Exhibit 99.1
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CONSOLIDATED SUMMARY RESULTS |
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| 2Q11 Change vs. | ||||||||||
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(Dollars in thousands, except per share data) |
| 2Q11 |
| 1Q11 |
| 4Q10 |
| 3Q10 |
| 2Q10 |
| 1Q11 |
| 2Q10 |
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Income Statement Highlights |
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Net interest income |
| $ | 172,860 |
| $ | 172,755 |
| $ | 182,236 |
| $ | 186,143 |
| $ | 182,064 |
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| * |
| (5 | )% |
Noninterest income |
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| 188,771 |
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| 196,744 |
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| 190,534 |
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| 246,762 |
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| 243,862 |
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| (4 | )% |
| (23 | )% |
Securities gains/(losses), net |
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| 1 |
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| 798 |
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| 15,681 |
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| (2,928 | ) |
| 75 |
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| NM |
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| NM |
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Total revenue |
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| 361,632 |
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| 370,297 |
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| 388,451 |
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| 429,977 |
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| 426,001 |
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| (2 | )% |
| (15 | )% |
Noninterest expense |
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| 345,826 |
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| 315,146 |
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| 329,729 |
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| 343,034 |
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| 337,311 |
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| 10 | % |
| 3 | % |
Provision for loan losses |
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| 1,000 |
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| 1,000 |
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| 45,000 |
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| 50,000 |
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| 70,000 |
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| * |
| (99 | )% |
Income before income taxes |
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| 14,806 |
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| 54,151 |
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| 13,722 |
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| 36,943 |
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| 18,690 |
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| (73 | )% |
| (21 | )% |
Provision/(benefit) for income taxes |
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| (4,242 | ) |
| 12,108 |
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| (6,681 | ) |
| 3,138 |
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| (1,659 | ) |
| NM |
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| NM |
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Income from continuing operations |
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| 19,048 |
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| 42,043 |
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| 20,403 |
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| 33,805 |
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| 20,349 |
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| (55 | )% |
| (6 | )% |
Income/(loss) from discontinued operations, net of tax |
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| 3,788 |
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| 960 |
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| (3,095 | ) |
| (95 | ) |
| 129 |
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| NM |
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| NM |
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Net income |
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| 22,836 |
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| 43,003 |
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| 17,308 |
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| 33,710 |
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| 20,478 |
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| (47 | )% |
| 12 | % |
Net income attributable to noncontrolling interest |
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| 2,844 |
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| 2,844 |
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| 2,840 |
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| 2,875 |
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| 2,844 |
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| * |
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| * |
Net income attributable to controlling interest |
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| 19,992 |
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| 40,159 |
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| 14,468 |
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| 30,835 |
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| 17,634 |
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| (50 | )% |
| 13 | % |
Preferred stock dividends |
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| — |
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| — |
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| 63,154 |
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| 14,960 |
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| 14,938 |
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| NM |
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| NM |
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Net income/(loss) available to common shareholders |
| $ | 19,992 |
| $ | 40,159 |
| $ | (48,686 | ) | $ | 15,875 |
| $ | 2,696 |
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| (50 | )% |
| NM |
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Common Stock Data |
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Diluted EPS from continuing operations |
| $ | 0.06 |
| $ | 0.15 |
| $ | (0.19 | ) | $ | 0.07 |
| $ | 0.01 |
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| (59 | )% |
| NM |
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Diluted EPS |
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| 0.08 |
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| 0.15 |
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| (0.20 | ) |
| 0.07 |
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| 0.01 |
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| (47 | )% |
| NM |
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Diluted shares |
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| 262,756 |
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| 265,556 |
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| 239,095 |
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| 238,867 |
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| 240,968 |
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| (1 | )% |
| 9 | % |
Period-end shares outstanding |
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| 263,699 |
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| 263,335 |
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| 263,366 |
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| 237,061 |
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| 236,840 |
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| * |
| 11 | % |
Cash dividends declared per share |
| $ | 0.01 |
| $ | 0.01 |
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| N/A |
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| N/A |
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| N/A |
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Stock dividend rate declared per share |
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| N/A |
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| N/A |
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| 1.8122 | % |
| 1.6567 | % |
| 1.2896 | % |
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Balance Sheet Highlights (Period-End) |
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Total loans, net of unearned income (Restricted - $.7 billion) (a) |
| $ | 16,061,646 |
| $ | 15,972,372 |
| $ | 16,782,572 |
| $ | 17,059,489 |
| $ | 17,154,050 |
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| 1 | % |
| (6 | )% |
Total deposits (Restricted - $.9 million) (a) |
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| 15,896,027 |
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| 15,350,967 |
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| 15,208,231 |
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| 14,975,920 |
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| 15,201,816 |
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| 4 | % |
| 5 | % |
Total assets (Restricted - $.7 billion) (a) |
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| 25,054,066 |
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| 24,438,344 |
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| 24,698,952 |
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| 25,384,181 |
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| 26,254,226 |
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| 3 | % |
| (5 | )% |
Total liabilities (Restricted - $.7 billion) (a) |
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| 22,372,684 |
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| 21,798,287 |
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| 22,020,947 |
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| 22,077,293 |
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| 22,966,993 |
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| 3 | % |
| (3 | )% |
Total equity |
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| 2,681,382 |
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| 2,640,057 |
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| 2,678,005 |
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| 3,306,888 |
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| 3,287,233 |
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| 2 | % |
| (18 | )% |
Key Ratios & Other |
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Return on average assets (annualized) (b) |
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| 0.37 | % |
| 0.71 | % |
| 0.27 | % |
| 0.52 | % |
| 0.32 | % |
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Return on average common equity (annualized) (c) |
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| 3.36 | % |
| 6.82 | % |
| (8.59 | )% |
| 2.86 | % |
| 0.49 | % |
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Net interest margin (d) (e) |
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| 3.20 | % |
| 3.22 | % |
| 3.18 | % |
| 3.23 | % |
| 3.19 | % |
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Fee income to total revenue (f) |
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| 52 | % |
| 53 | % |
| 51 | % |
| 57 | % |
| 57 | % |
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Efficiency ratio (g) |
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| 95.63 | % |
| 85.29 | % |
| 88.45 | % |
| 79.24 | % |
| 79.19 | % |
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Book value per common share |
| $ | 9.05 |
| $ | 8.90 |
| $ | 9.05 |
| $ | 9.28 |
| $ | 9.23 |
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Tangible book value per common share (e) |
| $ | 8.43 |
| $ | 8.21 |
| $ | 8.31 |
| $ | 8.45 |
| $ | 8.39 |
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Tangible common equity to tangible assets (e) |
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| 8.93 | % |
| 8.91 | % |
| 8.93 | % |
| 7.96 | % |
| 7.63 | % |
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Tier 1 common ratio (e) (h) |
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| 11.86 | % |
| 11.73 | % |
| 11.53 | % |
| 10.43 | % |
| 10.07 | % |
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Adjusted tangible common equity to risk weighted assets (e) (h) |
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| 11.05 | % |
| 10.84 | % |
| 10.66 | % |
| 9.55 | % |
| 9.21 | % |
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Full time equivalent employees |
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| 4,950 |
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| 5,159 |
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| 5,435 |
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| 5,506 |
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| 5,531 |
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| (4 | )% |
| (11 | )% |
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NM - Not meaningful | |
* Amount is less than one percent. | |
(a) | Restricted balances parenthetically presented are as of June 30, 2011. |
(b) | Calculated using net income. |
(c) | Calculated using net income available to common shareholders. |
(d) | Net interest margin is computed using total net interest income adjusted for FTE. |
(e) | Refer to the Non-GAAP to GAAP Reconciliation. |
(f) | Ratio excludes securities gains/(losses). |
(g) | Noninterest expense divided by total revenue excluding securities gains/(losses). |
(h) | Current quarter is an estimate. |
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NON-GAAP TO GAAP RECONCILIATION | |
Quarterly, Unaudited | |
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(Thousands) |
| 2Q11 |
| 1Q11 |
| 4Q10 |
| 3Q10 |
| 2Q10 |
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Tangible Common Equity (Non-GAAP) |
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(A) Total equity (GAAP) |
| $ | 2,681,382 |
| $ | 2,640,057 |
| $ | 2,678,005 |
| $ | 3,306,888 |
| $ | 3,287,233 |
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Less: Preferred stock capital surplus - CPP |
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| — |
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| — |
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| — |
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| 810,974 |
| $ | 806,856 |
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Less: Noncontrolling interest (a) |
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| 295,165 |
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| 295,165 |
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| 295,165 |
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| 295,165 |
| $ | 295,165 |
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(B) Total common equity |
| $ | 2,386,217 |
| $ | 2,344,892 |
| $ | 2,382,840 |
| $ | 2,200,749 |
| $ | 2,185,212 |
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Less: Intangible assets (GAAP) (b) |
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| 164,067 |
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| 183,625 |
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| 195,061 |
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| 196,443 |
| $ | 197,825 |
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(C) Tangible common equity (Non-GAAP) |
| $ | 2,222,150 |
| $ | 2,161,267 |
| $ | 2,187,779 |
| $ | 2,004,306 |
| $ | 1,987,387 |
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Less: Unrealized gains on AFS securities, net of tax |
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| 58,068 |
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| 39,338 |
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| 45,366 |
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| 61,836 |
| $ | 68,189 |
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(D) Adjusted tangible common equity (Non-GAAP) |
| $ | 2,164,082 |
| $ | 2,121,929 |
| $ | 2,142,413 |
| $ | 1,942,470 |
| $ | 1,919,198 |
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Tangible Assets (Non-GAAP) |
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(E) Total assets (GAAP) |
| $ | 25,054,066 |
| $ | 24,438,344 |
| $ | 24,698,952 |
| $ | 25,384,181 |
| $ | 26,254,226 |
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Less: Intangible assets (GAAP) (b) |
| $ | 164,067 |
| $ | 183,625 |
| $ | 195,061 |
| $ | 196,443 |
| $ | 197,825 |
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(F) Tangible assets (Non-GAAP) |
| $ | 24,889,999 |
| $ | 24,254,719 |
| $ | 24,503,891 |
| $ | 25,187,738 |
| $ | 26,056,401 |
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Period-end Shares Outstanding |
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(G) Period-end shares outstanding |
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| 263,699 |
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| 263,335 |
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| 263,366 |
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| 237,061 |
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| 236,840 |
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Tier 1 Common (Non-GAAP) |
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(H) Tier 1 capital (c) (d) |
| $ | 2,818,534 |
| $ | 2,790,335 |
| $ | 2,812,471 |
| $ | 3,526,115 |
| $ | 3,499,759 |
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Less: Preferred stock capital surplus - CPP |
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| — |
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| — |
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| — |
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| 810,974 |
| $ | 806,856 |
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Less: Noncontrolling interest - FTBNA preferred stock (a) (e) |
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| 294,816 |
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| 294,816 |
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| 294,816 |
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| 294,816 |
| $ | 294,816 |
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Less: Trust preferred (f) |
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| 200,000 |
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| 200,000 |
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| 200,000 |
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| 300,000 |
| $ | 300,000 |
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(I) Tier 1 common (Non-GAAP) |
| $ | 2,323,718 |
| $ | 2,295,519 |
| $ | 2,317,655 |
| $ | 2,120,325 |
| $ | 2,098,087 |
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Risk Weighted Assets |
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(J) Risk weighted assets (c) (d) |
| $ | 19,589,390 |
| $ | 19,569,006 |
| $ | 20,102,775 |
| $ | 20,332,364 |
| $ | 20,837,537 |
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Ratios |
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(C)/(F) | Tangible common equity to tangible assets (TCE/TA) (Non-GAAP) |
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| 8.93 | % |
| 8.91 | % |
| 8.93 | % |
| 7.96 | % |
| 7.63 | % |
(A)/(E) | Total equity to total assets (GAAP) |
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| 10.70 | % |
| 10.80 | % |
| 10.84 | % |
| 13.03 | % |
| 12.52 | % |
(C)/(G) | Tangible book value per common share (Non-GAAP) |
| $ | 8.43 |
| $ | 8.21 |
| $ | 8.31 |
| $ | 8.45 |
| $ | 8.39 |
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(B)/(G) | Book value per common share (GAAP) |
| $ | 9.05 |
| $ | 8.90 |
| $ | 9.05 |
| $ | 9.28 |
| $ | 9.23 |
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(I)/(J) | Tier 1 common ratio (Non-GAAP) (c) |
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| 11.86 | % |
| 11.73 | % |
| 11.53 | % |
| 10.43 | % |
| 10.07 | % |
(H)/(E) | Tier 1 capital to total assets (GAAP) (c) |
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| 11.25 | % |
| 11.42 | % |
| 11.39 | % |
| 13.89 | % |
| 13.33 | % |
(D)/(J) | Adjusted tangible common equity to risk weighted assets (TCE/RWA) (Non-GAAP) (c) |
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| 11.05 | % |
| 10.84 | % |
| 10.66 | % |
| 9.55 | % |
| 9.21 | % |
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Net interest income adjusted for impact of FTE (Non-GAAP) |
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Net interest income (GAAP) |
| $ | 172,860 |
| $ | 172,755 |
| $ | 182,236 |
| $ | 186,143 |
| $ | 182,064 |
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Fully taxable equivalent (“FTE”) adjustment |
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| 1,497 |
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| 1,386 |
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| 1,048 |
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| 791 |
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| 528 |
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Net interest income adjusted for impact of FTE (Non-GAAP) |
| $ | 174,357 |
| $ | 174,141 |
| $ | 183,284 |
| $ | 186,934 |
| $ | 182,592 |
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Certain previously reported amounts have been reclassified to agree with current presentation. | |
(a) | Included in total equity on the consolidated balance sheet. |
(b) | Includes goodwill and other intangible assets, net of amortization. |
(c) | Current quarter is an estimate. |
(d) | Defined by and calculated in conformity with bank regulations. |
(e) | Represents FTBNA preferred stock included in noncontrolling interest. |
(f) | Included in term borrowings on the consolidated balance sheet. |
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