,897 |
|
|
Total investment securities |
|
|
7,278,266 |
|
|
|
7,639,543 |
|
|
Federal funds sold and securities purchased under agreements to resell |
|
|
206,412 |
|
|
|
191,601 |
|
|
Interest-bearing due from banks |
|
|
668,990 |
|
|
|
1,351,760 |
|
|
Cash and due from banks |
|
|
348,700 |
|
|
|
392,723 |
|
|
Premises and equipment, net |
|
|
277,123 |
|
|
|
275,942 |
|
|
Accrued income |
|
|
104,012 |
|
|
|
98,863 |
|
|
Goodwill |
|
|
180,867 |
|
|
|
180,867 |
|
|
Other intangibles, net |
|
|
16,335 |
|
|
|
20,257 |
|
|
Other assets |
|
|
516,011 |
|
|
|
438,658 |
|
|
Total assets |
|
$ |
21,462,360 |
|
|
$ |
21,771,583 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
5,757,353 |
|
|
$ |
6,839,171 |
|
|
Interest-bearing demand and savings |
|
|
10,938,839 |
|
|
|
9,903,565 |
|
|
Time deposits under $250,000 |
|
|
594,705 |
|
|
|
547,990 |
|
|
Time deposits of $250,000 or more |
|
|
445,807 |
|
|
|
732,274 |
|
|
Total deposits |
|
|
17,736,704 |
|
|
|
18,023,000 |
|
|
Federal funds purchased and repurchase agreements |
|
|
1,192,985 |
|
|
|
1,260,704 |
|
|
Long-term debt |
|
|
78,523 |
|
|
|
79,281 |
|
|
Accrued expenses and taxes |
|
|
171,548 |
|
|
|
191,464 |
|
|
Other liabilities |
|
|
79,136 |
|
|
|
35,603 |
|
|
Total liabilities |
|
|
19,258,896 |
|
|
|
19,590,052 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Common stock, $1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued; and 49,847,139 and 49,894,990 shares outstanding, respectively |
|
|
55,057 |
|
|
|
55,057 |
|
|
Capital surplus |
|
|
1,054,801 |
|
|
|
1,046,095 |
|
|
Retained earnings |
|
|
1,477,732 |
|
|
|
1,338,110 |
|
|
Accumulated other comprehensive loss, net |
|
|
(155,641 |
) |
|
|
(45,525 |
) |
|
Treasury stock, 5,209,591 and 5,161,740 shares, at cost, respectively |
|
|
(228,485 |
) |
|
|
(212,206 |
) |
|
Total shareholders' equity |
|
|
2,203,464 |
|
|
|
2,181,531 |
|
|
Total liabilities and shareholders' equity |
|
$ |
21,462,360 |
|
|
$ |
21,771,583 |
|
See Notes to Consolidated Financial Statements.
3
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, dollars in thousands, except share and per share data)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
143,947 |
|
|
$ |
119,132 |
|
|
$ |
405,231 |
|
|
$ |
338,416 |
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable interest |
|
|
20,263 |
|
|
|
17,720 |
|
|
|
60,566 |
|
|
|
55,351 |
|
|
Tax-exempt interest |
|
|
18,281 |
|
|
|
18,893 |
|
|
|
55,274 |
|
|
|
54,372 |
|
|
Total securities income |
|
|
38,544 |
|
|
|
36,613 |
|
|
|
115,840 |
|
|
|
109,723 |
|
|
Federal funds and resell agreements |
|
|
665 |
|
|
|
1,008 |
|
|
|
2,455 |
|
|
|
2,638 |
|
|
Interest-bearing due from banks |
|
|
1,513 |
|
|
|
753 |
|
|
|
4,149 |
|
|
|
1,884 |
|
|
Trading securities |
|
|
428 |
|
|
|
389 |
|
|
|
1,567 |
|
|
|
1,135 |
|
|
Total interest income |
|
|
185,097 |
|
|
|
157,895 |
|
|
|
529,242 |
|
|
|
453,796 |
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
25,792 |
|
|
|
10,181 |
|
|
|
57,961 |
|
|
|
23,982 |
|
|
Federal funds and repurchase agreements |
|
|
7,524 |
|
|
|
5,811 |
|
|
|
18,922 |
|
|
|
14,274 |
|
|
Other |
|
|
1,291 |
|
|
|
1,045 |
|
|
|
3,721 |
|
|
|
2,973 |
|
|
Total interest expense |
|
|
34,607 |
|
|
|
17,037 |
|
|
|
80,604 |
|
|
|
41,229 |
|
|
Net interest income |
|
|
150,490 |
|
|
|
140,858 |
|
|
|
448,638 |
|
|
|
412,567 |
|
|
Provision for loan losses |
|
|
5,750 |
|
|
|
11,500 |
|
|
|
22,750 |
|
|
|
35,000 |
|
|
Net interest income after provision for loan losses |
|
|
144,740 |
|
|
|
129,358 |
|
|
|
425,888 |
|
|
|
377,567 |
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and securities processing |
|
|
43,425 |
|
|
|
45,060 |
|
|
|
130,272 |
|
|
|
132,412 |
|
|
Trading and investment banking |
|
|
3,711 |
|
|
|
4,453 |
|
|
|
12,465 |
|
|
|
18,168 |
|
|
Service charges on deposit accounts |
|
|
20,927 |
|
|
|
21,510 |
|
|
|
63,554 |
|
|
|
66,316 |
|
|
Insurance fees and commissions |
|
|
339 |
|
|
|
425 |
|
|
|
980 |
|
|
|
1,584 |
|
|
Brokerage fees |
|
|
6,402 |
|
|
|
5,815 |
|
|
|
19,046 |
|
|
|
17,081 |
|
|
Bankcard fees |
|
|
16,838 |
|
|
|
17,427 |
|
|
|
52,145 |
|
|
|
55,413 |
|
|
Gain on sales of securities available for sale, net |
|
|
211 |
|
|
|
2,390 |
|
|
|
578 |
|
|
|
4,138 |
|
|
Other |
|
|
9,032 |
|
|
|
7,226 |
|
|
|
27,659 |
|
|
|
22,417 |
|
|
Total noninterest income |
|
|
100,885 |
|
|
|
104,306 |
|
|
|
306,699 |
|
|
|
317,529 |
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
102,956 |
|
|
|
99,749 |
|
|
|
315,099 |
|
|
|
306,174 |
|
|
Occupancy, net |
|
|
11,628 |
|
|
|
11,285 |
|
|
|
33,394 |
|
|
|
33,314 |
|
|
Equipment |
|
|
18,533 |
|
|
|
17,880 |
|
|
|
56,201 |
|
|
|
53,318 |
|
|
Supplies and services |
|
|
4,528 |
|
|
|
4,076 |
|
|
|
12,434 |
|
|
|
12,962 |
|
|
Marketing and business development |
|
|
6,671 |
|
|
|
5,056 |
|
|
|
17,889 |
|
|
|
14,929 |
|
|
Processing fees |
|
|
12,331 |
|
|
|
11,151 |
|
|
|
35,029 |
|
|
|
31,093 |
|
|
Legal and consulting |
|
|
8,470 |
|
|
|
5,844 |
|
|
|
18,774 |
|
|
|
17,361 |
|
|
Bankcard |
|
|
4,407 |
|
|
|
5,130 |
|
|
|
13,198 |
|
|
|
15,066 |
|
|
Amortization of other intangible assets |
|
|
1,385 |
|
|
|
1,715 |
|
|
|
4,432 |
|
|
|
5,685 |
|
|
Regulatory fees |
|
|
3,337 |
|
|
|
3,798 |
|
|
|
10,014 |
|
|
|
11,702 |
|
|
Other |
|
|
6,139 |
|
|
|
6,137 |
|
|
|
17,015 |
|
|
|
20,966 |
|
|
Total noninterest expense |
|
|
180,385 |
|
|
|
171,821 |
|
|
|
533,479 |
|
|
|
522,570 |
|
|
Income before income taxes |
|
|
65,240 |
|
|
|
61,843 |
|
|
|
199,108 |
|
|
|
172,526 |
|
|
Income tax expense |
|
|
7,391 |
|
|
|
12,971 |
|
|
|
28,302 |
|
|
|
36,907 |
|
|
Income from continuing operations |
|
|
57,849 |
|
|
|
48,872 |
|
|
|
170,806 |
|
|
|
135,619 |
|
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations before income taxes |
|
|
— |
|
|
|
(1,030 |
) |
|
|
(917 |
) |
|
|
(722 |
) |
|
Income tax benefit |
|
|
— |
|
|
|
(300 |
) |
|
|
(170 |
) |
|
|
(247 |
) |
|
Loss from discontinued operations |
|
|
— |
|
|
|
(730 |
) |
|
|
(747 |
) |
|
|
(475 |
) |
|
NET INCOME |
|
$ |
57,849 |
|
|
$ |
48,142 |
|
|
$ |
170,059 |
|
|
$ |
135,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.17 |
|
|
$ |
0.99 |
|
|
$ |
3.45 |
|
|
$ |
2.76 |
|
|
Loss from discontinued operations |
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
Net income – basic |
|
|
1.17 |
|
|
|
0.98 |
|
|
|
3.44 |
|
|
|
2.75 |
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
1.16 |
|
|
|
0.98 |
|
|
|
3.41 |
|
|
|
2.72 |
|
|
Loss from discontinued operations |
|
|
— |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
Net income - diluted |
|
|
1.16 |
|
|
|
0.97 |
|
|
|
3.40 |
|
|
|
2.71 |
|
|
Dividends |
|
|
0.290 |
|
|
|
0.255 |
|
|
|
0.870 |
|
|
|
0.765 |
|
|
Weighted average shares outstanding - basic |
|
|
49,473,157 |
|
|
|
49,283,322 |
|
|
|
49,482,087 |
|
|
|
49,221,629 |
|
|
Weighted average shares outstanding - diluted |
|
|
49,912,084 |
|
|
|
49,833,141 |
|
|
|
49,952,984 |
|
|
|
49,838,619 |
|
See Notes to Consolidated Financial Statements.
5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, dollars in thousands)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Net income |
|
$ |
57,849 |
|
|
$ |
48,142 |
|
|
$ |
170,059 |
|
|
$ |
135,144 |
|
|
Other comprehensive (loss) income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains and losses on debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized holding gains and losses, net |
|
|
(36,331 |
) |
|
|
5,064 |
|
|
|
(133,013 |
) |
|
|
62,646 |
|
|
Less: Reclassification adjustment for gains included in net income |
|
|
(211 |
) |
|
|
(2,390 |
) |
|
|
(578 |
) |
|
|
(4,138 |
) |
|
Change in unrealized gains and losses on debt securities during the period |
|
|
(36,542 |
) |
|
|
2,674 |
|
|
|
(133,591 |
) |
|
|
58,508 |
|
|
Change in unrealized gains and losses on derivative hedges |
|
|
1,162 |
|
|
|
(169 |
) |
|
|
4,274 |
|
|
|
(1,080 |
) |
|
Income tax benefit (expense) |
|
|
8,698 |
|
|
|
(1,548 |
) |
|
|
32,250 |
|
|
|
(22,554 |
) |
|
Other comprehensive (loss) income before reclassifications |
|
|
(26,682 |
) |
|
|
957 |
|
|
|
(97,067 |
) |
|
|
34,874 |
|
|
Amounts reclassified from accumulated other comprehensive income(1)(2) |
|
|
— |
|
|
|
— |
|
|
|
(13,049 |
) |
|
|
— |
|
|
Net current-period other comprehensive (loss) income |
|
|
(26,682 |
) |
|
|
957 |
|
|
|
(110,116 |
) |
|
|
34,874 |
|
|
Comprehensive income |
|
$ |
31,167 |
|
|
$ |
49,099 |
|
|
$ |
59,943 |
|
|
$ |
170,018 |
|
|
(1) |
See Note 3, “New Accounting Pronouncements,” for discussion of the Company’s adoption of Accounting Standards Update (ASU) No. 2016-01. |
|
(2) |
See Note 3, “New Accounting Pronouncements,” for discussion of the Company’s adoption of ASU No. 2018-02. |
See Notes to Consolidated Financial Statements.
6
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited, dollars in thousands, except per share data)
|
|
|
Common Stock |
|
|
Capital Surplus |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Total |
|
||||||
|
Balance - January 1, 2017 |
|
$ |
55,057 |
|
|
$ |
1,033,419 |
|
|
$ |
1,142,887 |
|
|
$ |
(57,542 |
) |
|
$ |
(211,437 |
) |
|
$ |
1,962,384 |
|
|
Total comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
135,144 |
|
|
|
34,874 |
|
|
|
— |
|
|
|
170,018 |
|
|
Dividends ($0.765 per share) |
|
|
— |
|
|
|
— |
|
|
|
(38,166 |
) |
|
|
— |
|
|
|
— |
|
|
|
(38,166 |
) |
|
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,369 |
) |
|
|
(14,369 |
) |
|
Issuance of equity awards |
|
|
— |
|
|
|
(3,364 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,835 |
|
|
|
471 |
|
|
Recognition of equity-based compensation |
|
|
— |
|
|
|
9,576 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,576 |
|
|
Sale of treasury stock |
|
|
— |
|
|
|
468 |
|
|
|
— |
|
|
|
— |
|
|
|
381 |
|
|
|
849 |
|
|
Exercise of stock options |
|
|
— |
|
|
|
1,923 |
|
|
|
— |
|
|
|
— |
|
|
|
8,857 |
|
|
|
10,780 |
|
|
Balance - September 30, 2017 |
|
$ |
55,057 |
|
|
$ |
1,042,022 |
|
|
$ |
1,239,865 |
|
|
$ |
(22,668 |
) |
|
$ |
(212,733 |
) |
|
$ |
2,101,543 |
|
|
Balance - January 1, 2018 |
|
$ |
55,057 |
|
|
$ |
1,046,095 |
|
|
$ |
1,338,110 |
|
|
$ |
(45,525 |
) |
|
$ |
(212,206 |
) |
|
$ |
2,181,531 |
|
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
170,059 |
|
|
|
(110,116 |
) |
|
|
— |
|
|
|
59,943 |
|
|
Reclassification of certain tax effects(1) |
|
|
— |
|
|
|
— |
|
|
|
12,917 |
|
|
|
— |
|
|
|
— |
|
|
|
12,917 |
|
|
Dividends ($0.870 per share) |
|
|
— |
|
|
|
— |
|
|
|
(43,499 |
) |
|
|
— |
|
|
|
— |
|
|
|
(43,499 |
) |
|
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,417 |
) |
|
|
(26,417 |
) |
|
Issuance of equity awards |
|
|
— |
|
|
|
(2,004 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,499 |
|
|
|
495 |
|
|
Recognition of equity-based compensation |
|
|
— |
|
|
|
8,469 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,469 |
|
|
Sale of treasury stock |
|
|
— |
|
|
|
409 |
|
|
|
— |
|
|
|
— |
|
|
|
406 |
|
|
|
815 |
|
|
Exercise of stock options |
|
|
— |
|
|
|
1,832 |
|
|
|
— |
|
|
|
— |
|
|
|
7,233 |
|
|
|
9,065 |
|
|
Cumulative effect adjustments(2) |
|
|
— |
|
|
|
— |
|
|
|
145 |
|
|
|
— |
|
|
|
— |
|
|
|
145 |
|
|
Balance - September 30, 2018 |
|
$ |
55,057 |
|
|
$ |
1,054,801 |
|
|
$ |
1,477,732 |
|
|
$ |
(155,641 |
) |
|
$ |
(228,485 |
) |
|
$ |
2,203,464 |
|
|
(1) |
Related to the adoption of ASU No. 2018-02. See Note 3, “New Accounting Pronouncements,” for further detail. |
|
(2) |
Related to the adoption of ASU Nos. 2016-01 and 2017-12. See Note 3, “New Accounting Pronouncements,” for further detail. |
See Notes to Consolidated Financial Statements.
7
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, dollars in thousands)
|
|
|
For the Nine Months Ended |
|
|||||
|
|
|
September 30, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
170,059 |
|
|
$ |
135,144 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
22,750 |
|
|
|
35,000 |
|
|
Net accretion of premiums and discounts from acquisition |
|
|
(193 |
) |
|
|
(1,810 |
) |
|
Depreciation and amortization |
|
|
39,781 |
|
|
|
41,538 |
|
|
Deferred income tax (benefit) expense |
|
|
(22,535 |
) |
|
|
1,555 |
|
|
Net increase in trading securities and other earning assets |
|
|
(29,583 |
) |
|
|
(17,680 |
) |
|
Gains on sales of securities available for sale, net |
|
|
(578 |
) |
|
|
(4,138 |
) |
|
Gains on sales of assets |
|
|
(157 |
) |
|
|
(484 |
) |
|
Amortization of securities premiums, net of discount accretion |
|
|
33,906 |
|
|
|
36,571 |
|
|
Originations of loans held for sale |
|
|
(40,836 |
) |
|
|
(53,207 |
) |
|
Gains on sales of loans held for sale, net |
|
|
(966 |
) |
|
|
(1,188 |
) |
|
Proceeds from sales of loans held for sale |
|
|
41,040 |
|
|
|
55,149 |
|
|
Equity-based compensation |
|
|
8,964 |
|
|
|
10,047 |
|
|
Net tax benefit related to equity compensation plans |
|
|
2,241 |
|
|
|
3,149 |
|
|
Changes in: |
|
|
|
|
|
|
|
|
|
Accrued income |
|
|
(5,149 |
) |
|
|
(4,031 |
) |
|
Accrued expenses and taxes |
|
|
(19,916 |
) |
|
|
21,011 |
|
|
Other assets and liabilities, net |
|
|
25,258 |
|
|
|
(12,336 |
) |
|
Net cash provided by operating activities |
|
|
224,086 |
|
|
|
244,290 |
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Proceeds from maturities of securities held to maturity |
|
|
81,670 |
|
|
|
64,079 |
|
|
Proceeds from sales of securities available for sale |
|
|
95,525 |
|
|
|
573,062 |
|
|
Proceeds from maturities of securities available for sale |
|
|
825,504 |
|
|
|
1,005,585 |
|
|
Purchases of securities held to maturity |
|
|
(20,159 |
|||||