EVANSVILLE, Ind., Oct. 24, 2023 (GLOBE NEWSWIRE) --
Old National Bancorp (NASDAQ: ONB) reports 3Q23 net income applicable to common shares of $143.8 million, diluted EPS of $0.49; $149.3 million and $0.51 on an adjusted1 basis, respectively.
CEO COMMENTARY:
| "With a nearly 3% quarterly increase in total deposits, Old National once again demonstrated the strength and stability of our deposit franchise," said CEO Jim Ryan. "Additionally, our strong capital and liquidity position, disciplined expense management, and excellent credit metrics continue to position Old National to pursue our growth strategy while focusing intently on serving our clients and strengthening the communities we serve." |
THIRD QUARTER HIGHLIGHTS2:
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| Deposits and Funding |
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| Loans and Credit Quality |
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| Return Profile & Capital |
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| Notable Items |
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1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Uninsured and uncollateralized deposits include the estimate of Old National Bank federally uninsured deposits for regulatory purposes, as adjusted for $1.5 billion of affiliate deposits and $4.5 billion of collateralized or otherwise insured deposits
RESULTS OF OPERATIONS
Old National reported third quarter 2023 net income applicable to common shares of $143.8 million, or $0.49 per diluted common share.
Included in the third quarter were pre-tax charges of $6.3 million related to the February 15, 2022 merger with First Midwest Bancorp, Inc. ("First Midwest"). Excluding these transactions and realized debt securities losses from the current quarter, adjusted net income was $149.3 million, or $0.51 per diluted common share.
DEPOSITS AND FUNDING
Growth in low-cost deposits including normal seasonal patterns in public funds.
- Period-end total deposits were $37.3 billion at September 30, 2023, up $1.0 billion, or 2.8%; core deposits increased 3.1%
- Reflect continuing effective competition for new client relationships.
- Include normal seasonal patterns in public funds; increased $320 million.
- On average, total deposits for the third quarter were $36.7 billion, an increase of 4.4%.
- Granular low-cost deposit franchise; total deposit costs of 161 bps and a cycle to date total deposit beta of 30% (interest-bearing deposit beta of 42%).
- Deposits that were either insured or collateralized5 at September 30, 2023 were more than 70% of total deposits.
- A loan to deposit ratio of 88% at September 30, 2023, combined with existing funding sources provides strong liquidity.
LOANS
Broad-based disciplined commercial loan growth.
- Period-end total loans3 were $32.7 billion at September 30, 2023, up 0.5% from June 30, 2023 and up 1.7% excluding commercial loan sales of $389 million.
- Total commercial loan production in the third quarter was $1.5 billion; period-end commercial pipeline totaled $2.0 billion, down from $3.1 billion at June 30, 2023.
- Average total loans in the third quarter were $32.7 billion, an increase of $394.6 million from the second quarter of 2023.
CREDIT QUALITY
Strong credit quality continues to be a hallmark of Old National.
- Provision4 expense in the third quarter of 2023 was $19.1 million, compared to $14.8 million in the second quarter of 2023, reflecting net charge-offs, loan growth, as well as economic factors.
- Net charge-offs in the third quarter were $19.7 million, or 24 bps of average loans compared to net charge-offs of 13 bps of average loans in the second quarter of 2023; includes $12.2 million, or 15 bps, related to a single C&I credit that is not representative of broader credit concerns.
- 30+ day delinquencies as a percentage of loans were 0.18% at the end of the third quarter of 2023, compared to 0.12% at the end of the second quarter of 2023.
- Non-performing loans as a percentage of total loans were 0.80% compared to 0.91% for the second quarter of 2023.
- Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. As of September 30, 2023, the remaining discount on these acquired loans was $83.0 million.
- The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $336.9 million, or 1.03% of total loans at September 30, 2023, compared to $337.6 million, or 1.04% of total loans at June 30, 2023.
NET INTEREST INCOME AND MARGIN
Lower net interest income and margin compression reflective of the rate environment.
- Net interest income on a fully taxable equivalent basis decreased to $380.9 million in the third quarter of 2023 compared to $388.0 million in the second quarter of 2023, driven by higher funding costs, partly offset by loan growth and higher rates on interest-earning assets.
- Net interest margin on a fully taxable equivalent basis decreased 11 bps to 3.49% compared to the second quarter of 2023.
- Accretion income on loans and borrowings was $7.5 million, or 7 bps of net interest margin, in the third quarter of 2023 compared to $6.6 million, or 6 bps of net interest margin, in the second quarter of 2023.
- Cost of total deposits was 1.61%, increasing 46 bps and the cost of total interest-bearing deposits increased 56 bps to 2.22% in the third quarter of 2023.
NONINTEREST INCOME
Increases in all fee income categories offset by lower company-owned life insurance and other income.
- Total noninterest income for the third quarter of 2023 was $81.0 million.
- Excluding realized debt securities gains/losses for both periods, adjusted noninterest income for the third quarter was down 1.0% compared to the second quarter of 2023, due to lower company-owned life insurance and other income partially offset by increases in all fee income categories.
NONINTEREST EXPENSE
Disciplined expense management.
- Noninterest expense for the third quarter of 2023 was $244.8 million and included $6.3 million of merger-related charges.
- Excluding these items, adjusted noninterest expense for the third quarter was $238.5 million, compared to $240.6 million for the second quarter of 2023; decrease was driven by higher salary and employee benefits for the second quarter of 2023 resulting from performance-driven incentive accruals; other expense higher due primarily to a single operational loss.
- The efficiency ratio1 was 51.7%, while the adjusted efficiency ratio1 was 49.7% for the third quarter of 2023 compared to 51.2% and 49.4%, respectively, for the second quarter of 2023.
INCOME TAXES
- Income tax expense in the third quarter of 2023 was $44.3 million, resulting in an effective tax rate of 23.1% compared to 23.4% in the second quarter of 2023. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 25.3% in the third quarter compared to 25.2% in the second quarter.
- Income tax expense included $3.0 million of tax credit benefit.
CAPITAL
Capital ratios remain strong.
- All regulatory capital ratios grew in the quarter with preliminary total risk-based capital up 18 bps to 12.32% and preliminary regulatory Tier 1 capital up 27 bps to 11.06%, driven by retained earnings.
- Tangible common equity to tangible assets was 6.15% at the end of the third quarter compared to 6.33% in the second quarter of 2023.
CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 24, 2023, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations web page at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (888) 300-3045 or International (646) 568-1027, Access code 5258325. A replay of the call will also be available from approximately noon Central Time on October 24, 2023 through November 8, 2023. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199, Access code 5258325.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank, which is the sixth largest commercial bank headquartered in the Midwest. With approximately $49 billion of assets and $28 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the U.S. Tracing our roots to 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients and in the communities it serves. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment, and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.
USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity, all adjusted for certain notable items. These items include merger-related charges associated with completed acquisitions, gains/losses on sales of debt securities, expenses related to the tragic April 10 event at our downtown Louisville location ("Louisville expenses"), property optimization charges, gain on sale of health savings accounts and the current expected credit loss ("CECL") Day 1 non-PCD provision expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges and the CECL Day 1 non-PCD provision expense from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes pre-provision net revenues, adjusted may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges and property optimization charges, Louisville expenses, as well as adjusted noninterest income, which excludes the gain on sale of health savings accounts and gains/losses on sales of debt securities. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the previously provided tables and the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS
This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of the words "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "should," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: competition; government legislation, regulations and policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; uncertainty about the discontinued use of LIBOR and the transition to an alternative rate; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses and the success of revenue-generating and cost reduction initiatives; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; political and economic uncertainty and instability; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.
| CONTACTS: | ||
| Media: Kathy Schoettlin | Investors: Lynell Durchholz | |
| (812) 465-7269 | (812) 464-1366 | |
| Kathy.Schoettlin@oldnational.com | Lynell.Durchholz@oldnational.com | |
| Financial Highlights (unaudited) | ||||||||||||||||||||||
| ($ and shares in thousands, except per share data) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||
| Income Statement | ||||||||||||||||||||||
| Net interest income | $ | 375,086 | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 1,138,745 | $ | 936,846 | ||||||||
| FTE adjustment1,4 | 5,837 | 5,825 | 5,666 | 5,378 | 4,950 | 17,328 | 13,036 | |||||||||||||||
| Net interest income - tax equivalent basis4 | 380,923 | 387,996 | 387,154 | 396,468 | 381,539 | 1,156,073 | 949,882 | |||||||||||||||
| Provision for credit losses2 | 19,068 | 14,787 | 13,437 | 11,408 | 15,490 | 47,292 | 133,391 | |||||||||||||||
| Noninterest income | 80,938 | 81,629 | 70,681 | 165,037 | 80,385 | 233,248 | 234,742 | |||||||||||||||
| Noninterest expense2 | 244,776 | 246,584 | 250,711 | 282,675 | 262,444 | 742,071 | 755,508 | |||||||||||||||
| Net income available to common shareholders | $ | 143,842 | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 437,411 | $ | 217,468 | ||||||||
| Per Common Share Data | ||||||||||||||||||||||
| Weighted average diluted shares | 291,717 | 291,266 | 292,756 | 293,131 | 292,483 | 291,809 | 271,123 | |||||||||||||||
| EPS, diluted | $ | 0.49 | $ | 0.52 | $ | 0.49 | $ | 0.67 | $ | 0.47 | $ | 1.50 | $ | 0.80 | ||||||||
| Cash dividends | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.42 | 0.42 | |||||||||||||||
| Dividend payout ratio3 | 29 | % | 27 | % | 29 | % | 21 | % | 30 | % | 28 | % | 53 | % | ||||||||
| Book value | $ | 17.07 | $ | 17.25 | $ | 17.24 | $ | 16.68 | $ | 16.05 | $ | 17.07 | $ | 16.05 | ||||||||
| Stock price | 14.54 | 13.94 | 14.42 | 17.98 | 16.47 | 14.54 | 16.47 | |||||||||||||||
| Tangible book value4 | 9.87 | 10.03 | 9.98 | 9.42 | 8.75 | 9.87 | 8.75 | |||||||||||||||
| Performance Ratios | ||||||||||||||||||||||
| ROAA | 1.22 | % | 1.29 | % | 1.25 | % | 1.74 | % | 1.22 | % | 1.25 | % | 0.72 | % | ||||||||
| ROAE | 11.4 | % | 12.0 | % | 11.6 | % | 16.8 | % | 11.1 | % | 11.7 | % | 6.3 | % | ||||||||
| ROATCE4 | 20.2 | % | 21.4 | % | 21.0 | % | 31.5 | % | 20.5 | % | 20.8 | % | 11.5 | % | ||||||||
| NIM (FTE) | 3.49 | % | 3.60 | % | 3.69 | % | 3.85 | % | 3.71 | % | 3.59 | % | 3.34 | % | ||||||||
| Efficiency ratio4 | 51.7 | % | 51.2 | % | 52.8 | % | 49.1 | % | 55.3 | % | 51.9 | % | 62.2 | % | ||||||||
| Efficiency ratio (prior presentation)5 | N/A | N/A | N/A | N/A | 56.2 | % | N/A | 63.5 | % | |||||||||||||
| NCOs to average loans | 0.24 | % | 0.13 | % | 0.21 | % | 0.05 | % | 0.10 | % | 0.19 | % | 0.06 | % | ||||||||
| ACL on loans to EOP loans | 0.93 | % | 0.93 | % | 0.94 | % | 0.98 | % | 0.99 | % | 0.93 | % | 0.99 | % | ||||||||
| ACL6 to EOP loans | 1.03 | % | 1.04 | % | 1.05 | % | 1.08 | % | 1.08 | % | 1.03 | % | 1.08 | % | ||||||||
| NPLs to EOP loans | 0.80 | % | 0.91 | % | 0.74 | % | 0.81 | % | 0.81 | % | 0.80 | % | 0.81 | % | ||||||||
| Balance Sheet (EOP) | ||||||||||||||||||||||
| Total loans | $ | 32,577,834 | $ | 32,432,473 | $ | 31,822,374 | $ | 31,123,641 | $ | 30,528,933 | $ | 32,577,834 | $ | 30,528,933 | ||||||||
| Total assets | 49,059,448 | 48,496,755 | 47,842,644 | 46,763,372 | 46,215,526 | 49,059,448 | 46,215,526 | |||||||||||||||
| Total deposits | 37,252,676 | 36,231,315 | 34,917,792 | 35,000,830 | 36,053,663 | 37,252,676 | 36,053,663 | |||||||||||||||
| Total borrowed funds | 5,556,010 | 6,034,008 | 6,740,454 | 5,586,314 | 4,264,750 | 5,556,010 | 4,264,750 | |||||||||||||||
| Total shareholders' equity | 5,239,537 | 5,292,095 | 5,277,426 | 5,128,595 | 4,943,383 | 5,239,537 | 4,943,383 | |||||||||||||||
| Capital Ratios | ||||||||||||||||||||||
| Risk-based capital ratios (EOP): | ||||||||||||||||||||||
| Tier 1 common equity | 10.41 | % | 10.14 | % | 9.98 | % | 10.03 | % | 9.88 | % | 10.41 | % | 9.88 | % | ||||||||
| Tier 1 capital | 11.06 | % | 10.79 | % | 10.64 | % | 10.71 | % | 10.58 | % | 11.06 | % | 10.58 | % | ||||||||
| Total capital | 12.32 | % | 12.14 | % | 11.96 | % | 12.02 | % | 11.84 | % | 12.32 | % | 11.84 | % | ||||||||
| Leverage ratio (average assets) | 8.70 | % | 8.59 | % | 8.53 | % | 8.52 | % | 8.26 | % | 8.70 | % | 8.26 | % | ||||||||
| Equity to assets (averages)4 | 10.88 | % | 10.96 | % | 11.00 | % | 10.70 | % | 11.18 | % | 10.95 | % | 11.43 | % | ||||||||
| TCE to TA4 | 6.15 | % | 6.33 | % | 6.37 | % | 6.18 | % | 5.82 | % | 6.15 | % | 5.82 | % | ||||||||
| Nonfinancial Data | ||||||||||||||||||||||
| Full-time equivalent employees | 3,981 | 4,021 | 4,023 | 3,967 | 4,008 | 3,981 | 4,008 | |||||||||||||||
| Banking centers | 257 | 256 | 256 | 263 | 263 | 257 | 263 | |||||||||||||||
| 1 Calculated using the federal statutory tax rate in effect of 21% for all periods. | ||||||||||||||||||||||
| 2 Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to amounts prior to December 31, 2022 to conform to the current period presentation. | ||||||||||||||||||||||
| 3 Cash dividends per common share divided by net income per common share (basic). | ||||||||||||||||||||||
| 4 Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. September 30, 2023 capital ratios are preliminary. | ||||||||||||||||||||||
| 5 Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. | ||||||||||||||||||||||
| 6 Includes the allowance for credit losses on loans and unfunded commitments. | ||||||||||||||||||||||
| FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity | ||||||||||||||||||||||
| NCOs - Net Charge-offs ALL - Allowance for loan losses ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets | ||||||||||||||||||||||
| Income Statement (unaudited) | ||||||||||||||||||||||
| ($ and shares in thousands, except per share data) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||
| Interest income | $ | 576,519 | $ | 544,902 | $ | 495,649 | $ | 457,821 | $ | 406,518 | $ | 1,617,070 | $ | 996,381 | ||||||||
| Less: interest expense | 201,433 | 162,731 | 114,161 | 66,731 | 29,929 | 478,325 | 59,535 | |||||||||||||||
| Net interest income | 375,086 | 382,171 | 381,488 | 391,090 | 376,589 | 1,138,745 | 936,846 | |||||||||||||||
| Provision for credit losses1 | 19,068 | 14,787 | 13,437 | 11,408 | 15,490 | 47,292 | 133,391 | |||||||||||||||
| Net interest income after provision for credit losses | 356,018 | 367,384 | 368,051 | 379,682 | 361,099 | 1,091,453 | 803,455 | |||||||||||||||
| Wealth and investment services fees | 26,687 | 26,521 | 26,920 | 25,668 | 25,359 | 80,128 | 75,183 | |||||||||||||||
| Service charges on deposit accounts | 18,524 | 17,751 | 17,003 | 18,109 | 20,042 | 53,278 | 54,392 | |||||||||||||||
| Debit card and ATM fees | 10,818 | 10,653 | 9,982 | 10,798 | 10,608 | 31,453 | 29,429 | |||||||||||||||
| Mortgage banking revenue | 5,063 | 4,165 | 3,400 | 3,888 | 5,360 | 12,628 | 19,127 | |||||||||||||||
| Capital markets income | 5,891 | 6,173 | 6,939 | 5,377 | 8,906 | 19,003 | 20,609 | |||||||||||||||
| Company-owned life insurance | 3,740 | 4,698 | 3,186 | 3,108 | 3,361 | 11,624 | 11,456 | |||||||||||||||
| Gain on sale of health savings accounts | — | — | — | 90,673 | — | — | — | |||||||||||||||
| Other income | 10,456 | 11,651 | 8,467 | 7,589 | 6,921 | 30,574 | 24,461 | |||||||||||||||
| Gains (losses) on sales of debt securities | (241 | ) | 17 | (5,216 | ) | (173 | ) | (172 | ) | (5,440 | ) | 85 | ||||||||||
| Total noninterest income | 80,938 | 81,629 | 70,681 | 165,037 | 80,385 | 233,248 | 234,742 | |||||||||||||||
| Salaries and employee benefits | 131,541 | 135,810 | 137,364 | 142,459 | 147,203 | 404,715 | 433,167 | |||||||||||||||
| Occupancy | 25,795 | 26,085 | 28,282 | 26,488 | 26,418 | 80,162 | 73,933 | |||||||||||||||
| Equipment | 8,284 | 7,721 | 7,389 | 7,591 | 7,328 | 23,394 | 20,046 | |||||||||||||||
| Marketing | 9,448 | 9,833 | 9,417 | 8,508 | 10,361 | 28,698 | 23,756 | |||||||||||||||
| Technology | 20,592 | 20,056 | 19,202 | 19,951 | 20,269 | 59,850 | 64,914 | |||||||||||||||
| Communication | 4,075 | 4,232 | 4,461 | 4,159 | 5,392 | 12,768 | 14,687 | |||||||||||||||
| Professional fees | 5,956 | 6,397 | 6,732 | 6,360 | 6,559 | 19,085 | 32,686 | |||||||||||||||
| FDIC assessment | 9,000 | 9,624 | 10,404 | 5,809 | 6,249 | 29,028 | 13,523 | |||||||||||||||
| Amortization of intangibles | 6,040 | 6,060 | 6,186 | 6,787 | 7,089 | 18,286 | 19,070 | |||||||||||||||
| Amortization of tax credit investments | 2,644 | 2,762 | 2,761 | 5,258 | 2,662 | 8,167 | 5,703 | |||||||||||||||
| Property optimization | — | 242 | 1,317 | 26,818 | — | 1,559 | — | |||||||||||||||
| Other expense1 | 21,401 | 17,762 | 17,196 | 22,487 | 22,914 | 56,359 | 54,023 | |||||||||||||||
| Total noninterest expense | 244,776 | 246,584 | 250,711 | 282,675 | 262,444 | 742,071 | 755,508 | |||||||||||||||
| Income before income taxes | 192,180 | 202,429 | 188,021 | 262,044 | 179,040 | 582,630 | 282,689 | |||||||||||||||
| Income tax expense | 44,304 | 47,393 | 41,421 | 61,309 | 38,887 | 133,118 | 55,137 | |||||||||||||||
| Net income | $ | 147,876 | $ | 155,036 | $ | 146,600 | $ | 200,735 | $ | 140,153 | $ | 449,512 | $ | 227,552 | ||||||||
| Preferred dividends | (4,034 | ) | (4,033 | ) | (4,034 | ) | (4,034 | ) | (4,034 | ) | (12,101 | ) | (10,084 | ) | ||||||||
| Net income applicable to common shares | $ | 143,842 | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 437,411 | $ | 217,468 | ||||||||
| EPS, diluted | $ | 0.49 | $ | 0.52 | $ | 0.49 | $ | 0.67 | $ | 0.47 | $ | 1.50 | $ | 0.80 | ||||||||
| Weighted Average Common Shares Outstanding | ||||||||||||||||||||||
| Basic | 290,648 | 290,559 | 291,088 | 291,012 | 290,961 | 290,763 | 269,843 | |||||||||||||||
| Diluted | 291,717 | 291,266 | 292,756 | 293,131 | 292,483 | 291,809 | 271,123 | |||||||||||||||
| Common shares outstanding (EOP) | 292,586 | 292,597 | 291,922 | 292,903 | 292,880 | 292,586 | 292,880 | |||||||||||||||
| 1 Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to amounts prior to December 31, 2022 to conform to the current period presentation. | ||||||||||||||||||||||
| End of Period Balance Sheet (unaudited) | |||||||||||||||
| ($ in thousands) | |||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | |||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 381,343 | $ | 473,023 | $ | 386,879 | $ | 453,432 | $ | 466,846 | |||||
| Money market and other interest-earnings investments | 1,282,087 | 724,863 | 727,056 | 274,980 | 334,765 | ||||||||||
| Investments: | |||||||||||||||
| Treasury and government-sponsored agencies | 2,515,249 | 2,309,285 | 2,236,412 | 2,195,175 | 2,186,551 | ||||||||||
| Mortgage-backed securities | 4,906,290 | 5,168,458 | 5,395,680 | 5,476,719 | 5,584,241 | ||||||||||
| States and political subdivisions | 1,705,200 | 1,760,725 | 1,785,073 | 1,827,164 | 1,829,561 | ||||||||||
| Other securities | 751,404 | 802,323 | 826,575 | 730,476 | 693,303 | ||||||||||
| Total investments | 9,878,143 | 10,040,791 | 10,243,740 | 10,229,534 | 10,293,656 | ||||||||||
| Loans held-for-sale, at fair value | 122,033 | 114,369 | 10,584 | 11,926 | 19,748 | ||||||||||
| Loans: | |||||||||||||||
| Commercial | 9,333,448 | 9,698,241 | 9,751,875 | 9,508,904 | 9,311,148 | ||||||||||
| Commercial and agriculture real estate | 13,916,221 | 13,450,209 | 12,908,380 | 12,457,070 | 12,227,888 | ||||||||||
| Residential real estate | 6,696,288 | 6,684,480 | 6,568,666 | 6,460,441 | 6,267,306 | ||||||||||
| Consumer | 2,631,877 | 2,599,543 | 2,593,453 | 2,697,226 | 2,722,591 | ||||||||||
| Total loans | 32,577,834 | 32,432,473 | 31,822,374 | 31,123,641 | 30,528,933 | ||||||||||
| Allowance for credit losses on loans | (303,982 | ) | (300,555 | ) | (298,711 | ) | (303,671 | ) | (302,254 | ) | |||||
| Premises and equipment, net | 565,607 | 564,299 | 566,758 | 557,307 | 588,021 | ||||||||||
| Operating lease right-of-use assets | 179,284 | 184,700 | 183,687 | 189,714 | 187,626 | ||||||||||
| Goodwill and other intangible assets | 2,106,835 | 2,112,875 | 2,118,935 | 2,125,121 | 2,135,792 | ||||||||||
| Company-owned life insurance | 774,517 | 771,753 | 770,471 | 768,552 | 767,089 | ||||||||||
| Other assets | 1,495,747 | 1,378,164 | 1,310,871 | 1,332,836 | 1,195,304 | ||||||||||
| Total assets | $ | 49,059,448 | $ | 48,496,755 | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | |||||
| Liabilities and Equity | |||||||||||||||
| Noninterest-bearing demand deposits | $ | 10,091,352 | $ | 10,532,838 | $ | 10,995,083 | $ | 11,930,798 | $ | 12,400,077 | |||||
| Interest-bearing: | |||||||||||||||
| Checking and NOW accounts | 7,495,417 | 7,654,202 | 7,903,520 | 8,340,955 | 8,963,014 | ||||||||||
| Savings accounts | 5,296,985 | 5,578,323 | 6,030,255 | 6,326,158 | 6,616,512 | ||||||||||
| Money market accounts | 8,793,218 | 7,200,288 | 5,867,239 | 5,389,139 | 5,602,729 | ||||||||||
| Other time deposits | 4,398,182 | 4,012,813 | 3,361,979 | 2,775,991 | 2,393,083 | ||||||||||
| Total core deposits | 36,075,154 | 34,978,464 | 34,158,076 | 34,763,041 | 35,975,415 | ||||||||||
| Brokered deposits | 1,177,522 | 1,252,851 | 759,716 | 237,789 | 78,248 | ||||||||||
| Total deposits | 37,252,676 | 36,231,315 | 34,917,792 | 35,000,830 | 36,053,663 | ||||||||||
| Federal funds purchased and interbank borrowings | 918 | 136,060 | 618,955 | 581,489 | 301,031 | ||||||||||
| Securities sold under agreements to repurchase | 279,061 | 311,447 | 393,018 | 432,804 | 438,053 | ||||||||||
| Federal Home Loan Bank advances | 4,412,576 | 4,771,183 | 4,981,612 | 3,829,018 | 2,804,617 | ||||||||||
| Other borrowings | 863,455 | 815,318 | 746,869 | 743,003 | 721,049 | ||||||||||
| Total borrowed funds | 5,556,010 | 6,034,008 | 6,740,454 | 5,586,314 | 4,264,750 | ||||||||||
| Operating lease liabilities | 199,937 | 206,178 | 205,249 | 211,964 | 207,725 | ||||||||||
| Accrued expenses and other liabilities | 811,288 | 733,159 | 701,723 | 835,669 | 746,005 | ||||||||||
| Total liabilities | 43,819,911 | 43,204,660 | 42,565,218 | 41,634,777 | 41,272,143 | ||||||||||
| Preferred stock, common stock, surplus, and retained earnings | 6,208,352 | 6,100,728 | 5,985,784 | 5,915,017 | 5,751,833 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | (968,815 | ) | (808,633 | ) | (708,358 | ) | (786,422 | ) | (808,450 | ) | |||||
| Total shareholders' equity | 5,239,537 | 5,292,095 | 5,277,426 | 5,128,595 | 4,943,383 | ||||||||||
| Total liabilities and shareholders' equity | $ | 49,059,448 | $ | 48,496,755 | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | |||||
| Average Balance Sheet and Interest Rates (unaudited) | ||||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| September 30, 2023 | June 30, 2023 | September 30, 2022 | ||||||||||||||||||||||
| Average | Income1/ | Yield/ | Average | Income1/ | Yield/ | Average | Income1/ | Yield/ | ||||||||||||||||
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||
| Money market and other interest-earning investments | $ | 980,813 | $ | 13,194 | 5.34 | % | $ | 724,601 | $ | 8,966 | 4.96 | % | $ | 514,362 | $ | 935 | 0.72 | % | ||||||
| Investments: | ||||||||||||||||||||||||
| Treasury and government-sponsored agencies | 2,376,864 | 23,037 | 3.88 | % | 2,222,269 | 19,355 | 3.48 | % | 2,326,070 | 13,212 | 2.27 | % | ||||||||||||
| Mortgage-backed securities | 5,079,091 | 33,237 | 2.62 | % | 5,301,084 | 34,291 | 2.59 | % | 5,891,283 | 36,157 | 2.45 | % | ||||||||||||
| States and political subdivisions | 1,737,037 | 14,220 | 3.27 | % | 1,768,897 | 14,396 | 3.26 | % | 1,829,322 | 14,631 | 3.20 | % | ||||||||||||
| Other securities | 793,196 | 10,127 | 5.11 | % | 824,482 | 9,995 | 4.85 | % | 718,735 | 6,781 | 3.77 | % | ||||||||||||
| Total investments | 9,986,188 | 80,621 | 3.23 | % | 10,116,732 | 78,037 | 3.09 | % | 10,765,410 | 70,781 | 2.63 | % | ||||||||||||
| Loans:2 | ||||||||||||||||||||||||
| Commercial | 9,612,102 | 163,869 | 6.82 | % | 9,862,728 | 163,721 | 6.64 | % | 9,045,009 | 113,491 | 5.02 | % | ||||||||||||
| Commercial and agriculture real estate | 13,711,156 | 219,575 | 6.41 | % | 13,164,390 | 199,287 | 6.06 | % | 11,929,892 | 136,780 | 4.59 | % | ||||||||||||
| Residential real estate loans | 6,712,269 | 62,775 | 3.74 | % | 6,643,254 | 60,718 | 3.66 | % | 6,189,503 | 56,432 | 3.65 | % | ||||||||||||
| Consumer | 2,614,928 | 42,322 | 6.42 | % | 2,585,493 | 39,998 | 6.21 | % | 2,735,850 | 33,049 | 4.79 | % | ||||||||||||
| Total loans | 32,650,455 | 488,541 | 5.98 | % | 32,255,865 | 463,724 | 5.75 | % | 29,900,254 | 339,752 | 4.54 | % | ||||||||||||
| Total earning assets | $ | 43,617,456 | $ | 582,356 | 5.34 | % | $ | 43,097,198 | $ | 550,727 | 5.11 | % | $ | 41,180,026 | $ | 411,468 | 3.99 | % | ||||||
| Less: Allowance for credit losses on loans | (300,071 | ) | (301,311 | ) | (290,215 | ) | ||||||||||||||||||
| Non-earning Assets: | ||||||||||||||||||||||||
| Cash and due from banks | $ | 382,755 | $ | 418,972 | $ | 503,841 | ||||||||||||||||||
| Other assets | 4,960,383 | 4,884,694 | 4,522,171 | |||||||||||||||||||||
| Total assets | $ | 48,660,523 | $ | 48,099,553 | $ | 45,915,823 | ||||||||||||||||||
| Interest-Bearing Liabilities: | ||||||||||||||||||||||||
| Checking and NOW accounts | $ | 7,515,439 | $ | 25,531 | 1.35 | % | $ | 7,881,863 | $ | 24,358 | 1.24 | % | $ | 8,681,392 | $ | 5,751 | 0.26 | % | ||||||
| Savings accounts | 5,414,775 | 4,268 | 0.31 | % | 5,785,603 | 3,247 | 0.23 | % | 6,733,465 | 547 | 0.03 | % | ||||||||||||
| Money market accounts | 7,979,999 | 65,549 | 3.26 | % | 6,084,963 | 35,358 | 2.33 | % | 5,344,567 | 2,072 | 0.15 | % | ||||||||||||
| Other time deposits | 4,229,692 | 37,110 | 3.48 | % | 3,680,029 | 26,633 | 2.90 | % | 2,463,573 | 2,168 | 0.35 | % | ||||||||||||
| Total interest-bearing core deposits | 25,139,905 | 132,458 | 2.09 | % | 23,432,458 | 89,596 | 1.53 | % | 23,222,997 | 10,538 | 0.18 | % | ||||||||||||
| Brokered deposits | 1,183,228 | 14,970 | 5.02 | % | 948,397 | 11,378 | 4.81 | % | 44,579 | 282 | 2.51 | % | ||||||||||||
| Total interest-bearing deposits | 26,323,133 | 147,428 | 2.22 | % | 24,380,855 | 100,974 | 1.66 | % | 23,267,576 | 10,820 | 0.18 | % | ||||||||||||
| Federal funds purchased and interbank borrowings | 62,921 | 910 | 5.74 | % | 441,145 | 5,655 | 5.14 | % | 122,311 | 720 | 2.34 | % | ||||||||||||
| Securities sold under agreements to repurchase | 302,305 | 710 | 0.93 | % | 340,178 | 900 | 1.06 | % | 436,225 | 106 | 0.10 | % | ||||||||||||
| Federal Home Loan Bank advances | 4,537,250 | 40,382 | 3.53 | % | 5,283,728 | 45,088 | 3.42 | % | 3,025,844 | 13,027 | 1.71 | % | ||||||||||||
| Other borrowings | 841,307 | 12,003 | 5.66 | % | 796,536 | 10,114 | 5.09 | % | 676,874 | 5,256 | 3.08 | % | ||||||||||||
| Total borrowed funds | 5,743,783 | 54,005 | 3.73 | % | 6,861,587 | 61,757 | 3.61 | % | 4,261,254 | 19,109 | 1.78 | % | ||||||||||||
| Total interest-bearing liabilities | $ | 32,066,916 | $ | 201,433 | 2.49 | % | $ | 31,242,442 | $ | 162,731 | 2.09 | % | $ | 27,528,830 | $ | 29,929 | 0.43 | % | ||||||
| Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||||||||||
| Demand deposits | $ | 10,338,267 | $ | 10,741,646 | $ | 12,575,011 | ||||||||||||||||||
| Other liabilities | 961,268 | 841,663 | 677,829 | |||||||||||||||||||||
| Shareholders' equity | 5,294,072 | 5,273,802 | 5,134,153 | |||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 48,660,523 | $ | 48,099,553 | $ | 45,915,823 | ||||||||||||||||||
| Net interest rate spread | 2.85 | % | 3.02 | % | 3.56 | % | ||||||||||||||||||
| Net interest margin (GAAP) | 3.44 | % | 3.55 | % | 3.66 | % | ||||||||||||||||||
| Net interest margin (FTE)3 | 3.49 | % | 3.60 | % | 3.71 | % | ||||||||||||||||||
| FTE adjustment | $ | 5,837 | $ | 5,825 | $ | 4,950 | ||||||||||||||||||
| 1 Interest income is reflected on a FTE. | ||||||||||||||||||||||||
| 2 Includes loans held-for-sale. | ||||||||||||||||||||||||
| 3 Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | ||||||||||||||||||||||||
| Average Balance Sheet and Interest Rates (unaudited) | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||
| Nine Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2023 | September 30, 2022 | |||||||||||||||
| Average | Income1/ | Yield/ | Average | Income1/ | Yield/ | |||||||||||
| Earning Assets: | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||
| Money market and other interest-earning investments | $ | 736,225 | $ | 25,258 | 4.59 | % | $ | 976,579 | $ | 3,073 | 0.42 | % | ||||
| Investments: | ||||||||||||||||
| Treasury and government-sponsored agencies | 2,266,177 | 58,923 | 3.47 | % | 2,336,897 | 33,249 | 1.90 | % | ||||||||
| Mortgage-backed securities | 5,268,509 | 102,618 | 2.60 | % | 5,593,341 | 94,067 | 2.24 | % | ||||||||
| States and political subdivisions | 1,771,155 | 43,306 | 3.26 | % | 1,801,053 | 42,839 | 3.17 | % | ||||||||
| Other securities | 785,474 | 28,726 | 4.88 | % | 682,937 | 16,392 | 3.20 | % | ||||||||
| Total investments | $ | 10,091,315 | $ | 233,573 | 3.09 | % | $ | 10,414,228 | $ | 186,547 | 2.39 | % | ||||
| Loans:2 | ||||||||||||||||
| Commercial | 9,644,541 | 475,210 | 6.57 | % | 7,888,730 | 264,517 | 4.47 | % | ||||||||
| Commercial and agriculture real estate | 13,180,509 | 598,337 | 6.05 | % | 10,753,988 | 327,733 | 4.06 | % | ||||||||
| Residential real estate loans | 6,626,551 | 181,592 | 3.65 | % | 5,369,844 | 142,105 | 3.53 | % | ||||||||
| Consumer | 2,612,519 | 120,428 | 6.16 | % | 2,521,121 | 85,442 | 4.53 | % | ||||||||
| Total loans | 32,064,120 | 1,375,567 | 5.72 | % | 26,533,683 | 819,797 | 4.12 | % | ||||||||
| Total earning assets | $ | 42,891,660 | $ | 1,634,398 | 5.08 | % | $ | 37,924,490 | $ | 1,009,417 | 3.55 | % | ||||
| Less: Allowance for credit losses on loans | (301,909 | ) | (247,558 | ) | ||||||||||||
| Non-earning Assets: | ||||||||||||||||
| Cash and due from banks | $ | 412,998 | $ | 350,848 | ||||||||||||
| Other assets | 4,917,592 | 4,249,986 | ||||||||||||||
| Total assets | $ | 47,920,341 | $ | 42,277,766 | ||||||||||||
| Interest-Bearing Liabilities: | ||||||||||||||||
| Checking and NOW accounts | $ | 7,793,561 | $ | 69,248 | 1.19 | % | $ | 7,977,524 | $ | 8,133 | 0.14 | % | ||||
| Savings accounts | 5,791,780 | 9,745 | 0.22 | % | 6,295,628 | 1,809 | 0.04 | % | ||||||||
| Money market accounts | 6,577,317 | 120,917 | 2.46 | % | 4,819,252 | 3,791 | 0.11 | % | ||||||||
| Other time deposits | 3,660,156 | 79,032 | 2.89 | % | 2,236,206 | 5,112 | 0.31 | % | ||||||||
| Total interest-bearing core deposits | 23,822,814 | 278,942 | 1.57 | % | 21,328,610 | 18,845 | 0.12 | % | ||||||||
| Brokered deposits | 879,886 | 32,053 | 4.87 | % | 17,505 | 356 | 2.72 | % | ||||||||
| Total interest-bearing deposits | 24,702,700 | 310,995 | 1.68 | % | 21,346,115 | 19,201 | 0.12 | % | ||||||||
| Federal funds purchased and interbank borrowings | 306,480 | 11,404 | 4.97 | % | 41,993 | 722 | 2.30 | % | ||||||||
| Securities sold under agreements to repurchase | 351,362 | 2,389 | 0.91 | % | 450,966 | 287 | 0.09 | % | ||||||||
| Federal Home Loan Bank advances | 4,699,074 | 123,466 | 3.51 | % | 2,891,347 | 25,915 | 1.20 | % | ||||||||
| Other borrowings | 806,575 | 30,071 | 4.98 | % | 574,589 | 13,410 | 3.12 | % | ||||||||
| Total borrowed funds | 6,163,491 | 167,330 | 3.63 | % | 3,958,895 | 40,334 | 1.36 | % | ||||||||
| Total interest-bearing liabilities | 30,866,191 | 478,325 | 2.07 | % | 25,305,010 | 59,535 | 0.31 | % | ||||||||
| Noninterest-Bearing Liabilities and Shareholders' Equity | ||||||||||||||||
| Demand deposits | $ | 10,864,375 | $ | 11,540,293 | ||||||||||||
| Other liabilities | 944,619 | 601,619 | ||||||||||||||
| Shareholders' equity | 5,245,156 | 4,830,844 | ||||||||||||||
| Total liabilities and shareholders' equity | $ | 47,920,341 | $ | 42,277,766 | ||||||||||||
| Net interest rate spread | 3.01 | % | 3.24 | % | ||||||||||||
| Net interest margin (GAAP) | 3.54 | % | 3.29 | % | ||||||||||||
| Net interest margin (FTE)3 | 3.59 | % | 3.34 | % | ||||||||||||
| FTE adjustment | $ | 17,328 | $ | 13,036 | ||||||||||||
| 1 Interest income is reflected on a FTE. | ||||||||||||||||
| 2 Includes loans held-for-sale. | ||||||||||||||||
| 3 Represents a non-GAAP financial measure. Refer the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. | ||||||||||||||||
| Asset Quality (EOP) (unaudited) | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||
| Allowance for credit losses: | ||||||||||||||||||||||
| Beginning allowance for credit losses on loans | $ | 300,555 | $ | 298,711 | $ | 303,671 | $ | 302,254 | $ | 288,003 | $ | 303,671 | $ | 107,341 | ||||||||
| Allowance established for acquired PCD loans | — | — | — | — | 10,558 | — | 89,089 | |||||||||||||||
| Provision for credit losses on loans | 23,115 | 11,936 | 11,469 | 5,389 | 11,288 | 46,520 | 117,951 | |||||||||||||||
| Gross charge-offs | (22,750 | ) | (14,331 | ) | (18,180 | ) | (7,081 | ) | (11,440 | ) | (55,261 | ) | (20,200 | ) | ||||||||
| Gross recoveries | 3,062 | 4,239 | 1,751 | 3,109 | 3,845 | 9,052 | 8,073 | |||||||||||||||
| NCOs | (19,688 | ) | (10,092 | ) | (16,429 | ) | (3,972 | ) | (7,595 | ) | (46,209 | ) | (12,127 | ) | ||||||||
| Ending allowance for credit losses on loans | $ | 303,982 | $ | 300,555 | $ | 298,711 | $ | 303,671 | $ | 302,254 | $ | 303,982 | $ | 302,254 | ||||||||
| Beginning allowance for credit losses on unfunded commitments | $ | 37,007 | $ | 34,156 | $ | 32,188 | $ | 26,169 | $ | 21,966 | $ | 32,188 | $ | 10,879 | ||||||||
| Provision (release) for credit losses on unfunded commitments | (4,047 | ) | 2,851 | 1,968 | 6,019 | 4,203 | 772 | 15,290 | ||||||||||||||
| Ending allowance for credit losses on unfunded commitments | $ | 32,960 | $ | 37,007 | $ | 34,156 | $ | 32,188 | $ | 26,169 | $ | 32,960 | $ | 26,169 | ||||||||
| Allowance for credit losses | $ | 336,942 | $ | 337,562 | $ | 332,867 | $ | 335,859 | $ | 328,423 | $ | 336,942 | $ | 328,423 | ||||||||
| Provision for credit losses on loans | $ | 23,115 | $ | 11,936 | $ | 11,469 | $ | 5,389 | $ | 11,288 | $ | 46,520 | $ | 117,951 | ||||||||
| Provision (release) for credit losses on unfunded commitments1 | (4,047 | ) | 2,851 | 1,968 | 6,019 | 4,203 | 772 | 15,290 | ||||||||||||||
| Provision for credit losses1 | $ | 19,068 | $ | 14,787 | $ | 13,437 | $ | 11,408 | $ | 15,491 | $ | 47,292 | $ | 133,241 | ||||||||
| NCOs / average loans2 | 0.24 | % | 0.13 | % | 0.21 | % | 0.05 | % | 0.10 | % | 0.19 | % | 0.06 | % | ||||||||
| Average loans2 | $ | 32,639,812 | $ | 32,251,242 | $ | 31,267,836 | $ | 30,732,473 | $ | 29,890,008 | $ | 32,057,989 | $ | 26,521,011 | ||||||||
| EOP loans2 | 32,577,834 | 32,432,473 | 31,822,374 | 31,123,641 | 30,528,933 | 32,577,834 | 30,528,933 | |||||||||||||||
| ACL on loans / EOP loans2 | 0.93 | % | 0.93 | % | 0.94 | % | 0.98 | % | 0.99 | % | 0.93 | % | 0.99 | % | ||||||||
| ACL / EOP loans2 | 1.03 | % | 1.04 | % | 1.05 | % | 1.08 | % | 1.08 | % | 1.03 | % | 1.08 | % | ||||||||
| Underperforming Assets: | ||||||||||||||||||||||
| Loans 90 days and over (still accruing) | $ | 1,192 | $ | 303 | $ | 1,231 | $ | 2,650 | $ | 767 | $ | 1,192 | $ | 767 | ||||||||
| NPLs: | ||||||||||||||||||||||
| Nonaccrual loans3,4 | 261,346 | 295,509 | 234,337 | 238,178 | 233,659 | 261,346 | 233,659 | |||||||||||||||
| TDRs still accruing4 | N/A | N/A | N/A | 15,313 | 13,674 | N/A | 13,674 | |||||||||||||||
| Total NPLs | 261,346 | 295,509 | 234,337 | 253,491 | 247,333 | 261,346 | 247,333 | |||||||||||||||
| Foreclosed assets | 9,761 | 9,824 | 10,817 | 10,845 | 11,967 | 9,761 | 11,967 | |||||||||||||||
| Total underperforming assets | $ | 272,299 | $ | 305,636 | $ | 246,385 | $ | 266,986 | $ | 260,067 | $ | 272,299 | $ | 260,067 | ||||||||
| Classified and Criticized Assets: | ||||||||||||||||||||||
| Nonaccrual loans3 | $ | 261,346 | $ | 295,509 | $ | 234,337 | $ | 238,178 | $ | 233,659 | $ | 261,346 | $ | 233,659 | ||||||||
| Substandard loans (still accruing) | 563,427 | 524,709 | 570,229 | 504,657 | 476,724 | 563,427 | 476,724 | |||||||||||||||
| Loans 90 days and over (still accruing) | 1,192 | 303 | 1,231 | 2,650 | 767 | 1,192 | 767 | |||||||||||||||
| Total classified loans - "problem loans" | 825,965 | 820,521 | 805,797 | 745,485 | 711,150 | 825,965 | 711,150 | |||||||||||||||
| Other classified assets | 48,998 | 40,942 | 26,441 | 24,735 | 24,773 | 48,998 | 24,773 | |||||||||||||||
| Criticized loans - "special mention loans" | 775,526 | 614,547 | 593,307 | 636,069 | 549,994 | 775,526 | 549,994 | |||||||||||||||
| Total classified and criticized assets | $ | 1,650,489 | $ | 1,476,010 | $ | 1,425,545 | $ | 1,406,289 | $ | 1,285,917 | $ | 1,650,489 | $ | 1,285,917 | ||||||||
| Loans 30-89 days past due | $ | 56,772 | $ | 39,748 | $ | 42,071 | $ | 55,522 | $ | 65,632 | $ | 56,772 | $ | 65,632 | ||||||||
| NPLs / EOP loans2 | 0.80 | % | 0.91 | % | 0.74 | % | 0.81 | % | 0.81 | % | 0.80 | % | 0.81 | % | ||||||||
| ACL to NPLs | 129 | % | 114 | % | 142 | % | 132 | % | 133 | % | 129 | % | 133 | % | ||||||||
| Under-performing assets/EOP loans2 | 0.84 | % | 0.94 | % | 0.77 | % | 0.86 | % | 0.85 | % | 0.84 | % | 0.85 | % | ||||||||
| Under-performing assets/EOP assets | 0.56 | % | 0.63 | % | 0.51 | % | 0.57 | % | 0.56 | % | 0.56 | % | 0.56 | % | ||||||||
| 30+ day delinquencies/EOP loans2 | 0.18 | % | 0.12 | % | 0.14 | % | 0.19 | % | 0.22 | % | 0.18 | % | 0.22 | % | ||||||||
| 1 Excludes $0.2 million of expense to establish an allowance on held-to-maturity securities during the first quarter of 2022. Provision for unfunded commitments is included in the provision for credit losses. The reclassification of the provision for unfunded commitments out of other expense as a component of noninterest expense was made to amounts prior to December 31, 2022 to conform to the current period presentation. | ||||||||||||||||||||||
| 2 Excludes loans held-for-sale. | ||||||||||||||||||||||
| 3 Includes non-accruing TDRs totaling $24.0 million at December 31, 2022 and $23.8 million at September 30, 2022. | ||||||||||||||||||||||
| 4 As a result of accounting guidance adopted in 2023, the TDR classification is no longer applicable subsequent to December 31, 2022. | ||||||||||||||||||||||
| PCD - Purchased credit deteriorated TDR - Troubled debt restructuring | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
| ($ and shares in thousands, except per share data) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||
| Earnings Per Share: | ||||||||||||||||||||||
| Net income applicable to common shares | $ | 143,842 | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 437,411 | $ | 217,468 | ||||||||
| Adjustments: | ||||||||||||||||||||||
| Merger-related charges2 | 6,257 | 2,372 | 14,558 | 20,314 | 22,743 | 23,187 | 111,627 | |||||||||||||||
| Tax effect1 | (1,042 | ) | (277 | ) | (3,172 | ) | (5,160 | ) | (8,529 | ) | (4,491 | ) | (31,120 | ) | ||||||||
| Merger-related charges, net | 5,215 | 2,095 | 11,386 | 15,154 | 14,214 | 18,696 | 80,507 | |||||||||||||||
| Debt Securities (gains) losses | 241 | (17 | ) | 5,216 | 173 | 172 | 5,440 | (85 | ) | |||||||||||||
| Tax effect1 | (40 | ) | 2 | (1,137 | ) | (44 | ) | (65 | ) | (1,175 | ) | (33 | ) | |||||||||
| Debt securities (gains) losses, net | 201 | (15 | ) | 4,079 | 129 | 107 | 4,265 | (118 | ) | |||||||||||||
| Louisville expenses | — | 3,361 | — | — | — | 3,361 | — | |||||||||||||||
| Tax effect1 | — | (392 | ) | — | — | — | (392 | ) | — | |||||||||||||
| Louisville expenses, net | — | 2,969 | — | — | — | 2,969 | — | |||||||||||||||
| Property optimization charges | — | 242 | 1,317 | 26,818 | — | 1,559 | — | |||||||||||||||
| Tax effect1 | — | (28 | ) | (287 | ) | (6,812 | ) | — | (315 | ) | — | |||||||||||
| Property optimization charges, net | — | 214 | 1,030 | 20,006 | — | 1,244 | — | |||||||||||||||
| Gain on sale of health savings accounts | — | — | — | (90,673 | ) | — | — | — | ||||||||||||||
| Tax effect1 | — | — | — | 23,031 | — | — | — | |||||||||||||||
| Gain on sale of health savings accounts, net | — | — | — | (67,642 | ) | — | — | — | ||||||||||||||
| Day 1 non-PCD | — | — | — | — | — | — | 96,270 | |||||||||||||||
| Tax effect1 | — | — | — | — | — | — | (17,550 | ) | ||||||||||||||
| Day 1 non-PCD, net | — | — | — | — | — | — | 78,720 | |||||||||||||||
| Total adjustments, net | 5,416 | 5,263 | 16,495 | (32,353 | ) | 14,321 | 27,174 | 159,109 | ||||||||||||||
| Net income applicable to common shares, adjusted | $ | 149,258 | $ | 156,266 | $ | 159,061 | $ | 164,348 | $ | 150,440 | $ | 464,585 | $ | 376,577 | ||||||||
| Weighted average diluted common shares outstanding | 291,717 | 291,266 | 292,756 | 293,131 | 292,483 | 291,809 | 271,123 | |||||||||||||||
| EPS, diluted | $ | 0.49 | $ | 0.52 | $ | 0.49 | $ | 0.67 | $ | 0.47 | $ | 1.50 | $ | 0.80 | ||||||||
| Adjusted EPS, diluted | $ | 0.51 | $ | 0.54 | $ | 0.54 | $ | 0.56 | $ | 0.51 | $ | 1.59 | $ | 1.39 | ||||||||
| NIM: | ||||||||||||||||||||||
| Net interest income | $ | 375,086 | $ | 382,171 | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 1,138,745 | $ | 936,846 | ||||||||
| Add: FTE adjustment3 | 5,837 | 5,825 | 5,666 | 5,378 | 4,950 | 17,328 | 13,036 | |||||||||||||||
| Net interest income (FTE) | $ | 380,923 | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 1,156,073 | $ | 949,882 | ||||||||
| Average earning assets | $ | 43,617,456 | $ | 43,097,198 | $ | 41,941,913 | $ | 41,206,695 | $ | 41,180,026 | $ | 42,891,660 | $ | 37,924,490 | ||||||||
| NIM (GAAP) | 3.44 | % | 3.55 | % | 3.64 | % | 3.80 | % | 3.66 | % | 3.54 | % | 3.29 | % | ||||||||
| NIM (FTE) | 3.49 | % | 3.60 | % | 3.69 | % | 3.85 | % | 3.71 | % | 3.59 | % | 3.34 | % | ||||||||
| Refer to last page of Non-GAAP reconciliations for footnotes. | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||
| PPNR: | ||||||||||||||||||||||
| Net interest income (FTE)3 | $ | 380,923 | $ | 387,996 | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 1,156,073 | $ | 949,882 | ||||||||
| Add: Noninterest income | 80,938 | 81,629 | 70,681 | 165,037 | 80,385 | 233,248 | 234,742 | |||||||||||||||
| Total revenue (FTE) | 461,861 | 469,625 | 457,835 | 561,505 | 461,924 | 1,389,321 | 1,184,624 | |||||||||||||||
| Less: Noninterest expense | (244,776 | ) | (246,584 | ) | (250,711 | ) | (282,675 | ) | (262,444 | ) | (742,071 | ) | (755,508 | ) | ||||||||
| PPNR | $ | 217,085 | $ | 223,041 | $ | 207,124 | $ | 278,830 | $ | 199,480 | $ | 647,250 | $ | 429,116 | ||||||||
| Adjustments: | ||||||||||||||||||||||
| Gain on sale of health savings accounts | $ | — | $ | — | $ | — | $ | (90,673 | ) | $ | — | $ | — | $ | — | |||||||
| Debt securities (gains) losses | 241 | (17 | ) | 5,216 | 173 | 172 | 5,440 | (85 | ) | |||||||||||||
| Noninterest income adjustments | 241 | (17 | ) | 5,216 | (90,500 | ) | 172 | 5,440 | (85 | ) | ||||||||||||
| Adjusted noninterest income | 81,179 | 81,612 | 75,897 | 74,537 | 80,557 | 238,688 | 234,657 | |||||||||||||||
| Adjusted revenue | $ | 462,102 | $ | 469,608 | $ | 463,051 | $ | 471,005 | $ | 462,096 | $ | 1,394,761 | $ | 1,184,539 | ||||||||
| Adjustments: | ||||||||||||||||||||||
| Merger-related charges4 | $ | 6,257 | $ | 2,372 | $ | 14,558 | $ | 20,314 | $ | 22,743 | $ | 23,187 | $ | 100,614 | ||||||||
| Louisville expenses | — | 3,361 | — | — | — | 3,361 | — | |||||||||||||||
| Property optimization charges | — | 242 | 1,317 | 26,818 | — | 1,559 | — | |||||||||||||||
| Noninterest expense adjustments | 6,257 | 5,975 | 15,875 | 47,132 | 22,743 | 28,107 | 100,614 | |||||||||||||||
| Adjusted total noninterest expense | (238,519 | ) | (240,609 | ) | (234,836 | ) | (235,543 | ) | (239,701 | ) | (713,964 | ) | (654,894 | ) | ||||||||
| Adjusted PPNR | $ | 223,583 | $ | 228,999 | $ | 228,215 | $ | 235,462 | $ | 222,395 | $ | 680,797 | $ | 529,645 | ||||||||
| Efficiency Ratio: | ||||||||||||||||||||||
| Noninterest expense | $ | 244,776 | $ | 246,584 | $ | 250,711 | $ | 282,675 | $ | 262,444 | $ | 742,071 | $ | 755,508 | ||||||||
| Less: Amortization of intangibles | (6,040 | ) | (6,060 | ) | (6,186 | ) | (6,787 | ) | (7,089 | ) | (18,286 | ) | (19,070 | ) | ||||||||
| Noninterest expense, excl. amortization of intangibles | 238,736 | 240,524 | 244,525 | 275,888 | 255,355 | 723,785 | 736,438 | |||||||||||||||
| Less: Amortization of tax credit investments | (2,644 | ) | (2,762 | ) | (2,761 | ) | (5,258 | ) | (2,662 | ) | (8,167 | ) | (5,703 | ) | ||||||||
| Less: Noninterest expense adjustments | (6,257 | ) | (5,975 | ) | (15,875 | ) | (47,132 | ) | (22,743 | ) | (28,107 | ) | (100,614 | ) | ||||||||
| Adjusted noninterest expense | $ | 229,835 | $ | 231,787 | $ | 225,889 | $ | 223,498 | $ | 229,950 | $ | 687,511 | $ | 630,121 | ||||||||
| Total revenue (FTE)3 | $ | 461,861 | $ | 469,625 | $ | 457,835 | $ | 561,505 | $ | 461,924 | $ | 1,389,321 | $ | 1,184,624 | ||||||||
| Less: Debt securities (gains) losses | 241 | (17 | ) | 5,216 | 173 | 172 | 5,440 | (85 | ) | |||||||||||||
| Total revenue excl. debt securities (gains) losses | 462,102 | 469,608 | 463,051 | 561,678 | 462,096 | 1,394,761 | 1,184,539 | |||||||||||||||
| Less: Gain on sale of health savings accounts | — | — | — | (90,673 | ) | — | — | — | ||||||||||||||
| Total adjusted revenue | $ | 462,102 | $ | 469,608 | $ | 463,051 | $ | 471,005 | $ | 462,096 | $ | 1,394,761 | $ | 1,184,539 | ||||||||
| Efficiency Ratio | 51.7 | % | 51.2 | % | 52.8 | % | 49.1 | % | 55.3 | % | 51.9 | % | 62.2 | % | ||||||||
| Efficiency Ratio (prior presentation)5 | N/A | N/A | N/A | N/A | 56.2 | % | N/A | 63.5 | % | |||||||||||||
| Adjusted Efficiency Ratio | 49.7 | % | 49.4 | % | 48.8 | % | 47.5 | % | 49.8 | % | 49.3 | % | 53.2 | % | ||||||||
| Adjusted Efficiency Ratio (prior presentation)5 | N/A | N/A | N/A | N/A | 50.7 | % | N/A | 53.6 | % | |||||||||||||
| Refer to last page of Non-GAAP reconciliations for footnotes. | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | ||||||||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||
| ROAE and ROATCE: | ||||||||||||||||||||||
| Net income applicable to common shares | $ | 143,842 | $ | 151,003 | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 437,411 | $ | 217,468 | ||||||||
| Amortization of intangibles | 6,040 | 6,060 | 6,186 | 6,787 | 7,089 | 18,286 | 19,070 | |||||||||||||||
| Tax effect1 | (1,510 | ) | (1,515 | ) | (1,547 | ) | (1,697 | ) | (1,772 | ) | (4,572 | ) | (4,768 | ) | ||||||||
| Amortization of intangibles, net | 4,530 | 4,545 | 4,639 | 5,090 | 5,317 | 13,714 | 14,302 | |||||||||||||||
| Net income applicable to common shares, excluding intangible amortization | 148,372 | 155,548 | 147,205 | 201,791 | 141,436 | 451,125 | 231,770 | |||||||||||||||
| Total adjustments, net (see pg.12) | 5,416 | 5,263 | 16,495 | (32,353 | ) | 14,321 | 27,174 | 159,109 | ||||||||||||||
| Adjusted tangible net income applicable to common shares | $ | 153,788 | $ | 160,811 | $ | 163,700 | $ | 169,438 | $ | 155,757 | $ | 478,299 | $ | 390,879 | ||||||||
| Average shareholders' equity | $ | 5,294,072 | $ | 5,273,802 | $ | 5,166,188 | $ | 4,936,582 | $ | 5,134,153 | $ | 5,245,156 | $ | 4,830,844 | ||||||||
| Less: Average preferred equity | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (202,013 | ) | ||||||||
| Average shareholders' common equity | $ | 5,050,353 | $ | 5,030,083 | $ | 4,922,469 | $ | 4,692,863 | $ | 4,890,434 | $ | 5,001,437 | $ | 4,628,831 | ||||||||
| Average goodwill and other intangible assets | (2,109,944 | ) | (2,115,894 | ) | (2,122,157 | ) | (2,132,480 | ) | (2,129,858 | ) | (2,115,953 | ) | (1,941,270 | ) | ||||||||
| Average tangible shareholder's common equity | $ | 2,940,409 | $ | 2,914,189 | $ | 2,800,312 | $ | 2,560,383 | $ | 2,760,576 | $ | 2,885,484 | $ | 2,687,561 | ||||||||
| ROAE | 11.4 | % | 12.0 | % | 11.6 | % | 16.8 | % | 11.1 | % | 11.7 | % | 6.3 | % | ||||||||
| ROAE, adjusted | 11.8 | % | 12.4 | % | 12.9 | % | 14.0 | % | 12.3 | % | 12.4 | % | 10.8 | % | ||||||||
| ROATCE | 20.2 | % | 21.4 | % | 21.0 | % | 31.5 | % | 20.5 | % | 20.8 | % | 11.5 | % | ||||||||
| ROATCE, adjusted | 20.9 | % | 22.1 | % | 23.4 | % | 26.5 | % | 22.6 | % | 22.1 | % | 19.4 | % | ||||||||
| Refer to last page of Non-GAAP reconciliations for footnotes. | ||||||||||||||||||||||
| Non-GAAP Measures (unaudited) | |||||||||||||||
| ($ in thousands) | |||||||||||||||
| As of | |||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | |||||||||||
| Tangible Common Equity: | |||||||||||||||
| Shareholders' equity | $ | 5,239,537 | $ | 5,292,095 | $ | 5,277,426 | $ | 5,128,595 | $ | 4,943,383 | |||||
| Less: Preferred equity | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | (243,719 | ) | |||||
| Shareholders' common equity | $ | 4,995,818 | $ | 5,048,376 | $ | 5,033,707 | $ | 4,884,876 | $ | 4,699,664 | |||||
| Less: Goodwill and other intangible assets | (2,106,835 | ) | (2,112,875 | ) | (2,118,935 | ) | (2,125,121 | ) | (2,135,792 | ) | |||||
| Tangible shareholders' common equity | $ | 2,888,983 | $ | 2,935,501 | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | |||||
| Total assets | $ | 49,059,448 | $ | 48,496,755 | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | |||||
| Less: Goodwill and other intangible assets | (2,106,835 | ) | (2,112,875 | ) | (2,118,935 | ) | (2,125,121 | ) | (2,135,792 | ) | |||||
| Tangible assets | $ | 46,952,613 | $ | 46,383,880 | $ | 45,723,709 | $ | 44,638,251 | $ | 44,079,734 | |||||
| Risk-weighted assets6 | $ | 37,505,361 | $ | 37,414,177 | $ | 36,801,707 | $ | 35,950,900 | $ | 34,741,765 | |||||
| Tangible common equity to tangible assets | 6.15 | % | 6.33 | % | 6.37 | % | 6.18 | % | 5.82 | % | |||||
| Tangible common equity to risk-weighted assets6 | 7.70 | % | 7.85 | % | 7.92 | % | 7.68 | % | 7.38 | % | |||||
| Tangible Common Equity: | |||||||||||||||
| Common shares outstanding | 292,586 | 292,597 | 291,922 | 292,903 | 292,880 | ||||||||||
| Tangible common book value | $ | 9.87 | $ | 10.03 | $ | 9.98 | $ | 9.42 | $ | 8.75 | |||||
| 1 Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state). 2 Includes $11.0 million of provision for unfunded commitments for the nine months ended September 30, 2022. 3 Calculated using the federal statutory tax rate in effect of 21% for all periods. 4 Excludes $11.0 million of provision for unfunded commitments that is included in provision for credit losses for the nine months ended September 30, 2022. 5 Presented as calculated prior to December 31, 2022, which included the provision for unfunded commitments in noninterest expense. Management believes that removing the provision for unfunded commitments from this metric enhances comparability for peer comparison purposes. 6 September 30, 2023 figures are preliminary. | |||||||||||||||
