FIRST FINANCIAL BANCORP. |
(Exact name of registrant as specified in its charter) |
Ohio | 31-1042001 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
255 East Fifth Street, Suite 700 Cincinnati, Ohio | 45202 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o |
Non-accelerated filer o | Smaller reporting company o |
Class | Outstanding at November 2, 2012 | |
Common stock, No par value | 58,507,842 |
Page No. | |
September 30, 2012 | December 31, 2011 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash and due from banks | $ | 154,181 | $ | 149,653 | |||
Interest-bearing deposits with other banks | 21,495 | 375,398 | |||||
Investment securities available-for-sale, at market value (cost $672,824 at September 30, 2012 and $1,421,490 at December 31, 2011) | 689,680 | 1,441,846 | |||||
Investment securities held-to-maturity (market value $830,540 at September 30, 2012 and $2,893 at December 31, 2011) | 822,319 | 2,664 | |||||
Other investments | 71,492 | 71,492 | |||||
Loans held for sale | 23,530 | 24,834 | |||||
Loans: | |||||||
Commercial | 834,858 | 856,981 | |||||
Real estate-construction | 91,897 | 114,974 | |||||
Real estate-commercial | 1,338,636 | 1,233,067 | |||||
Real estate-residential | 299,654 | 287,980 | |||||
Installment | 59,191 | 67,543 | |||||
Home equity | 368,876 | 358,960 | |||||
Credit card | 31,604 | 31,631 | |||||
Lease financing | 41,343 | 17,311 | |||||
Total loans, excluding covered loans | 3,066,059 | 2,968,447 | |||||
Less: Allowance for loan and lease losses - uncovered | 49,192 | 52,576 | |||||
Net loans - uncovered | 3,016,867 | 2,915,871 | |||||
Covered loans | 825,515 | 1,053,244 | |||||
Less: Allowance for loan and lease losses - covered | 48,895 | 42,835 | |||||
Net loans – covered | 776,620 | 1,010,409 | |||||
Net loans | 3,793,487 | 3,926,280 | |||||
Premises and equipment | 146,603 | 138,096 | |||||
Goodwill | 95,050 | 95,050 | |||||
Other intangibles | 8,327 | 10,844 | |||||
FDIC indemnification asset | 130,476 | 173,009 | |||||
Accrued interest and other assets | 278,447 | 262,345 | |||||
Total assets | $ | 6,235,087 | $ | 6,671,511 | |||
Liabilities | |||||||
Deposits: | |||||||
Interest-bearing | $ | 1,112,843 | $ | 1,317,339 | |||
Savings | 1,568,818 | 1,724,659 | |||||
Time | 1,199,296 | 1,654,662 | |||||
Total interest-bearing deposits | 3,880,957 | 4,696,660 | |||||
Noninterest-bearing | 1,063,654 | 946,180 | |||||
Total deposits | 4,944,611 | 5,642,840 | |||||
Federal funds purchased and securities sold under agreements to repurchase | 88,190 | 99,431 | |||||
Federal Home Loan Bank short-term borrowings | 283,000 | 0 | |||||
Total short-term borrowings | 371,190 | 99,431 | |||||
Long-term debt | 75,521 | 76,544 | |||||
Total borrowed funds | 446,711 | 175,975 | |||||
Accrued interest and other liabilities | 127,799 | 140,475 | |||||
Total liabilities | 5,519,121 | 5,959,290 | |||||
Shareholders' equity | |||||||
Common stock - no par value | |||||||
Authorized - 160,000,000 shares; Issued - 68,730,731 shares in 2012 and 2011 | 578,129 | 579,871 | |||||
Retained earnings | 330,014 | 331,351 | |||||
Accumulated other comprehensive loss | (18,855 | ) | (21,490 | ) | |||
Treasury stock, at cost, 10,219,815 shares in 2012 and 10,463,677 shares in 2011 | (173,322 | ) | (177,511 | ) | |||
Total shareholders' equity | 715,966 | 712,221 | |||||
Total liabilities and shareholders' equity | $ | 6,235,087 | $ | 6,671,511 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ | 59,536 | $ | 70,086 | $ | 189,362 | $ | 216,031 | |||||||
Investment securities | |||||||||||||||
Taxable | 8,358 | 7,411 | 29,254 | 21,294 | |||||||||||
Tax-exempt | 111 | 176 | 366 | 566 | |||||||||||
Total interest on investment securities | 8,469 | 7,587 | 29,620 | 21,860 | |||||||||||
Other earning assets | (1,700 | ) | (1,721 | ) | (5,657 | ) | (4,059 | ) | |||||||
Total interest income | 66,305 | 75,952 | 213,325 | 233,832 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 5,730 | 9,823 | 19,827 | 31,990 | |||||||||||
Short-term borrowings | 54 | 44 | 103 | 138 | |||||||||||
Long-term borrowings | 675 | 867 | 2,030 | 2,893 | |||||||||||
Subordinated debentures and capital securities | 0 | 0 | 0 | 391 | |||||||||||
Total interest expense | 6,459 | 10,734 | 21,960 | 35,412 | |||||||||||
Net interest income | 59,846 | 65,218 | 191,365 | 198,420 | |||||||||||
Provision for loan and lease losses - uncovered | 3,613 | 7,643 | 15,235 | 14,046 | |||||||||||
Provision for loan and lease losses - covered | 6,622 | 7,260 | 25,620 | 57,171 | |||||||||||
Net interest income after provision for loan losses | 49,611 | 50,315 | 150,510 | 127,203 | |||||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 5,499 | 4,793 | 15,784 | 14,286 | |||||||||||
Trust and wealth management fees | 3,374 | 3,377 | 10,542 | 10,809 | |||||||||||
Bankcard income | 2,387 | 2,318 | 7,502 | 6,801 | |||||||||||
Net gains from sales of loans | 1,319 | 1,243 | 3,391 | 3,086 | |||||||||||
FDIC loss sharing income | 8,496 | 8,377 | 29,592 | 53,455 | |||||||||||
Accelerated discount on covered loans | 3,798 | 5,207 | 11,207 | 15,746 | |||||||||||
Gain on sale of investment securities | 2,617 | 0 | 2,617 | 0 | |||||||||||
Other | 3,340 | 2,800 | 15,665 | 8,708 | |||||||||||
Total noninterest income | 30,830 | 28,115 | 96,300 | 112,891 | |||||||||||
Noninterest expenses | |||||||||||||||
Salaries and employee benefits | 27,212 | 27,774 | 85,121 | 80,467 | |||||||||||
Net occupancy | 5,153 | 4,164 | 15,560 | 15,517 | |||||||||||
Furniture and equipment | 2,332 | 2,386 | 6,899 | 7,520 | |||||||||||
Data processing | 2,334 | 1,466 | 6,311 | 4,157 | |||||||||||
Marketing | 1,592 | 1,584 | 3,984 | 4,227 | |||||||||||
Communication | 788 | 772 | 2,595 | 2,339 | |||||||||||
Professional services | 1,304 | 2,062 | 5,602 | 7,384 | |||||||||||
State intangible tax | 961 | 546 | 2,957 | 3,147 | |||||||||||
FDIC assessments | 1,164 | 1,211 | 3,597 | 4,484 | |||||||||||
Loss (gain) - other real estate owned | 1,372 | (287 | ) | 2,681 | 3,198 | ||||||||||
(Gain) loss - covered other real estate owned | (25 | ) | 2,707 | 2,500 | 8,440 | ||||||||||
Loss sharing expense | 3,584 | 1,048 | 8,420 | 1,862 | |||||||||||
Other | 7,515 | 7,709 | 22,296 | 20,687 | |||||||||||
Total noninterest expenses | 55,286 | 53,142 | 168,523 | 163,429 | |||||||||||
Income before income taxes | 25,155 | 25,288 | 78,287 | 76,665 | |||||||||||
Income tax expense | 8,913 | 9,670 | 27,249 | 27,867 | |||||||||||
Net income | $ | 16,242 | $ | 15,618 | $ | 51,038 | $ | 48,798 | |||||||
Net earnings per common share - basic | $ | 0.28 | $ | 0.27 | $ | 0.88 | $ | 0.85 | |||||||
Net earnings per common share - diluted | $ | 0.28 | $ | 0.27 | $ | 0.87 | $ | 0.83 | |||||||
Cash dividends declared per share | $ | 0.30 | $ | 0.27 | $ | 0.90 | $ | 0.51 | |||||||
Average common shares outstanding - basic | 57,976,943 | 57,735,811 | 57,902,102 | 57,674,250 | |||||||||||
Average common shares outstanding - diluted | 58,940,179 | 58,654,099 | 58,930,570 | 58,699,952 |
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||
(Dollars in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income | $ | 16,242 | $ | 15,618 | $ | 51,038 | $ | 48,798 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Unrealized (losses) gains on investment securities arising during the period | (934 | ) | 5,157 | 1,662 | 8,070 | ||||||||||
Change in retirement obligation | 419 | 265 | 1,129 | 794 | |||||||||||
Unrealized (loss) gain on derivatives | (182 | ) | 0 | (182 | ) | 391 | |||||||||
Unrealized gain (loss) on foreign currency exchange | 14 | (908 | ) | 26 | (599 | ) | |||||||||
Other comprehensive (loss) income | (683 | ) | 4,514 | 2,635 | 8,656 | ||||||||||
Comprehensive income | $ | 15,559 | $ | 20,132 | $ | 53,673 | $ | 57,454 | |||||||
See Notes to Consolidated Financial Statements. |
Common Stock | Common Stock | Retained | Accumulated other comprehensive | Treasury stock | |||||||||||||||||||||
Shares | Amount | Earnings | income (loss) | Shares | Amount | Total | |||||||||||||||||||
Balances at January 1, 2011 | 68,730,731 | $ | 580,097 | $ | 310,271 | $ | (12,044 | ) | (10,665,754 | ) | $ | (180,930 | ) | $ | 697,394 | ||||||||||
Net income | 48,798 | 48,798 | |||||||||||||||||||||||
Other comprehensive income | 8,656 | 8,656 | |||||||||||||||||||||||
Cash dividends declared : | |||||||||||||||||||||||||
Common stock at $0.51 per share | (29,826 | ) | (29,826 | ) | |||||||||||||||||||||
Excess tax benefit on share-based compensation | 167 | 167 | |||||||||||||||||||||||
Exercise of stock options, net of shares purchased | (228 | ) | 12,808 | 217 | (11 | ) | |||||||||||||||||||
Restricted stock awards, net of forfeitures | (3,929 | ) | 178,351 | 3,016 | (913 | ) | |||||||||||||||||||
Share-based compensation expense | 2,867 | 2,867 | |||||||||||||||||||||||
Balances at September 30, 2011 | 68,730,731 | $ | 578,974 | $ | 329,243 | $ | (3,388 | ) | (10,474,595 | ) | $ | (177,697 | ) | $ | 727,132 | ||||||||||
Balances at January 1, 2012 | 68,730,731 | $ | 579,871 | $ | 331,351 | $ | (21,490 | ) | (10,463,677 | ) | $ | (177,511 | ) | $ | 712,221 | ||||||||||
Net income | 51,038 | 51,038 | |||||||||||||||||||||||
Other comprehensive income | 2,635 | 2,635 | |||||||||||||||||||||||
Cash dividends declared : | |||||||||||||||||||||||||
Common stock at $0.90 per share | (52,375 | ) | (52,375 | ) | |||||||||||||||||||||
Excess tax benefit on share-based compensation | 417 | 417 | |||||||||||||||||||||||
Exercise of stock options, net of shares purchased | (1,193 | ) | 71,391 | 1,211 | 18 | ||||||||||||||||||||
Restricted stock awards, net of forfeitures | (4,053 | ) | 172,471 | 2,978 | (1,075 | ) | |||||||||||||||||||
Share-based compensation expense | 3,087 | 3,087 | |||||||||||||||||||||||
Balances at September 30, 2012 | 68,730,731 | $ | 578,129 | $ | 330,014 | $ | (18,855 | ) | (10,219,815 | ) | $ | (173,322 | ) | $ | 715,966 |
Nine months ended | |||||||
September 30, | |||||||
2012 | 2011 | ||||||
Operating activities | |||||||
Net income | $ | 51,038 | $ | 48,798 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan and lease losses | 40,855 | 71,217 | |||||
Depreciation and amortization | 11,812 | 8,703 | |||||
Stock-based compensation expense | 3,087 | 2,867 | |||||
Pension income | (392 | ) | (1,012 | ) | |||
Net amortization of premiums/accretion of discounts on investment securities | 8,461 | 3,050 | |||||
Gains on sales of investment securities | (2,617 | ) | 0 | ||||
Originations of loans held for sale | (173,115 | ) | (95,297 | ) | |||
Net gains from sales of loans held for sale | (3,391 | ) | (3,086 | ) | |||
Proceeds from sales of loans held for sale | 175,180 | 113,416 | |||||
Deferred income taxes | (10,618 | ) | (13,504 | ) | |||
Decrease (increase) in interest receivable | 2,896 | (691 | ) | ||||
Decrease (increase) in cash surrender value of life insurance | 1,845 | (1,092 | ) | ||||
Increase in prepaid expenses | 2,758 | 4,193 | |||||
Decrease in indemnification asset | 42,533 | 44,834 | |||||
Decrease in accrued expenses | (4,447 | ) | (27,431 | ) | |||
Decrease in interest payable | (1,281 | ) | (1,554 | ) | |||
Other | (26,858 | ) | 2,176 | ||||
Net cash provided by operating activities | 117,746 | 155,587 | |||||
Investing activities | |||||||
Proceeds from sales of securities available-for-sale | 86,959 | 0 | |||||
Proceeds from calls, paydowns and maturities of securities available-for-sale | 209,399 | 258,288 | |||||
Purchases of securities available-for-sale | (465,303 | ) | (449,440 | ) | |||
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 98,283 | 11,942 | |||||
Net decrease (increase) in interest-bearing deposits with other banks | 353,903 | (192,178 | ) | ||||
Net increase in loans and leases, excluding covered loans | (121,810 | ) | (15,740 | ) | |||
Net decrease in covered assets | 191,069 | 264,129 | |||||
Proceeds from disposal of other real estate owned | 30,017 | 34,186 | |||||
Purchases of premises and equipment | (18,605 | ) | (9,706 | ) | |||
Net cash proceeds from acquisition | 0 | 190,711 | |||||
Net cash provided by investing activities | 363,912 | 92,192 | |||||
Financing activities | |||||||
Net decrease in total deposits | (698,229 | ) | (189,052 | ) | |||
Net increase in short-term borrowings | 271,759 | 35,609 | |||||
Payments on long-term borrowings | (1,002 | ) | (51,984 | ) | |||
Redemption of other long-term debt | 0 | (20,620 | ) | ||||
Cash dividends paid on common stock | (50,392 | ) | (19,690 | ) | |||
Proceeds from exercise of stock options | 317 | 63 | |||||
Excess tax benefit on share-based compensation | 417 | 167 | |||||
Net cash used in financing activities | (477,130 | ) | (245,507 | ) | |||
Cash and due from banks: | |||||||
Net increase in cash and due from banks | 4,528 | 2,272 | |||||
Cash and due from banks at beginning of period | 149,653 | 105,981 | |||||
Cash and due from banks at end of period | $ | 154,181 | $ | 108,253 |
Held-to-Maturity | Available-for-Sale | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unrealized Gain | Unrealized Loss | Market Value | Amortized Cost | Unrealized Gain | Unrealized Loss | Market Value | ||||||||||||||||||||||||
Securities of U.S. government agencies and corporations | $ | 20,844 | $ | 488 | $ | 0 | $ | 21,332 | $ | 25,772 | $ | 391 | $ | 0 | $ | 26,163 | ||||||||||||||||
Mortgage-backed securities | 799,583 | 9,184 | (1,735 | ) | 807,032 | 615,367 | 15,331 | (67 | ) | 630,631 | ||||||||||||||||||||||
Obligations of state and other political subdivisions | 1,892 | 284 | 0 | 2,176 | 6,332 | 146 | 0 | 6,478 | ||||||||||||||||||||||||
Other securities | 0 | 0 | 0 | 0 | 25,353 | 1,206 | (151 | ) | 26,408 | |||||||||||||||||||||||
Total | $ | 822,319 | $ | 9,956 | $ | (1,735 | ) | $ | 830,540 | $ | 672,824 | $ | 17,074 | $ | (218 | ) | $ | 689,680 |
Held-to-Maturity | Available-for-Sale | |||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | |||||||||||||||||||||||||
(Dollars in thousands) | Cost | Gain | Loss | Value | Cost | Gain | Loss | Value | ||||||||||||||||||||||||
Securities of U.S. government agencies and corporations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 45,757 | $ | 433 | $ | 0 | $ | 46,190 | ||||||||||||||||
Mortgage-backed securities | 90 | 2 | 0 | 92 | 1,344,015 | 21,394 | (2,031 | ) | 1,363,378 | |||||||||||||||||||||||
Obligations of state and other political subdivisions | 2,574 | 227 | 0 | 2,801 | 9,270 | 121 | (5 | ) | 9,386 | |||||||||||||||||||||||
Other securities | 0 | 0 | 0 | 0 | 22,448 | 530 | (86 | ) | 22,892 | |||||||||||||||||||||||
Total | $ | 2,664 | $ | 229 | $ | 0 | $ | 2,893 | $ | 1,421,490 | $ | 22,478 | $ | (2,122 | ) | $ | 1,441,846 |
Held-to-Maturity | Available-for-Sale | ||||||||||||||
(Dollars in thousands) | Amortized Cost | Market Value | Amortized Cost | Market Value | |||||||||||
Due in one year or less | $ | 488 | $ | 496 | $ | 22,855 | $ | 23,264 | |||||||
Due after one year through five years | 664,125 | 667,524 | 464,956 | 478,380 | |||||||||||
Due after five years through ten years | 119,043 | 123,144 | 123,515 | 125,052 | |||||||||||
Due after ten years | 38,663 | 39,376 | 61,498 | 62,984 | |||||||||||
Total | $ | 822,319 | $ | 830,540 | $ | 672,824 | $ | 689,680 |
September 30, 2012 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
Mortgage-backed securities | $ | 264,090 | $ | (1,740 | ) | $ | 4,896 | $ | (62 | ) | $ | 268,986 | $ | (1,802 | ) | |||||||||
Obligations of state and other political subdivisions | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other securities | 4,685 | (151 | ) | 17 | 0 | 4,702 | (151 | ) | ||||||||||||||||
Total | $ | 268,775 | $ | (1,891 | ) | $ | 4,913 | $ | (62 | ) | $ | 273,688 | $ | (1,953 | ) |
December 31, 2011 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
(Dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
Mortgage-backed securities | $ | 343,883 | $ | (1,938 | ) | $ | 29,562 | $ | (93 | ) | $ | 373,445 | $ | (2,031 | ) | |||||||||
Obligations of state and other political subdivisions | 0 | 0 | 2,278 | (5 | ) | 2,278 | (5 | ) | ||||||||||||||||
Other securities | 9,133 | (86 | ) | 17 | 0 | 9,150 | (86 | ) | ||||||||||||||||
Total | $ | 353,016 | $ | (2,024 | ) | $ | 31,857 | $ | (98 | ) | $ | 384,873 | $ | (2,122 | ) |
(Dollars in thousands) | September 30, 2012 | December 31, 2011 | ||||||
Fair value hedges | ||||||||
Instruments associated with loans | ||||||||
Total notional value | $ | 903,252 | $ | 775,328 | ||||
Cash flow hedges | ||||||||
Instruments associated with deposits | ||||||||
Total notional value | 35,000 | 0 | ||||||
Total | $ | 938,252 | $ | 775,328 |
September 30, 2012 | December 31, 2011 | |||||||||||||||||||||||||
Estimated fair value | Estimated fair value | |||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet Classification | Notional amount | Gain | Loss | Notional amount | Gain | Loss | |||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | Accrued interest and other liabilities | $ | 13,850 | $ | 0 | $ | (1,594 | ) | $ | 17,456 | $ | 0 | $ | (2,263 | ) | |||||||||||
Matched interest rate swaps with borrower | Accrued interest and other assets | 444,701 | 26,198 | 0 | 378,936 | 24,566 | 0 | |||||||||||||||||||
Matched interest rate swaps with counterparty | Accrued interest and other liabilities | 444,701 | 0 | (27,430 | ) | 378,936 | 0 | (25,860 | ) | |||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | Accrued interest and other liabilities | $ | 35,000 | $ | 0 | $ | (292 | ) | 0 | 0 | 0 | |||||||||||||||
Total | $ | 938,252 | $ | 26,198 | $ | (29,316 | ) | $ | 775,328 | $ | 24,566 | $ | (28,123 | ) |
Weighted-average rate | ||||||||||||||||
(Dollars in thousands) | Notional amount | Average maturity (years) | Fair value | Receive | Pay | |||||||||||
Asset conversion swaps | ||||||||||||||||
Pay fixed interest rate swaps with counterparty | $ | 13,850 | 3.6 | $ | (1,594 | ) | 2.35 | % | 6.81 | % | ||||||
Receive fixed, matched interest rate swaps with borrower | 444,701 | 4.5 | 26,198 | 5.22 | % | 2.97 | % | |||||||||
Pay fixed, matched interest rate swaps with counterparty | 444,701 | 4.5 | (27,430 | ) | 2.97 | % | 5.22 | % | ||||||||
Total asset conversion swaps | $ | 903,252 | 4.4 | $ | (2,826 | ) | 4.07 | % | 4.13 | % | ||||||
Liability conversion swaps | ||||||||||||||||
Pay fixed interest rate swaps with counterparty | $ | 35,000 | 6.8 | $ | (292 | ) | 3.25 | % | 4.02 | % | ||||||
Total liability conversion swaps | $ | 35,000 | 6.8 | $ | (292 | ) | 3.25 | % | 4.02 | % | ||||||
Total swap portfolio | $ | 938,252 | 4.5 | $ | (3,118 | ) | 4.04 | % | 4.13 | % |
Decrease to Interest income | ||||||||||||||||||
(Dollars in thousands) | Three months ended | Nine months ended | ||||||||||||||||
Derivatives in fair value hedging relationships | Classification of change in fair value | September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
Interest rate contracts | ||||||||||||||||||
Loans | Interest income - loans | $ | (167 | ) | $ | (221 | ) | $ | (555 | ) | $ | (692 | ) | |||||
Total | $ | (167 | ) | $ | (221 | ) | $ | (555 | ) | $ | (692 | ) |
Amount of gain/(loss) recognized in OCI on derivatives (effective portion) | Amount of gain/(loss) reclassified from accumulated OCI into earnings (effective portion) | ||||||||||||||
(Dollars in thousands) | September 30, 2012 | September 30, 2012 | |||||||||||||
Derivatives in cash flow hedging relationships | Three months ended | Nine months ended | Classification of change in fair value | Three months ended | Nine months ended | ||||||||||
Interest rate contracts | |||||||||||||||
Interest-bearing deposits | $ | (182 | ) | $ | (182 | ) | Interest income-interest-bearing deposits | $ | (67 | ) | $ | (67 | ) | ||
Total | $ | (182 | ) | $ | (182 | ) | $ | (67 | ) | $ | (67 | ) |
September 30, 2012 | December 31, 2011 | |||||||||||||
(Dollars in thousands) | Amount | Average Rate | Amount | Average Rate | ||||||||||
Federal Home Loan Bank | $ | 9,747 | 3.78 | % | $ | 11,544 | 3.80 | % | ||||||
National Market Repurchase Agreement | 65,000 | 3.50 | % | 65,000 | 3.50 | % | ||||||||
Capital loan with municipality | 774 | 0.00 | % | $ | 0 | 0.00 | % | |||||||
Total long-term debt | $ | 75,521 | 3.50 | % | $ | 76,544 | 3.55 | % |
As of September 30, 2012 | ||||||||||||||||
Real Estate | ||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||
Pass | $ | 794,471 | $ | 81,033 | $ | 1,230,599 | $ | 2,106,103 | ||||||||
Special Mention | 21,174 | 167 | 32,001 | 53,342 | ||||||||||||
Substandard | 19,213 | 10,697 | 75,555 | 105,465 | ||||||||||||
Doubtful | 0 | 0 | 481 | 481 | ||||||||||||
Total | $ | 834,858 | $ | 91,897 | $ | 1,338,636 | $ | 2,265,391 |
(Dollars in thousands) | Real Estate Residential | Installment | Home Equity | Other | Total | |||||||||||||||
Performing | $ | 292,584 | $ | 58,907 | $ | 366,379 | $ | 72,947 | $ | 790,817 | ||||||||||
Nonperforming | 7,070 | 284 | 2,497 | 0 | 9,851 | |||||||||||||||
Total | $ | 299,654 | $ | 59,191 | $ | 368,876 | $ | 72,947 | $ | 800,668 |
As of December 31, 2011 | ||||||||||||||||
Real Estate | ||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||
Pass | $ | 799,471 | $ | 89,072 | $ | 1,110,718 | $ | 1,999,261 | ||||||||
Special Mention | 37,547 | 1,751 | 28,994 | 68,292 | ||||||||||||
Substandard | 19,435 | 24,151 | 93,355 | 136,941 | ||||||||||||
Doubtful | 528 | 0 | 0 | 528 | ||||||||||||
Total | $ | 856,981 | $ | 114,974 | $ | 1,233,067 | $ | 2,205,022 |
(Dollars in thousands) | Real Estate Residential | Installment | Home Equity | Other | Total | |||||||||||||||
Performing | $ | 279,958 | $ | 67,136 | $ | 356,887 | $ | 48,942 | $ | 752,923 | ||||||||||
Nonperforming | 8,022 | 407 | 2,073 | 0 | 10,502 | |||||||||||||||
Total | $ | 287,980 | $ | 67,543 | $ | 358,960 | $ | 48,942 | $ | 763,425 |
As of September 30, 2012 | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30 – 59 days past due | 60 – 89 days past due | > 90 days past due | Total past due | Current | Total | > 90 days past due and accruing | |||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Commercial | $ | 948 | $ | 1,461 | $ | 4,468 | $ | 6,877 | $ | 827,981 | $ | 834,858 | $ | 0 | ||||||||||||||
Real estate - construction | 51 | 0 | 2,172 | 2,223 | 89,674 | 91,897 | 0 | |||||||||||||||||||||
Real estate - commercial | 2,805 | 373 | 30,308 | 33,486 | 1,305,150 | 1,338,636 | 0 | |||||||||||||||||||||
Real estate - residential | 6,168 | 1,663 | 6,505 | 14,336 | 285,318 | 299,654 | 0 | |||||||||||||||||||||
Installment | 549 | 130 | 226 | 905 | 58,286 | 59,191 | 0 | |||||||||||||||||||||
Home equity | 1,438 | 349 | 2,211 | 3,998 | 364,878 | 368,876 | 0 | |||||||||||||||||||||
All other | 398 | 161 | 108 | 667 | 72,280 | 72,947 | 108 | |||||||||||||||||||||
Total | $ | 12,357 | $ | 4,137 | $ | 45,998 | $ | 62,492 | $ | 3,003,567 | $ | 3,066,059 | $ | 108 |
As of December 31, 2011 | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 days past due | 60 - 89 days past due | > 90 days past due | Total past due | Current | Total | > 90 days past due and accruing | |||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Commercial | $ | 2,964 | $ | 96 | $ | 7,473 | $ | 10,533 | $ | 846,448 | $ | 856,981 | $ | 0 | ||||||||||||||
Real estate - construction | 47 | 0 | 17,004 | 17,051 | 97,923 | 114,974 | 0 | |||||||||||||||||||||
Real estate - commercial | 4,940 | 2,102 | 16,654 | 23,696 | 1,209,371 | 1,233,067 | 0 | |||||||||||||||||||||
Real estate - residential | 8,602 | 236 | 7,012 | 15,850 | 272,130 | 287,980 | 0 | |||||||||||||||||||||
Installment | 437 | 53 | 355 | 845 | 66,698 | 67,543 | 0 | |||||||||||||||||||||
Home equity | 1,304 | 246 | 1,637 | 3,187 | 355,773 | 358,960 | 0 | |||||||||||||||||||||
All other | 495 | 231 | 191 | 917 | 48,025 | 48,942 | 191 | |||||||||||||||||||||
Total | $ | 18,789 | $ | 2,964 | $ | 50,326 | $ | 72,079 | $ | 2,896,368 | $ | 2,968,447 | $ | 191 |
Three months ended | ||||||||||||||||
September 30, 2012 | September 30, 2011 | |||||||||||||||
Total TDRs | Total TDRs | |||||||||||||||
(Dollars in thousands) | Number of loans | Pre-modification loan balance | Period end balance | Number of loans | Pre-modification loan balance | Period end balance | ||||||||||
Commercial | 6 | $ | 3,787 | $ | 4,027 | 1 | $ | 44 | $ | 44 | ||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Real estate - commercial | 8 | 5,105 | 5,077 | 2 | 467 | 206 | ||||||||||
Real estate - residential | 0 | 0 | 0 | 3 | 242 | 245 | ||||||||||
Installment | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Home equity | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Total | 14 | $ | 8,892 | $ | 9,104 | 6 | $ | 753 | $ | 495 |
Nine months ended | |||||||||||||||||
September 30, 2012 | September 30, 2011 | ||||||||||||||||
Total TDRs | Total TDRs | ||||||||||||||||
(Dollars in thousands) | Number of loans | Pre-modification loan balance | Period end balance | Number of loans | Pre-modification loan balance | Period end balance | |||||||||||
Commercial | 16 | $ | 8,358 | $ | 8,589 | 7 | $ | 388 | $ | 354 | |||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Real estate - commercial | 22 | 9,854 | 9,795 | 10 | 1,431 | 1,016 | |||||||||||
Real estate - residential | 2 | 164 | 166 | 13 | 1,295 | 1,301 | |||||||||||
Installment | 0 | 0 | 0 | 2 | 114 | 111 | |||||||||||
Home equity | 0 | 0 | 0 | 1 | 101 | 101 | |||||||||||
Total | 40 | $ | 18,376 | $ | 18,550 | 33 | $ | 3,329 | $ | 2,883 |
Three months ended | Nine months ended | ||||||||||||||
September 30, (2) | September 30, (2) | ||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Extended maturities | $ | 6,144 | $ | 249 | $ | 13,404 | $ | 1,445 | |||||||
Adjusted interest rates | 0 | 114 | 166 | 271 | |||||||||||
Combination of rate and maturity changes | 0 | 132 | 563 | 1,056 | |||||||||||
Forbearance | 2,565 | 0 | 3,801 | 0 | |||||||||||
Other (1) | 395 | 0 | 616 | 111 | |||||||||||
Total | $ | 9,104 | $ | 495 | $ | 18,550 | $ | 2,883 |
(Dollars in thousands) | September 30, 2012 | December 31, 2011 | ||||||
Impaired loans | ||||||||
Nonaccrual loans | ||||||||
Commercial | $ | 4,563 | $ | 7,809 | ||||
Real estate-construction | 2,536 | 10,005 | ||||||
Real estate-commercial | 33,961 | 28,349 | ||||||
Real estate-residential | 5,563 | 5,692 | ||||||
Installment | 284 | 371 | ||||||
Home equity | 2,497 | 2,073 | ||||||
Nonaccrual loans | 49,404 | 54,299 | ||||||
Troubled debt restructurings | ||||||||
Accruing | 11,604 | 4,009 | ||||||
Nonaccrual | 13,017 | 18,071 | ||||||
Total troubled debt restructurings | 24,621 | 22,080 | ||||||
Total impaired loans | $ | 74,025 | $ | 76,379 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Interest income effect on impaired loans | |||||||||||||||
Gross amount of interest that would have been recorded under original terms | $ | 1,145 | $ | 1,390 | $ | 3,734 | $ | 4,103 | |||||||
Interest included in income | |||||||||||||||
Nonaccrual loans | 54 | 108 | 403 | 358 | |||||||||||
Troubled debt restructurings | 199 | 49 | 430 | 215 | |||||||||||
Total interest included in income | 253 | 157 | 833 | 573 | |||||||||||
Net impact on interest income | $ | 892 | $ | 1,233 | $ | 2,901 | $ | 3,530 |
As of September 30, 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | Current Balance | Contractual Principal Balance | Related Allowance | Average Current Balance | YTD Interest Income Recognized | Quarterly Interest Income Recognized | ||||||||||||||||||
Loans with no related allowance recorded | ||||||||||||||||||||||||
Commercial | $ | 6,344 | $ | 8,673 | $ | 0 | $ | 7,932 | $ | 116 | $ | 24 | ||||||||||||
Real estate - construction | 2,049 | 2,260 | 0 | 4,705 | 15 | 5 | ||||||||||||||||||
Real estate - commercial | 16,508 | 25,173 | 0 | 15,498 | 195 | 93 | ||||||||||||||||||
Real estate - residential | 8,486 | 9,925 | 0 | 8,274 | 52 | 17 | ||||||||||||||||||
Installment | 397 | 427 | 0 | 452 | 2 | 1 | ||||||||||||||||||
Home equity | 2,496 | 2,806 | 0 | 2,216 | 6 | 2 | ||||||||||||||||||
Loans with an allowance recorded | ||||||||||||||||||||||||
Commercial | 7,272 | 8,032 | 1,713 | 5,797 | 142 | 55 | ||||||||||||||||||
Real estate - construction | 1,652 | 2,168 | 853 | 5,882 | 71 | 12 | ||||||||||||||||||
Real estate - commercial | 26,710 | 28,807 | 8,816 | 25,870 | 204 | 34 | ||||||||||||||||||
Real estate - residential | 2,010 | 2,013 | 290 | 2,358 | 29 | 9 | ||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Home equity | 101 | 101 | 2 | 76 | 1 | 1 | ||||||||||||||||||
Total | ||||||||||||||||||||||||
Commercial | 13,616 | 16,705 | 1,713 | 13,729 | 258 | 79 | ||||||||||||||||||
Real estate - construction | 3,701 | 4,428 | 853 | 10,587 | 86 | 17 | ||||||||||||||||||
Real estate - commercial | 43,218 | 53,980 | 8,816 | 41,368 | 399 | 127 | ||||||||||||||||||
Real estate - residential | 10,496 | 11,938 | 290 | 10,632 | 81 | 26 | ||||||||||||||||||
Installment | 397 | 427 | 0 | 452 | 2 | 1 | ||||||||||||||||||
Home equity | 2,597 | 2,907 | 2 | 2,292 | 7 | 3 | ||||||||||||||||||
Total | $ | 74,025 | $ | 90,385 | $ | 11,674 | $ | 79,060 | $ | 833 | $ | 253 |
As of December 31, 2011 | ||||||||||||||||||||
(Dollars in thousands) | Current Balance | Contractual Principal Balance | Related Allowance | Average Current Balance | Interest Income Recognized | |||||||||||||||
Loans with no related allowance recorded | ||||||||||||||||||||
Commercial | $ | 6,351 | $ | 8,387 | $ | 0 | $ | 7,337 | $ | 62 | ||||||||||
Real estate - construction | 6,289 | 11,129 | 0 | 5,657 | 2 | |||||||||||||||
Real estate - commercial | 14,999 | 22,718 | 0 | 18,306 | 249 | |||||||||||||||
Real estate - residential | 8,639 | 9,580 | 0 | 6,848 | 66 | |||||||||||||||
Installment | 485 | 526 | 0 | 356 | 5 | |||||||||||||||
Home equity | 2,073 | 2,206 | 0 | 2,337 | 10 | |||||||||||||||
Loans with an allowance recorded | ||||||||||||||||||||
Commercial | 4,131 | 4,267 | 3,205 | 3,683 | 15 | |||||||||||||||
Real estate - construction | 11,098 | 13,905 | 2,578 | 13,731 | 92 | |||||||||||||||
Real estate - commercial | 19,521 | 26,357 | 6,441 | 15,484 | 225 | |||||||||||||||
Real estate - residential | 2,692 | 2,705 | 313 | 3,630 | 37 | |||||||||||||||
Installment | 0 | 0 | 0 | 15 | 1 | |||||||||||||||
Home Equity | 101 | 101 | 2 | 81 | 3 | |||||||||||||||
Total | ||||||||||||||||||||
Commercial | 10,482 | 12,654 | 3,205 | 11,020 | 77 | |||||||||||||||
Real estate - construction | 17,387 | 25,034 | 2,578 | 19,388 | 94 | |||||||||||||||
Real estate - commercial | 34,520 | 49,075 | 6,441 | 33,790 | 474 | |||||||||||||||
Real estate - residential | 11,331 | 12,285 | 313 | 10,478 | 103 | |||||||||||||||
Installment | 485 | 526 | 0 | 371 | 6 | |||||||||||||||
Home equity | 2,174 | 2,307 | 2 | 2,418 | 13 | |||||||||||||||
Total | $ | 76,379 | $ | 101,881 | $ | 12,539 | $ | 77,465 | $ | 767 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Balance at beginning of period | $ | 15,688 | $ | 16,313 | $ | 11,317 | $ | 17,907 | ||||||||
Additions | ||||||||||||||||
Commercial | 539 | 241 | 5,888 | 1,328 | ||||||||||||
Residential | 406 | 416 | 2,320 | 2,609 | ||||||||||||
Total additions | 945 | 657 | 8,208 | 3,937 | ||||||||||||
Disposals | ||||||||||||||||
Commercial | 1,209 | 3,605 | 2,221 | 3,909 | ||||||||||||
Residential | 413 | 1,293 | 1,025 | 2,345 | ||||||||||||
Total disposals | 1,622 | 4,898 | 3,246 | 6,254 | ||||||||||||
Write-downs | ||||||||||||||||
Commercial | 1,041 | 0 | 2,181 | 3,341 | ||||||||||||
Residential | 58 | 69 | 186 | 246 | ||||||||||||
Total write-downs | 1,099 | 69 | 2,367 | 3,587 | ||||||||||||
Balance at end of period | $ | 13,912 | $ | 12,003 | $ | 13,912 | $ | 12,003 |
September 30, 2012 | December 31, 2011 | |||||||||||||||||||||||
(Dollars in thousands) | Loans accounted for under FASB ASC Topic 310-30 | Loans excluded from FASB ASC Topic 310-30 (1) | Total purchased loans | Loans accounted for under FASB ASC Topic 310-30 | Loans Excluded From FASB ASC Topic 310-30 (1) | Total purchased loans | ||||||||||||||||||
Commercial | $ | 114,574 | $ | 7,171 | $ | 121,745 | $ | 182,625 | $ | 13,267 | $ | 195,892 | ||||||||||||
Real estate - construction | 12,898 | 0 | 12,898 | 17,120 | 0 | 17,120 | ||||||||||||||||||
Real estate - commercial | 504,453 | 7,867 | 512,320 | 627,257 | 9,787 | 637,044 | ||||||||||||||||||
Real estate - residential | 105,113 | 0 | 105,113 | 121,117 | 0 | 121,117 | ||||||||||||||||||
Installment | 9,108 | 784 | 9,892 | 12,123 | 1,053 | 13,176 | ||||||||||||||||||
Home equity | 2,679 | 57,823 | 60,502 | 4,146 | 60,832 | 64,978 | ||||||||||||||||||
Other covered loans | 0 | 3,045 | 3,045 | 0 | 3,917 | 3,917 | ||||||||||||||||||
Total covered loans | $ | 748,825 | $ | 76,690 | $ | 825,515 | $ | 964,388 | $ | 88,856 | $ | 1,053,244 |
Three Months Ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Balance at beginning of period (1) | $ | 283,296 | $ | 421,781 | $ | 344,410 | $ | 509,945 | ||||||||
Reclassification from nonaccretable difference | 2,338 | 17,311 | 25,780 | 50,517 | ||||||||||||
Accretion | (21,730 | ) | (31,168 | ) | (71,674 | ) | (97,447 | ) | ||||||||
Other net activity (2) | (11,749 | ) | (4,878 | ) | (46,361 | ) | (59,969 | ) | ||||||||
Balance at end of period | $ | 252,155 | $ | 403,046 | $ | 252,155 | $ | 403,046 |
As of September 30, 2012 | ||||||||||||||||
Real Estate | ||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||
Pass | $ | 60,033 | $ | 2,309 | $ | 249,139 | $ | 311,481 | ||||||||
Special Mention | 15,289 | 3,290 | 65,766 | 84,345 | ||||||||||||
Substandard | 43,628 | 7,299 | 197,234 | 248,161 | ||||||||||||
Doubtful | 2,795 | 0 | 181 | 2,976 | ||||||||||||
Total | $ | 121,745 | $ | 12,898 | $ | 512,320 | $ | 646,963 |
(Dollars in thousands) | Real estate residential | Installment | Home equity | Other | Total | |||||||||||||||
Performing | $ | 105,113 | $ | 9,892 | $ | 58,639 | $ | 3,039 | $ | 176,683 | ||||||||||
Nonperforming | 0 | 0 | 1,863 | 6 | 1,869 | |||||||||||||||
Total | $ | 105,113 | $ | 9,892 | $ | 60,502 | $ | 3,045 | $ | 178,552 |
December 31, 2011 | ||||||||||||||||
Real Estate | ||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||
Pass | $ | 113,201 | $ | 2,506 | $ | 340,889 | $ | 456,596 | ||||||||
Special Mention | 22,468 | 3,597 | 63,880 | 89,945 | ||||||||||||
Substandard | 52,103 | 11,017 | 230,870 | 293,990 | ||||||||||||
Doubtful | 8,120 | 0 | 1,405 | 9,525 | ||||||||||||
Total | $ | 195,892 | $ | 17,120 | $ | 637,044 | $ | 850,056 |
(Dollars in thousands) | Real estate residential | Installment | Home equity | Other | Total | |||||||||||||||
Performing | $ | 121,117 | $ | 13,176 | $ | 63,231 | $ | 3,899 | $ | 201,423 | ||||||||||
Nonperforming | 0 | 0 | 1,747 | 18 | 1,765 | |||||||||||||||
Total | $ | 121,117 | $ | 13,176 | $ | 64,978 | $ | 3,917 | $ | 203,188 |
As of September 30, 2012 | |||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 days past due | 60 - 89 days past due | > 90 days past due | Total past due | Current | Total | > 90 days past due and accruing | ||||||||||||||||||||
Loans | |||||||||||||||||||||||||||
Commercial | $ | 10 | $ | 316 | $ | 1,960 | $ | 2,286 | $ | 4,885 | $ | 7,171 | $ | 0 | |||||||||||||
Real estate - commercial | 0 | 0 | 941 | 941 | 6,926 | 7,867 | 0 | ||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 784 | 784 | 0 | ||||||||||||||||||||
Home equity | 332 | 1,135 | 1,855 | 3,322 | 54,501 | 57,823 | 0 | ||||||||||||||||||||
All other | 139 | 7 | 13 | 159 | 2,886 | 3,045 | 7 | ||||||||||||||||||||
Total | $ | 481 | $ | 1,458 | $ | 4,769 | $ | 6,708 | $ | 69,982 | $ | 76,690 | $ | 7 |
As of December 31, 2011 | |||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 days past due | 60 - 89 days past due | > 90 days past due | Total past due | Current | Total | > 90 days past due and accruing | ||||||||||||||||||||
Loans | |||||||||||||||||||||||||||
Commercial | $ | 73 | $ | 294 | $ | 6,490 | $ | 6,857 | $ | 6,410 | $ | 13,267 | $ | 0 | |||||||||||||
Real estate - commercial | 184 | 0 | 1,870 | 2,054 | 7,733 | 9,787 | 0 | ||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 1,053 | 1,053 | 0 | ||||||||||||||||||||
Home equity | 1,344 | 11 | 1,679 | 3,034 | 57,798 | 60,832 | 0 | ||||||||||||||||||||
All other | 10 | 6 | 125 | 141 | 3,776 | 3,917 | 107 | ||||||||||||||||||||
Total | $ | 1,611 | $ | 311 | $ | 10,164 | $ | 12,086 | $ | 76,770 | $ | 88,856 | $ | 107 |
(Dollars in thousands) | September 30, 2012 | December 31, 2011 | ||||||
Nonaccrual loans | ||||||||
Commercial | $ | 2,448 | $ | 7,203 | ||||
Real estate-commercial | 1,589 | 2,192 | ||||||
Home equity | 1,863 | 1,747 | ||||||
All other | 6 | 18 | ||||||
Total | $ | 5,906 | $ | 11,160 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest income effect on impaired loans | ||||||||||||||||
Gross amount of interest that would have been recorded under original terms | $ | 146 | $ | 268 | $ | 504 | $ | 769 | ||||||||
Interest included in income | 9 | 8 | 70 | 49 | ||||||||||||
Net impact on interest income | $ | 137 | $ | 260 | $ | 434 | $ | 720 |
As of September 30, 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | Current Balance | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | YTD Interest Income Recognized | Quarterly Interest Income Recognized | ||||||||||||||||||
Loans with no related allowance recorded: | ||||||||||||||||||||||||
Commercial | $ | 2,448 | $ | 4,731 | $ | 0 | $ | 4,533 | $ | 55 | $ | 4 | ||||||||||||
Real estate - commercial | 1,589 | 3,188 | 0 | 1,945 | 14 | 5 | ||||||||||||||||||
Home equity | 1,863 | 2,885 | 0 | 1,451 | 1 | 0 | ||||||||||||||||||
All other | 6 | 6 | 0 | 14 | 0 | 0 | ||||||||||||||||||
Total | $ | 5,906 | $ | 10,810 | $ | 0 | $ | 7,943 | $ | 70 | $ | 9 |
As of December 31, 2011 | ||||||||||||||||||||
(Dollars in thousands) | Current Balance | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||
Loans with no related allowance recorded: | ||||||||||||||||||||
Commercial | $ | 7,203 | $ | 10,152 | $ | 0 | $ | 9,873 | $ | 47 | ||||||||||
Real estate - commercial | 2,192 | 4,002 | 0 | 2,504 | 5 | |||||||||||||||
Installment | 1,747 | 2,878 | 0 | 1,559 | 6 | |||||||||||||||
Home equity | 18 | 18 | 0 | 9 | 0 | |||||||||||||||
Total | $ | 11,160 | $ | 17,050 | $ | 0 | $ | 13,945 | $ | 58 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Balance at beginning of period | $ | 25,408 | $ | 36,687 | $ | 44,818 | $ | 35,257 | ||||||||
Additions | ||||||||||||||||
Commercial | 8,578 | 16,699 | 13,677 | 38,431 | ||||||||||||
Residential | 737 | 490 | 3,423 | 2,315 | ||||||||||||
Total additions | 9,315 | 17,189 | 17,100 | 40,746 | ||||||||||||
Disposals | ||||||||||||||||
Commercial | 5,858 | 9,440 | 24,417 | 20,940 | ||||||||||||
Residential | 0 | 901 | 2,354 | 6,992 | ||||||||||||
Total disposals | 5,858 | 10,341 | 26,771 | 27,932 | ||||||||||||
Write-downs | ||||||||||||||||
Commercial | 249 | 614 | 5,665 | 4,138 | ||||||||||||
Residential | 0 | 83 | 866 | 1,095 | ||||||||||||
Total write-downs | 249 | 697 | 6,531 | 5,233 | ||||||||||||
Balance at end of period | $ | 28,616 | $ | 42,838 | $ | 28,616 | $ | 42,838 |
Three Months Ended | Nine months ended | |||||||||||||||||||||||||||
2012 | 2011 | September 30, | ||||||||||||||||||||||||||
(Dollars in thousands) | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Sep. 30, | 2012 | 2011 | |||||||||||||||||||||
Balance at beginning of period | $ | 50,952 | $ | 49,437 | $ | 52,576 | $ | 54,537 | $ | 53,671 | $ | 52,576 | $ | 57,235 | ||||||||||||||
Provision for loan losses | 3,613 | 8,364 | 3,258 | 5,164 | 7,643 | 15,235 | 14,046 | |||||||||||||||||||||
Loans charged off | (5,804 | ) | (7,138 | ) | (6,822 | ) | (7,791 | ) | (7,174 | ) | (19,764 | ) | (18,007 | ) | ||||||||||||||
Recoveries | 431 | 289 | 425 | 666 | 397 | 1,145 | 1,263 | |||||||||||||||||||||
Balance at end of period | $ | 49,192 | $ | 50,952 | $ | 49,437 | $ | 52,576 | $ | 54,537 | $ | 49,192 | $ | 54,537 | ||||||||||||||
Allowance for loan and lease losses to total ending loans | 1.60 | % | 1.69 | % | 1.67 | % | 1.77 | % | 1.86 | % | 1.60 | % | 1.86 | % |
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Residential | Installment | Home Equity | Other | Total | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 10,289 | $ | 4,424 | $ | 18,228 | $ | 4,994 | $ | 1,659 | $ | 10,751 | $ | 2,231 | $ | 52,576 | ||||||||||||||||
Provision for loan and lease losses | 1,645 | 2,322 | 15,324 | (360 | ) | (1,050 | ) | (3,934 | ) | 1,288 | 15,235 | |||||||||||||||||||||
Gross charge-offs | 3,655 | 2,684 | 8,791 | 1,360 | 310 | 1,939 | 1,025 | 19,764 | ||||||||||||||||||||||||
Recoveries | 322 | 0 | 219 | 70 | 270 | 83 | 181 | 1,145 | ||||||||||||||||||||||||
Total net charge-offs | 3,333 | 2,684 | 8,572 | 1,290 | 40 | 1,856 | 844 | 18,619 | ||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 8,601 | $ | 4,062 | $ | 24,980 | $ | 3,344 | $ | 569 | $ | 4,961 | $ | 2,675 | $ | 49,192 | ||||||||||||||||
Ending allowance on loans individually evaluated for impairment | $ | 1,713 | $ | 853 | $ | 8,816 | $ | 290 | $ | 0 | $ | 2 | $ | 0 | $ | 11,674 | ||||||||||||||||
Ending allowance on loans collectively evaluated for impairment | 6,888 | 3,209 | 16,164 | 3,054 | 569 | 4,959 | 2,675 | 37,518 | ||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 8,601 | $ | 4,062 | $ | 24,980 | $ | 3,344 | $ | 569 | $ | 4,961 | $ | 2,675 | $ | 49,192 | ||||||||||||||||
Loans, excluding covered loans | ||||||||||||||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | $ | 11,940 | $ | 3,701 | $ | 38,972 | $ | 2,664 | $ | 0 | $ | 101 | $ | 0 | $ | 57,378 | ||||||||||||||||
Ending balance of loans collectively evaluated for impairment | 822,918 | 88,196 | 1,299,664 | 296,990 | 59,191 | 368,775 | 72,947 | 3,008,681 | ||||||||||||||||||||||||
Total loans, excluding covered loans | $ | 834,858 | $ | 91,897 | $ | 1,338,636 | $ | 299,654 | $ | 59,191 | $ | 368,876 | $ | 72,947 | $ | 3,066,059 |
Twelve Months Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Residential | Installment | Home Equity | Other | Total | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 10,138 | $ | 8,326 | $ | 14,917 | $ | 8,907 | $ | 1,981 | $ | 10,939 | $ | 2,027 | $ | 57,235 | ||||||||||||||||
Provision for loan and lease losses | 2,825 | 2,345 | 13,384 | (2,407 | ) | (159 | ) | 1,878 | 1,344 | 19,210 | ||||||||||||||||||||||
Gross charge-offs | 3,436 | 6,279 | 10,382 | 1,551 | 526 | 2,183 | 1,441 | 25,798 | ||||||||||||||||||||||||
Recoveries | 762 | 32 | 309 | 45 | 363 | 117 | 301 | 1,929 | ||||||||||||||||||||||||
Total net charge-offs | 2,674 | 6,247 | 10,073 | 1,506 | 163 | 2,066 | 1,140 | 23,869 | ||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,289 | $ | 4,424 | $ | 18,228 | $ | 4,994 | $ | 1,659 | $ | 10,751 | $ | 2,231 | $ | 52,576 | ||||||||||||||||
Ending allowance on loans individually evaluated for impairment | $ | 3,205 | $ | 2,578 | $ | 6,441 | $ | 313 | $ | 0 | $ | 2 | $ | 0 | $ | 12,539 | ||||||||||||||||
Ending allowance on loans collectively evaluated for impairment | 7,084 | 1,846 | 11,787 | 4,681 | 1,659 | 10,749 | 2,231 | 40,037 | ||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,289 | $ | 4,424 | $ | 18,228 | $ | 4,994 | $ | 1,659 | $ | 10,751 | $ | 2,231 | $ | 52,576 | ||||||||||||||||
Loans, excluding covered loans | ||||||||||||||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | $ | 8,351 | $ | 17,387 | $ | 30,708 | $ | 3,730 | $ | 0 | $ | 101 | $ | 0 | $ | 60,277 | ||||||||||||||||
Ending balance of loans collectively evaluated for impairment | 848,630 | 97,587 | 1,202,359 | 284,250 | 67,543 | 358,859 | 48,942 | 2,908,170 | ||||||||||||||||||||||||
Total loans, excluding covered loans | $ | 856,981 | $ | 114,974 | $ | 1,233,067 | $ | 287,980 | $ | 67,543 | $ | 358,960 | $ | 48,942 | $ | 2,968,447 |
September 30, 2012 | ||||||||||||||||||||
Real Estate | ||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Installment | Total | |||||||||||||||
Ending allowance on loans acquired with deteriorated credit quality (ASC 310-30) | $ | 19,268 | $ | 25,919 | $ | 3,079 | $ | 629 | $ | 48,895 | ||||||||||
Ending allowance on acquired loans outside the scope of ASC 310-30 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Ending allowance on covered loans | $ | 19,268 | $ | 25,919 | $ | 3,079 | $ | 629 | $ | 48,895 |
December 31, 2011 | ||||||||||||||||||||
Real Estate | ||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Installment | Total | |||||||||||||||
Ending allowance on loans acquired with deteriorated credit quality (ASC 310-30) | $ | 19,160 | $ | 21,930 | $ | 1,396 | $ | 349 | $ | 42,835 | ||||||||||
Ending allowance on acquired loans outside the scope of ASC 310-30 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Ending allowance on covered loans | $ | 19,160 | $ | 21,930 | $ | 1,396 | $ | 349 | $ | 42,835 |
Three Months Ended | Nine months ended | |||||||||||||||||||||||||||
2012 | 2011 | September 30, | ||||||||||||||||||||||||||
(Dollars in thousands) | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Sep. 30, | 2012 | 2011 | |||||||||||||||||||||
Balance at beginning of period | $ | 48,327 | $ | 46,156 | $ | 42,835 | $ | 48,112 | $ | 51,044 | $ | 42,835 | $ | 16,493 | ||||||||||||||
Provision for loan and lease losses | 6,622 | 6,047 | 12,951 | 6,910 | 7,260 | 25,620 | 57,171 | |||||||||||||||||||||
Loans charged-off | (9,058 | ) | (5,163 | ) | (10,118 | ) | (13,513 | ) | (10,609 | ) | (24,339 | ) | (32,091 | ) | ||||||||||||||
Recoveries | 3,004 | 1,287 | 488 | 1,326 | 417 | 4,779 | 6,539 | |||||||||||||||||||||
Balance at end of period | $ | 48,895 | $ | 48,327 | $ | 46,156 | $ | 42,835 | $ | 48,112 | $ | 48,895 | $ | 48,112 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Service cost | $ | 894 | $ | 825 | $ | 2,559 | $ | 2,475 | ||||||||
Interest cost | 606 | 675 | 1,986 | 2,025 | ||||||||||||
Expected return on assets | (2,281 | ) | (2,237 | ) | (6,751 | ) | (6,787 | ) | ||||||||
Amortization of prior service cost | (106 | ) | (100 | ) | (316 | ) | (300 | ) | ||||||||
Net actuarial loss | 780 | 525 | 2,130 | 1,575 | ||||||||||||
Net periodic benefit income | $ | (107 | ) | $ | (312 | ) | $ | (392 | ) | $ | (1,012 | ) |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Net actuarial loss | $ | 780 | $ | 525 | $ | 2,130 | $ | 1,575 | ||||||||
Amortization of prior service cost | (106 | ) | (100 | ) | (316 | ) | (300 | ) | ||||||||
Deferred tax liabilities | (255 | ) | (160 | ) | (685 | ) | (481 | ) | ||||||||
Net amount recognized in accumulated other comprehensive income (loss) | $ | 419 | $ | 265 | $ | 1,129 | $ | 794 |
Carrying | Estimated Fair Value | ||||||||||||||
(Dollars in thousands) | value | Total | Level 1 | Level 2 | Level 3 | ||||||||||
September 30, 2012 | |||||||||||||||
Financial assets | |||||||||||||||
Cash and short-term investments | $ | 175,676 | $ | 175,676 | $ | 175,676 | $ | 0 | $ | 0 | |||||
Investment securities held-to-maturity | 822,319 | 830,540 | 0 | 830,540 | 0 | ||||||||||
Other investments | 71,492 | 71,492 | 0 | 71,492 | 0 | ||||||||||
Loans held for sale | 23,530 | 23,530 | 0 | 23,530 | 0 | ||||||||||
Loans, excluding covered loans | 3,016,867 | 3,020,686 | 0 | 0 | 3,020,686 | ||||||||||
Covered loans | 776,620 | 790,207 | 0 | 0 | 790,207 | ||||||||||
FDIC indemnification asset | 130,476 | 116,051 | 0 | 0 | 116,051 | ||||||||||
Financial liabilities | |||||||||||||||
Deposits | |||||||||||||||
Noninterest-bearing | $ | 1,063,654 | $ | 1,063,654 | $ | 0 | $ | 1,063,654 | $ | 0 | |||||
Interest-bearing demand | 1,112,843 | 1,112,843 | 0 | 1,112,843 | 0 | ||||||||||
Savings | 1,568,818 | 1,568,818 | 0 | 1,568,818 | 0 | ||||||||||
Time | 1,199,296 | 1,206,006 | 0 | 1,206,006 | 0 | ||||||||||
Total deposits | 4,944,611 | 4,951,321 | 0 | 4,951,321 | 0 | ||||||||||
Short-term borrowings | 371,190 | 371,190 | 371,190 | 0 | 0 | ||||||||||
Long-term debt | 75,521 | 79,921 | 0 | 79,921 | 0 | ||||||||||
Carrying | Estimated Fair Value | ||||||||||||||
(Dollars in thousands) | value | Total | Level 1 | Level 2 | Level 3 | ||||||||||
December 31, 2011 | |||||||||||||||
Financial assets | |||||||||||||||
Cash and short-term investments | $ | 525,051 | $ | 525,051 | $ | 525,051 | $ | 0 | $ | 0 | |||||
Investment securities held-to-maturity | 2,664 | 2,893 | 0 | 2,893 | 0 | ||||||||||
Other investments | 71,492 | 71,492 | 0 | 71,492 | 0 | ||||||||||
Loans held for sale | 24,834 | 24,834 | 0 | 24,834 | 0 | ||||||||||
Loans, excluding covered loans | 2,915,871 | 2,910,825 | 0 | 0 | 2,910,825 | ||||||||||
Covered loans | 1,010,409 | 1,042,752 | 0 | 0 | 1,042,752 | ||||||||||
FDIC indemnification asset | 173,009 | 151,114 | 0 | 0 | 151,114 | ||||||||||
Financial liabilities | |||||||||||||||
Deposits | |||||||||||||||
Noninterest-bearing | $ | 946,180 | $ | 946,180 | $ | 0 | $ | 946,180 | $ | 0 | |||||
Interest-bearing demand | 1,317,339 | 1,317,339 | 0 | 1,317,339 | 0 | ||||||||||
Savings | 1,724,659 | 1,724,659 | 0 | 1,724,659 | 0 | ||||||||||
Time | 1,654,662 | 1,664,457 | 0 | 1,664,457 | 0 | ||||||||||
Total deposits | 5,642,840 | 5,652,635 | 0 | 5,652,635 | 0 | ||||||||||
Short-term borrowings | 99,431 | 99,431 | 99,431 | 0 | 0 | ||||||||||
Long-term debt | 76,544 | 81,168 | 0 | 81,168 | 0 |
Fair Value Measurements Using | ||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Netting Adjustments (1) | Assets/Liabilities at Fair Value | |||||||||||||||
Assets | ||||||||||||||||||||
Derivatives | $ | 0 | $ | 26,198 | $ | 0 | $ | (26,198 | ) | $ | 0 | |||||||||
Available-for-sale investment securities | 134 | 689,546 | 0 | 0 | 689,680 | |||||||||||||||
Total | $ | 134 | $ | 715,744 | $ | 0 | $ | (26,198 | ) | $ | 689,680 | |||||||||
Liabilities | ||||||||||||||||||||
Derivatives | $ | 0 | $ | 29,316 | $ | 0 | $ | (26,198 | ) | $ | 3,118 |
Fair Value Measurements Using | ||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Impaired loans (1) | $ | 0 | $ | 0 | $ | 24,260 | ||||||
OREO | 0 | 0 | 8,694 | |||||||||
Covered OREO | 0 | 0 | 15,167 |
Nine months ended | Balances net of tax | |||||||||||||||
September 30, 2012 | as of | |||||||||||||||
(Dollars in thousands) | Pre-tax | Tax-effect | Net of tax | September 30, 2012 | ||||||||||||
Unrealized gains on investment securities | $ | 2,671 | $ | (1,009 | ) | $ | 1,662 | $ | 14,331 | |||||||
Unrealized loss on derivatives | (292 | ) | 110 | (182 | ) | (182 | ) | |||||||||
Retirement obligation | 1,814 | (685 | ) | 1,129 | (33,007 | ) | ||||||||||
Foreign currency translation | 26 | 0 | 26 | 3 | ||||||||||||
Total | $ | 4,219 | $ | (1,584 | ) | $ | 2,635 | $ | (18,855 | ) |
Nine months ended | Balances net of tax | |||||||||||||||
September 30, 2011 | as of | |||||||||||||||
(Dollars in thousands) | Pre-tax | Tax-effect | Net of tax | September 30, 2011 | ||||||||||||
Unrealized gains on investment securities | $ | 12,966 | $ | (4,896 | ) | $ | 8,070 | $ | 17,134 | |||||||
Unrealized gain on derivatives | 628 | (237 | ) | 391 | 0 | |||||||||||
Retirement obligation | 1,275 | (481 | ) | 794 | (20,488 | ) | ||||||||||
Foreign currency translation | (599 | ) | 0 | (599 | ) | (34 | ) | |||||||||
Total | $ | 14,270 | $ | (5,614 | ) | $ | 8,656 | $ | (3,388 | ) |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(Dollars in thousands, except per share data) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Numerator for basic and diluted earnings per share -income available to common shareholders: | ||||||||||||||||
Net income | $ | 16,242 | $ | 15,618 | $ | 51,038 | $ | 48,798 | ||||||||
Dividends on preferred stock | 0 | 0 | 0 | 0 | ||||||||||||
Income available to common shareholders | $ | 16,242 | $ | 15,618 | $ | 51,038 | $ | 48,798 | ||||||||
Denominator for basic earnings per share - weighted average shares | 57,976,943 | 57,735,811 | 57,902,102 | 57,674,250 | ||||||||||||
Effect of dilutive securities — | ||||||||||||||||
Employee stock awards | 842,833 | 841,604 | 905,210 | 930,461 | ||||||||||||
Warrants | 120,403 | 76,684 | 123,258 | 95,241 | ||||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares | 58,940,179 | 58,654,099 | 58,930,570 | 58,699,952 | ||||||||||||
Earnings per share available to common shareholders | ||||||||||||||||
Basic | $ | 0.28 | $ | 0.27 | $ | 0.88 | $ | 0.85 | ||||||||
Diluted | $ | 0.28 | $ | 0.27 | $ | 0.87 | $ | 0.83 |
Three Months Ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(Dollars in thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Net interest income | $ | 59,846 | $ | 65,218 | $ | 191,365 | $ | 198,420 | |||||||
Tax equivalent adjustment | 255 | 236 | 689 | 714 | |||||||||||
Net interest income - tax equivalent | $ | 60,101 | $ | 65,454 | $ | 192,054 | $ | 199,134 | |||||||
Average earning assets | $ | 5,658,059 | $ | 5,687,036 | $ | 5,806,615 | $ | 5,730,642 | |||||||
Net interest margin * | 4.21 | % | 4.55 | % | 4.40 | % | 4.63 | % | |||||||
Net interest margin (fully tax equivalent) * | 4.23 | % | 4.57 | % | 4.42 | % | 4.65 | % |
September 30, 2012 | June 30, 2012 | September 30, 2011 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||
Interest-bearing deposits with other banks | $ | 11,390 | $ | 13 | 0.45 | % | $ | 4,454 | $ | 2 | 0.18 | % | $ | 306,969 | $ | 208 | 0.27 | % | |||||||||||||||
Investment securities | 1,606,313 | 8,469 | 2.09 | % | 1,713,503 | 10,500 | 2.46 | % | 1,199,473 | 7,587 | 2.51 | % | |||||||||||||||||||||
Gross loans including covered loans and indemnification asset (1) | 4,040,356 | 57,823 | 5.68 | % | 4,095,310 | 61,421 | 6.02 | % | 4,180,594 | 68,157 | 6.47 | % | |||||||||||||||||||||
Total earning assets | 5,658,059 | 66,305 | 4.65 | % | 5,813,267 | 71,923 | 4.96 | % | 5,687,036 | 75,952 | 5.30 | % | |||||||||||||||||||||
Nonearning assets | |||||||||||||||||||||||||||||||||
Cash and due from banks | 118,642 | 121,114 | 110,336 | ||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (102,636 | ) | (98,317 | ) | (107,101 | ) | |||||||||||||||||||||||||||
Premises and equipment | 145,214 | 143,261 | 116,070 | ||||||||||||||||||||||||||||||
Other assets | 347,388 | 355,648 | 330,474 | ||||||||||||||||||||||||||||||
Total assets | $ | 6,166,667 | $ | 6,334,973 | $ | 6,136,815 | |||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||
Interest-bearing | $ | 1,164,111 | $ | 384 | 0.13 | % | $ | 1,192,868 | 316 | 0.11 | % | $ | 1,153,178 | 690 | 0.24 | % | |||||||||||||||||
Savings | 1,588,708 | 476 | 0.12 | % | 1,610,411 | 464 | 0.12 | % | 1,659,152 | 1,412 | 0.34 | % | |||||||||||||||||||||
Time | 1,260,329 | 4,870 | 1.53 | % | 1,406,800 | 5,601 | 1.60 | % | 1,554,497 | 7,721 | 1.97 | % | |||||||||||||||||||||
Short-term borrowings | 181,905 | 54 | 0.12 | % | 159,681 | 37 | 0.09 | % | 100,990 | 44 | 0.17 | % | |||||||||||||||||||||
Long-term borrowings | 75,435 | 675 | 3.55 | % | 75,314 | 675 | 3.59 | % | 94,150 | 867 | 3.65 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 4,270,488 | 6,459 | 0.60 | % | 4,445,074 | 7,093 | 0.64 | % | 4,561,967 | 10,734 | 0.93 | % | |||||||||||||||||||||
Noninterest-bearing liabilities and shareholders' equity | |||||||||||||||||||||||||||||||||
Noninterest-bearing demand | 1,052,421 | 1,044,405 | 735,621 | ||||||||||||||||||||||||||||||
Other liabilities | 126,961 | 128,383 | 113,418 | ||||||||||||||||||||||||||||||
Shareholders' equity | 716,797 | 717,111 | 725,809 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,166,667 | $ | 6,334,973 | $ | 6,136,815 | |||||||||||||||||||||||||||
Net interest income | $ | 59,846 | $ | 64,830 | $ | 65,218 | |||||||||||||||||||||||||||
Net interest spread | 4.05 | % | 4.32 | % | 4.37 | % | |||||||||||||||||||||||||||
Contribution of noninterest-bearing sources of funds | 0.16 | % | 0.17 | % | 0.18 | % | |||||||||||||||||||||||||||
Net interest margin (2) | 4.21 | % | 4.49 | % | 4.55 | % |
(1) | Nonaccrual loans and loans held for sale are included in average balances. |
(2) | Because noninterest-bearing funding sources, demand deposits, other liabilities and shareholders' equity also support earning assets, the net interest margin exceeds the interest spread. |
Changes for the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Linked Qtr. Income Variance | Comparable Qtr. Income Variance | |||||||||||||||||||||||
(Dollars in thousands) | Rate | Volume | Total | Rate | Volume | Total | ||||||||||||||||||
Earning assets | ||||||||||||||||||||||||
Investment securities | $ | (1,564 | ) | $ | (467 | ) | $ | (2,031 | ) | $ | (1,263 | ) | $ | 2,145 | $ | 882 | ||||||||
Other earning assets | 3 | 8 | 11 | 142 | (337 | ) | (195 | ) | ||||||||||||||||
Gross loans (1) | (3,449 | ) | (149 | ) | (3,598 | ) | (8,327 | ) | (2,007 | ) | (10,334 | ) | ||||||||||||
Total earning assets | (5,010 | ) | (608 | ) | (5,618 | ) | (9,448 | ) | (199 | ) | (9,647 | ) | ||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||
Total interest-bearing deposits | $ | (435 | ) | $ | (216 | ) | $ | (651 | ) | $ | (3,588 | ) | $ | (505 | ) | $ | (4,093 | ) | ||||||
Borrowed funds | ||||||||||||||||||||||||
Short-term borrowings | 10 | 7 | 17 | (14 | ) | 24 | 10 | |||||||||||||||||
Federal Home Loan Bank long-term debt | (8 | ) | 8 | 0 | (25 | ) | (167 | ) | (192 | ) | ||||||||||||||
Other long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total borrowed funds | 2 | 15 | 17 | (39 | ) | (143 | ) | (182 | ) | |||||||||||||||
Total interest-bearing liabilities | (433 | ) | (201 | ) | (634 | ) | (3,627 | ) | (648 | ) | (4,275 | ) | ||||||||||||
Net interest income | $ | (4,577 | ) | $ | (407 | ) | $ | (4,984 | ) | $ | (5,821 | ) | $ | 449 | $ | (5,372 | ) |
Changes for the Nine Months Ended September 30, 2012 | ||||||||||||
Year-to-Date Income Variance | ||||||||||||
(Dollars in thousands) | Rate | Volume | Total | |||||||||
Earning assets | ||||||||||||
Investment securities | $ | (2,008 | ) | $ | 9,768 | $ | 7,760 | |||||
Other earning assets | (114 | ) | (600 | ) | (714 | ) | ||||||
Gross loans (1) | (18,625 | ) | (8,928 | ) | (27,553 | ) | ||||||
Total earning assets | (20,747 | ) | 240 | (20,507 | ) | |||||||
Interest-bearing liabilities | ||||||||||||
Total interest-bearing deposits | $ | (11,489 | ) | $ | (674 | ) | $ | (12,163 | ) | |||
Borrowed funds | ||||||||||||
Short-term borrowings | (69 | ) | 34 | (35 | ) | |||||||
Federal Home Loan Bank long-term debt | (61 | ) | (802 | ) | (863 | ) | ||||||
Other long-term debt | 0 | (391 | ) | (391 | ) | |||||||
Total borrowed funds | (130 | ) | (1,159 | ) | (1,289 | ) | ||||||
Total interest-bearing liabilities | (11,619 | ) | (1,833 | ) | (13,452 | ) | ||||||
Net interest income | $ | (9,128 | ) | $ | 2,073 | $ | (7,055 | ) |
Three months ended | Nine months ended | ||||||||||||||||||||||||||
2012 | 2011 | September 30, | |||||||||||||||||||||||||
(Dollars in thousands) | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Sep. 30, | 2012 | 2011 | ||||||||||||||||||||
Allowance for loan and lease loss activity | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 50,952 | $ | 49,437 | $ | 52,576 | $ | 54,537 | $ | 53,671 | $ | 52,576 | $ | 57,235 | |||||||||||||
Provision for loan losses | 3,613 | 8,364 | 3,258 | 5,164 | 7,643 | 15,235 | 14,046 | ||||||||||||||||||||
Gross charge-offs | |||||||||||||||||||||||||||
Commercial | 1,340 | 1,129 | 1,186 | 1,742 | 879 | 3,655 | 1,694 | ||||||||||||||||||||
Real estate-construction | 180 | 717 | 1,787 | 2,105 | 1,771 | 2,684 | 4,174 | ||||||||||||||||||||
Real estate-commercial | 2,736 | 3,811 | 2,244 | 2,505 | 2,997 | 8,791 | 7,877 | ||||||||||||||||||||
Real estate-residential | 565 | 191 | 604 | 473 | 564 | 1,360 | 1,078 | ||||||||||||||||||||
Installment | 134 | 116 | 60 | 115 | 162 | 310 | 411 | ||||||||||||||||||||
Home equity | 380 | 915 | 644 | 488 | 510 | 1,939 | 1,695 | ||||||||||||||||||||
All other | 469 | 259 | 297 | 363 | 291 | 1,025 | 1,078 | ||||||||||||||||||||
Total gross charge-offs | 5,804 | 7,138 | 6,822 | 7,791 | 7,174 | 19,764 | 18,007 | ||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||
Commercial | 202 | 48 | 72 | 348 | 92 | 322 | 414 | ||||||||||||||||||||
Real estate-construction | 0 | 0 | 0 | 5 | 0 | 0 | 27 | ||||||||||||||||||||
Real estate-commercial | 38 | 68 | 113 | 68 | 168 | 219 | 241 | ||||||||||||||||||||
Real estate-residential | 33 | 9 | 28 | 3 | 4 | 70 | 42 | ||||||||||||||||||||
Installment | 72 | 75 | 123 | 96 | 87 | 270 | 267 | ||||||||||||||||||||
Home equity | 31 | 28 | 24 | 71 | 9 | 83 | 46 | ||||||||||||||||||||
All other | 55 | 61 | 65 | 75 | 37 | 181 | 226 | ||||||||||||||||||||
Total recoveries | 431 | 289 | 425 | 666 | 397 | 1,145 | 1,263 | ||||||||||||||||||||
Total net charge-offs | 5,373 | 6,849 | 6,397 | 7,125 | 6,777 | 18,619 | 16,744 | ||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 49,192 | $ | 50,952 | $ | 49,437 | $ | 52,576 | $ | 54,537 | $ | 49,192 | $ | 54,537 | |||||||||||||
Net charge-offs to average loans and leases (annualized) | |||||||||||||||||||||||||||
Commercial | 0.56 | % | 0.53 | % | 0.53 | % | 0.65 | % | 0.39 | % | 0.54 | % | 0.21 | % | |||||||||||||
Real estate-construction | 0.78 | % | 2.91 | % | 6.36 | % | 6.13 | % | 4.96 | % | 3.54 | % | 3.79 | % | |||||||||||||
Real estate-commercial | 0.81 | % | 1.18 | % | 0.69 | % | 0.80 | % | 0.98 | % | 0.89 | % | 0.90 | % | |||||||||||||
Real estate-residential | 0.72 | % | 0.25 | % | 0.81 | % | 0.64 | % | 0.86 | % | 0.59 | % | 0.53 | % | |||||||||||||
Installment | 0.41 | % | 0.26 | % | (0.39 | )% | 0.11 | % | 0.47 | % | 0.08 | % | 0.29 | % | |||||||||||||
Home equity | 0.38 | % | 0.99 | % | 0.70 | % | 0.46 | % | 0.57 | % | 0.69 | % | 0.64 | % | |||||||||||||
All other | 2.51 | % | 1.46 | % | 1.88 | % | 2.47 | % | 2.46 | % | 1.99 | % | 3.03 | % | |||||||||||||
Total net charge-offs | 0.71 | % | 0.93 | % | 0.87 | % | 0.95 | % | 0.96 | % | 0.83 | % | 0.80 | % |
Three months ended | Nine months ended | |||||||||||||||||||||||||||
2012 | 2011 | September 30, | ||||||||||||||||||||||||||
(Dollars in thousands) | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Sep. 30, | 2012 | 2011 | |||||||||||||||||||||
Balance at beginning of period | $ | 48,327 | $ | 46,156 | $ | 42,835 | $ | 48,112 | $ | 51,044 | $ | 42,835 | $ | 16,493 | ||||||||||||||
Provision for loan and lease losses | 6,622 | 6,047 | 12,951 | 6,910 | 7,260 | 25,620 | 57,171 | |||||||||||||||||||||
Loans charged-off | (9,058 | ) | (5,163 | ) | (10,118 | ) | (13,513 | ) | (10,609 | ) | (24,339 | ) | (32,091 | ) | ||||||||||||||
Recoveries | 3,004 | 1,287 | 488 | 1,326 | 417 | 4,779 | 6,539 | |||||||||||||||||||||
Ending allowance for covered loan losses | $ | 48,895 | $ | 48,327 | $ | 46,156 | $ | 42,835 | $ | 48,112 | $ | 48,895 | $ | 48,112 |
Quarter ended | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||
(Dollars in thousands) | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Sep. 30, | |||||||||||||||
Nonperforming loans, nonperforming assets, and underperforming assets | ||||||||||||||||||||
Nonaccrual loans | ||||||||||||||||||||
Commercial | $ | 4,563 | $ | 12,065 | $ | 5,936 | $ | 7,809 | $ | 10,792 | ||||||||||
Real estate - construction | 2,536 | 7,243 | 7,005 | 10,005 | 13,844 | |||||||||||||||
Real estate - commercial | 33,961 | 36,116 | 35,581 | 28,349 | 26,408 | |||||||||||||||
Real estate - residential | 5,563 | 5,069 | 5,131 | 5,692 | 5,507 | |||||||||||||||
Installment | 284 | 319 | 377 | 371 | 322 | |||||||||||||||
Home equity | 2,497 | 2,281 | 1,915 | 2,073 | 2,277 | |||||||||||||||
Nonaccrual loans | 49,404 | 63,093 | 55,945 | 54,299 | 59,150 | |||||||||||||||
Troubled debt restructurings (TDRs) | ||||||||||||||||||||
Accruing | 11,604 | 9,909 | 9,495 | 4,009 | 4,712 | |||||||||||||||
Nonaccrual | 13,017 | 10,185 | 17,205 | 18,071 | 12,571 | |||||||||||||||
Total TDRs | 24,621 | 20,094 | 26,700 | 22,080 | 17,283 | |||||||||||||||
Total nonperforming loans | 74,025 | 83,187 | 82,645 | 76,379 | 76,433 | |||||||||||||||
Other real estate owned (OREO) | 13,912 | 15,688 | 15,036 | 11,317 | 12,003 | |||||||||||||||
Total nonperforming assets | 87,937 | 98,875 | 97,681 | 87,696 | 88,436 | |||||||||||||||
Accruing loans past due 90 days or more | 108 | 143 | 203 | 191 | 235 | |||||||||||||||
Total underperforming assets | $ | 88,045 | $ | 99,018 | $ | 97,884 | $ | 87,887 | $ | 88,671 | ||||||||||
Total classified assets | $ | 133,382 | $ | 145,621 | $ | 154,684 | $ | 162,372 | $ | 172,581 | ||||||||||
Credit quality ratios (excluding covered assets) | ||||||||||||||||||||
Allowance for loan and lease losses to | ||||||||||||||||||||
Nonaccrual loans | 99.57 | % | 80.76 | % | 88.37 | % | 96.83 | % | 92.20 | % | ||||||||||
Nonaccrual loans plus nonaccrual TDRs | 78.81 | % | 69.53 | % | 67.58 | % | 72.65 | % | 76.04 | % | ||||||||||
Nonperforming loans | 66.45 | % | 61.25 | % | 59.82 | % | 68.84 | % | 71.35 | % | ||||||||||
Total ending loans | 1.60 | % | 1.69 | % | 1.67 | % | 1.77 | % | 1.86 | % | ||||||||||
Nonperforming loans to total loans | 2.41 | % | 2.76 | % | 2.79 | % | 2.57 | % | 2.60 | % | ||||||||||
Nonperforming assets to | ||||||||||||||||||||
Ending loans, plus OREO | 2.86 | % | 3.27 | % | 3.28 | % | 2.94 | % | 3.00 | % | ||||||||||
Total assets, including covered assets | 1.41 | % | 1.57 | % | 1.52 | % | 1.31 | % | 1.40 | % | ||||||||||
Nonperforming assets, excluding accruing TDRs to | ||||||||||||||||||||
Ending loans, plus OREO | 2.48 | % | 2.94 | % | 2.96 | % | 2.81 | % | 2.84 | % | ||||||||||
Total assets, including covered assets | 1.22 | % | 1.42 | % | 1.37 | % | 1.25 | % | 1.32 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
September 30, 2012 | |||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||
Consolidated | $ | 690,312 | 18.21 | % | $ | 303,197 | 8.00 | % | N/A | N/A | |||||||||||
First Financial Bank | 583,930 | 15.45 | % | 302,320 | 8.00 | % | $ | 377,899 | 10.00 | % | |||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||
Consolidated | 641,828 | 16.93 | % | 151,598 | 4.00 | % | N/A | N/A | |||||||||||||
First Financial Bank | 528,412 | 13.98 | % | 151,160 | 4.00 | % | 226,740 | 6.00 | % | ||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||
Consolidated | 641,828 | 10.54 | % | 244,267 | 4.00 | % | N/A | N/A | |||||||||||||
First Financial Bank | 528,412 | 8.69 | % | 243,229 | 4.00 | % | 304,037 | 5.00 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
December 31, 2011 | |||||||||||||||||||||
Total capital to risk-weighted assets | |||||||||||||||||||||
Consolidated | $ | 683,255 | 18.74 | % | $ | 291,632 | 8.00 | % | N/A | N/A | |||||||||||
First Financial Bank | 578,042 | 15.89 | % | 290,992 | 8.00 | % | $ | 363,740 | 10.00 | % | |||||||||||
Tier 1 capital to risk-weighted assets | |||||||||||||||||||||
Consolidated | 636,836 | 17.47 | % | 145,816 | 4.00 | % | N/A | N/A | |||||||||||||
First Financial Bank | 524,363 | 14.42 | % | 145,496 | 4.00 | % | 218,244 | 6.00 | % | ||||||||||||
Tier 1 capital to average assets | |||||||||||||||||||||
Consolidated | 636,836 | 9.87 | % | 258,122 | 4.00 | % | N/A | N/A | |||||||||||||
First Financial Bank | 524,363 | 8.13 | % | 258,035 | 4.00 | % | 322,543 | 5.00 | % |
▪ | management's ability to effectively execute its business plan; |
▪ | the risk that the strength of the United States economy in general and the strength of the local economies in which we conduct operations may continue to deteriorate resulting in, among other things, a further deterioration in credit quality or a reduced demand for credit, including the resultant effect on our loan portfolio, allowance for loan and lease losses and overall financial performance; |
▪ | U.S. fiscal debt and budget matters; |
▪ | the ability of financial institutions to access sources of liquidity at a reasonable cost; |
▪ | the impact of recent upheaval in the financial markets and the effectiveness of domestic and international |
▪ | the effect of and changes in policies and laws or regulatory agencies (notably the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act); |
▪ | the effect of the current low interest rate environment or changes in interest rates on our net interest margin and our loan originations and securities holdings; |
▪ | our ability to keep up with technological changes; |
▪ | failure or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers; |
▪ | our ability to comply with the terms of loss sharing agreements with the FDIC; |
▪ | mergers and acquisitions, including costs or difficulties related to the integration of acquired companies and the wind-down of non-strategic operations that may be greater than expected, such as the risks and uncertainties associated with the Irwin Mortgage Corporation bankruptcy proceedings and other acquired subsidiaries; |
▪ | the risk that exploring merger and acquisition opportunities may detract from management's time and ability to successfully manage our Company; |
▪ | expected cost savings in connection with the consolidation of recent acquisitions may not be fully realized or realized within the expected time frames, and deposit attrition, customer loss and revenue loss following completed acquisitions may be greater than expected; |
▪ | our ability to increase market share and control expenses; |
▪ | the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as the Financial Accounting Standards Board and the SEC; |
▪ | adverse changes in the securities, debt and/or derivatives markets; |
▪ | our success in recruiting and retaining the necessary personnel to support business growth and expansion and maintain sufficient expertise to support increasingly complex products and services; |
▪ | monetary and fiscal policies of the Board of Governors of the Federal Reserve System (Federal Reserve) and the U.S. government and other governmental initiatives affecting the financial services industry; |
▪ | our ability to manage loan delinquency and charge-off rates and changes in estimation of the adequacy of the allowance for loan and lease losses; and |
▪ | the costs and effects of litigation and of unexpected or adverse outcomes in such litigation. |
% Change from Base Case for Immediate Parallel Changes in Rates | ||||||||
-100 BP (1) | +100 BP | +200 BP | ||||||
NII-Year 1 | (6.88 | )% | (0.52 | )% | 0.60 | % | ||
NII-Year 2 | (8.89 | )% | 3.45 | % | 6.31 | % | ||
EVE * | (18.46 | )% | 3.80 | % | 11.15 | % |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
(c) | The following table shows the total number of shares repurchased in the third quarter of 2012. |
(a) | (b) | (c) | (d) | ||||||||||
Period | Total Number Of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans (2) | Maximum Number of Shares that may yet be purchased Under the Plans | |||||||||
July 1 to July 31, 2012 | |||||||||||||
Share repurchase program | 0 | $ | 0.00 | 0 | 4,969,105 | ||||||||
Director Fee Stock Plan | 2,603 | 16.35 | NA | NA | |||||||||
Stock Plans | 19,503 | 16.51 | NA | NA | |||||||||
August 1 to August 31, 2012 | |||||||||||||
Share repurchase program | 0 | $ | 0.00 | 0 | 4,969,105 | ||||||||
Director Fee Stock Plan | 0 | 0.00 | 0 | NA | |||||||||
Stock Plans | 36,149 | 16.22 | NA | NA | |||||||||
September 1 to September 30, 2012 | |||||||||||||
Share repurchase program | 0 | $ | 0.00 | 0 | 4,969,105 | ||||||||
Director Fee Stock Plan | 0 | 0.00 | 0 | NA | |||||||||
Stock Plans | 10,001 | 17.37 | 0 | NA | |||||||||
Total | |||||||||||||
Share repurchase program | 0 | $ | 0.00 | 0 | |||||||||
Director Fee Stock Plan | 2,603 | $ | 16.35 | NA | |||||||||
Stock Plans | 65,653 | $ | 16.48 | NA |
(1) | The number of shares purchased in column (a) and the average price paid per share in column (b) include the purchase of shares other than through publicly announced plans. The shares purchased other than through publicly announced plans were purchased pursuant to First Financial’s Director Fee Stock Plan, 1999 Stock Option Plan for Non-Employee Directors, 1999 Stock Incentive Plan for Officers and Employees, 2009 Employee Stock Plan, 2009 Non-Employee Director Stock Plan and First Financial Bancorp. 2012 Stock Plan (the last five plans are referred to hereafter as the Stock Plans). The table shows the number of shares purchased pursuant to those plans and the average price paid per share. The purchases for the Director Fee Stock Plan were made in open-market transactions. Under the Stock Plans, shares were purchased from plan participants at the then current market value in satisfaction of stock option exercise prices. |
(2) | First Financial has one remaining previously announced stock repurchase plan under which it is authorized to purchase shares of its common stock as of September 30, 2012. The plan has no expiration date. The table that follows provides additional information regarding this plan. No shares were repurchased under this plan as of September 30, 2012. |
Announcement Date | Total Shares Approved for Repurchase | Total Shares Repurchased Under the Plan | Expiration Date | |||||
1/25/2000 | 7,507,500 | 2,538,395 | None |
(a) | Exhibits: | |
Exhibit Number | ||
10.1 | First Financial Bancorp Code of Conduct (filed as Exhibit 10.1 to the Form 8-K filed on October 29, 2012 and incorporated herein by reference). | |
10.2 | The Code of Ethics for the CEO and Senior Financial Officers (filed as Exhibit 10.2 to the Form 8-K filed on October 29, 2012 and incorporated herein by reference). | |
31.1 | Certification by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | |
31.2 | Certification by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | |
32.1 | Certification of Periodic Financial Report by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished herewith. | |
32.2 | Certification of Periodic Financial Report by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished herewith. | |
101.1 | Financial statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2012, formatted in XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements, as blocks of text and in detail*. |
* | As provided in Rule 406T of Regulation S-T, this information shall not be deemed “filed” for purposes of Section 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liability under those sections. |
FIRST FINANCIAL BANCORP. | ||||||
(Registrant) | ||||||
/s/ J. Franklin Hall | /s/ John M. Gavigan | |||||
J. Franklin Hall | John M. Gavigan | |||||
Executive Vice President, Chief Financial Officer | First Vice President and Corporate Controller | |||||
and Chief Operating Officer | (Principal Accounting Officer) | |||||
Date | 11/6/2012 | Date | 11/6/2012 |
1. | I have reviewed this quarterly report on Form 10-Q of First Financial Bancorp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 11/6/2012 | /s/ Claude E. Davis | |
Claude E. Davis President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of First Financial Bancorp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 11/6/2012 | /s/ J. Franklin Hall | |
J. Franklin Hall Executive Vice President, Chief Financial Officer and Chief Operating Officer |
(1) | The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Claude E. Davis |
Claude E. Davis President and Chief Executive Officer |
November 6, 2012 |
(1) | The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ J. Franklin Hall |
J. Franklin Hall Executive Vice President, Chief Financial Officer and Chief Operating Officer |
November 6, 2012 |
DERIVATIVES DERIVATIVES - Gains or Losses on Cash Flow Hedges (Details) (Cash Flow Hedging [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2012
|
Sep. 30, 2012
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (182) | $ (182) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (67) | (67) |
Interest Rate Contract [Member] | Deposits [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (182) | (182) |
Interest Expense [Member] | Interest Rate Contract [Member] | Deposits [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (67) | $ (67) |
ALLOWANCE FOR LOAN AND LEASE LOSSES - Allowance for Loan and Lease Losses on Covered Loans for the Previous Five Quarters (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Receivables [Abstract] | |||||||
FDIC Indemnification Income | $ 8,496 | $ 8,377 | $ 29,592 | $ 53,455 | |||
Balance at beginning of period | 48,327 | 46,156 | 42,835 | 48,112 | 51,044 | 42,835 | 16,493 |
Provision for loan and lease losses | 6,622 | 6,047 | 12,951 | 6,910 | 7,260 | 25,620 | 57,171 |
Loans charged-off | (9,058) | (5,163) | (10,118) | (13,513) | (10,609) | (24,339) | (32,091) |
Recoveries | 3,004 | 1,287 | 488 | 1,326 | 417 | 4,779 | 6,539 |
Balance at end of period | $ 48,895 | $ 48,327 | $ 46,156 | $ 42,835 | $ 48,112 | $ 48,895 | $ 48,112 |
LOANS (excluding covered loans) - Nonaccrual, Restructured and Impaired Loans (Detail) (Non Covered Loans, USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|
Financing Receivable, Modifications [Line Items] | |||||
Nonaccrual loans | $ 49,404 | $ 49,404 | $ 54,299 | ||
Restructured Loans, Accrual Status | 11,604 | 11,604 | 4,009 | ||
Restructured loans - nonaccrual status | 13,017 | 13,017 | 18,071 | ||
Total restructured loans | 24,621 | 24,621 | 22,080 | ||
Total impaired loans | 74,025 | 74,025 | 76,379 | ||
Interest income effect | |||||
Gross amount of interest that would have been recorded under original terms | 1,145 | 1,390 | 3,734 | 4,103 | |
Interest included in income | |||||
Nonaccrual loans | 54 | 108 | 403 | 358 | |
Restructured loans | 199 | 49 | 430 | 215 | |
Total interest included in income | 253 | 157 | 833 | 573 | |
Net impact on interest income | 892 | 1,233 | 2,901 | 3,530 | |
Commercial
|
|||||
Financing Receivable, Modifications [Line Items] | |||||
Nonaccrual loans | 4,563 | 4,563 | 7,809 | ||
Total impaired loans | 13,616 | 13,616 | 10,482 | ||
Real estate-construction
|
|||||
Financing Receivable, Modifications [Line Items] | |||||
Nonaccrual loans | 2,536 | 2,536 | 10,005 | ||
Total impaired loans | 3,701 | 3,701 | 17,387 | ||
Real estate-commercial
|
|||||
Financing Receivable, Modifications [Line Items] | |||||
Nonaccrual loans | 33,961 | 33,961 | 28,349 | ||
Total impaired loans | 43,218 | 43,218 | 34,520 | ||
Real estate-residential
|
|||||
Financing Receivable, Modifications [Line Items] | |||||
Nonaccrual loans | 5,563 | 5,563 | 5,692 | ||
Total impaired loans | 10,496 | 10,496 | 11,331 | ||
Installment
|
|||||
Financing Receivable, Modifications [Line Items] | |||||
Nonaccrual loans | 284 | 284 | 371 | ||
Total impaired loans | 397 | 397 | 485 | ||
Home equity
|
|||||
Financing Receivable, Modifications [Line Items] | |||||
Nonaccrual loans | 2,497 | 2,497 | 2,073 | ||
Total impaired loans | $ 2,597 | $ 2,597 | $ 2,174 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
|
Transactions Pre-tax | |||||
Unrealized gain on securities available-for-sale | $ 2,671 | $ 12,966 | |||
Unrealized loss on derivatives | (292) | 628 | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | 1,814 | 1,275 | |||
Foreign currency translation | 26 | (599) | |||
Total | 4,219 | 14,270 | |||
Transactions Tax-effect | |||||
Unrealized gain on securities available-for-sale | (1,009) | (4,896) | |||
Unrealized loss on derivatives | 110 | (237) | |||
Unfunded pension obligation | (685) | (481) | |||
Foreign currency translation | 0 | 0 | |||
Total | 1,584 | 5,614 | |||
Transactions Net of tax | |||||
Unrealized gain on securities | (934) | 5,157 | 1,662 | 8,070 | |
Unrealized loss on derivatives | (182) | 0 | (182) | 391 | |
Unfunded pension obligation | 419 | 265 | 1,129 | 794 | |
Foreign Currency Exchange | 14 | (908) | 26 | (599) | |
Other comprehensive (loss) income | (683) | 4,514 | 2,635 | 8,656 | |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 17,134 | 17,134 | |||
Accumulated other comprehensive income (loss), unrealized holding gain (loss) on securities net of tax | 14,331 | 14,331 | |||
Balances Net of tax | |||||
Unrealized loss on derivatives | (182) | 0 | (182) | 0 | |
Unfunded pension obligation | (33,007) | (20,488) | (33,007) | (20,488) | |
Foreign currency translation | 3 | (34) | 3 | (34) | |
Total | $ (18,855) | $ (3,388) | $ (18,855) | $ (3,388) | $ (21,490) |
DERIVATIVES - Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received (Detail) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|
Derivative [Line Items] | ||
Notional Value | $ 938,252 | $ 775,328 |
Average Maturity (years) | 4 years 183 days | |
Fair Value | (3,118) | |
Weighted-Average Rate Receive | 4.04% | |
Weighted-Average Rate Pay | 4.13% | |
Pay fixed interest rate swaps with counterparty
|
||
Derivative [Line Items] | ||
Notional Value | 13,850 | |
Average Maturity (years) | 3 years 229 days | |
Fair Value | (1,594) | |
Weighted-Average Rate Receive | 2.35% | |
Weighted-Average Rate Pay | 6.81% | |
Matched interest rate swaps | Receive fixed
|
||
Derivative [Line Items] | ||
Notional Value | 444,701 | |
Average Maturity (years) | 4 years 183 days | |
Fair Value | 26,198 | |
Weighted-Average Rate Receive | 5.22% | |
Weighted-Average Rate Pay | 2.97% | |
Matched interest rate swaps | Pay fixed
|
||
Derivative [Line Items] | ||
Notional Value | 444,701 | |
Average Maturity (years) | 4 years 183 days | |
Fair Value | (27,430) | |
Weighted-Average Rate Receive | 2.97% | |
Weighted-Average Rate Pay | 5.22% | |
Asset conversion swaps
|
||
Derivative [Line Items] | ||
Notional Value | 903,252 | |
Average Maturity (years) | 4 years 146 days | |
Fair Value | (2,826) | |
Weighted-Average Rate Receive | 4.07% | |
Weighted-Average Rate Pay | 4.13% | |
Fixed to floating interest rate swap [Member]
|
||
Derivative [Line Items] | ||
Notional Value | 35,000 | |
Average Maturity (years) | 6 years 292 days | |
Fair Value | $ (292) | |
Weighted-Average Rate Receive | 3.25% | |
Weighted-Average Rate Pay | 4.02% |
FAIR VALUE DISCLOSURES (Tables)
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Sep. 30, 2012
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values of Financial Instruments | . The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows:
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Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements at September 30, 2012:
(1) Amounts represent the impact of legally enforceable master netting arrangements that allow First Financial to settle positive and negative positions and also cash collateral held with the same counterparties. |
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Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis in the consolidated financial statements at September 30, 2012:
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses. Fair values are determined using actual market prices (Level 1), independent third party valuations and borrower records, discounted as appropriate (Level 3). |
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Numerator for basic and diluted earnings per share income available to common shareholders | ||||
Net income | $ 16,242 | $ 15,618 | $ 51,038 | $ 48,798 |
Dividends on preferred stock | 0 | 0 | 0 | 0 |
Income available to common shareholders | $ 16,242 | $ 15,618 | $ 51,038 | $ 48,798 |
Denominator for basic earnings per share - weighted average shares | 57,976,943 | 57,735,811 | 57,902,102 | 57,674,250 |
Employee stock awards | 842,833 | 841,604 | 905,210 | 930,461 |
Warrants | 120,403 | 76,684 | 123,258 | 95,241 |
Denominator for diluted earnings per share - adjusted weighted average shares | 58,940,179 | 58,654,099 | 58,930,570 | 58,699,952 |
Earnings per share available to common shareholders | ||||
Basic | $ 0.28 | $ 0.27 | $ 0.88 | $ 0.85 |
Diluted | $ 0.28 | $ 0.27 | $ 0.87 | $ 0.83 |
EMPLOYEE BENEFIT PLANS - Amounts Recognized in the Consolidated Balance Sheets and Consolidated Statements of Income (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Compensation and Retirement Disclosure [Abstract] | ||||
Service cost | $ 894 | $ 825 | $ 2,559 | $ 2,475 |
Interest cost | 606 | 675 | 1,986 | 2,025 |
Expected return on assets | (2,281) | (2,237) | (6,751) | (6,787) |
Amortization of prior service cost | (106) | (100) | (316) | (300) |
Net actuarial loss | 780 | 525 | 2,130 | 1,575 |
Net periodic benefit income | $ (107) | $ (312) | $ (392) | $ (1,012) |
LOANS (excluding covered loans) - Changes in Other Real Estate Owned (Detail) (Non Covered Loans, USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 15,688 | $ 16,313 | $ 11,317 | $ 17,907 |
Additions | 945 | 657 | 8,208 | 3,937 |
Disposals | 1,622 | 4,898 | 3,246 | 6,254 |
Write-downs | 1,099 | 69 | 2,367 | 3,587 |
Balance at end of period | 13,912 | 12,003 | 13,912 | 12,003 |
Commercial
|
||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Additions | 539 | 241 | 5,888 | 1,328 |
Disposals | 1,209 | 3,605 | 2,221 | 3,909 |
Write-downs | 1,041 | 0 | 2,181 | 3,341 |
Residential
|
||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Additions | 406 | 416 | 2,320 | 2,609 |
Disposals | 413 | 1,293 | 1,025 | 2,345 |
Write-downs | $ 58 | $ 69 | $ 186 | $ 246 |
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measure at Fair Value on a Recurring Basis (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
|||
---|---|---|---|---|---|
Assets | |||||
Derivatives | $ 26,198 | $ 24,566 | |||
Fair Value, Measurements, Recurring
|
|||||
Assets | |||||
Derivatives | 0 | ||||
Available-for-sale investment securities | 689,680 | ||||
Total | 689,680 | ||||
Liabilities | |||||
Derivatives | 3,118 | ||||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1
|
|||||
Assets | |||||
Derivatives | 0 | ||||
Available-for-sale investment securities | 134 | ||||
Total | 134 | ||||
Liabilities | |||||
Derivatives | 0 | ||||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2
|
|||||
Assets | |||||
Derivatives | 26,198 | ||||
Available-for-sale investment securities | 689,546 | ||||
Total | 715,744 | ||||
Liabilities | |||||
Derivatives | 29,316 | ||||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3
|
|||||
Assets | |||||
Derivatives | 0 | ||||
Available-for-sale investment securities | 0 | ||||
Total | 0 | ||||
Liabilities | |||||
Derivatives | 0 | ||||
Fair Value, Measurements, Recurring | Netting Adjustments
|
|||||
Assets | |||||
Derivatives | (26,198) | [1] | |||
Available-for-sale investment securities | 0 | [1] | |||
Total | (26,198) | [1] | |||
Liabilities | |||||
Derivatives | $ (26,198) | [1] | |||
|
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) (Fair Value, Measurements, Nonrecurring, USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
|||
---|---|---|---|---|
Fair Value Measurements Using Level 1
|
||||
Assets | ||||
Impaired loans | $ 0 | [1] | ||
OREO | 0 | |||
Covered OREO | 0 | |||
Fair Value Measurements Using Level 2
|
||||
Assets | ||||
Impaired loans | 0 | [1] | ||
OREO | 0 | |||
Covered OREO | 0 | |||
Fair Value Measurements Using Level 3
|
||||
Assets | ||||
Impaired loans | 24,260 | [1] | ||
OREO | 8,694 | |||
Covered OREO | $ 15,167 | |||
|
INCOME TAXES (Detail)
|
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Income Taxes [Line Items] | ||||
Effective tax rate | 35.40% | 38.20% | 34.80% | 36.30% |
SIGNIFICANT ACCOUNTING POLICIES (Policy)
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Significant Accounting Policies [Line Items] | |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill. Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date and are subject to refinement for up to one year as additional information relative to initial estimated fair value data becomes available. The excess cost of the acquisition over the fair value of net assets acquired is recorded as goodwill. First Financial recorded additions to goodwill in 2011 of $17.1 million related to the Liberty banking center acquisition and $26.1 million related to the Flagstar banking center acquisition. First Financial expects all the goodwill resulting from these acquisitions to be deductible for tax purposes. Goodwill is not amortized, but is measured for impairment on an annual basis as of October 1 of each year or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. First Financial performed its annual impairment test as of October 1, 2011, and no impairment was indicated. As of September 30, 2012, no events or changes in circumstances indicated that the fair value of a reporting unit was below its carrying value. |
Goodwill and Intangible Assets, Intangible Assets, Policy | Other intangible assets. Other intangible assets consist primarily of core deposit intangibles. Core deposit intangibles are recorded at their estimated fair value as of the acquisition date and are then amortized on an accelerated basis over their estimated useful lives. First Financial recorded $4.0 million of core deposit intangibles associated with the Liberty banking center acquisition and $3.0 million of core deposit intangibles associated with the Flagstar banking center acquisition during 2011, contributing to a total of $9.9 million of core deposit intangibles as of December 31, 2011. As of September 30, 2012, core deposit intangibles were $7.9 million. First Financial's core deposit intangibles have an estimated weighted average remaining life of 8.1 years. |
Commitments and Contingencies, Policy | In the normal course of business, First Financial offers a variety of financial instruments with off-balance-sheet risk to its clients to assist them in meeting their requirements for liquidity and credit enhancement. These financial instruments include standby letters of credit and outstanding commitments to extend credit. GAAP does not require these financial instruments to be recorded in the Consolidated Balance Sheets, Consolidated Statements of Income, Consolidated Statements of Changes in Shareholders’ Equity and Consolidated Statements of Cash Flows. First Financial’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for standby letters of credit, and outstanding commitments to extend credit, is represented by the contractual amounts of those instruments. First Financial uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy | First Financial evaluates purchased loans for impairment in accordance with the provisions of FASB ASC Topic 310-30. The cash flows expected to be collected on purchased loans are estimated based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. Purchased loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. First Financial is accounting for the majority of its covered loans under FASB ASC Topic 310-30 except for loans with revolving privileges, which are outside the scope of this guidance, and loans for which cash flows could not be estimated, which are accounted for under the cost recovery method. For purposes of applying the guidance under FASB ASC Topic 310-30, First Financial grouped acquired loans into pools based on common risk characteristics. Purchased impaired loans are not classified as nonperforming assets as the loans are considered to be performing under FASB ASC Topic 310-30. Therefore, interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows is being recognized on all purchased loans accounted for under FASB ASC Topic 310-30. |
Fair Value of Financial Instruments, Policy | FAIR VALUE DISCLOSURES Fair Value Measurement The fair value framework as disclosed in the Fair Value Measurements and Disclosure Topic of FASB ASC Topic 825, Financial Instruments (Fair Value Topic) includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value and in estimating its fair value disclosures for financial instruments. Cash and short-term investments. The carrying amounts reported in the Consolidated Balance Sheets for cash and short-term investments, such as federal funds sold, approximated the fair value of those instruments. The Company classifies cash and short-term investments in Level 1 of the fair value hierarchy. Investment securities. Investment securities classified as trading and available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar investment securities. First Financial compiles prices from various sources who may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment securities not valued based upon the methods above are considered Level 3. First Financial utilizes information provided by a third-party investment securities portfolio manager in analyzing the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic. The portfolio manager’s evaluation of investment security portfolio pricing is performed using a combination of prices and data from other sources, along with internally developed matrix pricing models and assistance from the provider’s internal fixed income analysts and trading desk. The portfolio manager’s month-end pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, previous evaluation prices and between the various pricing services. These processes produce a series of quality assurance reports on which price exceptions are identified, reviewed and where appropriate, securities are repriced. In the event of a materially different price, the portfolio manager will report the variance as a “price challenge” and review the pricing methodology in detail. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. First Financial reviews the pricing methodologies utilized by the portfolio manager to ensure the fair value determination is consistent with the applicable accounting guidance and that the investments are properly classified in the fair value hierarchy. Further, the Company validates the fair values for a sample of securities in the portfolio by comparing the fair values provided by the portfolio manager to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances and conducts additional research with the portfolio manager, if necessary, and takes appropriate action based on its findings. Loans held for sale. Loans held for sale are carried at the lower of cost or fair value. These loans currently consist of one-to-four family residential real estate loans originated for sale to qualified third parties. Fair value is based on the contractual price to be received from these third parties, which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, First Financial records any fair value adjustments on a nonrecurring basis. Gains and losses on the sale of loans are recorded as net gains from sales of loans within noninterest income in the Consolidated Statements of Income. Loans (excluding covered loans). The fair value of commercial, commercial real estate, residential real estate and consumer loans were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or repricing frequency. The Company classifies the estimated fair value of uncovered loans as Level 3 in the fair value hierarchy. Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impaired loans are valued at the lower of cost or fair value for purposes of determining the appropriate amount of impairment to be allocated to the allowance for loan and lease losses. Fair value is generally measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed third party appraiser (Level 3). The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable borrower financial statements if not considered significant. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Impaired loans allocated to the allowance for loan and lease losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan and lease losses on the Consolidated Statements of Income. Covered loans. Fair values for covered loans accounted for under FASB ASC Topic 310-30 are based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of the loan and whether or not the loan was amortizing and a discount rate reflecting the Company's assessment of risk inherent in the cash flow estimates. These covered loans are grouped together according to similar characteristics and are treated in the aggregate when applying various valuation techniques. First Financial estimated the cash flows expected to be collected on these loans based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. Fair values for covered loans accounted for outside of FASB ASC Topic 310-30 were estimated by discounting the estimated future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or repricing frequency. The carrying amount of accrued interest approximates its fair value. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. The Company classifies the estimated fair value of covered loans as Level 3 in the fair value hierarchy. FDIC indemnification asset. The accounting for FDIC indemnification assets is closely related to the accounting for the underlying, indemnified assets. Fair value of the FDIC indemnification asset is estimated using projected cash flows related to the loss sharing agreements based on the expected reimbursements for losses and the applicable loss sharing percentages. First Financial re-estimates the expected indemnification asset cash flows in conjunction with the periodic re-estimation of cash flows on covered loans accounted for under FASB ASC Topic 310-30. Improvements in cash flow expectations on covered loans generally result in a related decline in the expected indemnification cash flows while declines in cash flow expectations on covered loans generally result in an increase in expected indemnification cash flows. The expected cash flows are discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. The Company classifies the estimated fair value of the indemnification asset as Level 3 in the fair value hierarchy. Deposit liabilities. The fair value of demand deposits, savings accounts and certain money-market deposits is the amount payable on demand at the reporting date. The carrying amounts for variable-rate certificates of deposit approximated their fair values at the reporting date. The fair value of fixed-rate certificates of deposit is estimated using a discounted cash flow calculation which applies the interest rates currently offered for deposits of similar remaining maturities. The carrying amount of accrued interest approximates its fair value. The Company classifies the estimated fair value of deposit liabilities as Level 2 in the fair value hierarchy. Borrowings. The carrying amounts of federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings approximated their fair values. The Company classifies the estimated fair value of short-term borrowings as Level 1 of the fair value hierarchy. The fair value of long-term debt is estimated using a discounted cash flow calculation which utilizes the interest rates currently offered for borrowings of similar remaining maturities. Third-party valuations are used for long-term debt with embedded options, such as call features. The Company classifies the estimated fair value of long-term debt as Level 2 in the fair value hierarchy. Commitments to extend credit and standby letters of credit. Pricing of these financial instruments is based on the credit quality and relationship, fees, interest rates, probability of funding and compensating balance and other covenants or requirements. Loan commitments generally have fixed expiration dates, are variable rate and contain termination and other clauses which provide for relief from funding in the event that there is a significant deterioration in the credit quality of the client. Many loan commitments are expected to expire without being drawn upon. The rates and terms of the commitments to extend credit and the standby letters of credit are competitive with those in First Financial’s market area. The carrying amounts are reasonable estimates of the fair value of these financial instruments. Carrying amounts, which are comprised of the unamortized fee income and, where necessary, reserves for any expected credit losses from these financial instruments, are immaterial. Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the interest rate swaps at the reporting date, using primarily observable market inputs such as interest rate yield curves. The discounted net present value calculated represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes a vendor-developed, proprietary model to value the credit risk component of both the derivative assets and liabilities. The credit valuation adjustment is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy. |
Credit Risk
|
|
Significant Accounting Policies [Line Items] | |
Derivatives, Methods of Accounting, Hedging Derivatives | First Financial manages this market value credit risk through borrower and counterparty credit policies. First Financial's counterparty credit policies require the Company to maintain a total derivative notional position of less than 35% of assets, total credit exposure of less than 3% of capital and no single counterparty credit risk exposure greater than $20.0 million. |
Non Covered Loans
|
|
Significant Accounting Policies [Line Items] | |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are ninety days or more past due. Generally, loans are placed in nonaccrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as, insufficient collateral value. The accrual of interest income is discontinued and previously accrued, but unpaid interest is reversed when a loan is placed on nonaccrual status. Any payments received while a loan is on nonaccrual status are applied as a reduction to the carrying value of the loan. A loan may be placed back on accrual status if all contractual payments have been received and collection of future principal and interest payments is no longer doubtful. |
Impaired Financing Receivable, Policy | Loans placed in nonaccrual status and TDRs are considered impaired. First Financial individually reviews all impaired commercial loan relationships greater than $250,000, as well as consumer loan TDRs greater than $100,000, to determine if a specific allowance based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral is necessary. Specific allowances are based on expected cash flows, discounted using the loan's initial effective interest rate or the fair value of the collateral for certain collateral dependent loans. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy | Other real estate owned (OREO) is comprised of properties acquired by the Company through the loan foreclosure or repossession process, or other resolution activity that results in partial or total satisfaction of problem loans. The acquired properties are recorded at the lower of cost or fair value less estimated costs of disposal (net realizable value), upon acquisition. Losses arising at the time of acquisition of such properties are charged against the allowance for loan and lease losses. Subsequent write-downs in the carrying value of OREO properties are expensed as incurred. Improvements to the properties may be capitalized if the improvements contribute to the overall value of the property, but may not be capitalized in excess of the net realizable value of the property. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | For each reporting period, management maintains the allowance for loan and lease losses at a level that it considers sufficient to absorb probable loan and lease losses inherent in the portfolio. Management determines the adequacy of the allowance based on historical loss experience as well as other significant factors such as composition of the portfolio, economic conditions, geographic footprint, the results of periodic internal and external evaluations of delinquent, nonaccrual and classified loans and any other adverse situations that may affect a specific borrower's ability to repay (including the timing of future payments). This evaluation is inherently subjective as it requires utilizing material estimates that may be susceptible to significant change. In the commercial portfolio, which includes time and demand notes, tax-exempt loans and commercial real estate loans, non-homogeneous loan relationships greater than $250,000 that are considered impaired or designated as a TDR are evaluated to determine the need for a specific allowance based on the borrower's overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. The allowance for non-impaired commercial loans and impaired commercial loan relationships less than $250,000 includes a process of estimating the probable losses inherent in the portfolio by category, based on First Financial's internal system of credit risk ratings and historical loss data. These estimates may also be adjusted for management's estimate of probable losses on specific loan types dependent upon trends in the values of the underlying collateral, delinquent and nonaccrual loans, prevailing economic conditions, changes in lending strategies and other influencing factors. With the exception of loans modified as TDRs, consumer loans are evaluated as an asset type within a category (i.e., residential real estate, installment, etc.), as these loans exhibit homogeneous characteristics. The allowance for consumer loans which includes residential real estate, installment, home equity, credit card loans and overdrafts, is established by estimating losses inherent in each particular category of consumer loans. The estimate of losses is primarily based on historical loss rates for each category, as well as trends in delinquent and nonaccrual loans, prevailing economic conditions and other significant influencing factors. Consumer loan relationships modified as TDRs greater than $100,000 are individually reviewed to determine if a specific allowance is necessary. There were no material changes to First Financial's accounting policies or methodology related to the allowance for loan and lease losses during the first nine months of 2012, however certain modifications were made to the estimation process in the third quarter of 2012 to place greater emphasis on quantitative factors such as historical loan losses and less emphasis on qualitative factors. This resulted in a shift in the allocation of the allowance between certain consumer and commercial loan types but had no significant impact on the total allowance for loan and lease losses at September 30, 2012. First Financial's policy is to charge-off all or a portion of a commercial loan when, in management's opinion, it is unlikely to collect the principal amount owed in full either through payments from the borrower or from the liquidation of collateral. |
Covered Loans
|
|
Significant Accounting Policies [Line Items] | |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy | Covered OREO is comprised of properties acquired by the Company through the loan foreclosure or repossession process, or other resolution activities that result in partial or total satisfaction of problem covered loans. These properties remain subject to loss share agreements whereby the FDIC reimburses First Financial for the majority of any losses incurred. The acquired properties are recorded at the lower of cost or fair value upon acquisition. Losses arising at the time of acquisition of such properties are charged against the allowance for loan and lease losses. Subsequent write-downs in the carrying value of covered OREO properties are expensed as incurred. Improvements to the properties may be capitalized if the improvements contribute to the overall value of the property, but may not be capitalized in excess of the net realizable value of the property. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | First Financial performs periodic valuation procedures to re-estimate the expected cash flows on covered loans accounted for under FASB ASC Topic 310-30 and compare the present value of expected cash flows to the carrying value of the loans at the pool level. In order to estimate expected cash flows, First Financial specifically reviews a sample of these covered loans each period to assist in the determination of appropriate probability of default and loss given default assumptions to be applied to the remainder of the portfolio. The estimate of expected cash flows may also be adjusted for management's estimate of probable losses on specific loan types dependent upon trends in observable market and industry data, such as prepayment speeds and collateral values. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. |
Covered Loans | Loans Accounted for Under FASB ASC Topic 310-30
|
|
Significant Accounting Policies [Line Items] | |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy | Covered loans accounted for under FASB ASC Topic 310-30 are classified as performing, even though they may be contractually past due, as any nonpayment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period covered loan loss provision or prospective yield adjustments. |
Covered Loans | Loans Excluded from FASB ASC Topic 310-30
|
|
Significant Accounting Policies [Line Items] | |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | Similar to uncovered loans, covered loans accounted for outside FASB ASC Topic 310-30 are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are ninety days or more past due. Generally, these loans are placed on nonaccrual status due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value. The accrual of interest income is discontinued and previously accrued, but unpaid interest is reversed when a loan is placed in nonaccrual status. Any payments received while a loan is in nonaccrual status are applied as a reduction to the carrying value of the loan. A loan may be returned to accrual status if all contractual payments have been received and collection of future principal and interest payments is no longer doubtful |
Fair Value Hedges
|
|
Significant Accounting Policies [Line Items] | |
Derivatives, Methods of Accounting, Hedging Derivatives | Fair Value Hedges. First Financial utilizes interest rate swaps as a means to offer commercial borrowers products that meet their needs, but are also designed to achieve First Financial’s desired interest rate risk profile at the time. The fair value hedge agreements generally involve the net receipt by First Financial of floating-rate amounts in exchange for net payments by First Financial, through its loan clients, of fixed-rate amounts over the life of the agreements without an exchange of the underlying principal or notional amount. This results in First Financial’s loan customers receiving fixed rate funding, while providing First Financial with a floating rate asset. The net interest receivable or payable on the interest rate swaps is accrued and recognized as an adjustment to the interest income or interest expense of the hedged item. The fair value of the interest rate swaps is included within accrued interest and other assets on the Consolidated Balance Sheets. The corresponding fair-value adjustment is also included on the Consolidated Balance Sheets in the carrying value of the hedged item. Derivative gains and losses not considered effective in hedging the change in fair value of the hedged item, if any, are recognized in income immediately. |
BORROWINGS - Summary of Long-Term Debt (Detail) (USD $)
|
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|
Debt Disclosure [Abstract] | ||
Tier One Capital Limitation Percentage | 25.00% | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 162,400,000 | |
Amount | ||
Federal Home Loan Bank | 9,747,000 | 11,544,000 |
National Market Repurchase Agreement | 65,000,000 | 65,000,000 |
Other Long-term Debt | 774,000 | 0 |
Total long-term debt | $ 75,521,000 | $ 76,544,000 |
Average Rate | ||
Federal Home Loan Bank | 3.78% | 3.80% |
National Market Repurchase Agreement | 3.50% | 3.50% |
Long-term Debt, Interest Rate | 0.00% | 0.00% |
Total long-term debt | 3.50% | 3.55% |
INVESTMENTS INVESTMENTS - Additional Information (Detail) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Investments, Debt and Equity Securities [Abstract] | |
Available for sale securities transferred to held to maturity securities balances | $ 915.5 |
FAIR VALUE DISCLOSURES - Estimated Fair Values of Financial Instruments (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Financial assets | ||
Investment securities held-to-maturity | $ 822,319 | $ 2,664 |
Other investments | 71,492 | 71,492 |
Loans, excluding covered loans | 3,016,867 | 2,915,871 |
Covered loans | 776,620 | 1,010,409 |
FDIC indemnification asset | 130,476 | 173,009 |
Deposits | ||
Noninterest-bearing | 1,063,654 | 946,180 |
Savings | 1,568,818 | 1,724,659 |
Time | 1,199,296 | 1,654,662 |
Total deposits | 4,944,611 | 5,642,840 |
Short-term borrowings | 88,190 | 99,431 |
Carrying value
|
||
Financial assets | ||
Cash and short-term investments | 175,676 | 525,051 |
Investment securities held-to-maturity | 822,319 | 2,664 |
Other investments | 71,492 | 71,492 |
Loans Held-for-sale, Fair Value Disclosure | 23,530 | 24,834 |
Loans, excluding covered loans | 3,016,867 | 2,915,871 |
Covered loans | 776,620 | 1,010,409 |
FDIC indemnification asset | 130,476 | 173,009 |
Deposits | ||
Noninterest-bearing | 1,063,654 | 946,180 |
Interest-bearing demand | 1,112,843 | 1,317,339 |
Savings | 1,568,818 | 1,724,659 |
Time | 1,199,296 | 1,654,662 |
Total deposits | 4,944,611 | 5,642,840 |
Short-term borrowings | 371,190 | 99,431 |
Long-term debt | 75,521 | 76,544 |
Fair value
|
||
Financial assets | ||
Cash and short-term investments | 175,676 | 525,051 |
Investment securities held-to-maturity | 830,540 | 2,893 |
Other investments | 71,492 | 71,492 |
Loans Held-for-sale, Fair Value Disclosure | 23,530 | 24,834 |
Loans, excluding covered loans | 3,020,686 | 2,910,825 |
Covered loans | 790,207 | 1,042,752 |
FDIC indemnification asset | 116,051 | 151,114 |
Deposits | ||
Noninterest-bearing | 1,063,654 | 946,180 |
Interest-bearing demand | 1,112,843 | 1,317,339 |
Savings | 1,568,818 | 1,724,659 |
Time | 1,206,006 | 1,664,457 |
Total deposits | 4,951,321 | 5,652,635 |
Short-term borrowings | 371,190 | 99,431 |
Long-term debt | 79,921 | 81,168 |
Fair Value Measurements Using Level 1 | Fair value
|
||
Financial assets | ||
Cash and short-term investments | 175,676 | 525,051 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Loans, excluding covered loans | 0 | 0 |
Covered loans | 0 | 0 |
FDIC indemnification asset | 0 | 0 |
Deposits | ||
Noninterest-bearing | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings | 0 | 0 |
Time | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 371,190 | 99,431 |
Long-term debt | 0 | 0 |
Fair Value Measurements Using Level 2 | Fair value
|
||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 830,540 | 2,893 |
Other investments | 71,492 | 71,492 |
Loans Held-for-sale, Fair Value Disclosure | 23,530 | 24,834 |
Loans, excluding covered loans | 0 | 0 |
Covered loans | 0 | 0 |
FDIC indemnification asset | 0 | 0 |
Deposits | ||
Noninterest-bearing | 1,063,654 | 946,180 |
Interest-bearing demand | 1,112,843 | 1,317,339 |
Savings | 1,568,818 | 1,724,659 |
Time | 1,206,006 | 1,664,457 |
Total deposits | 4,951,321 | 5,652,635 |
Short-term borrowings | 0 | 0 |
Long-term debt | 79,921 | 81,168 |
Fair Value Measurements Using Level 3 | Fair value
|
||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Loans, excluding covered loans | 3,020,686 | 2,910,825 |
Covered loans | 790,207 | 1,042,752 |
FDIC indemnification asset | 116,051 | 151,114 |
Deposits | ||
Noninterest-bearing | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings | 0 | 0 |
Time | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 0 Months Ended | 0 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2012
Core Deposits
|
Sep. 23, 2011
Liberty Savings Bank FSB [Member]
|
Sep. 23, 2011
Liberty Savings Bank FSB [Member]
Core Deposits
|
Dec. 02, 2011
Flagstar Bank FSB [Member]
|
Dec. 02, 2011
Flagstar Bank FSB [Member]
Core Deposits
|
|
Goodwill and Intangible Assets Disclosure [Line Items] | |||||||
Goodwill recorded for acquisition | $ 17.1 | $ 26.1 | |||||
Intangible assets amortization method | accelerated basis | ||||||
Intangibles acquired | 4.0 | 3.0 | |||||
Finite-Lived Core Deposits, Gross | $ 7.9 | $ 9.9 | |||||
Estimated weighted average life (in years) | 8 years 22 days |
LOANS (excluding covered loans) - Additional Information (Detail) (USD $)
|
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2012
Commercial
Non Covered Loans
loans
|
Sep. 30, 2011
Commercial
Non Covered Loans
loans
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 3,000,000 | $ 0 | ||
Financing Recivable Modifications, Investment Recorded | 1,100,000 | 1,300,000 | ||
Financing Receivable Modification, As Troubled Debt Restructuring That Subsequently Defaulted | 2 | 4 | ||
Minimum loans reviewed to determine if a specific allowance is necessary | $ 250,000 |
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in the Allowance for Loan and Lease Losses (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
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Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
Non Covered Loans
|
Dec. 31, 2011
Non Covered Loans
|
Sep. 30, 2012
Commercial
|
Dec. 31, 2011
Commercial
|
Sep. 30, 2012
Commercial
Non Covered Loans
|
Dec. 31, 2011
Commercial
Non Covered Loans
|
Sep. 30, 2012
Real estate-construction
|
Dec. 31, 2011
Real estate-construction
|
Sep. 30, 2012
Real estate-construction
Non Covered Loans
|
Dec. 31, 2011
Real estate-construction
Non Covered Loans
|
Sep. 30, 2012
Real estate-commercial
|
Dec. 31, 2011
Real estate-commercial
|
Sep. 30, 2012
Real estate-commercial
Non Covered Loans
|
Dec. 31, 2011
Real estate-commercial
Non Covered Loans
|
Sep. 30, 2012
Real estate-residential
|
Dec. 31, 2011
Real estate-residential
|
Sep. 30, 2012
Real estate-residential
Non Covered Loans
|
Dec. 31, 2011
Real estate-residential
Non Covered Loans
|
Sep. 30, 2012
Installment
|
Dec. 31, 2011
Installment
|
Sep. 30, 2012
Installment
Non Covered Loans
|
Dec. 31, 2011
Installment
Non Covered Loans
|
Sep. 30, 2012
Home equity
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Dec. 31, 2011
Home equity
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Sep. 30, 2012
Home equity
Non Covered Loans
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Dec. 31, 2011
Home equity
Non Covered Loans
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Sep. 30, 2012
All other
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Dec. 31, 2011
All other
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Sep. 30, 2012
All other
Non Covered Loans
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Dec. 31, 2011
All other
Non Covered Loans
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Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ 50,952 | $ 49,437 | $ 52,576 | $ 54,537 | $ 53,671 | $ 52,576 | $ 57,235 | $ 52,576 | $ 57,235 | $ 10,289 | $ 10,138 | $ 4,424 | $ 8,326 | $ 18,228 | $ 14,917 | $ 4,994 | $ 8,907 | $ 1,659 | $ 1,981 | $ 10,751 | $ 10,939 | $ 2,231 | $ 2,027 | ||||||||||||||
Provision for loan and lease losses | 3,613 | 8,364 | 3,258 | 5,164 | 7,643 | 15,235 | 14,046 | 15,235 | 19,210 | 1,645 | 2,825 | 2,322 | 2,345 | 15,324 | 13,384 | (360) | (2,407) | (1,050) | (159) | (3,934) | 1,878 | 1,288 | 1,344 | ||||||||||||||
Gross charge-offs | 5,804 | 7,138 | 6,822 | 7,791 | 7,174 | 19,764 | 18,007 | 19,764 | 25,798 | 3,655 | 3,436 | 2,684 | 6,279 | 8,791 | 10,382 | 1,360 | 1,551 | 310 | 526 | 1,939 | 2,183 | 1,025 | 1,441 | ||||||||||||||
Recoveries | 431 | 289 | 425 | 666 | 397 | 1,145 | 1,263 | 1,145 | 1,929 | 322 | 762 | 0 | 32 | 219 | 309 | 70 | 45 | 270 | 363 | 83 | 117 | 181 | 301 | ||||||||||||||
Total net charge-offs | 18,619 | 23,869 | 3,333 | 2,674 | 2,684 | 6,247 | 8,572 | 10,073 | 1,290 | 1,506 | 40 | 163 | 1,856 | 2,066 | 844 | 1,140 | |||||||||||||||||||||
Balance at end of period | 49,192 | 50,952 | 49,437 | 52,576 | 54,537 | 49,192 | 54,537 | 49,192 | 52,576 | 8,601 | 10,289 | 4,062 | 4,424 | 24,980 | 18,228 | 3,344 | 4,994 | 569 | 1,659 | 4,961 | 10,751 | 2,675 | 2,231 | ||||||||||||||
Ending allowance on loans individually evaluated for impairment | 11,674 | 12,539 | 1,713 | 3,205 | 853 | 2,578 | 8,816 | 6,441 | 290 | 313 | 0 | 0 | 2 | 2 | 0 | 0 | |||||||||||||||||||||
Ending allowance on loans collectively evaluated for impairment | 37,518 | 40,037 | 6,888 | 7,084 | 3,209 | 1,846 | 16,164 | 11,787 | 3,054 | 4,681 | 569 | 1,659 | 4,959 | 10,749 | 2,675 | 2,231 | |||||||||||||||||||||
Impaired Financing Receivable, Related Allowance | 49,192 | 52,576 | 8,601 | 10,289 | 4,062 | 4,424 | 24,980 | 18,228 | 3,344 | 4,994 | 569 | 1,659 | 4,961 | 10,751 | 2,675 | 2,231 | |||||||||||||||||||||
Loans and Leases: | |||||||||||||||||||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | 57,378 | 60,277 | 11,940 | 8,351 | 3,701 | 17,387 | 38,972 | 30,708 | 2,664 | 3,730 | 0 | 0 | 101 | 101 | 0 | 0 | |||||||||||||||||||||
Ending balance of loans collectively evaluated for impairment | 3,008,681 | 2,908,170 | 822,918 | 848,630 | 88,196 | 97,587 | 1,299,664 | 1,202,359 | 296,990 | 284,250 | 59,191 | 67,543 | 368,775 | 358,859 | 72,947 | 48,942 | |||||||||||||||||||||
Total loans, excluding covered loans | $ 3,066,059 | $ 2,968,447 | $ 3,066,059 | $ 3,066,059 | $ 2,968,447 | $ 834,858 | $ 856,981 | $ 834,858 | $ 856,981 | $ 91,897 | $ 114,974 | $ 91,897 | $ 114,974 | $ 1,338,636 | $ 1,233,067 | $ 1,338,636 | $ 1,233,067 | $ 299,654 | $ 287,980 | $ 299,654 | $ 287,980 | $ 59,191 | $ 67,543 | $ 59,191 | $ 67,543 | $ 368,876 | $ 358,960 | $ 368,876 | $ 358,960 | $ 72,947 | $ 48,942 | $ 72,947 | $ 48,942 |
COVERED LOANS - Covered Commercial and Consumer Credit Exposure by Risk Attribute (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
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Dec. 31, 2011
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---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | $ 834,858 | $ 856,981 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 299,654 | 287,980 |
Loans and Leases Receivable, Gross, Consumer, Installment, Durable Goods | 59,191 | 67,543 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 368,876 | 358,960 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 91,897 | 114,974 |
Loans Receivable, Gross, Commercial, Mortgage | 1,338,636 | 1,233,067 |
Pass
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 794,471 | |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 81,033 | |
Loans Receivable, Gross, Commercial, Mortgage | 1,230,599 | |
Special Mention
|
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 21,174 | |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 167 | |
Loans Receivable, Gross, Commercial, Mortgage | 32,001 | |
Substandard
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 19,213 | |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 10,697 | |
Loans Receivable, Gross, Commercial, Mortgage | 75,555 | |
Doubtful
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 0 | |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 0 | |
Loans Receivable, Gross, Commercial, Mortgage | 481 | |
Performing
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||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 292,584 | |
Loans and Leases Receivable, Gross, Consumer, Installment, Durable Goods | 58,907 | |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 366,379 | |
Loans and Leases Receivable, Gross, Other | 72,947 | |
Nonperforming
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||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 7,070 | |
Loans and Leases Receivable, Gross, Consumer, Installment, Durable Goods | 284 | |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2,497 | |
Loans and Leases Receivable, Gross, Other | 0 | |
Covered Loans [Member]
|
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 121,745 | 195,892 |
Loans and Leases Receivable, Gross, Consumer, Mortgage | 105,113 | 121,117 |
Loans and Leases Receivable, Gross, Consumer, Installment, Durable Goods | 9,892 | 13,176 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 60,502 | 64,978 |
Loans and Leases Receivable, Gross, Other | 3,045 | 3,917 |
Loans and Leases Receivable, Gross, Consumer | 178,552 | 203,188 |
Loans and Leases Rec, Gross, Total Commercial, Consumer RE and Comm Mortgage | 646,963 | 850,056 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 12,898 | 17,120 |
Loans Receivable, Gross, Commercial, Mortgage | 512,320 | 637,044 |
Covered Loans [Member] | Pass
|
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 60,033 | 113,201 |
Loans and Leases Rec, Gross, Total Commercial, Consumer RE and Comm Mortgage | 311,481 | 456,596 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 2,309 | 2,506 |
Loans Receivable, Gross, Commercial, Mortgage | 249,139 | 340,889 |
Covered Loans [Member] | Special Mention
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||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 15,289 | 22,468 |
Loans and Leases Rec, Gross, Total Commercial, Consumer RE and Comm Mortgage | 84,345 | 89,945 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 3,290 | 3,597 |
Loans Receivable, Gross, Commercial, Mortgage | 65,766 | 63,880 |
Covered Loans [Member] | Substandard
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 43,628 | 52,103 |
Loans and Leases Rec, Gross, Total Commercial, Consumer RE and Comm Mortgage | 248,161 | 293,990 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 7,299 | 11,017 |
Loans Receivable, Gross, Commercial, Mortgage | 197,234 | 230,870 |
Covered Loans [Member] | Doubtful
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Commercial | 2,795 | 8,120 |
Loans and Leases Rec, Gross, Total Commercial, Consumer RE and Comm Mortgage | 2,976 | 9,525 |
Loans and Leases Receivable, Gross, Consumer, Real Estate | 0 | 0 |
Loans Receivable, Gross, Commercial, Mortgage | 181 | 1,405 |
Covered Loans [Member] | Performing
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 105,113 | 121,117 |
Loans and Leases Receivable, Gross, Consumer, Installment, Durable Goods | 9,892 | 13,176 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 58,639 | 63,231 |
Loans and Leases Receivable, Gross, Other | 3,039 | 3,899 |
Loans and Leases Receivable, Gross, Consumer | 176,683 | 201,423 |
Covered Loans [Member] | Nonperforming
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Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Installment, Durable Goods | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 1,863 | 1,747 |
Loans and Leases Receivable, Gross, Other | 6 | 18 |
Loans and Leases Receivable, Gross, Consumer | $ 1,869 | $ 1,765 |
DERIVATIVES - Location and Amounts Recognized for Fair Value Hedges (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (decrease) to Interest Income | $ (167) | $ (221) | $ (555) | $ (692) |
Interest Rate Contracts | Loans | Interest Income
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Derivative Instruments, Gain (Loss) [Line Items] | ||||
Increase (decrease) to Interest Income | $ (167) | $ (221) | $ (555) | $ (692) |
BASIS OF PRESENTATION
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9 Months Ended |
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Sep. 30, 2012
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1: BASIS OF PRESENTATION The Consolidated Financial Statements of First Financial, a bank holding company, principally serving Ohio, Indiana and Kentucky, include the accounts and operations of First Financial and its wholly-owned subsidiary – First Financial Bank, N.A. (First Financial Bank or the Bank). All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods’ amounts have been made to conform to the current period’s presentation and had no effect on net earnings. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. Actual realized amounts could differ materially from those estimates. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and serve to update the First Financial Bancorp. Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2011. These interim financial statements may not include all information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods and accordingly should be read in conjunction with the financial information contained in the Form 10-K. Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2011, has been derived from the audited financial statements in the Company’s 2011 Form 10-K. |
COVERED LOANS - Covered Loan Delinquency, Excluding Loans Accounted for Under FASB ASC Topic 310-30 (Detail) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
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Dec. 31, 2011
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | $ 825,515 | $ 1,053,244 | ||||
Loans Excluded from FASB ASC Topic 310-30
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||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 76,690 | [1] | 88,856 | [1] | ||
Commercial
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||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 121,745 | 195,892 | ||||
Commercial | Loans Excluded from FASB ASC Topic 310-30
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||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 7,171 | [1] | 13,267 | [1] | ||
Real estate-commercial
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||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 512,320 | 637,044 | ||||
Real estate-commercial | Loans Excluded from FASB ASC Topic 310-30
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||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 7,867 | [1] | 9,787 | [1] | ||
Installment
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||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 9,892 | 13,176 | ||||
Installment | Loans Excluded from FASB ASC Topic 310-30
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 784 | [1] | 1,053 | [1] | ||
Home equity
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 60,502 | 64,978 | ||||
Home equity | Loans Excluded from FASB ASC Topic 310-30
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 57,823 | [1] | 60,832 | [1] | ||
All other
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||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 3,045 | 3,917 | ||||
All other | Loans Excluded from FASB ASC Topic 310-30
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Total | 3,045 | [1] | 3,917 | [1] | ||
Covered Loans | Loans Excluded from FASB ASC Topic 310-30
|
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
30 - 59 days past due | 481 | 1,611 | ||||
60 - 89 days past due | 1,458 | 311 | ||||
> 90 days past due | 4,769 | 10,164 | ||||
Total Past due | 6,708 | 12,086 | ||||
Current | 69,982 | 76,770 | ||||
Total | 76,690 | 88,856 | ||||
> 90 days past due and still accruing | 7 | 107 | ||||
Covered Loans | Commercial | Loans Excluded from FASB ASC Topic 310-30
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
30 - 59 days past due | 10 | 73 | ||||
60 - 89 days past due | 316 | 294 | ||||
> 90 days past due | 1,960 | 6,490 | ||||
Total Past due | 2,286 | 6,857 | ||||
Current | 4,885 | 6,410 | ||||
Total | 7,171 | 13,267 | ||||
> 90 days past due and still accruing | 0 | 0 | ||||
Covered Loans | Real estate-commercial | Loans Excluded from FASB ASC Topic 310-30
|
||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
30 - 59 days past due | 0 | 184 | ||||
60 - 89 days past due | 0 | 0 | ||||
> 90 days past due | 941 | 1,870 | ||||
Total Past due | 941 | 2,054 | ||||
Current | 6,926 | 7,733 | ||||
Total | 7,867 | 9,787 | ||||
> 90 days past due and still accruing | 0 | 0 | ||||
Covered Loans | Installment | Loans Excluded from FASB ASC Topic 310-30
|
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
30 - 59 days past due | 0 | 0 | ||||
60 - 89 days past due | 0 | 0 | ||||
> 90 days past due | 0 | 0 | ||||
Total Past due | 0 | 0 | ||||
Current | 784 | 1,053 | ||||
Total | 784 | 1,053 | ||||
> 90 days past due and still accruing | 0 | 0 | ||||
Covered Loans | Home equity | Loans Excluded from FASB ASC Topic 310-30
|
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
30 - 59 days past due | 332 | 1,344 | ||||
60 - 89 days past due | 1,135 | 11 | ||||
> 90 days past due | 1,855 | 1,679 | ||||
Total Past due | 3,322 | 3,034 | ||||
Current | 54,501 | 57,798 | ||||
Total | 57,823 | 60,832 | ||||
> 90 days past due and still accruing | 0 | 0 | ||||
Covered Loans | All other | Loans Excluded from FASB ASC Topic 310-30
|
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Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
30 - 59 days past due | 139 | 10 | ||||
60 - 89 days past due | 7 | 6 | ||||
> 90 days past due | 13 | 125 | ||||
Total Past due | 159 | 141 | ||||
Current | 2,886 | 3,776 | ||||
Total | 3,045 | 3,917 | ||||
> 90 days past due and still accruing | $ 7 | $ 107 | ||||
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