Financial News
First Republic Reports Second Quarter 2021 Results
Tangible Book Value Per Share Up 15.5% Year-Over-Year
Net Interest Income Increased 27.5% Year-Over-Year
First Republic Bank (NYSE: FRC) today announced financial results for the quarter ended June 30, 2021.
“First Republic had another very strong quarter of organic growth,” said Jim Herbert, Founder, Chairman and Co-CEO of First Republic Bank. “First Republic’s brand of exceptional client service resulted in significant growth in single family loans, deposits and wealth management assets.”
“Our results this quarter were representative of how our service-focused business model continues to resonate strongly with clients,” said Hafize Gaye Erkan, Co-CEO and President. “Providing exceptional service is a proven differentiator for First Republic.”
Quarterly Highlights
Financial Results
– Year-over-year:
– Revenues were $1.2 billion, up 33.9%.
– Net interest income was $1.0 billion, up 27.5%.
– Net income was $373.1 million, up 45.3%.
– Diluted earnings per share of $1.95, up 39.3% (included $0.11 positive impact from tax benefits on vesting of stock awards).
– Tangible book value per share was $61.72, up 15.5%.
– Loan originations totaled $16.8 billion, our strongest quarter ever.
– Net interest margin was 2.68%, compared to 2.67% for the prior quarter.
– Efficiency ratio was 62.0%, compared to 63.5% for the prior quarter.
Continued Capital and Credit Strength
– Tier 1 leverage ratio was 8.05%.
– Nonperforming assets were at a very low 8 basis points of total assets.
– Net charge-offs were only $1.2 million, or less than 1 basis point of average loans.
Continued Franchise Growth
– Year-over-year:
– Loans totaled $123.1 billion, up 22.7%.
– Deposits were $134.7 billion, up 36.7%.
– Wealth management assets were $240.9 billion, up 54.6%.
– Wealth management revenues were $183.6 million, up 61.2%.
“We are quite pleased with the growth of revenue and net interest income during the second quarter,” said Mike Roffler, Chief Financial Officer. “Credit quality remains excellent, further reflecting the safety and stability of First Republic.”
Quarterly Cash Dividend of $0.22 per Share
The Bank declared a cash dividend for the second quarter of $0.22 per share of common stock, which is payable on August 12, 2021 to shareholders of record as of July 29, 2021.
Strong Asset Quality
Credit quality remains strong. Nonperforming assets were at a very low 8 basis points of total assets at June 30, 2021. The Bank had modest net loan charge-offs of only $1.2 million for the quarter.
During the second quarter, the Bank recorded a provision for credit losses of $16.1 million, which was primarily driven by loan growth.
Continued Book Value Growth and Capital Strength
Book value per common share at June 30, 2021 was $62.99, up 14.9% from a year ago. Tangible book value per common share at June 30, 2021 was $61.72, up 15.5% from a year ago.
The Bank’s Tier 1 leverage ratio was 8.05% at June 30, 2021, compared to 8.32% at March 31, 2021.
Continued Franchise Growth
Loan Originations
Loan originations were our largest ever at $16.8 billion for the quarter, up 24.7% from the same quarter a year ago. This was primarily due to increases in single family and business lending, partially offset by a decrease in loan originations under the Small Business Administration’s Paycheck Protection Program (“PPP”).
Single family loan originations were 52% of the total volume for the quarter and had a weighted average loan-to-value ratio of 60%. Multifamily and commercial real estate loans originated were only 9% of total originations, and had a weighted average loan-to-value ratio of 49%.
Loans totaled $123.1 billion at June 30, 2021, up 22.7% compared to a year ago, primarily due to increases in single family loans, business, multifamily and stock secured loans, partially offset by a decrease in PPP loans.
COVID-19 Loan Modifications Continue to Decline
Remaining loan modifications to those borrowers experiencing financial challenges as a result of COVID-19 (not classified as troubled debt restructurings) totaled $634 million, and were only 0.5% of total loans as of June 30, 2021, down from a peak of approximately 4% of total loans as of June 30, 2020.
Deposit Growth
Total deposits increased to $134.7 billion, up 36.7% compared to a year ago, and had an average rate paid of 7 basis points during the quarter.
At June 30, 2021, checking deposit balances were 68.0% of total deposits.
Investments
Total investment securities at June 30, 2021 were $22.9 billion, a 5.6% increase compared to the prior quarter and a 19.9% increase compared to a year ago.
High-quality liquid assets, including eligible cash, totaled $23.2 billion at June 30, 2021, and represented 14.3% of quarterly average total assets.
Wealth Management
Total wealth management assets were $240.9 billion at June 30, 2021, up 10.0% compared to the prior quarter and up 54.6% compared to a year ago. The increases in wealth management assets were due to both net client inflow and market appreciation.
Wealth management revenues totaled $183.6 million for the quarter, up 61.2% compared to last year’s second quarter. Such revenues represented 14.9% of the Bank’s total revenues for the quarter.
Wealth management assets at June 30, 2021 included investment management assets of $99.5 billion, brokerage assets and money market mutual funds of $125.5 billion, and trust and custody assets of $15.9 billion.
Income Statement and Key Ratios
Revenue Growth
Total revenues were $1.2 billion for the quarter, up 33.9% compared to the second quarter a year ago.
Net Interest Income Growth
Net interest income was $1.0 billion for the quarter, up 27.5% compared to the second quarter a year ago. The increase in net interest income resulted primarily from growth in average interest-earning assets.
Net Interest Margin
The net interest margin increased to 2.68% in the second quarter, from 2.67% in the prior quarter.
Noninterest Income
Noninterest income was $226.6 million for the quarter, up 72.2% compared to the second quarter a year ago. The increase was primarily driven by higher wealth management fees, income from investments in life insurance and loan servicing fees.
Noninterest Expense and Efficiency Ratio
Noninterest expense was $762.8 million for the quarter, up 33.9% compared to the second quarter a year ago. The increase was primarily due to increased salaries and benefits, information systems and occupancy costs from the continued investments in the expansion of the franchise, and higher professional fees and advertising and marketing costs.
The efficiency ratio was 62.0% for both the second quarter of 2021 and 2020.
Income Taxes
The Bank’s effective tax rate for the second quarter of 2021 was 17.4%, compared to 21.9% for the prior quarter, and 19.4% for the second quarter a year ago. The decrease from the second quarter a year ago was primarily the result of higher excess tax benefits upon vesting of stock awards due to higher market valuation levels. For the first six months of 2021, the Bank’s effective tax rate was 19.6%, compared to 19.4% a year ago.
Conference Call Details
First Republic Bank’s second quarter 2021 earnings conference call is scheduled for July 13, 2021 at 7:00 a.m. PT / 10:00 a.m. ET. To access the event by telephone, please dial (800) 458-4148 and provide confirmation code 3341684 approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (856) 344-9290 and provide the same confirmation code.
The call will also be broadcast live over the Internet and can be accessed in the Investor Relations section of First Republic’s website at ir.firstrepublic.com/events-calendar. To listen to the live webcast, please visit the site at least 15 minutes prior to the start time to register, download and install any necessary audio software.
For those unable to join the live presentation, a replay of the call will be available beginning July 13, 2021, at 11:00 a.m. PT / 2:00 p.m. ET, through July 20, 2021, at 8:59 p.m. PT / 11:59 p.m. ET. To access the replay, dial (888) 203-1112 and use confirmation code 3341684#. International callers should dial +1 (719) 457-0820 and enter the same confirmation code. A replay of the webcast also will be available for 90 days following, accessible in the Investor Relations section of First Republic Bank’s website at ir.firstrepublic.com/events-calendar.
The Bank’s press releases are available after release in the Newsroom and Investor Relations section of First Republic Bank’s website at firstrepublic.com.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston, Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a constituent of the S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not historical facts are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them.
Forward-looking statements involving such risks and uncertainties include, but are not limited to, statements regarding: projections of loans, assets, deposits, liabilities, revenues, expenses, tax liabilities, net income, capital expenditures, liquidity, dividends, capital structure, investments or other financial items; expectations regarding the banking and wealth management industries; descriptions of plans or objectives of management for future operations, products or services; forecasts of future economic conditions generally and in our market areas in particular, which may affect the ability of borrowers to repay their loans and the value of real property or other property held as collateral for such loans; our opportunities for growth and our plans for expansion (including opening new offices); expectations about the performance of any new offices; projections about the amount and the value of intangible assets, as well as amortization of recorded amounts; future provisions for credit losses on loans and debt securities, as well as for unfunded loan commitments; changes in nonperforming assets; expectations regarding the impact and duration of COVID-19; projections about future levels of loan originations or loan repayments; projections regarding costs, including the impact on our efficiency ratio; and descriptions of assumptions underlying or relating to any of the foregoing.
Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: significant competition to attract and retain banking and wealth management customers, from both traditional and non-traditional financial services and technology companies; our ability to recruit and retain key managers, employees and board members; natural or other disasters, including earthquakes, wildfires, pandemics or acts of terrorism affecting the markets in which we operate; the negative impacts and disruptions resulting from COVID-19 on our colleagues and clients, the communities we serve and the domestic and global economy, which may have an adverse effect on our business, financial position and results of operations; interest rate risk and credit risk; our ability to maintain and follow high underwriting standards; economic and market conditions, including those affecting the valuation of our investment securities portfolio and credit losses on our loans and debt securities; real estate prices generally and in our markets; our geographic and product concentrations; demand for our products and services; developments and uncertainty related to the future use and availability of some reference rates, such as the London Interbank Offered Rate and the 11th District Monthly Weighted Average Cost of Funds Index, as well as other alternative reference rates; the regulatory environment in which we operate, our regulatory compliance and future regulatory requirements; any future changes to regulatory capital requirements; legislative and regulatory actions affecting us and the financial services industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), including increased compliance costs, limitations on activities and requirements to hold additional capital, as well as changes to the Dodd-Frank Act pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act; our ability to avoid litigation and its associated costs and liabilities; future Federal Deposit Insurance Corporation (“FDIC”) special assessments or changes to regular assessments; fraud, cybersecurity and privacy risks; and custom technology preferences of our customers and our ability to successfully execute on initiatives relating to enhancements of our technology infrastructure, including client-facing systems and applications. For a discussion of these and other risks and uncertainties, see First Republic’s FDIC filings, including, but not limited to, the risk factors in First Republic’s Annual Report on Form 10-K and any subsequent reports filed by First Republic with the FDIC. These filings are available in the Investor Relations section of our website.
All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout our public filings under the Exchange Act. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Measures
Our management uses and believes that investors benefit from using certain non-GAAP measures of our financial performance, which include tangible book value per common share, return on average tangible common shareholders’ equity, and net interest income on a fully taxable-equivalent basis. Management believes that tangible book value per common share and return on average tangible common shareholders’ equity are useful additional measures to evaluate our performance and capital position without the impact of goodwill and other intangible assets and preferred stock. In addition, to facilitate relevant comparisons of net interest income from taxable and tax-exempt interest-earning assets, when calculating yields and net interest margin, we adjust interest income on tax-exempt securities and tax-advantaged loans so such amounts are fully equivalent to interest income on taxable sources. We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information that is not otherwise required by GAAP or other applicable requirements. These non-GAAP financial measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP calculation of the financial measure to the most comparable GAAP financial measure is presented in relevant tables in this document.
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||||
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands, except per share amounts) |
|
2021 |
|
2020 |
|
2021 |
2021 |
|
2020 |
|||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
||||||||
Loans |
|
$ |
912,885 |
|
$ |
791,286 |
|
|
$ |
873,170 |
|
|
$ |
1,786,055 |
|
$ |
1,587,938 |
|
Investments |
|
156,947 |
|
146,515 |
|
|
140,711 |
|
|
297,658 |
|
295,084 |
|
|||||
Other |
|
5,103 |
|
5,059 |
|
|
5,189 |
|
|
10,292 |
|
12,019 |
|
|||||
Cash and cash equivalents |
|
3,070 |
|
564 |
|
|
2,894 |
|
|
5,964 |
|
4,504 |
|
|||||
Total interest income |
|
1,078,005 |
|
943,424 |
|
|
1,021,964 |
|
|
2,099,969 |
|
1,899,545 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits |
|
24,096 |
|
72,480 |
|
|
27,571 |
|
|
51,667 |
|
191,325 |
|
|||||
Borrowings |
|
50,044 |
|
83,532 |
|
|
55,611 |
|
|
105,655 |
|
168,676 |
|
|||||
Total interest expense |
|
74,140 |
|
156,012 |
|
|
83,182 |
|
|
157,322 |
|
360,001 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
1,003,865 |
|
787,412 |
|
|
938,782 |
|
|
1,942,647 |
|
1,539,544 |
|
|||||
Provision (reversal of provision) for credit losses |
|
16,143 |
|
31,117 |
|
|
(14,608 |
) |
|
1,535 |
|
93,487 |
|
|||||
Net interest income after provision (reversal of provision) for credit losses |
|
987,722 |
|
756,295 |
|
|
953,390 |
|
|
1,941,112 |
|
1,446,057 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
||||||||
Investment management fees |
|
136,516 |
|
85,083 |
|
|
119,042 |
|
|
255,558 |
|
184,379 |
|
|||||
Brokerage and investment fees |
|
17,574 |
|
12,406 |
|
|
14,564 |
|
|
32,138 |
|
28,232 |
|
|||||
Insurance fees |
|
2,668 |
|
1,713 |
|
|
3,074 |
|
|
5,742 |
|
3,870 |
|
|||||
Trust fees |
|
6,245 |
|
4,599 |
|
|
5,731 |
|
|
11,976 |
|
9,575 |
|
|||||
Foreign exchange fee income |
|
20,612 |
|
10,105 |
|
|
17,167 |
|
|
37,779 |
|
22,289 |
|
|||||
Deposit fees |
|
6,618 |
|
5,248 |
|
|
6,169 |
|
|
12,787 |
|
11,845 |
|
|||||
Loan and related fees |
|
8,877 |
|
7,456 |
|
|
7,485 |
|
|
16,362 |
|
13,570 |
|
|||||
Loan servicing fees, net |
|
1,057 |
|
(4,445 |
) |
|
1,488 |
|
|
2,545 |
|
(2,793 |
) |
|||||
Gain (loss) on sale of loans |
|
58 |
|
(1,147 |
) |
|
309 |
|
|
367 |
|
778 |
|
|||||
Gain on investment securities |
|
1,329 |
|
1,529 |
|
|
655 |
|
|
1,984 |
|
4,157 |
|
|||||
Income from investments in life insurance |
|
21,457 |
|
7,800 |
|
|
16,549 |
|
|
38,006 |
|
15,960 |
|
|||||
Other income |
|
3,597 |
|
1,222 |
|
|
3,618 |
|
|
7,215 |
|
3,751 |
|
|||||
Total noninterest income |
|
226,608 |
|
131,569 |
|
|
195,851 |
|
|
422,459 |
|
295,613 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
481,503 |
|
344,204 |
|
|
463,404 |
|
|
944,907 |
|
705,408 |
|
|||||
Information systems |
|
88,980 |
|
74,037 |
|
|
83,516 |
|
|
172,496 |
|
144,752 |
|
|||||
Occupancy |
|
63,526 |
|
54,941 |
|
|
57,549 |
|
|
121,075 |
|
108,582 |
|
|||||
Professional fees |
|
25,475 |
|
15,517 |
|
|
21,254 |
|
|
46,729 |
|
28,634 |
|
|||||
Advertising and marketing |
|
16,560 |
|
8,621 |
|
|
12,633 |
|
|
29,193 |
|
20,464 |
|
|||||
FDIC assessments |
|
13,254 |
|
11,275 |
|
|
11,900 |
|
|
25,154 |
|
21,460 |
|
|||||
Other expenses |
|
73,467 |
|
60,863 |
|
|
70,140 |
|
|
143,607 |
|
122,175 |
|
|||||
Total noninterest expense |
|
762,765 |
|
569,458 |
|
|
720,396 |
|
|
1,483,161 |
|
1,151,475 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income before provision for income taxes |
|
451,565 |
|
318,406 |
|
|
428,845 |
|
|
880,410 |
|
590,195 |
|
|||||
Provision for income taxes |
|
78,459 |
|
61,638 |
|
|
94,012 |
|
|
172,471 |
|
114,741 |
|
|||||
Net income |
|
373,106 |
|
256,768 |
|
|
334,833 |
|
|
707,939 |
|
475,454 |
|
|||||
Dividends on preferred stock |
|
23,655 |
|
14,817 |
|
|
18,525 |
|
|
42,180 |
|
27,837 |
|
|||||
Net income available to common shareholders |
|
$ |
349,451 |
|
$ |
241,951 |
|
|
$ |
316,308 |
|
|
$ |
665,759 |
|
$ |
447,617 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share |
|
$ |
1.98 |
|
$ |
1.41 |
|
|
$ |
1.81 |
|
|
$ |
3.79 |
|
$ |
2.61 |
|
Diluted earnings per common share |
|
$ |
1.95 |
|
$ |
1.40 |
|
|
$ |
1.79 |
|
|
$ |
3.74 |
|
$ |
2.60 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares—basic |
|
176,419 |
|
171,627 |
|
|
174,820 |
|
|
175,624 |
|
171,231 |
|
|||||
Weighted average shares—diluted |
|
178,864 |
|
172,659 |
|
|
176,951 |
|
|
177,913 |
|
172,343 |
|
CONSOLIDATED BALANCE SHEETS |
||||||||||||||||
|
|
As of |
||||||||||||||
($ in thousands) |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
June 30,
|
||||||||
ASSETS |
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
7,876,952 |
|
|
$ |
8,889,492 |
|
|
$ |
5,094,754 |
|
|
$ |
3,099,170 |
|
Debt securities available-for-sale |
|
2,634,983 |
|
|
2,428,833 |
|
|
1,906,315 |
|
|
1,576,956 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Debt securities held-to-maturity |
|
20,244,705 |
|
|
19,240,358 |
|
|
16,610,212 |
|
|
17,513,211 |
|
||||
Less: Allowance for credit losses |
|
(8,407 |
) |
|
(8,024 |
) |
|
(6,902 |
) |
|
(5,383 |
) |
||||
Debt securities held-to-maturity, net |
|
20,236,298 |
|
|
19,232,334 |
|
|
16,603,310 |
|
|
17,507,828 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Equity securities (fair value) |
|
29,550 |
|
|
21,221 |
|
|
20,566 |
|
|
21,104 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loans: |
|
|
|
|
|
|
|
|
||||||||
Single family |
|
69,908,787 |
|
|
65,178,442 |
|
|
61,370,246 |
|
|
52,435,246 |
|
||||
Home equity lines of credit |
|
2,441,034 |
|
|
2,392,314 |
|
|
2,449,533 |
|
|
2,419,359 |
|
||||
Single family construction |
|
877,548 |
|
|
841,962 |
|
|
787,854 |
|
|
733,909 |
|
||||
Multifamily |
|
14,803,219 |
|
|
14,141,208 |
|
|
13,768,957 |
|
|
13,187,857 |
|
||||
Commercial real estate |
|
8,234,934 |
|
|
8,065,262 |
|
|
8,018,158 |
|
|
7,793,137 |
|
||||
Multifamily/commercial construction |
|
2,060,980 |
|
|
2,101,119 |
|
|
2,024,420 |
|
|
1,966,292 |
|
||||
Capital call lines of credit |
|
8,127,473 |
|
|
8,653,802 |
|
|
8,149,946 |
|
|
6,173,992 |
|
||||
Tax-exempt |
|
3,566,385 |
|
|
3,454,471 |
|
|
3,365,572 |
|
|
3,186,066 |
|
||||
Other business |
|
3,656,598 |
|
|
3,679,420 |
|
|
3,340,048 |
|
|
3,179,023 |
|
||||
PPP |
|
1,374,765 |
|
|
2,142,253 |
|
|
1,841,376 |
|
|
2,092,307 |
|
||||
Stock secured |
|
2,965,857 |
|
|
2,519,637 |
|
|
2,518,338 |
|
|
1,924,107 |
|
||||
Other secured |
|
2,051,617 |
|
|
1,862,529 |
|
|
1,818,550 |
|
|
1,702,535 |
|
||||
Unsecured |
|
3,047,981 |
|
|
3,050,999 |
|
|
3,113,267 |
|
|
3,221,405 |
|
||||
Total loans |
|
123,117,178 |
|
|
118,083,418 |
|
|
112,566,265 |
|
|
100,015,235 |
|
||||
Allowance for credit losses |
|
(636,910 |
) |
|
(620,825 |
) |
|
(635,019 |
) |
|
(583,997 |
) |
||||
Loans, net |
|
122,480,268 |
|
|
117,462,593 |
|
|
111,931,246 |
|
|
99,431,238 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loans held for sale |
|
3,169 |
|
|
— |
|
|
20,679 |
|
|
313,655 |
|
||||
Investments in life insurance |
|
2,597,637 |
|
|
2,328,844 |
|
|
2,061,362 |
|
|
1,468,712 |
|
||||
Tax credit investments |
|
1,224,114 |
|
|
1,127,465 |
|
|
1,131,905 |
|
|
1,105,853 |
|
||||
Premises, equipment and leasehold improvements, net |
|
418,725 |
|
|
412,331 |
|
|
403,482 |
|
|
388,256 |
|
||||
Goodwill and other intangible assets |
|
224,497 |
|
|
225,925 |
|
|
227,512 |
|
|
230,975 |
|
||||
Other real estate owned |
|
— |
|
|
1,334 |
|
|
— |
|
|
1,071 |
|
||||
Other assets |
|
3,920,541 |
|
|
3,667,588 |
|
|
3,101,003 |
|
|
3,159,069 |
|
||||
Total Assets |
|
$ |
161,646,734 |
|
|
$ |
155,797,960 |
|
|
$ |
142,502,134 |
|
|
$ |
128,303,887 |
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
||||||||
Liabilities: |
|
|
|
|
|
|
|
|
||||||||
Deposits: |
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing checking |
|
$ |
59,449,158 |
|
|
$ |
53,806,762 |
|
|
$ |
46,281,112 |
|
|
$ |
37,586,940 |
|
Interest-bearing checking |
|
32,165,327 |
|
|
32,542,600 |
|
|
30,603,221 |
|
|
23,833,458 |
|
||||
Money market checking |
|
20,373,535 |
|
|
19,210,069 |
|
|
16,778,884 |
|
|
14,639,069 |
|
||||
Money market savings and passbooks |
|
14,747,597 |
|
|
14,097,001 |
|
|
12,584,522 |
|
|
10,236,015 |
|
||||
Certificates of deposit |
|
7,921,218 |
|
|
8,250,521 |
|
|
8,681,061 |
|
|
12,238,479 |
|
||||
Total Deposits |
|
134,656,835 |
|
|
127,906,953 |
|
|
114,928,800 |
|
|
98,533,961 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Short-term borrowings |
|
— |
|
|
— |
|
|
— |
|
|
5,000 |
|
||||
Long-term FHLB advances |
|
9,000,000 |
|
|
10,505,000 |
|
|
11,755,000 |
|
|
15,405,000 |
|
||||
Senior notes |
|
997,193 |
|
|
996,668 |
|
|
996,145 |
|
|
995,109 |
|
||||
Subordinated notes |
|
778,535 |
|
|
778,423 |
|
|
778,313 |
|
|
778,096 |
|
||||
Other liabilities |
|
2,939,444 |
|
|
2,669,186 |
|
|
2,293,230 |
|
|
2,010,793 |
|
||||
Total Liabilities |
|
148,372,007 |
|
|
142,856,230 |
|
|
130,751,488 |
|
|
117,727,959 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
||||||||
Preferred stock |
|
2,142,500 |
|
|
2,142,500 |
|
|
1,545,000 |
|
|
1,145,000 |
|
||||
Common stock |
|
1,767 |
|
|
1,763 |
|
|
1,741 |
|
|
1,721 |
|
||||
Additional paid-in capital |
|
5,204,166 |
|
|
5,191,932 |
|
|
4,834,172 |
|
|
4,543,051 |
|
||||
Retained earnings |
|
5,936,669 |
|
|
5,626,958 |
|
|
5,346,355 |
|
|
4,858,965 |
|
||||
Accumulated other comprehensive income (loss) |
|
(10,375 |
) |
|
(21,423 |
) |
|
23,378 |
|
|
27,191 |
|
||||
Total Shareholders’ Equity |
|
13,274,727 |
|
|
12,941,730 |
|
|
11,750,646 |
|
|
10,575,928 |
|
||||
Total Liabilities and Shareholders’ Equity |
|
$ |
161,646,734 |
|
|
$ |
155,797,960 |
|
|
$ |
142,502,134 |
|
|
$ |
128,303,887 |
|
|
|
Quarter Ended June 30, |
|
Quarter Ended March 31, |
|||||||||||||||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|||||||||||||||||||||||||||
Average Balances, Yields and Rates |
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|||||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash and cash equivalents |
|
$ |
11,280,780 |
|
|
$ |
3,070 |
|
|
0.11 |
% |
|
$ |
2,789,666 |
|
|
$ |
564 |
|
|
0.08 |
% |
|
$ |
11,448,652 |
|
|
$ |
2,894 |
|
|
0.10 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Government-sponsored agency securities |
|
100,000 |
|
|
398 |
|
|
1.59 |
% |
|
214,835 |
|
|
1,367 |
|
|
2.55 |
% |
|
93,889 |
|
|
339 |
|
|
1.45 |
% |
||||||
Agency residential and commercial MBS |
|
5,646,537 |
|
|
29,000 |
|
|
2.05 |
% |
|
6,615,707 |
|
|
42,661 |
|
|
2.58 |
% |
|
5,625,748 |
|
|
30,536 |
|
|
2.17 |
% |
||||||
Other residential and commercial MBS |
|
30,297 |
|
|
154 |
|
|
2.04 |
% |
|
27,499 |
|
|
182 |
|
|
2.65 |
% |
|
32,992 |
|
|
154 |
|
|
1.87 |
% |
||||||
Municipal securities |
|
15,082,004 |
|
|
147,297 |
|
|
3.91 |
% |
|
11,949,615 |
|
|
126,906 |
|
|
4.25 |
% |
|
13,349,101 |
|
|
134,990 |
|
|
4.04 |
% |
||||||
Other investment securities (3) |
|
1,375,557 |
|
|
9,800 |
|
|
2.85 |
% |
|
43,800 |
|
|
309 |
|
|
2.83 |
% |
|
429,289 |
|
|
2,568 |
|
|
2.39 |
% |
||||||
Total investment securities |
|
22,234,395 |
|
|
186,649 |
|
|
3.36 |
% |
|
18,851,456 |
|
|
171,425 |
|
|
3.64 |
% |
|
19,531,019 |
|
|
168,587 |
|
|
3.45 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential real estate (4) |
|
69,853,517 |
|
|
491,229 |
|
|
2.81 |
% |
|
53,737,207 |
|
|
404,691 |
|
|
3.01 |
% |
|
65,458,977 |
|
|
469,010 |
|
|
2.87 |
% |
||||||
Multifamily (5) |
|
14,392,073 |
|
|
126,888 |
|
|
3.49 |
% |
|
12,887,676 |
|
|
120,657 |
|
|
3.70 |
% |
|
13,922,237 |
|
|
122,829 |
|
|
3.53 |
% |
||||||
Commercial real estate |
|
8,117,288 |
|
|
78,427 |
|
|
3.82 |
% |
|
7,718,257 |
|
|
77,635 |
|
|
3.98 |
% |
|
8,032,825 |
|
|
77,879 |
|
|
3.88 |
% |
||||||
Multifamily/commercial construction |
|
2,969,059 |
|
|
37,522 |
|
|
5.00 |
% |
|
2,632,682 |
|
|
29,468 |
|
|
4.43 |
% |
|
2,867,284 |
|
|
31,100 |
|
|
4.34 |
% |
||||||
Business (6) |
|
15,894,165 |
|
|
128,914 |
|
|
3.21 |
% |
|
13,069,640 |
|
|
115,666 |
|
|
3.50 |
% |
|
15,076,564 |
|
|
123,741 |
|
|
3.28 |
% |
||||||
PPP |
|
1,842,716 |
|
|
15,476 |
|
|
3.32 |
% |
|
1,620,772 |
|
|
7,659 |
|
|
1.87 |
% |
|
1,989,987 |
|
|
15,766 |
|
|
3.17 |
% |
||||||
Other (7) |
|
7,652,991 |
|
|
41,518 |
|
|
2.15 |
% |
|
6,658,487 |
|
|
42,116 |
|
|
2.50 |
% |
|
7,347,624 |
|
|
39,685 |
|
|
2.16 |
% |
||||||
Total loans |
|
120,721,809 |
|
|
919,974 |
|
|
3.03 |
% |
|
98,324,721 |
|
|
797,892 |
|
|
3.23 |
% |
|
114,695,498 |
|
|
880,010 |
|
|
3.07 |
% |
||||||
FHLB stock |
|
312,647 |
|
|
5,103 |
|
|
6.55 |
% |
|
491,938 |
|
|
5,059 |
|
|
4.14 |
% |
|
344,990 |
|
|
5,189 |
|
|
6.10 |
% |
||||||
Total interest-earning assets |
|
154,549,631 |
|
|
1,114,796 |
|
|
2.87 |
% |
|
120,457,781 |
|
|
974,940 |
|
|
3.22 |
% |
|
146,020,159 |
|
|
1,056,680 |
|
|
2.90 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-earning cash |
|
385,537 |
|
|
|
|
|
|
425,440 |
|
|
|
|
|
|
413,625 |
|
|
|
|
|
||||||||||||
Goodwill and other intangibles |
|
225,183 |
|
|
|
|
|
|
231,934 |
|
|
|
|
|
|
226,683 |
|
|
|
|
|
||||||||||||
Other assets |
|
6,724,321 |
|
|
|
|
|
|
4,905,493 |
|
|
|
|
|
|
6,091,492 |
|
|
|
|
|
||||||||||||
Total noninterest-earning assets |
|
7,335,041 |
|
|
|
|
|
|
5,562,867 |
|
|
|
|
|
|
6,731,800 |
|
|
|
|
|
||||||||||||
Total Assets |
|
$ |
161,884,672 |
|
|
|
|
|
|
$ |
126,020,648 |
|
|
|
|
|
|
$ |
152,751,959 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Checking |
|
$ |
91,379,594 |
|
|
1,740 |
|
|
0.01 |
% |
|
$ |
58,978,081 |
|
|
3,127 |
|
|
0.02 |
% |
|
$ |
83,679,569 |
|
|
2,074 |
|
|
0.01 |
% |
|||
Money market checking |
|
19,927,834 |
|
|
6,100 |
|
|
0.12 |
% |
|
14,315,050 |
|
|
9,860 |
|
|
0.28 |
% |
|
18,888,949 |
|
|
7,644 |
|
|
0.16 |
% |
||||||
Money market savings and passbooks |
|
14,783,456 |
|
|
6,117 |
|
|
0.17 |
% |
|
9,818,650 |
|
|
5,364 |
|
|
0.22 |
% |
|
13,640,388 |
|
|
6,310 |
|
|
0.19 |
% |
||||||
CDs |
|
8,039,804 |
|
|
10,139 |
|
|
0.51 |
% |
|
12,721,452 |
|
|
54,129 |
|
|
1.71 |
% |
|
8,413,083 |
|
|
11,543 |
|
|
0.56 |
% |
||||||
Total deposits |
|
134,130,688 |
|
|
24,096 |
|
|
0.07 |
% |
|
95,833,233 |
|
|
72,480 |
|
|
0.30 |
% |
|
124,621,989 |
|
|
27,571 |
|
|
0.09 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Short-term borrowings |
|
— |
|
|
— |
|
|
— |
% |
|
2,747 |
|
|
— |
|
|
0.04 |
% |
|
6 |
|
|
0 |
|
|
0.18 |
% |
||||||
Long-term FHLB advances |
|
10,062,253 |
|
|
34,892 |
|
|
1.39 |
% |
|
15,868,682 |
|
|
68,391 |
|
|
1.73 |
% |
|
11,321,666 |
|
|
40,463 |
|
|
1.45 |
% |
||||||
Senior notes (8) |
|
996,937 |
|
|
6,040 |
|
|
2.42 |
% |
|
994,905 |
|
|
6,034 |
|
|
2.43 |
% |
|
996,412 |
|
|
6,038 |
|
|
2.42 |
% |
||||||
Subordinated notes (8) |
|
778,480 |
|
|
9,112 |
|
|
4.68 |
% |
|
778,044 |
|
|
9,107 |
|
|
4.68 |
% |
|
778,369 |
|
|
9,110 |
|
|
4.68 |
% |
||||||
Total borrowings |
|
11,837,670 |
|
|
50,044 |
|
|
1.69 |
% |
|
17,644,378 |
|
|
83,532 |
|
|
1.90 |
% |
|
13,096,453 |
|
|
55,611 |
|
|
1.72 |
% |
||||||
Total interest-bearing liabilities |
|
145,968,358 |
|
|
74,140 |
|
|
0.20 |
% |
|
113,477,611 |
|
|
156,012 |
|
|
0.55 |
% |
|
137,718,442 |
|
|
83,182 |
|
|
0.24 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-bearing liabilities |
|
2,796,202 |
|
|
|
|
|
|
2,067,585 |
|
|
|
|
|
|
2,637,481 |
|
|
|
|
|
||||||||||||
Preferred shareholders’ equity |
|
2,142,500 |
|
|
|
|
|
|
1,145,000 |
|
|
|
|
|
|
1,963,583 |
|
|
|
|
|
||||||||||||
Common shareholders’ equity |
|
10,977,612 |
|
|
|
|
|
|
9,330,452 |
|
|
|
|
|
|
10,432,453 |
|
|
|
|
|
||||||||||||
Total Liabilities and Shareholders’ Equity |
|
$ |
161,884,672 |
|
|
|
|
|
|
$ |
126,020,648 |
|
|
|
|
|
|
$ |
152,751,959 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest spread (9) |
|
|
|
|
|
2.67 |
% |
|
|
|
|
|
2.67 |
% |
|
|
|
|
|
2.65 |
% |
||||||||||||
Net interest income (fully taxable-equivalent basis) and net interest margin (10) |
|
|
|
$ |
1,040,656 |
|
|
2.68 |
% |
|
|
|
$ |
818,928 |
|
|
2.70 |
% |
|
|
|
$ |
973,498 |
|
|
2.67 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Reconciliation of tax-equivalent net interest income to net interest income: (11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Municipal securities tax-equivalent adjustment |
|
(29,702 |
) |
|
|
|
|
|
(24,909 |
) |
|
|
|
|
|
(27,876 |
) |
|
|
||||||||||||||
Business loans tax-equivalent adjustment |
|
(7,089 |
) |
|
|
|
|
|
(6,607 |
) |
|
|
|
|
|
(6,840 |
) |
|
|
||||||||||||||
Net interest income |
|
$ |
1,003,865 |
|
|
|
|
|
|
$ |
787,412 |
|
|
|
|
|
|
$ |
938,782 |
|
|
|
|
|
Six Months Ended June 30, |
||||||||||||||||||||
|
|
2021 |
|
2020 |
||||||||||||||||||
Average Balances, Yields and Rates |
|
Average
|
|
Interest
|
|
Yields/
|
|
Average
|
|
Interest
|
|
Yields/
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
|
$ |
11,364,252 |
|
|
$ |
5,964 |
|
|
0.11 |
% |
|
$ |
2,321,623 |
|
|
$ |
4,504 |
|
|
0.39 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government-sponsored agency securities |
|
96,961 |
|
|
737 |
|
|
1.52 |
% |
|
261,142 |
|
|
3,574 |
|
|
2.74 |
% |
||||
Agency residential and commercial MBS |
|
5,636,200 |
|
|
59,537 |
|
|
2.11 |
% |
|
6,681,185 |
|
|
89,846 |
|
|
2.69 |
% |
||||
Other residential and commercial MBS |
|
31,637 |
|
|
309 |
|
|
1.95 |
% |
|
15,667 |
|
|
214 |
|
|
2.73 |
% |
||||
Municipal securities |
|
14,220,340 |
|
|
282,375 |
|
|
3.97 |
% |
|
11,654,183 |
|
|
249,935 |
|
|
4.29 |
% |
||||
Other investment securities (3) |
|
905,037 |
|
|
12,367 |
|
|
2.73 |
% |
|
43,791 |
|
|
629 |
|
|
2.87 |
% |
||||
Total investment securities |
|
20,890,175 |
|
|
355,325 |
|
|
3.40 |
% |
|
18,655,968 |
|
|
344,198 |
|
|
3.69 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate (4) |
|
67,668,387 |
|
|
960,239 |
|
|
2.84 |
% |
|
52,518,610 |
|
|
809,674 |
|
|
3.08 |
% |
||||
Multifamily (5) |
|
14,158,453 |
|
|
249,718 |
|
|
3.51 |
% |
|
12,726,699 |
|
|
239,601 |
|
|
3.72 |
% |
||||
Commercial real estate |
|
8,075,290 |
|
|
156,306 |
|
|
3.85 |
% |
|
7,646,415 |
|
|
156,244 |
|
|
4.04 |
% |
||||
Multifamily/commercial construction |
|
2,918,453 |
|
|
68,622 |
|
|
4.68 |
% |
|
2,591,664 |
|
|
59,753 |
|
|
4.56 |
% |
||||
Business (6) |
|
15,487,623 |
|
|
252,666 |
|
|
3.24 |
% |
|
12,730,013 |
|
|
238,698 |
|
|
3.71 |
% |
||||
PPP |
|
1,915,944 |
|
|
31,242 |
|
|
3.24 |
% |
|
810,386 |
|
|
7,659 |
|
|
1.87 |
% |
||||
Other (7) |
|
7,501,151 |
|
|
81,201 |
|
|
2.15 |
% |
|
6,555,772 |
|
|
89,687 |
|
|
2.71 |
% |
||||
Total loans |
|
117,725,301 |
|
|
1,799,994 |
|
|
3.05 |
% |
|
95,579,559 |
|
|
1,601,316 |
|
|
3.33 |
% |
||||
FHLB stock |
|
328,729 |
|
|
10,292 |
|
|
6.31 |
% |
|
449,455 |
|
|
12,019 |
|
|
5.38 |
% |
||||
Total interest-earning assets |
|
150,308,457 |
|
|
2,171,575 |
|
|
2.88 |
% |
|
117,006,605 |
|
|
1,962,037 |
|
|
3.34 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-earning cash |
|
399,504 |
|
|
|
|
|
|
434,348 |
|
|
|
|
|
||||||||
Goodwill and other intangibles |
|
225,929 |
|
|
|
|
|
|
233,006 |
|
|
|
|
|
||||||||
Other assets |
|
6,409,654 |
|
|
|
|
|
|
4,813,403 |
|
|
|
|
|
||||||||
Total noninterest-earning assets |
|
7,035,087 |
|
|
|
|
|
|
5,480,757 |
|
|
|
|
|
||||||||
Total Assets |
|
$ |
157,343,544 |
|
|
|
|
|
|
$ |
122,487,362 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking |
|
$ |
87,550,852 |
|
|
3,813 |
|
|
0.01 |
% |
|
$ |
56,420,801 |
|
|
11,559 |
|
|
0.04 |
% |
||
Money market checking |
|
19,411,261 |
|
|
13,744 |
|
|
0.14 |
% |
|
13,519,835 |
|
|
39,163 |
|
|
0.58 |
% |
||||
Money market savings and passbooks |
|
14,215,079 |
|
|
12,427 |
|
|
0.18 |
% |
|
9,784,569 |
|
|
20,931 |
|
|
0.43 |
% |
||||
CDs |
|
8,225,414 |
|
|
21,683 |
|
|
0.53 |
% |
|
13,453,699 |
|
|
119,672 |
|
|
1.79 |
% |
||||
Total deposits |
|
129,402,606 |
|
|
51,667 |
|
|
0.08 |
% |
|
93,178,904 |
|
|
191,325 |
|
|
0.41 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
3 |
|
|
— |
|
|
0.18 |
% |
|
617,287 |
|
|
4,700 |
|
|
1.53 |
% |
||||
Long-term FHLB advances |
|
10,688,481 |
|
|
75,355 |
|
|
1.42 |
% |
|
14,644,643 |
|
|
134,957 |
|
|
1.85 |
% |
||||
Senior notes (8) |
|
996,676 |
|
|
12,078 |
|
|
2.42 |
% |
|
880,106 |
|
|
10,807 |
|
|
2.46 |
% |
||||
Subordinated notes (8) |
|
778,424 |
|
|
18,222 |
|
|
4.68 |
% |
|
777,991 |
|
|
18,212 |
|
|
4.68 |
% |
||||
Total borrowings |
|
12,463,584 |
|
|
105,655 |
|
|
1.71 |
% |
|
16,920,027 |
|
|
168,676 |
|
|
2.00 |
% |
||||
Total interest-bearing liabilities |
|
141,866,190 |
|
|
157,322 |
|
|
0.22 |
% |
|
110,098,931 |
|
|
360,001 |
|
|
0.66 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities |
|
2,717,280 |
|
|
|
|
|
|
2,048,845 |
|
|
|
|
|
||||||||
Preferred shareholders’ equity |
|
2,053,536 |
|
|
|
|
|
|
1,145,000 |
|
|
|
|
|
||||||||
Common shareholders’ equity |
|
10,706,538 |
|
|
|
|
|
|
9,194,586 |
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity |
|
$ |
157,343,544 |
|
|
|
|
|
|
$ |
122,487,362 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread (9) |
|
|
|
|
|
2.66 |
% |
|
|
|
|
|
2.68 |
% |
||||||||
Net interest income (fully taxable-equivalent basis) and net interest margin (10) |
|
|
|
$ |
2,014,253 |
|
|
2.67 |
% |
|
|
|
$ |
1,602,036 |
|
|
2.72 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of tax-equivalent net interest income to net interest income: (11) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Municipal securities tax-equivalent adjustment |
|
|
|
(57,667) |
|
|
|
|
|
|
(49,113) |
|
|
|
||||||||
Business loans tax-equivalent adjustment |
|
|
|
(13,939) |
|
|
|
|
|
|
(13,379) |
|
|
|
||||||||
Net interest income |
|
|
|
$ |
1,942,647 |
|
|
|
|
|
|
$ |
1,539,544 |
|
|
|
_____________________ | ||
(1) |
Interest income is presented on a fully taxable-equivalent basis. |
|
(2) |
Yields/rates are annualized. |
|
(3) |
Includes corporate debt securities, mutual funds and marketable equity securities. |
|
(4) |
Includes single family, home equity lines of credit, and single family construction loans. Also includes single family loans held for sale. |
|
(5) |
Includes multifamily loans held for sale. |
|
(6) |
Includes capital call lines of credit, tax-exempt and other business loans. |
|
(7) |
Includes stock secured, other secured and unsecured loans. |
|
(8) |
Average balances include unamortized issuance discounts and costs. Interest expense includes amortization of issuance discounts and costs. |
|
(9) |
Net interest spread represents the average yield on interest-earning assets less the average rate on interest-bearing liabilities. |
|
(10) |
Net interest margin represents net interest income on a fully taxable-equivalent basis divided by total average interest-earning assets. |
|
(11) |
Fully taxable-equivalent net interest income is considered a non-GAAP financial measure, and is reconciled to GAAP net interest income in this table. |
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
Selected Financial Data and Ratios |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
||||||||||
($ in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (1), (2) |
|
0.92 |
% |
|
0.82 |
% |
|
0.89 |
% |
|
0.91 |
% |
|
0.78 |
% |
|||||
Return on average common shareholders’ equity (1) |
|
12.77 |
% |
|
10.43 |
% |
|
12.30 |
% |
|
12.54 |
% |
|
9.79 |
% |
|||||
Return on average tangible common shareholders’ equity (1), (3) |
|
13.04 |
% |
|
10.70 |
% |
|
12.57 |
% |
|
12.81 |
% |
|
10.04 |
% |
|||||
Average total equity to average total assets |
|
8.10 |
% |
|
8.31 |
% |
|
8.12 |
% |
|
8.11 |
% |
|
8.44 |
% |
|||||
Dividends per common share |
|
$ |
0.22 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.42 |
|
|
$ |
0.39 |
|
Dividend payout ratio |
|
11.3 |
% |
|
14.3 |
% |
|
11.2 |
% |
|
11.2 |
% |
|
15.0 |
% |
|||||
Book value per common share |
|
$ |
62.99 |
|
|
$ |
54.80 |
|
|
$ |
61.26 |
|
|
$ |
62.99 |
|
|
$ |
54.80 |
|
Tangible book value per common share (4) |
|
$ |
61.72 |
|
|
$ |
53.46 |
|
|
$ |
59.98 |
|
|
$ |
61.72 |
|
|
$ |
53.46 |
|
Efficiency ratio (5) |
|
62.0 |
% |
|
62.0 |
% |
|
63.5 |
% |
|
62.7 |
% |
|
62.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loan charge-offs |
|
$ |
1,219 |
|
|
$ |
1,098 |
|
|
$ |
487 |
|
|
$ |
1,706 |
|
|
$ |
1,300 |
|
Net loan charge-offs to average total loans (1) |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan credit losses to: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans |
|
0.52 |
% |
|
0.58 |
% |
|
0.53 |
% |
|
0.52 |
% |
|
0.58 |
% |
|||||
Nonaccrual loans |
|
479.3 |
% |
|
354.1 |
% |
|
359.3 |
% |
|
479.3 |
% |
|
354.1 |
% |
_____________________ | ||
(1) |
Ratios are annualized. |
|
(2) |
Return on average assets is the ratio of net income to average assets. |
|
(3) |
Refer to “Return on Average Common Shareholders’ Equity and Return on Average Tangible Common Shareholders' Equity” table in this document for a reconciliation of this non-GAAP financial measure to the most comparable GAAP measure. |
|
(4) |
Refer to “Book Value per Common Share and Tangible Book Value per Common Share” table in this document for a reconciliation of this non-GAAP financial measure to the most comparable GAAP measure. |
|
(5) |
Efficiency ratio is the ratio of noninterest expense to the sum of net interest income and noninterest income. |
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
|||||||||
Effective Tax Rate |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|||||
Effective tax rate, prior to excess tax benefits—stock awards |
|
21.7 |
% |
|
22.5 |
% |
|
22.6 |
% |
|
22.1 |
% |
|
21.9 |
% |
Excess tax benefits—stock awards |
|
(4.3 |
) |
|
(3.1 |
) |
|
(0.7 |
) |
|
(2.5 |
)% |
|
(2.5 |
)% |
Effective tax rate |
|
17.4 |
% |
|
19.4 |
% |
|
21.9 |
% |
|
19.6 |
% |
|
19.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
Provision (Reversal of Provision) for Credit Losses |
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|||||||||
Debt securities held-to-maturity |
|
$ |
383 |
|
|
$ |
296 |
|
|
$ |
1,122 |
|
|
$ |
1,505 |
|
|
$ |
714 |
Loans |
|
17,304 |
|
|
43,189 |
|
|
(13,707 |
) |
|
3,597 |
|
|
90,868 |
|||||
Unfunded loan commitments |
|
(1,544 |
) |
|
(12,368 |
) |
|
(2,023 |
) |
|
(3,567 |
) |
|
1,905 |
|||||
Total provision (reversal of provision) |
|
$ |
16,143 |
|
|
$ |
31,117 |
|
|
$ |
(14,608 |
) |
|
$ |
1,535 |
|
|
$ |
93,487 |
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
Mortgage Loan Sales |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans sold: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Flow sales: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency |
|
$ |
4,315 |
|
|
$ |
10,810 |
|
|
$ |
42,402 |
|
|
$ |
46,717 |
|
|
$ |
36,584 |
|
Non-agency |
|
— |
|
|
— |
|
|
1,073 |
|
|
1,073 |
|
|
31,870 |
|
|||||
Total flow sales |
|
4,315 |
|
|
10,810 |
|
|
43,475 |
|
|
47,790 |
|
|
68,454 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bulk sales: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-agency |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
437,669 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securitizations |
|
— |
|
|
300,116 |
|
|
— |
|
|
— |
|
|
300,116 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans sold |
|
$ |
4,315 |
|
|
$ |
310,926 |
|
|
$ |
43,475 |
|
|
$ |
47,790 |
|
|
$ |
806,239 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain (loss) on sale of loans: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount |
|
$ |
58 |
|
|
$ |
(1,147) |
|
|
$ |
309 |
|
|
$ |
367 |
|
|
$ |
778 |
|
Gain (loss) as a percentage of loans sold |
|
1.34 |
% |
|
(0.37) |
% |
|
0.71 |
% |
|
0.77 |
% |
|
0.10 |
% |
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
Loan Originations |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family |
|
$ |
8,661,680 |
|
|
$ |
5,875,184 |
|
|
$ |
6,902,192 |
|
|
$ |
15,563,872 |
|
|
$ |
9,394,520 |
|
Home equity lines of credit |
|
610,658 |
|
|
457,737 |
|
|
623,661 |
|
|
1,234,319 |
|
|
853,245 |
|
|||||
Single family construction |
|
215,014 |
|
|
119,318 |
|
|
224,504 |
|
|
439,518 |
|
|
228,480 |
|
|||||
Multifamily |
|
1,101,450 |
|
|
946,820 |
|
|
791,070 |
|
|
1,892,520 |
|
|
1,728,123 |
|
|||||
Commercial real estate |
|
458,196 |
|
|
330,683 |
|
|
313,991 |
|
|
772,187 |
|
|
782,541 |
|
|||||
Multifamily/commercial construction |
|
272,145 |
|
|
131,414 |
|
|
310,824 |
|
|
582,969 |
|
|
752,335 |
|
|||||
Capital call lines of credit |
|
2,921,192 |
|
|
1,405,347 |
|
|
3,131,317 |
|
|
6,052,509 |
|
|
3,790,576 |
|
|||||
Tax-exempt |
|
208,327 |
|
|
184,054 |
|
|
213,967 |
|
|
422,294 |
|
|
284,073 |
|
|||||
Other business |
|
520,394 |
|
|
914,257 |
|
|
1,025,154 |
|
|
1,545,548 |
|
|
1,534,036 |
|
|||||
PPP |
|
35,586 |
|
|
1,981,797 |
|
|
688,948 |
|
|
724,534 |
|
|
1,981,797 |
|
|||||
Stock secured |
|
775,795 |
|
|
519,416 |
|
|
710,038 |
|
|
1,485,833 |
|
|
1,111,976 |
|
|||||
Other secured |
|
598,630 |
|
|
358,730 |
|
|
438,989 |
|
|
1,037,619 |
|
|
772,554 |
|
|||||
Unsecured |
|
372,192 |
|
|
203,270 |
|
|
345,848 |
|
|
718,040 |
|
|
526,158 |
|
|||||
Total loans originated |
|
$ |
16,751,259 |
|
|
$ |
13,428,027 |
|
|
$ |
15,720,503 |
|
|
$ |
32,471,762 |
|
|
$ |
23,740,414 |
|
|
|
As of |
||||||||||||||||||
Asset Quality Information |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans |
|
$ |
132,880 |
|
|
$ |
172,794 |
|
|
$ |
184,132 |
|
|
$ |
164,247 |
|
|
$ |
164,930 |
|
Other real estate owned |
|
— |
|
|
1,334 |
|
|
— |
|
|
— |
|
|
1,071 |
|
|||||
Total nonperforming assets |
|
$ |
132,880 |
|
|
$ |
174,128 |
|
|
$ |
184,132 |
|
|
$ |
164,247 |
|
|
$ |
166,001 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets to total assets |
|
0.08 |
% |
|
0.11 |
% |
|
0.13 |
% |
|
0.12 |
% |
|
0.13 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans 90 days or more past due |
|
$ |
— |
|
|
$ |
851 |
|
|
$ |
— |
|
|
$ |
935 |
|
|
$ |
3,764 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Restructured accruing loans |
|
$ |
11,407 |
|
|
$ |
11,658 |
|
|
$ |
11,253 |
|
|
$ |
11,378 |
|
|
$ |
11,501 |
|
|
|
June 30, 2021 |
|||||||||||
COVID-19 Loan Modifications (1), (2), (3), (4), (5) |
|
Unpaid
|
|
LTV (6) |
|
Average Loan
|
|
Number of
|
|||||
($ in millions) |
|
|
|
|
|
|
|
|
|||||
Single family |
|
$ |
124 |
|
|
60% |
|
$ |
1.1 |
|
|
116 |
|
Home equity lines of credit |
|
2 |
|
|
64% |
|
$ |
0.3 |
|
|
6 |
|
|
Single family construction |
|
2 |
|
|
75% |
|
$ |
2.4 |
|
|
1 |
|
|
Multifamily |
|
161 |
|
|
51% |
|
$ |
6.4 |
|
|
25 |
|
|
Commercial real estate |
|
157 |
|
|
47% |
|
$ |
5.2 |
|
|
30 |
|
|
Multifamily/commercial construction |
|
9 |
|
|
45% |
|
$ |
8.9 |
|
|
1 |
|
|
Capital call lines of credit |
|
— |
|
|
n/a |
|
$ |
— |
|
|
— |
|
|
Tax-exempt |
|
141 |
|
|
n/a |
|
$ |
23.5 |
|
|
6 |
|
|
Other business |
|
30 |
|
|
n/a |
|
$ |
2.5 |
|
|
12 |
|
|
Stock secured |
|
— |
|
|
n/a |
|
$ |
— |
|
|
— |
|
|
Other secured |
|
2 |
|
|
n/a |
|
$ |
0.4 |
|
|
6 |
|
|
Unsecured (7) |
|
6 |
|
|
n/a |
|
$ |
0.1 |
|
|
60 |
|
|
Total |
|
$ |
634 |
|
|
|
|
|
|
263 |
|
_____________________ | ||
(1) |
COVID-19 loan modifications are not classified as troubled debt restructurings. |
|
(2) |
Includes 62 loans totaling $274 million that have completed their deferral period, but for which a regular payment is not yet due. |
|
(3) |
Includes 136 loans totaling $328 million that received additional relief beyond their initial modification period. |
|
(4) |
Excludes loans that have completed their deferral period and returned to a regular payment schedule or are no longer outstanding. As of June 30, 2021, $3.4 billion of loans have completed their deferral period or are no longer outstanding, and 99% of the outstanding loans were current. |
|
(5) |
Loan modifications requested by borrowers that were in process but not yet completed as of June 30, 2021 totaled $7 million for initial relief, and $2 million for additional relief beyond the initial modification period. |
|
(6) |
Weighted average loan-to-value (“LTV”) ratios for real estate secured loans are based on appraised value at the time of origination. |
|
(7) |
Consists of household debt refinance loans. |
|
|
June 30, 2021 |
|||||||||||||||
Loan Industry Information |
|
Unpaid
|
|
LTV |
|
Average Loan
|
|
Number of
|
|
Personal
|
|||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||
Retail |
|
$ |
1,859 |
|
|
49 |
% |
|
$ |
2.6 |
|
|
729 |
|
|
78 |
% |
Hotel |
|
468 |
|
|
48 |
% |
|
$ |
7.3 |
|
|
66 |
|
|
76 |
% |
|
Restaurant (1) |
|
210 |
|
|
49 |
% |
|
$ |
1.1 |
|
|
199 |
|
|
95 |
% |
|
Total (2) |
|
$ |
2,537 |
|
|
|
|
|
|
994 |
|
|
|
_____________________ | ||
(1) |
Approximately 74% of loans to restaurants are real estate secured. |
|
(2) |
Amounts in the table above exclude $50 million of loans to hotels and $214 million of loans to restaurants under the PPP. |
|
As of |
|||||||||||||||||||
Loan Servicing Portfolio |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans serviced for investors |
|
$ |
5,640 |
|
|
$ |
6,314 |
|
|
$ |
7,094 |
|
|
$ |
7,799 |
|
|
$ |
8,316 |
|
Return on Average Common Shareholders’ Equity and Return on Average Tangible Common Shareholders’ Equity (1), (2) |
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
|||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average common shareholders’ equity (a) |
|
$ |
10,977,612 |
|
|
$ |
9,330,452 |
|
|
$ |
10,432,453 |
|
|
$ |
10,706,538 |
|
|
$ |
9,194,586 |
|
Less: Average goodwill and other intangible assets |
|
225,183 |
|
|
231,934 |
|
|
226,683 |
|
|
225,929 |
|
|
233,006 |
|
|||||
Average tangible common shareholders’ equity (b) |
|
$ |
10,752,429 |
|
|
$ |
9,098,518 |
|
|
$ |
10,205,770 |
|
|
$ |
10,480,609 |
|
|
$ |
8,961,580 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders (c) |
|
$ |
349,451 |
|
|
$ |
241,951 |
|
|
$ |
316,308 |
|
|
$ |
665,759 |
|
|
$ |
447,617 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average common shareholders’ equity (c) / (a) |
|
12.77 |
% |
|
10.43 |
% |
|
12.30 |
% |
|
12.54 |
% |
|
9.79 |
% |
|||||
Return on average tangible common shareholders’ equity (c) / (b) |
|
13.04 |
% |
|
10.70 |
% |
|
12.57 |
% |
|
12.81 |
% |
|
10.04 |
% |
_____________________ | ||
(1) |
Return on average tangible common shareholders’ equity is considered a non-GAAP financial measure, and is reconciled to GAAP return on average common shareholders’ equity in this table. |
|
(2) |
Ratios are annualized. |
|
|
As of |
||||||||||||||||||
Book Value per Common Share and Tangible Book Value per Common Share (1) |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total shareholders’ equity |
|
$ |
13,274,727 |
|
|
$ |
12,941,730 |
|
|
$ |
11,750,646 |
|
|
$ |
11,344,609 |
|
|
$ |
10,575,928 |
|
Less: Preferred stock |
|
2,142,500 |
|
|
2,142,500 |
|
|
1,545,000 |
|
|
1,645,000 |
|
|
1,145,000 |
|
|||||
Total common shareholders’ equity (a) |
|
11,132,227 |
|
|
10,799,230 |
|
|
10,205,646 |
|
|
9,699,609 |
|
|
9,430,928 |
|
|||||
Less: Goodwill and other intangible assets |
|
224,497 |
|
|
225,925 |
|
|
227,512 |
|
|
229,185 |
|
|
230,975 |
|
|||||
Total tangible common shareholders’ equity (b) |
|
$ |
10,907,730 |
|
|
$ |
10,573,305 |
|
|
$ |
9,978,134 |
|
|
$ |
9,470,424 |
|
|
$ |
9,199,953 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of shares of common stock outstanding (c) |
|
176,742 |
|
|
176,287 |
|
|
174,124 |
|
|
172,188 |
|
|
172,094 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per common share (a) / (c) |
|
$ |
62.99 |
|
|
$ |
61.26 |
|
|
$ |
58.61 |
|
|
$ |
56.33 |
|
|
$ |
54.80 |
|
Tangible book value per common share (b) / (c) |
|
$ |
61.72 |
|
|
$ |
59.98 |
|
|
$ |
57.30 |
|
|
$ |
55.00 |
|
|
$ |
53.46 |
|
_____________________ | ||
(1) |
Tangible book value per common share is considered a non-GAAP financial measure, and is reconciled to GAAP book value per common share in this table. |
|
|
As of |
||||||||||||||||||
Regulatory Capital Ratios and Components (1), (2) |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 leverage ratio (Tier 1 capital to average assets) |
|
8.05 |
% |
|
8.32 |
% |
|
8.14 |
% |
|
8.38 |
% |
|
8.15 |
% |
|||||
Common Equity Tier 1 capital to risk-weighted assets |
|
9.51 |
% |
|
9.64 |
% |
|
9.67 |
% |
|
9.78 |
% |
|
9.80 |
% |
|||||
Tier 1 capital to risk-weighted assets |
|
11.38 |
% |
|
11.60 |
% |
|
11.18 |
% |
|
11.50 |
% |
|
11.04 |
% |
|||||
Total capital to risk-weighted assets |
|
12.60 |
% |
|
12.87 |
% |
|
12.55 |
% |
|
12.94 |
% |
|
12.49 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common Equity Tier 1 capital |
|
$ |
10,875,436 |
|
|
$ |
10,548,615 |
|
|
$ |
9,894,870 |
|
|
$ |
9,375,688 |
|
|
$ |
9,103,771 |
|
Tier 1 capital |
|
$ |
13,017,936 |
|
|
$ |
12,691,115 |
|
|
$ |
11,439,870 |
|
|
$ |
11,020,688 |
|
|
$ |
10,248,771 |
|
Total capital |
|
$ |
14,420,504 |
|
|
$ |
14,082,378 |
|
|
$ |
12,842,344 |
|
|
$ |
12,396,304 |
|
|
$ |
11,604,141 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Average assets |
|
$ |
161,636,891 |
|
|
$ |
152,465,399 |
|
|
$ |
140,493,283 |
|
|
$ |
131,517,445 |
|
|
$ |
125,690,830 |
|
Risk-weighted assets |
|
$ |
114,404,874 |
|
|
$ |
109,413,168 |
|
|
$ |
102,321,489 |
|
|
$ |
95,823,385 |
|
|
$ |
92,870,859 |
|
_____________________ | ||
(1) |
As defined by regulatory capital rules. |
|
(2) |
Beginning in 2020, ratios and amounts reflect the Bank's election to delay the estimated impact of the Current Expected Credit Losses (“CECL”) allowance methodology on its regulatory capital, average assets and risk-weighted assets over a five-year transition period ending December 31, 2024. |
|
(3) |
Ratios and amounts as of June 30, 2021 are preliminary. |
|
|
As of |
||||||||||||||||||
Wealth Management Assets |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||
First Republic Investment Management |
|
$ |
99,459 |
|
|
$ |
90,819 |
|
|
$ |
83,596 |
|
|
$ |
74,661 |
|
|
$ |
68,124 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Brokerage and investment: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Brokerage |
|
112,359 |
|
|
101,478 |
|
|
88,059 |
|
|
76,769 |
|
|
70,178 |
|
|||||
Money market mutual funds |
|
13,109 |
|
|
11,435 |
|
|
9,003 |
|
|
4,416 |
|
|
5,933 |
|
|||||
Total brokerage and investment |
|
125,468 |
|
|
112,913 |
|
|
97,062 |
|
|
81,185 |
|
|
76,111 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trust Company: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Trust |
|
11,496 |
|
|
10,986 |
|
|
9,910 |
|
|
8,687 |
|
|
7,905 |
|
|||||
Custody |
|
4,439 |
|
|
4,216 |
|
|
3,889 |
|
|
3,651 |
|
|
3,646 |
|
|||||
Total Trust Company |
|
15,935 |
|
|
15,202 |
|
|
13,799 |
|
|
12,338 |
|
|
11,551 |
|
|||||
Total Wealth Management Assets |
|
$ |
240,862 |
|
|
$ |
218,934 |
|
|
$ |
194,457 |
|
|
$ |
168,184 |
|
|
$ |
155,786 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210713005427/en/
Contacts
Investors:
Andrew Greenebaum / Lasse Glassen
Addo Investor Relations
agreenebaum@addoir.com
lglassen@addoir.com
(310) 829-5400
Media:
Greg Berardi
Blue Marlin Partners
gberardi@firstrepublic.com
(415) 239-7826
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