PEOPLES BANCORP INC. | ||
(Exact name of Registrant as specified in its charter) |
Ohio | 0-16772 | 31-0987416 | ||
(State or other jurisdiction | (Commission File | (I.R.S. Employer | ||
of incorporation) | Number) | Identification Number) |
138 Putnam Street, PO Box 738 | ||||
Marietta, Ohio | 45750-0738 | |||
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: | (740) 373-3155 |
Not applicable | ||
(Former name or former address, if changed since last report) |
PEOPLES BANCORP INC. | ||||
Date: | July 26, 2011 | By:/s/ | EDWARD G. SLOANE | |
Edward G. Sloane | ||||
Executive Vice President, Chief Financial Officer and Treasurer |
Exhibit Number | Description | ||
99 | News Release issued by Peoples Bancorp Inc. on July 26, 2011 |
P.O. BOX 738 - MARIETTA, OHIO - 45750 | NEWS RELEASE |
www.peoplesbancorp.com |
FOR IMMEDIATE RELEASE | Contact: | Edward G. Sloane |
July 26, 2011 | Chief Financial Officer and Treasurer | |
(740) 373-3155 |
• | Loan-related credit losses, consisting of the provision for loan losses plus gains and losses on loans held-for-sale and other real estate owned ("OREO'"), were $2.8 million for the second quarter of 2011 compared to $6.8 million for the second quarter of 2010. This reduction was driven mostly by lower second quarter net loan charge-offs, which were 0.67% and 1.86% of average loans on an annualized basis in 2011 and 2010, respectively. Another significant factor was $0.5 million in gains realized on the sale of two commercial real estate loans during the second quarter of 2011, which partially offset a $1.0 million net loss on OREO resulting mostly from write-downs attributable to decreased real estate values. |
• | The level of substandard-rated loans decreased 8% during the quarter due to $4 million in paydowns and $3 million in charge-offs. Nonperforming loans were down modestly on a linked quarter basis as paydowns and charge-offs were mostly offset by $4.3 million in substandard-rated loans to six unrelated borrowers being placed on nonaccrual status, of which the majority are secured by commercial real estate. As a result, total nonperforming assets as a percentage of gross loans and OREO was 3.71% at June 30, 2011, versus 3.85% last quarter and 4.64% at year-end 2010. |
• | At June 30, 2011, the allowance for loan losses was 2.68% of total loans and 79.8% of nonperforming loans versus 2.58% and 75.6%, respectively, at March 31, 2011, and 2.79% and 66.1%, respectively, at year-end 2010. The linked quarter increases reflect the impact of specific reserves for two commercial loan relationships placed on nonaccrual status during the second quarter. |
• | Net interest income and margin were consistent with the first quarter but down moderately year-over-year, due mostly to decreased loan balances and the impact of the sustained low interest rate environment. |
• | Non-interest income grew 2% over the prior year driven by a higher volume of revenue generated by fiduciary, brokerage and electronic banking activities. Linked quarter growth in several non-interest categories was more than offset by the impact of annual performance-based insurance revenues in the first quarter, which totaled $943,000. Consequently, total non-interest income was down $483,000 or 6% from the linked quarter. |
• | Total non-interest expense, while comparable to the first quarter, was 3% higher than the prior year second quarter and up 2% on a year-to-date basis. Increased employee benefit costs and professional fees were mostly offset by reduced FDIC insurance costs and lower foreclosed real estate and other loan costs. |
• | Total loan balances decreased modestly, as new production was more than offset by commercial loan payoffs. |
• | Retail deposit balances were essentially unchanged during the quarter and remained $17 million higher than year-end 2010. Efforts to adjust Peoples' deposit mix to increase low-cost, core deposits remained ongoing in the second quarter, which produced an increase in non-interest-bearing balances and declines in money market balances. The year-to-date increase was driven mostly by higher governmental and savings account balances. |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
2011 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||
PER COMMON SHARE: | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 0.26 | $ | 0.13 | $ | 0.27 | $ | 0.38 | $ | 0.34 | |||||||||
Diluted | 0.26 | 0.13 | 0.27 | 0.38 | 0.34 | ||||||||||||||
Cash dividends declared per share | — | 0.10 | 0.10 | 0.10 | 0.20 | ||||||||||||||
Book value per share | 19.15 | 18.39 | 19.35 | 19.15 | 19.35 | ||||||||||||||
Tangible book value per share (a) | 12.99 | 12.21 | 13.10 | 12.99 | 13.10 | ||||||||||||||
Closing stock price at end of period | $ | 11.27 | $ | 12.02 | $ | 14.50 | $ | 11.27 | $ | 14.50 | |||||||||
SELECTED RATIOS: | |||||||||||||||||||
Return on average equity (b) | 5.48 | % | 3.47 | % | 5.43 | % | 4.47 | % | 3.81 | % | |||||||||
Return on average common equity (b) | 5.49 | % | 2.83 | % | 5.45 | % | 4.18 | % | 3.52 | % | |||||||||
Return on average assets (b) | 0.65 | % | 0.42 | % | 0.66 | % | 0.53 | % | 0.46 | % | |||||||||
Efficiency ratio (c) | 67.43 | % | 65.21 | % | 60.28 | % | 66.30 | % | 60.17 | % | |||||||||
Net interest margin (b)(d) | 3.43 | % | 3.43 | % | 3.49 | % | 3.43 | % | 3.51 | % | |||||||||
Dividend payout ratio (e) | — | % | 78.60 | % | 38.01 | % | 26.26 | % | 58.88 | % | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
(in $000’s) | 2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||
Interest income | $ | 18,941 | $ | 19,317 | $ | 22,963 | $ | 38,258 | $ | 46,420 | |||||||||
Interest expense | 5,510 | 5,822 | 7,790 | 11,332 | 15,806 | ||||||||||||||
Net interest income | 13,431 | 13,495 | 15,173 | 26,926 | 30,614 | ||||||||||||||
Provision for loan losses | 2,295 | 5,311 | 5,458 | 7,606 | 11,959 | ||||||||||||||
Net interest income after provision for loan losses | 11,136 | 8,184 | 9,715 | 19,320 | 18,655 | ||||||||||||||
Gross impairment losses on investment securities | — | – | (800 | ) | — | (1,620 | ) | ||||||||||||
Less: Non-credit losses included in other | |||||||||||||||||||
comprehensive income | — | – | — | — | 166 | ||||||||||||||
Net other-than-temporary impairment losses | — | — | (800 | ) | — | (1,786 | ) | ||||||||||||
Net gain on securities transactions | 56 | 360 | 3,018 | 416 | 3,034 | ||||||||||||||
Net (loss) gain on assets | (1,024 | ) | 60 | (1,254 | ) | (964 | ) | (1,237 | ) | ||||||||||
Gain (loss) on loans held-for-sale | 468 | — | (94 | ) | 468 | (94 | ) | ||||||||||||
Non-interest income: | |||||||||||||||||||
Deposit account service charges | 2,454 | 2,174 | 2,457 | 4,628 | 4,755 | ||||||||||||||
Insurance income | 2,165 | 2,832 | 2,261 | 4,997 | 4,672 | ||||||||||||||
Trust and investment income | 1,409 | 1,325 | 1,209 | 2,734 | 2,765 | ||||||||||||||
Electronic banking income | 1,284 | 1,221 | 1,175 | 2,505 | 2,263 | ||||||||||||||
Mortgage banking income | 286 | 374 | 267 | 660 | 502 | ||||||||||||||
Bank owned life insurance | 92 | 87 | 173 | 179 | 358 | ||||||||||||||
Other non-interest income | 201 | 361 | 230 | 562 | 471 | ||||||||||||||
Total non-interest income | 7,891 | 8,374 | 7,772 | 16,265 | 15,786 | ||||||||||||||
Non-interest expense: | |||||||||||||||||||
Salaries and employee benefits costs | 7,953 | 7,627 | 7,496 | 15,580 | 14,873 | ||||||||||||||
Net occupancy and equipment | 1,472 | 1,501 | 1,440 | 2,973 | 2,958 | ||||||||||||||
Professional fees | 1,013 | 795 | 601 | 1,808 | 1,293 | ||||||||||||||
Electronic banking expense | 685 | 618 | 557 | 1,303 | 1,162 | ||||||||||||||
FDIC insurance | 450 | 662 | 612 | 1,112 | 1,229 | ||||||||||||||
Data processing and software | 453 | 463 | 527 | 916 | 1,097 | ||||||||||||||
Franchise taxes | 358 | 401 | 374 | 759 | 747 | ||||||||||||||
Foreclosed real estate and other loan expenses | 224 | 350 | 472 | 574 | 1,118 | ||||||||||||||
Amortization of intangible assets | 152 | 162 | 235 | 314 | 480 | ||||||||||||||
Other non-interest expense | 1,959 | 2,039 | 1,995 | 3,998 | 3,927 | ||||||||||||||
Total non-interest expense | 14,719 | 14,618 | 14,309 | 29,337 | 28,884 | ||||||||||||||
Income before income taxes | 3,808 | 2,360 | 4,048 | 6,168 | 5,474 | ||||||||||||||
Income tax expense | 887 | 491 | 763 | 1,378 | 874 | ||||||||||||||
Net income | $ | 2,921 | $ | 1,869 | $ | 3,285 | $ | 4,790 | $ | 4,600 | |||||||||
Preferred dividends | 238 | 523 | 512 | 761 | 1,025 | ||||||||||||||
Net income available to common shareholders | $ | 2,683 | $ | 1,346 | $ | 2,773 | $ | 4,029 | $ | 3,575 | |||||||||
PER COMMON SHARE DATA: | |||||||||||||||||||
Earnings per share – Basic | $ | 0.26 | $ | 0.13 | $ | 0.27 | $ | 0.38 | $ | 0.34 | |||||||||
Earnings per share – Diluted | $ | 0.26 | $ | 0.13 | $ | 0.27 | $ | 0.38 | $ | 0.34 | |||||||||
Cash dividends declared per share | $ | — | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.20 | |||||||||
Weighted-average shares outstanding – Basic | 10,478,362 | 10,471,819 | 10,422,126 | 10,475,109 | 10,406,919 | ||||||||||||||
Weighted-average shares outstanding – Diluted | 10,507,895 | 10,477,360 | 10,429,369 | 10,492,712 | 10,415,999 | ||||||||||||||
Actual shares outstanding (end of period) | 10,478,149 | 10,474,507 | 10,423,317 | 10,478,149 | 10,423,317 | ||||||||||||||
June 30, | December 31, | ||||||
(in $000’s) | 2011 | 2010 | |||||
Assets | |||||||
Cash and cash equivalents: | |||||||
Cash and due from banks | $ | 29,771 | $ | 28,324 | |||
Interest-bearing deposits in other banks | 7,878 | 46,320 | |||||
Total cash and cash equivalents | 37,649 | 74,644 | |||||
Available-for-sale investment securities, at fair value (amortized cost of $638,667 | |||||||
at June 30, 2011 and $617,122 at December 31, 2010) | 643,598 | 613,986 | |||||
Held-to-maturity investment securities, at amortized cost (fair value of $2,955 | |||||||
at June 30, 2011 and $2,954 at December 31, 2010) | 2,966 | 2,965 | |||||
Other investment securities, at cost | 24,356 | 24,356 | |||||
Total investment securities | 670,920 | 641,307 | |||||
Loans, net of deferred fees and costs | 940,119 | 960,718 | |||||
Allowance for loan losses | (25,166 | ) | (26,766 | ) | |||
Net loans | 914,953 | 933,952 | |||||
Loans held-for-sale | 1,508 | 4,755 | |||||
Bank premises and equipment, net of accumulated depreciation | 24,466 | 24,934 | |||||
Bank owned life insurance | 53,711 | 53,532 | |||||
Goodwill | 62,520 | 62,520 | |||||
Other intangible assets | 2,082 | 2,350 | |||||
Other assets | 34,894 | 39,991 | |||||
Total assets | $ | 1,802,703 | $ | 1,837,985 | |||
Liabilities | |||||||
Deposits: | |||||||
Non-interest-bearing deposits | $ | 222,075 | $ | 215,069 | |||
Interest-bearing deposits | 1,136,751 | 1,146,531 | |||||
Total deposits | 1,358,826 | 1,361,600 | |||||
Short-term borrowings | 39,254 | 51,509 | |||||
Long-term borrowings | 151,703 | 157,703 | |||||
Junior subordinated notes held by subsidiary trust | 22,583 | 22,565 | |||||
Accrued expenses and other liabilities | 11,810 | 13,927 | |||||
Total liabilities | 1,584,176 | 1,607,304 | |||||
Stockholders' Equity | |||||||
Preferred stock, no par value (50,000 shares authorized, 18,000 shares issued | |||||||
at June 30, 2011, and 39,000 shares issued at December 31, 2010) | 17,862 | 38,645 | |||||
Common stock, no par value (24,000,000 shares authorized, 11,086,968 shares | |||||||
issued at June 30, 2011, and 11,070,022 shares issued at December 31, 2010), | 166,555 | 166,298 | |||||
including shares in treasury | |||||||
Retained earnings | 48,518 | 45,547 | |||||
Accumulated comprehensive income (loss), net of deferred income taxes | 841 | (4,453 | ) | ||||
Treasury stock, at cost (608,819 shares at June 30, 2011, and | |||||||
612,695 shares at December 31, 2010) | (15,249 | ) | (15,356 | ) | |||
Total stockholders' equity | 218,527 | 230,681 | |||||
Total liabilities and stockholders' equity | $ | 1,802,703 | $ | 1,837,985 | |||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
(in $000’s, end of period) | 2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||
Loan Portfolio | |||||||||||||||
Commercial real estate | $ | 430,832 | $ | 438,224 | $ | 452,875 | $ | 454,499 | $ | 471,046 | |||||
Commercial and industrial | 148,254 | 147,386 | 153,192 | 178,014 | 165,916 | ||||||||||
Real estate construction | 28,136 | 32,839 | 22,478 | 39,621 | 36,490 | ||||||||||
Residential real estate | 196,428 | 197,513 | 200,275 | 205,125 | 207,314 | ||||||||||
Home equity lines of credit | 47,784 | 47,906 | 48,130 | 49,435 | 50,259 | ||||||||||
Consumer | 86,540 | 82,521 | 81,567 | 82,894 | 83,735 | ||||||||||
Deposit account overdrafts | 2,145 | 1,640 | 2,201 | 1,291 | 1,346 | ||||||||||
Total loans | $ | 940,119 | $ | 948,029 | $ | 960,718 | $ | 1,010,879 | $ | 1,016,106 | |||||
Deposit Balances | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||
Retail certificates of deposit | $ | 421,167 | $ | 420,828 | $ | 430,886 | $ | 436,250 | $ | 448,900 | |||||
Money market deposit accounts | 264,677 | 270,574 | 289,657 | 297,229 | 290,477 | ||||||||||
Governmental deposit accounts | 150,319 | 149,961 | 119,572 | 139,843 | 136,119 | ||||||||||
Savings accounts | 133,352 | 132,323 | 122,444 | 120,975 | 120,086 | ||||||||||
Interest-bearing demand accounts | 99,324 | 97,561 | 96,507 | 92,585 | 94,542 | ||||||||||
Total retail interest-bearing deposits | 1,068,839 | 1,071,247 | 1,059,066 | 1,086,882 | 1,090,124 | ||||||||||
Brokered certificates of deposits | 67,912 | 70,522 | 87,465 | 95,862 | 105,093 | ||||||||||
Total interest-bearing deposits | 1,136,751 | 1,141,769 | 1,146,531 | 1,182,744 | 1,195,217 | ||||||||||
Non-interest-bearing deposits | 222,075 | 219,175 | 215,069 | 209,693 | 203,559 | ||||||||||
Total deposits | $ | 1,358,826 | $ | 1,360,944 | $ | 1,361,600 | $ | 1,392,437 | $ | 1,398,776 | |||||
Asset Quality | |||||||||||||||
Nonperforming assets: | |||||||||||||||
Loans 90+ days past due and accruing | $ | 124 | $ | 37 | $ | 27 | $ | 31 | 481 | ||||||
Nonaccrual loans | 31,421 | 32,322 | 40,450 | 37,184 | 38,050 | ||||||||||
Total nonperforming loans | 31,545 | 32,359 | 40,477 | 37,215 | 38,531 | ||||||||||
Other real estate owned | 3,546 | 4,400 | 4,495 | 4,335 | 4,892 | ||||||||||
Total nonperforming assets | $ | 35,091 | $ | 36,759 | $ | 44,972 | $ | 41,550 | $ | 43,423 | |||||
Allowance for loan losses as a percent of | |||||||||||||||
nonperforming loans | 79.78 | % | 75.56 | % | 66.10 | % | 73.10 | % | 70.50 | % | |||||
Nonperforming loans as a percent of total loans | 3.35 | % | 3.41 | % | 4.19 | % | 3.67 | % | 3.77 | % | |||||
Nonperforming assets as a percent of total assets | 1.95 | % | 2.04 | % | 2.45 | % | 2.21 | % | 2.21 | % | |||||
Nonperforming assets as a percent of total loans | |||||||||||||||
and other real estate owned | 3.71 | % | 3.85 | % | 4.64 | % | 4.08 | % | 4.23 | % | |||||
Allowance for loan losses as a percent of total loans | 2.68 | % | 2.58 | % | 2.79 | % | 2.68 | % | 2.66 | % | |||||
Capital Information(a) | |||||||||||||||
Tier 1 common ratio | 12.06 | % | 11.72 | % | 11.59 | % | 11.13 | % | 11.07 | % | |||||
Tier 1 risk-based capital ratio | 15.62 | % | 15.25 | % | 16.91 | % | 16.22 | % | 16.11 | % | |||||
Total risk-based capital ratio (Tier 1 and Tier 2) | 16.96 | % | 16.60 | % | 18.24 | % | 17.55 | % | 17.44 | % | |||||
Leverage ratio | 10.10 | % | 9.81 | % | 10.63 | % | 10.26 | % | 10.14 | % | |||||
Tier 1 common capital | $ | 136,842 | $ | 133,891 | $ | 133,197 | $ | 133,624 | $ | 134,298 | |||||
Tier 1 capital | 177,287 | 174,314 | 194,407 | 194,800 | 195,439 | ||||||||||
Total capital (Tier 1 and Tier 2) | 192,559 | 189,672 | 209,738 | 210,768 | 211,509 | ||||||||||
Total risk-weighted assets | $ | 1,135,130 | $ | 1,142,758 | $ | 1,149,587 | $ | 1,200,754 | $ | 1,212,816 | |||||
Tangible equity to tangible assets (b) | 8.86 | % | 8.39 | % | 9.35 | % | 9.28 | % | 9.21 | % | |||||
Tangible common equity to tangible assets (b) | 7.83 | % | 7.36 | % | 7.17 | % | 7.16 | % | 7.18 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
(in $000’s) | 2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||
Provision for Loan Losses | |||||||||||||||||||
Provision for checking account overdrafts | $ | 95 | $ | 11 | $ | 179 | $ | 106 | $ | 199 | |||||||||
Provision for other loan losses | 2,200 | 5,300 | 5,279 | 7,500 | 11,760 | ||||||||||||||
Total provision for loan losses | $ | 2,295 | $ | 5,311 | $ | 5,458 | $ | 7,606 | $ | 11,959 | |||||||||
Net Charge-Offs | |||||||||||||||||||
Gross charge-offs | $ | 3,470 | $ | 8,780 | $ | 5,517 | $ | 12,250 | $ | 13,651 | |||||||||
Recoveries | 1,892 | 1,152 | 674 | 3,044 | 1,603 | ||||||||||||||
Net charge-offs | $ | 1,578 | $ | 7,628 | $ | 4,843 | $ | 9,206 | $ | 12,048 | |||||||||
Net Charge-Offs by Type | |||||||||||||||||||
Commercial real estate | $ | 1,152 | $ | 6,763 | $ | 4,401 | $ | 7,915 | $ | 10,319 | |||||||||
Commercial and industrial | (385 | ) | 776 | 38 | 391 | 932 | |||||||||||||
Residential real estate | 630 | (242 | ) | 77 | 388 | 260 | |||||||||||||
Real estate, construction | — | — | 68 | — | 68 | ||||||||||||||
Consumer | 7 | 61 | 89 | 68 | 202 | ||||||||||||||
Home equity lines of credit | 67 | 237 | 5 | 304 | (6 | ) | |||||||||||||
Deposit account overdrafts | 107 | 33 | 165 | 140 | 273 | ||||||||||||||
Total net charge-offs | $ | 1,578 | $ | 7,628 | $ | 4,843 | $ | 9,206 | $ | 12,048 | |||||||||
Net charge-offs as a percent of loans (annualized) | 0.67 | % | 3.21 | % | 1.86 | % | 1.94 | % | 2.31 | % |
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||
(in $000’s, end of period) | 2011 | 2011 | 2010 | 2010 | 2010 | |||||||||||||
Trust assets under management | $ | 846,052 | 852,972 | $ | 836,587 | $ | 795,335 | $ | 742,044 | |||||||||
Brokerage assets under management | $ | 265,384 | 260,134 | $ | 256,579 | $ | 233,308 | $ | 214,421 | |||||||||
Mortgage loans serviced for others | $ | 259,352 | 258,626 | $ | 250,630 | $ | 235,538 | $ | 234,134 | |||||||||
Employees (full-time equivalent) | 537 | 543 | 534 | 532 | 527 | |||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
June 30, 2011 | March 31, 2011 | June 30, 2010 | ||||||||||||||||||||||||
(in $000’s) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Short-term investments | $ | 9,200 | $ | 5 | 0.20 | % | $ | 20,204 | $ | 11 | 0.22 | % | $ | 34,077 | $ | 21 | 0.25 | % | ||||||||
Investment securities (a)(b) | 670,707 | 6,800 | 4.06 | % | 659,238 | 6,902 | 4.19 | % | 739,206 | 8,717 | 4.72 | % | ||||||||||||||
Gross loans (a) | 947,620 | 12,417 | 5.25 | % | 963,424 | 12,704 | 5.33 | % | 1,042,010 | 14,629 | 5.63 | % | ||||||||||||||
Allowance for loan losses | (27,835 | ) | (28,338 | ) | (30,669 | ) | ||||||||||||||||||||
Total earning assets | 1,599,692 | 19,222 | 4.81 | % | 1,614,528 | 19,617 | 4.89 | % | 1,784,624 | 23,367 | 5.24 | % | ||||||||||||||
Intangible assets | 64,682 | 64,820 | 65,248 | |||||||||||||||||||||||
Other assets | 144,357 | 145,379 | 146,234 | |||||||||||||||||||||||
Total assets | $ | 1,808,731 | $ | 1,824,727 | $ | 1,996,106 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Savings accounts | $ | 137,518 | $ | 62 | 0.18 | % | $ | 128,784 | $ | 55 | 0.17 | % | $ | 121,017 | $ | 48 | 0.16 | % | ||||||||
Interest-bearing demand accounts | 248,258 | 440 | 0.71 | % | 232,932 | 622 | 1.08 | % | 237,262 | 650 | 1.10 | % | ||||||||||||||
Money market deposit accounts | 264,195 | 225 | 0.34 | % | 278,664 | 245 | 0.36 | % | 294,138 | 654 | 0.89 | % | ||||||||||||||
Brokered certificates of deposits | 69,747 | 570 | 3.28 | % | 81,688 | 632 | 3.14 | % | 111,222 | 761 | 2.74 | % | ||||||||||||||
Retail certificates of deposit | 420,497 | 2,377 | 2.27 | % | 426,917 | 2,431 | 2.31 | % | 454,533 | 2,840 | 2.51 | % | ||||||||||||||
Total interest-bearing deposits | 1,140,215 | 3,674 | 1.29 | % | 1,148,985 | 3,985 | 1.41 | % | 1,218,172 | 4,953 | 1.63 | % | ||||||||||||||
Short-term borrowings | 42,536 | 26 | 0.25 | % | 46,324 | 35 | 0.30 | % | 48,931 | 66 | 0.53 | % | ||||||||||||||
Long-term borrowings | 174,350 | 1,810 | 4.13 | % | 176,471 | 1,802 | 4.11 | % | 262,602 | 2,771 | 4.19 | % | ||||||||||||||
Total borrowed funds | 216,886 | 1,836 | 3.37 | % | 222,795 | 1,837 | 3.32 | % | 311,533 | 2,837 | 3.62 | % | ||||||||||||||
Total interest-bearing liabilities | 1,357,101 | 5,510 | 1.63 | % | 1,371,780 | 5,822 | 1.72 | % | 1,529,705 | 7,790 | 2.04 | % | ||||||||||||||
Non-interest-bearing deposits | 226,669 | 222,656 | 209,602 | |||||||||||||||||||||||
Other liabilities | 11,257 | 12,001 | 14,317 | |||||||||||||||||||||||
Total liabilities | 1,595,027 | 1,606,437 | 1,753,624 | |||||||||||||||||||||||
Preferred equity | 17,856 | 25,245 | 38,581 | |||||||||||||||||||||||
Common equity | 195,848 | 193,045 | 203,901 | |||||||||||||||||||||||
Stockholders’ equity | 213,704 | 218,290 | 242,482 | |||||||||||||||||||||||
Total liabilities and equity | $ | 1,808,731 | $ | 1,824,727 | $ | 1,996,106 | ||||||||||||||||||||
Net interest income/spread (a) | $ | 13,712 | 3.18 | % | $ | 13,794 | 3.17 | % | $ | 15,577 | 3.20 | % | ||||||||||||||
Net interest margin (a) | 3.43 | % | 3.43 | % | 3.49 | % | ||||||||||||||||||||
(a) Information presented on a fully tax-equivalent basis. | ||||||||||||||||||||||||||
(b) Average balances are based on carrying value. |
Six Months Ended | |||||||||||||||||
June 30, 2011 | June 30, 2010 | ||||||||||||||||
(in $000’s) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |||||||||||
Assets | |||||||||||||||||
Short-term investments | $ | 14,672 | $ | 16 | 0.22 | % | $ | 20,772 | $ | 25 | 0.25 | % | |||||
Investment securities (a)(b) | 665,004 | 13,702 | 4.12 | % | 753,426 | 17,720 | 4.71 | % | |||||||||
Gross loans (a) | 955,478 | 25,121 | 5.29 | % | 1,050,965 | 29,480 | 5.64 | % | |||||||||
Allowance for loan losses | (28,085 | ) | (30,004 | ) | |||||||||||||
Total earning assets | 1,607,069 | 38,839 | 4.85 | % | 1,795,159 | 47,225 | 5.28 | % | |||||||||
Intangible assets | 64,751 | 65,365 | |||||||||||||||
Other assets | 144,864 | 144,111 | |||||||||||||||
Total assets | $ | 1,816,684 | $ | 2,004,635 | |||||||||||||
Liabilities and Equity | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Savings accounts | $ | 133,175 | $ | 117 | 0.18 | % | $ | 118,807 | $ | 95 | 0.16 | % | |||||
Interest-bearing demand accounts | 240,637 | 1,062 | 0.89 | % | 233,467 | 1,311 | 1.13 | % | |||||||||
Money market deposit accounts | 271,390 | 470 | 0.35 | % | 283,910 | 1,311 | 0.93 | % | |||||||||
Brokered certificates of deposits | 75,685 | 1,202 | 3.20 | % | 108,726 | 1,564 | 2.90 | % | |||||||||
Retail certificates of deposit | 423,689 | 4,808 | 2.29 | % | 464,773 | 5,816 | 2.52 | % | |||||||||
Total interest-bearing deposits | 1,144,576 | 7,659 | 1.35 | % | 1,209,683 | 10,097 | 1.68 | % | |||||||||
Short-term borrowings | 44,420 | 61 | 0.27 | % | 67,435 | 147 | 0.43 | % | |||||||||
Long-term borrowings | 175,404 | 3,612 | 4.12 | % | 263,958 | 5,562 | 4.21 | % | |||||||||
Total borrowed funds | 219,824 | 3,673 | 3.34 | % | 331,393 | 5,709 | 3.44 | % | |||||||||
Total interest-bearing liabilities | 1,364,400 | 11,332 | 1.67 | % | 1,541,076 | 15,806 | 2.06 | % | |||||||||
Non-interest-bearing deposits | 224,674 | 206,398 | |||||||||||||||
Other liabilities | 11,626 | 14,008 | |||||||||||||||
Total liabilities | 1,600,700 | 1,761,482 | |||||||||||||||
Preferred equity | 21,530 | 38,568 | |||||||||||||||
Common equity | 194,454 | 204,585 | |||||||||||||||
Stockholders’ equity | 215,984 | 243,153 | |||||||||||||||
Total liabilities and equity | $ | 1,816,684 | $ | 2,004,635 | |||||||||||||
Net interest income/spread (a) | $ | 27,507 | 3.18 | % | $ | 31,419 | 3.22 | % | |||||||||
Net interest margin (a) | 3.43 | % | 3.51 | % | |||||||||||||
(a) Information presented on a fully tax-equivalent basis. | |||||||||||||||||
(b) Average balances are based on carrying value. |
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
(in $000’s, end of period) | 2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||
Tangible Equity: | |||||||||||||||||||
Total stockholders' equity, as reported | $ | 218,527 | $ | 210,485 | $ | 230,681 | $ | 233,759 | $ | 240,280 | |||||||||
Less: goodwill and other intangible assets | 64,602 | 64,765 | 64,870 | 64,934 | 65,138 | ||||||||||||||
Tangible equity | $ | 153,925 | $ | 145,720 | $ | 165,811 | $ | 168,825 | $ | 175,142 | |||||||||
Tangible Common Equity: | |||||||||||||||||||
Tangible equity | $ | 153,925 | $ | 145,720 | $ | 165,811 | $ | 168,825 | $ | 175,142 | |||||||||
Less: preferred stockholders' equity | 17,862 | 17,850 | 38,645 | 38,619 | 38,593 | ||||||||||||||
Tangible common equity | $ | 136,063 | $ | 127,870 | $ | 127,166 | $ | 130,206 | $ | 136,549 | |||||||||
Tangible Assets: | |||||||||||||||||||
Total assets, as reported | $ | 1,802,703 | $ | 1,801,590 | $ | 1,837,985 | $ | 1,883,689 | $ | 1,967,046 | |||||||||
Less: goodwill and other intangible assets | 64,602 | 64,765 | 64,870 | 64,934 | 65,138 | ||||||||||||||
Tangible assets | $ | 1,738,101 | $ | 1,736,825 | $ | 1,773,115 | $ | 1,818,755 | $ | 1,901,908 | |||||||||
Tangible Book Value per Share: | |||||||||||||||||||
Tangible common equity | $ | 136,063 | $ | 127,870 | $ | 127,166 | $ | 130,206 | $ | 136,549 | |||||||||
Common shares outstanding | 10,478,149 | 10,474,507 | 10,457,327 | 10,438,510 | 10,423,317 | ||||||||||||||
Tangible book value per share | $ | 12.99 | $ | 12.21 | $ | 12.16 | $ | 12.47 | $ | 13.10 | |||||||||
Tangible Equity to Tangible Assets Ratio: | |||||||||||||||||||
Tangible equity | $ | 153,925 | $ | 145,720 | $ | 165,811 | $ | 168,825 | $ | 175,142 | |||||||||
Total tangible assets | $ | 1,738,101 | $ | 1,736,825 | $ | 1,773,115 | $ | 1,818,755 | $ | 1,901,908 | |||||||||
Tangible equity to tangible assets | 8.86 | % | 8.39 | % | 9.35 | % | 9.28 | % | 9.21 | % | |||||||||
Tangible Common Equity to Tangible Assets Ratio: | |||||||||||||||||||
Tangible common equity | $ | 136,063 | $ | 127,870 | $ | 127,166 | $ | 130,206 | $ | 136,549 | |||||||||
Tangible assets | $ | 1,738,101 | $ | 1,736,825 | $ | 1,773,115 | $ | 1,818,755 | $ | 1,901,908 | |||||||||
Tangible common equity to tangible assets | 7.83 | % | 7.36 | % | 7.17 | % | 7.16 | % | 7.18 | % |