U.S. Markets closed

Bank of Hawaii Corporation Third Quarter 2018 Financial Results

HONOLULU--(BUSINESS WIRE)--

  • Diluted Earnings Per Share $1.36
  • Net Income $56.9 Million
  • Board of Directors Declares Dividend of $0.62 Per Share

Bank of Hawaii Corporation (BOH) today reported diluted earnings per share of $1.36 for the third quarter of 2018, up from $1.30 in the second quarter of 2018 and $1.08 in the third quarter of 2017. Net income for the third quarter of 2018 was $56.9 million, an increase of $2.2 million from net income of $54.7 million in the previous quarter and an increase of $11.0 million from net income of $45.9 million in the same quarter last year.

Loan and lease balances increased to $10.2 billion at September 30, 2018, up 1.8 percent from June 30, 2018 and up 6.9 percent compared with September 30, 2017. Deposits were $14.8 billion at the end of the third quarter of 2018, down slightly due to the planned decline in public deposits.

“We were pleased with Bank of Hawaii’s financial results during the third quarter of 2018,” said Peter S. Ho, Chairman, President, and CEO. “Loan balances continue to grow, deposits were in line with our expectations, our margin increased, asset quality remains strong, and our expenses were well controlled.”

The return on average assets for the third quarter of 2018 was 1.33 percent, up from 1.30 percent in the previous quarter and 1.07 percent in the same quarter last year. The return on average equity for the third quarter of 2018 was 18.06 percent, up from 17.68 percent for the second quarter of 2018 and up from 14.89 percent in the third quarter of 2017. The efficiency ratio for the third quarter of 2018 was 55.07 percent down from 56.12 percent in the previous quarter and 55.82 percent in the same quarter last year.

For the nine-month period ended September 30, 2018, net income was $165.7 million, an increase of $24.0 million from net income of $141.7 million for the same period last year. Diluted earnings per share were $3.93 for the nine-month period in 2018 compared with diluted earnings per share of $3.32 for the same period in 2017. The 2018 year-to-date return on average assets was 1.31 percent compared with 1.14 percent for the same period in 2017. The 2018 year-to-date return on average equity was 17.83 percent compared with 15.77 percent for the nine months ended September 30, 2017. The efficiency ratio for the nine-month period ended September 30, 2018 was 56.36 percent compared with 55.05 percent for the same period last year.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2018 was $124.2 million, an increase of $2.4 million from net interest income of $121.8 million in the second quarter of 2018 and an increase of $5.0 million from net interest income of $119.2 million in the third quarter of last year. Net interest income for the nine-month period in 2018 was $366.3 million, an increase of $18.8 million from net interest income of $347.5 million for the same period in 2017. Analyses of the changes in net interest income are included in Tables 8a, 8b, and 8c.

The net interest margin was 3.07 percent for the third quarter of 2018, an increase of 3 basis points from the net interest margin of 3.04 percent in the second quarter of 2018 and a 15 basis point increase from the net interest margin of 2.92 percent in the third quarter of 2017. The net interest margin for the first nine months of 2018 was 3.04 percent, an increase of 13 basis points compared with 2.91 percent for the same nine-month period last year.

Results for the third quarter of 2018 included a provision for credit losses of $3.8 million compared with a provision for credit losses of $3.5 million in the previous quarter and $4.0 million in the same quarter last year. The provision for credit losses during the first nine months of 2018 was $11.4 million compared with $12.7 million during the same period in 2017.

Noninterest income was $41.5 million in the third quarter of 2018, up $0.2 million from noninterest income of $41.3 million in the second quarter of 2018 and down $0.9 million from $42.4 million in the same quarter last year. There were no significant items in noninterest income during the third quarters of 2018 or 2017. Noninterest income during the second quarter of 2018 included a negative adjustment of $1.0 million related to a change in the Visa Class B conversion ratio. The decline in noninterest income compared to the third quarter of 2017 was largely due to a decline in mortgage banking income. Noninterest income for the nine-months ended September 30, 2018 was $126.8 million compared with noninterest income of $143.6 million for the same period in 2017. Results for the nine-month period in 2017 included a gain of $12.5 million on the sale of Visa Class B shares compared with a charge of $1.0 million for the adjustment to the conversions ratio in 2018. Excluding the Visa sale, the decrease from the previous year was primarily due to a decline in mortgage banking income.

Noninterest expense was $90.5 million in the third quarter of 2018, down $0.3 million from noninterest expense of $90.8 million in the previous quarter and up $1.9 million from $88.6 million in the same quarter last year. There were no significant items in noninterest expense during the third quarter or second quarter of 2018. Noninterest expense in the third quarter of 2017 included $2.1 million in severance which was partially offset by a reduction of $0.9 million in share-based compensation. Noninterest expense for the nine-months ended September 30, 2018 was $275.7 million compared with noninterest expense of $265.4 million for the same period in 2017. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the third quarter of 2018 was 18.75 percent compared with 18.94 percent in the previous quarter and 30.62 percent during the same quarter last year. The effective tax rate for the nine-month period ended September 30, 2018 was 18.00 percent compared with 30.54 percent for the same period last year. The lower effective tax rate in 2018 was primarily due to the reduction in the federal corporate tax rate from 35 percent to 21 percent as a result of the Tax Cuts and Jobs Act.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services and Private Banking, and Treasury and Other. Results are determined based on the Company’s internal financial management reporting process and organizational structure. Selected financial information for the business segments is included in Tables 13a and 13b.

Asset Quality

The Company’s overall asset quality remained strong during the third quarter of 2018. Total non-performing assets were $13.8 million at September 30, 2018, down from $15.2 million at June 30, 2018 and $17.0 million at September 30, 2017. As a percentage of total loans and leases and foreclosed real estate, non-performing assets were 0.13 percent at September 30, 2018 compared with 0.15 percent at June 30, 2018 and 0.18 percent at September 30, 2017.

Accruing loans and leases past due 90 days or more were $8.1 million at September 30, 2018 compared with $13.3 million at June 30, 2018 and $6.7 million at September 30, 2017. Restructured loans and leases not included in non-accrual loans or accruing loans past due 90 days or more were $49.5 million at September 30, 2018, down from $50.2 million at June 30, 2018 and $55.0 million at September 30, 2017. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loans and leases charged off during the third quarter of 2018 were $3.3 million or 0.13 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $6.0 million during the quarter were partially offset by recoveries of $2.7 million. Net charge-offs during the second quarter of 2018 were $3.3 million or 0.13 percent annualized of total average loans and leases outstanding and were comprised of $5.7 million in charge-offs partially offset by recoveries of $2.4 million. Net charge-offs during the third quarter of 2017 were $3.5 million or 0.15 percent annualized of total average loans and leases outstanding and were comprised of $6.2 million in charge-offs partially offset by recoveries of $2.7 million. Net charge-offs in the nine-month period ended September 30, 2018 were $10.1 million, or 0.14 percent annualized of total average loans and leases outstanding compared with net charge-offs of $10.0 million, or 0.15 percent annualized of total average loans and leases outstanding for the same period in 2017.

The allowance for loan and lease losses increased to $108.7 million at September 30, 2018 compared with $108.2 million at June 30, 2018 and $106.9 million at September 30, 2017. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.06 percent at September 30, 2018, a decrease of 2 basis points from the previous quarter and down 6 basis points from the end of the same quarter last year. The reserve for unfunded commitments at September 30, 2018 of $6.8 million was unchanged from June 30, 2018 and September 30, 2017. Details of loan and lease charge-offs, recoveries and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets were $17.0 billion at September 30, 2018, a decrease of $132.4 million from total assets of $17.1 billion at June 30, 2018 and $276.6 million from total assets of $17.3 billion at September 30, 2017. Average total assets were $17.0 billion during the third quarter of 2018 compared with $16.9 billion during the previous quarter and $17.0 billion during the same quarter last year.

The investment securities portfolio was $5.7 billion at September 30, 2018, an increase of $25.4 million from total securities of $5.7 billion at June 30, 2018 and a decrease of $569.1 million from total securities of $6.3 billion at September 30, 2017. The portfolio remains largely comprised of securities issued by U. S. government agencies and included $3.7 billion in securities held to maturity and $2.0 billion in securities available for sale at September 30, 2018.

Total loans and leases were $10.2 billion at September 30, 2018, an increase of $177.7 million from total loans and leases of $10.1 billion at June 30, 2018 and $657.1 million from total loans and leases of $9.6 billion at September 30, 2017. Average total loans and leases were $10.1 billion during the third quarter of 2018 compared with $10.0 billion during the previous quarter and $9.5 billion during the same quarter last year. The commercial loan portfolio increased to $3.9 billion at the end of the third quarter of 2018, up from $3.8 billion at the end of the previous quarter and $3.7 billion at the end of the third quarter last year. Total consumer loans increased to $6.3 billion at the end of the third quarter of 2018, up from $6.2 billion at the end of the previous quarter and $5.8 billion at the end of the third quarter last year. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $14.8 billion at September 30, 2018, a decrease of $100.0 million from total deposits of $14.9 billion at June 30, 2018 and $204.8 million from total deposits of $15.0 billion at September 30, 2017. Average total deposits were $14.8 billion during the third quarter of 2018 compared with $14.7 billion during the previous quarter and the same quarter last year. Consumer deposits were $7.6 billion at the end of the third quarter of 2018, down from $7.7 billion at the end of the previous quarter and up from $7.3 billion at the end of the same quarter last year. Commercial deposits were $6.0 billion at the end of the third quarter of 2018, up from $5.9 billion at the end of the previous quarter and down from $6.1 billion at the end of the same quarter last year. Other deposits, including public funds, were $1.2 billion at September 30, 2018, down from $1.3 billion at June 30, 2018 and $1.7 billion at September 30, 2017. Deposit balances are summarized in Tables 7 and 10.

During the third quarter of 2018, the Company repurchased 296.5 thousand shares of common stock at a total cost of $24.6 million under its share repurchase program. The average cost was $83.04 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through September 30, 2018, the Company has repurchased 54.9 million shares and returned over $2.1 billion to shareholders at an average cost of $38.92 per share. Remaining buyback authority under the share repurchase program was $56.7 million at September 30, 2018. From October 1 through October 19, 2018 the Company repurchased an additional 72.0 thousand shares of common stock at an average cost of $78.79 per share.

Total shareholders’ equity was $1.25 billion at September 30, 2018 up slightly from June 30, 2018 and up from $1.23 billion at September 30, 2017. The Tier 1 Capital Ratio was 13.19 percent at September 30, 2018 compared with 13.27 percent at June 30, 2018 and September 30, 2017. The Tier 1 leverage ratio at September 30, 2018 was 7.55 percent compared with 7.53 percent at June 30, 2018 and 7.24 percent at September 30, 2017.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.62 per share on the Company’s outstanding shares. The dividend will be payable on December 14, 2018 to shareholders of record at the close of business on November 30, 2018.

Hawaii Economy

General economic conditions in Hawaii remained positive during the third quarter of 2018. The statewide seasonally-adjusted unemployment rate continues to remain low at 2.2 percent in September 2018 compared to 3.7 percent nationally. Tourism continued to remain robust through the first eight months of 2018. Total visitor spending increased 8.8 percent compared to the same eight-month period in 2017 due to growth of 7.2 percent in visitor arrivals and an increase of 2.2 percent in daily spending. All four larger Hawaiian Islands saw growth in both visitor spending and visitor arrivals during the first eight months of 2018. The real estate market also remains strong. For the first nine months of 2018, the median sales price of a single-family home on Oahu increased 4.2 percent and the median price of a condominium on Oahu increased 5.5 percent compared with the same period in 2017. The volume of single-family home sales on Oahu decreased 3.7 percent and the volume of condominium sales on Oahu decreased 0.1 percent for the first nine months of 2018 compared to the same nine-month period in 2017. As of September 30, 2018, months of inventory of single-family homes and condominiums on Oahu were 2.8 months and 2.9 months, respectively. More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its third quarter 2018 financial results today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time). The call will be accessible via teleconference and via the investor relations link of Bank of Hawaii Corporation's website, www.boh.com. The toll-free number is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the password “Bank of Hawaii” to access the call. A replay will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, October 22, 2018. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the pass code 2175919 when prompted. In addition, a replay will be available on the Company's website, www.boh.com.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements", such as forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the U.S. Securities and Exchange Commission. We have not committed to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii, American Samoa, and the West Pacific. The Company's principal subsidiary, Bank of Hawaii, was founded in 1897. For more information about Bank of Hawaii Corporation, see the Company’s web site, www.boh.com.

       
Bank of Hawaii Corporation and Subsidiaries
Financial Highlights     Table 1
    Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
(dollars in thousands, except per share amounts)       2018       2018       2017       2018       2017

For the Period:

Operating Results
Net Interest Income $ 122,927 $ 120,496 $ 116,317 $ 362,379 $ 338,468
Provision for Credit Losses 3,800 3,500 4,000 11,425 12,650
Total Noninterest Income 41,482 41,298 42,410 126,815 143,562
Total Noninterest Expense 90,538 90,791 88,598 275,713 265,355
Net Income 56,933 54,718 45,881 165,691 141,719
Basic Earnings Per Share 1.37 1.31 1.09 3.96 3.35
Diluted Earnings Per Share 1.36 1.30 1.08 3.93 3.32
Dividends Declared Per Share 0.60 0.60 0.52 1.72 1.52
 
Performance Ratios
Return on Average Assets 1.33 % 1.30 % 1.07 % 1.31 % 1.14 %
Return on Average Shareholders' Equity 18.06 17.68 14.89 17.83 15.77
Efficiency Ratio 1 55.07 56.12 55.82 56.36 55.05
Net Interest Margin 2 3.07 3.04 2.92 3.04 2.91
Dividend Payout Ratio 3 43.80 45.80 47.71 43.43 45.37
Average Shareholders' Equity to Average Assets 7.35 7.34 7.21 7.32 7.22
 
Average Balances
Average Loans and Leases $ 10,081,886 $ 9,962,860 $ 9,451,972 $ 9,950,518 $ 9,231,615
Average Assets 17,015,340 16,921,820 16,972,202 16,965,075 16,636,213
Average Deposits 14,820,480 14,709,299 14,727,469 14,750,382 14,401,698
Average Shareholders' Equity 1,250,500 1,241,672 1,222,885 1,242,629 1,201,850
 
Per Share of Common Stock
Book Value $ 29.98 $ 29.65 $ 28.88 $ 29.98 $ 28.88
Tangible Book Value 29.22 28.90 28.14 29.22 28.14
Market Value
Closing 78.91 83.42 83.36 78.91 83.36
High 86.53 88.92 86.19 89.09 90.80
Low 78.30 80.20 74.72 78.30 74.72
 
September 30, June 30, December 31, September 30,
              2018       2018       2017       2017

As of Period End:

Balance Sheet Totals
Loans and Leases $ 10,231,062 $ 10,053,323 $ 9,796,947 $ 9,573,956
Total Assets 16,991,734 17,124,162 17,089,052 17,268,302
Total Deposits 14,843,335 14,943,358 14,883,968 15,048,160
Other Debt 185,662 235,681 260,716 267,887
Total Shareholders' Equity 1,253,327 1,247,717 1,231,868 1,227,893
 
Asset Quality
Non-Performing Assets $ 13,798 $ 15,157 $ 16,120 $ 17,035
Allowance for Loan and Lease Losses 108,690 108,188 107,346 106,881
Allowance to Loans and Leases Outstanding 1.06 % 1.08 % 1.10 % 1.12 %
 
Capital Ratios
Common Equity Tier 1 Capital Ratio 13.19 % 13.27 % 13.24 % 13.27 %
Tier 1 Capital Ratio 13.19 13.27 13.24 13.27
Total Capital Ratio 14.38 14.47 14.46 14.51
Tier 1 Leverage Ratio 7.55 7.53 7.26 7.24
Total Shareholders' Equity to Total Assets 7.38 7.29 7.21 7.11
Tangible Common Equity to Tangible Assets 4 7.20 7.12 7.04 6.94
Tangible Common Equity to Risk-Weighted Assets 4 12.55 12.68 12.84 12.96
 
Non-Financial Data
Full-Time Equivalent Employees 2,143 2,173 2,132 2,120
Branches 69 69 69 69
ATMs 382 385 387 388
 

1

Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

2

Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

3

Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.

4

Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 “Reconciliation of Non-GAAP Financial Measures."

 
         
Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures   Table 2
September 30, June 30, December 31, September 30,
(dollars in thousands)     2018   2018   2017   2017
 
Total Shareholders' Equity $ 1,253,327 $ 1,247,717 $ 1,231,868 $ 1,227,893
Less: Goodwill       31,517       31,517       31,517       31,517  
Tangible Common Equity     $ 1,221,810     $ 1,216,200     $ 1,200,351     $ 1,196,376  
 
Total Assets $ 16,991,734 $ 17,124,162 $ 17,089,052 $ 17,268,302
Less: Goodwill       31,517       31,517       31,517       31,517  
Tangible Assets     $ 16,960,217     $ 17,092,645     $ 17,057,535     $ 17,236,785  
 

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements

$ 9,732,618 $ 9,593,242 $ 9,348,296 $ 9,234,050
 
Total Shareholders' Equity to Total Assets 7.38 % 7.29 % 7.21 % 7.11 %
Tangible Common Equity to Tangible Assets (Non-GAAP) 7.20 % 7.12 % 7.04 % 6.94 %
 
Tier 1 Capital Ratio 13.19 % 13.27 % 13.24 % 13.27 %
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 12.55 % 12.68 % 12.84 % 12.96 %
 
 
Note: Risk-Weighted Assets as of September 30, 2017 was revised from $9,233,969.
 
         
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income     Table 3
    Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
(dollars in thousands, except per share amounts)     2018   2018   2017     2018   2017
Interest Income
Interest and Fees on Loans and Leases $ 104,248 $ 101,311 $ 94,621 $ 303,193 $ 273,467
Income on Investment Securities
Available-for-Sale 12,588 12,380 11,987 37,109 34,906
Held-to-Maturity 20,821 20,711 20,334 62,828 59,958
Deposits 10 (4 ) 5 24 12
Funds Sold 1,393 846 1,579 2,996 3,165
Other       364       341       235         1,005       673
Total Interest Income       139,424       135,585       128,761         407,155       372,181
Interest Expense
Deposits 10,931 9,459 6,663 27,971 15,352
Securities Sold Under Agreements to Repurchase 4,667 4,617 4,664 13,848 14,928
Funds Purchased 33 83 - 169 42
Short-Term Borrowings 28 13 - 57 64
Other Debt       838       917       1,117         2,731       3,327
Total Interest Expense       16,497       15,089       12,444         44,776       33,713
Net Interest Income 122,927 120,496 116,317 362,379 338,468
Provision for Credit Losses       3,800       3,500       4,000         11,425       12,650
Net Interest Income After Provision for Credit Losses       119,127       116,996       112,317         350,954       325,818
Noninterest Income
Trust and Asset Management 10,782 11,356 11,050 33,319 34,325
Mortgage Banking 1,965 2,179 3,237 6,289 10,356
Service Charges on Deposit Accounts 7,255 6,865 8,188 21,249 24,522
Fees, Exchange, and Other Service Charges 14,173 14,400 13,764 42,906 41,061
Investment Securities Gains (Losses), Net (729 ) (1,702 ) (566 ) (3,097 ) 11,047
Annuity and Insurance 1,360 1,847 1,429 4,413 5,585
Bank-Owned Life Insurance 1,620 1,796 1,861 5,258 4,908
Other       5,056       4,557       3,447         16,478       11,758
Total Noninterest Income       41,482       41,298       42,410         126,815       143,562
Noninterest Expense
Salaries and Benefits 51,782 52,148 51,190 158,352 152,031
Net Occupancy 8,702 8,588 7,727 25,824 24,026
Net Equipment 6,116 5,845 5,417 17,488 16,624
Data Processing 4,241 4,563 3,882 12,695 11,173
Professional Fees 2,206 2,546 3,044 7,525 8,415
FDIC Insurance 2,057 2,182 2,107 6,396 6,413
Other       15,434       14,919       15,231         47,433       46,673
Total Noninterest Expense       90,538       90,791       88,598         275,713       265,355
Income Before Provision for Income Taxes 70,071 67,503 66,129 202,056 204,025
Provision for Income Taxes       13,138       12,785       20,248         36,365       62,306
Net Income     $ 56,933     $ 54,718     $ 45,881       $ 165,691     $ 141,719
Basic Earnings Per Share $ 1.37 $ 1.31 $ 1.09 $ 3.96 $ 3.35
Diluted Earnings Per Share $ 1.36 $ 1.30 $ 1.08 $ 3.93 $ 3.32
Dividends Declared Per Share $ 0.60 $ 0.60 $ 0.52 $ 1.72 $ 1.52
Basic Weighted Average Shares 41,620,776 41,884,221 42,251,541 41,846,080 42,336,441
Diluted Weighted Average Shares       41,899,401       42,152,200       42,565,364         42,133,776       42,662,163
 
Note: Certain prior period information has been reclassified to conform to current presentation.
 
             
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income     Table 4
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
(dollars in thousands)     2018   2018   2017     2018   2017
Net Income $ 56,933 $ 54,718 $ 45,881 $ 165,691 $ 141,719
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities (5,599 ) (2,974 ) 444 (17,694 ) 8,444
Defined Benefit Plans       216       216       146       648       439
Other Comprehensive Income (Loss)       (5,383 )     (2,758 )     590       (17,046 )     8,883
Comprehensive Income     $ 51,550     $ 51,960     $ 46,471     $ 148,645     $ 150,602
 
...
       
Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Condition

Table 5

September 30, June 30, December 31, September 30,
(dollars in thousands)       2018     2018     2017     2017
Assets
Interest-Bearing Deposits in Other Banks $ 3,725 $ 3,524 $ 3,421 $ 3,161
Funds Sold 104,199 361,933 181,413 512,868
Investment Securities
Available-for-Sale 2,049,687 2,092,870 2,232,979 2,322,668
Held-to-Maturity (Fair Value of $3,549,235; $3,500,497; $3,894,121; and $3,960,956) 3,664,487 3,595,891 3,928,170 3,960,598
Loans Held for Sale 18,063 16,025 19,231 9,752
Loans and Leases 10,231,062 10,053,323 9,796,947 9,573,956
Allowance for Loan and Lease Losses       (108,690 )     (108,188 )     (107,346 )     (106,881 )
Net Loans and Leases       10,122,372       9,945,135       9,689,601       9,467,075  
Total Earning Assets       15,962,533       16,015,378       16,054,815       16,276,122  
Cash and Due from Banks 227,049 312,303 263,017 245,487
Premises and Equipment, Net 142,928 142,791 130,926 125,162
Accrued Interest Receivable 54,839 50,594 50,485 51,526
Foreclosed Real Estate 1,909 2,926 1,040 1,393
Mortgage Servicing Rights 24,463 24,583 24,622 24,436
Goodwill 31,517 31,517 31,517 31,517
Bank-Owned Life Insurance 282,637 281,018 280,034 278,425
Other Assets       263,859       263,052       252,596       234,234  
Total Assets     $ 16,991,734     $ 17,124,162     $ 17,089,052     $ 17,268,302  
 
Liabilities
Deposits
Noninterest-Bearing Demand $ 4,678,981 $ 4,729,203 $ 4,724,300 $ 4,825,643
Interest-Bearing Demand 2,975,069 3,111,069 3,082,563 2,896,559
Savings 5,444,053 5,389,763 5,389,013 5,363,866
Time       1,745,232       1,713,323       1,688,092       1,962,092  
Total Deposits       14,843,335       14,943,358       14,883,968       15,048,160  
Short-Term Borrowings 629 330 - -
Securities Sold Under Agreements to Repurchase 504,293 504,193 505,293 505,293
Other Debt 185,662 235,681 260,716 267,887
Retirement Benefits Payable 36,288 36,730 37,312 38,308
Accrued Interest Payable 7,689 7,395 6,946 6,717
Taxes Payable and Deferred Taxes 15,549