X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Mississippi
|
64-0659571
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
One Mississippi Plaza, 201 South Spring Street Tupelo, Mississippi
|
38804
|
(Address of principal executive offices)
|
(Zip Code)
|
PART I.
|
Financial Information
|
Page
|
|
ITEM 1.
|
Financial Statements
|
||
Consolidated Balance Sheets March 31, 2012 and 2011 (Unaudited) and December 31, 2011
|
3
|
||
Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, 2012 and 2011
|
4
|
||
Consolidated Statements of Comprehensive Income
Three Months Ended March 31, 2012 and 2011
|
5
|
||
Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, 2012 and 2011
|
6
|
||
Notes to Consolidated Financial Statements (Unaudited)
|
7
|
||
ITEM 2.
|
Management's Discussion and Analysis of Financial
|
||
Condition and Results of Operations
|
35
|
||
ITEM 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
67
|
|
ITEM 4.
|
Controls and Procedures
|
67
|
|
PART II.
|
Other Information
|
||
ITEM 1.
|
Legal Proceedings
|
68
|
|
ITEM 1A.
|
Risk Factors
|
69
|
|
ITEM 5.
|
Other Information
|
69
|
|
ITEM 6.
|
Exhibits
|
69
|
PART I.
|
||||||||||||
FINANCIAL INFORMATION
|
||||||||||||
ITEM 1. FINANCIAL STATEMENTS.
|
||||||||||||
BANCORPSOUTH, INC. AND SUBSIDIARIES
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
March 31,
|
December 31,
|
March 31,
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
(Unaudited)
|
(1) |
(Unaudited)
|
||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||
ASSETS
|
||||||||||||
Cash and due from banks
|
$ | 184,441 | $ | 195,681 | $ | 146,989 | ||||||
Interest bearing deposits with other banks
|
665,675 | 303,663 | 102,312 | |||||||||
Held-to-maturity securities, at amortized cost
|
- | - | 1,667,203 | |||||||||
Available-for-sale securities, at fair value
|
2,573,535 | 2,513,518 | 1,145,463 | |||||||||
Federal funds sold and securities purchased under agreement to resell
|
- | - | 150,000 | |||||||||
Loans and leases
|
8,777,538 | 8,911,258 | 9,255,609 | |||||||||
Less: Unearned income
|
39,615 | 40,947 | 41,773 | |||||||||
Allowance for credit losses
|
181,777 | 195,118 | 198,333 | |||||||||
Net loans
|
8,556,146 | 8,675,193 | 9,015,503 | |||||||||
Loans held for sale
|
110,294 | 83,458 | 56,876 | |||||||||
Premises and equipment, net
|
321,720 | 323,383 | 329,862 | |||||||||
Accrued interest receivable
|
50,008 | 51,266 | 61,105 | |||||||||
Goodwill
|
271,297 | 271,297 | 271,297 | |||||||||
Bank-owned life insurance
|
202,698 | 200,085 | 194,988 | |||||||||
Other real estate owned
|
167,808 | 173,805 | 136,412 | |||||||||
Other assets
|
203,950 | 204,502 | 269,228 | |||||||||
TOTAL ASSETS
|
$ | 13,307,572 | $ | 12,995,851 | $ | 13,547,238 | ||||||
LIABILITIES
|
||||||||||||
Deposits:
|
||||||||||||
Demand: Noninterest bearing
|
$ | 2,260,012 | $ | 2,269,799 | $ | 2,027,990 | ||||||
Interest bearing
|
4,897,585 | 4,706,825 | 5,023,073 | |||||||||
Savings
|
1,067,256 | 991,702 | 932,574 | |||||||||
Other time
|
2,857,469 | 2,986,863 | 3,480,477 | |||||||||
Total deposits
|
11,082,322 | 10,955,189 | 11,464,114 | |||||||||
Federal funds purchased and securities sold under agreement to repurchase
|
401,089 | 373,933 | 421,782 | |||||||||
Short-term Federal Home Loan Bank and
|
||||||||||||
other short-term borrowings
|
1,500 | 1,500 | 2,715 | |||||||||
Accrued interest payable
|
7,652 | 8,644 | 13,238 | |||||||||
Junior subordinated debt securities
|
160,312 | 160,312 | 160,312 | |||||||||
Long-term Federal Home Loan Bank borrowings
|
33,500 | 33,500 | 110,000 | |||||||||
Other liabilities
|
228,998 | 199,861 | 164,016 | |||||||||
TOTAL LIABILITIES
|
11,915,373 | 11,732,939 | 12,336,177 | |||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||
Common stock, $2.50 par value per share
Authorized - 500,000,000 shares; Issued - 94,436,177, 83,483,796 and 83,481,737 shares, respectively |
236,090 | 208,709 | 208,704 | |||||||||
Capital surplus
|
309,426 | 227,567 | 225,597 | |||||||||
Accumulated other comprehensive loss
|
(4,136 | ) | (2,261 | ) | (16,579 | ) | ||||||
Retained earnings
|
850,819 | 828,897 | 793,339 | |||||||||
TOTAL SHAREHOLDERS' EQUITY
|
1,392,199 | 1,262,912 | 1,211,061 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 13,307,572 | $ | 12,995,851 | $ | 13,547,238 | ||||||
(1) Derived from audited financial statements.
|
||||||||||||
See accompanying notes to consolidated financial statements.
|
Consolidated Statements of Operations
|
||||||||
(Unaudited)
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(In thousands, except for per share amounts)
|
||||||||
INTEREST REVENUE:
|
||||||||
Loans and leases
|
$ | 109,012 | $ | 117,358 | ||||
Deposits with other banks
|
401 | 122 | ||||||
Federal funds sold and securities purchased under agreement to resell
|
- | 131 | ||||||
Held-to-maturity securities:
|
||||||||
Taxable
|
- | 8,014 | ||||||
Tax-exempt
|
- | 3,347 | ||||||
Available-for-sale securities:
|
||||||||
Taxable
|
11,162 | 8,585 | ||||||
Tax-exempt
|
4,256 | 824 | ||||||
Loans held for sale
|
544 | 447 | ||||||
Total interest revenue
|
125,375 | 138,828 | ||||||
INTEREST EXPENSE:
|
||||||||
Deposits:
|
||||||||
Interest bearing demand
|
4,449 | 6,546 | ||||||
Savings
|
714 | 826 | ||||||
Other time
|
11,291 | 17,483 | ||||||
Federal funds purchased and securities sold under agreement to repurchase
|
63 | 152 | ||||||
Federal Home Loan Bank borrowings
|
367 | 1,523 | ||||||
Junior subordinated debt
|
2,879 | 2,859 | ||||||
Other
|
2 | 2 | ||||||
Total interest expense
|
19,765 | 29,391 | ||||||
Net interest revenue
|
105,610 | 109,437 | ||||||
Provision for credit losses
|
10,000 | 53,479 | ||||||
Net interest revenue, after provision for credit losses
|
95,610 | 55,958 | ||||||
NONINTEREST REVENUE:
|
||||||||
Mortgage lending
|
15,142 | 7,581 | ||||||
Credit card, debit card and merchant fees
|
7,523 | 10,346 | ||||||
Service charges
|
15,116 | 15,368 | ||||||
Trust income
|
2,282 | 3,134 | ||||||
Security gains, net
|
74 | 17 | ||||||
Insurance commissions
|
23,153 | 22,549 | ||||||
Other
|
9,070 | 9,316 | ||||||
Total noninterest revenue
|
72,360 | 68,311 | ||||||
NONINTEREST EXPENSE:
|
||||||||
Salaries and employee benefits
|
74,931 | 70,375 | ||||||
Occupancy, net of rental income
|
10,066 | 10,671 | ||||||
Equipment
|
5,333 | 5,658 | ||||||
Deposit insurance assessments
|
5,383 | 5,425 | ||||||
Other
|
39,967 | 37,881 | ||||||
Total noninterest expense
|
135,680 | 130,010 | ||||||
Income (loss) before income taxes
|
32,290 | (5,741 | ) | |||||
Income tax expense (benefit)
|
9,424 | (5,247 | ) | |||||
Net income (loss)
|
$ | 22,866 | $ | (494 | ) | |||
Earnings (loss) per share: Basic
|
$ | 0.25 | $ | (0.01 | ) | |||
Diluted
|
$ | 0.25 | $ | (0.01 | ) | |||
Dividends declared per common share
|
$ | 0.01 | $ | 0.11 | ||||
See accompanying notes to consolidated financial statements.
|
BANCORPSOUTH, INC. AND SUBSIDIARIES
|
||||||||
Consolidated Statements of Comprehensive Income
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Net income (loss)
|
$ | 22,866 | $ | (494 | ) | |||
Other comprehensive loss, net of tax
|
||||||||
Unrealized losses on securities, net of tax
|
(2,953 | ) | (2,517 | ) | ||||
Pension and other postretirement benefits
|
1,078 | 391 | ||||||
Other comprehensive loss
|
(1,875 | ) | (2,126 | ) | ||||
Comprehensive income
|
$ | 20,991 | $ | (2,620 | ) | |||
See accompanying notes to consolidated financial statements.
|
BANCORPSOUTH, INC. AND SUBSIDIARIES
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Operating Activities:
|
||||||||
Net income
|
$ | 22,866 | $ | (494 | ) | |||
Adjustment to reconcile net income to net
|
||||||||
cash provided by operating activities:
|
||||||||
Provision for credit losses
|
10,000 | 53,479 | ||||||
Depreciation and amortization
|
6,832 | 7,476 | ||||||
Deferred taxes
|
- | (145 | ) | |||||
Amortization of intangibles
|
763 | 854 | ||||||
Amortization of debt securities premium and discount, net
|
2,820 | 1,813 | ||||||
Share-based compensation expense
|
562 | 617 | ||||||
Security gains, net
|
(74 | ) | (17 | ) | ||||
Net deferred loan origination expense
|
(2,006 | ) | (2,127 | ) | ||||
Excess tax benefit from exercise of stock options
|
- | (4 | ) | |||||
Decrease (increase) in interest receivable
|
1,258 | (80 | ) | |||||
Decrease in interest payable
|
(992 | ) | (1,098 | ) | ||||
Realized gain on mortgages sold
|
(11,879 | ) | (7,486 | ) | ||||
Proceeds from mortgages sold
|
376,931 | 244,030 | ||||||
Origination of mortgages held for sale
|
(395,149 | ) | (202,796 | ) | ||||
Increase in bank-owned life insurance
|
(2,612 | ) | (924 | ) | ||||
Decrease (increase) in prepaid pension asset
|
465 | (93 | ) | |||||
Decrease in prepaid deposit insurance assessments
|
5,187 | 4,887 | ||||||
Other, net
|
29,584 | (18,026 | ) | |||||
Net cash provided by operating activities
|
44,556 | 79,866 | ||||||
Investing activities:
|
||||||||
Proceeds from calls and maturities of held-to-maturity securities
|
- | 88,896 | ||||||
Proceeds from calls and maturities of available-for-sale securities
|
131,578 | 22,576 | ||||||
Purchases of held-to-maturity securities
|
- | (143,549 | ) | |||||
Purchases of available-for-sale securities
|
(199,404 | ) | (77,349 | ) | ||||
Net decrease in loans and leases
|
117,050 | 66,339 | ||||||
Purchases of premises and equipment
|
(5,925 | ) | (4,453 | ) | ||||
Proceeds from sale of premises and equipment
|
906 | 17 | ||||||
Contingency earn-out payment
|
- | (1,200 | ) | |||||
Other, net
|
(8 | ) | (16 | ) | ||||
Net cash provided by (used in) investing activities
|
44,197 | (48,739 | ) | |||||
Financing activities:
|
||||||||
Net increase (decrease) in deposits
|
127,133 | (25,907 | ) | |||||
Net increase (decrease) in short-term debt and other liabilities
|
27,153 | (18,826 | ) | |||||
Issuance of common stock
|
108,677 | - | ||||||
Excess tax benefit from exercise of stock options
|
- | 4 | ||||||
Payment of cash dividends
|
(944 | ) | (9,183 | ) | ||||
Net cash provided by (used in) financing activities
|
262,019 | (53,912 | ) | |||||
Increase (decrease) in cash and cash equivalents
|
350,772 | (22,785 | ) | |||||
Cash and cash equivalents at beginning of period
|
499,344 | 272,086 | ||||||
Cash and cash equivalents at end of period
|
$ | 850,116 | $ | 249,301 | ||||
See accompanying notes to consolidated financial statements.
|
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Commercial and industrial
|
$ | 1,452,492 | $ | 1,497,380 | $ | 1,484,967 | ||||||
Real estate
|
||||||||||||
Consumer mortgages
|
1,937,997 | 1,958,367 | 1,945,190 | |||||||||
Home equity
|
501,331 | 531,406 | 514,362 | |||||||||
Agricultural
|
256,683 | 250,393 | 239,487 | |||||||||
Commercial and industrial-owner occupied
|
1,287,542 | 1,316,824 | 1,301,575 | |||||||||
Construction, acquisition and development
|
858,110 | 1,117,335 | 908,362 | |||||||||
Commercial real estate
|
1,742,001 | 1,831,226 | 1,754,022 | |||||||||
Credit cards
|
100,527 | 100,732 | 106,281 | |||||||||
All other
|
640,855 | 651,946 | 657,012 | |||||||||
Total
|
$ | 8,777,538 | $ | 9,255,609 | $ | 8,911,258 |
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 56,958 | $ | 165,503 | $ | 333,153 | $ | 51,881 | $ | 16,991 | $ | 78,288 | $ | 249,569 | $ | 489,384 | $ | 1,441,727 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer
mortgages |
108,285 | 270,476 | 757,160 | 55,566 | 82,585 | 166,615 | 444,094 | 53,216 | 1,937,997 | |||||||||||||||||||||||||||
Home equity
|
57,995 | 39,922 | 170,628 | 24,849 | 67,484 | 75,894 | 62,253 | 2,306 | 501,331 | |||||||||||||||||||||||||||
Agricultural
|
5,775 | 83,839 | 72,900 | 3,937 | 9,262 | 13,199 | 62,470 | 5,301 | 256,683 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
114,985 | 166,065 | 453,201 | 68,002 | 95,874 | 95,133 | 244,967 | 49,315 | 1,287,542 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
104,362 | 69,566 | 244,459 | 48,115 | 95,198 | 92,608 | 185,781 | 18,021 | 858,110 | |||||||||||||||||||||||||||
Commercial real estate
|
203,365 | 342,591 | 342,816 | 219,999 | 115,186 | 101,142 | 362,700 | 54,202 | 1,742,001 | |||||||||||||||||||||||||||
Credit cards
|
- | - | - | - | - | - | - | 100,527 | 100,527 | |||||||||||||||||||||||||||
All other
|
31,347 | 88,646 | 195,309 | 5,662 | 57,105 | 47,204 | 95,521 | 91,211 | 612,005 | |||||||||||||||||||||||||||
Total
|
$ | 683,072 | $ | 1,226,608 | $ | 2,569,626 | $ | 478,011 | $ | 539,685 | $ | 670,083 | $ | 1,707,355 | $ | 863,483 | $ | 8,737,923 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
March 31, 2012
|
||||||||||||||||||||||||||||
30-59 Days
Past Due |
60-89 Days
Past Due |
90+ Days
Past Due |
Total
Past Due |
Current
|
Total
Outstanding |
90+ Days
Past Due still |
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 3,831 | $ | 1,511 | $ | 3,392 | $ | 8,734 | $ | 1,432,993 | $ | 1,441,727 | $ | 10 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgages
|
10,482 | 4,776 | 17,830 | 33,088 | 1,904,909 | 1,937,997 | 1,314 | |||||||||||||||||||||
Home equity
|
1,832 | 769 | 288 | 2,889 | 498,442 | 501,331 | - | |||||||||||||||||||||
Agricultural
|
638 | 25 | 1,518 | 2,181 | 254,502 | 256,683 | - | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
2,493 | 1,601 | 8,603 | 12,697 | 1,274,845 | 1,287,542 | - | |||||||||||||||||||||
Construction, acquisition and development
|
9,860 | 331 | 16,142 | 26,333 | 831,777 | 858,110 | - | |||||||||||||||||||||
Commercial real estate
|
5,165 | 1,540 | 8,979 | 15,684 | 1,726,317 | 1,742,001 | - | |||||||||||||||||||||
Credit cards
|
377 | 360 | 587 | 1,324 | 99,203 | 100,527 | 228 | |||||||||||||||||||||
All other
|
1,740 | 359 | 372 | 2,471 | 609,534 | 612,005 | 146 | |||||||||||||||||||||
Total
|
$ | 36,418 | $ | 11,272 | $ | 57,711 | $ | 105,401 | $ | 8,632,522 | $ | 8,737,923 | $ | 1,698 |
December 31, 2011
|
||||||||||||||||||||||||||||
30-59 Days
Past Due |
60-89 Days
Past Due |
90+ Days
Past Due |
Total
Past Due |
Current
|
Total
Outstanding |
90+ Days
Past Due still |
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 5,571 | $ | 4,209 | $ | 4,193 | $ | 13,973 | $ | 1,459,755 | $ | 1,473,728 | $ | 12 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgages
|
15,740 | 6,485 | 14,569 | 36,794 | 1,908,396 | 1,945,190 | 2,974 | |||||||||||||||||||||
Home equity
|
1,837 | 265 | 594 | 2,696 | 511,666 | 514,362 | - | |||||||||||||||||||||
Agricultural
|
666 | 54 | 719 | 1,439 | 238,048 | 239,487 | - | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
2,199 | 844 | 12,977 | 16,020 | 1,285,555 | 1,301,575 | - | |||||||||||||||||||||
Construction, acquisition and development
|
4,826 | 4,955 | 33,584 | 43,365 | 864,997 | 908,362 | - | |||||||||||||||||||||
Commercial real estate
|
3,778 | 2,702 | 9,397 | 15,877 | 1,738,145 | 1,754,022 | - | |||||||||||||||||||||
Credit cards
|
595 | 303 | 697 | 1,595 | 104,686 | 106,281 | 299 | |||||||||||||||||||||
All other
|
2,124 | 390 | 1,579 | 4,093 | 623,211 | 627,304 | 149 | |||||||||||||||||||||
Total
|
$ | 37,336 | $ | 20,207 | $ | 78,309 | $ | 135,852 | $ | 8,734,459 | $ | 8,870,311 | $ | 3,434 |
March 31, 2012
|
||||||||||||||||||||||||||||
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 1,376,983 | $ | 6,449 | $ | 47,783 | $ | 4,159 | $ | 247 | $ | 6,106 | $ | 1,441,727 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
1,729,187 | 23,918 | 151,679 | 4,351 | 446 | 28,416 | 1,937,997 | |||||||||||||||||||||
Home equity
|
476,300 | 2,793 | 19,626 | 754 | 275 | 1,583 | 501,331 | |||||||||||||||||||||
Agricultural
|
229,865 | 1,936 | 21,763 | 20 | - | 3,099 | 256,683 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,151,368 | 24,662 | 83,041 | 230 | 89 | 28,152 | 1,287,542 | |||||||||||||||||||||
Construction, acquisition and development
|
601,396 | 22,939 | 121,556 | 956 | - | 111,263 | 858,110 | |||||||||||||||||||||
Commercial real estate
|
1,491,021 | 47,535 | 171,891 | 72 | - | 31,482 | 1,742,001 | |||||||||||||||||||||
Credit Cards
|
100,527 | - | - | - | - | - | 100,527 | |||||||||||||||||||||
All other
|
575,399 | 16,685 | 18,222 | 678 | 10 | 1,011 | 612,005 | |||||||||||||||||||||
Total
|
$ | 7,732,046 | $ | 146,917 | $ | 635,561 | $ | 11,220 | $ | 1,067 | $ | 211,112 | $ | 8,737,923 |
December 31, 2011
|
||||||||||||||||||||||||||||
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 1,415,731 | $ | 4,947 | $ | 43,549 | $ | 1,263 | $ | 405 | $ | 7,833 | $ | 1,473,728 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
1,742,593 | 17,914 | 148,267 | 4,434 | 189 | 31,793 | 1,945,190 | |||||||||||||||||||||
Home equity
|
492,235 | 2,775 | 17,050 | 1,134 | 493 | 675 | 514,362 | |||||||||||||||||||||
Agricultural
|
213,280 | 3,795 | 19,296 | 20 | - | 3,096 | 239,487 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,167,220 | 18,280 | 90,778 | 496 | - | 24,801 | 1,301,575 | |||||||||||||||||||||
Construction, acquisition and development
|
619,497 | 23,429 | 136,412 | 845 | - | 128,179 | 908,362 | |||||||||||||||||||||
Commercial real estate
|
1,501,196 | 37,409 | 179,295 | - | - | 36,122 | 1,754,022 | |||||||||||||||||||||
Credit Cards
|
105,867 | 41 | 175 | 188 | 10 | - | 106,281 | |||||||||||||||||||||
All other
|
587,970 | 16,104 | 20,263 | 470 | 73 | 2,424 | 627,304 | |||||||||||||||||||||
Total
|
$ | 7,845,589 | $ | 124,694 | $ | 655,085 | $ | 8,850 | $ | 1,170 | $ | 234,923 | $ | 8,870,311 |
March 31, 2012
|
||||||||||||||||||||
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
Average
Recorded |
Interest
Income |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 4,931 | $ | 5,684 | $ | - | $ | 3,466 | $ | 38 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
14,610 | 18,635 | - | 13,178 | 88 | |||||||||||||||
Home equity
|
874 | 1,017 | - | 711 | 2 | |||||||||||||||
Agricultural
|
1,718 | 2,895 | - | 1,602 | 17 | |||||||||||||||
Commercial and industrial-owner occupied
|
16,390 | 21,261 | - | 9,438 | 98 | |||||||||||||||
Construction, acquisition and development
|
64,770 | 90,905 | - | 60,417 | 348 | |||||||||||||||
Commercial real estate
|
16,947 | 27,306 | - | 16,122 | 154 | |||||||||||||||
All other
|
723 | 1,035 | - | 788 | 6 | |||||||||||||||
Total
|
$ | 120,963 | $ | 168,738 | $ | - | $ | 105,722 | $ | 751 | ||||||||||
With an allowance:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 1,175 | $ | 1,293 | $ | 1,548 | $ | 3,783 | $ | 36 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
13,806 | 14,867 | 3,977 | 17,469 | 170 | |||||||||||||||
Home equity
|
709 | 709 | 178 | 258 | - | |||||||||||||||
Agricultural
|
1,381 | 1,422 | 386 | 1,483 | - | |||||||||||||||
Commercial and industrial-owner occupied
|
11,762 | 12,299 | 3,051 | 16,334 | 73 | |||||||||||||||
Construction, acquisition and development
|
46,493 | 51,180 | 11,736 | 60,877 | 500 | |||||||||||||||
Commercial real estate
|
14,535 | 15,616 | 4,410 | 18,416 | 148 | |||||||||||||||
All other
|
288 | 359 | 260 | 327 | 6 | |||||||||||||||
Total
|
$ | 90,149 | $ | 97,745 | $ | 25,546 | $ | 118,947 | $ | 933 | ||||||||||
Total:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 6,106 | $ | 6,977 | $ | 1,548 | $ | 7,249 | $ | 74 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
28,416 | 33,502 | 3,977 | 30,647 | 258 | |||||||||||||||
Home equity
|
1,583 | 1,726 | 178 | 969 | 2 | |||||||||||||||
Agricultural
|
3,099 | 4,317 | 386 | 3,085 | 17 | |||||||||||||||
Commercial and industrial-owner occupied
|
28,152 | 33,560 | 3,051 | 25,772 | 171 | |||||||||||||||
Construction, acquisition and development
|
111,263 | 142,085 | 11,736 | 121,294 | 848 | |||||||||||||||
Commercial real estate
|
31,482 | 42,922 | 4,410 | 34,538 | 302 | |||||||||||||||
All other
|
1,011 | 1,394 | 260 | 1,115 | 12 | |||||||||||||||
Total
|
$ | 211,112 | $ | 266,483 | $ | 25,546 | $ | 224,669 | $ | 1,684 |
December 31, 2011
|
||||||||||||||||||||
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
Average
Recorded |
Interest
Income |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 4,874 | $ | 6,854 | $ | - | $ | 3,879 | $ | 78 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
16,883 | 19,538 | - | 19,628 | 397 | |||||||||||||||
Home equity
|
627 | 771 | - | 541 | 1 | |||||||||||||||
Agricultural
|
1,549 | 2,676 | - | 2,502 | 20 | |||||||||||||||
Commercial and industrial-owner occupied
|
6,973 | 9,191 | - | 11,598 | 185 | |||||||||||||||
Construction, acquisition and development
|
69,843 | 89,782 | - | 107,596 | 941 | |||||||||||||||
Commercial real estate
|
15,184 | 24,198 | - | 20,702 | 311 | |||||||||||||||
All other
|
1,284 | 1,668 | - | 1,169 | 67 | |||||||||||||||
Total
|
$ | 117,217 | $ | 154,678 | $ | - | $ | 167,615 | $ | 2,000 | ||||||||||
With an allowance:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 2,959 | $ | 3,301 | $ | 4,071 | $ | 3,558 | $ | 49 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
14,910 | 16,224 | 4,386 | 14,960 | 323 | |||||||||||||||
Home equity
|
48 | 276 | 48 | 504 | 3 | |||||||||||||||
Agricultural
|
1,547 | 1,547 | 380 | 3,164 | 18 | |||||||||||||||
Commercial and industrial-owner occupied
|
17,828 | 21,085 | 3,601 | 10,329 | 146 | |||||||||||||||
Construction, acquisition and development
|
58,336 | 67,426 | 21,581 | 80,957 | 1,651 | |||||||||||||||
Commercial real estate
|
20,938 | 21,422 | 5,324 | 27,210 | 851 | |||||||||||||||
All other
|
1,140 | 1,140 | 317 | 1,307 | 8 | |||||||||||||||
Total
|
$ | 117,706 | $ | 132,421 | $ | 39,708 | $ | 141,989 | $ | 3,049 | ||||||||||
Total:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 7,833 | $ | 10,155 | $ | 4,071 | $ | 7,437 | $ | 127 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
31,793 | 35,762 | 4,386 | 34,588 | 720 | |||||||||||||||
Home equity
|
675 | 1,047 | 48 | 1,045 | 4 | |||||||||||||||
Agricultural
|
3,096 | 4,223 | 380 | 5,666 | 38 | |||||||||||||||
Commercial and industrial-owner occupied
|
24,801 | 30,276 | 3,601 | 21,927 | 331 | |||||||||||||||
Construction, acquisition and development
|
128,179 | 157,208 | 21,581 | 188,553 | 2,592 | |||||||||||||||
Commercial real estate
|
36,122 | 45,620 | 5,324 | 47,912 | 1,162 | |||||||||||||||
All other
|
2,424 | 2,808 | 317 | 2,476 | 75 | |||||||||||||||
Total
|
$ | 234,923 | $ | 287,099 | $ | 39,708 | $ | 309,604 | $ | 5,049 |
March 31, 2012
|
||||||||||||||||||||
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
Average
Recorded |
Interest
Income |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family construction
|
8,174 | 11,563 | - | 6,703 | 56 | |||||||||||||||
Recreation and all other loans
|
367 | 539 | - | 368 | 7 | |||||||||||||||
Commercial construction
|
3,241 | 4,088 | - | 1,522 | 34 | |||||||||||||||
Commercial acquisition and development
|
11,927 | 14,213 | - | 12,845 | 77 | |||||||||||||||
Residential acquisition and development
|
41,061 | 60,502 | - | 38,979 | 174 | |||||||||||||||
Total
|
$ | 64,770 | $ | 90,905 | $ | - | $ | 60,417 | $ | 348 | ||||||||||
With an allowance:
|
||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family construction
|
3,085 | 3,085 | 441 | 5,550 | 35 | |||||||||||||||
Recreation and all other loans
|
- | - | - | - | - | |||||||||||||||
Commercial construction
|
318 | 839 | 95 | 2,395 | 8 | |||||||||||||||
Commercial acquisition and development
|
9,888 | 10,028 | 1,598 | 10,346 | 71 | |||||||||||||||
Residential acquisition and development
|
33,202 | 37,228 | 9,602 | 42,586 | 386 | |||||||||||||||
Total
|
$ | 46,493 | $ | 51,180 | $ | 11,736 | $ | 60,877 | $ | 500 | ||||||||||
Total:
|
||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family construction
|
11,259 | 14,648 | 441 | 12,253 | 91 | |||||||||||||||
Recreation and all other loans
|
367 | 539 | - | 368 | 7 | |||||||||||||||
Commercial construction
|
3,559 | 4,927 | 95 | 3,917 | 42 | |||||||||||||||
Commercial acquisition and development
|
21,815 | 24,241 | 1,598 | 23,191 | 148 | |||||||||||||||
Residential acquisition and development
|
74,263 | 97,730 | 9,602 | 81,565 | 560 | |||||||||||||||
Total
|
$ | 111,263 | $ | 142,085 | $ | 11,736 | $ | 121,294 | $ | 848 |
December 31, 2011
|
||||||||||||||||||||
Recorded
Investment |
Unpaid
Principal |
Related
Allowance |
Average
Recorded |
Interest
Income |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
Multi-family construction
|
$ | 1,067 | $ | 2,259 | $ | - | $ | 5,474 | $ | 18 | ||||||||||
One-to-four family construction
|
7,931 | 9,313 | - | 9,269 | 94 | |||||||||||||||
Recreation and all other loans
|
372 | 545 | - | 491 | 9 | |||||||||||||||
Commercial construction
|
633 | 917 | - | 9,663 | 83 | |||||||||||||||
Commercial acquisition and development
|
17,130 | 19,855 | - | 20,640 | 99 | |||||||||||||||
Residential acquisition and development
|
42,710 | 56,893 | - | 62,059 | 638 | |||||||||||||||
Total
|
$ | 69,843 | $ | 89,782 | $ | - | $ | 107,596 | $ | 941 | ||||||||||
With an allowance:
|
||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | 571 | $ | - | ||||||||||
One-to-four family construction
|
5,313 | 6,083 | 1,589 | 5,334 | 108 | |||||||||||||||
Recreation and all other loans
|
- | - | - | 271 | 2 | |||||||||||||||
Commercial construction
|
4,387 | 5,128 | 886 | 7,289 | 126 | |||||||||||||||
Commercial acquisition and development
|
5,091 | 7,728 | 1,418 | 12,965 | 429 | |||||||||||||||
Residential acquisition and development
|
43,545 | 48,487 | 17,688 | 54,527 | 986 | |||||||||||||||
Total
|
$ | 58,336 | $ | 67,426 | $ | 21,581 | $ | 80,957 | $ | 1,651 | ||||||||||
Total:
|
||||||||||||||||||||
Multi-family construction
|
$ | 1,067 | $ | 2,259 | $ | - | $ | 6,045 | $ | 18 | ||||||||||
One-to-four family construction
|
13,244 | 15,396 | 1,589 | 14,603 | 202 | |||||||||||||||
Recreation and all other loans
|
372 | 545 | - | 762 | 11 | |||||||||||||||
Commercial construction
|
5,020 | 6,045 | 886 | 16,952 | 209 | |||||||||||||||
Commercial acquisition and development
|
22,221 | 27,583 | 1,418 | 33,605 | 528 | |||||||||||||||
Residential acquisition and development
|
86,255 | 105,380 | 17,688 | 116,586 | 1,624 | |||||||||||||||
Total
|
$ | 128,179 | $ | 157,208 | $ | 21,581 | $ | 188,553 | $ | 2,592 |
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Non-accrual loans and leases
|
$ | 253,227 | $ | 370,726 | $ | 276,798 | ||||||
Loans and leases 90 days or more past due, still accruing
|
1,698 | 4,829 | 3,434 | |||||||||
Restructured loans and leases still accruing
|
30,311 | 49,472 | 42,018 | |||||||||
Total non-performing loans and leases
|
$ | 285,236 | $ | 425,027 | $ | 322,250 |
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Commercial and industrial
|
$ | 11,025 | $ | 14,655 | $ | 12,260 | ||||||
Real estate
|
||||||||||||
Consumer mortgages
|
46,562 | 58,748 | 47,878 | |||||||||
Home equity
|
2,687 | 1,543 | 2,036 | |||||||||
Agricultural
|
4,254 | 7,597 | 4,179 | |||||||||
Commercial and industrial-owner occupied
|
32,842 | 24,638 | 33,112 | |||||||||
Construction, acquisition and development
|
115,649 | 202,124 | 133,110 | |||||||||
Commercial real estate
|
35,715 | 58,945 | 40,616 | |||||||||
Credit cards
|
509 | 617 | 594 | |||||||||
All other
|
3,984 | 1,859 | 3,013 | |||||||||
Total
|
$ | 253,227 | $ | 370,726 | $ | 276,798 |
Three months ended March 31, 2012
|
||||||||||||
Number
of |
Pre-Modification
Outstanding |
Post-Modification
Outstanding |
||||||||||
(Dollars in thousands)
|
||||||||||||
Commercial and industrial
|
5 | $ | 1,010 | $ | 674 | |||||||
Real estate
|
||||||||||||
Consumer mortgages
|
13 | 3,265 | 3,211 | |||||||||
Agricultural
|
1 | 407 | 404 | |||||||||
Commercial and industrial-owner occupied
|
8 | 2,128 | 2,117 | |||||||||
Construction, acquisition and development
|
11 | 7,280 | 6,956 | |||||||||
Commercial real estate
|
6 | 3,180 | 3,172 | |||||||||
All other
|
5 | 639 | 637 | |||||||||
Total
|
49 | $ | 17,909 | $ | 17,171 |
Year ended December 31, 2011
|
||||||||||||
Number
of |
Pre-Modification
Outstanding |
Post-Modification
Outstanding |
||||||||||
(Dollars in thousands)
|
||||||||||||
Commercial and industrial
|
7 | $ | 3,142 | $ | 2,374 | |||||||
Real estate
|
||||||||||||
Consumer mortgages
|
35 | 6,901 | 6,424 | |||||||||
Agricultural
|
4 | 2,650 | 1,479 | |||||||||
Commercial and industrial-owner occupied
|
29 | 13,330 | 11,740 | |||||||||
Construction, acquisition and development
|
30 | 23,863 | 19,228 | |||||||||
Commercial real estate
|
24 | 16,121 | 15,046 | |||||||||
All other
|
7 | 2,957 | 2,406 | |||||||||
Total
|
136 | $ | 68,964 | $ | 58,697 |
Three months ended March 31, 2012
|
||||||||
Number of
Contracts |
Recorded
Investment |
|||||||
(Dollars in thousands)
|
||||||||
Commercial and industrial
|
1 | $ | 129 | |||||
Real estate
|
||||||||
Consumer mortgages
|
6 | 518 | ||||||
Agricultural
|
1 | 170 | ||||||
Commercial and industrial-owner occupied
|
3 | 1,362 | ||||||
Commercial real estate
|
2 | 1,514 | ||||||
Total
|
13 | $ | 3,693 |
Year ended December 31, 2011
|
||||||||
Number of
Contracts |
Recorded
Investment |
|||||||
(Dollars in thousands)
|
||||||||
Commercial and industrial
|
4 | $ | 1,506 | |||||
Real estate
|
||||||||
Consumer mortgages
|
4 | 1,563 | ||||||
Agricultural
|
3 | 1,382 | ||||||
Commercial and industrial-owner occupied
|
6 | 1,683 | ||||||
Construction, acquisition and development
|
13 | 3,622 | ||||||
Commercial real estate
|
3 | 2,946 | ||||||
All other
|
1 | 302 | ||||||
Total
|
34 | $ | 13,004 |
Three months ended
|
||||||||||||||||||||
March 31, 2012
|
||||||||||||||||||||
Balance,
Beginning of |
Charge-offs
|
Recoveries
|
Provision
|
Balance,
End of |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial and industrial
|
$ | 20,724 | $ | (4,272 | ) | $ | 1,542 | $ | 2,988 | $ | 20,982 | |||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
36,529 | (4,216 | ) | 323 | 3,912 | 36,548 | ||||||||||||||
Home equity
|
8,630 | (851 | ) | 315 | 134 | 8,228 | ||||||||||||||
Agricultural
|
3,921 | (96 | ) | 10 | (449 | ) | 3,386 | |||||||||||||
Commercial and industrial-owner occupied
|
21,929 | (3,868 | ) | 351 | 2,230 | 20,642 | ||||||||||||||
Construction, acquisition and development
|
45,562 | (11,394 | ) | 2,155 | (862 | ) | 35,461 | |||||||||||||
Commercial real estate
|
39,444 | (2,809 | ) | 383 | 2,364 | 39,382 | ||||||||||||||
Credit Cards
|
4,021 | (562 | ) | 118 | (436 | ) | 3,141 | |||||||||||||
All other
|
14,358 | (758 | ) | 288 | 119 | 14,007 | ||||||||||||||
Total
|
$ | 195,118 | $ | (28,826 | ) | $ | 5,485 | $ | 10,000 | $ | 181,777 |
Year ended
|
||||||||||||||||||||
December 31, 2011
|
||||||||||||||||||||
Balance,
Beginning of |
Charge-offs
|
Recoveries
|
Provision
|
Balance,
End of |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial and industrial
|
$ | 22,479 | $ | (17,337 | ) | $ | 1,567 | $ | 14,015 | $ | 20,724 | |||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
35,540 | (10,186 | ) | 1,111 | 10,064 | 36,529 | ||||||||||||||
Home equity
|
7,305 | (5,852 | ) | 185 | 6,992 | 8,630 | ||||||||||||||
Agricultural
|
4,997 | (3,420 | ) | 123 | 2,221 | 3,921 | ||||||||||||||
Commercial and industrial-owner occupied
|
20,403 | (10,302 | ) | 393 | 11,435 | 21,929 | ||||||||||||||
Construction, acquisition and development
|
59,048 | (67,362 | ) | 3,951 | 49,925 | 45,562 | ||||||||||||||
Commercial real estate
|
33,439 | (17,436 | ) | 1,045 | 22,396 | 39,444 | ||||||||||||||
Credit Cards
|
4,126 | (3,072 | ) | 803 | 2,164 | 4,021 | ||||||||||||||
All other
|
9,576 | (7,088 | ) | 1,001 | 10,869 | 14,358 | ||||||||||||||
Total
|
$ | 196,913 | $ | (142,055 | ) | $ | 10,179 | $ | 130,081 | $ | 195,118 |
Three months ended
|
||||||||||||||||||||
March 31, 2011
|
||||||||||||||||||||
Balance,
Beginning of |
Charge-offs
|
Recoveries
|
Provision
|
Balance,
End of |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial and industrial
|
$ | 22,479 | $ | (8,809 | ) | $ | 184 | $ | 6,525 | $ | 20,379 | |||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
35,540 | (3,260 | ) | 143 | 1,189 | 33,612 | ||||||||||||||
Home equity
|
7,305 | (1,082 | ) | 45 | 1,424 | 7,692 | ||||||||||||||
Agricultural
|
4,997 | (592 | ) | 2 | 40 | 4,447 | ||||||||||||||
Commercial and industrial-owner occupied
|
20,403 | (1,716 | ) | 173 | 11,064 | 29,924 | ||||||||||||||
Construction, acquisition and development
|
59,048 | (32,343 | ) | 564 | 26,959 | 54,228 | ||||||||||||||
Commercial real estate
|
33,439 | (4,514 | ) | 13 | 4,547 | 33,485 | ||||||||||||||
Credit Cards
|
4,126 | (881 | ) | 255 | (54 | ) | 3,446 | |||||||||||||
All other
|
9,576 | (553 | ) | 312 | 1,785 | 11,120 | ||||||||||||||
Total
|
$ | 196,913 | $ | (53,750 | ) | $ | 1,691 | $ | 53,479 | $ | 198,333 |
March 31, 2012
|
||||||||||||||||
Recorded
Balance of |
Allowance for
Impaired Loans |
Allowance for
All Other Loans |
Total
Allowance |
|||||||||||||
(In thousands)
|
||||||||||||||||
Commercial and industrial
|
$ | 6,106 | $ | 1,548 | $ | 19,434 | $ | 20,982 | ||||||||
Real estate
|
||||||||||||||||
Consumer mortgage
|
28,416 | 3,977 | 32,571 | 36,548 | ||||||||||||
Home equity
|
1,583 | 178 | 8,050 | 8,228 | ||||||||||||
Agricultural
|
3,099 | 386 | 3,000 | 3,386 | ||||||||||||
Commercial and industrial-owner occupied
|
28,152 | 3,051 | 17,591 | 20,642 | ||||||||||||
Construction, acquisition and development
|
111,263 | 11,736 | 23,725 | 35,461 | ||||||||||||
Commercial real estate
|
31,482 | 4,410 | 34,972 | 39,382 | ||||||||||||
Credit Cards
|
- | - | 3,141 | 3,141 | ||||||||||||
All other
|
1,011 | 260 | 13,747 | 14,007 | ||||||||||||
Total
|
$ | 211,112 | $ | 25,546 | $ | 156,231 | $ | 181,777 |
December 31, 2011
|
||||||||||||||||
Recorded
Balance of |
Allowance for
Impaired Loans |
Allowance for
All Other Loans |
Total
Allowance |
|||||||||||||
(In thousands)
|
||||||||||||||||
Commercial and industrial
|
$ | 7,833 | $ | 4,071 | $ | 16,653 | $ | 20,724 | ||||||||
Real estate
|
||||||||||||||||
Consumer mortgage
|
31,793 | 4,386 | 32,143 | 36,529 | ||||||||||||
Home equity
|
675 | 48 | 8,582 | 8,630 | ||||||||||||
Agricultural
|
3,096 | 380 | 3,541 | 3,921 | ||||||||||||
Commercial and industrial-owner occupied
|
24,801 | 3,601 | 18,328 | 21,929 | ||||||||||||
Construction, acquisition and development
|
128,179 | 21,581 | 23,981 | 45,562 | ||||||||||||
Commercial real estate
|
36,122 | 5,324 | 34,120 | 39,444 | ||||||||||||
Credit Cards
|
- | - | 4,021 | 4,021 | ||||||||||||
All other
|
2,424 | 317 | 14,041 | 14,358 | ||||||||||||
Total
|
$ | 234,923 | $ | 39,708 | $ | 155,410 | $ | 195,118 |
Three months ended
|
Year ended
|
|||||||||||
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Balance at beginning of period
|
$ | 173,805 | $ | 133,412 | $ | 133,412 | ||||||
Additions to foreclosed properties
|
||||||||||||
New foreclosed properties
|
10,766 | 21,464 | 125,234 | |||||||||
Reductions in foreclosed properties
|
||||||||||||
Sales
|
(11,771 | ) | (13,528 | ) | (64,488 | ) | ||||||
Writedowns
|
(4,992 | ) | (4,936 | ) | (20,353 | ) | ||||||
Balance at end of period
|
$ | 167,808 | $ | 136,412 | $ | 173,805 |
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 423 | $ | 16 | $ | - | $ | - | $ | 821 | $ | - | $ | - | $ | - | $ | 1,260 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
3,505 | 615 | 2,970 | - | 4,713 | 3,523 | 111 | 3,377 | 18,814 | |||||||||||||||||||||||||||
Home equity
|
- | 26 | 22 | - | 586 | 141 | - | - | 775 | |||||||||||||||||||||||||||
Agricultural
|
902 | - | 730 | - | 1,164 | 2,371 | - | - | 5,167 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,564 | 656 | 2,583 | 2,113 | 1,829 | 164 | 174 | 291 | 9,374 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
16,179 | 1,766 | 25,510 | 1,965 | 46,007 | 19,458 | 2,630 | - | 113,515 | |||||||||||||||||||||||||||
Commercial real estate
|
3,557 | 1,744 | 3,241 | 307 | 7,318 | - | 233 | 579 | 16,979 | |||||||||||||||||||||||||||
All other
|
209 | 83 | 990 | 117 | 437 | - | 55 | 33 | 1,924 | |||||||||||||||||||||||||||
Total
|
$ | 26,339 | $ | 4,906 | $ | 36,046 | $ | 4,502 | $ | 62,875 | $ | 25,657 | $ | 3,203 | $ | 4,280 | $ | 167,808 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
March 31, 2012
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Estimated
Fair |
|||||||||||||
(In thousands)
|
||||||||||||||||
U.S. Government agencies
|
$ | 1,552,991 | $ | 25,975 | $ | 525 | $ | 1,578,441 | ||||||||
Government agency issued residential mortgage-backed securities
|
377,767 | 7,910 | 531 | 385,146 | ||||||||||||
Government agency issued commercial mortgage-backed securities
|
28,876 | 2,780 | 9 | 31,647 | ||||||||||||
Obligations of states and political subdivisions
|
544,267 | 24,699 | 324 | 568,642 | ||||||||||||
Other
|
8,946 | 713 | - | 9,659 | ||||||||||||
Total
|
$ | 2,512,847 | $ | 62,077 | $ | 1,389 | $ | 2,573,535 |
December 31, 2011
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
U.S. Government agencies
|
$ | 1,471,920 | $ | 29,347 | $ | 24 | $ | 1,501,243 | ||||||||
Government agency issued residential mortgage-backed securities
|
394,894 | 9,786 | 70 | 404,610 | ||||||||||||
Government agency issued commercial mortgage-backed securities
|
31,161 | 3,438 | - | 34,599 | ||||||||||||
Obligations of states and political subdivisions
|
541,138 | 22,705 | 323 | 563,520 | ||||||||||||
Other
|
8,938 | 608 | - | 9,546 | ||||||||||||
Total
|
$ | 2,448,051 | $ | 65,884 | $ | 417 | $ | 2,513,518 |
March 31, 2012
|
||||||||||||
Amortized
Cost |
Estimated
Fair |
Weighted
Average |
||||||||||
(Dollars in thousands)
|
||||||||||||
Maturing in one year or less
|
$ | 342,145 | $ | 346,944 | 3.11 | % | ||||||
Maturing after one year through five years
|
1,631,097 | 1,658,411 | 1.86 | |||||||||
Maturing after five years through ten years
|
85,957 | 89,456 | 4.55 | |||||||||
Maturing after ten years
|
453,648 | 478,724 | 5.68 | |||||||||
Total
|
$ | 2,512,847 | $ | 2,573,535 |
March 31, 2012
|
|||||||||||||||||||||||
Continuous Unrealized Loss Position
|
|||||||||||||||||||||||
Less Than 12 Months
|
12 Months or Longer
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||
U.S. Government agencies
|
$ | 120,223 | $ | 525 | $ | - | $ | - | $ | 120,223 | $ | 525 | |||||||||||
Government agency issued residential
mortgage-backed securities |
45,471 | 445 | 3,599 | 86 | 49,070 | 531 | |||||||||||||||||
Government agency issued commercial
mortgage-backed securities |
1,023 | 9 | - | - | 1,023 | 9 | |||||||||||||||||
Obligations of states and political subdivisions
|
21,732 | 252 | 317 | 72 | 22,049 | 324 | |||||||||||||||||
Other
|
- | - | - | - | - | - | |||||||||||||||||
Total
|
$ | 188,449 | $ | 1,231 | $ | 3,916 | $ | 158 | $ | 192,365 | $ | 1,389 |
December 31, 2011
|
|||||||||||||||||||||||
Continuous Unrealized Loss Position
|
|||||||||||||||||||||||
Less Than 12 Months
|
12 Months or Longer
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||
U.S. Government agencies
|
$ | 34,850 | $ | 24 | $ | - | $ | - | $ | 34,850 | $ | 24 | |||||||||||
Government agency issued residential
mortgage-backed securities |
- | - | 3,751 | 70 | 3,751 | 70 | |||||||||||||||||
Government agency issued commercial
mortgage-backed securities |
- | - | - | - | 0 | 0 | |||||||||||||||||
Obligations of states and political subdivisions
|
20,820 | 144 | 9,214 | 179 | 30,034 | 323 | |||||||||||||||||
Other
|
- | - | - | - | - | - | |||||||||||||||||
Total
|
$ | 55,670 | $ | 168 | $ | 12,965 | $ | 249 | $ | 68,635 | $ | 417 |
Three months ended March 31,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Income
|
Shares
|
Per Share
|
Income
|
Shares
|
Per Share
|
|||||||||||||||||||
(Numerator)
|
(Denominator)
|
Amount
|
(Numerator)
|
(Denominator)
|
Amount
|
|||||||||||||||||||
Basic EPS
|
(In thousands, except per share amounts)
|
|||||||||||||||||||||||
Income (loss) available to common
shareholders |
$ | 22,866 | 91,728 | $ | 0.25 | $ | (494 | ) | 83,449 | $ | (0.01 | ) | ||||||||||||
Effect of dilutive share-based awards
|
- | 42 | - | - | ||||||||||||||||||||
Diluted EPS
|
||||||||||||||||||||||||
Income (loss) available to common
shareholders plus assumed exercise of all outstanding share-based awards |
$ | 22,866 | 91,770 | $ | 0.25 | $ | (494 | ) | 83,449 | $ | (0.01 | ) |
Three months ended March 31,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Before
|
Tax
|
Net
|
Before
|
Tax
|
Net
|
|||||||||||||||||||
tax
|
(expense)
|
of tax
|
tax
|
(expense)
|
of tax
|
|||||||||||||||||||
amount
|
benefit
|
amount
|
amount
|
benefit
|
amount
|
|||||||||||||||||||
Net unrealized gains on available-for-sale
securities: |
(In thousands)
|
|||||||||||||||||||||||
Unrealized losses arising during
holding period |
$ | (4,706 | ) | $ | 1,799 | $ | (2,907 | ) | $ | (4,044 | ) | $ | 1,537 | $ | (2,507 | ) | ||||||||
Less: Reclassification adjustment for
net gains realized in net income |
(74 | ) | 28 | (46 | ) | (17 | ) | 7 | (10 | ) | ||||||||||||||
Recognized employee benefit plan
net periodic benefit cost |
1,192 | (114 | ) | 1,078 | 633 | (242 | ) | 391 | ||||||||||||||||
Other comprehensive loss
|
$ | (3,588 | ) | $ | 1,713 | $ | (1,875 | ) | $ | (3,428 | ) | $ | 1,302 | $ | (2,126 | ) | ||||||||
Net income (loss)
|
22,866 | (494 | ) | |||||||||||||||||||||
Comprehensive income (loss)
|
$ | 20,991 | $ | (2,620 | ) |
Community
|
Insurance
|
|||||||||||
Banking
|
Agencies
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Balance as of December 31, 2011
|
$ | 217,618 | $ | 53,679 | $ | 271,297 | ||||||
Goodwill recorded during the period
|
- | - | - | |||||||||
Balance as of March 31, 2012
|
$ | 217,618 | $ | 53,679 | $ | 271,297 |
As of
|
As of
|
|||||||||||||||
March 31, 2012
|
December 31, 2011
|
|||||||||||||||
Gross Carrying
|
Accumulated
|
Gross Carrying
|
Accumulated
|
|||||||||||||
Amount
|
Amortization
|
Amount
|
Amortization
|
|||||||||||||
Amortized intangible assets:
|
(In thousands)
|
|||||||||||||||
Core deposit intangibles
|
$ | 27,801 | $ | 20,971 | $ | 27,801 | $ | 20,728 | ||||||||
Customer relationship intangibles
|
32,749 | 24,445 | 32,749 | 23,935 | ||||||||||||
Non-solicitation intangibles
|
75 | 47 | 75 | 38 | ||||||||||||
Total
|
$ | 60,625 | $ | 45,463 | $ | 60,625 | $ | 44,701 | ||||||||
Unamortized intangible assets:
|
||||||||||||||||
Trade names
|
$ | 688 | $ | - | $ | 688 | $ | - |
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
Aggregate amortization expense for:
|
(In thousands)
|
|||||||
Core deposit intangibles
|
$ | 243 | $ | 267 | ||||
Customer relationship intangibles
|
510 | 578 | ||||||
Non-solicitation intangibles
|
9 | 9 | ||||||
Total
|
$ | 762 | $ | 854 |
Customer
|
Non-
|
|||||||||||||||
Core Deposit
|
Relationship
|
Solicitation
|
||||||||||||||
Intangibles
|
Intangibles
|
Intangibles
|
Total
|
|||||||||||||
Estimated Amortization Expense:
|
(In thousands)
|
|||||||||||||||
For year ending December 31, 2012
|
$ | 946 | $ | 1,957 | $ | 37 | $ | 2,940 | ||||||||
For year ending December 31, 2013
|
582 | 1,668 | - | 2,250 | ||||||||||||
For year ending December 31, 2014
|
526 | 1,418 | - | 1,944 | ||||||||||||
For year ending December 31, 2015
|
487 | 1,128 | - | 1,615 | ||||||||||||
For year ending December 31, 2016
|
451 | 823 | - | 1,274 |
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Service cost
|
$ | 2,592 | $ | 2,082 | ||||
Interest cost
|
2,072 | 2,028 | ||||||
Expected return on assets
|
(3,670 | ) | (3,713 | ) | ||||
Amortization of unrecognized transition amount
|
5 | 5 | ||||||
Recognized prior service cost
|
(192 | ) | 50 | |||||
Recognized net loss
|
1,379 | 578 | ||||||
Net periodic benefit costs
|
$ | 2,186 | $ | 1,030 |
Community
Banking |
Insurance
Agencies |
General
Corporate |
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Three months ended March 31, 2012:
|
||||||||||||||||
Results of Operations
|
||||||||||||||||
Net interest revenue
|
$ | 107,652 | $ | 73 | $ | (2,115 | ) | $ | 105,610 | |||||||
Provision for credit losses
|
10,228 | - | (228 | ) | 10,000 | |||||||||||
Net interest revenue after provision for credit losses
|
97,424 | 73 | (1,887 | ) | 95,610 | |||||||||||
Noninterest revenue
|
31,185 | 23,151 | 18,024 | 72,360 | ||||||||||||
Noninterest expense
|
99,059 | 18,698 | 17,923 | 135,680 | ||||||||||||
Income (loss) before income taxes
|
29,550 | 4,526 | (1,786 | ) | 32,290 | |||||||||||
Income tax expense (benefit)
|
9,172 | 1,819 | (1,567 | ) | 9,424 | |||||||||||
Net income (loss)
|
$ | 20,378 | $ | 2,707 | $ | (219 | ) | $ | 22,866 | |||||||
Selected Financial Information
|
||||||||||||||||
Total assets at end of period
|
$ | 10,765,843 | $ | 175,763 | $ | 2,365,966 | $ | 13,307,572 | ||||||||
Depreciation and amortization
|
6,022 | 874 | 699 | 7,595 | ||||||||||||
Three months ended March 31, 2011:
|
||||||||||||||||
Results of Operations
|
||||||||||||||||
Net interest revenue
|
$ | 102,663 | $ | 94 | $ | 6,680 | $ | 109,437 | ||||||||
Provision for credit losses
|
53,241 | - | 238 | 53,479 | ||||||||||||
Net interest revenue after provision for credit losses
|
49,422 | 94 | 6,442 | 55,958 | ||||||||||||
Noninterest revenue
|
27,991 | 22,538 | 17,782 | 68,311 | ||||||||||||
Noninterest expense
|
82,710 | 18,060 | 29,240 | 130,010 | ||||||||||||
(Loss) income before income taxes
|
(5,297 | ) | 4,572 | (5,016 | ) | (5,741 | ) | |||||||||
Income tax (benefit) expense
|
(3,926 | ) | 1,822 | (3,143 | ) | (5,247 | ) | |||||||||
Net (loss) income
|
$ | (1,371 | ) | $ | 2,750 | $ | (1,873 | ) | $ | (494 | ) | |||||
Selected Financial Information
|
||||||||||||||||
Total assets at end of period
|
$ | 10,636,472 | $ | 164,488 | $ | 2,746,278 | $ | 13,547,238 | ||||||||
Depreciation and amortization
|
6,273 | 975 | 1,082 | 8,330 |
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Unpaid principal balance
|
$ | 4,413,139 | $ | 3,946,961 | $ | 4,293,552 | ||||||
Weighted-average prepayment speed (CPR)
|
18.1 | 13.9 | 22.7 | |||||||||
Discount rate (annual percentage)
|
10.3 | 10.3 | 10.3 | |||||||||
Weighted-average coupon interest rate (percentage)
|
4.8 | 5.2 | 4.9 | |||||||||
Weighted-average remaining maturity (months)
|
310.0 | 315.0 | 311.0 | |||||||||
Weighted-average servicing fee (basis points)
|
27.8 | 28.3 | 28.0 |
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Fair value as of January 1
|
$ | 30,174 | $ | 38,642 | ||||
Additions:
|
||||||||
Origination of servicing assets
|
3,525 | 2,431 | ||||||
Changes in fair value:
|
||||||||
Due to payoffs/paydowns
|
(1,726 | ) | (1,300 | ) | ||||
Due to change in valuation inputs or assumptions used in the valuation model
|
3,697 | 2,540 | ||||||
Other changes in fair value
|
(2 | ) | (7 | ) | ||||
Fair value as of March 31
|
$ | 35,668 | $ | 42,306 |
March 31, 2012
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Government agencies
|
$ | - | $ | 1,578,441 | $ | - | $ | 1,578,441 | ||||||||
Government agency issued residential mortgage-backed securities
|
- | 385,146 | - | 385,146 | ||||||||||||
Government agency issued commercial mortgage-backed securities
|
- | 31,647 | - | 31,647 | ||||||||||||
Obligations of states and political subdivisions
|
- | 568,642 | - | 568,642 | ||||||||||||
Other
|
665 | 8,994 | - | 9,659 | ||||||||||||
Mortgage servicing rights
|
- | - | 35,668 | 35,668 | ||||||||||||
Derivative instruments
|
- | - | 53,057 | 53,057 | ||||||||||||
Total
|
$ | 665 | $ | 2,572,870 | $ | 88,725 | $ | 2,662,260 | ||||||||
Liabilities:
|
||||||||||||||||
Derivative instruments
|
$ | - | $ | - | $ | 51,208 | $ | 51,208 |
March 31, 2011
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Government agencies
|
$ | - | $ | 459,763 | $ | - | $ | 459,763 | ||||||||
Government agency issued residential mortgage-backed securities
|
- | 529,302 | - | 529,302 | ||||||||||||
Government agency issued commercial mortgage-backed securities
|
- | 30,938 | - | 30,938 | ||||||||||||
Obligations of states and political subdivisions
|
- | 111,380 | - | 111,380 | ||||||||||||
Other
|
638 | 13,442 | - | 14,080 | ||||||||||||
Mortgage servicing rights
|
- | - | 42,306 | 42,306 | ||||||||||||
Derivative instruments
|
- | - | 33,120 | 33,120 | ||||||||||||
Total
|
$ | 638 | $ | 1,144,825 | $ | 75,426 | $ | 1,220,889 | ||||||||
Liabilities:
|
||||||||||||||||
Derivative instruments
|
$ | - | $ | - | $ | 32,766 | $ | 32,766 |
Mortgage
Servicing |
Derivative
Instruments |
Available-
for-sale |
||||||||||
(In thousands)
|
||||||||||||
Balance at December 31, 2011
|
$ | 30,174 | $ | 342 | $ | - | ||||||
Year to date net gains included in:
|
||||||||||||
Net income
|
5,494 | 1,507 | - | |||||||||
Other comprehensive income
|
- | - | - | |||||||||
Purchases, sales, issuances and settlements, net
|
- | - | - | |||||||||
Transfers in and/or out of Level 3
|
- | - | - | |||||||||
Balance at March 31, 2012
|
$ | 35,668 | $ | 1,849 | $ | - | ||||||
Net unrealized gains included in net income for the quarter relating to assets
and liabilities held at March 31, 2012 |
$ | 3,697 | $ | 1,507 | $ | - |
Mortgage
Servicing |
Derivative
Instruments |
Available-
for-sale |
||||||||||
(In thousands)
|
||||||||||||
Balance at December 31, 2010
|
$ | 38,642 | $ | 2,685 | $ | - | ||||||
Year to date net gains (losses) included in:
|
||||||||||||
Net income (loss)
|
3,664 | (2,331 | ) | - | ||||||||
Other comprehensive income
|
- | - | - | |||||||||
Purchases, sales, issuances and settlements, net
|
- | - | - | |||||||||
Transfers in and/or out of Level 3
|
- | - | - | |||||||||
Balance at March 31, 2011
|
$ | 42,306 | $ | 354 | $ | - | ||||||
Net unrealized (losses) gains included in net income for the quarter relating to assets
and liabilities held at March 31, 2011
|
$ | 2,540 | $ | (2,331 | ) | $ | - |
March 31, 2012
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Losses
|
||||||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||||||
Loans held for sale
|
$ | - | $ | 110,294 | $ | - | $ | 110,294 | $ | - | ||||||||||
Impaired loans
|
- | - | 211,112 | 211,112 | (25,546 | ) | ||||||||||||||
Other real estate owned
|
- | - | 167,808 | 167,808 | (26,520 | ) |
March 31, 2011
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Losses
|
||||||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||||||
Loans held for sale
|
$ | - | $ | 56,876 | $ | - | $ | 56,876 | $ | - | ||||||||||
Impaired loans
|
- | - | 338,821 | 338,821 | (49,419 | ) | ||||||||||||||
Other real estate owned
|
- | - | 136,412 | 136,412 | (14,738 | ) |
March 31, 2012
|
December 31, 2011
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Value
|
Value
|
Value
|
Value
|
|||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||
Cash and due from banks
|
$ | 184,441 | $ | 184,441 | $ | 195,681 | $ | 195,681 | ||||||||
Interest bearing deposits with other banks
|
665,675 | 665,675 | 303,663 | 303,663 | ||||||||||||
Available-for-sale securities
|
2,573,535 | 2,573,535 | 2,513,518 | 2,513,518 | ||||||||||||
Net loans and leases
|
8,556,146 | 8,605,943 | 8,675,193 | 8,730,819 | ||||||||||||
Loans held for sale
|
110,294 | 110,323 | 83,458 | 83,503 | ||||||||||||
Liabilities:
|
||||||||||||||||
Noninterest bearing deposits
|
2,260,012 | 2,260,012 | 2,269,799 | 2,269,799 | ||||||||||||
Savings and interest bearing deposits
|
5,964,841 | 5,964,841 | 5,698,527 | 5,698,527 | ||||||||||||
Other time deposits
|
2,857,469 | 2,901,829 | 2,986,863 | 3,029,147 | ||||||||||||
Federal funds purchased and securities
sold under agreement to repurchase and other short-term borrowings |
402,589 | 402,121 | 375,433 | 375,285 | ||||||||||||
Long-term debt and other borrowings
|
193,877 | 205,974 | 193,880 | 200,166 | ||||||||||||
Derivative instruments:
|
||||||||||||||||
Forward commitments to sell fixed rate mortgage loans
|
(98 | ) | (98 | ) | (1,057 | ) | (1,057 | ) | ||||||||
Commitments to fund fixed rate mortgage loans
|
2,710 | 2,710 | 2,140 | 2,140 | ||||||||||||
Interest rate swap position to receive
|
50,094 | 50,094 | 53,608 | 53,608 | ||||||||||||
Interest rate swap position to pay
|
(50,857 | ) | (50,857 | ) | (54,349 | ) | (54,349 | ) |
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Annuity fees
|
$ | 642 | $ | 1,296 | ||||
Brokerage commissions and fees
|
1,438 | 1,638 | ||||||
Bank-owned life insurance
|
2,613 | 1,699 | ||||||
Other miscellaneous income
|
4,377 | 4,683 | ||||||
Total other noninterest income
|
$ | 9,070 | $ | 9,316 |
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Advertising
|
$ | 841 | $ | 889 | ||||
Foreclosed property expense
|
8,409 | 7,082 | ||||||
Telecommunications
|
2,206 | 2,143 | ||||||
Public relations
|
1,466 | 1,514 | ||||||
Data processing
|
2,764 | 2,301 | ||||||
Computer software
|
1,803 | 1,848 | ||||||
Amortization of intangibles
|
763 | 854 | ||||||
Legal fees
|
2,216 | 2,598 | ||||||
Postage and shipping
|
1,255 | 1,297 | ||||||
Other miscellaneous expense
|
18,244 | 17,355 | ||||||
Total other noninterest expense
|
$ | 39,967 | $ | 37,881 |
SELECTED FINANCIAL QUARTERLY DATA
|
||||||||
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(Dollars in thousands, except per share data)
|
||||||||
Earnings Summary:
|
||||||||
Total interest revenue
|
$ | 125,375 | $ | 138,828 | ||||
Total interest expense
|
19,765 | 29,391 | ||||||
Net interest income
|
105,610 | 109,437 | ||||||
Provision for credit losses
|
10,000 | 53,479 | ||||||
Noninterest income
|
72,360 | 68,311 | ||||||
Noninterest expense
|
135,680 | 130,010 | ||||||
Income (loss) before income taxes
|
32,290 | (5,741 | ) | |||||
Income tax expense (benefit)
|
9,424 | (5,247 | ) | |||||
Net income (loss)
|
$ | 22,866 | $ | (494 | ) | |||
Balance Sheet - Period-end balances:
|
||||||||
Total assets
|
$ | 13,307,572 | $ | 13,547,238 | ||||
Total securities
|
2,573,535 | 2,812,666 | ||||||
Loans and leases, net of unearned income
|
8,737,923 | 9,213,836 | ||||||
Total deposits
|
11,082,322 | 11,464,114 | ||||||
Long-term debt
|
33,500 | 110,000 | ||||||
Total shareholders' equity
|
1,392,199 | 1,211,061 | ||||||
Balance Sheet-Average Balances:
|
||||||||
Total assets
|
$ | 13,088,358 | $ | 13,539,763 | ||||
Total securities
|
2,507,941 | 2,738,415 | ||||||
Loans and leases, net of unearned income
|
8,791,542 | 9,299,984 | ||||||
Total deposits
|
11,043,952 | 11,497,638 | ||||||
Long-term debt
|
33,500 | 110,000 | ||||||
Total shareholders' equity
|
1,363,709 | 1,219,399 | ||||||
Common Share Data:
|
||||||||
Basic earnings (loss) per share
|
$ | 0.25 | $ | (0.01 | ) | |||
Diluted earnings (loss) per share
|
0.25 | (0.01 | ) | |||||
Cash dividends per share
|
0.01 | 0.11 | ||||||
Book value per share
|
14.74 | 14.51 | ||||||
Dividend payout ratio
|
4.00 | % | NM % | |||||
Financial Ratios (Annualized):
|
||||||||
Return on average assets
|
0.70 | % | (0.01 | ) % | ||||
Return on average shareholders' equity
|
6.74 | (0.16 | ) | |||||
Total shareholders' equity to total assets
|
10.46 | 8.94 | ||||||
Tangible shareholders' equity to tangible assets
|
8.49 | 6.95 | ||||||
Net interest margin-fully taxable equivalent
|
3.66 | 3.69 | ||||||
Credit Quality Ratios (Annualized):
|
||||||||
Net charge-offs to average loans and leases
|
1.06 | % | 2.24 | % | ||||
Provision for credit losses to average loans and leases
|
0.45 | 2.30 | ||||||
Allowance for credit losses to net loans and leases
|
2.08 | 2.15 | ||||||
Allowance for credit losses to NPLs
|
63.73 | 46.66 | ||||||
Allowance for credit losses to NPAs
|
40.12 | 35.33 | ||||||
NPLs to net loans and leases
|
3.26 | 4.61 | ||||||
NPAs to net loans and leases
|
5.18 | 6.09 | ||||||
Captial Adequacy:
|
||||||||
Tier I capital
|
13.22 | % | 10.65 | % | ||||
Total capital
|
14.47 | 11.92 | ||||||
Tier I leverage capital
|
9.85 | 8.01 | ||||||
NM=Not meaningful
|
March 31,
|
||||||||
2012
|
2011
|
|||||||
(Dollars, in thousands)
|
||||||||
Tangible Assets:
|
||||||||
Total assets
|
$ | 13,307,572 | $ | 13,547,238 | ||||
Less: Goodwill
|
271,297 | 271,297 | ||||||
Other identifiable intangible assets
|
15,850 | 18,844 | ||||||
Total tangible assets
|
$ | 13,020,425 | $ | 13,257,097 | ||||
Tangible Shareholders' Equity
|
||||||||
Total shareholders' equity
|
$ | 1,392,199 | $ | 1,211,061 | ||||
Less: Goodwill
|
271,297 | 271,297 | ||||||
Other identifiable intangible assets
|
15,850 | 18,844 | ||||||
Total tangible shareholders' equity
|
$ | 1,105,052 | $ | 920,920 | ||||
Tangible shareholders' equity to tangible assets
|
8.49 | % | 6.95 | % |
Three months ended March 31,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
ASSETS
|
(Dollars in millions, yields on taxable equivalent basis)
|
|||||||||||||||||||||||
Loans and leases (net of unearned income) (1)(2)
|
$ | 8,791.5 | $ | 109.9 | 5.03 | % | $ | 9,300.0 | $ | 118.2 | 5.15 | % | ||||||||||||
Loans held for sale
|
61.3 | 0.5 | 3.57 | % | 39.1 | 0.4 | 4.64 | % | ||||||||||||||||
Held-to-maturity securities:
|
||||||||||||||||||||||||
Taxable (3)
|
- | - | - | 1,322.7 | 8.1 | 2.49 | % | |||||||||||||||||
Non-taxable (4)
|
- | - | - | 330.6 | 5.2 | 6.32 | % | |||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||||||||||
Taxable (5)
|
2,058.9 | 11.3 | 2.20 | % | 1,014.4 | 8.6 | 3.43 | % | ||||||||||||||||
Non-taxable (6)
|
449.1 | 6.5 | 5.86 | % | 70.7 | 1.3 | 7.27 | % | ||||||||||||||||
Federal funds sold, securities
purchased under agreement to resell and short-term investments |
603.9 | 0.4 | 0.27 | % | 317.3 | 0.2 | 0.32 | % | ||||||||||||||||
Total interest earning assets and revenue
|
11,964.7 | 128.6 | 4.32 | % | 12,394.8 | 142.0 | 4.65 | % | ||||||||||||||||
Other assets
|
1,325.8 | 1,363.1 | ||||||||||||||||||||||
Less: Allowance for credit losses
|
(202.1 | ) | (218.1 | ) | ||||||||||||||||||||
Total
|
$ | 13,088.4 | $ | 13,539.8 | ||||||||||||||||||||
LIABILITIES AND
|
||||||||||||||||||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand - interest bearing
|
$ | 4,960.1 | $ | 4.4 | 0.36 | % | $ | 5,153.1 | $ | 6.5 | 0.52 | % | ||||||||||||
Savings
|
1,027.6 | 0.7 | 0.28 | % | 897.3 | 0.8 | 0.37 | % | ||||||||||||||||
Other time
|
2,916.9 | 11.3 | 1.56 | % | 3,553.6 | 17.5 | 2.00 | % | ||||||||||||||||
Federal funds purchased, securities
sold under agreement to repurchase,short-term FHLB borrowings and other short term borrowings |
359.7 | 0.1 | 0.09 | % | 433.7 | 0.2 | 0.18 | % | ||||||||||||||||
Junior subordinated debt securities
|
160.3 | 2.9 | 7.22 | % | 160.3 | 2.9 | 7.23 | % | ||||||||||||||||
Long-term FHLB borrowings
|
33.5 | 0.4 | 4.19 | % | 110.0 | 1.5 | 5.47 | % | ||||||||||||||||
Total interest bearing liabilities and expense
|
9,458.1 | 19.8 | 0.84 | % | 10,308.0 | 29.4 | 1.16 | % | ||||||||||||||||
Demand deposits -noninterest bearing
|
2,139.4 | 1,893.7 | ||||||||||||||||||||||
Other liabilities
|
127.2 | 118.7 | ||||||||||||||||||||||
Total liabilities
|
11,724.7 | 12,320.4 | ||||||||||||||||||||||
Shareholders' equity
|
1,363.7 | 1,219.4 | ||||||||||||||||||||||
Total
|
$ | 13,088.4 | $ | 13,539.8 | ||||||||||||||||||||
Net interest revenue-FTE
|
$ | 108.8 | $ | 112.6 | ||||||||||||||||||||
Net interest margin-FTE
|
3.66 | % | 3.69 | % | ||||||||||||||||||||
Net interest rate spread
|
3.48 | % | 3.49 | % | ||||||||||||||||||||
Interest bearing liabilities to interest earning assets
|
79.05 | % | 83.16 | % | ||||||||||||||||||||
(1) Includes taxable equivalent adjustment to interest of $0.9 million and $0.8 million for the three months ended March 31, 2012 and 2011, respectively, using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(2) Includes non-accrual loans.
|
||||||||||||||||||||||||
(3) Includes taxable equivalent adjustment to interest of $0.1 million for the three months ended March 31, 2011 using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(4) Includes taxable equivalent adjustments to interest of $1.8 million for the three months ended March 31, 2011 using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(5) Includes taxable equivalent adjustment to interest of $0.1 million for the three months ended March 31, 2012 using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(6) Includes taxable equivalent adjustment to interest of $2.3 million and $0.4 million for the three months ended March 31, 2012 and 2011, respectively, using an effective tax rate of 35%.
|
Interest Rate Sensitivity - Maturing or Repricing Opportunities
|
||||||||||||||||
91 Days
|
Over One
|
|||||||||||||||
0 to 90
|
to
|
Year to
|
Over
|
|||||||||||||
Days
|
One Year
|
Five Years
|
Five Years
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Interest earning assets:
|
||||||||||||||||
Interest bearing deposits with banks
|
$ | 665,675 | $ | - | $ | - | $ | - | ||||||||
Available-for-sale and trading securities
|
173,122 | 240,190 | 1,338,800 | 821,423 | ||||||||||||
Loans and leases, net of unearned income
|
3,973,991 | 1,650,144 | 2,754,284 | 359,504 | ||||||||||||
Loans held for sale
|
95,112 | 254 | 1,485 | 13,443 | ||||||||||||
Total interest earning assets
|
4,907,900 | 1,890,588 | 4,094,569 | 1,194,370 | ||||||||||||
Interest bearing liabilities:
|
||||||||||||||||
Interest bearing demand deposits and savings
|
5,964,841 | - | - | - | ||||||||||||
Other time deposits
|
510,140 | 1,244,068 | 1,103,017 | 244 | ||||||||||||
Federal funds purchased and securities
sold under agreement to repurchase, short-term FHLB borrowings and other short-term borrowings |
401,089 | 1,500 | - | - | ||||||||||||
Long-term FHLB borrowings and junior subordinated debt securities
|
- | - | 3,500 | 190,312 | ||||||||||||
Other
|
- | - | 65 | - | ||||||||||||
Total interest bearing liabilities
|
6,876,070 | 1,245,568 | 1,106,582 | 190,556 | ||||||||||||
Interest rate sensitivity gap
|
$ | (1,968,170 | ) | $ | 645,020 | $ | 2,987,987 | $ | 1,003,814 | |||||||
Cumulative interest sensitivity gap
|
$ | (1,968,170 | ) | $ | (1,323,150 | ) | $ | 1,664,837 | $ | 2,668,651 |
Net Interest Income
|
||||||||
% Variance from Base Case Scenario
|
||||||||
Rate Shock
|
March 31, 2012
|
March 31, 2011
|
||||||
+400 basis points
|
-12.1% |
NA
|
||||||
+300 basis points
|
-9.8% |
NA
|
||||||
+200 basis points
|
-7.4% | -7.4% | ||||||
+100 basis points
|
-4.3% | -4.1% | ||||||
-100 basis points
|
NM
|
NM
|
||||||
-200 basis points
|
NM
|
NM
|
||||||
-300 basis points
|
NM
|
NM
|
||||||
-400 basis points
|
NM
|
NM
|
||||||
NM=not meaningful
|
||||||||
NA=not available
|
Economic Value of Equity
|
||||||||
% Variance from Base Case Scenario
|
||||||||
Rate Shock
|
March 31, 2012
|
March 31, 2011
|
||||||
+400 basis points
|
-34.4% |
NA
|
||||||
+300 basis points
|
-27.0% |
NA
|
||||||
+200 basis points
|
-19.2% | -14.7% | ||||||
+100 basis points
|
-10.4% | -7.9% | ||||||
-100 basis points
|
NM
|
NM
|
||||||
-200 basis points
|
NM
|
NM
|
||||||
-300 basis points
|
NM
|
NM
|
||||||
-400 basis points
|
NM
|
NM
|
||||||
NM=not meaningful
|
||||||||
NA=not available
|
Net Interest Income
|
||||||||
% Variance from Base Case Scenario
|
||||||||
Rate Ramp
|
March 31, 2012
|
March 31, 2011
|
||||||
+200 basis points
|
-6.3% | -6.2% | ||||||
-200 basis points
|
NM
|
NM
|
||||||
NM=not meaningful
|
Net Interest Income
|
|||||
% Variance from Base Case Scenario
|
|||||
Rate Shock
|
March 31, 2012
|
March 31, 2011
|
|||
+400 basis points
|
9.2% |
NA
|
|||
+300 basis points
|
11.2% |
NA
|
|||
+200 basis points
|
9.8% |
NA
|
|||
+100 basis points
|
4.3% |
NA
|
|||
-100 basis points
|
NM
|
NM
|
|||
-200 basis points
|
NM
|
NM
|
|||
-300 basis points
|
NM
|
NM
|
|||
-400 basis points
|
NM
|
NM
|
|||
NM=not meaningful
|
|||||
NA=not available
|
Economic Value of Equity
|
|||||
% Variance from Base Case Scenario
|
|||||
Rate Shock
|
March 31, 2012
|
March 31, 2011
|
|||
+400 basis points
|
-24.2% |
NA
|
|||
+300 basis points
|
-17.1% |
NA
|
|||
+200 basis points
|
-11.0% |
NA
|
|||
+100 basis points
|
-6.3% |
NA
|
|||
-100 basis points
|
NM
|
NM
|
|||
-200 basis points
|
NM
|
NM
|
|||
-300 basis points
|
NM
|
NM
|
|||
-400 basis points
|
NM
|
NM
|
|||
NM=not meaningful
|
|||||
NA=not available
|
Net Interest Income
|
|||||
% Variance from Base Case Scenario
|
|||||
Rate Ramp
|
March 31, 2012
|
March 31, 2011
|
|||
+200 basis points
|
4.5% |
NA
|
|||
-200 basis points
|
NM
|
NM
|
|||
NM=not meaningful
|
|||||
NA=not available
|
Three months ended
|
||||||||
March 31,
|
||||||||
2012
|
2011
|
|||||||
(Dollars in thousands)
|
||||||||
Balance, beginning of period
|
$ | 195,118 | $ | 196,913 | ||||
Loans and leases charged off:
|
||||||||
Commercial and industrial
|
(4,272 | ) | (8,809 | ) | ||||
Real estate
|
||||||||
Consumer mortgages
|
(4,216 | ) | (3,974 | ) | ||||
Home equity
|
(851 | ) | (1,082 | ) | ||||
Agricultural
|
(96 | ) | (592 | ) | ||||
Commercial and industrial-owner occupied
|
(3,868 | ) | (1,716 | ) | ||||
Construction, acquisition and development
|
(11,394 | ) | (31,629 | ) | ||||
Commercial real estate
|
(2,809 | ) | (4,514 | ) | ||||
Credit cards
|
(562 | ) | (881 | ) | ||||
All other
|
(758 | ) | (553 | ) | ||||
Total loans charged off
|
(28,826 | ) | (53,750 | ) | ||||
Recoveries:
|
||||||||
Commercial and industrial
|
1,542 | 184 | ||||||
Real estate
|
||||||||
Consumer mortgages
|
323 | 143 | ||||||
Home equity
|
315 | 45 | ||||||
Agricultural
|
10 | 2 | ||||||
Commercial and industrial-owner occupied
|
351 | 173 | ||||||
Construction, acquisition and development
|
2,155 | 564 | ||||||
Commercial real estate
|
383 | 13 | ||||||
Credit cards
|
118 | 255 | ||||||
All other
|
288 | 312 | ||||||
Total recoveries
|
5,485 | 1,691 | ||||||
Net charge-offs
|
(23,341 | ) | (52,059 | ) | ||||
Provision charged to operating expense
|
10,000 | 53,479 | ||||||
Balance, end of period
|
$ | 181,777 | $ | 198,333 | ||||
Average loans for period
|
$ | 8,791,542 | $ | 9,299,984 | ||||
Ratios:
|
||||||||
Net charge-offs to average loans (annualized)
|
1.06 | % | 2.24 | % | ||||
Provision for credit losses to average loans and leases, net of unearned income (annualized)
|
0.45 | % | 2.30 | % | ||||
Allowance for credit losses to loans and leases, net of unearned income
|
2.08 | % | 2.15 | % | ||||
Allowance for credit losses to net charge-offs (annualized)
|
194.70 | % | 95.24 | % |
March 31,
|
December 31,
|
|||||||||||||||||||||||
2012
|
2011
|
2011
|
||||||||||||||||||||||
Allowance
for |
% of
Total |
Allowance
for |
% of
Total |
Allowance
for |
% of
Total |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | 20,982 | 16.5 | % | $ | 20,379 | 16.2 | % | $ | 20,724 | 16.6 | % | ||||||||||||
Real estate
|
||||||||||||||||||||||||
Consumer mortgages
|
36,548 | 22.1 | % | 33,612 | 21.2 | % | 36,529 | 21.8 | % | |||||||||||||||
Home equity
|
8,228 | 5.7 | % | 7,692 | 5.7 | % | 8,630 | 5.8 | % | |||||||||||||||
Agricultural
|
3,386 | 2.9 | % | 4,447 | 2.7 | % | 3,921 | 2.7 | % | |||||||||||||||
Commercial and industrial-owner occupied
|
20,642 | 14.7 | % | 29,924 | 14.2 | % | 21,929 | 14.6 | % | |||||||||||||||
Construction, acquisition and development
|
35,461 | 9.8 | % | 54,228 | 12.1 | % | 45,562 | 10.2 | % | |||||||||||||||
Commercial real estate
|
39,382 | 19.8 | % | 33,485 | 19.8 | % | 39,444 | 19.7 | % | |||||||||||||||
Credit cards
|
3,141 | 1.1 | % | 3,446 | 1.1 | % | 4,021 | 1.2 | % | |||||||||||||||
All other
|
14,007 | 7.4 | % | 11,120 | 7.0 | % | 14,358 | 7.4 | % | |||||||||||||||
Total
|
$ | 181,777 | 100.0 | % | $ | 198,333 | 100.0 | % | $ | 195,118 | 100.0 | % |
Three months ended
|
||||||||||||
March 31,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Mortgage lending
|
$ | 15,142 | $ | 7,581 | 99.7 | % | ||||||
Credit card, debit card and merchant fees
|
7,523 | 10,346 | (27.3 | ) | ||||||||
Service charges
|
15,116 | 15,368 | (1.6 | ) | ||||||||
Trust income
|
2,282 | 3,134 | (27.2 | ) | ||||||||
Securities gains, net
|
74 | 17 | 335.3 | |||||||||
Insurance commissions
|
23,153 | 22,549 | 2.7 | |||||||||
Annuity fees
|
642 | 1,296 | (50.5 | ) | ||||||||
Brokerage commissions and fees
|
1,438 | 1,638 | (12.2 | ) | ||||||||
Bank-owned life insurance
|
2,613 | 1,699 | 53.8 | |||||||||
Other miscellaneous income
|
4,377 | 4,683 | (6.5 | ) | ||||||||
Total noninterest revenue
|
$ | 72,360 | $ | 68,311 | 5.9 | % |
Three months ended
|
||||||||||||||
March 31,
|
||||||||||||||
2012
|
2011
|
% Change
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||
Production revenue:
|
||||||||||||||
Origination
|
$ | 9,720 | $ | 3,224 | 201.5 | % | ||||||||
Servicing
|
3,451 | 3,117 | 10.7 | |||||||||||
Payoffs/Paydowns
|
(1,726 | ) | (1,300 | ) | 32.8 | |||||||||
Total
|
11,445 | 5,041 | 127.0 | |||||||||||
MSR market value adjustment
|
3,697 | 2,540 | 45.6 | |||||||||||
Mortgage lending revenue
|
$ | 15,142 | $ | 7,581 | 99.7 | % | ||||||||
(Dollars in millions)
|
||||||||||||||
Origination volume
|
$ | 395 | $ | 203 | 94.6 | % | ||||||||
Mortgage loans serviced at period-end
|
$ | 4,413 | $ | 3,947 | 11.8 | % |
Three months ended
|
||||||||||||
March 31,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Salaries and employee benefits
|
$ | 74,931 | $ | 70,375 | 6.5 | % | ||||||
Occupancy, net
|
10,066 | 10,671 | (5.7 | ) | ||||||||
Equipment
|
5,333 | 5,658 | (5.7 | ) | ||||||||
Deposit insurance assessments
|
5,383 | 5,425 | (0.8 | ) | ||||||||
Advertising
|
841 | 889 | (5.4 | ) | ||||||||
Foreclosed property expense
|
8,409 | 7,082 | 18.7 | |||||||||
Telecommunications
|
2,206 | 2,143 | 2.9 | |||||||||
Public relations
|
1,466 | 1,514 | (3.2 | ) | ||||||||
Data processing
|
2,764 | 2,301 | 20.1 | |||||||||
Computer software
|
1,803 | 1,848 | (2.4 | ) | ||||||||
Amortization of intangibles
|
763 | 854 | (10.7 | ) | ||||||||
Legal fees
|
2,216 | 2,598 | (14.7 | ) | ||||||||
Postage and shipping
|
1,255 | 1,297 | (3.2 | ) | ||||||||
Other miscellaneous expense
|
18,244 | 17,355 | 5.1 | |||||||||
Total noninterest expense
|
$ | 135,680 | $ | 130,010 | 4.4 | % |
Three months ended
|
||||||||||||
March 31,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Loss on sale of other real estate owned
|
$ | 770 | $ | 492 | 56.5 | % | ||||||
Writedown of other real estate owned
|
4,992 | 4,936 | 1.1 | |||||||||
Other foreclosed property expense
|
2,648 | 1,654 | 60.1 | |||||||||
Total foreclosed property expense
|
$ | 8,410 | $ | 7,082 | 18.8 | % |
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Commercial and industrial
|
$ | 1,452,492 | $ | 1,497,380 | $ | 1,484,967 | ||||||
Real estate
|
||||||||||||
Consumer mortgages
|
1,937,997 | 1,958,367 | 1,945,190 | |||||||||
Home equity
|
501,331 | 531,406 | 514,362 | |||||||||
Agricultural
|
256,683 | 250,393 | 239,487 | |||||||||
Commercial and industrial-owner occupied
|
1,287,542 | 1,316,824 | 1,301,575 | |||||||||
Construction, acquisition and development
|
858,110 | 1,117,335 | 908,362 | |||||||||
Commercial real estate
|
1,742,001 | 1,831,226 | 1,754,022 | |||||||||
Credit cards
|
100,527 | 100,732 | 106,281 | |||||||||
All other
|
640,855 | 651,946 | 657,012 | |||||||||
Total
|
$ | 8,777,538 | $ | 9,255,609 | $ | 8,911,258 |
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 56,958 | $ | 165,503 | $ | 333,153 | $ | 51,881 | $ | 16,991 | $ | 78,288 | $ | 249,569 | $ | 489,384 | $ | 1,441,727 | ||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||
Consumer
mortgages |
108,285 | 270,476 | 757,160 | 55,566 | 82,585 | 166,615 | 444,094 | 53,216 | 1,937,997 | |||||||||||||||||||||||||
Home equity
|
57,995 | 39,922 | 170,628 | 24,849 | 67,484 | 75,894 | 62,253 | 2,306 | 501,331 | |||||||||||||||||||||||||
Agricultural
|
5,775 | 83,839 | 72,900 | 3,937 | 9,262 | 13,199 | 62,470 | 5,301 | 256,683 | |||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
114,985 | 166,065 | 453,201 | 68,002 | 95,874 | 95,133 | 244,967 | 49,315 | 1,287,542 | |||||||||||||||||||||||||
Construction, acquisition and development
|
104,362 | 69,566 | 244,459 | 48,115 | 95,198 | 92,608 | 185,781 | 18,021 | 858,110 | |||||||||||||||||||||||||
Commercial real estate
|
203,365 | 342,591 | 342,816 | 219,999 | 115,186 | 101,142 | 362,700 | 54,202 | 1,742,001 | |||||||||||||||||||||||||
Credit cards
|
- | - | - | - | - | - | - | 100,527 | 100,527 | |||||||||||||||||||||||||
All other
|
31,347 | 88,646 | 195,309 | 5,662 | 57,105 | 47,204 | 95,521 | 91,211 | 612,005 | |||||||||||||||||||||||||
Total
|
$ | 683,072 | $ | 1,226,608 | $ | 2,569,626 | $ | 478,011 | $ | 539,685 | $ | 670,083 | $ | 1,707,355 | $ | 863,483 | $ | 8,737,923 | ||||||||||||||||
* Excludes the Greater Memphis Area.
|
Past Due
|
One Year
or Less |
One to
Five Years |
After
Five Years |
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial and industrial
|
$ | 12,456 | $ | 896,434 | $ | 406,214 | $ | 126,623 | $ | 1,441,727 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgages
|
6,109 | 413,498 | 1,183,284 | 335,106 | 1,937,997 | |||||||||||||||
Home equity
|
190 | 108,865 | 392,236 | 40 | 501,331 | |||||||||||||||
Agricultural
|
542 | 73,538 | 132,972 | 49,631 | 256,683 | |||||||||||||||
Commercial and industrial-owner occupied
|
6,900 | 235,133 | 741,990 | 303,519 | 1,287,542 | |||||||||||||||
Construction, acquisition and development
|
22,307 | 473,967 | 333,779 | 28,057 | 858,110 | |||||||||||||||
Commercial real estate
|
6,672 | 357,970 | 1,165,378 | 211,981 | 1,742,001 | |||||||||||||||
Credit cards
|
- | 100,527 | - | - | 100,527 | |||||||||||||||
All other
|
405 | 220,377 | 340,460 | 50,763 | 612,005 | |||||||||||||||
Total
|
$ | 55,581 | $ | 2,880,309 | $ | 4,696,313 | $ | 1,105,720 | $ | 8,737,923 |
Real Estate Construction,
Acquisition and Development |
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
|||||||||||||||||||||||||||
Performing:
|
(In thousands)
|
|||||||||||||||||||||||||||||||||||
Multi-family construction
|
$ | 2,634 | $ | - | $ | 11 | $ | - | $ | - | $ | 675 | $ | 1,363 | $ | - | $ | 4,683 | ||||||||||||||||||
One-to-four family construction
|
22,592 | 12,405 | 40,876 | 3,784 | 7,584 | 26,088 | 32,620 | 580 | 146,529 | |||||||||||||||||||||||||||
Recreation and all other loans
|
1,735 | 8,896 | 31,632 | 562 | 2,349 | 657 | 16,343 | - | 62,174 | |||||||||||||||||||||||||||
Commercial construction
|
14,319 | 5,788 | 36,794 | 1,466 | 9,093 | 16,860 | 29,658 | 3,516 | 117,494 | |||||||||||||||||||||||||||
Commercial acquisition and development
|
11,290 | 16,320 | 51,175 | 12,447 | 24,262 | 12,341 | 31,532 | 5,977 | 165,344 | |||||||||||||||||||||||||||
Residential acquisition and development
|
31,196 | 20,455 | 76,039 | 16,043 | 27,636 | 20,121 | 42,993 | 6,050 | 240,533 | |||||||||||||||||||||||||||
Total
|
$ | 83,766 | $ | 63,864 | $ | 236,527 | $ | 34,302 | $ | 70,924 | $ | 76,742 | $ | 154,509 | $ | 16,123 | $ | 736,757 | ||||||||||||||||||
Non-performing:
|
||||||||||||||||||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
One-to-four family construction
|
4,391 | 298 | 852 | 3,003 | 1,996 | 1,942 | 270 | - | 12,752 | |||||||||||||||||||||||||||
Recreation and all other loans
|
- | 41 | - | - | 825 | 188 | 179 | - | 1,233 | |||||||||||||||||||||||||||
Commercial construction
|
44 | 142 | - | 1,153 | - | 2,745 | 595 | - | 4,679 | |||||||||||||||||||||||||||
Commercial acquisition and development
|
2,615 | 72 | 1,466 | 2,571 | 7,966 | 4,378 | 7,371 | - | 26,439 | |||||||||||||||||||||||||||
Residential acquisition and development
|
13,546 | 5,149 | 5,614 | 7,086 | 13,487 | 6,613 | 22,857 | 1,898 | 76,250 | |||||||||||||||||||||||||||
Total
|
$ | 20,596 | $ | 5,702 | $ | 7,932 | $ | 13,813 | $ | 24,274 | $ | 15,866 | $ | 31,272 | $ | 1,898 | $ | 121,353 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||||||||||||||
Multi-family construction
|
$ | 2,634 | $ | - | $ | 11 | $ | - | $ | - | $ | 675 | $ | 1,363 | $ | - | $ | 4,683 | ||||||||||||||||||
One-to-four family construction
|
26,983 | 12,703 | 41,728 | 6,787 | 9,580 | 28,030 | 32,890 | 580 | 159,281 | |||||||||||||||||||||||||||
Recreation and all other loans
|
1,735 | 8,937 | 31,632 | 562 | 3,174 | 845 | 16,522 | - | 63,407 | |||||||||||||||||||||||||||
Commercial construction
|
14,363 | 5,930 | 36,794 | 2,619 | 9,093 | 19,605 | 30,253 | 3,516 | 122,173 | |||||||||||||||||||||||||||
Commercial acquisition and development
|
13,905 | 16,392 | 52,641 | 15,018 | 32,228 | 16,719 | 38,903 | 5,977 | 191,783 | |||||||||||||||||||||||||||
Residential acquisition and development
|
44,742 | 25,604 | 81,653 | 23,129 | 41,123 | 26,734 | 65,850 | 7,948 | 316,783 | |||||||||||||||||||||||||||
Total
|
$ | 104,362 | $ | 69,566 | $ | 244,459 | $ | 48,115 | $ | 95,198 | $ | 92,608 | $ | 185,781 | $ | 18,021 | $ | 858,110 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
Real Estate Construction,
Acquisition and Development |
Past Due
|
One Year
or Less |
One to
Five Years |
After
Five Years |
Total
|
|||||||||||||||
Outstanding loan balances:
|
(In thousands)
|
|||||||||||||||||||
Multi-family construction
|
$ | - | $ | 4,672 | $ | 11 | $ | - | $ | 4,683 | ||||||||||
One-to-four family construction
|
2,462 | 142,079 | 14,222 | 518 | 159,281 | |||||||||||||||
Recreation and all other loans
|
146 | 9,124 | 47,880 | 6,257 | 63,407 | |||||||||||||||
Commercial construction
|
2,049 | 34,993 | 71,914 | 13,217 | 122,173 | |||||||||||||||
Commercial acquisition and development
|
9,293 | 81,798 | 97,856 | 2,836 | 191,783 | |||||||||||||||
Residential acquisition and development
|
8,357 | 201,301 | 101,896 | 5,229 | 316,783 | |||||||||||||||
Total
|
$ | 22,307 | $ | 473,967 | $ | 333,779 | $ | 28,057 | $ | 858,110 | ||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family construction
|
1,343 | 8,695 | 1,574 | 341 | 11,953 | |||||||||||||||
Recreation and all other loans
|
- | 367 | 19 | - | 386 | |||||||||||||||
Commercial construction
|
595 | 2,921 | 186 | - | 3,702 | |||||||||||||||
Commercial acquisition and development
|
5,415 | 15,607 | 2,442 | - | 23,464 | |||||||||||||||
Residential acquisition and development
|
7,994 | 62,823 | 5,327 | - | 76,144 | |||||||||||||||
Total
|
$ | 15,347 | $ | 90,413 | $ | 9,548 | $ | 341 | $ | 115,649 |
(In thousands)
|
||||
Balance at January 1, 2012
|
$ | 133,110 | ||
Additions to CAD nonaccruals
|
||||
Formation of new nonaccrual loans
|
5,662 | |||
Reductions in CAD nonaccruals
|
||||
Charge-offs
|
(11,389 | ) | ||
Foreclosures to OREO
|
(3,046 | ) | ||
Payments
|
(10,093 | ) | ||
Transfers to accrual status
|
(546 | ) | ||
Transfer (to) from other loan category
|
1,951 | |||
Balance at March 31, 2012
|
$ | 115,649 |
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Non-accrual loans and leases
|
$ | 253,227 | $ | 370,726 | $ | 276,798 | ||||||
Loans 90 days or more past due, still accruing
|
1,698 | 4,829 | 3,434 | |||||||||
Restructured loans and leases, still accruing
|
30,311 | 49,472 | 42,018 | |||||||||
Total NPLs
|
285,236 | 425,027 | 322,250 | |||||||||
Other real estate owned
|
167,808 | 136,412 | 173,805 | |||||||||
Total NPAs
|
$ | 453,044 | $ | 561,439 | $ | 496,055 | ||||||
NPLs to net loans and leases
|
3.26 | % | 4.61 | % | 3.63 | % | ||||||
NPAs to net loans and leases
|
5.18 | % | 6.09 | % | 5.59 | % |
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Unpaid principal balance of impaired loans
|
$ | 266,483 | $ | 423,497 | $ | 287,099 | ||||||
Cumulative charge offs on impaired loans
|
55,371 | 84,676 | 52,176 | |||||||||
Outstanding balance of impaired loans
|
211,112 | 338,821 | 234,923 | |||||||||
Other non-accrual loans and leases not impaired
|
42,115 | 31,905 | 41,875 | |||||||||
Total non-accrual loans and leases
|
$ | 253,227 | $ | 370,726 | $ | 276,798 | ||||||
Allowance for impaired loans
|
25,546 | 49,419 | 39,708 | |||||||||
Nonaccrual loans and leases, net of specific reserves
|
$ | 227,681 | $ | 321,307 | $ | 237,090 | ||||||
Loans and leases 90 days or more past due, still accruing
|
1,698 | 4,829 | 3,434 | |||||||||
Restructured loans and leases, still accruing
|
30,311 | 49,472 | 42,018 | |||||||||
Total non-performing loans and leases
|
$ | 285,236 | $ | 425,027 | $ | 322,250 | ||||||
Allowance for impaired loans
|
$ | 25,546 | $ | 49,419 | $ | 39,708 | ||||||
Allowance for all other loans and leases
|
156,231 | 148,914 | 155,410 | |||||||||
Total allowance for credit losses
|
$ | 181,777 | $ | 198,333 | $ | 195,118 | ||||||
Outstanding balance of impaired loans
|
$ | 211,112 | $ | 338,821 | $ | 234,923 | ||||||
Allowance for impaired loans
|
25,546 | 49,419 | 39,708 | |||||||||
Net book value of impaired loans
|
$ | 185,566 | $ | 289,402 | $ | 195,215 | ||||||
Net book value of impaired loans as a % of unpaid principal balance
|
70 | % | 68 | % | 68 | % | ||||||
Coverage of other non-accrual loans and leases not impaired by the allowance for all other loans and leases
|
371 | % | 467 | % | 371 | % | ||||||
Coverage of non-performing loans and leases not impaired by the allowance for all other loans and leases
|
211 | % | 173 | % | 178 | % |
Outstanding
|
90+ Days
Past Due still |
Non-accruing
Loans |
Restructured
Loans, still |
NPLs
|
NPLs as a
% of |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Alabama and Florida Panhandle
|
$ | 683,072 | $ | - | $ | 48,028 | $ | 1,474 | $ | 49,502 | 7.2 | % | ||||||||||||
Arkansas*
|
1,226,608 | 90 | 19,967 | 2,957 | 23,014 | 1.9 | ||||||||||||||||||
Mississippi*
|
2,569,626 | 11 | 34,288 | 4,999 | 39,298 | 1.5 | ||||||||||||||||||
Missouri
|
478,011 | - | 27,361 | 10,760 | 38,121 | 8.0 | ||||||||||||||||||
Greater Memphis Area
|
539,685 | - | 35,683 | 1,078 | 36,761 | 6.8 | ||||||||||||||||||
Tennessee*
|
670,083 | - | 29,654 | 4,781 | 34,435 | 5.1 | ||||||||||||||||||
Texas and Louisiana
|
1,707,355 | - | 47,345 | 1,048 | 48,393 | 2.8 | ||||||||||||||||||
Other
|
863,483 | 1,597 | 10,901 | 3,214 | 15,712 | 1.8 | ||||||||||||||||||
Total
|
$ | 8,737,923 | $ | 1,698 | $ | 253,227 | $ | 30,311 | $ | 285,236 | 3.3 | % | ||||||||||||
* Excludes the Greater Memphis Area.
|
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 1,376,983 | $ | 6,449 | $ | 47,783 | $ | 4,159 | $ | 247 | $ | 6,106 | $ | 1,441,727 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
1,729,187 | 23,918 | 151,679 | 4,351 | 446 | 28,416 | 1,937,997 | |||||||||||||||||||||
Home equity
|
476,300 | 2,793 | 19,626 | 754 | 275 | 1,583 | 501,331 | |||||||||||||||||||||
Agricultural
|
229,865 | 1,936 | 21,763 | 20 | - | 3,099 | 256,683 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,151,368 | 24,662 | 83,041 | 230 | 89 | 28,152 | 1,287,542 | |||||||||||||||||||||
Construction, acquisition and development
|
601,396 | 22,939 | 121,556 | 956 | - | 111,263 | 858,110 | |||||||||||||||||||||
Commercial real estate
|
1,491,021 | 47,535 | 171,891 | 72 | - | 31,482 | 1,742,001 | |||||||||||||||||||||
Credit Cards
|
100,527 | - | - | - | - | - | 100,527 | |||||||||||||||||||||
All other
|
575,399 | 16,685 | 18,222 | 678 | 10 | 1,011 | 612,005 | |||||||||||||||||||||
Total
|
$ | 7,732,046 | $ | 146,917 | $ | 635,561 | $ | 11,220 | $ | 1,067 | $ | 211,112 | $ | 8,737,923 |
Current
|
30-59 Days
Past Due |
60-89 Days
Past Due |
90+ Days
Past Due |
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Pass
|
$ | 7,720,484 | $ | 9,749 | $ | 1,813 | $ | - | $ | 7,732,046 | ||||||||||
Special Mention
|
145,010 | 843 | 1,064 | - | 146,917 | |||||||||||||||
Substandard
|
602,812 | 13,890 | 5,141 | 13,718 | 635,561 | |||||||||||||||
Doubtful
|
8,754 | 728 | 236 | 1,502 | 11,220 | |||||||||||||||
Loss
|
504 | 259 | 67 | 237 | 1,067 | |||||||||||||||
Impaired
|
154,958 | 10,949 | 2,951 | 42,254 | 211,112 | |||||||||||||||
Total
|
$ | 8,632,522 | $ | 36,418 | $ | 11,272 | $ | 57,711 | $ | 8,737,923 |
Loans and leases, net of unearned income
|
Outstanding
|
90+ Days
Past Due still |
Non-accruing
Loans |
Restructured
Loans, still |
NPLs
|
NPLs as a
% of |
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | 1,441,727 | $ | 10 | $ | 11,025 | $ | 1,445 | $ | 12,480 | 0.9 | % | ||||||||||||
Real estate
|
||||||||||||||||||||||||
Consumer mortgages
|
1,937,997 | 1,314 | 46,562 | 4,349 | 52,225 | 2.7 | ||||||||||||||||||
Home equity
|
501,331 | - | 2,687 | - | 2,687 | 0.5 | ||||||||||||||||||
Agricultural
|
256,683 | - | 4,254 | - | 4,254 | 1.7 | ||||||||||||||||||
Commercial and industrial-owner occupied
|
1,287,542 | - | 32,842 | 4,251 | 37,093 | 2.9 | ||||||||||||||||||
Construction, acquisition and development
|
858,110 | - | 115,649 | 5,704 | 121,353 | 14.1 | ||||||||||||||||||
Commercial real estate
|
1,742,001 | - | 35,715 | 11,129 | 46,844 | 2.7 | ||||||||||||||||||
Credit cards
|
100,527 | 228 | 509 | 2,323 | 3,060 | 3.0 | ||||||||||||||||||
All other
|
612,005 | 146 | 3,984 | 1,110 | 5,240 | 0.9 | ||||||||||||||||||
Total
|
$ | 8,737,923 | $ | 1,698 | $ | 253,227 | $ | 30,311 | $ | 285,236 | 3.3 | % |
Real Estate Construction,
Acquisition and Development |
Outstanding
|
90+ Days
Past Due still |
Non-accruing
Loans |
Restructured
Loans, still |
NPLs
|
NPLs as a
% of |
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Multi-family construction
|
$ | 4,683 | $ | - | $ | - | $ | - | $ | - | - | % | ||||||||||||
One-to-four family construction
|
159,281 | - | 11,953 | 799 | 12,752 | 8.0 | ||||||||||||||||||
Recreation and all other loans
|
63,407 | - | 386 | 847 | 1,233 | 1.9 | ||||||||||||||||||
Commercial construction
|
122,173 | - | 3,702 | 977 | 4,679 | 3.8 | ||||||||||||||||||
Commercial acquisition and development
|
191,783 | - | 23,464 | 2,975 | 26,439 | 13.8 | ||||||||||||||||||
Residential acquisition and development
|
316,783 | - | 76,144 | 106 | 76,250 | 24.1 | ||||||||||||||||||
Total
|
$ | 858,110 | $ | - | $ | 115,649 | $ | 5,704 | $ | 121,353 | 14.1 | % |
Amortized Cost
|
Estimated Fair Value
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Available-for-sale Securities:
|
(Dollars in thousands)
|
|||||||||||||||
Aaa
|
$ | 2,000,345 | 79.6 | % | $ | 2,036,662 | 79.1 | % | ||||||||
Aa1 to Aa3
|
212,486 | 8.5 | % | 223,736 | 8.7 | % | ||||||||||
A1 to A3
|
27,961 | 1.1 | % | 28,648 | 1.1 | % | ||||||||||
Baa1 to Baa2
|
7,587 | 0.3 | % | 7,866 | 0.3 | % | ||||||||||
Ba1 to Ba3
|
975 | - | 976 | - | ||||||||||||
Caa1
|
66 | - | 131 | - | ||||||||||||
Not rated (1)
|
263,427 | 10.5 | % | 275,516 | 10.8 | % | ||||||||||
Total
|
$ | 2,512,847 | 100.0 | % | $ | 2,573,535 | 100.0 | % | ||||||||
(1) Not rated securities primarily consist of Mississippi and Arkansas municipal bonds.
|
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 423 | $ | 16 | $ | - | $ | - | $ | 821 | $ | - | $ | - | $ | - | $ | 1,260 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
3,505 | 615 | 2,970 | - | 4,713 | 3,523 | 111 | 3,377 | 18,814 | |||||||||||||||||||||||||||
Home equity
|
- | 26 | 22 | - | 586 | 141 | - | - | 775 | |||||||||||||||||||||||||||
Agricultural
|
902 | - | 730 | - | 1,164 | 2,371 | - | - | 5,167 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,564 | 656 | 2,583 | 2,113 | 1,829 | 164 | 174 | 291 | 9,374 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
16,179 | 1,766 | 25,510 | 1,965 | 46,007 | 19,458 | 2,630 | - | 113,515 | |||||||||||||||||||||||||||
Commercial real estate
|
3,557 | 1,744 | 3,241 | 307 | 7,318 | - | 233 | 579 | 16,979 | |||||||||||||||||||||||||||
All other
|
209 | 83 | 990 | 117 | 437 | - | 55 | 33 | 1,924 | |||||||||||||||||||||||||||
Total
|
$ | 26,339 | $ | 4,906 | $ | 36,046 | $ | 4,502 | $ | 62,875 | $ | 25,657 | $ | 3,203 | $ | 4,280 | $ | 167,808 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
March 31,
|
December 31,
|
|||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in millions)
|
||||||||||||
Noninterest bearing demand
|
$ | 2,260 | $ | 2,270 | (0.4 | ) % | ||||||
Interest bearing demand
|
4,898 | 4,707 | 4.1 | |||||||||
Savings
|
1,067 | 991 | 7.7 | |||||||||
Other time
|
2,857 | 2,987 | (4.4 | ) | ||||||||
Total deposits
|
$ | 11,082 | $ | 10,955 | 1.2 | % |
March 31, 2012
|
December 31, 2011
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
BancorpSouth, Inc.
|
||||||||||||||||
Tier I capital (to risk-weighted assets)
|
$ | 1,261,121 | 13.13 | % | $ | 1,129,746 | 11.77 | % | ||||||||
Total capital (to risk-weighted assets)
|
1,382,112 | 14.39 | 1,250,801 | 13.03 | ||||||||||||
Tier I leverage capital (to average assets)
|
1,261,121 | 9.85 | 1,129,746 | 8.85 |
March 31, 2012
|
December 31, 2011
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
BancorpSouth Bank
|
||||||||||||||||
Tier I capital (to risk-weighted assets)
|
$ | 1,125,513 | 11.73 | % | $ | 1,099,369 | 11.46 | % | ||||||||
Total capital (to risk-weighted assets)
|
1,246,504 | 12.99 | 1,220,424 | 12.73 | ||||||||||||
Tier I leverage capital (to average assets)
|
1,125,513 | 8.84 | 1,099,369 | 8.67 |
(3)
|
(a)
|
Restated Articles of Incorporation, as amended. (1)
|
(b)
|
Bylaws, as amended and restated. (2)
|
|
(c)
|
Amendment No. 1 to Amended and Restated Bylaws. (3)
|
|
(d)
|
Amendment No. 2 to Amended and Restated Bylaws (4)
|
|
(e)
|
Amendment No. 3 to Amended and Restated Bylaws (4)
|
(4)
|
(a)
|
Specimen Common Stock Certificate. (5)
|
(b)
|
Amended and Restated Certificate of Trust of BancorpSouth Capital Trust I. (6)
|
|
(c)
|
Second Amended and Restated Trust Agreement of BancorpSouth Capital Trust I, dated as of January 28, 2002, between BancorpSouth, Inc., The Bank of New York, The Bank of New York (Delaware) and the Administrative Trustees named therein. (7)
|
|
(d)
|
Junior Subordinated Indenture, dated as of January 28, 2002, between BancorpSouth, Inc. and The Bank of New York. (7)
|
|
(e)
|
Guarantee Agreement, dated as of January 28, 2002, between BancorpSouth, Inc. and The Bank of New York. (7)
|
|
(f)
|
Junior Subordinated Debt Security Specimen. (7)
|
|
(g)
|
Trust Preferred Security Certificate for BancorpSouth Capital Trust I. (7)
|
|
(h)
|
Certain instruments defining the rights of certain holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. The Registrant hereby agrees to furnish copies of these instruments to the SEC upon request.
|
|
(10)
|
BancorpSouth, Inc. Salary Continuation Agreement for Gordon R. Lewis, dated April 30, 2012.*
|
|
(31.1)
|
Certification of the Chief Executive Officer of BancorpSouth, Inc. pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
(31.2)
|
Certification of the Chief Financial Officer of BancorpSouth, Inc. pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
(32.1)
|
Certification of the Chief Executive Officer of BancorpSouth, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
(32.2)
|
Certification of the Chief Financial Officer of BancorpSouth, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
(101)**
|
Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2011, is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Consolidated Balance Sheets as of September 30, 2011 and 2010, and December 31, 2010, (ii) the Consolidated Statements of Income for each of the three-month and nine-month periods ended September 30, 2011 and 2010, (iii) the Consolidated Statements of Cash Flows for each of the nine-month periods ended September 30, 2011 and 2010, and (iv) the Notes to Consolidated Financial Statements, tagged as blocks of text.*
|
(1)
|
Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2009 (file number 1-12991) and incorporated by reference thereto.
|
(2)
|
Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 1998 (file number 1-12991) and incorporated by reference thereto.
|
(3)
|
Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000 (file number 1-12991) and incorporated by reference thereto.
|
(4)
|
Filed as exhibits 3.1 and 3.2 to the Company’s Current Report on Form 8-K filed on January 26, 2007 (file number 1-12991) and incorporated by reference thereto.
|
(5)
|
Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994 (file number 0-10826) and incorporated by reference thereto.
|
(6)
|
Filed as exhibit 4.12 to the Company’s registration statement on Form S-3 filed on November 2, 2001 (Registration No. 33-72712) and incorporated by reference thereto.
|
(7)
|
Filed as an exhibit to the Company’s Current Report on Form 8-K filed on January 28, 2002 (file number 1-12991) and incorporated by reference thereto.
|
**
|
As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended, and Section 18 of the Securities Exchange Act of 1934, as amended.
|
BancorpSouth, Inc. | ||||
Date: May 9, 2012
|
(Registrant)
|
|||
|
||||
/s/ William L. Prater | ||||
William L. Prater
|
||||
|
Treasurer and Chief Financial Officer |
Exhibit No.
|
Description
|
(3)
|
(a)
|
Restated Articles of Incorporation, as amended. (1)
|
(b)
|
Bylaws, as amended and restated. (2)
|
|
(c)
|
Amendment No. 1 to Amended and Restated Bylaws. (3)
|
|
(d)
|
Amendment No. 2 to Amended and Restated Bylaws (4)
|
|
(e)
|
Amendment No. 3 to Amended and Restated Bylaws (4)
|
(4)
|
(a)
|
Specimen Common Stock Certificate. (5)
|
(b)
|
Amended and Restated Certificate of Trust of BancorpSouth Capital Trust I. (6)
|
|
(c)
|
Second Amended and Restated Trust Agreement of BancorpSouth Capital Trust I, dated as of January 28, 2002, between BancorpSouth, Inc., The Bank of New York, The Bank of New York (Delaware) and the Administrative Trustees named therein. (7)
|
|
(d)
|
Junior Subordinated Indenture, dated as of January 28, 2002, between BancorpSouth, Inc. and The Bank of New York. (7)
|
|
(e)
|
Guarantee Agreement, dated as of January 28, 2002, between BancorpSouth, Inc. and The Bank of New York. (7)
|
|
(f)
|
Junior Subordinated Debt Security Specimen. (7)
|
|
(g)
|
Trust Preferred Security Certificate for BancorpSouth Capital Trust I. (7)
|
|
(h)
|
Certain instruments defining the rights of certain holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. The Registrant hereby agrees to furnish copies of these instruments to the SEC upon request.
|
|
(10)
|
BancorpSouth, Inc. Salary Continuation Agreement for Gordon R. Lewis, dated April 30, 2012.*
|
|
(31.1)
|
Certification of the Chief Executive Officer of BancorpSouth, Inc. pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
(31.2)
|
Certification of the Chief Financial Officer of BancorpSouth, Inc. pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|
(32.1)
|
Certification of the Chief Executive Officer of BancorpSouth, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
(32.2)
|
Certification of the Chief Financial Officer of BancorpSouth, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|
(101)**
|
Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2011, is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Consolidated Balance Sheets as of September 30, 2011 and 2010, and December 31, 2010, (ii) the Consolidated Statements of Income for each of the three-month and nine-month periods ended September 30, 2011 and 2010, (iii) the Consolidated Statements of Cash Flows for each of the nine-month periods ended September 30, 2011 and 2010, and (iv) the Notes to Consolidated Financial Statements, tagged as blocks of text.*
|
(1)
|
Filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2009 (file number 1-12991) and incorporated by reference thereto.
|
(2)
|
Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 1998 (file number 1-12991) and incorporated by reference thereto.
|
(3)
|
Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2000 (file number 1-12991) and incorporated by reference thereto.
|
(4)
|
Filed as exhibits 3.1 and 3.2 to the Company’s Current Report on Form 8-K filed on January 26, 2007 (file number 1-12991) and incorporated by reference thereto.
|
(5)
|
Filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994 (file number 0-10826) and incorporated by reference thereto.
|
(6)
|
Filed as exhibit 4.12 to the Company’s registration statement on Form S-3 filed on November 2, 2001 (Registration No. 33-72712) and incorporated by reference thereto.
|
(7)
|
Filed as an exhibit to the Company’s Current Report on Form 8-K filed on January 28, 2002 (file number 1-12991) and incorporated by reference thereto.
|
**
|
As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended, and Section 18 of the Securities Exchange Act of 1934, as amended.
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: May 9, 2012
|
/s/ Aubrey B. Patterson
|
|||
|
Aubrey B. Patterson
|
|||
|
Chairman of the Board and
Chief Executive Officer |
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: May 9, 2012
|
/s/ William L. Prater
|
|||
|
William L. Prater
|
|||
|
Treasurer and Chief Financial Officer
|
May 9, 2012
|
/s/ Aubrey B. Patterson
|
|||
|
Aubrey B. Patterson
|
|||
|
Chairman of the Board and
Chief Executive Officer |
May 9, 2012
|
/s/ William L. Prater
|
|||
|
William L. Prater
|
|||
|
Treasurer and Chief Financial Officer
|
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Details) (Pension Benefits [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
Pension Benefits [Member]
|
||
Components of net periodic benefit cost: | ||
Service cost | $ 2,592 | $ 2,082 |
Interest cost | 2,072 | 2,028 |
Expected return on assets | (3,670) | (3,713) |
Amortization of unrecognized transition amount | 5 | 5 |
Recognized prior service cost | (192) | 50 |
Recognized net loss | 1,379 | 578 |
Net periodic benefit cost | $ 2,186 | $ 1,030 |
FAIR VALUE DISCLOSURES (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
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FAIR VALUE DISCLOSURES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | The following tables present the balances of the assets and liabilities measured at fair value on a recurring basis as of March 31, 2012 and 2011:
The following tables present the balances of assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2012 and 2011:
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Changes in Level Three Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three-month periods ended March 31, 2012 and 2011:
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Carrying and Fair Value Information | The following table presents carrying and fair value information of financial instruments at March 31, 2012 and December 31, 2011:
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OTHER REAL ESTATE OWNED (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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OTHER REAL ESTATE OWNED [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Other Real Estate Owned | The following table presents the activity in other real estate owned for the periods indicated:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned By Geographical Location, Segment and Class | The following table presents the other real estate owned by geographical location, segment and class at March 31, 2012:
|
LOANS AND LEASES, Grade (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | $ 8,737,923 | $ 8,870,311 |
Pass [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 7,732,046 | 7,845,589 |
Special Mention [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 146,917 | 124,694 |
Substandard [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 635,561 | 655,085 |
Doubtful [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 11,220 | 8,850 |
Loss [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,067 | 1,170 |
Impaired [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 211,112 | 234,923 |
Commercial and industrial segment [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,441,727 | 1,473,728 |
Commercial and industrial segment [Member] | Pass [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,376,983 | 1,415,731 |
Commercial and industrial segment [Member] | Special Mention [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 6,449 | 4,947 |
Commercial and industrial segment [Member] | Substandard [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 47,783 | 43,549 |
Commercial and industrial segment [Member] | Doubtful [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 4,159 | 1,263 |
Commercial and industrial segment [Member] | Loss [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 247 | 405 |
Commercial and industrial segment [Member] | Impaired [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 6,106 | 7,833 |
Real estate segment [Member] | Consumer mortgages [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,937,997 | 1,945,190 |
Real estate segment [Member] | Home equity [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 501,331 | 514,362 |
Real estate segment [Member] | Agricultural [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 256,683 | 239,487 |
Real estate segment [Member] | Commercial and industrial-owner occupied [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,287,542 | 1,301,575 |
Real estate segment [Member] | Construction, acquisition and development [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 858,110 | 908,362 |
Real estate segment [Member] | Commercial [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,742,001 | 1,754,022 |
Real estate segment [Member] | Pass [Member] | Consumer mortgages [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,729,187 | 1,742,593 |
Real estate segment [Member] | Pass [Member] | Home equity [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 476,300 | 492,235 |
Real estate segment [Member] | Pass [Member] | Agricultural [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 229,865 | 213,280 |
Real estate segment [Member] | Pass [Member] | Commercial and industrial-owner occupied [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,151,368 | 1,167,220 |
Real estate segment [Member] | Pass [Member] | Construction, acquisition and development [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 601,396 | 619,497 |
Real estate segment [Member] | Pass [Member] | Commercial [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,491,021 | 1,501,196 |
Real estate segment [Member] | Special Mention [Member] | Consumer mortgages [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 23,918 | 17,914 |
Real estate segment [Member] | Special Mention [Member] | Home equity [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 2,793 | 2,775 |
Real estate segment [Member] | Special Mention [Member] | Agricultural [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,936 | 3,795 |
Real estate segment [Member] | Special Mention [Member] | Commercial and industrial-owner occupied [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 24,662 | 18,280 |
Real estate segment [Member] | Special Mention [Member] | Construction, acquisition and development [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 22,939 | 23,429 |
Real estate segment [Member] | Special Mention [Member] | Commercial [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 47,535 | 37,409 |
Real estate segment [Member] | Substandard [Member] | Consumer mortgages [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 151,679 | 148,267 |
Real estate segment [Member] | Substandard [Member] | Home equity [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 19,626 | 17,050 |
Real estate segment [Member] | Substandard [Member] | Agricultural [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 21,763 | 19,296 |
Real estate segment [Member] | Substandard [Member] | Commercial and industrial-owner occupied [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 83,041 | 90,778 |
Real estate segment [Member] | Substandard [Member] | Construction, acquisition and development [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 121,556 | 136,412 |
Real estate segment [Member] | Substandard [Member] | Commercial [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 171,891 | 179,295 |
Real estate segment [Member] | Doubtful [Member] | Consumer mortgages [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 4,351 | 4,434 |
Real estate segment [Member] | Doubtful [Member] | Home equity [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 754 | 1,134 |
Real estate segment [Member] | Doubtful [Member] | Agricultural [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 20 | 20 |
Real estate segment [Member] | Doubtful [Member] | Commercial and industrial-owner occupied [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 230 | 496 |
Real estate segment [Member] | Doubtful [Member] | Construction, acquisition and development [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 956 | 845 |
Real estate segment [Member] | Doubtful [Member] | Commercial [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 72 | 0 |
Real estate segment [Member] | Loss [Member] | Consumer mortgages [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 446 | 189 |
Real estate segment [Member] | Loss [Member] | Home equity [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 275 | 493 |
Real estate segment [Member] | Loss [Member] | Agricultural [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 0 |
Real estate segment [Member] | Loss [Member] | Commercial and industrial-owner occupied [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 89 | 0 |
Real estate segment [Member] | Loss [Member] | Construction, acquisition and development [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 0 |
Real estate segment [Member] | Loss [Member] | Commercial [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 0 |
Real estate segment [Member] | Impaired [Member] | Consumer mortgages [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 28,416 | 31,793 |
Real estate segment [Member] | Impaired [Member] | Home equity [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,583 | 675 |
Real estate segment [Member] | Impaired [Member] | Agricultural [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 3,099 | 3,096 |
Real estate segment [Member] | Impaired [Member] | Commercial and industrial-owner occupied [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 28,152 | 24,801 |
Real estate segment [Member] | Impaired [Member] | Construction, acquisition and development [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 111,263 | 128,179 |
Real estate segment [Member] | Impaired [Member] | Commercial [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 31,482 | 36,122 |
Credit cards segment [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 100,527 | 106,281 |
Credit cards segment [Member] | Pass [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 100,527 | 105,867 |
Credit cards segment [Member] | Special Mention [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 41 |
Credit cards segment [Member] | Substandard [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 175 |
Credit cards segment [Member] | Doubtful [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 188 |
Credit cards segment [Member] | Loss [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 10 |
Credit cards segment [Member] | Impaired [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 0 | 0 |
All other receivables [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 612,005 | 627,304 |
All other receivables [Member] | Pass [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 575,399 | 587,970 |
All other receivables [Member] | Special Mention [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 16,685 | 16,104 |
All other receivables [Member] | Substandard [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 18,222 | 20,263 |
All other receivables [Member] | Doubtful [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 678 | 470 |
All other receivables [Member] | Loss [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 10 | 73 |
All other receivables [Member] | Impaired [Member]
|
||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | $ 1,011 | $ 2,424 |
FAIR VALUE DISCLOSURES (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2012
Mortgage Servicing Rights [Member]
|
Mar. 31, 2011
Mortgage Servicing Rights [Member]
|
Mar. 31, 2012
Derivative Instruments, Net [Member]
|
Mar. 31, 2011
Derivative Instruments, Net [Member]
|
Mar. 31, 2012
Available-for-sale Securities [Member]
|
Mar. 31, 2011
Available-for-sale Securities [Member]
|
Mar. 31, 2012
Carrying Value [Member]
|
Dec. 31, 2011
Carrying Value [Member]
|
Mar. 31, 2012
Fair Value [Member]
|
Dec. 31, 2011
Fair Value [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Recurring [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Recurring [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Recurring [Member]
Level 1 [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Recurring [Member]
Level 2 [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Recurring [Member]
Level 3 [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Nonrecurring [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Nonrecurring [Member]
Total Losses [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Total Losses [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Nonrecurring [Member]
Level 1 [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Level 1 [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Nonrecurring [Member]
Level 2 [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Level 2 [Member]
|
Mar. 31, 2012
Fair Value, Measurements, Nonrecurring [Member]
Level 3 [Member]
|
Mar. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Level 3 [Member]
|
|
Available-for-sale securities: | ||||||||||||||||||||||||||||
U.S. Government agencies | $ 1,578,441 | $ 459,763 | $ 0 | $ 0 | $ 1,578,441 | $ 459,763 | $ 0 | $ 0 | ||||||||||||||||||||
Government agency issued residential mortgage-backed securities | 385,146 | 529,302 | 0 | 0 | 385,146 | 529,302 | 0 | 0 | ||||||||||||||||||||
Government agency issued commercial mortgage-backed securities | 31,647 | 30,938 | 0 | 0 | 31,647 | 30,938 | 0 | 0 | ||||||||||||||||||||
Obligations of states and political subdivisions | 568,642 | 111,380 | 0 | 0 | 568,642 | 111,380 | 0 | 0 | ||||||||||||||||||||
Other | 9,659 | 14,080 | 665 | 638 | 8,994 | 13,442 | 0 | 0 | ||||||||||||||||||||
Mortgage servicing rights | 35,668 | 42,306 | 0 | 0 | 0 | 0 | 35,668 | 42,306 | ||||||||||||||||||||
Derivative instruments | 53,057 | 33,120 | 0 | 0 | 0 | 0 | 53,057 | 33,120 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Derivative instruments | 51,208 | 32,766 | 0 | 0 | 0 | 0 | 51,208 | 32,766 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Loans held for sale | 110,294 | 83,458 | 110,323 | 83,503 | 110,294 | 56,876 | 0 | 0 | 0 | 0 | 110,294 | 56,876 | 0 | 0 | ||||||||||||||
Impaired loans | 211,112 | 338,821 | (25,546) | (49,419) | 0 | 0 | 0 | 0 | 211,112 | 338,821 | ||||||||||||||||||
Other real estate owned | 167,808 | 136,412 | (26,520) | (14,738) | 0 | 0 | 0 | 0 | 167,808 | 136,412 | ||||||||||||||||||
Total | 2,662,260 | 1,220,889 | 665 | 638 | 2,572,870 | 1,144,825 | 88,725 | 75,426 | ||||||||||||||||||||
Changes in fair value of net assets (liabilities) classified as Level 3 [Roll Forward] | ||||||||||||||||||||||||||||
Beginning Balance | 30,174 | 38,642 | 342 | 2,685 | 0 | 0 | ||||||||||||||||||||||
Year to date net gains (losses) included in: | ||||||||||||||||||||||||||||
Net (loss) income | 5,494 | 3,664 | 1,507 | (2,331) | 0 | 0 | ||||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Ending Balance | 35,668 | 42,306 | 1,849 | 354 | 0 | 0 | ||||||||||||||||||||||
Net unrealized (losses) gains included in net income for the quarter relating to assets and liabilities held | 3,697 | 2,540 | 1,507 | (2,331) | 0 | 0 | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Cash and due from banks | 184,441 | 195,681 | 184,441 | 195,681 | ||||||||||||||||||||||||
Interest bearing deposits with other banks | 665,675 | 303,663 | 665,675 | 303,663 | ||||||||||||||||||||||||
Available-for-sale securities | 2,573,535 | 2,513,518 | 2,573,535 | 2,513,518 | ||||||||||||||||||||||||
Net loans and leases | 8,556,146 | 8,675,193 | 8,605,943 | 8,730,819 | ||||||||||||||||||||||||
Loans held for sale | 110,294 | 83,458 | 110,323 | 83,503 | 110,294 | 56,876 | 0 | 0 | 0 | 0 | 110,294 | 56,876 | 0 | 0 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Noninterest bearing deposits | 2,260,012 | 2,269,799 | 2,260,012 | 2,269,799 | ||||||||||||||||||||||||
Savings and interest bearing deposits | 5,964,841 | 5,698,527 | 5,964,841 | 5,698,527 | ||||||||||||||||||||||||
Other time deposits | 2,857,469 | 2,986,863 | 2,901,829 | 3,029,147 | ||||||||||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings | 402,589 | 375,433 | 402,121 | 375,285 | ||||||||||||||||||||||||
Long-term debt and other borrowings | 193,877 | 193,880 | 205,974 | 200,166 | ||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||
Forward commitments to sell fixed rate mortgage loans | (98) | (1,057) | (98) | (1,057) | ||||||||||||||||||||||||
Commitments to fund fixed rate mortgage loans | 2,710 | 2,140 | 2,710 | 2,140 | ||||||||||||||||||||||||
Interest rate swap position to receive | 50,094 | 53,608 | 50,094 | 53,608 | ||||||||||||||||||||||||
Interest rate swap position to pay | $ (50,857) | $ (54,349) | $ (50,857) | $ (54,349) |
ALLOWANCE FOR CREDIT LOSS
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2012
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ALLOWANCE FOR CREDIT LOSSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | NOTE 3 – ALLOWANCE FOR CREDIT LOSSES The following tables summarize the changes in the allowance for credit losses by segment and class for the periods indicated:
The following tables provide the allowance for credit losses by segment, class and impairment status as of the dates indicated:
Management evaluates impaired loans individually in determining the adequacy of the allowance for impaired loans. |