For the transition period from | to |
Commission File Number | 1-13006 |
Park National Corporation |
(Exact name of registrant as specified in its charter) |
Ohio | 31-1179518 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
50 North Third Street, Newark, Ohio 43055 |
(Address of principal executive offices) (Zip Code) |
(740) 349-8451 |
(Registrant’s telephone number, including area code) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Large accelerated filer | ý | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
(Do not check if a smaller reporting company) |
Page | |
PART I. FINANCIAL INFORMATION | |
Item 1. Financial Statements | |
June 30, 2012 | December 31, 2011 | ||||||
Assets: | |||||||
Cash and due from banks | $ | 132,561 | $ | 137,770 | |||
Money market instruments | 75,501 | 19,716 | |||||
Cash and cash equivalents | 208,062 | 157,486 | |||||
Investment securities | |||||||
Securities available-for-sale, at fair value (amortized cost of $846,719 and $801,147 at June 30, 2012 and December 31, 2011) | 867,147 | 820,645 | |||||
Securities held-to-maturity, at amortized cost (fair value of $768,076 and $834,574 at June 30, 2012 and December 31, 2011) | 755,222 | 820,224 | |||||
Other investment securities | 66,285 | 67,604 | |||||
Total investment securities | 1,688,654 | 1,708,473 | |||||
Loans | 4,386,851 | 4,317,099 | |||||
Allowance for loan losses | (58,696 | ) | (68,444 | ) | |||
Net loans | 4,328,155 | 4,248,655 | |||||
Bank owned life insurance | 158,696 | 154,567 | |||||
Goodwill and other intangible assets | 72,949 | 74,843 | |||||
Bank premises and equipment, net | 52,261 | 53,741 | |||||
Other real estate owned | 38,424 | 42,272 | |||||
Accrued interest receivable | 20,219 | 19,697 | |||||
Mortgage loan servicing rights | 8,809 | 9,301 | |||||
Other | 129,345 | 120,748 | |||||
Assets held for sale | — | 382,462 | |||||
Total assets | $ | 6,705,574 | $ | 6,972,245 | |||
Liabilities and Stockholders' Equity: | |||||||
Deposits: | |||||||
Noninterest bearing | $ | 1,034,952 | $ | 995,733 | |||
Interest bearing | 3,788,023 | 3,469,381 | |||||
Total deposits | 4,822,975 | 4,465,114 | |||||
Short-term borrowings | 240,602 | 263,594 | |||||
Long-term debt | 806,287 | 823,182 | |||||
Subordinated debentures and notes | 105,250 | 75,250 | |||||
Accrued interest payable | 4,660 | 4,916 | |||||
Other | 65,177 | 61,639 | |||||
Liabilities held for sale | — | 536,186 | |||||
Total liabilities | 6,044,951 | 6,229,881 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
Stockholders' equity: | |||||||
Preferred stock (200,000 shares authorized; 0 shares at June 30, 2012 and 100,000 shares at December 31, 2011 issued with $1,000 per share liquidation preference) | — | 98,146 | |||||
Common stock (No par value; 20,000,000 shares authorized; 16,151,007 shares issued at June 30, 2012 and 16,151,021 shares issued at December 31, 2011) | 302,655 | 301,202 | |||||
Common stock warrants | — | 4,297 | |||||
Retained earnings | 442,531 | 424,557 | |||||
Treasury stock (745,109 shares at June 30, 2012 and at December 31,2011) | (77,007 | ) | (77,007 | ) | |||
Accumulated other comprehensive (loss), net of taxes | (7,556 | ) | (8,831 | ) | |||
Total stockholders' equity | 660,623 | 742,364 | |||||
Total liabilities and stockholders’ equity | $ | 6,705,574 | $ | 6,972,245 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest and dividend income: | |||||||||||||||
Interest and fees on loans | $ | 57,593 | $ | 65,862 | $ | 118,698 | $ | 131,316 | |||||||
Interest and dividends on: | |||||||||||||||
Obligations of U.S. Government, its agencies and other securities | 13,794 | 18,960 | 27,378 | 38,013 | |||||||||||
Obligations of states and political subdivisions | 42 | 92 | 88 | 241 | |||||||||||
Other interest income | 57 | 8 | 160 | 14 | |||||||||||
Total interest and dividend income | 71,486 | 84,922 | 146,324 | 169,584 | |||||||||||
Interest expense: | |||||||||||||||
Interest on deposits: | |||||||||||||||
Demand and savings deposits | 602 | 951 | 1,356 | 1,942 | |||||||||||
Time deposits | 4,121 | 6,200 | 8,760 | 12,934 | |||||||||||
Interest on borrowings: | |||||||||||||||
Short-term borrowings | 163 | 193 | 338 | 460 | |||||||||||
Long-term debt | 7,920 | 7,556 | 15,462 | 14,913 | |||||||||||
Total interest expense | 12,806 | 14,900 | 25,916 | 30,249 | |||||||||||
Net interest income | 58,680 | 70,022 | 120,408 | 139,335 | |||||||||||
Provision for loan losses | 5,238 | 12,516 | 13,576 | 26,616 | |||||||||||
Net interest income after provision for loan losses | 53,442 | 57,506 | 106,832 | 112,719 | |||||||||||
Other income: | |||||||||||||||
Income from fiduciary activities | 4,044 | 3,929 | 7,872 | 7,651 | |||||||||||
Service charges on deposit accounts | 4,154 | 4,525 | 8,225 | 8,770 | |||||||||||
Other service income | 3,417 | 2,734 | 6,151 | 5,035 | |||||||||||
Checkcard fee income | 3,180 | 3,251 | 6,352 | 6,227 | |||||||||||
Bank owned life insurance income | 1,184 | 1,228 | 2,386 | 2,457 | |||||||||||
ATM fees | 536 | 682 | 1,144 | 1,336 | |||||||||||
OREO devaluations | (2,648 | ) | (3,355 | ) | (4,007 | ) | (5,890 | ) | |||||||
Gain/(loss) on the sale of OREO, net | 2,203 | 330 | 3,248 | 482 | |||||||||||
Gain on sale of the Vision business | — | — | 22,167 | — | |||||||||||
Other | 1,438 | 1,814 | 3,590 | 4,100 | |||||||||||
Total other income | 17,508 | 15,138 | 57,128 | 30,168 | |||||||||||
Gain on sale of securities | — | 15,362 | — | 21,997 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Other expense: | |||||||||||||||
Salaries and employee benefits | $ | 22,813 | $ | 25,253 | $ | 47,636 | $ | 50,317 | |||||||
Occupancy expense | 2,249 | 2,764 | 4,919 | 5,764 | |||||||||||
Furniture and equipment expense | 2,727 | 2,785 | 5,348 | 5,442 | |||||||||||
Data processing fees | 899 | 1,135 | 2,099 | 2,388 | |||||||||||
Professional fees and services | 5,800 | 5,320 | 11,381 | 10,194 | |||||||||||
Amortization of intangibles | 140 | 669 | 1,894 | 1,338 | |||||||||||
Marketing | 705 | 728 | 1,548 | 1,351 | |||||||||||
Insurance | 1,400 | 2,345 | 2,890 | 4,614 | |||||||||||
Communication | 1,494 | 1,485 | 3,031 | 3,041 | |||||||||||
Loan put provision | 2,701 | — | 3,363 | — | |||||||||||
Other expense | 4,876 | 4,523 | 10,165 | 8,904 | |||||||||||
Total other expense | 45,804 | 47,007 | 94,274 | 93,353 | |||||||||||
Income before income taxes | 25,146 | 40,999 | 69,686 | 71,531 | |||||||||||
Income taxes | 6,260 | 12,046 | 19,325 | 20,382 | |||||||||||
Net income | $ | 18,886 | $ | 28,953 | $ | 50,361 | $ | 51,149 | |||||||
Preferred stock dividends and accretion | 1,948 | 1,464 | 3,425 | 2,928 | |||||||||||
Net income available to common shareholders | $ | 16,938 | $ | 27,489 | $ | 46,936 | $ | 48,221 | |||||||
Per Common Share: | |||||||||||||||
Net income available to common shareholders | |||||||||||||||
Basic | 1.10 | 1.79 | 3.05 | 3.13 | |||||||||||
Diluted | 1.10 | 1.79 | 3.05 | 3.13 | |||||||||||
Weighted average common shares outstanding | |||||||||||||||
Basic | 15,405,902 | 15,398,919 | 15,405,906 | 15,398,925 | |||||||||||
Diluted | 15,405,902 | 15,399,593 | 15,409,690 | 15,401,506 | |||||||||||
Cash dividends declared | 0.94 | 0.94 | 1.88 | 1.88 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income | $ | 18,886 | $ | 28,953 | $ | 50,361 | $ | 51,149 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Change in funded status of pension plan, net of income taxes of $222 | — | — | 412 | — | |||||||||||
Unrealized net holding gain on cash flow hedge, net of income taxes of $79 and $33 for the three months ended June 30, 2012 and 2011, and $139 and $104 for the six months ended June 30, 2012 and 2011. | 146 | 60 | 259 | 193 | |||||||||||
Unrealized net holding gain (loss) on securities available-for-sale, net of income taxes (benefit) of $1,511 and $(1,146) for the three months ended June 30, 2012 and 2011, and of $326 and $(4,578) for the six months ended June 30, 2012 and 2011. | 2,806 | (2,129 | ) | 604 | (8,500 | ) | |||||||||
Other comprehensive income (loss) | $ | 2,952 | $ | (2,069 | ) | $ | 1,275 | $ | (8,307 | ) | |||||
Comprehensive income | $ | 21,838 | $ | 26,884 | $ | 51,636 | $ | 42,842 |
Six Months ended June 30, 2012 and 2011 | Preferred Stock | Common Stock | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (loss) | |||||||||||||||
Balance at December 31, 2010 | $ | 97,290 | $ | 305,677 | $ | 406,342 | $ | (77,733 | ) | $ | (1,868 | ) | ||||||||
Net Income | 51,149 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized net holding gain on cash flow hedge, net of income taxes of $104 | 193 | |||||||||||||||||||
Unrealized net holding (loss) on securities available-for-sale, net of income taxes of $(4,578) | (8,500 | ) | ||||||||||||||||||
Cash dividends on common stock at $1.88 per share | (28,951 | ) | ||||||||||||||||||
Cash payment for fractional shares in dividend reinvestment plan | (1 | ) | ||||||||||||||||||
Common stock warrants canceled | (67 | ) | 67 | |||||||||||||||||
Accretion of discount on preferred stock | 428 | (428 | ) | |||||||||||||||||
Preferred stock dividends | (2,500 | ) | ||||||||||||||||||
Balance at June 30, 2011 | $ | 97,718 | $ | 305,609 | $ | 425,679 | $ | (77,733 | ) | $ | (10,175 | ) | ||||||||
Balance at December 31, 2011 | $ | 98,146 | $ | 305,499 | $ | 424,557 | $ | (77,007 | ) | $ | (8,831 | ) | ||||||||
Net Income | 50,361 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Change in funded status of pension plan, net of income taxes of $222 | 412 | |||||||||||||||||||
Unrealized net holding gain on cash flow hedge, net of income taxes of $139 | 259 | |||||||||||||||||||
Unrealized net holding gain on securities available-for-sale, net of income tax benefit of $326 | 604 | |||||||||||||||||||
Cash dividends on common stock at $1.88 per share | (28,962 | ) | ||||||||||||||||||
Cash payment for fractional shares in dividend reinvestment plan | (1 | ) | ||||||||||||||||||
Common stock warrant repurchased | (2,843 | ) | ||||||||||||||||||
Preferred stock repurchased | (100,000 | ) | ||||||||||||||||||
Accretion of discount on preferred stock | 1,854 | (1,854 | ) | |||||||||||||||||
Preferred stock dividends | (1,571 | ) | ||||||||||||||||||
Balance at June 30, 2012 | $ | — | $ | 302,655 | $ | 442,531 | $ | (77,007 | ) | $ | (7,556 | ) |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Operating activities: | |||||||
Net income | $ | 50,361 | $ | 51,149 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, accretion and amortization | 3,827 | 5,600 | |||||
Provision for loan losses | 13,576 | 26,616 | |||||
Loan put provision | 3,363 | — | |||||
Other-than-temporary impairment on investment securities | 54 | — | |||||
Amortization of core deposit intangibles | 1,894 | 1,338 | |||||
Realized net investment security gains | — | (21,997 | ) | ||||
OREO devaluations | 4,007 | 5,890 | |||||
Bank owned life insurance income | (2,386 | ) | (2,457 | ) | |||
Changes in assets and liabilities: | |||||||
(Increase) in other assets | (11,040 | ) | (35,745 | ) | |||
(Decrease) in other liabilities | (566 | ) | (1,666 | ) | |||
Net cash provided by operating activities | $ | 63,090 | $ | 28,728 | |||
Investing activities: | |||||||
Proceeds from sales of available-for-sale securities | $ | — | $ | 319,504 | |||
Proceeds from sales of Federal Home Loan Bank stock | 1,319 | 541 | |||||
Proceeds from maturity of: | |||||||
Available-for-sale securities | 464,653 | 199,940 | |||||
Held-to-maturity securities | 303,595 | 87,434 | |||||
Purchases of: | |||||||
Available-for-sale securities | (509,998 | ) | (330,839 | ) | |||
Held-to-maturity securities | (238,593 | ) | (75,951 | ) | |||
Net (increase) in loans | (90,628 | ) | (24,523 | ) | |||
Sale of assets/liabilities related to Vision Bank | (153,724 | ) | — | ||||
Purchases of bank owned life insurance | (2,500 | ) | (3,000 | ) | |||
Purchases of premises and equipment, net | (1,979 | ) | (4,055 | ) | |||
Net cash (used in) provided by investing activities | $ | (227,855 | ) | $ | 169,051 | ||
Financing activities: | |||||||
Net increase in deposits | $ | 357,861 | $ | 162,097 | |||
Net (decrease) in short-term borrowings | (22,992 | ) | (429,557 | ) | |||
Proceeds from issuance of long-term debt | 30,000 | 200,000 | |||||
Repayment of long-term debt | (15,500 | ) | (15,531 | ) |
Cash payment for fractional shares in dividend reinvestment plan | (1 | ) | (1 | ) | |||
Cash payment for repurchase of common stock warrant from U.S. Treasury | (2,843 | ) | — | ||||
Repurchase of preferred stock from U.S. Treasury | (100,000 | ) | — | ||||
Cash dividends paid on common stock and preferred stock | (31,184 | ) | (31,451 | ) | |||
Net cash provided by (used in) financing activities | $ | 215,341 | $ | (114,443 | ) | ||
Increase in cash and cash equivalents | 50,576 | 83,336 | |||||
Cash and cash equivalents at beginning of year | 157,486 | 133,780 | |||||
Cash and cash equivalents at end of period | $ | 208,062 | $ | 217,116 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for: | |||||||
Interest | $ | 26,172 | $ | 30,640 | |||
Income taxes | $ | 1,000 | $ | 13,700 | |||
Non cash activities: | |||||||
Securities acquired through payable | $ | — | $ | 113,223 |
(in thousands) | February 16, 2012 | |||
Assets sold | ||||
Cash and due from banks | $ | 20,711 | ||
Loans | 355,750 | |||
Allowance for loan losses | (13,100 | ) | ||
Net loans | 342,650 | |||
Fixed assets | 12,496 | |||
Other assets | 4,612 | |||
Total assets sold | $ | 380,469 | ||
Liabilities sold | ||||
Deposits | $ | 522,856 | ||
Other liabilities | 2,049 | |||
Total liabilities sold | $ | 524,905 |
(in thousands) | |||
Premium paid | $ | 27,913 | |
One-time gains | 298 | ||
Loss on sale of fixed assets | (2,434 | ) | |
Employment and severance agreements | (1,610 | ) | |
Other one-time charges, including estimates | (2,000 | ) | |
Pre-tax gain | $ | 22,167 |
(in thousands) | March 31, 2012 | June 30, 2012 | ||||||
Assets | ||||||||
Cash | $ | 16,049 | $ | 15,493 | ||||
Performing loans | 16,123 | 8,509 | ||||||
Nonperforming loans | 82,326 | 74,100 | ||||||
OREO | 28,578 | 24,985 | ||||||
Other assets | 18,417 | 16,964 | ||||||
Total assets | $ | 161,493 | $ | 140,051 | ||||
Liabilities and equity | ||||||||
Intercompany borrowings | $ | 140,000 | $ | 120,000 | ||||
Other liabilities | 4,623 | 8,822 | ||||||
Equity | 16,870 | 11,229 | ||||||
Total liabilities and equity | $ | 161,493 | $ | 140,051 |
(in thousands) | Goodwill | Core Deposit Intangibles | Total | |||||||||
December 31, 2011 | $ | 72,334 | $ | 2,509 | $ | 74,843 | ||||||
Amortization | — | 1,894 | 1,894 | |||||||||
June 30, 2012 | $ | 72,334 | $ | 615 | $ | 72,949 |
(in thousands) | Annual Amortization | |||
Remainder of 2012 | $ | 278 | ||
2013 | 337 | |||
2014 | — | |||
Total | $ | 615 |
June 30, 2012 | December 31, 2011 | |||||||||||||||||||||||
Loan balance | Accrued interest receivable | Recorded investment | Loan balance | Accrued interest receivable | Recorded investment | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Commercial, financial and agricultural * | $ | 771,702 | $ | 3,478 | $ | 775,180 | $ | 743,797 | $ | 3,121 | $ | 746,918 | ||||||||||||
Commercial real estate * | 1,093,748 | 3,840 | 1,097,588 | 1,108,574 | 4,235 | 1,112,809 | ||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||
Vision/SEPH commercial land and development * | 21,004 | 1 | 21,005 | 31,603 | 31 | 31,634 | ||||||||||||||||||
Remaining commercial | 143,782 | 398 | 144,180 | 156,053 | 394 | 156,447 | ||||||||||||||||||
Mortgage | 22,954 | 73 | 23,027 | 20,039 | 64 | 20,103 | ||||||||||||||||||
Installment | 8,977 | 46 | 9,023 | 9,851 | 61 | 9,912 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
Commercial | 392,547 | 758 | 393,305 | 395,824 | 1,105 | 396,929 | ||||||||||||||||||
Mortgage | 1,039,189 | 1,660 | 1,040,849 | 953,758 | 1,522 | 955,280 | ||||||||||||||||||
HELOC | 219,084 | 887 | 219,971 | 227,682 | 942 | 228,624 | ||||||||||||||||||
Installment | 47,036 | 218 | 47,254 | 51,354 | 236 | 51,590 | ||||||||||||||||||
Consumer | 623,288 | 2,704 | 625,992 | 616,505 | 2,930 | 619,435 | ||||||||||||||||||
Leases | 3,540 | 29 | 3,569 | 2,059 | 43 | 2,102 | ||||||||||||||||||
Total loans | $ | 4,386,851 | $ | 14,092 | $ | 4,400,943 | $ | 4,317,099 | $ | 14,684 | $ | 4,331,783 |
June 30, 2012 | ||||||||||||||||
(In thousands) | Nonaccrual loans | Accruing restructured loans | Loans past due 90 days or more and accruing | Total nonperforming loans | ||||||||||||
Commercial, financial and agricultural | $ | 37,356 | $ | 4,235 | $ | 2 | $ | 41,593 | ||||||||
Commercial real estate | 39,074 | 4,895 | — | 43,969 | ||||||||||||
Construction real estate: | ||||||||||||||||
SEPH commercial land and development | 18,286 | — | — | 18,286 | ||||||||||||
Remaining commercial | 16,953 | 12,609 | — | 29,562 | ||||||||||||
Mortgage | — | 61 | 86 | 147 | ||||||||||||
Installment | 133 | — | 8 | 141 | ||||||||||||
Residential real estate: | ||||||||||||||||
Commercial | 37,257 | 20 | — | 37,277 | ||||||||||||
Mortgage | 26,145 | 5,506 | 1,045 | 32,696 | ||||||||||||
HELOC | 1,972 | — | — | 1,972 | ||||||||||||
Installment | 1,273 | 22 | 159 | 1,454 | ||||||||||||
Consumer | 1,932 | — | 615 | 2,547 | ||||||||||||
Leases | — | — | — | — | ||||||||||||
Total loans | $ | 180,381 | $ | 27,348 | $ | 1,915 | $ | 209,644 |
December 31, 2011 | ||||||||||||||||
(In thousands) | Nonaccrual loans | Accruing restructured loans | Loans past due 90 days or more and accruing | Total nonperforming loans | ||||||||||||
Commercial, financial and agricultural | $ | 37,797 | $ | 2,848 | $ | — | $ | 40,645 | ||||||||
Commercial real estate | 43,704 | 8,274 | — | 51,978 | ||||||||||||
Construction real estate: | ||||||||||||||||
Vision commercial land and development | 25,761 | — | — | 25,761 | ||||||||||||
Remaining commercial | 14,021 | 11,891 | — | 25,912 | ||||||||||||
Mortgage | 66 | — | — | 66 | ||||||||||||
Installment | 30 | — | — | 30 | ||||||||||||
Residential real estate: | ||||||||||||||||
Commercial | 43,461 | 815 | — | 44,276 | ||||||||||||
Mortgage | 25,201 | 4,757 | 2,610 | 32,568 | ||||||||||||
HELOC | 1,412 | — | — | 1,412 | ||||||||||||
Installment | 1,777 | 98 | 58 | 1,933 | ||||||||||||
Consumer | 1,876 | — | 893 | 2,769 | ||||||||||||
Leases | — | — | — | — | ||||||||||||
Total loans | $ | 195,106 | $ | 28,683 | $ | 3,561 | $ | 227,350 |
June 30, 2012 | December 31, 2011 | ||||||||||||||||||||||||
(In thousands) | Nonaccrual and accruing restructured loans | Loans individually evaluated for impairment | Loans collectively evaluated for impairment | Nonaccrual and accruing restructured loans | Loans individually evaluated for impairment | Loans collectively evaluated for impairment | |||||||||||||||||||
Commercial, financial and agricultural | $ | 41,591 | $ | 41,591 | $ | — | $ | 40,645 | $ | 40,621 | $ | 24 | |||||||||||||
Commercial real estate | 43,969 | 43,969 | — | 51,978 | 51,978 | — | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||
Vision/SEPH commercial land and development | 18,286 | 17,272 | 1,014 | 25,761 | 24,328 | 1,433 | |||||||||||||||||||
Remaining commercial | 29,562 | 29,562 | — | 25,912 | 25,912 | — | |||||||||||||||||||
Mortgage | 61 | — | 61 | 66 | — | 66 | |||||||||||||||||||
Installment | 133 | — | 133 | 30 | — | 30 | |||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Commercial | 37,277 | 37,277 | — | 44,276 | 44,276 | — | |||||||||||||||||||
Mortgage | 31,651 | — | 31,651 | 29,958 | — | 29,958 | |||||||||||||||||||
HELOC | 1,972 | — | 1,972 | 1,412 | — | 1,412 | |||||||||||||||||||
Installment | 1,295 | — | 1,295 | 1,875 | — | 1,875 | |||||||||||||||||||
Consumer | 1,932 | 19 | 1,913 | 1,876 | 20 | 1,856 | |||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||
Total loans | $ | 207,729 | $ | 169,690 | $ | 38,039 | $ | 223,789 | $ | 187,135 | $ | 36,654 |
June 30, 2012 | December 31, 2011 | ||||||||||||||||||||||||
Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
With no related allowance recorded | |||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 36,340 | $ | 27,776 | $ | — | $ | 23,164 | $ | 18,098 | $ | — | |||||||||||||
Commercial real estate | 57,055 | 36,255 | — | 58,242 | 41,506 | — | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||
Vision/SEPH commercial land and development | 63,422 | 17,272 | — | 54,032 | 17,786 | — | |||||||||||||||||||
Remaining commercial | 32,923 | 18,926 | — | 33,319 | 18,372 | — | |||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Commercial | 43,612 | 33,357 | — | 49,341 | 38,686 | — | |||||||||||||||||||
Consumer | 19 | 19 | — | 20 | 20 | — | |||||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||
Commercial, financial and agricultural | 17,685 | 13,815 | 4,793 | 23,719 | 22,523 | 5,819 | |||||||||||||||||||
Commercial real estate | 9,414 | 7,714 | 1,354 | 12,183 | 10,472 | 4,431 | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||
Vision/SEPH commercial land and development | — | — | — | 20,775 | 6,542 | 1,540 | |||||||||||||||||||
Remaining commercial | 11,212 | 10,636 | 3,926 | 9,711 | 7,540 | 1,874 | |||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Commercial | 5,072 | 3,920 | 873 | 6,402 | 5,590 | 2,271 | |||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 276,754 | $ | 169,690 | $ | 10,946 | $ | 290,908 | $ | 187,135 | $ | 15,935 |
Three Months Ended June 30, 2012 | Three Months Ended June 30, 2011 | |||||||||||||||||||||||
(in thousands) | Recorded investment as of June 30, 2012 | Average recorded investment | Interest income recognized | Recorded investment as of June 30, 2011 | Average recorded investment | Interest income recognized | ||||||||||||||||||
Commercial, financial and agricultural | $ | 41,591 | $ | 42,056 | $ | 205 | $ | 24,008 | $ | 20,688 | $ | 41 | ||||||||||||
Commercial real estate | 43,969 | 42,689 | 287 | 47,243 | 51,359 | 54 | ||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||
Vision/SEPH commercial land and development | 17,272 | 18,412 | — | 46,847 | 71,682 | — | ||||||||||||||||||
Remaining commercial | 29,562 | 31,428 | 199 | 33,685 | 27,998 | 136 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
Commercial | 37,277 | 40,359 | 125 | 48,594 | 55,096 | 14 | ||||||||||||||||||
Consumer | 19 | 19 | 1 | 23 | 5 | 1 | ||||||||||||||||||
Total | $ | 169,690 | $ | 174,963 | $ | 817 | $ | 200,400 | $ | 226,828 | $ | 246 |
Six Months Ended June 30, 2012 | Six Months Ended June 30, 2011 | |||||||||||||||||||||||
(in thousands) | Recorded investment as of June 30, 2012 | Average recorded investment | Interest income recognized | Recorded investment as of June 30, 2011 | Average recorded investment | Interest income recognized | ||||||||||||||||||
Commercial, financial and agricultural | $ | 41,591 | $ | 41,218 | $ | 310 | $ | 24,008 | $ | 20,203 | $ | 106 | ||||||||||||
Commercial real estate | 43,969 | 45,758 | 494 | 47,243 | 53,619 | 124 | ||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||
Vision/SEPH commercial land and development | 17,272 | 20,302 | — | 46,847 | 77,711 | — | ||||||||||||||||||
Remaining commercial | 29,562 | 28,899 | 450 | 33,685 | 27,616 | 214 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
Commercial | 37,277 | 41,541 | 165 | 48,594 | 57,269 | 153 | ||||||||||||||||||
Consumer | 19 | 20 | 1 | 23 | 12 | 1 | ||||||||||||||||||
Total | $ | 169,690 | $ | 177,738 | $ | 1,420 | $ | 200,400 | $ | 236,430 | $ | 598 |
June 30, 2012 | |||||||||||||||||||
(in thousands) | Accruing loans past due 30-89 days | Past due nonaccrual loans and loans past due 90 days or more and accruing* | Total past due | Total current | Total recorded investment | ||||||||||||||
Commercial, financial and agricultural | $ | 1,936 | $ | 27,719 | $ | 29,655 | $ | 745,525 | $ | 775,180 | |||||||||
Commercial real estate | 3,144 | 16,456 | 19,600 | 1,077,988 | 1,097,588 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
SEPH commercial land and development | — | 14,820 | 14,820 | 6,185 | 21,005 | ||||||||||||||
Remaining commercial | 147 | 4,991 | 5,138 | 139,042 | 144,180 | ||||||||||||||
Mortgage | 61 | 86 | 147 | 22,880 | 23,027 | ||||||||||||||
Installment | 172 | 24 | 196 | 8,827 | 9,023 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 1,326 | 8,228 | 9,554 | 383,751 | 393,305 | ||||||||||||||
Mortgage | 14,575 | 16,805 | 31,380 | 1,009,469 | 1,040,849 | ||||||||||||||
HELOC | 635 | 351 | 986 | 218,985 | 219,971 | ||||||||||||||
Installment | 756 | 578 | 1,334 | 45,920 | 47,254 | ||||||||||||||
Consumer | 8,986 | 1,854 | 10,840 | 615,152 | 625,992 | ||||||||||||||
Leases | — | 10 | 10 | 3,559 | 3,569 | ||||||||||||||
Total loans | $ | 31,738 | $ | 91,922 | $ | 123,660 | $ | 4,277,283 | $ | 4,400,943 |
December 31, 2011 | |||||||||||||||||||
(in thousands) | Accruing loans past due 30-89 days | Past due nonaccrual loans and loans past due 90 days or more and accruing* | Total past due | Total current | Total recorded investment | ||||||||||||||
Commercial, financial and agricultural | $ | 3,106 | $ | 11,308 | $ | 14,414 | $ | 732,504 | $ | 746,918 | |||||||||
Commercial real estate | 2,632 | 21,798 | 24,430 | 1,088,379 | 1,112,809 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
Vision commercial land and development | — | 19,235 | 19,235 | 12,399 | 31,634 | ||||||||||||||
Remaining commercial | 99 | 7,839 | 7,938 | 148,509 | 156,447 | ||||||||||||||
Mortgage | 76 | — | 76 | 20,027 | 20,103 | ||||||||||||||
Installment | 421 | 8 | 429 | 9,483 | 9,912 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 1,545 | 10,097 | 11,642 | 385,287 | 396,929 | ||||||||||||||
Mortgage | 15,879 | 20,614 | 36,493 | 918,787 | 955,280 | ||||||||||||||
HELOC | 1,015 | 436 | 1,451 | 227,173 | 228,624 | ||||||||||||||
Installment | 1,549 | 1,136 | 2,685 | 48,905 | 51,590 | ||||||||||||||
Consumer | 11,195 | 2,192 | 13,387 | 606,048 | 619,435 | ||||||||||||||
Leases | — | — | — | 2,102 | 2,102 | ||||||||||||||
Total loans | $ | 37,517 | $ | 94,663 | $ | 132,180 | $ | 4,199,603 | $ | 4,331,783 |
June 30, 2012 | |||||||||||||||||||
(in thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | ||||||||||||||
Commercial, financial and agricultural | $ | 7,485 | $ | 1,790 | $ | 41,591 | $ | 724,314 | $ | 775,180 | |||||||||
Commercial real estate | 34,413 | 6,551 | 43,969 | 1,012,655 | 1,097,588 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
SEPH commercial land and development | 1,935 | — | 18,286 | 784 | 21,005 | ||||||||||||||
Remaining commercial | 8,462 | 232 | 29,562 | 105,924 | 144,180 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 13,510 | 1,748 | 37,277 | 340,770 | 393,305 | ||||||||||||||
Leases | — | — | — | 3,569 | 3,569 | ||||||||||||||
Total Commercial Loans | $ | 65,805 | $ | 10,321 | $ | 170,685 | $ | 2,188,016 | $ | 2,434,827 |
December 31, 2011 | |||||||||||||||||||
(in thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | ||||||||||||||
Commercial, financial and agricultural | $ | 11,785 | $ | 7,628 | $ | 40,645 | $ | 686,860 | $ | 746,918 | |||||||||
Commercial real estate | 37,445 | 10,460 | 51,978 | 1,012,926 | 1,112,809 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
Vision commercial land and development | 3,102 | — | 25,761 | 2,771 | 31,634 | ||||||||||||||
Remaining commercial | 6,982 | 8,311 | 25,912 | 115,242 | 156,447 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 17,120 | 3,785 | 44,276 | 331,748 | 396,929 | ||||||||||||||
Leases | — | — | — | 2,102 | 2,102 | ||||||||||||||
Total Commercial Loans | $ | 76,434 | $ | 30,184 | $ | 188,572 | $ | 2,151,649 | $ | 2,446,839 |
Three Months Ended June 30, 2012 | ||||||||||||||
Number of Contracts | Accruing | Nonaccrual | Total Recorded Investment | |||||||||||
(In thousands) | ||||||||||||||
Commercial, financial and agricultural | 11 | $ | 175 | $ | 2,692 | $ | 2,867 | |||||||
Commercial real estate | 4 | — | 1,739 | 1,739 | ||||||||||
Construction real estate: | ||||||||||||||
SEPH commercial land and development | — | — | — | — | ||||||||||
Remaining commercial | 1 | — | 258 | 258 | ||||||||||
Mortgage | — | — | — | — | ||||||||||
Installment | — | — | — | — | ||||||||||
Residential real estate: | ||||||||||||||
Commercial | 2 | — | 675 | 675 | ||||||||||
Mortgage | 6 | — | 1,338 | 1,338 | ||||||||||
HELOC | — | — | — | — | ||||||||||
Installment | 3 | — | 169 | 169 | ||||||||||
Consumer | — | — | — | — | ||||||||||
Leases | — | — | — | — | ||||||||||
Total loans | 27 | $ | 175 | $ | 6,871 | $ | 7,046 |
Six Months Ended June 30, 2012 | ||||||||||||||
Number of Contracts | Accruing | Nonaccrual | Total Recorded Investment | |||||||||||
(In thousands) | ||||||||||||||
Commercial, financial and agricultural | 16 | $ | 1,862 | $ | 3,428 | $ | 5,290 | |||||||
Commercial real estate | 20 | 1,836 | 4,677 | 6,513 | ||||||||||
Construction real estate: | ||||||||||||||
SEPH commercial land and development | 4 | — | 862 | 862 | ||||||||||
Remaining commercial | 10 | 3,776 | 6,575 | 10,351 | ||||||||||
Mortgage | — | — | — | — | ||||||||||
Installment | — | — | — | — | ||||||||||
Residential real estate: | ||||||||||||||
Commercial | 5 | — | 814 | 814 | ||||||||||
Mortgage | 15 | 222 | 2,379 | 2,601 | ||||||||||
HELOC | — | — | — | — | ||||||||||
Installment | 3 | — | 170 | 170 | ||||||||||
Consumer | 1 | — | 91 | 91 | ||||||||||
Leases | — | — | — | — | ||||||||||
Total loans | 74 | $ | 7,696 | $ | 18,996 | $ | 26,692 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | |||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||
(In thousands) | ||||||||||||||
Commercial, financial and agricultural | 6 | $ | 6,546 | 9 | $ | 6,786 | ||||||||
Commercial real estate | 7 | 1,820 | 7 | 1,820 | ||||||||||
Construction real estate: | ||||||||||||||
SEPH commercial land and development | 3 | 639 | 3 | 639 | ||||||||||
Remaining commercial | 4 | 3,267 | 7 | 4,699 | ||||||||||
Mortgage | — | — | — | — | ||||||||||
Installment | — | — | — | — | ||||||||||
Residential real estate: | ||||||||||||||
Commercial | 6 | 1,626 | 6 | 1,626 | ||||||||||
Mortgage | 9 | 830 | 11 | 1,165 | ||||||||||
HELOC | 1 | 46 | 1 | 46 | ||||||||||
Installment | 2 | 169 | 2 | 169 | ||||||||||
Consumer | — | — | — | — | ||||||||||
Leases | — | — | — | — | ||||||||||
Total loans | 38 | $ | 14,943 | 46 | $ | 16,950 |
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Beginning balance | $ | 18,328 | $ | 12,006 | $ | 9,747 | $ | 13,868 | $ | 5,809 | $ | — | $ | 59,758 | |||||||||||||
Charge-offs | 5,423 | 935 | 1,009 | 1,701 | 996 | — | 10,064 | ||||||||||||||||||||
Recoveries | 124 | 247 | 1,699 | 1,187 | 507 | — | 3,764 | ||||||||||||||||||||
Net Charge-offs | 5,299 | 688 | (690 | ) | 514 | 489 | — | 6,300 | |||||||||||||||||||
Provision | 2,191 | 638 | 1,256 | 452 | 701 | — | 5,238 | ||||||||||||||||||||
Ending balance | $ | 15,220 | $ | 11,956 | $ | 11,693 | $ | 13,806 | $ | 6,021 | $ | — | $ | 58,696 |
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Beginning balance | $ | 16,950 | $ | 15,539 | $ | 14,433 | $ | 15,692 | $ | 5,830 | $ | — | $ | 68,444 | |||||||||||||
Charge-offs | 9,961 | 5,869 | 5,329 | 5,623 | 2,249 | — | 29,031 | ||||||||||||||||||||
Recoveries | 592 | 339 | 1,766 | 1,796 | 1,214 | — | 5,707 | ||||||||||||||||||||
Net Charge-offs | 9,369 | 5,530 | 3,563 | 3,827 | 1,035 | — | 23,324 | ||||||||||||||||||||
Provision | 7,639 | 1,947 | 823 | 1,941 | 1,226 | — | 13,576 | ||||||||||||||||||||
Ending balance | $ | 15,220 | $ | 11,956 | $ | 11,693 | $ | 13,806 | $ | 6,021 | $ | — | $ | 58,696 |
Three Months Ended June 30, 2011 | |||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Beginning balance | $ | 11,791 | $ | 25,220 | $ | 71,835 | $ | 32,415 | $ | 7,265 | $ | 4 | $ | 148,530 | |||||||||||||
Charge-offs | 5,330 | 6,565 | 23,679 | 4,789 | 1,942 | — | 42,305 | ||||||||||||||||||||
Recoveries | 327 | 22 | 117 | 390 | 577 | — | 1,433 | ||||||||||||||||||||
Net Charge-offs | 5,003 | 6,543 | 23,562 | 4,399 | 1,365 | — | 40,872 | ||||||||||||||||||||
Provision | 9,921 | 4,630 | (8,160 | ) | 4,281 | 1,844 | — | 12,516 | |||||||||||||||||||
Ending balance | $ | 16,709 | $ | 23,307 | $ | 40,113 | $ | 32,297 | $ | 7,744 | $ | 4 | $ | 120,174 |
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Beginning balance | $ | 11,555 | $ | 24,369 | $ | 70,462 | $ | 30,259 | $ | 6,925 | $ | 5 | $ | 143,575 | |||||||||||||
Charge-offs | 7,171 | 8,350 | 27,099 | 7,276 | 3,915 | — | 53,811 | ||||||||||||||||||||
Recoveries | 896 | 824 | 213 | 891 | 967 | 3 | 3,794 | ||||||||||||||||||||
Net Charge-offs | 6,275 | 7,526 | 26,886 | 6,385 | 2,948 | (3 | ) | 50,017 | |||||||||||||||||||
Provision | 11,429 | 6,464 | (3,463 | ) | 8,423 | 3,767 | (4 | ) | 26,616 | ||||||||||||||||||
Ending balance | $ | 16,709 | $ | 23,307 | $ | 40,113 | $ | 32,297 | $ | 7,744 | $ | 4 | $ | 120,174 |
▪ | The sale of the Vision business on February 16, 2012. As of June 30, 2011, the allowance for loan losses at Vision was $47.2 million. With the sale of the Vision business, all specific reserves established for impaired loans were charged off. Additionally, all general reserves related to performing loans retained by Vision were charged off. |
▪ | Improvements in the credit quality of the Park Ohio commercial loan portfolio. |
June 30, 2012 | |||||||||||||||||||||||||||
Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,793 | $ | 1,354 | $ | 3,926 | $ | 873 | $ | — | $ | — | $ | 10,946 | |||||||||||||
Collectively evaluated for impairment | 10,427 | 10,602 | 7,767 | 12,933 | 6,021 | — | 47,750 | ||||||||||||||||||||
Total ending allowance balance | $ | 15,220 | $ | 11,956 | $ | 11,693 | $ | 13,806 | $ | 6,021 | $ | — | $ | 58,696 | |||||||||||||
Loan balance: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 41,496 | $ | 44,020 | $ | 46,791 | $ | 37,277 | $ | 19 | $ | — | $ | 169,603 | |||||||||||||
Loans collectively evaluated for impairment | 730,206 | 1,049,728 | 149,926 | 1,660,579 | 623,269 | 3,540 | 4,217,248 | ||||||||||||||||||||
Total ending loan balance | $ | 771,702 | $ | 1,093,748 | $ | 196,717 | $ | 1,697,856 | $ | 623,288 | $ | 3,540 | $ | 4,386,851 | |||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | 11.55 | % | 3.08 | % | 8.39 | % | 2.34 | % | — | % | — | % | 6.45 | % | |||||||||||||
Loans collectively evaluated for impairment | 1.43 | % | 1.01 | % | 5.18 | % | 0.78 | % | 0.97 | % | — | % | 1.13 | % | |||||||||||||
Total ending loan balance | 1.97 | % | 1.09 | % | 5.94 | % | 0.81 | % | 0.97 | % | — | % | 1.34 | % | |||||||||||||
Recorded investment: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 41,591 | $ | 43,969 | $ | 46,834 | $ | 37,277 | $ | 19 | $ | — | $ | 169,690 | |||||||||||||
Loans collectively evaluated for impairment | 733,589 | 1,053,619 | 150,401 | 1,664,102 | 625,973 | 3,569 | 4,231,253 | ||||||||||||||||||||
Total ending loan balance | $ | 775,180 | $ | 1,097,588 | $ | 197,235 | $ | 1,701,379 | $ | 625,992 | $ | 3,569 | $ | 4,400,943 |
December 31, 2011 | ||||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | |||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | ||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,819 | $ | 4,431 | $ | 3,414 | $ | 2,271 | $ | — | $ | — | $ | 15,935 | ||||||||||||||
Collectively evaluated for impairment | 11,131 | 11,108 | 11,019 | 13,421 | 5,830 | — | 52,509 | |||||||||||||||||||||
Total ending allowance balance | $ | 16,950 | $ | 15,539 | $ | 14,433 | $ | 15,692 | $ | 5,830 | $ | — | $ | 68,444 | ||||||||||||||
Loan balance: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 40,621 | $ | 51,978 | $ | 50,240 | $ | 44,276 | $ | 20 | $ | — | $ | 187,135 | ||||||||||||||
Loans collectively evaluated for impairment | 703,176 | 1,056,596 | 167,306 | 1,584,342 | 616,485 | 2,059 | 4,129,964 | |||||||||||||||||||||
Total ending loan balance | $ | 743,797 | $ | 1,108,574 | $ | 217,546 | $ | 1,628,618 | $ | 616,505 | $ | 2,059 | $ | 4,317,099 | ||||||||||||||
Allowance for loan losses as a percentage of loan balance: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 14.33 | % | 8.52 | % | 6.80 | % | 5.13 | % | — | % | — | % | 8.52 | % | ||||||||||||||
Loans collectively evaluated for impairment | 1.58 | % | 1.05 | % | 6.59 | % | 0.85 | % | 0.95 | % | — | % | 1.27 | % | ||||||||||||||
Total ending loan balance | 2.28 | % | 1.40 | % | 6.63 | % | 0.96 | % | 0.95 | % | — | % | 1.59 | % | ||||||||||||||
Recorded investment: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 40,621 | $ | 51,978 | $ | 50,240 | $ | 44,276 | $ | 20 | $ | — | $ | 187,135 | ||||||||||||||
Loans collectively evaluated for impairment | 706,297 | 1,060,831 | 167,856 | 1,588,147 | 619,415 | 2,102 | 4,144,648 | |||||||||||||||||||||
Total ending loan balance | $ | 746,918 | $ | 1,112,809 | $ | 218,096 | $ | 1,632,423 | $ | 619,435 | $ | 2,102 | $ | 4,331,783 |
(in thousands, except share and per share data) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Numerator: | ||||||||||||||||
Income available to common shareholders | $ | 16,938 | $ | 27,489 | $ | 46,936 | $ | 48,221 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share (weighted average common shares outstanding) | 15,405,902 | 15,398,919 | 15,405,906 | 15,398,925 | ||||||||||||
Effect of dilutive options and warrants | — | 674 | 3,784 | 2,581 | ||||||||||||
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants) | 15,405,902 | 15,399,593 | 15,409,690 | 15,401,506 | ||||||||||||
Earnings per common share: | ||||||||||||||||
Basic earnings per common share | $ | 1.10 | $ | 1.79 | $ | 3.05 | $ | 3.13 | ||||||||
Diluted earnings per common share | $ | 1.10 | $ | 1.79 | $ | 3.05 | $ | 3.13 |
Operating Results for the three months ended June 30, 2012 | ||||||||||||||||||||||||
(in thousands) | PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||
Net interest income (loss) | $ | 56,022 | $ | — | $ | 2,305 | $ | (1,125 | ) | $ | 1,478 | $ | 58,680 | |||||||||||
Provision for loan losses | 3,756 | — | 200 | 1,282 | — | 5,238 | ||||||||||||||||||
Other income (loss) and security gains | 17,700 | — | — | (275 | ) | 83 | 17,508 | |||||||||||||||||
Other expense | 37,260 | — | 706 | 5,999 | 1,839 | 45,804 | ||||||||||||||||||
Net income (loss) | 23,483 | — | 909 | (5,640 | ) | 134 | 18,886 | |||||||||||||||||
Assets (as of June 30, 2012) | $ | 6,535,709 | $ | — | $ | 48,763 | $ | 140,051 | $ | (18,949 | ) | $ | 6,705,574 |
Operating Results for the three months ended June 30, 2011 | ||||||||||||||||||||||||
(in thousands) | PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||
Net interest income (loss) | $ | 60,542 | $ | 7,000 | $ | 2,195 | $ | (224 | ) | $ | 509 | $ | 70,022 | |||||||||||
Provision for loan losses | 4,975 | 7,016 | 525 | — | — | 12,516 | ||||||||||||||||||
Other income (loss) and security gains | 30,403 | 1,656 | — | (1,641 | ) | 82 | 30,500 | |||||||||||||||||
Other expense | 36,315 | 8,174 | 639 | 32 | 1,847 | 47,007 | ||||||||||||||||||
Net income (loss) | 34,250 | (4,219 | ) | 669 | (1,233 | ) | (514 | ) | 28,953 | |||||||||||||||
Assets (as of June 30, 2011) | $ | 6,565,419 | $ | 743,980 | $ | 45,912 | $ | 38,103 | $ | (71,390 | ) | $ | 7,322,024 |
Operating Results for the six months ended June 30, 2012 | ||||||||||||||||||||||||
(in thousands) | PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||
Net interest income | $ | 111,868 | $ | — | $ | 4,516 | $ | 1,485 | $ | 2,539 | $ | 120,408 | ||||||||||||
Provision for loan losses | 8,428 | — | 450 | 4,698 | — | 13,576 | ||||||||||||||||||
Other income and security gains | 34,361 | — | — | 22,616 | 151 | 57,128 | ||||||||||||||||||
Other expense | 75,316 | — | 1,427 | 14,164 | 3,367 | 94,274 | ||||||||||||||||||
Net income | 45,044 | — | 1,715 | 3,419 | 183 | 50,361 |
Operating Results for the six months ended June 30, 2011 | ||||||||||||||||||||||||
(in thousands) | PNB | VB | GFSC | SEPH | All Other | Total | ||||||||||||||||||
Net interest income (loss) | $ | 120,779 | $ | 13,755 | $ | 4,220 | $ | (224 | ) | $ | 805 | $ | 139,335 | |||||||||||
Provision for loan losses | 9,950 | 15,616 | 1,050 | — | — | 26,616 | ||||||||||||||||||
Other income (loss) and security gains | 53,300 | 339 | — | (1,641 | ) | 167 | 52,165 | |||||||||||||||||
Other expense | 72,636 | 15,599 | 1,216 | 32 | 3,870 | 93,353 | ||||||||||||||||||
Net income (loss) | 63,279 | (11,065 | ) | 1,269 | (1,233 | ) | (1,101 | ) | 51,149 |
Stock Options | Weighted Average Exercise Price Per Share | |||||
Outstanding at December 31, 2011 | 74,020 | $ | 74.96 | |||
Granted | — | — | ||||
Exercised | — | — | ||||
Forfeited/Expired | 8,045 | 74.96 | ||||
Outstanding at June 30, 2012 | 65,975 | $ | 74.96 |
Securities Available-for-Sale (in thousands) | Amortized Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Estimated Fair Value | ||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 490,000 | $ | 1,961 | $ | 192 | $ | 491,769 | ||||||||
Obligations of states and political subdivisions | 2,615 | 35 | — | 2,650 | ||||||||||||
U.S. Government sponsored entities asset-backed securities | 352,970 | 17,622 | — | 370,592 | ||||||||||||
Other equity securities | 1,134 | 1,002 | — | 2,136 | ||||||||||||
Total | $ | 846,719 | $ | 20,620 | $ | 192 | $ | 867,147 |
Securities Held-to-Maturity | Amortized Cost | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Estimated Fair Value | ||||||||||||
Obligations of states and political subdivisions | $ | 1,127 | $ | 3 | $ | — | $ | 1,130 | ||||||||
U.S. Government sponsored entities asset-backed securities | 754,095 | 12,851 | — | 766,946 | ||||||||||||
Total | $ | 755,222 | $ | 12,854 | $ | — | $ | 768,076 |
(in thousands) | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Securities Available-for-Sale | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government agencies | $ | 89,808 | $ | 192 | $ | — | $ | — | $ | 89,808 | $ | 192 | ||||||||||||
Total | $ | 89,808 | $ | 192 | $ | — | $ | — | $ | 89,808 | $ | 192 |
Securities Available-for-Sale (in thousands) | Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Estimated fair value | ||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 370,043 | $ | 1,614 | $ | — | $ | 371,657 | ||||||||
Obligations of states and political subdivisions | 2,616 | 44 | — | 2,660 | ||||||||||||
U.S. Government sponsored entities asset-backed securities | 427,300 | 16,995 | — | 444,295 | ||||||||||||
Other equity securities | 1,188 | 877 | 32 | 2,033 | ||||||||||||
Total | $ | 801,147 | $ | 19,530 | $ | 32 | $ | 820,645 |
Securities Held-to-Maturity | Amortized cost | Gross unrecognized holding gains | Gross unrecognized holding losses | Estimated fair value | ||||||||||||
Obligations of states and political subdivisions | $ | 1,992 | $ | 5 | $ | — | $ | 1,997 | ||||||||
U.S. Government sponsored entities asset-backed securities | 818,232 | 14,377 | 32 | 832,577 | ||||||||||||
Total | $ | 820,224 | $ | 14,382 | $ | 32 | $ | 834,574 |
(in thousands) | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Securities Available-for-Sale | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||
Other equity securities | $ | — | $ | — | $ | 80 | $ | 32 | $ | 80 | $ | 32 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
U.S. Government sponsored entities asset-backed securities | $ | — | $ | — | $ | 38,775 | $ | 32 | $ | 38,775 | $ | 32 |
(in thousands) | Amortized cost | Fair value | ||||||
Securities Available-for-Sale | ||||||||
U.S. Treasury and sponsored entities notes: | ||||||||
Due within one year | $ | 400,000 | $ | 401,961 | ||||
Due one through five years | — | — | ||||||
Due five through ten years | 90,000 | 89,808 | ||||||
Total | $ | 490,000 | $ | 491,769 | ||||
Obligations of states and political subdivisions: | ||||||||
Due within one year | $ | 2,120 | $ | 2,131 | ||||
Due one through five years | 495 | 519 | ||||||
$ | 2,615 | $ | 2,650 | |||||
U.S. Government sponsored entities asset-backed securities: | ||||||||
Total | $ | 352,970 | $ | 370,592 |
(in thousands) | Amortized cost | Fair value | ||||||
Securities Held-to-Maturity | ||||||||
Obligations of state and political subdivisions: | ||||||||
Due within one year | $ | 1,037 | $ | 1,040 | ||||
Due one through five years | 90 | 90 | ||||||
Total | $ | 1,127 | $ | 1,130 | ||||
U.S. Government sponsored entities asset-backed securities: | ||||||||
Total | $ | 754,095 | $ | 766,946 |
June 30, 2012 | December 31, 2011 | |||||||
(in thousands) | ||||||||
Federal Home Loan Bank stock | $ | 59,409 | $ | 60,728 | ||||
Federal Reserve Bank stock | 6,876 | 6,876 | ||||||
Total | $ | 66,285 | $ | 67,604 |
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Service cost | $ | 1,068 | $ | 1,139 | $ | 2,136 | $ | 2,278 | |||||||
Interest cost | 1,012 | 992 | 2,024 | 1,984 | |||||||||||
Expected return on plan assets | (2,186 | ) | (1,886 | ) | (4,372 | ) | (3,772 | ) | |||||||
Amortization of prior service cost | 5 | 5 | 10 | 10 | |||||||||||
Recognized net actuarial loss | 427 | 352 | 854 | 705 | |||||||||||
Benefit expense | $ | 326 | $ | 602 | $ | 652 | $ | 1,205 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
(in thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Mortgage servicing rights: | ||||||||||||||||
Carrying amount, net, beginning of period | $ | 8,975 | $ | 10,365 | $ | 9,301 | $ | 10,488 | ||||||||
Additions | 697 | 309 | 1,259 | 638 | ||||||||||||
Amortization | (817 | ) | (415 | ) | (1,705 | ) | (935 | ) | ||||||||
Changes in valuation allowance | (46 | ) | — | (46 | ) | 68 | ||||||||||
Carrying amount, net, end of period | $ | 8,809 | $ | 10,259 | $ | 8,809 | $ | 10,259 | ||||||||
Valuation allowance: | ||||||||||||||||
Beginning of period | $ | 1,021 | $ | 680 | $ | 1,021 | $ | 748 | ||||||||
Changes in valuation allowance | 46 | — | 46 | (68 | ) | |||||||||||
End of period | $ | 1,067 | $ | 680 | $ | 1,067 | $ | 680 |
• | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date. |
• | Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices. |
• | Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs. |
Fair Value Measurements at June 30, 2012 using: | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at June 30, 2012 | ||||||||||||
Assets | ||||||||||||||||
Investment securities | ||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 491,769 | $ | — | $ | 491,769 | ||||||||
Obligations of states and political subdivisions | — | 2,650 | — | 2,650 | ||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 370,592 | — | 370,592 | ||||||||||||
Equity securities | 1,398 | — | 738 | 2,136 | ||||||||||||
Mortgage loans held for sale | — | 16,355 | — | 16,355 | ||||||||||||
Mortgage IRLCs | — | 365 | — | 365 | ||||||||||||
Liabilities | ||||||||||||||||
Interest rate swap | $ | — | $ | 448 | $ | — | $ | 448 | ||||||||
Fair value swap | — | — | 135 | 135 |
Fair Value Measurements at December 31, 2011 using: | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2011 | ||||||||||||
Assets | ||||||||||||||||
Investment securities | ||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 371,657 | $ | — | $ | 371,657 | ||||||||
Obligations of states and political subdivisions | — | 2,660 | — | 2,660 | ||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 444,295 | — | 444,295 | ||||||||||||
Equity securities | 1,270 | — | 763 | 2,033 | ||||||||||||
Mortgage loans held for sale | — | 11,535 | — | 11,535 | ||||||||||||
Mortgage IRLCs | — | 251 | — | 251 | ||||||||||||
Liabilities | ||||||||||||||||
Interest rate swap | $ | — | $ | 846 | $ | — | $ | 846 | ||||||||
Fair value swap | — | — | 700 | 700 |
(in thousands) | Obligations of states and political subdivisions | Equity Securities | Fair value swap | |||||||||
Balance, at April 1, 2012 | $ | — | $ | 756 | $ | (135 | ) | |||||
Total gains/(losses) | ||||||||||||
Included in earnings – realized | — | — | — | |||||||||
Included in earnings – unrealized | — | — | — | |||||||||
Included in other comprehensive income | — | (18 | ) | — | ||||||||
Purchases, sales, issuances and settlements, other | — | — | — | |||||||||
Periodic settlement of fair value swap | — | — | — | |||||||||
Balance at June 30, 2012 | $ | — | $ | 738 | $ | (135 | ) | |||||
Balance, at April 1, 2011 | $ | 2,470 | $ | 740 | $ | (60 | ) | |||||
Total gains/(losses) | ||||||||||||
Included in earnings – realized | — | — | — | |||||||||
Included in earnings – unrealized | — | — | — | |||||||||
Included in other comprehensive income | — | 1 | — | |||||||||
Purchases, sales, issuances and settlements, other | (2,470 | ) | — | (140 | ) | |||||||
Re-evaluation of fair value swap | — | — | — | |||||||||
Balance at June 30, 2011 | $ | — | $ | 741 | $ | (200 | ) |
(in thousands) | Obligations of states and political subdivisions | Equity Securities | Fair value swap | |||||||||
Balance, at January 1, 2012 | $ | — | $ | 763 | $ | (700 | ) | |||||
Total gains/(losses) | ||||||||||||
Included in earnings – realized | — | — | — | |||||||||
Included in earnings – unrealized | — | — | — | |||||||||
Included in other comprehensive income | — | (25 | ) | — | ||||||||
Purchases, sales, issuances and settlements, other | — | — | — | |||||||||
Periodic settlement of fair value swap | — | — | (565 | ) | ||||||||
Balance at June 30, 2012 | $ | — | $ | 738 | $ | (135 | ) | |||||
Balance, at January 1, 2011 | $ | 2,598 | $ | 745 | $ | (60 | ) | |||||
Total gains/(losses) | ||||||||||||
Included in earnings – realized | — | — | — | |||||||||
Included in earnings – unrealized | (128 | ) | — | — | ||||||||
Included in other comprehensive income | — | (4 | ) | — | ||||||||
Purchases, sales, issuances and settlements, other | (2,470 | ) | — | (140 | ) | |||||||
Re-evaluation of fair value swap | — | — | — | |||||||||
Balance at June 30, 2011 | $ | — | $ | 741 | $ | (200 | ) |
• | Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers |
• | Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs. |
Fair Value Measurements at June 30, 2012 using: | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at June 30, 2012 | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 25,534 | $ | 25,534 | ||||||||
Construction real estate: | ||||||||||||||||
SEPH commercial land and development | — | — | 16,738 | 16,738 | ||||||||||||
Remaining commercial | — | — | 8,564 | 8,564 | ||||||||||||
Residential real estate | — | — | 10,430 | 10,430 | ||||||||||||
Total impaired loans | $ | — | $ | — | $ | 61,266 | $ | 61,266 | ||||||||
Mortgage servicing rights | — | 5,027 | — | 5,027 | ||||||||||||
Other real estate owned | — | — | 38,424 | 38,424 |
Fair Value Measurements at December 31, 2011 using: | ||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2011 | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 24,859 | $ | 24,859 | ||||||||
Construction real estate: | ||||||||||||||||
Vision commercial land and development | — | — | 21,228 | 21,228 | ||||||||||||
Remaining commercial | — | — | 8,860 | 8,860 | ||||||||||||
Residential real estate | — | — | 12,935 | 12,935 | ||||||||||||
Total impaired loans | $ | — | $ | — | $ | 67,882 | $ | 67,882 | ||||||||
Mortgage servicing rights | — | 5,815 | — | 5,815 | ||||||||||||
Other real estate owned | — | — | 42,272 | 42,272 |
(in thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | |||||
Impaired loans: | |||||||||
Commercial real estate | 25,534 | Sales comparison approach | Adj to comparables | 0.0 % - 59.0% (25.8%) | |||||
Income approach | Capitalization rate | 9.0% - 12.5% (11.7%) | |||||||
Construction real estate: | |||||||||
SEPH commercial land and development | 16,738 | Sales comparison approach | Adj to comparables | 0.0 % - 68.6 % (30.8%) | |||||
Bulk sale approach | Discount rate | 25.0% - 35.0% (26.9%) | |||||||
Remaining commercial | 8,564 | Bulk sale approach | Discount rate | 28.0% - 45.0% (37.5%) | |||||
Residential real estate | 10,430 | Sales comparison approach | Adj to comparables | 0.0% - 43.0% (3.7%) | |||||
Other real estate owned | 38,424 | Sales comparison approach | Adj to comparables | 0.0% - 49.0% (14.9%) | |||||
Income approach | Capitalization rate | 10.0% - 14.3% (12.7%) |
(in thousands) | June 30, 2012 | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
Financial assets: | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||
Cash and money market instruments | $ | 208,062 | $ | 208,062 | $ | — | $ | — | $ | 208,062 | ||||||||||
Investment securities | 1,622,369 | 1,398 | 1,633,087 | 738 | 1,635,223 | |||||||||||||||
Accrued interest receivable - securities | 6,129 | — | 6,129 | — | 6,129 | |||||||||||||||
Accrued interest receivable - loans | 14,091 | — | 4 | 14,087 | 14,091 | |||||||||||||||
Mortgage loans held for sale | 16,355 | — | 16,355 | — | 16,355 | |||||||||||||||
Impaired loans carried at fair value | 61,266 | — | — | 61,266 | 61,266 | |||||||||||||||
Other loans | 4,250,534 | — | — | 4,365,807 | 4,365,807 | |||||||||||||||
Loans receivable, net | $ | 4,328,155 | $ | — | $ | 16,355 | $ | 4,427,073 | $ | 4,443,428 | ||||||||||
Financial liabilities: | ||||||||||||||||||||
Noninterest bearing checking accounts | $ | 1,034,952 | $ | 1,034,952 | $ | — | — | $ | 1,034,952 | |||||||||||
Interest bearing transactions accounts | 1,244,586 | 1,244,586 | — | — | 1,244,586 | |||||||||||||||
Savings accounts | 997,603 | 997,603 | — | — | 997,603 | |||||||||||||||
Time deposits | 1,541,535 | — | 1,546,889 | — | 1,546,889 | |||||||||||||||
Other | 4,299 | 4,299 | — | — | 4,299 | |||||||||||||||
Total deposits | $ | 4,822,975 | $ | 3,281,440 | $ | 1,546,889 | $ | — | $ | 4,828,329 | ||||||||||
Short-term borrowings | $ | 240,602 | $ | — | $ | 240,602 | $ | — | $ | 240,602 | ||||||||||
Long-term debt | 806,287 | — | 899,321 | — | 899,321 | |||||||||||||||
Subordinated debentures/notes | 105,250 | — | 100,744 | — | 100,744 | |||||||||||||||
Accrued interest payable – deposits | 2,527 | 35 | 2,492 | — | 2,527 | |||||||||||||||
Accrued interest payable – debt/borrowings | 2,133 | 23 | 2,110 | — | 2,133 | |||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Interest rate swap | $ | 448 | $ | — | $ | 448 | $ | — | $ | 448 | ||||||||||
Fair value swap | 135 | — | — | 135 | 135 |
(in thousands) | December 31, 2011 | |||||||
Carrying value | Fair value | |||||||
Financial assets: | ||||||||
Cash and money market instruments | $ | 157,486 | $ | 157,486 | ||||
Investment securities | 1,640,869 | 1,655,219 | ||||||
Accrued interest receivable | 19,697 | 19,697 | ||||||
Mortgage loans held for sale | 11,535 | 11,535 | ||||||
Impaired loans carried at fair value | 67,882 | 67,882 | ||||||
Other loans | 4,169,238 | 4,187,155 | ||||||
Loans receivable, net | $ | 4,248,655 | $ | 4,266,572 | ||||
Assets held for sale | $ | 382,462 | $ | 382,462 | ||||
Financial liabilities: | ||||||||
Noninterest bearing checking accounts | $ | 995,733 | $ | 995,733 | ||||
Interest bearing transactions accounts | 1,037,385 | 1,037,385 | ||||||
Savings accounts | 931,526 | 931,526 | ||||||
Time deposits | 1,499,105 | 1,506,075 | ||||||
Other | 1,365 | 1,365 | ||||||
Total deposits | $ | 4,465,114 | $ | 4,472,084 | ||||
Short-term borrowings | $ | 263,594 | $ | 263,594 | ||||
Long-term debt | 823,182 | 915,274 | ||||||
Subordinated debentures/notes | 75,250 | 68,601 | ||||||
Accrued interest payable | 4,916 | 4,916 | ||||||
Liabilities held for sale | 536,186 | 536,991 | ||||||
Derivative financial instruments: | ||||||||
Interest rate swap | $ | 846 | $ | 846 | ||||
Fair value swap | 700 | 700 |
Six months ended June 30, (in thousands) | Before-tax amount | Tax effect | Net-of-tax amount | |||||||||
2012 | ||||||||||||
Change in pension plan assets and benefit obligations | $ | 634 | $ | 222 | $ | 412 | ||||||
Unrealized gains on available-for-sale securities | 930 | 326 | 604 | |||||||||
Unrealized net holding gain on cash flow hedge | 398 | 139 | 259 | |||||||||
Other comprehensive income | $ | 1,962 | $ | 687 | $ | 1,275 | ||||||
2011 | ||||||||||||
Unrealized gains on available-for-sale securities | $ | 8,919 | $ | 3,121 | $ | 5,798 | ||||||
Reclassification adjustment for gains realized in net income | (21,997 | ) | (7,699 | ) | (14,298 | ) | ||||||
Unrealized net holding gain on cash flow hedge | 297 | 104 | 193 | |||||||||
Other comprehensive loss | $ | (12,781 | ) | $ | (4,474 | ) | $ | (8,307 | ) |
Three months ended June 30, (in thousands) | Before-tax amount | Tax effect | Net-of-tax amount | |||||||||
2012 | ||||||||||||
Change in pension plan assets and benefit obligations | $ | — | $ | — | $ | — | ||||||
Unrealized gains on available-for-sale securities | 4,320 | 1,514 | 2,806 | |||||||||
Unrealized net holding gain on cash flow hedge | 225 | 79 | 146 | |||||||||
Other comprehensive income | $ | 4,545 | $ | 1,593 | $ | 2,952 | ||||||
2011 | ||||||||||||
Unrealized gains on available-for-sale securities | $ | 12,085 | $ | 4,229 | $ | 7,856 | ||||||
Reclassification adjustment for gains realized in net income | (15,362 | ) | (5,377 | ) | (9,985 | ) | ||||||
Unrealized net holding gain on cash flow hedge | 93 | 33 | 60 | |||||||||
Other comprehensive loss | $ | (3,184 | ) | $ | (1,115 | ) | $ | (2,069 | ) |
(in thousands) | Before-tax amount | Tax effect | Net-of-tax amount | |||||||||
June 30, 2012 | ||||||||||||
Changes in pension plan assets and benefit obligations | $ | (31,603 | ) | $ | (11,061 | ) | $ | (20,542 | ) | |||
Unrealized gains on available-for-sale securities | 20,428 | 7,151 | 13,277 | |||||||||
Unrealized net holding loss on cash flow hedge | (448 | ) | (157 | ) | (291 | ) | ||||||
Total accumulated other comprehensive loss | $ | (11,623 | ) | $ | (4,067 | ) | $ | (7,556 | ) | |||
December 31, 2011 | ||||||||||||
Changes in pension plan assets and benefit obligations | $ | (32,237 | ) | $ | (11,283 | ) | $ | (20,954 | ) | |||
Unrealized gains on available-for-sale securities | 19,498 | 6,825 | 12,673 | |||||||||
Unrealized net holding loss on cash flow hedge | (846 | ) | (296 | ) | (550 | ) | ||||||
Total accumulated other comprehensive loss | $ | (13,585 | ) | $ | (4,754 | ) | $ | (8,831 | ) | |||
June 30, 2011 | ||||||||||||
Changes in pension plan assets and benefit obligations | $ | (24,503 | ) | $ | (8,576 | ) | $ | (15,927 | ) | |||
Unrealized gains on available-for-sale securities | 10,186 | 3,565 | 6,621 | |||||||||
Unrealized net holding loss on cash flow hedge | (1,337 | ) | (468 | ) | (869 | ) | ||||||
Total accumulated other comprehensive loss | $ | (15,654 | ) | $ | (5,479 | ) | $ | (10,175 | ) |
Table - Park – Summary Income Statement | ||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
(In thousands) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||||||||||
Net interest income | $ | 58,680 | $ | 70,022 | (16.20 | )% | $ | 120,408 | $ | 139,335 | (13.58 | )% | ||||||||||
Provision for loan losses | 5,238 | 12,516 | (58.15 | )% | 13,576 | 26,616 | (48.99 | )% | ||||||||||||||
Other income | 17,508 | 15,138 | 15.66 | % | 34,961 | 30,168 | 15.89 | % | ||||||||||||||
Gain on sale of Vision business | — | — | N.M. | 22,167 | — | N.M. | ||||||||||||||||
Security gains | — | 15,362 | N.M. | — | 21,997 | N.M. | ||||||||||||||||
Operating expenses | 45,804 | 47,007 | (2.56 | )% | 94,274 | 93,353 | 0.99 | % | ||||||||||||||
Income before taxes | $ | 25,146 | $ | 40,999 | (38.67 | )% | $ | 69,686 | $ | 71,531 | (2.58 | )% | ||||||||||
Income taxes | 6,260 | 12,046 | (48.03 | )% | 19,325 | 20,382 | (5.19 | )% | ||||||||||||||
Net income | $ | 18,886 | $ | 28,953 | (34.77 | )% | $ | 50,361 | $ | 51,149 | (1.54 | )% |
Table - PNB – Summary Income Statement | ||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
(In thousands) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||||||||||
Net interest income | $ | 56,022 | $ | 60,542 | (7.47 | )% | $ | 111,868 | $ | 120,779 | (7.38 | )% | ||||||||||
Provision for loan losses | 3,756 | 4,975 | (24.50 | )% | 8,428 | 9,950 | (15.30 | )% | ||||||||||||||
Other income | 17,700 | 16,869 | 4.93 | % | 34,361 | 33,131 | 3.71 | % | ||||||||||||||
Security gains | — | 13,534 | N.M. | — | 20,169 | N.M. | ||||||||||||||||
Operating expenses | 37,260 | 36,315 | 2.60 | % | 75,316 | 72,636 | 3.69 | % | ||||||||||||||
Income before taxes | $ | 32,706 | $ | 49,655 | (34.13 | )% | $ | 62,485 | $ | 91,493 | (31.71 | )% | ||||||||||
Income taxes | 9,223 | 15,405 | (40.13 | )% | 17,441 | 28,213 | (38.18 | )% | ||||||||||||||
Net income | $ | 23,483 | $ | 34,250 | (31.44 | )% | $ | 45,044 | $ | 63,280 | (28.82 | )% |
Table - GFSC – Summary Income Statement | ||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
(In thousands) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||||||||||
Net interest income | $ | 2,305 | $ | 2,195 | 5.01 | % | $ | 4,516 | $ | 4,220 | 7.01 | % | ||||||||||
Provision for loan losses | 200 | 525 | (61.90 | )% | 450 | 1,050 | (57.14 | )% | ||||||||||||||
Other income | — | — | — | % | — | — | — | % | ||||||||||||||
Security gains | — | — | — | % | — | — | — | % | ||||||||||||||
Operating expenses | 706 | 639 | 10.49 | % | 1,427 | 1,216 | 17.35 | % | ||||||||||||||
Income before taxes | $ | 1,399 | $ | 1,031 | 35.69 | % | $ | 2,639 | $ | 1,954 | 35.06 | % | ||||||||||
Income taxes | 490 | 362 | 35.36 | % | 924 | 685 | 34.89 | % | ||||||||||||||
Net income | $ | 909 | $ | 669 | 35.87 | % | $ | 1,715 | $ | 1,269 | 35.15 | % |
Table - SEPH – Summary Income Statement | ||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(In thousands) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||||||||
Net interest income (expense) | $ | (1,125 | ) | $ | (224 | ) | N.M. | $ | 1,485 | $ | (224 | ) | N.M. | |||||||
Provision for loan losses | 1,282 | — | N.M. | 4,698 | — | N.M. | ||||||||||||||
Other income (expense) | (275 | ) | (1,641 | ) | N.M. | 449 | (1,641 | ) | N.M. | |||||||||||
Gain on sale of Vision business | — | — | N.M. | 22,167 | — | N.M. | ||||||||||||||
Operating expenses | 5,999 | 32 | N.M. | 14,164 | 32 | N.M. | ||||||||||||||
Income (loss) before taxes | $ | (8,681 | ) | $ | (1,897 | ) | N.M. | $ | 5,239 | $ | (1,897 | ) | N.M. | |||||||
Income taxes (benefit) | (3,041 | ) | (664 | ) | N.M. | 1,820 | (664 | ) | N.M. | |||||||||||
Net income (loss) | $ | (5,640 | ) | $ | (1,233 | ) | N.M. | $ | 3,419 | $ | (1,233 | ) | N.M. |
Table - Vision – Summary Income Statement | ||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(In thousands) | 2012 | 2011 | % Change | 2012 | 2011 | % Change | ||||||||||||||
Net interest income | $ | — | $ | 7,000 | N.M. | $ | — | $ | 13,755 | N.M. | ||||||||||
Provision for loan losses | — | 7,016 | N.M. | — | 15,616 | N.M. | ||||||||||||||
Other income (expense) | — | (171 | ) | N.M. | — | (1,489 | ) | N.M. | ||||||||||||
Security gains | — | 1,828 | N.M. | — | 1,828 | N.M. | ||||||||||||||
Operating expenses | — | 8,174 | N.M. | — | 15,599 | N.M. | ||||||||||||||
Loss before income tax benefit | $ | — | $ | (6,533 | ) | N.M. | $ | — | $ | (17,121 | ) | N.M. | ||||||||
Income tax benefit | — | (2,315 | ) | N.M. | — | (6,057 | ) | N.M. | ||||||||||||
Net loss | $ | — | $ | (4,218 | ) | N.M. | $ | — | $ | (11,064 | ) | N.M. |
(In thousands) | Q1 2012 | Q2 2012 | Projected second half 2012 | Projection 2012 | 2011 | 2010 | 2009 | ||||||||||||||
PNB | $ | 21,561 | $ | 23,483 | $ | 45,011 | $ | 90,055 | $ | 106,851 | $ | 102,948 | $ | 101,458 | |||||||
GFSC | 806 | 909 | 1,769 | 3,484 | 2,721 | 2,006 | 1,752 | ||||||||||||||
Park Parent Company | 49 | 134 | 158 | 341 | (1,595 | ) | (1,439 | ) | 1,092 | ||||||||||||
Ongoing operations | $ | 22,416 | $ | 24,526 | $ | 46,938 | $ | 93,880 | $ | 107,977 | $ | 103,515 | $ | 104,302 | |||||||
Vision Bank | — | — | — | — | (22,526 | ) | (45,414 | ) | (30,110 | ) | |||||||||||
SEPH | 9,059 | (5,640 | ) | (7,080 | ) | (3,661 | ) | (3,311 | ) | — | — | ||||||||||
Total Park | $ | 31,475 | $ | 18,886 | $ | 39,858 | $ | 90,219 | $ | 82,140 | $ | 58,101 | $ | 74,192 |
(in thousands) | 2011 Annual Report projection of results for 2012 | 50% of 2011 Annual Report projection | Actual results for the first six months of 2012 | Projected second half of 2012 | 2012 Projection | ||||||
Net interest income | $240,000 to $250,000 | $120,000 - $125,000 | $ | 120,408 | $ | 117,074 | $ | 237,482 | |||
Provision for loan losses | $20,000 to $27,000 | $10,000 - $13,500 | $ | 13,576 | $ | 10,851 | $ | 24,427 | |||
Total other income | $62,000 to $66,000 | $31,000 - $33,000 | $ | 34,961 | $ | 32,470 | $ | 67,431 | |||
Total other expense | $170,000 to $175,000 | $85,000- $87,500 | $ | 94,274 | $ | 84,724 | $ | 178,998 |
(In thousands) | YTD 2012 | Projected second half 2012 | 2012 Projection | 2011 | 2010 | 2009 | ||||||||||||
Net interest income | $ | 111,868 | $ | 112,114 | $ | 223,982 | $ | 236,282 | $ | 237,281 | $ | 236,107 | ||||||
Provision for loan losses | 8,428 | 7,652 | 16,080 | 30,220 | 23,474 | 22,339 | ||||||||||||
Fee income | 34,361 | 33,310 | 67,671 | 67,348 | 68,648 | 75,430 | ||||||||||||
Security gains | — | — | — | 23,634 | 11,864 | 7,340 | ||||||||||||
Total other expense | 75,316 | 75,281 | 150,597 | 146,235 | 144,051 | 148,048 | ||||||||||||
Income before income taxes | $ | 62,485 | $ | 62,491 | $ | 124,976 | $ | 150,809 | $ | 150,268 | $ | 148,490 | ||||||
Federal income taxes | 17,441 | 17,480 | 34,921 | 43,958 | 47,320 | 47,032 | ||||||||||||
Net income | $ | 45,044 | $ | 45,011 | $ | 90,055 | $ | 106,851 | $ | 102,948 | $ | 101,458 | ||||||
Net income excluding security gains | $ | 45,044 | $ | 45,011 | $ | 90,055 | $ | 91,489 | $ | 95,236 | $ | 96,687 |
(In thousands) | June 30, 2012 | December 31, 2011 | June 30, 2011 | % change from 12/31/11 | % change from 6/30/11 | ||||||||
Loans | $ | 4,281,430 | $ | 4,172,424 | $ | 4,125,919 | 2.61 | % | 3.77 | % | |||
Allowance for loan losses | 56,288 | 55,409 | 71,043 | 1.59 | % | (20.77 | )% | ||||||
Net loans | 4,225,142 | 4,117,015 | 4,054,876 | 2.63 | % | 4.20 | % | ||||||
Total assets | 6,535,709 | 6,281,747 | 6,565,419 | 4.04 | % | (0.45 | )% | ||||||
Average assets (YTD) | 6,491,751 | 6,453,404 | 6,519,081 | 0.59 | % | (0.42 | )% | ||||||
Deposits | 4,917,327 | 4,611,646 | 4,816,002 | 6.63 | % | 2.10 | % | ||||||
Return on average assets * | 1.40 | % | 1.42 | % | 1.55 | % | |||||||
* Annualized for the six months ended June 30, 2012 and 2011. Excludes gains on the sale of investment securities for the six months ended June 30, 2011 and the year ended December 31, 2011. |
(In thousands) | YTD 2012 | Projected second half 2012 | 2012 Projection | 2011 | 2010 | 2009 | ||||||||||||
Net interest income | $ | 4,516 | $ | 4,735 | $ | 9,251 | $ | 8,693 | $ | 7,611 | $ | 7,010 | ||||||
Provision for loan losses | 450 | 600 | 1,050 | 2,000 | 2,200 | 2,052 | ||||||||||||
Fee income | — | 1 | 1 | — | 2 | 3 | ||||||||||||
Total other expense | 1,427 | 1,414 | 2,841 | 2,506 | 2,325 | 2,264 | ||||||||||||
Income before income taxes | $ | 2,639 | $ | 2,722 | $ | 5,361 | $ | 4,187 | $ | 3,088 | $ | 2,697 | ||||||
Federal income taxes | 924 | 953 | 1,877 | 1,466 | 1,082 | 945 | ||||||||||||
Net income | $ | 1,715 | $ | 1,769 | $ | 3,484 | $ | 2,721 | $ | 2,006 | $ | 1,752 |
(In thousands) | June 30, 2012 | December 31, 2011 | June 30, 2011 | % change from 12/31/11 | % change from 6/30/11 | ||||||||
Loans | $ | 49,160 | $ | 47,111 | $ | 46,301 | 4.35 | % | 6.17 | % | |||
Allowance for loan losses | 2,407 | 2,297 | 1,886 | 4.79 | % | 27.62 | % | ||||||
Net loans | 46,753 | 44,814 | 44,415 | 4.33 | % | 5.26 | % | ||||||
Total assets | 48,763 | 46,682 | 45,912 | 4.46 | % | 6.21 | % | ||||||
Average assets (YTD) | 47,032 | 45,588 | 44,948 | 3.17 | % | 4.64 | % | ||||||
Return on average assets * | 7.33 | % | 5.97 | % | 5.70 | % | |||||||
* Annualized for the six months ended June 30, 2012 and 2011. |
(In thousands) | YTD 2012 | Projected second half 2012 | 2012 Projection | 2011 | 2010 | 2009 | ||||||||||||
Net interest income | $ | 2,539 | $ | 2,905 | $ | 5,444 | $ | 2,155 | $ | 1,285 | $ | 4,740 | ||||||
Provision for loan losses | — | — | — | — | — | — | ||||||||||||
Fee income | 151 | 161 | 312 | 350 | 390 | 464 | ||||||||||||
Total other expense | 3,367 | 3,362 | 6,729 | 7,115 | 9,107 | 10,322 | ||||||||||||
Income (loss) before income taxes | $ | (677 | ) | $ | (296 | ) | $ | (973 | ) | $ | (4,610 | ) | $ | (7,432 | ) | $ | (5,118 | ) |
Federal income tax (benefit) | (860 | ) | (454 | ) | (1,314 | ) | (3,015 | ) | (5,993 | ) | (6,210 | ) | ||||||
Net income (loss) | $ | 183 | $ | 158 | $ | 341 | $ | (1,595 | ) | $ | (1,439 | ) | $ | 1,092 |
(In thousands) | YTD 2012 | Projected second half 2012 | 2012 Projection | SEPH 2011 | Vision 2011 | Vision 2010 | |||||||||||||
Net interest income | $ | 1,485 | $ | (2,680 | ) | $ | (1,195 | ) | $ | (974 | ) | $ | 27,078 | $ | 27,867 | ||||
Provision for loan losses | 4,698 | 2,599 | 7,297 | — | 31,052 | 61,407 | |||||||||||||
Fee income | 449 | (1,002 | ) | (553 | ) | (3,039 | ) | 1,422 | (6,024 | ) | |||||||||
Security gains | — | — | — | — | 5,195 | — | |||||||||||||
Gain on sale of Vision business | 22,167 | — | 22,167 | — | — | — | |||||||||||||
Total other expense | 14,164 | 4,667 | 18,831 | 1,082 | 31,379 | 31,623 | |||||||||||||
Income (loss) before income taxes | $ | 5,239 | $ | (10,948 | ) | $ | (5,709 | ) | $ | (5,095 | ) | $ | (28,736 | ) | $ | (71,187 | ) | ||
Federal income taxes/(benefit) | 1,820 | (3,868 | ) | (2,048 | ) | (1,784 | ) | (6,210 | ) | (25,773 | ) | ||||||||
Net income (loss) | $ | 3,419 | $ | (7,080 | ) | $ | (3,661 | ) | $ | (3,311 | ) | $ | (22,526 | ) | $ | (45,414 | ) | ||
Net income (loss) excluding security gains | $ | 3,419 | $ | (7,080 | ) | $ | (3,661 | ) | $ | (3,311 | ) | $ | (25,903 | ) | $ | (45,414 | ) |
SEPH - Retained Vision Loan Portfolio | |||||||||||
(In thousands) | Unpaid Principal Balance | Charge-Offs | Net Book Balance | Charge-off Percentage | |||||||
Nonperforming loans - retained by SEPH | $ | 150,284 | $ | 76,184 | $ | 74,100 | 51 | % | |||
Performing loans - retained by SEPH | 9,179 | 669 | 8,510 | 7 | % | ||||||
Total SEPH loan exposure | $ | 159,463 | $ | 76,853 | $ | 82,610 | 48 | % |
(In thousands) | SEPH 3/31/2012 | SEPH 6/30/2012 | Change from linked quarter | ||||||
Nonperforming loans - retained by SEPH | $ | 82,326 | $ | 74,100 | $ | (8,226 | ) | ||
OREO - retained by SEPH | 28,578 | 24,985 | (3,593 | ) | |||||
Total nonperforming assets | $ | 110,904 | $ | 99,085 | $ | (11,819 | ) | ||
Performing loans - retained by SEPH | $ | 16,123 | $ | 8,510 | $ | (7,613 | ) | ||
Total SEPH - Legacy Vision assets | $ | 127,027 | $ | 107,595 | $ | (19,432 | ) |
(In thousands) | YTD 2012 | Projected second half 2012 | 2012 Projection | 2011 | 2010 | 2009 | ||||||||||||
Net interest income | $ | 120,408 | $ | 117,074 | $ | 237,482 | $ | 273,234 | $ | 274,044 | $ | 273,491 | ||||||
Provision for loan losses | 13,576 | 10,851 | 24,427 | 63,272 | 87,081 | 68,821 | ||||||||||||
Fee income | 34,961 | 32,470 | 67,431 | 66,081 | 63,016 | 73,850 | ||||||||||||
Security gains | — | — | — | 28,829 | 11,864 | 7,340 | ||||||||||||
Gain on sale of Vision business | 22,167 | — | 22,167 | — | — | — | ||||||||||||
Total other expense | 94,274 | 84,724 | 178,998 | 188,317 | 187,106 | 188,725 | ||||||||||||
Income before income taxes | $ | 69,686 | $ | 53,969 | $ | 123,655 | $ | 116,555 | $ | 74,737 | $ | 97,135 | ||||||
Federal income taxes | 19,325 | 14,111 | 33,436 | 34,415 | 16,636 | 22,943 | ||||||||||||
Net income | $ | 50,361 | $ | 39,858 | $ | 90,219 | $ | 82,140 | $ | 58,101 | $ | 74,192 | ||||||
Net income excluding security gains | $ | 50,361 | $ | 39,858 | $ | 90,219 | $ | 63,401 | $ | 50,389 | $ | 69,421 |
Three months ended June 30, 2012 | Three months ended June 30, 2011 | |||||||||||||
(in thousands) | Average balance | Tax equivalent % | Average balance | Tax equivalent % | ||||||||||
Loans (1) | $ | 4,353,181 | 5.36 | % | $ | 4,743,696 | 5.61 | % | ||||||
Taxable investments | 1,685,019 | 3.29 | % | 1,972,676 | 3.86 | % | ||||||||
Tax exempt investments | 3,743 | 7.05 | % | 8,179 | 7.01 | % | ||||||||
Money market instruments | 92,854 | 0.25 | % | 21,239 | 0.15 | % | ||||||||
Interest earning assets | $ | 6,134,797 | 4.71 | % | $ | 6,745,790 | 5.08 | % | ||||||
Interest bearing deposits | $ | 3,761,781 | 0.51 | % | $ | 4,301,872 | 0.67 | % | ||||||
Short-term borrowings | 237,181 | 0.28 | % | 290,293 | 0.27 | % | ||||||||
Long-term debt | 918,932 | 3.47 | % | 881,534 | 3.44 | % | ||||||||
Interest bearing liabilities | $ | 4,917,894 | 1.05 | % | $ | 5,473,699 | 1.09 | % | ||||||
Excess interest earning assets | $ | 1,216,903 | $ | 1,272,091 | ||||||||||
Net interest spread | 3.66 | % | 3.99 | % | ||||||||||
Net interest margin | 3.87 | % | 4.19 | % |
Six months ended June 30, 2012 | Six months ended June 30, 2011 | |||||||||||||
(in thousands) | Average balance | Tax equivalent % | Average balance | Tax equivalent % | ||||||||||
Loans (1) | $ | 4,419,128 | 5.44 | % | $ | 4,743,387 | 5.62 | % | ||||||
Taxable investments | 1,662,397 | 3.31 | % | 1,956,365 | 3.92 | % | ||||||||
Tax exempt investments | 3,893 | 7.05 | % | 10,198 | 7.38 | % | ||||||||
Money market instruments | 130,867 | 0.25 | % | 24,078 | 0.12 | % | ||||||||
Interest earning assets | $ | 6,216,285 | 4.76 | % | $ | 6,734,028 | 5.11 | % | ||||||
Interest bearing deposits | $ | 3,826,632 | 0.53 | % | $ | 4,273,720 | 0.70 | % | ||||||
Short-term borrowings | 239,255 | 0.28 | % | 340,550 | 0.27 | % | ||||||||
Long-term debt | 908,315 | 3.42 | % | 864,760 | 3.48 | % | ||||||||
Interest bearing liabilities | $ | 4,974,202 | 1.05 | % | $ | 5,479,030 | 1.11 | % | ||||||
Excess interest earning assets | $ | 1,242,083 | $ | 1,254,998 | ||||||||||
Net interest spread | 3.71 | % | 4.00 | % | ||||||||||
Net interest margin | 3.92 | % | 4.20 | % |
(in thousands) | Average interest earning assets | Net interest income | Tax equivalent net interest margin | ||||||||
June 2011 | $ | 6,745,790 | $ | 70,022 | 4.19 | % | |||||
September 2011 | $ | 6,610,953 | $ | 67,620 | 4.09 | % | |||||
December 2011 | $ | 6,487,958 | $ | 66,279 | 4.08 | % | |||||
March 2012 | $ | 6,297,772 | $ | 61,728 | 3.97 | % | |||||
June 2012 | $ | 6,134,797 | $ | 58,680 | 3.87 | % |
(dollars in thousands) | Loans | Investments | Money Market Instruments | Total | ||||||||||||
2009 - year | $ | 4,594,436 | $ | 1,877,303 | $ | 52,658 | $ | 6,524,397 | ||||||||
Percentage | 70.42 | % | 28.77 | % | 0.81 | % | 100.00 | % | ||||||||
2010 - year | $ | 4,642,478 | $ | 1,746,356 | $ | 93,009 | $ | 6,481,843 | ||||||||
Percentage | 71.62 | % | 26.94 | % | 1.44 | % | 100.00 | % | ||||||||
2011 - year | $ | 4,713,511 | $ | 1,848,880 | $ | 78,593 | $ | 6,640,984 | ||||||||
Percentage | 70.98 | % | 27.84 | % | 1.18 | % | 100.00 | % | ||||||||
2012 - first six months | $ | 4,419,128 | $ | 1,666,290 | $ | 130,867 | $ | 6,216,285 | ||||||||
Percentage | 71.09 | % | 26.81 | % | 2.10 | % | 100.00 | % |
Loans | Investments | Money Market Instruments | Total | ||||||||
2009 - year | 6.03 | % | 4.94 | % | 0.22 | % | 5.67 | % | |||
2010 - year | 5.80 | % | 4.47 | % | 0.22 | % | 5.36 | % | |||
2011 - year | 5.60 | % | 3.76 | % | 0.23 | % | 5.03 | % | |||
2012 - first six months | 5.44 | % | 3.32 | % | 0.25 | % | 4.76 | % |
SEPH – Retained Vision Loan Portfolio | |||||||||||||||
Charge-offs as a percentage of unpaid principal balance | |||||||||||||||
June 30, 2012 | |||||||||||||||
(In thousands) | Unpaid Principal Balance | Charge-Offs | Net Book Balance | Charge-off Percentage | |||||||||||
Nonperforming loans - retained by SEPH | $ | 150,284 | $ | 76,184 | $ | 74,100 | 51 | % | |||||||
Performing loans - retained by SEPH | 9,179 | 669 | 8,510 | 7 | % | ||||||||||
Total SEPH loan exposure | $ | 159,463 | $ | 76,853 | $ | 82,610 | 48 | % |
Park National Corporation - Allowance for Loan & Lease Losses | ||||||||
(In thousands) | June 30, 2012 | December 31, 2011 | ||||||
Total ALLL | $ | 58,696 | $ | 68,444 | ||||
Specific reserves | 10,946 | 15,935 | ||||||
General reserves | $ | 47,750 | $ | 52,509 | ||||
Total loans | $ | 4,386,851 | $ | 4,317,099 | ||||
Impaired commercial loans | 170,224 | 187,074 | ||||||
Non-impaired loans | $ | 4,216,627 | $ | 4,130,025 | ||||
Total ALLL to total loan ratio | 1.34 | % | 1.59 | % | ||||
General reserves as a % of non-impaired loans | 1.13 | % | 1.27 | % |
Commercial loans * (In thousands) | June 30, 2012 | December 31, 2011 | ||||
Pass rated | $ | 2,167,745 | $ | 2,131,007 | ||
Special Mention | 59,568 | 66,254 | ||||
Substandard | 10,265 | 29,604 | ||||
Impaired | 103,126 | 95,109 | ||||
Total | $ | 2,340,704 | $ | 2,321,974 | ||
* Commercial loans include: (1) Commercial, financial and agricultural loans, (2) Commercial real estate loans, (3) Commercial related loans in the construction real estate portfolio and (4) Commercial related loans in the residential real estate portfolio. |
New nonaccrual loan information (in thousands): | June 30, 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Nonaccrual loans, beginning of period | $ | 195,106 | $ | 289,268 | $ | 233,544 | $ | 159,512 | $ | 101,128 | ||||||||||
New nonaccrual loans - Ohio-based operations | 35,463 | 78,316 | 85,081 | 57,641 | 58,161 | |||||||||||||||
New nonaccrual loans - Vision/SEPH | 4,450 | 45,842 | 90,094 | 126,540 | 83,588 | |||||||||||||||
Resolved nonaccrual loans | 54,638 | 218,320 | 119,451 | 110,149 | 83,365 | |||||||||||||||
Nonaccrual loans, end of period | $ | 180,381 | $ | 195,106 | $ | 289,268 | $ | 233,544 | $ | 159,512 |
(in thousands) | June 30, 2012 | December 31, 2011 | June 30, 2011 | |||||||||
Nonaccrual loans | $ | 180,381 | $ | 195,106 | $ | 238,690 | ||||||
Accruing TDRs | 27,250 | 28,607 | 33 | |||||||||
Loans past due 90 days or more | 1,870 | 3,489 | 3,142 | |||||||||
Total nonperforming loans | $ | 209,501 | $ | 227,202 | $ | 241,865 | ||||||
Other real estate owned – PNB | 13,439 | 13,240 | 10,309 | |||||||||
Other real estate owned – SEPH | 24,985 | 29,032 | 32,638 | |||||||||
Other real estate owned – Vision | — | — | 4,787 | |||||||||
Total nonperforming assets | $ | 247,925 | $ | 269,474 | $ | 289,599 | ||||||
Percentage of nonaccrual loans to total loans | 4.11 | % | 4.52 | % | 5.07 | % | ||||||
Percentage of nonperforming loans to total loans | 4.78 | % | 5.26 | % | 5.13 | % | ||||||
Percentage of nonperforming assets to total loans | 5.65 | % | 6.24 | % | 6.15 | % | ||||||
Percentage of nonperforming assets to total assets | 3.70 | % | 3.86 | % | 3.96 | % |
(in thousands) | June 30, 2012 | December 31, 2011 | June 30, 2011 | |||||||||
Nonaccrual loans | $ | 107,749 | $ | 96,113 | $ | 121,128 | ||||||
Accruing TDRs | 25,782 | 26,342 | 33 | |||||||||
Loans past due 90 days or more | 1,870 | 3,367 | 2,162 | |||||||||
Total nonperforming loans | $ | 135,401 | $ | 125,822 | $ | 123,323 | ||||||
Other real estate owned – PNB | 13,439 | 13,240 | 10,309 | |||||||||
Total nonperforming assets | $ | 148,840 | $ | 139,062 | $ | 133,632 | ||||||
Percentage of nonaccrual loans to total loans | 2.50 | % | 2.29 | % | 2.92 | % | ||||||
Percentage of nonperforming loans to total loans | 3.15 | % | 3.00 | % | 2.97 | % | ||||||
Percentage of nonperforming assets to total loans | 3.46 | % | 3.32 | % | 3.22 | % | ||||||
Percentage of nonperforming assets to total assets | 2.27 | % | 2.21 | % | 2.03 | % |
SEPH | Vision Bank | |||||||||||
(in thousands) | June 30, 2012 | December 31, 2011 | June 30, 2011 | |||||||||
Nonaccrual loans | $ | 72,632 | $ | 98,993 | $ | 117,562 | ||||||
Renegotiated loans on accrual status | 1,468 | 2,265 | — | |||||||||
Loans past due 90 days or more | — | 122 | 980 | |||||||||
Total nonperforming loans | $ | 74,100 | $ | 101,380 | $ | 118,542 | ||||||
Other real estate owned – SEPH | 24,985 | 29,032 | 32,638 | |||||||||
Other real estate owned – Vision | — | — | 4,787 | |||||||||
Total nonperforming assets | $ | 99,085 | $ | 130,412 | $ | 155,967 |
(In thousands) | Unpaid principal balance (UPB) | Prior charge- offs | Total impaired loans | Specific reserve | Carrying balance | Carrying balance as a % of UPB | |||||||||||||||||
PNB | $ | 140,038 | $ | 36,911 | $ | 103,127 | $ | 10,946 | $ | 92,181 | 65.83 | % | |||||||||||
SEPH - CL&D loans | 63,422 | 46,153 | 17,269 | — | 17,269 | 27.23 | % | ||||||||||||||||
SEPH - Other loans | 73,295 | 24,088 | 49,207 | — | 49,207 | 67.14 | % | ||||||||||||||||
PRK totals | $ | 276,755 | $ | 107,152 | $ | 169,603 | $ | 10,946 | $ | 158,657 | 57.33 | % |
• | Loss Emergence Period Factor: Annually during the fourth quarter, management calculates the loss emergence period for each commercial loan segment. This loss emergence period is calculated based upon the average period of |
• | Loss Migration Factor: Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases, and accordingly, management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard. Annually, management calculates a loss migration factor for each commercial loan segment for special mention and substandard credits based on a review of losses over the past three year period, considering how each individual credit was rated at the beginning of the three year period. |
• | Environmental Loss Factor: Management has identified certain macroeconomic factors that trend in accordance with losses in Park’s commercial loan portfolio. These macroeconomic factors are reviewed quarterly and adjustments to the environmental loss factor impacting each segment in the performing commercial loan portfolio correlates to changes in the macroeconomic environment. |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
(in thousands) | 2012 | 2011 | Change | 2012 | 2011 | Change | ||||||||||||||||||
Income from fiduciary activities | $ | 4,044 | $ | 3,929 | $ | 115 | $ | 7,872 | $ | 7,651 | $ | 221 | ||||||||||||
Service charges on deposits | 4,154 | 4,525 | (371 | ) | 8,225 | 8,770 | (545 | ) | ||||||||||||||||
Other service income | 3,417 | 2,734 | 683 | 6,151 | 5,035 | 1,116 | ||||||||||||||||||
Checkcard fee income | 3,180 | 3,251 | (71 | ) | 6,352 | 6,227 | 125 | |||||||||||||||||
Bank owned life insurance income | 1,184 | 1,228 | (44 | ) | 2,386 | 2,457 | (71 | ) | ||||||||||||||||
ATM fees | 536 | 682 | (146 | ) | 1,144 | 1,336 | (192 | ) | ||||||||||||||||
OREO devaluations | (2,648 | ) | (3,355 | ) | 707 | (4,007 | ) | (5,890 | ) | 1,883 | ||||||||||||||
Gain/loss on the sale of OREO, net | 2,203 | 330 | 1,873 | 3,248 | 482 | 2,766 | ||||||||||||||||||
Gain on sale of the Vision business | — | — | — | 22,167 | — | 22,167 | ||||||||||||||||||
Other | 1,438 | 1,814 | (376 | ) | 3,590 | 4,100 | (510 | ) | ||||||||||||||||
Total other income | $ | 17,508 | $ | 15,138 | $ | 2,370 | $ | 57,128 | $ | 30,168 | $ | 26,960 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||
(in thousands) | Ohio based operations | SEPH/VB | Total | Ohio based operations | SEPH/VB | Total | ||||||||||||||||||
Income from fiduciary activities | $ | 146 | $ | (31 | ) | $ | 115 | $ | 278 | $ | (57 | ) | $ | 221 | ||||||||||
Service charges on deposits | (95 | ) | (276 | ) | (371 | ) | (178 | ) | (367 | ) | (545 | ) | ||||||||||||
Other service income | 1,081 | (398 | ) | 683 | 1,708 | (592 | ) | 1,116 | ||||||||||||||||
Checkcard fee income | 155 | (226 | ) | (71 | ) | 435 | (310 | ) | 125 | |||||||||||||||
Bank owned life insurance income | (17 | ) | (27 | ) | (44 | ) | (35 | ) | (36 | ) | (71 | ) | ||||||||||||
ATM fees | (128 | ) | (18 | ) | (146 | ) | (164 | ) | (28 | ) | (192 | ) | ||||||||||||
OREO devaluations | (337 | ) | 1,044 | 707 | (506 | ) | 2,389 | 1,883 | ||||||||||||||||
Gain/loss on sale of OREO, net | 313 | 1,560 | 1,873 | 520 | 2,246 | 2,766 | ||||||||||||||||||
Gain on sale of the Vision business | — | — | — | — | 22,167 | 22,167 | ||||||||||||||||||
Other | (285 | ) | (91 | ) | (376 | ) | (844 | ) | 334 | (510 | ) | |||||||||||||
Total other income | $ | 833 | $ | 1,537 | $ | 2,370 | $ | 1,214 | $ | 25,746 | $ | 26,960 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
(in thousands) | 2012 | 2011 | Change | 2012 | 2011 | Change | ||||||||||||||||||
Salaries and employee benefits | $ | 22,813 | $ | 25,253 | $ | (2,440 | ) | $ | 47,636 | $ | 50,317 | $ | (2,681 | ) | ||||||||||
Occupancy expense | 2,249 | 2,764 | (515 | ) | 4,919 | 5,764 | (845 | ) | ||||||||||||||||
Furniture and equipment expense | 2,727 | 2,785 | (58 | ) | 5,348 | 5,442 | (94 | ) | ||||||||||||||||
Data processing fees | 899 | 1,135 | (236 | ) | 2,099 | 2,388 | (289 | ) | ||||||||||||||||
Professional fees and services | 5,800 | 5,320 | 480 | 11,381 | 10,194 | 1,187 | ||||||||||||||||||
Amortization of intangibles | 140 | 669 | (529 | ) | 1,894 | 1,338 | 556 | |||||||||||||||||
Marketing | 705 | 728 | (23 | ) | 1,548 | 1,351 | 197 | |||||||||||||||||
Insurance | 1,400 | 2,345 | (945 | ) | 2,890 | 4,614 | (1,724 | ) | ||||||||||||||||
Communication | 1,494 | 1,485 | 9 | 3,031 | 3,041 | (10 | ) | |||||||||||||||||
Loan put provision | 2,701 | — | 2,701 | 3,363 | — | 3,363 | ||||||||||||||||||
Other | 4,876 | 4,523 | 353 | 10,165 | 8,904 | 1,261 | ||||||||||||||||||
Total other expense | $ | 45,804 | $ | 47,007 | $ | (1,203 | ) | $ | 94,274 | $ | 93,353 | $ | 921 |
Other Expense - Quarterly 2011 and 2012 | ||||||||||||||||||||||||
PNB | GSFC | All Other | Vision | SEPH | Total PRK | |||||||||||||||||||
Q1 2011 | $ | 36,321 | 576 | $ | 2,024 | $ | 7,425 | $ | — | $ | 46,346 | |||||||||||||
Q2 2011 | 36,315 | 639 | 1,847 | 8,174 | 32 | 47,007 | ||||||||||||||||||
Q3 2011 | 35,936 | 646 | 1,510 | 7,267 | 240 | 45,599 | ||||||||||||||||||
Q4 2011 | 37,663 | 645 | 1,735 | 8,513 | 809 | 49,365 | ||||||||||||||||||
Total 2011 | $ | 146,235 | $ | 2,506 | $ | 7,116 | $ | 31,379 | $ | 1,081 | $ | 188,317 | ||||||||||||
Q1 2012 | $ | 38,056 | 721 | $ | 1,528 | $ | — | $ | 8,165 | $ | 48,470 | |||||||||||||
Q2 2012 | $ | 37,260 | 706 | $ | 1,839 | $ | — | $ | 5,999 | $ | 45,804 | |||||||||||||
YTD 2012 | $ | 75,316 | $ | 1,427 | $ | 3,367 | $ | — | $ | 14,164 | $ | 94,274 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||
(in thousands) | Ohio based operations | SEPH/Vision | Total | Ohio based operations | SEPH/Vision | Total | ||||||||||||||||||
Salaries and employee benefits | $ | 456 | $ | (2,896 | ) | $ | (2,440 | ) | $ | 1,299 | $ | (3,980 | ) | $ | (2,681 | ) | ||||||||
Occupancy expense | (26 | ) | (489 | ) | (515 | ) | (166 | ) | (679 | ) | (845 | ) | ||||||||||||
Furniture and equipment expense | 194 | (252 | ) | (58 | ) | 322 | (416 | ) | (94 | ) | ||||||||||||||
Data processing fees | 170 | (406 | ) | (236 | ) | 311 | (600 | ) | (289 | ) | ||||||||||||||
Professional fees and services | 187 | 293 | 480 | 332 | 855 | 1,187 | ||||||||||||||||||
Amortization of intangibles | 1 | (530 | ) | (529 | ) | 1 | 555 | 556 | ||||||||||||||||
Marketing | 32 | (55 | ) | (23 | ) | 282 | (85 | ) | 197 | |||||||||||||||
Insurance | (665 | ) | (280 | ) | (945 | ) | (1,260 | ) | (464 | ) | (1,724 | ) | ||||||||||||
Communication | 78 | (69 | ) | 9 | 75 | (85 | ) | (10 | ) | |||||||||||||||
Other | 576 | (223 | ) | 353 | 1,191 | 70 | 1,261 | |||||||||||||||||
Total other expense | $ | 1,003 | $ | (4,907 | ) | $ | (3,904 | ) | $ | 2,387 | $ | (4,829 | ) | $ | (2,442 | ) |
Leverage | Tier 1 Risk Based | Total Risk-Based | ||||||
The Park National Bank | 6.53 | % | 9.31 | % | 11.22 | % | ||
Park National Corporation | 9.15 | % | 13.17 | % | 16.38 | % | ||
Minimum capital ratio | 4.00 | % | 4.00 | % | 8.00 | % | ||
Well capitalized ratio | 5.00 | % | 6.00 | % | 10.00 | % |
(in thousands) | June 30, 2012 | December 31, 2011 | ||||||
Loan commitments | $ | 769,657 | $ | 809,140 | ||||
Standby letters of credit | $ | 23,363 | $ | 18,772 |
• | information required to be disclosed by Park in this Quarterly Report on Form 10-Q and other reports that Park files or submits under the Exchange Act would be accumulated and communicated to Park’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure; |
• | information required to be disclosed by Park in this Quarterly Report on Form 10-Q and the other reports that Park files or submits under the Exchange Act would be recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and |
• | Park’s disclosure controls and procedures were effective as of the end of the quarterly period covered by this Quarterly Report on Form 10-Q. |
(a) | Not applicable |
(b) | Not applicable |
(c) | No purchases of Park’s common shares were made by or on behalf of Park or any “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended, during the three months ended June 30, 2012. The following table provides information concerning the maximum number of common shares that may be purchased under Park’s previously announced stock repurchase authorization to fund the Park National Corporation 2005 Incentive Stock Option Plan: |
Period | Total number of common shares purchased | Average price paid per common share | Total number of common shares purchased as part of publicly announced plans or programs | Maximum number of common shares that may yet be purchased under the plans or programs (1) | ||||||||
April 1 through April 30, 2012 | — | — | — | 982,267 | ||||||||
May 1 through May 31, 2012 | — | — | — | 754,891 | ||||||||
June 1 through June 30, 2012 | — | — | — | 754,891 | ||||||||
Total | — | — | — | 754,891 |
(1) | The number shown represents, as of the end of each period, the maximum number of common shares that may yet be purchased as part of Park’s publicly announced stock repurchase authorization to fund the Park National Corporation 2005 Incentive Stock Option Plan (the “2005 Plan”). |
2.1(a) | Purchase and Assumption Agreement, made and entered into on November 16, 2011, by and between Vision Bank and Park National Corporation (collectively, “Seller”) and Centennial Bank and Home BancShares, Inc. (collectively, “Buyer”) (Incorporated herein by reference to Exhibit 2.1 to Park National Corporation’s Current Report on Form 8-K, dated and filed November 17, 2011 (File No. 1-13006)) |
Note: The disclosure schedules and other schedules (with the exception of Schedule S) referenced in the Purchase and Assumption Agreement have been omitted pursuant to Item 601(b)(2) of SEC Regulation S-K. Park National Corporation hereby undertakes to furnish a copy of the omitted disclosure schedules and other schedules upon request by the SEC. | ||
2.1(b) | First Amendment to Purchase and Assumption Agreement by and between Vision Bank and Park National Corporation and Centennial Bank and Home BancShares, Inc., effective as of January 25, 2012 (Incorporated herein by reference to Exhibit 2.1(b) to Park National Corporation’s Current Report on Form 8-K, dated and filed February 16, 2012 (File No. 1-13006)) | |
2.1(c) | Second Amendment to Purchase and Assumption Agreement by and between SE Property Holdings, LLC (as successor to Vision Bank) and Park National Corporation and Centennial Bank and Home BancShares, Inc., effective as of April 30, 2012 (Incorporated herein by reference to Exhibit 2.1(c) to Park National Corporation's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 (File No. 1-13006)) | |
2.2 | Agreement and Plan of Merger, entered into as of January 25, 2012, by and between Vision Bank and SE Property Holdings, LLC (Incorporated herein by reference to Exhibit 2.2 to Park National Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (File No. 1-13006)) | |
3.1(a) | Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on March 24, 1992 (Incorporated herein by reference to Exhibit 3(a) to Park National Corporation’s Form 8-B, filed on May 20, 1992 (File No. 0-18772) (“Park’s Form 8-B”)) | |
3.1(b) | Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on May 6, 1993 (Incorporated herein by reference to Exhibit 3(b) to Park National Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 1993 (File No. 0-18772)) | |
3.1(c) | Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April 16, 1996 (Incorporated herein by reference to Exhibit 3(a) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 1996 (File No. 1-13006)) | |
3.1(d) | Certificate of Amendment by Shareholders to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April 22, 1997 (Incorporated herein by reference to Exhibit 3(a)(1) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1997 (File No. 1-13006) (“Park’s June 30, 1997 Form 10-Q”)) | |
3.1(e) | Certificate of Amendment by Shareholders or Members as filed with the Ohio Secretary of State on December 18, 2008 in order to evidence the adoption by the shareholders of Park National Corporation on December 18, 2008 of an amendment to Article FOURTH of Park National Corporation’s Articles of Incorporation to authorize Park National Corporation to issue up to 200,000 preferred shares, without par value (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed December 19, 2008 (File No. 1-13006)) | |
3.1(f) | Certificate of Amendment by Directors or Incorporators to Articles as filed with the Ohio Secretary of State on December 19, 2008, evidencing adoption of amendment by Board of Directors of Park National Corporation to Article FOURTH of Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series A, each without par value, of Park National Corporation (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed December 23, 2008 (File No. 1-13006)) | |
3.1(g) | Certificate of Amendment by Shareholders or Members filed with the Ohio Secretary of State on April 18, 2011 in order to evidence the adoption by Park National Corporation’s shareholders of an amendment to Article SIXTH of Park National Corporation’s Articles of Incorporation in order to provide that shareholders do not have preemptive rights (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed April 19, 2011 (File No. 1-13006)) | |
3.1(h) | Articles of Incorporation of Park National Corporation (reflecting amendments through April 18, 2011) [for SEC reporting compliance purposes only – not filed with Ohio Secretary of State] (Incorporated herein by reference to Exhibit 3.1(h) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011 (File No. 1-13006)) | |
3.2(a) | Regulations of Park National Corporation (Incorporated herein by reference to Exhibit 3(b) to Park’s Form 8-B) | |
3.2(b) | Certified Resolution regarding Adoption of Amendment to Subsection 2.02(A) of the Regulations of Park National Corporation by Shareholders on April 21, 1997 (Incorporated herein by reference to Exhibit 3(b)(1) to Park’s June 30, 1997 Form 10-Q) | |
3.2(c) | Certificate Regarding Adoption of Amendments to Sections 1.04 and 1.11 of Park National Corporation’s Regulations by the Shareholders on April 17, 2006 (Incorporated herein by reference to Exhibit 3.1 to Park National Corporation’s Current Report on Form 8-K dated and filed on April 18, 2006 (File No. 1-13006)) | |
3.2(d) | Certificate Regarding Adoption by the Shareholders of Park National Corporation on April 21, 2008 of Amendment to Regulations to Add New Section 5.10 to Article Five (Incorporated herein by reference to Exhibit 3.2(d) to Park National Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008 (File No. 1-13006) (“Park’s March 31, 2008 Form 10-Q”)) | |
3.2(e) | Regulations of Park National Corporation (reflecting amendments through April 21, 2008) [For purposes of SEC reporting compliance only] (Incorporated herein by reference to Exhibit 3.2(e) to Park’s March 31, 2008 Form 10-Q) | |
4.1 | Note Purchase Agreement, dated April 20, 2012, between Park National Corporation and a group of 56 accredited investors (Incorporated herein by reference to Exhibit 4.1 to Park National Corporation’s Current Report on Form 8-K, dated and filed April 20, 2012 (File No. 1-13006) (“Park’s April 20, 2012 Form 8-K”)) | |
4.2 | Form of 7% Subordinated Note due April 20, 2022 (Incorporated herein by reference to Exhibit 4.2 to Park’s April 20, 2012 for 8-K) | |
10.1 | Letter Agreement, dated April 25, 2012, between Park National Corporation and the United States Department of the Treasury related to the repurchase of the 100,000 Fixed Rate Cumulative Perpetual Preferred Shares, Series A, issued by Park National Corporation (Incorporated herein by reference to Exhibit 10.1 to Park National Corporation’s Current Report on Form 8-K, dated and filed April 25, 2012 (File No. 1-13006)) | |
10.2 | Letter Agreement, dated May 2, 2012, between Park National Corporation and the United States Department of the Treasury related to the repurchase of the Warrant to purchase 227,376 Common Shares issued by Park National Corporation (Incorporated herein by reference to Exhibit 10.1 to Park National Corporation’s Current Report on Form 8-K, dated and filed May 2, 2012 (File No. 1-13006)) | |
12 | Computation of Ratios of Earnings to Fixed Charges and of Earnings to Fixed Charges and Preferred Share Dividends (filed herewith) | |
31.1 | Rule 13a – 14(a) / 15d – 14(a) Certifications (Principal Executive Officer) (filed herewith) | |
31.2 | Rule 13a – 14(a) / 15d – 14(a) Certifications (Principal Financial Officer) (filed herewith) | |
32.1 | Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (Principal Executive Officer) (furnished herewith) | |
32.2 | Certifications Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (Principal Financial Officer) (furnished herewith) | |
101 | The following information from Park’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012 formatted in XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Condensed Balance Sheets as of June 30, 2012 (unaudited) and December 31, 2011; (ii) the Consolidated Condensed Statements of Income for the three months and six months ended June 30, 2012 and 2011 (unaudited); (iii) the Consolidated Condensed Statements of Comprehensive Income for the six months ended June 30, 2012 and 2011 (unaudited); (iv) the Consolidated Condensed Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2012 and 2011 (unaudited); (v) the Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2012 and 2011 (unaudited); and (vi) the Notes to Unaudited Consolidated Condensed Financial Statements (electronically submitted herewith). |
PARK NATIONAL CORPORATION | ||
DATE: August 03, 2012 | /s/ C. Daniel DeLawder | |
C. Daniel DeLawder | ||
Chairman of the Board and | ||
Chief Executive Officer | ||
DATE: August 03, 2012 | /s/ John W. Kozak | |
John W. Kozak | ||
Chief Financial Officer |
Six Months | ||||||||||||||||||
Ended | Year Ended December 31, | |||||||||||||||||
June 30, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||
Ratio of earnings to fixed charges (1) | ||||||||||||||||||
Excluding Interest on Deposits | 5.34 | 4.68 | 3.47 | 4.20 | 1.77 | 2.12 | ||||||||||||
Including Interest on Deposits | 3.66 | 2.97 | 2.04 | 2.02 | 1.26 | 1.31 | ||||||||||||
Earnings: | |||||||||||||||||||||||||
Income before income taxes | $ | 69,686,000 | $ | 116,555,000 | $ | 74,737,000 | $ | 97,135,000 | $ | 35,719,000 | $ | 52,677,000 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||||
Interest on deposits | 10,116,000 | 27,655,000 | 41,965,000 | 64,620,000 | 89,892,000 | 121,021,000 | |||||||||||||||||||
Borrowings and long-term debt | 15,800,000 | 30,992,000 | 29,508,000 | 29,579,000 | 45,574,000 | 46,126,000 | |||||||||||||||||||
Rent expense interest factor (1/3) | 271,622 | 662,843 | 721,687 | 794,866 | 801,147 | 731,723 | |||||||||||||||||||
Total fixed charges: | |||||||||||||||||||||||||
Including interest on deposits | $ | 26,187,622 | $ | 59,309,843 | $ | 72,194,687 | $ | 94,993,866 | $ | 136,267,147 | $ | 167,878,723 | |||||||||||||
Excluding interest on deposits | $ | 16,071,622 | $ | 31,654,843 | $ | 30,229,687 | $ | 30,373,866 | $ | 46,375,147 | $ | 46,857,723 |
Six Months | ||||||||||||||||||
Ended | Year Ended December 31, | |||||||||||||||||
June 30, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||
Ratio of earnings to fixed charges and preferred dividends (1) | ||||||||||||||||||
Excluding Interest on Deposits | 4.32 | 3.91 | 2.94 | 3.52 | 1.77 | 2.12 | ||||||||||||
Including Interest on Deposits | 3.24 | 2.72 | 1.93 | 1.94 | 1.26 | 1.31 | ||||||||||||
Earnings: | |||||||||||||||||||||||||
Income before income taxes | $ | 69,686,000 | $ | 116,555,000 | $ | 74,737,000 | $ | 97,135,000 | $ | 35,719,000 | $ | 52,677,000 | |||||||||||||
Fixed Charges: | |||||||||||||||||||||||||
Interest on deposits | 10,116,000 | 27,655,000 | 41,965,000 | 64,620,000 | 89,892,000 | 121,021,000 | |||||||||||||||||||
Borrowings and long-term debt | 15,800,000 | 30,992,000 | 29,508,000 | 29,579,000 | 45,574,000 | 46,126,000 | |||||||||||||||||||
Preferred dividends and accretion | 4,892,857 | 8,365,714 | 8,295,714 | 8,231,429 | 202,857 | — | |||||||||||||||||||
Rent expense interest factor (1/3) | 271,622 | 662,843 | 721,687 | 794,866 | 801,147 | 731,723 | |||||||||||||||||||
Total fixed charges: | |||||||||||||||||||||||||
Including interest on deposits | $ | 26,187,622 | $ | 59,309,843 | $ | 72,194,687 | $ | 94,993,866 | $ | 136,267,147 | $ | 167,878,723 | |||||||||||||
Excluding interest on deposits | $ | 16,071,622 | $ | 31,654,843 | $ | 30,229,687 | $ | 30,373,866 | $ | 46,375,147 | $ | 46,857,723 |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, of Park National Corporation; |
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 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(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 fiscal quarter in the 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 officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(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: August 03, 2012 | /s/ C. Daniel DeLawder | |
C. Daniel DeLawder | ||
Chairman of the Board and Chief Executive Officer | ||
(Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, of Park National Corporation; |
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 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(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 fiscal quarter in the 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 officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(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: August 03, 2012 | /s/ John W. Kozak | |
John W. Kozak | ||
Chief Financial Officer | ||
(Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of operations of the Company and its subsidiaries. |
/s/ C. Daniel DeLawder | ||
C. Daniel DeLawder | ||
Chairman of the Board and Chief Executive Officer | ||
(Principal Executive Officer) | ||
DATE: August 03, 2012 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of operations of the Company and its subsidiaries. |
/s/ John W. Kozak | ||
John W. Kozak | ||
Chief Financial Officer | ||
(Principal Financial Officer) | ||
DATE: August 03, 2012 |
Pension Plan (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Expense | The following table shows the components of net periodic benefit expense:
|
Loans (Average Recorded Investment And Interest Income Recognized On Loans Individually Evaluated For Impairment) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 169,690 | $ 200,400 | $ 169,690 | $ 200,400 | $ 187,135 |
Average recorded investment | 174,963 | 226,828 | 177,738 | 236,430 | |
Interest income recognized | 817 | 246 | 1,420 | 598 | |
Commercial, Financial And Agricultural [Member]
|
|||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 41,591 | 24,008 | 41,591 | 24,008 | |
Average recorded investment | 42,056 | 20,688 | 41,218 | 20,203 | |
Interest income recognized | 205 | 41 | 310 | 106 | |
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
|
|||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 17,272 | 46,847 | 17,272 | 46,847 | |
Average recorded investment | 18,412 | 71,682 | 20,302 | 77,711 | |
Interest income recognized | |||||
Construction Real Estate - Remaining Commercial [Member]
|
|||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 29,562 | 33,685 | 29,562 | 33,685 | |
Average recorded investment | 31,428 | 27,998 | 28,899 | 27,616 | |
Interest income recognized | 199 | 136 | 450 | 214 | |
Residential Real Estate - Commercial [Member]
|
|||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 37,277 | 48,594 | 37,277 | 48,594 | |
Average recorded investment | 40,359 | 55,096 | 41,541 | 57,269 | |
Interest income recognized | 125 | 14 | 165 | 153 | |
Commercial Real Estate [Member]
|
|||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 43,969 | 47,243 | 43,969 | 47,243 | |
Average recorded investment | 42,689 | 51,359 | 45,758 | 53,619 | |
Interest income recognized | 287 | 54 | 494 | 124 | |
Consumer [Member]
|
|||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 19 | 23 | 19 | 23 | |
Average recorded investment | 19 | 5 | 20 | 12 | |
Interest income recognized | $ 1 | $ 1 | $ 1 | $ 1 |
Goodwill And Intangible Assets (Schedule Of Core Deposit Intangibles Amortization Expense) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
---|---|
Annual Amortization: | |
Remainder of 2012 | $ 278 |
2013 | 337 |
2014 | |
Total | $ 615 |
Fair Value (Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis) (Details) (Level 3 [Member], Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Obligations Of States And Political Subdivisions [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning | $ 0 | $ 2,470 | $ 2,598 | |
Included in earnings - unrealized | 0 | 0 | 0 | (128) |
Included in other comprehensive income | 0 | |||
Periodic, sales, issuances and settlements, other | 0 | (2,470) | 0 | (2,470) |
Periodic settlement of fair value swap | 0 | |||
Balance, ending | 0 | 0 | ||
Equity Securities [Member]
|
||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning | 756 | 740 | 763 | 745 |
Included in earnings - unrealized | 0 | 0 | 0 | 0 |
Included in other comprehensive income | (18) | 1 | (25) | (4) |
Periodic, sales, issuances and settlements, other | 0 | 0 | 0 | 0 |
Periodic settlement of fair value swap | 0 | |||
Balance, ending | 738 | 741 | 738 | 741 |
Fair Value Swap [Member]
|
||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, at January 1, 2012 | (135) | (60) | (700) | (60) |
Included in earnings - unrealized | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | |||
Purchases, sales, issuances and settlements, other | 0 | 140 | 0 | 140 |
Periodic settlement of fair value swap | 0 | (565) | ||
Balance at June 30, 2012 | $ (135) | $ (200) | $ (135) | $ (200) |
Sale Of Vision Bank Business (Schedule Of Balance Sheet Of SE LLC) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2011
|
Jun. 30, 2012
SEPH LLC [Member]
|
Mar. 31, 2012
SEPH LLC [Member]
|
Jun. 30, 2012
Performing Loan [Member]
SEPH LLC [Member]
|
Mar. 31, 2012
Performing Loan [Member]
SEPH LLC [Member]
|
Jun. 30, 2012
Nonperforming Loan [Member]
SEPH LLC [Member]
|
Mar. 31, 2012
Nonperforming Loan [Member]
SEPH LLC [Member]
|
---|---|---|---|---|---|---|---|---|---|
Cash | $ 15,493 | $ 16,049 | |||||||
Loans | 8,509 | 16,123 | 74,100 | 82,326 | |||||
Other real estate owned | 38,424 | 42,272 | 24,985 | 28,578 | |||||
Other assets | 129,345 | 120,748 | 16,964 | 18,417 | |||||
Total assets | 6,705,574 | 6,972,245 | 7,322,024 | 140,051 | 161,493 | ||||
Intercompany borrowings | 120,000 | 140,000 | |||||||
Other liabilities | 65,177 | 61,639 | 8,822 | 4,623 | |||||
Equity | 11,229 | 16,870 | |||||||
Total liabilities and stockholders' equity | $ 6,705,574 | $ 6,972,245 | $ 140,051 | $ 161,493 |
Allowance For Loan Losses (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Loans and Leases Receivable, Allowance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity In The Allowance For Loan Losses | The activity in the allowance for loan losses for the three and six months ended June 30, 2012 and June 30, 2011 is summarized below.
|
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Composition Of The Allowance For Loan Losses | The composition of the allowance for loan losses at June 30, 2012 and December 31, 2011 was as follows:
|
Fair Value (Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
Dec. 31, 2011
Fair Value [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Level 2 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Level 2 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Level 3 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
Level 2 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
Level 2 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
Level 3 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Remaining Commercial [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Remaining Commercial [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 2 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 2 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 3 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Residential Real Estate Commercial [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Residential Real Estate Commercial [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Residential Real Estate Commercial [Member]
Level 2 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Residential Real Estate Commercial [Member]
Level 2 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Residential Real Estate Commercial [Member]
Level 3 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Residential Real Estate Commercial [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Commercial Real Estate [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Commercial Real Estate [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Commercial Real Estate [Member]
Level 2 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Commercial Real Estate [Member]
Level 2 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Nonrecurring [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Market and Income Approach Valuation Technique [Member]
Fair Value [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Market and Income Approach Valuation Technique [Member]
Fair Value [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Market Approach Valuation Technique [Member]
Fair Value [Member]
Residential Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Market Approach Valuation Technique [Member]
Fair Value [Member]
Construction Real Estate [Member]
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Market Approach Valuation Technique [Member]
Fair Value [Member]
Construction Real Estate [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Market Approach Valuation Technique [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Market Approach Valuation Technique [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Market Approach Valuation Technique [Member]
Residential Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Market Approach Valuation Technique [Member]
Construction Real Estate [Member]
SEPH Commercial Land and Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Income Approach Valuation Technique [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Income Approach Valuation Technique [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Bulk Sale Valuation Technique Approach [Domain]
Construction Real Estate [Member]
SEPH Commercial Land and Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Weighted Average [Member]
Bulk Sale Valuation Technique Approach [Domain]
Construction Real Estate [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Market Approach Valuation Technique [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Market Approach Valuation Technique [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Market Approach Valuation Technique [Member]
Residential Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Market Approach Valuation Technique [Member]
Construction Real Estate [Member]
SEPH Commercial Land and Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Income Approach Valuation Technique [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Income Approach Valuation Technique [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Bulk Sale Valuation Technique Approach [Domain]
Construction Real Estate [Member]
SEPH Commercial Land and Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Minimum [Member]
Bulk Sale Valuation Technique Approach [Domain]
Construction Real Estate [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Market Approach Valuation Technique [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Market Approach Valuation Technique [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Market Approach Valuation Technique [Member]
Residential Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Market Approach Valuation Technique [Member]
Construction Real Estate [Member]
SEPH Commercial Land and Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Income Approach Valuation Technique [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Income Approach Valuation Technique [Member]
Commercial Real Estate [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Bulk Sale Valuation Technique Approach [Domain]
Construction Real Estate [Member]
SEPH Commercial Land and Development [Member]
Level 3 [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Nonrecurring [Member]
Maximum [Member]
Bulk Sale Valuation Technique Approach [Domain]
Construction Real Estate [Member]
Construction Real Estate - Remaining Commercial [Member]
Level 3 [Member]
|
|
Fair Value, Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans fair value | $ 4,443,428 | $ 4,266,572 | $ 61,266 | $ 67,882 | $ 61,266 | $ 67,882 | $ 16,738 | $ 21,228 | $ 16,738 | $ 21,228 | $ 8,564 | $ 8,860 | $ 8,564 | $ 8,860 | $ 10,430 | $ 12,935 | $ 10,430 | $ 12,935 | $ 25,534 | $ 24,859 | $ 25,534 | $ 24,859 | $ 25,534 | $ 10,430 | $ 16,738 | $ 8,564 | |||||||||||||||||||||||||||||||||||
Servicing Asset at Fair Value, Amount | 5,027 | 5,815 | 5,027 | 5,815 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned fair value | $ 4,365,807 | $ 4,187,155 | $ 38,424 | $ 42,272 | $ 38,424 | $ 42,272 | $ 38,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Comparability Adjustments | 14.90% | 25.80% | 3.70% | 30.80% | 0.00% | 0.00% | 0.00% | 0.00% | 49.00% | 59.00% | 43.00% | 68.60% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Cap Rate | 12.70% | 11.70% | 10.00% | 9.00% | 14.30% | 12.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 26.90% | 37.50% | 25.00% | 28.00% | 35.00% | 45.00% |
Derivative Instruments (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Mar. 31, 2008
|
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Floating-rate subordinated note | $ 25,000,000 | ||||
Interest rate swap's fair value included in other liabilities | (448,000) | (448,000) | |||
Variable rate on subordinated note | 2.46% | ||||
3-month LIBOR basis points | 2.00% | 2.00% | |||
Fixed rate on interest rate swap paid by Park | 6.01% | 6.01% | |||
Fixed rate basis points | 2.00% | 2.00% | |||
Fixed rate on the interest rate swap | 4.01% | 4.01% | |||
Change in fair value of interest rate swap, Net-of-tax amount | 146,000 | 60,000 | 259,000 | 193,000 | |
Unrealized net holding gain (loss) on cash flow hedge, Tax expense (benefit) | 79,000 | 33,000 | 139,000 | 104,000 | |
Mortgage loan interest rate lock commitments outstanding | 27,000,000 | 27,000,000 | |||
Fair value of the derivative instruments | 365,000 | 365,000 | |||
Fair value of the swap liability | $ 135,000 | $ 135,000 |
Loans (TDR Number Of Contracts Modified And Recorded Investment) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2012
contracts
|
Jun. 30, 2012
contracts
|
|
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 27 | 74 |
Total Recorded Investment | $ 7,046 | $ 26,692 |
Commercial, Financial And Agricultural [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 11 | 16 |
Total Recorded Investment | 2,867 | 5,290 |
Construction Real Estate - Remaining Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 1 | 10 |
Total Recorded Investment | 258 | 10,351 |
Residential Real Estate - Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 2 | 5 |
Total Recorded Investment | 675 | 814 |
Residential Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 6 | 15 |
Total Recorded Investment | 1,338 | 2,601 |
Construction Real Estate Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 0 | 0 |
Total Recorded Investment | ||
Residential Real Estate Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 169 | 170 |
SEPH Commercial Land and Development [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 0 | 4 |
Total Recorded Investment | 862 | |
Commercial Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 4 | 20 |
Total Recorded Investment | 1,739 | 6,513 |
Residential Real Estate - Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 3 | 3 |
Consumer [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 0 | 1 |
Total Recorded Investment | 91 | |
Finance Leases Portfolio Segment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 0 | 0 |
Total Recorded Investment | ||
Accruing [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 175 | 7,696 |
Accruing [Member] | Commercial, Financial And Agricultural [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 175 | 1,862 |
Accruing [Member] | Construction Real Estate - Remaining Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 3,776 | |
Accruing [Member] | Residential Real Estate - Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Accruing [Member] | Residential Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 0 | 222 |
Accruing [Member] | Construction Real Estate Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 0 | |
Accruing [Member] | Residential Real Estate Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Accruing [Member] | SEPH Commercial Land and Development [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Accruing [Member] | Commercial Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 1,836 | |
Accruing [Member] | Consumer [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Accruing [Member] | Finance Leases Portfolio Segment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Nonaccrual [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 6,871 | 18,996 |
Nonaccrual [Member] | Commercial, Financial And Agricultural [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 2,692 | 3,428 |
Nonaccrual [Member] | Construction Real Estate - Remaining Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 258 | |
Nonaccrual [Member] | Residential Real Estate - Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 675 | 814 |
Nonaccrual [Member] | Residential Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 1,338 | 2,379 |
Nonaccrual [Member] | Construction Real Estate Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Nonaccrual [Member] | Residential Real Estate Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 169 | 170 |
Nonaccrual [Member] | SEPH Commercial Land and Development [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 862 | |
Nonaccrual [Member] | Commercial Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 1,739 | 4,677 |
Nonaccrual [Member] | Consumer [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 91 | |
Nonaccrual [Member] | Finance Leases Portfolio Segment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Nonaccrual [Member] | Construction Real Estate - Remaining Commercial [Member] | Construction Real Estate - Remaining Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | $ 6,575 |
Fair Value (Narrative) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Dec. 31, 2010
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Discount percentage applied to real estate appraised values | 15.00% | |||||||
Discount percentage applied to lot development appraised values | 6.00% | |||||||
Book value of impaired loans | $ 169,690,000 | $ 200,400,000 | $ 169,690,000 | $ 200,400,000 | $ 187,135,000 | |||
Partial charge-offs on impaired loans | 107,200,000 | 103,800,000 | ||||||
Impaired Financing Receivable, Related Allowance | 10,946,000 | 10,946,000 | 15,935,000 | |||||
Impaired loans carried at fair value | 61,266,000 | 61,266,000 | ||||||
Book value of impaired loans carried at fair value | 67,400,000 | 67,400,000 | 67,900,000 | |||||
Remaining amount of impaired loans carried at cost | 102,300,000 | 119,300,000 | ||||||
Impaired Financing Receivable, carried at fair value, related expense | 6,800,000 | |||||||
MSR recorded at lower of cost or fair value | 8,809,000 | 10,259,000 | 8,809,000 | 10,259,000 | 9,301,000 | 8,975,000 | 10,365,000 | 10,488,000 |
Mortgage Servicing Rights Fair Value | 5,027,000 | 5,027,000 | ||||||
Valuation allowance of MSR | 1,067,000 | 680,000 | 1,067,000 | 680,000 | 1,021,000 | 1,021,000 | 680,000 | 748,000 |
MSRs recorded at cost | 3,800,000 | 3,800,000 | ||||||
Changes due to fair value adjustments | 46,000 | 0 | 46,000 | (68,000) | 273,000 | |||
Other real estate owned | 38,424,000 | 38,424,000 | 42,272,000 | |||||
OREO devaluations | 2,648,000 | 3,355,000 | 4,007,000 | 5,890,000 | 8,219,000 | |||
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain]
|
||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | $ 6,153,000 | $ 6,153,000 | $ 10,116,000 |
Participation In The U.S. Treasury Capital Purchase Program (CPP) (Details) (USD $)
|
25 Months Ended | 6 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|
Feb. 14, 2014
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Dec. 23, 2008
|
Jun. 30, 2012
U.S. Treasury Capital Purchase Program [Member]
|
May 02, 2012
U.S. Treasury Capital Purchase Program [Member]
|
Jun. 30, 2012
Series A Preferred Stock [Member]
|
Jun. 30, 2012
Series A Preferred Stock [Member]
|
Jun. 30, 2012
Series A Preferred Stock [Member]
|
Dec. 23, 2008
Series A Preferred Stock [Member]
|
|
Participation In The U.S. Treasury Capital Repurchase Program [Line Items] | ||||||||||
Cumulative perpetual preferred stock issued, value | $ 98,146,000 | $ 100,000,000 | ||||||||
Liquidation preference per senior preferred shares | $ 1,000 | |||||||||
Preferred stock, dividend rate, percentage | 5.00% | 9.00% | ||||||||
Charge to retained earnings representing preferred stock dividend and accretion of discount | 3,400,000 | |||||||||
Number of Securities Purchasable | 227,376 | |||||||||
Issued warrants as a percentage of senior preferred shares purchased | 15.00% | |||||||||
Common share warrants exercise price | 65.97 | |||||||||
Term of warrants | 10 years | |||||||||
Stock Repurchased During Period, Shares | 100,000 | |||||||||
Stock Repurchased During Period, Value | 100,000,000 | |||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | 100,972,222 | |||||||||
Dividends, Preferred Stock, Cash | 972,222 | |||||||||
Charge to retained earnings from preferred stock repurchase | 1,600,000 | |||||||||
Number of Warrants Repurchased | 227,376 | |||||||||
Payments for Repurchase of Warrants | $ 2,842,400 | |||||||||
Repurchase Price per Share | $ 12.50 |
Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage loans held for sale | $ 16,355 | $ 11,500 |
Interest Rate Swap [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | 448 | |
Fair Value Swap [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | 135 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage loans held for sale | ||
Mortgage IRLCs | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage loans held for sale | 16,355 | 11,535 |
Mortgage IRLCs | 365 | 251 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage loans held for sale | ||
Mortgage IRLCs | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Mortgage loans held for sale | 16,355 | 11,535 |
Mortgage IRLCs | 365 | 251 |
Fair Value, Measurements, Recurring [Member] | Obligations Of U.S. Treasury And Other U.S. Government Sponsored Entities [Member] | Level 1 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | ||
Fair Value, Measurements, Recurring [Member] | Obligations Of U.S. Treasury And Other U.S. Government Sponsored Entities [Member] | Level 2 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 491,769 | 371,657 |
Fair Value, Measurements, Recurring [Member] | Obligations Of U.S. Treasury And Other U.S. Government Sponsored Entities [Member] | Level 3 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | ||
Fair Value, Measurements, Recurring [Member] | Obligations Of U.S. Treasury And Other U.S. Government Sponsored Entities [Member] | Fair Value [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 491,769 | 371,657 |
Fair Value, Measurements, Recurring [Member] | Obligations Of States And Political Subdivisions [Member] | Level 1 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | ||
Fair Value, Measurements, Recurring [Member] | Obligations Of States And Political Subdivisions [Member] | Level 2 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 2,650 | 2,660 |
Fair Value, Measurements, Recurring [Member] | Obligations Of States And Political Subdivisions [Member] | Level 3 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | ||
Fair Value, Measurements, Recurring [Member] | Obligations Of States And Political Subdivisions [Member] | Fair Value [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 2,650 | 2,660 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Entities' Asset-Backed Securities [Member] | Level 1 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | ||
Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Entities' Asset-Backed Securities [Member] | Level 2 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 370,592 | 444,295 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Entities' Asset-Backed Securities [Member] | Level 3 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | ||
Fair Value, Measurements, Recurring [Member] | U.S. Government Sponsored Entities' Asset-Backed Securities [Member] | Fair Value [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 370,592 | 444,295 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 1 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 1,398 | 1,270 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 2 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | ||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Level 3 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 738 | 763 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Fair Value [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investment securities | 2,136 | 2,033 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Level 1 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Level 2 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | 448 | 846 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Level 3 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Fair Value [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | 448 | 846 |
Fair Value, Measurements, Recurring [Member] | Fair Value Swap [Member] | Level 1 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Swap [Member] | Level 2 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | ||
Fair Value, Measurements, Recurring [Member] | Fair Value Swap [Member] | Level 3 [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | 135 | 700 |
Fair Value, Measurements, Recurring [Member] | Fair Value Swap [Member] | Fair Value [Member]
|
||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Swap | $ 135 | $ 700 |
Other Investment Securities (Schedule Of Other Investment Securities) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Other Investment Securities [Abstract] | ||
Federal Home Loan Bank stock | $ 59,409 | $ 60,728 |
Federal Reserve Bank stock | 6,876 | 6,876 |
Total | $ 66,285 | $ 67,604 |
Fair Value
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows:
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals or internal estimates of collateral values. Assets and Liabilities Measured at Fair Value on a Recurring Basis: The following table presents assets and liabilities measured at fair value on a recurring basis:
There were no transfers between Level 1 and Level 2 during 2012 or 2011. Management’s policy is to transfer assets or liabilities from one level to another when the methodology to obtain the fair value changes such that there are more or fewer unobservable inputs as of the end of the reporting period. The following methods and assumptions were used by the Company in determining fair value of the financial assets and liabilities discussed above: Investment securities: Fair values for investment securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. The Fair Value Measurements tables exclude Park’s Federal Home Loan Bank stock and Federal Reserve Bank stock. These assets are carried at their respective redemption values, as it is not practicable to calculate their fair values. For securities where quoted prices or market prices of similar securities are not available, which include municipal securities, fair values are calculated using discounted cash flows. Interest rate swap: The fair value of the interest rate swap represents the estimated amount Park would pay or receive to terminate the agreement, considering current interest rates and the current creditworthiness of the counterparty. Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses. Mortgage Interest Rate Lock Commitments (IRLCs): IRLCs are based on current secondary market pricing and are classified as Level 2. Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using security prices for similar product types and, therefore, are classified in Level 2. The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the three and six months ended June 30, 2012 and 2011, for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements Three months ended June 30, 2012 and 2011
Level 3 Fair Value Measurements Six Months Ended June 30, 2012 and 2011
Assets and liabilities measured at fair value on a nonrecurring basis: The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis described below: Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using (1) an appraisal, (2) net book value per the borrower’s financial statements, or (3) aging reports. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated valuations are obtained annually for all impaired loans in accordance with Company policy. Other Real Estate Owned (OREO): Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral dependent impaired loans and other real estate owned are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are two types of appraisals, real estate appraisals and lot development loan appraisals, received by the Company. These are discussed below:
MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds utilized. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2. The following table presents assets and liabilities measured at fair value on a nonrecurring basis:
Impaired loans had a book value of $169.7 million at June 30, 2012, after partial charge-offs of $107.2 million. In addition, those loans carried at fair value had a specific valuation allowance of $6.2 million. Of the $169.7 million impaired loan portfolio, loans with a book value of $67.4 million were carried at their fair value of $61.3 million, as a result of the aforementioned charge-offs and specific valuation allowance. The remaining $102.3 million of impaired loans were carried at cost, as the fair value of the underlying collateral or present value of expected future cash flows on each of these loans exceeded the book value for each individual credit. At December 31, 2011, impaired loans had a book value of $187.1 million. Of these, $67.9 million were carried at fair value, as a result of partial charge-offs of $103.8 million and a specific valuation allowance for those loans carried at fair value of $10.1 million. The remaining $119.3 million of impaired loans at December 31, 2011 were carried at cost. Expense related to impaired loans carried at fair value during the six month period ended June 30, 2012 was $6.8 million. MSRs, which are carried at the lower of cost or fair value, were recorded at $8.8 million at June 30, 2012. Of the $8.8 million MSR carrying balance at June 30, 2012, $5.0 million was recorded at fair value and included a valuation allowance of $1.1 million. The remaining $3.8 million was recorded at cost, as the fair value exceeded cost at June 30, 2012. At December 31, 2011, MSRs were recorded at $9.3 million, including a valuation allowance of $1.0 million. Expense related to MSRs carried at fair value during the six month period ended June 30, 2012 and for the year ended December 31, 2011 was $46,000 and $273,000, respectively. At June 30, 2012 and December 31, 2011, the estimated fair value of OREO, less estimated selling costs, amounted to $38.4 million and $42.3 million, respectively. The financial impact of OREO fair value adjustments for the six month period ended June 30, 2012 and the year ended December 31, 2011 was $4.0 million and $8.2 million, respectively. The following table presents qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at June 30, 2012:
The following methods and assumptions were used by the Corporation in estimating its fair value disclosures for assets and liabilities not discussed above: Cash and cash equivalents: The carrying amounts reported in the consolidated condensed balance sheets for cash and short-term instruments approximate those assets’ fair values. Loans receivable: For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for certain mortgage loans (e.g., one-to-four family residential) are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values for other loans are estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Off-balance sheet instruments: Fair values for the Corporation’s loan commitments and standby letters of credit are based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The carrying amount and fair value are not material. Deposit liabilities: The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts for variable-rate, fixed-term certificates of deposit approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities of time deposits. Short-term borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values. Long-term debt: Fair values for long-term debt are estimated using a discounted cash flow calculation that applies interest rates currently being offered on long-term debt to a schedule of monthly maturities. Subordinated debentures and notes: Fair values for subordinated debentures and notes are estimated using a discounted cash flow calculation that applies interest rate spreads currently being offered on similar debt structures to a schedule of monthly maturities. The fair value of financial instruments at June 30, 2012 and December 31, 2011, was as follows:
|
Loans (Composition Of Loan Portfolio By Class Of Loan) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
||||
---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | $ 4,386,851 | $ 4,317,099 | ||||
Accrued interest receivable | 14,092 | 14,684 | ||||
Recorded Investment | 4,400,943 | 4,331,783 | ||||
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 21,004 | [1] | 31,603 | [1] | ||
Accrued interest receivable | 1 | [1] | 31 | [1] | ||
Recorded Investment | 21,005 | [1] | 31,634 | [1] | ||
Construction Real Estate - Remaining Commercial [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 143,782 | 156,053 | ||||
Accrued interest receivable | 398 | 394 | ||||
Recorded Investment | 144,180 | 156,447 | ||||
Construction Real Estate - Mortgage [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 22,954 | 20,039 | ||||
Accrued interest receivable | 73 | 64 | ||||
Recorded Investment | 23,027 | 20,103 | ||||
Construction Real Estate - Installment [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 8,977 | 9,851 | ||||
Accrued interest receivable | 46 | 61 | ||||
Recorded Investment | 9,023 | 9,912 | ||||
Residential Real Estate - Commercial [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 392,547 | 395,824 | ||||
Accrued interest receivable | 758 | 1,105 | ||||
Recorded Investment | 393,305 | 396,929 | ||||
Residential Real Estate - Mortgage [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 1,039,189 | 953,758 | ||||
Accrued interest receivable | 1,660 | 1,522 | ||||
Recorded Investment | 1,040,849 | 955,280 | ||||
Residential Real Estate - HELOC [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 219,084 | 227,682 | ||||
Accrued interest receivable | 887 | 942 | ||||
Recorded Investment | 219,971 | 228,624 | ||||
Residential Real Estate - Installment [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 47,036 | 51,354 | ||||
Accrued interest receivable | 218 | 236 | ||||
Recorded Investment | 47,254 | 51,590 | ||||
Commercial, Financial And Agricultural [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 771,702 | [1] | 743,797 | [1] | ||
Accrued interest receivable | 3,478 | [1] | 3,121 | [1] | ||
Recorded Investment | 775,180 | [1] | 746,918 | [1] | ||
Commercial Real Estate [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 1,093,748 | [1] | 1,108,574 | [1] | ||
Accrued interest receivable | 3,840 | [1] | 4,235 | [1] | ||
Recorded Investment | 1,097,588 | [1] | 1,112,809 | [1] | ||
Consumer [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 623,288 | 616,505 | ||||
Accrued interest receivable | 2,704 | 2,930 | ||||
Recorded Investment | 625,992 | 619,435 | ||||
Leases [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loan balance | 3,540 | 2,059 | ||||
Accrued interest receivable | 29 | 43 | ||||
Recorded Investment | $ 3,569 | $ 2,102 | ||||
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Other Comprehensive Income (Loss) (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) Components And Related Taxes | Other comprehensive income (loss) components and the related tax effects are shown in the following table for the three and six month periods ended June 30, 2012 and 2011:
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Component Of Accumulated Other Comprehensive Income (Loss) |
|
Loan Servicing (Activity For MSRs And Related Valuation Allowance) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Servicing Asset at Amortized Value, Balance [Roll Forward] | |||||
Carrying amount, net, beginning of period | $ 8,975 | $ 10,365 | $ 9,301 | $ 10,488 | $ 10,488 |
Additions | 697 | 309 | 1,259 | 638 | |
Amortization | (817) | (415) | (1,705) | (935) | |
Changes in valuation inputs & assumptions | (46) | 0 | (46) | 68 | |
Carrying amount, net, end of period | 8,809 | 10,259 | 8,809 | 10,259 | 9,301 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |||||
Valuation allowance, beginning of period | 1,021 | 680 | 1,021 | 748 | 748 |
Changes in valuation allowance | 46 | 0 | 46 | (68) | 273 |
Valuation allowance, end of period | $ 1,067 | $ 680 | $ 1,067 | $ 680 | $ 1,021 |
Investment Securities (Tables)
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Jun. 30, 2012
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Investment Securities | Investment securities at December 31, 2011, were as follows:
Investment securities at June 30, 2012, were as follows:
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Schedule Of Unrealized Loss On Securities | Securities with unrealized losses at June 30, 2012, were as follows:
Securities with unrealized losses at December 31, 2011, were as follows:
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Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of investments in debt securities at June 30, 2012, are shown in the following table by contractual maturity or the expected call date, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing in principal repayments.
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Loans (Loans Individually And Collectively Evaluated For Impairment) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | $ 207,729 | $ 223,789 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 169,690 | 187,135 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 38,039 | 36,654 |
Commercial, Financial And Agricultural [Member]
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||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 41,591 | 40,645 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 41,591 | 40,621 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 24 | |
Construction Real Estate - Vision/SEPH LLC Commercial Land And Development [Member]
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||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 18,286 | 25,761 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 17,272 | 24,328 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 1,014 | 1,433 |
Construction Real Estate - Remaining Commercial [Member]
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||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 29,562 | 25,912 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 29,562 | 25,912 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | ||
Construction Real Estate - Mortgage [Member]
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||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 61 | 66 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | ||
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 61 | 66 |
Construction Real Estate - Installment [Member]
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Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 133 | 30 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | ||
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 133 | 30 |
Residential Real Estate - Commercial [Member]
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Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 37,277 | 44,276 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 37,277 | 44,276 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | ||
Residential Real Estate - Mortgage [Member]
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Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 31,651 | 29,958 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | ||
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 31,651 | 29,958 |
Residential Real Estate - HELOC [Member]
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Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 1,972 | 1,412 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | ||
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 1,972 | 1,412 |
Residential Real Estate - Installment [Member]
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||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 1,295 | 1,875 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | ||
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 1,295 | 1,875 |
Commercial Real Estate [Member]
|
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Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 43,969 | 51,978 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 43,969 | 51,978 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | ||
Consumer [Member]
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Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 1,932 | 1,876 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 19 | 20 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | $ 1,913 | $ 1,856 |
Investment Securities (Narrative) (Details) (USD $)
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6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
U.S. Treasury And Sponsored Entities Callable Notes [Member]
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Jun. 30, 2011
U.S. Government Sponsored Entities Asset-Backed Securities [Member]
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Mar. 31, 2011
U.S. Government Sponsored Entities Asset-Backed Securities [Member]
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Jun. 30, 2012
U.S. Government Sponsored Entities Asset-Backed Securities [Member]
Minimum [Member]
|
Jun. 30, 2012
U.S. Government Sponsored Entities Asset-Backed Securities [Member]
Maximum [Member]
|
Jun. 30, 2011
Obligations Of States And Political Subdivisions [Member]
|
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Schedule of Investments [Line Items] | ||||||||
Other than Temporary Impairment Losses, Investments | $ 54,000 | $ 0 | ||||||
Available-for-sale securities | 490,000,000 | |||||||
Residential mortgage-backed securities and collateralized mortgage obligations, term | 9 years | 15 years | ||||||
Proceeds from Sale of Available-for-sale Securities, Debt | 191,000,000 | 105,400,000 | 1,000,000 | |||||
Pre-tax gain on sale of securities | $ 15,400,000 | $ 6,600,000 |
Earnings Per Common Share (Narrative) (Details) (USD $)
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6 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
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Jun. 30, 2011
|
Dec. 31, 2011
|
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Shares outstanding under the Incentive Stock Option Plan | 65,975 | 75,545 | 74,020 |
Warrants to purchase common shares outstanding related to common stock issuances | 227,376 | 227,376 | |
Options and warrants not included in computation of diluted earnings per common shares | 70,047 | 144,514 | |
Dilutive effect of Capital Purchase Plan warrants | 3,784 | 2,581 | |
Exercise price of Capital Purchase Plan warrants to purchase common shares | $ 65.9700 | ||
December 2010 Warrants [Member]
|
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Warrants to purchase common shares outstanding related to common stock issuances | 35,992 |
Goodwill And Intangible Assets (Schedule Of Activity In Goodwill And Core Deposit Intangibles) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
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Goodwill, Beginning Balance | $ 72,334,000 | |||
Goodwill, Ending Balance | 72,334,000 | 72,334,000 | ||
Amortization of intangibles | 140,000 | 669,000 | 1,894,000 | 1,338,000 |
Total Goodwill and Core Deposit Intangibles, Beginning Balance | 74,843,000 | |||
Total Goodwill and Core Deposit Intangibles, Ending Balance | 72,949,000 | 72,949,000 | ||
Core deposit intangibles, useful life | 6 years | |||
Core Deposits [Member]
|
||||
Core Deposit Intangibles, Beginning Balance | 2,509,000 | |||
Amortization of intangibles | 1,894,000 | |||
Core Deposit Intangibles, Ending Balance | 615,000 | 615,000 | ||
Expected amortization expense per quarter for remainder of fiscal year | $ 139,000 |
Consolidated Condensed Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Operating activities: | ||
Net income | $ 50,361 | $ 51,149 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, accretion and amortization | 3,827 | 5,600 |
Provision for loan losses | 13,576 | 26,616 |
Loan put provision | 3,363 | 0 |
Other-than-temporary impairment on investment securities | 54 | 0 |
Amortization of core deposit intangibles | 1,894 | 1,338 |
Realized net investment security gains | 0 | (21,997) |
OREO devaluations | 4,007 | 5,890 |
Bank owned life insurance income | (2,386) | (2,457) |
Changes in assets and liabilities: | ||
(Increase) in other assets | (11,040) | (35,745) |
(Decrease) in other liabilities | (566) | (1,666) |
Net cash provided by operating activities | 63,090 | 28,728 |
Investing activities: | ||
Proceeds from sales of available-for-sale securities | 0 | 319,504 |
Proceeds from sales of Federal Home Loan Bank stock | 1,319 | 541 |
Proceeds from maturity of: | ||
Available-for-sale securities | 464,653 | 199,940 |
Held-to-maturity securities | 303,595 | 87,434 |
Purchases of: | ||
Available-for-sale securities | (509,998) | (330,839) |
Held-to-maturity securities | (238,593) | (75,951) |
Net (increase) in loans | (90,628) | (24,523) |
Sale of assets/liabilities related to Vision Bank | (153,724) | 0 |
Purchases of bank owned life insurance | (2,500) | (3,000) |
Purchases of premises and equipment, net | (1,979) | (4,055) |
Net cash (used in) investing activities | (227,855) | 169,051 |
Financing activities: | ||
Net increase in deposits | 357,861 | 162,097 |
Net (decrease) in short-term borrowings | (22,992) | (429,557) |
Proceeds from issuance of long-term debt | 30,000 | 200,000 |
Repayment of long-term debt | (15,500) | (15,531) |
Cash payment for fractional shares in dividend reinvestment plan | (1) | (1) |
Cash payment for repurchase of common stock warrant from U.S. Treasury | (2,843) | 0 |
Repurchase of preferred stock from U.S. Treasury | (100,000) | 0 |
Cash dividends paid on common and preferred stock | (31,184) | (31,451) |
Net cash provided by (used in) financing activities | 215,341 | (114,443) |
Increase in cash and cash equivalents | 50,576 | 83,336 |
Cash and cash equivalents at beginning of year | 157,486 | 133,780 |
Cash and cash equivalents at end of period | 208,062 | 217,116 |
Supplemental disclosures of cash flow information: | ||
Interest | 26,172 | 30,640 |
Income taxes | 1,000 | 13,700 |
Non cash activities: | ||
Securities acquired through payable | $ 0 | $ 113,223 |
Earnings Per Common Share (Summary Of Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Earnings Per Share [Abstract] | ||||
Income available to common shareholders | $ 16,938 | $ 27,489 | $ 46,936 | $ 48,221 |
Denominator for basic earnings per share (weighted average common shares outstanding) | 15,405,902 | 15,398,919 | 15,405,906 | 15,398,925 |
Effect of dilutive options and warrants | 0 | 674 | 3,784 | 2,581 |
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants) | 15,405,902 | 15,399,593 | 15,409,690 | 15,401,506 |
Basic earnings per common share | $ 1.10 | $ 1.79 | $ 3.05 | $ 3.13 |
Diluted earnings per common share | $ 1.10 | $ 1.79 | $ 3.05 | $ 3.13 |