HOUSTON and TUPELO, Miss., April 22, 2024 /PRNewswire/ -- Cadence Bank (NYSE: CADE) (the Company), today announced financial results for the quarter ended March 31, 2024.
Highlights for the first quarter of 2024 included:
- Achieved quarterly net income available to common shareholders of $114.6 million, or $0.62 per diluted common share, and adjusted net income from continuing operations available to common shareholders,(1) which excludes non-routine income and expenses,(2) of $114.4 million, which is also $0.62 per diluted common share.
- Generated net organic loan growth of $385.6 million, or 4.8% on an annualized basis, for the first quarter of 2024. Core customer deposits, defined as total deposits excluding public funds and brokered deposits, reflected organic growth of approximately $400.0 million, or 5.0% on an annualized basis, in the first quarter of 2024.
- Net interest margin improved 18 basis points to 3.22% from 3.04% for the fourth quarter of 2023, benefiting from the fourth quarter 2023 securities portfolio repositioning as well as net loan growth in the first quarter of 2024.
- Total adjusted revenue(1) of $437.7 million increased $30.0 million, or 7.4%, from prior quarter.
- Improvement in operating efficiency included a $6.2 million decline in adjusted noninterest expense(1) compared to the fourth quarter of 2023 and an improvement in the adjusted efficiency ratio(1) of 589 basis points to 60.1% for the first quarter of 2024.
- Continued to maintain strong balance sheet liquidity, with a loan-to-deposit ratio of 86.3% at March 31, 2024.
- Repurchased 657,593 shares of common stock at a weighted average price of $25.65 per share; regulatory capital remained strong with Common Equity Tier 1 Capital of 11.7% and Total Capital of 14.5%.
"Our Company's first quarter results reflect improved operating performance resulting from several strategic accomplishments over the past several quarters as well as continued success in business development," remarked Dan Rollins, chairman and chief executive officer of Cadence Bank. "We hit on all cylinders, realizing nice increases in loans and core customer deposits, strong revenue growth coupled with lower expenses, and a continued strong balance sheet poised for ongoing growth. Our efforts to improve efficiency are reflected in a meaningful reduction in operating expenses compared to both the first and fourth quarters of 2023. Finally, we were able to opportunistically repurchase approximately 657,000 shares during the first quarter, further benefiting earnings per share."
Earnings Summary
Given the sale of Cadence Insurance, Inc. ("Cadence Insurance") in the fourth quarter of 2023, the financial results presented consist of both continuing operations and discontinued operations. The discontinued operations include the financial results of Cadence Insurance prior to the sale, as well as the associated gain on sale in the fourth quarter of 2023. The discontinued operations are presented as a single line item below income from continuing operations and as separate lines in the balance sheet in the accompanying tables for all periods presented. All adjusted financial results discussed herein are adjusted results from continuing operations.
For the first quarter of 2024, the Company reported net income available to common shareholders of $114.6 million, or $0.62 per diluted common share, compared with $74.3 million, or $0.40 per diluted common share, for the first quarter of 2023 and $256.7 million, or $1.41 per diluted common share, for the fourth quarter of 2023. Adjusted net income available to common shareholders from continuing operations(1) was $114.4 million, or $0.62 per diluted common share, for the first quarter of 2024, compared with $120.7 million, or $0.66 per diluted common share, for the first quarter of 2023 and $72.7 million, or $0.40 per diluted common share, for the fourth quarter of 2023. Additionally, the Company reported adjusted PPNR from continuing operations(1) of $174.2 million, or 1.44% of average assets on an annualized basis, for the first quarter of 2024 compared to $169.6 million, or 1.41% of average assets on an annualized basis, for the first quarter of 2023 and $137.9 million, or 1.13% of average assets on an annualized basis, for the fourth quarter of 2023.
Net Interest Revenue
Net interest revenue was $353.9 million for the first quarter of 2024, compared to $354.3 million for the first quarter of 2023 and $334.6 million for the fourth quarter of 2023. The net interest margin (fully taxable equivalent) was 3.22% for the first quarter of 2024, compared with 3.29% for the first quarter of 2023 and 3.04% for the fourth quarter of 2023.
Net interest revenue increased $19.3 million, or 5.8%, compared to the fourth quarter of 2023 as the Company continues to benefit from the fourth quarter 2023 securities portfolio repositioning and improved earning asset mix resulting from continued deployment of cash as well as first quarter 2024 loan growth. Purchase accounting accretion revenue was $3.5 million and $4.1 million for the first quarter of 2024 and the fourth quarter of 2023, respectively.
Yield on net loans, loans held for sale, and leases excluding accretion, was 6.46% for the first quarter of 2024, up 3 basis points from 6.43% for the fourth quarter of 2023. Approximately 28% of our total loans are floating (reprice within 30 days), and another 20% reprice within 12 months. Our total loan beta, excluding accretion, is 46% cycle-to-date. Investment securities yielded 3.13% in the first quarter of 2024, up 65 basis points from 2.48% in the fourth quarter of 2023, and up from 1.84% in the first quarter of 2023, reflective of the securities restructurings that occurred in 2023. As a result, the yield on total interest earning assets increased to 5.80% for the first quarter of 2024, up 21 basis points from 5.59% for the fourth quarter of 2023.
The average cost of total deposits increased to 2.45% for the first quarter of 2024, up 13 basis points compared to the fourth quarter of 2023. The first quarter increase in total deposit costs continued to slow compared to recent quarters. Total interest-bearing liabilities cost increased to 3.40% for the first quarter of 2024 from 3.34% for the fourth quarter of 2023. Our total deposit beta, excluding brokered deposits, is 43% cycle-to-date.
Balance Sheet Activity
Loans and leases, net of unearned income, increased $385.6 million during the first quarter, or 4.8% annualized to $32.9 billion. The loan growth for the quarter was primarily in our non-real estate and owner occupied commercial and industrial portfolios as well as residential mortgages.
Total deposits were $38.1 billion as of March 31, 2024, a decline of $376.9 million from the prior quarter. The decline included a $262.8 million reduction in brokered deposits as the Company continues to reduce its use of brokered deposits. Total public fund balances declined $874.0 million from the linked quarter to $4.8 billion at March 31, 2024, reflecting seasonal volatility in these balances. Importantly, core customer deposits, which excludes brokered deposits and public funds, reflected organic growth of approximately $400.0 million compared to December 31, 2023. In addition, we had approximately $360.0 million in customer balances transition from repo products into deposit products during the first quarter of 2024.
The March 31, 2024 loan to deposit ratio was 86.3% and securities to total assets was 17.2%, reflecting continued strong liquidity. Noninterest bearing deposits represented 23.1% of total deposits at the end of the first quarter of 2024, reflecting a slight decline from 24.0% at December 31, 2023. The Company's deposit base continues to be very granular, with average transaction account balances of approximately $23,000 for consumer accounts and $129,000 for commercial accounts at March 31, 2024. Additionally, approximately 98% of the Company's deposit accounts have balances less than $250,000, and approximately 74% of our deposit balances were FDIC insured or collateralized at quarter-end.
Total investment securities increased $0.2 billion during the quarter to $8.3 billion at March 31, 2024. Cash, due from balances and deposits at the Federal Reserve declined $1.2 billion to $3.0 billion at March 31, 2024, as the Company continued to reinvest in securities, reduce reliance on brokered deposits and fund loan growth. Additionally, the Company refinanced the $3.5 billion bank term funding program borrowing early in the first quarter, lowering the cost from 4.84% at December 31, 2023 to 4.76% at March 31, 2024.
Credit Results, Provision for Credit Losses and Allowance for Credit Losses
Net charge-offs for the first quarter of 2024 were $19.5 million, or 0.24% of average net loans and leases on an annualized basis, compared with net charge-offs of $1.9 million, or 0.02% of average net loans and leases on an annualized basis, for the first quarter of 2023 and net charge-offs of $23.8 million, or 0.29% of average net loans and leases on an annualized basis, for the fourth quarter of 2023. The provision for credit losses for the first quarter of 2024 was $22.0 million, compared with $10.0 million for the first quarter of 2023 and $38.0 million for the fourth quarter of 2023. The allowance for credit losses of $472.6 million at March 31, 2024 remained unchanged from the prior quarter at 1.44% of total loans and leases.
Total non-performing assets as a percent of total assets were 0.51% at March 31, 2024 compared to 0.32% at March 31, 2023 and 0.45% at December 31, 2023. Total non-performing loans and leases as a percent of loans and leases, net were 0.73% at March 31, 2024, compared to 0.51% at March 31, 2023 and 0.67% at December 31, 2023. Other real estate owned and other repossessed assets was $5.3 million at March 31, 2024 compared to the March 31, 2023 balance of $5.3 million and the December 31, 2023 balance of $6.2 million. For the first quarter of 2024, criticized and classified loans were relatively stable. Criticized loans represented 2.64% of loans at March 31, 2024 compared to 2.86% at March 31, 2023 and 2.60% at December 31, 2023, while classified loans were 2.19% at March 31, 2024 compared to 2.28% at March 31, 2023 and 2.09% at December 31, 2023.
Noninterest Revenue
Noninterest revenue was $83.8 million for the first quarter of 2024 compared with $34.5 million for the first quarter of 2023 and negative $311.5 million for the fourth quarter of 2023. Adjusted noninterest revenue(1) for the first quarter of 2024 was $83.8 million, compared with $85.7 million for the first quarter of 2023 and $73.1 million for the fourth quarter of 2023. Adjusted noninterest revenue(1) for the first quarter of 2024 excludes an insignificant amount of securities losses while fourth quarter 2023 adjusted noninterest revenue(1) excludes the securities portfolio restructuring loss of $384.5 million. The linked quarter increase in adjusted noninterest revenue(1) was driven primarily by growth in mortgage banking revenue, as well as deposit service revenue. The increase in mortgage revenue was in both production and servicing revenue, as well as positive variance related to the mortgage servicing rights (MSR) valuation.
Credit card, debit card and merchant fee revenue was $12.2 million for the first quarter of 2024, compared with $11.9 million for the first quarter of 2023 and $12.9 million for the fourth quarter of 2023. Deposit service charge revenue was $18.4 million for the first quarter of 2024 compared with $16.5 million for the first quarter of 2023 and $11.2 million for the fourth quarter of 2023. Deposit service charge revenue for the fourth quarter of 2023 included an adjustment of approximately $8 million, resulting from deposit service charge changes. These changes are expected to result in a reduction in revenue of approximately $3 million per year and are fully reflected in the first quarter 2024 run rate.
Other noninterest revenue was $24.0 million for the first quarter of 2024, compared with $29.8 million for the first quarter of 2023 and $27.6 million for the fourth quarter of 2023. The decline compared to the fourth quarter of 2023 was driven by a number of smaller variances including declines in death benefits on bank-owned life insurance, payroll processing revenue, and equity investment valuations.
Mortgage production and servicing revenue totaled $6.5 million for the first quarter of 2024, compared with $8.4 million for the first quarter of 2023 and $3.9 million for the fourth quarter of 2023. The net MSR valuation adjustment was insignificant for the first quarter of 2024, compared with a negative $2.3 million for the first quarter of 2023 and a negative $5.1 million for the fourth quarter of 2023. Mortgage origination volume for the first quarter of 2024 was $437.2 million, compared with $454.2 million for the first quarter of 2023 and $434.7 million for the fourth quarter of 2023.
Noninterest Expense
Noninterest expense for the first quarter of 2024 was $263.2 million, compared with $284.6 million for the first quarter of 2023 and $329.4 million for the fourth quarter of 2023. Adjusted noninterest expense(1) for the first quarter of 2024 was $263.5 million, compared with $270.4 million for the first quarter of 2023 and $269.8 million for the fourth quarter of 2023. The adjusted efficiency ratio(1) was 60.1% for the first quarter of 2024, meaningfully improved from 66.0% for the fourth quarter of 2023 and 61.3% for the first quarter of 2023.
The $6.2 million, or 2.3%, linked quarter decline in adjusted noninterest expense(1) was driven by declines in data processing and software expense as well as other noninterest expense, partially offset by a seasonal increase in salaries and employee benefits. Salaries and employee benefits increased $8.6 million compared to the fourth quarter of 2023 with nearly half of the increase as a result of seasonal increases in payroll tax expense resulting from the annual FICA reset and 401(k) expense related to annual incentive compensation payouts. Additionally, certain other incentive based accruals increased as a result of strong operating performance. Data processing and software expense declined $2.9 million compared to the fourth quarter of 2023 primarily as a result of certain seasonal and volume related factors as well as timing. Other noninterest expense declined $11.4 million on an adjusted basis compared to the fourth quarter of 2023. This decline included decreases in a number of expense items including legal fees, advertising and public relations, contributions and operational losses.
Capital Management
Total shareholders' equity was $5.2 billion at March 31, 2024 compared with $4.5 billion at March 31, 2023 and $5.2 billion at December 31, 2023. Estimated regulatory capital ratios at March 31, 2024 included Common Equity Tier 1 capital of 11.7%, Tier 1 capital of 12.1%, Total risk-based capital of 14.5%, and Tier 1 leverage capital of 9.5%. During the first quarter of 2024, the Company repurchased 657,593 shares of common stock under its 10 million share authorization for 2024. Outstanding common shares were 182.7 million as of March 31, 2024.
Summary
Rollins concluded, "I'm excited to see the hard work of teammates across our organization bear fruit in the financial results we've reported this quarter. Our efforts to improve our balance sheet profile, improve operating efficiency, and produce disciplined growth have contributed to meaningful improvement in virtually all of our key performance metrics. We've also been able to maintain stable credit quality metrics and a strong capital base. I'm encouraged by this momentum as we look to the remainder of the year and beyond."
Key Transactions
Effective November 30, 2023, the Company completed the sale of its insurance subsidiary, Cadence Insurance, to Arthur J. Gallagher & Co. for approximately $904 million, subject to customary purchase price adjustments. The Transaction resulted in net capital creation of approximately $620 million, including a net gain on sale of approximately $520 million. The gain along with Cadence Insurance's historical financial results for periods prior to the divestiture have been reflected in the consolidated financial statements as discontinued operations. Additionally, current and prior period adjusted earnings exclude the impact of discontinued operations. The purchase price and related gain remain subject to additional adjustments in accordance with the purchase agreement.
Conference Call and Webcast
The Company will conduct a conference call to discuss its first quarter 2024 financial results on April 23, 2024, at 10:00 a.m. (Central Time). This conference call will be an interactive session between management and analysts. Interested parties may listen to this live conference call via Internet webcast by accessing http://ir.cadencebank.com/events. The webcast will also be available in archived format at the same address.
About Cadence Bank
Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and more than 350 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, and retirement plan management. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender.
1) Considered a non-GAAP financial measure. A discussion regarding these non-GAAP measures and ratios, including reconciliations of non-GAAP measures to the most directly comparable GAAP measures and definitions for non-GAAP ratios, appears in Table 14 "Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions" beginning on page 20 of this news release. |
(2) See Table 14 for detail on non-routine income and expenses. |
Forward-Looking Statements
Certain statements made in this news release constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor under the Private Securities Litigation Reform Act of 1995 as well as the "bespeaks caution" doctrine. These statements are often, but not exclusively, made through the use of words or phrases like "assume," "believe," "budget," "contemplate," "continue," "could," "foresee," "indicate," "may," "might," "outlook," "prospect," "potential," "roadmap," "should," "target," "will," "would," the negative versions of such words, or comparable words of a future or forward-looking nature. These forward-looking statements may include, without limitation, discussions regarding general economic, interest rate, real estate market, competitive, employment, and credit market conditions, or any of the Company's comments related to topics in its risk disclosures or results of operations as well as the impact of the Cadence Insurance sale (the "Cadence Insurance Transaction") on the Company's financial condition and future net income and earnings per share, the amount of net after-tax proceeds expected to be received by the Company from the Cadence Insurance Transaction, and the Company's ability to deploy capital into strategic and growth initiatives. Forward-looking statements are based upon management's expectations as well as certain assumptions and estimates made by, and information available to, the Company's management at the time such statements were made. Forward-looking statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond the Company's control and that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements.
Risks, uncertainties and other factors the Company may face include, without limitation: general economic, unemployment, credit market and real estate market conditions, including inflation, and the effect of such conditions on customers, potential customers, assets, investments and liquidity; risks arising from market and consumer reactions to the general banking environment, or to conditions or situations at specific banks; risks arising from media coverage of the banking industry; risks arising from perceived instability in the banking sector; the risks of changes in interest rates and their effects on the level, cost, and composition of, and competition for, deposits, loan demand and timing of payments, the values of loan collateral, securities, and interest sensitive assets and liabilities; the ability to attract new or retain existing deposits, to retain or grow loans or additional interest and fee income, or to control noninterest expense; the effect of pricing pressures on the Company's net interest margin; the failure of assumptions underlying the establishment of reserves for possible credit losses, fair value for loans and other real estate owned; changes in real estate values; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; uncertainties surrounding the functionality of the federal government; potential delays or other problems in implementing and executing the Company's growth, expansion, acquisition, or divestment strategies (including the Cadence Insurance Transaction), including delays in obtaining regulatory or other necessary approvals, or the failure to realize any anticipated benefits or synergies from any acquisitions, growth, or divestment strategies; the ability to pay dividends or coupons on the Company's 5.5% Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, or the 4.125% Fixed-to-Floating Rate Subordinated Notes due November 20, 2029; possible downgrades in the Company's credit ratings or outlook which could increase the costs or availability of funding from capital markets; changes in legal, financial, accounting, and/or regulatory requirements; the costs and expenses to comply with such changes; the enforcement efforts of federal and state bank regulators; the ability to keep pace with technological changes, including changes regarding maintaining cybersecurity and the impact of generative artificial intelligence; increased competition in the financial services industry, particularly from regional and national institutions; the impact of a failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third parties with whom the Company does business, including as a result of cyber-attacks or an increase in the incidence or severity of fraud, illegal payments, security breaches or other illegal acts impacting the Company or the Company's customers. The Company also faces risks from natural disasters or acts of war or terrorism; international or political instability, including the impacts related to or resulting from Russia's military action in Ukraine, the escalating conflicts in the Middle East, and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments.
The Company also faces risks from: possible adverse rulings, judgments, settlements or other outcomes of pending, ongoing and future litigation, as well as governmental, administrative and investigatory matters; the impairment of the Company's goodwill or other intangible assets; losses of key employees and personnel; the diversion of management's attention from ongoing business operations and opportunities; and the company's success in executing its business plans and strategies, and managing the risks involved in all of the foregoing.
In addition, the Company faces risks from the failure to achieve the expected impact on the Company's financial condition; and risks associated with unexpected costs or liabilities relating to the Cadence Insurance Transaction.
The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are set forth from time to time in the Company's periodic and current reports filed with the FDIC, including those factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, particularly those under the heading "Item 1A. Risk Factors," in the Company's Quarterly Reports on Form 10-Q under the heading "Part II-Item 1A. Risk Factors," and in the Company's Current Reports on Form 8-K.
Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this news release, if one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this news release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, except as required by applicable law. All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this section.
Table 1 Selected Financial Data (Unaudited) | |||||
Quarter Ended | |||||
(In thousands) | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 | Mar 2023 |
Earnings Summary: | |||||
Interest revenue | $ 637,113 | $ 615,187 | $ 595,459 | $ 573,395 | $ 526,126 |
Interest expense | 283,205 | 280,582 | 266,499 | 239,868 | 171,862 |
Net interest revenue | 353,908 | 334,605 | 328,960 | 333,527 | 354,264 |
Provision for credit losses | 22,000 | 38,000 | 17,000 | 15,000 | 10,000 |
Net interest revenue, after provision for credit losses | 331,908 | 296,605 | 311,960 | 318,527 | 344,264 |
Noninterest revenue | 83,786 | (311,460) | 73,989 | 86,664 | 34,463 |
Noninterest expense | 263,207 | 329,367 | 274,442 | 267,466 | 284,647 |
Income (loss) from continuing operations before income taxes | 152,487 | (344,222) | 111,507 | 137,725 | 94,080 |
Income tax expense (benefit) | 35,509 | (80,485) | 24,355 | 30,463 | 21,073 |
Income (loss) from continuing operations | 116,978 | (263,737) | 87,152 | 107,262 | 73,007 |
Income from discontinued operations, net of taxes | — | 522,801 | 5,431 | 6,766 | 3,622 |
Net income | 116,978 | 259,064 | 92,583 | 114,028 | 76,629 |
Less: Preferred dividends | 2,372 | 2,372 | 2,372 | 2,372 | 2,372 |
Net income available to common shareholders | $ 114,606 | $ 256,692 | $ 90,211 | $ 111,656 | $ 74,257 |
Balance Sheet - Period End Balances | |||||
Total assets | $ 48,313,863 | $ 48,934,510 | $ 48,523,010 | $ 48,838,660 | $ 51,693,096 |
Total earning assets | 43,968,692 | 44,192,887 | 43,727,058 | 44,010,411 | 46,806,214 |
Available for sale securities | 8,306,589 | 8,075,476 | 9,643,231 | 10,254,580 | 10,877,879 |
Loans and leases, net of unearned income | 32,882,616 | 32,497,022 | 32,520,593 | 32,556,708 | 31,282,594 |
Allowance for credit losses (ACL) | 472,575 | 468,034 | 446,859 | 466,013 | 453,727 |
Net book value of acquired loans | 6,011,007 | 6,353,344 | 6,895,487 | 7,357,174 | 7,942,980 |
Unamortized net discount on acquired loans | 23,715 | 26,928 | 30,761 | 37,000 | 41,748 |
Total deposits | 38,120,226 | 38,497,137 | 38,335,878 | 38,701,669 | 39,406,454 |
Total deposits and repurchase agreements | 38,214,616 | 38,948,653 | 39,198,467 | 39,492,427 | 40,177,789 |
Other short-term borrowings | 3,500,000 | 3,500,000 | 3,500,223 | 3,500,226 | 5,700,228 |
Subordinated and long-term debt | 430,123 | 438,460 | 449,323 | 449,733 | 462,144 |
Total shareholders' equity | 5,189,932 | 5,167,843 | 4,395,257 | 4,485,850 | 4,490,417 |
Total shareholders' equity, excluding AOCI (1) | 5,981,265 | 5,929,672 | 5,705,178 | 5,648,925 | 5,572,303 |
Common shareholders' equity | 5,022,939 | 5,000,850 | 4,228,264 | 4,318,857 | 4,323,424 |
Common shareholders' equity, excluding AOCI (1) | $ 5,814,272 | $ 5,762,679 | $ 5,538,185 | $ 5,481,932 | $ 5,405,310 |
Balance Sheet - Average Balances | |||||
Total assets | $ 48,642,540 | $ 48,444,176 | $ 48,655,138 | $ 49,067,121 | $ 48,652,201 |
Total earning assets | 44,226,077 | 43,754,664 | 44,003,639 | 44,229,519 | 43,817,318 |
Available for sale securities | 8,269,708 | 9,300,714 | 10,004,441 | 10,655,791 | 11,354,457 |
Loans and leases, net of unearned income | 32,737,574 | 32,529,030 | 32,311,572 | 31,901,096 | 30,891,640 |
Total deposits | 38,421,272 | 38,215,379 | 38,465,975 | 38,934,793 | 38,904,048 |
Total deposits and repurchase agreements | 38,630,620 | 38,968,397 | 39,293,030 | 39,708,963 | 39,632,023 |
Other short-term borrowings | 3,500,000 | 3,503,320 | 3,510,942 | 3,541,985 | 3,326,196 |
Subordinated and long-term debt | 434,579 | 443,251 | |||
