[X] | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2012. | |
[ ] | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ | |
Commission file number 001-15373 |
Large accelerated filer o | Accelerated filer R | Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) |
Page | ||
PART I - FINANCIAL INFORMATION | ||
Item 1. Financial Statements | ||
Condensed Consolidated Balance Sheets (Unaudited) | ||
Condensed Consolidated Statements of Operations (Unaudited) | ||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) | ||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||
Notes to Condensed Consolidated Financial Statements (Unaudited) | ||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||
Item 4. Controls and Procedures | ||
PART II - OTHER INFORMATION | ||
Item 1. Legal Proceedings | ||
Item 1A. Risk Factors | ||
Item 6. Exhibits | ||
Signatures | ||
(In thousands, except share and per share data) | September 30, 2012 | December 31, 2011 | |||||
Assets | |||||||
Cash and due from banks | $ | 28,964 | $ | 20,791 | |||
Federal funds sold | 30 | 143 | |||||
Interest-bearing deposits (including $3,800 and $2,650 pledged as collateral) | 56,681 | 167,209 | |||||
Total cash and cash equivalents | 85,675 | 188,143 | |||||
Interest-bearing deposits greater than 90 days | 1,000 | 1,502 | |||||
Securities available for sale | 610,357 | 593,182 | |||||
Mortgage loans held for sale | 8,245 | 6,494 | |||||
Portfolio loans not covered under FDIC loss share | 1,987,166 | 1,897,074 | |||||
Less: Allowance for loan losses | 34,222 | 37,989 | |||||
Portfolio loans not covered under FDIC loss share, net | 1,952,944 | 1,859,085 | |||||
Portfolio loans covered under FDIC loss share, net of the allowance for loan losses ($11,102 and $1,635, respectively) | 210,331 | 298,975 | |||||
Portfolio loans, net | 2,163,275 | 2,158,060 | |||||
Other real estate not covered under FDIC loss share | 12,549 | 17,217 | |||||
Other real estate covered under FDIC loss share | 18,810 | 36,471 | |||||
Other investments, at cost | 16,362 | 14,527 | |||||
Fixed assets, net | 21,469 | 18,986 | |||||
Accrued interest receivable | 10,481 | 9,193 | |||||
State tax credits, held for sale, including $25,069 and $26,350 carried at fair value, respectively | 65,873 | 50,446 | |||||
FDIC loss share receivable | 75,851 | 184,554 | |||||
Goodwill | 30,334 | 30,334 | |||||
Intangibles, net | 7,846 | 9,285 | |||||
Other assets | 65,565 | 59,385 | |||||
Total assets | $ | 3,193,692 | $ | 3,377,779 | |||
Liabilities and Shareholders' Equity | |||||||
Demand deposits | $ | 621,070 | $ | 585,479 | |||
Interest-bearing transaction accounts | 259,902 | 253,504 | |||||
Money market accounts | 975,216 | 1,084,304 | |||||
Savings | 81,552 | 51,145 | |||||
Certificates of deposit: | |||||||
$100 and over | 420,672 | 550,535 | |||||
Other | 192,521 | 266,386 | |||||
Total deposits | 2,550,933 | 2,791,353 | |||||
Subordinated debentures | 85,081 | 85,081 | |||||
Federal Home Loan Bank advances | 126,000 | 102,000 | |||||
Other borrowings | 147,104 | 154,545 | |||||
Accrued interest payable | 1,377 | 1,762 | |||||
Other liabilities | 15,681 | 3,473 | |||||
Total liabilities | 2,926,176 | 3,138,214 | |||||
Shareholders' equity: | |||||||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 35,000 shares issued and outstanding | 33,914 | 33,293 | |||||
Common stock, $0.01 par value; 30,000,000 shares authorized; 18,039,710 and 17,849,862 shares issued, respectively | 180 | 178 | |||||
Treasury stock, at cost; 76,000 shares | (1,743 | ) | (1,743 | ) | |||
Additional paid in capital | 172,545 | 169,138 | |||||
Retained earnings | 53,232 | 35,097 | |||||
Accumulated other comprehensive income | 9,388 | 3,602 | |||||
Total shareholders' equity | 267,516 | 239,565 | |||||
Total liabilities and shareholders' equity | $ | 3,193,692 | $ | 3,377,779 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(In thousands, except per share data) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Interest income: | |||||||||||||||
Interest and fees on loans | $ | 39,886 | $ | 30,983 | $ | 111,519 | $ | 93,565 | |||||||
Interest on debt securities: | |||||||||||||||
Taxable | 2,628 | 2,853 | 7,440 | 8,666 | |||||||||||
Nontaxable | 264 | 184 | 734 | 449 | |||||||||||
Interest on federal funds sold | — | — | — | 1 | |||||||||||
Interest on interest-bearing deposits | 53 | 166 | 195 | 427 | |||||||||||
Dividends on equity securities | 43 | 99 | 230 | 269 | |||||||||||
Total interest income | 42,874 | 34,285 | 120,118 | 103,377 | |||||||||||
Interest expense: | |||||||||||||||
Interest-bearing transaction accounts | 182 | 211 | 566 | 606 | |||||||||||
Money market accounts | 1,024 | 2,004 | 3,694 | 6,210 | |||||||||||
Savings | 68 | 35 | 209 | 53 | |||||||||||
Certificates of deposit: | |||||||||||||||
$100 and over | 1,691 | 2,297 | 5,500 | 6,959 | |||||||||||
Other | 597 | 855 | 2,103 | 2,708 | |||||||||||
Subordinated debentures | 982 | 1,128 | 3,111 | 3,375 | |||||||||||
Federal Home Loan Bank advances | 721 | 881 | 2,327 | 2,669 | |||||||||||
Notes payable and other borrowings | 125 | 105 | 362 | 316 | |||||||||||
Total interest expense | 5,390 | 7,516 | 17,872 | 22,896 | |||||||||||
Net interest income | 37,484 | 26,769 | 102,246 | 80,481 | |||||||||||
Provision for loan losses not covered under FDIC loss share | 1,048 | 5,400 | 2,841 | 13,300 | |||||||||||
Provision for loan losses covered under FDIC loss share | 10,889 | 2,672 | 13,380 | 2,947 | |||||||||||
Net interest income after provision for loan losses | 25,547 | 18,697 | 86,025 | 64,234 | |||||||||||
Noninterest income: | |||||||||||||||
Wealth Management revenue | 1,825 | 1,832 | 5,525 | 5,173 | |||||||||||
Service charges on deposit accounts | 1,456 | 1,332 | 4,199 | 3,663 | |||||||||||
Other service charges and fee income | 676 | 464 | 1,848 | 1,105 | |||||||||||
Gain on sale of other real estate | 739 | 517 | 3,152 | 1,039 | |||||||||||
Gain on state tax credits, net | 256 | 1,368 | 1,180 | 2,510 | |||||||||||
Gain on sale of investment securities | — | 768 | 1,156 | 1,448 | |||||||||||
Change in FDIC loss share receivable | 1,912 | 1,513 | (6,738 | ) | 1,148 | ||||||||||
Miscellaneous income | 968 | 932 | 2,338 | 1,821 | |||||||||||
Total noninterest income | 7,832 | 8,726 | 12,660 | 17,907 | |||||||||||
Noninterest expense: | |||||||||||||||
Employee compensation and benefits | 11,441 | 9,329 | 32,956 | 26,282 | |||||||||||
Occupancy | 1,399 | 1,306 | 4,162 | 3,586 | |||||||||||
Furniture and equipment | 384 | 431 | 1,234 | 1,216 | |||||||||||
Data processing | 881 | 642 | 2,530 | 1,872 | |||||||||||
FDIC and other insurance | 862 | 828 | 2,658 | 3,183 | |||||||||||
Loan legal and other real estate expense | 1,187 | 1,576 | 5,216 | 7,267 | |||||||||||
Other | 5,128 | 4,190 | 15,304 | 10,885 | |||||||||||
Total noninterest expense | 21,282 | 18,302 | 64,060 | 54,291 | |||||||||||
Income before income tax expense | 12,097 | 9,121 | 34,625 | 27,850 | |||||||||||
Income tax expense | 4,167 | 3,289 | 11,744 | 9,633 | |||||||||||
Net income | $ | 7,930 | $ | 5,832 | $ | 22,881 | $ | 18,217 | |||||||
Net income available to common shareholders | $ | 7,282 | $ | 5,200 | $ | 20,948 | $ | 16,329 | |||||||
Earnings per common share | |||||||||||||||
Basic | $ | 0.41 | $ | 0.29 | $ | 1.17 | $ | 1.00 | |||||||
Diluted | 0.39 | 0.29 | 1.14 | 0.98 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Net income | $ | 7,930 | $ | 5,832 | $ | 22,881 | $ | 18,217 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Unrealized gain (loss) on investment securities arising during the period, net of tax | 3,248 | (261 | ) | 6,526 | 6,302 | ||||||||||
Less reclassification adjustment for realized gain on sale of securities included in net income, net of tax | — | (491 | ) | (740 | ) | (926 | ) | ||||||||
Reclassification of cash flow hedge, net of tax | — | (28 | ) | — | (85 | ) | |||||||||
Total other comprehensive income (loss) | 3,248 | (780 | ) | 5,786 | 5,291 | ||||||||||
Total comprehensive income | $ | 11,178 | $ | 5,052 | $ | 28,667 | $ | 23,508 |
(in thousands, except per share data) | Preferred Stock | Common Stock | Treasury Stock | Additional paid in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | |||||||||||||||||||||
Balance January 1, 2012 | $ | 33,293 | $ | 178 | $ | (1,743 | ) | $ | 169,138 | $ | 35,097 | $ | 3,602 | $ | 239,565 | |||||||||||||
Net income | — | — | — | — | 22,881 | — | 22,881 | |||||||||||||||||||||
Change in fair value of available for sale securities, net of tax | — | — | — | — | — | 6,526 | 6,526 | |||||||||||||||||||||
Reclassification adjustment for realized gain on sale of securities included in net income, net of tax | — | — | — | — | — | (740 | ) | (740 | ) | |||||||||||||||||||
Total comprehensive income | 28,667 | |||||||||||||||||||||||||||
Cash dividends paid on common shares, $0.1575 per share | — | — | — | — | (2,813 | ) | — | (2,813 | ) | |||||||||||||||||||
Cash dividends paid on preferred stock | — | — | — | — | (1,312 | ) | — | (1,312 | ) | |||||||||||||||||||
Preferred stock accretion of discount | 621 | — | — | — | (621 | ) | — | — | ||||||||||||||||||||
Issuance under equity compensation plans, net, 189,848 shares | — | 2 | — | 1,530 | — | — | 1,532 | |||||||||||||||||||||
Share-based compensation | — | — | — | 1,791 | — | — | 1,791 | |||||||||||||||||||||
Excess tax benefit related to equity compensation plans | — | — | — | 86 | — | — | 86 | |||||||||||||||||||||
Balance September 30, 2012 | $ | 33,914 | $ | 180 | $ | (1,743 | ) | $ | 172,545 | $ | 53,232 | $ | 9,388 | $ | 267,516 |
(in thousands, except per share data) | Preferred Stock | Common Stock | Treasury Stock | Additional paid in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | |||||||||||||||||||||
Balance January 1, 2011 | $ | 32,519 | $ | 150 | $ | (1,743 | ) | $ | 133,673 | $ | 15,775 | $ | (573 | ) | $ | 179,801 | ||||||||||||
Net income | — | — | — | — | 18,217 | — | 18,217 | |||||||||||||||||||||
Change in fair value of available for sale securities, net of tax | — | — | — | — | — | 6,302 | 6,302 | |||||||||||||||||||||
Reclassification adjustment for realized gain on sale of securities included in net income, net of tax | — | — | — | — | — | (926 | ) | (926 | ) | |||||||||||||||||||
Reclassification of cash flow hedge, net of tax | — | — | — | — | — | (85 | ) | (85 | ) | |||||||||||||||||||
Total comprehensive income | 23,508 | |||||||||||||||||||||||||||
Cash dividends paid on common shares, $0.1575 per share | — | — | — | — | (2,644 | ) | — | (2,644 | ) | |||||||||||||||||||
Cash dividends paid on preferred stock | — | — | — | — | (1,313 | ) | — | (1,313 | ) | |||||||||||||||||||
Preferred stock accretion of discount | 575 | — | — | — | (575 | ) | — | — | ||||||||||||||||||||
Issuance under equity compensation plans, net, 109,812 shares | — | 1 | — | 1,368 | — | — | 1,369 | |||||||||||||||||||||
Issuance under public stock offering 2,743,900 shares | — | 27 | — | 32,581 | — | — | 32,608 | |||||||||||||||||||||
Share-based compensation | — | — | — | 1,120 | — | — | 1,120 | |||||||||||||||||||||
Excess tax benefit related to equity compensation plans | — | — | — | 22 | — | — | 22 | |||||||||||||||||||||
Balance September 30, 2011 | $ | 33,094 | $ | 178 | $ | (1,743 | ) | $ | 168,764 | $ | 29,460 | $ | 4,718 | $ | 234,471 |
Nine months ended September 30, | |||||||
(in thousands) | 2012 | 2011 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 22,881 | $ | 18,217 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation | 1,944 | 2,057 | |||||
Provision for loan losses | 16,221 | 16,247 | |||||
Deferred income taxes | (1,982 | ) | 5,091 | ||||
Net amortization of debt securities | 5,839 | 3,983 | |||||
Amortization of intangible assets | 1,440 | 490 | |||||
Gain on sale of investment securities | (1,156 | ) | (1,448 | ) | |||
Mortgage loans originated for sale | (71,085 | ) | (48,772 | ) | |||
Proceeds from mortgage loans sold | 68,987 | 49,147 | |||||
Gain on sale of other real estate | (3,152 | ) | (1,039 | ) | |||
Gain on state tax credits, net | (1,180 | ) | (2,510 | ) | |||
Excess tax benefit of share-based compensation | (86 | ) | (22 | ) | |||
Share-based compensation | 1,791 | 1,120 | |||||
Valuation adjustment on other real estate | 2,201 | 3,261 | |||||
Net accretion of loan discount and indemnification asset | (18,754 | ) | (10,964 | ) | |||
Changes in: | |||||||
Accrued interest receivable | (1,288 | ) | 165 | ||||
Accrued interest payable | (385 | ) | (501 | ) | |||
Prepaid FDIC insurance | 1,837 | 2,336 | |||||
Other assets | 1,298 | (6,294 | ) | ||||
Other liabilities | 12,567 | (5,558 | ) | ||||
Net cash provided by operating activities | 37,938 | 25,006 | |||||
Cash flows from investing activities: | |||||||
Cash received from acquisition of Legacy Bank | — | 8,926 | |||||
Cash received from acquisition of The First National Bank of Olathe | — | 112,778 | |||||
Net increase in loans | (10,478 | ) | (84,022 | ) | |||
Net cash proceeds received from FDIC loss share receivable | 85,173 | 35,932 | |||||
Proceeds from the sale of debt and equity securities, available for sale | 110,876 | 84,456 | |||||
Proceeds from the maturity of debt and equity securities, available for sale | 91,498 | 122,934 | |||||
Proceeds from the redemption of other investments | 6,296 | 5,774 | |||||
Proceeds from the sale of state tax credits held for sale | 4,408 | 8,045 | |||||
Proceeds from the sale of other real estate | 44,273 | 27,429 | |||||
Payments for the purchase/origination of: | |||||||
Available for sale debt and equity securities | (214,935 | ) | (255,210 | ) | |||
Other investments | (8,138 | ) | (1,361 | ) | |||
State tax credits held for sale | (18,577 | ) | — | ||||
Fixed assets | (4,433 | ) | (416 | ) | |||
Net cash provided by investing activities | 85,963 | 65,265 | |||||
Cash flows from financing activities: | |||||||
Net increase in noninterest-bearing deposit accounts | 35,591 | 101,351 | |||||
Net decrease in interest-bearing deposit accounts | (276,011 | ) | (204,372 | ) | |||
Proceeds from Federal Home Loan Bank advances | 157,500 | — | |||||
Repayments of Federal Home Loan Bank advances | (133,500 | ) | (23,254 | ) | |||
Net decrease in other borrowings | (7,440 | ) | (20,332 | ) | |||
Cash dividends paid on common stock | (2,813 | ) | (2,645 | ) | |||
Excess tax benefit of share-based compensation | 86 | 22 | |||||
Cash dividends paid on preferred stock | (1,312 | ) | (1,313 | ) | |||
Issuance of common stock | — | 32,608 | |||||
Proceeds from the issuance of equity instruments | 1,530 | 1,369 | |||||
Net cash used in financing activities | (226,369 | ) | (116,566 | ) | |||
Net decrease in cash and cash equivalents | (102,468 | ) | (26,295 | ) | |||
Cash and cash equivalents, beginning of period | 188,143 | 293,668 | |||||
Cash and cash equivalents, end of period | $ | 85,675 | $ | 267,373 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 17,487 | $ | 23,442 | |||
Income taxes | 10,953 | 16,871 | |||||
Noncash transactions: | |||||||
Transfer to other real estate owned in settlement of loans | $ | 19,799 | $ | 20,287 | |||
Sales of other real estate financed | 5,264 | 2,135 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands, except per share data) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Net income as reported | $ | 7,930 | $ | 5,832 | $ | 22,881 | $ | 18,217 | |||||||
Preferred stock dividend | (436 | ) | (437 | ) | (1,312 | ) | (1,313 | ) | |||||||
Accretion of preferred stock discount | (212 | ) | (195 | ) | (621 | ) | (575 | ) | |||||||
Net income available to common shareholders | $ | 7,282 | $ | 5,200 | $ | 20,948 | $ | 16,329 | |||||||
Impact of assumed conversions | |||||||||||||||
Interest on 9% convertible trust preferred securities, net of income tax | 371 | 371 | 1,113 | 1,113 | |||||||||||
Net income available to common shareholders and assumed conversions | $ | 7,653 | $ | 5,571 | $ | 22,061 | $ | 17,442 | |||||||
Weighted average common shares outstanding | 17,876 | 17,741 | 17,829 | 16,322 | |||||||||||
Incremental shares from assumed conversions of convertible trust preferred securities | 1,439 | 1,439 | 1,439 | 1,439 | |||||||||||
Additional dilutive common stock equivalents | 100 | 22 | 34 | 20 | |||||||||||
Weighted average diluted common shares outstanding | 19,415 | 19,202 | 19,302 | 17,781 | |||||||||||
Basic earnings per common share: | $ | 0.41 | $ | 0.29 | $ | 1.17 | $ | 1.00 | |||||||
Diluted earnings per common share: | $ | 0.39 | $ | 0.29 | $ | 1.14 | $ | 0.98 |
September 30, 2012 | |||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||
Available for sale securities: | |||||||||||||||
Obligations of U.S. Government sponsored enterprises | $ | 124,721 | $ | 3,284 | $ | — | $ | 128,005 | |||||||
Obligations of states and political subdivisions | 43,720 | 2,429 | (360 | ) | 45,789 | ||||||||||
Residential mortgage-backed securities | 426,992 | 9,773 | (202 | ) | 436,563 | ||||||||||
$ | 595,433 | $ | 15,486 | $ | (562 | ) | $ | 610,357 | |||||||
December 31, 2011 | |||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||
Available for sale securities: | |||||||||||||||
Obligations of U.S. Government sponsored enterprises | $ | 126,305 | $ | 678 | $ | (66 | ) | $ | 126,917 | ||||||
Obligations of states and political subdivisions | 38,489 | 1,729 | (381 | ) | 39,837 | ||||||||||
Residential mortgage-backed securities | 422,761 | 5,269 | (1,602 | ) | 426,428 | ||||||||||
$ | 587,555 | $ | 7,676 | $ | (2,049 | ) | $ | 593,182 |
(in thousands) | Amortized Cost | Estimated Fair Value | |||||
Due in one year or less | $ | 2,299 | $ | 2,325 | |||
Due after one year through five years | 118,719 | 122,152 | |||||
Due after five years through ten years | 42,958 | 45,014 | |||||
Due after ten years | 4,465 | 4,303 | |||||
Mortgage-backed securities | 426,992 | 436,563 | |||||
$ | 595,433 | $ | 610,357 |
September 30, 2012 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Obligations of the state and political subdivisions | $ | 540 | $ | 2 | $ | 3,388 | $ | 358 | $ | 3,928 | $ | 360 | |||||||||||
Residential mortgage-backed securities | 16,764 | 71 | 9,161 | 131 | 25,925 | 202 | |||||||||||||||||
$ | 17,304 | $ | 73 | $ | 12,549 | $ | 489 | $ | 29,853 | $ | 562 | ||||||||||||
December 31, 2011 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Obligations of U.S. government sponsored enterprises | $ | 23,389 | $ | 66 | $ | — | $ | — | $ | 23,389 | $ | 66 | |||||||||||
Obligations of the state and political subdivisions | 1,503 | 8 | 3,027 | 373 | 4,530 | 381 | |||||||||||||||||
Residential mortgage-backed securities | 86,954 | 1,598 | 4,203 | 4 | 91,157 | 1,602 | |||||||||||||||||
$ | 111,846 | $ | 1,672 | $ | 7,230 | $ | 377 | $ | 119,076 | $ | 2,049 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Gross gains realized | $ | — | $ | 768 | $ | 1,399 | $ | 1,448 | |||||||
Gross losses realized | — | — | (243 | ) | — | ||||||||||
Proceeds from sales | — | 49,033 | 110,876 | 84,456 |
(in thousands) | September 30, 2012 | December 31, 2011 | |||||
Real Estate Loans: | |||||||
Construction and Land Development | $ | 146,236 | $ | 140,147 | |||
Commercial real estate - Investor Owned | 476,501 | 477,154 | |||||
Commercial real estate - Owner Occupied | 325,379 | 334,416 | |||||
Residential real estate | 146,940 | 171,034 | |||||
Total real estate loans | $ | 1,095,056 | $ | 1,122,751 | |||
Commercial and industrial | 880,394 | 763,202 | |||||
Consumer & other | 11,694 | 11,459 | |||||
Portfolio Loans | $ | 1,987,144 | $ | 1,897,412 | |||
Unearned loan costs, net | 22 | (338 | ) | ||||
Portfolio loans, including unearned loan costs | $ | 1,987,166 | $ | 1,897,074 |
(in thousands) | Commercial & Industrial | Commercial Real Estate Owner Occupied | Commercial Real Estate Investor Owned | Construction and Land Development | Residential Real Estate | Consumer & Other | Qualitative Adjustment | Total | |||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 11,945 | $ | 6,297 | $ | 6,751 | $ | 5,847 | $ | 3,931 | $ | 14 | $ | 3,204 | $ | 37,989 | |||||||||||||||
Provision charged to expense | 929 | 1,231 | 216 | 269 | (555 | ) | — | (372 | ) | 1,718 | |||||||||||||||||||||
Losses charged off | (585 | ) | (746 | ) | (185 | ) | (856 | ) | (362 | ) | — | — | (2,734 | ) | |||||||||||||||||
Recoveries | 96 | 2 | 15 | 152 | 356 | 2 | — | 623 | |||||||||||||||||||||||
Balance at March 31, 2012 | $ | 12,385 | $ | 6,784 | $ | 6,797 | $ | 5,412 | $ | 3,370 | $ | 16 | $ | 2,832 | $ | 37,596 | |||||||||||||||
Provision charged to expense | (3,201 | ) | (744 | ) | 3,518 | 442 | (189 | ) | 3 | 246 | 75 | ||||||||||||||||||||
Losses charged off | (406 | ) | (739 | ) | (108 | ) | (502 | ) | (216 | ) | — | — | (1,971 | ) | |||||||||||||||||
Recoveries | 203 | 5 | 15 | 97 | 284 | — | — | 604 | |||||||||||||||||||||||
Balance at June 30, 2012 | $ | 8,981 | $ | 5,306 | $ | 10,222 | $ | 5,449 | $ | 3,249 | $ | 19 | $ | 3,078 | $ | 36,304 | |||||||||||||||
Provision charged to expense | (204 | ) | (738 | ) | 604 | 2,551 | (1,202 | ) | 4 | 33 | 1,048 | ||||||||||||||||||||
Losses charged off | (1,479 | ) | (625 | ) | (639 | ) | (949 | ) | (282 | ) | — | — | (3,974 | ) | |||||||||||||||||
Recoveries | 142 | 1 | 14 | 15 | 672 | — | — | 844 | |||||||||||||||||||||||
Balance at September 30, 2012 | $ | 7,440 | $ | 3,944 | $ | 10,201 | $ | 7,066 | $ | 2,437 | $ | 23 | $ | 3,111 | $ | 34,222 |
(in thousands) | Commercial & Industrial | Commercial Real Estate Owner Occupied | Commercial Real Estate Investor Owned | Construction and Land Development | Residential Real Estate | Consumer & Other | Qualitative Adjustment | Total | |||||||||||||||||||||||
Balance September 30, 2012 | |||||||||||||||||||||||||||||||
Allowance for Loan Losses - Ending Balance: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,165 | $ | 379 | $ | 2,199 | $ | 2,538 | $ | 506 | $ | — | $ | — | $ | 6,787 | |||||||||||||||
Collectively evaluated for impairment | 6,275 | 3,565 | 8,002 | 4,528 | 1,931 | 23 | 3,111 | 27,435 | |||||||||||||||||||||||
Total | $ | 7,440 | $ | 3,944 | $ | 10,201 | $ | 7,066 | $ | 2,437 | $ | 23 | $ | 3,111 | $ | 34,222 | |||||||||||||||
Loans - Ending Balance: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,849 | $ | 5,584 | $ | 9,647 | $ | 10,095 | $ | 3,883 | $ | — | $ | — | $ | 32,058 | |||||||||||||||
Collectively evaluated for impairment | 877,545 | 319,795 | 466,854 | 136,141 | 143,057 | 11,716 | — | 1,955,108 | |||||||||||||||||||||||
Total | $ | 880,394 | $ | 325,379 | $ | 476,501 | $ | 146,236 | $ | 146,940 | $ | 11,716 | $ | — | $ | 1,987,166 | |||||||||||||||
Balance at December 31, 2011 | |||||||||||||||||||||||||||||||
Allowance for Loan Losses - Ending Balance: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,214 | $ | 1,377 | $ | 2,315 | $ | 2,927 | $ | 896 | $ | — | $ | — | $ | 10,729 | |||||||||||||||
Collectively evaluated for impairment | 8,731 | 4,920 | 4,436 | 2,920 | 3,035 | 14 | 3,204 | 27,260 | |||||||||||||||||||||||
Total | $ | 11,945 | $ | 6,297 | $ | 6,751 | $ | 5,847 | $ | 3,931 | $ | 14 | $ | 3,204 | $ | 37,989 | |||||||||||||||
Loans - Ending Balance: | |||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,634 | $ | 4,572 | $ | 11,127 | $ | 14,767 | $ | 5,522 | $ | — | $ | — | $ | 41,622 | |||||||||||||||
Collectively evaluated for impairment | 757,568 | 329,844 | 466,027 | 125,380 | 165,512 | 11,121 | — | 1,855,452 | |||||||||||||||||||||||
Total | $ | 763,202 | $ | 334,416 | $ | 477,154 | $ | 140,147 | $ | 171,034 | $ | 11,121 | $ | — | $ | 1,897,074 |
September 30, 2012 | |||||||||||||||||||||||
(in thousands) | Unpaid Contractual Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||
Commercial & Industrial | $ | 4,081 | $ | 291 | $ | 2,558 | $ | 2,849 | $ | 1,165 | $ | 6,322 | |||||||||||
Real Estate: | |||||||||||||||||||||||
Commercial - Owner Occupied | 6,154 | 2,875 | 2,709 | 5,584 | 379 | 8,653 | |||||||||||||||||
Commercial - Investor Owned | 14,053 | 1,865 | 7,782 | 9,647 | 2,199 | 9,793 | |||||||||||||||||
Construction and Land Development | 13,192 | 748 | 9,347 | 10,095 | 2,538 | 11,295 | |||||||||||||||||
Residential | 4,164 | 1,705 | 2,178 | 3,883 | 506 | 4,800 | |||||||||||||||||
Consumer & Other | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 41,644 | $ | 7,484 | $ | 24,574 | $ | 32,058 | $ | 6,787 | $ | 40,863 |
December 31, 2011 | |||||||||||||||||||||||
(in thousands) | Unpaid Contractual Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Recorded Investment | |||||||||||||||||
Commercial & Industrial | $ | 7,517 | $ | 128 | $ | 5,506 | $ | 5,634 | $ | 3,214 | $ | 6,571 | |||||||||||
Real Estate: | |||||||||||||||||||||||
Commercial - Owner Occupied | 5,099 | — | 4,572 | 4,572 | 1,377 | 2,711 | |||||||||||||||||
Commercial - Investor Owned | 15,676 | 914 | 10,213 | 11,127 | 2,315 | 10,562 | |||||||||||||||||
Construction and Land Development | 19,685 | 1,628 | 13,139 | 14,767 | 2,927 | 16,114 | |||||||||||||||||
Residential | 6,465 | 2,211 | 3,311 | 5,522 | 896 | 9,588 | |||||||||||||||||
Consumer & Other | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 54,442 | $ | 4,881 | $ | 36,741 | $ | 41,622 | $ | 10,729 | $ | 45,546 |
September 30, 2012 | |||||||||||||||
(in thousands) | Non-accrual | Restructured | Loans over 90 days past due and still accruing interest | Total | |||||||||||
Commercial & Industrial | $ | 2,849 | $ | — | $ | — | $ | 2,849 | |||||||
Real Estate: | |||||||||||||||
Commercial - Investor Owned | 9,647 | — | — | 9,647 | |||||||||||
Commercial - Owner Occupied | 5,377 | 207 | — | 5,584 | |||||||||||
Construction and Land Development | 7,286 | 2,809 | — | 10,095 | |||||||||||
Residential | 2,187 | 1,696 | — | 3,883 | |||||||||||
Consumer & Other | — | — | — | — | |||||||||||
Total | $ | 27,346 | $ | 4,712 | $ | — | $ | 32,058 |
December 31, 2011 | |||||||||||||||
(in thousands) | Non-accrual | Restructured | Loans over 90 days past due and still accruing interest | Total | |||||||||||
Commercial & Industrial | $ | 4,475 | $ | 1,159 | $ | — | $ | 5,634 | |||||||
Real Estate: | |||||||||||||||
Commercial - Investor Owned | 6,647 | 4,480 | — | 11,127 | |||||||||||
Commercial - Owner Occupied | 4,129 | 443 | — | 4,572 | |||||||||||
Construction and Land Development | 10,335 | 3,677 | 755 | 14,767 | |||||||||||
Residential | 5,299 | 223 | — | 5,522 | |||||||||||
Consumer & Other | — | — | — | — | |||||||||||
Total | $ | 30,885 | $ | 9,982 | $ | 755 | $ | 41,622 |
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | ||||||||||||||||||||
(in thousands, except for number of loans) | Number of Loans | Pre-Modification Outstanding Recorded Balance | Post-Modification Outstanding Recorded Balance | Number of Loans | Pre-Modification Outstanding Recorded Balance | Post-Modification Outstanding Recorded Balance | |||||||||||||||
Commercial & Industrial | 1 | $ | 150 | $ | — | — | $ | — | $ | — | |||||||||||
Real Estate: | |||||||||||||||||||||
Commercial - Owner Occupied | 1 | 207 |