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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cathay General Bancorp | NASDAQ:CATY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.49 | 3.67% | 42.05 | 42.02 | 42.09 | 42.19 | 40.70 | 41.01 | 114,779 | 18:30:15 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
|
CATHAY GENERAL BANCORP | ||
(Exact name of registrant as specified in its charter) | ||
Delaware | 95-4274680 | |
(State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
777 North Broadway, Los Angeles, California | 90012 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer þ |
Accelerated filer
o
|
||
Non-accelerated filer o (Do not check if a smaller reporting company) |
Smaller reporting company
o
|
PART I – FINANCIAL IN FORMA TION | 5 | |||
Item 1.
|
FINANCIAL STATEMENTS (Unaudited) | 5 | ||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) | 8 | |||
Item 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. | 34 | ||
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 62 | ||
Item 4.
|
CONTROLS AND PROCEDURES . | 63 | ||
PART II - OTHER INFORMATION | 64 | |||
Item 1
.
|
LEGAL PROCEEDINGS . | 64 | ||
Item 1A
|
RISK FACTORS . | 64 | ||
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. | 64 | ||
It
em
3.
|
DEFAULTS UPON SENIOR SECURITIES. | 65 | ||
Ite
m 4.
|
MINE SAFETY DISCLOSURES . | 65 | ||
Item
5.
|
OTHER IN FORM ATION. | 65 | ||
It
em
6.
|
EX HIBIT S. | 65 | ||
SI
GNATU
R
ES
|
66 |
|
·
|
U.S. and international business and economic conditions;
|
|
·
|
credit risks of lending activities and deterioration in asset or credit quality;
|
|
·
|
current and potential future supervisory action by bank supervisory authorities;
|
|
·
|
increased costs of compliance and other risks associated with changes in regulation and the current regulatory environment, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), and the potential for substantial changes in the legal, regulatory, and enforcement framework and oversight applicable to financial institutions in reaction to recent adverse financial market events, including changes pursuant to the Dodd-Frank Act;
|
|
·
|
potential goodwill impairment;
|
|
·
|
liquidity risk;
|
|
·
|
fluctuations in interest rates;
|
|
·
|
inflation and deflation;
|
|
·
|
risks associated with acquisitions and the expansion of our business into new markets;
|
|
·
|
real estate market conditions and the value of real estate collateral;
|
|
·
|
environmental liabilities;
|
|
·
|
the effect of repeal of the federal prohibition on payment of interest on demand deposit accounts;
|
|
·
|
our ability to compete with larger competitors;
|
|
·
|
the possibility of higher capital requirements, including implementation of the Basel III capital standards of the Basel Committee;
|
|
·
|
our ability to retain key personnel;
|
|
·
|
successful management of reputational risk;
|
|
·
|
natural disasters and geopolitical events;
|
|
·
|
general economic or business conditions in California, Asia, and other regions where the Bank has operations;
|
|
·
|
restrictions on compensation paid to our executives as a result of our participation in the TARP Capital Purchase Program;
|
|
·
|
failures, interruptions or security breaches of systems or data breaches;
|
|
·
|
our ability to adapt our systems to technological changes, including successfully implementing our core system conversion;
|
|
·
|
changes in accounting standards or tax laws and regulations;
|
|
·
|
market disruption and volatility;
|
|
·
|
restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure;
|
|
·
|
successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; and
|
|
·
|
the soundness of other financial institutions.
|
September 30, 2012
|
December 31, 2011
|
|||||||
(In thousands, except share and per share data)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 114,646 | $ | 117,888 | ||||
Short-term investments and interest bearing deposits
|
426,456 | 294,956 | ||||||
Securities held-to-maturity (market value of $908,067 in 2012
and $1,203,977 in 2011)
|
849,376 | 1,153,504 | ||||||
Securities available-for-sale (amortized cost of $1,290,212 in 2012 and
$1,309,521 in 2011)
|
1,293,571 | 1,294,478 | ||||||
Trading securities
|
4,619 | 4,542 | ||||||
Loans held for sale
|
- | 760 | ||||||
Loans
|
7,259,930 | 7,059,212 | ||||||
Less: Allowance for loan losses
|
(184,438 | ) | (206,280 | ) | ||||
Unamortized deferred loan fees, net
|
(9,036 | ) | (8,449 | ) | ||||
Loans, net
|
7,066,456 | 6,844,483 | ||||||
Federal Home Loan Bank stock
|
45,493 | 52,989 | ||||||
Other real estate owned, net
|
60,642 | 92,713 | ||||||
Affordable housing investments, net
|
87,076 | 78,358 | ||||||
Premises and equipment, net
|
103,456 | 105,961 | ||||||
Customers’ liability on acceptances
|
30,553 | 37,300 | ||||||
Accrued interest receivable
|
29,542 | 32,226 | ||||||
Goodwill
|
316,340 | 316,340 | ||||||
Other intangible assets, net
|
7,638 | 11,598 | ||||||
Other assets
|
168,660 | 206,768 | ||||||
Total assets
|
$ | 10,604,524 | $ | 10,644,864 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Deposits
|
||||||||
Non-interest-bearing demand deposits
|
$ | 1,245,312 | $ | 1,074,718 | ||||
Interest-bearing deposits:
|
||||||||
NOW deposits
|
569,708 | 451,541 | ||||||
Money market deposits
|
1,083,917 | 951,516 | ||||||
Savings deposits
|
460,182 | 420,030 | ||||||
Time deposits under $100,000
|
668,051 | 832,997 | ||||||
Time deposits of $100,000 or more
|
3,325,871 | 3,498,329 | ||||||
Total deposits
|
7,353,041 | 7,229,131 | ||||||
Securities sold under agreements to repurchase
|
1,350,000 | 1,400,000 | ||||||
Advances from the Federal Home Loan Bank
|
21,200 | 225,000 | ||||||
Other borrowings from financial institutions
|
- | 880 | ||||||
Other borrowings for affordable housing investments
|
18,746 | 18,920 | ||||||
Long-term debt
|
171,136 | 171,136 | ||||||
Acceptances outstanding
|
30,553 | 37,300 | ||||||
Other liabilities
|
53,912 | 46,864 | ||||||
Total liabilities
|
8,998,588 | 9,129,231 | ||||||
Commitments and contingencies
|
- | - | ||||||
Stockholders’ Equity
|
||||||||
Preferred stock, 10,000,000 shares authorized, 258,000 issued
and outstanding in 2012 and 2011
|
253,678 | 250,992 | ||||||
Common stock, $0.01 par value, 100,000,000 shares authorized,
82,951,885 issued and 78,744,320 outstanding at September 30, 2012, and 82,860,122 issued and 78,652,557 outstanding at December 31, 2011
|
830 | 829 | ||||||
Additional paid-in-capital
|
768,169 | 765,641 | ||||||
Accumulated other comprehensive income/(loss), net
|
1,947 | (8,732 | ) | |||||
Retained earnings
|
698,601 | 624,192 | ||||||
Treasury stock, at cost (4,207,565 shares at September 30, 2012,
and at December 31, 2011)
|
(125,736 | ) | (125,736 | ) | ||||
Total Cathay General Bancorp stockholders' equity
|
1,597,489 | 1,507,186 | ||||||
Noncontrolling interest
|
8,447 | 8,447 | ||||||
Total equity
|
1,605,936 | 1,515,633 | ||||||
Total liabilities and equity
|
$ | 10,604,524 | $ | 10,644,864 |
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(In thousands, except share and per share data)
|
||||||||||||||||
INTEREST AND DIVIDEND INCOME
|
||||||||||||||||
Loans receivable, including loan fees
|
$ | 90,024 | $ | 92,590 | $ | 269,486 | $ | 272,940 | ||||||||
Investment securities- taxable
|
15,157 | 20,304 | 50,046 | 65,274 | ||||||||||||
Investment securities- nontaxable
|
1,036 | 1,054 | 3,127 | 3,165 | ||||||||||||
Federal Home Loan Bank stock
|
57 | 38 | 190 | 134 | ||||||||||||
Federal funds sold and se
curities
purchased under agreements to resell
|
2 | 33 | 18 | 81 | ||||||||||||
Deposits with banks
|
471 | 360 | 1,596 | 901 | ||||||||||||
Total interest and dividend income
|
106,747 | 114,379 | 324,463 | 342,495 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Time deposits of $100,000 or more
|
7,970 | 10,496 | 26,152 | 32,115 | ||||||||||||
Other deposits
|
3,261 | 4,777 | 11,045 | 15,871 | ||||||||||||
Securities sold under agreements to repurchase
|
13,734 | 14,840 | 42,987 | 45,903 | ||||||||||||
Advances from Federal Home Loan Bank
|
74 | 2,101 | 196 | 10,592 | ||||||||||||
Long-term debt
|
1,291 | 1,208 | 3,895 | 3,630 | ||||||||||||
Short-term borrowings
|
- | 4 | - | 11 | ||||||||||||
Total interest expense
|
26,330 | 33,426 | 84,275 | 108,122 | ||||||||||||
Net interest income before provision for credit losses
|
80,417 | 80,953 | 240,188 | 234,373 | ||||||||||||
Provision/(credit) for loan losses
|
- | 9,000 | (9,000 | ) | 25,000 | |||||||||||
Net interest income after provision for loan losses
|
80,417 | 71,953 | 249,188 | 209,373 | ||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||
Securities gains, net
|
8,652 | 8,833 | 13,241 | 20,243 | ||||||||||||
Letters of credit commissions
|
1,728 | 1,440 | 4,873 | 4,113 | ||||||||||||
Depository service fees
|
1,342 | 1,341 | 4,114 | 4,101 | ||||||||||||
Other operating income
|
3,900 | 5,213 | 12,077 | 13,449 | ||||||||||||
Total non-interest income
|
15,622 | 16,827 | 34,305 | 41,906 | ||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||
Salaries and employee benefits
|
18,451 | 17,481 | 58,426 | 53,411 | ||||||||||||
Occupancy expense
|
3,853 | 3,714 | 10,926 | 10,709 | ||||||||||||
Computer and equipment expense
|
2,340 | 2,139 | 7,194 | 6,437 | ||||||||||||
Professional services expense
|
5,273 | 4,846 | 15,224 | 13,534 | ||||||||||||
FDIC and State assessments
|
2,094 | 2,642 | 6,554 | 9,864 | ||||||||||||
Marketing expense
|
519 | 908 | 3,408 | 2,420 | ||||||||||||
Other real estate owned expense
|
1,794 | 6,120 | 13,548 | 8,603 | ||||||||||||
Operations of affordable housing investments, net
|
476 | 2,102 | 4,387 | 6,055 | ||||||||||||
Amortization of core deposit intangibles
|
1,404 | 1,461 | 4,265 | 4,402 | ||||||||||||
Cost associated with debt redemption
|
3,450 | 4,540 | 6,200 | 18,527 | ||||||||||||
Other operating expense
|
8,190 | 2,430 | 12,925 | 7,614 | ||||||||||||
Total non-interest expense
|
47,844 | 48,383 | 143,057 | 141,576 | ||||||||||||
Income before income tax expense
|
48,195 | 40,397 | 140,436 | 109,703 | ||||||||||||
Income tax expense
|
17,686 | 14,162 | 50,852 | 36,802 | ||||||||||||
Net income
|
30,509 | 26,235 | 89,584 | 72,901 | ||||||||||||
Less: net income attributable to noncontrolling interest
|
151 | 151 | 452 | 452 | ||||||||||||
Net income attributable to Cathay General Bancorp
|
30,358 | 26,084 | 89,132 | 72,449 | ||||||||||||
Dividends on preferred stock
|
(4,123 | ) | (4,111 | ) | (12,361 | ) | (12,323 | ) | ||||||||
Net income attributable to common stockholders
|
26,235 | 21,973 | 76,771 | 60,126 | ||||||||||||
Other comprehensive income, net of tax
|
||||||||||||||||
Unrealized holding gain/(loss) arising during the period
|
10,650 | (4,753 | ) | 18,353 | 7,264 | |||||||||||
Less: reclassification adjustments included in net income
|
5,015 | 5,120 | 7,674 | 11,733 | ||||||||||||
Total other comprehensive gain/(loss), net of tax
|
5,635 | (9,873 | ) | 10,679 | (4,469 | ) | ||||||||||
Total comprehensive income
|
$ | 35,993 | $ | 16,211 | $ | 99,811 | $ | 67,980 | ||||||||
Net income per common share:
|
||||||||||||||||
Basic
|
$ | 0.33 | $ | 0.28 | $ | 0.98 | $ | 0.76 | ||||||||
Diluted
|
$ | 0.33 | $ | 0.28 | $ | 0.98 | $ | 0.76 | ||||||||
Cash dividends paid per common share
|
$ | 0.01 | $ | 0.01 | $ | 0.03 | $ | 0.03 | ||||||||
Average common shares outstanding
|
||||||||||||||||
Basic
|
78,729,272 | 78,640,308 | 78,706,150 | 78,628,477 | ||||||||||||
Diluted
|
78,731,180 | 78,641,142 | 78,711,235 | 78,637,977 |
Nine months ended September 30
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$ | 89,584 | $ | 72,901 | ||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
|
||||||||
Provision (credit) for loan losses
|
(9,000 | ) | 25,000 | |||||
Provision for losses on other real estate owned
|
10,362 | 9,088 | ||||||
Deferred tax liability
|
5,901 | 4,380 | ||||||
Depreciation
|
4,435 | 4,577 | ||||||
Net gains on sale and transfer of other real estate owned
|
(700 | ) | (4,842 | ) | ||||
Net gains on sale of loans
|
(618 | ) | (2,851 | ) | ||||
Proceeds from sales of loans
|
58,505 | 20,699 | ||||||
Originations of loans held-for-sale
|
(57,861 | ) | (10,992 | ) | ||||
Increase in trading securities, net
|
(79 | ) | (153,440 | ) | ||||
Write-downs on venture capital investments
|
226 | 57 | ||||||
Gain on sales and calls of securities
|
(13,241 | ) | (20,243 | ) | ||||
Decrease in unrealized loss from interest rate swaps mark-to-market
|
(2,634 | ) | (2,580 | ) | ||||
Amortization/accretion of security premiums/discounts, net
|
3,800 | 2,903 | ||||||
Amortization of other intangible assets
|
4,368 | 4,475 | ||||||
Excess tax short-fall from share-based payment arrangements
|
679 | 276 | ||||||
Stock based compensation expense
|
1,801 | 1,278 | ||||||
Stock issued to officers as compensation
|
450 | - | ||||||
Decrease in deferred loan fees, net
|
587 | 739 | ||||||
Decrease in accrued interest receivable
|
2,684 | 5,463 | ||||||
Decrease in other assets, net
|
28,475 | 7,297 | ||||||
(Decrease)/increase in other liabilities
|
(1,365 | ) | 4,214 | |||||
Net cash provided by/(used in) operating activities
|
126,359 | (31,601 | ) | |||||
Cash Flows from Investing Activities
|
||||||||
(Increase)/decrease in short-term investments
|
(131,500 | ) | 172,629 | |||||
Increase in securities purchased under agreements to resell
|
- | 30,000 | ||||||
Purchase of investment securities available-for-sale
|
(317,597 | ) | (371,116 | ) | ||||
Proceeds from maturities and calls of investment securities available-for-sale
|
494,199 | 385,000 | ||||||
Proceeds from sale of investment securities available-for-sale
|
60,951 | 503,561 | ||||||
Purchase of mortgage-backed securities available-for-sale
|
(654,386 | ) | (403,123 | ) | ||||
Proceeds from repayment of mortgage-backed securities available-for-sale
|
78,758 | 83,594 | ||||||
Proceeds from sale of mortgage-backed securities available-for-sale
|
368,972 | 759,654 | ||||||
Purchase of mortgage-backed securities held-to-maturity
|
- | (480,083 | ) | |||||
Proceeds from maturities and calls of investment securities held-to-maturity
|
301,981 | 82,703 | ||||||
Redemptions of Federal Home Loan Bank stock
|
7,496 | 7,698 | ||||||
Net increase in loans
|
(224,244 | ) | (283,232 | ) | ||||
Purchase of premises and equipment
|
(2,312 | ) | (1,995 | ) | ||||
Proceeds from sale of other real estate owned
|
33,167 | 50,115 | ||||||
Net increase in investment in affordable housing
|
(2,639 | ) | (968 | ) | ||||
Net cash provided by investing activities
|
12,846 | 534,437 | ||||||
Cash Flows from Financing Activities
|
||||||||
Net increase in demand deposits, NOW accounts, money market and savings deposits
|
461,314 | 108,622 | ||||||
Net (decrease)/increase in time deposits
|
(337,224 | ) | 25,062 | |||||
Net decrease in federal funds purchased and securities sold under agreements to repurchase
|
(50,000 | ) | (153,500 | ) | ||||
Advances from Federal Home Loan Bank
|
406,200 | 3,473 | ||||||
Repayment of Federal Home Loan Bank borrowings
|
(610,000 | ) | (348,473 | ) | ||||
Dividends paid on common stock
|
(2,361 | ) | (2,359 | ) | ||||
Dividends paid on preferred stock
|
(9,675 | ) | (9,675 | ) | ||||
Repayment of other borrowings
|
(880 | ) | (5,695 | ) | ||||
Proceeds from shares issued under Dividend Reinvestment Plan
|
211 | 205 | ||||||
Proceeds from exercise of stock options
|
647 | 1,306 | ||||||
Excess tax short-fall from share-based payment arrangements
|
(679 | ) | (276 | ) | ||||
Net cash used in financing activities
|
(142,447 | ) | (381,310 | ) | ||||
(Decrease)/increase in cash and cash equivalents
|
(3,242 | ) | 121,526 | |||||
Cash and cash equivalents, beginning of the period
|
117,888 | 87,347 | ||||||
Cash and cash equivalents, end of the period
|
$ | 114,646 | $ | 208,873 | ||||
Supplemental disclosure of cash flow information
|
||||||||
Cash paid during the period:
|
||||||||
Interest
|
$ | 87,383 | $ | 111,300 | ||||
Income taxes paid
|
$ | 24,908 | $ | 39,750 | ||||
Non-cash investing and financing activities:
|
||||||||
Net change in unrealized holding gain/(loss) on securities available-for-sale, net of tax
|
$ | 10,679 | $ | (4,469 | ) | |||
Loans to facilitate sale of loans
|
$ | - | $ | 6,094 | ||||
Transfers to other real estate owned from loans held for investment
|
$ | 13,216 | $ | 73,161 | ||||
Transfers to other real estate owned from loans held for sale
|
$ | - | $ | 2,873 | ||||
Loans transferred from held for investment to held for sale,net
|
$ | 234 | $ | 4,139 | ||||
Loans to facilitate the sale of other real estate owned
|
$ | 1,785 | $ | 7,703 |
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
(Dollars in thousands, except share and per share data)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Net income attributable to Cathay General Bancorp
|
$ | 30,358 | $ | 26,084 | $ | 89,132 | $ | 72,449 | ||||||||
Dividends on preferred stock
|
(4,123 | ) | (4,111 | ) | (12,361 | ) | (12,323 | ) | ||||||||
Net income available to common stockholders
|
$ | 26,235 | $ | 21,973 | $ | 76,771 | $ | 60,126 | ||||||||
Weighted-average shares:
|
||||||||||||||||
Basic weighted-average number of common shares outstanding
|
78,729,272 | 78,640,308 | 78,706,150 | 78,628,477 | ||||||||||||
Dilutive effect of weighted-average outstanding common share equivalents
|
||||||||||||||||
Stock options
|
1,908 | 834 | 5,085 | 9,500 | ||||||||||||
Diluted weighted-average number of common shares outstanding
|
78,731,180 | 78,641,142 | 78,711,235 | 78,637,977 | ||||||||||||
Average stock options and warrants with anti-dilutive effect
|
6,080,292 | 6,294,961 | 6,133,089 | 6,265,913 | ||||||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$ | 0.33 | $ | 0.28 | $ | 0.98 | $ | 0.76 | ||||||||
Diluted
|
$ | 0.33 | $ | 0.28 | $ | 0.98 | $ | 0.76 |
Shares
|
Weighted-average
exercise price
|
Weighted-average
remaining contractual
|
Aggregate
intrinsic
|
|||||||||||||
Balance, December 31, 2011
|
4,356,985 | $ | 28.86 | 3.0 | $ | 37 | ||||||||||
Exercised
|
(39,784 | ) | 16.28 | |||||||||||||
Forfeited
|
(249,506 | ) | 22.27 | |||||||||||||
Balance, March 31, 2012
|
4,067,695 | $ | 29.40 | 3.0 | $ | 65 | ||||||||||
Forfeited
|
(281 | ) | 23.37 | |||||||||||||
Balance, June 30, 2012
|
4,067,414 | $ | 29.40 | 2.7 | $ | 53 | ||||||||||
Forfeited
|
(33,604 | ) | 28.92 | |||||||||||||
Balance, September 30, 2012
|
4,033,810 | $ | 29.41 | 2.5 | $ | 61 | ||||||||||
Exercisable, September 30, 2012
|
3,926,694 | $ | 29.57 | 2.4 | $ | 61 |
Units
|
||||
Balance at December 31, 2011
|
171,410 | |||
Granted
|
49,257 | |||
Forfeited
|
(5,158 | ) | ||
Vested
|
(11,814 | ) | ||
Balance at September 30, 2012
|
203,695 |
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Short-fall of tax deductions in excess of
grant-date fair value
|
$ | (114 | ) | $ | (5 | ) | $ | (679 | ) | $ | (276 | ) | ||||
Benefit of tax deductions on
grant-date fair value
|
114 | 5 | 777 | 348 | ||||||||||||
Total benefit of tax deductions
|
$ | - | $ | - | $ | 98 | $ | 72 |
September 30, 2012
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
State and municipal securities
|
$ | 129,173 | $ | 9,392 | $ | - | $ | 138,565 | ||||||||
Mortgage-backed securities
|
710,230 | 49,366 | - | 759,596 | ||||||||||||
Corporate debt securities
|
9,973 | - | 67 | 9,906 | ||||||||||||
Total securities held-to-maturity
|
$ | 849,376 | $ | 58,758 | $ | 67 | $ | 908,067 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. treasury securities
|
$ | 309,746 | $ | 177 | $ | 3 | $ | 309,920 | ||||||||
U.S. government sponsored entities
|
50,000 | 103 | - | 50,103 | ||||||||||||
Mortgage-backed securities
|
544,579 | 22,176 | 4 | 566,751 | ||||||||||||
Collateralized mortgage obligations
|
11,329 | 496 | 44 | 11,781 | ||||||||||||
Asset-backed securities
|
151 | - | 5 | 146 | ||||||||||||
Corporate debt securities
|
357,873 | - | 20,324 | 337,549 | ||||||||||||
Mutual funds
|
6,000 | 149 | - | 6,149 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 318 | - | 887 | ||||||||||||
Trust preferred securities
|
9,965 | 320 | - | 10,285 | ||||||||||||
Total securities available-for-sale
|
$ | 1,290,212 | $ | 23,739 | $ | 20,380 | $ | 1,293,571 | ||||||||
Total investment securities
|
$ | 2,139,588 | $ | 82,497 | $ | 20,447 | $ | 2,201,638 |
December 31, 2011
|
||||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair Value
|
||||||||||||
(In thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 99,966 | $ | 1,406 | $ | - | $ | 101,372 | ||||||||
State and municipal securities
|
129,577 | 7,053 | - | 136,630 | ||||||||||||
Mortgage-backed securities
|
913,990 | 42,351 | - | 956,341 | ||||||||||||
Corporate debt securities
|
9,971 | - | 337 | 9,634 | ||||||||||||
Total securities held-to-maturity
|
$ | 1,153,504 | $ | 50,810 | $ | 337 | $ | 1,203,977 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 500,007 | $ | 1,226 | $ | 7 | $ | 501,226 | ||||||||
State and municipal securities
|
1,869 | 59 | - | 1,928 | ||||||||||||
Mortgage-backed securities
|
325,706 | 12,361 | 436 | 337,631 | ||||||||||||
Collateralized mortgage obligations
|
16,184 | 540 | 238 | 16,486 | ||||||||||||
Asset-backed securities
|
172 | - | 6 | 166 | ||||||||||||
Corporate debt securities
|
412,045 | 113 | 31,729 | 380,429 | ||||||||||||
Mutual funds
|
6,000 | 48 | 13 | 6,035 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 1,085 | - | 1,654 | ||||||||||||
Trust preferred securities
|
45,501 | 486 | 24 | 45,963 | ||||||||||||
Other equity securities
|
1,468 | 1,492 | - | 2,960 | ||||||||||||
Total securities available-for-sale
|
$ | 1,309,521 | $ | 17,410 | $ | 32,453 | $ | 1,294,478 | ||||||||
Total investment securities
|
$ | 2,463,025 | $ | 68,220 | $ | 32,790 | $ | 2,498,455 |
Securities available-for-sale
|
Securities held-to-maturity
|
|||||||||||||||
Amortized cost
|
Fair value
|
Amortized cost
|
Fair value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Due in one year or less
|
$ | 157,806 | $ | 157,804 | $ | - | $ | - | ||||||||
Due after one year through five years
|
385,083 | 378,412 | - | - | ||||||||||||
Due after five years through ten years
|
241,904 | 233,331 | 57,554 | 61,206 | ||||||||||||
Due after ten years (1)
|
505,419 | 524,024 | 791,822 | 846,861 | ||||||||||||
Total
|
$ | 1,290,212 | $ | 1,293,571 | $ | 849,376 | $ | 908,067 |
As of September 30, 2012
|
||||||||||||||||||||||||
Temporarily impaired securities
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
value
|
Unrealized
losses
|
Fair
value
|
Unrealized
losses
|
Fair
value
|
Unrealized
losses
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||||||||||
Corporate debt securities
|
$ | 9,906 | $ | 67 | $ | - | $ | - | $ | 9,906 | $ | 67 | ||||||||||||
Total securities held-to-maturity
|
$ | 9,906 | $ | 67 | $ | - | $ | - | $ | 9,906 | $ | 67 | ||||||||||||
Securities Available-for-Sale
|
||||||||||||||||||||||||
U.S. treasury securities
|
$ | 49,943 | $ | 3 | $ | - | $ | - | $ | 49,943 | $ | 3 | ||||||||||||
Mortgage-backed securities
|
9 | 1 | 168 | 1 | 177 | 2 | ||||||||||||||||||
Mortgage-backed securities-Non-agency
|
- | - | 96 | 2 | 96 | 2 | ||||||||||||||||||
Collateralized mortgage obligations
|
- | - | 519 | 44 | 519 | 44 | ||||||||||||||||||
Asset-backed securities
|
- | - | 146 | 5 | 146 | 5 | ||||||||||||||||||
Corporate debt securities
|
62,266 | 2,707 | 267,383 | 17,617 | 329,649 | 20,324 | ||||||||||||||||||
Total securities available-for-sale
|
$ | 112,218 | $ | 2,711 | $ | 268,312 | $ | 17,669 | $ | 380,530 | $ | 20,380 | ||||||||||||
Total investment securities
|
$ | 122,124 | $ | 2,778 | $ | 268,312 | $ | 17,669 | $ | 390,436 | $ | 20,447 |
As of December 31, 2011
|
||||||||||||||||||||||||
Temporarily Impaired Securities
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
value
|
Unrealized
losses
|
Fair
value
|
Unrealized
losses
|
Fair
value
|
Unrealized
losses
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||||||||||
Corporate debt securities
|
$ | 9,635 | $ | 337 | $ | - | $ | - | $ | 9,635 | $ | 337 | ||||||||||||
Total securities held-to-maturity
|
$ | 9,635 | $ | 337 | $ | - | $ | - | $ | 9,635 | $ | 337 | ||||||||||||
Securities Available-for-Sale
|
||||||||||||||||||||||||
U.S. government sponsored entities
|
$ | 49,993 | $ | 7 | $ | - | $ | - | $ | 49,993 | $ | 7 | ||||||||||||
Mortgage-backed securities
|
564 | 4 | 35 | 1 | 599 | 5 | ||||||||||||||||||
Mortgage-backed securities-Non-agency
|
- | - | 6,719 | 431 | 6,719 | 431 | ||||||||||||||||||
Collateralized mortgage obligations
|
- | - | 570 | 238 | 570 | 238 | ||||||||||||||||||
Asset-backed securities
|
- | - | 166 | 6 | 166 | 6 | ||||||||||||||||||
Corporate debt securities
|
185,577 | 14,201 | 172,857 | 17,528 | 358,434 | 31,729 | ||||||||||||||||||
Mutual funds
|
1,987 | 13 | - | - | 1,987 | 13 | ||||||||||||||||||
Trust preferred securities
|
5,674 | 24 | - | - | 5,674 | 24 | ||||||||||||||||||
Total securities available-for-sale
|
$ | 243,795 | $ | 14,249 | $ | 180,347 | $ | 18,204 | $ | 424,142 | $ | 32,453 | ||||||||||||
Total investment securities
|
$ | 253,430 | $ | 14,586 | $ | 180,347 | $ | 18,204 | $ | 433,777 | $ | 32,790 |
September 30, 2012
|
December 31, 2011
|
|||||||
(In thousands)
|
||||||||
Type of Loans:
|
||||||||
Commercial loans
|
$ | 2,082,920 | $ | 1,868,275 | ||||
Residential mortgage loans
|
1,073,880 | 972,262 | ||||||
Commercial mortgage loans
|
3,704,777 | 3,748,897 | ||||||
Equity lines
|
199,403 | 214,707 | ||||||
Real estate construction loans
|
187,248 | 237,372 | ||||||
Installment and other loans
|
11,702 | 17,699 | ||||||
Gross loans
|
7,259,930 | 7,059,212 | ||||||
Less:
|
||||||||
Allowance for loan losses
|
(184,438 | ) | (206,280 | ) | ||||
Unamortized deferred loan fees
|
(9,036 | ) | (8,449 | ) | ||||
Total loans, net
|
$ | 7,066,456 | $ | 6,844,483 | ||||
Loans held for sale
|
$ | - | $ | 760 |
Impaired Loans
|
||||||||||||||||||||||||||||||||
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||||||||||||||||||
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Commercial loans
|
$ | 25,987 | $ | 55,599 | $ | 33,672 | $ | 49,370 | $ | 49 | $ | 264 | $ | 146 | $ | 789 | ||||||||||||||||
Real estate construction loans
|
41,404 | 78,307 | 51,176 | 83,011 | 177 | 488 | 531 | 1,461 | ||||||||||||||||||||||||
Commercial mortgage loans
|
178,206 | 180,554 | 180,959 | 225,195 | 1,971 | 895 | 5,477 | 3,100 | ||||||||||||||||||||||||
Residential mortgage and equity lines
|
18,370 | 17,798 | 18,420 | 17,252 | 49 | 9 | 148 | 28 | ||||||||||||||||||||||||
Total
|
$ | 263,967 | $ | 332,258 | $ | 284,227 | $ | 374,828 | $ | 2,246 | $ | 1,656 | $ | 6,302 | $ | 5,378 |
Impaired Loans
|
||||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Unpaid Principal Balance
|
Recorded
Investment
|
Allowance
|
Unpaid Principal Balance
|
Recorded
Investment
|
Allowance
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
With no allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 22,832 | $ | 17,561 | $ | - | $ | 46,671 | $ | 38,194 | $ | - | ||||||||||||
Real estate construction loans
|
53,613 | 40,877 | - | 134,836 | 78,767 | - | ||||||||||||||||||
Commercial mortgage loans
|
204,549 | 165,440 | - | 187,580 | 149,034 | - | ||||||||||||||||||
Residential mortgage and equity lines
|
4,318 | 4,244 | - | 8,555 | 7,987 | - | ||||||||||||||||||
Subtotal
|
$ | 285,312 | $ | 228,122 | $ | - | $ | 377,642 | $ | 273,982 | $ | - | ||||||||||||
With allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 15,182 | $ | 9,490 | $ | 1,791 | $ | 11,795 | $ | 7,587 | $ | 3,336 | ||||||||||||
Real estate construction loans
|
9,932 | 779 | 279 | - | - | - | ||||||||||||||||||
Commercial mortgage loans
|
13,902 | 12,969 | 1,729 | 29,722 | 28,023 | 2,969 | ||||||||||||||||||
Residential mortgage and equity lines
|
16,072 | 13,736 | 1,626 | 13,813 | 12,381 | 1,249 | ||||||||||||||||||
Subtotal
|
$ | 55,088 | $ | 36,974 | $ | 5,425 | $ | 55,330 | $ | 47,991 | $ | 7,554 | ||||||||||||
Total impaired loans
|
$ | 340,400 | $ | 265,096 | $ | 5,425 | $ | 432,972 | $ | 321,973 | $ | 7,554 |
As of September 30, 2012
|
||||||||||||||||||||||||||||
30-59
Days
Past Due
|
60-89
Days
Past Due
|
Greater
than 90
Days
Past Due
|
Non-accrual Loans
|
Total Past
Due
|
Loans Not
Past Due
|
Total
|
||||||||||||||||||||||
Type of Loans: |
(In thousands)
|
|||||||||||||||||||||||||||
Commercial loans
|
$ | 4,498 | $ | 2,930 | $ | - | $ | 23,035 | $ | 30,463 | $ | 2,052,457 | $ | 2,082,920 | ||||||||||||||
Real estate construction loans
|
- | 17,095 | - | 9,422 | 26,517 | 160,731 | 187,248 | |||||||||||||||||||||
Commercial mortgage loans
|
8,424 | 6,523 | - | 48,754 | 63,701 | 3,641,076 | 3,704,777 | |||||||||||||||||||||
Residential mortgage and equity lines
|
344 | 4,006 | - | 13,733 | 18,083 | 1,255,200 | 1,273,283 | |||||||||||||||||||||
Installment and other loans
|
- | 40 | - | - | 40 | 11,662 | 11,702 | |||||||||||||||||||||
Total loans
|
$ | 13,266 | $ | 30,594 | $ | - | $ | 94,944 | $ | 138,804 | $ | 7,121,126 | $ | 7,259,930 |
As of December 31, 2011
|
||||||||||||||||||||||||||||
30-59
Days
Past Due
|
60-89
Days
Past Due
|
Greater
than 90
Days
Past Due
|
Non-accrual Loans
|
Total Past
Due
|
Loans Not
Past Due
|
Total
|
||||||||||||||||||||||
Type of Loans: |
(In thousands)
|
|||||||||||||||||||||||||||
Commercial loans
|
$ | 1,683 | $ | - | $ | - | $ | 30,661 | $ | 32,344 | $ | 1,835,931 | $ | 1,868,275 | ||||||||||||||
Real estate construction loans
|
20,326 | - | - | 46,012 | 66,338 | 171,034 | 237,372 | |||||||||||||||||||||
Commercial mortgage loans
|
13,627 | 20,277 | 6,726 | 107,784 | 148,414 | 3,600,483 | 3,748,897 | |||||||||||||||||||||
Residential mortgage and equity lines
|
5,871 | - | - | 16,740 | 22,611 | 1,164,358 | 1,186,969 | |||||||||||||||||||||
Installment and other loans
|
- | - | - | - | - | 17,699 | 17,699 | |||||||||||||||||||||
Total loans
|
$ | 41,507 | $ | 20,277 | $ | 6,726 | $ | 201,197 | $ | 269,707 | $ | 6,789,505 | $ | 7,059,212 |
For the nine months ended September 30, 2012
|
As of September 30, 2012
|
|||||||||||||||||||
No. of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Charge-offs
|
Specific Reserve
|
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Commercial loans
|
8 | 2,144 | $ | 2,144 | $ | - | $ | 75 | ||||||||||||
Commercial mortgage loans
|
15 | 59,299 | 55,610 | 3,689 | - | |||||||||||||||
Residential mortgage and equity lines
|
7 | 2,895 | 2,895 | - | 70 | |||||||||||||||
Total
|
30 | $ | 64,338 | $ | 60,649 | $ | 3,689 | $ | 145 |
For the nine months ended September 30, 2011
|
As of September 30, 2011
|
|||||||||||||||||||
No. of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Charge-offs
|
Specific Reserve
|
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Commercial loans
|
11 | $ | 39,584 | $ | 39,584 | $ | - | $ | 112 | |||||||||||
Real estate construction loans
|
2 | 26,175 | 25,317 | 858 | - | |||||||||||||||
Commercial mortgage loans
|
3 | 3,176 | 3,176 | - | 1 | |||||||||||||||
Residential mortgage and equity lines
|
3 | 1,577 | 1,577 | - | 116 | |||||||||||||||
Total
|
19 | $ | 70,512 | $ | 69,654 | $ | 858 | $ | 229 |
As of September 30, 2012 | ||||||||||||||||||||
Accruing TDRs
|
Principal
Deferral
|
Rate
Reduction
|
Rate Reduction
and Forgiveness
of Principal
|
Rate
Reduction and
Payment
Deferral
|
Total
|
|||||||||||||||
(In thousands) | ||||||||||||||||||||
Commercial loans
|
$ | 553 | $ | 3,044 | $ | - | $ | 418 | $ | 4,015 | ||||||||||
Real estate construction loans
|
16,820 | 9,581 | - | 5,834 | 32,235 | |||||||||||||||
Commercial mortgage loans
|
27,091 | 16,597 | 1,138 | 84,829 | 129,655 | |||||||||||||||
Residential mortgage loans
|
1,465 | 1,027 | - | 1,754 | 4,246 | |||||||||||||||
Total accruing TDRs
|
$ | 45,929 | $ | 30,249 | $ | 1,138 | $ | 92,835 | $ | 170,151 |
As of September 30, 2012
|
||||||||||||||||||||
Non-accrual TDRs
|
Interest
Deferral
|
Principal
Deferral
|
Rate
Reduction
|
Rate
Reduction and
Payment
Deferral
|
Total
|
|||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial loans
|
$ | - | $ | 669 | $ | - | $ | - | $ | 669 | ||||||||||
Commercial mortgage loans
|
2,584 | 1,140 | 5,743 | 6,123 | 15,590 | |||||||||||||||
Residential mortgage loans
|
283 | 1,600 | 595 | 339 | 2,817 | |||||||||||||||
Total non-accrual TDRs
|
$ | 2,867 | $ | 3,409 | $ | 6,338 | $ | 6,462 | $ | 19,076 |
As of December 31, 2011
|
||||||||||||||||||||
Accruing TDRs
|
Principal
Deferral
|
Rate
Reduction
|
Rate Reduction
and Forgiveness
of Principal
|
Rate
R
eduction and
Payment
Deferral
|
Total
|
|||||||||||||||
(In thousands) | ||||||||||||||||||||
Commercial loans
|
$ | 12,933 | $ | 1,756 | $ | - | $ | 431 | $ | 15,120 | ||||||||||
Real estate construction loans
|
16,820 | 9,659 | - | 5,776 | 32,255 | |||||||||||||||
Commercial mortgage loans
|
471 | 37,796 | 2,071 | 28,935 | 69,273 | |||||||||||||||
Residential mortgage loans
|
1,294 | 587 | - | 1,487 | 3,368 | |||||||||||||||
Total accruing TDRs
|
$ | 31,518 | $ | 49,798 | $ | 2,071 | $ | 36,629 | $ | 120,016 |
As of December 31, 2011
|
||||||||||||||||||||||||
Non-accrual TDRs
|
Interest
Deferral
|
Principal
Deferral
|
Rate
Reduction
|
Rate Reduction
and Forgiveness
of Principal
|
Rate
Reduction and Payment
Deferral
|
Total
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | 616 | $ | 1,859 | $ | 1,506 | $ | - | $ | 3,981 | ||||||||||||
Real estate construction loans
|
- | 13,579 | 12,376 | - | - | 25,955 | ||||||||||||||||||
Commercial mortgage loans
|
2,633 | 9,727 | - | - | 5,076 | 17,436 | ||||||||||||||||||
Residential mortgage loans
|
311 | 2,427 | 449 | - | 311 | 3,498 | ||||||||||||||||||
Total non-accrual TDRs
|
$ | 2,944 | $ | 26,349 | $ | 14,684 | $ | 1,506 | $ | 5,387 | $ | 50,870 |
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
Accruing TDRs
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(In thousands)
|
||||||||||||||||
Beginning balance
|
$ | 153,249 | $ | 116,328 | $ | 120,016 | $ | 136,800 | ||||||||
New restructurings
|
14,765 | 43,182 | 53,524 | 57,181 | ||||||||||||
Restructured loans restored to accrual status
|
3,957 | 34 | 6,810 | 1,071 | ||||||||||||
Charge-offs
|
(251 | ) | (1 | ) | (251 | ) | (660 | ) | ||||||||
Payments
|
(1,569 | ) | (33,273 | ) | (4,124 | ) | (37,347 | ) | ||||||||
Restructured loans placed on nonaccrual
|
- | - | (5,824 | ) | (30,042 | ) | ||||||||||
Expiration of loan concession
|
- | - | - | (733 | ) | |||||||||||
Ending balance
|
$ | 170,151 | $ | 126,270 | $ | 170,151 | $ | 126,270 |
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
Non-accrual TDRs
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(In thousands)
|
||||||||||||||||
Beginning balance
|
$ | 23,285 | $ | 38,230 | $ | 50,870 | $ | 28,147 | ||||||||
New restructurings
|
1,153 | 8,918 | 7,124 | 12,474 | ||||||||||||
Restructured loans placed on nonaccrual
|
- | 1 | 5,824 | 30,042 | ||||||||||||
Charge-offs
|
- | (1,279 | ) | (4,285 | ) | (6,108 | ) | |||||||||
Payments
|
(1,405 | ) | (929 | ) | (33,647 | ) | (11,332 | ) | ||||||||
Foreclosures
|
- | (832 | ) | - | (8,077 | ) | ||||||||||
Restructured loans restored to accrual status
|
(3,957 | ) | (34 | ) | (6,810 | ) | (1,071 | ) | ||||||||
Ending balance
|
$ | 19,076 | $ | 44,075 | $ | 19,076 | $ | 44,075 |
·
|
Pass/Watch –
These loans range from minimal credit risk to lower than average, but still acceptable, credit risk.
|
·
|
Special Mention
–
Borrower is fundamentally sound and loan is currently protected but adverse trends are apparent that, if not corrected, may affect ability to repay. Primary source of loan repayment remains viable but there is increasing reliance on collateral or guarantor support.
|
·
|
Substandard
–
These loans are inadequately protected by current sound net worth, paying capacity or pledged collateral. Well-defined weaknesses exist that could jeopardize repayment of debt. Loss may not be imminent, but if weaknesses are not corrected, there is a good possibility of some loss.
|
·
|
Doubtful –
The possibility of loss is extremely high, but due to identifiable and important pending events (which may strengthen the loan) a loss classification is deferred until the situation is better defined.
|
·
|
Loss –
These loans are considered uncollectible and of such little value that to continue to carry the loan as an active asset is no longer warranted.
|
As of September 30, 2012
|
||||||||||||||||||||
Pass/Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial loans
|
$ | 1,900,049 | $ | 77,797 | $ | 90,684 | $ | 14,390 | $ | 2,082,920 | ||||||||||
Real estate construction loans
|
114,649 | 21,718 | 43,022 | 7,859 | 187,248 | |||||||||||||||
Commercial mortgage loans
|
3,276,291 | 165,415 | 263,071 | - | 3,704,777 | |||||||||||||||
Residential mortgage and equity lines
|
1,256,683 | 344 | 16,115 | 141 | 1,273,283 | |||||||||||||||
Installment and other loans
|
11,702 | - | - | - | 11,702 | |||||||||||||||
Total gross loans
|
$ | 6,559,374 | $ | 265,274 | $ | 412,892 | $ | 22,390 | $ | 7,259,930 | ||||||||||
Loans held for sale
|
$ | - | $ | - | $ | - | $ | - | $ | - |
As of December 31, 2011
|
||||||||||||||||||||
Pass/Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
(In thousands) | ||||||||||||||||||||
Commercial loans
|
$ | 1,689,842 | $ | 64,290 | $ | 108,858 | $ | 5,285 | $ | 1,868,275 | ||||||||||
Real estate construction loans
|
115,538 | 23,555 | 90,132 | 8,147 | 237,372 | |||||||||||||||
Commercial mortgage loans
|
3,275,431 | 69,925 | 403,541 | - | 3,748,897 | |||||||||||||||
Residential mortgage and equity lines
|
1,149,225 | 4,439 | 33,160 | 145 | 1,186,969 | |||||||||||||||
Installment and other loans
|
17,636 | 63 | - | - | 17,699 | |||||||||||||||
Total gross loans
|
$ | 6,247,672 | $ | 162,272 | $ | 635,691 | $ | 13,577 | $ | 7,059,212 | ||||||||||
Loans held for sale
|
$ | - | $ | - | $ | 260 | $ | 500 | $ | 760 |
Commercial
Loans
|
Real Estate
Construction
|
Commercial
Mortgage
|
Residential
Mortgage Loans
|
Consumer and
Other Loans
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
September 30, 2012
|
||||||||||||||||||||||||
Loans individually evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 1,791 | $ | 279 | $ | 1,729 | $ | 1,626 | $ | - | $ | 5,425 | ||||||||||||
Balance
|
$ | 27,051 | $ | 41,656 | $ | 178,409 | $ | 17,980 | $ | - | $ | 265,096 | ||||||||||||
Loans collectively evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 63,947 | $ | 15,849 | $ | 90,282 | $ | 8,902 | $ | 33 | $ | 179,013 | ||||||||||||
Balance
|
$ | 2,055,869 | $ | 145,592 | $ | 3,526,368 | $ | 1,255,303 | $ | 11,702 | $ | 6,994,834 | ||||||||||||
Total allowance
|
$ | 65,738 | $ | 16,128 | $ | 92,011 | $ | 10,528 | $ | 33 | $ | 184,438 | ||||||||||||
Total balance
|
$ | 2,082,920 | $ | 187,248 | $ | 3,704,777 | $ | 1,273,283 | $ | 11,702 | $ | 7,259,930 | ||||||||||||
December 31, 2011
|
||||||||||||||||||||||||
Loans individually evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 3,336 | $ | - | $ | 2,969 | $ | 1,247 | $ | - | $ | 7,552 | ||||||||||||
Balance
|
$ | 45,781 | $ | 78,766 | $ | 177,058 | $ | 20,368 | $ | - | $ | 321,973 | ||||||||||||
Loans collectively evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 62,322 | $ | 21,749 | $ | 105,052 | $ | 9,548 | $ | 57 | $ | 198,728 | ||||||||||||
Balance
|
$ | 1,822,494 | $ | 158,606 | $ | 3,571,839 | $ | 1,166,601 | $ | 17,699 | $ | 6,737,239 | ||||||||||||
Total allowance
|
$ | 65,658 | $ | 21,749 | $ | 108,021 | $ | 10,795 | $ | 57 | $ | 206,280 | ||||||||||||
Total balance
|
$ | 1,868,275 | $ | 237,372 | $ | 3,748,897 | $ | 1,186,969 | $ | 17,699 | $ | 7,059,212 |
(Dollars in million) | Fixed-to-floating | Floating-to-fixed | Total | |||||||||||||||||||||||||||||||||
Rate type | Float Rate | Fixed Rate | ||||||||||||||||||||||||||||||||||
Rate index | 8% minus 3 month LIBOR | |||||||||||||||||||||||||||||||||||
Maximum rate | 3.79 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | ||||||||||||||||||||||||
Minimum rate | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||
No. of agreements | 3 | 1 | 4 | 3 | 1 | 1 | 5 | 4 | 22 | |||||||||||||||||||||||||||
Amount
|
$ | 150.0 | $ | 50.0 | $ | 200.0 | $ | 150.0 | $ | 50.0 | $ | 50.0 | $ | 300.0 | $ | 200.0 | $ | 1,150.0 | ||||||||||||||||||
Weighted average rate | 3.78 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | 4.61 | % | 5.00 | % | 4.08 | % | ||||||||||||||||||
Final maturity | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2014 | 2017 |
Maturity (years)
|
No. of
Agreements
|
Amount
(In thousands)
|
Weighted Average
Interest Rate
|
|||||||||
3 to 5 | 2 | $ | 100,000 | 2.71 | % | |||||||
Over 5 | 2 | 100,000 | 2.86 | % | ||||||||
Total
|
4 | $ | 200,000 | 2.79 | % |
|
·
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
|
·
|
Level 2 - Observable prices in active markets for similar assets or liabilities; prices for identical or similar assets or liabilities in markets that are not active; directly observable market inputs for substantially the full term of the asset and liability; market inputs that are not directly observable but are derived from or corroborated by observable market data.
|
|
·
|
Level 3 – Unobservable inputs based on the Company’s own judgments about the assumptions that a market participant would use.
|
As of September 30, 2012
|
Fair Value Measurements Using
|
Total at
|
||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
|||||||||||||
Assets
|
(In thousands)
|
|||||||||||||||
Securities available-for-sale
|
||||||||||||||||
U.S. Treasury securities
|
$ | 309,920 | $ | - | $ | - | $ | 309,920 | ||||||||
U.S. government sponsored entities
|
- | 50,103 | - | 50,103 | ||||||||||||
Mortgage-backed securities
|
- | 566,751 | - | 566,751 | ||||||||||||
Collateralized mortgage obligations
|
- | 11,781 | - | 11,781 | ||||||||||||
Asset-backed securities
|
- | 146 | - | 146 | ||||||||||||
Corporate debt securities
|
- | 337,549 | - | 337,549 | ||||||||||||
Mutual funds
|
6,149 | - | - | 6,149 | ||||||||||||
Preferred stock of government sponsored entities
|
- | 887 | - | 887 | ||||||||||||
Trust preferred securities
|
- | 10,285 | - | 10,285 | ||||||||||||
Total securities available-for-sale
|
316,069 | 977,502 | - | 1,293,571 | ||||||||||||
Trading securities
|
- | 4,619 | - | 4,619 | ||||||||||||
Warrants
|
- | - | 114 | 114 | ||||||||||||
Option contracts
|
- | 56 | - | 56 | ||||||||||||
Foreign exchange contracts
|
- | 2,401 | - | 2,401 | ||||||||||||
Total assets
|
$ | 316,069 | $ | 984,578 | $ | 114 | $ | 1,300,761 | ||||||||
Liabilities
|
||||||||||||||||
Option contracts
|
$ | - | $ | 49 | $ | - | $ | 49 | ||||||||
Foreign exchange contracts
|
- | 1,018 | - | 1,018 | ||||||||||||
Total liabilities
|
$ | - | $ | 1,067 | $ | - | $ | 1,067 |
As of December 31, 2011
|
Fair Value Measurements Using
|
Total at
|
||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
|||||||||||||
Assets
|
(In thousands)
|
|||||||||||||||
Securities available-for-sale
|
||||||||||||||||
U.S. government sponsored entities
|
$ | - | $ | 501,226 | $ | - | $ | 501,226 | ||||||||
State and municipal securities
|
- | 1,928 | - | 1,928 | ||||||||||||
Mortgage-backed securities
|
- | 337,631 | - | 337,631 | ||||||||||||
Collateralized mortgage obligations
|
- | 16,486 | - | 16,486 | ||||||||||||
Asset-backed securities
|
- | 166 | - | 166 | ||||||||||||
Corporate debt securities
|
- | 380,429 | - | 380,429 | ||||||||||||
Mutual funds
|
6,035 | - | - | 6,035 | ||||||||||||
Preferred stock of government sponsored entities
|
- | 1,654 | - | 1,654 | ||||||||||||
Trust preferred securities
|
- | 45,963 | - | 45,963 | ||||||||||||
Other equity securities
|
2,960 | - | - | 2,960 | ||||||||||||
Total securities available-for-sale
|
8,995 | 1,285,483 | - | 1,294,478 | ||||||||||||
Trading securities
|
2 | 4,540 | - | 4,542 | ||||||||||||
Warrants
|
- | - | 218 | 218 | ||||||||||||
Option contracts
|
- | 34 | - | 34 | ||||||||||||
Foreign exchange contracts
|
- | 2,151 | - | 2,151 | ||||||||||||
Total assets
|
$ | 8,997 | $ | 1,292,208 | $ | 218 | $ | 1,301,423 | ||||||||
Liabilities
|
||||||||||||||||
Interest rate swaps
|
$ | - | $ | 2,634 | $ | - | $ | 2,634 | ||||||||
Option contracts
|
- | 5 | - | 5 | ||||||||||||
Foreign exchange contracts
|
- | 486 | - | 486 | ||||||||||||
Total liabilities
|
$ | - | $ | 3,125 | $ | - | $ | 3,125 |
As of September 30, 2012
|
Total Losses
|
|||||||||||||||||||||||||||||||
Fair value measurements using
|
Total at
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
fair value
|
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||||||||||||||
Assets
|
(In thousands)
|
|||||||||||||||||||||||||||||||
Impaired loans by type:
|
||||||||||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | - | $ | 7,699 | $ | 7,699 | $ | 1,983 | $ | - | $ | 2,848 | $ | 1,868 | ||||||||||||||||
Construction loans- residential
|
- | - | 500 | 500 | - | - | - | - | ||||||||||||||||||||||||
Real estate loans
|
- | - | 10,087 | 10,087 | - | - | 301 | 532 | ||||||||||||||||||||||||
Land loans
|
- | - | 1,154 | 1,154 | - | - | - | - | ||||||||||||||||||||||||
Residential mortgage loans
|
- | - | 12,109 | 12,109 | 251 | 73 | 782 | 73 | ||||||||||||||||||||||||
Total impaired loans
|
- | - | 31,549 | 31,549 | 2,234 | 73 | 3,931 | 2,473 | ||||||||||||||||||||||||
Other real estate owned (1)
|
- | 36,833 | 7,487 | 44,320 | 2,875 | 4,125 | 10,602 | 6,505 | ||||||||||||||||||||||||
Investments in venture capital
|
- | - | 9,118 | 9,118 | 39 | 50 | 226 | 337 | ||||||||||||||||||||||||
Equity investments
|
280 | - | - | 280 | - | 199 | 43 | 199 | ||||||||||||||||||||||||
Total assets
|
$ | 280 | $ | 36,833 | $ | 48,154 | $ | 85,267 | $ | 5,148 | $ | 4,447 | $ | 14,802 | $ | 9,514 |
As of December 31, 2011
|
Total Losses
|
|||||||||||||||||||||||
Fair value measurements using
|
Total at
|
For the twelve months ended
|
||||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||
Assets
|
(In thousands)
|
|||||||||||||||||||||||
Impaired loans by type:
|
||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | - | $ | 4,251 | $ | 4,251 | $ | 877 | $ | 3,411 | ||||||||||||
Construction loans- residential
|
- | - | - | - | - | 1,295 | ||||||||||||||||||
Real estate loans
|
- | - | 35,576 | 35,576 | 820 | 1,407 | ||||||||||||||||||
Land loans
|
- | - | 611 | 611 | 46 | 1,003 | ||||||||||||||||||
Total impaired loans
|
- | - | 40,438 | 40,438 | 1,743 | 7,116 | ||||||||||||||||||
Loans held-for-sale
|
- | - | 760 | 760 | - | 3,160 | ||||||||||||||||||
Other real estate owned (1
|
- | 79,029 | 1,093 | 80,122 | 7,003 | 20,139 | ||||||||||||||||||
Investments in venture capital
|
- | - | 8,693 | 8,693 | 379 | 760 | ||||||||||||||||||
Equity investments
|
323 | - | - | 323 | 200 | 304 | ||||||||||||||||||
Total assets
|
$ | 323 | $ | 79,029 | $ | 50,984 | $ | 130,336 | $ | 9,325 | $ | 31,479 |
As of September 30, 2012
|
As of December 31, 2011
|
|||||||||||||||
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash and due from banks
|
$ | 114,646 | $ | 114,646 | $ | 117,888 | $ | 117,888 | ||||||||
Short-term investments
|
426,456 | 426,456 | 294,956 | 294,956 | ||||||||||||
Securities held-to-maturity
|
849,376 | 908,067 | 1,153,504 | 1,203,977 | ||||||||||||
Securities available-for-sale
|
1,293,571 | 1,293,571 | 1,294,478 | 1,294,478 | ||||||||||||
Trading securities
|
4,619 | 4,619 | 4,542 | 4,542 | ||||||||||||
Loans held-for-sale
|
- | - | 760 | 760 | ||||||||||||
Loans, net
|
7,066,456 | 7,015,190 | 6,844,483 | 6,825,571 | ||||||||||||
Investment in Federal Home Loan Bank stock
|
45,493 | 45,493 | 52,989 | 52,989 | ||||||||||||
Warrants
|
114 | 114 | 218 | 218 |
Notional
Amount
|
Fair Value
|
Notional
Amount
|
Fair Value
|
|||||||||||||
Option contracts
|
$ | 6,424 | $ | 56 | $ | 3,026 | $ | 34 | ||||||||
Foreign exchange contracts
|
184,711 | 2,401 | 238,581 | 2,151 |
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
|||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
$ | 7,353,041 | $ | 7,359,427 | $ | 7,229,131 | $ | 7,240,857 | ||||||||
Securities sold under agreements to repurchase
|
1,350,000 | 1,477,535 | 1,400,000 | 1,547,900 | ||||||||||||
Advances from Federal Home Loan Bank
|
21,200 | 21,843 | 225,000 | 227,825 | ||||||||||||
Other borrowings
|
18,746 | 16,069 | 19,800 | 19,801 | ||||||||||||
Long-term debt
|
171,136 | 98,392 | 171,136 | 98,676 |
Notional
Amount
|
Fair Value
|
Notional
Amount
|
Fair Value
|
|||||||||||||
Option contracts
|
$ | 7,097 | $ | 49 | $ | 1,282 | $ | 5 | ||||||||
Interest rate swaps
|
- | - | 300,000 | 2,634 | ||||||||||||
Foreign exchange contracts
|
142,234 | 1,018 | 128,215 | 486 | ||||||||||||
Notional
Amount
|
Fair Value
|
Notional
Amount
|
Fair Value
|
|||||||||||||
Off-Balance Sheet Financial Instruments
|
||||||||||||||||
Commitments to extend credit
|
$ | 1,734,352 | $ | (1,457 | ) | $ | 1,626,523 | $ | (1,253 | ) | ||||||
Standby letters of credit
|
43,282 | (244 | ) | 62,076 | (367 | ) | ||||||||||
Other letters of credit
|
83,311 | (39 | ) | 64,233 | (38 | ) | ||||||||||
Bill of lading guarantees
|
9 | - | 187 | - |
|
·
|
Improved profitability – Third quarter net income was $30.4 million, an increase of $4.3 million, or 16.4%, compared to net income of $26.1 million in the same quarter a year ago.
|
|
·
|
Decrease in non-performing assets – Non-performing assets decreased $145.0 million, or 48.2%, to $155.6 million at September 30, 2012, from $300.6 million at December 31, 2011, and decreased $42.4 million, or 21.4%, from $198.0 million at June 30, 2012.
|
Third Quarter
|
||||||||
2012
|
2011
|
|||||||
Net income (in millions)
|
$ | 30.4 | $ | 26.1 | ||||
Net income available to common stockholders (in millions)
|
$ | 26.2 | $ | 22.0 | ||||
Basic earnings per common share
|
$ | 0.33 | $ | 0.28 | ||||
Diluted earnings per common share
|
$ | 0.33 | $ | 0.28 | ||||
Return on average assets
|
1.14 | % | 0.98 | % | ||||
Return on average total stockholders' equity
|
7.62 | % | 6.91 | % | ||||
Efficiency ratio
|
49.82 | % | 49.48 | % |
Interest-Earning Assets and Interest-Bearing Liabilities
|
||||||||||||||||||||||||
Three months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
|
Interest
Income/
|
Average
Yield/
|
Average
Balance
|
Interest
Income/
|
Average
Yield/
|
||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Commercial loans | $ | 1,996,906 | $ | 21,057 | 4.20 | % | $ | 1,734,406 | $ | 18,985 | 4.34 | % | ||||||||||||
Residential mortgage loans | 1,241,308 | 15,059 | 4.85 | 1,165,889 | 14,801 | 5.08 | ||||||||||||||||||
Commercial mortgage loans | 3,684,719 | 51,217 | 5.53 | 3,759,783 | 55,207 | 5.83 | ||||||||||||||||||
Real estate construction loans | 184,629 | 2,596 | 5.59 | 303,671 | 3,498 | 4.57 | ||||||||||||||||||
Other loans and leases | 15,007 | 95 | 2.52 | 17,633 | 99 | 2.23 | ||||||||||||||||||
Total loans and leases (1) | 7,122,569 | 90,024 | 5.03 | 6,981,382 | 92,590 | 5.26 | ||||||||||||||||||
Taxable securities | 2,188,205 | 15,157 | 2.76 | 2,308,509 | 20,303 | 3.49 | ||||||||||||||||||
Tax-exempt securities (3) | 131,024 | 1,594 | 4.84 | 134,735 | 1,621 | 4.77 | ||||||||||||||||||
Federal Home Loan Bank stock | 46,702 | 57 | 0.49 | 57,439 | 38 | 0.26 | ||||||||||||||||||
Interest bearing deposits | 394,830 | 471 | 0.47 | 64,897 | 360 | 2.20 | ||||||||||||||||||
Federal funds sold & securities purchased under agreements to resell
|
6,413 | 2 | 0.12 | 207,174 | 33 | 0.06 | ||||||||||||||||||
Total interest-earning assets | 9,889,743 | 107,305 | 4.32 | 9,754,136 | 114,945 | 4.68 | ||||||||||||||||||
Non-interest earning assets:
|
||||||||||||||||||||||||
Cash and due from banks | 138,581 | 214,540 | ||||||||||||||||||||||
Other non-earning assets | 810,595 | 866,057 | ||||||||||||||||||||||
Total non-interest earning assets | 949,176 | 1,080,597 | ||||||||||||||||||||||
Less: Allowance for loan losses | (192,192 | ) | (231,486 | ) | ||||||||||||||||||||
Deferred loan fees | (8,859 | ) | (7,881 | ) | ||||||||||||||||||||
Total assets | $ | 10,637,868 | $ | 10,595,366 | ||||||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing demand accounts | $ | 535,708 | $ | 207 | 0.15 | $ | 431,016 | $ | 185 | 0.17 | ||||||||||||||
Money market accounts | 1,041,986 | 1,440 | 0.55 | 948,678 | 1,698 | 0.71 | ||||||||||||||||||
Savings accounts | 464,091 | 92 | 0.08 | 454,780 | 112 | 0.10 | ||||||||||||||||||
Time deposits | 4,129,075 | 9,492 | 0.91 | 4,306,331 | 13,278 | 1.22 | ||||||||||||||||||
Total interest-bearing deposits | 6,170,860 | 11,231 | 0.72 | 6,140,805 | 15,273 | 0.99 | ||||||||||||||||||
Securities sold under agreements to repurchase | 1,358,152 | 13,734 | 4.02 | 1,411,332 | 14,840 | 4.17 | ||||||||||||||||||
Other borrowings | 40,030 | 74 | 0.74 | 283,996 | 2,105 | 2.94 | ||||||||||||||||||
Long-term debt | 171,136 | 1,291 | 3.00 | 171,136 | 1,208 | 2.80 | ||||||||||||||||||
Total interest-bearing liabilities | 7,740,178 | 26,330 | 1.35 | 8,007,269 | 33,426 | 1.66 | ||||||||||||||||||
Non-interest bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits | 1,209,253 | 1,013,859 | ||||||||||||||||||||||
Other liabilities | 95,741 | 69,082 | ||||||||||||||||||||||
Total equity
|
1,592,696 | 1,505,156 | ||||||||||||||||||||||
Total liabilities and equity | $ | 10,637,868 | $ | 10,595,366 | ||||||||||||||||||||
Net interest spread (4)
|
2.97 | % | 3.02 | % | ||||||||||||||||||||
Net interest income (4)
|
$ | 80,975 | $ | 81,519 | ||||||||||||||||||||
Net interest margin (4)
|
3.26 | % | 3.32 | % |
(1)
|
Changes in interest income and interest expense attributable to changes in both volume and rate have been
allocated proportionately to changes due to volume and changes due to rate.
|
(2)
|
The amount of interest earned on certain securities of states and political subdivisions and other securities
held has been adjusted to a fully taxable-equivalent basis using a statutory Federal income tax rate of 35%.
|
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Charge-offs:
|
||||||||||||||||
Commercial loans
|
$ | 7,387 | $ | 1,219 | $ | 14,479 | $ | 11,215 | ||||||||
Construction loans- residential
|
- | 10,923 | 391 | 18,349 | ||||||||||||
Construction loans- other
|
39 | 12,616 | 774 | 16,045 | ||||||||||||
Real estate loans (1)
|
1,441 | 5,560 | 12,351 | 24,119 | ||||||||||||
Real estate- land loans
|
2 | 522 | 101 | 1,008 | ||||||||||||
Installment and other loans
|
- | - | 25 | - | ||||||||||||
Total charge-offs
|
8,869 | 30,840 | 28,121 | 70,736 | ||||||||||||
Recoveries:
|
||||||||||||||||
Commercial loans
|
331 | 513 | 1,230 | 1,568 | ||||||||||||
Construction loans- residential
|
449 | 6 | 3,712 | 3,667 | ||||||||||||
Construction loans- other
|
28 | 402 | 1,913 | 629 | ||||||||||||
Real estate loans (1)
|
317 | 426 | 6,784 | 2,665 | ||||||||||||
Real estate- land loans
|
12 | 25 | 1,178 | 618 | ||||||||||||
Installment and other loans
|
- | - | 3 | - | ||||||||||||
Total recoveries
|
1,137 | 1,372 | 14,820 | 9,147 | ||||||||||||
Net charge-offs
|
$ | 7,732 | $ | 29,468 | $ | 13,301 | $ | 61,589 |
Interest-Earning Assets and Interest-Bearing Liabilities
|
||||||||||||||||||||||||
Nine months ended September 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
|
Interest
Income/
|
Average
Yield/
|
Average
Balance
|
Interest
Income/
|
Average
Yield/
|
||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Commercial loans | $ | 1,905,101 | $ | 60,181 | 4.22 | % | $ | 1,593,893 | $ | 52,296 | 4.39 | % | ||||||||||||
Residential mortgage loans | 1,207,048 | 44,855 | 4.95 | 1,126,253 | 42,630 | 5.05 | ||||||||||||||||||
Commercial mortgage loans | 3,690,115 | 156,204 | 5.65 | 3,847,865 | 166,228 | 5.78 | ||||||||||||||||||
Real estate construction loans | 200,836 | 7,952 | 5.29 | 340,749 | 11,447 | 4.49 | ||||||||||||||||||
Other loans and leases | 16,874 | 294 | 2.33 | 17,873 | 339 | 2.54 | ||||||||||||||||||
Total loans and leases (1) | 7,019,974 | 269,486 | 5.13 | 6,926,633 | 272,940 | 5.27 | ||||||||||||||||||
Taxable securities | 2,287,967 | 50,046 | 2.92 | 2,541,139 | 65,273 | 3.43 | ||||||||||||||||||
Tax-exempt securities (3) | 131,732 | 4,811 | 4.88 | 134,377 | 4,869 | 4.84 | ||||||||||||||||||
Federal Home Loan Bank stock | 49,499 | 190 | 0.51 | 60,402 | 134 | 0.30 | ||||||||||||||||||
Interest bearing deposits | 354,268 | 1,596 | 0.60 | 121,406 | 901 | 0.99 | ||||||||||||||||||
Federal funds sold & securities purchased under agreements to resell
|
20,018 | 18 | 0.12 | 109,890 | 81 | 0.10 | ||||||||||||||||||
Total interest-earning assets | 9,863,458 | 326,147 | 4.42 | 9,893,847 | 344,198 | 4.65 | ||||||||||||||||||
Non-interest earning assets:
|
||||||||||||||||||||||||
Cash and due from banks | 124,037 | 153,108 | ||||||||||||||||||||||
Other non-earning assets | 827,091 | 869,877 | ||||||||||||||||||||||
Total non-interest earning assets | 951,128 | 1,022,985 | ||||||||||||||||||||||
Less: Allowance for loan losses | (197,638 | ) | (240,957 | ) | ||||||||||||||||||||
Deferred loan fees | (8,289 | ) | (7,694 | ) | ||||||||||||||||||||
Total assets | $ | 10,608,659 | $ | 10,668,181 | ||||||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing demand accounts | $ | 498,613 | $ | 568 | 0.15 | $ | 420,214 | $ | 589 | 0.19 | ||||||||||||||
Money market accounts | 1,012,603 | 4,287 | 0.57 | 986,984 | 5,833 | 0.79 | ||||||||||||||||||
Savings accounts | 444,882 | 275 | 0.08 | 408,776 | 390 | 0.13 | ||||||||||||||||||
Time deposits | 4,278,222 | 32,067 | 1.00 | 4,327,742 | 41,174 | 1.27 | ||||||||||||||||||
Total interest-bearing deposits | 6,234,320 | 37,197 | 0.80 | 6,143,716 | 47,986 | 1.04 | ||||||||||||||||||
Federal funds purchased | - | - | - | 37 | 0 | 1.25 | ||||||||||||||||||
Securities sold under agreements to repurchase | 1,385,949 | 42,987 | 4.14 | 1,462,277 | 45,903 | 4.20 | ||||||||||||||||||
Other borrowings | 36,518 | 196 | 0.72 | 368,893 | 10,603 | 3.84 | ||||||||||||||||||
Long-term debt | 171,136 | 3,895 | 3.04 | 171,136 | 3,630 | 2.84 | ||||||||||||||||||
Total interest-bearing liabilities | 7,827,923 | 84,275 | 1.44 | 8,146,059 | 108,122 | 1.77 | ||||||||||||||||||
Non-interest bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits | 1,130,830 | 977,246 | ||||||||||||||||||||||
Other liabilities | 86,113 | 67,140 | ||||||||||||||||||||||
Total equity
|
1,563,793 | 1,477,736 | ||||||||||||||||||||||
Total liabilities and equity | $ | 10,608,659 | $ | 10,668,181 | ||||||||||||||||||||
Net interest spread (4)
|
2.98 | % | 2.88 | % | ||||||||||||||||||||
Net interest income (4)
|
$ | 241,872 | $ | 236,076 | ||||||||||||||||||||
Net interest margin (4)
|
3.28 | % | 3.19 | % |
(1)
|
Yields and amounts of interest earned include loan fees. Non-accrual loans are included in the average balance.
|
(2)
|
Calculated by dividing net interest income by average outstanding interest-earning assets.
|
(3)
|
The average yield has been adjusted to a fully taxable-equivalent basis for certain securities of states and political subdivisions
and other securities held using a statutory Federal income tax rate of 35%.
|
(4)
|
Net interest income, net interest spread, and net interest margin on interest-earning assets have been adjusted to a
fully taxable-equivalent basis using a statutory Federal income tax rate of 35%.
|
(1)
|
Changes in interest income and interest expense attributable to changes in both volume and rate have been
allocated proportionately to changes due to volume and changes due to rate.
|
(2)
|
The amount of interest earned on certain securities of states and political subdivisions and other securities
held has been adjusted to a fully taxable-equivalent basis using a statutory Federal income tax rate of 35%.
|
September 30, 2012
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
State and municipal securities
|
$ | 129,173 | $ | 9,392 | $ | - | $ | 138,565 | ||||||||
Mortgage-backed securities
|
710,230 | 49,366 | - | 759,596 | ||||||||||||
Corporate debt securities
|
9,973 | - | 67 | 9,906 | ||||||||||||
Total securities held-to-maturity
|
$ | 849,376 | $ | 58,758 | $ | 67 | $ | 908,067 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. treasury securities
|
$ | 309,746 | $ | 177 | $ | 3 | $ | 309,920 | ||||||||
U.S. government sponsored entities
|
50,000 | 103 | - | 50,103 | ||||||||||||
Mortgage-backed securities
|
544,579 | 22,176 | 4 | 566,751 | ||||||||||||
Collateralized mortgage obligations
|
11,329 | 496 | 44 | 11,781 | ||||||||||||
Asset-backed securities
|
151 | - | 5 | 146 | ||||||||||||
Corporate debt securities
|
357,873 | - | 20,324 | 337,549 | ||||||||||||
Mutual funds
|
6,000 | 149 | - | 6,149 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 318 | - | 887 | ||||||||||||
Trust preferred securities
|
9,965 | 320 | - | 10,285 | ||||||||||||
Other equity securities
|
- | - | - | - | ||||||||||||
Total securities available-for-sale
|
$ | 1,290,212 | $ | 23,739 | $ | 20,380 | $ | 1,293,571 | ||||||||
Total investment securities
|
$ | 2,139,588 | $ | 82,497 | $ | 20,447 | $ | 2,201,638 |
December 31, 2011
|
||||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair Value
|
||||||||||||
Securities Held-to-Maturity
|
(In thousands)
|
|||||||||||||||
U.S. government sponsored entities
|
$ | 99,966 | $ | 1,406 | $ | - | $ | 101,372 | ||||||||
State and municipal securities
|
129,577 | 7,053 | - | 136,630 | ||||||||||||
Mortgage-backed securities
|
913,990 | 42,351 | - | 956,341 | ||||||||||||
Corporate debt securities
|
9,971 | - | 337 | 9,634 | ||||||||||||
Total securities held-to-maturity
|
$ | 1,153,504 | $ | 50,810 | $ | 337 | $ | 1,203,977 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 500,007 | $ | 1,226 | $ | 7 | $ | 501,226 | ||||||||
State and municipal securities
|
1,869 | 59 | - | 1,928 | ||||||||||||
Mortgage-backed securities
|
325,706 | 12,361 | 436 | 337,631 | ||||||||||||
Collateralized mortgage obligations
|
16,184 | 540 | 238 | 16,486 | ||||||||||||
Asset-backed securities
|
172 | - | 6 | 166 | ||||||||||||
Corporate debt securities
|
412,045 | 113 | 31,729 | 380,429 | ||||||||||||
Mutual funds
|
6,000 | 48 | 13 | 6,035 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 1,085 | - | 1,654 | ||||||||||||
Trust preferred securities
|
45,501 | 486 | 24 | 45,963 | ||||||||||||
Other equity securities
|
1,468 | 1,492 | - | 2,960 | ||||||||||||
Total securities available-for-sale
|
$ | 1,309,521 | $ | 17,410 | $ | 32,453 | $ | 1,294,478 | ||||||||
Total investment securities
|
$ | 2,463,025 | $ | 68,220 | $ | 32,790 | $ | 2,498,455 |
September 30, 2012
|
% of Gross Loans
|
December 31, 2011
|
% of Gross Loans
|
% Change
|
||||||||||||||||
Type of Loans
|
(Dollars in thousands)
|
|||||||||||||||||||
Commercial loans
|
$ | 2,082,920 | 28.7 | % | $ | 1,868,275 | 26.5 | % | 11.5 | % | ||||||||||
Residential mortgage loans
|
1,073,880 | 14.8 | 972,262 | 13.8 | 10.5 | |||||||||||||||
Commercial mortgage loans
|
3,704,777 | 51.0 | 3,748,897 | 53.1 | (1.2 | ) | ||||||||||||||
Equity lines
|
199,403 | 2.7 | 214,707 | 3.0 | (7.1 | ) | ||||||||||||||
Real estate construction loans
|
187,248 | 2.6 | 237,372 | 3.4 | (21.1 | ) | ||||||||||||||
Installment and other loans
|
11,702 | 0.2 | 17,699 | 0.2 | (33.9 | ) | ||||||||||||||
Gross loans
|
$ | 7,259,930 | 100 | % | $ | 7,059,212 | 100 | % | 2.8 | % | ||||||||||
Allowance for loan losses
|
(184,438 | ) | (206,280 | ) | (10.6 | ) | ||||||||||||||
Unamortized deferred loan fees
|
(9,036 | ) | (8,449 | ) | 6.9 | |||||||||||||||
Total loans, net
|
$ | 7,066,456 | $ | 6,844,483 | 3.2 | % | ||||||||||||||
Loans held for sale
|
$ | - | $ | 760 | -100.0 | % |
(Dollars in thousands)
|
September 30, 2012
|
December 31, 2011
|
% Change
|
September 30, 2011
|
% Change
|
|||||||||||||||
Non-performing assets
|
||||||||||||||||||||
Accruing loans past due 90 days or more
|
$ | - | $ | 6,726 | (100 | ) | $ | 13,053 | (100 | ) | ||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Construction loans- residential
|
2,342 | 25,288 | (91 | ) | 28,386 | (92 | ) | |||||||||||||
Construction loans- non-residential
|
7,080 | 20,724 | (66 | ) | 21,611 | (67 | ) | |||||||||||||
Land loans
|
7,204 | 10,975 | (34 | ) | 13,355 | (46 | ) | |||||||||||||
Commercial real estate loans, excluding land loans
|
41,550 | 96,809 | (57 | ) | 83,983 | (51 | ) | |||||||||||||
Commercial loans
|
23,035 | 30,661 | (25 | ) | 29,723 | (23 | ) | |||||||||||||
Residential mortgage loans
|
13,733 | 16,740 | (18 | ) | 15,656 | (12 | ) | |||||||||||||
Total non-accrual loans:
|
$ | 94,944 | $ | 201,197 | (53 | ) | $ | 192,714 | (51 | ) | ||||||||||
Total non-performing loans
|
94,944 | 207,923 | (54 | ) | 205,767 | (54 | ) | |||||||||||||
Other real estate owned
|
60,642 | 92,713 | (35 | ) | 94,308 | (36 | ) | |||||||||||||
Total non-performing assets
|
$ | 155,586 | $ | 300,636 | (48 | ) | $ | 300,075 | (48 | ) | ||||||||||
Accruing troubled debt restructurings (TDRs)
|
$ | 170,151 | $ | 120,016 | 42 | $ | 126,270 | 35 | ||||||||||||
Non-accrual TDRs (included in non-accrual loans above)
|
$ | 19,076 | $ | 50,870 | (63 | ) | $ | 44,075 | (57 | ) | ||||||||||
Non-accrual loans held for sale
|
$ | - | $ | 760 | (100 | ) | $ | 1,276 | (100 | ) | ||||||||||
Allowance for loan losses
|
$ | 184,438 | $ | 206,280 | (11 | ) | $ | 209,116 | (12 | ) | ||||||||||
Allowance for off-balance sheet credit commitments
|
1,610 | 2,069 | (22 | ) | 1,863 | (14 | ) | |||||||||||||
Allowance for credit losses
|
$ | 186,048 | $ | 208,349 | (11 | ) | $ | 210,979 | (12 | ) | ||||||||||
Total gross loans outstanding, at period-end (1)
|
$ | 7,259,930 | $ | 7,059,212 | 3 | $ | 7,017,142 | 3 | ||||||||||||
Allowance for loan losses to non-performing loans, at period-end (2)
|
194.26 | % | 99.21 | % | 101.63 | % | ||||||||||||||
Allowance for loan losses to gross loans, at period-end (1)
|
2.54 | % | 2.92 | % | 2.98 | % | ||||||||||||||
Allowance for credit losses to gross loans, at period-end (1)
|
2.56 | % | 2.95 | % | 3.01 | % |
September 30, 2012 |
December 31, 2011
|
|||||||||||||||
Real
Estate (1)
|
Commercial
|
Real
Estate (1)
|
Commercial
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Type of Collateral
|
||||||||||||||||
Single/multi-family residence
|
$ | 20,107 | $ | 2,185 | $ | 52,896 | $ | 3,078 | ||||||||
Commercial real estate
|
44,598 | 1,489 | 106,665 | 1,929 | ||||||||||||
Land
|
7,204 | - | 10,975 | - | ||||||||||||
Personal property (UCC)
|
- | 19,361 | - | 25,654 | ||||||||||||
Total
|
$ | 71,909 | $ | 23,035 | $ | 170,536 | $ | 30,661 |
(1)
|
Real estate includes commercial mortgage loans, real estate construction loans,
residential mortgage loans and equity lines.
|
September 30, 2012 |
December 31, 2011
|
|||||||||||||||
Real
Estate (1)
|
Commercial
|
Real
Estate (1)
|
Commercial
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Type of Business
|
||||||||||||||||
Real estate development
|
$ | 41,146 | $ | 2,199 | $ | 120,623 | $ | 1,518 | ||||||||
Wholesale/retail
|
14,309 | 2,977 | 33,675 | 5,833 | ||||||||||||
Food/restaurant
|
1,110 | 641 | - | 817 | ||||||||||||
Import/export
|
2,772 | 17,218 | - | 22,493 | ||||||||||||
Other
|
12,572 | - | 16,238 | - | ||||||||||||
Total
|
$ | 71,909 | $ | 23,035 | $ | 170,536 | $ | 30,661 |
(1)
|
Real estate includes commercial mortgage loans, real estate construction loans,
residential mortgage loans and equity lines.
|
Impaired Loans
|
||||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Unpaid Principal Balance
|
Recorded Investment
|
Allowance
|
Unpaid Principal Balance
|
Recorded Investment
|
Allowance
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
With no allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 22,832 | $ | 17,561 | $ | - | $ | 46,671 | $ | 38,194 | $ | - | ||||||||||||
Real estate construction loans
|
53,613 | 40,877 | - | 134,836 | 78,767 | - | ||||||||||||||||||
Commercial mortgage loans
|
204,549 | 165,440 | - | 187,580 | 149,034 | - | ||||||||||||||||||
Residential mortgage and equity lines
|
4,318 | 4,244 | - | 8,555 | 7,987 | - | ||||||||||||||||||
Subtotal
|
$ | 285,312 | $ | 228,122 | $ | - | $ | 377,642 | $ | 273,982 | $ | - | ||||||||||||
With allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 15,182 | $ | 9,490 | $ | 1,791 | $ | 11,795 | $ | 7,587 | $ | 3,336 | ||||||||||||
Real estate construction loans
|
9,932 | 779 | 279 | - | - | - | ||||||||||||||||||
Commercial mortgage loans
|
13,902 | 12,969 | 1,729 | 29,722 | 28,023 | 2,969 | ||||||||||||||||||
Residential mortgage and equity lines
|
16,072 | 13,736 | 1,626 | 13,813 | 12,381 | 1,249 | ||||||||||||||||||
Subtotal
|
$ | 55,088 | $ | 36,974 | $ | 5,425 | $ | 55,330 | $ | 47,991 | $ | 7,554 | ||||||||||||
Total impaired loans
|
$ | 340,400 | $ | 265,096 | $ | 5,425 | $ | 432,972 | $ | 321,973 | $ | 7,554 |
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Allowance for Loan Losses
|
(Dollars in thousands)
|
|||||||||||||||
Balance at beginning of period
|
$ | 192,274 | $ | 229,900 | $ | 206,280 | $ | 245,231 | ||||||||
Provision/(reversal) for credit losses
|
- | 9,000 | (9,000 | ) | 25,000 | |||||||||||
Transfers from/(to) reserve for off-balance sheet
credit commitments
|
(104 | ) | (316 | ) | 459 | 474 | ||||||||||
Charge-offs :
|
||||||||||||||||
Commercial loans
|
(7,387 | ) | (1,219 | ) | (14,479 | ) | (11,215 | ) | ||||||||
Construction loans-residential
|
- | (10,923 | ) | (391 | ) | (18,349 | ) | |||||||||
Construction loans-other
|
(39 | ) | (12,616 | ) | (774 | ) | (16,045 | ) | ||||||||
Real estate loans
|
(1,441 | ) | (5,560 | ) | (12,351 | ) | (24,119 | ) | ||||||||
Land loans
|
(2 | ) | (522 | ) | (101 | ) | (1,008 | ) | ||||||||
Installment loans and other loans
|
- | - | (25 | ) | - | |||||||||||
Total charge-offs
|
(8,869 | ) | (30,840 | ) | (28,121 | ) | (70,736 | ) | ||||||||
Recoveries:
|
||||||||||||||||
Commercial loans
|
331 | 513 | 1,230 | 1,568 | ||||||||||||
Construction loans-residential
|
449 | 6 | 3,712 | 3,667 | ||||||||||||
Construction loans-other
|
28 | 402 | 1,913 | 629 | ||||||||||||
Real estate loans
|
317 | 426 | 6,784 | 2,665 | ||||||||||||
Land loans
|
12 | 25 | 1,178 | 618 | ||||||||||||
Installment loans and other loans
|
- | - | 3 | - | ||||||||||||
Total recoveries
|
1,137 | 1,372 | 14,820 | 9,147 | ||||||||||||
Balance at end of period
|
$ | 184,438 | $ | 209,116 | $ | 184,438 | $ | 209,116 | ||||||||
Reserve for off-balance sheet credit commitments
|
||||||||||||||||
Balance at beginning of period
|
$ | 1,506 | $ | 1,547 | $ | 2,069 | $ | 2,337 | ||||||||
Provision/(reversal) for credit losses/transfers
|
104 | 316 | (459 | ) | (474 | ) | ||||||||||
Balance at end of period
|
$ | 1,610 | $ | 1,863 | $ | 1,610 | $ | 1,863 | ||||||||
Average loans outstanding
during period ended (1)
|
$ | 7,122,221 | $ | 6,980,063 | $ | 7,018,800 | $ | 6,925,265 | ||||||||
Total gross loans outstanding, at period-end (1)
|
$ | 7,259,930 | $ | 7,017,142 | $ | 7,259,930 | $ | 7,017,142 | ||||||||
Total non-performing loans, at period-end (1)
|
$ | 94,944 | $ | 205,767 | $ | 94,944 | $ | 205,767 | ||||||||
Ratio of net charge-offs to average
loans outstanding during the period
|
0.43 | % | 1.67 | % | 0.25 | % | 1.19 | % | ||||||||
Provision for loan losses to average
loans outstanding during the period
|
0.00 | % | 0.51 | % | -0.17 | % | 0.48 | % | ||||||||
Allowance for loan losses to
non-performing loans at period-end
|
195.96 | % | 102.53 | % | 195.96 | % | 102.53 | % | ||||||||
Allowance for loan losses to
gross loans at period-end
|
2.56 | % | 3.01 | % | 2.56 | % | 3.01 | % |
|
•
|
Specific allowance: For impaired loans, we provide specific allowances for loans that are not collateral dependent based on an evaluation of the present value of the expected future cash flows discounted at the loan’s effective interest rate and for loans that are collateral dependent based on the fair value of the underlying collateral, which is determined based on the most recent valuation information received, which may be adjusted based on factors such as changes in market conditions from the time of valuation. If the measure of the impaired loan is less than the recorded investment in the loan, the deficiency will be charged off against the allowance for loan losses or, alternatively, a specific allocation will be established.
|
|
•
|
General allowance: The unclassified portfolio is segmented on a group basis. Segmentation is determined by loan type and common risk characteristics. The non-impaired loans are grouped into 23 segments: two commercial segments, ten commercial real estate segments, three residential construction segments, three non-residential construction segments, one SBA segment, one installment loans segment, one residential mortgage segment, one equity lines of credit segment, and one overdrafts segment. The allowance is provided for each segmented group based on the group’s historical loan loss experience aggregated based on loan risk classifications which takes into account the current financial condition of the borrowers and guarantors, the prevailing value of the underlying collateral if collateral dependent, charge-off history, management’s knowledge of the portfolio, general economic conditions, and environmental factors which include the trends in delinquency and non-accrual, and other significant factors, such as the national and local economy, volume and composition of the portfolio, strength of management and loan staff, underwriting standards, and concentration of credit. In addition, management reviews reports on past-due loans to ensure appropriate classifications. During the first quarter of 2011, we combined the number of segments for construction loans from nine to two by consolidating the previous three geographic groups of East Coast, Texas and all other regions into one bankwide region in light of the convergence of credit quality for construction loans of the three separate regions, which increased the allowance for loan losses by $4.8 million. During the first quarter of 2012, a minimum loss rate of 12.5% was assigned to loans graded Substandard if the minimum loss rate was higher than the loss rates calculated by the migration analysis
. This change increased the allowance for loan losses by $9.3 million.
|
(Dollars in thousands)
|
September 30, 2012
|
December 31, 2011
|
||||||||||||||
Type of Loan:
|
Amount
|
Percentage of
Loans in Each
|
Amount
|
Percentage of
Loans in Each
|
||||||||||||
Commercial loans
|
$ | 65,738 | 27.1 | % | $ | 65,658 | 23.9 | % | ||||||||
Residential mortgage loans (1)
|
10,528 | 17.2 | 10,795 | 16.4 | ||||||||||||
Commercial mortgage loans
|
92,011 | 52.6 | 108,021 | 54.9 | ||||||||||||
Real estate construction loans
|
16,128 | 2.9 | 21,749 | 4.5 | ||||||||||||
Installment and other loans
|
33 | 0.2 | 57 | 0.3 | ||||||||||||
Total
|
$ | 184,438 | 100 | % | $ | 206,280 | 100 | % |
September 30, 2012
|
% of Total
|
December 31, 2011
|
% of Total
|
|||||||||||||
Deposits
|
(Dollars in thousands)
|
|||||||||||||||
Non-interest-bearing demand
|
$ | 1,245,312 | 16.9 | % | $ | 1,074,718 | 14.9 | % | ||||||||
NOW
|
569,708 | 7.8 | 451,541 | 6.2 | ||||||||||||
Money market
|
1,083,917 | 14.7 | 951,516 | 13.2 | ||||||||||||
Savings
|
460,182 | 6.3 | 420,030 | 5.8 | ||||||||||||
Time deposits under $100,000
|
668,051 | 9.1 | 832,997 | 11.5 | ||||||||||||
Time deposits of $100,000 or more
|
3,325,871 | 45.2 | 3,498,329 | 48.4 | ||||||||||||
Total deposits
|
$ | 7,353,041 | 100.0 | % | $ | 7,229,131 | 100.0 | % |
(Dollars in millions)
|
Fixed-to-floating
|
Floating-to-fixed
|
Total
|
|||||||||||||||||||||||||||||||||
Rate type
|
Float Rate
|
Fixed Rate
|
||||||||||||||||||||||||||||||||||
Rate index
|
8% minus 3 month LIBOR
|
|||||||||||||||||||||||||||||||||||
Maximum rate
|
3.79 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | ||||||||||||||||||||||||
Minimum rate
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||
No. of agreements
|
3 | 1 | 4 | 3 | 1 | 1 | 5 | 4 | 22 | |||||||||||||||||||||||||||
Amount
|
$ | 150.0 | $ | 50.0 | $ | 200.0 | $ | 150.0 | $ | 50.0 | $ | 50.0 | $ | 300.0 | $ | 200.0 | $ | 1,150.0 | ||||||||||||||||||
Weighted average rate
|
3.78 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | 4.61 | % | 5.00 | % | 4.08 | % | ||||||||||||||||||
Final maturity
|
2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2014 | 2017 |
Maturity
|
No. of
Agreements
|
Amount
(In thousands)
|
Weighted Average
Interest Rate
|
|||||||||
3 years to 5 years
|
2 | $ | 100,000 | 2.71 | % | |||||||
Over 5 years
|
2 | 100,000 | 2.86 | % | ||||||||
Total
|
4 | $ | 200,000 | 2.79 | % |
Payment Due by Period
|
||||||||||||||||||||
1 year
or less
|
More than
1 year but
|
3 years or
more but
|
5 years
or more
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Contractual obligations:
|
||||||||||||||||||||
Deposits with stated maturity dates
|
$ | 3,635,913 | $ | 346,756 | $ | 11,253 | $ | - | $ | 3,993,922 | ||||||||||
Securities sold under agreements to repurchase (1)
|
- | 950,000 | 200,000 | - | 1,150,000 | |||||||||||||||
Securities sold under agreements to repurchase (2)
|
- | - | 100,000 | 100,000 | 200,000 | |||||||||||||||
Advances from the Federal Home Loan Bank
|
- | - | 21,200 | - | 21,200 | |||||||||||||||
Other borrowings
|
- | - | - | 18,746 | 18,746 | |||||||||||||||
Long-term debt
|
- | - | - | 171,136 | 171,136 | |||||||||||||||
Operating leases
|
5,563 | 7,281 | 2,479 | 35 | 15,358 | |||||||||||||||
Total contractual obligations and other commitments
|
$ | 3,641,476 | $ | 1,304,037 | $ | 334,932 | $ | 289,917 | $ | 5,570,362 |
(1)
|
These repurchase agreements have a final maturity of 5-year, 7-year and 10-year from origination date but are callable
on a quarterly basis after six months, one year, or 18 months for the 7-year term and one year for the 5-year and 10-year term.
|
(2)
|
These repurchase agreements are non-callable.
|
(In thousands)
|
Nine months ended
September 30, 2012
|
|||
Net income
|
$ | 89,584 | ||
Stock issued to officers as compensation
|
450 | |||
Proceeds from shares issued through the Dividend Reinvestment Plan
|
211 | |||
Proceeds from exercise of stock options
|
647 | |||
Net tax short-fall from stock-based compensation expense
|
(581 | ) | ||
Share-based compensation
|
1,801 | |||
Other comprehensive income
|
10,679 | |||
Preferred stock dividends
|
(10,127 | ) | ||
Cash dividends paid to common stockholders
|
(2,361 | ) | ||
Net increase in total equity
|
$ | 90,303 |
Cathay General Bancorp
|
Cathay Bank
|
|||||||||||||||||||||||||||||||
September 30, 2012
|
December 31, 2011
|
September 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
$ | 1,400,587 | 17.08 | $ | 1,318,948 | 15.97 | $ | 1,354,980 | 16.54 | $ | 1,289,747 | 15.64 | ||||||||||||||||||||
Tier 1 capital minimum requirement
|
327,938 | 4.00 | 330,355 | 4.00 | 327,699 | 4.00 | 329,928 | 4.00 | ||||||||||||||||||||||||
Excess
|
$ | 1,072,649 | 13.08 | $ | 988,593 | 11.97 | $ | 1,027,281 | 12.54 | $ | 959,819 | 11.64 | ||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 1,554,170 | 18.96 | $ | 1,474,496 | 17.85 | $ | 1,508,486 | 18.41 | $ | 1,444,165 | 17.51 | ||||||||||||||||||||
Total capital minimum requirement
|
655,876 | 8.00 | 660,710 | 8.00 | 655,399 | 8.00 | 659,855 | 8.00 | ||||||||||||||||||||||||
Excess
|
$ | 898,294 | 10.96 | $ | 813,786 | 9.85 | $ | 853,087 | 10.41 | $ | 784,310 | 9.51 | ||||||||||||||||||||
Tier 1 capital (to average assets)
|
||||||||||||||||||||||||||||||||
– Leverage ratio
|
$ | 1,400,587 | 13.57 | $ | 1,318,948 | 12.93 | $ | 1,354,980 | 13.14 | $ | 1,289,747 | 12.66 | ||||||||||||||||||||
Minimum leverage requirement
|
412,882 | 4.00 | 408,146 | 4.00 | 412,411 | 4.00 | 407,643 | 4.00 | ||||||||||||||||||||||||
Excess
|
$ | 987,705 | 9.57 | $ | 910,802 | 8.93 | $ | 942,569 | 9.14 | $ | 882,104 | 8.66 | ||||||||||||||||||||
Risk-weighted assets
|
$ | 8,198,453 | $ | 8,258,878 | $ | 8,192,482 | $ | 8,248,190 | ||||||||||||||||||||||||
Total average assets (1)
|
$ | 10,322,050 | $ | 10,203,647 | $ | 10,310,284 | $ | 10,191,078 |
(1)
|
The quarterly total average assets reflect all debt securities at amortized cost, equity security with readily determinable
fair values at the lower of cost or fair value, and equity securities without readily determinable fair values at historical cost.
|
Tier 1 risk-based
capital ratio
|
Total risk-based
capital ratio
|
Tier 1 leverage
capital ratio
|
Tangible common
risk-based ratio*
|
|||||||||||||
Actual
|
17.08 | % | 18.96 | % | 13.57 | % | 12.41 | % | ||||||||
Target Levels
|
11.50 | % | 13.50 | % | 9.50 | % | 5.00 | % | ||||||||
Excess/(deficiency)
|
5.58 | % | 5.46 | % | 4.07 | % | 7.41 | % |
Tier 1 risk-based
capital ratio
|
Total risk-based
capital ratio
|
Tier 1 capital to total
tangible assets ratio
|
||||||||||
Actual
|
16.54 | % | 18.41 | % | 13.19 | % | ||||||
Target Levels
|
11.50 | % | 13.50 | % | 9.50 | % | ||||||
Excess/(deficiency)
|
5.04 | % | 4.91 | % | 3.69 | % |
Change in Interest Rate (Basis Points)
|
Net Interest
Income
|
Market Value
of Equity
|
||
+200
|
9.7
|
8.7
|
||
+100
|
3.7
|
4.9
|
||
-100
|
-0.6
|
-1.6
|
||
-200
|
-0.6
|
-2.3
|
(1)
|
The percentage change in this column represents net interest income of the Company for 12 months
in a stable interest rate environment versus the net interest income in the various rate scenarios.
|
(2)
|
The percentage change in this column represents net portfolio value of the Company in a stable
interest rate environment versus the net portfolio value in the various rate scenarios.
|
|
(i)
|
Exhibit 31.1
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
(ii)
|
Exhibit 31.2
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
(iii)
|
Exhibit 32.1
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
(iv)
|
Exhibit 32.2
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
(v)
|
Exhibit 101.INS
XBRL Instance Document *
|
|
(vi)
|
Exhibit 101.SCH
XBRL Taxonomy Extension Schema Document*
|
|
(vii)
|
Exhibit 101.CAL
XBRL
Taxonomy Extension Calculation Linkbase Document*
|
|
(viii)
|
Exhibit 101.DEF
XBRL Taxonomy Extension Definition Linkbase Document*
|
|
(ix)
|
Exhibit 101.LAB
XBRL Taxonomy Extension Label Linkbase Document*
|
|
(x)
|
Exhibit 101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document*
|
Cathay General Bancorp
|
|||
(Registrant)
|
|||
Date: November 8, 2012
|
|||
|
/s/ Dunson K. Cheng
|
||
Dunson K. Cheng
|
|||
Chairman, President, and
|
|||
Chief Executive Officer
|
|||
Date: November 8, 2012
|
|||
/s/ Heng W. Chen
|
|||
Heng W. Chen
|
|||
Executive Vice President and
|
|||
Chief Financial Officer
|
1 Year Cathay General Bancorp Chart |
1 Month Cathay General Bancorp Chart |
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