VA
|
000-22283
|
54-1829288
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
590 Peter Jefferson Parkway, Suite 250, Charlottesville, VA
|
22911
|
|
(Address of principal executive offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
StellarOne Corporation
(Registrant)
|
||
January 25, 2013
(Date)
|
/s/ Jeffrey W. Farrar
Jeffrey W. Farrar
Executive Vice President and Chief Financial Officer
|
Exhibit Index
|
||
99.1
|
Press release dated January 24, 2013
|
Contact:
|
Jeffrey W. Farrar
|
Executive Vice President and CFO
|
|
(434) 964-2217
|
|
jfarrar@stellarone.com
|
·
|
Revenue growth improved, with net revenues totaling $33.6 million, up $1.1 million or 3.3% as compared to $32.5 million for fourth quarter last year.
|
·
|
Pre-tax, pre-provision earnings were $10.6 million, up $1.7 million or 19.4% over the $8.9 million recognized for the fourth quarter last year.
|
·
|
Asset and loan growth improved with period end total assets of $3.02 billion and loans receivable of $2.1 billion. Period end loans receivable increased $25.0 million or 1.2% sequentially.
|
·
|
Asset quality metrics continue to improve, with $1.1 million in recoveries for the quarter, and foreclosed asset levels the lowest in the last eight quarters.
|
·
|
Nonperforming asset levels improved to $41.6 million, a decrease of $6.1 million or 12.8% from 2011, lowering the ratio of non-performing assets as a percentage of total assets to 1.38% as of December 31, 2012, compared to 1.64% as of December 31, 2011.
|
·
|
Annualized net charge-offs as a percentage of average loans receivable amounted to 0.28% for the fourth quarter of 2012, down from 0.42% for the third quarter of 2012 and down from 0.86% for same quarter last year.
|
STELLARONE CORPORATION (NASDAQ: STEL)
|
||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED)
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||
SUMMARY INCOME STATEMENT
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Interest income - taxable equivalent
|
$ | 29,050 | $ | 30,580 | $ | 118,009 | $ | 123,957 | ||||||||
Interest expense
|
4,118 | 5,520 | 18,479 | 24,440 | ||||||||||||
Net interest income - taxable equivalent
|
24,932 | 25,060 | 99,530 | 99,517 | ||||||||||||
Less: taxable equivalent adjustment
|
729 | 787 | 2,953 | 3,096 | ||||||||||||
Net interest income
|
24,203 | 24,273 | 96,577 | 96,421 | ||||||||||||
Provision for loan and lease losses
|
1,400 | 1,750 | 5,550 | 12,700 | ||||||||||||
Net interest income after provision for
|
||||||||||||||||
Net interest income after provision for loan and lease losses
|
22,803 | 22,523 | 91,027 | 83,721 | ||||||||||||
Noninterest income
|
9,417 | 8,259 | 34,343 | 31,051 | ||||||||||||
Noninterest expense
|
23,754 | 24,445 | 95,128 | 94,283 | ||||||||||||
Income tax expense
|
2,245 | 1,568 | 8,079 | 4,604 | ||||||||||||
Net income
|
6,221 | 4,769 | 22,163 | 15,885 | ||||||||||||
Dividends and accretion on preferred stock
|
- | (973 | ) | - | (2,455 | ) | ||||||||||
Net income available to common shareholders
|
$ | 6,221 | $ | 3,796 | $ | 22,163 | $ | 13,430 | ||||||||
Earnings per share available to common shareholders
|
||||||||||||||||
Basic
|
$ | 0.27 | $ | 0.17 | $ | 0.96 | $ | 0.59 | ||||||||
Diluted
|
$ | 0.27 | $ | 0.17 | $ | 0.96 | $ | 0.59 | ||||||||
SUMMARY AVERAGE BALANCE SHEET
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Total loans
|
$ | 2,084,741 | $ | 2,054,650 | $ | 2,064,552 | $ | 2,077,067 | ||||||||
Total investment securities
|
521,999 | 466,553 | 510,852 | 419,149 | ||||||||||||
Total earning assets
|
2,644,993 | 2,626,406 | 2,619,544 | 2,616,532 | ||||||||||||
Total assets
|
2,973,428 | 2,939,235 | 2,945,641 | 2,930,426 | ||||||||||||
Total deposits
|
2,433,728 | 2,399,885 | 2,413,658 | 2,391,761 | ||||||||||||
Shareholders' equity
|
431,505 | 432,969 | 423,499 | 428,931 | ||||||||||||
PERFORMANCE RATIOS
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Return on average assets
|
0.83 | % | 0.64 | % | 0.75 | % | 0.54 | % | ||||||||
Return on average equity
|
5.74 | % | 4.37 | % | 5.23 | % | 3.70 | % | ||||||||
Return on average realized equity (A)
|
5.89 | % | 4.46 | % | 5.37 | % | 3.76 | % | ||||||||
Net interest margin (taxable equivalent)
|
3.75 | % | 3.79 | % | 3.80 | % | 3.80 | % | ||||||||
Efficiency (taxable equivalent) (B)
|
68.25 | % | 71.84 | % | 69.40 | % | 70.38 | % |
CAPITAL MANAGEMENT
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Tier 1 risk-based capital ratio
|
15.60 | % | 15.17 | % | ||||
Tangible equity ratio
|
10.80 | % | 10.52 | % | ||||
Tangible common equity ratio
|
10.80 | % | 10.52 | % | ||||
Period end shares issued and outstanding
|
22,889,091 | 22,819,000 | ||||||
Book value per common share
|
18.86 | 18.15 | ||||||
Tangible book value per common share
|
13.71 | 12.90 |
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Shares issued (cancelled)
|
(450 | ) | 3,064 | 78,303 | 43,267 | |||||||||||
Average common shares issued and outstanding
|
23,099,400 | 22,869,516 | 23,089,457 | 22,857,521 | ||||||||||||
Average diluted common shares issued and outstanding
|
23,100,576 | 22,869,724 | 23,090,012 | 22,861,199 | ||||||||||||
Cash dividends paid per common share
|
$ | 0.08 | $ | 0.04 | $ | 0.26 | $ | 0.16 |
SUMMARY ENDING BALANCE SHEET
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Total loans
|
$ | 2,080,068 | $ | 2,031,131 | ||||
Total investment securities
|
553,476 | 477,964 | ||||||
Total earning assets
|
2,709,183 | 2,610,460 | ||||||
Total assets
|
3,023,204 | 2,917,928 | ||||||
Total deposits
|
2,484,324 | 2,395,600 | ||||||
Shareholders' equity
|
431,642 | 414,173 | ||||||
OTHER DATA
|
||||||||
End of period full-time equivalent employees
|
759 | 811 |
NOTES:
|
(A) Excludes the effect on average stockholders' equity of unrealized gains (losses) that result from changes in market values of securities and other comprehensive pension expense.
|
(B) Comparison of our efficiency ratio with those of other companies may not be possible, because other companies may calculate the efficiency ratio differently. See Non-GAAP reconciliation for detail.
|
STELLARONE CORPORATION (NASDAQ: STEL)
|
||||||||||||||||
CREDIT QUALITY (UNAUDITED)
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
CREDIT QUALITY
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Beginning of period
|
$ | 29,860 | $ | 35,268 | $ | 32,588 | $ | 37,649 | ||||||||
Provision for loan losses
|
1,400 | 1,750 | 5,550 | 12,700 | ||||||||||||
Charge-offs
|
(2,562 | ) | (5,045 | ) | (11,090 | ) | (19,927 | ) | ||||||||
Recoveries
|
1,126 | 615 | 2,776 | 2,166 | ||||||||||||
Net charge-offs
|
(1,436 | ) | (4,430 | ) | (8,314 | ) | (17,761 | ) | ||||||||
End of period
|
$ | 29,824 | $ | 32,588 | $ | 29,824 | $ | 32,588 |
Accruing Troubled Debt Restructurings
|
$ | 22,217 | $ | 30,531 | ||||
Loans greater than 90 days past due still accruing
|
$ | 182 | $ | 1,516 |
December 31,
|
||||||||
2012
|
2011
|
|||||||
Non accrual loans
|
$ | 33,795 | $ | 30,985 | ||||
Non accrual TDR's
|
2,087 | 8,189 | ||||||
Total non-performing loans
|
35,882 | 39,174 | ||||||
Foreclosed assets
|
5,760 | 8,575 | ||||||
Total non-performing assets
|
$ | 41,642 | $ | 47,749 | ||||
Nonperforming assets as a % of total assets
|
1.38 | % | 1.64 | % | ||||
Nonperforming assets as a % of loans plus
|
||||||||
foreclosed assets
|
2.00 | % | 2.34 | % | ||||
Allowance for loan losses as a % of total loans
|
1.43 | % | 1.60 | % | ||||
Annualized net charge-offs as a % of average loans outstanding - 3 months
|
0.28 | % | 0.86 | % | ||||
Annualized net charge-offs as a % of average loans outstanding - year to date
|
0.40 | % | 0.86 | % |
December 31, 2012
|
||||||||||||
Loans Outstanding
|
Nonaccrual Loans
|
Nonaccrual Loans to Loans Outstanding
|
||||||||||
Construction and land development:
|
||||||||||||
Commercial
|
$ | 149,072 | $ | 8,330 | 5.59 | % | ||||||
Residential
|
45,308 | 1,070 | 2.36 | % | ||||||||
Total construction and land development
|
194,380 | 9,400 | 4.84 | % | ||||||||
Commercial real estate:
|
||||||||||||
Commercial real estate - owner occupied
|
343,944 | 3,646 | 1.06 | % | ||||||||
Commercial real estate - non-owner occupied
|
458,646 | 1,798 | 0.39 | % | ||||||||
Farmland
|
12,099 | 71 | 0.59 | % | ||||||||
Multifamily, nonresidential and junior liens
|
106,334 | 4,709 | 4.43 | % | ||||||||
Total commercial real estate
|
921,023 | 10,224 | 1.11 | % | ||||||||
Consumer real estate:
|
||||||||||||
Home equity lines
|
246,806 | 3,721 | 1.51 | % | ||||||||
Secured by 1-4 family residential, secured by first deeds of trust
|
447,400 | 11,659 | 2.61 | % | ||||||||
Secured by 1-4 family residential, secured by second deeds of trust
|
34,690 | 262 | 0.76 | % | ||||||||
Total consumer real estate
|
728,896 | 15,642 | 2.15 | % | ||||||||
Commercial and industrial loans (except those secured by real estate)
|
203,840 | 584 | 0.29 | % | ||||||||
Consumer and other:
|
||||||||||||
Consumer installment loans
|
26,697 | 28 | 0.10 | % | ||||||||
Deposit overdrafts
|
3,677 | - | 0.00 | % | ||||||||
All other loans
|
1,555 | 4 | 0.26 | % | ||||||||
Total consumer and other
|
31,929 | 32 | 0.10 | % | ||||||||
Total loans
|
$ | 2,080,068 | $ | 35,882 | 1.73 | % |
BALANCE SHEET (UNAUDITED)
|
||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||
Percent
|
||||||||||||
Increase
|
||||||||||||
SELECTED BALANCE SHEET DATA
|
12/31/2012
|
12/31/2011
|
(Decrease)
|
|||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
$ | 89,949 | $ | 99,970 | -10.02 | % | ||||||
Investment securities, at fair value
|
553,476 | 477,964 | 15.80 | % | ||||||||
Mortgage loans held for sale
|
37,778 | 42,027 | -10.11 | % | ||||||||
Loans:
|
||||||||||||
Construction and land development
|
194,380 | 214,667 | -9.45 | % | ||||||||
Commercial real estate
|
921,023 | 844,860 | 9.01 | % | ||||||||
Consumer real estate
|
728,896 | 756,236 | -3.62 | % | ||||||||
Commercial and industrial loans (except those secured by real estate)
|
203,840 | 189,887 | 7.35 | % | ||||||||
Consumer and other
|
31,929 | 25,481 | 25.31 | % | ||||||||
Total loans
|
2,080,068 | 2,031,131 | 2.41 | % | ||||||||
Deferred loan costs
|
(475 | ) | 299 |
> 100
|
% | |||||||
Allowance for loan losses
|
(29,824 | ) | (32,588 | ) | -8.48 | % | ||||||
Net loans
|
2,049,769 | 1,998,842 | 2.55 | % | ||||||||
Premises and equipment, net
|
72,060 | 74,602 | -3.41 | % | ||||||||
Core deposit intangibles, net
|
3,462 | 5,011 | -30.91 | % | ||||||||
Goodwill
|
113,652 | 113,652 | 0.00 | % | ||||||||
Bank owned life insurance
|
44,182 | 42,413 | 4.17 | % | ||||||||
Foreclosed assets
|
5,760 | 8,575 | -32.83 | % | ||||||||
Other assets
|
53,116 | 54,872 | -3.20 | % | ||||||||
Total assets
|
3,023,204 | 2,917,928 | 3.61 | % | ||||||||
Liabilities
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest bearing deposits
|
362,713 | 310,756 | 16.72 | % | ||||||||
Money market & interest checking
|
1,108,202 | 1,013,826 | 9.31 | % | ||||||||
Savings
|
314,353 | 289,260 | 8.67 | % | ||||||||
CD's and other time deposits
|
699,056 | 781,758 | -10.58 | % | ||||||||
Total deposits
|
2,484,324 | 2,395,600 | 3.70 | % | ||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
765 | 841 | -9.04 | % | ||||||||
Federal Home Loan Bank advances
|
55,000 | 60,000 | -8.33 | % | ||||||||
Subordinated debt
|
32,991 | 32,991 | 0.00 | % | ||||||||
Deferred income tax liability
|
3,810 | 2,654 | 43.56 | % | ||||||||
Other liabilities
|
14,672 | 11,669 | 25.73 | % | ||||||||
Total liabilities
|
2,591,562 | 2,503,755 | 3.51 | % | ||||||||
Stockholders' equity
|
||||||||||||
Common stock
|
22,889 | 22,819 | 0.31 | % | ||||||||
Additional paid-in capital
|
271,747 | 271,080 | 0.25 | % | ||||||||
Retained earnings
|
127,099 | 110,940 | 14.57 | % | ||||||||
Accumulated other comprehensive income
|
9,907 | 9,334 | 6.14 | % | ||||||||
Total stockholders’ equity
|
431,642 | 414,173 | 4.22 | % | ||||||||
Total liabilities and stockholders’ equity
|
$ | 3,023,204 | $ | 2,917,928 | 3.61 | % |
QUARTERLY INCOME STATEMENT (UNAUDITED)
|
||||||||||||
(Dollars in thousands)
|
||||||||||||
Percent
|
||||||||||||
For the three months ended
|
Increase
|
|||||||||||
12/31/2012
|
12/31/2011
|
(Decrease)
|
||||||||||
Interest Income
|
||||||||||||
Loans, including fees
|
$ | 25,487 | $ | 26,634 | -4.31 | % | ||||||
Federal funds sold and deposits in other banks
|
21 | 72 | -70.83 | % | ||||||||
Investment securities:
|
||||||||||||
Taxable
|
1,569 | 1,675 | -6.33 | % | ||||||||
Tax-exempt
|
1,244 | 1,412 | -11.90 | % | ||||||||
Total interest income
|
28,321 | 29,793 | -4.94 | % | ||||||||
Interest Expense
|
||||||||||||
Deposits
|
3,355 | 4,693 | -28.51 | % | ||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
6 | 7 | -14.29 | % | ||||||||
Federal Home Loan Bank advances
|
413 | 477 | -13.42 | % | ||||||||
Subordinated debt
|
344 | 343 | 0.29 | % | ||||||||
Total interest expense
|
4,118 | 5,520 | -25.40 | % | ||||||||
Net interest income
|
24,203 | 24,273 | -0.29 | % | ||||||||
Provision for loan losses
|
1,400 | 1,750 | -20.00 | % | ||||||||
Net interest income after provision for loan losses
|
22,803 | 22,523 | 1.24 | % | ||||||||
Noninterest Income
|
||||||||||||
Retail banking fees
|
3,974 | 3,876 | 2.53 | % | ||||||||
Fiduciary and brokerage fee income
|
1,247 | 1,059 | 17.75 | % | ||||||||
Mortgage banking-related fees
|
2,638 | 2,623 | 0.57 | % | ||||||||
Losses on mortgage indemnifications and repurchases
|
(9 | ) | - | N/A | ||||||||
Gains on sale of premises and equipment
|
58 | 91 | -36.26 | % | ||||||||
Gains on securities available for sale
|
440 | 447 | -1.57 | % | ||||||||
Losses on sale / impairments of foreclosed assets
|
(440 | ) | (582 | ) | -24.40 | % | ||||||
Income from bank owned life insurance
|
446 | 329 | 35.56 | % | ||||||||
Insurance income
|
197 | 94 |
> 100
|
% | ||||||||
Other operating income
|
866 | 322 |
> 100
|
% | ||||||||
Total noninterest income
|
9,417 | 8,259 | 14.02 | % | ||||||||
Noninterest Expense
|
||||||||||||
Compensation and employee benefits
|
12,647 | 13,015 | -2.83 | % | ||||||||
Net occupancy
|
2,212 | 2,105 | 5.08 | % | ||||||||
Equipment
|
1,965 | 2,200 | -10.68 | % | ||||||||
Amortization-intangible assets
|
311 | 413 | -24.70 | % | ||||||||
Marketing
|
373 | 216 | 72.69 | % | ||||||||
State franchise taxes
|
564 | 596 | -5.37 | % | ||||||||
FDIC insurance
|
562 | 571 | -1.58 | % | ||||||||
Data processing
|
787 | 692 | 13.73 | % | ||||||||
Professional fees
|
735 | 1,016 | -27.66 | % | ||||||||
Telecommunications
|
405 | 427 | -5.15 | % | ||||||||
Other operating expenses
|
3,193 | 3,194 | -0.03 | % | ||||||||
Total noninterest expense
|
23,754 | 24,445 | -2.83 | % | ||||||||
Income before income taxes
|
8,466 | 6,337 | 33.60 | % | ||||||||
Income tax expense
|
2,245 | 1,568 | 43.18 | % | ||||||||
Net income
|
$ | 6,221 | $ | 4,769 | 30.45 | % |
YEAR TO DATE INCOME STATEMENT (UNAUDITED)
|
||||||||||||
(Dollars in thousands)
|
||||||||||||
Percent
|
||||||||||||
For the Twelve Months Ended
|
Increase
|
|||||||||||
12/31/2012
|
12/31/2011
|
(Decrease)
|
||||||||||
Interest Income
|
||||||||||||
Loans, including fees
|
$ | 103,192 | $ | 107,999 | -4.45 | % | ||||||
Federal funds sold and deposits in other banks
|
110 | 282 | -60.99 | % | ||||||||
Investment securities:
|
||||||||||||
Taxable
|
6,623 | 7,049 | -6.04 | % | ||||||||
Tax-exempt
|
5,131 | 5,531 | -7.23 | % | ||||||||
Total interest income
|
115,056 | 120,861 | -4.80 | % | ||||||||
Interest Expense
|
||||||||||||
Deposits
|
15,407 | 21,117 | -27.04 | % | ||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
26 | 32 | -18.75 | % | ||||||||
Federal Home Loan Bank advances
|
1,674 | 2,158 | -22.43 | % | ||||||||
Subordinated debt
|
1,372 | 1,133 | 21.09 | % | ||||||||
Total interest expense
|
18,479 | 24,440 | -24.39 | % | ||||||||
Net interest income
|
96,577 | 96,421 | 0.16 | % | ||||||||
Provision for loan losses
|
5,550 | 12,700 | -56.30 | % | ||||||||
Net interest income after provision for loan losses
|
91,027 | 83,721 | 8.73 | % | ||||||||
Noninterest Income
|
||||||||||||
Retail banking fees
|
15,424 | 15,291 | 0.87 | % | ||||||||
Fiduciary and brokerage fee income
|
5,202 | 4,946 | 5.18 | % | ||||||||
Mortgage banking-related fees
|
8,909 | 8,186 | 8.83 | % | ||||||||
Losses on mortgage indemnifications and repurchases
|
(593 | ) | (232 | ) |
> 100
|
% | ||||||
Gains on sale of premises and equipment
|
68 | 84 | -19.05 | % | ||||||||
Gains on securities available for sale
|
528 | 509 | 3.73 | % | ||||||||
Losses on sale / impairments of foreclosed assets
|
(1,491 | ) | (1,564 | ) | -4.67 | % | ||||||
Income from bank owned life insurance
|
1,768 | 1,298 | 36.21 | % | ||||||||
Insurance income
|
1,217 | 777 | 56.63 | % | ||||||||
Other operating income
|
3,311 | 1,756 | 88.55 | % | ||||||||
Total noninterest income
|
34,343 | 31,051 | 10.60 | % | ||||||||
Noninterest Expense
|
||||||||||||
Compensation and employee benefits
|
51,375 | 50,200 | 2.34 | % | ||||||||
Net occupancy
|
8,593 | 8,259 | 4.04 | % | ||||||||
Equipment
|
8,220 | 8,402 | -2.17 | % | ||||||||
Amortization-intangible assets
|
1,549 | 1,651 | -6.18 | % | ||||||||
Marketing
|
1,376 | 953 | 44.39 | % | ||||||||
State franchise taxes
|
2,255 | 2,384 | -5.41 | % | ||||||||
FDIC insurance
|
2,235 | 2,679 | -16.57 | % | ||||||||
Data processing
|
2,929 | 2,721 | 7.64 | % | ||||||||
Professional fees
|
2,886 | 2,889 | -0.10 | % | ||||||||
Telecommunications
|
1,660 | 1,647 | 0.79 | % | ||||||||
Other operating expenses
|
12,050 | 12,498 | -3.58 | % | ||||||||
Total noninterest expense
|
95,128 | 94,283 | 0.90 | % | ||||||||
Income before income taxes
|
30,242 | 20,489 | 47.60 | % | ||||||||
Income tax expense
|
8,079 | 4,604 | 75.48 | % | ||||||||
Net income
|
$ | 22,163 | $ | 15,885 | 39.52 | % |
STELLARONE CORPORATION (NASDAQ: STEL)
|
||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
|
||||||||||||||||||||||||
THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
For the Three Months Ended December 31,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
|
Balance
|
Inc/Exp
|
Rates
|
Balance
|
Inc/Exp
|
Rates
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans receivable, net (1)
|
$ | 2,084,741 | $ | 25,546 | 4.87 | % | $ | 2,054,650 | $ | 26,660 | 5.15 | % | ||||||||||||
Investment securities
|
||||||||||||||||||||||||
Taxable
|
391,289 | 1,569 | 1.57 | % | 317,374 | 1,675 | 2.07 | % | ||||||||||||||||
Tax exempt (1)
|
130,710 | 1,914 | 5.73 | % | 149,179 | 2,173 | 5.70 | % | ||||||||||||||||
Total investments
|
521,999 | 3,483 | 2.61 | % | 466,553 | 3,848 | 3.23 | % | ||||||||||||||||
Federal funds sold and deposits in other banks
|
38,253 | 21 | 0.21 | % | 105,203 | 72 | 0.27 | % | ||||||||||||||||
560,252 | 3,504 | 2.45 | % | 571,756 | 3,920 | 2.69 | % | |||||||||||||||||
Total earning assets
|
2,644,993 | $ | 29,050 | 4.37 | % | 2,626,406 | $ | 30,580 | 4.62 | % | ||||||||||||||
Total nonearning assets
|
328,435 | 312,829 | ||||||||||||||||||||||
Total assets
|
$ | 2,973,428 | $ | 2,939,235 | ||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing deposits
|
||||||||||||||||||||||||
Interest checking
|
$ | 615,586 | $ | 208 | 0.13 | % | $ | 575,175 | $ | 398 | 0.27 | % | ||||||||||||
Money market
|
440,879 | 472 | 0.43 | % | 430,592 | 692 | 0.64 | % | ||||||||||||||||
Savings
|
315,464 | 129 | 0.16 | % | 288,103 | 332 | 0.46 | % | ||||||||||||||||
Time deposits:
|
||||||||||||||||||||||||
Less than $100,000
|
468,561 | 1,574 | 1.34 | % | 524,014 | 2,072 | 1.57 | % | ||||||||||||||||
$100,000 and more
|
240,329 | 972 | 1.61 | % | 266,344 | 1,199 | 1.79 | % | ||||||||||||||||
Total interest-bearing deposits
|
2,080,819 | 3,355 | 0.64 | % | 2,084,228 | 4,693 | 0.89 | % | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
797 | 6 | 2.95 | % | 946 | 7 | 2.95 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
55,000 | 413 | 2.94 | % | 60,000 | 477 | 3.11 | % | ||||||||||||||||
Subordinated debt
|
32,991 | 344 | 4.08 | % | 32,991 | 343 | 4.07 | % | ||||||||||||||||
88,788 | 763 | 3.36 | % | 93,937 | 827 | 3.44 | % | |||||||||||||||||
Total interest-bearing liabilities
|
2,169,607 | 4,118 | 0.75 | % | 2,178,165 | 5,520 | 1.00 | % | ||||||||||||||||
Total noninterest-bearing liabilities
|
372,316 | 328,101 | ||||||||||||||||||||||
Total liabilities
|
2,541,923 | 2,506,266 | ||||||||||||||||||||||
Stockholders' equity
|
431,505 | 432,969 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 2,973,428 | $ | 2,939,235 | ||||||||||||||||||||
Net interest income (tax equivalent)
|
$ | 24,932 | $ | 25,060 | ||||||||||||||||||||
Average interest rate spread
|
3.62 | % | 3.62 | % | ||||||||||||||||||||
Interest expense as percentage of average earning assets
|
0.62 | % | 0.83 | % | ||||||||||||||||||||
Net interest margin
|
3.75 | % | 3.79 | % |
STELLARONE CORPORATION (NASDAQ: STEL)
|
||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (UNAUDITED)
|
||||||||||||||||||||||||
TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
For the Twelve Months Ended December 31,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
|
Balance
|
Inc/Exp
|
Rates
|
Balance
|
Inc/Exp
|
Rates
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Loans receivable, net (1)
|
$ | 2,064,552 | $ | 103,382 | 5.01 | % | $ | 2,077,067 | $ | 108,117 | 5.21 | % | ||||||||||||
Investment securities
|
||||||||||||||||||||||||
Taxable
|
375,756 | 6,623 | 1.73 | % | 274,660 | 7,049 | 2.53 | % | ||||||||||||||||
Tax exempt (1)
|
135,096 | 7,894 | 5.75 | % | 144,489 | 8,509 | 5.81 | % | ||||||||||||||||
Total investments
|
510,852 | 14,517 | 2.80 | % | 419,149 | 15,558 | 3.66 | % | ||||||||||||||||
Federal funds sold and deposits in other banks
|
44,140 | 110 | 0.24 | % | 120,316 | 282 | 0.23 | % | ||||||||||||||||
554,992 | 14,627 | 2.60 | % | 539,465 | 15,840 | 2.90 | % | |||||||||||||||||
Total earning assets
|
2,619,544 | $ | 118,009 | 4.50 | % | 2,616,532 | $ | 123,957 | 4.74 | % | ||||||||||||||
Total nonearning assets
|
326,097 | 313,894 | ||||||||||||||||||||||
Total assets
|
$ | 2,945,641 | $ | 2,930,426 | ||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing deposits
|
||||||||||||||||||||||||
Interest checking
|
$ | 599,289 | $ | 1,309 | 0.22 | % | $ | 569,201 | $ | 1,999 | 0.35 | % | ||||||||||||
Money market
|
426,562 | 2,023 | 0.47 | % | 430,572 | 3,757 | 0.87 | % | ||||||||||||||||
Savings
|
309,757 | 928 | 0.30 | % | 278,605 | 1,638 | 0.59 | % | ||||||||||||||||
Time deposits:
|
||||||||||||||||||||||||
Less than $100,000
|
489,029 | 6,955 | 1.42 | % | 535,813 | 8,781 | 1.64 | % | ||||||||||||||||
$100,000 and more
|
251,758 | 4,192 | 1.67 | % | 265,778 | 4,942 | 1.86 | % | ||||||||||||||||
Total interest-bearing deposits
|
2,076,395 | 15,407 | 0.74 | % | 2,079,969 | 21,117 | 1.02 | % | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase
|
1,105 | 26 | 2.31 | % | 1,054 | 32 | 2.99 | % | ||||||||||||||||
Federal Home Loan Bank advances
|
55,587 | 1,674 | 2.96 | % | 64,932 | 2,158 | 3.28 | % | ||||||||||||||||
Subordinated debt
|
32,991 | 1,372 | 4.09 | % | 32,991 | 1,133 | 3.39 | % | ||||||||||||||||
89,683 | 3,072 | 3.37 | % | 98,977 | 3,323 | 3.31 | % | |||||||||||||||||
Total interest-bearing liabilities
|
2,166,078 | 18,479 | 0.85 | % | 2,178,946 | 24,440 | 1.12 | % | ||||||||||||||||
Total noninterest-bearing liabilities
|
356,064 | 322,549 | ||||||||||||||||||||||
Total liabilities
|
2,522,142 | 2,501,495 | ||||||||||||||||||||||
Stockholders' equity
|
423,499 | 428,931 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 2,945,641 | $ | 2,930,426 | ||||||||||||||||||||
Net interest income (tax equivalent)
|
$ | 99,530 | $ | 99,517 | ||||||||||||||||||||
Average interest rate spread
|
3.65 | % | 3.62 | % | ||||||||||||||||||||
Interest expense as percentage of average earning assets
|
0.71 | % | 0.93 | % | ||||||||||||||||||||
Net interest margin
|
3.80 | % | 3.80 | % |
FINANCIAL INFORMATION - FOUR QUARTER TREND (UNAUDITED)
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||
2012
|
||||||||||||||||
Quarter Ended
|
||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||||||||
Interest income
|
$ | 28,321 | $ | 28,843 | $ | 28,934 | $ | 28,958 | ||||||||
Interest expense
|
4,118 | 4,544 | 4,754 | 5,063 | ||||||||||||
Net interest income
|
24,203 | 24,299 | 24,180 | 23,895 | ||||||||||||
Provision for loan losses
|
1,400 | 1,900 | 1,400 | 850 | ||||||||||||
Total net interest income after provision
|
22,803 | 22,399 | 22,780 | 23,045 | ||||||||||||
Non interest income
|
9,417 | 8,707 | 8,197 | 8,022 | ||||||||||||
Non interest expense
|
23,754 | 23,594 | 24,328 | 23,452 | ||||||||||||
Income before income taxes
|
8,466 | 7,512 | 6,649 | 7,615 | ||||||||||||
Income tax expense
|
2,245 | 1,952 | 1,768 | 2,114 | ||||||||||||
Net income
|
$ | 6,221 | $ | 5,560 | $ | 4,881 | $ | 5,501 | ||||||||
Net income per share
|
||||||||||||||||
basic
|
$ | 0.27 | $ | 0.24 | $ | 0.21 | $ | 0.24 | ||||||||
diluted
|
$ | 0.27 | $ | 0.24 | $ | 0.21 | $ | 0.24 |
SEGMENT INFORMATION (UNAUDITED)
|
||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
At and for the Three Months Ended December 31, 2012
|
||||||||||||||||||||||||
Commercial
|
Mortgage
|
Wealth
|
Intersegment
|
|||||||||||||||||||||
Bank
|
Banking
|
Management
|
Other
|
Elimination
|
Consolidated
|
|||||||||||||||||||
Net interest income
|
$ | 24,343 | $ | 203 | $ | - | $ | (343 | ) | $ | - | $ | 24,203 | |||||||||||
Provision for loan losses
|
1,400 | - | - | - | - | 1,400 | ||||||||||||||||||
Noninterest income
|
6,679 | 2,691 | 1,247 | 25 | (1,225 | ) | 9,417 | |||||||||||||||||
Noninterest expense
|
21,867 | 1,863 | 1,129 | 120 | (1,225 | ) | 23,754 | |||||||||||||||||
Provision for income taxes
|
2,059 | 309 | 35 | (158 | ) | - | 2,245 | |||||||||||||||||
Net income (loss)
|
$ | 5,696 | $ | 722 | $ | 83 | $ | (280 | ) | $ | - | $ | 6,221 | |||||||||||
Total Assets
|
$ | 2,976,470 | $ | 38,075 | $ | 602 | $ | 469,378 | $ | (461,321 | ) | $ | 3,023,204 | |||||||||||
Average Assets
|
$ | 2,939,772 | $ | 25,911 | $ | 619 | $ | 468,857 | $ | (461,731 | ) | $ | 2,973,428 | |||||||||||
At and for the Three Months Ended December 31, 2011
|
||||||||||||||||||||||||
Commercial
|
Mortgage
|
Wealth
|
Intersegment
|
|||||||||||||||||||||
Bank
|
Banking
|
Management
|
Other
|
Elimination
|
Consolidated
|
|||||||||||||||||||
Net interest income
|
$ | 24,303 | $ | 312 | $ | - | $ | (342 | ) | $ | - | $ | 24,273 | |||||||||||
Provision for loan losses
|
1,750 | - | - | - | - | 1,750 | ||||||||||||||||||
Noninterest income
|
5,635 | 2,648 | 1,158 | 26 | (1,208 | ) | 8,259 | |||||||||||||||||
Noninterest expense
|
21,913 | 2,217 | 1,104 | 419 | (1,208 | ) | 24,445 | |||||||||||||||||
Provision for income taxes
|
1,592 | 223 | 16 | (263 | ) | - | 1,568 | |||||||||||||||||
Net income (loss)
|
$ | 4,683 | $ | 520 | $ | 38 | $ | (472 | ) | $ | - | $ | 4,769 | |||||||||||
Total Assets
|
$ | 2,868,332 | $ | 42,894 | $ | 415 | $ | 451,866 | $ | (445,579 | ) | $ | 2,917,928 | |||||||||||
Average Assets
|
$ | 2,894,269 | $ | 37,322 | $ | 433 | $ | 469,852 | $ | (462,641 | ) | $ | 2,939,235 | |||||||||||
At and for the Twelve Months Ended December 31, 2012
|
||||||||||||||||||||||||
Commercial
|
Mortgage
|
Wealth
|
Intersegment
|
|||||||||||||||||||||
Bank
|
Banking
|
Management
|
Other
|
Elimination
|
Consolidated
|
|||||||||||||||||||
Net interest income
|
$ | 97,206 | $ | 742 | $ | - | $ | (1,371 | ) | $ | - | $ | 96,577 | |||||||||||
Provision for loan losses
|
5,550 | - | - | - | - | 5,550 | ||||||||||||||||||
Noninterest income
|
25,365 | 8,616 | 5,253 | 105 | (4,996 | ) | 34,343 | |||||||||||||||||
Noninterest expense
|
87,846 | 6,878 | 4,493 | 907 | (4,996 | ) | 95,128 | |||||||||||||||||
Provision for income taxes
|
7,886 | 744 | 228 | (779 | ) | - | 8,079 | |||||||||||||||||
Net income (loss)
|
$ | 21,289 | $ | 1,736 | $ | 532 | $ | (1,394 | ) | $ | - | $ | 22,163 | |||||||||||
Average Assets
|
$ | 2,916,051 | $ | 21,924 | $ | 508 | $ | 461,310 | $ | (454,152 | ) | $ | 2,945,641 | |||||||||||
At and for the Twelve Months Ended December 31, 2011
|
||||||||||||||||||||||||
Commercial
|
Mortgage
|
Wealth
|
Intersegment
|
|||||||||||||||||||||
Bank
|
Banking
|
Management
|
Other
|
Elimination
|
Consolidated
|
|||||||||||||||||||
Net interest income
|
$ | 96,659 | $ | 895 | $ | - | $ | (1,133 | ) | $ | - | $ | 96,421 | |||||||||||
Provision for loan losses
|
12,700 | - | - | - | - | 12,700 | ||||||||||||||||||
Noninterest income
|
22,562 | 8,122 | 5,045 | 106 | (4,784 | ) | 31,051 | |||||||||||||||||
Noninterest expense
|
85,842 | 7,667 | 4,399 | 1,159 | (4,784 | ) | 94,283 | |||||||||||||||||
Provision for income taxes
|
4,794 | 405 | 194 | (789 | ) | - | 4,604 | |||||||||||||||||
Net income (loss)
|
$ | 15,885 | $ | 945 | $ | 452 | $ | (1,397 | ) | $ | - | $ | 15,885 | |||||||||||
Average Assets
|
$ | 2,896,875 | $ | 24,854 | $ | 444 | $ | 465,607 | $ | (457,354 | ) | $ | 2,930,426 |
STELLARONE CORPORATION (NASDAQ: STEL)
|
||||||||||||||||||||
NON-GAAP RECONCILIATION (UNAUDITED)
|
||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||
December 31, 2012
|
September 30, 2012
|
December 31, 2011
|
December 31, 2012
|
December 31, 2011
|
||||||||||||||||
Noninterest expense
|
$ | 23,754 | $ | 23,594 | $ | 24,445 | $ | 95,128 | $ | 94,283 | ||||||||||
Less:
|
||||||||||||||||||||
Amortization of intangible assets
|
311 | 413 | 413 | 1,549 | 1,651 | |||||||||||||||
Adjusted noninterest expense
|
23,443 | 23,181 | 24,032 | 93,579 | 92,632 | |||||||||||||||
Net interest income (tax equivalent)
|
24,932 | 25,042 | 25,060 | 99,530 | 99,517 | |||||||||||||||
Noninterest income
|
9,417 | 8,707 | 8,259 | 34,343 | 31,051 | |||||||||||||||
Less:
|
||||||||||||||||||||
Gains on sale of securities available for sale
|
440 | 9 | 447 | 528 | 509 | |||||||||||||||
Losses / impairments on foreclosed assets
|
(440 | ) | (381 | ) | (582 | ) | (1,491 | ) | (1,564 | ) | ||||||||||
Net revenues
|
$ | 34,349 | $ | 34,121 | $ | 33,454 | $ | 134,836 | $ | 131,623 | ||||||||||
Efficiency ratio
|
68.25 | % | 67.94 | % | 71.84 | % | 69.40 | % | 70.38 | % | ||||||||||
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||
December 31, 2012
|
September 30, 2012
|
December 31, 2011
|
December 31, 2012
|
December 31, 2011
|
||||||||||||||||
Noninterest income
|
$ | 9,417 | $ | 8,707 | $ | 8,259 | $ | 34,343 | $ | 31,051 | ||||||||||
Less:
|
||||||||||||||||||||
Gains on securities available for sale
|
440 | 9 | 447 | 528 | 509 | |||||||||||||||
Gains on sale of premises and equipment
|
58 | 17 | 91 | 68 | 84 | |||||||||||||||
Operating earnings
|
$ | 8,919 | $ | 8,681 | $ | 7,721 | $ | 33,747 | $ | 30,458 | ||||||||||
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||
December 31, 2012
|
September 30, 2012
|
December 31, 2011
|
December 31, 2012
|
December 31, 2011
|
||||||||||||||||
Net income
|
$ | 6,221 | $ | 5,560 | $ | 4,769 | $ | 22,163 | $ | 15,885 | ||||||||||
Plus:
|
||||||||||||||||||||
Income tax expense
|
2,245 | 1,952 | 1,568 | 8,079 | 4,604 | |||||||||||||||
Provision for loan losses
|
1,400 | 1,900 | 1,750 | 5,550 | 12,700 | |||||||||||||||
Tax equivalent adjustment
|
729 | 743 | 787 | 2,953 | 3,096 | |||||||||||||||
Pre-tax pre-provision earnings
|
$ | 10,595 | $ | 10,155 | $ | 8,874 | $ | 38,745 | $ | 36,285 |
For the Three Months Ended
|
||||||||||||
December 31, 2012
|
September 30, 2012
|
December 31, 2011
|
||||||||||
Total stockholders' equity
|
$ | 431,642 | $ | 428,077 | $ | 414,173 | ||||||
Less:
|
||||||||||||
Core deposit intangibles, net
|
3,462 | 3,773 | 5,011 | |||||||||
Goodwill
|
113,652 | 113,652 | 113,652 | |||||||||
Net other intangibles
|
787 | 886 | 1,183 | |||||||||
Tangible common equity
|
313,741 | 309,766 | 294,327 | |||||||||
Total assets
|
3,023,204 | 2,959,846 | 2,917,928 | |||||||||
Less:
|
||||||||||||
Core deposit intangibles, net
|
3,462 | 3,773 | 5,011 | |||||||||
Goodwill
|
113,652 | 113,652 | 113,652 | |||||||||
Net other intangibles
|
787 | 886 | 1,183 | |||||||||
Tangible assets
|
$ | 2,905,303 | $ | 2,841,535 | $ | 2,798,082 | ||||||
Tangible common equity ratio
|
10.80 | % | 10.90 | % | 10.52 | % |
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