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As Of Filer Filing For·On·As Docs:Size 1/23/20 BankUnited, Inc. 8-K:2,9 1/23/20 13:1M |
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Exhibit |
• | The net interest margin, calculated on a tax-equivalent basis, was 2.41% for the quarter ended December 31, 2019, unchanged from the immediately preceding quarter ended September 30, 2019. Net interest income for the quarter ended December 31, 2019 was $185.3 million,
compared to $185.7 million for the quarter ended September 30, 2019. The net interest margin and net interest income were 4.01% and $295.1 million, respectively, for the quarter ended December 31, 2018. The most significant reason for the decline in net interest income and the net interest margin for the quarter ended December 31, 2019 compared to the quarter ended December 31, 2018, was the decrease in accretion on formerly covered residential loans. |
• | The
cost of total deposits declined by 0.19% compared to the immediately preceding quarter ended September 30, 2019, to 1.48% from 1.67%. |
• | Non-interest bearing demand deposits grew by $674 million for the year ended December 31, 2019, to 17.6% of total deposits at December 31, 2019 compared to 15.4% of total deposits at December
31, 2018. Non-interest bearing demand deposits grew by $168 million during the quarter ended December 31, 2019. Total deposits grew by $438 million and $920 million for the quarter and year ended December 31, 2019, respectively. |
• | Loans and leases, including operating lease equipment, grew by $301 million during the quarter ended December 31,
2019. For the year ended December 31, 2019, loans and leases grew by $1.2 billion. |
• | During the year ended December 31, 2019, the Company repurchased approximately 4.5 million shares of its common stock for an aggregate purchase price of $154 million, at a weighted average price of $34.34
per share. During the quarter ended December 31, 2019, the Company repurchased approximately 0.1 million shares of its common stock for an aggregate purchase price of approximately $4 million. |
• | Nine months into the implementation phase, we are beginning to see the impact of BankUnited 2.0 on our operating results and remain on track to achieve our previously disclosed target of incremental annual pre-tax impact of $60 million by mid-2021. |
• | Book
value per common share grew to $31.33 at December 31, 2019 from $29.49 at December 31, 2018 while tangible book value per common share increased to $30.52 from $28.71 over the same period. |
Residential and other consumer loans | $ | 5,661,119 | 24.5 | % | $ | 5,571,104 | 24.4 | % | $ | 4,948,989 | 22.5 | % | ||||||||
Multi-family | 2,217,705 | 9.6 | % | 2,221,525 | 9.7 | % | 2,585,421 | 11.8 | % | |||||||||||
Non-owner
occupied commercial real estate | 5,030,904 | 21.7 | % | 4,855,945 | 21.2 | % | 4,688,880 | 21.4 | % | |||||||||||
Construction
and land | 243,925 | 1.1 | % | 189,095 | 0.8 | % | 226,840 | 1.0 | % | |||||||||||
Owner
occupied commercial real estate | 2,062,808 | 8.9 | % | 2,049,987 | 9.0 | % | 2,119,880 | 9.6 | % | |||||||||||
Commercial
and industrial | 4,655,349 | 20.1 | % | 4,538,059 | 19.9 | % | 4,358,526 | 19.8 | % | |||||||||||
Pinnacle | 1,202,430 | 5.2 | % | 1,236,121 | 5.4 | % | 1,462,655 | 6.6 | % | |||||||||||
Bridge
- franchise finance | 627,482 | 2.6 | % | 605,896 | 2.6 | % | 517,305 | 2.4 | % | |||||||||||
Bridge
- equipment finance | 684,794 | 3.0 | % | 682,149 | 3.0 | % | 636,838 | 2.9 | % | |||||||||||
Mortgage
warehouse lending | 768,472 | 3.3 | % | 905,619 | 4.0 | % | 431,674 | 2.0 | % | |||||||||||
$ | 23,154,988 | 100.0 | % | $ | 22,855,500 | 100.0 | % | $ | 21,977,008 | 100.0 | % | |||||||||
Operating
lease equipment, net | $ | 698,153 | $ | 696,899 | $ | 702,354 |
Three
Months Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Residential and Other Consumer | Commercial | Total | Residential
and Other Consumer | Commercial | Total | ||||||||||||||||||
Beginning balance | $ | 11,399 | $ | 97,063 | $ | 108,462 | $ | 10,303 | $ | 114,437 | $ | 124,740 | |||||||||||
Provision
(recovery) | (285 | ) | (184 | ) | (469 | ) | 698 | 11,885 | 12,583 | ||||||||||||||
Charge-offs | — | (3,556 | ) | (3,556 | ) | (221 | ) | (30,883 | ) | (31,104 | ) | ||||||||||||
Recoveries | 40 | 4,194 | 4,234 | 8 | 3,704 | 3,712 | |||||||||||||||||
Ending
balance | $ | 11,154 | $ | 97,517 | $ | 108,671 | $ | 10,788 | $ | 99,143 | $ | 109,931 |
Years
Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Residential and Other Consumer | Commercial | Total | Residential
and Other Consumer | Commercial | Total | ||||||||||||||||||
Beginning balance | $ | 10,788 | $ | 99,143 | $ | 109,931 | $ | 10,720 | $ | 134,075 | $ | 144,795 | |||||||||||
Provision | 154 | 8,750 | 8,904 | 1,032 | 24,893 | 25,925 | |||||||||||||||||
Charge-offs | — | (17,541 | ) | (17,541 | ) | (1,465 | ) | (65,619 | ) | (67,084 | ) | ||||||||||||
Recoveries | 212 | 7,165 | 7,377 | 501 | 5,794 | 6,295 | |||||||||||||||||
Ending
balance | $ | 11,154 | $ | 97,517 | $ | 108,671 | $ | 10,788 | $ | 99,143 | $ | 109,931 |
• | The tax-equivalent yield on loans other than formerly covered residential loans decreased to 4.04% for the quarter ended December 31, 2019, from 4.18% for the quarter ended December 31, 2018. The most significant factor contributing to this decrease was the impact of decreases in benchmark interest rates during 2019. |
• | The
tax-equivalent yield on investment securities decreased to 3.18% for the quarter ended December 31, 2019 from 3.59% for the quarter ended December 31, 2018. The most significant factors contributing to this decrease were the impact of decreases in benchmark interest rates during 2019 and increased prepayment speeds on securities owned at a premium. |
• | The
tax-equivalent yield on loans other than formerly covered residential loans increased to 4.18% for the year ended December 31, 2019, from 4.00% for the year ended December 31, 2018. The most significant factor contributing to this increase was the impact of increases in benchmark interest rates during 2018. |
• | The tax-equivalent yield on investment securities increased to 3.46% for the year ended December
31, 2019 from 3.35% for the year ended December 31, 2018, primarily due to increases in coupon interest rates, partially offset by increased prepayment speeds. |
• | The average rate on interest bearing liabilities increased to 2.09% for the year ended December 31, 2019 from 1.66% for the year ended December 31, 2018.
The increase reflected higher average rates on interest bearing deposits, short term borrowings and FHLB advances. |
ASSETS | |||||||
Cash and due from banks: | |||||||
Non-interest
bearing | $ | 7,704 | $ | 9,392 | |||
Interest bearing | 206,969 | 372,681 | |||||
Cash
and cash equivalents | 214,673 | 382,073 | |||||
Investment securities (including securities recorded at fair value of $7,759,237 and $8,156,878) | 7,769,237 | 8,166,878 | |||||
Non-marketable
equity securities | 253,664 | 267,052 | |||||
Loans held for sale | 37,926 | 36,992 | |||||
Loans (including covered loans of $201,376 at December
31, 2018) | 23,154,988 | 21,977,008 | |||||
Allowance for loan and lease losses | (108,671 | ) | (109,931 | ) | |||
Loans, net | 23,046,317 | 21,867,077 | |||||
Bank
owned life insurance | 282,151 | 263,340 | |||||
Operating lease equipment, net | 698,153 | 702,354 | |||||
Goodwill and other intangible assets | 77,674 | 77,718 | |||||
Other
assets | 491,498 | 400,842 | |||||
Total assets | $ | 32,871,293 | $ | 32,164,326 | |||
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Demand deposits: | |||||||
Non-interest
bearing | $ | 4,294,824 | $ | 3,621,254 | |||
Interest bearing | 2,130,976 | 1,771,465 | |||||
Savings
and money market | 10,621,544 | 11,261,746 | |||||
Time | 7,347,247 | 6,819,758 | |||||
Total deposits | 24,394,591 | 23,474,223 | |||||
Federal
funds purchased | 100,000 | 175,000 | |||||
Federal Home Loan Bank advances | 4,480,501 | 4,796,000 | |||||
Notes and other borrowings | 429,338 | 402,749 | |||||
Other
liabilities | 486,084 | 392,521 | |||||
Total liabilities | 29,890,514 | 29,240,493 | |||||
Commitments
and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 95,128,231 and
99,141,374 shares issued and outstanding | 951 | 991 | |||||
Paid-in capital | 1,083,920 | 1,220,147 | |||||
Retained earnings | 1,927,735 | 1,697,822 | |||||
Accumulated
other comprehensive income (loss) | (31,827 | ) | 4,873 | ||||
Total stockholders' equity | 2,980,779 | 2,923,833 | |||||
Total liabilities and stockholders' equity | $ | 32,871,293 | $ | 32,164,326 |
Three Months Ended December 31, | Years
Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income: | |||||||||||||||
Loans | $ | 242,642 | $ | 342,434 | $ | 981,408 | $ | 1,198,241 | |||||||
Investment
securities | 62,006 | 67,695 | 280,560 | 233,091 | |||||||||||
Other | 4,762 | 4,667 | 19,902 | 17,812 | |||||||||||
Total
interest income | 309,410 | 414,796 | 1,281,870 | 1,449,144 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 88,289 | 87,647 | 385,180 | 284,563 | |||||||||||
Borrowings | 35,810 | 32,096 | 143,905 | 114,488 | |||||||||||
Total
interest expense | 124,099 | 119,743 | 529,085 | 399,051 | |||||||||||
Net interest income before provision for loan losses | 185,311 | 295,053 | 752,785 | 1,050,093 | |||||||||||
Provision
for (recovery of) loan losses (including $235 and $752 for covered loans for the three months and year ended December 31, 2018) | (469 | ) | 12,583 | 8,904 | 25,925 | ||||||||||
Net
interest income after provision for loan losses | 185,780 | 282,470 | 743,881 | 1,024,168 | |||||||||||
Non-interest income: | |||||||||||||||
Income
from resolution of covered assets, net | — | 862 | — | 11,551 | |||||||||||
Net loss on FDIC indemnification | — | (2,274 | ) | — | (4,199 | ) | |||||||||
Deposit
service charges and fees | 4,150 | 3,602 | 16,539 | 14,412 | |||||||||||
Gain on sale of loans, net (including $993 and $5,732 related to covered loans for the three
months and year ended December 31, 2018) | 1,899 | 2,904 | 12,119 | 15,864 | |||||||||||
Gain on investment securities,
net | 7,438 | 221 | 21,174 | 3,159 | |||||||||||
Lease financing | 13,857 | 16,000 | 66,631 | 61,685 | |||||||||||
Other
non-interest income | 10,412 | 12,013 | 30,741 | 29,550 | |||||||||||
Total non-interest income | 37,756 | 33,328 | 147,204 | 132,022 | |||||||||||
Non-interest
expense: | |||||||||||||||
Employee compensation and benefits | 55,744 | 56,812 | 235,330 | 254,997 | |||||||||||
Occupancy
and equipment | 13,697 | 13,544 | 56,174 | 55,899 | |||||||||||
Amortization of FDIC indemnification asset | — | 128,911 | — | 261,763 | |||||||||||
Deposit
insurance expense | 4,142 | 4,174 | 16,991 | 18,984 | |||||||||||
Professional fees | 2,621 | 5,767 | 20,352 | 16,539 | |||||||||||
Technology
and telecommunications | 13,334 | 9,015 | 47,509 | 35,136 | |||||||||||
Depreciation of operating lease equipment | 13,610 | 11,363 | 48,493 | 40,025 | |||||||||||
Loss
on debt extinguishment | — | — | 3,796 | — | |||||||||||
Other non-interest expense | 15,860 | 17,092 | 58,444 | 57,197 | |||||||||||
Total
non-interest expense | 119,008 | 246,678 | 487,089 | 740,540 | |||||||||||
Income before income taxes | 104,528 | 69,120 | 403,996 | 415,650 | |||||||||||
Provision
for income taxes | 15,072 | 16,717 | 90,898 | 90,784 | |||||||||||
Net income | $ | 89,456 | $ | 52,403 | $ | 313,098 | $ | 324,866 | |||||||
Earnings
per common share, basic | $ | 0.91 | $ | 0.50 | $ | 3.14 | $ | 3.01 | |||||||
Earnings
per common share, diluted | $ | 0.91 | $ | 0.50 | $ | 3.13 | $ | 2.99 |
Three
Months Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Average Balance | Interest (1)(2) | Yield/ Rate (1)(2) | Average Balance | Interest (1)(2) | Yield/ Rate (1)(2) | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest
earning assets: | ||||||||||||||||||||||
Non-covered
loans | $ | 22,986,427 | $ | 246,458 | 4.27 | % | $ | 21,456,281 | $ | 225,531 | 4.18 | % | ||||||||||
Covered
loans | — | — | — | % | 329,368 | 121,349 | 147.37 | % | ||||||||||||||
Total
loans | 22,986,427 | 246,458 | 4.27 | % | 21,785,649 | 346,880 | 6.35 | % | ||||||||||||||
Investment
securities (3) | 7,929,948 | 62,948 | 3.18 | % | 7,693,718 | 68,958 | 3.59 | % | ||||||||||||||
Other
interest earning assets | 627,001 | 4,762 | 3.01 | % | 514,389 | 4,667 | 3.60 | % | ||||||||||||||
Total
interest earning assets | 31,543,376 | 314,168 | 3.97 | % | 29,993,756 | 420,505 | 5.59 | % | ||||||||||||||
Allowance
for loan and lease losses | (110,503 | ) | (124,029 | ) | ||||||||||||||||||
Non-interest
earning assets | 1,655,342 | 1,798,183 | ||||||||||||||||||||
Total
assets | $ | 33,088,215 | $ | 31,667,910 | ||||||||||||||||||
Liabilities
and Stockholders' Equity: | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest
bearing demand deposits | $ | 1,947,034 | 6,485 | 1.32 | % | $ | 1,696,557 | 5,489 | 1.28 | % | ||||||||||||
Savings
and money market deposits | 10,416,964 | 41,705 | 1.59 | % | 10,706,427 | 45,433 | 1.68 | % | ||||||||||||||
Time
deposits | 7,016,192 | 40,099 | 2.27 | % | 6,941,282 | 36,725 | 2.10 | % | ||||||||||||||
Total
interest bearing deposits | 19,380,190 | 88,289 | 1.81 | % | 19,344,266 | 87,647 | 1.80 | % | ||||||||||||||
Short
term borrowings | 115,928 | 505 | 1.73 | % | 104,946 | 591 | 2.25 | % | ||||||||||||||
FHLB
advances | 5,244,495 | 30,011 | 2.27 | % | 4,552,522 | 26,206 | 2.28 | % | ||||||||||||||
Notes
and other borrowings | 404,086 | 5,294 | 5.24 | % | 402,753 | 5,299 | 5.26 | % | ||||||||||||||
Total
interest bearing liabilities | 25,144,699 | 124,099 | 1.96 | % | 24,404,487 | 119,743 | 1.95 | % | ||||||||||||||
Non-interest
bearing demand deposits | 4,292,943 | 3,572,189 | ||||||||||||||||||||
Other
non-interest bearing liabilities | 686,027 | 657,887 | ||||||||||||||||||||
Total
liabilities | 30,123,669 | 28,634,563 | ||||||||||||||||||||
Stockholders'
equity | 2,964,546 | 3,033,347 | ||||||||||||||||||||
Total
liabilities and stockholders' equity | $ | 33,088,215 | $ | 31,667,910 | ||||||||||||||||||
Net
interest income | $ | 190,069 | $ | 300,762 | ||||||||||||||||||
Interest
rate spread | 2.01 | % | 3.64 | % | ||||||||||||||||||
Net
interest margin | 2.41 | % | 4.01 | % |
(1) | On
a tax-equivalent basis where applicable |
(2) | Annualized |
(3) | At fair value except for securities held to maturity |
Years
Ended December 31, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate (1) | Average Balance | Interest (1) | Yield/ Rate (1) | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest
earning assets: | ||||||||||||||||||||||
Non-covered
loans | $ | 22,553,250 | $ | 998,130 | 4.43 | % | $ | 21,169,705 | $ | 847,588 | 4.00 | % | ||||||||||
Covered
loans | — | — | — | % | 427,437 | 368,161 | 86.13 | % | ||||||||||||||
Total
loans | 22,553,250 | 998,130 | 4.43 | % | 21,597,142 | 1,215,749 | 5.63 | % | ||||||||||||||
Investment
securities (2) | 8,231,858 | 284,849 | 3.46 | % | 7,124,372 | 238,602 | 3.35 | % | ||||||||||||||
Other
interest earning assets | 555,992 | 19,902 | 3.58 | % | 506,154 | 17,812 | 3.52 | % | ||||||||||||||
Total
interest earning assets | 31,341,100 | 1,302,881 | 4.16 | % | 29,227,668 | 1,472,163 | 5.04 | % | ||||||||||||||
Allowance
for loan and lease losses | (112,890 | ) | (136,758 | ) | ||||||||||||||||||
Non-interest
earning assets | 1,625,579 | 1,878,284 | ||||||||||||||||||||
Total
assets | $ | 32,853,789 | $ | 30,969,194 | ||||||||||||||||||
Liabilities
and Stockholders' Equity: | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest
bearing demand deposits | $ | 1,824,803 | 25,054 | 1.37 | % | $ | 1,627,828 | 18,391 | 1.13 | % | ||||||||||||
Savings
and money market deposits | 10,922,819 | 197,942 | 1.81 | % | 10,634,970 | 146,324 | 1.38 | % | ||||||||||||||
Time
deposits | 6,928,499 | 162,184 | 2.34 | % | 6,617,006 | 119,848 | 1.81 | % | ||||||||||||||
Total
interest bearing deposits | 19,676,121 | 385,180 | 1.96 | % | 18,879,804 | 284,563 | 1.51 | % | ||||||||||||||
Short
term borrowings | 124,888 | 2,802 | 2.24 | % | 48,940 | 1,035 | 2.11 | % | ||||||||||||||
FHLB
advances | 5,089,524 | 119,901 | 2.36 | % | 4,637,247 | 92,234 | 1.99 | % | ||||||||||||||
Notes
and other borrowings | 403,704 | 21,202 | 5.25 | % | 402,795 | 21,219 | 5.27 | % | ||||||||||||||
Total
interest bearing liabilities | 25,294,237 | 529,085 | 2.09 | % | 23,968,786 | 399,051 | 1.66 | % | ||||||||||||||
Non-interest
bearing demand deposits | 3,950,612 | 3,389,191 | ||||||||||||||||||||
Other
non-interest bearing liabilities | 662,590 | 538,575 | ||||||||||||||||||||
Total
liabilities | 29,907,439 | 27,896,552 | ||||||||||||||||||||
Stockholders'
equity | 2,946,350 | 3,072,642 | ||||||||||||||||||||
Total
liabilities and stockholders' equity | $ | 32,853,789 | $ | 30,969,194 | ||||||||||||||||||
Net
interest income | $ | 773,796 | $ | 1,073,112 | ||||||||||||||||||
Interest
rate spread | 2.07 | % | 3.38 | % | ||||||||||||||||||
Net
interest margin | 2.47 | % | 3.67 | % |
(1) | On
a tax-equivalent basis where applicable |
(2) | At fair value except for securities held to maturity |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
c | 2019 | 2018 | 2019 | 2018 | |||||||||||
Basic
earnings per common share: | |||||||||||||||
Numerator: | |||||||||||||||
Net
income | $ | 89,456 | $ | 52,403 | $ | 313,098 | $ | 324,866 | |||||||
Distributed
and undistributed earnings allocated to participating securities | (3,971 | ) | (2,363 | ) | (13,371 | ) | (13,047 | ) | |||||||
Income allocated to common stockholders for basic earnings per common
share | $ | 85,485 | $ | 50,040 | $ | 299,727 | $ | 311,819 | |||||||
Denominator: | |||||||||||||||
Weighted
average common shares outstanding | 95,000,894 | 101,955,583 | 96,581,290 | 104,916,865 | |||||||||||
Less average unvested stock awards | (1,065,813 | ) | (1,177,290 | ) | (1,127,275 | ) | (1,171,994 | ) | |||||||
Weighted
average shares for basic earnings per common share | 93,935,081 | 100,778,293 | 95,454,015 | 103,744,871 | |||||||||||
Basic earnings per common share | $ | 0.91 | $ | 0.50 | $ | 3.14 | $ | 3.01 | |||||||
Diluted
earnings per common share: | |||||||||||||||
Numerator: | |||||||||||||||
Income
allocated to common stockholders for basic earnings per common share | $ | 85,485 | $ | 50,040 | $ | 299,727 | $ | 311,819 | |||||||
Adjustment
for earnings reallocated from participating securities | (41 | ) | (10 | ) | (175 | ) | (195 | ) | |||||||
Income used in calculating diluted earnings per common share | $ | 85,444 | $ | 50,030 | $ | 299,552 | $ | 311,624 | |||||||
Denominator: | |||||||||||||||
Weighted
average shares for basic earnings per common share | 93,935,081 | 100,778,293 | 95,454,015 | 103,744,871 | |||||||||||
Dilutive effect of stock options | 186,967 | 181,141 | 202,890 | 332,505 | |||||||||||
Weighted
average shares for diluted earnings per common share | 94,122,048 | 100,959,434 | 95,656,905 | 104,077,376 | |||||||||||
Diluted earnings per common share | $ | 0.91 | $ | 0.50 | $ | 3.13 | $ | 2.99 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Financial ratios (4) | |||||||||||
Return
on average assets | 1.07 | % | 0.66 | % | 0.95 | % | 1.05 | % | |||
Return on average stockholders’ equity | 12.0 | % | 6.9 | % | 10.6 | % | 10.6 | % | |||
Net
interest margin (3) | 2.41 | % | 4.01 | % | 2.47 | % | 3.67 | % |
Asset quality ratios | |||||
Non-performing loans to total loans (1)(5) | 0.88 | % | 0.59 | % | |
Non-performing
assets to total assets (2) (5) | 0.63 | % | 0.43 | % | |
Allowance for loan and lease losses to total loans | 0.47 | % | 0.50 | % | |
Allowance for loan and lease losses to non-performing
loans (1) (5) | 53.07 | % | 84.63 | % | |
Net charge-offs to average loans | 0.05 | % | 0.28 | % |
BankUnited, Inc. | BankUnited, N.A. | BankUnited, Inc. | BankUnited, N.A. | ||||||||
Capital ratios | |||||||||||
Tier
1 leverage | 8.9 | % | 9.3 | % | 9.0 | % | 9.6 | % | |||
Common Equity Tier 1 ("CET1") risk-based capital | 12.3 | % | 12.9 | % | 12.6 | % | 13.5 | % | |||
Total
risk-based capital | 12.8 | % | 13.4 | % | 13.1 | % | 14.0 | % |
(1) | We
define non-performing loans to include non-accrual loans, and loans, other than ACI loans and government insured residential loans, that are past due 90 days or more and still accruing. Contractually delinquent ACI loans and government insured residential loans on which interest continues to be accreted or accrued are excluded from non-performing loans. |
(2) | Non-performing assets include non-performing loans, OREO and other repossessed assets. |
(3) | On a tax-equivalent basis. |
(4) | Annualized
for the three month period. |
(5) | Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $45.7 million or 0.20% of total loans and 0.14% of total assets, at December 31, 2019; compared to $17.8 million or 0.08% of total loans and 0.06% of total assets, at December 31,
2018. |
Total stockholders’ equity | $ | 2,980,779 | |
Less:
goodwill and other intangible assets | 77,674 | ||
Tangible stockholders’ equity | $ | 2,903,105 | |
Common shares issued and outstanding | 95,128,231 | ||
Book
value per common share | $ | 31.33 | |
Tangible book value per common share | $ | 30.52 |
Three Months Ended December 31, 2018 | Year
Ended December 31, 2018 | ||||||
Non-interest income (GAAP) | $ | 33,328 | $ | 132,022 | |||
Less: Income from resolution of covered assets | 862 | 11,551 | |||||
Less:
Net loss on FDIC indemnification | (2,274 | ) | (4,199 | ) | |||
Less: Gain on sale of covered loans | 993 | 5,732 | |||||
Non-interest income, excluding the impact of transactions
in the formerly covered assets (non-GAAP) | $ | 33,747 | $ | 118,938 |
Three
Months Ended December 31, 2018 | Year Ended December 31, 2018 | ||||||
Net Income (GAAP) | $ | 52.4 | $ | 324.9 | |||
Less Loss Share Contribution | 7.6 | (69.6 | ) | ||||
Net
Income as reported, minus Loss Share Contribution | $ | 60.0 | $ | 255.3 | |||
Diluted earnings per common share, excluding Loss Share Contribution: | |||||||
Diluted earnings per common share (GAAP) | $ | 0.50 | $ | 2.99 | |||
Less:
Net impact on diluted earnings per common share of Loss Share Contribution (non-GAAP) | 0.09 | (0.63 | ) | ||||
Non-loss share diluted earnings per common share (non-GAAP) | $ | 0.59 | $ | 2.36 | |||
Non-loss
share diluted earnings per share: | |||||||
Loss Share Contribution | $ | (7.6 | ) | $ | 69.6 | ||
Weighted average shares for diluted earnings per common share (GAAP) | 100,959 | 104,077 | |||||
Impact
on diluted earnings per common share of Loss Share Contribution (non-GAAP) | (0.08 | ) | 0.67 | ||||
Impact on diluted earnings per common share of Loss Share Contribution: | |||||||
Loss Share Contribution, net of tax, allocated to participating securities | (1.0 | ) | (3.8 | ) | |||
Weighted
average shares for diluted earnings per common share (GAAP) | 100,959 | 104,077 | |||||
Impact on diluted earnings per common share of Loss Share Contribution allocated to participating securities (non-GAAP) | (0.01 | ) | (0.04 | ) | |||
Net
impact on diluted earnings per common share of Loss Share Contribution (non-GAAP) | $ | (0.09 | ) | $ | 0.63 |
Three
Months Ended December 31, 2018 (3) | Year Ended December 31, 2018 (3) | ||||||
Net Income As Reported | $ | 52.4 | $ | 324.9 | |||
Calculation
of Loss Share Contribution: | |||||||
Interest Income - Covered Loans (Accretion) | $ | 121.3 | $ | 368.2 | |||
Net impact of sale of covered loans | 1.0 | 9.1 | |||||
Amortization
of FDIC Indemnification Asset | (128.9 | ) | (261.8 | ) | |||
Loss Share Earnings (Loss) | (6.6 | ) | 115.5 | ||||
Hypothetical interest income on alternate assets (1) | (3.8 | ) | (20.9 | ) | |||
Loss
Share Contribution, pre-tax | (10.3 | ) | 94.6 | ||||
Income taxes (2) | 2.7 | (25.1 | ) | ||||
Loss Share Contribution, after tax | $ | (7.6 | ) | $ | 69.6 | ||
Net
Income as reported, minus Loss Share Contribution | $ | 60.0 | $ | 255.3 | |||
Diluted Earnings Per Common Share, as Reported | $ | 0.50 | $ | 2.99 | |||
Earnings
Per Share, Loss Share Contribution | (0.09 | ) | 0.63 | ||||
Non-Loss Share Diluted Earnings Per Share | $ | 0.59 | $ | 2.36 |
(1) | See
section entitled "Supplemental Calculations - Calculation of Hypothetical Interest Income on Alternate Assets" below for calculation of these amounts and underlying assumptions. |
Three Months Ended December 31, 2018 | Year Ended December 31, 2018 | ||||||
Average Balances (1) | |||||||
Average
Covered Loans | $ | 329 | $ | 427 | |||
Average FDIC Indemnification Asset | 91 | 196 | |||||
Average
Loss Share Asset | $ | 420 | $ | 623 | |||
Yield | |||||||
Yield
on securities - reported (2) | 3.59 | % | 3.35 | % | |||
Hypothetical interest income on alternate assets | $ | 3.8 | $ | 20.9 |
(1) | Calculated
as the simple average of beginning and ending balances reported for each period. |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 1/23/20 | |||
12/31/19 | 10-K | |||
9/30/19 | 10-Q | |||
12/31/18 | 10-K, 5 | |||
List all Filings |