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As Of Filer Filing For·On·As Docs:Size 10/29/21 Sterling Bancorp 10-Q 9/30/21 106:23M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.72M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 33K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 33K 4: EX-32.0 Certification -- §906 - SOA'02 HTML 33K 11: R1 Cover HTML 87K 12: R2 Consolidated Balance Sheets (Unaudited) HTML 137K 13: R3 Consolidated Balance Sheets (Unaudited) HTML 53K (Parenthetical) 14: R4 Consolidated Income Statements (Unaudited) HTML 164K 15: R5 Consolidated Statements of Comprehensive Income HTML 66K (Unaudited) 16: R6 Consolidated Statement of Changes In Stockholders' HTML 184K Equity (Unaudited) 17: R7 Consolidated Statement of Changes In Stockholders' HTML 32K Equity (Unaudited) (Parenthetical) 18: R8 Consolidated Statements of Cash Flows (Unaudited) HTML 218K 19: R9 Basis of Financial Statement Presentation and HTML 39K Summary of Significant Accounting Policies 20: R10 Securities HTML 296K 21: R11 Portfolio Loans HTML 321K 22: R12 ACL - Loans HTML 429K 23: R13 Goodwill and Other Intangible Assets HTML 44K 24: R14 Deposits HTML 47K 25: R15 Borrowings HTML 62K 26: R16 Derivatives HTML 62K 27: R17 Income Taxes HTML 86K 28: R18 Stock-Based Compensation HTML 69K 29: R19 Other Non-Interest Expense, Other Assets and Other HTML 72K Liabilities 30: R20 Earnings Per Common Share HTML 49K 31: R21 Stockholders' Equity HTML 98K 32: R22 Commitments and Contingencies HTML 45K 33: R23 Fair Value Measurements HTML 213K 34: R24 Accumulated Other Comprehensive Income HTML 99K 35: R25 Recently Issued Accounting Standards Not Yet HTML 43K Adopted 36: R26 Basis of Financial Statement Presentation and HTML 64K Summary of Significant Accounting Policies - (Policies) 37: R27 Securities - (Tables) HTML 405K 38: R28 Portfolio Loans - (Tables) HTML 324K 39: R29 ACL - Loans - (Tables) HTML 423K 40: R30 Goodwill and Other Intangible Assets - (Tables) HTML 46K 41: R31 Deposits - (Tables) HTML 47K 42: R32 Borrowings - (Tables) HTML 56K 43: R33 Derivatives - (Tables) HTML 62K 44: R34 Income Taxes - (Tables) HTML 83K 45: R35 Stock-Based Compensation - (Tables) HTML 71K 46: R36 Other Non-Interest Expense, Other Assets and Other HTML 75K Liabilities - (Tables) 47: R37 Earnings Per Common Share - (Tables) HTML 48K 48: R38 Stockholders' Equity - (Tables) HTML 89K 49: R39 Commitments and Contingencies - (Tables) HTML 44K 50: R40 Fair Value Measurements - (Tables) HTML 208K 51: R41 Accumulated Other Comprehensive Income - (Tables) HTML 99K 52: R42 Basis of Financial Statement Presentation and HTML 32K Summary of Significant Accounting Policies - Narrative (Details) 53: R43 Securities - Amortized Cost to Fair Value HTML 109K (Details) 54: R44 Securities - 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Loan Deferrals (Details) HTML 144K 69: R59 Portfolio Loans - Loans Modified as TDRs (Details) HTML 48K 70: R60 ACL - Loans - Allowance Rollforward (Details) HTML 158K 71: R61 ACL - Loans - Loans - Narrative (Details) HTML 67K 72: R62 ACL - Loans - Valuation Allowances Recorded HTML 69K Against Portfolio Loans (Details) 73: R63 ACL - Loans - Schedule of Term Loans Amortized HTML 240K Cost Basis by Origination Year (Details) 74: R64 Goodwill and Other Intangible Assets - Balance of HTML 41K Goodwill and Other Intangible Assets (Details) 75: R65 Goodwill and Other Intangible Assets - Future HTML 45K Amortization Expense (Details) 76: R66 Deposits - Balances (Details) HTML 40K 77: R67 Deposits - Narrative (Details) HTML 33K 78: R68 Deposits - Brokered Deposits (Details) HTML 36K 79: R69 Borrowings - Borrowings and Weighted Average HTML 60K Interest Rates (Details) 80: R70 Borrowings - Narrative (Details) HTML 39K 81: R71 Derivatives - Narrative (Details) HTML 30K 82: R72 Derivatives - Derivative Information (Details) HTML 64K 83: R73 Income Taxes - 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Off-Balance Sheet HTML 36K Financial Information (Details) 95: R85 Commitments and Contingencies - Narrative HTML 36K (Details) 96: R86 Commitment and Contingencies - Leases (Details) HTML 49K 97: R87 Fair Value Measurements - Summary of Assets and HTML 109K Liabilities (Details) 98: R88 Fair Value Measurements - Narrative (Details) HTML 34K 99: R89 Fair Value Measurements - Collateral Dependent HTML 90K Loans (Details) 100: R90 Fair Value Measurements - Summary of Financial HTML 110K Assets and Liabilities (Details) 101: R91 Accumulated Other Comprehensive Income - HTML 52K Components of AOCI (Details) 102: R92 Accumulated Other Comprehensive Income - Changes HTML 63K in AOCI (Details) 104: XML IDEA XML File -- Filing Summary XML 197K 10: XML XBRL Instance -- stl-20210930_htm XML 8.15M 103: EXCEL IDEA Workbook of Financial Reports XLSX 182K 6: EX-101.CAL XBRL Calculations -- stl-20210930_cal XML 392K 7: EX-101.DEF XBRL Definitions -- stl-20210930_def XML 1.39M 8: EX-101.LAB XBRL Labels -- stl-20210930_lab XML 2.55M 9: EX-101.PRE XBRL Presentations -- stl-20210930_pre XML 1.81M 5: EX-101.SCH XBRL Schema -- stl-20210930 XSD 238K 105: JSON XBRL Instance as JSON Data -- MetaLinks 605± 905K 106: ZIP XBRL Zipped Folder -- 0001070154-21-000032-xbrl Zip 626K
stl-20210930 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware | i 80-0091851 | ||||||||||
(State or Other Jurisdiction of | (IRS Employer ID No.) | ||||||||||
Incorporation or Organization) | |||||||||||
i Two Blue Hill Plaza, i 2nd
Floor | |||||||||||
i Pearl River, | i New York | i 10965 | |||||||||
(Address of Principal Executive Office) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common Stock, par value $0.01 per share | i STL | i New York Stock Exchange | ||||||||||||
i Depositary Shares, each representing 1/40 interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A | i STLPRA | i New York Stock Exchange |
Classes of Common Stock | Shares outstanding as of October 28, 2021 | |||||||
$0.01 per share | i 192,700,767 |
PART I. FINANCIAL INFORMATION - UNAUDITED | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
ASSETS: | |||||||||||
Cash and due from banks | $ | i 929,320 | $ | i 305,002 | |||||||
Securities
available for sale, at estimated fair value | i 2,614,822 | i 2,298,618 | |||||||||
Securities
held to maturity (“HTM”), net of allowance for credit losses (“ACL”) of $ i 749 at September 30, 2021 and $ i 1,499
at December 31, 2020 | i 1,669,147 | i 1,740,838 | |||||||||
Loans held for sale | i — | i 11,749 | |||||||||
Portfolio loans | i 21,276,549 | i 21,848,409 | |||||||||
ACL - loans | ( i 309,915) | ( i 326,100) | |||||||||
Portfolio loans, net | i 20,966,634 | i 21,522,309 | |||||||||
Federal
Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost | i 151,004 | i 166,190 | |||||||||
Accrued interest receivable | i 99,450 | i 97,505 | |||||||||
Premises and equipment, net | i 202,519 | i 202,555 | |||||||||
Goodwill | i 1,683,482 | i 1,683,482 | |||||||||
Other intangible assets, net | i 82,236 | i 93,564 | |||||||||
Bank owned life insurance (“BOLI”) | i 640,294 | i 629,576 | |||||||||
Other real estate owned | i 816 | i 5,347 | |||||||||
Other assets | i 988,701 | i 1,063,403 | |||||||||
Total assets | $ | i 30,028,425 | $ | i 29,820,138 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Deposits | $ | i 23,936,023 | $ | i 23,119,522 | |||||||
FHLB and other borrowings | i — | i 382,000 | |||||||||
Federal funds purchased | i — | i 277,000 | |||||||||
Repurchase agreements | i 31,023 | i 27,101 | |||||||||
Subordinated Notes - Bank | i — | i 143,703 | |||||||||
Subordinated Notes - Company | i 492,383 | i 491,910 | |||||||||
Mortgage escrow funds | i 79,221 | i 59,686 | |||||||||
Other liabilities | i 692,146 | i 728,702 | |||||||||
Total liabilities | i 25,230,796 | i 25,229,624 | |||||||||
Commitments and Contingent liabilities (See Note 14. “Commitments and Contingencies”) | i | i | |||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Preferred
stock (par value $ i i 0.01 / per share;
i i 10,000,000 / shares authorized;
i i i i 135,000 / / /
shares issued and outstanding at September 30, 2021 and December 31, 2020) | i 135,986 | i 136,689 | |||||||||
Common
stock (par value $ i i 0.01 / per share; i i 310,000,000 /
shares authorized at September 30, 2021 and December 31, 2020; i i 229,872,925 /
shares issued at September 30, 2021 and December 31, 2020; i 192,681,503 and i 192,923,371
shares outstanding at September 30, 2021 and December 31, 2020, respectively) | i 2,299 | i 2,299 | |||||||||
Additional paid-in capital | i 3,760,279 | i 3,761,993 | |||||||||
Treasury
stock, at cost ( i 37,191,422 shares at September 30, 2021 and i 36,949,554 shares at December 31, 2020) | ( i 697,433) | ( i 686,911) | |||||||||
Retained earnings | i 1,539,354 | i 1,291,628 | |||||||||
Accumulated
other comprehensive income, net of tax expense of $ i 21,829 at September 30, 2021 and $ i 32,399 at December
31, 2020 | i 57,144 | i 84,816 | |||||||||
Total stockholders’ equity | i 4,797,629 | i 4,590,514 | |||||||||
Total liabilities and stockholders’ equity | $ | i 30,028,425 | $ | i 29,820,138 |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||
Loans and loan fees | $ | i 197,157 | $ | i 213,009 | $ | i 604,697 | $ | i 668,352 | |||||||||||||||
Securities taxable | i 15,433 | i 18,623 | i 46,534 | i 58,107 | |||||||||||||||||||
Securities non-taxable | i 11,607 | i 12,257 | i 35,063 | i 38,085 | |||||||||||||||||||
Other earning assets | i 892 | i 769 | i 2,952 | i 6,867 | |||||||||||||||||||
Total interest and dividend income | i 225,089 | i 244,658 | i 689,246 | i 771,411 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | i 6,161 | i 18,251 | i 21,727 | i 92,142 | |||||||||||||||||||
Borrowings | i 5,091 | i 8,583 | i 17,241 | i 36,374 | |||||||||||||||||||
Total interest expense | i 11,252 | i 26,834 | i 38,968 | i 128,516 | |||||||||||||||||||
Net interest income | i 213,837 | i 217,824 | i 650,278 | i 642,895 | |||||||||||||||||||
Provision for credit losses - loans | i — | i 31,000 | i 16,000 | i 224,183 | |||||||||||||||||||
Provision for credit losses - held to maturity securities | i — | ( i 1,000) | ( i 750) | i 703 | |||||||||||||||||||
Net interest income after provision for credit losses | i 213,837 | i 187,824 | i 635,028 | i 418,009 | |||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Deposit fees and service charges | i 7,007 | i 5,960 | i 20,666 | i 17,928 | |||||||||||||||||||
Accounts receivable management / factoring commissions and fees | i 5,937 | i 5,393 | i 16,854 | i 15,349 | |||||||||||||||||||
Bank owned life insurance | i 5,009 | i 5,363 | i 14,945 | i 15,331 | |||||||||||||||||||
Loan commissions and fees | i 8,620 | i 7,290 | i 27,859 | i 26,317 | |||||||||||||||||||
Investment management fees | i 1,819 | i 1,735 | i 5,689 | i 4,960 | |||||||||||||||||||
Net
gain on sale of securities | i 1,656 | i 642 | i 2,361 | i 9,539 | |||||||||||||||||||
Net
gain on called securities | i 85 | i — | i 19 | i 4,880 | |||||||||||||||||||
Other | i 2,414 | i 1,842 | i 6,724 | i 7,337 | |||||||||||||||||||
Total non-interest income | i 32,547 | i 28,225 | i 95,117 | i 101,641 | |||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and benefits | i 57,178 | i 55,960 | i 172,218 | i 165,504 | |||||||||||||||||||
Stock-based compensation plans | i 6,648 | i 5,869 | i 20,046 | i 17,788 | |||||||||||||||||||
Occupancy and office operations | i 13,967 | i 14,722 | i 42,357 | i 44,616 | |||||||||||||||||||
Information technology | i 10,214 | i 8,422 | i 29,201 | i 23,752 | |||||||||||||||||||
Professional
fees | i 7,251 | i 6,343 | i 21,889 | i 17,550 | |||||||||||||||||||
Amortization of intangible assets | i 3,776 | i 4,200 | i 11,328 | i 12,600 | |||||||||||||||||||
FDIC insurance and regulatory assessments | i 2,844 | i 3,332 | i 8,418 | i 10,176 | |||||||||||||||||||
Other real estate owned expense, net | i 1 | i 151 | ( i 139) | i 1,436 | |||||||||||||||||||
Merger-related expense | i 4,581 | i — | i 7,062 | i — | |||||||||||||||||||
Impairment related to financial centers and real estate consolidation strategy | i 118 | i — | i 1,226 | i — | |||||||||||||||||||
Loss on extinguishment of borrowings | i — | i 6,241 | i 1,243 | i 16,713 | |||||||||||||||||||
Other | i 18,390 | i 14,122 | i 48,913 | i 48,821 | |||||||||||||||||||
Total non-interest expense | i 124,968 | i 119,362 | i 363,762 | i 358,956 | |||||||||||||||||||
Income before income tax expense | i 121,416 | i 96,687 | i 366,383 | i 160,694 | |||||||||||||||||||
Income tax expense | i 25,745 | i 12,280 | i 73,223 | i 11,348 | |||||||||||||||||||
Net income | i 95,671 | i 84,407 | i 293,160 | i 149,346 | |||||||||||||||||||
Preferred stock dividend | i 1,956 | i 1,969 | i 5,878 | i 5,917 | |||||||||||||||||||
Net income available to common stockholders | $ | i 93,715 | $ | i 82,438 | $ | i 287,282 | $ | i 143,429 | |||||||||||||||
Weighted average common shares: | |||||||||||||||||||||||
Basic | i 191,508,071 | i 193,494,929 | i 191,606,643 | i 194,436,137 | |||||||||||||||||||
Diluted | i 192,340,487 | i 193,715,943 | i 192,417,008 | i 194,677,020 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | i 0.49 | $ | i 0.43 | $ | i 1.50 | $ | i 0.74 | |||||||||||||||
Diluted | i 0.49 | i 0.43 | i 1.49 | i 0.74 |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | i 95,671 | $ | i 84,407 | $ | i 293,160 | $ | i 149,346 | |||||||||||||||
Other comprehensive income, before tax: | |||||||||||||||||||||||
Change in unrealized holding (losses) gains on securities available for sale | ( i 14,827) | ( i 1,296) | ( i 33,685) | i 76,815 | |||||||||||||||||||
Reclassification adjustment for net realized (gains) included in net income | ( i 1,656) | ( i 642) | ( i 2,361) | ( i 9,539) | |||||||||||||||||||
Accretion of net unrealized loss on securities transferred to held to maturity | i 28 | i 131 | i 113 | i 288 | |||||||||||||||||||
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans | i 212 | i 779 | ( i 2,309) | ( i 1,712) | |||||||||||||||||||
Total other comprehensive (loss) income, before tax | ( i 16,243) | ( i 1,028) | ( i 38,242) | i 65,852 | |||||||||||||||||||
Deferred tax benefit (expense) related to other comprehensive income | i 4,488 | i 284 | i 10,570 | ( i 18,202) | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | ( i 11,755) | ( i 744) | ( i 27,672) | i 47,650 | |||||||||||||||||||
Comprehensive income | $ | i 83,916 | $ | i 83,663 | $ | i 265,488 | $ | i 196,996 |
Number
of common shares | Preferred stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | i 198,455,324 | $ | i 137,581 | $ | i 2,299 | $ | i 3,766,716 | $ | ( i 583,408) | $ | i 1,166,709 | $ | i 40,216 | $ | i 4,530,113 | ||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle (adoption of Current Expected Credit Loss standard (“CECL”)) | — | — | — | — | — | ( i 54,254) | — | ( i 54,254) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 (as adjusted for change in accounting principle) | i 198,455,324 | i 137,581 | i 2,299 | i 3,766,716 | ( i 583,408) | i 1,112,455 | i 40,216 | i 4,475,859 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 14,147 | — | i 14,147 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | i 27,405 | i 27,405 | |||||||||||||||||||||||||||||||||||||||||||||
Stock options & other stock transactions, net | i 41,000 | — | — | — | i 346 | i 68 | — | i 414 | |||||||||||||||||||||||||||||||||||||||||||||
Common shares acquired from stock compensation plan activity | ( i 316,582) | — | — | ( i 24,516) | i 5,916 | i 14,187 | — | ( i 4,413) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | i 1,181,673 | — | — | i 7,308 | ( i 1,891) | i 589 | — | i 6,006 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.07 per common share) | — | — | — | — | — | ( i 13,768) | — | ( i 13,768) | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 16.25 per preferred share) | — | ( i 218) | — | — | — | ( i 1,976) | — | ( i 2,194) | |||||||||||||||||||||||||||||||||||||||||||||
Purchase
of treasury stock | ( i 4,900,759) | — | — | — | ( i 81,032) | — | — | ( i 81,032) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | i 194,460,656 | i 137,363 | i 2,299 | i 3,749,508 | ( i 660,069) | i 1,125,702 | i 67,621 | i 4,422,424 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 50,792 | — | i 50,792 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | i 20,989 | i 20,989 | |||||||||||||||||||||||||||||||||||||||||||||
Stock options & other stock transactions, net | i 10,000 | — | — | — | i 95 | i 6 | — | i 101 | |||||||||||||||||||||||||||||||||||||||||||||
Common shares acquired from stock compensation plan activity | ( i 14,467) | — | — | ( i 180) | ( i 16) | i 5 | — | ( i 191) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | i 2,616 | — | — | i 6,146 | ( i 233) | — | — | i 5,913 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.07 per common share) | — | — | — | — | — | ( i 13,648) | — | ( i 13,648) | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 16.25 per preferred share) | — | ( i 221) | — | — | — | ( i 1,972) | — | ( i 2,193) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | i 194,458,805 | $ | i 137,142 | $ | i 2,299 | $ | i 3,755,474 | $ | ( i 660,223) | $ | i 1,160,885 | $ | i 88,610 | $ | i 4,484,187 | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 84,407 | — | i 84,407 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ( i 744) | ( i 744) | |||||||||||||||||||||||||||||||||||||||||||||
Stock options & other stock transactions, net | i 9,500 | — | — | — | i 90 | i 5 | — | i 95 | |||||||||||||||||||||||||||||||||||||||||||||
Common shares acquired from stock compensation plan activity | ( i 19,662) | — | — | ( i 263) | ( i 43) | i 16 | — | ( i 290) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | i 10,199 | — | — | i 6,005 | ( i 136) | — | — | i 5,869 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.07 per common share) | — | — | — | — | — | ( i 13,545) | — | ( i 13,545) | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 16.25 per preferred share) | — | ( i 225) | — | — | — | ( i 1,969) | — | ( i 2,194) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | i 194,458,842 | $ | i 136,917 | $ | i 2,299 | $ | i 3,761,216 | $ | ( i 660,312) | $ | i 1,229,799 | $ | i 87,866 | $ | i 4,557,785 |
Number
of common shares | Preferred stock | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Total stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | i 192,923,371 | $ | i 136,689 | $ | i 2,299 | $ | i 3,761,993 | $ | ( i 686,911) | $ | i 1,291,628 | $ | i 84,816 | $ | i 4,590,514 | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 99,150 | — | i 99,150 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( i 27,225) | ( i 27,225) | |||||||||||||||||||||||||||||||||||||||||||||
Stock options & other stock transactions, net | i 73,946 | — | — | — | i 1,376 | ( i 624) | — | i 752 | |||||||||||||||||||||||||||||||||||||||||||||
Common shares acquired from stock compensation plan activity | ( i 332,290) | — | — | ( i 23,241) | i 13,860 | i 2,746 | — | ( i 6,635) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | i 1,138,246 | — | — | i 7,138 | ( i 415) | ( i 106) | — | i 6,617 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.07 per common share) | — | — | — | — | — | ( i 13,490) | — | ( i 13,490) | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 16.25 per preferred share) | — | ( i 231) | — | — | — | ( i 1,963) | — | ( i 2,194) | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | ( i 1,235,372) | — | — | — | ( i 27,325) | — | — | ( i 27,325) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | i 192,567,901 | i 136,458 | i 2,299 | i 3,745,890 | ( i 699,415) | i 1,377,341 | i 57,591 | i 4,620,164 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 98,339 | — | i 98,339 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | i 11,308 | i 11,308 | |||||||||||||||||||||||||||||||||||||||||||||
Stock options & other stock transactions, net | i 166,459 | — | — | — | i 3,072 | ( i 1,243) | — | i 1,829 | |||||||||||||||||||||||||||||||||||||||||||||
Common shares acquired from stock compensation plan activity | ( i 18,927) | — | — | i 70 | ( i 43) | ( i 1) | — | i 26 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | i 7,108 | ( i 325) | ( i 2) | — | i 6,781 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.07 per common share) | — | — | — | — | — | ( i 13,398) | — | ( i 13,398) | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 16.25 per preferred share) | — | ( i 234) | — | — | — | ( i 1,959) | — | ( i 2,193) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | i 192,715,433 | $ | i 136,224 | $ | i 2,299 | $ | i 3,753,068 | $ | ( i 696,711) | $ | i 1,459,077 | $ | i 68,899 | $ | i 4,722,856 | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 95,671 | — | i 95,671 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | ( i 11,755) | ( i 11,755) | |||||||||||||||||||||||||||||||||||||||||||||
Stock options & other stock transactions, net | i 8,000 | — | — | — | i 148 | ( i 33) | — | i 115 | |||||||||||||||||||||||||||||||||||||||||||||
Common shares acquired from stock compensation plan activity | ( i 41,930) | — | — | i 10 | ( i 317) | i — | — | ( i 307) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | i 7,201 | ( i 553) | i — | — | i 6,648 | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 0.07 per common share) | — | — | — | — | — | ( i 13,405) | — | ( i 13,405) | |||||||||||||||||||||||||||||||||||||||||||||
Cash
dividends declared ($ i 16.25 per preferred share) | — | ( i 238) | — | — | — | ( i 1,956) | — | ( i 2,194) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | i 192,681,503 | $ | i 135,986 | $ | i 2,299 | $ | i 3,760,279 | $ | ( i 697,433) | $ | i 1,539,354 | $ | i 57,144 | $ | i 4,797,629 |
Nine months ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | i 293,160 | $ | i 149,346 | |||||||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||||||
Provisions for credit losses - loans | i 16,000 | i 224,183 | |||||||||
(Credit) provision for credit losses - held to maturity securities | ( i 750) | i 703 | |||||||||
Net (gain) loss from write-downs and sales of other real estate owned | ( i 219) | i 874 | |||||||||
Net loss on extinguishment of subordinated notes - Bank | i 1,243 | i — | |||||||||
Depreciation of premises and equipment | i 13,550 | i 14,798 | |||||||||
Loss on extinguishment of FHLB borrowings | i — | i 16,713 | |||||||||
Impairment on fixed assets | i 218 | i — | |||||||||
Impairment of early termination of leases | i 127 | i — | |||||||||
Amortization of intangible assets | i 11,328 | i 12,600 | |||||||||
Gain on sale of premises and equipment | ( i 309) | i — | |||||||||
Amortization of low income housing tax credits | i 35,452 | i 24,571 | |||||||||
Net gain on sale of securities | ( i 2,361) | ( i 9,539) | |||||||||
Gain on security calls available for sale | ( i 36) | ( i 4,897) | |||||||||
Loss on security calls held to maturity | i 17 | i 17 | |||||||||
Net gain on loans held for sale | ( i 23,714) | ( i 2,881) | |||||||||
Net amortization of premiums on securities | i 23,844 | i 23,334 | |||||||||
Amortization
of premium on certificates of deposit | ( i 696) | ( i 1,654) | |||||||||
Net
accretion of purchase discount and amortization of net deferred loan costs | ( i 21,381) | ( i 29,044) | |||||||||
Net
accretion of debt issuance costs and amortization of premium on borrowings | i 527 | ( i 342) | |||||||||
Restricted stock compensation expense | i 20,046 | i 17,788 | |||||||||
Originations of loans held for sale | ( i 9,936) | ( i 36,702) | |||||||||
Proceeds from sales of loans held for sale | i 21,685 | i 3,501 | |||||||||
Increase in cash surrender value of bank owned life insurance | ( i 14,945) | ( i 15,331) | |||||||||
Deferred income tax benefit | ( i 8,951) | ( i 67,707) | |||||||||
Other
adjustments (principally net changes in other assets and other liabilities) | i 91,317 | ( i 115,753) | |||||||||
Net cash provided by operating activities | i 445,216 | i 204,578 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of securities: | |||||||||||
Available for sale | ( i 896,749) | ( i 294,798) | |||||||||
Held to maturity | ( i 2,117) | ( i 3,454) | |||||||||
Proceeds
from maturities and other principal payments on securities: | |||||||||||
Available for sale | i 353,137 | i 422,942 | |||||||||
Held to maturity | i 45,122 | i 88,384 | |||||||||
Proceeds from sales of securities available for sale | i 129,545 | i 484,934 | |||||||||
Proceeds from sales of securities held to maturity | i — | i 93,036 | |||||||||
Proceeds from calls of securities available for sale | i 57,984 | i 138,872 | |||||||||
Proceeds from calls of securities held to maturity | i 11,805 | i 905 | |||||||||
Portfolio loan repayments (originations), net | i 332,676 | ( i 1,025,418) | |||||||||
Proceeds from sale of commercial loans | i 252,094 | i 106,996 | |||||||||
Proceeds from sale of residential mortgage loans | i — | i 36,070 | |||||||||
Redemptions of FHLB and FRB stock, net | i 15,186 | i 84,512 | |||||||||
Proceeds from sales of other real estate owned | i 4,750 | i 5,379 | |||||||||
Purchases of premises and equipment | ( i 17,320) | ( i 14,442) | |||||||||
Proceeds from bank owned life insurance | i 4,227 | i 3,943 | |||||||||
Proceeds from sale of premises and equipment | i 3,897 | i 9,233 | |||||||||
Purchases of low income housing tax credits | ( i 73,370) | ( i 77,264) | |||||||||
Net cash provided by investing activities | i 220,867 | i 59,830 |
Nine months ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from financing activities: | |||||||||||
Net increase in transaction, savings and money market deposits | i 1,490,941 | i 2,894,767 | |||||||||
Net decrease in certificates of deposit | ( i 673,744) | ( i 1,056,438) | |||||||||
Net decrease in short-term FHLB borrowings | ( i 382,000) | ( i 195,000) | |||||||||
Advances of term FHLB borrowings | i — | i 447,000 | |||||||||
Repayments of term FHLB borrowings | i — | ( i 2,100,000) | |||||||||
Advances under the Paycheck Protection Program Liquidity Facility | i — | i 568,350 | |||||||||
Repayment of Paycheck Protection Program Liquidity Facility | i — | ( i 450,853) | |||||||||
Repayment
of Senior Notes | i — | ( i 173,373) | |||||||||
Repayment of subordinated notes - Bank | ( i 145,000) | i — | |||||||||
Repayment of subordinated notes - Company | i — | ( i 750) | |||||||||
Net (decrease) increase in other short term borrowings | ( i 273,078) | i 12,545 | |||||||||
Net increase in mortgage escrow funds | i 19,535 | i 25,715 | |||||||||
Stock options & other stock transactions, net | i 2,696 | i 610 | |||||||||
Common shares acquired related to stock compensation plan activity | ( i 6,916) | i — | |||||||||
Treasury shares repurchased | ( i 27,325) | ( i 81,032) | |||||||||
Cash dividends paid - common stock | ( i 40,293) | ( i 40,961) | |||||||||
Cash dividends paid - preferred stock | ( i 6,581) | ( i 6,581) | |||||||||
Net cash (used in) financing activities | ( i 41,765) | ( i 156,001) | |||||||||
Net increase in cash and cash equivalents | i 624,318 | i 108,407 | |||||||||
Cash and cash equivalents at beginning of period | i 305,002 | i 329,151 | |||||||||
Cash and cash equivalents at end of period | $ | i 929,320 | $ | i 437,558 | |||||||
Supplemental cash flow information: | |||||||||||
Interest payments | $ | i 36,566 | $ | i 133,225 | |||||||
Income tax payments | i 45,329 | i 16,395 | |||||||||
Real estate acquired in settlement of loans | i — | i 983 | |||||||||
Loans transferred from held for sale to portfolio | i — | i 4,500 | |||||||||
Loans transferred from held for investment to held for sale | i 259,433 | i 254,564 | |||||||||
Operating cash flows from operating leases | i 11,217 | i 15,437 | |||||||||
Right-of-use assets obtained in exchange for lease liabilities | i — | i 2,846 | |||||||||
Notes to Consolidated Financial Statements (Unaudited) (Dollars
in thousands within tabular disclosure, except share and per share data) |
Notes to Consolidated Financial Statements
(Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrecognized gains | Gross unrecognized losses | Fair value | ACL | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential
MBS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-backed | $ | i 926,677 | $ | i 30,961 | $ | ( i 2,356) | $ | i 955,282 | $ | i 66,620 | $ | i 2,824 | $ | i — | $ | i 69,444 | $ | i — | |||||||||||||||||||||||||||||||||||||||||
CMOs/Other MBS | i 226,700 | i 8,138 | i — | i 234,838 | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total
residential MBS | i 1,153,377 | i 39,099 | ( i 2,356) | i 1,190,120 | i 66,620 | i 2,824 | i — | i 69,444 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Treasury and federal agencies | i 370,898 | i 3,150 | ( i 1,084) | i 372,964 | i 24,892 | i 375 | i — | i 25,267 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | i 649,445 | i 30,787 | ( i 3,240) | i 676,992 | i 9,810 | i 652 | i — | i 10,462 | i 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||
State
and municipal | i 361,625 | i 13,244 | ( i 123) | i 374,746 | i 1,550,824 | i 100,864 | ( i 40) | i 1,651,648 | i 700 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i — | i — | i — | i — | i 17,750 | i 128 | ( i 105) | i 17,773 | i 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other securities | i 1,381,968 | i 47,181 | ( i 4,447) | i 1,424,702 | i 1,603,276 | i 102,019 | ( i 145) | i 1,705,150 | i 749 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total
securities | $ | i 2,535,345 | $ | i 86,280 | $ | ( i 6,803) | $ | i 2,614,822 | $ | i 1,669,896 | $ | i 104,843 | $ | ( i 145) | $ | i 1,774,594 | $ | i 749 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrecognized gains | Gross unrecognized losses | Fair value | ACL | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency-backed | $ | i 873,358 | $ | i 44,911 | $ | ( i 9) | $ | i 918,260 | $ | i 104,329 | $ | i 4,100 | $ | i — | $ | i 108,429 | $ | i — | |||||||||||||||||||||||||||||||||||||||||
CMOs/Other MBS | i 352,473 | i 20,811 | i — | i 373,284 | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential MBS | i 1,225,831 | i 65,722 | ( i 9) | i 1,291,544 | i 104,329 | i 4,100 | i — | i 108,429 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal agencies | i 149,852 | i 6,615 | i — | i 156,467 | i 24,811 | i 844 | i — | i 25,655 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | i 438,226 | i 27,334 | ( i 2,048) | i 463,512 | i 19,851 | i 535 | i — | i 20,386 | i 75 | ||||||||||||||||||||||||||||||||||||||||||||||||||
State
and municipal | i 369,186 | i 18,090 | ( i 181) | i 387,095 | i 1,575,596 | i 126,575 | ( i 69) | i 1,702,102 | i 1,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i — | i — | i — | i — | i 17,750 | i 189 | ( i 7) | i 17,932 | i 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other securities | i 957,264 | i 52,039 | ( i 2,229) | i 1,007,074 | i 1,638,008 | i 128,143 | ( i 76) | i 1,766,075 | i 1,499 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total
securities | $ | i 2,183,095 | $ | i 117,761 | $ | ( i 2,238) | $ | i 2,298,618 | $ | i 1,742,337 | $ | i 132,243 | $ | ( i 76) | $ | i 1,874,504 | $ | i 1,499 |
September 30, 2021 | |||||||||||||||||||||||
Available for sale | Held to maturity | ||||||||||||||||||||||
Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||||||||||||
Remaining period to contractual maturity: | |||||||||||||||||||||||
One year or less | $ | i 1,671 | $ | i 1,670 | $ | i 27,746 | $ | i 27,933 | |||||||||||||||
One to five years | i 441,892 | i 452,863 | i 98,153 | i 102,829 | |||||||||||||||||||
Five to ten years | i 584,534 | i 610,862 | i 474,758 | i 503,405 | |||||||||||||||||||
Greater than ten years | i 353,871 | i 359,307 | i 1,002,619 | i 1,070,983 | |||||||||||||||||||
Total securities with a stated maturity date | i 1,381,968 | i 1,424,702 | i 1,603,276 | i 1,705,150 | |||||||||||||||||||
Residential MBS | i 1,153,377 | i 1,190,120 | i 66,620 | i 69,444 | |||||||||||||||||||
Total securities | $ | i 2,535,345 | $ | i 2,614,822 | $ | i 1,669,896 | $ | i 1,774,594 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
Proceeds from sales | $ | i 108,839 | $ | i 24,940 | $ | i 129,545 | $ | i 484,934 | |||||||||||||||
Gross realized gains | i 1,656 | i — | i 2,891 | i 8,964 | |||||||||||||||||||
Gross realized losses | i — | ( i 128) | ( i 530) | ( i 195) | |||||||||||||||||||
Income tax expense on realized net gains | i 331 | ( i 27) | i 472 | i 1,841 | |||||||||||||||||||
Proceeds from calls | $ | i 38,904 | $ | i 34,839 | $ | i 58,909 | $ | i 174,616 | |||||||||||||||
Gross realized gains | i 114 | i — | i 161 | i 4,909 | |||||||||||||||||||
Gross realized losses | ( i 17) | i — | ( i 130) | ( i 29) | |||||||||||||||||||
Income tax expense on realized net gains | i 19 | i — | i 6 | i 610 | |||||||||||||||||||
Held
to maturity(1): | |||||||||||||||||||||||
Proceeds from sales | $ | i — | $ | i 93,036 | $ | i — | $ | i 93,036 | |||||||||||||||
Gross realized gains | i — | i 1,809 | i — | i 1,809 | |||||||||||||||||||
Gross realized losses | i — | ( i 1,039) | i — | ( i 1,039) | |||||||||||||||||||
Income tax expense on realized net gains | i — | i 162 | i — | i 162 | |||||||||||||||||||
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Continuous unrealized loss position | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||||||||||||||
AFS | |||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||||||||||||||
Agency-backed | $ | i 266,531 | $ | ( i 2,348) | $ | i 248 | $ | ( i 8) | $ | i 266,779 | $ | ( i 2,356) | |||||||||||||||||||||||
Other securities: | |||||||||||||||||||||||||||||||||||
US Treasury and federal agencies | i 259,748 | ( i 1,084) | i — | i — | i 259,748 | ( i 1,084) | |||||||||||||||||||||||||||||
Corporate | i 101,540 | ( i 2,014) | i 18,774 | ( i 1,226) | i 120,314 | ( i 3,240) | |||||||||||||||||||||||||||||
State and municipal | i 8,872 | ( i 33) | i 7,281 | ( i 90) | i 16,153 | ( i 123) | |||||||||||||||||||||||||||||
Total other securities | i 370,160 | ( i 3,131) | i 26,055 | ( i 1,316) | i 396,215 | ( i 4,447) | |||||||||||||||||||||||||||||
Total securities | $ | i 636,691 | $ | ( i 5,479) | $ | i 26,303 | $ | ( i 1,324) | $ | i 662,994 | $ | ( i 6,803) | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||||||||||||||
Agency-backed | $ | i 396 | $ | ( i 1) | $ | i 1,970 | $ | ( i 8) | $ | i 2,366 | $ | ( i 9) | |||||||||||||||||||||||
Other securities: | |||||||||||||||||||||||||||||||||||
Corporate | i 83,191 | ( i 2,048) | i — | i — | i 83,191 | ( i 2,048) | |||||||||||||||||||||||||||||
State and municipal | i 2,507 | ( i 29) | i 10,872 | ( i 152) | i 13,379 | ( i 181) | |||||||||||||||||||||||||||||
Total other securities | i 85,698 | ( i 2,077) | i 10,872 | ( i 152) | i 96,570 | ( i 2,229) | |||||||||||||||||||||||||||||
Total securities | $ | i 86,094 | $ | ( i 2,078) | $ | i 12,842 | $ | ( i 160) | $ | i 98,936 | $ | ( i 2,238) |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in
thousands within tabular disclosure, except share and per share data) |
Continuous unrecognized loss position | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
Fair value | Unrecognized losses | Fair value | Unrecognized losses | Fair value | Unrecognized losses | ||||||||||||||||||||||||||||||
HTM | |||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Other securities: | |||||||||||||||||||||||||||||||||||
State and municipal | $ | i — | $ | i — | $ | i 3,029 | $ | ( i 40) | $ | i 3,029 | $ | ( i 40) | |||||||||||||||||||||||
Other | i 9,999 | ( i 1) | i 4,895 | ( i 104) | i 14,894 | ( i 105) | |||||||||||||||||||||||||||||
Total securities | $ | i 9,999 | $ | ( i 1) | $ | i 7,924 | $ | ( i 144) | $ | i 17,923 | $ | ( i 145) | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Other securities: | |||||||||||||||||||||||||||||||||||
State and municipal | $ | i 105 | $ | ( i 1) | $ | i 4,386 | $ | ( i 68) | $ | i 4,491 | $ | ( i 69) | |||||||||||||||||||||||
Other | i 9,993 | ( i 7) | i — | i — | i 9,993 | ( i 7) | |||||||||||||||||||||||||||||
Total securities | $ | i 10,098 | $ | ( i 8) | $ | i 4,386 | $ | ( i 68) | $ | i 14,484 | $ | ( i 76) |
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Type of security | Type of security | ||||||||||||||||||||||
Corporate and Other | State and municipal | Corporate and Other | State and municipal | ||||||||||||||||||||
ACL - HTM: | |||||||||||||||||||||||
Balance at beginning of period | $ | i 120 | $ | i 1,379 | $ | i — | $ | i — | |||||||||||||||
Impact of adoption on January 1, 2020 | i — | i — | i 108 | i 688 | |||||||||||||||||||
Provision for credit loss | ( i 71) | ( i 679) | i 7 | i 696 | |||||||||||||||||||
Total ACL - HTM at end of period | $ | i 49 | $ | i 700 | $ | i 115 | $ | i 1,384 | |||||||||||||||
Notes to Consolidated
Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Credit Rating: | Corporate and other | State and municipal | |||||||||
AAA | $ | i — | $ | i 983,533 | |||||||
AA | i 17,750 | i 542,627 | |||||||||
A | i — | i 19,963 | |||||||||
BBB | i — | i 64 | |||||||||
Non-rated | i 9,810 | i 4,637 | |||||||||
Total | $ | i 27,560 | $ | i 1,550,824 |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
AFS securities pledged for borrowings, at fair value | $ | i 31,023 | $ | i 27,101 | |||||||
AFS securities pledged for municipal deposits, at fair value | i 1,067,796 | i 569,724 | |||||||||
HTM securities pledged for municipal deposits, at amortized cost | i 1,548,450 | i 1,221,964 | |||||||||
Total securities pledged | $ | i 2,647,269 | $ | i 1,818,789 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, 2021 | |||||||||||
Commercial: | |||||||||||
Commercial & Industrial (“C&I”): | |||||||||||
Traditional C&I | $ | i 3,342,356 | $ | i 2,920,205 | |||||||
Asset-based lending | i 673,679 | i 803,004 | |||||||||
Payroll finance | i 166,999 | i 159,237 | |||||||||
Warehouse lending | i 1,301,639 | i 1,953,677 | |||||||||
Factored receivables | i 228,834 | i 220,217 | |||||||||
Equipment financing | i 1,254,846 | i 1,531,109 | |||||||||
Public sector finance | i 1,825,976 | i 1,572,819 | |||||||||
Total C&I | i 8,794,329 | i 9,160,268 | |||||||||
Commercial mortgage: | |||||||||||
Commercial real estate (“CRE”) | i 5,941,508 | i 5,831,990 | |||||||||
Multi-family | i 4,296,829 | i 4,406,660 | |||||||||
Acquisition,
development and construction (“ADC”) | i 694,443 | i 642,943 | |||||||||
Total commercial mortgage | i 10,932,780 | i 10,881,593 | |||||||||
Total commercial | i 19,727,109 | i 20,041,861 | |||||||||
Residential mortgage | i 1,395,248 | i 1,616,641 | |||||||||
Consumer | i 154,192 | i 189,907 | |||||||||
Total portfolio loans | i 21,276,549 | i 21,848,409 | |||||||||
ACL | ( i 309,915) | ( i 326,100) | |||||||||
Total portfolio loans, net | $ | i 20,966,634 | $ | i 21,522,309 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Current | 30-59 days past due | 60-89 days past due | 90+ days past due | Total | |||||||||||||||||||||||||||||||
Traditional C&I | $ | i 3,331,998 | $ | i 3,461 | $ | i 675 | $ | i 6,222 | $ | i 3,342,356 | |||||||||||||||||||||||||
Asset-based lending | i 673,679 | i — | i — | i — | i 673,679 | ||||||||||||||||||||||||||||||
Payroll finance | i 166,999 | i — | i — | i — | i 166,999 | ||||||||||||||||||||||||||||||
Warehouse lending | i 1,301,639 | i — | i — | i — | i 1,301,639 | ||||||||||||||||||||||||||||||
Factored receivables | i 228,834 | i — | i — | i — | i 228,834 | ||||||||||||||||||||||||||||||
Equipment financing | i 1,200,107 | i 41,005 | i 1,077 | i 12,657 | i 1,254,846 | ||||||||||||||||||||||||||||||
Public sector finance | i 1,825,976 | i — | i — | i — | i 1,825,976 | ||||||||||||||||||||||||||||||
CRE | i 5,896,696 | i — | i 16,703 | i 28,109 | i 5,941,508 | ||||||||||||||||||||||||||||||
Multi-family | i 4,286,430 | i 30 | i 10,042 | i 327 | i 4,296,829 | ||||||||||||||||||||||||||||||
ADC | i 671,943 | i — | i — | i 22,500 | i 694,443 | ||||||||||||||||||||||||||||||
Residential mortgage | i 1,374,257 | i 3,929 | i 2,979 | i 14,083 | i 1,395,248 | ||||||||||||||||||||||||||||||
Consumer | i 144,198 | i 1,444 | i 146 | i 8,404 | i 154,192 | ||||||||||||||||||||||||||||||
Total loans | $ | i 21,102,756 | $ | i 49,869 | $ | i 31,622 | $ | i 92,302 | $ | i 21,276,549 | |||||||||||||||||||||||||
Total TDRs included above | $ | i 45,998 | $ | i — | $ | i 572 | $ | i 1,777 | $ | i 48,347 | |||||||||||||||||||||||||
Non-performing loans: | |||||||||||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | i 3,371 | |||||||||||||||||||||||||||||||||
Non-accrual loans | i 202,082 | ||||||||||||||||||||||||||||||||||
Total non-performing loans | $ | i 205,453 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Current | 30-59 days past due | 60-89 days past due | 90+ days past due | Total | |||||||||||||||||||||||||||||||
Traditional C&I | $ | i 2,905,964 | $ | i 1,215 | $ | i 6,054 | $ | i 6,972 | $ | i 2,920,205 | |||||||||||||||||||||||||
Asset-based
lending | i 803,004 | i — | i — | i — | i 803,004 | ||||||||||||||||||||||||||||||
Payroll
finance | i 159,237 | i — | i — | i — | i 159,237 | ||||||||||||||||||||||||||||||
Warehouse
lending | i 1,953,677 | i — | i — | i — | i 1,953,677 | ||||||||||||||||||||||||||||||
Factored
receivables | i 220,217 | i — | i — | i — | i 220,217 | ||||||||||||||||||||||||||||||
Equipment
financing | i 1,469,653 | i 24,286 | i 11,077 | i 26,093 | i 1,531,109 | ||||||||||||||||||||||||||||||
Public
sector finance | i 1,572,819 | i — | i — | i — | i 1,572,819 | ||||||||||||||||||||||||||||||
CRE | i 5,794,115 | i 13,591 | i 17,421 | i 6,863 | i 5,831,990 | ||||||||||||||||||||||||||||||
Multi-family
| i 4,393,950 | i 11,578 | i 811 | i 321 | i 4,406,660 | ||||||||||||||||||||||||||||||
ADC | i 612,943 | i — | i — | i 30,000 | i 642,943 | ||||||||||||||||||||||||||||||
Residential
mortgage | i 1,590,068 | i 7,444 | i 3,426 | i 15,703 | i 1,616,641 | ||||||||||||||||||||||||||||||
Consumer | i 178,587 | i 1,043 | i 907 | i 9,370 | i 189,907 | ||||||||||||||||||||||||||||||
Total loans | $ | i 21,654,234 | $ | i 59,157 | $ | i 39,696 | $ | i 95,322 | $ | i 21,848,409 | |||||||||||||||||||||||||
Total
TDRs included above | $ | i 60,257 | $ | i 2,927 | $ | i 13,492 | $ | i 2,295 | $ | i 78,971 | |||||||||||||||||||||||||
Non-performing loans: | |||||||||||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | i i 170 / | |||||||||||||||||||||||||||||||||
Non-accrual loans | i 166,889 | ||||||||||||||||||||||||||||||||||
Total non-performing loans | $ | i 167,059 |
Collateral type | |||||||||||||||||||||||||||||||||||
Real estate | Business assets | Equipment | Taxi medallions | Total | |||||||||||||||||||||||||||||||
Traditional C&I | $ | i 392 | $ | i 36,177 | $ | i 3,273 | $ | i 2,207 | $ | i 42,049 | |||||||||||||||||||||||||
Asset-based lending | i — | i 6,722 | i — | i — | i 6,722 | ||||||||||||||||||||||||||||||
Equipment finance | i — | i — | i 10,428 | i — | i 10,428 | ||||||||||||||||||||||||||||||
CRE | i 95,100 | i — | i — | i — | i 95,100 | ||||||||||||||||||||||||||||||
ADC | i 22,500 | i — | i — | i — | i 22,500 | ||||||||||||||||||||||||||||||
Residential mortgage | i 5,691 | i — | i — | i — | i 5,691 | ||||||||||||||||||||||||||||||
Consumer | i 6,192 | i — | i — | i — | i 6,192 | ||||||||||||||||||||||||||||||
Total | $ | i 129,875 | $ | i 42,899 | $ | i 13,701 | $ | i 2,207 | $ | i 188,682 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Collateral type | |||||||||||||||||||||||||||||||||||
Real estate | Business assets | Equipment | Taxi medallions | Total | |||||||||||||||||||||||||||||||
Traditional C&I | $ | i 425 | $ | i — | $ | i 5,998 | $ | i 10,916 | $ | i 17,339 | |||||||||||||||||||||||||
Asset-based lending | i — | i 8,280 | i — | i — | i 8,280 | ||||||||||||||||||||||||||||||
Payroll finance | i — | i 2,300 | i — | i — | i 2,300 | ||||||||||||||||||||||||||||||
Equipment finance | i — | i 1,117 | i 10,461 | i — | i 11,578 | ||||||||||||||||||||||||||||||
CRE | i 53,212 | i — | i — | i — | i 53,212 | ||||||||||||||||||||||||||||||
Multi-family | i 9,914 | i — | i — | i — | i 9,914 | ||||||||||||||||||||||||||||||
ADC | i 30,000 | i — | i — | i — | i 30,000 | ||||||||||||||||||||||||||||||
Residential mortgage | i 5,025 | i — | i — | i — | i 5,025 | ||||||||||||||||||||||||||||||
Consumer | i 7,384 | i — | i — | i — | i 7,384 | ||||||||||||||||||||||||||||||
Total | $ | i 105,960 | $ | i 11,697 | $ | i 16,459 | $ | i 10,916 | $ | i 145,032 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Non-accrual Loans | Non-accrual loans with no ACL | Loans 90 days or more past due still accruing interest | Total Non-accrual Loans | Non-accrual loans with no ACL | Loans 90 days or more past due still accruing interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional C&I | $ | i 41,447 | $ | i 4,820 | $ | i 3,371 | $ | i 19,223 | $ | i 16,914 | $ | i 94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-based lending | i 3,790 | i — | i — | i 5,255 | i 4,613 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payroll finance | i — | i — | i — | i 2,300 | i 2,300 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment financing | i 21,478 | i 3,737 | i — | i 30,634 | i 11,578 | i 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | i 87,014 | i 1,382 | i — | i 46,053 | i 38,529 | i 74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | i 327 | i — | i — | i 4,485 | i 2,156 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADC | i 22,500 | i — | i — | i 30,000 | i — | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | i 16,976 | i 2,744 | i — | i 18,661 | i 808 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | i 8,550 | i 761 | i — | i 10,278 | i 875 | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 202,082 | $ | i 13,444 | $ | i 3,371 | $ | i 166,889 | $ | i 77,773 | $ | i 170 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Traditional C&I | $ | i 8 | $ | i 12 | $ | i 46 | $ | i 61 | |||||||||||||||
Asset-based lending | i — | i — | i — | i 67 | |||||||||||||||||||
Equipment financing | i 1 | i — | i 88 | i — | |||||||||||||||||||
CRE | i 581 | i 609 | i 852 | i 897 | |||||||||||||||||||
Multi-family | i — | i 14 | i — | i 125 | |||||||||||||||||||
ADC | i — | i — | i — | i 297 | |||||||||||||||||||
Residential mortgage | i 44 | i 111 | i 270 | i 290 | |||||||||||||||||||
Consumer | i 4 | i 15 | i 35 | i 22 | |||||||||||||||||||
Total interest reversed | $ | i 638 | $ | i 761 | $ | i 1,291 | $ | i 1,759 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular
disclosure, except share and per share data) |
Loan balance outstanding | Deferral of principal and interest | % | Short-term loan deferrals rated substandard | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
C&I: | |||||||||||||||||||||||||||||
Traditional C&I | $ | i 3,342,356 | $ | i — | i — | % | $ | i — | |||||||||||||||||||||
Asset-based lending | i 673,679 | i — | i — | i — | |||||||||||||||||||||||||
Payroll finance | i 166,999 | i — | i — | i — | |||||||||||||||||||||||||
Warehouse lending | i 1,301,639 | i — | i — | i — | |||||||||||||||||||||||||
Factored receivables | i 228,834 | i — | i — | i — | |||||||||||||||||||||||||
Equipment finance | i 1,254,846 | i 728 | i 0.1 | i 544 | |||||||||||||||||||||||||
Public sector finance | i 1,825,976 | i — | i — | i — | |||||||||||||||||||||||||
Total C&I | i 8,794,329 | i 728 | i — | i 544 | |||||||||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||||||||
Commercial real estate | i 5,941,508 | i 32,365 | i 0.5 | i 32,365 | |||||||||||||||||||||||||
Multi-family | i 4,296,829 | i — | i — | i — | |||||||||||||||||||||||||
ADC | i 694,443 | i — | i — | i — | |||||||||||||||||||||||||
Total commercial mortgage | i 10,932,780 | i 32,365 | i 0.3 | i 32,365 | |||||||||||||||||||||||||
Total commercial | i 19,727,109 | i 33,093 | i 0.2 | i 32,909 | |||||||||||||||||||||||||
Residential | i 1,395,248 | i 39,944 | i 2.9 | i — | |||||||||||||||||||||||||
Consumer | i 154,192 | i 2,961 | i 1.9 | i 31 | |||||||||||||||||||||||||
Total portfolio loans | $ | i 21,276,549 | $ | i 75,998 | i 0.4 | % | $ | i 32,940 |
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
Recorded investment | Recorded investment | ||||||||||||||||||||||||||||||||||
Number | Pre- modification | Post- modification | Number | Pre- modification | Post- modification | ||||||||||||||||||||||||||||||
Asset-based
lending | i | $ | i — | $ | i — | i 2 | $ | i 10,553 | $ | i 9,822 | |||||||||||||||||||||||||
Equipment
financing | i 2 | i 3,578 | i 2,000 | i 1 | i 1,027 | i 773 | |||||||||||||||||||||||||||||
CRE | i — | i — | i — | i 1 | i 24,270 | i 24,270 | |||||||||||||||||||||||||||||
Total TDRs | i 2 | $ | i 3,578 | $ | i 2,000 | i 4 | $ | i 35,850 | $ | i 34,865 |
Notes to Consolidated
Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Charge-offs | Recoveries | Net charge-offs | Provision / (credit) | Ending balance | ||||||||||||||||||||||||||||||||||||
Traditional C&I | $ | i 47,494 | $ | ( i 1,044) | $ | i 169 | $ | ( i 875) | $ | i 14,864 | $ | i 61,483 | |||||||||||||||||||||||||||||
Asset-based
lending | i 10,474 | ( i 7) | i — | ( i 7) | ( i 416) | i 10,051 | |||||||||||||||||||||||||||||||||||
Payroll
finance | i 1,567 | ( i 8) | i 3 | ( i 5) | i 129 | i 1,691 | |||||||||||||||||||||||||||||||||||
Warehouse
lending | i 1,087 | i — | i — | i — | i 63 | i 1,150 | |||||||||||||||||||||||||||||||||||
Factored
receivables | i 3,025 | i — | i 108 | i 108 | i 12 | i 3,145 | |||||||||||||||||||||||||||||||||||
Equipment
financing | i 27,987 | ( i 968) | i 525 | ( i 443) | ( i 2,070) | i 25,474 | |||||||||||||||||||||||||||||||||||
Public
sector finance | i 6,168 | i — | i — | i — | ( i 634) | i 5,534 | |||||||||||||||||||||||||||||||||||
CRE | i 155,589 | ( i 1,036) | i 265 | ( i 771) | ( i 7,214) | i 147,604 | |||||||||||||||||||||||||||||||||||
Multi-family
| i 32,054 | ( i 418) | i — | ( i 418) | ( i 2,257) | i 29,379 | |||||||||||||||||||||||||||||||||||
ADC | i 11,371 | ( i 2,500) | i — | ( i 2,500) | i 1,509 | i 10,380 | |||||||||||||||||||||||||||||||||||
Residential
mortgage | i 14,032 | ( i 13) | i 1 | ( i 12) | ( i 3,146) | i 10,874 | |||||||||||||||||||||||||||||||||||
Consumer | i 4,025 | ( i 110) | i 75 | ( i 35) | ( i 840) | i 3,150 | |||||||||||||||||||||||||||||||||||
Total
ACL - loans | $ | i 314,873 | $ | ( i 6,104) | $ | i 1,146 | $ | ( i 4,958) | $ | i — | $ | i 309,915 | |||||||||||||||||||||||||||||
Annualized net charge-offs to average loans outstanding: | i 0.10 | % |
For the three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Charge-offs | Recoveries | Net charge-offs | Provision / (credit) | Ending balance | ||||||||||||||||||||||||||||||||||||
Traditional C&I | $ | i 44,514 | $ | ( i 1,089) | $ | i 677 | $ | ( i 412) | $ | ( i 4,429) | $ | i 39,673 | |||||||||||||||||||||||||||||
Asset-based
lending | i 30,853 | ( i 1,297) | i — | ( i 1,297) | ( i 3,602) | i 25,954 | |||||||||||||||||||||||||||||||||||
Payroll
finance | i 1,931 | i — | i 262 | i 262 | i 242 | i 2,435 | |||||||||||||||||||||||||||||||||||
Warehouse
lending | i 668 | i — | i — | i — | i 838 | i 1,506 | |||||||||||||||||||||||||||||||||||
Factored
receivables | i 10,586 | ( i 6,893) | i 185 | ( i 6,708) | i 1,266 | i 5,144 | |||||||||||||||||||||||||||||||||||
Equipment
financing | i 78,172 | ( i 42,128) | i 816 | ( i 41,312) | ( i 1,315) | i 35,545 | |||||||||||||||||||||||||||||||||||
Public
sector finance | i 3,765 | i — | i — | i — | i 419 | i 4,184 | |||||||||||||||||||||||||||||||||||
CRE | i 98,905 | ( i 3,650) | i — | ( i 3,650) | i 29,008 | i 124,263 | |||||||||||||||||||||||||||||||||||
Multi-family
| i 36,652 | i — | i — | i — | i 3,056 | i 39,708 | |||||||||||||||||||||||||||||||||||
ADC | i 18,195 | i — | i — | i — | ( i 350) | i 17,845 | |||||||||||||||||||||||||||||||||||
Residential
mortgage | i 33,955 | ( i 17,353) | i — | ( i 17,353) | i 6,235 | i 22,837 | |||||||||||||||||||||||||||||||||||
Consumer | i 7,293 | ( i 97) | i 21 | ( i 76) | ( i 368) | i 6,849 | |||||||||||||||||||||||||||||||||||
Total
ACL - loans | $ | i 365,489 | $ | ( i 72,507) | $ | i 1,961 | $ | ( i 70,546) | $ | i 31,000 | $ | i 325,943 | |||||||||||||||||||||||||||||
Annualized net charge-offs to average loans outstanding: | i 1.28 | % |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | Charge-offs | Recoveries | Net charge-offs | Provision/ (credit) | Ending balance | ||||||||||||||||||||||||||||||||||||
Traditional C&I | $ | i 42,670 | $ | ( i 3,219) | $ | i 1,225 | $ | ( i 1,994) | $ | i 20,807 | $ | i 61,483 | |||||||||||||||||||||||||||||
Asset-based
lending | i 12,762 | ( i 7) | i 1,998 | i 1,991 | ( i 4,702) | i 10,051 | |||||||||||||||||||||||||||||||||||
Payroll
finance | i 1,957 | ( i 94) | i 9 | ( i 85) | ( i 181) | i 1,691 | |||||||||||||||||||||||||||||||||||
Warehouse
lending | i 1,724 | i — | i — | i — | ( i 574) | i 1,150 | |||||||||||||||||||||||||||||||||||
Factored
receivables | i 2,904 | ( i 765) | i 566 | ( i 199) | i 440 | i 3,145 | |||||||||||||||||||||||||||||||||||
Equipment
financing | i 31,794 | ( i 6,380) | i 2,098 | ( i 4,282) | ( i 2,038) | i 25,474 | |||||||||||||||||||||||||||||||||||
Public
sector finance | i 4,516 | i — | i — | i — | i 1,018 | i 5,534 | |||||||||||||||||||||||||||||||||||
CRE | i 155,313 | ( i 11,344) | i 849 | ( i 10,495) | i 2,786 | i 147,604 | |||||||||||||||||||||||||||||||||||
Multi-family
| i 33,320 | ( i 8,630) | i 15 | ( i 8,615) | i 4,674 | i 29,379 | |||||||||||||||||||||||||||||||||||
ADC | i 17,927 | ( i 7,500) | i — | ( i 7,500) | ( i 47) | i 10,380 | |||||||||||||||||||||||||||||||||||
Residential
mortgage | i 16,529 | ( i 517) | i 38 | ( i 479) | ( i 5,176) | i 10,874 | |||||||||||||||||||||||||||||||||||
Consumer | i 4,684 | ( i 732) | i 205 | ( i 527) | ( i 1,007) | i 3,150 | |||||||||||||||||||||||||||||||||||
Total ACL - loans | $ | i 326,100 | $ | ( i 39,188) | $ | i 7,003 | $ | ( i 32,185) | $ | i 16,000 | $ | i 309,915 | |||||||||||||||||||||||||||||
Annualized net charge-offs to average loans outstanding: | i 0.21 | % |
On
January 1, 2020, we adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the ACL. Under CECL, we record at the inception of the loan an expected loss of all cash flows we do not expect to collect over the life of the loan. The adoption of CECL on January 1, 2020 resulted in an increase in our ACL of $ i 90.6 million,
which did not impact our consolidated income statements. | |||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | CECL Day 1 | Charge-offs | Recoveries | Net charge-offs | Provision/ (credit) | Ending balance | |||||||||||||||||||||||||||||||||||
Traditional C&I | $ | i 15,951 | $ | i 5,325 | $ | ( i 5,375) | $ | i 1,268 | $ | ( i 4,107) | $ | i 22,504 | $ | i 39,673 | |||||||||||||||||||||||||||
Asset-based
lending | i 14,272 | i 11,973 | ( i 3,782) | i — | ( i 3,782) | i 3,491 | i 25,954 | ||||||||||||||||||||||||||||||||||
Payroll
finance | i 2,064 | i 1,334 | ( i 560) | i 272 | ( i 288) | ( i 675) | i 2,435 | ||||||||||||||||||||||||||||||||||
Warehouse
lending | i 917 | ( i 362) | i — | i — | i — | i 951 | i 1,506 | ||||||||||||||||||||||||||||||||||
Factored
receivables | i 654 | i 795 | ( i 10,631) | i 190 | ( i 10,441) | i 14,136 | i 5,144 | ||||||||||||||||||||||||||||||||||
Equipment
financing | i 16,723 | i 33,000 | ( i 54,784) | i 2,308 | ( i 52,476) | i 38,298 | i 35,545 | ||||||||||||||||||||||||||||||||||
Public sector finance | i 1,967 | ( i 766) | i — | i — | i — | i 2,983 | i 4,184 | ||||||||||||||||||||||||||||||||||
CRE | i 27,965 | i 8,037 | ( i 4,936) | i 644 | ( i 4,292) | i 92,553 | i 124,263 | ||||||||||||||||||||||||||||||||||
Multi-family
| i 11,440 | i 14,906 | ( i 154) | i 1 | ( i 153) | i 13,515 | i 39,708 | ||||||||||||||||||||||||||||||||||
ADC | i 4,732 | ( i 119) | ( i 4) | i 105 | i 101 | i 13,131 | i 17,845 | ||||||||||||||||||||||||||||||||||
Residential
mortgage | i 7,598 | i 14,104 | ( i 19,127) | i — | ( i 19,127) | i 20,262 | i 22,837 | ||||||||||||||||||||||||||||||||||
Consumer | i 1,955 | i 2,357 | ( i 1,674) | i 1,177 | ( i 497) | i 3,034 | i 6,849 | ||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | i 106,238 | $ | i 90,584 | $ | ( i 101,027) | $ | i 5,965 | $ | ( i 95,062) | $ | i 224,183 | $ | i 325,943 | |||||||||||||||||||||||||||
Annualized net charge-offs to average loans outstanding: | i 0.58 | % | |||||||||||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Special Mention | Substandard | Special Mention | Substandard | ||||||||||||||||||||
Traditional C&I | $ | i 24,300 | $ | i 117,997 | $ | i 24,162 | $ | i 84,792 | |||||||||||||||
Asset-based lending | i 25,700 | i 11,843 | i 111,597 | i 11,669 | |||||||||||||||||||
Payroll finance | i — | i — | i — | i 2,300 | |||||||||||||||||||
Factored receivables | i — | i — | i 5,523 | i — | |||||||||||||||||||
Equipment financing | i 18,784 | i 36,380 | i 7,737 | i 45,018 | |||||||||||||||||||
CRE | i 155,502 | i 323,500 | i 249,403 | i 280,796 | |||||||||||||||||||
Multi-family | i 107,925 | i 63,895 | i 61,146 | i 44,872 | |||||||||||||||||||
ADC | i 19,384 | i 42,384 | i 1,407 | i 30,000 | |||||||||||||||||||
Residential mortgage | i 86 | i 17,272 | i 468 | i 18,942 | |||||||||||||||||||
Consumer | i 11 | i 8,630 | i 15 | i 10,371 | |||||||||||||||||||
Total | $ | i 351,692 | $ | i 621,901 | $ | i 461,458 | $ | i 528,760 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars
in thousands within tabular disclosure, except share and per share data) |
Term loans amortized cost basis by origination year | Revolving loans converted to term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Traditional C&I | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | i 257,552 | $ | i 241,873 | $ | i 180,275 | $ | i 183,148 | $ | i 99,074 | $ | i 113,147 | $ | i 2,120,637 | $ | i — | $ | i 3,195,706 | |||||||||||||||||||||||||||||||||||
Special mention | i 7,596 | i — | i 33 | i 11,032 | i 2,879 | i 264 | i 2,496 | i — | i 24,300 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i 1,605 | i 26,697 | i 38,061 | i 14,454 | i 7,683 | i 3,909 | i 25,588 | i — | i 117,997 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | i — | i — | i — | i — | i — | i — | i 4,353 | i — | i 4,353 | ||||||||||||||||||||||||||||||||||||||||||||
Total traditional C&I | i 266,753 | i 268,570 | i 218,369 | i 208,634 | i 109,636 | i 117,320 | i 2,153,074 | i — | i 3,342,356 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-based lending | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 12,590 | i 17,262 | i 6,750 | i 3,002 | i 6,723 | i 32,692 | i 557,117 | i — | i 636,136 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | i — | i — | i — | i 1,324 | i — | i — | i 24,376 | i — | i 25,700 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i — | i — | i — | i — | i — | i — | i 11,843 | i — | i 11,843 | ||||||||||||||||||||||||||||||||||||||||||||
Total asset-based lending | i 12,590 | i 17,262 | i 6,750 | i 4,326 | i 6,723 | i 32,692 | i 593,336 | i — | i 673,679 | ||||||||||||||||||||||||||||||||||||||||||||
Payroll finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i — | i — | i — | i — | i — | i — | i 166,999 | i — | i 166,999 | ||||||||||||||||||||||||||||||||||||||||||||
Total payroll finance | i — | i — | i — | i — | i — | i — | i 166,999 | i — | i 166,999 | ||||||||||||||||||||||||||||||||||||||||||||
Warehouse lending | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 18,628 | i 118,247 | i 22,646 | i 11,575 | i 111,967 | i 1,018,576 | i — | i — | i 1,301,639 | ||||||||||||||||||||||||||||||||||||||||||||
Total warehouse lending | i 18,628 | i 118,247 | i 22,646 | i 11,575 | i 111,967 | i 1,018,576 | i — | i — | i 1,301,639 | ||||||||||||||||||||||||||||||||||||||||||||
Factored receivables | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i — | i — | i — | i — | i — | i — | i 228,834 | i — | i 228,834 | ||||||||||||||||||||||||||||||||||||||||||||
Total factored receivables | i — | i — | i — | i — | i — | i — | i 228,834 | i — | i 228,834 | ||||||||||||||||||||||||||||||||||||||||||||
Equipment financing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 163,082 | i 335,345 | i 402,962 | i 147,815 | i 57,504 | i 92,833 | i 141 | i — | i 1,199,682 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | i — | i 1,666 | i 3,659 | i 10,506 | i 2,936 | i 17 | i | i — | i 18,784 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i — | i 5,577 | i 12,013 | i 6,217 | i 9,384 | i 3,189 | i — | i — | i 36,380 | ||||||||||||||||||||||||||||||||||||||||||||
Total equipment financing | i 163,082 | i 342,588 | i 418,634 | i 164,538 | i 69,824 | i 96,039 | i 141 | i — | i 1,254,846 | ||||||||||||||||||||||||||||||||||||||||||||
Public Sector Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 365,023 | i 414,074 | i 388,128 | i 192,198 | i 254,458 | i 212,095 | i — | i — | i 1,825,976 | ||||||||||||||||||||||||||||||||||||||||||||
Total public sector finance | i 365,023 | i 414,074 | i 388,128 | i 192,198 | i 254,458 | i 212,095 | i — | i — | i 1,825,976 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Term loans amortized cost basis by origination year | Revolving loans converted to term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
CRE | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 499,613 | i 1,004,611 | i 1,244,150 | i 784,702 | i 500,472 | i 1,428,959 | i — | i — | i 5,462,507 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | i — | i 25,000 | i 36,239 | i 32,853 | i 22,601 | i 38,809 | i — | i — | i 155,502 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i — | i 21,698 | i 86,962 | i 76,872 | i 38,297 | i 99,671 | i — | i — | i 323,500 | ||||||||||||||||||||||||||||||||||||||||||||
Total CRE | i 499,613 | i 1,051,309 | i 1,367,351 | i 894,427 | i 561,370 | i 1,567,439 | i — | i — | i 5,941,509 | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 674,940 | i 372,581 | i 674,496 | i 339,162 | i 517,226 | i 1,471,484 | i 75,120 | i — | i 4,125,009 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | i — | i 4,848 | i 34,033 | i 5,338 | i 11,335 | i 52,371 | i — | i — | i 107,925 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i — | i — | i 18,603 | i 3,833 | i 3,457 | i 33,537 | i 4,465 | i — | i 63,895 | ||||||||||||||||||||||||||||||||||||||||||||
Total multi-family | i 674,940 | i 377,429 | i 727,132 | i 348,333 | i 532,018 | i 1,557,392 | i 79,585 | i — | i 4,296,829 | ||||||||||||||||||||||||||||||||||||||||||||
ADC | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 163,519 | i 140,041 | i 230,100 | i 48,597 | i 7,836 | i 42,581 | i — | i — | i 632,674 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | i — | i 2,416 | i — | i 16,968 | i — | i — | i — | i — | i 19,384 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i — | i — | i — | i — | i 42,384 | i — | i — | i — | i 42,384 | ||||||||||||||||||||||||||||||||||||||||||||
Total ADC | i 163,519 | i 142,457 | i 230,100 | i 65,565 | i 50,220 | i 42,581 | i — | i — | i 694,442 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 156,549 | i 10,532 | i 10,109 | i 27,103 | i 33,247 | i 1,140,350 | i — | i — | i 1,377,890 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | i — | i — | i — | i — | i 86 | i — | i — | i — | i 86 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i — | i — | i — | i 259 | i — | i 17,013 | i — | i — | i 17,272 | ||||||||||||||||||||||||||||||||||||||||||||
Total residential | i 156,549 | i 10,532 | i 10,109 | i 27,362 | i 33,333 | i 1,157,363 | i — | i — | i 1,395,248 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | i 528 | i 63 | i 281 | i 281 | i 135 | i 4,633 | i 86,062 | i 53,568 | i 145,551 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | i — | i — | i — | i — | i — | i 11 | i — | i — | i 11 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | i — | i — | i — | i — | i 343 | i 2,410 | i 5,877 | i — | i 8,630 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | i 528 | i 63 | i 281 | i 281 | i 478 | i 7,054 | i 91,939 | i 53,568 | i 154,192 | ||||||||||||||||||||||||||||||||||||||||||||
Total Loans | $ | i 2,321,225 | $ | i 2,742,531 | $ | i 3,389,500 | $ | i 1,917,239 | $ | i 1,730,027 | $ | i 5,808,551 | $ | i 3,313,908 | $ | i 53,568 | $ | i 21,276,549 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Goodwill | $ | i 1,683,482 | $ | i 1,683,482 | |||||||
Other intangible assets: | |||||||||||
Core deposits | $ | i 58,924 | $ | i 69,808 | |||||||
Customer lists | i 2,812 | i 3,256 | |||||||||
Trade name | i 20,500 | i 20,500 | |||||||||
Total | $ | i 82,236 | $ | i 93,564 |
Amortization expense | |||||
Remainder of 2021 | $ | i 3,776 | |||
2022 | i 13,703 | ||||
2023 | i 12,322 | ||||
2024 | i 10,448 | ||||
2025 | i 8,722 | ||||
2026 | i 7,134 | ||||
Thereafter | i 5,631 | ||||
Total | $ | i 61,736 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Non-interest bearing demand | $ | i 6,743,008 | $ | i 5,443,907 | |||||||
Interest bearing demand | i 4,823,601 | i 4,960,800 | |||||||||
Savings | i 2,629,558 | i 2,603,570 | |||||||||
Money market | i 8,417,466 | i 8,114,415 | |||||||||
Certificates of deposit | i 1,322,390 | i 1,996,830 | |||||||||
Total deposits | $ | i 23,936,023 | $ | i 23,119,522 |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Interest bearing demand | $ | i 8,395 | $ | i 433,790 | |||||||
Money market | i 522,222 | i 1,045,478 | |||||||||
Certificates of deposit | i — | i 100,003 | |||||||||
Total brokered deposits | $ | i 530,617 | $ | i 1,579,271 |
September 30, | December 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||||||||
By type of borrowing: | |||||||||||||||||||||||
FHLB borrowings | $ | i — | i — | % | $ | i 382,000 | i 0.35 | % | |||||||||||||||
Repurchase agreements | i 31,023 | i 0.10 | i 27,101 | i 0.10 | |||||||||||||||||||
Federal funds purchased | i — | i — | i 277,000 | i 0.11 | |||||||||||||||||||
Subordinated Notes - Bank | i — | i — | i 143,703 | i 5.45 | |||||||||||||||||||
Subordinated Notes - 2029 | i 270,543 | i 4.18 | i 270,284 | i 4.17 | |||||||||||||||||||
Subordinated Notes - 2030 | i 221,840 | i 4.06 | i 221,626 | i 4.06 | |||||||||||||||||||
Total borrowings | $ | i 523,406 | i 3.92 | % | $ | i 1,321,714 | i 2.25 | % | |||||||||||||||
By remaining period to maturity: | |||||||||||||||||||||||
Less than one year | $ | i 31,023 | i 0.10 | % | $ | i 686,101 | i 0.24 | % | |||||||||||||||
Greater than five years | i 492,383 | i 4.13 | i 635,613 | i 4.43 | |||||||||||||||||||
Total borrowings | $ | i 523,406 | i 3.92 | % | $ | i 1,321,714 | i 2.25 | % |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Notional amount | Average maturity (in years) | Weighted average fixed rate | Weighted average variable rate | Fair value | |||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Included in other assets: | |||||||||||||||||||||||||||||
Third-party interest rate swap | $ | i — | $ | i — | |||||||||||||||||||||||||
Customer interest rate swap | i 1,788,110 | i 94,524 | |||||||||||||||||||||||||||
Total | $ | i 1,788,110 | i 4.00 | i 4.40 | % | 1
m Libor + i 2.21% | $ | i 94,524 | |||||||||||||||||||||
Included in other liabilities: | |||||||||||||||||||||||||||||
Third-party interest rate swap | $ | i 1,788,110 | $ | i 38,093 | |||||||||||||||||||||||||
Customer interest rate swap | i — | i — | |||||||||||||||||||||||||||
Total | $ | i 1,788,110 | i 4.00 | i 4.40 | % | 1
m Libor + i 2.21% | $ | i 38,093 | |||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Included in other assets: | |||||||||||||||||||||||||||||
Third-party interest rate swap | $ | i — | $ | i — | |||||||||||||||||||||||||
Customer interest rate swap | i 1,913,607 | i 149,797 | |||||||||||||||||||||||||||
Total | $ | i 1,913,607 | i 4.40 | i 4.44 | % | 1
m Libor + i 2.20% | $ | i 149,797 | |||||||||||||||||||||
Included in other liabilities: | |||||||||||||||||||||||||||||
Third-party interest rate swap | $ | i 1,913,607 | $ | i 60,004 | |||||||||||||||||||||||||
Customer interest rate swap | i — | i — | |||||||||||||||||||||||||||
Total | $ | i 1,913,607 | i 4.40 | i 4.44 | % | 1
m Libor + i 2.20% | $ | i 60,004 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Income before income tax expense | $ | i 121,416 | $ | i 96,687 | $ | i 366,383 | $ | i 160,694 | |||||||||||||||
Tax at federal statutory rate of 21% | i 25,497 | i 20,305 | i 76,940 | i 33,746 | |||||||||||||||||||
State and local income taxes, net of federal tax benefit | i 6,698 | i 4,942 | i 19,820 | i 6,622 | |||||||||||||||||||
Tax exempt interest, net of disallowed interest | ( i 6,518) | ( i 7,811) | ( i 18,095) | ( i 22,713) | |||||||||||||||||||
BOLI income | ( i 1,050) | ( i 1,122) | ( i 3,097) | ( i 3,267) | |||||||||||||||||||
Non-deductible acquisition related costs | i 1,204 | i — | i 1,204 | i — | |||||||||||||||||||
Low income housing tax credits and other benefits | ( i 13,721) | ( i 9,461) | ( i 40,903) | ( i 28,381) | |||||||||||||||||||
Low income housing investment amortization expense | i 12,119 | i 8,183 | i 35,452 | i 24,571 | |||||||||||||||||||
Tax rate adjustment benefit due to CARES Act net operating loss (“NOL”) carryback | i — | i — | i — | ( i 21,313) | |||||||||||||||||||
Uncertain tax position reserve | i — | i — | i — | i 11,480 | |||||||||||||||||||
Annual effective tax rate adjustment | i — | ( i 4,837) | i — | i 7,273 | |||||||||||||||||||
Non-deductible
compensation expense (1) | i 450 | i — | i 1,511 | i — | |||||||||||||||||||
Equity-based
stock compensation (benefit) expense | ( i 21) | i 192 | ( i 473) | i 970 | |||||||||||||||||||
FDIC insurance premium limitation | i 237 | i 266 | i 642 | i 837 | |||||||||||||||||||
Other, net | i 850 | i 1,623 | i 222 | i 1,523 | |||||||||||||||||||
Actual income tax expense | $ | i 25,745 | $ | i 12,280 | $ | i 73,223 | $ | i 11,348 | |||||||||||||||
Effective income tax rate | i 21.2 | % | i 12.7 | % | i 20.0 | % | i 7.1 | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Uncertain tax positions beginning of period | $ | i 7,000 | $ | i 11,603 | $ | i 7,000 | $ | i — | |||||||||||||||
Additions for tax positions related to prior tax years | i — | i — | i — | i 11,480 | |||||||||||||||||||
Decrease due to settlement | i — | ( i 1,315) | i — | ( i 1,315) | |||||||||||||||||||
Interest expense in tax positions | i — | i — | i — | i 123 | |||||||||||||||||||
Uncertain tax positions at end of period | $ | i 7,000 | $ | i 10,288 | $ | i 7,000 | $ | i 10,288 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Non-vested stock awards/stock units outstanding | Stock options outstanding | ||||||||||||||||||||||||||||
Shares available for grant | Number of shares | Weighted average grant date fair value | Number of shares | Weighted average exercise price | |||||||||||||||||||||||||
Balance at January 1, 2021 | i 1,811,418 | i 2,993,643 | $ | i 19.54 | i 336,621 | $ | i 11.14 | ||||||||||||||||||||||
Amended 2015 Omnibus Equity and Incentive Plan | i 3,500,000 | — | — | — | — | ||||||||||||||||||||||||
Granted | ( i 1,138,246) | i 1,138,246 | i 20.36 | i — | i — | ||||||||||||||||||||||||
Stock awards vested | i — | ( i 860,553) | i 21.34 | i — | i — | ||||||||||||||||||||||||
Exercised | i — | — | — | ( i 248,405) | i 10.85 | ||||||||||||||||||||||||
Forfeited | i 67,877 | ( i 67,877) | i 19.20 | i — | i — | ||||||||||||||||||||||||
Canceled/expired | i 31,109 | ( i 31,109) | i 20.85 | i — | i — | ||||||||||||||||||||||||
Balance at September 30, 2021 | i 4,272,158 | i 3,172,350 | $ | i 19.34 | i 88,216 | $ | i 11.93 | ||||||||||||||||||||||
Exercisable at September 30, 2021 | i 88,216 | $ | i 11.93 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share
data) |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Stock options | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||
Non-vested stock awards/performance units | i 6,648 | i 5,868 | i 20,046 | i 17,788 | |||||||||||||||||||
Non-vested stock awards/performance units | $ | i 6,648 | $ | i 5,868 | $ | i 20,046 | $ | i 17,788 | |||||||||||||||
Income tax benefit | i 1,330 | i 734 | i 4,009 | i 2,224 | |||||||||||||||||||
Proceeds from stock option exercises | i 115 | i 95 | i 2,696 | i 610 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Other non-interest expense: | |||||||||||||||||||||||
Depreciation expense on operating leases | $ | i 2,846 | $ | i 3,130 | $ | i 8,888 | $ | i 9,758 | |||||||||||||||
Advertising
and promotion | i 2,027 | i 1,291 | i 5,695 | i 4,414 | |||||||||||||||||||
Communications | i 1,379 | i 1,424 | i 4,129 | i 4,374 | |||||||||||||||||||
Residential mortgage loans servicing | i 1,150 | i 1,361 | i 3,902 | i 3,984 | |||||||||||||||||||
Commercial loan servicing | i 1,298 | i 1,179 | i 3,531 | i 3,498 | |||||||||||||||||||
Insurance
& surety bond premium | i 1,125 | i 942 | i 3,083 | i 3,191 | |||||||||||||||||||
Operational
losses | i 690 | i 597 | i 1,884 | i 1,812 | |||||||||||||||||||
Other | i 7,875 | i 4,198 | i 17,801 | i 17,790 | |||||||||||||||||||
Total other non-interest expense | $ | i 18,390 | $ | i 14,122 | $ | i 48,913 | $ | i 48,821 |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Other assets: | |||||||||||
Low income housing tax credit investments | $ | i 527,953 | $ | i 488,303 | |||||||
Right of use asset for operating leases | i 94,647 | i 105,667 | |||||||||
Fair
value of swaps | i 94,524 | i 149,797 | |||||||||
Cash on deposit as swap collateral / net of settlement | i 55,774 | i 82,478 | |||||||||
Operating leases - equipment and vehicles leased to others | i 43,052 | i 55,224 | |||||||||
Other asset balances | i 172,751 | i 181,934 | |||||||||
Total other assets | $ | i 988,701 | $ | i 1,063,403 |
Notes
to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Other liabilities: | |||||||||||
Commitment to fund low income housing tax credit investments | $ | i 285,583 | $ | i 283,849 | |||||||
Lease
liability | i 103,664 | i 113,405 | |||||||||
Payroll finance and factoring liabilities | i 117,227 | i 115,802 | |||||||||
Swap
liabilities (see Note 8) | i 38,093 | i 60,004 | |||||||||
Other liability balances | i 147,579 | i 155,642 | |||||||||
Total other liabilities | $ | i 692,146 | $ | i 728,702 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income available to common stockholders | $ | i 93,715 | $ | i 82,438 | $ | i 287,282 | $ | i 143,429 | |||||||||||||||
Weighted
average common shares outstanding for computation of basic EPS | i 191,508,071 | i 193,494,929 | i 191,606,643 | i 194,436,137 | |||||||||||||||||||
Common-equivalent
shares due to the dilutive effect of stock options and unvested performance share grants(1) | i 832,416 | i 221,014 | i 810,365 | i 240,883 | |||||||||||||||||||
Weighted average common shares for computation of diluted EPS | i 192,340,487 | i 193,715,943 | i 192,417,008 | i 194,677,020 | |||||||||||||||||||
EPS(2): | |||||||||||||||||||||||
Basic | $ | i 0.49 | $ | i 0.43 | $ | i 1.50 | $ | i 0.74 | |||||||||||||||
Diluted | i 0.49 | i 0.43 | i 1.49 | i 0.74 | |||||||||||||||||||
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Actual | Minimum capital required - Basel III | Required to be considered well- capitalized | |||||||||||||||||||||||||||||||||
Capital amount | Ratio | Capital amount | Ratio | Capital amount | Ratio | ||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Common
equity tier 1 to RWA: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | $ | i 3,448,597 | i 14.52 | % | $ | i 1,663,006 | i 7.00 | % | $ | i 1,544,220 | i 6.50 | % | |||||||||||||||||||||||
Sterling Bancorp | i 2,975,338 | i 12.50 | i 1,666,328 | i 7.00 | N/A | N/A | |||||||||||||||||||||||||||||
Tier
1 capital to RWA: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | i 3,448,597 | i 14.52 | % | i 2,019,364 | i 8.50 | % | i 1,900,578 | i 8.00 | % | ||||||||||||||||||||||||||
Sterling Bancorp | i 3,111,324 | i 13.07 | i 2,023,398 | i 8.50 | N/A | N/A | |||||||||||||||||||||||||||||
Total
capital to RWA: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | i 3,626,007 | i 15.26 | % | i 2,494,509 | i 10.50 | % | i 2,375,723 | i 10.00 | % | ||||||||||||||||||||||||||
Sterling Bancorp | i 3,781,117 | i 15.88 | i 2,499,491 | i 10.50 | N/A | N/A | |||||||||||||||||||||||||||||
Tier 1 leverage ratio: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | i 3,448,597 | i 12.60 | % | i 1,094,722 | i 4.00 | % | i 1,368,402 | i 5.00 | % | ||||||||||||||||||||||||||
Sterling Bancorp | i 3,111,324 | i 11.35 | i 1,096,746 | i 4.00 | N/A | N/A |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Actual | Minimum capital required - Basel III fully phased-in | Required to be considered well- capitalized | |||||||||||||||||||||||||||||||||
Capital amount | Ratio | Capital amount | Ratio | Capital amount | Ratio | ||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Common equity tier 1 to RWA: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | $ | i 3,198,145 | i 13.38 | % | $ | i 1,673,516 | i 7.00 | % | $ | i 1,553,979 | i 6.50 | % | |||||||||||||||||||||||
Sterling Bancorp | i 2,727,385 | i 11.39 | i 1,675,747 | i 7.00 | N/A | N/A | |||||||||||||||||||||||||||||
Tier 1 capital to RWA: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | i 3,198,145 | i 13.38 | % | i 2,032,127 | i 8.50 | % | i 1,912,590 | i 8.00 | % | ||||||||||||||||||||||||||
Sterling Bancorp | i 2,864,074 | i 11.96 | i 2,034,836 | i 8.50 | N/A | N/A | |||||||||||||||||||||||||||||
Total capital to RWA: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | i 3,521,458 | i 14.73 | % | i 2,510,274 | i 10.50 | % | i 2,390,737 | i 10.00 | % | ||||||||||||||||||||||||||
Sterling Bancorp | i 3,638,033 | i 15.20 | i 2,513,621 | i 10.50 | N/A | N/A | |||||||||||||||||||||||||||||
Tier 1 leverage ratio: | |||||||||||||||||||||||||||||||||||
Sterling National Bank | i 3,198,145 | i 11.33 | % | i 1,128,913 | i 4.00 | % | i 1,411,142 | i 5.00 | % | ||||||||||||||||||||||||||
Sterling Bancorp | i 2,864,074 | i 10.14 | i 1,130,362 | i 4.00 | N/A | N/A |
Notes
to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Loan origination commitments | $ | i 694,879 | $ | i 641,965 | |||||||
Unused lines of credit | i 1,788,318 | i 1,623,745 | |||||||||
Letters of credit | i 169,128 | i 181,890 |
Remainder of 2021 | $ | i 5,384 | |||
2022 | i 18,119 | ||||
2023 | i 16,660 | ||||
2024 | i 14,998 | ||||
2025 | i 12,339 | ||||
2026 | i 11,209 | ||||
2027 and thereafter | i 40,889 | ||||
Total lease payments | i 119,598 | ||||
Interest | i 15,934 | ||||
Present value of lease liabilities | $ | i 103,664 |
September 30, 2021 | |||||||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency-backed | $ | i 955,282 | $ | i — | $ | i 955,282 | $ | i — | |||||||||||||||
CMOs/Other MBS | i 234,838 | i — | i 234,838 | i — | |||||||||||||||||||
Total residential MBS | i 1,190,120 | i — | i 1,190,120 | i — | |||||||||||||||||||
Other securities: | |||||||||||||||||||||||
Federal agencies | i 372,964 | i — | i 372,964 | i — | |||||||||||||||||||
Corporate | i 676,992 | i — | i 676,992 | i — | |||||||||||||||||||
State and municipal | i 374,746 | i — | i 374,746 | i — | |||||||||||||||||||
Total other securities | i 1,424,702 | i — | i 1,424,702 | i — | |||||||||||||||||||
Total AFS | i 2,614,822 | i — | i 2,614,822 | i — | |||||||||||||||||||
Swaps | i 94,524 | i — | i 94,524 | i — | |||||||||||||||||||
Total assets | $ | i 2,709,346 | $ | i — | $ | i 2,709,346 | $ | i — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Swaps | $ | i 38,093 | $ | i — | $ | i 38,093 | $ | i — | |||||||||||||||
Total liabilities | $ | i 38,093 | $ | i — | $ | i 38,093 | $ | i — |
December 31, 2020 | |||||||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||
Residential MBS: | |||||||||||||||||||||||
Agency-backed | $ | i 918,260 | $ | i — | $ | i 918,260 | $ | i — | |||||||||||||||
CMOs/Other MBS | i 373,284 | i — | i 373,284 | i — | |||||||||||||||||||
Total residential MBS | i 1,291,544 | i — | i 1,291,544 | i — | |||||||||||||||||||
Federal agencies | i 156,467 | i — | i 156,467 | i — | |||||||||||||||||||
Corporate | i 463,512 | i — | i 463,512 | i — | |||||||||||||||||||
State and municipal | i 387,095 | i — | i 387,095 | i — | |||||||||||||||||||
Total other securities | i 1,007,074 | i — | i 1,007,074 | i — | |||||||||||||||||||
Total AFS | i 2,298,618 | i — | i 2,298,618 | i — | |||||||||||||||||||
Swaps | i 149,797 | i — | i 149,797 | i — | |||||||||||||||||||
Total assets | $ | i 2,448,415 | $ | i — | $ | i 2,448,415 | $ | i — | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Swaps | $ | i 60,004 | $ | i — | $ | i 60,004 | $ | i — | |||||||||||||||
Total liabilities | $ | i 60,004 | $ | i — | $ | i 60,004 | $ | i — |
September 30, 2021 | |||||||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
Traditional C&I | $ | i 2,207 | $ | i — | $ | i — | $ | i 2,207 | |||||||||||||||
Equipment financing | i 3,675 | i — | i — | i 3,675 | |||||||||||||||||||
CRE | i 24,004 | i — | i — | i 24,004 | |||||||||||||||||||
ADC | i 22,500 | i — | i — | i 22,500 | |||||||||||||||||||
Residential mortgage | i 1,312 | i — | i — | i 1,312 | |||||||||||||||||||
Consumer | i 3,017 | i — | i — | i 3,017 | |||||||||||||||||||
Total collateral dependent loans measured at fair value | $ | i 56,715 | $ | i — | $ | i — | $ | i 56,715 |
December 31, 2020 | |||||||||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
Traditional C&I | $ | i 10,916 | $ | i — | $ | i — | $ | i 10,916 | |||||||||||||||
ABL | i 1,899 | i — | i — | i 1,899 | |||||||||||||||||||
Payroll finance | i 2,300 | i — | i — | i 2,300 | |||||||||||||||||||
CRE | i 27,323 | i — | i — | i 27,323 | |||||||||||||||||||
Residential mortgage | i 1,307 | i — | i — | i 1,307 | |||||||||||||||||||
Consumer | i 3,593 | i — | i — | i 3,593 | |||||||||||||||||||
Total collateral dependent loans measured at fair value | $ | i 47,338 | $ | i — | $ | i — | $ | i 47,338 |
September 30, 2021 | |||||||||||||||||||||||
Carrying amount | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | i 929,320 | $ | i 929,320 | $ | i — | $ | i — | |||||||||||||||
Securities AFS | i 2,614,822 | i — | i 2,614,822 | i — | |||||||||||||||||||
Securities HTM, net | i 1,669,147 | i — | i 1,774,594 | i — | |||||||||||||||||||
Portfolio loans, net | i 20,966,634 | i — | i — | i 20,910,024 | |||||||||||||||||||
Accrued interest receivable on securities | i 32,719 | i — | i 32,719 | i — | |||||||||||||||||||
Accrued interest receivable on loans | i 66,731 | i — | i — | i 66,731 | |||||||||||||||||||
FHLB stock and FRB stock | i 151,004 | i — | i — | i — | |||||||||||||||||||
Swaps | i 94,524 | i — | i 94,524 | i — | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Non-maturity deposits | i 22,613,633 | i 22,613,633 | i — | i — | |||||||||||||||||||
Certificates of deposit | i 1,322,390 | i — | i 1,320,281 | i — | |||||||||||||||||||
Other borrowings | i 31,023 | i — | i 31,023 | i — | |||||||||||||||||||
Subordinated Notes - Company | i 492,383 | i — | i 522,520 | i — | |||||||||||||||||||
Mortgage escrow funds | i 79,221 | i — | i 79,220 | i — | |||||||||||||||||||
Accrued interest payable on deposits | i 491 | i — | i 491 | i — | |||||||||||||||||||
Accrued interest payable on borrowings | i 6,403 | i — | i 6,403 | i — | |||||||||||||||||||
Swaps | i 38,093 | i — | i 38,093 | i — |
December 31, 2020 | |||||||||||||||||||||||
Carrying amount | Level 1 inputs | Level 2 inputs | Level 3 inputs | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | i 305,002 | $ | i 305,002 | $ | i — | $ | i — | |||||||||||||||
Securities AFS | i 2,298,618 | i — | i 2,298,618 | i — | |||||||||||||||||||
Securities HTM | i 1,740,838 | i — | i 1,874,504 | i — | |||||||||||||||||||
Loans held for sale | i 11,749 | i — | i 11,749 | i — | |||||||||||||||||||
Portfolio loans, net | i 21,522,309 | i — | i — | i 21,791,489 | |||||||||||||||||||
Accrued interest receivable on securities | i 26,508 | i — | i 26,508 | i — | |||||||||||||||||||
Accrued interest receivable on loans | i 70,997 | i — | i — | i 70,997 | |||||||||||||||||||
FHLB stock and FRB stock | i 166,190 | i — | i — | i — | |||||||||||||||||||
Swaps | i 149,797 | i — | i 149,797 | i — | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Non-maturity deposits | i 21,122,692 | i 21,122,692 | i — | i — | |||||||||||||||||||
Certificates of deposit | i 1,996,830 | i — | i 2,002,702 | i — | |||||||||||||||||||
FHLB borrowings | i 382,000 | i — | i 382,000 | i — | |||||||||||||||||||
Other borrowings | i 304,101 | i — | i 304,101 | i — | |||||||||||||||||||
Subordinated Notes - Bank | i 143,703 | i — | i 145,870 | i — | |||||||||||||||||||
Subordinated Notes - Company | i 491,910 | i — | i 506,497 | i — | |||||||||||||||||||
Mortgage escrow funds | i 59,686 | i — | i 59,686 | i — | |||||||||||||||||||
Accrued interest payable on deposits | i 1,068 | i — | i 1,068 | i — | |||||||||||||||||||
Accrued interest payable on borrowings | i 3,425 | i — | i 3,425 | i — | |||||||||||||||||||
Swaps | i 60,004 | i — | i 60,004 | i — |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Net unrealized holding gain on available for sale securities | $ | i 79,477 | $ | i 115,523 | |||||||
Related income tax expense | ( i 21,968) | ( i 31,931) | |||||||||
Available for sale securities, net of tax | i 57,509 | i 83,592 | |||||||||
Net unrealized holding loss on securities transferred to held to maturity | ( i 235) | ( i 348) | |||||||||
Related income tax benefit | i 65 | i 96 | |||||||||
Securities transferred to held to maturity, net of tax | ( i 170) | ( i 252) | |||||||||
Net unrealized holding (loss) gain on retirement plans | ( i 269) | i 2,040 | |||||||||
Related income tax benefit (expense) | i 74 | ( i 564) | |||||||||
Retirement plans, net of tax | ( i 195) | i 1,476 | |||||||||
Accumulated other comprehensive income | $ | i 57,144 | $ | i 84,816 |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share and per share data) |
Net unrealized holding gain on available for sale securities | Net unrealized holding (loss) on securities transferred to held to maturity | Net unrealized holding (loss) gain on retirement plans | Total | ||||||||||||||||||||
For the three months ended September 30, 2021 | |||||||||||||||||||||||
Balance beginning of the period | $ | i 69,437 | $ | ( i 190) | $ | ( i 348) | $ | i 68,899 | |||||||||||||||
Other comprehensive loss before reclassification | ( i 10,730) | i — | i — | ( i 10,730) | |||||||||||||||||||
Amounts reclassified from AOCI | ( i 1,198) | i 20 | i 153 | ( i 1,025) | |||||||||||||||||||
Total other comprehensive (loss) income | ( i 11,928) | i 20 | i 153 | ( i 11,755) | |||||||||||||||||||
Balance at end of period | $ | i 57,509 | $ | ( i 170) | $ | ( i 195) | $ | i 57,144 | |||||||||||||||
For the three months ended September 30, 2020 | |||||||||||||||||||||||
Balance beginning of the period | $ | i 88,140 | $ | ( i 425) | $ | i 895 | $ | i 88,610 | |||||||||||||||
Other comprehensive loss before reclassification | ( i 938) | i — | i — | ( i 938) | |||||||||||||||||||
Amounts reclassified from AOCI | ( i 465) | i 95 | i 564 | i 194 | |||||||||||||||||||
Total other comprehensive (loss) income | ( i 1,403) | i 95 | i 564 | ( i 744) | |||||||||||||||||||
Balance at end of period | $ | i 86,737 | $ | ( i 330) | $ | i 1,459 | $ | i 87,866 | |||||||||||||||
Location in consolidated income statements where reclassification from AOCI is included | Net gain on sale of securities | Interest income on securities | Other non-interest expense |
The
following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2021 and 2020: | |||||||||||||||||||||||
Net unrealized holding gain on available for sale securities | Net unrealized holding (loss) on securities transferred to held to maturity | Net unrealized holding gain on retirement plans | Total | ||||||||||||||||||||
For the nine months ended September 30, 2021 | |||||||||||||||||||||||
Balance beginning of the period | $ | i 83,592 | $ | ( i 252) | $ | i 1,476 | $ | i 84,816 | |||||||||||||||
Other comprehensive loss before reclassification | ( i 24,375) | i — | i — | ( i 24,375) | |||||||||||||||||||
Amounts reclassified from AOCI | ( i 1,708) | i 82 | ( i 1,671) | ( i 3,297) | |||||||||||||||||||
Total other comprehensive (loss) income | ( i 26,083) | i 82 | ( i 1,671) | ( i 27,672) | |||||||||||||||||||
Balance at end of period | $ | i 57,509 | $ | ( i 170) | $ | ( i 195) | $ | i 57,144 | |||||||||||||||
For the nine months ended September 30, 2020 | |||||||||||||||||||||||
Balance beginning of the period | $ | i 38,056 | $ | ( i 538) | $ | i 2,698 | $ | i 40,216 | |||||||||||||||
Other comprehensive income before reclassification | i 55,583 | i — | i — | i 55,583 | |||||||||||||||||||
Amounts reclassified from AOCI | ( i 6,902) | i 208 | ( i 1,239) | ( i 7,933) | |||||||||||||||||||
Total other comprehensive income (loss) | i 48,681 | i 208 | ( i 1,239) | i 47,650 | |||||||||||||||||||
Balance at end of period | $ | i 86,737 | $ | ( i 330) | $ | i 1,459 | $ | i 87,866 | |||||||||||||||
Location in consolidated income statements where reclassification from AOCI is included | Net gain on sale of securities | Interest income on securities | Other non-interest expense |
Notes to Consolidated Financial Statements (Unaudited) (Dollars in thousands within tabular disclosure, except share
and per share data) |
At or for the three months ended September 30, | At or for the nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
End of period balances: | |||||||||||||||||||||||
AFS and HTM securities, net | $ | 4,283,969 | $ | 4,201,350 | $ | 4,283,969 | $ | 4,201,350 | |||||||||||||||
Portfolio loans | 21,276,549 | 22,281,940 | 21,276,549 | 22,281,940 | |||||||||||||||||||
Total assets | 30,028,425 | 30,617,722 | 30,028,425 | 30,617,722 | |||||||||||||||||||
Non-interest
bearing deposits | 6,743,008 | 5,874,554 | 6,743,008 | 5,874,554 | |||||||||||||||||||
Interest bearing deposits | 17,193,015 | 18,380,779 | 17,193,015 | 18,380,779 | |||||||||||||||||||
Total deposits | 23,936,023 | 24,255,333 | 23,936,023 | 24,255,333 | |||||||||||||||||||
Borrowings | 523,406 | 993,535 | 523,406 | 993,535 | |||||||||||||||||||
Stockholders’ equity | 4,797,629 | 4,557,785 | 4,797,629 | 4,557,785 | |||||||||||||||||||
Tangible common stockholders’ equity (“TCE”)1 | 2,895,925 | 2,639,622 | 2,895,925 | 2,639,622 | |||||||||||||||||||
Average balances: | |||||||||||||||||||||||
AFS and HTM securities, net | $ | 4,320,243 | $ | 4,392,864 | $ | 4,233,420 | $ | 4,688,747 | |||||||||||||||
Total loans2 | 20,629,138 | 22,159,535 | 20,920,013 | 21,771,593 | |||||||||||||||||||
Total assets | 29,147,332 | 30,652,856 | 29,372,043 | 30,623,508 | |||||||||||||||||||
Non-interest bearing deposits | 6,001,982 | 5,385,939 | 5,758,826 | 4,914,183 | |||||||||||||||||||
Interest bearing deposits | 17,149,462 | 18,279,977 | 17,644,740 | 18,361,388 | |||||||||||||||||||
Total deposits and mortgage escrow | 23,151,444 | 23,665,916 | 23,403,566 | 23,275,571 | |||||||||||||||||||
Borrowings | 522,332 | 1,747,941 | 589,685 | 2,141,851 | |||||||||||||||||||
Stockholders’ equity | 4,768,712 | 4,530,334 | 4,685,920 | 4,500,534 | |||||||||||||||||||
TCE1 | 2,864,282 | 2,609,179 | 2,777,519 | 2,574,985 | |||||||||||||||||||
Selected operating data: | |||||||||||||||||||||||
Total interest and dividend income | $ | 225,089 | $ | 244,658 | $ | 689,246 | $ | 771,411 | |||||||||||||||
Total interest expense | 11,252 | 26,834 | 38,968 | 128,516 | |||||||||||||||||||
Net interest income | 213,837 | 217,824 | 650,278 | 642,895 | |||||||||||||||||||
Provision for credit losses | — | 30,000 | 15,250 | 224,886 | |||||||||||||||||||
Net interest income after provision for credit losses | 213,837 | 187,824 | 635,028 | 418,009 | |||||||||||||||||||
Total non-interest income | 32,547 | 28,225 | 95,117 | 101,641 | |||||||||||||||||||
Total non-interest expense | 124,968 | 119,362 | 363,762 | 358,956 | |||||||||||||||||||
Income before income tax | 121,416 | 96,687 | 366,383 | 160,694 | |||||||||||||||||||
Income tax expense | 25,745 | 12,280 | 73,223 | 11,348 | |||||||||||||||||||
Net income | 95,671 | 84,407 | 293,160 | 149,346 | |||||||||||||||||||
Preferred
stock dividend | 1,956 | 1,969 | 5,878 | 5,917 | |||||||||||||||||||
Net income available to common stockholders | $ | 93,715 | $ | 82,438 | $ | 287,282 | $ | 143,429 | |||||||||||||||
Per
share data: | |||||||||||||||||||||||
Reported basic EPS (GAAP) | $ | 0.49 | $ | 0.43 | $ | 1.50 | $ | 0.74 | |||||||||||||||
Reported diluted EPS (GAAP) | 0.49 | 0.43 | 1.49 | 0.74 | |||||||||||||||||||
Adjusted
diluted EPS1 (non-GAAP) | 0.52 | 0.45 | 1.53 | 0.73 | |||||||||||||||||||
Dividends declared per common share | 0.07 | 0.07 | 0.21 | 0.21 | |||||||||||||||||||
Book value per share | 24.19 | 22.73 | 24.19 | 22.73 | |||||||||||||||||||
Tangible book value per common share1 | 15.03 | 13.57 | 15.03 | 13.57 |
At or for the three months ended September 30, | At or for the nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Common shares outstanding: | |||||||||||||||||||||||
Shares outstanding at period end | 192,681,503 | 194,458,841 | 192,681,503 | 194,458,841 | |||||||||||||||||||
Weighted
average shares basic | 191,508,071 | 193,494,929 | 191,606,643 | 194,436,137 | |||||||||||||||||||
Weighted average shares diluted | 192,340,487 | 193,715,943 | 192,417,008 | 194,677,020 | |||||||||||||||||||
Other
data: | |||||||||||||||||||||||
Full time equivalent employees at period end | 1,460 | 1,466 | 1,460 | 1,466 | |||||||||||||||||||
Financial centers at period end | 72 | 78 | 72 | 78 | |||||||||||||||||||
Performance
ratios: | |||||||||||||||||||||||
Return on average assets | 1.28 | % | 1.07 | % | 1.31 | % | 0.63 | % | |||||||||||||||
Return on average equity | 7.80 | 7.24 | 8.20 | 4.26 | |||||||||||||||||||
Reported
return on average tangible assets1 | 1.36 | 1.14 | 1.39 | 0.66 | |||||||||||||||||||
Adjusted return on average tangible assets1 | 1.44 | 1.21 | 1.43 | 0.66 | |||||||||||||||||||
Reported
return on average TCE1 | 12.98 | 12.57 | 13.83 | 7.44 | |||||||||||||||||||
Adjusted return on average TCE1 | 13.79 | 13.37 | 14.21 | 7.34 | |||||||||||||||||||
Reported
operating efficiency1 | 50.7 | 48.5 | 48.8 | 48.2 | |||||||||||||||||||
Adjusted operating efficiency1 | 45.4 | 43.1 | 44.6 | 43.5 | |||||||||||||||||||
Net interest margin-GAAP | 3.30 | 3.19 | 3.35 | 3.17 | |||||||||||||||||||
Net interest margin-tax equivalent3 | 3.35 | 3.24 | 3.40 | 3.22 | |||||||||||||||||||
Capital
ratios (Company)4: | |||||||||||||||||||||||
Tier 1 leverage ratio | 11.35 | % | 9.93 | % | 11.35 | % | 9.93 | % | |||||||||||||||
Common equity Tier 1 capital ratio | 12.50 | 11.18 | 12.50 | 11.18 | |||||||||||||||||||
Tier
1 risk-based capital ratio | 13.07 | 11.75 | 13.07 | 11.75 | |||||||||||||||||||
Total risk-based capital ratio | 15.88 | 14.17 | 15.88 | 14.17 | |||||||||||||||||||
Tangible
equity to tangible assets | 10.73 | 9.63 | 10.73 | 9.63 | |||||||||||||||||||
Tangible common equity to tangible assets1 | 10.25 | 9.15 | 10.25 | 9.15 | |||||||||||||||||||
Regulatory
capital ratios (Bank)4: | |||||||||||||||||||||||
Tier 1 leverage ratio | 12.60 | % | 10.48 | % | 12.60 | % | 10.48 | % | |||||||||||||||
Tier 1 risk-based
capital ratio | 14.52 | 12.39 | 14.52 | 12.39 | |||||||||||||||||||
Total risk-based capital ratio | 15.26 | 13.86 | 15.26 | 13.86 | |||||||||||||||||||
Asset
quality data and ratios: | |||||||||||||||||||||||
Allowance for credit - loans | $ | 309,915 | $ | 325,943 | $ | 309,915 | $ | 325,943 | |||||||||||||||
Non-performing loans (“NPLs”) | 205,453 | 180,851 | 205,453 | 180,851 | |||||||||||||||||||
Non-performing
assets (“NPAs”) | 206,269 | 187,770 | 206,269 | 187,770 | |||||||||||||||||||
Net charge-offs | 4,958 | 70,546 | 32,185 | 95,062 | |||||||||||||||||||
NPAs
to total assets | 0.69 | % | 0.61 | % | 0.69 | % | 0.61 | % | |||||||||||||||
NPLs to total loans5 | 0.97 | 0.81 | 0.97 | 0.81 | |||||||||||||||||||
Allowance
for loan losses to non-performing loans | 150.84 | 180.23 | 150.84 | 180.23 | |||||||||||||||||||
Allowance for loan losses to total loans4 | 1.46 | 1.46 | 1.46 | 1.46 | |||||||||||||||||||
Annualized
net charge-offs to average loans | 0.10 | 1.27 | 0.21 | 0.58 | |||||||||||||||||||
__________________ | |||||||||||||||||||||||
1 See a reconciliation of as reported financial measures to as adjusted (non-GAAP) financial measures beginning on page 63
below under the caption “Supplemental Reporting of Non-GAAP Financial Measures.” | |||||||||||||||||||||||
2 Includes loans held for sale but excludes the ACL. | |||||||||||||||||||||||
3 Tax equivalent basis represents interest income earned on municipal securities divided by the applicable Federal tax rate of 21%. | |||||||||||||||||||||||
4 We elected the five-year capital phase-in option. The phase-in option is further discussed in Note 13. “Stockholders’ Equity - (a) Regulatory Capital Requirements” in the notes to consolidated financial statements included elsewhere in this report. | |||||||||||||||||||||||
5 Total loans excludes loans held for sale. |
For the three months ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average balance | Interest | Yield/Rate | Average balance | Interest | Yield/Rate | ||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||
Traditional C&I and commercial finance loans | $ | 8,260,805 | $ | 76,340 | 3.67 | % | $ | 9,133,454 | $ | 83,415 | 3.63 | % | |||||||||||||||||||||||
CRE (includes multi-family) | 10,121,953 | 100,038 | 3.92 | 10,320,930 | 104,463 | 4.03 | |||||||||||||||||||||||||||||
ADC | 711,020 | 7,798 | 4.35 | 636,061 | 6,117 | 3.83 | |||||||||||||||||||||||||||||
Commercial loans | 19,093,778 | 184,176 | 3.83 | 20,090,445 | 193,995 | 3.84 | |||||||||||||||||||||||||||||
Consumer loans | 160,962 | 1,752 | 4.32 | 206,700 | 2,025 | 3.90 | |||||||||||||||||||||||||||||
Residential mortgage loans | 1,374,398 | 11,229 | 3.27 | 1,862,390 | 16,989 | 3.65 | |||||||||||||||||||||||||||||
Total gross loans1 | 20,629,138 | 197,157 | 3.79 | 22,159,535 | 213,009 | 3.82 | |||||||||||||||||||||||||||||
Securities taxable | 2,393,325 | 15,433 | 2.56 | 2,363,059 | 18,623 | 3.14 | |||||||||||||||||||||||||||||
Securities non-taxable | 1,926,918 | 14,692 | 3.05 | 2,029,805 | 15,515 | 3.06 | |||||||||||||||||||||||||||||
Interest earning deposits | 604,396 | 216 | 0.14 | 424,249 | 154 | 0.14 | |||||||||||||||||||||||||||||
FRB and FHLB stock | 151,230 | 676 | 1.77 | 186,689 | 615 | 1.31 | |||||||||||||||||||||||||||||
Total securities and other earning assets | 5,075,869 | 31,017 | 2.42 | 5,003,802 | 34,907 | 2.78 | |||||||||||||||||||||||||||||
Total interest earning assets | 25,705,007 | 228,174 | 3.52 | 27,163,337 | 247,916 | 3.63 | |||||||||||||||||||||||||||||
Non-interest earning assets | 3,442,325 | 3,489,519 | |||||||||||||||||||||||||||||||||
Total assets | $ | 29,147,332 | $ | 30,652,856 | |||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 4,686,129 | $ | 1,348 | 0.11 | % | $ | 4,688,343 | $ | 2,911 | 0.25 | % | |||||||||||||||||||||||
Savings
deposits2 | 2,721,327 | 446 | 0.07 | 2,727,475 | 1,205 | 0.18 | |||||||||||||||||||||||||||||
Money market deposits | 8,369,994 | 3,222 | 0.15 | 8,304,834 | 8,078 | 0.39 | |||||||||||||||||||||||||||||
Certificates of deposit | 1,372,012 | 1,145 | 0.33 | 2,559,325 | 6,057 | 0.94 | |||||||||||||||||||||||||||||
Total interest bearing deposits | 17,149,462 | 6,161 | 0.14 | 18,279,977 | 18,251 | 0.40 | |||||||||||||||||||||||||||||
Other borrowings | 30,057 | 7 | 0.09 | 1,303,849 | 3,378 | 1.03 | |||||||||||||||||||||||||||||
Subordinated Notes - Bank | — | — | — | 173,328 | 2,360 | 5.45 | |||||||||||||||||||||||||||||
Subordinated Notes - Company | 492,275 | 5,084 | 4.13 | 270,764 | 2,845 | 4.20 | |||||||||||||||||||||||||||||
Total borrowings | 522,332 | 5,091 | 3.87 | 1,747,941 | 8,583 | 1.95 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 17,671,794 | 11,252 | 0.25 | 20,027,918 | 26,834 | 0.53 | |||||||||||||||||||||||||||||
Non-interest bearing deposits | 6,001,982 | 5,385,939 | |||||||||||||||||||||||||||||||||
Other non-interest bearing liabilities | 704,844 | 708,665 | |||||||||||||||||||||||||||||||||
Total liabilities | 24,378,620 | 26,122,522 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 4,768,712 | 4,530,334 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 29,147,332 | $ | 30,652,856 | |||||||||||||||||||||||||||||||
Net
interest rate spread3 | 3.27 | % | 3.10 | % | |||||||||||||||||||||||||||||||
Net interest earning assets4 | $ | 8,033,213 | $ | 7,135,419 | |||||||||||||||||||||||||||||||
Net interest margin - tax equivalent | 216,922 | 3.35 | % | 221,082 | 3.24 | % | |||||||||||||||||||||||||||||
Less tax equivalent adjustment | (3,085) | (3,258) | |||||||||||||||||||||||||||||||||
Net interest income | 213,837 | 217,824 | |||||||||||||||||||||||||||||||||
Accretion income on acquired loans | 6,197 | 9,172 | |||||||||||||||||||||||||||||||||
Tax equivalent net interest margin excluding accretion income on acquired loans | $ | 210,725 | 3.25 | % | $ | 211,910 | 3.10 | % | |||||||||||||||||||||||||||
Ratio of interest earning assets to interest bearing liabilities | 145.5 | % | 135.6 | % |
For the nine months ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average balance | Interest | Yield/Rate | Average balance | Interest | Yield/Rate | ||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||
Traditional C&I and commercial finance loans | $ | 8,390,679 | $ | 231,327 | 3.69 | % | $ | 8,654,615 | $ | 256,756 | 3.96 | % | |||||||||||||||||||||||
CRE (includes multi-family) | 10,244,942 | 306,889 | 4.00 | 10,338,120 | 321,610 | 4.16 | |||||||||||||||||||||||||||||
ADC | 660,442 | 20,304 | 4.11 | 552,558 | 18,200 | 4.40 | |||||||||||||||||||||||||||||
Commercial loans | 19,296,063 | 558,520 | 3.87 | 19,545,293 | 596,566 | 4.08 | |||||||||||||||||||||||||||||
Consumer loans | 171,384 | 5,546 | 4.33 | 219,751 | 7,198 | 4.38 | |||||||||||||||||||||||||||||
Residential mortgage loans | 1,452,566 | 40,631 | 3.73 | 2,006,549 | 64,588 | 4.29 | |||||||||||||||||||||||||||||
Total gross loans1 | 20,920,013 | 604,697 | 3.86 | 21,771,593 | 668,352 | 4.10 | |||||||||||||||||||||||||||||
Securities taxable | 2,292,829 | 46,534 | 2.71 | 2,583,795 | 58,107 | 3.00 | |||||||||||||||||||||||||||||
Securities tax exempt | 1,940,591 | 44,384 | 3.05 | 2,104,952 | 48,209 | 3.05 | |||||||||||||||||||||||||||||
Interest earning deposits | 634,455 | 530 | 0.11 | 456,405 | 2,131 | 0.62 | |||||||||||||||||||||||||||||
FRB and FHLB stock | 151,708 | 2,422 | 2.13 | 212,673 | 4,736 | 2.97 | |||||||||||||||||||||||||||||
Total
securities and other earning assets | 5,019,583 | 93,870 | 2.50 | 5,357,825 | 113,183 | 2.82 | |||||||||||||||||||||||||||||
Total interest earning assets | 25,939,596 | 698,567 | 3.60 | 27,129,418 | 781,535 | 3.85 | |||||||||||||||||||||||||||||
Non-interest earning assets | 3,432,447 | 3,494,090 | |||||||||||||||||||||||||||||||||
Total assets | $ | 29,372,043 | $ | 30,623,508 | |||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 4,876,228 | $ | 5,003 | 0.14 | % | $ | 4,690,425 | $ | 17,275 | 0.49 | % | |||||||||||||||||||||||
Savings
deposits2 | 2,738,880 | 1,448 | 0.07 | 2,805,680 | 7,128 | 0.34 | |||||||||||||||||||||||||||||
Money market deposits | 8,420,375 | 10,176 | 0.16 | 8,011,729 | 38,186 | 0.64 | |||||||||||||||||||||||||||||
Certificates of deposit | 1,609,257 | 5,100 | 0.42 | 2,853,554 | 29,553 | 1.38 | |||||||||||||||||||||||||||||
Total interest bearing deposits | 17,644,740 | 21,727 | 0.16 | 18,361,388 | 92,142 | 0.67 | |||||||||||||||||||||||||||||
Senior Notes | — | — | — | 100,029 | 2,378 | 3.18 | |||||||||||||||||||||||||||||
Other borrowings | 50,185 | 52 | 0.14 | 1,597,631 | 18,418 | 1.54 | |||||||||||||||||||||||||||||
Subordinated Notes - Bank | 47,381 | 1,957 | 5.51 | 173,266 | 7,078 | 5.45 | |||||||||||||||||||||||||||||
Subordinated Notes - Company | 492,119 | 15,232 | 4.13 | 270,925 | 8,500 | 4.18 | |||||||||||||||||||||||||||||
Total
borrowings | 589,685 | 17,241 | 3.91 | 2,141,851 | 36,374 | 2.27 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 18,234,425 | 38,968 | 0.29 | 20,503,239 | 128,516 | 0.84 | |||||||||||||||||||||||||||||
Non-interest bearing deposits | 5,758,826 | 4,914,183 | |||||||||||||||||||||||||||||||||
Other non-interest bearing liabilities | 692,872 | 705,552 | |||||||||||||||||||||||||||||||||
Total liabilities | 24,686,123 | 26,122,974 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 4,685,920 | 4,500,534 | |||||||||||||||||||||||||||||||||
Total
liabilities and stockholders’ equity | $ | 29,372,043 | $ | 30,623,508 | |||||||||||||||||||||||||||||||
Net interest rate spread3 | 3.31 | % | 3.01 | % | |||||||||||||||||||||||||||||||
Net
interest earning assets4 | $ | 7,705,171 | $ | 6,626,179 | |||||||||||||||||||||||||||||||
Net interest margin - tax equivalent | 659,599 | 3.40 | % | 653,019 | 3.22 | % | |||||||||||||||||||||||||||||
Less
tax equivalent adjustment | (9,321) | (10,124) | |||||||||||||||||||||||||||||||||
Net interest income | 650,278 | 642,895 | |||||||||||||||||||||||||||||||||
Accretion
income on acquired loans | 22,281 | 29,944 | |||||||||||||||||||||||||||||||||
Tax equivalent net interest margin excluding accretion income on acquired loans | $ | 637,318 | 3.28 | % | $ | 623,075 | 3.07 | % | |||||||||||||||||||||||||||
Ratio
of interest earning assets to interest bearing liabilities | 142.3 | % | 132.3 | % |
For the three months ended September 30, | |||||||||||||||||
2021 vs. 2020 | |||||||||||||||||
Increase / (Decrease) due to | Total increase / | ||||||||||||||||
Volume | Rate | (decrease) | |||||||||||||||
Interest earning assets: | |||||||||||||||||
Traditional C&I and commercial finance loans | $ | (7,995) | $ | 920 | $ | (7,075) | |||||||||||
CRE (includes multi-family) | (1,831) | (2,594) | (4,425) | ||||||||||||||
ADC | 781 | 900 | 1,681 | ||||||||||||||
Commercial loans | (9,045) | (774) | (9,819) | ||||||||||||||
Consumer loans | (478) | 205 | (273) | ||||||||||||||
Residential mortgage loans | (4,122) | (1,638) | (5,760) | ||||||||||||||
Total loans | (13,645) | (2,207) | (15,852) | ||||||||||||||
Securities taxable | 242 | (3,432) | (3,190) | ||||||||||||||
Securities tax exempt | (773) | (50) | (823) | ||||||||||||||
Interest earning deposits | 62 | — | 62 | ||||||||||||||
FRB and FHLB stock | (130) | 191 | 61 | ||||||||||||||
Total interest earning assets | (14,244) | (5,498) | (19,742) | ||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing demand deposits | (1) | (1,562) | (1,563) | ||||||||||||||
Savings deposits1 | (3) | (756) | (759) | ||||||||||||||
Money market deposits | 65 | (4,921) | (4,856) | ||||||||||||||
Certificates of deposit | (2,048) | (2,864) | (4,912) | ||||||||||||||
Total interest bearing deposits | (1,987) | (10,103) | (12,090) | ||||||||||||||
Other borrowings | (1,678) | (1,693) | (3,371) | ||||||||||||||
Subordinated Notes - Bank | (1,180) | (1,180) | (2,360) | ||||||||||||||
Subordinated Notes - Company | 2,288 | (49) | 2,239 | ||||||||||||||
Total borrowings | (570) | (2,922) | (3,492) | ||||||||||||||
Total interest bearing liabilities | (2,557) | (13,025) | (15,582) | ||||||||||||||
Change in tax equivalent net interest income | (11,687) | 7,527 | (4,160) | ||||||||||||||
Less tax equivalent adjustment | (220) | 47 | (173) | ||||||||||||||
Change in net interest income | $ | (11,467) | $ | 7,480 | $ | (3,987) |
For the nine months ended September 30, | |||||||||||||||||
2021 vs. 2020 | |||||||||||||||||
Increase / (Decrease) due to | Total increase / | ||||||||||||||||
Volume | Rate | (decrease) | |||||||||||||||
Interest earning assets: | |||||||||||||||||
Traditional C&I and commercial finance loans | $ | (7,858) | $ | (17,571) | $ | (25,429) | |||||||||||
CRE (includes multi-family) | (2,795) | (11,926) | (14,721) | ||||||||||||||
ADC | 3,365 | (1,261) | 2,104 | ||||||||||||||
Commercial loans | (7,288) | (30,758) | (38,046) | ||||||||||||||
Consumer loans | (1,571) | (81) | (1,652) | ||||||||||||||
Residential mortgage loans | (16,267) | (7,690) | (23,957) | ||||||||||||||
Total loans | (25,126) | (38,529) | (63,655) | ||||||||||||||
Securities taxable | (6,227) | (5,346) | (11,573) | ||||||||||||||
Securities tax exempt | (3,825) | — | (3,825) | ||||||||||||||
Interest earning deposits | 605 | (2,206) | (1,601) | ||||||||||||||
FRB and FHLB stock | (1,165) | (1,149) | (2,314) | ||||||||||||||
Total interest earning assets | (35,738) | (47,230) | (82,968) | ||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing demand deposits | 646 | (12,918) | (12,272) | ||||||||||||||
Savings deposits1 | (165) | (5,515) | (5,680) | ||||||||||||||
Money market deposits | 1,878 | (29,888) | (28,010) | ||||||||||||||
Certificates of deposit | (9,422) | (15,031) | (24,453) | ||||||||||||||
Total interest bearing deposits | (7,063) | (63,352) | (70,415) | ||||||||||||||
Senior Notes | (1,189) | (1,189) | (2,378) | ||||||||||||||
Other borrowings | (9,649) | (8,717) | (18,366) | ||||||||||||||
Subordinated Notes - Bank | (5,198) | 77 | (5,121) | ||||||||||||||
Subordinated Notes - Company | 6,834 | (102) | 6,732 | ||||||||||||||
Total borrowings | (9,202) | (9,931) | (19,133) | ||||||||||||||
Total interest bearing liabilities | (16,265) | (73,283) | (89,548) | ||||||||||||||
Change in tax equivalent net interest income | (19,473) | 26,053 | 6,580 | ||||||||||||||
Less tax equivalent adjustment | (803) | — | (803) | ||||||||||||||
Change in net interest income | $ | (18,670) | $ | 26,053 | $ | 7,383 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Deposit fees and service charges | $ | 7,007 | $ | 5,960 | $ | 20,666 | $ | 17,928 | |||||||||||||||
Accounts
receivable management / factoring commissions and other fees | 5,937 | 5,393 | 16,854 | 15,349 | |||||||||||||||||||
Bank owned life insurance | 5,009 | 5,363 | 14,945 | 15,331 | |||||||||||||||||||
Loan commissions and fees | 8,620 | 7,290 | 27,859 | 26,317 | |||||||||||||||||||
Investment management fees | 1,819 | 1,735 | 5,689 | 4,960 | |||||||||||||||||||
Net gain on sale of securities | 1,656 | 642 | 2,361 | 9,539 | |||||||||||||||||||
Net gain on called securities | 85 | — | 19 | 4,880 | |||||||||||||||||||
Other | 2,414 | 1,842 | 6,724 | 7,337 | |||||||||||||||||||
Total non-interest income | $ | 32,547 | $ | 28,225 | $ | 95,117 | $ | 101,641 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Compensation and benefits | $ | 57,178 | $ | 55,960 | $ | 172,218 | $ | 165,504 | |||||||||||||||
Stock-based compensation plans | 6,648 | 5,869 | 20,046 | 17,788 | |||||||||||||||||||
Occupancy and office operations | 13,967 | 14,722 | 42,357 | 44,616 | |||||||||||||||||||
Information technology | 10,214 | 8,422 | 29,201 | 23,752 | |||||||||||||||||||
Professional fees | 7,251 | 6,343 | 21,889 | 17,550 | |||||||||||||||||||
Amortization of intangible assets | 3,776 | 4,200 | 11,328 | 12,600 | |||||||||||||||||||
FDIC insurance and regulatory assessments | 2,844 | 3,332 | 8,418 | 10,176 | |||||||||||||||||||
Other real estate owned expense (“OREO”), net | 1 | 151 | (139) | 1,436 | |||||||||||||||||||
Merger-related expense | 4,581 | — | 7,062 | — | |||||||||||||||||||
Impairment related to financial centers and real estate consolidation strategy | 118 | — | 1,226 | — | |||||||||||||||||||
Loss on extinguishment of borrowings | — | 6,241 | 1,243 | 16,713 | |||||||||||||||||||
Other non-interest expense | 18,390 | 14,122 | 48,913 | 48,821 | |||||||||||||||||||
Total non-interest expense | $ | 124,968 | $ | 119,362 | $ | 363,762 | $ | 358,956 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
C&I: | |||||||||||||||||||||||
Traditional
C&I | $ | 3,342,356 | 15.6 | % | $ | 2,920,205 | 13.4 | % | |||||||||||||||
Asset-based lending | 673,679 | 3.2 | 803,004 | 3.7 | |||||||||||||||||||
Payroll finance | 166,999 | 0.8 | 159,237 | 0.7 | |||||||||||||||||||
Warehouse lending | 1,301,639 | 6.1 | 1,953,677 | 8.9 | |||||||||||||||||||
Factored receivables | 228,834 | 1.1 | 220,217 | 1.0 | |||||||||||||||||||
Equipment
financing | 1,254,846 | 5.9 | 1,531,109 | 7.0 | |||||||||||||||||||
Public sector finance | 1,825,976 | 8.6 | 1,572,819 | 7.2 | |||||||||||||||||||
Total
C&I | 8,794,329 | 41.3 | 9,160,268 | 41.9 | |||||||||||||||||||
Commercial mortgage: | |||||||||||||||||||||||
CRE | 5,941,508 | 27.9 | 5,831,990 | 26.7 | |||||||||||||||||||
Multi-family | 4,296,829 | 20.2 | 4,406,660 | 20.2 | |||||||||||||||||||
ADC | 694,443 | 3.3 | 642,943 | 2.9 | |||||||||||||||||||
Total commercial mortgage | 10,932,780 | 51.4 | 10,881,593 | 49.8 | |||||||||||||||||||
Total commercial | 19,727,109 | 92.7 | 20,041,861 | 91.7 | |||||||||||||||||||
Residential mortgage | 1,395,248 | 6.6 | 1,616,641 | 7.4 | |||||||||||||||||||
Consumer | 154,192 | 0.7 | 189,907 | 0.9 | |||||||||||||||||||
Total portfolio loans | 21,276,549 | 100.0 | % | 21,848,409 | 100.0 | % | |||||||||||||||||
ACL - loans | (309,915) | (326,100) | |||||||||||||||||||||
Total portfolio loans, net | $ | 20,966,634 | $ | 21,522,309 |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Non-accrual loans: | |||||||||||
Traditional C&I | $ | 41,447 | $ | 19,223 | |||||||
Asset-based lending | 3,790 | 5,255 | |||||||||
Payroll finance | — | 2,300 | |||||||||
Equipment financing | 21,478 | 30,634 | |||||||||
CRE | 87,014 | 46,053 | |||||||||
Multi-family | 327 | 4,485 | |||||||||
ADC | 22,500 | 30,000 | |||||||||
Residential mortgage | 16,976 | 18,661 | |||||||||
Consumer | 8,550 | 10,278 | |||||||||
Total non-accrual loans | 202,082 | 166,889 | |||||||||
Accruing loans past due 90 days or more | 3,371 | 170 | |||||||||
Total NPLs | 205,453 | 167,059 | |||||||||
OREO | 816 | 5,347 | |||||||||
Total NPAs | $ | 206,269 | $ | 172,406 | |||||||
TDRs accruing and not included above | $ | 21,376 | $ | 37,492 | |||||||
Ratios: | |||||||||||
NPLs to total loans | 0.97 | % | 0.76 | % | |||||||
NPAs to total assets | 0.69 | 0.58 |
Loan balance outstanding | Deferral of principal and interest | % | ||||||||||||||||||||||||
Traditional C&I | $ | 3,342,356 | $ | — | — | % | ||||||||||||||||||||
Asset-based lending | 673,679 | — | — | |||||||||||||||||||||||
Payroll finance | 166,999 | — | — | |||||||||||||||||||||||
Warehouse lending | 1,301,639 | — | — | |||||||||||||||||||||||
Factored receivables | 228,834 | — | — | |||||||||||||||||||||||
Equipment finance | 1,254,846 | 728 | 0.1 | |||||||||||||||||||||||
Public sector finance | 1,825,976 | — | — | |||||||||||||||||||||||
Commercial real estate | 5,941,508 | 32,365 | 0.5 | |||||||||||||||||||||||
Multi-family | 4,296,829 | — | — | |||||||||||||||||||||||
ADC | 694,443 | — | — | |||||||||||||||||||||||
Residential mortgage | 1,395,248 | 39,944 | 2.9 | |||||||||||||||||||||||
Consumer | 154,192 | 2,961 | 1.9 | |||||||||||||||||||||||
Total Portfolio loans | $ | 21,276,549 | $ | 75,998 | 0.4 | % |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses | Loan balance | % of ACL to loan balance | Allowance for loan losses | Loan balance | % of ACL to loan balance | ||||||||||||||||||||||||||||||
Traditional C&I | $ | 61,483 | $ | 3,342,356 | 1.84 | % | $ | 42,670 | $ | 2,920,205 | 1.46 | % | |||||||||||||||||||||||
Asset-based lending | 10,051 | 673,679 | 1.49 | 12,762 | 803,004 | 1.59 | |||||||||||||||||||||||||||||
Payroll finance | 1,691 | 166,999 | 1.01 | 1,957 | 159,237 | 1.23 | |||||||||||||||||||||||||||||
Warehouse lending | 1,150 | 1,301,639 | 0.09 | 1,724 | 1,953,677 | 0.09 | |||||||||||||||||||||||||||||
Factored receivables | 3,145 | 228,834 | 1.37 | 2,904 | 220,217 | 1.32 | |||||||||||||||||||||||||||||
Equipment financing | 25,474 | 1,254,846 | 2.03 | 31,794 | 1,531,109 | 2.08 | |||||||||||||||||||||||||||||
Public sector finance | 5,534 | 1,825,976 | 0.30 | 4,516 | 1,572,819 | 0.29 | |||||||||||||||||||||||||||||
CRE | 147,604 | 5,941,508 | 2.48 | 155,313 | 5,831,990 | 2.66 | |||||||||||||||||||||||||||||
Multi-family | 29,379 | 4,296,829 | 0.68 | 33,320 | 4,406,660 | 0.76 | |||||||||||||||||||||||||||||
ADC | 10,380 | 694,443 | 1.49 | 17,927 | 642,943 | 2.79 | |||||||||||||||||||||||||||||
Residential mortgage | 10,874 | 1,395,248 | 0.78 | 16,529 | 1,616,641 | 1.02 | |||||||||||||||||||||||||||||
Consumer | 3,150 | 154,192 | 2.04 | 4,684 | 189,907 | 2.47 | |||||||||||||||||||||||||||||
Total | $ | 309,915 | $ | 21,276,549 | 1.46 | $ | 326,100 | $ | 21,848,409 | 1.49 |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Low income housing tax credit investments | $ | 527,953 | $ | 488,303 | |||||||
Right of use asset for operating leases | 94,647 | 105,667 | |||||||||
Fair value of swaps | 94,524 | 149,797 | |||||||||
Cash on deposit as swap collateral net of settlement | 55,774 | 82,478 | |||||||||
Operating leases - equipment and vehicles leased to others | 43,052 | 55,224 | |||||||||
Other assets | 172,751 | 181,934 | |||||||||
$ | 988,701 | $ | 1,063,403 |
September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
The following table shows the reconciliation of pretax pre-provision net revenue to adjusted pretax pre-provision net revenue(1): | |||||||||||||||||||||||
Net interest income | $ | 213,837 | $ | 217,824 | |||||||||||||||||||
Non-interest income | 32,547 | 28,225 | |||||||||||||||||||||
Total net interest income and non-interest income | 246,384 | 246,049 | |||||||||||||||||||||
Non-interest expense | 124,968 | 119,362 | |||||||||||||||||||||
Pretax pre-provision net revenue | 121,416 | 126,687 | |||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net (gain) on sale of securities | (1,656) | (642) | |||||||||||||||||||||
Litigation accrual | 2,000 | — | |||||||||||||||||||||
Loss on sale of mortgage servicing rights | 324 | — | |||||||||||||||||||||
Loss on extinguishment of debt | — | 6,241 | |||||||||||||||||||||
Impairment related to financial centers and real estate consolidation strategy | 118 | — | |||||||||||||||||||||
Merger-related expense | 4,581 | — | |||||||||||||||||||||
Amortization of non-compete agreements and acquired customer list intangible assets | 148 | 172 | |||||||||||||||||||||
Adjusted pretax pre-provision net revenue including accretion income | 126,931 | 132,458 | |||||||||||||||||||||
Accretion income | (6,197) | (9,172) | |||||||||||||||||||||
Adjusted pretax pre-provision net revenue excluding accretion income | $ | 120,734 | $ | 123,286 | |||||||||||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
The following table shows the reconciliation of stockholders’ equity to tangible common equity and the tangible common equity ratio 2: | |||||||||||
Total assets | $ | 30,028,425 | $ | 30,617,722 | |||||||
Goodwill and other intangibles | (1,765,718) | (1,781,246) | |||||||||
Tangible assets | 28,262,707 | 28,836,476 | |||||||||
Stockholders’ equity | 4,797,629 | 4,557,785 | |||||||||
Preferred stock | (135,986) | (136,917) | |||||||||
Goodwill and other intangibles | (1,765,718) | (1,781,246) | |||||||||
Tangible common stockholders’ equity | 2,895,925 | 2,639,622 | |||||||||
Common stock outstanding at period end | 192,681,503 | 194,458,841 | |||||||||
Common stockholders’ equity as a % of total assets | 15.52 | % | 14.44 | % | |||||||
Book value per common share | $ | 24.19 | $ | 22.73 | |||||||
Tangible common equity as a % of tangible assets | 10.25 | % | 9.15 | % | |||||||
Tangible book value per common share | $ | 15.03 | $ | 13.57 | |||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
The following table shows the reconciliation of reported return on average tangible assets and adjusted return on average tangible assets 3: | |||||||||||||||||||||||
Average assets | $ | 29,147,332 | $ | 30,652,856 | $ | 29,372,043 | $ | 30,623,508 | |||||||||||||||
Average goodwill and other intangibles | (1,768,209) | (1,784,016) | (1,771,948) | (1,788,190) | |||||||||||||||||||
Average tangible assets | 27,379,123 | 28,868,840 | 27,600,095 | 28,835,318 | |||||||||||||||||||
Net income available to common stockholders | 93,715 | 82,438 | 287,282 | 143,429 | |||||||||||||||||||
Net income, if annualized | 371,804 | 327,960 | 384,095 | 191,588 | |||||||||||||||||||
Reported return on average tangible assets | 1.36 | % | 1.14 | % | 1.39 | % | 0.66 | % | |||||||||||||||
Adjusted net income (non-GAAP) | $ | 99,589 | $ | 87,682 | $ | 295,178 | $ | 141,418 | |||||||||||||||
Annualized adjusted net income | 395,109 | 348,822 | 394,652 | 188,902 | |||||||||||||||||||
Adjusted return on average tangible assets (non-GAAP) | 1.44 | % | 1.21 | % | 1.43 | % | 0.66 | % | |||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
The following table shows the reconciliation of reported net income and reported EPS (GAAP) to adjusted net income available to common stockholders (non-GAAP) and adjusted diluted EPS (non-GAAP)4: | |||||||||||||||||||||||
Income before income tax expense | $ | 121,416 | $ | 96,687 | $ | 366,383 | $ | 160,694 | |||||||||||||||
Income tax expense (benefit) | 25,745 | 12,280 | 73,223 | 11,348 | |||||||||||||||||||
Net income (GAAP) | 95,671 | 84,407 | 293,160 | 149,346 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Net (gain) on sale of securities | (1,656) | (642) | (2,361) | (9,539) | |||||||||||||||||||
Accrual for legal settlements | 2,000 | — | 2,000 | — | |||||||||||||||||||
Loss on sale of mortgage servicing rights | 324 | — | 324 | — | |||||||||||||||||||
Impairment related to financial centers and real estate consolidation strategy | 118 | — | 1,226 | — | |||||||||||||||||||
Net loss on extinguishment of borrowings | — | 6,241 | 1,243 | 16,713 | |||||||||||||||||||
Merger-related expense | 4,581 | — | 7,062 | — | |||||||||||||||||||
Amortization of non-compete agreements and acquired customer lists | 148 | 172 | 443 | 515 | |||||||||||||||||||
Total pre-tax adjustments | 5,515 | 5,771 | 9,937 | 7,689 | |||||||||||||||||||
Adjusted pre-tax income | 126,931 | 102,458 | 376,320 | 168,383 | |||||||||||||||||||
Adjusted income tax expense | 25,386 | 12,807 | 75,264 | 21,048 | |||||||||||||||||||
Adjusted net income (non-GAAP) | 101,545 | 89,651 | 301,056 | 147,335 | |||||||||||||||||||
Preferred stock dividend | 1,956 | 1,969 | 5,878 | 5,917 | |||||||||||||||||||
Adjusted net income available to common stockholders (non-GAAP) | $ | 99,589 | $ | 87,682 | $ | 295,178 | $ | 141,418 | |||||||||||||||
Weighted average diluted shares | 192,340,487 | 193,715,943 | 192,417,008 | 194,677,020 | |||||||||||||||||||
Diluted EPS as reported (GAAP) | $ | 0.49 | $ | 0.43 | $ | 1.49 | $ | 0.74 | |||||||||||||||
Adjusted diluted EPS (non-GAAP) | 0.52 | 0.45 | 1.53 | 0.73 | |||||||||||||||||||
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
The following table shows the reconciliation of reported return on average tangible common stockholders’ equity and adjusted return on average tangible common stockholders’ equity 5: | |||||||||||||||||||||||
Average stockholders’ equity | $ | 4,768,712 | $ | 4,530,334 | $ | 4,685,920 | $ | 4,500,534 | |||||||||||||||
Average preferred stock | (136,221) | (137,139) | (136,453) | (137,359) | |||||||||||||||||||
Average goodwill and other intangibles | (1,768,209) | (1,784,016) | (1,771,948) | (1,788,190) | |||||||||||||||||||
Average tangible common stockholders’ equity | 2,864,282 | 2,609,179 | 2,777,519 | 2,574,985 | |||||||||||||||||||
Net income available to common stockholders | 93,715 | 82,438 | 287,282 | 143,429 | |||||||||||||||||||
Net income, if annualized | 371,804 | 327,960 | 384,095 | 191,588 | |||||||||||||||||||
Reported return on average tangible common stockholders’ equity | 12.98 | % | 12.57 | % | 13.83 | % | 7.44 | % | |||||||||||||||
Adjusted net income (non-GAAP) | $ | 99,589 | $ | 87,682 | $ | 295,178 | $ | 141,418 | |||||||||||||||
Annualized adjusted net income | 395,109 | 348,822 | 394,652 | 188,902 | |||||||||||||||||||
Adjusted return on average tangible common stockholders’ equity (non-GAAP) | 13.79 | % | 13.37 | % | 14.21 | % | 7.34 | % | |||||||||||||||
See legend beginning below. |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
The following table shows the reconciliation of the reported operating efficiency ratio and adjusted operating efficiency ratio6: | |||||||||||||||||||||||
Net interest income | $ | 213,837 | $ | 217,824 | $ | 650,278 | $ | 642,895 | |||||||||||||||
Non-interest income | 32,547 | 28,225 | 95,117 | 101,641 | |||||||||||||||||||
Total revenue | 246,384 | 246,049 | 745,395 | 744,536 | |||||||||||||||||||
Tax equivalent adjustment on securities | 3,085 | 3,258 | 9,321 | 10,124 | |||||||||||||||||||
Net loss (gain) on sale of securities | (1,656) | (642) | (2,361) | (9,539) | |||||||||||||||||||
Depreciation of operating leases | (2,846) | (3,130) | (8,888) | (9,758) | |||||||||||||||||||
Adjusted total revenue (non-GAAP) | 244,967 | 245,535 | 743,467 | 735,363 | |||||||||||||||||||
Non-interest expense | 124,968 | 119,362 | 363,762 | 358,956 | |||||||||||||||||||
Impairment related to financial centers and real estate consolidation strategy | (118) | — | (1,226) | — | |||||||||||||||||||
Net loss on extinguishment of borrowings | — | (6,241) | (1,243) | (16,713) | |||||||||||||||||||
Accrual for legal settlements | (2,000) | — | (2,000) | — | |||||||||||||||||||
Loss on sale of mortgage servicing rights | (324) | — | (324) | — | |||||||||||||||||||
Merger-related expense | (4,581) | — | (7,062) | — | |||||||||||||||||||
Depreciation of operating leases | (2,846) | (3,130) | (8,888) | (9,758) | |||||||||||||||||||
Amortization of intangible assets | (3,776) | (4,200) | (11,328) | (12,600) | |||||||||||||||||||
Adjusted non-interest expense (non-GAAP) | $ | 111,323 | $ | 105,791 | $ | 331,691 | $ | 319,885 | |||||||||||||||
Reported operating efficiency ratio (non-GAAP) | 50.7 | % | 48.5 | % | 48.8 | % | 48.2 | % | |||||||||||||||
Adjusted operating efficiency ratio (non-GAAP) | 45.4 | 43.1 | 44.6 | 43.5 | |||||||||||||||||||
_______________ | |||||||||||||||||||||||
See legend beginning below. |
Interest rates | Estimated | Estimated change in EVE | Estimated | Estimated change in NII | ||||||||||||||||||||||||||||||||||
(basis points) | EVE | Amount | Percent | NII | Amount | Percent | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
+300 | $ | 5,400,890 | $ | 520,038 | 10.7 | % | $ | 1,078,413 | $ | 204,227 | 23.4 | % | ||||||||||||||||||||||||||
+200 | 5,339,799 | 458,947 | 9.4 | 1,011,114 | 136,928 | 15.7 | ||||||||||||||||||||||||||||||||
+100 | 5,163,755 | 282,903 | 5.8 | 940,433 | 66,247 | 7.6 | ||||||||||||||||||||||||||||||||
0 | 4,880,852 | — | — | 874,186 | — | — | ||||||||||||||||||||||||||||||||
-100 | 4,329,970 | (550,882) | (11.3) | 807,909 | (66,277) | (7.6) | ||||||||||||||||||||||||||||||||
Exhibit Number | Description | |||||||
2.1 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.0 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
Date: | October 29, 2021 | By: | /s/ Jack Kopnisky | |||||||||||
Jack Kopnisky | ||||||||||||||
President, Chief Executive Officer and Director | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | October 29, 2021 | By: | /s/ Beatrice Ordonez | |||||||||||
Beatrice Ordonez | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/24 | ||||
12/31/22 | ||||
4/18/22 | ||||
1/1/22 | ||||
12/31/21 | ||||
11/28/21 | ||||
11/15/21 | ||||
11/1/21 | ||||
Filed on: | 10/29/21 | |||
10/28/21 | 4 | |||
10/20/21 | 8-K | |||
10/15/21 | ||||
For Period end: | 9/30/21 | |||
9/18/21 | ||||
7/30/21 | 10-Q | |||
6/30/21 | 10-Q | |||
5/26/21 | 8-K, DEF 14A | |||
4/30/21 | 10-Q | |||
4/19/21 | 3, 425, 8-K, DEFA14A | |||
4/18/21 | 8-K | |||
4/1/21 | ||||
3/31/21 | 10-Q, 4 | |||
2/26/21 | 10-K | |||
1/1/21 | ||||
12/31/20 | 10-K, 11-K, 5 | |||
9/30/20 | 10-Q | |||
6/30/20 | 10-Q, 11-K | |||
4/7/20 | ||||
3/31/20 | 10-Q | |||
3/27/20 | 4 | |||
3/12/20 | 4 | |||
3/1/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, 5, 5/A | |||
12/31/17 | 10-K, 11-K, 5, NT 11-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 12/09/21 Sterling Bancorp S-8 12/09/21 3:71K Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/22/21 Sterling Bancorp 8-K:1,9 4/18/21 12:971K Toppan Merrill/FA 11/02/18 Sterling Bancorp 10-Q 9/30/18 107:23M 11/03/17 Sterling Bancorp 10-Q 9/30/17 110:22M 10/02/17 Sterling Bancorp 8-K:2,3,5,8 9/26/17 7:705K Toppan Merrill/FA 9/28/17 Sterling Bancorp 8-A12B 2:50K Toppan Merrill/FA 5/24/17 Sterling Bancorp 8-K:5,9 5/23/17 2:116K Toppan Vite NY Inc./FA 4/05/17 Sterling Bancorp S-4 12:5.5M Toppan Vite NY Inc./FA 11/01/13 Sterling Bancorp 8-K:2,5,8,910/31/13 10:998K Toppan Merrill/FA |