Maryland
|
0-24566-01
|
36-4460265
|
||
(State or other jurisdiction of incorporation)
|
(Commission File No.)
|
(IRS Employer Identification No.)
|
||
800 West Madison Street, Chicago, Illinois 60607
|
||||
(Address of principal executive offices) (Zip Code)
|
||||
Registrant’s telephone number, including area code: (888) 422-6562
|
||||
N/A
|
||||
(Former name or former address, if changed since last report)
|
||||
EXHIBIT INDEX
|
||
Exhibit Number
|
Description of Exhibits
|
|
99
|
Registrant’s January 26, 2012 press release announcing its 2011 fourth quarter results of operations.
|
|
·
|
Total loans increased $152.5 million to $6.0 billion at December 31, 2011, or 2.6% sequentially compared to $5.8 billion at September 30, 2011.
|
·
|
Total commercial related loans increased $194.4 million to $4.4 billion at December 31, 2011, or 4.7% sequentially compared to $4.2 billion at September 30, 2011. The four loan categories that make up commercial related loans changed as follows during the fourth quarter of 2011 (in millions):
|
·
|
Pre-tax, pre-provision operating earnings on a fully tax equivalent basis were $46.0 million, or 2.87% of risk-weighted assets, for the fourth quarter of 2011 compared to $47.2 million, or 3.03% of risk-weighted assets, for the third quarter of 2011. Pre-tax, pre-provision operating earnings on a fully tax equivalent basis to average assets was 1.85% for the fourth quarter of 2011 compared to 1.91% for the third quarter of 2011.
|
·
|
Net interest income on a fully tax equivalent basis increased $977 thousand compared to the third quarter of 2011.
|
·
|
Net interest margin on a fully tax equivalent basis was 3.91% for the fourth quarter of 2011 compared to 3.90% in the third quarter of 2011.
|
·
|
Core other income was $29.6 million for the fourth quarter of 2011, relatively consistent with the third quarter of 2011.
|
·
|
Core other expense was $68.8 million for the fourth quarter of 2011, an increase of $1.8 million from $67.0 million for the third quarter of 2011.
|
·
|
Our provision for credit losses was $8.0 million for the fourth quarter of 2011, while our net charge-offs were $13.9 million. Our provision for credit losses and net charge-offs for the third quarter of 2011 were $11.5 million and $16.7 million, respectively.
|
·
|
Our non-performing loans were $129.4 million or 2.17% of total loans as of December 31, 2011, a decrease of $11.6 million from $141.0 million or 2.42% of total loans at September 30, 2011.
|
·
|
Our allowance for loan losses to non-performing loans was 98.00% as of December 31, 2011 compared to 91.23% as of September 30, 2011.
|
·
|
Our non-performing assets were $208.0 million or 2.12% of total assets as of December 31, 2011, a decrease of $20.7 million from $228.7 million or 2.30% of total assets as of September 30, 2011.
|
·
|
Our allowance for loan losses to total loans was 2.13% as of December 31, 2011 compared to 2.21% as of September 30, 2011.
|
·
|
During the fourth quarter of 2011, our bank was named one of Chicago’s Top Workplaces by the Chicago Tribune.
|
·
|
We ranked among the top ten in the large employers category.
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Core other income:
|
|||||||||||||||
Loan service fees
|
$
|
1,601
|
$
|
2,159
|
$
|
2,812
|
$
|
1,126
|
$
|
1,532
|
$
|
7,698
|
$
|
6,517
|
|
Deposit service fees
|
10,085
|
9,932
|
9,023
|
10,030
|
9,920
|
39,070
|
38,934
|
||||||||
Lease financing, net
|
7,801
|
6,494
|
6,861
|
5,783
|
7,185
|
26,939
|
21,853
|
||||||||
Brokerage fees
|
1,577
|
1,273
|
1,615
|
1,419
|
1,231
|
5,884
|
5,012
|
||||||||
Trust and asset management fees
|
4,166
|
4,272
|
4,455
|
4,431
|
4,243
|
17,324
|
15,037
|
||||||||
Increase in cash surrender value of life insurance
|
944
|
1,014
|
1,451
|
968
|
930
|
4,377
|
3,516
|
||||||||
Accretion of FDIC indemnification asset
|
683
|
985
|
1,339
|
1,831
|
3,009
|
4,838
|
9,678
|
||||||||
Card fees
|
1,096
|
2,071
|
2,062
|
1,788
|
2,287
|
7,017
|
7,057
|
||||||||
Other operating income
|
1,632
|
1,690
|
1,979
|
1,598
|
1,570
|
6,899
|
4,947
|
||||||||
Total core other income
|
29,585
|
29,890
|
31,597
|
28,974
|
31,907
|
120,046
|
112,551
|
||||||||
Non-core other income: (1)
|
|||||||||||||||
Net gain (loss) on sale of investment securities
|
411
|
-
|
232
|
(3)
|
(4)
|
640
|
18,648
|
||||||||
Net (loss) gain on sale of other assets
|
(87)
|
-
|
13
|
357
|
419
|
283
|
630
|
||||||||
Net gain on sale of loans held for sale (A)
|
-
|
-
|
1,790
|
-
|
-
|
1,790
|
-
|
||||||||
Net loss recognized on other real estate owned (B)
|
(3,620)
|
(2,354)
|
(3,628)
|
(369)
|
(1,656)
|
(9,971)
|
(8,511)
|
||||||||
Net loss recognized on other real estate
|
|||||||||||||||
owned related to FDIC transactions (B)
|
(1,858)
|
(764)
|
(1,017)
|
(3)
|
(468)
|
(3,642)
|
(773)
|
||||||||
Acquisition related gains
|
-
|
-
|
-
|
-
|
-
|
-
|
62,649
|
||||||||
Increase (decrease) in market value of assets
|
|||||||||||||||
held in trust for deferred compensation (A)
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Total non-core other income
|
(5,134)
|
(3,523)
|
(2,452)
|
169
|
(1,112)
|
(10,940)
|
73,205
|
||||||||
Total other income
|
$
|
24,451
|
$
|
26,367
|
$
|
29,145
|
$
|
29,143
|
$
|
30,795
|
$
|
109,106
|
$
|
185,756
|
(1)
|
Letter denotes the corresponding line items where these non-core other income items reside in the consolidated statements of income as follows: A – Other operating income, B – Net loss recognized on other real estate owned.
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Core other expense:
|
|||||||||||||||
Salaries and employee benefits
|
$
|
39,826
|
$
|
38,827
|
$
|
37,657
|
$
|
37,588
|
$
|
35,802
|
$
|
153,898
|
$
|
143,787
|
|
Occupancy and equipment expense
|
8,498
|
9,092
|
8,483
|
9,394
|
7,938
|
35,467
|
34,845
|
||||||||
Computer services and telecommunication expense
|
4,382
|
3,488
|
3,570
|
3,445
|
3,264
|
14,885
|
14,615
|
||||||||
Advertising and marketing expense
|
1,831
|
1,740
|
1,748
|
1,719
|
1,573
|
7,038
|
6,465
|
||||||||
Professional and legal expense
|
1,422
|
1,647
|
1,853
|
1,225
|
1,718
|
6,147
|
5,803
|
||||||||
Brokerage fee expense
|
137
|
363
|
574
|
483
|
448
|
1,557
|
1,926
|
||||||||
Other intangible amortization expense
|
1,410
|
1,414
|
1,416
|
1,425
|
1,632
|
5,665
|
6,214
|
||||||||
FDIC insurance premiums
|
2,662
|
2,272
|
3,502
|
3,428
|
3,930
|
11,864
|
15,600
|
||||||||
Other real estate expense, net
|
1,464
|
1,181
|
1,251
|
398
|
858
|
4,294
|
2,694
|
||||||||
Other operating expenses
|
7,187
|
6,989
|
6,516
|
6,572
|
6,855
|
27,264
|
26,265
|
||||||||
Total core other expense
|
68,819
|
67,013
|
66,570
|
65,677
|
64,018
|
268,079
|
258,214
|
||||||||
Non-core other expense: (1)
|
|||||||||||||||
Branch impairment charges
|
594
|
-
|
-
|
1,000
|
-
|
1,594
|
-
|
||||||||
Increase (decrease) in market value of assets held in trust for deferred compensation (A)
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Total non-core other expense
|
614
|
(405)
|
158
|
1,187
|
597
|
1,554
|
562
|
||||||||
Total other expense
|
$
|
69,433
|
$
|
66,608
|
$
|
66,728
|
$
|
66,864
|
$
|
64,615
|
$
|
269,633
|
$
|
258,776
|
(1)
|
Letters denote the corresponding line items where these non-core other expense items reside in the consolidated statements of income as follows: A – Salaries and employee benefits.
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
|||||||
Commercial related credits:
|
||||||||||||||||
Commercial loans
|
$
|
1,113,123
|
19%
|
$
|
1,042,583
|
18%
|
$
|
1,108,295
|
19%
|
$
|
1,154,451
|
18%
|
$
|
1,206,984
|
18%
|
|
Commercial loans collateralized by assignment of lease payments (lease loans)
|
1,208,575
|
20%
|
1,067,191
|
18%
|
1,031,677
|
17%
|
1,038,507
|
16%
|
1,053,446
|
16%
|
||||||
Commercial real estate
|
1,853,788
|
31%
|
1,844,894
|
32%
|
1,863,223
|
32%
|
2,084,651
|
33%
|
2,176,584
|
33%
|
||||||
Construction real estate
|
183,789
|
3%
|
210,206
|
4%
|
246,557
|
4%
|
356,579
|
6%
|
423,339
|
6%
|
||||||
Total commercial related credits
|
4,359,275
|
73%
|
4,164,874
|
72%
|
4,249,752
|
72%
|
4,634,188
|
73%
|
4,860,353
|
73%
|
||||||
Other loans:
|
||||||||||||||||
Residential real estate
|
316,787
|
5%
|
316,305
|
5%
|
317,821
|
5%
|
335,423
|
5%
|
328,482
|
5%
|
||||||
Indirect vehicle
|
187,481
|
3%
|
189,033
|
4%
|
182,536
|
3%
|
175,058
|
3%
|
175,664
|
3%
|
||||||
Home equity
|
336,043
|
6%
|
348,934
|
6%
|
357,181
|
6%
|
371,108
|
6%
|
381,662
|
6%
|
||||||
Consumer loans
|
88,865
|
2%
|
76,025
|
1%
|
75,069
|
1%
|
74,585
|
1%
|
59,320
|
1%
|
||||||
Total other loans
|
929,176
|
16%
|
930,297
|
16%
|
932,607
|
15%
|
956,174
|
15%
|
945,128
|
15%
|
||||||
Gross loans excluding covered loans
|
5,288,451
|
89%
|
5,095,171
|
88%
|
5,182,359
|
87%
|
5,590,362
|
88%
|
5,805,481
|
88%
|
||||||
Covered loans (1)
|
677,770
|
11%
|
718,566
|
12%
|
755,670
|
13%
|
777,634
|
12%
|
812,330
|
12%
|
||||||
Total loans
|
$
|
5,966,221
|
100%
|
$
|
5,813,737
|
100%
|
$
|
5,938,029
|
100%
|
$
|
6,367,996
|
100%
|
$
|
6,617,811
|
100%
|
(1)
|
Covered loans refer to loans we acquired in FDIC-assisted transactions that are subject to loss-sharing agreements with the FDIC.
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||
Non-performing loans:
|
|||||||||||
Non-accrual loans(1)
|
$
|
129,309
|
$
|
140,979
|
$
|
149,905
|
$
|
318,923
|
$
|
362,441
|
|
Loans 90 days or more past due, still accruing interest
|
82
|
-
|
1,121
|
-
|
1
|
||||||
Total non-performing loans
|
129,391
|
140,979
|
151,026
|
318,923
|
362,442
|
||||||
OREO
|
78,452
|
87,469
|
88,185
|
80,107
|
71,476
|
||||||
Repossessed vehicles
|
156
|
249
|
55
|
139
|
82
|
||||||
Total non-performing assets
|
$
|
207,999
|
$
|
228,697
|
$
|
239,266
|
$
|
399,169
|
$
|
434,000
|
|
Total allowance for loan losses (2)
|
$
|
126,798
|
$
|
128,610
|
$
|
130,057
|
$
|
178,410
|
$
|
192,217
|
|
Accruing restructured loans(3)
|
$
|
37,996
|
$
|
34,321
|
$
|
35,037
|
$
|
31,819
|
$
|
22,543
|
|
Total non-performing loans to total loans
|
2.17%
|
2.42%
|
2.54%
|
5.01%
|
5.48%
|
||||||
Total non-performing assets to total assets
|
2.12%
|
2.30%
|
2.40%
|
3.96%
|
4.21%
|
||||||
Allowance for loan losses to non-performing loans
|
98.00%
|
91.23%
|
86.12%
|
55.94%
|
53.03%
|
(1)
|
Includes $42.5 million, $36.0 million, $22.5 million, $60.9 million, and $47.6 million of restructured loans on non-accrual status at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.
|
(2)
|
Includes $12.7 million and $13.6 million for unfunded credit commitments at March 31, 2011 and December 31, 2010, respectively.
|
(3)
|
Accruing restructured loans consists primarily of commercial, commercial real estate, and residential real estate loans that have been modified and are performing in accordance with those modified terms.
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||
30 - 59 Days Past Due
|
$
|
9,379
|
$
|
15,564
|
$
|
10,568
|
$
|
23,912
|
$
|
9,386
|
60 - 89 Days Past Due
|
5,316
|
4,307
|
4,881
|
4,049
|
5,073
|
|||||
$
|
14,695
|
$
|
19,871
|
$
|
15,449
|
$
|
27,961
|
$
|
14,459
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||
Balance at the beginning of quarter
|
$
|
87,469
|
$
|
88,185
|
$
|
80,107
|
$
|
71,476
|
$
|
59,114
|
Transfers in at fair value less estimated costs to sell
|
4,209
|
15,658
|
15,761
|
25,167
|
27,170
|
|||||
Fair value adjustments
|
(3,733)
|
(2,524)
|
(3,417)
|
(1,314)
|
(1,562)
|
|||||
Net gains (losses) on sales of OREO
|
113
|
170
|
(212)
|
945
|
(94)
|
|||||
Cash received upon disposition
|
(9,606)
|
(14,020)
|
(4,054)
|
(16,167)
|
(13,152)
|
|||||
Balance at the end of quarter
|
$
|
78,452
|
$
|
87,469
|
$
|
88,185
|
$
|
80,107
|
$
|
71,476
|
Commercial and Lease Loans
|
Construction Real Estate Loans
|
Commercial Real Estate Loans
|
Consumer Loans
|
Total Loans
|
|||||||||||
Number of Relationships
|
Amount
|
Number of Relationships
|
Amount
|
Number of Relationships
|
Amount
|
Amount
|
Amount
|
||||||||
$10.0 million or more
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||
$5.0 million to $9.9 million
|
2
|
14,322
|
-
|
-
|
2
|
15,435
|
-
|
29,757
|
|||||||
$1.5 million to $4.9 million
|
5
|
12,031
|
-
|
-
|
13
|
37,509
|
-
|
49,540
|
|||||||
Under $1.5 million
|
42
|
10,642
|
3
|
1,145
|
61
|
23,607
|
14,700
|
50,094
|
|||||||
49
|
$
|
36,995
|
3
|
$
|
1,145
|
76
|
$
|
76,551
|
$
|
14,700
|
$
|
129,391
|
|||
Percentage of individual loan category
|
1.59%
|
0.62%
|
4.13%
|
1.58%
|
2.17%
|
Commercial and Lease Loans
|
Construction Real Estate Loans
|
Commercial Real Estate Loans
|
Consumer Loans
|
Total Loans
|
|||||||||||
Number of Relationships
|
Amount
|
Number of Relationships
|
Amount
|
Number of Relationships
|
Amount
|
Amount
|
Amount
|
||||||||
$10.0 million or more
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||
$5.0 million to $9.9 million
|
3
|
20,136
|
-
|
-
|
3
|
23,938
|
-
|
44,074
|
|||||||
$1.5 million to $4.9 million
|
4
|
8,854
|
-
|
-
|
13
|
37,474
|
-
|
46,328
|
|||||||
Under $1.5 million
|
37
|
8,654
|
5
|
2,913
|
54
|
25,495
|
13,515
|
50,577
|
|||||||
44
|
$
|
37,644
|
5
|
$
|
2,913
|
70
|
$
|
86,907
|
$
|
13,515
|
$
|
140,979
|
|||
Percentage of individual loan category
|
1.78%
|
1.39%
|
4.71%
|
1.45%
|
2.42%
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Allowance for credit losses, balance
|
|||||||||||||||
at the beginning of period
|
$
|
141,861
|
$
|
147,107
|
$
|
178,410
|
$
|
192,217
|
$
|
193,926
|
$
|
192,217
|
$
|
177,072
|
|
Provision for credit losses
|
8,000
|
11,500
|
61,250
|
40,000
|
49,000
|
120,750
|
246,200
|
||||||||
Charge-offs:
|
|||||||||||||||
Commercial loans
|
(2,932)
|
(3,497)
|
(7,991)
|
(3,151)
|
(9,141)
|
(17,571)
|
(58,077)
|
||||||||
Commercial loans collateralized by assignment
|
|||||||||||||||
of lease payments (lease loans)
|
(1,373)
|
-
|
(93)
|
-
|
(43)
|
(1,466)
|
(1,711)
|
||||||||
Commercial real estate loans
|
(3,793)
|
(7,815)
|
(55,250)
|
(29,775)
|
(27,360)
|
(96,633)
|
(79,828)
|
||||||||
Construction real estate
|
(6,989)
|
(6,008)
|
(18,826)
|
(21,094)
|
(17,136)
|
(52,917)
|
(94,533)
|
||||||||
Residential real estate
|
(860)
|
(141)
|
(8,080)
|
(3,562)
|
(1,363)
|
(12,643)
|
(3,326)
|
||||||||
Indirect vehicle
|
(954)
|
(611)
|
(553)
|
(718)
|
(968)
|
(2,836)
|
(3,199)
|
||||||||
Home equity
|
(2,061)
|
(1,605)
|
(5,493)
|
(1,907)
|
(1,364)
|
(11,066)
|
(4,632)
|
||||||||
Consumer loans
|
(285)
|
(475)
|
(344)
|
(544)
|
(428)
|
(1,648)
|
(1,755)
|
||||||||
Total charge-offs
|
(19,247)
|
(20,152)
|
(96,630)
|
(60,751)
|
(57,803)
|
(196,780)
|
(247,061)
|
||||||||
Recoveries:
|
|||||||||||||||
Commercial loans
|
634
|
1,413
|
758
|
2,565
|
3,842
|
5,370
|
8,788
|
||||||||
Commercial loans collateralized by assignment
|
|||||||||||||||
of lease payments (lease loans)
|
1
|
5
|
153
|
66
|
26
|
225
|
184
|
||||||||
Commercial real estate loans
|
747
|
739
|
312
|
1,534
|
800
|
3,332
|
2,070
|
||||||||
Construction real estate
|
3,519
|
681
|
2,364
|
2,026
|
1,672
|
8,590
|
3,170
|
||||||||
Residential real estate
|
9
|
7
|
26
|
7
|
127
|
49
|
184
|
||||||||
Indirect vehicle
|
378
|
327
|
369
|
325
|
286
|
1,399
|
1,163
|
||||||||
Home equity
|
6
|
151
|
19
|
48
|
250
|
224
|
351
|
||||||||
Consumer loans
|
67
|
83
|
76
|
373
|
91
|
599
|
96
|
||||||||
Total recoveries
|
5,361
|
3,406
|
4,077
|
6,944
|
7,094
|
19,788
|
16,006
|
||||||||
Total net charge-offs
|
(13,886)
|
(16,746)
|
(92,553)
|
(53,807)
|
(50,709)
|
(176,992)
|
(231,055)
|
||||||||
Allowance for credit losses
|
135,975
|
141,861
|
147,107
|
178,410
|
192,217
|
135,975
|
192,217
|
||||||||
Allowance for unfunded credit commitments (1)
|
(9,177)
|
(13,251)
|
(17,050)
|
-
|
-
|
(9,177)
|
-
|
||||||||
Allowance for loan losses (2)
|
$
|
126,798
|
$
|
128,610
|
$
|
130,057
|
$
|
178,410
|
$
|
192,217
|
$
|
126,798
|
$
|
192,217
|
|
Total loans, excluding loans held for sale
|
$
|
5,966,221
|
$
|
5,813,737
|
$
|
5,938,029
|
$
|
6,367,996
|
$
|
6,617,811
|
$
|
5,966,221
|
$
|
6,617,811
|
|
Average loans, excluding loans held for sale
|
$
|
5,818,425
|
$
|
5,827,181
|
$
|
6,299,990
|
$
|
6,460,508
|
$
|
6,723,840
|
$
|
6,097,291
|
$
|
6,758,776
|
|
Ratio of allowance for loan losses to total loans,
|
|||||||||||||||
excluding loans held for sale
|
2.13%
|
2.21%
|
2.19%
|
2.80%
|
2.90%
|
2.13%
|
2.90%
|
||||||||
Ratio of allowance for credit losses to total loans,
|
|||||||||||||||
excluding loans held for sale, and unfunded credit
|
|||||||||||||||
commitments
|
2.25%
|
2.40%
|
2.43%
|
2.75%
|
2.85%
|
2.25%
|
2.85%
|
||||||||
Net loan charge-offs to average loans, excluding loans
|
|||||||||||||||
held for sale (annualized)
|
0.95%
|
1.14%
|
5.89%
|
3.38%
|
2.99%
|
2.90%
|
3.42%
|
(1)
|
The reserve for unfunded credit commitments (primarily letters of credit) was reclassified from the allowance for loan losses to other liabilities as of June 30, 2011.
|
(2)
|
Includes $12.7 million and $13.6 million for unfunded credit commitments at March 31, 2011 and December 31, 2010, respectively.
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||
General loss reserve
|
$
|
102,196
|
$
|
102,752
|
$
|
104,002
|
$
|
126,423
|
$
|
126,435
|
Specific reserve (1)
|
10,804
|
11,416
|
12,111
|
38,054
|
51,826
|
|||||
Smaller-balance homogenous loans reserve
|
13,798
|
14,442
|
13,944
|
13,933
|
13,956
|
|||||
Total allowance for loan losses
|
$
|
126,798
|
$
|
128,610
|
$
|
130,057
|
$
|
178,410
|
$
|
192,217
|
(1)
|
The specific reserve as of March 31, 2011 and December 31, 2010 includes reserves on unfunded credit commitments of approximately $12.7 million and $13.6 million, respectively. Beginning as of June 30, 2011, reserves on unfunded credit commitments are recorded as liabilities.
|
At December 31,
|
At September 30,
|
At June 30,
|
At March 31,
|
At December 31,
|
||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||
Securities available for sale:
|
||||||||||
Fair value
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
42,401
|
$
|
56,007
|
$
|
55,656
|
$
|
56,971
|
$
|
19,434
|
States and political subdivisions
|
535,660
|
394,279
|
392,670
|
365,481
|
364,932
|
|||||
Mortgage-backed securities
|
1,334,491
|
1,421,789
|
1,424,302
|
1,279,968
|
1,197,066
|
|||||
Corporate bonds
|
5,899
|
5,899
|
6,019
|
6,019
|
6,140
|
|||||
Equity securities
|
10,846
|
10,764
|
10,435
|
10,215
|
10,171
|
|||||
Total fair value
|
$
|
1,929,297
|
$
|
1,888,738
|
$
|
1,889,082
|
$
|
1,718,654
|
$
|
1,597,743
|
Amortized cost
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
39,640
|
$
|
53,016
|
$
|
54,423
|
$
|
56,452
|
$
|
18,766
|
States and political subdivisions
|
500,979
|
366,651
|
371,598
|
350,851
|
351,274
|
|||||
Mortgage-backed securities
|
1,308,020
|
1,399,801
|
1,401,975
|
1,258,171
|
1,175,021
|
|||||
Corporate bonds
|
5,899
|
5,899
|
6,019
|
6,019
|
6,140
|
|||||
Equity securities
|
10,457
|
10,324
|
10,246
|
10,169
|
10,093
|
|||||
Total amortized cost
|
$
|
1,864,995
|
$
|
1,835,691
|
$
|
1,844,261
|
$
|
1,681,662
|
$
|
1,561,294
|
Unrealized gain
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
2,761
|
$
|
2,991
|
$
|
1,233
|
$
|
519
|
$
|
668
|
States and political subdivisions
|
34,681
|
27,628
|
21,072
|
14,630
|
13,658
|
|||||
Mortgage-backed securities
|
26,471
|
21,988
|
22,327
|
21,797
|
22,045
|
|||||
Corporate bonds
|
-
|
-
|
-
|
-
|
-
|
|||||
Equity securities
|
389
|
440
|
189
|
46
|
78
|
|||||
Total unrealized gain
|
$
|
64,302
|
$
|
53,047
|
$
|
44,821
|
$
|
36,992
|
$
|
36,449
|
Securities held to maturity, at cost:
|
||||||||||
States and political subdivisions
|
$
|
240,183
|
$
|
240,839
|
$
|
-
|
$
|
-
|
$
|
-
|
Mortgage-backed securities
|
259,100
|
258,199
|
230,154
|
102,206
|
-
|
|||||
Total amortized cost
|
$
|
499,283
|
$
|
499,038
|
$
|
230,154
|
$
|
102,206
|
$
|
-
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||
% of
|
% of
|
% of
|
% of
|
% of
|
||||||||||||
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
|||||||
Low cost deposits:
|
||||||||||||||||
Noninterest bearing deposits
|
$
|
1,885,694
|
25%
|
$
|
1,803,141
|
23%
|
$
|
1,776,873
|
23%
|
$
|
1,666,868
|
22%
|
$
|
1,691,599
|
21%
|
|
Money market and NOW accounts
|
2,645,334
|
34%
|
2,722,162
|
35%
|
2,645,953
|
34%
|
2,712,314
|
34%
|
2,776,181
|
34%
|
||||||
Savings accounts
|
753,610
|
10%
|
751,062
|
10%
|
729,222
|
9%
|
718,896
|
9%
|
697,851
|
8%
|
||||||
Total low cost deposits
|
5,284,638
|
69%
|
5,276,365
|
68%
|
5,152,048
|
66%
|
5,098,078
|
65%
|
5,165,631
|
63%
|
||||||
Certificates of deposit:
|
||||||||||||||||
Certificates of deposit
|
1,925,608
|
25%
|
2,001,210
|
26%
|
2,124,815
|
28%
|
2,326,591
|
29%
|
2,519,117
|
31%
|
||||||
Brokered deposit accounts
|
437,361
|
6%
|
444,332
|
6%
|
441,720
|
6%
|
467,337
|
6%
|
468,210
|
6%
|
||||||
Total certificates of deposit
|
2,362,969
|
31%
|
2,445,542
|
32%
|
2,566,535
|
34%
|
2,793,928
|
35%
|
2,987,327
|
37%
|
||||||
Total deposits
|
$
|
7,647,607
|
100%
|
$
|
7,721,907
|
100%
|
$
|
7,718,583
|
100%
|
$
|
7,892,006
|
100%
|
$
|
8,152,958
|
100%
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
As of the dates indicated
|
(Amounts in thousands)
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||
ASSETS
|
|||||||||||
Cash and due from banks
|
$
|
144,228
|
$
|
133,755
|
$
|
129,942
|
$
|
123,794
|
$
|
106,726
|
|
Interest earning deposits with banks
|
100,337
|
347,055
|
513,378
|
504,765
|
737,433
|
||||||
Total cash and cash equivalents
|
244,565
|
480,810
|
643,320
|
628,559
|
844,159
|
||||||
Investment securities:
|
|||||||||||
Securities available for sale, at fair value
|
1,929,297
|
1,888,738
|
1,889,082
|
1,718,654
|
1,597,743
|
||||||
Securities held to maturity, at cost
|
499,283
|
499,038
|
230,154
|
102,206
|
-
|
||||||
Non-marketable securities - FHLB and FRB Stock
|
80,832
|
80,815
|
80,815
|
80,186
|
80,186
|
||||||
Total investment securities
|
2,509,412
|
2,468,591
|
2,200,051
|
1,901,046
|
1,677,929
|
||||||
Loans held for sale
|
4,727
|
-
|
-
|
11,533
|
-
|
||||||
Loans:
|
|||||||||||
Total loans excluding covered loans
|
5,288,451
|
5,095,171
|
5,182,359
|
5,590,362
|
5,805,481
|
||||||
Covered loans
|
677,770
|
718,566
|
755,670
|
777,634
|
812,330
|
||||||
Total loans |
5,966,221
|
5,813,737
|
5,938,029
|
6,367,996
|
6,617,811
|
||||||
Less allowance for loan losses
|
126,798
|
128,610
|
130,057
|
178,410
|
192,217
|
||||||
Net loans
|
5,839,423
|
5,685,127
|
5,807,972
|
6,189,586
|
6,425,594
|
||||||
Lease investments, net
|
135,490
|
133,345
|
139,391
|
129,182
|
126,906
|
||||||
Premises and equipment, net
|
210,705
|
211,062
|
210,901
|
209,257
|
210,886
|
||||||
Cash surrender value of life insurance
|
125,309
|
124,364
|
126,938
|
126,014
|
125,046
|
||||||
Goodwill, net
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Other intangibles, net
|
29,494
|
30,904
|
32,318
|
33,734
|
35,159
|
||||||
Other real estate owned
|
78,452
|
87,469
|
88,185
|
80,107
|
71,476
|
||||||
Other real estate owned related to FDIC transactions
|
60,363
|
69,311
|
69,920
|
61,461
|
44,745
|
||||||
FDIC indemnification asset
|
65,604
|
94,542
|
119,837
|
148,314
|
215,460
|
||||||
Other assets
|
142,459
|
149,767
|
151,833
|
165,481
|
155,935
|
||||||
Total assets
|
$
|
9,833,072
|
$
|
9,922,361
|
$
|
9,977,735
|
$
|
10,071,343
|
$
|
10,320,364
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||
Liabilities
|
|||||||||||
Deposits:
|
|||||||||||
Noninterest bearing
|
$
|
1,885,694
|
$
|
1,803,141
|
$
|
1,776,873
|
$
|
1,666,868
|
$
|
1,691,599
|
|
Interest bearing
|
5,761,913
|
5,918,766
|
5,941,710
|
6,225,138
|
6,461,359
|
||||||
Total deposits
|
7,647,607
|
7,721,907
|
7,718,583
|
7,892,006
|
8,152,958
|
||||||
Short-term borrowings
|
219,954
|
257,418
|
235,733
|
295,180
|
268,844
|
||||||
Long-term borrowings
|
266,264
|
274,378
|
275,559
|
275,327
|
285,073
|
||||||
Junior subordinated notes issued to capital trusts
|
158,538
|
158,546
|
158,554
|
158,563
|
158,571
|
||||||
Accrued expenses and other liabilities
|
147,682
|
141,490
|
243,962
|
100,031
|
110,132
|
||||||
Total liabilities
|
8,440,045
|
8,553,739
|
8,632,391
|
8,721,107
|
8,975,578
|
||||||
Stockholders' Equity
|
|||||||||||
Preferred stock
|
194,719
|
194,562
|
194,407
|
194,255
|
194,104
|
||||||
Common stock
|
548
|
548
|
546
|
546
|
546
|
||||||
Additional paid-in capital
|
731,248
|
730,056
|
728,244
|
726,604
|
725,400
|
||||||
Retained earnings
|
427,956
|
411,659
|
396,081
|
406,594
|
402,810
|
||||||
Accumulated other comprehensive income
|
39,150
|
32,322
|
27,322
|
22,566
|
22,233
|
||||||
Treasury stock
|
(3,044)
|
(3,010)
|
(3,771)
|
(2,845)
|
(2,828)
|
||||||
Controlling interest stockholders' equity
|
1,390,577
|
1,366,137
|
1,342,829
|
1,347,720
|
1,342,265
|
||||||
Noncontrolling interest
|
2,450
|
2,485
|
2,515
|
2,516
|
2,521
|
||||||
Total stockholders' equity
|
1,393,027
|
1,368,622
|
1,345,344
|
1,350,236
|
1,344,786
|
||||||
Total liabilities and stockholders' equity
|
$
|
9,833,072
|
$
|
9,922,361
|
$
|
9,977,735
|
$
|
10,071,343
|
$
|
10,320,364
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(Amounts in thousands, except per share data) (Unaudited)
|
Three Months Ended
|
Year Ended
|
|||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
||
Interest income:
|
||||||||
Loans
|
$ 75,466
|
$ 78,046
|
$ 84,114
|
$ 87,167
|
$ 92,701
|
$ 324,793
|
$ 364,484
|
|
Investment securities:
|
||||||||
Taxable
|
11,608
|
11,699
|
10,290
|
7,752
|
7,001
|
41,349
|
50,541
|
|
Nontaxable
|
6,178
|
4,299
|
3,443
|
3,345
|
3,367
|
17,265
|
13,585
|
|
Federal funds sold
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
|
Other interest earning accounts
|
181
|
244
|
258
|
470
|
504
|
1,153
|
1,028
|
|
Total interest income
|
93,433
|
94,288
|
98,105
|
98,734
|
103,573
|
384,560
|
429,640
|
|
Interest expense:
|
||||||||
Deposits
|
9,569
|
10,207
|
11,746
|
13,359
|
15,598
|
44,881
|
75,850
|
|
Short-term borrowings
|
189
|
204
|
239
|
217
|
255
|
849
|
1,145
|
|
Long-term borrowings and junior subordinated notes
|
3,430
|
3,461
|
3,713
|
2,953
|
3,065
|
13,557
|
12,873
|
|
Total interest expense
|
13,188
|
13,872
|
15,698
|
16,529
|
18,918
|
59,287
|
89,868
|
|
Net interest income
|
80,245
|
80,416
|
82,407
|
82,205
|
84,655
|
325,273
|
339,772
|
|
Provision for credit losses
|
8,000
|
11,500
|
61,250
|
40,000
|
49,000
|
120,750
|
246,200
|
|
Net interest income after provision for credit losses
|
72,245
|
68,916
|
21,157
|
42,205
|
35,655
|
204,523
|
93,572
|
|
Other income:
|
||||||||
Loan service fees
|
1,601
|
2,159
|
2,812
|
1,126
|
1,532
|
7,698
|
6,517
|
|
Deposit service fees
|
10,085
|
9,932
|
9,023
|
10,030
|
9,920
|
39,070
|
38,934
|
|
Lease financing, net
|
7,801
|
6,494
|
6,861
|
5,783
|
7,185
|
26,939
|
21,853
|
|
Brokerage fees
|
1,577
|
1,273
|
1,615
|
1,419
|
1,231
|
5,884
|
5,012
|
|
Trust and asset management fees
|
4,166
|
4,272
|
4,455
|
4,431
|
4,243
|
17,324
|
15,037
|
|
Net gain (loss) on sale of investment securities
|
411
|
-
|
232
|
(3)
|
(4)
|
640
|
18,648
|
|
Increase in cash surrender value of life insurance
|
944
|
1,014
|
1,451
|
968
|
930
|
4,377
|
3,516
|
|
Net (loss) gain on sale of other assets
|
(87)
|
-
|
13
|
357
|
419
|
283
|
630
|
|
Acquisition related gains
|
-
|
-
|
-
|
-
|
-
|
-
|
62,649
|
|
Accretion of FDIC indemnification asset
|
683
|
985
|
1,339
|
1,831
|
3,009
|
4,838
|
9,678
|
|
Card fees
|
1,096
|
2,071
|
2,062
|
1,788
|
2,287
|
7,017
|
7,057
|
|
Net loss recognized on other real estate owned
|
(5,478)
|
(3,118)
|
(4,645)
|
(372)
|
(2,124)
|
(13,613)
|
(9,285)
|
|
Other operating income
|
1,652
|
1,285
|
3,927
|
1,785
|
2,167
|
8,649
|
5,510
|
|
Total other income
|
24,451
|
26,367
|
29,145
|
29,143
|
30,795
|
109,106
|
185,756
|
|
Other expense:
|
||||||||
Salaries and employee benefits
|
39,846
|
38,422
|
37,815
|
37,775
|
36,399
|
153,858
|
144,349
|
|
Occupancy and equipment expense
|
8,498
|
9,092
|
8,483
|
9,394
|
7,938
|
35,467
|
34,845
|
|
Computer services and telecommunication expense
|
4,382
|
3,488
|
3,570
|
3,445
|
3,264
|
14,885
|
14,615
|
|
Advertising and marketing expense
|
1,831
|
1,740
|
1,748
|
1,719
|
1,573
|
7,038
|
6,465
|
|
Professional and legal expense
|
1,422
|
1,647
|
1,853
|
1,225
|
1,718
|
6,147
|
5,803
|
|
Brokerage fee expense
|
137
|
363
|
574
|
483
|
448
|
1,557
|
1,926
|
|
Other intangible amortization expense
|
1,410
|
1,414
|
1,416
|
1,425
|
1,632
|
5,665
|
6,214
|
|
FDIC insurance premiums
|
2,662
|
2,272
|
3,502
|
3,428
|
3,930
|
11,864
|
15,600
|
|
Branch impairment charges
|
594
|
-
|
-
|
1,000
|
-
|
1,594
|
-
|
|
Other real estate expense, net
|
1,464
|
1,181
|
1,251
|
398
|
858
|
4,294
|
2,694
|
|
Other operating expenses
|
7,187
|
6,989
|
6,516
|
6,572
|
6,855
|
27,264
|
26,265
|
|
Total other expense
|
69,433
|
66,608
|
66,728
|
66,864
|
64,615
|
269,633
|
258,776
|
|
Income (loss) before income taxes
|
27,263
|
28,675
|
(16,426)
|
4,484
|
1,835
|
43,996
|
20,552
|
|
Income taxes
|
7,810
|
8,978
|
(9,060)
|
(2,460)
|
(1,358)
|
5,268
|
24
|
|
Net income (loss)
|
19,453
|
19,697
|
(7,366)
|
6,944
|
3,193
|
38,728
|
20,528
|
|
Preferred stock dividends and discount accretion
|
2,606
|
2,605
|
2,602
|
2,601
|
2,598
|
10,414
|
10,382
|
|
Net income (loss) available to common stockholders
|
$ 16,847
|
$ 17,092
|
$ (9,968)
|
$ 4,343
|
$ 595
|
$ 28,314
|
$ 10,146
|
Three Months Ended
|
Year Ended
|
|||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
||||||||
Common share data:
|
||||||||||||||
Net income (loss) per basic common share
|
$
|
0.36
|
$
|
0.36
|
$
|
(0.14)
|
$
|
0.13
|
$
|
0.06
|
$
|
0.71
|
$
|
0.39
|
Impact of preferred stock dividends on
|
||||||||||||||
basic earnings (loss) per common share
|
(0.05)
|
(0.04)
|
(0.04)
|
(0.05)
|
(0.05)
|
(0.19)
|
(0.20)
|
|||||||
Basic earnings (loss) per common share
|
0.31
|
0.32
|
(0.18)
|
0.08
|
0.01
|
0.52
|
0.19
|
|||||||
Net income (loss) per common share
|
0.36
|
0.36
|
(0.14)
|
0.13
|
0.06
|
0.71
|
0.39
|
|||||||
Impact of preferred stock dividends on
|
||||||||||||||
diluted earnings (loss) per common share
|
(0.05)
|
(0.05)
|
(0.04)
|
(0.05)
|
(0.05)
|
(0.19)
|
(0.20)
|
|||||||
Diluted earnings (loss) per common share
|
0.31
|
0.31
|
(0.18)
|
0.08
|
0.01
|
0.52
|
0.19
|
|||||||
Weighted average common shares outstanding
|
54,140,646
|
54,121,156
|
54,002,979
|
53,961,176
|
53,572,157
|
54,057,158
|
52,724,715
|
|||||||
Diluted weighted average common shares outstanding
|
54,360,178
|
54,323,320
|
54,002,979
|
54,254,876
|
53,790,047
|
54,337,280
|
53,035,047
|
Three Months Ended
|
Year Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||
Performance Ratios:
|
|||||||||||||||||||||
Annualized return on average assets
|
0.78
|
%
|
0.80
|
%
|
(0.30)
|
%
|
0.28
|
%
|
0.12
|
%
|
0.39
|
%
|
0.20
|
%
|
|||||||
Annualized return on average common equity
|
5.66
|
5.86
|
(3.43)
|
1.53
|
0.21
|
2.43
|
0.89
|
||||||||||||||
Annualized cash return on average tangible common equity(1)
|
9.09
|
9.52
|
(4.80)
|
2.88
|
0.89
|
4.23
|
1.96
|
||||||||||||||
Net interest rate spread
|
3.71
|
3.71
|
3.71
|
3.68
|
3.63
|
3.71
|
3.61
|
||||||||||||||
Cost of funds(2)
|
0.63
|
0.66
|
0.74
|
0.77
|
0.83
|
0.70
|
0.99
|
||||||||||||||
Efficiency ratio(3)
|
59.94
|
58.69
|
56.63
|
57.45
|
53.49
|
58.17
|
55.57
|
||||||||||||||
Annualized net non-interest expense to average assets(4)
|
1.56
|
1.48
|
1.38
|
1.44
|
1.20
|
1.46
|
1.37
|
||||||||||||||
Pre-tax pre-provision operating earnings to risk-weighted assets(5)
|
2.87
|
3.03
|
3.30
|
3.00
|
3.26
|
3.04
|
3.05
|
||||||||||||||
Pre-tax pre-provision operating earnings to average assets(5)
|
1.85
|
1.91
|
2.05
|
1.93
|
2.11
|
1.94
|
1.97
|
||||||||||||||
Net interest margin
|
3.71
|
3.74
|
3.79
|
3.76
|
3.72
|
3.75
|
3.72
|
||||||||||||||
Tax equivalent effect
|
0.20
|
0.16
|
0.13
|
0.12
|
0.11
|
0.15
|
0.11
|
||||||||||||||
Net interest margin - fully tax equivalent basis(6)
|
3.91
|
3.90
|
3.92
|
3.88
|
3.83
|
3.90
|
3.83
|
||||||||||||||
Asset Quality Ratios:
|
|||||||||||||||||||||
Non-performing loans(7) to total loans
|
2.17
|
%
|
2.42
|
%
|
2.54
|
%
|
5.01
|
%
|
5.48
|
%
|
2.17
|
%
|
5.48
|
%
|
|||||||
Non-performing assets(7) to total assets
|
2.12
|
2.30
|
2.40
|
3.96
|
4.21
|
2.12
|
4.21
|
||||||||||||||
Allowance for loan losses to non-performing loans(7)
|
98.00
|
91.23
|
86.12
|
55.94
|
53.03
|
98.00
|
53.03
|
||||||||||||||
Allowance for loan losses to total loans
|
2.13
|
2.21
|
2.19
|
2.80
|
2.90
|
2.13
|
2.90
|
||||||||||||||
Allowance for credit losses to total loans and unfunded credit commitments
|
2.25
|
2.40
|
2.43
|
2.75
|
2.85
|
2.25
|
2.85
|
||||||||||||||
Net loan charge-offs to average loans (annualized)
|
0.95
|
1.14
|
5.89
|
3.38
|
2.99
|
2.90
|
3.42
|
||||||||||||||
Capital Ratios:
|
|||||||||||||||||||||
Tangible equity to tangible assets(8)
|
10.47
|
%
|
10.10
|
%
|
9.79
|
%
|
9.74
|
%
|
9.43
|
%
|
10.47
|
%
|
9.43
|
%
|
|||||||
Tangible common equity to risk weighted assets(9)
|
12.48
|
12.42
|
11.97
|
11.36
|
10.94
|
12.48
|
10.94
|
||||||||||||||
Tangible common equity to tangible assets(10)
|
8.40
|
8.06
|
7.76
|
7.73
|
7.47
|
8.40
|
7.47
|
||||||||||||||
Book value per common share(11)
|
$
|
21.92
|
$
|
21.48
|
$
|
21.14
|
$
|
21.24
|
$
|
21.14
|
$
|
21.92
|
$
|
21.14
|
|||||||
Less: goodwill and other intangible assets,net of benefit, per common share
|
7.43
|
7.45
|
7.49
|
7.52
|
7.53
|
7.43
|
7.53
|
||||||||||||||
Tangible book value per common share(12)
|
14.49
|
14.03
|
13.64
|
13.73
|
13.60
|
14.49
|
13.60
|
||||||||||||||
Total capital (to risk-weighted assets)
|
19.41
|
%
|
19.61
|
%
|
19.18
|
%
|
18.33
|
%
|
17.75
|
%
|
19.41
|
%
|
17.75
|
%
|
|||||||
Tier 1 capital (to risk-weighted assets)
|
17.36
|
17.54
|
17.11
|
16.31
|
15.75
|
17.36
|
15.75
|
||||||||||||||
Tier 1 capital (to average assets)
|
11.73
|
11.59
|
11.16
|
11.00
|
10.66
|
11.73
|
10.66
|
||||||||||||||
Tier 1 common capital (to risk-weighted assets)
|
11.87
|
11.90
|
11.50
|
11.01
|
10.61
|
11.87
|
10.61
|
(1)
|
Net cash flow available to common stockholders (net income available to common stockholders, plus other intangibles amortization expense, net of tax benefit) divided by average tangible common equity (average common equity less average goodwill and average other intangibles, net of tax benefit).
|
(2)
|
Equals total interest expense divided by the sum of average interest bearing liabilities and noninterest bearing deposits.
|
(3)
|
Equals total other expense excluding non-core items divided by the sum of net interest income on a fully tax equivalent basis, total other income less non-core items, and tax equivalent adjustment on the increase in cash surrender value of life insurance.
|
(4)
|
Equals total other expense excluding non-core items less total other income excluding non-core items, and including tax equivalent adjustment on the increase in cash surrender value of life insurance divided by average assets.
|
(5)
|
Equals net income before taxes, on a fully tax equivalent basis, excluding loan loss provision expense, non-core other income items, and non-core other expense items, including tax equivalent adjustment on the increase in cash surrender value of life insurance divided by risk-weighted assets or average assets.
|
(6)
|
Represents net interest income, on a fully tax equivalent basis assuming a 35% tax rate, as a percentage of average interest earning assets.
|
(7)
|
Non-performing loans excludes purchased credit-impaired loans and loans held for sale. Non-performing assets excludes purchased credit-impaired loans, loans held for sale, and other real estate owned related to FDIC transactions.
|
(8)
|
Equals total ending stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by total assets less goodwill and other intangibles, net of tax benefit.
|
(9)
|
Equals total ending common stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by total risk weighted assets.
|
(10)
|
Equals total ending common stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by total assets less goodwill and other intangibles, net of tax benefit.
|
(11)
|
Equals total ending common stockholders’ equity divided by common shares outstanding.
|
(12)
|
Equals total ending common stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by common shares outstanding.
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||
Stockholders' equity - as reported
|
$
|
1,393,027
|
$
|
1,368,622
|
$
|
1,345,344
|
$
|
1,350,236
|
$
|
1,344,786
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible, net of tax benefit
|
19,171
|
20,088
|
21,007
|
21,927
|
22,853
|
||||||
Tangible equity
|
$
|
986,787
|
$
|
961,465
|
$
|
937,268
|
$
|
941,240
|
$
|
934,864
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||
Total assets - as reported
|
$
|
9,833,072
|
$
|
9,922,361
|
$
|
9,977,735
|
$
|
10,071,343
|
$
|
10,320,364
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible, net of tax benefit
|
19,171
|
20,088
|
21,007
|
21,927
|
22,853
|
||||||
Tangible assets
|
$
|
9,426,832
|
$
|
9,515,204
|
$
|
9,569,659
|
$
|
9,662,347
|
$
|
9,910,442
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||
Common stockholders' equity - as reported
|
$
|
1,198,308
|
$
|
1,174,060
|
$
|
1,150,937
|
$
|
1,155,981
|
$
|
1,150,682
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible, net of tax benefit
|
19,171
|
20,088
|
21,007
|
21,927
|
22,853
|
||||||
Tangible common equity
|
$
|
792,068
|
$
|
766,903
|
$
|
742,861
|
$
|
746,985
|
$
|
740,760
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Average common stockholders' equity - as reported
|
$
|
1,181,820
|
$
|
1,158,119
|
$
|
1,165,022
|
$
|
1,152,119
|
$
|
1,147,581
|
$
|
1,164,316
|
$
|
1,135,189
|
|
Less: average goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||||
Less: average other intangible assets, net of tax benefit
|
19,494
|
20,414
|
21,331
|
22,254
|
23,236
|
20,865
|
23,154
|
||||||||
Average tangible common equity
|
$
|
775,257
|
$
|
750,636
|
$
|
756,622
|
$
|
742,796
|
$
|
737,276
|
$
|
756,382
|
$
|
724,966
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Net income (loss) available to common stockholders - as reported
|
$
|
16,847
|
$
|
17,092
|
$
|
(9,968)
|
$
|
4,343
|
$
|
595
|
$
|
28,314
|
$
|
10,146
|
|
Add: other intangible amortization expense, net of tax benefit
|
917
|
919
|
920
|
926
|
1,062
|
3,682
|
4,039
|
||||||||
Net cash flow available to common stockholders
|
$
|
17,764
|
$
|
18,011
|
$
|
(9,048)
|
$
|
5,269
|
$
|
1,657
|
$
|
31,996
|
$
|
14,185
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
|||||||
2011
|
2011
|
2011
|
2011
|
2010
|
|||||||
Tier 1 capital - as reported
|
$
|
1,101,538
|
$
|
1,083,020
|
$
|
1,061,482
|
$
|
1,072,537
|
$
|
1,066,538
|
|
Less: preferred stock
|
194,719
|
194,562
|
194,407
|
194,255
|
194,104
|
||||||
Less: qualifying trust preferred securities
|
153,787
|
153,795
|
153,803
|
153,812
|
153,820
|
||||||
Tier 1 common capital
|
$
|
753,032
|
$
|
734,663
|
$
|
713,272
|
$
|
724,470
|
$
|
718,614
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Non-interest expense
|
$
|
69,433
|
$
|
66,608
|
$
|
66,728
|
$
|
66,864
|
$
|
64,615
|
$
|
269,633
|
$
|
258,776
|
|
Adjustment for impairment charges
|
594
|
-
|
-
|
1,000
|
-
|
1,594
|
-
|
||||||||
Adjustment for increase (decrease) in market value of
|
|||||||||||||||
assets held in trust for deferred compensation
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Non-interest expense - as adjusted
|
$
|
68,819
|
$
|
67,013
|
$
|
66,570
|
$
|
65,677
|
$
|
64,018
|
$
|
268,079
|
$
|
258,214
|
|
Net interest income
|
$
|
80,245
|
$
|
80,416
|
$
|
82,407
|
$
|
82,205
|
$
|
84,655
|
$
|
325,273
|
$
|
339,772
|
|
Tax equivalent adjustment
|
4,468
|
3,320
|
2,775
|
2,625
|
2,609
|
13,188
|
10,458
|
||||||||
Net interest income on a fully tax equivalent basis
|
84,713
|
83,736
|
85,182
|
84,830
|
87,264
|
338,461
|
350,230
|
||||||||
Tax equivalent adjustment on the increase
|
|||||||||||||||
in cash surrender value of life insurance
|
508
|
546
|
781
|
521
|
501
|
2,357
|
1,893
|
||||||||
Plus other income
|
24,451
|
26,367
|
29,145
|
29,143
|
30,795
|
109,106
|
185,756
|
||||||||
Less net losses on other real estate owned
|
(5,478)
|
(3,118)
|
(4,645)
|
(372)
|
(2,124)
|
(13,613)
|
(9,284)
|
||||||||
Less net gains (losses) on securities available for sale
|
411
|
-
|
232
|
(3)
|
(4)
|
640
|
18,648
|
||||||||
Less net (losses) gains on sale of other assets
|
(87)
|
-
|
13
|
357
|
419
|
283
|
630
|
||||||||
Less net gain on sale of loans held for sale
|
-
|
-
|
1,790
|
-
|
-
|
1,790
|
-
|
||||||||
Less acquisition related gains
|
-
|
-
|
-
|
-
|
-
|
-
|
62,649
|
||||||||
Less increase (decrease) in market value of assets
|
|||||||||||||||
held in trust for deferred compensation
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Net interest income plus non-interest income - as adjusted
|
$
|
114,806
|
$
|
114,172
|
$
|
117,560
|
$
|
114,325
|
$
|
119,672
|
$
|
460,864
|
$
|
464,674
|
|
Efficiency ratio
|
59.94%
|
58.69%
|
56.63%
|
57.45%
|
53.49%
|
58.17%
|
55.57%
|
||||||||
Efficiency ratio (without adjustments)
|
66.32%
|
62.38%
|
59.82%
|
60.05%
|
55.97%
|
62.07%
|
49.24%
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Non-interest expense
|
$
|
69,433
|
$
|
66,608
|
$
|
66,728
|
$
|
66,864
|
$
|
64,615
|
$
|
269,633
|
$
|
258,776
|
|
Adjustment for impairment charges
|
594
|
-
|
-
|
1,000
|
-
|
1,594
|
-
|
||||||||
Adjustment for increase (decrease) in market value of
|
|||||||||||||||
assets held in trust for deferred compensation
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Non-interest expense - as adjusted
|
68,819
|
67,013
|
66,570
|
65,677
|
64,018
|
268,079
|
258,214
|
||||||||
Other income
|
24,451
|
26,367
|
29,145
|
29,143
|
30,795
|
109,106
|
185,756
|
||||||||
Less net losses on other real estate owned
|
(5,478)
|
(3,118)
|
(4,645)
|
(372)
|
(2,124)
|
(13,613)
|
(9,284)
|
||||||||
Less net gains (losses) on securities available for sale
|
411
|
-
|
232
|
(3)
|
(4)
|
640
|
18,648
|
||||||||
Less net (losses) gains on sale of other assets
|
(87)
|
-
|
13
|
357
|
419
|
283
|
630
|
||||||||
Less net gain on sale of loans held for sale
|
-
|
-
|
1,790
|
-
|
-
|
1,790
|
-
|
||||||||
Less acquisition related gains
|
-
|
-
|
-
|
-
|
-
|
-
|
62,649
|
||||||||
Less increase (decrease) in market value of assets
|
|||||||||||||||
held in trust for deferred compensation
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Other income - as adjusted
|
29,585
|
29,890
|
31,597
|
28,974
|
31,907
|
120,046
|
112,551
|
||||||||
Less tax equivalent adjustment on the increase
|
|||||||||||||||
in cash surrender value of life insurance
|
508
|
546
|
781
|
521
|
501
|
2,357
|
1,893
|
||||||||
Net non-interest expense
|
$
|
38,726
|
$
|
36,577
|
$
|
34,192
|
$
|
36,182
|
$
|
31,610
|
$
|
145,676
|
$
|
143,770
|
|
Average assets
|
$
|
9,856,835
|
$
|
9,807,561
|
$
|
9,966,898
|
$
|
10,198,626
|
$
|
10,452,626
|
$
|
9,956,133
|
$
|
10,506,028
|
|
Annualized net non-interest expense to average assets
|
1.56%
|
1.48%
|
1.38%
|
1.44%
|
1.20%
|
1.46%
|
1.37%
|
||||||||
Annualized net non-interest expense to average assets
|
|||||||||||||||
(without adjustments)
|
1.81%
|
1.63%
|
1.51%
|
1.50%
|
1.28%
|
1.61%
|
0.70%
|
Three Months Ended
|
Year Ended
|
||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||
2011
|
2011
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Income (loss) before income taxes
|
$
|
27,263
|
$
|
28,675
|
$
|
(16,426)
|
$
|
4,484
|
$
|
1,835
|
$
|
43,996
|
$
|
20,552
|
|
Provision for credit losses
|
8,000
|
11,500
|
61,250
|
40,000
|
49,000
|
120,750
|
246,200
|
||||||||
Pre-tax, pre-provision earnings
|
35,263
|
40,175
|
44,824
|
44,484
|
50,835
|
164,746
|
266,752
|
||||||||
Tax equivalent adjustment on tax-exempt interest income
|
4,468
|
3,320
|
2,775
|
2,625
|
2,609
|
13,188
|
10,458
|
||||||||
Tax equivalent adjustment on the increase in cash
|
|||||||||||||||
surrender value of life insurance
|
508
|
546
|
781
|
521
|
501
|
2,357
|
1,893
|
||||||||
Pre-tax, pre-provision earnings on a fully tax equivalent basis
|
40,239
|
44,041
|
48,380
|
47,630
|
53,945
|
180,291
|
279,103
|
||||||||
Non-core other income
|
|||||||||||||||
Net losses on other real estate owned
|
(5,478)
|
(3,118)
|
(4,645)
|
(372)
|
(2,124)
|
(13,613)
|
(9,284)
|
||||||||
Net gains (losses) on securities available for sale
|
411
|
-
|
232
|
(3)
|
(4)
|
640
|
18,648
|
||||||||
Net (losses) gain on sale of other assets
|
(87)
|
-
|
13
|
357
|
419
|
283
|
630
|
||||||||
Net gain on sale of loans held for sale
|
-
|
-
|
1,790
|
-
|
-
|
1,790
|
-
|
||||||||
Acquisition related gains
|
-
|
-
|
-
|
-
|
-
|
-
|
62,649
|
||||||||
Increase (decrease) in market value of assets held in
|
|||||||||||||||
trust for deferred compensation
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Total non-core other income
|
(5,134)
|
(3,523)
|
(2,452)
|
169
|
(1,112)
|
(10,940)
|
73,205
|
||||||||
Non-core other expense
|
|||||||||||||||
Impairment charges
|
594
|
-
|
-
|
1,000
|
-
|
1,594
|
-
|
||||||||
Increase (decrease) in market value of assets held in
|
|||||||||||||||
trust for deferred compensation
|
20
|
(405)
|
158
|
187
|
597
|
(40)
|
562
|
||||||||
Total non-core other expense
|
614
|
(405)
|
158
|
1,187
|
597
|
1,554
|
562
|
||||||||
Pre-tax, pre-provision operating earnings
|
$
|
45,987
|
$
|
47,159
|
$
|
50,990
|
$
|
48,648
|
$
|
55,654
|
$
|
192,785
|
$
|
206,460
|
|
Risk-weighted assets
|
$
|
6,346,201
|
$
|
6,174,508
|
$
|
6,203,587
|
$
|
6,577,477
|
$
|
6,772,761
|
$
|
6,346,201
|
$
|
6,772,761
|
|
Average assets
|
$
|
9,856,835
|
$
|
9,807,561
|
$
|
9,966,898
|
$
|
10,198,626
|
$
|
10,452,626
|
$
|
9,956,133
|
$
|
10,506,028
|
|
Annualized pre-tax, pre-provision operating earnings to
|
|||||||||||||||
risk-weighted assets
|
2.87%
|
3.03%
|
3.30%
|
3.00%
|
3.26%
|
3.04%
|
3.05%
|
||||||||
Annualized pre-tax, pre-provision operating earnings to
|
|||||||||||||||
risk-weighted assets (without adjustments)
|
2.20%
|
2.58%
|
2.90%
|
2.74%
|
2.98%
|
2.60%
|
3.94%
|
||||||||
Annualized pre-tax, pre-provision operating earnings to
|
|||||||||||||||
average assets
|
1.85%
|
1.91%
|
2.05%
|
1.93%
|
2.11%
|
1.94%
|
1.97%
|
||||||||
Annualized pre-tax, pre-provision operating earnings to
|
|||||||||||||||
average assets (without adjustments)
|
1.42%
|
1.63%
|
1.80%
|
1.77%
|
1.93%
|
1.65%
|
2.54%
|
Three Months Ended December 31,
|
Three Months Ended September 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
|||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||
Interest Earning Assets:
|
|||||||||||||||||
Loans (1) (2) (3):
|
|||||||||||||||||
Commercial related credits
|
|||||||||||||||||
Commercial
|
$
|
1,051,065
|
$
|
12,989
|
4.90%
|
$
|
1,243,057
|
15,053
|
4.80%
|
$
|
1,070,852
|
$
|
12,915
|
4.78%
|
|||
Commercial loans collateralized by assignment
|
|||||||||||||||||
of lease payments
|
1,102,220
|
14,167
|
5.14
|
1,018,026
|
14,662
|
5.76
|
1,015,925
|
13,694
|
5.39
|
||||||||
Real estate commercial
|
1,839,689
|
25,132
|
5.35
|
2,235,328
|
29,853
|
5.23
|
1,845,988
|
25,230
|
5.35
|
||||||||
Real estate construction
|
209,098
|
2,443
|
4.57
|
438,622
|
3,741
|
3.34
|
238,396
|
2,233
|
3.67
|
||||||||
Total commercial related credits
|
4,202,072
|
54,731
|
5.10
|
4,935,033
|
63,309
|
5.02
|
4,171,161
|
54,072
|
5.07
|
||||||||
Other loans
|
|||||||||||||||||
Real estate residential
|
316,087
|
3,719
|
4.71
|
326,785
|
4,523
|
5.54
|
317,050
|
3,739
|
4.72
|
||||||||
Home equity
|
342,011
|
3,701
|
4.29
|
385,119
|
4,234
|
4.36
|
354,131
|
3,828
|
4.29
|
||||||||
Indirect
|
188,562
|
3,080
|
6.48
|
178,940
|
3,583
|
7.94
|
185,850
|
2,968
|
6.34
|
||||||||
Consumer loans
|
62,703
|
482
|
3.05
|
57,709
|
633
|
4.35
|
56,257
|
439
|
3.10
|
||||||||
Total other loans
|
909,363
|
10,982
|
4.79
|
948,553
|
12,973
|
5.43
|
913,288
|
10,974
|
4.77
|
||||||||
Total loans, excluding covered loans
|
5,111,435
|
65,713
|
5.10
|
5,883,586
|
76,282
|
5.14
|
5,084,449
|
65,046
|
5.08
|
||||||||
Covered loans
|
707,039
|
10,894
|
6.11
|
840,254
|
17,213
|
8.13
|
742,732
|
14,004
|
7.48
|
||||||||
Total loans
|
5,818,474
|
76,607
|
5.22
|
6,723,840
|
93,495
|
5.52
|
5,827,181
|
79,050
|
5.38
|
||||||||
Taxable investment securities
|
1,820,680
|
11,608
|
2.55
|
1,172,751
|
7,002
|
2.39
|
1,869,961
|
11,699
|
2.50
|
||||||||
Investment securities exempt from federal income taxes (3)
|
676,893
|
9,505
|
5.49
|
351,955
|
5,181
|
5.76
|
456,777
|
6,614
|
5.67
|
||||||||
Federal funds sold
|
-
|
-
|
0.00
|
-
|
-
|
0.00
|
-
|
-
|
0.00
|
||||||||
Other interest earning deposits
|
272,762
|
181
|
0.26
|
784,803
|
504
|
0.25
|
365,723
|
244
|
0.26
|
||||||||
Total interest earning assets
|
$
|
8,588,809
|
$
|
97,901
|
4.52
|
$
|
9,033,349
|
$
|
106,182
|
4.66
|
$
|
8,519,642
|
$
|
97,607
|
4.55
|
||
Non-interest earning assets
|
1,268,026
|
1,419,277
|
1,287,919
|
||||||||||||||
Total assets
|
$
|
9,856,835
|
$
|
10,452,626
|
$
|
9,807,561
|
|||||||||||
Interest Bearing Liabilities:
|
|||||||||||||||||
Core funding:
|
|||||||||||||||||
Money market and NOW accounts
|
$
|
2,653,486
|
$
|
1,498
|
0.22%
|
$
|
2,823,619
|
$
|
3,410
|
0.48%
|
$
|
2,656,490
|
$
|
1,731
|
0.26%
|
||
Savings accounts
|
751,766
|
327
|
0.17
|
657,816
|
505
|
0.30
|
742,334
|
320
|
0.17
|
||||||||
Certificates of deposit
|
1,971,473
|
4,294
|
0.89
|
2,611,365
|
7,609
|
1.17
|
2,048,556
|
4,759
|
0.92
|
||||||||
Customer repurchase agreements
|
235,666
|
151
|
0.25
|
277,782
|
218
|
0.31
|
218,928
|
146
|
0.26
|
||||||||
Total core funding
|
5,612,391
|
6,270
|
0.44
|
6,370,582
|
11,742
|
0.73
|
5,666,308
|
6,956
|
0.49
|
||||||||
Wholesale funding:
|
|||||||||||||||||
Brokered accounts (includes fee expense)
|
438,123
|
3,450
|
3.12
|
473,090
|
4,074
|
3.42
|
412,714
|
3,396
|
3.26
|
||||||||
Other borrowings
|
431,165
|
3,468
|
3.15
|
452,212
|
3,102
|
2.68
|
442,066
|
3,519
|
3.11
|
||||||||
Total wholesale funding
|
869,288
|
6,918
|
2.88
|
925,302
|
7,176
|
2.88
|
854,780
|
6,915
|
3.08
|
||||||||
Total interest bearing liabilities
|
$
|
6,481,679
|
$
|
13,188
|
0.81
|
$
|
7,295,884
|
$
|
18,918
|
1.03
|
$
|
6,521,088
|
$
|
13,871
|
0.84
|
||
Non-interest bearing deposits
|
1,878,049
|
1,694,179
|
1,810,501
|
||||||||||||||
Other non-interest bearing liabilities
|
120,671
|
120,974
|
123,391
|
||||||||||||||
Stockholders' equity
|
1,376,436
|
1,341,589
|
1,352,581
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
9,856,835
|
$
|
10,452,626
|
$
|
9,807,561
|
|||||||||||
Net interest income/interest rate spread (4)
|
$
|
84,713
|
3.71%
|
$
|
87,264
|
3.63%
|
$
|
83,736
|
3.71%
|
||||||||
Taxable equivalent adjustment
|
4,468
|
2,609
|
3,320
|
||||||||||||||
Net interest income, as reported
|
$
|
80,245
|
$
|
84,655
|
$
|
80,416
|
|||||||||||
Net interest margin (5)
|
3.71%
|
3.72%
|
3.74%
|
||||||||||||||
Tax equivalent effect
|
0.20%
|
0.11%
|
0.16%
|
||||||||||||||
Net interest margin on a fully tax equivalent basis (5)
|
3.91%
|
3.83%
|
3.90%
|
(1)
|
Non-accrual loans are included in average loans.
|
(2)
|
Interest income includes amortization of deferred loan origination fees of $1.2 million, $972 thousand, and $1.0 million for the three months ended December 31, 2011, September 30, 2011, and December 31, 2010, respectively.
|
(3)
|
Non-taxable loan and investment income is presented on a fully tax equivalent basis assuming a 35% tax rate.
|
(4)
|
Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
|
(5)
|
Net interest margin represents net interest income as a percentage of average interest earning assets.
|
Year Ended December 31,
|
||||||||||||
2011
|
2010
|
|||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||
Interest Earning Assets:
|
||||||||||||
Loans (1) (2) (3):
|
||||||||||||
Commercial related credits
|
||||||||||||
Commercial
|
$
|
1,108,033
|
$
|
53,813
|
4.86%
|
$
|
1,324,118
|
$
|
66,121
|
4.99%
|
||
Commercial loans collateralized by assignment
|
||||||||||||
of lease payments
|
1,041,033
|
56,453
|
5.42
|
981,384
|
58,807
|
5.99
|
||||||
Real estate commercial
|
1,968,087
|
105,342
|
5.28
|
2,345,202
|
125,115
|
5.26
|
||||||
Real estate construction
|
300,288
|
11,984
|
3.94
|
520,734
|
17,357
|
3.29
|
||||||
Total commercial related credits
|
4,417,441
|
227,592
|
5.08
|
5,171,438
|
267,400
|
5.10
|
||||||
Other loans
|
||||||||||||
Real estate residential
|
326,189
|
15,914
|
4.88
|
314,713
|
16,878
|
5.36
|
||||||
Home equity
|
359,972
|
15,481
|
4.30
|
394,142
|
17,317
|
5.39
|
||||||
Indirect
|
181,988
|
12,034
|
6.61
|
180,337
|
13,115
|
7.27
|
||||||
Consumer loans
|
58,205
|
1,957
|
3.36
|
58,834
|
2,209
|
3.75
|
||||||
Total other loans
|
926,354
|
45,386
|
4.90
|
948,026
|
49,519
|
5.22
|
||||||
Total loans, excluding covered loans
|
5,343,795
|
272,978
|
5.11
|
6,119,464
|
316,919
|
5.18
|
||||||
Covered loans
|
755,242
|
55,706
|
7.38
|
639,312
|
50,707
|
7.93
|
||||||
Total loans
|
6,099,037
|
328,684
|
5.39
|
6,758,776
|
367,626
|
5.44
|
||||||
Taxable investment securities
|
1,669,971
|
41,349
|
2.48
|
1,635,544
|
50,542
|
3.09
|
||||||
Investment securities exempt from federal income taxes (3)
|
460,972
|
26,562
|
5.68
|
356,496
|
20,900
|
5.78
|
||||||
Federal funds sold
|
-
|
-
|
0.00
|
352
|
2
|
0.56
|
||||||
Other interest earning deposits
|
442,190
|
1,153
|
0.26
|
386,521
|
1,028
|
0.27
|
||||||
Total interest earning assets
|
$
|
8,672,170
|
$
|
397,748
|
4.59
|
$
|
9,137,689
|
$
|
440,098
|
4.82
|
||
Non-interest earning assets
|
1,283,963
|
1,368,339
|
||||||||||
Total assets
|
$
|
9,956,133
|
$
|
10,506,028
|
||||||||
Interest Bearing Liabilities:
|
||||||||||||
Core funding:
|
||||||||||||
Money market and NOW accounts
|
$
|
2,678,049
|
$
|
7,637
|
0.29%
|
$
|
2,767,044
|
$
|
14,965
|
0.54%
|
||
Savings accounts
|
732,731
|
1,379
|
0.19
|
619,304
|
1,911
|
0.31
|
||||||
Certificates of deposit
|
2,165,541
|
21,162
|
0.99
|
2,846,246
|
41,085
|
1.47
|
||||||
Customer repurchase agreements
|
239,896
|
639
|
0.27
|
260,291
|
959
|
0.37
|
||||||
Total core funding
|
5,816,217
|
30,817
|
0.53
|
6,492,885
|
58,920
|
0.91
|
||||||
Wholesale funding:
|
||||||||||||
Brokered accounts (includes fee expense)
|
444,895
|
14,703
|
3.30
|
489,211
|
17,889
|
3.66
|
||||||
Other borrowings
|
443,752
|
13,767
|
3.06
|
473,347
|
13,059
|
2.72
|
||||||
Total wholesale funding
|
888,647
|
28,470
|
3.03
|
962,558
|
30,948
|
2.99
|
||||||
Total interest bearing liabilities
|
$
|
6,704,864
|
$
|
59,287
|
0.88
|
$
|
7,455,443
|
$
|
89,868
|
1.21
|
||
Non-interest bearing deposits
|
1,771,918
|
1,594,504
|
||||||||||
Other non-interest bearing liabilities
|
120,647
|
127,099
|
||||||||||
Stockholders' equity
|
1,358,704
|
1,328,982
|
||||||||||
Total liabilities and stockholders' equity
|
$
|
9,956,133
|
$
|
10,506,028
|
||||||||
Net interest income/interest rate spread (4)
|
$
|
338,461
|
3.71%
|
$
|
350,230
|
3.61%
|
||||||
Taxable equivalent adjustment
|
13,188
|
10,458
|
||||||||||
Net interest income, as reported
|
$
|
325,273
|
$
|
339,772
|
||||||||
Net interest margin (5)
|
3.75%
|
3.72%
|
||||||||||
Tax equivalent effect
|
0.15%
|
0.11%
|
||||||||||
Net interest margin on a fully tax equivalent basis (5)
|
3.90%
|
3.83%
|
(1)
|
Non-accrual loans are included in average loans.
|
(2)
|
Interest income includes amortization of deferred loan origination fees of $4.7 million and $4.6 million for the year ended December 31, 2011, and December 31 2010, respectively.
|
(3)
|
Non-taxable loan and investment income is presented on a fully tax equivalent basis assuming a 35% tax rate.
|
(4)
|
Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
|
(5)
|
Net interest margin represents net interest income as a percentage of average interest earning assets.
|