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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:TAYC | NASDAQ | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.05 | 0.00 | 01:00:00 |
|
Investor Relations and Media Contact:
|
|
Berry Allen
|
|
(847) 653-7375
|
(dollars in thousands)
|
3Q13
|
|
2Q13
|
|
Change from 2Q13 to 3Q13
|
|
3Q12
|
Change from 3Q12 to 3Q13
|
||||||
Total commercial loans (period end)
|
$3,290,407
|
|
$3,000,249
|
|
9.7
|
%
|
|
$2,671,101
|
|
23.2
|
%
|
|||
Average total deposits
|
$3,829,183
|
|
$3,690,246
|
|
3.8
|
%
|
|
$3,275,358
|
|
16.9
|
%
|
|||
Net interest income
|
$46,027
|
|
$41,082
|
|
12.0
|
%
|
|
$37,196
|
|
23.7
|
%
|
|||
Net interest margin
|
3.41
|
%
|
|
3.16
|
%
|
|
0.25
|
%
|
|
3.22
|
%
|
|
0.19
|
%
|
Mortgage banking revenue
|
$25,148
|
|
$38,533
|
|
(34.7
|
)%
|
|
$40,676
|
|
(38.2
|
)%
|
|||
Loan loss provision
|
$300
|
|
$700
|
|
(57.1
|
)%
|
|
$900
|
|
(66.7
|
)%
|
•
|
Net interest income was $46.0 million for the third quarter of 2013, up $4.9 million, or 12.0%, from the second quarter of 2013
|
•
|
Mortgage banking revenue was $25.1 million for the third quarter of 2013, down $13.4 million, or 34.7%, from the second quarter of 2013
|
•
|
Mortgages for home purchases increased to 63% of total originations for the third quarter of 2013
|
•
|
Net interest margin on a tax equivalent basis increased by 25 basis points to 3.41% for the third quarter of 2013 from 3.16% for the second quarter of 2013
|
•
|
Total commercial loans grew $290.2 million, or 9.7%, from June 30, 2013
|
•
|
In July, the Company repurchased $26.2 million of its outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series B, in a privately negotiated transaction
|
•
|
As of September 30, 2013, the Company’s Tier I Risk Based Capital ratio was 12.89%, its Total Risk Based Capital ratio was 14.15% and its Tier I Capital to Average Assets leverage ratio was 10.30%
|
•
|
Return on Average Common Equity was 11.69% for the third quarter of 2013 as compared to 12.66% for the second quarter of 2013
|
•
|
Nonperforming loans were $86.0 million and 2.37% of total loans at September 30, 2013, compared to $69.5 million and 2.11% of total loans at June 30, 2013
|
•
|
At September 30, 2013, commercial criticized and classified loans
(1)
totaled $151.7 million, up from $134.2 million at June 30, 2013
|
•
|
The allowance for loan losses as a percent of nonperforming loans was 98.80% at September 30, 2013, compared to 120.19% at June 30, 2013
|
•
|
Credit costs
(2)
were a negative $536,000 for the third quarter of 2013, compared to a negative $498,000 for the second quarter of 2013
|
•
|
Net interest income increased to $46.0 million for the third quarter of 2013, up $8.8 million, or 23.7%, from the third quarter of 2012
|
•
|
Net interest margin on a tax equivalent basis increased by 19 basis points to 3.41% for the third quarter of 2013 from 3.22% for the third quarter of 2012
|
•
|
Pre-tax, pre-provision operating earnings
(3)
decreased to $23.1 million for the third quarter of 2013, down $9.8 million, or 29.8%, as compared to the third quarter of 2012
|
•
|
Total commercial loans increased to $3.29 billion at September 30, 2013, up $619.3 million, or 23.2%, from September 30, 2012
|
•
|
Core deposits grew to $2.75 billion at September 30, 2013, up $307.4 million, or 12.6%, from September 30, 2012
|
•
|
Return on Average Common Equity was 11.69% for the third quarter of 2013 as compared to 17.62% for the third quarter of 2012
|
•
|
Condensed Consolidated Balance Sheets
|
•
|
Consolidated Statements of Income
|
•
|
Summary of Key Quarterly Financial Data
|
•
|
Summary of Key Year-to-Date Financial Data
|
•
|
Summary of Key Period-End Financial Data
|
•
|
Composition of Loan Portfolio
|
•
|
Credit Quality
|
•
|
Loan Portfolio Aging
|
•
|
Funding Liabilities
|
•
|
Summary of Quarterly Segment Financial Data
|
•
|
Reconciliation of U.S. GAAP Financial Measures
|
•
|
The Agreement and Plan of Merger (the “Merger Agreement”) with MB Financial, Inc. (“MB”) may be terminated in accordance with its terms, and the merger contemplated thereby (the “Merger”) may not be completed.
|
•
|
Termination of the Merger Agreement could negatively impact us.
|
•
|
We will be subject to business uncertainties and contractual restrictions while the Merger is pending.
|
•
|
Two stockholder actions have been filed against us, our Board of Directors and MB challenging the Merger, and additional suits may be filed in the future. An adverse ruling in any of these lawsuits may prevent the Merger from being completed or from being completed within the expected timeframe.
|
•
|
The Merger Agreement limits our ability to pursue an alternative acquisition proposal and requires us to pay a termination fee of $20.0 million under limited circumstances relating to alternative acquisition proposals.
|
•
|
We may be materially and adversely affected by the highly regulated environment in which we operate.
|
•
|
Increasing dependence on our mortgage business may increase volatility in our consolidated revenues and earnings, and our residential mortgage lending profitability could be significantly reduced if we are not able to originate and sell mortgage loans at profitable margins.
|
•
|
Changes in interest rates may change the value of our mortgage servicing rights ("MSRs") portfolio, which may increase the volatility of our earnings.
|
•
|
Certain hedging strategies that we use to manage investment in MSR, mortgage loans held for sale and interest rate lock commitments may be ineffective to offset any adverse changes in the fair value of these assets due to changes in interest rates and market liquidity.
|
•
|
Our mortgage loan repurchase reserve for losses could be insufficient.
|
•
|
A significant increase in certain loan balances associated with our mortgage business may result in liquidity risk related to the funding of these loans.
|
•
|
We are subject to interest rate risk, including interest rate fluctuations that could have a material adverse effect on us.
|
•
|
Competition from financial institutions and other financial services providers may adversely affect our growth and profitability and have a material adverse effect on us.
|
•
|
Our business is subject to the conditions of the economies in which we operate and continued weakness in those economies and the real estate markets may materially and adversely affect us.
|
•
|
Our business is subject to domestic and, to a lesser extent, international economic conditions and other factors, many of which are beyond our control and could materially and adversely affect us.
|
•
|
The preparation of our consolidated financial statements requires us to make estimates and judgments, including the use of models, which are subject to an inherent degree of uncertainty and which may differ from actual results.
|
•
|
We must manage credit risk and, if we are unable to do so, our allowance for loan losses may prove to be insufficient to absorb losses in our loan portfolio, which could have a material adverse effect on us.
|
•
|
We may not be able to access sufficient and cost-effective sources of liquidity.
|
•
|
We are subject to liquidity risk, including unanticipated deposit volatility.
|
•
|
The repeal of federal prohibitions on payment of interest on business demand deposits could increase our interest expense and have a material adverse effect on us.
|
•
|
Changes in certain ratings related to us or our credit could increase our financing costs or make it more difficult for us to obtain funding or capital on commercially acceptable terms.
|
•
|
As a bank holding company, our sources of funds are limited.
|
•
|
We are subject to certain operational risks, including, but not limited to, data processing system failures and errors and customer or employee fraud. Our controls and procedures may fail or be circumvented.
|
•
|
We are dependent on outside third parties for processing and handling of our records and data.
|
•
|
System failure or breaches of our network security, including with respect to our internet banking activities, could subject us to increased operating costs as well as litigation and other liabilities.
|
•
|
We have counterparty risk and therefore we may be materially and adversely affected by the soundness of other financial institutions.
|
•
|
We are subject to lending concentration risks.
|
•
|
We are subject to mortgage asset concentration risks.
|
•
|
Our business strategy is dependent on our continued ability to attract, develop and retain highly qualified and experienced personnel in senior management and customer relationship positions.
|
•
|
Our reputation could be damaged by negative publicity.
|
•
|
New lines of business, new products and services or new customer relationships may subject us to certain additional risks.
|
•
|
We may experience difficulties in managing our future growth.
|
•
|
We and our subsidiaries are subject to changes in federal and state tax laws and changes in interpretation of existing laws.
|
•
|
Regulatory requirements, including rules recently adopted by the U.S. federal bank regulatory agencies to implement Basel III, growth plans or operating results may require us to raise additional capital, which may not be available on favorable terms or at all.
|
•
|
We have not paid a dividend on our common stock since the third quarter of 2008. In addition, regulatory restrictions and liquidity constraints at the holding company level could impair our ability to make distributions on our outstanding securities.
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
||||||
|
September 30,
2013 |
|
June 30,
2013 |
|
December 31,
2012 |
||||||
ASSETS
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
122,407
|
|
|
$
|
97,832
|
|
|
$
|
166,385
|
|
Investment securities
|
1,420,906
|
|
|
1,434,326
|
|
|
1,267,757
|
|
|||
Loans held for sale
|
498,276
|
|
|
693,937
|
|
|
938,379
|
|
|||
Loans, net of allowance for loan losses of $85,013 at September 30, 2013, $83,576 at June 30, 2013 and $82,191 at December 31, 2012
|
3,543,645
|
|
|
3,218,972
|
|
|
3,086,112
|
|
|||
Premises, leasehold improvements and equipment, net
|
25,391
|
|
|
23,941
|
|
|
16,062
|
|
|||
Investment in Federal Home Loan Bank and Federal Reserve Bank stock
|
74,342
|
|
|
79,726
|
|
|
74,950
|
|
|||
Mortgage servicing rights
|
184,237
|
|
|
145,729
|
|
|
78,917
|
|
|||
Other real estate and repossessed assets, net
|
14,389
|
|
|
19,794
|
|
|
24,259
|
|
|||
Other assets
|
131,101
|
|
|
187,113
|
|
|
149,589
|
|
|||
Total assets
|
$
|
6,014,694
|
|
|
$
|
5,901,370
|
|
|
$
|
5,802,410
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
Noninterest-bearing
|
$
|
1,010,789
|
|
|
$
|
1,138,839
|
|
|
$
|
1,179,724
|
|
Interest-bearing
|
2,686,407
|
|
|
2,553,587
|
|
|
2,348,618
|
|
|||
Total deposits
|
3,697,196
|
|
|
3,692,426
|
|
|
3,528,342
|
|
|||
Accrued interest, taxes and other liabilities
|
120,521
|
|
|
133,208
|
|
|
131,473
|
|
|||
Short-term borrowings
|
1,565,651
|
|
|
1,428,855
|
|
|
1,463,019
|
|
|||
Long-term borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|||
Junior subordinated debentures
|
86,607
|
|
|
86,607
|
|
|
86,607
|
|
|||
Subordinated notes, net
|
—
|
|
|
—
|
|
|
33,366
|
|
|||
Total liabilities
|
5,469,975
|
|
|
5,341,096
|
|
|
5,242,807
|
|
|||
|
|
|
|
|
|
||||||
Stockholders' equity:
|
|
|
|
|
|
||||||
Preferred stock, Series A
|
100,000
|
|
|
100,000
|
|
|
100,000
|
|
|||
Preferred stock, Series B
|
78,927
|
|
|
104,745
|
|
|
103,813
|
|
|||
Nonvoting preferred stock
|
13
|
|
|
13
|
|
|
13
|
|
|||
Common stock
|
307
|
|
|
305
|
|
|
302
|
|
|||
Surplus
|
417,202
|
|
|
416,420
|
|
|
412,391
|
|
|||
Accumulated deficit
|
(27,518
|
)
|
|
(38,104
|
)
|
|
(63,537
|
)
|
|||
Accumulated other comprehensive income, net
|
5,373
|
|
|
6,480
|
|
|
36,206
|
|
|||
Treasury stock
|
(29,585
|
)
|
|
(29,585
|
)
|
|
(29,585
|
)
|
|||
Total stockholders' equity
|
544,719
|
|
|
560,274
|
|
|
559,603
|
|
|||
Total liabilities and stockholders' equity
|
$
|
6,014,694
|
|
|
$
|
5,901,370
|
|
|
$
|
5,802,410
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||
|
Sep 30,
2013 |
|
Jun 30, 2013
|
|
Sep 30,
2012 |
|
Sep 30,
2013 |
|
Sep 30,
2012 |
||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans
|
$
|
40,501
|
|
|
$
|
37,499
|
|
|
$
|
36,561
|
|
|
$
|
115,629
|
|
|
$
|
107,266
|
|
Interest and dividends on investment securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
8,332
|
|
|
8,398
|
|
|
8,897
|
|
|
25,347
|
|
|
29,104
|
|
|||||
Tax-exempt
|
2,826
|
|
|
2,077
|
|
|
733
|
|
|
6,330
|
|
|
2,087
|
|
|||||
Interest on cash equivalents
|
2
|
|
|
1
|
|
|
1
|
|
|
4
|
|
|
7
|
|
|||||
Total interest income
|
51,661
|
|
|
47,975
|
|
|
46,192
|
|
|
147,310
|
|
|
138,464
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
3,697
|
|
|
4,213
|
|
|
4,399
|
|
|
12,174
|
|
|
14,748
|
|
|||||
Short-term borrowings
|
491
|
|
|
473
|
|
|
564
|
|
|
1,384
|
|
|
1,756
|
|
|||||
Long-term borrowings
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
601
|
|
|||||
Junior subordinated debentures
|
1,446
|
|
|
1,444
|
|
|
1,466
|
|
|
4,333
|
|
|
4,402
|
|
|||||
Subordinated notes
|
—
|
|
|
763
|
|
|
2,535
|
|
|
1,627
|
|
|
7,581
|
|
|||||
Total interest expense
|
5,634
|
|
|
6,893
|
|
|
8,996
|
|
|
19,518
|
|
|
29,088
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
46,027
|
|
|
41,082
|
|
|
37,196
|
|
|
127,792
|
|
|
109,376
|
|
|||||
Provision for loan losses
|
300
|
|
|
700
|
|
|
900
|
|
|
1,300
|
|
|
8,350
|
|
|||||
Net interest income after provision for loan losses
|
45,727
|
|
|
40,382
|
|
|
36,296
|
|
|
126,492
|
|
|
101,026
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges
|
3,572
|
|
|
3,505
|
|
|
3,423
|
|
|
10,568
|
|
|
10,069
|
|
|||||
Mortgage banking revenue
|
25,148
|
|
|
38,533
|
|
|
40,676
|
|
|
95,711
|
|
|
81,220
|
|
|||||
Gain on sales of investment securities
|
61
|
|
|
6
|
|
|
—
|
|
|
68
|
|
|
3,976
|
|
|||||
Other derivative income
|
1,855
|
|
|
1,704
|
|
|
1,790
|
|
|
5,119
|
|
|
3,166
|
|
|||||
Other noninterest income
|
1,836
|
|
|
2,353
|
|
|
1,361
|
|
|
6,826
|
|
|
4,654
|
|
|||||
Total noninterest income
|
32,472
|
|
|
46,101
|
|
|
47,250
|
|
|
118,292
|
|
|
103,085
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and employee benefits
|
35,100
|
|
|
37,322
|
|
|
37,024
|
|
|
106,450
|
|
|
88,939
|
|
|||||
Occupancy of premises, furniture and equipment
|
3,703
|
|
|
3,519
|
|
|
3,246
|
|
|
10,527
|
|
|
8,958
|
|
|||||
Nonperforming asset expense
|
(836
|
)
|
|
(1,198
|
)
|
|
613
|
|
|
(1,475
|
)
|
|
2,135
|
|
|||||
Early extinguishment of debt
|
—
|
|
|
5,380
|
|
|
3,670
|
|
|
5,380
|
|
|
7,658
|
|
|||||
FDIC assessment
|
1,963
|
|
|
1,759
|
|
|
1,766
|
|
|
5,746
|
|
|
4,965
|
|
|||||
Legal fees, net
|
2,001
|
|
|
1,117
|
|
|
1,020
|
|
|
3,976
|
|
|
2,633
|
|
|||||
Loan expense, net
|
2,195
|
|
|
2,895
|
|
|
1,862
|
|
|
7,461
|
|
|
4,405
|
|
|||||
Outside services
|
3,535
|
|
|
2,818
|
|
|
1,082
|
|
|
8,849
|
|
|
2,369
|
|
|||||
Other noninterest expense
|
6,881
|
|
|
6,659
|
|
|
5,616
|
|
|
19,654
|
|
|
14,391
|
|
|||||
Total noninterest expense
|
54,542
|
|
|
60,271
|
|
|
55,899
|
|
|
166,568
|
|
|
136,453
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
23,657
|
|
|
26,212
|
|
|
27,647
|
|
|
78,216
|
|
|
67,658
|
|
|||||
Income tax expense
|
9,488
|
|
|
10,595
|
|
|
10,898
|
|
|
31,173
|
|
|
27,215
|
|
|||||
Net income
|
14,169
|
|
|
15,617
|
|
|
16,749
|
|
|
47,043
|
|
|
40,443
|
|
|||||
Preferred dividends and discounts
|
(3,583
|
)
|
|
(3,780
|
)
|
|
(1,757
|
)
|
|
(11,024
|
)
|
|
(5,247
|
)
|
|||||
Net income applicable to common stockholders
|
$
|
10,586
|
|
|
$
|
11,837
|
|
|
$
|
14,992
|
|
|
$
|
36,019
|
|
|
$
|
35,196
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income per common share
|
$
|
0.35
|
|
|
$
|
0.39
|
|
|
$
|
0.50
|
|
|
$
|
1.19
|
|
|
$
|
1.18
|
|
Diluted income per common share
|
0.34
|
|
|
0.39
|
|
|
0.49
|
|
|
1.17
|
|
|
1.15
|
|
|||||
Weighted-average common shares outstanding
|
28,936,361
|
|
|
28,687,406
|
|
|
28,430,871
|
|
|
28,741,025
|
|
|
28,220,962
|
|
|||||
Weighted-average diluted common shares outstanding
|
29,176,070
|
|
|
28,995,753
|
|
|
28,931,235
|
|
|
29,062,538
|
|
|
28,989,066
|
|
|
2013
|
|
2012
|
||||||||||||||||
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
|
Fourth
Quarter
|
|
Third
Quarter
|
||||||||||
Condensed Income Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
$
|
46,027
|
|
|
$
|
41,082
|
|
|
$
|
40,683
|
|
|
$
|
40,510
|
|
|
$
|
37,196
|
|
Provision for loan losses
|
300
|
|
|
700
|
|
|
300
|
|
|
1,200
|
|
|
900
|
|
|||||
Total noninterest income
|
32,472
|
|
|
46,101
|
|
|
39,719
|
|
|
51,962
|
|
|
47,250
|
|
|||||
Total noninterest expense
|
54,542
|
|
|
60,271
|
|
|
51,755
|
|
|
55,284
|
|
|
55,899
|
|
|||||
Income before income taxes
|
23,657
|
|
|
26,212
|
|
|
28,347
|
|
|
35,988
|
|
|
27,647
|
|
|||||
Income tax expense
|
9,488
|
|
|
10,595
|
|
|
11,090
|
|
|
14,530
|
|
|
10,898
|
|
|||||
Net income
|
14,169
|
|
|
15,617
|
|
|
17,257
|
|
|
21,458
|
|
|
16,749
|
|
|||||
Preferred dividends and discounts
|
(3,583
|
)
|
|
(3,780
|
)
|
|
(3,661
|
)
|
|
(1,765
|
)
|
|
(1,757
|
)
|
|||||
Net income applicable to common stockholders
|
$
|
10,586
|
|
|
$
|
11,837
|
|
|
$
|
13,596
|
|
|
$
|
19,693
|
|
|
$
|
14,992
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP Measures of Performance:
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
78,438
|
|
|
$
|
87,177
|
|
|
$
|
80,401
|
|
|
$
|
90,984
|
|
|
$
|
84,446
|
|
Pre-tax, pre-provision operating earnings
|
23,060
|
|
|
31,088
|
|
|
29,205
|
|
|
38,579
|
|
|
32,830
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income per common share
|
$
|
0.35
|
|
|
$
|
0.39
|
|
|
$
|
0.45
|
|
|
$
|
0.66
|
|
|
$
|
0.50
|
|
Diluted income per common share
|
0.34
|
|
|
0.39
|
|
|
0.44
|
|
|
0.65
|
|
|
0.49
|
|
|||||
Tangible book value per common share
|
12.47
|
|
|
12.22
|
|
|
12.69
|
|
|
12.36
|
|
|
11.97
|
|
|||||
Weighted average common shares-basic
|
28,936,361
|
|
|
28,687,406
|
|
|
28,595,562
|
|
|
28,515,040
|
|
|
28,430,871
|
|
|||||
Weighted average common shares-diluted
|
29,176,070
|
|
|
28,995,753
|
|
|
28,961,395
|
|
|
28,895,719
|
|
|
28,931,235
|
|
|||||
Common shares outstanding-end of period
|
29,333,540
|
|
|
29,098,639
|
|
|
29,088,735
|
|
|
28,792,042
|
|
|
28,756,717
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios (annualized):
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
0.96
|
%
|
|
1.09
|
%
|
|
1.22
|
%
|
|
1.59
|
%
|
|
1.33
|
%
|
|||||
Return on average common equity
|
11.69
|
%
|
|
12.66
|
%
|
|
14.82
|
%
|
|
22.40
|
%
|
|
17.62
|
%
|
|||||
Efficiency ratio
(2)
|
69.54
|
%
|
|
69.14
|
%
|
|
64.37
|
%
|
|
60.76
|
%
|
|
66.19
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Balance Sheet Data:
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
5,893,140
|
|
|
$
|
5,747,219
|
|
|
$
|
5,642,192
|
|
|
$
|
5,389,566
|
|
|
$
|
5,026,706
|
|
Investments
|
1,491,554
|
|
|
1,472,316
|
|
|
1,360,213
|
|
|
1,213,422
|
|
|
1,230,953
|
|
|||||
Cash equivalents
|
541
|
|
|
237
|
|
|
555
|
|
|
985
|
|
|
304
|
|
|||||
Loans held for sale
|
626,043
|
|
|
634,327
|
|
|
691,134
|
|
|
663,759
|
|
|
424,508
|
|
|||||
Loans
|
3,442,999
|
|
|
3,254,918
|
|
|
3,177,615
|
|
|
3,090,019
|
|
|
2,997,346
|
|
|||||
Total interest-earning assets
|
5,561,137
|
|
|
5,361,798
|
|
|
5,229,517
|
|
|
4,968,185
|
|
|
4,653,111
|
|
|||||
Interest-bearing deposits
|
2,767,265
|
|
|
2,494,537
|
|
|
2,424,772
|
|
|
2,282,290
|
|
|
2,193,790
|
|
|||||
Borrowings
|
1,425,545
|
|
|
1,397,300
|
|
|
1,219,977
|
|
|
1,241,905
|
|
|
1,224,884
|
|
|||||
Total interest-bearing liabilities
|
4,192,810
|
|
|
3,891,837
|
|
|
3,644,749
|
|
|
3,524,195
|
|
|
3,418,674
|
|
|||||
Noninterest-bearing deposits
|
1,061,917
|
|
|
1,195,709
|
|
|
1,333,958
|
|
|
1,257,811
|
|
|
1,081,568
|
|
|||||
Total stockholders' equity
|
545,391
|
|
|
578,142
|
|
|
570,652
|
|
|
500,727
|
|
|
441,133
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax Equivalent Net Interest Margin:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income as stated
|
$
|
46,027
|
|
|
$
|
41,082
|
|
|
$
|
40,683
|
|
|
$
|
40,510
|
|
|
$
|
37,196
|
|
Add: Tax equivalent adjust. - investment
(4)
|
1,522
|
|
|
1,119
|
|
|
769
|
|
|
545
|
|
|
395
|
|
|||||
Tax equivalent adjust. - loans
(4)
|
27
|
|
|
29
|
|
|
29
|
|
|
30
|
|
|
30
|
|
|||||
Tax equivalent net interest income
|
$
|
47,576
|
|
|
$
|
42,230
|
|
|
$
|
41,481
|
|
|
$
|
41,085
|
|
|
$
|
37,621
|
|
Net interest margin without tax adjust.
(5)
|
3.29
|
%
|
|
3.07
|
%
|
|
3.14
|
%
|
|
3.25
|
%
|
|
3.19
|
%
|
|||||
Net interest margin - tax equivalent
(4) (5)
|
3.41
|
%
|
|
3.16
|
%
|
|
3.20
|
%
|
|
3.30
|
%
|
|
3.22
|
%
|
|||||
Yield on earning assets without tax adjust.
(5)
|
3.70
|
%
|
|
3.59
|
%
|
|
3.68
|
%
|
|
3.83
|
%
|
|
3.96
|
%
|
|||||
Yield on earning assets - tax equivalent
(4) (5)
|
3.81
|
%
|
|
3.67
|
%
|
|
3.74
|
%
|
|
3.87
|
%
|
|
3.99
|
%
|
|||||
Yield on interest-bearing liabilities
(5)
|
0.53
|
%
|
|
0.71
|
%
|
|
0.78
|
%
|
|
0.81
|
%
|
|
1.05
|
%
|
|||||
Net interest spread without tax adjust.
(5)
|
3.17
|
%
|
|
2.88
|
%
|
|
2.90
|
%
|
|
3.02
|
%
|
|
2.91
|
%
|
|||||
Net interest spread - tax equivalent
(4) (5)
|
3.28
|
%
|
|
2.96
|
%
|
|
2.96
|
%
|
|
3.06
|
%
|
|
2.95
|
%
|
(1)
|
Refer to Reconciliation of U.S. GAAP Financial Measures for a reconciliation to GAAP.
|
(2)
|
Efficiency ratio is determined by dividing noninterest expense by an amount equal to net interest income plus noninterest income, adjusted for gains or losses from investment securities.
|
(3)
|
Average balances are daily averages.
|
(4)
|
Adjustment reflects tax-exempt interest income on an equivalent before-tax basis assuming a tax rate of 35.0%
|
(5)
|
During the second quarter 2013, the Company revised its methodology for calculating these metrics to exclude the valuation adjustment on mortgages held at fair value. Prior period ratios have been adjusted to reflect this change.
|
|
|
For the Nine Months Ended September 30,
|
||||||
|
|
2013
|
|
2012
|
||||
Condensed Income Data:
|
|
|
|
|
||||
Net interest income
|
|
$
|
127,792
|
|
|
$
|
109,376
|
|
Provision for loan losses
|
|
1,300
|
|
|
8,350
|
|
||
Total noninterest income
|
|
118,292
|
|
|
103,085
|
|
||
Total noninterest expense
|
|
166,568
|
|
|
136,453
|
|
||
Income before income taxes
|
|
78,216
|
|
|
67,658
|
|
||
Income tax expense
|
|
31,173
|
|
|
27,215
|
|
||
Net income
|
|
47,043
|
|
|
40,443
|
|
||
Preferred dividends and discounts
|
|
(11,024
|
)
|
|
(5,247
|
)
|
||
Net income applicable to common stockholders
|
|
$
|
36,019
|
|
|
$
|
35,196
|
|
|
|
|
|
|
||||
Non-GAAP Measures of Performance:
(1)
|
|
|
|
|
||||
Revenue
|
|
$
|
246,016
|
|
|
$
|
208,610
|
|
Pre-tax, pre-provision operating earnings
|
|
83,353
|
|
|
81,950
|
|
||
|
|
|
|
|
||||
Per Share Data:
|
|
|
|
|
||||
Basic income per common share
|
|
$
|
1.19
|
|
|
$
|
1.18
|
|
Diluted income per common share
|
|
1.17
|
|
|
1.15
|
|
||
Tangible book value per common share
|
|
12.47
|
|
|
11.97
|
|
||
Weighted average common shares-basic
|
|
28,741,025
|
|
|
28,220,962
|
|
||
Weighted average common shares-diluted
|
|
29,062,538
|
|
|
28,989,066
|
|
||
Common shares outstanding-end of period
|
|
29,333,540
|
|
|
28,727,580
|
|
||
|
|
|
|
|
||||
Performance Ratios (Annualized):
|
|
|
|
|
||||
Return on average assets
|
|
1.09
|
%
|
|
1.11
|
%
|
||
Return on average common equity
|
|
13.06
|
%
|
|
14.66
|
%
|
||
Efficiency ratio
(2)
|
|
67.71
|
%
|
|
65.41
|
%
|
||
|
|
|
|
|
||||
Average Balance Sheet Data:
(3)
|
|
|
|
|
||||
Total assets
|
|
$
|
5,761,770
|
|
|
$
|
4,852,152
|
|
Investments
|
|
1,441,842
|
|
|
1,268,040
|
|
||
Cash equivalents
|
|
444
|
|
|
657
|
|
||
Loans held for sale
|
|
650,263
|
|
|
313,827
|
|
||
Loans
|
|
3,292,817
|
|
|
2,960,691
|
|
||
Total interest-earning assets
|
|
5,385,366
|
|
|
4,543,215
|
|
||
Interest-bearing deposits
|
|
2,563,447
|
|
|
2,246,633
|
|
||
Borrowings
|
|
1,348,360
|
|
|
1,196,942
|
|
||
Total interest-bearing liabilities
|
|
3,911,807
|
|
|
3,443,575
|
|
||
Noninterest-bearing deposits
|
|
1,196,198
|
|
|
910,131
|
|
||
Total stockholders' equity
|
|
564,636
|
|
|
421,722
|
|
||
|
|
|
|
|
||||
Tax Equivalent Net Interest Margin:
|
|
|
|
|
||||
Net interest income as stated
|
|
$
|
127,792
|
|
|
$
|
109,376
|
|
Add: Tax equivalent adjust. - investment
(4)
|
|
3,409
|
|
|
1,124
|
|
||
Tax equivalent adjust. - loans
(4)
|
|
85
|
|
|
94
|
|
||
Tax equivalent net interest income
|
|
$
|
131,286
|
|
|
$
|
110,594
|
|
Net interest margin without tax adjust.
(5)
|
|
3.17
|
%
|
|
3.21
|
%
|
||
Net interest margin - tax equivalent
(4) (5)
|
|
3.26
|
%
|
|
3.25
|
%
|
||
Yield on earning assets without tax adjust.
(5)
|
|
3.65
|
%
|
|
4.07
|
%
|
||
Yield on earning assets - tax equivalent
(4) (5)
|
|
3.74
|
%
|
|
4.10
|
%
|
||
Yield on interest-bearing liabilities
(5)
|
|
0.67
|
%
|
|
1.13
|
%
|
||
Net interest spread - without tax adjust.
(5)
|
|
2.98
|
%
|
|
2.94
|
%
|
||
Net interest spread - tax equivalent
(4) (5)
|
|
3.07
|
%
|
|
2.97
|
%
|
(1)
|
Refer to Reconciliation of U.S. GAAP Financial Measures for a reconciliation to GAAP.
|
(2)
|
Efficiency ratio is determined by dividing noninterest expense by an amount equal to net interest income plus noninterest income, adjusted for gains or losses from investment securities.
|
(3)
|
Average balances are daily averages.
|
(4)
|
Adjustment reflects tax-exempt interest income on an equivalent before-tax basis assuming a tax rate of 35.0%
|
(5)
|
During the second quarter 2013, the Company revised its methodology for calculating these metrics to exclude the valuation adjustment on mortgages held at fair value. Prior period ratios have been adjusted to reflect this change.
|
|
Sep 30,
2013 |
|
Jun 30,
2013 |
|
Mar 31,
2013 |
|
Dec 31,
2012 |
|
Sep 30,
2012 |
||||||||||
Condensed Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities
|
$
|
1,420,906
|
|
|
$
|
1,434,326
|
|
|
$
|
1,429,971
|
|
|
$
|
1,267,757
|
|
|
$
|
1,212,139
|
|
Loans held for sale
|
498,276
|
|
|
693,937
|
|
|
668,937
|
|
|
938,379
|
|
|
422,621
|
|
|||||
Loans
|
3,628,658
|
|
|
3,302,548
|
|
|
3,222,794
|
|
|
3,168,303
|
|
|
3,085,693
|
|
|||||
Allowance for loan losses
|
85,013
|
|
|
83,576
|
|
|
82,150
|
|
|
82,191
|
|
|
79,667
|
|
|||||
Total assets
|
6,014,694
|
|
|
5,901,370
|
|
|
5,770,432
|
|
|
5,802,410
|
|
|
5,136,975
|
|
|||||
Total deposits
|
3,697,196
|
|
|
3,692,426
|
|
|
3,794,394
|
|
|
3,528,342
|
|
|
3,558,682
|
|
|||||
Total borrowings
|
1,652,258
|
|
|
1,515,462
|
|
|
1,256,653
|
|
|
1,582,992
|
|
|
1,010,315
|
|
|||||
Total stockholders' equity
|
544,719
|
|
|
560,274
|
|
|
573,332
|
|
|
559,603
|
|
|
447,574
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans
|
$
|
86,045
|
|
|
$
|
69,539
|
|
|
$
|
71,404
|
|
|
$
|
59,537
|
|
|
$
|
62,096
|
|
Nonperforming assets
|
100,434
|
|
|
89,333
|
|
|
98,622
|
|
|
83,796
|
|
|
90,955
|
|
|||||
Allowance for loan losses to total loans (excluding loans held for sale)
|
2.34
|
%
|
|
2.53
|
%
|
|
2.55
|
%
|
|
2.59
|
%
|
|
2.58
|
%
|
|||||
Allowance for loan losses to nonperforming loans
|
98.80
|
%
|
|
120.19
|
%
|
|
115.05
|
%
|
|
138.05
|
%
|
|
128.30
|
%
|
|||||
Nonperforming assets to total loans plus repossessed property
(1)
|
2.76
|
%
|
|
2.69
|
%
|
|
3.03
|
%
|
|
2.62
|
%
|
|
2.92
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Resources (Taylor Capital Group, Inc.):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Capital (to Risk Weighted Assets)
|
14.15
|
%
|
|
15.22
|
%
|
|
16.50
|
%
|
|
16.27
|
%
|
|
14.41
|
%
|
|||||
Tier I Capital (to Risk Weighted Assets)
|
12.89
|
%
|
|
13.96
|
%
|
|
14.45
|
%
|
|
14.21
|
%
|
|
12.29
|
%
|
|||||
Leverage (to average assets)
|
10.30
|
%
|
|
10.87
|
%
|
|
10.91
|
%
|
|
11.14
|
%
|
|
9.43
|
%
|
|||||
Total Capital
|
$
|
663,917
|
|
|
$
|
679,379
|
|
|
$
|
701,381
|
|
|
$
|
685,998
|
|
|
$
|
553,977
|
|
Tier I Capital
|
604,920
|
|
|
623,221
|
|
|
614,382
|
|
|
599,504
|
|
|
472,221
|
|
|
|
September 30, 2013
|
|
June 30, 2013
|
|
December 31, 2012
|
|||||||||||||||
Loans
|
|
Balance
|
|
Percent of Gross Loans
|
|
Balance
|
|
Percent of Gross Loans
|
|
Balance
|
|
Percent of Gross Loans
|
|||||||||
Commercial and industrial
|
|
$
|
1,902,572
|
|
|
52.3
|
%
|
|
$
|
1,707,502
|
|
|
51.6
|
%
|
|
$
|
1,590,587
|
|
|
50.1
|
%
|
Commercial real estate secured
|
|
1,113,533
|
|
|
30.6
|
|
|
1,036,303
|
|
|
31.3
|
|
|
965,978
|
|
|
30.4
|
|
|||
Residential construction and land
|
|
49,796
|
|
|
1.3
|
|
|
42,606
|
|
|
1.3
|
|
|
45,903
|
|
|
1.5
|
|
|||
Commercial construction and land
|
|
115,698
|
|
|
3.2
|
|
|
119,839
|
|
|
3.6
|
|
|
103,715
|
|
|
3.3
|
|
|||
Lease receivables
|
|
108,808
|
|
|
3.0
|
|
|
93,999
|
|
|
2.8
|
|
|
50,803
|
|
|
1.6
|
|
|||
Total commercial loans
|
|
3,290,407
|
|
|
90.4
|
|
|
3,000,249
|
|
|
90.6
|
|
|
2,756,986
|
|
|
86.9
|
|
|||
Consumer
|
|
348,362
|
|
|
9.6
|
|
|
311,115
|
|
|
9.4
|
|
|
416,635
|
|
|
13.1
|
|
|||
Gross loans
|
|
3,638,769
|
|
|
100.0
|
%
|
|
3,311,364
|
|
|
100.0
|
%
|
|
3,173,621
|
|
|
100.0
|
%
|
|||
Less: Unearned discount
|
|
(10,111
|
)
|
|
|
|
(8,816
|
)
|
|
|
|
(5,318
|
)
|
|
|
||||||
Total loans
|
|
3,628,658
|
|
|
|
|
3,302,548
|
|
|
|
|
3,168,303
|
|
|
|
||||||
Less: Loan loss allowance
|
|
(85,013
|
)
|
|
|
|
(83,576
|
)
|
|
|
|
(82,191
|
)
|
|
|
||||||
Net loans
|
|
$
|
3,543,645
|
|
|
|
|
$
|
3,218,972
|
|
|
|
|
$
|
3,086,112
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans Held for Sale
|
|
$
|
498,276
|
|
|
|
|
$
|
693,937
|
|
|
|
|
$
|
938,379
|
|
|
|
|
|
September 30, 2013
|
|
June 30, 2013
|
|
December 31, 2012
|
|||||||||||||||
Commercial real estate secured
:
|
|
Balance
|
|
Percent of Total
|
|
Balance
|
|
Percent of Total
|
|
Balance
|
|
Percent of Total
|
|||||||||
Commercial non-owner occupied:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Retail strip centers or malls
|
|
$
|
104,595
|
|
|
9.4
|
%
|
|
$
|
105,305
|
|
|
10.2
|
%
|
|
$
|
109,266
|
|
|
11.3
|
%
|
Office/mixed use property
|
|
121,683
|
|
|
10.9
|
|
|
110,174
|
|
|
10.6
|
|
|
113,216
|
|
|
11.7
|
|
|||
Commercial properties
|
|
102,683
|
|
|
9.2
|
|
|
99,855
|
|
|
9.6
|
|
|
111,852
|
|
|
11.6
|
|
|||
Specialized – other
|
|
99,409
|
|
|
8.9
|
|
|
73,133
|
|
|
7.1
|
|
|
69,827
|
|
|
7.2
|
|
|||
Other commercial properties
|
|
20,739
|
|
|
1.9
|
|
|
24,806
|
|
|
2.4
|
|
|
28,870
|
|
|
3.0
|
|
|||
Farmland
|
|
2,285
|
|
|
0.3
|
|
|
2,314
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|||
Subtotal commercial non-owner occupied
|
|
451,394
|
|
|
40.6
|
|
|
415,587
|
|
|
40.1
|
|
|
433,031
|
|
|
44.8
|
|
|||
Commercial owner-occupied
|
|
537,208
|
|
|
48.2
|
|
|
498,057
|
|
|
48.1
|
|
|
425,723
|
|
|
44.1
|
|
|||
Multi-family properties
|
|
124,931
|
|
|
11.2
|
|
|
122,659
|
|
|
11.8
|
|
|
107,224
|
|
|
11.1
|
|
|||
Total commercial real estate
secured
|
|
$
|
1,113,533
|
|
|
100.0
|
%
|
|
$
|
1,036,303
|
|
|
100.0
|
%
|
|
$
|
965,978
|
|
|
100.0
|
%
|
|
|
At or for the Three Months Ended
|
||||||||||
|
|
September 30,
2013 |
|
June 30,
2013 |
|
December 31,
2012 |
||||||
Nonperforming Assets:
|
|
|
|
|
|
|
||||||
Loans contractually past due 90 days or more but still accruing interest
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Nonaccrual loans:
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
|
$
|
19,893
|
|
|
$
|
16,577
|
|
|
$
|
16,705
|
|
Commercial real estate secured
|
|
34,584
|
|
|
20,900
|
|
|
14,530
|
|
|||
Residential construction and land
|
|
—
|
|
|
—
|
|
|
4,495
|
|
|||
Commercial construction and land
|
|
25,746
|
|
|
26,272
|
|
|
15,220
|
|
|||
Consumer
|
|
5,822
|
|
|
5,790
|
|
|
8,587
|
|
|||
Total nonaccrual loans
|
|
86,045
|
|
|
69,539
|
|
|
59,537
|
|
|||
Total nonperforming loans
|
|
86,045
|
|
|
69,539
|
|
|
59,537
|
|
|||
Other real estate owned and repossessed assets
|
|
14,389
|
|
|
19,794
|
|
|
24,259
|
|
|||
Total nonperforming assets
|
|
$
|
100,434
|
|
|
$
|
89,333
|
|
|
$
|
83,796
|
|
|
|
|
|
|
|
|
||||||
Other Credit Quality Information:
|
|
|
|
|
|
|
||||||
Commercial criticized and classified loans
(1)
|
|
|
|
|
|
|
||||||
Special mention
|
|
$
|
47,919
|
|
|
$
|
43,938
|
|
|
$
|
58,025
|
|
Substandard
|
|
23,547
|
|
|
26,514
|
|
|
22,608
|
|
|||
Nonaccrual
|
|
80,223
|
|
|
63,749
|
|
|
50,950
|
|
|||
Total commercial criticized and classified loans
|
|
$
|
151,689
|
|
|
$
|
134,201
|
|
|
$
|
131,583
|
|
Loans contractually past due 30 – 89 days and still accruing
|
|
$
|
5,658
|
|
|
$
|
4,522
|
|
|
$
|
6,111
|
|
Performing restructured loans
|
|
20,031
|
|
|
21,928
|
|
|
17,456
|
|
|||
Recorded balance of impaired loans
|
|
100,464
|
|
|
86,700
|
|
|
70,343
|
|
|||
Allowance for loan losses related to impaired loans
|
|
16,169
|
|
|
16,330
|
|
|
12,057
|
|
|||
|
|
|
|
|
|
|
||||||
Allowance for Loan Losses Summary
:
|
|
|
|
|
|
|
||||||
Allowance at beginning of period
|
|
$
|
83,576
|
|
|
$
|
82,150
|
|
|
$
|
79,667
|
|
(Charge-offs), net of recoveries:
|
|
|
|
|
|
|
||||||
Commercial and commercial real estate
|
|
1,291
|
|
|
870
|
|
|
1,793
|
|
|||
Real estate – construction and land
|
|
—
|
|
|
48
|
|
|
125
|
|
|||
Consumer
|
|
(154
|
)
|
|
(192
|
)
|
|
(594
|
)
|
|||
Total net (charge-offs) recoveries
|
|
1,137
|
|
|
726
|
|
|
1,324
|
|
|||
Provision for loan losses
|
|
300
|
|
|
700
|
|
|
1,200
|
|
|||
Allowance at end of period
|
|
$
|
85,013
|
|
|
$
|
83,576
|
|
|
$
|
82,191
|
|
|
|
|
|
|
|
|
||||||
Key Credit Ratios
:
|
|
|
|
|
|
|
||||||
Nonperforming loans to total loans
(2)
|
|
2.37
|
%
|
|
2.11
|
%
|
|
1.88
|
%
|
|||
Nonperforming assets to total loans plus repossessed property
(2)
|
|
2.76
|
%
|
|
2.69
|
%
|
|
2.62
|
%
|
|||
Nonperforming assets to total assets
|
|
1.67
|
%
|
|
1.51
|
%
|
|
1.44
|
%
|
|||
Annualized net charge-offs (recoveries) to average total loans
(2)
|
|
(0.13
|
)%
|
|
(0.09
|
)%
|
|
(0.17
|
)%
|
|||
Allowance to total loans at end of period (excluding loans held for sale)
|
|
2.34
|
%
|
|
2.53
|
%
|
|
2.59
|
%
|
|||
Allowance to nonperforming loans
|
|
98.80
|
%
|
|
120.19
|
%
|
|
138.05
|
%
|
|||
30 – 89 days past due to total loans
(2)
|
|
0.16
|
%
|
|
0.14
|
%
|
|
0.19
|
%
|
(1)
|
Commercial criticized and classified loans excludes consumer loans.
|
(2)
|
During the fourth quarter 2012, the Company revised its methodology for calculating these metrics to exclude loans held for sale from total loans.
|
|
|
As of September 30, 2013
|
|||||||||||||||||||||||||
|
|
30-89 Days Past Due
|
|
>90 Days Past Due and Still Accruing
|
|
Nonaccrual
|
|
Current
|
|
Total Loans
|
|
% of Total Loans
|
|
Allowance for Loan Loss Allocation
|
|||||||||||||
Commercial and industrial
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,893
|
|
|
$
|
1,882,679
|
|
|
$
|
1,902,572
|
|
|
52
|
%
|
|
$
|
38,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial real estate secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial non-owner occupied:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Retail strip centers or malls
|
|
—
|
|
|
—
|
|
|
15,854
|
|
|
88,741
|
|
|
104,595
|
|
|
3
|
%
|
|
4,428
|
|
||||||
Office/mixed use property
|
|
—
|
|
|
—
|
|
|
1,177
|
|
|
120,506
|
|
|
121,683
|
|
|
3
|
%
|
|
2,166
|
|
||||||
Commercial properties
|
|
—
|
|
|
—
|
|
|
408
|
|
|
102,275
|
|
|
102,683
|
|
|
3
|
%
|
|
2,113
|
|
||||||
Specialized – other
|
|
—
|
|
|
—
|
|
|
4,541
|
|
|
94,868
|
|
|
99,409
|
|
|
3
|
%
|
|
1,489
|
|
||||||
Other commercial properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,739
|
|
|
20,739
|
|
|
1
|
%
|
|
326
|
|
||||||
Farmland
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,285
|
|
|
2,285
|
|
|
—
|
%
|
|
36
|
|
||||||
Subtotal commercial non-owner occupied
|
|
—
|
|
|
—
|
|
|
21,980
|
|
|
429,414
|
|
|
451,394
|
|
|
13
|
%
|
|
10,558
|
|
||||||
Commercial owner-occupied
|
|
290
|
|
|
—
|
|
|
12,355
|
|
|
524,563
|
|
|
537,208
|
|
|
15
|
%
|
|
8,918
|
|
||||||
Multi-family properties
|
|
156
|
|
|
—
|
|
|
249
|
|
|
124,526
|
|
|
124,931
|
|
|
3
|
%
|
|
2,195
|
|
||||||
Total commercial real
estate secured
|
|
446
|
|
|
—
|
|
|
34,584
|
|
|
1,078,503
|
|
|
1,113,533
|
|
|
31
|
%
|
|
21,671
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential construction and land:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,680
|
|
|
33,680
|
|
|
1
|
%
|
|
4,366
|
|
||||||
Land
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,116
|
|
|
16,116
|
|
|
—
|
%
|
|
2,088
|
|
||||||
Total residential
construction and land
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,796
|
|
|
49,796
|
|
|
1
|
%
|
|
6,454
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial construction and land
|
|
—
|
|
|
—
|
|
|
25,746
|
|
|
89,952
|
|
|
115,698
|
|
|
3
|
%
|
|
10,251
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Lease receivables, net of unearned discount
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,697
|
|
|
98,697
|
|
|
3
|
%
|
|
592
|
|
||||||
Total commercial loans
|
|
446
|
|
|
—
|
|
|
80,223
|
|
|
3,199,627
|
|
|
3,280,296
|
|
|
90
|
%
|
|
77,060
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Consumer loans
|
|
5,212
|
|
|
—
|
|
|
5,822
|
|
|
337,328
|
|
|
348,362
|
|
|
10
|
%
|
|
7,953
|
|
||||||
Total loans
|
|
$
|
5,658
|
|
|
$
|
—
|
|
|
$
|
86,045
|
|
|
$
|
3,536,955
|
|
|
$
|
3,628,658
|
|
|
100
|
%
|
|
$
|
85,013
|
|
|
For the Three Months Ended
|
|||||||||||||||||||
|
September 30, 2013
|
|
June 30, 2013
|
|
September 30, 2012
|
|||||||||||||||
|
Average Balance
|
|
Percent of Deposits
|
|
Average Balance
|
|
Percent of Deposits
|
|
Average Balance
|
|
Percent of Deposits
|
|||||||||
Noninterest-bearing deposits
|
$
|
1,061,917
|
|
|
27.7
|
%
|
|
$
|
1,195,709
|
|
|
32.4
|
%
|
|
$
|
1,081,568
|
|
|
33.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial interest checking
|
315,722
|
|
|
8.2
|
|
|
159,627
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
|||
NOW accounts
|
597,461
|
|
|
15.6
|
|
|
674,375
|
|
|
18.3
|
|
|
376,980
|
|
|
11.5
|
|
|||
Savings deposits
|
41,236
|
|
|
1.1
|
|
|
40,920
|
|
|
1.1
|
|
|
39,690
|
|
|
1.2
|
|
|||
Money market accounts
|
783,974
|
|
|
20.5
|
|
|
768,425
|
|
|
20.8
|
|
|
700,357
|
|
|
21.4
|
|
|||
Brokered money market deposits
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,365
|
|
|
1.0
|
|
|||
Certificates of deposit
|
546,152
|
|
|
14.3
|
|
|
550,454
|
|
|
14.9
|
|
|
560,962
|
|
|
17.1
|
|
|||
Brokered certificates of deposit
|
220,323
|
|
|
5.8
|
|
|
162,299
|
|
|
4.4
|
|
|
255,219
|
|
|
7.8
|
|
|||
CDARS time deposits
|
224,083
|
|
|
5.9
|
|
|
127,802
|
|
|
3.5
|
|
|
206,674
|
|
|
6.3
|
|
|||
Public time deposits
|
38,315
|
|
|
0.9
|
|
|
10,635
|
|
|
0.3
|
|
|
21,543
|
|
|
0.7
|
|
|||
Total interest-bearing deposits
|
2,767,266
|
|
|
72.3
|
|
|
2,494,537
|
|
|
67.6
|
|
|
2,193,790
|
|
|
67.0
|
|
|||
Total deposits
|
$
|
3,829,183
|
|
|
100.0
|
%
|
|
$
|
3,690,246
|
|
|
100.0
|
%
|
|
$
|
3,275,358
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
June 30,
2013 |
|
December 31, 2012
|
||||||
Noninterest-bearing deposits
|
|
$
|
1,010,789
|
|
|
$
|
1,138,839
|
|
|
$
|
1,179,724
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|||||
Commercial interest checking
|
|
305,111
|
|
|
336,903
|
|
|
—
|
|
|||
NOW accounts
|
|
632,105
|
|
|
537,103
|
|
|
573,133
|
|
|||
Savings accounts
|
|
40,166
|
|
|
41,576
|
|
|
39,915
|
|
|||
Money market accounts
|
|
761,590
|
|
|
771,382
|
|
|
744,791
|
|
|||
Brokered money market deposits
|
|
—
|
|
|
—
|
|
|
27,840
|
|
|||
Certificates of deposit
|
|
522,433
|
|
|
557,656
|
|
|
561,998
|
|
|||
Brokered certificates of deposit
|
|
235,405
|
|
|
160,408
|
|
|
199,604
|
|
|||
CDARS time deposits
|
|
135,013
|
|
|
132,552
|
|
|
186,187
|
|
|||
Public time deposits
|
|
54,584
|
|
|
16,007
|
|
|
15,150
|
|
|||
Total interest-bearing deposits
|
|
2,686,407
|
|
|
2,553,587
|
|
|
2,348,618
|
|
|||
Total deposits
|
|
$
|
3,697,196
|
|
|
$
|
3,692,426
|
|
|
$
|
3,528,342
|
|
|
|
For the Three Months Ended
|
|||||||||||||||||||
|
|
Sep 30,
2013 |
|
Jun 30,
2013 |
|
Mar 31,
2013 |
|
Dec 31,
2012
|
|
Sep 30,
2012
|
|
||||||||||
BANKING:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
$
|
40,780
|
|
|
$
|
37,175
|
|
|
$
|
36,181
|
|
|
$
|
36,696
|
|
|
$
|
36,530
|
|
|
Provision for loan losses
|
|
233
|
|
|
946
|
|
|
292
|
|
|
1,200
|
|
|
805
|
|
|
|||||
Total noninterest income
|
|
7,284
|
|
|
7,528
|
|
|
7,647
|
|
|
7,518
|
|
|
6,527
|
|
|
|||||
Total noninterest expense
|
|
23,473
|
|
|
25,770
|
|
|
25,468
|
|
|
25,817
|
|
|
26,389
|
|
|
|||||
Income before income taxes
|
|
24,358
|
|
|
17,987
|
|
|
18,068
|
|
|
17,197
|
|
|
15,863
|
|
|
|||||
Income tax expense
|
|
9,621
|
|
|
7,105
|
|
|
7,136
|
|
|
6,793
|
|
|
6,266
|
|
|
|||||
Net income
|
|
$
|
14,737
|
|
|
$
|
10,882
|
|
|
$
|
10,932
|
|
|
$
|
10,404
|
|
|
$
|
9,597
|
|
|
|
|
For the Three Months Ended
|
|||||||||||||||||||
|
|
Sep 30,
2013 |
|
Jun 30,
2013 |
|
Mar 31,
2013 |
|
Dec 31,
2012
|
|
Sep 30,
2012
|
|
||||||||||
MORTGAGE BANKING:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
$
|
6,499
|
|
|
$
|
5,742
|
|
|
$
|
6,414
|
|
|
$
|
5,902
|
|
|
$
|
4,575
|
|
|
Provision for loan losses
|
|
67
|
|
|
(246
|
)
|
|
8
|
|
|
—
|
|
|
95
|
|
|
|||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan origination income
|
|
17,249
|
|
|
29,355
|
|
|
26,430
|
|
|
38,906
|
|
|
39,640
|
|
|
|||||
Net servicing income
|
|
7,896
|
|
|
9,176
|
|
|
5,600
|
|
|
5,495
|
|
|
1,040
|
|
|
|||||
Total noninterest income
|
|
25,145
|
|
|
38,531
|
|
|
32,030
|
|
|
44,401
|
|
|
40,680
|
|
|
|||||
Total noninterest expense
|
|
29,063
|
|
|
29,086
|
|
|
26,287
|
|
|
29,466
|
|
|
25,840
|
|
|
|||||
Income before income taxes
|
|
2,514
|
|
|
15,433
|
|
|
12,149
|
|
|
20,837
|
|
|
19,320
|
|
|
|||||
Income tax expense (benefit)
|
|
(19
|
)
|
|
4,928
|
|
|
3,375
|
|
|
7,540
|
|
|
7,060
|
|
|
|||||
Net income
|
|
$
|
2,533
|
|
|
$
|
10,505
|
|
|
$
|
8,774
|
|
|
$
|
13,297
|
|
|
$
|
12,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Origination Volume
|
|
$
|
1,596,431
|
|
|
$
|
1,874,248
|
|
|
$
|
1,907,642
|
|
|
$
|
1,947,356
|
|
|
$
|
1,384,726
|
|
|
Refinance %
|
|
37
|
%
|
|
62
|
%
|
|
77
|
%
|
|
77
|
%
|
|
69
|
%
|
|
|||||
Purchase %
|
|
63
|
%
|
|
38
|
%
|
|
23
|
%
|
|
23
|
%
|
|
31
|
%
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Period End Balances
|
|||||||||||||||||||
|
|
Sep 30,
2013 |
|
Jun 30,
2013 |
|
Mar 31,
2013 |
|
Dec 31,
2012
|
|
Sep 30,
2012
|
|
||||||||||
Mortgage servicing book
|
|
$
|
16,431,269
|
|
|
$
|
12,740,176
|
|
|
$
|
10,506,034
|
|
|
$
|
8,533,785
|
|
|
$
|
6,237,912
|
|
|
Mortgage servicing rights
|
|
184,237
|
|
|
145,729
|
|
|
106,576
|
|
|
78,917
|
|
|
53,218
|
|
|
|
|
For the Three Months Ended
|
|||||||||||||||||||
|
|
September 30,
2013 |
|
June 30,
2013 |
|
March 31,
2013 |
|
December 31,
2012
|
|
September 30,
2012
|
|
||||||||||
Income before income taxes
|
|
$
|
23,657
|
|
|
$
|
26,212
|
|
|
$
|
28,347
|
|
|
$
|
35,988
|
|
|
$
|
27,647
|
|
|
Add back (subtract):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Provision for loan losses
|
|
300
|
|
|
700
|
|
|
300
|
|
|
1,200
|
|
|
900
|
|
|
|||||
Nonperforming asset expense
|
|
(836
|
)
|
|
(1,198
|
)
|
|
559
|
|
|
2,816
|
|
|
613
|
|
|
|||||
Credit costs subtotal
|
|
(536
|
)
|
|
(498
|
)
|
|
859
|
|
|
4,016
|
|
|
1,513
|
|
|
|||||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on sales of investment securities
|
|
(61
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(1,488
|
)
|
|
—
|
|
|
|||||
Early extinguishment of debt
|
|
—
|
|
|
5,380
|
|
|
—
|
|
|
63
|
|
|
3,670
|
|
|
|||||
Other subtotal
|
|
(61
|
)
|
|
5,374
|
|
|
(1
|
)
|
|
(1,425
|
)
|
|
3,670
|
|
|
|||||
Pre-tax, pre-provision operating earnings
|
|
$
|
23,060
|
|
|
$
|
31,088
|
|
|
$
|
29,205
|
|
|
$
|
38,579
|
|
|
$
|
32,830
|
|
|
|
|
For the Three Months Ended
|
|||||||||||||||||||
|
|
September 30,
2013 |
|
June 30,
2013 |
|
March 31,
2013
|
|
December 31,
2012
|
|
September 30,
2012 |
|
||||||||||
Net interest income
|
|
$
|
46,027
|
|
|
$
|
41,082
|
|
|
$
|
40,683
|
|
|
$
|
40,510
|
|
|
$
|
37,196
|
|
|
Noninterest income
|
|
32,472
|
|
|
46,101
|
|
|
39,719
|
|
|
51,962
|
|
|
47,250
|
|
|
|||||
Add back (subtract):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gain on sales of investment securities
|
|
(61
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(1,488
|
)
|
|
—
|
|
|
|||||
Revenue
|
|
$
|
78,438
|
|
|
$
|
87,177
|
|
|
$
|
80,401
|
|
|
$
|
90,984
|
|
|
$
|
84,446
|
|
|
1 Year (MM) Chart |
1 Month (MM) Chart |
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