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) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act | |
(17 CFR 240.14d-2(b)) | ||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act | |
(17 CFR 240.13e-4(c)) |
PEOPLES BANCORP INC. | ||||
Date: | April 24, 2012 | 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 April 24, 2012 |
P.O. BOX 738 - MARIETTA, OHIO - 45750 | NEWS RELEASE |
www.peoplesbancorp.com |
FOR IMMEDIATE RELEASE | Contact: | Edward G. Sloane |
April 24, 2012 | Chief Financial Officer and Treasurer | |
(740) 373-3155 |
• | Pre-provision net revenue of $7.5 million was 3% higher than a year ago, as total revenue increased while operating expenses were controlled. On a linked quarter basis, pre-provision net revenue improved substantially as first quarter 2012 benefited from $0.9 million of annual insurance revenue plus lower operating expenses attributable to cost saving initiatives implemented in 2011. |
• | Total criticized loans, which are those classified as watch, substandard or doubtful, decreased $24 million, or 17%, since year-end 2011, while total nonperforming loans decreased $10 million, or 32%. These reductions primarily reflect the payoff of two substandard loans during the quarter. Other real estate owned ("OREO") also benefited from the sale of a single commercial property. As a result, total nonperforming assets as a percentage of gross loans and OREO was 2.25% versus 3.41% at December 31, 2011, and 3.85% a year ago. |
• | Net charge-offs were 0.14% of average loans on an annualized basis, versus 0.43% in the linked quarter and 3.21% a year ago. Due to the continued improvement in asset quality, the allowance for loan losses was lowered to 2.25% of total loans at March 31, 2012, from 2.53% at year-end 2011 and 2.58% at March 31, 2011. |
• | Total revenue, which is net interest income plus non-interest income, was 3% higher than the prior year, driven mostly by stronger fee-based revenues. Net interest income was consistent with the prior year, despite lower average loan balances. Compared to the linked quarter, total revenue benefited the recognition of annual performance-based insurance revenue, which more than offset declines in net interest income and deposit service charges. |
• | Total non-interest expense was down 9% from the linked quarter due to cost saving initiatives implemented in 2011. Year-over-year, total non-interest expense increased 3%, due almost entirely to higher employee benefit costs as other operating costs were either comparable to or lower than the prior year quarter. |
• | Total period-end loan balances grew $6 million during the first quarter, as commercial production remained strong but was tempered by the two substandard loan payoffs. |
• | Retail deposit balances experienced 18% annualized growth split evenly between interest-bearing and non-interest-bearing deposits. A portion of the higher balances was the result of normal seasonal fluctuations in consumer and governmental deposit balances. Non-interest-bearing deposits grew to 20.0% of total retail deposits versus 18.6% at year-end 2011. |
Three Months Ended | |||||||||||
March 31, | December 31, | March 31, | |||||||||
2012 | 2011 | 2011 | |||||||||
PER COMMON SHARE: | |||||||||||
Earnings per share: | |||||||||||
Basic | $ | 0.63 | $ | 0.33 | $ | 0.13 | |||||
Diluted | 0.63 | 0.33 | 0.13 | ||||||||
Cash dividends declared per share | 0.11 | 0.10 | 0.10 | ||||||||
Book value per share | 19.83 | 19.67 | 18.39 | ||||||||
Tangible book value per share (a) | 13.71 | 13.53 | 12.21 | ||||||||
Closing stock price at end of period | $ | 17.54 | $ | 14.81 | $ | 12.02 | |||||
SELECTED RATIOS: | |||||||||||
Return on average equity (b) | 12.90 | % | 6.79 | % | 3.47 | % | |||||
Return on average common equity (b) | 12.90 | % | 6.69 | % | 2.83 | % | |||||
Return on average assets (b) | 1.48 | % | 0.84 | % | 0.42 | % | |||||
Efficiency ratio (c) | 65.47 | % | 73.53 | % | 65.21 | % | |||||
Pre-provision net revenue to average assets (d) | 1.68 | % | 1.03 | % | 1.62 | % | |||||
Net interest margin (b)(e) | 3.41 | % | 3.49 | % | 3.43 | % | |||||
Dividend payout ratio (f) | 17.61 | % | 30.32 | % | 78.60 | % | |||||
(a) | This amount represents a non-GAAP measure since it excludes the balance sheet impact of intangible assets acquired through acquisitions on stockholders' equity. Additional information regarding the calculation of this ratio is included at the end of this release. |
(b) | Ratios are presented on an annualized basis. |
(c) | Non-interest expense (less intangible amortization) as a percentage of fully tax-equivalent net interest income plus non-interest income (less securities and asset disposal gains/losses). |
(d) | This amount represents a non-GAAP measure since it excludes the recovery of or provision for loan loss and net gains or losses on security transactions. This measure is a key metric used by federal bank regulatory agencies in their evaluation of capital adequacy for financial institutions. Additional information regarding the calculation of this ratio is included at the end of this release. |
(e) | Information presented on a fully tax-equivalent basis. |
(f) | Dividends declared on common shares as a percentage of net income available to common shareholders. |
Three Months Ended | |||||||||||
March 31, | December 31, | March 31, | |||||||||
(in $000’s) | 2012 | 2011 | 2011 | ||||||||
Interest income | $ | 17,612 | $ | 18,475 | $ | 19,317 | |||||
Interest expense | 4,180 | 4,686 | 5,822 | ||||||||
Net interest income | 13,432 | 13,789 | 13,495 | ||||||||
(Recovery of) provision for loan losses | (2,137 | ) | (473 | ) | 5,311 | ||||||
Net interest income after (recovery of) provision for loan losses | 15,569 | 14,262 | 8,184 | ||||||||
Net gain on securities transactions | 3,163 | — | 360 | ||||||||
Loss on debt extinguishment | (3,111 | ) | — | — | |||||||
Gain (loss) on loans held-for-sale and other real estate owned | 56 | (869 | ) | 57 | |||||||
Net (loss) gain on other assets | (7 | ) | 60 | 3 | |||||||
Non-interest income: | |||||||||||
Deposit account service charges | 2,237 | 2,509 | 2,174 | ||||||||
Insurance income | 2,951 | 1,944 | 2,832 | ||||||||
Trust and investment income | 1,496 | 1,429 | 1,325 | ||||||||
Electronic banking income | 1,488 | 1,324 | 1,221 | ||||||||
Mortgage banking income | 549 | 657 | 374 | ||||||||
Bank owned life insurance | 8 | 76 | 87 | ||||||||
Other non-interest income | 353 | 349 | 361 | ||||||||
Total non-interest income | 9,082 | 8,288 | 8,374 | ||||||||
Non-interest expense: | |||||||||||
Salaries and employee benefits costs | 8,245 | 9,345 | 7,627 | ||||||||
Net occupancy and equipment | 1,432 | 1,459 | 1,501 | ||||||||
Professional fees | 813 | 916 | 795 | ||||||||
Electronic banking expense | 694 | 676 | 618 | ||||||||
Data processing and software | 487 | 487 | 463 | ||||||||
Franchise taxes | 412 | 377 | 401 | ||||||||
Communication expense | 348 | 308 | 314 | ||||||||
FDIC insurance | 309 | 315 | 662 | ||||||||
Foreclosed real estate and other loan expenses | 221 | 388 | 350 | ||||||||
Amortization of intangible assets | 107 | 131 | 162 | ||||||||
Other non-interest expense | 1,948 | 2,162 | 1,725 | ||||||||
Total non-interest expense | 15,016 | 16,564 | 14,618 | ||||||||
Income before income taxes | 9,736 | 5,177 | 2,360 | ||||||||
Income tax expense | 3,079 | 1,333 | 491 | ||||||||
Net income | $ | 6,657 | $ | 3,844 | $ | 1,869 | |||||
Preferred dividends | — | 345 | 523 | ||||||||
Net income available to common shareholders | $ | 6,657 | $ | 3,499 | $ | 1,346 | |||||
PER COMMON SHARE DATA: | |||||||||||
Earnings per share – Basic | $ | 0.63 | $ | 0.33 | $ | 0.13 | |||||
Earnings per share – Diluted | $ | 0.63 | $ | 0.33 | $ | 0.13 | |||||
Cash dividends declared per share | $ | 0.11 | $ | 0.10 | $ | 0.10 | |||||
Weighted-average shares outstanding – Basic | 10,513,388 | 10,494,210 | 10,471,819 | ||||||||
Weighted-average shares outstanding – Diluted | 10,513,388 | 10,514,960 | 10,477,360 | ||||||||
Actual shares outstanding (end of period) | 10,521,548 | 10,507,124 | 10,474,507 |
March 31, | December 31, | ||||||
(in $000’s) | 2012 | 2011 | |||||
Assets | |||||||
Cash and cash equivalents: | |||||||
Cash and due from banks | $ | 29,870 | $ | 32,346 | |||
Interest-bearing deposits in other banks | 8,085 | 6,604 | |||||
Total cash and cash equivalents | 37,955 | 38,950 | |||||
Available-for-sale investment securities, at fair value (amortized cost of $602,817 | |||||||
at March 31, 2012 and $617,128 at December 31, 2011) | 610,036 | 628,571 | |||||
Held-to-maturity investment securities, at amortized cost (fair value of $34,634 | |||||||
at March 31, 2012 and $16,705 at December 31, 2011) | 34,298 | 16,301 | |||||
Other investment securities, at cost | 24,356 | 24,356 | |||||
Total investment securities | 668,690 | 669,228 | |||||
Loans, net of deferred fees and costs | 944,103 | 938,506 | |||||
Allowance for loan losses | (21,249 | ) | (23,717 | ) | |||
Net loans | 922,854 | 914,789 | |||||
Loans held-for-sale | 5,167 | 3,271 | |||||
Bank premises and equipment, net of accumulated depreciation | 23,863 | 23,905 | |||||
Bank owned life insurance | 49,392 | 49,384 | |||||
Goodwill | 62,520 | 62,520 | |||||
Other intangible assets | 1,909 | 1,955 | |||||
Other assets | 33,573 | 30,159 | |||||
Total assets | $ | 1,805,923 | $ | 1,794,161 | |||
Liabilities | |||||||
Deposits: | |||||||
Non-interest-bearing deposits | $ | 268,444 | $ | 239,837 | |||
Interest-bearing deposits | 1,130,105 | 1,111,243 | |||||
Total deposits | 1,398,549 | 1,351,080 | |||||
Short-term borrowings | 44,905 | 51,643 | |||||
Long-term borrowings | 106,652 | 142,312 | |||||
Junior subordinated notes held by subsidiary trust | 22,609 | 22,600 | |||||
Accrued expenses and other liabilities | 24,542 | 19,869 | |||||
Total liabilities | 1,597,257 | 1,587,504 | |||||
Stockholders' Equity | |||||||
Preferred stock, no par value (50,000 shares authorized, no shares issued | |||||||
at March 31, 2012 and December 31, 2011) | — | — | |||||
Common stock, no par value (24,000,000 shares authorized, 11,129,412 shares | |||||||
issued at March 31, 2012 and 11,122,247 shares issued at December 31, 2011), | |||||||
including shares in treasury | 166,065 | 166,969 | |||||
Retained earnings | 59,065 | 53,580 | |||||
Accumulated comprehensive (loss) income, net of deferred income taxes | (1,310 | ) | 1,412 | ||||
Treasury stock, at cost (607,864 shares at March 31, 2012 and | |||||||
615,123 shares at December 31, 2011) | (15,154 | ) | (15,304 | ) | |||
Total stockholders' equity | 208,666 | 206,657 | |||||
Total liabilities and stockholders' equity | $ | 1,805,923 | $ | 1,794,161 | |||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
(in $000’s, end of period) | 2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||
Loan Portfolio | |||||||||||||||
Commercial real estate | $ | 394,034 | $ | 410,352 | $ | 424,741 | $ | 411,355 | $ | 413,011 | |||||
Commercial and industrial | 150,431 | 140,857 | 140,058 | 145,625 | 147,825 | ||||||||||
Real estate construction | 43,510 | 30,577 | 26,751 | 29,259 | 38,154 | ||||||||||
Residential real estate | 218,745 | 219,619 | 222,374 | 215,242 | 215,040 | ||||||||||
Home equity lines of credit | 48,067 | 47,790 | 48,085 | 48,148 | 48,281 | ||||||||||
Consumer | 86,965 | 87,531 | 87,072 | 88,345 | 84,078 | ||||||||||
Deposit account overdrafts | 2,351 | 1,780 | 1,712 | 2,145 | 1,640 | ||||||||||
Total loans | $ | 944,103 | $ | 938,506 | $ | 950,793 | $ | 940,119 | $ | 948,029 | |||||
Deposit Balances | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||
Retail certificates of deposit | $ | 392,503 | $ | 411,247 | $ | 415,190 | $ | 421,167 | $ | 420,828 | |||||
Money market deposit accounts | 255,907 | 268,410 | 254,012 | 264,677 | 270,574 | ||||||||||
Governmental deposit accounts | 161,798 | 122,916 | 140,357 | 150,319 | 149,961 | ||||||||||
Savings accounts | 155,097 | 138,383 | 132,182 | 133,352 | 132,323 | ||||||||||
Interest-bearing demand accounts | 110,731 | 106,233 | 100,770 | 99,324 | 97,561 | ||||||||||
Total retail interest-bearing deposits | 1,076,036 | 1,047,189 | 1,042,511 | 1,068,839 | 1,071,247 | ||||||||||
Brokered certificates of deposits | 54,069 | 64,054 | 64,470 | 67,912 | 70,522 | ||||||||||
Total interest-bearing deposits | 1,130,105 | 1,111,243 | 1,106,981 | 1,136,751 | 1,141,769 | ||||||||||
Non-interest-bearing deposits | 268,444 | 239,837 | 235,585 | 222,075 | 219,175 | ||||||||||
Total deposits | $ | 1,398,549 | $ | 1,351,080 | $ | 1,342,566 | $ | 1,358,826 | $ | 1,360,944 | |||||
Asset Quality | |||||||||||||||
Nonperforming assets: | |||||||||||||||
Loans 90+ days past due and accruing | $ | — | $ | — | $ | 146 | $ | 124 | 37 | ||||||
Nonaccrual loans | 20,492 | 30,022 | 32,957 | 31,421 | 32,322 | ||||||||||
Total nonperforming loans | 20,492 | 30,022 | 33,103 | 31,545 | 32,359 | ||||||||||
Other real estate owned | 869 | 2,194 | 3,667 | 3,546 | 4,400 | ||||||||||
Total nonperforming assets | $ | 21,361 | $ | 32,216 | $ | 36,770 | $ | 35,091 | $ | 36,759 | |||||
Allowance for loan losses as a percent of | |||||||||||||||
nonperforming loans | 103.69 | % | 79.00 | % | 76.16 | % | 79.78 | % | 75.56 | % | |||||
Nonperforming loans as a percent of total loans | 2.16 | % | 3.19 | % | 3.47 | % | 3.35 | % | 3.41 | % | |||||
Nonperforming assets as a percent of total assets | 1.18 | % | 1.80 | % | 2.04 | % | 1.95 | % | 2.04 | % | |||||
Nonperforming assets as a percent of total loans | |||||||||||||||
and other real estate owned | 2.25 | % | 3.41 | % | 3.84 | % | 3.71 | % | 3.85 | % | |||||
Allowance for loan losses as a percent of total loans | 2.25 | % | 2.53 | % | 2.65 | % | 2.68 | % | 2.58 | % | |||||
Capital Information(a) | |||||||||||||||
Tier 1 common ratio | 13.82 | % | 12.82 | % | 12.40 | % | 12.05 | % | 11.72 | % | |||||
Tier 1 risk-based capital ratio | 15.86 | % | 14.86 | % | 15.98 | % | 15.62 | % | 15.25 | % | |||||
Total risk-based capital ratio (Tier 1 and Tier 2) | 17.20 | % | 16.20 | % | 17.33 | % | 16.97 | % | 16.60 | % | |||||
Leverage ratio | 10.05 | % | 9.45 | % | 10.37 | % | 10.10 | % | 9.81 | % | |||||
Tier 1 common capital | $ | 153,180 | $ | 142,521 | $ | 139,828 | $ | 136,842 | $ | 133,891 | |||||
Tier 1 capital | 175,789 | 165,121 | 180,294 | 177,287 | 174,314 | ||||||||||
Total capital (Tier 1 and Tier 2) | 190,694 | 180,053 | 195,480 | 192,663 | 189,672 | ||||||||||
Total risk-weighted assets | $ | 1,108,633 | $ | 1,111,443 | $ | 1,127,921 | $ | 1,135,234 | $ | 1,142,758 | |||||
Tangible equity to tangible assets (b) | 8.28 | % | 8.22 | % | 9.19 | % | 8.86 | % | 8.39 | % | |||||
Tangible common equity to tangible assets (b) | 8.28 | % | 8.22 | % | 8.16 | % | 7.83 | % | 7.36 | % |
Three Months Ended | |||||||||||
March 31, | December 31, | March 31, | |||||||||
(in $000’s) | 2012 | 2011 | 2011 | ||||||||
(Recovery of) Provision for Loan Losses | |||||||||||
(Recovery of) Provision for checking account overdrafts | $ | (12 | ) | $ | 147 | $ | 11 | ||||
(Recovery of) Provision for other loan losses | (2,125 | ) | (620 | ) | 5,300 | ||||||
Total (recovery of) provision for loan losses | $ | (2,137 | ) | $ | (473 | ) | $ | 5,311 | |||
Net Charge-Offs | |||||||||||
Gross charge-offs | $ | 2,571 | $ | 2,352 | $ | 8,780 | |||||
Recoveries | 2,240 | 1,329 | 1,152 | ||||||||
Net charge-offs | $ | 331 | $ | 1,023 | $ | 7,628 | |||||
Net Charge-Offs (Recoveries) by Type | |||||||||||
Commercial real estate | $ | 351 | $ | 518 | $ | 6,763 | |||||
Commercial and industrial | (48 | ) | (72 | ) | 776 | ||||||
Residential real estate | (97 | ) | 302 | (242 | ) | ||||||
Real estate, construction | — | — | — | ||||||||
Consumer | 26 | 126 | 61 | ||||||||
Home equity lines of credit | 64 | 7 | 237 | ||||||||
Deposit account overdrafts | 35 | 142 | 33 | ||||||||
Total net charge-offs | $ | 331 | $ | 1,023 | $ | 7,628 | |||||
Net charge-offs as a percent of loans (annualized) | 0.14 | % | 0.43 | % | 3.21 | % |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
(in $000’s, end of period) | 2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||
Trust assets under management | $ | 853,444 | $ | 821,659 | $ | 776,165 | $ | 846,052 | $ | 852,972 | |||||||||
Brokerage assets under management | $ | 284,453 | 262,196 | 249,550 | 265,384 | 260,134 | |||||||||||||
Mortgage loans serviced for others | $ | 281,015 | 275,715 | 262,992 | 259,352 | 258,626 | |||||||||||||
Employees (full-time equivalent) | 499 | 513 | 540 | 537 | 543 | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
March 31, 2012 | December 31, 2011 | March 31, 2011 | ||||||||||||||||||||||||
(in $000’s) | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | Balance | Income/ Expense | Yield/ Cost | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Short-term investments | $ | 6,280 | $ | 4 | 0.25 | % | $ | 8,623 | $ | 4 | 0.22 | % | $ | 20,204 | $ | 11 | 0.22 | % | ||||||||
Investment securities (a)(b) | 682,904 | 6,078 | 3.56 | % | 676,550 | 6,518 | 3.85 | % | 659,238 | 6,902 | 4.19 | % | ||||||||||||||
Gross loans (a) | 946,230 | 11,789 | 5.00 | % | 948,598 | 12,225 | 5.12 | % | 963,424 | 12,704 | 5.33 | % | ||||||||||||||
Allowance for loan losses | (24,429 | ) | (25,695 | ) | (28,338 | ) | ||||||||||||||||||||
Total earning assets | 1,610,985 | 17,871 | 4.45 | % | 1,608,076 | 18,747 | 4.64 | % | 1,614,528 | 19,617 | 4.89 | % | ||||||||||||||
Intangible assets | 64,425 | 64,451 | 64,820 | |||||||||||||||||||||||
Other assets | 131,331 | 137,664 | 145,379 | |||||||||||||||||||||||
Total assets | $ | 1,806,741 | $ | 1,810,191 | $ | 1,824,727 | ||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||
Savings accounts | $ | 147,420 | $ | 21 | 0.06 | % | $ | 136,665 | $ | 20 | 0.06 | % | $ | 128,784 | $ | 55 | 0.17 | % | ||||||||
Interest-bearing demand accounts | 247,557 | 269 | 0.44 | % | 238,860 | 267 | 0.44 | % | 232,932 | 622 | 1.08 | % | ||||||||||||||
Money market deposit accounts | 264,808 | 126 | 0.19 | % | 264,378 | 135 | 0.20 | % | 278,664 | 245 | 0.36 | % | ||||||||||||||
Brokered certificates of deposits | 61,443 | 528 | 3.46 | % | 64,396 | 549 | 3.38 | % | 81,688 | 632 | 3.14 | % | ||||||||||||||
Retail certificates of deposit | 400,444 | 1,603 | 1.61 | % | 415,887 | 1,968 | 1.88 | % | 426,917 | 2,431 | 2.31 | % | ||||||||||||||
Total interest-bearing deposits | 1,121,672 | 2,547 | 0.91 | % | 1,120,186 | 2,939 | 1.04 | % | 1,148,985 | 3,985 | 1.41 | % | ||||||||||||||
Short-term borrowings | 57,509 | 19 | 0.13 | % | 50,674 | 18 | 0.14 | % | 46,324 | 35 | 0.30 | % | ||||||||||||||
Long-term borrowings | 153,106 | 1,614 | 4.20 | % | 165,939 | 1,729 | 4.10 | % | 176,471 | 1,802 | 4.11 | % | ||||||||||||||
Total borrowed funds | 210,615 | 1,633 | 3.09 | % | 216,613 | 1,747 | 3.17 | % | 222,795 | 1,837 | 3.32 | % | ||||||||||||||
Total interest-bearing liabilities | 1,332,287 | 4,180 | 1.26 | % | 1,336,799 | 4,686 | 1.39 | % | 1,371,780 | 5,822 | 1.72 | % | ||||||||||||||
Non-interest-bearing deposits | 247,487 | 236,405 | 222,656 | |||||||||||||||||||||||
Other liabilities | 19,350 | 12,248 | 12,001 | |||||||||||||||||||||||
Total liabilities | 1,599,124 | 1,585,452 | 1,606,437 | |||||||||||||||||||||||
Preferred equity | — | 17,104 | 25,245 | |||||||||||||||||||||||
Common equity | 207,617 | 207,635 | 193,045 | |||||||||||||||||||||||
Stockholders’ equity | 207,617 | 224,739 | 218,290 | |||||||||||||||||||||||
Total liabilities and equity | $ | 1,806,741 | $ | 1,810,191 | $ | 1,824,727 | ||||||||||||||||||||
Net interest income/spread (a) | $ | 13,691 | 3.19 | % | $ | 14,061 | 3.25 | % | $ | 13,795 | 3.17 | % | ||||||||||||||
Net interest margin (a) | 3.41 | % | 3.49 | % | 3.43 | % | ||||||||||||||||||||
(a) Information presented on a fully tax-equivalent basis. | ||||||||||||||||||||||||||
(b) Average balances are based on carrying value. |
At or For the three months ended | |||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
(in $000’s) | 2012 | 2011 | 2011 | 2011 | 2011 | ||||||||||||||
Pre-Provision Net Revenue: | |||||||||||||||||||
Income before income taxes | $ | 9,736 | $ | 5,177 | $ | 5,806 | $ | 3,808 | $ | 2,360 | |||||||||
Add: provision for loan losses | — | — | 865 | 2,295 | 5,311 | ||||||||||||||
Add: loss on debt extinguishment | (3,111 | ) | — | — | — | — | |||||||||||||
Less: recovery of loan losses | (2,137 | ) | (473 | ) | — | — | — | ||||||||||||
Less: net gain on securities transactions | 3,163 | — | 57 | 56 | 360 | ||||||||||||||
Pre-provision net revenue | $ | 7,547 | $ | 4,704 | $ | 6,614 | $ | 6,047 | $ | 7,311 | |||||||||
Pre-provision net revenue | 7,547 | 4,704 | 6,614 | 6,047 | 7,311 | ||||||||||||||
Total average assets | 1,806,741 | 1,810,191 | 1,802,218 | 1,808,731 | 1,824,727 | ||||||||||||||
Pre-provision net revenue to average assets | 1.68 | % | 1.03 | % | 1.46 | % | 1.34 | % | 1.62 | % | |||||||||
Tangible Equity: | |||||||||||||||||||
Total stockholders' equity, as reported | $ | 208,666 | $ | 206,657 | $ | 224,530 | $ | 218,527 | $ | 210,485 | |||||||||
Less: goodwill and other intangible assets | 64,429 | 64,475 | 64,489 | 64,602 | 64,765 | ||||||||||||||
Tangible equity | $ | 144,237 | $ | 142,182 | $ | 160,041 | $ | 153,925 | $ | 145,720 | |||||||||
Tangible Common Equity: | |||||||||||||||||||
Tangible equity | $ | 144,237 | $ | 142,182 | $ | 160,041 | $ | 153,925 | $ | 145,720 | |||||||||
Less: preferred stockholders' equity | — | — | 17,875 | 17,862 | 17,850 | ||||||||||||||
Tangible common equity | $ | 144,237 | $ | 142,182 | $ | 142,166 | $ | 136,063 | $ | 127,870 | |||||||||
Tangible Assets: | |||||||||||||||||||
Total assets, as reported | $ | 1,805,923 | $ | 1,794,161 | $ | 1,805,743 | $ | 1,802,703 | $ | 1,801,590 | |||||||||
Less: goodwill and other intangible assets | 64,429 | 64,475 | 64,489 | 64,602 | 64,765 | ||||||||||||||
Tangible assets | $ | 1,741,494 | $ | 1,729,686 | $ | 1,741,254 | $ | 1,738,101 | $ | 1,736,825 | |||||||||
Tangible Book Value per Common Share: | |||||||||||||||||||
Tangible common equity | $ | 144,237 | $ | 142,182 | $ | 142,166 | $ | 136,063 | $ | 127,870 | |||||||||
Common shares outstanding | 10,521,548 | 10,507,124 | 10,489,400 | 10,478,149 | 10,474,507 | ||||||||||||||
Tangible book value per common share | $ | 13.71 | $ | 13.53 | $ | 13.55 | $ | 12.99 | $ | 12.21 | |||||||||
Tangible Equity to Tangible Assets Ratio: | |||||||||||||||||||
Tangible equity | $ | 144,237 | $ | 142,182 | $ | 160,041 | $ | 153,925 | $ | 145,720 | |||||||||
Total tangible assets | $ | 1,741,494 | $ | 1,729,686 | $ | 1,741,254 | $ | 1,738,101 | $ | 1,736,825 | |||||||||
Tangible equity to tangible assets | 8.28 | % | 8.22 | % | 9.19 | % | 8.86 | % | 8.39 | % | |||||||||
Tangible Common Equity to Tangible Assets Ratio: | |||||||||||||||||||
Tangible common equity | $ | 144,237 | $ | 142,182 | $ | 142,166 | $ | 136,063 | $ | 127,870 | |||||||||
Tangible assets | $ | 1,741,494 | $ | 1,729,686 | $ | 1,741,254 | $ | 1,738,101 | $ | 1,736,825 | |||||||||
Tangible common equity to tangible assets | 8.28 | % | 8.22 | % | 8.16 | % | 7.83 | % | 7.36 | % |