[x]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2013
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or
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
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CALIFORNIA | 94-2156203 |
(State or Other Jurisdiction of | (I.R.S. Employer |
Incorporation or Organization) | Identification No.) |
Yes [x] | No [ ] |
Yes [x] | No [ ] |
Large accelerated filer [x]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [ ]
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(Do not check if a smaller reporting company)
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Yes [ ] | No [x] |
Title of Class | Shares outstanding as of April 23, 2013 |
Common Stock, | 26,980,635 |
No Par Value |
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Page
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Exhibit 31.1 -
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Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a)
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52
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Exhibit 31.2 -
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Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a)
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53
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Exhibit 32.1 -
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Certification of Chief Executive Officer Required by 18 U.S.C. Section 1350
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54
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Exhibit 32.2 -
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Certification of Chief Financial Officer Required by 18 U.S.C. Section 1350
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55
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At March 31,
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At December 31,
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|||||||
2013
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2012
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|||||||
(In thousands)
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||||||||
Assets:
|
||||||||
Cash and due from banks
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$ | 355,459 | $ | 491,382 | ||||
Investment securities available for sale
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972,176 | 825,636 | ||||||
Investment securities held to maturity, with fair values of: $1,185,641 at March 31, 2013 and $1,184,557 at December 31, 2012
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1,162,358 | 1,156,041 | ||||||
Purchased covered loans
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353,034 | 372,283 | ||||||
Purchased non-covered loans
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70,504 | 74,891 | ||||||
Originated loans
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1,613,396 | 1,664,183 | ||||||
Allowance for loan losses
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(30,354 | ) | (30,234 | ) | ||||
Total loans
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2,006,580 | 2,081,123 | ||||||
Non-covered other real estate owned
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9,671 | 12,661 | ||||||
Covered other real estate owned
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13,713 | 13,691 | ||||||
Premises and equipment, net
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38,519 | 38,639 | ||||||
Identifiable intangibles, net
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22,042 | 23,261 | ||||||
Goodwill
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121,673 | 121,673 | ||||||
Other assets
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185,653 | 188,086 | ||||||
Total Assets
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$ | 4,887,844 | $ | 4,952,193 | ||||
Liabilities:
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||||||||
Noninterest bearing deposits
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$ | 1,621,887 | $ | 1,676,071 | ||||
Interest bearing deposits
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2,540,063 | 2,556,421 | ||||||
Total deposits
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4,161,950 | 4,232,492 | ||||||
Short-term borrowed funds
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61,854 | 53,687 | ||||||
Federal Home Loan Bank advances
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25,743 | 25,799 | ||||||
Term repurchase agreement
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10,000 | 10,000 | ||||||
Debt financing
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15,000 | 15,000 | ||||||
Other liabilities
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54,317 | 55,113 | ||||||
Total Liabilities
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4,328,864 | 4,392,091 | ||||||
Shareholders' Equity:
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||||||||
Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 27,018 at March 31, 2013 and 27,213 at December 31, 2012
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373,579 | 372,012 | ||||||
Deferred compensation
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3,101 | 3,101 | ||||||
Accumulated other comprehensive income
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15,372 | 14,625 | ||||||
Retained earnings
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166,928 | 170,364 | ||||||
Total Shareholders' Equity
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558,980 | 560,102 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 4,887,844 | $ | 4,952,193 |
For the
Three Months Ended
March 31,
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||||||||
2013
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2012
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|||||||
(In thousands,
except per share data)
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||||||||
Interest and Fee Income:
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||||||||
Loans
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$ | 27,399 | $ | 35,656 | ||||
Investment securities available for sale
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5,336 | 4,788 | ||||||
Investment securities held to maturity
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7,730 | 7,854 | ||||||
Total Interest and Fee Income
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40,465 | 48,298 | ||||||
Interest Expense:
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||||||||
Deposits
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899 | 1,187 | ||||||
Short-term borrowed funds
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11 | 27 | ||||||
Term repurchase agreement
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24 | 25 | ||||||
Federal Home Loan Bank advances
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118 | 120 | ||||||
Debt financing
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200 | 200 | ||||||
Total Interest Expense
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1,252 | 1,559 | ||||||
Net Interest Income
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39,213 | 46,739 | ||||||
Provision for Loan Losses
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2,800 | 2,800 | ||||||
Net Interest Income After Provision For Loan Losses
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36,413 | 43,939 | ||||||
Noninterest Income:
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||||||||
Service charges on deposit accounts
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6,542 | 7,095 | ||||||
Merchant processing services
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2,409 | 2,393 | ||||||
Debit card fees
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1,358 | 1,163 | ||||||
ATM processing fees
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705 | 933 | ||||||
Trust fees
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568 | 489 | ||||||
Financial services commissions
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180 | 171 | ||||||
Other
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2,516 | 2,425 | ||||||
Total Noninterest Income
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14,278 | 14,669 | ||||||
Noninterest Expense:
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||||||||
Salaries and related benefits
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14,403 | 15,046 | ||||||
Occupancy
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3,886 | 3,934 | ||||||
Outsourced data processing services
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2,157 | 2,083 | ||||||
Amortization of identifiable intangibles
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1,219 | 1,402 | ||||||
Furniture and equipment
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880 | 851 | ||||||
Courier service
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741 | 785 | ||||||
Professional fees
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635 | 767 | ||||||
Other real estate owned
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334 | 230 | ||||||
Other
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4,422 | 4,936 | ||||||
Total Noninterest Expense
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28,677 | 30,034 | ||||||
Income Before Income Taxes
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22,014 | 28,574 | ||||||
Provision for income taxes
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4,743 | 7,569 | ||||||
Net Income
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$ | 17,271 | $ | 21,005 | ||||
Average Common Shares Outstanding
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27,145 | 28,051 | ||||||
Diluted Average Common Shares Outstanding
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27,157 | 28,111 | ||||||
Per Common Share Data:
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||||||||
Basic earnings
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$ | 0.64 | $ | 0.75 | ||||
Diluted earnings
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0.64 | 0.75 | ||||||
Dividends paid
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0.37 | 0.37 |
For the Three Months Ended
March 31,
|
||||||||
2013
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2012
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|||||||
(In thousands)
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||||||||
Net income
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$ | 17,271 | $ | 21,005 | ||||
Other comprehensive income:
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||||||||
Increase in net unrealized gains on securities available for sale
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1,272 | 1,384 | ||||||
Deferred tax expense
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(534 | ) | (582 | ) | ||||
Increase in net unrealized gains on securities available for sale, net of tax
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738 | 802 | ||||||
Post-retirement benefit transition obligation amortization
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15 | 15 | ||||||
Deferred tax expense
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(6 | ) | (6 | ) | ||||
Post-retirement benefit transition obligation amortization, net of tax
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9 | 9 | ||||||
Total other comprehensive income
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747 | 811 | ||||||
Total comprehensive income
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$ | 18,018 | $ | 21,816 |
Common
Shares |
Common
Stock |
Accumulated
Deferred |
Accumulated
Other |
Retained
Earnings |
Total
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|||||||||||||||||||
(In thousands)
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||||||||||||||||||||||||
Balance, December 31, 2011
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28,150 | $ | 377,775 | $ | 3,060 | $ | 11,369 | $ | 166,437 | $ | 558,641 | |||||||||||||
Net income for the period
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21,005 | 21,005 | ||||||||||||||||||||||
Other comprehensive income
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811 | 811 | ||||||||||||||||||||||
Exercise of stock options
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15 | 641 | 641 | |||||||||||||||||||||
Tax benefit increase upon exercise of stock options
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4 | 4 | ||||||||||||||||||||||
Restricted stock activity
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220 | (220 | ) | - | ||||||||||||||||||||
Stock based compensation
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435 | 435 | ||||||||||||||||||||||
Stock awarded to employees
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1 | 45 | 45 | |||||||||||||||||||||
Purchase and retirement of stock
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(249 | ) | (3,370 | ) | (8,290 | ) | (11,660 | ) | ||||||||||||||||
Dividends
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(10,394 | ) | (10,394 | ) | ||||||||||||||||||||
Balance, March 31, 2012
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27,917 | $ | 375,750 | $ | 2,840 | $ | 12,180 | $ | 168,758 | $ | 559,528 | |||||||||||||
Balance, December 31, 2012
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27,213 | $ | 372,012 | $ | 3,101 | $ | 14,625 | $ | 170,364 | $ | 560,102 | |||||||||||||
Net income for the period
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17,271 | 17,271 | ||||||||||||||||||||||
Other comprehensive income
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747 | 747 | ||||||||||||||||||||||
Exercise of stock options
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151 | 6,156 | 6,156 | |||||||||||||||||||||
Tax benefit decrease upon exercise of stock options
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(191 | ) | (191 | ) | ||||||||||||||||||||
Stock based compensation
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379 | 379 | ||||||||||||||||||||||
Stock awarded to employees
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1 | 42 | 42 | |||||||||||||||||||||
Purchase and retirement of stock
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(347 | ) | (4,819 | ) | (10,623 | ) | (15,442 | ) | ||||||||||||||||
Dividends
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(10,084 | ) | (10,084 | ) | ||||||||||||||||||||
Balance, March 31, 2013
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27,018 | $ | 373,579 | $ | 3,101 | $ | 15,372 | $ | 166,928 | $ | 558,980 |
For the Three Months
Ended March 31, |
||||||||
2013
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2012
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|||||||
(In thousands)
|
||||||||
Operating Activities:
|
||||||||
Net income
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$ | 17,271 | $ | 21,005 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation and amortization
|
4,322 | 3,499 | ||||||
Loan loss provision
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2,800 | 2,800 | ||||||
Net amortization of deferred loan fees
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(80 | ) | (126 | ) | ||||
(Increase) decrease in interest income receivable
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(199 | ) | 733 | |||||
(Increase) decrease in deferred tax asset
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(673 | ) | 183 | |||||
Increase in other assets
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(663 | ) | (4,655 | ) | ||||
Stock option compensation expense
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379 | 435 | ||||||
Tax benefit decrease (increase) upon exercise of stock options
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191 | (4 | ) | |||||
Increase in income taxes payable
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5,482 | 7,386 | ||||||
Increase in interest expense payable
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252 | 149 | ||||||
(Decrease) increase in other liabilities
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(6,726 | ) | 1,771 | |||||
Gain on sale of other assets
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(274 | ) | (150 | ) | ||||
Loss on sale of premises and equipment
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6 | - | ||||||
Originations of mortgage loans for resale
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(90 | ) | - | |||||
Proceeds from sale of mortgage loans originated for resale
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92 | - | ||||||
Net gain on sale of foreclosed assets
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(181 | ) | (1,779 | ) | ||||
Writedown of foreclosed assets
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592 | 1,712 | ||||||
Net Cash Provided by Operating Activities
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22,501 | 32,959 | ||||||
Investing Activities:
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||||||||
Net repayments of loans
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72,880 | 95,748 | ||||||
Proceeds from FDIC* loss-sharing agreement
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1,344 | 2,628 | ||||||
Purchases of investment securities available for sale
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(175,901 | ) | (25,418 | ) | ||||
Proceeds from sale/maturity/calls of securities available for sale
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30,166 | 31,317 | ||||||
Purchases of investment securities held to maturity
|
(59,677 | ) | (151,958 | ) | ||||
Proceeds from maturity/calls of securities held to maturity
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51,876 | 48,123 | ||||||
Purchases of premises and equipment
|
(617 | ) | (1,940 | ) | ||||
Proceeds from sale of FRB/FHLB** stock
|
738 | 451 | ||||||
Proceeds from sale of foreclosed assets
|
2,611 | 10,277 | ||||||
Net Cash (Used in) Provided by Investing Activities
|
(76,580 | ) | 9,228 | |||||
Financing Activities:
|
||||||||
Net change in deposits
|
(70,450 | ) | (716 | ) | ||||
Net change in short-term borrowings
|
8,167 | (9,005 | ) | |||||
Exercise of stock options/issuance of shares
|
6,156 | 641 | ||||||
Tax benefit (decrease) increase upon exercise of stock options
|
(191 | ) | 4 | |||||
Retirement of common stock including repurchases
|
(15,442 | ) | (11,660 | ) | ||||
Common stock dividends paid
|
(10,084 | ) | (10,394 | ) | ||||
Net Cash Used in Financing Activities
|
(81,844 | ) | (31,130 | ) | ||||
Net Change In Cash and Due from Banks
|
(135,923 | ) | 11,057 | |||||
Cash and Due from Banks at Beginning of Period
|
491,382 | 530,045 | ||||||
Cash and Due from Banks at End of Period
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$ | 355,459 | $ | 541,102 | ||||
Supplemental Cash Flow Disclosures:
|
||||||||
Supplemental disclosure of noncash activities:
|
||||||||
Loan collateral transferred to other real estate owned
|
$ | 640 | $ | 1,583 | ||||
Supplemental disclosure of cash flow activities:
|
||||||||
Interest paid for the period
|
1,132 | 1,642 | ||||||
Income tax payments for the period
|
126 | - |
Investment Securities Available for Sale
At March 31, 2013 |
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
(In thousands)
|
||||||||||||||||
U.S. Treasury securities
|
$ | 3,516 | $ | 31 | $ | - | $ | 3,547 | ||||||||
Securities of U.S. Government sponsored entities
|
44,236 | 166 | (10 | ) | 44,392 | |||||||||||
Residential mortgage-backed securities
|
45,756 | 3,157 | (3 | ) | 48,910 | |||||||||||
Commercial mortgage-backed securities
|
3,827 | 63 | - | 3,890 | ||||||||||||
Obligations of States and political subdivisions
|
195,326 | 13,040 | (275 | ) | 208,091 | |||||||||||
Residential collateralized mortgage obligations
|
268,282 | 2,140 | (509 | ) | 269,913 | |||||||||||
Asset-backed securities
|
15,686 | 25 | (98 | ) | 15,613 | |||||||||||
FHLMC and FNMA stock
|
825 | 4,872 | (3 | ) | 5,694 | |||||||||||
Corporate securities
|
365,847 | 3,739 | (673 | ) | 368,913 | |||||||||||
Other securities
|
2,058 | 1,227 | (72 | ) | 3,213 | |||||||||||
Total
|
$ | 945,359 | $ | 28,460 | $ | (1,643 | ) | $ | 972,176 |
Investment Securities Held to Maturity
At March 31, 2013 |
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities of U.S. Government sponsored entities
|
$ | 2,747 | $ | 28 | $ | - | $ | 2,775 | ||||||||
Residential mortgage-backed securities
|
68,417 | 1,774 | (14 | ) | 70,177 | |||||||||||
Obligations of States and political subdivisions
|
720,514 | 18,378 | (2,913 | ) | 735,979 | |||||||||||
Residential collateralized mortgage obligations
|
370,680 | 6,401 | (371 | ) | 376,710 | |||||||||||
Total
|
$ | 1,162,358 | $ | 26,581 | $ | (3,298 | ) | $ | 1,185,641 |
Investment Securities Available for Sale
At December 31, 2012 |
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
(In thousands)
|
||||||||||||||||
U.S. Treasury securities
|
$ | 3,520 | $ | 38 | $ | - | $ | 3,558 | ||||||||
Securities of U.S. Government sponsored entities
|
49,335 | 207 | (17 | ) | 49,525 | |||||||||||
Residential mortgage-backed securities
|
53,078 | 3,855 | (1 | ) | 56,932 | |||||||||||
Commercial mortgage-backed securities
|
4,076 | 69 | - | 4,145 | ||||||||||||
Obligations of States and political subdivisions
|
200,769 | 14,730 | (252 | ) | 215,247 | |||||||||||
Residential collateralized mortgage obligations
|
219,613 | 1,786 | (294 | ) | 221,105 | |||||||||||
Asset-backed securities
|
16,130 | 18 | (143 | ) | 16,005 | |||||||||||
FHLMC and FNMA stock
|
824 | 2,061 | (5 | ) | 2,880 | |||||||||||
Corporate securities
|
250,655 | 3,009 | (826 | ) | 252,838 | |||||||||||
Other securities
|
2,091 | 1,370 | (60 | ) | 3,401 | |||||||||||
Total
|
$ | 800,091 | $ | 27,143 | $ | (1,598 | ) | $ | 825,636 |
Investment Securities Held to Maturity
At December 31, 2012 |
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair
Value |
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities of U.S. Government sponsored entities
|
$ | 3,232 | $ | 43 | $ | - | $ | 3,275 | ||||||||
Residential mortgage-backed securities
|
72,807 | 2,090 | (10 | ) | 74,887 | |||||||||||
Obligations of States and political subdivisions
|
680,802 | 23,004 | (1,235 | ) | 702,571 | |||||||||||
Residential collateralized mortgage obligations
|
399,200 | 5,185 | (561 | ) | 403,824 | |||||||||||
Total
|
$ | 1,156,041 | $ | 30,322 | $ | (1,806 | ) | $ | 1,184,557 |
At March 31, 2013
|
||||||||||||||||
Securities Available
for Sale |
Securities Held
to Maturity |
|||||||||||||||
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||
(In thousands)
|
||||||||||||||||
Maturity in years:
|
||||||||||||||||
1 year or less
|
$ | 79,377 | $ | 80,036 | $ | 10,458 | $ | 10,733 | ||||||||
Over 1 to 5 years
|
371,270 | 375,009 | 166,385 | 170,445 | ||||||||||||
Over 5 to 10 years
|
70,880 | 74,190 | 265,198 | 272,601 | ||||||||||||
Over 10 years
|
103,084 | 111,321 | 281,220 | 284,975 | ||||||||||||
Subtotal
|
624,611 | 640,556 | 723,261 | 738,754 | ||||||||||||
Mortgage-backed securities and residential collateralized mortgage obligations
|
317,865 | 322,713 | 439,097 | 446,887 | ||||||||||||
Other securities
|
2,883 | 8,907 | - | - | ||||||||||||
Total
|
$ | 945,359 | $ | 972,176 | $ | 1,162,358 | $ | 1,185,641 |
At December 31, 2012
|
||||||||||||||||
Securities Available
for Sale |
Securities Held
to Maturity |
|||||||||||||||
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
|||||||||||||
(In thousands)
|
||||||||||||||||
Maturity in years:
|
||||||||||||||||
1 year or less
|
$ | 40,380 | $ | 40,686 | $ | 10,265 | $ | 10,496 | ||||||||
Over 1 to 5 years
|
309,293 | 312,480 | 167,162 | 171,769 | ||||||||||||
Over 5 to 10 years
|
59,817 | 63,540 | 227,603 | 236,608 | ||||||||||||
Over 10 years
|
110,919 | 120,467 | 279,004 | 286,973 | ||||||||||||
Subtotal
|
520,409 | 537,173 | 684,034 | 705,846 | ||||||||||||
Mortgage-backed securities and residential collateralized mortgage obligations
|
276,767 | 282,182 | 472,007 | 478,711 | ||||||||||||
Other securities
|
2,915 | 6,281 | - | - | ||||||||||||
Total
|
$ | 800,091 | $ | 825,636 | $ | 1,156,041 | $ | 1,184,557 |
Investment Securities Available for Sale
At March 31, 2013 |
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses |
Fair Value
|
Unrealized
Losses |
Fair Value
|
Unrealized
Losses |
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Securities of U.S. Government sponsored entities
|
$ | 9,990 | $ | (10 | ) | $ | - | $ | - | $ | 9,990 | $ | (10 | ) | ||||||||||
Residential mortgage-backed securities
|
64 | (1 | ) | 884 | (2 | ) | 948 | (3 | ) | |||||||||||||||
Obligations of States and political subdivisions
|
3,107 | (23 | ) | 9,030 | (252 | ) | 12,137 | (275 | ) | |||||||||||||||
Residential collateralized mortgage obligations
|
85,377 | (509 | ) | - | - | 85,377 | (509 | ) | ||||||||||||||||
Asset-backed securities
|
- | - | 5,449 | (98 | ) | 5,449 | (98 | ) | ||||||||||||||||
FHLMC and FNMA stock
|
- | - | 3 | (3 | ) | 3 | (3 | ) | ||||||||||||||||
Corporate securities
|
68,203 | (386 | ) | 19,713 | (287 | ) | 87,916 | (673 | ) | |||||||||||||||
Other securities
|
- | - | 1,928 | (72 | ) | 1,928 | (72 | ) | ||||||||||||||||
Total
|
$ | 166,741 | $ | (929 | ) | $ | 37,007 | $ | (714 | ) | $ | 203,748 | $ | (1,643 | ) |
Investment Securities Held to Maturity
At March 31, 2013 |
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses |
Fair Value
|
Unrealized
Losses |
Fair Value
|
Unrealized
Losses |
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Residential mortgage-backed securities
|
$ | 255 | $ | - | $ | 7,775 | $ | (14 | ) | $ | 8,030 | $ | (14 | ) | ||||||||||
Obligations of States and political subdivisions
|
153,086 | (2,782 | ) | 8,887 | (131 | ) | 161,973 | (2,913 | ) | |||||||||||||||
Residential collateralized mortgage obligations
|
10,268 | (167 | ) | 12,770 | (204 | ) | 23,038 | (371 | ) | |||||||||||||||
Total
|
$ | 163,609 | $ | (2,949 | ) | $ | 29,432 | $ | (349 | ) | $ | 193,041 | $ | (3,298 | ) |
Investment Securities Available for Sale
At December 31, 2012 |
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses |
Fair Value
|
Unrealized
Losses |
Fair Value
|
Unrealized
Losses |
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Securities of U.S. Government sponsored entities
|
$ | 9,983 | $ | (17 | ) | $ | - | $ | - | $ | 9,983 | $ | (17 | ) | ||||||||||
Residential mortgage-backed securities
|
103 | (1 | ) | 11 | - | 114 | (1 | ) | ||||||||||||||||
Residential collateralized mortgage obligations
|
72,803 | (294 | ) | - | - | 72,803 | (294 | ) | ||||||||||||||||
Obligations of States and political subdivisions
|
2,080 | (23 | ) | 8,928 | (229 | ) | 11,008 | (252 | ) | |||||||||||||||
Asset-backed securities
|
- | - | 5,828 | (143 | ) | 5,828 | (143 | ) | ||||||||||||||||
FHLMC and FNMA stock
|
- | - | 1 | (5 | ) | 1 | (5 | ) | ||||||||||||||||
Corporate securities
|
53,570 | (423 | ) | 24,597 | (403 | ) | 78,167 | (826 | ) | |||||||||||||||
Other securities
|
- | - | 1,940 | (60 | ) | 1,940 | (60 | ) | ||||||||||||||||
Total
|
$ | 138,539 | $ | (758 | ) | $ | 41,305 | $ | (840 | ) | $ | 179,844 | $ | (1,598 | ) |
Investment Securities Held to Maturity
At December 31, 2012 |
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Residential mortgage-backed securities
|
$ | 113 | $ | - | $ | 664 | $ | (10 | ) | $ | 777 | $ | (10 | ) | ||||||||||
Residential collateralized mortgage obligations
|
26,683 | (386 | ) | 9,353 | (175 | ) | 36,036 | (561 | ) | |||||||||||||||
Obligations of States and political subdivisions
|
69,839 | (1,205 | ) | 4,275 | (30 | ) | 74,114 | (1,235 | ) | |||||||||||||||
Total
|
$ | 96,635 | $ | (1,591 | ) | $ | 14,292 | $ | (215 | ) | $ | 110,927 | $ | (1,806 | ) |
For the Three Months
Ended March 31, |
||||||||
2013
|
2012
|
|||||||
(In thousands)
|
||||||||
Taxable:
|
||||||||
Mortgage related securities
|
$ | 3,561 | $ | 3,364 | ||||
Other
|
1,974 | 1,326 | ||||||
Total taxable
|
5,535 | 4,690 | ||||||
Tax-exempt
|
7,531 | 7,952 | ||||||
Total interest income from investment securities
|
$ | 13,066 | $ | 12,642 |
At March 31, 2013
|
||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate |
Construction
|
Residential
Real Estate |
Consumer
Installment |
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Originated loans
|
$ | 318,502 | $ | 625,185 | $ | 7,920 | $ | 213,919 | $ | 447,870 | $ | 1,613,396 | ||||||||||||
Purchased covered loans:
|
||||||||||||||||||||||||
Impaired
|
293 | 6,899 | 1,737 | - | 255 | 9,184 | ||||||||||||||||||
Non impaired
|
57,589 | 232,854 | 4,942 | 8,816 | 62,309 | 366,510 | ||||||||||||||||||
Purchase discount
|
(6,958 | ) | (13,600 | ) | (188 | ) | (434 | ) | (1,480 | ) | (22,660 | ) | ||||||||||||
Purchased non-covered loans:
|
||||||||||||||||||||||||
Impaired
|
1,244 | 6,111 | - | - | 297 | 7,652 | ||||||||||||||||||
Non impaired
|
9,367 | 37,548 | 1,369 | 2,205 | 16,949 | 67,438 | ||||||||||||||||||
Purchase discount
|
(913 | ) | (1,750 | ) | (95 | ) | (262 | ) | (1,566 | ) | (4,586 | ) | ||||||||||||
Total
|
$ | 379,124 | $ | 893,247 | $ | 15,685 | $ | 224,244 | $ | 524,634 | $ | 2,036,934 |
At December 31, 2012
|
||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate |
Construction
|
Residential
Real Estate |
Consumer
Installment |
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Originated loans
|
$ | 340,116 | $ | 632,927 | $ | 7,984 | $ | 222,458 | $ | 460,698 | $ | 1,664,183 | ||||||||||||
Purchased covered loans:
|
||||||||||||||||||||||||
Impaired
|
308 | 7,585 | 1,824 | - | 257 | 9,974 | ||||||||||||||||||
Non impaired
|
59,135 | 247,534 | 5,462 | 9,374 | 66,932 | 388,437 | ||||||||||||||||||
Purchase discount
|
(8,459 | ) | (15,140 | ) | (279 | ) | (433 | ) | (1,817 | ) | (26,128 | ) | ||||||||||||
Purchased non-covered loans:
|
||||||||||||||||||||||||
Impaired
|
1,261 | 6,763 | - | - | 297 | 8,321 | ||||||||||||||||||
Non impaired
|
9,840 | 38,673 | 1,619 | 3,110 | 18,554 | 71,796 | ||||||||||||||||||
Purchase discount
|
(870 | ) | (1,748 | ) | (95 | ) | (474 | ) | (2,039 | ) | (5,226 | ) | ||||||||||||
Total
|
$ | 401,331 | $ | 916,594 | $ | 16,515 | $ | 234,035 | $ | 542,882 | $ | 2,111,357 |
For the
Three Months Ended |
For the Year Ended
December 31, 2012 |
|||||||
Impaired purchased covered loans
|
(In thousands)
|
|||||||
Carrying amount at the beginning of the period
|
$ | 7,865 | $ | 18,591 | ||||
Reductions during the period
|
(284 | ) | (10,726 | ) | ||||
Carrying amount at the end of the period
|
$ | 7,581 | $ | 7,865 |
For the
Three Months Ended |
For the Year Ended
December 31, 2012 |
|||||||
Impaired purchased non-covered loans
|
(In thousands)
|
|||||||
Carrying amount at the beginning of the period
|
$ | 6,764 | $ | 15,572 | ||||
Reductions during the period
|
(804 | ) | (8,808 | ) | ||||
Carrying amount at the end of the period
|
$ | 5,960 | $ | 6,764 |
For the
Three Months Ended |
For the
Year Ended |
|||||||
Accretable yield:
|
(In thousands)
|
|||||||
Balance at the beginning of the period
|
$ | 4,948 | $ | 9,990 | ||||
Reclassification from nonaccretable difference
|
8,154 | 12,121 | ||||||
Accretion
|
(3,641 | ) | (17,163 | ) | ||||
Disposals and other
|
- | - | ||||||
Balance at the end of the period
|
$ | 9,461 | $ | 4,948 | ||||
Accretion
|
$ | (3,641 | ) | $ | (17,163 | ) | ||
Reduction in FDIC indemnification asset
|
2,782 | 13,207 | ||||||
(Increase) in interest income
|
$ | (859 | ) | $ | (3,956 | ) |
Allowance for Credit Losses
For the Three Months Ended March 31, 2013 |
||||||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate |
Construction
|
Residential
Real Estate |
Consumer
Installment |
Purchased
Non-covered |
Purchased
Covered |
Unallocated
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 6,445 | $ | 10,063 | $ | 484 | $ | 380 | $ | 3,194 | $ | - | $ | 1,005 | $ | 8,663 | $ | 30,234 | ||||||||||||||||||
Additions:
|
||||||||||||||||||||||||||||||||||||
Provision
|
531 | 994 | (4 | ) | 246 | 281 | - | 87 | 665 | 2,800 | ||||||||||||||||||||||||||
Deductions:
|
||||||||||||||||||||||||||||||||||||
Chargeoffs
|
(1,902 | ) | (113 | ) | - | (87 | ) | (1,308 | ) | - | (359 | ) | - | (3,769 | ) | |||||||||||||||||||||
Recoveries
|
462 | 21 | - | - | 601 | - | 5 | - | 1,089 | |||||||||||||||||||||||||||
Net loan losses
|
(1,440 | ) | (92 | ) | - | (87 | ) | (707 | ) | - | (354 | ) | - | (2,680 | ) | |||||||||||||||||||||
Balance at end of period
|
5,536 | 10,965 | 480 | 539 | 2,768 | - | 738 | 9,328 | 30,354 | |||||||||||||||||||||||||||
Liability for off-balance sheet credit exposure
|
1,663 | 3 | - | - | 453 | - | - | 574 | 2,693 | |||||||||||||||||||||||||||
Total allowance for credit losses
|
$ | 7,199 | $ | 10,968 | $ | 480 | $ | 539 | $ | 3,221 | $ | - | $ | 738 | $ | 9,902 | $ | 33,047 |
Allowance for Credit Losses
For the Three Months Ended March 31, 2012 |
||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate |
Construction
|
Residential
Real Estate |
Consumer
Installment |
Purchased
Covered |
Unallocated
|
Total
|
|||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 6,012 | $ | 10,611 | $ | 2,342 | $ | 781 | $ | 3,072 | $ | - | $ | 9,779 | $ | 32,597 | ||||||||||||||||
Additions:
|
||||||||||||||||||||||||||||||||
Provision
|
1,275 | 1,764 | 411 | 734 | 627 | 490 | (2,501 | ) | 2,800 | |||||||||||||||||||||||
Deductions:
|
||||||||||||||||||||||||||||||||
Chargeoffs
|
(862 | ) | (948 | ) | - | (870 | ) | (1,653 | ) | (365 | ) | - | (4,698 | ) | ||||||||||||||||||
Recoveries
|
389 | - | 2 | - | 779 | 14 | - | 1,184 | ||||||||||||||||||||||||
Net loan losses
|
(473 | ) | (948 | ) | 2 | (870 | ) | (874 | ) | (351 | ) | - | (3,514 | ) | ||||||||||||||||||
Balance at end of period
|
6,814 | 11,427 | 2,755 | 645 | 2,825 | 139 | 7,278 | 31,883 | ||||||||||||||||||||||||
Liability for off-balance sheet credit exposure
|
1,643 | - | 26 | - | 189 | - | 835 | 2,693 | ||||||||||||||||||||||||
Total allowance for credit losses
|
$ | 8,457 | $ | 11,427 | $ | 2,781 | $ | 645 | $ | 3,014 | $ | 139 | $ | 8,113 | $ | 34,576 |
Recorded Investment in Loans Evaluated for Impairment
At March 31, 2013
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate
|
Construction
|
Residential Real
Estate
|
Consumer
Installment and
Other
|
Purchased Non-
covered Loans
|
Purchased
Covered Loans
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 886 | $ | 584 | $ | - | $ | - | $ | - | $ | - | $ | 723 | $ | - | $ | 2,193 | ||||||||||||||||||
Collectively evaluated for impairment
|
6,313 | 10,384 | 480 | 539 | 3,221 | - | 15 | 9,902 | 30,854 | |||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total
|
$ | 7,199 | $ | 10,968 | $ | 480 | $ | 539 | $ | 3,221 | $ | - | $ | 738 | $ | 9,902 | $ | 33,047 | ||||||||||||||||||
Carrying value of loans:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 2,171 | $ | 3,319 | $ | - | $ | - | $ | - | $ | 5,196 | $ | 16,086 | $ | - | $ | 26,772 | ||||||||||||||||||
Collectively evaluated for impairment
|
316,331 | 621,866 | 7,920 | 213,919 | 447,870 | 59,348 | 329,367 | - | 1,996,621 | |||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration
|
- | - | - | - | - | 5,960 | 7,581 | - | 13,541 | |||||||||||||||||||||||||||
Total
|
$ | 318,502 | $ | 625,185 | $ | 7,920 | $ | 213,919 | $ | 447,870 | $ | 70,504 | $ | 353,034 | $ | - | $ | 2,036,934 |
Recorded Investment in Loans Evaluated for Impairment
At December 31, 2012 |
||||||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate
|
Construction
|
Residential Real
Estate
|
Consumer
Installment and
Other
|
Purchased Non-
covered Loans
|
Purchased
Covered Loans
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 1,865 | $ | 134 | $ | - | $ | - | $ | - | $ | - | $ | 753 | $ | - | $ | 2,752 | ||||||||||||||||||
Collectively evaluated for impairment
|
6,314 | 9,938 | 484 | 380 | 3,613 | - | 252 | 9,194 | 30,175 | |||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total
|
$ | 8,179 | $ | 10,072 | $ | 484 | $ | 380 | $ | 3,613 | $ | - | $ | 1,005 | $ | 9,194 | $ | 32,927 | ||||||||||||||||||
Carrying value of loans:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 5,153 | $ | 4,161 | $ | - | $ | - | $ | - | $ | 3,029 | $ | 16,680 | $ | - | $ | 29,023 | ||||||||||||||||||
Collectively evaluated for impairment
|
334,963 | 628,766 | 7,984 | 222,458 | 460,698 | 65,098 | 347,738 | - | 2,067,705 | |||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration
|
- | - | - | - | - | 6,764 | 7,865 | - | 14,629 | |||||||||||||||||||||||||||
Total
|
$ | 340,116 | $ | 632,927 | $ | 7,984 | $ | 222,458 | $ | 460,698 | $ | 74,891 | $ | 372,283 | $ | - | $ | 2,111,357 |
Credit Risk Profile by Internally Assigned Grade
At March 31, 2013
|
||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate
|
Construction
|
Residential Real
Estate
|
Consumer
Installment and
Other
|
Purchased Non-
covered Loans
|
Purchased
Covered
Loans (1)
|
Total
|
|||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||||||
Pass
|
$ | 305,285 | $ | 590,834 | $ | 7,457 | $ | 211,445 | $ | 446,365 | $ | 48,379 | $ | 253,854 | $ | 1,863,619 | ||||||||||||||||
Substandard
|
10,798 | 34,351 | 463 | 2,474 | 1,224 | 25,172 | 121,300 | 195,782 | ||||||||||||||||||||||||
Doubtful
|
2,419 | - | - | - | 31 | 1,539 | 455 | 4,444 | ||||||||||||||||||||||||
Loss
|
- | - | - | - | 250 | - | 85 | 335 | ||||||||||||||||||||||||
Default risk purchase discount
|
- | - | - | - | - | (4,586 | ) | (22,660 | ) | (27,246 | ) | |||||||||||||||||||||
Total
|
$ | 318,502 | $ | 625,185 | $ | 7,920 | $ | 213,919 | $ | 447,870 | $ | 70,504 | $ | 353,034 | $ | 2,036,934 |
Credit Risk Profile by Internally Assigned Grade
At December 31, 2012
|
||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate
|
Construction
|
Residential Real
Estate
|
Consumer
Installment and
Other
|
Purchased Non-
covered Loans
|
Purchased
Covered
Loans (1)
|
Total
|
|||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||||||||||
Pass
|
$ | 324,452 | $ | 599,472 | $ | 7,518 | $ | 219,655 | $ | 459,076 | $ | 51,901 | $ | 274,976 | $ | 1,937,050 | ||||||||||||||||
Substandard
|
11,413 | 33,455 | 466 | 2,803 | 1,158 | 27,066 | 122,815 | 199,176 | ||||||||||||||||||||||||
Doubtful
|
4,251 | - | - | - | 46 | 1,145 | 470 | 5,912 | ||||||||||||||||||||||||
Loss
|
- | - | - | - | 418 | 5 | 150 | 573 | ||||||||||||||||||||||||
Default risk purchase discount
|
- | - | - | - | - | (5,226 | ) | (26,128 | ) | (31,354 | ) | |||||||||||||||||||||
Total
|
$ | 340,116 | $ | 632,927 | $ | 7,984 | $ | 222,458 | $ | 460,698 | $ | 74,891 | $ | 372,283 | $ | 2,111,357 |
Summary of Loans by Delinquency and Nonaccrual Status
At March 31, 2013 |
||||||||||||||||||||
Current and
Accruing
|
30-89 Days Past
Due and
Accruing
|
Past Due 90
days or More
and Accruing
|
Nonaccrual
|
Total Loans
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial
|
$ | 313,381 | $ | 2,493 | $ | - | $ | 2,628 | $ | 318,502 | ||||||||||
Commercial real estate
|
613,517 | 6,427 | - | 5,241 | 625,185 | |||||||||||||||
Construction
|
7,920 | - | - | - | 7,920 | |||||||||||||||
Residential real estate
|
213,353 | 333 | - | 233 | 213,919 | |||||||||||||||
Consumer installment & other
|
444,284 | 3,224 | 305 | 57 | 447,870 | |||||||||||||||
Total originated loans
|
1,592,455 | 12,477 | 305 | 8,159 | 1,613,396 | |||||||||||||||
Purchased non-covered loans
|
60,242 | 1,150 | - | 9,112 | 70,504 | |||||||||||||||
Purchased covered loans
|
330,958 | 10,111 | 88 | 11,877 | 353,034 | |||||||||||||||
Total
|
$ | 1,983,655 | $ | 23,738 | $ | 393 | $ | 29,148 | $ | 2,036,934 |
Summary of Loans by Delinquency and Nonaccrual Status
At December 31, 2012 |
||||||||||||||||||||
Current and
Accruing
|
30-89 Days Past
Due and
Accruing
|
Past Due 90
days or More
and Accruing
|
Nonaccrual
|
Total Loans
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial
|
$ | 333,474 | $ | 1,032 | $ | - | $ | 5,610 | $ | 340,116 | ||||||||||
Commercial real estate
|
616,276 | 10,750 | - | 5,901 | 632,927 | |||||||||||||||
Construction
|
7,984 | - | - | - | 7,984 | |||||||||||||||
Residential real estate
|
220,032 | 2,193 | - | 233 | 222,458 | |||||||||||||||
Consumer installment & other
|
455,007 | 5,205 | 455 | 31 | 460,698 | |||||||||||||||
Total originated loans
|
1,632,773 | 19,180 | 455 | 11,775 | 1,664,183 | |||||||||||||||
Purchased non-covered loans
|
65,567 | 1,821 | 4 | 7,499 | 74,891 | |||||||||||||||
Purchased covered loans
|
352,619 | 6,488 | 155 | 13,021 | 372,283 | |||||||||||||||
Total
|
$ | 2,050,959 | $ | 27,489 | $ | 614 | $ | 32,295 | $ | 2,111,357 |
For the Three Months Ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
(In thousands)
|
||||||||
Interest income that would have been recognized had the loans performed in accordance with their original terms
|
$ | 753 | $ | 1,064 | ||||
Less: Interest income recognized on nonaccrual loans
|
(375 | ) | (842 | ) | ||||
Total (addition) reduction of interest income
|
$ | 378 | $ | 222 |
Impaired Loans
At March 31, 2013 |
||||||||||||
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
||||||||||
(In thousands)
|
||||||||||||
Impaired loans with no related allowance recorded:
|
||||||||||||
Commercial
|
$ | 2,277 | $ | 8,187 | $ | - | ||||||
Commercial real estate
|
26,155 | 30,081 | - | |||||||||
Construction
|
1,859 | 2,355 | - | |||||||||
Residential real estate
|
701 | 702 | - | |||||||||
Consumer installment and other
|
1,597 | 2,402 | - | |||||||||
Impaired loans with an allowance recorded:
|
||||||||||||
Commercial
|
9,952 | 11,582 | 1,609 | |||||||||
Commercial real estate
|
2,686 | 2,686 | 584 | |||||||||
Total:
|
||||||||||||
Commercial
|
$ | 12,229 | $ | 19,769 | $ | 1,609 | ||||||
Commercial real estate
|
28,841 | 32,767 | 584 | |||||||||
Construction
|
1,859 | 2,355 | - | |||||||||
Residential real estate
|
701 | 702 | - | |||||||||
Consumer installment and other
|
1,597 | 2,402 | - |
Impaired Loans
At December 31, 2012 |
||||||||||||
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
||||||||||
(In thousands)
|
||||||||||||
Impaired loans with no related allowance recorded:
|
||||||||||||
Commercial
|
$ | 3,100 | $ | 9,506 | $ | - | ||||||
Commercial real estate
|
24,135 | 27,972 | - | |||||||||
Construction
|
2,363 | 2,992 | - | |||||||||
Residential real estate
|
668 | 668 | - | |||||||||
Consumer installment and other
|
2,328 | 2,616 | - | |||||||||
Impaired loans with an allowance recorded:
|
||||||||||||
Commercial
|
12,129 | 13,739 | 2,588 | |||||||||
Commercial real estate
|
4,038 | 4,038 | 164 | |||||||||
Total:
|
||||||||||||
Commercial
|
$ | 15,229 | $ | 23,245 | $ | 2,588 | ||||||
Commercial real estate
|
28,173 | 32,010 | 164 | |||||||||
Construction
|
2,363 | 2,992 | - | |||||||||
Residential real estate
|
668 | 668 | - | |||||||||
Consumer installment and other
|
2,328 | 2,616 | - |
Impaired Loans
For the Three Months Ended March 31, |
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Average
Recorded |
Recognized
Interest |
Average
Recorded |
Recognized
Interest |
|||||||||||||
(In thousands)
|
||||||||||||||||
Commercial
|
$ | 13,729 | $ | 54 | $ | 6,576 | $ | 50 | ||||||||
Commercial real estate
|
28,507 | 300 | 32,119 | 378 | ||||||||||||
Construction
|
2,111 | 26 | 6,461 | 100 | ||||||||||||
Residential real estate
|
685 | - | 311 | - | ||||||||||||
Consumer installment and other
|
1,963 | 7 | 2,894 | 18 | ||||||||||||
Total
|
$ | 46,995 | $ | 387 | $ | 48,361 | $ | 546 |
Troubled Debt Restructurings
At March 31, 2013 |
||||||||||||||||
Number of
Contracts |
Pre-Modification
Carrying Value |
Period-End
Carrying Value |
Period-End
Individual |
|||||||||||||
(In thousands)
|
||||||||||||||||
Commercial
|
3 | $ | 1,318 | $ | 1,172 | $ | 786 | |||||||||
Commercial real estate
|
3 | 7,383 | 7,535 | - | ||||||||||||
Total
|
6 | $ | 8,701 | $ | 8,707 | $ | 786 |
Troubled Debt Restructurings
At December 31, 2012 |
||||||||||||||||
Number of
Contracts |
Pre-Modification
Carrying Value |
Period-End
Carrying Value |
Period-End
Individual |
|||||||||||||
(In thousands)
|
||||||||||||||||
Commercial
|
3 | $ | 1,318 | $ | 1,196 | $ | 797 | |||||||||
Commercial real estate
|
2 | 5,391 | 5,482 | - | ||||||||||||
Total
|
5 | $ | 6,709 | $ | 6,678 | $ | 797 |
At March 31,
2013 |
At December 31,
2012 |
|||||||
(In thousands)
|
||||||||
Cost method equity investments:
|
||||||||
Federal Reserve Bank stock (1)
|
$ | 14,069 | $ | 14,069 | ||||
Federal Home Loan Bank stock (2)
|
6,615 | 7,353 | ||||||
Other investments
|
376 | 376 | ||||||
Total cost method equity investments
|
21,060 | 21,798 | ||||||
Corporate/bank-owned life insurance
|
45,535 | 45,579 | ||||||
Deferred taxes
|
42,645 | 42,449 | ||||||
LIHTC investments
|
20,119 | 20,631 | ||||||
Interest receivable
|
20,473 | 20,274 | ||||||
FDIC receivable
|
12,162 | 13,847 | ||||||
Prepaid assets
|
11,814 | 11,679 | ||||||
Other assets
|
11,845 | 11,829 | ||||||
Total other assets
|
$ | 185,653 | $ | 188,086 |
March 31, 2013 | $ | 121,673 | ||
December 31, 2012 | $ | 121,673 |
At March 31, 2013
|
At December 31, 2012
|
|||||||||||||||
Gross
Carrying |
Accumulated
Amortization |
Gross
Carrying |
Accumulated
Amortization |
|||||||||||||
(In thousands)
|
||||||||||||||||
Core Deposit Intangibles
|
$ | 56,808 | $ | (36,045 | ) | $ | 56,808 | $ | (34,938 | ) | ||||||
Merchant Draft Processing Intangible
|
10,300 | (9,021 | ) | 10,300 | (8,909 | ) | ||||||||||
Total Identifiable Intangible Assets
|
$ | 67,108 | $ | (45,066 | ) | $ | 67,108 | $ | (43,847 | ) |
Core
Deposit |
Merchant
Draft |
Total
|
||||||||||
(In thousands)
|
||||||||||||
Three months ended March 31, 2013 (actual)
|
$ | 1,107 | $ | 112 | $ | 1,219 | ||||||
Estimate for year ended December 31, 2013
|
4,304 | 400 | 4,704 | |||||||||
2014
|
3,946 | 324 | 4,270 | |||||||||
2015
|
3,594 | 262 | 3,856 | |||||||||
2016
|
3,292 | 212 | 3,504 | |||||||||
2017
|
2,913 | 164 | 3,077 | |||||||||
2018
|
1,892 | 29 | 1,921 |
Deposits
|
||||||||
At March 31, 2013
|
At December 31, 2012
|
|||||||
(In thousands)
|
||||||||
Noninterest-bearing
|
$ | 1,621,887 | $ | 1,676,071 | ||||
Interest-bearing:
|
||||||||
Transaction
|
771,268 | 748,818 | ||||||
Savings
|
1,160,976 | 1,165,032 | ||||||
Time
|
607,819 | 642,571 | ||||||
Total deposits
|
$ | 4,161,950 | $ | 4,232,492 |
Fair Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2 )
|
Significant
Unobservable
Inputs
(Level 3 )
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Investment securities available for sale:
|
||||||||||||||||
At March 31, 2013
|
$ | 972,176 | $ | 54,918 | $ | 917,258 | $ | - | ||||||||
At December 31, 2012
|
$ | 825,636 | $ | 57,424 | $ | 768,212 | $ | - |
At March 31, 2013
|
||||||||||||||||||||
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Total Losses
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Non-covered other real estate owned
|
$ | 5,869 | $ | - | $ | 5,869 | $ | - | $ | (446 | ) | |||||||||
Covered other real estate owned
|
8,055 | - | 8,055 | - | (146 | ) | ||||||||||||||
Originated impaired loans
|
3,618 | - | 2,628 | 990 | (1,676 | ) | ||||||||||||||
Purchased covered impaired loans
|
4,660 | - | 200 | 4,460 | - | |||||||||||||||
Total assets measured at fair value on a nonrecurring basis
|
$ | 22,202 | $ | - | $ | 16,752 | $ | 5,450 | $ | (2,268 | ) |
At December 31, 2012
|
||||||||||||||||||||
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Total Losses
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Non-covered other real estate owned
|
$ | 6,618 | $ | - | $ | 6,618 | $ | - | $ | (1,360 | ) | |||||||||
Covered other real estate owned
|
7,929 | - | 7,929 | - | (371 | ) | ||||||||||||||
Originated impaired loans
|
5,197 | - | 3,097 | 2,100 | (3,158 | ) | ||||||||||||||
Purchased covered impaired loans
|
6,684 | - | 2,224 | 4,460 | (83 | ) | ||||||||||||||
Total assets measured at fair value on a nonrecurring basis
|
$ | 26,428 | $ | - | $ | 19,868 | $ | 6,560 | $ | (4,972 | ) |
At March 31, 2013
|
||||||||||||||||||||
Carrying
Amount
|
Estimated Fair
Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2 )
|
Significant
Unobservable
Inputs
(Level 3 )
|
||||||||||||||||
Financial Assets:
|
(In thousands)
|
|||||||||||||||||||
Cash and due from banks
|
$ | 355,459 | $ | 355,459 | $ | 355,459 | $ | - | $ | - | ||||||||||
Investment securities held to maturity
|
1,162,358 | 1,185,641 | 2,775 | 1,182,866 | - | |||||||||||||||
Loans
|
2,006,580 | 2,014,826 | - | - | 2,014,826 | |||||||||||||||
Other assets - FDIC receivable
|
12,162 | 12,155 | - | - | 12,155 | |||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
$ | 4,161,950 | $ | 4,161,713 | $ | - | $ | 3,554,131 | $ | 607,582 | ||||||||||
Short-term borrowed funds
|
61,854 | 61,854 | - | 61,854 | - | |||||||||||||||
Federal Home Loan Bank advances
|
25,743 | 26,014 | 26,014 | - | - | |||||||||||||||
Term repurchase agreement
|
10,000 | 10,114 | - | 10,114 | - | |||||||||||||||
Debt financing
|
15,000 | 15,365 | - | 15,365 | - |
At December 31, 2012
|
||||||||||||||||||||
Carrying
Amount
|
Estimated Fair
Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2 )
|
Significant
Unobservable
Inputs
(Level 3 )
|
||||||||||||||||
Financial Assets:
|
(In thousands)
|
|||||||||||||||||||
Cash and due from banks
|
$ | 491,382 | $ | 491,382 | $ | 491,382 | $ | - | $ | - | ||||||||||
Investment securities held to maturity
|
1,156,041 | 1,184,557 | 3,275 | 1,181,282 | - | |||||||||||||||
Loans
|
2,081,123 | 2,090,712 | - | - | 2,090,712 | |||||||||||||||
Other assets - FDIC receivable
|
13,847 | 13,834 | - | - | 13,834 | |||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
$ | 4,232,492 | $ | 4,232,239 | $ | - | $ | 3,589,921 | $ | 642,318 | ||||||||||
Short-term borrowed funds
|
53,687 | 53,687 | - | 53,687 | - | |||||||||||||||
Federal Home Loan Bank advances
|
25,799 | 26,150 | 26,150 | - | - | |||||||||||||||
Term repurchase agreement
|
10,000 | 10,135 | - | 10,135 | - | |||||||||||||||
Debt financing
|
15,000 | 15,645 | - | 15,645 | - |
For the Three Months Ended
March 31, |
||||||||
2013
|
2012
|
|||||||
(In thousands, except per share data)
|
||||||||
Net income applicable to common equity (numerator)
|
$ | 17,271 | $ | 21,005 | ||||
Basic earnings per common share
|
||||||||
Weighted average number of common shares outstanding - basic (denominator)
|
27,145 | 28,051 | ||||||
Basic earnings per common share
|
$ | 0.64 | $ | 0.75 | ||||
Diluted earnings per common share
|
||||||||
Weighted average number of common shares outstanding - basic
|
27,145 | 28,051 | ||||||
Add exercise of options reduced by the number of shares that could have been purchased with the proceeds of such exercise
|
12 | 60 | ||||||
Weighted average number of common shares outstanding - diluted (denominator)
|
27,157 | 28,111 | ||||||
Diluted earnings per common share
|
$ | 0.64 | $ | 0.75 |
For the Three months ended
|
||||||||||||
March 31,
|
March 31,
|
December 31,
|
||||||||||
2013
|
2012
|
2012
|
||||||||||
(In thousands, except per share data)
|
||||||||||||
Net Interest and Fee Income (FTE)1
|
$ | 43,835 | $ | 51,699 | $ | 46,283 | ||||||
Provision for Loan Losses
|
2,800 | 2,800 | 2,800 | |||||||||
Noninterest Income
|
14,278 | 14,669 | 14,194 | |||||||||
Noninterest Expense
|
28,677 | 30,034 | 28,233 | |||||||||
Income Before Income Taxes (FTE)1
|
26,636 | 33,534 | 29,444 | |||||||||
Income Tax Provision (FTE)1
|
9,365 | 12,529 | 10,308 | |||||||||
Net Income
|
$ | 17,271 | $ | 21,005 | $ | 19,136 | ||||||
Average Common Shares Outstanding
|
27,145 | 28,051 | 27,313 | |||||||||
Diluted Average Common Shares Outstanding
|
27,157 | 28,111 | 27,334 | |||||||||
Common Shares Outstanding at Period End
|
27,018 | 27,917 | 27,213 | |||||||||
Per Common Share:
|
||||||||||||
Basic Earnings
|
$ | 0.64 | $ | 0.75 | $ | 0.70 | ||||||
Diluted Earnings
|
0.64 | 0.75 | 0.70 | |||||||||
Book Value Per Common Share
|
$ | 20.69 | $ | 20.04 | $ | 20.58 | ||||||
Financial Ratios:
|
||||||||||||
Return On Assets
|
1.43 | % | 1.68 | % | 1.55 | % | ||||||
Return On Common Equity
|
12.93 | % | 15.45 | % | 14.05 | % | ||||||
Net Interest Margin (FTE)1
|
4.27 | % | 5.12 | % | 4.49 | % | ||||||
Net Loan Losses to Average Loans:
|
||||||||||||
Originated Loans
|
0.57 | % | 0.69 | % | 0.91 | % | ||||||
Purchased covered loans
|
0.39 | % | 0.28 | % | 0.14 | % | ||||||
Purchased non-covered loans
|
- | % | - | % | -2.31 | % | ||||||
Efficiency Ratio2
|
49.3 | % | 45.3 | % | 46.7 | % | ||||||
Average Balances:
|
||||||||||||
Assets
|
$ | 4,908,483 | $ | 5,030,935 | $ | 4,920,620 | ||||||
Earning Assets
|
4,135,863 | 4,060,271 | 4,111,970 | |||||||||
Originated Loans
|
1,641,401 | 1,835,370 | 1,682,579 | |||||||||
Purchased Covered Loans
|
363,836 | 512,966 | 394,848 | |||||||||
Purchased Non-covered Loans
|
72,752 | 119,503 | 77,632 | |||||||||
Deposits
|
4,199,229 | 4,253,764 | 4,211,609 | |||||||||
Shareholders' Equity
|
541,874 | 546,676 | 541,684 | |||||||||
Period End Balances:
|
||||||||||||
Assets
|
$ | 4,887,844 | $ | 5,060,257 | $ | 4,952,193 | ||||||
Earning Assets
|
4,171,468 | 4,100,675 | 4,093,034 | |||||||||
Originated Loans
|
1,613,396 | 1,819,162 | 1,664,183 | |||||||||
Purchased Covered Loans
|
353,034 | 491,103 | 372,283 | |||||||||
Purchased Non-covered Loans
|
70,504 | 112,179 | 74,891 | |||||||||
Deposits
|
4,161,950 | 4,249,004 | 4,232,492 | |||||||||
Shareholders' Equity
|
558,980 | 559,528 | 560,102 | |||||||||
Capital Ratios at Period End:
|
||||||||||||
Total Risk Based Capital
|
15.99 | % | 16.09 | % | 16.33 | % | ||||||
Tangible Equity to Tangible Assets
|
8.75 | % | 8.36 | % | 8.64 | % | ||||||
Dividends Paid Per Common Share
|
$ | 0.37 | $ | 0.37 | $ | 0.37 | ||||||
Common Dividend Payout Ratio
|
58 | % | 49 | % | 53 | % |
For the Three months ended
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
(In thousands, except per share data)
|
||||||||||||
Net interest and fee income (FTE)
|
$ | 43,835 | $ | 51,699 | $ | 46,283 | ||||||
Provision for loan losses
|
(2,800 | ) | (2,800 | ) | (2,800 | ) | ||||||
Noninterest income
|
14,278 | 14,669 | 14,194 | |||||||||
Noninterest expense
|
(28,677 | ) | (30,034 | ) | (28,233 | ) | ||||||
Income before taxes (FTE)
|
26,636 | 33,534 | 29,444 | |||||||||
Income tax provision (FTE)
|
(9,365 | ) | (12,529 | ) | (10,308 | ) | ||||||
Net income
|
$ | 17,271 | $ | 21,005 | $ | 19,136 | ||||||
Average diluted common shares
|
27,157 | 28,111 | 27,334 | |||||||||
Diluted earnings per common share
|
$ | 0.64 | $ | 0.75 | $ | 0.70 | ||||||
Average total assets
|
$ | 4,908,483 | $ | 5,030,935 | $ | 4,920,620 | ||||||
Net income to average total assets (annualized)
|
1.43 | % | 1.68 | % | 1.55 | % | ||||||
Net income to average common stockholders' equity (annualized)
|
12.93 | % | 15.45 | % | 14.05 | % |
For the Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
(In thousands)
|
||||||||||||
Interest and fee income
|
$ | 40,465 | $ | 48,298 | $ | 42,893 | ||||||
Interest expense
|
(1,252 | ) | (1,559 | ) | (1,331 | ) | ||||||
FTE adjustment
|
4,622 | 4,960 | 4,721 | |||||||||
Net interest and fee income (FTE)
|
$ | 43,835 | $ | 51,699 | $ | 46,283 | ||||||
Average earning assets
|
$ | 4,135,863 | $ | 4,060,271 | $ | 4,111,970 | ||||||
Net interest margin (FTE) (annualized)
|
4.27 | % | 5.12 | % | 4.49 | % |
For the Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
|
2013
|
2012
|
2012
|
|||||||||
Yield on earning assets (FTE)
|
4.39 | % | 5.27 | % | 4.62 | % | ||||||
Rate paid on interest-bearing liabilities
|
0.19 | % | 0.22 | % | 0.20 | % | ||||||
Net interest spread (FTE)
|
4.20 | % | 5.05 | % | 4.42 | % | ||||||
Impact of noninterest-bearing funds
|
0.07 | % | 0.07 | % | 0.07 | % | ||||||
Net interest margin (FTE)
|
4.27 | % | 5.12 | % | 4.49 | % |
For the Three Months Ended
March 31, 2013 |
||||||||||||
Average
Balance |
Interest
Income/ |
Yields/
Rates |
||||||||||
(In thousands)
|
||||||||||||
Assets
|
||||||||||||
Investment securities:
|
||||||||||||
Available for sale
|
||||||||||||
Taxable
|
$ | 710,506 | $ | 3,443 | 1.94 | % | ||||||
Tax-exempt (1)
|
192,127 | 2,786 | 5.80 | % | ||||||||
Held to maturity
|
||||||||||||
Taxable
|
472,994 | 2,092 | 1.77 | % | ||||||||
Tax-exempt (1)
|
682,247 | 8,777 | 5.15 | % | ||||||||
Loans:
|
||||||||||||
Commercial:
|
||||||||||||
Taxable
|
274,498 | 4,277 | 6.32 | % | ||||||||
Tax-exempt (1)
|
114,117 | 1,692 | 6.01 | % | ||||||||
Commercial real estate
|
904,841 | 14,128 | 6.33 | % | ||||||||
Real estate construction
|
16,277 | 285 | 7.10 | % | ||||||||
Real estate residential
|
231,969 | 2,060 | 3.55 | % | ||||||||
Consumer
|
536,287 | 5,547 | 4.19 | % | ||||||||
Total loans (1)
|
2,077,989 | 27,989 | 5.46 | % | ||||||||
Total Interest-earning assets (1)
|
4,135,863 | $ | 45,087 | 4.39 | % | |||||||
Other assets
|
772,620 | |||||||||||
Total assets
|
$ | 4,908,483 | ||||||||||
Liabilities and shareholders' equity
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest-bearing demand
|
$ | 1,643,348 | $ | - | - | % | ||||||
Savings and interest-bearing transaction
|
1,925,264 | 296 | 0.06 | % | ||||||||
Time less than $100,000
|
240,099 | 299 | 0.51 | % | ||||||||
Time $100,000 or more
|
390,518 | 304 | 0.32 | % | ||||||||
Total interest-bearing deposits
|
2,555,881 | 899 | 0.14 | % | ||||||||
Short-term borrowed funds
|
57,733 | 11 | 0.08 | % | ||||||||
Term repurchase agreement
|
10,000 | 24 | 0.96 | % | ||||||||
Federal Home Loan Bank advances
|
25,777 | 118 | 1.86 | % | ||||||||
Debt financing
|
15,000 | 200 | 5.35 | % | ||||||||
Total interest-bearing liabilities
|
2,664,391 | $ | 1,252 | 0.19 | % | |||||||
Other liabilities
|
58,870 | |||||||||||
Shareholders' equity
|
541,874 | |||||||||||
Total liabilities and shareholders' equity
|
$ | 4,908,483 | ||||||||||
Net interest spread (1) (2)
|
4.20 | % | ||||||||||
Net interest and fee income and interest margin (1) (3)
|
$ | 43,835 | 4.27 | % |
(1)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
(2)
|
Net interest spread represents the average yield earned on interest-earning assets less the average rate incurred on interest-bearing liabilities.
|
(3)
|
Net interest margin is computed by calculating the difference between interest income and expense (annualized), divided by the average balance of interest-earning assets.
|
For the Three Months Ended
March 31, 2012 |
||||||||||||
Average
Balance
|
Interest
Income/
|
Yields/
Rates
|
||||||||||
(In thousands)
|
||||||||||||
Assets
|
||||||||||||
Investment securities:
|
||||||||||||
Available for sale
|
||||||||||||
Taxable
|
$ | 412,353 | $ | 2,564 | 2.49 | % | ||||||
Tax-exempt (1)
|
224,879 | 3,359 | 5.97 | % | ||||||||
Held to maturity
|
||||||||||||
Taxable
|
341,107 | 2,126 | 2.49 | % | ||||||||
Tax-exempt (1)
|
614,093 | 8,837 | 5.76 | % | ||||||||
Loans:
|
||||||||||||
Commercial:
|
||||||||||||
Taxable
|
352,075 | 5,783 | 6.61 | % | ||||||||
Tax-exempt (1)
|
137,747 | 2,055 | 6.00 | % | ||||||||
Commercial real estate
|
1,091,025 | 18,249 | 6.73 | % | ||||||||
Real estate construction
|
33,267 | 551 | 6.66 | % | ||||||||
Real estate residential
|
283,137 | 2,603 | 3.68 | % | ||||||||
Consumer
|
570,588 | 7,131 | 5.03 | % | ||||||||
Total loans (1)
|
2,467,839 | 36,372 | 5.93 | % | ||||||||
Total Interest-earning assets (1)
|
4,060,271 | $ | 53,258 | 5.27 | % | |||||||
Other assets
|
970,664 | |||||||||||
Total assets
|
$ | 5,030,935 | ||||||||||
Liabilities and shareholders' equity
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest-bearing demand
|
$ | 1,576,058 | $ | - | - | % | ||||||
Savings and interest-bearing transaction
|
1,884,544 | 326 | 0.07 | % | ||||||||
Time less than $100,000
|
280,735 | 438 | 0.63 | % | ||||||||
Time $100,000 or more
|
512,427 | 423 | 0.33 | % | ||||||||
Total interest-bearing deposits
|
2,677,706 | 1,187 | 0.18 | % | ||||||||
Short-term borrowed funds
|
114,906 | 27 | 0.10 | % | ||||||||
Term repurchase agreement
|
10,000 | 25 | 0.97 | % | ||||||||
Federal Home Loan Bank advances
|
26,000 | 120 | 1.85 | % | ||||||||
Debt financing
|
15,000 | 200 | 5.35 | % | ||||||||
Total interest-bearing liabilities
|
2,843,612 | $ | 1,559 | 0.22 | % | |||||||
Other liabilities
|
64,589 | |||||||||||
Shareholders' equity
|
546,676 | |||||||||||
Total liabilities and shareholders' equity
|
$ | 5,030,935 | ||||||||||
Net interest spread (1) (2)
|
5.05 | % | ||||||||||
Net interest and fee income and interest margin (1) (3)
|
$ | 51,699 | 5.12 | % |
(1)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
(2)
|
Net interest spread represents the average yield earned on interest-earning assets less the average rate incurred on interest-bearing liabilities.
|
(3)
|
Net interest margin is computed by calculating the difference between interest income and expense (annualized), divided by the average balance of interest-earning assets.
|
For the Three Months Ended
December 31, 2012 |
||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Yields/
Rates
|
||||||||||
(In thousands)
|
||||||||||||
Assets
|
||||||||||||
Investment securities:
|
||||||||||||
Available for sale
|
||||||||||||
Taxable
|
$ | 595,666 | $ | 3,198 | 2.15 | % | ||||||
Tax-exempt (1)
|
201,332 | 2,940 | 5.84 | % | ||||||||
Held to maturity
|
||||||||||||
Taxable
|
507,217 | 2,406 | 1.90 | % | ||||||||
Tax-exempt (1)
|
652,696 | 8,803 | 5.39 | % | ||||||||
Loans:
|
||||||||||||
Commercial:
|
||||||||||||
Taxable
|
287,415 | 4,426 | 6.13 | % | ||||||||
Tax-exempt (1)
|
119,495 | 1,798 | 5.99 | % | ||||||||
Commercial real estate
|
939,943 | 15,067 | 6.38 | % | ||||||||
Real estate construction
|
18,125 | 759 | 16.66 | % | ||||||||
Real estate residential
|
244,177 | 2,176 | 3.56 | % | ||||||||
Consumer
|
545,904 | 6,041 | 4.40 | % | ||||||||
Total loans (1)
|
2,155,059 | 30,267 | 5.59 | % | ||||||||
Total Interest-earning assets (1)
|
4,111,970 | $ | 47,614 | 4.62 | % | |||||||
Other assets
|
808,650 | |||||||||||
Total assets
|
$ | 4,920,620 | ||||||||||
Liabilities and shareholders' equity
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest-bearing demand
|
$ | 1,654,575 | $ | - | - | % | ||||||
Savings and interest-bearing transaction
|
1,908,286 | 304 | 0.06 | % | ||||||||
Time less than $100,000
|
248,192 | 332 | 0.53 | % | ||||||||
Time $100,000 or more
|
400,556 | 334 | 0.33 | % | ||||||||
Total interest-bearing deposits
|
2,557,034 | 970 | 0.15 | % | ||||||||
Short-term borrowed funds
|
55,523 | 14 | 0.10 | % | ||||||||
Term repurchase agreement
|
10,000 | 25 | 0.97 | % | ||||||||
Federal Home Loan Bank advances
|
25,832 | 122 | 1.87 | % | ||||||||
Debt financing
|
15,000 | 200 | 5.35 | % | ||||||||
Total interest-bearing liabilities
|
2,663,389 | $ | 1,331 | 0.20 | % | |||||||
Other liabilities
|
60,972 | |||||||||||
Shareholders' equity
|
541,684 | |||||||||||
Total liabilities and shareholders' equity
|
$ | 4,920,620 | ||||||||||
Net interest spread (1) (2)
|
4.42 | % | ||||||||||
Net interest and fee income and interest margin (1) (3)
|
$ | 46,283 | 4.49 | % |
(1)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
(2)
|
Net interest spread represents the average yield earned on interest-earning assets less the average rate incurred on interest-bearing liabilities.
|
(3)
|
Net interest margin is computed by calculating the difference between interest income and expense (annualized), divided by the average balance of interest-earning assets.
|
For the Three Months Ended March 31, 2013
Compared with
For the Three months ended March 31, 2012
|
||||||||||||
Volume
|
Yield/Rate
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Increase (decrease) in interest and fee income:
|
||||||||||||
Investment securities:
|
||||||||||||
Available for sale
|
||||||||||||
Taxable
|
$ | 1,522 | $ | (643 | ) | $ | 879 | |||||
Tax-exempt (1)
|
(483 | ) | (90 | ) | (573 | ) | ||||||
Held to maturity
|
||||||||||||
Taxable
|
667 | (701 | ) | (34 | ) | |||||||
Tax-exempt (1)
|
871 | (931 | ) | (60 | ) | |||||||
Loans:
|
||||||||||||
Commercial:
|
||||||||||||
Taxable
|
(1,267 | ) | (239 | ) | (1,506 | ) | ||||||
Tax-exempt (1)
|
(367 | ) | 4 | (363 | ) | |||||||
Commercial real estate
|
(3,110 | ) | (1,011 | ) | (4,121 | ) | ||||||
Real estate construction
|
(300 | ) | 34 | (266 | ) | |||||||
Real estate residential
|
(461 | ) | (82 | ) | (543 | ) | ||||||
Consumer
|
(468 | ) | (1,116 | ) | (1,584 | ) | ||||||
Total loans (1)
|
(5,973 | ) | (2,410 | ) | (8,383 | ) | ||||||
Total decrease in interest and fee income (1)
|
(3,396 | ) | (4,775 | ) | (8,171 | ) | ||||||
Increase (decrease) in interest expense:
|
||||||||||||
Deposits:
|
||||||||||||
Savings and interest-bearing transaction
|
4 | (34 | ) | (30 | ) | |||||||
Time less than $100,000
|
(61 | ) | (78 | ) | (139 | ) | ||||||
Time $100,000 or more
|
(99 | ) | (20 | ) | (119 | ) | ||||||
Total interest-bearing deposits
|
(156 | ) | (132 | ) | (288 | ) | ||||||
Short-term borrowed funds
|
(11 | ) | (5 | ) | (16 | ) | ||||||
Term repurchase agreement
|
(1 | ) | - | (1 | ) | |||||||
Federal Home Loan Bank advances
|
(2 | ) | - | (2 | ) | |||||||
Debt financing
|
- | - | - | |||||||||
Total decrease in interest expense
|
(170 | ) | (137 | ) | (307 | ) | ||||||
Decrease in net interest and fee income (1)
|
$ | (3,226 | ) | $ | (4,638 | ) | $ | (7,864 | ) |
(1)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
For the Three Months Ended March 31, 2013
Compared with
For the Three months ended December 31, 2012
|
||||||||||||
Volume
|
Yield/Rate
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Increase (decrease) in interest and fee income:
|
||||||||||||
Investment securities:
|
||||||||||||
Available for sale
|
||||||||||||
Taxable
|
$ | 550 | $ | (305 | ) | $ | 245 | |||||
Tax-exempt (1)
|
(140 | ) | (14 | ) | (154 | ) | ||||||
Held to maturity
|
||||||||||||
Taxable
|
(178 | ) | (136 | ) | (314 | ) | ||||||
Tax-exempt (1)
|
308 | (334 | ) | (26 | ) | |||||||
Loans:
|
||||||||||||
Commercial:
|
||||||||||||
Taxable
|
(288 | ) | 139 | (149 | ) | |||||||
Tax-exempt (1)
|
(114 | ) | 8 | (106 | ) | |||||||
Commercial real estate
|
(840 | ) | (99 | ) | (939 | ) | ||||||
Real estate construction
|
(78 | ) | (396 | ) | (474 | ) | ||||||
Real estate residential
|
(111 | ) | (5 | ) | (116 | ) | ||||||
Consumer
|
(223 | ) | (271 | ) | (494 | ) | ||||||
Total loans (1)
|
(1,654 | ) | (624 | ) | (2,278 | ) | ||||||
Total decrease in interest and fee income (1)
|
(1,114 | ) | (1,413 | ) | (2,527 | ) | ||||||
Decrease in interest expense:
|
||||||||||||
Deposits:
|
||||||||||||
Savings and interest-bearing transaction
|
(3 | ) | (5 | ) | (8 | ) | ||||||
Time less than $100,000
|
(17 | ) | (16 | ) | (33 | ) | ||||||
Time $100,000 or more
|
(15 | ) | (15 | ) | (30 | ) | ||||||
Total interest-bearing deposits
|
(35 | ) | (36 | ) | (71 | ) | ||||||
Short-term borrowed funds
|
- | (3 | ) | (3 | ) | |||||||
Term repurchase agreement
|
(1 | ) | - | (1 | ) | |||||||
Federal Home Loan Bank advances
|
(3 | ) | (1 | ) | (4 | ) | ||||||
Debt financing
|
- | - | - | |||||||||
Total decrease in interest expense
|
(39 | ) | (40 | ) | (79 | ) | ||||||
Decrease in net interest and fee income (1)
|
$ | (1,075 | ) | $ | (1,373 | ) | $ | (2,448 | ) |
(1)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
For the Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
|
(In thousands)
|
|||||||||||
Service charges on deposit accounts
|
$ | 6,542 | $ | 7,095 | $ | 6,722 | ||||||
Merchant processing services
|
2,409 | 2,393 | 2,401 | |||||||||
Debit card fees
|
1,358 | 1,163 | 1,357 | |||||||||
Other service fees
|
762 | 696 | 679 | |||||||||
ATM processing fees
|
705 | 933 | 749 | |||||||||
Trust fees
|
568 | 489 | 552 | |||||||||
Safe deposit rental
|
195 | 197 | 175 | |||||||||
Check sale income
|
183 | 211 | 203 | |||||||||
Financial services commissions
|
180 | 171 | 148 | |||||||||
Other noninterest income
|
1,376 | 1,321 | 1,208 | |||||||||
Total
|
$ | 14,278 | $ | 14,669 | $ | 14,194 |
For the Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
(In thousands)
|
||||||||||||
Salaries and related benefits
|
$ | 14,403 | $ | 15,046 | $ | 13,555 | ||||||
Occupancy
|
3,886 | 3,934 | 3,851 | |||||||||
Outsourced data processing services
|
2,157 | 2,083 | 2,213 | |||||||||
Amortization of identifiable intangibles
|
1,219 | 1,402 | 1,292 | |||||||||
Equipment
|
880 | 851 | 892 | |||||||||
Courier service
|
741 | 785 | 768 | |||||||||
Professional fees
|
635 | 767 | 761 | |||||||||
Telephone
|
448 | 376 | 511 | |||||||||
Loan expense
|
417 | 627 | 467 | |||||||||
Other real estate owned
|
334 | 230 | 322 | |||||||||
Postage
|
300 | 372 | 301 | |||||||||
Stationery and supplies
|
281 | 243 | 275 | |||||||||
Advertising/public relations
|
145 | 151 | 223 | |||||||||
Operational losses
|
128 | 173 | 113 | |||||||||
Other noninterest expense
|
2,703 | 2,994 | 2,689 | |||||||||
Total
|
$ | 28,677 | $ | 30,034 | $ | 28,233 |
·
|
The Bank maintains a Loan Review Department which reports directly to the Board of Directors. The Loan Review Department performs independent evaluations of loans and assigns credit risk grades to evaluated loans using grading standards employed by bank regulatory agencies. Those loans judged to carry higher risk attributes are referred to as “classified loans.” Classified loans receive elevated management attention to maximize collection.
|
·
|
The Bank maintains two loan administration offices whose sole responsibility is to manage and collect classified loans.
|
Nonperforming Assets
|
||||||||||||
At March 31,
|
At December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
(In thousands)
|
||||||||||||
Originated:
|
||||||||||||
Nonperforming nonaccrual loans
|
$ | 7,005 | $ | 9,976 | $ | 10,016 | ||||||
Performing nonaccrual loans
|
1,154 | 6,374 | 1,759 | |||||||||
Total nonaccrual loans
|
8,159 | 16,350 | 11,775 | |||||||||
Accruing loans 90 or more days past due
|
305 | 359 | 455 | |||||||||
Total nonperforming loans
|
8,464 | 16,709 | 12,230 | |||||||||
Other real estate owned
|
7,691 | 13,624 | 9,295 | |||||||||
Total nonperforming assets
|
$ | 16,155 | $ | 30,333 | $ | 21,525 | ||||||
Purchased covered:
|
||||||||||||
Nonperforming nonaccrual loans
|
$ | 9,578 | $ | 4,510 | $ | 11,698 | ||||||
Performing nonaccrual loans
|
2,299 | 2,165 | 1,323 | |||||||||
Total nonaccrual loans
|
11,877 | 6,675 | 13,021 | |||||||||
Accruing loans 90 or more days past due
|
88 | 520 | 155 | |||||||||
Total nonperforming loans
|
11,965 | 7,195 | 13,176 | |||||||||
Other real estate owned
|
13,713 | 15,810 | 13,691 | |||||||||
Total nonperforming assets
|
$ | 25,678 | $ | 23,005 | $ | 26,867 | ||||||
Purchased non-covered:
|
||||||||||||
Nonperforming nonaccrual loans
|
$ | 6,052 | $ | 13,948 | $ | 7,038 | ||||||
Performing nonaccrual loans
|
3,060 | 7,056 | 461 | |||||||||
Total nonaccrual loans
|
9,112 | 21,004 | 7,499 | |||||||||
Accruing loans 90 or more days past due
|
- | - | 4 | |||||||||
Total nonperforming loans
|
9,112 | 21,004 | 7,503 | |||||||||
Other real estate owned
|
1,980 | 6,543 | 3,366 | |||||||||
Total nonperforming assets
|
$ | 11,092 | $ | 27,547 | $ | 10,869 |
Purchased Covered Assets
|
||||||||||||||||
At March 31,
|
At December 31,
|
February 6,
|
||||||||||||||
2013
|
2012
|
2012
|
2009
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Non-residential assets
|
$ | 363,940 | $ | 511,536 | $ | 384,285 | $ | 1,298,526 | ||||||||
Residential assets
|
23,534 | 30,909 | 25,570 | 40,955 | ||||||||||||
Total indemnified assets
|
387,474 | 542,445 | 409,855 | 1,339,481 | ||||||||||||
Credit risk discount
|
(22,660 | ) | (37,503 | ) | (26,128 | ) | (161,203 | ) | ||||||||
Other adjustments
|
1,933 | 1,971 | 2,247 | 5,407 | ||||||||||||
Carrying value of covered assets
|
$ | 366,747 | $ | 506,913 | $ | 385,974 | $ | 1,183,685 | ||||||||
Comprised of:
|
||||||||||||||||
Purchased covered loans
|
$ | 353,034 | $ | 491,103 | $ | 372,283 | $ | 1,174,353 | ||||||||
Covered other real estate owned
|
13,713 | 15,810 | 13,691 | 9,332 | ||||||||||||
Carrying value of covered assets
|
$ | 366,747 | $ | 506,913 | $ | 385,974 | $ | 1,183,685 |
For the Three Months Ended
|
||||||||||||
March 31,
|
December 31,
|
|||||||||||
2013
|
2012
|
2012
|
||||||||||
(In thousands)
|
||||||||||||
Analysis of the Allowance for Credit Losses
|
||||||||||||
Balance, beginning of period
|
$ | 32,927 | $ | 35,290 | $ | 33,659 | ||||||
Provision for loan losses
|
2,800 | 2,800 | 2,800 | |||||||||
Provision for unfunded commitments
|
- | - | - | |||||||||
Loans charged off
|
||||||||||||
Commercial
|
(1,902 | ) | (862 | ) | (3,228 | ) | ||||||
Commercial real estate
|
(113 | ) | (948 | ) | (86 | ) | ||||||
Real estate construction
|
- | - | (126 | ) | ||||||||
Real estate residential
|
(87 | ) | (870 | ) | - | |||||||
Consumer
|
(1,308 | ) | (1,653 | ) | (1,382 | ) | ||||||
Purchased covered loans
|
(359 | ) | (365 | ) | (230 | ) | ||||||
Purchased non-covered loans
|
- | - | 450 | |||||||||
Total chargeoffs
|
(3,769 | ) | (4,698 | ) | (4,602 | ) | ||||||
Recoveries of loans previously charged off
|
||||||||||||
Commercial
|
462 | 389 | 200 | |||||||||
Commercial real estate
|
21 | - | 25 | |||||||||
Real estate construction
|
- | 2 | - | |||||||||
Consumer
|
601 | 779 | 755 | |||||||||
Purchased covered loans
|
5 | 14 | 90 | |||||||||
Total recoveries
|
1,089 | 1,184 | 1,070 | |||||||||
Net loan (losses)
|
(2,680 | ) | (3,514 | ) | (3,532 | ) | ||||||
Balance, end of period
|
$ | 33,047 | $ | 34,576 | $ | 32,927 | ||||||
Components:
|
||||||||||||
Allowance for loan losses
|
$ | 30,354 | $ | 31,883 | $ | 30,234 | ||||||
Liability for off-balance sheet credit exposure
|
2,693 | 2,693 | 2,693 | |||||||||
Allowance for credit losses
|
$ | 33,047 | $ | 34,576 | $ | 32,927 | ||||||
Net loan (losses) recoveries:
|
||||||||||||
Originated loans
|
$ | (2,326 | ) | $ | (3,163 | ) | $ | (3,842 | ) | |||
Purchased covered loans
|
(354 | ) | (351 | ) | (140 | ) | ||||||
Purchased non-covered loans
|
- | - | 450 | |||||||||
Net loan losses (recoveries) as a percentage of average loans:
|
||||||||||||
Originated loans
|
0.57 | % | 0.69 | % | 0.91 | % | ||||||
Purchased covered loans
|
0.39 | % | 0.28 | % | 0.14 | % | ||||||
Purchased non-covered loans
|
- | % | - | % | (2.31 | %) |
Allowance for Credit Losses
For the Three Months Ended March 31, 2013
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate
|
Construction
|
Residential
Real Estate
|
Consumer
Installment
and Other
|
Purchased
Non-covered
Loans
|
Purchased
Covered
Loans
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 6,445 | $ | 10,063 | $ | 484 | $ | 380 | $ | 3,194 | $ | - | $ | 1,005 | $ | 8,663 | $ | 30,234 | ||||||||||||||||||
Additions:
|
||||||||||||||||||||||||||||||||||||
Provision
|
531 | 994 | (4 | ) | 246 | 281 | - | 87 | 665 | 2,800 | ||||||||||||||||||||||||||
Deductions:
|
||||||||||||||||||||||||||||||||||||
Chargeoffs
|
(1,902 | ) | (113 | ) | - | (87 | ) | (1,308 | ) | - | (359 | ) | - | (3,769 | ) | |||||||||||||||||||||
Recoveries
|
462 | 21 | - | - | 601 | - | 5 | - | 1,089 | |||||||||||||||||||||||||||
Net loan losses
|
(1,440 | ) | (92 | ) | - | (87 | ) | (707 | ) | - | (354 | ) | - | (2,680 | ) | |||||||||||||||||||||
Balance at end of period
|
5,536 | 10,965 | 480 | 539 | 2,768 | - | 738 | 9,328 | 30,354 | |||||||||||||||||||||||||||
Liability for off-balance sheet credit exposure
|
1,663 | 3 | - | - | 453 | - | - | 574 | 2,693 | |||||||||||||||||||||||||||
Total allowance for credit losses
|
$ | 7,199 | $ | 10,968 | $ | 480 | $ | 539 | $ | 3,221 | $ | - | $ | 738 | $ | 9,902 | $ | 33,047 |
Recorded Investment in Loans Evaluated for Impairment
At March 31, 2013
|
||||||||||||||||||||||||||||||||||||
Commercial
|
Commercial
Real Estate
|
Construction
|
Residential
Real Estate
|
Consumer
Installment
and Other
|
Purchased
Non-covered
Loans
|
Purchased
Covered
Loans
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for credit losses:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 886 | $ | 584 | $ | - | $ | - | $ | 100 | $ | - | $ | 723 | $ | - | $ | 2,293 | ||||||||||||||||||
Collectively evaluated for impairment
|
6,313 | 10,384 | 480 | 539 | 3,121 | - | 15 | 9,902 | 30,754 | |||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total
|
$ | 7,199 | $ | 10,968 | $ | 480 | $ | 539 | $ | 3,221 | $ | - | $ | 738 | $ | 9,902 | $ | 33,047 | ||||||||||||||||||
Carrying value of loans:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 2,171 | $ | 3,319 | $ | - | $ | - | $ | - | $ | 5,196 | $ | 16,086 | $ | - | $ | 26,772 | ||||||||||||||||||
Collectively evaluated for impairment
|
316,331 | 621,866 | 7,920 | 213,919 | 447,870 | 59,348 | 329,367 | - | 1,996,621 | |||||||||||||||||||||||||||
Purchased loans with evidence of credit deterioration
|
- | - | - | - | - | 5,960 | 7,581 | - | 13,541 | |||||||||||||||||||||||||||
Total
|
$ | 318,502 | $ | 625,185 | $ | 7,920 | $ | 213,919 | $ | 447,870 | $ | 70,504 | $ | 353,034 | $ | - | $ | 2,036,934 |
Minimum
|
Well-capitalized
|
|||||||||||||||||||
At March 31,
|
At December 31,
|
Regulatory
|
by Regulatory
|
|||||||||||||||||
2013
|
2012
|
2012
|
Requirement
|
Definition
|
||||||||||||||||
Tier I Capital
|
14.71 | % | 14.83 | % | 15.06 | % | 4.00 | % | 6.00 | % | ||||||||||
Total Capital
|
15.99 | % | 16.09 | % | 16.33 | % | 8.00 | % | 10.00 | % | ||||||||||
Leverage ratio
|
8.56 | % | 8.36 | % | 8.56 | % | 4.00 | % | 5.00 | % |
Minimum
|
Well-capitalized
|
|||||||||||||||||||
At March 31,
|
At December 31,
|
Regulatory
|
by Regulatory
|
|||||||||||||||||
2013
|
2012
|
2012
|
Requirement
|
Definition
|
||||||||||||||||
Tier I Capital
|
13.57 | % | 14.13 | % | 14.14 | % | 4.00 | % | 6.00 | % | ||||||||||
Total Capital
|
15.07 | % | 15.62 | % | 15.62 | % | 8.00 | % | 10.00 | % | ||||||||||
Leverage ratio
|
7.85 | % | 7.92 | % | 7.99 | % | 4.00 | % | 5.00 | % |
·
|
Redefine the type of capital which qualifies as regulatory capital in a manner which is more restrictive than current rules,
|
·
|
Introduce a new “Common Equity Tier 1” capital measurement,
|
·
|
Establish higher minimum levels of capital,
|
·
|
Introduce a “capital conservation buffer,”
|
·
|
Increase the risk-weighting of certain assets and commitments, in particular construction loans, loans on nonaccrual status, loans 90 days or more past due, short-term credit commitments, and deferred tax assets, and
|
·
|
Alter the risk-weightings on residential real estate loans based on loan quality (underwriting standards and terms) and the loan-to-value ratio determined at time of origination or subsequent restructuring or modification.
|
Proposed
Minimum
Capital
Requirement
|
"Well-capitalized"
Under PCA
Proposal
|
Proposed
Minimum
Plus "Capital
Conservation
Buffer"
|
Proforma Measurements as of
March 31, 2013 Assuming New
Proposals Fully Phased-in and
Covered Asset Indemnification
Expired
|
|||||||||||||||||
Company
|
Bank
|
|||||||||||||||||||
Capital Measurement:
|
||||||||||||||||||||
Leverage
|
4.00 | % | 5.00 | % | 4.00 | % | 8.84 | % | 8.12 | % | ||||||||||
Common Equity Tier 1
|
4.50 | % | 6.50 | % | 7.00 | % | 13.77 | % | 12.71 | % | ||||||||||
Tier I Capital
|
6.00 | % | 8.00 | % | 8.50 | % | 13.77 | % | 12.71 | % | ||||||||||
Total Capital
|
8.00 | % | 10.00 | % | 10.50 | % | 14.84 | % | 13.79 | % |
Period
|
(a)
Total Number of
Shares Purchased
|
(b)
Average Price
Paid per Share
|
(c)
Total Number
of Shares
Purchased as Part of
Publicly Announced
Plans or Programs*
|
(d)
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans
or Programs
|
||||||||||||
(In thousands, except per share data)
|
||||||||||||||||
January 1
through
January 31
|
124 | $44.19 | 124 | 1,364 | ||||||||||||
February 1
through
February 28
|
129 | 44.36 | 129 | 1,235 | ||||||||||||
March 1
through
March 31
|
94 | 45.00 | 94 | 1,141 | ||||||||||||
Total
|
347 | $44.47 | 347 | 1,141 |
|
1.
|
Election of Directors:
|
Nominee
|
For
|
Withheld
|
Non-Votes
|
Uncast
|
Etta Allen
|
19,569,357
|
122,910
|
3,749,754
|
0
|
Louis E. Bartolini
|
19,493,679
|
198,588
|
3,749,754
|
0
|
E. Joseph Bowler
|
19,611,586
|
80,681
|
3,749,754
|
0
|
Arthur C. Latno, Jr.
|
16,932,960
|
2,759,307
|
3,749,754
|
0
|
Patrick D. Lynch
|
19,493,387
|
198,880
|
3,749,754
|
0
|
Catherine C. MacMillan
|
19,577,750
|
114,517
|
3,749,754
|
0
|
Ronald A. Nelson
|
19,578,103
|
114,164
|
3,749,754
|
0
|
David L. Payne
|
19,418,539
|
273,728
|
3,749,754
|
0
|
Edward B. Sylvester
|
19,536,893
|
155,374
|
3,749,754
|
0
|
|
2.
|
Approval of a Non-Binding Advisory Vote on Executive Compensation
|
For
|
Against
|
Abstain
|
Non-Votes
|
Uncast
|
|
19,254,408
|
167,020
|
270,839
|
3,749,754
|
0
|
|
3.
|
Approval of Selection of KPMG as Company’s Independent Auditors for Fiscal Year 2013
|
For
|
Against
|
Abstain
|
Non-Votes
|
Uncast
|
|
23,216,067
|
61,547
|
164,407
|
0
|
0
|
/s/ JOHN "ROBERT" THORSON
|
|
John "Robert" Thorson
Senior Vice President and Chief Financial Officer
(Chief Financial and Accounting Officer)
|
/s/ David L. Payne
|
/s/ John "Robert" Thorson
|
/s/ David L. Payne
|
/s/ John "Robert" Thorson
|
Note 4 - Loans and Allowance for Credit Losses (Detail) - Loans by delinquency and nonaccrual status (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
||||
---|---|---|---|---|---|---|
Current and Accruing | $ 1,983,655 | $ 2,050,959 | ||||
30-89 Days Past Due and Accruing | 23,738 | 27,489 | ||||
Past Due 90 days or More and Accruing | 393 | 614 | ||||
Nonaccrual | 29,148 | 32,295 | ||||
Total Loans | 2,036,934 | 2,111,357 | ||||
Originated Loans [Member] | Commercial Portfolio Segment [Member]
|
||||||
Current and Accruing | 313,381 | 333,474 | ||||
30-89 Days Past Due and Accruing | 2,493 | 1,032 | ||||
Nonaccrual | 2,628 | 5,610 | ||||
Total Loans | 318,502 | 340,116 | ||||
Originated Loans [Member] | Commercial Real Estate Portfolio Segment [Member]
|
||||||
Current and Accruing | 613,517 | 616,276 | ||||
30-89 Days Past Due and Accruing | 6,427 | 10,750 | ||||
Nonaccrual | 5,241 | 5,901 | ||||
Total Loans | 625,185 | 632,927 | ||||
Originated Loans [Member] | Construction Portfolio Segment [Member]
|
||||||
Current and Accruing | 7,920 | 7,984 | ||||
Total Loans | 7,920 | 7,984 | ||||
Originated Loans [Member] | Residential Portfolio Segment [Member]
|
||||||
Current and Accruing | 213,353 | 220,032 | ||||
30-89 Days Past Due and Accruing | 333 | 2,193 | ||||
Nonaccrual | 233 | 233 | ||||
Total Loans | 213,919 | 222,458 | ||||
Originated Loans [Member] | Consumer Portfolio Segment [Member]
|
||||||
Current and Accruing | 444,284 | 455,007 | ||||
30-89 Days Past Due and Accruing | 3,224 | 5,205 | ||||
Past Due 90 days or More and Accruing | 305 | 455 | ||||
Nonaccrual | 57 | 31 | ||||
Total Loans | 447,870 | 460,698 | ||||
Originated Loans [Member]
|
||||||
Current and Accruing | 1,592,455 | 1,632,773 | ||||
30-89 Days Past Due and Accruing | 12,477 | 19,180 | ||||
Past Due 90 days or More and Accruing | 305 | 455 | ||||
Nonaccrual | 8,159 | 11,775 | ||||
Total Loans | 1,613,396 | 1,664,183 | ||||
Purchased Non-Covered Loans [Member]
|
||||||
Current and Accruing | 60,242 | 65,567 | ||||
30-89 Days Past Due and Accruing | 1,150 | 1,821 | ||||
Past Due 90 days or More and Accruing | 4 | |||||
Nonaccrual | 9,112 | 7,499 | ||||
Total Loans | 70,504 | 74,891 | ||||
Purchased Covered Loans [Member]
|
||||||
Current and Accruing | 330,958 | 352,619 | ||||
30-89 Days Past Due and Accruing | 10,111 | 6,488 | ||||
Past Due 90 days or More and Accruing | 88 | 155 | ||||
Nonaccrual | 11,877 | 13,021 | ||||
Total Loans | 353,034 | [1] | 372,283 | [1] | ||
Commercial Portfolio Segment [Member]
|
||||||
Total Loans | 379,124 | 401,331 | ||||
Commercial Real Estate Portfolio Segment [Member]
|
||||||
Total Loans | 893,247 | 916,594 | ||||
Construction Portfolio Segment [Member]
|
||||||
Total Loans | 15,685 | 16,515 | ||||
Residential Portfolio Segment [Member]
|
||||||
Total Loans | 224,244 | 234,035 | ||||
Consumer Portfolio Segment [Member]
|
||||||
Total Loans | $ 524,634 | $ 542,882 | ||||
|
Note 9 - Fair Value Measurements (Detail) - Assets measured at fair value on a nonrecurring basis (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Fair Value | $ 22,202 | $ 26,428 |
Total Losses | (2,268) | (4,972) |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Fair Value | 5,869 | 6,618 |
Non-Covered Other Real Estate Owned [Member]
|
||
Fair Value | 5,869 | 6,618 |
Total Losses | (446) | (1,360) |
Covered Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Fair Value | 8,055 | 7,929 |
Covered Other Real Estate Owned [Member]
|
||
Fair Value | 8,055 | 7,929 |
Total Losses | (146) | (371) |
Originated Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Fair Value | 2,628 | 3,097 |
Originated Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value | 990 | 2,100 |
Originated Impaired Loans [Member]
|
||
Fair Value | 3,618 | 5,197 |
Total Losses | (1,676) | (3,158) |
Purchased Covered Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Fair Value | 200 | 2,224 |
Purchased Covered Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value | 4,460 | 4,460 |
Purchased Covered Impaired Loans [Member]
|
||
Fair Value | 4,660 | 6,684 |
Total Losses | (83) | |
Fair Value, Inputs, Level 2 [Member]
|
||
Fair Value | 16,752 | 19,868 |
Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value | $ 5,450 | $ 6,560 |
Note 7 - Goodwill and Identifiable Intangible Assets (Detail) - Gross carrying amount of identifiable intangible assets and accumulated amortization (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Gross Carrying Amount | $ 67,108 | $ 67,108 |
Accumulated Amortization | (45,066) | (43,847) |
Core Deposits [Member]
|
||
Gross Carrying Amount | 56,808 | 56,808 |
Accumulated Amortization | (36,045) | (34,938) |
Mechant Draft Processing [Member]
|
||
Gross Carrying Amount | 10,300 | 10,300 |
Accumulated Amortization | $ (9,021) | $ (8,909) |
Note 9 - Fair Value Measurements (Detail) - Fair value estimates for financial instruments, excluding financial instruments recorded at fair value on a recurring basis (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
||
Cash and due from banks | $ 355,459 | $ 491,382 |
Investment securities held to maturity | 1,162,358 | 1,156,041 |
Loans | 2,006,580 | 2,081,123 |
Other assets - FDIC receivable | 12,162 | 13,847 |
Deposits | 4,161,950 | 4,232,492 |
Short-term borrowed funds | 61,854 | 53,687 |
Federal Home Loan Bank advances | 25,743 | 25,799 |
Term repurchase agreement | 10,000 | 10,000 |
Debt financing | 15,000 | 15,000 |
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Cash and due from banks | 355,459 | 491,382 |
Investment securities held to maturity | 1,185,641 | 1,184,557 |
Loans | 2,014,826 | 2,090,712 |
Other assets - FDIC receivable | 12,155 | 13,834 |
Deposits | 4,161,713 | 4,232,239 |
Short-term borrowed funds | 61,854 | 53,687 |
Federal Home Loan Bank advances | 26,014 | 26,150 |
Term repurchase agreement | 10,114 | 10,135 |
Debt financing | 15,365 | 15,645 |
Fair Value, Inputs, Level 1 [Member]
|
||
Cash and due from banks | 355,459 | 491,382 |
Investment securities held to maturity | 2,775 | 3,275 |
Federal Home Loan Bank advances | 26,014 | 26,150 |
Fair Value, Inputs, Level 2 [Member]
|
||
Investment securities held to maturity | 1,182,866 | 1,181,282 |
Deposits | 3,554,131 | 3,589,921 |
Short-term borrowed funds | 61,854 | 53,687 |
Term repurchase agreement | 10,114 | 10,135 |
Debt financing | 15,365 | 15,645 |
Fair Value, Inputs, Level 3 [Member]
|
||
Loans | 2,014,826 | 2,090,712 |
Other assets - FDIC receivable | 12,155 | 13,834 |
Deposits | $ 607,582 | $ 642,318 |
Note 6 - Other Assets (Detail) - Other Assets (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
||||||
---|---|---|---|---|---|---|---|---|
Federal Reserve Bank stock (1) | $ 14,069 | [1] | $ 14,069 | [1] | ||||
Federal Home Loan Bank stock (2) | 6,615 | [2] | 7,353 | [2] | ||||
Other investments | 376 | 376 | ||||||
Total cost method equity investments | 21,060 | 21,798 | ||||||
Corporate/bank-owned life insurance | 45,535 | 45,579 | ||||||
Deferred taxes | 42,645 | 42,449 | ||||||
LIHTC investments | 20,119 | 20,631 | ||||||
Interest receivable | 20,473 | 20,274 | ||||||
FDIC receivable | 12,162 | 13,847 | ||||||
Prepaid assets | 11,814 | 11,679 | ||||||
Other assets | 11,845 | 11,829 | ||||||
Total other assets | $ 185,653 | $ 188,086 | ||||||
|
Note 4 - Loans and Allowance for Credit Losses (Detail) - Loans receivable at carrying amount (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Originated loans | $ 1,613,396 | $ 1,664,183 |
Purchased covered loans | 353,034 | 372,283 |
Purchased non-covered loans | 70,504 | 74,891 |
Total | 2,036,934 | 2,111,357 |
Impaired [Member] | Commercial Portfolio Segment [Member]
|
||
Purchased covered loans | 293 | 308 |
Purchased non-covered loans | 1,244 | 1,261 |
Impaired [Member] | Commercial Real Estate Portfolio Segment [Member]
|
||
Purchased covered loans | 6,899 | 7,585 |
Purchased non-covered loans | 6,111 | 6,763 |
Impaired [Member] | Construction Portfolio Segment [Member]
|
||
Purchased covered loans | 1,737 | 1,824 |
Impaired [Member] | Consumer Portfolio Segment [Member]
|
||
Purchased covered loans | 255 | 257 |
Purchased non-covered loans | 297 | 297 |
Impaired [Member]
|
||
Purchased covered loans | 9,184 | 9,974 |
Purchased non-covered loans | 7,652 | 8,321 |
Non Impaired [Member] | Commercial Portfolio Segment [Member]
|
||
Purchased covered loans | 57,589 | 59,135 |
Purchased non-covered loans | 9,367 | 9,840 |
Non Impaired [Member] | Commercial Real Estate Portfolio Segment [Member]
|
||
Purchased covered loans | 232,854 | 247,534 |
Purchased non-covered loans | 37,548 | 38,673 |
Non Impaired [Member] | Construction Portfolio Segment [Member]
|
||
Purchased covered loans | 4,942 | 5,462 |
Purchased non-covered loans | 1,369 | 1,619 |
Non Impaired [Member] | Residential Portfolio Segment [Member]
|
||
Purchased covered loans | 8,816 | 9,374 |
Purchased non-covered loans | 2,205 | 3,110 |
Non Impaired [Member] | Consumer Portfolio Segment [Member]
|
||
Purchased covered loans | 62,309 | 66,932 |
Purchased non-covered loans | 16,949 | 18,554 |
Non Impaired [Member]
|
||
Purchased covered loans | 366,510 | 388,437 |
Purchased non-covered loans | 67,438 | 71,796 |
Purchase Discount [Member] | Commercial Portfolio Segment [Member]
|
||
Purchased covered loans | (6,958) | (8,459) |
Purchased non-covered loans | (913) | (870) |
Purchase Discount [Member] | Commercial Real Estate Portfolio Segment [Member]
|
||
Purchased covered loans | (13,600) | (15,140) |
Purchased non-covered loans | (1,750) | (1,748) |
Purchase Discount [Member] | Construction Portfolio Segment [Member]
|
||
Purchased covered loans | (188) | (279) |
Purchased non-covered loans | (95) | (95) |
Purchase Discount [Member] | Residential Portfolio Segment [Member]
|
||
Purchased covered loans | (434) | (433) |
Purchased non-covered loans | (262) | (474) |
Purchase Discount [Member] | Consumer Portfolio Segment [Member]
|
||
Purchased covered loans | (1,480) | (1,817) |
Purchased non-covered loans | (1,566) | (2,039) |
Purchase Discount [Member]
|
||
Purchased covered loans | (22,660) | (26,128) |
Purchased non-covered loans | (4,586) | (5,226) |
Commercial Portfolio Segment [Member]
|
||
Originated loans | 318,502 | 340,116 |
Total | 379,124 | 401,331 |
Commercial Real Estate Portfolio Segment [Member]
|
||
Originated loans | 625,185 | 632,927 |
Total | 893,247 | 916,594 |
Construction Portfolio Segment [Member]
|
||
Originated loans | 7,920 | 7,984 |
Total | 15,685 | 16,515 |
Residential Portfolio Segment [Member]
|
||
Originated loans | 213,919 | 222,458 |
Total | 224,244 | 234,035 |
Consumer Portfolio Segment [Member]
|
||
Originated loans | 447,870 | 460,698 |
Total | $ 524,634 | $ 542,882 |
Note 11 - Earnings Per Common Share (Detail) (Stock Options [Member])
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Stock Options [Member]
|
||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,317 | 1,998 |
Note 11 - Earnings Per Common Share (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] |
|
Note 4 - Loans and Allowance for Credit Losses (Detail) - Impaired loans, supplemental schedule (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Average Recored Investment | $ 46,995 | $ 48,361 |
Recognized Interest Income | 387 | 546 |
Commercial [Member]
|
||
Average Recored Investment | 13,729 | 6,576 |
Recognized Interest Income | 54 | 50 |
Commercial Real Estate Loans [Member]
|
||
Average Recored Investment | 28,507 | 32,119 |
Recognized Interest Income | 300 | 378 |
Construction [Member]
|
||
Average Recored Investment | 2,111 | 6,461 |
Recognized Interest Income | 26 | 100 |
Residential Real Estate Loans [Member]
|
||
Average Recored Investment | 685 | 311 |
Consumer Installment And Other [Member]
|
||
Average Recored Investment | 1,963 | 2,894 |
Recognized Interest Income | $ 7 | $ 18 |
Note 9 - Fair Value Measurements (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
Sep. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Mar. 31, 2013
Purchased Covered Loans [Member]
|
Dec. 31, 2012
Purchased Covered Loans [Member]
|
Mar. 31, 2012
Purchased Covered Loans [Member]
|
Mar. 31, 2013
Purchased Non-Covered Loans [Member]
|
Dec. 31, 2012
Purchased Non-Covered Loans [Member]
|
Mar. 31, 2013
Fair Value, Inputs, Level 2 [Member]
|
|
Fair Value Inputs, Discount Rate | 10.00% | ||||||||||
Loans and Leases Receivable, Allowance | $ 30,354 | $ 30,234 | $ 30,354 | $ 31,883 | $ 32,597 | $ 738 | $ 1,005 | $ 139 | |||
Fair Value Discount, Credit Default Risk, Purchased Loans | $ 22,660 | $ 26,128 | $ 4,587 | $ 5,226 |
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