First BanCorp(NYSE:FBP) 
First BanCorp. operates as the bank holding company for FirstBank Puerto Rico that provides a range of financial products and services to retail, commercial, and institutional clients. The company operates in six segments: Commercial and Corporate Banking, Mortgage Banking, Consumer (Retail) Banking...
Website: http://www.1firstbank.com
Founded: 1935
Full Time Employees: 2,674
Sector: Financial Services
Industry: Banks-Regional
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At a glance:
Bull Thesis:
Bear Thesis:
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Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2022-06-30 | 2022-03-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-09-30 | 2014-06-30 | 2013-12-31 | 2013-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
interest and dividend income: | |||||||||||||||||||||||||
loans | 179,261,000 | 173,787,000 | 154,229,000 | 151,389,000 | 147,625,000 | 34,801,250 | 139,205,000 | 137,538,000 | 133,175,000 | 134,593,000 | 132,697,000 | 131,442,000 | 131,017,000 | 137,033,000 | 138,417,000 | 139,880,000 | 139,344,000 | 36,831,250 | 147,325,000 | ||||||
investment securities | 26,491,000 | 23,247,000 | 13,985,000 | 14,720,000 | 16,018,000 | 3,780,250 | 15,121,000 | 14,732,000 | 13,987,000 | 12,109,000 | 13,950,000 | 13,302,000 | 11,894,000 | 12,725,000 | 10,985,000 | 11,242,000 | 12,604,000 | 3,605,500 | 14,422,000 | ||||||
interest expense: | |||||||||||||||||||||||||
deposits | 7,694,000 | 7,652,000 | 20,341,000 | 19,103,000 | 17,492,000 | 8,977,735,000 | 16,979,000 | 16,974,000 | 16,971,000 | 16,898,000 | 16,348,000 | 15,972,000 | 16,742,000 | 9,225,019 | 17,257,000 | 16,851,000 | 16,980,000 | 17,694,000 | 9,703,174 | 9,630,788 | -11,573,076 | 21,453,000 | |||
securities sold under agreements to repurchase | 1,972,000 | 2,182,000 | 1,320,000 | 1,621,000 | 2,548,000 | 583,250 | 2,333,000 | 2,543,000 | 2,297,000 | 2,917,000 | 2,765,000 | 2,623,000 | 5,363,000 | 5,476,000 | 5,216,000 | 5,388,000 | 6,393,000 | 1,632,750 | 6,531,000 | ||||||
advances from fhlb | 1,075,000 | 1,063,000 | 3,878,000 | 3,827,000 | 3,785,000 | 836,000 | 3,344,000 | 3,410,000 | 3,372,000 | 3,209,000 | 2,292,000 | 2,122,000 | 1,474,000 | 1,471,000 | 955,000 | 944,000 | 934,000 | 381,000 | 1,524,000 | ||||||
other borrowings | 1,698,000 | 1,333,000 | 2,331,000 | 2,413,000 | 2,466,000 | 578,750 | 2,315,000 | 2,235,000 | 2,085,000 | 2,139,000 | 2,065,000 | 1,962,000 | 1,816,000 | 1,979,000 | |||||||||||
benefit from credit losses - benefit: | |||||||||||||||||||||||||
loans and finance leases | 12,665,000 | -16,989,000 | |||||||||||||||||||||||
unfunded loan commitments | 812,000 | -178,000 | |||||||||||||||||||||||
debt securities | -3,474,000 | 3,365,000 | |||||||||||||||||||||||
non-interest income: | |||||||||||||||||||||||||
service charges and fees on deposit accounts | 9,466,000 | 9,363,000 | 6,108,000 | 5,887,000 | 5,716,000 | 1,395,250 | 5,581,000 | 5,344,000 | 5,088,000 | 5,797,000 | 5,803,000 | 5,790,000 | 5,788,000 | 5,800,000 | 4,555,000 | ||||||||||
mortgage banking activities | 4,082,000 | 5,206,000 | 4,396,000 | 4,395,000 | 3,627,000 | 1,137,750 | 4,551,000 | 4,835,000 | 4,165,000 | 3,117,000 | 4,846,000 | 3,616,000 | 5,485,000 | 4,753,000 | 4,270,000 | 4,763,000 | 3,618,000 | 880,250 | 3,521,000 | ||||||
insurance commission income | 2,946,000 | 5,275,000 | 1,983,000 | 2,025,000 | 4,250,000 | 373,250 | 1,493,000 | 1,780,000 | 3,355,000 | 1,377,000 | 1,855,000 | 3,587,000 | 1,363,000 | 3,269,000 | 1,265,000 | 1,522,000 | 3,022,000 | ||||||||
other non-interest income | 14,447,000 | 13,014,000 | 9,411,000 | 9,916,000 | 8,950,000 | 1,724,500 | 6,898,000 | 8,513,000 | 7,860,000 | 6,963,000 | 7,674,000 | 7,481,000 | 7,414,000 | 7,109,000 | 8,372,000 | 8,263,000 | 8,247,000 | 1,996,750 | 7,987,000 | ||||||
non-interest expenses: | |||||||||||||||||||||||||
employees’ compensation and benefits | 51,304,000 | 41,409,000 | 40,813,000 | 9,810,750 | 39,243,000 | 8,205,750 | 32,823,000 | ||||||||||||||||||
occupancy and equipment | 21,505,000 | 22,386,000 | 15,129,000 | 15,834,000 | 16,055,000 | 3,665,000 | 14,660,000 | 13,746,000 | 15,105,000 | 13,745,000 | 13,759,000 | 14,088,000 | 13,888,000 | 14,183,000 | 15,248,000 | 15,059,000 | 14,349,000 | 3,783,500 | 15,134,000 | ||||||
business promotion | 4,042,000 | 3,463,000 | 4,004,000 | 3,940,000 | 3,706,000 | 965,000 | 3,860,000 | 4,016,000 | 2,576,000 | 3,244,000 | 3,192,000 | 3,281,000 | 3,169,000 | 4,003,000 | 4,097,000 | 3,934,000 | 2,868,000 | 884,500 | 3,538,000 | ||||||
professional service fees | 12,036,000 | ||||||||||||||||||||||||
taxes, other than income taxes | 4,689,000 | 5,018,000 | 3,904,000 | 3,737,000 | 3,820,000 | 883,500 | 3,534,000 | 3,637,000 | 3,856,000 | 3,763,000 | 3,745,000 | 3,676,000 | 3,927,000 | 3,792,000 | 3,065,000 | 3,131,000 | 3,001,000 | 1,173,250 | 4,693,000 | ||||||
fdic deposit insurance | 1,466,000 | 1,673,000 | 1,465,000 | 1,482,000 | 1,698,000 | 516,750 | 2,067,000 | ||||||||||||||||||
net (gain) loss on oreo and oreo expenses | -1,485,000 | -720,000 | |||||||||||||||||||||||
credit and debit card processing expenses | 5,843,000 | 4,121,000 | 4,764,000 | 3,820,000 | 4,154,000 | 1,036,750 | 4,147,000 | 3,766,000 | 3,537,000 | 3,737,000 | 3,566,000 | 2,831,000 | 3,546,000 | 3,282,000 | 4,283,000 | 3,945,000 | 3,957,000 | 670,500 | 2,682,000 | ||||||
communications | 1,978,000 | 2,151,000 | 1,834,000 | 1,714,000 | 1,752,000 | 410,500 | 1,642,000 | 1,582,000 | 1,482,000 | 1,603,000 | 1,628,000 | 1,543,000 | 1,711,000 | 1,808,000 | 2,189,000 | 2,045,000 | 1,608,000 | 466,500 | 1,866,000 | ||||||
merger and restructuring costs | |||||||||||||||||||||||||
other non-interest expenses | 6,948,000 | 8,419,000 | 5,279,000 | 4,883,000 | 5,438,000 | 1,462,500 | 5,850,000 | 4,365,000 | 4,682,000 | 4,667,000 | 4,746,000 | 3,869,000 | 5,178,000 | 6,169,000 | 5,467,000 | 6,065,000 | 5,585,000 | 2,003,250 | 8,013,000 | ||||||
income before income taxes | 108,798,000 | 125,625,000 | 65,595,000 | 59,298,000 | 60,932,000 | 141,983,000 | 48,655,000 | 41,191,000 | 40,906,000 | -19,150,000 | 37,288,000 | 17,468,000 | 34,518,000 | 29,476,000 | 29,067,000 | 19,234,000 | -43,918,000 | 33,678,000 | 23,265,000 | 20,949,000 | -19,775,323 | 19,616,000 | |||
income tax expense | 34,103,000 | 43,025,000 | 19,268,000 | 18,011,000 | 17,618,000 | -10,159,000 | -9,290,000 | -10,444,000 | -5,723,000 | -4,476,000 | -8,032,000 | -64,000 | 276,000 | 3,670,836 | -3,676,000 | ||||||||||
net income | 74,695,000 | 82,600,000 | 46,327,000 | 41,287,000 | 43,314,000 | 165,285,000 | 36,323,000 | 31,032,000 | 33,148,000 | -10,752,000 | 27,998,000 | 25,541,000 | 24,074,000 | 21,953,000 | 23,344,000 | 14,758,000 | -34,074,000 | 25,646,000 | 23,201,000 | 21,225,000 | -16,104,487 | 15,940,000 | |||
yoy | 72.45% | -50.03% | 27.54% | 33.05% | 30.67% | -437.83% | 10.84% | 29.78% | -144.66% | 27.54% | 9.41% | 63.13% | -164.43% | -8.98% | -30.47% | 111.58% | 60.89% | ||||||||
qoq | -9.57% | 78.30% | 12.21% | -4.68% | -73.79% | 355.04% | 17.05% | -6.38% | -138.40% | 9.62% | 9.66% | -5.96% | -143.31% | -232.86% | 10.54% | 9.31% | -231.80% | -201.03% | |||||||
net income attributable to common stockholders | 74,695,000 | 82,600,000 | 45,658,000 | 40,618,000 | 42,645,000 | 8,913,500 | 35,654,000 | 30,363,000 | 32,479,000 | -11,421,000 | 27,329,000 | 24,872,000 | 24,074,000 | 21,953,000 | 23,344,000 | 14,758,000 | -34,074,000 | 25,646,000 | 23,201,000 | 22,505,000 | 3,985,000 | 15,940,000 | |||
net income per common share: | |||||||||||||||||||||||||
basic | 380 | 420 | 210 | 190 | 200 | 40 | 160 | 140 | 150 | -50 | 130 | 120 | 110 | 110 | 120 | ||||||||||
diluted | 380 | 410 | 210 | 190 | 200 | 40 | 160 | 140 | 150 | -50 | 130 | 110 | 110 | 110 | 120 | ||||||||||
the accompanying notes are an integral part of these financial statements. | |||||||||||||||||||||||||
money market investments and interest-bearing cash accounts | 820,000 | 4,081,000 | 3,401,000 | 2,829,000 | 791,500 | 3,166,000 | 3,363,000 | 2,256,000 | |||||||||||||||||
total interest and dividend income | 197,854,000 | ||||||||||||||||||||||||
total interest expense | 12,230,000 | 27,870,000 | 26,964,000 | 26,291,000 | 74,883,000 | 24,971,000 | 25,162,000 | 24,725,000 | 25,163,000 | 23,470,000 | 22,679,000 | 25,395,000 | 26,706,000 | 26,183,000 | 24,883,000 | 25,155,000 | 26,838,000 | 28,968,000 | 28,516,000 | -31,167,157 | 31,298,000 | ||||
net interest income | 185,624,000 | 144,425,000 | 142,546,000 | 140,181,000 | 392,862,000 | 132,521,000 | 130,471,000 | 124,693,000 | 122,832,000 | 123,904,000 | 122,549,000 | 118,178,000 | 120,228,000 | 124,648,000 | 124,929,000 | 126,477,000 | 125,647,000 | 127,694,000 | 129,907,000 | -130,390,055 | 130,905,000 | ||||
benefit from credit losses - (benefit) expense: | |||||||||||||||||||||||||
benefit from credit losses - | -13,802,000 | ||||||||||||||||||||||||
net interest income after benefit from credit losses | 199,426,000 | ||||||||||||||||||||||||
total non-interest income | 32,858,000 | 21,401,000 | 22,223,000 | 22,543,000 | 4,630,750 | 18,523,000 | 20,472,000 | 22,784,000 | 18,645,000 | 20,549,000 | 8,243,000 | 26,146,000 | 18,469,000 | 18,758,000 | 6,670,000 | 32,729,000 | 2,515,000 | 10,060,000 | |||||||
employees' compensation and benefits | 49,554,000 | 39,296,000 | 39,555,000 | 40,684,000 | 37,128,000 | 38,409,000 | 38,653,000 | 38,005,000 | 38,435,000 | 37,284,000 | 37,945,000 | 35,654,000 | |||||||||||||
professional fees | 10,594,000 | 12,467,000 | 11,671,000 | 10,310,000 | 2,875,500 | 11,502,000 | 10,193,000 | 10,060,000 | 12,023,000 | 11,800,000 | 10,956,000 | 10,672,000 | 10,776,000 | 10,709,000 | 19,005,000 | 15,218,000 | 2,960,000 | 11,840,000 | |||||||
total non-interest expenses | 106,659,000 | 92,833,000 | 92,937,000 | 89,972,000 | 22,716,250 | 90,865,000 | 90,216,000 | 86,027,000 | 85,614,000 | 89,069,000 | 87,882,000 | 88,303,000 | 92,997,000 | 93,277,000 | 102,799,000 | 91,728,000 | 24,788,500 | 99,154,000 | |||||||
the accompanying notes are an integral part of these statements. | |||||||||||||||||||||||||
total interest income | 172,295,000 | 169,510,000 | 166,472,000 | 467,475,000 | 157,492,000 | 155,633,000 | 149,418,000 | 147,995,000 | 147,374,000 | 145,228,000 | 143,573,000 | 146,934,000 | 150,831,000 | 149,812,000 | 151,632,000 | 152,485,000 | 156,662,000 | 158,423,000 | -161,557,212 | 162,203,000 | |||||
benefit from loan and lease losses | 7,398,000 | 12,534,000 | 11,820,000 | 47,729,000 | 11,524,000 | 19,536,000 | 20,544,000 | 75,013,000 | 18,096,000 | 25,442,000 | 21,503,000 | 20,986,000 | 21,053,000 | 31,176,000 | 74,266,000 | 32,970,000 | 26,999,000 | 26,744,000 | -21,951,249 | 22,195,000 | |||||
net interest income after benefit from loan and lease losses | 137,027,000 | 130,012,000 | 128,361,000 | 30,249,250 | 120,997,000 | 110,935,000 | 104,149,000 | 47,819,000 | 105,808,000 | 97,107,000 | 96,675,000 | 103,595,000 | 93,753,000 | 52,211,000 | 92,677,000 | 27,177,500 | 108,710,000 | ||||||||
other-than-temporary impairment (“otti”) losses on available-for-sale debt securities: | |||||||||||||||||||||||||
total otti losses | -557,000 | ||||||||||||||||||||||||
portion of otti recognized in other comprehensive income | 60,000 | ||||||||||||||||||||||||
net impairment losses on available-for-sale debt securities | -497,000 | -12,231,000 | -6,687,000 | -231,000 | -13,097,000 | -156,000 | |||||||||||||||||||
gain on early extinguishment of debt | 2,316,000 | 1,391,000 | 4,217,000 | ||||||||||||||||||||||
net income on oreo and oreo expenses | 2,578,000 | 5,043,000 | 3,743,000 | 1,090,000 | 4,360,000 | ||||||||||||||||||||
net gain on sale of investments | 371,000 | 6,096,000 | 8,000 | ||||||||||||||||||||||
income tax benefit | 23,302,000 | -12,332,000 | -7,758,000 | 8,398,000 | 8,073,000 | -7,523,000 | 9,844,000 | ||||||||||||||||||
insurance and supervisory fees | 3,701,000 | 3,855,000 | 4,353,000 | 4,855,000 | 4,909,000 | 5,604,000 | 7,343,000 | 6,590,000 | 6,796,000 | 6,860,000 | 2,878,250 | 11,513,000 | |||||||||||||
net income on other real estate owned (“oreo”) and oreo operations | 5,655,000 | ||||||||||||||||||||||||
dividends declared per common share | |||||||||||||||||||||||||
other-than-temporary impairment (otti) losses on available-for-sale debt securities: | |||||||||||||||||||||||||
total other-than-temporary impairment losses | -12,231,000 | -1,845,000 | -29,521,000 | ||||||||||||||||||||||
portion of other-than-temporary impairment | |||||||||||||||||||||||||
recognized in other comprehensive income | -4,842,000 | ||||||||||||||||||||||||
net income on other real estate owned (oreo) and oreo operations | 190,000 | 1,351,000 | 3,369,000 | 4,076,000 | 2,603,000 | 3,206,000 | 4,345,000 | 4,874,000 | 2,628,000 | 1,763,000 | 7,052,000 | ||||||||||||||
money market investments | 1,293,000 | 727,000 | 484,000 | 662,000 | 1,073,000 | 410,000 | 510,000 | 537,000 | 114,000 | 456,000 | |||||||||||||||
bargain purchase gain | 13,443,000 | ||||||||||||||||||||||||
condensed income statements: | |||||||||||||||||||||||||
non-interest income | 19,778,000 | 16,174,000 | 15,931,000 | ||||||||||||||||||||||
non-interest expenses | 89,544,000 | 93,604,000 | 98,145,000 | ||||||||||||||||||||||
per common share results: | |||||||||||||||||||||||||
net earnings per share-basic | 0.1 | ||||||||||||||||||||||||
net earnings per share-diluted | 0.1 | ||||||||||||||||||||||||
average shares outstanding | 212,768 | 210,466 | 208,202 | ||||||||||||||||||||||
average shares outstanding diluted | 215,923 | 212,359 | 210,144 | ||||||||||||||||||||||
book value per common share | 8.06 | 6.05 | 5.97 | ||||||||||||||||||||||
tangible book value per common share | 7.83 | 5.81 | 5.72 | ||||||||||||||||||||||
selected financial ratios | |||||||||||||||||||||||||
profitability: | |||||||||||||||||||||||||
return on average assets | 0.69 | 0.73 | 0.67 | ||||||||||||||||||||||
interest rate spread | 3.76 | 4.07 | 4.19 | ||||||||||||||||||||||
interest rate spread - tax equivalent basis | 3.88 | ||||||||||||||||||||||||
return on average total equity | 5.03 | 7.01 | 6.66 | ||||||||||||||||||||||
return on average common equity | 5.14 | 7.21 | 6.95 | ||||||||||||||||||||||
average total equity to average total assets | 13.78 | 10.44 | 10.1 | ||||||||||||||||||||||
tangible common equity ratio | 13.65 | 9.82 | 9.76 | ||||||||||||||||||||||
dividend payout ratio | |||||||||||||||||||||||||
efficiency ratio | 63.96 | 65.06 | 67.3 | ||||||||||||||||||||||
asset quality: | |||||||||||||||||||||||||
allowance for loan and lease losses to total loans held for investment | 2.64 | 2.42 | 2.55 | ||||||||||||||||||||||
net charge-offs (annualized) to average loans | 1.11 | 1.8 | 2.19 | ||||||||||||||||||||||
benefit from loan and lease losses to net charge-offs | 85.11 | 63.17 | 51.09 | ||||||||||||||||||||||
non-performing assets to total assets | 6.05 | 5.89 | 6.05 | ||||||||||||||||||||||
non-performing loans held for investment to total loans held for investment | 6.74 | 6.01 | 5.96 | ||||||||||||||||||||||
allowance to total non-performing loans held for investment | 39.19 | 40.29 | 42.71 | ||||||||||||||||||||||
allowance to total non-performing loans held for investment, | |||||||||||||||||||||||||
excluding residential real estate loans | 54.05 | 60.2 | 61.96 | ||||||||||||||||||||||
other information: | |||||||||||||||||||||||||
common stock price: end of period | 3.97 | 4.75 | 5.44 | ||||||||||||||||||||||
balance sheet data: | |||||||||||||||||||||||||
loans, including loans held for sale | 8,908,705 | 9,395,416 | 9,539,206 | ||||||||||||||||||||||
allowance for loan and lease losses | 234,454 | 225,434 | 241,177 | ||||||||||||||||||||||
intangible assets | 49,208 | 51,143 | 52,378 | ||||||||||||||||||||||
deferred tax asset | 299,291 | 9,853 | 8,738 | ||||||||||||||||||||||
total assets | 12,508,702 | 12,643,280 | 12,523,251 | ||||||||||||||||||||||
borrowings | 1,371,187 | 1,456,959 | 1,451,959 | ||||||||||||||||||||||
total preferred equity | 36,104 | 36,104 | 36,104 | ||||||||||||||||||||||
total common equity | 1,733,832 | 1,322,376 | 1,298,304 | ||||||||||||||||||||||
accumulated other comprehensive income, net of tax | 16,517 | ||||||||||||||||||||||||
total equity | 1,786,453 | 1,324,157 | 1,306,001 | ||||||||||||||||||||||
______________ | |||||||||||||||||||||||||
non-gaap financial measures. refer to capital below for additional information about the components and a reconciliation of these measures. | |||||||||||||||||||||||||
on a tax-equivalent basis and excluding the changes in fair value of derivative instruments (see net interest income below for a reconciliation of these non-gaap financial measures). | |||||||||||||||||||||||||
non-interest expense to the sum of net interest income and non-interest income. the denominator includes non-recurring income and changes in the fair value of derivative instruments. | |||||||||||||||||||||||||
notes payable and other borrowings | 1,861,000 | 1,843,000 | 1,817,000 | 447,500 | 1,790,000 | ||||||||||||||||||||
service charges on deposit accounts | 5,082,000 | 5,219,000 | 789,250 | 3,157,000 | |||||||||||||||||||||
other-than-temporary impairment losses on available-for-sale debt securities: | |||||||||||||||||||||||||
noncredit-related impairment portion on debt securities not expected to be sold | |||||||||||||||||||||||||
equity in loss of unconsolidated entity | -1,477,000 | -5,908,000 | |||||||||||||||||||||||
net earnings per common share: | |||||||||||||||||||||||||
basic | 70 | -160 | 20 | 80 | |||||||||||||||||||||
diluted | 70 | -160 | 20 | 80 | |||||||||||||||||||||
portion of other-than-temporary impairment losses previously recognized in | |||||||||||||||||||||||||
other comprehensive income | -156,000 | ||||||||||||||||||||||||
net earnings per share basic | 0.11 | 0.11 | |||||||||||||||||||||||
net earnings per share diluted | 0.11 | 0.11 | |||||||||||||||||||||||
accumulated other comprehensive loss, net of tax | -34,323 | -28,407 | |||||||||||||||||||||||
non-gaap measure. refer to capital discussion below for additional information about the components and a reconciliation of these measures. | |||||||||||||||||||||||||
on a tax-equivalent basis and excluding the changes in fair value of derivative instruments (see net interest income discussion below for a reconciliation of this non-gaap measure). | |||||||||||||||||||||||||
interest income: | |||||||||||||||||||||||||
portion of other-than-temporary impairment losses recognized in other comprehensive income | |||||||||||||||||||||||||
impairment of collateral pledged to lehman | |||||||||||||||||||||||||
insurance income | 325,750 | 1,303,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2022-06-30 | 2022-03-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||
cash and due from banks | 1,261,590,000 | 1,694,066,000 | 878,206,000 | 642,440,000 | 581,838,000 | 578,613,000 | 559,182,000 | 790,809,000 | 743,409,000 | 726,779,000 | 422,150,000 | 414,034,000 | 289,591,000 | 518,835,000 | 617,827,000 | 813,732,000 | 532,985,000 | 742,251,000 | 462,934,000 | 767,471,000 | 779,147,000 | 953,038,000 | 660,709,000 | 824,547,000 | 454,302,000 | 623,019,000 |
money market investments: | ||||||||||||||||||||||||||
time deposits with other financial institutions | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 3,126,000 | 3,126,000 | 3,125,000 | 2,800,000 | 2,800,000 | 2,800,000 | 2,800,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 |
other short-term investments | 1,633,000 | 1,883,000 | 97,431,000 | 97,553,000 | 7,437,000 | 7,290,000 | 97,290,000 | 97,290,000 | 97,289,000 | 7,289,000 | 7,289,000 | 7,288,000 | 7,294,000 | 7,308,000 | 207,287,000 | 210,093,000 | 216,473,000 | 216,486,000 | 216,469,000 | 216,665,000 | 16,661,000 | 16,657,000 | 16,653,000 | 16,650,000 | 201,069,000 | 201,065,000 |
available-for-sale debt securities, at fair value: | ||||||||||||||||||||||||||
securities pledged with creditors’ rights to repledge | 202,586,000 | 131,963,000 | ||||||||||||||||||||||||
other available-for-sale debt securities | 5,878,534,000 | |||||||||||||||||||||||||
held-to-maturity debt securities, at amortized cost, net of acl of 8,885 as of june 30, 2022 and 8,571 | ||||||||||||||||||||||||||
equity securities | 32,843,000 | 32,014,000 | 45,228,000 | 44,227,000 | 44,438,000 | 44,530,000 | 42,274,000 | |||||||||||||||||||
loans, net of acl of 252,152 | 10,954,722,000 | |||||||||||||||||||||||||
mortgage loans held for sale, at lower of cost or market | 22,601,000 | |||||||||||||||||||||||||
premises and equipment | 145,395,000 | 145,850,000 | 151,185,000 | 148,814,000 | 147,410,000 | 147,814,000 | 147,154,000 | 144,507,000 | 143,115,000 | 144,247,000 | 146,586,000 | 148,339,000 | 150,828,000 | 154,208,000 | 155,608,000 | 159,151,000 | 161,016,000 | 162,673,000 | 164,643,000 | 166,799,000 | 166,926,000 | 167,916,000 | 170,056,000 | 169,189,000 | 166,946,000 | 172,371,000 |
other real estate owned | 41,706,000 | 42,894,000 | 103,033,000 | 118,081,000 | 129,716,000 | 131,402,000 | 135,218,000 | 143,355,000 | 154,639,000 | 152,977,000 | 150,045,000 | 137,784,000 | 137,681,000 | 139,446,000 | 139,159,000 | 142,888,000 | 146,801,000 | 124,442,000 | 122,129,000 | 122,628,000 | 124,003,000 | 112,803,000 | 121,842,000 | 138,622,000 | 160,193,000 | 133,284,000 |
accrued interest receivable on loans and investments | 62,501,000 | 57,425,000 | 47,122,000 | 53,931,000 | 50,405,000 | 50,365,000 | 47,327,000 | 47,171,000 | 44,093,000 | 49,231,000 | 44,491,000 | 41,136,000 | 45,453,000 | 41,439,000 | 45,984,000 | 44,891,000 | 48,697,000 | 46,568,000 | 50,191,000 | 49,302,000 | 50,796,000 | 48,516,000 | 52,092,000 | 49,020,000 | 54,012,000 | 49,848,000 |
deferred tax asset | 166,999,000 | 176,775,000 | 273,845,000 | 290,326,000 | 305,963,000 | 319,851,000 | ||||||||||||||||||||
goodwill | 38,611,000 | 38,611,000 | ||||||||||||||||||||||||
intangible assets | 25,424,000 | 27,648,000 | ||||||||||||||||||||||||
other assets | 246,848,000 | 241,013,000 | 213,809,000 | 217,590,000 | 213,111,000 | 171,066,000 | 442,806,000 | 432,463,000 | 443,784,000 | 462,861,000 | 455,985,000 | 447,471,000 | 476,430,000 | 476,094,000 | 469,016,000 | 472,965,000 | 476,459,000 | 483,817,000 | 491,429,000 | 483,312,000 | 481,587,000 | 171,179,000 | 177,021,000 | 180,877,000 | 179,570,000 | 181,118,000 |
liabilities | ||||||||||||||||||||||||||
non-interest-bearing deposits | 6,286,922,000 | 6,344,385,000 | 2,270,250,000 | 2,375,517,000 | 2,494,787,000 | 2,395,481,000 | 2,321,050,000 | 2,317,149,000 | 2,019,823,000 | 1,586,198,000 | 1,578,142,000 | 1,581,086,000 | 1,484,155,000 | 1,473,528,000 | 1,409,072,000 | 1,422,346,000 | 1,336,559,000 | 1,402,807,000 | 1,271,464,000 | 1,175,943,000 | 900,616,000 | 862,422,000 | 851,038,000 | 905,650,000 | 851,212,000 | 845,917,000 |
interest-bearing deposits | 10,853,206,000 | 10,991,018,000 | 6,862,649,000 | 6,806,664,000 | 6,576,047,000 | 6,599,233,000 | 6,827,193,000 | 6,900,934,000 | 7,046,642,000 | 7,179,693,000 | 7,164,751,000 | 7,276,912,000 | 7,347,050,000 | 7,507,785,000 | 7,815,947,000 | 8,012,434,000 | 8,001,565,000 | 8,313,654,000 | 8,233,112,000 | 8,665,095,000 | 8,583,329,000 | 8,840,752,000 | 8,779,750,000 | 9,097,035,000 | 9,028,712,000 | 9,108,280,000 |
securities sold under agreements to repurchase | 200,000,000 | 200,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 150,086,000 | 100,000,000 | 200,000,000 | 200,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 600,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 |
fhlb advances | 200,000,000 | 200,000,000 | ||||||||||||||||||||||||
other borrowings | 183,762,000 | 183,762,000 | 184,150,000 | 184,150,000 | 184,150,000 | 184,150,000 | 184,150,000 | 184,150,000 | 184,150,000 | 208,639,000 | 216,187,000 | 216,187,000 | 216,187,000 | 216,187,000 | 216,187,000 | 216,183,000 | 226,492,000 | 226,492,000 | 226,492,000 | 231,959,000 | 231,959,000 | 231,959,000 | 231,959,000 | 231,959,000 | 231,959,000 | 231,959,000 |
accounts payable and other liabilities | 249,829,000 | 228,770,000 | 173,069,000 | 177,889,000 | 181,339,000 | 129,907,000 | 159,892,000 | 165,950,000 | 157,667,000 | 130,367,000 | 119,810,000 | 123,196,000 | 118,820,000 | 122,867,000 | 126,043,000 | 159,240,000 | 159,269,000 | 152,086,000 | 154,525,000 | 144,172,000 | 115,188,000 | 158,990,000 | 134,503,000 | 128,886,000 | 129,184,000 | 127,261,000 |
stockholdersʼ equity | ||||||||||||||||||||||||||
common stock | 22,366,000 | 22,366,000 | 20,759,000 | |||||||||||||||||||||||
less: treasury stock | -3,203,000 | -2,496,000 | -474,000 | -472,000 | -472,000 | -455,000 | -455,000 | -453,000 | -449,000 | -404,000 | -397,000 | -135,000 | -125,000 | -122,000 | -115,000 | -108,000 | -96,000 | -92,000 | -86,000 | -79,000 | -74,000 | -66,000 | -64,000 | -61,000 | -57,000 | -55,000 |
common stock outstanding, 191,626,336 shares outstanding | 19,163,000 | |||||||||||||||||||||||||
additional paid-in capital | 589,175,000 | 687,070,000 | 940,700,000 | 939,769,000 | 938,801,000 | 939,674,000 | 938,776,000 | 937,919,000 | 936,342,000 | 935,231,000 | 933,710,000 | 932,964,000 | 931,856,000 | 930,390,000 | 928,900,000 | 927,454,000 | 926,348,000 | 925,063,000 | 923,829,000 | 917,203,000 | 916,067,000 | 915,231,000 | 914,382,000 | 894,247,000 | 888,161,000 | 887,437,000 |
retained earnings, includes legal surplus reserve of 137,591 | 1,541,334,000 | 1,489,995,000 | ||||||||||||||||||||||||
accumulated other comprehensive loss, net of tax of 9,786 | -591,756,000 | -415,833,000 | ||||||||||||||||||||||||
the accompanying notes are an integral part of these financial statements. | ||||||||||||||||||||||||||
total money market investments | 2,183,000 | 97,731,000 | 97,853,000 | 7,737,000 | 7,590,000 | 97,590,000 | 97,590,000 | 100,415,000 | 10,415,000 | 10,414,000 | 10,088,000 | 10,094,000 | 10,108,000 | 210,087,000 | 213,093,000 | 219,473,000 | 219,486,000 | 219,469,000 | 216,965,000 | 16,961,000 | 16,957,000 | 16,953,000 | 16,950,000 | 201,369,000 | 201,365,000 | |
investment securities available for sale, at fair value: | ||||||||||||||||||||||||||
securities pledged with creditors' right to repledge | 200,983,000 | 123,738,000 | 182,735,000 | |||||||||||||||||||||||
other investment securities available for sale | 6,223,677,000 | 1,604,600,000 | 1,672,677,000 | 1,781,492,000 | 1,759,833,000 | 1,880,594,000 | ||||||||||||||||||||
total investment securities available for sale, at fair value (amortized cost 2022 - 6,836,842 | ||||||||||||||||||||||||||
2021 - 6,534,503; acl of 711 as of march 31, 2022 and 1,105 as of december 31, 2021) | 6,424,660,000 | |||||||||||||||||||||||||
investment securities held to maturity, at amortized cost, net of acl of 12,324 as of march 31, 2022 | ||||||||||||||||||||||||||
and 8,571 december 31, 2021 | 165,735,000 | |||||||||||||||||||||||||
loans, net of acl of 245,447 | 10,852,258,000 | |||||||||||||||||||||||||
loans held for sale, at lower of cost or market | 27,905,000 | 42,470,000 | 33,630,000 | 33,175,000 | 43,186,000 | 65,739,000 | 80,815,000 | 91,375,000 | 27,576,000 | 37,272,000 | 45,906,000 | 50,006,000 | 56,779,000 | 37,958,000 | 37,868,000 | 35,869,000 | 34,587,000 | 80,026,000 | 81,723,000 | 76,956,000 | 80,014,000 | 72,105,000 | 78,912,000 | 75,969,000 | 114,592,000 | |
total loans | 10,880,163,000 | 8,845,315,000 | 8,975,574,000 | 8,846,259,000 | 8,704,947,000 | 8,582,129,000 | 8,499,071,000 | 8,561,409,000 | 8,673,920,000 | 8,724,963,000 | 8,665,024,000 | 8,731,276,000 | 8,706,363,000 | 8,674,251,000 | 8,931,085,000 | 9,069,024,000 | 9,107,566,000 | 9,076,183,000 | 9,341,031,000 | 9,116,997,000 | 9,169,982,000 | 9,298,029,000 | 9,378,919,000 | 9,426,281,000 | 9,333,847,000 | |
total assets | 19,929,037,000 | 12,530,713,000 | 12,537,196,000 | 12,376,780,000 | 12,243,561,000 | 12,209,700,000 | 12,384,862,000 | 12,200,386,000 | 12,173,648,000 | 11,913,800,000 | 11,890,398,000 | 11,922,455,000 | 12,075,253,000 | 12,508,702,000 | 12,714,370,000 | 12,573,019,000 | 12,820,989,000 | 12,578,813,000 | 13,147,919,000 | 12,727,835,000 | 12,643,280,000 | 12,523,251,000 | 12,819,428,000 | 12,656,925,000 | 12,787,450,000 | |
total deposits | 17,335,403,000 | 9,132,899,000 | 9,182,181,000 | 9,070,834,000 | 8,994,714,000 | 9,148,243,000 | 9,218,083,000 | 9,066,465,000 | 8,765,891,000 | 8,742,893,000 | 8,857,998,000 | 8,831,205,000 | 8,981,313,000 | 9,225,019,000 | 9,434,780,000 | 9,338,124,000 | 9,716,461,000 | 9,504,576,000 | 9,841,038,000 | 9,483,945,000 | 9,703,174,000 | 9,630,788,000 | 10,002,685,000 | 9,879,924,000 | 9,954,197,000 | |
total liabilities | 18,147,935,000 | 10,330,118,000 | 10,384,220,000 | 10,276,323,000 | 10,198,857,000 | 10,282,285,000 | 10,483,183,000 | 10,323,282,000 | 10,319,897,000 | 10,053,890,000 | 10,067,381,000 | 10,136,212,000 | 10,275,367,000 | 10,722,249,000 | 10,965,203,000 | 10,878,885,000 | 11,120,039,000 | 10,910,593,000 | 11,442,169,000 | 11,056,092,000 | 11,319,123,000 | 11,217,250,000 | 11,563,530,000 | 11,441,067,000 | 11,566,857,000 | |
common stock outstanding, 198,700,871 shares outstanding | 19,870,000 | |||||||||||||||||||||||||
total stockholders' equity | 1,781,102,000 | 2,044,704,000 | 1,853,751,000 | 1,859,910,000 | 1,823,017,000 | 1,786,243,000 | 1,799,886,000 | 1,786,453,000 | 1,749,167,000 | 1,694,134,000 | 1,700,950,000 | 1,668,220,000 | 1,705,750,000 | 1,671,743,000 | 1,324,157,000 | 1,306,001,000 | 1,255,898,000 | 1,215,858,000 | ||||||||
total liabilities and stockholders' equity | 19,929,037,000 | 12,243,561,000 | 12,173,648,000 | 11,913,800,000 | 11,890,398,000 | 11,922,455,000 | 12,075,253,000 | 12,508,702,000 | 12,714,370,000 | 12,573,019,000 | 12,820,989,000 | 12,578,813,000 | 13,147,919,000 | 12,727,835,000 | 12,643,280,000 | 12,523,251,000 | 12,819,428,000 | 12,656,925,000 | ||||||||
the accompanying notes are an integral part of these statements. | ||||||||||||||||||||||||||
total investment securities available for sale | 1,736,563,000 | 1,803,688,000 | 1,905,230,000 | 1,942,568,000 | 2,011,221,000 | 2,036,010,000 | 1,815,504,000 | 1,750,472,000 | 1,760,045,000 | 1,831,981,000 | 1,881,920,000 | 1,843,853,000 | 2,003,049,000 | 1,904,255,000 | 1,886,395,000 | 1,907,867,000 | 1,965,683,000 | 1,974,226,000 | 1,965,666,000 | 1,977,137,000 | 1,997,408,000 | 2,031,944,000 | 1,978,282,000 | 2,047,330,000 | ||
investment securities held to maturity, at amortized cost | ||||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 165,575 | ||||||||||||||||||||||||||
advances from the federal home loan bank | 740,000,000 | 740,000,000 | 740,000,000 | 740,000,000 | 690,000,000 | 715,000,000 | 715,000,000 | 915,000,000 | 675,000,000 | 570,000,000 | 670,000,000 | 355,000,000 | 455,000,000 | 455,000,000 | 455,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 325,000,000 | 320,000,000 | 300,000,000 | 300,000,000 | 353,440,000 | ||
preferred stock, authorized, 50,000,000 shares: | ||||||||||||||||||||||||||
non-cumulative perpetual monthly income preferred stock: 22,004,000 | ||||||||||||||||||||||||||
shares issued, 1,444,146 shares outstanding, aggregate liquidation value of 36,104 | 36,104,000 | 36,104,000 | 36,104,000 | |||||||||||||||||||||||
222,103,721 shares issued | 22,210,000 | |||||||||||||||||||||||||
common stock outstanding, 217,360,587 shares outstanding (2018 - 217,235,140 | ||||||||||||||||||||||||||
shares outstanding) | 21,736,000 | 21,733,000 | 21,733,000 | 21,724,000 | 21,719,000 | 21,639,000 | 21,618,000 | 21,596,000 | 21,843,000 | 21,739,000 | 21,713,000 | 21,701,000 | 21,498,000 | 21,469,000 | 21,383,000 | 21,298,000 | 20,897,000 | |||||||||
retained earnings, includes legal surplus reserve of 80,191 | 1,087,617,000 | |||||||||||||||||||||||||
as of september 30, 2019 and december 31, 2018 | 1,196,931,000 | |||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 7,752 as of september 30, 2019 | ||||||||||||||||||||||||||
and december 31, 2018 | 5,124,000 | -2,438,000 | ||||||||||||||||||||||||
total stockholdersʼ equity | 2,200,595,000 | 2,152,976,000 | 2,100,457,000 | 1,927,415,000 | 1,901,679,000 | 1,877,104,000 | ||||||||||||||||||||
total liabilities and stockholdersʼ equity | 12,530,713,000 | 12,537,196,000 | 12,376,780,000 | 12,209,700,000 | 12,384,862,000 | 12,200,386,000 | ||||||||||||||||||||
securities pledged with creditors’ right to repledge | 131,011,000 | 130,627,000 | ||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 172,011 | ||||||||||||||||||||||||||
222,055,625 shares issued | 22,205,000 | |||||||||||||||||||||||||
common stock outstanding, 217,328,179 shares outstanding (2018 - 217,235,140 | ||||||||||||||||||||||||||
as of june 30, 2019 and december 31, 2018 | 1,157,808,000 | |||||||||||||||||||||||||
accumulated other comprehensive loss, net of tax of 7,752 as of june 30, 2019 | ||||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 183,732 | ||||||||||||||||||||||||||
non-cumulative perpetual monthly income preferred stock: | ||||||||||||||||||||||||||
22,004,000 shares issued, 1,444,146 shares outstanding; aggregate | ||||||||||||||||||||||||||
liquidation value of 36,104 | 36,104,000 | 36,104,000 | 36,104,000 | 36,104,000 | 36,104,000 | |||||||||||||||||||||
222,055,125 shares issued | 22,205,000 | |||||||||||||||||||||||||
common stock outstanding, 217,331,577 shares outstanding (2018 - 217,235,140 | ||||||||||||||||||||||||||
retained earnings, includes legal surplus reserve of 80,191 as of | ||||||||||||||||||||||||||
each march 31, 2019 and december 31, 2018 | 1,123,724,000 | |||||||||||||||||||||||||
accumulated other comprehensive loss, net of tax of 7,752 as of each | ||||||||||||||||||||||||||
march 31, 2019 and december 31, 2018 | -19,905,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 196,362 | 8,661,761,000 | |||||||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||||
shares issued; 1,444,146 shares outstanding; aggregate liquidation value of 36,104 | 36,104,000 | |||||||||||||||||||||||||
221,789,509 shares issued | 22,179,000 | 22,179,000 | ||||||||||||||||||||||||
common stock outstanding, 217,235,140 shares outstanding | ||||||||||||||||||||||||||
accumulated other comprehensive loss, net of tax of 7,752 as of each december 31, 2018 and 2017 | -40,415,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 200,563 | ||||||||||||||||||||||||||
common stock outstanding, 217,240,844 shares outstanding (2017 - 216,278,040 | ||||||||||||||||||||||||||
retained earnings, includes legal surplus reserve of 59,693 | 993,698,000 | 958,044,000 | 927,681,000 | |||||||||||||||||||||||
accumulated other comprehensive loss, net of tax of 7,752 as of each september 30, 2018 | ||||||||||||||||||||||||||
and december 31, 2017 | -62,887,000 | |||||||||||||||||||||||||
securities pledged that can be repledged | 241,378,000 | 242,738,000 | 348,724,000 | 350,226,000 | 353,826,000 | 339,390,000 | 661,554,000 | 780,895,000 | 793,303,000 | 793,562,000 | 796,998,000 | 798,148,000 | 1,001,725,000 | 1,025,966,000 | 1,032,467,000 | 1,038,071,000 | 1,037,523,000 | 1,042,482,000 | 1,050,006,000 | |||||||
other investment securities | 1,794,632,000 | 1,572,766,000 | 1,401,748,000 | 1,409,819,000 | 1,478,155,000 | 1,542,530,000 | 1,182,299,000 | 1,222,154,000 | 1,110,952,000 | 1,092,833,000 | 1,110,869,000 | 1,167,535,000 | 972,501,000 | 939,700,000 | 944,670,000 | 959,337,000 | 994,421,000 | 935,800,000 | 997,324,000 | |||||||
investment securities held to maturity, at amortized cost: | ||||||||||||||||||||||||||
total investment securities held to maturity, fair value of 135,430 | 150,486,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 222,035 | ||||||||||||||||||||||||||
non-cumulative perpetual monthly income preferred stock: issued 22,004,000 | ||||||||||||||||||||||||||
shares, outstanding 1,444,146 shares, aggregate liquidation value of 36,104 | 36,104,000 | 36,104,000 | 36,104,000 | 36,104,000 | 36,104,000 | 36,104,000 | 36,104,000 | |||||||||||||||||||
issued, 221,724,062 shares | 22,172,000 | |||||||||||||||||||||||||
common stock outstanding, 217,185,449 shares outstanding (2017 - 216,278,040 | ||||||||||||||||||||||||||
accumulated other comprehensive loss, net of tax of 7,752 | -52,107,000 | -44,662,000 | -10,910,000 | -14,629,000 | -23,694,000 | -34,390,000 | -27,749,000 | -4,670,000 | -21,379,000 | -11,211,000 | -18,351,000 | -34,323,000 | -28,407,000 | |||||||||||||
total investment securities held to maturity, fair value of 134,856 | 150,486,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 225,856 | ||||||||||||||||||||||||||
issued 22,004,000 shares, outstanding 1,444,146 shares, aggregate | ||||||||||||||||||||||||||
issued, 220,877,719 shares | 22,088,000 | |||||||||||||||||||||||||
common stock outstanding, 216,390,329 shares outstanding (2017 - 216,278,040 | ||||||||||||||||||||||||||
total investment securities held to maturity, fair value of 130,125 | 150,627,000 | |||||||||||||||||||||||||
other equity securities | 52,119,000 | 43,072,000 | 38,492,000 | 42,992,000 | 28,717,000 | 32,379,000 | 32,310,000 | 32,169,000 | 26,319,000 | 26,152,000 | 26,185,000 | 25,752,000 | 25,752,000 | 29,141,000 | 28,691,000 | 28,691,000 | 32,096,000 | |||||||||
loans, net of allowance for loan and lease losses of 230,870 | ||||||||||||||||||||||||||
issued, 220,220,026 shares | 22,022,000 | |||||||||||||||||||||||||
common stock outstanding, 216,175,003, shares outstanding (2016 - 217,446,205 | ||||||||||||||||||||||||||
retained earnings, includes legal surplus reserve of 52,436 | 871,708,000 | 883,129,000 | 855,800,000 | 830,928,000 | ||||||||||||||||||||||
total investment securities held to maturity, fair value of 134,944 | 156,049,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 173,485 | ||||||||||||||||||||||||||
issued, 219,928,329 shares | 21,993,000 | |||||||||||||||||||||||||
common stock outstanding, 215,963,916, shares outstanding (2016 - 217,446,205 | ||||||||||||||||||||||||||
total investment securities held to maturity, fair value of 136,614 | 156,049,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 203,231 | ||||||||||||||||||||||||||
issued, 219,783,062 shares | 21,978,000 | |||||||||||||||||||||||||
common stock outstanding, 218,430,573 shares outstanding (2016 - 217,446,205 | ||||||||||||||||||||||||||
total investment securities held to maturity, fair value of 132,759 | 156,190,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 205,603 | ||||||||||||||||||||||||||
non-cumulative perpetual monthly income preferred stock: issued | ||||||||||||||||||||||||||
22,004,000 shares, outstanding 1,444,146 shares, | ||||||||||||||||||||||||||
aggregate liquidation value of 36,104 | 36,104,000 | 36,104,000 | 36,104,000 | |||||||||||||||||||||||
218,700,394 shares | 21,870,000 | |||||||||||||||||||||||||
common stock outstanding, 217,446,205 shares outstanding | ||||||||||||||||||||||||||
total investment securities held to maturity, fair value of 132,241 | 156,190,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 214,070 | ||||||||||||||||||||||||||
issued, 218,605,179 shares | 21,861,000 | |||||||||||||||||||||||||
common stock outstanding, 217,387,647 shares outstanding (2015 - 215,088,698 | ||||||||||||||||||||||||||
retained earnings, includes legal surplus reserve of 42,798 | 807,293,000 | 783,219,000 | ||||||||||||||||||||||||
accumulated other comprehensive income, net of tax of 7,752 | 4,360,000 | 16,517,000 | 2,642,000 | |||||||||||||||||||||||
total investment securities held to maturity | 161,342,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 234,454 | ||||||||||||||||||||||||||
issued, 218,278,207 shares | 21,828,000 | |||||||||||||||||||||||||
common stock outstanding, 217,129,074 shares outstanding (2015 - 215,088,698 | ||||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 238,125 | ||||||||||||||||||||||||||
issued, 218,089,106 shares | 21,809,000 | |||||||||||||||||||||||||
common stock outstanding, 217,011,555 shares outstanding (2015 - 215,088,698 | ||||||||||||||||||||||||||
retained earnings, includes legal surplus reserve of 42.8 million | 761,266,000 | 737,922,000 | ||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 240,710 | ||||||||||||||||||||||||||
commitments and contingencies | ||||||||||||||||||||||||||
216,051,128 shares | 21,605,000 | |||||||||||||||||||||||||
common stock outstanding, 215,088,698 shares outstanding | ||||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 228,966 | ||||||||||||||||||||||||||
issued, 215,903,829 shares | 21,590,000 | |||||||||||||||||||||||||
common stock outstanding, 214,982,131 shares outstanding (2014 - 212,984,700 | ||||||||||||||||||||||||||
retained earnings, includes legal surplus reserve of 40.0 million | 722,955,000 | 708,197,000 | 742,271,000 | 716,625,000 | ||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 221,518 | ||||||||||||||||||||||||||
issued, 215,552,377 shares | 21,555,000 | |||||||||||||||||||||||||
common stock outstanding, 214,694,470 shares outstanding (2014 - 212,984,700 | ||||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 226,064 | ||||||||||||||||||||||||||
issued, 214,618,015 shares | 21,462,000 | |||||||||||||||||||||||||
common stock outstanding, 213,827,258 shares outstanding (2014 - 212,984,700 | ||||||||||||||||||||||||||
investment in unconsolidated entity | 669,000 | 7,279,000 | 13,172,000 | |||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 222,395 | ||||||||||||||||||||||||||
22,004,000 shares,outstanding 1,444,146 shares (2013- 2,521,872 shares | ||||||||||||||||||||||||||
outstanding), aggregate liquidation value of 36,104 | 36,104,000 | |||||||||||||||||||||||||
213,724,749 shares | 21,372,000 | |||||||||||||||||||||||||
common stock outstanding, 212,984,700 shares outstanding | ||||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 225,434 | ||||||||||||||||||||||||||
shares, outstanding 1,444,146 shares (2013 - 2,521,872 shares outstanding), | ||||||||||||||||||||||||||
issued, 213,642,311 shares | 21,364,000 | |||||||||||||||||||||||||
common stock outstanding, 212,977,588 shares outstanding (2013 - 207,068,978 | ||||||||||||||||||||||||||
retained earnings | 385,847,000 | 362,646,000 | 340,141,000 | 322,679,000 | 307,890,000 | |||||||||||||||||||||
loans, net of allowance for loan and lease losses of 241,177 | ||||||||||||||||||||||||||
non-cumulative perpetual monthly income preferred stock: issued 22,004,000 shares, | ||||||||||||||||||||||||||
outstanding 1,444,146 shares (2013 - 2,521,872 shares outstanding), aggregate liquidation | ||||||||||||||||||||||||||
value of 36,104 | 36,104,000 | |||||||||||||||||||||||||
common stock outstanding, 212,760,158 shares outstanding (2013 - 207,068,978 shares | ||||||||||||||||||||||||||
outstanding) | 21,276,000 | 20,707,000 | ||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 266,778 | ||||||||||||||||||||||||||
issued 22,004,000 shares, outstanding 2,272,395 shares | ||||||||||||||||||||||||||
(2013-2,521,872 shares outstanding), aggregate liquidation | ||||||||||||||||||||||||||
value of 56,810 | 56,810,000 | |||||||||||||||||||||||||
issued, 209,578,959 shares | 20,958,000 | |||||||||||||||||||||||||
common stock outstanding, 208,967,883 shares outstanding (2013 - 207,068,978 | ||||||||||||||||||||||||||
accumulated other comprehensive loss, net of tax of 7,753 | -56,197,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 285,858 | ||||||||||||||||||||||||||
outstanding 2,521,872 shares, aggregate liquidation value of 63,047 | 63,047,000 | |||||||||||||||||||||||||
common stock outstanding, 207,068,978 shares outstanding (2012 - 206,235,465 shares | ||||||||||||||||||||||||||
accumulated other comprehensive | -78,736,000 | |||||||||||||||||||||||||
loans, net of allowance for loan and lease losses of 289,379 | 9,219,255,000 | |||||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||||
non-cumulative perpetual monthly income preferred stock: issued - 22,004,000 shares, outstanding 2,521,872 shares, aggregate liquidation value of 63,047 | 63,047,000 | |||||||||||||||||||||||||
common stock outstanding, 207,042,785 shares outstanding | 20,704,000 | |||||||||||||||||||||||||
accumulated other comprehensive income, net of tax expense of 7,757 | -58,485,000 | |||||||||||||||||||||||||
total stockholders’ equity | 1,220,593,000 | |||||||||||||||||||||||||
total liabilities and stockholders’ equity | 12,787,450,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2019-03-31 | 2018-03-31 | 2017-03-31 | 2016-03-31 | 2015-03-31 | 2014-03-31 |
|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||
net income | 43,314,000 | 33,148,000 | 25,541,000 | 23,344,000 | 25,646,000 | 17,083,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||
depreciation and amortization | 4,449,000 | 3,922,000 | 4,141,000 | 4,588,000 | ||
amortization of intangible assets | 799,000 | 1,006,000 | 1,121,000 | 1,214,000 | 1,093,000 | 1,235,000 |
benefit from credit losses - | ||||||
deferred income tax expense | 13,900,000 | 5,472,000 | 3,635,000 | 2,060,000 | ||
stock-based compensation | 1,018,000 | 2,205,000 | 1,734,000 | 1,557,000 | 1,457,000 | 717,000 |
unrealized gain on derivative instruments | ||||||
net (gain) loss on disposals or sales of premises and equipment and other assets | ||||||
net gain on sales of loans | -1,536,000 | -1,096,000 | -1,472,000 | -2,488,000 | -1,689,000 | -2,017,000 |
net amortization/accretion of premiums, discounts, and deferred loan fees and costs | -2,023,000 | -2,095,000 | -2,031,000 | |||
originations and purchases of loans held for sale | -74,225,000 | -65,984,000 | -81,389,000 | -107,034,000 | -89,425,000 | -72,748,000 |
sales and repayments of loans held for sale | 78,654,000 | 76,163,000 | 86,924,000 | 108,615,000 | 87,051,000 | 72,865,000 |
amortization of broker placement fees | 189,000 | 367,000 | 527,000 | 858,000 | 1,335,000 | 1,785,000 |
net amortization of premiums and discounts on investment securities | ||||||
increase in accrued interest receivable | -669,000 | |||||
increase in other assets | 3,081,000 | |||||
increase in other liabilities | -7,053,000 | 166,000 | 8,517,000 | -11,167,000 | 11,007,000 | -4,987,000 |
cash flows from investing activities: | ||||||
net (disbursements) repayments on loans held for investment | ||||||
proceeds from sales of loans held for investment | 4,998,000 | 13,274,000 | 53,245,000 | 2,230,000 | 16,558,000 | |
proceeds from sales of repossessed assets | 11,250,000 | 10,559,000 | 12,159,000 | 12,375,000 | 18,446,000 | 12,262,000 |
purchases of available-for-sale debt securities | ||||||
proceeds from principal repayments and maturities of available-for-sale debt securities | ||||||
purchases of held-to-maturity debt securities | ||||||
proceeds from principal repayments and maturities of held-to-maturity debt securities | ||||||
additions to premises and equipment | -4,046,000 | -5,142,000 | -2,840,000 | -3,006,000 | -3,027,000 | -7,696,000 |
proceeds from sales of premises and equipment and other assets | ||||||
net purchases of other investment securities | ||||||
payment related to previous acquisition | ||||||
cash flows from financing activities: | ||||||
net increase in deposits | 84,436,000 | 45,026,000 | 58,722,000 | 95,879,000 | -166,924,000 | 120,977,000 |
repayments of long-term borrowings | ||||||
repurchase of outstanding common stock | -1,882,000 | -2,624,000 | -528,000 | -259,000 | -236,000 | -246,000 |
dividends paid on common stock | -6,538,000 | |||||
dividends paid on preferred stock | -669,000 | -669,000 | -669,000 | |||
net increase in cash and cash equivalents | 3,372,000 | 127,429,000 | 124,437,000 | 274,367,000 | 188,328,000 | 185,826,000 |
cash and cash equivalents at beginning of period | 586,203,000 | 716,395,000 | 299,685,000 | 752,458,000 | 796,108,000 | 655,671,000 |
cash and cash equivalents at end of period | 589,575,000 | 843,824,000 | 424,122,000 | 1,026,825,000 | 984,436,000 | 841,497,000 |
cash and cash equivalents include: | ||||||
cash and due from banks | 581,838,000 | 743,409,000 | 414,034,000 | 813,732,000 | 767,471,000 | 824,547,000 |
the accompanying notes are an integral part of these financial statements. | ||||||
benefit from loan and lease losses | 11,820,000 | 20,544,000 | 25,442,000 | 21,053,000 | 32,970,000 | 31,915,000 |
gain on early extinguishment of debt | -2,316,000 | -4,217,000 | ||||
otti on debt securities | ||||||
net gain on sales of premises and equipment and other assets | -17,000 | |||||
net amortization/accretion of premiums, discounts and deferred loan fees and costs | -2,343,000 | -673,000 | ||||
net amortization/accretion of premium and discounts on investment securities | 476,000 | 461,000 | 447,000 | 1,269,000 | ||
decrease in accrued interest receivable | 13,061,000 | 3,413,000 | 3,806,000 | 1,953,000 | ||
increase in accrued interest payable | 736,000 | 8,000 | 174,000 | 2,257,000 | 1,000,000 | 2,106,000 |
decrease (increase) in other assets | ||||||
net cash from operating activities | 82,982,000 | 95,376,000 | 84,803,000 | 54,277,000 | 75,513,000 | 73,508,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 82,982,000 | 95,376,000 | 84,803,000 | 54,277,000 | 75,513,000 | 73,508,000 |
principal collected on loans | 642,758,000 | 590,753,000 | 669,615,000 | 735,801,000 | 751,062,000 | 776,086,000 |
loans originated and purchased | -817,900,000 | -550,257,000 | -704,175,000 | -627,105,000 | -705,621,000 | -774,764,000 |
purchases of available-for-sale securities | -49,626,000 | -5,003,000 | ||||
proceeds from principal repayments and maturities of available-for-sale securities | 57,809,000 | 100,195,000 | 53,830,000 | |||
proceeds from principal repayments of held-to-maturity securities | 142,000 | 141,000 | ||||
proceeds from sale of premises and equipment and other assets | 18,000 | 1,857,000 | 637,000 | 2,492,000 | 25,000 | |
net redemptions/purchase of other investment securities | ||||||
proceeds from the settlement of insurance claims | ||||||
net cash from investing activities | -104,871,000 | 111,754,000 | 82,109,000 | 131,495,000 | 279,975,000 | -8,360,000 |
repayment of securities sold under agreements to repurchase | ||||||
net fhlb advances repayments | ||||||
repayment of junior subordinated debentures | -21,434,000 | -7,025,000 | ||||
net cash from financing activities | 25,261,000 | -79,701,000 | -42,475,000 | 88,595,000 | -167,160,000 | 120,678,000 |
money market instruments | 7,737,000 | 100,415,000 | 10,088,000 | 213,093,000 | 216,965,000 | 16,950,000 |
the accompanying notes are an integral part of these statements. | ||||||
unrealized (gain) loss on derivative instruments | ||||||
loans held for sale valuation adjustments | ||||||
decrease in other assets | 14,176,000 | 10,566,000 | 5,419,000 | 3,320,000 | 8,657,000 | |
change in securities sold under agreements to repurchase | -50,086,000 | -100,000,000 | ||||
unrealized loss on derivative instruments | -589,000 | 52,000 | 57,000 | 153,000 | ||
loans held for sale valuation adjustment | 558,000 | |||||
net amortization/accretion of premiums and discounts on investment securities | 39,000 | |||||
net redemptions/purchases of other investment securities | 100,000 | |||||
deferred income tax (benefit) expense | -6,016,000 | -700,000 | ||||
gain on sale of investments | ||||||
gain from recovery of investments previously written off | ||||||
gain from insurance proceeds | ||||||
decrease (increase) in accrued interest receivable | 4,992,000 | |||||
proceeds from sales of available-for-sale securities | 14,990,000 | |||||
proceeds from recovery of investments previously written off | ||||||
net redemptions/purchases of other investments securities | ||||||
proceeds from settlement of insurance claims | ||||||
net cash outflows from purchase/sale of insurance contracts | ||||||
net fhlb advances proceeds | ||||||
cash and cash equivalents at beginning of year | ||||||
cash and cash equivalents at end of year | ||||||
net fhlb advances (repayments) proceeds | ||||||
other-than-temporary impairments on debt securities | 12,231,000 | 6,687,000 | 156,000 | |||
net (gain) loss on sales of premises and equipment and other assets | -847,000 | |||||
net redemptions of other equity securities | ||||||
net fhlb advances paid | -100,000,000 | |||||
gain on sales of investments | ||||||
bargain purchase gain | -13,443,000 | |||||
gain on sale of merchant contracts | ||||||
impairment of fixed assets | ||||||
increase increase in accrued interest payable | ||||||
purchases of held-to-maturity investment securities | ||||||
proceeds from principal repayments and maturities of held-to-maturity securities | 141,000 | |||||
proceeds from sale of merchant contracts | ||||||
net purchases/sales of other equity securities | ||||||
net cash received from acquisition | 217,659,000 | |||||
net purchase/sales of other equity securities | ||||||
net decrease in deposits | ||||||
loss on sales of premises and equipment and other assets | 9,000 | |||||
net redemptions (purchases) of other equity securities | 4,500,000 | |||||
purchase of insurance contracts | -1,067,000 | |||||
equity in loss of unconsolidated entity | 6,610,000 | |||||
gain on sales of premises and equipment and other assets | ||||||
gain on extinguishment of debt | ||||||
proceeds from principal repayments and maturities of securities held to maturity | ||||||
net (purchases) redemptions/sales of other equity securities | ||||||
repayments of junior subordinated debentures | ||||||
issuance costs of common stock issued in exchange for preferred stock | ||||||
series a through e | ||||||
net decrease in cash and cash equivalents | ||||||
net gain on disposition of premises and equipment and other assets | ||||||
purchases of securities held to maturity | ||||||
repayment of fhlb advances | ||||||
purchase of securities held to maturity | ||||||
purchases of other equity securities | -141,000 | -433,000 | ||||
purchases of securities available for sale | -62,770,000 | -56,429,000 | -76,253,000 | |||
proceeds from principal repayments and maturities of securities available for sale | 62,418,000 | 53,596,000 | 45,422,000 | |||
other-than-temporary impairments on equity securities | ||||||
impairment of collateral pledged to lehman | ||||||
depreciation | 5,306,000 | 5,453,000 | ||||
deferred income tax benefit | ||||||
(gain) loss on sales of premises and equipment and other assets | ||||||
repurchases of outstanding common stock | ||||||
issuance costs of common stock issued in exchange for preferred stock series a through e | -53,000 | |||||
increase in accrued income tax payable | 5,481,000 | 1,476,000 | ||||
net purchases of other equity securities | ||||||
derivative instruments and financial liabilities measured at fair value, unrealized loss | 72,000 | |||||
gain on sale of premises and equipment and other assets | -194,000 | -25,000 | ||||
derivative instruments and financial liabilities measured at fair value, | ||||||
unrealized gain | ||||||
net redemptions/sales (purchases) of other equity securities | ||||||
net repayments of securities sold under agreements to repurchase | ||||||
repayments of medium-term notes | ||||||
proceeds from common stock sold, net of costs | ||||||
derivative instruments and financial liabilities measured at fair value, gain | -148,000 | |||||
net amortization of premiums, discounts and deferred loan fees and costs | -477,000 | |||||
net amortization of premium and discounts on investment securities | -284,000 | |||||
net redemptions/sales of other equity securities | ||||||
proceeds from sale of premises and equipments and other assets | ||||||
loss on early extinguishment of borrowings | ||||||
derivative instruments and financial liabilities measured at fair value, (gain) loss | ||||||
(gain) loss on sale of premises and equipment and other assets | ||||||
net amortization of premiums, discounts, and deferred loan fees and costs | ||||||
proceeds from sales of held-to-maturity securities | ||||||
proceeds from sales of premises and equipments and other assets | ||||||
proceeds from securities litigation settlement and other proceeds | ||||||
net repayments and cancellation costs of securities sold under agreements to repurchase | ||||||
net fhlb advances (paid) proceeds and cancellation costs | ||||||
dividends paid | ||||||
amortization and impairment of intangible assets | ||||||
proceeds from sale of loans held for investment | ||||||
proceeds from sale of repossessed assets | ||||||
net fhlb advances (paid) proceeds | ||||||
proceeds from common stock sold |