California | 0-10140 | 95-3629339 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
701 North Haven Avenue, Ontario, California |
91764 |
|
(Address of principal executive offices) | (Zip Code) |
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)) |
99.1 | Press Release concerning the release of its second quarter 2011 earnings, conference
call and webcast. |
2
CVB FINANCIAL CORP. (Registrant) |
||||||
Date: July 20, 2011
|
By: | /s/ Richard C. Thomas | ||||
Richard C. Thomas | ||||||
Executive Vice President and | ||||||
Chief Financial Officer |
3
99.1 | Press Release, dated July 20, 2011 |
4
Contact: | Christopher D. Myers President and CEO (909) 980-4030 |
| Net income of $21.0 million for the second quarter of 2011 |
| Diluted earnings per common share were $0.20 for the second quarter and $0.35 year-to-date |
| Allowance for credit losses represents 3.04% of total CBB non-covered loans & leases |
| Non-performing loans decreased to $75.1 million, down from $157.0 million at December 31, 2010, and now represent 2.35% of total CBB non-covered loans and leases |
| Non-interest bearing deposits were $1.89 billion at June 30, 2011, an increase of $193.0 million from $1.70 billion at December 31, 2010 |
- 2 -
| $79.3 million to the non-covered dairy and livestock portfolio. |
| $42.9 million in note sales related to our former largest borrower. |
| $39.8 million from working down problem assets acquired from SJB. |
- 3 -
- 4 -
- 5 -
- 6 -
- 7 -
June 30, | December 31, | |||||||||||
2011 | 2010 | 2010 | ||||||||||
Assets: |
||||||||||||
Cash and due from banks |
$ | 102,600 | $ | 56,342 | $ | 67,279 | ||||||
Interest-bearing balances due from Federal Reserve |
304,131 | 394,704 | 286,769 | |||||||||
Interest-bearing balances due from depository institutions |
50,344 | 50,274 | 50,227 | |||||||||
Total cash and cash equivalents |
457,075 | 501,320 | 404,275 | |||||||||
Interest-bearing balances due from depository institutions |
50,190 | 190 | 50,190 | |||||||||
Investment Securities available-for-sale |
1,978,997 | 2,011,492 | 1,791,558 | |||||||||
Investment Securities held-to-maturity |
2,814 | 3,173 | 3,143 | |||||||||
Investment in stock of Federal Home Loan Bank (FHLB) |
79,744 | 93,962 | 86,744 | |||||||||
Loans held-for-sale |
7,341 | 2,554 | 2,954 | |||||||||
Loans and lease finance receivables |
3,526,596 | 3,929,321 | 3,747,740 | |||||||||
Less allowance for credit losses |
(96,895 | ) | (118,548 | ) | (105,259 | ) | ||||||
Net loans and lease finance receivables |
3,429,701 | 3,810,773 | 3,642,481 | |||||||||
Premises and equipment, net |
38,019 | 42,585 | 40,921 | |||||||||
Intangibles |
7,262 | 10,872 | 9,029 | |||||||||
Goodwill |
55,097 | 55,097 | 55,097 | |||||||||
Cash value of life insurance |
114,766 | 111,385 | 112,901 | |||||||||
FDIC loss sharing asset |
72,007 | 111,992 | 101,461 | |||||||||
Other assets |
167,180 | 105,001 | 135,937 | |||||||||
TOTAL |
$ | 6,460,193 | $ | 6,860,396 | $ | 6,436,691 | ||||||
Liabilities and Stockholders Equity |
||||||||||||
Liabilities: |
||||||||||||
Deposits: |
||||||||||||
Demand Deposits (noninterest-bearing) |
$ | 1,894,558 | $ | 1,646,717 | $ | 1,701,523 | ||||||
Investment Checking |
340,645 | 448,567 | 384,674 | |||||||||
Savings/MMDA |
1,381,712 | 1,307,002 | 1,342,758 | |||||||||
Time Deposits |
887,356 | 1,199,204 | 1,089,873 | |||||||||
Total Deposits |
4,504,271 | 4,601,490 | 4,518,828 | |||||||||
Demand Note to U.S. Treasury |
2,483 | 2,611 | 1,917 | |||||||||
Customer Repurchase Agreements |
535,420 | 745,661 | 542,188 | |||||||||
Borrowings |
553,526 | 653,254 | 553,390 | |||||||||
Junior Subordinated Debentures |
115,055 | 115,055 | 115,055 | |||||||||
Other liabilities |
65,753 | 68,341 | 61,458 | |||||||||
Total Liabilities |
5,776,508 | 6,186,412 | 5,792,836 | |||||||||
Stockholders equity: |
||||||||||||
Stockholders equity |
658,519 | 631,063 | 637,670 | |||||||||
Accumulated other comprehensive income, net of tax |
25,166 | 42,921 | 6,185 | |||||||||
683,685 | 673,984 | 643,855 | ||||||||||
TOTAL |
$ | 6,460,193 | $ | 6,860,396 | $ | 6,436,691 | ||||||
- 8 -
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Assets: |
||||||||||||||||
Cash and due from banks |
$ | 98,325 | $ | 101,453 | $ | 103,595 | $ | 99,038 | ||||||||
Interest-bearing balances due from Federal Reserve |
259,171 | 311,154 | 294,887 | 239,809 | ||||||||||||
Federal funds sold and Interest-bearing balances due from
depository institutions |
50,307 | 50,032 | 50,278 | 25,430 | ||||||||||||
Total cash and cash equivalents |
407,803 | 462,639 | 448,760 | 364,277 | ||||||||||||
Interest-bearing balances due from depository institutions |
50,190 | 190 | $ | 50,190 | $ | 579 | ||||||||||
Investment securities available-for-sale |
1,966,753 | 2,022,697 | 1,911,914 | 2,059,585 | ||||||||||||
Investment securities held-to-maturity |
2,941 | 3,303 | 2,970 | 3,480 | ||||||||||||
Investment in stock of Federal Home Loan Bank (FHLB) |
81,547 | 95,792 | 84,055 | 96,682 | ||||||||||||
Loans held-for-sale |
2,639 | 1,055 | 3,047 | 1,596 | ||||||||||||
Loans and lease finance receivables |
3,559,541 | 3,937,448 | 3,618,735 | 3,974,467 | ||||||||||||
Less allowance for credit losses |
(102,996 | ) | (117,368 | ) | (106,415 | ) | (115,960 | ) | ||||||||
Net loans and lease finance receivables |
3,456,545 | 3,820,080 | 3,512,320 | 3,858,507 | ||||||||||||
Premises and equipment, net |
38,933 | 41,907 | 39,738 | 41,671 | ||||||||||||
Intangibles |
7,629 | 11,285 | 8,073 | 11,758 | ||||||||||||
Goodwill |
55,097 | 55,097 | 55,097 | 55,097 | ||||||||||||
Cash value of life insurance |
114,320 | 110,877 | 113,767 | 110,332 | ||||||||||||
FDIC loss sharing asset |
78,275 | 117,467 | 84,183 | 125,261 | ||||||||||||
Other assets |
169,965 | 123,816 | 162,738 | 123,220 | ||||||||||||
TOTAL |
$ | 6,432,637 | $ | 6,866,205 | $ | 6,476,852 | $ | 6,852,045 | ||||||||
Liabilities and Stockholders Equity |
||||||||||||||||
Liabilities: |
||||||||||||||||
Deposits: |
||||||||||||||||
Noninterest-bearing |
$ | 1,852,954 | $ | 1,621,507 | $ | 1,822,068 | $ | 1,598,199 | ||||||||
Interest-bearing |
2,637,536 | 2,922,559 | 2,705,203 | 2,913,978 | ||||||||||||
Total Deposits |
4,490,490 | 4,544,066 | 4,527,271 | 4,512,177 | ||||||||||||
Other borrowings |
1,097,416 | 1,485,896 | 1,115,864 | 1,513,045 | ||||||||||||
Junior Subordinated Debentures |
115,055 | 115,055 | 115,055 | 115,055 | ||||||||||||
Other liabilities |
63,570 | 54,589 | 59,652 | 53,874 | ||||||||||||
Total Liabilities |
5,766,531 | 6,199,606 | 5,817,842 | 6,194,151 | ||||||||||||
Stockholders equity: |
||||||||||||||||
Stockholders equity |
657,186 | 633,367 | 651,436 | 628,027 | ||||||||||||
Accumulated other comprehensive income,
net of tax |
8,920 | 33,232 | 7,574 | 29,867 | ||||||||||||
666,106 | 666,599 | 659,010 | 657,894 | |||||||||||||
TOTAL |
$ | 6,432,637 | $ | 6,866,205 | $ | 6,476,852 | $ | 6,852,045 | ||||||||
- 9 -
For the Three Months | For the Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest Income: |
||||||||||||||||
Loans held-for-sale |
$ | 10 | $ | 15 | $ | 29 | $ | 33 | ||||||||
Loans and leases, including fees |
48,980 | 54,684 | 98,325 | 109,056 | ||||||||||||
Accelerated accretion on acquired loans |
5,707 | 4,473 | 7,658 | 17,851 | ||||||||||||
Total loans and leases, including fees |
54,697 | 59,172 | 106,012 | 126,940 | ||||||||||||
Investment securities: |
||||||||||||||||
Taxable |
10,152 | 14,391 | 18,990 | 30,475 | ||||||||||||
Tax-advantaged |
5,921 | 6,409 | 11,840 | 12,941 | ||||||||||||
Total investment income |
16,073 | 20,800 | 30,830 | 43,416 | ||||||||||||
Dividends from FHLB Stock |
66 | 63 | 131 | 129 | ||||||||||||
Federal funds sold & Interest-bearing CDs |
346 | 238 | 721 | 340 | ||||||||||||
Total interest income |
71,182 | 80,273 | 137,694 | 170,825 | ||||||||||||
Interest Expense: |
||||||||||||||||
Deposits |
2,220 | 4,841 | 5,008 | 10,129 | ||||||||||||
Borrowings and junior subordinated debentures |
6,567 | 11,218 | 13,182 | 23,143 | ||||||||||||
Total interest expense |
8,787 | 16,059 | 18,190 | 33,272 | ||||||||||||
Net interest income before provision for credit losses |
62,395 | 64,214 | 119,504 | 137,553 | ||||||||||||
Provision for credit losses |
| 11,000 | 7,068 | 23,200 | ||||||||||||
Net interest income after
provision for credit losses |
62,395 | 53,214 | 112,436 | 114,353 | ||||||||||||
Other Operating Income: |
||||||||||||||||
Impairment loss on investment securities |
(119 | ) | | (119 | ) | (98 | ) | |||||||||
Loss reclassified to/(from) other comprehensive
income |
| | | (587 | ) | |||||||||||
Net impairment loss on investment securities
recognized in earnings |
(119 | ) | | (119 | ) | (685 | ) | |||||||||
Service charges on deposit accounts |
4,029 | 4,196 | 7,752 | 8,461 | ||||||||||||
Trust and investment services |
2,259 | 2,209 | 4,412 | 4,327 | ||||||||||||
Gain on sale of investment securities |
| 8,781 | | 8,781 | ||||||||||||
Increase (reduction) in FDIC loss sharing asset |
(1,689 | ) | (1,587 | ) | (274 | ) | (12,170 | ) | ||||||||
Other |
1,514 | 1,819 | 4,201 | 4,493 | ||||||||||||
Total other operating income |
5,994 | 15,418 | 15,972 | 13,207 | ||||||||||||
Other operating expenses: |
||||||||||||||||
Salaries and employee benefits |
18,220 | 17,479 | 35,880 | 35,552 | ||||||||||||
Occupancy |
2,742 | 2,947 | 5,573 | 6,081 | ||||||||||||
Equipment |
1,339 | 1,835 | 2,829 | 3,754 | ||||||||||||
Professional services |
5,028 | 2,881 | 8,637 | 5,688 | ||||||||||||
Amortization of intangible assets |
866 | 939 | 1,767 | 1,889 | ||||||||||||
Provision for unfunded commitments |
| 450 | 732 | 1,700 | ||||||||||||
OREO Expense |
1,671 | 654 | 2,776 | 667 | ||||||||||||
Other |
7,289 | 14,262 | 15,266 | 22,038 | ||||||||||||
Total other operating expenses |
37,155 | 41,447 | 73,460 | 77,369 | ||||||||||||
Earnings before income taxes |
31,234 | 27,185 | 54,948 | 50,191 | ||||||||||||
Income taxes |
10,196 | 8,170 | 17,310 | 15,057 | ||||||||||||
Net earnings |
21,038 | 19,015 | 37,638 | 35,134 | ||||||||||||
Allocated to restricted stock |
82 | 64 | 148 | 119 | ||||||||||||
Net earnings allocated to common shareholders |
$ | 20,956 | $ | 18,951 | $ | 37,490 | $ | 35,015 | ||||||||
Basic earnings per common share |
$ | 0.20 | $ | 0.18 | $ | 0.35 | $ | 0.33 | ||||||||
Diluted earnings per common share |
$ | 0.20 | $ | 0.18 | $ | 0.35 | $ | 0.33 | ||||||||
Cash dividends per common share |
$ | 0.085 | $ | 0.085 | $ | 0.17 | $ | 0.17 | ||||||||
- 10 -
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest income (Tax-Effected) (te) |
$ | 73,652 | $ | 82,915 | $ | 142,634 | $ | 176,150 | ||||||||
Interest Expense |
8,787 | 16,059 | 18,190 | 33,272 | ||||||||||||
Net Interest income (te) |
$ | 64,865 | $ | 66,856 | $ | 124,444 | $ | 142,878 | ||||||||
Return on average assets, annualized |
1.31 | % | 1.11 | % | 1.17 | % | 1.03 | % | ||||||||
Return on average equity, annualized |
12.67 | % | 11.44 | % | 11.52 | % | 10.77 | % | ||||||||
Efficiency ratio |
54.33 | % | 60.39 | % | 57.21 | % | 60.65 | % | ||||||||
Yield on average earning assets |
4.95 | % | 5.17 | % | 4.78 | % | 5.75 | % | ||||||||
Cost of deposits |
0.20 | % | 0.43 | % | 0.22 | % | 0.45 | % | ||||||||
Cost of deposits and customer repurchase agreements |
0.22 | % | 0.45 | % | 0.24 | % | 0.48 | % | ||||||||
Cost of funds |
0.61 | % | 1.04 | % | 0.63 | % | 1.08 | % | ||||||||
Net interest margin (te) |
4.37 | % | 4.18 | % | 4.17 | % | 4.67 | % | ||||||||
Net interest margin (te) excluding discount |
3.92 | % | 3.80 | % | 3.85 | % | 3.97 | % | ||||||||
Weighted average shares outstanding |
||||||||||||||||
Basic |
105,659,326 | 105,988,971 | 105,655,290 | 105,961,239 | ||||||||||||
Diluted |
105,763,588 | 106,272,867 | 105,733,814 | 106,231,807 | ||||||||||||
Dividends declared |
$ | 9,017 | $ | 9,041 | $ | 18,034 | $ | 18,076 | ||||||||
Dividend payout ratio |
42.86 | % | 47.55 | % | 47.91 | % | 51.45 | % | ||||||||
Number of shares outstanding-EOP |
106,084,192 | 106,435,754 | ||||||||||||||
Book value per share |
$ | 6.44 | $ | 6.33 | ||||||||||||
Tangible Book value per share |
$ | 5.86 | $ | 5.71 |
June 30, | ||||||||
2011 | 2010 | |||||||
(Non-covered loans) |
||||||||
Non-performing Assets (dollar amount in thousands): |
||||||||
Non-accrual loans |
$ | 75,050 | $ | 82,850 | ||||
Loans past due 90 days or more
and still accruing interest |
| | ||||||
Other real estate owned (OREO), net |
13,718 | 15,001 | ||||||
Total non-performing assets |
$ | 88,768 | $ | 97,851 | ||||
Percentage of non-performing assets
to total loans outstanding and OREO |
2.77 | % | 2.78 | % | ||||
Percentage of non-performing
assets to total assets |
1.37 | % | 1.43 | % | ||||
Allowance for loan losses to
non-performing assets |
109.16 | % | 121.15 | % | ||||
Net Charge-offs to Average loans |
0.47 | % | 0.38 | % | ||||
Allowance for Credit Losses: |
||||||||
Beginning Balance |
$ | 105,259 | $ | 108,924 | ||||
Total Loans Charged-Off |
(16,644 | ) | (13,771 | ) | ||||
Total Loans Recovered |
1,212 | 195 | ||||||
Net Loans Charged-off |
(15,432 | ) | (13,576 | ) | ||||
Provision Charged to Operating Expense |
7,068 | 23,200 | ||||||
Allowance for Credit Losses at End of period |
$ | 96,895 | $ | 118,548 | ||||
- 11 -
2011 | 2010 | 2009 | ||||||||||||||||||||||
Quarter End | High | Low | High | Low | High | Low | ||||||||||||||||||
March 31, |
$ | 9.32 | $ | 7.83 | $ | 10.89 | $ | 8.44 | $ | 12.11 | $ | 5.31 | ||||||||||||
June 30, |
$ | 9.94 | $ | 8.18 | $ | 11.85 | $ | 9.00 | $ | 7.77 | $ | 5.69 | ||||||||||||
September 30, |
$ | 10.99 | $ | 6.61 | $ | 8.70 | $ | 4.90 | ||||||||||||||||
December 31, |
$ | 9.09 | $ | 7.30 | $ | 9.00 | $ | 6.93 |
2Q | 1Q | 4Q | 3Q | 2Q | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
Interest income |
||||||||||||||||||||
Loans, including fees |
$ | 54,697 | $ | 51,315 | $ | 55,621 | $ | 58,165 | $ | 59,172 | ||||||||||
Investment securities and other |
16,485 | 15,197 | 14,370 | 18,308 | 21,101 | |||||||||||||||
71,182 | 66,512 | 69,991 | 76,473 | 80,273 | ||||||||||||||||
Interest expense |
||||||||||||||||||||
Deposits |
2,220 | 2,788 | 3,814 | 4,310 | 4,841 | |||||||||||||||
Other borrowings |
6,567 | 6,615 | 7,028 | 9,548 | 11,218 | |||||||||||||||
8,787 | 9,403 | 10,842 | 13,858 | 16,059 | ||||||||||||||||
Net interest income before
provision for credit losses |
62,395 | 57,109 | 59,149 | 62,615 | 64,214 | |||||||||||||||
Provision for credit losses |
| 7,068 | 12,700 | 25,300 | 11,000 | |||||||||||||||
Net interest income after
provision for credit losses |
62,395 | 50,041 | 46,449 | 37,315 | 53,214 | |||||||||||||||
Non-interest income |
5,994 | 9,978 | 7,188 | 36,719 | 15,418 | |||||||||||||||
Non-interest expenses |
37,155 | 36,305 | 41,805 | 49,318 | 41,447 | |||||||||||||||
Earnings before income taxes |
31,234 | 23,714 | 11,832 | 24,716 | 27,185 | |||||||||||||||
Income taxes |
10,196 | 7,114 | 1,958 | 6,789 | 8,170 | |||||||||||||||
Net earnings |
21,038 | 16,600 | 9,874 | 17,927 | 19,015 | |||||||||||||||
Allocated to restricted stock |
82 | 66 | 41 | 58 | 64 | |||||||||||||||
Net earnings allocated to common shareholders |
$ | 20,956 | $ | 16,534 | $ | 9,833 | $ | 17,869 | $ | 18,951 | ||||||||||
Basic earning per common share |
$ | 0.20 | $ | 0.16 | $ | 0.09 | $ | 0.17 | $ | 0.18 | ||||||||||
Diluted earnings per common share |
$ | 0.20 | $ | 0.16 | $ | 0.09 | $ | 0.17 | $ | 0.18 | ||||||||||
Cash dividends per common share |
$ | 0.085 | $ | 0.085 | $ | 0.085 | $ | 0.085 | $ | 0.085 | ||||||||||
Dividends Declared |
$ | 9,017 | $ | 9,017 | $ | 9,016 | $ | 9,011 | $ | 9,041 |
- 12 -
6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | 6/30/2010 | ||||||||||||||||
Commercial and Industrial |
$ | 500,746 | $ | 490,316 | $ | 499,986 | $ | 509,502 | $ | 513,483 | ||||||||||
Real Estate: |
||||||||||||||||||||
Construction |
119,637 | 169,562 | 223,478 | 280,756 | 305,724 | |||||||||||||||
Commercial Real Estate |
2,237,975 | 2,255,247 | 2,272,270 | 2,280,861 | 2,321,257 | |||||||||||||||
SFR Mortgage |
201,457 | 210,445 | 224,325 | 238,179 | 254,499 | |||||||||||||||
Consumer |
59,496 | 61,622 | 67,371 | 71,487 | 73,342 | |||||||||||||||
Municipal lease finance receivables |
119,792 | 122,897 | 129,128 | 149,584 | 154,042 | |||||||||||||||
Auto and equipment leases |
16,998 | 17,399 | 17,982 | 20,658 | 23,754 | |||||||||||||||
Dairy and Livestock |
296,801 | 325,052 | 376,143 | 359,778 | 378,785 | |||||||||||||||
Agribusiness |
52,528 | 49,664 | 57,304 | 61,206 | 69,663 | |||||||||||||||
Gross Loans |
3,605,430 | 3,702,204 | 3,867,987 | 3,972,011 | 4,094,549 | |||||||||||||||
Less: |
||||||||||||||||||||
Purchase Accounting Discount |
(73,449 | ) | (98,117 | ) | (114,763 | ) | (143,752 | ) | (159,393 | ) | ||||||||||
Deferred net loan fees |
(5,385 | ) | (5,640 | ) | (5,484 | ) | (5,457 | ) | (5,835 | ) | ||||||||||
Allowance for credit losses |
(96,895 | ) | (101,067 | ) | (105,259 | ) | (105,289 | ) | (118,548 | ) | ||||||||||
Net Loans |
$ | 3,429,701 | $ | 3,497,380 | $ | 3,642,481 | $ | 3,717,513 | $ | 3,810,773 | ||||||||||
Covered Loans |
$ | 334,225 | $ | 348,759 | $ | 374,012 | $ | 403,822 | $ | 424,377 | ||||||||||
Non-covered Loans |
3,095,476 | 3,148,621 | 3,268,469 | 3,313,691 | 3,386,396 | |||||||||||||||
Total Net Loans |
$ | 3,429,701 | $ | 3,497,380 | $ | 3,642,481 | $ | 3,717,513 | $ | 3,810,773 | ||||||||||
- 13 -
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
2011 | 2011 | 2010 | 2010 | 2010 | ||||||||||||||||
Non-Performing Loans |
||||||||||||||||||||
Residential Construction and Land |
$ | 1,080 | $ | 4,001 | $ | 4,090 | $ | 5,085 | $ | 2,789 | ||||||||||
Commercial Construction and Land |
23,953 | 39,976 | 60,591 | 71,428 | 39,114 | |||||||||||||||
Residential Mortgage |
17,786 | 18,425 | 17,800 | 14,543 | 12,638 | |||||||||||||||
Commercial Real Estate |
24,731 | 34,950 | 64,859 | 56,330 | 20,639 | |||||||||||||||
Commercial and Industrial |
4,649 | 7,542 | 3,936 | 6,067 | 7,527 | |||||||||||||||
Dairy & Livestock |
2,672 | 2,996 | 5,207 | 5,176 | | |||||||||||||||
Consumer |
179 | 260 | 537 | 242 | 143 | |||||||||||||||
Total |
$ | 75,050 | $ | 108,150 | $ | 157,020 | $ | 158,871 | $ | 82,850 | ||||||||||
% of Total Loans |
2.35 | % | 3.33 | % | 4.65 | % | 4.65 | % | 2.36 | % | ||||||||||
Past Due 30-89 Days |
||||||||||||||||||||
Residential Construction and Land |
$ | | $ | | $ | | $ | | $ | | ||||||||||
Commercial Construction and Land |
1,492 | | | 9,093 | ||||||||||||||||
Residential Mortgage |
460 | 993 | 2,597 | 2,779 | 2,552 | |||||||||||||||
Commercial Real Estate |
2,590 | 898 | 3,194 | 1,234 | 1,966 | |||||||||||||||
Commercial and Industrial |
740 | 239 | 3,320 | 2,333 | 634 | |||||||||||||||
Dairy & Livestock |
| | | 1,406 | | |||||||||||||||
Consumer |
91 | 9 | 29 | 494 | 139 | |||||||||||||||
Total |
$ | 3,881 | $ | 3,631 | $ | 9,140 | $ | 8,246 | $ | 14,384 | ||||||||||
% of Total Loans |
0.12 | % | 0.11 | % | 0.27 | % | 0.24 | % | 0.41 | % | ||||||||||
OREO |
||||||||||||||||||||
Residential Construction and Land |
$ | | $ | | $ | | $ | 11,113 | $ | 11,113 | ||||||||||
Commercial Construction and Land |
7,117 | 2,709 | 2,709 | 2,709 | | |||||||||||||||
Commercial Real Estate |
6,314 | 3,322 | 2,581 | 3,220 | 3,220 | |||||||||||||||
Commercial and Industrial |
| 209 | | | 668 | |||||||||||||||
Residential Mortgage |
287 | | | 345 | | |||||||||||||||
Consumer |
| | | | | |||||||||||||||
Total |
$ | 13,718 | $ | 6,240 | $ | 5,290 | $ | 17,387 | $ | 15,001 | ||||||||||
Total Non-Performing, Past Due & OREO |
$ | 92,649 | $ | 118,021 | $ | 171,450 | $ | 184,504 | $ | 112,235 | ||||||||||
% of Total Loans |
2.90 | % | 3.63 | % | 5.08 | % | 5.40 | % | 3.20 | % |
- 14 -
Three months ended | Six months ended | |||||||||||||||||||||||
June 30, 2011 | June 30, 2011 | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Balance | Interest | Yield | Volume | Interest | Yield | |||||||||||||||||||
Total interest-earning assets |
$ | 5,974,745 | $ | 71,182 | 4.95 | % | $ | 6,017,731 | $ | 137,694 | 4.78 | % | ||||||||||||
Accelerated accretion on acquired loans |
92,614 | (5,707 | ) | 102,727 | (7,658 | ) | ||||||||||||||||||
Total interest-earning assets, excluding SJB
loan discount and yield adjustment |
$ | 6,067,359 | $ | 65,475 | 4.49 | % | $ | 6,120,458 | $ | 130,036 | 4.44 | % | ||||||||||||
Net interest income and net interest margin (TE) |
$ | 64,865 | 4.37 | % | $ | 124,444 | 4.17 | % | ||||||||||||||||
Yield adjustment to interest income from
discount accretion |
(5,707 | ) | (7,658 | ) | ||||||||||||||||||||
Net interest income and net interest margin
(TE), excluding yield adjustment |
$ | 59,158 | 3.92 | % | $ | 116,786 | 3.85 | % | ||||||||||||||||
- 15 -
4('(A,=,,@K#(A7PD`/.S
M)2)`\`$JB&5<3CA@"D^2@B9$0`B?#)P)J*#,1?3``3CX@!&\`,,2#L@!&F2(
M&N9'!$I*S@<50,(!,-7-15S@!@0(``#P(I*=:(PQ?QB"%"I2A?8(H@=ZR"99
M'O``)]B`!@ ^``!X``*\P`7`PF82@`UE@`9[&"-RSEC\`!W!2`6MI
M!!\0`0W@`01P_P-KH`(1A'U><1EEP`,44'FE50$YH`,(0`-1`)W;J04/D`9K
MP")Q``!N$`LAT`',8@0NP*"&```02@@",*$5"A0E8`$%X%D1V@X*\`,`H'@[
M<$B($`%=U1(+DY>(@(E*P`-C4`7W(7.$```N4!DGD`-`$&-MA@(/('\&X`)/
MP@`%<`4-T`00<`(_D`/;^01"L`0J8$D#,*6+H%I-\)]NBJ5:6@A<&J%?2J%^
M40`!D`=U``5N20T*D`8>T`(2P`"=>0@MD`4'J@@*4!\D``9>X#<%<)4CH`'+
MQ0(:8`A]D`#")00:<#<#X`(6!@&3NIUN(`<#`%M2@$2<>@,Q8`-1,/\%#1`!
M(%`!/@`'L`.-1``-B``IH1K&]`"4X``"Y!Y2V`$
M+;``02"R!*!XA8``8L"P.*,"9Q`$-?`>/^`"@Z`%R5H(&9`#H0)X&1&MTUJM
M=LFI`5!8*+"I?W`#2Y`&-4`"%I`!.-""%F`$,=`%">`"*6``,H"E76``-L`"
M?-JG0%``J_D!64"A%I`%ST8'/U`$E[3_:P]P!0H``BQ0`6$`!B[@!@8`
M`!J`D(+0`!D0!000!&,P!II%`<8I`# 0!%L@6EIP
M`PY`!QI``:7F`DC0`W7`0`BZ`!E65`RQ@$C\PJEJP!%!P0'E``'!P9Y7Q
M`Y !$M@#B>/NP!6R`!
M)]`!:?`! *#'"@W<`6
M*LR:#0(>N(#`'VKAL$,,?(/@PP&47D'%)E?$TX<*2'D-+",]'@60"QJTX`%6
ME/K7AP;[R%$"[:5ED84J.GA`Q5T70.'&!2-4P+`'-KQU$@PNA)H-!75X\,/D
MC-M60P8'+)!"DS4LX<8?++@`4OBF!QM`#C4^X0(I$ECP`P&X_R'!%F,\$L`0
M(4RA`N<1/%!0*2_8PAT6]H(QH($"95!!&&Y@AP1,8#(=^H,0_),-!7R!#F&8
M'@JVH`$(F/\K!R.PS1]:0`4U+.P'I;-`Z96@/NJD7NJFCAPZ@`(\P`.`=B81<`&K/JJ-0&6G[A(U0`=JL`08P+IXT@!=
M$`,9``9JT`(DP*`(4`<5<*:$,`,*"6.EQ`$*(@,*L,&$()3)@95-`%YA\.,$
ML/\&'J`"PTD-!#`&(B`+!T!W-,!\*8`!'K!$30`#F"K1A>``R?6.3B`(U;8$
MN]60&!>Z&6`!=T(!/5=>@''%^L4#(P``1R([2]#*!-$%+B8+2.?L34``:L`%
M-]4`Y*`"-H#C@[``&.`"-W`"2/>05;`$/Z`!X7`#>``&>=`'UC4`BD4#+K"W@M`"8#`"*Y8<6V!AB]`$S!<++>`!"5`(#```-`#,Y&0`
M=#><).`")+$!->`"87`"$]`'8``$X3`#!#`_0P`#;W`<-1"*["/>.4_M3N4`
M(TQZ7KP&61`&0X`"* /.`6)T`&"%T>1%!E#;!2*W#_!&3?`D3``R]NV2<0
M[G_PR+:]['3E`#Y@`!2`G?(>/&2,)E`P!])@`6(_[SU+/V:@HR=PF3M`!T'P
M`#H?52V`>D+8`2J0`S#@`3\W`FG0-X"G?U`P!'2P!#R/A&Z@`?8\!D_@`;.\
M`T_M!M+3AX0P`!X@WXE0`E/@+E'P`V=@"(?M!@X@`_GL'H(@^I-"4&4"Q_!S]%<20663M_I*4#4&REJJ1Q*6,6>!DL%0ZK##9@66`J
M5S6E%D!#J@HJ;"]_$R-9!5$Y_UHU''AY