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)
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(Zip Code)
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PART I.
|
Financial Information
|
Page
|
|
ITEM 1.
|
Financial Statements
|
||
Consolidated Balance Sheets September 30, 2012 and 2011
(Unaudited) and December 31, 2011
|
3
|
||
Consolidated Statements of Operations (Unaudited)
Three Months and Nine Months Ended September 30, 2012 and 2011
|
4
|
||
Consolidated Statements of Comprehensive Income
Three Months and Nine Months Ended September 30, 2012 and 2011
|
5
|
||
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30, 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
|
38
|
||
ITEM 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
75
|
|
ITEM 4.
|
Controls and Procedures
|
76
|
|
PART II.
|
Other Information | ||
ITEM 1.
|
Legal Proceedings
|
76
|
|
ITEM 1A.
|
Risk Factors
|
77
|
|
ITEM 6.
|
Exhibits
|
77
|
FINANCIAL INFORMATION
|
||||||||||||
ITEM 1. FINANCIAL STATEMENTS.
|
||||||||||||
BANCORPSOUTH, INC. AND SUBSIDIARIES
|
||||||||||||
Consolidated Balance Sheets
|
||||||||||||
September 30,
|
December 31,
|
September 30,
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
(Unaudited)
|
(1) |
(Unaudited)
|
||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||
ASSETS
|
||||||||||||
Cash and due from banks
|
$ | 176,529 | $ | 195,681 | $ | 161,876 | ||||||
Interest bearing deposits with other banks
|
757,207 | 303,663 | 338,250 | |||||||||
Available-for-sale securities, at fair value
|
2,483,606 | 2,513,518 | 2,481,555 | |||||||||
Loans and leases
|
8,716,715 | 8,911,258 | 9,096,928 | |||||||||
Less: Unearned income
|
36,746 | 40,947 | 41,023 | |||||||||
Allowance for credit losses
|
169,019 | 195,118 | 199,686 | |||||||||
Net loans
|
8,510,950 | 8,675,193 | 8,856,219 | |||||||||
Loans held for sale
|
129,408 | 83,458 | 100,687 | |||||||||
Premises and equipment, net
|
321,068 | 323,383 | 323,285 | |||||||||
Accrued interest receivable
|
48,314 | 51,266 | 53,338 | |||||||||
Goodwill
|
275,173 | 271,297 | 271,297 | |||||||||
Bank-owned life insurance
|
203,798 | 200,085 | 197,945 | |||||||||
Other real estate owned
|
128,211 | 173,805 | 162,686 | |||||||||
Other assets
|
201,473 | 204,502 | 251,380 | |||||||||
TOTAL ASSETS
|
$ | 13,235,737 | $ | 12,995,851 | $ | 13,198,518 | ||||||
LIABILITIES
|
||||||||||||
Deposits:
|
||||||||||||
Demand: Noninterest bearing
|
$ | 2,492,508 | $ | 2,269,799 | $ | 2,198,535 | ||||||
Interest bearing
|
4,697,260 | 4,706,825 | 4,736,858 | |||||||||
Savings
|
1,103,490 | 991,702 | 968,277 | |||||||||
Other time
|
2,681,382 | 2,986,863 | 3,159,563 | |||||||||
Total deposits
|
10,974,640 | 10,955,189 | 11,063,233 | |||||||||
Federal funds purchased and securities sold under agreement to repurchase
|
377,676 | 373,933 | 449,501 | |||||||||
Short-term Federal Home Loan Bank and other short-term borrowings
|
- | 1,500 | 1,500 | |||||||||
Accrued interest payable
|
6,759 | 8,644 | 10,017 | |||||||||
Junior subordinated debt securities
|
160,312 | 160,312 | 160,312 | |||||||||
Long-term Federal Home Loan Bank borrowings
|
33,500 | 33,500 | 33,500 | |||||||||
Other liabilities
|
236,147 | 199,861 | 213,702 | |||||||||
TOTAL LIABILITIES
|
11,789,034 | 11,732,939 | 11,931,765 | |||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||
Common stock, $2.50 par value per share
Authorized - 500,000,000 shares; Issued - 94,440,710,
83,483,796 and 83,488,963 shares, respectively
|
236,102 | 208,709 | 208,722 | |||||||||
Capital surplus
|
311,271 | 227,567 | 227,006 | |||||||||
Accumulated other comprehensive income (loss)
|
5,952 | (2,261 | ) | 14,595 | ||||||||
Retained earnings
|
893,378 | 828,897 | 816,430 | |||||||||
TOTAL SHAREHOLDERS' EQUITY
|
1,446,703 | 1,262,912 | 1,266,753 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 13,235,737 | $ | 12,995,851 | $ | 13,198,518 | ||||||
(1) Derived from audited financial statements.
|
||||||||||||
See accompanying notes to consolidated financial statements.
|
Consolidated Statements of Operations
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands, except for per share amounts)
|
||||||||||||||||
INTEREST REVENUE:
|
||||||||||||||||
Loans and leases
|
$ | 105,937 | $ | 114,260 | $ | 322,686 | $ | 348,510 | ||||||||
Deposits with other banks
|
399 | 203 | 1,182 | 449 | ||||||||||||
Federal funds sold and securities purchased under agreement to resell
|
2 | - | 3 | 166 | ||||||||||||
Held-to-maturity securities:
|
||||||||||||||||
Taxable
|
- | - | - | 13,080 | ||||||||||||
Tax-exempt
|
- | - | - | 5,638 | ||||||||||||
Available-for-sale securities:
|
||||||||||||||||
Taxable
|
9,329 | 13,172 | 30,679 | 32,208 | ||||||||||||
Tax-exempt
|
4,109 | 4,130 | 12,575 | 6,825 | ||||||||||||
Loans held for sale
|
974 | 632 | 2,204 | 1,584 | ||||||||||||
Total interest revenue
|
120,750 | 132,397 | 369,329 | 408,460 | ||||||||||||
INTEREST EXPENSE:
|
||||||||||||||||
Deposits:
|
||||||||||||||||
Interest bearing demand
|
3,889 | 5,324 | 12,523 | 17,909 | ||||||||||||
Savings
|
686 | 828 | 2,091 | 2,464 | ||||||||||||
Other time
|
9,482 | 14,837 | 31,048 | 48,605 | ||||||||||||
Federal funds purchased and securities sold under agreement to repurchase
|
73 | 95 | 202 | 382 | ||||||||||||
Federal Home Loan Bank borrowings
|
364 | 375 | 1,097 | 3,092 | ||||||||||||
Junior subordinated debt
|
2,875 | 2,861 | 8,633 | 8,580 | ||||||||||||
Other
|
2 | 2 | 5 | 4 | ||||||||||||
Total interest expense
|
17,371 | 24,322 | 55,599 | 81,036 | ||||||||||||
Net interest revenue
|
103,379 | 108,075 | 313,730 | 327,424 | ||||||||||||
Provision for credit losses
|
6,000 | 25,112 | 22,000 | 110,831 | ||||||||||||
Net interest revenue, after provision for credit losses
|
97,379 | 82,963 | 291,730 | 216,593 | ||||||||||||
NONINTEREST REVENUE:
|
||||||||||||||||
Mortgage lending
|
13,549 | (1,443 | ) | 39,731 | 8,141 | |||||||||||
Credit card, debit card and merchant fees
|
8,270 | 12,981 | 23,580 | 34,590 | ||||||||||||
Service charges
|
14,189 | 17,334 | 43,002 | 49,258 | ||||||||||||
Trust income
|
3,101 | 2,854 | 8,522 | 8,838 | ||||||||||||
Security gains, net
|
39 | 2,047 | 290 | 12,109 | ||||||||||||
Insurance commissions
|
23,519 | 22,012 | 69,636 | 67,502 | ||||||||||||
Other
|
7,753 | 6,270 | 24,487 | 25,072 | ||||||||||||
Total noninterest revenue
|
70,420 | 62,055 | 209,248 | 205,510 | ||||||||||||
NONINTEREST EXPENSE:
|
||||||||||||||||
Salaries and employee benefits
|
74,829 | 71,851 | 227,421 | 212,368 | ||||||||||||
Occupancy, net of rental income
|
10,944 | 11,144 | 31,497 | 32,047 | ||||||||||||
Equipment
|
5,083 | 5,346 | 15,540 | 16,599 | ||||||||||||
Deposit insurance assessments
|
3,998 | 3,781 | 13,375 | 15,642 | ||||||||||||
Prepayment penalty on FHLB borrowings
|
- | - | - | 9,778 | ||||||||||||
Other
|
38,934 | 38,576 | 118,141 | 111,343 | ||||||||||||
Total noninterest expense
|
133,788 | 130,698 | 405,974 | 397,777 | ||||||||||||
Income before income taxes
|
34,011 | 14,320 | 95,004 | 24,326 | ||||||||||||
Income tax expense
|
10,186 | 2,386 | 27,689 | 60 | ||||||||||||
Net income
|
$ | 23,825 | $ | 11,934 | $ | 67,315 | $ | 24,266 | ||||||||
Earnings per share: Basic
|
$ | 0.25 | $ | 0.14 | $ | 0.72 | $ | 0.29 | ||||||||
Diluted
|
$ | 0.25 | $ | 0.14 | $ | 0.72 | $ | 0.29 | ||||||||
Dividends declared per common share
|
$ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.13 | ||||||||
See accompanying notes to consolidated financial statements.
|
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Net income
|
$ | 23,825 | $ | 11,934 | $ | 67,315 | $ | 24,266 | ||||||||
Other comprehensive income, net of tax
|
||||||||||||||||
Unrealized gains on securities
|
4,183 | 7,721 | 6,306 | 27,681 | ||||||||||||
Pension and other postretirement benefits
|
435 | 585 | 1,907 | 1,367 | ||||||||||||
Other comprehensive income
|
4,618 | 8,306 | 8,213 | 29,048 | ||||||||||||
Comprehensive income
|
$ | 28,443 | $ | 20,240 | $ | 75,528 | $ | 53,314 | ||||||||
See accompanying notes to consolidated financial statements.
|
BANCORPSOUTH, INC. AND SUBSIDIARIES
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
Nine months ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Operating Activities:
|
||||||||
Net income
|
$ | 67,315 | $ | 24,266 | ||||
Adjustment to reconcile net income to net
cash provided by operating activities:
|
||||||||
Provision for credit losses
|
22,000 | 110,831 | ||||||
Depreciation and amortization
|
20,336 | 21,950 | ||||||
Deferred taxes
|
- | (388 | ) | |||||
Amortization of intangibles
|
2,366 | 2,510 | ||||||
Amortization of debt securities premium and discount, net
|
9,794 | 16,279 | ||||||
Share-based compensation expense
|
2,363 | 1,925 | ||||||
Security gains, net
|
(290 | ) | (12,109 | ) | ||||
Net deferred loan origination expense
|
(6,088 | ) | (6,419 | ) | ||||
Excess tax benefit from exercise of stock options
|
- | (12 | ) | |||||
Decrease in interest receivable
|
2,952 | 7,687 | ||||||
Decrease in interest payable
|
(1,885 | ) | (4,319 | ) | ||||
Realized gain on mortgages sold
|
(49,030 | ) | (24,548 | ) | ||||
Proceeds from mortgages sold
|
609,052 | 839,577 | ||||||
Origination of mortgages held for sale
|
(607,887 | ) | (822,905 | ) | ||||
Increase in bank-owned life insurance
|
(3,713 | ) | (3,881 | ) | ||||
Decrease (increase) in prepaid pension asset
|
3,401 | (373 | ) | |||||
Decrease in prepaid deposit insurance assessments
|
11,086 | 14,613 | ||||||
Other, net
|
18,518 | 17,595 | ||||||
Net cash provided by operating activities
|
100,290 | 182,279 | ||||||
Investing activities:
|
||||||||
Proceeds from calls and maturities of held-to-maturity securities
|
- | 135,781 | ||||||
Proceeds from calls and maturities of available-for-sale securities
|
386,658 | 255,577 | ||||||
Proceeds from sales of available-for-sale securities
|
2,812 | 273,807 | ||||||
Purchases of held-to-maturity securities
|
- | (151,105 | ) | |||||
Purchases of available-for-sale securities
|
(359,102 | ) | (245,791 | ) | ||||
Net decrease in short-term investments
|
- | 150,000 | ||||||
Net decrease in loans and leases
|
193,925 | 146,289 | ||||||
Purchases of premises and equipment
|
(18,815 | ) | (13,028 | ) | ||||
Proceeds from sale of premises and equipment
|
1,063 | 1,820 | ||||||
Contingency earn-out payment
|
- | (1,200 | ) | |||||
Other, net
|
(23 | ) | (42 | ) | ||||
Net cash provided by investing activities
|
206,518 | 552,108 | ||||||
Financing activities:
|
||||||||
Net increase (decrease) in deposits
|
19,452 | (426,788 | ) | |||||
Net decrease in short-term debt and other liabilities
|
2,232 | 6,172 | ||||||
Repayment of long-term debt
|
- | (75,000 | ) | |||||
Issuance of common stock
|
108,733 | 110 | ||||||
Excess tax benefit from exercise of stock options
|
- | 12 | ||||||
Payment of cash dividends
|
(2,833 | ) | (10,853 | ) | ||||
Net cash provided by (used in) financing activities
|
127,584 | (506,347 | ) | |||||
Increase in cash and cash equivalents
|
434,392 | 228,040 | ||||||
Cash and cash equivalents at beginning of period
|
499,344 | 272,086 | ||||||
Cash and cash equivalents at end of period
|
$ | 933,736 | $ | 500,126 | ||||
See accompanying notes to consolidated financial statements.
|
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Commercial and industrial
|
$ | 1,471,563 | $ | 1,515,932 | $ | 1,484,967 | ||||||
Real estate
|
||||||||||||
Consumer mortgages
|
1,888,783 | 1,966,124 | 1,945,190 | |||||||||
Home equity
|
492,833 | 523,030 | 514,362 | |||||||||
Agricultural
|
257,733 | 249,715 | 239,487 | |||||||||
Commercial and industrial-owner occupied
|
1,309,631 | 1,329,644 | 1,301,575 | |||||||||
Construction, acquisition and development
|
823,692 | 976,694 | 908,362 | |||||||||
Commercial real estate
|
1,738,516 | 1,772,003 | 1,754,022 | |||||||||
Credit cards
|
101,405 | 103,232 | 106,281 | |||||||||
All other
|
632,559 | 660,554 | 657,012 | |||||||||
Total
|
$ | 8,716,715 | $ | 9,096,928 | $ | 8,911,258 |
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 56,648 | $ | 180,965 | $ | 359,710 | $ | 35,642 | $ | 17,120 | $ | 78,417 | $ | 243,618 | $ | 490,599 | $ | 1,462,719 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
104,047 | 267,970 | 725,919 | 46,468 | 82,291 | 156,255 | 456,239 | 49,594 | 1,888,783 | |||||||||||||||||||||||||||
Home equity
|
59,768 | 38,429 | 167,755 | 23,369 | 65,077 | 74,189 | 62,187 | 2,059 | 492,833 | |||||||||||||||||||||||||||
Agricultural
|
7,581 | 79,884 | 71,453 | 3,407 | 8,979 | 13,755 | 67,608 | 5,066 | 257,733 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
113,584 | 157,272 | 472,595 | 79,294 | 89,868 | 88,321 | 254,511 | 54,186 | 1,309,631 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
90,104 | 67,826 | 252,199 | 39,001 | 85,918 | 96,837 | 165,807 | 26,000 | 823,692 | |||||||||||||||||||||||||||
Commercial real estate
|
208,555 | 326,943 | 354,145 | 204,762 | 107,523 | 97,605 | 386,456 | 52,527 | 1,738,516 | |||||||||||||||||||||||||||
Credit cards
|
- | - | - | - | - | - | - | 101,405 | 101,405 | |||||||||||||||||||||||||||
All other
|
31,858 | 87,114 | 180,551 | 7,088 | 55,497 | 50,741 | 95,581 | 96,227 | 604,657 | |||||||||||||||||||||||||||
Total
|
$ | 672,145 | $ | 1,206,403 | $ | 2,584,327 | $ | 439,031 | $ | 512,273 | $ | 656,120 | $ | 1,732,007 | $ | 877,663 | $ | 8,679,969 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
September 30, 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
|
$ | 5,505 | $ | 949 | $ | 4,671 | $ | 11,125 | $ | 1,451,594 | $ | 1,462,719 | $ | 45 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgages
|
14,122 | 5,560 | 14,521 | 34,203 | 1,854,580 | 1,888,783 | 1,027 | |||||||||||||||||||||
Home equity
|
1,916 | 183 | 169 | 2,268 | 490,565 | 492,833 | - | |||||||||||||||||||||
Agricultural
|
624 | 837 | 4,090 | 5,551 | 252,182 | 257,733 | - | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
4,121 | 1,111 | 6,807 | 12,039 | 1,297,592 | 1,309,631 | 119 | |||||||||||||||||||||
Construction, acquisition and development
|
12,513 | 15,602 | 13,395 | 41,510 | 782,182 | 823,692 | - | |||||||||||||||||||||
Commercial real estate
|
4,485 | 1,656 | 4,208 | 10,349 | 1,728,167 | 1,738,516 | - | |||||||||||||||||||||
Credit cards
|
539 | 300 | 525 | 1,364 | 100,041 | 101,405 | 236 | |||||||||||||||||||||
All other
|
1,793 | 1,314 | 779 | 3,886 | 600,771 | 604,657 | 15 | |||||||||||||||||||||
Total
|
$ | 45,618 | $ | 27,512 | $ | 49,165 | $ | 122,295 | $ | 8,557,674 | $ | 8,679,969 | $ | 1,442 |
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 |
September 30, 2012
|
||||||||||||||||||||||||||||
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 1,403,197 | $ | 10,018 | $ | 42,401 | $ | 867 | $ | 17 | $ | 6,219 | $ | 1,462,719 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
1,703,860 | 31,993 | 133,146 | 3,727 | 203 | 15,854 | 1,888,783 | |||||||||||||||||||||
Home equity
|
467,218 | 4,788 | 17,902 | 1,002 | 285 | 1,638 | 492,833 | |||||||||||||||||||||
Agricultural
|
232,740 | 4,684 | 14,727 | 20 | - | 5,562 | 257,733 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,169,863 | 34,384 | 83,610 | 736 | 49 | 20,989 | 1,309,631 | |||||||||||||||||||||
Construction, acquisition and development
|
607,782 | 42,128 | 85,326 | 703 | - | 87,753 | 823,692 | |||||||||||||||||||||
Commercial real estate
|
1,517,131 | 45,500 | 138,613 | 70 | - | 37,202 | 1,738,516 | |||||||||||||||||||||
Credit cards
|
101,405 | - | - | - | - | - | 101,405 | |||||||||||||||||||||
All other
|
582,352 | 6,790 | 13,759 | 828 | 6 | 922 | 604,657 | |||||||||||||||||||||
Total
|
$ | 7,785,548 | $ | 180,285 | $ | 529,484 | $ | 7,953 | $ | 560 | $ | 176,139 | $ | 8,679,969 |
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 |
September 30, 2012
|
||||||||||||||||||||||||||||
Unpaid
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||||||
Recorded
|
Principal
|
Related
|
Three months
|
Nine months
|
Three months
|
Nine months
|
||||||||||||||||||||||
Investment
|
Balance of
|
Allowance
|
ended
|
ended
|
ended
|
ended
|
||||||||||||||||||||||
in Impaired
|
Impaired
|
for Credit
|
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||||||||
Loans
|
Loans
|
Losses
|
2012
|
2012
|
2012
|
2012
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 2,827 | $ | 4,012 | $ | - | $ | 2,607 | $ | 2,812 | $ | - | $ | 11 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
10,147 | 12,731 | - | 10,181 | 12,041 | 18 | 57 | |||||||||||||||||||||
Home equity
|
940 | 1,084 | - | 915 | 832 | 1 | 3 | |||||||||||||||||||||
Agricultural
|
4,202 | 4,712 | - | 3,939 | 3,365 | 2 | 7 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
17,932 | 23,020 | - | 15,541 | 12,052 | 29 | 80 | |||||||||||||||||||||
Construction, acquisition and development
|
47,064 | 71,083 | - | 52,384 | 57,826 | 66 | 226 | |||||||||||||||||||||
Commercial
|
22,316 | 30,933 | - | 19,513 | 18,120 | 40 | 105 | |||||||||||||||||||||
All other
|
920 | 1,383 | - | 769 | 756 | 2 | 5 | |||||||||||||||||||||
Total
|
$ | 106,348 | $ | 148,958 | $ | - | $ | 105,849 | $ | 107,804 | $ | 158 | $ | 494 | ||||||||||||||
With an allowance:
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 3,392 | $ | 4,074 | $ | 2,025 | $ | 6,813 | $ | 6,227 | $ | 19 | $ | 38 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
5,707 | 6,843 | 1,338 | 7,416 | 12,484 | 9 | 81 | |||||||||||||||||||||
Home equity
|
698 | 698 | 363 | 701 | 555 | 1 | 4 | |||||||||||||||||||||
Agricultural
|
1,360 | 2,493 | 331 | 1,854 | 1,535 | 4 | 7 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
3,057 | 4,061 | 696 | 6,343 | 11,668 | 14 | 48 | |||||||||||||||||||||
Construction, acquisition and development
|
40,689 | 42,788 | 10,179 | 42,078 | 50,099 | 82 | 308 | |||||||||||||||||||||
Commercial
|
14,886 | 15,664 | 3,213 | 18,335 | 17,161 | 69 | 165 | |||||||||||||||||||||
All other
|
2 | 2 | 60 | 165 | 252 | 1 | 3 | |||||||||||||||||||||
Total
|
$ | 69,791 | $ | 76,623 | $ | 18,205 | $ | 83,705 | $ | 99,981 | $ | 199 | $ | 654 | ||||||||||||||
Total:
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 6,219 | $ | 8,086 | $ | 2,025 | $ | 9,420 | $ | 9,039 | $ | 19 | $ | 49 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
15,854 | 19,574 | 1,338 | 17,597 | 24,525 | 27 | 138 | |||||||||||||||||||||
Home equity
|
1,638 | 1,782 | 363 | 1,616 | 1,387 | 2 | 7 | |||||||||||||||||||||
Agricultural
|
5,562 | 7,205 | 331 | 5,793 | 4,900 | 6 | 14 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
20,989 | 27,081 | 696 | 21,884 | 23,720 | 43 | 128 | |||||||||||||||||||||
Construction, acquisition and development
|
87,753 | 113,871 | 10,179 | 94,462 | 107,925 | 148 | 534 | |||||||||||||||||||||
Commercial
|
37,202 | 46,597 | 3,213 | 37,848 | 35,281 | 109 | 270 | |||||||||||||||||||||
All other
|
922 | 1,385 | 60 | 934 | 1,008 | 3 | 8 | |||||||||||||||||||||
Total
|
$ | 176,139 | $ | 225,581 | $ | 18,205 | $ | 189,554 | $ | 207,785 | $ | 357 | $ | 1,148 |
December 31, 2011
|
||||||||||||||||||||
Unpaid
|
||||||||||||||||||||
Recorded
|
Principal
|
Related
|
||||||||||||||||||
Investment
|
Balance of
|
Allowance
|
Average
|
Interest
|
||||||||||||||||
in Impaired
|
Impaired
|
for Credit
|
Recorded
|
Income
|
||||||||||||||||
Loans
|
Loans
|
Losses
|
Investment
|
Recognized
|
||||||||||||||||
(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 |
September 30, 2012
|
||||||||||||||||||||||||||||
Unpaid
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||||||||||||
Recorded
|
Principal
|
Related
|
Three months
|
Nine months
|
Three months
|
Nine months
|
||||||||||||||||||||||
Investment
|
Balance of
|
Allowance
|
ended
|
ended
|
ended
|
ended
|
||||||||||||||||||||||
in Impaired
|
Impaired
|
for Credit
|
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||||||||
Loans
|
Loans
|
Losses
|
2012
|
2012
|
2012
|
2012
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
With no related allowance:
|
||||||||||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
One-to-four family construction
|
9,110 | 14,174 | - | 8,632 | 7,986 | 10 | 31 | |||||||||||||||||||||
Recreation and all other loans
|
1,154 | 1,345 | - | 751 | 495 | 1 | 4 | |||||||||||||||||||||
Commercial construction
|
5,727 | 6,637 | - | 3,902 | 2,866 | 17 | 34 | |||||||||||||||||||||
Commercial acquisition and development
|
13,819 | 19,296 | - | 12,049 | 12,518 | 10 | 43 | |||||||||||||||||||||
Residential acquisition and development
|
17,254 | 29,631 | - | 27,050 | 33,961 | 28 | 114 | |||||||||||||||||||||
Total
|
$ | 47,064 | $ | 71,083 | $ | - | $ | 52,384 | $ | 57,826 | $ | 66 | $ | 226 | ||||||||||||||
With an allowance:
|
||||||||||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
One-to-four family construction
|
3,789 | 4,055 | 867 | 4,955 | 4,649 | 10 | 24 | |||||||||||||||||||||
Recreation and all other loans
|
- | - | - | 142 | 48 | - | - | |||||||||||||||||||||
Commercial construction
|
982 | 982 | 950 | 1,075 | 1,465 | 5 | 10 | |||||||||||||||||||||
Commercial acquisition and development
|
6,315 | 6,396 | 1,226 | 8,314 | 10,148 | 16 | 56 | |||||||||||||||||||||
Residential acquisition and development
|
29,603 | 31,355 | 7,136 | 27,592 | 33,789 | 51 | 218 | |||||||||||||||||||||
Total
|
$ | 40,689 | $ | 42,788 | $ | 10,179 | $ | 42,078 | $ | 50,099 | $ | 82 | $ | 308 | ||||||||||||||
Total:
|
||||||||||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
One-to-four family construction
|
12,899 | 18,229 | 867 | 13,587 | 12,635 | 20 | 55 | |||||||||||||||||||||
Recreation and all other loans
|
1,154 | 1,345 | - | 893 | 543 | 1 | 4 | |||||||||||||||||||||
Commercial construction
|
6,709 | 7,619 | 950 | 4,977 | 4,331 | 22 | 44 | |||||||||||||||||||||
Commercial acquisition and development
|
20,134 | 25,692 | 1,226 | 20,363 | 22,666 | 26 | 99 | |||||||||||||||||||||
Residential acquisition and development
|
46,857 | 60,986 | 7,136 | 54,642 | 67,750 | 79 | 332 | |||||||||||||||||||||
Total
|
$ | 87,753 | $ | 113,871 | $ | 10,179 | $ | 94,462 | $ | 107,925 | $ | 148 | $ | 534 |
December 31, 2011
|
||||||||||||||||||||
Unpaid
|
||||||||||||||||||||
Recorded
|
Principal
|
Related
|
||||||||||||||||||
Investment
|
Balance of
|
Allowance
|
Average
|
Interest
|
||||||||||||||||
in Impaired
|
Impaired
|
for Credit
|
Recorded
|
Income
|
||||||||||||||||
Loans
|
Loans
|
Losses
|
Investment
|
Recognized
|
||||||||||||||||
(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 |
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Non-accrual loans and leases
|
$ | 219,738 | $ | 314,479 | $ | 276,798 | ||||||
Loans and leases 90 days or more past due, still accruing
|
1,442 | 7,354 | 3,434 | |||||||||
Restructured loans and leases still accruing
|
26,147 | 40,966 | 42,018 | |||||||||
Total non-performing loans and leases
|
$ | 247,327 | $ | 362,799 | $ | 322,250 |
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Commercial and industrial
|
$ | 8,674 | $ | 11,122 | $ | 12,260 | ||||||
Real estate
|
||||||||||||
Consumer mortgages
|
35,599 | 44,100 | 47,878 | |||||||||
Home equity
|
3,471 | 2,634 | 2,036 | |||||||||
Agricultural
|
7,190 | 6,254 | 4,179 | |||||||||
Commercial and industrial-owner occupied
|
27,059 | 26,977 | 33,112 | |||||||||
Construction, acquisition and development
|
92,351 | 171,566 | 133,110 | |||||||||
Commercial real estate
|
40,514 | 49,500 | 40,616 | |||||||||
Credit cards
|
465 | 551 | 594 | |||||||||
All other
|
4,415 | 1,775 | 3,013 | |||||||||
Total
|
$ | 219,738 | $ | 314,479 | $ | 276,798 |
Three months ended September 30, 2012
|
||||||||||||
Number
of |
Pre-Modification
Outstanding |
Post-Modification
Outstanding |
||||||||||
(Dollars in thousands)
|
||||||||||||
Commercial and industrial
|
1 | $ | 18 | $ | 18 | |||||||
Real estate
|
||||||||||||
Consumer mortgages
|
8 | 1,909 | 1,802 | |||||||||
Agricultural
|
- | - | - | |||||||||
Commercial and industrial-owner occupied
|
6 | 6,505 | 6,476 | |||||||||
Construction, acquisition and development
|
3 | 220 | 218 | |||||||||
Commercial real estate
|
1 | 368 | 367 | |||||||||
All other
|
2 | 187 | 187 | |||||||||
Total
|
21 | $ | 9,207 | $ | 9,068 |
Nine months ended September 30, 2012
|
||||||||||||
Number
of |
Pre-Modification
Outstanding |
Post-Modification
Outstanding |
||||||||||
(Dollars in thousands)
|
||||||||||||
Commercial and industrial
|
8 | $ | 1,686 | $ | 1,348 | |||||||
Real estate
|
||||||||||||
Consumer mortgages
|
29 | 7,924 | 7,174 | |||||||||
Agricultural
|
2 | 853 | 861 | |||||||||
Commercial and industrial-owner occupied
|
23 | 12,470 | 11,847 | |||||||||
Construction, acquisition and development
|
35 | 20,921 | 20,518 | |||||||||
Commercial
|
9 | 7,293 | 7,279 | |||||||||
All other
|
7 | 825 | 824 | |||||||||
Total
|
113 | $ | 51,972 | $ | 49,851 |
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 September 30, 2012
|
||||||||
Number of
Contracts |
Recorded
Investment |
|||||||
(Dollars in thousands)
|
||||||||
Real estate
|
||||||||
Consumer mortgages
|
6 | $ | 488 | |||||
Commercial and industrial-owner occupied
|
1 | - | ||||||
Construction, acquisition and development
|
11 | 1,256 | ||||||
All other
|
1 | 7 | ||||||
Total
|
19 | $ | 1,751 |
Nine months ended September 30, 2012
|
||||||||
Number of
Contracts |
Recorded
Investment |
|||||||
(Dollars in thousands)
|
||||||||
Commercial and industrial
|
1 | $ | 129 | |||||
Real estate
|
||||||||
Consumer mortgages
|
16 | 1,856 | ||||||
Agricultural
|
1 | 170 | ||||||
Commercial and industrial-owner occupied
|
6 | 1,610 | ||||||
Construction, acquisition and development
|
21 | 5,503 | ||||||
Commercial
|
3 | 2,525 | ||||||
All other
|
1 | 7 | ||||||
Total
|
49 | $ | 11,800 |
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 |
Nine months ended
September 30, 2012 |
||||||||||||||||||||
Balance,
Beginning of |
Charge-offs
|
Recoveries
|
Provision
|
Balance,
End of |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial and industrial
|
$ | 20,724 | $ | (10,188 | ) | $ | 3,589 | $ | 7,580 | $ | 21,705 | |||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
36,529 | (9,333 | ) | 1,017 | 3 | 28,216 | ||||||||||||||
Home equity
|
8,630 | (1,657 | ) | 430 | (1,482 | ) | 5,921 | |||||||||||||
Agricultural
|
3,921 | (784 | ) | 116 | (599 | ) | 2,654 | |||||||||||||
Commercial and industrial-owner occupied
|
21,929 | (7,594 | ) | 2,135 | 2,849 | 19,319 | ||||||||||||||
Construction, acquisition and development
|
45,562 | (27,799 | ) | 6,786 | 7,993 | 32,542 | ||||||||||||||
Commercial real estate
|
39,444 | (8,702 | ) | 6,330 | 5,099 | 42,171 | ||||||||||||||
Credit cards
|
4,021 | (1,690 | ) | 383 | 455 | 3,169 | ||||||||||||||
All other
|
14,358 | (1,927 | ) | 789 | 102 | 13,322 | ||||||||||||||
Total
|
$ | 195,118 | $ | (69,674 | ) | $ | 21,575 | $ | 22,000 | $ | 169,019 |
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 |
Nine months ended
|
||||||||||||||||||||
September 30, 2011
|
||||||||||||||||||||
Balance,
Beginning of |
Charge-offs
|
Recoveries
|
Provision
|
Balance,
End of |
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial and industrial
|
$ | 22,479 | $ | (15,660 | ) | $ | 1,121 | $ | 12,084 | $ | 20,024 | |||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgage
|
35,540 | (7,233 | ) | 848 | 10,346 | 39,501 | ||||||||||||||
Home equity
|
7,305 | (4,185 | ) | 142 | 6,626 | 9,888 | ||||||||||||||
Agricultural
|
4,997 | (3,310 | ) | 47 | 2,658 | 4,392 | ||||||||||||||
Commercial and industrial-owner occupied
|
20,403 | (9,166 | ) | 293 | 9,940 | 21,470 | ||||||||||||||
Construction, acquisition and development
|
59,048 | (56,823 | ) | 2,980 | 43,033 | 48,238 | ||||||||||||||
Commercial real estate
|
33,439 | (10,578 | ) | 705 | 15,997 | 39,563 | ||||||||||||||
Credit cards
|
4,126 | (2,366 | ) | 635 | 1,525 | 3,920 | ||||||||||||||
All other
|
9,576 | (6,294 | ) | 786 | 8,622 | 12,690 | ||||||||||||||
Total
|
$ | 196,913 | $ | (115,615 | ) | $ | 7,557 | $ | 110,831 | $ | 199,686 |
September 30, 2012
|
||||||||||||||||
Recorded
Balance of |
Allowance for
Impaired Loans |
Allowance for
All Other Loans |
Total
Allowance |
|||||||||||||
(In thousands)
|
||||||||||||||||
Commercial and industrial
|
$ | 6,219 | $ | 2,025 | $ | 19,680 | $ | 21,705 | ||||||||
Real estate
|
||||||||||||||||
Consumer mortgage
|
15,854 | 1,338 | 26,878 | 28,216 | ||||||||||||
Home equity
|
1,638 | 363 | 5,558 | 5,921 | ||||||||||||
Agricultural
|
5,562 | 331 | 2,323 | 2,654 | ||||||||||||
Commercial and industrial-owner occupied
|
20,989 | 696 | 18,623 | 19,319 | ||||||||||||
Construction, acquisition and development
|
87,753 | 10,179 | 22,363 | 32,542 | ||||||||||||
Commercial real estate
|
37,202 | 3,213 | 38,958 | 42,171 | ||||||||||||
Credit cards
|
- | - | 3,169 | 3,169 | ||||||||||||
All other
|
922 | 60 | 13,262 | 13,322 | ||||||||||||
Total
|
$ | 176,139 | $ | 18,205 | $ | 150,814 | $ | 169,019 |
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 |
Nine months ended
|
Year ended
|
|||||||||||
September 30,
|
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
|
23,938 | 88,726 | 125,234 | |||||||||
Reductions in foreclosed properties
|
||||||||||||
Sales
|
(53,328 | ) | (47,799 | ) | (64,488 | ) | ||||||
Writedowns
|
(16,204 | ) | (11,653 | ) | (20,353 | ) | ||||||
Balance at end of period
|
$ | 128,211 | $ | 162,686 | $ | 173,805 |
September 30, 2012
|
||||||||||||||||||||||||||||||||||||
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 411 | $ | 94 | $ | 105 | $ | - | $ | 797 | $ | - | $ | - | $ | - | $ | 1,407 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
2,621 | 251 | 2,645 | 71 | 1,350 | 634 | 290 | 4,084 | 11,946 | |||||||||||||||||||||||||||
Home equity
|
- | - | 216 | - | - | - | - | - | 216 | |||||||||||||||||||||||||||
Agricultural
|
876 | - | - | - | 1,130 | 2,303 | - | - | 4,309 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
533 | 69 | 1,510 | - | 375 | 50 | 146 | - | 2,683 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
16,953 | 1,647 | 15,800 | 880 | 41,732 | 13,929 | 2,163 | 523 | 93,627 | |||||||||||||||||||||||||||
Commercial real estate
|
826 | 1,548 | 2,219 | 362 | 7,014 | 245 | 226 | - | 12,440 | |||||||||||||||||||||||||||
All other
|
46 | 16 | 224 | 113 | 1,152 | - | - | 32 | 1,583 | |||||||||||||||||||||||||||
Total
|
$ | 22,266 | $ | 3,625 | $ | 22,719 | $ | 1,426 | $ | 53,550 | $ | 17,161 | $ | 2,825 | $ | 4,639 | $ | 128,211 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
December 31, 2011
|
||||||||||||||||||||||||||||||||||||
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 436 | $ | 17 | $ | - | $ | - | $ | 940 | $ | - | $ | - | $ | - | $ | 1,393 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
3,816 | 448 | 3,400 | - | 5,199 | 4,160 | 733 | 2,889 | 20,645 | |||||||||||||||||||||||||||
Home equity
|
- | - | 51 | - | 600 | - | - | - | 651 | |||||||||||||||||||||||||||
Agricultural
|
899 | - | 275 | - | 4,542 | - | - | - | 5,716 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,022 | 303 | 1,972 | 76 | 2,371 | 426 | 174 | - | 6,344 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
19,318 | 2,241 | 18,850 | 1,974 | 69,822 | 6,918 | 2,763 | - | 121,886 | |||||||||||||||||||||||||||
Commercial real estate
|
1,121 | 1,605 | 3,604 | - | 7,672 | 753 | 232 | - | 14,987 | |||||||||||||||||||||||||||
All other
|
276 | 83 | 220 | 193 | 1,358 | - | 53 | - | 2,183 | |||||||||||||||||||||||||||
Total
|
$ | 26,888 | $ | 4,697 | $ | 28,372 | $ | 2,243 | $ | 92,504 | $ | 12,257 | $ | 3,955 | $ | 2,889 | $ | 173,805 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
September 30, 2011
|
||||||||||||||||||||||||||||||||||||
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 439 | $ | 17 | $ | - | $ | - | $ | 946 | $ | - | $ | - | $ | - | $ | 1,402 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
5,368 | 475 | 3,533 | - | 5,259 | 2,090 | 821 | 1,976 | 19,522 | |||||||||||||||||||||||||||
Home equity
|
- | 63 | 155 | - | - | 368 | 100 | - | 686 | |||||||||||||||||||||||||||
Agricultural
|
951 | - | 968 | - | 4,233 | - | 78 | - | 6,230 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,093 | 109 | 2,216 | 77 | 3,225 | 525 | 378 | - | 7,623 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
11,355 | 2,384 | 18,890 | 2,706 | 70,189 | 6,072 | 2,998 | - | 114,594 | |||||||||||||||||||||||||||
Commercial real estate
|
2,939 | 1,631 | 1,266 | 451 | 2,601 | 848 | 234 | - | 9,970 | |||||||||||||||||||||||||||
All other
|
68 | 87 | 276 | 195 | 1,980 | - | 53 | - | 2,659 | |||||||||||||||||||||||||||
Total
|
$ | 22,213 | $ | 4,766 | $ | 27,304 | $ | 3,429 | $ | 88,433 | $ | 9,903 | $ | 4,662 | $ | 1,976 | $ | 162,686 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
September 30, 2012
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Estimated
Fair |
|||||||||||||
(In thousands)
|
||||||||||||||||
U.S. Government agencies
|
$ | 1,448,179 | $ | 24,612 | $ | 44 | $ | 1,472,747 | ||||||||
Government agency issued residential
mortgage-backed securities |
327,757 | 10,647 | 174 | 338,230 | ||||||||||||
Government agency issued commercial
mortgage-backed securities
|
86,455 | 3,986 | 135 | 90,306 | ||||||||||||
Obligations of states and political subdivisions
|
538,473 | 36,174 | 88 | 574,559 | ||||||||||||
Other
|
7,046 | 718 | - | 7,764 | ||||||||||||
Total
|
$ | 2,407,910 | $ | 76,137 | $ | 441 | $ | 2,483,606 |
December 31, 2011
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Estimated
Fair |
|||||||||||||
(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 |
September 30, 2012
|
||||||||||||
Amortized
Cost |
Estimated
Fair |
Weighted
Average |
||||||||||
(Dollars in thousands)
|
||||||||||||
Maturing in one year or less
|
$ | 483,074 | $ | 487,503 | 2.06 | % | ||||||
Maturing after one year through five years
|
1,351,410 | 1,382,562 | 1.75 | |||||||||
Maturing after five years through ten years
|
139,123 | 143,655 | 3.39 | |||||||||
Maturing after ten years
|
434,303 | 469,886 | 5.62 | |||||||||
Total
|
$ | 2,407,910 | $ | 2,483,606 |
September 30, 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
|
$ | 47,417 | $ | 44 | $ | - | $ | - | $ | 47,417 | $ | 44 | ||||||||||||
Government agency issued residential
mortgage-backed securities
|
6,484 | 68 | 3,118 | 106 | 9,602 | 174 | ||||||||||||||||||
Government agency issued commercial
mortgage-backed securities
|
20,065 | 135 | - | - | 20,065 | 135 | ||||||||||||||||||
Obligations of states and political subdivisions
|
2,336 | 29 | 314 | 59 | 2,650 | 88 | ||||||||||||||||||
Other
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 76,302 | $ | 276 | $ | 3,432 | $ | 165 | $ | 79,734 | $ | 441 |
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
|
- | - | - | - | - | - | ||||||||||||||||||
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 September 30,
|
||||||||||||||||||||||||
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 available to common shareholders
|
$ | 23,825 | 94,438 | $ | 0.25 | $ | 11,934 | 83,489 | $ | 0.14 | ||||||||||||||
Effect of dilutive share-based awards
|
- | 91 | - | - | ||||||||||||||||||||
Diluted EPS
|
||||||||||||||||||||||||
Income available to common
shareholders plus assumed
exercise of all outstanding
share-based awards
|
$ | 23,825 | 94,529 | $ | 0.25 | $ | 11,934 | 83,489 | $ | 0.14 |
Nine months ended September 30,
|
||||||||||||||||||||||||
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 available to common shareholders
|
$ | 67,315 | 93,534 | $ | 0.72 | $ | 24,266 | 83,486 | $ | 0.29 | ||||||||||||||
Effect of dilutive share-based awards
|
- | 79 | - | 26 | ||||||||||||||||||||
Diluted EPS
|
||||||||||||||||||||||||
Income available to common
shareholders plus assumed
exercise of all outstanding
share-based awards
|
$ | 67,315 | 93,613 | $ | 0.72 | $ | 24,266 | 83,512 | $ | 0.29 |
Three months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Before
|
Tax
|
Net
|
Before
|
Tax
|
Net
|
|||||||||||||||||||
tax
|
(expense)
|
of tax
|
tax
|
(expense)
|
of tax
|
|||||||||||||||||||
amount
|
benefit
|
amount
|
amount
|
benefit
|
amount
|
|||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net unrealized gains on available-for-
sale securities:
|
||||||||||||||||||||||||
Unrealized gains arising during holding period
|
$ | 6,820 | $ | (2,613 | ) | $ | 4,207 | $ | 14,563 | $ | (5,578 | ) | $ | 8,985 | ||||||||||
Less: Reclassification adjustment for
net gains realized in net income
|
(39 | ) | 15 | (24 | ) | (2,047 | ) | 783 | (1,264 | ) | ||||||||||||||
Recognized employee benefit plan
net periodic benefit cost
|
704 | (269) | 435 | 947 | (362) | 585 | ||||||||||||||||||
Other comprehensive income
|
$ | 7,485 | $ | (2,867 | ) | $ | 4,618 | $ | 13,463 | $ | (5,157 | ) | $ | 8,306 | ||||||||||
Net income
|
23,825 | 11,934 | ||||||||||||||||||||||
Comprehensive income
|
$ | 28,443 | $ | 20,240 |
Nine months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Before
|
Tax
|
Net
|
Before
|
Tax
|
Net
|
|||||||||||||||||||
tax
|
(expense)
|
of tax
|
tax
|
(expense)
|
of tax
|
|||||||||||||||||||
amount
|
benefit
|
amount
|
amount
|
benefit
|
amount
|
|||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net unrealized gains on available-for-
sale securities:
|
||||||||||||||||||||||||
Unrealized gains arising during holding period
|
$ | 10,519 | $ | (4,034 | ) | $ | 6,485 | $ | 56,981 | $ | (21,823 | ) | $ | 35,158 | ||||||||||
Less: Reclassification adjustment for net gains realized in net income
|
(290 | ) | 111 | (179 | ) | (12,109 | ) | 4,632 | (7,477 | ) | ||||||||||||||
Recognized employee benefit plan
net periodic benefit cost
|
3088 | (1181) | 1,907 | 2,213 | (846) | 1,367 | ||||||||||||||||||
Other comprehensive income
|
$ | 13,317 | $ | (5,104 | ) | $ | 8,213 | $ | 47,085 | $ | (18,037 | ) | $ | 29,048 | ||||||||||
Net income
|
67,315 | 24,266 | ||||||||||||||||||||||
Comprehensive income
|
$ | 75,528 | $ | 53,314 |
Community
|
Insurance
|
|||||||||||
Banking
|
Agencies
|
Total
|
||||||||||
(In thousands)
|
||||||||||||
Balance as of December 31, 2011
|
$ | 217,618 | $ | 53,679 | $ | 271,297 | ||||||
Goodwill recorded during the period
|
- | 3,876 | 3,876 | |||||||||
Balance as of September 30, 2012
|
$ | 217,618 | $ | 57,555 | $ | 275,173 |
As of
|
As of
|
|||||||||||||||
September 30, 2012
|
December 31, 2011
|
|||||||||||||||
Gross Carrying
|
Accumulated
|
Gross Carrying
|
Accumulated
|
|||||||||||||
Amount
|
Amortization
|
Amount
|
Amortization
|
|||||||||||||
Amortized intangible assets:
|
(In thousands)
|
|||||||||||||||
Core deposit intangibles
|
$ | 27,801 | $ | 21,440 | $ | 27,801 | $ | 20,728 | ||||||||
Customer relationship intangibles
|
35,985 | 25,523 | 32,749 | 23,935 | ||||||||||||
Non-solicitation intangibles
|
525 | 104 | 75 | 38 | ||||||||||||
Total
|
$ | 64,311 | $ | 47,067 | $ | 60,625 | $ | 44,701 | ||||||||
Unamortized intangible assets:
|
||||||||||||||||
Trade names
|
$ | 688 | $ | - | $ | 688 | $ | - |
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Aggregate amortization expense for:
|
(In thousands)
|
|||||||||||||||
Core deposit intangibles
|
$ | 235 | $ | 248 | $ | 712 | $ | 764 | ||||||||
Customer relationship intangibles
|
579 | 565 | 1,588 | 1,718 | ||||||||||||
Non-solicitation intangibles
|
47 | 9 | 66 | 28 | ||||||||||||
Total
|
$ | 861 | $ | 822 | $ | 2,366 | $ | 2,510 |
Customer
|
Non-
|
|||||||||||||||
Core Deposit
|
Relationship
|
Solicitation
|
||||||||||||||
Intangibles
|
Intangibles
|
Intangibles
|
Total
|
|||||||||||||
Estimated Amortization Expense:
|
(In thousands)
|
|||||||||||||||
For year ending December 31, 2012
|
$ | 946 | $ | 2,159 | $ | 112 | $ | 3,217 | ||||||||
For year ending December 31, 2013
|
582 | 2,059 | 150 | 2,791 | ||||||||||||
For year ending December 31, 2014
|
526 | 1,782 | 150 | 2,458 | ||||||||||||
For year ending December 31, 2015
|
487 | 1,465 | 75 | 2,027 | ||||||||||||
For year ending December 31, 2016
|
451 | 1,133 | - | 1,584 |
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Service cost
|
$ | 2,068 | $ | 1,898 | $ | 7,252 | $ | 6,062 | ||||||||
Interest cost
|
1,934 | 2,214 | 6,078 | 6,270 | ||||||||||||
Expected return on assets
|
(2,765 | ) | (3,745 | ) | (8,447 | ) | (11,171 | ) | ||||||||
Amortization of unrecognized transition amount
|
3 | 4 | 13 | 14 | ||||||||||||
Recognized prior service cost
|
(192 | ) | 52 | (576 | ) | 152 | ||||||||||
Recognized net loss
|
893 | 891 | 3,651 | 2,047 | ||||||||||||
Net periodic benefit costs
|
$ | 1,941 | $ | 1,314 | $ | 7,971 | $ | 3,374 |
General
|
||||||||||||||||
Community
|
Insurance
|
Corporate
|
||||||||||||||
Banking
|
Agencies
|
and Other
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Three months ended September 30, 2012:
|
||||||||||||||||
Results of Operations
|
||||||||||||||||
Net interest revenue
|
$ | 105,075 | $ | 62 | $ | (1,758 | ) | $ | 103,379 | |||||||
Provision for credit losses
|
5,726 | - | 274 | 6,000 | ||||||||||||
Net interest revenue after provision for credit losses
|
99,349 | 62 | (2,032 | ) | 97,379 | |||||||||||
Noninterest revenue
|
31,026 | 23,461 | 15,933 | 70,420 | ||||||||||||
Noninterest expense
|
87,039 | 20,721 | 26,028 | 133,788 | ||||||||||||
Income (loss) before income taxes
|
43,336 | 2,802 | (12,127 | ) | 34,011 | |||||||||||
Income tax expense (benefit)
|
14,107 | 1,147 | (5,068 | ) | 10,186 | |||||||||||
Net income (loss)
|
$ | 29,229 | $ | 1,655 | $ | (7,059 | ) | $ | 23,825 | |||||||
Selected Financial Information
|
||||||||||||||||
Total assets at end of period
|
$ | 10,693,813 | $ | 176,027 | $ | 2,365,897 | $ | 13,235,737 | ||||||||
Depreciation and amortization
|
6,012 | 953 | 693 | 7,658 | ||||||||||||
Three months ended September 30, 2011:
|
||||||||||||||||
Results of Operations
|
||||||||||||||||
Net interest revenue
|
$ | 101,092 | $ | 79 | $ | 6,904 | $ | 108,075 | ||||||||
Provision for credit losses
|
23,416 | - | 1,696 | 25,112 | ||||||||||||
Net interest revenue after provision for credit losses
|
77,676 | 79 | 5,208 | 82,963 | ||||||||||||
Noninterest revenue
|
30,940 | 22,009 | 9,106 | 62,055 | ||||||||||||
Noninterest expense
|
83,028 | 19,032 | 28,638 | 130,698 | ||||||||||||
Income (loss) before income taxes
|
25,588 | 3,056 | (14,324 | ) | 14,320 | |||||||||||
Income tax expense (benefit)
|
5,669 | 1,238 | (4,521 | ) | 2,386 | |||||||||||
Net income (loss)
|
$ | 19,919 | $ | 1,818 | $ | (9,803 | ) | $ | 11,934 | |||||||
Selected Financial Information
|
||||||||||||||||
Total assets at end of period
|
$ | 10,305,304 | $ | 166,572 | $ | 2,726,642 | $ | 13,198,518 | ||||||||
Depreciation and amortization
|
5,967 | 947 | 1,073 | 7,987 |
General
|
||||||||||||||||
Community
|
Insurance
|
Corporate
|
||||||||||||||
Banking
|
Agencies
|
and Other
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Nine months ended September 30, 2012
|
||||||||||||||||
Results of Operations
|
||||||||||||||||
Net interest revenue
|
$ | 319,376 | $ | 211 | $ | (5,857 | ) | $ | 313,730 | |||||||
Provision for credit losses
|
20,242 | - | 1,758 | 22,000 | ||||||||||||
Net interest revenue after provision for credit losses
|
299,134 | 211 | (7,615 | ) | 291,730 | |||||||||||
Noninterest revenue
|
91,956 | 69,516 | 47,776 | 209,248 | ||||||||||||
Noninterest expense
|
270,155 | 58,882 | 76,937 | 405,974 | ||||||||||||
Income (loss) before income taxes
|
120,935 | 10,845 | (36,776 | ) | 95,004 | |||||||||||
Income tax expense (benefit)
|
39,128 | 4,370 | (15,809 | ) | 27,689 | |||||||||||
Net income (loss)
|
$ | 81,807 | $ | 6,475 | $ | (20,967 | ) | $ | 67,315 | |||||||
Selected Financial Information
|
||||||||||||||||
Total assets at end of period
|
$ | 10,693,813 | $ | 176,027 | $ | 2,365,897 | $ | 13,235,737 | ||||||||
Depreciation and amortization
|
17,945 | 2,669 | 2,088 | 22,702 | ||||||||||||
Nine months ended September 30, 2011
|
||||||||||||||||
Results of Operations
|
||||||||||||||||
Net interest revenue
|
$ | 306,635 | $ | 258 | $ | 20,531 | $ | 327,424 | ||||||||
Provision for credit losses
|
109,191 | - | 1,640 | 110,831 | ||||||||||||
Net interest revenue after provision for credit losses
|
197,444 | 258 | 18,891 | 216,593 | ||||||||||||
Noninterest revenue
|
99,845 | 67,436 | 38,229 | 205,510 | ||||||||||||
Noninterest expense
|
257,683 | 56,095 | 83,999 | 397,777 | ||||||||||||
Income (loss) before income taxes
|
39,606 | 11,599 | (26,879 | ) | 24,326 | |||||||||||
Income tax expense (benefit)
|
13,313 | 4,639 | (17,892 | ) | 60 | |||||||||||
Net income (loss)
|
$ | 26,293 | $ | 6,960 | $ | (8,987 | ) | $ | 24,266 | |||||||
Selected Financial Information
|
||||||||||||||||
Total assets at end of period
|
$ | 10,305,304 | $ | 166,572 | $ | 2,726,642 | $ | 13,198,518 | ||||||||
Depreciation and amortization
|
18,348 | 2,893 | 3,219 | 24,460 |
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Unpaid principal balance
|
$ | 4,841,075 | $ | 4,143,880 | $ | 4,293,552 | ||||||
Weighted-average prepayment speed (CPR)
|
18.4 | 22.7 | 22.7 | |||||||||
Discount rate (annual percentage)
|
10.8 | 10.3 | 10.3 | |||||||||
Weighted-average coupon interest rate (percentage)
|
4.5 | 5.1 | 4.9 | |||||||||
Weighted-average remaining maturity (months)
|
307.0 | 314.0 | 311.0 | |||||||||
Weighted-average servicing fee (basis points)
|
27.4 | 28.1 | 28.0 |
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Fair value as of January 1
|
$ | 30,174 | $ | 38,642 | ||||
Additions:
|
||||||||
Origination of servicing assets
|
13,385 | 7,938 | ||||||
Changes in fair value:
|
||||||||
Due to payoffs/paydowns
|
(5,644 | ) | (4,435 | ) | ||||
Due to change in valuation inputs or assumptions
|
||||||||
used in the valuation model
|
(3,346 | ) | (12,975 | ) | ||||
Other changes in fair value
|
(7 | ) | (11 | ) | ||||
Fair value as of September 30
|
$ | 34,562 | $ | 29,159 |
September 30, 2012
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Government agencies
|
$ | - | $ | 1,472,747 | $ | - | $ | 1,472,747 | ||||||||
Government agency issued residential mortgage-backed securities
|
- | 338,230 | - | 338,230 | ||||||||||||
Government agency issued commercial mortgage-backed securities
|
- | 90,306 | - | 90,306 | ||||||||||||
Obligations of states and political subdivisions
|
- | 574,559 | - | 574,559 | ||||||||||||
Other
|
672 | 7,092 | - | 7,764 | ||||||||||||
Mortgage servicing rights
|
- | - | 34,562 | 34,562 | ||||||||||||
Derivative instruments
|
- | - | 62,088 | 62,088 | ||||||||||||
Total
|
$ | 672 | $ | 2,482,934 | $ | 96,650 | $ | 2,580,256 | ||||||||
Liabilities:
|
||||||||||||||||
Derivative instruments
|
$ | - | $ | - | $ | 60,077 | $ | 60,077 |
September 30, 2011
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||
Available-for-sale securities:
|
||||||||||||||||
U.S. Government agencies
|
$ | - | $ | 1,497,456 | $ | - | $ | 1,497,456 | ||||||||
Government agency issued residential mortgage-backed securities
|
- | 420,689 | - | 420,689 | ||||||||||||
Government agency issued commercial mortgage-backed securities
|
- | 34,475 | - | 34,475 | ||||||||||||
Obligations of states and political subdivisions
|
- | 519,431 | - | 519,431 | ||||||||||||
Other
|
528 | 8,976 | - | 9,504 | ||||||||||||
Mortgage servicing rights
|
- | - | 29,159 | 29,159 | ||||||||||||
Derivative instruments
|
- | - | 59,703 | 59,703 | ||||||||||||
Total
|
$ | 528 | $ | 2,481,027 | $ | 88,862 | $ | 2,570,417 | ||||||||
Liabilities:
|
||||||||||||||||
Derivative instruments
|
$ | - | $ | - | $ | 58,916 | $ | 58,916 |
Mortgage
|
Available-
|
|||||||||||
Servicing
|
Derivative
|
for-sale
|
||||||||||
Rights
|
Instruments
|
Securities
|
||||||||||
(In thousands)
|
||||||||||||
Balance at December 31, 2011
|
$ | 30,174 | $ | 342 | $ | - | ||||||
Year to date net gains included in:
|
||||||||||||
Net income
|
4,388 | 1,669 | - | |||||||||
Other comprehensive income
|
- | - | - | |||||||||
Purchases, sales, issuances and settlements, net
|
- | - | - | |||||||||
Transfers in and/or out of Level 3
|
- | - | - | |||||||||
Balance at September 30, 2012
|
$ | 34,562 | $ | 2,011 | $ | - | ||||||
Net unrealized gains (losses) included in net income for the
quarter relating to assets and liabilities held at September 30, 2012
|
$ | 395 | $ | (811 | ) | $ | - |
Mortgage
|
Available-
|
|||||||||||
Servicing
|
Derivative
|
for-sale
|
||||||||||
Rights
|
Instruments
|
Securities
|
||||||||||
(In thousands)
|
||||||||||||
Balance at December 31, 2010
|
$ | 38,642 | $ | 2,685 | $ | - | ||||||
Year to date net gains (losses) included in:
|
||||||||||||
Net income (loss)
|
(9,483 | ) | (1,898 | ) | - | |||||||
Other comprehensive income
|
- | - | - | |||||||||
Purchases, sales, issuances and settlements, net
|
- | - | - | |||||||||
Transfers in and/or out of Level 3
|
- | - | - | |||||||||
Balance at September 30, 2011
|
$ | 29,159 | $ | 787 | $ | - | ||||||
Net unrealized (losses) gains included in net income for the
quarter relating to assets and liabilities held at September 30, 2011
|
$ | (10,296 | ) | $ | 380 | $ | - |
September 30, 2012
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Losses
|
||||||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||||||
Loans held for sale
|
$ | - | $ | 129,408 | $ | - | $ | 129,408 | $ | - | ||||||||||
Impaired loans
|
- | - | 176,139 | 176,139 | (18,205 | ) | ||||||||||||||
Other real estate owned
|
- | - | 128,211 | 128,211 | (26,216 | ) |
September 30, 2011
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Losses
|
||||||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||||||
Loans held for sale
|
$ | - | $ | 100,687 | $ | - | $ | 100,687 | $ | - | ||||||||||
Impaired loans
|
- | - | 279,889 | 279,889 | (38,657 | ) | ||||||||||||||
Other real estate owned
|
- | - | 162,686 | 162,686 | (16,277 | ) |
September 30, 2012
|
December 31, 2011
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Value
|
Value
|
Value
|
Value
|
|||||||||||||
Assets:
|
(In thousands)
|
|||||||||||||||
Cash and due from banks
|
$ | 176,529 | $ | 176,529 | $ | 195,681 | $ | 195,681 | ||||||||
Interest bearing deposits with other banks
|
757,207 | 757,207 | 303,663 | 303,663 | ||||||||||||
Available-for-sale securities
|
2,483,606 | 2,483,606 | 2,513,518 | 2,513,518 | ||||||||||||
Net loans and leases
|
8,510,950 | 8,557,412 | 8,675,193 | 8,730,819 | ||||||||||||
Loans held for sale
|
129,408 | 129,502 | 83,458 | 83,503 | ||||||||||||
Liabilities:
|
||||||||||||||||
Noninterest bearing deposits
|
2,492,508 | 2,492,508 | 2,269,799 | 2,269,799 | ||||||||||||
Savings and interest bearing deposits
|
5,800,750 | 5,800,750 | 5,698,527 | 5,698,527 | ||||||||||||
Other time deposits
|
2,681,382 | 2,718,028 | 2,986,863 | 3,029,147 | ||||||||||||
Federal funds purchased and securities
sold under agreement to repurchase
and other short-term borrowings
|
377,676 | 377,411 | 375,433 | 375,285 | ||||||||||||
Long-term debt and other borrowings
|
193,870 | 207,136 | 193,880 | 200,166 | ||||||||||||
Derivative instruments:
|
||||||||||||||||
Forward commitments to sell fixed rate mortgage loans
|
(4,371 | ) | (4,371 | ) | (1,057 | ) | (1,057 | ) | ||||||||
Commitments to fund fixed rate mortgage loans
|
7,065 | 7,065 | 2,140 | 2,140 | ||||||||||||
Interest rate swap position to receive
|
55,023 | 55,023 | 53,608 | 53,608 | ||||||||||||
Interest rate swap position to pay
|
(55,706 | ) | (55,706 | ) | (54,349 | ) | (54,349 | ) |
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Annuity fees
|
$ | 548 | $ | 552 | $ | 1,825 | $ | 2,942 | ||||||||
Brokerage commissions and fees
|
1,782 | 1,627 | 4,999 | 4,702 | ||||||||||||
Bank-owned life insurance
|
1,750 | 1,734 | 6,175 | 5,656 | ||||||||||||
Other miscellaneous income
|
3,673 | 2,357 | 11,488 | 11,772 | ||||||||||||
Total other noninterest income
|
$ | 7,753 | $ | 6,270 | $ | 24,487 | $ | 25,072 |
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Advertising
|
$ | 1,081 | $ | 1,140 | $ | 2,824 | $ | 3,320 | ||||||||
Foreclosed property expense
|
8,794 | 6,116 | 27,415 | 16,963 | ||||||||||||
Telecommunications
|
2,118 | 2,097 | 6,347 | 6,276 | ||||||||||||
Public relations
|
1,309 | 1,415 | 4,130 | 4,483 | ||||||||||||
Data processing
|
2,312 | 2,614 | 7,520 | 7,280 | ||||||||||||
Computer software
|
1,856 | 1,863 | 5,445 | 5,610 | ||||||||||||
Amortization of intangibles
|
860 | 823 | 2,365 | 2,510 | ||||||||||||
Legal
|
3,004 | 1,586 | 6,201 | 5,267 | ||||||||||||
Postage and shipping
|
1,060 | 1,182 | 3,348 | 3,650 | ||||||||||||
Other miscellaneous expense
|
16,540 | 19,740 | 52,546 | 55,984 | ||||||||||||
Total other noninterest expense
|
$ | 38,934 | $ | 38,576 | $ | 118,141 | $ | 111,343 |
SELECTED FINANCIAL DATA
|
||||||||||||||||
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||
Earnings Summary:
|
||||||||||||||||
Total interest revenue
|
$ | 120,750 | $ | 132,397 | $ | 369,329 | $ | 408,460 | ||||||||
Total interest expense
|
17,371 | 24,322 | 55,599 | 81,036 | ||||||||||||
Net interest income
|
103,379 | 108,075 | 313,730 | 327,424 | ||||||||||||
Provision for credit losses
|
6,000 | 25,112 | 22,000 | 110,831 | ||||||||||||
Noninterest income
|
70,420 | 62,055 | 209,248 | 205,510 | ||||||||||||
Noninterest expense
|
133,788 | 130,698 | 405,974 | 397,777 | ||||||||||||
Income before income taxes
|
34,011 | 14,320 | 95,004 | 24,326 | ||||||||||||
Income tax expense
|
10,186 | 2,386 | 27,689 | 60 | ||||||||||||
Net income
|
$ | 23,825 | $ | 11,934 | $ | 67,315 | $ | 24,266 | ||||||||
Balance Sheet - Period-end balances:
|
||||||||||||||||
Total assets
|
$ | 13,235,737 | $ | 13,198,518 | $ | 13,235,737 | $ | 13,198,518 | ||||||||
Total securities
|
2,483,606 | 2,481,555 | 2,483,606 | 2,481,555 | ||||||||||||
Loans and leases, net of unearned income
|
8,679,969 | 9,055,905 | 8,679,969 | 9,055,905 | ||||||||||||
Total deposits
|
10,974,640 | 11,063,233 | 10,974,640 | 11,063,233 | ||||||||||||
Long-term debt
|
33,500 | 33,500 | 33,500 | 33,500 | ||||||||||||
Total shareholders' equity
|
1,446,703 | 1,266,753 | 1,446,703 | 1,266,753 | ||||||||||||
Balance Sheet-Average Balances:
|
||||||||||||||||
Total assets
|
$ | 13,019,016 | $ | 13,174,655 | $ | 13,041,785 | $ | 13,358,657 | ||||||||
Total securities
|
2,481,201 | 2,529,482 | 2,503,278 | 2,657,629 | ||||||||||||
Loans and leases, net of unearned income
|
8,716,646 | 9,138,414 | 8,747,690 | 9,228,583 | ||||||||||||
Total deposits
|
10,856,524 | 11,141,372 | 10,936,173 | 11,330,322 | ||||||||||||
Long-term debt
|
33,500 | 34,984 | 33,500 | 77,852 | ||||||||||||
Total shareholders' equity
|
1,432,157 | 1,251,815 | 1,399,984 | 1,231,286 | ||||||||||||
Common Share Data:
|
||||||||||||||||
Basic earnings per share
|
$ | 0.25 | $ | 0.14 | $ | 0.72 | $ | 0.29 | ||||||||
Diluted earnings per share
|
0.25 | 0.14 | 0.72 | 0.29 | ||||||||||||
Cash dividends per share
|
0.01 | 0.01 | 0.03 | 0.13 | ||||||||||||
Book value per share
|
15.32 | 15.17 | 15.32 | 15.17 | ||||||||||||
Dividend payout ratio
|
4.00 | % | 7.14 | % | 4.17 | % | 44.83 | % | ||||||||
Financial Ratios (Annualized):
|
||||||||||||||||
Return on average assets
|
0.73 | % | 0.36 | % | 0.69 | % | 0.24 | % | ||||||||
Return on average shareholders' equity
|
6.62 | 3.78 | 6.42 | 2.63 | ||||||||||||
Total shareholders' equity to total assets
|
10.93 | 9.60 | 10.93 | 9.60 | ||||||||||||
Tangible shareholders' equity to tangible assets
|
8.91 | 7.58 | 8.91 | 7.58 | ||||||||||||
Net interest margin-fully taxable equivalent
|
3.55 | 3.66 | 3.62 | 3.69 | ||||||||||||
Credit Quality Ratios (Annualized):
|
||||||||||||||||
Net charge-offs to average loans and leases
|
0.59 | % | 1.01 | % | 0.73 | % | 1.56 | % | ||||||||
Provision for credit losses to average loans and leases
|
0.28 | 1.10 | 0.34 | 1.60 | ||||||||||||
Allowance for credit losses to net loans and leases
|
1.95 | 2.21 | 1.95 | 2.21 | ||||||||||||
Allowance for credit losses to NPLs
|
68.34 | 55.04 | 68.34 | 55.04 | ||||||||||||
Allowance for credit losses to NPAs
|
45.01 | 38.00 | 45.01 | 38.00 | ||||||||||||
NPLs to net loans and leases
|
2.85 | 4.01 | 2.85 | 4.01 | ||||||||||||
NPAs to net loans and leases
|
4.33 | 5.80 | 4.33 | 5.80 | ||||||||||||
Captial Adequacy:
|
||||||||||||||||
Tier I capital
|
13.55 | % | 11.36 | % | 13.55 | % | 11.36 | % | ||||||||
Total capital
|
14.81 | 12.62 | 14.81 | 12.62 | ||||||||||||
Tier I leverage capital
|
10.21 | 8.66 | 10.21 | 8.66 |
September 30,
|
||||||||
2012
|
2011
|
|||||||
(Dollars, in thousands)
|
||||||||
Tangible Assets:
|
||||||||
Total assets
|
$ | 13,235,737 | $ | 13,198,518 | ||||
Less: Goodwill
|
275,173 | 271,297 | ||||||
Other identifiable intangible assets
|
17,932 | 17,426 | ||||||
Total tangible assets
|
$ | 12,942,632 | $ | 12,909,795 | ||||
Tangible Shareholders' Equity
|
||||||||
Total shareholders' equity
|
$ | 1,446,703 | $ | 1,266,753 | ||||
Less: Goodwill
|
275,173 | 271,297 | ||||||
Other identifiable intangible assets
|
17,932 | 17,426 | ||||||
Total tangible shareholders' equity
|
$ | 1,153,598 | $ | 978,030 | ||||
Tangible shareholders' equity to tangible assets
|
8.91 | % | 7.58 | % |
Three months ended September 30,
|
||||||||||||||||||||||||
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)
|
$ | 8,716.7 | $ | 106.8 | 4.87 | % | $ | 9,138.4 | $ | 115.0 | 4.99 | % | ||||||||||||
Loans held for sale
|
118.9 | 1.0 | 3.26 | % | 62.0 | 0.6 | 4.04 | % | ||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||||||||||
Taxable (3)
|
2,022.3 | 9.4 | 1.86 | % | 2,123.8 | 13.3 | 2.48 | % | ||||||||||||||||
Non-taxable (4)
|
458.9 | 6.3 | 5.48 | % | 405.7 | 6.3 | 6.21 | % | ||||||||||||||||
Federal funds sold, securities
purchased under agreement to resell
and short-term investments |
608.0 | 0.4 | 0.26 | % | 309.2 | 0.2 | 0.26 | % | ||||||||||||||||
Total interest earning assets and revenue
|
11,924.8 | 123.9 | 4.13 | % | 12,039.1 | 135.4 | 4.46 | % | ||||||||||||||||
Other assets
|
1,273.5 | 1,340.8 | ||||||||||||||||||||||
Less: Allowance for credit losses
|
(179.3 | ) | (205.2 | ) | ||||||||||||||||||||
Total
|
$ | 13,019.0 | $ | 13,174.7 | ||||||||||||||||||||
LIABILITIES AND
|
||||||||||||||||||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand - interest bearing
|
$ | 4,704.9 | $ | 3.9 | 0.33 | % | $ | 4,789.5 | $ | 5.3 | 0.44 | % | ||||||||||||
Savings
|
1,092.8 | 0.7 | 0.25 | % | 957.9 | 0.8 | 0.34 | % | ||||||||||||||||
Other time
|
2,729.9 | 9.5 | 1.38 | % | 3,246.3 | 14.8 | 1.81 | % | ||||||||||||||||
Federal funds purchased, securities
sold under agreement to repurchase,
short-term FHLB borrowings
and other short term borrowings
|
390.1 | 0.1 | 0.09 | % | 458.2 | 0.1 | 0.11 | % | ||||||||||||||||
Junior subordinated debt securities
|
160.3 | 2.9 | 7.13 | % | 160.3 | 2.9 | 7.08 | % | ||||||||||||||||
Long-term FHLB borrowings
|
33.5 | 0.3 | 4.14 | % | 35.0 | 0.4 | 4.09 | % | ||||||||||||||||
Total interest bearing liabilities and expense
|
9,111.5 | 17.4 | 0.76 | % | 9,647.2 | 24.3 | 1.00 | % | ||||||||||||||||
Demand deposits -noninterest bearing
|
2,328.9 | 2,147.7 | ||||||||||||||||||||||
Other liabilities
|
146.4 | 128.0 | ||||||||||||||||||||||
Total liabilities
|
11,586.8 | 11,922.9 | ||||||||||||||||||||||
Shareholders' equity
|
1,432.2 | 1,251.8 | ||||||||||||||||||||||
Total
|
$ | 13,019.0 | $ | 13,174.7 | ||||||||||||||||||||
Net interest revenue-FTE
|
$ | 106.5 | $ | 111.1 | ||||||||||||||||||||
Net interest margin-FTE
|
3.55 | % | 3.66 | % | ||||||||||||||||||||
Net interest rate spread
|
3.37 | % | 3.46 | % | ||||||||||||||||||||
Interest bearing liabilities to interest earning assets
|
76.41 | % | 80.13 | % | ||||||||||||||||||||
(1) Includes taxable equivalent adjustment to interest of $0.9 million and $0.7 million for the three months ended September 30, 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 both the three months ended September 30, 2012 and 2011, using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(4) Includes taxable equivalent adjustment to interest of $2.2 million for both the three months ended September 30, 2012 and 2011, using an effective tax rate of 35%.
|
Nine months ended September 30,
|
||||||||||||||||||||||||
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)
|
$ | 8,747.7 | $ | 325.2 | 4.97 | % | $ | 9,228.6 | $ | 351.0 | 5.08 | % | ||||||||||||
Loans held for sale
|
86.1 | 2.2 | 3.42 | % | 48.7 | 1.6 | 4.35 | % | ||||||||||||||||
Held-to-maturity securities:
|
||||||||||||||||||||||||
Taxable (3)
|
- | - | - | 732.0 | 13.3 | 2.42 | % | |||||||||||||||||
Non-taxable (4)
|
- | - | - | 178.9 | 8.7 | 6.48 | % | |||||||||||||||||
Available-for-sale securities:
|
||||||||||||||||||||||||
Taxable (5)
|
2,049.9 | 31.0 | 2.02 | % | 1,527.7 | 32.3 | 2.83 | % | ||||||||||||||||
Non-taxable (6)
|
453.4 | 19.4 | 5.70 | % | 219.0 | 10.5 | 6.41 | % | ||||||||||||||||
Federal funds sold, securities
purchased under agreement to resell
and short-term investments
|
595.5 | 1.2 | 0.27 | % | 284.3 | 0.6 | 0.29 | % | ||||||||||||||||
Total interest earning assets and revenue
|
11,932.6 | 379.0 | 4.24 | % | 12,219.2 | 418.0 | 4.57 | % | ||||||||||||||||
Other assets
|
1,298.0 | 1,351.5 | ||||||||||||||||||||||
Less: allowance for credit losses
|
(188.8 | ) | (212.0 | ) | ||||||||||||||||||||
Total
|
$ | 13,041.8 | $ | 13,358.7 | ||||||||||||||||||||
LIABILITIES AND
|
||||||||||||||||||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand - interest bearing
|
$ | 4,811.1 | $ | 12.5 | 0.35 | % | $ | 4,972.1 | $ | 17.9 | 0.48 | % | ||||||||||||
Savings
|
1,065.2 | 2.1 | 0.26 | % | 932.3 | 2.5 | 0.35 | % | ||||||||||||||||
Other time
|
2,820.5 | 31.0 | 1.47 | % | 3,405.1 | 48.6 | 1.91 | % | ||||||||||||||||
Federal funds purchased, securities
sold under agreement to repurchase,
short-term FHLB borrowings
and other short term borrowings
|
375.5 | 0.3 | 0.09 | % | 439.3 | 0.5 | 0.14 | % | ||||||||||||||||
Junior subordinated debt securities
|
160.3 | 8.6 | 7.19 | % | 160.3 | 8.6 | 7.16 | % | ||||||||||||||||
Long-term FHLB borrowings
|
33.5 | 1.1 | 4.18 | % | 77.9 | 3.0 | 5.19 | % | ||||||||||||||||
Total interest bearing liabilities and expense
|
9,266.1 | 55.6 | 0.80 | % | 9,987.0 | 81.1 | 1.08 | % | ||||||||||||||||
Demand deposits - noninterest bearing
|
2,239.4 | 2,020.8 | ||||||||||||||||||||||
Other liabilities
|
136.3 | 119.6 | ||||||||||||||||||||||
Total liabilities
|
11,641.8 | 12,127.4 | ||||||||||||||||||||||
Shareholders' equity
|
1,400.0 | 1,231.3 | ||||||||||||||||||||||
Total
|
$ | 13,041.8 | $ | 13,358.7 | ||||||||||||||||||||
Net interest revenue-FTE
|
$ | 323.4 | $ | 336.9 | ||||||||||||||||||||
Net interest margin-FTE
|
3.62 | % | 3.69 | % | ||||||||||||||||||||
Net interest rate spread
|
3.44 | % | 3.49 | % | ||||||||||||||||||||
Interest bearing liabilities to interest earning assets
|
77.65 | % | 81.73 | % | ||||||||||||||||||||
(1) Includes taxable equivalent adjustment to interest of $2.5 million and $2.4 million for the nine months ended September 30, 2012 and 2011, respectively, using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(2) Includes non-accrual loans.
|
||||||||||||||||||||||||
(3) Includes taxable equivalent adjustments to interest of $0.2 million for the nine months ended September 30, 2011 using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(4) Includes taxable equivalent adjustments to interest of $3.0 million for the nine months ended September 30, 2011 using an effective tax rate of 35%.
|
||||||||||||||||||||||||
(5) Includes taxable equivalent adjustment to interest of $0.3 million and $0.1 million for the nine months ended September 30, 2012 and 2011, respectively, using an effective tax rate of 35%
|
||||||||||||||||||||||||
(6) Includes taxable equivalent adjustment to interest of $6.8 million and $3.7 million for the nine months ended September 30, 2012 and 2011, respectively, using an effective tax rate of 35%.
|
Interest Rate Sensitivity - Maturing or Repricing Opportunities
|
||||||||||||||||
0 to 90
Days |
91 Days
to |
Over One
Year to |
Over
Five Years |
|||||||||||||
(In thousands)
|
||||||||||||||||
Interest earning assets:
|
||||||||||||||||
Interest bearing deposits with banks
|
$ | 757,207 | $ | - | $ | - | $ | - | ||||||||
Available-for-sale and trading securities
|
196,577 | 300,388 | 1,170,532 | 816,109 | ||||||||||||
Loans and leases, net of unearned income
|
3,781,621 | 1,608,655 | 2,830,174 | 459,519 | ||||||||||||
Loans held for sale
|
102,527 | 535 | 3,088 | 23,258 | ||||||||||||
Total interest earning assets
|
4,837,932 | 1,909,578 | 4,003,794 | 1,298,886 | ||||||||||||
Interest bearing liabilities:
|
||||||||||||||||
Interest bearing demand deposits and savings
|
5,800,750 | - | - | - | ||||||||||||
Other time deposits
|
545,966 | 1,003,586 | 1,131,611 | 219 | ||||||||||||
Federal funds purchased and securities
|
||||||||||||||||
sold under agreement to repurchase,
|
||||||||||||||||
short-term FHLB borrowings and other
|
||||||||||||||||
short-term borrowings
|
377,676 | - | - | - | ||||||||||||
Long-term FHLB borrowings and junior
|
||||||||||||||||
subordinated debt securities
|
- | - | 3,500 | 190,312 | ||||||||||||
Other
|
- | - | 58 | - | ||||||||||||
Total interest bearing liabilities
|
6,724,392 | 1,003,586 | 1,135,169 | 190,531 | ||||||||||||
Interest rate sensitivity gap
|
$ | (1,886,460 | ) | $ | 905,992 | $ | 2,868,625 | $ | 1,108,355 | |||||||
Cumulative interest sensitivity gap
|
$ | (1,886,460 | ) | $ | (980,468 | ) | $ | 1,888,157 | $ | 2,996,512 |
Net Interest Income
|
||||||||
% Variance from Base Case Scenario
|
||||||||
Rate Shock
|
September 30, 2012
|
September 30, 2011
|
||||||
+400 basis points
|
-10.2% | -16.4% | ||||||
+300 basis points
|
-8.2% | -13.1% | ||||||
+200 basis points
|
-6.2% | -9.7% | ||||||
+100 basis points
|
-3.6% | -5.5% | ||||||
-100 basis points
|
NM
|
NM
|
||||||
-200 basis points
|
NM
|
NM
|
||||||
-300 basis points
|
NM
|
NM
|
||||||
-400 basis points
|
NM
|
NM
|
||||||
NM=not meaningful
|
Economic Value of Equity
|
||||||||
% Variance from Base Case Scenario
|
||||||||
Rate Shock
|
September 30, 2012
|
September 30, 2011
|
||||||
+400 basis points
|
-13.1% | -5.7% | ||||||
+300 basis points
|
-10.5% | -4.5% | ||||||
+200 basis points
|
-7.7% | -3.5% | ||||||
+100 basis points
|
-4.3% | -2.2% | ||||||
-100 basis points
|
NM
|
NM
|
||||||
-200 basis points
|
NM
|
NM
|
||||||
-300 basis points
|
NM
|
NM
|
||||||
-400 basis points
|
NM
|
NM
|
||||||
NM=not meaningful
|
Net Interest Income
|
||||||||
% Variance from Base Case Scenario
|
||||||||
Rate Ramp
|
September 30, 2012
|
September 30, 2011
|
||||||
+200 basis points
|
-5.7% | -7.3% | ||||||
-200 basis points
|
NM
|
NM
|
||||||
NM=not meaningful
|
Net Interest Income
|
|||||
% Variance from Base Case Scenario
|
|||||
Rate Shock
|
September 30, 2012
|
September 30, 2011
|
|||
+400 basis points
|
21.1% |
NA
|
|||
+300 basis points
|
18.9% |
NA
|
|||
+200 basis points
|
14.9% |
NA
|
|||
+100 basis points
|
6.9% |
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
|
September 30, 2012
|
September 30, 2011
|
|||
+400 basis points
|
24.5% |
NA
|
|||
+300 basis points
|
22.7% |
NA
|
|||
+200 basis points
|
18.7% |
NA
|
|||
+100 basis points
|
9.7% |
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
|
September 30, 2012
|
September 30, 2011
|
|||
+200 basis points
|
7.1% |
NA
|
|||
-200 basis points
|
NM
|
NM
|
|||
NM=not meaningful
|
|||||
NA=not available
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Balance, beginning of period
|
$ | 175,847 | $ | 197,627 | $ | 195,118 | $ | 196,913 | ||||||||
Loans and leases charged off:
|
||||||||||||||||
Commercial and industrial
|
(4,334 | ) | (1,295 | ) | (10,188 | ) | (15,660 | ) | ||||||||
Real estate
|
||||||||||||||||
Consumer mortgages
|
(2,299 | ) | (2,344 | ) | (9,333 | ) | (7,233 | ) | ||||||||
Home equity
|
(270 | ) | (1,712 | ) | (1,657 | ) | (4,185 | ) | ||||||||
Agricultural
|
(302 | ) | (2,345 | ) | (784 | ) | (3,310 | ) | ||||||||
Commercial and industrial-owner occupied
|
(994 | ) | (4,222 | ) | (7,594 | ) | (9,166 | ) | ||||||||
Construction, acquisition and development
|
(6,845 | ) | (7,697 | ) | (27,799 | ) | (56,823 | ) | ||||||||
Commercial real estate
|
(2,633 | ) | (4,467 | ) | (8,702 | ) | (10,578 | ) | ||||||||
Credit cards
|
(540 | ) | (760 | ) | (1,690 | ) | (2,366 | ) | ||||||||
All other
|
(731 | ) | (770 | ) | (1,927 | ) | (6,294 | ) | ||||||||
Total loans charged off
|
(18,948 | ) | (25,612 | ) | (69,674 | ) | (115,615 | ) | ||||||||
Recoveries:
|
||||||||||||||||
Commercial and industrial
|
1,007 | 348 | 3,589 | 1,121 | ||||||||||||
Real estate
|
||||||||||||||||
Consumer mortgages
|
256 | 485 | 1,017 | 848 | ||||||||||||
Home equity
|
37 | 51 | 430 | 142 | ||||||||||||
Agricultural
|
53 | - | 116 | 47 | ||||||||||||
Commercial and industrial-owner occupied
|
270 | 99 | 2,135 | 293 | ||||||||||||
Construction, acquisition and development
|
2,676 | 923 | 6,786 | 2,980 | ||||||||||||
Commercial real estate
|
1,443 | 300 | 6,330 | 705 | ||||||||||||
Credit cards
|
144 | 141 | 383 | 635 | ||||||||||||
All other
|
234 | 212 | 789 | 786 | ||||||||||||
Total recoveries
|
6,120 | 2,559 | 21,575 | 7,557 | ||||||||||||
Net charge-offs
|
(12,828 | ) | (23,053 | ) | (48,099 | ) | (108,058 | ) | ||||||||
Provision charged to operating expense
|
6,000 | 25,112 | 22,000 | 110,831 | ||||||||||||
Balance, end of period
|
$ | 169,019 | $ | 199,686 | $ | 169,019 | $ | 199,686 | ||||||||
Average loans for period
|
$ | 8,716,646 | $ | 9,138,414 | $ | 8,747,690 | $ | 9,228,583 | ||||||||
Ratios:
|
||||||||||||||||
Net charge-offs to average loans (annualized)
|
0.59 | % | 1.01 | % | 0.73 | % | 1.56 | % | ||||||||
Provision for credit losses to average loans and leases, net of unearned income (annualized)
|
0.28 | % | 1.10 | % | 0.34 | % | 1.60 | % | ||||||||
Allowance for credit losses to loans and leases, net of unearned income
|
1.95 | % | 2.21 | % | 1.95 | % | 2.21 | % | ||||||||
Allowance for credit losses to net charge- offs (annualized)
|
329.39 | % | 216.55 | % | 263.55 | % | 138.60 | % |
September 30,
|
December 31,
|
|||||||||||||||||||||||
2012
|
2011
|
2011
|
||||||||||||||||||||||
Allowance
for |
% of
Total |
Allowance
for |
% of
Total |
Allowance
for |
% of
Total |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | 21,705 | 16.9 | % | $ | 20,024 | 16.7 | % | $ | 20,724 | 16.6 | % | ||||||||||||
Real estate
|
||||||||||||||||||||||||
Consumer mortgages
|
28,216 | 21.7 | % | 39,501 | 21.6 | % | 36,529 | 21.8 | % | |||||||||||||||
Home equity
|
5,921 | 5.7 | % | 9,888 | 5.7 | % | 8,630 | 5.8 | % | |||||||||||||||
Agricultural
|
2,654 | 2.9 | % | 4,392 | 2.7 | % | 3,921 | 2.7 | % | |||||||||||||||
Commercial and industrial-owner occupied
|
19,319 | 15.0 | % | 21,470 | 14.6 | % | 21,929 | 14.6 | % | |||||||||||||||
Construction, acquisition and development
|
32,542 | 9.4 | % | 48,238 | 10.8 | % | 45,562 | 10.2 | % | |||||||||||||||
Commercial real estate
|
42,171 | 19.9 | % | 39,563 | 19.5 | % | 39,444 | 19.7 | % | |||||||||||||||
Credit cards
|
3,169 | 1.2 | % | 3,920 | 1.1 | % | 4,021 | 1.2 | % | |||||||||||||||
All other
|
13,322 | 7.3 | % | 12,690 | 7.3 | % | 14,358 | 7.4 | % | |||||||||||||||
Total
|
$ | 169,019 | 100.0 | % | $ | 199,686 | 100.0 | % | $ | 195,118 | 100.0 | % |
Three months ended
|
||||||||||||
September 30,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Mortgage lending
|
$ | 13,549 | $ | (1,443 | ) | NM | % | |||||
Credit card, debit card and merchant fees
|
8,270 | 12,981 | (36.3 | ) | ||||||||
Service charges
|
14,189 | 17,334 | (18.1 | ) | ||||||||
Trust income
|
3,101 | 2,854 | 8.7 | |||||||||
Securities gains, net
|
39 | 2,047 | (98.1 | ) | ||||||||
Insurance commissions
|
23,519 | 22,012 | 6.8 | |||||||||
Annuity fees
|
548 | 552 | (0.7 | ) | ||||||||
Brokerage commissions and fees
|
1,782 | 1,627 | 9.5 | |||||||||
Bank-owned life insurance
|
1,750 | 1,734 | 0.9 | |||||||||
Other miscellaneous income
|
3,673 | 2,357 | 55.8 | |||||||||
Total noninterest revenue
|
$ | 70,420 | $ | 62,055 | 13.5 | % | ||||||
NM=not meaningful
|
Nine months ended
|
||||||||||||
September 30,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Mortgage lending
|
$ | 39,731 | $ | 8,141 | 388.0 | % | ||||||
Credit card, debit card and merchant fees
|
23,580 | 34,590 | (31.8 | ) | ||||||||
Service charges
|
43,002 | 49,258 | (12.7 | ) | ||||||||
Trust income
|
8,522 | 8,838 | (3.6 | ) | ||||||||
Securities gains, net
|
290 | 12,109 | (97.6 | ) | ||||||||
Insurance commissions
|
69,636 | 67,502 | 3.2 | |||||||||
Annuity fees
|
1,825 | 2,942 | (38.0 | ) | ||||||||
Brokerage commissions and fees
|
4,999 | 4,702 | 6.3 | |||||||||
Bank owned life insurance
|
6,175 | 5,656 | 9.2 | |||||||||
Other miscellaneous income
|
11,488 | 11,772 | (2.4 | ) | ||||||||
Total noninterest revenue
|
$ | 209,248 | $ | 205,510 | 1.8 | % |
Three months ended
|
||||||||||||
September 30,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Mortgage revenue:
|
||||||||||||
Origination
|
$ | 15,326 | $ | 8,688 | 76.4 | % | ||||||
Servicing
|
3,610 | 3,290 | 9.7 | |||||||||
Payoffs/Paydowns
|
(2,181 | ) | (1,745 | ) | 25.0 | |||||||
Total
|
16,755 | 10,233 | 63.7 | |||||||||
MSR market value adjustment
|
(3,206 | ) | (11,676 | ) | (72.5 | ) | ||||||
Mortgage lending revenue
|
$ | 13,549 | $ | (1,443 | ) | NM % | ||||||
(Dollars in millions)
|
||||||||||||
Origination volume
|
$ | 608 | $ | 375 | 62.1 | % | ||||||
NM=Not meaningful
|
Nine months ended
|
||||||||||||||
September 30,
|
||||||||||||||
2012
|
2011
|
% Change
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||
Mortgage revenue:
|
||||||||||||||
Origination
|
$ | 38,165 | $ | 15,978 | 138.9 | % | ||||||||
Servicing
|
10,556 | 9,573 | 10.3 | |||||||||||
Payoffs/Paydowns
|
(5,644 | ) | (4,435 | ) | 27.3 | |||||||||
Total
|
43,077 | 21,116 | 104.0 | |||||||||||
MSR market value adjustment
|
(3,346 | ) | (12,975 | ) | (74.2 | ) | ||||||||
Mortgage lending revenue
|
$ | 39,731 | $ | 8,141 | 388.0 | |||||||||
(Dollars in millions)
|
||||||||||||||
Origination volume
|
$ | 1,447 | $ | 823 | 75.8 | |||||||||
Mortgage loans serviced at period-end
|
$ | 4,841 | $ | 4,144 | 16.8 |
Three months ended
|
||||||||||||
September 30,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Salaries and employee benefits
|
$ | 74,829 | $ | 71,851 | 4.1 | % | ||||||
Occupancy, net
|
10,944 | 11,144 | (1.8 | ) | ||||||||
Equipment
|
5,083 | 5,346 | (4.9 | ) | ||||||||
Deposit insurance assessments
|
3,998 | 3,781 | 5.7 | |||||||||
Advertising
|
1,081 | 1,140 | (5.2 | ) | ||||||||
Foreclosed property expense
|
8,794 | 6,116 | 43.8 | |||||||||
Telecommunications
|
2,118 | 2,097 | 1.0 | |||||||||
Public relations
|
1,309 | 1,415 | (7.5 | ) | ||||||||
Data processing
|
2,312 | 2,614 | (11.6 | ) | ||||||||
Computer software
|
1,856 | 1,863 | (0.4 | ) | ||||||||
Amortization of intangibles
|
860 | 823 | 4.5 | |||||||||
Legal fees
|
3,004 | 1,467 | 104.8 | |||||||||
Postage and shipping
|
1,060 | 1,182 | (10.3 | ) | ||||||||
Other miscellaneous expense
|
16,540 | 19,859 | (16.7 | ) | ||||||||
Total noninterest expense
|
$ | 133,788 | $ | 130,698 | 2.4 | % |
Nine months ended
|
||||||||||||
September 30,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Salaries and employee benefits
|
$ | 227,421 | $ | 212,368 | 7.1 | % | ||||||
Occupancy, net of rental income
|
31,497 | 32,047 | (1.7 | ) | ||||||||
Equipment
|
15,540 | 16,599 | (6.4 | ) | ||||||||
Deposit insurance assessments
|
13,375 | 15,642 | (14.5 | ) | ||||||||
Prepayment penalty on FHLB borrowings
|
- | 9,778 |
NM
|
|||||||||
Advertising
|
2,824 | 3,320 | (14.9 | ) | ||||||||
Foreclosed property expense
|
27,415 | 16,963 | 61.6 | |||||||||
Telecommunications
|
6,347 | 6,276 | 1.1 | |||||||||
Public relations
|
4,130 | 4,483 | (7.9 | ) | ||||||||
Data processing
|
7,520 | 7,280 | 3.3 | |||||||||
Computer software
|
5,445 | 5,610 | (2.9 | ) | ||||||||
Amortization of intangibles
|
2,365 | 2,510 | (5.8 | ) | ||||||||
Legal
|
6,201 | 5,223 | 18.7 | |||||||||
Postage and shipping
|
3,348 | 3,650 | (8.3 | ) | ||||||||
Other miscellaneous expense
|
52,546 | 56,028 | (6.2 | ) | ||||||||
Total noninterest expense
|
$ | 405,974 | $ | 397,777 | 2.1 | % | ||||||
NM=Not meaningful
|
Three months ended
|
||||||||||||
September 30,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Loss on sale of other real estate owned
|
$ | 765 | $ | 16 | NM | % | ||||||
Writedown of other real estate owned
|
6,280 | 4,445 | 41.3 | |||||||||
Other foreclosed property expense
|
1,749 | 1,655 | 5.7 | |||||||||
Total foreclosed property expense
|
$ | 8,794 | $ | 6,116 | 43.8 | % |
Nine months ended
|
||||||||||||
September 30,
|
||||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Loss on sale of other real estate owned
|
$ | 4,243 | $ | 368 | NM % | |||||||
Writedown of other real estate owned
|
16,204 | 11,653 | 39.1 | |||||||||
Other foreclosed property expense
|
6,968 | 4,942 | 41.0 | |||||||||
Total foreclosed property expense
|
$ | 27,415 | $ | 16,963 | 61.6 | % | ||||||
NM=Not meaningful
|
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(In thousands)
|
||||||||||||
Commercial and industrial
|
$ | 1,471,563 | $ | 1,515,932 | $ | 1,484,967 | ||||||
Real estate
|
||||||||||||
Consumer mortgages
|
1,888,783 | 1,966,124 | 1,945,190 | |||||||||
Home equity
|
492,833 | 523,030 | 514,362 | |||||||||
Agricultural
|
257,733 | 249,715 | 239,487 | |||||||||
Commercial and industrial-owner occupied
|
1,309,631 | 1,329,644 | 1,301,575 | |||||||||
Construction, acquisition and development
|
823,692 | 976,694 | 908,362 | |||||||||
Commercial real estate
|
1,738,516 | 1,772,003 | 1,754,022 | |||||||||
Credit cards
|
101,405 | 103,232 | 106,281 | |||||||||
All other
|
632,559 | 660,554 | 657,012 | |||||||||
Total
|
$ | 8,716,715 | $ | 9,096,928 | $ | 8,911,258 |
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Greater
Memphis |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 56,648 | $ | 180,965 | $ | 359,710 | $ | 35,642 | $ | 17,120 | $ | 78,417 | $ | 243,618 | $ | 490,599 | $ | 1,462,719 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
104,047 | 267,970 | 725,919 | 46,468 | 82,291 | 156,255 | 456,239 | 49,594 | 1,888,783 | |||||||||||||||||||||||||||
Home equity
|
59,768 | 38,429 | 167,755 | 23,369 | 65,077 | 74,189 | 62,187 | 2,059 | 492,833 | |||||||||||||||||||||||||||
Agricultural
|
7,581 | 79,884 | 71,453 | 3,407 | 8,979 | 13,755 | 67,608 | 5,066 | 257,733 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
113,584 | 157,272 | 472,595 | 79,294 | 89,868 | 88,321 | 254,511 | 54,186 | 1,309,631 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
90,104 | 67,826 | 252,199 | 39,001 | 85,918 | 96,837 | 165,807 | 26,000 | 823,692 | |||||||||||||||||||||||||||
Commercial real estate
|
208,555 | 326,943 | 354,145 | 204,762 | 107,523 | 97,605 | 386,456 | 52,527 | 1,738,516 | |||||||||||||||||||||||||||
Credit cards
|
- | - | - | - | - | - | - | 101,405 | 101,405 | |||||||||||||||||||||||||||
All other
|
31,858 | 87,114 | 180,551 | 7,088 | 55,497 | 50,741 | 95,581 | 96,227 | 604,657 | |||||||||||||||||||||||||||
Total
|
$ | 672,145 | $ | 1,206,403 | $ | 2,584,327 | $ | 439,031 | $ | 512,273 | $ | 656,120 | $ | 1,732,007 | $ | 877,663 | $ | 8,679,969 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
One Year
|
One to
|
After
|
||||||||||||||||||
Past Due
|
or Less
|
Five Years
|
Five Years
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial and industrial
|
$ | 6,422 | $ | 909,440 | $ | 404,687 | $ | 142,170 | $ | 1,462,719 | ||||||||||
Real estate
|
||||||||||||||||||||
Consumer mortgages
|
6,416 | 434,606 | 1,077,777 | 369,984 | 1,888,783 | |||||||||||||||
Home equity
|
50 | 116,258 | 376,488 | 37 | 492,833 | |||||||||||||||
Agricultural
|
815 | 70,449 | 132,566 | 53,903 | 257,733 | |||||||||||||||
Commercial and industrial-owner occupied
|
11,046 | 282,468 | 648,535 | 367,582 | 1,309,631 | |||||||||||||||
Construction, acquisition and development
|
34,569 | 451,657 | 304,732 | 32,734 | 823,692 | |||||||||||||||
Commercial real estate
|
6,997 | 370,502 | 1,066,992 | 294,025 | 1,738,516 | |||||||||||||||
Credit cards
|
- | 101,405 | - | - | 101,405 | |||||||||||||||
All other
|
678 | 203,135 | 361,431 | 39,413 | 604,657 | |||||||||||||||
Total
|
$ | 66,993 | $ | 2,939,920 | $ | 4,373,208 | $ | 1,299,848 | $ | 8,679,969 | ||||||||||
Real Estate Construction,
Acquisition and Development |
Alabama
and Florida |
Arkansas*
|
Mississippi*
|
Missouri
|
Memphis
Area |
Tennessee*
|
Texas and
Louisiana |
Other
|
Total
|
|||||||||||||||||||||||||||
Performing:
|
(In thousands)
|
|||||||||||||||||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | 10 | $ | - | $ | - | $ | 3,313 | $ | 1,223 | $ | - | $ | 4,546 | ||||||||||||||||||
One-to-four family construction
|
20,484 | 11,319 | 43,221 | 4,179 | 8,315 | 38,623 | 35,131 | 13,331 | 174,603 | |||||||||||||||||||||||||||
Recreation and all other loans
|
1,528 | 8,637 | 30,587 | 304 | 2,609 | 3,690 | 14,347 | - | 61,702 | |||||||||||||||||||||||||||
Commercial construction
|
13,745 | 11,632 | 46,310 | 2,568 | 8,300 | 7,501 | 27,549 | 1,700 | 119,305 | |||||||||||||||||||||||||||
Commercial acquisition and development
|
12,891 | 17,156 | 50,799 | 8,278 | 23,825 | 13,729 | 28,549 | 1,119 | 156,346 | |||||||||||||||||||||||||||
Residential acquisition and development
|
23,679 | 17,635 | 72,994 | 10,013 | 21,388 | 18,635 | 39,629 | 5,777 | 209,750 | |||||||||||||||||||||||||||
Total
|
$ | 72,327 | $ | 66,379 | $ | 243,921 | $ | 25,342 | $ | 64,437 | $ | 85,491 | $ | 146,428 | $ | 21,927 | $ | 726,252 | ||||||||||||||||||
Non-performing:
|
||||||||||||||||||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
One-to-four family construction
|
3,893 | 285 | 2,458 | 2,857 | 2,136 | 2,134 | 351 | 844 | 14,958 | |||||||||||||||||||||||||||
Recreation and all other loans
|
- | 20 | 12 | - | 804 | 174 | 176 | - | 1,186 | |||||||||||||||||||||||||||
Commercial construction
|
2,651 | 151 | - | 1,054 | 130 | 2,410 | 595 | - | 6,991 | |||||||||||||||||||||||||||
Commercial acquisition and development
|
2,452 | 104 | 1,273 | 2,200 | 6,869 | 4,131 | 2,950 | 1,562 | 21,541 | |||||||||||||||||||||||||||
Residential acquisition and development
|
8,781 | 887 | 4,535 | 7,548 | 11,542 | 2,497 | 15,307 | 1,667 | 52,764 | |||||||||||||||||||||||||||
Total
|
$ | 17,777 | $ | 1,447 | $ | 8,278 | $ | 13,659 | $ | 21,481 | $ | 11,346 | $ | 19,379 | $ | 4,073 | $ | 97,440 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | 10 | $ | - | $ | - | $ | 3,313 | $ | 1,223 | $ | - | $ | 4,546 | ||||||||||||||||||
One-to-four family construction
|
24,377 | 11,604 | 45,679 | 7,036 | 10,451 | 40,757 | 35,482 | 14,175 | 189,561 | |||||||||||||||||||||||||||
Recreation and all other loans
|
1,528 | 8,657 | 30,599 | 304 | 3,413 | 3,864 | 14,523 | - | 62,888 | |||||||||||||||||||||||||||
Commercial construction
|
16,396 | 11,783 | 46,310 | 3,622 | 8,430 | 9,911 | 28,144 | 1,700 | 126,296 | |||||||||||||||||||||||||||
Commercial acquisition and development
|
15,343 | 17,260 | 52,072 | 10,478 | 30,694 | 17,860 | 31,499 | 2,681 | 177,887 | |||||||||||||||||||||||||||
Residential acquisition and development
|
32,460 | 18,522 | 77,529 | 17,561 | 32,930 | 21,132 | 54,936 | 7,444 | 262,514 | |||||||||||||||||||||||||||
Total
|
$ | 90,104 | $ | 67,826 | $ | 252,199 | $ | 39,001 | $ | 85,918 | $ | 96,837 | $ | 165,807 | $ | 26,000 | $ | 823,692 |
* Excludes the Greater Memphis Area.
|
Real Estate Construction,
|
One Year
|
One to
|
After
|
|||||||||||||||||
Acquisition and Development
|
Past Due
|
or Less
|
Five Years
|
Five Years
|
Total
|
|||||||||||||||
Outstanding loan balances:
|
(In thousands)
|
|||||||||||||||||||
Multi-family construction
|
$ | - | $ | 2,181 | $ | 2,365 | $ | - | $ | 4,546 | ||||||||||
One-to-four family construction
|
3,633 | 161,669 | 22,081 | 2,178 | 189,561 | |||||||||||||||
Recreation and all other loans
|
804 | 12,681 | 43,880 | 5,523 | 62,888 | |||||||||||||||
Commercial construction
|
2,059 | 64,274 | 44,034 | 15,929 | 126,296 | |||||||||||||||
Commercial acquisition and development
|
9,863 | 68,647 | 96,381 | 2,996 | 177,887 | |||||||||||||||
Residential acquisition and development
|
18,210 | 142,205 | 95,991 | 6,108 | 262,514 | |||||||||||||||
Total
|
$ | 34,569 | $ | 451,657 | $ | 304,732 | $ | 32,734 | $ | 823,692 | ||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Multi-family construction
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family construction
|
2,259 | 8,850 | 2,227 | 835 | 14,171 | |||||||||||||||
Recreation and all other loans
|
804 | 350 | 12 | - | 1,166 | |||||||||||||||
Commercial construction
|
1,695 | 2,562 | 2,734 | - | 6,991 | |||||||||||||||
Commercial acquisition and development
|
9,188 | 6,586 | 5,634 | - | 21,408 | |||||||||||||||
Residential acquisition and development
|
13,719 | 30,175 | 4,721 | - | 48,615 | |||||||||||||||
Total
|
$ | 27,665 | $ | 48,523 | $ | 15,328 | $ | 835 | $ | 92,351 |
Balance at December 31, 2011
|
$ | 133,110 | ||
Additions to construction, acquisition and development nonaccruals:
|
||||
Formation of new nonaccrual loans
|
22,601 | |||
Reductions in construction, acquisition and development nonaccruals:
|
||||
Charge-offs
|
(27,548 | ) | ||
Foreclosures to OREO
|
(8,023 | ) | ||
Payments
|
(36,351 | ) | ||
Transfers to accrual status
|
(772 | ) | ||
Transfer from other loan category
|
9,334 | |||
Balance at September 30, 2012
|
$ | 92,351 |
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Non-accrual loans and leases
|
$ | 219,738 | $ | 314,479 | $ | 276,798 | ||||||
Loans 90 days or more past due, still accruing
|
1,442 | 7,354 | 3,434 | |||||||||
Restructured loans and leases, still accruing
|
26,147 | 40,966 | 42,018 | |||||||||
Total NPLs
|
247,327 | 362,799 | 322,250 | |||||||||
Other real estate owned
|
128,211 | 162,686 | 173,805 | |||||||||
Total NPAs
|
$ | 375,538 | $ | 525,485 | $ | 496,055 | ||||||
NPLs to net loans and leases
|
2.85 | % | 4.01 | % | 3.63 | % | ||||||
NPAs to net loans and leases
|
4.33 | % | 5.80 | % | 5.59 | % |
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
2011
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Unpaid principal balance of impaired loans
|
$ | 225,581 | $ | 342,839 | $ | 287,099 | ||||||
Cumulative charge offs on impaired loans
|
49,442 | 62,950 | 52,176 | |||||||||
Outstanding balance of impaired loans
|
176,139 | 279,889 | 234,923 | |||||||||
Other non-accrual loans and leases not impaired
|
43,599 | 34,590 | 41,875 | |||||||||
Total non-accrual loans and leases
|
$ | 219,738 | $ | 314,479 | $ | 276,798 | ||||||
Allowance for impaired loans
|
18,205 | 38,657 | 39,708 | |||||||||
Nonaccrual loans and leases, net of specific reserves
|
$ | 201,533 | $ | 275,822 | $ | 237,090 | ||||||
Loans and leases 90 days or more past due, still accruing
|
1,442 | 7,354 | 3,434 | |||||||||
Restructured loans and leases, still accruing
|
26,147 | 40,966 | 42,018 | |||||||||
Total non-performing loans and leases
|
$ | 247,327 | $ | 362,799 | $ | 322,250 | ||||||
Allowance for impaired loans
|
$ | 18,205 | $ | 38,657 | $ | 39,708 | ||||||
Allowance for all other loans and leases
|
150,814 | 161,029 | 155,410 | |||||||||
Total allowance for credit losses
|
$ | 169,019 | $ | 199,686 | $ | 195,118 | ||||||
Outstanding balance of impaired loans
|
$ | 176,139 | $ | 279,889 | $ | 234,923 | ||||||
Allowance for impaired loans
|
18,205 | 38,657 | 39,708 | |||||||||
Net book value of impaired loans
|
$ | 157,934 | $ | 241,232 | $ | 195,215 | ||||||
Net book value of impaired loans as a %
of unpaid principal balance
|
70 | % | 70 | % | 68 | % | ||||||
Coverage of other non-accrual loans and leases not impaired
by the allowance for all other loans and leases
|
346 | % | 466 | % | 371 | % | ||||||
Coverage of non-performing loans and leases not impaired
by the allowance for all other loans and leases
|
212 | % | 194 | % | 178 | % |
90+ Days
|
Restructured
|
NPLs as a
|
||||||||||||||||||||||
Past Due still
|
Non-accruing
|
Loans, still
|
% of
|
|||||||||||||||||||||
Outstanding
|
Accruing
|
Loans
|
accruing
|
NPLs
|
Outstanding
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Alabama and Florida Panhandle
|
$ | 672,145 | $ | - | $ | 39,530 | $ | 2,130 | $ | 41,660 | 6.2 | % | ||||||||||||
Arkansas*
|
1,206,403 | 5 | 17,893 | 4,519 | 22,417 | 1.9 | ||||||||||||||||||
Mississippi*
|
2,584,327 | 155 | 36,845 | 4,797 | 41,797 | 1.6 | ||||||||||||||||||
Missouri
|
439,031 | - | 24,701 | 6,867 | 31,568 | 7.2 | ||||||||||||||||||
Greater Memphis Area
|
512,273 | - | 29,842 | 4,101 | 33,943 | 6.6 | ||||||||||||||||||
Tennessee*
|
656,120 | 87 | 22,764 | 1,359 | 24,210 | 3.7 | ||||||||||||||||||
Texas and Louisiana
|
1,732,007 | 13 | 36,165 | 165 | 36,343 | 2.1 | ||||||||||||||||||
Other
|
877,663 | 1,182 | 11,998 | 2,209 | 15,389 | 1.8 | ||||||||||||||||||
Total
|
$ | 8,679,969 | $ | 1,442 | $ | 219,738 | $ | 26,147 | $ | 247,327 | 2.8 | % | ||||||||||||
* Excludes the Greater Memphis Area.
|
Special
|
||||||||||||||||||||||||||||
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Commercial and industrial
|
$ | 1,403,197 | $ | 10,018 | $ | 42,401 | $ | 867 | $ | 17 | $ | 6,219 | $ | 1,462,719 | ||||||||||||||
Real estate
|
||||||||||||||||||||||||||||
Consumer mortgage
|
1,703,860 | 31,993 | 133,146 | 3,727 | 203 | 15,854 | 1,888,783 | |||||||||||||||||||||
Home equity
|
467,218 | 4,788 | 17,902 | 1,002 | 285 | 1,638 | 492,833 | |||||||||||||||||||||
Agricultural
|
232,740 | 4,684 | 14,727 | 20 | - | 5,562 | 257,733 | |||||||||||||||||||||
Commercial and industrial-owner occupied
|
1,169,863 | 34,384 | 83,610 | 736 | 49 | 20,989 | 1,309,631 | |||||||||||||||||||||
Construction, acquisition and development
|
607,782 | 42,128 | 85,326 | 703 | - | 87,753 | 823,692 | |||||||||||||||||||||
Commercial real estate
|
1,517,131 | 45,500 | 138,613 | 70 | - | 37,202 | 1,738,516 | |||||||||||||||||||||
Credit cards
|
101,405 | - | - | - | - | - | 101,405 | |||||||||||||||||||||
All other
|
582,352 | 6,790 | 13,759 | 828 | 6 | 922 | 604,657 | |||||||||||||||||||||
Total
|
$ | 7,785,548 | $ | 180,285 | $ | 529,484 | $ | 7,953 | $ | 560 | $ | 176,139 | $ | 8,679,969 |
30-59 Days
|
60-89 Days
|
90+ Days
|
||||||||||||||||||
Current
|
Past Due
|
Past Due
|
Past Due
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Pass
|
$ | 7,769,729 | $ | 15,333 | $ | 486 | $ | - | $ | 7,785,548 | ||||||||||
Special Mention
|
172,789 | 3,749 | 3,299 | 448 | 180,285 | |||||||||||||||
Substandard
|
489,849 | 20,608 | 5,707 | 13,320 | 529,484 | |||||||||||||||
Doubtful
|
5,143 | 1,168 | 327 | 1,315 | 7,953 | |||||||||||||||
Loss
|
414 | 49 | 16 | 81 | 560 | |||||||||||||||
Impaired
|
119,750 | 4,711 | 17,677 | 34,001 | 176,139 | |||||||||||||||
Total
|
$ | 8,557,674 | $ | 45,618 | $ | 27,512 | $ | 49,165 | $ | 8,679,969 |
90+ Days
|
Restructured
|
NPLs as a
|
||||||||||||||||||||||
Past Due still
|
Non-accruing
|
Loans, still
|
% of
|
|||||||||||||||||||||
Loans and leases, net of unearned income
|
Outstanding
|
Accruing
|
Loans
|
accruing
|
NPLs
|
Outstanding
|
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Commercial and industrial
|
$ | 1,462,719 | $ | 45 | $ | 8,674 | $ | 406 | $ | 9,125 | 0.6 | % | ||||||||||||
Real estate
|
||||||||||||||||||||||||
Consumer mortgages
|
1,888,783 | 1,027 | 35,599 | 2,998 | 39,624 | 2.1 | ||||||||||||||||||
Home equity
|
492,833 | - | 3,471 | - | 3,471 | 0.7 | ||||||||||||||||||
Agricultural
|
257,733 | - | 7,190 | 455 | 7,645 | 3.0 | ||||||||||||||||||
Commercial and industrial-owner occupied
|
1,309,631 | 119 | 27,059 | 6,398 | 33,576 | 2.6 | ||||||||||||||||||
Construction, acquisition and development
|
823,692 | - | 92,351 | 5,089 | 97,440 | 11.8 | ||||||||||||||||||
Commercial real estate
|
1,738,516 | - | 40,514 | 7,497 | 48,011 | 2.8 | ||||||||||||||||||
Credit cards
|
101,405 | 236 | 465 | 1,990 | 2,691 | 2.7 | ||||||||||||||||||
All other
|
604,657 | 15 | 4,415 | 1,314 | 5,744 | 0.9 | ||||||||||||||||||
Total
|
$ | 8,679,969 | $ | 1,442 | $ | 219,738 | $ | 26,147 | $ | 247,327 | 2.8 | % |
90+ Days
|
Restructured
|
NPLs as a
|
||||||||||||||||||||||
Real Estate Construction,
|
Past Due still
|
Non-accruing
|
Loans, still
|
% of
|
||||||||||||||||||||
Acquisition and Development
|
Outstanding
|
Accruing
|
Loans
|
accruing
|
NPLs
|
Outstanding
|
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Multi-family construction
|
$ | 4,546 | $ | - | $ | - | $ | - | $ | - | - | % | ||||||||||||
One-to-four family construction
|
189,561 | - | 14,171 | 787 | 14,958 | 7.9 | ||||||||||||||||||
Recreation and all other loans
|
62,888 | - | 1,166 | 20 | 1,186 | 1.9 | ||||||||||||||||||
Commercial construction
|
126,296 | - | 6,991 | - | 6,991 | 5.5 | ||||||||||||||||||
Commercial acquisition and development
|
177,887 | - | 21,408 | 133 | 21,541 | 12.1 | ||||||||||||||||||
Residential acquisition and development
|
262,514 | - | 48,615 | 4,149 | 52,764 | 20.1 | ||||||||||||||||||
Total
|
$ | 823,692 | $ | - | $ | 92,351 | $ | 5,089 | $ | 97,440 | 11.8 | % |
Amortized Cost
|
Estimated Fair Value
|
|||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Available-for-sale Securities:
|
(Dollars in thousands)
|
|||||||||||||||
Aaa
|
$ | 1,902,004 | 79.0 | % | $ | 1,943,116 | 78.2 | % | ||||||||
Aa1 to Aa3
|
216,373 | 9.0 | % | 232,878 | 9.4 | % | ||||||||||
A1 to A3
|
25,581 | 1.1 | % | 27,129 | 1.1 | % | ||||||||||
Baa1 to Baa2
|
5,977 | 0.2 | % | 6,291 | 0.3 | % | ||||||||||
Ba1 to Ba3
|
- | - | - | - | ||||||||||||
Caa1
|
66 | - | 131 | - | ||||||||||||
Not rated (1)
|
257,909 | 10.7 | % | 274,061 | 10.9 | % | ||||||||||
Total
|
$ | 2,407,910 | 100.0 | % | $ | 2,483,606 | 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
|
$ | 411 | $ | 94 | $ | 105 | $ | - | $ | 797 | $ | - | $ | - | $ | - | $ | 1,407 | ||||||||||||||||||
Real estate
|
||||||||||||||||||||||||||||||||||||
Consumer mortgages
|
2,621 | 251 | 2,645 | 71 | 1,350 | 634 | 290 | 4,084 | 11,946 | |||||||||||||||||||||||||||
Home equity
|
- | - | 216 | - | - | - | - | - | 216 | |||||||||||||||||||||||||||
Agricultural
|
876 | - | - | - | 1,130 | 2,303 | - | - | 4,309 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied
|
533 | 69 | 1,510 | - | 375 | 50 | 146 | - | 2,683 | |||||||||||||||||||||||||||
Construction, acquisition and development
|
16,953 | 1,647 | 15,800 | 880 | 41,732 | 13,929 | 2,163 | 523 | 93,627 | |||||||||||||||||||||||||||
Commercial real estate
|
826 | 1,548 | 2,219 | 362 | 7,014 | 245 | 226 | - | 12,440 | |||||||||||||||||||||||||||
All other
|
46 | 16 | 224 | 113 | 1,152 | - | - | 32 | 1,583 | |||||||||||||||||||||||||||
Total
|
$ | 22,266 | $ | 3,625 | $ | 22,719 | $ | 1,426 | $ | 53,550 | $ | 17,161 | $ | 2,825 | $ | 4,639 | $ | 128,211 | ||||||||||||||||||
* Excludes the Greater Memphis Area.
|
September 30,
|
December 31,
|
|||||||||||
2012
|
2011
|
% Change
|
||||||||||
(Dollars in millions)
|
||||||||||||
Noninterest bearing demand
|
$ | 2,493 | $ | 2,270 | 9.8 | % | ||||||
Interest bearing demand
|
4,697 | 4,707 | (0.2 | ) | ||||||||
Savings
|
1,104 | 991 | 11.4 | |||||||||
Other time
|
2,681 | 2,987 | (10.2 | ) | ||||||||
Total deposits
|
$ | 10,975 | $ | 10,955 | 0.2 | % |
September 30, 2012
|
December 31, 2011
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
BancorpSouth, Inc.
|
||||||||||||||||
Tier I capital (to risk-weighted assets)
|
$ | 1,299,690 | 13.55 | % | $ | 1,129,746 | 11.77 | % | ||||||||
Total capital (to risk-weighted assets)
|
1,420,499 | 14.81 | 1,250,801 | 13.03 | ||||||||||||
Tier I leverage capital (to average assets)
|
1,299,690 | 10.22 | 1,129,746 | 8.85 |
September 30, 2012
|
December 31, 2011
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
BancorpSouth Bank
|
||||||||||||||||
Tier I capital (to risk-weighted assets)
|
$ | 1,170,912 | 12.22 | % | $ | 1,099,369 | 11.46 | % | ||||||||
Total capital (to risk-weighted assets)
|
1,291,578 | 13.48 | 1,220,424 | 12.73 | ||||||||||||
Tier I leverage capital (to average assets)
|
1,170,912 | 9.26 | 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) | (a) | Amendment to BancorpSouth, Inc. Supplemental Executive Retirement Plan. * |
(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.
|
*
|
Filed herewith.
|
**
|
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. | ||
(Registrant) | ||
Date: November 7, 2012
|
/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) | (a) | Amendment to BancorpSouth, Inc. Supplemental Executive Retirement Plan. * |
(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.*
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(1)
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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.
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(2)
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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.
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(3)
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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.
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(4)
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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.
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(5)
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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.
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(6)
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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.
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(7)
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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.
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*
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Filed herewith.
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**
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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.
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BancorpSouth, Inc. | |||
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By: | |||
2.
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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;
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3.
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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;
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4.
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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:
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5.
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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):
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Date: November 7, 2012
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/s/ Aubrey B. Patterson | ||
Aubrey B. Patterson | |||
Chairman of the Board and | |||
Chief Executive Officer |
2.
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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;
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3.
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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;
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4.
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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:
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5.
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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):
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Date: November 7, 2012
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/s/ William L. Prater | ||
William L. Prater | |||
Treasurer and Chief Financial Officer | |||
November 7, 2012
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/s/ Aubrey B. Patterson | |
Aubrey B. Patterson | |||
Chairman of the Board and | |||
Chief Executive Officer |
November 7, 2012
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/s/ William L. Prater | ||
William L. Prater | |||
Treasurer and Chief Financial Officer | |||
FAIR VALUE DISCLOSURES, Changes in Level 3 (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
Carrying Value [Member]
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Dec. 31, 2011
Carrying Value [Member]
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Sep. 30, 2012
Fair Value [Member]
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Dec. 31, 2011
Fair Value [Member]
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Sep. 30, 2012
Mortgage Servicing Rights [Member]
Fair Value, Measurements, Recurring [Member]
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Sep. 30, 2011
Mortgage Servicing Rights [Member]
Fair Value, Measurements, Recurring [Member]
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Sep. 30, 2012
Derivative Instruments, Net [Member]
Fair Value, Measurements, Recurring [Member]
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Sep. 30, 2011
Derivative Instruments, Net [Member]
Fair Value, Measurements, Recurring [Member]
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Sep. 30, 2012
Available-for-sale Securities [Member]
Fair Value, Measurements, Recurring [Member]
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Sep. 30, 2011
Available-for-sale Securities [Member]
Fair Value, Measurements, Recurring [Member]
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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 income (loss) | 4,388 | (9,483) | 1,669 | (1,898) | 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 | 34,562 | 29,159 | 2,011 | 787 | 0 | 0 | ||||
Net unrealized gains included in net income for the quarter relating to assets and liabilities held | 395 | (10,296) | (811) | 380 | 0 | 0 | ||||
Assets: | ||||||||||
Cash and due from banks | 176,529 | 195,681 | 176,529 | 195,681 | ||||||
Interest bearing deposits with other banks | 757,207 | 303,663 | 757,207 | 303,663 | ||||||
Available-for-sale securities | 2,483,606 | 2,513,518 | 2,483,606 | 2,513,518 | ||||||
Net loans and leases | 8,510,950 | 8,675,193 | 8,557,412 | 8,730,819 | ||||||
Loans held for sale | 129,408 | 83,458 | 129,502 | 83,503 | ||||||
Liabilities: | ||||||||||
Noninterest bearing deposits | 2,492,508 | 2,269,799 | 2,492,508 | 2,269,799 | ||||||
Savings and interest bearing deposits | 5,800,750 | 5,698,527 | 5,800,750 | 5,698,527 | ||||||
Other time deposits | 2,681,382 | 2,986,863 | 2,718,028 | 3,029,147 | ||||||
Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings | 377,676 | 375,433 | 377,411 | 375,285 | ||||||
Long-term debt and other borrowings | 193,870 | 193,880 | 207,136 | 200,166 | ||||||
Derivative instruments: | ||||||||||
Forward commitments to sell fixed rate mortgage loans | (4,371) | (1,057) | (4,371) | (1,057) | ||||||
Commitments to fund fixed rate mortgage loans | 7,065 | 2,140 | 7,065 | 2,140 | ||||||
Interest rate swap position to receive | 55,023 | 53,608 | 55,023 | 53,608 | ||||||
Interest rate swap position to pay | $ (55,706) | $ (54,349) | $ (55,706) | $ (54,349) |
OTHER NONINTEREST REVENUE AND EXPENSE (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Other noninterest revenue [Abstract] | ||||
Annuity fees | $ 548 | $ 552 | $ 1,825 | $ 2,942 |
Brokerage commissions and fees | 1,782 | 1,627 | 4,999 | 4,702 |
Bank-owned life insurance | 1,750 | 1,734 | 6,175 | 5,656 |
Other miscellaneous income | 3,673 | 2,357 | 11,488 | 11,772 |
Total other noninterest income | 7,753 | 6,270 | 24,487 | 25,072 |
Other noninterest income [Abstract] | ||||
Advertising | 1,081 | 1,140 | 2,824 | 3,320 |
Foreclosed property expense | 8,794 | 6,116 | 27,415 | 16,963 |
Telecommunications | 2,118 | 2,097 | 6,347 | 6,276 |
Public relations | 1,309 | 1,415 | 4,130 | 4,483 |
Data processing | 2,312 | 2,614 | 7,520 | 7,280 |
Computer software | 1,856 | 1,863 | 5,445 | 5,610 |
Amortization of intangibles | 861 | 822 | 2,366 | 2,510 |
Legal | 3,004 | 1,586 | 6,201 | 5,267 |
Postage and shipping | 1,060 | 1,182 | 3,348 | 3,650 |
Other miscellaneous expense | 16,540 | 19,740 | 52,546 | 55,984 |
Total other noninterest expense | $ 38,934 | $ 38,576 | $ 118,141 | $ 111,343 |
PER SHARE DATA (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from diluted shares (in shares) | 50,000 | 17,000 | ||
Shares issued during period (in shares) | 10,952,381 | |||
Income (Numerator) [Abstract] | ||||
Income available to common shareholders | $ 23,825 | $ 11,934 | $ 67,315 | $ 24,266 |
Effect of dilutive share-based awards | 0 | 0 | 0 | 0 |
Income available to common shareholders plus assumed exercise of all outstanding share based awards | $ 23,825 | $ 11,934 | $ 67,315 | $ 24,266 |
Shares (Denominator) [Abstract] | ||||
Income available to common shareholders of all outstanding share based awards (in shares) | 94,438,000 | 83,489,000 | 93,534,000 | 83,486,000 |
Effect of dilutive share-based awards (in shares) | 91,000 | 0 | 79,000 | 26,000 |
Income available to common shareholders plus assumed exercise (in shares) | 94,529,000 | 83,489,000 | 93,613,000 | 83,512,000 |
Per share amount [Abstract] | ||||
Income available to common shareholders of all outstanding share based awards (in dollars per share) | $ 0.25 | $ 0.14 | $ 0.72 | $ 0.29 |
Income available to common shareholders plus assumed exercise of (in dollars per share) | $ 0.25 | $ 0.14 | $ 0.72 | $ 0.29 |
Stock Options [Member]
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from diluted shares (in shares) | 2,900,000 | 2,900,000 | 2,900,000 | 2,900,000 |
Weighted average exercise price of antidilutive securities (in dollars per share) | $ 20.59 | $ 21.50 | $ 20.67 | $ 21.45 |
MORTGAGE SERVICING RIGHTS (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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MORTGAGE SERVICING RIGHTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data and Assumptions Used in Fair Value Calculation | Mortgage servicing rights ("MSRs"), which are recognized as a separate asset on the date the corresponding mortgage loan is sold, are recorded at fair value as determined at each accounting period end. An estimate of the fair value of the Company's MSRs is determined utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Data and assumptions used in the fair value calculation related to MSRs as of the dates indicated were as follows:
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Activity in Class of Mortgage Servicing Assets | The Company has only one class of mortgage servicing asset comprised of closed end loans for one-to-four family residences, secured by first liens. The following table presents the activity in this class for the periods indicated:
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ALLOWANCE FOR CREDIT LOSSES (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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ALLOWANCE FOR CREDIT LOSSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Allowance for Credit Losses by Segment and Class | The following tables summarize the changes in the allowance for credit losses by segment and class for the periods indicated:
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Allowance for Credit Losses by Segment, Class and Impairment Status | The following tables provide the allowance for credit losses by segment, class and impairment status as of the dates indicated:
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SEGMENT REPORTING (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Dec. 31, 2011
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Results of Operations [Abstract] | ||||||||
Net interest revenue | $ 103,379 | $ 108,075 | $ 313,730 | $ 327,424 | ||||
Provision for credit losses | 6,000 | 25,112 | 22,000 | 110,831 | 130,081 | |||
Net interest revenue after provision for credit losses | 97,379 | 82,963 | 291,730 | 216,593 | ||||
Noninterest revenue | 70,420 | 62,055 | 209,248 | 205,510 | ||||
Noninterest expense | 133,788 | 130,698 | 405,974 | 397,777 | ||||
Income before income taxes | 34,011 | 14,320 | 95,004 | 24,326 | ||||
Income tax expense (benefit) | 10,186 | 2,386 | 27,689 | 60 | ||||
Net income | 23,825 | 11,934 | 67,315 | 24,266 | ||||
Selected Financial Information [Abstract] | ||||||||
Total assets at end of period | 13,235,737 | 13,198,518 | 13,235,737 | 13,198,518 | 12,995,851 | [1] | ||
Depreciation and amortization | 7,658 | 7,987 | 22,702 | 24,460 | ||||
Community Banking [Member]
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Results of Operations [Abstract] | ||||||||
Net interest revenue | 105,075 | 101,092 | 319,376 | 306,635 | ||||
Provision for credit losses | 5,726 | 23,416 | 20,242 | 109,191 | ||||
Net interest revenue after provision for credit losses | 99,349 | 77,676 | 299,134 | 197,444 | ||||
Noninterest revenue | 31,026 | 30,940 | 91,956 | 99,845 | ||||
Noninterest expense | 87,039 | 83,028 | 270,155 | 257,683 | ||||
Income before income taxes | 43,336 | 25,588 | 120,935 | 39,606 | ||||
Income tax expense (benefit) | 14,107 | 5,669 | 39,128 | 13,313 | ||||
Net income | 29,229 | 19,919 | 81,807 | 26,293 | ||||
Selected Financial Information [Abstract] | ||||||||
Total assets at end of period | 10,693,813 | 10,305,304 | 10,693,813 | 10,305,304 | ||||
Depreciation and amortization | 6,012 | 5,967 | 17,945 | 18,348 | ||||
Insurance Agencies [Member]
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Results of Operations [Abstract] | ||||||||
Net interest revenue | 62 | 79 | 211 | 258 | ||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||
Net interest revenue after provision for credit losses | 62 | 79 | 211 | 258 | ||||
Noninterest revenue | 23,461 | 22,009 | 69,516 | 67,436 | ||||
Noninterest expense | 20,721 | 19,032 | 58,882 | 56,095 | ||||
Income before income taxes | 2,802 | 3,056 | 10,845 | 11,599 | ||||
Income tax expense (benefit) | 1,147 | 1,238 | 4,370 | 4,639 | ||||
Net income | 1,655 | 1,818 | 6,475 | 6,960 | ||||
Selected Financial Information [Abstract] | ||||||||
Total assets at end of period | 176,027 | 166,572 | 176,027 | 166,572 | ||||
Depreciation and amortization | 953 | 947 | 2,669 | 2,893 | ||||
General Corporate and Other [Member]
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Results of Operations [Abstract] | ||||||||
Net interest revenue | (1,758) | 6,904 | (5,857) | 20,531 | ||||
Provision for credit losses | 274 | 1,696 | 1,758 | 1,640 | ||||
Net interest revenue after provision for credit losses | (2,032) | 5,208 | (7,615) | 18,891 | ||||
Noninterest revenue | 15,933 | 9,106 | 47,776 | 38,229 | ||||
Noninterest expense | 26,028 | 28,638 | 76,937 | 83,999 | ||||
Income before income taxes | (12,127) | (14,324) | (36,776) | (26,879) | ||||
Income tax expense (benefit) | (5,068) | (4,521) | (15,809) | (17,892) | ||||
Net income | (7,059) | (9,803) | (20,967) | (8,987) | ||||
Selected Financial Information [Abstract] | ||||||||
Total assets at end of period | 2,365,897 | 2,726,642 | 2,365,897 | 2,726,642 | ||||
Depreciation and amortization | $ 693 | $ 1,073 | $ 2,088 | $ 3,219 | ||||
|
ALLOWANCE FOR CREDIT LOSSES (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | $ 195,118 | $ 196,913 | $ 196,913 | ||
Charge-offs | (69,674) | (115,615) | (142,055) | ||
Recoveries | 21,575 | 7,557 | 10,179 | ||
Provision | 6,000 | 25,112 | 22,000 | 110,831 | 130,081 |
Balance at end of year | 169,019 | 199,686 | 169,019 | 199,686 | 195,118 |
Commercial and industrial segment [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 20,724 | 22,479 | 22,479 | ||
Charge-offs | (10,188) | (15,660) | (17,337) | ||
Recoveries | 3,589 | 1,121 | 1,567 | ||
Provision | 7,580 | 12,084 | 14,015 | ||
Balance at end of year | 21,705 | 20,024 | 21,705 | 20,024 | 20,724 |
Real estate [Member] | Consumer mortgages [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 36,529 | 35,540 | 35,540 | ||
Charge-offs | (9,333) | (7,233) | (10,186) | ||
Recoveries | 1,017 | 848 | 1,111 | ||
Provision | 3 | 10,346 | 10,064 | ||
Balance at end of year | 28,216 | 39,501 | 28,216 | 39,501 | 36,529 |
Real estate [Member] | Home equity [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 8,630 | 7,305 | 7,305 | ||
Charge-offs | (1,657) | (4,185) | (5,852) | ||
Recoveries | 430 | 142 | 185 | ||
Provision | (1,482) | 6,626 | 6,992 | ||
Balance at end of year | 5,921 | 9,888 | 5,921 | 9,888 | 8,630 |
Real estate [Member] | Agricultural [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 3,921 | 4,997 | 4,997 | ||
Charge-offs | (784) | (3,310) | (3,420) | ||
Recoveries | 116 | 47 | 123 | ||
Provision | (599) | 2,658 | 2,221 | ||
Balance at end of year | 2,654 | 4,392 | 2,654 | 4,392 | 3,921 |
Real estate [Member] | Commercial and industrial-owner occupied [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 21,929 | 20,403 | 20,403 | ||
Charge-offs | (7,594) | (9,166) | (10,302) | ||
Recoveries | 2,135 | 293 | 393 | ||
Provision | 2,849 | 9,940 | 11,435 | ||
Balance at end of year | 19,319 | 21,470 | 19,319 | 21,470 | 21,929 |
Real estate [Member] | Construction, acquisition and development [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 45,562 | 59,048 | 59,048 | ||
Charge-offs | (27,799) | (56,823) | (67,362) | ||
Recoveries | 6,786 | 2,980 | 3,951 | ||
Provision | 7,993 | 43,033 | 49,925 | ||
Balance at end of year | 32,542 | 48,238 | 32,542 | 48,238 | 45,562 |
Real estate [Member] | Commercial Real Estate [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 39,444 | 33,439 | 33,439 | ||
Charge-offs | (8,702) | (10,578) | (17,436) | ||
Recoveries | 6,330 | 705 | 1,045 | ||
Provision | 5,099 | 15,997 | 22,396 | ||
Balance at end of year | 42,171 | 39,563 | 42,171 | 39,563 | 39,444 |
Credit cards segment [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 4,021 | 4,126 | 4,126 | ||
Charge-offs | (1,690) | (2,366) | (3,072) | ||
Recoveries | 383 | 635 | 803 | ||
Provision | 455 | 1,525 | 2,164 | ||
Balance at end of year | 3,169 | 3,920 | 3,169 | 3,920 | 4,021 |
All other receivables [Member]
|
|||||
Changes in the allowance for credit losses [Roll Forward] | |||||
Balance at beginning of period | 14,358 | 9,576 | 9,576 | ||
Charge-offs | (1,927) | (6,294) | (7,088) | ||
Recoveries | 789 | 786 | 1,001 | ||
Provision | 102 | 8,622 | 10,869 | ||
Balance at end of year | $ 13,322 | $ 12,690 | $ 13,322 | $ 12,690 | $ 14,358 |
LOAN AND LEASES (1) (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
---|---|---|---|
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | $ 45,618 | $ 37,336 | |
60-89 Days Past Due | 27,512 | 20,207 | |
90 Plus Days Past Due | 49,165 | 78,309 | |
Total Past Due | 122,295 | 135,852 | |
Current | 8,557,674 | 8,734,459 | |
Total Outstanding | 8,679,969 | 8,870,311 | |
90 Plus Days Past Due still Accruing | 1,442 | 3,434 | 7,354 |
Commercial and industrial segment [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 5,505 | 5,571 | |
60-89 Days Past Due | 949 | 4,209 | |
90 Plus Days Past Due | 4,671 | 4,193 | |
Total Past Due | 11,125 | 13,973 | |
Current | 1,451,594 | 1,459,755 | |
Total Outstanding | 1,462,719 | 1,473,728 | |
90 Plus Days Past Due still Accruing | 45 | 12 | |
Real estate segment [Member] | Consumer mortgages [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 14,122 | 15,740 | |
60-89 Days Past Due | 5,560 | 6,485 | |
90 Plus Days Past Due | 14,521 | 14,569 | |
Total Past Due | 34,203 | 36,794 | |
Current | 1,854,580 | 1,908,396 | |
Total Outstanding | 1,888,783 | 1,945,190 | |
90 Plus Days Past Due still Accruing | 1,027 | 2,974 | |
Real estate segment [Member] | Home equity [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 1,916 | 1,837 | |
60-89 Days Past Due | 183 | 265 | |
90 Plus Days Past Due | 169 | 594 | |
Total Past Due | 2,268 | 2,696 | |
Current | 490,565 | 511,666 | |
Total Outstanding | 492,833 | 514,362 | |
90 Plus Days Past Due still Accruing | 0 | 0 | |
Real estate segment [Member] | Agricultural [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 624 | 666 | |
60-89 Days Past Due | 837 | 54 | |
90 Plus Days Past Due | 4,090 | 719 | |
Total Past Due | 5,551 | 1,439 | |
Current | 252,182 | 238,048 | |
Total Outstanding | 257,733 | 239,487 | |
90 Plus Days Past Due still Accruing | 0 | 0 | |
Real estate segment [Member] | Commercial and industrial-owner occupied [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 4,121 | 2,199 | |
60-89 Days Past Due | 1,111 | 844 | |
90 Plus Days Past Due | 6,807 | 12,977 | |
Total Past Due | 12,039 | 16,020 | |
Current | 1,297,592 | 1,285,555 | |
Total Outstanding | 1,309,631 | 1,301,575 | |
90 Plus Days Past Due still Accruing | 119 | 0 | |
Real estate segment [Member] | Construction, acquisition and development [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 12,513 | 4,826 | |
60-89 Days Past Due | 15,602 | 4,955 | |
90 Plus Days Past Due | 13,395 | 33,584 | |
Total Past Due | 41,510 | 43,365 | |
Current | 782,182 | 864,997 | |
Total Outstanding | 823,692 | 908,362 | |
90 Plus Days Past Due still Accruing | 0 | 0 | |
Real estate segment [Member] | Commercial Real Estate [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 4,485 | 3,778 | |
60-89 Days Past Due | 1,656 | 2,702 | |
90 Plus Days Past Due | 4,208 | 9,397 | |
Total Past Due | 10,349 | 15,877 | |
Current | 1,728,167 | 1,738,145 | |
Total Outstanding | 1,738,516 | 1,754,022 | |
90 Plus Days Past Due still Accruing | 0 | 0 | |
Credit cards segment [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 539 | 595 | |
60-89 Days Past Due | 300 | 303 | |
90 Plus Days Past Due | 525 | 697 | |
Total Past Due | 1,364 | 1,595 | |
Current | 100,041 | 104,686 | |
Total Outstanding | 101,405 | 106,281 | |
90 Plus Days Past Due still Accruing | 236 | 299 | |
All other receivables [Member]
|
|||
Aging of loan and lease portfolio [Abstract] | |||
30-59 Days Past Due | 1,793 | 2,124 | |
60-89 Days Past Due | 1,314 | 390 | |
90 Plus Days Past Due | 779 | 1,579 | |
Total Past Due | 3,886 | 4,093 | |
Current | 600,771 | 623,211 | |
Total Outstanding | 604,657 | 627,304 | |
90 Plus Days Past Due still Accruing | $ 15 | $ 149 |
DERIVATIVE INSTRUMENTS (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2012
Forward Commitments to Sell Fixed-Rate Mortgage Loans [Member]
|
Sep. 30, 2011
Forward Commitments to Sell Fixed-Rate Mortgage Loans [Member]
|
Sep. 30, 2012
Commitments To Fund Fixed-Rate Mortgage Loans [Member]
|
Sep. 30, 2011
Commitments To Fund Fixed-Rate Mortgage Loans [Member]
|
Sep. 30, 2012
Interest Rate Swap [Member]
|
|
Derivative [Line Items] | |||||
Notional amount | $ 220.9 | $ 167.5 | $ 251.5 | $ 177.7 | $ 483.0 |
Difference in carrying value and fair value, reflecting a loss | 4.4 | 2.4 | |||
Difference in carrying value and fair value, reflecting a gain | $ 7.1 | $ 3.9 | |||
Average maturity | 60 months | ||||
Average interest receive rate (in hundredths) | 2.50% | ||||
Average interest pay rate (in hundredths) | 5.80% |
COMPREHENSIVE INCOME (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Net unrealized gains on available-for- sale securities, before tax amount [Abstract] | ||||
Unrealized gains arising during holding period, before tax amount | $ 6,820 | $ 14,563 | $ 10,519 | $ 56,981 |
Less: Reclassification adjustment for net gains realized in net income, before tax amount | (39) | (2,047) | (290) | (12,109) |
Recognized employee benefit plan net periodic benefit cost, before tax amount | 704 | 947 | 3,088 | 2,213 |
Other comprehensive income | 7,485 | 13,463 | 13,317 | 47,085 |
Net unrealized gains on available-for- sale securities, tax (expense) benefit [Abstract] | ||||
Unrealized gains arising during holding period, tax (expense) benefit | (2,613) | (5,578) | (4,034) | (21,823) |
Less: Reclassification adjustment for net gains realized in net income, tax (expense) benefit | 15 | 783 | 111 | 4,632 |
Recognized employee benefit plan net periodic benefit cost, tax (expense) benefit | (269) | (362) | (1,181) | (846) |
Other comprehensive income | (2,867) | (5,157) | (5,104) | (18,037) |
Net unrealized gains on available-for- sale securities, net of tax amount [Abstract] | ||||
Unrealized gains arising during holding period, net of tax amount | 4,207 | 8,985 | 6,485 | 35,158 |
Reclassification adjustment for net gains realized in net income, net of tax amount | (24) | (1,264) | (179) | (7,477) |
Recognized employee benefit plan net periodic benefit cost, net of tax amount | 435 | 585 | 1,907 | 1,367 |
Other comprehensive income | 4,618 | 8,306 | 8,213 | 29,048 |
Net income | 23,825 | 11,934 | 67,315 | 24,266 |
Comprehensive income | $ 28,443 | $ 20,240 | $ 75,528 | $ 53,314 |
ALLOWANCE FOR CREDIT LOSSES
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Sep. 30, 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. |
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