real estate – Free Bassuk http://freebassuk.com/ Sat, 19 Mar 2022 14:19:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://freebassuk.com/wp-content/uploads/2021/07/icon.png real estate – Free Bassuk http://freebassuk.com/ 32 32 I stayed at a Trump resort in Florida full of wealthy status symbols https://freebassuk.com/i-stayed-at-a-trump-resort-in-florida-full-of-wealthy-status-symbols/ Sat, 19 Mar 2022 10:31:18 +0000 https://freebassuk.com/i-stayed-at-a-trump-resort-in-florida-full-of-wealthy-status-symbols/ I stayed at the Trump International Resort in Sunny Isles Beach, Florida for two nights in March. The luxury image of the Trump brand has attracted many wealthy Russians to the region. The resort was full of flashy status symbols, which made me rethink how we view luxury. Driving south on Collins Avenue in Sunny […]]]>
  • I stayed at the Trump International Resort in Sunny Isles Beach, Florida for two nights in March.
  • The luxury image of the Trump brand has attracted many wealthy Russians to the region.
  • The resort was full of flashy status symbols, which made me rethink how we view luxury.

Driving south on Collins Avenue in Sunny Isles Beach, Florida, it’s impossible to miss the large, towering condos that line the road to the left. Three of these buildings sit side by side, a set of triplets matching both the design and an all-white exterior. These are the Trump Towers, a brand that has attracted many wealthy Russians to the area.

The small town between Fort Lauderdale and Miami started as a quaint strip of motels in the 1950s and 1960s. Over time, it became a destination for tourists as well as immigrants fleeing communism in the former Soviet Union. But a luxury development boom that began in the late 1990s and took off in the 2000s revitalized the city’s economy, which began to see an influx of wealth.

Trump doesn’t actually own the buildings but has allowed his name to be used there, The Washington Post reported. The brand has garnered huge appeal from Russian investors looking to move their money into the post-Soviet economy. Real estate agents told the Post in 2016 that Trump’s luxury image carries weight among the European, South American and Asian elite, but especially among Russian oligarchs.

“When the Russians come here, the first thing they ask is, ‘Where is the Trump Building?'” Ilya Masarsky, a real estate developer who has worked with Russian investors in the United States, told The Post.

Jose Lima, a salesman with the company that developed the area’s Trump Towers, said at the time that Russian speakers bought about a third of the 500 units he sold.

Although I did not have access to the Trump residential towers, I was able to stay two nights at the Trump International Resort which is just up the road. It’s a place where conspicuous consumption is alive and well in the form of designer logos and flashy cars. As a millennial, who has come to see luxury as a more minimal and curated style, this got me thinking a lot about status symbols and how there are different ways to signal one’s class position.

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What Is A Wealth Tax, And How Does It Work? https://freebassuk.com/what-is-a-wealth-tax-and-how-does-it-work/ Mon, 14 Mar 2022 09:39:30 +0000 https://freebassuk.com/?p=5087 The wealth of the wealthiest Americans continues to rise to new highs, prompting many journalists and politicians to contend that it is time for the United States to impose a wealth tax. This tax would be levied based on a person’s net worth and would only apply to the wealthiest residents. Because the United States […]]]>

The wealth of the wealthiest Americans continues to rise to new highs, prompting many journalists and politicians to contend that it is time for the United States to impose a wealth tax. This tax would be levied based on a person’s net worth and would only apply to the wealthiest residents. Because the United States now lacks a wealth tax, we spoke to economists about how a suggested wealth tax may look and how to get bad credit payday loans from Payday Champion.

What Is a Wealth Tax and How Does It Work?

The entire net worth is generally the basis for a wealth tax. Your net worth would be $500,000 if you had $1 million in assets and $500,000 in debt.

A wealth tax will levy a percentage of your entire net worth each year if your net worth puts you among the wealthiest residents in the United States. For example, a one-percentage-point wealth tax would cost you one-percentage-point of your entire net worth. You’d owe more as your net worth increased and less as it decreased.

People with substantial net worth would face wealth taxes even if they didn’t take any activities, such as generating money or selling assets, unlike many other types of taxes—income tax or capital gains tax, for example.

“We have a tax based on the realization principle in the United States,” said Jeff Hoopes, assistant professor at the University of North Carolina and UNC Tax Center research director. “In general, this implies that you must sell anything before paying income taxes on the profits from possession.”

You only owe capital gains taxes on stocks after you sell them, so owning stocks and not selling them may help you avoid paying the tax. Furthermore, in the United States, they are rewarded with reduced tax rates if they hang onto an asset for at least a year, thanks to the long-term capital gains rate.

What Is a Wealth Tax and How Does It Work?

A wealth tax would be similar to property taxes, in which you pay a surcharge depending on the market worth of your house each year. On the other hand, the wealth tax would apply to all assets, including real estate, cash, investments, company ownership, and other assets, minus whatever obligations you owe.

Dr. Tenpao Lee, full professor of economics at Niagara University, noted, “The wealth tax is static in nature.” “Other taxes are dynamic in nature, dependent on transactions such as earned earnings, capital gains, inheritances, and real estate ownership.”

Regardless of whether or not transactions were happening, the government would levy a wealth tax. A wealth tax is now imposed in France, Portugal, and Spain. They are generally progressive systems, which means that the more a person’s wealth, the higher their tax rate. In France, the wealth tax begins at 0.5 percent for those worth €1.3 million and rises to 1.5 percent each year for those above €10 million.

When someone owes a wealth tax, it is determined by the government’s system. For example, it might happen once a year or once in a lifetime. For example, certain European nations imposed one-time wealth taxes to fund their involvement in World Wars I and II.

A wealth tax does not have to be indiscriminate when it comes to asset kinds. To encourage specific behaviors, a government can exclude certain asset kinds. It might, for example, determine that company assets do not count to stimulate entrepreneurship. In the end, the shape of a wealth tax is determined by how a nation drafts its legislation.

Wealth Tax Proposal by Elizabeth Warren

While the United States does not presently have a wealth tax, Elizabeth Warren and Bernie Sanders have advocated one. The Ultra-Millionaire Tax Act is their most recent proposal.

“A wealth tax, like Elizabeth Warren’s plan, would tax extremely wealthy people’s net worth beyond a set level at escalating rates—the more money you have, the higher the rate.” “It is only designed to apply to the very, very affluent,” Hoopes said.

In its present version, the Elizabeth Warren wealth tax would levy a 2% annual tax on trusts and households with a net worth of $50 million to $1 billion and a 3% yearly tax on those with a net worth of $1 billion or more. According to Emmanuel Saez and Gabriel Zucman, economists at the University of Berkeley, these high limitations would only apply to a tiny portion of the nation, fewer than 1 in 1,000 households.

The Benefits of a Wealth Tax

A wealth tax may generate enormous income. Although Warren’s wealth tax would only apply to a tiny number of families, Saez and Zucman predict that it may generate $3 trillion in revenue over the next decade. This money might be used to fund other government initiatives, such as daycare and infrastructure.

Some people believe that a wealth tax is more equitable. Currently, a billionaire entrepreneur who owns their firm, such as Bezos or Zuckerberg, may defer paying taxes on their corporate fortune. “You will never have to pay capital gains taxes if you never sell the stock.” You will pay no individual income taxes due to holding that stock if you do not pay dividends. “Some find it disconcerting that those with tens of billions of dollars of wealth pay so little in taxes,” Hoopes added. They wouldn’t be able to escape a wealth tax in the same way.

Wealth taxes might encourage people to put their money to better use. Because a wealth tax eats away at a person’s assets year after year, Lee believes it will encourage people to spend or invest rather than hoard. “The wealth tax would motivate individuals to be more productive in the long run because otherwise, your money would progressively shrink for you and your descendants,” he added.

The Drawbacks of a Wealth Tax

A wealth tax might be challenging to implement. A wealth tax is predicated on determining a person’s net worth each year based on everything they possess, which is more challenging to perform than it seems. While certain assets have a clear, fair market value, such as cash and publicly traded shares, others, such as privately owned enterprises or artwork, do not. The IRS and taxpayers would both need a lot of time and money to figure out these figures.

The ultra-rich may attempt to avoid paying wealth taxes. The effluent may be enticed to acquire more sophisticated assets if the government imposes a wealth tax. “I hypothesize that the affluent would invest much more extensively in harder-to-value assets and that the difficulty in valuing the asset would become a desirable component of the asset (as intangible assets owned by multinational businesses are now),” Hoopes said. If this occurs, the tax may be less successful than proponents anticipate.

They may tempt wealthy taxpayers to flee the nation. Because a wealth tax is a significant annual burden, it may encourage the extremely affluent to relocate themselves and their possessions to other countries, leaving the United States with a smaller tax base.

Wealth Taxes: The Bottom Line

Congress will determine if the Warren wealth tax or a similar tax becomes a reality in the United States. Representatives are discussing wealth tax measures, and it’s difficult to predict which would succeed.

On the other hand, a wealth tax seems to be an excellent idea in principle for progressives like Warren and Sanders, who want more tax money to fund government services, but it may be more difficult in reality than it appears. Any statute would need to be supported by the Supreme Court, ruling that the tax is unconstitutional.

On the other hand, this tax is more of a hypothetical for the typical American. Unless you are wealthy tens of millions of dollars, you are unlikely to be subject to a wealth tax, regardless of whether one is enacted in the United States.

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Best Emergency Loans for Bad Credit: Top 5 Payday Lenders To Get Fast Cash & Quick Approval Of Instant Personal Loans In 2022| Get No Credit Check Installment Loans At Best Interest Rates https://freebassuk.com/best-emergency-loans-for-bad-credit-top-5-payday-lenders-to-get-fast-cash-quick-approval-of-instant-personal-loans-in-2022-get-no-credit-check-installment-loans-at-best-interest-rates/ Mon, 14 Mar 2022 09:25:38 +0000 https://freebassuk.com/?p=5027 Sudden events such as accidents or bouts of illnesses leave the victim in immediate need of money. The solution to which is procuring an emergency loan. Emergency expenses may also leave the client with bad credit. Obtaining emergency loans with bad credit may seem like an impossible task. Although many online platforms now give out […]]]>

Sudden events such as accidents or bouts of illnesses leave the victim in immediate need of money. The solution to which is procuring an emergency loan. Emergency expenses may also leave the client with bad credit. Obtaining emergency loans with bad credit may seem like an impossible task. Although many online platforms now give out such loans.

When looking for an emergency loan the most important thing is speed. You want a loan as fast as possible. This is why online platforms have an unbeatable edge. Instead of visiting lenders one by one with one loan request you are connected to multiple lenders. Online platforms save your time and energy as they are quicker and more convenient. Some lenders also offer secured personal loans that are backed up by personal assets like automobiles, stocks, and real estate.

The client must visit these sites and fill out a form to utilize these online platforms. The form will ask for various personal details which may differ depending on the website. When the client submits the form every lender on the site has access to it. These lenders then send requests and the client picks the most suitable one. In this way lenders compete for a customer’s business which may encourage them to offer better terms as well. The sites we recommend are:

2022’s Top 4 Payday Lenders For Emergency Loans:

  1. MoneyMutual – Overall Best Emergency Loans For Bad Credit With Guaranteed Approval
  2. FundsJoy – Most Popular Same Day Loan Lenders With Quick Approval
  3. BadCreditLoans – Top Direct Lenders Of No Credit Check Loans Online
  4. CashUSA – Best Reliable Brand For Fast Cash Loans With Instant Transfer
  5. PersonalLoans – Recommended Personal Loans For Short-Term Payday Loans

The four platforms you should visit if you need emergency loans and have bad credit are :

#1. Money Mutual – Overall Best Emergency Loans For Bad Credit With Guaranteed Approval

A platform that began operating in 2010 Money Mutual has been offering loans for over a decade. They have already amassed around 2 million customers on their site. The founders took advantage of the rise of the internet and technology and used it to link borrowers to multiple lenders on one site. Plus it is a free site so not only does it save time but it also saves money.

Money Mutual has over 2 million customers using its site. The reviews it has received are mostly positive. They show that Money Mutual is a reliable business and quick at processing applications as well as transferring money. People appreciated the addition of educational resources which were very helpful for people with no background in finance or loans.

Negative reviews were about some lenders charging very high interest rates. This was because Money Mutual has no fixed interest rate.

Highlights:

  • Money Mutual runs and makes a profit by charging lenders money in return for bringing them new customers
  • The client or the borrower goes to the website and fills out a form
  • The form will ask for personal details which include but are not limited to, name, address, ID and military status plus it will also inquire after your salary as an income of at least $800 is needed to obtain a loan through Money Mutual
  • After submission the form is forwarded to every lender on the site (Money Mutual has over 60)
  • The client can trace your submission’s progress on the website they will receive a notification if a lender extends an offer
  • The client can go over the offer at their leisure and negotiate further or go with another offer

⇒ Visit the Official Website of Money Mutual

Pros:

  • Money Mutual is a free site for borrowers
  • People with any credit scores can apply for a loan
  • The application form takes a maximum of 5 minutes to fill
  • The website is easy to navigate
  • There is no minimum credit score requirement
  • The website is secure any information you enter is protected
  • There are educational resources on the website to help people with no financial background understand what they are signing up for
  • The amount borrowed is transferred to the client’s account within 24 hours
  • Benefits such as pensions and disability checks are accepted as income sources
  • There are over 60 lenders on Money Mutual, so the chances of you finding a satisfactory lender to work with are quite high
  • If the client has a history of regular on-time payments, some lenders at Money Mutual decrease the interest rate
  • Clients can improve their credit scores via on-time payments as lenders report them to credit score bureaus

Cons:

  • The applicant must have a regular monthly source of income
  • The applicant’s monthly income must exceed $800
  • Money Mutual only provides loans up to $5000
  • As there is no fixed interest rate, lenders can charge as high rates as they like
  • The applicant must be a US citizen
  • Money Mutual does not work in New York or Connecticut

#2. FundsJoy – Most Popular Same Day Loan Lenders With Quick Approval

FundsJoy was founded in 2018 and is still in its early stages. It assists borrowers in obtaining loans, whether emergency or otherwise. They accomplish this by connecting them to multiple lenders at the same time. Following that, the lenders compete for the borrower’s business. FundsJoy serves the same purpose as Money Mutual and Bad Credit Loans. On their website, FundsJoy provides access to a variety of loans. Payday loans, bad credit loans, and cash advances are some of the most common.

FundsJoy processes applications and sends money to clients quickly. It is by far the best bad credit loan lender in the United States. On their website, you can apply for a loan of up to $5,000 with no minimum eligibility requirements. To apply on FundsJoy, you must be a US citizen, over the age of 18, and have a bank checking account.

In fact, FundsJoy enables you to obtain a variety of loans and negotiate terms and conditions with lenders. Payday loans, emergency loans, installment loans, and many others are examples. Furthermore, you can apply for as little as $300 or as much as $5000.

Aside from that, the organization works with people of all credit levels, including those with bad or no credit. This is a website that helps clients with bad credit find the best rate by comparing multiple offers from different lenders and banks.

Highlights:

  • To apply for a loan on Cash US the client must fill out the form on their website
  • To meet your security requirements, FundsJoy built a secure and safe interface.
  • Customers appreciate FundsJoy, which makes it the top platform for bad credit loans in the United States. Their application process is simple to implement and takes about 5 to 10 minutes.

⇒ Visit the Official Website of FundsJoy

Pros:

  • FundsJoy loans up to $5,000 to $35,000 in some cases
  • FundsJoy is a completely online service with no set hours. They are dedicated to assisting each application at all times
  • Most lenders charge interest rates between 5.99% and 24.99%%
  • You can ask the lender for an extension if you are unable to adhere to the repayment schedule
  • FundsJoy provides excellent services with customer satisfaction as their top priority

Cons:

  • The annual percentage rate (APR) often ranges from 300 to 400 %, with additional fees to match.
  • You must have a stable monthly income of $800 or more to apply for a loan on FundsJoy.
  • Customers need US citizenship to use FundsJoy

#3.Bad Credit LoansTop Direct Lenders Of No Credit Check Loans Online

Bad Credit Loans serve as a bridge between lenders and borrowers. Its operations are rather similar to Money Mutual. Bad Credit Loans itself does not lend you any money but forwards loan requests to those who can. The website operators have no say in which loan the client chooses or what its repayment terms are.

As the name implies Bad Credit Loans are very lenient to those with bad credit scores and those who are not doing well financially. It allows almost everyone to apply. Bad Credit Loans is known for giving loans even to those previously turned away by banks and other lending platforms.

It also has lenders offering unsecured loans at hand. An unsecured loan has no collateral on the line if the borrower cannot repay the amount borrowed. Unsecured loans make people doing badly financially feel more at ease in obtaining a loan. They will not lose anything valuable if they are unable to pay it on time.

Customer Reviews reiterated that Bad Credit Loans was willing to loan to those with bad credit scores when no other businesses were. They processed submissions quickly and were also quick in sending money. Customers particularly appreciated the option for unsecured loans as it helped them feel less worried.

Highlights:

  • It is a site whose purpose is to bring potential new customers for lenders and find people willing to give loans to borrowers
  • The borrowers must visit the website and fill out a form
  • The form will ask for general details such as name, proof of US citizenship, the reason for borrowing money, the amount you will borrow, whether you are in the military, your residence, whether you own your house, how long you have lived there and place of employment.
  • The lender must carefully go through the terms and conditions of the form including the fine print before submission
  • The client can track the progress the application makes through the website
  • If the client is unable to stay online and continuously monitor the application they can give the site their phone number so Bad Credit Loans will notify the customer via text if there are any updates
  • When a lender offers a loan to a client the client should go through all the repayment terms especially the interest rate, and as Bad Credit Loans has a fixed range of 5.99% – 35.99% so the interest rate will lie between these limits
  • If the client finds the lender’s terms to be acceptable then an electronic contract is signed
  • The amount borrowed is sent to the client’s account within a day depending on the mode of transfer

⇒ Visit the Official Website of Bad Credit Loans

Pros:

  • Bad Credit Loans charges borrowers nothing
  • The application form is quick to fill out
  • Clients can reach multiple lenders by filling out one short form
  • Clients can loan up to $10,000
  • Loan terms last from 3 months to 5 years which is enough to pay off a loan
  • Interest rates have to be between 5.99% and 35.99%
  • Bad Credit Loans can refer clients to credit repair services
  • The site has lenders willing to give out unsecured loans
  • The site has lenders who may take into consideration loaning to those with recent bankruptcies
  • They protect your information with data encryption technology
  • Benefits are accepted as an income source

Cons:

  • The BBB does not accredit it
  • Bad Credit Loans are only for US citizens
  • Bad Credit Loans require applicants to have a regular source of income
  • Bad Credit Loans requires applicants to have a checking account in their name
  • Bad Credit Loans asks for more personal details as compared to other businesses
  • The client’s details may be shared with finance-related companies, or you may get ads about them
  • People with utterly abysmal credit scores might only get loans of $1000 or less

#4. Cash USA – Best Reliable Brand For Fast Cash Loans With Instant Transfer

Cash USA was established recently in 2015. It helps borrowers obtain loans, emergency or otherwise. They do so by connecting them to multiple lenders at once. The lenders then compete for the borrower’s business. Cash USA plays the same role Money Mutual and Bad Credit Loans do.

Cash USA has over 1 million users with customers finding Cash USA very reliable for small loans. As it has no fixed interest rate lenders can charge high rates. Hence people prefer using it for small immediate loans. A high interest rate will not affect a low loan as much. Cash USA is quick in processing applications and in sending clients the money.

One complaint customers voiced was that Cash USA sends many emails to your address. The steady stream of incoming emails annoyed the users. However you can turn off notifications for those and ignore them.

Highlights:

  • To apply for a loan on Cash US the client must fill out the form on their website
  • The form has two parts so in the first section you state your name, email address, military status and the money you want to borrow
  • In the second section you have to give your social security number, phone number, residence, employer contact and bank details

⇒ Visit the Official Website of CashUSA

Pros:

  • It costs nothing to use Cash USA
  • Cash USA loans up to $10,000 starting from $500
  • Repayment terms can last from 3 months to 72 months
  • Most lenders charge interest rates between 5.99% and 35.99%
  • You can ask the lender for an extension if you are unable to adhere to the repayment schedule
  • The site is secure
  • Cash USA has an education center on its site that helps users manage their finances and budget there are financial advisors available in case customers would like to consult with a professional

Cons:

  • The BBB does not accredit it
  • Cash USA’s form asks for more personal details than other forms
  • Customers need US citizenship to use Cash USA

#5. Personal Loans – Recommended Personal Loans For Short-Term Payday Loans

Yet another business that helps bridge the physical gap between lenders and borrowers using the internet is Personal Loans. It was founded in 2001 which means it has been in the business for over 2 decades and was one of the earliest online lending platforms.

Customer reviews showed Personal Loans’ flexible repayment terms are satisfactory. Customers were appreciative of Personal Loans providing high loans at low interest rates. The review stated that money was transferred to their accounts quickly as well.

Highlights:

  • The customer must fill out the form on the website of the personal loan to get started
  • The form will ask the customer for basic information needed to get a loan but in this case, there is a difference that instead of just asking for personal details, Personal Loans lets you know why they need the information they ask for in every step, this is a testament to the site’s credibility as they do not ask for any useless details.
  • When clients begin to receive offers from lenders they can go through them all and select the one with the best repayment terms for them
  • If none of the offers are to the client’s liking then Personal Loans has the option to work with third-party lender networks and after the customer makes a decision the money is sent to their account within 24 hours
  • If they accept the offer, they will be given a loan agreement outlining the loan amount, APR, and terms.
  • The customer will repay the amount according to the schedule agreed upon between them and the lender however if they are unable to do so then a new schedule can be worked out with the lender

⇒ Visit the Official Website of Personal Loans

Pros:

  • Personal Loans is a free service for borrowers
  • You can borrow up to $35,000 which is a high amount
  • The interest rate will not be higher than 35.99% as there is a fixed range of 5.99% – 35.99%
  • Personal Loans does not inquire about the purpose of the loan
  • Repayment dates can be re-scheduled
  • Personal Loans give customers between 3 months and 72 months to repay the amount plus the lender will decide the exact period
  • Personal Loans inform customers what the information they are giving up to the site will be used for and why it is necessary for the lender to have it
  • Personal Loans does not ask for all of the customer’s details until they contact lenders and finalize a deal with them thus their information only goes out to people they have agreed to work with
  • Customers can work with third-party lending networks if they do not receive any suitable offers

Cons:

  • Anyone with current or recent bankruptcies is not eligible for a loan
  • Anyone in debt, which encompasses their income is not eligible for a loan
  • Customers must have a checking account to apply for a loan
  • Customers may have trouble getting a loan if they have a history of late payments

What We Looked For While Choosing Emergency Payday Loans Online?

This article addresses two primary concerns including emergency loans and bad credit. So firstly it had to be ensured that the companies showcased in this article were quick in every step of the loan process. And that they were willing to loan to people with bad credit scores. All the businesses in this list have easy and short application forms which take 5 to 15 minutes to fill. Lenders start contacting you shortly after your submission and when you decide on a lender the amount is transferred to you within 24 hours.

The companies are willing to loan to those with bad credit and help them improve credit scores. They do this by making reports to credit score organizations on timely payments. Some of them have options for unsecured loans and some have third party lender networks the client can use if no offer they receive is feasible for them. Other factors that were considered are:

  1. Cost of using these Platforms

As this article aims to help those in need of emergency loans with bad credit, it was ensured that all the sites we handpicked charged the borrower nothing. They make a profit by charging the lenders for bringing them to potential new customers. The borrower can fill out a form and go through all the offers they get without having to pay anything.

  1. Availability

Most of the platforms selected operate all over the United States. With the exception of Money Mutual which is unavailable in New York and Connecticut.

  1. Eligibility Requirements

The eligibility requirements vary from site to site. None of these sites have imposed a credit limit so people with all kinds of credit scores can apply. To be eligible you must

  • Have US citizenship
  • Have a regular monthly income (some sites or lenders may have imposed a limit you must meet)
  • Have a checking account opened in your name
  1. Interest Rate

The sites in the list have fixed interest rate ranges the lender must work within or they do not have any limits and let the lender decide on the interest rate. Platforms that implemented high interest rate ranges were not included to make repaying borrowed money as easy as possible for the client. Furthermore, a local credit union with which you already have a relationship may be more willing to extend you a negative credit loan because of your existing relationship.

  1. Amount you can loan

Emergencies can leave you in an immediate need of different amounts of money. It depends on how severe the emergency is. Therefore we had to make sure this article could assist those in need of both smaller and larger loans. The lending platforms we listed offer loans from $500 to $5000 and $5000 to $10,000. Plus for very large amounts even $5000 to $35,000.

  1. Repayment procedure

There are 2 repayment procedures both covered by the businesses in this article.

  • Payday loans which are usually high interest loans for smaller amounts have a shorter loan term and are paid back in full (principal + interest) at the end of the loan term
  • Installments which are usually for larger amounts do not charge as much interest and money is paid back in a series of payments evenly distributed throughout the loan term
  1. Loan term length

Loan term determines how long you have to pay back your loan. And whether it’s a payday loan or an installment loan. Usually, repayment length falls between 3 months and 5 years.

  1. Customer reviews

The best way to gauge how well a platform is at doing its job is to look up the feedback it has received from previous users. We checked what customers had to say about the sites we included in our list.

Buying Guide: Best Instant Loans For Fast Cash

When you have gone through this article you will be wondering which of the four sites to keep as your first option. The first two things to consider are

  1. Speed:

As this article is about emergency loans thus speed is of the utmost importance. The website must have a short form and lenders must contact the applicant quickly. Then the money must be transferred to the borrower’s account as soon as possible.

Fortunately all the websites in this article are swift in all 3 stages. The length of the forms ranges from 5 to 15 minutes and lenders contact soon after submission. Bad Credit Loans even texts you if there is any progress on your application. The money is usually transferred to the customer within a day.

  1. Stance on bad credit:

All the platforms featured in this article have a lenient stance towards people with bad credit. People with all types of credit scores are welcome to apply on all of them. Repayment terms generally depend on the lender and not on the website. People with bad credit are more likely to receive high interest offers. Your credit score and history are used to determine eligibility, interest rate, and loan amount for an unsecured personal loan.

You do need to undergo a credit check as the lenders you are working with will not be local lenders. Lenders willing to forego credit checks will charge a higher interest rate to make up for it.

Other factors to take into account to shortlist your options to 1 company:

  1. Amount to be borrowed
  • If the amount you want to borrow is less than $1000 then your options are Money Mutual, Bad Credit Loans and Cash USA as personal Loans only provide loans greater than $1000
  • If the amount you want to borrow is more than $5000 then your options are Bad Credit Loans, Cash USA and Personal Loans as Money Mutual only provides loans up to $5000
  • If the amount you want to borrow is more than $10,000 then your only option is Personal Loans as Bad Credit Loans and Cash USA both loan up to $10,000 while Personal Loans loans up to $35,000
  1. Interest Rate

The interest rate determines the extra money the customer will pay apart from the principal (the amount borrowed). Therefore it is paramount to work with a lender offering decent interest rates. While lenders on Money Mutual can charge as high rates as they like, platforms like Cash USA and Personal Loans require lenders to keep interest rates between 5.99% and 35.99%. Bad Credit Loans does not have any limit but lenders stick to rates between 5.99% and 35.99%.

  1. Privacy

All these sites protect the user’s information through encryption. But Personal Loans has the edge in this category as they only give detailed information to those lenders the client has decided to work with. Personal Loans also does not inquire after the reason you need the loan.

  1. Fast Approval

When you send the form to the site you start receiving requests very soon. A lot of lenders grant you approval on the day you submit your application. Others pre-qualify you instantly and then wait to grant full approval once you complete the online paperwork. Which takes around 60 minutes to do. If you fit into this category, you will receive instant loan approval and your emergency loan will be in your bank account within 24 hours.

FAQs Regarding Loans For Bad Credit

Q1. Can I get scammed on these platforms?

As these platforms do not loan money themselves but connect you to those who do, it is possible a scammer may extend an offer to you. The websites themselves warn you against scammers so keep an eye out for suspicious lender activity. Not only that, but by reporting your timely monthly payments to credit bureaus, these platforms can help you work your way up to a good, if not an excellent, credit score.

Q2. How do I recognize scammers?

There are a few ways to identify scammers.

  1. Firstly they do not ask you for detailed information on your finances
  2. Secondly they keep pestering the borrower to make a deal with them while professionals do not behave this way.
  3. Thirdly they offer very low interest rates even to those with bad credit scores so that they can entice them into making an offer with them as quickly as possible
  4. Lastly they ask the borrower to give them an advance payment which professional lenders do not do, instead they send you the money which you repay later with interest

Q3. What is a good credit score?

The credit score scale goes from 350 to 850. A score of 750+ is regarded as an excellent score while a score of 700+ is a good score. A score of 650+ is a fair score and scores under 650 constitute a bad score. Therefore if your score falls in the last category your goal should be bringing it as near the fair category as possible.

Q4. How do I obtain my credit report?

Visit http://www.annualcreditreport.com/ and get your credit report free of cost. It contains a history of all your loans debts and whether you were on time in repaying them. These loans can be from banks, the government or any other organization. You can go through it and see if you can improve on anything.

Q5. Should I opt for payday loans or installment loans?

You will have to decide that yourself depending on your financial situation and the money you want to borrow. We recommend that users choose the one with the lowest annual percentage rate, which includes both interest and origination fees.

  • Payday loans involve small sums of money and are paid back in bulk within a few weeks so they are usually high interest loans
  • Installment loans involve large sums of money and are paid back via a series of payments extending over a long period of time, plus since their length is longer they charge lower interest

Payday loans are good for those whose monthly incomes or savings can cover the amount they borrowed. If you would like to get out of debt as quickly as possible then opt for payday loans. Although wanting something is not the same as being capable of doing it. If there is the slightest possibility you will not be able to pay the loan back in such a short period of time then do not opt for payday loans. After approving a loan application, most emergency lenders deposit loan proceeds into the borrower’s account within a few business days.

When you are unable to meet the deadline payment for loans then lenders may give you an extension but at the cost of high interest fees payments. Therefore in cases of uncertainty go for installment loans. They can extend to years and you only have to pay a small amount out of your income every month (or every other month depending on the repayment terms).

Of the platforms listed above Money Mutual is good for payday loans as it offers small loans only up to $5000. The other businesses loan up to $10,000 and $35,000 so it would be advisable to go for an installment loan with these large amounts. However it all depends on your monthly income, expenditure and savings. If you can afford a payday loan then there is no reason why you should not take it.

Conclusion: List of Online Lenders for Fast Cash

You may worry that finding an emergency loan lenders with bad credit is a near impossible task. Not only do you need to get approved despite bad credit but you also need to receive funds very quickly. However it is not as difficult as it seems. There are plenty of businesses online that are willing to loan to people with bad credit and quickly send them the money.

Online businesses are perfect for an emergency loan as you reach various lenders by submitting your information once. You do not have to repeat the process with each lender. Therefore do not be too stressed. Get your documents in order and start applying. You are bound to find a bargain on one of these sites.

The news and editorial staff of Sound Publishing, Inc. had no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. does not accept liability for any loss or damages caused by the use of any products, nor do we endorse any products posted in our Marketplace.

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Oligarchs will hide their wealth in UK offshore tax havens, government has warned https://freebassuk.com/oligarchs-will-hide-their-wealth-in-uk-offshore-tax-havens-government-has-warned/ Sun, 13 Mar 2022 12:11:39 +0000 https://freebassuk.com/oligarchs-will-hide-their-wealth-in-uk-offshore-tax-havens-government-has-warned/ Legislation to crack down on dirty money will not stop oligarchs in Russia or elsewhere from using UK tax havens to hide their money, experts warn. Activists and MPs say ‘significant loopholes’ remain in the government’s economic crime bill, which is expected to become law in days, as the government tries to root out illicit […]]]>

Legislation to crack down on dirty money will not stop oligarchs in Russia or elsewhere from using UK tax havens to hide their money, experts warn.

Activists and MPs say ‘significant loopholes’ remain in the government’s economic crime bill, which is expected to become law in days, as the government tries to root out illicit wealth linked to Vladimir Putin’s regime .

Anti-corruption experts say the oligarchs will continue to be able to use shell companies in Britain’s Crown Dependencies and Overseas Territories (CDOTs) – known to be centers of financial secrecy – to dodge UK authorities.

Anti-corruption organization Transparency International is calling on the government to strike emergency deals with these islands to gain full access to their records and prevent the sale of assets bought with ‘dirty money from Russia and elsewhere’ “.

Rachel Davies, Advocacy Manager for Transparency International, said The Independent“The government can’t freeze assets if they don’t know where they are.

“The oligarchs use front companies registered in these jurisdictions to hide their wealth in London.

“We need an agreement, even on a temporary basis, that law enforcement will have open and searchable access to corporate data in these offshore financial centers.”

Transparency International has linked £830m worth of property in the UK’s CDOT Islands people close to Putin’s government, or Russians accused of corruption.

Although the government has imposed sanctions on 20 Putin-linked oligarchs – as well as 386 members of Russia’s parliament – ​​Foreign Minister Liz Truss said she has a long “hit list” of wealthy Russians in the part of a “continuing program” of sanctions.

The Economic Crimes Bill aims to impose greater transparency on the British real estate of the oligarchs through a new register requiring foreign companies to reveal the name of the “beneficial owner” of each property.

However, the owners have been given a six-month implementation period, raising fears that the oligarchs will have plenty of time to restructure their assets – or sell them – before they can be frozen under the law. new government sanctions.

Activists also fear that oligarchs have at least 18 months to use tax havens.

The UK Overseas Territories and Crown Dependencies of Jersey, Guernsey and the Isle of Man have agreed to set up a public register of business owners – but not before the end of 2023.

The Tax Justice Network is appalled that legislation due to pass this week does nothing to address arrangements in offshore jurisdictions.

“The bill is almost worse than nothing,” said Alex Cobham, the group’s chief executive. “It still allows [oligarchs] hide behind opaque corporate structures. And I would expect a lot of it to be in the Overseas Territories and Crown Dependencies. All it will do is formalize the UK’s continued acceptance of dirty money.

Tory MP Andrew Mitchell and Labor MP Dame Margaret Hodge – who campaigned against the finance secretary in tax havens – want the government to demand that those territories provide full access to their company records this year.

Lady Margaret said The Independent“Our tax havens are used as vehicles to hide money, as vehicles for secrecy. Without a doubt, the oligarchs can use these jurisdictions as tax havens until 2023.”

Dame Margaret says the government ‘must tackle the catalysts’

(PA Archive)

The Labor MP said the government will have to come up with new legislation to strengthen government law enforcement agencies and crack down on any ‘enablers’ helping the oligarchs protect their money.

“You also have to tackle the enablers – the accountants, estate agents and lawyers who facilitate this,” Dame Margaret said. “You have to hold them accountable properly. You have to create criminal offenses. It’s the only way to stop it.

Bill Browder, the anti-corruption campaigner who fought for Britain’s Magnitsky Sanctions Act, also wants the government to come up with more legislation. He said the oligarchs had been helped to make ownership of assets “almost impossible to prove” – both in the UK and in offshore CDOTs.

He said: “In order to access the wealth of the oligarchs, the UK needs to introduce legislation that would force the law firms and accountants who helped the oligarchs set up these schemes to come forward and share informations. Without it, we will fly blind.

MPs and campaigners fear the Economic Crimes Bill – which is due to be debated in the Lords on Monday and is expected to be passed on Tuesday – contains other glaring shortcomings.

Susan Hawley, executive director of Spotlight on Corruption, points to a “no beneficial owner” loophole, which could see some companies avoid naming someone on the new ownership register by hiding behind trusts.

She and others also worry that kleptocrats will use the stock ownership rules set out in the bill to avoid detection.

Someone has to own 25% of a property’s shares to be designated as the person of ‘significant control’ – raising fears that the oligarchs could simply offload some of the shares through their overseas entity.

“There are significant flaws in the bill that are truly concerning,” Ms Hawley said. “It’s going to be really difficult to verify entities overseas. There are so many ways for the wealthy to hide behind opaque corporate structures.

But with peers unwilling to delay the current bill, campaigners have admitted they may have to wait months for more dirty money legislation.

Home Secretary Priti Patel said earlier this week that there would be a second Economic Crimes Bill at the next session of Parliament in June or July as ministers ‘cannot get all the measurements for now”.

A government spokesman said the Economic Crimes Bill was part of a ‘wider package of legislative proposals’ to tackle illicit finance in the coming months, including reform of Companies House .

Asked about UK offshore jurisdictions, the spokesperson said: “We continue to lead the way in our fight against corruption, working closely with the private sector, international partners and Crown dependencies. and overseas territories to ensure there is no safe haven for criminals. hide their dirty money.

“UK law enforcement have good mechanisms for sharing information with Crown dependencies and overseas territories, including beneficial ownership information.”

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China dominates the wealth of female billionaires in Asia https://freebassuk.com/china-dominates-the-wealth-of-female-billionaires-in-asia/ Tue, 08 Mar 2022 04:09:23 +0000 https://freebassuk.com/china-dominates-the-wealth-of-female-billionaires-in-asia/ finenews.asia celebrates International Women’s Day with an examination of the wealth of female billionaires in Asia which, unsurprisingly, is dominated by the world’s second largest economy. Currently, there are 289 female billionaires, according to “Forbes” data compiled by finenews.asia at press time, with a total wealth of over $1.37 trillion. The segment represents 11.4% of […]]]>

finenews.asia celebrates International Women’s Day with an examination of the wealth of female billionaires in Asia which, unsurprisingly, is dominated by the world’s second largest economy.

Currently, there are 289 female billionaires, according to “Forbes” data compiled by finenews.asia at press time, with a total wealth of over $1.37 trillion.

The segment represents 11.4% of the 2,527 total billionaires worldwide and is led by Francoise Bettencourt Meyers (net worth: $75.2 billion), granddaughter of L’Oréal founder Eugene Schueller.

dominance of China

Asia-Pacific has recorded 92 female billionaires – or 31.8% of all female billionaires globally – and China, the region’s largest economy, unsurprisingly leads the pack, accounting for more than half. of the total.

Mainland China is home to 49 female billionaires with Yang Huiyanreal estate mogul and daughter of Country Garden founder Yang Guo Qiangtopped the list with a net worth of around $21.8 billion.

Not economically proportional

In some cases, the number of female billionaires in the region somewhat matched economic weight with India (11) and Hong Kong (11) tied for second place, followed by Australia (9).

But there are exceptions to the rule, notably in Japan where the world’s third-largest economy has produced just three female billionaires.

World Leaders

The United States was the highest ranked economy with 84 female billionaires.

Alongside China’s 49 and Germany’s 31, the three leaders accounted for 56.7% of all female billionaires globally.

See below for a list of the top 20 female billionaires in Asia:

1) Gina Rinehart – 31.30 billion dollars (mines, Australia)

2) Yang Huiyan and his family – $22.40 billion (real estate, China)

3) Hongwei fan & family – $18.00 billion (petrochemicals, China)

4) Savitri Jindal and her family – $17.10 billion (steel, India)

5) Wu Yajun – $15.80 billion (real estate, China)

6) Kwong Siu-hing – $12.40 billion (real estate, Hong Kong)

7) Zheng Shuliang and his family – $10.50 billion (aluminum products, China)

8) Wang Laichun – $9.60 billion (electronic components, China)

9) Zhong Huijuan – $8.40 billion (pharmaceuticals, China)

ten) Zhou Qunfei and his family – $7.40 billion (smartphone screens, Hong Kong)

11) Cheng Xue – $6.80 billion (soy sauce, China)

12) Melanie Perkins – $6.50 billion (software, Australia)

13) Hong Ra-hee – $6.40 billion (Samsung, South Korea)

14) Zhao Yan – $6.20 billion (biotech, China)

15) jian june – $6.10 billion (biomedical products, China)

16) Chan Laiwa and his family – $5.60 billion (real estate, China)

17) Falguni Nayar – $4.40 billion (distribution, India)

18) Lam Wai-ying – $4.40 billion (smartphone screens, Hong Kong)

19) Leena Tewari – 4.20 billion dollars (pharmacy, India)

20) Boo-jin Lee – $4.10 billion (Samsung, South Korea)

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Net wealth of households up but distribution of wealth unchanged https://freebassuk.com/net-wealth-of-households-up-but-distribution-of-wealth-unchanged/ Thu, 03 Mar 2022 00:42:00 +0000 https://freebassuk.com/net-wealth-of-households-up-but-distribution-of-wealth-unchanged/ The distribution of household wealth has remained unchanged between 2015 and 2021, despite the increase in the median net worth of New Zealand households over this period, reports show. Statistics New Zealand. Median household net worth has been rising for several years and was estimated at $397,000 in 2021, after rising 21% in the previous […]]]>

The distribution of household wealth has remained unchanged between 2015 and 2021, despite the increase in the median net worth of New Zealand households over this period, reports show. Statistics New Zealand.

Median household net worth has been rising for several years and was estimated at $397,000 in 2021, after rising 21% in the previous survey in 2018 and 39% in the first such survey in 2015.

Household net worth is calculated as the value of financial (stocks, bank deposits, etc.) and non-financial (real estate, vehicles, etc.) assets owned by a household, minus its liabilities, including mortgages.

“The wealthiest 10% of New Zealand households continue to hold around 505 of the total net worth of New Zealand households – as they did in 2015, which was the first such survey of household net worth. households from Stats NZ,” said Mike Webb, Head of Wealth and Spending. at Stats NZ.

Ownership was the top driver: The median household net worth of those who owned or partially owned their homes was $635,000 in the year ending June 2021, compared to $54,000 for those who rented.

“Those who own their homes are generally in a much stronger financial position than those who rent.

“As the net worth survey captures the equity (or valuation) assessment of real estate at the time of the survey, the net worth of homeowners would be even higher when measured with values market value above capital value,” Webb said.

In the middle of the equal distribution, wealth still attracted wealth: the median net worth of the richest 20% (quintile 5) of New Zealand households increased by $313,000 over the past three years to 2.02 million for the year ending June 2021, while the poorest 20% of households (quintile 1) increased by $3,000 over the same period to reach $11,000.

“Between the quintile groups, there are also significant differences in financial assets, including currencies, bank deposits, pension funds, stocks and other stocks, life insurance funds, and annuities.

“Those in the top 20% have median financial assets of $1.11 million in the year ending June 2021, while those in the bottom 20% had a median value of $9,000” , said Stats NZ.

The data is the result of a survey of over 4,400 households as part of the Household Economic Survey, but may not provide a representative picture of the extremely wealthy – their small numbers made it relatively unlikely to select their households.

Net worth construction is tied to age group and generally increases with age until around retirement, and young people (15-24) had a median individual net worth of just $3,000 in 2021, while those at retirement age (65-74) had $433,000 in good health.

“The Household Economic Survey is not designed to measure total wealth, but helps to understand the distribution of net worth among the population, as well as the financial readiness of Kiwis for retirement,” said Stats. NZ.

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Truist Releases 2021 Social Bond Impact Report https://freebassuk.com/truist-releases-2021-social-bond-impact-report/ Wed, 02 Mar 2022 15:53:58 +0000 https://freebassuk.com/truist-releases-2021-social-bond-impact-report/ Published an hour ago Proposed by Truist CHARLOTTE, NC, March 2, 2022 /CSRwire/ — Truist Financial Corporation (NYSE: TFC) today announced the release of its 2021 report Social Bond Impact Report, which details the investments made from the proceeds of the bond and underlines the company’s commitment to advancing its environmental, social and governance (ESG) […]]]>

Published an hour ago

Proposed by Truist

CHARLOTTE, NC, March 2, 2022 /CSRwire/ — Truist Financial Corporation (NYSE: TFC) today announced the release of its 2021 report Social Bond Impact Report, which details the investments made from the proceeds of the bond and underlines the company’s commitment to advancing its environmental, social and governance (ESG) objectives. In March 2021, Truist issued its first social bond for $1.25 billion, with the net proceeds allocated to new and existing eligible social programs, including investments in affordable housing to provide stability for individuals and families. . It was the first social bond issued by a regional bank in the United States

“As a goal-oriented financial services company, issuing our first social bond was another example of Truist’s focus on solving the social challenges facing our communities,” said Ellen Fitzsimmons, Legal Director and Head of Public Affairs. “Ensuring access to adequate, safe and affordable housing is a fundamental part of our commitment to inspiring and building better lives and communities, and we look forward to continuing to play a role in driving permanent and measurable change. for all we serve.

Truist’s social bond enjoyed broad participation from over 120 investors, including high-quality ESG dedicated portfolios, with a 2.7x oversubscribed order book. The social bond generated $1.248 billion in net proceeds, creating 267 affordable housing projects and 22,000 affordable units in 15 states in the Mid-Atlantic, Southeast and Texas.

Truist issued the social bond in accordance with the Truist ESG Bond Framework. More information can be found in full Social Bond Impact Report.

About Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by a historic merger of equals, Truist holds leading market share in many high-growth markets nationwide. The company offers a wide range of services, including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Assurance; mortgage; Payments; specialized loans; and wealth management. Headquartered in Charlotte, North Carolina, Truist is one of the top 10 U.S. commercial banks with total assets of $541 billion as of December 31, 2021. Truist Bank, Member FDIC. Learn more about Truist.com.

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Truist Logo

Truist

Truist

About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist holds leading market share in many high-growth markets nationwide. The company offers a wide range of services, including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Assurance; mortgage; Payments; specialized lending and wealth management. Based in Charlotte, North Carolina, Truist is one of America’s top 10 commercial banks. Truist Bank, Member FDIC. Learn more about Truist.com.

More than Truist

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UMB FINANCIAL CORP MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-K) https://freebassuk.com/umb-financial-corp-management-report-of-financial-position-and-results-of-operations-form-10-k/ Thu, 24 Feb 2022 16:20:04 +0000 https://freebassuk.com/umb-financial-corp-management-report-of-financial-position-and-results-of-operations-form-10-k/ Management discussion and analysis This Management's Discussion and Analysis highlights the material changes in the results of operations and changes in financial condition for each of the three years in the period ended December 31, 2021. It should be read in conjunction with the accompanying Consolidated Financial Statements, Notes to Consolidated Financial Statements, and other […]]]>

Management discussion and analysis


This Management's Discussion and Analysis highlights the material changes in the
results of operations and changes in financial condition for each of the three
years in the period ended December 31, 2021. It should be read in conjunction
with the accompanying Consolidated Financial Statements, Notes to Consolidated
Financial Statements, and other financial statistics appearing elsewhere in this
Annual Report on Form 10-K. Results of operations for the periods included in
this review are not necessarily indicative of results to be attained during any
future period.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS


From time to time the Company has made, and in the future will make,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements can be identified by the fact
that they do not relate strictly to historical or current facts. Forward-looking
statements often use words such as "believe," "expect," "anticipate," "intend,"
"estimate," "project," "outlook," "forecast," "target," "trend," "plan," "goal,"
or other words of comparable meaning or future-tense or conditional verbs such
as "may," "will," "should," "would," or "could." Forward-looking statements
convey the Company's expectations, intentions, or forecasts about future events,
circumstances, results, or aspirations.

This report, including any information incorporated by reference in this report,
contains forward-looking statements. The Company also may make forward-looking
statements in other documents that are filed or furnished with the SEC. In
addition, the Company may make forward-looking statements orally or in writing
to investors, analysts, members of the media, or others.

All forward-looking statements, by their nature, are subject to assumptions,
risks, and uncertainties, which may change over time and many of which are
beyond the Company's control. You should not rely on any forward-looking
statement as a prediction or guarantee about the future. Actual future
objectives, strategies, plans, prospects, performance, conditions, or results
may differ materially from those set forth in any forward-looking statement.
While no list of assumptions, risks, or uncertainties could be complete, some of
the factors that may cause actual results or other future events, circumstances,
or aspirations to differ from those in forward-looking statements include:
     •    local, regional, national, or international business, economic, or
          political conditions or events;

• changes in laws or the regulatory environment, including as a result of

financial services laws or regulations;

• changes in monetary, tax or trade laws or policies, including as a

          result of actions by central banks or supranational authorities;


  • changes in accounting standards or policies;

• changes in investor sentiment or behavior towards the securities, capital or

          other financial markets, including changes in market liquidity or
          volatility or changes in interest or currency rates;

• changes in corporate or household spending, borrowing or saving;

• the Company’s ability to effectively manage its capital or liquidity or to

effectively attracting or deploying deposits;

• changes to any credit rating assigned to the Company or its affiliates;



  • adverse publicity or other reputational harm to the Company;


     •    changes in the Company's corporate strategies, the composition of its
          assets, or the way in which it funds those assets;


     •    the Company's ability to develop, maintain, or market products or

services or to absorb unforeseen costs or liabilities associated with

such products or services;

                                       24
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• the Company’s ability to innovate to anticipate the needs of current markets or

future customers, to compete successfully in their chosen professions,

increase or maintain market share in changing competitive environments,

or to address price or other competitive pressures;

• changes in the credit, liquidity or any other condition of the assets of the Company

customers, counterparties or competitors;

• the Company’s ability to deal effectively with economic, commercial or

market slowdowns or disruptions;

• investigations, legal, regulatory or administrative proceedings,

          disputes, or rulings that create uncertainty for, or are adverse to, the
          Company or the financial-services industry;

• the Company’s ability to cope with the evolution or strengthening of regulations or

other governmental oversight or requirements;

• the Company’s ability to maintain secure and functional finances,

accounting, technology, data processing or other operating systems or

its facilities, including its ability to withstand cyberattacks;

• the adequacy of corporate governance, risk management

          framework, compliance programs, or internal controls, including its
          ability to control lapses or deficiencies in financial reporting or to
          effectively mitigate or manage operational risk;


     •    the efficacy of the Company's methods or models in assessing business
          strategies or opportunities or in valuing, measuring, monitoring, or
          managing positions or risk;


     •    the Company's ability to keep pace with changes in technology that

affect the Company or its customers, counterparties or competitors;


     •    mergers, acquisitions, or dispositions, including the Company's ability
          to integrate acquisitions and divest assets;

• the adequacy of the Company’s succession plan for the main executives or

other staff;

• the Company’s ability to increase its revenues, control its expenses or attract and

          retain qualified employees;


     •    natural disasters, war, terrorist activities, pandemics, or the outbreak
          of COVID-19 or similar outbreaks, and their effects on economic and
          business environment in which the Company operates;

• adverse effects due to COVID-19 on the Company and its customers,

          counterparties, employees, and third-party service providers, and the
          adverse impacts to its business, financial position, results of
          operations, and prospects; or

• other assumptions, risks or uncertainties described in the Risk Factors

(Item 1A), Management report and analysis of the financial situation

and results of operations (heading 7), or the notes to the consolidated statements

          Financial Statements (Item 8) in this Annual Report on Form 10-K or
          described in any of the Company's annual, quarterly or current reports.


Any forward-looking statement made by the Company or on its behalf speaks only
as of the date that it was made. The Company does not undertake to update any
forward-looking statement to reflect the impact of events, circumstances, or
results that arise after the date that the statement was made, except as
required by applicable securities laws. You, however, should consult further
disclosures (including disclosures of a forward-looking nature) that the Company
may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form
10-Q, or Current Report on Form 8-K.

Operating results

Overview


During the first quarter of 2020, the global economy began experiencing a
downturn related to the impacts of the COVID-19 global pandemic (the COVID-19
pandemic, or the pandemic). Such impacts have included significant volatility in
the global stock and fixed income markets, a 150-basis-point reduction in the
target federal funds rate, the enactment of the Coronavirus Aid, Relief, and
Economic Security (CARES) Act and the American Rescue Plan Act of 2021, both
authorizing the Paycheck Protection Program (PPP) administered by the Small
Business Administration, and a variety of rulings from the Company's banking
regulators.


                                       25
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The Company continues to actively monitor developments related to COVID-19 and
its impact to its business, customers, employees, counterparties, vendors, and
service providers. During the year ended December 31, 2021, the Company's
results of operations included continued maintenance of the allowance for credit
losses (ACL) at a level appropriate given the state of key macroeconomic
variables utilized in the econometric models at December 31, 2021. Additionally,
the Company continued to see impacts of the volatile equity and debt markets and
low interest rate environment in its fee-based businesses.

In response to the COVID-19 pandemic, the Company formed a Pandemic Taskforce
and a steering group comprised of associates across multiple lines of business
and support functions and has taken several actions to offer various forms of
support to its customers, employees, and communities that have experienced
impacts resulting from the COVID-19 pandemic. The Company has also increased
purchases of computer hardware to support a remote workforce, as well as
incurred additional cleaning and janitorial expense to disinfect branch and
office locations. The Company has actively worked with customers impacted by the
economic downturn by offering payment deferrals and other loan
modifications. See further details under "Credit Risk Management" within "Item
7A. Quantitative and Qualitative Disclosures about Market Risk."

The COVID-19 pandemic and stay-at-home and similar mandates have also
necessitated certain actions related to the way the Company operates its
business. The Company transitioned most of its workforce off-site or to
work-from-home to help mitigate health risks and is currently moving forward
with plans to bring associates back in the office in a phased approach during
the first half of 2022. The Company is also carefully monitoring the activities
of its vendors and other third-party service providers to mitigate the risks
associated with any potential service disruptions.

The Company has detailed the impact of the COVID-19 pandemic in each applicable section of the “MD&A and Analysis of Financial Condition and Results of Operations” below.


The Company focuses on the following four core financial objectives. Management
believes these objectives will guide its efforts to achieve its vision, to
deliver the Unparalleled Customer Experience, all while seeking to improve net
income and strengthen the balance sheet while undertaking prudent risk
management.

The first financial objective is to continuously improve operating efficiencies.
The Company has focused on identifying efficiencies that simplify its
organizational and reporting structures, streamline back office functions and
take advantage of synergies and newer technologies among various platforms and
distribution networks. The Company has identified and expects to continue
identifying ongoing efficiencies through the normal course of business that,
when combined with increased revenue, will contribute to improved operating
leverage. For 2021, total revenue decreased 0.7%, and noninterest expense
increased 1.4%, as compared to the previous year. Revenue for 2020 included a
gain on the Company's investment in Tattooed Chef, Inc. (TTCF) of $108.8
million. Revenue for 2021 included a loss of $15.4 million on TTCF. The Company
continues to invest in technological advances that it believes will help
management drive operating leverage in the future through improved data analysis
and automation. The Company also continues to evaluate core systems and will
invest in enhancements that it believes will yield operating efficiencies.

The second financial objective is to increase net interest income through
profitable loan and deposit growth and the optimization of the balance
sheet. For 2021, net interest income increased $84.3 million, or 11.5%, as
compared to the previous year. The Company has shown increased net interest
income through the effects of increased volume, the mix of average earning
assets, and PPP income. Loans recorded under the PPP increased loan interest
income by $12.4 million in 2021 as compared to 2020. The additional increase in
interest income was driven by increased loan and securities balances and
liquidity. These increases were offset by a lower rate environment. Average
earning assets increased $6.7 billion, or 24.7%, compared to 2020. Average loan
balances increased $1.5 billion, average securities increased $2.2 billion, and
average interest-bearing due from banks increased $2.8 billion from prior year.
Average PPP loans decreased $229.0 million. The funding for these assets was
driven primarily by a 17.5% increase in average interest-bearing liabilities and
43.5% increase in noninterest-bearing deposits. Net interest margin, on a
tax-equivalent basis, decreased 31 basis points compared to the same period in
2020.

The third financial objective is to grow the Company's revenue from noninterest
sources. The Company seeks to grow noninterest revenues throughout all economic
and interest rate cycles, while positioning itself to benefit in periods of
economic growth. Noninterest income decreased $93.0 million, or 16.6%, to $467.2
million for the year ended December 31, 2021, compared to the same period in
2020. This decrease was primarily driven by the $108.8

                                       26
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million gain on the Company's investment in TTCF in 2020, coupled with a loss on
TTCF of $15.4 million in 2021. The decreased revenue attributed to TTCF is
offset by increased fund services income and corporate trust income. These
changes are discussed in greater detail below under Noninterest income. As of
December 31, 2021, noninterest income represented 36.4% of total revenues, as
compared to 43.4% for 2020.

The fourth financial objective is effective capital management. The Company
places a significant emphasis on maintaining a strong capital position, which
management believes promotes investor confidence, provides access to funding
sources under favorable terms, and enhances the Company's ability to capitalize
on business growth and acquisition opportunities. The Company continues to
maximize shareholder value through a mix of reinvesting in organic growth,
evaluating acquisition opportunities that complement the Company's strategies,
increasing dividends over time, and appropriately utilizing a share repurchase
program. At December 31, 2021, the Company had a total risk-based capital ratio
of 13.88% and $3.1 billion in total shareholders' equity, an increase of $128.5
million, or 4.3%, compared to total shareholders' equity at December 31, 2020.
The Company repurchased 68 thousand shares of common stock at an average price
of $81.36 per share during 2021 and declared $67.3 million in dividends, which
represents a 10.9% increase compared to dividends declared during 2020.

Earnings Summary


The Company recorded consolidated net income of $353.0 million for the year
ended December 31, 2021. This represents a 23.2% increase over 2020. Net income
for 2020 was $286.5 million, or an increase of 17.6% compared to 2019. Basic
earnings per share for the year ended December 31, 2021, were $7.31 per share
compared to $5.95 per share in 2020, an increase of 22.9%. Basic earnings per
share were $4.99 per share in 2019, or an increase of 19.2% from 2019 to 2020.
Fully diluted earnings per share increased 22.1% from 2020 to 2021 and increased
19.6% from 2019 to 2020. Return on average assets and return on average common
shareholder's equity for the year ended December 31, 2021 were 1.00% and 11.43%,
respectively, compared to 1.00% and 10.21%, respectively, for the year ended
December 31, 2020. Return on average assets and return on average common
shareholder's equity for the year ended December 31, 2019 were 1.02% and 9.94%,
respectively.

The Company's net interest income increased to $815.5 million in 2021 compared
to $731.2 million in 2020 and $670.9 million in 2019. In total, net interest
income increased $84.3 million, as compared to 2020, primarily driven by a
favorable volume variance of $85.0 million. See Table 2. The favorable volume
variance on earning assets was predominantly driven by an increase of $6.7
billion in average earning assets, or 24.7%. Average interest-bearing due from
banks increased $2.8 billion, average securities balances increased $2.2
billion, and average loan balances increased $1.5 billion for 2021 compared to
the same period in 2020. Net interest margin, on a fully tax-equivalent basis
(FTE), decreased to 2.50% for 2021, compared to 2.81% for the same period in
2020, as the asset yields and the cost of interest-bearing liabilities
decreased, coupled with an increased balance sheet. This created significant
margin compression. The Company has seen a decrease in the benefit from
interest-free funds as compared to 2020 driven by the lower rate
environment. The impact of this benefit decreased seven basis points compared to
2020 and is illustrated on Table 3. The magnitude and duration of this impact
will be largely dependent upon the FRB's policy decisions and market movements.
See Table 18 in Item 7A for an illustration of the impact of an interest rate
increase or decrease on net interest income as of December 31, 2021.

The provision for credit losses totaled $20.0 million for the year ended
December 31, 2021, which is a decrease of $110.5 million, or 84.7%, compared to
the same period in 2020. This change is the result of the adoption of the CECL
standard in 2020 and applying this methodology for computing the allowance for
credit losses, coupled with the impacts of the current and forecasted economic
environment related to the COVID-19 pandemic. See further discussion in
"Provision and Allowance for Credit Losses" in this report.

The Company had a decrease of $93.0 million, or 16.6%, in noninterest income in
2021, as compared to 2020, and an increase of $133.4 million, or 31.3%, in 2020,
compared to 2019. The decrease in 2021 and increase in 2020 is primarily
attributable to a decrease of $115.6 million and an increase of $118.4 million
in Investment securities gains, net. This is primarily driven by the $108.8
million gain on the Company's investment in TTCF in 2020 and a loss of $15.4
million in 2021. The decrease in 2021 is also impacted by increased fund
services income, corporate trust, and bankcard income. These are offset by a
decrease in brokerage income. The change in noninterest income in 2021 from
2020, and 2020 from 2019 is illustrated in Table 6.

Non-interest expense increased in 2021 by $11.6 millioni.e. 1.4%, compared to 2020 and increased by $43.1 millionor 5.5%, in 2020 compared to 2019. The increase in 2021 is mainly attributable to the increase in processing

                                       27
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fees and salary and employee benefits expense, offset by lower operating losses
and equipment expense. The increase in noninterest expense in 2021 from 2020,
and 2020 from 2019 is illustrated in Table 7.

Net interest income


Net interest income is a significant source of the Company's earnings and
represents the amount by which interest income on earning assets exceeds the
interest expense paid on liabilities. The volume of interest earning assets and
the related funding sources, the overall mix of these assets and liabilities,
and the interest rates paid on each affect net interest income. Table 2
summarizes the change in net interest income resulting from changes in volume
and rates for 2021, 2020 and 2019.

Net interest margin, presented in Table 1, is calculated as net interest income
on a fully tax- equivalent basis as a percentage of average earning assets. Net
interest income is presented on a tax-equivalent basis to adjust for the
tax-exempt status of earnings from certain loans and investments, which are
primarily obligations of state and local governments. A critical component of
net interest income and related net interest margin is the percentage of earning
assets funded by interest-free sources. Table 3 analyzes net interest margin for
the three years ended December 31, 2021, 2020 and 2019. Net interest income,
average balance sheet amounts and the corresponding yields earned and rates paid
for the years 2019 through 2021 are presented in Table 1 below.

                                       28
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The following table presents, for the periods indicated, the average earning
assets and resulting yields, as well as the average interest-bearing liabilities
and resulting yields, expressed in both dollars and rates.

Table 1


THREE YEAR AVERAGE BALANCE SHEETS/YIELDS AND RATES (tax-equivalent basis)
(in millions)

                                                         2021                                               2020
                                                      Interest                                           Interest
                                      Average          Income/        Rate Earned/       Average          Income/        Rate Earned/
                                      Balance        Expense (1)        Paid (1)         Balance        Expense (1)        Paid (1)
ASSETS
Loans and loans held for sale
(FTE) (2) (3)                       $  16,629.9     $       619.3             3.72 %   $  15,126.1     $       586.0             3.87 %
Securities:
Taxable                                 7,422.4             127.6             1.72         5,256.7             105.7             2.01
Tax-exempt (FTE)                        4,247.0             124.5             2.93         4,226.4             126.3             2.99
Total securities                       11,669.4             252.1             2.16         9,483.1             232.0             2.45
Federal funds sold and resell
agreements                              1,234.5              10.1             0.81         1,099.4              11.8             1.08
Interest-bearing due from banks         4,063.1               5.4             0.13         1,218.9               3.8             0.31
Other earning assets (FTE)                 23.5               1.0             4.33            37.1               1.6             4.28
Total earning assets (FTE)             33,620.4             887.9             2.64        26,964.6             835.2             3.10
Allowance for credit losses              (204.7 )                                           (184.5 )
Cash and due from banks                   460.1                                              440.5
Other assets                            1,452.8                                            1,347.5
Total assets                        $  35,328.6                                        $  28,568.1

LIABILITIES AND SHAREHOLDERS'
EQUITY
Interest-bearing demand and
savings deposits                    $  16,982.9     $        24.1             0.14 %   $  14,446.2     $        49.1             0.34 %
Time deposits under $250,000              242.0               0.8             0.33           488.3               5.0             1.02
Time deposits of $250,000 or more         453.2               1.5             0.33           402.0               4.1             1.02
Total interest-bearing deposits        17,678.1              26.4             0.15        15,336.5              58.2             0.38
Borrowed funds                            270.5              12.7             4.68           137.0               7.3             5.30
Federal funds purchased                   163.8                 -             0.04            60.3               0.2             0.26
Securities sold under agreements
to repurchase                           2,454.3               6.9             0.28         1,963.5              11.6             0.59
Total interest-bearing
liabilities                            20,566.7              46.0             0.22        17,497.3              77.3             0.44
Noninterest-bearing demand
deposits                               11,254.8                                            7,845.6
Other                                     418.0                                              420.2
Total                                  32,239.5                                           25,763.1
Total shareholders' equity              3,089.1                                            2,805.0
Total liabilities and
shareholders' equity                $  35,328.6                                        $  28,568.1
Net interest income (FTE)                           $       841.9                                      $       757.9
Net interest spread (FTE)                                                     2.42 %                                             2.66 %
Net interest margin (FTE)                                                     2.50 %                                             2.81 %


(1) Interest income and yield are expressed on an ETP basis, using marginal tax

rate of 21% for 2021, 2020 and 2019. Tax-equivalent interest income and

returns take into account tax-exempt interest income net of refusal to

interest expense, for federal income tax purposes, relating to certain

non-taxable assets. Rates earned/paid may not match rates shown due to

presentation in millions. The tax-equivalent interest income amounts to $26.3

     million, $26.7 million, and $24.0 million in 2021, 2020, and 2019,
     respectively.

(2) Loan fees are included in interest income. These costs totaled $17.1 million,

$13.7 millionand $14.5 million in 2021, 2020 and 2019, respectively.

(3) Unaccrued loans are included in the calculation of the average

sales. Interest income on these loans is also included in loan income.

                                       29
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THREE YEAR AVERAGE BALANCE SHEETS/YIELDS AND RATES (tax-equivalent basis)
(in millions)

                                                                       2019
                                                                    Interest
                                                   Average          Income/          Rate Earned/
                                                   Balance        Expense (1)          Paid (1)
ASSETS
Loans and loans held for sale (FTE) (2) (3)      $  12,764.6     $        637.9               5.00 %
Securities:
Taxable                                              4,524.9              106.1               2.34
Tax-exempt (FTE)                                     3,797.0              113.7               3.00
Total securities                                     8,321.9              219.8               2.64
Federal funds sold and resell agreements               535.4               13.8               2.59
Interest-bearing due from banks                        584.8               12.9               2.20
Other earning assets (FTE)                              52.3                2.5               4.79
Total earning assets (FTE)                          22,259.0              886.9               3.98
Allowance for credit losses                           (107.4 )
Cash and due from banks                                454.6
Other assets                                         1,178.4
Total assets                                     $  23,784.6

LIABILITIES AND EQUITY Sight deposits and interest-bearing savings deposits $12,161.8 $138.7

               1.14 %
Time deposits under $250,000                           366.3                5.6               1.53
Time deposits of $250,000 or more                      644.1                9.9               1.54
Total interest-bearing deposits                     13,172.2              154.2               1.17
Borrowed funds                                          69.8                5.2               7.51
Federal funds purchased                                123.9                2.7               2.13
Securities sold under agreements to repurchase       1,533.4               29.9               1.95
Total interest-bearing liabilities                  14,899.3              192.0               1.29
Noninterest-bearing demand deposits                  6,132.2
Other                                                  301.3
Total                                               21,332.8
Total shareholders' equity                           2,451.8
Total liabilities and shareholders' equity       $  23,784.6
Net interest income (FTE)                                        $        694.9
Net interest spread (FTE)                                                                     2.69 %
Net interest margin (FTE)                                                                     3.12 %




                                       30
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Table 2

RATE-VOLUME ANALYSIS (in thousands)


This analysis attributes changes in net interest income either to changes in
average balances or to changes in average interest rates for earning assets and
interest-bearing liabilities. The change in net interest income that is due to
both volume and interest rate has been allocated to volume and interest rate in
proportion to the relationship of the absolute dollar amount of the change in
each. All interest rates are presented on a tax-equivalent basis and give effect
to tax-exempt interest income net of the disallowance of interest expense for
federal income tax purposes, related to certain tax-free assets. The loan
average balances and rates include nonaccrual loans.

       Average Volume                 Average Rate                                              Increase (Decrease)
    2021             2020           2021         2020            2021 vs. 2020          Volume         Rate          Total
                                                            Change in interest
                                                            earned on:
$ 16,629,867     $ 15,126,110         3.72 %       3.87 %   Loans                      $  56,636     $ (23,320 )   $  33,316
                                                            Securities:
   7,422,432        5,256,715         1.72         2.01     Taxable                       38,880       (16,956 )      21,924
   4,246,943        4,226,363         2.93         2.99     Tax-exempt                       689        (2,204 )      (1,515 )
                                                            Federal funds and resell
   1,234,533        1,099,447         0.81         1.08     agreements                     1,336        (3,128 )      (1,792 )
                                                           

Due bearing interest

   4,063,089        1,218,919         0.13         0.31     from banks                     4,757        (3,084 )       1,673
      23,480           37,086         4.33         4.28     Trading securities              (592 )          19          (573 )
  33,620,344       26,964,640         2.64         3.10     Total                        101,706       (48,673 )      53,033
                                                            Change in interest
                                                            incurred on:
                                                            Interest-bearing
  17,678,122       15,336,492         0.15         0.38     deposits                       7,804       (39,606 )     (31,802 )
     163,744           60,314         0.04         0.26     Federal funds purchased          119          (206 )         (87 )
                                                            Securities sold under
   2,454,290        1,963,499         0.28         0.59     agreements to repurchase       2,414        (7,180 )      (4,766 )
     270,498          136,957         4.68         5.30     Borrowed Funds                 6,337          (941 )       5,396
$ 20,566,654     $ 17,497,262         0.22 %       0.44 %   Total                         16,674       (47,933 )     (31,259 )
                                                            Net interest income        $  85,032     $    (740 )   $  84,292



       Average Volume                 Average Rate                                                Increase (Decrease)
    2020             2019           2020         2019             2020 vs. 2019          Volume          Rate          Total
                                                            Change in interest earned
                                                            on:

$15,126,110 $12,764,623 3.87% 5.00% Loans

             $ 106,011     $ (157,899 )   $  (51,888 )
                                                            Securities:

5,256,715 4,524,955 2.01 2.34 Taxable

                15,854        (16,206 )         (352 )
   4,226,363        3,796,983         2.99         3.00     Tax-exempt                     10,048           (292 )        9,756
                                                            Federal funds and resell
   1,099,447          535,393         1.08         2.59     agreements                      9,107        (11,110 )       (2,003 )
                                                            

Interest bearers due from

   1,218,919          584,756         0.31         2.20     banks                           7,267        (16,405 )       (9,138 )
      37,086           52,306         4.28         4.79     Trading securities               (569 )         (209 )         (778 )
  26,964,640       22,259,016         3.10         3.98     Total                         147,718       (202,121 )      (54,403 )
                                                            Change in interest
                                                            incurred on:

15,336,492 13,172,181 0.38 1.17 Interest-bearing deposits 21,986 (117,964 ) (95,978 )

      60,314          123,871         0.26         2.13     Federal funds purchased          (916 )       (1,565 )       (2,481 )
                                                            Securities sold under
   1,963,499        1,533,412         0.59         1.95     agreements to repurchase        6,904        (25,189 )      (18,285 )
     136,957           69,809         5.30         7.51     Borrowed Funds                  3,906         (1,889 )        2,017
$ 17,497,262     $ 14,899,273         0.44 %       1.29 %   Total                          31,880       (146,607 )     (114,727 )
                                                            Net interest income         $ 115,838     $  (55,514 )   $   60,324




                                       31
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Table 3

ANALYSIS OF NET INTEREST MARGIN (in thousands)

                                                    2021             2020             2019
Average earning assets                          $ 33,620,344     $ 26,964,640     $ 22,259,016
Interest-bearing liabilities                      20,566,654       17,497,262       14,899,273
Interest-free funds                             $ 13,053,690     $  9,467,378     $  7,359,743
Free funds ratio (interest free funds to
average earning assets)                                38.83 %          35.11 %          33.06 %
Tax-equivalent yield on earning assets                  2.64 %           3.10 %           3.98 %
Cost of interest-bearing liabilities                    0.22             0.44             1.29
Net interest spread                                     2.42 %           2.66 %           2.69 %
Benefit of interest-free funds                          0.08             0.15             0.43
Net interest margin                                     2.50 %           2.81 %           3.12 %



The Company experienced an increase in net interest income of $84.3 million, or
11.5%, for the year ended December 31, 2021, compared to 2020. This follows an
increase of $60.3 million, or 9.0%, for the year ended December 31, 2020,
compared to 2019. Average earning assets for the year ended December 31, 2021
increased by $6.7 billion, or 24.7%, compared to the same period in 2020. Net
interest margin, on a tax-equivalent basis, decreased to 2.50% for 2021 compared
to 2.81% in 2020.

The Company funds a significant portion of its balance sheet with
noninterest-bearing demand deposits. Noninterest-bearing demand deposits
represented 45.9%, 36.5% and 32.1% of total outstanding deposits at December 31,
2021, 2020 and 2019, respectively. As illustrated in Table 3, the impact from
these interest-free funds was eight basis points in 2021, as compared to 15
basis points in 2020 and 43 basis points in 2019.

The Company has experienced an increase in net interest income during 2021 due
to a volume variance of $85.0 million, offset by a very minimal negative rate
variance of $0.7 million. The average rate on earning assets during 2021 has
decreased by 46 basis points, while the average rate on interest-bearing
liabilities decreased by 22 basis points, resulting in a 24 basis-point decrease
in spread. The volume of loans has increased from an average of $15.1 billion in
2020 to an average of $16.6 billion in 2021 driven by organic loan growth. The
volume of interest-bearing liabilities increased from $17.5 billion in 2020 to
$20.6 billion in 2021. The Company expects to see continued volatility in the
economic markets and government responses to these changes as a result of the
COVID-19 pandemic. These changing economic conditions and governmental responses
could have impacts on the balance sheet and income statement of the Company in
2022. Loan-related earning assets tend to generate a higher spread than those
earned in the Company's investment portfolio. By design, the Company's
investment portfolio is moderate in duration and liquid in its composition of
assets.

During 2022, approximately $1.6 billion of available-for-sale securities are
expected to have principal repayments.  This includes approximately $453 million
which will have principal repayments during the first quarter of 2022.  The
available-for-sale investment portfolio had an average life of 67.6 months, 70.1
months, and 70.9 months as of December 31, 2021, 2020, and 2019, respectively.

Allowance and Provision for Credit Losses


The ACL represents management's judgment of total expected losses included in
the Company's loan portfolio as of the balance sheet date. The Company's process
for recording the ACL is based on the evaluation of the Company's lifetime
historical loss experience, management's understanding of the credit quality
inherent in the loan portfolio, and the impact of the current economic
environment, coupled with reasonable and supportable economic forecasts.

A mathematical calculation of an estimate is made to assist in determining the
adequacy and reasonableness of management's recorded ACL. To develop the
estimate, the Company follows the guidelines in Accounting Standards
Codification (ASC) Topic 326, Financial Instruments - Credit Losses (ASC
326). The estimate reserves for assets held at amortized cost and any related
credit deterioration in the Company's available-for-sale debt security
portfolio. Assets held at amortized cost include the Company's loan book and
held-to-maturity security portfolio.

                                       32
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The process involves the consideration of quantitative and qualitative factors
relevant to the specific segmentation of loans. These factors have been
established over decades of financial institution experience and include
economic observation and loan loss characteristics. This process is designed to
produce a lifetime estimate of the losses, at a reporting date, that includes
evaluation of historical loss experience, current economic conditions,
reasonable and supportable forecasts, and the qualitative framework outlined by
the Office of the Comptroller of the Currency in the published 2020 Interagency
Policy Statement. This process allows management to take a holistic view of the
recorded ACL reserve and ensure that all significant and pertinent information
is considered.

The Company considers a variety of factors to ensure the safety and soundness of
its estimate including a strong internal control framework, extensive
methodology documentation, credit underwriting standards which encompass the
Company's desired risk profile, model validation, and ratio analysis. If the
Company's total ACL estimate, as determined in accordance with the approved ACL
methodology, is either outside a reasonable range based on review of economic
indicators or by comparison of historical ratio analysis, the ACL estimate is an
outlier and management will investigate the underlying reason(s). Based on that
investigation, issues or factors that previously had not been considered may be
identified in the estimation process, which may warrant adjustments to estimated
credit losses.

The ending result of this process is a recorded consolidated ACL that represents
management's best estimate of the total expected losses included in the loan
portfolio, held-to-maturity securities, and credit deterioration in
available-for-sale securities.

Table 4 presents the components of the allowance by loan portfolio segment. The
Company manages the ACL against the risk in the entire loan portfolio and
therefore, the allocation of the ACL to a particular loan segment may change in
the future. Management of the Company believes the present ACL is adequate
considering the Company's loss experience, delinquency trends and current
economic conditions. Future economic conditions and borrowers' ability to meet
their obligations, however, are uncertainties which could affect the Company's
ACL and/or need to change its current level of provision. For more information
on loan portfolio segments and ACL methodology refer to Note 3, "Loans and
Allowance for Credit Losses," in the Notes to the Consolidated Financial
Statements.

Table 4

ALLOCATION OF PROVISION FOR CREDIT LOSSES ON CREDIT (in thousands)


This table presents an allocation of the allowance for credit losses on loans
and percent of loans to total loans by loan portfolio segment, which represents
the total expected losses derived by both quantitative and qualitative methods.
The amounts presented are not necessarily indicative of actual future
charge-offs in any particular category and are subject to change.


                                                          2021                                2020
                                              Allowance         Percent of        Allowance         Percent of
                                              for credit      loans to total      for credit      loans to total
At December 31:                                 losses            loans             losses            loans
Commercial and industrial                    $    123,732               42.3 %   $    122,700               43.8 %
Specialty lending                                   1,738                3.0            5,219                3.2
Commercial real estate                             56,265               36.5           61,931               36.7
Consumer real estate                                3,921               13.5            6,586               12.1
Consumer                                              845                0.8            1,480                0.7
Credit cards                                        6,075                2.3           15,786                2.3
Leases and other                                    2,195                1.6            2,271                1.2
Total allowance for credit losses on loans   $    194,771              100.0 %   $    215,973              100.0 %




Table 5 presents a summary of the Company's ACL for the years ended December 31,
2021 and 2020. Also, please see "Quantitative and Qualitative Disclosures About
Market Risk - Credit Risk Management" in this report for information relating to
nonaccrual, past due, restructured loans, and other credit risk matters. For
more information on loan portfolio segments and ACL methodology refer to Note 3,
"Loans and Allowance for Credit Losses," in the Notes to the Consolidated
Financial Statements.

                                       33
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As illustrated in Table 5 below, the ACL decreased as a percentage of total
loans to 1.13% as of December 31, 2021, compared to 1.34% as of December 31,
2020. The provision for credit losses, including provision for off-balance sheet
credit exposures, totaled $20.0 million for the year ended December 31, 2021,
which is a decrease of $110.5 million, or 84.7%, compared to the same period in
2020. The provision for credit losses, including provision for off-balance sheet
credit exposures, totaled $130.5 million for the year ended December 31,
2020. This decrease is the result of the impacts of the current and forecasted
economic environment related to the COVID-19 pandemic during 2020 and 2021,
coupled with various portfolio changes.

Table 5

ANALYSIS OF THE PROVISION FOR CREDIT LOSSES (in thousands)


                                                            2021            

2020

Allowance - January 1                                   $    218,583     $  

101,788

Cumulative effect adjustment(1)                                    -        

9,030

Adjusted allowance - January 1                               218,583        

110,818

Provision for credit losses                                   23,000          127,890
Charge-offs:
Commercial                                                   (13,981 )         (8,587 )
Specialty lending                                            (31,945 )              -
Commercial real estate                                        (1,198 )        (11,939 )
Consumer real estate                                             (96 )           (219 )
Consumer                                                      (2,424 )           (607 )
Credit cards                                                  (6,011 )         (7,326 )
Leases and other                                                  (8 )            (11 )
Total charge-offs                                            (55,663 )        (28,689 )
Recoveries:
Commercial and industrial                                      6,694            6,473
Specialty lending                                                187                -
Commercial real estate                                         1,560               91
Consumer real estate                                             142               69
Consumer                                                         223              307
Credit cards                                                   1,967            1,618
Leases and other                                                  18                6
Total recoveries                                              10,791            8,564
Net charge-offs                                              (44,872 )        (20,125 )
Allowance for credit losses - end of period             $    196,711     $  

218,583

Allowance for credit losses on loans                    $    194,771     $  

215,973

Allowance for credit losses on held-to-maturity
securities                                                     1,940        

2,610

Loans at end of year, net of unearned interest            17,170,871       

16,103,651

Held-to-maturity securities at end of period               1,480,416        

1,014,614

Total assets at amortized cost                            18,651,287       

17,118,265

Average loans, net of unearned interest                   16,618,350       

15,109,392

Provision for credit losses on loans to loans at the end of the period

                                                       1.13 %      

1.34% Allowance for credit losses – end of period on total assets at amortized cost

                                        1.05 %           1.28 %
Allowance as a multiple of net charge-offs                     4.38x        

10.86x

Net charge-offs to average loans                                0.27 %           0.13 %


(1) Linked to the adoption of ASU no. 2016-13. See note 2, “New accounting

Pronunciations”, for more details.

Non-interest income


A key objective of the Company is the growth of noninterest income to provide a
diverse source of revenue not directly tied to interest rates.  Fee-based
services are typically non-credit related and are not generally affected by
fluctuations in interest rates. Noninterest income decreased in 2021 by $93.0
million, or 16.6%, compared to 2020 and increased in 2020 by $133.4 million, or
31.3%, compared to 2019. The decrease in 2021 is primarily

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attributable to a decrease in net investment securities gains, offset by an increase in fund services income, corporate trust income and bank card income. These are offset by a decrease in brokerage income. The increase in 2020 is primarily attributable to net investment securities gains, fund services revenue, and trading and investment banking revenue.


The Company's fee-based services offer multiple products and services, which
management believes will more closely align with customer product demands. The
Company is currently emphasizing fee-based services including trust and
securities processing, bankcard, securities trading and brokerage and cash and
treasury management. Management believes that it can offer these products and
services both efficiently and profitably, as most have common platforms and
support structures.

Table 6

SUMMARY OF NON-INTEREST INCOME (in thousands)

                                       Year Ended December 31,                 Dollar Change               Percent Change
                                  2021          2020          2019          21-20          20-19        21-20         20-19
Trust and securities
processing                      $ 224,126     $ 194,646     $ 176,913     $   29,480     $  17,733        15.1 %         10.0 %
Trading and investment
banking                            30,939        32,945        23,466         (2,006 )       9,479        (6.1 )         40.4
Service charges on deposit
accounts                           86,056        83,879        82,748          2,177         1,131         2.6            1.4
Insurance fees and
commissions                         1,309         1,369         1,634            (60 )        (265 )      (4.4 )        (16.2 )
Brokerage fees                     12,171        24,350        31,261        (12,179 )      (6,911 )     (50.0 )        (22.1 )
Bankcard fees                      64,576        60,544        66,727          4,032        (6,183 )       6.7           (9.3 )
Investment securities gains,
net                                 5,057       120,634         2,245       (115,577 )     118,389       (95.8 )      5,273.5
Other                              42,941        41,799        41,776          1,142            23         2.7            0.1
Total noninterest income        $ 467,175     $ 560,166     $ 426,770     $  (92,991 )   $ 133,396       (16.6 )%        31.3 %


Non-interest revenue and year-over-year changes in non-interest revenue are summarized in Table 6 above. The dollar change and percent change columns highlight the respective net increase or decrease of non-interest revenue categories in 2021 compared to 2020, and in 2020 compared to 2019.


Trust and securities processing income consists of fees earned on personal and
corporate trust accounts, custody of securities services, trust investments and
wealth management services, and mutual fund assets servicing. This income
category increased by $29.5 million, or 15.1% in 2021, compared to 2020, and
increased by $17.7 million, or 10.0%, in 2020, compared to 2019. During 2021,
fund services income increased $27.5 million and corporate trust income
increased $5.8 million, offset by a decrease in wealth management income of $3.8
million. During 2020, fund services income increased $10.6 million and corporate
trust income increased $7.2 million.

Trading and investment banking income decreased $2.0 million, or 6.1%, in 2021
compared to 2020 and increased $9.5 million, or 40.4%, in 2020 compared to
2019. The decrease in 2021 compared to 2020 was driven by slightly lower trading
volume and lower market values. The increase in 2020 compared to 2019 was driven
by increased bond trading volume.

Commissions on deposit income increased $2.2 millioni.e. 2.6%, in 2021 compared to 2020 and increased $1.1 million, or 1.4%, in 2020 compared to 2019. The increase in 2021 compared to 2020 is explained by the increase in income from rental charges. The increase in 2020 compared to 2019 is explained by the increase in revenues from health services.


Brokerage fees decreased $12.2 million, or 50.0%, in 2021 compared to 2020 and
$6.9 million, or 22.1%, in 2020 compared to 2019. These decreases were primarily
due to lower money market and 12b-1 income driven by a decrease in volume and
interest rates.

Bankcard fees increased $4.0 million, or 6.7%, in 2021 compared to 2020, and
decreased $6.2 million, or 9.3%, in 2020 compared to 2019. The increase in 2021
compared to 2020 was primarily driven by increased interchange income, offset by
increased rewards and rebate expense. The decrease in 2020 compared to 2019 was
primarily driven by decreased interchange income, offset by decreased rewards
and rebate expense.

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Investment securities gains, net decreased $115.6 million in 2021 compared to
2020 but increased by $118.4 million in 2020 compared to 2019, primarily driven
by changes in valuation of the Company's investment in TTCF. The decrease in
2021 was driven by the $15.4 million loss in 2021 on TTCF, coupled with the
$108.8 million gain on TTCF recorded in 2020. This decrease was offset by an
increase of $5.9 million in gains on equity securities without readily
determinable fair values. The increase in 2020 was driven by the $108.8 million
gain on TTCF, an increase of $3.9 million in gains on equity securities without
readily determinable fair values, and an increase of $3.8 million in gains on
sales of available-for-sale securities.

Non-interest expenses


Noninterest expense increased in 2021 by $11.6 million, or 1.4%, compared to
2020 and increased in 2020 by $43.1 million, or 5.5%, compared to 2019. From
2020 to 2021 the increases were driven by processing fees and salary and
employee benefits expense, offset by other miscellaneous expense, and equipment
expense. The main drivers of the increase from 2019 to 2020 were driven by
salary and employee benefits expense, other miscellaneous expense, and equipment
expense, offset by a decrease in marketing and business development
expense. Table 7 below summarizes the components of noninterest expense and the
respective year-over-year changes for each category.

Table 7

SUMMARY OF NON-INTEREST EXPENSES (in thousands)

                                       Year Ended December 31,                Dollar Change            Percent Change
                                  2021          2020          2019         21-20         20-19        21-20       20-19
Salaries and employee
benefits                        $ 504,442     $ 495,464     $ 461,445     $  8,978     $  34,019         1.8 %       7.4 %
Occupancy, net                     47,345        47,476        47,771         (131 )        (295 )      (0.3 )      (0.6 )
Equipment                          78,398        85,719        79,086       (7,321 )       6,633        (8.5 )       8.4
Supplies and services              14,986        15,537        18,699         (551 )      (3,162 )      (3.5 )     (16.9 )
Marketing and business
development                        18,533        14,679        26,257        3,854       (11,578 )      26.3       (44.1 )
Processing fees                    67,563        54,213        52,198       13,350         2,015        24.6         3.9
Legal and consulting               32,406        29,765        31,504        2,641        (1,739 )       8.9        (5.5 )
Bankcard                           19,145        18,954        17,750          191         1,204         1.0         6.8
Amortization of other
intangible assets                   4,757         6,517         5,506       (1,760 )       1,011       (27.0 )      18.4
Regulatory fees                    11,894        10,279        11,489        1,615        (1,210 )      15.7       (10.5 )
Other                              34,167        43,402        27,155       (9,235 )      16,247       (21.3 )      59.8
Total noninterest expense       $ 833,636     $ 822,005     $ 778,860     $ 11,631     $  43,145         1.4 %       5.5 %



Salaries and employee benefits expense increased $9.0 million, or 1.8%, in 2021
compared to 2020 and $34.0 million, or 7.4%, in 2020 compared to 2019. In 2021,
bonus and commission expense increased $8.7 million, or 7.5%, driven by business
volumes and revenue growth, and higher company performance. Salary and wage
expense increased $1.7 million, or 0.6%. These increases were offset by a
decrease in employee benefits expense of $1.4 million, or 1.7%. In 2020, bonus
and commission expense increased $23.6 million, or 25.3%, driven by business
volumes and revenue growth, and higher company performance. Salary and wage
expense increased $12.1 million, or 4.3%. These increases were offset by a
decrease in employee benefits expense of $1.7 million, or 2.1%.

Equipment expense decreased $7.3 million, or 8.5%, in 2021 compared to 2020, and
increased $6.6 million, or 8.4%, from 2019 to 2020, respectively. The decrease
in 2021 was driven by lower software amortization related to a transition to
cloud-based computing solutions. The increase in 2020 compared to 2019 was
driven by computer hardware and software expenses for the ongoing investments in
digital channel and integrated platform solutions to support business growth and
the continued modernization of core systems.

Marketing and business development expense increased $3.9 million, or 26.3%, in
2021 compared to 2020, but decreased $11.6 million, or 44.1%, in 2020 compared
to 2019. The increase in 2021 was driven by the timing of advertising and
business development projects and higher travel expenses as compared to
2020. The decrease in 2020 is driven by reduced travel and entertainment
expenses and business development expense related to the COVID-19 pandemic.

                                       36
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Processing fees expense increased $13.4 million, or 24.6%, in 2021 compared to
2020, and increased $2.0 million, or 3.9%, in 2020 compared to 2019. The
increases in 2021 and 2020 are primarily driven by the transition to cloud
computing solutions and ongoing investments in digital channel and integrated
platform solutions to support business growth and the continued modernization of
core systems.

Other non-interest expense decreased $9.2 millioni.e. 21.3%, in 2021 compared to 2020 and increased $16.2 million, or 59.8%, in 2020 compared to 2019. The decrease in 2021 is due to lower operating losses, partially offset by an increase in charitable contribution expenses. The increase in 2020 is mainly due to higher operating losses and derivative expenses.

Income taxes


Income tax expense totaled $76.0 million, $52.4 million, and $42.4 million in
2021, 2020, and 2019 respectively. These amounts equate to effective tax rates
of 17.7%, 15.5%, and 14.8% for 2021, 2020 and 2019, respectively. The increase
in the effective tax rate from 2020 to 2021 is primarily attributable to a
smaller portion of pre-tax income being earned from tax-exempt municipal
securities and higher state and local income taxes. The increase in the
effective tax rate from 2019 to 2020 is primarily attributable to a smaller
portion of pre-tax income being earned from tax-exempt municipal securities.

For further information on income taxes, refer to Note 16, “Income Taxes”, in the Notes to the Consolidated Financial Statements.

Activity area


The Company has strategically aligned its operations into the following three
reportable segments: Commercial Banking, Institutional Banking, and Personal
Banking (collectively, the Business Segments). Senior executive officers
regularly evaluate Business Segment financial results produced by the Company's
internal reporting system in deciding how to allocate resources and assess
performance for individual Business Segments.  Previously, the Company had the
following four Business Segments: Commercial Banking, Institutional Banking,
Personal Banking, and Healthcare Services. In the first quarter of 2020, the
Company merged the Healthcare Services segment into the Institutional Banking
segment to better reflect how the Company's core businesses, products and
services are currently being evaluated by management. The management accounting
system assigns balance sheet and income statement items to each Business Segment
using methodologies that are refined on an ongoing basis. For comparability
purposes, amounts in all periods are based on methodologies in effect at
December 31, 2021. Previously reported results have been reclassified in this
Form 10-K to conform to the Company's current organizational structure.

Table 8

COMMERCIAL BANKING OPERATING RESULTS (in thousands)

                                    Year Ended              Dollar       Percent
                                   December 31,             Change        Change
                                2021          2020          21-20         21-20
Net interest income           $ 556,673     $ 475,425     $   81,248         17.1 %
Provision for credit losses      15,553       119,424       (103,871 )      (87.0 )
Noninterest income               81,752       189,412       (107,660 )      (56.8 )
Noninterest expense             289,039       272,283         16,756          6.2
Income before taxes             333,833       273,130         60,703         22.2
Income tax expense               59,165        42,223         16,942         40.1
Net income                    $ 274,668     $ 230,907     $   43,761         19.0 %



For the year ended December 31, 2021, Commercial Banking net income increased
$43.8 million, or 19.0%, to $274.7 million compared to the same period in 2020.
Net interest income increased $81.2 million, or 17.1%, for the year ended
December 31, 2021, compared to the same period last year, primarily driven by
strong loan growth, earning asset mix changes, and the Company's participation
in the PPP. PPP loans averaged $802.4 million during 2021, and PPP income
increased $12.4 million as compared to 2020. Provision for credit losses
decreased $103.9 million as compared to 2020. The provision expense for 2020 was
significantly impacted by the adoption of CECL,

                                       37
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coupled with the impacts of the COVID-19 pandemic on the economic environment
and reasonable and supportable economic forecasts. The provision in 2021
represents substantial improvement in these forecasts. Noninterest income
decreased $107.7 million, or 56.8%, over the same period in 2020. Investment
securities gains, net decreased $117.0 million, primarily driven by the change
in market valuation on the Company's investment in TTCF. This decrease was
partially offset by increases of $3.3 million in deposit service charges, $2.7
million in gains on sales of assets, and $2.5 million in bankcard fees.
Noninterest expense increased $16.8 million, or 6.2%, as compared to the same
period in 2020. This increase was driven by an increase of $20.0 million in
technology, service, and overhead expenses, $4.9 million in salaries and
employee benefits expense, $1.8 million in marketing and business development
expense, $1.6 million in processing fees, and $1.3 million in regulatory
fees. These increases were partially offset by a decrease of $12.9 million in
operational losses as compared to 2020.

Table 9

INSTITUTIONAL BANK OPERATING RESULTS (in thousands)

                                    Year Ended             Dollar       Percent
                                   December 31,            Change        Change
                                2021          2020          21-20        21-20
Net interest income           $  87,644     $ 106,856     $ (19,212 )      (18.0 )%
Provision for credit losses         630           882          (252 )      (28.6 )
Noninterest income              273,413       254,874        18,539          7.3
Noninterest expense             292,080       286,635         5,445          1.9
Income before taxes              68,347        74,213        (5,866 )       (7.9 )
Income tax expense               12,113        11,472           641          5.6
Net income                    $  56,234     $  62,741     $  (6,507 )      (10.4 )%



For the year ended December 31, 2021, Institutional Banking net income decreased
$6.5 million, or 10.4%, compared to the same period last year.  Net interest
income decreased $19.2 million, or 18.0%, compared to the same period last year,
due to a decrease in funds transfer pricing driven by lower interest rates.
Noninterest income increased $18.5 million, or 7.3%, primarily due to increases
of $27.5 million in fund services income, $5.8 million in corporate trust
income, both recorded in trust and securities processing revenue, $0.9 million
in bankcard fees and $0.8 million in other income. The increases in fund
services income and corporate trust income are related to increased assets
administered as compared to the prior year. These increases were partially
offset by decreases of $12.0 million in brokerage fees and $4.7 million in bond
trading income. The decrease in brokerage fees is primarily due to lower 12b-1
and money market revenue and the decline in bond trading income is due to
decreased trading volumes. Noninterest expense increased $5.4 million, or 1.9%,
primarily driven by increases of $4.7 million in technology, service, and
overhead expenses and $4.5 million in processing fees. These increases were
partially offset by decreases of $2.8 million in salary and employee benefits
expense, and $1.3 million in equipment expense.

Table 10

OPERATING RESULTS OF THE INDIVIDUAL BANK (in thousands)

                                     Year Ended             Dollar       Percent
                                    December 31,            Change        Change
                                 2021          2020          21-20        21-20
Net interest income            $ 171,204     $ 148,948     $  22,256         14.9 %
Provision for credit losses        3,817        10,194        (6,377 )      (62.6 )
Noninterest income               112,010       115,880        (3,870 )       (3.3 )
Noninterest expense              252,517       263,087       (10,570 )       (4.0 )
Income (loss) before taxes        26,880        (8,453 )      35,333        418.0
Income tax expense (benefit)       4,764        (1,307 )       6,071        464.5
Net income (loss)              $  22,116     $  (7,146 )   $  29,262        409.5 %



For the year ended December 31, 2021, Personal Banking net income increased
$29.3 million as compared to the same period last year.  Net interest income
increased $22.3 million, or 14.9%, compared to the same period last year due to
increased loan balances. Provision for credit losses decreased $6.4 million. The
provision expense for 2020 was significantly impacted by the adoption of CECL,
coupled with the impacts of the COVID-19 pandemic on

                                       38
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the economic environment and reasonable and supportable economic forecasts. The
provision in 2021 represents substantial improvements in these
forecasts. Noninterest income decreased $3.9 million, or 3.3%, primarily driven
by a decrease of $3.8 million in trust income and $1.3 million in equity
earnings on alternative investments. Both decreases are related to the sale of
PCM in the first quarter of 2021. These decreases were partially offset by an
increase of $0.6 million in bankcard fees driven by higher interchange income.
Noninterest expense decreased $10.6 million, or 4.0%, primarily due to decreases
of $7.5 million in salary and employee benefits, $2.6 million in operational
losses, and $2.2 million in legal and consulting expense. These decreases were
partially offset by an increase of $1.8 million in marketing and business
development expense.

Balance sheet analysis

Loans and loans held for sale


Loans represent the Company's largest source of interest income. Loan balances
held for investment increased by $1.1 billion, or 6.6%, in 2021. This increase
was primarily driven by an increase of $374.5 million, or 19.3%, in consumer
real estate loans, $358.6 million, or 6.1%, in commercial real estate loans,
$196.0 million, or 2.8%, in commercial loans, and $91.4 million, or 47.9% in
lease and other loans.

Commercial & industrial loans and commercial real estate loans continue to
represent the largest segments of the Company's loan portfolio, comprising
approximately 42.3% and 36.5%, respectively, of total loans and loans held for
sale at the end of 2021 and 43.8% and 36.7%, respectively, of total loans and
loans held for sale at the end of 2020.

Commercial loans represent the largest percent of total loans. Commercial loans
at December 31, 2021 have increased $196.0 million, or 2.8%, as compared to
December 31, 2020, to 42.3% of total loans. Commercial loans represented 43.8%
of total loans at December 31, 2020. The Company's commercial loan balances have
been impacted by the Company's participation in the PPP. PPP loans totaled
$136.5 million and $1.3 billion as of December 31, 2021 and December 31, 2020,
respectively.

As a percentage of total loans, commercial real estate comprises 36.5% of total
loans compared to 36.7% in 2020. Commercial real estate loans increased $358.6
million, or 6.1%, compared to 2020. Generally, these loans are made for
investment and real estate development or working capital and business expansion
purposes and are primarily secured by real estate with a maximum loan-to-value
of 80%. Most of these properties are non-owner occupied and have guarantees as
additional security.

Consumer real estate loans increased $374.5 million, or 19.3%, and represented
13.5% of total loans. Specialty lending loans increased $11.1 million, or 2.2%,
and represented 3.0% of total loans as of December 31, 2021.

For more information on the segments of the loan portfolio, refer to Note 3, “Loans and allowance for credit losses”, in the notes to the consolidated financial statements.


Nonaccrual, past due and restructured loans are discussed under "Quantitative
and Qualitative Disclosure about Market Risk - Credit Risk Management" in Item
7A of this report.

Investment Securities

The Company's investment portfolio contains trading, available-for-sale (AFS),
and held-to-maturity (HTM) securities as well as FRB stock, Federal Home Loan
Bank (FHLB) stock, and other miscellaneous investments. Investment securities
totaled $13.8 billion as of December 31, 2021 and $10.6 billion as of December
31, 2020 and comprised 33.8% and 34.0% of the Company's earning assets,
respectively, as of those dates.

The Company's AFS securities portfolio comprised 86.7% of the Company's
investment securities portfolio at December 31, 2021, compared to 87.4% at
December 31, 2020. The Company's AFS securities portfolio provides liquidity as
a result of the composition and average life of the underlying securities. This
liquidity can be used to fund loan growth or to offset the outflow of
traditional funding sources. The average life of the AFS securities portfolio
decreased from 70.1 months at December 31, 2020 to 67.6 months at December 31,
2021. In addition to providing a potential source of liquidity, the AFS
securities portfolio can be used as a tool to manage interest rate

                                       39
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sensitivity. The Company’s objective in managing its portfolio of AFS securities is to maximize return within the Company’s liquidity, interest rate risk and credit risk objectives.


Management expects collateral pledging requirements for public funds, loan
demand, and deposit funding to be the primary factors impacting changes in the
level of AFS securities. There were $10.2 billion of AFS securities pledged to
secure U.S. Government deposits, other public deposits, certain trust deposits,
derivative transactions, and repurchase agreements at December 31, 2021. Of this
amount, securities with a market value of $171.2 million at December 31, 2021
were pledged at the Federal Reserve Discount Window but were unencumbered as of
that date.

The Company's HTM securities portfolio consists of private placement bonds,
which are issued primarily to refinance existing revenue bonds in the healthcare
and education sectors, and mortgage-backed securities. The Company's private
placement bond portfolio totaled $1.1 billion as of December 31, 2021, an
increase of $70.3 million, or 7.0%, from December 31, 2020. The Company's HTM
mortgage-backed securities portfolio totaled $396.1 million as of December 31,
2021. The average life of the HTM portfolio was 5.2 years at December 31, 2021,
compared to 6.1 years at December 31, 2020.

The securities portfolio generates the Company's second largest component of
interest income. The AFS, HTM, and Other securities portfolios achieved an
average yield on a tax-equivalent basis of 2.16% for 2021, compared to 2.45% in
2020. Securities available for sale had a net unrealized gain of $153.9 million
at year-end, compared to a net unrealized gain of $412.0 million the preceding
year. This market value change primarily reflects the impact of a larger
portfolio size, shorter average life, and declining mark interest rates as of
December 31, 2021, compared to December 31, 2020. These amounts are reflected,
on an after-tax basis, in the Company's Accumulated other comprehensive income
(loss) in shareholders' equity, as an unrealized gain of $118.5 million at
year-end 2021, compared to an unrealized gain of $314.5 million for 2020. The
AFS securities portfolio contains securities that have unrealized losses (see
the table of these securities in Note 4, "Securities," in the Notes to the
Consolidated Financial Statements). The unrealized losses in the Company's
investments were caused by changes in interest rates, and not from a decline in
credit of the underlying issuers. The U.S. Treasury, U.S. Agency, and GSE
mortgage-backed securities are all considered to be agency-backed securities
with no risk of loss as they are either explicitly or implicitly guaranteed by
the U.S. government. The changes in fair value in the agency-backed portfolios
are solely driven by change in interest rates caused by changing economic
conditions. The Company has no knowledge of any underlying credit issues and the
cash flows underlying the debt securities have not changed and are not expected
to be impacted by changes in interest rates. As of December 31, 2021, the
Company does not believe the decline in value in these portfolios is related to
credit impairments and instead is due to declining interest rates. The Company
does not have the intent to sell these securities and does not believe it is
more likely than not that the Company will be required to sell these securities
before a recovery of amortized cost. As of December 31, 2021, there is no ACL
related to the Company's available-for-sale securities as the decline in fair
value did not result from credit issues.

Included in Tables 11 and 12 are analyses of the fair value and average yield
(tax-equivalent basis) of securities available for sale and securities held to
maturity.

Table 11

SECURITIES AVAILABLE FOR SALE (in thousands)



                                                 U.S. Treasury Securities                  U.S. Agency Securities
                                                                   Weighted                                 Weighted
December 31, 2021                            Fair Value          Average Yield        Fair Value          Average Yield
Due in one year or less                    $            -                     - %   $            -                     - %
Due after 1 year through 5 years                   69,174                  0.85            124,932                  2.29
Due after 5 years through 10 years                      -                     -                  -                     -
Due after 10 years                                      -                     -                  -                     -
Total                                      $       69,174                  0.85 %   $      124,932                  2.29 %




                                       40
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                                                                                                State and Political
                                                  Mortgage-backed Securities                        Subdivisions
                                                                       Weighted                                Weighted
December 31, 2021                             Fair Value             

Average yield Fair value Average yield Maturity in one year or less

                    $          58,963                    2.33 %   $      163,373                2.30 %
Due after 1 year through 5 years                   4,362,831                    1.73            335,743                2.55
Due after 5 years through 10 years                 3,451,389                    1.76            728,909                2.60
Due after 10 years                                    91,872                    2.16          2,194,663                3.30
Total                                      $       7,965,055                    1.75 %   $    3,422,688                3.02 %



                                                     Corporates                  Collateralized Loan Obligations
                                                              Weighted                                Weighted
December 31, 2021                          Fair Value       Average Yield      Fair Value          Average Yield
Due in one year or less                   $      5,070                3.03 %   $        -                        - %
Due after 1 year through 5 years               229,789                1.78              -                        -
Due after 5 years through 10 years              82,987                3.16         27,612                     1.17
Due after 10 years                                   -                   -         49,207                     1.22
Total                                     $    317,846                2.17 %   $   76,819                     1.20 %




                                                 U.S. Treasury Securities                  U.S. Agency Securities
                                                                   Weighted                                 Weighted
December 31, 2020                            Fair Value          Average Yield       Fair Value           Average Yield
Due in one year or less                    $       20,102                  1.03 %   $         202                    1.89 %
Due after 1 year through 5 years                   10,638                  2.59            95,747                    2.68
Due after 5 years through 10 years                      -                     -                 -                       -
Due after 10 years                                      -                     -                 -                       -
Total                                      $       30,740                  1.55 %   $      95,949                    2.67 %



                                                                                               State and Political
                                                 Mortgage-backed Securities                        Subdivisions
                                                                      Weighted                                Weighted
December 31, 2020                             Fair Value           Average Yield          Fair Value        Average Yield
Due in one year or less                    $        171,564                  (3.18 )%   $      226,929                2.21 %
Due after 1 year through 5 years                  2,834,805                   2.19             450,435                2.36
Due after 5 years through 10 years                2,283,389                   1.99             641,051                2.63
Due after 10 years                                  178,423                   1.76           2,305,204                3.37
Total                                      $      5,468,181                   1.93 %    $    3,623,619                3.02 %



                                                Corporates
                                                         Weighted
December 31, 2020                     Fair Value       Average Yield
Due in one year or less              $          -                   - %
Due after 1 year through 5 years           55,249                2.98
Due after 5 years through 10 years         25,950                3.85
Due after 10 years                              -                   -
Total                                $     81,199                3.27 %






                                       41
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Table 12

SECURITIES HELD TO MATURITY (in thousands)

                                            State and Political Subdivisions         Mortgage-backed Securities
                                                                 Weighted                             Weighted
                                                                  Average                              Average
                                                               Yield/Average                        Yield/Average
December 31, 2021                           Fair Value           Maturity         Fair Value          Maturity
Due in one year or less                    $     17,797                  1.60 %   $        -                     - %
Due after 1 year through 5 years                156,927                  2.36        393,717                  1.54
Due after 5 years through 10 years              481,785                  2.49              -                     -
Due over 10 years                               392,165                  2.08              -                     -
Total                                      $  1,048,674                  2.30 %   $  393,717                  1.54 %




                                          State and Political Subdivisions
                                                                   Weighted
                                                                    Average
                                                                 Yield/Average
December 31, 2020                         Fair Value               Maturity
Due in one year or less              $              4,936                  1.78 %
Due after 1 year through 5 years                  126,901                  

2h30

Due after 5 years through 10 years                435,038                  2.47
Due over 10 years                                 462,569                  2.30
Total                                $          1,029,444                  2.37 %



The table below provides detailed information on the other titles at December 31, 2021 and 2020:


Table 13

OTHER SECURITIES (in thousands)

                                                                  December 31,
                                                               2021          2020
FRB and FHLB stock                                           $  36,222     $  33,222
Equity securities with readily determinable fair values         64,149      

134 197

Equity securities with no easily determinable fair value 226,727

 128,634
Total                                                        $ 327,098     $ 296,053



Equity securities with readily determinable fair values are generally traded on
an exchange and market prices are readily available. Equity securities with
readily determinable fair values includes the Company's investment in TTCF,
which had a fair value of $12.5 million as of December 31, 2021 and $106.9
million as of December 31, 2020. During 2021, the Company sold a portion of this
investment with a value of $79.0 million. Equity securities without readily
determinable fair values are generally carried at cost less impairment. Equity
securities without readily determinable fair values also include PCM alternative
investments in hedge funds and private equity funds, which are accounted for as
equity-method investments. During the first quarter of 2021, the Company sold
its membership interest in PCM. Unrealized gains or losses on equity securities
with and without readily determinable fair values are recognized in the
Investment Securities gains, net line of the Company's Consolidated Statements
of Income.

For further information on the Company’s investment securities, refer to Note 4, “Securities”, in the Notes to the Consolidated Financial Statements.

                                       42
--------------------------------------------------------------------------------

Other productive assets


Federal funds transactions essentially are overnight loans between financial
institutions, which allow for either the daily investment of excess funds or the
daily borrowing of another institution's funds in order to meet short-term
liquidity needs. The net borrowed position was $12.6 million at December 31,
2021 compared to $65.6 million at December 31, 2020.

The Bank buys and sells federal funds as agent for non-affiliated banks. Because
the transactions are pursuant to agency arrangements, these transactions do not
appear on the balance sheet and averaged $394.7 million in 2021 and $362.5
million in 2020.

At December 31, 2021, the Company held securities purchased under agreements to
resell of $1.2 billion compared to $1.7 billion at December 31, 2020. The
Company uses these instruments as short-term secured investments, in lieu of
selling federal funds, or to acquire securities required for collateral
purposes. Balances will fluctuate based on the Company's liquidity and
investment decisions as well as the Company's correspondent bank borrowing
levels. These investments averaged $1.2 billion in 2021 and $1.1 billion in
2020.

The Company also maintains an active securities trading inventory. The average
holdings in the securities trading inventory in 2021 were $23.5 million,
compared to $37.1 million in 2020, and were recorded at fair market value. As
discussed in "Quantitative and Qualitative Disclosures About Market Risk -
Trading Account" in Part II, Item 7A, the Company offsets the trading account
securities by the sale of exchange-traded financial futures contracts, with both
the trading account and futures contracts marked to market daily.

Interest-bearing due from banks totaled $8.8 billion as of December 31, 2021
compared to $3.1 billion as of December 31, 2020 and includes amounts due from
the FRB and interest-bearing accounts held at other financial institutions. The
amount due from the FRB averaged $4.0 billion and $1.2 billion during the years
ended December 31, 2021 and 2020, respectively. The increase in the FRB balance
from 2020 to 2021 is primarily due to an increase in deposit balances as a
result of the Company's participation in the PPP. The interest-bearing accounts
held at other financial institutions totaled $41.2 million and $43.1 million at
December 31, 2021 and 2020, respectively.

Deposits and borrowed funds


Deposits represent the Company's primary funding source for its asset base. In
addition to the core deposits garnered by the Company's retail branch structure,
the Company continues to focus on its cash management services, as well as its
asset management and mutual fund servicing businesses in order to attract and
retain additional core deposits. Deposits totaled $35.6 billion at December 31,
2021 and $27.1 billion at December 31, 2020, an increase of $8.5 billion, or
31.6%. Deposits averaged $28.9 billion in 2021, and $23.2 billion in 2020.

Noninterest-bearing demand deposits averaged $11.3 billion in 2021 and $7.8
billion in 2020. These deposits represented 38.9% of average deposits in 2021,
compared to 33.8% in 2020. The Company's large commercial customer base provides
a significant source of noninterest-bearing deposits. Many of these commercial
accounts do not earn interest; however, they receive an earnings credit to
offset the cost of other services provided by the Company.

Table 14

MATURITIES OF UNINSURED TERM DEPOSITS (in thousands)


                                           December 31,
                                        2021          2020
Maturing within 3 months              $ 318,112     $ 269,489

After 3 months but within 6 months 8,616 16,596 After 6 months but within 12 months 46,839 32,526 After 12 months

                          19,664        17,486
Total                                 $ 393,231     $ 336,097



From December 31, 2021There was $27.4 billion uninsured deposits, compared to $19.7 billion from December 31, 2020.

                                       43
--------------------------------------------------------------------------------

Table 15

ANALYSIS OF AVERAGE DEPOSITS (in thousands)


                                              December 31,
                                          2021             2020

Rising:

Noninterest-bearing demand            $ 11,254,761     $  7,845,667

Interest-bearing current and savings accounts 16,982,864 14,446,164 Term deposits $250,000

               242,017          488,346
Total core deposits                     28,479,642       22,780,177

Term deposits of $250,000 or more 453,241 401,982 Total deposits

                        $ 28,932,883     $ 23,182,159

As a % of total deposits:
Noninterest-bearing demand                    38.9 %           33.9 %
Interest-bearing demand and savings           58.7             62.3
Time deposits under $250,000                   0.8              2.1
Total core deposits                           98.4             98.3
Time deposits of $250,000 or more              1.6              1.7
Total deposits                               100.0 %          100.0 %



Capital resources and liquidity


The Company places a significant emphasis on the maintenance of a strong capital
position, which it believes promotes investor confidence, provides access to
funding sources under favorable terms, and enhances the Company's ability to
capitalize on business growth and acquisition opportunities. Higher levels of
liquidity, however, bear corresponding costs, measured in terms of lower yields
on short-term, more liquid earning assets, and higher expenses for extended
liability maturities. The Company manages capital for each subsidiary based upon
the subsidiary's respective risks and growth opportunities as well as regulatory
requirements.

Total equity increased $128.5 millioni.e. 4.3% to $3.1 billion at
December 31, 2021 compared to December 31, 2020.


The Board authorized, at its April 27, 2021, April 28, 2020, and April 23, 2019
meetings, the repurchase of up to two million shares of the Company's common
stock during the twelve months following each meeting (each a Repurchase
Authorization). During 2021 and 2020, the Company acquired 67,671 shares and
1,208,623 shares, respectively, of its common stock pursuant to the applicable
Repurchase Authorization. During March 2020, the Company entered into an
agreement with Bank of America Merrill Lynch (BAML) to repurchase an aggregate
of $30.0 million of the Company's common stock through an accelerated share
repurchase agreement (ASR). Under the ASR, the Company repurchased a total of
653,498 shares, which was completed during the second quarter of 2020. The ASR
was entered into pursuant to the April 23, 2019 Repurchase Authorization. The
Company has not made any repurchase of its securities other than pursuant to the
Repurchase Authorizations.

Risk-based capital guidelines established by regulatory agencies set minimum
capital standards based on the level of risk associated with a financial
institution's assets. The Company has implemented the Basel III regulatory
capital rules adopted by the FRB. Basel III capital rules include a minimum
ratio of common equity tier 1 capital to risk-weighted assets of 4.5% and a
minimum tier 1 risk-based capital ratio of 6%. A financial institution's total
capital is also required to equal at least 8% of risk-weighted assets.

The risk-based capital guidelines indicate the specific risk weightings by type
of asset. Certain off-balance sheet items (such as standby letters of credit and
binding loan commitments) are multiplied by credit conversion factors to
translate them into balance sheet equivalents before assigning them specific
risk weightings. The Company is also required to maintain a leverage ratio equal
to or greater than 4%. The leverage ratio is tier 1 core capital to total
average assets less goodwill and intangibles. The Company's capital position as
of December 31, 2021 is summarized in the table below and exceeded regulatory
requirements.

                                       44
--------------------------------------------------------------------------------

Table 16

CAPITAL AT RISK (in thousands)


This table computes risk-based capital in accordance with current regulatory
guidelines. These guidelines as of December 31, 2021, excluded net unrealized
gains or losses on securities available for sale from the computation of
regulatory capital and the related risk-based capital ratios.

                                                                   Risk-Weighted Category
                                     0%              20%              50%             100%           150%           Total
Risk-Weighted Assets
Loans held for sale             $          -     $          -     $     1,277     $          -     $       -     $      1,277
Loans and leases                     197,502           56,444       2,034,309       14,787,721        94,895       17,170,871
Securities available for sale      1,912,659        9,579,777          13,307          316,840             -       11,822,583
Securities held to maturity          206,368          209,778       1,064,270                -             -        1,480,416
Trading securities                     1,625            4,219          21,671            4,360             -           31,875
Cash and due from banks            8,901,154          354,573               -                -             -        9,255,727
All other assets                      26,394           24,465          35,457        1,424,229             -        1,510,545
Category totals                 $ 11,245,702     $ 10,229,256     $ 3,170,291     $ 16,533,150     $  94,895     $ 41,273,294

Risk-weighted totals            $          -     $  2,045,851     $ 1,585,146     $ 16,533,150     $ 142,343     $ 20,306,490
Off-balance-sheet items (3)                -           14,395          41,195        3,592,832             -        3,648,422
Total risk-weighted assets      $          -     $  2,060,246     $ 1,626,341     $ 20,125,982     $ 142,343     $ 23,954,912



                                         Total
Regulatory Capital
Shareholders' equity                  $ 3,145,424
Less adjustments (1)                     (259,848 )
Common equity Tier 1/Tier 1 capital     2,885,576
Additional Tier 2 capital (2)             438,708
Total capital                         $ 3,324,284



                                                                      Company
Capital ratios
Common Equity Tier 1 capital to risk-weighted assets                         12.05 %
Tier 1 capital to risk-weighted assets                                       12.05 %
Total capital to risk-weighted assets                                        13.88 %
Leverage ratio (Tier 1 capital to total average assets less
adjustments (1))                                                              7.61 %


(1) Adjustments include a portion of goodwill and intangibles as well as

unrealized capital gains/losses on available-for-sale securities, cash flow hedges,

     and the impact of the Company's election to use the five-year CECL
     transition.

(2) Includes the Company’s ACL (including the off-balance sheet reserve

agreements), subordinated long-term debt and preferred subordinated trust

Remarks.

(3) After application of credit conversion factor and risk weighting.

For more information on regulatory capital requirements, see note 10, “Regulatory requirements”, in the notes to the consolidated financial statements, under section 8.


Repurchase agreements are transactions involving the exchange of investment
funds by the customer for securities by the Company, under an agreement to
repurchase the same issues at an agreed-upon price and date. Securities sold
under agreements to repurchase and federal funds purchased totaled $3.2 billion
at December 31, 2021, and $2.3 billion at December 31, 2020. Repurchase
agreements and federal funds purchased averaged $2.6 billion in 2021 and $2.0
billion in 2020. The Company enters into these transactions with its downstream
correspondent banks, commercial customers, and various trust, mutual fund, and
local government relationships.

                                       45
--------------------------------------------------------------------------------


The Company is a member bank with the FHLB of Des Moines, and through this
relationship, the Company owns $10.0 million of FHLB stock and has access to
additional liquidity and funding sources through FHLB advances. The Company's
borrowing capacity is dependent upon the amount of collateral the Company places
at the FHLB. Based on the collateral pledged, the Company had $1.6 billion of
borrowing capacity at the FHLB at December 31, 2021. The Company had no
outstanding advances at FHLB Des Moines as of December 31, 2021.

To enhance general working capital needs, the Company has a revolving line of
credit with Wells Fargo Bank, N.A. which allows the Company to borrow up to
$30.0 million for general working capital purposes. The interest rate applied to
borrowed balances will be at the Company's option, either 1.25% above LIBOR or
1.75% below the prime rate on the date of an advance. The Company pays a 0.4%
unused commitment fee for unused portions of the line of credit. The Company had
no advances outstanding at December 31, 2021.

Long-term debt totaled $271.5 million at December 31, 2021, compared to $269.6
million at December 31, 2020. In September 2020, the Company issued $200.0
million in aggregate subordinated notes due in September 2030. The Company
received $197.7 million, after deducting underwriting discounts and commissions
and offering expenses, and used the proceeds from the offering for general
corporate purposes, including, among other uses, contributing Tier 1 capital
into the Bank. The subordinated notes were issued with a fixed-to-fixed rate of
3.70% and an effective rate of 3.93%, due to issuance costs, with an interest
rate reset date of September 2025. The remainder of the Company's long-term debt
was assumed from the acquisition of Marquette and consists of debt obligations
payable to four unconsolidated trusts (Marquette Capital Trust I, Marquette
Capital Trust II, Marquette Capital Trust III, and Marquette Capital Trust IV)
that previously issued trust preferred securities. These long-term debt
obligations had an aggregate contractual balance of $103.1 million and had a
carrying value of $73.2 million at December 31, 2021 and $71.7 million at
December 31, 2020. Interest rates on trust preferred securities are tied to the
three-month LIBOR with spreads ranging from 133 basis points to 160 basis points
and reset quarterly. The trust preferred securities have maturity dates ranging
from January 2036 to September 2036. For further information on long-term debt
refer to Note 9, "Borrowed Funds," in the Notes to the Consolidated Financial
Statements.

The Company has material off-balance sheet arrangements in the form of loan
commitments, commercial and standby letters of credit, futures contracts and
forward exchange contracts, which have maturity dates rather than payment due
dates. These commitments and contingent liabilities are not required to be
recorded on the Company's balance sheet. Since commitments associated with
letters of credit and lending and financing arrangements may expire unused, the
amounts shown do not necessarily reflect the actual future cash funding
requirements. See Table 17 below, as well as Note 15, "Commitments,
Contingencies and Guarantees" in the Notes to Consolidated Financial Statements
under Item 8 for detailed information and further discussion of these
arrangements. Management does not anticipate any material losses from its
off-balance sheet arrangements.

Table 17

COMMITMENTS, MATERIAL CASH REQUIREMENTS AND OFF-BALANCE SHEET ARRANGEMENTS (in thousands)


The table below details the commitments, material cash requirements, and
off-balance sheet arrangements for the Company as of December 31, 2021 and
includes principal payments only. The Company has no capital leases or long-term
purchase obligations.

                                                                Payments due by Period
                                                      Less than 1                                     More than 5
                                         Total            year         1-3 years       3-5 years         years
Material Cash Requirements
Federal funds purchased and
repurchase agreements                 $ 3,225,838     $  3,225,588     $        -     $         -     $       250
Long-term debt obligations                273,213                -              -               -         273,213
Operating lease obligations                72,238           12,398         20,100          16,375          23,365
Time deposits                             851,641          734,551         92,044          20,910           4,136
Total                                 $ 4,422,930     $  3,972,537     $  112,144     $    37,285     $   300,964




                                       46
--------------------------------------------------------------------------------

                                                                Maturities due by Period
                                                       Less than 1                                      More than 5
                                         Total             year          1-3 years       3-5 years         years
Commitments, Contingencies and
Guarantees
Commitments to extend credit for
loans (excluding credit card loans)   $ 10,122,617     $  4,246,041     $ 3,906,483     $ 1,270,424     $   699,669
Commitments to extend credit under
credit card loans                        3,743,165        3,743,165               -               -               -
Commercial letters of credit                 2,754            2,754               -               -               -
Standby letters of credit                  365,030          264,424          83,809          16,797               -
Forward contracts                            9,729            9,729               -               -               -
Spot foreign exchange contracts              2,946            2,946               -               -               -
Total                                 $ 14,246,241     $  8,269,059     $ 3,990,292     $ 1,287,221     $   699,669



As of December 31, 2021, the Company's total liabilities for unrecognized tax
benefits were $8.8 million. The Company cannot reasonably estimate the
settlement of these liabilities. Therefore, these liabilities have been excluded
from the table above. See Note 16, "Income Taxes," in the Notes to the
Consolidated Financial Statements for information regarding the liabilities
associated with unrecognized tax benefits.

For further analysis of capital and liquidity, see “Quantitative and Qualitative Disclosures of Market Risk – Liquidity Risk” in Section 7A of this report.

Significant Accounting Policies and Estimates


Management's Discussion and Analysis of Financial Condition and Results of
Operations discusses the Company's Consolidated Financial Statements, which have
been prepared in accordance with accounting principles generally accepted in the
United States of America (GAAP). The preparation of these Consolidated Financial
Statements requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of contingent
liabilities at the date of the Consolidated Financial Statements and the
reported amounts of revenues and expenses during the reporting period. On an
on-going basis, management evaluates its estimates and judgments, including
those related to customers and suppliers, allowance for credit losses, bad
debts, investments, financing operations, long-lived assets, taxes, other
contingencies and litigation. Management bases its estimates and judgments on
historical experience and on various other factors that are believed to be
reasonable under the circumstances, the results of which have formed the basis
for making such judgments about the carrying value of assets and liabilities
that are not readily apparent from other sources. Under different assumptions or
conditions, actual results may differ from the recorded estimates.

Management believes that the Company’s significant accounting policies and estimates are those relating to the allowance for credit losses.

Provision for credit losses


The Company's ACL represents management's judgment of the total expected losses
included in the Company's assets held at amortized cost. The Company's process
for recording the ACL is based on the evaluation of the Company's lifetime
historical loss experience, management's understanding of the credit quality
inherent in the loan portfolio, and the impact of the current economic
environment, coupled with reasonable and supportable economic forecasts.

A mathematical calculation of an estimate is made to assist in determining the
adequacy and reasonableness of management's recorded ACL. To develop the
estimate, the Company follows the guidelines in ASC Topic 326, Financial
Instruments - Credit Losses. The estimate reserves for assets held at amortized
cost, which include the Company's loan and held-to-maturity security
portfolios.

The estimation process involves the consideration of quantitative and
qualitative factors relevant to the specific segmentation of loans. These
factors have been established over decades of financial institution experience
and include economic observation and loan loss characteristics. This process is
designed to produce a lifetime estimate of the losses, at a reporting date, that
is based on evaluation of historical loss experience, current economic

                                       47

————————————————– ——————————


conditions, reasonable and supportable forecasts, and the qualitative framework
outlined by the Office of the Comptroller of the Currency in the published 2020
Interagency Policy Statement. This process allows management to take a holistic
view of the recorded ACL reserve and ensure that all significant and pertinent
information is considered in its estimate.

The Company considers a variety of factors to ensure the safety and soundness of
its estimate including a strong internal control framework, extensive
methodology documentation, credit underwriting standards which encompass the
Company's desired risk profile, model validation, and ratio analysis. If the
Company's total ACL estimate, as determined in accordance with the approved ACL
methodology, is either outside a reasonable range based on review of economic
indicators or by comparison of historical ratio analysis, the ACL estimate is an
outlier and management will investigate the underlying reason(s). Based on that
investigation, issues or factors that previously had not been considered may be
identified in the estimation process, which may warrant adjustments to estimated
credit losses.

The ending result of this process is a recorded consolidated ACL that represents
management's best estimate of the total expected losses included in the loan and
held-to-maturity security portfolios considering available information, from
internal and external sources, relevant to assessing exposure to credit loss
over the contractual term of the instrument. While management utilizes its best
judgment and information available, the ultimate adequacy of the ACL is
dependent upon a variety of factors beyond the Company's control, including the
performance of its portfolios, the economy, and changes in interest rates. As
such, significant downturns in circumstances relating to loan quality and
economic conditions could result in a requirement for additional
allowance. Likewise, an upturn in loan quality and improved economic conditions
may allow a reduction in the required allowance. In either instance,
unanticipated changes could have a significant impact on the Company's Provision
for credit losses and ACL reported in its Consolidated Income Statements and
Consolidated Balance Sheets, respectively.

For more information on loan portfolio segments, the Company's ACL methodology,
and management's assumptions in estimating the ACL, refer to the section
captioned "Allowance for Credit Losses" within Note 3, "Loans and Allowance for
Credit Losses," in the Notes to the Consolidated Financial Statements.

© Edgar Online, source Previews

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First Financial: Leading and Successful TX Franchise (NASDAQ: FFIN) https://freebassuk.com/first-financial-leading-and-successful-tx-franchise-nasdaq-ffin/ Wed, 23 Feb 2022 16:37:00 +0000 https://freebassuk.com/first-financial-leading-and-successful-tx-franchise-nasdaq-ffin/ Luis M/iStock via Getty Images Overview First Financial Bankshares, Inc. (FFIN) is a Texas-based $13 billion commercial bank. It accepts checking, savings and money market accounts, as well as term deposits; and offers home, commercial, agricultural, and consumer loans to businesses, professionals, individuals, and farms and ranches. As of December 31, 2020, it had 78 […]]]>

Luis M/iStock via Getty Images

Overview

First Financial Bankshares, Inc. (FFIN) is a Texas-based $13 billion commercial bank. It accepts checking, savings and money market accounts, as well as term deposits; and offers home, commercial, agricultural, and consumer loans to businesses, professionals, individuals, and farms and ranches. As of December 31, 2020, it had 78 financial centers across Texas.

From a loan portfolio perspective, the bank is a commercial lender with real estate accounting for approximately 70% of the loan portfolio. Commercial property accounts for more than half of the property loan portfolio. C&I represents 20% of the portfolio. Consumer and auto loans are around 10% and 8% respectively. The bank’s credit quality is at the forefront of the industry, posting less than 1% NPL over the years. COVID 19 has caused NPLs to increase, but it is not significant and has been well managed. The 2021 provisioning reversal suggests that 2020 credit losses were not as severe as initially estimated.

In terms of funding mix, DC is only a tiny fraction of the total funding mix, around 4%. The cost of financing is considerably lower than its peers, given the strong deposit franchise.

The bank is relatively well managed from a cost discipline perspective. An average efficiency rate of 40% is industry leading. The management team mentioned plans to pursue acquisitions in key growth markets with assets between $1 billion and $3 billion. Investors should expect both cost reduction/system integration and further growth from acquisitions.

Historically, the bank has used acquisitions to penetrate major markets. In the last three trades that closed, two trades are paid for via expensive stocks, trading at around 30x P/E. The acquisition of Commercial Bancshares was financed with a combination of cash and equity which sold at ~54x P/E. The management team has been creative in using an attractive currency to historically drive expansion in key markets.

  • September 19, 2019 TB&T Bancshares, Inc.
  • October 12, 2017 Commercial Bancshares, Inc.
  • 01-Apr-2015 FBC Bancshares, Inc.

History of mergers and acquisitions

Company deposits

The last thing that deserves special attention is the bank’s trust and wealth management franchise. The wealth management business has grown steadily over the past few years and as such the contribution of fees to total revenue has increased, reducing the bank’s dependence on earnings from the balance sheet to over time.

Transaction Review

First Financial Bankshares, Inc. (FFIN) reported net income of $227.6 million for fiscal 2021, compared to $202.0 million for the prior year. Earnings per share were $1.59 versus $1.42 a year earlier. Revenue for the year increased to $513.7 million from $470.3 million in fiscal 2020. During the fourth quarter, First Financial Bankshares, Inc. reported an ROA and ROE of 1 .7% and 12.7%, respectively. The efficiency ratio is 46.2% and the net interest income/income is 74.3%.

From a profitability perspective, the bank has consistently generated a return on investment above 1% over the past five years, particularly in FY20, with credit losses that are only comparable to historical averages. The improvement in the efficiency ratio reflects the discipline of cost management. The ability to generate more than 2% return on investment from 2018 to 2020 is impressive and is the result of cost discipline, fee growth, high quality deposit franchise and credit quality.

Historical balance sheet growth has also been impressive. As regular readers of commercial banking analysis know, commercial banking generates profits through the balance sheets. Asset growth, typically used as a proxy for loan growth, drives overall NIM-driven profitability. Growth in non-interest income shows how the bank has improved to diversify its income. Net income vs. asset growth and non-interest income growth will tell investors how efficiently this bank is operating, and finally, EPS growth vs. net income growth shows the effectiveness of the management team in deploying capital (i.e. share buybacks) . Over the past six years, total assets, non-interest income, net income and EPS have increased by 14%, 11%, 15% and 15% respectively. Given the bank’s central location in the fast-growing Texas markets, we continue to view population migration as the tailwind supporting strong growth expected in the future.

Operation matrix

Corporate documents, 10K

Evaluation

The stock is priced at 29.6x P/E and 4.6x P/TBV.

Evaluation

Business Deposits, CapIQ

Risk/Reward

From a risk perspective, the only downside is the high valuation, both from a P/E and P/TBV perspective. The bank has delivered strong operating results and a reduction in loan growth will hurt the valuation.

From a compensation perspective, the bank’s fundamentals are very strong. Credit quality is industry leading, deposit supply is top notch, geographic exposure will continue to drive growth, the bank has several different levers to drive growth through both organic and acquisitions.

Conclusion

In our opinion, First Financial is a top quality bank. Although we like the fundamentals, however, on a relative return basis, we like SVB Financial (SIVB) much more. As described in our previous article, SIVB has a strong franchise that will benefit from a secular growth trajectory. Our view is that the growth trajectory for technology and life sciences can potentially outlast the attractiveness of the TX market. Additionally, SIVB sells at much more attractive multiples compared to First Financials. On a stand-alone basis, we like First Financial. In relative terms, we found SIVB more attractive.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations Table of Contents https://freebassuk.com/managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-table-of-contents/ Tue, 22 Feb 2022 22:25:05 +0000 https://freebassuk.com/managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-table-of-contents/ Page Executive Summary 26 Recent Developments 27 Financial Highlights 28 Balance Sheet Overview 30 Supplemental Financial Data 31 Business Segment Operations 36 Consumer Banking 37 Global Wealth & Investment Management 40 Global Banking 42 Global Markets 44 All Other 45 Managing Risk 46 Strategic Risk Management 49 Capital Management 49 Liquidity Risk 54 Credit Risk […]]]>
Page
           Executive Summary                                              26
           Recent Developments                                            27
           Financial Highlights                                           28
           Balance Sheet Overview                                         30
           Supplemental Financial Data                                    31
           Business Segment Operations                                    36
           Consumer Banking                                               37
           Global Wealth & Investment Management                          40
           Global Banking                                                 42
           Global Markets                                                 44
           All Other                                                      45
           Managing Risk                                                  46
           Strategic Risk Management                                      49
           Capital Management                                             49
           Liquidity Risk                                                 54
           Credit Risk Management                                         59
           Consumer Portfolio Credit Risk Management                      60
           Commercial Portfolio Credit Risk Management                    65
           Non-U.S. Portfolio                                             71

         Loan and Lease Contractual Maturities                            72
           Allowance for Credit Losses                                    73
           Market Risk Management                                         75
           Trading Risk Management                                        76
           Interest Rate Risk Management for the Banking Book             79
           Mortgage Banking Risk Management                               80
           Compliance and Operational Risk Management                     80
           Reputational Risk Management                                   81
           Climate Risk Management                                        81
           Complex Accounting Estimates                                   82
           Non-GAAP Reconciliations                                       85


25 Bank of America


————————————————– ——————————

Management report and analysis of the financial situation and operating results


Bank of America Corporation (the "Corporation") and its management may make
certain statements that constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements can be identified by the fact that they do not relate strictly to
historical or current facts. Forward-looking statements often use words such as
"anticipates," "targets," "expects," "hopes," "estimates," "intends," "plans,"
"goals," "believes," "continue" and other similar expressions or future or
conditional verbs such as "will," "may," "might," "should," "would" and "could."
Forward-looking statements represent the Corporation's current expectations,
plans or forecasts of its future results, revenues, provision for credit losses,
expenses, efficiency ratio, capital measures, strategy and future business and
economic conditions more generally, and other future matters. These statements
are not guarantees of future results or performance and involve certain known
and unknown risks, uncertainties and assumptions that are difficult to predict
and are often beyond the Corporation's control. Actual outcomes and results may
differ materially from those expressed in, or implied by, any of these
forward-looking statements.
You should not place undue reliance on any forward-looking statement and should
consider the following uncertainties and risks, as well as the risks and
uncertainties more fully discussed under Item 1A. Risk Factors of this Annual
Report on Form 10-K: and in any of the Corporation's subsequent Securities and
Exchange Commission Filings: the Corporation's potential judgments, orders,
settlements, penalties, fines and reputational damage resulting from pending or
future litigation and regulatory investigations, proceedings and enforcement
actions, including as a result of our participation in and execution of
government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic,
such as the processing of unemployment benefits for California and certain other
states; the possibility that the Corporation's future liabilities may be in
excess of its recorded liability and estimated range of possible loss for
litigation, and regulatory and government actions; the possibility that the
Corporation could face increased claims from one or more parties involved in
mortgage securitizations; the Corporation's ability to resolve representations
and warranties repurchase and related claims; the risks related to the
discontinuation of the London Interbank Offered Rate and other reference rates,
including increased expenses and litigation and the effectiveness of hedging
strategies; uncertainties about the financial stability and growth rates of
non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties
servicing their sovereign debt, and related stresses on financial markets,
currencies and trade, and the Corporation's exposures to such risks, including
direct, indirect and operational; the impact of U.S. and global interest rates,
inflation, currency exchange rates, economic conditions, trade policies and
tensions, including tariffs, and potential geopolitical instability; the impact
of the interest rate and inflationary environment on the Corporation's business,
financial condition and results of operations; the possibility that future
credit losses may be higher than currently expected due to changes in economic
assumptions, customer behavior, adverse developments with respect to U.S. or
global economic conditions and other uncertainties, including the impact of
supply chain disruptions, inflationary pressures and labor shortages on the
economic recovery and our business; the Corporation's concentration of credit
risk; the Corporation's ability to achieve its expense targets and expectations
regarding revenue, net interest income, provision for credit losses, net
charge-offs, effective tax
rate, loan growth or other projections; adverse changes to the Corporation's
credit ratings from the major credit rating agencies; an inability to access
capital markets or maintain deposits or borrowing costs; estimates of the fair
value and other accounting values, subject to impairment assessments, of certain
of the Corporation's assets and liabilities; the estimated or actual impact of
changes in accounting standards or assumptions in applying those standards;
uncertainty regarding the content, timing and impact of regulatory capital and
liquidity requirements; the impact of adverse changes to total loss-absorbing
capacity requirements, stress capital buffer requirements and/or global
systemically important bank surcharges; the potential impact of actions of the
Board of Governors of the Federal Reserve System on the Corporation's capital
plans; the effect of changes in or interpretations of income tax laws and
regulations; the impact of implementation and compliance with U.S. and
international laws, regulations and regulatory interpretations, including, but
not limited to, recovery and resolution planning requirements, Federal Deposit
Insurance Corporation assessments, the Volcker Rule, fiduciary standards,
derivatives regulations and the Coronavirus Aid, Relief, and Economic Security
Act and any similar or related rules and regulations; a failure or disruption in
or breach of the Corporation's operational or security systems or
infrastructure, or those of third parties, including as a result of cyberattacks
or campaigns; the transition and physical impacts of climate change; our ability
to achieve environmental, social and governance goals and commitments or the
impact of any changes in the Corporation's sustainability strategy or
commitments generally; the impact of any future federal government shutdown and
uncertainty regarding the federal government's debt limit or changes in fiscal,
monetary or regulatory policy; the emergence of widespread health emergencies or
pandemics, including the magnitude and duration of the COVID-19 pandemic and its
impact on the U.S. and/or global, financial market conditions and our business,
results of operations, financial condition and prospects; the impact of natural
disasters, extreme weather events, military conflict, terrorism or other
geopolitical events; and other matters.
Forward-looking statements speak only as of the date they are made, and the
Corporation undertakes no obligation to update any forward-looking statement to
reflect the impact of circumstances or events that arise after the date the
forward-looking statement was made.
Notes to the Consolidated Financial Statements referred to in the Management's
Discussion and Analysis of Financial Condition and Results of Operations (MD&A)
are incorporated by reference into the MD&A. Certain prior-year amounts have
been reclassified to conform to current-year presentation. Throughout the MD&A,
the Corporation uses certain acronyms and abbreviations which are defined in the
Glossary.

Executive Summary

Business Overview
The Corporation is a Delaware corporation, a bank holding company (BHC) and a
financial holding company. When used in this report, "the Corporation," "we,"
"us" and "our" may refer to Bank of America Corporation individually, Bank of
America Corporation and its subsidiaries, or certain of Bank of America
Corporation's subsidiaries or affiliates. Our principal executive offices are
located in Charlotte, North Carolina. Through our various bank and nonbank
subsidiaries throughout the U.S. and in international markets, we provide a
diversified range of

Bank of America 26

————————————————– ——————————


banking and nonbank financial services and products through four business
segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global
Banking and Global Markets, with the remaining operations recorded in All Other.
We operate our banking activities primarily under the Bank of America, National
Association (Bank of America, N.A. or BANA) charter. At December 31, 2021, the
Corporation had $3.2 trillion in assets and a headcount of approximately 208,000
employees.
As of December 31, 2021, we served clients through operations across the U.S.,
its territories and approximately 35 countries. Our retail banking footprint
covers all major markets in the U.S., and we serve approximately 67 million
consumer and small business clients with approximately 4,200 retail financial
centers, approximately 16,000 ATMs, and leading digital banking platforms
(www.bankofamerica.com) with approximately 41 million active users, including
approximately 33 million active mobile users. We offer industry-leading support
to approximately three million small business households. Our GWIM businesses,
with client balances of $3.8 trillion, provide tailored solutions to meet client
needs through a full set of investment management, brokerage, banking, trust and
retirement products. We are a global leader in corporate and investment banking
and trading across a broad range of asset classes serving corporations,
governments, institutions and individuals around the world.

RECENT DEVELOPMENTS


Capital Management
On February 2, 2022, the Corporation announced that the Board of Directors
declared a quarterly cash common stock dividend of $0.21 per share, payable on
March 25, 2022 to shareholders of record as of March 4, 2022.
For more information on our capital resources and regulatory developments, see
Capital Management on page 49.

COVID-19 Pandemic
The Coronavirus Disease 2019 (COVID-19) pandemic (the pandemic) has impacted the
Corporation and may continue to do so, as uncertainty remains about the duration
of the pandemic and the timing and strength of the global economic recovery. As
the pandemic continues to evolve, we regularly evaluate protocols and processes
in place to execute our business continuity plans. In conjunction with our
efforts to support clients affected by the pandemic, we have cumulatively
originated $35.4 billion in loans under the Paycheck Protection Program (PPP)
with amounts outstanding of $4.7 billion and $22.7 billion at December 31, 2021
and 2020. For more information on PPP loans, see Note 1 - Summary of Significant
Accounting Principles to the Consolidated Financial Statements.
The future direct and indirect impact of the pandemic on our businesses, results
of operations and financial condition remains uncertain. Should current economic
conditions deteriorate or if the pandemic worsens due to various factors,
including through the spread of more easily communicable variants of COVID-19,
such conditions could have an adverse effect on our businesses and results of
operations and could adversely affect our financial condition.
For more information on how the risks related to the pandemic adversely affect
our businesses, results of operations and financial condition, see Part 1. Item
1A. Risk Factors on page 8.

LIBOR and Other Benchmark Rates
Subject to the continued publication of certain non-representative London
Interbank Offered Rate (LIBOR) benchmark settings based on a modified
calculation (i.e., on a "synthetic" basis), British Pound Sterling, Euro, Swiss
Franc and Japanese Yen LIBOR settings and one-week and two-month U.S. dollar
(USD) LIBOR settings ceased or became no longer representative of the underlying
market the rates seek to measure (i.e., non-representative) immediately after
December 31, 2021, and the remaining USD LIBOR settings (i.e., overnight, one
month, three month, six month and 12 month) will cease or become
non-representative immediately after June 30, 2023. Separately, the Federal
Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal
Deposit Insurance Corporation (FDIC) issued supervisory guidance encouraging
banks to cease entering into new contracts that use USD LIBOR as a reference
rate by December 31, 2021 subject to certain regulatory-approved exceptions (USD
LIBOR Guidance).
As a result, a major transition has been and continues to be in progress in the
global financial markets with respect to the replacement of Interbank Offered
Rates (IBORs). This is a complex process impacting a variety of our businesses
and operations. IBORs have historically been used in many of the Corporation's
products and contracts, including derivatives, consumer and commercial loans,
mortgages, floating-rate notes and other adjustable-rate products and financial
instruments. In response, the Corporation established an enterprise-wide IBOR
transition program, with active involvement of senior management and regular
reports to the Management Risk Committee (MRC) and Enterprise Risk Committee
(ERC). The program continues to drive the Corporation's industry and regulatory
engagement, client and financial contract changes, internal and external
communications, technology and operations modifications, including updates to
its operational models, systems and processes, introduction of new products,
migration of existing clients, and program strategy and governance.
As of December 31, 2021, the Corporation has transitioned or otherwise addressed
IBOR-based products and contracts referencing the rates that ceased or became
non-representative after December 31, 2021, including LIBOR-linked commercial
loans, LIBOR-based adjustable-rate consumer mortgages, LIBOR-linked derivatives
and interdealer trading of certain USD LIBOR and other interest rate swaps, and
related hedging
27 Bank of America

--------------------------------------------------------------------------------

arrangements. Additionally, in accordance with the USD LIBOR Guidance, the
Corporation has ceased entering into new contracts that use USD LIBOR as a
reference rate, subject to certain regulatory-approved exceptions.
The Corporation launched capabilities and services to support the issuance and
trading in products indexed to various alternative reference rates (ARRs) and
developed employee training programs as well as other internal and external
sources of information on the various challenges and opportunities that the
replacement of IBORs has presented and continues to present. The Corporation
continues to monitor a variety of market scenarios as part of its transition
efforts, including risks associated with insufficient preparation by individual
market participants or the overall market ecosystem, ability of market
participants to meet regulatory and industry-wide recommended milestones and
access and demand by clients and market participants to liquidity in certain
products, including LIBOR products.
With respect to the transition of LIBOR products referencing USD LIBOR settings
ceasing or becoming non-representative as of June 30, 2023, a significant
majority of the Corporation's notional contractual exposure to such LIBOR
currencies, of which the significant majority is derivatives contracts, have
been remediated (i.e., updated to include fallback provisions to ARRs based on
market driven protocols, regulatory guidance and industry-recommended fallback
provisions and related mechanisms) and the Corporation is continuing to
remediate the remaining USD LIBOR exposure. The remaining exposure, a majority
of which is made up of derivatives and commercial loans and which represents a
small minority of outstanding USD LIBOR notional contractual exposure of the
Corporation, will require active dialogue with clients to modify the contracts.
For any residual exposures after June 2023 that continue to have no fallback
provisions, the Corporation is assessing and planning to leverage relevant
contractual and statutory solutions, including relevant state legislation and
any future federal legislation, to transition such exposure to ARRs.
The Corporation has implemented regulatory, tax and accounting changes and
continues to monitor current and potential impacts of the transition, including
Internal Revenue Service tax regulations and guidance and Financial Accounting
Standards Board guidance. In addition, the Corporation has engaged impacted
clients in connection with the transition by providing ARRs education and the
timing of transition events. The Corporation is also working actively with
global regulators, industry working groups and trade associations. For more
information on the expected replacement of LIBOR and other benchmark rates, see
Item 1A. Risk Factors - Other on page 21.

Changes to Overdraft Services
In January 2022, the Corporation announced changes to its overdraft services for
consumer and small business clients, which include eliminating non-sufficient
funds (NSF) fees beginning in February 2022 and reducing overdraft fees from $35
to $10 beginning in May 2022. Fees from overdraft services were approximately $1
billion in 2021 and recorded in Consumer Banking as service charges in the
Consolidated Statement of Income. Due to the policy changes, in 2022 the
Corporation expects a significant reduction in NSF and overdraft fees.



Financial Highlights
Table 1                      Summary Income Statement and Selected Financial Data

(Dollars in millions, except per share information)                                                                        2021                     2020
Income statement
Net interest income                                                                                                 $        42,934          $        43,360
Noninterest income                                                                                                           46,179                   42,168
Total revenue, net of interest expense                                                                                       89,113                   85,528
Provision for credit losses                                                                                                  (4,594)                  11,320
Noninterest expense                                                                                                          59,731                   55,213
Income before income taxes                                                                                                   33,976                   18,995
Income tax expense                                                                                                            1,998                    1,101
Net income                                                                                                                   31,978                   17,894
Preferred stock dividends                                                                                                     1,421                    1,421
Net income applicable to common shareholders                                                                        $        30,557          $        16,473

Per common share information
Earnings                                                                                                            $          3.60          $          1.88
Diluted earnings                                                                                                               3.57                     1.87
Dividends paid                                                                                                                 0.78                     0.72
Performance ratios
Return on average assets (1)                                                                                                   1.05  %                  0.67  %
Return on average common shareholders' equity (1)                                                                             12.23                     

6.76

Return on average tangible common shareholders' equity (2)                                                                    17.02                     9.48
Efficiency ratio (1)                                                                                                          67.03                    64.55

Balance sheet at year end
Total loans and leases                                                                                              $       979,124          $       927,861
Total assets                                                                                                              3,169,495                2,819,627
Total deposits                                                                                                            2,064,446                1,795,480
Total liabilities                                                                                                         2,899,429                2,546,703
Total common shareholders' equity                                                                                           245,358                  248,414
Total shareholders' equity                                                                                                  270,066                  272,924


(1)For definitions, see Key Metrics on page 169.
(2)Return on average tangible common shareholders' equity is a non-GAAP
financial measure. For more information and a corresponding reconciliation to
the most closely related financial measures defined by accounting principles
generally accepted in the United States of America (GAAP), see Non-GAAP
Reconciliations on page 85.

Net income was $32.0 billion or $3.57 per diluted share in 2021 compared to
$17.9 billion or $1.87 per diluted share in 2020. The increase in net income was
due to improvement in the provision for credit losses and higher revenue,
partially offset by higher noninterest expense.
For discussion and analysis of our consolidated and business segment results of
operations for 2020 compared to 2019, see the Financial Highlights and Business
Segment Operations sections in the MD&A of the Corporation's 2020 Annual Report
on Form 10-K.

Net Interest Income
Net interest income decreased $426 million to $42.9 billion in 2021 compared to
2020. Net interest yield on a fully taxable-equivalent (FTE) basis decreased 24
basis points (bps) to 1.66 percent for 2021. The decrease in net interest income
was primarily driven by lower interest rates and average loan balances,
partially offset by higher average balances of debt securities. For more
information on net interest yield and the FTE basis, see Supplemental Financial
Data on page 31, and for more information on interest rate risk management, see
Interest Rate Risk Management for the Banking Book on page 79.






        Bank of America 28

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Non-interest income

Table 2 Non-interest income

(Dollars in millions)                                    2021          2020
Fees and commissions:
Card income                                           $  6,218      $  5,656
Service charges                                          7,504         7,141
Investment and brokerage services                       16,690        14,574
Investment banking fees                                  8,887         7,180
Total fees and commissions                              39,299        34,551
Market making and similar activities                     8,691         8,355

Other income                                            (1,811)         (738)

Total noninterest income                              $ 46,179      $ 42,168

Non-interest income increased $4.0 billion for $46.2 billion in 2021 compared to 2020. The following highlights the significant changes.


?  Card income increased $562 million primarily driven by increased client
activity and merchant services revenue.
?  Service charges increased $363 million primarily due to higher treasury and
credit service charges and increased client activity.
?  Investment and brokerage services increased $2.1 billion primarily driven by
higher market valuations and assets under management (AUM) flows, partially
offset by declines in AUM pricing.
?  Investment banking fees increased $1.7 billion primarily due to higher
advisory fees as well as higher debt and equity issuance fees.
?  Market making and similar activities increased $336 million primarily driven
by strong sales and trading performance in Equities, partially offset by a
weaker performance in Fixed Income, Currencies and Commodities (FICC), which
benefited from a more favorable market environment in 2020.
?  Other income decreased $1.1 billion primarily due to a $704 million gain on
sales of certain mortgage loans in the prior year, as well as higher partnership
losses on tax credit investments.

Provision for Credit Losses
The provision for credit losses improved $15.9 billion to a benefit of $4.6
billion in 2021 compared to 2020. The benefit was primarily due to improvements
in the macroeconomic outlook and credit quality. For more information on the
provision for credit losses, see Allowance for Credit Losses on page 73.

Non-interest expenses


Table 3           Noninterest Expense

(Dollars in millions)                                          2021          2020
Compensation and benefits                                   $ 36,140      $ 32,725
Occupancy and equipment                                        7,138         7,141
Information processing and communications                      5,769        

5,222

Product delivery and transaction related                       3,881         3,433
Marketing                                                      1,939         1,701
Professional fees                                              1,775         1,694
Other general operating                                        3,089         3,297
Total noninterest expense                                   $ 59,731      $ 55,213


Noninterest expense increased $4.5 billion to $59.7 billion in 2021 compared to
2020. The increase was primarily due to higher compensation and benefits
expense, higher costs associated with processing transactional card claims
related to state unemployment benefits, a contribution to the Bank of America
Foundation and an impairment charge for real estate rationalization.

income tax expense

Table 4 Income tax expense

(Dollars in millions)                           2021           2020
Income before income taxes                   $ 33,976       $ 18,995
Income tax expense                              1,998          1,101
Effective tax rate                                5.9  %         5.8  %


Income tax expense was $2.0 billion for 2021 compared to $1.1 billion in 2020,
resulting in an effective tax rate of 5.9 percent compared to 5.8 percent.
The effective tax rates for 2021 and 2020 were driven by the impact of our
recurring tax preference benefits and positive income tax adjustments from the
impact of U.K. tax law changes discussed below. Our recurring tax preference
benefits primarily consist of tax credits from environmental, social and
governance (ESG) investments in affordable housing and renewable energy,
aligning with our responsible growth strategy to address global sustainability
challenges. Absent these tax credits, the impact of the U.K. tax law changes and
other discrete items, the effective tax rates would have been approximately 25
percent and 26 percent for 2021 and 2020.
In June 2021, the U.K. enacted the 2021 Finance Act, which included an increase
in the U.K. corporation income tax rate to 25 percent from 19 percent. This
change is effective April 1, 2023 and unfavorably affects income tax expense on
future U.K. earnings. In addition, in July 2020, the U.K. enacted a repeal of
the final two percent of scheduled decreases in the U.K. corporation income tax
rate. As a result, in 2021 and 2020, the Corporation recorded write-ups of U.K.
net deferred tax assets of approximately $2.0 billion and $700 million, with
corresponding positive income tax adjustments. These write-ups were reversals of
previously recorded write-downs of net deferred tax assets for prior changes in
the U.K. corporation income tax rate.

29 Bank of America

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Balance Sheet Overview

Table 5                 Selected Balance Sheet Data

                                                                                 December 31
(Dollars in millions)                                                     2021                 2020              $ Change            % Change
Assets
Cash and cash equivalents                                            $   348,221          $   380,463          $ (32,242)                   (8) %
Federal funds sold and securities borrowed or purchased under
agreements to resell                                                     250,720              304,058            (53,338)                  (18)
Trading account assets                                                   247,080              198,854             48,226                    24
Debt securities                                                          982,627              684,850            297,777                    43
Loans and leases                                                         979,124              927,861             51,263                     6
Allowance for loan and lease losses                                      (12,387)             (18,802)             6,415                   (34)
All other assets                                                         374,110              342,343             31,767                     9
Total assets                                                         $ 3,169,495          $ 2,819,627          $ 349,868                    12
Liabilities
Deposits                                                             $ 2,064,446          $ 1,795,480          $ 268,966                    15
Federal funds purchased and securities loaned or sold under
agreements to repurchase                                                 192,329              170,323             22,006                    13
Trading account liabilities                                              100,690               71,320             29,370                    41
Short-term borrowings                                                     23,753               19,321              4,432                    23
Long-term debt                                                           280,117              262,934             17,183                     7
All other liabilities                                                    238,094              227,325             10,769                     5
Total liabilities                                                      2,899,429            2,546,703            352,726                    14
Shareholders' equity                                                     270,066              272,924             (2,858)                   (1)
Total liabilities and shareholders' equity                           $ 3,169,495          $ 2,819,627          $ 349,868                    12


Assets

At December 31, 2021, total assets were approximately $3.2 trillion, up $349.9
billion from December 31, 2020. The increase in assets was primarily due to
higher debt securities that were primarily funded by deposit growth, an increase
in loans and leases and higher trading account assets, partially offset by lower
federal funds sold and securities borrowed or purchased under agreements to
resell and cash and cash equivalents.

Cash and Cash Equivalents
Cash and cash equivalents decreased $32.2 billion primarily driven by higher
investments in debt securities.

Federal Funds Sold and Securities Borrowed or Purchased Under Agreements to
Resell
Federal funds transactions involve lending reserve balances on a short-term
basis. Securities borrowed or purchased under agreements to resell are
collateralized lending transactions utilized to accommodate customer
transactions, earn interest rate spreads and obtain securities for settlement
and for collateral. Federal funds sold and securities borrowed or purchased
under agreements to resell decreased $53.3 billion primarily due to the
investment of excess cash into debt securities.

Trading Account Assets
Trading account assets consist primarily of long positions in equity and
fixed-income securities including U.S. government and agency securities,
corporate securities and non-U.S. sovereign debt. Trading account assets
increased $48.2 billion primarily due to an increase in inventory within Global
Markets.

Debt Securities
Debt securities primarily include U.S. Treasury and agency securities,
mortgage-backed securities (MBS), principally agency MBS, non-U.S. bonds,
corporate bonds and municipal debt. We use the debt securities portfolio
primarily to manage interest rate and liquidity risk and to leverage market
conditions that create economically attractive returns on these investments.
Debt securities increased $297.8 billion primarily driven by the deployment of
deposit inflows. For more information on debt

securities, see Note 4 – Securities to the consolidated financial statements.


Loans and Leases
Loans and leases increased $51.3 billion primarily driven by growth in
commercial loans and higher securities-based lending within consumer loans. For
more information on the loan portfolio, see Credit Risk Management on page 59.

Allowance for Loan and Lease Losses
The allowance for loan and lease losses decreased $6.4 billion primarily due to
improvements in the macroeconomic outlook and credit quality. For more
information, see Allowance for Credit Losses on page 73.

All Other Assets
All other assets increased $31.8 billion primarily driven by higher margin loans
and loans held-for-sale (LHFS).

Passives

AT December 31, 2021total liabilities were approximately $2.9 trillionat the top
$352.7 billion from December 31, 2020mainly due to growth in deposits.

Deposits

Deposits increased $269.0 billion mainly due to an increase in retail and wholesale deposits.


Federal Funds Purchased and Securities Loaned or Sold Under Agreements to
Repurchase
Federal funds transactions involve borrowing reserve balances on a short-term
basis. Securities loaned or sold under agreements to repurchase are
collateralized borrowing transactions utilized to accommodate customer
transactions, earn interest rate spreads and finance assets on the balance
sheet. Federal funds purchased and securities loaned or sold under agreements to
repurchase increased $22.0 billion primarily driven by client activity within
Global Markets.

Trading Account Liabilities
Trading account liabilities consist primarily of short positions in equity and
fixed-income securities including U.S. Treasury and agency securities, corporate
securities and non-U.S. sovereign

Bank of America 30

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debt. Trading account liabilities increased $29.4 billion mainly due to higher levels of short positions in global markets.


Short-term Borrowings
Short-term borrowings provide an additional funding source and primarily consist
of Federal Home Loan Bank (FHLB) short-term borrowings, notes payable and
various other borrowings that generally have maturities of one year or less.
Short-term borrowings increased $4.4 billion primarily due to an increase in
short-term commercial paper issuances to manage liquidity needs. For more
information on short-term borrowings, see Note 10 - Securities Financing
Agreements, Short-term Borrowings and Restricted Cash to the Consolidated
Financial Statements.

Long-term Debt
Long-term debt increased $17.2 billion primarily due to debt issuances,
partially offset by maturities, redemptions and valuation adjustments. For more
information on long-term debt, see Note 11 - Long-term Debt to the Consolidated
Financial Statements.

Shareholders' Equity
Shareholders' equity decreased $2.9 billion primarily due to returns of capital
to shareholders through common stock repurchases and common and preferred stock
dividends, market value decreases on derivatives and debt securities and the
redemption of preferred stock, partially offset by net income.

Cash Flows Overview
The Corporation's operating assets and liabilities support our global markets
and lending activities. We believe that cash flows from operations, available
cash balances and our ability to generate cash through short- and long-term debt
are sufficient to fund our operating liquidity needs. Our investing activities
primarily include the debt securities portfolio and loans and leases. Our
financing activities reflect cash flows primarily related to customer deposits,
securities financing agreements, long-term debt and common and preferred stock.
For more information on liquidity, see Liquidity Risk on page 54.

Additional financial data


Non-GAAP Financial Measures
In this Form 10-K, we present certain non-GAAP financial measures. Non-GAAP
financial measures exclude certain items or otherwise include components that
differ from the most directly comparable measures calculated in accordance with
GAAP. Non-GAAP financial measures are provided as additional useful information
to assess our financial condition, results of operations (including
period-to-period operating performance) or compliance with prospective
regulatory requirements. These non-GAAP financial measures are not intended as a
substitute for GAAP financial measures and may not be defined or calculated the
same way as non-GAAP financial measures used by other companies.
We view net interest income and related ratios and analyses on an FTE basis,
which when presented on a consolidated basis are non-GAAP financial measures. To
derive the FTE basis, net interest income is adjusted to reflect tax-exempt
income on an equivalent before-tax basis with a corresponding increase in income
tax expense. For purposes of this calculation, we use the federal statutory tax
rate of 21 percent and a representative state tax rate. Net interest yield,
which measures the basis points we earn over the cost of funds, utilizes net
interest income on an FTE basis. We believe that presentation of these items on
an FTE basis allows for comparison of amounts from
both taxable and tax-exempt sources and is consistent with industry practices.
We may present certain key performance indicators and ratios excluding certain
items (e.g., debit valuation adjustment (DVA) gains (losses)) which result in
non-GAAP financial measures. We believe that the presentation of measures that
exclude these items is useful because such measures provide additional
information to assess the underlying operational performance and trends of our
businesses and to allow better comparison of period-to-period operating
performance.
We also evaluate our business based on certain ratios that utilize tangible
equity, a non-GAAP financial measure. Tangible equity represents shareholders'
equity or common shareholders' equity reduced by goodwill and intangible assets
(excluding mortgage servicing rights (MSRs)), net of related deferred tax
liabilities ("adjusted" shareholders' equity or common shareholders' equity).
These measures are used to evaluate our use of equity. In addition,
profitability, relationship and investment models use both return on average
tangible common shareholders' equity and return on average tangible
shareholders' equity as key measures to support our overall growth objectives.
These ratios are as follows:

?  Return on average tangible common shareholders' equity measures our net
income applicable to common shareholders as a percentage of adjusted average
common shareholders' equity. The tangible common equity ratio represents
adjusted ending common shareholders' equity divided by total tangible assets.
?  Return on average tangible shareholders' equity measures our net income as a
percentage of adjusted average total shareholders' equity. The tangible equity
ratio represents adjusted ending shareholders' equity divided by total tangible
assets.
?  Tangible book value per common share represents adjusted ending common
shareholders' equity divided by ending common shares outstanding.

We believe ratios utilizing tangible equity provide additional useful
information because they present measures of those assets that can generate
income. Tangible book value per common share provides additional useful
information about the level of tangible assets in relation to outstanding shares
of common stock.
The aforementioned supplemental data and performance measures are presented in
Tables 6 and 7.
For more information on the reconciliation of these non-GAAP financial measures
to the corresponding GAAP financial measures, see Non-GAAP Reconciliations on
page 85.

Key Performance Indicators
We present certain key financial and nonfinancial performance indicators (key
performance indicators) that management uses when assessing our consolidated
and/or segment results. We believe they are useful to investors because they
provide additional information about our underlying operational performance and
trends. These key performance indicators (KPIs) may not be defined or calculated
in the same way as similar KPIs used by other companies. For information on how
these metrics are defined, see Key Metrics on page 169.
Our consolidated key performance indicators, which include various equity and
credit metrics, are presented in Table 1 on page 28, Table 6 on page 32 and
Table 7 on page 33.
For information on key segment performance metrics, see Business Segment
Operations on page 36.

31 Bank of America

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