Wisconsin | 001-31343 | 39-1098068 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) |
(IRS Employer Identification No.) |
1200 Hansen Road, Green Bay, Wisconsin | 54304 | |
(Address of principal executive offices) | (Zip code) |
99.1
|
Press release of the registrant dated July 21, 2011, containing financial information for its second quarter ended June 30, 2011. |
Associated Banc-Corp (Registrant) |
||||
Date: July 21, 2011 | By: | /s/ Brian R. Bodager | ||
Brian R. Bodager | ||||
Chief Administrative Officer, General Counsel & Corporate Secretary |
||||
Exhibit | ||
Number | ||
99.1
|
Press release of the registrant dated July 21, 2011, containing financial information for its second quarter ended June 30, 2011. |
![]() |
NEWS RELEASE | |
Investor Contact: | ||
Janet L. Ford, Investor Relations Director 414-278-1890 |
||
Media Contact: | ||
Autumn Latimore, Public Relations Director 414-278-1860 |
| Pre-tax income improved $13 million and net income to common shareholders improved $10 million from the prior quarter | ||
| Total loans of $13.1 billion were up 3% from the prior quarter, with growth in all major segments of the portfolio |
| C&I loans grew $230 million on a linked-quarter basis | ||
| Commercial real estate and construction loans were up $50 million from the prior quarter | ||
| Residential mortgages grew $156 million during the second quarter |
| Total deposits and customer funding of $16.1 billion was up $184 million, with solid growth in interest-bearing checking, savings, and sweep account balances during the quarter | ||
| Net interest margin for the second quarter was 3.29% |
| Impact of first quarter debt offering was partially offset by a 5 basis point improvement in interest-bearing deposit costs |
| Continued improvements in key credit metrics |
| Nonaccrual loans of $468 million declined to the lowest level in six quarters | ||
| Potential problem loans declined to $699 million, down 23% from $912 million for the first quarter | ||
| Provision for loan losses of $16 million was down significantly from the prior quarter | ||
| Net charge-offs of $45 million were down 17% from $53 million for the first quarter |
ASSOCIATED BANC-CORP REPORTS SECOND QUARTER 2011 RESULTS | PAGE 2 |
ASSOCIATED BANC-CORP REPORTS SECOND QUARTER 2011 RESULTS | PAGE 3 |
ASSOCIATED BANC-CORP REPORTS SECOND QUARTER 2011 RESULTS | PAGE 4 |
June 30, | March 31, | Seql Qtr | December 31, | September 30, | June 30, | Comp Qtr | ||||||||||||||||||||||
(in thousands) | 2011 | 2011 | $ Change | 2010 | 2010 | 2010 | $ Change | |||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Cash and due from banks |
$ | 314,682 | $ | 299,040 | $ | 15,642 | $ | 319,487 | $ | 316,914 | $ | 324,952 | $ | (10,270 | ) | |||||||||||||
Interest-bearing deposits in other
financial institutions |
777,675 | 498,094 | 279,581 | 546,125 | 1,717,853 | 2,210,946 | (1,433,271 | ) | ||||||||||||||||||||
Federal funds sold and securities purchased
under agreements to resell |
2,400 | 2,015 | 385 | 2,550 | 503,950 | 13,515 | (11,115 | ) | ||||||||||||||||||||
Securities available for sale, at fair value |
5,742,034 | 5,883,541 | (141,507 | ) | 6,101,341 | 5,291,336 | 5,322,177 | 419,857 | ||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost |
191,075 | 191,017 | 58 | 190,968 | 190,918 | 190,870 | 205 | |||||||||||||||||||||
Loans held for sale |
84,323 | 85,493 | (1,170 | ) | 144,808 | 274,666 | 321,060 | (236,737 | ) | |||||||||||||||||||
Loans |
13,089,589 | 12,655,322 | 434,267 | 12,616,735 | 12,372,393 | 12,601,916 | 487,673 | |||||||||||||||||||||
Allowance for loan losses |
(425,961 | ) | (454,461 | ) | 28,500 | (476,813 | ) | (522,018 | ) | (567,912 | ) | 141,951 | ||||||||||||||||
Loans, net |
12,663,628 | 12,200,861 | 462,767 | 12,139,922 | 11,850,375 | 12,034,004 | 629,624 | |||||||||||||||||||||
Premises and equipment, net |
192,506 | 186,329 | 6,177 | 190,533 | 181,236 | 181,231 | 11,275 | |||||||||||||||||||||
Goodwill |
929,168 | 929,168 | | 929,168 | 929,168 | 929,168 | | |||||||||||||||||||||
Other intangible assets, net |
74,872 | 85,200 | (10,328 | ) | 88,044 | 84,824 | 92,176 | (17,304 | ) | |||||||||||||||||||
Other assets |
1,076,112 | 1,112,807 | (36,695 | ) | 1,132,650 | 1,184,046 | 1,139,960 | (63,848 | ) | |||||||||||||||||||
Total assets |
$ | 22,048,475 | $ | 21,473,565 | $ | 574,910 | $ | 21,785,596 | $ | 22,525,286 | $ | 22,760,059 | (711,584 | ) | ||||||||||||||
Liabilities and Stockholders Equity |
||||||||||||||||||||||||||||
Noninterest-bearing deposits |
$ | 3,218,722 | $ | 3,285,604 | $ | (66,882 | ) | $ | 3,684,965 | $ | 3,054,121 | $ | 2,932,599 | 286,123 | ||||||||||||||
Interest-bearing deposits, excl Brokered CDs |
10,530,658 | 10,413,994 | 116,664 | 11,097,788 | 13,308,530 | 13,465,974 | (2,935,316 | ) | ||||||||||||||||||||
Brokered CDs |
316,670 | 324,045 | (7,375 | ) | 442,640 | 442,209 | 571,626 | (254,956 | ) | |||||||||||||||||||
Total deposits |
14,066,050 | 14,023,643 | 42,407 | 15,225,393 | 16,804,860 | 16,970,199 | (2,904,149 | ) | ||||||||||||||||||||
Short-term funding |
3,255,670 | 2,547,805 | 707,865 | 1,747,382 | 539,263 | 513,406 | 2,742,264 | |||||||||||||||||||||
Long-term funding |
1,484,174 | 1,484,177 | (3 | ) | 1,413,605 | 1,713,671 | 1,843,691 | (359,517 | ) | |||||||||||||||||||
Accrued expenses and other liabilities |
243,433 | 223,226 | 20,207 | 240,425 | 266,643 | 246,636 | (3,203 | ) | ||||||||||||||||||||
Total liabilities |
19,049,327 | 18,278,851 | 770,476 | 18,626,805 | 19,324,437 | 19,573,932 | (524,605 | ) | ||||||||||||||||||||
Stockholders Equity |
||||||||||||||||||||||||||||
Preferred equity |
258,051 | 515,238 | (257,187 | ) | 514,388 | 513,550 | 512,724 | (254,673 | ) | |||||||||||||||||||
Common stock |
1,745 | 1,744 | 1 | 1,739 | 1,738 | 1,737 | 8 | |||||||||||||||||||||
Surplus |
1,581,594 | 1,576,903 | 4,691 | 1,573,372 | 1,569,963 | 1,567,315 | 14,279 | |||||||||||||||||||||
Retained earnings |
1,079,076 | 1,055,344 | 23,732 | 1,041,666 | 1,036,800 | 1,032,065 | 47,011 | |||||||||||||||||||||
Accumulated other comprehensive income |
79,345 | 45,731 | 33,614 | 27,626 | 78,798 | 73,173 | 6,172 | |||||||||||||||||||||
Treasury stock |
(663 | ) | (246 | ) | (417 | ) | | | (887 | ) | 224 | |||||||||||||||||
Total stockholders equity |
2,999,148 | 3,194,714 | (195,566 | ) | 3,158,791 | 3,200,849 | 3,186,127 | (186,979 | ) | |||||||||||||||||||
Total liabilities and stockholders equity |
$ | 22,048,475 | $ | 21,473,565 | $ | 574,910 | $ | 21,785,596 | $ | 22,525,286 | $ | 22,760,059 | $ | (711,584 | ) | |||||||||||||
For The Three Months Ended | For The Six Months Ended, | |||||||||||||||||||||||||||||||
June 30, | Quarter | June 30, | Year-to-Date | |||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2011 | 2010 | $ Change | % Change | 2011 | 2010 | $ Change | % Change | ||||||||||||||||||||||||
Interest Income |
||||||||||||||||||||||||||||||||
Interest and fees on loans |
$ | 144,358 | $ | 153,815 | $ | (9,457 | ) | (6.1 | %) | $ | 287,129 | $ | 313,106 | $ | (25,977 | ) | (8.3 | %) | ||||||||||||||
Interest and dividends on investment securities: |
||||||||||||||||||||||||||||||||
Taxable |
35,351 | 40,292 | (4,941 | ) | (12.3 | %) | 70,003 | 86,460 | (16,457 | ) | (19.0 | %) | ||||||||||||||||||||
Tax-exempt |
7,504 | 8,558 | (1,054 | ) | (12.3 | %) | 15,217 | 17,266 | (2,049 | ) | (11.9 | %) | ||||||||||||||||||||
Other interest and dividends |
1,438 | 2,213 | (775 | ) | (35.0 | %) | 2,896 | 3,986 | (1,090 | ) | (27.3 | %) | ||||||||||||||||||||
Total interest income |
188,651 | 204,878 | (16,227 | ) | (7.9 | %) | 375,245 | 420,818 | (45,573 | ) | (10.8 | %) | ||||||||||||||||||||
Interest Expense |
||||||||||||||||||||||||||||||||
Interest on deposits |
16,901 | 28,360 | (11,459 | ) | (40.4 | %) | 35,150 | 57,105 | (21,955 | ) | (38.4 | %) | ||||||||||||||||||||
Interest on short-term funding |
3,637 | 1,820 | 1,817 | 99.8 | % | 7,216 | 3,846 | 3,370 | 87.6 | % | ||||||||||||||||||||||
Interest on long-term funding |
13,990 | 14,905 | (915 | ) | (6.1 | %) | 25,033 | 30,852 | (5,819 | ) | (18.9 | %) | ||||||||||||||||||||
Total interest expense |
34,528 | 45,085 | (10,557 | ) | (23.4 | %) | 67,399 | 91,803 | (24,404 | ) | (26.6 | %) | ||||||||||||||||||||
Net Interest Income |
154,123 | 159,793 | (5,670 | ) | (3.5 | %) | 307,846 | 329,015 | (21,169 | ) | (6.4 | %) | ||||||||||||||||||||
Provision for loan losses |
16,000 | 97,665 | (81,665 | ) | (83.6 | %) | 47,000 | 263,010 | (216,010 | ) | (82.1 | %) | ||||||||||||||||||||
Net interest income after provision for loan losses |
138,123 | 62,128 | 75,995 | 122.3 | % | 260,846 | 66,005 | 194,841 | 295.2 | % | ||||||||||||||||||||||
Noninterest Income |
||||||||||||||||||||||||||||||||
Trust service fees |
10,012 | 9,517 | 495 | 5.2 | % | 19,843 | 18,873 | 970 | 5.1 | % | ||||||||||||||||||||||
Service charges on deposit accounts |
19,112 | 26,446 | (7,334 | ) | (27.7 | %) | 38,176 | 52,505 | (14,329 | ) | (27.3 | %) | ||||||||||||||||||||
Card-based and other nondeposit fees |
15,747 | 14,739 | 1,008 | 6.8 | % | 31,345 | 28,551 | 2,794 | 9.8 | % | ||||||||||||||||||||||
Retail commissions |
16,475 | 15,722 | 753 | 4.8 | % | 32,856 | 31,539 | 1,317 | 4.2 | % | ||||||||||||||||||||||
Total core fee-based revenue |
61,346 | 66,424 | (5,078 | ) | (7.6 | %) | 122,220 | 131,468 | (9,248 | ) | (7.0 | %) | ||||||||||||||||||||
Mortgage banking, net |
(3,320 | ) | 5,493 | (8,813 | ) | (160.4 | %) | (1,475 | ) | 10,900 | (12,375 | ) | (113.5 | %) | ||||||||||||||||||
Capital market fees, net |
(890 | ) | (136 | ) | (754 | ) | N/M | 1,488 | (6 | ) | 1,494 | N/M | ||||||||||||||||||||
Bank owned life insurance income |
3,500 | 4,240 | (740 | ) | (17.5 | %) | 7,086 | 7,496 | (410 | ) | (5.5 | %) | ||||||||||||||||||||
Asset sale gains (losses), net |
(209 | ) | 1,477 | (1,686 | ) | N/M | (2,195 | ) | (164 | ) | (2,031 | ) | N/M | |||||||||||||||||||
Investment securities gains (losses), net |
(36 | ) | (146 | ) | 110 | (75.3 | %) | (58 | ) | 23,435 | (23,493 | ) | (100.2 | %) | ||||||||||||||||||
Other |
4,364 | 3,539 | 825 | 23.3 | % | 9,871 | 5,800 | 4,071 | 70.2 | % | ||||||||||||||||||||||
Total noninterest income |
64,755 | 80,891 | (16,136 | ) | (19.9 | %) | 136,937 | 178,929 | (41,992 | ) | (23.5 | %) | ||||||||||||||||||||
Noninterest Expense |
||||||||||||||||||||||||||||||||
Personnel expense |
89,203 | 79,342 | 9,861 | 12.4 | % | 178,133 | 158,697 | 19,436 | 12.2 | % | ||||||||||||||||||||||
Occupancy |
12,663 | 11,706 | 957 | 8.2 | % | 27,938 | 24,881 | 3,057 | 12.3 | % | ||||||||||||||||||||||
Equipment |
4,969 | 4,450 | 519 | 11.7 | % | 9,736 | 8,835 | 901 | 10.2 | % | ||||||||||||||||||||||
Data processing |
7,974 | 7,866 | 108 | 1.4 | % | 15,508 | 15,165 | 343 | 2.3 | % | ||||||||||||||||||||||
Business development and advertising |
5,652 | 4,773 | 879 | 18.4 | % | 10,595 | 9,218 | 1,377 | 14.9 | % | ||||||||||||||||||||||
Other intangible amortization |
1,178 | 1,254 | (76 | ) | (6.1 | %) | 2,356 | 2,507 | (151 | ) | (6.0 | %) | ||||||||||||||||||||
Legal and professional fees |
4,783 | 5,517 | (734 | ) | (13.3 | %) | 9,265 | 8,312 | 953 | 11.5 | % | |||||||||||||||||||||
Losses other than loans |
(1,925 | ) | 2,840 | (4,765 | ) | (167.8 | %) | 4,372 | 4,819 | (447 | ) | (9.3 | %) | |||||||||||||||||||
Foreclosure/OREO expense |
9,527 | 8,906 | 621 | 7.0 | % | 15,588 | 16,635 | (1,047 | ) | (6.3 | %) | |||||||||||||||||||||
FDIC expense |
7,198 | 12,027 | (4,829 | ) | (40.2 | %) | 15,442 | 23,856 | (8,414 | ) | (35.3 | %) | ||||||||||||||||||||
Other |
17,664 | 16,357 | 1,307 | 8.0 | % | 34,129 | 33,972 | 157 | 0.5 | % | ||||||||||||||||||||||
Total noninterest expense |
158,886 | 155,038 | 3,848 | 2.5 | % | 323,062 | 306,897 | 16,165 | 5.3 | % | ||||||||||||||||||||||
Income (loss) before income taxes |
43,992 | (12,019 | ) | 56,011 | N/M | 74,721 | (61,963 | ) | 136,684 | N/M | ||||||||||||||||||||||
Income tax expense (benefit) |
9,610 | (9,240 | ) | 18,850 | N/M | 17,486 | (32,795 | ) | 50,281 | N/M | ||||||||||||||||||||||
Net income (loss) |
34,382 | (2,779 | ) | 37,161 | N/M | 57,235 | (29,168 | ) | $ | 86,403 | N/M | |||||||||||||||||||||
Preferred stock dividends and discount |
8,812 | 7,377 | 1,435 | 19.5 | % | 16,225 | 14,742 | 1,483 | 10.1 | % | ||||||||||||||||||||||
Net income (loss) available to common equity |
$ | 25,570 | $ | (10,156 | ) | $ | 35,726 | N/M | $ | 41,010 | $ | (43,910 | ) | $ | 84,920 | N/M | ||||||||||||||||
Earnings (Loss) Per Common Share: |
||||||||||||||||||||||||||||||||
Basic |
$ | 0.15 | $ | (0.06 | ) | $ | 0.21 | N/M | $ | 0.24 | $ | (0.26 | ) | $ | 0.50 | N/M | ||||||||||||||||
Diluted |
$ | 0.15 | $ | (0.06 | ) | $ | 0.21 | N/M | $ | 0.24 | $ | (0.26 | ) | $ | 0.50 | N/M | ||||||||||||||||
Average Common Shares Outstanding: |
||||||||||||||||||||||||||||||||
Basic |
173,323 | 172,921 | 402 | 0.2 | % | 173,268 | 169,401 | 3,867 | 2.3 | % | ||||||||||||||||||||||
Diluted |
173,327 | 172,921 | 406 | 0.2 | % | 173,272 | 169,401 | 3,871 | 2.3 | % |
N/M = Not meaningful. |
Sequential Qtr | Comparable Qtr | |||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2Q11 | 1Q11 | $ Change | % Change | 4Q10 | 3Q10 | 2Q10 | $ Change | % Change | |||||||||||||||||||||||||||
Interest Income |
||||||||||||||||||||||||||||||||||||
Interest and fees on loans |
$ | 144,358 | $ | 142,771 | $ | 1,587 | 1.1 | % | $ | 146,444 | $ | 148,937 | $ | 153,815 | $ | (9,457 | ) | (6.1 | %) | |||||||||||||||||
Interest and dividends on investment securities: |
||||||||||||||||||||||||||||||||||||
Taxable |
35,351 | 34,652 | 699 | 2.0 | % | 32,420 | 36,151 | 40,292 | (4,941 | ) | (12.3 | %) | ||||||||||||||||||||||||
Tax-exempt |
7,504 | 7,713 | (209 | ) | (2.7 | %) | 8,150 | 8,499 | 8,558 | (1,054 | ) | (12.3 | %) | |||||||||||||||||||||||
Other interest and dividends |
1,438 | 1,458 | (20 | ) | (1.4 | %) | 2,078 | 2,629 | 2,213 | (775 | ) | (35.0 | %) | |||||||||||||||||||||||
Total interest income |
188,651 | 186,594 | 2,057 | 1.1 | % | 189,092 | 196,216 | 204,878 | (16,227 | ) | (7.9 | %) | ||||||||||||||||||||||||
Interest Expense |
||||||||||||||||||||||||||||||||||||
Interest on deposits |
16,901 | 18,249 | (1,348 | ) | (7.4 | %) | 23,039 | 25,879 | 28,360 | (11,459 | ) | (40.4 | %) | |||||||||||||||||||||||
Interest on short-term funding |
3,637 | 3,579 | 58 | 1.6 | % | 2,288 | 1,849 | 1,820 | 1,817 | 99.8 | % | |||||||||||||||||||||||||
Interest on long-term funding |
13,990 | 11,043 | 2,947 | 26.7 | % | 12,905 | 14,584 | 14,905 | (915 | ) | (6.1 | %) | ||||||||||||||||||||||||
Total interest expense |
34,528 | 32,871 | 1,657 | 5.0 | % | 38,232 | 42,312 | 45,085 | (10,557 | ) | (23.4 | %) | ||||||||||||||||||||||||
Net Interest Income |
154,123 | 153,723 | 400 | 0.3 | % | 150,860 | 153,904 | 159,793 | (5,670 | ) | (3.5 | %) | ||||||||||||||||||||||||
Provision for loan losses |
16,000 | 31,000 | (15,000 | ) | (48.4 | %) | 63,000 | 64,000 | 97,665 | (81,665 | ) | (83.6 | %) | |||||||||||||||||||||||
Net interest income after provision for |
||||||||||||||||||||||||||||||||||||
loan losses |
138,123 | 122,723 | 15,400 | 12.5 | % | 87,860 | 89,904 | 62,128 | 75,995 | 122.3 | % | |||||||||||||||||||||||||
Noninterest Income |
||||||||||||||||||||||||||||||||||||
Trust service fees |
10,012 | 9,831 | 181 | 1.8 | % | 9,518 | 9,462 | 9,517 | 495 | 5.2 | % | |||||||||||||||||||||||||
Service charges on deposit accounts |
19,112 | 19,064 | 48 | 0.3 | % | 20,390 | 23,845 | 26,446 | (7,334 | ) | (27.7 | %) | ||||||||||||||||||||||||
Card-based and other nondeposit fees |
15,747 | 15,598 | 149 | 1.0 | % | 15,842 | 14,906 | 14,739 | 1,008 | 6.8 | % | |||||||||||||||||||||||||
Retail commissions |
16,475 | 16,381 | 94 | 0.6 | % | 14,441 | 15,276 | 15,722 | 753 | 4.8 | % | |||||||||||||||||||||||||
Total core fee-based revenue |
61,346 | 60,874 | 472 | 0.8 | % | 60,191 | 63,489 | 66,424 | (5,078 | ) | (7.6 | %) | ||||||||||||||||||||||||
Mortgage banking, net |
(3,320 | ) | 1,845 | (5,165 | ) | N/M | 13,229 | 9,007 | 5,493 | (8,813 | ) | (160.4 | %) | |||||||||||||||||||||||
Capital market fees, net |
(890 | ) | 2,378 | (3,268 | ) | (137.4 | %) | 5,187 | 891 | (136 | ) | (754 | ) | N/M | ||||||||||||||||||||||
Bank owned life insurance income |
3,500 | 3,586 | (86 | ) | (2.4 | %) | 4,509 | 3,756 | 4,240 | (740 | ) | (17.5 | %) | |||||||||||||||||||||||
Asset sale gains (losses), net |
(209 | ) | (1,986 | ) | 1,777 | (89.5 | %) | 514 | (2,354 | ) | 1,477 | (1,686 | ) | N/M | ||||||||||||||||||||||
Investment securities gains (losses), net |
(36 | ) | (22 | ) | (14 | ) | 63.6 | % | (1,883 | ) | 3,365 | (146 | ) | 110 | (75.3 | %) | ||||||||||||||||||||
Other |
4,364 | 5,507 | (1,143 | ) | (20.8 | %) | 2,950 | 3,743 | 3,539 | 825 | 23.3 | % | ||||||||||||||||||||||||
Total noninterest income |
64,755 | 72,182 | (7,427 | ) | (10.3 | %) | 84,697 | 81,897 | 80,891 | (16,136 | ) | (19.9 | %) | |||||||||||||||||||||||
Noninterest Expense |
||||||||||||||||||||||||||||||||||||
Personnel expense |
89,203 | 88,930 | 273 | 0.3 | % | 83,912 | 80,640 | 79,342 | 9,861 | 12.4 | % | |||||||||||||||||||||||||
Occupancy |
12,663 | 15,275 | (2,612 | ) | (17.1 | %) | 12,899 | 12,157 | 11,706 | 957 | 8.2 | % | ||||||||||||||||||||||||
Equipment |
4,969 | 4,767 | 202 | 4.2 | % | 4,899 | 4,637 | 4,450 | 519 | 11.7 | % | |||||||||||||||||||||||||
Data processing |
7,974 | 7,534 | 440 | 5.8 | % | 7,047 | 7,502 | 7,866 | 108 | 1.4 | % | |||||||||||||||||||||||||
Business development and advertising |
5,652 | 4,943 | 709 | 14.3 | % | 4,870 | 4,297 | 4,773 | 879 | 18.4 | % | |||||||||||||||||||||||||
Other intangible amortization |
1,178 | 1,178 | | 0.0 | % | 1,206 | 1,206 | 1,254 | (76 | ) | (6.1 | %) | ||||||||||||||||||||||||
Legal and professional fees |
4,783 | 4,482 | 301 | 6.7 | % | 5,353 | 6,774 | 5,517 | (734 | ) | (13.3 | %) | ||||||||||||||||||||||||
Losses other than loans |
(1,925 | ) | 6,297 | (8,222 | ) | (130.6 | %) | 7,470 | 2,504 | 2,840 | (4,765 | ) | (167.8 | %) | ||||||||||||||||||||||
Foreclosure/OREO expense |
9,527 | 6,061 | 3,466 | 57.2 | % | 9,860 | 7,349 | 8,906 | 621 | 7.0 | % | |||||||||||||||||||||||||
FDIC expense |
7,198 | 8,244 | (1,046 | ) | (12.7 | %) | 11,095 | 11,426 | 12,027 | (4,829 | ) | (40.2 | %) | |||||||||||||||||||||||
Other |
17,664 | 16,465 | 1,199 | 7.3 | % | 18,232 | 18,088 | 16,357 | 1,307 | 8.0 | % | |||||||||||||||||||||||||
Total noninterest expense |
158,886 | 164,176 | (5,290 | ) | (3.2 | %) | 166,843 | 156,580 | 155,038 | 3,848 | 2.5 | % | ||||||||||||||||||||||||
Income (loss) before income taxes |
43,992 | 30,729 | 13,263 | 43.2 | % | 5,714 | 15,221 | (12,019 | ) | 56,011 | N/M | |||||||||||||||||||||||||
Income tax expense (benefit) |
9,610 | 7,876 | 1,734 | 22.0 | % | (8,294 | ) | 917 | (9,240 | ) | 18,850 | N/M | ||||||||||||||||||||||||
Net income (loss) |
34,382 | 22,853 | 11,529 | 50.4 | % | 14,008 | 14,304 | (2,779 | ) | 37,161 | N/M | |||||||||||||||||||||||||
Preferred stock dividends and discount |
8,812 | 7,413 | 1,399 | 18.9 | % | 7,400 | 7,389 | 7,377 | 1,435 | 19.5 | % | |||||||||||||||||||||||||
Net income (loss) available to common equity |
$ | 25,570 | $ | 15,440 | $ | 10,130 | 65.6 | % | $ | 6,608 | $ | 6,915 | $ | (10,156 | ) | $ | 35,726 | N/M | ||||||||||||||||||
Earnings (Loss) Per Common Share: |
||||||||||||||||||||||||||||||||||||
Basic |
$ | 0.15 | $ | 0.09 | $ | 0.06 | 66.7 | % | $ | 0.04 | $ | 0.04 | $ | (0.06 | ) | $ | 0.21 | N/M | ||||||||||||||||||
Diluted |
$ | 0.15 | $ | 0.09 | $ | 0.06 | 66.7 | % | $ | 0.04 | $ | 0.04 | $ | (0.06 | ) | $ | 0.21 | N/M | ||||||||||||||||||
Average Common Shares Outstanding: |
||||||||||||||||||||||||||||||||||||
Basic |
173,323 | 173,213 | 110 | 0.1 | % | 173,068 | 172,989 | 172,921 | 402 | 0.2 | % | |||||||||||||||||||||||||
Diluted |
173,327 | 173,217 | 110 | 0.1 | % | 173,072 | 172,990 | 172,921 | 406 | 0.2 | % |
(in thousands, except per share and full time equivalent employee data) | YTD 2011 | YTD 2010 | 2nd Qtr 2011 | 1st Qtr 2011 | 4th Qtr 2010 | 3rd Qtr 2010 | 2nd Qtr 2010 | |||||||||||||||||||||
Summary of Operations |
||||||||||||||||||||||||||||
Net interest income |
$ | 307,846 | $ | 329,015 | $ | 154,123 | $ | 153,723 | $ | 150,860 | $ | 153,904 | $ | 159,793 | ||||||||||||||
Provision for loan losses |
47,000 | 263,010 | 16,000 | 31,000 | 63,000 | 64,000 | 97,665 | |||||||||||||||||||||
Asset sale gains (losses), net |
(2,195 | ) | (164 | ) | (209 | ) | (1,986 | ) | 514 | (2,354 | ) | 1,477 | ||||||||||||||||
Investment securities gains (losses), net |
(58 | ) | 23,435 | (36 | ) | (22 | ) | (1,883 | ) | 3,365 | (146 | ) | ||||||||||||||||
Noninterest income (excluding securities & asset gains) |
139,190 | 155,658 | 65,000 | 74,190 | 86,066 | 80,886 | 79,560 | |||||||||||||||||||||
Noninterest expense |
323,062 | 306,897 | 158,886 | 164,176 | 166,843 | 156,580 | 155,038 | |||||||||||||||||||||
Income (loss) before income taxes |
74,721 | (61,963 | ) | 43,992 | 30,729 | 5,714 | 15,221 | (12,019 | ) | |||||||||||||||||||
Income tax expense (benefit) |
17,486 | (32,795 | ) | 9,610 | 7,876 | (8,294 | ) | 917 | (9,240 | ) | ||||||||||||||||||
Net income (loss) |
57,235 | (29,168 | ) | 34,382 | 22,853 | 14,008 | 14,304 | (2,779 | ) | |||||||||||||||||||
Net income (loss) available to common equity |
41,010 | (43,910 | ) | 25,570 | 15,440 | 6,608 | 6,915 | (10,156 | ) | |||||||||||||||||||
Taxable equivalent adjustment |
10,772 | 12,000 | 5,332 | 5,440 | 5,721 | 5,914 | 5,966 | |||||||||||||||||||||
Per Common Share Data |
||||||||||||||||||||||||||||
Net income (loss): |
||||||||||||||||||||||||||||
Basic |
$ | 0.24 | $ | (0.26 | ) | $ | 0.15 | $ | 0.09 | $ | 0.04 | $ | 0.04 | $ | (0.06 | ) | ||||||||||||
Diluted |
0.24 | (0.26 | ) | 0.15 | 0.09 | 0.04 | 0.04 | (0.06 | ) | |||||||||||||||||||
Dividends |
0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||||||||||||
Market Value: |
||||||||||||||||||||||||||||
High |
$ | 15.36 | $ | 16.10 | $ | 15.02 | $ | 15.36 | $ | 15.49 | $ | 13.90 | $ | 16.10 | ||||||||||||||
Low |
13.06 | 11.48 | 13.06 | 13.83 | 12.57 | 11.96 | 12.26 | |||||||||||||||||||||
Close |
13.90 | 12.26 | 13.90 | 14.85 | 15.15 | 13.19 | 12.26 | |||||||||||||||||||||
Book value |
15.81 | 15.46 | 15.81 | 15.46 | 15.28 | 15.53 | 15.46 | |||||||||||||||||||||
Tangible book value |
10.33 | 9.93 | 10.33 | 9.97 | 9.77 | 10.02 | 9.93 | |||||||||||||||||||||
Performance Ratios (annualized) |
||||||||||||||||||||||||||||
Earning assets yield |
4.00 | % | 4.17 | % | 4.00 | % | 4.01 | % | 3.89 | % | 3.90 | % | 4.10 | % | ||||||||||||||
Interest-bearing liabilities rate |
0.90 | 1.11 | 0.91 | 0.89 | 0.98 | 1.03 | 1.10 | |||||||||||||||||||||
Net interest margin |
3.30 | 3.29 | 3.29 | 3.32 | 3.13 | 3.08 | 3.22 | |||||||||||||||||||||
Return on average assets |
0.54 | (0.26 | ) | 0.64 | 0.43 | 0.25 | 0.25 | (0.05 | ) | |||||||||||||||||||
Return on average equity |
3.75 | (1.86 | ) | 4.63 | 2.92 | 1.74 | 1.77 | (0.35 | ) | |||||||||||||||||||
Return on average tangible common equity (1) |
4.78 | (5.22 | ) | 5.85 | 3.67 | 1.52 | 1.58 | (2.37 | ) | |||||||||||||||||||
Efficiency ratio (2) |
70.57 | 61.79 | 70.79 | 70.36 | 68.76 | 65.05 | 63.20 | |||||||||||||||||||||
Effective tax rate (benefit) |
23.40 | (52.93 | ) | 21.84 | 25.63 | (145.13 | ) | 6.03 | (76.88 | ) | ||||||||||||||||||
Dividend payout ratio (3) |
8.33 | N/M | 6.67 | 11.11 | 25.00 | 25.02 | N/M | |||||||||||||||||||||
Average Balances |
||||||||||||||||||||||||||||
Assets |
$ | 21,432,029 | $ | 22,873,703 | $ | 21,526,155 | $ | 21,336,858 | $ | 22,034,041 | $ | 22,727,208 | $ | 22,598,695 | ||||||||||||||
Earning assets |
19,364,948 | 20,835,705 | 19,431,292 | 19,297,866 | 19,950,784 | 20,660,498 | 20,598,637 | |||||||||||||||||||||
Interest-bearing liabilities |
15,085,468 | 16,688,248 | 15,261,514 | 14,907,465 | 15,476,002 | 16,376,904 | 16,408,718 | |||||||||||||||||||||
Loans (4) |
12,840,289 | 13,659,385 | 13,004,904 | 12,673,844 | 12,587,702 | 12,855,791 | 13,396,710 | |||||||||||||||||||||
Deposits |
14,148,618 | 17,099,816 | 14,052,689 | 14,245,614 | 16,452,473 | 17,138,105 | 17,056,193 | |||||||||||||||||||||
Short and long-term funding |
4,160,335 | 2,588,696 | 4,434,500 | 3,883,122 | 2,311,016 | 2,326,469 | 2,343,119 | |||||||||||||||||||||
Common stockholders equity |
2,681,562 | 2,654,000 | 2,704,909 | 2,657,956 | 2,681,813 | 2,693,735 | 2,674,097 | |||||||||||||||||||||
Stockholders equity |
3,074,197 | 3,165,798 | 2,976,840 | 3,172,636 | 3,195,657 | 3,206,742 | 3,186,295 | |||||||||||||||||||||
Common stockholders equity / assets |
12.51 | % | 11.60 | % | 12.57 | % | 12.46 | % | 12.17 | % | 11.85 | % | 11.83 | % | ||||||||||||||
Stockholders equity / assets |
14.34 | % | 13.84 | % | 13.83 | % | 14.87 | % | 14.50 | % | 14.11 | % | 14.10 | % | ||||||||||||||
At Period End |
||||||||||||||||||||||||||||
Assets |
$ | 22,048,475 | $ | 21,473,565 | $ | 21,785,596 | $ | 22,525,286 | $ | 22,760,059 | ||||||||||||||||||
Loans |
13,089,589 | 12,655,322 | 12,616,735 | 12,372,393 | 12,601,916 | |||||||||||||||||||||||
Allowance for loan losses |
425,961 | 454,461 | 476,813 | 522,018 | 567,912 | |||||||||||||||||||||||
Goodwill |
929,168 | 929,168 | 929,168 | 929,168 | 929,168 | |||||||||||||||||||||||
Mortgage servicing rights, net |
53,093 | 62,243 | 63,909 | 59,483 | 65,629 | |||||||||||||||||||||||
Other intangible assets |
21,779 | 22,957 | 24,135 | 25,341 | 26,547 | |||||||||||||||||||||||
Deposits |
14,066,050 | 14,023,643 | 15,225,393 | 16,804,860 | 16,970,199 | |||||||||||||||||||||||
Short and long-term funding |
4,739,844 | 4,031,982 | 3,160,987 | 2,252,934 | 2,357,097 | |||||||||||||||||||||||
Stockholders equity |
2,999,148 | 3,194,714 | 3,158,791 | 3,200,849 | 3,186,127 | |||||||||||||||||||||||
Stockholders equity / assets |
13.60 | % | 14.88 | % | 14.50 | % | 14.21 | % | 14.00 | % | ||||||||||||||||||
Tangible common equity / tangible assets (5) |
8.49 | % | 8.42 | % | 8.12 | % | 8.03 | % | 7.88 | % | ||||||||||||||||||
Tangible equity/tangible assets (6) |
9.71 | % | 10.93 | % | 10.59 | % | 10.41 | % | 10.23 | % | ||||||||||||||||||
Tier 1 common equity / risk-weighted assets (7) |
12.61 | % | 12.65 | % | 12.26 | % | 12.31 | % | 12.00 | % | ||||||||||||||||||
Tier 1 leverage ratio |
10.46 | % | 11.65 | % | 11.19 | % | 10.78 | % | 10.80 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio |
16.03 | % | 18.08 | % | 17.58 | % | 17.68 | % | 17.25 | % | ||||||||||||||||||
Total risk-based capital ratio |
17.50 | % | 19.56 | % | 19.05 | % | 19.16 | % | 19.02 | % | ||||||||||||||||||
Shares outstanding, end of period |
173,374 | 173,274 | 173,112 | 173,019 | 172,955 | |||||||||||||||||||||||
Selected trend information |
||||||||||||||||||||||||||||
Average full time equivalent employees |
4,977 | 4,929 | 4,865 | 4,827 | 4,766 | |||||||||||||||||||||||
Trust assets under management, at market value |
$ | 5,700,000 | $ | 5,900,000 | $ | 5,700,000 | $ | 5,400,000 | $ | 5,100,000 | ||||||||||||||||||
Mortgage loans originated for sale during period |
250,880 | 290,013 | 629,978 | 727,868 | 501,965 | |||||||||||||||||||||||
Mortgage portfolio serviced for others |
7,367,000 | 7,476,000 | 7,453,000 | 7,860,000 | 7,822,000 | |||||||||||||||||||||||
Mortgage servicing rights, net / Portfolio serviced
for others |
0.72 | % | 0.83 | % | 0.86 | % | 0.76 | % | 0.84 | % | ||||||||||||||||||
N/M = Not meaningful. | ||
(1) | Return on average tangible common equity = Net income available to common equity divided by average common equity excluding average goodwill and other intangible assets. This is a non-GAAP financial measure. | |
(2) | Efficiency ratio = Noninterest expense divided by sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains, net, and asset sales gains, net. | |
This is a non-GAAP financial measure. | ||
(3) | Ratio is based upon basic earnings per common share. | |
(4) | Loans held for sale have been included in the average balances. | |
(5) | Tangible common equity to tangible assets = Common stockholders equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. | |
This is a non-GAAP financial measure. | ||
(6) | Tangible equity to tangible assets = Stockholders equity excluding goodwill and other intangible assets divided by assets excluding goodwill and other intangible assets. | |
This is a non-GAAP financial measure. | ||
(7) | Tier 1 common equity to risk-weighted assets = Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by risk-weighted assets. This is a non-GAAP financial measure. |
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
(in thousands) | Jun 30, 2011 | Mar 31, 2011 | %Change | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | %Change | |||||||||||||||||||||
Allowance for Loan Losses |
||||||||||||||||||||||||||||
Beginning balance |
$ | 454,461 | $ | 476,813 | (4.7 | %) | $ | 522,018 | $ | 567,912 | $ | 575,573 | (21.0 | %) | ||||||||||||||
Provision for loan losses |
16,000 | 31,000 | (48.4 | %) | 63,000 | 64,000 | 97,665 | (83.6 | %) | |||||||||||||||||||
Charge offs |
(52,365 | ) | (65,156 | ) | (19.6 | %) | (118,368 | ) | (122,327 | ) | (113,170 | ) | (53.7 | %) | ||||||||||||||
Recoveries |
7,865 | 11,804 | (33.4 | %) | 10,163 | 12,433 | 7,844 | 0.3 | % | |||||||||||||||||||
Net charge offs |
(44,500 | ) | (53,352 | ) | (16.6 | %) | (108,205 | ) | (109,894 | ) | (105,326 | ) | (57.8 | %) | ||||||||||||||
Ending balance |
$ | 425,961 | $ | 454,461 | (6.3 | %) | $ | 476,813 | $ | 522,018 | $ | 567,912 | (25.0 | %) | ||||||||||||||
Reserve for losses on unfunded commitments |
$ | 14,900 | $ | 17,800 | (16.3 | %) | $ | 17,374 | $ | 16,274 | $ | 14,616 | 1.9 | % |
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
Net Charge Offs | Jun 30, 2011 | Mar 31, 2011 | %Change | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | %Change | |||||||||||||||||||||
Commercial and industrial |
$ | 14,026 | $ | 4,314 | 225.1 | % | $ | 27,041 | $ | 4,274 | $ | 5,557 | 152.4 | % | ||||||||||||||
Commercial real estate |
9,377 | 7,873 | 19.1 | % | 20,103 | 28,517 | 37,004 | (74.7 | %) | |||||||||||||||||||
Real estate construction |
6,031 | 11,936 | (49.5 | %) | 31,879 | 60,488 | 46,135 | (86.9 | %) | |||||||||||||||||||
Lease financing |
60 | 28 | 114.3 | % | 9,159 | 826 | 297 | (79.8 | %) | |||||||||||||||||||
Total commercial |
29,494 | 24,151 | 22.1 | % | 88,182 | 94,105 | 88,993 | (66.9 | %) | |||||||||||||||||||
Home equity |
8,251 | 14,322 | (42.4 | %) | 14,541 | 10,875 | 11,213 | (26.4 | %) | |||||||||||||||||||
Installment(1) |
664 | 12,670 | (94.8 | %) | 2,369 | 1,640 | 1,887 | (64.8 | %) | |||||||||||||||||||
Total retail |
8,915 | 26,992 | (67.0 | %) | 16,910 | 12,515 | 13,100 | (31.9 | %) | |||||||||||||||||||
Residential mortgage |
6,091 | 2,209 | 175.7 | % | 3,113 | 3,274 | 3,233 | 88.4 | % | |||||||||||||||||||
Total net charge offs |
$ | 44,500 | $ | 53,352 | (16.6 | %) | $ | 108,205 | $ | 109,894 | $ | 105,326 | (57.8 | %) | ||||||||||||||
Net Charge Offs to Average | ||||||||||||||||||||||||||||
Loans (in basis points) * | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | |||||||||||||||||||||||
Commercial and industrial |
180 | 60 | 364 | 57 | 73 | |||||||||||||||||||||||
Commercial real estate |
111 | 94 | 231 | 319 | 398 | |||||||||||||||||||||||
Real estate construction |
454 | 888 | 1,820 | 2,598 | 1,582 | |||||||||||||||||||||||
Lease financing |
44 | 20 | 5,051 | 416 | 141 | |||||||||||||||||||||||
Total commercial |
166 | 142 | 488 | 498 | 444 | |||||||||||||||||||||||
Home equity |
127 | 227 | 231 | 175 | 183 | |||||||||||||||||||||||
Installment |
42 | 759 | 131 | 74 | 83 | |||||||||||||||||||||||
Total retail |
111 | 338 | 209 | 148 | 156 | |||||||||||||||||||||||
Residential mortgage |
92 | 35 | 56 | 65 | 65 | |||||||||||||||||||||||
Total net charge offs |
137 | 171 | 341 | 339 | 315 | |||||||||||||||||||||||
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
Credit Quality | Jun 30, 2011 | Mar 31, 2011 | %Change | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | %Change | |||||||||||||||||||||
Nonaccrual loans |
$ | 467,611 | $ | 488,321 | (4.2 | %) | $ | 574,356 | $ | 727,877 | $ | 975,641 | (52.1 | %) | ||||||||||||||
Other real estate owned (OREO) |
45,712 | 49,019 | (6.7 | %) | 44,330 | 53,101 | 51,223 | (10.8 | %) | |||||||||||||||||||
Total nonperforming assets |
$ | 513,323 | $ | 537,340 | (4.5 | %) | $ | 618,686 | $ | 780,978 | $ | 1,026,864 | (50.0 | %) | ||||||||||||||
Loans 90 or more days past due and still accruing |
12,123 | 9,380 | 29.2 | % | 3,418 | 26,593 | 3,207 | 278.0 | % | |||||||||||||||||||
Restructured loans (accruing) |
100,343 | 88,193 | 13.8 | % | 79,935 | 62,778 | 40,865 | 145.5 | % | |||||||||||||||||||
Allowance for loan losses / loans |
3.25 | % | 3.59 | % | 3.78 | % | 4.22 | % | 4.51 | % | ||||||||||||||||||
Allowance for loan losses / nonaccrual loans |
91.09 | 93.07 | 83.02 | 71.72 | 58.21 | |||||||||||||||||||||||
Nonaccrual loans / total loans |
3.57 | 3.86 | 4.55 | 5.88 | 7.74 | |||||||||||||||||||||||
Nonperforming assets / total loans plus OREO |
3.91 | 4.23 | 4.89 | 6.29 | 8.12 | |||||||||||||||||||||||
Nonperforming assets / total assets |
2.33 | 2.50 | 2.84 | 3.47 | 4.51 | |||||||||||||||||||||||
Net charge offs / average loans (annualized) |
1.37 | 1.71 | 3.41 | 3.39 | 3.15 | |||||||||||||||||||||||
Year-to-date net charge offs / average loans |
1.54 | 1.71 | 3.69 | 3.78 | 3.97 | |||||||||||||||||||||||
Nonaccrual loans by type: |
||||||||||||||||||||||||||||
Commercial and industrial |
$ | 71,183 | $ | 76,780 | (7.3 | %) | $ | 99,845 | $ | 156,697 | $ | 184,173 | (61.3 | %) | ||||||||||||||
Commercial real estate |
193,495 | 186,547 | 3.7 | % | 223,927 | 275,586 | 351,883 | (45.0 | %) | |||||||||||||||||||
Real estate construction |
72,782 | 84,903 | (14.3 | %) | 94,929 | 132,425 | 279,710 | (74.0 | %) | |||||||||||||||||||
Lease financing |
12,898 | 15,270 | (15.5 | %) | 17,080 | 26,922 | 27,953 | (53.9 | %) | |||||||||||||||||||
Total commercial |
350,358 | 363,500 | (3.6 | %) | 435,781 | 591,630 | 843,719 | (58.5 | %) | |||||||||||||||||||
Home equity |
46,777 | 49,618 | (5.7 | %) | 51,712 | 50,901 | 41,749 | 12.0 | % | |||||||||||||||||||
Installment |
3,724 | 4,949 | (24.8 | %) | 10,544 | 8,757 | 6,032 | (38.3 | %) | |||||||||||||||||||
Total retail |
50,501 | 54,567 | (7.5 | %) | 62,256 | 59,658 | 47,781 | 5.7 | % | |||||||||||||||||||
Residential mortgage |
66,752 | 70,254 | (5.0 | %) | 76,319 | 76,589 | 84,141 | (20.7 | %) | |||||||||||||||||||
Total nonaccrual loans |
$ | 467,611 | $ | 488,321 | (4.2 | %) | $ | 574,356 | $ | 727,877 | $ | 975,641 | (52.1 | %) | ||||||||||||||
* | Annualized. | |
(1) | Charge offs for the three months ended March 31, 2011, include $10 million of write-downs related to installment loans transferred to held for sale. |
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
(in thousands) | Jun 30, 2011 | Mar 31, 2011 | %Change | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | %Change | |||||||||||||||||||||
Restructured loans (accruing) |
||||||||||||||||||||||||||||
Commercial and industrial |
$ | 22,760 | $ | 16,047 | 41.8 | % | $ | 9,980 | $ | 620 | $ | 635 | N/M | |||||||||||||||
Commercial real estate |
36,191 | 34,166 | 5.9 | % | 15,612 | 23,387 | 7,820 | N/M | ||||||||||||||||||||
Real estate construction |
10,706 | 7,859 | 36.2 | % | 22,532 | 7,076 | 4,835 | N/M | ||||||||||||||||||||
Lease financing |
| | 0.0 | % | | | | N/M | ||||||||||||||||||||
Total commercial |
69,657 | 58,072 | 19.9 | % | 48,124 | 31,083 | 13,290 | N/M | ||||||||||||||||||||
Home equity |
11,453 | 11,630 | (1.5 | %) | 11,741 | 10,269 | 3,601 | 218.1 | % | |||||||||||||||||||
Installment |
1,017 | 1,149 | (11.5 | %) | 692 | 793 | 560 | 81.6 | % | |||||||||||||||||||
Total retail |
12,470 | 12,779 | (2.4 | %) | 12,433 | 11,062 | 4,161 | 199.7 | % | |||||||||||||||||||
Residential mortgage |
18,216 | 17,342 | 5.0 | % | 19,378 | 20,633 | 23,414 | (22.2 | %) | |||||||||||||||||||
Total restructured loans (accruing) |
$ | 100,343 | $ | 88,193 | 13.8 | % | $ | 79,935 | $ | 62,778 | $ | 40,865 | 145.5 | % | ||||||||||||||
Restructured loans in nonaccrual loans (not included above) |
$ | 71,084 | $ | 49,352 | 44.0 | % | $ | 35,939 | $ | 32,657 | $ | 48,215 | 47.4 | % |
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
Loans Past Due 30-89 Days | Jun 30, 2011 | Mar 31, 2011 | %Change | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | %Change | |||||||||||||||||||||
Commercial and industrial |
$ | 7,581 | $ | 36,205 | (79.1 | %) | $ | 33,013 | $ | 14,505 | $ | 40,415 | (81.2 | %) | ||||||||||||||
Commercial real estate |
61,240 | 40,537 | 51.1 | % | 46,486 | 56,710 | 50,721 | 20.7 | % | |||||||||||||||||||
Real estate construction |
13,217 | 3,410 | 287.6 | % | 8,016 | 12,225 | 23,368 | (43.4 | %) | |||||||||||||||||||
Lease financing |
79 | 135 | (41.5 | %) | 132 | 168 | 628 | (87.4 | %) | |||||||||||||||||||
Total commercial |
82,117 | 80,287 | 2.3 | % | 87,647 | 83,608 | 115,132 | (28.7 | %) | |||||||||||||||||||
Home equity |
14,818 | 14,808 | 0.1 | % | 13,886 | 20,044 | 15,869 | (6.6 | %) | |||||||||||||||||||
Installment |
3,851 | 2,714 | 41.9 | % | 9,624 | 10,536 | 6,567 | (41.4 | %) | |||||||||||||||||||
Total retail |
18,669 | 17,522 | 6.5 | % | 23,510 | 30,580 | 22,436 | (16.8 | %) | |||||||||||||||||||
Residential mortgage |
12,573 | 7,940 | 58.4 | % | 8,722 | 10,065 | 11,110 | 13.2 | % | |||||||||||||||||||
Total loans past due 30-89 days |
$ | 113,359 | $ | 105,749 | 7.2 | % | $ | 119,879 | $ | 124,253 | $ | 148,678 | (23.8 | %) | ||||||||||||||
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
Potential Problem Loans | Jun 30, 2011 | Mar 31, 2011 | %Change | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | %Change | |||||||||||||||||||||
Commercial and industrial |
$ | 229,407 | $ | 348,949 | (34.3 | %) | $ | 354,284 | $ | 373,955 | $ | 482,686 | (52.5 | %) | ||||||||||||||
Commercial real estate |
382,056 | 465,376 | (17.9 | %) | 492,778 | 553,126 | 553,316 | (31.0 | %) | |||||||||||||||||||
Real estate construction |
63,186 | 70,824 | (10.8 | %) | 91,618 | 175,817 | 203,560 | (69.0 | %) | |||||||||||||||||||
Lease financing |
1,399 | 1,705 | (17.9 | %) | 2,617 | 2,302 | 6,784 | (79.4 | %) | |||||||||||||||||||
Total commercial |
676,048 | 886,854 | (23.8 | %) | 941,297 | 1,105,200 | 1,246,346 | (45.8 | %) | |||||||||||||||||||
Home equity |
4,515 | 4,737 | (4.7 | %) | 3,057 | 6,495 | 7,778 | (42.0 | %) | |||||||||||||||||||
Installment |
216 | 230 | (6.1 | %) | 703 | 692 | 725 | (70.2 | %) | |||||||||||||||||||
Total retail |
4,731 | 4,967 | (4.8 | %) | 3,760 | 7,187 | 8,503 | (44.4 | %) | |||||||||||||||||||
Residential mortgage |
18,575 | 19,710 | (5.8 | %) | 18,672 | 19,416 | 17,304 | 7.3 | % | |||||||||||||||||||
Total potential problem loans |
$ | 699,354 | $ | 911,531 | (23.3 | %) | $ | 963,729 | $ | 1,131,803 | $ | 1,272,153 | (45.0 | %) | ||||||||||||||
N/M Not meaningful. |
Six months ended June 30, 2011 | Six months ended June 30, 2010 | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
(in thousands) | Balance | Income / Expense | Yield / Rate | Balance | Income / Expense | Yield / Rate | ||||||||||||||||||
Earning assets: |
||||||||||||||||||||||||
Loans: (1) (2) (3) |
||||||||||||||||||||||||
Commercial |
$ | 7,012,007 | $ | 153,566 | 4.41 | % | $ | 8,256,254 | $ | 175,869 | 4.29 | % | ||||||||||||
Residential mortgage |
2,592,749 | 55,179 | 4.26 | 2,008,087 | 50,251 | 5.02 | ||||||||||||||||||
Retail |
3,235,533 | 80,025 | 4.97 | 3,395,044 | 88,626 | 5.25 | ||||||||||||||||||
Total loans |
12,840,289 | 288,770 | 4.52 | 13,659,385 | 314,746 | 4.64 | ||||||||||||||||||
Investment securities |
5,773,545 | 94,351 | 3.27 | 5,449,542 | 114,087 | 4.19 | ||||||||||||||||||
Other short-term investments |
751,114 | 2,896 | 0.77 | 1,726,778 | 3,985 | 0.46 | ||||||||||||||||||
Investments and other |
6,524,659 | 97,247 | 2.98 | 7,176,320 | 118,072 | 3.29 | ||||||||||||||||||
Total earning assets |
19,364,948 | 386,017 | 4.00 | 20,835,705 | 432,818 | 4.17 | ||||||||||||||||||
Other assets, net |
2,067,081 | 2,037,998 | ||||||||||||||||||||||
Total assets |
$ | 21,432,029 | $ | 22,873,703 | ||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||
Savings deposits |
$ | 958,629 | $ | 571 | 0.12 | % | $ | 886,045 | $ | 541 | 0.12 | % | ||||||||||||
Interest-bearing demand deposits |
1,788,112 | 1,369 | 0.15 | 2,876,779 | 3,676 | 0.26 | ||||||||||||||||||
Money market deposits |
5,093,854 | 8,894 | 0.35 | 6,321,344 | 16,999 | 0.54 | ||||||||||||||||||
Time deposits, excluding Brokered CDs |
2,735,182 | 22,284 | 1.64 | 3,378,329 | 33,489 | 2.00 | ||||||||||||||||||
Total interest-bearing deposits,
excluding Brokered CDs |
10,575,777 | 33,118 | 0.63 | 13,462,497 | 54,705 | 0.82 | ||||||||||||||||||
Brokered CDs |
349,356 | 2,032 | 1.17 | 637,055 | 2,400 | 0.76 | ||||||||||||||||||
Total interest-bearing deposits |
10,925,133 | 35,150 | 0.65 | 14,099,552 | 57,105 | 0.82 | ||||||||||||||||||
Short and long-term funding |
4,160,335 | 32,249 | 1.56 | 2,588,696 | 34,698 | 2.69 | ||||||||||||||||||
Total interest-bearing liabilities |
15,085,468 | 67,399 | 0.90 | 16,688,248 | 91,803 | 1.11 | ||||||||||||||||||
Noninterest-bearing demand deposits |
3,223,485 | 3,000,264 | ||||||||||||||||||||||
Other liabilities |
48,879 | 19,393 | ||||||||||||||||||||||
Stockholders equity |
3,074,197 | 3,165,798 | ||||||||||||||||||||||
Total liabilities and stockholders equity |
$ | 21,432,029 | $ | 22,873,703 | ||||||||||||||||||||
Net interest income and rate spread (1) |
$ | 318,618 | 3.10 | % | $ | 341,015 | 3.06 | % | ||||||||||||||||
Net interest margin (1) |
3.30 | % | 3.29 | % | ||||||||||||||||||||
Taxable equivalent adjustment |
$ | 10,772 | $ | 12,000 | ||||||||||||||||||||
Three months ended June 30, 2011 | Three months ended June 30, 2010 | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
(in thousands) | Balance | Income / Expense | Yield / Rate | Balance | Income / Expense | Yield / Rate | ||||||||||||||||||
Earning assets: |
||||||||||||||||||||||||
Loans: (1) (2) (3) |
||||||||||||||||||||||||
Commercial |
$ | 7,114,930 | $ | 77,122 | 4.35 | % | $ | 8,036,688 | $ | 85,974 | 4.29 | % | ||||||||||||
Residential mortgage |
2,657,740 | 28,032 | 4.22 | 1,996,448 | 24,781 | 4.97 | ||||||||||||||||||
Retail |
3,232,234 | 40,033 | 4.96 | 3,363,574 | 43,892 | 5.23 | ||||||||||||||||||
Total loans |
13,004,904 | 145,187 | 4.47 | 13,396,710 | 154,647 | 4.63 | ||||||||||||||||||
Investment securities |
5,689,728 | 47,359 | 3.33 | 5,176,340 | 53,984 | 4.17 | ||||||||||||||||||
Other short-term investments |
736,660 | 1,437 | 0.78 | 2,025,587 | 2,213 | 0.44 | ||||||||||||||||||
Investments and other |
6,426,388 | 48,796 | 3.04 | 7,201,927 | 56,197 | 3.12 | ||||||||||||||||||
Total earning assets |
19,431,292 | 193,983 | 4.00 | 20,598,637 | 210,844 | 4.10 | ||||||||||||||||||
Other assets, net |
2,094,863 | 2,000,058 | ||||||||||||||||||||||
Total assets |
$ | 21,526,155 | $ | 22,598,695 | ||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||
Savings deposits |
$ | 999,748 | $ | 308 | 0.12 | % | $ | 913,347 | $ | 291 | 0.13 | % | ||||||||||||
Interest-bearing demand deposits |
1,811,525 | 738 | 0.16 | 2,833,530 | 1,898 | 0.27 | ||||||||||||||||||
Money market deposits |
5,039,056 | 4,206 | 0.33 | 6,398,892 | 8,778 | 0.55 | ||||||||||||||||||
Time deposits, excluding Brokered CDs |
2,655,944 | 10,667 | 1.61 | 3,305,825 | 16,035 | 1.95 | ||||||||||||||||||
Total interest-bearing deposits,
excluding Brokered CDs |
10,506,273 | 15,919 | 0.61 | 13,451,594 | 27,002 | 0.81 | ||||||||||||||||||
Brokered CDs |
320,741 | 982 | 1.23 | 614,005 | 1,358 | 0.89 | ||||||||||||||||||
Total interest-bearing deposits |
10,827,014 | 16,901 | 0.63 | 14,065,599 | 28,360 | 0.81 | ||||||||||||||||||
Short and long-term funding |
4,434,500 | 17,627 | 1.59 | 2,343,119 | 16,725 | 2.86 | ||||||||||||||||||
Total interest-bearing liabilities |
15,261,514 | 34,528 | 0.91 | 16,408,718 | 45,085 | 1.10 | ||||||||||||||||||
Noninterest-bearing demand deposits |
3,225,675 | 2,990,594 | ||||||||||||||||||||||
Other liabilities |
62,126 | 13,088 | ||||||||||||||||||||||
Stockholders equity |
2,976,840 | 3,186,295 | ||||||||||||||||||||||
Total liabilities and stockholders equity |
$ | 21,526,155 | $ | 22,598,695 | ||||||||||||||||||||
Net interest income and rate spread (1) |
$ | 159,455 | 3.09 | % | $ | 165,759 | 3.00 | % | ||||||||||||||||
Net interest margin (1) |
3.29 | % | 3.22 | % | ||||||||||||||||||||
Taxable equivalent adjustment |
$ | 5,332 | $ | 5,966 | ||||||||||||||||||||
(1) | The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions. | |
(2) | Nonaccrual loans and loans held for sale have been included in the average balances. | |
(3) | Interest income includes net loan fees. |
Three months ended June 30, 2011 | Three months ended March 31, 2011 | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
(in thousands) | Balance | Income / Expense | Yield / Rate | Balance | Income / Expense | Yield / Rate | ||||||||||||||||||
Earning assets: |
||||||||||||||||||||||||
Loans: (1) (2) (3) |
||||||||||||||||||||||||
Commercial |
$ | 7,114,930 | $ | 77,122 | 4.35 | % | $ | 6,907,941 | $ | 76,444 | 4.48 | % | ||||||||||||
Residential mortgage |
2,657,740 | 28,032 | 4.22 | 2,527,035 | 27,147 | 4.31 | ||||||||||||||||||
Retail |
3,232,234 | 40,033 | 4.96 | 3,238,868 | 39,992 | 4.98 | ||||||||||||||||||
Total loans |
13,004,904 | 145,187 | 4.47 | 12,673,844 | 143,583 | 4.58 | ||||||||||||||||||
Investment securities |
5,689,728 | 47,359 | 3.33 | 5,858,293 | 46,993 | 3.21 | ||||||||||||||||||
Other short-term investments |
736,660 | 1,437 | 0.78 | 765,729 | 1,458 | 0.76 | ||||||||||||||||||
Investments and other |
6,426,388 | 48,796 | 3.04 | 6,624,022 | 48,451 | 2.93 | ||||||||||||||||||
Total earning assets |
19,431,292 | 193,983 | 4.00 | 19,297,866 | 192,034 | 4.01 | ||||||||||||||||||
Other assets, net |
2,094,863 | 2,038,992 | ||||||||||||||||||||||
Total assets |
$ | 21,526,155 | $ | 21,336,858 | ||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||
Savings deposits |
$ | 999,748 | $ | 308 | 0.12 | % | $ | 917,053 | $ | 264 | 0.12 | % | ||||||||||||
Interest-bearing demand deposits |
1,811,525 | 738 | 0.16 | 1,764,439 | 631 | 0.15 | ||||||||||||||||||
Money market deposits |
5,039,056 | 4,206 | 0.33 | 5,149,261 | 4,688 | 0.37 | ||||||||||||||||||
Time deposits, excluding Brokered CDs |
2,655,944 | 10,667 | 1.61 | 2,815,301 | 11,616 | 1.67 | ||||||||||||||||||
Total interest-bearing deposits, excluding Brokered CDs |
10,506,273 | 15,919 | 0.61 | 10,646,054 | 17,199 | 0.66 | ||||||||||||||||||
Brokered CDs |
320,741 | 982 | 1.23 | 378,289 | 1,050 | 1.13 | ||||||||||||||||||
Total interest-bearing deposits |
10,827,014 | 16,901 | 0.63 | 11,024,343 | 18,249 | 0.67 | ||||||||||||||||||
Short and long-term funding |
4,434,500 | 17,627 | 1.59 | 3,883,122 | 14,622 | 1.52 | ||||||||||||||||||
Total interest-bearing liabilities |
15,261,514 | 34,528 | 0.91 | 14,907,465 | 32,871 | 0.89 | ||||||||||||||||||
Noninterest-bearing demand deposits |
3,225,675 | 3,221,271 | ||||||||||||||||||||||
Other liabilities |
62,126 | 35,486 | ||||||||||||||||||||||
Stockholders equity |
2,976,840 | 3,172,636 | ||||||||||||||||||||||
Total liabilities and stockholders equity |
$ | 21,526,155 | $ | 21,336,858 | ||||||||||||||||||||
Net interest income and rate spread (1) |
$ | 159,455 | 3.09 | % | $ | 159,163 | 3.12 | % | ||||||||||||||||
Net interest margin (1) |
3.29 | % | 3.32 | % | ||||||||||||||||||||
Taxable equivalent adjustment |
$ | 5,332 | $ | 5,440 | ||||||||||||||||||||
(1) | The yield on tax exempt loans and securities is computed on a taxable equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions. | |
(2) | Nonaccrual loans and loans held for sale have been included in the average balances. | |
(3) | Interest income includes net loan fees. |
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
Period End Loan Composition | Jun 30, 2011 | Mar 31, 2011 | % Change | Dec 31, 2010 | Sept 30, 2010 | Jun 30, 2010 | % Change | |||||||||||||||||||||
Commercial and industrial |
$ | 3,202,301 | $ | 2,972,651 | 7.7 | % | $ | 3,049,752 | $ | 2,989,238 | $ | 2,969,662 | 7.8 | % | ||||||||||||||
Commercial real estate owner occupied |
1,030,060 | 1,027,826 | 0.2 | % | 1,049,798 | 1,086,258 | 1,131,687 | (9.0 | %) | |||||||||||||||||||
Commercial real estate all other |
2,393,626 | 2,354,655 | 1.7 | % | 2,339,415 | 2,408,084 | 2,445,029 | (2.1 | %) | |||||||||||||||||||
Real estate construction |
533,804 | 525,236 | 1.6 | % | 553,069 | 736,387 | 925,697 | (42.3 | %) | |||||||||||||||||||
Lease financing |
54,001 | 56,458 | (4.4 | %) | 60,254 | 74,690 | 82,375 | (34.4 | %) | |||||||||||||||||||
Total commercial |
7,213,792 | 6,936,826 | 4.0 | % | 7,052,288 | 7,294,657 | 7,554,450 | (4.5 | %) | |||||||||||||||||||
Home equity |
2,594,029 | 2,576,736 | 0.7 | % | 2,523,057 | 2,457,461 | 2,455,181 | 5.7 | % | |||||||||||||||||||
Installment |
589,714 | 605,767 | (2.7 | %) | 695,383 | 721,480 | 749,588 | (21.3 | %) | |||||||||||||||||||
Total retail |
3,183,743 | 3,182,503 | 0.0 | % | 3,218,440 | 3,178,941 | 3,204,769 | (0.7 | %) | |||||||||||||||||||
Residential mortgage |
2,692,054 | 2,535,993 | 6.2 | % | 2,346,007 | 1,898,795 | 1,842,697 | 46.1 | % | |||||||||||||||||||
Total loans |
$ | 13,089,589 | $ | 12,655,322 | 3.4 | % | $ | 12,616,735 | $ | 12,372,393 | $ | 12,601,916 | 3.9 | % | ||||||||||||||
Jun11 vs Mar11 | Jun11 vs Jun10 | |||||||||||||||||||||||||||
Period End Deposit and Customer Funding Composition | Jun 30, 2011 | Mar 31, 2011 | % Change | Dec 31, 2010 | Sept 30, 2010 | Jun 30, 2010 | % Change | |||||||||||||||||||||
Demand |
$ | 3,218,722 | $ | 3,285,604 | (2.0 | %) | $ | 3,684,965 | $ | 3,054,121 | $ | 2,932,599 | 9.8 | % | ||||||||||||||
Savings |
1,007,337 | 973,122 | 3.5 | % | 887,236 | 902,077 | 913,146 | 10.3 | % | |||||||||||||||||||
Interest-bearing demand |
1,931,519 | 1,755,367 | 10.0 | % | 1,870,664 | 2,921,700 | 2,745,541 | (29.6 | %) | |||||||||||||||||||
Money market |
4,982,492 | 4,968,510 | 0.3 | % | 5,434,867 | 6,312,912 | 6,554,559 | (24.0 | %) | |||||||||||||||||||
Brokered CDs |
316,670 | 324,045 | (2.3 | %) | 442,640 | 442,209 | 571,626 | (44.6 | %) | |||||||||||||||||||
Other time deposits |
2,609,310 | 2,716,995 | (4.0 | %) | 2,905,021 | 3,171,841 | 3,252,728 | (19.8 | %) | |||||||||||||||||||
Total deposits |
14,066,050 | 14,023,643 | 0.3 | % | 15,225,393 | 16,804,860 | 16,970,199 | (17.1 | %) | |||||||||||||||||||
Customer repo sweeps |
930,101 | 1,048,516 | (11.3 | %) | 563,884 | 209,866 | 184,043 | N/M | ||||||||||||||||||||
Customer repo term |
1,147,938 | 887,434 | 29.4 | % | | | | N/M | ||||||||||||||||||||
Total customer funding |
2,078,039 | 1,935,950 | 7.3 | % | 563,884 | 209,866 | 184,043 | N/M | ||||||||||||||||||||
Total deposits and customer funding |
$ | 16,144,089 | $ | 15,959,593 | 1.2 | % | $ | 15,789,277 | $ | 17,014,726 | $ | 17,154,242 | (5.9 | %) | ||||||||||||||
Network transaction deposits included above in
interest-bearing demand and money market |
824,003 | 936,688 | (12.0 | %) | 1,144,134 | 1,970,050 | $ | 2,698,204 | (69.5 | %) |
N/M = Not meaningful. |
(B8J+A7Y^C)"1DI.4E9:1?@<'CY>=GI^@
MH8)^-B09HJBIJJEV-DA-.JNRL[2,-@%\;+6[O+0V$0%75'5XO<;'G;3F\JGHZ=UQ5';O
M\//]HNC4NN%BH..=OX.?;JE;QC`/%&>.W"&<*`D@PXM'C,2H8\?.'8H@%RF\
MR##=D287[G`*R;)0#($D`]@+4`-E2Y8=_>@S4D$FL(4D@5UA,.HF0D=U[HB@
M$>9*P)@!(R"I(.*:47](O1RAH4-*GG10P7;;8>"J/)U)2<6)0$/("1%(_V"&
M_1F`B%ES:.^$B2.3ZY\34&0*ADJM[MUR^C+]\,G5W04R.\`2!F;W,#:==ZC\
MB-RML:,#)#@3%ES9,K)'CFPL_LE61T0\!Z(,EENXM.E>>.#9B;'V8FM"CE[X
MI$WZ]C%B=KSPH?T;N`ZX='T;-L[+D8XO<9G['80VAPV^0(M33^7(3D0_)QCP
MG;Q]U",\?L*\J!&=\LKQH%1&U`NEQN"8K=W'G1\7&,`"9^G8AM\G\#F2`1%.
M10<5#1<\8PA2=USP`A^1+:/@@ITX4N!Z]H1'C1$BN':('W?B[=4AZ<2"A)RB@+M4"A*D'=<@*7^
M4`