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 January 29, 2013 press release announcing its fourth quarter 2012 results of operations.
|
||
MB Financial, Inc. | ||
800 West Madison Street | ||
Chicago, Illinois 60607 | ||
(888) 422-6562 | ||
NASDAQ: MBFI | ||
4Q12
|
3Q12
|
Change
|
4Q11
|
2012
|
2011
|
Change
|
|||||||||
(dollars in thousands, except per share data)
|
|||||||||||||||
Net income
|
$ 24,012
|
$ 23,133
|
+ 3.8%
|
$ 19,453
|
$ 90,374
|
$ 38,728
|
+133.4%
|
||||||||
Net income available to
|
|||||||||||||||
common stockholders
|
24,012
|
23,133
|
+ 3.8%
|
16,847
|
87,105
|
28,314
|
+207.6%
|
||||||||
Fully diluted earnings per share
|
0.44
|
0.42
|
+ 4.8%
|
0.31
|
1.60
|
0.52
|
+207.7%
|
●
|
Our loan balances, excluding covered loans, increased $192.1 million (+3.7%) during the fourth quarter of 2012 and our loan mix continued to improve with growth in generally lower risk commercial and lease loans and declines in generally higher risk construction and commercial real estate loans as follows (dollars in thousands):
|
Change in
|
Percent
|
||||
Loan Balance
|
Growth
|
||||
Commercial related credits:
|
|||||
Commercial loans
|
$ 146,491
|
+13.6%
|
|||
Commercial loans collateralized by
|
|||||
assignment of lease payments (lease loans)
|
87,408
|
+7.2%
|
|||
Commercial real estate
|
(8,429)
|
-0.5%
|
|||
Construction real estate
|
(39,611)
|
-26.4%
|
|||
Total commercial related credits
|
185,859
|
+4.4%
|
|||
Other loans:
|
|||||
Residential real estate
|
5,493
|
+1.8%
|
|||
Indirect vehicle
|
1,660
|
+0.8%
|
|||
Home equity
|
(9,532)
|
-3.0%
|
|||
Consumer loans
|
8,666
|
+10.2%
|
|||
Total other loans
|
6,287
|
+0.7%
|
|||
Gross loans excluding covered loans
|
$ 192,146
|
+3.7%
|
●
|
Over the last year, our commercial related loan balances increased modestly (+0.9%), and our loan mix improved. Commercial and lease loans increased by 8.9%, while commercial real estate and construction loans decreased by 8.1%.
|
●
|
Revenues from key fee initiatives increased 18.7% compared to the third quarter of 2012:
|
-
|
Leasing revenues increased 28.4% to $12.4 million,
|
-
|
Capital markets and international banking service fees increased 80.6% to $2.6 million, and
|
-
|
Commercial deposit and treasury management fees increased 4.0% to $6.1 million.
|
●
|
Annual revenues from key fee initiatives increased 21.0% compared to 2011:
|
-
|
Leasing revenues increased 35.1% to $36.4 million,
|
-
|
Capital markets and international banking service fees increased 192.6% to $5.5 million, and
|
-
|
Card revenues increased 33.2% to $9.4 million.
|
●
|
Our core fee income to total revenues ratio improved to 34.2% in the fourth quarter compared to 29.5% in the prior quarter and 26.2% a year ago.
|
●
|
Fee income growth exceeded the impact of margin compression. As a result, total revenue, as adjusted and on a fully tax equivalent basis, increased by $4.1 million (+3.7%) during the fourth quarter.
|
●
|
Net interest margin compression of 10 basis points (on a fully tax equivalent basis) for the quarter negatively impacted net interest income (down $2.5 million and 3.2%).
|
●
|
The decline in net interest margin was due to a decline in covered loan yields, tightening credit spreads and high levels of prepayments on mortgage-backed securities, partially offset by a lower cost of funds.
|
●
|
Classified assets, defined as potential problem loans, non-performing loans, other real estate owned (“OREO”) and repossessed assets (excluding credit-impaired loans and OREO that were acquired as part of our FDIC-assisted transactions) declined in the quarter. Non-performing loans were up $11.7 million, while potential problem loans declined $22.7 million.
|
12/31/2012
|
9/30/2012
|
Change from 3Q12 to 4Q12
|
12/31/2011
|
||||||||
(dollars in thousands)
|
|||||||||||
Potential problem loans
|
$
|
111,553
|
$
|
134,289
|
$
|
(22,736)
|
$
|
149,756
|
|||
Non-performing loans
|
116,986
|
105,283
|
11,703
|
129,391
|
|||||||
OREO
|
36,977
|
42,427
|
(5,450)
|
78,452
|
|||||||
Repossessed assets
|
773
|
113
|
660
|
156
|
|||||||
Total classified assets
|
$
|
266,289
|
$
|
282,112
|
$
|
(15,823)
|
$
|
357,755
|
●
|
Credit costs remained very low in the quarter, aided by net recoveries.
|
4Q12
|
3Q12
|
Change from 3Q12 to 4Q12
|
4Q11
|
||||||||
(dollars in thousands)
|
|||||||||||
Credit costs:
|
|||||||||||
Provision for credit losses
|
$
|
1,000
|
$
|
(13,000)
|
$
|
14,000
|
$
|
8,000
|
|||
Net loss recognized on OREO
|
1,626
|
3,938
|
(2,312)
|
5,478
|
|||||||
Total credit costs
|
$
|
2,626
|
$
|
(9,062)
|
$
|
11,688
|
$
|
13,478
|
|||
Net (recoveries) charge-offs
|
$
|
(2,353)
|
$
|
(9,086)
|
$
|
6,733
|
$
|
13,886
|
●
|
As discussed above, over the past year we have improved the risk/return profile of our loan portfolio by significantly reducing our classified loans and changing our loan mix.
|
●
|
Over the past year, we changed the mix of our investment portfolio by allocating a larger portion of the investment portfolio to municipal securities. This has helped mitigate the impact of high levels of mortgage-backed security prepayments in the current interest rate environment. Municipal securities were 39.8% of total investment securities at December 31, 2012 compared to 30.9% of total investment securities a year ago.
|
●
|
Our funding mix improved over the past twelve months, with low cost deposits increasing $438.5 million (+8.3%) primarily driven by noninterest bearing deposits increasing by $278.9 million (+14.8%). Customer certificates of deposit decreased by $400.2 million (-20.8%) over the same period. In addition, our wholesale funding balances decreased $291.0 million (-33.6%) from a year ago largely due to prepayments in the third quarter of 2012.
|
●
|
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.
|
●
|
Our annualized return on average assets, annualized return on average common equity and annualized cash return on average tangible common equity improved compared to the third quarter of 2012 and fourth quarter of 2011:
|
4Q12
|
3Q12
|
4Q11
|
2012
|
2011
|
|||||||
Annualized return on average assets
|
1.01%
|
0.97%
|
0.78%
|
0.95%
|
0.39%
|
||||||
Annualized return on average common equity
|
7.55%
|
7.38%
|
5.66%
|
7.05%
|
2.43%
|
||||||
Annualized cash return on average tangible
|
|||||||||||
common equity
|
11.47%
|
11.29%
|
9.09%
|
10.87%
|
4.23%
|
●
|
On December 28, 2012, MB Financial Bank acquired Celtic Leasing Corp. (“Celtic”), a privately held, mid-ticket equipment leasing company.
|
●
|
Celtic specializes in solutions for the health care, legal, technology, and manufacturing industries. In recent years Celtic’s lease originations have ranged from $75 to $100 million on an annual basis.
|
●
|
Given the timing of the Celtic transaction, the impact to lease financing revenues was insignificant in the quarter and year.
|
●
|
Initial cash consideration paid was $58.7 million. Celtic stockholders will receive additional purchase consideration based on the performance of leases outstanding as of the acquisition date as well as the performance of leases originated during the three-year period immediately following the acquisition date. As a result of the transaction, $36.3 million in goodwill was recorded.
|
●
|
During the fourth quarter of 2012, our bank was for the second consecutive year named one of Chicago’s Top Workplaces by the Chicago Tribune.
|
●
|
We ranked among the top ten in the large employers category.
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
|||||||||||
Core fee income:
|
|||||||||||||||||
Key fee initiatives:
|
|||||||||||||||||
Capital markets and international banking
|
|||||||||||||||||
service fees
|
$
|
2,593
|
$
|
1,436
|
$
|
912
|
$
|
531
|
$
|
762
|
$
|
5,472
|
$
|
1,870
|
|||
Commercial deposit and treasury management fees
|
6,095
|
5,860
|
5,784
|
5,897
|
6,113
|
23,636
|
23,559
|
||||||||||
Lease financing, net
|
12,419
|
9,671
|
7,334
|
6,958
|
7,801
|
36,382
|
26,939
|
||||||||||
Trust and asset management fees
|
4,623
|
4,428
|
4,535
|
4,404
|
4,166
|
17,990
|
17,324
|
||||||||||
Card fees
|
2,505
|
2,388
|
2,429
|
2,046
|
1,101
|
9,368
|
7,032
|
||||||||||
Total key fee initiatives
|
28,235
|
23,783
|
20,994
|
19,836
|
19,943
|
92,848
|
76,724
|
||||||||||
Loan service fees
|
2,229
|
1,039
|
1,143
|
1,048
|
1,069
|
5,459
|
6,355
|
||||||||||
Consumer and other deposit service fees
|
3,655
|
3,786
|
3,534
|
3,453
|
3,917
|
14,428
|
15,375
|
||||||||||
Brokerage fees
|
1,088
|
1,185
|
1,264
|
1,255
|
1,577
|
4,792
|
5,884
|
||||||||||
Increase in cash surrender value of life insurance
|
893
|
890
|
870
|
917
|
944
|
3,570
|
4,377
|
||||||||||
Accretion of FDIC indemnification asset
|
154
|
204
|
222
|
475
|
683
|
1,055
|
4,838
|
||||||||||
Net gain on sale of loans
|
822
|
575
|
554
|
374
|
366
|
2,325
|
817
|
||||||||||
Other operating income
|
1,325
|
405
|
958
|
1,604
|
1,086
|
4,292
|
5,676
|
||||||||||
Total core fee income
|
38,401
|
31,867
|
29,539
|
28,962
|
29,585
|
128,769
|
120,046
|
||||||||||
Non-core fee income: (1)
|
|||||||||||||||||
Net gain (loss) on investment securities
|
311
|
281
|
(34)
|
(3)
|
411
|
555
|
640
|
||||||||||
Net (loss) gain on sale of other assets
|
(905)
|
(12)
|
(8)
|
(17)
|
(87)
|
(942)
|
283
|
||||||||||
Net gain on sale of loans held for sale (A)
|
-
|
-
|
-
|
-
|
-
|
-
|
1,790
|
||||||||||
Net loss recognized on other real estate owned (B)
|
(1,848)
|
(4,151)
|
(4,156)
|
(4,348)
|
(3,620)
|
(14,503)
|
(9,971)
|
||||||||||
Net gain (loss) recognized on other real estate
|
|||||||||||||||||
owned related to FDIC transactions (B)
|
222
|
213
|
(1,285)
|
(2,241)
|
(1,858)
|
(3,091)
|
(3,642)
|
||||||||||
Increase (decrease) in market value of assets held
|
|||||||||||||||||
in trust for deferred compensation (C)
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
||||||||||
Total non-core fee income
|
(2,116)
|
(3,314)
|
(5,632)
|
(6,108)
|
(5,134)
|
(17,170)
|
(10,940)
|
||||||||||
Total fee income
|
$
|
36,285
|
$
|
28,553
|
$
|
23,907
|
$
|
22,854
|
$
|
24,451
|
$
|
111,599
|
$
|
109,106
|
(1)
|
Letter denotes the corresponding line items where these non-core fee 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.
|
●
|
Net lease financing income increased as a result of increase in equipment remarketing gains and fees from the sale of equipment maintenance contracts.
|
●
|
Capital markets and international banking service fees increased primarily due to an increase in merger and acquisition advisory and interest rate swap fees.
|
●
|
Loan service fees increased due to an increase in prepayment fees.
|
●
|
Other operating income increased due to higher income from low income housing partnerships.
|
●
|
Non-core fee income was primarily impacted by lower losses recognized on OREO, partially offset by higher losses on the sale of other assets as a result of the disposal of fixed assets.
|
●
|
Net lease financing income increased as a result of increase in equipment remarketing gain and fees from the sale of equipment maintenance contracts.
|
●
|
Capital markets and international banking service fees increased due to an increase in interest rate swap fees, merger and acquisition advisory fees, and international banking activities.
|
●
|
Card fee income increased primarily due to fees earned on prepaid and credit cards.
|
●
|
Brokerage fees declined due to a decrease in third party brokerage revenues.
|
●
|
Consumer and other deposit service fees decreased as a result of lower NSF fees.
|
●
|
Accretion of FDIC indemnification asset decreased $3.8 million as expected. Accretion is recorded based on the FDIC indemnification asset balance, which has declined as we have received loss-share payments.
|
●
|
Non-core fee income was primarily impacted by higher losses recognized on OREO as well as higher losses on the sale of other assets as a result of the disposal of fixed assets.
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
||||||||||
Core other expense:
|
||||||||||||||||
Salaries and employee benefits
|
$
|
42,934
|
$
|
41,728
|
$
|
40,295
|
$
|
39,928
|
$
|
39,826
|
$
|
164,885
|
$
|
153,898
|
||
Occupancy and equipment expense
|
8,774
|
8,274
|
9,188
|
9,570
|
8,498
|
35,806
|
35,467
|
|||||||||
Computer services and telecommunication expense
|
4,160
|
3,777
|
3,909
|
3,653
|
4,382
|
15,499
|
14,885
|
|||||||||
Advertising and marketing expense
|
2,335
|
1,936
|
1,839
|
2,073
|
1,831
|
8,183
|
7,038
|
|||||||||
Professional and legal expense
|
1,640
|
1,554
|
1,503
|
1,413
|
1,422
|
6,110
|
6,147
|
|||||||||
Other intangible amortization expense
|
1,251
|
1,251
|
1,251
|
1,257
|
1,410
|
5,010
|
5,665
|
|||||||||
Other real estate expense, net
|
449
|
874
|
424
|
1,243
|
1,464
|
2,990
|
4,294
|
|||||||||
Other operating expenses
|
8,027
|
7,976
|
8,574
|
7,693
|
9,986
|
32,270
|
40,685
|
|||||||||
Total core other expense
|
69,570
|
67,370
|
66,983
|
66,830
|
68,819
|
270,753
|
268,079
|
|||||||||
Non-core other expense: (1)
|
||||||||||||||||
Branch impairment charges
|
1,432
|
758
|
-
|
-
|
594
|
2,190
|
1,594
|
|||||||||
Prepayment fees on interest bearing liabilities
|
-
|
12,682
|
-
|
-
|
-
|
12,682
|
-
|
|||||||||
Increase (decrease) in market value of assets held
|
||||||||||||||||
in trust for deferred compensation (A)
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
|||||||||
Total non-core other expense
|
1,536
|
13,795
|
(149)
|
501
|
614
|
15,683
|
1,554
|
|||||||||
Total other expense
|
$
|
71,106
|
$
|
81,165
|
$
|
66,834
|
$
|
67,331
|
$
|
69,433
|
$
|
286,436
|
$
|
269,633
|
(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.
|
●
|
Salaries and employee benefits expense increased primarily due to an increase in incentives and commissions on higher lease revenues.
|
●
|
Non-core other expense decreased as we did not incur any prepayment fees in the fourth quarter of 2012, while in the third quarter of 2012 we incurred $12.7 million in prepayment fees, when we prepaid certain brokered certificates of deposits and an FHLB advance.
|
●
|
Salaries and employee benefits expense increased primarily due to annual salary increases, an increase in incentives, commissions on higher lease revenues, and higher health insurance claims.
|
●
|
Other operating expenses were down partially due to the decrease in FDIC insurance premiums as a result of a change in the assessment computation during the second quarter of 2012 and the impact of improved credit quality on the computation.
|
●
|
Other operating expenses were also favorably impacted in the twelve months ended December 31, 2012 by a decrease in the clawback liability related to our loss share agreements with the FDIC recorded during the period.
|
●
|
Other real estate expense decreased as a result of fewer properties in other real estate owned throughout 2012 compared to 2011.
|
●
|
Non-core other expense was impacted by the $12.7 million in prepayment fees on interest bearing liabilities discussed above.
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||||||||
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
|||||||
Commercial related credits:
|
||||||||||||||||
Commercial loans
|
$
|
1,220,472
|
21%
|
$
|
1,073,981
|
19%
|
$
|
1,079,436
|
19%
|
$
|
1,040,340
|
18%
|
$
|
1,113,123
|
19%
|
|
Commercial loans collateralized by
|
||||||||||||||||
assignment of lease payments (lease loans)
|
1,306,769
|
23%
|
1,219,361
|
22%
|
1,221,199
|
21%
|
1,209,942
|
21%
|
1,208,575
|
20%
|
||||||
Commercial real estate
|
1,761,832
|
30%
|
1,770,261
|
31%
|
1,794,777
|
31%
|
1,877,380
|
32%
|
1,853,788
|
31%
|
||||||
Construction real estate
|
110,261
|
2%
|
149,872
|
3%
|
150,665
|
3%
|
128,040
|
2%
|
183,789
|
3%
|
||||||
Total commercial related credits
|
4,399,334
|
76%
|
4,213,475
|
75%
|
4,246,077
|
74%
|
4,255,702
|
73%
|
4,359,275
|
73%
|
||||||
Other loans:
|
||||||||||||||||
Residential real estate
|
314,359
|
5%
|
308,866
|
5%
|
313,137
|
5%
|
309,644
|
5%
|
316,787
|
5%
|
||||||
Indirect vehicle
|
208,633
|
4%
|
206,973
|
3%
|
198,848
|
3%
|
186,736
|
3%
|
187,481
|
3%
|
||||||
Home equity
|
305,186
|
5%
|
314,718
|
6%
|
323,234
|
6%
|
327,450
|
6%
|
336,043
|
6%
|
||||||
Consumer loans
|
93,317
|
2%
|
84,651
|
2%
|
89,115
|
2%
|
89,705
|
2%
|
88,865
|
2%
|
||||||
Total other loans
|
921,495
|
16%
|
915,208
|
16%
|
924,334
|
16%
|
913,535
|
16%
|
929,176
|
16%
|
||||||
Gross loans excluding covered loans
|
5,320,829
|
92%
|
5,128,683
|
91%
|
5,170,411
|
90%
|
5,169,237
|
89%
|
5,288,451
|
89%
|
||||||
Covered loans (1)
|
449,850
|
8%
|
496,162
|
9%
|
552,838
|
10%
|
620,528
|
11%
|
662,544
|
11%
|
||||||
Total loans
|
$
|
5,770,679
|
100%
|
$
|
5,624,845
|
100%
|
$
|
5,723,249
|
100%
|
$
|
5,789,765
|
100%
|
$
|
5,950,995
|
100%
|
(1)
|
Covered loans refer to loans we acquired in FDIC-assisted transactions that are subject to loss-sharing agreements with the FDIC.
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||
Non-performing loans:
|
||||||||||
Non-accrual loans (1)
|
$
|
115,387
|
$
|
104,813
|
$
|
113,077
|
$
|
124,011
|
$
|
129,309
|
Loans 90 days or more past due, still accruing interest
|
1,599
|
470
|
453
|
679
|
82
|
|||||
Total non-performing loans
|
116,986
|
105,283
|
113,530
|
124,690
|
129,391
|
|||||
OREO
|
36,977
|
42,427
|
49,690
|
63,077
|
78,452
|
|||||
Repossessed assets
|
773
|
113
|
60
|
81
|
156
|
|||||
Total non-performing assets
|
154,736
|
147,823
|
163,280
|
187,848
|
207,999
|
|||||
Potential problem loans
|
111,553
|
134,289
|
141,066
|
159,440
|
149,756
|
|||||
Total classified assets
|
$
|
266,289
|
$
|
282,112
|
$
|
304,346
|
$
|
347,288
|
$
|
357,755
|
Total allowance for loan losses
|
$
|
124,204
|
$
|
121,182
|
$
|
121,756
|
$
|
125,431
|
$
|
126,798
|
Accruing restructured loans (2)
|
$
|
21,256
|
$
|
17,929
|
$
|
16,536
|
$
|
24,145
|
$
|
37,996
|
Total non-performing loans to total loans
|
2.03%
|
1.87%
|
1.98%
|
2.15%
|
2.17%
|
|||||
Total non-performing assets to total assets
|
1.62%
|
1.56%
|
1.72%
|
1.94%
|
2.12%
|
|||||
Allowance for loan losses to non-performing loans
|
106.17%
|
115.10%
|
107.25%
|
100.59%
|
98.00%
|
(1)
|
Includes $25.4 million, $27.1 million, $32.7 million, $34.7 million and $42.5 million of restructured loans on non-accrual status at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 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.
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||
Commercial and lease
|
$
|
25,517
|
$
|
22,648
|
$
|
24,402
|
$
|
34,471
|
$
|
36,995
|
Commercial real estate
|
59,508
|
55,387
|
62,512
|
70,939
|
76,551
|
|||||
Construction real estate
|
1,028
|
1,225
|
1,470
|
1,553
|
1,145
|
|||||
Consumer related
|
30,933
|
26,023
|
25,146
|
17,727
|
14,700
|
|||||
Total non-performing loans
|
$
|
116,986
|
$
|
105,283
|
$
|
113,530
|
$
|
124,690
|
$
|
129,391
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||
Commercial and lease
|
$
|
33,600
|
$
|
48,933
|
$
|
46,532
|
$
|
49,197
|
$
|
39,193
|
Commercial real estate
|
66,995
|
73,941
|
82,596
|
98,834
|
99,588
|
|||||
Construction real estate
|
10,958
|
11,415
|
11,938
|
11,409
|
10,375
|
|||||
Consumer related
|
-
|
-
|
-
|
-
|
600
|
|||||
Total potential problem loans
|
$
|
111,553
|
$
|
134,289
|
$
|
141,066
|
$
|
159,440
|
$
|
149,756
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||
Balance at the beginning of quarter
|
$
|
42,427
|
$
|
49,690
|
$
|
63,077
|
$
|
78,452
|
$
|
87,469
|
Transfers in at fair value less estimated costs to sell
|
1,811
|
63
|
910
|
1,751
|
3,657
|
|||||
Capitalized OREO costs
|
505
|
978
|
967
|
359
|
552
|
|||||
Fair value adjustments
|
(1,982)
|
(4,648)
|
(4,507)
|
(4,764)
|
(3,733)
|
|||||
Net gains on sales of OREO
|
134
|
497
|
351
|
416
|
113
|
|||||
Cash received upon disposition
|
(5,918)
|
(4,153)
|
(11,108)
|
(13,137)
|
(9,606)
|
|||||
Balance at the end of quarter
|
$
|
36,977
|
$
|
42,427
|
$
|
49,690
|
$
|
63,077
|
$
|
78,452
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
||||||||||
Allowance for credit losses, balance at the beginning of period
|
$
|
124,926
|
$
|
128,840
|
$
|
133,255
|
$
|
135,975
|
$
|
141,861
|
$
|
135,975
|
$
|
192,217
|
||
Provision for credit losses
|
1,000
|
(13,000)
|
-
|
3,100
|
8,000
|
(8,900)
|
120,750
|
|||||||||
Charge-offs:
|
||||||||||||||||
Commercial loans
|
343
|
75
|
1,451
|
539
|
2,932
|
2,408
|
17,571
|
|||||||||
Commercial loans collateralized by
|
||||||||||||||||
assignment of lease payments (lease loans)
|
1
|
-
|
1,720
|
-
|
1,373
|
1,721
|
1,466
|
|||||||||
Commercial real estate loans
|
2,965
|
2,994
|
2,415
|
3,003
|
3,793
|
11,377
|
96,633
|
|||||||||
Construction real estate
|
56
|
71
|
444
|
3,436
|
6,989
|
4,007
|
52,917
|
|||||||||
Residential real estate
|
1,068
|
474
|
1,108
|
294
|
860
|
2,944
|
12,643
|
|||||||||
Indirect vehicle
|
623
|
433
|
488
|
715
|
954
|
2,259
|
2,836
|
|||||||||
Home equity
|
1,394
|
1,209
|
876
|
1,072
|
2,061
|
4,551
|
11,066
|
|||||||||
Consumer loans
|
485
|
332
|
274
|
258
|
285
|
1,349
|
1,648
|
|||||||||
Total charge-offs
|
6,935
|
5,588
|
8,776
|
9,317
|
19,247
|
30,616
|
196,780
|
|||||||||
Recoveries:
|
||||||||||||||||
Commercial loans
|
745
|
306
|
386
|
2,038
|
634
|
3,475
|
5,370
|
|||||||||
Commercial loans collateralized by
|
||||||||||||||||
assignment of lease payments (lease loans)
|
6,260
|
111
|
93
|
256
|
1
|
6,720
|
225
|
|||||||||
Commercial real estate loans
|
871
|
12,893
|
3,061
|
162
|
747
|
16,987
|
3,332
|
|||||||||
Construction real estate
|
561
|
752
|
141
|
565
|
3,519
|
2,019
|
8,590
|
|||||||||
Residential real estate
|
271
|
8
|
188
|
34
|
9
|
501
|
49
|
|||||||||
Indirect vehicle
|
261
|
224
|
300
|
311
|
378
|
1,096
|
1,399
|
|||||||||
Home equity
|
248
|
303
|
100
|
20
|
6
|
671
|
224
|
|||||||||
Consumer loans
|
71
|
77
|
92
|
111
|
67
|
351
|
599
|
|||||||||
Total recoveries
|
9,288
|
14,674
|
4,361
|
3,497
|
5,361
|
31,820
|
19,788
|
|||||||||
Total net (recoveries) charge-offs
|
(2,353)
|
(9,086)
|
4,415
|
5,820
|
13,886
|
(1,204)
|
176,992
|
|||||||||
Allowance for credit losses
|
128,279
|
124,926
|
128,840
|
133,255
|
135,975
|
128,279
|
135,975
|
|||||||||
Allowance for unfunded credit commitments
|
(4,075)
|
(3,744)
|
(7,084)
|
(7,824)
|
(9,177)
|
(4,075)
|
(9,177)
|
|||||||||
Allowance for loan losses
|
$
|
124,204
|
$
|
121,182
|
$
|
121,756
|
$
|
125,431
|
$
|
126,798
|
$
|
124,204
|
$
|
126,798
|
||
Total loans, excluding loans held for sale
|
$
|
5,770,679
|
$
|
5,624,845
|
$
|
5,723,249
|
$
|
5,789,765
|
$
|
5,950,995
|
$
|
5,770,679
|
$
|
5,950,995
|
||
Average loans, excluding loans held for sale
|
$
|
5,604,837
|
$
|
5,630,232
|
$
|
5,712,630
|
$
|
5,802,037
|
$
|
5,818,425
|
$
|
5,687,052
|
$
|
6,097,291
|
||
Ratio of allowance for loan losses to total loans, excluding loans held for sale
|
2.15%
|
2.15%
|
2.13%
|
2.17%
|
2.13%
|
2.15%
|
2.13%
|
|||||||||
Net loan (recoveries) charge-offs to average loans, excluding loans held for sale (annualized)
|
(0.17)%
|
(0.64)%
|
0.31%
|
0.40%
|
0.95%
|
(0.02)%
|
2.90%
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||
General loss reserve
|
$
|
91,745
|
$
|
95,586
|
$
|
93,904
|
$
|
98,673
|
$
|
102,196
|
Specific reserve
|
13,691
|
11,300
|
13,674
|
13,734
|
10,804
|
|||||
Smaller-balance homogenous loans reserve
|
18,768
|
14,296
|
14,178
|
13,024
|
13,798
|
|||||
Total allowance for loan losses
|
$
|
124,204
|
$
|
121,182
|
$
|
121,756
|
$
|
125,431
|
$
|
126,798
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||
Securities available for sale:
|
||||||||||
Fair value
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
41,315
|
$
|
42,187
|
$
|
42,175
|
$
|
42,070
|
$
|
42,401
|
States and political subdivisions
|
725,019
|
668,966
|
629,173
|
581,720
|
535,660
|
|||||
Mortgage-backed securities
|
993,328
|
1,075,962
|
1,035,473
|
1,193,248
|
1,334,491
|
|||||
Corporate bonds
|
96,674
|
16,626
|
5,569
|
5,686
|
5,899
|
|||||
Equity securities
|
11,835
|
11,231
|
11,081
|
10,887
|
10,846
|
|||||
Total fair value
|
$
|
1,868,171
|
$
|
1,814,972
|
$
|
1,723,471
|
$
|
1,833,611
|
$
|
1,929,297
|
Amortized cost
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
38,605
|
$
|
39,233
|
$
|
39,366
|
$
|
39,503
|
$
|
39,640
|
States and political subdivisions
|
679,991
|
620,489
|
589,654
|
547,262
|
500,979
|
|||||
Mortgage-backed securities
|
981,513
|
1,060,665
|
1,014,186
|
1,168,340
|
1,308,020
|
|||||
Corporate bonds
|
97,014
|
16,617
|
5,569
|
5,686
|
5,899
|
|||||
Equity securities
|
11,398
|
10,644
|
10,584
|
10,520
|
10,457
|
|||||
Total amortized cost
|
$
|
1,808,521
|
$
|
1,747,648
|
$
|
1,659,359
|
$
|
1,771,311
|
$
|
1,864,995
|
Unrealized gain
|
||||||||||
Government sponsored agencies and enterprises
|
$
|
2,710
|
$
|
2,954
|
$
|
2,809
|
$
|
2,567
|
$
|
2,761
|
States and political subdivisions
|
45,028
|
48,477
|
39,519
|
34,458
|
34,681
|
|||||
Mortgage-backed securities
|
11,815
|
15,297
|
21,287
|
24,908
|
26,471
|
|||||
Corporate bonds
|
(340)
|
9
|
-
|
-
|
-
|
|||||
Equity securities
|
437
|
587
|
497
|
367
|
389
|
|||||
Total unrealized gain
|
$
|
59,650
|
$
|
67,324
|
$
|
64,112
|
$
|
62,300
|
$
|
64,302
|
Securities held to maturity, at cost:
|
||||||||||
States and political subdivisions
|
$
|
237,563
|
$
|
238,211
|
$
|
238,869
|
$
|
239,526
|
$
|
240,183
|
Mortgage-backed securities
|
255,858
|
257,640
|
258,931
|
259,241
|
259,100
|
|||||
Total amortized cost
|
$
|
493,421
|
$
|
495,851
|
$
|
497,800
|
$
|
498,767
|
$
|
499,283
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||||||||
% of
|
% of
|
% of
|
% of
|
% of
|
||||||||||||
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
|||||||
Low cost deposits:
|
||||||||||||||||
Noninterest bearing deposits
|
$
|
2,164,547
|
29%
|
$
|
2,011,542
|
27%
|
$
|
1,946,468
|
26%
|
$
|
1,874,028
|
25%
|
$
|
1,885,694
|
25%
|
|
Money market and
|
||||||||||||||||
NOW accounts
|
2,747,273
|
36%
|
2,682,608
|
36%
|
2,564,493
|
34%
|
2,702,636
|
35%
|
2,645,334
|
34%
|
||||||
Savings accounts
|
811,333
|
11%
|
797,741
|
10%
|
790,350
|
11%
|
786,357
|
10%
|
753,610
|
10%
|
||||||
Total low cost deposits
|
5,723,153
|
76%
|
5,491,891
|
73%
|
5,301,311
|
71%
|
5,363,021
|
70%
|
5,284,638
|
69%
|
||||||
Certificates of deposit:
|
||||||||||||||||
Certificates of deposit
|
1,525,366
|
20%
|
1,632,370
|
22%
|
1,718,266
|
23%
|
1,820,266
|
24%
|
1,925,608
|
25%
|
||||||
Brokered deposit accounts
|
294,178
|
4%
|
355,086
|
5%
|
451,132
|
6%
|
451,415
|
6%
|
437,361
|
6%
|
||||||
Total certificates of deposit
|
1,819,544
|
24%
|
1,987,456
|
27%
|
2,169,398
|
29%
|
2,271,681
|
30%
|
2,362,969
|
31%
|
||||||
Total deposits
|
$
|
7,542,697
|
100%
|
$
|
7,479,347
|
100%
|
$
|
7,470,709
|
100%
|
$
|
7,634,702
|
100%
|
$
|
7,647,607
|
100%
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
As of the dates indicated
|
(Dollars in thousands)
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
|||||||
ASSETS
|
|||||||||||
Cash and due from banks
|
$
|
176,010
|
$
|
129,326
|
$
|
132,737
|
$
|
128,411
|
$
|
144,228
|
|
Interest earning deposits with banks
|
111,533
|
327,301
|
304,075
|
272,553
|
100,337
|
||||||
Total cash and cash equivalents
|
287,543
|
456,627
|
436,812
|
400,964
|
244,565
|
||||||
Investment securities:
|
|||||||||||
Securities available for sale, at fair value
|
1,868,171
|
1,814,972
|
1,723,471
|
1,833,611
|
1,929,297
|
||||||
Securities held to maturity, at amortized cost
|
493,421
|
495,851
|
497,800
|
498,767
|
499,283
|
||||||
Non-marketable securities - FHLB and FRB Stock
|
55,385
|
57,653
|
61,462
|
65,541
|
80,832
|
||||||
Total investment securities
|
2,416,977
|
2,368,476
|
2,282,733
|
2,397,919
|
2,509,412
|
||||||
Loans held for sale
|
7,492
|
7,221
|
2,290
|
3,364
|
4,727
|
||||||
Loans:
|
|||||||||||
Total loans, excluding covered loans
|
5,320,829
|
5,128,683
|
5,170,411
|
5,169,237
|
5,288,451
|
||||||
Covered loans
|
449,850
|
496,162
|
552,838
|
620,528
|
662,544
|
||||||
Total loans
|
5,770,679
|
5,624,845
|
5,723,249
|
5,789,765
|
5,950,995
|
||||||
Less: Allowance for loan losses
|
124,204
|
121,182
|
121,756
|
125,431
|
126,798
|
||||||
Net loans
|
5,646,475
|
5,503,663
|
5,601,493
|
5,664,334
|
5,824,197
|
||||||
Lease investments, net
|
129,823
|
113,180
|
111,122
|
124,748
|
135,490
|
||||||
Premises and equipment, net
|
221,533
|
214,301
|
214,935
|
212,589
|
210,705
|
||||||
Cash surrender value of life insurance
|
128,879
|
127,985
|
127,096
|
126,226
|
125,309
|
||||||
Goodwill
|
423,369
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Other intangibles
|
29,512
|
25,735
|
26,986
|
28,237
|
29,494
|
||||||
Other real estate owned, net
|
36,977
|
42,427
|
49,690
|
63,077
|
78,452
|
||||||
Other real estate owned related to FDIC transactions
|
22,478
|
32,607
|
43,807
|
53,703
|
60,363
|
||||||
FDIC indemnification asset
|
39,345
|
36,311
|
56,637
|
72,161
|
80,830
|
||||||
Other assets
|
185,151
|
147,943
|
148,896
|
137,209
|
142,459
|
||||||
Total assets
|
$
|
9,575,554
|
$
|
9,463,545
|
$
|
9,489,566
|
$
|
9,671,600
|
$
|
9,833,072
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||||||||
Liabilities
|
|||||||||||
Deposits:
|
|||||||||||
Noninterest bearing
|
$
|
2,164,547
|
$
|
2,011,542
|
$
|
1,946,468
|
$
|
1,874,028
|
$
|
1,885,694
|
|
Interest bearing
|
5,378,150
|
5,467,805
|
5,524,241
|
5,760,674
|
5,761,913
|
||||||
Total deposits
|
7,542,697
|
7,479,347
|
7,470,709
|
7,634,702
|
7,647,607
|
||||||
Short-term borrowings
|
220,602
|
289,613
|
261,729
|
269,691
|
219,954
|
||||||
Long-term borrowings
|
116,050
|
118,798
|
221,100
|
256,456
|
266,264
|
||||||
Junior subordinated notes issued to capital trusts
|
152,065
|
152,065
|
158,521
|
158,530
|
158,538
|
||||||
Accrued expenses and other liabilities
|
268,370
|
162,892
|
139,756
|
136,791
|
147,682
|
||||||
Total liabilities
|
8,299,784
|
8,202,715
|
8,251,815
|
8,456,170
|
8,440,045
|
||||||
Stockholders' Equity
|
|||||||||||
Preferred stock
|
-
|
-
|
-
|
-
|
194,719
|
||||||
Common stock
|
550
|
550
|
549
|
549
|
548
|
||||||
Additional paid-in capital
|
732,771
|
731,679
|
732,297
|
732,613
|
731,248
|
||||||
Retained earnings
|
507,933
|
489,426
|
466,812
|
445,233
|
427,956
|
||||||
Accumulated other comprehensive income
|
36,326
|
40,985
|
39,035
|
37,935
|
39,150
|
||||||
Treasury stock
|
(3,293)
|
(3,304)
|
(3,353)
|
(3,326)
|
(3,044)
|
||||||
Controlling interest stockholders' equity
|
1,274,287
|
1,259,336
|
1,235,340
|
1,213,004
|
1,390,577
|
||||||
Noncontrolling interest
|
1,483
|
1,494
|
2,411
|
2,426
|
2,450
|
||||||
Total stockholders' equity
|
1,275,770
|
1,260,830
|
1,237,751
|
1,215,430
|
1,393,027
|
||||||
Total liabilities and stockholders' equity
|
$
|
9,575,554
|
$
|
9,463,545
|
$
|
9,489,566
|
$
|
9,671,600
|
$
|
9,833,072
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(Dollars in thousands, except per share data) (Unaudited)
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
|||||||||
Interest income:
|
|||||||||||||||
Loans
|
$63,328
|
$67,482
|
$69,250
|
$71,648
|
$75,466
|
$271,708
|
$324,793
|
||||||||
Investment securities:
|
|||||||||||||||
Taxable
|
6,371
|
7,287
|
8,882
|
10,884
|
11,608
|
33,424
|
41,349
|
||||||||
Nontaxable
|
7,687
|
7,582
|
7,303
|
6,739
|
6,178
|
29,311
|
17,265
|
||||||||
Other interest earning accounts
|
228
|
312
|
158
|
169
|
181
|
867
|
1,153
|
||||||||
Total interest income
|
77,614
|
82,663
|
85,593
|
89,440
|
93,433
|
335,310
|
384,560
|
||||||||
Interest expense:
|
|||||||||||||||
Deposits
|
6,066
|
7,374
|
8,058
|
8,760
|
9,569
|
30,258
|
44,881
|
||||||||
Short-term borrowings
|
294
|
342
|
362
|
206
|
189
|
1,204
|
849
|
||||||||
Long-term borrowings and junior subordinated notes
|
1,738
|
2,872
|
3,069
|
3,381
|
3,430
|
11,060
|
13,557
|
||||||||
Total interest expense
|
8,098
|
10,588
|
11,489
|
12,347
|
13,188
|
42,522
|
59,287
|
||||||||
Net interest income
|
69,516
|
72,075
|
74,104
|
77,093
|
80,245
|
292,788
|
325,273
|
||||||||
Provision for credit losses
|
1,000
|
(13,000)
|
-
|
3,100
|
8,000
|
(8,900)
|
120,750
|
||||||||
Net interest income after
|
|||||||||||||||
provision for credit losses
|
68,516
|
85,075
|
74,104
|
73,993
|
72,245
|
301,688
|
204,523
|
||||||||
Fee income:
|
|||||||||||||||
Capital markets and international banking
|
|||||||||||||||
service fees
|
2,593
|
1,436
|
912
|
531
|
762
|
5,472
|
1,870
|
||||||||
Commercial deposit and treasury management fees
|
6,095
|
5,860
|
5,784
|
5,897
|
6,113
|
23,636
|
23,559
|
||||||||
Lease financing, net
|
12,419
|
9,671
|
7,334
|
6,958
|
7,801
|
36,382
|
26,939
|
||||||||
Trust and asset management fees
|
4,623
|
4,428
|
4,535
|
4,404
|
4,166
|
17,990
|
17,324
|
||||||||
Card fees
|
2,505
|
2,388
|
2,429
|
2,046
|
1,101
|
9,368
|
7,032
|
||||||||
Loan service fees
|
2,229
|
1,039
|
1,143
|
1,048
|
1,069
|
5,459
|
6,355
|
||||||||
Consumer and other deposit service fees
|
3,655
|
3,786
|
3,534
|
3,453
|
3,917
|
14,428
|
15,375
|
||||||||
Brokerage fees
|
1,088
|
1,185
|
1,264
|
1,255
|
1,577
|
4,792
|
5,884
|
||||||||
Net gain (loss) on investment securities
|
311
|
281
|
(34)
|
(3)
|
411
|
555
|
640
|
||||||||
Increase in cash surrender value of life insurance
|
893
|
890
|
870
|
917
|
944
|
3,570
|
4,377
|
||||||||
Net (loss) gain on sale of assets
|
(905)
|
(12)
|
(8)
|
(17)
|
(87)
|
(942)
|
283
|
||||||||
Accretion of FDIC indemnification asset
|
154
|
204
|
222
|
475
|
683
|
1,055
|
4,838
|
||||||||
Net loss recognized on other real estate owned
|
(1,626)
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(17,594)
|
(13,613)
|
||||||||
Net gain on sale of loans
|
822
|
575
|
554
|
374
|
366
|
2,325
|
2,607
|
||||||||
Other operating income
|
1,429
|
760
|
809
|
2,105
|
1,106
|
5,103
|
5,636
|
||||||||
Total fee income
|
36,285
|
28,553
|
23,907
|
22,854
|
24,451
|
111,599
|
109,106
|
||||||||
Other expenses:
|
|||||||||||||||
Salaries and employee benefits
|
43,038
|
42,083
|
40,146
|
40,429
|
39,846
|
165,696
|
153,858
|
||||||||
Occupancy and equipment expense
|
8,774
|
8,274
|
9,188
|
9,570
|
8,498
|
35,806
|
35,467
|
||||||||
Computer services and telecommunication expense
|
4,160
|
3,777
|
3,909
|
3,653
|
4,382
|
15,499
|
14,885
|
||||||||
Advertising and marketing expense
|
2,335
|
1,936
|
1,839
|
2,073
|
1,831
|
8,183
|
7,038
|
||||||||
Professional and legal expense
|
1,640
|
1,554
|
1,503
|
1,413
|
1,422
|
6,110
|
6,147
|
||||||||
Other intangible amortization expense
|
1,251
|
1,251
|
1,251
|
1,257
|
1,410
|
5,010
|
5,665
|
||||||||
Branch impairment charges
|
1,432
|
758
|
-
|
-
|
594
|
2,190
|
1,594
|
||||||||
Other real estate expense, net
|
449
|
874
|
424
|
1,243
|
1,464
|
2,990
|
4,294
|
||||||||
Prepayment fees on interest bearing liabilities
|
-
|
12,682
|
-
|
-
|
-
|
12,682
|
-
|
||||||||
Other operating expenses
|
8,027
|
7,976
|
8,574
|
7,693
|
9,986
|
32,270
|
40,685
|
||||||||
Total other expense
|
71,106
|
81,165
|
66,834
|
67,331
|
69,433
|
286,436
|
269,633
|
||||||||
Income before income taxes
|
33,695
|
32,463
|
31,177
|
29,516
|
27,263
|
126,851
|
43,996
|
||||||||
Income tax expense
|
9,683
|
9,330
|
9,034
|
8,430
|
7,810
|
36,477
|
5,268
|
||||||||
Net income
|
24,012
|
23,133
|
22,143
|
21,086
|
19,453
|
90,374
|
38,728
|
||||||||
Dividends and discount accretion on preferred shares
|
-
|
-
|
-
|
3,269
|
2,606
|
3,269
|
10,414
|
||||||||
Net income available to
|
|||||||||||||||
common stockholders
|
$24,012
|
$23,133
|
$22,143
|
$17,817
|
$16,847
|
$87,105
|
$28,314
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
|||||||||
Common share data:
|
|||||||||||||||
Basic earnings allocated to common stock per common share
|
$
|
0.44
|
$
|
0.43
|
$
|
0.41
|
$
|
0.39
|
$
|
0.36
|
$
|
1.67
|
$
|
0.71
|
|
Impact of preferred stock dividends on basic
|
|||||||||||||||
earnings per common share
|
-
|
-
|
-
|
(0.06)
|
(0.05)
|
(0.06)
|
(0.19)
|
||||||||
Basic earnings per common share
|
0.44
|
0.43
|
0.41
|
0.33
|
0.31
|
1.61
|
0.52
|
||||||||
Diluted earnings allocated to common stock per common share
|
0.44
|
0.42
|
0.41
|
0.39
|
0.36
|
1.66
|
0.71
|
||||||||
Impact of preferred stock dividends on diluted
|
|||||||||||||||
earnings per common share
|
-
|
-
|
-
|
(0.06)
|
(0.05)
|
(0.06)
|
(0.19)
|
||||||||
Diluted earnings per common share
|
0.44
|
0.42
|
0.41
|
0.33
|
0.31
|
1.60
|
0.52
|
||||||||
Weighted average common shares outstanding
|
|||||||||||||||
for basic earnings per common share
|
54,401,504
|
54,346,827
|
54,174,717
|
54,155,856
|
54,140,646
|
54,270,297
|
54,057,158
|
||||||||
Weighted average common shares outstanding
|
|||||||||||||||
for diluted earnings per common share
|
54,597,737
|
54,556,517
|
54,448,709
|
54,411,916
|
54,360,178
|
54,505,976
|
54,337,280
|
Selected Financial Data:
|
|||||||||||||||||||||
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
|||||||||||||||
Performance Ratios:
|
|||||||||||||||||||||
Annualized return on average assets
|
1.01
|
%
|
0.97
|
%
|
0.94
|
%
|
0.87
|
%
|
0.78
|
%
|
0.95
|
%
|
0.39
|
%
|
|||||||
Annualized return on average common equity
|
7.55
|
7.38
|
7.28
|
5.94
|
5.66
|
7.05
|
2.43
|
||||||||||||||
Annualized cash return on average tangible common equity(1)
|
11.47
|
11.29
|
11.28
|
9.36
|
9.09
|
10.87
|
4.23
|
||||||||||||||
Net interest rate spread
|
3.41
|
3.48
|
3.65
|
3.67
|
3.71
|
3.55
|
3.71
|
||||||||||||||
Cost of funds(2)
|
0.40
|
0.52
|
0.57
|
0.60
|
0.63
|
0.52
|
0.70
|
||||||||||||||
Efficiency ratio(3)
|
61.16
|
61.43
|
61.36
|
60.04
|
59.94
|
60.99
|
58.17
|
||||||||||||||
Annualized net other expense to average assets(4)
|
1.29
|
1.46
|
1.57
|
1.54
|
1.56
|
1.47
|
1.46
|
||||||||||||||
Core fee income to revenues (5)
|
34.18
|
29.49
|
27.49
|
26.46
|
26.21
|
29.44
|
26.56
|
||||||||||||||
Net interest margin
|
3.31
|
3.42
|
3.59
|
3.64
|
3.71
|
3.49
|
3.75
|
||||||||||||||
Tax equivalent effect
|
0.26
|
0.25
|
0.24
|
0.23
|
0.20
|
0.24
|
0.15
|
||||||||||||||
Net interest margin - fully tax equivalent basis(6)
|
3.57
|
3.67
|
3.83
|
3.87
|
3.91
|
3.73
|
3.90
|
||||||||||||||
Asset Quality Ratios:
|
|||||||||||||||||||||
Non-performing loans(7) to total loans
|
2.03
|
%
|
1.87
|
%
|
1.98
|
%
|
2.15
|
%
|
2.17
|
%
|
2.03
|
%
|
2.17
|
%
|
|||||||
Non-performing assets(7) to total assets
|
1.62
|
1.56
|
1.72
|
1.94
|
2.12
|
1.62
|
2.12
|
||||||||||||||
Allowance for loan losses to non-performing loans(7)
|
106.17
|
115.10
|
107.25
|
100.59
|
98.00
|
106.17
|
98.00
|
||||||||||||||
Allowance for loan losses to total loans
|
2.15
|
2.15
|
2.13
|
2.17
|
2.13
|
2.15
|
2.13
|
||||||||||||||
Net loan (recoveries) charge-offs to average loans (annualized)
|
(0.17)
|
(0.64)
|
0.31
|
0.40
|
0.95
|
(0.02)
|
2.90
|
||||||||||||||
Capital Ratios:
|
|||||||||||||||||||||
Tangible equity to tangible assets(8)
|
9.12
|
%
|
9.46
|
%
|
9.17
|
%
|
8.74
|
%
|
10.47
|
%
|
9.12
|
%
|
10.47
|
%
|
|||||||
Tangible common equity to risk weighted assets(9)
|
12.96
|
14.16
|
13.67
|
13.17
|
12.48
|
12.96
|
12.48
|
||||||||||||||
Tangible common equity to tangible assets(10)
|
9.12
|
9.46
|
9.17
|
8.74
|
8.40
|
9.12
|
8.40
|
||||||||||||||
Book value per common share(11)
|
$
|
23.29
|
$
|
23.01
|
$
|
22.64
|
$
|
22.23
|
$
|
21.92
|
$
|
23.29
|
$
|
21.92
|
|||||||
Less: goodwill and other intangible assets,
|
|||||||||||||||||||||
net of benefit, per common share
|
8.08
|
7.37
|
7.40
|
7.41
|
7.43
|
8.08
|
7.43
|
||||||||||||||
Tangible book value per common share(12)
|
$
|
15.21
|
$
|
15.64
|
$
|
15.24
|
$
|
14.81
|
$
|
14.49
|
$
|
15.21
|
$
|
14.49
|
|||||||
Total capital (to risk-weighted assets)
|
16.49
|
%
|
17.91
|
%
|
17.53
|
%
|
17.10
|
%
|
19.39
|
%
|
16.49
|
%
|
19.39
|
%
|
|||||||
Tier 1 capital (to risk-weighted assets)
|
14.61
|
15.83
|
15.45
|
15.02
|
17.34
|
14.61
|
17.34
|
||||||||||||||
Tier 1 capital (to average assets)
|
10.50
|
10.60
|
10.46
|
9.99
|
11.73
|
10.50
|
11.73
|
||||||||||||||
Tier 1 common capital (to risk-weighted assets)
|
12.31
|
13.39
|
12.93
|
12.54
|
11.86
|
12.31
|
11.86
|
(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 fee 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 fee 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 fee 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 fee 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.
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
|||||||
Stockholders' equity - as reported
|
$
|
1,275,770
|
$
|
1,260,830
|
$
|
1,237,751
|
$
|
1,215,430
|
$
|
1,393,027
|
|
Less: goodwill
|
423,369
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible assets, net of tax benefit
|
19,183
|
16,728
|
17,541
|
18,354
|
19,171
|
||||||
Tangible equity
|
$
|
833,218
|
$
|
857,033
|
$
|
833,141
|
$
|
810,007
|
$
|
986,787
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
|||||||
Total assets - as reported
|
$
|
9,575,554
|
$
|
9,463,545
|
$
|
9,489,566
|
$
|
9,671,600
|
$
|
9,833,072
|
|
Less: goodwill
|
423,369
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible assets, net of tax benefit
|
19,183
|
16,728
|
17,541
|
18,354
|
19,171
|
||||||
Tangible assets
|
$
|
9,133,002
|
$
|
9,059,748
|
$
|
9,084,956
|
$
|
9,266,177
|
$
|
9,426,832
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
|||||||
Common stockholders' equity - as reported
|
$
|
1,275,770
|
$
|
1,260,830
|
$
|
1,237,751
|
$
|
1,215,430
|
$
|
1,198,308
|
|
Less: goodwill
|
423,369
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible assets, net of tax benefit
|
19,183
|
16,728
|
17,541
|
18,354
|
19,171
|
||||||
Tangible common equity
|
$
|
833,218
|
$
|
857,033
|
$
|
833,141
|
$
|
810,007
|
$
|
792,068
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
||||||||||||
Average common stockholders' equity - as reported
|
$
|
1,264,772
|
$
|
1,247,846
|
$
|
1,223,667
|
$
|
1,206,364
|
$
|
1,181,820
|
$
|
1,235,780
|
$
|
1,164,316
|
||||
Less: average goodwill
|
387,464
|
387,069
|
387,069
|
387,069
|
387,069
|
387,168
|
387,069
|
|||||||||||
Less: average other intangible assets, net of tax benefit
|
16,238
|
17,018
|
17,903
|
18,721
|
19,494
|
17,465
|
20,865
|
|||||||||||
Average tangible common equity
|
$
|
861,070
|
$
|
843,759
|
$
|
818,695
|
$
|
800,574
|
$
|
775,257
|
$
|
831,147
|
$
|
756,382
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
||||||||||||
Net income available to common stockholders - as reported
|
$
|
24,012
|
$
|
23,133
|
$
|
22,143
|
$
|
17,817
|
$
|
16,847
|
$
|
87,105
|
$
|
28,314
|
||||
Add: other intangible amortization expense, net of tax benefit
|
813
|
813
|
813
|
817
|
917
|
3,257
|
3,682
|
|||||||||||
Net cash flow available to common stockholders
|
$
|
24,825
|
$
|
23,946
|
$
|
22,956
|
$
|
18,634
|
$
|
17,764
|
$
|
90,362
|
$
|
31,996
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
3/31/2012
|
12/31/2011
|
||||||||
Tier 1 capital - as reported
|
$
|
939,087
|
$
|
958,123
|
$
|
941,888
|
$
|
925,089
|
$
|
1,101,538
|
||
Less: preferred stock
|
-
|
-
|
-
|
-
|
194,719
|
|||||||
Less: qualifying trust preferred securities
|
147,500
|
147,500
|
153,500
|
153,500
|
153,787
|
|||||||
Tier 1 common capital
|
$
|
791,587
|
$
|
810,623
|
$
|
788,388
|
$
|
771,589
|
$
|
753,032
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
|||||||||
Other expense
|
$
|
71,106
|
$
|
81,165
|
$
|
66,834
|
$
|
67,331
|
$
|
69,433
|
$
|
286,436
|
$
|
269,633
|
|
Adjustment for prepayment fees on interest bearing liabilities
|
-
|
12,682
|
-
|
-
|
-
|
12,682
|
-
|
||||||||
Adjustment for impairment charges
|
1,432
|
758
|
-
|
-
|
594
|
2,190
|
1,594
|
||||||||
Adjustment for increase (decrease) in market value of
|
|||||||||||||||
assets held in trust for deferred compensation
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
||||||||
Other expense - as adjusted
|
$
|
69,570
|
$
|
67,370
|
$
|
66,983
|
$
|
66,830
|
$
|
68,819
|
$
|
270,753
|
$
|
268,079
|
|
Net interest income
|
$
|
69,516
|
$
|
72,075
|
$
|
74,104
|
$
|
77,093
|
$
|
80,245
|
$
|
292,788
|
$
|
325,273
|
|
Tax equivalent adjustment
|
5,360
|
5,256
|
5,057
|
4,756
|
4,468
|
20,429
|
13,188
|
||||||||
Net interest income on a fully tax equivalent basis
|
74,876
|
77,331
|
79,161
|
81,849
|
84,713
|
313,217
|
338,461
|
||||||||
Tax equivalent adjustment on the increase in cash
|
|||||||||||||||
surrender value of life insurance
|
481
|
479
|
468
|
494
|
508
|
1,922
|
2,357
|
||||||||
Plus fee income
|
36,285
|
28,553
|
23,907
|
22,854
|
24,451
|
111,599
|
109,106
|
||||||||
Less net losses on other real estate owned
|
(1,626)
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(17,594)
|
(13,613)
|
||||||||
Less net gains (losses) on investment securities
|
311
|
281
|
(34)
|
(3)
|
411
|
555
|
640
|
||||||||
Less net (losses) gains on sale of other assets
|
(905)
|
(12)
|
(8)
|
(17)
|
(87)
|
(942)
|
283
|
||||||||
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
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
||||||||
Net interest income plus fee income - as adjusted
|
$
|
113,758
|
$
|
109,677
|
$
|
109,168
|
$
|
111,305
|
$
|
114,806
|
$
|
443,908
|
$
|
460,864
|
|
Efficiency ratio
|
61.16%
|
61.43%
|
61.36%
|
60.04%
|
59.94%
|
60.99%
|
58.17%
|
||||||||
Efficiency ratio (without adjustments)
|
67.21%
|
80.66%
|
68.19%
|
67.37%
|
66.32%
|
70.83%
|
62.07%
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
||||||||||
Other expense
|
$
|
71,106
|
$
|
81,165
|
$
|
66,834
|
$
|
67,331
|
$
|
69,433
|
$
|
286,436
|
$
|
269,633
|
||
Adjustment for prepayment fees on interest bearing liabilities
|
-
|
12,682
|
-
|
-
|
-
|
12,682
|
-
|
|||||||||
Adjustment for impairment charges
|
1,432
|
758
|
-
|
-
|
594
|
2,190
|
1,594
|
|||||||||
Adjustment for increase (decrease) in market value of assets
|
||||||||||||||||
held in trust for deferred compensation
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
|||||||||
Non-interest expense - as adjusted
|
69,570
|
67,370
|
66,983
|
66,830
|
68,819
|
270,753
|
268,079
|
|||||||||
Fee income
|
36,285
|
28,553
|
23,907
|
22,854
|
24,451
|
111,599
|
109,106
|
|||||||||
Less net losses on other real estate owned
|
(1,626)
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(17,594)
|
(13,613)
|
|||||||||
Less net gains (losses) on investment securities
|
311
|
281
|
(34)
|
(3)
|
411
|
555
|
640
|
|||||||||
Less net (losses) gains on sale of other assets
|
(905)
|
(12)
|
(8)
|
(17)
|
(87)
|
(942)
|
283
|
|||||||||
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
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
|||||||||
Fee income - as adjusted
|
38,401
|
31,867
|
29,539
|
28,962
|
29,585
|
128,769
|
120,046
|
|||||||||
Less tax equivalent adjustment on the increase in cash
|
||||||||||||||||
surrender value of life insurance
|
481
|
479
|
468
|
494
|
508
|
1,922
|
2,357
|
|||||||||
Net other expense
|
$
|
30,688
|
$
|
35,024
|
$
|
36,976
|
$
|
37,374
|
$
|
38,726
|
$
|
140,062
|
$
|
145,676
|
||
Average assets
|
$
|
9,461,895
|
$
|
9,516,159
|
$
|
9,478,480
|
$
|
9,736,702
|
$
|
9,856,835
|
$
|
9,547,985
|
$
|
9,956,133
|
||
Annualized net other expense to average assets
|
1.29%
|
1.46%
|
1.57%
|
1.54%
|
1.56%
|
1.47%
|
1.46%
|
|||||||||
Annualized net other expense to average
|
||||||||||||||||
assets (without adjustments)
|
1.46%
|
2.20%
|
1.82%
|
1.84%
|
1.81%
|
1.83%
|
1.61%
|
4Q12
|
3Q12
|
2Q12
|
1Q12
|
4Q11
|
2012
|
2011
|
|||||||||
Fee income
|
$
|
36,285
|
$
|
28,553
|
$
|
23,907
|
$
|
22,854
|
$
|
24,451
|
$
|
111,599
|
$
|
109,106
|
|
Less net losses on other real estate owned
|
(1,626)
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(17,594)
|
(13,613)
|
||||||||
Less net gains (losses) on investment securities
|
311
|
281
|
(34)
|
(3)
|
411
|
555
|
640
|
||||||||
Less net (losses) gains on sale of other assets
|
(905)
|
(12)
|
(8)
|
(17)
|
(87)
|
(942)
|
283
|
||||||||
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
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
||||||||
Plus tax equivalent adjustment on the increase in cash
|
|||||||||||||||
surrender value of life insurance
|
481
|
479
|
468
|
494
|
508
|
1,922
|
2,357
|
||||||||
Fee income - as adjusted
|
$
|
38,882
|
$
|
32,346
|
$
|
30,007
|
$
|
29,456
|
$
|
30,093
|
$
|
130,691
|
$
|
122,403
|
|
Net interest income
|
$
|
69,516
|
$
|
72,075
|
$
|
74,104
|
$
|
77,093
|
$
|
80,245
|
$
|
292,788
|
$
|
325,273
|
|
Tax equivalent adjustment
|
5,360
|
5,256
|
5,057
|
4,756
|
4,468
|
20,429
|
13,188
|
||||||||
Net interest income on a fully tax equivalent basis
|
74,876
|
77,331
|
79,161
|
81,849
|
84,713
|
313,217
|
338,461
|
||||||||
Tax equivalent adjustment on the increase in cash
|
|||||||||||||||
surrender value of life insurance
|
481
|
479
|
468
|
494
|
508
|
1,922
|
2,357
|
||||||||
Plus fee income
|
36,285
|
28,553
|
23,907
|
22,854
|
24,451
|
111,599
|
109,106
|
||||||||
Less net losses on other real estate owned
|
(1,626)
|
(3,938)
|
(5,441)
|
(6,589)
|
(5,478)
|
(17,594)
|
(13,613)
|
||||||||
Less net gains (losses) on investment securities
|
311
|
281
|
(34)
|
(3)
|
411
|
555
|
640
|
||||||||
Less net (losses) gains on sale of other assets
|
(905)
|
(12)
|
(8)
|
(17)
|
(87)
|
(942)
|
283
|
||||||||
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
|
104
|
355
|
(149)
|
501
|
20
|
811
|
(40)
|
||||||||
Total revenue - as adjusted and on a fully tax equivalent basis
|
$
|
113,758
|
$
|
109,677
|
$
|
109,168
|
$
|
111,305
|
$
|
114,806
|
$
|
443,908
|
$
|
460,864
|
|
|
|||||||||||||||
Core fee income to revenues ratio
|
34.18%
|
29.49%
|
27.49%
|
26.46%
|
26.21%
|
29.44%
|
26.56%
|
||||||||
Core fee income to revenues ratio (without adjustments)
|
34.30%
|
28.37%
|
24.39%
|
22.87%
|
23.35%
|
27.60%
|
25.12%
|
4Q12
|
4Q11
|
3Q12
|
||||||||||||||||||
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
|
$
|
1,117,323
|
$
|
12,711
|
4.45
|
%
|
$
|
1,051,065
|
12,989
|
4.84
|
%
|
$
|
1,071,538
|
$
|
12,640
|
4.62
|
%
|
|||
Commercial loans collateralized by
|
||||||||||||||||||||
assignment of lease payments
|
1,204,431
|
12,797
|
4.25
|
1,102,220
|
14,167
|
5.14
|
1,193,462
|
13,119
|
4.40
|
|||||||||||
Real estate commercial
|
1,766,332
|
21,636
|
4.79
|
1,839,689
|
25,132
|
5.35
|
1,778,414
|
22,836
|
5.02
|
|||||||||||
Real estate construction
|
146,717
|
1,614
|
4.30
|
209,098
|
2,443
|
4.57
|
154,622
|
1,618
|
4.09
|
|||||||||||
Total commercial related credits
|
4,234,803
|
48,758
|
4.51
|
4,202,072
|
54,731
|
5.10
|
4,198,036
|
50,213
|
4.68
|
|||||||||||
Other loans
|
||||||||||||||||||||
Real estate residential
|
312,189
|
3,417
|
4.38
|
316,087
|
3,719
|
4.71
|
310,374
|
3,425
|
4.41
|
|||||||||||
Home equity
|
308,854
|
3,336
|
4.30
|
342,011
|
3,701
|
4.29
|
317,854
|
3,488
|
4.37
|
|||||||||||
Indirect
|
207,429
|
3,061
|
5.87
|
188,562
|
3,080
|
6.48
|
202,583
|
2,984
|
5.86
|
|||||||||||
Consumer loans
|
69,554
|
623
|
3.56
|
62,703
|
482
|
3.05
|
69,563
|
578
|
3.31
|
|||||||||||
Total other loans
|
898,026
|
10,437
|
4.62
|
909,363
|
10,982
|
4.79
|
900,374
|
10,475
|
4.63
|
|||||||||||
Total loans, excluding covered loans
|
5,132,829
|
59,195
|
4.59
|
5,111,435
|
65,713
|
5.10
|
5,098,410
|
60,688
|
4.74
|
|||||||||||
Covered loans
|
479,011
|
5,354
|
4.45
|
707,039
|
10,894
|
6.11
|
536,697
|
7,967
|
5.91
|
|||||||||||
Total loans
|
5,611,840
|
64,549
|
4.58
|
5,818,474
|
76,607
|
5.22
|
5,635,107
|
68,655
|
4.85
|
|||||||||||
Taxable investment securities
|
1,508,774
|
6,371
|
1.69
|
1,820,680
|
11,608
|
2.55
|
1,418,549
|
7,287
|
2.05
|
|||||||||||
Investment securities exempt from
|
||||||||||||||||||||
federal income taxes (3)
|
865,653
|
11,826
|
5.46
|
676,893
|
9,505
|
5.62
|
843,908
|
11,665
|
5.53
|
|||||||||||
Other interest earning deposits
|
361,371
|
228
|
0.25
|
272,762
|
181
|
0.26
|
483,622
|
312
|
0.26
|
|||||||||||
Total interest earning assets
|
$
|
8,347,638
|
$
|
82,974
|
3.95
|
$
|
8,588,809
|
$
|
97,901
|
4.52
|
$
|
8,381,186
|
$
|
87,919
|
4.17
|
|||||
Non-interest earning assets
|
1,114,257
|
1,268,026
|
1,134,973
|
|||||||||||||||||
Total assets
|
$
|
9,461,895
|
$
|
9,856,835
|
$
|
9,516,159
|
||||||||||||||
Interest Bearing Liabilities:
|
||||||||||||||||||||
Core funding:
|
||||||||||||||||||||
Money market and NOW accounts
|
$
|
2,726,718
|
$
|
1,007
|
0.15
|
%
|
$
|
2,653,486
|
$
|
1,498
|
0.22
|
%
|
$
|
2,601,181
|
$
|
1,026
|
0.16
|
%
|
||
Savings accounts
|
804,158
|
144
|
0.07
|
751,766
|
327
|
0.17
|
796,229
|
181
|
0.09
|
|||||||||||
Certificates of deposit
|
1,570,147
|
2,562
|
0.67
|
1,971,473
|
4,294
|
0.89
|
1,676,047
|
2,826
|
0.70
|
|||||||||||
Customer repurchase agreements
|
233,532
|
147
|
0.25
|
235,666
|
151
|
0.25
|
211,966
|
149
|
0.28
|
|||||||||||
Total core funding
|
5,334,555
|
3,860
|
0.29
|
5,612,391
|
6,270
|
0.44
|
5,285,423
|
4,182
|
0.31
|
|||||||||||
Wholesale funding:
|
||||||||||||||||||||
Brokered accounts (includes fee expense)
|
302,565
|
2,353
|
3.09
|
438,123
|
3,450
|
3.12
|
429,342
|
3,341
|
3.10
|
|||||||||||
Other borrowings
|
286,952
|
1,885
|
2.57
|
431,165
|
3,468
|
3.15
|
392,871
|
3,065
|
3.05
|
|||||||||||
Total wholesale funding
|
589,517
|
4,238
|
2.49
|
869,288
|
6,918
|
2.88
|
822,213
|
6,406
|
2.73
|
|||||||||||
Total interest bearing liabilities
|
$
|
5,924,072
|
$
|
8,098
|
0.54
|
$
|
6,481,679
|
$
|
13,188
|
0.81
|
$
|
6,107,636
|
$
|
10,588
|
0.69
|
|||||
Non-interest bearing deposits
|
2,119,632
|
1,878,049
|
2,020,762
|
|||||||||||||||||
Other non-interest bearing liabilities
|
153,419
|
120,671
|
139,915
|
|||||||||||||||||
Stockholders' equity
|
1,264,772
|
1,376,436
|
1,247,846
|
|||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
9,461,895
|
$
|
9,856,835
|
$
|
9,516,159
|
||||||||||||||
Net interest income/interest rate spread (4)
|
$
|
74,876
|
3.41
|
%
|
$
|
84,713
|
3.71
|
%
|
$
|
77,331
|
3.48
|
%
|
||||||||
Taxable equivalent adjustment
|
5,360
|
4,468
|
5,256
|
|||||||||||||||||
Net interest income, as reported
|
$
|
69,516
|
$
|
80,245
|
$
|
72,075
|
||||||||||||||
Net interest margin (5)
|
3.31
|
%
|
3.71
|
%
|
3.42
|
%
|
||||||||||||||
Tax equivalent effect
|
0.26
|
%
|
0.20
|
%
|
0.25
|
%
|
||||||||||||||
Net interest margin on a fully tax
|
||||||||||||||||||||
equivalent basis (5)
|
3.57
|
%
|
3.91
|
%
|
3.67
|
%
|
(1)
|
Non-accrual loans are included in average loans.
|
(2)
|
Interest income includes amortization of deferred loan origination fees of $1.0 million, $1.2 million, and $749 thousand for the three months ended December 31, 2012, December 31, 2011, and September 30, 2012, 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.
|
2012
|
2011
|
|||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||
Interest Earning Assets:
|
||||||||||||||
Loans (1) (2) (3):
|
||||||||||||||
Commercial related credits
|
||||||||||||||
Commercial
|
$
|
1,080,652
|
$
|
51,051
|
4.65
|
%
|
$
|
1,108,033
|
53,813
|
4.79
|
%
|
|||
Commercial loans collateralized by
|
||||||||||||||
assignment of lease payments
|
1,188,022
|
53,019
|
4.46
|
1,041,033
|
56,453
|
5.42
|
||||||||
Real estate commercial
|
1,813,421
|
92,218
|
5.00
|
1,968,088
|
105,342
|
5.28
|
||||||||
Real estate construction
|
146,660
|
6,176
|
4.14
|
300,288
|
11,984
|
3.94
|
||||||||
Total commercial related credits
|
4,228,755
|
202,464
|
4.71
|
4,417,442
|
227,592
|
5.08
|
||||||||
Other loans
|
||||||||||||||
Real estate residential
|
311,537
|
14,033
|
4.50
|
326,189
|
15,914
|
4.88
|
||||||||
Home equity
|
321,031
|
14,068
|
4.38
|
359,972
|
15,481
|
4.30
|
||||||||
Indirect
|
197,423
|
11,926
|
6.04
|
181,988
|
12,034
|
6.61
|
||||||||
Consumer loans
|
69,638
|
2,281
|
3.28
|
58,205
|
1,957
|
3.36
|
||||||||
Total other loans
|
899,629
|
42,308
|
4.70
|
926,354
|
45,386
|
4.90
|
||||||||
Total loans, excluding covered loans
|
5,128,384
|
244,772
|
4.77
|
5,343,796
|
272,978
|
5.11
|
||||||||
Covered loans
|
562,914
|
31,582
|
5.61
|
755,242
|
55,706
|
7.38
|
||||||||
Total loans
|
5,691,298
|
276,354
|
4.86
|
6,099,038
|
328,684
|
5.39
|
||||||||
Taxable investment securities
|
1,542,814
|
33,424
|
2.17
|
1,669,971
|
41,349
|
2.48
|
||||||||
Investment securities exempt from
|
||||||||||||||
federal income taxes (3)
|
815,500
|
45,094
|
5.53
|
460,971
|
26,562
|
5.76
|
||||||||
Other interest earning deposits
|
337,325
|
867
|
0.26
|
442,190
|
1,153
|
0.26
|
||||||||
Total interest earning assets
|
$
|
8,386,937
|
$
|
355,739
|
4.24
|
$
|
8,672,170
|
$
|
397,748
|
4.59
|
||||
Non-interest earning assets
|
1,161,048
|
1,283,963
|
||||||||||||
Total assets
|
$
|
9,547,985
|
$
|
9,956,133
|
||||||||||
Interest Bearing Liabilities:
|
||||||||||||||
Core funding:
|
||||||||||||||
Money market and NOW accounts
|
$
|
2,646,299
|
$
|
4,285
|
0.16
|
%
|
$
|
2,678,049
|
$
|
7,637
|
0.29
|
%
|
||
Savings accounts
|
789,595
|
786
|
0.10
|
732,731
|
1,379
|
0.19
|
||||||||
Certificates of deposit
|
1,725,462
|
12,532
|
0.76
|
2,165,541
|
21,162
|
0.99
|
||||||||
Customer repurchase agreements
|
210,891
|
556
|
0.26
|
239,896
|
639
|
0.27
|
||||||||
Total core funding
|
5,372,247
|
18,159
|
0.34
|
5,816,217
|
30,817
|
0.53
|
||||||||
Wholesale funding:
|
||||||||||||||
Brokered accounts (includes fee expense)
|
406,908
|
12,655
|
3.11
|
444,895
|
14,703
|
3.30
|
||||||||
Other borrowings
|
383,236
|
11,708
|
3.00
|
443,752
|
13,767
|
3.06
|
||||||||
Total wholesale funding
|
790,144
|
24,363
|
2.70
|
888,647
|
28,470
|
3.03
|
||||||||
Total interest bearing liabilities
|
$
|
6,162,391
|
$
|
42,522
|
0.69
|
$
|
6,704,864
|
$
|
59,287
|
0.88
|
||||
Non-interest bearing deposits
|
1,973,666
|
1,771,918
|
||||||||||||
Other non-interest bearing liabilities
|
137,302
|
120,647
|
||||||||||||
Stockholders' equity
|
1,274,626
|
1,358,704
|
||||||||||||
Total liabilities and stockholders' equity
|
$
|
9,547,985
|
$
|
9,956,133
|
||||||||||
Net interest income/interest rate spread (4)
|
$
|
313,217
|
3.55
|
%
|
$
|
338,461
|
3.71
|
%
|
||||||
Taxable equivalent adjustment
|
20,429
|
13,188
|
||||||||||||
Net interest income, as reported
|
$
|
292,788
|
$
|
325,273
|
||||||||||
Net interest margin (5)
|
3.49
|
%
|
3.75
|
%
|
||||||||||
Tax equivalent effect
|
0.24
|
%
|
0.15
|
%
|
||||||||||
Net interest margin on a fully tax
|
||||||||||||||
equivalent basis (5)
|
3.73
|
%
|
3.90
|
%
|
(1)
|
Non-accrual loans are included in average loans.
|
(2)
|
Interest income includes amortization of deferred loan origination fees of $3.5 million and $4.7 million for the twelve months ended December 31, 2012 and December 31, 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.
|