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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________________ to ____________________
Commission file number 001-34762
| | |
FIRST FINANCIAL BANCORP /OH/ |
(Exact name of registrant as specified in its charter) |
| | | | | | | | | | | | | | |
Ohio | | 31-1042001 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | | |
255 East Fifth Street, Suite 800 | Cincinnati, | Ohio | | 45202 |
(Address of principal executive offices) | | (Zip Code) |
Registrant's telephone number, including area code: (877) 322-9530
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading symbol | | Name of each exchange on which registered |
Common stock, No par value | | FFBC | | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of Exchange Act).
Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. The registrant has one class of common stock (no par value) with 94,839,605 shares outstanding at November 3, 2022.
FIRST FINANCIAL BANCORP.
INDEX
Glossary of Abbreviations and Acronyms
First Financial has identified the following list of abbreviations and acronyms that are used in the Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations.
| | | | | | | | | | | | | | |
ABL | Asset backed lending | | FRB | Federal Reserve Bank |
ACL | Allowance for credit losses | | FTE | Fully tax equivalent |
AFS | Available-for-sale | | GAAP | U.S. Generally Accepted Accounting Principles |
Allowance | Collectively or individually, Allowance for credit losses | | HTC | Historic tax credit |
AOCI | Accumulated other comprehensive income | | HTM | Held-to-maturity |
ASC | Accounting standards codification | | Insignificant | Less than $0.1 million |
ASU | Accounting standards update | | IRLC | Interest rate lock commitment |
Bank | First Financial Bank | | LGD | Loss Given Default |
Basel III | Basel Committee regulatory capital reforms, Third Basel Accord | | LIHTC | Low income housing tax credit |
BGF or Bannockburn | Bannockburn Global Forex, LLC | | MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Bp/bps | Basis point(s) | | MSFG | MainSource Financial Group, Inc. |
BOLI | Bank owned life insurance | | N/A | Not applicable |
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | | NII | Net interest income |
CDs | Certificates of deposit | | NMTC | New market tax credit |
C&I | Commercial & industrial | | OREO | Other real estate owned |
CRE | Commercial real estate | | PCA | Prompt corrective action |
Company | First Financial Bancorp. | | PCD | Purchased credit deteriorated |
DDA | Demand deposit account | | PPP | Paycheck Protection Program |
Dodd-Frank | Dodd–Frank Wall Street Reform and Consumer Protection Act | | R&S | Reasonable and Supportable |
ERM | Enterprise risk management | | ROU | Right-of-use |
EVE | Economic value of equity | | SAB | Staff Accounting Bulletin |
Fair Value Topic | FASB ASC Topic 820, Fair Value Measurement | | SEC | U.S. Securities and Exchange Commission |
FASB | Financial Accounting Standards Board | | SFG or Summit | Summit Funding Group, Inc. |
FDIC | Federal Deposit Insurance Corporation | | SOFR | Secured Overnight Financing Rate |
FHLB | Federal Home Loan Bank | | Topic 842 | FASB ASC Topic 842, Leasing |
First Financial | First Financial Bancorp. | | TDR | Troubled debt restructuring |
Form 10-K | First Financial Bancorp. Annual Report on Form 10-K | | USD | United States dollars |
| | | | |
PART I - FINANCIAL INFORMATION
ITEM I - FINANCIAL STATEMENTS
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) | | | | | | | | | | | |
| September 30, 2022 | | December 31, 2021 |
| (Unaudited) | | |
Assets | | | |
Cash and due from banks | $ | 195,553 | | | $ | 220,031 | |
Interest-bearing deposits with other banks | 338,978 | | | 214,811 | |
Investment securities available-for-sale, at fair value (amortized cost $3,959,270 at September 30, 2022 and $4,180,589 at December 31, 2021) | 3,531,353 | | | 4,207,846 | |
Investment securities held-to-maturity (fair value $78,924 at September 30, 2022 and $99,898 at December 31, 2021) | 85,823 | | | 98,420 | |
Other investments | 138,767 | | | 102,971 | |
Loans held for sale, at fair value | 10,684 | | | 29,482 | |
Loans and leases | | | |
Commercial & industrial | 3,139,219 | | | 2,720,028 | |
Lease financing | 176,072 | | | 109,624 | |
Construction real estate | 489,446 | | | 455,894 | |
Commercial real estate | 3,976,345 | | | 4,226,614 | |
Residential real estate | 1,024,596 | | | 896,069 | |
Home equity | 737,318 | | | 708,399 | |
Installment | 202,267 | | | 119,454 | |
Credit card | 52,173 | | | 52,217 | |
Total loans and leases | 9,797,436 | | | 9,288,299 | |
Less: Allowance for credit losses | (124,096) | | | (131,992) | |
Net loans and leases | 9,673,340 | | | 9,156,307 | |
Premises and equipment | 189,067 | | | 193,040 | |
Operating leases | 84,851 | | | 60,811 | |
Goodwill | 998,422 | | | 1,000,749 | |
Other intangibles | 96,528 | | | 104,367 | |
Accrued interest and other assets | 1,280,427 | | | 940,306 | |
Total assets | $ | 16,623,793 | | | $ | 16,329,141 | |
| | | |
Liabilities | | | |
Deposits | | | |
Interest-bearing demand | $ | 2,980,465 | | | $ | 3,198,745 | |
Savings | 3,980,020 | | | 4,157,374 | |
Time | 1,242,412 | | | 1,330,263 | |
Total interest-bearing deposits | 8,202,897 | | | 8,686,382 | |
Noninterest-bearing | 4,137,038 | | | 4,185,572 | |
Total deposits | 12,339,935 | | | 12,871,954 | |
Federal funds purchased and securities sold under agreements to repurchase | 3,535 | | | 51,203 | |
FHLB short-term borrowings | 972,600 | | | 225,000 | |
Other short-term borrowings | 184,912 | | | 20,000 | |
Total short-term borrowings | 1,161,047 | | | 296,203 | |
Long-term debt | 355,116 | | | 409,832 | |
Total borrowed funds | 1,516,163 | | | 706,035 | |
Accrued interest and other liabilities | 773,563 | | | 492,210 | |
Total liabilities | 14,629,661 | | | 14,070,199 | |
| | | |
Shareholders' equity | | | |
Common stock - no par value | | | |
Authorized - 160,000,000 shares; Issued - 104,281,794 shares at both September 30, 2022 and December 31, 2021 | 1,631,696 | | | 1,640,358 | |
Retained earnings | 920,943 | | | 837,473 | |
Accumulated other comprehensive income (loss) | (354,570) | | | (433) | |
Treasury stock, at cost, 9,447,830 shares at September 30, 2022 and 10,132,554 shares at December 31, 2021 | (203,937) | | | (218,456) | |
Total shareholders' equity | 1,994,132 | | | 2,258,942 | |
Total liabilities and shareholders' equity | $ | 16,623,793 | | | $ | 16,329,141 | |
See Notes to Consolidated Financial Statements.
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
| September 30, | | September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Interest income | | | | | | | |
Loans and leases, including fees | $ | 122,170 | | | $ | 96,428 | | | $ | 306,443 | | | $ | 292,853 | |
Investment securities | | | | | | | |
Taxable | 26,331 | | | 20,088 | | | 72,066 | | | 58,219 | |
Tax-exempt | 5,014 | | | 4,282 | | | 14,361 | | | 14,196 | |
Total interest on investment securities | 31,345 | | | 24,370 | | | 86,427 | | | 72,415 | |
Other earning assets | 1,597 | | | 23 | | | 2,222 | | | 76 | |
Total interest income | 155,112 | | | 120,821 | | | 395,092 | | | 365,344 | |
Interest expense | | | | | | | |
Deposits | 6,386 | | | 3,320 | | | 11,972 | | | 11,346 | |
Short-term borrowings | 6,158 | | | 68 | | | 8,041 | | | 188 | |
Long-term borrowings | 4,676 | | | 4,023 | | | 13,832 | | | 12,498 | |
Total interest expense | 17,220 | | | 7,411 | | | 33,845 | | | 24,032 | |
Net interest income | 137,892 | | | 113,410 | | | 361,247 | | | 341,312 | |
Provision for credit losses - loans and leases | 7,898 | | | (8,193) | | | (1,958) | | | (9,499) | |
Provision for credit losses - unfunded commitments | 386 | | | (1,951) | | | 3,641 | | | (896) | |
Net interest income after provision for credit losses | 129,608 | | | 123,554 | | | 359,564 | | | 351,707 | |
Noninterest income | | | | | | | |
Service charges on deposit accounts | 6,279 | | | 8,548 | | | 21,656 | | | 23,231 | |
Trust and wealth management fees | 5,487 | | | 5,896 | | | 17,858 | | | 17,742 | |
Bankcard income | 3,484 | | | 3,838 | | | 10,644 | | | 10,698 | |
Client derivative fees | 1,447 | | | 2,273 | | | 3,619 | | | 5,624 | |
Foreign exchange income | 11,752 | | | 9,191 | | | 35,373 | | | 31,985 | |
Leasing business income | 7,127 | | | 0 | | | 20,450 | | | 0 | |
Net gain from sales of loans | 3,729 | | | 8,586 | | | 12,842 | | | 26,529 | |
Net gain (loss) on sales of investment securities | (179) | | | (314) | | | (176) | | | (745) | |
Net gain (loss) on equity securities | (701) | | | 108 | | | (1,954) | | | 381 | |
Other | 4,109 | | | 4,411 | | | 13,294 | | | 10,401 | |
Total noninterest income | 42,534 | | | 42,537 | | | 133,606 | | | 125,846 | |
Noninterest expenses | | | | | | | |
Salaries and employee benefits | 66,808 | | | 61,717 | | | 195,747 | | | 183,754 | |
Net occupancy | 5,669 | | | 5,571 | | | 16,774 | | | 16,810 | |
Furniture and equipment | 3,222 | | | 3,318 | | | 9,990 | | | 10,658 | |
Data processing | 8,497 | | | 7,951 | | | 25,095 | | | 23,102 | |
Marketing | 2,523 | | | 2,435 | | | 6,546 | | | 5,831 | |
Communication | 657 | | | 669 | | | 1,993 | | | 2,253 | |
Professional services | 2,346 | | | 2,199 | | | 6,719 | | | 5,678 | |
State intangible tax | 1,090 | | | 1,202 | | | 3,311 | | | 3,605 | |
FDIC assessments | 1,885 | | | 1,466 | | | 5,021 | | | 4,177 | |
Intangible assets amortization | 2,783 | | | 2,479 | | | 8,612 | | | 7,438 | |
Leasing business expense | 5,746 | | | 0 | | | 14,302 | | | 0 | |
Other | 23,842 | | | 10,051 | | | 36,797 | | | 27,901 | |
Total noninterest expenses | 125,068 | | | 99,058 | | | 330,907 | | | 291,207 | |
Income before income taxes | 47,074 | | | 67,033 | | | 162,263 | | | 186,346 | |
Income tax (benefit) expense | (8,631) | | | 7,021 | | | 13,737 | | | 28,131 | |
Net income | $ | 55,705 | | | $ | 60,012 | | | $ | 148,526 | | | $ | 158,215 | |
Net earnings per common share - basic | $ | 0.60 | | | $ | 0.64 | | | $ | 1.59 | | | $ | 1.65 | |
Net earnings per common share - diluted | $ | 0.59 | | | $ | 0.63 | | | $ | 1.57 | | | $ | 1.64 | |
Average common shares outstanding - basic | 93,582,250 | | | 94,289,097 | | | 93,507,831 | | | 95,752,759 | |
Average common shares outstanding - diluted | 94,793,766 | | | 95,143,930 | | | 94,504,453 | | | 96,617,600 | |
See Notes to Consolidated Financial Statements.
| | | | | | | | | | | | | | | | | | | | | | | |
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
(Dollars in thousands) |
(Unaudited) |
| | | | | | | |
| Three months ended | | Nine months ended |
| September 30, | | September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income | $ | 55,705 | | | $ | 60,012 | | | $ | 148,526 | | | $ | 158,215 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Unrealized gain (loss) on debt securities arising during the period | (111,433) | | | (16,943) | | | (354,912) | | | (35,693) | |
Change in retirement obligation | 261 | | | 438 | | | 861 | | | 1,259 | |
| | | | | | | |
Unrealized gain (loss) on foreign currency exchange | (70) | | | 0 | | | (86) | | | 0 | |
Other comprehensive income (loss) | (111,242) | | | (16,505) | | | (354,137) | | | (34,434) | |
Comprehensive income (loss) | $ | (55,537) | | | $ | 43,507 | | | $ | (205,611) | | | $ | 123,781 | |
| | | | | | | |
See Notes to Consolidated Financial Statements. |
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Third Quarter
(Dollars in thousands except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Retained | | Accumulated other comprehensive | | Treasury stock | | |
| Shares | | Amount | | Earnings | | income (loss) | | Shares | | Amount | | Total |
Balance at July 1, 2021 | 104,281,794 | | | $ | 1,635,470 | | | $ | 773,857 | | | $ | 30,735 | | | (8,082,285) | | | $ | (170,555) | | | $ | 2,269,507 | |
| | | | | | | | | | | | | |
Net income | | | | | 60,012 | | | | | | | | | 60,012 | |
Other comprehensive income (loss) | | | | | | | (16,505) | | | | | | | (16,505) | |
Cash dividends declared: | | | | | | | | | | | | | |
Common stock at $0.23 per share | | | | | (21,787) | | | | | | | | | (21,787) | |
Purchase of common stock | | | | | | | | | (2,484,295) | | | (57,231) | | | (57,231) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Restricted stock awards, net of forfeitures | | | (638) | | | | | | | 27,583 | | | 579 | | | (59) | |
Share-based compensation expense | | | 2,233 | | | | | | | | | | | 2,233 | |
Balance at September 30, 2021 | 104,281,794 | | | $ | 1,637,065 | | | $ | 812,082 | | | $ | 14,230 | | | (10,538,997) | | | $ | (227,207) | | | $ | 2,236,170 | |
Balance at July 1, 2022 | 104,281,794 | | | $ | 1,637,237 | | | $ | 887,006 | | | $ | (243,328) | | | (9,833,002) | | | $ | (212,245) | | | $ | 2,068,670 | |
| | | | | | | | | | | | | |
Net income | | | | | 55,705 | | | | | | | | | 55,705 | |
Other comprehensive income (loss) | | | | | | | (111,242) | | | | | | | (111,242) | |
Cash dividends declared: | | | | | | | | | | | | | |
Common stock at $0.23 per share | | | | | (21,768) | | | | | | | | | (21,768) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Restricted stock awards, net of forfeitures | | | (8,420) | | | | | | | 385,172 | | | 8,308 | | | (112) | |
Share-based compensation expense | | | 2,879 | | | | | | | | | | | 2,879 | |
Balance at September 30, 2022 | 104,281,794 | | | $ | 1,631,696 | | | $ | 920,943 | | | $ | (354,570) | | | (9,447,830) | | | $ | (203,937) | | | $ | 1,994,132 | |
See Notes to Consolidated Financial Statements.
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Year-to-date
(Dollars in thousands except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Retained | | Accumulated other comprehensive | | Treasury stock | | |
| Shares | | Amount | | Earnings | | income (loss) | | Shares | | Amount | | Total |
Balance at January 1, 2021 | 104,281,794 | | | $ | 1,638,947 | | | $ | 720,429 | | | $ | 48,664 | | | (6,259,865) | | | $ | (125,970) | | | $ | 2,282,070 | |
| | | | | | | | | | | | | |
Net income | | | | | 158,215 | | | | | | | | | 158,215 | |
Other comprehensive income (loss) | | | | | | | (34,434) | | | | | | | (34,434) | |
Cash dividends declared: | | | | | | | | | | | | | |
Common stock at $0.69 per share | | | | | (66,562) | | | | | | | | | (66,562) | |
Purchase of common stock | | | | | | | | | (4,633,355) | | | (108,077) | | | (108,077) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Exercise of stock options, net of shares purchased | | | (36) | | | | | | | 3,468 | | | 70 | | | 34 | |
Restricted stock awards, net of forfeitures | | | (9,414) | | | | | | | 350,755 | | | 6,770 | | | (2,644) | |
Share-based compensation expense | | | 7,568 | | | | | | | | | | | 7,568 | |
Balance at September 30, 2021 | 104,281,794 | | | $ | 1,637,065 | | | $ | 812,082 | | | $ | 14,230 | | | (10,538,997) | | | $ | (227,207) | | | $ | 2,236,170 | |
Balance at January 1, 2022 | 104,281,794 | | | $ | 1,640,358 | | | $ | 837,473 | | | $ | (433) | | | (10,132,554) | | | $ | (218,456) | | | $ | 2,258,942 | |
| | | | | | | | | | | | | |
Net income | | | | | 148,526 | | | | | | | | | 148,526 | |
Other comprehensive income (loss) | | | | | | | (354,137) | | | | | | | (354,137) | |
Cash dividends declared: | | | | | | | | | | | | | |
Common stock at $0.69 per share | | | | | (65,056) | | | | | | | | | (65,056) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Exercise of stock options, net of shares purchased | | | (160) | | | | | | | 15,660 | | | 337 | | | 177 | |
Restricted stock awards, net of forfeitures | | | (17,209) | | | | | | | 669,064 | | | 14,182 | | | (3,027) | |
Share-based compensation expense | | | 8,707 | | | | | | | | | | | 8,707 | |
Balance at September 30, 2022 | 104,281,794 | | | $ | 1,631,696 | | | $ | 920,943 | | | $ | (354,570) | | | (9,447,830) | | | $ | (203,937) | | | $ | 1,994,132 | |
See Notes to Consolidated Financial Statements.
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | |
| Nine months ended |
| September 30, |
| 2022 | | 2021 |
Operating activities | | | |
Net income | $ | 148,526 | | | $ | 158,215 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Provision for (recapture of) credit losses | 1,683 | | | (10,395) | |
Depreciation and amortization | 23,845 | | | 24,307 | |
Stock-based compensation expense | 8,707 | | | 7,568 | |
Pension expense (income) | 1,590 | | | 2,530 | |
Net amortization (accretion) on investment securities | 10,544 | | | 23,828 | |
Net (gain) loss on sales of investment securities | 176 | | | 745 | |
Net (gain) loss from equity securities | 1,954 | | | (381) | |
Originations of loans held for sale | (311,143) | | | (618,904) | |
Net gains from sales of loans held for sale | (12,842) | | | (26,529) | |
Proceeds from sales of loans held for sale | 317,852 | | | 644,405 | |
Deferred income taxes | 9,418 | | | 7,238 | |
Amortization of operating leases | 5,709 | | | 5,532 | |
Payments for operating leases | (5,865) | | | (5,203) | |
Decrease (increase) cash surrender value of life insurance | (1,559) | | | (1,428) | |
Decrease (increase) in interest receivable | (6,697) | | | 4,833 | |
(Decrease) increase in interest payable | 2,069 | | | (1,432) | |
Decrease (increase) in other assets | (281,714) | | | 93,701 | |
(Decrease) increase in other liabilities | 261,953 | | | (25,633) | |
Net cash provided by (used in) operating activities | 174,206 | | | 282,997 | |
| | | |
Investing activities | | | |
Proceeds from sales of securities available-for-sale | 116,796 | | | 361,736 | |
Proceeds from calls, paydowns and maturities of securities available-for-sale | 594,016 | | | 850,248 | |
Purchases of securities available-for-sale | (454,759) | | | (1,923,277) | |
| | | |
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 12,790 | | | 29,036 | |
Purchases of securities held-to-maturity | 0 | | | (1,000) | |
Purchases of other investment securities | (37,758) | | | (6,655) | |
Proceeds from calls, paydowns and maturities of other securities | 8 | | | 42,403 | |
Net decrease (increase) in interest-bearing deposits with other banks | (124,167) | | | (9,494) | |
Net decrease (increase) in loans and leases | (490,687) | | | 530,960 | |
Proceeds from disposal of other real estate owned | 170 | | | 1,036 | |
Purchases of premises and equipment | (9,762) | | | (10,603) | |
Net change in operating leases | (22,574) | | | 0 | |
| | | |
Life insurance death benefits | 4,676 | | | 1,047 | |
| | | |
| | | |
Net cash provided by (used in) investing activities | (411,251) | | | (134,563) | |
| | | |
Financing activities | | | |
Net (decrease) increase in total deposits | (532,019) | | | 445,378 | |
Net (decrease) increase in short-term borrowings | 864,844 | | | 22,256 | |
Payments on long-term debt | (55,369) | | | (463,382) | |
| | | |
| | | |
Cash dividends paid on common stock | (65,066) | | | (65,949) | |
Treasury stock purchase | 0 | | | (108,077) | |
Proceeds from exercise of stock options | 177 | | | 34 | |
Net cash provided by (used in) financing activities | 212,567 | | | (169,740) | |
| | | |
Cash and due from banks | | | |
Change in cash and due from banks | (24,478) | | | (21,306) | |
Cash and due from banks at beginning of period | 220,031 | | | 231,054 | |
Cash and due from banks at end of period | $ | 195,553 | | | $ | 209,748 | |
| | | |
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