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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sterling Bancshares, Inc. (MM) | NASDAQ:SBIB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.73 | 0 | 01:00:00 |
For More Information Contact:
|
For Release - July 19, 2011
|
Chris Reid, Vice President and Director of Investor
Relations, (713) 507-2873
Media:
Graham Painter, Executive Vice President and
Director of Corporate Communication,
(713) 507-2770
|
|
Quarter Ended
|
Year-to-date
|
||||||||||||||||||
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Jun. 30,
|
Mar. 31,
|
Jun. 30,
|
|
|
|||||||||||||||
|
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||
Profitability
|
|
|
|
|
|
|||||||||||||||
Income (loss) from continuing operations
|
$ | (2,860 | ) | $ | (495 | ) | $ | 545 | $ | (3,355 | ) | $ | (5,917 | ) | ||||||
Income (loss) from discontinued operations
|
(8,974 | ) | 125 | 51 | (8,849 | ) | 265 | |||||||||||||
Net income (loss)
|
(11,834 | ) | (370 | ) | 596 | (12,204 | ) | (5,652 | ) | |||||||||||
|
||||||||||||||||||||
Earnings (loss) per share from continuing operations (1)
|
||||||||||||||||||||
Basic
|
$ | (0.03 | ) | $ | (0.00 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.06 | ) | ||||||
Diluted
|
$ | (0.03 | ) | $ | (0.00 | ) | $ | 0.01 | $ | (0.03 | ) | $ | (0.06 | ) | ||||||
|
||||||||||||||||||||
Earnings (loss) per share from discontinuing operations (1)
|
||||||||||||||||||||
Basic
|
$ | (0.09 | ) | $ | 0.00 | $ | 0.00 | $ | (0.09 | ) | $ | 0.00 | ||||||||
Diluted
|
$ | (0.09 | ) | $ | 0.00 | $ | 0.00 | $ | (0.09 | ) | $ | 0.00 | ||||||||
|
||||||||||||||||||||
Earnings (loss) per share (1)
|
||||||||||||||||||||
Basic
|
$ | (0.12 | ) | $ | (0.00 | ) | $ | 0.01 | $ | (0.12 | ) | $ | (0.06 | ) | ||||||
Diluted
|
$ | (0.12 | ) | $ | (0.00 | ) | $ | 0.01 | $ | (0.12 | ) | $ | (0.06 | ) | ||||||
|
||||||||||||||||||||
Return on average common equity (2)
|
||||||||||||||||||||
Continuing operations
|
(1.82 | )% | (0.32 | )% | 0.35 | % | (1.08 | )% | (1.99 | )% | ||||||||||
Total
|
(7.52 | )% | (0.24 | )% | 0.38 | % | (3.92 | )% | (1.90 | )% | ||||||||||
|
||||||||||||||||||||
Return on average assets (2)
|
||||||||||||||||||||
Continuing operations
|
(0.23 | )% | (0.04 | )% | 0.04 | % | (0.13 | )% | (0.24 | )% | ||||||||||
Total
|
(0.94 | )% | (0.03 | )% | 0.05 | % | (0.49 | )% | (0.23 | )% | ||||||||||
|
||||||||||||||||||||
Tax equivalent net interest margin (3)
|
3.39 | % | 3.52 | % | 3.74 | % | 3.45 | % | 3.88 | % | ||||||||||
|
||||||||||||||||||||
Efficiency Ratio (4):
|
||||||||||||||||||||
Consolidated
|
88.31 | % | 81.14 | % | 78.28 | % | 84.61 | % | 77.23 | % | ||||||||||
Sterling Bank
|
84.64 | % | 76.02 | % | 75.86 | % | 80.19 | % | 74.63 | % | ||||||||||
|
||||||||||||||||||||
Liquidity and Capital Ratios
|
||||||||||||||||||||
Average loans to average deposits
|
61.98 | % | 65.32 | % | 73.39 | % | 63.64 | % | 75.97 | % | ||||||||||
Period-end stockholders' equity to total assets
|
12.26 | % | 12.34 | % | 12.30 | % | 12.26 | % | 12.30 | % | ||||||||||
Average stockholders' equity to average assets
|
12.47 | % | 12.35 | % | 12.28 | % | 12.41 | % | 11.96 | % | ||||||||||
Period-end tangible capital to total tangible assets
|
9.16 | % | 9.06 | % | 9.01 | % | 9.16 | % | 9.01 | % | ||||||||||
Tier 1 capital to risk-weighted assets
|
16.50 | % | 15.41 | % | 14.45 | % | 16.50 | % | 14.45 | % | ||||||||||
Total capital to risk-weighted assets
|
18.97 | % | 18.13 | % | 17.04 | % | 18.97 | % | 17.04 | % | ||||||||||
Tier 1 leverage ratio (Tier 1 capital to average assets)
|
10.12 | % | 10.08 | % | 10.32 | % | 10.12 | % | 10.32 | % | ||||||||||
|
||||||||||||||||||||
Other Data
|
||||||||||||||||||||
Shares used in computing earnings (loss) per common share
|
||||||||||||||||||||
Basic shares
|
102,165 | 102,034 | 101,898 | 102,100 | 95,227 | |||||||||||||||
Diluted shares
|
102,165 | 102,034 | 102,144 | 102,100 | 95,227 | |||||||||||||||
End of period common shares outstanding
|
102,180 | 102,141 | 101,927 | 102,180 | 101,927 | |||||||||||||||
|
||||||||||||||||||||
Book value per common share at period-end
|
$ | 6.07 | $ | 6.10 | $ | 6.13 | $ | 6.07 | $ | 6.13 | ||||||||||
Cash dividends paid per common share
|
$ | 0.015 | $ | 0.015 | $ | 0.015 | $ | 0.030 | $ | 0.030 | ||||||||||
Common stock dividend payout ratio
|
N/M | N/M | 256.65 | % | N/M | N/M | ||||||||||||||
Full-time equivalent employees
|
896 | 938 | 991 | 896 | 991 | |||||||||||||||
Number of banking centers
|
57 | 57 | 57 | 57 | 57 |
|
Jun. 30,
|
Mar. 31,
|
Dec. 31,
|
Sep. 30,
|
Jun. 30,
|
|||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
|||||||||||||||
ASSETS
|
|
|
|
|
|
|||||||||||||||
Cash and cash equivalents
|
$ | 742,880 | $ | 462,700 | $ | 502,894 | $ | 366,590 | $ | 359,388 | ||||||||||
Available-for-sale securities, at fair value
|
1,298,567 | 1,343,536 | 1,287,555 | 1,169,519 | 1,069,964 | |||||||||||||||
Held-to-maturity securities, at amortized cost
|
235,326 | 246,768 | 265,080 | 280,215 | 280,658 | |||||||||||||||
|
||||||||||||||||||||
Loans held for sale
|
2,709 | 1,877 | 2,691 | 7,123 | 6,509 | |||||||||||||||
Loans held for investment
|
2,407,942 | 2,599,778 | 2,752,349 | 2,862,952 | 2,992,370 | |||||||||||||||
Total loans
|
2,410,651 | 2,601,655 | 2,755,040 | 2,870,075 | 2,998,879 | |||||||||||||||
Allowance for loan losses
|
(78,002 | ) | (75,535 | ) | (77,141 | ) | (80,754 | ) | (80,983 | ) | ||||||||||
Loans, net
|
2,332,649 | 2,526,120 | 2,677,899 | 2,789,321 | 2,917,896 | |||||||||||||||
|
||||||||||||||||||||
Premises and equipment, net
|
48,811 | 49,618 | 49,421 | 48,507 | 47,812 | |||||||||||||||
Real estate acquired by foreclosure
|
46,158 | 49,826 | 37,064 | 14,571 | 18,151 | |||||||||||||||
Goodwill
|
165,309 | 173,210 | 173,210 | 173,210 | 173,210 | |||||||||||||||
Core deposits and other intangibles, net
|
7,302 | 8,951 | 9,477 | 10,004 | 10,540 | |||||||||||||||
Accrued interest receivable
|
13,290 | 13,588 | 14,673 | 14,356 | 14,951 | |||||||||||||||
Other assets
|
171,064 | 175,230 | 174,680 | 173,328 | 183,429 | |||||||||||||||
TOTAL ASSETS
|
$ | 5,061,356 | $ | 5,049,547 | $ | 5,191,953 | $ | 5,039,621 | $ | 5,075,999 | ||||||||||
|
||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Noninterest-bearing demand
|
$ | 1,268,801 | $ | 1,287,921 | $ | 1,322,492 | $ | 1,248,321 | $ | 1,266,781 | ||||||||||
Interest-bearing demand
|
2,160,404 | 2,084,062 | 2,138,822 | 2,014,207 | 1,962,854 | |||||||||||||||
Certificates and other time deposits
|
699,642 | 745,301 | 796,116 | 840,683 | 921,495 | |||||||||||||||
Total deposits
|
4,128,847 | 4,117,284 | 4,257,430 | 4,103,211 | 4,151,130 | |||||||||||||||
Other borrowed funds
|
111,959 | 109,701 | 112,202 | 106,546 | 100,770 | |||||||||||||||
Subordinated debt
|
77,690 | 77,673 | 78,059 | 78,624 | 78,247 | |||||||||||||||
Junior subordinated debt
|
82,734 | 82,734 | 82,734 | 82,734 | 82,734 | |||||||||||||||
Accrued interest payable and other liabilities
|
39,578 | 39,074 | 39,604 | 41,704 | 38,722 | |||||||||||||||
Total liabilities
|
4,440,808 | 4,426,466 | 4,570,029 | 4,412,819 | 4,451,603 | |||||||||||||||
|
||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES
|
- | - | - | - | - | |||||||||||||||
|
||||||||||||||||||||
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||
Common stock
|
104,047 | 104,008 | 103,852 | 103,820 | 103,795 | |||||||||||||||
Capital surplus
|
242,092 | 241,280 | 239,940 | 238,536 | 238,186 | |||||||||||||||
Retained earnings
|
275,533 | 288,901 | 290,800 | 290,429 | 287,503 | |||||||||||||||
Treasury stock
|
(21,399 | ) | (21,399 | ) | (21,399 | ) | (21,399 | ) | (21,399 | ) | ||||||||||
Accumulated other comprehensive income, net of tax
|
20,275 | 10,291 | 8,731 | 15,416 | 16,311 | |||||||||||||||
Total shareholders' equity
|
620,548 | 623,081 | 621,924 | 626,802 | 624,396 | |||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 5,061,356 | $ | 5,049,547 | $ | 5,191,953 | $ | 5,039,621 | $ | 5,075,999 |
|
Quarter Ended
|
Year-to-date
|
||||||||||||||||||||||||||
|
Jun. 30,
|
Mar. 31,
|
Dec. 31,
|
Sep. 30,
|
Jun. 30,
|
|
|
|||||||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
2011
|
2010
|
|||||||||||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Loans, including fees
|
$ | 33,057 | $ | 34,906 | $ | 37,003 | $ | 40,153 | $ | 42,087 | $ | 67,963 | $ | 85,736 | ||||||||||||||
Securities:
|
||||||||||||||||||||||||||||
Taxable
|
10,904 | 10,359 | 9,342 | 9,841 | 9,602 | 21,263 | 18,719 | |||||||||||||||||||||
Non-taxable
|
1,027 | 1,044 | 1,028 | 1,013 | 915 | 2,071 | 1,840 | |||||||||||||||||||||
Deposits in financial institutions
|
294 | 209 | 258 | 157 | 231 | 503 | 346 | |||||||||||||||||||||
Other interest-earning assets
|
2 | 2 | 2 | 1 | 3 | 4 | 4 | |||||||||||||||||||||
Total interest income
|
45,284 | 46,520 | 47,633 | 51,165 | 52,838 | 91,804 | 106,645 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||||||
Demand and savings deposits
|
2,683 | 2,660 | 3,158 | 3,583 | 4,319 | 5,343 | 8,531 | |||||||||||||||||||||
Certificates and other time deposits
|
1,655 | 1,937 | 2,328 | 2,823 | 3,159 | 3,592 | 6,511 | |||||||||||||||||||||
Other borrowed funds
|
771 | 764 | 781 | 784 | 768 | 1,535 | 1,216 | |||||||||||||||||||||
Subordinated debt
|
700 | 696 | 714 | 747 | 705 | 1,396 | 1,392 | |||||||||||||||||||||
Junior subordinated debt
|
1,040 | 1,034 | 1,043 | 1,071 | 1,040 | 2,074 | 2,068 | |||||||||||||||||||||
Total interest expense
|
6,849 | 7,091 | 8,024 | 9,008 | 9,991 | 13,940 | 19,718 | |||||||||||||||||||||
Net interest income
|
38,435 | 39,429 | 39,609 | 42,157 | 42,847 | 77,864 | 86,927 | |||||||||||||||||||||
Provision for credit losses
|
9,200 | 10,800 | 5,250 | 7,716 | 9,336 | 20,000 | 32,272 | |||||||||||||||||||||
Net interest income after provision for credit losses
|
29,235 | 28,629 | 34,359 | 34,441 | 33,511 | 57,864 | 54,655 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||||||||||
Customer service fees
|
3,159 | 3,284 | 3,569 | 3,728 | 3,591 | 6,443 | 7,079 | |||||||||||||||||||||
Net gain (loss) on securities
|
(1,138 | ) | (429 | ) | (136 | ) | 43 | 17 | (1,567 | ) | 37 | |||||||||||||||||
Wealth management fees
|
269 | 342 | 362 | 351 | 651 | 611 | 1,207 | |||||||||||||||||||||
Other
|
3,566 | 5,298 | 3,333 | 3,927 | 2,752 | 8,864 | 3,540 | |||||||||||||||||||||
Total noninterest income
|
5,856 | 8,495 | 7,128 | 8,049 | 7,011 | 14,351 | 11,863 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Noninterest expense:
|
||||||||||||||||||||||||||||
Salaries and employee benefits
|
17,182 | 18,570 | 18,975 | 19,735 | 19,466 | 35,752 | 39,055 | |||||||||||||||||||||
Occupancy
|
5,784 | 5,959 | 6,010 | 5,493 | 5,637 | 11,743 | 11,351 | |||||||||||||||||||||
Technology
|
1,974 | 1,965 | 2,052 | 2,148 | 2,214 | 3,939 | 4,501 | |||||||||||||||||||||
Professional fees
|
1,612 | 2,449 | 2,202 | 1,433 | 1,319 | 4,061 | 3,299 | |||||||||||||||||||||
Postage, delivery and supplies
|
567 | 533 | 578 | 627 | 689 | 1,100 | 1,369 | |||||||||||||||||||||
Marketing
|
80 | 63 | 216 | 198 | 271 | 143 | 540 | |||||||||||||||||||||
Core deposits and other intangibles amortization
|
507 | 526 | 527 | 537 | 537 | 1,033 | 1,086 | |||||||||||||||||||||
FDIC insurance assessments
|
1,637 | 2,138 | 2,667 | 2,478 | 2,438 | 3,775 | 4,985 | |||||||||||||||||||||
Other
|
11,223 | 7,447 | 6,855 | 3,690 | 6,799 | 18,670 | 10,782 | |||||||||||||||||||||
Total noninterest expense
|
40,566 | 39,650 | 40,081 | 36,339 | 39,370 | 80,216 | 76,968 | |||||||||||||||||||||
|
||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes
|
(5,475 | ) | (2,526 | ) | 1,406 | 6,151 | 1,152 | (8,001 | ) | (10,450 | ) | |||||||||||||||||
Income tax provision (benefit)
|
(2,615 | ) | (2,031 | ) | (283 | ) | 1,669 | 607 | (4,646 | ) | (4,533 | ) | ||||||||||||||||
Income (loss) from continuing operations
|
$ | (2,860 | ) | $ | (495 | ) | $ | 1,689 | $ | 4,482 | $ | 545 | $ | (3,355 | ) | $ | (5,917 | ) | ||||||||||
|
||||||||||||||||||||||||||||
Income (loss) from discontinued operations before income taxes
|
(8,936 | ) | 192 | 326 | (0 | ) | 78 | (8,744 | ) | 407 | ||||||||||||||||||
Income tax provision
|
38 | 67 | 114 | 27 | 27 | 105 | 142 | |||||||||||||||||||||
Income (loss) from discontinued operations
|
$ | (8,974 | ) | $ | 125 | $ | 212 | $ | (27 | ) | $ | 51 | $ | (8,849 | ) | $ | 265 | |||||||||||
|
||||||||||||||||||||||||||||
Net income (loss)
|
$ | (11,834 | ) | $ | (370 | ) | $ | 1,901 | $ | 4,455 | $ | 596 | $ | (12,204 | ) | $ | (5,652 | ) | ||||||||||
|
||||||||||||||||||||||||||||
Earnings (loss) per share from continuing operations (1):
|
||||||||||||||||||||||||||||
Basic
|
$ | (0.03 | ) | $ | (0.00 | ) | $ | 0.02 | $ | 0.04 | $ | 0.01 | $ | (0.03 | ) | $ | (0.06 | ) | ||||||||||
Diluted
|
$ | (0.03 | ) | $ | (0.00 | ) | $ | 0.02 | $ | 0.04 | $ | 0.01 | $ | (0.03 | ) | $ | (0.06 | ) | ||||||||||
|
||||||||||||||||||||||||||||
Earnings (loss) per share from discontinuing operations (1):
|
||||||||||||||||||||||||||||
Basic
|
$ | (0.09 | ) | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | (0.09 | ) | $ | 0.00 | |||||||||||
Diluted
|
$ | (0.09 | ) | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | (0.09 | ) | $ | 0.00 | |||||||||||
|
||||||||||||||||||||||||||||
Earnings (loss) per share (1):
|
||||||||||||||||||||||||||||
Basic
|
$ | (0.12 | ) | $ | (0.00 | ) | $ | 0.02 | $ | 0.04 | $ | 0.01 | $ | (0.12 | ) | $ | (0.06 | ) | ||||||||||
Diluted
|
$ | (0.12 | ) | $ | (0.00 | ) | $ | 0.02 | $ | 0.04 | $ | 0.01 | $ | (0.12 | ) | $ | (0.06 | ) |
|
Quarter Ended
|
|||||||||||||||||||||||
|
Jun. 30,
|
Mar. 31,
|
||||||||||||||||||||||
|
2011
|
2011
|
||||||||||||||||||||||
|
Average Balance
|
Interest
|
Yield/Rate
|
Average Balance
|
Interest
|
Yield/Rate
|
||||||||||||||||||
Interest-Earning Assets:
|
|
|
|
|
|
|
||||||||||||||||||
Loans held for sale
|
$ | 3,423 | $ | 10 | 1.21 | % | $ | 3,008 | $ | 12 | 1.55 | % | ||||||||||||
Loans held for investment:
|
||||||||||||||||||||||||
Taxable
|
2,554,191 | 33,046 | 5.19 | % | 2,692,192 | 34,893 | 5.26 | % | ||||||||||||||||
Non-taxable (3)
|
50 | 1 | 4.58 | % | 63 | 1 | 6.81 | % | ||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
1,464,279 | 10,904 | 2.99 | % | 1,447,767 | 10,359 | 2.90 | % | ||||||||||||||||
Non-taxable (3)
|
110,948 | 1,534 | 5.55 | % | 112,947 | 1,558 | 5.59 | % | ||||||||||||||||
Deposits in financial institutions
|
475,731 | 294 | 0.25 | % | 347,116 | 209 | 0.24 | % | ||||||||||||||||
Other interest-earning assets
|
1,931 | 2 | 0.42 | % | 4,016 | 2 | 0.20 | % | ||||||||||||||||
Total interest-earning assets
|
4,610,553 | 45,791 | 3.98 | % | 4,607,109 | 47,034 | 4.14 | % | ||||||||||||||||
Noninterest-earning assets
|
452,699 | 454,688 | ||||||||||||||||||||||
Total Assets
|
$ | 5,063,252 | $ | 5,061,797 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand and savings
|
$ | 2,127,814 | $ | 2,683 | 0.51 | % | $ | 2,087,550 | $ | 2,660 | 0.52 | % | ||||||||||||
Certificates and other time
|
723,961 | 1,655 | 0.92 | % | 772,172 | 1,937 | 1.02 | % | ||||||||||||||||
Other borrowed funds
|
105,644 | 771 | 2.93 | % | 109,885 | 764 | 2.82 | % | ||||||||||||||||
Subordinated debt
|
77,771 | 700 | 3.61 | % | 77,959 | 696 | 3.62 | % | ||||||||||||||||
Junior subordinated debt
|
82,734 | 1,040 | 5.04 | % | 82,734 | 1,034 | 5.07 | % | ||||||||||||||||
Total interest-bearing liabilities
|
3,117,924 | 6,849 | 0.88 | % | 3,130,300 | 7,091 | 0.92 | % | ||||||||||||||||
Noninterest-bearing sources:
|
||||||||||||||||||||||||
Noninterest-bearing liabilities
|
1,314,129 | 1,306,235 | ||||||||||||||||||||||
Shareholders' equity
|
631,199 | 625,262 | ||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 5,063,252 | $ | 5,061,797 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Tax Equivalent Net Interest Income and Margin (3)
|
38,942 | 3.39 | % | 39,943 | 3.52 | % | ||||||||||||||||||
|
||||||||||||||||||||||||
Non-GAAP to GAAP Reconciliation:
|
||||||||||||||||||||||||
Tax Equivalent Adjustment:
|
||||||||||||||||||||||||
Loans
|
- | - | ||||||||||||||||||||||
Securities
|
507 | 514 | ||||||||||||||||||||||
Total tax equivalent adjustment
|
507 | 514 | ||||||||||||||||||||||
Net Interest Income
|
$ | 38,435 | $ | 39,429 |
|
Year-to-date
|
|||||||||||||||||||||||
|
2011
|
2010
|
||||||||||||||||||||||
|
Average Balance
|
Interest
|
Yield/Rate
|
Average Balance
|
Interest
|
Yield/Rate
|
||||||||||||||||||
Interest-Earning Assets:
|
|
|
|
|
|
|
||||||||||||||||||
Loans held for sale
|
$ | 3,217 | $ | 22 | 1.37 | % | $ | 12,507 | $ | 101 | 1.63 | % | ||||||||||||
Loans held for investment:
|
||||||||||||||||||||||||
Taxable
|
2,622,811 | 67,939 | 5.22 | % | 3,106,255 | 85,555 | 5.55 | % | ||||||||||||||||
Non-taxable (3)
|
56 | 2 | 6.50 | % | 4,546 | 118 | 5.26 | % | ||||||||||||||||
Securities:
|
||||||||||||||||||||||||
Taxable
|
1,456,069 | 21,263 | 2.94 | % | 1,063,562 | 18,719 | 3.55 | % | ||||||||||||||||
Non-taxable (3)
|
111,942 | 3,093 | 5.57 | % | 100,814 | 2,709 | 5.42 | % | ||||||||||||||||
Deposits in financial institutions
|
411,779 | 503 | 0.25 | % | 278,731 | 346 | 0.25 | % | ||||||||||||||||
Other interest-earning assets
|
2,967 | 4 | 0.27 | % | 1,623 | 4 | 0.50 | % | ||||||||||||||||
Total interest-earning assets
|
4,608,841 | 92,826 | 4.06 | % | 4,568,038 | 107,552 | 4.75 | % | ||||||||||||||||
Noninterest-earning assets
|
453,688 | 444,343 | ||||||||||||||||||||||
Total Assets
|
$ | 5,062,529 | $ | 5,012,381 | ||||||||||||||||||||
|
||||||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand and savings
|
$ | 2,107,794 | $ | 5,343 | 0.51 | % | $ | 2,010,433 | $ | 8,531 | 0.86 | % | ||||||||||||
Certificates and other time
|
747,933 | 3,592 | 0.97 | % | 929,735 | 6,511 | 1.41 | % | ||||||||||||||||
Other borrowed funds
|
107,753 | 1,535 | 2.87 | % | 100,433 | 1,216 | 2.44 | % | ||||||||||||||||
Subordinated debt
|
77,865 | 1,396 | 3.62 | % | 77,778 | 1,392 | 3.61 | % | ||||||||||||||||
Junior subordinated debt
|
82,734 | 2,074 | 5.06 | % | 82,734 | 2,068 | 5.04 | % | ||||||||||||||||
Total interest-bearing liabilities
|
3,124,079 | 13,940 | 0.90 | % | 3,201,113 | 19,718 | 1.24 | % | ||||||||||||||||
Noninterest-bearing sources:
|
||||||||||||||||||||||||
Noninterest-bearing liabilities
|
1,310,203 | 1,211,808 | ||||||||||||||||||||||
Shareholders' equity
|
628,247 | 599,460 | ||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$ | 5,062,529 | $ | 5,012,381 | ||||||||||||||||||||
Tax Equivalent Net Interest Income and Margin (3)
|
78,886 | 3.45 | % | 87,834 | 3.88 | % | ||||||||||||||||||
|
||||||||||||||||||||||||
Non-GAAP to GAAP Reconciliation
|
||||||||||||||||||||||||
Tax Equivalent Adjustment:
|
||||||||||||||||||||||||
Loans
|
- | 38 | ||||||||||||||||||||||
Securities
|
1,022 | 869 | ||||||||||||||||||||||
Total tax equivalent adjustment
|
1,022 | 907 | ||||||||||||||||||||||
Net Interest Income
|
$ | 77,864 | $ | 86,927 |
|
Quarter Ended
|
|||||||||||||||||||
|
Jun. 30,
|
Mar. 31,
|
Dec. 31,
|
Sep. 30,
|
Jun. 30,
|
|||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
|||||||||||||||
Condensed Average Balance Sheet
|
|
|
|
|
|
|||||||||||||||
Loans held for sale
|
$ | 3,423 | $ | 3,008 | $ | 6,728 | $ | 5,390 | $ | 11,454 | ||||||||||
Loans held for investment
|
2,554,241 | 2,692,255 | 2,807,423 | 2,930,419 | 3,041,030 | |||||||||||||||
Total loans
|
2,557,664 | 2,695,263 | 2,814,151 | 2,935,809 | 3,052,484 | |||||||||||||||
Available-for-sale securities, at fair value
|
1,331,079 | 1,304,941 | 1,188,610 | 1,113,780 | 953,742 | |||||||||||||||
Held-to-maturity securities, at amortized cost
|
244,148 | 255,773 | 272,184 | 284,458 | 271,967 | |||||||||||||||
Deposits in financial institutions
|
475,731 | 347,116 | 416,917 | 260,167 | 362,429 | |||||||||||||||
Other interest-earning assets
|
1,931 | 4,016 | 4,859 | 566 | 840 | |||||||||||||||
Total interest-earning assets
|
4,610,553 | 4,607,109 | 4,696,721 | 4,594,780 | 4,641,462 | |||||||||||||||
Goodwill
|
173,123 | 173,210 | 173,210 | 173,210 | 173,210 | |||||||||||||||
Core deposits and other intangibles, net
|
8,676 | 9,208 | 9,732 | 10,262 | 10,800 | |||||||||||||||
All other noninterest-earning assets
|
270,900 | 272,270 | 252,801 | 255,050 | 260,923 | |||||||||||||||
Total assets
|
$ | 5,063,252 | $ | 5,061,797 | $ | 5,132,464 | $ | 5,033,302 | $ | 5,086,395 | ||||||||||
|
||||||||||||||||||||
Noninterest-bearing demand
|
$ | 1,275,043 | $ | 1,266,324 | $ | 1,293,021 | $ | 1,224,402 | $ | 1,197,400 | ||||||||||
Interest-bearing deposits:
|
||||||||||||||||||||
Interest-bearing demand
|
2,127,814 | 2,087,550 | 2,069,470 | 2,003,914 | 2,027,133 | |||||||||||||||
Jumbo certificates of deposit
|
432,209 | 468,726 | 509,458 | 539,094 | 582,727 | |||||||||||||||
Regular certificates of deposit
|
202,232 | 211,043 | 220,615 | 227,490 | 233,592 | |||||||||||||||
Brokered certificates of deposit
|
89,520 | 92,403 | 97,501 | 103,457 | 118,622 | |||||||||||||||
Total deposits
|
4,126,818 | 4,126,046 | 4,190,065 | 4,098,357 | 4,159,474 | |||||||||||||||
Other borrowed funds
|
105,644 | 109,885 | 108,810 | 103,902 | 100,976 | |||||||||||||||
Subordinated debt
|
77,771 | 77,959 | 78,517 | 78,472 | 77,831 | |||||||||||||||
Junior subordinated debt
|
82,734 | 82,734 | 82,734 | 82,734 | 82,734 | |||||||||||||||
Accrued interest payable and other liabilities
|
39,086 | 39,911 | 42,030 | 39,079 | 40,952 | |||||||||||||||
Total liabilities
|
4,432,053 | 4,436,535 | 4,502,156 | 4,402,544 | 4,461,967 | |||||||||||||||
Total shareholders' equity
|
631,199 | 625,262 | 630,308 | 630,758 | 624,428 | |||||||||||||||
Total liabilities and shareholders' equity
|
$ | 5,063,252 | $ | 5,061,797 | $ | 5,132,464 | $ | 5,033,302 | $ | 5,086,395 | ||||||||||
|
||||||||||||||||||||
|
Jun. 30,
|
Mar. 31,
|
Dec. 31,
|
Sep. 30,
|
Jun. 30,
|
|||||||||||||||
|
2011 | 2011 | 2010 | 2010 | 2010 | |||||||||||||||
Period-end Loans:
|
||||||||||||||||||||
Loans held for sale
|
$ | 2,709 | $ | 1,877 | $ | 2,691 | $ | 7,123 | $ | 6,509 | ||||||||||
Loans held for investment:
|
||||||||||||||||||||
Commercial and industrial
|
494,389 | 581,703 | 623,487 | 597,205 | 658,141 | |||||||||||||||
Real Estate:
|
||||||||||||||||||||
Commercial
|
1,280,241 | 1,421,683 | 1,511,846 | 1,590,081 | 1,632,213 | |||||||||||||||
Construction and development
|
263,398 | 213,102 | 220,076 | 268,691 | 310,689 | |||||||||||||||
Residential mortgage
|
332,454 | 344,774 | 354,310 | 362,404 | 343,894 | |||||||||||||||
Consumer/other
|
37,460 | 38,516 | 42,630 | 44,571 | 47,433 | |||||||||||||||
Loans held for investment
|
2,407,942 | 2,599,778 | 2,752,349 | 2,862,952 | 2,992,370 | |||||||||||||||
Total period-end loans
|
$ | 2,410,651 | $ | 2,601,655 | $ | 2,755,040 | $ | 2,870,075 | $ | 2,998,879 | ||||||||||
|
||||||||||||||||||||
Period-End Deposits:
|
||||||||||||||||||||
Noninterest-bearing demand
|
$ | 1,268,801 | $ | 1,287,921 | $ | 1,322,492 | $ | 1,248,321 | $ | 1,266,781 | ||||||||||
Interest-bearing demand
|
2,160,404 | 2,084,062 | 2,138,822 | 2,014,207 | 1,962,854 | |||||||||||||||
Certificates and other time deposits:
|
||||||||||||||||||||
Jumbo
|
429,422 | 445,833 | 487,037 | 512,178 | 587,377 | |||||||||||||||
Regular
|
197,822 | 205,840 | 215,867 | 224,290 | 231,404 | |||||||||||||||
Brokered
|
72,398 | 93,628 | 93,212 | 104,215 | 102,714 | |||||||||||||||
Total period-end deposits
|
$ | 4,128,847 | $ | 4,117,284 | $ | 4,257,430 | $ | 4,103,211 | $ | 4,151,130 |
|
Quarter Ended
|
Year-to-date
|
||||||||||||||||||||||||||
|
Jun. 30,
|
Mar. 31,
|
Dec. 31,
|
Sep. 30,
|
Jun. 30,
|
|
|
|||||||||||||||||||||
|
2011
|
2011
|
2010
|
2010
|
2010
|
2011
|
2010
|
|||||||||||||||||||||
Allowance For Credit Losses
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Allowance for loan losses at beginning of period
|
$ | 75,535 | $ | 77,141 | $ | 80,754 | $ | 80,983 | $ | 76,646 | $ | 77,141 | $ | 74,732 | ||||||||||||||
Charge-offs:
|
||||||||||||||||||||||||||||
Commercial, financial and industrial
|
657 | 239 | 1,845 | 1,034 | 1,687 | 896 | 3,655 | |||||||||||||||||||||
Real estate, mortgage and construction
|
6,622 | 12,220 | 8,535 | 7,314 | 5,786 | 18,842 | 26,000 | |||||||||||||||||||||
Consumer
|
189 | 713 | 323 | 285 | 205 | 902 | 467 | |||||||||||||||||||||
Total charge-offs
|
7,468 | 13,172 | 10,703 | 8,633 | 7,678 | 20,640 | 30,122 | |||||||||||||||||||||
Recoveries:
|
||||||||||||||||||||||||||||
Commercial, financial and industrial
|
238 | 405 | 342 | 481 | 433 | 643 | 916 | |||||||||||||||||||||
Real estate, mortgage and construction
|
431 | 255 | 631 | 633 | 845 | 686 | 1,666 | |||||||||||||||||||||
Consumer
|
66 | 106 | 67 | 72 | 51 | 172 | 169 | |||||||||||||||||||||
Total recoveries
|
735 | 766 | 1,040 | 1,186 | 1,329 | 1,501 | 2,751 | |||||||||||||||||||||
Net charge-offs
|
6,733 | 12,406 | 9,663 | 7,447 | 6,349 | 19,139 | 27,371 | |||||||||||||||||||||
Provision for loan losses
|
9,200 | 10,800 | 6,050 | 7,218 | 10,686 | 20,000 | 33,622 | |||||||||||||||||||||
Allowance for loan losses at end of period
|
$ | 78,002 | $ | 75,535 | $ | 77,141 | $ | 80,754 | $ | 80,983 | $ | 78,002 | $ | 80,983 | ||||||||||||||
|
||||||||||||||||||||||||||||
Allowance for unfunded loan commitments at beginning of period
|
1,200 | 1,200 | 2,000 | 1,502 | 2,852 | 1,200 | 2,852 | |||||||||||||||||||||
Provision for losses on unfunded loan commitments
|
- | - | (800 | ) | 498 | (1,350 | ) | - | (1,350 | ) | ||||||||||||||||||
Allowance for unfunded loan commitments at end of period
|
1,200 | 1,200 | 1,200 | 2,000 | 1,502 | 1,200 | 1,502 | |||||||||||||||||||||
Total allowance for credit losses
|
$ | 79,202 | $ | 76,735 | $ | 78,341 | $ | 82,754 | $ | 82,485 | $ | 79,202 | $ | 82,485 | ||||||||||||||
|
||||||||||||||||||||||||||||
Nonperforming Assets
|
||||||||||||||||||||||||||||
Nonperforming loans:
|
||||||||||||||||||||||||||||
Loans held for sale
|
$ | 1,367 | $ | - | $ | - | $ | 1,665 | $ | 3,491 | $ | 1,367 | $ | 3,491 | ||||||||||||||
Loans held for investment
|
154,106 | 135,791 | 133,264 | 162,096 | 162,669 | 154,106 | 162,669 | |||||||||||||||||||||
Real estate acquired by foreclosure
|
46,158 | 49,826 | 37,064 | 14,571 | 18,151 | 46,158 | 18,151 | |||||||||||||||||||||
Other repossessed assets
|
25 | 127 | 3 | 50 | 20 | 25 | 20 | |||||||||||||||||||||
Total nonperforming assets
|
$ | 201,656 | $ | 185,744 | $ | 170,331 | $ | 178,382 | $ | 184,331 | $ | 201,656 | $ | 184,331 | ||||||||||||||
|
||||||||||||||||||||||||||||
Restructured loans - accruing
|
$ | 23,075 | $ | 15,001 | $ | 27,699 | $ | 17,495 | $ | 15,001 | $ | 23,075 | $ | 15,001 | ||||||||||||||
|
||||||||||||||||||||||||||||
Potential problem loans
|
$ | 152,551 | $ | 171,276 | $ | 166,442 | $ | 169,646 | $ | 142,123 | $ | 152,551 | $ | 142,123 | ||||||||||||||
|
||||||||||||||||||||||||||||
Accruing loans 30 to 89 days past due
|
$ | 26,689 | $ | 31,720 | $ | 23,680 | $ | 16,234 | $ | 19,307 | $ | 26,689 | $ | 19,307 | ||||||||||||||
|
||||||||||||||||||||||||||||
Accruing loans past due 90 days or more
|
$ | 1,762 | $ | 2,334 | $ | 507 | $ | 953 | $ | 441 | $ | 1,762 | $ | 441 | ||||||||||||||
|
||||||||||||||||||||||||||||
Ratios
|
||||||||||||||||||||||||||||
Period-end allowance for credit losses to period-end loans
|
3.29 | % | 2.95 | % | 2.84 | % | 2.88 | % | 2.75 | % | 3.29 | % | 2.75 | % | ||||||||||||||
Period-end allowance for loan losses to period-end loans
|
3.24 | % | 2.90 | % | 2.80 | % | 2.81 | % | 2.70 | % | 3.24 | % | 2.70 | % | ||||||||||||||
Period-end allowance for loan losses to nonperforming loans
|
50.17 | % | 55.63 | % | 57.89 | % | 49.31 | % | 48.74 | % | 50.17 | % | 48.74 | % | ||||||||||||||
Nonperforming loans to period-end loans
|
6.45 | % | 5.22 | % | 4.84 | % | 5.71 | % | 5.54 | % | 6.45 | % | 5.54 | % | ||||||||||||||
Nonperforming assets to period-end assets
|
3.98 | % | 3.68 | % | 3.28 | % | 3.54 | % | 3.63 | % | 3.98 | % | 3.63 | % | ||||||||||||||
Net charge-offs to average loans (2)
|
1.06 | % | 1.87 | % | 1.36 | % | 1.01 | % | 0.83 | % | 1.47 | % | 1.77 | % |
(1)
|
Earnings per share in each quarter is computed individually using the weighted-average number of shares outstanding during that quarter.
|
(2)
|
Interim periods annualized.
|
(3)
|
Taxable-equivalent basis assuming a 35% tax rate. The Company presents net interest income on a tax-equivalent basis. Accordingly, net interest income from tax-exempt securities and loans is presented in the net interest income results on a basis comparable to taxable securities and loans. This non-GAAP financial measure allows management to assess the comparability of net interest income arising from both taxable and tax-exempt sources.
|
(4)
|
The efficiency ratio is calculated by dividing noninterest expense by tax equivalent basis net interest income plus noninterest income less net gain (loss) on investment securities and loss on disposal of assets.
|
N/M
|
Not meaningful.
|
1 Year Sterling Bancshares, Inc. (MM) Chart |
1 Month Sterling Bancshares, Inc. (MM) Chart |
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