SAN FRANCISCO--(BUSINESS WIRE)--First Republic Bank (NYSE: FRC) today announced financial results for the quarter ended June 30, 2020.
“Second quarter results were very strong,” said Jim Herbert, Founder, Chairman and CEO of First Republic. “Loan origination volume was our best ever, while deposits and wealth management assets also grew very nicely. Since its founding 35 years ago, First Republic’s simple, conservative, client-centric business model has delivered consistently strong results.”
Quarterly Highlights
Financial Results
– Year-over-year:
– Revenues were $919.0 million, up 12.2%.
– Net interest income was $787.4 million, up 16.8%.
– Provision for credit losses was $31.1 million, compared to $21.2 million for the second quarter of 2019.
– Net income was $256.8 million, up 15.4%.
– Diluted earnings per share of $1.40, up 12.9%.
– Tangible book value per share was $53.46, up 12.2%.
– Loan originations totaled $11.4 billion (excluding originations under the Small Business Administration’s Paycheck Protection Program (“PPP”)), our best quarter ever.
– Net interest margin was 2.70%, compared to 2.74% for the prior quarter.
– Efficiency ratio was 62.0%, compared to 63.5% for the prior quarter. (1)
Continued Capital and Credit Strength
– Tier 1 leverage ratio was 8.15%.
– Nonperforming assets remained at a low 13 basis points of total assets.
– Net charge-offs were only $1.1 million, or less than 1 basis point of average loans.
Continued Franchise Development
– Year-over-year:
– Loans totaled $97.9 billion, up 19.1% (excluding PPP and for sale loans).
– Deposits were $98.5 billion, up 18.1%.
– Wealth management assets were $155.8 billion, up 13.2%.
– Wealth management revenues were $113.9 million, down 5.3%.
“We’re very pleased with the continued double-digit growth in total revenue, net interest income and earnings per share,” said Mike Roffler, Chief Financial Officer. “Credit quality, capital and liquidity remain strong.”
Quarterly Cash Dividend of $0.20 per Share
The Bank declared a cash dividend for the second quarter of $0.20 per share of common stock, which is payable on August 13, 2020 to shareholders of record as of July 30, 2020. The current quarterly dividend is an increase from the same quarter last year.
Strong Asset Quality
Credit quality remains strong. Nonperforming assets were only 13 basis points of total assets at June 30, 2020. The Bank had modest net loan charge-offs of $1.1 million for the quarter.
During the second quarter, the Bank recorded a provision for credit losses of $31.1 million, which included a provision for credit losses of $43.5 million for loans and held-to-maturity debt securities, offset by a reversal of a prior provision for unfunded loan commitments of $12.4 million. In the second quarter of 2019, the provision for credit losses for loans was $21.2 million. The increase in the provision for credit losses compared to a year ago reflects loan growth, as well as the CECL methodology beginning in 2020, which incorporates a significant change in economic outlook compared to the prior year.
COVID-19
Our response to the pandemic includes: quite successful company-wide remote working arrangements, modified openings and hours in our preferred banking offices, social distancing and other measures to ensure the safety of our colleagues and clients; and community support through corporate contributions for those in need. In addition, we continue to support those of our clients who are experiencing financial challenges by offering loan modifications. We have also provided loans to small businesses under the PPP.
Loan Modifications
Loan modifications to those borrowers experiencing financial challenges as a result of COVID-19 (not classified as troubled debt restructurings) totaled approximately $3.9 billion, and an additional $345 million were in process as of June 30, 2020. Total completed and in process modifications as of June 30, 2020 were 4.3% of total loans.
The Bank has limited exposure to several of the areas most directly impacted by COVID-19, such as the retail, hotel and restaurant industries, which totaled $2.4 billion as of June 30, 2020, only 2.4% of total loans. As of June 30, 2020, the Bank had completed and in process modifications of these portfolios for approximately $650 million, or 27%.
Continued Capital Strength
The Bank’s Tier 1 leverage ratio was 8.15% at June 30, 2020, compared to 8.46% at March 31, 2020.
The Bank has not and does not engage in common stock buybacks.
Tangible Book Value Growth
Tangible book value per common share at June 30, 2020 was $53.46, up 12.2% from a year ago.
Continued Franchise Development
Loan Originations and Sales
Loan originations (excluding PPP loans) were $11.4 billion for the quarter, up 23.1% from the same quarter a year ago primarily due to increases in single family and business lending. The Bank also originated $2.0 billion of PPP loans during the quarter.
Single family loan originations were 51% of the total for the quarter (excluding PPP loans) and had a weighted average loan-to-value ratio of 53%. In addition, multifamily and commercial real estate loans originated were 11% of total originations (excluding PPP loans), and had a weighted average loan-to-value ratio of 47%.
Loans, excluding PPP loans and loans held for sale, totaled $97.9 billion at June 30, 2020, up 19.1% compared to a year ago primarily due to increases in single family and multifamily loans.
During the second quarter, the Bank sold approximately $300 million of single family loans through its own securitization.
Deposit Growth
Total deposits increased to $98.5 billion, up 18.1% compared to a year ago, and had an average cost of 30 basis points during the quarter.
At June 30, 2020, checking deposit balances were 62.3% of total deposits.
Investments
Total investment securities at June 30, 2020 were $19.1 billion, an 18.1% increase compared to a year ago.
High-quality liquid assets, including eligible cash, totaled $16.9 billion at June 30, 2020, and represented 13.4% of quarterly average total assets.
Wealth Management
Total wealth management assets were $155.8 billion at June 30, 2020, up 13.0% for the quarter and up 13.2% compared to a year ago. The increases in wealth management assets were due to market appreciation and net client inflow.
Wealth management revenues totaled $113.9 million for the quarter, down 5.3% compared to last year’s second quarter primarily due to the market decline in the prior quarter. Such revenues represented 12.4% of the Bank’s total revenues for the quarter.
Wealth management assets at June 30, 2020 included investment management assets of $68.1 billion, brokerage assets and money market mutual funds of $76.1 billion, and trust and custody assets of $11.6 billion.
Income Statement and Key Ratios
Revenue Growth
Total revenues were $919.0 million for the quarter, up 12.2% compared to the second quarter a year ago.
Net Interest Income Growth
Net interest income was $787.4 million for the quarter, up 16.8% compared to the second quarter a year ago. The increase in net interest income resulted primarily from growth in average interest-earning assets, partially offset by a decrease in net interest margin.
Net Interest Margin
The net interest margin was 2.70% for the second quarter, compared to 2.74% for the prior quarter. The modest decline was primarily due to average yields on earning assets declining slightly more than the offsetting decrease in average funding costs.
Noninterest Income
Noninterest income was $131.6 million for the quarter, down 9.5% compared to the second quarter a year ago. The decrease was primarily the result of lower investment management fees due to a market decline in the prior quarter and lower loan servicing fees due to a valuation allowance established on mortgage servicing rights from accelerated repayments of loans in the servicing portfolio.
Noninterest Expense and Efficiency Ratio
Noninterest expense was $569.5 million for the quarter, up 7.7% compared to the second quarter a year ago. The increase was primarily due to higher staffing levels and resultant higher salaries and benefits from the continued investments in the expansion of the franchise, offset by lower travel, advertising and marketing.
The efficiency ratio was 62.0% for the quarter, compared to 64.5% for the second quarter a year ago.
Income Taxes
The Bank’s effective tax rate for the second quarter of 2020 was 19.4%, compared to 19.5% for the prior quarter, and 17.4% for the second quarter a year ago. For the first six months of 2020, the Bank’s effective tax rate was 19.4%.
_____ |
|
(1) |
The provision for unfunded loan commitments is included in the provision for credit losses for 2020 periods. The efficiency ratio for the quarter ended March 31, 2020 has been updated to conform to this change in presentation. |
Conference Call Details
First Republic Bank’s second quarter 2020 earnings conference call is scheduled for July 14, 2020 at 7:00 a.m. PT / 10:00 a.m. ET. To access the event by telephone, please dial (800) 949-2175 and use confirmation code 3743466# approximately 15 minutes prior to the start time (to allow time for registration). International callers should dial +1 (720) 543-0197 and enter 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 firstrepublic.com. 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 14, 2020, at 11:00 a.m. PT / 2:00 p.m. ET, through July 21, 2020, at 8:59 p.m. PT / 11:59 p.m. ET. To access the replay, dial (888) 203-1112 and use confirmation code 3743466#. 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 firstrepublic.com.
The Bank’s press releases are available after release in the 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 the COVID-19 pandemic (collectively referred to as “COVID-19” herein); 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; the possibility of earthquakes, fires and other natural disasters 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, Quarterly Reports on Form 10-Q 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.
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||||||
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
(in thousands, except per share amounts) |
|
2020 |
|
2019 |
|
2020 |
2020 |
|
2019 |
|||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans |
|
$ |
791,286 |
|
|
$ |
741,328 |
|
|
$ |
796,652 |
|
|
$ |
1,587,938 |
|
|
$ |
1,441,416 |
|
Investments |
|
146,515 |
|
|
134,044 |
|
|
148,569 |
|
|
295,084 |
|
|
267,809 |
|
|||||
Other |
|
5,059 |
|
|
4,813 |
|
|
6,960 |
|
|
12,019 |
|
|
9,988 |
|
|||||
Cash and cash equivalents |
|
564 |
|
|
5,547 |
|
|
3,940 |
|
|
4,504 |
|
|
13,536 |
|
|||||
Total interest income |
|
943,424 |
|
|
885,732 |
|
|
956,121 |
|
|
1,899,545 |
|
|
1,732,749 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
72,480 |
|
|
129,188 |
|
|
118,845 |
|
|
191,325 |
|
|
236,935 |
|
|||||
Borrowings |
|
83,532 |
|
|
82,518 |
|
|
85,144 |
|
|
168,676 |
|
|
146,750 |
|
|||||
Total interest expense |
|
156,012 |
|
|
211,706 |
|
|
203,989 |
|
|
360,001 |
|
|
383,685 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
787,412 |
|
|
674,026 |
|
|
752,132 |
|
|
1,539,544 |
|
|
1,349,064 |
|
|||||
Provision for credit losses |
|
31,117 |
|
|
21,200 |
|
|
62,370 |
|
|
93,487 |
|
|
35,400 |
|
|||||
Net interest income after provision for credit losses |
|
756,295 |
|
|
652,826 |
|
|
689,762 |
|
|
1,446,057 |
|
|
1,313,664 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment management fees |
|
85,083 |
|
|
93,720 |
|
|
99,296 |
|
|
184,379 |
|
|
178,644 |
|
|||||
Brokerage and investment fees |
|
12,406 |
|
|
8,287 |
|
|
15,826 |
|
|
28,232 |
|
|
15,946 |
|
|||||
Insurance fees |
|
1,713 |
|
|
3,696 |
|
|
2,157 |
|
|
3,870 |
|
|
5,810 |
|
|||||
Trust fees |
|
4,599 |
|
|
4,227 |
|
|
4,976 |
|
|
9,575 |
|
|
8,116 |
|
|||||
Foreign exchange fee income |
|
10,105 |
|
|
10,345 |
|
|
12,184 |
|
|
22,289 |
|
|
18,976 |
|
|||||
Deposit fees |
|
5,248 |
|
|
6,579 |
|
|
6,597 |
|
|
11,845 |
|
|
12,899 |
|
|||||
Loan and related fees |
|
7,456 |
|
|
4,296 |
|
|
6,114 |
|
|
13,570 |
|
|
8,303 |
|
|||||
Loan servicing fees, net |
|
(4,445) |
|
|
3,425 |
|
|
1,652 |
|
|
(2,793) |
|
|
7,213 |
|
|||||
Gain (loss) on sale of loans |
|
(1,147) |
|
|
(15) |
|
|
1,925 |
|
|
778 |
|
|
344 |
|
|||||
Gain (loss) on investment securities |
|
1,529 |
|
|
(1,063) |
|
|
2,628 |
|
|
4,157 |
|
|
(1,212) |
|
|||||
Income from investments in life insurance |
|
7,800 |
|
|
10,049 |
|
|
8,160 |
|
|
15,960 |
|
|
19,384 |
|
|||||
Other income |
|
1,222 |
|
|
1,804 |
|
|
2,529 |
|
|
3,751 |
|
|
3,245 |
|
|||||
Total noninterest income |
|
131,569 |
|
|
145,350 |
|
|
164,044 |
|
|
295,613 |
|
|
277,668 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and employee benefits |
|
344,204 |
|
|
297,524 |
|
|
361,204 |
|
|
705,408 |
|
|
610,777 |
|
|||||
Information systems |
|
74,037 |
|
|
70,277 |
|
|
70,715 |
|
|
144,752 |
|
|
137,447 |
|
|||||
Occupancy |
|
54,941 |
|
|
47,587 |
|
|
53,641 |
|
|
108,582 |
|
|
91,482 |
|
|||||
Professional fees |
|
15,517 |
|
|
16,435 |
|
|
13,117 |
|
|
28,634 |
|
|
28,116 |
|
|||||
Advertising and marketing |
|
8,621 |
|
|
16,700 |
|
|
11,843 |
|
|
20,464 |
|
|
32,434 |
|
|||||
FDIC assessments |
|
11,275 |
|
|
9,196 |
|
|
10,185 |
|
|
21,460 |
|
|
18,099 |
|
|||||
Other expenses |
|
60,863 |
|
|
71,135 |
|
|
61,312 |
|
|
122,175 |
|
|
135,311 |
|
|||||
Total noninterest expense |
|
569,458 |
|
|
528,854 |
|
|
582,017 |
|
|
1,151,475 |
|
|
1,053,666 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before provision for income taxes |
|
318,406 |
|
|
269,322 |
|
|
271,789 |
|
|
590,195 |
|
|
537,666 |
|
|||||
Provision for income taxes |
|
61,638 |
|
|
46,758 |
|
|
53,103 |
|
|
114,741 |
|
|
88,511 |
|
|||||
Net income |
|
256,768 |
|
|
222,564 |
|
|
218,686 |
|
|
475,454 |
|
|
449,155 |
|
|||||
Dividends on preferred stock |
|
14,817 |
|
|
12,788 |
|
|
13,020 |
|
|
27,837 |
|
|
25,575 |
|
|||||
Net income available to common shareholders |
|
$ |
241,951 |
|
|
$ |
209,776 |
|
|
$ |
205,666 |
|
|
$ |
447,617 |
|
|
$ |
423,580 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share |
|
$ |
1.41 |
|
|
$ |
1.25 |
|
|
$ |
1.20 |
|
|
$ |
2.61 |
|
|
$ |
2.53 |
|
Diluted earnings per common share |
|
$ |
1.40 |
|
|
$ |
1.24 |
|
|
$ |
1.20 |
|
|
$ |
2.60 |
|
|
$ |
2.50 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares—basic |
|
171,627 |
|
|
167,685 |
|
|
170,835 |
|
|
171,231 |
|
|
167,400 |
|
|||||
Weighted average shares—diluted |
|
172,659 |
|
|
169,572 |
|
|
172,039 |
|
|
172,343 |
|
|
169,503 |
|
|||||
CONSOLIDATED BALANCE SHEETS |
||||||||||||||||
|
|
As of |
||||||||||||||
($ in thousands) |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
June 30,
|
||||||||
ASSETS |
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
3,099,170 |
|
|
$ |
3,949,378 |
|
|
$ |
1,699,557 |
|
|
$ |
2,220,073 |
|
Debt securities available-for-sale |
|
1,576,956 |
|
|
1,243,798 |
|
|
1,282,169 |
|
|
1,438,061 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Debt securities held-to-maturity |
|
17,513,211 |
|
|
17,534,920 |
|
|
17,147,633 |
|
|
14,721,568 |
|
||||
Less: Allowance for credit losses |
|
(5,383) |
|
|
(5,087) |
|
|
— |
|
|
— |
|
||||
Debt securities held-to-maturity, net |
|
17,507,828 |
|
|
17,529,833 |
|
|
17,147,633 |
|
|
14,721,568 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Equity securities (fair value) |
|
21,104 |
|
|
19,575 |
|
|
19,586 |
|
|
19,529 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loans: (1) |
|
|
|
|
|
|
|
|
||||||||
Single family (1-4 units) |
|
52,435,246 |
|
|
49,063,193 |
|
|
47,985,651 |
|
|
41,758,981 |
|
||||
Home equity lines of credit |
|
2,419,359 |
|
|
2,703,919 |
|
|
2,501,432 |
|
|
2,587,554 |
|
||||
Single family construction |
|
733,909 |
|
|
779,239 |
|
|
761,589 |
|
|
702,928 |
|
||||
Multifamily (5+ units) |
|
13,187,857 |
|
|
12,823,392 |
|
|
12,353,359 |
|
|
11,160,686 |
|
||||
Commercial real estate |
|
7,793,137 |
|
|
7,715,266 |
|
|
7,449,058 |
|
|
7,166,368 |
|
||||
Multifamily/commercial construction |
|
1,966,292 |
|
|
1,839,445 |
|
|
1,695,954 |
|
|
1,611,794 |
|
||||
Capital call lines of credit |
|
6,173,992 |
|
|
7,512,231 |
|
|
5,570,322 |
|
|
5,660,887 |
|
||||
Tax-exempt |
|
3,186,066 |
|
|
3,087,751 |
|
|
3,042,193 |
|
|
3,035,959 |
|
||||
Other business |
|
3,179,023 |
|
|
3,094,922 |
|
|
3,034,301 |
|
|
2,989,664 |
|
||||
PPP |
|
2,092,307 |
|
|
— |
|
|
— |
|
|
— |
|
||||
Stock secured |
|
1,924,107 |
|
|
1,919,971 |
|
|
1,897,511 |
|
|
1,514,855 |
|
||||
Other secured |
|
1,702,535 |
|
|
1,531,705 |
|
|
1,433,399 |
|
|
1,235,588 |
|
||||
Unsecured |
|
3,221,405 |
|
|
3,214,028 |
|
|
3,072,062 |
|
|
2,812,357 |
|
||||
Total loans |
|
100,015,235 |
|
|
95,285,062 |
|
|
90,796,831 |
|
|
82,237,621 |
|
||||
Allowance for credit losses |
|
(583,997) |
|
|
(541,906) |
|
|
(496,104) |
|
|
(473,095) |
|
||||
Loans, net |
|
99,431,238 |
|
|
94,743,156 |
|
|
90,300,727 |
|
|
81,764,526 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loans held for sale |
|
313,655 |
|
|
354,873 |
|
|
23,304 |
|
|
12,502 |
|
||||
Investments in life insurance |
|
1,468,712 |
|
|
1,460,909 |
|
|
1,434,642 |
|
|
1,412,883 |
|
||||
Tax credit investments |
|
1,105,853 |
|
|
1,106,693 |
|
|
1,100,509 |
|
|
1,054,192 |
|
||||
Premises, equipment and leasehold improvements, net |
|
388,256 |
|
|
392,953 |
|
|
386,841 |
|
|
348,609 |
|
||||
Goodwill and other intangible assets |
|
230,975 |
|
|
232,985 |
|
|
235,269 |
|
|
267,490 |
|
||||
Other real estate owned |
|
1,071 |
|
|
1,071 |
|
|
— |
|
|
— |
|
||||
Other assets |
|
3,159,069 |
|
|
2,879,705 |
|
|
2,633,397 |
|
|
2,440,203 |
|
||||
Total Assets |
|
$ |
128,303,887 |
|
|
$ |
123,914,929 |
|
|
$ |
116,263,634 |
|
|
$ |
105,699,636 |
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
||||||||
Liabilities: |
|
|
|
|
|
|
|
|
||||||||
Deposits: |
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing checking |
|
$ |
37,586,940 |
|
|
$ |
36,920,635 |
|
|
$ |
33,124,265 |
|
|
$ |
32,023,125 |
|
Interest-bearing checking |
|
23,833,458 |
|
|
20,941,790 |
|
|
19,696,859 |
|
|
16,649,251 |
|
||||
Money market checking |
|
14,639,069 |
|
|
12,636,674 |
|
|
12,790,707 |
|
|
10,874,671 |
|
||||
Money market savings and passbooks |
|
10,236,015 |
|
|
9,052,690 |
|
|
10,586,355 |
|
|
9,921,688 |
|
||||
Certificates of deposit |
|
12,238,479 |
|
|
14,140,550 |
|
|
13,935,060 |
|
|
13,962,348 |
|
||||
Total Deposits |
|
98,533,961 |
|
|
93,692,339 |
|
|
90,133,246 |
|
|
83,431,083 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Short-term borrowings |
|
5,000 |
|
|
— |
|
|
800,000 |
|
|
— |
|
||||
Long-term FHLB advances |
|
15,405,000 |
|
|
16,250,000 |
|
|
12,200,000 |
|
|
9,800,000 |
|
||||
Senior notes |
|
995,109 |
|
|
994,742 |
|
|
497,719 |
|
|
497,269 |
|
||||
Subordinated notes |
|
778,096 |
|
|
777,990 |
|
|
777,885 |
|
|
777,678 |
|
||||
Other liabilities |
|
2,010,793 |
|
|
1,840,093 |
|
|
2,003,677 |
|
|
1,973,963 |
|
||||
Total Liabilities |
|
117,727,959 |
|
|
113,555,164 |
|
|
106,412,527 |
|
|
96,479,993 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
||||||||
Preferred stock |
|
1,145,000 |
|
|
1,145,000 |
|
|
1,145,000 |
|
|
940,000 |
|
||||
Common stock |
|
1,721 |
|
|
1,714 |
|
|
1,686 |
|
|
1,682 |
|
||||
Additional paid-in capital |
|
4,543,051 |
|
|
4,543,650 |
|
|
4,214,915 |
|
|
4,186,304 |
|
||||
Retained earnings |
|
4,858,965 |
|
|
4,652,089 |
|
|
4,484,375 |
|
|
4,091,636 |
|
||||
Accumulated other comprehensive income |
|
27,191 |
|
|
17,312 |
|
|
5,131 |
|
|
21 |
|
||||
Total Shareholders’ Equity |
|
10,575,928 |
|
|
10,359,765 |
|
|
9,851,107 |
|
|
9,219,643 |
|
||||
Total Liabilities and Shareholders’ Equity |
|
$ |
128,303,887 |
|
|
$ |
123,914,929 |
|
|
$ |
116,263,634 |
|
|
$ |
105,699,636 |
|
____________ |
|
|
|
|
|
|
|
|
||||||||
(1) For comparability, the Bank has adjusted certain prior period loan amounts to conform to the current period presentation under the Current Expected Credit Losses (“CECL”) methodology. |
||||||||||||||||
|
|
Quarter Ended June 30, |
|
Quarter Ended March 31, |
|||||||||||||||||||||||||||||
|
|
2020 |
|
2019 (4) |
|
2020 |
|||||||||||||||||||||||||||
Average Balances, Yields and Rates |
|
Average
|
|
Interest Income/
|
|
Yields/
|
|
Average
|
|
Interest Income/
|
|
Yields/
|
|
Average
|
|
Interest Income/
|
|
Yields/
|
|||||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash and cash equivalents |
|
$ |
2,789,666 |
|
|
$ |
564 |
|
|
0.08 |
% |
|
$ |
1,091,353 |
|
|
$ |
5,547 |
|
|
2.04 |
% |
|
$ |
1,853,579 |
|
|
$ |
3,940 |
|
|
0.85 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Government-sponsored agency securities |
|
214,835 |
|
|
1,367 |
|
|
2.55 |
% |
|
1,031,797 |
|
|
7,675 |
|
|
2.98 |
% |
|
307,449 |
|
|
2,207 |
|
|
2.87 |
% |
||||||
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Agency residential and commercial MBS |
|
6,615,707 |
|
|
42,661 |
|
|
2.58 |
% |
|
6,669,868 |
|
|
47,724 |
|
|
2.86 |
% |
|
6,746,664 |
|
|
47,186 |
|
|
2.80 |
% |
||||||
Other residential and commercial MBS |
|
27,499 |
|
|
182 |
|
|
2.65 |
% |
|
4,523 |
|
|
43 |
|
|
3.78 |
% |
|
3,834 |
|
|
32 |
|
|
3.33 |
% |
||||||
Municipal securities |
|
11,949,615 |
|
|
126,906 |
|
|
4.25 |
% |
|
8,497,645 |
|
|
96,980 |
|
|
4.57 |
% |
|
11,358,749 |
|
|
122,542 |
|
|
4.32 |
% |
||||||
Other investment securities (3) |
|
43,800 |
|
|
309 |
|
|
2.83 |
% |
|
19,332 |
|
|
127 |
|
|
2.63 |
% |
|
43,783 |
|
|
320 |
|
|
2.92 |
% |
||||||
Total investment securities |
|
18,851,456 |
|
|
171,425 |
|
|
3.64 |
% |
|
16,223,165 |
|
|
152,549 |
|
|
3.76 |
% |
|
18,460,479 |
|
|
172,287 |
|
|
3.73 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential real estate (5) |
|
53,737,207 |
|
|
404,691 |
|
|
3.01 |
% |
|
42,856,354 |
|
|
357,475 |
|
|
3.34 |
% |
|
51,300,013 |
|
|
404,982 |
|
|
3.16 |
% |
||||||
Multifamily (6) |
|
12,887,676 |
|
|
120,657 |
|
|
3.70 |
% |
|
11,004,251 |
|
|
109,548 |
|
|
3.94 |
% |
|
12,565,723 |
|
|
118,944 |
|
|
3.74 |
% |
||||||
Commercial real estate |
|
7,718,257 |
|
|
77,635 |
|
|
3.98 |
% |
|
6,948,173 |
|
|
74,002 |
|
|
4.21 |
% |
|
7,574,573 |
|
|
78,609 |
|
|
4.11 |
% |
||||||
Multifamily/commercial construction |
|
2,632,682 |
|
|
29,468 |
|
|
4.43 |
% |
|
2,287,098 |
|
|
28,672 |
|
|
4.96 |
% |
|
2,550,647 |
|
|
30,285 |
|
|
4.70 |
% |
||||||
Business (7) |
|
14,690,412 |
|
|
123,325 |
|
|
3.32 |
% |
|
11,410,239 |
|
|
131,658 |
|
|
4.57 |
% |
|
12,390,386 |
|
|
122,971 |
|
|
3.93 |
% |
||||||
Other (8) |
|
6,658,487 |
|
|
42,116 |
|
|
2.50 |
% |
|
5,346,380 |
|
|
46,581 |
|
|
3.45 |
% |
|
6,453,056 |
|
|
47,572 |
|
|
2.92 |
% |
||||||
Total loans |
|
98,324,721 |
|
|
797,892 |
|
|
3.23 |
% |
|
79,852,495 |
|
|
747,936 |
|
|
3.73 |
% |
|
92,834,398 |
|
|
803,363 |
|
|
3.44 |
% |
||||||
FHLB stock |
|
491,938 |
|
|
5,059 |
|
|
4.14 |
% |
|
331,218 |
|
|
4,813 |
|
|
5.83 |
% |
|
406,974 |
|
|
6,960 |
|
|
6.88 |
% |
||||||
Total interest-earning assets |
|
120,457,781 |
|
|
974,940 |
|
|
3.22 |
% |
|
97,498,231 |
|
|
910,845 |
|
|
3.72 |
% |
|
113,555,430 |
|
|
986,550 |
|
|
3.46 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-earning cash |
|
425,440 |
|
|
|
|
|
|
345,174 |
|
|
|
|
|
|
443,255 |
|
|
|
|
|
||||||||||||
Goodwill and other intangibles |
|
231,934 |
|
|
|
|
|
|
269,404 |
|
|
|
|
|
|
234,078 |
|
|
|
|
|
||||||||||||
Other assets |
|
4,905,493 |
|
|
|
|
|
|
4,312,290 |
|
|
|
|
|
|
4,721,313 |
|
|
|
|
|
||||||||||||
Total noninterest-earning assets |
|
5,562,867 |
|
|
|
|
|
|
4,926,868 |
|
|
|
|
|
|
5,398,646 |
|
|
|
|
|
||||||||||||
Total Assets |
|
$ |
126,020,648 |
|
|
|
|
|
|
$ |
102,425,099 |
|
|
|
|
|
|
$ |
118,954,076 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Checking |
|
$ |
58,978,081 |
|
|
3,127 |
|
|
0.02 |
% |
|
$ |
45,813,205 |
|
|
6,946 |
|
|
0.06 |
% |
|
$ |
53,863,519 |
|
|
8,432 |
|
|
0.06 |
% |
|||
Money market checking and savings |
|
24,133,700 |
|
|
15,224 |
|
|
0.25 |
% |
|
19,323,615 |
|
|
51,536 |
|
|
1.07 |
% |
|
22,475,109 |
|
|
44,869 |
|
|
0.80 |
% |
||||||
CDs |
|
12,721,452 |
|
|
54,129 |
|
|
1.71 |
% |
|
12,799,189 |
|
|
70,706 |
|
|
2.22 |
% |
|
14,185,945 |
|
|
65,544 |
|
|
1.86 |
% |
||||||
Total deposits |
|
95,833,233 |
|
|
72,480 |
|
|
0.30 |
% |
|
77,936,009 |
|
|
129,188 |
|
|
0.66 |
% |
|
90,524,573 |
|
|
118,845 |
|
|
0.53 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Short-term borrowings |
|
2,747 |
|
|
0 |
|
|
0.04 |
% |
|
2,875,590 |
|
|
18,282 |
|
|
2.55 |
% |
|
1,231,827 |
|
|
4,700 |
|
|
1.53 |
% |
||||||
Long-term FHLB advances |
|
15,868,682 |
|
|
68,391 |
|
|
1.73 |
% |
|
9,132,967 |
|
|
49,601 |
|
|
2.18 |
% |
|
13,420,604 |
|
|
66,566 |
|
|
1.99 |
% |
||||||
Senior notes (9) |
|
994,905 |
|
|
6,034 |
|
|
2.43 |
% |
|
835,544 |
|
|
5,534 |
|
|
2.65 |
% |
|
765,308 |
|
|
4,773 |
|
|
2.49 |
% |
||||||
Subordinated notes (9) |
|
778,044 |
|
|
9,107 |
|
|
4.68 |
% |
|
777,628 |
|
|
9,101 |
|
|
4.68 |
% |
|
777,938 |
|
|
9,105 |
|
|
4.68 |
% |
||||||
Total borrowings |
|
17,644,378 |
|
|
83,532 |
|
|
1.90 |
% |
|
13,621,729 |
|
|
82,518 |
|
|
2.43 |
% |
|
16,195,677 |
|
|
85,144 |
|
|
2.11 |
% |
||||||
Total interest-bearing liabilities |
|
113,477,611 |
|
|
156,012 |
|
|
0.55 |
% |
|
91,557,738 |
|
|
211,706 |
|
|
0.93 |
% |
|
106,720,250 |
|
|
203,989 |
|
|
0.77 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest-bearing liabilities |
|
2,067,585 |
|
|
|
|
|
|
1,733,674 |
|
|
|
|
|
|
2,030,107 |
|
|
|
|
|
||||||||||||
Preferred equity |
|
1,145,000 |
|
|
|
|
|
|
940,000 |
|
|
|
|
|
|
1,145,000 |
|
|
|
|
|
||||||||||||
Common equity |
|
9,330,452 |
|
|
|
|
|
|
8,193,687 |
|
|
|
|
|
|
9,058,719 |
|
|
|
|
|
||||||||||||
Total Liabilities and Equity |
|
$ |
126,020,648 |
|
|
|
|
|
|
$ |
102,425,099 |
|
|
|
|
|
|
$ |
118,954,076 |
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest spread (10) |
|
|
|
|
|
2.67 |
% |
|
|
|
|
|
2.79 |
% |
|
|
|
|
|
2.69 |
% |
||||||||||||
Net interest income (fully taxable-equivalent basis) and net interest margin (11) |
|
|
|
$ |
818,928 |
|
|
2.70 |
% |
|
|
|
$ |
699,139 |
|
|
2.85 |
% |
|
|
|
$ |
782,561 |
|
|
2.74 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Reconciliation of tax-equivalent net interest income to reported net interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Tax-equivalent adjustment |
|
(31,516) |
|
|
|
|
|
|
(25,113) |
|
|
|
|
|
|
(30,429) |
|
|
|
||||||||||||||
Net interest income, as reported |
|
$ |
787,412 |
|
|
|
|
|
|
$ |
674,026 |
|
|
|
|
|
|
$ |
752,132 |
|
|
|
|||||||||||
|
|
Six Months Ended June 30, |
||||||||||||||||||||
|
|
2020 |
|
2019 (4) |
||||||||||||||||||
Average Balances, Yields and Rates |
|
Average
|
|
|
Interest Income/
|
|
Yields/
|
|
Average
|
|
Interest Income/
|
|
Yields/
|
|||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents |
|
$ |
2,321,623 |
|
$ |
4,504 |
|
|
0.39 |
% |
|
$ |
1,267,228 |
|
|
$ |
13,536 |
|
|
2.15 |
% |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government-sponsored agency securities |
|
|
261,142 |
|
3,574 |
|
|
2.74 |
% |
|
1,038,310 |
|
|
15,452 |
|
|
2.98 |
% |
||||
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency residential and commercial MBS |
|
|
6,681,185 |
|
89,846 |
|
|
2.69 |
% |
|
6,761,842 |
|
|
97,343 |
|
|
2.88 |
% |
||||
Other residential and commercial MBS |
|
|
15,667 |
|
214 |
|
|
2.73 |
% |
|
4,525 |
|
|
88 |
|
|
3.91 |
% |
||||
Municipal securities |
|
|
11,654,183 |
|
249,935 |
|
|
4.29 |
% |
|
8,340,025 |
|
|
191,481 |
|
|
4.59 |
% |
||||
Other investment securities (3) |
|
|
43,791 |
|
629 |
|
|
2.87 |
% |
|
19,161 |
|
|
247 |
|
|
2.58 |
% |
||||
Total investment securities |
|
|
18,655,968 |
|
344,198 |
|
|
3.69 |
% |
|
16,163,863 |
|
|
304,611 |
|
|
3.77 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans: (4) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential real estate (5) |
|
|
52,518,610 |
|
809,674 |
|
|
3.08 |
% |
|
41,920,005 |
|
|
699,259 |
|
|
3.34 |
% |
||||
Multifamily (6) |
|
|
12,726,699 |
|
239,601 |
|
|
3.72 |
% |
|
10,770,882 |
|
|
209,249 |
|
|
3.86 |
% |
||||
Commercial real estate |
|
|
7,646,415 |
|
156,244 |
|
|
4.04 |
% |
|
6,825,897 |
|
|
145,949 |
|
|
4.25 |
% |
||||
Multifamily/commercial construction |
|
|
2,591,664 |
|
59,753 |
|
|
4.56 |
% |
|
2,282,720 |
|
|
56,916 |
|
|
4.96 |
% |
||||
Business (7) |
|
|
13,540,399 |
|
246,357 |
|
|
3.60 |
% |
|
11,046,209 |
|
|
252,702 |
|
|
4.55 |
% |
||||
Other (8) |
|
|
6,555,772 |
|
89,687 |
|
|
2.71 |
% |
|
5,218,077 |
|
|
90,528 |
|
|
3.45 |
% |
||||
Total loans |
|
|
95,579,559 |
|
1,601,316 |
|
|
3.33 |
% |
|
78,063,790 |
|
|
1,454,603 |
|
|
3.72 |
% |
||||
FHLB stock |
|
|
449,455 |
|
12,019 |
|
|
5.38 |
% |
|
305,157 |
|
|
9,988 |
|
|
6.60 |
% |
||||
Total interest-earning assets |
|
|
117,006,605 |
|
1,962,037 |
|
|
3.34 |
% |
|
95,800,038 |
|
|
1,782,738 |
|
|
3.71 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-earning cash |
|
|
434,348 |
|
|
|
|
|
345,205 |
|
|
|
|
|
||||||||
Goodwill and other intangibles |
|
|
233,006 |
|
|
|
|
|
270,879 |
|
|
|
|
|
||||||||
Other assets |
|
|
4,813,403 |
|
|
|
|
|
4,254,502 |
|
|
|
|
|
||||||||
Total noninterest-earning assets |
|
|
5,480,757 |
|
|
|
|
|
4,870,586 |
|
|
|
|
|
||||||||
Total Assets |
|
$ |
122,487,362 |
|
|
|
|
|
$ |
100,670,624 |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking |
|
$ |
56,420,801 |
|
11,559 |
|
|
0.04 |
% |
|
$ |
46,162,715 |
|
|
13,040 |
|
|
0.06 |
% |
|||
Money market checking and savings |
|
|
23,304,404 |
|
60,094 |
|
|
0.52 |
% |
|
19,296,363 |
|
|
93,854 |
|
|
0.98 |
% |
||||
CDs |
|
|
13,453,699 |
|
119,672 |
|
|
1.79 |
% |
|
12,095,546 |
|
|
130,041 |
|
|
2.17 |
% |
||||
Total deposits |
|
|
93,178,904 |
|
191,325 |
|
|
0.41 |
% |
|
77,554,624 |
|
|
236,935 |
|
|
0.62 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Short-term borrowings |
|
|
617,287 |
|
4,700 |
|
|
1.53 |
% |
|
1,921,431 |
|
|
24,312 |
|
|
2.55 |
% |
||||
Long-term FHLB advances |
|
|
14,644,643 |
|
134,957 |
|
|
1.85 |
% |
|
8,820,165 |
|
|
92,768 |
|
|
2.12 |
% |
||||
Senior notes (9) |
|
|
880,106 |
|
10,807 |
|
|
2.46 |
% |
|
865,930 |
|
|
11,468 |
|
|
2.65 |
% |
||||
Subordinated notes (9) |
|
|
777,991 |
|
18,212 |
|
|
4.68 |
% |
|
777,578 |
|
|
18,202 |
|
|
4.68 |
% |
||||
Total borrowings |
|
|
16,920,027 |
|
168,676 |
|
|
2.00 |
% |
|
12,385,104 |
|
|
146,750 |
|
|
2.39 |
% |
||||
Total interest-bearing liabilities |
|
|
110,098,931 |
|
360,001 |
|
|
0.66 |
% |
|
89,939,728 |
|
|
383,685 |
|
|
0.86 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities |
|
|
2,048,845 |
|
|
|
|
|
1,649,443 |
|
|
|
|
|
||||||||
Preferred equity |
|
|
1,145,000 |
|
|
|
|
|
940,000 |
|
|
|
|
|
||||||||
Common equity |
|
|
9,194,586 |
|
|
|
|
|
8,141,453 |
|
|
|
|
|
||||||||
Total Liabilities and Equity |
|
$ |
122,487,362 |
|
|
|
|
|
$ |
100,670,624 |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread (10) |
|
|
|
|
|
2.68 |
% |
|
|
|
|
|
2.85 |
% |
||||||||
Net interest income (fully taxable-equivalent basis) and net interest margin (11) |
|
|
|
$ |
1,602,036 |
|
|
2.72 |
% |
|
|
|
$ |
1,399,053 |
|
|
2.91 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of tax-equivalent net interest income to reported net interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax-equivalent adjustment |
|
|
|
(62,492) |
|
|
|
|
|
|
(49,989) |
|
|
|
||||||||
Net interest income, as reported |
|
|
|
$ |
1,539,544 |
|
|
|
|
|
|
$ |
1,349,064 |
|
|
|
||||||
____________ |
(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) For comparability, the Bank has adjusted certain prior period loan amounts to conform to the current period presentation under CECL. |
(5) Includes single family, home equity lines of credit, and single family construction loans. Also includes single family loans held for sale. |
(6) Includes multifamily loans held for sale. |
(7) Includes capital call lines of credit, tax-exempt, other business, and PPP loans. |
(8) Includes stock secured, other secured and unsecured loans. |
(9) Average balances include unamortized issuance discounts and costs. Interest expense includes amortization of issuance discounts and costs. |
(10) Net interest spread represents the average yield on interest-earning assets less the average rate on interest-bearing liabilities. |
(11) Net interest margin represents net interest income on a fully taxable-equivalent basis divided by total average interest-earning assets. |
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
Operating Information |
|
2020 |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
||||||||||
($ in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income to average assets (1) |
|
0.82 |
% |
|
0.87 |
% |
|
0.74 |
% |
|
0.78 |
% |
|
0.90 |
% |
|||||
Net income available to common shareholders to average common equity (1) |
|
10.43 |
% |
|
10.27 |
% |
|
9.13 |
% |
|
9.79 |
% |
|
10.49 |
% |
|||||
Net income available to common shareholders to average tangible common equity (1) |
|
10.70 |
% |
|
10.62 |
% |
|
9.37 |
% |
|
10.04 |
% |
|
10.85 |
% |
|||||
Dividends per common share |
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.19 |
|
|
$ |
0.39 |
|
|
$ |
0.37 |
|
Dividend payout ratio |
|
14.3 |
% |
|
15.4 |
% |
|
15.9 |
% |
|
15.0 |
% |
|
14.8 |
% |
|||||
Efficiency ratio (2), (3) |
|
62.0 |
% |
|
64.5 |
% |
|
63.5 |
% |
|
62.7 |
% |
|
64.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loan charge-offs |
|
$ |
1,098 |
|
|
$ |
1,226 |
|
|
$ |
202 |
|
|
$ |
1,300 |
|
|
$ |
1,353 |
|
Net loan charge-offs to average total loans (1) |
|
0.00 |
% |
|
0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan credit losses to: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans |
|
0.58 |
% |
|
0.58 |
% |
|
0.57 |
% |
|
0.58 |
% |
|
0.58 |
% |
|||||
Nonaccrual loans |
|
354.1 |
% |
|
326.3 |
% |
|
432.1 |
% |
|
354.1 |
% |
|
326.3 |
% |
|||||
__________ |
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Ratios are annualized. |
||||||||||||||||||||
(2) Efficiency ratio is the ratio of noninterest expense to the sum of net interest income and noninterest income. |
||||||||||||||||||||
(3) The provision for unfunded loan commitments is included in the provision for credit losses for 2020 periods. For 2019 periods, the provision for unfunded loan commitments is included in other noninterest expense. The efficiency ratio for the quarter ended March 31, 2020 has been updated to conform to this change in presentation. |
||||||||||||||||||||
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
|||||||||
Effective Tax Rate |
|
2020 |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
|||||
Effective tax rate, prior to excess tax benefits |
|
22.5 |
% |
|
20.9 |
% |
|
21.3 |
% |
|
21.9 |
% |
|
21.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
Excess tax benefits—stock options |
|
(1.0) |
|
|
(1.3) |
|
|
(1.5) |
|
|
(1.3) |
|
|
(3.8) |
|
Excess tax benefits—other stock awards |
|
(2.1) |
|
|
(2.2) |
|
|
(0.3) |
|
|
(1.2) |
|
|
(1.1) |
|
Total excess tax benefits |
|
(3.1) |
|
|
(3.5) |
|
|
(1.8) |
|
|
(2.5) |
|
|
(4.9) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Effective tax rate |
|
19.4 |
% |
|
17.4 |
% |
|
19.5 |
% |
|
19.4 |
% |
|
16.5 |
% |
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
|||||||||||||||
| Provision for Credit Losses |
|
2020 |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities held-to-maturity |
|
$ |
296 |
|
|
$ |
— |
|
|
$ |
418 |
|
|
$ |
714 |
|
|
$ |
— |
|
Loans |
|
43,189 |
|
|
21,200 |
|
|
47,679 |
|
|
90,868 |
|
|
35,400 |
|
|||||
Unfunded loan commitments (1) |
|
(12,368) |
|
|
— |
|
|
14,273 |
|
|
1,905 |
|
|
— |
|
|||||
Total provision |
|
$ |
31,117 |
|
|
$ |
21,200 |
|
|
$ |
62,370 |
|
|
$ |
93,487 |
|
|
$ |
35,400 |
|
__________ |
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) The provision for unfunded loan commitments is included in the provision for credit losses for 2020 periods. For 2019 periods, the provision for unfunded loan commitments is included in other noninterest expense, which is not presented in this table. |
||||||||||||||||||||
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||||||
Allowance for Credit Losses |
|
Debt Securities
|
|
Loans |
|
Unfunded Loan
|
|
Total |
|
Debt Securities
|
|
Loans |
|
Unfunded Loan
|
|
Total |
||||||||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at beginning of period (1) |
|
$ |
5,087 |
|
|
$ |
541,906 |
|
|
$ |
29,970 |
|
|
$ |
576,963 |
|
|
$ |
4,669 |
|
|
$ |
494,429 |
|
|
$ |
15,697 |
|
|
$ |
514,795 |
|
Provision for credit losses |
|
296 |
|
|
43,189 |
|
|
(12,368) |
|
|
31,117 |
|
|
714 |
|
|
90,868 |
|
|
1,905 |
|
|
93,487 |
|
||||||||
Net charge-offs |
|
— |
|
|
(1,098) |
|
|
— |
|
|
(1,098) |
|
|
— |
|
|
(1,300) |
|
|
— |
|
|
(1,300) |
|
||||||||
Balance at end of period |
|
$ |
5,383 |
|
|
$ |
583,997 |
|
|
$ |
17,602 |
|
|
$ |
606,982 |
|
|
$ |
5,383 |
|
|
$ |
583,997 |
|
|
$ |
17,602 |
|
|
$ |
606,982 |
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(1) For the six months ended June 30, 2020, represents the balance after the cumulative effect adjustment from the adoption of CECL. |
||||||||||||||||||||||||||||||||
(2) The allowance for credit losses on unfunded loan commitments is included in other liabilities. |
||||||||||||||||||||||||||||||||
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
Mortgage Loan Sales |
|
2020 |
|
2019 |
|
2020 |
|
2020 |
|
2019 |
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans sold: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Flow sales: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency |
|
$ |
10,810 |
|
|
$ |
14,533 |
|
|
$ |
25,774 |
|
|
$ |
36,584 |
|
|
$ |
26,212 |
|
Non-agency |
|
— |
|
|
14,503 |
|
|
31,870 |
|
|
31,870 |
|
|
31,334 |
|
|||||
Total flow sales |
|
10,810 |
|
|
29,036 |
|
|
57,644 |
|
|
68,454 |
|
|
57,546 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bulk sales: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-agency |
|
— |
|
|
— |
|
|
437,669 |
|
|
437,669 |
|
|
152,119 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securitizations |
|
300,116 |
|
|
— |
|
|
— |
|
|
300,116 |
|
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans sold |
|
$ |
310,926 |
|
|
$ |
29,036 |
|
|
$ |
495,313 |
|
|
$ |
806,239 |
|
|
$ |
209,665 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain (loss) on sale of loans: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Amount |
|
$ |
(1,147) |
|
|
$ |
(15) |
|
|
$ |
1,925 |
|
|
$ |
778 |
|
|
$ |
344 |
|
Gain (loss) as a percentage of loans sold |
|
(0.37) |
% |
|
(0.05) |
% |
|
0.39 |
% |
|
0.10 |
% |
|
0.16 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Six Months Ended
|
||||||||||||||
Loan Originations |
|
2020 |
|
2019 (1) |
|
2020 |
|
2020 |
|
2019 (1) |
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family (1-4 units) |
|
$ |
5,875,184 |
|
|
$ |
4,067,326 |
|
|
$ |
3,519,336 |
|
|
$ |
9,394,520 |
|
|
$ |
6,257,221 |
|
Home equity lines of credit |
|
457,737 |
|
|
356,589 |
|
|
395,508 |
|
|
853,245 |
|
|
708,727 |
|
|||||
Single family construction |
|
119,318 |
|
|
155,431 |
|
|
109,162 |
|
|
228,480 |
|
|
279,700 |
|
|||||
Multifamily (5+ units) |
|
946,820 |
|
|
812,638 |
|
|
781,303 |
|
|
1,728,123 |
|
|
1,395,581 |
|
|||||
Commercial real estate |
|
330,683 |
|
|
519,244 |
|
|
451,858 |
|
|
782,541 |
|
|
765,772 |
|
|||||
Multifamily/commercial construction |
|
131,414 |
|
|
318,015 |
|
|
620,921 |
|
|
752,335 |
|
|
448,128 |
|
|||||
Capital call lines of credit |
|
1,405,347 |
|
|
1,423,451 |
|
|
2,385,229 |
|
|
3,790,576 |
|
|
3,126,174 |
|
|||||
Tax-exempt |
|
184,054 |
|
|
101,920 |
|
|
100,019 |
|
|
284,073 |
|
|
186,345 |
|
|||||
Other business |
|
914,257 |
|
|
424,180 |
|
|
619,779 |
|
|
1,534,036 |
|
|
680,179 |
|
|||||
PPP |
|
1,981,797 |
|
|
— |
|
|
— |
|
|
1,981,797 |
|
|
— |
|
|||||
Stock secured |
|
519,416 |
|
|
468,741 |
|
|
592,560 |
|
|
1,111,976 |
|
|
675,454 |
|
|||||
Other secured |
|
358,730 |
|
|
355,421 |
|
|
413,824 |
|
|
772,554 |
|
|
622,170 |
|
|||||
Unsecured |
|
203,270 |
|
|
296,373 |
|
|
322,888 |
|
|
526,158 |
|
|
630,681 |
|
|||||
Total loans originated |
|
$ |
13,428,027 |
|
|
$ |
9,299,329 |
|
|
$ |
10,312,387 |
|
|
$ |
23,740,414 |
|
|
$ |
15,776,132 |
|
__________ |
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) For comparability, the Bank has adjusted certain prior period amounts to conform to the current period presentation under CECL. |
||||||||||||||||||||
|
|
As of |
||||||||||||||||||
Asset Quality Information |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans |
|
$ |
164,930 |
|
|
$ |
125,418 |
|
|
$ |
143,181 |
|
|
$ |
136,928 |
|
|
$ |
144,993 |
|
Other real estate owned |
|
1,071 |
|
|
1,071 |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Total nonperforming assets |
|
$ |
166,001 |
|
|
$ |
126,489 |
|
|
$ |
143,181 |
|
|
$ |
136,928 |
|
|
$ |
144,993 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets to total assets |
|
0.13 |
% |
|
0.10 |
% |
|
0.12 |
% |
|
0.12 |
% |
|
0.14 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing loans 90 days or more past due |
|
$ |
3,764 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Restructured accruing loans |
|
$ |
11,501 |
|
|
$ |
13,418 |
|
|
$ |
13,287 |
|
|
$ |
14,964 |
|
|
$ |
12,176 |
|
|
|
As of June 30, 2020 |
||||||||||||||||||||||||||
|
|
Completed |
|
In Process (2) |
||||||||||||||||||||||||
Loan Modifications (1) |
|
Unpaid Principal
|
|
LTV |
|
Average Loan
|
|
Number of
|
|
Unpaid Principal
|
|
LTV |
|
Average Loan
|
|
Number of
|
||||||||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family (1-4 units) |
|
$ |
1,741 |
|
|
59 |
% |
|
$ |
1.0 |
|
|
1,787 |
|
|
$ |
230 |
|
|
64 |
% |
|
$ |
1.3 |
|
|
175 |
|
Home equity lines of credit |
|
78 |
|
|
56 |
% |
|
0.4 |
|
|
178 |
|
|
26 |
|
|
59 |
% |
|
0.6 |
|
|
56 |
|
||||
Single family construction |
|
17 |
|
|
49 |
% |
|
1.9 |
|
|
9 |
|
|
— |
|
|
— |
% |
|
— |
|
|
— |
|
||||
Multifamily (5+ units) |
|
554 |
|
|
51 |
% |
|
3.0 |
|
|
183 |
|
|
4 |
|
|
53 |
% |
|
0.7 |
|
|
5 |
|
||||
Commercial real estate |
|
1,038 |
|
|
48 |
% |
|
3.7 |
|
|
283 |
|
|
58 |
|
|
54 |
% |
|
4.2 |
|
|
14 |
|
||||
Multifamily/commercial construction |
|
52 |
|
|
44 |
% |
|
5.2 |
|
|
10 |
|
|
4 |
|
|
29 |
% |
|
3.9 |
|
|
1 |
|
||||
Capital call lines of credit |
|
— |
|
|
n/a |
|
— |
|
|
— |
|
|
— |
|
|
n/a |
|
— |
|
|
— |
|
||||||
Tax-exempt |
|
72 |
|
|
n/a |
|
18.0 |
|
|
4 |
|
|
12 |
|
|
n/a |
|
6.1 |
|
|
2 |
|
||||||
Other business |
|
210 |
|
|
n/a |
|
1.3 |
|
|
157 |
|
|
4 |
|
|
n/a |
|
0.3 |
|
|
14 |
|
||||||
Stock secured |
|
— |
|
|
n/a |
|
— |
|
|
— |
|
|
— |
|
|
n/a |
|
— |
|
|
— |
|
||||||
Other secured |
|
6 |
|
|
n/a |
|
0.4 |
|
|
13 |
|
|
— |
|
|
n/a |
|
— |
|
|
— |
|
||||||
Unsecured (3) |
|
136 |
|
|
n/a |
|
0.1 |
|
|
999 |
|
|
7 |
|
|
n/a |
|
0.4 |
|
|
19 |
|
||||||
Total |
|
$ |
3,904 |
|
|
|
|
|
|
|
|
$ |
345 |
|
|
|
|
|
|
|
||||||||
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) COVID-19 loan modifications are not classified as troubled debt restructurings. |
||||||||||||||||||||||||||||
(2) Loan modifications requested by borrowers that have not yet been completed. |
||||||||||||||||||||||||||||
(3) Unsecured loan modifications completed and in process include $135 million and $2 million, respectively, of household debt refinance loans. |
||||||||||||||||||||||||||||
|
|
As of June 30, 2020 |
|||||||||||||||
Loan Industry Information |
|
Unpaid Principal
|
|
LTV |
|
Average Loan
|
|
Number of
|
|
Personal
|
|||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||
Retail |
|
$ |
1,772 |
|
|
50 |
% |
|
$ |
2.7 |
|
|
674 |
|
|
76 |
% |
Hotel |
|
431 |
|
|
48 |
% |
|
6.8 |
|
|
66 |
|
|
74 |
% |
||
Restaurant (1) |
|
224 |
|
|
51 |
% |
|
1.1 |
|
|
215 |
|
|
94 |
% |
||
Total (2) |
|
$ |
2,427 |
|
|
|
|
|
|
|
|
|
|||||
__________ |
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Approximately 70% of loans to restaurants are real estate secured. |
|||||||||||||||||
(2) Amounts in the table above exclude $43 million of loans for hotels and $135 million of loans for restaurants under the PPP. |
|||||||||||||||||
|
|
As of |
||||||||||||||||||
Loan Servicing Portfolio |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans serviced for investors |
|
$ |
8,316 |
|
|
$ |
9,203 |
|
|
$ |
9,298 |
|
|
$ |
10,080 |
|
|
$ |
10,746 |
|
|
As of |
|||||||||||||||||||
| Common Shares, Book Value per Common Share and Tangible Book Value per Common Share |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of shares of common stock outstanding |
|
172,094 |
|
|
171,395 |
|
|
168,621 |
|
|
168,450 |
|
|
168,176 |
|
|||||
Book value per common share |
|
$ |
54.80 |
|
|
$ |
53.76 |
|
|
$ |
51.63 |
|
|
$ |
50.41 |
|
|
$ |
49.23 |
|
Tangible book value per common share |
|
$ |
53.46 |
|
|
$ |
52.40 |
|
|
$ |
50.24 |
|
|
$ |
48.84 |
|
|
$ |
47.64 |
|
|
|
As of |
||||||||||||||||||
Capital Ratios |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
Tier 1 leverage ratio (Tier 1 capital to average assets) |
|
8.15 |
% |
|
8.46 |
% |
|
8.39 |
% |
|
8.50 |
% |
|
8.69 |
% |
|||||
Common Equity Tier 1 capital to risk-weighted assets |
|
9.80 |
% |
|
9.87 |
% |
|
9.86 |
% |
|
9.91 |
% |
|
10.19 |
% |
|||||
Tier 1 capital to risk-weighted assets |
|
11.04 |
% |
|
11.14 |
% |
|
11.21 |
% |
|
11.05 |
% |
|
11.39 |
% |
|||||
Total capital to risk-weighted assets |
|
12.49 |
% |
|
12.62 |
% |
|
12.73 |
% |
|
12.61 |
% |
|
13.02 |
% |
|||||
Regulatory Capital (3) |
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common Equity Tier 1 capital |
|
$ |
9,103,771 |
|
|
$ |
8,887,905 |
|
|
$ |
8,371,192 |
|
|
$ |
8,124,179 |
|
|
$ |
7,934,602 |
|
Tier 1 capital |
|
$ |
10,248,771 |
|
|
$ |
10,032,905 |
|
|
$ |
9,516,192 |
|
|
$ |
9,064,179 |
|
|
$ |
8,874,602 |
|
Total capital |
|
$ |
11,604,141 |
|
|
$ |
11,365,654 |
|
|
$ |
10,802,209 |
|
|
$ |
10,340,902 |
|
|
$ |
10,138,375 |
|
Assets (3) |
|
|
|
|
|
|
|
|
|
|
||||||||||
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Average assets |
|
$ |
125,690,830 |
|
|
$ |
118,626,842 |
|
|
$ |
113,403,507 |
|
|
$ |
106,659,003 |
|
|
$ |
102,097,363 |
|
Risk-weighted assets |
|
$ |
92,870,859 |
|
|
$ |
90,072,400 |
|
|
$ |
84,885,943 |
|
|
$ |
81,994,651 |
|
|
$ |
77,889,111 |
|
__________ |
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Ratios and amounts as of June 30, 2020 are preliminary. |
||||||||||||||||||||
(2) In accordance with the CECL Interim Final Rule, the Bank elected to delay the estimated impact of CECL on its regulatory capital and risk-weighted assets over a five-year transition period ending December 31, 2024. Ratios and amounts for 2020 periods have been adjusted to exclude the following impacts attributed to the adoption of CECL: decreases in retained earnings, increases in allowance for credit losses on loans, held-to-maturity debt securities and unfunded loan commitments, decreases in average assets, and increases in risk-weighted assets. |
||||||||||||||||||||
(3) As defined by regulatory capital rules. |
||||||||||||||||||||
|
|
As of |
||||||||||||||||||
Wealth Management Assets |
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||||
($ in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||
First Republic Investment Management |
|
$ |
68,124 |
|
|
$ |
60,056 |
|
|
$ |
66,029 |
|
|
$ |
61,204 |
|
|
$ |
61,192 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Brokerage and investment: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Brokerage |
|
70,178 |
|
|
60,189 |
|
|
68,807 |
|
|
63,053 |
|
|
61,583 |
|
|||||
Money market mutual funds |
|
5,933 |
|
|
6,893 |
|
|
4,268 |
|
|
4,402 |
|
|
3,312 |
|
|||||
Total brokerage and investment |
|
76,111 |
|
|
67,082 |
|
|
73,075 |
|
|
67,455 |
|
|
64,895 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Trust Company: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Trust |
|
7,905 |
|
|
7,288 |
|
|
7,121 |
|
|
6,366 |
|
|
6,319 |
|
|||||
Custody |
|
3,646 |
|
|
3,461 |
|
|
4,818 |
|
|
5,210 |
|
|
5,225 |
|
|||||
Total Trust Company |
|
11,551 |
|
|
10,749 |
|
|
11,939 |
|
|
11,576 |
|
|
11,544 |
|
|||||
Total Wealth Management Assets |
|
$ |
155,786 |
|
|
$ |
137,887 |
|
|
$ |
151,043 |
|
|
$ |
140,235 |
|
|
$ |
137,631 |
|
