• | Completed sale of $103 million of nonperforming assets that resulted in a non-cash
charge of $45.3 million |
• | Nonperforming assets decline 17 percent from last quarter |
• | Provision for loan losses was $61.5 million, down $13.5 million from last quarter |
• | Allowance-to-loans ratio increases to 3.57 percent |
• | Margin improves 11 basis points to 3.60 percent |
-1-
-2-
-3-
-4-
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Second | ||||||||||||||||||||||||||||||||||||
2010 | 2009 | Quarter | For the Six | YTD | ||||||||||||||||||||||||||||||||
(in thousands, except per share | Second | First | Fourth | Third | Second | 2010-2009 | Months Ended | 2010-2009 | ||||||||||||||||||||||||||||
data; taxable equivalent) | Quarter | Quarter | Quarter | Quarter | Quarter | Change | 2010 | 2009 | Change | |||||||||||||||||||||||||||
INCOME SUMMARY |
||||||||||||||||||||||||||||||||||||
Interest revenue |
$ | 87,699 | $ | 89,849 | $ | 97,481 | $ | 101,181 | $ | 102,737 | $ | 177,548 | $ | 206,299 | ||||||||||||||||||||||
Interest expense |
26,072 | 28,570 | 33,552 | 38,177 | 41,855 | 54,642 | 88,005 | |||||||||||||||||||||||||||||
Net interest revenue |
61,627 | 61,279 | 63,929 | 63,004 | 60,882 | 1 | % | 122,906 | 118,294 | 4 | % | |||||||||||||||||||||||||
Provision for loan losses |
61,500 | 75,000 | 90,000 | 95,000 | 60,000 | 136,500 | 125,000 | |||||||||||||||||||||||||||||
Operating fee revenue (1) |
11,579 | 11,666 | 14,447 | 13,389 | 11,305 | 2 | 23,245 | 23,128 | 1 | |||||||||||||||||||||||||||
Total operating revenue (1) |
11,706 | (2,055 | ) | (11,624 | ) | (18,607 | ) | 12,187 | (4 | ) | 9,651 | 16,422 | (41 | ) | ||||||||||||||||||||||
Operating expenses (2) |
58,308 | 54,820 | 60,126 | 51,426 | 53,710 | 9 | 113,128 | 105,498 | 7 | |||||||||||||||||||||||||||
Loss on sale of nonperforming assets |
45,349 | — | — | — | — | 45,349 | — | |||||||||||||||||||||||||||||
Operating loss from continuing operations before taxes |
(91,951 | ) | (56,875 | ) | (71,750 | ) | (70,033 | ) | (41,523 | ) | (121 | ) | (148,826 | ) | (89,076 | ) | (67 | ) | ||||||||||||||||||
Operating income tax benefit |
(32,419 | ) | (22,417 | ) | (31,687 | ) | (26,252 | ) | (18,394 | ) | (54,836 | ) | (33,815 | ) | ||||||||||||||||||||||
Net operating loss from continuing operations (1)(2) |
(59,532 | ) | (34,458 | ) | (40,063 | ) | (43,781 | ) | (23,129 | ) | (157 | ) | (93,990 | ) | (55,261 | ) | (70 | ) | ||||||||||||||||||
Gain from acquisition, net of tax expense |
— | — | — | — | 7,062 | — | 7,062 | |||||||||||||||||||||||||||||
Noncash goodwill impairment charges |
— | — | — | (25,000 | ) | — | — | (70,000 | ) | |||||||||||||||||||||||||||
Severance costs, net of tax benefit |
— | — | — | — | — | — | (1,797 | ) | ||||||||||||||||||||||||||||
(Loss) income from discontinued operations |
— | (101 | ) | 228 | 63 | 66 | (101 | ) | 222 | |||||||||||||||||||||||||||
Gain from sale of subsidiary, net of income taxes and selling costs |
— | 1,266 | — | — | — | 1,266 | — | |||||||||||||||||||||||||||||
Net loss |
(59,532 | ) | (33,293 | ) | (39,835 | ) | (68,718 | ) | (16,001 | ) | (272 | ) | (92,825 | ) | (119,774 | ) | 22 | |||||||||||||||||||
Preferred dividends and discount accretion |
2,577 | 2,572 | 2,567 | 2,562 | 2,559 | 5,149 | 5,113 | |||||||||||||||||||||||||||||
Net loss available to common shareholders |
$ | (62,109 | ) | $ | (35,865 | ) | $ | (42,402 | ) | $ | (71,280 | ) | $ | (18,560 | ) | $ | (97,974 | ) | $ | (124,887 | ) | |||||||||||||||
PERFORMANCE MEASURES |
||||||||||||||||||||||||||||||||||||
Per common share: |
||||||||||||||||||||||||||||||||||||
Diluted operating loss from continuing operations (1)(2) |
$ | (.66 | ) | $ | (.39 | ) | $ | (.45 | ) | $ | (.93 | ) | $ | (.53 | ) | (25 | ) | $ | (1.05 | ) | $ | (1.24 | ) | 15 | ||||||||||||
Diluted loss from continuing operations |
(.66 | ) | (.39 | ) | (.45 | ) | (1.43 | ) | (.38 | ) | (74 | ) | (1.05 | ) | (2.58 | ) | 59 | |||||||||||||||||||
Diluted loss |
(.66 | ) | (.38 | ) | (.45 | ) | (1.43 | ) | (.38 | ) | (74 | ) | (1.04 | ) | (2.57 | ) | 60 | |||||||||||||||||||
Stock dividends declared (6) |
— | — | — | 1 for 130 | 1 for 130 | — | 2 for 130 | |||||||||||||||||||||||||||||
Book value |
7.71 | 7.95 | 8.36 | 8.85 | 13.87 | (44 | ) | 7.71 | 13.87 | (44 | ) | |||||||||||||||||||||||||
Tangible book value (4) |
5.39 | 5.62 | 6.02 | 6.50 | 8.85 | (39 | ) | 5.39 | 8.85 | (39 | ) | |||||||||||||||||||||||||
Key performance ratios: |
||||||||||||||||||||||||||||||||||||
Return on equity (3)(5) |
(35.89 | )% | (20.10 | )% | (22.08 | )% | (45.52 | )% | (11.42 | )% | (27.87 | )% | (36.20 | )% | ||||||||||||||||||||||
Return on assets (5) |
(3.10 | ) | (1.70 | ) | (1.91 | ) | (3.32 | ) | (.78 | ) | (2.39 | ) | (2.93 | ) | ||||||||||||||||||||||
Net interest margin (5) |
3.60 | 3.49 | 3.40 | 3.39 | 3.28 | 3.55 | 3.18 | |||||||||||||||||||||||||||||
Operating efficiency ratio from continuing operations (1)(2) |
141.60 | 75.22 | 78.74 | 68.35 | 73.68 | 108.48 | 74.38 | |||||||||||||||||||||||||||||
Equity to assets |
11.84 | 11.90 | 11.94 | 10.27 | 10.71 | 11.87 | 11.20 | |||||||||||||||||||||||||||||
Tangible equity to assets (4) |
9.26 | 9.39 | 9.53 | 7.55 | 7.96 | 9.32 | 8.10 | |||||||||||||||||||||||||||||
Tangible common equity to assets (4) |
6.91 | 7.13 | 7.37 | 5.36 | 5.77 | 7.02 | 5.93 | |||||||||||||||||||||||||||||
Tangible common equity to risk-weighted assets (4) |
9.97 | 10.03 | 10.39 | 10.67 | 7.49 | 9.97 | 7.49 | |||||||||||||||||||||||||||||
ASSET QUALITY * |
||||||||||||||||||||||||||||||||||||
Non-performing loans |
$ | 224,335 | $ | 280,802 | $ | 264,092 | $ | 304,381 | $ | 287,848 | $ | 224,335 | $ | 287,848 | ||||||||||||||||||||||
Foreclosed properties |
123,910 | 136,275 | 120,770 | 110,610 | 104,754 | 123,910 | 104,754 | |||||||||||||||||||||||||||||
Total non-performing assets (NPAs) |
348,245 | 417,077 | 384,862 | 414,991 | 392,602 | 348,245 | 392,602 | |||||||||||||||||||||||||||||
Allowance for loan losses |
174,111 | 173,934 | 155,602 | 150,187 | 145,678 | 174,111 | 145,678 | |||||||||||||||||||||||||||||
Net charge-offs |
61,323 | 56,668 | 84,585 | 90,491 | 58,312 | 117,991 | 101,593 | |||||||||||||||||||||||||||||
Allowance for loan losses to loans |
3.57 | % | 3.48 | % | 3.02 | % | 2.80 | % | 2.64 | % | 3.57 | % | 2.64 | % | ||||||||||||||||||||||
Net charge-offs to average loans (5) |
4.98 | 4.51 | 6.37 | 6.57 | 4.18 | 4.75 | 3.64 | |||||||||||||||||||||||||||||
NPAs to loans and foreclosed properties |
6.97 | 8.13 | 7.30 | 7.58 | 6.99 | 6.97 | 6.99 | |||||||||||||||||||||||||||||
NPAs to total assets |
4.55 | 5.32 | 4.81 | 4.91 | 4.63 | 4.55 | 4.63 | |||||||||||||||||||||||||||||
AVERAGE BALANCES ($ in millions) |
||||||||||||||||||||||||||||||||||||
Loans |
$ | 5,011 | $ | 5,173 | $ | 5,357 | $ | 5,565 | $ | 5,597 | (10 | ) | $ | 5,091 | $ | 5,636 | (10 | ) | ||||||||||||||||||
Investment securities |
1,532 | 1,518 | 1,529 | 1,615 | 1,771 | (13 | ) | 1,525 | 1,742 | (12 | ) | |||||||||||||||||||||||||
Earning assets |
6,854 | 7,085 | 7,487 | 7,401 | 7,442 | (8 | ) | 6,969 | 7,486 | (7 | ) | |||||||||||||||||||||||||
Total assets |
7,704 | 7,946 | 8,287 | 8,208 | 8,212 | (6 | ) | 7,825 | 8,291 | (6 | ) | |||||||||||||||||||||||||
Deposits |
6,375 | 6,570 | 6,835 | 6,690 | 6,545 | (3 | ) | 6,472 | 6,662 | (3 | ) | |||||||||||||||||||||||||
Shareholders’ equity |
912 | 945 | 989 | 843 | 879 | 4 | 929 | 923 | 1 | |||||||||||||||||||||||||||
Common shares — basic (thousands) |
94,524 | 94,390 | 94,219 | 49,771 | 48,794 | 94 | 94,453 | 48,560 | 95 | |||||||||||||||||||||||||||
Common shares — diluted (thousands) |
94,524 | 94,390 | 94,219 | 49,771 | 48,794 | 94 | 94,453 | 48,560 | 95 | |||||||||||||||||||||||||||
AT PERIOD END ($ in millions) |
||||||||||||||||||||||||||||||||||||
Loans * |
$ | 4,873 | $ | 4,992 | $ | 5,151 | $ | 5,363 | $ | 5,513 | (12 | ) | $ | 4,873 | $ | 5,513 | (12 | ) | ||||||||||||||||||
Investment securities |
1,488 | 1,527 | 1,530 | 1,533 | 1,817 | (18 | ) | 1,488 | 1,817 | (18 | ) | |||||||||||||||||||||||||
Total assets |
7,652 | 7,837 | 8,000 | 8,444 | 8,477 | (10 | ) | 7,652 | 8,477 | (10 | ) | |||||||||||||||||||||||||
Deposits |
6,330 | 6,488 | 6,628 | 6,821 | 6,849 | (8 | ) | 6,330 | 6,849 | (8 | ) | |||||||||||||||||||||||||
Shareholders’ equity |
904 | 926 | 962 | 1,007 | 855 | 6 | 904 | 855 | 6 | |||||||||||||||||||||||||||
Common shares outstanding (thousands) |
94,281 | 94,176 | 94,046 | 93,901 | 48,933 | 93 | 94,281 | 48,933 | 93 |
(1) | Excludes the gain from acquisition of $11.4 million, (income tax expense of $4.3 million) in the second quarter of 2009 and revenue generated by discontinued operations in all periods presented. | |
(2) | Excludes goodwill impairment charges of $25 million and $70 million in the third and first quarters of 2009, respectively, severance costs of $2.9 million, (income tax benefit of $1.1 million) in the first quarter of 2009 and expenses relating to discontinued operations for all periods presented. | |
(3) | Net loss available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). | |
(4) | Excludes effect of acquisition related intangibles and associated amortization. | |
(5) | Annualized. | |
(6) | Number of new shares issued for shares currently held. | |
* | Excludes loans and foreclosed properties covered by loss sharing agreements with the FDIC. |
2010 | 2009 | For the Six | ||||||||||||||||||||||||||
(in thousands, except per share | Second | First | Fourth | Third | Second | Months Ended | ||||||||||||||||||||||
data; taxable equivalent) | Quarter | Quarter | Quarter | Quarter | Quarter | 2010 | 2009 | |||||||||||||||||||||
Interest revenue reconciliation |
||||||||||||||||||||||||||||
Interest revenue — taxable equivalent |
$ | 87,699 | $ | 89,849 | $ | 97,481 | $ | 101,181 | $ | 102,737 | $ | 177,548 | $ | 206,299 | ||||||||||||||
Taxable equivalent adjustment |
(500 | ) | (493 | ) | (601 | ) | (580 | ) | (463 | ) | (993 | ) | (951 | ) | ||||||||||||||
Interest revenue (GAAP) |
$ | 87,199 | $ | 89,356 | $ | 96,880 | $ | 100,601 | $ | 102,274 | $ | 176,555 | $ | 205,348 | ||||||||||||||
Net interest revenue reconciliation |
||||||||||||||||||||||||||||
Net interest revenue — taxable equivalent |
$ | 61,627 | $ | 61,279 | $ | 63,929 | $ | 63,004 | $ | 60,882 | $ | 122,906 | $ | 118,294 | ||||||||||||||
Taxable equivalent adjustment |
(500 | ) | (493 | ) | (601 | ) | (580 | ) | (463 | ) | (993 | ) | (951 | ) | ||||||||||||||
Net interest revenue (GAAP) |
$ | 61,127 | $ | 60,786 | $ | 63,328 | $ | 62,424 | $ | 60,419 | $ | 121,913 | $ | 117,343 | ||||||||||||||
Fee revenue reconciliation |
||||||||||||||||||||||||||||
Operating fee revenue |
$ | 11,579 | $ | 11,666 | $ | 14,447 | $ | 13,389 | $ | 11,305 | $ | 23,245 | $ | 23,128 | ||||||||||||||
Gain from acquisition |
— | — | — | — | 11,390 | — | 11,390 | |||||||||||||||||||||
Fee revenue (GAAP) |
$ | 11,579 | $ | 11,666 | $ | 14,447 | $ | 13,389 | $ | 22,695 | $ | 23,245 | $ | 34,518 | ||||||||||||||
Total revenue reconciliation |
||||||||||||||||||||||||||||
Total operating revenue |
$ | 11,706 | $ | (2,055 | ) | $ | (11,624 | ) | $ | (18,607 | ) | $ | 12,187 | $ | 9,651 | $ | 16,422 | |||||||||||
Taxable equivalent adjustment |
(500 | ) | (493 | ) | (601 | ) | (580 | ) | (463 | ) | (993 | ) | (951 | ) | ||||||||||||||
Gain from acquisition |
— | — | — | — | 11,390 | — | 11,390 | |||||||||||||||||||||
Total revenue (GAAP) |
$ | 11,206 | $ | (2,548 | ) | $ | (12,225 | ) | $ | (19,187 | ) | $ | 23,114 | $ | 8,658 | $ | 26,861 | |||||||||||
Expense reconciliation |
||||||||||||||||||||||||||||
Operating expense |
$ | 103,657 | $ | 54,820 | $ | 60,126 | $ | 51,426 | $ | 53,710 | $ | 158,477 | $ | 105,498 | ||||||||||||||
Noncash goodwill impairment charge |
— | — | — | 25,000 | — | — | 70,000 | |||||||||||||||||||||
Severance costs |
— | — | — | — | — | — | 2,898 | |||||||||||||||||||||
Operating expense (GAAP) |
$ | 103,657 | $ | 54,820 | $ | 60,126 | $ | 76,426 | $ | 53,710 | $ | 158,477 | $ | 178,396 | ||||||||||||||
Loss from continuing operations before taxes reconciliation |
||||||||||||||||||||||||||||
Operating loss from continuing operations before taxes |
$ | (91,951 | ) | $ | (56,875 | ) | $ | (71,750 | ) | $ | (70,033 | ) | $ | (41,523 | ) | $ | (148,826 | ) | $ | (89,076 | ) | |||||||
Taxable equivalent adjustment |
(500 | ) | (493 | ) | (601 | ) | (580 | ) | (463 | ) | (993 | ) | (951 | ) | ||||||||||||||
Gain from acquisition |
— | — | — | — | 11,390 | — | 11,390 | |||||||||||||||||||||
Noncash goodwill impairment charge |
— | — | — | (25,000 | ) | — | — | (70,000 | ) | |||||||||||||||||||
Severance costs |
— | — | — | — | — | — | (2,898 | ) | ||||||||||||||||||||
Loss from continuing operations before taxes (GAAP) |
$ | (92,451 | ) | $ | (57,368 | ) | $ | (72,351 | ) | $ | (95,613 | ) | $ | (30,596 | ) | $ | (149,819 | ) | $ | (151,535 | ) | |||||||
Income tax benefit reconciliation |
||||||||||||||||||||||||||||
Operating income tax benefit |
$ | (32,419 | ) | $ | (22,417 | ) | $ | (31,687 | ) | $ | (26,252 | ) | $ | (18,394 | ) | $ | (54,836 | ) | $ | (33,815 | ) | |||||||
Taxable equivalent adjustment |
(500 | ) | (493 | ) | (601 | ) | (580 | ) | (463 | ) | (993 | ) | (951 | ) | ||||||||||||||
Gain from acquisition, tax expense |
— | — | — | — | 4,328 | — | 4,328 | |||||||||||||||||||||
Severance costs, tax benefit |
— | — | — | — | — | — | (1,101 | ) | ||||||||||||||||||||
Income tax benefit (GAAP) |
$ | (32,919 | ) | $ | (22,910 | ) | $ | (32,288 | ) | $ | (26,832 | ) | $ | (14,529 | ) | $ | (55,829 | ) | $ | (31,539 | ) | |||||||
Diluted loss from continuing operations per common share reconciliation |
||||||||||||||||||||||||||||
Diluted operating loss from continuing operations per common share |
$ | (.66 | ) | $ | (.39 | ) | $ | (.45 | ) | $ | (.93 | ) | $ | (.53 | ) | $ | (1.05 | ) | $ | (1.24 | ) | |||||||
Gain from acquisition |
— | — | — | — | .15 | — | .15 | |||||||||||||||||||||
Noncash goodwill impairment charge |
— | — | — | (.50 | ) | — | — | (1.45 | ) | |||||||||||||||||||
Severance costs |
— | — | — | — | — | — | (.04 | ) | ||||||||||||||||||||
Diluted loss from continuing operations per common share (GAAP) |
$ | (.66 | ) | $ | (.39 | ) | $ | (.45 | ) | $ | (1.43 | ) | $ | (.38 | ) | $ | (1.05 | ) | $ | (2.58 | ) | |||||||
Book value per common share reconciliation |
||||||||||||||||||||||||||||
Tangible book value per common share |
$ | 5.39 | $ | 5.62 | $ | 6.02 | $ | 6.50 | $ | 8.85 | $ | 5.39 | $ | 8.85 | ||||||||||||||
Effect of goodwill and other intangibles |
2.32 | 2.33 | 2.34 | 2.35 | 5.02 | 2.32 | 5.02 | |||||||||||||||||||||
Book value per common share (GAAP) |
$ | 7.71 | $ | 7.95 | $ | 8.36 | $ | 8.85 | $ | 13.87 | $ | 7.71 | $ | 13.87 | ||||||||||||||
Efficiency ratio from continuing operations reconciliation |
||||||||||||||||||||||||||||
Operating efficiency ratio from continuing operations |
141.60 | % | 75.22 | % | 78.74 | % | 68.35 | % | 73.68 | % | 108.48 | % | 74.38 | % | ||||||||||||||
Gain from acquisition |
— | — | — | — | (9.96 | ) | — | (5.53 | ) | |||||||||||||||||||
Noncash goodwill impairment charge |
— | — | — | 33.22 | — | — | 45.69 | |||||||||||||||||||||
Severance costs |
— | — | — | — | — | — | 1.89 | |||||||||||||||||||||
Efficiency ratio from continuing operations (GAAP) |
141.60 | % | 75.22 | % | 78.74 | % | 101.57 | % | 63.72 | % | 108.48 | % | 116.43 | % | ||||||||||||||
Average equity to assets reconciliation |
||||||||||||||||||||||||||||
Tangible common equity to assets |
6.91 | % | 7.13 | % | 7.37 | % | 5.36 | % | 5.77 | % | 7.02 | % | 5.93 | % | ||||||||||||||
Effect of preferred equity |
2.35 | 2.26 | 2.16 | 2.19 | 2.19 | 2.30 | 2.17 | |||||||||||||||||||||
Tangible equity to assets |
9.26 | 9.39 | 9.53 | 7.55 | 7.96 | 9.32 | 8.10 | |||||||||||||||||||||
Effect of goodwill and other intangibles |
2.58 | 2.51 | 2.41 | 2.72 | 2.75 | 2.55 | 3.10 | |||||||||||||||||||||
Equity to assets (GAAP) |
11.84 | % | 11.90 | % | 11.94 | % | 10.27 | % | 10.71 | % | 11.87 | % | 11.20 | % | ||||||||||||||
Actual tangible common equity to risk-weighted assets reconciliation |
||||||||||||||||||||||||||||
Tangible common equity to risk-weighted assets |
9.97 | % | 10.03 | % | 10.39 | % | 10.67 | % | 7.49 | % | 9.97 | % | 7.49 | % | ||||||||||||||
Effect of other comprehensive income |
(.87 | ) | (.85 | ) | (.87 | ) | (.90 | ) | (.72 | ) | (.87 | ) | (.72 | ) | ||||||||||||||
Effect of deferred tax limitation |
(2.47 | ) | (1.75 | ) | (1.27 | ) | (.58 | ) | (.22 | ) | (2.47 | ) | (.22 | ) | ||||||||||||||
Effect of trust preferred |
1.03 | 1.00 | .97 | .92 | .90 | 1.03 | .90 | |||||||||||||||||||||
Effect of preferred equity |
3.41 | 3.29 | 3.19 | 3.04 | 2.99 | 3.41 | 2.99 | |||||||||||||||||||||
Tier I capital ratio (Regulatory) |
11.07 | % | 11.72 | % | 12.41 | % | 13.15 | % | 10.44 | % | 11.07 | % | 10.44 | % | ||||||||||||||
2010 | 2009 | Linked | Year over | |||||||||||||||||||||||||
Second | First | Fourth | Third | Second | Quarter | Year | ||||||||||||||||||||||
(in millions) | Quarter(1) | Quarter(1) | Quarter(1) | Quarter(1) | Quarter(1) | Change | Change | |||||||||||||||||||||
LOANS BY CATEGORY |
||||||||||||||||||||||||||||
Commercial (sec. by RE) |
$ | 1,780 | $ | 1,765 | $ | 1,779 | $ | 1,787 | $ | 1,797 | $ | 15 | $ | (17 | ) | |||||||||||||
Commercial construction |
342 | 357 | 363 | 380 | 379 | (15 | ) | (37 | ) | |||||||||||||||||||
Commercial & industrial |
441 | 381 | 390 | 403 | 399 | 60 | 42 | |||||||||||||||||||||
Total commercial |
2,563 | 2,503 | 2,532 | 2,570 | 2,575 | 60 | (12 | ) | ||||||||||||||||||||
Residential construction |
820 | 960 | 1,050 | 1,185 | 1,315 | (140 | ) | (495 | ) | |||||||||||||||||||
Residential mortgage |
1,356 | 1,390 | 1,427 | 1,461 | 1,470 | (34 | ) | (114 | ) | |||||||||||||||||||
Consumer / installment |
134 | 139 | 142 | 147 | 153 | (5 | ) | (19 | ) | |||||||||||||||||||
Total loans |
$ | 4,873 | $ | 4,992 | $ | 5,151 | $ | 5,363 | $ | 5,513 | (119 | ) | (640 | ) | ||||||||||||||
LOANS BY MARKET |
||||||||||||||||||||||||||||
Atlanta MSA |
$ | 1,373 | $ | 1,404 | $ | 1,435 | $ | 1,526 | $ | 1,605 | (31 | ) | (232 | ) | ||||||||||||||
Gainesville MSA |
343 | 372 | 390 | 402 | 413 | (29 | ) | (70 | ) | |||||||||||||||||||
North Georgia |
1,808 | 1,814 | 1,884 | 1,942 | 1,978 | (6 | ) | (170 | ) | |||||||||||||||||||
Western North Carolina |
738 | 756 | 772 | 786 | 794 | (18 | ) | (56 | ) | |||||||||||||||||||
Coastal Georgia |
356 | 388 | 405 | 440 | 455 | (32 | ) | (99 | ) | |||||||||||||||||||
East Tennessee |
255 | 258 | 265 | 267 | 268 | (3 | ) | (13 | ) | |||||||||||||||||||
Total loans |
$ | 4,873 | $ | 4,992 | $ | 5,151 | $ | 5,363 | $ | 5,513 | (119 | ) | (640 | ) | ||||||||||||||
RESIDENTIAL CONSTRUCTION |
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Dirt loans |
||||||||||||||||||||||||||||
Acquisition & development |
$ | 214 | $ | 290 | $ | 332 | $ | 380 | $ | 413 | (76 | ) | (199 | ) | ||||||||||||||
Land loans |
110 | 124 | 127 | 159 | 159 | (14 | ) | (49 | ) | |||||||||||||||||||
Lot loans |
311 | 321 | 336 | 336 | 369 | (10 | ) | (58 | ) | |||||||||||||||||||
Total |
635 | 735 | 795 | 875 | 941 | (100 | ) | (306 | ) | |||||||||||||||||||
House loans |
||||||||||||||||||||||||||||
Spec |
125 | 153 | 178 | 218 | 268 | (28 | ) | (143 | ) | |||||||||||||||||||
Sold |
60 | 72 | 77 | 92 | 106 | (12 | ) | (46 | ) | |||||||||||||||||||
Total |
185 | 225 | 255 | 310 | 374 | (40 | ) | (189 | ) | |||||||||||||||||||
Total residential
construction |
$ | 820 | $ | 960 | $ | 1,050 | $ | 1,185 | $ | 1,315 | (140 | ) | (495 | ) | ||||||||||||||
RESIDENTIAL
CONSTRUCTION -
ATLANTA MSA |
||||||||||||||||||||||||||||
Dirt loans |
||||||||||||||||||||||||||||
Acquisition & development |
$ | 52 | $ | 66 | $ | 76 | $ | 100 | $ | 124 | (14 | ) | (72 | ) | ||||||||||||||
Land loans |
32 | 43 | 43 | 61 | 63 | (11 | ) | (31 | ) | |||||||||||||||||||
Lot loans |
39 | 47 | 52 | 54 | 81 | (8 | ) | (42 | ) | |||||||||||||||||||
Total |
123 | 156 | 171 | 215 | 268 | (33 | ) | (145 | ) | |||||||||||||||||||
House loans |
||||||||||||||||||||||||||||
Spec |
50 | 58 | 68 | 91 | 127 | (8 | ) | (77 | ) | |||||||||||||||||||
Sold |
10 | 14 | 16 | 22 | 29 | (4 | ) | (19 | ) | |||||||||||||||||||
Total |
60 | 72 | 84 | 113 | 156 | (12 | ) | (96 | ) | |||||||||||||||||||
Total residential
construction |
$ | 183 | $ | 228 | $ | 255 | $ | 328 | $ | 424 | (45 | ) | (241 | ) | ||||||||||||||
(1) | Excludes total loans of $80.8 million, $79.5 million, $85.1 million, $104.0 million and $109.9 million as of June 30, 2010, March 31, 2010, December 31, 2009, September 30, 2009 and June 30, 2009, respectively, that are covered by the loss-sharing agreement with the FDIC, related to the acquisition of Southern Community Bank. |
Second Quarter 2010 | First Quarter 2010 | Fourth Quarter 2009 | ||||||||||||||||||||||||||||||||||
Non-performing | Foreclosed | Total | Non-performing | Foreclosed | Total | Non-performing | Foreclosed | Total | ||||||||||||||||||||||||||||
(in thousands) | Loans | Properties | NPAs | Loans | Properties | NPAs | Loans | Properties | NPAs | |||||||||||||||||||||||||||
NPAs BY CATEGORY |
||||||||||||||||||||||||||||||||||||
Commercial (sec. by RE) |
$ | 56,013 | $ | 13,297 | $ | 69,310 | $ | 45,918 | $ | 21,597 | $ | 67,515 | $ | 37,040 | $ | 15,842 | $ | 52,882 | ||||||||||||||||||
Commercial construction |
17,872 | 11,339 | 29,211 | 23,556 | 14,285 | 37,841 | 19,976 | 9,761 | 29,737 | |||||||||||||||||||||||||||
Commercial & industrial |
7,245 | — | 7,245 | 3,610 | — | 3,610 | 3,946 | — | 3,946 | |||||||||||||||||||||||||||
Total commercial |
81,130 | 24,636 | 105,766 | 73,084 | 35,882 | 108,966 | 60,962 | 25,603 | 86,565 | |||||||||||||||||||||||||||
Residential construction |
88,375 | 74,444 | 162,819 | 147,326 | 74,220 | 221,546 | 142,332 | 76,519 | 218,851 | |||||||||||||||||||||||||||
Residential mortgage |
53,175 | 24,830 | 78,005 | 57,920 | 26,173 | 84,093 | 58,767 | 18,648 | 77,415 | |||||||||||||||||||||||||||
Consumer / installment |
1,655 | — | 1,655 | 2,472 | — | 2,472 | 2,031 | — | 2,031 | |||||||||||||||||||||||||||
Total NPAs |
$ | 224,335 | $ | 123,910 | $ | 348,245 | $ | 280,802 | $ | 136,275 | $ | 417,077 | $ | 264,092 | $ | 120,770 | $ | 384,862 | ||||||||||||||||||
NPAs BY MARKET |
||||||||||||||||||||||||||||||||||||
Atlanta MSA |
$ | 74,031 | $ | 30,605 | $ | 104,636 | $ | 81,914 | $ | 36,951 | $ | 118,865 | $ | 106,536 | $ | 41,125 | $ | 147,661 | ||||||||||||||||||
Gainesville MSA |
10,730 | 2,750 | 13,480 | 17,058 | 3,192 | 20,250 | 5,074 | 2,614 | 7,688 | |||||||||||||||||||||||||||
North Georgia |
102,198 | 60,597 | 162,795 | 109,280 | 63,128 | 172,408 | 87,598 | 53,072 | 140,670 | |||||||||||||||||||||||||||
Western North Carolina |
22,776 | 11,473 | 34,249 | 31,353 | 8,588 | 39,941 | 29,610 | 5,096 | 34,706 | |||||||||||||||||||||||||||
Coastal Georgia |
8,341 | 16,548 | 24,889 | 33,438 | 21,871 | 55,309 | 26,871 | 17,150 | 44,021 | |||||||||||||||||||||||||||
East Tennessee |
6,259 | 1,937 | 8,196 | 7,759 | 2,545 | 10,304 | 8,403 | 1,713 | 10,116 | |||||||||||||||||||||||||||
Total NPAs |
$ | 224,335 | $ | 123,910 | $ | 348,245 | $ | 280,802 | $ | 136,275 | $ | 417,077 | $ | 264,092 | $ | 120,770 | $ | 384,862 | ||||||||||||||||||
NPA ACTIVITY |
||||||||||||||||||||||||||||||||||||
Beginning Balance |
$ | 280,802 | $ | 136,275 | $ | 417,077 | $ | 264,092 | $ | 120,770 | $ | 384,862 | $ | 304,381 | $ | 110,610 | $ | 414,991 | ||||||||||||||||||
Loans placed on non-accrual |
155,007 | — | 155,007 | 139,030 | — | 139,030 | 174,898 | — | 174,898 | |||||||||||||||||||||||||||
Payments received |
(12,189 | ) | — | (12,189 | ) | (5,733 | ) | — | (5,733 | ) | (26,935 | ) | — | (26,935 | ) | |||||||||||||||||||||
Loan charge-offs |
(62,693 | ) | — | (62,693 | ) | (58,897 | ) | — | (58,897 | ) | (88,427 | ) | — | (88,427 | ) | |||||||||||||||||||||
Foreclosures |
(66,994 | ) | 66,994 | — | (49,233 | ) | 49,233 | — | (79,983 | ) | 79,983 | — | ||||||||||||||||||||||||
Capitalized costs |
— | 305 | 305 | — | 320 | 320 | — | 981 | 981 | |||||||||||||||||||||||||||
Note / property sales |
(69,598 | ) | (68,472 | ) | (138,070 | ) | (8,457 | ) | (25,951 | ) | (34,408 | ) | (19,842 | ) | (61,228 | ) | (81,070 | ) | ||||||||||||||||||
Write downs |
— | (6,094 | ) | (6,094 | ) | — | (4,579 | ) | (4,579 | ) | — | (2,209 | ) | (2,209 | ) | |||||||||||||||||||||
Net losses on sales |
— | (5,098 | ) | (5,098 | ) | — | (3,518 | ) | (3,518 | ) | — | (7,367 | ) | (7,367 | ) | |||||||||||||||||||||
Ending Balance |
$ | 224,335 | $ | 123,910 | $ | 348,245 | $ | 280,802 | $ | 136,275 | $ | 417,077 | $ | 264,092 | $ | 120,770 | $ | 384,862 | ||||||||||||||||||
Second Quarter 2010 | First Quarter 2010 | Fourth Quarter 2009 | ||||||||||||||||||||||
Net Charge- | Net Charge- | Net Charge- | ||||||||||||||||||||||
Offs to | Offs to | Offs to | ||||||||||||||||||||||
Net | Average | Net | Average | Net | Average | |||||||||||||||||||
(in thousands) | Charge-Offs | Loans (2) | Charge-Offs | Loans (2) | Charge-Offs | Loans (2) | ||||||||||||||||||
NET CHARGE-OFFS BY CATEGORY |
||||||||||||||||||||||||
Commercial (sec. by RE) |
$ | 9,757 | 2.21 | % | $ | 1,964 | .45 | % | $ | 3,896 | .86 | % | ||||||||||||
Commercial construction |
1,460 | 1.67 | 2,206 | 2.48 | 4,717 | 5.03 | ||||||||||||||||||
Commercial & industrial |
867 | .85 | 4,110 | 4.31 | 153 | .15 | ||||||||||||||||||
Total commercial |
12,084 | 1.91 | 8,280 | 1.33 | 8,766 | 1.36 | ||||||||||||||||||
Residential construction |
41,515 | 18.71 | 43,100 | 17.32 | 67,393 | 23.87 | ||||||||||||||||||
Residential mortgage |
6,517 | 1.90 | 4,551 | 1.31 | 7,026 | 1.93 | ||||||||||||||||||
Consumer / installment |
1,207 | 3.53 | 737 | 2.12 | 1,400 | 3.83 | ||||||||||||||||||
Total |
$ | 61,323 | 4.98 | $ | 56,668 | 4.51 | $ | 84,585 | 6.37 | |||||||||||||||
NET CHARGE-OFFS BY MARKET |
||||||||||||||||||||||||
Atlanta MSA |
$ | 16,926 | 4.85 | % | $ | 15,545 | 4.32 | % | $ | 43,595 | 12.07 | % | ||||||||||||
Gainesville MSA |
2,547 | 3.01 | 1,675 | 1.92 | 2,273 | 2.49 | ||||||||||||||||||
North Georgia |
28,100 | 6.19 | 29,747 | 6.51 | 18,057 | 3.57 | ||||||||||||||||||
Western North Carolina |
7,194 | 3.86 | 3,695 | 1.96 | 10,091 | 5.11 | ||||||||||||||||||
Coastal Georgia |
5,581 | 6.07 | 5,649 | 5.74 | 8,109 | 7.72 | ||||||||||||||||||
East Tennessee |
975 | 1.53 | 357 | .55 | 2,460 | 3.67 | ||||||||||||||||||
Total |
$ | 61,323 | 4.98 | $ | 56,668 | 4.51 | $ | 84,585 | 6.37 | |||||||||||||||
(1) | Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with the FDIC, related to the acquisition of Southern Community Bank. (2) Annualized. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands, except per share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Interest revenue: |
||||||||||||||||
Loans, including fees |
$ | 70,611 | $ | 81,691 | $ | 142,826 | $ | 163,571 | ||||||||
Investment securities, including tax exempt of $295, $309, $606 and $628 |
15,829 | 20,485 | 32,032 | 41,237 | ||||||||||||
Federal funds sold, commercial paper and deposits in banks |
759 | 98 | 1,697 | 540 | ||||||||||||
Total interest revenue |
87,199 | 102,274 | 176,555 | 205,348 | ||||||||||||
Interest expense: |
||||||||||||||||
Deposits: |
||||||||||||||||
NOW |
1,745 | 2,843 | 3,599 | 6,180 | ||||||||||||
Money market |
1,829 | 2,269 | 3,586 | 4,506 | ||||||||||||
Savings |
83 | 121 | 167 | 248 | ||||||||||||
Time |
17,718 | 32,064 | 37,916 | 68,117 | ||||||||||||
Total deposit interest expense |
21,375 | 37,297 | 45,268 | 79,051 | ||||||||||||
Federal funds purchased, repurchase agreements and other short-term
borrowings |
1,056 | 595 | 2,094 | 1,148 | ||||||||||||
Federal Home Loan Bank advances |
974 | 1,203 | 1,951 | 2,277 | ||||||||||||
Long-term debt |
2,667 | 2,760 | 5,329 | 5,529 | ||||||||||||
Total interest expense |
26,072 | 41,855 | 54,642 | 88,005 | ||||||||||||
Net interest revenue |
61,127 | 60,419 | 121,913 | 117,343 | ||||||||||||
Provision for loan losses |
61,500 | 60,000 | 136,500 | 125,000 | ||||||||||||
Net interest revenue after provision for loan losses |
(373 | ) | 419 | (14,587 | ) | (7,657 | ) | |||||||||
Fee revenue: |
||||||||||||||||
Service charges and fees |
7,993 | 7,557 | 15,440 | 14,591 | ||||||||||||
Mortgage loan and other related fees |
1,601 | 2,825 | 3,080 | 5,476 | ||||||||||||
Brokerage fees |
586 | 497 | 1,153 | 1,186 | ||||||||||||
Securities losses, net |
— | (711 | ) | 61 | (408 | ) | ||||||||||
Gain from acquisition |
— | 11,390 | — | 11,390 | ||||||||||||
Other |
1,399 | 1,137 | 3,511 | 2,283 | ||||||||||||
Total fee revenue |
11,579 | 22,695 | 23,245 | 34,518 | ||||||||||||
Total revenue |
11,206 | 23,114 | 8,658 | 26,861 | ||||||||||||
Operating expenses: |
||||||||||||||||
Salaries and employee benefits |
23,590 | 26,305 | 47,950 | 53,618 | ||||||||||||
Communications and equipment |
3,511 | 3,571 | 6,784 | 7,217 | ||||||||||||
Occupancy |
3,836 | 3,818 | 7,650 | 7,587 | ||||||||||||
Advertising and public relations |
1,352 | 1,125 | 2,395 | 2,169 | ||||||||||||
Postage, printing and supplies |
765 | 1,288 | 1,990 | 2,463 | ||||||||||||
Professional fees |
2,178 | 3,195 | 4,121 | 6,476 | ||||||||||||
Foreclosed preoperty |
14,540 | 5,737 | 25,353 | 10,056 | ||||||||||||
FDIC assessments and other regulatory charges |
3,566 | 6,810 | 7,192 | 9,492 | ||||||||||||
Amortization of intangibles |
794 | 739 | 1,596 | 1,478 | ||||||||||||
Other |
4,176 | 1,122 | 8,097 | 4,942 | ||||||||||||
Loss on sale of nonperforming assets |
45,349 | — | 45,349 | — | ||||||||||||
Goodwill impairment |
— | — | — | 70,000 | ||||||||||||
Severance costs |
— | — | — | 2,898 | ||||||||||||
Total operating expenses |
103,657 | 53,710 | 158,477 | 178,396 | ||||||||||||
Loss from continuing operations before income taxes |
(92,451 | ) | (30,596 | ) | (149,819 | ) | (151,535 | ) | ||||||||
Income tax benefit |
(32,919 | ) | (14,529 | ) | (55,829 | ) | (31,539 | ) | ||||||||
Net loss from continuing operations |
(59,532 | ) | (16,067 | ) | (93,990 | ) | (119,996 | ) | ||||||||
(Loss) income from discontinued operations, net of income taxes |
— | 66 | (101 | ) | 222 | |||||||||||
Gain from sale of subsidiary, net of income taxes and selling costs |
— | — | 1,266 | — | ||||||||||||
Net loss |
(59,532 | ) | (16,001 | ) | (92,825 | ) | (119,774 | ) | ||||||||
Preferred stock dividends and discount accretion |
2,577 | 2,559 | 5,149 | 5,113 | ||||||||||||
Net loss available to common shareholders |
$ | (62,109 | ) | $ | (18,560 | ) | $ | (97,974 | ) | $ | (124,887 | ) | ||||
Loss from continuing operations per common share — Basic / Diluted |
$ | (.66 | ) | $ | (.38 | ) | $ | (1.05 | ) | $ | (2.58 | ) | ||||
Loss per common share — Basic / Diluted |
(.66 | ) | (.38 | ) | (1.04 | ) | (2.57 | ) | ||||||||
Weighted average common shares outstanding — Basic / Diluted |
94,524 | 48,794 | 94,453 | 48,560 |
June 30, | December 31, | June 30, | ||||||||||
(in thousands, except share and per share data) | 2010 | 2009 | 2009 | |||||||||
(unaudited) | (audited) | (unaudited) | ||||||||||
ASSETS |
||||||||||||
Cash and due from banks |
$ | 115,088 | $ | 126,265 | $ | 110,943 | ||||||
Interest-bearing deposits in banks |
105,183 | 120,382 | 70,474 | |||||||||
Federal funds sold, commercial paper and short-term investments |
148,227 | 129,720 | — | |||||||||
Cash and cash equivalents |
368,498 | 376,367 | 181,417 | |||||||||
Securities available for sale |
1,165,776 | 1,530,047 | 1,816,787 | |||||||||
Securities held to maturity (fair value $327,497) |
322,148 | — | — | |||||||||
Mortgage loans held for sale |
22,705 | 30,226 | 42,185 | |||||||||
Loans, net of unearned income |
4,873,030 | 5,151,476 | 5,513,087 | |||||||||
Less allowance for loan losses |
174,111 | 155,602 | 145,678 | |||||||||
Loans, net |
4,698,919 | 4,995,874 | 5,367,409 | |||||||||
Assets covered by loss sharing agreements with the FDIC |
156,611 | 185,938 | 230,125 | |||||||||
Premises and equipment, net |
180,125 | 182,038 | 178,983 | |||||||||
Accrued interest receivable |
29,650 | 33,867 | 41,405 | |||||||||
Goodwill and other intangible assets |
223,600 | 225,196 | 251,821 | |||||||||
Foreclosed property |
123,910 | 120,770 | 104,754 | |||||||||
Other assets |
360,542 | 319,591 | 262,469 | |||||||||
Total assets |
$ | 7,652,484 | $ | 7,999,914 | $ | 8,477,355 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
Liabilities: |
||||||||||||
Deposits: |
||||||||||||
Demand |
$ | 779,934 | $ | 707,826 | $ | 714,630 | ||||||
NOW |
1,326,861 | 1,335,790 | 1,273,368 | |||||||||
Money market |
756,370 | 713,901 | 573,463 | |||||||||
Savings |
185,176 | 177,427 | 180,368 | |||||||||
Time: |
||||||||||||
Less than $100,000 |
1,575,211 | 1,746,511 | 1,992,056 | |||||||||
Greater than $100,000 |
1,093,975 | 1,187,499 | 1,351,527 | |||||||||
Brokered |
611,985 | 758,880 | 763,348 | |||||||||
Total deposits |
6,329,512 | 6,627,834 | 6,848,760 | |||||||||
Federal funds purchased, repurchase agreements, and other short-term
borrowings |
104,127 | 101,389 | 252,493 | |||||||||
Federal Home Loan Bank advances |
104,138 | 114,501 | 283,292 | |||||||||
Long-term debt |
150,106 | 150,066 | 150,026 | |||||||||
Accrued expenses and other liabilities |
60,184 | 43,803 | 87,512 | |||||||||
Total liabilities |
6,748,067 | 7,037,593 | 7,622,083 | |||||||||
Shareholders’ equity: |
||||||||||||
Preferred stock, $1 par value; 10,000,000 shares authorized; |
||||||||||||
Series A; $10 stated value; 21,700 shares issued and outstanding |
217 | 217 | 217 | |||||||||
Series B; $1,000 stated value; 180,000 shares issued and outstanding |
175,050 | 174,408 | 173,785 | |||||||||
Common stock, $1 par value; 200,000,000 shares authorized; |
||||||||||||
94,280,925, 94,045,603 and 48,933,383 shares issued and outstanding |
94,281 | 94,046 | 48,933 | |||||||||
Common stock issuable; 284,771, 221,906 and 182,041 shares |
3,898 | 3,597 | 3,383 | |||||||||
Capital surplus |
663,836 | 622,034 | 450,514 | |||||||||
(Accumulated deficit) retained earnings |
(77,590 | ) | 20,384 | 136,624 | ||||||||
Accumulated other comprehensive income |
44,725 | 47,635 | 41,816 | |||||||||
Total shareholders’ equity |
904,417 | 962,321 | 855,272 | |||||||||
Total liabilities and shareholders’ equity |
$ | 7,652,484 | $ | 7,999,914 | $ | 8,477,355 | ||||||
2010 | 2009 | |||||||||||||||||||||||
Average | Avg. | Average | Avg. | |||||||||||||||||||||
(dollars in thousands, taxable equivalent) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||
Loans, net of unearned income (1)(2) |
$ | 5,010,937 | $ | 70,640 | 5.65 | % | $ | 5,597,259 | $ | 81,567 | 5.85 | % | ||||||||||||
Taxable securities (3) |
1,503,162 | 15,534 | 4.13 | 1,742,620 | 20,176 | 4.63 | ||||||||||||||||||
Tax-exempt securities (1)(3) |
28,920 | 482 | 6.67 | 28,862 | 506 | 7.01 | ||||||||||||||||||
Federal funds sold and other interest-earning assets |
311,475 | 1,043 | 1.34 | 73,437 | 488 | 2.66 | ||||||||||||||||||
Total interest-earning assets |
6,854,494 | 87,699 | 5.13 | 7,442,178 | 102,737 | 5.53 | ||||||||||||||||||
Non-interest-earning assets: |
||||||||||||||||||||||||
Allowance for loan losses |
(193,998 | ) | (147,691 | ) | ||||||||||||||||||||
Cash and due from banks |
100,931 | 101,830 | ||||||||||||||||||||||
Premises and equipment |
181,064 | 179,446 | ||||||||||||||||||||||
Other assets (3) |
761,803 | 636,377 | ||||||||||||||||||||||
Total assets |
$ | 7,704,294 | $ | 8,212,140 | ||||||||||||||||||||
Liabilities and Shareholders’ Equity: |
||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||
Interest-bearing deposits: |
||||||||||||||||||||||||
NOW |
$ | 1,325,099 | $ | 1,745 | .53 | $ | 1,258,134 | $ | 2,843 | .91 | ||||||||||||||
Money market |
746,039 | 1,829 | .98 | 521,989 | 2,269 | 1.74 | ||||||||||||||||||
Savings |
186,628 | 83 | .18 | 178,435 | 121 | .27 | ||||||||||||||||||
Time less than $100,000 |
1,605,308 | 7,887 | 1.97 | 1,894,071 | 15,342 | 3.25 | ||||||||||||||||||
Time greater than $100,000 |
1,110,010 | 6,102 | 2.20 | 1,325,757 | 11,513 | 3.48 | ||||||||||||||||||
Brokered |
642,954 | 3,729 | 2.33 | 686,070 | 5,209 | 3.05 | ||||||||||||||||||
Total interest-bearing deposits |
5,616,038 | 21,375 | 1.53 | 5,864,456 | 37,297 | 2.55 | ||||||||||||||||||
Federal funds purchased and other borrowings |
104,637 | 1,056 | 4.05 | 220,376 | 595 | 1.08 | ||||||||||||||||||
Federal Home Loan Bank advances |
107,948 | 974 | 3.62 | 309,962 | 1,203 | 1.56 | ||||||||||||||||||
Long-term debt |
150,097 | 2,667 | 7.13 | 151,019 | 2,760 | 7.33 | ||||||||||||||||||
Total borrowed funds |
362,682 | 4,697 | 5.19 | 681,357 | 4,558 | 2.68 | ||||||||||||||||||
Total interest-bearing liabilities |
5,978,720 | 26,072 | 1.75 | 6,545,813 | 41,855 | 2.56 | ||||||||||||||||||
Non-interest-bearing liabilities: |
||||||||||||||||||||||||
Non-interest-bearing deposits |
758,558 | 680,081 | ||||||||||||||||||||||
Other liabilities |
54,931 | 107,036 | ||||||||||||||||||||||
Total liabilities |
6,792,209 | 7,332,930 | ||||||||||||||||||||||
Shareholders’ equity |
912,085 | 879,210 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity |
$ | 7,704,294 | $ | 8,212,140 | ||||||||||||||||||||
Net interest revenue |
$ | 61,627 | $ | 60,882 | ||||||||||||||||||||
Net interest-rate spread |
3.38 | % | 2.97 | % | ||||||||||||||||||||
Net interest margin (4) |
3.60 | % | 3.28 | % | ||||||||||||||||||||
(1) | Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate. | |
(2) | Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued. | |
(3) | Securities available for sale are shown at amortized cost. Pretax unrealized gains of $43.6 million in 2010 and $14.7 million in 2009 are included in other assets for purposes of this presentation. | |
(4) | Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets. |
2010 | 2009 | |||||||||||||||||||||||
Average | Avg. | Average | Avg. | |||||||||||||||||||||
(dollars in thousands, taxable equivalent) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Assets: |
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Interest-earning assets: |
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Loans, net of unearned income (1)(2) |
$ | 5,091,445 | $ | 142,859 | 5.66 | % | $ | 5,635,942 | $ | 163,316 | 5.84 | % | ||||||||||||
Taxable securities (3) |
1,495,447 | 31,426 | 4.20 | 1,712,778 | 40,609 | 4.74 | ||||||||||||||||||
Tax-exempt securities (1)(3) |
29,482 | 991 | 6.72 | 29,453 | 1,028 | 6.98 | ||||||||||||||||||
Federal funds sold and other interest-earning
assets |
352,683 | 2,272 | 1.29 | 107,788 | 1,346 | 2.50 | ||||||||||||||||||
Total interest-earning assets |
6,969,057 | 177,548 | 5.13 | 7,485,961 | 206,299 | 5.55 | ||||||||||||||||||
Non-interest-earning assets: |
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Allowance for loan losses |
(190,662 | ) | (138,297 | ) | ||||||||||||||||||||
Cash and due from banks |
102,728 | 103,113 | ||||||||||||||||||||||
Premises and equipment |
181,493 | 179,470 | ||||||||||||||||||||||
Other assets (3) |
762,014 | 661,520 | ||||||||||||||||||||||
Total assets |
$ | 7,824,630 | $ | 8,291,767 | ||||||||||||||||||||
Liabilities and Shareholders’ Equity: |
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Interest-bearing liabilities: |
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Interest-bearing deposits: |
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NOW |
$ | 1,343,297 | $ | 3,599 | .54 | $ | 1,307,865 | $ | 6,180 | .95 | ||||||||||||||
Money market |
734,817 | 3,586 | .98 | 499,780 | 4,506 | 1.82 | ||||||||||||||||||
Savings |
183,555 | 167 | .18 | 175,587 | 248 | .28 | ||||||||||||||||||
Time less than $100,000 |
1,648,739 | 16,778 | 2.05 | 1,918,349 | 32,559 | 3.42 | ||||||||||||||||||
Time greater than $100,000 |
1,132,767 | 12,872 | 2.29 | 1,359,286 | 24,338 | 3.61 | ||||||||||||||||||
Brokered |
689,717 | 8,266 | 2.42 | 735,844 | 11,220 | 3.07 | ||||||||||||||||||
Total interest-bearing deposits |
5,732,892 | 45,268 | 1.59 | 5,996,711 | 79,051 | 2.66 | ||||||||||||||||||
Federal funds purchased and other borrowings |
103,355 | 2,094 | 4.09 | 185,639 | 1,148 | 1.25 | ||||||||||||||||||
Federal Home Loan Bank advances |
111,150 | 1,951 | 3.54 | 257,742 | 2,277 | 1.78 | ||||||||||||||||||
Long-term debt |
150,088 | 5,329 | 7.16 | 151,009 | 5,529 | 7.38 | ||||||||||||||||||
Total borrowed funds |
364,593 | 9,374 | 5.18 | 594,390 | 8,954 | 3.04 | ||||||||||||||||||
Total interest-bearing liabilities |
6,097,485 | 54,642 | 1.81 | 6,591,101 | 88,005 | 2.69 | ||||||||||||||||||
Non-interest-bearing liabilities: |
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Non-interest-bearing deposits |
738,876 | 665,170 | ||||||||||||||||||||||
Other liabilities |
59,605 | 112,382 | ||||||||||||||||||||||
Total liabilities |
6,895,966 | 7,368,653 | ||||||||||||||||||||||
Shareholders’ equity |
928,664 | 923,114 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity |
$ | 7,824,630 | $ | 8,291,767 | ||||||||||||||||||||
Net interest revenue |
$ | 122,906 | $ | 118,294 | ||||||||||||||||||||
Net interest-rate spread |
3.32 | % | 2.86 | % | ||||||||||||||||||||
Net interest margin (4) |
3.55 | % | 3.18 | % | ||||||||||||||||||||
(1) | Interest revenue on tax-exempt securities and loans has been increased to reflect comparable interest on taxable securities and loans. The rate used was 39%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate. | |
(2) | Included in the average balance of loans outstanding are loans where the accrual of interest has been discontinued. | |
(3) | Securities available for sale are shown at amortized cost. Pretax unrealized gains of $43.4 million in 2010 and $12.7 million in 2009 are included in other assets for purposes of this presentation. | |
(4) | Net interest margin is taxable equivalent net-interest revenue divided by average interest-earning assets. |