Maryland
|
000-19065
|
52-1532952
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
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¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Number
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Description
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|
99.1
|
|
Press Release dated October 20, 2011
|
SANDY SPRING BANCORP, INC.
|
|||
(Registrant)
|
|||
Date: October 20, 2011
|
By:
|
/s/ Daniel J. Schrider
|
|
Daniel J. Schrider
|
|||
President and Chief Executive Officer
|
![]() |
NEWS RELEASE
|
|
·
|
The provision for loan and lease losses for the third quarter of 2011 was a credit of $3.5 million compared to a charge of $2.5 million for the third quarter of 2010 and a charge of $1.2 million for the second quarter of 2011 as historical net charge-offs continue to improve.
|
|
·
|
Non-performing loans totaled to $82.8 million at September 30, 2011 compared to $93.3 million at September 30, 2010 and $76.5 million at June 30, 2011. This increase over the previous quarter was due primarily to one commercial real estate credit totaling $13.6 million which was placed on non-accrual during the quarter and is adequately collateralized. As a result, the coverage ratio of the allowance for loan and lease losses to non-performing loans decreased to 60% at September 30, 2011 compared to a ratio of 72% at both September 30, 2010 and June 30, 2011.
|
|
·
|
Total loans reflected a small increase compared to the second quarter of 2011 due primarily to growth in commercial owner occupied real estate and residential construction loans. New commercial loan originations totaled $167 million for the first nine months of the year compared to $83 million for the prior year period.
|
|
·
|
The net interest margin declined to 3.53% for the third quarter of 2011, compared to 3.64% for the third quarter of 2010 and 3.58% for the second quarter of 2011.
|
|
·
|
Revenue from wealth management services, which includes fees from trust and investment management and sales of investment products, increased 20% for the third quarter of 2011 compared to the third quarter of 2010 due to growth in average assets under management. This growth was primarily attributable to new client additions.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
September 30,
|
%
|
September 30,
|
%
|
|||||||||||||||||||||
(Dollars in thousands, except per share data)
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||||||||
Results of Operations:
|
||||||||||||||||||||||||
Net interest income
|
$ | 28,330 | $ | 29,499 | (4 | )% | $ | 84,494 | $ | 86,654 | (2 | )% | ||||||||||||
Provision for loan and lease losses
|
(3,520 | ) | 2,453 | - | (854 | ) | 23,585 | (104 | ) | |||||||||||||||
Non-interest income
|
11,336 | 10,539 | 8 | 32,130 | 32,060 | - | ||||||||||||||||||
Non-interest expenses
|
25,848 | 25,140 | 3 | 77,748 | 74,711 | 4 | ||||||||||||||||||
Income before income taxes
|
17,338 | 12,445 | 39 | 39,730 | 20,418 | 95 | ||||||||||||||||||
Net income
|
11,257 | 8,484 | 33 | 26,844 | 15,244 | 76 | ||||||||||||||||||
Net income available to common stockholders
|
$ | 11,257 | $ | 6,410 | 76 | $ | 26,844 | $ | 10,767 | 149 | ||||||||||||||
Return on average assets (1)
|
1.24 | % | 0.70 | % | 1.01 | % | 0.40 | % | ||||||||||||||||
Return on average common equity (1)
|
10.42 | % | 6.26 | % | 8.61 | % | 3.96 | % | ||||||||||||||||
Net interest margin
|
3.53 | % | 3.64 | % | 3.59 | % | 3.59 | % | ||||||||||||||||
Efficiency ratio - GAAP (3)
|
65.16 | % | 62.79 | % | 66.67 | % | 62.93 | % | ||||||||||||||||
Efficiency ratio - Non-GAAP (3)
|
62.02 | % | 59.08 | % | 63.29 | % | 59.85 | % | ||||||||||||||||
Per share data:
|
||||||||||||||||||||||||
Basic net income
|
$ | 0.47 | $ | 0.35 | 33 | % | $ | 1.11 | $ | 0.70 | 59 | % | ||||||||||||
Basic net income per common share
|
0.47 | 0.27 | 73 | 1.11 | 0.49 | 127 | ||||||||||||||||||
Diluted net income
|
0.47 | 0.35 | 33 | 1.11 | 0.70 | 59 | ||||||||||||||||||
Diluted net income per common share
|
0.47 | 0.27 | 73 | 1.11 | 0.49 | 127 | ||||||||||||||||||
Average fully diluted shares
|
24,142,137 | 24,102,497 | - | 24,127,814 | 21,812,412 | 11 | ||||||||||||||||||
Dividends declared per common share
|
0.08 | 0.01 | - | 0.24 | 0.03 | - | ||||||||||||||||||
Book value per common share
|
18.31 | 17.14 | 7 | 18.31 | 17.14 | 7 | ||||||||||||||||||
Tangible book value per common share
|
14.35 | 13.29 | 8 | 14.35 | 13.29 | 8 | ||||||||||||||||||
Outstanding Common Shares
|
24,079,204 | 24,006,748 | - | 24,079,204 | 24,006,748 | - | ||||||||||||||||||
Financial Condition at period-end:
|
||||||||||||||||||||||||
Investment securities
|
$ | 1,174,180 | $ | 1,099,518 | 7 | % | $ | 1,174,180 | $ | 1,099,518 | 7 | % | ||||||||||||
Loans and leases
|
2,145,403 | 2,185,207 | (2 | ) | 2,145,403 | 2,185,207 | (2 | ) | ||||||||||||||||
Interest-earning assets
|
3,370,360 | 3,343,173 | 1 | 3,370,360 | 3,343,173 | 1 | ||||||||||||||||||
Assets
|
3,626,043 | 3,606,617 | 1 | 3,626,043 | 3,606,617 | 1 | ||||||||||||||||||
Deposits
|
2,640,324 | 2,585,496 | 2 | 2,640,324 | 2,585,496 | 2 | ||||||||||||||||||
Interest-bearing liabilities
|
2,517,180 | 2,547,334 | (1 | ) | 2,517,180 | 2,547,334 | (1 | ) | ||||||||||||||||
Stockholders' equity
|
440,791 | 451,717 | (2 | ) | 440,791 | 451,717 | (2 | ) | ||||||||||||||||
Capital ratios:
|
||||||||||||||||||||||||
Tier 1 leverage
|
10.79 | % | 11.15 | % | 10.79 | % | 11.15 | % | ||||||||||||||||
Tier 1 capital to risk-weighted assets
|
14.96 | % | 15.29 | % | 14.96 | % | 15.29 | % | ||||||||||||||||
Total regulatory capital to risk-weighted assets
|
16.21 | % | 16.56 | % | 16.21 | % | 16.56 | % | ||||||||||||||||
Tangible common equity to tangible assets (4)
|
9.75 | % | 9.06 | % | 9.75 | % | 9.06 | % | ||||||||||||||||
Average equity to average assets
|
11.87 | % | 12.57 | % | 11.71 | % | 12.14 | % | ||||||||||||||||
Credit quality ratios:
|
||||||||||||||||||||||||
Allowance for loan and lease losses to loans and leases
|
2.32 | % | 3.08 | % | 2.32 | % | 3.08 | % | ||||||||||||||||
Non-performing loans to total loans
|
3.86 | % | 4.27 | % | 3.86 | % | 4.27 | % | ||||||||||||||||
Non-performing assets to total assets
|
2.50 | % | 2.87 | % | 2.50 | % | 2.87 | % | ||||||||||||||||
Allowance for loan and lease losses to non-performing loans
|
60.01 | % | 72.08 | % | 60.01 | % | 72.08 | % | ||||||||||||||||
Annualized net charge-offs to average loans and leases (2)
|
0.37 | % | 1.18 | % | 0.72 | % | 1.24 | % |
(1)
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Calculation utilizes net income available to common stockholders.
|
(2)
|
Calculation utilizes average loans and leases, excluding residential mortgage loans held-for-sale.
|
(3)
|
The GAAP efficiency ratio is non-interest expenses divided by net interest income plus non-interest income from the Consolidated Statements of Income. The traditional, non-GAAP efficiency ratio excludes intangible asset amortization from non-interest expense; securities gains (losses) from non-interest income; OTTI; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights.
|
(4)
|
The tangible common equity to tangible assets ratio is a non-GAAP ratio that divides assets excluding intangible assets into stockholders' equity after deducting intangible assets, other comprehensive losses and preferred stock. See the Reconciliation Table included with these Financial Highlights.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(Dollars in thousands)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
GAAP efficiency ratio:
|
||||||||||||||||
Non-interest expenses
|
$ | 25,848 | $ | 25,140 | $ | 77,748 | $ | 74,711 | ||||||||
Net interest income plus non-interest income
|
$ | 39,666 | $ | 40,038 | $ | 116,624 | $ | 118,714 | ||||||||
Efficiency ratio–GAAP
|
65.16 | % | 62.79 | % | 66.67 | % | 62.93 | % | ||||||||
Non-GAAP efficiency ratio:
|
||||||||||||||||
Non-interest expenses
|
$ | 25,848 | $ | 25,140 | $ | 77,748 | $ | 74,711 | ||||||||
Less non-GAAP adjustment:
|
||||||||||||||||
Amortization of intangible assets
|
461 | 495 | 1,384 | 1,487 | ||||||||||||
Non-interest expenses as adjusted
|
$ | 25,387 | $ | 24,645 | $ | 76,364 | $ | 73,224 | ||||||||
Net interest income plus non-interest income
|
$ | 39,666 | $ | 40,038 | $ | 116,624 | $ | 118,714 | ||||||||
Plus non-GAAP adjustment:
|
||||||||||||||||
Tax-equivalent income
|
1,420 | 1,321 | 4,154 | 3,484 | ||||||||||||
Less non-GAAP adjustments:
|
||||||||||||||||
Securities gains
|
231 | 25 | 283 | 323 | ||||||||||||
OTTI recognized in earnings
|
(76 | ) | (380 | ) | (160 | ) | (469 | ) | ||||||||
Net interest income plus non-interest income - as adjusted
|
$ | 40,931 | $ | 41,714 | $ | 120,655 | $ | 122,344 | ||||||||
Efficiency ratio–Non-GAAP
|
62.02 | % | 59.08 | % | 63.29 | % | 59.85 | % | ||||||||
Tangible common equity ratio:
|
||||||||||||||||
Total stockholders' equity
|
$ | 440,791 | $ | 451,717 | $ | 440,791 | $ | 451,717 | ||||||||
Accumulated other comprehensive income
|
(13,147 | ) | (8,384 | ) | (13,147 | ) | (8,384 | ) | ||||||||
Goodwill
|
(76,816 | ) | (76,816 | ) | (76,816 | ) | (76,816 | ) | ||||||||
Other intangible assets, net
|
(5,195 | ) | (7,050 | ) | (5,195 | ) | (7,050 | ) | ||||||||
Preferred stock
|
- | (40,308 | ) | - | (40,308 | ) | ||||||||||
Tangible common equity
|
$ | 345,633 | $ | 319,159 | $ | 345,633 | $ | 319,159 | ||||||||
Total assets
|
$ | 3,626,043 | $ | 3,606,617 | $ | 3,626,043 | $ | 3,606,617 | ||||||||
Goodwill
|
(76,816 | ) | (76,816 | ) | (76,816 | ) | (76,816 | ) | ||||||||
Other intangible assets, net
|
(5,195 | ) | (7,050 | ) | (5,195 | ) | (7,050 | ) | ||||||||
Tangible assets
|
$ | 3,544,032 | $ | 3,522,751 | $ | 3,544,032 | $ | 3,522,751 | ||||||||
Tangible common equity ratio
|
9.75 | % | 9.06 | % | 9.75 | % | 9.06 | % |
September 30,
|
December 31,
|
September 30,
|
||||||||||
(Dollars in thousands)
|
2011
|
2010
|
2010
|
|||||||||
Assets
|
||||||||||||
Cash and due from banks
|
$ | 43,132 | $ | 44,696 | $ | 40,511 | ||||||
Federal funds sold
|
1,146 | 1,813 | 1,522 | |||||||||
Interest-bearing deposits with banks
|
26,535 | 16,608 | 37,692 | |||||||||
Cash and cash equivalents
|
70,813 | 63,117 | 79,725 | |||||||||
Residential mortgage loans held for sale (at fair value)
|
23,096 | 22,717 | 19,234 | |||||||||
Investments available-for-sale (at fair value)
|
952,074 | 907,283 | 960,313 | |||||||||
Investments held-to-maturity — fair value of $193,432, $104,124 and $111,298 at September 30, 2011, December 31, 2010 and September 30, 2010, respectively
|
189,520 | 101,590 | 106,553 | |||||||||
Other equity securities
|
32,586 | 34,070 | 32,652 | |||||||||
Total loans and leases
|
2,145,403 | 2,156,232 | 2,185,207 | |||||||||
Less: allowance for loan and lease losses
|
(49,720 | ) | (62,135 | ) | (67,282 | ) | ||||||
Net loans and leases
|
2,095,683 | 2,094,097 | 2,117,925 | |||||||||
Premises and equipment, net
|
48,750 | 49,004 | 48,175 | |||||||||
Other real estate owned
|
7,938 | 9,493 | 10,011 | |||||||||
Accrued interest receivable
|
12,382 | 12,570 | 13,083 | |||||||||
Goodwill
|
76,816 | 76,816 | 76,816 | |||||||||
Other intangible assets, net
|
5,195 | 6,578 | 7,050 | |||||||||
Other assets
|
111,190 | 142,053 | 135,080 | |||||||||
Total assets
|
$ | 3,626,043 | $ | 3,519,388 | $ | 3,606,617 | ||||||
Liabilities
|
||||||||||||
Noninterest-bearing deposits
|
$ | 643,169 | $ | 566,812 | $ | 580,309 | ||||||
Interest-bearing deposits
|
1,997,155 | 1,983,060 | 2,005,187 | |||||||||
Total deposits
|
2,640,324 | 2,549,872 | 2,585,496 | |||||||||
Securities sold under retail repurchase agreements and federal funds purchased
|
79,529 | 96,243 | 97,884 | |||||||||
Advances from FHLB
|
405,496 | 405,758 | 409,263 | |||||||||
Subordinated debentures
|
35,000 | 35,000 | 35,000 | |||||||||
Accrued interest payable and other liabilities
|
24,903 | 24,946 | 27,257 | |||||||||
Total liabilities
|
3,185,252 | 3,111,819 | 3,154,900 | |||||||||
Stockholders' Equity
|
||||||||||||
Preferred stock—par value $1.00 (liquidation preference of $1,000 per share) shares authorized 83,094, issued and outstanding 41,547, net of discount of $1,239 at September 30, 2010
|
- | - | 40,308 | |||||||||
Common stock — par value $1.00; shares authorized 50,000,000; shares issued and outstanding 24,079,204, 24,046,627 and 24,006,748 at September 30, 2011, December 31, 2010 and September 30, 2010, respectively
|
24,079 | 24,047 | 24,007 | |||||||||
Warrants
|
- | 3,699 | 3,699 | |||||||||
Additional paid in capital
|
177,451 | 177,344 | 176,582 | |||||||||
Retained earnings
|
226,114 | 205,099 | 198,737 | |||||||||
Accumulated other comprehensive income (loss)
|
13,147 | (2,620 | ) | 8,384 | ||||||||
Total stockholders' equity
|
440,791 | 407,569 | 451,717 | |||||||||
Total liabilities and stockholders' equity
|
$ | 3,626,043 | $ | 3,519,388 | $ | 3,606,617 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(Dollars in thousands, except per share data)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Interest Income:
|
||||||||||||||||
Interest and fees on loans and leases
|
$ | 26,791 | $ | 29,084 | $ | 80,597 | $ | 87,742 | ||||||||
Interest on loans held for sale
|
142 | 148 | 388 | 321 | ||||||||||||
Interest on deposits with banks
|
23 | 61 | 62 | 158 | ||||||||||||
Interest and dividends on investment securities:
|
||||||||||||||||
Taxable
|
5,693 | 6,336 | 16,782 | 18,640 | ||||||||||||
Exempt from federal income taxes
|
2,355 | 1,737 | 6,932 | 5,372 | ||||||||||||
Interest on federal funds sold
|
- | 1 | 1 | 2 | ||||||||||||
Total interest income
|
35,004 | 37,367 | 104,762 | 112,235 | ||||||||||||
Interest Expense:
|
||||||||||||||||
Interest on deposits
|
2,773 | 3,883 | 8,673 | 13,741 | ||||||||||||
Interest on retail repurchase agreements and federal funds purchased
|
49 | 61 | 155 | 198 | ||||||||||||
Interest on advances from FHLB
|
3,628 | 3,676 | 10,769 | 10,949 | ||||||||||||
Interest on subordinated debt
|
224 | 248 | 671 | 693 | ||||||||||||
Total interest expense
|
6,674 | 7,868 | 20,268 | 25,581 | ||||||||||||
Net interest income
|
28,330 | 29,499 | 84,494 | 86,654 | ||||||||||||
Provision for loan and lease losses
|
(3,520 | ) | 2,453 | (854 | ) | 23,585 | ||||||||||
Net interest income after provision for loan and lease losses
|
31,850 | 27,046 | 85,348 | 63,069 | ||||||||||||
Non-interest Income:
|
||||||||||||||||
Investment securities gains
|
231 | 25 | 283 | 323 | ||||||||||||
Total other-than-temporary impairment ("OTTI") losses
|
(76 | ) | (334 | ) | (178 | ) | (1,168 | ) | ||||||||
Portion of OTTI losses recognized in other comprehensive income, before taxes
|
- | (46 | ) | 18 | 699 | |||||||||||
Net OTTI recognized in earnings
|
(76 | ) | (380 | ) | (160 | ) | (469 | ) | ||||||||
Service charges on deposit accounts
|
2,444 | 2,567 | 7,133 | 7,984 | ||||||||||||
Mortgage banking activities
|
1,141 | 1,516 | 2,404 | 2,750 | ||||||||||||
Fees on sales of investment products
|
905 | 782 | 2,768 | 2,464 | ||||||||||||
Trust and investment management fees
|
3,032 | 2,505 | 8,837 | 7,488 | ||||||||||||
Insurance agency commissions
|
1,044 | 978 | 3,177 | 3,895 | ||||||||||||
Income from bank owned life insurance
|
662 | 709 | 1,962 | 2,105 | ||||||||||||
Visa check fees
|
927 | 843 | 2,710 | 2,438 | ||||||||||||
Other income
|
1,026 | 994 | 3,016 | 3,082 | ||||||||||||
Total non-interest income
|
11,336 | 10,539 | 32,130 | 32,060 | ||||||||||||
Non-interest Expenses:
|
||||||||||||||||
Salaries and employee benefits
|
14,892 | 13,841 | 44,192 | 41,393 | ||||||||||||
Occupancy expense of premises
|
2,784 | 2,826 | 8,717 | 8,625 | ||||||||||||
Equipment expenses
|
1,143 | 1,137 | 3,413 | 3,655 | ||||||||||||
Marketing
|
468 | 589 | 1,662 | 1,678 | ||||||||||||
Outside data services
|
1,073 | 966 | 3,067 | 3,007 | ||||||||||||
FDIC insurance
|
709 | 1,056 | 2,489 | 3,383 | ||||||||||||
Amortization of intangible assets
|
461 | 495 | 1,384 | 1,487 | ||||||||||||
Other expenses
|
4,318 | 4,230 | 12,824 | 11,483 | ||||||||||||
Total non-interest expenses
|
25,848 | 25,140 | 77,748 | 74,711 | ||||||||||||
Income before income taxes
|
17,338 | 12,445 | 39,730 | 20,418 | ||||||||||||
Income tax expense
|
6,081 | 3,961 | 12,886 | 5,174 | ||||||||||||
Net income
|
$ | 11,257 | $ | 8,484 | $ | 26,844 | $ | 15,244 | ||||||||
Preferred stock dividends and discount accretion
|
- | 2,074 | - | 4,477 | ||||||||||||
Net income available to common stockholders
|
$ | 11,257 | $ | 6,410 | $ | 26,844 | $ | 10,767 | ||||||||
Net Income Per Share Amounts:
|
||||||||||||||||
Basic net income per share
|
$ | 0.47 | $ | 0.35 | $ | 1.11 | $ | 0.70 | ||||||||
Basic net income per common share
|
0.47 | 0.27 | 1.11 | 0.49 | ||||||||||||
Diluted net income per share
|
$ | 0.47 | $ | 0.35 | $ | 1.11 | $ | 0.70 | ||||||||
Diluted net income per common share
|
0.47 | 0.27 | 1.11 | 0.49 | ||||||||||||
Dividends declared per common share
|
$ | 0.08 | $ | 0.01 | $ | 0.24 | $ | 0.03 |
2011
|
2010
|
|||||||||||||||||||||||||||
(Dollars in thousands, except per share data)
|
Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||
Profitability for the quarter:
|
||||||||||||||||||||||||||||
Tax-equivalent interest income
|
$ | 36,424 | $ | 36,435 | $ | 36,057 | $ | 37,466 | $ | 38,688 | $ | 38,663 | $ | 38,368 | ||||||||||||||
Interest expense
|
6,674 | 6,854 | 6,740 | 7,161 | 7,868 | 8,512 | 9,201 | |||||||||||||||||||||
Tax-equivalent net interest income
|
29,750 | 29,581 | 29,317 | 30,305 | 30,820 | 30,151 | 29,167 | |||||||||||||||||||||
Tax-equivalent adjustment
|
1,420 | 1,427 | 1,307 | 1,352 | 1,321 | 1,155 | 1,008 | |||||||||||||||||||||
Provision for loan and lease losses
|
(3,520 | ) | 1,151 | 1,515 | 2,323 | 2,453 | 6,107 | 15,025 | ||||||||||||||||||||
Non-interest income
|
11,336 | 10,802 | 9,992 | 11,722 | 10,539 | 10,674 | 10,847 | |||||||||||||||||||||
Non-interest expenses
|
25,848 | 25,838 | 26,062 | 26,201 | 25,140 | 24,758 | 24,813 | |||||||||||||||||||||
Income (loss) before income taxes
|
17,338 | 11,967 | 10,425 | 12,151 | 12,445 | 8,805 | (832 | ) | ||||||||||||||||||||
Income tax expense (benefit)
|
6,081 | 3,671 | 3,134 | 3,875 | 3,961 | 2,546 | (1,333 | ) | ||||||||||||||||||||
Net Income
|
11,257 | 8,296 | 7,291 | 8,276 | 8,484 | 6,259 | 501 | |||||||||||||||||||||
Net Income (loss) available to common stockholders
|
$ | 11,257 | $ | 8,296 | $ | 7,291 | $ | 6,604 | $ | 6,410 | $ | 5,056 | $ | (699 | ) | |||||||||||||
Financial ratios:
|
||||||||||||||||||||||||||||
Return on average assets
|
1.24 | % | 0.93 | % | 0.84 | % | 0.73 | % | 0.70 | % | 0.56 | % | (0.08 | )% | ||||||||||||||
Return on average common equity
|
10.42 | % | 8.03 | % | 7.26 | % | 6.34 | % | 6.26 | % | 5.13 | % | (0.92 | )% | ||||||||||||||
Return on average tangible common equity
|
12.90 | % | 10.03 | % | 9.13 | % | 9.06 | % | 9.08 | % | 6.42 | % | 0.67 | % | ||||||||||||||
Net interest margin
|
3.53 | % | 3.58 | % | 3.65 | % | 3.61 | % | 3.64 | % | 3.58 | % | 3.56 | % | ||||||||||||||
Efficiency ratio - GAAP (1)
|
65.16 | % | 66.33 | % | 68.58 | % | 64.42 | % | 62.79 | % | 62.41 | % | 63.61 | % | ||||||||||||||
Efficiency ratio - Non-GAAP (1)
|
62.02 | % | 62.82 | % | 65.09 | % | 61.85 | % | 59.08 | % | 59.44 | % | 61.08 | % | ||||||||||||||
Per share data:
|
||||||||||||||||||||||||||||
Basic net income per share
|
$ | 0.47 | $ | 0.34 | $ | 0.30 | $ | 0.34 | $ | 0.35 | $ | 0.26 | $ | 0.03 | ||||||||||||||
Basic net income (loss) per common share
|
0.47 | 0.34 | 0.30 | 0.27 | 0.27 | 0.21 | (0.04 | ) | ||||||||||||||||||||
Diluted net income per share
|
0.47 | 0.34 | 0.30 | 0.34 | 0.35 | 0.26 | 0.03 | |||||||||||||||||||||
Diluted net income (loss) per common share
|
0.47 | 0.34 | 0.30 | 0.27 | 0.27 | 0.21 | (0.04 | ) | ||||||||||||||||||||
Average fully diluted shares
|
24,142,137 | 24,130,357 | 24,115,906 | 24,087,482 | 24,102,497 | 24,033,158 | 17,243,415 | |||||||||||||||||||||
Dividends declared per common share
|
$ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||||||||||
Non-interest income:
|
||||||||||||||||||||||||||||
Securities gains
|
$ | 231 | $ | 32 | $ | 20 | $ | 473 | $ | 25 | $ | 95 | $ | 203 | ||||||||||||||
Net OTTI recognized in earnings
|
(76 | ) | (43 | ) | (41 | ) | (43 | ) | (380 | ) | (89 | ) | - | |||||||||||||||
Service charges on deposit accounts
|
2,444 | 2,437 | 2,252 | 2,342 | 2,567 | 2,791 | 2,626 | |||||||||||||||||||||
Mortgage banking activities
|
1,141 | 808 | 455 | 914 | 1,516 | 806 | 428 | |||||||||||||||||||||
Fees on sales of investment products
|
905 | 1,005 | 858 | 974 | 782 | 941 | 741 | |||||||||||||||||||||
Trust and investment management fees
|
3,032 | 3,018 | 2,787 | 2,799 | 2,505 | 2,534 | 2,449 | |||||||||||||||||||||
Insurance agency commissions
|
1,044 | 953 | 1,180 | 1,334 | 978 | 928 | 1,989 | |||||||||||||||||||||
Income from bank owned life insurance
|
662 | 654 | 646 | 695 | 709 | 703 | 693 | |||||||||||||||||||||
Visa check fees
|
927 | 949 | 834 | 887 | 843 | 855 | 740 | |||||||||||||||||||||
Other income
|
1,026 | 989 | 1,001 | 1,347 | 994 | 1,110 | 978 | |||||||||||||||||||||
Total non-interest income
|
$ | 11,336 | $ | 10,801 | $ | 9,992 | $ | 11,722 | $ | 10,539 | $ | 10,674 | $ | 10,847 | ||||||||||||||
Non-interest expense:
|
||||||||||||||||||||||||||||
Salaries and employee benefits
|
$ | 14,892 | $ | 14,676 | $ | 14,624 | $ | 14,077 | $ | 13,841 | $ | 14,181 | $ | 13,371 | ||||||||||||||
Occupancy expense of premises
|
2,784 | 2,790 | 3,143 | 2,852 | 2,826 | 2,709 | 3,090 | |||||||||||||||||||||
Equipment expenses
|
1,143 | 1,128 | 1,142 | 1,153 | 1,137 | 1,304 | 1,214 | |||||||||||||||||||||
Marketing
|
468 | 709 | 485 | 681 | 589 | 573 | 516 | |||||||||||||||||||||
Outside data services
|
1,073 | 999 | 995 | 985 | 966 | 918 | 1,123 | |||||||||||||||||||||
FDIC insurance
|
709 | 736 | 1,044 | 1,114 | 1,056 | 1,186 | 1,141 | |||||||||||||||||||||
Amortization of intangible assets
|
461 | 462 | 461 | 472 | 495 | 496 | 496 | |||||||||||||||||||||
Professional fees
|
1,314 | 1,088 | 1,126 | 1,842 | 1,337 | 1,189 | 1,218 | |||||||||||||||||||||
Other real estate owned expenses
|
383 | 726 | 699 | 443 | 236 | (55 | ) | 352 | ||||||||||||||||||||
Other expenses
|
2,621 | 2,524 | 2,343 | 2,582 | 2,657 | 2,257 | 2,292 | |||||||||||||||||||||
Total non-interest expense
|
$ | 25,848 | $ | 25,838 | $ | 26,062 | $ | 26,201 | $ | 25,140 | $ | 24,758 | $ | 24,813 |
2011
|
2010
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
|||||||||||||||||||||
Balance sheets at quarter end:
|
||||||||||||||||||||||||||||
Residential mortgage loans
|
$ | 440,606 | $ | 445,605 | $ | 444,519 | $ | 436,534 | $ | 442,723 | $ | 458,502 | $ | 460,129 | ||||||||||||||
Residential construction loans
|
90,727 | 81,425 | 84,939 | 91,273 | 92,485 | 86,393 | 83,902 | |||||||||||||||||||||
Commercial ADC loans
|
141,576 | 149,215 | 151,135 | 151,061 | 153,139 | 155,751 | 177,498 | |||||||||||||||||||||
Commercial investor real estate loans
|
357,358 | 353,749 | 355,967 | 327,782 | 335,426 | 328,244 | 316,336 | |||||||||||||||||||||
Commercial owner occupied real estate loans
|
519,837 | 511,271 | 509,215 | 503,286 | 511,453 | 511,673 | 518,271 | |||||||||||||||||||||
Commercial business loans
|
226,528 | 225,624 | 231,448 | 250,255 | 240,671 | 263,886 | 279,520 | |||||||||||||||||||||
Leasing
|
8,484 | 10,200 | 12,477 | 15,551 | 17,895 | 20,823 | 23,474 | |||||||||||||||||||||
Consumer loans
|
360,287 | 360,831 | 360,349 | 380,490 | 391,415 | 393,560 | 397,527 | |||||||||||||||||||||
Total loans and leases
|
2,145,403 | 2,137,920 | 2,150,049 | 2,156,232 | 2,185,207 | 2,218,832 | 2,256,657 | |||||||||||||||||||||
Allowance for loan and lease losses
|
(49,720 | ) | (55,246 | ) | (58,918 | ) | (62,135 | ) | (67,282 | ) | (71,377 | ) | (69,575 | ) | ||||||||||||||
Investment securities
|
1,174,180 | 1,128,589 | 1,087,620 | 1,042,943 | 1,099,518 | 1,062,541 | 985,966 | |||||||||||||||||||||
Interest-earning assets
|
3,370,360 | 3,322,317 | 3,283,819 | 3,240,313 | 3,343,173 | 3,437,731 | 3,401,162 | |||||||||||||||||||||
Total assets
|
3,626,043 | 3,612,013 | 3,549,533 | 3,519,388 | 3,606,617 | 3,701,150 | 3,673,246 | |||||||||||||||||||||
Noninterest-bearing demand deposits
|
643,169 | 648,605 | 619,905 | 566,812 | 580,309 | 593,007 | 560,027 | |||||||||||||||||||||
Total deposits
|
2,640,324 | 2,657,861 | 2,599,634 | 2,549,872 | 2,585,496 | 2,659,956 | 2,653,448 | |||||||||||||||||||||
Customer repurchase agreements
|
79,529 | 65,214 | 75,516 | 86,243 | 97,884 | 86,062 | 78,416 | |||||||||||||||||||||
Total interest-bearing liabilities
|
2,517,180 | 2,515,053 | 2,495,916 | 2,520,061 | 2,547,334 | 2,597,445 | 2,618,178 | |||||||||||||||||||||
Total stockholders' equity
|
440,791 | 423,984 | 409,076 | 407,569 | 451,717 | 483,681 | 471,857 | |||||||||||||||||||||
Quarterly average balance sheets:
|
||||||||||||||||||||||||||||
Residential mortgage loans
|
$ | 453,645 | $ | 455,803 | $ | 458,329 | $ | 461,700 | $ | 466,437 | $ | 467,970 | $ | 462,803 | ||||||||||||||
Residential construction loans
|
89,128 | 84,144 | 85,891 | 92,033 | 87,522 | 85,617 | 89,732 | |||||||||||||||||||||
Commercial ADC loans
|
145,835 | 149,773 | 149,071 | 155,795 | 154,863 | 165,510 | 182,918 | |||||||||||||||||||||
Commercial investor real estate loans
|
350,925 | 352,668 | 340,008 | 330,717 | 335,279 | 324,717 | 317,671 | |||||||||||||||||||||
Commercial owner occupied real estate loans
|
515,185 | 509,273 | 500,875 | 505,248 | 512,370 | 512,997 | 522,398 | |||||||||||||||||||||
Commercial business loans
|
225,041 | 225,646 | 236,949 | 240,083 | 253,058 | 271,839 | 292,844 | |||||||||||||||||||||
Leasing
|
9,269 | 11,154 | 14,009 | 16,562 | 19,295 | 22,329 | 24,648 | |||||||||||||||||||||
Consumer loans
|
360,875 | 362,098 | 367,261 | 387,375 | 393,491 | 395,833 | 398,233 | |||||||||||||||||||||
Total loans and leases
|
2,149,903 | 2,150,559 | 2,152,393 | 2,189,513 | 2,222,315 | 2,246,812 | 2,291,247 | |||||||||||||||||||||
Investment securities
|
1,168,712 | 1,121,325 | 1,054,740 | 1,112,128 | 1,058,175 | 1,013,756 | 970,681 | |||||||||||||||||||||
Total earning assets
|
3,355,937 | 3,305,059 | 3,237,556 | 3,332,705 | 3,360,758 | 3,379,388 | 3,318,070 | |||||||||||||||||||||
Total assets
|
3,610,219 | 3,566,278 | 3,500,807 | 3,594,812 | 3,620,881 | 3,645,090 | 3,591,786 | |||||||||||||||||||||
Noninterest-bearing demand deposits
|
631,192 | 607,092 | 582,441 | 587,570 | 568,835 | 547,245 | 524,313 | |||||||||||||||||||||
Total deposits
|
2,640,729 | 2,607,854 | 2,548,117 | 2,584,025 | 2,607,190 | 2,612,633 | 2,640,853 | |||||||||||||||||||||
Customer repurchase agreements
|
72,646 | 70,313 | 79,067 | 92,049 | 87,927 | 85,178 | 81,622 | |||||||||||||||||||||
Total interest-bearing liabilities
|
2,524,728 | 2,519,114 | 2,485,451 | 2,534,716 | 2,571,000 | 2,596,353 | 2,653,187 | |||||||||||||||||||||
Total stockholders' equity
|
428,511 | 414,624 | 407,007 | 446,256 | 455,101 | 475,521 | 387,099 | |||||||||||||||||||||
Capital measures:
|
||||||||||||||||||||||||||||
Average equity to average assets
|
11.87 | % | 11.63 | % | 11.63 | % | 12.41 | % | 12.57 | % | 13.05 | % | 10.78 | % | ||||||||||||||
Tangible common equity to tangible assets (4)
|
9.75 | % | 9.51 | % | 9.47 | % | 9.51 | % | 9.06 | % | 8.63 | % | 8.53 | % | ||||||||||||||
Tier 1 leverage
|
10.79 | % | 10.64 | % | 10.63 | % | 10.30 | % | 11.15 | % | 12.00 | % | 12.01 | % | ||||||||||||||
Tier 1 capital to risk-weighted assets
|
14.96 | % | 14.75 | % | 14.21 | % | 14.11 | % | 15.29 | % | 16.50 | % | 15.77 | % | ||||||||||||||
Total regulatory capital to risk-weighted assets
|
16.21 | % | 16.01 | % | 15.48 | % | 15.37 | % | 16.56 | % | 17.77 | % | 17.04 | % | ||||||||||||||
Book value per common share
|
$ | 18.31 | $ | 17.58 | $ | 16.99 | $ | 16.95 | $ | 17.14 | $ | 16.80 | $ | 16.33 | ||||||||||||||
Tangible book value per common share
|
14.35 | 13.93 | 13.64 | 13.59 | 13.29 | 13.00 | 12.77 | |||||||||||||||||||||
Outstanding common shares
|
24,079,204 | 24,095,123 | 24,084,423 | 24,046,627 | 24,006,748 | 23,998,950 | 23,985,149 |
2011
|
2010
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||||||||||||||||
Non-Performing Assets:
|
||||||||||||||||||||||||||||
Loans and leases 90 days past due:
|
||||||||||||||||||||||||||||
Commercial business
|
$ | - | $ | - | $ | - | $ | 19 | $ | 56 | $ | 357 | $ | 3,829 | ||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||||||
Commercial AD&C
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Commercial investor real estate
|
- | - | - | - | 944 | - | - | |||||||||||||||||||||
Commercial owner occupied real estate
|
- | - | - | - | 317 | 160 | - | |||||||||||||||||||||
Leasing
|
63 | 20 | 24 | 407 | 409 | 582 | 163 | |||||||||||||||||||||
Consumer
|
373 | 337 | 169 | 182 | 550 | 745 | 848 | |||||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||||||
Residential mortgage
|
2,291 | 3,820 | 4,616 | 9,871 | 12,545 | 18,131 | 16,879 | |||||||||||||||||||||
Residential construction
|
- | - | 2,367 | 3,675 | 3,447 | 4,251 | 3,366 | |||||||||||||||||||||
Total loans and leases 90 days past due
|
2,727 | 4,177 | 7,176 | 14,154 | 18,268 | 24,226 | 25,085 | |||||||||||||||||||||
Non-accrual loans and leases:
|
||||||||||||||||||||||||||||
Commercial business
|
8,038 | 8,288 | 9,649 | 7,938 | 10,747 | 14,512 | 17,600 | |||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||||||
Commercial AD&C
|
24,481 | 26,133 | 28,310 | 30,417 | 44,175 | 47,341 | 72,021 | |||||||||||||||||||||
Commercial investor real estate
|
16,118 | 2,975 | 2,519 | 1,753 | 1,160 | 1,160 | 1,171 | |||||||||||||||||||||
Commercial owner occupied real estate
|
11,847 | 13,019 | 12,304 | 11,781 | 10,197 | 11,620 | 9,327 | |||||||||||||||||||||
Leasing
|
956 | 1,017 | 1,529 | 1,887 | 1,903 | 1,621 | 1,472 | |||||||||||||||||||||
Consumer
|
1,478 | 590 | 720 | 300 | 20 | 227 | 604 | |||||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||||||
Residential mortgage
|
6,081 | 6,295 | 6,652 | 3,946 | 2,149 | 3,011 | 4,120 | |||||||||||||||||||||
Residential construction
|
5,034 | 5,701 | 5,222 | 5,305 | 3,525 | 4,395 | 4,404 | |||||||||||||||||||||
Total non-accrual loans and lease
|
74,033 | 64,018 | 66,905 | 63,327 | 73,876 | 83,887 | 110,719 | |||||||||||||||||||||
Total restructured loans - accruing
|
6,088 | 8,299 | 14,266 | 10,571 | 1,199 | 1,199 | 682 | |||||||||||||||||||||
Total non-performing loans and leases
|
82,848 | 76,494 | 88,347 | 88,052 | 93,343 | 109,312 | 136,486 | |||||||||||||||||||||
Other assets and real estate owned (OREO)
|
7,938 | 6,951 | 7,960 | 9,493 | 10,011 | 8,730 | 6,796 | |||||||||||||||||||||
Other assets owned
|
- | - | - | 200 | 200 | - | - | |||||||||||||||||||||
Total non-performing assets
|
$ | 90,786 | $ | 83,445 | $ | 96,307 | $ | 97,745 | $ | 103,554 | $ | 118,042 | $ | 143,282 |
For the quarter ended,
|
||||||||||||||||||||||||||||
September 30,
|
June 30,
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
2010
|
2010
|
||||||||||||||||||||||
Analysis of non-accrual loan and lease activity
|
||||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 64,018 | $ | 66,905 | $ | 63,327 | $ | 73,876 | $ | 83,887 | $ | 110,719 | $ | 111,181 | ||||||||||||||
Non-accrual balances transferred to OREO
|
(142 | ) | (791 | ) | (535 | ) | (222 | ) | (1,119 | ) | (540 | ) | (1,982 | ) | ||||||||||||||
Non-accrual balances charged-off
|
(1,375 | ) | (2,112 | ) | (2,701 | ) | (7,288 | ) | (3,664 | ) | (4,599 | ) | (8,642 | ) | ||||||||||||||
Net payments or draws
|
(4,839 | ) | (8,016 | ) | (2,531 | ) | (16,191 | ) | (4,288 | ) | (25,043 | ) | (2,179 | ) | ||||||||||||||
Loans placed on non-accrual
|
17,226 | 8,032 | 9,526 | 13,152 | 2,656 | 5,640 | 12,537 | |||||||||||||||||||||
Non-accrual loans brought current
|
(855 | ) | - | (181 | ) | - | (3,596 | ) | (2,290 | ) | (196 | ) | ||||||||||||||||
Balance at end of period
|
$ | 74,033 | $ | 64,018 | $ | 66,905 | $ | 63,327 | $ | 73,876 | $ | 83,887 | $ | 110,719 | ||||||||||||||
Analysis of Allowance for Loan Losses:
|
||||||||||||||||||||||||||||
Balance at beginning of period
|
$ | 55,246 | $ | 58,918 | $ | 62,135 | $ | 67,282 | $ | 71,377 | $ | 69,575 | $ | 64,559 | ||||||||||||||
Provision for loan and lease losses
|
(3,520 | ) | 1,151 | 1,515 | 2,323 | 2,453 | 6,107 | 15,025 | ||||||||||||||||||||
Less loans charged-off, net of recoveries:
|
||||||||||||||||||||||||||||
Commercial business
|
397 | 769 | 790 | 1,651 | 1,469 | (1,325 | ) | 2,395 | ||||||||||||||||||||
Commercial real estate:
|
||||||||||||||||||||||||||||
Commercial AD&C
|
151 | 253 | (137 | ) | 2,990 | 1,923 | 2,656 | 4,914 | ||||||||||||||||||||
Commercial investor real estate
|
30 | 504 | (4 | ) | 231 | (1 | ) | - | - | |||||||||||||||||||
Commercial owner occupied real estate
|
45 | 113 | - | 464 | 164 | 515 | 544 | |||||||||||||||||||||
Leasing
|
85 | 455 | 333 | 3 | - | 98 | 2 | |||||||||||||||||||||
Consumer
|
375 | 713 | 1,091 | 610 | 642 | 947 | 1,072 | |||||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||||||
Residential mortgage
|
751 | 1,319 | 2,095 | 1,396 | 2,170 | 1,333 | 793 | |||||||||||||||||||||
Residential construction
|
172 | 697 | 564 | 125 | 181 | 81 | 289 | |||||||||||||||||||||
Net charge-offs
|
2,006 | 4,823 | 4,732 | 7,470 | 6,548 | 4,305 | 10,009 | |||||||||||||||||||||
Balance at end of period
|
$ | 49,720 | $ | 55,246 | $ | 58,918 | $ | 62,135 | $ | 67,282 | $ | 71,377 | $ | 69,575 | ||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||||||||||
Non-performing loans to total loans
|
3.86 | % | 3.58 | % | 4.11 | % | 4.08 | % | 4.27 | % | 4.93 | % | 6.05 | % | ||||||||||||||
Non-performing assets to total assets
|
2.50 | % | 2.31 | % | 2.71 | % | 2.78 | % | 2.87 | % | 3.19 | % | 3.90 | % | ||||||||||||||
Allowance for loan losses to loans
|
2.32 | % | 2.58 | % | 2.74 | % | 2.88 | % | 3.08 | % | 3.22 | % | 3.08 | % | ||||||||||||||
Allowance for loan losses to non-performing loans
|
60.01 | % | 72.22 | % | 66.69 | % | 70.57 | % | 72.08 | % | 65.30 | % | 50.98 | % | ||||||||||||||
Net charge-offs in quarter to average loans
|
0.37 | % | 0.90 | % | 0.89 | % | 1.37 | % | 1.18 | % | 0.77 | % | 1.78 | % |
Three Months Ended September 30,
|
||||||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||||||
Annualized
|
Annualized
|
|||||||||||||||||||||||
Average
|
(1) |
Average
|
Average
|
(1) |
Average
|
|||||||||||||||||||
(Dollars in thousands and tax-equivalent)
|
Balances
|
Interest
|
Yield/Rate
|
Balances
|
Interest
|
Yield/Rate
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Residential mortgage loans (3)
|
$ | 453,645 | $ | 5,375 | 4.74 | % | $ | 466,437 | $ | 6,081 | 5.23 | % | ||||||||||||
Residential construction loans
|
89,128 | 898 | 4.00 | 87,522 | 964 | 4.37 | ||||||||||||||||||
Commercial ADC loans
|
145,835 | 1,688 | 4.59 | 154,863 | 1,768 | 4.53 | ||||||||||||||||||
Commercial investor real estate loans
|
350,925 | 4,908 | 5.49 | 335,279 | 5,094 | 6.03 | ||||||||||||||||||
Commercial owner occupied real estate loans
|
515,185 | 7,760 | 6.01 | 512,370 | 7,784 | 6.03 | ||||||||||||||||||
Commercial business loans
|
225,041 | 2,844 | 5.01 | 253,058 | 3,397 | 5.33 | ||||||||||||||||||
Leasing
|
9,269 | 157 | 6.79 | 19,295 | 340 | 7.06 | ||||||||||||||||||
Consumer loans
|
360,875 | 3,303 | 3.63 | 393,491 | 3,804 | 3.86 | ||||||||||||||||||
Total loans and leases (2)
|
2,149,903 | 26,933 | 4.98 | 2,222,315 | 29,232 | 5.23 | ||||||||||||||||||
Taxable securities
|
916,982 | 6,044 | 2.64 | 906,231 | 6,463 | 2.91 | ||||||||||||||||||
Tax-exempt securities (4)
|
251,730 | 3,424 | 5.44 | 151,944 | 2,931 | 7.03 | ||||||||||||||||||
Interest-bearing deposits with banks
|
35,992 | 23 | 0.25 | 78,355 | 61 | 0.31 | ||||||||||||||||||
Federal funds sold
|
1,330 | - | 0.13 | 1,913 | 1 | 0.18 | ||||||||||||||||||
Total interest-earning assets
|
3,355,937 | 36,424 | 4.32 | 3,360,758 | 38,688 | 4.57 | ||||||||||||||||||
Less: allowance for loan and lease losses
|
(55,980 | ) | (71,059 | ) | ||||||||||||||||||||
Cash and due from banks
|
47,421 | 44,806 | ||||||||||||||||||||||
Premises and equipment, net
|
49,037 | 48,518 | ||||||||||||||||||||||
Other assets
|
213,804 | 237,858 | ||||||||||||||||||||||
Total assets
|
$ | 3,610,219 | $ | 3,620,881 | ||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
$ | 346,941 | 102 | 0.12 | % | $ | 299,110 | 82 | 0.11 | % | ||||||||||||||
Regular savings deposits
|
187,060 | 47 | 0.10 | 166,989 | 41 | 0.10 | ||||||||||||||||||
Money market savings deposits
|
865,492 | 909 | 0.42 | 886,296 | 1,125 | 0.50 | ||||||||||||||||||
Time deposits
|
610,044 | 1,715 | 1.12 | 685,960 | 2,635 | 1.52 | ||||||||||||||||||
Total interest-bearing deposits
|
2,009,537 | 2,773 | 0.55 | 2,038,355 | 3,883 | 0.76 | ||||||||||||||||||
Other borrowings
|
74,657 | 49 | 0.26 | 88,308 | 61 | 0.27 | ||||||||||||||||||
Advances from FHLB
|
405,534 | 3,628 | 3.55 | 409,337 | 3,676 | 3.56 | ||||||||||||||||||
Subordinated debentures
|
35,000 | 224 | 2.55 | 35,000 | 248 | 2.84 | ||||||||||||||||||
Total interest-bearing liabilities
|
2,524,728 | 6,674 | 1.05 | 2,571,000 | 7,868 | 1.21 | ||||||||||||||||||
Noninterest-bearing demand deposits
|
631,192 | 568,835 | ||||||||||||||||||||||
Other liabilities
|
25,788 | 25,945 | ||||||||||||||||||||||
Stockholders' equity
|
428,511 | 455,101 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,610,219 | $ | 3,620,881 | ||||||||||||||||||||
Net interest income and spread
|
$ | 29,750 | 3.27 | % | $ | 30,820 | 3.36 | % | ||||||||||||||||
Less: tax-equivalent adjustment
|
1,420 | 1,321 | ||||||||||||||||||||||
Net interest income
|
$ | 28,330 | $ | 29,499 | ||||||||||||||||||||
Interest income/earning assets
|
4.32 | % | 4.57 | % | ||||||||||||||||||||
Interest expense/earning assets
|
0.79 | 0.93 | ||||||||||||||||||||||
Net interest margin
|
3.53 | % | 3.64 | % |
(1)
|
Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 39.88% for 2011 and 2010. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.4 million and $1.3 million in 2011 and 2010, respectively.
|
(2)
|
Non-accrual loans are included in the average balances.
|
(3)
|
Includes residential mortgage loans held for sale. Home equity loans and lines are classified as consumer loans.
|
(4)
|
Includes only investments that are exempt from federal taxes.
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Annualized
|
Annualized
|
|||||||||||||||||||||||
Average
|
(1)
|
Average
|
Average
|
(1)
|
Average
|
|||||||||||||||||||
(Dollars in thousands and tax-equivalent)
|
Balances
|
Interest
|
Yield/Rate
|
Balances
|
Interest
|
Yield/Rate
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Residential mortgage loans (3)
|
$ | 455,909 | $ | 16,747 | 4.89 | % | $ | 465,393 | $ | 18,989 | 5.44 | % | ||||||||||||
Residential construction loans
|
86,399 | 2,448 | 3.79 | 87,616 | 3,044 | 4.65 | ||||||||||||||||||
Commercial ADC loans
|
148,215 | 4,813 | 4.34 | 157,253 | 4,587 | 3.90 | ||||||||||||||||||
Commercial investor real estate loans
|
347,926 | 15,236 | 5.94 | 337,127 | 15,241 | 6.04 | ||||||||||||||||||
Commercial owner occupied real estate loans
|
508,478 | 22,686 | 6.05 | 515,119 | 23,288 | 6.04 | ||||||||||||||||||
Commercial business loans
|
229,168 | 8,493 | 4.95 | 272,435 | 10,249 | 5.03 | ||||||||||||||||||
Leasing
|
11,460 | 576 | 6.70 | 22,071 | 1,185 | 7.16 | ||||||||||||||||||
Consumer loans
|
363,388 | 9,986 | 3.70 | 395,835 | 11,480 | 3.90 | ||||||||||||||||||
Total loans and leases (2)
|
2,150,943 | 80,985 | 5.03 | 2,252,849 | 88,063 | 5.22 | ||||||||||||||||||
Taxable securities
|
879,230 | 17,810 | 2.70 | 855,243 | 19,227 | 3.02 | ||||||||||||||||||
Tax-exempt securities (4)
|
236,113 | 10,058 | 5.68 | 159,281 | 8,269 | 6.92 | ||||||||||||||||||
Interest-bearing deposits with banks
|
32,257 | 62 | 0.25 | 83,351 | 158 | 0.25 | ||||||||||||||||||
Federal funds sold
|
1,408 | 1 | 0.14 | 1,814 | 2 | 0.17 | ||||||||||||||||||
Total interest-earning assets
|
3,299,951 | 108,916 | 4.41 | 3,352,538 | 115,719 | 4.61 | ||||||||||||||||||
Less: allowance for loan and lease losses
|
(58,672 | ) | (70,145 | ) | ||||||||||||||||||||
Cash and due from banks
|
45,587 | 44,633 | ||||||||||||||||||||||
Premises and equipment, net
|
49,130 | 48,876 | ||||||||||||||||||||||
Other assets
|
223,506 | 243,100 | ||||||||||||||||||||||
Total assets
|
$ | 3,559,502 | $ | 3,619,002 | ||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing demand deposits
|
$ | 336,020 | 278 | 0.11 | % | $ | 288,637 | 256 | 0.12 | % | ||||||||||||||
Regular savings deposits
|
182,424 | 142 | 0.10 | 163,687 | 128 | 0.10 | ||||||||||||||||||
Money market savings deposits
|
855,458 | 2,865 | 0.45 | 892,838 | 4,006 | 0.60 | ||||||||||||||||||
Time deposits
|
618,250 | 5,388 | 1.17 | 727,980 | 9,351 | 1.72 | ||||||||||||||||||
Total interest-bearing deposits
|
1,992,152 | 8,673 | 0.58 | 2,073,142 | 13,741 | 0.89 | ||||||||||||||||||
Other borrowings
|
77,135 | 155 | 0.27 | 87,881 | 198 | 0.30 | ||||||||||||||||||
Advances from FHLB
|
405,621 | 10,769 | 3.55 | 410,523 | 10,949 | 3.57 | ||||||||||||||||||
Subordinated debentures
|
35,000 | 671 | 2.55 | 35,000 | 693 | 2.64 | ||||||||||||||||||
Total interest-bearing liabilities
|
2,509,908 | 20,268 | 1.08 | 2,606,546 | 25,581 | 1.31 | ||||||||||||||||||
Noninterest-bearing demand deposits
|
607,087 | 546,961 | ||||||||||||||||||||||
Other liabilities
|
25,714 | 26,006 | ||||||||||||||||||||||
Stockholders' equity
|
416,793 | 439,489 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,559,502 | $ | 3,619,002 | ||||||||||||||||||||
Net interest income and spread
|
$ | 88,648 | 3.33 | % | $ | 90,138 | 3.30 | % | ||||||||||||||||
Less: tax-equivalent adjustment
|
4,154 | 3,484 | ||||||||||||||||||||||
Net interest income
|
$ | 84,494 | $ | 86,654 | ||||||||||||||||||||
Interest income/earning assets
|
4.41 | % | 4.61 | % | ||||||||||||||||||||
Interest expense/earning assets
|
0.82 | 1.02 | ||||||||||||||||||||||
Net interest margin
|
3.59 | % | 3.59 | % |
(1)
|
Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 39.88% for 2011 and 2010. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $4.2 million and $3.5 million in 2011 and 2010, respectively.
|
(2)
|
Non-accrual loans are included in the average balances.
|
(3)
|
Includes residential mortgage loans held for sale. Home equity loans and lines are classified as consumer loans.
|
(4)
|
Includes only investments that are exempt from federal taxes.
|
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