Michigan (State or Other Jurisdiction of Incorporation) | 000-08185 (Commission File Number) | 38-2022454 (IRS Employer Identification No.) |
235 E. Main Street Midland, Michigan (Address of Principal Executive Offices) | 48640 (Zip Code) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
99.2 | Earnings Presentation Slides. This Exhibit is furnished to, and not filed with, the Commission. |
Dated: | October 25, 2016 | CHEMICAL FINANCIAL CORPORATION (Registrant) |
/s/ Dennis L. Klaeser | ||
Dennis L. Klaeser | ||
Executive Vice President and Chief Financial Officer |
Exhibit Number | Document | |
99.1 | Press Release dated October 25, 2016. This Exhibit is furnished to, and not filed with, the Commission. |
99.2 | Earnings Presentation Slides. This Exhibit is furnished to, and not filed with, the Commission. |
• | The anticipated benefits of the merger, including anticipated cost savings and strategic gains, may be significantly harder or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events. |
• | The integration of Talmer’s business and operations into Chemical, which will include conversion of Talmer’s operating systems and procedures, may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to Chemical's or Talmer’s existing businesses. |
• | Chemical’s ability to achieve anticipated results from the merger is dependent on the state of the economic and financial markets going forward. Specifically, Chemical may incur more credit losses than expected and customer and employee attrition may be greater than expected. |
• | The outcome of pending or threatened litigation, whether currently existing or commencing in the future, including litigation related to the merger. |
• | The challenges of integrating, retaining and hiring key personnel. |
• | Failure to attract new customers and retain existing customers in the manner anticipated. |
September 30, 2016 | June 30, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash due from banks | $ | 286,351 | $ | 179,310 | $ | 194,136 | $ | 157,512 | ||||||||
Interest-bearing deposits with the Federal Reserve Bank (FRB) and other banks and federal funds sold | 270,216 | 53,650 | 44,653 | 134,025 | ||||||||||||
Total cash and cash equivalents | 556,567 | 232,960 | 238,789 | 291,537 | ||||||||||||
Investment securities: | ||||||||||||||||
Available-for-sale | 1,303,381 | 458,552 | 553,731 | 635,641 | ||||||||||||
Held-to-maturity | 563,721 | 552,828 | 509,971 | 501,083 | ||||||||||||
Total investment securities | 1,867,102 | 1,011,380 | 1,063,702 | 1,136,724 | ||||||||||||
Loans held-for-sale | 276,061 | 13,990 | 10,327 | 12,319 | ||||||||||||
Loans: | ||||||||||||||||
Total loans | 12,715,789 | 7,647,269 | 7,271,147 | 7,216,195 | ||||||||||||
Allowance for loan losses | (73,775 | ) | (71,506 | ) | (73,328 | ) | (75,626 | ) | ||||||||
Net loans | 12,642,014 | 7,575,763 | 7,197,819 | 7,140,569 | ||||||||||||
Premises and equipment | 144,165 | 102,709 | 106,317 | 110,670 | ||||||||||||
Loan servicing rights | 51,393 | 9,677 | 11,122 | 12,307 | ||||||||||||
Goodwill | 1,137,166 | 286,867 | 287,393 | 286,454 | ||||||||||||
Other intangible assets | 35,700 | 24,593 | 26,982 | 27,557 | ||||||||||||
Interest receivable and other assets | 673,469 | 256,233 | 246,346 | 246,417 | ||||||||||||
Total Assets | $ | 17,383,637 | $ | 9,514,172 | $ | 9,188,797 | $ | 9,264,554 | ||||||||
Liabilities | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing | $ | 3,264,934 | $ | 2,007,629 | $ | 1,934,583 | $ | 1,875,636 | ||||||||
Interest-bearing | 10,007,928 | 5,457,017 | 5,522,184 | 5,739,575 | ||||||||||||
Total deposits | 13,272,862 | 7,464,646 | 7,456,767 | 7,615,211 | ||||||||||||
Interest payable and other liabilities | 143,708 | 71,417 | 76,466 | 72,568 | ||||||||||||
Securities sold under agreements to repurchase with customers | 326,789 | 256,213 | 297,199 | 330,016 | ||||||||||||
Short-term borrowings | 400,000 | 300,000 | 100,000 | — | ||||||||||||
Long-term borrowings | 676,612 | 371,597 | 242,391 | 248,396 | ||||||||||||
Total liabilities | 14,819,971 | 8,463,873 | 8,172,823 | 8,266,191 | ||||||||||||
Shareholders' Equity | ||||||||||||||||
Preferred stock, no par value per share | — | — | — | — | ||||||||||||
Common stock, $1 par value per share | 70,497 | 38,267 | 38,168 | 38,131 | ||||||||||||
Additional paid-in capital | 2,207,345 | 727,145 | 725,280 | 723,427 | ||||||||||||
Retained earnings | 310,966 | 310,585 | 281,558 | 265,991 | ||||||||||||
Accumulated other comprehensive loss | (25,142 | ) | (25,698 | ) | (29,032 | ) | (29,186 | ) | ||||||||
Total shareholders' equity | 2,563,666 | 1,050,299 | 1,015,974 | 998,363 | ||||||||||||
Total Liabilities and Shareholders' Equity | $ | 17,383,637 | $ | 9,514,172 | $ | 9,188,797 | $ | 9,264,554 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans | $ | 97,103 | $ | 77,578 | $ | 73,809 | $ | 249,082 | $ | 196,519 | |||||||||
Interest on investment securities: | |||||||||||||||||||
Taxable | 2,575 | 1,798 | 2,233 | 6,302 | 6,742 | ||||||||||||||
Tax-exempt | 3,072 | 2,640 | 2,399 | 8,377 | 6,490 | ||||||||||||||
Dividends on nonmarketable equity securities | 358 | 777 | 266 | 1,391 | 1,015 | ||||||||||||||
Interest on deposits with the FRB and other banks and federal funds sold | 454 | 144 | 144 | 811 | 394 | ||||||||||||||
Total interest income | 103,562 | 82,937 | 78,851 | 265,963 | 211,160 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 5,836 | 4,260 | 4,304 | 14,155 | 11,286 | ||||||||||||||
Interest on short-term borrowings | 459 | 226 | 144 | 785 | 343 | ||||||||||||||
Interest on long-term borrowings | 458 | 956 | 786 | 2,389 | 999 | ||||||||||||||
Total interest expense | 6,753 | 5,442 | 5,234 | 17,329 | 12,628 | ||||||||||||||
Net Interest Income | 96,809 | 77,495 | 73,617 | 248,634 | 198,532 | ||||||||||||||
Provision for loan losses | 4,103 | 3,000 | 1,500 | 8,603 | 4,500 | ||||||||||||||
Net interest income after provision for loan losses | 92,706 | 74,495 | 72,117 | 240,031 | 194,032 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees on deposit accounts | 7,665 | 6,337 | 6,722 | 19,722 | 19,083 | ||||||||||||||
Wealth management revenue | 5,584 | 5,782 | 4,725 | 16,567 | 15,401 | ||||||||||||||
Other charges and fees for customer services | 7,410 | 6,463 | 6,818 | 20,265 | 19,324 | ||||||||||||||
Mortgage banking revenue | 4,439 | 1,595 | 1,436 | 7,439 | 4,527 | ||||||||||||||
Gain on sale of investment securities | 16 | 18 | 5 | 53 | 612 | ||||||||||||||
Other | 2,656 | 702 | 509 | 4,040 | 1,217 | ||||||||||||||
Total noninterest income | 27,770 | 20,897 | 20,215 | 68,086 | 60,164 | ||||||||||||||
Operating Expenses | |||||||||||||||||||
Salaries, wages and employee benefits | 40,565 | 33,127 | 33,985 | 107,582 | 94,949 | ||||||||||||||
Occupancy | 5,462 | 5,514 | 4,781 | 15,881 | 13,593 | ||||||||||||||
Equipment and software | 6,420 | 4,875 | 4,589 | 15,699 | 13,467 | ||||||||||||||
Merger and acquisition-related transaction expenses (transaction expenses) | 37,470 | 3,054 | 900 | 43,118 | 5,719 | ||||||||||||||
Other | 16,227 | 12,515 | 14,010 | 41,836 | 38,342 | ||||||||||||||
Total operating expenses | 106,144 | 59,085 | 58,265 | 224,116 | 166,070 | ||||||||||||||
Income before income taxes | 14,332 | 36,307 | 34,067 | 84,001 | 88,126 | ||||||||||||||
Income tax expense | 3,600 | 10,600 | 9,600 | 24,300 | 26,800 | ||||||||||||||
Net Income | $ | 10,732 | $ | 25,707 | $ | 24,467 | $ | 59,701 | $ | 61,326 | |||||||||
Earnings Per Common Share: | |||||||||||||||||||
Weighted average common shares outstanding for basic earnings per share | 49,107 | 38,258 | 38,123 | 41,881 | 35,384 | ||||||||||||||
Weighted average common shares outstanding for diluted earnings per share, including common stock equivalents | 49,631 | 38,600 | 38,393 | 42,319 | 35,630 | ||||||||||||||
Basic earnings per share | $ | 0.22 | $ | 0.67 | $ | 0.64 | $ | 1.43 | $ | 1.73 | |||||||||
Diluted earnings per share | 0.21 | 0.67 | 0.64 | 1.40 | 1.72 | ||||||||||||||
Cash Dividends Declared Per Common Share | 0.27 | 0.26 | 0.26 | 0.79 | 0.74 | ||||||||||||||
Key Ratios (annualized where applicable): | |||||||||||||||||||
Return on average assets | 0.35 | % | 1.11 | % | 1.05 | % | 0.78 | % | 0.99 | % | |||||||||
Return on average shareholders' equity | 2.7 | % | 10.0 | % | 9.8 | % | 6.6 | % | 9.2 | % | |||||||||
Net interest margin (tax-equivalent basis) | 3.58 | % | 3.70 | % | 3.55 | % | 3.62 | % | 3.56 | % | |||||||||
Efficiency ratio - adjusted | 53.2 | % | 54.6 | % | 58.6 | % | 54.9 | % | 59.7 | % |
3rd Quarter 2016 | 2nd Quarter 2016 | 1st Quarter 2016 | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | ||||||||||||||||||||||
Summary of Operations | ||||||||||||||||||||||||||||
Interest income | $ | 103,562 | $ | 82,937 | $ | 79,464 | $ | 80,629 | $ | 78,851 | $ | 69,679 | $ | 62,630 | ||||||||||||||
Interest expense | 6,753 | 5,442 | 5,134 | 5,153 | 5,234 | 3,944 | 3,450 | |||||||||||||||||||||
Net interest income | 96,809 | 77,495 | 74,330 | 75,476 | 73,617 | 65,735 | 59,180 | |||||||||||||||||||||
Provision for loan losses | 4,103 | 3,000 | 1,500 | 2,000 | 1,500 | 1,500 | 1,500 | |||||||||||||||||||||
Net interest income after provision for loan losses | 92,706 | 74,495 | 72,830 | 73,476 | 72,117 | 64,235 | 57,680 | |||||||||||||||||||||
Noninterest income | 27,770 | 20,897 | 19,419 | 20,052 | 20,215 | 20,674 | 19,275 | |||||||||||||||||||||
Operating expenses, excluding transaction expenses (non-GAAP) | 68,674 | 56,031 | 56,293 | 55,739 | 57,365 | 53,328 | 49,658 | |||||||||||||||||||||
Transaction expenses | 37,470 | 3,054 | 2,594 | 2,085 | 900 | 3,457 | 1,362 | |||||||||||||||||||||
Income before income taxes | 14,332 | 36,307 | 33,362 | 35,704 | 34,067 | 28,124 | 25,935 | |||||||||||||||||||||
Federal income tax expense | 3,600 | 10,600 | 10,100 | 10,200 | 9,600 | 9,100 | 8,100 | |||||||||||||||||||||
Net income | $ | 10,732 | $ | 25,707 | $ | 23,262 | $ | 25,504 | $ | 24,467 | $ | 19,024 | $ | 17,835 | ||||||||||||||
Transaction expenses, net of tax | 25,118 | 1,985 | 1,686 | 1,355 | 585 | 2,659 | 885 | |||||||||||||||||||||
Net income, excluding transaction expenses | $ | 35,850 | $ | 27,692 | $ | 24,948 | $ | 26,859 | $ | 25,052 | $ | 21,683 | $ | 18,720 | ||||||||||||||
Per Common Share Data | ||||||||||||||||||||||||||||
Net income: | ||||||||||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.67 | $ | 0.61 | $ | 0.67 | $ | 0.64 | $ | 0.54 | $ | 0.54 | ||||||||||||||
Diluted | 0.21 | 0.67 | 0.60 | 0.66 | 0.64 | 0.54 | 0.54 | |||||||||||||||||||||
Diluted, excluding transaction expenses | 0.72 | 0.72 | 0.65 | 0.70 | 0.65 | 0.61 | 0.57 | |||||||||||||||||||||
Cash dividends declared | 0.27 | 0.26 | 0.26 | 0.26 | 0.26 | 0.24 | 0.24 | |||||||||||||||||||||
Book value - period-end | 36.37 | 27.45 | 26.99 | 26.62 | 26.18 | 25.74 | 24.68 | |||||||||||||||||||||
Tangible book value - period-end | 19.99 | 19.68 | 19.20 | 18.78 | 18.32 | 17.89 | 18.95 | |||||||||||||||||||||
Market value - period-end | 44.13 | 37.29 | 35.69 | 34.27 | 32.35 | 33.06 | 31.36 | |||||||||||||||||||||
Key Ratios (annualized where applicable) | ||||||||||||||||||||||||||||
Net interest margin (taxable equivalent basis) | 3.58 | % | 3.70 | % | 3.60 | % | 3.64 | % | 3.55 | % | 3.59 | % | 3.55 | % | ||||||||||||||
Efficiency ratio - adjusted | 53.2 | % | 54.6 | % | 57.6 | % | 56.2 | % | 58.6 | % | 59.4 | % | 61.5 | % | ||||||||||||||
Return on average assets | 0.35 | % | 1.11 | % | 1.01 | % | 1.10 | % | 1.05 | % | 0.94 | % | 0.98 | % | ||||||||||||||
Return on average shareholders' equity | 2.7 | % | 10.0 | % | 9.2 | % | 10.1 | % | 9.8 | % | 8.6 | % | 9.0 | % | ||||||||||||||
Average shareholders' equity as a percent of average assets | 12.7 | % | 11.1 | % | 11.0 | % | 10.9 | % | 10.7 | % | 10.9 | % | 10.8 | % | ||||||||||||||
Capital ratios (period end): | ||||||||||||||||||||||||||||
Tangible shareholders' equity as a percent of tangible assets | 8.7 | % | 8.2 | % | 8.2 | % | 8.1 | % | 7.8 | % | 7.8 | % | 8.5 | % | ||||||||||||||
Total risk-based capital ratio (1) | 11.2 | % | 11.4 | % | 11.5 | % | 11.8 | % | 11.6 | % | 11.6 | % | 13.0 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | ||||||||||||||||||||||||||||||
Average Balance | Interest (FTE) | Effective Yield/Rate (1) | Average Balance | Interest (FTE) | Effective Yield/Rate (1) | Average Balance | Interest (FTE) | Effective Yield/Rate (1) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||
Loans (1)(2) | $ | 9,470,650 | $ | 97,880 | 4.12 | % | $ | 7,511,192 | $ | 78,295 | 4.19 | % | $ | 7,135,013 | $ | 74,549 | 4.15 | % | ||||||||||||||
Taxable investment securities | 687,259 | 2,575 | 1.50 | 515,303 | 1,798 | 1.40 | 692,906 | 2,233 | 1.29 | |||||||||||||||||||||||
Tax-exempt investment securities (1) | 592,747 | 4,721 | 3.19 | 484,271 | 4,061 | 3.35 | 448,214 | 3,690 | 3.29 | |||||||||||||||||||||||
Other interest-earning assets | 57,756 | 358 | 2.47 | 43,615 | 777 | 7.16 | 36,142 | 266 | 2.92 | |||||||||||||||||||||||
Interest-bearing deposits with the FRB and other banks and federal funds sold | 249,731 | 454 | 0.72 | 82,246 | 144 | 0.70 | 155,664 | 144 | 0.37 | |||||||||||||||||||||||
Total interest-earning assets | 11,058,143 | 105,988 | 3.82 | 8,636,627 | 85,075 | 3.96 | 8,467,939 | 80,882 | 3.80 | |||||||||||||||||||||||
Less: allowance for loan losses | 72,242 | 71,790 | 75,337 | |||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Cash and cash due from banks | 194,171 | 148,034 | 174,816 | |||||||||||||||||||||||||||||
Premises and equipment | 116,944 | 104,488 | 112,252 | |||||||||||||||||||||||||||||
Interest receivable and other assets | 953,714 | 515,039 | 524,186 | |||||||||||||||||||||||||||||
Total assets | $ | 12,250,730 | $ | 9,332,398 | $ | 9,203,856 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 2,327,762 | $ | 961 | 0.16 | % | $ | 1,892,512 | $ | 582 | 0.12 | % | $ | 1,778,681 | $ | 436 | 0.10 | % | ||||||||||||||
Savings deposits | 2,512,620 | 749 | 0.12 | 2,073,412 | 476 | 0.09 | 2,033,613 | 389 | 0.08 | |||||||||||||||||||||||
Time deposits | 2,186,781 | 4,126 | 0.75 | 1,582,467 | 3,202 | 0.81 | 1,728,725 | 3,479 | 0.80 | |||||||||||||||||||||||
Short-term borrowings | 593,903 | 459 | 0.31 | 418,232 | 226 | 0.22 | 504,252 | 144 | 0.11 | |||||||||||||||||||||||
Long-term borrowings | 494,810 | 458 | 0.37 | 281,327 | 956 | 1.37 | 188,673 | 786 | 1.65 | |||||||||||||||||||||||
Total interest-bearing liabilities | 8,115,876 | 6,753 | 0.33 | 6,247,950 | 5,442 | 0.35 | 6,233,944 | 5,234 | 0.33 | |||||||||||||||||||||||
Noninterest-bearing deposits | 2,456,469 | — | — | 1,979,423 | — | — | 1,911,537 | — | — | |||||||||||||||||||||||
Total deposits and borrowed funds | 10,572,345 | 6,753 | 0.25 | 8,227,373 | 5,442 | 0.27 | 8,145,481 | 5,234 | 0.25 | |||||||||||||||||||||||
Interest payable and other liabilities | 118,717 | 72,011 | 70,648 | |||||||||||||||||||||||||||||
Shareholders' equity | 1,559,668 | 1,033,014 | 987,727 | |||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 12,250,730 | $ | 9,332,398 | $ | 9,203,856 | ||||||||||||||||||||||||||
Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities) | 3.49 | % | 3.61 | % | 3.47 | % | ||||||||||||||||||||||||||
Net Interest Income (FTE) | $ | 99,235 | $ | 79,633 | $ | 75,648 | ||||||||||||||||||||||||||
Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets) | 3.58 | % | 3.70 | % | 3.55 | % | ||||||||||||||||||||||||||
Reconciliation to Reported Net Interest Income | ||||||||||||||||||||||||||||||||
Net interest income, fully taxable equivalent (non-GAAP) | $ | 99,235 | $ | 79,633 | $ | 75,648 | ||||||||||||||||||||||||||
Adjustments for taxable equivalent interest (1): | ||||||||||||||||||||||||||||||||
Loans | (777 | ) | (717 | ) | (740 | ) | ||||||||||||||||||||||||||
Tax-exempt investment securities | (1,649 | ) | (1,421 | ) | (1,291 | ) | ||||||||||||||||||||||||||
Total taxable equivalent interest adjustments | (2,426 | ) | (2,138 | ) | (2,031 | ) | ||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 96,809 | $ | 77,495 | $ | 73,617 | ||||||||||||||||||||||||||
Net interest margin (GAAP) | 3.49% | 3.60% | 3.46% |
Nine Months Ended | ||||||||||||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||||||||||||
Average Balance | Interest (FTE) | Effective Yield/Rate (1) | Average Balance | Interest (FTE) | Effective Yield/Rate (1) | |||||||||||||||||
Assets | (Dollars in thousands) | |||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans (1)(2) | $ | 8,098,796 | $ | 251,274 | 4.14 | % | $ | 6,376,527 | $ | 198,436 | 4.16 | % | ||||||||||
Taxable investment securities | 586,066 | 6,302 | 1.43 | 708,618 | 6,742 | 1.27 | ||||||||||||||||
Tax-exempt investment securities (1) | 524,690 | 12,882 | 3.27 | 392,555 | 9,983 | 3.39 | ||||||||||||||||
Other interest-earning assets | 46,994 | 1,391 | 3.95 | 33,308 | 1,015 | 4.07 | ||||||||||||||||
Interest-bearing deposits with the FRB and other banks and federal funds sold | 156,640 | 811 | 0.69 | 135,795 | 394 | 0.39 | ||||||||||||||||
Total interest-earning assets | 9,413,186 | 272,660 | 3.87 | 7,646,803 | 216,570 | 3.78 | ||||||||||||||||
Less: allowance for loan losses | 72,525 | 75,430 | ||||||||||||||||||||
Other assets: | ||||||||||||||||||||||
Cash and cash due from banks | 166,927 | 154,157 | ||||||||||||||||||||
Premises and equipment | 109,159 | 104,477 | ||||||||||||||||||||
Interest receivable and other assets | 665,185 | 417,347 | ||||||||||||||||||||
Total assets | $ | 10,281,932 | $ | 8,247,354 | ||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Interest-bearing demand deposits | $ | 2,058,951 | $ | 2,011 | 0.13 | % | $ | 1,609,323 | $ | 1,051 | 0.09 | % | ||||||||||
Savings deposits | 2,212,732 | 1,614 | 0.10 | 1,921,750 | 1,119 | 0.08 | ||||||||||||||||
Time deposits | 1,799,691 | 10,530 | 0.78 | 1,518,842 | 9,116 | 0.80 | ||||||||||||||||
Short-term borrowings | 454,456 | 785 | 0.23 | 415,160 | 343 | 0.11 | ||||||||||||||||
Long-term borrowings | 347,925 | 2,389 | 0.92 | 84,843 | 999 | 1.57 | ||||||||||||||||
Total interest-bearing liabilities | 6,873,755 | 17,329 | 0.34 | 5,549,918 | 12,628 | 0.30 | ||||||||||||||||
Noninterest-bearing deposits | 2,115,511 | — | — | 1,743,351 | — | — | ||||||||||||||||
Total deposits and borrowed funds | 8,989,266 | 17,329 | 0.26 | 7,293,269 | 12,628 | 0.23 | ||||||||||||||||
Interest payable and other liabilities | 87,829 | 62,060 | ||||||||||||||||||||
Shareholders' equity | 1,204,837 | 892,025 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 10,281,932 | $ | 8,247,354 | ||||||||||||||||||
Net Interest Spread (Average yield earned on interest-earning assets minus average rate paid on interest-bearing liabilities) | 3.53 | % | 3.48 | % | ||||||||||||||||||
Net Interest Income (FTE) | $ | 255,331 | $ | 203,942 | ||||||||||||||||||
Net Interest Margin (Net Interest Income (FTE) divided by total average interest-earning assets) | 3.62 | % | 3.56 | % | ||||||||||||||||||
Reconciliation to Reported Net Interest Income | ||||||||||||||||||||||
Net interest income, fully taxable equivalent (non-GAAP) | $ | 255,331 | $ | 203,942 | ||||||||||||||||||
Adjustments for taxable equivalent interest (1): | ||||||||||||||||||||||
Loans | (2,192 | ) | (1,917 | ) | ||||||||||||||||||
Tax-exempt investment securities | (4,505 | ) | (3,493 | ) | ||||||||||||||||||
Total taxable equivalent interest adjustments | (6,697 | ) | (5,410 | ) | ||||||||||||||||||
Net interest income (GAAP) | $ | 248,634 | $ | 198,532 | ||||||||||||||||||
Net interest margin (GAAP) | 3.53 | % | 3.47 | % |
3rd Quarter 2016 | 2nd Quarter 2016 | 1st Quarter 2016 | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | ||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||
Service charges and fees on deposit accounts | $ | 7,665 | $ | 6,337 | $ | 5,720 | $ | 6,398 | $ | 6,722 | $ | 6,445 | $ | 5,916 | ||||||||||||||
Wealth management revenue | 5,584 | 5,782 | 5,201 | 5,151 | 4,725 | 5,605 | 5,071 | |||||||||||||||||||||
Electronic banking fees | 5,533 | 4,786 | 4,918 | 4,712 | 5,059 | 4,775 | 4,572 | |||||||||||||||||||||
Mortgage banking revenue | 4,439 | 1,595 | 1,405 | 1,606 | 1,436 | 1,688 | 1,403 | |||||||||||||||||||||
Other fees for customer services | 1,877 | 1,677 | 1,474 | 1,839 | 1,759 | 1,741 | 1,418 | |||||||||||||||||||||
Other | 2,672 | 720 | 701 | 346 | 514 | 420 | 895 | |||||||||||||||||||||
Total noninterest income | $ | 27,770 | $ | 20,897 | $ | 19,419 | $ | 20,052 | $ | 20,215 | $ | 20,674 | $ | 19,275 |
3rd Quarter 2016 | 2nd Quarter 2016 | 1st Quarter 2016 | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||
Salaries and wages | $ | 33,841 | $ | 26,887 | $ | 26,743 | $ | 27,341 | $ | 27,872 | $ | 25,535 | $ | 23,741 | ||||||||||||||
Employee benefits | 6,724 | 6,240 | 7,147 | 5,630 | 6,113 | 6,176 | 5,512 | |||||||||||||||||||||
Occupancy | 5,462 | 5,514 | 4,905 | 4,620 | 4,781 | 4,386 | 4,426 | |||||||||||||||||||||
Equipment and software | 6,420 | 4,875 | 4,404 | 5,102 | 4,589 | 4,480 | 4,398 | |||||||||||||||||||||
Outside processing and service fees | 5,365 | 4,833 | 3,711 | 3,576 | 4,146 | 3,926 | 3,558 | |||||||||||||||||||||
FDIC insurance premiums | 1,849 | 1,338 | 1,407 | 1,482 | 1,441 | 1,337 | 1,225 | |||||||||||||||||||||
Professional fees | 1,472 | 1,020 | 1,036 | 1,112 | 1,235 | 1,258 | 1,237 | |||||||||||||||||||||
Intangible asset amortization | 1,292 | 1,195 | 1,194 | 1,341 | 1,270 | 987 | 791 | |||||||||||||||||||||
Credit-related expenses | (371 | ) | (1,331 | ) | 30 | 600 | 90 | (192 | ) | 133 | ||||||||||||||||||
Transaction expenses | 37,470 | 3,054 | 2,594 | 2,085 | 900 | 3,457 | 1,362 | |||||||||||||||||||||
Other | 6,620 | 5,460 | 5,716 | 4,935 | 5,828 | 5,435 | 4,637 | |||||||||||||||||||||
Total operating expenses | $ | 106,144 | $ | 59,085 | $ | 58,887 | $ | 57,824 | $ | 58,265 | $ | 56,785 | $ | 51,020 |
Sept 30, 2016 | Talmer Merger Aug 31, 2016 | June 30, 2016 | Organic Growth - Three Months Ended Sept 30, 2016 | March 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | Organic Growth - Twelve Months Ended Sept 30, 2016 | |||||||||||||||||||||||
Composition of Loans | ||||||||||||||||||||||||||||||
Commercial loan portfolio: | ||||||||||||||||||||||||||||||
Commercial | $ | 3,159,936 | $ | 1,180,130 | $ | 1,953,301 | 1.4 | % | $ | 1,922,259 | $ | 1,905,879 | $ | 1,829,870 | 8.2 | % | ||||||||||||||
Commercial real estate | 3,773,017 | 1,633,178 | 2,157,733 | (0.8 | ) | 2,143,051 | 2,112,162 | 2,227,364 | (3.9 | ) | ||||||||||||||||||||
Real estate construction | 500,494 | 166,369 | 285,848 | 16.9 | 242,899 | 232,076 | 145,581 | 129.5 | ||||||||||||||||||||||
Subtotal - commercial loans | 7,433,447 | 2,979,677 | 4,396,882 | 1.3 | 4,308,209 | 4,250,117 | 4,202,815 | 6.0 | ||||||||||||||||||||||
Consumer loan portfolio: | ||||||||||||||||||||||||||||||
Residential mortgage | 3,046,959 | 1,531,837 | 1,494,192 | 1.4 | 1,461,120 | 1,429,636 | 1,394,427 | 8.7 | ||||||||||||||||||||||
Consumer installment | 1,335,707 | 158,838 | 1,048,622 | 12.2 | 897,078 | 877,457 | 899,751 | 30.8 | ||||||||||||||||||||||
Home equity | 899,676 | 212,512 | 707,573 | (2.9 | ) | 700,478 | 713,937 | 719,202 | (4.5 | ) | ||||||||||||||||||||
Subtotal - consumer loans | 5,282,342 | 1,903,187 | 3,250,387 | 4.0 | 3,058,676 | 3,021,030 | 3,013,380 | 12.1 | ||||||||||||||||||||||
Total loans | $ | 12,715,789 | $ | 4,882,864 | $ | 7,647,269 | 2.4 | % | $ | 7,366,885 | $ | 7,271,147 | $ | 7,216,195 | 8.5 | % |
Sept 30, 2016 | Talmer Aug 31, 2016 Merger | June 30, 2016 | Organic Growth - Three Months Ended Sept 30, 2016 | March 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | Organic Growth - Twelve Months Ended Sept 30, 2016 | |||||||||||||||||||||||
Composition of Deposits | ||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 3,264,934 | $ | 1,280,179 | $ | 2,007,629 | (1.1 | )% | $ | 1,951,193 | $ | 1,934,583 | $ | 1,875,636 | 5.8 | % | ||||||||||||||
Savings | 1,650,276 | 549,428 | 1,107,558 | (0.6 | ) | 1,080,940 | 1,026,269 | 1,004,987 | 9.5 | |||||||||||||||||||||
Interest-bearing demand | 3,316,635 | 894,748 | 1,819,865 | 33.1 | 2,005,053 | 1,870,197 | 2,029,556 | 19.3 | ||||||||||||||||||||||
Money market accounts | 1,692,656 | 699,739 | 969,566 | 2.4 | 1,006,271 | 978,306 | 1,013,924 | (2.1 | ) | |||||||||||||||||||||
Brokered deposits | 474,902 | 403,210 | 173,092 | (58.6 | ) | 186,143 | 207,785 | 229,650 | (68.8 | ) | ||||||||||||||||||||
Other time deposits | 2,873,459 | 1,510,844 | 1,386,936 | (1.8 | ) | 1,420,516 | 1,439,627 | 1,461,458 | (6.8 | ) | ||||||||||||||||||||
Total deposits | $ | 13,272,862 | $ | 5,338,148 | $ | 7,464,646 | 6.3 | % | $ | 7,650,116 | $ | 7,456,767 | $ | 7,615,211 | 4.2 | % |
Sept 30, 2016 | June 30, 2016 | March 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||||||
Additional Data - Intangibles | ||||||||||||||||||||||||||||
Goodwill | $ | 1,137,166 | $ | 286,867 | $ | 286,867 | $ | 287,393 | $ | 286,454 | $ | 285,512 | $ | 180,128 | ||||||||||||||
Core deposit intangibles (CDI) | 35,618 | 24,429 | 25,542 | 26,654 | 27,890 | 28,353 | 20,072 | |||||||||||||||||||||
Loan servicing rights | 51,393 | 9,677 | 10,478 | 11,122 | 11,540 | 12,307 | 11,583 | |||||||||||||||||||||
Noncompete agreements | 82 | 164 | 246 | 328 | 434 | 541 | — |
Sept 30, 2016 | June 30, 2016 | March 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | June 30, 2015 | March 31, 2015 | |||||||||||||||||||||
Nonperforming Assets | |||||||||||||||||||||||||||
Nonperforming Loans (1): | |||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||
Commercial | $ | 13,742 | $ | 14,577 | $ | 19,264 | $ | 28,554 | $ | 26,463 | $ | 17,260 | $ | 18,904 | |||||||||||||
Commercial real estate | 19,914 | 21,325 | 25,859 | 25,163 | 24,969 | 25,287 | 24,766 | ||||||||||||||||||||
Real estate construction | 80 | 496 | 546 | 521 | 544 | 502 | 953 | ||||||||||||||||||||
Residential mortgage | 5,119 | 5,343 | 5,062 | 5,557 | 6,248 | 6,004 | 6,514 | ||||||||||||||||||||
Consumer installment | 378 | 285 | 360 | 451 | 536 | 393 | 433 | ||||||||||||||||||||
Home equity | 2,064 | 1,971 | 2,328 | 1,979 | 1,876 | 1,769 | 1,870 | ||||||||||||||||||||
Total nonaccrual loans | 41,297 | 43,997 | 53,419 | 62,225 | 60,636 | 51,215 | 53,440 | ||||||||||||||||||||
Accruing loans contractually past due 90 days or more as to interest or principal payments: | |||||||||||||||||||||||||||
Commercial | 221 | 3 | 370 | 364 | 122 | 711 | 52 | ||||||||||||||||||||
Commercial real estate | 739 | 3 | — | 254 | 216 | 56 | 148 | ||||||||||||||||||||
Real estate construction | 1,439 | — | — | — | — | — | — | ||||||||||||||||||||
Residential mortgage | 375 | 407 | 423 | 402 | 572 | 424 | 172 | ||||||||||||||||||||
Consumer installment | — | — | — | — | — | — | — | ||||||||||||||||||||
Home equity | 628 | 1,071 | 679 | 1,267 | 558 | 588 | 429 | ||||||||||||||||||||
Total accruing loans contractually past due 90 days or more as to interest or principal payments | 3,402 | 1,484 | 1,472 | 2,287 | 1,468 | 1,779 | 801 | ||||||||||||||||||||
Nonperforming troubled debt restructurings: | |||||||||||||||||||||||||||
Commercial loan portfolio | 15,261 | 14,240 | 15,351 | 16,297 | 15,559 | 14,547 | 15,810 | ||||||||||||||||||||
Consumer loan portfolio | 1,691 | 2,233 | 3,013 | 3,071 | 3,554 | 3,365 | 2,690 | ||||||||||||||||||||
Total nonperforming troubled debt restructurings | 16,952 | 16,473 | 18,364 | 19,368 | 19,113 | 17,912 | 18,500 | ||||||||||||||||||||
Total nonperforming loans (1) | 61,651 | 61,954 | 73,255 | 83,880 | 81,217 | 70,906 | 72,741 | ||||||||||||||||||||
Other real estate and repossessed assets | 20,730 | 8,440 | 9,248 | 9,935 | 11,207 | 14,197 | 14,744 | ||||||||||||||||||||
Total nonperforming assets | $ | 82,381 | $ | 70,394 | $ | 82,503 | $ | 93,815 | $ | 92,424 | $ | 85,103 | $ | 87,485 | |||||||||||||
Nonperforming loans as a percent of total loans | 0.48 | % | 0.81 | % | 0.99 | % | 1.15 | % | 1.13 | % | 1.01 | % | 1.28 | % | |||||||||||||
Nonperforming assets as a percent of: | |||||||||||||||||||||||||||
Total loans plus other real estate and repossessed assets | 0.65 | % | 0.92 | % | 1.12 | % | 1.29 | % | 1.28 | % | 1.21 | % | 1.53 | % | |||||||||||||
Total assets | 0.47 | % | 0.74 | % | 0.89 | % | 1.02 | % | 1.00 | % | 0.94 | % | 1.16 | % | |||||||||||||
Performing troubled debt restructurings | $ | 48,835 | $ | 49,378 | $ | 49,886 | $ | 47,810 | $ | 44,803 | $ | 45,808 | $ | 45,981 |
3rd Quarter 2016 | 2nd Quarter 2016 | 1st Quarter 2016 | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | Nine Months Ended | |||||||||||||||||||||||||||||
Sept 30, 2016 | Sept 30, 2015 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses - originated loan portfolio | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses - beginning of period | $ | 71,506 | $ | 70,318 | $ | 73,328 | $ | 75,626 | $ | 74,941 | $ | 75,256 | $ | 75,183 | $ | 73,328 | $ | 75,183 | ||||||||||||||||||
Provision for loan losses | 4,103 | 3,000 | 1,500 | 2,000 | 1,500 | 1,500 | 2,000 | 8,603 | 5,000 | |||||||||||||||||||||||||||
Net loan (charge-offs) recoveries: | ||||||||||||||||||||||||||||||||||||
Commercial | (150 | ) | (1,153 | ) | (3,115 | ) | (2,207 | ) | 86 | (36 | ) | (424 | ) | (4,418 | ) | (374 | ) | |||||||||||||||||||
Commercial real estate | (154 | ) | (187 | ) | (440 | ) | (624 | ) | 145 | (581 | ) | (415 | ) | (781 | ) | (851 | ) | |||||||||||||||||||
Real estate construction | (31 | ) | — | (11 | ) | — | (1 | ) | (49 | ) | (91 | ) | (42 | ) | (141 | ) | ||||||||||||||||||||
Residential mortgage | (304 | ) | 8 | (172 | ) | (545 | ) | (214 | ) | (661 | ) | (492 | ) | (468 | ) | (1,367 | ) | |||||||||||||||||||
Consumer installment | (1,137 | ) | (486 | ) | (602 | ) | (770 | ) | (782 | ) | (590 | ) | (649 | ) | (2,225 | ) | (2,021 | ) | ||||||||||||||||||
Home equity | (58 | ) | 6 | (170 | ) | (152 | ) | (49 | ) | 102 | 144 | (222 | ) | 197 | ||||||||||||||||||||||
Net loan charge-offs | (1,834 | ) | (1,812 | ) | (4,510 | ) | (4,298 | ) | (815 | ) | (1,815 | ) | (1,927 | ) | (8,156 | ) | (4,557 | ) | ||||||||||||||||||
Allowance for loan losses - end of period | 73,775 | 71,506 | 70,318 | 73,328 | 75,626 | 74,941 | 75,256 | 73,775 | 75,626 | |||||||||||||||||||||||||||
Allowance for loan losses - acquired loan portfolio | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses - beginning of period | — | — | — | — | — | — | 500 | — | 500 | |||||||||||||||||||||||||||
Provision for loan losses | — | — | — | — | — | — | (500 | ) | — | (500 | ) | |||||||||||||||||||||||||
Allowance for loan losses - end of period | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | 73,775 | $ | 71,506 | $ | 70,318 | $ | 73,328 | $ | 75,626 | $ | 74,941 | $ | 75,256 | $ | 73,775 | $ | 75,626 | ||||||||||||||||||
Summary of net loan charge-offs: | ||||||||||||||||||||||||||||||||||||
Loan charge-offs | $ | 2,861 | $ | 3,620 | $ | 5,458 | $ | 5,439 | $ | 2,195 | $ | 2,724 | $ | 3,143 | $ | 11,939 | $ | 8,062 | ||||||||||||||||||
Loan recoveries | (1,027 | ) | (1,808 | ) | (948 | ) | (1,141 | ) | (1,380 | ) | (909 | ) | (1,216 | ) | (3,783 | ) | (3,505 | ) | ||||||||||||||||||
Net loan charge-offs (quarter only) | $ | 1,834 | $ | 1,812 | $ | 4,510 | $ | 4,298 | $ | 815 | $ | 1,815 | $ | 1,927 | $ | 8,156 | $ | 4,557 | ||||||||||||||||||
Net loan charge-offs (year-to-date) | $ | 8,156 | $ | 6,322 | $ | 4,510 | $ | 8,855 | $ | 4,557 | $ | 3,742 | $ | 1,927 | ||||||||||||||||||||||
Net loan charge-offs as a percent of average loans: | ||||||||||||||||||||||||||||||||||||
Quarter only (annualized) | 0.08% | 0.10% | 0.25% | 0.24% | 0.05% | 0.12% | 0.14% | |||||||||||||||||||||||||||||
Year-to-date (annualized) | 0.13% | 0.17% | 0.25% | 0.13% | 0.10% | 0.13% | 0.14% |
Sept 30, 2016 | June 30, 2016 | March 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||||||
Originated loans | $ | 6,755,931 | $6,378,934 | $ | 6,001,714 | $ | 5,807,934 | $ | 5,667,159 | $ | 5,351,010 | $ | 5,048,662 | |||||||||||||||
Acquired loans | 5,959,858 | 1,268,335 | 1,365,171 | 1,463,213 | 1,549,036 | 1,683,733 | 654,212 | |||||||||||||||||||||
Total loans | $ | 12,715,789 | $ | 7,647,269 | $ | 7,366,885 | $ | 7,271,147 | $ | 7,216,195 | $ | 7,034,743 | $ | 5,702,874 | ||||||||||||||
Allowance for loan losses as a percent of: | ||||||||||||||||||||||||||||
Total originated loans | 1.09% | 1.12% | 1.17% | 1.26% | 1.33% | 1.40% | 1.49% | |||||||||||||||||||||
Nonperforming loans | 120% | 115% | 96% | 87% | 93% | 106% | 103% | |||||||||||||||||||||
Credit mark as a percent of unpaid principal balance on acquired loans | 3.0% | 4.1% | 4.5% | 4.4% | 4.2% | 3.9% | 5.7% |
3rd Quarter 2016 | 2nd Quarter 2016 | 1st Quarter 2016 | 4th Quarter 2015 | 3rd Quarter 2015 | 2nd Quarter 2015 | 1st Quarter 2015 | Nine Months Ended | ||||||||||||||||||||||||||||
Sept 30, 2016 | Sept 30, 2015 | ||||||||||||||||||||||||||||||||||
Non-GAAP Operating Results | |||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||
Net income, as reported | $ | 10,732 | $ | 25,707 | $ | 23,262 | $ | 25,504 | $ | 24,467 | $ | 19,024 | $ | 17,835 | $ | 59,701 | $ | 61,326 | |||||||||||||||||
Transaction expenses, net of tax: | |||||||||||||||||||||||||||||||||||
Transactions expenses | 37,470 | 3,054 | 2,594 | 2,085 | 900 | 3,457 | 1,362 | 43,118 | 5,719 | ||||||||||||||||||||||||||
Income tax benefit (1) | (12,352 | ) | (1,069 | ) | (908 | ) | (730 | ) | (315 | ) | (798 | ) | (477 | ) | (14,329 | ) | (1,590 | ) | |||||||||||||||||
Transaction expenses, net of tax | 25,118 | 1,985 | 1,686 | 1,355 | 585 | 2,659 | 885 | 28,789 | 4,129 | ||||||||||||||||||||||||||
Net income, excluding transaction expenses | $ | 35,850 | $ | 27,692 | $ | 24,948 | $ | 26,859 | $ | 25,052 | $ | 21,683 | $ | 18,720 | $ | 88,490 | $ | 65,455 | |||||||||||||||||
Diluted Earnings Per Share | |||||||||||||||||||||||||||||||||||
Diluted earnings per share, as reported | $ | 0.21 | $ | 0.67 | $ | 0.60 | $ | 0.66 | $ | 0.64 | $ | 0.54 | $ | 0.54 | $ | 1.40 | $ | 1.72 | |||||||||||||||||
Effect of transaction expenses, net of tax | 0.51 | 0.05 | 0.05 | 0.04 | 0.01 | 0.07 | 0.03 | 0.69 | 0.12 | ||||||||||||||||||||||||||
Diluted earnings per share, excluding transaction expenses | $ | 0.72 | $ | 0.72 | $ | 0.65 | $ | 0.70 | $ | 0.65 | $ | 0.61 | $ | 0.57 | $ | 2.09 | $ | 1.84 | |||||||||||||||||
Return on Average Assets | |||||||||||||||||||||||||||||||||||
Return on average assets, as reported | 0.35 | % | 1.11% | 1.01 | % | 1.10 | % | 1.05 | % | 0.94 | % | 0.98 | % | 0.78 | % | 0.99 | % | ||||||||||||||||||
Effect of transaction expenses, net of tax | 0.81 | 0.08 | 0.08 | 0.06 | 0.03 | 0.13 | 0.05 | 0.37 | 0.06 | ||||||||||||||||||||||||||
Return on average assets, excluding transaction expenses | 1.16 | % | 1.19% | 1.09 | % | 1.16 | % | 1.08 | % | 1.07 | % | 1.03 | % | 1.15 | % | 1.05 | % | ||||||||||||||||||
Return on Average Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Return on average shareholders' equity, as reported | 2.7 | % | 10.0 | % | 9.2 | % | 10.1 | % | 9.8 | % | 8.6 | % | 9.0 | % | 6.6 | % | 9.2 | % | |||||||||||||||||
Effect of transaction expenses, net of tax | 6.4 | 0.8 | 0.7 | 0.6 | 0.3 | 1.2 | 0.5 | 3.2 | 0.5 | ||||||||||||||||||||||||||
Return on average shareholders' equity, excluding transaction expenses | 9.1 | % | 10.8 | % | 9.9 | % | 10.7 | % | 10.1 | % | 9.8 | % | 9.5 | % | 9.8 | % | 9.7 | % | |||||||||||||||||
Efficiency Ratio | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 96,809 | $ | 77,495 | $ | 74,330 | $ | 75,476 | $ | 73,617 | $ | 65,735 | $ | 59,180 | $ | 248,634 | $ | 198,532 | |||||||||||||||||
Noninterest income | 27,770 | 20,897 | 19,419 | 20,052 | 20,215 | 20,674 | 19,275 | 68,086 | 60,164 | ||||||||||||||||||||||||||
Total revenue - GAAP | 124,579 | 98,392 | 93,749 | 95,528 | 93,832 | 86,409 | 78,455 | 316,720 | 258,696 | ||||||||||||||||||||||||||
Net interest income FTE adj | 2,426 | 2,138 | 2,133 | 2,042 | 2,031 | 1,790 | 1,589 | 6,697 | 5,410 | ||||||||||||||||||||||||||
Gains from sale of investment securities gains and closed branch locations | (301 | ) | (123 | ) | (169 | ) | (42 | ) | (111 | ) | (47 | ) | (579 | ) | (593 | ) | (737 | ) | |||||||||||||||||
Total revenue - Non-GAAP | $ | 126,704 | $ | 100,407 | $ | 95,713 | $ | 97,528 | $ | 95,752 | $ | 88,152 | $ | 79,465 | $ | 322,824 | $ | 263,369 | |||||||||||||||||
Operating expenses - GAAP | $ | 106,144 | $ | 59,085 | $ | 58,887 | $ | 57,824 | $ | 58,265 | $ | 56,785 | $ | 51,020 | $ | 224,116 | $ | 166,070 | |||||||||||||||||
Transaction expenses | (37,470 | ) | (3,054 | ) | (2,594 | ) | (2,085 | ) | (900 | ) | (3,457 | ) | (1,362 | ) | (43,118 | ) | (5,719 | ) | |||||||||||||||||
Amortization of intangibles | (1,292 | ) | (1,195 | ) | (1,194 | ) | (1,341 | ) | (1,270 | ) | (987 | ) | (791 | ) | (3,681 | ) | (3,048 | ) | |||||||||||||||||
Operating expenses - Non-GAAP | $ | 67,382 | $ | 54,836 | $ | 55,099 | $ | 54,398 | $ | 56,095 | $ | 52,341 | $ | 48,867 | $ | 177,317 | $ | 157,303 | |||||||||||||||||
Efficiency ratio - GAAP | 85.2 | % | 60.1 | % | 62.8 | % | 60.5 | % | 62.1 | % | 65.7 | % | 65.0 | % | 70.8 | % | 64.2 | % | |||||||||||||||||
Efficiency ratio - adjusted | 53.2 | % | 54.6 | % | 57.6 | % | 55.8 | % | 58.6 | % | 59.4 | % | 61.5 | % | 54.9 | % | 59.7 | % |
Sept 30, 2016 | June 30, 2016 | March 31, 2016 | Dec 31, 2015 | Sept 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||||||
Tangible Book Value | ||||||||||||||||||||||||||||
Shareholders' equity, as reported | $ | 2,563,666 | $ | 1,050,299 | $ | 1,032,291 | $ | 1,015,974 | $ | 998,363 | $ | 980,791 | $ | 810,501 | ||||||||||||||
Goodwill, CDI and noncompete agreements, net of tax | (1,154,121 | ) | (297,044 | ) | (297,821 | ) | (299,123 | ) | (299,681 | ) | (299,109 | ) | (187,991 | ) | ||||||||||||||
Tangible shareholders' equity | $ | 1,409,545 | $ | 753,255 | $ | 734,470 | $ | 716,851 | $ | 698,682 | $ | 681,682 | $ | 622,510 | ||||||||||||||
Common shares outstanding | 70,497 | 38,267 | 38,248 | 38,168 | 38,131 | 38,110 | 32,847 | |||||||||||||||||||||
Book value per share (shareholders' equity, as reported, divided by common shares outstanding) | $ | 36.37 | $ | 27.45 | $ | 26.99 | $ | 26.62 | $ | 26.18 | $ | 25.74 | $ | 24.68 | ||||||||||||||
Tangible book value per share (tangible shareholders' equity divided by common shares outstanding) | $ | 19.99 | $ | 19.68 | $ | 19.20 | $ | 18.78 | $ | 18.32 | $ | 17.89 | $ | 18.95 | ||||||||||||||
Tangible Shareholders' Equity to Tangible Assets | ||||||||||||||||||||||||||||
Total assets, as reported | $ | 17,383,637 | $ | 9,514,172 | $ | 9,303,632 | $ | 9,188,797 | $ | 9,264,554 | $ | 9,020,725 | $ | 7,551,635 | ||||||||||||||
Goodwill, CDI and noncompete agreements, net of tax | (1,154,121 | ) | (297,044 | ) | (297,821 | ) | (299,123 | ) | (299,681 | ) | (299,109 | ) | (187,991 | ) | ||||||||||||||
Tangible assets | $ | 16,229,516 | $ | 9,217,128 | $ | 9,005,811 | $ | 8,889,674 | $ | 8,964,873 | $ | 8,721,616 | $ | 7,363,644 | ||||||||||||||
Shareholders' equity to total assets | 14.7 | % | 11.0 | % | 11.1 | % | 11.1 | % | 10.8 | % | 10.9 | % | 10.7 | % | ||||||||||||||
Tangible shareholders' equity to tangible assets | 8.7 | % | 8.2 | % | 8.2 | % | 8.1 | % | 7.8 | % | 7.8 | % | 8.5 | % |
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