UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 30, 2012
OLD NATIONAL BANCORP |
(Exact name of registrant as specified in its charter)
Indiana | 001-15817 | 35-1539838 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
One Main Street Evansville, Indiana 47708 |
(Address of principal executive offices, including zip code)
Registrants telephone number, including area code: (812) 464-1294
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
x | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On January 30, 2012, Old National Bancorp reported its results for the fourth quarter and full year of 2011. The press release is included as Exhibit 99.1 hereto and is incorporated herein by reference. Old National Bancorp also released the financial trends including its fourth-quarter and full-year 2011 results. The financial trends are included as Exhibit 99.2 hereto and are incorporated herein by reference. In connection therewith, a slide presentation outlining fourth-quarter and full-year 2011 earnings, recent strategic developments and the companys financial outlook will be available on Old Nationals website to compliment the conference call to be held on January 30, 2012, at 10:00 a.m. CST and will be accessible at http://www.oldnational.com before the conference call begins.
Item 8.01 Other Events
On January 30, 2012, Old National Bancorp issued a press release disclosing certain information relevant to the previously announced pending merger of Indiana Community Bancorp with and into Old National Bancorp. A copy of the press release is included as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibits are furnished herewith:
The following exhibits are furnished herewith and this list constitutes the exhibit index:
99.1 | Press Release issued by Old National Bancorp on January 30, 2012 |
99.2 | Financial Trends issued by Old National Bancorp on January 30, 2012 |
* * * * * * *
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 30, 2012
OLD NATIONAL BANCORP | ||
By: | /s/ Christopher A. Wolking | |
Christopher A. Wolking Senior Executive Vice President and Chief Financial Officer |
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Exhibit 99.1
Filed by Old National Bancorp
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Indiana Community Bancorp
Commission File No.: 000-18847
FOR IMMEDIATE RELEASE January 30, 2012 |
Contacts:
Media: Kathy A. Schoettlin (812) 465-7269 Executive Vice President Communications
Financial Community: Lynell J. Walton (812) 464-1366 Senior Vice President Investor Relations |
Successful 4th Quarter Caps Strong 2011 Earnings
Year for Old National Bancorp
4th QUARTER HIGHLIGHTS:
| Quarterly net income increases almost 290% over 4th quarter 2010 |
| EPS of $.23 includes $5.2 million of acquisition and integration expenses |
| Credit quality metrics remain well controlled |
| Results exceed analysts estimates |
2011 HIGHLIGHTS:
| Full year net income increases almost 90% over 2010 |
| Net loan charge-offs decrease over 22% from 2010 levels |
| Monroe acquisition closed January 1, 2011 |
| First ever FDIC-assisted acquisition completed July 29, 2011 |
| Liquidity and capital positions remain strong |
Evansville, Ind. (January 30, 2012) Today Old National Bancorp (NYSE: ONB) reported 4th quarter net income of $22.2 million, or $.23 per share a continuation of the companys strong, consistent 2011 performance. These results, which exceeded analysts consensus estimates for the quarter, are a marked improvement over the net income of $16.8 million, or $.18 per share, that Old National reported in 3rd quarter 2011, and reflect an almost 290% increase over 4th quarter 2010 net income.
The FDIC-assisted acquisition of Integra Bank was accretive to the 4th quarter results after the absorption of $4.4 million in acquisition-related expenses. Fourth quarter results also included $.8 million in acquisition-related expenses from the Monroe transaction that was completed 1st quarter of 2011. Excluding these acquisition expenses, Old Nationals 4th quarter 2011 earnings would have been $25.9 million, or $.27 per share. These adjusted results also compare favorably to adjusted 3rd quarter net income of $22.7 million, or $.24 per share, which excludes $6.8 million of acquisition expenses and a $2.0 million litigation reserve. Refer to Table 1 and Table 2 for Non-GAAP reconciliations.
Net income for the 12 months ended December 31, 2011, was $72.5 million, or $.76 per common share. These results represent significant increases to full-year 2010 net income of $38.2 million, or $.44 per common share.
As was announced in a press release dated January 26, 2012, Old National Bancorps Board of Directors declared an increase in its common stock dividend to $.09 per share on the Companys outstanding shares. This new dividend level represents a 28.6% increase over the previous cash dividend level of $.07 per common share. The dividend is payable March 15, 2012, to shareholders of record on March 1, 2012. For purposes of broker trading, the ex-date of the cash dividend is February 28, 2012.
These positive 4th quarter results solidify a strong earnings year for Old National, especially when factoring in acquisition-related expenses and continued economic headwinds, said Old National President & CEO Bob Jones. The fact that we increased 2011 net income by nearly 90 percent over 2010, while improving overall credit metrics and maintaining our strong capital and liquidity positions, demonstrates our continued strength and stability and our firm commitment to basic community banking. This is further illustrated by our recent acquisition announcement of Indiana Community Bancorp as well as our Boards approval of a 28% increase in our quarterly cash dividend.
FDIC-Assisted Acquisition
On July 29, 2011, Old National Bancorp acquired certain assets and assumed substantially all deposits and certain liabilities of Integra Bank, N.A. (Integra) from the Federal Deposit Insurance Corporation (FDIC) in an FDIC-assisted transaction.
As part of this transaction, Old National entered into loss sharing agreements with the FDIC that cover, as of December 31, 2011, $626.4 million in fair value of loans (covered loans) and $30.4 million in fair value of other real estate owned (collectively called covered assets). According to the terms of the loss sharing agreements, the FDIC will reimburse Old National for 80% of the losses up to $275.0 million, 0% of losses from $275.0 million up to $467.2 million and 80% of losses in excess of $467.2 million. The loss sharing agreement applicable to single-family residential mortgage loans remains in effect for 10 years. The loss sharing agreement applicable to other covered assets is five years for losses and eight years for recoveries.
In accordance with Generally Accepted Accounting Principles (GAAP), Old National accounted for all of the loans acquired from Integra at fair value with no corresponding allowance for loan losses brought forward on these acquired loans.
Of the 52 former Integra banking centers, 32 centers that overlapped Old National locations were consolidated through December, 2011. On December 2, 2011, Old National also completed the sale of the deposits of four former Integra branches located in the Chicago area to First Midwest Bank.
Committed to our Strategic Imperatives
Old Nationals strong, consistent 2011 performance can be attributed to our unwavering commitment to the following strategic imperatives:
1. | Strengthen the risk profile. |
2. | Enhance management discipline. |
3. | Achieve consistent quality earnings. |
1. STRENGTHEN THE RISK PROFILE
Credit Quality
Old National reported provision expense in the 4th quarter of 2011 of $1.0 million, compared to relatively none in the 3rd quarter of 2011 and $7.1 million in the 4th quarter of 2010. For the full year 2011, Old National reported $7.5 million of provision for loan losses compared to $30.8 million in 2010. Old Nationals net charge-offs for 4th quarter 2011 were $8.5 million, or .71% of total loans, compared to $4.6 million, or .40% of total loans in 3rd quarter 2011 and $6.9 million, or .74% of total loans, in 4th quarter 2010. For the full year 2011, Old National reported net charge-offs of $21.7 million, or .49% of total loans, compared to $28.0 million, or .75% of total loans, in 2010.
Excluding covered loans, provision expense for the 4th quarter and 3rd quarters of 2011 was flat with essentially none reported for either quarter, compared to the $7.1 million in 4th quarter 2010. Old Nationals net charge-offs for the quarter were $8.2 million, an increase of $3.3 million from the $4.9 million reported in 3rd quarter 2011 and an increase of $1.3 million from the $6.9 million in net charge-offs reported in 4th quarter 2010.
Excluding covered loans, for the full year 2011, Old National reported provision expense of just $6.5 million compared to $30.8 million in 2010. Additionally, net loan charge-offs for the full year 2011 fell to .53%a substantial decrease from Old Nationals full year 2010 mark of .75%.
Excluding covered loans, Old Nationals allowance for loan losses at December 31, 2011, was $57.1 million, or 1.38% of total loans, compared to an allowance of $65.2 million, or 1.58% of total loans at September 30, 2011, and $72.3 million, or 1.93% of total loans, at December 31, 2010. Excluding covered loans, the coverage of allowance to non-performing loans stood at 49% at December 30, 2011, compared to 52% at September 30, 2011.
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Credit metrics in the fourth quarter showed solid improvement, with reductions in nonperforming loans coming in the legacy Old National portfolio as well as in both the Monroe acquired and Integra covered loan portfolios, stated Chief Credit Officer Daryl Moore. In addition to these gains, the quarter also saw meaningful reductions in both special mention and substandard loan exposures.
The following table presents certain credit quality metrics related to Old Nationals loan portfolio:
($ in millions) |
2009 | 2010 | 2011 | 3Q11 | 3Q11* | 4Q11 | 4Q11* | |||||||||||||||||||||
Non-Performing Loans(NPLs) |
$ | 67.0 | $ | 70.9 | $ | 299.5 | $ | 323.8 | $ | 124.8 | $ | 299.5 | $ | 116.7 | ||||||||||||||
Problem Loans (Including NPLs) |
$ | 157.1 | $ | 174.3 | $ | 404.3 | $ | 442.6 | $ | 226.4 | $ | 404.3 | $ | 204.1 | ||||||||||||||
Special Mention Loans |
$ | 103.5 | $ | 84.0 | $ | 103.2 | $ | 125.4 | $ | 98.5 | $ | 103.2 | $ | 80.1 | ||||||||||||||
Net Charge-Off Ratio |
1.40 | % | .75 | % | .49 | % | .40 | % | .50 | % | .71 | % | .79 | % | ||||||||||||||
Provision for Loan Losses |
$ | 63.3 | $ | 30.8 | $ | 7.5 | $ | (.1 | ) | $ | (.1 | ) | $ | 1.0 | $ | .1 |
* | Excludes covered loans. |
2. ENHANCE MANAGEMENT DISCIPLINE
Expense Management
For the 4th quarter, Old National reported total noninterest expenses of $93.7 million, compared to 3rd quarter 2011 noninterest expenses of $95.2 million. Noninterest expenses for 4th quarter 2011 included $4.4 million and $.8 million, respectively, of Integra Bank and Monroe Bancorp-related acquisition costs. Fourth quarter 2011 also included $8.5 million (a full quarter) in operational expenses related to the newly acquired Integra operations. Noninterest expenses for 3rd quarter 2011 included $6.8 million of Integra Bank-related acquisition costs, and a $2.0 million accrual for the tentative settlement of a longstanding trust case pending against the Company since 2002. In addition, 3rd quarter 2011 included $6.3 million (2 months) in operational expenses related to the newly acquired Integra operations.
Capital Management
Old Nationals capital position remained well above industry requirements at December 31, 2011, with regulatory tier 1 and total risk-based capital ratios of 13.5% and 15.0%, respectively, compared to 12.2% and 13.7% at September 30, 2011, and 13.6% and 14.8% at December 31, 2010.
The ratio of tangible common equity to tangible assets improved to 8.97% at December 31, 2011, compared to 8.40% at September 30, 2011, and 9.68% at December 31, 2010. Refer to Table 3 for Non-GAAP reconciliations.
Well Capitalized | ONB at December 31, 2011 | |||||||
Tier 1 Risk-Based Capital Ratio |
> 6 | % | 13.5 | % | ||||
|
|
|||||||
Total Risk-Based Capital Ratio |
> 10 | % | 15.0 | % | ||||
|
|
|||||||
Tier 1 Leverage Capital Ratio |
> 5 | % | 8.3 | % | ||||
|
|
3. ACHIEVE CONSISTENT QUALITY EARNINGS
Balance Sheet and Net Interest Margin
Old Nationals total loans at December 31, 2011, were $4.772 billion compared to $4.856 billion at September 30, 2011, a decrease of $84.3 million. Average total loans for 4th quarter 2011 were $4.813 billion, 4.6% higher than the $4.600 billion for the 3rd quarter 2011, due primarily to the FDIC-assisted acquisition of Integra Bank on July 29, 2011.
Total investments, including money market accounts, amounted to $2.621 billion at December 31, 2011, a decrease of $237.9 million compared to $2.859 billion at September 30, 2011. Average total investments were $2.760 billion for the 4th quarter compared to $3.027 billion in the 3rd quarter. Securities gains for the 4th quarter (net of $.9 million of other-than-temporary impairment) totaled $2.8 million, compared to 3rd quarter securities gains of $2.9 million.
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Total core deposits, including demand and interest-bearing deposits, decreased by $253.0 million in the 4th quarter to $6.590 billion at December 31, 2011, compared to $6.843 billion at September 30, 2011. Included in the 4th quarter decrease was $185 million of deposit attrition related to the sale of four former Chicago area Integra branches which were sold on December 2, 2011.
Old National reported net interest income of $76.6 million for 4th quarter 2011 compared to $72.6 million in 3rd quarter 2011, and $54.0 million for 4th quarter 2010. Included in 4th quarter 2011 net interest income is $7.1 million associated with the Monroe acquisition, and $6.3 million associated with the Integra acquisition, related to the accretion of the purchase accounting marks. Included in 3rd quarter 2011 net interest income is $5.5 million associated with the Monroe acquisition, and $7.5 million associated with the Integra acquisition, related to the accretion of the purchase accounting marks.
Net interest income on a fully taxable equivalent basis was $79.6 million for 4th quarter 2011 and represented a net interest margin on total average earning assets of 4.20%. This compares to net interest income on a fully taxable equivalent basis of $75.5 million and a margin of 3.96% in 3rd quarter 2011 and net interest income on a fully taxable equivalent basis of $57.1 million and a margin of 3.46% for 4th quarter 2010. Included in 4th quarter 2011 net interest margin is 37 basis points associated with the Monroe acquisition, and 32 basis points associated with the Integra acquisition, related to the accretion of purchase accounting marks. Included in 3rd quarter 2011 net interest margin is 29 basis points associated with the Monroe acquisition, and 39 basis points associated with the Integra acquisition, related to the accretion of purchase accounting marks. Refer to Tables A and B for Non-GAAP taxable equivalent reconciliations.
Fees, Service Charges and Other Revenue
Old National reported total fees, service charges and other revenue of $46.1 million for 4th quarter 2011 compared to $44.3 million in 3rd quarter 2011 and $38.4 million in 3rd quarter 2010.
About Old National
Old National Bancorp is the largest financial services holding company headquartered in Indiana and, with $8.6 billion in assets, ranks among the top 100 banking companies in the United States. Since its founding in Evansville in 1834, Old National has focused on community banking by building long-term, highly valued partnerships with clients in its primary footprint of Indiana, Illinois and Kentucky. In addition to providing extensive services in retail and commercial banking, wealth management, investments and brokerage, Old National also owns Old National Insurance which is one of the top 100 largest agencies in the US and the 10th largest bank-owned insurance agency. For more information and financial data, please visit Investor Relations at oldnational.com.
Conference Call
Old National will hold a conference call at 10:00 a.m. Central on Monday, January 30, 2012, to discuss 4th quarter 2011 financial results, strategic developments, and the Companys financial outlook. The live audio web cast of the call, along with the corresponding presentation slides, will be available on the Companys Investor Relations web page at oldnational.com and will be archived there for 12 months. A replay of the call will also be available from 1:00 p.m. Central on January 30 through February 13. To access the replay, dial 1-855-859-2056, conference code 42173725.
Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Old Nationals results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this release or the Quarterly Financial Trends supplement to this earnings release, which can be found on Investor Relations at oldnational.com.
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Additional Information for Shareholders
In connection with the proposed merger, Old National Bancorp will file with the Securities and Exchange Commission a Registration Statement on Form S-4 that will include a Proxy Statement of Indiana Community Bancorp and a Prospectus of Old National Bancorp, as well as other relevant documents concerning the proposed transaction. Shareholders are urged to read the Registration Statement and the Proxy Statement/Prospectus regarding the merger when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. A free copy of the Proxy Statement/Prospectus, as well as other filings containing information about Old National Bancorp and Indiana Community Bancorp, may be obtained at the SECs Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Old National Bancorp at www.oldnational.com under the tab Investor Relations and then under the heading Financial Information or from Indiana Community Bancorp by accessing Indiana Community Bancorps website at www.myindianabank.com under the tab Shareholder Relations and then under the heading Documents.
Old National Bancorp and Indiana Community Bancorp and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Indiana Community Bancorp in connection with the proposed merger. Information about the directors and executive officers of Old National Bancorp is set forth in the proxy statement for Old Nationals 2011 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 25, 2011. Information about the directors and executive officers of Indiana Community Bancorp is set forth in the proxy statement for Indiana Community Bancorps 2011 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 22, 2011. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus regarding the proposed merger when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.
Forward-Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, descriptions of Old Nationals financial condition, results of operations, asset and credit quality trends and profitability. Forward-looking statements can be identified by the use of the words anticipate, believe, expect, intend, could and should, and other words of similar meaning. These forward-looking statements express managements current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to; market, economic, operational, liquidity, credit and interest rate risks associated with Old National's business, competition, government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations), ability of Old National to execute its business plan (including the proposed acquisition of Indiana Community Bancorp), changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits, failure or circumvention of Old Nationals internal controls, failure or disruption of our information systems, significant changes in accounting, tax or regulatory practices or requirements, new legal obligations or liabilities or unfavorable resolutions of litigations, other matters discussed in this press release and other factors identified in the Companys Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date of this press release, and Old National undertakes no obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
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Table 1: Non-GAAP Reconciliation- 4Q11 Adjusted Earnings Per Share
($ in millions, except per-share data) |
Reported 4Q11 | Adjustments | Adjusted 4Q11 | |||||||||
Total Revenues |
$ | 125.7 | $ | -0- | $ | 125.7 | ||||||
Noninterest Expenses |
93.7 | (5.2 | )* | 88.5 | ||||||||
Provision Expense |
1.0 | -0- | 1.0 | |||||||||
Income Before Income Taxes |
31.0 | 5.2 | 36.2 | |||||||||
Income Taxes |
8.8 | 1.5 | 10.3 | |||||||||
Net Income |
$ | 22.2 | $ | 3.7 | $ | 25.9 | ||||||
Common Shares Outstanding (in thousands) |
94.9 | 94.9 | 94.9 | |||||||||
Earnings Per Share |
$ | .23 | $ | .04 | $ | .27 |
* | Represents $5.2 million of acquisition expenses |
Table 2: Non-GAAP Reconciliation-3Q11 Adjusted Earnings Per Share
($ in millions, except per-share data) |
Reported 3Q11 | Adjustments | Adjusted 3Q11 | |||||||||
Total Revenues |
$ | 119.9 | $ | -0- | $ | 119.9 | ||||||
Noninterest Expenses |
95.2 | (8.8 | )* | 86.4 | ||||||||
Provision Expense |
(.1 | ) | -0- | (.1 | ) | |||||||
Income Before Income Taxes |
24.8 | 8.8 | 33.6 | |||||||||
Income Taxes |
8.0 | 2.9 | 10.9 | |||||||||
Net Income |
$ | 16.8 | $ | 5.9 | $ | 22.7 | ||||||
Common Shares Outstanding (in thousands) |
94.8 | 94.8 | 94.8 | |||||||||
Earnings Per Share |
$ | .18 | $ | .06 | $ | .24 |
* | Represents $6.8 million of acquisition expenses as well as a $2.0 million litigation reserve |
Table 3: Non-GAAP Reconciliation-Tangible Equity to Tangible Assets
(end of period balances - $ in millions) |
December 31, 2011 | September 30, 2011 | ||||||
Total Shareholders Equity |
$ | 1,033.6 | $ | 1,027.7 | ||||
Deduct: Goodwill and Intangible Assets |
(286.8 | ) | (302.3 | ) | ||||
Tangible Shareholders Equity |
$ | 746.8 | $ | 725.4 | ||||
Total Assets |
$ | 8,609.7 | $ | 8,932.7 | ||||
Add: Trust Overdrafts |
.6 | .4 | ||||||
Deduct: Goodwill and Intangible Assets |
(286.8 | ) | (302.3 | ) | ||||
Tangible Assets |
$ | 8,323.5 | $ | 8,630.8 | ||||
Tangible Equity to Tangible Assets |
8.97 | % | 8.40 | % |
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OLD NATIONAL BANCORP
Financial Highlights (Table A)
Three-Months Ended | ||||||||||||||||
($ in thousands except per-share data) (FTE) Fully taxable equivalent basis. |
Dec. 31, 2011 |
Sept. 30, 2011 |
Change | % Change | ||||||||||||
Income Data: |
||||||||||||||||
Net Interest Income |
$ | 76,595 | $ | 72,592 | $ | 4,003 | 5.5 | % | ||||||||
Taxable Equivalent Adjustment |
2,979 | 2,914 | 65 | 2.2 | ||||||||||||
Net Interest Income (FTE) |
79,574 | 75,506 | 4,068 | 5.4 | ||||||||||||
Fees, Service Charges and Other Revenues |
46,120 | 44,316 | 1,804 | 4.1 | ||||||||||||
Securities Gains (Losses) (a) |
2,755 | 2,861 | (106 | ) | (3.7 | ) | ||||||||||
Derivative Gains (Losses) |
272 | 149 | 123 | 82.6 | ||||||||||||
Total Revenue (FTE) |
128,721 | 122,832 | 5,889 | 4.8 | ||||||||||||
Provision for Loan Losses |
1,036 | (82 | ) | 1,118 | N/M | |||||||||||
Noninterest Expense |
93,680 | 95,158 | (1,478 | ) | (1.6 | ) | ||||||||||
Income before Taxes |
34,005 | 27,756 | 6,249 | 22.5 | ||||||||||||
Provision for Taxes (FTE) |
11,791 | 10,959 | 832 | 7.6 | ||||||||||||
Net Income |
22,214 | 16,797 | 5,417 | 32.2 | ||||||||||||
Per Common Share Data: (Diluted) (b) |
||||||||||||||||
Net Income Attributable to Common Shareholders |
.23 | .18 | .05 | 27.8 | ||||||||||||
Average Diluted Shares Outstanding |
94,866 | 94,785 | 81 | .1 | ||||||||||||
Book Value |
10.92 | 10.85 | .07 | .6 | ||||||||||||
Stock Price |
11.65 | 9.32 | 2.33 | 25.0 | ||||||||||||
Performance Ratios: |
||||||||||||||||
Return on Average Assets |
1.01 | % | .77 | % | .24 | % | 31.2 | |||||||||
Return on Average Common Equity (c) |
8.64 | 6.61 | 2.03 | 30.7 | ||||||||||||
Net Interest Margin (FTE) |
4.20 | 3.96 | .24 | 6.1 | ||||||||||||
Other Expense to Revenue (Efficiency Ratio) (d) |
72.02 | 77.56 | (5.54 | ) | (7.1 | ) | ||||||||||
Net Charge-offs to Average Loans (e) |
.79 | .50 | .29 | 58.0 | ||||||||||||
Reserve for Loan Losses to Ending Loans (e) |
1.38 | 1.58 | (.20 | ) | (12.7 | ) | ||||||||||
Non-Performing Loans to Ending Loans (e) |
2.82 | 3.01 | (.19 | ) | (6.3 | ) | ||||||||||
Balance Sheet: |
||||||||||||||||
Average Assets |
$ | 8,759,154 | $ | 8,719,827 | $ | 39,327 | .5 | |||||||||
End of Period Balances: |
||||||||||||||||
Assets |
8,609,683 | 8,932,700 | (323,017 | ) | (3.6 | ) | ||||||||||
Investments |
2,589,517 | 2,784,035 | (194,518 | ) | (7.0 | ) | ||||||||||
Money Market Investments (f) |
31,246 | 74,623 | (43,377 | ) | (58.1 | ) | ||||||||||
Commercial Loans and Leases |
1,341,409 | 1,400,540 | (59,131 | ) | (4.2 | ) | ||||||||||
Commercial Real Estate Loans |
1,393,304 | 1,496,132 | (102,828 | ) | (6.9 | ) | ||||||||||
Consumer Loans |
990,061 | 916,677 | 73,384 | 8.0 | ||||||||||||
Residential Real Estate Loans |
1,042,429 | 1,037,977 | 4,452 | .4 | ||||||||||||
Residential Real Estate Loans Held for Sale |
4,528 | 4,710 | (182 | ) | (3.9 | ) | ||||||||||
Earning Assets |
7,392,494 | 7,714,694 | (322,200 | ) | (4.2 | ) | ||||||||||
Core Deposits (Excluding Brokered CDs) |
6,589,813 | 6,842,754 | (252,941 | ) | (3.7 | ) | ||||||||||
Borrowed Funds (Including Brokered CDs) |
737,373 | 809,397 | (72,024 | ) | (8.9 | ) | ||||||||||
Common Shareholders Equity |
1,033,556 | 1,027,695 | 5,861 | .6 |
(a) | Includes $910 and $0, respectively, for other-than-temporary impairment in fourth quarter 2011 and third quarter 2011. |
(b) | Assumes conversion of stock options, restricted stock and warrants. |
(c) | Based on average common shareholders equity of $1,028,564 and $1,016,053, respectively, for December 31, 2011 and September 30, 2011. |
(d) | Noninterest expense before amortization of intangibles as a percent of FTE net interest income and noninterest revenues, excluding net gains from securities transactions. |
(e) | Excludes residential loans held for sale and covered loans. |
(f) | Includes money market investments and Federal Reserve interest earning accounts. |
N/M | = Not meaningful. |
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OLD NATIONAL BANCORP
Financial Highlights (Table B)
Three-Months Ended | ||||||||||||||||
($ in thousands except per-share data) (FTE) Fully taxable equivalent basis. |
December 31, 2011 |
December 31, 2010 |
Change | % Change | ||||||||||||
Income Data: |
||||||||||||||||
Net Interest Income |
$ | 76,595 | $ | 53,977 | $ | 22,618 | 41.9 | % | ||||||||
Taxable Equivalent Adjustment |
2,979 | 3,147 | (168 | ) | (5.3 | ) | ||||||||||
Net Interest Income (FTE) |
79,574 | 57,124 | 22,450 | 39.3 | ||||||||||||
Fees, Service Charges and Other Revenues |
46,120 | 38,386 | 7,734 | 20.1 | ||||||||||||
Securities Gains (Losses) (a) |
2,755 | 3,713 | (958 | ) | (25.8 | ) | ||||||||||
Derivative Gains (Losses) |
272 | 106 | 166 | N/M | ||||||||||||
Total Revenue (FTE) |
128,721 | 99,329 | 29,392 | 29.6 | ||||||||||||
Provision for Loan Losses |
1,036 | 7,100 | (6,064 | ) | (85.4 | ) | ||||||||||
Noninterest Expense |
93,680 | 83,272 | 10,408 | 12.5 | ||||||||||||
Income before Taxes |
34,005 | 8,957 | 25,048 | 279.6 | ||||||||||||
Provision for Taxes (FTE) |
11,791 | 3,231 | 8,560 | 264.9 | ||||||||||||
Net Income |
22,214 | 5,726 | 16,488 | 287.9 | ||||||||||||
Per Common Share Data: (Diluted) (b) |
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Net Income Attributable to Common Shareholders |
.23 | .07 | .16 | 228.6 | ||||||||||||
Average Diluted Shares Outstanding |
94,866 | 87,005 | 7,861 | 9.0 | ||||||||||||
Book Value |
10.92 | 10.08 | .84 | 8.3 | ||||||||||||
Stock Price |
11.65 | 11.89 | (.24 | ) | (2.0 | ) | ||||||||||
Performance Ratios: |
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Return on Average Assets |
1.01 | % | .31 | % | .70 | % | N/M | |||||||||
Return on Average Common Equity (c) |
8.64 | 2.57 | 6.07 | N/M | ||||||||||||
Net Interest Margin (FTE) |
4.20 | 3.46 | .74 | 21.4 | ||||||||||||
Other Expense to Revenue (Efficiency Ratio) (d) |
72.02 | 85.52 | (13.50 | ) | (15.8 | ) | ||||||||||
Net Charge-offs to Average Loans (e) |
.79 | .74 | .05 | 6.8 | ||||||||||||
Reserve for Loan Losses to Ending Loans (e) |
1.38 | 1.93 | (.55 | ) | (28.5 | ) | ||||||||||
Non-Performing Loans to Ending Loans (e) |
2.82 | 1.90 | .92 | 48.4 | ||||||||||||
Balance Sheet: |
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Average Assets |
$ | 8,759,154 | $ | 7,358,692 | $ | 1,400,462 | 19.0 | |||||||||
End of Period Balances: |
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Assets |
8,609,683 | 7,263,892 | 1,345,791 | 18.5 | ||||||||||||
Investments |
2,589,517 | 2,630,369 | (40,852 | ) | (1.6 | ) | ||||||||||
Money Market Investments (f) |
31,246 | 144,184 | (112,938 | ) | (78.3 | ) | ||||||||||
Commercial Loans and Leases |
1,341,409 | 1,211,399 | 130,010 | 10.7 | ||||||||||||
Commercial Real Estate Loans |
1,393,304 | 942,395 | 450,909 | 47.8 | ||||||||||||
Consumer Loans |
990,061 | 924,952 | 65,109 | 7.0 | ||||||||||||
Residential Real Estate Loans |
1,042,429 | 664,705 | 377,724 | 56.8 | ||||||||||||
Residential Real Estate Loans Held for Sale |
4,528 | 3,819 | 709 | 18.6 | ||||||||||||
Earning Assets |
7,392,494 | 6,521,823 | 870,671 | 13.4 | ||||||||||||
Core Deposits (Excluding Brokered CDs) |
6,589,813 | 5,442,677 | 1,147,136 | 21.1 | ||||||||||||
Borrowed Funds (Including Brokered CDs) |
737,373 | 740,391 | (3,018 | ) | (.4 | ) | ||||||||||
Common Shareholders Equity |
1,033,556 | 878,805 | 154,751 | 17.6 |
(a) | Includes $910 and $619, respectively, for other-than-temporary impairment in fourth quarter 2011 and fourth quarter 2010. |
(b) | Assumes conversion of stock options, restricted stock and warrants. |
(c) | Based on average common shareholders equity of $1,028,564 and $889,762, respectively, for 2011 and 2010. |
(d) | Noninterest expense before amortization of intangibles as a percent of FTE net interest income and noninterest revenues, excluding net gains from securities transactions. |
(e) | Excludes residential loans held for sale and covered loans. |
(f) | Includes money market investments and Federal Reserve interest earning accounts. |
N/M | = Not meaningful. |
8
OLD NATIONAL BANCORP
Financial Highlights
Twelve-Months Ended | ||||||||||||||||
($ in thousands except per-share data) (FTE) Fully taxable equivalent basis. |
December 31, 2011 |
December 31, 2010 |
Change | % Change | ||||||||||||
Income Data: |
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Net Interest Income |
$ | 272,873 | $ | 218,416 | $ | 54,457 | 24.9 | % | ||||||||
Taxable Equivalent Adjustment |
11,821 | 13,482 | (1,661 | ) | (12.3 | ) | ||||||||||
Net Interest Income (FTE) |
284,694 | 231,898 | 52,796 | 22.8 | ||||||||||||
Fees, Service Charges and Other Revenues |
174,627 | 155,461 | 19,166 | 12.3 | ||||||||||||
Securities Gains (Losses) (a) |
7,282 | 13,197 | (5,915 | ) | (44.8 | ) | ||||||||||
Derivative Gains (Losses) |
974 | 1,492 | (518 | ) | (34.7 | ) | ||||||||||
Total Revenue (FTE) |
467,577 | 402,048 | 65,529 | 16.3 | ||||||||||||
Provision for Loan Losses |
7,473 | 30,781 | (23,308 | ) | (75.7 | ) | ||||||||||
Noninterest Expense |
348,521 | 314,305 | 34,216 | 10.9 | ||||||||||||
Income before Taxes |
111,583 | 56,962 | 54,621 | 95.9 | ||||||||||||
Provision for Taxes (FTE) |
39,123 | 18,748 | 20,375 | 108.7 | ||||||||||||
Net Income |
72,460 | 38,214 | 34,246 | 89.6 | ||||||||||||
Per Common Share Data: (Diluted) (b) |
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Net Income Attributable to Common Shareholders |
.76 | .44 | .32 | 72.7 | ||||||||||||
Average Diluted Shares Outstanding |
94,772 | 86,928 | 7,844 | 9.0 | ||||||||||||
Book Value |
10.92 | 10.08 | .84 | 8.3 | ||||||||||||
Stock Price |
11.65 | 11.89 | (.24 | ) | (2.0 | ) | ||||||||||
Performance Ratios: |
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Return on Average Assets |
.86 | % | .50 | % | .36 | % | 72.0 | |||||||||
Return on Average Common Equity (c) |
7.24 | 4.40 | 2.84 | 64.5 | ||||||||||||
Net Interest Margin (FTE) |
3.87 | 3.40 | .47 | 13.8 | ||||||||||||
Other Expense to Revenue (Efficiency Ratio) (d) |
73.80 | 79.25 | (5.45 | ) | (6.9 | ) | ||||||||||
Net Charge-offs to Average Loans (e) |
.53 | .75 | (.22 | ) | (29.3 | ) | ||||||||||
Reserve for Loan Losses to Ending Loans (e) |
1.38 | 1.93 | (.55 | ) | (28.5 | ) | ||||||||||
Non-Performing Loans to Ending Loans (e) |
2.82 | 1.90 | .92 | 48.4 | ||||||||||||
Balance Sheet: |
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Average Assets |
$ | 8,384,673 | $ | 7,586,446 | $ | 798,227 | 10.5 | |||||||||
End of Period Balances: |
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Assets |
8,609,683 | 7,263,892 | 1,345,791 | 18.5 | ||||||||||||
Investments |
2,589,517 | 2,630,369 | (40,852 | ) | (1.6 | ) | ||||||||||
Money Market Investments (f) |
31,246 | 144,184 | (112,938 | ) | (78.3 | ) | ||||||||||
Commercial Loans and Leases |
1,341,409 | 1,211,399 | 130,010 | 10.7 | ||||||||||||
Commercial Real Estate Loans |
1,393,304 | 942,395 | 450,909 | 47.8 | ||||||||||||
Consumer Loans |
990,061 | 924,952 | 65,109 | 7.0 | ||||||||||||
Residential Real Estate Loans |
1,042,429 | 664,705 | 377,724 | 56.8 | ||||||||||||
Residential Real Estate Loans Held for Sale |
4,528 | 3,819 | 709 | 18.6 | ||||||||||||
Earning Assets |
7,392,494 | 6,521,823 | 870,671 | 13.4 | ||||||||||||
Core Deposits (Excluding Brokered CDs) |
6,589,813 | 5,442,677 | 1,147,136 | 21.1 | ||||||||||||
Borrowed Funds (Including Brokered CDs) |
737,373 | 740,391 | (3,018 | ) | (.4 | ) | ||||||||||
Common Shareholders Equity |
1,033,556 | 878,805 | 154,751 | 17.6 |
(a) | Includes $1,409 and $3,927, respectively, for other-than-temporary impairment in 2011 and 2010. |
(b) | Assumes conversion of stock options, restricted stock and warrants. |
(c) | Based on average common shareholders equity of $1,001,189 and $869,233, respectively, for 2011 and 2010. |
(d) | Noninterest expense before amortization of intangibles as a percent of FTE net interest income and noninterest revenues, excluding net gains from securities transactions. |
(e) | Excludes residential loans held for sale and covered loans. |
(f) | Includes money market investments and Federal Reserve interest earning accounts. |
N/M | = Not meaningful. |
9
Exhibit 99.2
Old National Bancorp
Financial Trends Fourth Quarter 2011 January 30, 2012 |
Please direct inquiries to:
Christopher A. Wolking, Senior Executive Vice President & Chief Financial Officer (812) 464-1322 or Joan M. Kissel, Senior Vice President & Corporate Controller (812) 465-7290
Notes: -Summations may not equal due to rounding.
Old National Bancorp
Financial Summary
Fourth Quarter 2011
2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
2008 |
2009 | 2010 | 2011 | 1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
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Profitability (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 62.5 | $ | 13.7 | $ | 38.2 | $ | 72.5 | Net Income (Loss) | $ | 10.1 | $ | 10.5 | $ | 11.9 | $ | 5.7 | $ | 16.4 | $ | 17.0 | $ | 16.8 | $ | 22.2 | ||||||||||||||||||||||||
0.3 | 3.9 | | | Preferred Dividend and Amort on Preferred Stock | | | | | | | | | ||||||||||||||||||||||||||||||||||||
62.2 | 9.8 | 38.2 | 72.5 | Net Income (Loss) Avail. to Common Shareholders | 10.1 | 10.5 | 11.9 | 5.7 | 16.4 | 17.0 | 16.8 | 22.2 | ||||||||||||||||||||||||||||||||||||
Diluted EPS | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 0.95 | $ | 0.14 | $ | 0.44 | $ | 0.76 | Net Income (Loss) Avail. to Common Shareholders | $ | 0.12 | $ | 0.12 | $ | 0.13 | $ | 0.07 | $ | 0.17 | $ | 0.18 | $ | 0.18 | $ | 0.23 | ||||||||||||||||||||||||
Ratios - Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||
9.49 | % | 1.41 | % | 4.40 | % | 7.24 | % | Return on Average Common Equity | 4.74 | % | 4.91 | % | 5.40 | % | 2.57 | % | 6.78 | % | 6.87 | % | 6.61 | % | 8.64 | % | ||||||||||||||||||||||||
0.82 | % | 0.17 | % | 0.50 | % | 0.86 | % | Return on Average Assets | 0.51 | % | 0.55 | % | 0.64 | % | 0.31 | % | 0.82 | % | 0.85 | % | 0.77 | % | 1.01 | % | ||||||||||||||||||||||||
69.39 | % | 80.45 | % | 79.25 | % | 73.80 | % | Efficiency Ratio (3) | 76.34 | % | 77.64 | % | 77.66 | % | 85.52 | % | 73.58 | % | 71.92 | % | 77.56 | % | 72.02 | % | ||||||||||||||||||||||||
3.82 | % | 3.50 | % | 3.40 | % | 3.87 | % | Net Interest Margin (FTE) | 3.33 | % | 3.40 | % | 3.42 | % | 3.46 | % | 3.62 | % | 3.67 | % | 3.96 | % | 4.20 | % | ||||||||||||||||||||||||
Capital Ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||
Risk-Based Capital Ratios (EOP): | ||||||||||||||||||||||||||||||||||||||||||||||||
12.7 | % | 14.3 | % | 13.6 | % | 13.5 | % | Tier 1 | 14.2 | % | 15.1 | % | 15.4 | % | 13.6 | % | 12.8 | % | 13.4 | % | 12.2 | % | 13.5 | % | ||||||||||||||||||||||||
15.1 | % | 16.1 | % | 14.8 | % | 15.0 | % | Total | 16.1 | % | 17.0 | % | 17.3 | % | 14.8 | % | 14.3 | % | 14.9 | % | 13.7 | % | 15.0 | % | ||||||||||||||||||||||||
9.5 | % | 9.5 | % | 9.0 | % | 8.3 | % | Leverage Ratio (to Average Assets) | 9.4 | % | 9.8 | % | 10.2 | % | 9.0 | % | 8.4 | % | 8.7 | % | 7.9 | % | 8.3 | % | ||||||||||||||||||||||||
8.67 | % | 9.06 | % | 11.46 | % | 11.94 | % | Total Equity to Assets (Averages) | 10.81 | % | 11.17 | % | 11.80 | % | 12.09 | % | 12.06 | % | 12.35 | % | 11.65 | % | 11.74 | % | ||||||||||||||||||||||||
5.81 | % | 8.25 | % | 9.68 | % | 8.97 | % | Tangible Common Equity to Tangible Assets (2) | 8.62 | % | 9.03 | % | 9.58 | % | 9.68 | % | 9.12 | % | 9.52 | % | 8.40 | % | 8.97 | % | ||||||||||||||||||||||||
Per Common Share Data: | ||||||||||||||||||||||||||||||||||||||||||||||||
0.69 | 0.44 | 0.28 | 0.28 | Cash Dividends Declared (1) | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||||||||||||||||||||||||||||||||
73 | % | 309 | % | 64 | % | 37 | % | Dividend Payout Ratio (1) | 60 | % | 58 | % | 51 | % | 106 | % | 40 | % | 39 | % | 39 | % | 30 | % | ||||||||||||||||||||||||
9.56 | 9.68 | 10.08 | 10.92 | Common Book Value (EOP) | 9.82 | 10.03 | 10.27 | 10.08 | 10.39 | 10.64 | 10.85 | 10.92 | ||||||||||||||||||||||||||||||||||||
18.16 | 12.43 | 11.89 | 11.65 | Market Value (EOP) | 11.95 | 10.36 | 10.50 | 11.89 | 10.72 | 10.80 | 9.32 | 11.65 | ||||||||||||||||||||||||||||||||||||
6.74 | 7.38 | 7.85 | 7.89 | Tangible Common Book Value (2) | 7.54 | 7.77 | 8.03 | 7.85 | 7.53 | 7.79 | 7.66 | 7.89 | ||||||||||||||||||||||||||||||||||||
Other Statistics | ||||||||||||||||||||||||||||||||||||||||||||||||
2,507 | 2,812 | 2,491 | 2,551 | Full Time Equivalent Employees (4) | 2,708 | 2,646 | 2,585 | 2,491 | 2,618 | 2,543 | 2,454 | 2,551 |
FTE Fully taxable equivalent basis
EOP End of period actual balances
(1) | The 1st Qtr 2008 dividend was declared in December 2007 and is included in the 2007 totals. |
(2) | See Non-GAAP Reconciliation on Page 8. |
(3) | Efficiency ratio is defined as noninterest expense before amortization of intangibles as a percent of FTE net interest income and noninterest revenues, excluding net gains from securities transactions. This presentation excludes intangible amortization and net securities gains, as is common in other company releases, and better aligns with true operating performance. |
(4) | 4Q11 excludes 293 full time equivalent contract employees for Integra. |
2
Old National Bancorp
INCOME STATEMENT
($ In Millions except EPS information)
Twelve Months | Change | Fourth Quarter | Change | |||||||||||||||||||||||||||||
2011 | 2010 | $ | % | 2011 | 2010 | $ | % | |||||||||||||||||||||||||
$ | 326.6 | $ | 296.8 | $ | 29.7 | 10.0 | % | Interest Income | $ | 86.2 | $ | 71.0 | $ | 15.3 | 21.5 | % | ||||||||||||||||
53.7 | 78.4 | (24.7 | ) | -31.5 | % | Less: Interest Expense | 9.6 | 17.0 | (7.3 | ) | -43.2 | % | ||||||||||||||||||||
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272.9 | 218.4 | 54.5 | 24.9 | % | Net Interest Income |
76.6 | 54.0 | 22.6 | 41.9 | % | ||||||||||||||||||||||
20.5 | 16.1 | 4.3 | 26.9 | % | Wealth Management Fees | 4.9 | 4.0 | 0.9 | 22.8 | % | ||||||||||||||||||||||
51.9 | 50.0 | 1.8 | 3.7 | % | Service Charges on Deposit Accounts | 13.8 | 12.5 | 1.3 | 10.3 | % | ||||||||||||||||||||||
25.2 | 23.0 | 2.2 | 9.7 | % | ATM Fees | 6.5 | 5.7 | 0.8 | 13.6 | % | ||||||||||||||||||||||
3.3 | 2.2 | 1.0 | 45.8 | % | Mortgage Banking Revenue | 0.7 | 0.5 | 0.2 | 48.4 | % | ||||||||||||||||||||||
37.0 | 36.5 | 0.5 | 1.4 | % | Insurance Premiums and Commissions | 9.0 | 8.7 | 0.4 | 4.5 | % | ||||||||||||||||||||||
11.1 | 9.2 | 1.9 | 20.4 | % | Investment Product Fees | 2.6 | 2.6 | (0.0 | ) | -0.6 | % | |||||||||||||||||||||
5.3 | 4.1 | 1.3 | 31.3 | % | Company-owned Life Insurance | 1.5 | 1.0 | 0.5 | 46.9 | % | ||||||||||||||||||||||
0.4 | | 0.4 | N/M | Change in Idemnification Asset | (0.1 | ) | | (0.1 | ) | N/M | ||||||||||||||||||||||
20.1 | 14.4 | 5.7 | 39.3 | % | Other Income | 7.3 | 3.5 | 3.8 | 109.5 | % | ||||||||||||||||||||||
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174.6 | 155.5 | 19.2 | 12.3 | % | Total Fees, Service Charges & Other Rev. |
46.1 | 38.4 | 7.7 | 20.1 | % | ||||||||||||||||||||||
7.3 | 13.2 | (5.9 | ) | -44.8 | % | Gains (Losses) Sales of Securities (1) | 2.8 | 3.7 | (1.0 | ) | -25.8 | % | ||||||||||||||||||||
1.0 | 1.5 | (0.5 | ) | -34.7 | % | Gains (Losses) Derivatives | 0.3 | 0.1 | 0.2 | 158.5 | % | |||||||||||||||||||||
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182.9 | 170.1 | 12.7 | 7.5 | % | Total Noninterest Income |
49.1 | 42.2 | 6.9 | 16.4 | % | ||||||||||||||||||||||
455.8 | 388.6 | 67.2 | 17.3 | % | Total Revenues |
125.7 | 96.2 | 29.6 | 30.7 | % | ||||||||||||||||||||||
189.5 | 170.6 | 18.9 | 11.1 | % | Salaries and Employee Benefits | 49.6 | 45.4 | 4.2 | 9.3 | % | ||||||||||||||||||||||
51.1 | 46.4 | 4.6 | 10.0 | % | Occupancy | 13.2 | 10.6 | 2.6 | 24.5 | % | ||||||||||||||||||||||
11.7 | 10.6 | 1.1 | 10.1 | % | Equipment | 3.0 | 2.6 | 0.4 | 15.8 | % | ||||||||||||||||||||||
6.0 | 5.7 | 0.3 | 4.7 | % | Marketing | 1.8 | 1.4 | 0.4 | 24.3 | % | ||||||||||||||||||||||
23.0 | 21.4 | 1.6 | 7.3 | % | Data Processing | 5.4 | 5.1 | 0.3 | 5.8 | % | ||||||||||||||||||||||
10.4 | 9.8 | 0.6 | 6.1 | % | Communication | 2.9 | 2.3 | 0.6 | 25.3 | % | ||||||||||||||||||||||
15.0 | 8.3 | 6.7 | 81.3 | % | Professional Fees | 4.5 | 2.8 | 1.7 | N/M | |||||||||||||||||||||||
4.7 | 3.9 | 0.8 | 20.3 | % | Loan Expenses | 1.4 | 0.9 | 0.4 | 47.1 | % | ||||||||||||||||||||||
3.8 | 2.9 | 0.8 | 28.2 | % | Supplies | 1.6 | 0.8 | 0.8 | 107.7 | % | ||||||||||||||||||||||
7.5 | 8.4 | (0.8 | ) | -10.1 | % | FDIC Assessment | 1.9 | 2.2 | (0.3 | ) | -12.3 | % | ||||||||||||||||||||
25.9 | 26.2 | (0.4 | ) | -1.4 | % | Other Expense | 8.4 | 9.1 | (0.8 | ) | -8.4 | % | ||||||||||||||||||||
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348.5 | 314.3 | 34.2 | 10.9 | % | Total Noninterest Expense |
93.7 | 83.3 | 10.4 | 12.5 | % | ||||||||||||||||||||||
7.5 | 30.8 | (23.3 | ) | -75.7 | % | Provision for loan losses | 1.0 | 7.1 | (6.1 | ) | N/M | |||||||||||||||||||||
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99.8 | 43.5 | 56.3 | 129.4 | % | Income (loss) before Income Taxes |
31.0 | 5.8 | 25.2 | 434.0 | % | ||||||||||||||||||||||
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27.3 | 5.3 | 22.0 | N/M | Total Taxes |
8.8 | 0.1 | 8.7 | N/M | ||||||||||||||||||||||||
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$ | 72.5 | $ | 38.2 | $ | 34.2 | 89.6 | % | Net Income (Loss) |
$ | 22.2 | $ | 5.7 | $ | 16.5 | 288.0 | % | ||||||||||||||||
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Diluted EPS | ||||||||||||||||||||||||||||||||
$ | 0.76 | $ | 0.44 | $ | 0.32 | 73.6 | % | Net Income (Loss) Avail to Common | $ | 0.23 | $ | 0.07 | $ | 0.17 | 254.5 | % | ||||||||||||||||
Average Common Shares Outstanding (000s) | ||||||||||||||||||||||||||||||||
94,467 | 86,785 | 7,682 | 8.9 | % | Basic |
94,463 | 86,804 | 7,658 | 8.8 | % | ||||||||||||||||||||||
94,772 | 86,928 | 7,844 | 9.0 | % | Diluted |
94,866 | 87,005 | 7,861 | 9.0 | % | ||||||||||||||||||||||
94,654 | 87,183 | 7,471 | 8.6 | % | Common Shares Outstanding (EOP) (000s) | 94,654 | 87,183 | 7,471 | 8.6 | % |
(1) | Includes $3.7 million of net gains and $0.9 million of OTTI in 4Q11 and $4.3 million of net gains and $0.6 million of OTTI in 4Q10. |
Includes $8.7 million of net gains and $1.4 million of OTTI in YTD 2011 and $17.1 million of net gains and $3.9 million of OTTI in YTD 2010.
OTTIOther Than Temporary Impairment
EOPEnd of period actual balances
N/M = Not meaningful
3
Old National Bancorp
NET INCOME TRENDS
Fourth Quarter 2011
($ In Millions except EPS information)
2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 1st Qtr | 2nd Qtr |
3rd Qtr |
4th Qtr | 1st Qtr | 2nd Qtr |
3rd Qtr |
4th Qtr |
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$ | 392.5 | $ | 340.7 | $ | 296.8 | $ | 326.6 | Interest Income | $ | 77.3 | $ | 75.6 | $ | 72.9 | $ | 71.0 | $ | 76.3 | $ | 76.9 | $ | 87.2 | $ | 86.2 | ||||||||||||||||||||||||
149.2 | 109.3 | 78.4 | 53.7 | Less: Interest Expense | 22.2 | 20.4 | 18.8 | 17.0 | 15.0 | 14.6 | 14.6 | 9.6 | ||||||||||||||||||||||||||||||||||||
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243.3 | 231.4 | 218.4 | 272.9 | Net Interest Income |
55.1 | 55.2 | 54.2 | 54.0 | 61.4 | 62.3 | 72.6 | 76.6 | ||||||||||||||||||||||||||||||||||||
17.4 | 16.0 | 16.1 | 20.5 | Wealth Management Fees | 4.3 | 4.0 | 3.8 | 4.0 | 5.1 | 5.3 | 5.1 | 4.9 | ||||||||||||||||||||||||||||||||||||
45.2 | 55.2 | 50.0 | 51.9 | Service Charges on Deposit Accounts | 11.9 | 13.2 | 12.4 | 12.5 | 11.6 | 12.5 | 14.0 | 13.8 | ||||||||||||||||||||||||||||||||||||
17.2 | 20.5 | 23.0 | 25.2 | ATM Fees | 5.5 | 5.9 | 5.8 | 5.7 | 5.9 | 6.1 | 6.8 | 6.5 | ||||||||||||||||||||||||||||||||||||
5.1 | 6.2 | 2.2 | 3.3 | Mortgage Banking Revenue | 0.5 | 0.6 | 0.6 | 0.5 | 1.0 | 0.9 | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||||||
39.2 | 37.9 | 36.5 | 37.0 | Insurance Premiums and Commissions | 10.2 | 8.9 | 8.7 | 8.7 | 10.6 | 9.0 | 8.3 | 9.0 | ||||||||||||||||||||||||||||||||||||
9.5 | 8.5 | 9.2 | 11.1 | Investment Product Fees | 2.1 | 2.2 | 2.3 | 2.6 | 2.6 | 2.9 | 3.0 | 2.6 | ||||||||||||||||||||||||||||||||||||
9.2 | 2.4 | 4.1 | 5.3 | Company-owned Life Insurance | 0.8 | 1.2 | 1.0 | 1.0 | 1.2 | 1.3 | 1.4 | 1.5 | ||||||||||||||||||||||||||||||||||||
| | | 0.4 | Change in Idemnification Asset | | | | | | | 0.5 | (0.1 | ) | |||||||||||||||||||||||||||||||||||
17.9 | 13.7 | 14.4 | 20.1 | Other Income | 4.0 | 3.3 | 3.6 | 3.5 | 3.5 | 4.9 | 4.5 | 7.3 | ||||||||||||||||||||||||||||||||||||
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160.6 | 160.3 | 155.5 | 174.6 | Total Fees, Service Charges & Other Rev. |
39.4 | 39.3 | 38.4 | 38.4 | 41.3 | 42.9 | 44.3 | 46.1 | ||||||||||||||||||||||||||||||||||||
7.6 | 2.5 | 13.2 | 7.3 | Gains (Losses) Sales of Securities (1) | 3.0 | 3.2 | 3.2 | 3.7 | 1.2 | 0.5 | 2.9 | 2.8 | ||||||||||||||||||||||||||||||||||||
(1.1 | ) | 0.7 | 1.5 | 1.0 | Gains (Losses) Derivatives | 0.6 | 0.4 | 0.4 | 0.1 | 0.3 | 0.2 | 0.1 | 0.3 | |||||||||||||||||||||||||||||||||||
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167.0 | 163.5 | 170.1 | 182.9 | Total Noninterest Income |
43.0 | 43.0 | 42.0 | 42.2 | 42.8 | 43.6 | 47.3 | 49.1 | ||||||||||||||||||||||||||||||||||||
410.3 | 394.9 | 388.6 | 455.8 | Total Revenues |
98.1 | 98.1 | 96.1 | 96.2 | 104.2 | 105.9 | 119.9 | 125.7 | ||||||||||||||||||||||||||||||||||||
167.8 | 181.4 | 170.6 | 189.5 | Salaries and Employee Benefits | 42.4 | 41.1 | 41.7 | 45.4 | 44.5 | 43.1 | 52.3 | 49.6 | ||||||||||||||||||||||||||||||||||||
39.7 | 47.1 | 46.4 | 51.1 | Occupancy | 12.2 | 11.8 | 11.7 | 10.6 | 12.3 | 12.2 | 13.3 | 13.2 | ||||||||||||||||||||||||||||||||||||
9.5 | 10.4 | 10.6 | 11.7 | Equipment | 2.8 | 2.6 | 2.6 | 2.6 | 3.0 | 2.8 | 2.9 | 3.0 | ||||||||||||||||||||||||||||||||||||
9.6 | 9.6 | 5.7 | 6.0 | Marketing | 1.4 | 1.4 | 1.5 | 1.4 | 1.3 | 1.6 | 1.3 | 1.8 | ||||||||||||||||||||||||||||||||||||
19.0 | 20.7 | 21.4 | 23.0 | Data Processing | 5.5 | 5.6 | 5.1 | 5.1 | 6.1 | 5.8 | 5.7 | 5.4 | ||||||||||||||||||||||||||||||||||||
9.3 | 10.9 | 9.8 | 10.4 | Communication | 2.7 | 2.5 | 2.3 | 2.3 | 2.3 | 2.6 | 2.5 | 2.9 | ||||||||||||||||||||||||||||||||||||
7.2 | 9.5 | 8.3 | 15.0 | Professional Fees | 1.7 | 2.2 | 1.6 | 2.8 | 2.4 | 2.1 | 5.9 | 4.5 | ||||||||||||||||||||||||||||||||||||
6.6 | 4.3 | 3.9 | 4.7 | Loan Expenses | 0.9 | 1.1 | 1.0 | 0.9 | 1.1 | 1.1 | 1.1 | 1.4 | ||||||||||||||||||||||||||||||||||||
3.3 | 4.3 | 2.9 | 3.8 | Supplies | 0.8 | 0.7 | 0.7 | 0.8 | 0.6 | 0.9 | 0.6 | 1.6 | ||||||||||||||||||||||||||||||||||||
1.5 | 12.4 | 8.4 | 7.5 | FDIC Assessment | 2.4 | 1.7 | 2.1 | 2.2 | 2.2 | 1.8 | 1.7 | 1.9 | ||||||||||||||||||||||||||||||||||||
23.9 | 28.3 | 26.2 | 25.9 | Other Expense | 4.2 | 7.2 | 5.7 | 9.1 | 4.1 | 5.7 | 7.8 | 8.4 | ||||||||||||||||||||||||||||||||||||
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297.2 | 339.0 | 314.3 | 348.5 | Total Noninterest Expense |
77.1 | 77.9 | 76.1 | 83.3 | 79.9 | 79.8 | 95.2 | 93.7 | ||||||||||||||||||||||||||||||||||||
51.5 | 63.3 | 30.8 | 7.5 | Provision for Loan Losses | 9.3 | 8.0 | 6.4 | 7.1 | 3.3 | 3.2 | (0.1 | ) | 1.0 | |||||||||||||||||||||||||||||||||||
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61.6 | (7.4 | ) | 43.5 | 99.8 | Income (loss) before Income Taxes |
11.8 | 12.3 | 13.6 | 5.8 | 21.0 | 22.9 | 24.8 | 31.0 | |||||||||||||||||||||||||||||||||||
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(0.9 | ) | (21.1 | ) | 5.3 | 27.3 | Total Taxes |
1.7 | 1.7 | 1.7 | 0.1 | 4.5 | 5.9 | 8.0 | 8.8 | ||||||||||||||||||||||||||||||||||
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$ | 62.5 | $ | 13.7 | $ | 38.2 | $ | 72.5 | Net Income (Loss) |
$ | 10.1 | $ | 10.5 | $ | 11.9 | $ | 5.7 | $ | 16.4 | $ | 17.0 | $ | 16.8 | $ | 22.2 | ||||||||||||||||||||||||
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$ | 0.95 | $ | 0.14 | $ | 0.44 | $ | 0.76 | Net Income (Loss) Avail to Common | $ | 0.12 | $ | 0.12 | $ | 0.13 | $ | 0.07 | $ | 0.17 | $ | 0.18 | $ | 0.18 | $ | 0.23 | ||||||||||||||||||||||||
65,660 | 71,314 | 86,785 | 94,467 | Average Basic Common Shares (000s) | 86,752 | 86,786 | 86,795 | 86,804 | 94,433 | 94,479 | 94,492 | 94,463 | ||||||||||||||||||||||||||||||||||||
65,776 | 71,367 | 86,928 | 94,772 | Average Diluted Common Shares (000s) | 86,797 | 86,911 | 86,931 | 87,005 | 94,670 | 94,701 | 94,785 | 94,866 |
(1) | Gains (losses) on sales of securities are net of OTTI. |
4
Old National Bancorp
Balance Sheet (EOP)
Fourth Quarter
($ in Millions)
Change from Prior Year | ||||||||||||||||||||||||||||||||||||
12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 12/31/2011 vs. 12/31/2010 | 12/31/2009 | 12/31/2008 | |||||||||||||||||||||||||||||
Assets |
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Fed Reserve Bank Account |
$ | 26.4 | $ | 68.4 | $ | 193.3 | $ | 273.9 | $ | 141.4 | $ | (114.9 | ) | N/M | $ | 317.5 | $ | | ||||||||||||||||||
Money Market Investments |
4.8 | 6.2 | 2.5 | 11.1 | 2.8 | 2.0 | 71.2 | % | 35.6 | 30.1 | ||||||||||||||||||||||||||
Investments: |
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Treasury & Govt Sponsored Agencies |
416.1 | 424.8 | 695.3 | 713.0 | 680.9 | (264.8 | ) | -38.9 | % | 1,142.7 | 389.3 | |||||||||||||||||||||||||
Mortgage-backed Securities |
1,352.2 | 1,533.2 | 1,306.0 | 1,208.0 | 1,188.3 | 164.0 | 13.8 | % | 1,048.4 | 1,172.6 | ||||||||||||||||||||||||||
States & Political Subdivisions |
619.2 | 607.8 | 585.3 | 559.3 | 566.3 | 52.9 | 9.3 | % | 534.6 | 482.2 | ||||||||||||||||||||||||||
Other Securities |
202.0 | 218.1 | 206.6 | 216.4 | 194.8 | 7.1 | 3.7 | % | 192.7 | 221.7 | ||||||||||||||||||||||||||
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Total Investments |
2,589.5 | 2,784.0 | 2,793.2 | 2,696.7 | 2,630.4 | (40.9 | ) | -1.6 | % | 2,918.3 | 2,265.8 | |||||||||||||||||||||||||
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Residential Real Estate Loans Held for Sale |
4.5 | 4.7 | 6.1 | 3.1 | 3.8 | 0.7 | 18.6 | % | 17.5 | 17.2 | ||||||||||||||||||||||||||
Leases Held for Sale |
| | | | | | 0.0 | % | 55.3 | | ||||||||||||||||||||||||||
Loans: |
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Commercial |
1,137.0 | 1,159.2 | 1,176.7 | 1,175.0 | 1,105.3 | 31.7 | 2.9 | % | 1,209.3 | 1,510.4 | ||||||||||||||||||||||||||
Commercial Leases |
79.6 | 87.0 | 92.9 | 99.3 | 106.1 | (26.5 | ) | -24.9 | % | 77.9 | 387.6 | |||||||||||||||||||||||||
Commercial & Agriculture Real Estate |
1,067.4 | 1,128.4 | 1,170.4 | 1,218.4 | 942.4 | 125.0 | 13.3 | % | 1,062.9 | 1,154.9 | ||||||||||||||||||||||||||
Consumer: |
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Home Equity |
216.2 | 224.2 | 255.7 | 259.5 | 248.3 | (32.1 | ) | -12.9 | % | 274.8 | 270.0 | |||||||||||||||||||||||||
Other Consumer Loans |
645.2 | 675.2 | 626.2 | 658.8 | 676.6 | (31.5 | ) | -4.6 | % | 807.2 | 941.0 | |||||||||||||||||||||||||
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Subtotal of Commercial & Consumer Loans |
3,145.4 | 3,274.1 | 3,321.9 | 3,411.0 | 3,078.7 | 66.6 | 2.2 | % | 3,432.1 | 4,263.8 | ||||||||||||||||||||||||||
Residential Real Estate |
995.5 | 866.0 | 795.4 | 779.8 | 664.7 | 330.8 | 49.8 | % | 403.4 | 496.5 | ||||||||||||||||||||||||||
Covered Loans |
626.4 | 711.3 | | | | 626.4 | N/M | | | |||||||||||||||||||||||||||
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Total Loans |
4,767.2 | 4,851.3 | 4,117.3 | 4,190.8 | 3,743.5 | 1,023.8 | 27.3 | % | 3,835.5 | 4,760.4 | ||||||||||||||||||||||||||
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Total Earning Assets |
7,392.5 | 7,714.7 | 7,112.4 | 7,175.6 | 6,521.8 | 870.7 | 13.4 | % | 7,179.7 | 7,073.4 | ||||||||||||||||||||||||||
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Allowance for Loan Losses |
(58.1 | ) | (65.5 | ) | (70.2 | ) | (72.7 | ) | (72.3 | ) | (14.2 | ) | -19.7 | % | (69.5 | ) | (67.1 | ) | ||||||||||||||||||
Nonearning Assets: |
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Cash and Due from Banks |
191.6 | 194.6 | 139.8 | 127.9 | 107.4 | 84.3 | 78.5 | % | 144.2 | 162.9 | ||||||||||||||||||||||||||
Premises & Equipment |
71.9 | 75.3 | 65.9 | 66.7 | 48.8 | 23.1 | 47.4 | % | 52.4 | 44.6 | ||||||||||||||||||||||||||
Goodwill & Intangible Assets |
286.8 | 302.3 | 270.4 | 271.0 | 194.1 | 92.7 | 47.8 | % | 200.2 | 186.8 | ||||||||||||||||||||||||||
Company-owned Life Insurance |
248.7 | 247.2 | 245.8 | 244.5 | 226.2 | 22.5 | 9.9 | % | 224.7 | 223.1 | ||||||||||||||||||||||||||
FDIC Indemnification Asset |
147.6 | 168.1 | | | | 147.6 | N/M | | | |||||||||||||||||||||||||||
Covered ORE |
30.4 | 31.9 | | | | 30.4 | N/M | | | |||||||||||||||||||||||||||
Other Assets |
298.2 | 264.1 | 254.6 | 272.2 | 238.0 | 60.3 | 25.3 | % | 273.8 | 250.1 | ||||||||||||||||||||||||||
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Total Nonearning Assets |
1,275.2 | 1,283.5 | 976.6 | 982.4 | 814.4 | 460.9 | 56.6 | % | 895.2 | 867.6 | ||||||||||||||||||||||||||
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Total Assets |
$ | 8,609.7 | $ | 8,932.7 | $ | 8,018.8 | $ | 8,085.3 | $ | 7,263.9 | $ | 1,345.8 | 18.5 | % | $ | 8,005.3 | $ | 7,873.9 | ||||||||||||||||||
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Liabilities & Equity |
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Noninterest-bearing Demand Deposits |
$ | 1,728.5 | $ | 1,728.5 | $ | 1,504.6 | $ | 1,421.4 | $ | 1,276.0 | $ | 452.5 | 35.5 | % | $ | 1,188.3 | $ | 888.6 | ||||||||||||||||||
NOW Accounts |
1,569.1 | 1,517.1 | 1,333.0 | 1,448.0 | 1,297.4 | 271.6 | 20.9 | % | 1,354.3 | 1,292.6 | ||||||||||||||||||||||||||
Savings Accounts |
1,570.4 | 1,624.8 | 1,304.2 | 1,192.0 | 1,079.4 | 491.0 | 45.5 | % | 972.2 | 874.6 | ||||||||||||||||||||||||||
Money Market Accounts |
295.8 | 306.1 | 315.3 | 353.9 | 334.8 | (39.0 | ) | -11.6 | % | 381.1 | 420.8 | |||||||||||||||||||||||||
Other Time under $100,000 |
1,004.0 | 1,171.6 | 1,012.9 | 1,050.8 | 988.7 | 15.3 | 1.5 | % | 1,284.3 | 1,224.2 | ||||||||||||||||||||||||||
Other Time $100,000 & over |
421.9 | 494.6 | 484.4 | 519.9 | 466.3 | (44.4 | ) | -9.5 | % | 653.3 | 550.0 | |||||||||||||||||||||||||
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Total Core Deposits |
6,589.8 | 6,842.8 | 5,954.4 | 5,986.1 | 5,442.7 | 1,147.1 | 21.1 | % | 5,833.5 | 5,250.8 | ||||||||||||||||||||||||||
Brokered CDs |
21.7 | 24.5 | 60.7 | 73.8 | 20.2 | 1.5 | 7.4 | % | 69.9 | 171.5 | ||||||||||||||||||||||||||
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Total Deposits |
6,611.6 | 6,867.3 | 6,015.1 | 6,059.9 | 5,462.9 | 1,148.6 | 21.0 | % | 5,903.5 | 5,422.3 | ||||||||||||||||||||||||||
Short-term Borrowings |
424.8 | 341.0 | 305.2 | 374.3 | 298.2 | 126.6 | 42.5 | % | 331.1 | 649.6 | ||||||||||||||||||||||||||
Long-term Borrowings |
290.8 | 443.9 | 440.5 | 439.6 | 421.9 | (131.1 | ) | -31.1 | % | 699.1 | 834.9 | |||||||||||||||||||||||||
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Total Borrowed Funds |
715.6 | 784.9 | 745.7 | 813.8 | 720.1 | (4.5 | ) | -0.6 | % | 1,030.2 | 1,484.5 | |||||||||||||||||||||||||
Accrued Expenses & Other Liabilities |
248.9 | 252.9 | 249.8 | 227.5 | 202.0 | 46.9 | 23.2 | % | 227.8 | 236.2 | ||||||||||||||||||||||||||
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Total Liabilities |
7,576.1 | 7,905.0 | 7,010.6 | 7,101.3 | 6,385.1 | 1,191.0 | 18.7 | % | 7,161.5 | 7,143.0 | ||||||||||||||||||||||||||
Preferred Stock & Surplus |
| | | | | | | | 97.4 | |||||||||||||||||||||||||||
Common Stock, Surplus & Retained Earnings |
1,018.6 | 1,003.1 | 991.9 | 980.5 | 880.1 | 138.5 | 15.7 | % | 864.2 | 687.0 | ||||||||||||||||||||||||||
Other Comprehensive Income |
15.0 | 24.6 | 16.4 | 3.5 | (1.3 | ) | 16.3 | N/M | (20.4 | ) | (53.5 | ) | ||||||||||||||||||||||||
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Total Shareholders Equity |
1,033.6 | 1,027.7 | 1,008.3 | 984.0 | 878.8 | 154.8 | 17.6 | % | 843.8 | 730.9 | ||||||||||||||||||||||||||
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Total Liabilities & Shareholders Equity |
$ | 8,609.7 | $ | 8,932.7 | $ | 8,018.8 | $ | 8,085.3 | $ | 7,263.9 | $ | 1,345.8 | 18.5 | % | $ | 8,005.3 | $ | 7,873.9 | ||||||||||||||||||
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EOPEnd of period actual balances N/M = Not meaningful
5
Old National Bancorp
Balance Sheet Trends
PERIOD AVERAGES
($ in Millions)
2008 | 2009 | 2010 | 2011 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
$1.6 | $ | 0.0 | $ | | $ | | Fed Funds Sold & Resell Agreements |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | |||||||||||||||||||||||||
| 41.2 | 152.3 | 146.0 | Fed Reserve Bank Account |
254.0 | 174.4 | 97.9 | 83.0 | 159.8 | 244.4 | 138.2 | 41.5 | ||||||||||||||||||||||||||||||||||||
20.3 | 38.5 | 25.4 | 6.8 | Money Market Investments |
30.7 | 30.6 | 24.3 | 16.2 | 6.7 | 7.1 | 3.9 | 9.6 | ||||||||||||||||||||||||||||||||||||
Investments: |
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439.1 | 916.3 | 1,057.9 | 613.2 | Treasury & Gov't Sponsored Agencies |
1,170.9 | 1,212.1 | 1,023.4 | 825.3 | 746.4 | 720.9 | 563.0 | 422.4 | ||||||||||||||||||||||||||||||||||||
1,130.7 | 1,063.3 | 1,092.6 | 1,356.4 | Mortgage-backed Securities |
1,028.5 | 1,019.7 | 1,135.0 | 1,187.3 | 1,225.2 | 1,212.8 | 1,514.8 | 1,472.9 | ||||||||||||||||||||||||||||||||||||
329.4 | 506.7 | 536.3 | 580.9 | States & Political Subdivisions |
559.7 | 530.4 | 502.7 | 552.4 | 561.2 | 567.8 | 588.1 | 606.4 | ||||||||||||||||||||||||||||||||||||
251.4 | 214.4 | 198.7 | 211.9 | Other Securities |
197.3 | 200.3 | 198.3 | 199.0 | 214.0 | 206.9 | 218.6 | 207.9 | ||||||||||||||||||||||||||||||||||||
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2,150.6 | 2,700.7 | 2,885.6 | 2,762.3 | Total Investments |
2,956.5 | 2,962.6 | 2,859.4 | 2,764.0 | 2,746.7 | 2,708.3 | 2,884.5 | 2,709.7 | ||||||||||||||||||||||||||||||||||||
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7.2 | 11.7 | 4.2 | 3.5 | Residential Real Estate Loans Held for Sale | 6.4 | 3.0 | 3.7 | 3.4 | 3.6 | 3.4 | 3.9 | 3.1 | ||||||||||||||||||||||||||||||||||||
| 84.9 | 24.2 | | Leases Held for Sale | 54.1 | 42.7 | | | | | | | ||||||||||||||||||||||||||||||||||||
Loans (includes covered loans): |
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1,429.6 | 1,383.6 | 1,152.0 | 1,234.3 | Commercial |
1,172.6 | 1,137.0 | 1,160.6 | 1,137.7 | 1,187.3 | 1,180.7 | 1,277.0 | 1,292.1 | ||||||||||||||||||||||||||||||||||||
349.9 | 216.1 | 95.3 | 92.5 | Commercial Leases |
73.9 | 78.0 | 117.8 | 111.5 | 102.0 | 95.0 | 90.1 | 82.9 | ||||||||||||||||||||||||||||||||||||
1,205.1 | 1,117.3 | 1,007.6 | 1,308.4 | Commercial & Agriculture Real Estate |
1,050.2 | 1,021.6 | 992.0 | 966.8 | 1,219.6 | 1,189.1 | 1,384.4 | 1,440.5 | ||||||||||||||||||||||||||||||||||||
Consumer: |
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254.9 | 273.1 | 264.7 | 301.5 | Home Equity |
273.8 | 267.7 | 262.6 | 254.7 | 266.3 | 257.6 | 328.0 | 354.2 | ||||||||||||||||||||||||||||||||||||
935.7 | 882.3 | 742.7 | 659.5 | Other Consumer Loans |
791.0 | 757.4 | 726.7 | 695.8 | 674.4 | 642.0 | 662.4 | 659.4 | ||||||||||||||||||||||||||||||||||||
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4,175.1 | 3,872.5 | 3,262.3 | 3,596.2 | Subtotal of Commercial & Consumer Loans |
3,361.5 | 3,261.8 | 3,259.7 | 3,166.4 | 3,449.6 | 3,364.3 | 3,741.9 | 3,829.1 | ||||||||||||||||||||||||||||||||||||
520.9 | 457.8 | 460.5 | 844.2 | Residential Real Estate |
403.3 | 418.0 | 455.2 | 565.6 | 752.5 | 789.4 | 854.2 | 980.9 | ||||||||||||||||||||||||||||||||||||
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4,696.0 | 4,330.2 | 3,722.9 | 4,440.5 | Total Loans |
3,764.7 | 3,679.8 | 3,714.9 | 3,732.1 | 4,202.0 | 4,153.6 | 4,596.1 | 4,810.0 | ||||||||||||||||||||||||||||||||||||
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6,875.7 | 7,207.2 | 6,814.6 | 7,359.1 | Total Earning Assets |
7,066.5 | 6,893.0 | 6,700.2 | 6,598.7 | 7,118.9 | 7,116.9 | 7,626.7 | 7,573.9 | ||||||||||||||||||||||||||||||||||||
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(62.0 | ) | (70.1 | ) | (73.9 | ) | (70.8 | ) | Allowance for Loan Losses |
(71.6 | ) | (73.7 | ) | (74.8 | ) | (75.3 | ) | (73.3 | ) | (73.8 | ) | (71.7 | ) | (64.2 | ) | ||||||||||||||||||||||||
804.1 | 852.7 | 845.7 | 1,096.3 | Nonearning Assets |
855.0 | 851.9 | 840.6 | 835.4 | 992.8 | 978.2 | 1,164.9 | 1,249.5 | ||||||||||||||||||||||||||||||||||||
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$ | 7,617.8 | $ | 7,989.8 | $ | 7,586.4 | $ | 8,384.7 | Total Assets |
$ | 7,850.0 | $ | 7,671.2 | $ | 7,466.0 | $ | 7,358.7 | $ | 8,038.4 | $ | 8,021.3 | $ | 8,719.8 | $ | 8,759.2 | ||||||||||||||||||||||||
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Liabilities & Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 835.0 | $ | 1,018.4 | $ | 1,182.7 | $ | 1,555.9 | Noninterest-bearing Demand Deposits |
$ | 1,146.5 | $ | 1,151.5 | $ | 1,182.7 | $ | 1,249.9 | $ | 1,395.7 | $ | 1,452.6 | $ | 1,636.5 | $ | 1,739.0 | ||||||||||||||||||||||||
1,249.5 | 1,250.7 | 1,221.4 | 1,472.7 | NOW Accounts |
1,262.4 | 1,220.4 | 1,193.7 | 1,208.8 | 1,451.5 | 1,433.4 | 1,464.4 | 1,541.6 | ||||||||||||||||||||||||||||||||||||
886.4 | 937.6 | 1,043.3 | 1,384.3 | Savings Accounts |
1,011.7 | 1,051.4 | 1,039.8 | 1,070.3 | 1,159.7 | 1,252.4 | 1,513.4 | 1,611.8 | ||||||||||||||||||||||||||||||||||||
487.5 | 436.5 | 361.2 | 328.6 | Money Market Accounts |
379.7 | 372.1 | 352.7 | 340.1 | 352.4 | 336.6 | 314.7 | 310.5 | ||||||||||||||||||||||||||||||||||||
1,696.4 | 1,956.9 | 1,709.2 | 1,596.8 | Other Time |
1,882.3 | 1,757.1 | 1,661.4 | 1,536.0 | 1,616.4 | 1,530.7 | 1,711.0 | 1,529.0 | ||||||||||||||||||||||||||||||||||||
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5,154.7 | 5,600.2 | 5,517.7 | 6,338.3 | Total Core Deposits |
5,682.7 | 5,552.5 | 5,430.4 | 5,405.1 | 5,975.6 | 6,005.7 | 6,640.0 | 6,731.9 | ||||||||||||||||||||||||||||||||||||
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170.7 | 97.8 | 44.4 | 51.0 | Brokered CDs |
69.9 | 64.8 | 22.5 | 20.3 | 79.7 | 65.1 | 35.8 | 23.2 | ||||||||||||||||||||||||||||||||||||
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5,325.4 | 5,698.0 | 5,562.0 | 6,389.2 | Total Deposits |
5,752.6 | 5,617.3 | 5,452.8 | 5,425.3 | 6,055.3 | 6,070.8 | 6,675.7 | 6,755.0 | ||||||||||||||||||||||||||||||||||||
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616.9 | 527.1 | 328.5 | 363.6 | Short-term Borrowings |
330.1 | 334.7 | 320.0 | 329.4 | 370.8 | 325.5 | 340.6 | 417.6 | ||||||||||||||||||||||||||||||||||||
810.1 | 812.1 | 615.0 | 414.9 | Long-term Borrowings |
699.1 | 650.9 | 593.4 | 516.6 | 441.5 | 439.4 | 461.0 | 317.6 | ||||||||||||||||||||||||||||||||||||
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1,427.0 | 1,339.2 | 943.5 | 778.5 | Total Borrowed Funds |
1,029.2 | 985.6 | 913.4 | 846.0 | 812.4 | 764.9 | 801.7 | 735.1 | ||||||||||||||||||||||||||||||||||||
205.2 | 228.6 | 211.7 | 215.7 | Accrued Expenses & Other Liabilities | 219.2 | 211.1 | 218.7 | 197.6 | 201.2 | 194.9 | 226.4 | 240.4 | ||||||||||||||||||||||||||||||||||||
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6,957.7 | 7,265.9 | 6,717.2 | 7,383.5 | Total Liabilities |
7,001.0 | 6,814.0 | 6,584.9 | 6,468.9 | 7,068.9 | 7,030.7 | 7,703.8 | 7,730.6 | ||||||||||||||||||||||||||||||||||||
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5.2 | 24.1 | | | Preferred Stock & Surplus | | | | (0.0 | ) | | | | | |||||||||||||||||||||||||||||||||||
688.7 | 735.0 | 869.6 | 990.3 | Common Stock, Surplus & Retained Earnings | 863.2 | 865.9 | 873.8 | 875.6 | 970.8 | 983.6 | 998.5 | 1,008.5 | ||||||||||||||||||||||||||||||||||||
(33.7 | ) | (35.3 | ) | (0.4 | ) | 10.9 | Other Comprehensive Income | (14.2 | ) | (8.7 | ) | 7.2 | 14.2 | (1.3 | ) | 7.1 | 17.6 | 20.1 | ||||||||||||||||||||||||||||||
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660.2 | 723.9 | 869.2 | 1,001.2 | Total Shareholders Equity |
848.9 | 857.2 | 881.0 | 889.8 | 969.5 | 990.7 | 1,016.1 | 1,028.6 | ||||||||||||||||||||||||||||||||||||
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$ | 7,617.8 | $ | 7,989.8 | $ | 7,586.4 | $ | 8,384.7 | Total Liabilities & Shareholders Equity |
$ | 7,850.0 | $ | 7,671.2 | $ | 7,466.0 | $ | 7,358.7 | $ | 8,038.4 | $ | 8,021.3 | $ | 8,719.8 | $ | 8,759.2 | ||||||||||||||||||||||||
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6
Old National Bancorp
Interest Rate Trends (FTE basis)
PERIOD AVERAGES
2008 | 2009 | 2010 | 2011 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||||||||||||||||||||||||||||||
Earning Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
3.40 | % | 0.17 | % | 0.24 | % | 0.33 | % | Fed Funds Sold, Resell Agr, Fed Reserve Bank Acct, & Money Mkt | 0.26 | % | 0.22 | % | 0.23 | % | 0.24 | % | 0.24 | % | 0.25 | % | 0.24 | % | 0.16 | % | ||||||||||||||||||||||||
Investments: |
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4.90 | % | 4.01 | % | 3.21 | % | 2.35 | % | Treasury & Govt Sponsored Agencies |
3.46 | % | 3.26 | % | 3.11 | % | 2.93 | % | 2.45 | % | 2.29 | % | 2.27 | % | 2.39 | % | ||||||||||||||||||||||||
5.01 | % | 4.93 | % | 3.96 | % | 2.80 | % | Mortgage-backed Securities |
4.39 | % | 4.22 | % | 3.82 | % | 3.48 | % | 3.24 | % | 3.07 | % | 2.59 | % | 2.42 | % | ||||||||||||||||||||||||
6.91 | % | 6.72 | % | 6.19 | % | 5.88 | % | States & Political Subdivisions |
6.34 | % | 6.26 | % | 6.08 | % | 6.06 | % | 6.14 | % | 5.91 | % | 5.73 | % | 5.74 | % | ||||||||||||||||||||||||
5.54 | % | 4.93 | % | 4.68 | % | 4.23 | % | Other Securities |
4.71 | % | 4.79 | % | 4.49 | % | 4.75 | % | 4.36 | % | 4.42 | % | 4.39 | % | 4.01 | % | ||||||||||||||||||||||||
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5.38 | % | 4.96 | % | 3.93 | % | 3.30 | % | Total Investments |
4.44 | % | 4.25 | % | 4.02 | % | 3.93 | % | 3.72 | % | 3.56 | % | 3.30 | % | 3.28 | % | ||||||||||||||||||||||||
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Loans: |
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5.65 | % | 4.00 | % | 4.21 | % | 4.70 | % | Commercial |
4.06 | % | 4.23 | % | 4.16 | % | 4.14 | % | 4.27 | % | 4.40 | % | 4.73 | % | 5.07 | % | ||||||||||||||||||||||||
6.82 | % | 6.72 | % | 6.45 | % | 6.46 | % | Commercial Leases (1) |
6.73 | % | 6.02 | % | 6.51 | % | 6.52 | % | 6.57 | % | 6.48 | % | 6.21 | % | 6.59 | % | ||||||||||||||||||||||||
6.22 | % | 4.62 | % | 4.47 | % | 6.03 | % | Commercial & Agriculture Real Estate |
4.48 | % | 4.47 | % | 4.36 | % | 4.31 | % | 5.12 | % | 5.88 | % | 6.67 | % | 6.12 | % | ||||||||||||||||||||||||
Consumer: |
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5.51 | % | 3.57 | % | 3.68 | % | 3.81 | % | Home Equity |
3.63 | % | 3.67 | % | 3.70 | % | 3.71 | % | 3.79 | % | 3.80 | % | 3.81 | % | 3.82 | % | ||||||||||||||||||||||||
7.66 | % | 7.27 | % | 7.15 | % | 7.10 | % | Other Consumer Loans |
7.32 | % | 7.19 | % | 7.10 | % | 6.99 | % | 7.19 | % | 6.88 | % | 7.29 | % | 6.75 | % | ||||||||||||||||||||||||
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6.35 | % | 5.08 | % | 4.76 | % | 5.43 | % | Subtotal of Commercial & Consumer Loans |
5.05 | % | 5.04 | % | 4.96 | % | 4.90 | % | 5.22 | % | 5.46 | % | 5.91 | % | 5.72 | % | ||||||||||||||||||||||||
5.87 | % | 5.63 | % | 5.64 | % | 4.87 | % | Residential Real Estate Loans (1) |
5.60 | % | 5.76 | % | 5.76 | % | 5.49 | % | 4.96 | % | 4.90 | % | 4.87 | % | 4.77 | % | ||||||||||||||||||||||||
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6.30 | % | 5.14 | % | 5.07 | % | 5.46 | % | Total Loans (1) |
5.07 | % | 5.08 | % | 5.02 | % | 4.95 | % | 5.13 | % | 5.31 | % | 5.67 | % | 5.49 | % | ||||||||||||||||||||||||
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5.99 | % | 5.02 | % | 4.55 | % | 4.60 | % | Total Earning Assets |
4.60 | % | 4.55 | % | 4.49 | % | 4.45 | % | 4.47 | % | 4.47 | % | 4.67 | % | 4.65 | % | ||||||||||||||||||||||||
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Interest-bearing Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
0.51 | % | 0.04 | % | 0.03 | % | 0.04 | % | NOW Accounts |
0.04 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.06 | % | 0.04 | % | 0.03 | % | 0.03 | % | ||||||||||||||||||||||||
1.46 | % | 0.38 | % | 0.30 | % | 0.29 | % | Savings Accounts |
0.31 | % | 0.30 | % | 0.30 | % | 0.29 | % | 0.30 | % | 0.28 | % | 0.29 | % | 0.27 | % | ||||||||||||||||||||||||
1.12 | % | 0.10 | % | 0.10 | % | 0.10 | % | Money Market Accounts |
0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.11 | % | 0.11 | % | 0.10 | % | 0.10 | % | ||||||||||||||||||||||||
3.74 | % | 3.01 | % | 2.50 | % | 1.87 | % | Other Time |
2.62 | % | 2.49 | % | 2.43 | % | 2.43 | % | 2.13 | % | 2.13 | % | 1.85 | % | 1.45 | % | ||||||||||||||||||||||||
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2.04 | % | 1.39 | % | 1.07 | % | 0.73 | % | Total Interest-bearing Deposits |
1.18 | % | 1.08 | % | 1.04 | % | 0.99 | % | 0.86 | % | 0.82 | % | 0.74 | % | 0.55 | % | ||||||||||||||||||||||||
4.25 | % | 4.26 | % | 4.51 | % | 1.59 | % | Brokered CDs |
4.44 | % | 4.47 | % | 4.78 | % | 4.80 | % | 1.75 | % | 2.01 | % | 0.98 | % | 0.85 | % | ||||||||||||||||||||||||
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2.13 | % | 1.45 | % | 1.11 | % | 0.74 | % | Total Interest-bearing Deposits & CDs |
1.23 | % | 1.13 | % | 1.06 | % | 1.01 | % | 0.87 | % | 0.83 | % | 0.74 | % | 0.55 | % | ||||||||||||||||||||||||
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1.77 | % | 0.27 | % | 0.20 | % | 0.15 | % | Short-term Borrowings |
0.31 | % | 0.18 | % | 0.16 | % | 0.16 | % | 0.16 | % | 0.14 | % | 0.15 | % | 0.15 | % | ||||||||||||||||||||||||
5.29 | % | 4.96 | % | 4.74 | % | 4.16 | % | Long-term Borrowings |
4.60 | % | 4.70 | % | 4.79 | % | 4.76 | % | 4.35 | % | 4.39 | % | 4.33 | % | 3.19 | % | ||||||||||||||||||||||||
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3.77 | % | 3.11 | % | 3.16 | % | 2.29 | % | Total Borrowed Funds |
3.27 | % | 3.19 | % | 3.19 | % | 2.98 | % | 2.47 | % | 2.60 | % | 2.56 | % | 1.47 | % | ||||||||||||||||||||||||
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2.52 | % | 1.82 | % | 1.47 | % | 0.96 | % | Total Interest-bearing Liabilities |
1.60 | % | 1.50 | % | 1.44 | % | 1.34 | % | 1.11 | % | 1.08 | % | 0.99 | % | 0.66 | % | ||||||||||||||||||||||||
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3.47 | % | 3.20 | % | 3.08 | % | 3.64 | % | Net Interest Rate Spread | 3.00 | % | 3.05 | % | 3.05 | % | 3.12 | % | 3.36 | % | 3.39 | % | 3.68 | % | 4.00 | % | ||||||||||||||||||||||||
3.82 | % | 3.50 | % | 3.40 | % | 3.87 | % | Net Interest Margin (FTE) | 3.33 | % | 3.40 | % | 3.42 | % | 3.46 | % | 3.62 | % | 3.67 | % | 3.96 | % | 4.20 | % | ||||||||||||||||||||||||
$ | 19.3 | $ | 20.8 | $ | 13.5 | $ | 11.8 | FTE Adjustment ($ in millions) | $ | 3.7 | $ | 3.5 | $ | 3.2 | $ | 3.1 | $ | 3.0 | $ | 2.9 | $ | 2.9 | $ | 3.0 |
FTEFully taxable equivalent basis
(1) | Includes residential loans and leases held for sale. |
7
Old National Bancorp
Asset Quality (EOP) Excludes Covered Assets (4)
($ in Millions)
2008 | 2009 | 2010 | 2011 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||||||||||||||||||||||||||||||
$ | 56.5 | $ | 67.1 | $ | 69.5 | $ | 72.3 | Beginning Allowance for Loan Losses |
$ | 69.5 | $ | 72.1 | $ | 71.9 | $ | 72.1 | $ | 72.3 | $ | 72.7 | $ | 70.2 | $ | 65.2 | ||||||||||||||||||||||||
51.5 | 63.3 | 30.8 | 6.5 | Provision for Loan Losses |
9.3 | 8.0 | 6.4 | 7.1 | 3.3 | 3.2 | (0.1 | ) | 0.1 | |||||||||||||||||||||||||||||||||||
(51.2 | ) | (78.0 | ) | (41.3 | ) | (34.1 | ) | Gross Charge-offs |
(10.9 | ) | (11.8 | ) | (8.2 | ) | (10.4 | ) | (6.3 | ) | (8.9 | ) | (7.5 | ) | (11.4 | ) | ||||||||||||||||||||||||
| (0.6 | ) | | | Write-downs from Loans Sold |
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10.4 | 17.8 | 13.3 | 12.4 | Gross Recoveries |
4.2 | 3.6 | 2.1 | 3.5 | 3.4 | 3.1 | 2.6 | 3.2 | ||||||||||||||||||||||||||||||||||||
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(40.8 | ) | (60.8 | ) | (28.0 | ) | (21.7 | ) | Net Charge-offs |
(6.7 | ) | (8.2 | ) | (6.1 | ) | (6.9 | ) | (2.9 | ) | (5.8 | ) | (4.9 | ) | (8.2 | ) | ||||||||||||||||||||||||
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$ | 67.1 | $ | 69.5 | $ | 72.3 | $ | 57.1 | Ending Allowance for Loan Losses |
$ | 72.1 | $ | 71.9 | $ | 72.1 | $ | 72.3 | $ | 72.7 | $ | 70.2 | $ | 65.2 | $ | 57.1 | ||||||||||||||||||||||||
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0.87 | % | 1.40 | % | 0.75 | % | 0.53 | % | Net Charge-offs / Average Loans (1) |
0.72 | % | 0.90 | % | 0.66 | % | 0.74 | % | 0.27 | % | 0.56 | % | 0.50 | % | 0.79 | % | ||||||||||||||||||||||||
$ | 4,696.0 | $ | 4,330.2 | $ | 3,722.9 | $ | 4,102.0 | Average Loans Outstanding (1) |
$ | 3,764.7 | $ | 3,679.8 | $ | 3,714.9 | $ | 3,732.1 | $ | 4,202.0 | $ | 4,153.6 | $ | 3,876.8 | $ | 4,141.2 | ||||||||||||||||||||||||
$ | 4,760.4 | $ | 3,835.5 | $ | 3,743.5 | $ | 4,140.8 | EOP Loans Outstanding (1) |
$ | 3,714.9 | $ | 3,731.1 | $ | 3,703.1 | $ | 3,743.5 | $ | 4,190.8 | $ | 4,117.3 | $ | 4,140.1 | $ | 4,140.8 | ||||||||||||||||||||||||
1.41 | % | 1.81 | % | 1.93 | % | 1.38 | % | Allowance for Loan Loss / EOP Loans (1) |
1.94 | % | 1.93 | % | 1.95 | % | 1.93 | % | 1.74 | % | 1.70 | % | 1.58 | % | 1.38 | % | ||||||||||||||||||||||||
Underperforming Assets: |
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$ | 2.9 | $ | 3.5 | $ | 0.6 | $ | 1.1 | Loans 90 Days & over (still accruing) |
$ | 1.3 | $ | 0.5 | $ | 1.4 | $ | 0.6 | $ | 0.7 | $ | 0.4 | $ | 1.2 | $ | 1.1 | ||||||||||||||||||||||||
Non-performing Loans: |
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64.0 | 67.0 | 70.9 | 115.3 | Nonaccrual Loans (2) |
68.1 | 68.9 | 69.8 | 70.9 | 121.4 | 118.4 | 124.8 | 115.3 | ||||||||||||||||||||||||||||||||||||
| | | 1.3 | Renegotiated Loans |
| | | | | | | 1.3 | ||||||||||||||||||||||||||||||||||||
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64.0 | 67.0 | 70.9 | 116.7 | Total Non-performing Loans |
68.1 | 68.9 | 69.8 | 70.9 | 121.4 | 118.4 | 124.8 | 116.7 | ||||||||||||||||||||||||||||||||||||
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2.9 | 8.1 | 5.6 | 7.1 | Foreclosed properties |
9.6 | 7.0 | 5.9 | 5.6 | 14.1 | 9.9 | 9.4 | 7.1 | ||||||||||||||||||||||||||||||||||||
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$ | 69.9 | $ | 78.7 | $ | 77.1 | $ | 124.9 | Total Underperforming Assets |
$ | 79.1 | $ | 76.3 | $ | 77.1 | $ | 77.1 | $ | 136.3 | $ | 128.8 | $ | 135.3 | $ | 124.9 | ||||||||||||||||||||||||
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$ | 180.1 | $ | 157.1 | $ | 174.3 | $ | 204.1 | Classified Loans - Problem Loans |
$ | 160.5 | $ | 157.7 | $ | 170.9 | $ | 174.3 | $ | 223.4 | $ | 229.3 | $ | 226.4 | $ | 204.1 | ||||||||||||||||||||||||
34.5 | 161.2 | 105.6 | 106.9 | Other Classified Assets |
158.5 | 152.3 | 148.0 | 105.6 | 92.5 | 117.3 | 113.2 | $ | 106.9 | |||||||||||||||||||||||||||||||||||
124.9 | 103.5 | 84.0 | 80.1 | Criticized Loans - Special Mention Loans |
104.9 | 100.7 | 75.0 | 84.0 | 115.8 | 105.6 | 98.5 | 80.1 | ||||||||||||||||||||||||||||||||||||
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$ | 339.5 | $ | 421.7 | $ | 363.9 | $ | 391.1 | Total Classified & Criticized Assets |
$ | 423.8 | $ | 410.7 | $ | 393.9 | $ | 363.9 | $ | 431.7 | $ | 452.2 | $ | 438.1 | $ | 391.1 | ||||||||||||||||||||||||
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1.35 | % | 1.75 | % | 1.90 | % | 2.82 | % | Non-performing loans / EOP Loans (1) |
1.83 | % | 1.85 | % | 1.89 | % | 1.90 | % | 2.90 | % | 2.88 | % | 3.01 | % | 2.82 | % | ||||||||||||||||||||||||
105 | % | 104 | % | 102 | % | 49 | % | Allowance to Non-performing Loans (3) |
106 | % | 104 | % | 103 | % | 102 | % | 60 | % | 59 | % | 52 | % | 49 | % | ||||||||||||||||||||||||
1.47 | % | 2.05 | % | 2.06 | % | 3.02 | % | Under-performing Assets / EOP Loans (1) |
2.13 | % | 2.05 | % | 2.08 | % | 2.06 | % | 3.25 | % | 3.13 | % | 3.27 | % | 3.02 | % | ||||||||||||||||||||||||
$ | 7,873.9 | $ | 8,005.3 | $ | 7,263.9 | $ | 8,609.7 | EOP Total Assets (includes covered assets) |
$ | 7,818.3 | $ | 7,701.1 | $ | 7,506.1 | $ | 7,263.9 | $ | 8,085.3 | $ | 8,018.8 | $ | 8,932.7 | $ | 8,609.7 | ||||||||||||||||||||||||
0.89 | % | 0.98 | % | 1.06 | % | 1.45 | % | Under-performing Assets / EOP Assets |
1.01 | % | 0.99 | % | 1.03 | % | 1.06 | % | 1.69 | % | 1.61 | % | 1.52 | % | 1.45 | % |
EOPEnd of period actual balances
(1) | Excludes residential loans and leases held for sale. |
(2) | Includes $11.7 million in 4Q11 of renegotiated loans. |
(3) | Because the acquired loans from both Monroe and Integra were recorded at fair value in accordance with ASC 805 at the date of acquisition, the credit risk is incorporated in the fair value recorded. No allowance for loan losses is recorded on the acquisition date. |
(4) | The Company entered into separate loss sharing agreements with the FDIC providing for specified credit loss protection for substantially all acquired single family residential loans, commercial loans, and other real estate owned. At December 31, 2011, approximately $626.4 million of loans and $30.4 million of other real estate owned are covered by the loss sharing agreements. As such, eighty percent of losses incurred on these covered assets will be reimbursed to Old National by the FDIC. |
8
Old National Bancorp
Asset Quality (EOP) Including Covered Assets (4)
($ in Millions)
2008 | 2009 | 2010 | 2011 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||||||||||||||||||||||||||||||
$ | 56.5 | $ | 67.1 | $ | 69.5 | $ | 72.3 | Beginning Allowance for Loan Losses | $ | 69.5 | $ | 72.1 | $ | 71.9 | $ | 72.1 | $ | 72.3 | $ | 72.7 | $ | 70.2 | $ | 65.5 | ||||||||||||||||||||||||
51.5 | 63.3 | 30.8 | 7.5 | Provision for Loan Losses |
9.3 | 8.0 | 6.4 | 7.1 | 3.3 | 3.2 | (0.1 | ) | 1.0 | |||||||||||||||||||||||||||||||||||
(51.2 | ) | (78.0 | ) | (41.3 | ) | (34.9 | ) | Gross Charge-offs |
(10.9 | ) | (11.8 | ) | (8.2 | ) | (10.4 | ) | (6.3 | ) | (8.9 | ) | (7.4 | ) | (12.3 | ) | ||||||||||||||||||||||||
| (0.6 | ) | | | Write-downs from Loans Sold |
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10.4 | 17.8 | 13.3 | 13.2 | Gross Recoveries |
4.2 | 3.6 | 2.1 | 3.5 | 3.4 | 3.1 | 2.9 | 3.8 | ||||||||||||||||||||||||||||||||||||
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(40.8 | ) | (60.8 | ) | (28.0 | ) | (21.7 | ) | Net Charge-offs |
(6.7 | ) | (8.2 | ) | (6.1 | ) | (6.9 | ) | (2.9 | ) | (5.8 | ) | (4.6 | ) | (8.5 | ) | ||||||||||||||||||||||||
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$ | 67.1 | $ | 69.5 | $ | 72.3 | $ | 58.1 | Ending Allowance for Loan Losses | $ | 72.1 | $ | 71.9 | $ | 72.1 | $ | 72.3 | $ | 72.7 | $ | 70.2 | $ | 65.5 | $ | 58.1 | ||||||||||||||||||||||||
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0.87 | % | 1.40 | % | 0.75 | % | 0.49 | % | Net Charge-offs / Average Loans (1) | 0.72 | % | 0.90 | % | 0.66 | % | 0.74 | % | 0.27 | % | 0.56 | % | 0.40 | % | 0.71 | % | ||||||||||||||||||||||||
$ | 4,696.0 | $ | 4,330.2 | $ | 3,722.9 | $ | 4,440.5 | Average Loans Outstanding (1) | $ | 3,764.7 | $ | 3,679.8 | $ | 3,714.9 | $ | 3,732.1 | $ | 4,202.0 | $ | 4,153.6 | $ | 4,596.1 | $ | 4,810.0 | ||||||||||||||||||||||||
$ | 4,760.4 | $ | 3,835.5 | $ | 3,743.5 | $ | 4,767.2 | EOP Loans Outstanding (1) | $ | 3,714.9 | $ | 3,731.1 | $ | 3,703.1 | $ | 3,743.5 | $ | 4,190.8 | $ | 4,117.3 | $ | 4,851.3 | $ | 4,767.2 | ||||||||||||||||||||||||
1.41 | % | 1.81 | % | 1.93 | % | 1.22 | % | Allowance for Loan Loss / EOP Loans (1) | 1.94 | % | 1.93 | % | 1.95 | % | 1.93 | % | 1.74 | % | 1.70 | % | 1.35 | % | 1.22 | % | ||||||||||||||||||||||||
Underperforming Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 2.9 | $ | 3.5 | $ | 0.6 | $ | 3.4 | Loans 90 Days & over (still accruing) |
$ | 1.3 | $ | 0.5 | $ | 1.4 | $ | 0.6 | $ | 0.7 | $ | 0.4 | $ | 1.9 | $ | 3.4 | ||||||||||||||||||||||||
Non-performing Loans: |
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64.0 | 67.0 | 70.9 | 298.2 | Nonaccrual Loans (2) |
68.1 | 68.9 | 69.8 | 70.9 | 121.4 | 118.4 | 323.8 | 298.2 | ||||||||||||||||||||||||||||||||||||
| | | 1.3 | Renegotiated Loans |
| | | | | | | 1.3 | ||||||||||||||||||||||||||||||||||||
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64.0 | 67.0 | 70.9 | 299.5 | Total Non-performing Loans |
68.1 | 68.9 | 69.8 | 70.9 | 121.4 | 118.4 | 323.8 | 299.5 | ||||||||||||||||||||||||||||||||||||
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2.9 | 8.1 | 5.6 | 37.6 | Foreclosed properties |
9.6 | 7.0 | 5.9 | 5.6 | 14.1 | 9.9 | 41.3 | 37.6 | ||||||||||||||||||||||||||||||||||||
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$ | 69.9 | $ | 78.7 | $ | 77.1 | $ | 340.5 | Total Underperforming Assets | $ | 79.1 | $ | 76.3 | $ | 77.1 | $ | 77.1 | $ | 136.3 | $ | 128.8 | $ | 367.0 | $ | 340.5 | ||||||||||||||||||||||||
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$ | 180.1 | $ | 157.1 | $ | 174.3 | $ | 404.3 | Classified Loans - Problem Loans | $ | 160.5 | $ | 157.7 | $ | 170.9 | $ | 174.3 | $ | 223.4 | $ | 229.3 | $ | 442.6 | $ | 404.3 | ||||||||||||||||||||||||
34.5 | 161.2 | 105.6 | 106.9 | Other Classified Assets | 158.5 | 152.3 | 148.0 | 105.6 | 92.5 | 117.3 | 113.2 | $ | 106.9 | |||||||||||||||||||||||||||||||||||
124.9 | 103.5 | 84.0 | 103.2 | Criticized Loans - Special Mention Loans | 104.9 | 100.7 | 75.0 | 84.0 | 115.8 | 105.6 | 125.4 | 103.2 | ||||||||||||||||||||||||||||||||||||
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$ | 339.5 | $ | 421.7 | $ | 363.9 | $ | 614.4 | Total Classified & Criticized Assets | $ | 423.8 | $ | 410.7 | $ | 393.9 | $ | 363.9 | $ | 431.7 | $ | 452.2 | $ | 681.2 | $ | 614.4 | ||||||||||||||||||||||||
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1.35 | % | 1.75 | % | 1.90 | % | 6.28 | % | Non-performing loans / EOP Loans (1) | 1.83 | % | 1.85 | % | 1.89 | % | 1.90 | % | 2.90 | % | 2.88 | % | 6.67 | % | 6.28 | % | ||||||||||||||||||||||||
105 | % | 104 | % | 102 | % | 19 | % | Allowance to Non-performing Loans (3) | 106 | % | 104 | % | 103 | % | 102 | % | 60 | % | 59 | % | 20 | % | 19 | % | ||||||||||||||||||||||||
1.47 | % | 2.05 | % | 2.06 | % | 7.14 | % | Under-performing Assets / EOP Loans (1) | 2.13 | % | 2.05 | % | 2.08 | % | 2.06 | % | 3.25 | % | 3.13 | % | 7.56 | % | 7.14 | % | ||||||||||||||||||||||||
$ | 7,873.9 | $ | 8,005.3 | $ | 7,263.9 | $ | 8,609.7 | EOP Total Assets (includes covered assets) | $ | 7,818.3 | $ | 7,701.1 | $ | 7,506.1 | $ | 7,263.9 | $ | 8,085.3 | $ | 8,018.8 | $ | 8,932.7 | $ | 8,609.7 | ||||||||||||||||||||||||
0.89 | % | 0.98 | % | 1.06 | % | 3.96 | % | Under-performing Assets / EOP Assets | 1.01 | % | 0.99 | % | 1.03 | % | 1.06 | % | 1.69 | % | 1.61 | % | 4.11 | % | 3.96 | % |
EOPEnd of period actual balances
(1) | Excludes residential loans and leases held for sale. |
(2) | Includes $11.7 million in 4Q11 of renegotiated loans. |
(3) | Because the acquired loans from both Monroe and Integra were recorded at fair value in accordance with ASC 805 at the date of acquisition, the credit risk is incorporated in the fair value recorded. No allowance for loan losses is recorded on the acquisition date. |
(4) | The Company entered into separate loss sharing agreements with the FDIC providing for specified credit loss protection for substantially all acquired single family residential loans, commercial loans, and other real estate owned. At December 31, 2011, approximately $626.4 million of loans and $30.4 million of other real estate owned are covered by the loss sharing agreements. As such, eighty percent of losses incurred on these covered assets will be reimbursed to Old National by the FDIC. |
9
Old National Bancorp
NON-GAAP MEASURES
Fourth Quarter 2011
($ In Millions except EPS information)
2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||||||||||||||||||||||||||
Actual EOP Balances | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 730.9 | $ | 843.8 | $ | 878.8 | $ | 1,033.6 | GAAP Shareholders' Equity | $ | 855.5 | $ | 874.7 | $ | 895.7 | $ | 878.8 | $ | 984.0 | $ | 1,008.3 | $ | 1,027.7 | $ | 1,033.6 | ||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||||||||||||||||||||||||
159.2 | 167.9 | 167.9 | 253.2 | Goodwill | 167.9 | 167.9 | 167.9 | 167.9 | 236.3 | 236.3 | 266.0 | 253.2 | ||||||||||||||||||||||||||||||||||||
27.6 | 32.3 | 26.2 | 33.6 | Intangibles | 30.7 | 29.2 | 27.7 | 26.2 | 34.7 | 34.1 | 36.3 | 33.6 | ||||||||||||||||||||||||||||||||||||
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186.8 | 200.2 | 194.1 | 286.8 | 198.6 | 197.1 | 195.6 | 194.1 | 271.0 | 270.4 | 302.3 | 286.8 | |||||||||||||||||||||||||||||||||||||
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$ | 544.0 | $ | 643.6 | $ | 684.7 | $ | 746.8 | Tangible Shareholders Equity | $ | 657.0 | $ | 677.7 | $ | 700.1 | $ | 684.7 | $ | 713.0 | $ | 737.8 | $ | 725.4 | $ | 746.8 | ||||||||||||||||||||||||
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Deduct: | ||||||||||||||||||||||||||||||||||||||||||||||||
97.4 | | | | Preferred Stock, Surplus & Retained Earnings | | | | | | | | | ||||||||||||||||||||||||||||||||||||
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$ | 446.7 | $ | 643.6 | $ | 684.7 | $ | 746.8 | Tangible Common Shareholders Equity | $ | 657.0 | $ | 677.7 | $ | 700.1 | $ | 684.7 | $ | 713.0 | $ | 737.8 | $ | 725.4 | $ | 746.8 | ||||||||||||||||||||||||
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Actual EOP Balances | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 7,873.9 | $ | 8,005.3 | $ | 7,263.9 | $ | 8,609.7 | GAAP Assets | $ | 7,818.3 | $ | 7,701.1 | $ | 7,506.1 | $ | 7,263.9 | $ | 8,085.3 | $ | 8,018.8 | $ | 8,932.7 | $ | 8,609.7 | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||||||
1.0 | 0.2 | 0.5 | 0.6 | Trust Overdrafts | 0.3 | 0.1 | 0.1 | 0.5 | 0.1 | 0.4 | 0.4 | 0.6 | ||||||||||||||||||||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||||||||||||||||||||||||
159.2 | 167.9 | 167.9 | 253.2 | Goodwill | 167.9 | 167.9 | 167.9 | 167.9 | 236.3 | 236.3 | 266.0 | 253.2 | ||||||||||||||||||||||||||||||||||||
27.6 | 32.3 | 26.2 | 33.6 | Intangibles | 30.7 | 29.2 | 27.7 | 26.2 | 34.7 | 34.1 | 36.3 | 33.6 | ||||||||||||||||||||||||||||||||||||
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186.8 | 200.2 | 194.1 | 286.8 | 198.6 | 197.1 | 195.6 | 194.1 | 271.0 | 270.4 | 302.3 | 286.8 | |||||||||||||||||||||||||||||||||||||
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$ | 7,688.0 | $ | 7,805.4 | $ | 7,070.3 | $ | 8,323.5 | Tangible Assets | $ | 7,620.0 | $ | 7,504.1 | $ | 7,310.6 | $ | 7,070.3 | $ | 7,814.4 | $ | 7,748.8 | $ | 8,630.8 | $ | 8,323.5 | ||||||||||||||||||||||||
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5,555.2 | 5,173.1 | 4,720.9 | 5,163.5 | Risk Weighted Assets | 5,038.2 | 4,847.4 | 4,803.2 | 4,720.9 | 5,062.8 | 4,978.4 | 5,406.5 | 5,163.5 | ||||||||||||||||||||||||||||||||||||
Actual EOP Balances | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 62.5 | $ | 13.7 | $ | 38.2 | $ | 72.5 | GAAP Net Income | $ | 10.1 | $ | 10.5 | $ | 11.9 | $ | 5.7 | $ | 16.4 | $ | 17.0 | $ | 16.8 | $ | 22.2 | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||||||||||||
3.6 | 4.9 | 4.6 | 7.0 | Intangible Amortization (net of tax) | 1.2 | 1.1 | 1.1 | 1.1 | 1.6 | 1.5 | 1.7 | 2.2 | ||||||||||||||||||||||||||||||||||||
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$ | 66.1 | $ | 18.6 | $ | 42.8 | $ | 79.4 | Tangible Net Income | $ | 11.3 | $ | 11.7 | $ | 13.0 | $ | 6.9 | $ | 18.0 | $ | 18.5 | $ | 18.5 | $ | 24.4 | ||||||||||||||||||||||||
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Tangible Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||
14.79 | % | 2.89 | % | 6.26 | % | 10.64 | % | Return on Tangible Common Equity | 6.87 | % | 6.88 | % | 7.44 | % | 4.01 | % | 10.10 | % | 10.05 | % | 10.20 | % | 13.08 | % | ||||||||||||||||||||||||
0.86 | % | 0.24 | % | 0.61 | % | 0.95 | % | Return on Tangible Assets | 0.59 | % | 0.62 | % | 0.71 | % | 0.39 | % | 0.92 | % | 0.96 | % | 0.86 | % | 1.17 | % | ||||||||||||||||||||||||
5.81 | % | 8.25 | % | 9.68 | % | 8.97 | % | Tangible Common Equity to Tangible Assets | 8.62 | % | 9.03 | % | 9.58 | % | 9.68 | % | 9.12 | % | 9.52 | % | 8.40 | % | 8.97 | % | ||||||||||||||||||||||||
8.04 | % | 12.44 | % | 14.50 | % | 14.46 | % | Tangible Common Equity to Risk Wgt Assets | 13.04 | % | 13.98 | % | 14.58 | % | 14.50 | % | 14.08 | % | 14.82 | % | 13.42 | % | 14.46 | % | ||||||||||||||||||||||||
6.74 | 7.38 | 7.85 | 7.89 | Tangible Common Book Value (1) | 7.54 | 7.77 | 8.03 | 7.85 | 7.53 | 7.79 | 7.66 | 7.89 |
Tangible Common Equity is defined as GAAP Shareholders Equity less Preferred Stock, Goodwill and Intangibles.
Tangible Common Equity presentation includes Other Comprehensive Income (OCI) as is common in other company releases.
(1) | Tangible Common Shareholders' Equity Divided By Common Shares Issued and Outstanding at Period-End. |
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