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
|
|
Registrant’s October 24, 2012 press release announcing its third quarter 2012 results of operations.
|
||
MB Financial, Inc. | ||
800 West Madison Street | ||
Chicago, Illinois 60607 | ||
(888) 422-6562 | ||
NASDAQ: MBFI | ||
●
|
Annualized return on average assets increased to 0.97% for the third quarter of 2012 compared to 0.94% for the second quarter of 2012 and 0.80% for the third quarter of 2011.
|
●
|
Annualized return on average common equity improved to 7.38% for the third quarter of 2012 compared to 7.28% for the second quarter of 2012 and 5.86% for the third quarter of 2011.
|
●
|
Annualized cash return on average tangible common equity in the third quarter of 2012 was 11.29% compared to 11.28% for the second quarter of 2012 and 9.52% for the third quarter of 2011.
|
●
|
Key fee initiatives propelled the growth in fee income in the quarter:
|
-
|
Leasing revenues increased 31.9% to $9.7 million,
|
-
|
Capital markets and international banking service fees increased 72.3% to $1.3 million, and
|
-
|
Commercial deposit and treasury management fees increased 1.3% to $5.9 million.
|
●
|
On a year-to-date basis, significant growth also occurred:
|
-
|
Leasing revenues increased 25.2% to $24.0 million,
|
-
|
Capital markets and international banking service fees increased 137.7% to $2.6 million, and
|
-
|
Card revenues increased 15.8% to $6.9 million.
|
●
|
Our core other income to revenues ratio rose to 29.5% in the third quarter compared to 27.5% in the prior quarter and 26.7% a year ago.
|
●
|
Net interest margin compression for the quarter, which negatively impacted net interest income, was driven by elevated cash balances at the Federal Reserve and asset repricing outpacing deposit repricing.
|
-
|
Seven basis points of compression were due to elevated cash balances.
|
-
|
Nine basis points of compression were due to asset repricing outpacing deposit repricing.
|
-
|
Liability repositioning, discussed below, which occurred at the end of the quarter, will address the elevated cash balances and is expected to have a seven to eight basis point positive impact on the fourth quarter margin.
|
●
|
Gross recoveries of $14.7 million were recorded in the third quarter of 2012, prompting a negative provision for credit losses of $13.0 million. The allowance for loan and lease losses was relatively unchanged from the prior quarter. We had no provision for credit losses in the second quarter of 2012 and $11.5 million in the third quarter of 2011.
|
●
|
Annualized net charge-offs to average loans for the nine months ended September 30, 2012 improved to 0.03% compared to 3.52% for the same period in 2011.
|
●
|
Losses recognized on other real estate owned (“OREO”), which we view as part of our credit costs, were $3.9 million in the third quarter of 2012 compared to $5.4 million in the second quarter of 2012 and $3.1 million in the third quarter of 2011.
|
●
|
Our non-performing loans improved to $105.3 million or 1.87% of total loans as of September 30, 2012 from $113.5 million or 1.98% of total loans at June 30, 2012, a decrease of $8.2 million (-7.3%), and from $141.0 million or 2.42% of total loans at September 30, 2011, a decrease of $35.7 million (-25.3%).
|
●
|
Our non-performing assets improved to $147.8 million or 1.56% of total assets as of September 30, 2012 from $163.3 million or 1.72% of total assets as of June 30, 2012, a decrease of $15.5 million (-9.5%), and from $228.7 million or 2.30% of total assets as of September 30, 2011, a decrease of $80.9 million (-35.4%).
|
●
|
Our potential problem loans decreased to $134.3 million as of September 30, 2012 from $141.0 million as of June 30, 2012, a decrease of $6.8 million (-4.8%), and from $179.7 million at September 30, 2011, a decrease of $45.4 million (-25.3%).
|
●
|
Our allowance for loan losses to non-performing loans was 115.10% as of September 30, 2012 compared to 107.25% as of June 30, 2012 and 91.23% as of September 30, 2011.
|
●
|
To lower future funding costs, we prepaid the following interest bearing liabilities near the end of the third quarter of 2012:
|
-
|
A $100 million FHLB advance with a 3.85% interest rate,
|
-
|
Brokered certificates of deposit of $101 million with a 3.16% average interest rate, and
|
-
|
The $6.2 million FOBB Statutory Trust I with a 10.6% interest rate.
|
●
|
We incurred prepayment expenses of $12.7 million as a result of the early retirement of these instruments.
|
●
|
The estimated full quarter interest expense related to these instruments is approximately $1.9 million, based on the above rates.
|
●
|
We expect these prepayments to favorably impact our net interest margin for the fourth quarter of 2012 by seven to eight basis points and to reduce cost of funds by approximately nine basis points.
|
●
|
Excluding covered loans, our loan balances have been stable over the last year, with improvement in our loan mix. Commercial and lease loans, generally lower risk loans, have increased by 8.7% over the past twelve months while generally higher risk construction and commercial real estate loans have decreased by 6.6%.
|
●
|
Over the past year, we improved the mix of our investment portfolio to include a higher portion of municipal securities which has helped mitigate the impact of mortgage-backed security prepayments in the current interest rate environment. Municipal securities were 38.3% of total investment securities at September 30, 2012 compared to 25.7% of total investment securities a year ago.
|
●
|
Our funding mix also improved over the past twelve months, with low cost deposits increasing $215.5 million (+4.1%) primarily driven by increases in noninterest bearing deposits and customer certificates of deposit decreasing by $368.8 million (-18.4%). In addition, our wholesale funding balances decreased $219.1 million (-19.3%) from a year ago largely due to the liability prepayments discussed above.
|
●
|
During 2012, we repurchased all $196 million of preferred stock and the related warrant issued as part of the Troubled Asset Relief Program ("TARP") Capital Purchase Program.
|
●
|
On October 24, 2012, our Board of Directors approved a quarterly cash dividend of $0.10 per share, an increase from $0.01 per share paid in recent prior quarters.
|
●
|
Our Board of Directors also authorized the Company to repurchase up to one million shares of common stock over the next two years.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
||||||||||
Core other income:
|
||||||||||||||||
Key fee initiatives:
|
||||||||||||||||
Capital markets and international banking
|
||||||||||||||||
service fees
|
$
|
1,344
|
$
|
780
|
$
|
507
|
$
|
754
|
$
|
605
|
$
|
2,631
|
$
|
1,107
|
||
Commercial deposit and treasury management fees
|
5,860
|
5,784
|
5,901
|
6,113
|
6,157
|
17,545
|
17,643
|
|||||||||
Lease financing, net
|
9,671
|
7,334
|
6,958
|
7,801
|
6,494
|
23,963
|
19,138
|
|||||||||
Trust and asset management fees
|
4,428
|
4,535
|
4,404
|
4,166
|
4,272
|
13,367
|
13,158
|
|||||||||
Card fees
|
2,385
|
2,429
|
2,044
|
1,096
|
2,071
|
6,858
|
5,921
|
|||||||||
Total key fee initiatives
|
23,688
|
20,862
|
19,814
|
19,930
|
19,599
|
64,364
|
56,967
|
|||||||||
Loan service fees
|
1,125
|
1,268
|
1,066
|
1,069
|
1,706
|
3,459
|
5,286
|
|||||||||
Retail and other deposit service fees
|
3,792
|
3,541
|
3,457
|
3,926
|
4,123
|
10,790
|
12,373
|
|||||||||
Brokerage fees
|
1,185
|
1,264
|
1,255
|
1,577
|
1,273
|
3,704
|
4,307
|
|||||||||
Increase in cash surrender value of life insurance
|
890
|
870
|
917
|
944
|
1,014
|
2,677
|
3,433
|
|||||||||
Accretion of FDIC indemnification asset
|
204
|
222
|
475
|
683
|
985
|
901
|
4,155
|
|||||||||
Net gain on sale of loans
|
575
|
554
|
374
|
366
|
190
|
1,503
|
451
|
|||||||||
Other operating income
|
408
|
958
|
1,604
|
1,090
|
1,000
|
2,970
|
3,489
|
|||||||||
Total core other income
|
31,867
|
29,539
|
28,962
|
29,585
|
29,890
|
90,368
|
90,461
|
|||||||||
Non-core other income: (1)
|
||||||||||||||||
Net gain (loss) on investment securities
|
281
|
(34)
|
(3)
|
411
|
-
|
244
|
229
|
|||||||||
Net (loss) gain on sale of other assets
|
(12)
|
(8)
|
(17)
|
(87)
|
-
|
(37)
|
370
|
|||||||||
Net gain on sale of loans held for sale (A)
|
-
|
-
|
-
|
-
|
-
|
-
|
1,790
|
|||||||||
Net loss recognized on other real estate owned (B)
|
(4,151)
|
(4,156)
|
(4,348)
|
(3,620)
|
(2,354)
|
(12,655)
|
(6,351)
|
|||||||||
Net gain (loss) recognized on other real estate
|
||||||||||||||||
owned related to FDIC transactions (B)
|
213
|
(1,285)
|
(2,241)
|
(1,858)
|
(764)
|
(3,313)
|
(1,784)
|
|||||||||
Increase (decrease) in market value of assets held
|
||||||||||||||||
in trust for deferred compensation (C)
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
|||||||||
Total non-core other income
|
(3,314)
|
(5,632)
|
(6,108)
|
(5,134)
|
(3,523)
|
(15,054)
|
(5,806)
|
|||||||||
Total other income
|
$
|
28,553
|
$
|
23,907
|
$
|
22,854
|
$
|
24,451
|
$
|
26,367
|
$
|
75,314
|
$
|
84,655
|
(1)
|
Letter denotes the corresponding line items where these non-core other income items reside in the consolidated statements of income as follows: A – Net gain on sale of loans, B – Net loss recognized on other real estate owned, C – Other operating income.
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
|||||||||
Core other expense:
|
|||||||||||||||
Salaries and employee benefits
|
$
|
41,728
|
$
|
40,295
|
$
|
39,928
|
$
|
39,826
|
$
|
38,827
|
$
|
121,951
|
$
|
114,072
|
|
Occupancy and equipment expense
|
8,274
|
9,188
|
9,570
|
8,498
|
9,092
|
27,032
|
26,969
|
||||||||
Computer services and telecommunication expense
|
3,777
|
3,909
|
3,653
|
4,382
|
3,488
|
11,339
|
10,503
|
||||||||
Advertising and marketing expense
|
2,025
|
1,930
|
2,066
|
1,831
|
1,740
|
6,021
|
5,207
|
||||||||
Professional and legal expense
|
1,554
|
1,503
|
1,413
|
1,422
|
1,647
|
4,470
|
4,725
|
||||||||
Other intangible amortization expense
|
1,251
|
1,251
|
1,257
|
1,410
|
1,414
|
3,759
|
4,255
|
||||||||
FDIC insurance premiums
|
1,545
|
2,010
|
2,643
|
2,662
|
2,272
|
6,198
|
9,202
|
||||||||
Other real estate expense, net
|
874
|
424
|
1,243
|
1,464
|
1,181
|
2,541
|
2,830
|
||||||||
Other operating expenses
|
6,342
|
6,473
|
5,057
|
7,324
|
7,352
|
17,872
|
21,497
|
||||||||
Total core other expense
|
67,370
|
66,983
|
66,830
|
68,819
|
67,013
|
201,183
|
199,260
|
||||||||
Non-core other expense: (1)
|
|||||||||||||||
Branch impairment charges
|
758
|
-
|
-
|
594
|
-
|
758
|
1,000
|
||||||||
Prepayment fees on interest bearing liabilities
|
12,682
|
-
|
-
|
-
|
-
|
12,682
|
-
|
||||||||
Increase (decrease) in market value of assets held
|
|||||||||||||||
in trust for deferred compensation (A)
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
||||||||
Total non-core other expense
|
13,795
|
(149)
|
501
|
614
|
(405)
|
14,147
|
940
|
||||||||
Total other expense
|
$
|
81,165
|
$
|
66,834
|
$
|
67,331
|
$
|
69,433
|
$
|
66,608
|
$
|
215,330
|
$
|
200,200
|
(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.
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||||||||
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
|||||||
Commercial related credits:
|
||||||||||||||||
Commercial loans
|
$
|
1,073,981
|
19%
|
$
|
1,079,436
|
19%
|
$
|
1,040,340
|
18%
|
$
|
1,113,123
|
19%
|
$
|
1,042,583
|
18%
|
|
Commercial loans collateralized by
|
||||||||||||||||
assignment of lease payments (lease loans)
|
1,219,361
|
22%
|
1,221,199
|
21%
|
1,209,942
|
21%
|
1,208,575
|
20%
|
1,067,191
|
18%
|
||||||
Commercial real estate
|
1,770,261
|
31%
|
1,794,777
|
31%
|
1,877,380
|
32%
|
1,853,788
|
31%
|
1,844,894
|
32%
|
||||||
Construction real estate
|
149,872
|
3%
|
150,665
|
3%
|
128,040
|
2%
|
183,789
|
3%
|
210,206
|
4%
|
||||||
Total commercial related credits
|
4,213,475
|
75%
|
4,246,077
|
74%
|
4,255,702
|
73%
|
4,359,275
|
73%
|
4,164,874
|
72%
|
||||||
Other loans:
|
||||||||||||||||
Residential real estate
|
308,866
|
5%
|
313,137
|
5%
|
309,644
|
5%
|
316,787
|
5%
|
316,305
|
5%
|
||||||
Indirect vehicle
|
206,973
|
3%
|
198,848
|
3%
|
186,736
|
3%
|
187,481
|
3%
|
189,033
|
4%
|
||||||
Home equity
|
314,718
|
6%
|
323,234
|
6%
|
327,450
|
6%
|
336,043
|
6%
|
348,934
|
6%
|
||||||
Consumer loans
|
84,651
|
2%
|
89,115
|
2%
|
89,705
|
2%
|
88,865
|
2%
|
76,025
|
1%
|
||||||
Total other loans
|
915,208
|
16%
|
924,334
|
16%
|
913,535
|
16%
|
929,176
|
16%
|
930,297
|
16%
|
||||||
Gross loans excluding covered loans
|
5,128,683
|
91%
|
5,170,411
|
90%
|
5,169,237
|
89%
|
5,288,451
|
89%
|
5,095,171
|
88%
|
||||||
Covered loans (1)
|
496,162
|
9%
|
552,838
|
10%
|
620,528
|
11%
|
662,544
|
11%
|
718,566
|
12%
|
||||||
Total loans
|
$
|
5,624,845
|
100%
|
$
|
5,723,249
|
100%
|
$
|
5,789,765
|
100%
|
$
|
5,950,995
|
100%
|
$
|
5,813,737
|
100%
|
(1)
|
Covered loans refer to loans we acquired in FDIC-assisted transactions that are subject to loss-sharing agreements with the FDIC.
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||
Non-performing loans:
|
||||||||||
Non-accrual loans (1)
|
$
|
104,813
|
$
|
113,077
|
$
|
124,011
|
$
|
129,309
|
$
|
140,979
|
Loans 90 days or more past due, still accruing interest
|
470
|
453
|
679
|
82
|
-
|
|||||
Total non-performing loans
|
105,283
|
113,530
|
124,690
|
129,391
|
140,979
|
|||||
OREO
|
42,427
|
49,690
|
63,077
|
78,452
|
87,469
|
|||||
Repossessed vehicles
|
113
|
60
|
81
|
156
|
249
|
|||||
Total non-performing assets
|
$
|
147,823
|
$
|
163,280
|
$
|
187,848
|
$
|
207,999
|
$
|
228,697
|
Total allowance for loan losses
|
$
|
121,182
|
$
|
121,756
|
$
|
125,431
|
$
|
126,798
|
$
|
128,610
|
Accruing restructured loans (2)
|
$
|
17,929
|
$
|
16,536
|
$
|
24,145
|
$
|
37,996
|
$
|
34,321
|
Total non-performing loans to total loans
|
1.87%
|
1.98%
|
2.15%
|
2.17%
|
2.42%
|
|||||
Total non-performing assets to total assets
|
1.56%
|
1.72%
|
1.94%
|
2.12%
|
2.30%
|
|||||
Allowance for loan losses to non-performing loans
|
115.10%
|
107.25%
|
100.59%
|
98.00%
|
91.23%
|
(1)
|
Includes $27.1 million, $32.7 million, $34.7 million, $42.5 million and $36.0 million of restructured loans on non-accrual status at September 30, 2012, June 30, 2012, March 31, 2012, December 31, 2011 and September 30, 2011, respectively.
|
(2)
|
Accruing restructured loans consists primarily of residential real estate and home equity loans that have been modified and are performing in accordance with those modified terms as of the dates indicated.
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||
Commercial and lease
|
$
|
22,648
|
$
|
24,402
|
$
|
34,471
|
$
|
36,995
|
$
|
37,644
|
Commercial real estate
|
55,387
|
62,512
|
70,939
|
76,551
|
86,907
|
|||||
Construction real estate
|
1,225
|
1,470
|
1,553
|
1,145
|
2,913
|
|||||
Consumer
|
26,023
|
25,146
|
17,727
|
14,700
|
13,515
|
|||||
Total non-performing loans
|
$
|
105,283
|
$
|
113,530
|
$
|
124,690
|
$
|
129,391
|
$
|
140,979
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||
Commercial and lease
|
$
|
48,933
|
$
|
46,532
|
$
|
49,197
|
$
|
39,193
|
$
|
55,019
|
Commercial real estate
|
73,941
|
82,596
|
98,834
|
99,588
|
108,557
|
|||||
Construction real estate
|
11,415
|
11,938
|
11,409
|
10,375
|
15,528
|
|||||
Consumer
|
-
|
-
|
-
|
600
|
603
|
|||||
Total non-performing loans
|
$
|
134,289
|
$
|
141,066
|
$
|
159,440
|
$
|
149,756
|
$
|
179,707
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||
Balance at the beginning of quarter
|
$
|
49,690
|
$
|
63,077
|
$
|
78,452
|
$
|
87,469
|
$
|
88,185
|
Transfers in at fair value less estimated costs to sell
|
63
|
910
|
1,751
|
3,657
|
15,014
|
|||||
Capitalized OREO costs
|
978
|
967
|
359
|
552
|
644
|
|||||
Fair value adjustments
|
(4,648)
|
(4,507)
|
(4,764)
|
(3,733)
|
(2,524)
|
|||||
Net gains on sales of OREO
|
497
|
351
|
416
|
113
|
170
|
|||||
Cash received upon disposition
|
(4,153)
|
(11,108)
|
(13,137)
|
(9,606)
|
(14,020)
|
|||||
Balance at the end of quarter
|
$
|
42,427
|
$
|
49,690
|
$
|
63,077
|
$
|
78,452
|
$
|
87,469
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
|||||||||
Allowance for credit losses, balance at the beginning of period
|
$
|
128,840
|
$
|
133,255
|
$
|
135,975
|
$
|
141,861
|
$
|
147,107
|
$
|
135,975
|
$
|
192,217
|
|
Provision for credit losses
|
(13,000)
|
-
|
3,100
|
8,000
|
11,500
|
(9,900)
|
112,750
|
||||||||
Charge-offs:
|
|||||||||||||||
Commercial loans
|
(75)
|
(1,451)
|
(539)
|
(2,932)
|
(3,497)
|
(2,065)
|
(14,639)
|
||||||||
Commercial loans collateralized by
|
|||||||||||||||
assignment of lease payments (lease loans)
|
-
|
(1,720)
|
-
|
(1,373)
|
-
|
(1,720)
|
(93)
|
||||||||
Commercial real estate loans
|
(2,994)
|
(2,415)
|
(3,003)
|
(3,793)
|
(7,815)
|
(8,412)
|
(92,840)
|
||||||||
Construction real estate
|
(71)
|
(444)
|
(3,436)
|
(6,989)
|
(6,008)
|
(3,951)
|
(45,928)
|
||||||||
Residential real estate
|
(474)
|
(1,108)
|
(294)
|
(860)
|
(141)
|
(1,876)
|
(11,783)
|
||||||||
Indirect vehicle
|
(433)
|
(488)
|
(715)
|
(954)
|
(611)
|
(1,636)
|
(1,882)
|
||||||||
Home equity
|
(1,209)
|
(876)
|
(1,072)
|
(2,061)
|
(1,605)
|
(3,157)
|
(9,005)
|
||||||||
Consumer loans
|
(332)
|
(274)
|
(258)
|
(285)
|
(475)
|
(864)
|
(1,363)
|
||||||||
Total charge-offs
|
(5,588)
|
(8,776)
|
(9,317)
|
(19,247)
|
(20,152)
|
(23,681)
|
(177,533)
|
||||||||
Recoveries:
|
|||||||||||||||
Commercial loans
|
306
|
386
|
2,038
|
634
|
1,413
|
2,730
|
4,736
|
||||||||
Commercial loans collateralized by
|
|||||||||||||||
assignment of lease payments (lease loans)
|
111
|
93
|
256
|
1
|
5
|
460
|
224
|
||||||||
Commercial real estate loans
|
12,893
|
3,061
|
162
|
747
|
739
|
16,116
|
2,585
|
||||||||
Construction real estate
|
752
|
141
|
565
|
3,519
|
681
|
1,458
|
5,071
|
||||||||
Residential real estate
|
8
|
188
|
34
|
9
|
7
|
230
|
40
|
||||||||
Indirect vehicle
|
224
|
300
|
311
|
378
|
327
|
835
|
1,021
|
||||||||
Home equity
|
303
|
100
|
20
|
6
|
151
|
423
|
218
|
||||||||
Consumer loans
|
77
|
92
|
111
|
67
|
83
|
280
|
532
|
||||||||
Total recoveries
|
14,674
|
4,361
|
3,497
|
5,361
|
3,406
|
22,532
|
14,427
|
||||||||
Total net recoveries (charge-offs)
|
9,086
|
(4,415)
|
(5,820)
|
(13,886)
|
(16,746)
|
(1,149)
|
(163,106)
|
||||||||
Allowance for credit losses
|
124,926
|
128,840
|
133,255
|
135,975
|
141,861
|
124,926
|
141,861
|
||||||||
Allowance for unfunded credit commitments
|
(3,744)
|
(7,084)
|
(7,824)
|
(9,177)
|
(13,251)
|
(3,744)
|
(13,251)
|
||||||||
Allowance for loan losses
|
$
|
121,182
|
$
|
121,756
|
$
|
125,431
|
$
|
126,798
|
$
|
128,610
|
$
|
121,182
|
$
|
128,610
|
|
Total loans, excluding loans held for sale
|
$
|
5,624,845
|
$
|
5,723,249
|
$
|
5,789,765
|
$
|
5,950,995
|
$
|
5,813,737
|
$
|
5,624,845
|
$
|
5,813,737
|
|
Average loans, excluding loans held for sale
|
$
|
5,630,232
|
$
|
5,712,630
|
$
|
5,802,037
|
$
|
5,818,425
|
$
|
5,827,181
|
$
|
5,714,657
|
$
|
6,191,268
|
|
Ratio of allowance for loan losses to total loans, excluding | |||||||||||||||
loans held for sale
|
2.15%
|
2.13%
|
2.17%
|
2.13%
|
2.21%
|
2.15%
|
2.21%
|
||||||||
Net loan (recoveries) charge-offs to average loans, excluding | |||||||||||||||
loans held for sale (annualized)
|
(0.64)%
|
0.31%
|
0.40%
|
0.95%
|
1.14%
|
0.03%
|
3.52%
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||
General loss reserve
|
$
|
95,586
|
$
|
93,904
|
$
|
98,673
|
$
|
102,196
|
$
|
102,752
|
Specific reserve
|
11,300
|
13,674
|
13,734
|
10,804
|
11,416
|
|||||
Smaller-balance homogenous loans reserve
|
14,296
|
14,178
|
13,024
|
13,798
|
14,442
|
|||||
Total allowance for loan losses
|
$
|
121,182
|
$
|
121,756
|
$
|
125,431
|
$
|
126,798
|
$
|
128,610
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||
Securities available for sale:
|
||||||||||
Fair value
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
42,187
|
$
|
42,175
|
$
|
42,070
|
$
|
42,401
|
$
|
56,007
|
States and political subdivisions
|
668,966
|
629,173
|
581,720
|
535,660
|
394,279
|
|||||
Mortgage-backed securities
|
1,075,962
|
1,035,473
|
1,193,248
|
1,334,491
|
1,421,789
|
|||||
Corporate bonds
|
16,626
|
5,569
|
5,686
|
5,899
|
5,899
|
|||||
Equity securities
|
11,231
|
11,081
|
10,887
|
10,846
|
10,764
|
|||||
Total fair value
|
$
|
1,814,972
|
$
|
1,723,471
|
$
|
1,833,611
|
$
|
1,929,297
|
$
|
1,888,738
|
Amortized cost
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
39,233
|
$
|
39,366
|
$
|
39,503
|
$
|
39,640
|
$
|
53,016
|
States and political subdivisions
|
620,489
|
589,654
|
547,262
|
500,979
|
366,651
|
|||||
Mortgage-backed securities
|
1,060,665
|
1,014,186
|
1,168,340
|
1,308,020
|
1,399,801
|
|||||
Corporate bonds
|
16,617
|
5,569
|
5,686
|
5,899
|
5,899
|
|||||
Equity securities
|
10,644
|
10,584
|
10,520
|
10,457
|
10,324
|
|||||
Total amortized cost
|
$
|
1,747,648
|
$
|
1,659,359
|
$
|
1,771,311
|
$
|
1,864,995
|
$
|
1,835,691
|
Unrealized gain
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
2,954
|
$
|
2,809
|
$
|
2,567
|
$
|
2,761
|
$
|
2,991
|
States and political subdivisions
|
48,477
|
39,519
|
34,458
|
34,681
|
27,628
|
|||||
Mortgage-backed securities
|
15,297
|
21,287
|
24,908
|
26,471
|
21,988
|
|||||
Corporate bonds
|
9
|
-
|
-
|
-
|
-
|
|||||
Equity securities
|
587
|
497
|
367
|
389
|
440
|
|||||
Total unrealized gain
|
$
|
67,324
|
$
|
64,112
|
$
|
62,300
|
$
|
64,302
|
$
|
53,047
|
Securities held to maturity, at cost:
|
||||||||||
States and political subdivisions
|
$
|
238,211
|
$
|
238,869
|
$
|
239,526
|
$
|
240,183
|
$
|
240,839
|
Mortgage-backed securities
|
257,640
|
258,931
|
259,241
|
259,100
|
258,199
|
|||||
Total amortized cost
|
$
|
495,851
|
$
|
497,800
|
$
|
498,767
|
$
|
499,283
|
$
|
499,038
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
||||||||||||
% of
|
% of
|
% of
|
% of
|
% of
|
||||||||||||
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
|||||||
Low cost deposits:
|
||||||||||||||||
Noninterest bearing deposits
|
$
|
2,011,542
|
27%
|
$
|
1,946,468
|
26%
|
$
|
1,874,028
|
25%
|
$
|
1,885,694
|
25%
|
$
|
1,803,141
|
23%
|
|
Money market and NOW accounts
|
2,682,608
|
36%
|
2,564,493
|
34%
|
2,702,636
|
35%
|
2,645,334
|
34%
|
2,722,162
|
35%
|
||||||
Savings accounts
|
797,741
|
10%
|
790,350
|
11%
|
786,357
|
10%
|
753,610
|
10%
|
751,062
|
10%
|
||||||
Total low cost deposits
|
5,491,891
|
73%
|
5,301,311
|
71%
|
5,363,021
|
70%
|
5,284,638
|
69%
|
5,276,365
|
68%
|
||||||
Certificates of deposit:
|
||||||||||||||||
Certificates of deposit
|
1,632,370
|
22%
|
1,718,266
|
23%
|
1,820,266
|
24%
|
1,925,608
|
25%
|
2,001,210
|
26%
|
||||||
Brokered deposit accounts
|
355,086
|
5%
|
451,132
|
6%
|
451,415
|
6%
|
437,361
|
6%
|
444,332
|
6%
|
||||||
Total certificates of deposit
|
1,987,456
|
27%
|
2,169,398
|
29%
|
2,271,681
|
30%
|
2,362,969
|
31%
|
2,445,542
|
32%
|
||||||
Total deposits
|
$
|
7,479,347
|
100%
|
$
|
7,470,709
|
100%
|
$
|
7,634,702
|
100%
|
$
|
7,647,607
|
100%
|
$
|
7,721,907
|
100%
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
As of the dates indicated
|
(Amounts in thousands)
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||
2012
|
2012
|
2012
|
2011
|
2011
|
|||||||
ASSETS
|
|||||||||||
Cash and due from banks
|
$
|
129,326
|
$
|
132,737
|
$
|
128,411
|
$
|
144,228
|
$
|
133,755
|
|
Interest earning deposits with banks
|
327,301
|
304,075
|
272,553
|
100,337
|
347,055
|
||||||
Total cash and cash equivalents
|
456,627
|
436,812
|
400,964
|
244,565
|
480,810
|
||||||
Investment securities:
|
|||||||||||
Securities available for sale, at fair value
|
1,814,972
|
1,723,471
|
1,833,611
|
1,929,297
|
1,888,738
|
||||||
Securities held to maturity, at amortized cost
|
495,851
|
497,800
|
498,767
|
499,283
|
499,038
|
||||||
Non-marketable securities - FHLB and FRB Stock
|
57,653
|
61,462
|
65,541
|
80,832
|
80,815
|
||||||
Total investment securities
|
2,368,476
|
2,282,733
|
2,397,919
|
2,509,412
|
2,468,591
|
||||||
Loans held for sale
|
7,221
|
2,290
|
3,364
|
4,727
|
-
|
||||||
Loans:
|
|||||||||||
Total loans, excluding covered loans
|
5,128,683
|
5,170,411
|
5,169,237
|
5,288,451
|
5,095,171
|
||||||
Covered loans
|
496,162
|
552,838
|
620,528
|
662,544
|
718,566
|
||||||
Total loans
|
5,624,845
|
5,723,249
|
5,789,765
|
5,950,995
|
5,813,737
|
||||||
Less: Allowance for loan losses
|
121,182
|
121,756
|
125,431
|
126,798
|
128,610
|
||||||
Net loans
|
5,503,663
|
5,601,493
|
5,664,334
|
5,824,197
|
5,685,127
|
||||||
Lease investments, net
|
113,180
|
111,122
|
124,748
|
135,490
|
133,345
|
||||||
Premises and equipment, net
|
214,301
|
214,935
|
212,589
|
210,705
|
211,062
|
||||||
Cash surrender value of life insurance
|
127,985
|
127,096
|
126,226
|
125,309
|
124,364
|
||||||
Goodwill, net
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Other intangibles, net
|
25,735
|
26,986
|
28,237
|
29,494
|
30,904
|
||||||
Other real estate owned, net
|
42,427
|
49,690
|
63,077
|
78,452
|
87,469
|
||||||
Other real estate owned related to FDIC transactions
|
32,607
|
43,807
|
53,703
|
60,363
|
69,311
|
||||||
FDIC indemnification asset
|
36,311
|
56,637
|
72,161
|
80,830
|
94,542
|
||||||
Other assets
|
147,943
|
148,896
|
137,209
|
142,459
|
149,767
|
||||||
Total assets
|
$
|
9,463,545
|
$
|
9,489,566
|
$
|
9,671,600
|
$
|
9,833,072
|
$
|
9,922,361
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||
Liabilities
|
|||||||||||
Deposits:
|
|||||||||||
Noninterest bearing
|
$
|
2,011,542
|
$
|
1,946,468
|
$
|
1,874,028
|
$
|
1,885,694
|
$
|
1,803,141
|
|
Interest bearing
|
5,467,805
|
5,524,241
|
5,760,674
|
5,761,913
|
5,918,766
|
||||||
Total deposits
|
7,479,347
|
7,470,709
|
7,634,702
|
7,647,607
|
7,721,907
|
||||||
Short-term borrowings
|
289,613
|
261,729
|
269,691
|
219,954
|
257,418
|
||||||
Long-term borrowings
|
118,798
|
221,100
|
256,456
|
266,264
|
274,378
|
||||||
Junior subordinated notes issued to capital trusts
|
152,065
|
158,521
|
158,530
|
158,538
|
158,546
|
||||||
Accrued expenses and other liabilities
|
162,892
|
139,756
|
136,791
|
147,682
|
141,490
|
||||||
Total liabilities
|
8,202,715
|
8,251,815
|
8,456,170
|
8,440,045
|
8,553,739
|
||||||
Stockholders' Equity
|
|||||||||||
Preferred stock
|
-
|
-
|
-
|
194,719
|
194,562
|
||||||
Common stock
|
550
|
549
|
549
|
548
|
548
|
||||||
Additional paid-in capital
|
731,679
|
732,297
|
732,613
|
731,248
|
730,056
|
||||||
Retained earnings
|
489,426
|
466,812
|
445,233
|
427,956
|
411,659
|
||||||
Accumulated other comprehensive income
|
40,985
|
39,035
|
37,935
|
39,150
|
32,322
|
||||||
Treasury stock
|
(3,304)
|
(3,353)
|
(3,326)
|
(3,044)
|
(3,010)
|
||||||
Controlling interest stockholders' equity
|
1,259,336
|
1,235,340
|
1,213,004
|
1,390,577
|
1,366,137
|
||||||
Noncontrolling interest
|
1,494
|
2,411
|
2,426
|
2,450
|
2,485
|
||||||
Total stockholders' equity
|
1,260,830
|
1,237,751
|
1,215,430
|
1,393,027
|
1,368,622
|
||||||
Total liabilities and stockholders' equity
|
$
|
9,463,545
|
$
|
9,489,566
|
$
|
9,671,600
|
$
|
9,833,072
|
$
|
9,922,361
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(Amounts in thousands, except per share data) (Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
||
Interest income:
|
||||||||
Loans
|
$ 67,482
|
$ 69,250
|
$ 71,648
|
$ 75,466
|
$ 78,046
|
$ 208,380
|
$ 249,327
|
|
Investment securities:
|
||||||||
Taxable
|
7,287
|
8,882
|
10,884
|
11,608
|
11,699
|
27,053
|
29,741
|
|
Nontaxable
|
7,582
|
7,303
|
6,739
|
6,178
|
4,299
|
21,624
|
11,087
|
|
Other interest earning accounts
|
312
|
158
|
169
|
181
|
244
|
639
|
972
|
|
Total interest income
|
82,663
|
85,593
|
89,440
|
93,433
|
94,288
|
257,696
|
291,127
|
|
Interest expense:
|
||||||||
Deposits
|
7,374
|
8,058
|
8,760
|
9,569
|
10,207
|
24,192
|
35,312
|
|
Short-term borrowings
|
342
|
362
|
206
|
189
|
204
|
910
|
660
|
|
Long-term borrowings and junior subordinated notes
|
2,872
|
3,069
|
3,381
|
3,430
|
3,461
|
9,322
|
10,127
|
|
Total interest expense
|
10,588
|
11,489
|
12,347
|
13,188
|
13,872
|
34,424
|
46,099
|
|
Net interest income
|
72,075
|
74,104
|
77,093
|
80,245
|
80,416
|
223,272
|
245,028
|
|
Provision for credit losses
|
(13,000)
|
-
|
3,100
|
8,000
|
11,500
|
(9,900)
|
112,750
|
|
Net interest income after
|
||||||||
provision for credit losses
|
85,075
|
74,104
|
73,993
|
72,245
|
68,916
|
233,172
|
132,278
|
|
Other income:
|
||||||||
Capital markets and international banking service fees
|
1,344
|
780
|
507
|
754
|
605
|
2,631
|
1,107
|
|
Commercial deposit and treasury management fees
|
5,860
|
5,784
|
5,901
|
6,113
|
6,157
|
17,545
|
17,643
|
|
Lease financing, net
|
9,671
|
7,334
|
6,958
|
7,801
|
6,494
|
23,963
|
19,138
|
|
Trust and asset management fees
|
4,428
|
4,535
|
4,404
|
4,166
|
4,272
|
13,367
|
13,158
|
|
Card fees
|
2,385
|
2,429
|
2,044
|
1,096
|
2,071
|
6,858
|
5,921
|
|
Loan service fees
|
1,125
|
1,268
|
1,066
|
1,069
|
1,706
|
3,459
|
5,286
|
|
Retail and other deposit service fees
|
3,792
|
3,541
|
3,457
|
3,926
|
4,123
|
10,790
|
12,373
|
|
Brokerage fees
|
1,185
|
1,264
|
1,255
|
1,577
|
1,273
|
3,704
|
4,307
|
|
Net gain (loss) on investment securities
|
281
|
(34)
|
(3)
|
411
|
-
|
244
|
229
|
|
Increase in cash surrender value of life insurance
|
890
|
870
|
917
|
944
|
1,014
|
2,677
|
3,433
|
|
Net (loss) gain on sale of assets
|
(12)
|
(8)
|
(17)
|
(87)
|
-
|
(37)
|
370
|
|
Accretion of FDIC indemnification asset
|
204
|
222
|
475
|
683
|
985
|
901
|
4,155
|
|
Net loss recognized on other real estate owned
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(3,118)
|
(15,968)
|
(8,135)
|
|
Net gain on sale of loans
|
575
|
554
|
374
|
366
|
190
|
1,503
|
2,241
|
|
Other operating income
|
763
|
809
|
2,105
|
1,110
|
595
|
3,677
|
3,429
|
|
Total other income
|
28,553
|
23,907
|
22,854
|
24,451
|
26,367
|
75,314
|
84,655
|
|
Other expenses:
|
||||||||
Salaries and employee benefits
|
42,083
|
40,146
|
40,429
|
39,846
|
38,422
|
122,658
|
114,012
|
|
Occupancy and equipment expense
|
8,274
|
9,188
|
9,570
|
8,498
|
9,092
|
27,032
|
26,969
|
|
Computer services and telecommunication expense
|
3,777
|
3,909
|
3,653
|
4,382
|
3,488
|
11,339
|
10,503
|
|
Advertising and marketing expense
|
2,025
|
1,930
|
2,066
|
1,831
|
1,740
|
6,021
|
5,207
|
|
Professional and legal expense
|
1,554
|
1,503
|
1,413
|
1,422
|
1,647
|
4,470
|
4,725
|
|
Other intangible amortization expense
|
1,251
|
1,251
|
1,257
|
1,410
|
1,414
|
3,759
|
4,255
|
|
FDIC insurance premiums
|
1,545
|
2,010
|
2,643
|
2,662
|
2,272
|
6,198
|
9,202
|
|
Branch impairment charges
|
758
|
-
|
-
|
594
|
-
|
758
|
1,000
|
|
Other real estate expense, net
|
874
|
424
|
1,243
|
1,464
|
1,181
|
2,541
|
2,830
|
|
Prepayment fees on interest bearing liabilities
|
12,682
|
-
|
-
|
-
|
-
|
12,682
|
-
|
|
Other operating expenses
|
6,342
|
6,473
|
5,057
|
7,324
|
7,352
|
17,872
|
21,497
|
|
Total other expense
|
81,165
|
66,834
|
67,331
|
69,433
|
66,608
|
215,330
|
200,200
|
|
Income before income taxes
|
32,463
|
31,177
|
29,516
|
27,263
|
28,675
|
93,156
|
16,733
|
|
Income tax expense (benefit)
|
9,330
|
9,034
|
8,430
|
7,810
|
8,978
|
26,794
|
(2,542)
|
|
Net income
|
23,133
|
22,143
|
21,086
|
19,453
|
19,697
|
66,362
|
19,275
|
|
Dividends and discount accretion on preferred shares
|
-
|
-
|
3,269
|
2,606
|
2,605
|
3,269
|
7,808
|
|
Net income available to
|
||||||||
common stockholders
|
$ 23,133
|
$ 22,143
|
$ 17,817
|
$ 16,847
|
$ 17,092
|
$ 63,093
|
$ 11,467
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
||||||||
Common share data:
|
||||||||||||||
Basic earnings allocated to common stock per common share
|
$
|
0.43
|
$
|
0.41
|
$
|
0.39
|
$
|
0.36
|
$
|
0.36
|
$
|
1.22
|
$
|
0.36
|
Impact of preferred stock dividends on basic
|
||||||||||||||
earnings per common share
|
-
|
-
|
(0.06)
|
(0.05)
|
(0.04)
|
(0.06)
|
(0.15)
|
|||||||
Basic earnings per common share
|
0.43
|
0.41
|
0.33
|
0.31
|
0.32
|
1.16
|
0.21
|
|||||||
Diluted earnings allocated to common stock per common share
|
0.42
|
0.41
|
0.39
|
0.36
|
0.36
|
1.22
|
0.35
|
|||||||
Impact of preferred stock dividends on diluted
|
||||||||||||||
earnings per common share
|
-
|
-
|
(0.06)
|
(0.05)
|
(0.05)
|
(0.06)
|
(0.14)
|
|||||||
Diluted earnings per common share
|
0.42
|
0.41
|
0.33
|
0.31
|
0.31
|
1.16
|
0.21
|
|||||||
Weighted average common shares outstanding for
|
||||||||||||||
basic earnings per common share
|
54,346,827
|
54,174,717
|
54,155,856
|
54,140,646
|
54,121,156
|
54,226,241
|
54,029,023
|
|||||||
Weighted average common shares outstanding for
|
||||||||||||||
diluted earnings per common share
|
54,556,517
|
54,448,709
|
54,411,916
|
54,360,178
|
54,323,320
|
54,472,617
|
54,295,622
|
Selected Financial Data:
|
|||||||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
|||||||||||||||
Performance Ratios:
|
|||||||||||||||||||||
Annualized return on average assets
|
0.97
|
%
|
0.94
|
%
|
0.87
|
%
|
0.78
|
%
|
0.80
|
%
|
0.93
|
%
|
0.26
|
%
|
|||||||
Annualized return on average common equity
|
7.38
|
7.28
|
5.94
|
5.66
|
5.86
|
6.87
|
1.32
|
||||||||||||||
Annualized cash return on average tangible common equity(1)
|
11.29
|
11.28
|
9.36
|
9.09
|
9.52
|
10.66
|
2.54
|
||||||||||||||
Net interest rate spread
|
3.48
|
3.65
|
3.67
|
3.71
|
3.71
|
3.60
|
3.70
|
||||||||||||||
Cost of funds(2)
|
0.52
|
0.57
|
0.60
|
0.63
|
0.66
|
0.56
|
0.72
|
||||||||||||||
Efficiency ratio(3)
|
61.43
|
61.36
|
60.04
|
59.94
|
58.69
|
60.94
|
57.58
|
||||||||||||||
Annualized net non-interest expense to average assets(4)
|
1.46
|
1.57
|
1.54
|
1.56
|
1.48
|
1.53
|
1.43
|
||||||||||||||
Core other income to revenues (5)
|
29.49
|
27.49
|
26.46
|
26.21
|
26.66
|
27.81
|
26.67
|
||||||||||||||
Net interest margin
|
3.42
|
3.59
|
3.64
|
3.71
|
3.74
|
3.55
|
3.77
|
||||||||||||||
Tax equivalent effect
|
0.25
|
0.24
|
0.23
|
0.20
|
0.16
|
0.24
|
0.13
|
||||||||||||||
Net interest margin - fully tax equivalent basis(6)
|
3.67
|
3.83
|
3.87
|
3.91
|
3.90
|
3.79
|
3.90
|
||||||||||||||
Asset Quality Ratios:
|
|||||||||||||||||||||
Non-performing loans(7) to total loans
|
1.87
|
%
|
1.98
|
%
|
2.15
|
%
|
2.17
|
%
|
2.42
|
%
|
1.87
|
%
|
2.42
|
%
|
|||||||
Non-performing assets(7) to total assets
|
1.56
|
1.72
|
1.94
|
2.12
|
2.30
|
1.56
|
2.30
|
||||||||||||||
Allowance for loan losses to non-performing loans(7)
|
115.10
|
107.25
|
100.59
|
98.00
|
91.23
|
115.10
|
91.23
|
||||||||||||||
Allowance for loan losses to total loans
|
2.15
|
2.13
|
2.17
|
2.13
|
2.21
|
2.15
|
2.21
|
||||||||||||||
Net loan (recoveries) charge-offs to average loans (annualized)
|
(0.64)
|
0.31
|
0.40
|
0.95
|
1.14
|
0.03
|
3.52
|
||||||||||||||
Capital Ratios:
|
|||||||||||||||||||||
Tangible equity to tangible assets(8)
|
9.46
|
%
|
9.17
|
%
|
8.74
|
%
|
10.47
|
%
|
10.10
|
%
|
9.46
|
%
|
10.10
|
%
|
|||||||
Tangible common equity to risk weighted assets(9)
|
14.16
|
13.67
|
13.17
|
12.48
|
12.42
|
14.16
|
12.42
|
||||||||||||||
Tangible common equity to tangible assets(10)
|
9.46
|
9.17
|
8.74
|
8.40
|
8.06
|
9.46
|
8.06
|
||||||||||||||
Book value per common share(11)
|
$
|
23.01
|
$
|
22.64
|
$
|
22.23
|
$
|
21.92
|
$
|
21.48
|
$
|
23.01
|
$
|
21.48
|
|||||||
Less: goodwill and other intangible assets,
|
|||||||||||||||||||||
net of benefit, per common share
|
7.37
|
7.40
|
7.41
|
7.43
|
7.45
|
7.37
|
7.45
|
||||||||||||||
Tangible book value per common share(12)
|
15.64
|
15.24
|
14.81
|
14.49
|
14.03
|
15.64
|
14.03
|
||||||||||||||
Total capital (to risk-weighted assets)
|
17.91
|
%
|
17.53
|
%
|
17.10
|
%
|
19.39
|
%
|
19.61
|
%
|
17.91
|
%
|
19.61
|
%
|
|||||||
Tier 1 capital (to risk-weighted assets)
|
15.83
|
15.45
|
15.02
|
17.34
|
17.54
|
15.83
|
17.54
|
||||||||||||||
Tier 1 capital (to average assets)
|
10.60
|
10.46
|
9.99
|
11.73
|
11.59
|
10.60
|
11.59
|
||||||||||||||
Tier 1 common capital (to risk-weighted assets)
|
13.39
|
12.93
|
12.54
|
11.87
|
11.90
|
13.39
|
11.90
|
(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 total other income excluding non-core items and tax equivalent adjustment on the increase in cash surrender value of life insurance 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.
|
(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.
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||
2012
|
2012
|
2012
|
2011
|
2011
|
|||||||
Stockholders' equity - as reported
|
$
|
1,260,830
|
$
|
1,237,751
|
$
|
1,215,430
|
$
|
1,393,027
|
$
|
1,368,622
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible assets, net of tax benefit
|
16,728
|
17,541
|
18,354
|
19,171
|
20,088
|
||||||
Tangible equity
|
$
|
857,033
|
$
|
833,141
|
$
|
810,007
|
$
|
986,787
|
$
|
961,465
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||
2012
|
2012
|
2012
|
2011
|
2011
|
|||||||
Total assets - as reported
|
$
|
9,463,545
|
$
|
9,489,566
|
$
|
9,671,600
|
$
|
9,833,072
|
$
|
9,922,361
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible assets, net of tax benefit
|
16,728
|
17,541
|
18,354
|
19,171
|
20,088
|
||||||
Tangible assets
|
$
|
9,059,748
|
$
|
9,084,956
|
$
|
9,266,177
|
$
|
9,426,832
|
$
|
9,515,204
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||
2012
|
2012
|
2012
|
2011
|
2011
|
|||||||
Common stockholders' equity - as reported
|
$
|
1,260,830
|
$
|
1,237,751
|
$
|
1,215,430
|
$
|
1,198,308
|
$
|
1,174,060
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible assets, net of tax benefit
|
16,728
|
17,541
|
18,354
|
19,171
|
20,088
|
||||||
Tangible common equity
|
$
|
857,033
|
$
|
833,141
|
$
|
810,007
|
$
|
792,068
|
$
|
766,903
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
|||||||||
Average common stockholders' equity - as reported
|
$
|
1,247,846
|
$
|
1,223,667
|
$
|
1,206,364
|
$
|
1,181,820
|
$
|
1,158,119
|
$
|
1,226,046
|
$
|
1,158,417
|
|
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
|
17,018
|
17,903
|
18,721
|
19,494
|
20,414
|
17,878
|
21,326
|
||||||||
Average tangible common equity
|
$
|
843,759
|
$
|
818,695
|
$
|
800,574
|
$
|
775,257
|
$
|
750,636
|
$
|
821,099
|
$
|
750,022
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
|||||||||
Net income available to common stockholders - as reported
|
$
|
23,133
|
$
|
22,143
|
$
|
17,817
|
$
|
16,847
|
$
|
17,092
|
$
|
63,093
|
$
|
11,467
|
|
Add: other intangible amortization expense, net of tax benefit
|
813
|
813
|
817
|
917
|
919
|
2,443
|
2,766
|
||||||||
Net cash flow available to common stockholders
|
$
|
23,946
|
$
|
22,956
|
$
|
18,634
|
$
|
17,764
|
$
|
18,011
|
$
|
65,536
|
$
|
14,233
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
|||||||
2012
|
2012
|
2012
|
2011
|
2011
|
|||||||
Tier 1 capital - as reported
|
$
|
958,123
|
$
|
941,888
|
$
|
925,089
|
$
|
1,101,538
|
$
|
1,083,020
|
|
Less: preferred stock
|
-
|
-
|
-
|
194,719
|
194,562
|
||||||
Less: qualifying trust preferred securities
|
147,500
|
153,500
|
153,500
|
153,787
|
153,795
|
||||||
Tier 1 common capital
|
$
|
810,623
|
$
|
788,388
|
$
|
771,589
|
$
|
753,032
|
$
|
734,663
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
||||||||
Non-interest expense
|
$
|
81,165
|
$
|
66,834
|
$
|
67,331
|
$
|
69,433
|
$
|
66,608
|
$
|
215,330
|
$
|
200,200
|
Adjustment for prepayment fees on interest bearing liabilities
|
12,682
|
-
|
-
|
-
|
-
|
12,682
|
-
|
|||||||
Adjustment for impairment charges
|
758
|
-
|
-
|
594
|
-
|
758
|
1,000
|
|||||||
Adjustment for increase (decrease) in market value of
|
||||||||||||||
assets held in trust for deferred compensation
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
|||||||
Non-interest expense - as adjusted
|
$
|
67,370
|
$
|
66,983
|
$
|
66,830
|
$
|
68,819
|
$
|
67,013
|
$
|
201,183
|
$
|
199,260
|
Net interest income
|
$
|
72,075
|
$
|
74,104
|
$
|
77,093
|
$
|
80,245
|
$
|
80,416
|
$
|
223,272
|
$
|
245,028
|
Tax equivalent adjustment
|
5,256
|
5,057
|
4,756
|
4,468
|
3,320
|
15,069
|
8,720
|
|||||||
Net interest income on a fully tax equivalent basis
|
77,331
|
79,161
|
81,849
|
84,713
|
83,736
|
238,341
|
253,748
|
|||||||
Tax equivalent adjustment on the increase in cash
|
||||||||||||||
surrender value of life insurance
|
479
|
468
|
494
|
508
|
546
|
1,441
|
1,848
|
|||||||
Plus other income
|
28,553
|
23,907
|
22,854
|
24,451
|
26,367
|
75,314
|
84,655
|
|||||||
Less net losses on other real estate owned
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(3,118)
|
(15,968)
|
(8,135)
|
|||||||
Less net gains (losses) on investment securities
|
281
|
(34)
|
(3)
|
411
|
-
|
244
|
229
|
|||||||
Less net (losses) gains on sale of other assets
|
(12)
|
(8)
|
(17)
|
(87)
|
-
|
(37)
|
370
|
|||||||
Less net gain on sale of loans held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
1,790
|
|||||||
Less increase (decrease) in market value of
|
||||||||||||||
assets held in trust for deferred compensation
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
|||||||
Net interest income plus non-interest income - as adjusted
|
$
|
109,677
|
$
|
109,168
|
$
|
111,305
|
$
|
114,806
|
$
|
114,172
|
$
|
330,150
|
$
|
346,057
|
Efficiency ratio
|
61.43%
|
61.36%
|
60.04%
|
59.94%
|
58.69%
|
60.94%
|
57.58%
|
|||||||
Efficiency ratio (without adjustments)
|
80.66%
|
68.19%
|
67.37%
|
66.32%
|
62.38%
|
72.12%
|
60.72%
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
|||||||||
Non-interest expense
|
$
|
81,165
|
$
|
66,834
|
$
|
67,331
|
$
|
69,433
|
$
|
66,608
|
$
|
215,330
|
$
|
200,200
|
|
Adjustment for prepayment fees on interest bearing liabilities
|
12,682
|
-
|
-
|
-
|
-
|
12,682
|
-
|
||||||||
Adjustment for impairment charges
|
758
|
-
|
-
|
594
|
-
|
758
|
1,000
|
||||||||
Adjustment for increase (decrease) in market value of assets
|
|||||||||||||||
held in trust for deferred compensation
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
||||||||
Non-interest expense - as adjusted
|
67,370
|
66,983
|
66,830
|
68,819
|
67,013
|
201,183
|
199,260
|
||||||||
Other income
|
28,553
|
23,907
|
22,854
|
24,451
|
26,367
|
75,314
|
84,655
|
||||||||
Less net losses on other real estate owned
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(3,118)
|
(15,968)
|
(8,135)
|
||||||||
Less net gains (losses) on investment securities
|
281
|
(34)
|
(3)
|
411
|
-
|
244
|
229
|
||||||||
Less net (losses) gains on sale of other assets
|
(12)
|
(8)
|
(17)
|
(87)
|
-
|
(37)
|
370
|
||||||||
Less net gain on sale of loans held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
1,790
|
||||||||
Less increase (decrease) in market value of assets held in
|
-
|
||||||||||||||
trust for deferred compensation
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
||||||||
Other income - as adjusted
|
31,867
|
29,539
|
28,962
|
29,585
|
29,890
|
90,368
|
90,461
|
||||||||
Less tax equivalent adjustment on the increase in cash
|
|||||||||||||||
surrender value of life insurance
|
479
|
468
|
494
|
508
|
546
|
1,441
|
1,848
|
||||||||
Net non-interest expense
|
$
|
35,024
|
$
|
36,976
|
$
|
37,374
|
$
|
38,726
|
$
|
36,577
|
$
|
109,374
|
$
|
106,951
|
|
Average assets
|
$
|
9,516,159
|
$
|
9,478,480
|
$
|
9,736,702
|
$
|
9,856,835
|
$
|
9,807,561
|
$
|
9,576,892
|
$
|
9,989,596
|
|
Annualized net non-interest expense to average assets
|
1.46%
|
1.57%
|
1.54%
|
1.56%
|
1.48%
|
1.53%
|
1.43%
|
||||||||
Annualized net non-interest expense to average
|
|||||||||||||||
assets (without adjustments)
|
2.20%
|
1.82%
|
1.84%
|
1.81%
|
1.63%
|
1.95%
|
1.55%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
September 30,
|
September 30,
|
||||||||
2012
|
2012
|
2012
|
2011
|
2011
|
2012
|
2011
|
||||||||
Other income
|
$
|
28,553
|
$
|
23,907
|
$
|
22,854
|
$
|
24,451
|
$
|
26,367
|
$
|
75,314
|
$
|
84,655
|
Less net losses on other real estate owned
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(3,118)
|
(15,968)
|
(8,135)
|
|||||||
Less net gains (losses) on investment securities
|
281
|
(34)
|
(3)
|
411
|
-
|
244
|
229
|
|||||||
Less net (losses) gains on sale of other assets
|
(12)
|
(8)
|
(17)
|
(87)
|
-
|
(37)
|
370
|
|||||||
Less net gain on sale of loans held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
1,790
|
|||||||
Less increase (decrease) in market value of
|
||||||||||||||
assets held in trust for deferred compensation
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
|||||||
Plus tax equivalent adjustment on the increase in cash
|
||||||||||||||
surrender value of life insurance
|
479
|
468
|
494
|
508
|
546
|
1,441
|
1,848
|
|||||||
Non-interest income - as adjusted
|
$
|
32,346
|
$
|
30,007
|
$
|
29,456
|
$
|
30,093
|
$
|
30,436
|
$
|
91,809
|
$
|
92,309
|
Net interest income
|
$
|
72,075
|
$
|
74,104
|
$
|
77,093
|
$
|
80,245
|
$
|
80,416
|
$
|
223,272
|
$
|
245,028
|
Tax equivalent adjustment
|
5,256
|
5,057
|
4,756
|
4,468
|
3,320
|
15,069
|
8,720
|
|||||||
Net interest income on a fully tax equivalent basis
|
77,331
|
79,161
|
81,849
|
84,713
|
83,736
|
238,341
|
253,748
|
|||||||
Tax equivalent adjustment on the increase in cash
|
||||||||||||||
surrender value of life insurance
|
479
|
468
|
494
|
508
|
546
|
1,441
|
1,848
|
|||||||
Plus other income
|
28,553
|
23,907
|
22,854
|
24,451
|
26,367
|
75,314
|
84,655
|
|||||||
Less net losses on other real estate owned
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(3,118)
|
(15,968)
|
(8,135)
|
|||||||
Less net gains (losses) on investment securities
|
281
|
(34)
|
(3)
|
411
|
-
|
244
|
229
|
|||||||
Less net (losses) gains on sale of other assets
|
(12)
|
(8)
|
(17)
|
(87)
|
-
|
(37)
|
370
|
|||||||
Less net gain on sale of loans held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
1,790
|
|||||||
Less increase (decrease) in market value of
|
||||||||||||||
assets held in trust for deferred compensation
|
355
|
(149)
|
501
|
20
|
(405)
|
707
|
(60)
|
|||||||
Net interest income plus non-interest income - as adjusted
|
$
|
109,677
|
$
|
109,168
|
$
|
111,305
|
$
|
114,806
|
$
|
114,172
|
$
|
330,150
|
$
|
346,057
|
Core other income to revenues ratio
|
29.49%
|
27.49%
|
26.46%
|
26.21%
|
26.66%
|
27.81%
|
26.67%
|
|||||||
Core other income to revenues ratio (without adjustments)
|
28.37%
|
24.39%
|
22.87%
|
23.35%
|
24.69%
|
25.22%
|
25.68%
|
Three Months Ended September 30,
|
Three Months Ended June 30,
|
|||||||||||||||||||
2012
|
2011
|
2012
|
||||||||||||||||||
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
|
$
|
1,071,538
|
$
|
12,640
|
4.62
|
%
|
$
|
1,070,852
|
$ |
12,915
|
4.78
|
%
|
$
|
1,071,199
|
$
|
12,926
|
4.77
|
%
|
||
Commercial loans collateralized by
|
||||||||||||||||||||
assignment of lease payments
|
1,193,462
|
13,119
|
4.40
|
1,015,925
|
13,694
|
5.39
|
1,177,052
|
13,346
|
4.54
|
|||||||||||
Real estate commercial
|
1,778,414
|
22,836
|
5.02
|
1,845,988
|
25,230
|
5.35
|
1,845,949
|
23,840
|
5.11
|
|||||||||||
Real estate construction
|
154,622
|
1,618
|
4.09
|
238,396
|
2,233
|
3.67
|
139,487
|
1,404
|
3.98
|
|||||||||||
Total commercial related credits
|
4,198,036
|
50,213
|
4.68
|
4,171,161
|
54,072
|
5.07
|
4,233,687
|
51,516
|
4.81
|
|||||||||||
Other loans
|
||||||||||||||||||||
Real estate residential
|
310,374
|
3,425
|
4.41
|
317,050
|
3,739
|
4.72
|
309,989
|
3,541
|
4.57
|
|||||||||||
Home equity
|
317,854
|
3,488
|
4.37
|
354,131
|
3,828
|
4.29
|
324,675
|
3,574
|
4.43
|
|||||||||||
Indirect
|
202,583
|
2,984
|
5.86
|
185,850
|
2,968
|
6.34
|
193,155
|
2,946
|
6.13
|
|||||||||||
Consumer loans
|
69,563
|
578
|
3.31
|
56,257
|
439
|
3.10
|
69,690
|
551
|
3.18
|
|||||||||||
Total other loans
|
900,374
|
10,475
|
4.63
|
913,288
|
10,974
|
4.77
|
897,509
|
10,612
|
4.76
|
|||||||||||
Total loans, excluding covered loans
|
5,098,410
|
60,688
|
4.74
|
5,084,449
|
65,046
|
5.08
|
5,131,196
|
62,128
|
4.87
|
|||||||||||
Covered loans
|
536,697
|
7,967
|
5.91
|
742,732
|
14,004
|
7.48
|
585,014
|
8,247
|
5.67
|
|||||||||||
Total loans
|
5,635,107
|
68,655
|
4.85
|
5,827,181
|
79,050
|
5.38
|
5,716,210
|
70,375
|
4.95
|
|||||||||||
Taxable investment securities
|
1,418,549
|
7,287
|
2.05
|
1,869,961
|
11,699
|
2.50
|
1,542,905
|
8,882
|
2.30
|
|||||||||||
Investment securities exempt from
|
||||||||||||||||||||
federal income taxes (3)
|
843,908
|
11,665
|
5.53
|
456,777
|
6,614
|
5.67
|
809,005
|
11,235
|
5.55
|
|||||||||||
Other interest earning deposits
|
483,622
|
312
|
0.26
|
365,723
|
244
|
0.26
|
244,087
|
158
|
0.26
|
|||||||||||
Total interest earning assets
|
$
|
8,381,186
|
$
|
87,919
|
4.17
|
$
|
8,519,642
|
$
|
97,607
|
4.55
|
$
|
8,312,207
|
$
|
90,650
|
4.39
|
|||||
Non-interest earning assets
|
1,134,973
|
1,287,919
|
1,166,273
|
|||||||||||||||||
Total assets
|
$
|
9,516,159
|
$
|
9,807,561
|
$
|
9,478,480
|
||||||||||||||
Interest Bearing Liabilities:
|
||||||||||||||||||||
Core funding:
|
||||||||||||||||||||
Money market and NOW accounts
|
$
|
2,601,181
|
$
|
1,026
|
0.16
|
%
|
$
|
2,656,490
|
$
|
1,731
|
0.26
|
%
|
$
|
2,607,238
|
$
|
1,045
|
0.16
|
%
|
||
Savings accounts
|
796,229
|
181
|
0.09
|
742,334
|
320
|
0.17
|
785,427
|
213
|
0.11
|
|||||||||||
Certificates of deposit
|
1,676,047
|
2,826
|
0.70
|
2,048,556
|
4,759
|
0.92
|
1,765,578
|
3,261
|
0.77
|
|||||||||||
Customer repurchase agreements
|
211,966
|
149
|
0.28
|
218,928
|
146
|
0.26
|
194,804
|
126
|
0.26
|
|||||||||||
Total core funding
|
5,285,423
|
4,182
|
0.31
|
5,666,308
|
6,956
|
0.49
|
5,353,047
|
4,645
|
0.35
|
|||||||||||
Wholesale funding:
|
||||||||||||||||||||
Brokered accounts (includes fee expense)
|
429,342
|
3,341
|
3.10
|
412,714
|
3,396
|
3.26
|
456,735
|
3,539
|
3.12
|
|||||||||||
Other borrowings
|
392,871
|
3,065
|
3.05
|
442,066
|
3,519
|
3.11
|
424,842
|
3,305
|
3.08
|
|||||||||||
Total wholesale funding
|
822,213
|
6,406
|
2.73
|
854,780
|
6,915
|
3.21
|
881,577
|
6,844
|
2.77
|
|||||||||||
Total interest bearing liabilities
|
$
|
6,107,636
|
$
|
10,588
|
0.69
|
$
|
6,521,088
|
$
|
13,871
|
0.84
|
$
|
6,234,624
|
$
|
11,489
|
0.74
|
|||||
Non-interest bearing deposits
|
2,020,762
|
1,810,501
|
1,900,937
|
|||||||||||||||||
Other non-interest bearing liabilities
|
139,915
|
123,391
|
119,252
|
|||||||||||||||||
Stockholders' equity
|
1,247,846
|
1,352,581
|
1,223,667
|
|||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
9,516,159
|
$
|
9,807,561
|
$
|
9,478,480
|
||||||||||||||
Net interest income/interest rate spread (4)
|
$
|
77,331
|
3.48
|
%
|
$
|
83,736
|
3.71
|
%
|
$
|
79,161
|
3.65
|
%
|
||||||||
Taxable equivalent adjustment
|
5,256
|
3,320
|
5,057
|
|||||||||||||||||
Net interest income, as reported
|
$
|
72,075
|
$
|
80,416
|
$
|
74,104
|
||||||||||||||
Net interest margin (5)
|
3.42
|
%
|
3.74
|
%
|
3.59
|
%
|
||||||||||||||
Tax equivalent effect
|
0.25
|
%
|
0.16
|
%
|
0.24
|
%
|
||||||||||||||
Net interest margin on a fully tax
|
||||||||||||||||||||
equivalent basis (5)
|
3.67
|
%
|
3.90
|
%
|
3.83
|
%
|
(1)
|
Non-accrual loans are included in average loans.
|
(2)
|
Interest income includes amortization of deferred loan origination fees of $749 thousand, $839 thousand, and $972 thousand for the three months ended September 30, 2012, June 30, 2012, and September 30, 2011, 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.
|
Nine Months Ended September 30,
|
||||||||||||||
2012
|
2011
|
|||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||
Interest Earning Assets:
|
||||||||||||||
Loans (1) (2) (3):
|
||||||||||||||
Commercial related credits
|
||||||||||||||
Commercial
|
$
|
1,068,339
|
$
|
38,340
|
4.72
|
%
|
$
|
1,127,230
|
40,824
|
4.84
|
%
|
|||
Commercial loans collateralized by
|
||||||||||||||
assignment of lease payments
|
1,182,512
|
40,222
|
4.54
|
1,020,414
|
42,286
|
5.53
|
||||||||
Real estate commercial
|
1,829,232
|
70,582
|
5.07
|
2,011,356
|
80,210
|
5.26
|
||||||||
Real estate construction
|
146,642
|
4,562
|
4.09
|
331,019
|
9,541
|
3.80
|
||||||||
Total commercial related credits
|
4,226,725
|
153,706
|
4.78
|
4,490,019
|
172,861
|
5.08
|
||||||||
Other loans
|
||||||||||||||
Real estate residential
|
311,318
|
10,616
|
4.55
|
329,594
|
12,195
|
4.93
|
||||||||
Home equity
|
325,120
|
10,732
|
4.41
|
366,026
|
11,780
|
4.30
|
||||||||
Indirect
|
194,064
|
8,865
|
6.10
|
179,772
|
8,954
|
6.66
|
||||||||
Consumer loans
|
69,666
|
1,658
|
3.18
|
56,689
|
1,475
|
3.48
|
||||||||
Total other loans
|
900,168
|
31,871
|
4.73
|
932,081
|
34,404
|
4.93
|
||||||||
Total loans, excluding covered loans
|
5,126,893
|
185,577
|
4.84
|
5,422,100
|
207,265
|
5.11
|
||||||||
Covered loans
|
591,086
|
26,228
|
5.93
|
771,486
|
44,812
|
7.77
|
||||||||
Total loans
|
5,717,979
|
211,805
|
4.95
|
6,193,586
|
252,077
|
5.44
|
||||||||
Taxable investment securities
|
1,554,243
|
27,053
|
2.32
|
1,619,182
|
29,741
|
2.45
|
||||||||
Investment securities exempt from
|
||||||||||||||
federal income taxes (3)
|
798,660
|
33,268
|
5.55
|
388,208
|
17,057
|
5.79
|
||||||||
Other interest earning deposits
|
329,252
|
639
|
0.26
|
499,286
|
972
|
0.26
|
||||||||
Total interest earning assets
|
$
|
8,400,134
|
$
|
272,765
|
4.34
|
$
|
8,700,262
|
$
|
299,847
|
4.61
|
||||
Non-interest earning assets
|
1,176,758
|
1,289,334
|
||||||||||||
Total assets
|
$
|
9,576,892
|
$
|
9,989,596
|
||||||||||
Interest Bearing Liabilities:
|
||||||||||||||
Core funding:
|
||||||||||||||
Money market and NOW accounts
|
$
|
2,619,297
|
$
|
3,278
|
0.17
|
%
|
$
|
2,686,327
|
$
|
6,139
|
0.31
|
%
|
||
Savings accounts
|
784,706
|
642
|
0.11
|
726,316
|
1,052
|
0.19
|
||||||||
Certificates of deposit
|
1,777,611
|
9,970
|
0.78
|
2,230,941
|
16,868
|
1.01
|
||||||||
Customer repurchase agreements
|
203,289
|
409
|
0.27
|
241,322
|
488
|
0.27
|
||||||||
Total core funding
|
5,384,903
|
14,299
|
0.35
|
5,884,906
|
24,547
|
0.56
|
||||||||
Wholesale funding:
|
||||||||||||||
Brokered accounts (includes fee expense)
|
441,943
|
10,302
|
3.11
|
447,178
|
11,253
|
3.36
|
||||||||
Other borrowings
|
415,565
|
9,823
|
3.11
|
447,993
|
10,299
|
3.03
|
||||||||
Total wholesale funding
|
857,508
|
20,125
|
2.75
|
895,171
|
21,552
|
3.22
|
||||||||
Total interest bearing liabilities
|
$
|
6,242,411
|
$
|
34,424
|
0.74
|
$
|
6,780,077
|
$
|
46,099
|
0.91
|
||||
Non-interest bearing deposits
|
1,924,656
|
1,736,152
|
||||||||||||
Other non-interest bearing liabilities
|
131,890
|
120,639
|
||||||||||||
Stockholders' equity
|
1,277,935
|
1,352,728
|
||||||||||||
Total liabilities and stockholders' equity
|
$
|
9,576,892
|
$
|
9,989,596
|
||||||||||
Net interest income/interest rate spread (4)
|
$
|
238,341
|
3.60
|
%
|
$
|
253,748
|
3.70
|
%
|
||||||
Taxable equivalent adjustment
|
15,069
|
8,720
|
||||||||||||
Net interest income, as reported
|
$
|
223,272
|
$
|
245,028
|
||||||||||
Net interest margin (5)
|
3.55
|
%
|
3.77
|
%
|
||||||||||
Tax equivalent effect
|
0.24
|
%
|
0.13
|
%
|
||||||||||
Net interest margin on a fully tax
|
||||||||||||||
equivalent basis (5)
|
3.79
|
%
|
3.90
|
%
|
(1)
|
Non-accrual loans are included in average loans.
|
(2)
|
Interest income includes amortization of deferred loan origination fees of $2.5 million and $3.5 million for the nine months ended September 30, 2012 and September 30, 2011, 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.
|