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June 30, | December 31, | September 30, | December 31, | |||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 68,493 | $ | 73,312 | $ | 57,027 | $ | 73,312 | ||||||||
Interest-bearing time deposits | 41,760 | 52,851 | 35,324 | 52,851 | ||||||||||||
Investment securities available for sale | 547,551 | 518,491 | 551,619 | 518,491 | ||||||||||||
Investment securities held to maturity (fair value of $413,247 and $442,469) | 396,770 | 427,909 | ||||||||||||||
Investment securities held to maturity (fair value of $396,217 and $442,469) | 377,097 | 427,909 | ||||||||||||||
Mortgage loans held for sale | 15,278 | 17,864 | 27,711 | 17,864 | ||||||||||||
Loans, net of allowance for loan losses of $70,143 and $70,898 | 2,727,491 | 2,642,517 | ||||||||||||||
Loans, net of allowance for loan losses of $69,493 and $70,898 | 2,766,831 | 2,642,517 | ||||||||||||||
Premises and equipment | 51,335 | 51,013 | 51,373 | 51,013 | ||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 33,033 | 31,270 | 32,824 | 31,270 | ||||||||||||
Interest receivable | 16,506 | 17,723 | 17,519 | 17,723 | ||||||||||||
Core deposit intangibles | 8,649 | 9,114 | 8,644 | 9,114 | ||||||||||||
Goodwill | 141,357 | 141,357 | 141,375 | 141,357 | ||||||||||||
Cash surrender value of life insurance | 124,018 | 124,329 | 124,702 | 124,329 | ||||||||||||
Other real estate owned | 14,183 | 16,289 | 13,780 | 16,289 | ||||||||||||
Tax asset, deferred and receivable | 32,003 | 36,424 | 29,344 | 36,424 | ||||||||||||
Other assets | 13,996 | 12,613 | 14,998 | 12,613 | ||||||||||||
TOTAL ASSETS | $ | 4,232,423 | $ | 4,173,076 | $ | 4,250,168 | $ | 4,173,076 | ||||||||
LIABILITIES | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing | $ | 684,101 | $ | 646,508 | $ | 679,818 | $ | 646,508 | ||||||||
Interest-bearing | 2,604,797 | 2,488,147 | 2,514,933 | 2,488,147 | ||||||||||||
Total Deposits | 3,288,898 | 3,134,655 | 3,194,751 | 3,134,655 | ||||||||||||
Borrowings: | ||||||||||||||||
Federal funds purchased | 652 | 57,024 | ||||||||||||||
Securities sold under repurchase agreements | 160,127 | 156,305 | 153,454 | 156,305 | ||||||||||||
Federal Home Loan Bank advances | 96,847 | 138,095 | 145,467 | 138,095 | ||||||||||||
Subordinated debentures and term loans | 115,951 | 194,974 | 112,169 | 194,974 | ||||||||||||
Total Borrowings | 373,577 | 489,374 | 468,114 | 489,374 | ||||||||||||
Interest payable | 2,168 | 2,925 | 1,591 | 2,925 | ||||||||||||
Other liabilities | 32,104 | 31,655 | 38,857 | 31,655 | ||||||||||||
Total Liabilities | 3,696,747 | 3,658,609 | 3,703,313 | 3,658,609 | ||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||||||
Preferred Stock, no-par value, $1,000 liquidation value: | ||||||||||||||||
Authorized - 500,000 shares | ||||||||||||||||
Senior Non-Cumulative Perpetual Preferred Stock, Series B | ||||||||||||||||
Issued and outstanding - 90,782.94 shares | 90,783 | 90,783 | 90,783 | 90,783 | ||||||||||||
Cumulative Preferred Stock, $1,000 par value, $1,000 liquidation value: | ||||||||||||||||
Authorized - 600 shares | ||||||||||||||||
Issued and outstanding - 125 shares | 125 | 125 | 125 | 125 | ||||||||||||
Common Stock, $.125 stated value: | ||||||||||||||||
Authorized - 50,000,000 shares | ||||||||||||||||
Issued and outstanding - 28,643,264 and 28,559,707 shares | 3,580 | 3,570 | ||||||||||||||
Issued and outstanding - 28,672,177 and 28,559,707 shares | 3,584 | 3,570 | ||||||||||||||
Additional paid-in capital | 255,632 | 254,874 | 256,290 | 254,874 | ||||||||||||
Retained earnings | 188,863 | 168,717 | 198,094 | 168,717 | ||||||||||||
Accumulated other comprehensive loss | (3,307 | ) | (3,602 | ) | (2,021 | ) | (3,602 | ) | ||||||||
Total Stockholders' Equity | 535,676 | 514,467 | 546,855 | 514,467 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 4,232,423 | $ | 4,173,076 | $ | 4,250,168 | $ | 4,173,076 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||
Taxable | $ | 36,652 | $ | 37,457 | $ | 72,500 | $ | 76,195 | $ | 38,160 | $ | 37,024 | $ | 110,660 | $ | 113,219 | ||||||||||||||||
Tax exempt | 123 | 247 | 240 | 349 | 118 | 86 | 358 | 435 | ||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||
Taxable | 4,468 | 5,040 | 9,042 | 9,587 | 4,176 | 5,078 | 13,218 | 14,665 | ||||||||||||||||||||||||
Tax exempt | 2,551 | 2,535 | 5,113 | 5,088 | 2,532 | 2,529 | 7,645 | 7,617 | ||||||||||||||||||||||||
Federal funds sold | 1 | 3 | 3 | |||||||||||||||||||||||||||||
Deposits with financial institutions | 28 | 100 | 53 | 183 | 16 | 45 | 69 | 228 | ||||||||||||||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 347 | 341 | 690 | 682 | 345 | 323 | 1,035 | 1,005 | ||||||||||||||||||||||||
Total Interest Income | 44,169 | 45,721 | 87,638 | 92,087 | 45,347 | 45,085 | 132,985 | 137,172 | ||||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||||||
Deposits | 3,939 | 5,864 | 8,049 | 12,730 | 3,517 | 5,046 | 11,566 | 17,776 | ||||||||||||||||||||||||
Federal funds purchased | 12 | 3 | 24 | 6 | 38 | 16 | 62 | 22 | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 197 | 386 | 492 | 764 | 211 | 384 | 703 | 1,148 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 637 | 977 | 1,631 | 1,978 | 492 | 1,089 | 2,123 | 3,067 | ||||||||||||||||||||||||
Subordinated debentures and term loans | 1,331 | 2,644 | 3,273 | 5,285 | 1,187 | 2,699 | 4,460 | 7,984 | ||||||||||||||||||||||||
Total Interest Expense | 6,116 | 9,874 | 13,469 | 20,763 | 5,445 | 9,234 | 18,914 | 29,997 | ||||||||||||||||||||||||
NET INTEREST INCOME | 38,053 | 35,847 | 74,169 | 71,324 | 39,902 | 35,851 | 114,071 | 107,175 | ||||||||||||||||||||||||
Provision for loan losses | 4,545 | 5,625 | 9,420 | 11,219 | 4,609 | 5,556 | 14,029 | 16,775 | ||||||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 33,508 | 30,222 | 64,749 | 60,105 | 35,293 | 30,295 | 100,042 | 90,400 | ||||||||||||||||||||||||
OTHER INCOME | ||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,893 | 2,997 | 5,712 | 5,776 | 2,913 | 3,169 | 8,625 | 8,945 | ||||||||||||||||||||||||
Fiduciary activities | 1,938 | 1,929 | 3,921 | 3,965 | 1,986 | 1,881 | 5,907 | 5,846 | ||||||||||||||||||||||||
Other customer fees | 3,150 | 2,634 | 5,736 | 4,869 | 2,740 | 2,583 | 8,476 | 7,452 | ||||||||||||||||||||||||
Commission income | 1,485 | 1,024 | 3,152 | 2,912 | 1,618 | 1,528 | 4,770 | 4,440 | ||||||||||||||||||||||||
Earnings on cash surrender value of life insurance | 662 | 571 | 2,040 | 1,149 | 685 | 644 | 2,725 | 1,793 | ||||||||||||||||||||||||
Net gains and fees on sales of loans | 2,314 | 1,030 | 4,266 | 2,903 | 2,849 | 1,768 | 7,115 | 4,671 | ||||||||||||||||||||||||
Net realized gains on sales of available for sale securities | 502 | 825 | 1,291 | 1,288 | 843 | 861 | 2,134 | 2,149 | ||||||||||||||||||||||||
Other-than-temporary impairment on available for sale securities | (2,775 | ) | (2,780 | ) | ||||||||||||||||||||||||||||
Portion of loss recognized in other comprehensive income before taxes | 2,375 | 2,380 | ||||||||||||||||||||||||||||||
Net impairment losses recognized in earnings | (400 | ) | (400 | ) | ||||||||||||||||||||||||||||
Gain on FDIC modified whole bank transaction | 9,124 | 9,124 | ||||||||||||||||||||||||||||||
Other income | 221 | 51 | 581 | 457 | 639 | 796 | 1,220 | 1,253 | ||||||||||||||||||||||||
Total Other Income | 13,165 | 11,061 | 35,823 | 22,919 | 14,273 | 13,230 | 50,096 | 36,149 | ||||||||||||||||||||||||
OTHER EXPENSES | �� | |||||||||||||||||||||||||||||||
Salaries and employee benefits | 19,641 | 18,560 | 38,995 | 35,736 | 20,083 | 19,964 | 59,078 | 55,700 | ||||||||||||||||||||||||
Net occupancy | 2,473 | 2,415 | 5,124 | 5,160 | 2,568 | 2,530 | 7,692 | 7,690 | ||||||||||||||||||||||||
Equipment | 1,656 | 1,677 | 3,461 | 3,460 | 1,798 | 1,662 | 5,259 | 5,122 | ||||||||||||||||||||||||
Marketing | 564 | 436 | 1,006 | 818 | 536 | 534 | 1,542 | 1,352 | ||||||||||||||||||||||||
Outside data processing fees | 1,506 | 1,458 | 2,882 | 2,903 | 1,413 | 1,391 | 4,295 | 4,294 | ||||||||||||||||||||||||
Printing and office supplies | 294 | 313 | 561 | 601 | 287 | 301 | 848 | 902 | ||||||||||||||||||||||||
Core deposit amortization | 480 | 1,101 | 949 | 2,202 | 489 | 755 | 1,438 | 2,957 | ||||||||||||||||||||||||
FDIC assessments | 862 | 1,451 | 1,979 | 3,555 | 792 | 1,201 | 2,771 | 4,756 | ||||||||||||||||||||||||
Other real estate owned and credit-related expenses | 2,122 | 2,843 | 4,308 | 6,038 | 2,104 | 2,007 | 6,412 | 8,045 | ||||||||||||||||||||||||
Other expenses | 4,582 | 4,145 | 8,943 | 7,807 | 4,334 | 3,877 | 13,277 | 11,684 | ||||||||||||||||||||||||
Total Other Expenses | 34,180 | 34,399 | 68,208 | 68,280 | 34,404 | 34,222 | 102,612 | 102,502 | ||||||||||||||||||||||||
INCOME BEFORE INCOME TAX | 12,493 | 6,884 | 32,364 | 14,744 | 15,162 | 9,303 | 47,526 | 24,047 | ||||||||||||||||||||||||
Income tax expense | 3,288 | 1,396 | 8,788 | 3,795 | 3,926 | 2,561 | 12,714 | 6,356 | ||||||||||||||||||||||||
NET INCOME | 9,205 | 5,488 | 23,576 | 10,949 | 11,236 | 6,742 | 34,812 | 17,691 | ||||||||||||||||||||||||
Loss on retirement of CPP preferred stock | (1,401 | ) | (1,401 | ) | ||||||||||||||||||||||||||||
Loss on extinguishment of trust preferred securities | (10,857 | ) | (10,857 | ) | ||||||||||||||||||||||||||||
Preferred stock dividends and discount accretion | (1,135 | ) | (990 | ) | (2,270 | ) | (1,978 | ) | (1,134 | ) | (868 | ) | (3,404 | ) | (2,846 | ) | ||||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 8,070 | $ | 4,498 | $ | 21,306 | $ | 8,971 | ||||||||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS | $ | 10,102 | $ | (6,384 | ) | $ | 31,408 | $ | 2,587 | |||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic Net Income Available to Common Stockholders | $ | 0.28 | $ | 0.18 | $ | 0.74 | $ | 0.35 | ||||||||||||||||||||||||
Diluted Net Income Available to Common Stockholders | $ | 0.28 | $ | 0.18 | $ | 0.74 | $ | 0.35 | ||||||||||||||||||||||||
Basic Net Income (Loss) Available to Common Stockholders | $ | 0.35 | $ | (0.25 | ) | $ | 1.09 | $ | 0.10 | |||||||||||||||||||||||
Diluted Net Income (Loss) Available to Common Stockholders | $ | 0.35 | $ | (0.25 | ) | $ | 1.09 | $ | 0.10 | |||||||||||||||||||||||
Cash Dividends Paid | $ | 0.03 | $ | 0.01 | $ | 0.04 | $ | 0.02 | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.03 | ||||||||||||||||
Average Diluted Shares Outstanding (in thousands) | 28,815 | 25,783 | 28,782 | 25,773 | 28,888 | 26,367 | 28,819 | 26,019 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net Income | $ | 9,205 | $ | 5,488 | $ | 23,576 | $ | 10,949 | ||||||||
Other comprehensive income net of tax: | ||||||||||||||||
Unrealized holding gain on securities available for sale arising | ||||||||||||||||
during the period, net of income tax of $664, $1,099, $653, and $3,674 | 1,232 | 2,041 | 1,212 | 6,823 | ||||||||||||
Unrealized loss on securities available for sale for which a | ||||||||||||||||
portion of an other than temporary impairment has been | ||||||||||||||||
recognized in income, net of tax of $24, $0, $31, and $844 | (44 | ) | (58 | ) | (1,568 | ) | ||||||||||
Unrealized loss on cash flow hedges arising during the period, | ||||||||||||||||
net of income tax of $567, $217, $404, and $170 | (1,053 | ) | (403 | ) | (750 | ) | (316 | ) | ||||||||
Amortization of items previously recorded in accumulated other comprehensive | ||||||||||||||||
income (loss), net of income tax of $113, $11, $393, and $20 | 209 | (20 | ) | 730 | (38 | ) | ||||||||||
Reclassification adjustment for gains included in net income | ||||||||||||||||
net of income tax expense of $176, $289, $452, and $311 | (326 | ) | (537 | ) | (839 | ) | (577 | ) | ||||||||
18 | 1,081 | 295 | 4,324 | |||||||||||||
Comprehensive Income | $ | 9,223 | $ | 6,569 | $ | 23,871 | $ | 15,273 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net income | $ | 11,236 | $ | 6,742 | $ | 34,812 | $ | 17,691 | ||||||||
Other comprehensive income net of tax: | ||||||||||||||||
Unrealized holding gain on securities available for sale arising during the period, | ||||||||||||||||
net of income tax of $1,018, $4,553, $1,670, and $8,212 | 1,891 | 8,457 | 3,102 | 15,255 | ||||||||||||
Unrealized loss on securities available for sale for which a | ||||||||||||||||
portion of an other than temporary impairment has been | ||||||||||||||||
recognized in income, net of tax of $12, $0, $43, and $831 | (22 | ) | (80 | ) | (1,546 | ) | ||||||||||
Unrealized loss on cash flow hedges arising during the period, | ||||||||||||||||
net of income tax of $131, $778, $535, and $949 | (244 | ) | (1,446 | ) | (994 | ) | (1,762 | ) | ||||||||
Amortization of items previously recorded in accumulated other | ||||||||||||||||
comprehensive income (loss), net of income tax of $113, $10, $506, and $29 | 210 | (18 | ) | 940 | (53 | ) | ||||||||||
Reclassification adjustment for gains included in net income | ||||||||||||||||
net of income tax expense of $295, $301, $747, and $612 | (549 | ) | (560 | ) | (1,387 | ) | (1,137 | ) | ||||||||
1,286 | 6,433 | 1,581 | 10,757 | |||||||||||||
Comprehensive income | $ | 12,522 | $ | 13,175 | $ | 36,393 | $ | 28,448 |
June 30, 2012 | December 31, 2011 | |||||||||||||||
September 30, 2012 | December 31, 2011 | |||||||||||||||
Net unrealized gain on securities available for sale | $ | 18,617 | $ | 18,244 | $ | 19,959 | $ | 18,244 | ||||||||
Net unrealized loss on securities available for sale for which a portion of an other- than-temporary impairment has been recognized in income | (3,226 | ) | (3,168 | ) | ||||||||||||
Net unrealized loss on securities available for sale for which a portion of an other-than-temporary | ||||||||||||||||
impairment has been recognized in income | (3,248 | ) | (3,168 | ) | ||||||||||||
Net unrealized loss on cash flow hedges | (2,590 | ) | (1,841 | ) | (2,834 | ) | (1,841 | ) | ||||||||
Defined benefit plans | (16,108 | ) | (16,837 | ) | (15,898 | ) | (16,837 | ) | ||||||||
$ | (3,307 | ) | $ | (3,602 | ) | $ | (2,021 | ) | $ | (3,602 | ) |
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred | Common Stock | Additional | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred | Common Stock | Additional | Accumulated Other | Paid in | Retained | Comprehensive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid in Capital | Retained Earnings | Comprehensive Income (Loss) | Total | Shares | Amount | Shares | Amount | Capital | Earnings | Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2011 | 90,908 | $ | 90,908 | 28,559,707 | $ | 3,570 | $ | 254,874 | $ | 168,717 | $ | (3,602 | ) | $ | 514,467 | 90,908 | $ | 90,908 | 28,559,707 | $ | 3,570 | $ | 254,874 | $ | 168,717 | $ | (3,602 | ) | $ | 514,467 | ||||||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 23,576 | 23,576 | 34,812 | 34,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, net of tax | 295 | 295 | 1,581 | 1,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends on Common Stock ($.04 per share) | (1,160 | ) | (1,160 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends on Common Stock ($.07 per Share) | (2,031 | ) | (2,031 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends on Preferred Stock under Small Business Lending Fund | (2,270 | ) | (2,270 | ) | (3,404 | ) | (3,404 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation | 73,469 | 9 | 677 | 686 | 79,385 | 10 | 1,091 | 1,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued Under Employee Benefit Plans | 23,495 | 3 | 222 | 225 | 34,352 | 4 | 350 | 354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued Under Dividend Reinvestment and Stock Purchase Plan | 7,625 | 1 | 86 | 87 | 11,475 | 1 | 142 | 143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 8,750 | 1 | 66 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Redeemed | (21,032 | ) | (3 | ) | (227 | ) | (230 | ) | (21,492 | ) | (2 | ) | (233 | ) | (235 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2012 | 90,908 | $ | 90,908 | 28,643,264 | $ | 3,580 | $ | 255,632 | $ | 188,863 | $ | (3,307 | ) | $ | 535,676 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2012 | 90,908 | $ | 90,908 | 28,672,177 | $ | 3,584 | $ | 256,290 | $ | 198,094 | $ | (2,021 | ) | $ | 546,855 |
September 30, | ||||||||
2012 | 2011 | |||||||
Cash Flow From Operating Activities: | ||||||||
Net income | $ | 34,812 | $ | 17,691 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for loan losses | 14,029 | 16,775 | ||||||
Depreciation and amortization | 3,432 | 3,998 | ||||||
Change in deferred taxes | 11,239 | 7,211 | ||||||
Share-based compensation | 1,101 | 1,009 | ||||||
Mortgage loans originated for sale | (314,240 | ) | (185,658 | ) | ||||
Proceeds from sales of mortgage loans | 304,393 | 194,870 | ||||||
Gain on acquisition | (9,124 | ) | ||||||
Gains on sales of securities available for sale | (2,134 | ) | (2,149 | ) | ||||
Recognized loss on other-than-temporary-impairment | 400 | |||||||
Change in interest receivable | 732 | 904 | ||||||
Change in interest payable | (1,701 | ) | (2,076 | ) | ||||
Other adjustments | 4,650 | 14,171 | ||||||
Net cash provided by operating activities | $ | 47,189 | $ | 67,146 | ||||
Cash Flows from Investing Activities: | ||||||||
Net change in interest-bearing deposits | $ | 17,527 | $ | 49,101 | ||||
Purchases of: | ||||||||
Securities available for sale | (129,297 | ) | (133,526 | ) | ||||
Securities held to maturity | (566 | ) | (77,678 | ) | ||||
Proceeds from sales of securities available for sale | 43,147 | 54,606 | ||||||
Proceeds from maturities of: | ||||||||
Securities available for sale | 77,898 | 37,894 | ||||||
Securities held to maturity | 49,073 | 28,120 | ||||||
Change in Federal Reserve and Federal Home Loan Bank stock | 207 | 2,503 | ||||||
Purchase of bank owned life insurance | (25,000 | ) | ||||||
Net change in loans | (52,442 | ) | 73,520 | |||||
Net cash received from acquisition | 29,113 | |||||||
Proceeds from the sale of other real estate owned | 4,295 | 9,916 | ||||||
Other adjustments | 351 | 6,921 | ||||||
Net cash provided by investing activities | $ | 39,306 | $ | 26,377 | ||||
Cash Flows from Financing Activities: | ||||||||
Net change in : | ||||||||
Demand and savings deposits | $ | 42,994 | $ | (54,157 | ) | |||
Certificates of deposit and other time deposits | (108,807 | ) | (150,473 | ) | ||||
Borrowings | 138,127 | 242,323 | ||||||
Repayment of borrowings | (169,988 | ) | (168,894 | ) | ||||
Cash dividends on common stock | (2,031 | ) | (778 | ) | ||||
Cash dividends on preferred stock | (3,404 | ) | (2,527 | ) | ||||
Stock issued in private equity placement | 21,165 | |||||||
Stock issued under employee benefit plans | 354 | 561 | ||||||
Stock issued under dividend reinvestment and stock purchase plans | 143 | 60 | ||||||
Stock options exercised | 67 | |||||||
Stock redeemed | (235 | ) | (127 | ) | ||||
Cumulative preferred stock issued (SBLF) | 90,783 | |||||||
Cumulative preferred stock redeemed (CPP) | (69,600 | ) | ||||||
Net cash used in financing activities | $ | (102,780 | ) | $ | (91,664 | ) | ||
Net Change in Cash and Cash Equivalents | (16,285 | ) | 1,859 | |||||
Cash and Cash Equivalents, January 1 | 73,312 | 58,307 | ||||||
Cash and Cash Equivalents, September 30 | $ | 57,027 | $ | 60,166 | ||||
Additional cash flow information: | ||||||||
Interest paid | $ | 20,248 | $ | 32,073 | ||||
Income tax paid (refunded) | $ | 5,988 | $ | (2,977 | ) | |||
Loans transferred to other real estate owned | $ | 4,364 | $ | 12,646 | ||||
Non-cash investing activities using trade date accounting | $ | 3,043 | $ | 2,298 |
June 30, | ||||||||
2012 | 2011 | |||||||
Cash Flow From Operating Activities: | ||||||||
Net income | $ | 23,576 | $ | 10,949 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for loan losses | 9,420 | 11,219 | ||||||
Depreciation and amortization | 2,348 | 2,571 | ||||||
Change in deferred taxes | 7,452 | 4,697 | ||||||
Share-based compensation | 686 | 718 | ||||||
Mortgage loans originated for sale | (177,645 | ) | (106,979 | ) | ||||
Proceeds from sales of mortgage loans | 180,231 | 123,602 | ||||||
Gain on acquisition | (9,124 | ) | ||||||
Gains on sales of securities available for sale | (1,291 | ) | (1,288 | ) | ||||
Recognized loss on other-than-temporary-impairment | 400 | |||||||
Change in interest receivable | 1,745 | 1,673 | ||||||
Change in interest payable | (1,124 | ) | (661 | ) | ||||
Other adjustments | 1,297 | 10,553 | ||||||
Net cash provided by operating activities | $ | 37,571 | $ | 57,454 | ||||
Cash Flows from Investing Activities: | ||||||||
Net change in interest-bearing deposits | $ | 23,004 | $ | 49,351 | ||||
Purchases of: | ||||||||
Securities available for sale | (82,459 | ) | (93,887 | ) | ||||
Securities held to maturity | (566 | ) | (75,971 | ) | ||||
Proceeds from sales of securities available for sale | 26,351 | 25,911 | ||||||
Proceeds from maturities of: | ||||||||
Securities available for sale | 47,379 | 22,237 | ||||||
Securities held to maturity | 30,131 | 15,362 | ||||||
Change in Federal Reserve and Federal Home Loan Bank stock | (2 | ) | 2,500 | |||||
Purchase of bank owned life insurance | (5,000 | ) | ||||||
Net change in loans | (4,579 | ) | 80,883 | |||||
Net cash received from acquisition | 17,200 | |||||||
Proceeds from the sale of other real estate owned | 3,437 | 5,349 | ||||||
Other adjustments | (1,216 | ) | 7,929 | |||||
Net cash provided by investing activities | $ | 58,680 | $ | 34,664 | ||||
Cash Flows from Financing Activities: | ||||||||
Net change in : | ||||||||
Demand and savings deposits | $ | 93,510 | $ | (12,918 | ) | |||
Certificates of deposit and other time deposits | (65,176 | ) | (113,429 | ) | ||||
Borrowings | 31,755 | 62,351 | ||||||
Repayment of borrowings | (157,811 | ) | (33,634 | ) | ||||
Cash dividends on common stock | (1,160 | ) | (518 | ) | ||||
Cash dividends on preferred stock | (2,270 | ) | (1,740 | ) | ||||
Stock issued under dividend reinvestment and stock purchase plans | 312 | 461 | ||||||
Stock redeemed | (230 | ) | (124 | ) | ||||
Net cash used in financing activities | $ | (101,070 | ) | $ | (99,551 | ) | ||
Net Change in Cash and Cash Equivalents | (4,819 | ) | (7,433 | ) | ||||
Cash and Cash Equivalents, January 1 | 73,312 | 58,307 | ||||||
Cash and Cash Equivalents, June 30 | $ | 68,493 | $ | 50,874 | ||||
Additional cash flow information: | ||||||||
Interest paid | $ | 14,226 | $ | 21,424 | ||||
Income tax paid | $ | 3,988 | $ | 2,977 | ||||
Loans transferred to other real estate owned | $ | 3,199 | $ | 3,814 | ||||
Non-cash investing activities using trade date accounting | $ | 757 | $ | 1,036 |
Assets | Liabilities | ||||||||
Cash and due from banks (1) | $ | 29,113 | Deposits: | ||||||
Investment securities, available for sale | 18,896 | Non-interest bearing | $ | 13,715 | |||||
Federal Home Loan Bank stock | 1,761 | NOW accounts | 14,746 | ||||||
Loans: | Savings and money market | 25,843 | |||||||
Commercial | 51,042 | Certificate of deposit | 71,605 | ||||||
Residential mortgage | 11,181 | Total Deposits | 125,909 | ||||||
Installment | 31,570 | ||||||||
Total Loans | 93,793 | Federal Home Loan Bank advances | 10,286 | ||||||
Other liabilities | 804 | ||||||||
Premises | 1,516 | Total Liabilities Assumed | $ | 136,999 | |||||
Core deposit intangible | 484 | ||||||||
Other assets | 560 | Net Gain on Acquisition | $ | 9,124 | |||||
Total Assets Purchased | $ | 146,123 |
(1) | Includes $17,200,000 cash received from the FDIC. |
Preliminary estimate of contractually required principal and interest at acquisition | $ | 31,143 | ||
Preliminary estimate of contractual cash flows not expected to be collected (nonaccretable differences) | 9,688 | |||
Preliminary estimate of expected cash flows at acquisition | 21,455 | |||
Preliminary estimate of interest component of expected cash flows (accretable discount) | 4,152 | |||
Preliminary estimate of fair value of acquired loans accounted for under ASC 310-30 | $ | 17,303 |
June 30, | September 30, | |||||||
2012 | 2012 | |||||||
Commercial and industrial loans | $ | 12,126 | $ | 12,494 | ||||
Agricultural production finance and other loans to farmers | 1,479 | 1,531 | ||||||
Real estate loans | ||||||||
Construction | 91 | 92 | ||||||
Commercial and farmland | 29,611 | 23,724 | ||||||
Residential | 34,151 | 32,936 | ||||||
Individuals' loans for household and other personal expenditures | 1,152 | 922 | ||||||
Tax exempt | ||||||||
Lease financing | ||||||||
Other loans | 1,025 | 987 | ||||||
Total | $ | 79,635 | $ | 72,686 |
June 30, | ||||
2012 | ||||
Beginning balance, February 10, 2012 | $ | 9,774 | ||
Accretions | (726 | ) | ||
Ending balance, June 30, 2012 | $ | 9,048 |
Three Months ended | ||||
September 30, 2012 | ||||
Beginning balance, June 30, 2012 | $ | 9,048 | ||
Accretions | (2,612 | ) | ||
Ending balance, September 30, 2012 | $ | 6,436 |
Nine Months ended | ||||
September 30, 2012 | ||||
Beginning balance, February 10, 2012 | $ | 9,774 | ||
Accretions | (3,338 | ) | ||
Ending balance, September 30, 2012 | $ | 6,436 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Available for sale at June 30, 2012 | ||||||||||||||||||||||||||||||||
Available for sale at September 30, 2012 | ||||||||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | $ | 4,841 | $ | 92 | $ | 4,933 | $ | 4,610 | $ | 172 | $ | 4,782 | ||||||||||||||||||||
State and municipal | 136,011 | 9,614 | $ | 28 | 145,597 | 150,281 | 10,761 | $ | 25 | 161,017 | ||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 371,971 | 11,644 | 53 | 383,562 | 370,800 | 13,142 | 30 | 383,912 | ||||||||||||||||||||||||
Corporate obligations | 16,947 | 419 | 5,737 | 11,629 | 6,008 | 5,806 | 202 | |||||||||||||||||||||||||
Equity securities | 1,830 | 1,830 | 1,706 | 1,706 | ||||||||||||||||||||||||||||
Total available for sale | 531,600 | 21,769 | 5,818 | 547,551 | 533,405 | 24,075 | 5,861 | 551,619 | ||||||||||||||||||||||||
Held to maturity at June 30, 2012 | ||||||||||||||||||||||||||||||||
Held to maturity at September 30, 2012 | ||||||||||||||||||||||||||||||||
State and municipal | 119,222 | 4,250 | 1 | 123,471 | 116,966 | 5,698 | 122,664 | |||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 277,548 | 12,228 | 289,776 | 260,131 | 13,422 | 273,553 | ||||||||||||||||||||||||||
Total held to maturity | 396,770 | 16,478 | 1 | 413,247 | 377,097 | 19,120 | 396,217 | |||||||||||||||||||||||||
Total Investment Securities | $ | 928,370 | $ | 38,247 | $ | 5,819 | $ | 960,798 | $ | 910,502 | $ | 43,195 | $ | 5,861 | $ | 947,836 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Available for sale at December 31, 2011 | ||||||||||||||||||||||||||||||||
U.S. Government-sponsored agency securities | $ | 99 | $ | 18 | $ | 117 | $ | 99 | $ | 18 | $ | 117 | ||||||||||||||||||||
State and municipal | 136,857 | 10,496 | 147,353 | 136,857 | 10,496 | 147,353 | ||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 358,928 | 10,086 | $ | 16 | 368,998 | 358,928 | 10,086 | $ | 16 | 368,998 | ||||||||||||||||||||||
Corporate obligations | 5,765 | 5,572 | 193 | 5,765 | 5,572 | 193 | ||||||||||||||||||||||||||
Equity securities | 1,830 | 1,830 | 1,830 | 1,830 | ||||||||||||||||||||||||||||
Total available for sale | 503,479 | 20,600 | 5,588 | 518,491 | 503,479 | 20,600 | 5,588 | 518,491 | ||||||||||||||||||||||||
Held to maturity at December 31, 2011 | ||||||||||||||||||||||||||||||||
State and municipal | 120,171 | 3,785 | 123,956 | 120,171 | 3,785 | 123,956 | ||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 307,738 | 10,775 | 318,513 | 307,738 | 10,775 | 318,513 | ||||||||||||||||||||||||||
Total held to maturity | 427,909 | 14,560 | 442,469 | 427,909 | 14,560 | 442,469 | ||||||||||||||||||||||||||
Total Investment Securities | $ | 931,388 | $ | 35,160 | $ | 5,588 | $ | 960,960 | $ | 931,388 | $ | 35,160 | $ | 5,588 | $ | 960,960 |
Available for Sale | Held to Maturity | Available for Sale | Held to Maturity | |||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||
Maturity Distribution at June 30, 2012: | ||||||||||||||||||||||||||||||||
Maturity Distribution at September 30, 2012: | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 5,513 | $ | 5,574 | $ | 3,345 | $ | 3,345 | $ | 4,802 | $ | 4,846 | $ | 2,425 | $ | 2,431 | ||||||||||||||||
Due after one through five years | 19,028 | 19,909 | 2,953 | 2,979 | 14,559 | 15,277 | 2,208 | 2,233 | ||||||||||||||||||||||||
Due after five through ten years | 29,106 | 30,906 | 51,873 | 53,415 | 48,134 | 51,156 | 55,679 | 57,975 | ||||||||||||||||||||||||
Due after ten years | 104,152 | 105,770 | 61,051 | 63,732 | 93,404 | 94,722 | 56,654 | 60,025 | ||||||||||||||||||||||||
$ | 157,799 | $ | 162,159 | $ | 119,222 | $ | 123,471 | 160,899 | 166,001 | 116,966 | 122,664 | |||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 371,971 | 383,562 | 277,548 | 289,776 | 370,800 | 383,912 | 260,131 | 273,553 | ||||||||||||||||||||||||
Equity securities | 1,830 | 1,830 | 1,706 | 1,706 | ||||||||||||||||||||||||||||
Total Investment Securities | $ | 531,600 | $ | 547,551 | $ | 396,770 | $ | 413,247 | $ | 533,405 | $ | 551,619 | $ | 377,097 | $ | 396,217 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||
Sales and Redemptions of Available for Sale Securities: | ||||||||||||||||||||||||||||||||
Gross gains | $ | 502 | $ | 825 | $ | 1,291 | $ | 1,288 | $ | 843 | $ | 861 | $ | 2,134 | $ | 2,149 | ||||||||||||||||
Gross losses | ||||||||||||||||||||||||||||||||
Other-than-temporary impairment losses | $ | 400 | $ | 400 |
Less than 12 Months | 12 Months or Longer | Total | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||
Temporarily Impaired Investment | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities at June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities at September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal | $ | 4,545 | $ | (29 | ) | $ | 4,545 | $ | (29 | ) | $ | 3,868 | $ | (25 | ) | $ | 3,868 | $ | (25 | ) | ||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | 7,817 | (53 | ) | 7,817 | (53 | ) | 6,463 | (30 | ) | 6,463 | (30 | ) | ||||||||||||||||||||||||||||||||||||
Corporate obligations | $ | 168 | $ | (5,737 | ) | 168 | (5,737 | ) | $ | 171 | $ | (5,806 | ) | 171 | (5,806 | ) | ||||||||||||||||||||||||||||||||
Total Temporarily Impaired Investment Securities | $ | 12,362 | $ | (82 | ) | $ | 168 | $ | (5,737 | ) | $ | 12,530 | $ | (5,819 | ) | $ | 10,331 | $ | (55 | ) | $ | 171 | $ | (5,806 | ) | $ | 10,502 | $ | (5,861 | ) |
Less than 12 Months | 12 Months or Longer | Total | Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||
Temporarily Impaired Investment | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities at December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government-sponsored mortgage-backed securities | $ | 6,176 | $ | (16 | ) | $ | 6,176 | $ | (16 | ) | $ | 6,176 | $ | (16 | ) | $ | 6,176 | $ | (16 | ) | ||||||||||||||||||||||||||||
Corporate obligations | $ | 163 | $ | (5,572 | ) | 163 | (5,572 | ) | $ | 163 | $ | (5,572 | ) | 163 | (5,572 | ) | ||||||||||||||||||||||||||||||||
Total Temporarily Impaired Investment Securities | $ | 6,176 | $ | (16 | ) | $ | 163 | $ | (5,572 | ) | $ | 6,339 | $ | (5,588 | ) | $ | 6,176 | $ | (16 | ) | $ | 163 | $ | (5,572 | ) | $ | 6,339 | $ | (5,588 | ) |
June 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | |||||||||||||
Investments reported at less than historical cost: | ||||||||||||||||
Historical cost | $ | 18,349 | $ | 11,925 | $ | 16,364 | $ | 11,925 | ||||||||
Fair value | $ | 12,530 | $ | 6,339 | $ | 10,502 | $ | 6,339 | ||||||||
Percent of the Corporation's available for sale and held to maturity portfolio | 1.3 | % | 0.7 | % | 1.1 | % | 0.7 | % |
Accumulated Credit Losses in 2012 | Accumulated Credit Losses in 2011 | Accumulated Credit Losses in 2012 | Accumulated Credit Losses in 2011 | |||||||||||||
Credit losses on debt securities held: | ||||||||||||||||
Balance, January 1 | $ | 11,355 | $ | 10,955 | $ | 11,355 | $ | 10,955 | ||||||||
Additions related to other-than-temporary losses not previously recognized | 400 | 400 | ||||||||||||||
Balance, June 30 | $ | 11,355 | $ | 11,355 | ||||||||||||
Balance, September 30 | $ | 11,355 | $ | 11,355 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Loans: | ||||||||||||||||
Commercial and industrial loans | $ | 552,353 | $ | 532,523 | $ | 592,517 | $ | 532,523 | ||||||||
Agricultural production financing and other loans to farmers | 106,135 | 104,526 | 107,166 | 104,526 | ||||||||||||
Real estate loans: | ||||||||||||||||
Construction | 99,588 | 81,780 | 93,610 | 81,780 | ||||||||||||
Commercial and farm land | 1,219,114 | 1,194,230 | 1,241,054 | 1,194,230 | ||||||||||||
Residential | 480,917 | 481,493 | 475,272 | 481,493 | ||||||||||||
Home Equity | 207,250 | 191,631 | 204,888 | 191,631 | ||||||||||||
Individual's loans for household and other personal expenditures | 83,933 | 84,172 | 77,171 | 84,172 | ||||||||||||
Lease financing receivables, net of unearned income | 2,976 | 3,555 | 2,970 | 3,555 | ||||||||||||
Other loans | 45,368 | 39,505 | 41,676 | 39,505 | ||||||||||||
2,797,634 | 2,713,415 | 2,836,324 | 2,713,415 | |||||||||||||
Allowance for loan losses | (70,143 | ) | (70,898 | ) | (69,493 | ) | (70,898 | ) | ||||||||
Total Loans | $ | 2,727,491 | $ | 2,642,517 | $ | 2,766,831 | $ | 2,642,517 |
Three Months Ended June 30, 2012 | Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Balances, April 1 | $ | 15,574 | $ | 37,907 | $ | 2,805 | $ | 14,083 | $ | 70,369 | |||||||||||||||||||||||||||||||||||||
Balances, July 1 | $ | 17,791 | $ | 35,133 | $ | 2,431 | $ | 14,788 | $ | 70,143 | |||||||||||||||||||||||||||||||||||||
Provision for losses | 4,325 | (750 | ) | (177 | ) | 1,147 | 4,545 | 5,431 | (879 | ) | 147 | (90 | ) | 4,609 | |||||||||||||||||||||||||||||||||
Recoveries on loans | 519 | 1,636 | 168 | 481 | 2,804 | 526 | 1,598 | 219 | 174 | 2,517 | |||||||||||||||||||||||||||||||||||||
Loans charged off | (2,627 | ) | (3,660 | ) | (365 | ) | (923 | ) | (7,575 | ) | (1,424 | ) | (4,439 | ) | (168 | ) | (1,745 | ) | (7,776 | ) | |||||||||||||||||||||||||||
Balances, June 30, 2012 | $ | 17,791 | $ | 35,133 | $ | 2,431 | $ | 14,788 | $ | 70,143 | |||||||||||||||||||||||||||||||||||||
Balances, September 30, 2012 | $ | 22,324 | $ | 31,413 | $ | 2,629 | $ | 13,127 | $ | 69,493 |
Six Months Ended June 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances, January 1 | $ | 17,731 | $ | 37,919 | $ | 2,902 | $ | 12,343 | $ | 3 | $ | 70,898 | $ | 17,731 | $ | 37,919 | $ | 2,902 | $ | 12,343 | $ | 3 | $ | 70,898 | ||||||||||||||||||||||||
Provision for losses | 4,902 | 1,028 | (161 | ) | 3,655 | (4 | ) | 9,420 | 10,333 | 149 | (14 | ) | 3,565 | (4 | ) | 14,029 | ||||||||||||||||||||||||||||||||
Recoveries on loans | 667 | 1,864 | 376 | 794 | 1 | 3,702 | 1,193 | 3,462 | 595 | 968 | 1 | 6,219 | ||||||||||||||||||||||||||||||||||||
Loans charged off | (5,509 | ) | (5,678 | ) | (686 | ) | (2,004 | ) | (13,877 | ) | (6,933 | ) | (10,117 | ) | (854 | ) | (3,749 | ) | (21,653 | ) | ||||||||||||||||||||||||||||
Balances, June 30, 2012 | $ | 17,791 | $ | 35,133 | $ | 2,431 | $ | 14,788 | $ | 70,143 | ||||||||||||||||||||||||||||||||||||||
Balances, September 30, 2012 | $ | 22,324 | $ | 31,413 | $ | 2,629 | $ | 13,127 | $ | 69,493 |
Three Months Ended June 30, 2011 | Three Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balances, April 1 | $ | 30,206 | $ | 37,240 | $ | 3,098 | $ | 10,371 | $ | 21 | $ | 80,936 | $ | 23,715 | $ | 38,668 | $ | 2,859 | $ | 11,877 | $ | 14 | $ | 77,133 | ||||||||||||||||||||||||
Provision for losses | (11,993 | ) | 14,264 | (253 | ) | 3,617 | (10 | ) | 5,625 | (903 | ) | 3,042 | 281 | 3,142 | (6 | ) | 5,556 | |||||||||||||||||||||||||||||||
Recoveries on loans | 6,351 | 545 | 332 | 225 | 3 | 7,456 | 1,176 | 378 | 163 | 237 | 1 | 1,955 | ||||||||||||||||||||||||||||||||||||
Loans charged off | (849 | ) | (13,381 | ) | (318 | ) | (2,336 | ) | (16,884 | ) | (4,344 | ) | (5,003 | ) | (266 | ) | (1,957 | ) | (11,570 | ) | ||||||||||||||||||||||||||||
Balances, June 30, 2011 | $ | 23,715 | $ | 38,668 | $ | 2,859 | $ | 11,877 | $ | 14 | $ | 77,133 | ||||||||||||||||||||||||||||||||||||
Balances, September 30, 2011 | $ | 19,644 | $ | 37,085 | $ | 3,037 | $ | 13,299 | $ | 9 | $ | 73,074 |
Six Months Ended June 30, 2011 | ||||||||||||||||||||||||
Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | |||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Balances, January 1 | $ | 32,508 | $ | 36,341 | $ | 3,622 | $ | 10,408 | $ | 98 | $ | 82,977 | ||||||||||||
Provision for losses | (13,875 | ) | 21,190 | (468 | ) | 4,459 | (87 | ) | 11,219 | |||||||||||||||
Recoveries on loans | 6,998 | 866 | 618 | 697 | 3 | 9,182 | ||||||||||||||||||
Loans charged off | (1,916 | ) | (19,729 | ) | (913 | ) | (3,687 | ) | (26,245 | ) | ||||||||||||||
Balances, June 30, 2011 | $ | 23,715 | $ | 38,668 | $ | 2,859 | $ | 11,877 | $ | 14 | $ | 77,133 |
Nine Months Ended September 30, 2011 | ||||||||||||||||||||||||
Commercial | Real Estate Commercial | Consumer | Residential | Finance Leases | Total | |||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||
Balances, January 1 | $ | 32,508 | $ | 36,341 | $ | 3,622 | $ | 10,408 | $ | 98 | $ | 82,977 | ||||||||||||
Provision for losses | (14,778 | ) | 24,232 | (187 | ) | 7,601 | (93 | ) | 16,775 | |||||||||||||||
Recoveries on loans | 8,174 | 1,244 | 781 | 934 | 4 | 11,137 | ||||||||||||||||||
Loans charged off | (6,260 | ) | (24,732 | ) | (1,179 | ) | (5,644 | ) | (37,815 | ) | ||||||||||||||
Balances, September 30, 2011 | $ | 19,644 | $ | 37,085 | $ | 3,037 | $ | 13,299 | $ | 9 | $ | 73,074 |
June 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | |||||||||||||||||||||||||||||||||||||
Allowance Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,447 | $ | 2,202 | $ | 1,427 | $ | 6,076 | $ | 1,775 | $ | 4,157 | $ | 319 | $ | 6,251 | ||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 15,344 | 32,931 | $ | 2,431 | 13,361 | 64,067 | 20,549 | 27,256 | $ | 2,629 | 12,808 | 63,242 | ||||||||||||||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 17,791 | $ | 35,133 | $ | 2,431 | $ | 14,788 | $ | 70,143 | $ | 22,324 | $ | 31,413 | $ | 2,629 | $ | 13,127 | $ | 69,493 | ||||||||||||||||||||||||||||
Loan Balances: | ||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 16,596 | $ | 56,343 | $ | 139 | $ | 15,204 | $ | 88,282 | $ | 16,286 | $ | 54,773 | $ | 8,906 | $ | 79,965 | ||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 687,260 | 1,262,359 | 83,794 | 672,963 | $ | 2,976 | 2,709,352 | 725,073 | 1,279,891 | $ | 77,171 | 671,254 | $ | 2,970 | 2,756,359 | |||||||||||||||||||||||||||||||||
Total Loans | $ | 703,856 | $ | 1,318,702 | $ | 83,933 | $ | 688,167 | $ | 2,976 | $ | 2,797,634 | ||||||||||||||||||||||||||||||||||||
�� Total Loans | $ | 741,359 | $ | 1,334,664 | $ | 77,171 | $ | 680,160 | $ | 2,970 | $ | 2,836,324 |
December 31, 2011 | ||||||||||||||||||||||||
Commercial | Commercial Real Estate | Consumer | Residential | Finance Leases | Total | |||||||||||||||||||
Allowance Balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,701 | $ | 2,504 | $ | 733 | $ | 7,938 | ||||||||||||||||
Collectively evaluated for impairment | 13,030 | 35,415 | $ | 2,902 | 11,610 | $ | 3 | 62,960 | ||||||||||||||||
Total Allowance for Loan Losses | $ | 17,731 | $ | 37,919 | $ | 2,902 | $ | 12,343 | $ | 3 | $ | 70,898 | ||||||||||||
Loan Balances: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 18,793 | $ | 51,980 | $ | 12,546 | $ | 83,319 | ||||||||||||||||
Collectively evaluated for impairment | 657,760 | 1,224,031 | $ | 84,172 | 660,578 | $ | 3,555 | 2,630,096 | ||||||||||||||||
Total Loans | $ | 676,553 | $ | 1,276,011 | $ | 84,172 | $ | 673,124 | $ | 3,555 | $ | 2,713,415 |
September 30, | December 31, | |||||||
2012 | 2011 | |||||||
Commercial and Industrial | $ | 12,507 | $ | 12,246 | ||||
Real Estate Loans: | ||||||||
Construction | 5,440 | 8,990 | ||||||
Commercial and farm land | 24,501 | 31,093 | ||||||
Residential | 12,444 | 14,805 | ||||||
Home Equity | 1,761 | 1,896 | ||||||
Individuals loans for household and other personal expenditures | 3 | 1 | ||||||
Lease financing receivables, net of unearned income | 337 | |||||||
Other Loans | 6 | 561 | ||||||
Total | $ | 56,999 | $ | 69,592 |
June 30, | December 31, | |||||||
2012 | 2011 | |||||||
Commercial and Industrial | $ | 13,723 | $ | 12,246 | ||||
Agriculture production financing and other loans | ||||||||
Real Estate Loans: | ||||||||
Construction | 7,630 | 8,990 | ||||||
Commercial and farm land | 26,838 | 31,093 | ||||||
Residential | 12,583 | 14,805 | ||||||
Home Equity | 1,855 | 1,896 | ||||||
Individuals loans for household and other personal expenditures | 146 | 1 | ||||||
Lease financing receivables, net of unearned income | 345 | |||||||
Other Loans | 7 | 561 | ||||||
Total | $ | 63,127 | $ | 69,592 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | June 30, 2012 | June 30, 2012 | September 30, 2012 | September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no related allowance: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 26,307 | $ | 10,487 | $ | 11,411 | $ | 39 | $ | 12,418 | $ | 64 | $ | 27,363 | $ | 10,743 | $ | 9,994 | $ | 26 | $ | 11,615 | $ | 68 | ||||||||||||||||||||||||||||||||
Agriculture production financing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and other loans to farmers | 300 | 300 | 300 | 300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 12,309 | 7,197 | 8,040 | 16 | 8,581 | 29 | 10,743 | 6,378 | 6,658 | 17 | 7,665 | 47 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and farm land | 57,740 | 38,884 | 41,084 | 315 | 42,615 | 575 | 52,953 | 35,606 | 31,081 | 250 | 33,459 | 706 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 8,372 | 5,589 | 5,815 | 15 | 6,072 | 26 | 9,307 | 6,716 | 6,936 | 20 | 7,342 | 54 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | 3,754 | 567 | 570 | 3 | 585 | 6 | 3,901 | 711 | 713 | 3 | 727 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Individuals loans for household and | 139 | 139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
other personal expenditures | 283 | 139 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 91 | 18 | 18 | 19 | 87 | 16 | 17 | 18 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 108,856 | $ | 62,881 | $ | 67,077 | $ | 388 | $ | 70,429 | $ | 700 | $ | 104,654 | $ | 60,470 | $ | 55,699 | $ | 316 | $ | 61,126 | $ | 886 | ||||||||||||||||||||||||||||||||
Impaired loans with related allowance: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 6,523 | $ | 6,091 | $ | 2,447 | $ | 6,111 | $ | 11 | $ | 6,136 | $ | 21 | $ | 5,570 | $ | 5,227 | $ | 1,775 | $ | 5,244 | $ | 11 | $ | 5,307 | $ | 32 | ||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 2,176 | 1,931 | 235 | 1,931 | 1,936 | 725 | 480 | 51 | 510 | 541 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and farm land | 9,671 | 8,330 | 1,967 | 8,369 | 45 | 8,505 | 89 | 13,021 | 12,309 | 4,106 | 12,326 | 32 | 12,371 | 95 | ||||||||||||||||||||||||||||||||||||||||||
Residential | 2,115 | 2,008 | 552 | 2,012 | 19 | 1,993 | 38 | 1,578 | 1,479 | 319 | 1,485 | 19 | 1,485 | 56 | ||||||||||||||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individuals loans for household and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other personal expenditures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20,485 | $ | 18,360 | $ | 5,201 | $ | 18,423 | $ | 75 | $ | 18,570 | $ | 148 | $ | 20,894 | $ | 19,495 | $ | 6,251 | $ | 19,565 | $ | 62 | $ | 19,704 | $ | 183 | ||||||||||||||||||||||||||||
Total Impaired Loans | $ | 129,341 | $ | 81,241 | $ | 5,201 | $ | 85,500 | $ | 463 | $ | 88,999 | $ | 848 | $ | 125,548 | $ | 79,965 | $ | 6,251 | $ | 75,264 | $ | 378 | $ | 80,830 | $ | 1,069 |
December 31,2011 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||
Impaired loans with no related allowance: | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 23,364 | $ | 10,116 | $ | 13,399 | $ | 615 | $ | 23,364 | $ | 10,116 | $ | 13,399 | $ | 615 | ||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
Construction | 14,301 | 7,701 | 8,836 | 14,301 | 7,701 | 8,836 | ||||||||||||||||||||||||||||||||||
Commercial and farm land | 49,242 | 34,571 | 39,032 | 591 | 49,242 | 34,571 | 39,032 | 591 | ||||||||||||||||||||||||||||||||
Residential | 7,491 | 6,185 | 6,539 | 20 | 7,491 | 6,185 | 6,539 | 20 | ||||||||||||||||||||||||||||||||
Home equity | 4,425 | 1,241 | 1,500 | 15 | 4,425 | 1,241 | 1,500 | 15 | ||||||||||||||||||||||||||||||||
Individuals loans for household and | ||||||||||||||||||||||||||||||||||||||||
other personal expenditures | ||||||||||||||||||||||||||||||||||||||||
Other loans | 99 | 21 | 24 | 99 | 21 | 24 | ||||||||||||||||||||||||||||||||||
Total | $ | 98,922 | $ | 59,835 | $ | 69,330 | $ | 1,241 | $ | 98,922 | $ | 59,835 | $ | 69,330 | $ | 1,241 | ||||||||||||||||||||||||
Impaired loans with related allowance: | ||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,691 | $ | 8,104 | $ | 4,142 | $ | 8,196 | $ | 174 | $ | 8,691 | $ | 8,104 | $ | 4,142 | $ | 8,196 | $ | 174 | ||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||
Construction | 961 | 961 | 321 | 961 | 961 | 961 | 321 | 961 | ||||||||||||||||||||||||||||||||
Commercial and farm land | 12,115 | 8,748 | 2,183 | 10,028 | 140 | 12,115 | 8,748 | 2,183 | 10,028 | 140 | ||||||||||||||||||||||||||||||
Residential | 1,888 | 1,575 | 391 | 1,687 | 7 | 1,888 | 1,575 | 391 | 1,687 | 7 | ||||||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||||||||||||||
Individuals loans for household and | ||||||||||||||||||||||||||||||||||||||||
other personal expenditures | ||||||||||||||||||||||||||||||||||||||||
Other loans | 579 | 552 | 559 | 590 | 579 | 552 | 559 | 590 | ||||||||||||||||||||||||||||||||
Total | $ | 24,234 | $ | 19,940 | $ | 7,596 | $ | 21,462 | $ | 321 | $ | 24,234 | $ | 19,940 | $ | 7,596 | $ | 21,462 | $ | 321 | ||||||||||||||||||||
Total Impaired Loans | $ | 123,156 | $ | 79,775 | $ | 7,596 | $ | 90,792 | $ | 1,562 | $ | 123,156 | $ | 79,775 | $ | 7,596 | $ | 90,792 | $ | 1,562 |
Pass – Loans that are considered to be of acceptable credit quality. |
Special Mention – Loans which possess some credit deficiency or potential weakness, which deserves close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Corporation’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Corporation to sufficient risk to warrant adverse classification. |
● | Substandard – A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected. Other characteristics may include: |
o | the likelihood that a loan will be paid from the primary source of repayment is uncertain or financial deterioration is underway and very close attention is warranted to ensure that the loan is collected without loss, |
o | the primary source of repayment is gone, and the Corporation is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees, |
o | loans have a distinct possibility that the Corporation will sustain some loss if deficiencies are not corrected, |
o | unusual courses of action are needed to maintain a high probability of repayment, |
o | the borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments, |
o | the Corporation is forced into a subordinated or unsecured position due to flaws in documentation, |
o | loans have been restructured so that payment schedules, terms and collateral represent concessions to the borrower when compared to the normal loan terms, |
o | the Corporation is seriously contemplating foreclosure or legal action due to the apparent deterioration of the loan, and |
o | there is significant deterioration in market conditions to which the borrower is highly vulnerable. |
Doubtful – Loans that have all of the weaknesses of those classified as Substandard. However, based on currently existing facts, conditions and values, these weaknesses make full collection of principal highly questionable and improbable. Other credit characteristics may include the primary source of repayment is gone or there is considerable doubt as to the quality of the secondary sources of repayment. The possibility of loss is high, but because of certain important pending factors that may strengthen the loan, loss classification is deferred until the exact status of repayment is known. |
Loss – Loans that are considered uncollectible and of such little value that continuing to carry them as an asset is not warranted. Loans will be classified as Loss when it is neither practical not desirable to defer writing off or reserving all or a portion of a basically worthless asset, even though partial recovery may be possible at some time in the future. |
June 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Pass | Commercial Special Mention | Commercial Substandard | Commercial Doubtful | Consumer Performing | Consumer Non- Performing | Total Loans | Commercial Pass | Commercial Special Mention | Commercial Substandard | Commercial Doubtful | Consumer Performing | Consumer Non-Performing | Total Loans | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 485,220 | $ | 37,086 | $ | 25,293 | $ | 4,754 | $ | 552,353 | $ | 524,180 | $ | 25,143 | $ | 36,564 | $ | 6,630 | $ | 592,517 | ||||||||||||||||||||||||||||||||||||
Agriculture production financing and other loans | 105,269 | 352 | 514 | 106,135 | 106,775 | 230 | 161 | 107,166 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 76,112 | 2,116 | 21,246 | $ | 114 | 99,588 | 78,655 | 1,639 | 13,140 | $ | 176 | 93,610 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and farm land | 1,079,776 | 45,377 | 93,101 | 802 | 58 | 1,219,114 | 1,105,407 | 48,344 | 86,500 | 475 | 328 | 1,241,054 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 132,361 | 9,552 | 16,885 | 459 | $ | 314,191 | 7,469 | 480,917 | 142,394 | 4,909 | 14,709 | 1,360 | $ | 304,255 | 7,645 | 475,272 | ||||||||||||||||||||||||||||||||||||||||
Home equity | 14,543 | 1,298 | 1,778 | 188,108 | 1,523 | 207,250 | 11,036 | 1,344 | 1,021 | 189,938 | 1,549 | 204,888 | ||||||||||||||||||||||||||||||||||||||||||||
Individuals loans for household and other personal expenditures | 83,925 | 8 | 83,933 | 77,168 | 3 | 77,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing receivables, net of unearned income | 2,976 | 2,976 | 2,633 | 337 | 2,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 45,314 | 11 | 43 | 45,368 | 41,640 | 36 | 41,676 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,938,595 | $ | 95,792 | $ | 158,860 | $ | 6,015 | $ | 589,200 | $ | 9,172 | $ | 2,797,634 | $ | 2,010,087 | $ | 81,609 | $ | 152,131 | $ | 8,465 | $ | 573,994 | $ | 10,038 | $ | 2,836,324 |
December 31, 2011 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Pass | Commercial Special Mention | Commercial Substandard | Commercial Doubtful | Consumer Performing | Consumer Non Performing | Total Loans | Commercial Pass | Commercial Special Mention | Commercial Substandard | Commercial Doubtful | Consumer Performing | Consumer Non Performing | Total Loans | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 478,885 | $ | 22,405 | $ | 28,025 | $ | 3,208 | $ | 532,523 | $ | 478,885 | $ | 22,405 | $ | 28,025 | $ | 3,208 | $ | 532,523 | ||||||||||||||||||||||||||||||||||||
Agriculture production financing and other loans | 101,289 | 1,582 | 1,655 | 104,526 | 101,289 | 1,582 | 1,655 | 104,526 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 47,611 | 3,672 | 22,376 | $ | 7,762 | $ | 359 | 81,780 | 47,611 | 3,672 | 22,376 | $ | 7,762 | $ | 359 | 81,780 | ||||||||||||||||||||||||||||||||||||||||
Commercial and farm land | 1,033,397 | 54,697 | 103,330 | 1,724 | 1,035 | 47 | 1,194,230 | 1,033,397 | 54,697 | 103,330 | 1,724 | 1,035 | 47 | 1,194,230 | ||||||||||||||||||||||||||||||||||||||||||
Residential | 139,237 | 9,175 | 16,699 | 500 | 308,306 | 7,576 | 481,493 | 139,237 | 9,175 | 16,699 | 500 | 308,306 | 7,576 | 481,493 | ||||||||||||||||||||||||||||||||||||||||||
Home equity | 15,912 | 499 | 3,317 | 170,776 | 1,127 | 191,631 | 15,912 | 499 | 3,317 | 170,776 | 1,127 | 191,631 | ||||||||||||||||||||||||||||||||||||||||||||
Individuals loans for household and other personal expenditures | 84,121 | 51 | 84,172 | 84,121 | 51 | 84,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing receivables, net of unearned income | 3,555 | 3,555 | 3,555 | 3,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 38,917 | 15 | 21 | 552 | 39,505 | 38,917 | 15 | 21 | 552 | 39,505 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,855,248 | $ | 92,045 | $ | 175,423 | $ | 5,984 | $ | 575,555 | $ | 9,160 | $ | 2,713,415 | $ | 1,855,248 | $ | 92,045 | $ | 175,423 | $ | 5,984 | $ | 575,555 | $ | 9,160 | $ | 2,713,415 |
June 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Loans > 90 Days And Accruing | Non- Accrual | Total Past Due & Non- Accrual | Total Loans | Current | 30-59 Days Past Due | 60-89 Days Past Due | Loans > 90 Days And Accruing | Non-Accrual | Total Past Due & Non-Accrual | Total Loans | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 535,910 | $ | 2,086 | $ | 506 | $ | 128 | $ | 13,723 | $ | 16,443 | $ | 552,353 | $ | 574,730 | $ | 4,800 | $ | 434 | $ | 46 | $ | 12,507 | $ | 17,787 | $ | 592,517 | ||||||||||||||||||||||||||||
Agriculture production financing and other loans | 106,135 | 106,135 | 106,782 | 74 | 10 | 300 | 384 | 107,166 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 91,751 | 202 | 5 | 7,630 | 7,837 | 99,588 | 87,829 | 341 | 5,440 | 5,781 | 93,610 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and farm land | 1,184,882 | 5,095 | 2,122 | 177 | 26,838 | 34,232 | 1,219,114 | 1,209,194 | 6,931 | 65 | 363 | 24,501 | 31,860 | 1,241,054 | ||||||||||||||||||||||||||||||||||||||||||
Residential | 459,104 | 6,967 | 1,936 | 327 | 12,583 | 21,813 | 480,917 | 453,234 | 5,835 | 2,788 | 971 | 12,444 | 22,038 | 475,272 | ||||||||||||||||||||||||||||||||||||||||||
Home equity | 203,794 | 904 | 669 | 28 | 1,855 | 3,456 | 207,250 | 200,402 | 1,532 | 899 | 294 | 1,761 | 4,486 | 204,888 | ||||||||||||||||||||||||||||||||||||||||||
Individuals loans for household and other personal expenditures | 83,065 | 649 | 73 | 146 | 868 | 83,933 | 76,053 | 720 | 395 | 3 | 1,118 | 77,171 | ||||||||||||||||||||||||||||||||||||||||||||
Lease financing receivables, net of unearned income | 2,631 | 345 | 345 | 2,976 | 2,633 | 337 | 337 | 2,970 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 45,361 | 7 | 7 | 45,368 | 41,670 | 6 | 6 | 41,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,712,633 | $ | 15,903 | $ | 5,306 | $ | 665 | $ | 63,127 | $ | 85,001 | $ | 2,797,634 | $ | 2,752,527 | $ | 20,233 | $ | 4,591 | $ | 1,974 | $ | 56,999 | $ | 83,797 | $ | 2,836,324 |
December 31, 2011 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Loans > 90 Days And Accruing | Non- Accrual | Total Past Due & Non- Accrual | Total Loans | Current | 30-59 Days Past Due | 60-89 Days Past Due | Loans > 90 Days And Accruing | Non-Accrual | Total Past Due & Non-Accrual | Total Loans | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 518,764 | $ | 1,332 | $ | 135 | $ | 46 | $ | 12,246 | $ | 13,759 | $ | 532,523 | $ | 518,764 | $ | 1,332 | $ | 135 | $ | 46 | $ | 12,246 | $ | 13,759 | $ | 532,523 | ||||||||||||||||||||||||||||
Agriculture production financing and other loans | 104,464 | 62 | 62 | 104,526 | 104,464 | 62 | 62 | 104,526 | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 69,305 | 328 | 3,126 | 31 | 8,990 | 12,475 | 81,780 | 69,305 | 328 | 3,126 | 31 | 8,990 | 12,475 | 81,780 | ||||||||||||||||||||||||||||||||||||||||||
Commercial and farm land | 1,140,897 | 16,457 | 5,783 | 31,093 | 53,333 | 1,194,230 | 1,140,897 | 16,457 | 5,783 | 31,093 | 53,333 | 1,194,230 | ||||||||||||||||||||||||||||||||||||||||||||
Residential | 458,925 | 5,485 | 2,087 | 191 | 14,805 | 22,568 | 481,493 | 458,925 | 5,485 | 2,087 | 191 | 14,805 | 22,568 | 481,493 | ||||||||||||||||||||||||||||||||||||||||||
Home equity | 187,788 | 1,096 | 590 | 261 | 1,896 | 3,843 | 191,631 | 187,788 | 1,096 | 590 | 261 | 1,896 | 3,843 | 191,631 | ||||||||||||||||||||||||||||||||||||||||||
Individuals loans for household and other personal expenditures | 82,837 | 1,075 | 208 | 51 | 1 | 1,335 | 84,172 | 82,837 | 1,075 | 208 | 51 | 1 | 1,335 | 84,172 | ||||||||||||||||||||||||||||||||||||||||||
Lease financing receivables, net of unearned income | 3,555 | 3,555 | 3,555 | 3,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans | 38,944 | 561 | 561 | 39,505 | 38,944 | 561 | 561 | 39,505 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,605,479 | $ | 25,835 | $ | 11,929 | $ | 580 | $ | 69,592 | $ | 107,936 | $ | 2,713,415 | $ | 2,605,479 | $ | 25,835 | $ | 11,929 | $ | 580 | $ | 69,592 | $ | 107,936 | $ | 2,713,415 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | June 30, 2012 | September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | Number | |||||||||||||||||||||||||||||||||||||||
Recorded Balance | Recorded Balance | Number of Loans | Recorded Balance | Recorded Balance | Number of Loans | Recorded Balance | Recorded Balance | of Loans | Recorded Balance | Recorded Balance | of Loans | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 166 | $ | 166 | 2 | $ | 405 | $ | 405 | 4 | $ | 875 | $ | 1,048 | 3 | $ | 1,155 | $ | 1,327 | 6 | ||||||||||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction | 491 | 350 | 1 | 491 | 350 | 1 | 303 | 303 | 1 | 794 | 653 | 2 | ||||||||||||||||||||||||||||||||||||
Commercial and farm land | 730 | 735 | 4 | 2,508 | 2,369 | 6 | 875 | 875 | 2 | 2,967 | 2,828 | 7 | ||||||||||||||||||||||||||||||||||||
Residential | 1,733 | 1,598 | 11 | 1,957 | 1,822 | 15 | 239 | 241 | 4 | 2,196 | 2,063 | 19 | ||||||||||||||||||||||||||||||||||||
Individuals loans for household and other personal expenditures | 90 | 117 | 4 | 90 | 117 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,120 | $ | 2,849 | 18 | $ | 5,361 | $ | 4,946 | 26 | $ | 2,382 | $ | 2,584 | 14 | $ | 7,202 | $ | 6,988 | 38 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, 2011 | September 30, 2011 | |||||||||||||||||||||||
Pre-Modification | Post-Modification | Number | Pre-Modification | Post-Modification | Number | |||||||||||||||||||
Recorded Balance | Recorded Balance | of Loans | Recorded Balance | Recorded Balance | of Loans | |||||||||||||||||||
Commercial and Industrial | $ | 535 | $ | 552 | 5 | $ | 1,636 | $ | 1,651 | 10 | ||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||
Construction | 40 | 41 | 1 | 175 | 184 | 3 | ||||||||||||||||||
Commercial and farm land | 379 | 379 | 1 | 4,357 | 4,346 | 6 | ||||||||||||||||||
Residential | 1,034 | 1,407 | 10 | 2,690 | 3,115 | 30 | ||||||||||||||||||
Home Equity | 82 | 87 | 8 | |||||||||||||||||||||
Total | $ | 1,988 | $ | 2,379 | 17 | $ | 8,940 | $ | 9,383 | 57 |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
June 30, 2012 | September 30, 2012 | ||||||||||||||||||||||||||||||
Term | Rate | Total | Term | Rate | Total | ||||||||||||||||||||||||||
Modification | Modification | Combination | Modification | Modification | Modification | Combination | Modification | ||||||||||||||||||||||||
Commercial and industrial | $ | 31 | $ | 31 | $ | 1,048 | $ | 1,048 | |||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||||
Construction | 346 | 346 | 299 | 299 | |||||||||||||||||||||||||||
Commercial and farm land | $ | 82 | 599 | 681 | $ | 680 | 195 | 875 | |||||||||||||||||||||||
Residential | 531 | $ | 258 | 720 | 1,509 | 167 | 167 | ||||||||||||||||||||||||
Individuals loans for household and other personal expenditures | 7 | 109 | 116 | ||||||||||||||||||||||||||||
Total | $ | 613 | $ | 258 | $ | 1,696 | $ | 2,567 | $ | 687 | $ | 1,818 | $ | 2,505 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
June 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||||||||
Term | Rate | Total | Term | Rate | Total | |||||||||||||||||||||||||||
Modification | Modification | Combination | Modification | Modification | Modification | Combination | Modification | |||||||||||||||||||||||||
Commercial and industrial | $ | 238 | $ | 31 | $ | 269 | $ | 230 | $ | 1,072 | $ | 1,302 | ||||||||||||||||||||
Real Estate Loans: | ||||||||||||||||||||||||||||||||
Construction | 346 | 346 | 639 | 639 | ||||||||||||||||||||||||||||
Commercial and farm land | 1,717 | 599 | 2,316 | 1,693 | $ | 680 | 385 | 2,758 | ||||||||||||||||||||||||
Residential | 531 | $ | 258 | 944 | 1,733 | 528 | 252 | 1,100 | 1,880 | |||||||||||||||||||||||
Individuals loans for household and other personal expenditures | 7 | 109 | 116 | |||||||||||||||||||||||||||||
Total | $ | 2,486 | $ | 258 | $ | 1,920 | $ | 4,664 | $ | 2,451 | $ | 939 | $ | 3,305 | $ | 6,695 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2012 | June 30, 2012 | |||||||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||||||
Commercial and Industrial | 1 | $ | 46 | |||||||||||||
Real Estate Loans: | ||||||||||||||||
Construction | ||||||||||||||||
Commercial and farm land | 2 | $ | 445 | 3 | 1,203 | |||||||||||
Residential | 5 | 2,283 | 5 | 2,283 | ||||||||||||
Total | 7 | $ | 2,728 | 9 | $ | 3,532 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||||||
Commercial and Industrial | 3 | $ | 1,415 | 3 | $ | 1,415 | ||||||||||
Real Estate Loans: | ||||||||||||||||
Commercial and farm land | 1 | 23 | 1 | 23 | ||||||||||||
Residential | 7 | 371 | 11 | 2,494 | ||||||||||||
Total | 11 | $ | 1,809 | 15 | $ | 3,932 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2011 | September 30, 2011 | |||||||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | |||||||||||||
Commercial and Industrial | 1 | $ | 66 | 2 | $ | 553 | ||||||||||
Real Estate Loans: | ||||||||||||||||
Commercial and farm land | 1 | |||||||||||||||
Residential | 3 | 271 | 3 | 657 | ||||||||||||
Home Equity | 1 | 11 | 1 | 11 | ||||||||||||
Total | 5 | $ | 348 | 7 | $ | 1,221 |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | |||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts | Other Assets | $ | 206 | Other Assets | $ | 424 | Other Liabilities | $ | 3,617 | Other Liabilities | $ | 2,305 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts | Other Assets | $ | 6,412 | Other Assets | $ | 5,241 | Other Liabilities | $ | 6,789 | Other Liabilities | $ | 5,492 |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
June 30, 2012 | December 31, 2011 | June 30, 2012 | December 31, 2011 | |||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts | Other Assets | $ | 243 | Other Assets | $ | 424 | Other Liabilities | $ | 3,277 | Other Liabilities | $ | 2,305 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Interest rate contracts | Other Assets | $ | 5,552 | Other Assets | $ | 5,241 | Other Liabilities | $ | 5,859 | Other Liabilities | $ | 5,492 |
Derivatives Not Designated as Hedging Instruments under ASC 815-10 | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | ||||||||||||
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2011 | Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||
Interest rate contracts | Other income | $ | (58 | ) | $ | (55 | ) | Other income | $ | (70 | ) | $ | (125 | ) | ||||
Derivatives Not Designated as Hedging Instruments under ASC 815-10 | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | Location of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | Amount of Gain (Loss) Recognized Income on Derivative | ||||||||||||
Three Months Ended June 30, 2011 | Six Months Ended June 30, 2011 | Three Months Ended September 30, 2011 | Nine Months Ended September 30, 2011 | |||||||||||||||
Interest rate contracts | Other income | $ | (21 | ) | $ | 2 | Other income | $ | (95 | ) | $ | (93 | ) |
Fair Value Measurements Using | |||||||||||||
September 30, 2012 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Available for sale securities: | |||||||||||||
U.S. Government-sponsored agency securities | $ | 4,782 | $ | 4,782 | |||||||||
State and municipal | 161,017 | 142,798 | $ | 18,219 | |||||||||
U.S. Government-sponsored mortgage-backed securities | 383,912 | 383,912 | |||||||||||
Corporate obligations | 202 | 202 | |||||||||||
Equity securities | 1,706 | 1,702 | 4 | ||||||||||
Interest rate swap asset | 6,412 | 6,412 | |||||||||||
Interest rate cap | 206 | 206 | |||||||||||
Interest rate swap liability | (10,406 | ) | (10,406 | ) | |||||||||
Fair Value Measurements Using | |||||||||||||
December 31, 2011 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Available for sale securities: | |||||||||||||
U.S. Government-sponsored agency securities | $ | 117 | $ | 117 | |||||||||
State and municipal | 147,353 | 126,712 | $ | 20,641 | |||||||||
U.S. Government-sponsored mortgage-backed securities | 368,998 | 368,998 | |||||||||||
Corporate obligations | 193 | 193 | |||||||||||
Equity securities | 1,830 | 1,826 | 4 | ||||||||||
Interest rate swap asset | 5,241 | 5,241 | |||||||||||
Interest rate cap | 424 | 424 | |||||||||||
Interest rate swap liability | (7,797 | ) | (7,797 | ) |
Fair Value Measurements Using | ||||||||||||||||
June 30, 2012 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Available for sale securities: | ||||||||||||||||
U.S. Government-sponsored agency securities | $ | 4,933 | $ | 4,933 | ||||||||||||
State and municipal | 145,597 | 126,059 | $ | 19,538 | ||||||||||||
U.S. Government-sponsored mortgage-backed securities | 383,562 | 383,562 | ||||||||||||||
Corporate obligations | 11,629 | 11,431 | 198 | |||||||||||||
Marketable equity securities | 1,830 | 1,826 | 4 | |||||||||||||
Interest rate swap asset | 5,552 | 5,552 | ||||||||||||||
Interest rate cap | 243 | 243 | ||||||||||||||
Interest rate swap liability | (9,136 | ) | (9,136 |
Fair Value Measurements Using | ||||||||||||||||
December 31, 2011 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Available for sale securities: | ||||||||||||||||
U.S. Government-sponsored agency securities | $ | 17 | $ | 17 | ||||||||||||
State and municipal | 147,353 | 126,712 | $ | 20,641 | ||||||||||||
U.S. Government-sponsored mortgage-backed securities | 368,998 | 368,998 | ||||||||||||||
Corporate obligations | 193 | 193 | ||||||||||||||
Marketable equity securities | 1,830 | 1,826 | 4 | |||||||||||||
Interest rate swap asset | 5,241 | 5,241 | ||||||||||||||
Interest rate cap | 424 | 424 | ||||||||||||||
Interest rate swap liability | (7,797 | ) | (7,797 | ) |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of the period | $ | 19,878 | $ | 20,838 | $ | 5,241 | $ | 424 | $ | (7,797 | ) | $ | 19,740 | $ | 20,838 | $ | 5,241 | $ | 424 | $ | (7,797 | ) | |||||||||||||||||||||||||||||||||||||||
Total realized and unrealized gains and losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in net income (loss) | (860 | ) | 863 | (860 | ) | 863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | (238 | ) | (761 | ) | 481 | (15 | ) | (183 | ) | (944 | ) | 481 | (15 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | (4,862 | ) | (409 | ) | 6,934 | (4,862 | ) | (409 | ) | 6,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments/additions | 100 | (337 | ) | (1,132 | ) | (1,469 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2012 | $ | 19,740 | $ | 19,740 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2012 | $ | 18,425 | $ | 18,425 |
Three Months Ended June 30, 2011 | Six Months Ended June 30, 2011 | Three Months Ended September 30, 2011 | Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | Available for Sale Securities | Interest Rate Swap Asset | Interest Rate Cap | Interest Rate Swap Liability | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of the period | $ | 173 | $ | 3,647 | $ | 1,124 | $ | (3,379 | ) | $ | 186 | $ | 4,002 | $ | 1,109 | $ | (3,876 | ) | $ | 180 | $ | 3,783 | $ | 954 | $ | (3,986 | ) | $ | 186 | $ | 4,002 | $ | 1,109 | $ | (3,876 | ) | ||||||||||||||||||||||||||||
Total realized and unrealized gains and losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in net income (loss) | 586 | (607 | ) | (400 | ) | 112 | (110 | ) | 3,251 | (3,345 | ) | (400 | ) | 3,363 | (3,455 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Included in other comprehensive income | (82 | ) | (450 | ) | (170 | ) | 240 | (331 | ) | (155 | ) | (45 | ) | (1,726 | ) | (498 | ) | 195 | (2,057 | ) | (653 | ) | ||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances and settlements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers in/(out) of Level 3 | 18,711 | 18,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments | 89 | 154 | 65 | 219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at June 30, 2011 | $ | 180 | $ | 3,783 | $ | 954 | $ | (3,986 | ) | $ | 180 | $ | 3,783 | $ | 954 | $ | (3,986 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at September 30, 2011 | $ | 18,911 | $ | 5,308 | $ | 456 | $ | (7,331 | ) | $ | 18,911 | $ | 5,308 | $ | 456 | $ | (7,331 | ) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Reason for Transfer | ||||||||
Transfers from Level: | |||||||||||
Interest rate swap asset | $ | 4,862 | The interest rate swap and cap instruments were transferred from Level 3 to Level 2 as of March 31, 2012 due to the Corporation's additional analysis of valuation methodologies. These instruments are valued using widely accepted valuation techniques including discounted cash flow analysis using observable inputs such as contractual terms and Libor-based rate curves. | ||||||||
Interest rate cap | 409 | ||||||||||
Interest rate swap liability | 6,934 | ||||||||||
Total Transfers from Level | $ | 12,205 | |||||||||
Transfers to Level: | |||||||||||
Interest rate swap asset | $ | 4,862 | The interest rate swap and cap instruments were transferred from Level 3 to Level 2 as of March 31, 2012 due to the Corporation's additional analysis of valuation methodologies. These instruments are valued using widely accepted valuation techniques including discounted cash flow analysis using observable inputs such as contractual terms and Libor-based rate curves. | ||||||||
Interest rate cap | 409 | ||||||||||
Interest rate swap liability | 6,934 | ||||||||||
Total Transfers to Level | $ | 12,205 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Transfers from Level: | |||||||||||||
Interest rate swap asset | $ | 4,862 | The interest rate swap and cap instruments were transferred | ||||||||||
Interest rate cap | 409 | from Level 3 to Level 2 as of March 31, 2012 due to the Corporation's additional analysis of valuation methodologies. These instruments are valued using widely accepted valuation techniques including discounted cash flow analysis using observable inputs such as contractual terms and Libor-based rate curves. | |||||||||||
Interest rate swap liability | 6,934 | ||||||||||||
Total Transfers from Level | $ | 12,205 | |||||||||||
Transfers to Level: | |||||||||||||
Interest rate swap asset | $ | 4,862 | The interest rate swap and cap instruments were transferred | ||||||||||
Interest rate cap | 409 | from Level 3 to Level 2 as of March 31, 2012 due to the Corporation's additional analysis of valuation methodologies. These instruments are valued using widely accepted valuation techniques including discounted cash flow analysis using observable inputs such as contractual terms and Libor-based rate curves. | |||||||||||
Interest rate swap liability | 6,934 | ||||||||||||
Total Transfers to Level | $ | 12,205 |
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||||||||||||||
June 30, 2012 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
September 30, 2012 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Impaired loans | $ | 20,780 | $ | 20,780 | $ | 25,853 | $ | 25,853 | |||||||||||||||||||
Other real estate owned (collateral dependent) | $ | 6,563 | $ | 6,563 | $ | 5,132 | $ | 5,132 |
Fair Value Measurements Using | ||||||||||||||||
December 31, 2011 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Impaired loans | $ | 22,885 | $ | 22,885 | ||||||||||||
Other real estate owned (collateral dependent) | $ | 7,882 | $ | 7,882 |
Fair Value Measurements Using | |||||||||||
December 31, 2011 | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||
Impaired loans | $ | 22,885 | $ | 22,885 | |||||||
Other real estate owned (collateral dependent) | $ | 7,882 | $ | 7,882 |
Fair Value | Valuation Technique | Unobservable Inputs | Range | Fair Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||
State and municipal securities | $ | 19,538 | Discounted cash flow | Maturity/Call date | 1 month to 11 yrs | $ | 18,219 | Discounted cash flow | Maturity/Call date | 1 month to 11 yrs | ||||||||||
Blend of US Muni BQ curve | A- to BBB- | Blend of US Muni BQ curve | A- to BBB- | |||||||||||||||||
Discount rate | 1% - 4 | % | Discount rate | 1% - 4 | % | |||||||||||||||
Corporate obligations/ Marketable equity securities | $ | 202 | Discounted cash flow | Risk free rate | 3 month libor | |||||||||||||||
Corporate obligations/Equity securities | $ | 206 | Discounted cash flow | Risk free rate | 3 month libor | |||||||||||||||
plus Premium for illiquidity | plus 200bps | plus Premium for illiquidity | plus 200bps | |||||||||||||||||
Impaired loans (collateral dependent) | $ | 20,780 | Collateral based measurements | Discount to reflect current market conditions and ultimate collectabilty | 0% - 50 | % | $ | 25,853 | Collateral based | Discount to reflect current market | 0% - 50 | % | ||||||||
measurements | conditions and ultimate collectability | |||||||||||||||||||
Other real estate owned | $ | 6,563 | Appraisals | Discount to reflect current market conditions | 0% - 20 | % | $ | 5,132 | Appraisals | Discount to reflect current market | 0% - 20 | % | ||||||||
conditions |
September 30, 2012 | ||||||||||||||||
(unaudited) | ||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | ||||||||||||||||
Cash and due from banks | $ | 57,027 | $ | 57,027 | ||||||||||||
Interest-bearing time deposits | 35,324 | 35,324 | ||||||||||||||
Investment securities available for sale | 551,619 | $ | 533,194 | $ | 18,425 | |||||||||||
Investment securities held to maturity | 377,097 | 385,155 | 11,062 | |||||||||||||
Mortgage loans held for sale | 27,711 | 27,711 | ||||||||||||||
Loans | 2,766,831 | 2,793,212 | ||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 32,824 | 32,824 | ||||||||||||||
Interest rate swap asset | 6,618 | 6,618 | ||||||||||||||
Interest receivable | 17,519 | 17,519 | ||||||||||||||
Liabilities: | ||||||||||||||||
Deposits | $ | 3,194,751 | $ | 2,292,977 | $ | 902,678 | ||||||||||
Borrowings: | ||||||||||||||||
Federal funds purchased | 57,024 | 57,024 | ||||||||||||||
Securities sold under repurchase agreements | 153,454 | 154,017 | ||||||||||||||
Federal Home Loan Bank advances | 145,467 | 148,985 | ||||||||||||||
Subordinated debentures, revolving credit lines and term loans | 112,169 | 67,837 | ||||||||||||||
Interest rate swap liability | 10,406 | 10,405 | ||||||||||||||
Interest payable | 1,591 | 1,591 |
June 30, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 68,493 | $ | 68,493 | $ | 73,312 | $ | 73,312 | ||||||||||||||||||||||||
Interest-bearing time deposits | 41,760 | 41,760 | 52,851 | 52,851 | ||||||||||||||||||||||||||||
Investment securities available for sale | 547,551 | $ | 527,811 | $ | 19,740 | 518,491 | $ | 497,653 | $ | 20,838 | ||||||||||||||||||||||
Investment securities held to maturity | 396,770 | 400,173 | 13,074 | 427,909 | 428,737 | 13,732 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 15,278 | 15,278 | 17,864 | 17,864 | ||||||||||||||||||||||||||||
Loans | 2,727,491 | 2,756,565 | 2,642,517 | 2,658,227 | ||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 33,033 | 33,033 | 31,270 | 31,270 | ||||||||||||||||||||||||||||
Interest rate swap asset | 5,795 | 5,795 | 5,665 | 5,665 | ||||||||||||||||||||||||||||
Interest receivable | 16,506 | 16,506 | 17,723 | 17,723 | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 3,288,898 | $ | 2,343,492 | $ | 946,039 | $ | 3,134,655 | $ | 2,195,679 | $ | 944,078 | ||||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||||
Federal funds purchased | 652 | 652 | ||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 160,127 | 160,728 | 156,305 | 157,342 | ||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 96,847 | 100,031 | 138,095 | 141,693 | ||||||||||||||||||||||||||||
Subordinated debentures, revolving credit lines and term loans | 115,951 | 68,852 | 194,974 | 142,632 | ||||||||||||||||||||||||||||
Interest rate swap liability | 9,136 | 9,136 | 7,797 | $ | 7,797 | |||||||||||||||||||||||||||
Interest payable | 2,168 | 2,168 | 2,925 | 2,925 |
December 31, 2011 | ||||||||||||||||
(unaudited) | ||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets: | ||||||||||||||||
Cash and due from banks | $ | 73,312 | $ | 73,312 | ||||||||||||
Interest-bearing time deposits | 52,851 | 52,851 | ||||||||||||||
Investment securities available for sale | 518,491 | $ | 497,653 | $ | 20,838 | |||||||||||
Investment securities held to maturity | 427,909 | 428,737 | 13,732 | |||||||||||||
Mortgage loans held for sale | 17,864 | 17,864 | ||||||||||||||
Loans | 2,642,517 | 2,658,227 | ||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 31,270 | 31,270 | ||||||||||||||
Interest rate swap asset | 5,665 | 5,665 | ||||||||||||||
Interest receivable | 17,723 | 17,723 | ||||||||||||||
Liabilities: | ||||||||||||||||
Deposits | $ | 3,134,655 | $ | 2,195,679 | $ | 944,078 | ||||||||||
Borrowings: | ||||||||||||||||
Securities sold under repurchase agreements | 156,305 | 157,342 | ||||||||||||||
Federal Home Loan Bank advances | 138,095 | 141,693 | ||||||||||||||
Subordinated debentures, revolving credit lines and term loans | 194,974 | 142,632 | ||||||||||||||
Interest rate swap liability | 7,797 | 7,797 | ||||||||||||||
Interest payable | 2,925 | 2,925 |
Risk-free interest rate | 1.36 | % | |
Expected price volatility | 46.22 | % | |
Dividend yield | 3.29 | % | |
Forfeiture rate | 4.77 | % | |
Weighted-average expected life, until exercise | 7.2 | years |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||
Stock and ESPP Options | ||||||||||||||||||||||||||||||||
Pre-tax compensation expense | $ | 80 | $ | 38 | $ | 126 | $ | 109 | $ | 71 | $ | 56 | $ | 197 | $ | 165 | ||||||||||||||||
Income tax benefit | (2 | ) | (2 | ) | (1 | ) | (11 | ) | (7 | ) | (13 | ) | (8 | ) | ||||||||||||||||||
Stock and ESPP option expense, net of income taxes | $ | 78 | $ | 38 | $ | 124 | $ | 108 | $ | 60 | $ | 49 | $ | 184 | $ | 157 | ||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||||||||||||
Pre-tax compensation expense | $ | 280 | $ | 312 | $ | 560 | $ | 609 | $ | 344 | $ | 234 | $ | 904 | $ | 844 | ||||||||||||||||
Income tax benefit | (112 | ) | (111 | ) | (218 | ) | (213 | ) | (104 | ) | (76 | ) | (322 | ) | (289 | ) | ||||||||||||||||
Restricted stock awards expense, net of income taxes | $ | 168 | $ | 201 | $ | 342 | $ | 396 | $ | 240 | $ | 158 | $ | 582 | $ | 555 | ||||||||||||||||
Total Share-Based Compensation: | ||||||||||||||||||||||||||||||||
Pre-tax compensation expense | $ | 360 | $ | 350 | $ | 686 | $ | 718 | $ | 415 | $ | 290 | $ | 1,101 | $ | 1,009 | ||||||||||||||||
Income tax benefit | (114 | ) | (111 | ) | (220 | ) | (214 | ) | (115 | ) | (83 | ) | (335 | ) | (297 | ) | ||||||||||||||||
Total share-based compensation expense, net of income taxes | $ | 246 | $ | 239 | $ | 466 | $ | 504 | $ | 300 | $ | 207 | $ | 766 | $ | 712 |
Number of Shares | Weighted- Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | Number of Shares | Weighted-Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||||
Outstanding at January 1, 2012 | 1,035,871 | $ | 22.57 | 1,035,871 | $ | 22.57 | ||||||||||||||||||||||||||
Granted/ Converted | 33,301 | $ | 11.38 | 46,801 | $ | 11.69 | ||||||||||||||||||||||||||
Exercised | (8,750 | ) | $ | 7.69 | ||||||||||||||||||||||||||||
Cancelled | (2,768 | ) | $ | 19.00 | (165,536 | ) | $ | 25.87 | ||||||||||||||||||||||||
Outstanding June 30, 2012 | 1,066,404 | $ | 22.23 | 4.53 | 609,772 | |||||||||||||||||||||||||||
Vested and Expected to Vest at June 30, 2012 | 1,066,404 | $ | 22.23 | 4.05 | 609,772 | |||||||||||||||||||||||||||
Exercisable at June 30, 2012 | 999,104 | $ | 23.04 | 4.18 | 462,023 | |||||||||||||||||||||||||||
Outstanding September 30, 2012 | 908,386 | $ | 21.55 | 4.33 | 1,097,884 | |||||||||||||||||||||||||||
Vested and Expected to Vest at September 30, 2012 | 908,386 | $ | 21.55 | 4.33 | 1,097,884 | |||||||||||||||||||||||||||
Exercisable at September 30, 2012 | 830,336 | $ | 22.58 | 3.89 | 760,073 |
Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value | |||||||||||||
Unvested RSAs at January 1, 2012 | 338,087 | $ | 8.65 | 338,087 | $ | 8.65 | ||||||||||
Granted | 140,733 | $ | 11.43 | 156,473 | $ | 11.79 | ||||||||||
Forfeited | (2,350 | ) | $ | 7.73 | (8,800 | ) | $ | 9.63 | ||||||||
Vested | (73,470 | ) | $ | 12.30 | (79,386 | ) | $ | 11.90 | ||||||||
Unvested RSAs at June 30, 2012 | 403,000 | $ | 8.94 | |||||||||||||
Unvested RSAs at September 30, 2012 | 406,374 | $ | 9.18 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||
Income Tax Expense : | ||||||||||||||||||||||||||||||||
Currently Payable: | ||||||||||||||||||||||||||||||||
Federal | $ | 518 | $ | (450 | ) | $ | 1,336 | $ | (902 | ) | $ | 139 | $ | 47 | $ | 1,475 | $ | (855 | ) | |||||||||||||
State | ||||||||||||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||||||||
Federal | 2,770 | 1,846 | 7,452 | 4,697 | 3,787 | 2,514 | 11,239 | 7,211 | ||||||||||||||||||||||||
State | ||||||||||||||||||||||||||||||||
Total Income Tax Expense | $ | 3,288 | $ | 1,396 | $ | 8,788 | $ | 3,795 | $ | 3,926 | $ | 2,561 | $ | 12,714 | $ | 6,356 | ||||||||||||||||
Reconciliation of Federal Statutory to Actual Tax Expense: | ||||||||||||||||||||||||||||||||
Federal statutory income tax at 35% | $ | 4,372 | $ | 2,409 | $ | 11,327 | $ | 5,160 | $ | 5,307 | $ | 3,256 | $ | 16,634 | $ | 8,416 | ||||||||||||||||
Tax-exempt interest income | (930 | ) | (961 | ) | (1,861 | ) | (1,877 | ) | (927 | ) | (916 | ) | (2,788 | ) | (2,793 | ) | ||||||||||||||||
Non-deductible interest expense | 210 | 419 | 230 | 649 | ||||||||||||||||||||||||||||
Stock compensation | 26 | 13 | 42 | 37 | 14 | 19 | 56 | 56 | ||||||||||||||||||||||||
Earnings on life insurance | (231 | ) | (200 | ) | (714 | ) | (402 | ) | (240 | ) | (208 | ) | (954 | ) | (610 | ) | ||||||||||||||||
Tax credits | (18 | ) | (13 | ) | (36 | ) | (26 | ) | (19 | ) | (29 | ) | (55 | ) | (55 | ) | ||||||||||||||||
Other | 69 | (62 | ) | 30 | 484 | (209 | ) | 209 | (179 | ) | 693 | |||||||||||||||||||||
Actual Tax Expense | $ | 3,288 | $ | 1,396 | $ | 8,788 | $ | 3,795 | $ | 3,926 | $ | 2,561 | $ | 12,714 | $ | 6,356 |
Three Months Ended June 30, | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
Net Income | Weighted- Average Shares | Per Share Amount | Net Income | Weighted- Average Shares | Per Share Amount | |||||||||||||||||||
Basic net income per share: | $ | 9,205 | $ | 5,488 | ||||||||||||||||||||
Preferred Stock dividends and discount accretion | (1,135 | ) | (990 | ) | ||||||||||||||||||||
Net income available to common stockholders | $ | 8,070 | 28,624,609 | $ | 0.28 | $ | 4,498 | 25,656,826 | $ | 0.18 | ||||||||||||||
Effect of dilutive stock options and warrants | 190,410 | 125,973 | ||||||||||||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 8,070 | 28,815,019 | $ | 0.28 | $ | 4,498 | 25,782,799 | $ | 0.18 |
Three Months Ended September 30, | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
Net Income | Weighted-Average Shares | Per Share Amount | Net Income (Loss) | Weighted-Average Shares | Per Share Amount | |||||||||||||||||||
Basic net income (loss) per share: | $ | 11,236 | $ | 6,742 | ||||||||||||||||||||
Loss on extinguishment of trust preferred securities | (10,857 | ) | ||||||||||||||||||||||
Loss on CPP unamortized discount | (1,401 | ) | ||||||||||||||||||||||
Less: Preferred Stock dividends and discount accretion | (1,134 | ) | (868 | ) | ||||||||||||||||||||
Net income (loss) available to common stockholders | 10,102 | 28,649,996 | $ | 0.35 | (6,384 | ) | 26,367,067 | $ | (0.25 | ) | ||||||||||||||
Effect of dilutive stock options and warrants | 238,080 | |||||||||||||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 10,102 | 28,888,076 | $ | 0.35 | $ | (6,384 | ) | 26,367,067 | $ | (0.25 | ) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||
Net Income | Weighted- Average Shares | Per Share Amount | Net Income | Weighted- Average Shares | Per Share Amount | Net Income | Weighted-Average Shares | Per Share Amount | Net Income | Weighted-Average Shares | Per Share Amount | |||||||||||||||||||||||||||||||||||||
Basic net income per share: | $ | 23,576 | $ | 10,949 | $ | 34,812 | $ | 17,691 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock dividends and discount accretion | 2,270 | 1,978 | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of trust preferred securities | (10,857 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Loss on CPP unamortized discount | (1,401 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Less: Preferred Stock dividends and discount accretion | (3,404 | ) | (2,846 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 21,306 | 28,603,612 | $ | 0.74 | $ | 8,971 | 25,631,340 | $ | 0.35 | 31,408 | 28,619,186 | $ | 1.09 | 2,587 | 25,879,277 | $ | 0.10 | ||||||||||||||||||||||||||||||
Effect of dilutive stock options and warrants | 178,430 | 141,523 | 200,097 | 139,659 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 21,306 | 28,782,042 | $ | 0.74 | $ | 8,971 | 25,772,863 | $ | 0.35 | $ | 31,408 | 28,819,283 | $ | 1.09 | $ | 2,587 | 26,018,936 | $ | 0.10 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
(Dollars in Thousands) | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
Annualized net interest income | $ | 152,210 | $ | 143,389 | $ | 148,337 | $ | 142,649 | $ | 159,611 | $ | 143,402 | $ | 152,095 | $ | 142,900 | ||||||||||||||||
Annualized FTE adjustment | $ | 5,758 | $ | 5,993 | $ | 5,765 | $ | 5,856 | $ | 5,707 | $ | 5,633 | $ | 5,746 | $ | 5,781 | ||||||||||||||||
Annualized net interest income on a fully taxable equivalent basis | $ | 157,968 | $ | 149,382 | $ | 154,102 | $ | 148,505 | $ | 165,318 | $ | 149,035 | $ | 157,841 | $ | 148,681 | ||||||||||||||||
Average earning assets | $ | 3,837,738 | $ | 3,751,241 | $ | 3,813,587 | $ | 3,747,738 | $ | 3,829,127 | $ | 3,714,401 | $ | 3,818,805 | $ | 3,736,503 | ||||||||||||||||
Interest income (FTE) as a percent of average earning assets | 4.75 | % | 5.04 | % | 4.75 | % | 5.07 | % | 4.89 | % | 5.01 | % | 4.79 | % | 5.05 | % | ||||||||||||||||
Interest expense as a percent of average earning assets | 0.64 | % | 1.05 | % | 0.71 | % | 1.11 | % | 0.57 | % | 0.99 | % | 0.66 | % | 1.07 | % | ||||||||||||||||
Net interest income (FTE) as a percent of average earning assets | 4.11 | % | 3.99 | % | 4.04 | % | 3.96 | % | 4.32 | % | 4.02 | % | 4.13 | % | 3.98 | % |
June 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | $ | 507,202 | 16.75 | % | $ | 487,393 | 16.54 | % | $ | 517,552 | 16.62 | % | $ | 487,393 | 16.54 | % | ||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 438,947 | 14.49 | % | 410,132 | 13.92 | % | 448,239 | 14.39 | % | 410,132 | 13.92 | % | ||||||||||||||||||||
Tier 1 capital (to average assets) | 438,947 | 10.73 | % | 410,132 | 10.17 | % | 448,239 | 10.98 | % | 410,132 | 10.17 | % | ||||||||||||||||||||
First Merchants Bank | ||||||||||||||||||||||||||||||||
Total risk-based capital (to risk-weighted assets) | $ | 492,117 | 16.28 | % | $ | 477,805 | 16.26 | % | $ | 507,609 | 16.31 | % | $ | 477,805 | 16.26 | % | ||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 454,148 | 15.02 | % | 440,909 | 15.00 | % | 468,311 | 15.04 | % | 440,909 | 15.00 | % | ||||||||||||||||||||
Tier 1 capital (to average assets) | 454,148 | 11.11 | % | 440,909 | 10.96 | % | 468,311 | 11.49 | % | 440,909 | 10.96 | % |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
(Dollars in Thousands, Except Per Share Amounts) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Average goodwill | $ | 141,357 | $ | 141,357 | $ | 141,357 | $ | 141,357 | ||||||||
Average core deposit intangible (CDI) | 8,877 | 10,655 | 8,826 | 10,655 | ||||||||||||
Average deferred tax on CDI | (2,212 | ) | (2,458 | ) | (2,200 | ) | (2,458 | ) | ||||||||
Intangible adjustment | $ | 148,022 | $ | 149,554 | $ | 147,983 | $ | 149,554 | ||||||||
Average stockholders' equity (GAAP capital) | $ | 524,693 | $ | 478,440 | $ | 530,165 | $ | 478,440 | ||||||||
Average cumulative preferred stock | (125 | ) | (125 | ) | (125 | ) | (125 | ) | ||||||||
Average non-cumulative preferred stock issued under the Small Business Lending Fund Program | (90,783 | ) | (74,181 | ) | (90,783 | ) | (74,181 | ) | ||||||||
Intangible adjustment | (148,022 | ) | (149,554 | ) | (147,983 | ) | (149,554 | ) | ||||||||
Average tangible capital | $ | 285,763 | $ | 254,580 | $ | 291,274 | $ | 254,580 | ||||||||
Average assets | $ | 4,226,432 | $ | 4,143,850 | $ | 4,230,009 | $ | 4,143,850 | ||||||||
Intangible adjustment | (148,022 | ) | (149,554 | ) | (147,983 | ) | (149,554 | ) | ||||||||
Average tangible assets | $ | 4,078,410 | $ | 3,994,296 | $ | 4,082,026 | $ | 3,994,296 | ||||||||
Net income available to common stockholders | $ | 21,306 | $ | 9,013 | $ | 31,408 | $ | 9,013 | ||||||||
CDI amortization, net of tax | 537 | 2,112 | 809 | 2,112 | ||||||||||||
Tangible net income available to common stockholders | $ | 21,843 | $ | 11,125 | $ | 32,217 | $ | 11,125 | ||||||||
Per Share Data: | ||||||||||||||||
Diluted net income available to common stockholders | $ | 0.74 | $ | 0.34 | $ | 1.09 | $ | 0.34 | ||||||||
Diluted tangible net income available to common stockholders | $ | 0.76 | $ | 0.42 | $ | 1.12 | $ | 0.42 | ||||||||
Ratios: | ||||||||||||||||
Return on average GAAP capital (ROE) | 8.12 | % | 1.88 | % | 7.90 | % | 1.88 | % | ||||||||
Return on average tangible capital | 15.29 | % | 4.37 | % | 14.75 | % | 4.37 | % | ||||||||
Return on average assets (ROA) | 1.01 | % | 0.22 | % | 0.99 | % | 0.22 | % | ||||||||
Return on average tangible assets | 1.07 | % | 0.28 | % | 1.05 | % | 0.28 | % |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
(Dollars in Thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Non-Performing Assets: | ||||||||||||||||
Non-accrual loans | $ | 63,127 | $ | 69,592 | $ | 56,999 | $ | 69,592 | ||||||||
Renegotiated loans | 3,921 | 14,308 | 6,871 | 14,308 | ||||||||||||
Non-performing loans (NPL) | 67,048 | 83,900 | 63,870 | 83,900 | ||||||||||||
Other real estate owned | 14,183 | 16,289 | 13,780 | 16,289 | ||||||||||||
Non-performing assets (NPA) | 81,231 | 100,189 | 77,650 | 100,189 | ||||||||||||
90+ days delinquent and still accruing | 665 | 580 | 1,974 | 580 | ||||||||||||
NPAs & 90+ days delinquent | $ | 81,896 | $ | 100,769 | $ | 79,624 | $ | 100,769 | ||||||||
Impaired Loans | $ | 81,241 | $ | 79,775 | $ | 79,965 | $ | 79,775 |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
(Dollars in Thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Non Performing Assets and 90+ Days Delinquent: | ||||||||||||||||
Commercial and industrial loans | $ | 14,086 | $ | 13,725 | $ | 13,731 | $ | 13,725 | ||||||||
Agricultural production financing and other loans to farmers | 300 | |||||||||||||||
Real estate loans: | ||||||||||||||||
Construction | 14,921 | 17,784 | 12,377 | 17,784 | ||||||||||||
Commercial and farm land | 32,982 | 46,985 | 31,564 | 46,985 | ||||||||||||
Residential | 17,171 | 18,398 | 18,731 | 18,398 | ||||||||||||
Home Equity | 2,238 | 3,142 | 2,460 | 3,142 | ||||||||||||
Individual's loans for household and other personal expenditures | 146 | 162 | 119 | 162 | ||||||||||||
Other loans | 352 | 573 | 342 | 573 | ||||||||||||
Non performing assets plus 90+ days delinquent | $ | 81,896 | $ | 100,769 | $ | 79,624 | $ | 100,769 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||
(Dollars in Thousands) | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
Net Charge Offs (Recoveries): | ||||||||||||||||||||||||||||||||
Commercial and industrial loans | $ | 2,137 | $ | (5,428 | ) | $ | 4,343 | $ | (4,920 | ) | $ | 923 | $ | 3,238 | $ | 5,266 | $ | (1,682 | ) | |||||||||||||
Agricultural production financing and other loans to farmers | (6 | ) | (75 | ) | (20 | ) | (156 | ) | (3 | ) | (68 | ) | (23 | ) | (224 | ) | ||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||
Construction | (471 | ) | 2,602 | (328 | ) | 5,190 | 433 | 640 | 105 | 5,830 | ||||||||||||||||||||||
Commercial and farm land | 2,495 | 10,234 | 4,142 | 13,673 | 2,408 | 3,985 | 6,550 | 17,658 | ||||||||||||||||||||||||
Residential | 442 | 2,111 | 1,210 | 2,990 | 1,571 | 1,720 | 2,781 | 4,710 | ||||||||||||||||||||||||
Individual's loans for household and other personal expenditures | 197 | (14 | ) | 310 | 295 | (51 | ) | 103 | 259 | 398 | ||||||||||||||||||||||
Lease financing receivables, net of unearned income | (2 | ) | (1 | ) | (3 | ) | (1 | ) | (1 | ) | (4 | ) | ||||||||||||||||||||
Other Loans | (23 | ) | 519 | (6 | ) | (22 | ) | (2 | ) | 497 | (8 | ) | ||||||||||||||||||||
Total Net Charge Offs | $ | 4,771 | $ | 9,428 | $ | 10,175 | $ | 17,063 | $ | 5,259 | $ | 9,615 | $ | 15,434 | $ | 26,678 |
June 30, | September 30, | |||||||
(Dollars in Thousands) | 2012 | 2012 | ||||||
Amounts of commitments: | ||||||||
Loan commitments to extend credit | $ | 873,834 | $ | 883,783 | ||||
Standby and commercial letters of credit | 22,208 | 22,006 | ||||||
$ | 896,042 | $ | 905,789 |
(Dollars in Thousands) | Remaining 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 and after | Total | Remaining 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 and after | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases | $ | 1,262 | $ | 2,258 | $ | 1,995 | $ | 1,790 | $ | 1,424 | $ | 849 | $ | 1,429 | $ | 11,007 | $ | 630 | $ | 2,239 | $ | 1,980 | $ | 1,790 | $ | 1,424 | $ | 849 | $ | 1,428 | $ | 10,340 | ||||||||||||||||||||||||||||||||
Federal funds purchased | 652 | 652 | 57,024 | 57,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | 150,127 | 10,000 | 160,127 | 143,454 | 10,000 | 153,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 2,238 | 1,624 | 26,506 | 31,066 | 29,025 | 2,826 | 3,562 | 96,847 | 51,124 | 1,621 | 26,506 | 30,993 | 29,025 | 2,734 | 3,464 | 145,467 | ||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debentures and term loans | 125 | 55,000 | 60,826 | 115,951 | 467 | 55,000 | 56,702 | 112,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 154,404 | $ | 3,882 | $ | 38,501 | $ | 87,856 | $ | 30,449 | $ | 3,675 | $ | 65,817 | $ | 384,584 | $ | 252,699 | $ | 3,860 | $ | 38,486 | $ | 87,783 | $ | 30,449 | $ | 3,583 | $ | 61,594 | $ | 478,454 |
At June 30, 2012 | At September 30, 2012 | |||||||||
RISING | FALLING | RISING | FALLING | |||||||
Driver Rates | (200 Basis Points) | (100 Basis Points) | (200 Basis Points) | (100 Basis Points) | ||||||
Prime | 200 | 0 | 200 | 0 | ||||||
Federal funds | 200 | 0 | 200 | 0 | ||||||
One-year CMT | 200 | (13 | ) | 200 | (8) | |||||
Three-year CMT | 200 | (8 | ) | 200 | (1) | |||||
Five-year CMT | 200 | (10 | ) | 200 | (2) | |||||
CD's | 200 | (29 | ) | 200 | (27) | |||||
FHLB advances | 200 | (2 | ) | 200 | (2) |
At June 30, 2012 | At September 30, 2012 | |||||||||||||||||||||||
RISING | FALLING | RISING | FALLING | |||||||||||||||||||||
Driver Rates | Base | (200 Basis Points) | (100 Basis Points) | Base | (200 Basis Points) | (100 Basis Points) | ||||||||||||||||||
Net interest income | $ | 147,855 | $ | 153,807 | $ | 145,787 | $ | 144,718 | $ | 149,758 | $ | 143,203 | ||||||||||||
Variance from base | $ | 5,952 | $ | (2,068 | ) | $ | 5,040 | $ | (1,515 | ) | ||||||||||||||
Percent of change from base | 4.03 | % | -1.40 | % | 3.48 | % | -1.05 | % | ||||||||||||||||
Policy limit |
At December 31, 2011 | At December 31, 2011 | |||||||||
RISING | FALLING | RISING | FALLING | |||||||
Driver Rates | (200 Basis Points) | (100 Basis Points) | (200 Basis Points) | (100 Basis Points) | ||||||
Prime | 200 | 0 | 200 | 0 | ||||||
Federal funds | 200 | 0 | 200 | 0 | ||||||
One-year CMT | 200 | (2 | ) | 200 | (2) | |||||
Three-year CMT | 200 | (6 | ) | 200 | (6) | |||||
Five-year CMT | 200 | 0 | 200 | 0 | ||||||
CD's | 200 | (42 | ) | 200 | (42) | |||||
FHLB advances | 200 | 0 | 200 | 0 |
At December 31, 2011 | ||||||||||||
RISING | FALLING | |||||||||||
Driver Rates | Base | (200 Basis Points) | (100 Basis Points) | |||||||||
Net interest income | $ | 142,706 | $ | 146,352 | $ | 140,332 | ||||||
Variance from base | $ | 3,646 | $ | (2,374 | ) | |||||||
Percent of change from base | 2.55 | % | -1.66 | % |
June 30, | December 31, | September 30, | December 31, | |||||||||||||
(Dollars in Thousands) | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest-bearing time deposits | $ | 41,760 | $ | 52,851 | $ | 35,324 | $ | 52,851 | ||||||||
Investment securities available for sale | 547,551 | 518,491 | 551,619 | 518,491 | ||||||||||||
Investment securities held to maturity | 396,770 | 427,909 | 377,097 | 427,909 | ||||||||||||
Mortgage loans held for sale | 15,278 | 17,864 | 27,711 | 17,864 | ||||||||||||
Loans | 2,797,634 | 2,713,415 | 2,836,324 | 2,713,415 | ||||||||||||
Federal Reserve and Federal Home Loan Bank stock | 33,033 | 31,270 | 32,824 | 31,270 | ||||||||||||
Total | $ | 3,832,026 | $ | 3,761,800 | $ | 3,860,899 | $ | 3,761,800 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as part of Publicly announced Plans or Programs | Maximum Number of Shares that may yet be Purchased Under the Plans or Programs | ||||||||||||
April, 2012 | 306 | $ | 11.74 | 0 | 0 | |||||||||||
May, 2012 | 0 | 0 | ||||||||||||||
June, 2012 | 0 | 0 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as part of Publicly announced Plans or Programs | Maximum Number of Shares that may yet be Purchased Under the Plans or Programs | ||||||||||||
July, 2012 | 460 | $ | 12.79 | 0 | 0 | |||||||||||
August, 2012 | 0 | 0 | ||||||||||||||
September, 2012 | 0 | 0 |
Exhibit No: | Description of Exhibits: |
3.1 | First Merchants Corporation Articles of Incorporation, as amended (Incorporated by reference to registrant’s Form 10-Q filed on November 9, 2011) |
3.2 | Bylaws of First Merchants Corporation dated October 28, 2009 (Incorporated by reference to registrant’s Form 10-Q filed on November 9, 2009) |
4.1 | First Merchants Corporation Amended and Restated Declaration of Trust of First Merchants Capital Trust II dated as of July 2, 2007 (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.2 | Indenture dated as of July 2, 2007 (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.3 | Guarantee Agreement dated as of July 2, 2007 (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.4 | Form of Capital Securities Certification of First Merchants Capital Trust II (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.5 | First Merchants Corporation Dividend Reinvestment and Stock Purchase Plan (Incorporated by reference to registrant’s Post-Effective Amendment No. 1 to Form S-3 filed on August 21, 2009) |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 |
32 | Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkebase Document |
(1) | |
First Merchants Corporation | |
(Registrant) | |
Date: | by /s/ Michael C. Rechin |
Michael C. Rechin | |
President and Chief Executive Officer | |
(Principal Executive Officer) |
Date: | |
Mark K. Hardwick | |
Executive Vice President and | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
Exhibit No: | Description of Exhibits: |
3.1 | First Merchants Corporation Articles of Incorporation, as amended (Incorporated by reference to registrant’s Form 10-Q filed on November 9, 2011) |
3.2 | Bylaws of First Merchants Corporation dated October 28, 2009 (Incorporated by reference to registrant’s Form 10-Q filed on November 9, 2009) |
4.1 | First Merchants Corporation Amended and Restated Declaration of Trust of First Merchants Capital Trust II dated as of July 2, 2007 (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.2 | Indenture dated as of July 2, 2007 (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.3 | Guarantee Agreement dated as of July 2, 2007 (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.4 | Form of Capital Securities Certification of First Merchants Capital Trust II (Incorporated by reference to registrant's Form 8-K filed on July 3, 2007) |
4.5 | First Merchants Corporation Dividend Reinvestment and Stock Purchase Plan (Incorporated by reference to registrant’s Post-Effective Amendment No. 1 to Form S-3 filed on August 21, 2009) |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 |
32 | Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkebase Document |
(1) | |