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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Equity Investment Life Holding Company | NYSE:AEL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.47 | 0 | 01:00:00 |
Iowa | 001-31911 | 42-1447959 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Indentification No.) |
6000 Westown Parkway, West Des Moines, Iowa | 50266 |
(Address of Principal Executive Offices) | (Zip Code) |
(d) | Exhibits |
Exhibit Number | Description | |
99.1 | Press release dated July 29, 2015, announcing American Equity Investment Life Holding Company's financial results for the quarter ended June 30, 2015. | |
99.2 | American Equity Investment Life Holding Company's Financial Supplement for the quarter ended June 30, 2015. |
AMERICAN EQUITY | |||
INVESTMENT LIFE HOLDING COMPANY | |||
By: | /s/ John M. Matovina | ||
John M. Matovina | |||
Chief Executive Officer and President | |||
Exhibit Number | Description | |
99.1 | Press release dated July 29, 2015, announcing American Equity Investment Life Holding Company's financial results for the quarter ended June 30, 2015. | |
99.2 | American Equity Investment Life Holding Company's Financial Supplement for the quarter ended June 30, 2015. |
For more information, contact: | ||
John M. Matovina, Chief Executive Officer | ||
(515) 457-1813, jmatovina@american-equity.com | ||
Ted M. Johnson, Chief Financial Officer | ||
(515) 457-1980, tjohnson@american-equity.com | ||
FOR IMMEDIATE RELEASE | Debra J. Richardson, Chief Administrative Officer | |
July 29, 2015 | (515) 273-3551, drichardson@american-equity.com | |
Julie L. LaFollette, Director of Investor Relations | ||
(515) 273-3602, jlafollette@american-equity.com |
▪ | Annuity sales (before coinsurance) were up 73% to $1.80 billion compared to second quarter 2014 annuity sales of $1.04 billion. |
▪ | Investment spread was 2.84% compared to 2.77% for the first quarter of 2015 and 2.70% for the second quarter of 2014. |
▪ | Estimated risk-based capital (RBC) ratio of 349% at June 30, 2015 compared to 372% at December 31, 2014 remained above A. M. Best’s rating threshold. |
▪ | Book value per share (excluding accumulated other comprehensive income) was $19.72 at June 30, 2015 compared to $18.52 at December 31, 2014. |
1 | In addition to net income, the Company has consistently utilized operating income and operating income per common share - assuming dilution, non-GAAP financial measures commonly used in the life insurance industry, as economic measures to evaluate its financial performance. See accompanying tables for reconciliations of net income to operating income and descriptions of reconciling items. See Company’s Quarterly Report on Form 10-Q for a more complete discussion of the reconciling items and their impact on net income for the periods presented. Because these items fluctuate from period to period in a manner unrelated to core operations, the Company believes measures excluding their impact are useful in analyzing operating trends. The Company believes the combined presentation and evaluation of operating income together with net income, provides information that may enhance an investor’s understanding of its underlying results and profitability. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Revenues: | |||||||||||||||
Premiums and other considerations | $ | 10,037 | $ | 9,123 | $ | 17,034 | $ | 16,454 | |||||||
Annuity product charges | 32,409 | 29,247 | 61,091 | 54,519 | |||||||||||
Net investment income | 418,176 | 370,882 | 817,845 | 740,887 | |||||||||||
Change in fair value of derivatives | (23,024 | ) | 270,883 | (54,124 | ) | 319,376 | |||||||||
Net realized gains (losses) on investments, excluding other than temporary impairment ("OTTI") losses | 4,324 | (2,230 | ) | 9,203 | (2,944 | ) | |||||||||
OTTI losses on investments: | |||||||||||||||
Total OTTI losses | — | — | (132 | ) | — | ||||||||||
Portion of OTTI losses recognized from other comprehensive income | (828 | ) | (594 | ) | (828 | ) | (1,499 | ) | |||||||
Net OTTI losses recognized in operations | (828 | ) | (594 | ) | (960 | ) | (1,499 | ) | |||||||
Loss on extinguishment of debt | — | (6,574 | ) | — | (10,551 | ) | |||||||||
Total revenues | 441,094 | 670,737 | 850,089 | 1,116,242 | |||||||||||
Benefits and expenses: | |||||||||||||||
Insurance policy benefits and change in future policy benefits | 12,450 | 10,987 | 21,670 | 21,082 | |||||||||||
Interest sensitive and index product benefits | 306,141 | 367,774 | 588,966 | 684,966 | |||||||||||
Amortization of deferred sales inducements | 75,518 | 55,349 | 86,471 | 56,015 | |||||||||||
Change in fair value of embedded derivatives | (219,601 | ) | 80,935 | (168,388 | ) | 173,554 | |||||||||
Interest expense on notes payable | 7,354 | 9,121 | 14,693 | 19,385 | |||||||||||
Interest expense on subordinated debentures | 3,047 | 3,024 | 6,063 | 6,032 | |||||||||||
Amortization of deferred policy acquisition costs | 104,700 | 67,084 | 118,986 | 74,278 | |||||||||||
Other operating costs and expenses | 24,868 | 20,887 | 45,990 | 39,972 | |||||||||||
Total benefits and expenses | 314,477 | 615,161 | 714,451 | 1,075,284 | |||||||||||
Income before income taxes | 126,617 | 55,576 | 135,638 | 40,958 | |||||||||||
Income tax expense | 43,772 | 18,832 | 46,890 | 13,967 | |||||||||||
Net income | $ | 82,845 | $ | 36,744 | $ | 88,748 | $ | 26,991 | |||||||
Earnings per common share | $ | 1.07 | $ | 0.49 | $ | 1.15 | $ | 0.37 | |||||||
Earnings per common share - assuming dilution | $ | 1.05 | $ | 0.46 | $ | 1.12 | $ | 0.34 | |||||||
Weighted average common shares outstanding (in thousands): | |||||||||||||||
Earnings per common share | 77,237 | 74,461 | 77,140 | 73,495 | |||||||||||
Earnings per common share - assuming dilution | 79,227 | 79,518 | 79,173 | 79,583 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Net income | $ | 82,845 | $ | 36,744 | $ | 88,748 | $ | 26,991 | |||||||
Adjustments to arrive at operating income: (a) | |||||||||||||||
Net realized investment (gains) losses, including OTTI | (1,649 | ) | 1,361 | (3,468 | ) | 1,925 | |||||||||
Change in fair value of derivatives and embedded derivatives - index annuities | (29,274 | ) | (4,115 | ) | 14,383 | 39,593 | |||||||||
Change in fair value of derivatives and embedded derivatives - debt | (977 | ) | (1,053 | ) | 100 | 456 | |||||||||
Litigation reserve | — | — | — | (916 | ) | ||||||||||
Extinguishment of debt | — | 5,518 | — | 7,912 | |||||||||||
Operating income (a non-GAAP financial measure) | $ | 50,945 | $ | 38,455 | $ | 99,763 | $ | 75,961 | |||||||
Per common share - assuming dilution: | |||||||||||||||
Net income | $ | 1.05 | $ | 0.46 | $ | 1.12 | $ | 0.34 | |||||||
Adjustments to arrive at operating income: | |||||||||||||||
Net realized investment (gains) losses, including OTTI | (0.02 | ) | 0.01 | (0.04 | ) | 0.02 | |||||||||
Change in fair value of derivatives and embedded derivatives - index annuities | (0.37 | ) | (0.05 | ) | 0.18 | 0.50 | |||||||||
Change in fair value of derivatives and embedded derivatives - debt | (0.02 | ) | (0.01 | ) | — | — | |||||||||
Litigation reserve | — | — | — | (0.01 | ) | ||||||||||
Extinguishment of debt | — | 0.07 | — | 0.10 | |||||||||||
Operating income (a non-GAAP financial measure) | $ | 0.64 | $ | 0.48 | $ | 1.26 | $ | 0.95 |
(a) | Adjustments to net income to arrive at operating income are presented net of income taxes and where applicable, are net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC). |
Twelve Months Ended | |||
June 30, 2015 | |||
(Dollars in thousands) | |||
Average Stockholders' Equity 1 | |||
Average equity including average AOCI | $ | 1,910,786 | |
Average AOCI | (472,425 | ) | |
Average equity excluding average AOCI | $ | 1,438,361 | |
Net income | $ | 187,780 | |
Operating income | 214,448 | ||
Return on Average Equity Excluding Average AOCI | |||
Net income | 13.06 | % | |
Operating income | 14.91 | % |
A. | Financial Highlights | |
Non-GAAP Financial Measures | ||
B. | Product Summary | |
C. | Investment Summary | |
D. | ||
E. |
June 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Investments: | |||||||
Fixed maturity securities: | |||||||
Available for sale, at fair value | $ | 33,905,869 | $ | 32,445,202 | |||
Held for investment, at amortized cost | 76,526 | 76,432 | |||||
Equity securities, available for sale, at fair value | 7,861 | 7,805 | |||||
Mortgage loans on real estate | 2,450,676 | 2,434,580 | |||||
Derivative instruments | 503,953 | 731,113 | |||||
Other investments | 285,743 | 286,726 | |||||
Total investments | 37,230,628 | 35,981,858 | |||||
Cash and cash equivalents | 733,814 | 701,514 | |||||
Coinsurance deposits | 3,101,189 | 3,044,342 | |||||
Accrued investment income | 343,172 | 326,559 | |||||
Deferred policy acquisition costs | 2,522,277 | 2,058,556 | |||||
Deferred sales inducements | 1,944,619 | 1,587,257 | |||||
Deferred income taxes | 172,114 | — | |||||
Income taxes recoverable | 21,888 | 9,252 | |||||
Other assets | 177,781 | 280,396 | |||||
Total assets | $ | 46,247,482 | $ | 43,989,734 | |||
Liabilities and Stockholders' Equity | |||||||
Liabilities: | |||||||
Policy benefit reserves | $ | 42,494,314 | $ | 39,802,861 | |||
Other policy funds and contract claims | 342,878 | 365,819 | |||||
Notes payable | 422,163 | 421,679 | |||||
Subordinated debentures | 246,345 | 246,243 | |||||
Deferred income taxes | — | 3,895 | |||||
Other liabilities | 834,020 | 1,009,361 | |||||
Total liabilities | 44,339,720 | 41,849,858 | |||||
Stockholders' equity: | |||||||
Common stock | 76,794 | 76,062 | |||||
Additional paid-in capital | 524,246 | 513,218 | |||||
Accumulated other comprehensive income | 388,779 | 721,401 | |||||
Retained earnings | 917,943 | 829,195 | |||||
Total stockholders' equity | 1,907,762 | 2,139,876 | |||||
Total liabilities and stockholders' equity | $ | 46,247,482 | $ | 43,989,734 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues: | |||||||||||||||
Premiums and other considerations | $ | 10,037 | $ | 9,123 | $ | 17,034 | $ | 16,454 | |||||||
Annuity product charges | 32,409 | 29,247 | 61,091 | 54,519 | |||||||||||
Net investment income | 418,176 | 370,882 | 817,845 | 740,887 | |||||||||||
Change in fair value of derivatives | (23,024 | ) | 270,883 | (54,124 | ) | 319,376 | |||||||||
Net realized gains (losses) on investments, excluding other than temporary impairment ("OTTI") losses | 4,324 | (2,230 | ) | 9,203 | (2,944 | ) | |||||||||
OTTI losses on investments: | |||||||||||||||
Total OTTI losses | — | — | (132 | ) | — | ||||||||||
Portion of OTTI losses recognized from other comprehensive income | (828 | ) | (594 | ) | (828 | ) | (1,499 | ) | |||||||
Net OTTI losses recognized in operations | (828 | ) | (594 | ) | (960 | ) | (1,499 | ) | |||||||
Loss on extinguishment of debt | — | (6,574 | ) | — | (10,551 | ) | |||||||||
Total revenues | 441,094 | 670,737 | 850,089 | 1,116,242 | |||||||||||
Benefits and expenses: | |||||||||||||||
Insurance policy benefits and change in future policy benefits | 12,450 | 10,987 | 21,670 | 21,082 | |||||||||||
Interest sensitive and index product benefits | 306,141 | 367,774 | 588,966 | 684,966 | |||||||||||
Amortization of deferred sales inducements | 75,518 | 55,349 | 86,471 | 56,015 | |||||||||||
Change in fair value of embedded derivatives | (219,601 | ) | 80,935 | (168,388 | ) | 173,554 | |||||||||
Interest expense on notes payable | 7,354 | 9,121 | 14,693 | 19,385 | |||||||||||
Interest expense on subordinated debentures | 3,047 | 3,024 | 6,063 | 6,032 | |||||||||||
Amortization of deferred policy acquisition costs | 104,700 | 67,084 | 118,986 | 74,278 | |||||||||||
Other operating costs and expenses | 24,868 | 20,887 | 45,990 | 39,972 | |||||||||||
Total benefits and expenses | 314,477 | 615,161 | 714,451 | 1,075,284 | |||||||||||
Income before income taxes | 126,617 | 55,576 | 135,638 | 40,958 | |||||||||||
Income tax expense | 43,772 | 18,832 | 46,890 | 13,967 | |||||||||||
Net income | $ | 82,845 | $ | 36,744 | $ | 88,748 | $ | 26,991 | |||||||
Earnings per common share | $ | 1.07 | $ | 0.49 | $ | 1.15 | $ | 0.37 | |||||||
Earnings per common share - assuming dilution | $ | 1.05 | $ | 0.46 | $ | 1.12 | $ | 0.34 | |||||||
Weighted average common shares outstanding (in thousands): | |||||||||||||||
Earnings per common share | 77,237 | 74,461 | 77,140 | 73,495 | |||||||||||
Earnings per common share - assuming dilution | 79,227 | 79,518 | 79,173 | 79,583 |
Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Traditional life insurance premiums | $ | 2,659 | $ | 2,703 | $ | 2,537 | $ | 2,615 | $ | 2,854 | |||||||||
Life contingent immediate annuity considerations | 7,378 | 4,294 | 7,589 | 3,428 | 6,269 | ||||||||||||||
Surrender charges | 11,413 | 11,554 | 10,418 | 11,717 | 12,942 | ||||||||||||||
Lifetime income benefit rider fees | 20,996 | 17,128 | 22,095 | 20,241 | 16,305 | ||||||||||||||
Net investment income | 418,176 | 399,669 | 403,849 | 386,931 | 370,882 | ||||||||||||||
Change in fair value of derivatives | (23,024 | ) | (31,100 | ) | 146,231 | 39,218 | 270,883 | ||||||||||||
Net realized gains (losses) on investments, excluding OTTI | 4,324 | 4,879 | 2,131 | (3,190 | ) | (2,230 | ) | ||||||||||||
Net OTTI losses recognized in operations | (828 | ) | (132 | ) | (564 | ) | (564 | ) | (594 | ) | |||||||||
Loss on extinguishment of debt | — | — | (1,951 | ) | — | (6,574 | ) | ||||||||||||
Total revenues | 441,094 | 408,995 | 592,335 | 460,396 | 670,737 | ||||||||||||||
Benefits and expenses: | |||||||||||||||||||
Traditional life insurance policy benefits and change in future policy benefits | 1,971 | 1,931 | 1,300 | 2,420 | 1,758 | ||||||||||||||
Life contingent immediate annuity benefits and change in future policy benefits | 10,479 | 7,289 | 10,324 | 6,689 | 9,229 | ||||||||||||||
Interest sensitive and index product benefits (a) | 306,141 | 282,825 | 359,319 | 429,415 | 367,774 | ||||||||||||||
Amortization of deferred sales inducements (b) | 75,518 | 10,953 | 34,743 | 40,661 | 55,349 | ||||||||||||||
Change in fair value of embedded derivatives (c) | (219,601 | ) | 51,213 | 53,973 | (195,206 | ) | 80,935 | ||||||||||||
Interest expense on notes payable | 7,354 | 7,339 | 8,244 | 8,741 | 9,121 | ||||||||||||||
Interest expense on subordinated debentures | 3,047 | 3,016 | 3,046 | 3,044 | 3,024 | ||||||||||||||
Amortization of deferred policy acquisition costs (b) | 104,700 | 14,286 | 49,629 | 39,671 | 67,084 | ||||||||||||||
Other operating costs and expenses | 24,868 | 21,122 | 20,996 | 20,616 | 20,887 | ||||||||||||||
Total benefits and expenses | 314,477 | 399,974 | 541,574 | 356,051 | 615,161 | ||||||||||||||
Income before income taxes | 126,617 | 9,021 | 50,761 | 104,345 | 55,576 | ||||||||||||||
Income tax expense | 43,772 | 3,118 | 19,544 | 36,530 | 18,832 | ||||||||||||||
Net income (a)(b)(c) | $ | 82,845 | $ | 5,903 | $ | 31,217 | $ | 67,815 | $ | 36,744 | |||||||||
Earnings per common share | $ | 1.07 | $ | 0.08 | $ | 0.41 | $ | 0.90 | $ | 0.49 | |||||||||
Earnings per common share - assuming dilution (a)(b)(c) | $ | 1.05 | $ | 0.07 | $ | 0.39 | $ | 0.85 | $ | 0.46 | |||||||||
Weighted average common shares outstanding (in thousands): | |||||||||||||||||||
Earnings per common share | 77,237 | 77,042 | 75,620 | 75,083 | 74,461 | ||||||||||||||
Earnings per common share - assuming dilution | 79,227 | 79,118 | 80,154 | 79,467 | 79,518 |
(a) | Q3 2014 includes expense from the revision of assumptions used in determining reserves held for living income benefit riders consistent with unlocking for deferred policy acquisition costs and deferred sales inducements. The impact increased interest sensitive and index product benefits by $12.4 million and decreased net income and earnings per common share - assuming dilution by $8.0 million and $0.10 per share, respectively. |
(b) | Q3 2014 includes benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $12.6 million and $35.5 million, respectively, and increased net income and earnings per common share- assuming dilution by $31.0 million and $0.39 per share, respectively. |
(c) | Q2 2014 includes a benefit of $62.6 million from the revision of assumptions used in determining fixed index annuity embedded derivatives, which after related adjustments to deferred sales inducements and deferred policy acquisition costs and income taxes, increased net income and earnings per common share - assuming dilution by $14.8 million and $0.19 per share, respectively. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Net income | $ | 82,845 | $ | 36,744 | $ | 88,748 | $ | 26,991 | |||||||
Adjustments to arrive at operating income: (a) | |||||||||||||||
Net realized investment (gains) losses, including OTTI | (1,649 | ) | 1,361 | (3,468 | ) | 1,925 | |||||||||
Change in fair value of derivatives and embedded derivatives - index annuities | (29,274 | ) | (4,115 | ) | 14,383 | 39,593 | |||||||||
Change in fair value of derivatives and embedded derivatives - debt | (977 | ) | (1,053 | ) | 100 | 456 | |||||||||
Litigation reserve | — | — | — | (916 | ) | ||||||||||
Extinguishment of debt | — | 5,518 | — | 7,912 | |||||||||||
Operating income (a non-GAAP financial measure) | $ | 50,945 | $ | 38,455 | $ | 99,763 | $ | 75,961 | |||||||
Per common share - assuming dilution: | |||||||||||||||
Net income | $ | 1.05 | $ | 0.46 | $ | 1.12 | $ | 0.34 | |||||||
Adjustments to arrive at operating income: | |||||||||||||||
Net realized investment (gains) losses, including OTTI | (0.02 | ) | 0.01 | (0.04 | ) | 0.02 | |||||||||
Change in fair value of derivatives and embedded derivatives - index annuities | (0.37 | ) | (0.05 | ) | 0.18 | 0.50 | |||||||||
Change in fair value of derivatives and embedded derivatives - debt | (0.02 | ) | (0.01 | ) | — | — | |||||||||
Litigation reserve | — | — | — | (0.01 | ) | ||||||||||
Extinguishment of debt | — | 0.07 | — | 0.10 | |||||||||||
Operating income (a non-GAAP financial measure) | $ | 0.64 | $ | 0.48 | $ | 1.26 | $ | 0.95 |
(a) | Adjustments to net income to arrive at operating income are presented net of income taxes and where applicable, are net of related adjustments to amortization of deferred sales inducements (DSI) and deferred policy acquisition costs (DAC). |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Net realized investment gains and losses, including OTTI: | |||||||||||||||
Net realized (gains) losses on investments, including OTTI | $ | (3,496 | ) | $ | 2,824 | $ | (8,243 | ) | $ | 4,443 | |||||
Amortization of DAC and DSI | 940 | (719 | ) | 2,866 | (1,465 | ) | |||||||||
Income taxes | 907 | (744 | ) | 1,909 | (1,053 | ) | |||||||||
$ | (1,649 | ) | $ | 1,361 | $ | (3,468 | ) | $ | 1,925 | ||||||
Change in fair value of derivatives and embedded derivatives: | |||||||||||||||
Index annuities | $ | (97,362 | ) | $ | (16,176 | ) | $ | 66,286 | $ | 151,305 | |||||
2015 notes, note hedge and warrants | — | (4,231 | ) | — | (4,231 | ) | |||||||||
Interest rate caps and swap | (1,670 | ) | 2,431 | 171 | 5,010 | ||||||||||
Amortization of DAC and DSI | 52,959 | 12,710 | (44,153 | ) | (89,093 | ) | |||||||||
Income taxes | 15,822 | 98 | (7,821 | ) | (22,942 | ) | |||||||||
$ | (30,251 | ) | $ | (5,168 | ) | $ | 14,483 | $ | 40,049 | ||||||
Litigation reserve: | |||||||||||||||
Change in litigation reserve recorded in other operating costs | $ | — | $ | — | $ | — | $ | (2,212 | ) | ||||||
Amortization of DAC and DSI | — | — | — | 795 | |||||||||||
Income taxes | — | — | — | 501 | |||||||||||
$ | — | $ | — | $ | — | $ | (916 | ) | |||||||
Extinguishment of debt: | |||||||||||||||
Loss on extinguishment of debt | $ | — | $ | 6,574 | $ | — | $ | 10,551 | |||||||
Income taxes | — | (1,056 | ) | — | (2,639 | ) | |||||||||
$ | — | $ | 5,518 | $ | — | $ | 7,912 |
Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Net income | $ | 82,845 | $ | 5,903 | $ | 31,217 | $ | 67,815 | $ | 36,744 | |||||||||
Adjustments to arrive at operating income: (a) | |||||||||||||||||||
Net realized investment (gains) losses, including OTTI | (1,649 | ) | (1,819 | ) | (613 | ) | 1,551 | 1,361 | |||||||||||
Change in fair value of derivatives and embedded derivatives - index annuities | (29,274 | ) | 43,657 | 16,463 | (4,957 | ) | (4,115 | ) | |||||||||||
Change in fair value of derivatives and embedded derivatives - debt | (977 | ) | 1,077 | 32 | (427 | ) | (1,053 | ) | |||||||||||
Extinguishment of debt | — | — | 3,604 | — | 5,518 | ||||||||||||||
Operating income (a non-GAAP financial measure) (b)(c) | $ | 50,945 | $ | 48,818 | $ | 50,703 | $ | 63,982 | $ | 38,455 | |||||||||
Operating income per common share - assuming dilution (b)(c) | $ | 0.64 | $ | 0.62 | $ | 0.63 | $ | 0.81 | $ | 0.48 |
(a) | Adjustments to net income to arrive at operating income are presented net of income taxes and where applicable, are net of related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs. |
(b) | Q3 2014 includes a benefit from unlocking which reduced amortization of deferred sales inducements and deferred policy acquisition costs by $10.7 million and $33.0 million, respectively, and increased operating income and operating income per common share- assuming dilution by $28.2 million and $0.36 per share, respectively. |
(c) | Q3 2014 includes expense from the revision of assumptions used in determining reserves held for living income benefit riders consistent with unlocking for deferred policy acquisition costs and deferred sales inducements. The impact increased interest sensitive and index product benefits by $12.4 million and decreased operating income and operating income per common share - assuming dilution by $8.0 million and $0.10 per share, respectively. |
Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Net realized (gains) losses on investments | $ | (4,324 | ) | $ | (4,879 | ) | $ | (2,131 | ) | $ | 3,190 | $ | 2,230 | ||||||
Net OTTI losses recognized in operations | 828 | 132 | 564 | 564 | 594 | ||||||||||||||
Change in fair value of derivatives | 116,627 | 114,843 | 19,033 | 171,274 | (95,852 | ) | |||||||||||||
Loss on extinguishment of debt | — | — | 1,951 | — | 6,574 | ||||||||||||||
Increase (decrease) in total revenues | 113,131 | 110,096 | 19,417 | 175,028 | (86,454 | ) | |||||||||||||
Amortization of deferred sales inducements | (23,306 | ) | 38,686 | 14,579 | (3,886 | ) | (10,749 | ) | |||||||||||
Change in fair value of embedded derivatives | 215,659 | (50,646 | ) | (42,912 | ) | 188,383 | (77,876 | ) | |||||||||||
Amortization of deferred policy acquisition costs | (30,593 | ) | 56,500 | 22,063 | (3,349 | ) | (1,242 | ) | |||||||||||
Increase (decrease) in total benefits and expenses | 161,760 | 44,540 | (6,270 | ) | 181,148 | (89,867 | ) | ||||||||||||
Increase (decrease) in income before income taxes | (48,629 | ) | 65,556 | 25,687 | (6,120 | ) | 3,413 | ||||||||||||
Increase (decrease) in income tax expense | (16,729 | ) | 22,641 | 6,201 | (2,287 | ) | 1,702 | ||||||||||||
Increase (decrease) in net income | $ | (31,900 | ) | $ | 42,915 | $ | 19,486 | $ | (3,833 | ) | $ | 1,711 |
June 30, 2015 | December 31, 2014 | ||||||
(Dollars in thousands, except per share data) | |||||||
Capitalization: | |||||||
Notes payable: | |||||||
September 2015 Notes | $ | 22,163 | $ | 21,679 | |||
July 2021 Notes | 400,000 | 400,000 | |||||
Subordinated debentures payable to subsidiary trusts | 246,345 | 246,243 | |||||
Total debt | 668,508 | 667,922 | |||||
Total stockholders’ equity | 1,907,762 | 2,139,876 | |||||
Total capitalization | 2,576,270 | 2,807,798 | |||||
Accumulated other comprehensive income (AOCI) | (388,779 | ) | (721,401 | ) | |||
Total capitalization excluding AOCI (a) | $ | 2,187,491 | $ | 2,086,397 | |||
Total stockholders’ equity | $ | 1,907,762 | $ | 2,139,876 | |||
Accumulated other comprehensive income | (388,779 | ) | (721,401 | ) | |||
Total stockholders’ equity excluding AOCI (a) | $ | 1,518,983 | $ | 1,418,475 | |||
Common shares outstanding (b) | 77,023,589 | 76,605,527 | |||||
Book Value per Share: (c) | |||||||
Book value per share including AOCI | $ | 24.77 | $ | 27.93 | |||
Book value per share excluding AOCI (a) | $ | 19.72 | $ | 18.52 | |||
Debt-to-Capital Ratios: (d) | |||||||
Senior debt / Total capitalization | 19.3 | % | 20.2 | % | |||
Adjusted debt / Total capitalization | 19.3 | % | 20.2 | % |
(a) | Total capitalization, total stockholders’ equity and book value per share excluding AOCI, non-GAAP financial measures, are based on stockholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, we believe these non-GAAP financial measures provide useful supplemental information. |
(b) | Common shares outstanding include shares held by the NMO Deferred Compensation Trust: 2015 - 230,012 shares; 2014 - 543,120 shares |
(c) | Book value per share including and excluding AOCI is calculated as total stockholders’ equity and total stockholders’ equity excluding AOCI divided by the total number of shares of common stock outstanding. |
(d) | Debt-to-capital ratios are computed using total capitalization excluding AOCI. Adjusted debt includes notes payable and the portion of the total subordinated debentures payable to subsidiary trusts outstanding (qualifying trust preferred securities) that exceeds 15% of total capitalization excluding AOCI. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2015 | 2014 | 2015 | 2014 | ||||
Average yield on invested assets | 4.78% | 4.83% | 4.76% | 4.89% | |||
Aggregate cost of money | 1.94% | 2.13% | 1.96% | 2.15% | |||
Aggregate investment spread | 2.84% | 2.70% | 2.80% | 2.74% | |||
Impact of: | |||||||
Investment yield - additional prepayment income | 0.07% | 0.01% | 0.04% | 0.03% | |||
Cost of money effect of over hedging | 0.07% | 0.03% | 0.06% | 0.01% | |||
Weighted average investments (in thousands) | $35,043,846 | $30,779,699 | $34,428,106 | $30,391,178 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Included in interest sensitive and index product benefits: | |||||||||||||||
Index credits | $ | 216,902 | $ | 277,464 | $ | 414,505 | $ | 507,842 | |||||||
Interest credited | 62,379 | 69,432 | 125,427 | 139,259 | |||||||||||
Included in change in fair value of derivatives: | |||||||||||||||
Proceeds received at option expiration | (222,864 | ) | (278,771 | ) | (425,446 | ) | (506,729 | ) | |||||||
Pro rata amortization of option cost | 124,709 | 106,245 | 243,510 | 208,269 | |||||||||||
Cost of money for deferred annuities | $ | 181,126 | $ | 174,370 | $ | 357,996 | $ | 348,641 | |||||||
Weighted average liability balance outstanding (in thousands) | $ | 37,294,188 | $ | 32,812,886 | $ | 36,605,612 | $ | 32,370,712 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Account balances at beginning of period | $ | 36,471,034 | $ | 32,321,232 | $ | 35,363,041 | $ | 31,535,846 | |||||||
Net deposits | 1,719,093 | 1,002,911 | 2,921,891 | 1,868,316 | |||||||||||
Premium bonuses | 125,600 | 83,270 | 219,190 | 155,957 | |||||||||||
Fixed interest credited and index credits | 279,281 | 346,896 | 539,932 | 647,101 | |||||||||||
Surrender charges | (11,413 | ) | (12,942 | ) | (22,967 | ) | (25,365 | ) | |||||||
Lifetime income benefit rider fees | (20,996 | ) | (16,305 | ) | (38,124 | ) | (29,154 | ) | |||||||
Surrenders, withdrawals, deaths, etc. | (445,256 | ) | (420,522 | ) | (865,620 | ) | (848,161 | ) | |||||||
Account balances at end of period | $ | 38,117,343 | $ | 33,304,540 | $ | 38,117,343 | $ | 33,304,540 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||
Product Type | 2015 | 2014 | 2015 | 2014 | 2014 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Fixed index annuities | $ | 1,757,193 | $ | 995,853 | $ | 2,984,433 | $ | 1,841,657 | $ | 3,999,439 | ||||||||||
Annual reset fixed rate annuities | 13,137 | 17,160 | 24,187 | 32,400 | 57,273 | |||||||||||||||
Multi-year fixed rate annuities | 17,715 | 22,063 | 87,217 | 76,650 | 103,293 | |||||||||||||||
Single premium immediate annuities | 9,632 | 7,140 | 18,164 | 12,426 | 24,580 | |||||||||||||||
Total before coinsurance ceded | 1,797,677 | 1,042,216 | 3,114,001 | 1,963,133 | 4,184,585 | |||||||||||||||
Coinsurance ceded | 68,952 | 32,165 | 173,946 | 82,391 | 171,124 | |||||||||||||||
Net after coinsurance ceded | $ | 1,728,725 | $ | 1,010,051 | $ | 2,940,055 | $ | 1,880,742 | $ | 4,013,461 |
Surrender Charge | Net Account Value | ||||||||||||
Product Type | Avg. Years At Issue | Avg. Years Remaining | Avg. % Remaining | Dollars in Thousands | % | ||||||||
Fixed Index Annuities | 14.0 | 9.4 | 15.0% | $ | 36,187,697 | 95.0 | % | ||||||
Annual Reset Fixed Rate Annuities | 11.0 | 3.9 | 7.8% | 1,423,155 | 3.7 | % | |||||||
Multi-Year Fixed Rate Annuities (a) | 6.4 | 1.4 | 4.1% | 506,491 | 1.3 | % | |||||||
Total | 13.8 | 9.1 | 14.5% | $ | 38,117,343 | 100.0 | % |
(a) | 32% of Net Account Value is no longer in multi-year guarantee period and can be adjusted annually. |
Fixed Annuities Account Value | Fixed Index Annuities Account Value | ||||||
(Dollars in thousands) | |||||||
SURRENDER CHARGE PERCENTAGES: | |||||||
No surrender charge | $ | 685,651 | $ | 1,244,250 | |||
0.0% < 2.0% | 35,525 | 351,828 | |||||
2.0% < 3.0% | 96,028 | 75,657 | |||||
3.0% < 4.0% | 14,017 | 739,804 | |||||
4.0% < 5.0% | 84,270 | 107,084 | |||||
5.0% < 6.0% | 95,517 | 564,498 | |||||
6.0% < 7.0% | 144,213 | 164,585 | |||||
7.0% < 8.0% | 55,313 | 528,096 | |||||
8.0% < 9.0% | 75,544 | 667,585 | |||||
9.0% < 10.0% | 59,897 | 854,066 | |||||
10.0% or greater | 583,671 | 30,890,244 | |||||
$ | 1,929,646 | $ | 36,187,697 |
Fixed and Fixed Index Annuities Account Value | Weighted Average Surrender Charge | |||||
(Dollars in thousands) | ||||||
SURRENDER CHARGE EXPIRATION BY YEAR: | ||||||
Out of Surrender Charge | $ | 1,929,901 | 0.00 | % | ||
2015 | 274,982 | 2.15 | % | |||
2016 | 727,891 | 2.69 | % | |||
2017 | 886,482 | 4.05 | % | |||
2018 | 796,972 | 6.38 | % | |||
2019 | 587,234 | 7.63 | % | |||
2020 | 930,378 | 9.31 | % | |||
2021 | 1,224,184 | 10.92 | % | |||
2022 | 2,003,117 | 12.89 | % | |||
2023 | 5,004,783 | 14.66 | % | |||
2024 | 5,535,619 | 15.64 | % | |||
2025 | 4,344,923 | 16.03 | % | |||
2026 | 2,723,398 | 17.77 | % | |||
2027 | 2,851,544 | 18.35 | % | |||
2028 | 2,529,857 | 18.76 | % | |||
2029 | 2,474,696 | 19.20 | % | |||
2030 | 2,005,632 | 19.74 | % | |||
2031 | 1,284,029 | 19.99 | % | |||
2032 | 1,721 | 20.00 | % | |||
$ | 38,117,343 | 14.54 | % |
Fixed Annuities Account Value | Fixed Index Annuities Account Value | ||||||
(Dollars in thousands) | |||||||
CREDITED RATE VS. ULTIMATE MINIMUM GUARANTEED RATE DIFFERENTIAL: | |||||||
No differential | $ | 918,245 | $ | 1,124,374 | |||
› 0.0% - 0.25% | 222,407 | 27,801 | |||||
› 0.25% - 0.5% | 194,220 | 288,369 | |||||
› 0.5% - 1.0% | 159,561 | 583,109 | |||||
› 1.0% - 1.5% | 74,214 | 9,651 | |||||
› 1.5% - 2.0% | 31,845 | 438 | |||||
› 2.0% - 2.5% | 76 | — | |||||
1.00% ultimate guarantee - 2.47% wtd avg interest rate (a) | 105,978 | 6,549 | |||||
1.50% ultimate guarantee - 1.49% wtd avg interest rate (a) | 121,321 | 3,289,161 | |||||
2.00% ultimate guarantee - 2.34% wtd avg interest rate (a) | 101,779 | — | |||||
2.25% ultimate guarantee - 2.38% wtd avg interest rate (a) | — | 1,217,539 | |||||
3.00% ultimate guarantee - 2.6% wtd avg interest rate (a) | — | 2,400,287 | |||||
Allocated to index strategies (see tables that follow) | — | 27,240,419 | |||||
$ | 1,929,646 | $ | 36,187,697 |
(a) | The minimum guaranteed interest rate for the fixed rate or the fixed rate strategy is 1.00%. The ultimate guaranteed rate is applied on less than 100% of the premium. |
Annual Monthly Average and Point-to-Point with Caps | |||||||||||||||||||
Minimum Guaranteed Cap | |||||||||||||||||||
1% | 3% | 4% | 7% | 8% + | |||||||||||||||
Current Cap | (Dollars in thousands) | ||||||||||||||||||
At minimum | $ | 1,492 | $ | 10,483 | $ | 1,323,661 | $ | 55,009 | $ | 276,865 | |||||||||
1.75% - 3% | 1,622,540 | — | — | — | — | ||||||||||||||
3% - 4% | 3,338,187 | 86,587 | — | — | — | ||||||||||||||
4% - 5% | 58,080 | 77,992 | 1,913,624 | — | — | ||||||||||||||
5% - 6% | 152,798 | 45,821 | 4,640,577 | — | — | ||||||||||||||
6% - 7% | — | — | 23,482 | — | — | ||||||||||||||
>= 7% | — | 15,210 | 1,526 | 83,946 | 18,289 |
Annual Monthly Average and Point-to-Point with Participation Rates | |||||||||||||||
Minimum Guaranteed Participation Rate | |||||||||||||||
10% | 25% | 35% | 50% + | ||||||||||||
Current Participation Rate | (Dollars in thousands) | ||||||||||||||
At minimum | $ | 626 | $ | 347,955 | $ | 164,473 | $ | 193,638 | |||||||
< 20% | 293,356 | — | — | — | |||||||||||
20% - 40% | 518,472 | 380,299 | — | — | |||||||||||
40% - 60% | 78,065 | 144,273 | 109,099 | 1,192 | |||||||||||
>= 60% | 4,990 | — | — | — |
S&P 500 Monthly Point-to-Point - Minimum Guaranteed Monthly Cap = 1.0% | |||
(Dollars in thousands) | |||
Current Cap | |||
At minimum | $ | 17,401 | |
1.2% - 1.9% | 7,435,133 | ||
2.0% - 2.3% | 2,554,149 | ||
>= 2.4% | 150,316 |
Volatility Control Index | |||
(Dollars in thousands) | |||
Current Asset Fee | |||
At Maximum | $ | — | |
1.00% - 1.75% | 54,855 | ||
2.25% - 2.75% | 760,331 | ||
3.00% | 231,384 |
June 30, 2015 | December 31, 2014 | ||||||||||||
Carrying Amount | Percent | Carrying Amount | Percent | ||||||||||
(Dollars in thousands) | |||||||||||||
Fixed maturity securities: | |||||||||||||
United States Government full faith and credit | $ | 37,269 | 0.1 | % | $ | 138,460 | 0.4 | % | |||||
United States Government sponsored agencies | 1,346,299 | 3.6 | % | 1,393,890 | 3.9 | % | |||||||
United States municipalities, states and territories | 3,683,015 | 9.9 | % | 3,723,309 | 10.4 | % | |||||||
Foreign government obligations | 220,439 | 0.6 | % | 193,803 | 0.5 | % | |||||||
Corporate securities | 22,475,868 | 60.4 | % | 21,566,724 | 59.9 | % | |||||||
Residential mortgage backed securities | 1,619,463 | 4.3 | % | 1,751,345 | 4.9 | % | |||||||
Commercial mortgage backed securities | 3,558,419 | 9.6 | % | 2,807,620 | 7.8 | % | |||||||
Other asset backed securities | 1,041,623 | 2.8 | % | 946,483 | 2.6 | % | |||||||
Total fixed maturity securities | 33,982,395 | 91.3 | % | 32,521,634 | 90.4 | % | |||||||
Equity securities | 7,861 | — | % | 7,805 | — | % | |||||||
Mortgage loans on real estate | 2,450,676 | 6.6 | % | 2,434,580 | 6.8 | % | |||||||
Derivative instruments | 503,953 | 1.3 | % | 731,113 | 2.0 | % | |||||||
Other investments | 285,743 | 0.8 | % | 286,726 | 0.8 | % | |||||||
$ | 37,230,628 | 100.0 | % | $ | 35,981,858 | 100.0 | % |
NAIC Designation | Carrying Amount | Percent | Rating Agency Rating | Carrying Amount | Percent | |||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
1 | $ | 21,984,922 | 64.7 | % | Aaa/Aa/A | $ | 21,680,531 | 63.8 | % | |||||||
2 | 11,324,503 | 33.3 | % | Baa | 10,930,913 | 32.1 | % | |||||||||
3 | 653,816 | 1.9 | % | Ba | 670,796 | 2.0 | % | |||||||||
4 | 13,774 | 0.1 | % | B | 57,805 | 0.2 | % | |||||||||
5 | — | — | % | Caa and lower | 466,991 | 1.4 | % | |||||||||
6 | 5,380 | — | % | In or near default | 175,359 | 0.5 | % | |||||||||
$ | 33,982,395 | 100.0 | % | $ | 33,982,395 | 100.0 | % |
General Description | Amortized Cost | Unrealized Gains (Losses) | Fair Value | Months Below Amortized Cost | ||||||||||
(Dollars in thousands) | ||||||||||||||
Corporate bonds: | ||||||||||||||
Finance | $ | 20,000 | $ | (4,107 | ) | $ | 15,893 | 46 | ||||||
Industrial | 63,970 | (19,836 | ) | 44,134 | 10 - 28 | |||||||||
Energy | 13,030 | (7,688 | ) | 5,342 | 25 | |||||||||
97,000 | (31,631 | ) | 65,369 | |||||||||||
Other asset backed securities | 3,594 | (1,078 | ) | 2,516 | 51 | |||||||||
$ | 100,594 | $ | (32,709 | ) | $ | 67,885 |
June 30, 2015 | December 31, 2014 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Available for sale: | |||||||||||||||
United States Government full faith and credit and sponsored agencies | $ | 1,381,847 | $ | 1,383,568 | $ | 1,502,134 | $ | 1,532,350 | |||||||
United States municipalities, states and territories | 3,384,101 | 3,683,015 | 3,293,551 | 3,723,309 | |||||||||||
Foreign government obligations | 210,930 | 220,439 | 181,128 | 193,803 | |||||||||||
Corporate securities: | |||||||||||||||
Consumer discretionary | 1,810,379 | 1,865,620 | 1,677,362 | 1,800,455 | |||||||||||
Consumer staples | 1,454,295 | 1,499,746 | 1,376,634 | 1,489,951 | |||||||||||
Energy | 2,479,304 | 2,488,426 | 2,307,432 | 2,378,038 | |||||||||||
Financials | 4,493,576 | 4,677,156 | 3,928,295 | 4,246,882 | |||||||||||
Health care | 1,876,622 | 1,940,828 | 1,742,218 | 1,884,132 | |||||||||||
Industrials | 2,738,320 | 2,845,037 | 2,537,927 | 2,746,752 | |||||||||||
Information technology | 1,502,306 | 1,529,300 | 1,324,095 | 1,388,990 | |||||||||||
Materials | 1,671,215 | 1,681,350 | 1,589,219 | 1,654,125 | |||||||||||
Telecommunications | 523,182 | 537,067 | 509,913 | 542,055 | |||||||||||
Utilities | 3,133,529 | 3,334,800 | 2,991,652 | 3,358,901 | |||||||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency | 696,915 | 759,752 | 689,378 | 759,902 | |||||||||||
Prime | 575,316 | 606,255 | 683,206 | 721,454 | |||||||||||
Alt-A | 226,210 | 253,456 | 244,262 | 269,989 | |||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency | 342,567 | 354,055 | 299,288 | 320,343 | |||||||||||
Other | 3,185,676 | 3,204,364 | 2,421,006 | 2,487,277 | |||||||||||
Other asset backed securities: | |||||||||||||||
Consumer discretionary | 74,825 | 76,034 | 71,081 | 73,298 | |||||||||||
Energy | 8,210 | 9,141 | 8,230 | 9,459 | |||||||||||
Financials | 734,869 | 752,938 | 628,464 | 649,388 | |||||||||||
Industrials | 169,350 | 181,284 | 177,864 | 190,217 | |||||||||||
Telecommunications | 13,789 | 15,287 | 14,837 | 16,139 | |||||||||||
Utilities | 5,369 | 6,939 | 5,870 | 7,982 | |||||||||||
Redeemable preferred stock - financials | — | 12 | — | 11 | |||||||||||
$ | 32,692,702 | $ | 33,905,869 | $ | 30,205,046 | $ | 32,445,202 | ||||||||
Held for investment: | |||||||||||||||
Corporate security - financials | $ | 76,526 | $ | 65,705 | $ | 76,432 | $ | 75,838 |
June 30, 2015 | December 31, 2014 | |||||||||||||
Principal | Percent | Principal | Percent | |||||||||||
(Dollars in thousands) | ||||||||||||||
Geographic distribution | ||||||||||||||
East | $ | 722,023 | 29.3 | % | $ | 701,638 | 28.5 | % | ||||||
Middle Atlantic | 166,314 | 6.7 | % | 166,249 | 6.8 | % | ||||||||
Mountain | 274,743 | 11.1 | % | 279,075 | 11.4 | % | ||||||||
New England | 9,464 | 0.4 | % | 12,280 | 0.5 | % | ||||||||
Pacific | 329,543 | 13.4 | % | 302,307 | 12.3 | % | ||||||||
South Atlantic | 450,083 | 18.2 | % | 471,849 | 19.2 | % | ||||||||
West North Central | 326,333 | 13.2 | % | 349,028 | 14.2 | % | ||||||||
West South Central | 189,447 | 7.7 | % | 175,295 | 7.1 | % | ||||||||
$ | 2,467,950 | 100.0 | % | $ | 2,457,721 | 100.0 | % | |||||||
Property type distribution | ||||||||||||||
Office | $ | 451,847 | 18.3 | % | $ | 484,585 | 19.7 | % | ||||||
Medical office | 83,393 | 3.4 | % | 88,275 | 3.6 | % | ||||||||
Retail | 714,174 | 28.9 | % | 711,775 | 29.0 | % | ||||||||
Industrial/Warehouse | 664,066 | 26.9 | % | 649,425 | 26.4 | % | ||||||||
Hotel | 18,411 | 0.8 | % | 30,640 | 1.3 | % | ||||||||
Apartment | 373,550 | 15.1 | % | 335,087 | 13.6 | % | ||||||||
Mixed use/other | 162,509 | 6.6 | % | 157,934 | 6.4 | % | ||||||||
$ | 2,467,950 | 100.0 | % | $ | 2,457,721 | 100.0 | % | |||||||
June 30, 2015 | December 31, 2014 | |||||||||||||
Credit Exposure - By Payment Activity | ||||||||||||||
Performing | $ | 2,445,361 | $ | 2,451,760 | ||||||||||
In workout | 11,897 | — | ||||||||||||
Delinquent | 6,844 | — | ||||||||||||
Collateral dependent | 3,848 | 5,961 | ||||||||||||
2,467,950 | 2,457,721 | |||||||||||||
Specific loan loss allowance | (9,316 | ) | (12,333 | ) | ||||||||||
General loan loss allowance | (7,500 | ) | (10,300 | ) | ||||||||||
Deferred prepayment fees | (458 | ) | (508 | ) | ||||||||||
$ | 2,450,676 | $ | 2,434,580 |
High | Low | Close | Dividend Declared | ||||
2015 | |||||||
First Quarter | $29.62 | $25.46 | $29.13 | $0.00 | |||
Second Quarter | $29.90 | $25.06 | $26.98 | $0.00 | |||
2014 | |||||||
First Quarter | $26.42 | $18.84 | $23.62 | $0.00 | |||
Second Quarter | $25.15 | $20.97 | $24.60 | $0.00 | |||
Third Quarter | $25.25 | $21.69 | $22.88 | $0.00 | |||
Fourth Quarter | $29.75 | $21.36 | $29.19 | $0.20 | |||
2013 | |||||||
First Quarter | $15.03 | $12.33 | $14.89 | $0.00 | |||
Second Quarter | $16.60 | $14.03 | $15.70 | $0.00 | |||
Third Quarter | $21.42 | $15.64 | $21.22 | $0.00 | |||
Fourth Quarter | $26.46 | $20.01 | $26.38 | $0.18 |
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