MISSOURI
|
0-20632
|
43-1175538
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
135 North Meramec, Clayton, Missouri
|
63105
|
(Address of principal executive offices)
|
(Zip code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
|
(d)
|
Exhibits.
|
Exhibit
|
|||
Number
|
Description
|
||
99
|
Press Release issued on January 25, 2013 – filed herewith.
|
FIRST BANKS, INC.
|
||||
Date:
|
January 25, 2013
|
By:
|
/s/
|
Terrance M. McCarthy
|
Terrance M. McCarthy
|
||||
President and Chief Executive Officer
|
Exhibit
|
||
Number
|
Description
|
|
99
|
Press Release issued on January 25, 2013.
|
|
NEWS RELEASE
|
Contacts:
|
Terrance M. McCarthy
|
Lisa K. Vansickle
|
President and
|
Executive Vice President and
|
|
Chief Executive Officer
|
Chief Financial Officer
|
|
First Banks, Inc.
|
First Banks, Inc.
|
|
(314) 854-4600
|
(314) 854-4600
|
Traded:
|
NYSE
|
Symbol:
|
FBSPrA – (First Preferred Capital Trust IV, an affiliated trust of First Banks, Inc.)
|
FOR IMMEDIATE RELEASE:
|
|
·
|
The Company did not record a provision for loan losses for the fourth quarter of 2012, primarily as a result of the decrease in nonaccrual and potential problem loans. The Company reduced its overall level of nonperforming assets by $40.1 million, or 16.6%, during the fourth quarter of 2012 and $148.3 million, or 42.3%, during the year. During the fourth quarter of 2012, the Company sold $47.7 million of special mention, potential problem and nonaccrual loans resulting in a net charge-off of $13.3 million. As a result of this loan sale and other actions, the Company has reduced its ratio of nonaccrual loans to total loans to 3.75% at December 31, 2012 from 6.71% at December 31, 2011 while maintaining an allowance for loan losses to nonaccrual loans and total loans at 83.37% and 3.13%, respectively. Certain asset quality metrics as of or for the quarterly periods are summarized in the following table:
|
December 31,
|
September 30,
|
December 31,
|
|||||||||||
2012
|
2012
|
2011
|
|||||||||||
(dollars expressed in thousands)
|
|||||||||||||
Provision for loan losses
|
$
|
—
|
—
|
17,000
|
|||||||||
Nonaccrual loans
|
109,872
|
131,595
|
220,251
|
||||||||||
Performing troubled debt restructurings
|
128,917
|
118,909
|
126,442
|
||||||||||
Other real estate and repossessed assets
|
91,995
|
110,353
|
129,896
|
||||||||||
Potential problem loans
|
116,092
|
183,703
|
233,471
|
||||||||||
Net loan charge-offs
|
22,600
|
6,025
|
37,014
|
||||||||||
Ratio of:
|
|||||||||||||
Nonaccrual loans to loans
|
3.75
|
%
|
4.27
|
6.71
|
|||||||||
Nonperforming assets to total assets
|
3.10
|
3.71
|
5.30
|
||||||||||
Allowance for loan losses to loans
|
3.13
|
3.71
|
4.19
|
||||||||||
Allowance for loan losses to nonaccrual loans
|
83.37
|
86.78
|
62.52
|
|
·
|
The Company executed a Purchase and Assumption Agreement to sell eight branches in the Tampa and St. Petersburg, Florida market area to HomeBanc National Association, headquartered in Lake Mary, Florida. This transaction is expected to be completed in the second quarter of 2013. The Company also announced plans to close three other branch offices in Florida and consolidate two branch locations in Illinois and two branch locations in California. The Company believes these transactions have the potential to improve core earnings performance during 2013 and future years.
|
|
·
|
Increased First Bank’s regulatory capital ratios, reflecting continued and consistent improvement in each of the regulatory capital ratios, including an increase in First Bank’s Total Capital Ratio to 17.18% at December 31, 2012, from 16.40% at September 30, 2012 and 14.98% at December 31, 2011. Regulatory capital ratios for First Bank and First Banks, Inc. are summarized in the following table:
|
December 31,
|
September 30,
|
December 31,
|
||||||||||
2012
|
2012
|
2011
|
||||||||||
First Bank:
|
||||||||||||
Total Capital Ratio
|
17.18
|
%
|
16.40
|
%
|
14.98
|
%
|
||||||
Tier 1 Ratio
|
15.92
|
15.13
|
13.70
|
|||||||||
Leverage Ratio
|
9.13
|
8.96
|
8.19
|
|||||||||
First Banks, Inc.:
|
||||||||||||
Total Capital Ratio
|
2.57
|
2.57
|
1.88
|
|||||||||
Tier 1 Ratio
|
1.28
|
1.29
|
0.94
|
|||||||||
Leverage Ratio
|
0.73
|
0.76
|
0.56
|
Three Months Ended
|
|||||||||||
December 31,
|
September 30,
|
December 31,
|
|||||||||
2012
|
2012
|
2011
|
|||||||||
Average yield on loans
|
4.51
|
%
|
4.62
|
%
|
4.83
|
%
|
|||||
Average yield on investment securities
|
1.97
|
2.10
|
2.17
|
||||||||
Average yield on interest-earning assets
|
3.14
|
3.28
|
3.49
|
||||||||
Average cost of interest-bearing deposits
|
0.30
|
0.34
|
0.52
|
||||||||
Average cost of interest-bearing liabilities
|
0.59
|
0.63
|
0.75
|
||||||||
FINANCIAL SUMMARY
|
(dollars expressed in thousands, except per share data)
|
(UNAUDITED)
|
SELECTED OPERATING DATA
|
Three Months Ended
|
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2012
|
2012
|
2011
|
2012
|
2011
|
||||||||||||||||
Interest income
|
$
|
48,080
|
50,536
|
55,429
|
202,565
|
234,191
|
||||||||||||||
Interest expense
|
6,954
|
7,536
|
9,533
|
31,060
|
46,960
|
|||||||||||||||
Net interest income
|
41,126
|
43,000
|
45,896
|
171,505
|
187,231
|
|||||||||||||||
Provision for loan losses
|
—
|
—
|
17,000
|
2,000
|
69,000
|
|||||||||||||||
Net interest income after provision
for loan losses
|
41,126
|
43,000
|
28,896
|
169,505
|
118,231
|
|||||||||||||||
Noninterest income
|
16,631
|
16,800
|
16,006
|
66,686
|
63,302
|
|||||||||||||||
Noninterest expense
|
54,643
|
51,249
|
61,398
|
210,349
|
236,287
|
|||||||||||||||
Income (loss) before (benefit) provision
for income taxes
|
3,114
|
8,551
|
(16,496
|
)
|
25,842
|
(54,754
|
)
|
|||||||||||||
(Benefit) provision for income taxes
|
(217
|
)
|
(138
|
)
|
803
|
(139
|
)
|
(10,654
|
)
|
|||||||||||
Net income (loss)
|
3,331
|
8,689
|
(17,299
|
)
|
25,981
|
(44,100
|
)
|
|||||||||||||
Less: net (loss) income attributable to noncontrolling interest in
subsidiary
|
(68
|
)
|
216
|
(1,420
|
)
|
(297
|
)
|
(2,950
|
)
|
|||||||||||
Net income (loss) attributable to
First Banks, Inc.
|
$
|
3,399
|
8,473
|
(15,879
|
)
|
26,278
|
(41,150
|
)
|
||||||||||||
Basic and diluted (loss) earnings per
common share
|
$
|
(97.67
|
)
|
119.48
|
(901.04
|
)
|
162.22
|
(2,642.46
|
)
|
SELECTED FINANCIAL DATA
|
December 31,
|
September 30,
|
December 31,
|
||||||||||
2012
|
2012
|
2011
|
||||||||||
Total assets
|
$
|
6,509,126
|
6,513,127
|
6,608,913
|
||||||||
Cash and cash equivalents
|
519,985
|
291,022
|
474,158
|
|||||||||
Investment securities
|
2,675,280
|
2,764,283
|
2,470,704
|
|||||||||
Loans, net of deferred loan fees
|
2,930,747
|
3,080,431
|
3,284,279
|
|||||||||
Allowance for loan losses
|
91,602
|
114,202
|
137,710
|
|||||||||
Goodwill and other intangible assets
|
125,967
|
125,967
|
125,967
|
|||||||||
Deposits
|
5,648,499
|
5,658,302
|
5,797,704
|
|||||||||
Other borrowings
|
26,025
|
28,558
|
51,182
|
|||||||||
Subordinated debentures
|
354,133
|
354,114
|
354,057
|
|||||||||
Stockholders’ equity
|
299,959
|
299,035
|
263,671
|
|||||||||
Nonperforming assets
|
201,867
|
241,948
|
350,147
|
SELECTED FINANCIAL RATIOS
|
Three Months Ended
|
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2012
|
2012
|
2011
|
2012
|
2011
|
||||||||||||||||
Net interest margin
|
2.68
|
%
|
2.79
|
%
|
2.89
|
%
|
2.79
|
%
|
2.86
|
%
|
||||||||||
Yield on loans
|
4.51
|
4.62
|
4.83
|
4.67
|
4.85
|
|||||||||||||||
Cost of interest-bearing deposits
|
0.30
|
0.34
|
0.52
|
0.37
|
0.67
|
|||||||||||||||
Loan-to-deposit ratio
|
51.89
|
54.44
|
56.65
|
51.89
|
56.65
|