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South State Corporation Reports Third Quarter 2019 Results and Declares Increase in Quarterly Cash Dividend

COLUMBIA, S.C.--(BUSINESS WIRE)--

South State Corporation (SSB) today released its unaudited results of operations and other financial information for the three-month and nine-month period ended September 30, 2019. The Company reported consolidated net income of $51.6 million, or $1.50 per diluted common share for the three months ended September 30, 2019, a $10.1 million increase, or $0.33 per share increase in EPS, compared to the second quarter of 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191028005722/en/

“This quarter demonstrated our commitment to enhancing value for our customers, team, and shareholders,” said Robert R. Hill Jr., CEO of South State Corporation. “The Company announced longer term financial targets at the end of 2018, and I am pleased with our progress. The bank continues to see excellent credit quality in the loan portfolio, and we have a balance sheet that is very well positioned. We look forward to building on these results in the quarters ahead.”

Soundness

Our operating principles begin with a focus on soundness. Asset quality and funding strength are among the competitive advantages for South State. Asset quality remains strong with total non-performing assets equal to 0.27% of total assets at September 30, 2019, an increase of 0.01% from June 30, 2019. Non-interest bearing deposits grew by $51.6 million to $3.3 billion, or 6.3% annualized. Our loan and deposit base is well-diversified and we believe this contributes to a stable and high quality balance sheet.

Capital Management

We are focused on utilizing excess capital and have repurchased approximately 8% of outstanding shares since the third quarter 2018. Capital levels remain solid and we continue to preserve our ability to accommodate balance sheet growth and future investments in the company.

During the third quarter of 2019, we remained active in repurchasing company common stock and bought 858,800 shares at an average price of $75.08 per share, a total of $64.5 million. In June of 2019, the Company’s Board of Directors authorized a new Repurchase Program of 2,000,000 shares, and there were 1,000,000 shares available for repurchase under this plan as of September 30, 2019. The Company has acquired 165,000 shares thus far in the fourth quarter of 2019, at an average price of $74.88 per share, or $12.4 million.

Operating Leverage

Operating leverage improved by $13.2 million in the third quarter of 2019 compared to second quarter of 2019, and the efficiency ratio declined to 58.4%. This was largely driven by a decline in noninterest expenses.

The Company announced various cost saving measures earlier this year to include the closure of 13 branch offices during 2019. Twelve of these locations had been closed as of September 30, 2019, with the remaining closure scheduled for late October 2019. In the third quarter of 2019, the Company recognized approximately $3.2 million in cost saves and remain on track to achieve the expected cost saves in 2019 of $10.0 million.

Quarterly Cash Dividend

The Company’s Board of Directors voted to increase the common stock dividend this quarter by $0.03 to $0.46 per share, which is a 7.0% increase compared to last quarter, and a $0.10 per share increase, or 27.8%, compared to the same quarter one year ago. The dividend will be payable on November 15, 2019 to shareholders of record as of November 8, 2019.

Third Quarter 2019 Financial Performance

Three Months Ended

 

Nine Months Ended

(Dollars in thousands, except per share data)

Sept. 30,

 

June 30,

 

Mar. 31,

 

Dec. 31,

 

Sept. 30,

 

Sept. 30,

INCOME STATEMENT

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2018

Interest income
Loans, including fees (8)

$

134,953

$

135,388

$

131,834

$

132,541

$

132,043

$

402,175

$

388,936

Investment securities, federal funds sold and securities purchased under agreements to resell

 

15,048

 

14,594

 

11,556

 

11,327

 

11,517

 

41,198

 

34,404

Total interest income

 

150,001

 

149,982

 

143,390

 

143,868

 

143,560

 

443,373

 

423,340

Interest expense
Deposits

 

16,655

 

17,393

 

16,645

 

15,310

 

13,220

 

50,693

 

30,142

Federal funds purchased, securities sold under agreements to repurchase, and other borrowings

 

5,973

 

5,410

 

3,478

 

2,166

 

2,051

 

14,861

 

6,374

Total interest expense

 

22,628

 

22,803

 

20,123

 

17,476

 

15,271

 

65,554

 

36,516

Net interest income

 

127,373

 

127,179

 

123,267

 

126,392

 

128,289

 

377,819

 

386,824

Provision for loan losses

 

4,028

 

3,704

 

1,488

 

3,734

 

3,117

 

9,220

 

10,049

Net interest income after provision for loan losses

 

123,345

 

123,475

 

121,779

 

122,658

 

125,172

 

368,599

 

376,775

Noninterest income

 

37,582

 

37,618

 

32,058

 

35,642

 

32,027

 

107,258

 

110,107

Pre-tax operating expense

 

96,364

 

97,803

 

97,125

 

96,664

 

95,818

 

291,292

 

294,395

Branch consolid./acquisition and merger expense

 

--

 

2,078

 

1,114

 

--

 

4,476

 

3,192

 

29,868

Pension plan termination expense

 

--

 

9,526

 

--

 

--

 

--

 

9,526

 

--

Total noninterest expense

 

96,364

 

109,407

 

98,239

 

96,664

 

100,294

 

304,010

 

324,263

Income before provision for income taxes

 

64,563

 

51,686

 

55,598

 

61,636

 

56,905

 

171,847

 

162,619

Provision for income taxes, includes deferred tax revaluation

 

12,998

 

10,226

 

11,231

 

12,632

 

9,823

 

34,455

 

32,753

Net income

$

51,565

$

41,460

$

44,367

$

49,004

$

47,082

$

137,392

$

129,866

 
Adjusted net income (non-GAAP) (3)
Net income (GAAP)

$

51,565

$

41,460

$

44,367

$

49,004

$

47,082

$

137,392

$

129,866

Securities losses (gains), net of tax

 

(349)

 

(1,371)

 

(432)

 

2

 

9

 

(2,152)

 

514

Provision for income taxes, deferred tax revaluation

 

--

 

--

 

--

 

--

 

(1,602)

 

--

 

(990)

FHLB prepayment penalty

 

--

 

--

 

107

 

--

 

--

 

107

 

--

Pension plan termination expense, net of tax

 

--

 

7,641

 

--

 

--

 

--

 

7,641

 

--

Branch consolid./acquisition and merger expense, net of tax

 

--

 

1,667

 

782

 

--

 

3,577

 

2,449

 

23,607

Adjusted net income (non-GAAP)

$

51,216

$

49,397

$

44,824

$

49,006

$

49,066

$

145,437

$

152,997

 
Basic earnings per common share

$

1.51

$

1.18

$

1.25

$

1.36

$

1.28

$

3.94

$

3.53

Diluted earnings per common share

$

1.50

$

1.17

$

1.25

$

1.35

$

1.28

$

3.92

$

3.52

Adjusted net income per common share - Basic (non-GAAP) (3)

$

1.50

$

1.41

$

1.26

$

1.36

$

1.34

$

4.17

$

4.18

Adjusted net income per common share - Diluted (non-GAAP) (3)

$

1.49

$

1.40

$

1.26

$

1.35

$

1.33

$

4.15

$

4.15

Dividends per common share

$

0.43

$

0.40

$

0.38

$

0.36

$

0.35

$

1.21

$

1.02

Basic weighted-average common shares outstanding

 

34,056,771

 

35,089,129

 

35,445,087

 

36,154,922

 

36,645,181

 

34,858,503

 

36,657,198

Diluted weighted-average common shares outstanding

 

34,300,206

 

35,299,747

 

35,618,705

 

36,364,873

 

36,893,496

 

35,068,610

 

36,909,236

Effective tax rate

 

20.13%

 

19.78%

 

20.20%

 

20.49%

 

17.26%

 

20.05%

 

20.14%

 

The Company reported consolidated net income of $51.6 million, or $1.50 per diluted common share for the three-months ended September 30, 2019, a $10.1 million increase, or $0.33 per share improvement in EPS compared to second quarter of 2019. Weighted average diluted share count declined by 1.0 million shares, from the second quarter of 2019, due to the continuation of the Company repurchasing common shares under the Repurchase Program. Compared to the third quarter of 2018, net income totaled $47.1 million, or $1.28 per diluted common share, and weighted average diluted shares were 2.6 million higher than the third quarter of 2019. Net interest income increased by $194,000 compared to the second quarter of 2019 on slightly lower interest expense. The provision for loan losses increased by $324,000, with the nonacquired provision for loan losses increasing $448,000 compared to second quarter of 2019; while the acquired loan loss provision declined by $124,000. Noninterest income was flat compared to second quarter of 2019 at $37.6 million. Excluding securities gains, noninterest income increased by $1.2 million in the third quarter of 2019. Noninterest expense was lower by $13.0 million due primarily to the pension plan termination cost of $9.5 million and $2.1 million in branch consolidation expense and other cost initiatives incurred in second quarter of 2019. In addition, the Company received a $1.6 million credit on its FDIC assessment in 3Q 2019, and expects to receive approximately another credit of $800,000 in the fourth quarter of 2019. The efficiency ratio and adjusted efficiency ratio were 58.4% in 3Q 2019, compared to 66.9% and 59.8%, respectively, in second quarter of 2019.

Income Tax Expense

During the third quarter of 2019, our effective income tax rate increased to 20.13% from 19.78% in the second quarter of 2019 and from 17.26% in the third quarter of 2018. The primary factor in the higher effective tax rate in the third quarter of 2019 compared to the second quarter of 2019 was higher pre-tax book income, primarily related to the charge for the termination of the pension plan and branch consolidation expense and other cost initiatives in second quarter of 2019. Compared to the third quarter of 2018, the higher effective tax rate was attributable to the increase in pre-tax book income and the absence of the tax benefit related to the revaluation of deferred taxes.

Balance Sheet and Capital

(dollars in thousands, except per share and share data)

Ending Balance

Sept. 30,

 

June 30,

Mar. 31,

 

Dec. 31,

 

Sept. 30,

BALANCE SHEET

 

2019

 

 

2019

 

2019

 

 

2018

 

 

2018

Assets
Cash and cash equivalents

$

719,194

$

851,971

$

949,591

$

408,983

$

307,309

Investment securities:
Securities held to maturity

 

--

 

--

 

--

 

--

 

500

Securities available for sale, at fair value

 

1,813,134

 

1,717,276

 

1,466,249

 

1,517,067

 

1,551,281

Other investments

 

49,124

 

49,124

 

40,624

 

25,604

 

19,229

Total investment securities

 

1,862,258

 

1,766,400

 

1,506,873

 

1,542,671

 

1,571,010

Loans held for sale

 

87,393

 

47,796

 

33,297

 

22,925

 

33,752

Loans:
Acquired credit impaired

 

390,714

 

419,961

 

452,258

 

485,119

 

512,633

Acquired non-credit impaired

 

1,965,603

 

2,180,281

 

2,378,737

 

2,594,826

 

2,786,102

Non-acquired

 

8,928,512

 

8,621,327

 

8,310,613

 

7,933,286

 

7,606,478

Less allowance for non-acquired loan losses

 

(54,937)

 

(53,590)

 

(52,008)

 

(51,194)

 

(49,869)

Loans, net

 

11,229,892

 

11,167,979

 

11,089,600

 

10,962,037

 

10,855,344

Other real estate owned ("OREO")

 

13,415

 

14,506

 

11,297

 

11,410

 

12,119

Premises and equipment, net

 

323,506

 

321,348

 

322,553

 

241,076

 

241,909

Bank owned life insurance

 

233,206

 

231,708

 

230,629

 

230,105

 

229,075

Deferred tax asset

 

27,844

 

28,240

 

31,884

 

37,128

 

47,943

Mortgage servicing rights

 

28,674

 

30,332

 

32,415

 

34,727

 

36,056

Core deposit and other intangibles

 

53,083

 

56,351

 

59,619

 

62,900

 

66,437

Goodwill

 

1,002,900

 

1,002,900

 

1,002,900

 

1,002,900

 

1,002,900

Other assets

 

170,717

 

163,806

 

136,229

 

119,466

 

118,361

Total assets

$

15,752,082

$

15,683,337

$

15,406,887

$

14,676,328

$

14,522,215

 
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing

$

3,307,532

$

3,255,906

$

3,219,864

$

3,061,769

$

3,157,478

Interest-bearing

 

8,716,255

 

8,666,374

 

8,699,107

 

8,585,164

 

8,456,397

Total deposits

 

12,023,787

 

11,922,280

 

11,918,971

 

11,646,933

 

11,613,875

Federal funds purchased and securities sold under agreements to repurchase

 

269,072

 

298,029

 

276,891

 

270,649

 

279,698

Other borrowings

 

815,771

 

816,414

 

616,250

 

266,084

 

115,919

Other liabilities

 

292,496

 

272,636

 

218,298

 

126,366

 

144,584

Total liabilities

 

13,401,126

 

13,309,359

 

13,030,410

 

12,310,032

 

12,154,076

 
Shareholders' equity:
Preferred stock - $.01 par value; authorized 10,000,000 shares

 

--

 

--

 

--

 

--

 

--

Common stock - $2.50 par value; authorized 80,000,000 shares

 

84,757

 

86,839

 

88,421

 

89,574

 

91,808

Surplus

 

1,617,004

 

1,676,229

 

1,719,396

 

1,750,495

 

1,805,685

Retained earnings

 

646,325

 

609,444

 

582,034

 

551,108

 

515,155

Accumulated other comprehensive income (loss)

 

2,870

 

1,466

 

(13,374)

 

(24,881)

 

(44,509)

Total shareholders' equity

 

2,350,956

 

2,373,978

 

2,376,477

 

2,366,296

 

2,368,139

Total liabilities and shareholders' equity

$

15,752,082

$

15,683,337

$

15,406,887

$

14,676,328

$

14,522,215

 
Common shares issued and outstanding

 

33,902,726

 

34,735,587

 

35,368,521

 

35,829,549

 

36,723,238

 

At September 30, 2019, the Company’s total assets were $15.8 billion, an increase of $1.1 billion from December 31, 2018, and an increase of $1.2 billion, or 8.5%, from September 30, 2018. During the third quarter of 2019, changes in the balance sheet include the following:

  1. Net loan growth totaled $64.0 million, or 2.3% annualized. Non-acquired loans increased by $307.2 million or 14.1% annualized, and acquired loans decreased by $243.2 million, or 37.0% annualized.
  2. Investment securities portfolio grew by $95.9 million to almost $1.9 billion, representing 11.8% of total assets.
  3. Non-interest bearing deposits grew by $51.6 million, or 6.3% annualized.
  4. Interest bearing deposits grew by $49.9 million, or 2.3% annualized.
  5. Repurchased 858,800 common shares totaling $64.5 million.

The Company’s book value per common share increased to $69.34 per share at September 30, 2019, compared to $68.34 at June 30, 2019 and $64.49 at September 30, 2018. Total equity (capital) decreased by $23.0 million due to the shares of common stock repurchased during the third quarter. The decrease from the repurchased stock, net of stock options and vested restricted stock, of $61.3 million was partially offset by an improvement in the change in accumulated comprehensive income of $1.4 million, and net income, net of the dividend paid, of $36.9 million, during the third quarter. Tangible book value (“TBV”) per common share increased by $0.35 per share to $38.20 at September 30, 2019, compared to $37.85 at June 30, 2019, and increased by $2.83 per share, or 8.0%, from $35.37 at September 30, 2018.

“South State continues to make solid progress towards its long-term goals,” said John C. Pollok, Chief Financial Officer. “Our operating leverage continued to improve and with the shares repurchased during 2019, resulted in a 16.6% return on average tangible common equity in the third quarter of 2019.”

Performance and Capital Ratios

Three Months Ended

 

Nine Months Ended

Sept. 30,

 

June 30,

 

Mar. 31,

 

Dec. 31,

 

Sept. 30,

 

Sept. 30,

 

Sept. 30,

PERFORMANCE RATIOS

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

2019

 

2018

Return on average assets (annualized)

 

1.31%

 

1.08%

 

1.21%

 

1.33%

 

1.28%

1.20%

1.20%

Adjusted return on average assets (annualized) (non-GAAP) (3)

 

1.30%

 

1.28%

 

1.23%

 

1.33%

 

1.33%

1.27%

1.41%

Return on average equity (annualized)

 

8.70%

 

6.98%

 

7.61%

 

8.24%

 

7.89%

7.76%

7.43%

Adjusted return on average equity (annualized) (non-GAAP) (3)

 

8.64%

 

8.32%

 

7.69%

 

8.24%

 

8.23%

8.22%

8.75%

Return on average tangible common equity (annualized) (non-GAAP) (7)

 

16.62%

 

13.38%

 

14.66%

 

15.91%

 

15.29%

14.88%

14.60%

Adjusted return on average tangible common equity (annualized) (non-GAAP) (3) (7)

 

16.51%

 

15.79%

 

14.80%

 

15.91%

 

15.90%

15.71%

17.04%

Efficiency ratio (tax equivalent)

 

58.40%

 

66.87%

 

63.24%

 

59.43%

 

62.31%

62.82%

64.91%

Adjusted efficiency ratio (non-GAAP) (9)

 

58.40%

 

59.78%

 

62.52%

 

59.43%

 

59.53%

60.19%

58.94%

Dividend payout ratio (2)

 

28.48%

 

33.89%

 

30.29%

 

26.63%

 

27.30%

30.70%

28.88%

Book value per common share

$

69.34

$

68.34

$

67.19

$

66.04

$

64.49

Tangible common equity per common share (non-GAAP) (7)

$

38.20

$

37.85

$

37.15

$

36.30

$

35.37

 
CAPITAL RATIOS
Equity-to-assets

 

14.92%

 

15.14%

 

15.42%

 

16.12%

 

16.31%

Tangible equity-to-tangible assets (non-GAAP) (7)

 

8.81%

 

8.99%

 

9.16%

 

9.56%

 

9.65%

Tier 1 common equity (6)

 

11.2%

 

11.6%

 

11.9%

 

12.1%

 

12.3%

Tier 1 leverage (6)

 

9.7%

 

10.0%

 

10.5%

 

10.7%

 

10.8%

Tier 1 risk-based capital (6)

 

12.2%

 

12.6%

 

12.9%

 

13.1%

 

13.3%

Total risk-based capital (6)

 

12.7%

 

13.1%

 

13.4%

 

13.6%

 

13.8%

 
OTHER DATA
Number of branches

 

157

 

156

 

168

 

168

 

168

Number of employees (full-time equivalent basis)

 

2,544

 

2,544

 

2,589

 

2,602

 

2,640

Asset Quality

Ending Balance

Sept 30,

 

June 30,

 

Mar. 31,

 

Dec. 31,

 

Sept 30,

(Dollars in thousands)

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonperforming loans

$

19,187

$

15,605

$

15,910

$

15,018

$

15,315

Non-acquired OREO and other nonperforming assets

 

3,724

 

4,374

 

4,070

 

4,037

 

3,229

Total non-acquired nonperforming assets

 

22,911

 

19,979

 

19,980

 

19,055

 

18,544

Acquired
Acquired nonperforming loans

 

9,596

 

9,985

 

14,558

 

13,651

 

10,800

Acquired OREO and other nonperforming assets

 

9,938

 

10,412

 

7,782

 

7,755

 

9,302

Total acquired nonperforming assets

 

19,534

 

20,397

 

22,340

 

21,406

 

20,102

Total nonperforming assets

$

42,445

$

40,376

$

42,320

$

40,461

$

38,646

 

Three Months Ended

 

Nine Months Ended

Sept 30,

 

June 30,

 

Mar. 31,

 

Dec. 31,

 

Sept 30,

 

Sept 30,

 

Sept 30,

 

2019

 

 

2019

 

 

2019

 

 

2018

 

 

2018

 

2019

 

2018

ASSET QUALITY RATIOS:
Allowance for non-acquired loan losses as a percentage of non-acquired loans (1)

 

0.62%

 

0.62%

 

0.63%

 

0.65%

 

0.66%

0.62%

0.66%

Allowance for non-acquired loan losses as a percentage of non-acquired nonperforming loans

 

286.32%

 

343.42%

 

326.89%

 

340.88%

 

325.62%

286.32%

325.62%

Net charge-offs on non-acquired loans as a percentage of average non-acquired loans (annualized) (1)

 

0.05%

 

0.02%

 

0.02%

 

0.06%

 

0.07%

0.03%

0.04%

Net charge-offs on acquired non-credit impaired loans as a percentage of average acquired non-credit impaired loans (annualized) (1)

 

0.15%

 

0.25%

 

0.03%

 

0.09%

 

0.01%

0.14%

0.06%

Total nonperforming assets as a percentage of total assets

 

0.27%

 

0.26%

 

0.27%

 

0.28%

 

0.27%

Excluding Acquired Assets
NPLs as a percentage of period end non-acquired loans (1)

 

0.21%

 

0.18%

 

0.19%

 

0.19%

 

0.20%

Total nonperforming assets as a percentage of total non-acquired loans and repossessed assets (1) (4)

 

0.26%

 

0.23%

 

0.24%

 

0.24%

 

0.24%

Total nonperforming assets as a percentage of total assets (5)

 

0.15%

 

0.13%

 

0.13%

 

0.13%

 

0.13%

Total nonperforming assets increased by $2.1 million to $42.4 million, representing 0.27% of total assets, an increase of 1 basis point compared to June 30, 2019. Non-performing acquired non-credit impaired loans decreased by $389,000 and totaled $9.6 million. Legacy non-performing loans increased by $3.6 million during the third quarter of 2019 to $19.2 million at September 30, 2019. The allowance for loan losses as a percentage of non-acquired nonaccrual loans was 286% at September 30, 2019, down from 343% in the second quarter of 2019, and down from 326% at September 30, 2018.

At September 30, 2019, the allowance for non-acquired loan losses was $54.9 million, or 0.62%, of non-acquired period-end loans and $53.6 million, or 0.62%, at June 30, 2019, and $49.9 million, or 0.66% at September 30, 2018. Net charge-offs within the non-acquired portfolio were $1.1 million, or 0.05% annualized, in the third quarter of 2019, compared to $452,000, or 0.02% annualized, in the second quarter of 2019. Third quarter 2018 net charge-offs totaled $1.3 million, or 0.07% annualized. Net charge-offs (recoveries) related to the non-acquired loan portfolio totaled ($9,000) during the third quarter of 2019 and ($536,000) for the nine months ended September 30, 2019. The remaining net charge-offs were from overdraft and ready reserve accounts and totaled $1.1 million, for the third quarter of 2019, and, for the nine months ended September 30, 2019, totaled $2.6 million.

During the third quarter of 2019, the provision for loan losses totaled $2.5 million for the non-acquired loan portfolio compared to $2.0 million in the second quarter of 2019, and $3.3 million in the third quarter of 2018.

Net charge offs related to “acquired non-credit impaired loans” were $760,000, or 0.15% annualized, in the third quarter of 2019; and the Company recorded a provision for loan losses, accordingly. There was one loan which comprised the majority of the charge-off in this category. Net charge-offs in the second quarter of 2019 totaled $1.4 million, or 0.25% annualized, and in the third quarter of 2018, net charge-offs totaled $70,000, or 0.01% annualized.

During the third quarter of 2019, the Company recorded net impairment of $786,000 within the acquired credit impaired loan pools compared to $251,000 in the second quarter of 2019. During the third quarter of 2018, the Company recorded net impairment (release) of ($284,000).

Total OREO decreased during the third quarter with the disposition of property from both the nonacquired and acquired OREO assets. The decline totaled $1.1 million with a balance of $13.4 million at September 30, 2019. The OREO balance at September 30, 2018 was $12.1 million.

...

Net Interest Income and Margin

Three Months Ended

September 30, 2019

 

June 30, 2019

 

September 30, 2018

(Dollars in thousands)

Average

 

Income/

 

Yield/

 

Average

 

Income/

 

Yield/

 

Average

 

Income/

 

Yield/

YIELD ANALYSIS

Balance

 

Expense

 

Rate

 

Balance

 

Expense

 

Rate

 

Balance

 

Expense

 

Rate

Interest-Earning Assets:
Federal funds sold, reverse repo, and time deposits

$

491,627

$

2,676

2.16

%

$

602,351

$

3,426

2.28

%

$

232,894

$

1,106

1.88

%

Investment securities (taxable)

 

1,638,461

 

10,785

2.61

%

 

1,429,378

 

9,551

2.68

%

 

1,389,859

 

8,890

2.54

%

Investment securities (tax-exempt)

 

181,434

 

1,587

3.47

%

 

191,686

 

1,617

3.38

%

 

199,283

 

1,521

3.03

%

Loans held for sale

 

58,829

 

541

3.65

%

 

33,804

 

337

4.00

%

 

35,406

 

386

4.33

%

Loans

 

11,225,593

 

134,412

4.75

%

 

11,157,942

 

135,051

4.85

%

 

10,802,287

 

131,657

4.84

%

Total interest-earning assets

 

13,595,944

 

150,001

4.38

%

 

13,415,161

 

149,982

4.48

%

 

12,659,729

 

143,560

4.50

%

Noninterest-earning assets

 

2,014,172

 

2,004,786

 

1,929,505

Total Assets

$

15,610,116

$

15,419,947

$

14,589,234

 
Interest-Bearing Liabilities:
Transaction and money market accounts

$

5,581,057

$

8,932

0.63

%

$

5,515,060

$

9,632

0.70

%

$

5,236,196

$

6,980

0.53

%

Savings deposits

 

1,323,377

 

1,027

0.31

%

 

1,354,812

 

1,252