Old National Bancorp Reports Third Quarter 2024 Results
EVANSVILLE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) --
Old National Bancorp (NASDAQ:ONB) reports 3Q24 net income applicable to common shares of $139.8 million, diluted EPS of $0.44; $147.2 million and $0.46 on an adjusted1 basis, respectively.
CEO COMMENTARY:
"Old National's strong 3rd quarter was driven by a focus on our fundamentals: continuing to grow deposits and loans, effectively managing both credit and capital, and creating positive operating leverage through disciplined expense management," said Chairman and CEO Jim Ryan. "As a result of our ability to execute on this fundamental strategy, we find ourselves well positioned to continue to invest in new markets while attracting exceptional talent to our franchise."
THIRD QUARTER HIGHLIGHTS2:
Net Income
Net income applicable to common shares of $139.8 million; adjusted net income applicable to common shares1 of $147.2 million
Earnings per diluted common share ("EPS") of $0.44; adjusted EPS1 of $0.46
Net Interest Income/NIM
Net interest income on a fully taxable equivalent basis1 of $397.9 million
Net interest margin on a fully taxable equivalent basis1 ("NIM") of 3.32%, down 1 basis point ("bp")
Operating Performance
Pre-provision net revenue1 ("PPNR") of $219.7 million; adjusted PPNR1 of $229.3 million
Noninterest expense of $272.3 million; adjusted noninterest expense1 of $262.8 million
Efficiency ratio1 of 53.8%; adjusted efficiency ratio1 of 51.2%
Deposits and Funding
Period-end total deposits of $40.8 billion, up $0.8 billion; core deposits up $1.0 billion
Granular low-cost deposit franchise; total deposit costs of 225 bps
Loans and Credit Quality
End-of-period total loans3 of $36.5 billion, up 2.7% annualized
Provision for credit losses4 ("provision") of $28.5 million
Net charge-offs of $17.5 million, or 19 bps of average loans; 16 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition
30+ day delinquencies of 0.26% and non-performing loans of 1.22% of total loans
Return Profile & Capital
Return on average tangible common equity1 of 16.0%; adjusted return on average tangible common equity1 of 16.8%
Tangible common equity to tangible assets1 of 7.4%, up 7.2%
Notable Items
$6.9 million of pre-tax merger-related charges
$2.6 million of pre-tax separation expense5
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 Expense associated with a mutual separation agreement with a former Old National executive
RESULTS OF OPERATIONS2Old National Bancorp ("Old National") reported third quarter 2024 net income applicable to common shares of $139.8 million, or $0.44 per diluted common share.
Included in third quarter results were pre-tax charges of $6.9 million primarily related to the April 1, 2024 acquisition of CapStar Financial Holdings, Inc. ("CapStar") and $2.6 million of pre-tax separation expense5. Excluding these transactions and realized debt securities gains from the current quarter, adjusted net income1 was $147.2 million, or $0.46 per diluted common share.
DEPOSITS AND FUNDINGGrowth in deposits driven by increases in commercial and community deposits and normal seasonal patterns in public funds, partially offset by lower brokered deposits.
Period-end total deposits were $40.8 billion, up 8.5% annualized; core deposits up 10.1% annualized.
On average, total deposits for the third quarter were $40.6 billion, up 4.8% annualized.
Granular low-cost deposit franchise; total deposit costs of 225 bps.
A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.
LOANSBroad-based disciplined commercial loan growth.
Period-end total loans3 were $36.5 billion, up 2.7% annualized.
Total commercial loan production in the third quarter was $1.7 billion; period-end commercial pipeline totaled $2.8 billion.
Average total loans in the third quarter were $36.3 billion, an increase of $235.9 million.
CREDIT QUALITY Resilient credit quality continues to be a hallmark of Old National.
Provision4 expense was $28.5 million compared to $36.2 million, or $20.9 million excluding $15.3 million of current expected credit loss ("CECL") Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans in the CapStar transaction in the second quarter of 2024.
Net charge-offs were $17.5 million, or 19 bps of average loans compared to net charge-offs of 16 bps of average loans.
Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 16 bps.
30+ day delinquencies as a percentage of loans were 0.26% compared to 0.16%.
Nonaccrual loans as a percentage of total loans were 1.22% compared to 0.94%.
Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $174.0 million.
The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $405.9 million, or 1.12% of total loans, compared to $392.1 million, or 1.08% of total loans.
NET INTEREST INCOME AND MARGINHigher net interest income and stable margin reflective of the rate environment.
Net interest income on a fully taxable equivalent basis1 increased to $397.9 million compared to $394.8 million, driven by loan growth as well as higher asset yields and accretion, partly offset by higher funding costs.
Net interest margin on a fully taxable equivalent basis1 modestly decreased 1 bps to 3.32%.
Accretion income on loans and borrowings was $15.6 million, or 13 bps of net interest margin1, compared to $11.6 million, or 10 bps of net interest margin1.
Cost of total deposits was 2.25%, increasing 9 bps and the cost of total interest-bearing deposits increased 9 bps to 2.93%.
NONINTEREST INCOMEIncrease driven by higher service charges, mortgage fees, capital markets income, and other income.
Total noninterest income was $94.1 million compared to $87.3 million.
Noninterest income was up 7.9% driven by higher service charges, mortgage fees, capital markets income, and other income.
NONINTEREST EXPENSEDisciplined expense management.
Noninterest expense was $272.3 million and included $6.9 million of merger-related charges and $2.6 million of pre-tax separation expense5.
Excluding these items, adjusted noninterest expense1 was $262.8 million, compared to $263.6 million.
The efficiency ratio1 was 53.8%, while the adjusted efficiency ratio1 was 51.2% compared to 57.2% and 52.6%, respectively.
INCOME TAXES
Income tax expense was $41.3 million, resulting in an effective tax rate of 22.3% compared to 22.5%. On an adjusted fully taxable equivalent ("FTE") basis, the effective tax rate was 24.8% compared to 25.5%.
Income tax expense included $4.0 million of tax credit benefit compared to $3.5 million.
CAPITALCapital ratios remain strong.
Preliminary total risk-based capital up 23 bps to 12.94% and preliminary regulatory Tier 1 capital up 27 bps to 11.60%, as strong retained earnings drive capital.
Tangible common equity to tangible assets was 7.44% compared to 6.94%.
CONFERENCE CALL AND WEBCASTOld National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, October 22, 2024, to review third quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company's Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 1586600. A replay of the call will also be available from approximately noon Central Time on October 22, 2024 through November 5, 2024. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 1586600.
ABOUT OLD NATIONALOld National Bancorp (NASDAQ:ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $31 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States.
USE OF NON-GAAP FINANCIAL MEASURESThe 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, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, separation expense, debt securities gains/losses, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, FDIC special assessment expense, gain on sale of Visa Class B restricted shares, contract termination charges, expenses related to the tragic April 10, 2023 event at our downtown Louisville location ("Louisville expenses"), and property optimization charges. 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 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 adjusted pre-provision net revenues 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 associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, FDIC special assessment expense, contract termination charges, Louisville expenses, and property optimization charges, as well as adjusted noninterest income, which excludes debt securities gains/losses and the gain on sale of Visa Class B restricted shares. 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 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 Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us 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 words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," 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, including, but 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; the expected cost savings, synergies and other financial benefits from the merger (the "Merger") between Old National and CapStar Financial Holdings, Inc. not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; 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, 2023 and other filings with the SEC. 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
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,
2024
2024
2024
2023
2023
2024
2023
Income Statement
Net interest income
$
391,724
$
388,421
$
356,458
$
364,408
$
375,086
$
1,136,603
$
1,138,745
FTE adjustment1,3
6,144
6,340
6,253
6,100
5,837
18,737
17,328
Net interest income - tax equivalent basis3
397,868
394,761
362,711
370,508
380,923
1,155,340
1,156,073
Provision for credit losses
28,497
36,214
18,891
11,595
19,068
83,602
47,292
Noninterest income
94,138
87,271
77,522
100,094
80,938
258,931
233,248
Noninterest expense
272,283
282,999
262,317
284,235
244,776
817,599
742,071
Net income available to common shareholders
$
139,768
$
117,196
$
116,250
$
128,446
$
143,842
$
373,214
$
437,411
Per Common Share Data
Weighted average diluted shares
317,331
316,461
292,207
292,029
291,717
308,605
291,809
EPS, diluted
$
0.44
$
0.37
$
0.40
$
0.44
$
0.49
$
1.21
$
1.50
Cash dividends
0.14
0.14
0.14
0.14
0.14
0.42
0.42
Dividend payout ratio2
32
%
38
%
35
%
32
%
29
%
35
%
28
%
Book value
$
19.20
$
18.28
$
18.24
$
18.18
$
17.07
$
19.20
$
17.07
Stock price
18.66
17.19
17.41
16.89
14.54
18.66
14.54
Tangible book value3
11.97
11.05
11.10
11.00
9.87
11.97
9.87
Performance Ratios
ROAA
1.08
%
0.92
%
0.98
%
1.09
%
1.22
%
0.99
%
1.25
%
ROAE
9.4
%
8.2
%
8.7
%
10.2
%
11.4
%
8.8
%
11.7
%
ROATCE3
16.0
%
14.1
%
14.9
%
18.1
%
20.2
%
15.0
%
20.8
%
NIM (FTE)
3.32
%
3.33
%
3.28
%
3.39
%
3.49
%
3.31
%
3.59
%
Efficiency ratio3
53.8
%
57.2
%
58.3
%
59.0
%
51.7
%
56.4
%
51.9
%
NCOs to average loans
0.19
%
0.16
%
0.14
%
0.12
%
0.24
%
0.16
%
0.19
%
ACL on loans to EOP loans
1.05
%
1.01
%
0.95
%
0.93
%
0.93
%
1.05
%
0.93
%
ACL4 to EOP loans
1.12
%
1.08
%
1.03
%
1.03
%
1.03
%
1.12
%
1.03
%
NPLs to EOP loans
1.22
%
0.94
%
0.98
%
0.83
%
0.80
%
1.22
%
0.80
%
Balance Sheet (EOP)
Total loans
$
36,400,643
$
36,150,513
$
33,623,319
$
32,991,927
$
32,577,834
$
36,400,643
$
32,577,834
Total assets
53,602,293
53,119,645
49,534,918
49,089,836
49,059,448
53,602,293
49,059,448
Total deposits
40,845,746
39,999,228
37,699,418
37,235,180
37,252,676
40,845,746
37,252,676
Total borrowed funds
5,449,096
6,085,204
5,331,161
5,331,147
5,556,010
5,449,096
5,556,010
Total shareholders' equity
6,367,298
6,075,072
5,595,408
5,562,900
5,239,537
6,367,298
5,239,537
Capital Ratios
Risk-based capital ratios (EOP):
Tier 1 common equity
11.00
%
10.73
%
10.76
%
10.70
%
10.41
%
11.00
%
10.41
%
Tier 1 capital
11.60
%
11.33
%
11.40
%
11.35
%
11.06
%
11.60
%
11.06
%
Total capital
12.94
%
12.71
%
12.74
%
12.64
%
12.32
%
12.94
%
12.32
%
Leverage ratio (average assets)
9.05
%
8.90
%
8.96
%
8.83
%
8.70
%
9.05
%
8.70
%
Equity to assets (averages)3
11.60
%
11.31
%
11.32
%
10.81
%
10.88
%
11.41
%
10.95
%
TCE to TA3
7.44
%
6.94
%
6.86
%
6.85
%
6.15
%
7.44
%
6.15
%
Nonfinancial Data
Full-time equivalent employees
4,105
4,267
3,955
3,940
3,981
4,105
3,981
Banking centers
280
280
258
258
257
280
257
1 Calculated using the federal statutory tax rate in effect of 21% for all periods.
2 Cash dividends per common share divided by net income per common share (basic).
3 Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. September 30, 2024 capital ratios are preliminary.
4 Includes the allowance for credit losses on loans and unfunded loan 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 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,
2024
2024
2024
2023
2023
2024
2023
Interest income
$
679,925
$
663,663
$
595,981
$
589,751
$
576,519
$
1,939,569
$
1,617,070
Less: interest expense
288,201
275,242
239,523
225,343
201,433
802,966
478,325
Net interest income
391,724
388,421
356,458
364,408
375,086
1,136,603
1,138,745
Provision for credit losses
28,497
36,214
18,891
11,595
19,068
83,602
47,292
Net interest income after provision for credit losses
363,227
352,207
337,567
352,813
356,018
1,053,001
1,091,453
Wealth and investment services fees
29,117
29,358
28,304
27,656
26,687
86,779
80,128
Service charges on deposit accounts
20,350
19,350
17,898
18,667
18,524
57,598
53,278
Debit card and ATM fees
11,362
10,993
10,054
10,700
10,818
32,409
31,453
Mortgage banking revenue
7,669
7,064
4,478
3,691
5,063
19,211
12,628
Capital markets income
7,426
4,729
2,900
5,416
5,891
15,055
19,003
Company-owned life insurance
5,315
5,739
3,434
3,773
3,740
14,488
11,624
Gain on sale of Visa Class B restricted shares
—
—
—
21,635
—
—
—
Other income
12,975
10,036
10,470
9,381
10,456
33,481
30,574
Debt securities gains (losses), net
(76
)
2
(16
)
(825
)
(241
)
(90
)
(5,440
)
Total noninterest income
94,138
87,271
77,522
100,094
80,938
258,931
233,248
Salaries and employee benefits
147,494
159,193
149,803
141,649
131,541
456,490
404,715
Occupancy
27,130
26,547
27,019
26,514
25,795
80,696
80,162
Equipment
9,888
8,704
8,671
8,769
8,284
27,263
23,394
Marketing
11,036
11,284
10,634
10,813
9,448
32,954
28,698
Technology
23,343
24,002
20,023
20,493
20,592
67,368
59,850
Communication
4,681
4,480
4,000
4,212
4,075
13,161
12,768
Professional fees
7,278
10,552
6,406
8,250
5,956
24,236
19,085
FDIC assessment
11,722
9,676
11,313
27,702
9,000
32,711
29,028
Amortization of intangibles
7,411
7,425
5,455
5,869
6,040
20,291
18,286
Amortization of tax credit investments
3,277
2,747
2,749
7,200
2,644
8,773
8,167
Other expense
19,023
18,389
16,244
22,764
21,401
53,656
57,918
Total noninterest expense
272,283
282,999
262,317
284,235
244,776
817,599
742,071
Income before income taxes
185,082
156,479
152,772
168,672
192,180
494,333
582,630
Income tax expense
41,280
35,250
32,488
36,192
44,304
109,018
133,118
Net income
$
143,802
$
121,229
$
120,284
$
132,480
$
147,876
$
385,315
$
449,512
Preferred dividends
(4,034
)
(4,033
)
(4,034
)
(4,034
)
(4,034
)
(12,101
)
(12,101
)
Net income applicable to common shares
$
139,768
$
117,196
$
116,250
$
128,446
$
143,842
$
373,214
$
437,411
EPS, diluted
$
0.44
$
0.37
$
0.40
$
0.44
$
0.49
$
1.21
$
1.50
Weighted Average Common Shares Outstanding
Basic
315,622
315,585
290,980
290,701
290,648
307,426
290,763
Diluted
317,331
316,461
292,207
292,029
291,717
308,605
291,809
Common shares outstanding (EOP)
318,955
318,969
293,330
292,655
292,586
318,955
292,586
End of Period Balance Sheet (unaudited)
($ in thousands)
September 30,
June 30,
March 31,
December 31,
September 30,
2024
2024
2024
2023
2023
Assets
Cash and due from banks
$
498,120
$
428,665
$
350,990
$
430,866
$
381,343
Money market and other interest-earning investments
693,450
804,381
588,509
744,192
1,282,087
Investments:
Treasury and government-sponsored agencies
2,335,716
2,207,004
2,243,754
2,453,950
2,515,249
Mortgage-backed securities
6,085,826
5,890,371
5,566,881
5,245,691
4,906,290
States and political subdivisions
1,665,128
1,678,597
1,672,061
1,693,819
1,705,200
Other securities
783,079
775,623
760,847
779,048
751,404
Total investments
10,869,749
10,551,595
10,243,543
10,172,508
9,878,143
Loans held-for-sale, at fair value
62,376
66,126
19,418
32,006
122,033
Loans:
Commercial
10,408,095
10,332,631
9,648,269
9,512,230
9,333,448
Commercial and agriculture real estate
16,356,216
16,016,958
14,653,958
14,140,629
13,916,221
Residential real estate
6,757,896
6,894,957
6,661,379
6,699,443
6,696,288
Consumer
2,878,436
2,905,967
2,659,713
2,639,625
2,631,877
Total loans
36,400,643
36,150,513
33,623,319
32,991,927
32,577,834
Allowance for credit losses on loans
(380,840
)
(366,335
)
(319,713
)
(307,610
)
(303,982
)
Premises and equipment, net
599,528
601,945
564,007
565,396
565,607
Goodwill and other intangible assets
2,305,084
2,306,204
2,095,511
2,100,966
2,106,835
Company-owned life insurance
863,723
862,032
767,423
767,902
774,517
Accrued interest receivable and other assets
1,690,460
1,714,519
1,601,911
1,591,683
1,675,031
Total assets
$
53,602,293
$
53,119,645
$
49,534,918
$
49,089,836
$
49,059,448
Liabilities and Equity
Noninterest-bearing demand deposits
$
9,429,285
$
9,336,042
$
9,257,709
$
9,664,247
$
10,091,352
Interest-bearing:
Checking and NOW accounts
7,314,245
7,680,865
7,236,667
7,331,487
7,495,417
Savings accounts
4,781,447
4,983,811
5,020,095
5,099,186
5,296,985
Money market accounts
11,601,461
10,485,491
10,234,113
