Exhibit 99.1




A.B. Mendez
Investor Relations
210.220.5234
or
Bill Day
Media Relations
210.220.5427


FOR IMMEDIATE RELEASE    
October 25, 2018


CULLEN/FROST REPORTS THIRD QUARTER RESULTS
Board declares fourth quarter dividend on common and preferred stock



SAN ANTONIO -- Cullen/Frost Bankers, Inc. (NYSE:CFR) today reported third quarter 2018 results. Net income available to common shareholders for the third quarter of 2018 was $115.8 million, compared to $91.1 million in the third quarter of 2017, representing an increase of 27 percent. On a per-share basis, net income available to common shareholders for the third quarter of 2018 was $1.78 per diluted common share, compared to $1.41 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.49 percent and 14.40 percent, respectively, for the third quarter of 2018 compared to 1.19 percent and 11.71 percent, respectively, for the same period a year earlier.

For the third quarter of 2018, net interest income was $241.7 million, up 10.2 percent compared to the same quarter in 2017. Average loans for the third quarter of 2018 increased $1.1 billion, or 8.7 percent, to $13.7 billion, from the $12.6 billion reported for the third quarter a year earlier. Average deposits for the quarter were $26.2 billion compared to $25.7 billion reported for last year's third quarter, an increase of 1.6 percent.






For the first nine months of 2018, net income available to common shareholders was $329.6 million, up 28 percent compared to $257.6 million for the first nine months of 2017. Diluted EPS available to common shareholders for the first nine months was $5.08 compared to $3.98 in the year-earlier period, also up 28 percent. Returns on average assets and average common equity for the first nine months of 2018 were 1.42 percent and 14.02 percent, respectively, compared to 1.14 percent and 11.44 percent, respectively, for the same period in 2017.
“These robust earnings reflect our emphasis on sustainable, above-average organic growth,” said Cullen/Frost Chairman and CEO Phil Green. “Texas remains a growing and attractive place to do business and we have ample opportunities for growth in the state.”

Cullen/Frost Announces Houston Region Expansion
Separately, Cullen/Frost announced an expansion of its presence in the Houston region. Frost expects to open the first new branch associated with this expansion no later than early 2019, and over the course of 2019 and 2020 expects to open approximately one branch per month. Frost currently has less than 2 percent deposit market share in Houston. “We believe this underscores the size of our growth opportunity in the Houston region,” Green said. “We are confident that by making prudent investments to expand our presence in the Houston region, we can meaningfully enhance our long-term growth trajectory in that market.”
Frost has served the Houston community since 1977, and the Frost name is well-recognized in Houston. In September 2017, Frost announced a $1 million donation from the Frost Bank Charitable Foundation to nonprofits offering relief to those affected by Hurricane Harvey. By way of our planned Houston region expansion, we plan to continue and increase the role that Frost plays in the region's long term growth.

Noted financial data for the third quarter of 2018 follows:

The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2018 were 12.93 percent, 13.63 percent and 15.44 percent, respectively, and continue to be in excess of well-capitalized levels. Current capital ratios exceed Basel III fully phased-in requirements.

2



Net interest income of $241.7 million represented a 10.2 percent increase over the prior year period. Net interest margin was 3.66 percent for the third quarter of 2018, a 2 basis point increase over the second quarter of 2018 net interest margin of 3.64 percent. This compares to 3.73 percent in the third quarter of 2017 based on a 35 percent tax rate, and 3.41 percent had the current 21 percent tax rate been in place.
Non-interest income for the third quarter of 2018 totaled $87.7 million, an increase of $6.0 million, or 7.4 percent, compared to $81.6 million reported for the third quarter of 2017. Trust and investment management fees were $30.8 million, up $3.3 million, or 12.0 percent, from the third quarter of 2017. The increase was primarily driven by higher trust investment fees and oil and gas fees. The higher trust investment fees were driven by higher equity prices. The higher oil and gas fees were driven by higher energy prices and new business, which was partly related to enhancements to our service offering. The growth in overall non-interest income was impacted by a net loss on securities transactions of $4.9 million in the third quarter of 2017 associated with the sale of $750 million in available for sale U.S. Treasury securities. Adjusted for the year-ago net loss on securities transactions and adjusting year-ago interchange and debit card fees for the new accounting standard, non-interest income would have increased 5.0 percent in the third quarter of 2018 over the prior year period. See the last bullet in this section for more details.
Non-interest expense was $193.7 million for the third quarter of 2018, up $6.8 million or 3.7 percent compared to the $186.8 million reported for the third quarter a year earlier. Total salaries rose $3.2 million, or 3.7 percent, to $87.5 million, and were impacted by normal annual merit and market increases, as well as an increase in incentive compensation. Technology, furniture and equipment expense for the third quarter increased by $2.3 million, or 12.1 percent, from the third quarter of 2017. The increase was primarily related to increases in software maintenance, software amortization, and depreciation on furniture and equipment. Other non-interest expense was $41.8 million in the third quarter of 2018, an increase of $534 thousand, or 1.3 percent, from the third quarter a year earlier. An increase in advertising/promotions expense (up $2.9 million) was offset by a $3.0 million decrease in interchange-related network costs, which are now netted against interchange income. See the last bullet in this section for more details.

3



For the third quarter of 2018, the provision for loan losses was $2.7 million, while net charge-offs totaled $15.3 million. This compares with a provision for loan losses of $8.3 million and $7.9 million in net charge-offs for the second quarter of 2018, and a provision for loan losses of $11.0 million and $6.2 million in net charge-offs in the third quarter of 2017.
The allowance for loan losses as a percentage of total loans was 1.00 percent at September 30, 2018, compared to 1.10 percent at the end of the second quarter of 2018 and 1.21 percent at the end of the third quarter of 2017. Non-performing assets were $86.4 million at the end of the third quarter of 2018, compared to $122.8 million at the end of the second quarter of 2018 and $150.0 million at the end of the third quarter of 2017.
The interchange and debit card transaction fees category of non-interest income and the other expense category were each impacted by our adoption at the beginning of 2018 of a new accounting standard that affects how we report revenues and network costs associated with ATM and debit card network transactions. Prior to 2018, we recognized such revenues and network costs on a gross basis. Beginning in 2018, ATM and debit card transaction fees are reported net of related network costs. For the three months ended September 30, 2018, gross interchange and debit card transaction fees totaled $6.5 million while related network costs totaled $3.0 million. On a net basis, we reported $3.5 million as interchange and debit card transaction fees. See note 2 on page 7 of this release and our forthcoming Form 10-Q for more information on the effects of this and other accounting changes.

The Cullen/Frost board declared a fourth quarter cash dividend of $0.67 per common share, payable on December 14, 2018, to shareholders of record on November 30, 2018. The board of directors also declared a cash dividend of $0.3359375 per share of the Noncumulative Perpetual Preferred Stock, Series A, which trades on the NYSE under the symbol "CFR PrA." The Series A Preferred Stock dividend is payable on December 17, 2018, to shareholders of record on November 30, 2018.


4



Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 25, 2018, at 10 a.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a “listen only” mode via webcast on our investor relations website linked below, or by phone at 1-800-944-6430.
A playback of the conference call will be available after 2 p.m. CT until midnight Sunday, October 28, 2018 at 855-859-2056 with Conference ID # of 6647169. The call will also be available by webcast at the URL listed below after 2 p.m. CT on the day of the call.

Cullen/Frost investor relations website: www.frostbank.com/investor-relations/

Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $31.2 billion in assets at September 30, 2018. One of the 50 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

5



Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this Earnings Release that are not statements of historical fact constitute 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 SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as believes, anticipates, expects, intends, targeted, continue, remain, will, should, may and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:
Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
Volatility and disruption in national and international financial and commodity markets.
Government intervention in the U.S. financial system.
Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
Inflation, interest rate, securities market and monetary fluctuations.
The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.
The soundness of other financial institutions.
Political instability.
Impairment of our goodwill or other intangible assets.
Acts of God or of war or terrorism.
The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
Changes in consumer spending, borrowings and savings habits.
Changes in the financial performance and/or condition of our borrowers.
Technological changes.
The cost and effects of failure, interruption, or breach of security of our systems.
Acquisitions and integration of acquired businesses.
Our ability to increase market share and control expenses.
Our ability to attract and retain qualified employees.
Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
Changes in the reliability of our vendors, internal control systems or information systems.
Changes in our liquidity position.
Changes in our organization, compensation and benefit plans.
The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
Greater than expected costs or difficulties related to the integration of new products and lines of business.
Our success at managing the risks involved in the foregoing items.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.


6



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
3rd Qtr
 
2nd Qtr
 
1st Qtr
 
4th Qtr
 
3rd Qtr
CONDENSED INCOME STATEMENTS
 
 
 
 
 
 
 
 
 
Net interest income
$
241,665

 
$
237,270

 
$
229,748

 
$
223,914

 
$
219,211

Net interest income (1)
265,687

 
260,531

 
252,536

 
268,611

 
264,406

Provision for loan losses
2,650

 
8,251

 
6,945

 
8,102

 
10,980

Non-interest income:
 
 
 
 
 
 
 
 
 
Trust and investment management fees
30,801

 
29,121

 
29,587

 
28,985

 
27,493

Service charges on deposit accounts
21,569

 
21,142

 
20,843

 
21,248

 
20,967

Insurance commissions and fees
11,037

 
10,556

 
15,980

 
11,728

 
10,892

Interchange and debit card transaction fees (2)
3,499

 
3,446

 
3,158

 
6,082

 
5,884

Other charges, commissions and fees
9,580

 
9,273

 
9,007

 
9,948

 
10,493

Net gain (loss) on securities transactions
(34
)
 
(60
)
 
(19
)
 
(24
)
 
(4,867
)
Other
11,205

 
11,588

 
12,889

 
12,108

 
10,753

Total non-interest income (2)
87,657

 
85,066

 
91,445

 
90,075

 
81,615

 
 
 
 
 
 
 
 
 
 
Non-interest expense:
 
 
 
 
 
 
 
 
 
Salaries and wages
87,547

 
85,204

 
86,683

 
89,173

 
84,388

Employee benefits
18,355

 
17,907

 
21,995

 
17,022

 
17,730

Net occupancy
19,894

 
19,455

 
19,740

 
18,190

 
19,391

Technology, furniture and equipment
21,004

 
20,459

 
19,679

 
19,352

 
18,743

Deposit insurance
4,694

 
4,605

 
4,879

 
4,781

 
4,862

Intangible amortization
336

 
369

 
388

 
402

 
405

Other (2)
41,838

 
40,909

 
43,247

 
47,360

 
41,304

Total non-interest expense (2)
193,668

 
188,908

 
196,611

 
196,280

 
186,823

Income before income taxes
133,004

 
125,177

 
117,637

 
109,607

 
103,023

Income taxes
15,160

 
13,836

 
11,157

 
9,083

 
9,892

Net income
117,844

 
111,341

 
106,480

 
100,524

 
93,131

Preferred stock dividends
2,016

 
2,015

 
2,016

 
2,016

 
2,016

Net income available to common shareholders
$
115,828

 
$
109,326

 
$
104,464

 
$
98,508

 
$
91,115

 
 
 
 
 
 
 
 
 
 
PER COMMON SHARE DATA
 
 
 
 
 
 
 
 
 
Earnings per common share - basic
$
1.80

 
$
1.70

 
$
1.63

 
$
1.54

 
$
1.43

Earnings per common share - diluted
1.78

 
1.68

 
1.61

 
1.53

 
1.41

Cash dividends per common share
0.67

 
0.67

 
0.57

 
0.57

 
0.57

Book value per common share at end of quarter
49.49

 
49.53

 
48.58

 
49.68

 
48.24

 
 
 
 
 
 
 
 
 
 
OUTSTANDING COMMON SHARES
 
 
 
 
 
 
 
 
 
Period-end common shares
63,923

 
63,904

 
63,794

 
63,476

 
63,114

Weighted-average common shares - basic
63,892

 
63,837

 
63,649

 
63,314

 
63,667

Dilutive effect of stock compensation
1,022

 
1,062

 
1,013

 
981

 
898

Weighted-average common shares - diluted
64,914

 
64,899

 
64,662

 
64,295

 
64,565

 
 
 
 
 
 
 
 
 
 
SELECTED ANNUALIZED RATIOS
 
 
 
 
 
 
 
 
 
Return on average assets
1.49
%
 
1.43
%
 
1.36
%
 
1.26
%
 
1.19
%
Return on average common equity
14.40

 
14.03

 
13.62

 
12.66

 
11.71

Net interest income to average earning assets (1)
3.66

 
3.64

 
3.52

 
3.70

 
3.73

 
 
 
 
 
 
 
 
 
 
(1) Taxable-equivalent basis assuming a 21% tax rate for 2018 and 35% tax rate for 2017.
(2) Beginning in 2018, in connection with the adoption of a new accounting standard, interchange and debit card transaction fees are reported net of related network costs. Prior to 2018, such network costs were reported separately as a component of other non-interest expense. For comparative purposes, interchange and debit card transaction fees reported net of related network costs would have totaled $2,904 and $3,233 in the third and fourth quarters of 2017, respectively.

7



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
 
 
2018
 
2017
 
3rd Qtr
 
2nd Qtr
 
1st Qtr
 
4th Qtr
 
3rd Qtr
BALANCE SHEET SUMMARY
 
 
 
 
 
 
 
 
 
($ in millions)
 
 
 
 
 
 
 
 
 
Average Balance:
 
 
 
 
 
 
 
 
 
Loans
$
13,683

 
$
13,537

 
$
13,295

 
$
12,879

 
$
12,587

Earning assets
28,796

 
28,647

 
29,002

 
29,012

 
28,342

Total assets
30,918

 
30,758

 
31,131

 
31,107

 
30,390

Non-interest-bearing demand deposits
10,690

 
10,629

 
10,972

 
11,098

 
10,756

Interest-bearing deposits
15,462

 
15,440

 
15,457

 
15,286

 
14,994

Total deposits
26,152

 
26,069

 
26,429

 
26,384

 
25,750

Shareholders' equity
3,335

 
3,270

 
3,255

 
3,232

 
3,232

 
 
 
 
 
 
 
 
 
 
Period-End Balance:
 
 
 
 
 
 
 
 
 
Loans
$
13,815

 
$
13,712

 
$
13,364

 
$
13,146

 
$
12,706

Earning assets
29,042

 
28,494

 
29,414

 
29,595

 
28,941

Goodwill and intangible assets
659

 
659

 
660

 
660

 
660

Total assets
31,223

 
30,687

 
31,459

 
31,748

 
30,990

Total deposits
26,349

 
25,996

 
26,678

 
26,872

 
26,403

Shareholders' equity
3,308

 
3,310

 
3,243

 
3,298

 
3,189

Adjusted shareholders' equity (1)
3,449

 
3,373

 
3,297

 
3,218

 
3,131

 
 
 
 
 
 
 
 
 
 
ASSET QUALITY
 
 
 
 
 
 
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
$
137,578

 
$
150,226

 
$
149,885

 
$
155,364

 
$
154,303

As a percentage of period-end loans
1.00
%
 
1.10
%
 
1.12
%
 
1.18
%
 
1.21
%
 
 
 
 
 
 
 
 
 
 
Net charge-offs:
$
15,298

 
$
7,910

 
$
12,424

 
$
7,041

 
$
6,235

Annualized as a percentage of average loans
0.44
%
 
0.23
%
 
0.38
%
 
0.22
%
 
0.20
%
 
 
 
 
 
 
 
 
 
 
Non-performing assets:
 
 
 
 
 
 
 
 
 
Non-accrual loans
$
82,601

 
$
119,181

 
$
123,152

 
$
150,314

 
$
143,104

Restructured loans

 

 
12,058

 
4,862

 
4,815

Foreclosed assets
3,765

 
3,643

 
1,371

 
2,116

 
2,094

Total
$
86,366

 
$
122,824

 
$
136,581

 
$
157,292

 
$
150,013

As a percentage of:
 
 
 
 
 
 
 
 
 
Total loans and foreclosed assets
0.62
%
 
0.90
%
 
1.02
%
 
1.20
%
 
1.18
%
Total assets
0.28

 
0.40

 
0.43

 
0.50

 
0.48

 
 
 
 
 
 
 
 
 
 
CONSOLIDATED CAPITAL RATIOS
 
 
 
 
 
 
 
 
 
Common Equity Tier 1 Risk-Based Capital Ratio
12.93
%
 
12.69
%
 
12.69
%
 
12.42
%
 
12.38
%
Tier 1 Risk-Based Capital Ratio
13.63

 
13.40

 
13.42

 
13.16

 
13.14

Total Risk-Based Capital Ratio
15.44

 
15.29

 
15.36

 
15.15

 
15.19

Leverage Ratio
9.19

 
9.02

 
8.62

 
8.46

 
8.39

Equity to Assets Ratio (period-end)
10.60

 
10.78

 
10.31

 
10.39

 
10.29

Equity to Assets Ratio (average)
10.79

 
10.63

 
10.46

 
10.39

 
10.63

 
 
 
 
 
 
 
 
 
 
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).







8



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts)
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
September 30,
 
 
 
 
 
 
 
2018
 
2017
CONDENSED INCOME STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
 
 
 
 
$
708,683

 
$
642,508

Net interest income (1)
 
 
 
 
 
 
778,754

 
774,819

Provision for loan losses
 
 
 
 
 
 
17,846

 
27,358

Non-interest income:
 
 
 
 
 
 
 
 
 
Trust and investment management fees
 
 
 
 
 
 
89,509

 
81,690

Service charges on deposit accounts
 
 
 
 
 
 
63,554

 
62,934

Insurance commissions and fees
 
 
 
 
 
 
37,573

 
34,441

Interchange and debit card transaction fees (2)
 
 
 
 
 
 
10,103

 
17,150

Other charges, commissions and fees
 
 
 
 
 
 
27,860

 
29,983

Net gain (loss) on securities transactions
 
 
 
 
 
 
(113
)
 
(4,917
)
Other
 
 
 
 
 
 
35,682

 
25,114

Total non-interest income (2)
 
 
 
 
 
 
264,168

 
246,395

 
 
 
 
 
 
 
 
 
 
Non-interest expense:
 
 
 
 
 
 
 
 
 
Salaries and wages
 
 
 
 
 
 
259,434

 
247,895

Employee benefits
 
 
 
 
 
 
58,257

 
57,553

Net occupancy
 
 
 
 
 
 
59,089

 
57,781

Furniture and equipment
 
 
 
 
 
 
61,142

 
54,983

Deposit insurance
 
 
 
 
 
 
14,178

 
15,347

Intangible amortization
 
 
 
 
 
 
1,093

 
1,301

Other (2)
 
 
 
 
 
 
125,994

 
127,929

Total non-interest expense (2)
 
 
 
 
 
 
579,187

 
562,789

Income before income taxes
 
 
 
 
 
 
375,818

 
298,756

Income taxes
 
 
 
 
 
 
40,153

 
35,131

Net income
 
 
 
 
 
 
335,665

 
263,625

Preferred stock dividends
 
 
 
 
 
 
6,047

 
6,047

Net income available to common shareholders
 
 
 
 
 
 
$
329,618

 
$
257,578

 
 
 
 
 
 
 
 
 
 
PER COMMON SHARE DATA
 
 
 
 
 
 
 
 
 
Earnings per common share - basic
 
 
 
 
 
 
$
5.13

 
$
4.02

Earnings per common share - diluted
 
 
 
 
 
 
5.08

 
3.98

Cash dividends per common share
 
 
 
 
 
 
1.91

 
1.68

Book value per common share at end of quarter
 
 
 
 
 
 
49.49

 
48.24

 
 
 
 
 
 
 
 
 
 
OUTSTANDING COMMON SHARES
 
 
 
 
 
 
 
 
 
Period-end common shares
 
 
 
 
 
 
63,923

 
63,114

Weighted-average common shares - basic
 
 
 
 
 
 
63,794

 
63,822

Dilutive effect of stock compensation
 
 
 
 
 
 
1,037

 
957

Weighted-average common shares - diluted
 
 
 
 
 
 
64,831

 
64,779

 
 
 
 
 
 
 
 
 
 
SELECTED ANNUALIZED RATIOS
 
 
 
 
 
 
 
 
 
Return on average assets
 
 
 
 
 
 
1.42
%
 
1.14
%
Return on average common equity
 
 
 
 
 
 
14.02

 
11.44

Net interest income to average earning assets (1)
 
 
 
 
 
 
3.61

 
3.69

 
 
 
 
 
 
 
 
 
 
(1) Taxable-equivalent basis assuming a 21% tax rate for 2018 and a 35% tax rate for 2017.
(2) Beginning in 2018, in connection with the adoption of a new accounting standard, interchange and debit card transaction fees are reported net of related network costs. Prior to 2018, such network costs were reported separately as a component of other non-interest expense. For comparative purposes, interchange and debit card transaction fees reported net of related network costs would have totaled $8,056 for the nine months ended September 30, 2017.

9



Cullen/Frost Bankers, Inc.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the
 
 
 
 
 
 
 
Nine Months Ended
 
 
 
 
 
 
 
September 30,
 
 
 
 
 
 
 
2018
 
2017
BALANCE SHEET SUMMARY ($ in millions)
 
 
 
 
 
 
 
 
 
Average Balance:
 
 
 
 
 
 
 
 
 
Loans
 
 
 
 
 
 
$
13,506

 
$
12,319

Earning assets
 
 
 
 
 
 
28,814

 
28,139

Total assets
 
 
 
 
 
 
30,933

 
30,225

Non-interest-bearing demand deposits
 
 
 
 
 
 
10,762

 
10,726

Interest-bearing deposits
 
 
 
 
 
 
15,454

 
15,018

Total deposits
 
 
 
 
 
 
26,216

 
25,744

Shareholders' equity
 
 
 
 
 
 
3,287

 
3,154

 
 
 
 
 
 
 
 
 
 
Period-End Balance:
 
 
 
 
 
 
 
 
 
Loans
 
 
 
 
 
 
$
13,815

 
$
12,706

Earning assets
 
 
 
 
 
 
29,042

 
28,941

Goodwill and intangible assets
 
 
 
 
 
 
659

 
660

Total assets
 
 
 
 
 
 
31,223

 
30,990

Total deposits
 
 
 
 
 
 
26,349

 
26,403

Shareholders' equity
 
 
 
 
 
 
3,308

 
3,189

Adjusted shareholders' equity (1)
 
 
 
 
 
 
3,449

 
3,131

 
 
 
 
 
 
 
 
 
 
ASSET QUALITY ($ in thousands)
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
$
137,578

 
$
154,303

As a percentage of period-end loans
 
 
 
 
 
 
1.00
%
 
1.21
%
 
 
 
 
 
 
 
 
 
 
Net charge-offs:
 
 
 
 
 
 
$
35,632

 
$
26,100

Annualized as a percentage of average loans
 
 
 
 
 
 
0.35
%
 
0.28
%
 
 
 
 
 
 
 
 
 
 
Non-performing assets:
 
 
 
 
 
 
 
 
 
Non-accrual loans
 
 
 
 
 
 
$
82,601

 
$
143,104

Restructured loans
 
 
 
 
 
 

 
4,815

Foreclosed assets
 
 
 
 
 
 
3,765

 
2,094

Total
 
 
 
 
 
 
$
86,366

 
$
150,013

As a percentage of:
 
 
 
 
 
 
 
 
 
Total loans and foreclosed assets
 
 
 
 
 
 
0.62
%
 
1.18
%
Total assets
 
 
 
 
 
 
0.28

 
0.48

 
 
 
 
 
 
 
 
 
 
CONSOLIDATED CAPITAL RATIOS
 
 
 
 
 
 
 
 
 
Common Equity Tier 1 Risk-Based Capital Ratio
 
 
 
 
 
12.93
%
 
12.38
%
Tier 1 Risk-Based Capital Ratio
 
 
 
 
 
 
13.63

 
13.14

Total Risk-Based Capital Ratio
 
 
 
 
 
 
15.44

 
15.19

Leverage Ratio
 
 
 
 
 
 
9.19

 
8.39

Equity to Assets Ratio (period-end)
 
 
 
 
 
 
10.60

 
10.29

Equity to Assets Ratio (average)
 
 
 
 
 
 
10.63

 
10.43

 
 
 
 
 
 
 
 
 
 
(1) Shareholders' equity excluding accumulated other comprehensive income (loss).
 
 
 
 
 
 
 
 
 
 


10

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