Delaware | 56-1528994 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
4300 Six Forks Road, | Raleigh, | North Carolina | 27609 | |||||||||||
(Address of principle executive offices) | (Zip code) | |||||||||||||
(919) | 716-7000 | |||||||||||||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Class A Common Stock, Par Value $1 | FCNCA | Nasdaq Global Select Market | ||||||
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A | FCNCP | Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page | Page | |||||||||||||
CROSS REFERENCE INDEX | CROSS REFERENCE INDEX | |||||||||||||
PART I | Item 1 | PART I | Item 1 | |||||||||||
Item 1A | Item 1A | |||||||||||||
Item 1B | Unresolved Staff Comments | None | Item 1B | Unresolved Staff Comments | None | |||||||||
Item 2 | Item 2 | |||||||||||||
Item 3 | Item 3 | |||||||||||||
Item 4 | Mine Safety Disclosures | N/A | Item 4 | Mine Safety Disclosures | N/A | |||||||||
PART II | Item 5 | PART II | Item 5 | |||||||||||
Item 6 | Item 6 | |||||||||||||
Item 7 | Item 7 | |||||||||||||
Item 7A | Item 7A | |||||||||||||
Item 8 | Financial Statements and Supplementary Data | Item 8 | Financial Statements and Supplementary Data | |||||||||||
Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | None | Item 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | None | |||||||||
Item 9A | Item 9A | |||||||||||||
Item 9B | Other Information | None | Item 9B | Other Information | None | |||||||||
PART III | Item 10 | Directors, Executive Officers and Corporate Governance | * | PART III | Item 10 | Directors, Executive Officers and Corporate Governance | * | |||||||
Item 11 | Executive Compensation | * | Item 11 | Executive Compensation | * | |||||||||
Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | * | Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | * | |||||||||
Item 13 | Certain Relationships and Related Transactions and Director Independence | * | Item 13 | Certain Relationships and Related Transactions and Director Independence | * | |||||||||
Item 14 | Principal Accounting Fees and Services | * | Item 14 | Principal Accounting Fees and Services | * | |||||||||
PART IV | Item 15 | Exhibits, Financial Statement Schedules | PART IV | Item 15 | Exhibits, Financial Statement Schedules | |||||||||
(1) | Financial Statements (see Item 8 for reference) | (1) | Financial Statements (see Item 8 for reference) | |||||||||||
(2) | All Financial Statement Schedules normally required for Form 10-K are omitted since they are not applicable, except as referred to in Item 8. | (2) | All Financial Statement Schedules normally required for Form 10-K are omitted since they are not applicable, except as referred to in Item 8. | |||||||||||
(3) | (3) | |||||||||||||
Item 16 | Form 10-K Summary | None | Item 16 | Form 10-K Summary | None |
•The Volcker Rule. The Volcker Rule was promulgated to implement provisions of the Dodd-Frank Act. It prohibits banks and their affiliates from engaging in proprietary trading and investing in and sponsoring hedge funds and private equity funds. The EGRRCPA exempted many financial institutions with total consolidated assets of less than $10 billion from the Volcker Rule, but it continues to apply to BancShares and its subsidiaries. However, the Volcker Rule does not significantly impact our operations as we do not have any significant engagement in the businesses it prohibits. • |
Ability-to-Repay and Qualified Mortgage Rule. Creditors are required to comply with mortgage reform provisions prohibiting the origination of any residential mortgages that do not meet rigorous Qualified Mortgage standards or Ability-to-Repay standards. All mortgage loans originated by FCB meet Ability-to-Repay standards and a substantial majority also meet Qualified Mortgage standards. The EGRRCPA impact on the original Ability-to-Repay and Qualified Mortgage standards is only applicable to banks with less than $10 billion in total consolidated assets. |
Basel III minimum requirement | Basel III conservation buffer 2019 | Basel III conservation buffer 2018 | Basel III well-capitalized | ||||
Leverage ratio | 4.00% | N/A | N/A | 5.00% | |||
Common equity Tier 1 | 4.50% | 2.50% | 1.875% | 6.50% | |||
Tier 1 capital ratio | 6.00% | 2.50% | 1.875% | 8.00% | |||
Total capital ratio | 8.00% | 2.50% | 1.875% | 10.00% |
Basel III minimum requirement | Basel III conservation buffer | Basel III well-capitalized | |||||||||||||||||||||
Total risk-based capital ratio | 8.00% | 2.50% | 10.00% | ||||||||||||||||||||
Tier 1 risk-based capital ratio | 6.00 | 2.50 | 8.00 | ||||||||||||||||||||
Common equity Tier 1 | 4.50 | 2.50 | 6.50 | ||||||||||||||||||||
Tier 1 leverage ratio | 4.00 | N/A | 5.00 |
Class A common stock | Total Number of Class A Shares Repurchased | Average Price Paid per Share | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Repurchased Under the Plans or Programs | |||||||||||||||||||
Total repurchases in the first quarter of 2020 | 349,390 | $ | 457.10 | 243,000 | 243,200 | ||||||||||||||||||
Total repurchases in the second quarter of 2020 | 346,000 | 367.03 | 346,000 | 265,700 | |||||||||||||||||||
Total repurchases in the third quarter of 2020 | 117,700 | 399.83 | 117,700 | — | |||||||||||||||||||
Total repurchases in the fourth quarter of 2020 | — | — | — | — | |||||||||||||||||||
Total repurchases in 2020 | 813,090 | $ | 410.48 | 706,700 | — |
Class A common stock | Total Number of Class A Shares Repurchased | Average Price Paid per Share | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Repurchased Under the Plans or Programs | ||||||||
Total repurchases in the first quarter of 2019 | 243,000 | $ | 414.58 | 243,000 | 375,000 | |||||||
Total repurchases in the second quarter of 2019 | 205,500 | 436.81 | 205,500 | 169,500 | ||||||||
Total repurchases in the third quarter of 2019 | 295,900 | 457.50 | 295,900 | 504,100 | ||||||||
Repurchases from October 1, 2019 to October 31, 2019(1) | 146,100 | 472.94 | 146,100 | 358,000 | ||||||||
Repurchases from November 1, 2019 to November 30, 2019(2) | 64,210 | 511.11 | 64,210 | 435,790 | ||||||||
Repurchases from December 1, 2019 to December 31, 2019(2) | 44,200 | 521.22 | 44,200 | 391,590 | ||||||||
Total repurchases in the fourth quarter of 2019 | 254,510 | $ | 490.96 | 254,510 | 391,590 | |||||||
Total repurchases in 2019 | 998,910 | $ | 451.33 | 998,910 | 391,590 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
FCNCA | $ | 100 | $ | 138 | $ | 157 | $ | 148 | $ | 208 | $ | 225 | |||||||||||||||||||||||
Nasdaq - Banks | 100 | 135 | 144 | 120 | 151 | 141 | |||||||||||||||||||||||||||||
Nasdaq - U.S. | 100 | 110 | 142 | 140 | 190 | 274 |
(Dollars in thousands, except share data) | 2019 | 2018 | 2017 | 2016 | 2015 | (Dollars in thousands, except share data) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS | SUMMARY OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 1,404,011 | $ | 1,245,757 | $ | 1,103,690 | $ | 987,757 | $ | 969,209 | Interest income | $ | 1,484,026 | $ | 1,404,011 | $ | 1,245,757 | $ | 1,103,690 | $ | 987,757 | |||||||||||||||||||||||||||
Interest expense | 92,642 | 36,857 | 43,794 | 43,082 | 44,304 | Interest expense | 95,857 | 92,642 | 36,857 | 43,794 | 43,082 | |||||||||||||||||||||||||||||||||||||
Net interest income | 1,311,369 | 1,208,900 | 1,059,896 | 944,675 | 924,905 | Net interest income | 1,388,169 | 1,311,369 | 1,208,900 | 1,059,896 | 944,675 | |||||||||||||||||||||||||||||||||||||
Provision for loan and lease losses | 31,441 | 28,468 | 25,692 | 32,941 | 20,664 | |||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan and lease losses | 1,279,928 | 1,180,432 | 1,034,204 | 911,734 | 904,241 | |||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 58,352 | 31,441 | 28,468 | 25,692 | 32,941 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 1,329,817 | 1,279,928 | 1,180,432 | 1,034,204 | 911,734 | ||||||||||||||||||||||||||||||||||||||||||
Gain on acquisitions | — | — | 134,745 | 5,831 | 42,930 | Gain on acquisitions | — | — | — | 134,745 | 5,831 | |||||||||||||||||||||||||||||||||||||
Noninterest income excluding gain on acquisitions | 415,861 | 400,149 | 387,218 | 371,268 | 424,158 | Noninterest income excluding gain on acquisitions | 476,750 | 415,861 | 400,149 | 387,218 | 371,268 | |||||||||||||||||||||||||||||||||||||
Noninterest expense | 1,103,741 | 1,076,971 | 1,012,469 | 937,766 | 1,038,915 | Noninterest expense | 1,188,685 | 1,103,741 | 1,076,971 | 1,012,469 | 937,766 | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 592,048 | 503,610 | 543,698 | 351,067 | 332,414 | Income before income taxes | 617,882 | 592,048 | 503,610 | 543,698 | 351,067 | |||||||||||||||||||||||||||||||||||||
Income taxes | 134,677 | 103,297 | 219,946 | 125,585 | 122,028 | Income taxes | 126,159 | 134,677 | 103,297 | 219,946 | 125,585 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 457,371 | $ | 400,313 | $ | 323,752 | $ | 225,482 | $ | 210,386 | Net income | 491,723 | 457,371 | 400,313 | 323,752 | 225,482 | ||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 477,661 | $ | 457,371 | $ | 400,313 | $ | 323,752 | $ | 225,482 | |||||||||||||||||||||||||||||||||||||
Net interest income, taxable equivalent (1) | $ | 1,314,940 | $ | 1,212,280 | $ | 1,064,415 | $ | 949,768 | $ | 931,231 | Net interest income, taxable equivalent (1) | $ | 1,390,765 | $ | 1,314,940 | $ | 1,212,280 | $ | 1,064,415 | $ | 949,768 | |||||||||||||||||||||||||||
PER SHARE DATA | PER SHARE DATA | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 41.05 | $ | 33.53 | $ | 26.96 | $ | 18.77 | $ | 17.52 | Net income | $ | 47.50 | $ | 41.05 | $ | 33.53 | $ | 26.96 | $ | 18.77 | |||||||||||||||||||||||||||
Cash dividends | 1.60 | 1.45 | 1.25 | 1.20 | 1.20 | Cash dividends | 1.67 | 1.60 | 1.45 | 1.25 | 1.20 | |||||||||||||||||||||||||||||||||||||
Market price at period end (Class A) | 532.21 | 377.05 | 403.00 | 355.00 | 258.17 | Market price at period end (Class A) | 574.27 | 532.21 | 377.05 | 403.00 | 355.00 | |||||||||||||||||||||||||||||||||||||
Book value at period end | 337.38 | 300.04 | 277.60 | 250.82 | 239.14 | Book value at period end | 396.21 | 337.38 | 300.04 | 277.60 | 250.82 | |||||||||||||||||||||||||||||||||||||
SELECTED PERIOD AVERAGE BALANCES | SELECTED PERIOD AVERAGE BALANCES | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 37,161,719 | $ | 34,879,912 | $ | 34,302,867 | $ | 32,439,492 | $ | 31,072,235 | Total assets | $ | 46,021,438 | $ | 37,161,719 | $ | 34,879,912 | $ | 34,302,867 | $ | 32,439,492 | |||||||||||||||||||||||||||
Investment securities | 6,919,069 | 7,074,929 | 7,036,564 | 6,616,355 | 7,011,767 | Investment securities | 9,054,933 | 6,919,069 | 7,074,929 | 7,036,564 | 6,616,355 | |||||||||||||||||||||||||||||||||||||
Loans and leases (2) | 26,656,048 | 24,483,719 | 22,725,665 | 20,897,395 | 19,528,153 | Loans and leases (2) | 31,605,090 | 26,656,048 | 24,483,719 | 22,725,665 | 20,897,395 | |||||||||||||||||||||||||||||||||||||
Interest-earning assets | 34,866,734 | 32,847,661 | 32,213,646 | 30,267,788 | 28,893,157 | Interest-earning assets | 43,351,119 | 34,866,734 | 32,847,661 | 32,213,646 | 30,267,788 | |||||||||||||||||||||||||||||||||||||
Deposits | 32,218,536 | 30,165,249 | 29,119,344 | 27,515,161 | 26,485,245 | Deposits | 39,746,616 | 32,218,536 | 30,165,249 | 29,119,344 | 27,515,161 | |||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | 20,394,815 | 18,995,727 | 19,576,353 | 19,158,317 | 18,986,755 | Interest-bearing liabilities | 24,894,309 | 20,394,815 | 18,995,727 | 19,576,353 | 19,158,317 | |||||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 530,818 | 555,555 | 649,252 | 721,933 | 606,357 | Securities sold under customer repurchase agreements | 632,362 | 530,818 | 555,555 | 649,252 | 721,933 | |||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 23,087 | 58,686 | 77,680 | 7,536 | 227,937 | Other short-term borrowings | 50,549 | 23,087 | 58,686 | 77,680 | 7,536 | |||||||||||||||||||||||||||||||||||||
Long-term borrowings | 392,150 | 304,318 | 842,863 | 811,755 | 547,378 | Long-term borrowings | 1,186,145 | 392,150 | 304,318 | 842,863 | 811,755 | |||||||||||||||||||||||||||||||||||||
Common shareholders’ equity | Common shareholders’ equity | 3,684,889 | 3,551,781 | 3,422,941 | 3,206,250 | 3,001,269 | ||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | $ | 3,551,781 | $ | 3,422,941 | $ | 3,206,250 | $ | 3,001,269 | $ | 2,797,300 | Shareholders’ equity | $ | 3,954,007 | $ | 3,551,781 | $ | 3,422,941 | $ | 3,206,250 | $ | 3,001,269 | |||||||||||||||||||||||||||
Shares outstanding | 11,141,069 | 11,938,439 | 12,010,405 | 12,010,405 | 12,010,405 | Shares outstanding | 10,056,654 | 11,141,069 | 11,938,439 | 12,010,405 | 12,010,405 | |||||||||||||||||||||||||||||||||||||
SELECTED PERIOD-END BALANCES | SELECTED PERIOD-END BALANCES | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 39,824,496 | $ | 35,408,629 | $ | 34,527,512 | $ | 32,990,836 | $ | 31,475,934 | Total assets | $ | 49,957,680 | $ | 39,824,496 | $ | 35,408,629 | $ | 34,527,512 | $ | 32,990,836 | |||||||||||||||||||||||||||
Investment securities | 7,173,003 | 6,834,362 | 7,180,256 | 7,006,678 | 6,861,548 | Investment securities | 9,922,905 | 7,173,003 | 6,834,362 | 7,180,256 | 7,006,678 | |||||||||||||||||||||||||||||||||||||
Loans and leases | 28,881,496 | 25,523,276 | 23,596,825 | 21,737,878 | 20,239,990 | Loans and leases | 32,791,975 | 28,881,496 | 25,523,276 | 23,596,825 | 21,737,878 | |||||||||||||||||||||||||||||||||||||
Deposits | 34,431,236 | 30,672,460 | 29,266,275 | 28,161,343 | 26,930,755 | Deposits | 43,431,609 | 34,431,236 | 30,672,460 | 29,266,275 | 28,161,343 | |||||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 442,956 | 543,936 | 586,256 | 590,936 | 592,182 | Securities sold under customer repurchase agreements | 641,487 | 442,956 | 543,936 | 586,256 | 590,936 | |||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 295,277 | 28,351 | 107,551 | 12,551 | 2,551 | Other short-term borrowings | — | 295,277 | 28,351 | 107,551 | 12,551 | |||||||||||||||||||||||||||||||||||||
Long-term borrowings | 588,638 | 319,867 | 870,240 | 832,942 | 704,155 | Long-term borrowings | 1,248,163 | 588,638 | 319,867 | 870,240 | 832,942 | |||||||||||||||||||||||||||||||||||||
Shareholders’ equity | $ | 3,586,184 | $ | 3,488,954 | $ | 3,334,064 | $ | 3,012,427 | $ | 2,872,109 | Shareholders’ equity | $ | 4,229,268 | $ | 3,586,184 | $ | 3,488,954 | $ | 3,334,064 | $ | 3,012,427 | |||||||||||||||||||||||||||
Shares outstanding | 10,629,495 | 11,628,405 | 12,010,405 | 12,010,405 | 12,010,405 | Shares outstanding | 9,816,405 | 10,629,495 | 11,628,405 | 12,010,405 | 12,010,405 | |||||||||||||||||||||||||||||||||||||
SELECTED RATIOS AND OTHER DATA | SELECTED RATIOS AND OTHER DATA | |||||||||||||||||||||||||||||||||||||||||||||||
Rate of return on average assets | 1.23 | % | 1.15 | % | 0.94 | % | 0.70 | % | 0.68 | % | Rate of return on average assets | 1.07 | % | 1.23 | % | 1.15 | % | 0.94 | % | 0.70 | % | |||||||||||||||||||||||||||
Rate of return on average shareholders’ equity | 12.88 | 11.69 | 10.10 | 7.51 | 7.52 | |||||||||||||||||||||||||||||||||||||||||||
Rate of return on average common shareholders’ equity | Rate of return on average common shareholders’ equity | 12.96 | 12.88 | 11.69 | 10.10 | 7.51 | ||||||||||||||||||||||||||||||||||||||||||
Average equity to average assets ratio | 9.56 | 9.81 | 9.35 | 9.25 | 9.00 | Average equity to average assets ratio | 8.59 | 9.56 | 9.81 | 9.35 | 9.25 | |||||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets (taxable equivalent) | 3.77 | 3.69 | 3.30 | 3.14 | 3.22 | Net yield on interest-earning assets (taxable equivalent) | 3.17 | 3.74 | 3.66 | 3.28 | 3.11 | |||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses to total loans and leases: | ||||||||||||||||||||||||||||||||||||||||||||||||
PCI | 1.35 | 1.51 | 1.31 | 1.70 | 1.72 | |||||||||||||||||||||||||||||||||||||||||||
Non-PCI | 0.77 | 0.86 | 0.93 | 0.98 | 0.98 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans and leases: | Allowance for credit losses to total loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||
PCD | PCD | 5.18 | 1.35 | 1.51 | 1.31 | 1.70 | ||||||||||||||||||||||||||||||||||||||||||
Non-PCD | Non-PCD | 0.62 | 0.77 | 0.86 | 0.93 | 0.98 | ||||||||||||||||||||||||||||||||||||||||||
Total | 0.78 | 0.88 | 0.94 | 1.01 | 1.02 | Total | 0.68 | 0.78 | 0.88 | 0.94 | 1.01 | |||||||||||||||||||||||||||||||||||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned | 0.58 | 0.52 | 0.61 | 0.67 | 0.83 | Ratio of total nonperforming assets to total loans, leases and other real estate owned | 0.74 | 0.58 | 0.52 | 0.61 | 0.67 | |||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 13.81 | 12.12 | 13.99 | 14.21 | 13.85 | ||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.86 | 12.67 | 12.88 | 12.42 | 12.65 | Tier 1 risk-based capital ratio | 11.63 | 10.86 | 12.67 | 12.88 | 12.42 | |||||||||||||||||||||||||||||||||||||
Common equity Tier 1 ratio | 10.86 | 12.67 | 12.88 | 12.42 | 12.51 | Common equity Tier 1 ratio | 10.61 | 10.86 | 12.67 | 12.88 | 12.42 | |||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | 12.12 | 13.99 | 14.21 | 13.85 | 14.03 | |||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratio | 8.81 | 9.77 | 9.47 | 9.05 | 8.96 | Leverage capital ratio | 7.86 | 8.81 | 9.77 | 9.47 | 9.05 | |||||||||||||||||||||||||||||||||||||
Dividend payout ratio | 3.90 | 4.32 | 4.64 | 6.39 | 6.85 | Dividend payout ratio | 3.52 | 3.90 | 4.32 | 4.64 | 6.39 | |||||||||||||||||||||||||||||||||||||
Average loans and leases to average deposits | 82.74 | 81.17 | 78.04 | 75.95 | 73.73 | Average loans and leases to average deposits | 79.52 | 82.74 | 81.17 | 78.04 | 75.95 |
Standard | Date of Adoption | |||||||
ASU | January 1, | |||||||
ASU | ||||||||
ASU | ||||||||
ASU 2018-14 - Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans | December 31, 2020 |
(Dollars in thousands) | |||||||||||
Loan Size | $ of Loans | % of Loans $ | |||||||||
Less than $150,000 | $ | 688,354 | 28.6 | % | |||||||
$150,000 to $2,000,000 | 1,236,448 | 51.4 | |||||||||
Greater than $2,000,000 | 481,489 | 20.0 | |||||||||
Total | $ | 2,406,291 | 100.0 | % |
(Dollars in thousands) | |||||||||||
Forgiveness Status | $ of Loans | % of Total | |||||||||
Received by FCB | $ | 1,384,859 | 43.1 | % | |||||||
Submitted to SBA | 1,190,171 | 37.1 | |||||||||
Approved by SBA | 746,643 | 23.3 | |||||||||
Funds Received | 746,442 | 23.2 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Beginning balance | $ | 112,395 | $ | 105,618 | |||||||
Accretion | 2,674 | 6,777 | |||||||||
Payments to FDIC for settlement of shared-loss agreements | (99,468) | — | |||||||||
Ending balance | $ | 15,601 | $ | 112,395 |
(Dollars in thousands) | 2019 | 2018 | |||||
Beginning balance | $ | 105,618 | $ | 101,342 | |||
Accretion | 6,777 | 4,023 | |||||
Adjustments related to changes in assumptions | — | 253 | |||||
Ending balance | $ | 112,395 | $ | 105,618 |
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, taxable equivalent) | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | (Dollars in thousands, taxable equivalent) | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases(1) | $ | 26,656,048 | $ | 1,219,825 | 4.58 | % | $ | 24,483,719 | $ | 1,075,682 | 4.39 | % | Loans and leases(1) | $ | 31,605,090 | $ | 1,335,008 | 4.18 | % | $ | 26,656,048 | $ | 1,219,825 | 4.54 | % | |||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 945,094 | 22,235 | 2.35 | 1,514,598 | 28,277 | 1.87 | U.S. Treasury | 432,938 | 3,103 | 0.72 | 945,094 | 22,235 | 2.35 | |||||||||||||||||||||||||||||||||||||||||||||||
Government agency | 491,001 | 14,308 | 2.91 | 106,067 | 2,697 | 2.54 | Government agency | 665,318 | 8,457 | 1.27 | 491,001 | 14,308 | 2.91 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 5,198,884 | 114,819 | 2.21 | 5,241,865 | 113,698 | 2.17 | Mortgage-backed securities | 7,414,661 | 108,604 | 1.46 | 5,198,884 | 114,819 | 2.21 | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 153,841 | 7,945 | 5.16 | 104,796 | 5,727 | 5.46 | Corporate bonds | 397,322 | 20,349 | 5.12 | 153,841 | 7,945 | 5.16 | |||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 130,249 | 2,205 | 1.69 | 107,603 | 1,059 | 0.98 | Other investments | 144,694 | 4,254 | 2.94 | 130,249 | 2,205 | 1.69 | |||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | 6,919,069 | 161,512 | 2.33 | 7,074,929 | 151,458 | 2.14 | Total investment securities | 9,054,933 | 144,767 | 1.60 | 6,919,069 | 161,512 | 2.33 | |||||||||||||||||||||||||||||||||||||||||||||||
Overnight investments | 1,291,617 | 26,245 | 2.03 | 1,289,013 | 21,997 | 1.71 | Overnight investments | 2,691,096 | 6,847 | 0.25 | 1,291,617 | 26,245 | 2.03 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 34,866,734 | $ | 1,407,582 | 4.04 | % | 32,847,661 | $ | 1,249,137 | 3.80 | % | Total interest-earning assets | 43,351,119 | $ | 1,486,622 | 3.40 | % | 34,866,734 | $ | 1,407,582 | 4.01 | % | |||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 271,466 | 281,510 | Cash and due from banks | 344,938 | 271,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 1,218,611 | 1,164,542 | Premises and equipment | 1,259,325 | 1,218,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (226,600 | ) | (223,300 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (211,413) | (226,600) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | 45,895 | 47,053 | Other real estate owned | 53,137 | 45,895 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 985,613 | 762,446 | Other assets | 1,224,332 | 985,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 37,161,719 | $ | 34,879,912 | Total assets | $ | 46,021,438 | $ | 37,161,719 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking with interest | $ | 5,353,555 | $ | 1,854 | 0.03 | % | $ | 5,188,542 | $ | 1,257 | 0.02 | % | Checking with interest | $ | 8,922,902 | $ | 5,913 | 0.07 | % | $ | 7,503,325 | $ | 6,018 | 0.08 | % | |||||||||||||||||||||||||||||||||||
Savings | 2,604,217 | 1,700 | 0.07 | 2,466,734 | 789 | 0.03 | Savings | 2,936,593 | 1,217 | 0.04 | 2,604,217 | 1,700 | 0.07 | |||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 8,175,510 | 27,479 | 0.34 | 7,993,943 | 10,664 | 0.13 | Money market accounts | 7,821,266 | 22,504 | 0.29 | 6,025,740 | 23,315 | 0.39 | |||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 3,315,478 | 45,221 | 1.36 | 2,427,949 | 9,773 | 0.40 | Time deposits | 3,344,492 | 37,001 | 1.11 | 3,315,478 | 45,221 | 1.36 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 19,448,760 | 76,254 | 0.39 | 18,077,168 | 22,483 | 0.12 | Total interest-bearing deposits | 23,025,253 | 66,635 | 0.29 | 19,448,760 | 76,254 | 0.39 | |||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 530,818 | 1,995 | 0.38 | 555,555 | 1,738 | 0.31 | Securities sold under customer repurchase agreements | 632,362 | 1,610 | 0.25 | 530,818 | 1,995 | 0.38 | |||||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 23,087 | 671 | 2.87 | 58,686 | 1,919 | 3.27 | Other short-term borrowings | 50,549 | 1,054 | 2.05 | 23,087 | 671 | 2.87 | |||||||||||||||||||||||||||||||||||||||||||||||
Long-term obligations | 392,150 | 13,722 | 3.45 | 304,318 | 10,717 | 3.48 | Long-term obligations | 1,186,145 | 26,558 | 2.20 | 392,150 | 13,722 | 3.45 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 20,394,815 | 92,642 | 0.45 | 18,995,727 | 36,857 | 0.19 | Total interest-bearing liabilities | 24,894,309 | 95,857 | 0.38 | 20,394,815 | 92,642 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 12,769,776 | 12,088,081 | Demand deposits | 16,721,363 | 12,769,776 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 445,347 | 373,163 | Other liabilities | 451,759 | 445,347 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 3,551,781 | 3,422,941 | Shareholders’ equity | 3,954,007 | 3,551,781 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 37,161,719 | $ | 34,879,912 | Total liabilities and shareholders’ equity | $ | 46,021,438 | $ | 37,161,719 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.59 | % | 3.61 | % | Interest rate spread | 3.02 | % | 3.56 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 1,314,940 | 3.77 | % | $ | 1,212,280 | 3.69 | % | Net interest income and net yield on interest-earning assets | $ | 1,390,765 | 3.17 | % | $ | 1,314,940 | 3.74 | % |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | Change from previous year due to: | Change from previous year due to: | ||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Volume | Yield/Rate | Total Change(2) | Volume | Yield/Rate | Total Change(2) | ||||||||||||||||||||||||||||||||||||||||||
$ | 24,483,719 | $ | 1,075,682 | 4.36 | % | $ | 232,398 | $ | (117,215) | $ | 115,183 | $ | 83,908 | $ | 60,235 | $ | 144,143 | |||||||||||||||||||||||||||||||||
1,514,598 | 28,277 | 1.87 | (12,058) | (7,074) | (19,132) | (10,632) | 4,590 | (6,042) | ||||||||||||||||||||||||||||||||||||||||||
106,067 | 2,697 | 2.54 | 5,080 | (10,931) | (5,851) | 9,787 | 1,824 | 11,611 | ||||||||||||||||||||||||||||||||||||||||||
5,241,865 | 113,698 | 2.17 | 51,357 | (57,572) | (6,215) | (191) | 1,312 | 1,121 | ||||||||||||||||||||||||||||||||||||||||||
104,796 | 5,727 | 5.46 | 12,575 | (171) | 12,404 | 2,680 | (462) | 2,218 | ||||||||||||||||||||||||||||||||||||||||||
107,603 | 1,059 | 0.98 | 208 | 1,841 | 2,049 | 230 | 916 | 1,146 | ||||||||||||||||||||||||||||||||||||||||||
7,074,929 | 151,458 | 2.14 | 57,162 | (73,907) | (16,745) | 1,874 | 8,180 | 10,054 | ||||||||||||||||||||||||||||||||||||||||||
1,289,013 | 21,997 | 1.71 | 28,418 | (47,816) | (19,398) | 45 | 4,203 | 4,248 | ||||||||||||||||||||||||||||||||||||||||||
32,847,661 | $ | 1,249,137 | 3.78 | % | $ | 317,978 | $ | (238,938) | $ | 79,040 | $ | 85,827 | $ | 72,618 | $ | 158,445 | ||||||||||||||||||||||||||||||||||
281,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||
1,164,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(223,300) | ||||||||||||||||||||||||||||||||||||||||||||||||||
47,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||
762,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 34,879,912 | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 7,278,662 | $ | 3,725 | 0.05 | % | $ | 1,122 | $ | (1,227) | $ | (105) | $ | 112 | $ | 2,181 | $ | 2,293 | |||||||||||||||||||||||||||||||||
2,466,734 | 789 | 0.03 | 214 | (697) | (483) | 44 | 867 | 911 | ||||||||||||||||||||||||||||||||||||||||||
5,903,823 | 8,196 | 0.14 | 6,886 | (7,697) | (811) | 170 | 14,949 | 15,119 | ||||||||||||||||||||||||||||||||||||||||||
2,427,949 | 9,773 | 0.40 | 295 | (8,515) | (8,220) | 3,572 | 31,876 | 35,448 | ||||||||||||||||||||||||||||||||||||||||||
18,077,168 | 22,483 | 0.12 | 8,517 | (18,136) | (9,619) | 3,898 | 49,873 | 53,771 | ||||||||||||||||||||||||||||||||||||||||||
555,555 | 1,738 | 0.31 | 377 | (762) | (385) | (77) | 334 | 257 | ||||||||||||||||||||||||||||||||||||||||||
58,686 | 1,919 | 3.27 | 788 | (405) | 383 | (1,164) | (84) | (1,248) | ||||||||||||||||||||||||||||||||||||||||||
304,318 | 10,717 | 3.48 | 28,558 | (15,722) | 12,836 | 3,057 | (52) | 3,005 | ||||||||||||||||||||||||||||||||||||||||||
18,995,727 | 36,857 | 0.19 | 38,240 | (35,025) | 3,215 | 5,714 | 50,071 | 55,785 | ||||||||||||||||||||||||||||||||||||||||||
12,088,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||
373,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||
3,422,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 34,879,912 | |||||||||||||||||||||||||||||||||||||||||||||||||
3.59 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,212,280 | 3.66 | % | $ | 279,738 | $ | (203,913) | $ | 75,825 | $ | 80,113 | $ | 22,547 | $ | 102,660 |
2019 | 2018 | |||||||||||||||||||||||||||||||
2017 | Change from previous year due to: | Change from previous year due to: | ||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Volume | Yield/Rate | Total Change(2) | Volume | Yield/Rate | Total Change(2) | ||||||||||||||||||||||||
$ | 22,725,665 | $ | 959,785 | 4.22 | % | $ | 83,908 | $ | 60,235 | $ | 144,143 | $ | 65,709 | $ | 50,188 | $ | 115,897 | |||||||||||||||
1,628,088 | 18,015 | 1.11 | (10,632 | ) | 4,590 | (6,042 | ) | (1,255 | ) | 11,517 | 10,262 | |||||||||||||||||||||
38,948 | 647 | 1.66 | 9,787 | 1,824 | 11,611 | 1,115 | 935 | 2,050 | ||||||||||||||||||||||||
5,206,897 | 98,341 | 1.89 | (191 | ) | 1,312 | 1,121 | 586 | 14,771 | 15,357 | |||||||||||||||||||||||
60,950 | 3,877 | 6.36 | 2,680 | (462 | ) | 2,218 | 2,789 | (939 | ) | 1,850 | ||||||||||||||||||||||
101,681 | 698 | 0.69 | 230 | 916 | 1,146 | 50 | 311 | 361 | ||||||||||||||||||||||||
7,036,564 | 121,578 | 1.73 | 1,874 | 8,180 | 10,054 | 3,285 | 26,595 | 29,880 | ||||||||||||||||||||||||
2,451,417 | 26,846 | 1.10 | 45 | 4,203 | 4,248 | (12,729 | ) | 7,880 | (4,849 | ) | ||||||||||||||||||||||
32,213,646 | $ | 1,108,209 | 3.44 | % | $ | 85,827 | $ | 72,618 | $ | 158,445 | $ | 56,265 | $ | 84,663 | $ | 140,928 | ||||||||||||||||
417,229 | ||||||||||||||||||||||||||||||||
1,133,255 | ||||||||||||||||||||||||||||||||
(226,465 | ) | |||||||||||||||||||||||||||||||
56,478 | ||||||||||||||||||||||||||||||||
708,724 | ||||||||||||||||||||||||||||||||
$ | 34,302,867 | |||||||||||||||||||||||||||||||
$ | 4,956,498 | $ | 1,021 | 0.02 | % | $ | 40 | $ | 557 | $ | 597 | $ | 48 | $ | 188 | $ | 236 | |||||||||||||||
2,278,895 | 717 | 0.03 | 44 | 867 | 911 | 59 | 13 | 72 | ||||||||||||||||||||||||
8,136,731 | 6,969 | 0.09 | 242 | 16,573 | 16,815 | (123 | ) | 3,818 | 3,695 | |||||||||||||||||||||||
2,634,434 | 7,489 | 0.28 | 3,572 | 31,876 | 35,448 | (587 | ) | 2,871 | 2,284 | |||||||||||||||||||||||
18,006,558 | 16,196 | 0.09 | 3,898 | 49,873 | 53,771 | (603 | ) | 6,890 | 6,287 | |||||||||||||||||||||||
649,252 | 2,179 | 0.34 | (77 | ) | 334 | 257 | (314 | ) | (127 | ) | (441 | ) | ||||||||||||||||||||
77,680 | 2,659 | 3.39 | (1,164 | ) | (84 | ) | (1,248 | ) | (607 | ) | (133 | ) | (740 | ) | ||||||||||||||||||
842,863 | 22,760 | 2.67 | 3,057 | (52 | ) | 3,005 | (13,316 | ) | 1,273 | (12,043 | ) | |||||||||||||||||||||
19,576,353 | 43,794 | 0.22 | 5,714 | 50,071 | 55,785 | (14,840 | ) | 7,903 | (6,937 | ) | ||||||||||||||||||||||
11,112,786 | ||||||||||||||||||||||||||||||||
407,478 | ||||||||||||||||||||||||||||||||
3,206,250 | ||||||||||||||||||||||||||||||||
$ | 34,302,867 | |||||||||||||||||||||||||||||||
3.22 | % | |||||||||||||||||||||||||||||||
$ | 1,064,415 | 3.30 | % | $ | 80,113 | $ | 22,547 | $ | 102,660 | $ | 71,105 | $ | 76,760 | $ | 147,865 |
Year ended December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Wealth management services | $ | 102,776 | $ | 99,241 | $ | 97,966 | |||||||||||
Service charges on deposit accounts | 87,662 | 105,191 | 105,486 | ||||||||||||||
Cardholder services, net | 74,291 | 69,078 | 65,478 | ||||||||||||||
Mortgage income | 39,592 | 21,126 | 16,433 | ||||||||||||||
Other service charges and fees | 30,911 | 31,644 | 30,606 | ||||||||||||||
Merchant services, net | 24,122 | 24,304 | 24,504 | ||||||||||||||
Insurance commissions | 14,544 | 12,810 | 12,702 | ||||||||||||||
ATM income | 5,758 | 6,296 | 7,980 | ||||||||||||||
Realized gains on investment securities available for sale, net | 60,253 | 7,115 | 351 | ||||||||||||||
Marketable equity securities gains (losses), net | 29,395 | 20,625 | (7,610) | ||||||||||||||
Gain on extinguishment of debt | — | — | 26,553 | ||||||||||||||
Other | 7,446 | 18,431 | 19,700 | ||||||||||||||
Total noninterest income | $ | 476,750 | $ | 415,861 | $ | 400,149 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Service charges on deposit accounts | $ | 105,191 | $ | 105,486 | $ | 101,201 | |||||
Wealth management services | 99,241 | 97,966 | 86,719 | ||||||||
Cardholder services, net | 69,078 | 65,478 | 57,583 | ||||||||
Other service charges and fees | 31,644 | 30,606 | 28,321 | ||||||||
Merchant services, net | 24,304 | 24,504 | 22,678 | ||||||||
Mortgage income | 21,126 | 16,433 | 23,251 | ||||||||
Recoveries of PCI loans previously charged off | 17,445 | 16,598 | 21,111 | ||||||||
Insurance commissions | 12,810 | 12,702 | 12,465 | ||||||||
ATM income | 6,296 | 7,980 | 9,143 | ||||||||
Marketable equity securities gains (losses), net | 20,625 | (7,610 | ) | — | |||||||
Realized gains on investment securities available for sale, net | 7,115 | 351 | 4,293 | ||||||||
Gain on extinguishment of debt | — | 26,553 | 12,483 | ||||||||
Gain on acquisitions | — | — | 134,745 | ||||||||
Other | 986 | 3,102 | 7,970 | ||||||||
Total noninterest income | $ | 415,861 | $ | 400,149 | $ | 521,963 |
Year ended December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Salaries and wages | $ | 590,020 | $ | 551,112 | $ | 527,691 | |||||||||||
Employee benefits | 132,244 | 120,501 | 118,203 | ||||||||||||||
Occupancy expense | 117,169 | 111,179 | 109,169 | ||||||||||||||
Equipment expense | 115,535 | 112,290 | 102,909 | ||||||||||||||
Processing fees paid to third parties | 44,791 | 29,552 | 30,017 | ||||||||||||||
Merger-related expenses | 17,450 | 17,166 | 6,462 | ||||||||||||||
Core deposit intangible amortization | 14,255 | 16,346 | 17,165 | ||||||||||||||
Collection and foreclosure-related expenses | 13,658 | 11,994 | 16,567 | ||||||||||||||
Consultant expense | 12,751 | 12,801 | 14,345 | ||||||||||||||
FDIC insurance expense | 12,701 | 10,664 | 18,890 | ||||||||||||||
Telecommunications expense | 12,179 | 9,391 | 10,471 | ||||||||||||||
Advertising expense | 10,010 | 11,437 | 11,650 | ||||||||||||||
Other | 95,922 | 89,308 | 93,432 | ||||||||||||||
Total noninterest expense | $ | 1,188,685 | $ | 1,103,741 | $ | 1,076,971 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Salaries and wages | $ | 551,112 | $ | 527,691 | $ | 490,610 | |||||
Employee benefits | 120,501 | 118,203 | 105,975 | ||||||||
Occupancy expense | 111,179 | 109,169 | 104,690 | ||||||||
Equipment expense | 112,290 | 102,909 | 97,478 | ||||||||
Processing fees paid to third parties | 29,552 | 30,017 | 25,673 | ||||||||
Merger-related expenses | 17,166 | 6,462 | 9,015 | ||||||||
Core deposit intangible amortization | 16,346 | 17,165 | 17,194 | ||||||||
Consultant expense | 12,801 | 14,345 | 14,963 | ||||||||
Collection and foreclosure-related expenses | 11,994 | 16,567 | 14,407 | ||||||||
Advertising expense | 11,437 | 11,650 | 11,227 | ||||||||
FDIC insurance expense | 10,664 | 18,890 | 22,191 | ||||||||
Telecommunications expense | 9,391 | 10,471 | 12,172 | ||||||||
Other | 89,308 | 93,432 | 86,874 | ||||||||
Total noninterest expense | $ | 1,103,741 | $ | 1,076,971 | $ | 1,012,469 |
December 31 | |||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||
(Dollars in thousands) | Cost | Fair value | Cost | Fair value | Cost | Fair value | |||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | 409,397 | $ | 409,999 | $ | 1,249,243 | $ | 1,247,710 | $ | 1,658,410 | $ | 1,657,864 | |||||||||||
Government agency | 684,085 | 682,772 | 257,252 | 256,835 | — | — | |||||||||||||||||
Residential mortgage-backed securities | 5,269,060 | 5,267,090 | 2,956,793 | 2,909,339 | 5,428,074 | 5,349,426 | |||||||||||||||||
Commercial mortgage-backed securities | 373,105 | 380,020 | — | — | — | — | |||||||||||||||||
Corporate bonds | 198,278 | 201,566 | 143,829 | 143,226 | 67,059 | 67,682 | |||||||||||||||||
State, county and municipal | 118,227 | 118,227 | — | — | — | — | |||||||||||||||||
Total investment securities available for sale | 7,052,152 | 7,059,674 | 4,607,117 | 4,557,110 | 7,153,543 | 7,074,972 | |||||||||||||||||
Investment in marketable equity securities | 59,262 | 82,333 | 73,809 | 92,599 | 75,471 | 105,208 | |||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | — | — | 2,087,024 | 2,103,126 | 76 | 81 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | 97,629 | 98,376 | — | — | |||||||||||||||||
Other | 30,996 | 30,996 | — | — | — | ||||||||||||||||||
Total investment securities held to maturity | 30,996 | 30,996 | 2,184,653 | 2,201,502 | 76 | 81 | |||||||||||||||||
Total investment securities | $ | 7,142,410 | $ | 7,173,003 | $ | 6,865,579 | $ | 6,851,211 | $ | 7,229,090 | $ | 7,180,261 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Composition(1) | Cost | Fair Value | Composition(1) | Cost | Fair Value | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury | 5.0 | % | $ | 499,832 | $ | 499,933 | 5.7 | % | $ | 409,397 | $ | 409,999 | |||||||||||||||||||||||
Government agency | 7.0 | 706,241 | 701,391 | 9.5 | 684,085 | 682,772 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 44.5 | 4,369,130 | 4,438,103 | 73.4 | 5,269,060 | 5,267,090 | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 7.9 | 745,892 | 771,537 | 5.3 | 373,105 | 380,020 | |||||||||||||||||||||||||||||
Corporate bonds | 6.1 | 590,870 | 603,279 | 2.8 | 198,278 | 201,566 | |||||||||||||||||||||||||||||
State, county and municipal | — | — | — | 1.7 | 118,227 | 118,227 | |||||||||||||||||||||||||||||
Total investment securities available for sale | 70.5 | 6,911,965 | 7,014,243 | 98.4 | 7,052,152 | 7,059,674 | |||||||||||||||||||||||||||||
Investment in marketable equity securities | 0.9 | 84,837 | 91,680 | 1.2 | 59,262 | 82,333 | |||||||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 19.1 | 1,877,692 | 1,895,381 | — | — | — | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 9.4 | 937,034 | 940,862 | — | — | — | |||||||||||||||||||||||||||||
Other | 0.1 | 2,256 | 2,256 | 0.4 | 30,996 | 30,996 | |||||||||||||||||||||||||||||
Total investment securities held to maturity | 28.6 | 2,816,982 | 2,838,499 | 0.4 | 30,996 | 30,996 | |||||||||||||||||||||||||||||
Total investment securities | 100.0 | % | $ | 9,813,784 | $ | 9,944,422 | 100.0 | % | $ | 7,142,410 | $ | 7,173,003 | |||||||||||||||||||||||
(1) Calculated as a percent of the total fair value of investment securities. |
December 31, 2019 | ||||||||||||
Average maturity (Yrs./mos.) | Weighted taxable equivalent yield | |||||||||||
(Dollars in thousands) | Cost | Fair value | ||||||||||
Investment securities available for sale | ||||||||||||
U.S. Treasury | ||||||||||||
Within one year | $ | 406,325 | $ | 406,927 | 0/2 | 2.41 | % | |||||
One to five years | 2,021 | 2,021 | 2/7 | 1.65 | ||||||||
Five to ten years | 1,051 | 1,051 | 5/1 | 1.69 | ||||||||
Over ten years | — | — | 0 | — | ||||||||
Total | 409,397 | 409,999 | 0/3 | 2.41 | ||||||||
Government agency(1) | ||||||||||||
One to five years | 3,236 | 3,208 | 4/2 | 3.35 | ||||||||
Five to ten years | 236,247 | 235,532 | 9/5 | 2.42 | ||||||||
Over ten years | 444,602 | 444,032 | 23/1 | 2.49 | ||||||||
Total | 684,085 | 682,772 | 18/3 | 2.47 | ||||||||
Residential mortgage-backed securities(1) | ||||||||||||
One to five years | 87 | 87 | 3/10 | 0.65 | ||||||||
Five to ten years | 1,001,952 | 996,404 | 8/5 | 1.74 | ||||||||
Over ten years | 4,267,021 | 4,270,599 | 18/8 | 2.30 | ||||||||
Total | 5,269,060 | 5,267,090 | 16/9 | 2.20 | ||||||||
Commercial mortgage-backed securities(1) | ||||||||||||
One to five years | 9,374 | 9,374 | 3/8 | 2.01 | ||||||||
Five to ten years | 52,819 | 54,460 | 7/1 | 2.99 | ||||||||
Over ten years | 310,912 | 316,186 | 35/10 | 3.16 | ||||||||
Total | 373,105 | 380,020 | 30/11 | 3.11 | ||||||||
State, county and municipal | ||||||||||||
One to five years | 4,025 | 4,025 | 4/7 | 2.19 | ||||||||
Five to ten years | 9,308 | 9,308 | 8/5 | 1.96 | ||||||||
Over ten years | 104,894 | 104,894 | 15/11 | 2.26 | ||||||||
Total | 118,227 | 118,227 | 14/11 | 2.24 | ||||||||
Corporate bonds | ||||||||||||
One to five years | 18,450 | 18,925 | 4/1 | 5.40 | ||||||||
Five to ten years | 174,848 | 177,508 | 7/3 | 5.10 | ||||||||
Over ten years | 4,980 | 5,133 | 17/4 | 7.41 | ||||||||
Total | 198,278 | 201,566 | 7/3 | 5.18 | ||||||||
Total investment securities available for sale | 7,052,152 | 7,059,674 | ||||||||||
Investment securities held to maturity | ||||||||||||
Other investments | ||||||||||||
Within one year | 30,746 | 30,746 | 0/4 | 2.06 | ||||||||
One to five years | 250 | 250 | 1/1 | 2.41 | ||||||||
Total investment securities held to maturity | 30,996 | 30,996 | 0/4 | 2.06 |
December 31, 2020 | |||||||||||||||||||||||||||||
Within One Year | One to Five Years | Five to 10 Years | After 10 Years | Total | |||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities(1) | — | % | — | % | — | % | 1.13 | % | 1.13 | % | |||||||||||||||||||
Commercial mortgage-backed securities(1) | — | — | — | 1.27 | 1.27 | ||||||||||||||||||||||||
Other investments | 1.17 | 1.37 | — | — | 1.31 | ||||||||||||||||||||||||
Total investment securities held to maturity | 1.17 | % | 1.37 | % | — | % | 1.18 | % | 1.18 | % |
December 31 | |||||||||||
(Dollars in thousands) | 2020 | ||||||||||
Non-PCD loans and leases: | |||||||||||
Commercial: | |||||||||||
Construction and land development | $ | 985,424 | |||||||||
Owner occupied commercial mortgage | 11,165,012 | ||||||||||
Non-owner occupied commercial mortgage | 2,987,689 | ||||||||||
Commercial and industrial and leases | 5,013,644 | ||||||||||
SBA-PPP | 2,406,291 | ||||||||||
Total commercial loans | 22,558,060 | ||||||||||
Consumer: | |||||||||||
Residential mortgage | 5,561,686 | ||||||||||
Revolving mortgage | 2,052,854 | ||||||||||
Construction and land development | 348,123 | ||||||||||
Consumer auto | 1,255,402 | ||||||||||
Consumer other | 552,968 | ||||||||||
Total consumer loans | 9,771,033 | ||||||||||
Total non-PCD loans and leases | 32,329,093 | ||||||||||
PCD loans | 462,882 | ||||||||||
Total loans and leases | 32,791,975 | ||||||||||
Less allowance for credit losses | (224,314) | ||||||||||
Net loans and leases | $ | 32,567,661 |
December 31 | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | |||||||||||||||||||||||||||
Non-PCI loans and leases: | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Construction and land development | $ | 1,013,454 | $ | 757,854 | |||||||||||||||||||||||||
Commercial mortgage | 12,282,635 | 10,717,234 | |||||||||||||||||||||||||||
Other commercial real estate | 542,028 | 426,985 | |||||||||||||||||||||||||||
Commercial and industrial and leases | 4,403,792 | 3,938,730 | |||||||||||||||||||||||||||
Other | 310,093 | 296,424 | |||||||||||||||||||||||||||
Total commercial loans | 18,552,002 | 16,137,227 | |||||||||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||||||||
Residential mortgage | 5,293,917 | 4,265,687 | |||||||||||||||||||||||||||
Revolving mortgage | 2,339,072 | 2,542,975 | |||||||||||||||||||||||||||
Construction and land development | 357,385 | 257,030 | |||||||||||||||||||||||||||
Consumer | 1,780,404 | 1,713,781 | |||||||||||||||||||||||||||
Total noncommercial loans | 9,770,778 | 8,779,473 | |||||||||||||||||||||||||||
Total non-PCI loans and leases | $ | 28,322,780 | $ | 24,916,700 | |||||||||||||||||||||||||
PCI loans | $ | 558,716 | $ | 606,576 | |||||||||||||||||||||||||
Total loans and leases | 28,881,496 | 25,523,276 | |||||||||||||||||||||||||||
Less allowance for credit losses | (225,141) | (223,712) | |||||||||||||||||||||||||||
Net loans and leases | $ | 28,656,355 | $ | 25,299,564 |
December 31 | |||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Non-PCI loans and leases: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | $ | 1,013,454 | $ | 757,854 | $ | 669,215 | $ | 649,157 | $ | 620,352 | |||||||||
Commercial mortgage | 12,282,635 | 10,717,234 | 9,729,022 | 9,026,220 | 8,274,548 | ||||||||||||||
Other commercial real estate | 542,028 | 426,985 | 473,433 | 351,291 | 321,021 | ||||||||||||||
Commercial and industrial and leases | 4,403,792 | 3,938,730 | 3,625,208 | 3,393,771 | 3,099,736 | ||||||||||||||
Other | 310,093 | 296,424 | 302,176 | 340,264 | 314,832 | ||||||||||||||
Total commercial loans | 18,552,002 | 16,137,227 | 14,799,054 | 13,760,703 | 12,630,489 | ||||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 5,293,917 | 4,265,687 | 3,523,786 | 2,889,124 | 2,695,985 | ||||||||||||||
Revolving mortgage | 2,339,072 | 2,542,975 | 2,701,525 | 2,601,344 | 2,523,106 | ||||||||||||||
Construction and land development | 357,385 | 257,030 | 248,289 | 231,400 | 220,073 | ||||||||||||||
Consumer | 1,780,404 | 1,713,781 | 1,561,173 | 1,446,138 | 1,219,821 | ||||||||||||||
Total noncommercial loans | 9,770,778 | 8,779,473 | 8,034,773 | 7,168,006 | 6,658,985 | ||||||||||||||
Total non-PCI loans and leases | $ | 28,322,780 | $ | 24,916,700 | $ | 22,833,827 | $ | 20,928,709 | $ | 19,289,474 | |||||||||
Total PCI loans | $ | 558,716 | $ | 606,576 | $ | 762,998 | $ | 809,169 | $ | 950,516 | |||||||||
Total loans and leases | 28,881,496 | 25,523,276 | 23,596,825 | 21,737,878 | 20,239,990 | ||||||||||||||
Less allowance for loan and lease losses | (225,141 | ) | (223,712 | ) | (221,893 | ) | (218,795 | ) | (206,216 | ) | |||||||||
Net loans and leases | $ | 28,656,355 | $ | 25,299,564 | $ | 23,374,932 | $ | 21,519,083 | $ | 20,033,774 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Owner occupied commercial mortgage | Non-owner occupied commercial mortgage | Commercial and industrial and leases | Residential mortgage | Revolving mortgage | Construction and land development - consumer | Consumer auto | Consumer other | PCD | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 33,213 | $ | 36,444 | $ | 11,102 | $ | 61,610 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 4,292 | $ | 30,301 | $ | 7,536 | $ | 225,141 | |||||||||||||||||||||||||||||||||||||||||||
Adoption of ASC 326 | (31,061) | (19,316) | 460 | (37,637) | 17,118 | 3,665 | (1,291) | 1,100 | 10,037 | 19,001 | (37,924) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 2,152 | 17,128 | 11,562 | 23,973 | 35,350 | 23,367 | 1,418 | 5,392 | 40,338 | 26,537 | 187,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 4,301 | 6,729 | 12,917 | 13,816 | 9,684 | 1,134 | 266 | 6,297 | 10,410 | (7,202) | 58,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance on PCD loans | — | — | — | — | — | — | — | — | — | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (138) | (593) | (1,951) | (14,904) | (1,653) | (1,662) | (70) | (3,646) | (17,188) | (3,300) | (45,105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 431 | 401 | 124 | 4,894 | 717 | 1,918 | 117 | 1,417 | 5,879 | 6,759 | 22,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 6,746 | $ | 23,665 | $ | 22,652 | $ | 27,779 | $ | 44,098 | $ | 24,757 | $ | 1,731 | $ | 9,460 | $ | 39,439 | $ | 23,987 | $ | 224,314 | |||||||||||||||||||||||||||||||||||||||||||
Net charge-off ratio | (0.03) | % | — | % | 0.06 | % | 0.21 | % | 0.02 | % | (0.01) | % | (0.01) | % | 0.18 | % | 2.06 | % | (0.67) | % | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | $ | (293) | $ | 192 | $ | 1,827 | $ | 10,010 | $ | 936 | $ | (256) | $ | (47) | $ | 2,229 | $ | 11,309 | $ | (3,459) | $ | 22,448 | |||||||||||||||||||||||||||||||||||||||||||
Average loans | 1,017,595 | 10,418,447 | 2,995,382 | 4,881,884 | 5,382,045 | 2,122,144 | 355,368 | 1,207,820 | 550,223 | 517,121 | 31,417,256 |
Years ended December 31, 2019 and 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Residential mortgage | Revolving mortgage | Construction and land development - non- commercial | Consumer | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | 35,270 | $ | 43,451 | $ | 2,481 | $ | 55,620 | $ | 2,221 | $ | 15,472 | $ | 21,862 | $ | 2,350 | $ | 35,841 | $ | 9,144 | $ | 223,712 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | (2,171) | 2,384 | (285) | 14,212 | (754) | 3,481 | (788) | 359 | 16,611 | (1,608) | 31,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (196) | (1,096) | — | (13,352) | (100) | (1,137) | (2,584) | — | (24,562) | — | (43,027) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 310 | 596 | 15 | 2,894 | 869 | 416 | 1,212 | — | 6,703 | — | 13,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 33,213 | $ | 45,335 | $ | 2,211 | $ | 59,374 | $ | 2,236 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 34,593 | $ | 7,536 | $ | 225,141 | |||||||||||||||||||||||||||||||||||||||||||
Net charge-off ratio | (0.01) | % | — | % | — | % | 0.26 | % | (0.26) | % | 0.02 | % | 0.06 | % | — | % | 1.03 | % | — | % | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | $ | (114) | $ | 500 | $ | (15) | $ | 10,458 | $ | (769) | $ | 721 | $ | 1,372 | $ | — | $ | 17,859 | $ | — | $ | 30,012 | |||||||||||||||||||||||||||||||||||||||||||
Average loans | 817,633 | 11,240,281 | 495,737 | 4,024,300 | 297,849 | 4,709,971 | 2,430,788 | 302,118 | 1,739,693 | 537,131 | 26,595,501 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | 24,470 | 45,005 | 4,571 | 59,824 | 4,689 | 15,706 | 22,436 | 3,962 | 31,204 | 10,026 | 221,893 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 10,533 | (1,490) | (2,171) | 2,511 | (2,827) | 897 | 1,112 | (1,520) | 22,187 | (765) | 28,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (44) | (1,140) | (69) | (10,211) | (130) | (1,689) | (3,235) | (219) | (22,817) | (117) | (39,671) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 311 | 1,076 | 150 | 3,496 | 489 | 558 | 1,549 | 127 | 5,267 | — | 13,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 35,270 | $ | 43,451 | $ | 2,481 | $ | 55,620 | $ | 2,221 | $ | 15,472 | $ | 21,862 | $ | 2,350 | $ | 35,841 | $ | 9,144 | $ | 223,712 | |||||||||||||||||||||||||||||||||||||||||||
Net charge-off ratio | (0.04) | % | — | % | (0.02) | % | 0.18 | % | (0.12) | % | 0.03 | % | 0.06 | % | 0.04 | % | 1.10 | % | 0.02 | % | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | $ | (267) | $ | 64 | $ | (81) | $ | 6,715 | $ | (359) | $ | 1,131 | $ | 1,686 | $ | 92 | $ | 17,550 | $ | 117 | $ | 26,648 | |||||||||||||||||||||||||||||||||||||||||||
Average loans | 717,668 | 10,255,531 | 443,956 | 3,732,452 | 298,364 | 3,903,796 | 2,610,110 | 249,488 | 1,601,226 | 671,128 | 24,483,719 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Allowance for loan and lease losses at beginning of period | $ | 223,712 | $ | 221,893 | $ | 218,795 | $ | 206,216 | $ | 204,466 | |||||||||
Non-PCI provision for loan and lease losses | 33,049 | 29,232 | 29,139 | 34,870 | 22,937 | ||||||||||||||
PCI credit for loan losses | (1,608 | ) | (765 | ) | (3,447 | ) | (1,929 | ) | (2,273 | ) | |||||||||
Non-PCI Charge-offs: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | (196 | ) | (44 | ) | (599 | ) | (680 | ) | (1,012 | ) | |||||||||
Commercial mortgage | (1,096 | ) | (1,140 | ) | (421 | ) | (987 | ) | (1,498 | ) | |||||||||
Other commercial real estate | — | (69 | ) | (5 | ) | — | (178 | ) | |||||||||||
Commercial and industrial and leases | (13,352 | ) | (10,211 | ) | (11,921 | ) | (9,455 | ) | (6,354 | ) | |||||||||
Other | (100 | ) | (130 | ) | (912 | ) | (144 | ) | — | ||||||||||
Total commercial loans | (14,744 | ) | (11,594 | ) | (13,858 | ) | (11,266 | ) | (9,042 | ) | |||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | (1,137 | ) | (1,689 | ) | (1,376 | ) | (926 | ) | (1,619 | ) | |||||||||
Revolving mortgage | (2,584 | ) | (3,235 | ) | (2,368 | ) | (3,287 | ) | (2,925 | ) | |||||||||
Construction and land development | — | (219 | ) | — | — | (22 | ) | ||||||||||||
Consumer | (24,562 | ) | (22,817 | ) | (18,784 | ) | (14,108 | ) | (11,696 | ) | |||||||||
Total noncommercial loans | (28,283 | ) | (27,960 | ) | (22,528 | ) | (18,321 | ) | (16,262 | ) | |||||||||
Total non-PCI charge-offs | (43,027 | ) | (39,554 | ) | (36,386 | ) | (29,587 | ) | (25,304 | ) | |||||||||
Non-PCI Recoveries: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | 310 | 311 | 521 | 398 | 566 | ||||||||||||||
Commercial mortgage | 596 | 1,076 | 2,842 | 1,281 | 2,027 | ||||||||||||||
Other commercial real estate | 15 | 150 | 27 | 176 | 45 | ||||||||||||||
Commercial and industrial and leases | 2,894 | 3,496 | 3,989 | 1,729 | 947 | ||||||||||||||
Other | 869 | 489 | 285 | 539 | 91 | ||||||||||||||
Total commercial loans | 4,684 | 5,522 | 7,664 | 4,123 | 3,676 | ||||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 416 | 558 | 539 | 467 | 861 | ||||||||||||||
Revolving mortgage | 1,212 | 1,549 | 1,282 | 916 | 1,173 | ||||||||||||||
Construction and land development | — | 127 | — | 66 | 74 | ||||||||||||||
Consumer | 6,703 | 5,267 | 4,603 | 4,267 | 3,650 | ||||||||||||||
Total noncommercial loans | 8,331 | 7,501 | 6,424 | 5,716 | 5,758 | ||||||||||||||
Total non-PCI recoveries | 13,015 | 13,023 | 14,088 | 9,839 | 9,434 | ||||||||||||||
Non-PCI loans and leases charged off, net | (30,012 | ) | (26,531 | ) | (22,298 | ) | (19,748 | ) | (15,870 | ) | |||||||||
PCI loans charged off, net | — | (117 | ) | (296 | ) | (614 | ) | (3,044 | ) | ||||||||||
Allowance for loan and lease losses at end of period | $ | 225,141 | $ | 223,712 | $ | 221,893 | $ | 218,795 | $ | 206,216 | |||||||||
Reserve for unfunded commitments | $ | 1,055 | $ | 1,107 | $ | 1,032 | $ | 1,133 | $ | 379 |
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Allowance for credit losses to total loans and leases: | 0.68 | % | 0.78 | % | 0.88 | % | |||||||||||||||||||||||
Allowance for credit losses | $ | 224,314 | $ | 225,141 | $ | 223,712 | |||||||||||||||||||||||
Total loans and leases | 32,791,975 | 28,881,496 | 25,523,276 | ||||||||||||||||||||||||||
Allowance for credit losses to non-PCD loans and leases: | 0.62 | % | 0.77 | % | 0.86 | % | |||||||||||||||||||||||
Allowance for credit losses on non-PCD loans and leases | $ | 200,327 | $ | 217,605 | $ | 214,568 | |||||||||||||||||||||||
Total non-PCD loans and leases | 32,329,093 | 28,322,780 | 24,916,700 | ||||||||||||||||||||||||||
Allowance for credit losses to PCD loans: | 5.18 | % | 1.35 | % | 1.51 | % | |||||||||||||||||||||||
Allowance for credit losses on PCD loans | $ | 23,987 | $ | 7,536 | $ | 9,144 | |||||||||||||||||||||||
Total PCD loans | 462,882 | 558,716 | 606,576 | ||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Average loans and leases: | |||||||||||||||||||
PCI | $ | 537,131 | $ | 671,128 | $ | 845,030 | $ | 898,706 | $ | 1,112,286 | |||||||||
Non-PCI | 26,058,370 | 23,812,591 | 21,880,635 | 19,998,689 | 18,415,867 | ||||||||||||||
Loans and leases at period-end: | |||||||||||||||||||
PCI | 558,716 | 606,576 | 762,998 | 809,169 | 950,516 | ||||||||||||||
Non-PCI | 28,322,780 | 24,916,700 | 22,833,827 | 20,928,709 | 19,289,474 | ||||||||||||||
Allowance for loan and lease losses allocated to loans and leases: | |||||||||||||||||||
PCI | 7,536 | 9,144 | 10,026 | 13,769 | 16,312 | ||||||||||||||
Non-PCI | 217,605 | 214,568 | 211,867 | 205,026 | 189,904 | ||||||||||||||
Total | $ | 225,141 | $ | 223,712 | $ | 221,893 | $ | 218,795 | $ | 206,216 | |||||||||
Net charge-offs to average loans and leases: | |||||||||||||||||||
PCI | 0.00 | % | 0.02 | % | 0.04 | % | 0.07 | % | 0.27 | % | |||||||||
Non-PCI | 0.12 | 0.11 | 0.10 | 0.10 | 0.09 | ||||||||||||||
Total | 0.11 | 0.11 | 0.10 | 0.10 | 0.10 | ||||||||||||||
Allowance for loan and lease losses to total loans and leases: | |||||||||||||||||||
PCI | 1.35 | 1.51 | 1.31 | 1.70 | 1.72 | ||||||||||||||
Non-PCI | 0.77 | 0.86 | 0.93 | 0.98 | 0.98 | ||||||||||||||
Total | 0.78 | 0.88 | 0.94 | 1.01 | 1.02 |
December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Allowance for credit losses | Percent of loans to total loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PCI loans and leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 6,746 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial mortgage | 23,665 | 34.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | 22,652 | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial and leases | 27,779 | 15.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA-PPP | — | 7.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 80,842 | 68.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 44,098 | 17.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving mortgage | 24,757 | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 1,731 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer auto | 9,460 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | 39,439 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 119,485 | 29.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-PCD loans and leases | 200,327 | 98.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCD loans | 23,987 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 224,314 | 100.0 | % |
December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PCI loans and leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 33,213 | 3.5 | % | $ | 35,270 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage | 45,335 | 42.5 | 43,451 | 42.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other commercial real estate | 2,211 | 1.9 | 2,481 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial and leases | 59,374 | 15.3 | 55,620 | 15.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2,236 | 1.1 | 2,221 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases | 142,369 | 64.3 | 139,043 | 63.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 18,232 | 18.3 | 15,472 | 16.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving mortgage | 19,702 | 8.1 | 21,862 | 10.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 2,709 | 1.2 | 2,350 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 34,593 | 6.2 | 35,841 | 6.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncommercial loans | 75,236 | 33.8 | 75,525 | 34.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-PCI loans and leases | 217,605 | 98.1 | 214,568 | 97.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCI loans | 7,536 | 1.9 | 9,144 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 225,141 | 100.0 | % | $ | 223,712 | 100.0 | % |
December 31 | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
(dollars in thousands) | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | Allowance for loan and lease losses | Percent of loans to total loans | ||||||||||||||||||||||||
Non-PCI loans and leases | ||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||
Construction and land development | $ | 33,213 | 3.5 | % | $ | 35,270 | 3.0 | % | $ | 24,470 | 2.8 | % | $ | 28,877 | 3.0 | % | $ | 16,288 | 3.1 | % | ||||||||||||||
Commercial mortgage | 45,335 | 42.5 | 43,451 | 42.0 | 45,005 | 41.2 | 48,278 | 41.4 | 69,896 | 40.8 | ||||||||||||||||||||||||
Other commercial real estate | 2,211 | 1.9 | 2,481 | 1.7 | 4,571 | 2.0 | 3,269 | 1.6 | 2,168 | 1.6 | ||||||||||||||||||||||||
Commercial and industrial and leases | 59,374 | 15.3 | 55,620 | 15.3 | 59,824 | 15.4 | 56,132 | 15.6 | 48,640 | 15.3 | ||||||||||||||||||||||||
Other | 2,236 | 1.1 | 2,221 | 1.2 | 4,689 | 1.3 | 3,127 | 1.6 | 1,855 | 1.6 | ||||||||||||||||||||||||
Total commercial | 142,369 | 64.3 | 139,043 | 63.2 | 138,559 | 62.7 | 139,683 | 63.2 | 138,847 | 62.4 | ||||||||||||||||||||||||
Noncommercial: | ||||||||||||||||||||||||||||||||||
Residential mortgage | 18,232 | 18.3 | 15,472 | 16.7 | 15,706 | 15.0 | 14,447 | 13.3 | 14,105 | 13.3 | ||||||||||||||||||||||||
Revolving mortgage | 19,702 | 8.1 | 21,862 | 10.0 | 22,436 | 11.4 | 21,013 | 12.0 | 15,971 | 12.5 | ||||||||||||||||||||||||
Construction and land development | 2,709 | 1.2 | 2,350 | 1.0 | 3,962 | 1.1 | 1,596 | 1.1 | 1,485 | 1.1 | ||||||||||||||||||||||||
Consumer | 34,593 | 6.2 | 35,841 | 6.7 | 31,204 | 6.6 | 28,287 | 6.7 | 19,496 | 6.0 | ||||||||||||||||||||||||
Total noncommercial | 75,236 | 33.8 | 75,525 | 34.4 | 73,308 | 34.1 | 65,343 | 33.1 | 51,057 | 32.9 | ||||||||||||||||||||||||
Total allowance for non-PCI loan and lease losses | 217,605 | 98.1 | 214,568 | 97.6 | 211,867 | 96.8 | 205,026 | 96.3 | 189,904 | 95.3 | ||||||||||||||||||||||||
Allowance for PCI loans | 7,536 | 1.9 | 9,144 | 2.4 | 10,026 | 3.2 | 13,769 | 3.7 | 16,312 | 4.7 | ||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 225,141 | 100.0 | % | $ | 223,712 | 100.0 | % | $ | 221,893 | 100.0 | % | $ | 218,795 | 100.0 | % | $ | 206,216 | 100.0 | % |
December 31 | |||||||||||||||||||||||||||||
(Dollars in thousands, except ratios) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Nonaccrual loans and leases: | |||||||||||||||||||||||||||||
Non-PCD | $ | 136,544 | $ | 114,946 | $ | 84,546 | |||||||||||||||||||||||
PCD | 54,939 | 6,743 | 1,276 | ||||||||||||||||||||||||||
Total nonaccrual loans | 191,483 | 121,689 | 85,822 | ||||||||||||||||||||||||||
Other real estate owned | 50,890 | 46,591 | 48,030 | ||||||||||||||||||||||||||
Total nonperforming assets | $ | 242,373 | $ | 168,280 | $ | 133,852 | |||||||||||||||||||||||
Accruing loans and leases 90 days or more past due: | |||||||||||||||||||||||||||||
Non-PCD | $ | 5,507 | $ | 3,291 | $ | 2,888 | |||||||||||||||||||||||
PCD | 355 | 24,257 | 37,020 | ||||||||||||||||||||||||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned | 0.74 | 0.58 | 0.52 | ||||||||||||||||||||||||||
Ratio of nonaccrual loans and leases to total loans and leases | 0.58 | 0.42 | 0.34 | ||||||||||||||||||||||||||
Ratio of allowance for credit losses to nonaccrual loans and leases | 117.1 | 185.0 | 260.7 |
December 31 | |||||||||||||||||||
(Dollars in thousands, except ratios) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Nonaccrual loans and leases: | |||||||||||||||||||
Non-PCI | $ | 114,946 | $ | 84,546 | $ | 92,534 | $ | 82,307 | $ | 95,854 | |||||||||
PCI | 6,743 | 1,276 | 624 | 3,451 | 7,579 | ||||||||||||||
Other real estate owned | 46,591 | 48,030 | 51,097 | 61,231 | 65,559 | ||||||||||||||
Total nonperforming assets | $ | 168,280 | $ | 133,852 | $ | 144,255 | $ | 146,989 | $ | 168,992 | |||||||||
Loans and leases: | |||||||||||||||||||
Non-PCI | $ | 28,322,780 | $ | 24,916,700 | $ | 22,833,827 | $ | 20,928,709 | $ | 19,289,474 | |||||||||
PCI | 558,716 | 606,576 | 762,998 | 809,169 | 950,516 | ||||||||||||||
Total loans and leases | $ | 28,881,496 | $ | 25,523,276 | $ | 23,596,825 | $ | 21,737,878 | $ | 20,239,990 | |||||||||
Accruing loans and leases 90 days or more past due: | |||||||||||||||||||
Non-PCI | $ | 3,291 | $ | 2,888 | $ | 2,978 | $ | 2,718 | $ | 3,315 | |||||||||
PCI | 24,257 | 37,020 | 58,740 | 65,523 | 73,751 | ||||||||||||||
Interest income recognized on nonperforming loans and leases | $ | 1,888 | $ | 792 | $ | 843 | $ | 549 | $ | 1,110 | |||||||||
Interest income that would have been earned on nonperforming loans and leases had they been performing | 5,677 | 3,677 | 4,013 | 3,904 | 4,324 | ||||||||||||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned | 0.58 | % | 0.52 | % | 0.61 | % | 0.67 | % | 0.83 | % |
December 31 | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Accruing TDRs: | |||||||||||||||||||||||||||||
Non-PCD | $ | 139,747 | $ | 111,676 | $ | 108,992 | |||||||||||||||||||||||
PCD | 17,617 | 17,074 | 18,101 | ||||||||||||||||||||||||||
Total accruing TDRs | $ | 157,364 | $ | 128,750 | $ | 127,093 | |||||||||||||||||||||||
Nonaccruing TDRs: | |||||||||||||||||||||||||||||
Non-PCD | 43,470 | 42,331 | 28,918 | ||||||||||||||||||||||||||
PCD | 7,346 | 111 | 119 | ||||||||||||||||||||||||||
Total nonaccruing TDRs | $ | 50,816 | $ | 42,442 | $ | 29,037 | |||||||||||||||||||||||
All TDRs: | |||||||||||||||||||||||||||||
Non-PCD | 183,217 | 154,007 | 137,910 | ||||||||||||||||||||||||||
PCD | 24,963 | 17,185 | 18,220 | ||||||||||||||||||||||||||
Total TDRs | $ | 208,180 | $ | 171,192 | $ | 156,130 |
December 31 | |||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Accruing TDRs: | |||||||||||||||||||
Non-PCI | $ | 111,676 | $ | 108,992 | $ | 112,228 | $ | 101,462 | $ | 84,065 | |||||||||
PCI | 17,074 | 18,101 | 18,163 | 26,068 | 29,231 | ||||||||||||||
Total accruing TDRs | $ | 128,750 | $ | 127,093 | $ | 130,391 | $ | 127,530 | $ | 113,296 | |||||||||
Nonaccruing TDRs: | |||||||||||||||||||
Non-PCI | 42,331 | 28,918 | 33,898 | 23,085 | 30,127 | ||||||||||||||
PCI | 111 | 119 | 272 | 301 | 1,420 | ||||||||||||||
Total nonaccruing TDRs | $ | 42,442 | $ | 29,037 | $ | 34,170 | $ | 23,386 | $ | 31,547 | |||||||||
All TDRs: | |||||||||||||||||||
Non-PCI | 154,007 | 137,910 | 146,126 | 124,547 | 114,192 | ||||||||||||||
PCI | 17,185 | 18,220 | 18,435 | 26,369 | 30,651 | ||||||||||||||
Total TDRs | $ | 171,192 | $ | 156,130 | $ | 164,561 | $ | 150,916 | $ | 144,843 |
December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Demand | $ | 12,926,796 | $ | 11,882,670 | $ | 11,237,375 | |||||
Checking with interest | 5,782,967 | 5,338,511 | 5,230,060 | ||||||||
Money market | 9,319,087 | 8,194,818 | 8,059,271 | ||||||||
Savings | 2,564,777 | 2,499,750 | 2,340,449 | ||||||||
Time | 3,837,609 | 2,756,711 | 2,399,120 | ||||||||
Total deposits | $ | 34,431,236 | $ | 30,672,460 | $ | 29,266,275 |
December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||||||||
Demand | $ | 18,014,029 | $ | 12,926,796 | |||||||||||||
Checking with interest | 10,591,687 | 8,284,302 | |||||||||||||||
Money market | 8,632,713 | 6,817,752 | |||||||||||||||
Savings | 3,304,167 | 2,564,777 | |||||||||||||||
Time | 2,889,013 | 3,837,609 | |||||||||||||||
Total deposits | $ | 43,431,609 | $ | 34,431,236 |
December 31 | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Time deposits maturing in: | |||||||||||
Three months or less | $ | 136,200 | $ | 245,743 | |||||||
Over three months through six months | 118,496 | 164,335 | |||||||||
Over six months through 12 months | 86,260 | 200,199 | |||||||||
More than 12 months | 311,956 | 209,941 | |||||||||
Total | $ | 652,912 | $ | 820,218 |
(Dollars in thousands) | December 31, 2019 | ||
Time deposits maturing in: | |||
Three months or less | $ | 568,038 | |
Over three months through six months | 415,644 | ||
Over six months through 12 months | 523,215 | ||
More than 12 months | 478,161 | ||
Total | $ | 1,985,058 |
December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||||||||
Securities sold under customer repurchase agreements | $ | 641,487 | $ | 442,956 | |||||||||||||
Federal Home Loan Bank borrowings | 655,175 | 572,185 | |||||||||||||||
Subordinated debt | |||||||||||||||||
SCB Capital Trust I | 9,779 | 9,739 | |||||||||||||||
FCB/SC Capital Trust II | 17,664 | 17,532 | |||||||||||||||
FCB/NC Capital Trust III | 88,145 | 88,145 | |||||||||||||||
Capital Trust debentures assumed in acquisitions | 14,433 | 14,433 | |||||||||||||||
3.375 %Fixed-to-Floating Rate Subordinated Notes due 2030 | 346,541 | — | |||||||||||||||
Other subordinated debt | 27,956 | 33,563 | |||||||||||||||
Total subordinated debt | 504,518 | 163,412 | |||||||||||||||
Other borrowings | 88,470 | 148,318 | |||||||||||||||
Total borrowings | $ | 1,889,650 | $ | 1,326,871 |
December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Securities sold under customer repurchase agreements | $ | 442,956 | $ | 543,936 | $ | 586,256 | |||||
Federal funds purchased | — | — | 2,551 | ||||||||
Federal Home Loan Bank borrowings | 572,185 | 193,556 | 835,221 | ||||||||
Subordinated debentures | |||||||||||
SCB Capital Trust I | 9,739 | 9,701 | 9,662 | ||||||||
FCB/SC Capital Trust II | 17,532 | 17,401 | 17,272 | ||||||||
FCB/NC Capital Trust III | 88,145 | 88,145 | 90,207 | ||||||||
Capital Trust debentures assumed in acquisitions | 14,433 | 4,124 | — | ||||||||
Other subordinated debentures | 33,563 | 21,370 | 15,000 | ||||||||
Total subordinated debentures | 163,412 | 140,741 | 132,141 | ||||||||
Other borrowings | 148,318 | 13,921 | 7,878 | ||||||||
Total borrowings | $ | 1,326,871 | $ | 892,154 | $ | 1,564,047 |
Type of obligation | Payments due by period | ||||||||||||||||||||||||||||
(Dollars in thousands) | Less than 1 year | 1-3 years | 3-5 years | Thereafter | Total | ||||||||||||||||||||||||
Contractual obligations: | |||||||||||||||||||||||||||||
Time deposits | $ | 1,844,860 | $ | 791,788 | $ | 110,868 | $ | 141,497 | $ | 2,889,013 | |||||||||||||||||||
Short-term borrowings | 641,487 | — | — | — | 641,487 | ||||||||||||||||||||||||
Long-term obligations | 10,000 | 224,209 | 13,644 | 1,000,310 | 1,248,163 | ||||||||||||||||||||||||
Estimated payment to settle FDIC clawback liability | 15,888 | — | — | — | 15,888 | ||||||||||||||||||||||||
Total contractual obligations | $ | 2,512,235 | $ | 1,015,997 | $ | 124,512 | $ | 1,141,807 | $ | 4,794,551 | |||||||||||||||||||
Commitments: | |||||||||||||||||||||||||||||
Loan commitments | $ | 6,043,887 | $ | 2,065,797 | $ | 692,086 | $ | 3,296,647 | $ | 12,098,417 | |||||||||||||||||||
Standby letters of credit | 114,042 | 15,572 | 45 | 160 | 129,819 | ||||||||||||||||||||||||
Affordable housing partnerships | 27,423 | 22,751 | 2,526 | 1,039 | 53,739 | ||||||||||||||||||||||||
Total commitments | $ | 6,185,352 | $ | 2,104,120 | $ | 694,657 | $ | 3,297,846 | $ | 12,281,975 |
Type of obligation | Payments due by period | ||||||||||||||||||
(Dollars in thousands) | Less than 1 year | 1-3 years | 3-5 years | Thereafter | Total | ||||||||||||||
Contractual obligations: | |||||||||||||||||||
Time deposits | $ | 2,971,410 | $ | 692,584 | $ | 156,235 | $ | 17,380 | $ | 3,837,609 | |||||||||
Short-term borrowings | 738,233 | — | — | — | 738,233 | ||||||||||||||
Long-term obligations | 61,995 | 127,470 | 132,026 | 267,147 | 588,638 | ||||||||||||||
Operating leases | 14,257 | 23,949 | 16,719 | 36,653 | 91,578 | ||||||||||||||
Estimated payment to settle FDIC clawback liability | 99,467 | 15,888 | — | — | 115,355 | ||||||||||||||
Total contractual obligations | $ | 3,885,362 | $ | 859,891 | $ | 304,980 | $ | 321,180 | $ | 5,371,413 | |||||||||
Commitments: | |||||||||||||||||||
Loan commitments | $ | 5,478,293 | $ | 1,405,296 | $ | 710,970 | $ | 3,087,819 | $ | 10,682,378 | |||||||||
Standby letters of credit | 88,790 | 10,651 | — | 160 | 99,601 | ||||||||||||||
Affordable housing partnerships | 33,582 | 34,021 | 1,186 | 1,184 | 69,973 | ||||||||||||||
Total commitments | $ | 5,600,665 | $ | 1,449,968 | $ | 712,156 | $ | 3,089,163 | $ | 10,851,952 |
December 31, 2019 | December 31, 2018 | |||||||||||||||
(Dollars in thousands) | Requirements to be well-capitalized | Amount | Ratio | Amount | Ratio | |||||||||||
BancShares | ||||||||||||||||
Tier 1 risk-based capital | 8.00 | % | $ | 3,344,305 | 10.86 | % | $ | 3,463,307 | 12.67 | % | ||||||
Common equity Tier 1 | 6.50 | 3,344,305 | 10.86 | 3,463,307 | 12.67 | |||||||||||
Total risk-based capital | 10.00 | 3,731,501 | 12.12 | 3,826,626 | 13.99 | |||||||||||
Leverage capital | 5.00 | 3,344,305 | 8.81 | 3,463,307 | 9.77 | |||||||||||
FCB | ||||||||||||||||
Tier 1 risk-based capital | 8.00 | 3,554,974 | 11.54 | 3,315,742 | 12.17 | |||||||||||
Common equity Tier 1 | 6.50 | 3,554,974 | 11.54 | 3,315,742 | 12.17 | |||||||||||
Total risk-based capital | 10.00 | 3,837,670 | 12.46 | 3,574,561 | 13.12 | |||||||||||
Leverage capital | 5.00 | 3,554,974 | 9.38 | 3,315,742 | 9.39 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Requirements to be well-capitalized | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||
BancShares | |||||||||||||||||||||||||||||
Risk-based capital ratios | |||||||||||||||||||||||||||||
Total risk-based capital | 10.00 | % | $ | 4,577,212 | 13.81 | % | $ | 3,731,501 | 12.12 | % | |||||||||||||||||||
Tier 1 risk-based capital | 8.00 | 3,856,086 | 11.63 | 3,344,305 | 10.86 | ||||||||||||||||||||||||
Common equity Tier 1 | 6.50 | 3,516,149 | 10.61 | 3,344,305 | 10.86 | ||||||||||||||||||||||||
Tier 1 leverage capital(1) | 5.00 | 3,856,086 | 7.86 | 3,344,305 | 8.81 | ||||||||||||||||||||||||
FCB | |||||||||||||||||||||||||||||
Risk-based capital ratios | |||||||||||||||||||||||||||||
Total risk-based capital | 10.00 | 4,543,496 | 13.72 | 3,837,670 | 12.46 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 8.00 | 4,276,870 | 12.92 | 3,554,974 | 11.54 | ||||||||||||||||||||||||
Common equity Tier 1 | 6.50 | 4,276,870 | 12.92 | 3,554,974 | 11.54 | ||||||||||||||||||||||||
Tier 1 leverage capital(2) | 5.00 | 4,276,870 | 8.72 | 3,554,974 | 9.38 | ||||||||||||||||||||||||
(1)The SBA-PPP program added $2.41 billion in outstanding loan balances and consequently decreased BancShares’ Tier 1 leverage ratio by 59 bps; BancShares’ Tier 1 leverage ratio would be estimated at 8.45% at December 31, 2020 without the impact of the SBA PPP program. (2) The SBA-PPP program added $2.41 billion in outstanding loan balances and consequently decreased FCB’s Tier 1 leverage ratio by 65 bps; FCB’s Tier 1 leverage ratio would be estimated at 9.37% at December 31, 2020 without the impact of the SBA PPP program. |
December 31, 2020 | |||||
Collateral location | Percent of real estate secured loans with collateral located in the state | ||||
North Carolina | |||||
South Carolina | |||||
California | |||||
Florida | |||||
Georgia | |||||
Virginia | |||||
Washington | |||||
Texas | |||||
Tennessee | |||||
All other locations | 8.6 |
Estimated (decrease) increase in net interest income | |||||
Change in interest rate (basis points) | December 31, 2019 | December 31, 2018 | |||
-100 | (8.00 | )% | (10.67 | )% | |
+100 | 1.30 | 2.38 | |||
+200 | 0.01 | 1.66 |
Estimated (decrease) increase in net interest income | |||||||||||
Change in interest rate (basis points) | December 31, 2020 | December 31, 2019 | |||||||||
-100 | (6.24) | % | (8.00) | % | |||||||
+100 | 8.09 | 1.30 | |||||||||
+200 | 14.57 | 0.01 |
Estimated (decrease) increase in EVE | |||||
Change in interest rate (basis points) | December 31, 2019 | December 31, 2018 | |||
-100 | (8.25 | )% | (15.14 | )% | |
+100 | (0.03 | ) | 3.34 | ||
+200 | (4.80 | ) | 1.40 |
Estimated (decrease) increase in EVE | |||||||||||
Change in interest rate (basis points) | December 31, 2020 | December 31, 2019 | |||||||||
-100 | (21.20) | % | (8.25) | % | |||||||
+100 | 12.18 | (0.03) | |||||||||
+200 | 15.71 | (4.80) |
At December 31, 2020, maturing | |||||||||||||||||||||||||||||
(Dollars in thousands) | Within One Year | One to Five Years | Five to 15 Years | After 15 years | Total | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Construction and land development | $ | 250,382 | $ | 331,498 | $ | 307,768 | $ | 95,776 | $ | 985,424 | |||||||||||||||||||
Owner occupied commercial mortgage | 572,611 | 3,311,479 | 6,857,005 | 423,917 | 11,165,012 | ||||||||||||||||||||||||
Non-owner occupied commercial mortgage | 257,558 | 1,289,739 | 1,385,624 | 54,768 | 2,987,689 | ||||||||||||||||||||||||
Commercial and industrial and leases | 1,024,974 | 2,502,099 | 1,475,041 | 11,530 | 5,013,644 | ||||||||||||||||||||||||
SBA-PPP | — | 2,406,291 | — | — | 2,406,291 | ||||||||||||||||||||||||
Total commercial loans and leases | 2,105,525 | 9,841,106 | 10,025,438 | 585,991 | 22,558,060 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Residential mortgage | 145,012 | 454,419 | 1,334,611 | 3,627,644 | 5,561,686 | ||||||||||||||||||||||||
Revolving mortgage | 78,774 | 400,154 | 155,984 | 1,417,942 | 2,052,854 | ||||||||||||||||||||||||
Construction and land development | 33,709 | 84,692 | 15,450 | 214,272 | 348,123 | ||||||||||||||||||||||||
Consumer auto | 10,521 | 629,433 | 615,448 | — | 1,255,402 | ||||||||||||||||||||||||
Consumer other | 342,512 | 128,717 | 40,968 | 40,771 | 552,968 | ||||||||||||||||||||||||
Total consumer loans | 610,528 | 1,697,415 | 2,162,461 | 5,300,629 | 9,771,033 | ||||||||||||||||||||||||
PCD loans | 65,754 | 116,227 | 181,640 | 99,261 | 462,882 | ||||||||||||||||||||||||
Total loans and leases | $ | 2,781,807 | $ | 11,654,748 | $ | 12,369,539 | $ | 5,985,881 | $ | 32,791,975 |
At December 31, 2019, maturing | |||||||||||||||
(Dollars in thousands) | Within One Year | One to Five Years | After Five Years | Total | |||||||||||
Loans and leases: | |||||||||||||||
Secured by real estate | $ | 1,687,724 | $ | 6,425,925 | $ | 14,263,743 | $ | 22,377,392 | |||||||
Commercial and industrial | 977,176 | 2,194,956 | 1,239,808 | 4,411,940 | |||||||||||
Other | 435,601 | 885,359 | 771,204 | 2,092,164 | |||||||||||
Total loans and leases | $ | 3,100,501 | $ | 9,506,240 | $ | 16,274,755 | $ | 28,881,496 | |||||||
Loans maturing after one year with: | |||||||||||||||
Fixed interest rates | $ | 7,871,730 | $ | 10,096,854 | $ | 17,968,584 | |||||||||
Floating or adjustable rates | 1,634,510 | 6,177,901 | 7,812,411 | ||||||||||||
Total | $ | 9,506,240 | $ | 16,274,755 | $ | 25,780,995 |
Loans maturing after one year with | |||||||||||
(Dollars in thousands) | Fixed interest rates | Variable interest rates | |||||||||
Commercial: | |||||||||||
Construction and land development | $ | 473,204 | $ | 261,838 | |||||||
Owner occupied commercial mortgage | 9,779,082 | 813,319 | |||||||||
Non-owner occupied commercial mortgage | 2,322,234 | 407,897 | |||||||||
Commercial and industrial and leases | 3,551,690 | 436,980 | |||||||||
SBA-PPP | 2,406,291 | — | |||||||||
Total commercial loans and leases | 18,532,501 | 1,920,034 | |||||||||
Consumer: | |||||||||||
Residential mortgage | 2,322,787 | 3,093,887 | |||||||||
Revolving mortgage | 41,232 | 1,932,848 | |||||||||
Construction and land development | 104,648 | 209,766 | |||||||||
Consumer auto | 1,244,881 | — | |||||||||
Consumer other | 124,526 | 85,930 | |||||||||
Total consumer loans | 3,838,074 | 5,322,431 | |||||||||
PCD loans | 188,458 | 208,670 | |||||||||
Total loans and leases | $ | 22,559,033 | $ | 7,451,135 |
2019 | 2018 | 2020 | 2019(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except share data and ratios) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | (Dollars in thousands, except share data and ratios) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF OPERATIONS | SUMMARY OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 354,048 | $ | 362,318 | $ | 350,721 | $ | 336,924 | $ | 333,573 | $ | 315,706 | $ | 303,877 | $ | 292,601 | Interest income | $ | 376,876 | $ | 374,334 | $ | 363,257 | $ | 369,559 | $ | 354,048 | $ | 362,318 | $ | 350,721 | $ | 336,924 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 26,924 | 25,893 | 23,373 | 16,452 | 12,691 | 8,344 | 7,658 | 8,164 | Interest expense | 18,160 | 20,675 | 25,863 | 31,159 | 26,924 | 25,893 | 23,373 | 16,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 327,124 | 336,425 | 327,348 | 320,472 | 320,882 | 307,362 | 296,219 | 284,437 | Net interest income | 358,716 | 353,659 | 337,394 | 338,400 | 327,124 | 336,425 | 327,348 | 320,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan and lease losses | 7,727 | 6,766 | 5,198 | 11,750 | 11,585 | 840 | 8,438 | 7,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan and lease losses | 319,397 | 329,659 | 322,150 | 308,722 | 309,297 | 306,522 | 287,781 | 276,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 5,403 | 4,042 | 20,552 | 28,355 | 7,727 | 6,766 | 5,198 | 11,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 353,313 | 349,617 | 316,842 | 310,045 | 319,397 | 329,659 | 322,150 | 308,722 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 104,393 | 100,930 | 106,875 | 103,663 | 82,007 | 94,531 | 100,927 | 122,684 | Noninterest income | 126,765 | 120,572 | 165,402 | 64,011 | 104,393 | 100,930 | 106,875 | 103,663 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 292,262 | 270,425 | 273,397 | 267,657 | 275,378 | 267,537 | 265,993 | 268,063 | Noninterest expense | 305,373 | 291,662 | 291,679 | 299,971 | 292,262 | 270,425 | 273,397 | 267,657 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 131,528 | 160,164 | 155,628 | 144,728 | 115,926 | 133,516 | 122,715 | 131,453 | Income before income taxes | 174,705 | 178,527 | 190,565 | 74,085 | 131,528 | 160,164 | 155,628 | 144,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 29,654 | 35,385 | 36,269 | 33,369 | 26,453 | 16,198 | 29,424 | 31,222 | Income taxes | 36,621 | 35,843 | 36,779 | 16,916 | 29,654 | 35,385 | 36,269 | 33,369 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 101,874 | $ | 124,779 | $ | 119,359 | $ | 111,359 | $ | 89,473 | $ | 117,318 | $ | 93,291 | $ | 100,231 | Net income | 138,084 | 142,684 | 153,786 | 57,169 | 101,874 | 124,779 | 119,359 | 111,359 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 133,448 | $ | 138,048 | $ | 148,996 | $ | 57,169 | $ | 101,874 | $ | 124,779 | $ | 119,359 | $ | 111,359 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, taxable equivalent | $ | 328,045 | $ | 337,322 | $ | 328,201 | $ | 321,372 | $ | 321,804 | $ | 308,207 | $ | 297,021 | $ | 285,248 | Net interest income, taxable equivalent | $ | 359,370 | $ | 354,256 | $ | 337,965 | $ | 339,174 | $ | 328,045 | $ | 337,322 | $ | 328,201 | $ | 321,372 | |||||||||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PER COMMON SHARE DATA | PER COMMON SHARE DATA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 9.55 | $ | 11.27 | $ | 10.56 | $ | 9.67 | $ | 7.62 | $ | 9.80 | $ | 7.77 | $ | 8.35 | Net income | $ | 13.59 | $ | 14.03 | $ | 14.74 | $ | 5.46 | $ | 9.55 | $ | 11.27 | $ | 10.56 | $ | 9.67 | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.35 | 0.35 | 0.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on common shares | Cash dividends on common shares | 0.47 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market price at period end (Class A) | 532.21 | 471.55 | 450.27 | 407.20 | 377.05 | 452.28 | 403.30 | 413.24 | Market price at period end (Class A) | 574.27 | 318.78 | 405.02 | 332.87 | 532.21 | 471.55 | 450.27 | 407.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value at period-end | 337.38 | 327.86 | 319.74 | 309.46 | 300.04 | 294.40 | 286.99 | 280.77 | Book value at period-end | 396.21 | 380.43 | 367.57 | 351.90 | 337.38 | 327.86 | 319.74 | 309.46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELECTED QUARTERLY AVERAGE BALANCES | SELECTED QUARTERLY AVERAGE BALANCES | SELECTED QUARTERLY AVERAGE BALANCES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 38,326,641 | $ | 37,618,836 | $ | 37,049,030 | $ | 35,625,885 | $ | 35,625,500 | $ | 34,937,175 | $ | 34,673,927 | $ | 34,267,495 | Total assets | $ | 49,557,803 | $ | 48,262,155 | $ | 45,553,502 | $ | 40,648,806 | $ | 38,326,641 | $ | 37,618,836 | $ | 37,049,030 | $ | 35,625,885 | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities | 7,120,023 | 6,956,981 | 6,803,570 | 6,790,671 | 7,025,889 | 7,129,089 | 7,091,442 | 7,053,001 | Investment securities | 9,889,124 | 9,930,197 | 8,928,467 | 7,453,159 | 7,120,023 | 6,956,981 | 6,803,570 | 6,790,671 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | 27,508,062 | 26,977,476 | 26,597,242 | 25,515,988 | 25,343,813 | 24,698,799 | 24,205,363 | 23,666,098 | 32,964,390 | 32,694,996 | 31,635,958 | 29,098,101 | 27,508,062 | 26,977,476 | 26,597,242 | 25,515,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets | 36,032,680 | 35,293,979 | 34,674,842 | 33,432,162 | 33,500,732 | 32,886,276 | 32,669,810 | 32,320,431 | Interest-earning assets | 46,922,823 | 45,617,376 | 42,795,781 | 38,004,341 | 36,032,680 | 35,293,979 | 34,674,842 | 33,432,162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 33,295,141 | 32,647,264 | 32,100,210 | 30,802,567 | 30,835,157 | 30,237,329 | 30,100,615 | 29,472,125 | Deposits | 43,123,312 | 41,905,844 | 39,146,415 | 34,750,061 | 33,295,141 | 32,647,264 | 32,100,210 | 30,802,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | 20,958,943 | 20,551,393 | 20,397,445 | 19,655,434 | 19,282,749 | 18,783,160 | 18,885,168 | 19,031,404 | Interest-bearing liabilities | 26,401,222 | 25,591,707 | 24,407,285 | 23,153,777 | 20,958,943 | 20,551,393 | 20,397,445 | 19,655,434 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 495,804 | 533,371 | 556,374 | 538,162 | 572,442 | 547,385 | 516,999 | 585,627 | Securities sold under customer repurchase agreements | 684,311 | 710,237 | 659,244 | 474,231 | 495,804 | 533,371 | 556,374 | 538,162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 28,284 | 23,236 | 40,513 | — | 53,552 | 43,720 | 46,614 | 91,440 | Other short-term borrowings | — | — | 45,549 | 157,759 | 28,284 | 23,236 | 40,513 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 467,223 | 384,047 | 371,843 | 344,225 | 319,410 | 261,821 | 233,373 | 404,065 | Long-term borrowings | 1,250,682 | 1,256,331 | 1,275,928 | 961,132 | 467,223 | 384,047 | 371,843 | 344,225 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shareholders' equity | Common shareholders' equity | 3,786,158 | 3,679,138 | 3,648,284 | 3,625,975 | 3,570,872 | 3,580,235 | 3,546,041 | 3,509,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | $ | 3,570,872 | $ | 3,580,235 | $ | 3,546,041 | $ | 3,509,746 | $ | 3,491,914 | $ | 3,470,368 | $ | 3,400,867 | $ | 3,333,114 | Shareholders' equity | $ | 4,126,095 | $ | 4,019,075 | $ | 3,988,225 | $ | 3,682,634 | $ | 3,570,872 | $ | 3,580,235 | $ | 3,546,041 | $ | 3,509,746 | |||||||||||||||||||||||||||||||||||||||||||||
Shares outstanding | 10,708,084 | 11,060,462 | 11,286,520 | 11,519,008 | 11,763,832 | 11,971,460 | 12,010,405 | 12,010,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common shares outstanding | 9,816,405 | 9,836,629 | 10,105,520 | 10,473,119 | 10,708,084 | 11,060,462 | 11,286,520 | 11,519,008 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELECTED QUARTER-END BALANCES | SELECTED QUARTER-END BALANCES | SELECTED QUARTER-END BALANCES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 39,824,496 | $ | 37,748,324 | $ | 37,655,094 | $ | 35,961,670 | $ | 35,408,629 | $ | 34,954,659 | $ | 35,088,566 | $ | 34,436,437 | Total assets | $ | 49,957,680 | $ | 48,666,873 | $ | 47,866,194 | $ | 41,594,453 | $ | 39,824,496 | $ | 37,748,324 | $ | 37,655,094 | $ | 35,961,670 | |||||||||||||||||||||||||||||||||||||||||||||
Investment securities | 7,173,003 | 7,167,680 | 6,695,578 | 6,914,513 | 6,834,362 | 7,040,674 | 7,190,545 | 6,967,921 | Investment securities | 9,922,905 | 9,860,594 | 9,508,476 | 8,845,197 | 7,173,003 | 7,167,680 | 6,695,578 | 6,914,513 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | 28,881,496 | 27,196,511 | 26,728,237 | 25,463,785 | 25,523,276 | 24,886,347 | 24,538,437 | 23,611,977 | Loans and leases | 32,791,975 | 32,845,144 | 32,418,425 | 29,240,959 | 28,881,496 | 27,196,511 | 26,728,237 | 25,463,785 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 34,431,236 | 32,743,277 | 32,719,671 | 31,198,093 | 30,672,460 | 30,163,537 | 30,408,884 | 29,969,245 | Deposits | 43,431,609 | 42,250,606 | 41,479,245 | 35,346,711 | 34,431,236 | 32,743,277 | 32,719,671 | 31,198,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 442,956 | 522,195 | 544,527 | 508,508 | 543,936 | 567,438 | 499,723 | 522,207 | Securities sold under customer repurchase agreements | 641,487 | 693,889 | 740,276 | 540,362 | 442,956 | 522,195 | 544,527 | 508,508 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 295,277 | — | — | — | 28,351 | 120,311 | 114,270 | 2,551 | Other short-term borrowings | — | — | — | 105,000 | 295,277 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 588,638 | 453,876 | 369,854 | 341,108 | 319,867 | 297,487 | 241,360 | 224,413 | Long-term borrowings | 1,248,163 | 1,252,016 | 1,258,719 | 1,297,132 | 588,638 | 453,876 | 369,854 | 341,108 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | $ | 3,586,184 | $ | 3,568,482 | $ | 3,574,613 | $ | 3,523,309 | $ | 3,488,954 | $ | 3,499,013 | $ | 3,446,886 | $ | 3,372,114 | Shareholders' equity | $ | 4,229,268 | $ | 4,074,414 | $ | 3,991,444 | $ | 3,957,520 | $ | 3,586,184 | $ | 3,568,482 | $ | 3,574,613 | $ | 3,523,309 | |||||||||||||||||||||||||||||||||||||||||||||
Shares outstanding | 10,629,495 | 10,884,005 | 11,179,905 | 11,385,405 | 11,628,405 | 11,885,405 | 12,010,405 | 12,010,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | Common shares outstanding | 9,816,405 | 9,816,405 | 9,934,105 | 10,280,105 | 10,629,495 | 10,884,005 | 11,179,905 | 11,385,405 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SELECTED RATIOS AND OTHER DATA | SELECTED RATIOS AND OTHER DATA | SELECTED RATIOS AND OTHER DATA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of return on average assets (annualized) | 1.05 | % | 1.32 | % | 1.29 | % | 1.27 | % | 1.00 | % | 1.33 | % | 1.08 | % | 1.19 | % | Rate of return on average assets (annualized) | 1.11 | % | 1.18 | % | 1.36 | % | 0.57 | % | 1.05 | % | 1.32 | % | 1.29 | % | 1.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
Rate of return on average shareholders’ equity (annualized) | 11.32 | 13.83 | 13.50 | 12.86 | 10.17 | 13.41 | 11.00 | 12.20 | Rate of return on average shareholders’ equity (annualized) | 14.02 | 14.93 | 16.43 | 6.34 | 11.32 | 13.83 | 13.50 | 12.86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net yield on interest-earning assets (taxable equivalent) | 3.62 | 3.80 | 3.79 | 3.89 | 3.82 | 3.73 | 3.64 | 3.57 | Net yield on interest-earning assets (taxable equivalent) | 3.02 | 3.06 | 3.14 | 3.55 | 3.59 | 3.77 | 3.77 | 3.86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses to total loans and leases: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCI | 1.35 | 1.34 | 1.51 | 1.61 | 1.51 | 1.71 | 1.84 | 1.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PCI | 0.77 | 0.82 | 0.83 | 0.88 | 0.86 | 0.86 | 0.89 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to total loans and leases: | Allowance for credit losses to total loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PCD | PCD | 5.18 | 5.07 | 5.07 | 4.80 | 1.35 | 1.34 | 1.51 | 1.61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-PCD | Non-PCD | 0.62 | 0.61 | 0.61 | 0.64 | 0.77 | 0.82 | 0.83 | 0.88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 0.78 | 0.83 | 0.85 | 0.90 | 0.88 | 0.88 | 0.92 | 0.94 | Total | 0.68 | 0.68 | 0.69 | 0.72 | 0.78 | 0.83 | 0.85 | 0.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of total nonperforming assets to total loans, leases and other real estate owned | 0.58 | 0.57 | 0.57 | 0.53 | 0.52 | 0.52 | 0.54 | 0.59 | Ratio of total nonperforming assets to total loans, leases and other real estate owned | 0.74 | 0.73 | 0.77 | 0.79 | 0.58 | 0.57 | 0.56 | 0.53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 13.81 | 13.70 | 13.63 | 13.65 | 12.12 | 13.09 | 13.34 | 14.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 10.86 | 11.80 | 12.03 | 12.69 | 12.67 | 13.23 | 13.06 | 13.38 | Tier 1 risk-based capital ratio | 11.63 | 11.48 | 11.38 | 11.43 | 10.86 | 11.80 | 12.03 | 12.69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 common equity ratio | 10.86 | 11.80 | 12.03 | 12.69 | 12.67 | 13.23 | 13.06 | 13.38 | Tier 1 common equity ratio | 10.61 | 10.43 | 10.32 | 10.36 | 10.86 | 11.80 | 12.03 | 12.69 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | 12.12 | 13.09 | 13.34 | 14.02 | 13.99 | 14.57 | 14.43 | 14.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leverage capital ratio | 8.81 | 9.18 | 9.35 | 9.80 | 9.77 | 10.11 | 9.99 | 10.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | Tier 1 leverage capital ratio | 7.86 | 7.80 | 8.07 | 8.98 | 8.81 | 9.18 | 9.35 | 9.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend payout ratio | 4.19 | 3.55 | 3.79 | 4.14 | 5.25 | 3.57 | 4.50 | 4.19 | Dividend payout ratio | 3.46 | 2.85 | 2.71 | 7.33 | 4.19 | 3.55 | 3.79 | 4.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average loans and leases to average deposits | 82.62 | 82.63 | 82.86 | 82.84 | 82.19 | 81.68 | 80.41 | 80.30 | Average loans and leases to average deposits | 76.44 | 78.02 | 80.81 | 83.74 | 82.62 | 82.63 | 82.86 | 82.84 |
2019 | 2018 | Increase (decrease) due to: | 2020 | 2019 | Increase (decrease) due to: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | Interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Yield/ | Total | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Yield/ | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, taxable equivalent) | Balance | Expense | Rate | Balance | Expense | Rate | Volume | Rate | Change | (Dollars in thousands, taxable equivalent) | Balance | Expense | Rate(2) | Balance | Expense | Rate | Volume | Rate | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases(1) | $ | 27,508,062 | $ | 308,832 | 4.46 | % | $ | 25,343,813 | $ | 288,484 | 4.52 | % | $ | 21,390 | $ | (1,042 | ) | $ | 20,348 | Loans and leases(1) | $ | 32,964,390 | $ | 345,300 | 4.12 | % | $ | 27,508,062 | $ | 308,832 | 4.42 | % | $ | 66,088 | $ | (29,620) | $ | 36,468 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U. S. Treasury | 595,515 | 3,706 | 2.47 | 1,454,889 | 7,261 | 1.98 | (4,289 | ) | 734 | (3,555 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | 526,072 | 250 | 0.19 | 595,515 | 3,706 | 2.47 | (441) | (3,015) | (3,456) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government agency | 659,857 | 4,224 | 2.56 | 192,830 | 1,288 | 2.67 | 3,120 | (184 | ) | 2,936 | Government agency | 695,757 | 1,574 | 0.90 | 659,857 | 4,224 | 2.56 | 230 | (2,880) | (2,650) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 5,563,653 | 29,964 | 2.15 | 5,136,489 | 29,261 | 2.28 | 2,337 | (1,634 | ) | 703 | Mortgage-backed securities | 7,981,834 | 21,130 | 1.06 | 5,563,653 | 29,964 | 2.15 | 13,286 | (22,120) | (8,834) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 172,424 | 2,165 | 5.02 | 135,962 | 1,810 | 5.32 | 485 | (130 | ) | 355 | Corporate bonds | 591,780 | 7,657 | 5.18 | 172,424 | 2,165 | 5.02 | 5,266 | 226 | 5,492 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 128,574 | 653 | 2.02 | 105,719 | 326 | 1.22 | 119 | 208 | 327 | Other investments | 93,681 | 600 | 2.55 | 128,574 | 653 | 2.02 | (174) | 121 | (53) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | 7,120,023 | 40,712 | 2.29 | 7,025,889 | 39,946 | 2.27 | 1,772 | (1,006 | ) | 766 | Total investment securities | 9,889,124 | 31,211 | 1.26 | 7,120,023 | 40,712 | 2.29 | 18,167 | (27,668) | (9,501) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overnight investments | 1,404,595 | 5,425 | 1.53 | 1,131,030 | 6,065 | 2.13 | 1,469 | (2,109 | ) | (640 | ) | Overnight investments | 4,069,309 | 1,019 | 0.10 | 1,404,595 | 5,425 | 1.53 | 10,248 | (14,654) | (4,406) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 36,032,680 | $ | 354,969 | 3.92 | % | 33,500,732 | $ | 334,495 | 3.97 | % | $ | 24,631 | $ | (4,157 | ) | $ | 20,474 | Total interest-earning assets | 46,922,823 | $ | 377,530 | 3.17 | % | 36,032,680 | $ | 354,969 | 3.89 | % | $ | 94,503 | $ | (71,942) | $ | 22,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 255,963 | 282,589 | Cash and due from banks | 325,890 | 255,963 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 1,229,445 | 1,182,640 | Premises and equipment | 1,262,831 | 1,229,445 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (225,170 | ) | (221,710 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (225,339) | (225,170) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | 44,134 | 46,000 | Other real estate owned | 50,949 | 44,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 989,589 | 835,249 | Other assets | 1,220,649 | 989,589 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 38,326,641 | $ | 35,625,500 | Total assets | $ | 49,557,803 | $ | 38,326,641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking with interest | $ | 5,479,226 | $ | 563 | 0.04 | % | $ | 5,254,677 | $ | 332 | 0.03 | % | $ | 14 | $ | 217 | $ | 231 | Checking with interest | $ | 9,688,744 | $ | 1,533 | 0.06 | % | $ | 7,608,857 | $ | 1,561 | 0.08 | % | $ | 421 | $ | (449) | $ | (28) | |||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 2,596,608 | 439 | 0.07 | 2,511,444 | 213 | 0.03 | 7 | 219 | 226 | Savings | 3,230,625 | 306 | 0.04 | 2,596,608 | 439 | 0.07 | 106 | (239) | (133) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 8,378,366 | 8,064 | 0.38 | 7,971,726 | 4,335 | 0.22 | 221 | 3,508 | 3,729 | Money market accounts | 8,529,816 | 3,242 | 0.15 | 6,248,735 | 7,066 | 0.45 | 2,553 | (6,377) | (3,824) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 3,513,432 | 13,367 | 1.51 | 2,599,498 | 4,179 | 0.64 | 1,469 | 7,719 | 9,188 | Time deposits | 3,017,044 | 5,976 | 0.79 | 3,513,432 | 13,367 | 1.51 | (1,920) | (5,471) | (7,391) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 19,967,632 | 22,433 | 0.45 | 18,337,345 | 9,059 | 0.20 | 1,711 | 11,663 | 13,374 | Total interest-bearing deposits | 24,466,229 | 11,057 | 0.18 | 19,967,632 | 22,433 | 0.45 | 1,160 | (12,536) | (11,376) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under customer repurchase agreements | 495,804 | 479 | 0.38 | 572,442 | 419 | 0.29 | (56 | ) | 116 | 60 | Securities sold under customer repurchase agreements | 684,311 | 374 | 0.22 | 495,804 | 479 | 0.38 | 180 | (285) | (105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 28,284 | 190 | 2.63 | 53,552 | 298 | 2.21 | (141 | ) | 33 | (108 | ) | Other short-term borrowings | — | — | — | 28,284 | 190 | 2.63 | (190) | — | (190) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 467,223 | 3,822 | 3.20 | 319,410 | 2,915 | 3.58 | 1,334 | (427 | ) | 907 | Long-term borrowings | 1,250,682 | 6,729 | 2.13 | 467,223 | 3,822 | 3.20 | 7,058 | (4,151) | 2,907 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 20,958,943 | 26,924 | 0.51 | 19,282,749 | 12,691 | 0.26 | 2,848 | 11,385 | 14,233 | Total interest-bearing liabilities | 26,401,222 | 18,160 | 0.27 | 20,958,943 | 26,924 | 0.51 | 8,208 | (16,972) | (8,764) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 13,327,509 | 12,497,812 | Demand deposits | 18,657,083 | 13,327,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 469,317 | 353,025 | Other liabilities | 373,403 | 469,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 3,570,872 | 3,491,914 | Shareholders' equity | 4,126,095 | 3,570,872 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 38,326,641 | $ | 35,625,500 | Total liabilities and shareholders' equity | $ | 49,557,803 | $ | 38,326,641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 3.41 | % | 3.71 | % | Interest rate spread | 2.90 | % | 3.38 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 328,045 | 3.62 | % | $ | 321,804 | 3.82 | % | $ | 21,783 | $ | (15,542 | ) | $ | 6,241 | Net interest income and net yield on interest-earning assets | $ | 359,370 | 3.02 | % | $ | 328,045 | 3.59 | % | $ | 86,295 | $ | (54,970) | $ | 31,325 |
(Dollars in thousands, except share data) | December 31, 2020 | December 31, 2019 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 362,048 | $ | 376,719 | |||||||
Overnight investments | 4,347,336 | 1,107,844 | |||||||||
Investment in marketable equity securities (cost of $84,837 at December 31, 2020 and $59,262 at December 31, 2019) | 91,680 | 82,333 | |||||||||
Investment securities available for sale (cost of $6,911,965 at December 31, 2020 and $7,052,152 at December 31, 2019) | 7,014,243 | 7,059,674 | |||||||||
Investment securities held to maturity (fair value of $2,838,499 at December 31, 2020 and $30,996 at December 31, 2019) | 2,816,982 | 30,996 | |||||||||
Loans held for sale | 124,837 | 67,869 | |||||||||
Loans and leases | 32,791,975 | 28,881,496 | |||||||||
Allowance for credit losses | (224,314) | (225,141) | |||||||||
Net loans and leases | 32,567,661 | 28,656,355 | |||||||||
Premises and equipment | 1,251,283 | 1,244,396 | |||||||||
Other real estate owned | 50,890 | 46,591 | |||||||||
Income earned not collected | 145,694 | 123,154 | |||||||||
Goodwill | 350,298 | 349,398 | |||||||||
Other intangible assets | 50,775 | 68,276 | |||||||||
Other assets | 783,953 | 610,891 | |||||||||
Total assets | $ | 49,957,680 | $ | 39,824,496 | |||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 18,014,029 | $ | 12,926,796 | |||||||
Interest-bearing | 25,417,580 | 21,504,440 | |||||||||
Total deposits | 43,431,609 | 34,431,236 | |||||||||
Securities sold under customer repurchase agreements | 641,487 | 442,956 | |||||||||
Federal Home Loan Bank borrowings | 655,175 | 572,185 | |||||||||
Subordinated debt | 504,518 | 163,412 | |||||||||
Other borrowings | 88,470 | 148,318 | |||||||||
FDIC shared-loss payable | 15,601 | 112,395 | |||||||||
Other liabilities | 391,552 | 367,810 | |||||||||
Total liabilities | 45,728,412 | 36,238,312 | |||||||||
Shareholders’ equity | |||||||||||
Common stock: | |||||||||||
Class A - $1 par value (16,000,000 shares authorized; 8,811,220 and 9,624,310 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively) | 8,811 | 9,624 | |||||||||
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at December 31, 2020 and December 31, 2019) | 1,005 | 1,005 | |||||||||
Preferred stock - $0.01 par value (10,000,000 shares authorized; 345,000 and 0 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively) | 339,937 | 0 | |||||||||
Surplus | 0 | 44,081 | |||||||||
Retained earnings | 3,867,252 | 3,658,197 | |||||||||
Accumulated other comprehensive income (loss) | 12,263 | (126,723) | |||||||||
Total shareholders’ equity | 4,229,268 | 3,586,184 | |||||||||
Total liabilities and shareholders’ equity | $ | 49,957,680 | $ | 39,824,496 |
(Dollars in thousands, except share data) | December 31, 2019 | December 31, 2018 | |||||
Assets | |||||||
Cash and due from banks | $ | 376,719 | $ | 327,440 | |||
Overnight investments | 1,107,844 | 797,406 | |||||
Investment in marketable equity securities (cost of $59,262 at December 31, 2019 and $73,809 at December 31, 2018) | 82,333 | 92,599 | |||||
Investment securities available for sale (cost of $7,052,152 at December 31, 2019 and $4,607,117 at December 31, 2018) | 7,059,674 | 4,557,110 | |||||
Investment securities held to maturity (fair value of $30,996 at December 31, 2019 and $2,201,502 at December 31, 2018) | 30,996 | 2,184,653 | |||||
Loans held for sale | 67,869 | 45,505 | |||||
Loans and leases | 28,881,496 | 25,523,276 | |||||
Allowance for loan and lease losses | (225,141 | ) | (223,712 | ) | |||
Net loans and leases | 28,656,355 | 25,299,564 | |||||
Premises and equipment | 1,244,396 | 1,204,179 | |||||
Other real estate owned | 46,591 | 48,030 | |||||
Income earned not collected | 123,154 | 109,903 | |||||
Goodwill | 349,398 | 236,347 | |||||
Other intangible assets | 68,276 | 72,298 | |||||
Other assets | 610,891 | 433,595 | |||||
Total assets | $ | 39,824,496 | $ | 35,408,629 | |||
Liabilities | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 12,926,796 | $ | 11,882,670 | |||
Interest-bearing | 21,504,440 | 18,789,790 | |||||
Total deposits | 34,431,236 | 30,672,460 | |||||
Securities sold under customer repurchase agreements | 442,956 | 543,936 | |||||
Federal Home Loan Bank borrowings | 572,185 | 193,556 | |||||
Subordinated debentures | 163,412 | 140,741 | |||||
Other borrowings | 148,318 | 13,921 | |||||
FDIC shared-loss payable | 112,395 | 105,618 | |||||
Other liabilities | 367,810 | 249,443 | |||||
Total liabilities | 36,238,312 | 31,919,675 | |||||
Shareholders’ equity | |||||||
Common stock: | |||||||
Class A - $1 par value (16,000,000 shares authorized; 9,624,310 and 10,623,220 shares issued and outstanding at December 31, 2019 and December 31, 2018 respectively) | 9,624 | 10,623 | |||||
Class B - $1 par value (2,000,000 shares authorized; 1,005,185 shares issued and outstanding at December 31, 2019 and December 31, 2018) | 1,005 | 1,005 | |||||
Preferred stock - $0.01 par value (10,000,000 shares authorized; no shares issued and outstanding at December 31, 2019 and December 31, 2018) | — | — | |||||
Surplus | 44,081 | 493,962 | |||||
Retained earnings | 3,658,197 | 3,218,551 | |||||
Accumulated other comprehensive loss | (126,723 | ) | (235,187 | ) | |||
Total shareholders’ equity | 3,586,184 | 3,488,954 | |||||
Total liabilities and shareholders’ equity | $ | 39,824,496 | $ | 35,408,629 |
Year ended December 31 | Year ended December 31 | |||||||||||||||||||||||||||
(Dollars in thousands, except share and per share data) | 2019 | 2018 | 2017 | (Dollars in thousands, except share and per share data) | 2020 | 2019 | 2018 | |||||||||||||||||||||
Interest income | Interest income | |||||||||||||||||||||||||||
Loans and leases | $ | 1,217,306 | $ | 1,073,051 | $ | 955,637 | Loans and leases | $ | 1,332,720 | $ | 1,217,306 | $ | 1,073,051 | |||||||||||||||
Investment securities interest and dividend income | 160,460 | 150,709 | 121,207 | Investment securities interest and dividend income | 144,459 | 160,460 | 150,709 | |||||||||||||||||||||
Overnight investments | 26,245 | 21,997 | 26,846 | Overnight investments | 6,847 | 26,245 | 21,997 | |||||||||||||||||||||
Total interest income | 1,404,011 | 1,245,757 | 1,103,690 | Total interest income | 1,484,026 | 1,404,011 | 1,245,757 | |||||||||||||||||||||
Interest expense | Interest expense | |||||||||||||||||||||||||||
Deposits | 76,254 | 22,483 | 16,196 | Deposits | 66,635 | 76,254 | 22,483 | |||||||||||||||||||||
Securities sold under customer repurchase agreements | 1,995 | 1,594 | 1,767 | Securities sold under customer repurchase agreements | 1,610 | 1,995 | 1,594 | |||||||||||||||||||||
Federal Home Loan Bank borrowings | 5,472 | 5,801 | 19,915 | Federal Home Loan Bank borrowings | 9,763 | 5,472 | 5,801 | |||||||||||||||||||||
Subordinated debentures | 7,099 | 6,277 | 5,213 | |||||||||||||||||||||||||
Subordinated debt | Subordinated debt | 16,074 | 7,099 | 6,277 | ||||||||||||||||||||||||
Other borrowings | 1,822 | 702 | 703 | Other borrowings | 1,775 | 1,822 | 702 | |||||||||||||||||||||
Total interest expense | 92,642 | 36,857 | 43,794 | Total interest expense | 95,857 | 92,642 | 36,857 | |||||||||||||||||||||
Net interest income | 1,311,369 | 1,208,900 | 1,059,896 | Net interest income | 1,388,169 | 1,311,369 | 1,208,900 | |||||||||||||||||||||
Provision for loan and lease losses | 31,441 | 28,468 | 25,692 | |||||||||||||||||||||||||
Net interest income after provision for loan and lease losses | 1,279,928 | 1,180,432 | 1,034,204 | |||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 58,352 | 31,441 | 28,468 | ||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 1,329,817 | 1,279,928 | 1,180,432 | ||||||||||||||||||||||||
Noninterest income | Noninterest income | |||||||||||||||||||||||||||
Wealth management services | Wealth management services | 102,776 | 99,241 | 97,966 | ||||||||||||||||||||||||
Service charges on deposit accounts | 105,191 | 105,486 | 101,201 | Service charges on deposit accounts | 87,662 | 105,191 | 105,486 | |||||||||||||||||||||
Wealth management services | 99,241 | 97,966 | 86,719 | |||||||||||||||||||||||||
Cardholder services, net | 69,078 | 65,478 | 57,583 | Cardholder services, net | 74,291 | 69,078 | 65,478 | |||||||||||||||||||||
Mortgage income | Mortgage income | 39,592 | 21,126 | 16,433 | ||||||||||||||||||||||||
Other service charges and fees | 31,644 | 30,606 | 28,321 | Other service charges and fees | 30,911 | 31,644 | 30,606 | |||||||||||||||||||||
Merchant services, net | 24,304 | 24,504 | 22,678 | Merchant services, net | 24,122 | 24,304 | 24,504 | |||||||||||||||||||||
Mortgage income | 21,126 | 16,433 | 23,251 | |||||||||||||||||||||||||
Insurance commissions | 12,810 | 12,702 | 12,465 | Insurance commissions | 14,544 | 12,810 | 12,702 | |||||||||||||||||||||
ATM income | 6,296 | 7,980 | 9,143 | ATM income | 5,758 | 6,296 | 7,980 | |||||||||||||||||||||
Realized gains on investment securities available for sale, net | Realized gains on investment securities available for sale, net | 60,253 | 7,115 | 351 | ||||||||||||||||||||||||
Marketable equity securities gains (losses), net | 20,625 | (7,610 | ) | — | Marketable equity securities gains (losses), net | 29,395 | 20,625 | (7,610) | ||||||||||||||||||||
Realized gains on investment securities available for sale, net | 7,115 | 351 | 4,293 | |||||||||||||||||||||||||
Gain on extinguishment of debt | — | 26,553 | 12,483 | Gain on extinguishment of debt | 0 | 0 | 26,553 | |||||||||||||||||||||
Gain on acquisitions | — | — | 134,745 | |||||||||||||||||||||||||
Other | 18,431 | 19,700 | 29,081 | Other | 7,446 | 18,431 | 19,700 | |||||||||||||||||||||
Total noninterest income | 415,861 | 400,149 | 521,963 | Total noninterest income | 476,750 | 415,861 | 400,149 | |||||||||||||||||||||
Noninterest expense | Noninterest expense | |||||||||||||||||||||||||||
Salaries and wages | 551,112 | 527,691 | 490,610 | Salaries and wages | 590,020 | 551,112 | 527,691 | |||||||||||||||||||||
Employee benefits | 120,501 | 118,203 | 105,975 | Employee benefits | 132,244 | 120,501 | 118,203 | |||||||||||||||||||||
Occupancy expense | 111,179 | 109,169 | 104,690 | Occupancy expense | 117,169 | 111,179 | 109,169 | |||||||||||||||||||||
Equipment expense | 112,290 | 102,909 | 97,478 | Equipment expense | 115,535 | 112,290 | 102,909 | |||||||||||||||||||||
Processing fees paid to third parties | 29,552 | 30,017 | 25,673 | Processing fees paid to third parties | 44,791 | 29,552 | 30,017 | |||||||||||||||||||||
FDIC insurance expense | 10,664 | 18,890 | 22,191 | FDIC insurance expense | 12,701 | 10,664 | 18,890 | |||||||||||||||||||||
Collection and foreclosure-related expenses | 11,994 | 16,567 | 14,407 | Collection and foreclosure-related expenses | 13,658 | 11,994 | 16,567 | |||||||||||||||||||||
Merger-related expenses | 17,166 | 6,462 | 9,015 | Merger-related expenses | 17,450 | 17,166 | 6,462 | |||||||||||||||||||||
Other | 139,283 | 147,063 | 142,430 | Other | 145,117 | 139,283 | 147,063 | |||||||||||||||||||||
Total noninterest expense | 1,103,741 | 1,076,971 | 1,012,469 | Total noninterest expense | 1,188,685 | 1,103,741 | 1,076,971 | |||||||||||||||||||||
Income before income taxes | 592,048 | 503,610 | 543,698 | Income before income taxes | 617,882 | 592,048 | 503,610 | |||||||||||||||||||||
Income taxes | 134,677 | 103,297 | 219,946 | Income taxes | 126,159 | 134,677 | 103,297 | |||||||||||||||||||||
Net income | $ | 457,371 | $ | 400,313 | $ | 323,752 | Net income | $ | 491,723 | $ | 457,371 | $ | 400,313 | |||||||||||||||
Weighted average shares outstanding | 11,141,069 | 11,938,439 | 12,010,405 | |||||||||||||||||||||||||
Net income per share | $ | 41.05 | $ | 33.53 | $ | 29.96 | ||||||||||||||||||||||
Dividends declared per share | $ | 1.60 | $ | 1.45 | $ | 1.25 | ||||||||||||||||||||||
Less: Preferred stock dividends | Less: Preferred stock dividends | 14,062 | 0 | 0 | ||||||||||||||||||||||||
Net income available to common shareholders | Net income available to common shareholders | $ | 477,661 | $ | 457,371 | $ | 400,313 | |||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 10,056,654 | 11,141,069 | 11,938,439 | ||||||||||||||||||||||||
Earnings per common share | Earnings per common share | $ | 47.50 | $ | 41.05 | $ | 33.53 | |||||||||||||||||||||
Dividends declared per common share | Dividends declared per common share | 1.67 | 1.60 | 1.45 |
Year ended December 31 | |||||||||||
2019 | 2018 | 2017 | |||||||||
(Dollars in thousands) | |||||||||||
Net income | $ | 457,371 | $ | 400,313 | $ | 323,752 | |||||
Other comprehensive income (loss) | |||||||||||
Unrealized gains on securities available for sale: | |||||||||||
Unrealized gains on securities available for sale arising during the period | 64,644 | 29,170 | 28,166 | ||||||||
Tax effect | (14,868 | ) | (6,709 | ) | (10,531 | ) | |||||
Reclassification adjustment for realized gains on securities available for sale included in income before income taxes | (7,115 | ) | (351 | ) | (4,293 | ) | |||||
Tax effect | 1,636 | 81 | 1,588 | ||||||||
Unrealized gains on securities available for sale arising during the period, net of tax | 44,297 | 22,191 | 14,930 | ||||||||
Unrealized losses on securities available for sale transferred from (to) held to maturity: | |||||||||||
Unrealized losses on securities available for sale transferred from (to) held to maturity | 72,512 | (109,507 | ) | �� | |||||||
Tax effect | (16,678 | ) | 25,186 | — | |||||||
Reclassification adjustment for accretion of unrealized losses on securities available for sale transferred to held to maturity | 19,889 | 17,106 | — | ||||||||
Tax effect | (4,574 | ) | (3,934 | ) | — | ||||||
Total change in unrealized losses on securities available for sale transferred from (to) held to maturity, net of tax | 71,149 | (71,149 | ) | — | |||||||
Defined benefit pension items: | |||||||||||
Actuarial losses arising during the period | (20,049 | ) | (32,012 | ) | (12,945 | ) | |||||
Tax effect | 4,611 | 7,363 | 4,789 | ||||||||
Amortization of actuarial losses and prior service cost | 10,981 | 13,981 | 9,720 | ||||||||
Tax effect | (2,525 | ) | (3,216 | ) | (3,596 | ) | |||||
Total change from defined benefit plans, net of tax | (6,982 | ) | (13,884 | ) | (2,032 | ) | |||||
Other comprehensive income (loss) | 108,464 | (62,842 | ) | 12,898 | |||||||
Total comprehensive income | $ | 565,835 | $ | 337,471 | $ | 336,650 | |||||
Year ended December 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net income | $ | 491,723 | $ | 457,371 | $ | 400,313 | |||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized gains on securities available for sale: | |||||||||||||||||
Unrealized gains on securities available for sale arising during the period | 155,009 | 64,644 | 29,170 | ||||||||||||||
Tax effect | (35,652) | (14,868) | (6,709) | ||||||||||||||
Reclassification adjustment for realized gains on securities available for sale included in income before income taxes | (60,253) | (7,115) | (351) | ||||||||||||||
Tax effect | 13,858 | 1,636 | 81 | ||||||||||||||
Unrealized gains on securities available for sale arising during the period, net of tax | 72,962 | 44,297 | 22,191 | ||||||||||||||
Unrealized gains (losses) on securities available for sale transferred from/to held to maturity: | |||||||||||||||||
Unrealized gains (losses) on securities available for sale transferred from/to held to maturity | 5,894 | 72,512 | (109,507) | ||||||||||||||
Tax effect | (1,356) | (16,678) | 25,186 | ||||||||||||||
Reclassification adjustment for accretion of unrealized (gains) losses on securities available for sale transferred to held to maturity | (495) | 19,889 | 17,106 | ||||||||||||||
Tax effect | 114 | (4,574) | (3,934) | ||||||||||||||
Total change in unrealized gains (losses) on securities available for sale transferred to held to maturity, net of tax | 4,157 | 71,149 | (71,149) | ||||||||||||||
Defined benefit pension items: | |||||||||||||||||
Actuarial gains (losses) arising during the period | 55,023 | (20,049) | (32,012) | ||||||||||||||
Tax effect | (12,656) | 4,611 | 7,363 | ||||||||||||||
Amortization of actuarial losses and prior service cost | 25,324 | 10,981 | 13,981 | ||||||||||||||
Tax effect | (5,824) | (2,525) | (3,216) | ||||||||||||||
Total change from defined benefit plans, net of tax | 61,867 | (6,982) | (13,884) | ||||||||||||||
Other comprehensive income (loss) | 138,986 | 108,464 | (62,842) | ||||||||||||||
Total comprehensive income | $ | 630,709 | $ | 565,835 | $ | 337,471 | |||||||||||
Class A Common Stock | Class B Common Stock | Preferred Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
(Dollars in thousands, except share and per share data) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 11,005 | $ | 1,005 | $ | 0 | $ | 658,918 | $ | 2,785,430 | $ | (122,294) | $ | 3,334,064 | |||||||||||||||||||||||||||
Cumulative effect of adoption of ASU 2016-01 | — | — | — | — | 18,715 | (18,715) | — | ||||||||||||||||||||||||||||||||||
Cumulative effect of adoption of ASU 2018-02 | — | — | — | — | 31,336 | (31,336) | — | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 400,313 | — | 400,313 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (62,842) | (62,842) | ||||||||||||||||||||||||||||||||||
Repurchase of 382,000 shares of Class A common stock | (382) | — | — | (164,956) | — | — | (165,338) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($1.45 per common share) | |||||||||||||||||||||||||||||||||||||||||
Class A common stock | — | — | — | — | (15,785) | — | (15,785) | ||||||||||||||||||||||||||||||||||
Class B common stock | — | — | — | — | (1,458) | — | (1,458) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 10,623 | 1,005 | 0 | 493,962 | 3,218,551 | (235,187) | 3,488,954 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 457,371 | — | 457,371 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 108,464 | 108,464 | ||||||||||||||||||||||||||||||||||
Repurchase of 998,910 shares of Class A common stock | (999) | — | — | (449,881) | — | — | (450,880) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($1.60 per common share) | |||||||||||||||||||||||||||||||||||||||||
Class A common stock | — | — | — | — | (16,117) | — | (16,117) | ||||||||||||||||||||||||||||||||||
Class B common stock | 0 | 0 | — | 0 | (1,608) | 0 | (1,608) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 9,624 | 1,005 | 0 | 44,081 | 3,658,197 | (126,723) | 3,586,184 | ||||||||||||||||||||||||||||||||||
Cumulative effect of adoption of ASC 326 | — | — | — | — | 36,943 | — | 36,943 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 491,723 | — | 491,723 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 138,986 | 138,986 | ||||||||||||||||||||||||||||||||||
Issuance of preferred stock | — | — | 339,937 | — | — | — | 339,937 | ||||||||||||||||||||||||||||||||||
Repurchase of 813,090 shares of Class A common stock | (813) | — | — | (44,081) | (288,861) | — | (333,755) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($1.67 per common share) | |||||||||||||||||||||||||||||||||||||||||
Class A common stock | — | — | — | — | (15,010) | — | (15,010) | ||||||||||||||||||||||||||||||||||
Class B common stock | — | — | — | — | (1,678) | — | (1,678) | ||||||||||||||||||||||||||||||||||
Preferred stock dividends declared | — | — | — | — | (14,062) | — | (14,062) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 8,811 | $ | 1,005 | $ | 339,937 | $ | 0 | $ | 3,867,252 | $ | 12,263 | $ | 4,229,268 |
Class A Common Stock | Class B Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | ||||||||||||||||||
(Dollars in thousands, except share and per share data) | |||||||||||||||||||||||
Balance at December 31, 2016 | $ | 11,005 | $ | 1,005 | $ | 658,918 | $ | 2,476,691 | $ | (135,192 | ) | $ | 3,012,427 | ||||||||||
Net income | — | — | — | 323,752 | — | 323,752 | |||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 12,898 | 12,898 | |||||||||||||||||
Cash dividends declared ($1.25 per share) | |||||||||||||||||||||||
Class A common stock | — | — | — | (13,757 | ) | — | (13,757 | ) | |||||||||||||||
Class B common stock | — | — | — | (1,256 | ) | — | (1,256 | ) | |||||||||||||||
Balance at December 31, 2017 | 11,005 | 1,005 | 658,918 | 2,785,430 | (122,294 | ) | 3,334,064 | ||||||||||||||||
Cumulative effect of adoption of ASU 2016-01 | — | — | — | 18,715 | (18,715 | ) | — | ||||||||||||||||
Cumulative effect of adoption of ASU 2018-02 | — | — | — | 31,336 | (31,336 | ) | — | ||||||||||||||||
Net income | — | — | — | 400,313 | — | 400,313 | |||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (62,842 | ) | (62,842 | ) | |||||||||||||||
Repurchase of 382,000 shares of Class A common stock | (382 | ) | — | (164,956 | ) | — | — | (165,338 | ) | ||||||||||||||
Cash dividends declared ($1.45 per share) | |||||||||||||||||||||||
Class A common stock | — | — | — | (15,785 | ) | — | (15,785 | ) | |||||||||||||||
Class B common stock | — | — | — | (1,458 | ) | — | (1,458 | ) | |||||||||||||||
Balance at December 31, 2018 | 10,623 | 1,005 | 493,962 | 3,218,551 | (235,187 | ) | 3,488,954 | ||||||||||||||||
Net income | — | — | — | 457,371 | — | 457,371 | |||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 108,464 | 108,464 | |||||||||||||||||
Repurchase of 998,910 shares of Class A common stock | (999 | ) | — | (449,881 | ) | — | — | (450,880 | ) | ||||||||||||||
Cash dividends declared ($1.60 per share) | |||||||||||||||||||||||
Class A common stock | — | — | — | (16,117 | ) | — | (16,117 | ) | |||||||||||||||
Class B common stock | — | — | — | (1,608 | ) | — | (1,608 | ) | |||||||||||||||
Balance at December 31, 2019 | $ | 9,624 | $ | 1,005 | $ | 44,081 | $ | 3,658,197 | $ | (126,723 | ) | $ | 3,586,184 |
Year ended December 31 | Year ended December 31 | |||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | (Dollars in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||
Net income | $ | 457,371 | $ | 400,313 | $ | 323,752 | Net income | $ | 491,723 | $ | 457,371 | $ | 400,313 | |||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||||||||||||
Provision for loan and lease losses | 31,441 | 28,468 | 25,692 | |||||||||||||||||||||||||
Deferred tax expense (benefit) | 54,598 | (13,377 | ) | 125,838 | ||||||||||||||||||||||||
Net (increase) decrease in current taxes receivable | (19,564 | ) | 23,353 | (10,616 | ) | |||||||||||||||||||||||
Provision for credit losses on loans and leases | Provision for credit losses on loans and leases | 58,352 | 31,441 | 28,468 | ||||||||||||||||||||||||
Deferred tax (benefit) expense | Deferred tax (benefit) expense | (25,535) | 54,598 | (13,377) | ||||||||||||||||||||||||
Net (increase) decrease in current tax receivable | Net (increase) decrease in current tax receivable | (5,894) | (19,564) | 23,353 | ||||||||||||||||||||||||
Depreciation and amortization | 103,828 | 96,781 | 90,804 | Depreciation and amortization | 108,641 | 103,828 | 96,781 | |||||||||||||||||||||
Net increase (decrease) in accrued interest payable | 14,412 | (240 | ) | 155 | ||||||||||||||||||||||||
Net (decrease) increase in accrued interest payable | Net (decrease) increase in accrued interest payable | (8,683) | 14,412 | (240) | ||||||||||||||||||||||||
Net increase in income earned not collected | (4,151 | ) | (10,785 | ) | (8,899 | ) | Net increase in income earned not collected | (21,982) | (4,151) | (10,785) | ||||||||||||||||||
Gain on acquisitions | — | — | (134,745 | ) | ||||||||||||||||||||||||
Contribution to pension plans | Contribution to pension plans | (100,000) | (3,592) | (50,000) | ||||||||||||||||||||||||
Realized gains on investment securities available for sale, net | (7,115 | ) | (351 | ) | (4,293 | ) | Realized gains on investment securities available for sale, net | (60,253) | (7,115) | (351) | ||||||||||||||||||
Marketable equity securities (gains) losses, net | (20,625 | ) | 7,610 | — | Marketable equity securities (gains) losses, net | (29,395) | (20,625) | 7,610 | ||||||||||||||||||||
Gain on extinguishment of debt | — | (26,553 | ) | (919 | ) | Gain on extinguishment of debt | 0 | 0 | (26,553) | |||||||||||||||||||
Origination of loans held for sale | (736,015 | ) | (593,307 | ) | (622,503 | ) | Origination of loans held for sale | (1,078,096) | (736,015) | (593,307) | ||||||||||||||||||
Proceeds from sale of loans held for sale | 731,803 | 608,549 | 660,808 | Proceeds from sale of loans held for sale | 1,045,937 | 731,803 | 608,549 | |||||||||||||||||||||
Gain on sale of loans held for sale | (14,884 | ) | (11,210 | ) | (14,843 | ) | ||||||||||||||||||||||
Gain on sale of portfolio loans | (299 | ) | — | (1,007 | ) | |||||||||||||||||||||||
Gain on sale of loans | Gain on sale of loans | (37,594) | (15,183) | (11,210) | ||||||||||||||||||||||||
Net write-downs/losses on other real estate owned | 2,664 | 4,390 | 4,460 | Net write-downs/losses on other real estate owned | 4,056 | 2,664 | 4,390 | |||||||||||||||||||||
Losses (gains) on premises and equipment | 4,115 | 2,452 | (524 | ) | ||||||||||||||||||||||||
Net accretion of premiums and discounts | (34,040 | ) | (36,567 | ) | (40,028 | ) | Net accretion of premiums and discounts | (8,513) | (27,263) | (32,291) | ||||||||||||||||||
Amortization of intangible assets | 23,861 | 23,648 | 22,842 | Amortization of intangible assets | 32,801 | 23,861 | 23,648 | |||||||||||||||||||||
Net change in FDIC payable for shared-loss agreements | 6,777 | 4,276 | 4,334 | |||||||||||||||||||||||||
Net change in mortgage servicing rights | (5,927 | ) | (5,258 | ) | (7,178 | ) | Net change in mortgage servicing rights | (12,149) | (5,927) | (5,258) | ||||||||||||||||||
Net change in other assets | (28,097 | ) | (3,961 | ) | (31,933 | ) | Net change in other assets | (7,286) | (24,274) | (5,076) | ||||||||||||||||||
Net change in other liabilities | (19,584 | ) | (40,895 | ) | (25,939 | ) | Net change in other liabilities | (6,115) | (15,992) | 9,105 | ||||||||||||||||||
Net cash provided by operating activities | 540,569 | 457,336 | 355,258 | Net cash provided by operating activities | 340,015 | 540,277 | 453,769 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||
Net increase in loans outstanding | (1,282,880 | ) | (1,023,885 | ) | (1,213,686 | ) | Net increase in loans outstanding | (3,803,188) | (1,282,880) | (1,023,885) | ||||||||||||||||||
Purchases of investment securities available for sale | (4,705,038 | ) | (1,451,287 | ) | (3,648,312 | ) | Purchases of investment securities available for sale | (8,678,543) | (4,705,038) | (1,451,287) | ||||||||||||||||||
Purchases of investment securities held to maturity | (223,598 | ) | (97,827 | ) | — | Purchases of investment securities held to maturity | (1,633,165) | (223,598) | (97,827) | |||||||||||||||||||
Purchases of marketable equity securities | (26,166 | ) | (2,818 | ) | — | Purchases of marketable equity securities | (333,140) | (26,166) | (2,818) | |||||||||||||||||||
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 341,077 | 296,632 | 22 | Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 301,347 | 341,077 | 296,632 | |||||||||||||||||||||
Proceeds from maturities, calls, and principal repayments of investment securities available for sale | 2,345,512 | 1,664,730 | 1,842,563 | Proceeds from maturities, calls, and principal repayments of investment securities available for sale | 2,791,291 | 2,345,512 | 1,664,730 | |||||||||||||||||||||
Proceeds from sales of investment securities available for sale | 2,308,856 | 360,218 | 1,345,746 | Proceeds from sales of investment securities available for sale | 4,585,002 | 2,308,856 | 360,218 | |||||||||||||||||||||
Proceeds from sales of marketable equity securities | 56,749 | 9,528 | — | Proceeds from sales of marketable equity securities | 352,835 | 56,749 | 9,528 | |||||||||||||||||||||
Net (increase) decrease in overnight investments | (65,181 | ) | 601,979 | 586,279 | Net (increase) decrease in overnight investments | (3,204,363) | (65,181) | 601,979 | ||||||||||||||||||||
Proceeds from sales of portfolio loans | 24,247 | 9,591 | 162,649 | |||||||||||||||||||||||||
Cash paid to FDIC for shared-loss agreements | (292 | ) | (3,567 | ) | (7,725 | ) | ||||||||||||||||||||||
Proceeds from sales of loans held for investment | Proceeds from sales of loans held for investment | 13,368 | 24,247 | 9,591 | ||||||||||||||||||||||||
Cash paid to FDIC for settlement of shared-loss agreement | Cash paid to FDIC for settlement of shared-loss agreement | (99,468) | 0 | 0 | ||||||||||||||||||||||||
Proceeds from sales of other real estate owned | 25,918 | 28,128 | 40,709 | Proceeds from sales of other real estate owned | 28,280 | 25,918 | 28,128 | |||||||||||||||||||||
Proceeds from sales of premises and equipment | 132 | 1,721 | 3,061 | Proceeds from sales of premises and equipment | 1,369 | 132 | 1,721 | |||||||||||||||||||||
Purchases of premises and equipment | (121,077 | ) | (140,444 | ) | (84,798 | ) | Purchases of premises and equipment | (133,384) | (121,077) | (140,444) | ||||||||||||||||||
Business acquisitions, net of cash acquired | (236,728 | ) | (155,126 | ) | 304,820 | Business acquisitions, net of cash acquired | (59,999) | (236,728) | (155,126) | |||||||||||||||||||
Net cash (used in) provided by investing activities | (1,558,469 | ) | 97,573 | (668,672 | ) | Net cash (used in) provided by investing activities | (9,871,758) | (1,558,177) | 101,140 | |||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||
Net increase (decrease) in time deposits | 284,611 | 33,023 | (538,250 | ) | ||||||||||||||||||||||||
Net (decrease) increase in time deposits | Net (decrease) increase in time deposits | (1,010,190) | 284,611 | 33,023 | ||||||||||||||||||||||||
Net increase in demand and other interest-bearing deposits | 1,154,815 | 457,196 | 539,120 | Net increase in demand and other interest-bearing deposits | 9,989,107 | 1,154,815 | 457,196 | |||||||||||||||||||||
Net decrease in short-term borrowings | (27,703 | ) | (246,517 | ) | (44,680 | ) | Net decrease in short-term borrowings | (96,746) | (27,703) | (246,517) | ||||||||||||||||||
Repayment of long-term obligations | (73,284 | ) | (752,447 | ) | (6,955 | ) | Repayment of long-term obligations | (86,737) | (73,284) | (752,447) | ||||||||||||||||||
Origination of long-term obligations | 200,000 | 125,000 | 175,000 | Origination of long-term obligations | 400,000 | 200,000 | 125,000 | |||||||||||||||||||||
Net proceeds from subordinated notes issuance | Net proceeds from subordinated notes issuance | 345,849 | 0 | 0 | ||||||||||||||||||||||||
Net proceeds from preferred stock issuance | Net proceeds from preferred stock issuance | 339,937 | 0 | 0 | ||||||||||||||||||||||||
Repurchase of common stock | (453,123 | ) | (163,095 | ) | — | Repurchase of common stock | (333,755) | (453,123) | (163,095) | |||||||||||||||||||
Cash dividends paid | (18,137 | ) | (16,779 | ) | (14,412 | ) | Cash dividends paid | (30,393) | (18,137) | (16,779) | ||||||||||||||||||
Net cash provided by (used in) financing activities | 1,067,179 | (563,619 | ) | 109,823 | Net cash provided by (used in) financing activities | 9,517,072 | 1,067,179 | (563,619) | ||||||||||||||||||||
Change in cash and due from banks | 49,279 | (8,710 | ) | (203,591 | ) | Change in cash and due from banks | (14,671) | 49,279 | (8,710) | |||||||||||||||||||
Cash and due from banks at beginning of period | 327,440 | 336,150 | 539,741 | Cash and due from banks at beginning of period | 376,719 | 327,440 | 336,150 | |||||||||||||||||||||
Cash and due from banks at end of period | $ | 376,719 | $ | 327,440 | $ | 336,150 | Cash and due from banks at end of period | $ | 362,048 | $ | 376,719 | $ | 327,440 | |||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||||||
Interest | $ | 78,230 | $ | 37,097 | $ | 43,639 | Interest | $ | 104,567 | $ | 78,230 | $ | 37,097 | |||||||||||||||
Income taxes | 83,038 | 73,806 | 88,565 | Income taxes | 116,583 | 83,038 | 73,806 | |||||||||||||||||||||
Noncash investing and financing activities: | ||||||||||||||||||||||||||||
Significant noncash investing and financing activities: | Significant noncash investing and financing activities: | |||||||||||||||||||||||||||
Transfers of loans to other real estate | 14,639 | 23,375 | 34,980 | Transfers of loans to other real estate | 11,635 | 14,639 | 23,375 | |||||||||||||||||||||
Dividends declared but not paid | 4,256 | 4,668 | 4,204 | Dividends declared but not paid | 4,613 | 4,256 | 4,668 | |||||||||||||||||||||
Unsettled maturities of investment securities | — | — | 100,000 | |||||||||||||||||||||||||
Unsettled sales of investment securities | — | — | 208,464 | |||||||||||||||||||||||||
Net reclassification of portfolio loans to (from) loans held for sale | 22,034 | (2,433 | ) | 161,719 | ||||||||||||||||||||||||
Transfer of investment securities available for sale (from) to held to maturity | (2,080,617 | ) | 2,485,761 | — | ||||||||||||||||||||||||
Net reclassification of portfolio loans from (to) loans held for sale | Net reclassification of portfolio loans from (to) loans held for sale | 1,687 | 22,034 | (2,433) | ||||||||||||||||||||||||
Transfer of investment securities available for sale to (from) held to maturity | Transfer of investment securities available for sale to (from) held to maturity | 1,460,745 | (2,080,617) | 2,485,761 | ||||||||||||||||||||||||
Transfer of investment securities available for sale to marketable equity securities | — | 107,578 | — | Transfer of investment securities available for sale to marketable equity securities | 0 | 0 | 107,578 | |||||||||||||||||||||
Transfers of premises and equipment to other real estate | 7,045 | 1,622 | — | Transfers of premises and equipment to other real estate | 15,187 | 7,045 | 1,622 | |||||||||||||||||||||
Premises and equipment acquired through capital leases and other financing arrangements | — | 12,196 | 5,327 | |||||||||||||||||||||||||
Premises and equipment acquired through finance leases and other financing arrangements | Premises and equipment acquired through finance leases and other financing arrangements | 0 | 0 | 12,196 | ||||||||||||||||||||||||
Unsettled common stock repurchases | — | 2,243 | — | Unsettled common stock repurchases | 0 | 0 | 2,243 | |||||||||||||||||||||
Initial recognition of operating lease assets | 70,652 | — | — | |||||||||||||||||||||||||
Initial recognition of operating lease liabilities | 71,793 | — | — |
(Dollars in thousands) | As recorded by FCB | ||||||||||
Purchase price | $ | 2,320 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 1,085 | |||||||||
Overnight investments | 35,129 | ||||||||||
Investment securities | 30,146 | ||||||||||
Loans | 133,989 | ||||||||||
Premises and equipment | 7,624 | ||||||||||
Other real estate owned | 9,813 | ||||||||||
Income earned not collected | 558 | ||||||||||
Intangible assets | 536 | ||||||||||
Other assets | 2,520 | ||||||||||
Total assets acquired | 221,400 | ||||||||||
Liabilities | |||||||||||
Deposits | 209,340 | ||||||||||
Borrowings | 9,925 | ||||||||||
Other liabilities | 501 | ||||||||||
Total liabilities assumed | $ | 219,766 | |||||||||
Fair value of net assets acquired | 1,634 | ||||||||||
Goodwill recorded for Community Financial | $ | 686 |
(Dollars in thousands) | As recorded by FCB | |||||||
Purchase price | $ | 222,750 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 59,815 | ||||||
Overnight investments | 242,770 | |||||||
Investment securities | 227,834 | |||||||
Loans | 1,031,186 | |||||||
Premises and equipment | 24,458 | |||||||
Other real estate owned | 1,846 | |||||||
Income earned not collected | 5,447 | |||||||
Intangible assets | 6,899 | |||||||
Other assets | 81,069 | |||||||
Total assets acquired | 1,681,324 | |||||||
Liabilities | ||||||||
Deposits | 1,326,967 | |||||||
Borrowings | 169,433 | |||||||
Other liabilities | 14,808 | |||||||
Total liabilities assumed | $ | 1,511,208 | ||||||
Fair value of net assets acquired | 170,116 | |||||||
Goodwill recorded for Entegra | $ | 52,634 |
(Dollars in thousands) | As recorded by FCB | |||||||
Purchase price | $ | 37,486 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 4,633 | ||||||
Overnight investments | 3,188 | |||||||
Investment securities | 23,512 | |||||||
Loans | 179,243 | |||||||
Premises and equipment | 4,944 | |||||||
Other real estate owned | 1,567 | |||||||
Income earned not collected | 604 | |||||||
Intangible assets | 2,268 | |||||||
Other assets | 19,192 | |||||||
Total assets acquired | 239,151 | |||||||
Liabilities | ||||||||
Deposits | 207,556 | |||||||
Borrowings | 5,155 | |||||||
Other liabilities | 2,850 | |||||||
Total liabilities assumed | $ | 215,561 | ||||||
Fair value of net assets acquired | 23,590 | |||||||
Goodwill recorded for First South Bancorp | $ | 13,896 |
(Dollars in thousands) | As recorded by FCB | ||||||
Purchase price | $ | 118,949 | |||||
Assets | |||||||
Cash and due from banks | $ | 78,010 | |||||
Overnight investments | 306 | ||||||
Investment securities held to maturity | 34,539 | ||||||
Loans | 863,384 | ||||||
Premises and equipment | 1,533 | ||||||
Other real estate owned | 2,046 | ||||||
Income earned not collected | 3,049 | ||||||
Intangible assets | 4,745 | ||||||
Other assets | 41,572 | ||||||
Total assets acquired | 1,029,184 | ||||||
Liabilities | |||||||
Deposits | 786,512 | ||||||
Borrowings | 157,415 | ||||||
Accrued interest payable | — | ||||||
Other liabilities | 12,829 | ||||||
Total liabilities assumed | $ | 956,756 | |||||
Fair value of net assets acquired | 72,428 | ||||||
Goodwill recorded for Biscayne Bancshares | $ | 46,521 |
December 31, 2019 | |||||||||||||||
(Dollars in thousands) | Cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 409,397 | $ | 602 | $ | — | $ | 409,999 | |||||||
Government agency | 684,085 | 928 | 2,241 | 682,772 | |||||||||||
Residential mortgage-backed securities | 5,269,060 | 13,417 | 15,387 | 5,267,090 | |||||||||||
Commercial mortgage-backed securities | 373,105 | 6,974 | 59 | 380,020 | |||||||||||
Corporate bonds | 198,278 | 3,420 | 132 | 201,566 | |||||||||||
State, county and municipal | 118,227 | — | — | 118,227 | |||||||||||
Total investment securities available for sale | $ | 7,052,152 | $ | 25,341 | $ | 17,819 | $ | 7,059,674 | |||||||
Investment in marketable equity securities | 59,262 | 23,304 | 233 | 82,333 | |||||||||||
Investment securities held to maturity | |||||||||||||||
Other | 30,996 | — | — | 30,996 | |||||||||||
Total investment securities | $ | 7,142,410 | $ | 48,645 | $ | 18,052 | $ | 7,173,003 | |||||||
December 31, 2018 | |||||||||||||||
Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 1,249,243 | $ | 633 | $ | 2,166 | $ | 1,247,710 | |||||||
Government agency | 257,252 | 222 | 639 | 256,835 | |||||||||||
Residential mortgage-backed securities | 2,956,793 | 5,309 | 52,763 | 2,909,339 | |||||||||||
Corporate bonds | 143,829 | 261 | 864 | 143,226 | |||||||||||
Total investment securities available for sale | $ | 4,607,117 | $ | 6,425 | $ | 56,432 | $ | 4,557,110 | |||||||
Investment in marketable equity securities | 73,809 | 19,010 | 220 | 92,599 | |||||||||||
Investment securities held to maturity | |||||||||||||||
Residential mortgage-backed securities | 2,087,024 | 16,592 | 490 | 2,103,126 | |||||||||||
Commercial mortgage-backed securities | 97,629 | 747 | — | 98,376 | |||||||||||
Total investment securities held to maturity | 2,184,653 | 17,339 | 490 | 2,201,502 | |||||||||||
Total investment securities | $ | 6,865,579 | $ | 42,774 | $ | 57,142 | $ | 6,851,211 |
December 31, 2020 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Cost | Gross unrealized gains | Gross unrealized losses | Allowance for credit losses | Fair value | ||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 499,832 | $ | 101 | $ | 0 | $ | 0 | $ | 499,933 | |||||||||||||||||||
Government agency | 706,241 | 723 | 5,573 | 0 | 701,391 | ||||||||||||||||||||||||
Residential mortgage-backed securities | 4,369,130 | 70,283 | 1,310 | 0 | 4,438,103 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | 745,892 | 25,645 | 0 | 0 | 771,537 | ||||||||||||||||||||||||
Corporate bonds | 590,870 | 14,437 | 2,028 | 0 | 603,279 | ||||||||||||||||||||||||
Total investment securities available for sale | $ | 6,911,965 | $ | 111,189 | $ | 8,911 | $ | 0 | $ | 7,014,243 | |||||||||||||||||||
Investment in marketable equity securities | 84,837 | 8,654 | 1,811 | 91,680 | |||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1,877,692 | 17,689 | 0 | 0 | 1,895,381 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | 937,034 | 3,884 | 56 | 0 | 940,862 | ||||||||||||||||||||||||
Other | 2,256 | 0 | 0 | 0 | 2,256 | ||||||||||||||||||||||||
Total investment securities held to maturity | 2,816,982 | 21,573 | 56 | 0 | 2,838,499 | ||||||||||||||||||||||||
Total investment securities | $ | 9,813,784 | $ | 141,416 | $ | 10,778 | $ | 0 | $ | 9,944,422 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||
Cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 409,397 | $ | 602 | $ | 0 | $ | 409,999 | |||||||||||||||||||||
Government agency | 684,085 | 928 | 2,241 | 682,772 | |||||||||||||||||||||||||
Residential mortgage-backed securities | 5,269,060 | 13,417 | 15,387 | 5,267,090 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | 373,105 | 6,974 | 59 | 380,020 | |||||||||||||||||||||||||
Corporate bonds | 198,278 | 3,420 | 132 | 201,566 | |||||||||||||||||||||||||
State, county and municipal | 118,227 | 0 | 0 | 118,227 | |||||||||||||||||||||||||
Total investment securities available for sale | $ | 7,052,152 | $ | 25,341 | $ | 17,819 | $ | 7,059,674 | |||||||||||||||||||||
Investment in marketable equity securities | 59,262 | 23,304 | 233 | 82,333 | |||||||||||||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||||||||
Other | 30,996 | 0 | 0 | 30,996 | |||||||||||||||||||||||||
Total investment securities | $ | 7,142,410 | $ | 48,645 | $ | 18,052 | $ | 7,173,003 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Fair value | Cost | Fair value | |||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Non-amortizing securities maturing in: | |||||||||||||||||||||||
One year or less | $ | 500,846 | $ | 500,954 | $ | 406,325 | $ | 406,927 | |||||||||||||||
One through five years | 72,565 | 73,881 | 24,496 | 24,971 | |||||||||||||||||||
Five through 10 years | 508,320 | 519,570 | 185,209 | 187,868 | |||||||||||||||||||
Over 10 years | 8,971 | 8,807 | 109,872 | 110,026 | |||||||||||||||||||
Government agency | 706,241 | 701,391 | 684,085 | 682,772 | |||||||||||||||||||
Residential mortgage-backed securities | 4,369,130 | 4,438,103 | 5,269,060 | 5,267,090 | |||||||||||||||||||
Commercial mortgage-backed securities | 745,892 | 771,537 | 373,105 | 380,020 | |||||||||||||||||||
Total investment securities available for sale | $ | 6,911,965 | $ | 7,014,243 | $ | 7,052,152 | $ | 7,059,674 | |||||||||||||||
Investment securities held to maturity | |||||||||||||||||||||||
Non-amortizing securities maturing in: | |||||||||||||||||||||||
One year or less | $ | 1,507 | $ | 1,507 | $ | 30,746 | $ | 30,746 | |||||||||||||||
One through five years | 749 | 749 | 250 | 250 | |||||||||||||||||||
Residential mortgage-backed securities | 1,877,692 | 1,895,381 | 0 | 0 | |||||||||||||||||||
Commercial mortgage-backed securities | 937,034 | 940,862 | 0 | 0 | |||||||||||||||||||
Total investment securities held to maturity | $ | 2,816,982 | $ | 2,838,499 | $ | 30,996 | $ | 30,996 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
(Dollars in thousands) | Cost | Fair value | Cost | Fair value | |||||||||||
Investment securities available for sale | |||||||||||||||
Non-amortizing securities maturing in: | |||||||||||||||
One year or less | $ | 406,325 | $ | 406,927 | $ | 1,049,253 | $ | 1,047,380 | |||||||
One through five years | 24,496 | 24,971 | 205,526 | 205,805 | |||||||||||
Five through 10 years | 185,209 | 187,868 | 134,370 | 133,626 | |||||||||||
Over 10 years | 109,872 | 110,026 | 3,923 | 4,125 | |||||||||||
Government agency | 684,085 | 682,772 | 257,252 | 256,835 | |||||||||||
Residential mortgage-backed securities | 5,269,060 | 5,267,090 | 2,956,793 | 2,909,339 | |||||||||||
Commercial mortgage-backed securities | 373,105 | 380,020 | — | — | |||||||||||
Total investment securities available for sale | $ | 7,052,152 | $ | 7,059,674 | $ | 4,607,117 | $ | 4,557,110 | |||||||
Investment securities held to maturity | |||||||||||||||
Non-amortizing securities maturing in: | |||||||||||||||
One year or less | 30,746 | 30,746 | — | — | |||||||||||
One through five years | 250 | 250 | — | — | |||||||||||
Residential mortgage-backed securities | — | — | 2,087,024 | 2,103,126 | |||||||||||
Commercial mortgage-backed securities | — | — | 97,629 | 98,376 | |||||||||||
Total investment securities held to maturity | $ | 30,996 | $ | 30,996 | $ | 2,184,653 | $ | 2,201,502 |
Year ended December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Gross gains on retirement/sales of investment securities available for sale | $ | 60,932 | $ | 8,993 | $ | 353 | |||||||||||
Gross losses on sales of investment securities available for sale | (679) | (1,878) | (2) | ||||||||||||||
Realized gains on investment securities available for sale, net | $ | 60,253 | $ | 7,115 | $ | 351 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Gross gains on retirement/sales of investment securities available for sale | $ | 8,993 | $ | 353 | $ | 11,635 | |||||
Gross losses on sales of investment securities available for sale | (1,878 | ) | (2 | ) | (7,342 | ) | |||||
Realized gains on investment securities available for sale, net | $ | 7,115 | $ | 351 | $ | 4,293 |
Year ended December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Marketable equity securities gains (losses), net | $ | 29,395 | $ | 20,625 | $ | (7,610) | |||||||||||
Less net gains recognized on marketable equity securities sold | 44,550 | 16,344 | 1,190 | ||||||||||||||
Unrealized (losses) gains recognized on marketable equity securities held | $ | (15,155) | $ | 4,281 | $ | (8,800) |
Year ended December 31 | |||||||
(Dollars in thousands) | 2019 | 2018 | |||||
Marketable equity securities gains (losses), net | $ | 20,625 | $ | (7,610 | ) | ||
Less net gains recognized on marketable equity securities sold | 16,344 | 1,190 | |||||
Unrealized (losses) gains recognized on marketable equity securities held | $ | 4,281 | $ | (8,800 | ) |
December 31, 2019 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
Government agency | $ | 347,081 | $ | 1,827 | $ | 63,947 | $ | 414 | $ | 411,028 | $ | 2,241 | |||||||||||
Residential mortgage-backed securities | 2,387,293 | 14,016 | 264,257 | 1,371 | 2,651,550 | 15,387 | |||||||||||||||||
Commercial mortgage-backed securities | 35,926 | 59 | — | — | 35,926 | 59 | |||||||||||||||||
Corporate bonds | 7,714 | 123 | 4,749 | 9 | 12,463 | 132 | |||||||||||||||||
Total | $ | 2,778,014 | $ | 16,025 | $ | 332,953 | $ | 1,794 | $ | 3,110,967 | $ | 17,819 | |||||||||||
December 31, 2018 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | 248,983 | $ | 113 | $ | 848,622 | $ | 2,053 | $ | 1,097,605 | $ | 2,166 | |||||||||||
Government agency | 115,273 | 601 | 2,310 | 38 | 117,583 | 639 | |||||||||||||||||
Residential mortgage-backed securities | 262,204 | 2,387 | 1,940,695 | 50,376 | 2,202,899 | 52,763 | |||||||||||||||||
Corporate bonds | 79,066 | 842 | 5,000 | 22 | 84,066 | 864 | |||||||||||||||||
Total | $ | 705,526 | $ | 3,943 | $ | 2,796,627 | $ | 52,489 | $ | 3,502,153 | $ | 56,432 | |||||||||||
Investment securities held to maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 5,111 | $ | 181 | $ | 10,131 | $ | 309 | $ | 15,242 | $ | 490 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
Government agency | $ | 268,622 | $ | 3,197 | $ | 328,777 | $ | 2,376 | $ | 597,399 | $ | 5,573 | |||||||||||||||||||||||
Residential mortgage-backed securities | 433,816 | 1,241 | 23,064 | 69 | 456,880 | 1,310 | |||||||||||||||||||||||||||||
Corporate bonds | 57,715 | 2,028 | 0 | 0 | 57,715 | 2,028 | |||||||||||||||||||||||||||||
Total | $ | 760,153 | $ | 6,466 | $ | 351,841 | $ | 2,445 | $ | 1,111,994 | $ | 8,911 | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||||||||||||||
Government agency | $ | 347,081 | $ | 1,827 | $ | 63,947 | $ | 414 | $ | 411,028 | $ | 2,241 | |||||||||||||||||||||||
Residential mortgage-backed securities | 2,387,293 | 14,016 | 264,257 | 1,371 | 2,651,550 | 15,387 | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 35,926 | 59 | 0 | 0 | 35,926 | 59 | |||||||||||||||||||||||||||||
Corporate bonds | 7,714 | 123 | 4,749 | 9 | 12,463 | 132 | |||||||||||||||||||||||||||||
Total | $ | 2,778,014 | $ | 16,025 | $ | 332,953 | $ | 1,794 | $ | 3,110,967 | $ | 17,819 | |||||||||||||||||||||||
(Dollars in thousands) | December 31, 2019 | December 31, 2018 | |||||
Non-PCI loans and leases: | |||||||
Commercial: | |||||||
Construction and land development | $ | 1,013,454 | $ | 757,854 | |||
Commercial mortgage | 12,282,635 | 10,717,234 | |||||
Other commercial real estate | 542,028 | 426,985 | |||||
Commercial and industrial and leases | 4,403,792 | 3,938,730 | |||||
Other | 310,093 | 296,424 | |||||
Total commercial loans | 18,552,002 | 16,137,227 | |||||
Noncommercial: | |||||||
Residential mortgage | 5,293,917 | 4,265,687 | |||||
Revolving mortgage | 2,339,072 | 2,542,975 | |||||
Construction and land development | 357,385 | 257,030 | |||||
Consumer | 1,780,404 | 1,713,781 | |||||
Total noncommercial loans | 9,770,778 | 8,779,473 | |||||
Total non-PCI loans and leases | 28,322,780 | 24,916,700 | |||||
Total PCI loans | 558,716 | 606,576 | |||||
Total loans and leases | $ | 28,881,496 | $ | 25,523,276 |
(Dollars in thousands) | December 31, 2020 | ||||||||||
Commercial: | |||||||||||
Construction and land development | $ | 985,424 | |||||||||
Owner occupied commercial mortgage | 11,165,012 | ||||||||||
Non-owner occupied commercial mortgage | 2,987,689 | ||||||||||
Commercial and industrial and leases | 5,013,644 | ||||||||||
SBA-PPP | 2,406,291 | ||||||||||
Total commercial loans | 22,558,060 | ||||||||||
Consumer: | |||||||||||
Residential mortgage | 5,561,686 | ||||||||||
Revolving mortgage | 2,052,854 | ||||||||||
Construction and land development | 348,123 | ||||||||||
Consumer auto | 1,255,402 | ||||||||||
Consumer other | 552,968 | ||||||||||
Total consumer loans | 9,771,033 | ||||||||||
Total non-PCD loans and leases | 32,329,093 | ||||||||||
PCD loans | 462,882 | ||||||||||
Total loans and leases | $ | 32,791,975 |
(Dollars in thousands) | December 31, 2019 | ||||||||||
Commercial: | |||||||||||
Construction and land development | $ | 1,013,454 | |||||||||
Commercial mortgage | 12,282,635 | ||||||||||
Other commercial real estate | 542,028 | ||||||||||
Commercial and industrial and leases | 4,403,792 | ||||||||||
Other | 310,093 | ||||||||||
Total commercial loans | 18,552,002 | ||||||||||
Noncommercial: | |||||||||||
Residential mortgage | 5,293,917 | ||||||||||
Revolving mortgage | 2,339,072 | ||||||||||
Construction and land development | 357,385 | ||||||||||
Consumer | 1,780,404 | ||||||||||
Total noncommercial loans | 9,770,778 | ||||||||||
Total non-PCI loans and leases | 28,322,780 | ||||||||||
PCI loans | 558,716 | ||||||||||
Total loans and leases | $ | 28,881,496 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days past due | 60-89 days past due | 90 days or greater | Total past due | Current | Total loans and leases | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 956 | $ | 527 | $ | 1,603 | $ | 3,086 | $ | 982,338 | $ | 985,424 | |||||||||||||||||||||||
Owner occupied commercial mortgage | 8,757 | 2,232 | 14,082 | 25,071 | 11,139,941 | 11,165,012 | |||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | 12,370 | 0 | 5,973 | 18,343 | 2,969,346 | 2,987,689 | |||||||||||||||||||||||||||||
Commercial and industrial and leases | 14,532 | 2,842 | 3,243 | 20,617 | 4,993,027 | 5,013,644 | |||||||||||||||||||||||||||||
SBA-PPP | 0 | 0 | 0 | 0 | 2,406,291 | 2,406,291 | |||||||||||||||||||||||||||||
Total commercial loans | 36,615 | 5,601 | 24,901 | 67,117 | 22,490,943 | 22,558,060 | |||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 43,218 | 8,364 | 31,690 | 83,272 | 5,478,414 | 5,561,686 | |||||||||||||||||||||||||||||
Revolving mortgage | 11,977 | 2,626 | 7,415 | 22,018 | 2,030,836 | 2,052,854 | |||||||||||||||||||||||||||||
Construction and land development | 932 | 77 | 330 | 1,339 | 346,784 | 348,123 | |||||||||||||||||||||||||||||
Consumer auto | 6,825 | 1,835 | 1,076 | 9,736 | 1,245,666 | 1,255,402 | |||||||||||||||||||||||||||||
Consumer other | 3,610 | 1,464 | 1,505 | 6,579 | 546,389 | 552,968 | |||||||||||||||||||||||||||||
Total consumer loans | 66,562 | 14,366 | 42,016 | 122,944 | 9,648,089 | 9,771,033 | |||||||||||||||||||||||||||||
PCD loans | 18,322 | 6,076 | 31,026 | 55,424 | 407,458 | 462,882 | |||||||||||||||||||||||||||||
Total loans and leases | $ | 121,499 | $ | 26,043 | $ | 97,943 | $ | 245,485 | $ | 32,546,490 | $ | 32,791,975 | |||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days past due | 60-89 days past due | 90 days or greater | Total past due | Current | Total loans and leases | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 3,146 | $ | 195 | $ | 2,702 | $ | 6,043 | $ | 1,007,411 | $ | 1,013,454 | |||||||||||||||||||||||
Commercial mortgage | 20,389 | 8,774 | 8,319 | 37,482 | 12,245,153 | 12,282,635 | |||||||||||||||||||||||||||||
Other commercial real estate | 861 | 331 | 698 | 1,890 | 540,138 | 542,028 | |||||||||||||||||||||||||||||
Commercial and industrial and leases | 18,269 | 4,842 | 5,032 | 28,143 | 4,375,649 | 4,403,792 | |||||||||||||||||||||||||||||
Other | 51 | 411 | 126 | 588 | 309,505 | 310,093 | |||||||||||||||||||||||||||||
Total commercial loans | 42,716 | 14,553 | 16,877 | 74,146 | 18,477,856 | 18,552,002 | |||||||||||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 45,839 | 18,289 | 24,409 | 88,537 | 5,205,380 | 5,293,917 | |||||||||||||||||||||||||||||
Revolving mortgage | 9,729 | 3,468 | 9,865 | 23,062 | 2,316,010 | 2,339,072 | |||||||||||||||||||||||||||||
Construction and land development | 977 | 218 | 1,797 | 2,992 | 354,393 | 357,385 | |||||||||||||||||||||||||||||
Consumer | 10,481 | 3,746 | 3,571 | 17,798 | 1,762,606 | 1,780,404 | |||||||||||||||||||||||||||||
Total noncommercial loans | 67,026 | 25,721 | 39,642 | 132,389 | 9,638,389 | 9,770,778 | |||||||||||||||||||||||||||||
PCI loans | 26,478 | 10,784 | 28,973 | 66,235 | 492,481 | 558,716 | |||||||||||||||||||||||||||||
Total loans and leases | $ | 136,220 | $ | 51,058 | $ | 85,492 | $ | 272,770 | $ | 28,608,726 | $ | 28,881,496 |
January 1, 2020(1) | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual loans and leases | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | |||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 4,281 | $ | 1,661 | $ | 0 | ||||||||||||||||||||||||||||||||
Owner occupied commercial mortgage | 24,476 | 23,103 | 3,625 | |||||||||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | 5,965 | 7,932 | 147 | |||||||||||||||||||||||||||||||||||
Commercial and industrial and leases | 7,685 | 10,626 | 540 | |||||||||||||||||||||||||||||||||||
Total commercial loans | 42,407 | 43,322 | 4,312 | |||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Residential mortgage | 44,357 | 66,345 | 0 | |||||||||||||||||||||||||||||||||||
Revolving mortgage | 22,411 | 22,236 | 0 | |||||||||||||||||||||||||||||||||||
Construction and land development | 2,828 | 652 | 0 | |||||||||||||||||||||||||||||||||||
Consumer auto | 2,145 | 3,166 | 0 | |||||||||||||||||||||||||||||||||||
Consumer other | 798 | 823 | 1,195 | |||||||||||||||||||||||||||||||||||
Total consumer loans | 72,539 | 93,222 | 1,195 | |||||||||||||||||||||||||||||||||||
PCD loans | 53,771 | 54,939 | 355 | |||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 168,717 | $ | 191,483 | $ | 5,862 | ||||||||||||||||||||||||||||||||
(1)Upon the adoption of ASC 326, BancShares eliminated the pooling of PCI loans and as a result $47.0 million in additional PCD loans were recognized as nonaccrual loans at January 1, 2020. As of December 31, 2020, $24.9 million of these loans remained outstanding. |
December 31, 2019 | |||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 4,281 | $ | 0 | |||||||||||||||||||
Commercial mortgage | 29,733 | 0 | |||||||||||||||||||||
Commercial and industrial and leases | 7,365 | 1,094 | |||||||||||||||||||||
Other commercial real estate | 708 | 0 | |||||||||||||||||||||
Other | 320 | 0 | |||||||||||||||||||||
Total commercial loans | 42,407 | 1,094 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Construction and land development | 2,828 | 0 | |||||||||||||||||||||
Residential mortgage | 44,357 | 45 | |||||||||||||||||||||
Revolving mortgage | 22,411 | 0 | |||||||||||||||||||||
Consumer | 2,943 | 2,152 | |||||||||||||||||||||
Total noncommercial loans | 72,539 | 2,197 | |||||||||||||||||||||
Total non-PCI loans and leases | $ | 114,946 | $ | 3,291 |
Commercial Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification: | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving | Revolving converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 342,183 | $ | 341,233 | $ | 190,429 | $ | 50,776 | $ | 23,969 | $ | 11,306 | $ | 10,969 | $ | 0 | $ | 970,865 | |||||||||||||||||||||||||||||||||||
Special Mention | 246 | 0 | 6,421 | 5,342 | 0 | 0 | 153 | 0 | 12,162 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 229 | 629 | 1,450 | 0 | 8 | 81 | 0 | 0 | 2,397 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 342,658 | 341,862 | 198,300 | 56,118 | 23,977 | 11,387 | 11,122 | 0 | 985,424 | ||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 3,183,467 | 2,201,165 | 1,625,141 | 1,301,412 | 1,049,858 | 1,454,020 | 101,556 | 133 | 10,916,752 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 6,274 | 20,702 | 36,739 | 12,387 | 17,699 | 25,693 | 5,115 | 72 | 124,681 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 10,280 | 19,052 | 9,842 | 20,928 | 13,736 | 41,303 | 8,438 | 0 | 123,579 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 3,200,021 | 2,240,919 | 1,671,722 | 1,334,727 | 1,081,293 | 1,521,016 | 115,109 | 205 | 11,165,012 | ||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 865,514 | 609,975 | 378,136 | 331,800 | 282,810 | 391,517 | 32,149 | 0 | 2,891,901 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 569 | 905 | 10,794 | 1,808 | 5,121 | 3,279 | 483 | 0 | 22,959 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 2,899 | 18,546 | 12,296 | 8,764 | 14,087 | 15,427 | 810 | 0 | 72,829 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 868,982 | 629,426 | 401,226 | 342,372 | 302,018 | 410,223 | 33,442 | 0 | 2,987,689 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial and leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,620,622 | 983,852 | 504,463 | 310,468 | 234,735 | 286,996 | 899,978 | 5,520 | 4,846,634 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 3,146 | 17,065 | 7,265 | 5,393 | 3,307 | 4,912 | 9,152 | 189 | 50,429 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 17,811 | 4,095 | 4,370 | 4,257 | 2,548 | 3,801 | 22,384 | 983 | 60,249 | ||||||||||||||||||||||||||||||||||||||||||||
Ungraded | 0 | 0 | 0 | 0 | 0 | 0 | 56,332 | 0 | 56,332 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 1,641,579 | 1,005,012 | 516,098 | 320,118 | 240,590 | 295,709 | 987,846 | 6,692 | 5,013,644 | ||||||||||||||||||||||||||||||||||||||||||||
SBA-PPP | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,406,291 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,406,291 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 8,459,531 | $ | 4,217,219 | $ | 2,787,346 | $ | 2,053,335 | $ | 1,647,878 | $ | 2,238,335 | $ | 1,147,519 | $ | 6,897 | $ | 22,558,060 | |||||||||||||||||||||||||||||||||||
Consumer and PCD Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past Due: | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving | Revolving converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 1,882,683 | $ | 978,298 | $ | 655,798 | $ | 596,309 | $ | 461,719 | $ | 878,634 | $ | 24,973 | $ | 0 | $ | 5,478,414 | |||||||||||||||||||||||||||||||||||
30-59 days | 2,278 | 4,573 | 11,463 | 3,772 | 8,613 | 12,299 | 220 | 0 | 43,218 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 30 | 100 | 1,246 | 1,449 | 834 | 4,705 | 0 | 0 | 8,364 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 282 | 4,831 | 3,150 | 4,015 | 5,689 | 13,723 | 0 | 0 | 31,690 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 1,885,273 | 987,802 | 671,657 | 605,545 | 476,855 | 909,361 | 25,193 | 0 | 5,561,686 | ||||||||||||||||||||||||||||||||||||||||||||
Revolving mortgage | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 0 | 0 | 0 | 0 | 0 | 0 | 1,879,968 | 150,868 | 2,030,836 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 0 | 0 | 0 | 0 | 0 | 0 | 8,241 | 3,736 | 11,977 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 0 | 0 | 0 | 0 | 0 | 0 | 527 | 2,099 | 2,626 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 0 | 0 | 0 | 0 | 0 | 0 | 2,301 | 5,114 | 7,415 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 0 | 0 | 0 | 0 | 0 | 0 | 1,891,037 | 161,817 | 2,052,854 | ||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 215,112 | 85,707 | 24,860 | 10,269 | 6,093 | 2,218 | 2,525 | 0 | 346,784 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 0 | 420 | 121 | 370 | 0 | 21 | 0 | 0 | 932 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 0 | 0 | 0 | 9 | 0 | 68 | 0 | 0 | 77 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 0 | 0 | 0 | 0 | 0 | 330 | 0 | 0 | 330 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 215,112 | 86,127 | 24,981 | 10,648 | 6,093 | 2,637 | 2,525 | 0 | 348,123 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer auto | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 521,719 | 340,594 | 219,597 | 104,280 | 49,872 | 9,604 | 0 | 0 | 1,245,666 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 2,175 | 1,873 | 1,257 | 842 | 544 | 134 | 0 | 0 | 6,825 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 329 | 689 | 312 | 351 | 109 | 45 | 0 | 0 | 1,835 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 170 | 527 | 217 | 57 | 102 | 3 | 0 | 0 | 1,076 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 524,393 | 343,683 | 221,383 | 105,530 | 50,627 | 9,786 | 0 | 0 | 1,255,402 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 53,842 | 27,117 | 10,911 | 7,159 | 2,980 | 29,336 | 415,044 | 0 | 546,389 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 322 | 114 | 77 | 18 | 11 | 7 | 3,061 | 0 | 3,610 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 102 | 20 | 13 | 18 | 3 | 23 | 1,285 | 0 | 1,464 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 53 | 84 | 8 | 0 | 0 | 0 | 1,360 | 0 | 1,505 | ||||||||||||||||||||||||||||||||||||||||||||
Total | 54,319 | 27,335 | 11,009 | 7,195 | 2,994 | 29,366 | 420,750 | 0 | 552,968 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 2,679,097 | 1,444,947 | 929,030 | 728,918 | 536,569 | 951,150 | 2,339,505 | 161,817 | 9,771,033 | ||||||||||||||||||||||||||||||||||||||||||||
PCD loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 31,475 | 25,425 | 27,183 | 27,955 | 28,995 | 232,186 | 13,212 | 21,027 | 407,458 | ||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 999 | 925 | 801 | 718 | 1,341 | 12,637 | 156 | 745 | 18,322 | ||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 447 | 81 | 312 | 695 | 97 | 4,098 | 9 | 337 | 6,076 | ||||||||||||||||||||||||||||||||||||||||||||
90 days or greater | 721 | 2,325 | 4,755 | 1,208 | 897 | 19,963 | 111 | 1,046 | 31,026 | ||||||||||||||||||||||||||||||||||||||||||||
Total PCD | 33,642 | 28,756 | 33,051 | 30,576 | 31,330 | 268,884 | 13,488 | 23,155 | 462,882 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases | $ | 11,172,270 | $ | 5,690,922 | $ | 3,749,427 | $ | 2,812,829 | $ | 2,215,777 | $ | 3,458,369 | $ | 3,500,512 | $ | 191,869 | $ | 32,791,975 |
December 31, 2019 | |||||||||||||||||||||||
Non-PCI commercial loans and leases | |||||||||||||||||||||||
(Dollars in thousands) | Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Total non-PCI commercial loans and leases | |||||||||||||||||
Pass | $ | 1,004,922 | $ | 12,050,799 | $ | 536,682 | $ | 4,256,456 | $ | 308,796 | $ | 18,157,655 | |||||||||||
Special mention | 2,577 | 115,164 | 3,899 | 44,604 | 622 | 166,866 | |||||||||||||||||
Substandard | 5,955 | 116,672 | 1,447 | 34,148 | 675 | 158,897 | |||||||||||||||||
Doubtful | — | — | — | 3 | — | 3 | |||||||||||||||||
Ungraded | — | — | — | 68,581 | — | 68,581 | |||||||||||||||||
Total | $ | 1,013,454 | $ | 12,282,635 | $ | 542,028 | $ | 4,403,792 | $ | 310,093 | $ | 18,552,002 | |||||||||||
December 31, 2018 | |||||||||||||||||||||||
Non-PCI commercial loans and leases | |||||||||||||||||||||||
Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Total non-PCI commercial loans and leases | ||||||||||||||||||
Pass | $ | 753,985 | $ | 10,507,687 | $ | 422,500 | $ | 3,778,797 | $ | 294,700 | $ | 15,757,669 | |||||||||||
Special mention | 1,369 | 114,219 | 3,193 | 54,814 | 1,105 | 174,700 | |||||||||||||||||
Substandard | 2,500 | 92,743 | 1,292 | 30,688 | 619 | 127,842 | |||||||||||||||||
Doubtful | — | — | — | 354 | — | 354 | |||||||||||||||||
Ungraded | — | 2,585 | — | 74,077 | — | 76,662 | |||||||||||||||||
Total | $ | 757,854 | $ | 10,717,234 | $ | 426,985 | $ | 3,938,730 | $ | 296,424 | $ | 16,137,227 |
December 31, 2019 | |||||||||||||||||||
Non-PCI noncommercial loans and leases | |||||||||||||||||||
(Dollars in thousands) | Residential mortgage | Revolving mortgage | Construction and land development | Consumer | Total non-PCI noncommercial loans and leases | ||||||||||||||
Current | $ | 5,205,380 | $ | 2,316,010 | $ | 354,393 | $ | 1,762,606 | $ | 9,638,389 | |||||||||
30-59 days past due | 45,839 | 9,729 | 977 | 10,481 | 67,026 | ||||||||||||||
60-89 days past due | 18,289 | 3,468 | 218 | 3,746 | 25,721 | ||||||||||||||
90 days or greater past due | 24,409 | 9,865 | 1,797 | 3,571 | 39,642 | ||||||||||||||
Total | $ | 5,293,917 | $ | 2,339,072 | $ | 357,385 | $ | 1,780,404 | $ | 9,770,778 | |||||||||
December 31, 2018 | |||||||||||||||||||
Non-PCI noncommercial loans and leases | |||||||||||||||||||
Residential mortgage | Revolving mortgage | Construction and land development | Consumer | Total non-PCI noncommercial loans and leases | |||||||||||||||
Current | $ | 4,214,783 | $ | 2,514,269 | $ | 254,837 | $ | 1,696,321 | $ | 8,680,210 | |||||||||
30-59 days past due | 28,239 | 12,585 | 581 | 10,035 | 51,440 | ||||||||||||||
60-89 days past due | 7,357 | 4,490 | 21 | 3,904 | 15,772 | ||||||||||||||
90 days or greater past due | 15,308 | 11,631 | 1,591 | 3,521 | 32,051 | ||||||||||||||
Total | $ | 4,265,687 | $ | 2,542,975 | $ | 257,030 | $ | 1,713,781 | $ | 8,779,473 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | PCI | Total commercial loans and leases | ||||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,004,922 | $ | 12,050,799 | $ | 536,682 | $ | 4,256,456 | $ | 308,796 | $ | 148,412 | $ | 18,306,067 | |||||||||||||||||||||||||||
Special mention | 2,577 | 115,164 | 3,899 | 44,604 | 622 | 44,290 | 211,156 | ||||||||||||||||||||||||||||||||||
Substandard | 5,955 | 116,672 | 1,447 | 34,148 | 675 | 87,970 | 246,867 | ||||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 3 | 0 | 3,657 | 3,660 | ||||||||||||||||||||||||||||||||||
Ungraded | 0 | 0 | 0 | 68,581 | 0 | 0 | 68,581 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,013,454 | $ | 12,282,635 | $ | 542,028 | $ | 4,403,792 | $ | 310,093 | $ | 284,329 | $ | 18,836,331 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Noncommercial loans and leases | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Residential mortgage | Revolving mortgage | Construction and land development | Consumer | PCI | Total noncommercial loans and leases | |||||||||||||||||||||||||||||
Days past due: | |||||||||||||||||||||||||||||||||||
Current | $ | 5,205,380 | $ | 2,316,010 | $ | 354,393 | $ | 1,762,606 | $ | 240,995 | $ | 9,879,384 | |||||||||||||||||||||||
30-59 days past due | 45,839 | 9,729 | 977 | 10,481 | 13,764 | 80,790 | |||||||||||||||||||||||||||||
60-89 days past due | 18,289 | 3,468 | 218 | 3,746 | 5,608 | 31,329 | |||||||||||||||||||||||||||||
90 days or greater past due | 24,409 | 9,865 | 1,797 | 3,571 | 14,020 | 53,662 | |||||||||||||||||||||||||||||
Total | $ | 5,293,917 | $ | 2,339,072 | $ | 357,385 | $ | 1,780,404 | $ | 274,387 | $ | 10,045,165 |
(Dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||
FHLB of Atlanta | |||||||||||
Lendable collateral value of pledged non-PCD loans | $ | 8,637,844 | $ | 6,574,636 | |||||||
Less: advances | 652,675 | 563,690 | |||||||||
Available borrowing capacity | $ | 7,985,169 | $ | 6,010,946 | |||||||
Pledged non-PCD loans | $ | 12,157,153 | $ | 9,407,688 | |||||||
FRB | |||||||||||
Lendable collateral value of pledged non-PCD loans | $ | 3,321,762 | $ | 2,981,712 | |||||||
Less: advances | — | — | |||||||||
Available borrowing capacity | $ | 3,321,762 | $ | 2,981,712 | |||||||
Pledged non-PCD loans | $ | 4,104,866 | $ | 3,684,919 |
(Dollars in thousands) | Community Financial | ||||||||||||||||
Contractually required payments | $ | 25,635 | |||||||||||||||
Initial PCD allowance | 1,193 | ||||||||||||||||
Discount | 1,055 | ||||||||||||||||
Fair value at acquisition date | $ | 23,387 |
December 31, 2019 | December 31, 2018 | ||||||
(Dollars in thousands) | PCI commercial loans | ||||||
Pass | $ | 148,412 | $ | 141,922 | |||
Special mention | 44,290 | 48,475 | |||||
Substandard | 87,970 | 101,447 | |||||
Doubtful | 3,657 | 4,828 | |||||
Ungraded | — | — | |||||
Total | $ | 284,329 | $ | 296,672 |
December 31, 2019 | December 31, 2018 | ||||||
(Dollars in thousands) | PCI noncommercial loans | ||||||
Current | $ | 240,995 | $ | 268,280 | |||
30-89 days past due | 13,764 | 11,155 | |||||
60-89 days past due | 5,608 | 7,708 | |||||
90 days or greater past due | 14,020 | 22,761 | |||||
Total | $ | 274,387 | $ | 309,904 |
(Dollars in thousands) | Community Financial | ||||||||||||||||
Commercial: | |||||||||||||||||
Construction and land development | $ | 9,428 | |||||||||||||||
Owner occupied commercial mortgage | 31,473 | ||||||||||||||||
Non-owner occupied commercial mortgage | 25,143 | ||||||||||||||||
Commercial and industrial and leases | 15,065 | ||||||||||||||||
Total commercial loans | 81,109 | ||||||||||||||||
Consumer: | |||||||||||||||||
Residential mortgage | 21,168 | ||||||||||||||||
Revolving mortgage | 2,084 | ||||||||||||||||
Construction and land development | 5,254 | ||||||||||||||||
Consumer auto | 294 | ||||||||||||||||
Consumer other | 693 | ||||||||||||||||
Total consumer loans | 29,493 | ||||||||||||||||
Total non-PCD loans | $ | 110,602 |
December 31, 2019 | |||||||||||||||||||||||
(Dollars in thousands) | 30-59 days past due | 60-89 days past due | 90 days or greater | Total past due | Current | Total loans and leases | |||||||||||||||||
Non-PCI loans and leases: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 3,146 | $ | 195 | $ | 2,702 | $ | 6,043 | $ | 1,007,411 | $ | 1,013,454 | |||||||||||
Commercial mortgage | 20,389 | 8,774 | 8,319 | 37,482 | 12,245,153 | 12,282,635 | |||||||||||||||||
Other commercial real estate | 861 | 331 | 698 | 1,890 | 540,138 | 542,028 | |||||||||||||||||
Commercial and industrial and leases | 18,269 | 4,842 | 5,032 | 28,143 | 4,375,649 | 4,403,792 | |||||||||||||||||
Other | 51 | 411 | 126 | 588 | 309,505 | 310,093 | |||||||||||||||||
Total commercial loans | 42,716 | 14,553 | 16,877 | 74,146 | 18,477,856 | 18,552,002 | |||||||||||||||||
Noncommercial: | |||||||||||||||||||||||
Residential mortgage | 45,839 | 18,289 | 24,409 | 88,537 | 5,205,380 | 5,293,917 | |||||||||||||||||
Revolving mortgage | 9,729 | 3,468 | 9,865 | 23,062 | 2,316,010 | 2,339,072 | |||||||||||||||||
Construction and land development | 977 | 218 | 1,797 | 2,992 | 354,393 | 357,385 | |||||||||||||||||
Consumer | 10,481 | 3,746 | 3,571 | 17,798 | 1,762,606 | 1,780,404 | |||||||||||||||||
Total noncommercial loans | 67,026 | 25,721 | 39,642 | 132,389 | 9,638,389 | 9,770,778 | |||||||||||||||||
Total non-PCI loans and leases | $ | 109,742 | $ | 40,274 | $ | 56,519 | $ | 206,535 | $ | 28,116,245 | $ | 28,322,780 | |||||||||||
December 31, 2018 | |||||||||||||||||||||||
30-59 days past due | 60-89 days past due | 90 days or greater | Total past due | Current | Total loans and leases | ||||||||||||||||||
Non-PCI loans and leases: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 516 | $ | 9 | $ | 444 | $ | 969 | $ | 756,885 | $ | 757,854 | |||||||||||
Commercial mortgage | 14,200 | 2,066 | 3,237 | 19,503 | 10,697,731 | 10,717,234 | |||||||||||||||||
Other commercial real estate | 91 | 76 | 300 | 467 | 426,518 | 426,985 | |||||||||||||||||
Commercial and industrial and leases | 9,655 | 1,759 | 2,892 | 14,306 | 3,924,424 | 3,938,730 | |||||||||||||||||
Other | 285 | — | 89 | 374 | 296,050 | 296,424 | |||||||||||||||||
Total commercial loans | 24,747 | 3,910 | 6,962 | 35,619 | 16,101,608 | 16,137,227 | |||||||||||||||||
Noncommercial: | |||||||||||||||||||||||
Residential mortgage | 28,239 | 7,357 | 15,308 | 50,904 | 4,214,783 | 4,265,687 | |||||||||||||||||
Revolving mortgage | 12,585 | 4,490 | 11,631 | 28,706 | 2,514,269 | 2,542,975 | |||||||||||||||||
Construction and land development | 581 | 21 | 1,591 | 2,193 | 254,837 | 257,030 | |||||||||||||||||
Consumer | 10,035 | 3,904 | 3,521 | 17,460 | 1,696,321 | 1,713,781 | |||||||||||||||||
Total noncommercial loans | 51,440 | 15,772 | 32,051 | 99,263 | 8,680,210 | 8,779,473 | |||||||||||||||||
Total non-PCI loans and leases | $ | 76,187 | $ | 19,682 | $ | 39,013 | $ | 134,882 | $ | 24,781,818 | 24,916,700 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Owner occupied commercial mortgage | Non-owner occupied commercial mortgage | Commercial and industrial and leases | Residential mortgage | Revolving mortgage | Construction and land development - consumer | Consumer auto | Consumer other | PCD | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 33,213 | $ | 36,444 | $ | 11,102 | $ | 61,610 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 4,292 | $ | 30,301 | $ | 7,536 | $ | 225,141 | |||||||||||||||||||||||||||||||||||||||||||
Adoption of ASC 326 | (31,061) | (19,316) | 460 | (37,637) | 17,118 | 3,665 | (1,291) | 1,100 | 10,037 | 19,001 | (37,924) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | 2,152 | 17,128 | 11,562 | 23,973 | 35,350 | 23,367 | 1,418 | 5,392 | 40,338 | 26,537 | 187,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 4,301 | 6,729 | 12,917 | 13,816 | 9,684 | 1,134 | 266 | 6,297 | 10,410 | (7,202) | 58,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance on PCD loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,193 | 1,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (138) | (593) | (1,951) | (14,904) | (1,653) | (1,662) | (70) | (3,646) | (17,188) | (3,300) | (45,105) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 431 | 401 | 124 | 4,894 | 717 | 1,918 | 117 | 1,417 | 5,879 | 6,759 | 22,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 6,746 | $ | 23,665 | $ | 22,652 | $ | 27,779 | $ | 44,098 | $ | 24,757 | $ | 1,731 | $ | 9,460 | $ | 39,439 | $ | 23,987 | $ | 224,314 |
Years ended December 31, 2019 and 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Residential mortgage | Revolving mortgage | Construction and land development - non- commercial | Consumer | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | $ | 24,470 | $ | 45,005 | $ | 4,571 | $ | 59,824 | $ | 4,689 | $ | 15,706 | $ | 22,436 | $ | 3,962 | $ | 31,204 | $ | 10,026 | $ | 221,893 | |||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | 10,533 | (1,490) | (2,171) | 2,511 | (2,827) | 897 | 1,112 | (1,520) | 22,187 | (765) | 28,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (44) | (1,140) | (69) | (10,211) | (130) | (1,689) | (3,235) | (219) | (22,817) | (117) | (39,671) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 311 | 1,076 | 150 | 3,496 | 489 | 558 | 1,549 | 127 | 5,267 | 0 | 13,023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 35,270 | 43,451 | 2,481 | 55,620 | 2,221 | 15,472 | 21,862 | 2,350 | 35,841 | 9,144 | 223,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credits) | (2,171) | 2,384 | (285) | 14,212 | (754) | 3,481 | (788) | 359 | 16,611 | (1,608) | 31,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (196) | (1,096) | 0 | (13,352) | (100) | (1,137) | (2,584) | 0 | (24,562) | 0 | (43,027) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 310 | 596 | 15 | 2,894 | 869 | 416 | 1,212 | 0 | 6,703 | 0 | 13,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 33,213 | $ | 45,335 | $ | 2,211 | $ | 59,374 | $ | 2,236 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 34,593 | $ | 7,536 | $ | 225,141 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Year ended December 31, 2020 | ||||
Allowance for credit losses: | |||||
Balance at December 31, 2019 | $ | 1,055 | |||
Adoption of ASC 326 | 8,885 | ||||
Balance at January 1, 2020 | $ | 9,940 | |||
Provision | 2,874 | ||||
Balance at December 31, 2020 | 12,814 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
(Dollars in thousands) | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | Nonaccrual loans and leases | Loans and leases > 90 days and accruing | |||||||||||
Commercial: | |||||||||||||||
Construction and land development | $ | 4,281 | $ | — | $ | 666 | $ | — | |||||||
Commercial mortgage | 29,733 | — | 12,594 | — | |||||||||||
Commercial and industrial and leases | 7,365 | 1,094 | 4,624 | 808 | |||||||||||
Other commercial real estate | 708 | — | 366 | — | |||||||||||
Other | 320 | — | 279 | — | |||||||||||
Total commercial loans | 42,407 | 1,094 | 18,529 | 808 | |||||||||||
Noncommercial: | |||||||||||||||
Construction and land development | 2,828 | — | 1,823 | — | |||||||||||
Residential mortgage | 44,357 | 45 | 35,662 | — | |||||||||||
Revolving mortgage | 22,411 | — | 25,563 | — | |||||||||||
Consumer | 2,943 | 2,152 | 2,969 | 2,080 | |||||||||||
Total noncommercial loans | 72,539 | 2,197 | 66,017 | 2,080 | |||||||||||
Total non-PCI loans and leases | $ | 114,946 | $ | 3,291 | $ | 84,546 | $ | 2,888 |
2019 | 2018 | ||||||||||||||||||||||
(Dollars in thousands) | Entegra | First South Bancorp | Biscayne Bancshares | Palmetto Heritage | Capital Commerce | HomeBancorp | |||||||||||||||||
Contractually required payments | $ | 1,135,451 | $ | 175,465 | $ | 1,078,854 | $ | 142,413 | $ | 198,568 | $ | 710,876 | |||||||||||
Fair value at acquisition date | 953,679 | 162,845 | 850,352 | 131,283 | 173,354 | 550,618 |
2019 | 2018 | ||||||||||||||||||||||
(Dollars in thousands) | Entegra | First South Bancorp | Biscayne Bancshares | Palmetto Heritage | Capital Commerce | HomeBancorp | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 92,495 | $ | 8,663 | $ | 15,647 | $ | 13,186 | $ | 10,299 | $ | 525 | |||||||||||
Commercial mortgage | 381,729 | 74,713 | 203,605 | 29,225 | 57,049 | 188,688 | |||||||||||||||||
Other commercial real estate | 28,678 | 7,509 | 98,107 | 753 | 6,370 | 55,183 | |||||||||||||||||
Commercial and industrial and leases | 27,062 | 40,208 | 28,135 | 8,153 | 34,301 | 7,931 | |||||||||||||||||
Other | 4,741 | — | — | 1,039 | — | — | |||||||||||||||||
Total commercial loans and leases | 534,705 | 131,093 | 345,494 | 52,356 | 108,019 | 252,327 | |||||||||||||||||
Noncommercial: | |||||||||||||||||||||||
Residential mortgage | 310,039 | 24,641 | 405,419 | 59,076 | 50,630 | 296,273 | |||||||||||||||||
Revolving mortgage | 36,701 | 2,162 | 54,081 | 6,175 | 2,552 | 51 | |||||||||||||||||
Construction and land development | 51,786 | 3,552 | 31,668 | 11,103 | 11,173 | — | |||||||||||||||||
Consumer | 20,448 | 1,397 | 13,690 | 2,573 | 980 | 1,967 | |||||||||||||||||
Total noncommercial loans and leases | 418,974 | 31,752 | 504,858 | 78,927 | 65,335 | 298,291 | |||||||||||||||||
Total non-PCI loans | $ | 953,679 | $ | 162,845 | $ | 850,352 | $ | 131,283 | $ | 173,354 | $ | 550,618 |
(Dollars in thousands) | Collateral-Dependant Loans | Net Realizable Value of Collateral | Collateral Coverage | Allowance for Credit Losses | |||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Construction and land development | $ | 1,424 | $ | 1,795 | 126.1 | % | $ | 0 | |||||||||||||||
Owner occupied commercial mortgage | 9,792 | 14,253 | 145.6 | 0 | |||||||||||||||||||
Non-owner occupied commercial mortgage | 5,556 | 7,577 | 136.4 | 0 | |||||||||||||||||||
Total commercial loans | 16,772 | 23,625 | 140.9 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Residential mortgage | 23,011 | 29,775 | 129.4 | 131 | |||||||||||||||||||
Total non-PCD loans | 39,783 | 53,400 | 134.2 | 131 | |||||||||||||||||||
PCD | 19,042 | 27,872 | 146.4 | 0 | |||||||||||||||||||
Total collateral-dependent loans | $ | 58,825 | $ | 81,272 | 138.2 | % | $ | 131 |
2019 | 2018 | ||||||||||||||||||||||
(Dollars in thousands) | Entegra | First South Bancorp | Biscayne Bancshares | Palmetto Heritage | Capital Commerce | HomeBancorp | |||||||||||||||||
Contractually required payments | $ | 103,441 | $ | 23,389 | $ | 19,720 | $ | 4,783 | $ | 13,871 | $ | 26,651 | |||||||||||
Cash flows expected to be collected | 82,503 | 21,392 | 16,815 | 4,112 | 11,814 | 19,697 | |||||||||||||||||
Fair value at acquisition date | 77,507 | 16,398 | 13,032 | 3,863 | 10,772 | 15,555 |
2019 | 2018 | ||||||||||||||||||||||
(Dollars in thousands) | Entegra | First South Bancorp | Biscayne Bancshares | Palmetto Heritage | Capital Commerce | HomeBancorp | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 10,326 | $ | 1,233 | $ | — | $ | 212 | $ | 1,482 | $ | — | |||||||||||
Commercial mortgage | 30,316 | 9,355 | 7,589 | 1,053 | 1,846 | 7,815 | |||||||||||||||||
Other commercial real estate | 1,734 | — | — | — | — | — | |||||||||||||||||
Commercial and industrial | 1,363 | 1,202 | 1,660 | 372 | 922 | 423 | |||||||||||||||||
Other | 1,731 | — | — | — | — | — | |||||||||||||||||
Total commercial loans | 45,470 | 11,790 | 9,249 | 1,637 | 4,250 | 8,238 | |||||||||||||||||
Noncommercial: | |||||||||||||||||||||||
Residential mortgage | 24,989 | 4,591 | 3,783 | 2,226 | 6,503 | 7,317 | |||||||||||||||||
Revolving mortgage | 5,582 | — | — | — | — | — | |||||||||||||||||
Construction and land development | 1,114 | 17 | — | — | — | — | |||||||||||||||||
Consumer | 352 | — | — | — | 19 | — | |||||||||||||||||
Total noncommercial loans | 32,037 | 4,608 | 3,783 | 2,226 | 6,522 | 7,317 | |||||||||||||||||
Total PCI loans | $ | 77,507 | $ | 16,398 | $ | 13,032 | $ | 3,863 | $ | 10,772 | $ | 15,555 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Balance at January 1 | $ | 606,576 | $ | 762,998 | $ | 809,169 | |||||
Fair value of PCI loans acquired during the year | 106,937 | 30,190 | 199,682 | ||||||||
Accretion(1) | 57,687 | 61,502 | 76,594 | ||||||||
Payments received and other changes, net | (212,484 | ) | (248,114 | ) | (322,447 | ) | |||||
Balance at December 31 | $ | 558,716 | $ | 606,576 | $ | 762,998 | |||||
Unpaid principal balance at December 31 | $ | 768,391 | $ | 960,457 | $ | 1,175,441 | |||||
(1)Accretion is recorded in interest income from loans and leases |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Balance at January 1 | $ | 312,894 | $ | 316,679 | $ | 335,074 | |||||
Additions from acquisitions | 17,403 | 6,393 | 44,120 | ||||||||
Accretion | (57,687 | ) | (61,502 | ) | (76,594 | ) | |||||
Reclassifications from nonaccretable difference | 6,489 | 5,980 | 18,901 | ||||||||
Changes in expected cash flows that do not affect nonaccretable difference | (27,964 | ) | 45,344 | (4,822 | ) | ||||||
Balance at December 31 | $ | 251,135 | $ | 312,894 | $ | 316,679 |
Years ended December 31, 2019, 2018, and 2017 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Residential mortgage | Revolving mortgage | Construction and land development - non- commercial | Consumer | Total | |||||||||||||||||||||||||||||
Non-PCI Loans | |||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017 | $ | 28,877 | $ | 48,278 | $ | 3,269 | $ | 56,132 | $ | 3,127 | $ | 14,447 | $ | 21,013 | $ | 1,596 | $ | 28,287 | $ | 205,026 | |||||||||||||||||||
Provision (credits) | (4,329 | ) | (5,694 | ) | 1,280 | 11,624 | 2,189 | 2,096 | 2,509 | 2,366 | 17,098 | 29,139 | |||||||||||||||||||||||||||
Charge-offs | (599 | ) | (421 | ) | (5 | ) | (11,921 | ) | (912 | ) | (1,376 | ) | (2,368 | ) | — | (18,784 | ) | (36,386 | ) | ||||||||||||||||||||
Recoveries | 521 | 2,842 | 27 | 3,989 | 285 | 539 | 1,282 | — | 4,603 | 14,088 | |||||||||||||||||||||||||||||
Balance at December 31, 2017 | 24,470 | 45,005 | 4,571 | 59,824 | 4,689 | 15,706 | 22,436 | 3,962 | 31,204 | 211,867 | |||||||||||||||||||||||||||||
Provision (credits) | 10,533 | (1,490 | ) | (2,171 | ) | 2,511 | (2,827 | ) | 897 | 1,112 | (1,520 | ) | 22,187 | 29,232 | |||||||||||||||||||||||||
Charge-offs | (44 | ) | (1,140 | ) | (69 | ) | (10,211 | ) | (130 | ) | (1,689 | ) | (3,235 | ) | (219 | ) | �� | (22,817 | ) | (39,554 | ) | ||||||||||||||||||
Recoveries | 311 | 1,076 | 150 | 3,496 | 489 | 558 | 1,549 | 127 | 5,267 | 13,023 | |||||||||||||||||||||||||||||
Balance at December 31, 2018 | 35,270 | 43,451 | 2,481 | 55,620 | 2,221 | 15,472 | 21,862 | 2,350 | 35,841 | 214,568 | |||||||||||||||||||||||||||||
Provision (credits) | (2,171 | ) | 2,384 | (285 | ) | 14,212 | (754 | ) | 3,481 | (788 | ) | 359 | 16,611 | 33,049 | |||||||||||||||||||||||||
Charge-offs | (196 | ) | (1,096 | ) | — | (13,352 | ) | (100 | ) | (1,137 | ) | (2,584 | ) | — | (24,562 | ) | (43,027 | ) | |||||||||||||||||||||
Recoveries | 310 | 596 | 15 | 2,894 | 869 | 416 | 1,212 | — | 6,703 | 13,015 | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 33,213 | $ | 45,335 | $ | 2,211 | $ | 59,374 | $ | 2,236 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 34,593 | $ | 217,605 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Residential mortgage | Revolving mortgage | Construction and land development - non-commercial | Consumer | Total | |||||||||||||||||||||||||||||
Non-PCI Loans | |||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 463 | $ | 3,650 | $ | 39 | $ | 1,379 | $ | 103 | $ | 3,278 | $ | 2,722 | $ | 174 | $ | 1,107 | $ | 12,915 | |||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 32,750 | 41,685 | 2,172 | 57,995 | 2,133 | 14,954 | 16,980 | 2,535 | 33,486 | 204,690 | |||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 33,213 | $ | 45,335 | $ | 2,211 | $ | 59,374 | $ | 2,236 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 34,593 | $ | 217,605 | |||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 4,655 | $ | 70,149 | $ | 1,268 | $ | 12,182 | $ | 639 | $ | 60,442 | $ | 28,869 | $ | 3,882 | $ | 3,513 | $ | 185,599 | |||||||||||||||||||
Loans and leases collectively evaluated for impairment | 1,008,799 | 12,212,486 | 540,760 | 4,391,610 | 309,454 | 5,233,475 | 2,310,203 | 353,503 | 1,776,891 | 28,137,181 | |||||||||||||||||||||||||||||
Total loan and leases | $ | 1,013,454 | $ | 12,282,635 | $ | 542,028 | $ | 4,403,792 | $ | 310,093 | $ | 5,293,917 | $ | 2,339,072 | $ | 357,385 | $ | 1,780,404 | $ | 28,322,780 |
December 31, 2018 | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Residential mortgage | Revolving mortgage | Construction and land development - non-commercial | Consumer | Total | |||||||||||||||||||||||||||||
Non-PCI Loans | |||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 490 | $ | 2,671 | $ | 42 | $ | 1,137 | $ | 105 | $ | 1,901 | $ | 2,515 | $ | 81 | $ | 885 | $ | 9,827 | |||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 34,780 | 40,780 | 2,439 | 54,483 | 2,116 | 13,571 | 19,347 | 2,269 | 34,956 | 204,741 | |||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 35,270 | $ | 43,451 | $ | 2,481 | $ | 55,620 | $ | 2,221 | $ | 15,472 | $ | 21,862 | $ | 2,350 | $ | 35,841 | $ | 214,568 | |||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 2,175 | $ | 55,447 | $ | 860 | $ | 9,868 | $ | 291 | $ | 42,168 | $ | 28,852 | $ | 3,749 | $ | 3,020 | $ | 146,430 | |||||||||||||||||||
Loans and leases collectively evaluated for impairment | 755,679 | 10,661,787 | 426,125 | 3,928,862 | 296,133 | 4,223,519 | 2,514,123 | 253,281 | 1,710,761 | 24,770,270 | |||||||||||||||||||||||||||||
Total loan and leases | $ | 757,854 | $ | 10,717,234 | $ | 426,985 | $ | 3,938,730 | $ | 296,424 | $ | 4,265,687 | $ | 2,542,975 | $ | 257,030 | $ | 1,713,781 | $ | 24,916,700 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Allowance for loan losses: | |||||||||||
Balance at January 1 | $ | 9,144 | $ | 10,026 | $ | 13,769 | |||||
Provision credits | (1,608 | ) | (765 | ) | (3,447 | ) | |||||
Charge-offs | — | (117 | ) | (296 | ) | ||||||
Recoveries | — | — | — | ||||||||
Balance at December 31 | $ | 7,536 | $ | 9,144 | $ | 10,026 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Construction and land development - commercial | Commercial mortgage | Other commercial real estate | Commercial and industrial and leases | Other | Residential mortgage | Revolving mortgage | Construction and land development - non-commercial | Consumer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-PCI Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases individually evaluated for impairment | $ | 463 | $ | 3,650 | $ | 39 | $ | 1,379 | $ | 103 | $ | 3,278 | $ | 2,722 | $ | 174 | $ | 1,107 | $ | 12,915 | |||||||||||||||||||||||||||||||||||||||
ALLL for loans and leases collectively evaluated for impairment | 32,750 | 41,685 | 2,172 | 57,995 | 2,133 | 14,954 | 16,980 | 2,535 | 33,486 | 204,690 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan and lease losses | $ | 33,213 | $ | 45,335 | $ | 2,211 | $ | 59,374 | $ | 2,236 | $ | 18,232 | $ | 19,702 | $ | 2,709 | $ | 34,593 | $ | 217,605 | |||||||||||||||||||||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases individually evaluated for impairment | $ | 4,655 | $ | 70,149 | $ | 1,268 | $ | 12,182 | $ | 639 | $ | 60,442 | $ | 28,869 | $ | 3,882 | $ | 3,513 | $ | 185,599 | |||||||||||||||||||||||||||||||||||||||
Loans and leases collectively evaluated for impairment | 1,008,799 | 12,212,486 | 540,760 | 4,391,610 | 309,454 | 5,233,475 | 2,310,203 | 353,503 | 1,776,891 | 28,137,181 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loan and leases | $ | 1,013,454 | $ | 12,282,635 | $ | 542,028 | $ | 4,403,792 | $ | 310,093 | $ | 5,293,917 | $ | 2,339,072 | $ | 357,385 | $ | 1,780,404 | $ | 28,322,780 |
(Dollars in thousands) | December 31, 2019 | December 31, 2018 | |||||
Allowance for loan losses: | |||||||
ALLL for loans acquired with deteriorated credit quality | $ | 7,536 | $ | 9,144 | |||
Loans acquired with deteriorated credit quality | 558,716 | 606,576 |
(Dollars in thousands) | December 31, 2019 | ||||||||||
Allowance for loan losses: | |||||||||||
ALLL for loans acquired with deteriorated credit quality | $ | 7,536 | |||||||||
Loans acquired with deteriorated credit quality | 558,716 |
December 31, 2019 | |||||||||||||||||||
(Dollars in thousands) | With a recorded allowance | With no recorded allowance | Total | Unpaid principal balance | Related allowance recorded | ||||||||||||||
Non-PCI impaired loans and leases | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | $ | 1,851 | $ | 2,804 | $ | 4,655 | $ | 5,109 | $ | 463 | |||||||||
Commercial mortgage | 42,394 | 27,755 | 70,149 | 74,804 | 3,650 | ||||||||||||||
Other commercial real estate | 318 | 950 | 1,268 | 1,360 | 39 | ||||||||||||||
Commercial and industrial and leases | 7,547 | 4,635 | 12,182 | 13,993 | 1,379 | ||||||||||||||
Other | 406 | 233 | 639 | 661 | 103 | ||||||||||||||
Total commercial loans | 52,516 | 36,377 | 88,893 | 95,927 | 5,634 | ||||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 48,796 | 11,646 | 60,442 | 64,741 | 3,278 | ||||||||||||||
Revolving mortgage | 26,104 | 2,765 | 28,869 | 31,960 | 2,722 | ||||||||||||||
Construction and land development | 2,470 | 1,412 | 3,882 | 4,150 | 174 | ||||||||||||||
Consumer | 3,472 | 41 | 3,513 | 3,821 | 1,107 | ||||||||||||||
Total noncommercial loans | $ | 80,842 | $ | 15,864 | $ | 96,706 | $ | 104,672 | $ | 7,281 | |||||||||
Total non-PCI impaired loans and leases | $ | 133,358 | $ | 52,241 | $ | 185,599 | $ | 200,599 | $ | 12,915 | |||||||||
December 31, 2018 | |||||||||||||||||||
(Dollars in thousands) | With a recorded allowance | With no recorded allowance | Total | Unpaid principal balance | Related allowance recorded | ||||||||||||||
Non-PCI impaired loans and leases | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Construction and land development | $ | 1,897 | $ | 278 | $ | 2,175 | $ | 2,606 | $ | 490 | |||||||||
Commercial mortgage | 34,177 | 21,270 | 55,447 | 61,317 | 2,671 | ||||||||||||||
Other commercial real estate | 243 | 617 | 860 | 946 | 42 | ||||||||||||||
Commercial and industrial and leases | 7,153 | 2,715 | 9,868 | 14,695 | 1,137 | ||||||||||||||
Other | 216 | 75 | 291 | 301 | 105 | ||||||||||||||
Total commercial loans | 43,686 | 24,955 | 68,641 | 79,865 | 4,445 | ||||||||||||||
Noncommercial: | |||||||||||||||||||
Residential mortgage | 40,359 | 1,809 | 42,168 | 45,226 | 1,901 | ||||||||||||||
Revolving mortgage | 25,751 | 3,101 | 28,852 | 31,371 | 2,515 | ||||||||||||||
Construction and land development | 2,337 | 1,412 | 3,749 | 4,035 | 81 | ||||||||||||||
Consumer | 2,940 | 80 | 3,020 | 3,405 | 885 | ||||||||||||||
Total noncommercial loans | 71,387 | 6,402 | 77,789 | 84,037 | 5,382 | ||||||||||||||
Total non-PCI impaired loans and leases | $ | 115,073 | $ | 31,357 | $ | 146,430 | $ | 163,902 | $ | 9,827 |
December 31, 2019 | |||||||||||||||||||||||||||||
(Dollars in thousands) | With a recorded allowance | With no recorded allowance | Total | Unpaid principal balance | Related allowance recorded | ||||||||||||||||||||||||
Non-PCI impaired loans and leases | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Construction and land development | $ | 1,851 | $ | 2,804 | $ | 4,655 | $ | 5,109 | $ | 463 | |||||||||||||||||||
Commercial mortgage | 42,394 | 27,755 | 70,149 | 74,804 | 3,650 | ||||||||||||||||||||||||
Other commercial real estate | 318 | 950 | 1,268 | 1,360 | 39 | ||||||||||||||||||||||||
Commercial and industrial and leases | 7,547 | 4,635 | 12,182 | 13,993 | 1,379 | ||||||||||||||||||||||||
Other | 406 | 233 | 639 | 661 | 103 | ||||||||||||||||||||||||
Total commercial loans | 52,516 | 36,377 | 88,893 | 95,927 | 5,634 | ||||||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||||||||
Residential mortgage | 48,796 | 11,646 | 60,442 | 64,741 | 3,278 | ||||||||||||||||||||||||
Revolving mortgage | 26,104 | 2,765 | 28,869 | 31,960 | 2,722 | ||||||||||||||||||||||||
Construction and land development | 2,470 | 1,412 | 3,882 | 4,150 | 174 | ||||||||||||||||||||||||
Consumer | 3,472 | 41 | 3,513 | 3,821 | 1,107 | ||||||||||||||||||||||||
Total noncommercial loans | 80,842 | 15,864 | 96,706 | 104,672 | 7,281 | ||||||||||||||||||||||||
Total non-PCI impaired loans and leases | $ | 133,358 | $ | 52,241 | $ | 185,599 | $ | 200,599 | $ | 12,915 |
2019 | 2018 | 2017 | |||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income Recognized | Average Balance | Interest Income Recognized | Average Balance | Interest Income Recognized | |||||||||||||||||
Non-PCI impaired loans and leases: | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Construction and land development | $ | 3,915 | $ | 53 | $ | 1,734 | $ | 84 | $ | 858 | $ | 37 | |||||||||||
Commercial mortgage | 64,363 | 2,188 | 65,943 | 2,569 | 73,815 | 2,596 | |||||||||||||||||
Other commercial real estate | 919 | 27 | 1,225 | 43 | 1,642 | 34 | |||||||||||||||||
Commercial and industrial and leases | 11,884 | 482 | 9,560 | 364 | 11,600 | 427 | |||||||||||||||||
Other | 396 | 11 | 135 | 3 | 426 | 22 | |||||||||||||||||
Total commercial | 81,477 | 2,761 | 78,597 | 3,063 | 88,341 | 3,116 | |||||||||||||||||
Noncommercial: | |||||||||||||||||||||||
Residential mortgage | 52,045 | 1,386 | 41,368 | 1,237 | 33,818 | 990 | |||||||||||||||||
Revolving mortgage | 29,516 | 1,009 | 26,759 | 900 | 14,022 | 436 | |||||||||||||||||
Construction and land development | 3,589 | 116 | 3,677 | 172 | 3,383 | 145 | |||||||||||||||||
Consumer | 3,311 | 138 | 2,722 | 116 | 2,169 | 103 | |||||||||||||||||
Total noncommercial | 88,461 | 2,649 | 74,526 | 2,425 | 53,392 | 1,674 | |||||||||||||||||
Total non-PCI impaired loans and leases | $ | 169,938 | $ | 5,410 | $ | 153,123 | $ | 5,488 | $ | 141,733 | $ | 4,790 | |||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income Recognized | Average Balance | Interest Income Recognized | |||||||||||||||||||||||||||||||
Non-PCI impaired loans and leases: | |||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 3,915 | $ | 53 | $ | 1,734 | $ | 84 | |||||||||||||||||||||||||||
Commercial mortgage | 64,363 | 2,188 | 65,943 | 2,569 | |||||||||||||||||||||||||||||||
Other commercial real estate | 919 | 27 | 1,225 | 43 | |||||||||||||||||||||||||||||||
Commercial and industrial and leases | 11,884 | 482 | 9,560 | 364 | |||||||||||||||||||||||||||||||
Other | 396 | 11 | 135 | 3 | |||||||||||||||||||||||||||||||
Total commercial | 81,477 | 2,761 | 78,597 | 3,063 | |||||||||||||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 52,045 | 1,386 | 41,368 | 1,237 | |||||||||||||||||||||||||||||||
Revolving mortgage | 29,516 | 1,009 | 26,759 | 900 | |||||||||||||||||||||||||||||||
Construction and land development | 3,589 | 116 | 3,677 | 172 | |||||||||||||||||||||||||||||||
Consumer | 3,311 | 138 | 2,722 | 116 | |||||||||||||||||||||||||||||||
Total noncommercial | 88,461 | 2,649 | 74,526 | 2,425 | |||||||||||||||||||||||||||||||
Total non-PCI impaired loans and leases | $ | 169,938 | $ | 5,410 | $ | 153,123 | $ | 5,488 | |||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Nonaccruing | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 578 | $ | 54 | $ | 632 | |||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial mortgage | 37,574 | 10,889 | 48,463 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial mortgage | 18,336 | 1,649 | 19,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial and leases | 29,131 | 3,528 | 32,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 85,619 | 16,120 | 101,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 29,458 | 19,380 | 48,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving mortgage | 20,124 | 7,128 | 27,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 1,573 | 9 | 1,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer auto | 2,018 | 696 | 2,714 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer other | 955 | 137 | 1,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 54,128 | 27,350 | 81,478 | ||||||||||||||||||||||||||||||||||||||||||||||||||
PCD loans | 17,617 | 7,346 | 24,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 157,364 | $ | 50,816 | $ | 208,180 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Nonaccruing | Total | Accruing | Nonaccruing | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | $ | 487 | $ | 2,279 | $ | 2,766 | $ | 1,946 | $ | 352 | $ | 2,298 | |||||||||||||||||||||||||||||||||||||||||
Commercial mortgage | 50,819 | 11,116 | 61,935 | 53,270 | 7,795 | 61,065 | |||||||||||||||||||||||||||||||||||||||||||||||
Other commercial real estate | 571 | 0 | 571 | 851 | 9 | 860 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial and leases | 9,430 | 2,409 | 11,839 | 7,986 | 2,060 | 10,046 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 320 | 105 | 425 | 118 | 173 | 291 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 61,627 | 15,909 | 77,536 | 64,171 | 10,389 | 74,560 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | 41,813 | 16,048 | 57,861 | 37,903 | 9,621 | 47,524 | |||||||||||||||||||||||||||||||||||||||||||||||
Revolving mortgage | 21,032 | 7,367 | 28,399 | 20,492 | 8,196 | 28,688 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | 1,452 | 2,430 | 3,882 | 2,227 | 110 | 2,337 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2,826 | 688 | 3,514 | 2,300 | 721 | 3,021 | |||||||||||||||||||||||||||||||||||||||||||||||
Total noncommercial loans | 67,123 | 26,533 | 93,656 | 62,922 | 18,648 | 81,570 | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 128,750 | $ | 42,442 | $ | 171,192 | $ | 127,093 | $ | 29,037 | $ | 156,130 |
December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Accruing | Nonaccruing | Total | Accruing | Nonaccruing | Total | Accruing | Nonaccruing | Total | ||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Construction and land development | $ | 487 | $ | 2,279 | $ | 2,766 | $ | 1,946 | $ | 352 | $ | 2,298 | $ | 4,089 | $ | 483 | $ | 4,572 | |||||||||||||||||
Commercial mortgage | 50,819 | 11,116 | 61,935 | 53,270 | 7,795 | 61,065 | 62,358 | 15,863 | 78,221 | ||||||||||||||||||||||||||
Other commercial real estate | 571 | — | 571 | 851 | 9 | 860 | 1,012 | 788 | 1,800 | ||||||||||||||||||||||||||
Commercial and industrial and leases | 9,430 | 2,409 | 11,839 | 7,986 | 2,060 | 10,046 | 8,320 | 1,958 | 10,278 | ||||||||||||||||||||||||||
Other | 320 | 105 | 425 | 118 | 173 | 291 | 521 | — | 521 | ||||||||||||||||||||||||||
Total commercial loans | 61,627 | 15,909 | 77,536 | 64,171 | 10,389 | 74,560 | 76,300 | 19,092 | 95,392 | ||||||||||||||||||||||||||
Noncommercial: | |||||||||||||||||||||||||||||||||||
Residential mortgage | 41,813 | 16,048 | 57,861 | 37,903 | 9,621 | 47,524 | 34,067 | 9,475 | 43,542 | ||||||||||||||||||||||||||
Revolving mortgage | 21,032 | 7,367 | 28,399 | 20,492 | 8,196 | 28,688 | 17,673 | 5,180 | 22,853 | ||||||||||||||||||||||||||
Construction and land development | 1,452 | 2,430 | 3,882 | 2,227 | 110 | 2,337 | — | — | — | ||||||||||||||||||||||||||
Consumer | 2,826 | 688 | 3,514 | 2,300 | 721 | 3,021 | 2,351 | 423 | 2,774 | ||||||||||||||||||||||||||
Total noncommercial loans | 67,123 | 26,533 | 93,656 | 62,922 | 18,648 | 81,570 | 54,091 | 15,078 | 69,169 | ||||||||||||||||||||||||||
Total loans | $ | 128,750 | $ | 42,442 | $ | 171,192 | $ | 127,093 | $ | 29,037 | $ | 156,130 | $ | 130,391 | $ | 34,170 | $ | 164,561 |
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | ||||||||||||||||||||||||
Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | Number of Loans | Recorded investment at period end | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Loans and leases | |||||||||||||||||||||||||||||
Interest only period provided | |||||||||||||||||||||||||||||
Commercial loans | 11 | $ | 1,595 | 1 | $ | 238 | 3 | $ | 1,003 | — | $ | — | 5 | $ | 1,124 | 1 | $ | 634 | |||||||||||
Noncommercial loans | 7 | 4,018 | 2 | 2,717 | — | — | — | — | 1 | 82 | — | — | |||||||||||||||||
Total interest only | 18 | 5,613 | 3 | 2,955 | 3 | 1,003 | — | — | 6 | 1,206 | 1 | 634 | |||||||||||||||||
Loan term extension | |||||||||||||||||||||||||||||
Commercial loans | 16 | 3,904 | 5 | 533 | 21 | 3,933 | 4 | 675 | 13 | 3,007 | — | — | |||||||||||||||||
Noncommercial loans | 2 | 342 | 1 | 306 | 21 | 1,554 | 4 | 190 | 34 | 3,510 | 2 | 273 | |||||||||||||||||
Total loan term extension | 18 | 4,246 | 6 | 839 | 42 | 5,487 | 8 | 865 | 47 | 6,517 | 2 | 273 | |||||||||||||||||
Below market interest rate | |||||||||||||||||||||||||||||
Commercial loans | 90 | 13,932 | 24 | 2,634 | 85 | 12,859 | 24 | 2,998 | 92 | 14,811 | 32 | 3,392 | |||||||||||||||||
Noncommercial loans | 176 | 12,458 | 66 | 4,014 | 184 | 15,545 | 68 | 5,461 | 271 | 15,601 | 78 | 4,591 | |||||||||||||||||
Total below market interest rate | 266 | 26,390 | 90 | 6,648 | 269 | 28,404 | 92 | 8,459 | 363 | 30,412 | 110 | 7,983 | |||||||||||||||||
Discharged from bankruptcy | |||||||||||||||||||||||||||||
Commercial loans | 25 | 5,571 | 20 | 5,028 | 26 | 2,043 | 8 | 825 | 39 | 3,012 | 26 | 708 | |||||||||||||||||
Noncommercial loans | 178 | 10,349 | 71 | 4,239 | 151 | 6,617 | 56 | 3,169 | 177 | 7,853 | 65 | 2,392 | |||||||||||||||||
Total discharged from bankruptcy | 203 | 15,920 | 91 | 9,267 | 177 | 8,660 | 64 | 3,994 | 216 | 10,865 | 91 | 3,100 | |||||||||||||||||
Total restructurings | 505 | $ | 52,169 | 190 | $ | 19,709 | 491 | $ | 43,554 | 164 | $ | 13,318 | 632 | $ | 49,000 | 204 | $ | 11,990 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | All restructurings | Restructurings with payment default | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | Amortized cost at period end | Number of loans | Amortized cost at period end | Number of loans | Amortized cost at period end | Number of loans | Amortized cost at period end | Number of loans | Amortized cost at period end | Number of loans | Amortized cost at period end | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest only period provided | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 31 | $ | 28,145 | 4 | $ | 4,498 | 11 | $ | 1,595 | 1 | $ | 238 | 3 | $ | 1,003 | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||
Consumer loans | 6 | 4,169 | 5 | 2,569 | 7 | 4,018 | 2 | 2,717 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Total interest only | 37 | 32,314 | 9 | 7,067 | 18 | 5,613 | 3 | 2,955 | 3 | 1,003 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Loan term extension | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 26 | 5,444 | 5 | 1,471 | 16 | 3,904 | 5 | 533 | 21 | 3,933 | 4 | 675 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | 66 | 5,689 | 43 | 3,241 | 2 | 342 | 1 | 306 | 21 | 1,554 | 4 | 190 | |||||||||||||||||||||||||||||||||||||||||
Total loan term extension | 92 | 11,133 | 48 | 4,712 | 18 | 4,246 | 6 | 839 | 42 | 5,487 | 8 | 865 | |||||||||||||||||||||||||||||||||||||||||
Below market interest rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 98 | 33,870 | 26 | 1,912 | 90 | 13,932 | 24 | 2,634 | 85 | 12,859 | 24 | 2,998 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | 156 | 6,074 | 60 | 3,897 | 176 | 12,458 | 66 | 4,014 | 184 | 15,545 | 68 | 5,461 | |||||||||||||||||||||||||||||||||||||||||
Total below market interest rate | 254 | 39,944 | 86 | 5,809 | 266 | 26,390 | 90 | 6,648 | 269 | 28,404 | 92 | 8,459 | |||||||||||||||||||||||||||||||||||||||||
Discharged from bankruptcy | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 30 | 1,168 | 17 | 286 | 25 | 5,571 | 20 | 5,028 | 26 | 2,043 | 8 | 825 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans | 186 | 8,129 | 66 | 2,928 | 178 | 10,349 | 71 | 4,239 | 151 | 6,617 | 56 | 3,169 | |||||||||||||||||||||||||||||||||||||||||
Total discharged from bankruptcy | 216 | 9,297 | 83 | 3,214 | 203 | 15,920 | 91 | 9,267 | 177 | 8,660 | 64 | 3,994 | |||||||||||||||||||||||||||||||||||||||||
Total restructurings | 599 | $ | 92,688 | 226 | $ | 20,802 | 505 | $ | 52,169 | 190 | $ | 19,709 | 491 | $ | 43,554 | 164 | $ | 13,318 |
(Dollars in thousands) | Useful Life ( years) | 2019 | 2018 | ||||||
Land | indefinite | $ | 335,093 | $ | 306,734 | ||||
Premises and leasehold improvements | 3 - 40 | 1,228,588 | 1,228,582 | ||||||
Furniture, equipment and software | 3 - 10 | 595,686 | 560,923 | ||||||
Total | 2,159,367 | 2,096,239 | |||||||
Less accumulated depreciation and amortization | 914,971 | 892,060 | |||||||
Total premises and equipment | $ | 1,244,396 | $ | 1,204,179 |
(Dollars in thousands) | Useful Life ( years) | 2020 | 2019 | ||||||||||||||
Land | indefinite | $ | 336,258 | $ | 335,093 | ||||||||||||
Premises and leasehold improvements | 3 - 40 | 1,286,092 | 1,228,588 | ||||||||||||||
Furniture, equipment and software | 3 - 10 | 639,109 | 595,686 | ||||||||||||||
Total | 2,261,459 | 2,159,367 | |||||||||||||||
Less accumulated depreciation and amortization | 1,010,176 | 914,971 | |||||||||||||||
Total premises and equipment | $ | 1,251,283 | $ | 1,244,396 |
(Dollars in thousands) | OREO | ||
Balance at January 1, 2018 | $ | 51,097 | |
Additions | 24,997 | ||
Acquired in business combinations | 4,454 | ||
Sales | (28,128 | ) | |
Write-downs/losses | (4,390 | ) | |
Balance at December 31, 2018 | 48,030 | ||
Additions | 21,684 | ||
Acquired in business combinations | 5,459 | ||
Sales | (24,432 | ) | |
Write-downs/losses | (4,150 | ) | |
Balance at December 31, 2019 | $ | 46,591 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Balance at January 1 | $ | 46,591 | $ | 48,030 | |||||||
Additions | 26,822 | 21,684 | |||||||||
Acquired in business combinations | 9,813 | 5,459 | |||||||||
Sales | (26,726) | (24,432) | |||||||||
Write-downs/losses | (5,610) | (4,150) | |||||||||
Balance at December 31 | 50,890 | 46,591 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Balance at January 1 | $ | 349,398 | $ | 236,347 | |||||||
Recognized in the Community Financial acquisition | 686 | — | |||||||||
Measurement period adjustments(1) | 214 | — | |||||||||
Recognized in the Biscayne Bancshares acquisition | — | 46,521 | |||||||||
Recognized in the First South Bancorp acquisition | — | 13,896 | |||||||||
Recognized in the Entegra acquisition | 0 | 52,634 | |||||||||
Balance at December 31 | $ | 350,298 | $ | 349,398 | |||||||
(1)See Note B, Business Combinations for additional information |
Year ended December 31 | |||||||
(Dollars in thousands) | 2019 | 2018 | |||||
Beginning Balance | $ | 236,347 | $ | 150,601 | |||
Recognized in the Biscayne Bancshares acquisition | 46,521 | — | |||||
Recognized in the First South Bancorp acquisition | 13,896 | — | |||||
Recognized in the Entegra acquisition | 52,634 | — | |||||
Recognized in HomeBancorp acquisition | — | 57,616 | |||||
Recognized in Capital Commerce acquisition | — | 10,680 | |||||
Recognized in Palmetto Heritage acquisition | — | 17,450 | |||||
Balance at December 31 | $ | 349,398 | $ | 236,347 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Balance at January 1 | $ | 21,396 | $ | 21,945 | $ | 20,415 | |||||
Servicing rights originated | 6,149 | 5,258 | 7,174 | ||||||||
Servicing rights acquired in Entegra transaction | 1,873 | — | — | ||||||||
Amortization | (6,233 | ) | (5,807 | ) | (5,648 | ) | |||||
Valuation allowance (increase) decrease | (222 | ) | — | 4 | |||||||
Balance at December 31 | $ | 22,963 | $ | 21,396 | $ | 21,945 |
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at January 1 | $ | 22,963 | $ | 21,396 | $ | 21,945 | |||||||||||
Servicing rights originated | 8,006 | 6,149 | 5,258 | ||||||||||||||
Servicing rights acquired in Entegra transaction | 0 | 1,873 | 0 | ||||||||||||||
Amortization | (8,400) | (6,233) | (5,807) | ||||||||||||||
Valuation allowance increase | (4,143) | (222) | 0 | ||||||||||||||
Balance at December 31 | $ | 18,426 | $ | 22,963 | $ | 21,396 |
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Beginning balance | $ | 222 | $ | 0 | $ | 0 | |||||||||||
Valuation allowance increase | 4,143 | 222 | 0 | ||||||||||||||
Ending balance | $ | 4,365 | $ | 222 | $ | 0 |
2019 | 2018 | ||||||
Discount rate - conventional fixed loans | 8.92 | % | 9.69 | % | |||
Discount rate - all loans excluding conventional fixed loans | 9.92 | % | 10.69 | % | |||
Weighted average constant prepayment rate | 13.72 | % | 9.26 | % | |||
Weighted average cost to service a loan | $ | 87.09 | $ | 87.52 |
2020 | 2019 | ||||||||||
Discount rate - conventional fixed loans | 7.92 | % | 8.92 | % | |||||||
Discount rate - all loans excluding conventional fixed loans | 8.92 | % | 9.92 | % | |||||||
Weighted average constant prepayment rate | 20.62 | % | 13.72 | % | |||||||
Weighted average cost to service a loan | $ | 87.58 | $ | 87.09 |
(Dollars in thousands) | 2019 | 2018 | (Dollars in thousands) | 2020 | 2019 | |||||||||||||
Balance at January 1 | $ | 48,232 | $ | 51,151 | Balance at January 1 | $ | 43,386 | $ | 48,232 | |||||||||
Acquired in Community Financial transaction | Acquired in Community Financial transaction | 536 | — | |||||||||||||||
Acquired in Biscayne Bancshares transaction | 4,745 | — | Acquired in Biscayne Bancshares transaction | — | 4,745 | |||||||||||||
Acquired in First South Bancorp transaction | 2,268 | — | Acquired in First South Bancorp transaction | — | 2,268 | |||||||||||||
Acquired in Entegra transaction | 4,487 | — | Acquired in Entegra transaction | — | 4,487 | |||||||||||||
Acquired in the HomeBancorp transaction | — | 9,860 | ||||||||||||||||
Acquired in the Capital Commerce transaction | — | 2,680 | ||||||||||||||||
Acquired in the Palmetto Heritage transaction | — | 1,706 | ||||||||||||||||
Amortization | (16,346 | ) | (17,165 | ) | Amortization | (14,255) | (16,346) | |||||||||||
Balance at December 31 | $ | 43,386 | $ | 48,232 | Balance at December 31 | $ | 29,667 | $ | 43,386 |
(Dollars in thousands) | 2019 | 2018 | |||||
Gross balance | $ | 154,507 | $ | 143,007 | |||
Accumulated amortization | (111,121 | ) | (94,775 | ) | |||
Carrying value | $ | 43,386 | $ | 48,232 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Gross balance | $ | 127,842 | $ | 154,507 | |||||||
Accumulated amortization | (98,175) | (111,121) | |||||||||
Carrying value | $ | 29,667 | $ | 43,386 |
(Dollars in thousands) | |||||
2021 | $ | 10,948 | |||
2022 | 7,743 | ||||
2023 | 5,129 | ||||
2024 | 2,658 | ||||
2025 and subsequent | 3,189 | ||||
$ | 29,667 |
(Dollars in thousands) | |||
2020 | $ | 14,165 | |
2021 | 10,850 | ||
2022 | 7,658 | ||
2023 | 5,056 | ||
2024 and subsequent | 5,657 | ||
$ | 43,386 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Demand | $ | 18,014,029 | $ | 12,926,796 | |||||||
Checking with interest | 10,591,687 | 8,284,302 | |||||||||
Money market accounts | 8,632,713 | 6,817,752 | |||||||||
Savings | 3,304,167 | 2,564,777 | |||||||||
Time | 2,889,013 | 3,837,609 | |||||||||
Total deposits | $ | 43,431,609 | $ | 34,431,236 |
(Dollars in thousands) | Year ended December 31 | ||||
2021 | $ | 1,844,860 | |||
2022 | 648,516 | ||||
2023 | 143,272 | ||||
2024 | 67,908 | ||||
2025 | 42,960 | ||||
Thereafter | 141,497 | ||||
Total time deposits | $ | 2,889,013 |
(Dollars in thousands) | 2019 | 2018 | |||||
Demand | $ | 12,926,796 | $ | 11,882,670 | |||
Checking with interest | 5,782,967 | 5,338,511 | |||||
Money market accounts | 9,319,087 | 8,194,818 | |||||
Savings | 2,564,777 | 2,499,750 | |||||
Time | 3,837,609 | 2,756,711 | |||||
Total deposits | $ | 34,431,236 | $ | 30,672,460 |
(Dollars in thousands) | Year ended December 31 | ||
2020 | $ | 2,971,410 | |
2021 | 306,490 | ||
2022 | 386,094 | ||
2023 | 106,782 | ||
2024 | 49,453 | ||
Thereafter | 17,380 | ||
Total time deposits | $ | 3,837,609 |
(Dollars in thousands) | 2019 | 2018 | |||||
Securities sold under customer repurchase agreements | $ | 442,956 | $ | 543,936 | |||
Notes payable to FHLB of Atlanta | 255,000 | 28,500 | |||||
Other short-term debt | 40,277 | — | |||||
Unamortized purchase accounting adjustments(1) | — | (149 | ) | ||||
Total short-term borrowings | $ | 738,233 | $ | 572,287 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Securities sold under customer repurchase agreements | $ | 641,487 | $ | 442,956 | |||||||
Notes payable to FHLB of Atlanta | 0 | 255,000 | |||||||||
Other short-term debt | 0 | 40,277 | |||||||||
Total short-term borrowings | $ | 641,487 | $ | 738,233 |
(Dollars in thousands) | 2019 | 2018 | |||||
Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036 | $ | 88,145 | $ | 88,145 | |||
Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034 | 19,588 | 19,588 | |||||
Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034 | 10,310 | 10,310 | |||||
Junior subordinated debenture at 3-month LIBOR plus 2.00% maturing July 7, 2036 | — | 4,124 | |||||
Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034 | 14,433 | — | |||||
Junior subordinated debentures at 7.00% maturing December 31, 2026 | 20,000 | 20,000 | |||||
Junior subordinated debentures at 6.50% maturing October 1, 2025 | 7,500 | — | |||||
Junior subordinated debentures at 7.13% maturing February 25, 2025 | 5,000 | — | |||||
Obligations under capitalized leases extending to December 2050 | 8,230 | 13,160 | |||||
Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 3.17% and maturing through March 2032 | 317,191 | 165,205 | |||||
Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022 | 96,425 | — | |||||
Unamortized purchase accounting adjustments(1) | (1,569 | ) | (1,426 | ) | |||
Other long-term debt | 3,385 | 761 | |||||
Total long-term obligations | $ | 588,638 | $ | 319,867 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Fixed-to-Floating subordinated notes at 3.375% maturing March 15, 2030 | $ | 350,000 | $ | 0 | |||||||
Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036 | 88,145 | 88,145 | |||||||||
Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034 | 19,588 | 19,588 | |||||||||
Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034 | 10,310 | 10,310 | |||||||||
Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034 | 14,433 | 14,433 | |||||||||
Junior subordinated debentures at 7.00% maturing December 31, 2026(1) | 20,000 | 20,000 | |||||||||
Junior subordinated debentures at 6.50% maturing October 1, 2025(2) | 7,500 | 7,500 | |||||||||
Junior subordinated debentures at 7.13% called February 25, 2020(2) | 0 | 5,000 | |||||||||
Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 2.99% and maturing through March 2032 | 655,175 | 317,191 | |||||||||
Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022 | 82,125 | 96,425 | |||||||||
Obligations under capitalized leases extending to December 2050 | 6,308 | 8,230 | |||||||||
Unamortized issuance costs | (3,459) | 0 | |||||||||
Unamortized purchase accounting adjustments(3) | (1,999) | (1,569) | |||||||||
Other long-term debt | 37 | 3,385 | |||||||||
Total long-term obligations | $ | 1,248,163 | $ | 588,638 | |||||||
(1) Assumed in HomeBancorp acquisition. (2) Assumed in Biscayne BancShares acquisition. (3) At December 31, 2020, unamortized purchase accounting adjustments were $2.0 million for subordinated debentures. At December 31, 2019, unamortized purchase accounting adjustments were $1.6 million for subordinated debentures and $6 thousand for FHLB advances. |
Year ended December 31 | |||
2020 | $ | 61,995 | |
2021 | 13,332 | ||
2022 | 114,138 | ||
2023 | 125,500 | ||
2024 | 6,526 | ||
Thereafter | 267,147 | ||
Total long-term borrowings | $ | 588,638 |
(Dollars in thousands) | Year ended December 31 | ||||
2021 | $ | 10,000 | |||
2022 | 98,709 | ||||
2023 | 125,500 | ||||
2024 | 6,144 | ||||
2025 | 7,500 | ||||
Thereafter | 1,000,310 | ||||
Total long-term borrowings | $ | 1,248,163 |
(Dollars in thousands) | 2019 | 2018 | |||||
Beginning balance | $ | 105,618 | $ | 101,342 | |||
Accretion | 6,777 | 4,023 | |||||
Adjustments related to changes in assumptions | — | 253 | |||||
Ending balance | $ | 112,395 | $ | 105,618 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Beginning balance | $ | 112,395 | $ | 105,618 | |||||||
Accretion | 2,674 | 6,777 | |||||||||
Payment made to the FDIC to settle shared-loss agreement | (99,468) | 0 | |||||||||
Ending balance | $ | 15,601 | $ | 112,395 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Requirements to be well-capitalized | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||
BancShares | |||||||||||||||||||||||||||||
Total risk-based capital | 10.00 | % | $ | 4,577,212 | 13.81 | % | $ | 3,731,501 | 12.12 | % | |||||||||||||||||||
Tier 1 risk-based capital | 8.00 | 3,856,086 | 11.63 | 3,344,305 | 10.86 | ||||||||||||||||||||||||
Common equity Tier 1 | 6.50 | 3,516,149 | 10.61 | 3,344,305 | 10.86 | ||||||||||||||||||||||||
Leverage capital | 5.00 | 3,856,086 | 7.86 | 3,344,305 | 8.81 | ||||||||||||||||||||||||
FCB | |||||||||||||||||||||||||||||
Total risk-based capital | 10.00 | 4,543,496 | 13.72 | 3,837,670 | 12.46 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 8.00 | 4,276,870 | 12.92 | 3,554,974 | 11.54 | ||||||||||||||||||||||||
Common equity Tier 1 | 6.50 | 4,276,870 | 12.92 | 3,554,974 | 11.54 | ||||||||||||||||||||||||
Leverage capital | 5.00 | 4,276,870 | 8.72 | 3,554,974 | 9.38 |
December 31, 2019 | December 31, 2018 | |||||||||||||||
(Dollars in thousands) | Requirements to be well-capitalized | Amount | Ratio | Amount | Ratio | |||||||||||
BancShares | ||||||||||||||||
Tier 1 risk-based capital | 8.00 | % | $ | 3,344,305 | 10.86 | % | $ | 3,463,307 | 12.67 | % | ||||||
Common equity Tier 1 | 6.50 | 3,344,305 | 10.86 | 3,463,307 | 12.67 | |||||||||||
Total risk-based capital | 10.00 | 3,731,501 | 12.12 | 3,826,626 | 13.99 | |||||||||||
Leverage capital | 5.00 | 3,344,305 | 8.81 | 3,463,307 | 9.77 | |||||||||||
FCB | ||||||||||||||||
Tier 1 risk-based capital | 8.00 | 3,554,974 | 11.54 | 3,315,742 | 12.17 | |||||||||||
Common equity Tier 1 | 6.50 | 3,554,974 | 11.54 | 3,315,742 | 12.17 | |||||||||||
Total risk-based capital | 10.00 | 3,837,670 | 12.46 | 3,574,561 | 13.12 | |||||||||||
Leverage capital | 5.00 | 3,554,974 | 9.38 | 3,315,742 | 9.39 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
(Dollars in thousands) | Accumulated other comprehensive income (loss) | Deferred tax expense (benefit) | Accumulated other comprehensive loss, net of tax | Accumulated other comprehensive income (loss) | Deferred tax expense (benefit) | Accumulated other comprehensive loss, net of tax | |||||||||||||||||
Unrealized gains (losses) on securities available for sale | $ | 7,522 | $ | 1,730 | $ | 5,792 | $ | (50,007 | ) | $ | (11,502 | ) | $ | (38,505 | ) | ||||||||
Unrealized losses on securities available for sale transferred from (to) held to maturity | — | — | — | (92,401 | ) | (21,252 | ) | (71,149 | ) | ||||||||||||||
Defined benefit pension items | (172,098 | ) | (39,583 | ) | (132,515 | ) | (163,030 | ) | (37,497 | ) | (125,533 | ) | |||||||||||
Total | $ | (164,576 | ) | $ | (37,853 | ) | $ | (126,723 | ) | $ | (305,438 | ) | $ | (70,251 | ) | $ | (235,187 | ) |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Accumulated other comprehensive income (loss) | Deferred tax expense (benefit) | Accumulated other comprehensive income (loss), net of tax | Accumulated other comprehensive income (loss) | Deferred tax expense (benefit) | Accumulated other comprehensive income (loss), net of tax | |||||||||||||||||||||||||||||
Unrealized gains on securities available for sale | $ | 102,278 | $ | 23,524 | $ | 78,754 | $ | 7,522 | $ | 1,730 | $ | 5,792 | |||||||||||||||||||||||
Unrealized gains on securities available for sale transferred from (to) held to maturity | 5,399 | 1,242 | 4,157 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Defined benefit pension items | (91,751) | (21,103) | (70,648) | (172,098) | (39,583) | (132,515) | |||||||||||||||||||||||||||||
Total | $ | 15,926 | $ | 3,663 | $ | 12,263 | $ | (164,576) | $ | (37,853) | $ | (126,723) |
(Dollars in thousands) | (Dollars in thousands) | Unrealized gains (losses) on securities available-for-sale(1) | Unrealized gains (losses) on securities available for sale transferred to held to maturity(1)(2) | Defined benefit pension items(1) | Total | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | Balance at January 1, 2019 | $ | (38,505) | $ | (71,149) | $ | (125,533) | $ | (235,187) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Unrealized gains (losses) on securities available-for-sale(1) | Unrealized losses on securities available for sale transferred from (to) held to maturity(1)(2) | Defined benefit pension items(1) | Total | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | $ | (30,945 | ) | $ | — | $ | (91,349 | ) | $ | (122,294 | ) | |||||||||||||||||||||||||||||||||
Cumulative effect adjustments(3) | (29,751 | ) | — | (20,300 | ) | (50,051 | ) | |||||||||||||||||||||||||||||||||||||
Adjusted beginning balance | (60,696 | ) | — | (111,649 | ) | (172,345 | ) | |||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during period | 22,461 | (84,321 | ) | (24,649 | ) | (86,509 | ) | |||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (270 | ) | 13,172 | 10,765 | 23,667 | |||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 22,191 | (71,149 | ) | (13,884 | ) | (62,842 | ) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | (38,505 | ) | (71,149 | ) | (125,533 | ) | (235,187 | ) | ||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during period | 49,776 | 55,834 | (15,438 | ) | 90,172 | Net unrealized gains (losses) arising during period | 49,776 | 55,834 | (15,438) | 90,172 | ||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (5,479 | ) | 15,315 | 8,456 | 18,292 | Amounts reclassified from accumulated other comprehensive loss | (5,479) | 15,315 | 8,456 | 18,292 | ||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 44,297 | 71,149 | (6,982 | ) | 108,464 | Net current period other comprehensive income (loss) | 44,297 | 71,149 | (6,982) | 108,464 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 5,792 | $ | — | $ | (132,515 | ) | $ | (126,723 | ) | Balance at December 31, 2019 | 5,792 | 0 | (132,515) | (126,723) | |||||||||||||||||||||||||||||
Net unrealized gains arising during period | Net unrealized gains arising during period | 119,357 | 4,538 | 42,367 | 166,262 | |||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | Amounts reclassified from accumulated other comprehensive loss | (46,395) | (381) | 19,500 | (27,276) | |||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income | Net current period other comprehensive income | 72,962 | 4,157 | 61,867 | 138,986 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 78,754 | $ | 4,157 | $ | (70,648) | $ | 12,263 |
(Dollars in thousands) | Year ended December 31, 2019 | |||||
Details about accumulated other comprehensive (loss) income | Amount reclassified from accumulated other comprehensive (loss) income(1) | Affected line item in the statement where net income is presented | ||||
Unrealized gains on available for sale securities | $ | 7,115 | Realized gains on investment securities available for sale, net | |||
(1,636 | ) | Income taxes | ||||
$ | 5,479 | |||||
Amortization of unrealized losses on securities available for sale transferred to held to maturity | $ | (19,889 | ) | Net interest income | ||
4,574 | Income taxes | |||||
$ | (15,315 | ) | ||||
Amortization of defined benefit pension items | ||||||
Prior service costs | $ | (57 | ) | Salaries and wages | ||
Actuarial losses | (10,924 | ) | Other | |||
(10,981 | ) | Income before income taxes | ||||
2,525 | Income taxes | |||||
$ | (8,456 | ) | ||||
Total reclassifications for the period | $ | (18,292 | ) | |||
Year ended December 31, 2018 | ||||||
Details about accumulated other comprehensive (loss) income | Amount reclassified from accumulated other comprehensive (loss) income(1) | Affected line item in the statement where net income is presented | ||||
Unrealized gains on available for sale securities | $ | 351 | Realized gains on investment securities available for sale, net | |||
(81 | ) | Income taxes | ||||
$ | 270 | |||||
Amortization of unrealized losses on securities available for sale transferred to held to maturity | $ | (17,106 | ) | Net interest income | ||
3,934 | Income taxes | |||||
$ | (13,172 | ) | ||||
Amortization of defined benefit pension items | ||||||
Prior service costs | $ | (79 | ) | Salaries and wages | ||
Actuarial losses | (13,902 | ) | Other | |||
(13,981 | ) | Income before income taxes | ||||
3,216 | Income taxes | |||||
$ | (10,765 | ) | ||||
Total reclassifications for the period | $ | (23,667 | ) |
(Dollars in thousands) | Year ended December 31, 2020 | |||||||||||||
Details about accumulated other comprehensive income (loss) | Amount reclassified from accumulated other comprehensive income (loss)(1) | Affected line item in the statement where net income is presented | ||||||||||||
Unrealized gains on available for sale securities | $ | 60,253 | Realized gains on investment securities available for sale, net | |||||||||||
(13,858) | Income taxes | |||||||||||||
$ | 46,395 | |||||||||||||
Amortization of unrealized gains on securities available for sale transferred to held to maturity | $ | 495 | Net interest income | |||||||||||
(114) | Income taxes | |||||||||||||
$ | 381 | |||||||||||||
Amortization of actuarial losses on defined benefit pension items | $ | (25,324) | Other noninterest expense | |||||||||||
5,824 | Income taxes | |||||||||||||
$ | (19,500) | |||||||||||||
Total reclassifications for the period | $ | 27,276 | ||||||||||||
Year ended December 31, 2019 | ||||||||||||||
Details about accumulated other comprehensive (loss) income | Amount reclassified from accumulated other comprehensive income (loss)(1) | Affected line item in the statement where net income is presented | ||||||||||||
Unrealized gains on available for sale securities | $ | 7,115 | Realized gains on investment securities available for sale, net | |||||||||||
(1,636) | Income taxes | |||||||||||||
$ | 5,479 | |||||||||||||
Amortization of unrealized losses on securities available for sale transferred to held to maturity | $ | (19,889) | Net interest income | |||||||||||
4,574 | Income taxes | |||||||||||||
$ | (15,315) | |||||||||||||
Amortization of defined benefit pension items | ||||||||||||||
Prior service costs | $ | (57) | Salaries and wages | |||||||||||
Actuarial losses | (10,924) | Other noninterest expense | ||||||||||||
(10,981) | Income before income taxes | |||||||||||||
2,525 | Income taxes | |||||||||||||
$ | (8,456) | |||||||||||||
Total reclassifications for the period | $ | (18,292) |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Core deposit intangible amortization | $ | 16,346 | $ | 17,165 | $ | 17,194 | |||||
Consultant expense | 12,801 | 14,345 | 14,963 | ||||||||
Advertising | 11,437 | 11,650 | 11,227 | ||||||||
Telecommunications expense | 9,391 | 10,471 | 12,172 | ||||||||
Other | 89,308 | 93,432 | 86,874 | ||||||||
Total other noninterest expense | $ | 139,283 | $ | 147,063 | $ | 142,430 |
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Core deposit intangible amortization | $ | 14,255 | $ | 16,346 | $ | 17,165 | |||||||||||
Consultant expense | 12,751 | 12,801 | 14,345 | ||||||||||||||
Advertising expense | 10,010 | 11,437 | 11,650 | ||||||||||||||
Telecommunications expense | 12,179 | 9,391 | 10,471 | ||||||||||||||
Other | 95,922 | 89,308 | 93,432 | ||||||||||||||
Total other noninterest expense | $ | 145,117 | $ | 139,283 | $ | 147,063 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Current tax expense | |||||||||||
Federal | $ | 68,984 | $ | 95,151 | $ | 87,992 | |||||
State | 11,095 | 21,523 | 6,116 | ||||||||
Total current tax expense | 80,079 | 116,674 | 94,108 | ||||||||
Deferred tax expense (benefit) | |||||||||||
Federal | 50,522 | (10,944 | ) | 115,392 | |||||||
State | 4,076 | (2,433 | ) | 10,446 | |||||||
Total deferred tax expense (benefit) | 54,598 | (13,377 | ) | 125,838 | |||||||
Total income tax expense | $ | 134,677 | $ | 103,297 | $ | 219,946 |
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Current tax expense | |||||||||||||||||
Federal | $ | 137,162 | $ | 68,984 | $ | 95,151 | |||||||||||
State | 14,532 | 11,095 | 21,523 | ||||||||||||||
Total current tax expense | 151,694 | 80,079 | 116,674 | ||||||||||||||
Deferred tax (benefit) expense | |||||||||||||||||
Federal | (28,535) | 50,522 | (10,944) | ||||||||||||||
State | 3,000 | 4,076 | (2,433) | ||||||||||||||
Total deferred tax (benefit) expense | (25,535) | 54,598 | (13,377) | ||||||||||||||
Total income tax expense | $ | 126,159 | $ | 134,677 | $ | 103,297 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Income taxes at federal statutory rates | $ | 124,330 | $ | 105,758 | $ | 190,294 | |||||
Increase (reduction) in income taxes resulting from: | |||||||||||
Nontaxable income on loans, leases and investments, net of nondeductible expenses | (1,639 | ) | (1,796 | ) | (2,525 | ) | |||||
Excess tax benefits of compensation | 1,070 | 371 | — | ||||||||
State and local income taxes, including any change in valuation allowance, net of federal income tax benefit | 11,985 | 15,081 | 10,765 | ||||||||
Effect of federal rate change | — | (15,736 | ) | 25,762 | |||||||
Tax credits net of amortization | (4,474 | ) | (2,891 | ) | (4,840 | ) | |||||
Other, net | 3,405 | 2,510 | 490 | ||||||||
Total income tax expense | $ | 134,677 | $ | 103,297 | $ | 219,946 |
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Income taxes at federal statutory rates | $ | 129,755 | $ | 124,330 | $ | 105,758 | |||||||||||
Increase (reduction) in income taxes resulting from: | |||||||||||||||||
Nontaxable income on loans, leases and investments, net of nondeductible expenses | (1,581) | (1,639) | (1,796) | ||||||||||||||
Excess tax benefits of compensation | 1,146 | 1,070 | 371 | ||||||||||||||
State and local income taxes, including any change in valuation allowance, net of federal income tax benefit | 13,850 | 11,985 | 15,081 | ||||||||||||||
Effect of federal rate change | 0 | 0 | (15,736) | ||||||||||||||
Tax credits net of amortization | (5,367) | (4,474) | (2,891) | ||||||||||||||
Repayment of claim of right income | (13,926) | 0 | 0 | ||||||||||||||
Other, net | 2,282 | 3,405 | 2,510 | ||||||||||||||
Total income tax expense | $ | 126,159 | $ | 134,677 | $ | 103,297 |
(Dollars in thousands) | 2019 | 2018 | |||||
Allowance for loan and lease losses | $ | 53,073 | $ | 53,391 | |||
Operating lease liabilities | 17,752 | — | |||||
Executive separation from service agreements | 12,334 | 7,927 | |||||
Net operating loss carryforwards | 11,085 | 6,862 | |||||
Net unrealized loss included in comprehensive income | — | 32,663 | |||||
Employee compensation | 13,313 | 11,145 | |||||
FDIC assisted transactions timing differences | 8,678 | 7,622 | |||||
Other reserves | 5,001 | 5,574 | |||||
Other | 10,698 | 9,555 | |||||
Deferred tax asset | 131,934 | 134,739 | |||||
Accelerated depreciation | 51,249 | 4,987 | |||||
Lease financing activities | 8,101 | 12,674 | |||||
Operating lease assets | 17,837 | — | |||||
Net unrealized gain on securities included in accumulated other comprehensive loss | 1,821 | — | |||||
Net deferred loan fees and costs | 11,781 | 10,651 | |||||
Intangible assets | 9,148 | 11,713 | |||||
Security, loan and debt valuations | 5,767 | 4,557 | |||||
Pension liability | 5,079 | 6,287 | |||||
Other | 15,993 | 1,722 | |||||
Deferred tax liability | 126,776 | 52,591 | |||||
Net deferred tax asset | $ | 5,158 | $ | 82,148 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Allowance for credit losses | $ | 52,293 | $ | 53,073 | |||||||
Operating lease liabilities | 15,737 | 17,752 | |||||||||
Executive separation from service agreements | 8,989 | 12,334 | |||||||||
Net operating loss carryforwards | 9,545 | 11,085 | |||||||||
Employee compensation | 16,083 | 13,313 | |||||||||
FDIC assisted transactions timing differences | 0 | 8,678 | |||||||||
Other reserves | 5,376 | 5,001 | |||||||||
Other | 6,898 | 10,698 | |||||||||
Deferred tax asset | 114,921 | 131,934 | |||||||||
Accelerated depreciation | 14,984 | 51,249 | |||||||||
Lease financing activities | 15,265 | 8,101 | |||||||||
Operating lease assets | 15,670 | 17,837 | |||||||||
Net unrealized gain on securities included in accumulated other comprehensive loss | 24,857 | 1,821 | |||||||||
Net deferred loan fees and costs | 13,975 | 11,781 | |||||||||
Intangible assets | 13,012 | 9,148 | |||||||||
Security, loan and debt valuations | 2,051 | 5,767 | |||||||||
FDIC assisted transactions timing differences | 2,393 | 0 | |||||||||
Pension liability | 44,549 | 5,079 | |||||||||
Other | 10,193 | 15,993 | |||||||||
Deferred tax liability | 156,949 | 126,776 | |||||||||
Net deferred tax (liability) asset | $ | (42,028) | $ | 5,158 |
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Unrecognized tax benefits at the beginning of the year | $ | 28,255 | $ | 29,004 | $ | 28,879 | |||||
Reductions related to tax positions taken in prior year | (683 | ) | (1,054 | ) | (44 | ) | |||||
Additions related to tax positions taken in current year | 6,554 | 1,433 | 169 | ||||||||
Reductions related to lapse of statute of limitations | (1,900 | ) | (1,128 | ) | — | ||||||
Unrecognized tax benefits at the end of the year | $ | 32,226 | $ | 28,255 | $ | 29,004 |
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Unrecognized tax benefits at the beginning of the year | $ | 32,226 | $ | 28,255 | $ | 29,004 | |||||||||||
Additions (reductions) related to tax positions taken in prior year | 153 | (683) | (1,054) | ||||||||||||||
Additions related to tax positions taken in current year | 1,295 | 6,554 | 1,433 | ||||||||||||||
Settlements | (1,516) | 0 | 0 | ||||||||||||||
Reductions related to lapse of statute of limitations | (783) | (1,900) | (1,128) | ||||||||||||||
Unrecognized tax benefits at the end of the year | $ | 31,375 | $ | 32,226 | $ | 28,255 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
(Dollars in thousands) | Carrying value | Fair value | Carrying value | Fair value | |||||||||||
Cash and due from banks | $ | 376,719 | $ | 376,719 | $ | 327,440 | $ | 327,440 | |||||||
Overnight investments | 1,107,844 | 1,107,844 | 797,406 | 797,406 | |||||||||||
Investment securities available for sale | 7,059,674 | 7,059,674 | 4,557,110 | 4,557,110 | |||||||||||
Investment securities held to maturity | 30,996 | 30,996 | 2,184,653 | 2,201,502 | |||||||||||
Investment in marketable equity securities | 82,333 | 82,333 | 92,599 | 92,599 | |||||||||||
Loans held for sale | 67,869 | 67,869 | 45,505 | 45,505 | |||||||||||
Net loans and leases | 28,656,355 | 28,878,550 | 25,299,564 | 24,845,060 | |||||||||||
Income earned not collected | 123,154 | 123,154 | 109,903 | 109,903 | |||||||||||
Federal Home Loan Bank stock | 43,039 | 43,039 | 25,304 | 25,304 | |||||||||||
Mortgage and other servicing rights | 24,891 | 26,927 | 24,066 | 27,435 | |||||||||||
Deposits | 34,431,236 | 34,435,789 | 30,672,460 | 30,623,214 | |||||||||||
Securities sold under customer repurchase agreements | 442,956 | 442,956 | 543,936 | 543,936 | |||||||||||
Federal Home Loan Bank borrowings | 572,185 | 577,362 | 193,556 | 195,374 | |||||||||||
Subordinated debentures | 163,412 | 173,685 | 140,741 | 151,670 | |||||||||||
Other borrowings | 148,318 | 149,232 | 13,921 | 13,985 | |||||||||||
FDIC shared-loss payable | 112,395 | 114,252 | 105,618 | 105,846 | |||||||||||
Accrued interest payable | 18,124 | 18,124 | 3,712 | 3,712 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
(Dollars in thousands) | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||
Cash and due from banks | $ | 362,048 | $ | 362,048 | $ | 376,719 | $ | 376,719 | |||||||||||||||
Overnight investments | 4,347,336 | 4,347,336 | 1,107,844 | 1,107,844 | |||||||||||||||||||
Investment securities available for sale | 7,014,243 | 7,014,243 | 7,059,674 | 7,059,674 | |||||||||||||||||||
Investment securities held to maturity | 2,816,982 | 2,838,499 | 30,996 | 30,996 | |||||||||||||||||||
Investment in marketable equity securities | 91,680 | 91,680 | 82,333 | 82,333 | |||||||||||||||||||
Loans held for sale | 124,837 | 124,837 | 67,869 | 67,869 | |||||||||||||||||||
Net loans and leases | 32,567,661 | 33,298,166 | 28,656,355 | 28,878,550 | |||||||||||||||||||
Income earned not collected | 145,694 | 145,694 | 123,154 | 123,154 | |||||||||||||||||||
Federal Home Loan Bank stock | 45,392 | 45,392 | 43,039 | 43,039 | |||||||||||||||||||
Mortgage and other servicing rights | 19,628 | 20,283 | 24,891 | 26,927 | |||||||||||||||||||
Deposits with no stated maturity | 40,542,596 | 40,542,596 | 30,593,627 | 30,593,627 | |||||||||||||||||||
Time deposits | 2,889,013 | 2,905,577 | 3,837,609 | 3,842,162 | |||||||||||||||||||
Securities sold under customer repurchase agreements | 641,487 | 641,487 | 442,956 | 442,956 | |||||||||||||||||||
Federal Home Loan Bank borrowings | 655,175 | 677,579 | 572,185 | 577,362 | |||||||||||||||||||
Subordinated debt | 504,518 | 525,610 | 163,412 | 173,685 | |||||||||||||||||||
Other borrowings | 88,470 | 89,263 | 148,318 | 149,232 | |||||||||||||||||||
FDIC shared-loss payable | 15,601 | 15,843 | 112,395 | 114,252 | |||||||||||||||||||
Accrued interest payable | 9,414 | 9,414 | 18,124 | 18,124 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
(Dollars in thousands) | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||
Assets measured at fair value | |||||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 409,999 | $ | — | $ | 409,999 | $ | — | |||||||
Government agency | 682,772 | — | 682,772 | — | |||||||||||
Residential mortgage-backed securities | 5,267,090 | — | 5,267,090 | — | |||||||||||
Commercial mortgage-backed securities | 380,020 | — | 380,020 | — | |||||||||||
Corporate bonds | 201,566 | — | 131,881 | 69,685 | |||||||||||
State, county and municipal | 118,227 | — | 118,227 | — | |||||||||||
Total investment securities available for sale | $ | 7,059,674 | $ | — | $ | 6,989,989 | $ | 69,685 | |||||||
Marketable equity securities | $ | 82,333 | $ | 29,458 | $ | 52,875 | — | ||||||||
Loans held for sale | 67,869 | — | 67,869 | — | |||||||||||
December 31, 2018 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets measured at fair value | |||||||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury | $ | 1,247,710 | $ | — | $ | 1,247,710 | $ | — | |||||||
Government agency | 256,835 | — | 256,835 | — | |||||||||||
Residential mortgage-backed securities | 2,909,339 | — | 2,909,339 | — | |||||||||||
Corporate bonds | 143,226 | — | — | 143,226 | |||||||||||
Total investment securities available for sale | $ | 4,557,110 | $ | — | $ | 4,413,884 | $ | 143,226 | |||||||
Marketable equity securities | $ | 92,599 | $ | 17,887 | $ | 74,712 | $ | — | |||||||
Loans held for sale | 45,505 | — | 45,505 | — |
December 31, 2020 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
(Dollars in thousands) | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | 499,933 | $ | 0 | $ | 499,933 | $ | 0 | |||||||||||||||
Government agency | 701,391 | 0 | 701,391 | 0 | |||||||||||||||||||
Residential mortgage-backed securities | 4,438,103 | 0 | 4,438,103 | 0 | |||||||||||||||||||
Commercial mortgage-backed securities | 771,537 | 0 | 771,537 | 0 | |||||||||||||||||||
Corporate bonds | 603,279 | 0 | 286,655 | 316,624 | |||||||||||||||||||
Total investment securities available for sale | $ | 7,014,243 | $ | 0 | $ | 6,697,619 | $ | 316,624 | |||||||||||||||
Marketable equity securities | $ | 91,680 | $ | 32,855 | $ | 58,825 | 0 | ||||||||||||||||
Loans held for sale | 124,837 | 0 | 124,837 | 0 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets measured at fair value | |||||||||||||||||||||||
Investment securities available for sale | |||||||||||||||||||||||
U.S. Treasury | $ | 409,999 | $ | 0 | $ | 409,999 | $ | 0 | |||||||||||||||
Government agency | 682,772 | 0 | 682,772 | 0 | |||||||||||||||||||
Residential mortgage-backed securities | 5,267,090 | 0 | 5,267,090 | 0 | |||||||||||||||||||
Commercial mortgage-backed securities | 380,020 | 0 | 380,020 | 0 | |||||||||||||||||||
Corporate bonds | 201,566 | 0 | 131,881 | 69,685 | |||||||||||||||||||
State, county and municipal | 118,227 | 0 | 118,227 | 0 | |||||||||||||||||||
Total investment securities available for sale | $ | 7,059,674 | $ | 0 | $ | 6,989,989 | $ | 69,685 | |||||||||||||||
Marketable equity securities | $ | 82,333 | $ | 29,458 | $ | 52,875 | $ | 0 | |||||||||||||||
Loans held for sale | 67,869 | 0 | 67,869 | 0 | |||||||||||||||||||
2020 | 2019 | ||||||||||
(Dollars in thousands) | Corporate bonds | Corporate bonds | |||||||||
Beginning balance | $ | 69,685 | $ | 143,226 | |||||||
Purchases(1) | 242,595 | 35,993 | |||||||||
Unrealized net gains included in other comprehensive income | 2,898 | 3,891 | |||||||||
Amounts included in net income | (336) | 174 | |||||||||
Transfers in | 1,782 | 0 | |||||||||
Transfers out | 0 | (112,599) | |||||||||
Sales / Calls | 0 | (1,000) | |||||||||
Ending balance | $ | 316,624 | $ | 69,685 | |||||||
(1) The year ended December 31, 2019, includes Corporate bonds of $500 thousand acquired in Entegra transaction. |
December 31, 2019 | |||
(Dollars in thousands) | Corporate bonds | ||
Balance at January 1, 2019 | $ | 143,226 | |
Purchases(1) | 35,993 | ||
Unrealized net gains included in other comprehensive income | 3,891 | ||
Amounts included in net income | 174 | ||
Transfers out | (112,599 | ) | |
Sales / Calls | (1,000 | ) | |
Balance at December 31, 2019 | $ | 69,685 | |
(1)Includes Corporate bonds of $500 thousand acquired in Entegra transaction. |
(Dollars in thousands) | December 31, 2019 | |||||||
Level 3 assets | Valuation technique | Significant unobservable input | Fair Value | |||||
Corporate bonds | Indicative bid provided by broker | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer | $ | 69,685 |
(Dollars in thousands) | December 31, 2020 | |||||||||||||||||||
Level 3 assets | Valuation technique | Significant unobservable input | Fair Value | |||||||||||||||||
Corporate bonds | Indicative bid provided by broker | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer | $ | 316,624 |
December 31, 2019 | |||||||||||
(Dollars in thousands) | Fair Value | Unpaid Principal Balance | Difference | ||||||||
Originated loans held for sale | $ | 67,869 | $ | 65,697 | $ | 2,172 | |||||
December 31, 2018 | |||||||||||
Fair Value | Unpaid Principal Balance | Difference | |||||||||
Originated loans held for sale | $ | 45,505 | $ | 44,073 | $ | 1,432 |
December 31, 2020 | |||||||||||||||||
(Dollars in thousands) | Fair Value | Unpaid Principal Balance | Difference | ||||||||||||||
Originated loans held for sale | $ | 124,837 | $ | 118,902 | $ | 5,935 | |||||||||||
December 31, 2019 | |||||||||||||||||
Fair Value | Unpaid Principal Balance | Difference | |||||||||||||||
Originated loans held for sale | $ | 67,869 | $ | 65,697 | $ | 2,172 |
December 31, 2019 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
(Dollars in thousands) | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||
Impaired loans | 132,336 | — | — | 132,336 | |||||||||||
Other real estate remeasured during current year | 38,310 | — | — | 38,310 | |||||||||||
Mortgage servicing rights | 3,757 | — | — | 3,757 | |||||||||||
December 31, 2018 | |||||||||||||||
Fair value measurements using: | |||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||
Impaired loans | $ | 105,994 | $ | — | $ | — | $ | 105,994 | |||||||
Other real estate remeasured during current year | 35,344 | — | — | 35,344 |
December 31, 2020 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
(Dollars in thousands) | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Collateral-dependent loans | 11,779 | 0 | 0 | 11,779 | |||||||||||||||||||
Other real estate remeasured during the year | 40,115 | 0 | 0 | 40,115 | |||||||||||||||||||
Mortgage servicing rights | 16,966 | 0 | 0 | 16,966 | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Fair value measurements using: | |||||||||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Impaired loans | $ | 132,336 | $ | 0 | $ | 0 | $ | 132,336 | |||||||||||||||
Other real estate remeasured during the year | 38,310 | 0 | 0 | 38,310 | |||||||||||||||||||
Mortgage servicing rights | 3,757 | 0 | 0 | 3,757 |
(Dollars in thousands) | 2019 | 2018 | |||||
Change in benefit obligation | |||||||
Projected benefit obligation at January 1 | $ | 852,975 | $ | 919,428 | |||
Service cost | 12,767 | 16,154 | |||||
Interest cost | 37,260 | 34,733 | |||||
Actuarial loss (gain) | 118,964 | (87,752 | ) | ||||
Benefits paid | (31,560 | ) | (29,588 | ) | |||
Projected benefit obligation at December 31 | 990,406 | 852,975 | |||||
Change in plan assets | |||||||
Fair value of plan assets at January 1 | 842,534 | 881,590 | |||||
Actual return on plan assets | 161,506 | (59,468 | ) | ||||
Employer contributions | 3,592 | 50,000 | |||||
Benefits paid | (31,560 | ) | (29,588 | ) | |||
Fair value of plan assets at December 31 | 976,072 | 842,534 | |||||
Funded status at December 31 | $ | (14,334 | ) | $ | (10,441 | ) |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Change in benefit obligation | |||||||||||
Projected benefit obligation at January 1 | $ | 990,406 | $ | 852,975 | |||||||
Service cost | 14,279 | 12,767 | |||||||||
Interest cost | 34,197 | 37,260 | |||||||||
Actuarial losses | 72,080 | 118,964 | |||||||||
Benefits paid | (33,309) | (31,560) | |||||||||
Projected benefit obligation at December 31 | 1,077,653 | 990,406 | |||||||||
Change in plan assets | |||||||||||
Fair value of plan assets at January 1 | 976,072 | 842,534 | |||||||||
Actual return on plan assets | 192,792 | 161,506 | |||||||||
Employer contributions | 100,000 | 3,592 | |||||||||
Benefits paid | (33,309) | (31,560) | |||||||||
Fair value of plan assets at December 31 | 1,235,555 | 976,072 | |||||||||
Funded status at December 31 | $ | 157,902 | $ | (14,334) |
(Dollars in thousands) | 2019 | 2018 | |||||
Net actuarial loss | $ | 172,098 | $ | 162,973 | |||
Prior service cost | — | 57 | |||||
Accumulated other comprehensive loss, excluding income taxes | $ | 172,098 | $ | 163,030 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Net actuarial loss | $ | 91,751 | $ | 172,098 | |||||||
Year ended December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Service cost | $ | 14,279 | $ | 12,767 | $ | 16,154 | |||||||||||
Interest cost | 34,197 | 37,260 | 34,733 | ||||||||||||||
Expected return on assets | (65,689) | (62,590) | (60,296) | ||||||||||||||
Amortization of prior service cost | 0 | 57 | 79 | ||||||||||||||
Amortization of net actuarial loss | 25,324 | 10,924 | 13,902 | ||||||||||||||
Total net periodic benefit cost (income) | 8,111 | (1,582) | 4,572 | ||||||||||||||
Current year actuarial (gain) loss | (55,023) | 20,049 | 32,012 | ||||||||||||||
Amortization of actuarial loss | (25,324) | (10,924) | (13,902) | ||||||||||||||
Amortization of prior service cost | 0 | (57) | (79) | ||||||||||||||
Net (gain) loss recognized in other comprehensive income | (80,347) | 9,068 | 18,031 | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | (72,236) | $ | 7,486 | $ | 22,603 |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Service cost | $ | 12,767 | $ | 16,154 | $ | 15,186 | |||||
Interest cost | 37,260 | 34,733 | 35,593 | ||||||||
Expected return on assets | (62,590 | ) | (60,296 | ) | (53,244 | ) | |||||
Amortization of prior service cost | 57 | 79 | 210 | ||||||||
Amortization of net actuarial loss | 10,924 | 13,902 | 9,510 | ||||||||
Total net periodic benefit (income) cost | (1,582 | ) | 4,572 | 7,255 | |||||||
Current year actuarial loss | 20,049 | 32,012 | 12,945 | ||||||||
Amortization of actuarial loss | (10,924 | ) | (13,902 | ) | (9,510 | ) | |||||
Amortization of prior service cost | (57 | ) | (79 | ) | (210 | ) | |||||
Net loss recognized in other comprehensive income | 9,068 | 18,031 | 3,225 | ||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 7,486 | $ | 22,603 | $ | 10,480 |
2019 | 2018 | ||||
Discount rate | 3.46 | % | 4.38 | % | |
Rate of compensation increase | 5.60 | 5.60 |
2020 | 2019 | ||||||||||
Discount rate | 2.76 | % | 3.46 | % | |||||||
Rate of compensation increase | 5.60 | 5.60 |
2019 | 2018 | 2017 | ||||||
Discount rate | 4.38 | % | 3.76 | % | 4.30 | % | ||
Rate of compensation increase | 5.60 | 4.00 | 4.00 | |||||
Expected long-term return on plan assets | 7.50 | 7.50 | 7.50 |
2020 | 2019 | 2018 | |||||||||||||||
Discount rate | 3.46 | % | 4.38 | % | 3.76 | % | |||||||||||
Rate of compensation increase | 5.60 | 5.60 | 4.00 | ||||||||||||||
Expected long-term return on plan assets | 7.50 | 7.50 | 7.50 |
December 31, 2019 | ||||||||||||||||||||
(Dollars in thousands) | Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation | Actual % of Plan Assets | ||||||||||||||
Cash and equivalents | $ | 10,974 | $ | 10,974 | — | — | 0 - 5% | 1 | % | |||||||||||
Equity securities | 30 - 70% | 73 | % | |||||||||||||||||
Common and preferred stock | 142,157 | 142,157 | — | — | ||||||||||||||||
Mutual funds | 565,343 | 565,343 | — | — | ||||||||||||||||
Fixed income | 15 - 45% | 23 | % | |||||||||||||||||
U.S. government and government agency securities | 78,175 | — | 78,175 | — | ||||||||||||||||
Corporate bonds | 122,370 | — | 122,370 | — | ||||||||||||||||
Mutual funds | 25,288 | 25,288 | — | — | ||||||||||||||||
Alternative investments | 0 - 30% | 3 | % | |||||||||||||||||
Mutual funds | 31,765 | 31,765 | — | — | ||||||||||||||||
Total pension assets | $ | 976,072 | $ | 775,527 | $ | 200,545 | $ | — | 100 | % | ||||||||||
December 31, 2018 | ||||||||||||||||||||
Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation | Actual % of Plan Assets | |||||||||||||||
Cash and equivalents | $ | 19,029 | $ | 19,029 | $ | — | $ | — | 0 - 5% | 2 | % | |||||||||
Equity securities | 30 - 70% | 64 | % | |||||||||||||||||
Common and preferred stock | 143,939 | 143,939 | — | — | ||||||||||||||||
Mutual funds | 395,328 | 393,104 | 2,224 | — | ||||||||||||||||
Fixed income | 15 - 45% | 30 | % | |||||||||||||||||
U.S. government and government agency securities | 79,294 | — | 79,294 | — | ||||||||||||||||
Corporate bonds | 140,358 | — | 140,358 | — | ||||||||||||||||
Mutual funds | 29,561 | 29,561 | — | — | ||||||||||||||||
Alternative investments | 0 - 30% | 4 | % | |||||||||||||||||
Mutual funds | 35,025 | 35,025 | — | — | ||||||||||||||||
Total pension assets | $ | 842,534 | $ | 620,658 | $ | 221,876 | $ | — | 100 | % |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation | Actual % of Plan Assets | |||||||||||||||||||||||||||||
Cash and equivalents | $ | 37,913 | $ | 37,913 | 0 | 0 | 0 - 5% | 3 | % | ||||||||||||||||||||||||||
Equity securities | 30 - 70% | 77 | % | ||||||||||||||||||||||||||||||||
Common and preferred stock | 144,924 | 144,924 | 0 | 0 | |||||||||||||||||||||||||||||||
Mutual funds | 559,472 | 559,472 | 0 | 0 | |||||||||||||||||||||||||||||||
Exchange traded funds | 248,819 | 248,819 | 0 | 0 | |||||||||||||||||||||||||||||||
Fixed income | 15 - 45% | 20 | % | ||||||||||||||||||||||||||||||||
U.S. government and government agency securities | 90,292 | 0 | 90,292 | 0 | |||||||||||||||||||||||||||||||
Corporate bonds | 154,135 | 0 | 154,135 | 0 | |||||||||||||||||||||||||||||||
Total pension assets | $ | 1,235,555 | $ | 991,128 | $ | 244,427 | $ | 0 | 100 | % | |||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Market Value | Quoted prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Nonobservable Inputs (Level 3) | Target Allocation | Actual % of Plan Assets | ||||||||||||||||||||||||||||||
Cash and equivalents | $ | 10,974 | $ | 10,974 | $ | 0 | $ | 0 | 0 - 5% | 1 | % | ||||||||||||||||||||||||
Equity securities | 30 - 70% | 73 | % | ||||||||||||||||||||||||||||||||
Common and preferred stock | 142,157 | 142,157 | 0 | 0 | |||||||||||||||||||||||||||||||
Mutual funds | 565,343 | 565,343 | 0 | 0 | |||||||||||||||||||||||||||||||
Fixed income | 15 - 45% | 23 | % | ||||||||||||||||||||||||||||||||
U.S. government and government agency securities | 78,175 | 0 | 78,175 | 0 | |||||||||||||||||||||||||||||||
Corporate bonds | 122,370 | 0 | 122,370 | 0 | |||||||||||||||||||||||||||||||
Mutual funds | 25,288 | 25,288 | 0 | 0 | |||||||||||||||||||||||||||||||
Alternative investments | 0 - 30% | 3 | % | ||||||||||||||||||||||||||||||||
Mutual funds | 31,765 | 31,765 | 0 | 0 | |||||||||||||||||||||||||||||||
Total pension assets | $ | 976,072 | $ | 775,527 | $ | 200,545 | $ | 0 | 100 | % |
(Dollars in thousands) | Estimated Payments | ||
2020 | $ | 36,251 | |
2021 | 38,980 | ||
2022 | 41,511 | ||
2023 | 43,891 | ||
2024 | 46,234 | ||
2025-2029 | 261,027 |
(Dollars in thousands) | Estimated Payments | ||||
2021 | $ | 38,660 | |||
2022 | 41,340 | ||||
2023 | 43,777 | ||||
2024 | 46,161 | ||||
2025 | 48,343 | ||||
2026-2030 | 269,256 |
(Dollars in thousands) | 2019 | 2018 | |||||
Present value of accrued liability as of January 1 | $ | 34,063 | $ | 37,299 | |||
Liability assumed in the Biscayne Bancshares acquisition | 1,138 | — | |||||
Liability assumed in the First South Bancorp acquisition | 1,067 | — | |||||
Liability assumed in the Entegra acquisition | 9,738 | — | |||||
Liability assumed in the Capital Commerce acquisition | — | 808 | |||||
Benefit expense and interest cost | 3,970 | 535 | |||||
Benefits paid | (4,681 | ) | (4,579 | ) | |||
Present value of accrued liability as of December 31 | $ | 45,295 | $ | 34,063 | |||
Discount rate at December 31 | 3.46 | % | 4.38 | % |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Accrued liability as of January 1 | $ | 45,295 | $ | 34,063 | |||||||
Liability assumed in the Biscayne Bancshares acquisition | 0 | 1,138 | |||||||||
Liability assumed in the First South Bancorp acquisition | 0 | 1,067 | |||||||||
Liability assumed in the Entegra acquisition | 0 | 9,738 | |||||||||
Discount rate adjustment | 1,719 | 1,574 | |||||||||
Benefit expense and interest cost | 3,503 | 2,396 | |||||||||
Benefits paid | (7,862) | (4,681) | |||||||||
Accrued liability as of December 31 | $ | 42,655 | $ | 45,295 | |||||||
Discount rate at December 31 | 2.76 | % | 3.46 | % |
(Dollars in thousands) | Classification | December 31, 2019 | ||
Assets: | ||||
Operating | Other assets | $ | 77,115 | |
Finance | Premises and equipment | 8,820 | ||
Total leased assets | $ | 85,935 | ||
Liabilities: | ||||
Operating | Other liabilities | $ | 76,746 | |
Finance | Other borrowings | 8,230 | ||
Total lease liabilities | $ | 84,976 |
(Dollars in thousands) | Classification | December 31, 2020 | December 31, 2019 | |||||||||||
Assets: | ||||||||||||||
Operating | Other assets | $ | 68,048 | $ | 77,115 | |||||||||
Finance | Premises and equipment | 6,478 | 8,820 | |||||||||||
Total leased assets | $ | 74,526 | $ | 85,935 | ||||||||||
Liabilities: | ||||||||||||||
Operating | Other liabilities | $ | 68,343 | $ | 76,746 | |||||||||
Finance | Other borrowings | 6,308 | 8,230 | |||||||||||
Total lease liabilities | $ | 74,651 | $ | 84,976 |
(Dollars in thousands) | Classification | 2019 | ||
Lease cost: | ||||
Operating lease cost (1) | Occupancy expense | $ | 16,094 | |
Finance lease cost: | ||||
Amortization of leased assets | Equipment expense | 1,975 | ||
Interest on lease liabilities | Interest expense - Other borrowings | 259 | ||
Variable lease cost | Occupancy expense | 2,394 | ||
Sublease income | Occupancy expense | (390 | ) | |
Net lease cost | $ | 20,332 | ||
(1) Operating lease cost includes short-term lease cost, which is immaterial. |
(Dollars in thousands) | Classification | 2020 | 2019 | |||||||||||
Lease cost: | ||||||||||||||
Operating lease cost (1) | Occupancy expense | $ | 15,023 | $ | 16,094 | |||||||||
Finance lease cost: | ||||||||||||||
Amortization of leased assets | Equipment expense | 2,168 | 1,975 | |||||||||||
Interest on lease liabilities | Interest expense - Other borrowings | 220 | 259 | |||||||||||
Variable lease cost | Occupancy expense | 3,231 | 2,394 | |||||||||||
Sublease income | Occupancy expense | (350) | (390) | |||||||||||
Net lease cost | $ | 20,292 | $ | 20,332 | ||||||||||
(1) Operating lease cost includes short-term lease cost, which is immaterial. |
(Dollars in thousands) | Operating Leases | Finance Leases | Total | ||||||||
2020 | $ | 14,257 | $ | 2,142 | $ | 16,399 | |||||
2021 | 12,688 | 2,159 | 14,847 | ||||||||
2022 | 11,261 | 1,876 | 13,137 | ||||||||
2023 | 9,340 | 993 | 10,333 | ||||||||
2024 | 7,379 | 617 | 7,996 | ||||||||
Thereafter | 36,653 | 1,066 | 37,719 | ||||||||
Total lease payments | $ | 91,578 | $ | 8,853 | $ | 100,431 | |||||
Less: Interest | 14,832 | 623 | 15,455 | ||||||||
Present value of lease liabilities | $ | 76,746 | $ | 8,230 | $ | 84,976 | |||||
(Dollars in thousands) | Operating Leases | Finance Leases | Total | ||||||||||||||
2020 | $ | 12,865 | $ | 2,159 | $ | 15,024 | |||||||||||
2021 | 11,757 | 1,876 | 13,633 | ||||||||||||||
2022 | 9,980 | 993 | 10,973 | ||||||||||||||
2023 | 8,146 | 617 | 8,763 | ||||||||||||||
2024 | 5,223 | 635 | 5,858 | ||||||||||||||
Thereafter | 32,045 | 431 | 32,476 | ||||||||||||||
Total lease payments | $ | 80,016 | $ | 6,711 | $ | 86,727 | |||||||||||
Less: Interest | 11,673 | 403 | 12,076 | ||||||||||||||
Present value of lease liabilities | $ | 68,343 | $ | 6,308 | $ | 74,651 | |||||||||||
Weighted average remaining lease term (years): | December 31, | |||||
Operating | ||||||
Finance | ||||||
Weighted average discount rate: | ||||||
Operating | % | |||||
Finance |
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | 14,237 | $ | 15,703 | |||||||
Operating cash flows from finance leases | 220 | 259 | |||||||||
Financing cash flows from finance leases | 1,922 | 1,850 | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 4,595 | 17,837 | |||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 1,886 |
(Dollars in thousands) | 2019 | ||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 15,703 | |
Operating cash flows from finance leases | 259 | ||
Financing cash flows from finance leases | 1,850 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 17,837 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,886 |
Year ended December 31 | |||||||
(dollars in thousands) | 2019 | 2018 | |||||
Balance at January 1 | $ | 199 | $ | 74 | |||
New loans | 5 | 134 | |||||
Repayments | (59 | ) | (9 | ) | |||
Balance at December 31 | $ | 145 | $ | 199 |
Year ended December 31 | |||||||||||
(dollars in thousands) | 2020 | 2019 | |||||||||
Balance at January 1 | $ | 145 | $ | 199 | |||||||
New loans | 19 | 5 | |||||||||
Repayments | (47) | (59) | |||||||||
Balance at December 31 | $ | 117 | $ | 145 |
(Dollars in thousands) | 2019 | 2018 | |||||
Unused commitments to extend credit | $ | 10,682,378 | $ | 10,054,712 | |||
Standby letters of credit | 99,601 | 96,467 |
(Dollars in thousands) | 2020 | 2019 | |||||||||
Unused commitments to extend credit | $ | 12,098,417 | $ | 10,682,378 | |||||||
Standby letters of credit | 129,819 | 99,601 |
Parent Company | |||||||||||
Condensed Balance Sheets | |||||||||||
(Dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 49,716 | $ | 4,573 | |||||||
Overnight investments | 1,607 | 2,547 | |||||||||
Investments in marketable equity securities | 91,680 | 82,333 | |||||||||
Investment securities available for sale | 2,010 | 3,015 | |||||||||
Investment in banking subsidiaries | 4,621,676 | 3,763,947 | |||||||||
Investment in other subsidiaries | 3,241 | 3,555 | |||||||||
Due from subsidiaries | 786 | 0 | |||||||||
Other assets | 48,591 | 45,164 | |||||||||
Total assets | $ | 4,819,307 | $ | 3,905,134 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Subordinated debentures | $ | 452,350 | $ | 105,677 | |||||||
Other borrowings | 128,125 | 201,702 | |||||||||
Due to subsidiaries | 0 | 1,670 | |||||||||
Other liabilities | 9,564 | 9,901 | |||||||||
Shareholders’ equity | 4,229,268 | 3,586,184 | |||||||||
Total liabilities and shareholders’ equity | $ | 4,819,307 | $ | 3,905,134 |
Parent Company | |||||||||||||||||
Condensed Income Statements | |||||||||||||||||
Year ended December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Interest and dividend income | $ | 3,952 | $ | 1,327 | $ | 1,362 | |||||||||||
Interest expense | 16,817 | 7,187 | 5,154 | ||||||||||||||
Net interest loss | (12,865) | (5,860) | (3,792) | ||||||||||||||
Dividends from banking subsidiaries | 229,685 | 149,819 | 242,910 | ||||||||||||||
Marketable equity securities gains (losses), net | 29,395 | 20,625 | (7,610) | ||||||||||||||
Other income | 574 | 257 | 347 | ||||||||||||||
Other operating expense | 13,168 | 9,497 | 11,127 | ||||||||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 233,621 | 155,344 | 220,728 | ||||||||||||||
Income tax expense (benefit) | 879 | 892 | (5,184) | ||||||||||||||
Income before equity in undistributed net income of subsidiaries | 232,742 | 154,452 | 225,912 | ||||||||||||||
Equity in undistributed net income of subsidiaries | 258,981 | 302,919 | 174,401 | ||||||||||||||
Net income | 491,723 | 457,371 | 400,313 | ||||||||||||||
Less: Preferred stock dividends | 14,062 | 0 | 0 | ||||||||||||||
Net income available to common shareholders | $ | 477,661 | $ | 457,371 | $ | 400,313 |
Parent Company | |||||||
Condensed Balance Sheets | |||||||
(Dollars in thousands) | December 31, 2019 | December 31, 2018 | |||||
Assets | |||||||
Cash and due from banks | $ | 4,573 | $ | 7,188 | |||
Overnight investments | 2,547 | 385 | |||||
Investments in marketable equity securities | 82,333 | 92,599 | |||||
Investment securities available for sale | 3,015 | 6,456 | |||||
Investment in banking subsidiaries | 3,763,947 | 3,314,292 | |||||
Investment in other subsidiaries | 3,555 | 41,830 | |||||
Due from subsidiaries | — | 814 | |||||
Note to banking subsidiaries | — | 100,000 | |||||
Other assets | 45,164 | 42,810 | |||||
Total assets | $ | 3,905,134 | $ | 3,606,374 | |||
Liabilities and Shareholders’ Equity | |||||||
Subordinated debentures | $ | 105,677 | $ | 105,546 | |||
Other borrowings | 201,702 | — | |||||
Due to subsidiaries | 1,670 | 299 | |||||
Other liabilities | 9,901 | 11,575 | |||||
Shareholders’ equity | 3,586,184 | 3,488,954 | |||||
Total liabilities and shareholders’ equity | $ | 3,905,134 | $ | 3,606,374 |
Parent Company | |||||||||||
Condensed Income Statements | |||||||||||
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
Interest and dividend income | $ | 1,327 | $ | 1,362 | $ | 921 | |||||
Interest expense | 7,187 | 5,154 | 4,814 | ||||||||
Net interest loss | (5,860 | ) | (3,792 | ) | (3,893 | ) | |||||
Dividends from banking subsidiaries | 149,819 | 242,910 | 50,424 | ||||||||
Marketable equity securities gains (losses), net | 20,625 | (7,610 | ) | — | |||||||
Other income | 257 | 347 | 8,437 | ||||||||
Other operating expense | 9,497 | 11,127 | 6,881 | ||||||||
Income before income tax benefit and equity in undistributed net income of subsidiaries | 155,344 | 220,728 | 48,087 | ||||||||
Income tax expense (benefit) | 892 | (5,184 | ) | (5,395 | ) | ||||||
Income before equity in undistributed net income of subsidiaries | 154,452 | 225,912 | 53,482 | ||||||||
Equity in undistributed net income of subsidiaries | 302,919 | 174,401 | 270,270 | ||||||||
Net income | $ | 457,371 | $ | 400,313 | $ | 323,752 |
Parent Company | |||||||||||||||||
Condensed Statements of Cash Flows | |||||||||||||||||
Year ended December 31 | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2018 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 491,723 | $ | 457,371 | $ | 400,313 | |||||||||||
Adjustments | |||||||||||||||||
Undistributed net income of subsidiaries | (258,981) | (302,919) | (174,401) | ||||||||||||||
Net amortization of premiums and discounts | 824 | 119 | 88 | ||||||||||||||
Marketable equity securities (gains) losses, net | (29,395) | (20,625) | 7,610 | ||||||||||||||
Gain on extinguishment of debt | 0 | 0 | (160) | ||||||||||||||
Realized gains (losses) on investment securities available for sale, net | 0 | (20) | 0 | ||||||||||||||
Net change in due to/from subsidiaries | (2,456) | (2,185) | (381) | ||||||||||||||
Change in other assets | (3,074) | (2,001) | 3,657 | ||||||||||||||
Change in other liabilities | (694) | 981 | (2,595) | ||||||||||||||
Net cash provided by operating activities | 197,947 | 130,721 | 234,131 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Net change in loans | 0 | 100,000 | (100,000) | ||||||||||||||
Net change in overnight investments | 940 | 2,162 | 14,091 | ||||||||||||||
Purchases of marketable equity securities | (333,140) | (26,166) | (2,818) | ||||||||||||||
Proceeds from sales of marketable equity securities | 352,835 | 56,749 | 9,528 | ||||||||||||||
Purchases of investment securities | 0 | 0 | (6,438) | ||||||||||||||
Proceeds from sales, calls, and maturities of securities | 1,000 | 3,477 | 9,997 | ||||||||||||||
Investment in subsidiaries | (422,500) | 0 | 0 | ||||||||||||||
Net cash provided by (used in) investing activities | (400,865) | 136,222 | (75,640) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net change in short-term borrowings | (40,277) | 40,277 | (15,000) | ||||||||||||||
Repayment of long-term obligations | (33,300) | (3,575) | (1,840) | ||||||||||||||
Origination of long-term obligations | 0 | 165,000 | 0 | ||||||||||||||
Net proceeds from subordinated notes issuance | 345,849 | 0 | 0 | ||||||||||||||
Net proceeds from preferred stock issuance | 339,937 | 0 | 0 | ||||||||||||||
Repurchase of common stock | (333,755) | (453,123) | (163,095) | ||||||||||||||
Cash dividends paid | (30,393) | (18,137) | (16,779) | ||||||||||||||
Net cash provided by (used in) financing activities | 248,061 | (269,558) | (196,714) | ||||||||||||||
Net change in cash | 45,143 | (2,615) | (38,223) | ||||||||||||||
Cash balance at beginning of year | 4,573 | 7,188 | 45,411 | ||||||||||||||
Cash balance at end of year | $ | 49,716 | $ | 4,573 | $ | 7,188 | |||||||||||
CASH PAYMENTS FOR: | |||||||||||||||||
Interest | $ | 13,338 | $ | 7,187 | $ | 5,154 | |||||||||||
Income taxes | 106,618 | 78,345 | 73,806 |
Parent Company | |||||||||||
Condensed Statements of Cash Flows | |||||||||||
Year ended December 31 | |||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 457,371 | $ | 400,313 | $ | 323,752 | |||||
Adjustments | |||||||||||
Undistributed net income of subsidiaries | (302,919 | ) | (174,401 | ) | (270,270 | ) | |||||
Net amortization of premiums and discounts | 119 | 88 | 759 | ||||||||
Marketable equity securities (gains) losses, net | (20,625 | ) | 7,610 | — | |||||||
Gain on extinguishment of debt | — | (160 | ) | (919 | ) | ||||||
Realized gains (losses) on investment securities available for sale, net | (20 | ) | — | (8,003 | ) | ||||||
Net change in due to/from subsidiaries | (2,185 | ) | (381 | ) | (1,626 | ) | |||||
Change in other assets | (2,001 | ) | 3,657 | (10,509 | ) | ||||||
Change in other liabilities | 981 | (2,595 | ) | 6,310 | |||||||
Net cash provided by operating activities | 130,721 | 234,131 | 39,494 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Net change in loans | 100,000 | (100,000 | ) | — | |||||||
Net change in overnight investments | 2,162 | 14,091 | 11,681 | ||||||||
Purchases of marketable equity securities | (26,166 | ) | (2,818 | ) | — | ||||||
Proceeds from sales of marketable equity securities | 56,749 | 9,528 | — | ||||||||
Purchases of investment securities | — | (6,438 | ) | (28,012 | ) | ||||||
Proceeds from sales, calls, and maturities of securities | 3,477 | 9,997 | 32,463 | ||||||||
Net cash provided by (used in) investing activities | 136,222 | (75,640 | ) | 16,132 | |||||||
FINANCING ACTIVITIES | |||||||||||
Net change in short-term borrowings | 40,277 | (15,000 | ) | — | |||||||
Repayment of long-term obligations | (3,575 | ) | (1,840 | ) | (4,081 | ) | |||||
Origination of long-term obligations | 165,000 | — | — | ||||||||
Repurchase of common stock | (453,123 | ) | (163,095 | ) | — | ||||||
Cash dividends paid | (18,137 | ) | (16,779 | ) | (14,412 | ) | |||||
Net cash used in financing activities | (269,558 | ) | (196,714 | ) | (18,493 | ) | |||||
Net change in cash | (2,615 | ) | (38,223 | ) | 37,133 | ||||||
Cash balance at beginning of year | 7,188 | 45,411 | 8,278 | ||||||||
Cash balance at end of year | $ | 4,573 | $ | 7,188 | $ | 45,411 | |||||
CASH PAYMENTS FOR: | |||||||||||
Interest | $ | 7,187 | $ | 5,154 | $ | 4,814 | |||||
Income taxes | 78,345 | 73,806 | 88,565 |
2.1 | |||||
2.2 | |||||
2.3 | |||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
4.1 | |||||
4.2 | |||||
4.3 | |||||
4.4 | Deposit Agreement, dated as of March 12, 2020, among Registrant, Broadridge Corporate Issuer Solutions, Inc., as depositary, and the holders from time to time of the depositary receipts described therein (incorporated by reference to Exhibit 4.2 to Registrant's Registration Statement on Form 8-A, filed on March 12, 2020) | ||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
4.8 | |||||
4.9 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.6 | |||||
10.7 |
10.8 | |||||
10.9 | |||||
10.11 | |||||
21 | |||||
24 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
*101.INS | Inline XBRL Instance Document (filed herewith) | ||||
*101.SCH | Inline XBRL Taxonomy Extension Schema (filed herewith) | ||||
*101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith) | ||||
*101.LAB | Inline XBRL Taxonomy Extension Label Linkbase (filed herewith) | ||||
*101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith) | ||||
*101.DEF | Inline XBRL Taxonomy Definition Linkbase (filed herewith) | ||||
*104 | Cover Page Interactive Data File (embedded within the Inline XBRL document filed as Exhibit 101) |
* | Interactive data files are furnished but not filed for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended, and Section 18 of the Securities Exchange Act of 1934, as amended. |
FIRST CITIZENS BANCSHARES, INC. (Registrant) | |||||
/S/ FRANK B. HOLDING, JR. | |||||
Frank B. Holding, Jr. Chairman and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ FRANK B. HOLDING, JR. Frank B. Holding, Jr. | Chairman and Chief Executive Officer | February | ||||||||||||
/S/ CRAIG L. NIX Craig L. Nix | Chief Financial Officer (principal financial officer and principal accounting officer) | February | ||||||||||||
/s/ JOHN M. ALEXANDER, JR. * John M. Alexander, Jr. | Director | February | ||||||||||||
/s/ VICTOR E. BELL, III * Victor E. Bell, III | Director | February | ||||||||||||
/s/ HOPE HOLDING BRYANT * Hope Holding Bryant | Director | February | ||||||||||||
/s/ PETER M. BRISTOW * Peter M. Bristow | Director | February |
24, 2021 | ||||||||||||||
/s/ H. LEE DURHAM, JR. * H. Lee Durham, Jr. | Director | February | ||||||||||||
/s/ DANIEL L. HEAVNER * Daniel L. Heavner | Director | February | ||||||||||||
/s/ ROBERT R. HOPPE * Robert R. Hoppe | Director | February |
Signature | Title | Date | ||||||||||||
/s/ FLOYD L. KEELS * Floyd L. Keels | Director | February | ||||||||||||
/s/ ROBERT E. MASON, IV * Robert E. Mason, IV | Director | February | ||||||||||||
/s/ ROBERT T. NEWCOMB * Robert T. Newcomb | Director | February | ||||||||||||
* | Craig L. Nix hereby signs this Annual Report on Form 10-K on February |
By: | /S/ CRAIG L. NIX | |||||||
Craig L. Nix As Attorney-In-Fact |