/FIRST AND FINAL ADD -- CLTH037 -- Citizens Banking Corporation Earnings/

Share Name	Share Symbol	Market	Type
Citizens Banking	NASDAQ:CBCF	NASDAQ	Common Stock

Citizens Banking (NASDAQ:CBCF)
Historical Stock Chart

From Jun 2019 to Jun 2024

Click Here for more Citizens Banking Charts.

Consolidated Balance Sheets (Unaudited) Citizens Republic Bancorp and Subsidiaries Dec. 31, Sept. 30, Dec. 31, (in thousands) 2006 2006 2005 ------------------------------------------------------------------------- Assets Cash and due from banks $223,747 $151,591 $194,748 Interest-bearing deposits with banks 203 165 380 Investment Securities: Available-for-sale (amortized cost $2,836,864, $1,381,225 and $1,501,819, respectively) U.S. Treasury and federal agency securities 1,864,835 1,002,893 1,122,306 State and municipal securities 575,907 367,721 378,235 Other securities 398,714 8,626 1,456 Held-to-maturity: State and municipal securities (fair value of $110,283, $104,397 and $82,364, respectively) 109,744 102,667 82,431 ----------- ----------- ----------- Total investment securities 2,949,200 1,481,907 1,584,428 FHLB and Federal Reserve stock 132,895 58,193 55,911 Portfolio loans: Commercial 2,004,894 1,788,922 1,688,079 Commercial real estate 3,124,632 1,468,952 1,402,128 ----------- ----------- ----------- Total commercial 5,129,526 3,257,874 3,090,207 Residential mortgage loans 1,543,533 545,171 539,824 Direct consumer 1,721,410 1,090,757 1,142,002 Indirect consumer 840,632 859,573 844,086 ----------- ----------- ----------- Total portfolio loans 9,235,101 5,753,375 5,616,119 Less: Allowance for loan losses (173,123) (113,076) (116,400) ----------- ----------- ----------- Net portfolio loans 9,061,978 5,640,299 5,499,719 Loans held for sale 172,842 11,689 16,252 Premises and equipment 139,490 117,821 121,730 Goodwill 781,635 54,527 54,527 Other intangible assets 46,071 8,959 11,133 Bank owned life insurance 206,851 86,580 84,435 Other assets 293,439 136,839 128,620 ----------- ----------- ----------- Total assets $14,008,351 $7,748,570 $7,751,883 ----------- ----------- ----------- Liabilities Noninterest-bearing deposits $1,223,113 $893,320 $969,074 Interest-bearing demand deposits 923,848 739,895 891,313 Savings deposits 2,280,496 1,467,622 1,437,024 Time deposits 4,270,604 2,524,509 2,176,428 ----------- ----------- ----------- Total deposits 8,698,061 5,625,346 5,473,839 Federal funds purchased and securities sold under agreements to repurchase 922,328 342,736 505,879 Other short-term borrowings 16,551 13,298 23,242 Other liabilities 169,022 73,752 86,351 Long-term debt 2,644,703 1,019,131 1,006,109 ----------- ----------- ----------- Total liabilities 12,450,665 7,074,263 7,095,420 Shareholders' Equity Preferred stock - no par value --- --- --- Common stock - no par value 980,772 79,730 85,526 Retained earnings 584,289 596,040 570,483 Accumulated other comprehensive income (7,375) (1,463) 454 ----------- ----------- ----------- Total shareholders' equity 1,557,686 674,307 656,463 ----------- ----------- ----------- Total liabilities and shareholders' equity $14,008,351 $7,748,570 $7,751,883 Consolidated Statements of Income (Unaudited) Citizens Republic Bancorp and Subsidiaries Three Months Twelve Months Ended Ended (in thousands, except per share December 31, December 31, amounts) 2006 2005 2006 2005 ------------------------------------------------------------------------- Interest Income Interest and fees on loans $105,054 $92,607 $399,469 $343,890 Interest and dividends on investment securities: Taxable 11,683 13,373 48,950 55,382 Tax-exempt 5,259 5,336 21,113 20,789 Dividends on FHLB and Federal Reserve stock 720 629 2,701 3,132 Money market investments 85 13 119 56 -------- -------- -------- -------- Total interest income 122,801 111,958 472,352 423,249 -------- -------- -------- -------- Interest Expense Deposits 40,831 26,102 147,132 85,154 Short-term borrowings 3,290 7,081 16,017 25,929 Long-term debt 14,670 9,680 46,083 36,417 -------- -------- -------- -------- Total interest expense 58,791 42,863 209,232 147,500 -------- -------- -------- -------- Net Interest Income 64,010 69,095 263,120 275,749 Provision for loan losses 5,936 (7,287) 11,265 1,109 -------- -------- -------- -------- Net interest income after provision for loan losses 58,074 76,382 251,855 274,640 -------- -------- -------- -------- Noninterest Income Service charges on deposit accounts 9,639 8,957 37,709 35,409 Trust fees 4,818 4,989 19,465 18,445 Mortgage and other loan income 2,887 2,099 9,270 8,983 Brokerage and investment fees 1,892 1,946 6,995 7,803 ATM network user fees 1,018 1,065 4,011 4,355 Bankcard fees 1,168 1,027 4,567 3,804 Fair value change in CD swap derivatives --- (3,604) (207) (3,604) Other 2,936 3,451 15,346 14,240 -------- -------- -------- -------- Total fees and other income 24,358 19,930 97,156 89,435 Investment securities gains (losses) (6,590) (8,970) (6,529) (8,927) -------- -------- -------- -------- Total noninterest income 17,768 10,960 90,627 80,508 Noninterest Expense Salaries and employee benefits 34,885 32,391 132,400 132,153 Occupancy 5,451 5,631 22,288 22,131 Professional services 4,077 4,837 15,344 17,279 Equipment 5,033 3,263 14,691 14,634 Data processing services 3,757 3,744 14,989 13,800 Advertising and public relations 1,702 2,570 5,881 7,853 Postage and delivery 1,445 1,591 6,095 6,213 Telephone 1,527 1,333 5,777 5,481 Other loan expenses 1,406 686 4,446 2,655 Stationery and supplies 519 844 2,530 3,091 Intangible asset amortization 725 725 2,899 2,899 Restructuring and merger-related expenses 11,324 --- 11,324 --- Other 6,937 3,286 21,163 14,853 -------- -------- -------- -------- Total noninterest expense 78,788 60,901 259,827 243,042 -------- -------- -------- -------- Income (Loss) Before Income Taxes (2,946) 26,441 82,655 112,106 Income tax provision (benefit) (3,638) 7,553 19,319 31,581 -------- -------- -------- -------- Net Income $692 $18,888 $63,336 $80,525 -------- -------- -------- -------- Net Income Per Common Share: Basic $0.02 $0.44 $1.48 $1.87 Diluted 0.02 0.44 1.47 1.85 Cash Dividends Declared Per Common Share 0.290 0.285 1.155 1.140 Average Common Shares Outstanding: Basic 43,670 42,903 42,913 43,096 Diluted 43,867 43,131 43,065 43,412 Selected Quarterly Information Citizens Republic Bancorp and Subsidiaries 4th Qtr 3rd Qtr 2nd Qtr 2006 2006 2006 ------------------------------------------------------------------------- Summary of Operations (thousands) Interest income $122,801 $120,744 $116,416 Interest expense 58,791 55,099 50,426 Net interest income 64,010 65,645 65,990 Provision for loan losses (1) 5,936 1,190 1,139 Net interest income after provision for loan losses 58,074 64,455 64,851 Total fees and other income (2) 24,358 23,544 23,691 Investment securities gains (losses) (3) (6,590) --- 54 Noninterest expense (4) 78,788 59,402 60,065 Income tax provision (benefit) (3,638) 7,616 7,624 Net income 692 20,981 20,907 Taxable equivalent adjustment 3,505 3,413 3,383 ------------------------------------------------------------------------- At Period End (millions) Assets $14,008 $7,749 $7,814 Portfolio loans 9,235 5,753 5,728 Deposits 8,698 5,625 5,685 Shareholders' equity 1,558 674 650 ------------------------------------------------------------------------- Average Balances (millions) Assets $7,775 $7,724 $7,671 Portfolio loans 5,762 5,694 5,610 Deposits 5,597 5,680 5,560 Shareholders' equity 683 659 647 Shareholders' equity / assets 8.79% 8.53% 8.44% ------------------------------------------------------------------------- Credit Quality Statistics (thousands) Nonaccrual loans $59,229 $31,564 $26,001 Loans 90 or more days past due and still accruing 767 303 887 Restructured loans 378 391 406 -------- -------- -------- Total nonperforming portfolio loans 60,374 32,258 27,294 Nonperforming held for sale 22,846 - - Other repossessed assets acquired (ORAA) 20,165 7,767 7,472 -------- -------- -------- Total nonperforming assets $103,385 $40,025 $34,766 -------- -------- -------- Allowance for loan losses $173,123 $113,076 $114,560 Allowance for loan losses as a percent of portfolio loans 1.87% 1.97% 2.00% Allowance for loan losses as a percent of nonperforming assets 167.45 282.51 329.52 Allowance for loan losses as a percent of nonperforming loans 286.75 350.54 419.73 Nonperforming assets as a percent of portfolio loans plus ORAA 1.12 0.69 0.61 Nonperforming assets as a percent of total assets 0.74 0.52 0.44 Net loans charged off as a percent of average portfolio loans (annualized) 0.52 0.19 0.14 Net loans charged off (000) $7,611 $2,674 $2,002 ------------------------------------------------------------------------- Per Common Share Data Net Income: Basic $0.02 $0.49 $0.49 Diluted 0.02 0.49 0.49 Dividends 0.290 0.290 0.290 Market Value: High $28.06 $27.04 $27.60 Low 24.50 23.25 23.71 Close 26.50 26.26 24.41 Book value 20.58 15.72 15.15 Shares outstanding, end of period (000) 75,676 42,904 42,887 ------------------------------------------------------------------------- Performance Ratios (annualized) Net interest margin (FTE) (5) 3.67% 3.78% 3.84% Return on average assets 0.04 1.08 1.09 Return on average shareholders' equity 0.40 12.63 12.96 Efficiency ratio (6) 73.43 64.15 64.54 Selected Quarterly Information Citizens Republic Bancorp and Subsidiaries 1st Qtr 2006 4th Qtr 2005 ------------------------------------------------------------------------- Summary of Operations (thousands) Interest income $112,391 $111,958 Interest expense 44,916 42,863 Net interest income 67,475 69,095 Provision for loan losses (1) 3,000 (7,287) Net interest income after provision for loan losses 64,475 76,382 Total fees and other income (2) 25,563 19,930 Investment securities gains (losses) (3) 7 (8,970) Noninterest expense (4) 61,572 60,901 Income tax provision (benefit) 7,717 7,553 Net income 20,756 18,888 Taxable equivalent adjustment 3,416 3,432 ------------------------------------------------------------------------- At Period End (millions) Assets $7,663 $7,752 Portfolio loans 5,592 5,616 Deposits 5,524 5,474 Shareholders' equity 652 656 ------------------------------------------------------------------------- Average Balances (millions) Assets $7,654 $7,754 Portfolio loans 5,561 5,575 Deposits 5,513 5,305 Shareholders' equity 655 654 Shareholders' equity / assets 8.55% 8.43% ------------------------------------------------------------------------- Credit Quality Statistics (thousands) Nonaccrual loans $27,689 $32,140 Loans 90 or more days past due and still accruing 547 238 Restructured loans 1,844 --- -------- -------- Total nonperforming portfolio loans 30,080 32,378 Nonperforming held for sale - - Other repossessed assets acquired (ORAA) 6,397 7,351 -------- -------- Total nonperforming assets $36,477 $39,729 -------- -------- Allowance for loan losses $115,423 $116,400 Allowance for loan losses as a percent of portfolio loans 2.06% 2.07% Allowance for loan losses as a percent of nonperforming assets 316.43 292.98 Allowance for loan losses as a percent of nonperforming loans 383.72 359.50 Nonperforming assets as a percent of portfolio loans plus ORAA 0.65 0.71 Nonperforming assets as a percent of total assets 0.48 0.51 Net loans charged off as a percent of average portfolio loans (annualized) 0.29 (0.36) Net loans charged off (000) $3,977 $(5,061) ------------------------------------------------------------------------- Per Common Share Data Net Income: Basic $0.49 $0.44 Diluted 0.48 0.44 Dividends 0.285 0.285 Market Value: High $28.66 $30.22 Low 25.62 26.67 Close 26.85 27.75 Book value 15.23 15.28 Shares outstanding, end of period (000) 42,770 42,968 ------------------------------------------------------------------------- Performance Ratios (annualized) Net interest margin (FTE) (5) 3.97% 3.95% Return on average assets 1.10 0.97 Return on average shareholders' equity 12.86 11.46 Efficiency ratio (6) 63.84 65.87 (1) The provision for loan losses and note loans charged off during the fourth quarter of 2005 reflect an insurance settlement of $9.1 million accounted for as a loan loss recovery. (2) Total fees and other income includes a cumulative charge of $3.6 million on swaps related to brokered certificates during the fourth quarter of 2005. (3) Investment securities gains (losses) includes a $7.2 million impairment charge in the fourth quarter of 2006 related to the Republic merger and a net loss of $9.0 million on the sale of securities as a result of restructuring the investment portfolio during the fourth quarter of 2005. (4) Noninterest expense includes restructuring and merger-related expenses of $11.3 million related to the Republic merger. (5) Net interest margin is presented on an annual basis, includes taxable equivalent adjustments to interest income and is based on a tax rate of 35%. (6) The Efficiency Ratio measures how efficiently a bank spends its revenues. The formula is: Noninterest expense/(Net interest income + Taxable equivalent adjustment + Total fees and other income). The fourth quarter of 2006 excludes restructuring and merger-related expenses of $11.3 million related to the Republic merger. The Efficiency Ratio for the fourth quarter of 2006 would equal 85.76% if these items were included in the calculation. Financial Summary and Comparison Citizens Republic Bancorp and Subsidiaries Twelve months ended December 31, 2006 2005 % Change ----------------------------------------------------------------------- Summary of Operations (thousands) Interest income $472,352 $423,249 11.6 % Interest expense 209,232 147,500 41.9 Net interest income 263,120 275,749 (4.6) Provision for loan losses (1) 11,265 1,109 915.8 Net interest income after provision for loan losses 251,855 274,640 (8.3) Total fees and other income (2) 97,156 89,435 8.6 Investment securities gains (losses) (3) (6,529) (8,927) (26.9) Noninterest expense (4) 259,827 243,042 6.9 Income tax provision 19,319 31,581 (38.8) Net income 63,336 80,525 (21.3) ----------------------------------------------------------------------- At Period End (millions) Assets $14,008 $7,752 80.7 % Portfolio loans 9,235 5,616 64.4 Deposits 8,698 5,474 58.9 Shareholders' equity 1,558 656 137.3 ----------------------------------------------------------------------- Average Balances (millions) Assets $7,706 $7,778 (0.9)% Portfolio loans 5,657 5,493 3.0 Deposits 5,588 5,286 5.7 Shareholders' equity 661 653 1.2 Shareholders' equity / assets 8.58 % 8.40 % 2.1 ----------------------------------------------------------------------- Per Common Share Data Net Income: Basic $1.48 $1.87 (20.9)% Diluted 1.47 1.85 (20.5) Dividends 1.155 1.140 1.3 Market Value: High $28.66 $34.81 (17.7) Low 23.25 26.35 (11.8) Close 26.50 27.75 (4.5) Book value 20.58 15.28 34.7 Tangible book value 9.65 13.75 (29.8) Shares outstanding, end of period (000) 75,676 42,968 76.1 ----------------------------------------------------------------------- Performance Ratios (annualized) Net interest margin (FTE) (5) 3.81 % 3.94 % (3.3)% Return on average assets 0.82 1.04 (21.2) Return on average shareholders' equity 9.58 12.33 (22.3) Net loans charged off as a percent of average portfolio loans 0.29 0.13 123.1 (1) The provision for loan losses and note loans charged off during the fourth quarter of 2005 reflect an insurance settlement of $9.1 million accounted for as a loan loss recovery. (2) Total fees and other income includes a cumulative charge of $3.6 million on swaps related to brokered certificates during the fourth quarter of 2005. (3) Investment securities gains (losses) includes a $7.2 million impairment charge in the fourth quarter of 2006 related to the Republic merger and a net loss of $9.0 million on the sale of securities as a result of restructuring the investment portfolio during the fourth quarter of 2005. (4) Noninterest expense includes restructuring and merger-related expenses of $11.3 million related to the Republic merger. (5) Net interest margin is presented on an annual basis and includes taxable equivalent adjustments to interest income of $13.7 million and $13.4 million for the twelve months ended December 31, 2006 and 2005, respectively, based on a tax rate of 35%. Noninterest Income and Noninterest Expense (Unaudited) Citizens Republic Bancorp and Subsidiaries Three Months Ended ------------------------------------------- Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (in thousands) 2006 2006 2006 2006 2005 ------------------------------------------------------------------------- NONINTEREST INCOME: Service charges on deposit accounts $9,639 $9,674 $9,521 $8,875 $8,957 Trust fees 4,818 4,633 4,972 5,042 4,989 Mortgage and other loan income 2,887 2,267 2,106 2,010 2,099 Brokerage and investment fees 1,892 1,885 1,703 1,515 1,946 ATM network user fees 1,018 988 1,018 987 1,065 Bankcard fees 1,168 1,213 1,129 1,057 1,027 Fair value change in CD swap derivatives --- --- --- (207) (3,604) Other income 2,936 2,884 3,242 6,284 3,451 ------ ------ ------ ------ ------ Total fees and other income 24,358 23,544 23,691 25,563 19,930 Investment securities gains (losses) (6,590) --- 54 7 (8,970) ------ ------ ------ ------ ------ TOTAL NONINTEREST INCOME $17,768 $23,544 $23,745 $25,570 $10,960 ------ ------ ------ ------ ------ NONINTEREST EXPENSE: Salaries and employee benefits $34,885 $32,569 $32,690 $32,256 $32,391 Occupancy 5,451 5,604 5,291 5,942 5,631 Professional services 4,077 3,486 3,703 4,078 4,837 Equipment 5,033 3,191 3,301 3,166 3,263 Data processing services 3,757 3,779 3,714 3,739 3,744 Advertising and public relations 1,702 1,211 934 2,034 2,570 Postage and delivery 1,445 1,559 1,629 1,462 1,591 Telephone 1,527 1,394 1,392 1,464 1,333 Other loan expenses 1,406 1,407 1,217 416 686 Stationery and supplies 519 653 631 727 844 Intangible asset amortization 725 725 724 725 725 Restructuring and merger- related expenses 11,324 --- --- --- --- Other expense (1) 6,937 3,824 4,839 5,563 3,286 ------ ------ ------ ------ ------ TOTAL NONINTEREST EXPENSE $78,788 $59,402 $60,065 $61,572 $60,901 ------ ------ ------ ------ ------ (1) The quarter ended March 31, 2006 includes the $1.5 million contribution to Citizens charitable foundation. Average Balances, Yields and Rates Three Months Ended ---------------------------------------- December 31, 2006 September 30, 2006 ---------------------------------------- Average Average Average Average (dollars in thousands) Balance Rate(1) Balance Rate(1) ------------------------------------------------------------------------- Earning Assets Money market investments $6,303 5.35 2,048 4.08 Investment securities (3): Taxable 1,023,619 4.57 1,059,177 4.52 Tax-exempt 452,707 7.15 449,364 7.23 FHLB and Federal Reserve stock 58,081 4.96 56,782 4.32 Portfolio loans (4): Commercial 1,814,997 7.54 1,740,592 7.54 Commercial real estate 1,490,004 7.37 1,458,104 7.26 Residential mortgage loans 530,860 6.02 545,907 5.75 Direct consumer 1,075,903 7.74 1,093,724 7.69 Indirect consumer 850,430 6.72 855,229 6.66 --------- --------- Total portfolio loans 5,762,194 7.27 5,693,556 7.20 Loans held for sale 10,997 5.84 16,743 6.04 --------- --------- Total earning assets 7,313,901 6.87 7,277,670 6.78 Nonearning Assets Cash and due from banks 149,141 165,403 Bank premises and equipment 117,093 119,246 Investment security fair value adjustment (2,408) (12,203) Other nonearning assets 310,240 288,493 Allowance for loan losses (112,767) (114,302) --------- --------- Total assets $7,775,200 $7,724,307 --------- --------- Interest-Bearing Liabilities Deposits: Interest-bearing demand $721,143 0.66 $753,412 0.64 Savings deposits 1,480,628 2.87 1,511,956 2.81 Time deposits 2,471,464 4.65 2,489,653 4.47 Short-term borrowings 298,942 4.37 321,140 4.44 Long-term debt 1,111,134 5.24 980,584 4.66 --------- --------- Total interest-bearing liabilities 6,083,311 3.84 6,056,745 3.61 Noninterest-Bearing Liabilities and Shareholders' Equity Noninterest-bearing demand 923,327 925,004 Other liabilities 85,414 83,749 Shareholders' equity 683,148 658,809 --------- --------- Total liabilities and shareholders' equity $7,775,200 $7,724,307 --------- --------- Interest Spread 3.03 % 3.17 % Contribution of noninterest bearing sources of funds 0.64 0.61 ---- ---- Net Interest Income as a Percent of Earning Assets 3.67 % 3.78 % Average Balances, Yields and Rates Three Months Ended -------------------------- December 31, 2005 -------------------------- Average Average (dollars in thousands) Balance(2) Rate(1)(2) ------------------------------------------------------------------------ Earning Assets Money market investments 1,688 3.09 Investment securities (3): Taxable 1,216,500 4.40 Tax-exempt 436,445 7.52 FHLB and Federal Reserve stock 55,230 4.56 Portfolio loans (4): Commercial 1,636,024 6.70 Commercial real estate 1,389,810 6.62 Residential mortgage loans 534,840 5.64 Direct consumer 1,158,271 6.89 Indirect consumer 855,945 6.62 --------- Total portfolio loans 5,574,890 6.61 Loans held for sale 29,545 5.48 --------- Total earning assets 7,314,298 6.27 Nonearning Assets Cash and due from banks 165,562 Bank premises and equipment 121,197 Investment security fair value adjustment (3,159) Other nonearning assets 274,197 Allowance for loan losses (118,215) --------- Total assets $7,753,880 --------- Interest-Bearing Liabilities Deposits: Interest-bearing demand $904,447 0.64 Savings deposits 1,414,788 1.84 Time deposits 2,036,321 3.52 Short-term borrowings 740,423 3.79 Long-term debt 957,596 4.02 --------- Total interest-bearing liabilities 6,053,575 2.81 Noninterest-Bearing Liabilities and Shareholders' Equity Noninterest-bearing demand 949,795 Other liabilities 96,857 Shareholders' equity 653,653 --------- Total liabilities and shareholders' equity $7,753,880 --------- Interest Spread 3.46 % Contribution of noninterest bearing sources of funds 0.49 ---- Net Interest Income as a Percent of Earning Assets 3.95 % (1) Average rates are presented on an annual basis and include taxable equivalent adjustments to interest income. (2) Certain amounts have been reclassified to conform with current year presentation. (3) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. (4) Nonaccrual loans are included in average balances. Average Balances, Yields and Rates Twelve Months Ended December 31, ------------------------------------ 2006 2005 ------------------------------------ Average Average Average Average Rate (dollars in thousands) Balance Rate(1) Balance(2) (1)(2) ----------------------------------------------------------------------- Earning Assets Money market investments 2,862 4.17 2,348 2.38 Investment securities (3): Taxable 1,077,475 4.54 1,321,154 4.19 Tax-exempt 449,068 7.23 426,811 7.49 FHLB and Federal Reserve stock 56,700 4.76 59,714 5.25 Portfolio loans (4): Commercial 1,727,232 7.35 1,628,625 6.15 Commercial real estate 1,447,789 7.16 1,338,870 6.36 Residential mortgage loans 540,737 5.80 513,385 5.57 Direct consumer 1,099,110 7.53 1,171,567 6.38 Indirect consumer 842,608 6.65 840,833 6.59 --------- --------- Total portfolio loans 5,657,476 7.09 5,493,280 6.27 Loans held for sale 16,378 5.77 35,061 5.42 --------- --------- Total earning assets 7,259,959 6.70 7,338,368 5.95 Nonearning Assets Cash and due from banks 159,501 158,826 Bank premises and equipment 119,572 121,277 Investment security fair value adjustment (9,116) 9,801 Other nonearning assets 291,162 269,471 Allowance for loan losses (114,613) (119,925) --------- --------- Total assets $7,706,465 $7,777,818 --------- --------- Interest-Bearing Liabilities Deposits: Interest-bearing demand $779,803 0.65 $1,035,579 0.67 Savings deposits 1,478,492 2.63 1,505,604 1.47 Time deposits 2,408,092 4.29 1,814,154 3.09 Short-term borrowings 374,088 4.28 812,642 3.19 Long-term debt 998,174 4.62 938,478 3.88 --------- --------- Total interest-bearing liabilities 6,038,649 3.46 6,106,457 2.42 Noninterest-Bearing Liabilities and Shareholders' Equity Noninterest-bearing demand 921,580 931,053 Other liabilities 85,240 87,304 Shareholders' equity 660,996 653,004 --------- --------- Total liabilities and shareholders' equity $7,706,465 $7,777,818 --------- --------- Interest Spread 3.24 % 3.53 % Contribution of noninterest bearing sources of funds 0.57 0.41 ---- ---- Net Interest Income as a Percent of Earning Assets 3.81 % 3.94 % (1) Average rates are presented on an annual basis and include taxable equivalent adjustments to interest income. (2) Certain amounts have been reclassified to conform with current year presentation. (3) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. (4) Nonaccrual loans are included in average balances. Nonperforming Assets Citizens Republic Bancorp and Subsidiaries Three Months Ended ----------------------------------------------------------------------- Dec 31(2) Sep 30 Jun 30 Mar 31 Dec 31 (in thousands) 2006 2006 2006 2006 2005 ----------------------------------------------------------------------- Commercial(1) Commercial $7,816 $8,440 $8,795 $10,594 $11,880 Commercial real estate 16,145 7,835 4,956 5,219 5,068 -------- -------- -------- -------- -------- Total commercial 23,961 16,275 13,751 15,813 16,948 Consumer: Direct 6,030 3,972 3,167 3,911 4,326 Indirect 810 781 904 569 2,454 Residential mortgage 28,428 10,536 8,179 7,396 8,412 Loans 90 days or more past due and still accruing 767 303 887 547 238 Restructured loans (1) 378 391 406 1,844 --- -------- -------- -------- -------- -------- Total Nonperforming Portfolio Loans 60,374 32,258 27,294 30,080 32,378 Nonperforming held for sale 22,846 --- --- --- --- Other Repossessed Assets Acquired 20,165 7,767 7,472 6,397 7,351 -------- -------- -------- -------- -------- Total Nonperforming Assets $103,385 $40,025 $34,766 $36,477 $39,729 -------- -------- -------- -------- -------- (1) Changes in commercial nonperforming loans (including restructured loans) for the quarter (in millions): Inflows from acquired bank $10.0 $--- $--- $--- $--- Inflows 7.9 7.5 10.4 9.8 10.6 Outflows (10.2) (5.0) (13.9) (9.1) (13.8) Net change $7.7 $2.5 $(3.5) $0.7 $(3.2) (2) December 31, 2006 amounts include the following nonperforming asset balances acquired in the Republic Bancorp acquisition: Commercial $356, commercial real estate $9,679, direct consumer $2,642, indirect consumer $72, residential mortgage $19,338, loans 90 days or more past due $0, restructured loans $0, nonperforming held for sale $21,646, and other repossessed assets acquired $12,613. Summary of Loan Loss Experience Citizens Republic Bancorp and Subsidiaries Three Months Ended ------------------------------------------------- Dec 31(2) Sep 30 Jun 30 Mar 31 Dec 31 (in thousands) 2006 2006 2006 2006 2005 ------------------------------------------------------------------------- Allowance for loan losses - beginning of period $113,076 $114,560 $115,423 $116,400 $118,626 Provision for loan losses 5,936 1,190 1,139 3,000 (7,287) Charge-offs: Commercial 2,098 597 854 921 2,068 Commercial real estate 1,017 585 606 616 912 ------- ------- ------- ------- ------- Total commercial 3,115 1,182 1,460 1,537 2,980 Residential mortgage 885 252 305 198 519 Direct consumer 1,955 983 1,216 1,669 1,382 Indirect consumer 2,818 1,840 1,575 2,829 3,075 ------- ------- ------- ------- ------- Total charge-offs 8,773 4,257 4,556 6,233 7,956 ------- ------- ------- ------- ------- Recoveries: Commercial 304 543 1,001 1,175 11,914 Commercial real estate 33 50 485 79 28 ------- ------- ------- ------- ------- Total commercial 337 593 1,486 1,254 11,942 Residential mortgage 29 22 48 55 37 Direct consumer 287 485 332 285 329 Indirect consumer 509 483 688 662 709 ------- ------- ------- ------- ------- Total recoveries 1,162 1,583 2,554 2,256 13,017 ------- ------- ------- ------- ------- Net charge-offs 7,611 2,674 2,002 3,977 (5,061) ------- ------- ------- ------- ------- Allowance of acquired bank 61,722 --- --- --- --- ------- ------- ------- ------- ------- Allowance for loan losses - end of period $173,123 $113,076 $114,560 $115,423 $116,400 ------- ------- ------- ------- ------- Reserve for loan commitments - end of period (1) $6,119 $2,976 $2,937 $2,684 $3,023 ------- ------- ------- ------- ------- (1) December 31, 2006 reserve for loan commitments includes $3,078 acquired in Republic Bancorp acquisition. -------------------------------------------------------- Three Months Ended December 31, 2006 -------------------------------------------------------- Commercial real Residential Direct Indirect (in thousands) Commercial estate mortgage consumer consumer Total -------------------------------------------------------- Charge-offs: Michigan $1,554 $114 $885 $1,402 $2,818 $6,773 Wisconsin 544 903 --- 425 --- 1,872 Iowa --- --- --- 128 --- 128 ----- ----- --- ----- ----- ----- Total charge-offs 2,098 1,017 885 1,955 2,818 8,773 ----- ----- --- ----- ----- ----- Recoveries: Michigan 238 33 29 260 509 1,069 Wisconsin 62 --- --- 24 --- 86 Iowa 4 --- --- 3 --- 7 ----- ----- --- ----- ----- ----- Total recoveries 304 33 29 287 509 1,162 ----- ----- --- ----- ----- ----- Net charge-offs $1,794 $984 $856 $1,668 $2,309 $7,611 ----- ----- --- ----- ----- ----- -------------------------------------------------------- Twelve Months Ended December 31, 2006 -------------------------------------------------------- Commercial real Residential Direct Indirect (in thousands) Commercial estate mortgage consumer consumer Total -------------------------------------------------------- Charge-offs: Michigan $3,340 $1,408 $1,541 $4,579 $9,062 $19,930 Wisconsin 1,122 1,416 98 1,013 --- 3,649 Iowa 8 --- 1 231 --- 240 ----- ----- --- ----- ----- ------ Total charge-offs 4,470 2,824 1,640 5,823 9,062 23,819 ----- ----- --- ----- ----- ------ Recoveries: Michigan 1,606 502 142 1,143 2,342 5,735 Wisconsin 1,402 136 8 215 --- 1,761 Iowa 15 9 4 31 --- 59 ----- ----- --- ----- ----- ----- Total recoveries 3,023 647 154 1,389 2,342 7,555 ----- ----- --- ----- ----- ----- Net charge-offs $1,447 $2,177 $1,486 $4,434 $6,720 $16,264 ----- ----- --- ----- ----- ------ DATASOURCE: Citizens Banking Corporation

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

CBCF Citizens Banking