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 | |
March 31, 2013 | December 31, 2012 | ||||||
Assets: | |||||||
Cash and due from banks | $ | 99,976 | $ | 164,120 | |||
Money market instruments | 420,536 | 37,185 | |||||
Cash and cash equivalents | 520,512 | 201,305 | |||||
Investment securities: | |||||||
Securities available-for-sale, at fair value (amortized cost of $990,116 and $1,099,658 at March 31, 2013 and December 31, 2012) | 1,001,251 | 1,114,454 | |||||
Securities held-to-maturity, at amortized cost (fair value of $294,314 and $410,705 at March 31, 2013 and December 31, 2012) | 285,250 | 401,390 | |||||
Other investment securities | 65,907 | 65,907 | |||||
Total investment securities | 1,352,408 | 1,581,751 | |||||
Loans | 4,443,523 | 4,450,322 | |||||
Allowance for loan losses | (55,315 | ) | (55,537 | ) | |||
Net loans | 4,388,208 | 4,394,785 | |||||
Bank owned life insurance | 166,651 | 161,069 | |||||
Goodwill and other intangible assets | 72,559 | 72,671 | |||||
Bank premises and equipment, net | 56,725 | 53,751 | |||||
Other real estate owned | 36,292 | 35,718 | |||||
Accrued interest receivable | 18,571 | 19,710 | |||||
Mortgage loan servicing rights | 8,121 | 7,763 | |||||
Other | 127,108 | 114,280 | |||||
Total assets | $ | 6,747,155 | $ | 6,642,803 | |||
Liabilities and Stockholders' Equity: | |||||||
Deposits: | |||||||
Noninterest bearing | $ | 1,119,902 | $ | 1,137,290 | |||
Interest bearing | 3,796,639 | 3,578,742 | |||||
Total deposits | 4,916,541 | 4,716,032 | |||||
Short-term borrowings | 244,002 | 344,168 | |||||
Long-term debt | 782,845 | 781,658 | |||||
Subordinated debentures and notes | 80,250 | 80,250 | |||||
Accrued interest payable | 3,403 | 3,459 | |||||
Other | 65,904 | 66,870 | |||||
Total liabilities | $ | 6,092,945 | $ | 5,992,437 | |||
COMMITMENTS AND CONTINGENCIES | |||||||
Stockholders' equity: | |||||||
Common stock (No par value; 20,000,000 shares authorized; 16,150,973 shares issued at March 31, 2013 and 16,150,987 shares issued at December 31, 2012) | $ | 302,653 | $ | 302,654 | |||
Retained earnings | 447,829 | 441,605 | |||||
Treasury stock (738,989 shares at March 31, 2013 and at December 31, 2012) | (76,375 | ) | (76,375 | ) | |||
Accumulated other comprehensive loss, net of taxes | (19,897 | ) | (17,518 | ) | |||
Total stockholders' equity | 654,210 | 650,366 | |||||
Total liabilities and stockholders’ equity | $ | 6,747,155 | $ | 6,642,803 |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Interest and dividend income: | |||||||
Interest and fees on loans | $ | 55,775 | $ | 61,105 | |||
Interest and dividends on: | |||||||
Obligations of U.S. Government, its agencies and other securities | 10,242 | 13,584 | |||||
Obligations of states and political subdivisions | 17 | 46 | |||||
Other interest income | 158 | 103 | |||||
Total interest and dividend income | 66,192 | 74,838 | |||||
Interest expense: | |||||||
Interest on deposits: | |||||||
Demand and savings deposits | 501 | 754 | |||||
Time deposits | 3,090 | 4,639 | |||||
Interest on borrowings: | |||||||
Short-term borrowings | 144 | 175 | |||||
Long-term debt | 7,004 | 7,542 | |||||
Total interest expense | 10,739 | 13,110 | |||||
Net interest income | 55,453 | 61,728 | |||||
Provision for loan losses | 329 | 8,338 | |||||
Net interest income after provision for loan losses | 55,124 | 53,390 | |||||
Other income: | |||||||
Income from fiduciary activities | 4,076 | 3,828 | |||||
Service charges on deposit accounts | 3,822 | 4,071 | |||||
Other service income | 3,985 | 2,734 | |||||
Checkcard fee income | 2,983 | 3,172 | |||||
Bank owned life insurance income | 1,202 | 1,202 | |||||
ATM fees | 627 | 608 | |||||
OREO valuation adjustments | 401 | (1,359 | ) | ||||
Gain on sale of OREO, net | 224 | 1,045 | |||||
Gain on sale of the Vision Bank business | — | 22,167 | |||||
Other | 1,485 | 2,152 | |||||
Total other income | 18,805 | 39,620 | |||||
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Other expense: | |||||||
Salaries and employee benefits | $ | 24,633 | $ | 24,823 | |||
Occupancy expense | 2,597 | 2,670 | |||||
Furniture and equipment expense | 2,607 | 2,621 | |||||
Data processing fees | 1,019 | 1,200 | |||||
Professional fees and services | 5,864 | 5,581 | |||||
Amortization of intangibles | 112 | 1,754 | |||||
Marketing | 848 | 843 | |||||
Insurance | 1,302 | 1,490 | |||||
Communication | 1,580 | 1,537 | |||||
State taxes | 928 | 989 | |||||
Loan put provision | — | 662 | |||||
OREO expense | 512 | 723 | |||||
Other expense | 4,096 | 3,577 | |||||
Total other expense | 46,098 | 48,470 | |||||
Income before income taxes | 27,831 | 44,540 | |||||
Federal income taxes | 7,121 | 13,065 | |||||
Net income | 20,710 | 31,475 | |||||
Preferred share dividends and accretion | — | 1,477 | |||||
Net income available to common shareholders | $ | 20,710 | $ | 29,998 | |||
Earnings per Common Share: | |||||||
Net income available to common shareholders | |||||||
Basic | $ | 1.34 | $ | 1.95 | |||
Diluted | $ | 1.34 | $ | 1.95 | |||
Weighted average common shares outstanding | |||||||
Basic | 15,411,990 | 15,405,910 | |||||
Diluted | 15,411,990 | 15,417,745 | |||||
Cash dividends declared | $ | 0.94 | $ | 0.94 |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Net income | $ | 20,710 | $ | 31,475 | |||
Other comprehensive income (loss), net of tax: | |||||||
Change in funded status of pension plan, net of income taxes of $222 for the three months ended March 31, 2012 | — | 412 | |||||
Unrealized net holding gain on cash flow hedge, net of income taxes of $60 for the three months ended March 31, 2012 | — | 113 | |||||
Unrealized net holding loss on securities available-for-sale, net of income tax benefit of $(1,282) and $(1,188) for the three months ended March 31, 2013 and 2012, respectively | (2,379 | ) | (2,202 | ) | |||
Other comprehensive loss | $ | (2,379 | ) | $ | (1,677 | ) | |
Comprehensive income | $ | 18,331 | $ | 29,798 |
Three Months ended March 31, 2013 and 2012 | Preferred Shares | Common Shares | Retained Earnings | Treasury Shares | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance at December 31, 2011 | $ | 98,146 | $ | 305,499 | $ | 424,557 | $ | (77,007 | ) | $ | (8,831 | ) | ||||||||
Net Income | 31,475 | |||||||||||||||||||
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 $60 | 113 | |||||||||||||||||||
Unrealized net holding loss on securities available-for-sale, net of income tax benefit of $(1,188) | (2,202 | ) | ||||||||||||||||||
Cash dividends on common stock at $0.94 per share | (14,481 | ) | ||||||||||||||||||
Cash payment for fractional shares in dividend reinvestment plan | (1 | ) | ||||||||||||||||||
Accretion of discount on preferred stock | 226 | (227 | ) | |||||||||||||||||
Preferred stock dividends | (1,250 | ) | ||||||||||||||||||
Balance at March 31, 2012 | $ | 98,372 | $ | 305,498 | $ | 440,074 | $ | (77,007 | ) | $ | (10,508 | ) | ||||||||
Balance at December 31, 2012 | $ | — | $ | 302,654 | $ | 441,605 | $ | (76,375 | ) | $ | (17,518 | ) | ||||||||
Net Income | 20,710 | |||||||||||||||||||
Other comprehensive (loss), net of tax: | ||||||||||||||||||||
Unrealized net holding loss on securities available-for-sale, net of income tax benefit of $(1,282) | (2,379 | ) | ||||||||||||||||||
Cash dividends on common stock at $0.94 per share | (14,486 | ) | ||||||||||||||||||
Cash payment for fractional shares in dividend reinvestment plan | (1 | ) | ||||||||||||||||||
Balance at March 31, 2013 | $ | — | $ | 302,653 | $ | 447,829 | $ | (76,375 | ) | $ | (19,897 | ) |
Three Months Ended March 31, | |||||||
2013 | 2012 | ||||||
Operating activities: | |||||||
Net income | $ | 20,710 | $ | 31,475 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for loan losses | 329 | 8,338 | |||||
Loan put provision | — | 662 | |||||
Amortization (accretion) of loan fees and costs, net | 728 | (134 | ) | ||||
Provision for depreciation | 1,773 | 1,709 | |||||
Amortization of core deposit intangibles | 112 | 1,754 | |||||
Amortization/(accretion) of investment securities | 42 | (105 | ) | ||||
Amortization of prepayment penalty on long-term debt | 1,202 | — | |||||
Loan originations to be sold in secondary market | (140,704 | ) | (77,203 | ) | |||
Proceeds from sale of loans in secondary market | 156,212 | 77,628 | |||||
Gain on sale of loans in secondary market | 1,511 | 1,182 | |||||
OREO valuation adjustments | (401 | ) | 1,359 | ||||
Bank owned life insurance income | (1,202 | ) | (1,202 | ) | |||
Changes in assets and liabilities: | |||||||
Increase in other assets | (13,816 | ) | (30,906 | ) | |||
(Decrease) increase in other liabilities | (1,022 | ) | 2,854 | ||||
Net cash provided by operating activities | $ | 25,474 | $ | 17,411 | |||
Investing activities: | |||||||
Proceeds from calls and maturity of: | |||||||
Available-for-sale securities | 309,212 | 229,878 | |||||
Held-to-maturity securities | 116,140 | 157,101 | |||||
Purchases of: | |||||||
Available-for-sale securities | (199,711 | ) | (419,998 | ) | |||
Held-to-maturity securities | — | (119,127 | ) | ||||
Net loan originations, portfolio loans | (8,403 | ) | (23,102 | ) | |||
Sale of assets/liabilities related to Vision Bank | — | (144,436 | ) | ||||
Purchases of bank owned life insurance, net | (4,600 | ) | (2,213 | ) | |||
Purchases of premises and equipment, net | (4,747 | ) | (125 | ) | |||
Net cash provided by (used in) investing activities | $ | 207,891 | $ | (322,022 | ) | ||
Financing activities: | |||||||
Net increase in deposits | $ | 200,509 | $ | 352,274 | |||
Net decrease in short-term borrowings | (100,166 | ) | (26,907 | ) | |||
Repayment of long-term debt | (15 | ) | (1,381 | ) | |||
Cash dividends paid on common stock and preferred stock | (14,486 | ) | (15,731 | ) | |||
Net cash provided by financing activities | $ | 85,842 | $ | 308,255 | |||
Increase in cash and cash equivalents | 319,207 | 3,644 | |||||
Cash and cash equivalents at beginning of year | 201,305 | 157,486 | |||||
Cash and cash equivalents at end of period | $ | 520,512 | $ | 161,130 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for: | |||||||
Interest | $ | 10,795 | $ | 12,992 | |||
Income taxes | $ | — | $ | — | |||
Transfers to OREO | $ | 7,103 | $ | 4,448 | |||
(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) | Goodwill | Core Deposit Intangibles | Total | |||||||||
December 31, 2012 | $ | 72,334 | $ | 337 | $ | 72,671 | ||||||
Amortization | — | 112 | 112 | |||||||||
March 31, 2013 | $ | 72,334 | $ | 225 | $ | 72,559 |
March 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
(In thousands) | Loan balance | Accrued interest receivable | Recorded investment | Loan balance | Accrued interest receivable | Recorded investment | ||||||||||||||||||
Commercial, financial and agricultural * | $ | 796,449 | $ | 3,431 | $ | 799,880 | $ | 823,927 | $ | 2,976 | $ | 826,903 | ||||||||||||
Commercial real estate * | 1,108,915 | 4,084 | 1,112,999 | 1,092,164 | 3,839 | 1,096,003 | ||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||
SEPH commercial land and development * | 12,285 | 26 | 12,311 | 15,105 | 37 | 15,142 | ||||||||||||||||||
Remaining commercial | 115,589 | 285 | 115,874 | 115,473 | 331 | 115,804 | ||||||||||||||||||
Mortgage | 24,522 | 74 | 24,596 | 26,373 | 81 | 26,454 | ||||||||||||||||||
Installment | 8,055 | 31 | 8,086 | 8,577 | 33 | 8,610 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
Commercial | 400,400 | 1,008 | 401,408 | 392,203 | 959 | 393,162 | ||||||||||||||||||
Mortgage | 1,064,006 | 1,884 | 1,065,890 | 1,064,787 | 1,399 | 1,066,186 | ||||||||||||||||||
HELOC | 210,981 | 861 | 211,842 | 212,905 | 892 | 213,797 | ||||||||||||||||||
Installment | 41,204 | 163 | 41,367 | 43,750 | 176 | 43,926 | ||||||||||||||||||
Consumer | 657,697 | 2,643 | 660,340 | 651,930 | 2,835 | 654,765 | ||||||||||||||||||
Leases | 3,420 | 51 | 3,471 | 3,128 | 29 | 3,157 | ||||||||||||||||||
Total loans | $ | 4,443,523 | $ | 14,541 | $ | 4,458,064 | $ | 4,450,322 | $ | 13,587 | $ | 4,463,909 |
March 31, 2013 | ||||||||||||||||
(In thousands) | Nonaccrual loans | Accruing troubled debt restructurings | Loans past due 90 days or more and accruing | Total nonperforming loans | ||||||||||||
Commercial, financial and agricultural | $ | 20,339 | $ | 1,414 | $ | — | $ | 21,753 | ||||||||
Commercial real estate | 36,724 | 3,351 | — | 40,075 | ||||||||||||
Construction real estate: | ||||||||||||||||
SEPH commercial land and development | 11,133 | — | — | 11,133 | ||||||||||||
Remaining commercial | 16,900 | 3,583 | — | 20,483 | ||||||||||||
Mortgage | 146 | 99 | 44 | 289 | ||||||||||||
Installment | 128 | 172 | — | 300 | ||||||||||||
Residential real estate: | ||||||||||||||||
Commercial | 35,469 | 1,253 | — | 36,722 | ||||||||||||
Mortgage | 23,938 | 11,126 | 544 | 35,608 | ||||||||||||
HELOC | 1,864 | 753 | — | 2,617 | ||||||||||||
Installment | 1,404 | 817 | 33 | 2,254 | ||||||||||||
Consumer | 3,494 | 1,789 | 768 | 6,051 | ||||||||||||
Total loans | $ | 151,539 | $ | 24,357 | $ | 1,389 | $ | 177,285 |
December 31, 2012 | ||||||||||||||||
(In thousands) | Nonaccrual loans | Accruing troubled debt restructurings | Loans past due 90 days or more and accruing | Total nonperforming loans | ||||||||||||
Commercial, financial and agricultural | $ | 17,324 | $ | 5,277 | $ | 37 | $ | 22,638 | ||||||||
Commercial real estate | 40,983 | 3,295 | 1,007 | 45,285 | ||||||||||||
Construction real estate: | ||||||||||||||||
SEPH commercial land and development | 13,939 | — | — | 13,939 | ||||||||||||
Remaining commercial | 14,977 | 6,597 | — | 21,574 | ||||||||||||
Mortgage | 158 | 100 | — | 258 | ||||||||||||
Installment | 149 | 175 | — | 324 | ||||||||||||
Residential real estate: | ||||||||||||||||
Commercial | 33,961 | 1,661 | 94 | 35,716 | ||||||||||||
Mortgage | 28,260 | 9,425 | 950 | 38,635 | ||||||||||||
HELOC | 1,689 | 736 | — | 2,425 | ||||||||||||
Installment | 1,670 | 780 | 54 | 2,504 | ||||||||||||
Consumer | 2,426 | 1,900 | 888 | 5,214 | ||||||||||||
Total loans | $ | 155,536 | $ | 29,946 | $ | 3,030 | $ | 188,512 |
March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(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 | $ | 21,753 | $ | 21,742 | $ | 11 | $ | 22,601 | $ | 22,587 | $ | 14 | |||||||||||||
Commercial real estate | 40,075 | 40,075 | — | 44,278 | 44,278 | — | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||
SEPH commercial land and development | 11,133 | 10,482 | 651 | 13,939 | 13,260 | 679 | |||||||||||||||||||
Remaining commercial | 20,483 | 20,483 | — | 21,574 | 21,574 | — | |||||||||||||||||||
Mortgage | 245 | — | 245 | 258 | — | 258 | |||||||||||||||||||
Installment | 300 | — | 300 | 324 | — | 324 | |||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Commercial | 36,722 | 36,722 | — | 35,622 | 35,622 | — | |||||||||||||||||||
Mortgage | 35,064 | — | 35,064 | 37,685 | — | 37,685 | |||||||||||||||||||
HELOC | 2,617 | — | 2,617 | 2,425 | — | 2,425 | |||||||||||||||||||
Installment | 2,221 | — | 2,221 | 2,450 | — | 2,450 | |||||||||||||||||||
Consumer | 5,283 | 799 | 4,484 | 4,326 | 18 | 4,308 | |||||||||||||||||||
Total loans | $ | 175,896 | $ | 130,303 | $ | 45,593 | $ | 185,482 | $ | 137,339 | $ | 48,143 |
March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | Unpaid principal balance | Recorded investment | Allowance for loan losses allocated | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 22,392 | $ | 13,403 | $ | — | $ | 23,782 | $ | 14,683 | $ | — | |||||||||||||
Commercial real estate | 58,637 | 34,750 | — | 56,258 | 35,097 | — | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||
SEPH commercial land and development | 53,287 | 10,482 | — | 56,075 | 12,740 | — | |||||||||||||||||||
Remaining commercial | 24,614 | 11,209 | — | 29,328 | 14,093 | — | |||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Commercial | 40,341 | 32,566 | — | 39,918 | 31,957 | — | |||||||||||||||||||
Consumer | 799 | 799 | — | 18 | 18 | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial, financial and agricultural | 12,924 | 8,339 | 3,519 | 12,268 | 7,904 | 3,180 | |||||||||||||||||||
Commercial real estate | 5,667 | 5,325 | 648 | 11,412 | 9,181 | 1,540 | |||||||||||||||||||
Construction real estate: | |||||||||||||||||||||||||
SEPH commercial land and development | — | — | — | 1,271 | 520 | — | |||||||||||||||||||
Remaining commercial | 9,984 | 9,274 | 2,939 | 8,071 | 7,481 | 2,277 | |||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||
Commercial | 4,498 | 4,156 | 1,154 | 3,944 | 3,665 | 1,279 | |||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 233,143 | $ | 130,303 | $ | 8,260 | $ | 242,345 | $ | 137,339 | $ | 8,276 |
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | |||||||||||||||||||||||
(In thousands) | Recorded investment as of March 31, 2013 | Average recorded investment | Interest income recognized | Recorded investment as of March 31, 2012 | Average recorded investment | Interest income recognized | ||||||||||||||||||
Commercial, financial and agricultural | $ | 21,742 | $ | 21,479 | $ | 128 | $ | 40,241 | $ | 40,135 | $ | 105 | ||||||||||||
Commercial real estate | 40,075 | 43,191 | 256 | 43,305 | 48,214 | 207 | ||||||||||||||||||
Construction real estate: | ||||||||||||||||||||||||
SEPH commercial land and development | 10,482 | 12,082 | — | 19,433 | 21,974 | — | ||||||||||||||||||
Remaining commercial | 20,483 | 20,912 | 220 | 32,673 | 27,314 | 251 | ||||||||||||||||||
Residential real estate: | ||||||||||||||||||||||||
Commercial | 36,722 | 35,859 | 130 | 43,752 | 43,276 | 40 | ||||||||||||||||||
Consumer | 799 | 204 | — | 20 | 20 | — | ||||||||||||||||||
Total | $ | 130,303 | $ | 133,727 | $ | 734 | $ | 179,424 | $ | 180,933 | $ | 603 |
March 31, 2013 | |||||||||||||||||||
(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 | $ | 3,891 | $ | 16,030 | $ | 19,921 | $ | 779,959 | $ | 799,880 | |||||||||
Commercial real estate | 2,502 | 23,275 | 25,777 | 1,087,222 | 1,112,999 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
SEPH commercial land and development | 773 | 9,041 | 9,814 | 2,497 | 12,311 | ||||||||||||||
Remaining commercial | 334 | 4,221 | 4,555 | 111,319 | 115,874 | ||||||||||||||
Mortgage | 356 | 129 | 485 | 24,111 | 24,596 | ||||||||||||||
Installment | 77 | — | 77 | 8,009 | 8,086 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 937 | 4,628 | 5,565 | 395,843 | 401,408 | ||||||||||||||
Mortgage | 11,165 | 13,366 | 24,531 | 1,041,359 | 1,065,890 | ||||||||||||||
HELOC | 344 | 732 | 1,076 | 210,766 | 211,842 | ||||||||||||||
Installment | 444 | 683 | 1,127 | 40,240 | 41,367 | ||||||||||||||
Consumer | 8,313 | 3,706 | 12,019 | 648,321 | 660,340 | ||||||||||||||
Leases | — | — | — | 3,471 | 3,471 | ||||||||||||||
Total loans | $ | 29,136 | $ | 75,811 | $ | 104,947 | $ | 4,353,117 | $ | 4,458,064 |
December 31, 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 | $ | 6,251 | $ | 11,811 | $ | 18,062 | $ | 808,841 | $ | 826,903 | |||||||||
Commercial real estate | 2,212 | 26,355 | 28,567 | 1,067,436 | 1,096,003 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
SEPH commercial land and development | 686 | 11,314 | 12,000 | 3,142 | 15,142 | ||||||||||||||
Remaining commercial | 3,652 | 5,838 | 9,490 | 106,314 | 115,804 | ||||||||||||||
Mortgage | 171 | 85 | 256 | 26,198 | 26,454 | ||||||||||||||
Installment | 135 | 40 | 175 | 8,435 | 8,610 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 1,163 | 5,917 | 7,080 | 386,082 | 393,162 | ||||||||||||||
Mortgage | 11,948 | 17,370 | 29,318 | 1,036,868 | 1,066,186 | ||||||||||||||
HELOC | 620 | 309 | 929 | 212,868 | 213,797 | ||||||||||||||
Installment | 563 | 787 | 1,350 | 42,576 | 43,926 | ||||||||||||||
Consumer | 12,924 | 2,688 | 15,612 | 639,153 | 654,765 | ||||||||||||||
Leases | — | — | — | 3,157 | 3,157 | ||||||||||||||
Total loans | $ | 40,325 | $ | 82,514 | $ | 122,839 | $ | 4,341,070 | $ | 4,463,909 |
March 31, 2013 | |||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | ||||||||||||||
Commercial, financial and agricultural * | $ | 8,233 | $ | 9,797 | $ | 21,753 | $ | 760,097 | $ | 799,880 | |||||||||
Commercial real estate * | 25,402 | 3,136 | 40,075 | 1,044,386 | 1,112,999 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
SEPH commercial land and development * | 400 | — | 11,133 | 778 | 12,311 | ||||||||||||||
Remaining commercial | 6,556 | — | 20,483 | 88,835 | 115,874 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 8,676 | 1,231 | 36,722 | 354,779 | 401,408 | ||||||||||||||
Leases | — | — | — | 3,471 | 3,471 | ||||||||||||||
Total Commercial Loans | $ | 49,267 | $ | 14,164 | $ | 130,166 | $ | 2,252,346 | $ | 2,445,943 |
December 31, 2012 | |||||||||||||||||||
(In thousands) | 5 Rated | 6 Rated | Impaired | Pass Rated | Recorded Investment | ||||||||||||||
Commercial, financial and agricultural * | $ | 9,537 | $ | 10,874 | $ | 22,601 | $ | 783,891 | $ | 826,903 | |||||||||
Commercial real estate * | 25,616 | 3,960 | 44,278 | 1,022,149 | 1,096,003 | ||||||||||||||
Construction real estate: | |||||||||||||||||||
SEPH commercial land and development * | 411 | — | 13,939 | 792 | 15,142 | ||||||||||||||
Remaining commercial | 6,734 | — | 21,574 | 87,496 | 115,804 | ||||||||||||||
Residential real estate: | |||||||||||||||||||
Commercial | 8,994 | 2,053 | 35,622 | 346,493 | 393,162 | ||||||||||||||
Leases | — | — | — | 3,157 | 3,157 | ||||||||||||||
Total Commercial Loans | $ | 51,292 | $ | 16,887 | $ | 138,014 | $ | 2,243,978 | $ | 2,450,171 |
Three Months Ended March 31, 2013 | ||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Total Recorded Investment | ||||||||||
Commercial, financial and agricultural | 7 | $ | — | $ | 320 | $ | 320 | |||||||
Commercial real estate | 2 | 25 | 152 | 177 | ||||||||||
Construction real estate: | ||||||||||||||
SEPH commercial land and development | — | — | — | — | ||||||||||
Remaining commercial | 1 | 37 | — | 37 | ||||||||||
Mortgage | — | — | — | — | ||||||||||
Installment | 2 | — | 26 | 26 | ||||||||||
Residential real estate: | ||||||||||||||
Commercial | 6 | 493 | 1,561 | 2,054 | ||||||||||
Mortgage | 12 | 880 | 242 | 1,122 | ||||||||||
HELOC | 4 | 54 | — | 54 | ||||||||||
Installment | 4 | 40 | 9 | 49 | ||||||||||
Consumer | 72 | 332 | 137 | 469 | ||||||||||
Total loans | 110 | $ | 1,861 | $ | 2,447 | $ | 4,308 |
Three Months Ended March 31, 2012 | ||||||||||||||
(In thousands) | Number of Contracts | Accruing | Nonaccrual | Total Recorded Investment | ||||||||||
Commercial, financial and agricultural | 5 | $ | 1,289 | $ | 750 | $ | 2,039 | |||||||
Commercial real estate | 16 | 2,212 | 2,967 | 5,179 | ||||||||||
Construction real estate: | ||||||||||||||
SEPH commercial land and development | 4 | — | 894 | 894 | ||||||||||
Remaining commercial | 9 | 8,641 | 1,565 | 10,206 | ||||||||||
Mortgage | — | — | — | — | ||||||||||
Installment | — | — | — | — | ||||||||||
Residential real estate: | ||||||||||||||
Commercial | 3 | — | 318 | 318 | ||||||||||
Mortgage | 9 | 111 | 1,170 | 1,281 | ||||||||||
HELOC | — | — | — | — | ||||||||||
Installment | — | — | — | — | ||||||||||
Consumer | 1 | — | 91 | 91 | ||||||||||
Total loans | 47 | $ | 12,253 | $ | 7,755 | $ | 20,008 |
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | ||||||||||||||
(In thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||
Commercial, financial and agricultural | 10 | $ | 979 | 15 | $ | 8,469 | |||||||||
Commercial real estate | 2 | 198 | 8 | 3,201 | |||||||||||
Construction real estate: | |||||||||||||||
SEPH commercial land and development | 2 | 45 | 3 | 659 | |||||||||||
Remaining commercial | 3 | 506 | 8 | 4,155 | |||||||||||
Mortgage | 1 | 85 | — | — | |||||||||||
Installment | 1 | 12 | — | — | |||||||||||
Residential real estate: | |||||||||||||||
Commercial | 2 | 857 | 6 | 3,948 | |||||||||||
Mortgage | 34 | 3,430 | 5 | 684 | |||||||||||
HELOC | 2 | 77 | 1 | 48 | |||||||||||
Installment | 10 | 273 | — | — | |||||||||||
Consumer | 100 | 617 | — | — | |||||||||||
Leases | — | — | — | — | |||||||||||
Total loans | 167 | $ | 7,079 | 46 | $ | 21,164 |
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Beginning balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | $ | — | $ | 55,537 | |||||||||||||
Charge-offs | 2,708 | 334 | 1,518 | 674 | 1,274 | — | 6,508 | ||||||||||||||||||||
Recoveries | 189 | 40 | 1,427 | 3,498 | 803 | — | 5,957 | ||||||||||||||||||||
Net charge-offs/(recoveries) | 2,519 | 294 | 91 | (2,824 | ) | 471 | — | 551 | |||||||||||||||||||
Provision | 2,301 | (372 | ) | 806 | (2,949 | ) | 543 | — | 329 | ||||||||||||||||||
Ending balance | $ | 15,417 | $ | 11,070 | $ | 7,556 | $ | 14,634 | $ | 6,638 | $ | — | $ | 55,315 |
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Commercial real estate | Construction real estate | Residential real estate | Consumer | Leases | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Beginning balance | $ | 16,950 | $ | 15,539 | $ | 14,433 | $ | 15,692 | $ | 5,830 | $ | — | $ | 68,444 | |||||||||||||
Charge-offs | 4,538 | 4,934 | 4,320 | 3,922 | 1,253 | — | 18,967 | ||||||||||||||||||||
Recoveries | 468 | 92 | 67 | 609 | 707 | — | 1,943 | ||||||||||||||||||||
Net charge-offs | 4,070 | 4,842 | 4,253 | 3,313 | 546 | — | 17,024 | ||||||||||||||||||||
Provision | 5,448 | 1,309 | (433 | ) | 1,489 | 525 | — | 8,338 | |||||||||||||||||||
Ending balance | $ | 18,328 | $ | 12,006 | $ | 9,747 | $ | 13,868 | $ | 5,809 | $ | — | $ | 59,758 |
March 31, 2013 | |||||||||||||||||||||||||||
(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 | $ | 3,519 | $ | 648 | $ | 2,939 | $ | 1,154 | $ | — | $ | — | $ | 8,260 | |||||||||||||
Collectively evaluated for impairment | 11,898 | 10,422 | 4,617 | 13,480 | 6,638 | — | 47,055 | ||||||||||||||||||||
Total ending allowance balance | $ | 15,417 | $ | 11,070 | $ | 7,556 | $ | 14,634 | $ | 6,638 | $ | — | $ | 55,315 | |||||||||||||
Loan balance: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 21,736 | $ | 40,063 | $ | 30,955 | $ | 36,717 | $ | 799 | $ | — | $ | 130,270 | |||||||||||||
Loans collectively evaluated for impairment | 774,713 | 1,068,852 | 129,496 | 1,679,874 | 656,898 | 3,420 | 4,313,253 | ||||||||||||||||||||
Total ending loan balance | $ | 796,449 | $ | 1,108,915 | $ | 160,451 | $ | 1,716,591 | $ | 657,697 | $ | 3,420 | $ | 4,443,523 | |||||||||||||
Allowance for loan losses as a percentage of loan balance: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | 16.19 | % | 1.62 | % | 9.49 | % | 3.14 | % | — | % | — | % | 6.34 | % | |||||||||||||
Loans collectively evaluated for impairment | 1.54 | % | 0.98 | % | 3.57 | % | 0.80 | % | 1.01 | % | — | % | 1.09 | % | |||||||||||||
Total ending loan balance | 1.94 | % | 1.00 | % | 4.71 | % | 0.85 | % | 1.01 | % | — | % | 1.24 | % | |||||||||||||
Recorded investment: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 21,742 | $ | 40,075 | $ | 30,965 | $ | 36,722 | $ | 799 | $ | — | $ | 130,303 | |||||||||||||
Loans collectively evaluated for impairment | 778,138 | 1,072,924 | 129,902 | 1,683,785 | 659,541 | 3,471 | 4,327,761 | ||||||||||||||||||||
Total ending loan balance | $ | 799,880 | $ | 1,112,999 | $ | 160,867 | $ | 1,720,507 | $ | 660,340 | $ | 3,471 | $ | 4,458,064 |
December 31, 2012 | ||||||||||||||||||||||||||||
(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 | $ | 3,180 | $ | 1,540 | $ | 2,277 | $ | 1,279 | $ | — | $ | — | $ | 8,276 | ||||||||||||||
Collectively evaluated for impairment | 12,455 | 10,196 | 4,564 | 13,480 | 6,566 | — | 47,261 | |||||||||||||||||||||
Total ending allowance balance | $ | 15,635 | $ | 11,736 | $ | 6,841 | $ | 14,759 | $ | 6,566 | $ | — | $ | 55,537 | ||||||||||||||
Loan balance: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,523 | $ | 44,267 | $ | 34,814 | $ | 35,616 | $ | 18 | $ | — | $ | 137,238 | ||||||||||||||
Loans collectively evaluated for impairment | 801,404 | 1,047,897 | 130,714 | 1,678,029 | 651,912 | 3,128 | 4,313,084 | |||||||||||||||||||||
Total ending loan balance | $ | 823,927 | $ | 1,092,164 | $ | 165,528 | $ | 1,713,645 | $ | 651,930 | $ | 3,128 | $ | 4,450,322 | ||||||||||||||
Allowance for loan losses as a percentage of loan balance: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | 14.12 | % | 3.48 | % | 6.54 | % | 3.59 | % | — | % | — | % | 6.03 | % | ||||||||||||||
Loans collectively evaluated for impairment | 1.55 | % | 0.97 | % | 3.49 | % | 0.80 | % | 1.01 | % | — | % | 1.10 | % | ||||||||||||||
Total ending loan balance | 1.90 | % | 1.07 | % | 4.13 | % | 0.86 | % | 1.01 | % | — | % | 1.25 | % | ||||||||||||||
Recorded investment: | ||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 22,587 | $ | 44,278 | $ | 34,834 | $ | 35,622 | $ | 18 | $ | — | $ | 137,339 | ||||||||||||||
Loans collectively evaluated for impairment | 804,316 | 1,051,725 | 131,176 | 1,681,449 | 654,747 | 3,157 | 4,326,570 | |||||||||||||||||||||
Total ending loan balance | $ | 826,903 | $ | 1,096,003 | $ | 166,010 | $ | 1,717,071 | $ | 654,765 | $ | 3,157 | $ | 4,463,909 |
Three Months Ended March 31, | ||||||||
(In thousands, except share and per share data) | 2013 | 2012 | ||||||
Numerator: | ||||||||
Income available to common shareholders | $ | 20,710 | $ | 29,998 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share (weighted average common shares outstanding) | 15,411,990 | 15,405,910 | ||||||
Effect of dilutive options and warrants | — | 11,835 | ||||||
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants) | 15,411,990 | 15,417,745 | ||||||
Earnings per common share: | ||||||||
Basic earnings per common share | $ | 1.34 | $ | 1.95 | ||||
Diluted earnings per common share | $ | 1.34 | $ | 1.95 |
Operating Results for the three months ended March 31, 2013 | ||||||||||||||||||||
(In thousands) | PNB | GFSC | SEPH | All Other | Total | |||||||||||||||
Net interest income (loss) | $ | 52,735 | $ | 2,133 | $ | (655 | ) | $ | 1,240 | $ | 55,453 | |||||||||
Provision for (recovery of) loan losses | 3,130 | 210 | (3,011 | ) | — | 329 | ||||||||||||||
Other income | 17,872 | 2 | 831 | 100 | 18,805 | |||||||||||||||
Other expense | 40,324 | 786 | 3,344 | 1,644 | 46,098 | |||||||||||||||
Income (loss) before income taxes | $ | 27,153 | $ | 1,139 | $ | (157 | ) | $ | (304 | ) | $ | 27,831 | ||||||||
Federal income taxes (benefit) | 7,213 | 399 | (55 | ) | (436 | ) | 7,121 | |||||||||||||
Net income (loss) | $ | 19,940 | $ | 740 | $ | (102 | ) | $ | 132 | $ | 20,710 | |||||||||
Assets (as of March 31, 2013) | $ | 6,611,802 | $ | 49,555 | $ | 89,240 | $ | (3,442 | ) | $ | 6,747,155 |
Operating Results for the three months ended March 31, 2012 | ||||||||||||||||||||
(In thousands) | PNB | GFSC | SEPH | All Other | Total | |||||||||||||||
Net interest income | $ | 55,846 | $ | 2,211 | $ | 2,610 | $ | 1,061 | $ | 61,728 | ||||||||||
Provision for loan losses | 4,672 | 250 | 3,416 | — | 8,338 | |||||||||||||||
Other income | 16,661 | — | 724 | 68 | 17,453 | |||||||||||||||
Gain on sale of Vision business | 22,167 | 22,167 | ||||||||||||||||||
Other expense | 38,056 | 721 | 8,165 | 1,528 | 48,470 | |||||||||||||||
Income (loss) before income taxes | $ | 29,779 | $ | 1,240 | $ | 13,920 | $ | (399 | ) | $ | 44,540 | |||||||||
Federal income taxes (benefit) | 8,218 | 434 | 4,861 | (448 | ) | 13,065 | ||||||||||||||
Net income | $ | 21,561 | $ | 806 | $ | 9,059 | $ | 49 | $ | 31,475 | ||||||||||
Assets (as of March 31, 2012) | $ | 6,587,773 | $ | 47,380 | $ | 161,493 | $ | (19,795 | ) | $ | 6,776,851 |
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 | $ | 570,639 | $ | 338 | $ | 2,957 | $ | 568,020 | ||||||||
Obligations of states and political subdivisions | 984 | 11 | — | 995 | ||||||||||||
U.S. Government sponsored entities' asset-backed securities | 417,356 | 12,869 | 358 | 429,867 | ||||||||||||
Other equity securities | 1,137 | 1,232 | — | 2,369 | ||||||||||||
Total | $ | 990,116 | $ | 14,450 | $ | 3,315 | $ | 1,001,251 |
Securities Held-to-Maturity (In thousands) | Amortized Cost | Gross Unrecognized Holding Gains | Gross Unrecognized Holding Losses | Estimated Fair Value | ||||||||||||
Obligations of states and political subdivisions | $ | 485 | $ | 1 | $ | — | $ | 486 | ||||||||
U.S. Government sponsored entities' asset-backed securities | 284,765 | 9,063 | — | 293,828 | ||||||||||||
Total | $ | 285,250 | $ | 9,064 | $ | — | $ | 294,314 |
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(In thousands) | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government agencies | $ | 387,683 | $ | 2,957 | $ | — | $ | — | $ | 387,683 | $ | 2,957 | ||||||||||||
U.S. Government agencies' asset-backed securities | $ | 171,450 | $ | 358 | $ | — | $ | — | $ | 171,450 | $ | 358 | ||||||||||||
Total | $ | 559,133 | $ | 3,315 | $ | — | $ | — | $ | 559,133 | $ | 3,315 |
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 | $ | 695,655 | $ | 1,352 | $ | 1,280 | $ | 695,727 | ||||||||
Obligations of states and political subdivisions | 984 | 19 | — | 1,003 | ||||||||||||
U.S. Government sponsored entities' asset-backed securities | 401,882 | 14,067 | 447 | 415,502 | ||||||||||||
Other equity securities | 1,137 | 1,085 | — | 2,222 | ||||||||||||
Total | $ | 1,099,658 | $ | 16,523 | $ | 1,727 | $ | 1,114,454 |
Securities Held-to-Maturity (In thousands) | Amortized cost | Gross unrecognized holding gains | Gross unrecognized holding losses | Estimated fair value | ||||||||||||
Obligations of states and political subdivisions | $ | 570 | $ | 2 | $ | — | $ | 572 | ||||||||
U.S. Government sponsored entities' asset-backed securities | 400,820 | 9,351 | 38 | 410,133 | ||||||||||||
Total | $ | 401,390 | $ | 9,353 | $ | 38 | $ | 410,705 |
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
(In thousands) | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | 177,470 | $ | 1,280 | $ | — | $ | — | $ | 177,470 | $ | 1,280 | ||||||||||||
U.S. Government sponsored entities' asset-backed securities | $ | 123,631 | $ | 447 | $ | — | $ | — | $ | 123,631 | $ | 447 | ||||||||||||
Total | $ | 301,101 | $ | 1,727 | $ | — | $ | — | $ | 301,101 | $ | 1,727 | ||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
U.S. Government sponsored entities' asset-backed securities | $ | 10,120 | $ | 38 | $ | — | $ | — | $ | 10,120 | $ | 38 |
Securities Available-for-Sale (In thousands) | Amortized cost | Fair value | ||||||
U.S. Treasury and sponsored entities' obligations: | ||||||||
Due within one year | $ | 180,000 | $ | 180,338 | ||||
Due one through five years | 173,750 | 171,548 | ||||||
Due five through ten years | 216,889 | 216,134 | ||||||
Total | $ | 570,639 | $ | 568,020 | ||||
Obligations of states and political subdivisions: | ||||||||
Due within one year | $ | 984 | $ | 995 | ||||
U.S. Government sponsored entities' asset-backed securities: | $ | 417,356 | $ | 429,867 |
Securities Held-to-Maturity (In thousands) | Amortized cost | Fair value | ||||||
Obligations of state and political subdivisions: | ||||||||
Due within one year | $ | 485 | $ | 486 | ||||
U.S. Government sponsored entities' asset-backed securities: | $ | 284,765 | $ | 293,828 |
March 31, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
Federal Home Loan Bank stock | $ | 59,032 | $ | 59,032 | ||||
Federal Reserve Bank stock | 6,875 | 6,875 | ||||||
Total | $ | 65,907 | $ | 65,907 |
Three Months Ended March 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Service cost | $ | 1,204 | $ | 1,068 | ||||
Interest cost | 1,056 | 1,012 | ||||||
Expected return on plan assets | (2,384 | ) | (2,186 | ) | ||||
Amortization of prior service cost | 5 | 5 | ||||||
Recognized net actuarial loss | 676 | 427 | ||||||
Benefit expense | $ | 557 | $ | 326 |
Three Months Ended March 31, | ||||||||
(In thousands) | 2013 | 2012 | ||||||
Mortgage servicing rights: | ||||||||
Carrying amount, net, beginning of period | $ | 7,763 | $ | 9,301 | ||||
Additions | 1,111 | 562 | ||||||
Amortization | (815 | ) | (888 | ) | ||||
Changes in valuation allowance | 62 | — | ||||||
Carrying amount, net, end of period | $ | 8,121 | $ | 8,975 | ||||
Valuation allowance: | ||||||||
Beginning of period | $ | 2,324 | $ | 1,021 | ||||
Changes in valuation allowance | (62 | ) | — | |||||
End of period | $ | 2,262 | $ | 1,021 |
• | 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 March 31, 2013 using: | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at March 31, 2013 | ||||||||||||
Assets | ||||||||||||||||
Investment securities: | ||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 568,020 | $ | — | $ | 568,020 | ||||||||
Obligations of states and political subdivisions | — | 995 | — | 995 | ||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 429,867 | — | 429,867 | ||||||||||||
Equity securities | 1,593 | — | 776 | 2,369 | ||||||||||||
Mortgage loans held for sale | — | 10,235 | — | 10,235 | ||||||||||||
Mortgage IRLCs | — | 251 | — | 251 | ||||||||||||
Liabilities | ||||||||||||||||
Fair value swap | $ | — | $ | — | $ | 135 | $ | 135 |
Fair Value Measurements at December 31, 2012 using: | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2012 | ||||||||||||
Assets | ||||||||||||||||
Investment securities: | ||||||||||||||||
Obligations of U.S. Treasury and other U.S. Government sponsored entities | $ | — | $ | 695,727 | $ | — | $ | 695,727 | ||||||||
Obligations of states and political subdivisions | — | 1,003 | — | 1,003 | ||||||||||||
U.S. Government sponsored entities’ asset-backed securities | — | 415,502 | — | 415,502 | ||||||||||||
Equity securities | 1,442 | — | 780 | 2,222 | ||||||||||||
Mortgage loans held for sale | — | 25,743 | — | 25,743 | ||||||||||||
Mortgage IRLCs | — | 372 | — | 372 | ||||||||||||
Liabilities | ||||||||||||||||
Fair value swap | $ | — | $ | — | $ | 135 | $ | 135 |
(In thousands) | Equity Securities | Fair value swap | ||||||
Balance, at January 1, 2013 | $ | 780 | $ | (135 | ) | |||
Total gains/(losses) | ||||||||
Included in earnings – realized | — | — | ||||||
Included in earnings – unrealized | — | — | ||||||
Included in other comprehensive income | (4 | ) | — | |||||
Purchases, sales, issuances and settlements, other | — | — | ||||||
Periodic settlement of fair value swap | — | — | ||||||
Balance at March 31, 2013 | $ | 776 | $ | (135 | ) | |||
Balance, at January 1, 2012 | $ | 763 | $ | (700 | ) | |||
Total gains/(losses) | ||||||||
Included in earnings – realized | — | — | ||||||
Included in earnings – unrealized | — | — | ||||||
Included in other comprehensive income | (7 | ) | — | |||||
Purchases, sales, issuances and settlements, other | — | — | ||||||
Periodic settlement of fair value swap | — | 565 | ||||||
Balance at March 31, 2012 | $ | 756 | $ | (135 | ) |
• | Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties. |
• | 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 March 31, 2013 using: | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at March 31, 2013 | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 25,093 | $ | 25,093 | ||||||||
Construction real estate: | ||||||||||||||||
SEPH commercial land and development | — | — | 10,482 | 10,482 | ||||||||||||
Remaining commercial | — | — | 8,657 | 8,657 | ||||||||||||
Residential real estate | — | — | 7,039 | 7,039 | ||||||||||||
Total impaired loans | $ | — | $ | — | $ | 51,271 | $ | 51,271 | ||||||||
Mortgage servicing rights | — | 5,896 | — | 5,896 | ||||||||||||
OREO: | ||||||||||||||||
Commercial real estate | — | — | 4,838 | 4,838 | ||||||||||||
Construction real estate | — | — | 10,345 | 10,345 | ||||||||||||
Residential real estate | — | — | 3,166 | 3,166 | ||||||||||||
Total OREO | $ | — | $ | — | $ | 18,349 | $ | 18,349 |
Fair Value Measurements at December 31, 2012 using: | ||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Balance at December 31, 2012 | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 25,997 | $ | 25,997 | ||||||||
Construction real estate: | ||||||||||||||||
SEPH commercial land and development | — | — | 12,832 | 12,832 | ||||||||||||
Remaining commercial | — | — | 8,113 | 8,113 | ||||||||||||
Residential real estate | — | — | 6,990 | 6,990 | ||||||||||||
Total impaired loans | $ | — | $ | — | $ | 53,932 | $ | 53,932 | ||||||||
Mortgage servicing rights | — | 6,642 | — | 6,642 | ||||||||||||
OREO: | ||||||||||||||||
Commercial real estate | — | — | 3,485 | 3,485 | ||||||||||||
Construction real estate | — | — | 12,134 | 12,134 | ||||||||||||
Residential real estate | — | — | 4,307 | 4,307 | ||||||||||||
Total OREO | $ | — | $ | — | $ | 19,926 | $ | 19,926 |
March 31, 2013 | ||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | ||||||
Impaired loans: | ||||||||||
Commercial real estate | $ | 25,093 | Sales comparison approach | Adj to comparables | 0.0% - 111.0% (21.7%) | |||||
Income approach | Capitalization rate | 7.5% - 20.9% (9.7%) | ||||||||
Cost approach | Accumulated depreciation | 38.0% - 65.0% (53.1%) | ||||||||
Construction real estate: | ||||||||||
SEPH commercial land and development | $ | 10,482 | Sales comparison approach | Adj to comparables | 0.0% - 218.0% (23.3%) | |||||
Bulk sale approach | Discount rate | 11.0% - 55.0% (25.4%) | ||||||||
Remaining commercial | $ | 8,657 | Sales comparison approach | Adj to comparables | 0.0% - 75.0% (27.7%) | |||||
Bulk sale approach | Discount rate | 11.0% - 55.0% (17.9%) | ||||||||
Residential real estate | $ | 7,039 | Sales comparison approach | Adj to comparables | 0.0% - 178.0% (17.5%) | |||||
Income approach | Capitalization rate | 7.8% - 10.5% (8.2%) | ||||||||
Other real estate owned: | ||||||||||
Commercial real estate | $ | 4,838 | Sales comparison approach | Adj to comparables | 0.0% - 85.0% (35.8%) | |||||
Income approach | Capitalization rate | 8.5% - 11.5% (9.9%) | ||||||||
Bulk sale approach | Discount rate | 10.0% - 13.0% (2.1%) | ||||||||
Cost approach | Accumulated depreciation | 40.0% - 90.0% (65.0%) | ||||||||
Construction real estate | $ | 10,345 | Sales comparison approach | Adj to comparables | 0.0% - 312.0% (30.4%) | |||||
Bulk sale approach | Discount rate | 13.0% (13.0%) | ||||||||
Residential real estate | $ | 3,166 | Sales comparison approach | Adj to comparables | 0.0% - 173.7% (19.0%) | |||||
Income approach | Capitalization rate | 7.9% - 9.3% (8.5%) | ||||||||
Cost approach | Accumulated depreciation | 6.0% (6.0%) |
December 31, 2012 | ||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input(s) | Range (Weighted Average) | ||||||
Impaired loans: | ||||||||||
Commercial real estate | $ | 25,997 | Sales comparison approach | Adj to comparables | 0.0% - 116.0% (22.3%) | |||||
Income approach | Capitalization rate | 7.5% - 20.9% (10.1%) | ||||||||
Cost approach | Accumulated depreciation | 23.0% - 63.0% (50.4%) | ||||||||
Construction real estate: | ||||||||||
SEPH commercial land and development | $ | 12,832 | Sales comparison approach | Adj to comparables | 0.0% - 218.0% (31.9%) | |||||
Bulk sale approach | Discount rate | 11.0% - 55.0% (23.4%) | ||||||||
Remaining commercial | $ | 8,113 | Sales comparison approach | Adj to comparables | 0.0% - 75.0% (26.2%) | |||||
Bulk sale approach | Discount rate | 10.0% - 55.0% (18.3%) | ||||||||
Residential real estate | $ | 6,990 | Sales comparison approach | Adj to comparables | 0.0% - 178.0% (17.9%) | |||||
Other real estate owned: | ||||||||||
Commercial real estate | $ | 3,485 | Sales comparison approach | Adj to comparables | 0.0% - 67.0% (25.8%) | |||||
Income approach | Capitalization rate | 11.0% (11.0%) | ||||||||
Bulk sale approach | Discount rate | 13.0% (13.0%) | ||||||||
Cost approach | Accumulated depreciation | 40.9% - 90.0% (65.0%) | ||||||||
Construction real estate | $ | 12,134 | Sales comparison approach | Adj to comparables | 0.0% - 273.0% (34.0%) | |||||
Income approach | Capitalization rate | 8.5% (8.5%) | ||||||||
Bulk sale approach | Discount rate | 10.0% - 12.0% (10.8%) | ||||||||
Residential real estate | $ | 4,307 | Sales comparison approach | Adj to comparables | 1.0% - 61.0% (18.0%) | |||||
Income approach | Capitalization rate | 7.9% - 9.3% (8.7%) | ||||||||
Cost approach | Accumulated depreciation | 6.0% (6.0%) |
March 31, 2013 | ||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and money market instruments | $ | 520,512 | $ | 520,512 | $ | — | $ | — | $ | 520,512 | ||||||||||
Investment securities | 1,286,501 | 1,593 | 1,293,196 | 776 | 1,295,565 | |||||||||||||||
Accrued interest receivable - securities | 4,030 | — | 4,030 | — | 4,030 | |||||||||||||||
Accrued interest receivable - loans | 14,541 | — | — | 14,541 | 14,541 | |||||||||||||||
Mortgage loans held for sale | 10,235 | — | 10,235 | — | 10,235 | |||||||||||||||
Mortgage IRLCs | 251 | — | 251 | — | 251 | |||||||||||||||
Impaired loans carried at fair value | 51,271 | — | — | 51,271 | 51,271 | |||||||||||||||
Other loans | 4,326,451 | — | — | 4,344,928 | 4,344,928 | |||||||||||||||
Loans receivable, net | $ | 4,388,208 | $ | — | $ | 10,486 | $ | 4,396,199 | $ | 4,406,685 | ||||||||||
Financial liabilities: | ||||||||||||||||||||
Noninterest bearing checking accounts | $ | 1,119,902 | $ | 1,119,902 | $ | — | $ | — | $ | 1,119,902 | ||||||||||
Interest bearing transactions accounts | 1,290,108 | 1,290,108 | — | — | 1,290,108 | |||||||||||||||
Savings accounts | 1,091,381 | 1,091,381 | — | — | 1,091,381 | |||||||||||||||
Time deposits | 1,412,354 | — | 1,418,673 | — | 1,418,673 | |||||||||||||||
Other | 2,796 | 2,796 | — | — | 2,796 | |||||||||||||||
Total deposits | $ | 4,916,541 | $ | 3,504,187 | $ | 1,418,673 | $ | — | $ | 4,922,860 | ||||||||||
Short-term borrowings | $ | 244,002 | $ | — | $ | 244,002 | $ | — | $ | 244,002 | ||||||||||
Long-term debt | 782,845 | — | 859,396 | — | 859,396 | |||||||||||||||
Subordinated debentures/notes | 80,250 | — | 79,380 | — | 79,380 | |||||||||||||||
Accrued interest payable – deposits | 1,895 | 32 | 1,863 | — | 1,895 | |||||||||||||||
Accrued interest payable – debt/borrowings | 1,508 | 15 | 1,493 | — | 1,508 | |||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Fair value swap | $ | 135 | $ | — | $ | — | $ | 135 | $ | 135 |
December 31, 2012 | ||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
(In thousands) | Carrying value | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and money market instruments | $ | 201,305 | $ | 201,305 | $ | — | $ | — | $ | 201,305 | ||||||||||
Investment securities | 1,515,844 | 1,442 | 1,522,937 | 780 | 1,525,159 | |||||||||||||||
Accrued interest receivable - securities | 6,122 | — | 6,122 | — | 6,122 | |||||||||||||||
Accrued interest receivable - loans | 13,588 | — | 2 | 13,586 | 13,588 | |||||||||||||||
Mortgage loans held for sale | 25,743 | — | 25,743 | — | 25,743 | |||||||||||||||
Mortgage IRLCs | 372 | — | 372 | — | 372 | |||||||||||||||
Impaired loans carried at fair value | 53,932 | — | — | 53,932 | 53,932 | |||||||||||||||
Other loans | 4,314,738 | — | — | 4,348,705 | 4,348,705 | |||||||||||||||
Loans receivable, net | $ | 4,394,785 | $ | — | $ | 26,115 | $ | 4,402,637 | $ | 4,428,752 | ||||||||||
Financial liabilities: | ||||||||||||||||||||
Noninterest bearing checking accounts | $ | 1,137,290 | $ | 1,137,290 | $ | — | — | $ | 1,137,290 | |||||||||||
Interest bearing transactions accounts | 1,088,617 | 1,088,617 | — | — | 1,088,617 | |||||||||||||||
Savings accounts | 1,038,356 | 1,038,356 | — | — | 1,038,356 | |||||||||||||||
Time deposits | 1,450,424 | — | 1,458,793 | — | 1,458,793 | |||||||||||||||
Other | 1,345 | 1,345 | — | — | 1,345 | |||||||||||||||
Total deposits | $ | 4,716,032 | $ | 3,265,608 | $ | 1,458,793 | $ | — | $ | 4,724,401 | ||||||||||
Short-term borrowings | $ | 344,168 | $ | — | $ | 344,168 | $ | — | $ | 344,168 | ||||||||||
Long-term debt | 781,658 | — | 861,466 | — | 861,466 | |||||||||||||||
Subordinated debentures/notes | 80,250 | — | 79,503 | — | 79,503 | |||||||||||||||
Accrued interest payable – deposits | 1,960 | 21 | 1,939 | — | 1,960 | |||||||||||||||
Accrued interest payable – debt/borrowings | 1,499 | 8 | 1,491 | — | 1,499 | |||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
Fair value swap | 135 | — | — | 135 | 135 |
(in thousands) | Changes in pension plan assets and benefit obligations | Unrealized gains and losses on available for sale securities | Unrealized net holding loss on cash flow hedge | Total | |||||||||||||
Beginning balance at December 31, 2012 | $ | (27,134 | ) | $ | 9,616 | $ | — | $ | (17,518 | ) | |||||||
Other comprehensive loss before reclassifications | — | (2,379 | ) | — | (2,379 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | — | |||||||||||||
Net current period other comprehensive loss | — | (2,379 | ) | — | (2,379 | ) | |||||||||||
Ending balance at March 31, 2013 | $ | (27,134 | ) | $ | 7,237 | $ | — | $ | (19,897 | ) | |||||||
Beginning balance at December 31, 2011 | $ | (20,954 | ) | $ | 12,673 | $ | (550 | ) | $ | (8,831 | ) | ||||||
Net current period other comprehensive income (loss) | 412 | (2,202 | ) | 113 | (1,677 | ) | |||||||||||
Ending balance at March 31, 2012 | $ | (20,542 | ) | $ | 10,471 | $ | (437 | ) | $ | (10,508 | ) |
Projected Net Income | ||||||||||||||||||||||
(In thousands) | Original projection for 2013 | 25% of midpoint | Q1 2013 | Current projection for 2013 | ||||||||||||||||||
Pre-tax, pre-provision income | $ | 113,000 | $ | 131,000 | $ | 30,500 | $ | 28,160 | $ | 106,000 | $ | 118,000 | ||||||||||
Provision for loan losses | 20,000 | 15,000 | 4,375 | 329 | 14,000 | 10,000 | ||||||||||||||||
Income before income tax | $ | 93,000 | $ | 116,000 | $ | 26,125 | $ | 27,831 | $ | 92,000 | $ | 108,000 | ||||||||||
Federal income taxes | 23,250 | 30,160 | 6,676 | 7,121 | 22,000 | 27,600 | ||||||||||||||||
Net income | $ | 69,750 | $ | 85,840 | $ | 19,449 | $ | 20,710 | $ | 70,000 | $ | 80,400 |
(In thousands) | Q1 2013 | Q1 2012 | 2012 | 2011 | ||||||||||
PNB | $ | 19,940 | $ | 21,561 | $ | 87,106 | $ | 106,851 | ||||||
GFSC | 740 | 806 | 3,550 | 2,721 | ||||||||||
Park Parent Company | 132 | 49 | 195 | (1,595 | ) | |||||||||
Ongoing operations | $ | 20,812 | $ | 22,416 | $ | 90,851 | $ | 107,977 | ||||||
Vision Bank | — | — | — | (22,526 | ) | |||||||||
SEPH | (102 | ) | 9,059 | (12,221 | ) | (3,311 | ) | |||||||
Total Park | $ | 20,710 | $ | 31,475 | $ | 78,630 | $ | 82,140 |
(In thousands) | Q1 2013 | Q1 2012 | 2012 | 2011 | ||||||||||
Net interest income | $ | 52,735 | $ | 55,846 | $ | 221,758 | $ | 236,282 | ||||||
Provision for loan losses | 3,130 | 4,672 | 16,678 | 30,220 | ||||||||||
Fee income | 17,872 | 16,661 | 70,739 | 67,348 | ||||||||||
Security gains | — | — | — | 23,634 | ||||||||||
Total other expense | 40,324 | 38,056 | 156,516 | 146,235 | ||||||||||
Income before income taxes | $ | 27,153 | $ | 29,779 | $ | 119,303 | $ | 150,809 | ||||||
Federal income taxes | 7,213 | 8,218 | 32,197 | 43,958 | ||||||||||
Net income | $ | 19,940 | $ | 21,561 | $ | 87,106 | $ | 106,851 | ||||||
Net income excluding security gains | $ | 19,940 | $ | 21,561 | $ | 87,106 | $ | 91,489 |
(In thousands) | March 31, 2013 | Dec. 31, 2012 | March 31, 2012 | % change from 12/31/12 | % change from 3/31/12 | ||||||||||
Loans | $ | 4,368,446 | $ | 4,369,173 | $ | 4,203,435 | (0.02 | )% | 3.93 | % | |||||
Allowance for loan losses | 52,901 | 53,131 | 57,408 | (0.43 | )% | (7.85 | )% | ||||||||
Net loans | 4,315,545 | 4,316,042 | 4,146,027 | (0.01 | )% | 4.09 | % | ||||||||
Total assets | 6,611,802 | 6,502,579 | 6,587,773 | 1.68 | % | 0.36 | % | ||||||||
Average assets (YTD) | 6,555,952 | 6,532,683 | 6,451,704 | 0.36 | % | 1.62 | % | ||||||||
Deposits | 5,005,238 | 4,814,107 | 4,961,121 | 3.97 | % | 0.89 | % | ||||||||
Return on average assets * | 1.23 | % | 1.33 | % | 1.34 | % | (7.52 | )% | (8.21 | )% | |||||
* Annualized for the three months ended March 31, 2013 and 2012. |
(In thousands) | Q1 2013 | Q1 2012 | 2012 | 2011 | ||||||||||
Net interest income | $ | 2,133 | $ | 2,211 | $ | 9,156 | $ | 8,693 | ||||||
Provision for loan losses | 210 | 250 | 859 | 2,000 | ||||||||||
Fee income | 2 | — | — | — | ||||||||||
Total other expense | 786 | 721 | 2,835 | 2,506 | ||||||||||
Income before income taxes | $ | 1,139 | $ | 1,240 | $ | 5,462 | $ | 4,187 | ||||||
Federal income taxes | 399 | 434 | 1,912 | 1,466 | ||||||||||
Net income | $ | 740 | $ | 806 | $ | 3,550 | $ | 2,721 |
(In thousands) | March 31, 2013 | Dec. 31, 2012 | March 31, 2012 | % change from 12/31/12 | % change from 3/31/12 | ||||||||||
Loans | $ | 49,961 | $ | 50,082 | $ | 48,044 | (0.24 | )% | 3.99 | % | |||||
Allowance for loan losses | 2,414 | 2,406 | 2,350 | 0.33 | % | 2.72 | % | ||||||||
Net loans | 47,547 | 47,676 | 45,694 | (0.27 | )% | 4.06 | % | ||||||||
Total assets | 49,555 | 49,926 | 47,380 | (0.74 | )% | 4.59 | % | ||||||||
Average assets (YTD) | 49,172 | 48,381 | 46,362 | 1.63 | % | 6.06 | % | ||||||||
Return on average assets * | 6.10 | % | 7.34 | % | 6.99 | % | (16.89 | )% | (12.73 | )% | |||||
* Annualized for the three months ended March 31, 2013 and 2012. |
(In thousands) | Q1 2013 | Q1 2012 | 2012 | 2011 | ||||||||||
Net interest income | $ | 1,240 | $ | 1,061 | $ | 4,742 | $ | 2,155 | ||||||
Provision for loan losses | — | — | — | — | ||||||||||
Fee income | 100 | 68 | 233 | 350 | ||||||||||
Total other expense | 1,644 | 1,528 | 6,585 | 7,115 | ||||||||||
Loss before income taxes | $ | (304 | ) | $ | (399 | ) | $ | (1,610 | ) | $ | (4,610 | ) | ||
Federal income tax benefit | (436 | ) | (448 | ) | (1,805 | ) | (3,015 | ) | ||||||
Net income (loss) | $ | 132 | $ | 49 | $ | 195 | $ | (1,595 | ) |
(In thousands) | Q1 2013 | Q1 2012 | 2012 | SEPH 2011 | Vision 2011 | |||||||||||||
Net interest income (expense) | $ | (655 | ) | $ | 2,610 | $ | (341 | ) | $ | (974 | ) | $ | 27,078 | |||||
Provision for (recovery of) loan losses | (3,011 | ) | 3,416 | 17,882 | — | 31,052 | ||||||||||||
Fee income | 831 | 724 | (736 | ) | (3,039 | ) | 1,422 | |||||||||||
Security gains | — | — | — | — | 5,195 | |||||||||||||
Gain on sale of Vision business | — | 22,167 | 22,167 | — | — | |||||||||||||
Total other expense | 3,344 | 8,165 | 22,032 | 1,082 | 31,379 | |||||||||||||
Income (loss) before income taxes | $ | (157 | ) | $ | 13,920 | $ | (18,824 | ) | $ | (5,095 | ) | $ | (28,736 | ) | ||||
Federal income taxes (benefit) | (55 | ) | 4,861 | (6,603 | ) | (1,784 | ) | (6,210 | ) | |||||||||
Net income (loss) | $ | (102 | ) | $ | 9,059 | $ | (12,221 | ) | $ | (3,311 | ) | $ | (22,526 | ) | ||||
Net income (loss) excluding security gains | $ | (102 | ) | $ | 9,059 | $ | (12,221 | ) | $ | (3,311 | ) | $ | (25,903 | ) |
SEPH - Retained Vision Loan Portfolio | ||||||||||||
(In thousands) | Unpaid Principal Balance | Charge-Offs | Net Book Balance | Charge-off Percentage | ||||||||
Nonperforming loans - retained by SEPH | $ | 116,605 | $ | 68,312 | $ | 48,293 | 58.58 | % | ||||
Performing loans - retained by SEPH | 3,470 | 209 | 3,261 | 6.02 | % | |||||||
Total SEPH loan exposure | $ | 120,075 | $ | 68,521 | $ | 51,554 | 57.07 | % |
(In thousands) | SEPH 03/31/13 | SEPH 12/31/2012 | Change from last quarter | |||||||
Nonperforming loans - retained by SEPH | $ | 48,293 | $ | 55,292 | $ | (6,999 | ) | |||
OREO - retained by SEPH | 21,705 | 21,003 | 702 | |||||||
Total nonperforming assets | $ | 69,998 | $ | 76,295 | $ | (6,297 | ) | |||
Performing loans - retained by SEPH | 3,261 | 3,886 | (625 | ) | ||||||
Total Legacy Vision assets - retained by SEPH | $ | 73,259 | $ | 80,181 | $ | (6,922 | ) |
(In thousands) | Q1 2013 | Q1 2012 | 2012 | 2011 | ||||||||||
Net interest income | $ | 55,453 | $ | 61,728 | $ | 235,315 | $ | 273,234 | ||||||
Provision for loan losses | 329 | 8,338 | 35,419 | 63,272 | ||||||||||
Fee income | 18,805 | 17,453 | 70,236 | 66,081 | ||||||||||
Security gains | — | — | — | 28,829 | ||||||||||
Gain on sale of Vision business | — | 22,167 | 22,167 | — | ||||||||||
Total other expense | 46,098 | 48,470 | 187,968 | 188,317 | ||||||||||
Income before income taxes | $ | 27,831 | $ | 44,540 | $ | 104,331 | $ | 116,555 | ||||||
Federal income taxes | 7,121 | 13,065 | 25,701 | 34,415 | ||||||||||
Net income | $ | 20,710 | $ | 31,475 | $ | 78,630 | $ | 82,140 | ||||||
Net income excluding gains (1) | $ | 20,710 | $ | 17,066 | $ | 64,221 | $ | 63,401 |
Three months ended March 31, 2013 | Three months ended March 31, 2012 | |||||||||||||
(In thousands) | Average balance | Tax equivalent % | Average balance | Tax equivalent % | ||||||||||
Loans (1) | $ | 4,438,308 | 5.13 | % | $ | 4,485,074 | 5.52 | % | ||||||
Taxable investments | 1,425,903 | 2.91 | % | 1,639,775 | 3.33 | % | ||||||||
Tax exempt investments | 1,469 | 7.15 | % | 4,043 | 7.05 | % | ||||||||
Money market instruments | 259,723 | 0.25 | % | 168,880 | 0.25 | % | ||||||||
Interest earning assets | $ | 6,125,403 | 4.41 | % | $ | 6,297,772 | 4.81 | % | ||||||
Interest bearing deposits (2) | $ | 3,747,633 | 0.39 | % | $ | 3,891,482 | 0.56 | % | ||||||
Short-term borrowings | 245,695 | 0.24 | % | 241,329 | 0.29 | % | ||||||||
Long-term debt | 862,610 | 3.29 | % | 897,699 | 3.38 | % | ||||||||
Interest bearing liabilities | $ | 4,855,938 | 0.90 | % | $ | 5,030,510 | 1.05 | % | ||||||
Excess interest earning assets | $ | 1,269,465 | $ | 1,267,262 | ||||||||||
Net interest spread | 3.51 | % | 3.76 | % | ||||||||||
Net interest margin | 3.70 | % | 3.97 | % |
(In thousands) | Average interest earning assets | Net interest income | Tax equivalent net interest margin | ||||||||
March 2012 | $ | 6,297,772 | $ | 61,728 | 3.97 | % | |||||
June 2012 | $ | 6,134,797 | $ | 58,680 | 3.87 | % | |||||
September 2012 | $ | 6,200,288 | $ | 58,016 | 3.75 | % | |||||
December 2012 | $ | 6,128,159 | $ | 56,891 | 3.72 | % | |||||
March 2013 | $ | 6,125,403 | $ | 55,453 | 3.70 | % |
(Dollars in thousands) | Loans | Investments | Money Market Instruments | Total | ||||||||||||
2010 - year | $ | 4,642,478 | $ | 1,746,356 | $ | 93,009 | $ | 6,481,843 | ||||||||
Percentage of total earning assets | 71.62 | % | 26.94 | % | 1.44 | % | 100.00 | % | ||||||||
2011 - year | $ | 4,713,511 | $ | 1,848,880 | $ | 78,593 | $ | 6,640,984 | ||||||||
Percentage of total earning assets | 70.98 | % | 27.84 | % | 1.18 | % | 100.00 | % | ||||||||
2012 - year | $ | 4,410,661 | $ | 1,613,131 | $ | 166,319 | $ | 6,190,111 | ||||||||
Percentage of total earning assets | 71.25 | % | 26.06 | % | 2.69 | % | 100.00 | % | ||||||||
2013 - first quarter | $ | 4,438,308 | $ | 1,427,372 | $ | 259,723 | $ | 6,125,403 | ||||||||
Percentage of total earning assets | 72.46 | % | 23.30 | % | 4.24 | % | 100.00 | % |
Loans | Investments | Money Market Instruments | Total | ||||||||
2010 - year | 5.80 | % | 4.47 | % | 0.22 | % | 5.36 | % | |||
2011 - year | 5.60 | % | 3.76 | % | 0.23 | % | 5.03 | % | |||
2012 - year | 5.35 | % | 3.15 | % | 0.25 | % | 4.64 | % | |||
2013 - first quarter | 5.13 | % | 2.92 | % | 0.25 | % | 4.41 | % |
SEPH - Retained Vision Loan Portfolio | ||||||||||||
Charge-offs as a percentage of unpaid principal balance | ||||||||||||
(In thousands) | Unpaid Principal Balance | Charge-Offs | Net Book Balance | Charge-off Percentage | ||||||||
Nonperforming loans - retained by SEPH | $ | 116,605 | $ | 68,312 | $ | 48,293 | 58.58 | % | ||||
Performing loans - retained by SEPH | 3,470 | 209 | 3,261 | 6.02 | % | |||||||
Total SEPH loan exposure | $ | 120,075 | $ | 68,521 | $ | 51,554 | 57.07 | % |
Park National Corporation - Allowance for Loan & Lease Losses | |||||||||||
(In thousands) | March 31, 2013 | December 31, 2012 | March 31, 2012 | ||||||||
Total ALLL | $ | 55,315 | $ | 55,537 | 59,758 | ||||||
Specific reserves | 8,260 | 8,276 | 9,505 | ||||||||
General reserves | $ | 47,055 | $ | 47,261 | 50,253 | ||||||
Total loans | $ | 4,443,523 | $ | 4,450,322 | 4,324,383 | ||||||
Impaired commercial loans | 130,270 | 137,238 | 179,293 | ||||||||
Non-impaired loans | $ | 4,313,253 | $ | 4,313,084 | 4,145,090 | ||||||
Total ALLL to total loan ratio | 1.24 | % | 1.25 | % | 1.38 | % | |||||
General reserves as a % of non-impaired loans | 1.09 | % | 1.10 | % | 1.21 | % |
Commercial loans * (In thousands) | March 31, 2013 | December 31, 2012 | March 31, 2012 | |||||||
Pass rated | $ | 2,232,747 | $ | 2,225,702 | $ | 2,132,391 | ||||
Special Mention | 47,298 | 49,275 | 57,823 | |||||||
Substandard | 14,127 | 16,843 | 17,376 | |||||||
Impaired | 86,411 | 89,365 | 104,181 | |||||||
Total | $ | 2,380,583 | $ | 2,381,185 | $ | 2,311,771 |
(In thousands) | March 31, 2013 | December 31, 2012 | March 31, 2012 | |||||||||
Nonaccrual loans | $ | 151,539 | $ | 155,536 | $ | 183,227 | ||||||
Accruing TDRs | 24,274 | 29,800 | 34,436 | |||||||||
Loans past due 90 days or more | 1,350 | 2,970 | 2,281 | |||||||||
Total nonperforming loans | $ | 177,163 | $ | 188,306 | $ | 219,944 | ||||||
OREO – PNB | 14,587 | 14,715 | 13,387 | |||||||||
OREO – SEPH | 21,705 | 21,003 | 28,578 | |||||||||
Total nonperforming assets | $ | 213,455 | $ | 224,024 | $ | 261,909 | ||||||
Percentage of nonaccrual loans to total loans | 3.41 | % | 3.49 | % | 4.24 | % | ||||||
Percentage of nonperforming loans to total loans | 3.99 | % | 4.23 | % | 5.09 | % | ||||||
Percentage of nonperforming assets to total loans | 4.80 | % | 5.03 | % | 6.06 | % | ||||||
Percentage of nonperforming assets to total assets | 3.16 | % | 3.37 | % | 3.86 | % |
(In thousands) | March 31, 2013 | December 31, 2012 | March 31, 2012 | |||||||||
Nonaccrual loans | $ | 103,246 | $ | 100,244 | $ | 102,886 | ||||||
Accruing TDRs | 24,274 | 29,800 | 32,451 | |||||||||
Loans past due 90 days or more | 1,350 | 2,970 | 2,281 | |||||||||
Total nonperforming loans | $ | 128,870 | $ | 133,014 | $ | 137,618 | ||||||
OREO – PNB | 14,587 | 14,715 | 13,387 | |||||||||
Total nonperforming assets | $ | 143,457 | $ | 147,729 | $ | 151,005 | ||||||
Percentage of nonaccrual loans to total loans | 2.35 | % | 2.28 | % | 2.43 | % | ||||||
Percentage of nonperforming loans to total loans | 2.93 | % | 3.03 | % | 3.26 | % | ||||||
Percentage of nonperforming assets to total loans | 3.27 | % | 3.36 | % | 3.57 | % | ||||||
Percentage of nonperforming assets to total assets | 2.17 | % | 2.27 | % | 2.29 | % |
(In thousands) | March 31, 2013 | December 31, 2012 | March 31, 2012 | |||||||||
Nonaccrual loans | $ | 48,293 | $ | 55,292 | $ | 80,341 | ||||||
Accruing TDRs | — | — | 1,985 | |||||||||
Loans past due 90 days or more | — | — | — | |||||||||
Total nonperforming loans | $ | 48,293 | $ | 55,292 | $ | 82,326 | ||||||
OREO – SEPH | 21,705 | 21,003 | 28,578 | |||||||||
Total nonperforming assets | $ | 69,998 | $ | 76,295 | $ | 110,904 |
(In thousands) | Unpaid principal balance (UPB) | Prior charge- offs | Total impaired loans | Specific reserve | Carrying balance | Carrying balance as a % of UPB | |||||||||||||||||
PNB | $ | 124,359 | $ | 37,948 | $ | 86,411 | $ | 8,260 | $ | 78,151 | 62.84 | % | |||||||||||
SEPH - CL&D loans | 53,287 | 42,805 | 10,482 | — | 10,482 | 19.67 | % | ||||||||||||||||
SEPH - Other loans | 55,498 | 22,121 | 33,377 | — | 33,377 | 60.14 | % | ||||||||||||||||
PRK totals | $ | 233,144 | $ | 102,874 | $ | 130,270 | $ | 8,260 | $ | 122,010 | 52.33 | % |
• | 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 time it takes a credit to move from pass-rated to nonaccrual. If the loss emergence period for any commercial loan |
• | 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 March 31, | ||||||||||||
(In thousands) | 2013 | 2012 | Change | |||||||||
Income from fiduciary activities | $ | 4,076 | $ | 3,828 | $ | 248 | ||||||
Service charges on deposits | 3,822 | 4,071 | (249 | ) | ||||||||
Other service income | 3,985 | 2,734 | 1,251 | |||||||||
Checkcard fee income | 2,983 | 3,172 | (189 | ) | ||||||||
Bank owned life insurance income | 1,202 | 1,202 | — | |||||||||
ATM fees | 627 | 608 | 19 | |||||||||
OREO valuation adjustments | 401 | (1,359 | ) | 1,760 | ||||||||
Gain on sale of OREO, net | 224 | 1,045 | (821 | ) | ||||||||
Gain on sale of the Vision business | — | 22,167 | (22,167 | ) | ||||||||
Other | 1,485 | 2,152 | (667 | ) | ||||||||
Total other income | $ | 18,805 | $ | 39,620 | $ | (20,815 | ) |
Change from 2012 to 2013 | ||||||||||||
(In thousands) | Ohio based operations | SEPH/VB | Total | |||||||||
Income from fiduciary activities | $ | 251 | $ | (3 | ) | $ | 248 | |||||
Service charges on deposits | (95 | ) | (154 | ) | (249 | ) | ||||||
Other service income | 1,359 | (108 | ) | 1,251 | ||||||||
Checkcard fee income | (71 | ) | (118 | ) | (189 | ) | ||||||
Bank owned life insurance income | 18 | (18 | ) | — | ||||||||
ATM fees | 28 | (9 | ) | 19 | ||||||||
OREO valuation adjustments | 71 | 1,689 | 1,760 | |||||||||
Gain on sale of OREO, net | (823 | ) | 2 | (821 | ) | |||||||
Gain on sale of the Vision business | — | (22,167 | ) | (22,167 | ) | |||||||
Other | 507 | (1,174 | ) | (667 | ) | |||||||
Total other income | $ | 1,245 | $ | (22,060 | ) | $ | (20,815 | ) |
Three months ended March 31, | ||||||||||||
(In thousands) | 2013 | 2012 | Change | |||||||||
Salaries and employee benefits | $ | 24,633 | $ | 24,823 | $ | (190 | ) | |||||
Occupancy expense | 2,597 | 2,670 | (73 | ) | ||||||||
Furniture and equipment expense | 2,607 | 2,621 | (14 | ) | ||||||||
Data processing fees | 1,019 | 1,200 | (181 | ) | ||||||||
Professional fees and services | 5,864 | 5,581 | 283 | |||||||||
Amortization of intangibles | 112 | 1,754 | (1,642 | ) | ||||||||
Marketing | 848 | 843 | 5 | |||||||||
Insurance | 1,302 | 1,490 | (188 | ) | ||||||||
Communication | 1,580 | 1,537 | 43 | |||||||||
State taxes | 928 | 989 | (61 | ) | ||||||||
Loan put provision | — | 662 | (662 | ) | ||||||||
OREO expense | 512 | 723 | (211 | ) | ||||||||
Other | 4,096 | 3,577 | 519 | |||||||||
Total other expense | $ | 46,098 | $ | 48,470 | $ | (2,372 | ) |
Three months ended March 31, | ||||||||||||
(In thousands) | Ohio based operations | SEPH/Vision | Total | |||||||||
Salaries and employee benefits | $ | 1,451 | $ | (1,641 | ) | $ | (190 | ) | ||||
Occupancy expense | 240 | (313 | ) | (73 | ) | |||||||
Furniture and equipment expense | 56 | (70 | ) | (14 | ) | |||||||
Data processing fees | 61 | (242 | ) | (181 | ) | |||||||
Professional fees and services | 414 | (131 | ) | 283 | ||||||||
Amortization of intangibles | (27 | ) | (1,615 | ) | (1,642 | ) | ||||||
Marketing | 27 | (22 | ) | 5 | ||||||||
Insurance | (51 | ) | (137 | ) | (188 | ) | ||||||
Communication | 132 | (89 | ) | 43 | ||||||||
State taxes | (9 | ) | (52 | ) | (61 | ) | ||||||
Loan put provision | — | (662 | ) | (662 | ) | |||||||
OREO expense | 70 | (281 | ) | (211 | ) | |||||||
Other | 85 | 434 | 519 | |||||||||
Total other expense | $ | 2,449 | $ | (4,821 | ) | $ | (2,372 | ) |
Other Expense - Quarterly 2012 and 2013 | ||||||||||||||||||||||||
(In thousands) | PNB | GFSC | All Other | Vision | SEPH | Total PRK | ||||||||||||||||||
Q1 2012 | $ | 38,056 | $ | 721 | $ | 1,528 | $ | — | $ | 8,165 | $ | 48,470 | ||||||||||||
Q2 2012 | 37,260 | 706 | 1,839 | — | 5,999 | 45,804 | ||||||||||||||||||
Q3 2012 | 39,609 | 693 | 1,373 | — | 4,008 | 45,683 | ||||||||||||||||||
Q4 2012 | 41,591 | 715 | 1,845 | — | 3,860 | 48,011 | ||||||||||||||||||
Total 2012 | $ | 156,516 | $ | 2,835 | $ | 6,585 | $ | — | $ | 22,032 | $ | 187,968 | ||||||||||||
Q1 2013 | $ | 40,324 | $ | 786 | $ | 1,644 | $ | — | $ | 3,344 | $ | 46,098 | ||||||||||||
YTD 2013 | $ | 40,324 | $ | 786 | $ | 1,644 | $ | — | $ | 3,344 | $ | 46,098 |
Leverage | Tier 1 Risk Based | Total Risk-Based | ||||||
The Park National Bank | 6.72 | % | 9.78 | % | 11.67 | % | ||
Park National Corporation | 9.26 | % | 13.35 | % | 16.01 | % | ||
Minimum capital ratio | 4.00 | % | 4.00 | % | 8.00 | % | ||
Well capitalized ratio (PNB only) | 5.00 | % | 6.00 | % | 10.00 | % |
(In thousands) | March 31, 2013 | December 31, 2012 | ||||||
Loan commitments | $ | 857,235 | $ | 815,585 | ||||
Standby letters of credit | $ | 22,023 | $ | 22,961 |
• | 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 March 31, 2013. 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) | ||||||||
January 1 through January 31, 2013 | — | — | — | 761,011 | ||||||||
February 1 through February 28, 2013 | — | — | — | 761,011 | ||||||||
March 1 through March 31, 2013 | — | — | — | 761,011 | ||||||||
Total | — | — | — | 761,011 |
(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”). |
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 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 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 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) | |
10.1 | Park National Corporation 2013 Long - Term Incentive Plan (Incorporated herein by reference to Exhibit 10.1 to Park's Current Report of Form 8-K dated and filed April 23, 2013 (File No. 1-13006)) | |
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 March 31, 2013 formatted in XBRL (eXtensible Business Reporting Language) pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Condensed Balance Sheets as of March 31, 2013 (unaudited) and December 31, 2012; (ii) the Consolidated Condensed Statements of Income for the three months ended March 31, 2013 and 2012 (unaudited); (iii) the Consolidated Condensed Statements of Comprehensive Income for the three months ended March 31, 2013 and 2012 (unaudited); (iv) the Consolidated Condensed Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2013 and 2012 (unaudited); (v) the Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2013 and 2012 (unaudited); and (vi) the Notes to Unaudited Consolidated Condensed Financial Statements (electronically submitted herewith). |
PARK NATIONAL CORPORATION | ||
DATE: May 02, 2013 | /s/ C. Daniel DeLawder | |
C. Daniel DeLawder | ||
Chairman of the Board and | ||
Chief Executive Officer | ||
DATE: May 02, 2013 | /s/ Brady T. Burt | |
Brady T. Burt | ||
Chief Financial Officer and | ||
Treasurer |
1. | I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013, 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: May 02, 2013 | /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 March 31, 2013, 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: May 02, 2013 | /s/ Brady T. Burt | |
Brady T. Burt | ||
Chief Financial Officer and Treasurer | ||
(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: May 02, 2013 |
(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/ Brady T. Burt | ||
Brady T. Burt | ||
Chief Financial Officer and Treasurer | ||
(Principal Financial Officer) | ||
DATE: May 02, 2013 |
Sale Of Vision Bank Business (Narrative) (Details) (USD $)
|
3 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Feb. 16, 2012
|
Feb. 19, 2012
Performing Retained By SEPH [Member]
|
Feb. 19, 2012
Non Performing Retained By SEPH [Member]
|
Mar. 31, 2013
Vision Bank [Member]
Obligation to Repurchase Receivables Sold [Member]
|
Dec. 31, 2012
Vision Bank [Member]
Obligation to Repurchase Receivables Sold [Member]
|
Feb. 16, 2012
Vision Bank [Member]
Obligation to Repurchase Receivables Sold [Member]
|
|
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Purchase price | $ 27,900,000 | |||||||
Loans left with Vision subsequent to transactions | 22,000,000 | 88,000,000 | ||||||
Gain on sale of the Vision business | 0 | 22,167,000 | ||||||
Maximum amount allowed to put back | 7,500,000 | |||||||
Put expiration period | 180 days | |||||||
Purchase price of loans | 7,500,000 | |||||||
Amount of loans put back during the period | 4,200,000 | |||||||
Amount of other expense recognized due to provision for put backs | $ 3,300,000 |
Earnings Per Common Share (Narrative) (Details) (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2012
|
|
Earnings Per Share [Abstract] | |
Dilutive effect of Capital Purchase Plan warrants | 11,835 |
Options and warrants not included in computation of diluted earnings per common shares | 73,683 |
Warrants to purchase common shares outstanding related to common stock issuances | 227,376 |
Exercise price of Capital Purchase Plan warrants to purchase common shares | $ 65.97 |
Shares outstanding under the Incentive Stock Option Plan | 66,625 |
Fair Value (Fair Value Of Financial Instruments) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and money market instruments | $ 520,512 | $ 201,305 |
Investment securities | 1,295,565 | 1,525,159 |
Mortgage loans held for sale | 10,235 | 25,743 |
Impaired loans carried at fair value | 51,271 | 53,900 |
Other loans | 4,344,928 | 4,348,705 |
Loans receivable, net | 4,406,685 | 4,428,752 |
Noninterest bearing checking accounts | 1,119,902 | 1,137,290 |
Interest bearing transactions accounts | 1,290,108 | 1,088,617 |
Savings accounts | 1,091,381 | 1,038,356 |
Time deposits | 1,418,673 | 1,458,793 |
Other | 2,796 | 1,345 |
Total deposits | 4,922,860 | 4,724,401 |
Short-term borrowings | 244,002 | 344,168 |
Long-term debt | 859,396 | 861,466 |
Subordinated debentures/notes | 79,380 | 79,503 |
Fair Value Swap [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Swap | 135 | 135 |
Carrying Value [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and money market instruments | 520,512 | 201,305 |
Investment securities | 1,286,501 | 1,515,844 |
Mortgage loans held for sale | 10,235 | 25,743 |
Derivative Assets | 251 | 372 |
Impaired loans carried at fair value | 51,271 | 53,932 |
Other loans | 4,326,451 | 4,314,738 |
Loans receivable, net | 4,388,208 | 4,394,785 |
Noninterest bearing checking accounts | 1,119,902 | 1,137,290 |
Interest bearing transactions accounts | 1,290,108 | 1,088,617 |
Savings accounts | 1,091,381 | 1,038,356 |
Time deposits | 1,412,354 | 1,450,424 |
Other | 2,796 | 1,345 |
Total deposits | 4,916,541 | 4,716,032 |
Short-term borrowings | 244,002 | 344,168 |
Long-term debt | 782,845 | 781,658 |
Subordinated debentures/notes | 80,250 | 80,250 |
Carrying Value [Member] | Fair Value Swap [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Swap | 135 | 135 |
Level 1 [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and money market instruments | 520,512 | 201,305 |
Investment securities | 1,593 | 1,442 |
Mortgage loans held for sale | ||
Derivative Assets | 0 | |
Impaired loans carried at fair value | ||
Other loans | ||
Loans receivable, net | ||
Noninterest bearing checking accounts | 1,119,902 | 1,137,290 |
Interest bearing transactions accounts | 1,290,108 | 1,088,617 |
Savings accounts | 1,091,381 | 1,038,356 |
Time deposits | ||
Other | 2,796 | 1,345 |
Total deposits | 3,504,187 | 3,265,608 |
Short-term borrowings | ||
Long-term debt | ||
Subordinated debentures/notes | ||
Level 1 [Member] | Fair Value Swap [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Swap | ||
Level 2 [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and money market instruments | ||
Investment securities | 1,293,196 | 1,522,937 |
Mortgage loans held for sale | 10,235 | 25,743 |
Derivative Assets | 251 | 372 |
Impaired loans carried at fair value | ||
Other loans | ||
Loans receivable, net | 10,486 | 26,115 |
Noninterest bearing checking accounts | ||
Interest bearing transactions accounts | ||
Savings accounts | ||
Time deposits | 1,418,673 | 1,458,793 |
Other | ||
Total deposits | 1,418,673 | 1,458,793 |
Short-term borrowings | 244,002 | 344,168 |
Long-term debt | 859,396 | 861,466 |
Subordinated debentures/notes | 79,380 | 79,503 |
Level 2 [Member] | Fair Value Swap [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Swap | ||
Level 3 [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and money market instruments | ||
Investment securities | 776 | 780 |
Mortgage loans held for sale | ||
Derivative Assets | 0 | |
Impaired loans carried at fair value | 51,271 | 53,932 |
Other loans | 4,344,928 | 4,348,705 |
Loans receivable, net | 4,396,199 | 4,402,637 |
Noninterest bearing checking accounts | ||
Interest bearing transactions accounts | ||
Savings accounts | ||
Time deposits | ||
Other | ||
Total deposits | ||
Short-term borrowings | ||
Long-term debt | ||
Subordinated debentures/notes | ||
Level 3 [Member] | Fair Value Swap [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Swap | 135 | 135 |
Fair Value [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Assets | 251 | 372 |
Impaired loans carried at fair value | 53,932 | |
Securities [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 4,030 | 6,122 |
Securities [Member] | Carrying Value [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 4,030 | 6,122 |
Securities [Member] | Level 1 [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | ||
Securities [Member] | Level 2 [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 4,030 | 6,122 |
Securities [Member] | Level 3 [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | ||
Loans [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 14,541 | 13,588 |
Loans [Member] | Carrying Value [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 14,541 | 13,588 |
Loans [Member] | Level 1 [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | ||
Loans [Member] | Level 2 [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 2 | |
Loans [Member] | Level 3 [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 14,541 | 13,586 |
Deposits [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 1,895 | 1,960 |
Deposits [Member] | Carrying Value [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 1,895 | 1,960 |
Deposits [Member] | Level 1 [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 32 | 21 |
Deposits [Member] | Level 2 [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 1,863 | 1,939 |
Deposits [Member] | Level 3 [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | ||
Debt/Borrowings [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 1,508 | 1,499 |
Debt/Borrowings [Member] | Carrying Value [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 1,508 | 1,499 |
Debt/Borrowings [Member] | Level 1 [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 15 | 8 |
Debt/Borrowings [Member] | Level 2 [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable | 1,493 | 1,491 |
Debt/Borrowings [Member] | Level 3 [Member]
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest payable |
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 | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Earnings Per Share [Abstract] | ||
Income available to common shareholders | $ 20,710 | $ 29,998 |
Denominator for basic earnings per share (weighted average common shares outstanding) | 15,411,990 | 15,405,910 |
Effect of dilutive options and warrants | 0 | 11,835 |
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants) | 15,411,990 | 15,417,745 |
Basic earnings per common share | $ 1.34 | $ 1.95 |
Diluted earnings per common share | $ 1.34 | $ 1.95 |
Loans (Loans Individually Evaluated For Impairment By Class Of Loans) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
---|---|---|---|
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | $ 233,143 | $ 242,345 | |
Recorded investment | 130,303 | 137,339 | 179,424 |
Allowance for loan losses allocated | 8,260 | 8,276 | |
Commercial, Financial And Agricultural [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 21,742 | 40,241 | |
Commercial, Financial And Agricultural [Member] | Financing Receivable With No Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 22,392 | 23,782 | |
Recorded investment | 13,403 | 14,683 | |
Allowance for loan losses allocated | |||
Commercial, Financial And Agricultural [Member] | Financing Receivable With A Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 12,924 | 12,268 | |
Recorded investment | 8,339 | 7,904 | |
Allowance for loan losses allocated | 3,519 | 3,180 | |
Construction Real Estate - Vision/SEPH Commercial Land And Development [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 10,482 | 19,433 | |
Construction Real Estate - Vision/SEPH Commercial Land And Development [Member] | Financing Receivable With No Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 53,287 | 56,075 | |
Recorded investment | 10,482 | 12,740 | |
Allowance for loan losses allocated | |||
Construction Real Estate - Vision/SEPH Commercial Land And Development [Member] | Financing Receivable With A Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 1,271 | ||
Recorded investment | 520 | ||
Allowance for loan losses allocated | |||
Construction Real Estate - Remaining Commercial [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 20,483 | 32,673 | |
Construction Real Estate - Remaining Commercial [Member] | Financing Receivable With No Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 24,614 | 29,328 | |
Recorded investment | 11,209 | 14,093 | |
Allowance for loan losses allocated | |||
Construction Real Estate - Remaining Commercial [Member] | Financing Receivable With A Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 9,984 | 8,071 | |
Recorded investment | 9,274 | 7,481 | |
Allowance for loan losses allocated | 2,939 | 2,277 | |
Residential Real Estate - Commercial [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 36,722 | 43,752 | |
Residential Real Estate - Commercial [Member] | Financing Receivable With No Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 40,341 | 39,918 | |
Recorded investment | 32,566 | 31,957 | |
Allowance for loan losses allocated | |||
Residential Real Estate - Commercial [Member] | Financing Receivable With A Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 4,498 | 3,944 | |
Recorded investment | 4,156 | 3,665 | |
Allowance for loan losses allocated | 1,154 | 1,279 | |
Commercial Real Estate [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 40,075 | 43,305 | |
Commercial Real Estate [Member] | Financing Receivable With No Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 58,637 | 56,258 | |
Recorded investment | 34,750 | 35,097 | |
Allowance for loan losses allocated | |||
Commercial Real Estate [Member] | Financing Receivable With A Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 5,667 | 11,412 | |
Recorded investment | 5,325 | 9,181 | |
Allowance for loan losses allocated | 648 | 1,540 | |
Consumer [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 799 | 20 | |
Consumer [Member] | Financing Receivable With No Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | 799 | 18 | |
Recorded investment | 799 | 18 | |
Allowance for loan losses allocated | |||
Consumer [Member] | Financing Receivable With A Related Allowance Recorded [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Unpaid principal balance | |||
Recorded investment | |||
Allowance for loan losses allocated |
Investment Securities (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Investment Securities | Investment securities at December 31, 2012, were as follows:
Investment securities at March 31, 2013, were as follows:
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Schedule Of Unrealized Loss On Securities | Securities with unrealized losses at December 31, 2012, were as follows:
Securities with unrealized losses at March 31, 2013, 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 March 31, 2013, 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 of principal repayments.
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Participation In The U.S. Treasury Capital Purchase Program (CPP) (Details) (USD $)
|
4 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 23, 2008
|
May 02, 2012
U.S. Treasury Capital Purchase Program [Member]
|
Dec. 31, 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 | $ 100,000,000 | |||
Liquidation preference per senior preferred shares | $ 1,000 | |||
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 | 101,000,000 | |||
Dividends, Preferred Stock, Cash | 972,000 | |||
Charge to retained earnings from preferred stock repurchase | 1,600,000 | |||
Number of Warrants Repurchased | 227,376 | |||
Payments for Repurchase of Warrants | $ 2,800,000 | |||
Repurchase Price per Share | $ 12.50 |
Mortgage Loans Held For Sale (Details) (USD $)
|
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Loans Receivable Held-for-sale, Net [Abstract] | ||
Mortgage loans held for sale | $ 10,235,000 | $ 25,743,000 |
Mortgage loans held for sale, contractual balance | 10,100,000 | 25,200,000 |
Gain expected upon sale of mortgage loans | $ 147,000 | $ 568,000 |
Fair Value Qualitative information about Level 3 fair value measurements (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 4,406,685 | 4,428,752 |
Impaired loans carried at fair value | 51,271 | 53,900 |
Other Assets, Fair Value Disclosure | 4,344,928 | 4,348,705 |
Fair Value, Measurements, Nonrecurring [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 51,271 | 53,932 |
Other Assets, Fair Value Disclosure | 18,349 | 19,926 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
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Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 51,271 | 53,932 |
Other Assets, Fair Value Disclosure | 18,349 | 19,926 |
Fair Value, Measurements, Nonrecurring [Member] | Loans Receivable [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
|
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Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 7.50% | 7.50% |
Fair Value, Measurements, Nonrecurring [Member] | Loans Receivable [Member] | Minimum [Member] | Cost Approach Valuation Technique [Member]
|
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Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 38.00% | 23.00% |
Fair Value, Measurements, Nonrecurring [Member] | Loans Receivable [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
|
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Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 20.90% | 20.90% |
Fair Value, Measurements, Nonrecurring [Member] | Loans Receivable [Member] | Maximum [Member] | Cost Approach Valuation Technique [Member]
|
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Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 65.00% | 63.00% |
Fair Value, Measurements, Nonrecurring [Member] | Loans Receivable [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 9.70% | 10.10% |
Fair Value, Measurements, Nonrecurring [Member] | Loans Receivable [Member] | Weighted Average [Member] | Cost Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 53.10% | 50.40% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate, SEPH Commercial Land and Development [Member] | Loans Receivable [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans carried at fair value | 12,832 | |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate, SEPH Commercial Land and Development [Member] | Loans Receivable [Member] | Minimum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate, SEPH Commercial Land and Development [Member] | Loans Receivable [Member] | Minimum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 11.00% | 11.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate, SEPH Commercial Land and Development [Member] | Loans Receivable [Member] | Maximum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 218.00% | 218.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate, SEPH Commercial Land and Development [Member] | Loans Receivable [Member] | Maximum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 55.00% | 55.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate, SEPH Commercial Land and Development [Member] | Loans Receivable [Member] | Weighted Average [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 23.30% | 31.90% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate, SEPH Commercial Land and Development [Member] | Loans Receivable [Member] | Weighted Average [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 25.40% | 23.40% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate - Remaining Commercial [Member] | Loans Receivable [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans carried at fair value | 8,113 | |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate - Remaining Commercial [Member] | Loans Receivable [Member] | Minimum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate - Remaining Commercial [Member] | Loans Receivable [Member] | Minimum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 11.00% | 10.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate - Remaining Commercial [Member] | Loans Receivable [Member] | Maximum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 75.00% | 75.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate - Remaining Commercial [Member] | Loans Receivable [Member] | Maximum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 55.00% | 55.00% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate - Remaining Commercial [Member] | Loans Receivable [Member] | Weighted Average [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 27.70% | 26.20% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate - Remaining Commercial [Member] | Loans Receivable [Member] | Weighted Average [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 17.90% | 18.30% |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other Assets, Fair Value Disclosure | 3,166 | 4,307 |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other Assets, Fair Value Disclosure | 3,166 | 4,307 |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans carried at fair value | 6,990 | |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Minimum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Minimum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 7.80% | |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Maximum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 178.00% | 178.00% |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Maximum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.50% | |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Weighted Average [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 17.50% | 17.90% |
Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Weighted Average [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.20% | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Minimum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Minimum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.00% | 13.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.50% | 11.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Minimum [Member] | Cost Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 40.00% | 40.90% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Maximum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 85.00% | 67.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Maximum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 13.00% | 13.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 11.50% | 11.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Maximum [Member] | Cost Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 90.00% | 90.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other Assets, Fair Value Disclosure | 4,838 | 3,485 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Real Estate [Member] | Weighted Average [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 35.80% | 25.80% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Real Estate [Member] | Weighted Average [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 2.10% | 13.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Real Estate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 9.90% | 11.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Commercial [Member] | Real Estate [Member] | Weighted Average [Member] | Cost Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 65.00% | 65.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Minimum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Minimum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 13.00% | 10.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.50% | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Maximum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 312.00% | 273.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Maximum [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 13.00% | 12.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.50% | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other Assets, Fair Value Disclosure | 10,345 | 12,134 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Real Estate [Member] | Weighted Average [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 30.40% | 34.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Real Estate [Member] | Weighted Average [Member] | Bulk Sale Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 13.00% | 10.80% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Construction [Member] | Real Estate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.50% | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Minimum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | 1.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 7.90% | 7.90% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Minimum [Member] | Cost Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 6.00% | 6.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Maximum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 173.70% | 61.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 9.30% | 9.30% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Maximum [Member] | Cost Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 6.00% | 6.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other Assets, Fair Value Disclosure | 3,166 | 4,307 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Real Estate [Member] | Weighted Average [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 19.00% | 18.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Real Estate [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 8.50% | 8.70% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned, Residential [Member] | Real Estate [Member] | Weighted Average [Member] | Cost Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Accumulated Depreciation | 6.00% | 6.00% |
Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 25,093 | 25,997 |
Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 25,093 | 25,997 |
Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans carried at fair value | 25,997 | |
Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Minimum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | 0.00% |
Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Maximum [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 111.00% | 116.00% |
Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Weighted Average [Member] | Sales Comparison Approach Valuation Technique [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Comparability Adjustments | 21.70% | 22.30% |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other Assets, Fair Value Disclosure | 10,345 | 12,134 |
Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Other Assets, Fair Value Disclosure | 10,345 | 12,134 |
Construction Real Estate - Vision/SEPH Commercial Land And Development [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 10,482 | 12,832 |
Construction Real Estate - Vision/SEPH Commercial Land And Development [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 10,482 | 12,832 |
Construction Real Estate - Remaining Commercial [Member] | Fair Value, Measurements, Nonrecurring [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 8,657 | 8,113 |
Construction Real Estate - Remaining Commercial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 8,657 | 8,113 |
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Impaired loans carried at fair value | 53,932 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | Residential Real Estate [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 7,039 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Market and Income Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 25,093 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Construction Real Estate - Vision/SEPH Commercial Land And Development [Member] | Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 10,482 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Construction Real Estate - Remaining Commercial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Construction Real Estate [Member] | Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 8,657 |
Participation In The U.S. Treasury Capital Purchase Program (CPP)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Participation In The U.S. Treasury Capital Purchase Program (CPP) [Abstract] | |
Participation In The U.S. Treasury Capital Purchase Program (CPP) | Participation in the U.S. Treasury Capital Purchase Program (CPP) On December 23, 2008, Park issued $100 million of Fixed-Rate Cumulative Perpetual Preferred Shares, Series A, with a liquidation preference of $1,000 per share (the “Series A Preferred Shares”), associated with Park's participation in the CPP. On April 25, 2012, Park entered into a Letter Agreement with the U.S. Treasury pursuant to which Park repurchased the 100,000 Series A Preferred Shares for a purchase price of $100 million plus a pro rata accrued and unpaid dividend. Total consideration of $101.0 million included accrued and unpaid dividends of $1.0 million. In addition to the accrued and unpaid dividends of $1.0 million, the charge to retained earnings, resulting from the repurchase of the Series A Preferred Shares, was $1.6 million on April 25, 2012. On May 2, 2012, Park entered into a Letter Agreement (the “Warrant Repurchase Letter Agreement”) pursuant to which Park repurchased from the U.S. Treasury the Warrant to purchase 227,376 Park common shares in full for consideration of $2.8 million, or $12.50 per Park common share. |
Loans (TDR Number Of Contracts Modified And Recorded Investment) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
contracts
|
Mar. 31, 2012
contracts
|
|
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 110 | 47 |
Total Recorded Investment | $ 4,308 | $ 20,008 |
Construction Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 0 | 0 |
Total Recorded Investment | ||
Commercial, Financial And Agricultural [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 7 | 5 |
Total Recorded Investment | 320 | 2,039 |
Construction Real Estate - Remaining Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 1 | 9 |
Total Recorded Investment | 37 | 10,206 |
Residential Real Estate - Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 6 | 3 |
Total Recorded Investment | 2,054 | 318 |
Residential Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 12 | 9 |
Total Recorded Investment | 1,122 | 1,281 |
Construction Real Estate - Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 2 | 0 |
Total Recorded Investment | 26 | |
Residential Real Estate Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 49 | |
SEPH Commercial Land and Development [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 0 | 4 |
Total Recorded Investment | 894 | |
Residential Real Estate Home Equity Line Of Credit [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 4 | 0 |
Total Recorded Investment | 54 | 0 |
Commercial Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 2 | 16 |
Total Recorded Investment | 177 | 5,179 |
Residential Real Estate - Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 4 | 0 |
Consumer [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Contracts | 72 | 1 |
Total Recorded Investment | 469 | 91 |
Accruing [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 1,861 | 12,253 |
Accruing [Member] | Construction Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 0 | 0 |
Accruing [Member] | Commercial, Financial And Agricultural [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 1,289 | |
Accruing [Member] | Construction Real Estate - Remaining Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 37 | 8,641 |
Accruing [Member] | Residential Real Estate - Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 493 | |
Accruing [Member] | Residential Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 880 | 111 |
Accruing [Member] | Construction Real Estate - Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 0 | 0 |
Accruing [Member] | Residential Real Estate Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 40 | |
Accruing [Member] | SEPH Commercial Land and Development [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Accruing [Member] | Residential Real Estate Home Equity Line Of Credit [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 54 | 0 |
Accruing [Member] | Commercial Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 25 | 2,212 |
Accruing [Member] | Consumer [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 332 | |
Nonaccrual [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 2,447 | 7,755 |
Nonaccrual [Member] | Construction Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | ||
Nonaccrual [Member] | Commercial, Financial And Agricultural [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 320 | 750 |
Nonaccrual [Member] | Construction Real Estate - Remaining Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 1,565 | |
Nonaccrual [Member] | Residential Real Estate - Commercial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 1,561 | 318 |
Nonaccrual [Member] | Residential Real Estate - Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 242 | 1,170 |
Nonaccrual [Member] | Construction Real Estate - Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 26 | |
Nonaccrual [Member] | Residential Real Estate Installment [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 9 | |
Nonaccrual [Member] | SEPH Commercial Land and Development [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 894 | |
Nonaccrual [Member] | Residential Real Estate Home Equity Line Of Credit [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 0 | 0 |
Nonaccrual [Member] | Commercial Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | 152 | 2,967 |
Nonaccrual [Member] | Consumer [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Recorded Investment | $ 137 | $ 91 |
Loans (Narrative) (Details) (USD $)
|
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
|
Financing Receivable, Recorded Investment [Line Items] | |||
Partial Charge-Offs On Impaired Loans | $ 102,900,000 | $ 105,100,000 | |
Allowance for loan losses individually evaluated for impairment | 8,260,000 | 8,276,000 | |
Recorded investment, related to loans | 27,100,000 | 28,800,000 | |
TDRs included in nonaccrual loan totals | 84,300,000 | 84,700,000 | |
TDRs included in accruing loan totals | 24,400,000 | 29,900,000 | |
Nonaccrual TDRs considered current | 54,800,000 | 52,600,000 | |
Commitments to lend additional funds to borrowers whose terms had been modified in a TDR | 4,400,000 | 5,000,000 | |
Specific reserves related to troubled debt restructuring | 5,600,000 | ||
Additional specific reserves related to troubled debt restructurings | 238,000 | 300,000 | |
Modified substandard commercial loans, total recorded investment | 800,000 | ||
Modified substandard consumer loans, total recorded investment | 6,600,000 | ||
Loan Modifications on Nonacrrual status | 300,000 | 6,200,000 | |
Loan past due period before entering default status | 30 days | ||
Loans modified during period | 7,100,000 | 21,200,000 | |
Financing Receivable With No Related Allowance Recorded [Member]
|
|||
Financing Receivable, Recorded Investment [Line Items] | |||
Partial Charge-Offs On Impaired Loans | 96,900,000 | 96,900,000 | |
Financing Receivable With A Related Allowance Recorded [Member]
|
|||
Financing Receivable, Recorded Investment [Line Items] | |||
Partial Charge-Offs On Impaired Loans | 6,000,000 | 8,200,000 | |
Commercial Real Estate [Member]
|
|||
Financing Receivable, Recorded Investment [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 648,000 | 1,540,000 | |
Accruing [Member]
|
|||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans modified during period | 768,000 | 205,000 | |
Nonaccrual [Member]
|
|||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans modified during period | $ 6,300,000 | $ 21,000,000 |
Other Comprehensive Income (Loss) (Component Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|---|
Other Comprehensive Income (Loss) [Abstract] | ||||
Changes in pension plan assets and benefit obligations, Net-of-tax amount | $ (27,134) | $ (27,134) | $ (20,542) | $ (20,954) |
Unrealized gains on available-for-sale securities, Net-of-tax amount | 7,237 | 9,616 | 10,471 | 12,673 |
Unrealized net holding loss on cash flow hedge, Net-of-tax amount | 0 | 0 | (437) | (550) |
Total accumulated other comprehensive income (loss), Net-of-tax amount | $ (19,897) | $ (17,518) | $ (10,508) | $ (8,831) |
Fair Value (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis | The table below is a reconciliation of the beginning and ending balances of the Level 3 inputs for the three months ended March 31, 2013 and 2012, for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements Three months ended March 31, 2013 and 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property's value subsequent to the initial measurement.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis | The following tables present qualitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2013 and December 31, 2012:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The fair value of financial instruments at March 31, 2013 and December 31, 2012, was as follows:
|
Allowance For Loan Losses (Activity In The Allowance For Loan Losses) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 55,537 | $ 68,444 |
Charge-offs | 6,508 | 18,967 |
Recoveries | 5,957 | 1,943 |
Net Charge-offs | 551 | 17,024 |
Provision | 329 | 8,338 |
Ending balance | 55,315 | 59,758 |
Commercial, Financial And Agricultural [Member]
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 15,635 | 16,950 |
Charge-offs | 2,708 | 4,538 |
Recoveries | 189 | 468 |
Net Charge-offs | 2,519 | 4,070 |
Provision | 2,301 | 5,448 |
Ending balance | 15,417 | 18,328 |
Commercial Real Estate [Member]
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 11,736 | 15,539 |
Charge-offs | 334 | 4,934 |
Recoveries | 40 | 92 |
Net Charge-offs | 294 | 4,842 |
Provision | (372) | 1,309 |
Ending balance | 11,070 | 12,006 |
Construction Real Estate [Member]
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 6,841 | 14,433 |
Charge-offs | 1,518 | 4,320 |
Recoveries | 1,427 | 67 |
Net Charge-offs | 91 | 4,253 |
Provision | 806 | (433) |
Ending balance | 7,556 | 9,747 |
Residential Real Estate [Member]
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 14,759 | 15,692 |
Charge-offs | 674 | 3,922 |
Recoveries | 3,498 | 609 |
Net Charge-offs | (2,824) | 3,313 |
Provision | (2,949) | 1,489 |
Ending balance | 14,634 | 13,868 |
Consumer [Member]
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 6,566 | 5,830 |
Charge-offs | 1,274 | 1,253 |
Recoveries | 803 | 707 |
Net Charge-offs | 471 | 546 |
Provision | 543 | 525 |
Ending balance | 6,638 | 5,809 |
Leases [Member]
|
||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 0 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net Charge-offs | 0 | 0 |
Provision | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Fair Value (Narrative) (Details) (USD $)
|
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impaired Financing Receivable, Carrying Value | $ 130,300,000 | $ 137,200,000 | ||
Discount percentage applied to real estate appraised values | 15.00% | |||
Discount percentage applied to lot development appraised values | 6.00% | |||
Partial Charge-Offs On Impaired Loans | 102,900,000 | 105,100,000 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 8,260,000 | 8,276,000 | ||
Impaired Financing Receivable, Related Allowance | 8,260,000 | 8,276,000 | ||
Impaired loans carried at fair value | 51,271,000 | 53,900,000 | ||
Partial Charge-Offs On Impaired Loans carried at Fair Value | 89,300,000 | 91,600,000 | ||
Book value of impaired loans carried at fair value | 56,000,000 | 59,000,000 | ||
Remaining amount of impaired loans carried at cost | 74,300,000 | 78,200,000 | ||
Impaired Financing Receivable, carried at fair value, related expense | 2,300,000 | 4,400,000 | ||
MSR recorded at lower of cost or fair value | 8,121,000 | 8,975,000 | 7,763,000 | 9,301,000 |
Mortgage Servicing Rights Fair Value | 5,900,000 | |||
Valuation allowance of MSR | 2,262,000 | 1,021,000 | 2,324,000 | 1,021,000 |
MSRs recorded at cost | 2,200,000 | |||
Changes due to fair value adjustments | (62,000) | 0 | 0 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Fair Value | 18,300,000 | 19,900,000 | ||
OREO valuation adjustments | (401,000) | 1,359,000 | ||
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impaired Financing Receivable, Related Allowance | 4,740,000 | 5,100,000 | ||
Financing Receivable, not collateral dependent [Domain]
|
||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Impaired Financing Receivable, Related Allowance | $ 3,620,000 | $ 3,176,000 |
Investment Securities (Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Schedule of Investments [Line Items] | ||
Securities Available-for-Sale, Total Fair value | $ 1,001,251 | $ 1,114,454 |
Obligations Of States And Political Subdivisions [Member]
|
||
Schedule of Investments [Line Items] | ||
Securities Available-for-Sale, Due within one year, Amortized cost | 984 | |
Securities Available-for-Sale, Due within one year, Fair value | 995 | |
Securities Available-for-Sale, Total Fair value | 995 | 1,003 |
Securities Held-to-Maturity, Due within one year, Amortized cost | 485 | |
Securities Held-to-Maturity, Due within one year, Fair value | 486 | |
Obligations Of U.S. Treasury And Other U.S. Government Sponsored Entities [Member]
|
||
Schedule of Investments [Line Items] | ||
Securities Available-for-Sale, Due within one year, Amortized cost | 180,000 | |
Securities Available-for-Sale, Due within one year, Fair value | 180,338 | |
Securities Available-for-Sale, Due one through five years, Amortized cost | 173,750 | |
Securities Available-for-Sale, Due one through five years, Fair value | 171,548 | |
Securities Available-for-Sale, Due five through ten years, Amortized cost | 216,889 | |
Securities Available-for-Sale, Due five through ten years, Fair value | 216,134 | |
Securities Available-for-Sale, Total, Amortized cost | 570,639 | |
Securities Available-for-Sale, Total Fair value | 568,020 | 695,727 |
U.S. Government Sponsored Entities Asset-Backed Securities [Member]
|
||
Schedule of Investments [Line Items] | ||
Securities Available-for-Sale, Total, Amortized cost | 417,356 | |
Securities Available-for-Sale, Total Fair value | 429,867 | 415,502 |
Securities Held-to-Maturity, Total, Amortized cost | 284,765 | |
Securities Held-to-Maturity, Total, Fair value | $ 293,828 |
Loans (Average Recorded Investment And Interest Income Recognized On Loans Individually Evaluated For Impairment) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
|
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | $ 130,303 | $ 179,424 | $ 137,339 |
Average recorded investment | 133,727 | 180,933 | |
Interest income recognized | 734 | 603 | |
Commercial, Financial And Agricultural [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 21,742 | 40,241 | |
Average recorded investment | 21,479 | 40,135 | |
Interest income recognized | 128 | 105 | |
Construction Real Estate - Vision/SEPH Commercial Land And Development [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 10,482 | 19,433 | |
Average recorded investment | 12,082 | 21,974 | |
Interest income recognized | |||
Construction Real Estate - Remaining Commercial [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 20,483 | 32,673 | |
Average recorded investment | 20,912 | 27,314 | |
Interest income recognized | 220 | 251 | |
Residential Real Estate - Commercial [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 36,722 | 43,752 | |
Average recorded investment | 35,859 | 43,276 | |
Interest income recognized | 130 | 40 | |
Commercial Real Estate [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 40,075 | 43,305 | |
Average recorded investment | 43,191 | 48,214 | |
Interest income recognized | 256 | 207 | |
Consumer [Member]
|
|||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 799 | 20 | |
Average recorded investment | 204 | 20 | |
Interest income recognized |
Consolidated Condensed Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Operating activities: | ||
Net income | $ 20,710 | $ 31,475 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 329 | 8,338 |
Loan put provision | 0 | 662 |
Amortization (accretion) of Deferred Loan Origination Fees, Net | 728 | (134) |
Provision for depreciation | 1,773 | 1,709 |
Amortization of core deposit intangibles | 112 | 1,754 |
Accretion (Amortization) of Discounts and Premiums, Investments | 42 | (105) |
Amortization of prepayment penalty on long term debt | 1,202 | 0 |
Payments for Loan Originations, Loans to be Sold in Secondary Market | (140,704) | (77,203) |
Proceeds From Loan Sales | 156,212 | 77,628 |
Gain (Loss) on Sales of Loans, Net | 1,511 | 1,182 |
OREO valuation adjustments | (401) | 1,359 |
Bank owned life insurance income | (1,202) | (1,202) |
Changes in assets and liabilities: | ||
(Increase) in other assets | (13,816) | (30,906) |
(Decrease) in other liabilities | (1,022) | 2,854 |
Net cash provided by operating activities | 25,474 | 17,411 |
Proceeds from maturity of: | ||
Available-for-sale securities | 309,212 | 229,878 |
Held-to-maturity securities | 116,140 | 157,101 |
Purchases of: | ||
Available-for-sale securities | (199,711) | (419,998) |
Held-to-maturity securities | 0 | (119,127) |
Net loan originations, portfolio loans | (8,403) | (23,102) |
Sale of assets/liabilities related to Vision Bank | 0 | (144,436) |
Purchases of bank owned life insurance | (4,600) | (2,213) |
Purchases of premises and equipment, net | (4,747) | (125) |
Net cash (used in) provided by investing activities | 207,891 | (322,022) |
Financing activities: | ||
Net increase (decrease) in deposits | 200,509 | 352,274 |
Net increase (decrease) in short-term borrowings | (100,166) | (26,907) |
Repayment of long-term debt | (15) | (1,381) |
Cash dividends paid on common stock and preferred stock | (14,486) | (15,731) |
Net cash provided by (used in) financing activities | 85,842 | 308,255 |
Increase in cash and cash equivalents | 319,207 | 3,644 |
Cash and cash equivalents at beginning of year | 201,305 | 157,486 |
Cash and cash equivalents at end of period | 520,512 | 161,130 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 10,795 | 12,992 |
Cash paid for income taxes | 0 | 0 |
Transfer from Other Real Estate | $ 7,103 | $ 4,448 |
Other Investment Securities (Schedule Of Other Investment Securities) (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Other Investment Securities [Abstract] | ||
Federal Home Loan Bank stock | $ 59,032 | $ 59,032 |
Federal Reserve Bank stock | 6,875 | 6,875 |
Total | $ 65,907 | $ 65,907 |