For the quarterly period ended | June 30, 2012 |
For the transition period from | to |
Commission file number | 0-18630 |
Delaware
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95-4274680
|
|
(State of other jurisdiction of incorporation
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(I.R.S. Employer
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|
or organization)
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Identification No.)
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777 North Broadway, Los Angeles, California
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90012
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer R | Accelerated filer ¨ |
Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
PART I – FINANCIAL INFORMATION
|
5
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|
Item 1. FINANCIAL STATEMENTS (Unaudited) |
5
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|
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
8
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|
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
34
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|
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
62
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Item 4. CONTROLS AND PROCEDURES. |
63
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PART II - OTHER INFORMATION
|
63
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|
Item 1. LEGAL PROCEEDINGS. |
63
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Item 1A RISK FACTORS. |
63
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Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
64
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Item 3. DEFAULTS UPON SENIOR SECURITIES. |
64
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Item 4. MINE SAFETY DISCLOSURES. |
64
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Item 5. OTHER INFORMATION. |
64
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Item 6. EXHIBITS. |
65
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SIGNATURES
|
66
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|
·
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U.S. and international business and economic conditions;
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·
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credit risks of lending activities and deterioration in asset or credit quality;
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·
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current and potential future supervisory action by bank supervisory authorities;
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·
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increased costs of compliance and other risks associated with changes in regulation and the current regulatory environment, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), and the potential for substantial changes in the legal, regulatory, and enforcement framework and oversight applicable to financial institutions in reaction to recent adverse financial market events, including changes pursuant to the Dodd-Frank Act;
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·
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potential goodwill impairment;
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·
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liquidity risk;
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·
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fluctuations in interest rates;
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·
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inflation and deflation;
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·
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risks associated with acquisitions and the expansion of our business into new markets;
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·
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real estate market conditions and the value of real estate collateral;
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·
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environmental liabilities;
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·
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the effect of repeal of the federal prohibition on payment of interest on demand deposit accounts;
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·
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our ability to compete with larger competitors;
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·
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the possibility of higher capital requirements, including implementation of the Basel III capital standards of the Basel Committee;
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·
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our ability to retain key personnel;
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·
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successful management of reputational risk;
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·
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natural disasters and geopolitical events;
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·
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general economic or business conditions in California, Asia, and other regions where the Bank has operations;
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·
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restrictions on compensation paid to our executives as a result of our participation in the TARP Capital Purchase Program;
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·
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failures, interruptions or security breaches of systems or data breaches;
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·
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our ability to adapt our systems to technological changes, including successfully implementing our core system conversion;
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·
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changes in accounting standards or tax laws and regulations;
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·
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market disruption and volatility;
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·
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restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure;
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·
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successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; and
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·
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the soundness of other financial institutions.
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June 30, 2012
|
December 31, 2011 | |||||||
(In thousands, except share data)
|
||||||||
ASSETS
|
||||||||
Cash and due from banks
|
$ | 134,744 | $ | 117,888 | ||||
Short-term investments and interest bearing deposits
|
513,636 | 294,956 | ||||||
Securities purchased under agreements to resell
|
10,000 | - | ||||||
Securities held-to-maturity (market value of $1,073,077 in 2012 and $1,203,977 in 2011)
|
1,019,977 | 1,153,504 | ||||||
Securities available-for-sale (amortized cost of $1,173,146 in 2012 and $1,309,521 in 2011)
|
1,166,783 | 1,294,478 | ||||||
Trading securities
|
104,465 | 4,542 | ||||||
Loans held for sale
|
500 | 760 | ||||||
Loans
|
7,043,683 | 7,059,212 | ||||||
Less: Allowance for loan losses
|
(192,274 | ) | (206,280 | ) | ||||
Unamortized deferred loan fees
|
(8,855 | ) | (8,449 | ) | ||||
Loans, net
|
6,842,554 | 6,844,483 | ||||||
Federal Home Loan Bank stock
|
47,966 | 52,989 | ||||||
Other real estate owned, net
|
74,463 | 92,713 | ||||||
Investments in affordable housing partnerships, net
|
83,835 | 78,358 | ||||||
Premises and equipment, net
|
104,255 | 105,961 | ||||||
Customers' liability on acceptances
|
40,714 | 37,300 | ||||||
Accrued interest receivable
|
29,547 | 32,226 | ||||||
Goodwill
|
316,340 | 316,340 | ||||||
Other intangible assets
|
9,147 | 11,598 | ||||||
Other assets
|
162,257 | 206,768 | ||||||
Total assets .
|
$ | 10,661,183 | $ | 10,644,864 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Deposits
|
||||||||
Non-interest-bearing demand deposits
|
$ | 1,172,622 | $ | 1,074,718 | ||||
Interest-bearing accounts:
|
||||||||
NOW accounts
|
500,220 | 451,541 | ||||||
Money market accounts
|
1,020,304 | 951,516 | ||||||
Savings accounts
|
444,083 | 420,030 | ||||||
Time deposits under $100,000
|
886,176 | 832,997 | ||||||
Time deposits of $100,000 or more
|
3,360,828 | 3,498,329 | ||||||
Total deposits
|
7,384,233 | 7,229,131 | ||||||
Securities sold under agreements to repurchase
|
1,400,000 | 1,400,000 | ||||||
Advances from the Federal Home Loan Bank
|
21,200 | 225,000 | ||||||
Other borrowings from financial institutions
|
- | 880 | ||||||
Other borrowings for affordable housing investments
|
18,834 | 18,920 | ||||||
Long-term debt
|
171,136 | 171,136 | ||||||
Acceptances outstanding
|
40,714 | 37,300 | ||||||
Other liabilities
|
52,062 | 46,864 | ||||||
Total liabilities
|
9,088,179 | 9,129,231 | ||||||
Commitments and contingencies
|
- | - | ||||||
Stockholders' equity
|
||||||||
Preferred stock, 10,000,000 shares authorized, 258,000 issued and outstanding at June 30, 2012, and at December 31, 2011
|
252,780 | 250,992 | ||||||
Common stock, $0.01 par value; 100,000,000 shares authorized, 82,927,085 issued and 78,719,520 outstanding at June 30, 2012, and 82,860,122 issued and 78,652,557 outstanding at December 31, 2011
|
829 | 829 | ||||||
Additional paid-in-capital
|
767,218 | 765,641 | ||||||
Accumulated other comprehensive loss, net
|
(3,688 | ) | (8,732 | ) | ||||
Retained earnings
|
673,154 | 624,192 | ||||||
Treasury stock, at cost (4,207,565 shares at June 30, 2012, and at December 31, 2011)
|
(125,736 | ) | (125,736 | ) | ||||
Total Cathay General Bancorp stockholders' equity
|
1,564,557 | 1,507,186 | ||||||
Noncontrolling interest
|
8,447 | 8,447 | ||||||
Total equity
|
1,573,004 | 1,515,633 | ||||||
Total liabilities and equity
|
$ | 10,661,183 | $ | 10,644,864 |
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(In thousands, except share and per share data)
|
||||||||||||||||
INTEREST AND DIVIDEND INCOME
|
||||||||||||||||
Loans receivable, including loan fees
|
$ | 88,761 | $ | 89,792 | $ | 179,462 | $ | 180,350 | ||||||||
Investment securities- taxable
|
17,166 | 23,116 | 34,889 | 44,970 | ||||||||||||
Investment securities- nontaxable
|
1,039 | 1,055 | 2,091 | 2,111 | ||||||||||||
Federal Home Loan Bank stock
|
67 | 49 | 133 | 96 | ||||||||||||
Federal funds sold and securities purchased under agreements to resell
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11 | 7 | 16 | 48 | ||||||||||||
Deposits with banks
|
537 | 320 | 1,125 | 541 | ||||||||||||
Total interest and dividend income
|
107,581 | 114,339 | 217,716 | 228,116 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Time deposits of $100,000 or more
|
8,642 | 10,894 | 18,182 | 21,619 | ||||||||||||
Other deposits
|
3,868 | 5,374 | 7,784 | 11,094 | ||||||||||||
Securities sold under agreements to repurchase
|
14,598 | 14,892 | 29,253 | 31,063 | ||||||||||||
Advances from Federal Home Loan Bank
|
69 | 3,642 | 122 | 8,491 | ||||||||||||
Long-term debt
|
1,284 | 1,216 | 2,604 | 2,422 | ||||||||||||
Short-term borrowings
|
- | 6 | - | 7 | ||||||||||||
Total interest expense
|
28,461 | 36,024 | 57,945 | 74,696 | ||||||||||||
Net interest income before provision for credit losses
|
79,120 | 78,315 | 159,771 | 153,420 | ||||||||||||
Provision/(credit) for loan losses
|
(5,000 | ) | 10,000 | (9,000 | ) | 16,000 | ||||||||||
Net interest income after provision for loan losses
|
84,120 | 68,315 | 168,771 | 137,420 | ||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||
Securities gains, net
|
2,374 | 5,178 | 4,589 | 11,410 | ||||||||||||
Letters of credit commissions
|
1,619 | 1,395 | 3,145 | 2,673 | ||||||||||||
Depository service fees
|
1,383 | 1,399 | 2,772 | 2,760 | ||||||||||||
Other operating income
|
4,476 | 4,481 | 8,177 | 8,236 | ||||||||||||
Total non-interest income
|
9,852 | 12,453 | 18,683 | 25,079 | ||||||||||||
NON-INTEREST EXPENSE
|
||||||||||||||||
Salaries and employee benefits
|
20,097 | 17,659 | 39,975 | 35,930 | ||||||||||||
Occupancy expense
|
3,489 | 3,457 | 7,073 | 6,995 | ||||||||||||
Computer and equipment expense
|
2,391 | 2,115 | 4,854 | 4,298 | ||||||||||||
Professional services expense
|
5,209 | 4,959 | 9,951 | 8,688 | ||||||||||||
FDIC and State assessments
|
1,971 | 2,905 | 4,460 | 7,222 | ||||||||||||
Marketing expense
|
1,483 | 817 | 2,889 | 1,512 | ||||||||||||
Other real estate owned expense
|
7,061 | 2,262 | 11,754 | 2,483 | ||||||||||||
Operations of affordable housing investments, net
|
1,951 | 1,977 | 3,911 | 3,953 | ||||||||||||
Amortization of core deposit intangibles
|
1,404 | 1,460 | 2,861 | 2,941 | ||||||||||||
Cost associated with debt redemption
|
- | 5,176 | 2,750 | 13,987 | ||||||||||||
Other operating expense
|
2,286 | 2,623 | 4,735 | 5,184 | ||||||||||||
Total non-interest expense
|
47,342 | 45,410 | 95,213 | 93,193 | ||||||||||||
Income before income tax expense
|
46,630 | 35,358 | 92,241 | 69,306 | ||||||||||||
Income tax expense
|
16,619 | 10,906 | 33,166 | 22,640 | ||||||||||||
Net income
|
30,011 | 24,452 | 59,075 | 46,666 | ||||||||||||
Less: net income attributable to noncontrolling interest
|
150 | 150 | 301 | 301 | ||||||||||||
Net income attributable to Cathay General Bancorp
|
29,861 | 24,302 | 58,774 | 46,365 | ||||||||||||
Dividends on preferred stock
|
(4,121 | ) | (4,107 | ) | (8,238 | ) | (8,212 | ) | ||||||||
Net income attributable to common stockholders
|
25,740 | 20,195 | 50,536 | 38,153 | ||||||||||||
Other comprehensive income, net of tax
|
||||||||||||||||
Unrealized holding gain arising during the period
|
2,225 | 11,974 | 7,704 | 12,017 | ||||||||||||
Less: reclassification adjustments included in net income
|
1,376 | 3,001 | 2,660 | 6,613 | ||||||||||||
Total other comprehensive gain, net of tax
|
849 | 8,973 | 5,044 | 5,404 | ||||||||||||
Total comprehensive income
|
$ | 30,710 | $ | 33,275 | $ | 63,818 | $ | 51,769 | ||||||||
Net income per common share:
|
||||||||||||||||
Basic
|
$ | 0.33 | $ | 0.26 | $ | 0.64 | $ | 0.49 | ||||||||
Diluted
|
$ | 0.33 | $ | 0.26 | $ | 0.64 | $ | 0.49 | ||||||||
Cash dividends paid per common share
|
$ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | ||||||||
Average common shares outstanding
|
||||||||||||||||
Basic
|
78,710,279 | 78,635,324 | 78,694,462 | 78,622,464 | ||||||||||||
Diluted
|
78,712,172 | 78,637,108 | 78,701,152 | 78,636,369 |
Six Months Ended June 30
|
||||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Cash Flows from Operating Activities
|
||||||||
Net income
|
$ | 59,075 | $ | 46,666 | ||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
|
||||||||
Provision (credit) for loan losses
|
(9,000 | ) | 16,000 | |||||
Provision for losses on other real estate owned
|
7,487 | 4,315 | ||||||
Deferred tax liability
|
99 | 9,064 | ||||||
Depreciation
|
2,954 | 3,050 | ||||||
Net losses/(gains) on sale and transfer of other real estate owned
|
732 | (4,522 | ) | |||||
Net gains on sale of loans
|
(613 | ) | (1,259 | ) | ||||
Proceeds from sales of loans
|
57,690 | 16,068 | ||||||
Originations of loans held-for-sale
|
(57,051 | ) | (10,992 | ) | ||||
Increase in trading securities, net
|
(99,893 | ) | - | |||||
Write-downs on venture capital investments
|
187 | 57 | ||||||
Gain on sales and calls of securities
|
(4,589 | ) | (11,410 | ) | ||||
Decrease in unrealized loss from interest rate swaps mark-to-market
|
(1,892 | ) | (1,164 | ) | ||||
Amortization/accretion of security premiums/discounts, net
|
2,543 | 1,952 | ||||||
Amortization of other intangible assets
|
2,930 | 2,983 | ||||||
Excess tax short-fall from share-based payment arrangements
|
565 | 271 | ||||||
Stock based compensation expense
|
1,149 | 871 | ||||||
Stock issued to officers as compensation
|
113 | - | ||||||
Decrease/(increase) in deferred loan fees, net
|
406 | (1 | ) | |||||
Decrease in accrued interest receivable
|
2,679 | 3,451 | ||||||
Decrease/(increase) in other assets, net
|
43,839 | (6,532 | ) | |||||
(Decrease)/increase in other liabilities
|
(1,336 | ) | 8,346 | |||||
Net cash provided by operating activities
|
8,074 | 77,214 | ||||||
Cash Flows from Investing Activities
|
||||||||
(Increase)/decrease in short-term investments
|
(218,680 | ) | 110,261 | |||||
Increase in securities purchased under agreements to resell
|
(10,000 | ) | (145,000 | ) | ||||
Purchase of investment securities available-for-sale
|
(176,708 | ) | (56,758 | ) | ||||
Proceeds from maturities and calls of investment securities available-for-sale
|
470,763 | 275,000 | ||||||
Proceeds from sale of investment securities available-for-sale
|
41,104 | 367,465 | ||||||
Purchase of mortgage-backed securities available-for-sale
|
(420,791 | ) | (278,044 | ) | ||||
Proceeds from repayment of mortgage-backed securities available-for-sale
|
46,127 | 60,868 | ||||||
Proceeds from sale of mortgage-backed securities available-for-sale
|
179,493 | 470,411 | ||||||
Purchase of mortgage-backed securities held-to-maturity
|
- | (480,083 | ) | |||||
Proceeds from maturities and calls of investment securities held-to-maturity
|
131,961 | 47,321 | ||||||
Redemptions of Federal Home Loan Bank stock
|
5,023 | 5,114 | ||||||
Net increase in loans
|
(926 | ) | (124,993 | ) | ||||
Purchase of premises and equipment
|
(1,615 | ) | (1,670 | ) | ||||
Proceeds from sale of other real estate owned
|
21,698 | 42,669 | ||||||
Net increase in investment in affordable housing
|
(1,427 | ) | (704 | ) | ||||
Net cash provided by investing activities
|
66,022 | 291,857 | ||||||
Cash Flows from Financing Activities
|
||||||||
Net increase in demand deposits, NOW accounts, money market and savings deposits
|
239,424 | 20,013 | ||||||
Net (decrease)/increase in time deposits
|
(84,176 | ) | 97,600 | |||||
Net decrease in federal funds purchased and securities sold under agreements to repurchase
|
- | (102,000 | ) | |||||
Advances from Federal Home Loan Bank
|
260,000 | 1,043,001 | ||||||
Repayment of Federal Home Loan Bank borrowings
|
(463,800 | ) | (1,390,501 | ) | ||||
Dividends paid on common stock
|
(1,574 | ) | (1,572 | ) | ||||
Dividends paid on preferred stock
|
(6,450 | ) | (6,450 | ) | ||||
Proceeds from other borrowings
|
- | 10,931 | ||||||
Repayment of other borrowings
|
(880 | ) | - | |||||
Proceeds from shares issued under Dividend Reinvestment Plan
|
134 | 109 | ||||||
Proceeds from exercise of stock options
|
647 | 1,306 | ||||||
Excess tax short-fall from share-based payment arrangements
|
(565 | ) | (271 | ) | ||||
Net cash used in financing activities
|
(57,240 | ) | (327,834 | ) | ||||
Increase in cash and cash equivalents
|
16,856 | 41,237 | ||||||
Cash and cash equivalents, beginning of the period
|
117,888 | 87,347 | ||||||
Cash and cash equivalents, end of the period
|
$ | 134,744 | $ | 128,584 | ||||
Supplemental disclosure of cash flow information
|
||||||||
Cash paid during the period:
|
||||||||
Interest
|
$ | 58,516 | $ | 76,718 | ||||
Income taxes (refunded)/paid
|
$ | (2,717 | ) | $ | 30,750 | |||
Non-cash investing and financing activities:
|
||||||||
Net change in unrealized holding gain on securities available-for-sale, net of tax
|
$ | 5,044 | $ | 5,403 | ||||
Loans to facilitate sale of loans
|
$ | - | $ | 6,094 | ||||
Transfers to other real estate owned from loans held for investment
|
$ | 13,216 | $ | 41,502 | ||||
Transfers to other real estate owned from loans held for sale
|
$ | - | $ | 2,873 | ||||
Loans transferred from held for investment to held for sale
|
$ | 15,986 | $ | 4,025 | ||||
Loans to facilitate the sale of other real estate owned
|
$ | 1,523 | $ | 6,825 |
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
(Dollars in thousands, except share and per share data)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Net income attributable to Cathay General Bancorp
|
$ | 29,861 | $ | 24,302 | $ | 58,774 | $ | 46,365 | ||||||||
Dividends on preferred stock
|
(4,121 | ) | (4,107 | ) | (8,238 | ) | (8,212 | ) | ||||||||
Net income available to common stockholders
|
$ | 25,740 | $ | 20,195 | $ | 50,536 | $ | 38,153 | ||||||||
Weighted-average shares:
|
||||||||||||||||
Basic weighted-average number of common shares outstanding
|
78,710,279 | 78,635,324 | 78,694,462 | 78,622,464 | ||||||||||||
Dilutive effect of weighted-average outstanding common share equivalents
|
||||||||||||||||
Stock options
|
1,893 | 1,784 | 6,690 | 13,905 | ||||||||||||
Diluted weighted-average number of common shares outstanding
|
78,712,172 | 78,637,108 | 78,701,152 | 78,636,369 | ||||||||||||
Average stock options and warrants with anti-dilutive effect
|
6,092,332 | 6,303,432 | 6,159,778 | 6,251,149 | ||||||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$ | 0.33 | $ | 0.26 | $ | 0.64 | $ | 0.49 | ||||||||
Diluted
|
$ | 0.33 | $ | 0.26 | $ | 0.64 | $ | 0.49 |
Shares
|
Weighted-Average
Exercise Price |
Weighted-Average
Remaining Contractual |
Aggregate
Intrinsic |
|||||||||||||
Balance, December 31, 2011
|
4,356,985 | $ | 28.86 | 3.0 | $ | 37 | ||||||||||
Exercised
|
(39,784 | ) | 16.28 | |||||||||||||
Forfeited
|
(249,506 | ) | 22.27 | |||||||||||||
Balance, March 31, 2012
|
4,067,695 | $ | 29.40 | 3.0 | $ | 65 | ||||||||||
Forfeited
|
(281 | ) | 23.37 | |||||||||||||
Balance, June 30, 2012
|
4,067,414 | $ | 29.40 | 2.7 | $ | 53 | ||||||||||
Exercisable, June 30, 2012
|
3,959,668 | $ | 29.57 | 2.6 | $ | 53 |
Units
|
||||
Balance at December 31, 2011
|
171,410 | |||
Granted
|
49,257 | |||
Forfeited
|
(517 | ) | ||
Vested
|
(11,814 | ) | ||
Balance at June 30, 2012
|
208,336 |
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
(Dollars in thousands)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Short-fall of tax deductions in excess of grant-date fair value
|
$ | - | $ | (37 | ) | $ | (565 | ) | $ | (271 | ) | |||||
Benefit of tax deductions on grant-date fair value
|
- | 37 | 663 | 343 | ||||||||||||
Total benefit of tax deductions
|
$ | - | $ | - | $ | 98 | $ | 72 |
June 30, 2012
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 99,988 | $ | 445 | $ | - | $ | 100,433 | ||||||||
State and municipal securities
|
129,307 | 7,490 | - | 136,797 | ||||||||||||
Mortgage-backed securities
|
780,709 | 45,449 | - | 826,158 | ||||||||||||
Corporate debt securities
|
9,973 | - | 284 | 9,689 | ||||||||||||
Total securities held-to-maturity
|
$ | 1,019,977 | $ | 53,384 | $ | 284 | $ | 1,073,077 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. treasury securities
|
$ | 159,871 | $ | - | $ | 36 | $ | 159,835 | ||||||||
U.S. government sponsored entities
|
50,000 | 182 | - | 50,182 | ||||||||||||
Mortgage-backed securities
|
527,100 | 17,373 | 5 | 544,468 | ||||||||||||
Collateralized mortgage obligations
|
12,785 | 521 | 90 | 13,216 | ||||||||||||
Asset-backed securities
|
157 | - | 5 | 152 | ||||||||||||
Corporate debt securities
|
397,795 | 339 | 30,224 | 367,910 | ||||||||||||
Mutual funds
|
6,000 | 122 | - | 6,122 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 1,607 | - | 2,176 | ||||||||||||
Trust preferred securities
|
17,401 | 379 | 31 | 17,749 | ||||||||||||
Other equity securities
|
1,468 | 3,505 | - | 4,973 | ||||||||||||
Total securities available-for-sale
|
$ | 1,173,146 | $ | 24,028 | $ | 30,391 | $ | 1,166,783 | ||||||||
Total investment securities
|
$ | 2,193,123 | $ | 77,412 | $ | 30,675 | $ | 2,239,860 |
December 31, 2011
|
||||||||||||||||
|
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair Value
|
||||||||||||
(In thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 99,966 | $ | 1,406 | $ | - | $ | 101,372 | ||||||||
State and municipal securities
|
129,577 | 7,053 | - | 136,630 | ||||||||||||
Mortgage-backed securities
|
913,990 | 42,351 | - | 956,341 | ||||||||||||
Corporate debt securities
|
9,971 | - | 337 | 9,634 | ||||||||||||
Total securities held-to-maturity
|
$ | 1,153,504 | $ | 50,810 | $ | 337 | $ | 1,203,977 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 500,007 | $ | 1,226 | $ | 7 | $ | 501,226 | ||||||||
State and municipal securities
|
1,869 | 59 | - | 1,928 | ||||||||||||
Mortgage-backed securities
|
325,706 | 12,361 | 436 | 337,631 | ||||||||||||
Collateralized mortgage obligations
|
16,184 | 540 | 238 | 16,486 | ||||||||||||
Asset-backed securities
|
172 | - | 6 | 166 | ||||||||||||
Corporate debt securities
|
412,045 | 113 | 31,729 | 380,429 | ||||||||||||
Mutual funds
|
6,000 | 48 | 13 | 6,035 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 1,085 | - | 1,654 | ||||||||||||
Trust preferred securities
|
45,501 | 486 | 24 | 45,963 | ||||||||||||
Other equity securities
|
1,468 | 1,492 | - | 2,960 | ||||||||||||
Total securities available-for-sale
|
$ | 1,309,521 | $ | 17,410 | $ | 32,453 | $ | 1,294,478 | ||||||||
Total investment securities
|
$ | 2,463,025 | $ | 68,220 | $ | 32,790 | $ | 2,498,455 |
Securities Available-for-Sale
|
Securities Held-to-Maturity
|
|||||||||||||||
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Due in one year or less
|
$ | 32,843 | $ | 32,873 | $ | 99,988 | $ | 100,433 | ||||||||
Due after one year through five years
|
255,162 | 254,378 | - | - | ||||||||||||
Due after five years through ten years
|
393,762 | 369,662 | 50,183 | 52,556 | ||||||||||||
Due after ten years (1)
|
491,379 | 509,870 | 869,806 | 920,088 | ||||||||||||
Total
|
$ | 1,173,146 | $ | 1,166,783 | $ | 1,019,977 | $ | 1,073,077 |
As of June 30, 2012
|
||||||||||||||||||||||||
Temporarily Impaired Securities
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||||||||||
Corporate debt securities
|
$ | 9,688 | $ | 284 | $ | - | $ | - | $ | 9,688 | $ | 284 | ||||||||||||
Total securities held-to-maturity
|
$ | 9,688 | $ | 284 | $ | - | $ | - | $ | 9,688 | $ | 284 | ||||||||||||
Securities Available-for-Sale
|
||||||||||||||||||||||||
U.S. treasury securities
|
$ | 159,835 | $ | 36 | $ | - | $ | - | $ | 159,835 | $ | 36 | ||||||||||||
Mortgage-backed securities
|
69 | 1 | 194 | 2 | 263 | 3 | ||||||||||||||||||
Mortgage-backed securities-Non-agency
|
- | - | 97 | 2 | 97 | 2 | ||||||||||||||||||
Collateralized mortgage obligations
|
- | - | 498 | 90 | 498 | 90 | ||||||||||||||||||
Asset-backed securities
|
- | - | 152 | 5 | 152 | 5 | ||||||||||||||||||
Corporate debt securities
|
72,765 | 5,063 | 249,819 | 25,161 | 322,584 | 30,224 | ||||||||||||||||||
Trust preferred securities
|
3,154 | 31 | - | - | 3,154 | 31 | ||||||||||||||||||
Total securities available-for-sale
|
$ | 235,823 | $ | 5,131 | $ | 250,760 | $ | 25,260 | $ | 486,583 | $ | 30,391 | ||||||||||||
Total investment securities
|
$ | 245,511 | $ | 5,415 | $ | 250,760 | $ | 25,260 | $ | 496,271 | $ | 30,675 |
As of December 31, 2011
|
||||||||||||||||||||||||
Temporarily Impaired Securities
|
||||||||||||||||||||||||
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
Fair
Value |
Unrealized
Losses |
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||||||||||
Corporate debt securities
|
$ | 9,635 | $ | 337 | $ | - | $ | - | $ | 9,635 | $ | 337 | ||||||||||||
Total securities held-to-maturity
|
$ | 9,635 | $ | 337 | $ | - | $ | - | $ | 9,635 | $ | 337 | ||||||||||||
Securities Available-for-Sale
|
||||||||||||||||||||||||
U.S. government sponsored entities
|
$ | 49,993 | $ | 7 | $ | - | $ | - | $ | 49,993 | $ | 7 | ||||||||||||
Mortgage-backed securities
|
564 | 4 | 35 | 1 | 599 | 5 | ||||||||||||||||||
Mortgage-backed securities-Non-agency
|
- | - | 6,719 | 431 | 6,719 | 431 | ||||||||||||||||||
Collateralized mortgage obligations
|
- | - | 570 | 238 | 570 | 238 | ||||||||||||||||||
Asset-backed securities
|
- | - | 166 | 6 | 166 | 6 | ||||||||||||||||||
Corporate debt securities
|
185,577 | 14,201 | 172,857 | 17,528 | 358,434 | 31,729 | ||||||||||||||||||
Mutual funds
|
1,987 | 13 | - | - | 1,987 | 13 | ||||||||||||||||||
Trust preferred securities
|
5,674 | 24 | - | - | 5,674 | 24 | ||||||||||||||||||
Total securities available-for-sale
|
$ | 243,795 | $ | 14,249 | $ | 180,347 | $ | 18,204 | $ | 424,142 | $ | 32,453 | ||||||||||||
Total investment securities
|
$ | 253,430 | $ | 14,586 | $ | 180,347 | $ | 18,204 | $ | 433,777 | $ | 32,790 |
June 30, 2012
|
December 31, 2011
|
|||||||
(In thousands)
|
||||||||
Type of Loans:
|
||||||||
Commercial loans
|
$ | 1,945,720 | $ | 1,868,275 | ||||
Residential mortgage loans
|
1,001,976 | 972,262 | ||||||
Commercial mortgage loans
|
3,695,440 | 3,748,897 | ||||||
Equity lines
|
203,788 | 214,707 | ||||||
Real estate construction loans
|
180,086 | 237,372 | ||||||
Installment and other loans
|
16,673 | 17,699 | ||||||
Gross loans
|
7,043,683 | 7,059,212 | ||||||
Less:
|
||||||||
Allowance for loan losses
|
(192,274 | ) | (206,280 | ) | ||||
Unamortized deferred loan fees
|
(8,855 | ) | (8,449 | ) | ||||
Total loans, net
|
$ | 6,842,554 | $ | 6,844,483 | ||||
Loans held for sale
|
$ | 500 | $ | 760 |
Impaired Loans
|
||||||||||||||||||||||||||||||||
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||||||||||||||||||
For the Three Months Ended
|
For the Six Months Ended
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||||||||||||
June 30,
|
June 30,
|
June 30,
|
June 30,
|
|||||||||||||||||||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Commercial loans
|
$ | 29,970 | $ | 50,379 | $ | 37,556 | $ | 46,204 | $ | 32 | $ | 263 | $ | 62 | $ | 525 | ||||||||||||||||
Real estate construction loans
|
45,775 | 84,787 | 56,115 | 85,402 | 111 | 77 | 221 | 153 | ||||||||||||||||||||||||
Commercial mortgage loans
|
179,835 | 242,697 | 182,351 | 247,885 | 1,849 | 1,052 | 3,115 | 2,099 | ||||||||||||||||||||||||
Residential mortgage and equity lines
|
19,177 | 17,424 | 18,446 | 16,974 | 38 | 57 | 76 | 100 | ||||||||||||||||||||||||
Total
|
$ | 274,757 | $ | 395,287 | $ | 294,468 | $ | 396,465 | $ | 2,030 | $ | 1,449 | $ | 3,474 | $ | 2,877 |
Impaired Loans
|
||||||||||||||||||||||||
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Unpaid Principal Balance
|
Recorded
Investment
|
Allowance
|
Unpaid Principal Balance
|
Recorded
Investment
|
Allowance
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
With no allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 24,282 | $ | 15,472 | $ | - | $ | 46,671 | $ | 38,194 | $ | - | ||||||||||||
Real estate construction loans
|
66,473 | 44,622 | - | 134,836 | 78,767 | - | ||||||||||||||||||
Commercial mortgage loans
|
209,480 | 171,248 | - | 187,580 | 149,034 | - | ||||||||||||||||||
Residential mortgage and equity lines
|
5,891 | 5,818 | - | 8,555 | 7,987 | - | ||||||||||||||||||
Subtotal
|
$ | 306,126 | $ | 237,160 | $ | - | $ | 377,642 | $ | 273,982 | $ | - | ||||||||||||
With allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 18,247 | $ | 12,932 | $ | 3,687 | $ | 11,795 | $ | 7,587 | $ | 3,336 | ||||||||||||
Commercial mortgage loans
|
14,413 | 13,435 | 1,896 | 29,722 | 28,023 | 2,969 | ||||||||||||||||||
Residential mortgage and equity lines
|
15,178 | 13,044 | 1,659 | 13,813 | 12,381 | 1,249 | ||||||||||||||||||
Subtotal
|
$ | 47,838 | $ | 39,411 | $ | 7,242 | $ | 55,330 | $ | 47,991 | $ | 7,554 | ||||||||||||
Total impaired loans
|
$ | 353,964 | $ | 276,571 | $ | 7,242 | $ | 432,972 | $ | 321,973 | $ | 7,554 |
As of June 30, 2012
|
||||||||||||||||||||||||||||
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater
than 90
Days Past
Due
|
Non-accrual Loans
|
Total Past Due
|
Loans Not
Past Due
|
Total
|
|||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||
Type of Loans: | ||||||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | 4,182 | $ | 746 | $ | 25,716 | $ | 30,644 | $ | 1,915,076 | $ | 1,945,720 | ||||||||||||||
Real estate construction loans
|
10,689 | - | - | 11,946 | 22,635 | 157,451 | 180,086 | |||||||||||||||||||||
Commercial mortgage loans
|
- | 20,362 | - | 70,630 | 90,992 | 3,604,448 | 3,695,440 | |||||||||||||||||||||
Residential mortgage and equity lines
|
14,728 | 18,853 | - | 14,530 | 48,111 | 1,157,653 | 1,205,764 | |||||||||||||||||||||
Installment and other loans
|
- | - | - | - | - | 16,673 | 16,673 | |||||||||||||||||||||
Total loans
|
$ | 25,417 | $ | 43,397 | $ | 746 | $ | 122,822 | $ | 192,382 | $ | 6,851,301 | $ | 7,043,683 |
As of December 31, 2011
|
||||||||||||||||||||||||||||
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater
than 90
Days Past
Due
|
Non-accrual Loans
|
Total Past Due
|
Loans Not
Past Due
|
Total
|
||||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||
Type of Loans: | ||||||||||||||||||||||||||||
Commercial loans
|
$ | 1,683 | $ | - | $ | - | $ | 30,661 | $ | 32,344 | $ | 1,835,931 | $ | 1,868,275 | ||||||||||||||
Real estate construction loans
|
20,326 | - | - | 46,012 | 66,338 | 171,034 | 237,372 | |||||||||||||||||||||
Commercial mortgage loans
|
13,627 | 20,277 | 6,726 | 107,784 | 148,414 | 3,600,483 | 3,748,897 | |||||||||||||||||||||
Residential mortgage and equity lines
|
5,871 | - | - | 16,740 | 22,611 | 1,164,358 | 1,186,969 | |||||||||||||||||||||
Installment and other loans
|
- | - | - | - | - | 17,699 | 17,699 | |||||||||||||||||||||
Total loans
|
$ | 41,507 | $ | 20,277 | $ | 6,726 | $ | 201,197 | $ | 269,707 | $ | 6,789,505 | $ | 7,059,212 |
For the Six Months Ended June 30, 2012
|
As of June 30, 2012
|
|||||||||||||||||||
No. of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Charge-offs
|
Specific Reserve
|
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Commercial loans
|
5 | $ | 1,988 | $ | 1,988 | $ | - | $ | 60 | |||||||||||
Commercial mortgage loans
|
12 | 44,619 | 40,940 | 3,679 | - | |||||||||||||||
Residential mortgage and equity lines
|
3 | 1,802 | 1,802 | - | 14 | |||||||||||||||
Total
|
20 | $ | 48,409 | $ | 44,730 | $ | 3,679 | $ | 74 |
For the Six Months Ended June 30, 2011
|
As of June 30, 2011
|
|||||||||||||||||||
No. of Contracts
|
Pre-Modification Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Charge-offs
|
Specific Reserve
|
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Commercial loans
|
5 | $ | 15,124 | $ | 15,124 | $ | - | $ | 53 | |||||||||||
Commercial mortgage loans
|
2 | 1,929 | 1,929 | - | 1 | |||||||||||||||
Residential mortgage and equity lines
|
1 | 501 | 501 | - | 93 | |||||||||||||||
Total
|
8 | $ | 17,554 | $ | 17,554 | $ | - | $ | 147 |
As of June 30,2012 | ||||||||||||||||||||
Accruing TDRs
|
Principal Deferral
|
Rate
Reduction
|
Rate Reduction and Forgiveness of Principal
|
Rate
Reduction and Payment
Deferral
|
Total
|
|||||||||||||||
(In thousands) | ||||||||||||||||||||
Commercial loans
|
$ | 546 | $ | 1,720 | $ | - | $ | 422 | $ | 2,688 | ||||||||||
Real estate construction loans
|
16,820 | 9,581 | - | 5,776 | 32,177 | |||||||||||||||
Commercial mortgage loans
|
26,882 | 31,602 | 1,141 | 54,427 | 114,052 | |||||||||||||||
Residential mortgage loans
|
1,287 | 1,030 | - | 2,015 | 4,332 | |||||||||||||||
Total accruing TDRs
|
$ | 45,535 | $ | 43,933 | $ | 1,141 | $ | 62,640 | $ | 153,249 |
As of June 30, 2012
|
||||||||||||||||||||||||
Non-accrual TDRs
|
Interest
Deferral
|
Principal
Deferral
|
Rate
Reduction
|
Rate Reduction
and Forgiveness
of Principal
|
Rate Reduction
and Payment Deferral
|
Total
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | 585 | $ | 1,370 | $ | 1,145 | $ | - | $ | 3,100 | ||||||||||||
Commercial mortgage loans
|
2,596 | 2,471 | 6,944 | - | 6,238 | 18,249 | ||||||||||||||||||
Residential mortgage loans
|
293 | 1,347 | - | - | 296 | 1,936 | ||||||||||||||||||
Total non-accrual TDRs
|
$ | 2,889 | $ | 4,403 | $ | 8,314 | $ | 1,145 | $ | 6,534 | $ | 23,285 |
As of December 31, 2011
|
||||||||||||||||||||
Accruing TDRs
|
Principal
Deferral
|
Rate
Reduction
|
Rate Reduction
and Forgiveness
of Principal
|
Rate Reduction
and Payment Deferral
|
Total
|
|||||||||||||||
(In thousands) | ||||||||||||||||||||
Commercial loans
|
$ | 12,933 | $ | 1,756 | $ | - | $ | 431 | $ | 15,120 | ||||||||||
Real estate construction loans
|
16,820 | 9,659 | - | 5,776 | 32,255 | |||||||||||||||
Commercial mortgage loans
|
471 | 37,796 | 2,071 | 28,935 | 69,273 | |||||||||||||||
Residential mortgage loans
|
1,294 | 587 | - | 1,487 | 3,368 | |||||||||||||||
Total accruing TDRs
|
$ | 31,518 | $ | 49,798 | $ | 2,071 | $ | 36,629 | $ | 120,016 |
As of December 31, 2011
|
||||||||||||||||||||||||
Non-accrual TDRs
|
Interest
Deferral
|
Principal
Deferral
|
Rate
Reduction
|
Rate Reduction
and Forgiveness of Principal
|
Rate Reduction
and Payment
Deferral
|
Total
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | 616 | $ | 1,859 | $ | 1,506 | $ | - | $ | 3,981 | ||||||||||||
Real estate construction loans
|
- | 13,579 | 12,376 | - | - | 25,955 | ||||||||||||||||||
Commercial mortgage loans
|
2,633 | 9,727 | - | - | 5,076 | 17,436 | ||||||||||||||||||
Residential mortgage loans
|
311 | 2,427 | 449 | - | 311 | 3,498 | ||||||||||||||||||
Total non-accrual TDRs
|
$ | 2,944 | $ | 26,349 | $ | 14,684 | $ | 1,506 | $ | 5,387 | $ | 50,870 |
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
Accruing TDRs
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(In thousands)
|
||||||||||||||||
Beginning balance
|
$ | 143,233 | $ | 135,327 | $ | 120,016 | $ | 136,800 | ||||||||
New restructurings
|
17,047 | 263 | 38,759 | 13,999 | ||||||||||||
Restructured loans restored to accrual status
|
- | 1,037 | 2,853 | 1,037 | ||||||||||||
Charge-offs
|
- | (659 | ) | - | (659 | ) | ||||||||||
Payments
|
(1,207 | ) | (2,414 | ) | (2,555 | ) | (4,074 | ) | ||||||||
Restructured loans placed on nonaccrual
|
(5,824 | ) | (17,226 | ) | (5,824 | ) | (30,042 | ) | ||||||||
Expiration of loan concession
|
- | - | - | (733 | ) | |||||||||||
Ending balance
|
$ | 153,249 | $ | 116,328 | $ | 153,249 | $ | 116,328 |
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
Non-accrual TDRs
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(In thousands) | ||||||||||||||||
Beginning balance
|
$ | 21,543 | $ | 43,130 | $ | 50,870 | $ | 28,147 | ||||||||
New restructurings
|
733 | - | 5,971 | 3,556 | ||||||||||||
Restructured loans placed on nonaccrual
|
5,824 | 17,225 | 5,824 | 30,041 | ||||||||||||
Charge-offs
|
(267 | ) | (3,725 | ) | (4,285 | ) | (4,829 | ) | ||||||||
Payments
|
(4,548 | ) | (10,118 | ) | (32,242 | ) | (10,403 | ) | ||||||||
Foreclosures
|
- | (7,245 | ) | - | (7,245 | ) | ||||||||||
Restructured loans restored to accrual status
|
- | (1,037 | ) | (2,853 | ) | (1,037 | ) | |||||||||
Ending balance
|
$ | 23,285 | $ | 38,230 | $ | 23,285 | $ | 38,230 |
·
|
Pass/Watch – These loans range from minimal credit risk to lower than average, but still acceptable, credit risk.
|
·
|
Special Mention – Borrower is fundamentally sound and loan is currently protected but adverse trends are apparent that, if not corrected, may affect ability to repay. Primary source of loan repayment remains viable but there is increasing reliance on collateral or guarantor support. |
·
|
Substandard – These loans are inadequately protected by current sound net worth, paying capacity or pledged collateral. Well-defined weaknesses exist that could jeopardize repayment of debt. Loss may not be imminent, but if weaknesses are not corrected, there is a good possibility of some loss.
|
·
|
Doubtful – The possibility of loss is extremely high, but due to identifiable and important pending events (which may strengthen the loan) a loss classification is deferred until the situation is better defined.
|
·
|
Loss – These loans are considered uncollectible and of such little value that to continue to carry the loan as an active asset is no longer warranted.
|
As of June 30, 2012
|
||||||||||||||||||||
Pass/Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Commercial loans
|
$ | 1,779,114 | $ | 61,298 | $ | 91,940 | $ | 13,368 | $ | 1,945,720 | ||||||||||
Real estate construction loans
|
107,217 | 21,718 | 44,033 | 7,118 | 180,086 | |||||||||||||||
Commercial mortgage loans
|
3,266,362 | 138,544 | 290,534 | - | 3,695,440 | |||||||||||||||
Residential mortgage and equity lines
|
1,188,160 | - | 17,390 | 214 | 1,205,764 | |||||||||||||||
Installment and other loans
|
16,673 | - | - | - | 16,673 | |||||||||||||||
Total gross loans
|
$ | 6,357,526 | $ | 221,560 | $ | 443,897 | $ | 20,700 | $ | 7,043,683 | ||||||||||
Loans held for sale
|
$ | - | $ | - | $ | - | $ | 500 | $ | 500 |
As of December 31, 2011
|
||||||||||||||||||||
Pass/Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
(In thousands) | ||||||||||||||||||||
Commercial loans
|
$ | 1,689,842 | $ | 64,290 | $ | 108,858 | $ | 5,285 | $ | 1,868,275 | ||||||||||
Real estate construction loans
|
115,538 | 23,555 | 90,132 | 8,147 | 237,372 | |||||||||||||||
Commercial mortgage loans
|
3,275,431 | 69,925 | 403,541 | - | 3,748,897 | |||||||||||||||
Residential mortgage and equity lines
|
1,149,225 | 4,439 | 33,160 | 145 | 1,186,969 | |||||||||||||||
Installment and other loans
|
17,636 | 63 | - | - | 17,699 | |||||||||||||||
Total gross loans
|
$ | 6,247,672 | $ | 162,272 | $ | 635,691 | $ | 13,577 | $ | 7,059,212 | ||||||||||
Loans held for sale
|
$ | - | $ | - | $ | 260 | $ | 500 | $ | 760 |
Commercial
Loans |
Real Estate
Construction |
Commercial
Mortgage |
Residential
Mortgage Loans |
Consumer and
Other Loans |
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
June 30, 2012
|
||||||||||||||||||||||||
Loans individually evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 3,687 | $ | - | $ | 1,896 | $ | 1,659 | $ | - | $ | 7,242 | ||||||||||||
Balance
|
$ | 28,404 | $ | 44,622 | $ | 184,683 | $ | 18,862 | $ | - | $ | 276,571 | ||||||||||||
Loans collectively evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 62,908 | $ | 16,360 | $ | 97,113 | $ | 8,595 | $ | 56 | $ | 185,032 | ||||||||||||
Balance
|
$ | 1,917,316 | $ | 135,464 | $ | 3,510,757 | $ | 1,186,902 | $ | 16,673 | $ | 6,767,112 | ||||||||||||
Total allowance
|
$ | 66,595 | $ | 16,360 | $ | 99,009 | $ | 10,254 | $ | 56 | $ | 192,274 | ||||||||||||
Total balance
|
$ | 1,945,720 | $ | 180,086 | $ | 3,695,440 | $ | 1,205,764 | $ | 16,673 | $ | 7,043,683 | ||||||||||||
December 31, 2011
|
||||||||||||||||||||||||
Loans individually evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 3,336 | $ | - | $ | 2,969 | $ | 1,247 | $ | - | $ | 7,552 | ||||||||||||
Balance
|
$ | 45,781 | $ | 78,766 | $ | 177,058 | $ | 20,368 | $ | - | $ | 321,973 | ||||||||||||
Loans collectively evaluated for impairment
|
||||||||||||||||||||||||
Allowance
|
$ | 62,322 | $ | 21,749 | $ | 105,052 | $ | 9,548 | $ | 57 | $ | 198,728 | ||||||||||||
Balance
|
$ | 1,822,494 | $ | 158,606 | $ | 3,571,839 | $ | 1,166,601 | $ | 17,699 | $ | 6,737,239 | ||||||||||||
Total allowance
|
$ | 65,658 | $ | 21,749 | $ | 108,021 | $ | 10,795 | $ | 57 | $ | 206,280 | ||||||||||||
Total balance
|
$ | 1,868,275 | $ | 237,372 | $ | 3,748,897 | $ | 1,186,969 | $ | 17,699 | $ | 7,059,212 |
For the Three Months Ended June 30, 2012 and 2011
|
||||||||||||||||||||||||
Commercial
Loans |
Real Estate
Construction |
Commercial
Mortgage |
Residential
Mortgage |
Installment
and Other |
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
March 31, 2011 Ending Balance
|
$ | 63,194 | $ | 42,554 | $ | 125,295 | $ | 9,949 | $ | 38 | $ | 241,030 | ||||||||||||
Provision/(credit) for possible credit losses
|
11,004 | (3,265 | ) | 3,532 | (642 | ) | (2 | ) | 10,627 | |||||||||||||||
Charge-offs
|
(8,618 | ) | (4,607 | ) | (13,696 | ) | - | - | (26,921 | ) | ||||||||||||||
Recoveries
|
280 | 3,001 | 1,883 | - | - | 5,164 | ||||||||||||||||||
Net (charge-offs)/recoveries
|
(8,338 | ) | (1,606 | ) | (11,813 | ) | - | - | (21,757 | ) | ||||||||||||||
June 30, 2011 Ending Balance
|
$ | 65,860 | $ | 37,683 | $ | 117,014 | $ | 9,307 | $ | 36 | $ | 229,900 | ||||||||||||
March 31, 2012 Ending Balance
|
$ | 60,404 | $ | 17,992 | $ | 106,175 | $ | 10,122 | $ | 50 | $ | 194,743 | ||||||||||||
Provision/(credit) for possible credit losses
|
8,171 | (2,972 | ) | (10,906 | ) | 671 | 6 | (5,030 | ) | |||||||||||||||
Charge-offs
|
(2,133 | ) | (251 | ) | (1,458 | ) | (550 | ) | - | (4,392 | ) | |||||||||||||
Recoveries
|
153 | 1,591 | 5,198 | 11 | - | 6,953 | ||||||||||||||||||
Net (charge-offs)/recoveries
|
(1,980 | ) | 1,340 | 3,740 | (539 | ) | - | 2,561 | ||||||||||||||||
June 30, 2012 Ending Balance
|
$ | 66,595 | $ | 16,360 | $ | 99,009 | $ | 10,254 | $ | 56 | $ | 192,274 |
For the Six Months Ended June 30, 2012 and 2011
|
||||||||||||||||||||||||
Commercial
Loans |
Real Estate
Construction |
Commercial
Mortgage |
Residential
Mortgage |
Installment
and Other |
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
2011 Beginning Balance
|
$ | 63,919 | $ | 43,261 | $ | 128,347 | $ | 9,668 | $ | 36 | $ | 245,231 | ||||||||||||
Provision/(credit) for possible credit losses
|
10,882 | 1,389 | 4,880 | (361 | ) | - | 16,790 | |||||||||||||||||
Charge-offs
|
(9,996 | ) | (10,855 | ) | (19,045 | ) | - | - | (39,896 | ) | ||||||||||||||
Recoveries
|
1,055 | 3,888 | 2,832 | - | - | 7,775 | ||||||||||||||||||
Net (charge-offs)/recoveries
|
(8,941 | ) | (6,967 | ) | (16,213 | ) | - | - | (32,121 | ) | ||||||||||||||
June 30, 2011 Ending Balance
|
$ | 65,860 | $ | 37,683 | $ | 117,014 | $ | 9,307 | $ | 36 | $ | 229,900 | ||||||||||||
Reserve for impaired loans
|
$ | 2,482 | $ | 7,140 | $ | 3,481 | $ | 1,161 | $ | - | $ | 14,264 | ||||||||||||
Reserve for non-impaired loans
|
$ | 63,378 | $ | 30,543 | $ | 113,533 | $ | 8,146 | $ | 36 | $ | 215,636 | ||||||||||||
Reserve for off-balance sheet credit commitments
|
$ | 564 | $ | 863 | $ | 82 | $ | 35 | $ | 3 | $ | 1,547 | ||||||||||||
2012 Beginning Balance
|
$ | 65,658 | $ | 21,749 | $ | 108,021 | $ | 10,795 | $ | 57 | $ | 206,280 | ||||||||||||
Provision/(credit) for possible credit losses
|
7,130 | (9,411 | ) | (6,587 | ) | 410 | 21 | (8,437 | ) | |||||||||||||||
Charge-offs
|
(7,092 | ) | (1,126 | ) | (9,681 | ) | (1,328 | ) | (25 | ) | (19,252 | ) | ||||||||||||
Recoveries
|
899 | 5,148 | 7,256 | 377 | 3 | 13,683 | ||||||||||||||||||
Net (charge-offs)/recoveries
|
(6,193 | ) | 4,022 | (2,425 | ) | (951 | ) | (22 | ) | (5,569 | ) | |||||||||||||
June 30, 2012 Ending Balance
|
$ | 66,595 | $ | 16,360 | $ | 99,009 | $ | 10,254 | $ | 56 | $ | 192,274 | ||||||||||||
Reserve for impaired loans
|
$ | 3,687 | $ | - | $ | 1,896 | $ | 1,659 | $ | - | $ | 7,242 | ||||||||||||
Reserve for non-impaired loans
|
$ | 62,908 | $ | 16,360 | $ | 97,113 | $ | 8,595 | $ | 56 | $ | 185,032 | ||||||||||||
Reserve for off-balance sheet credit commitments
|
$ | 747 | $ | 617 | $ | 104 | $ | 35 | $ | 2 | $ | 1,505 |
(Dollars in millions)
|
Fixed-to-floating
|
Floating-to-fixed
|
Fixed
|
Total
|
||||||||||||||||||||||||||||||||||||
Callable
|
All callable at June 30, 2012
|
All callable at June 30, 2012
|
Non-Callable
|
|||||||||||||||||||||||||||||||||||||
Rate type
|
Float Rate
|
Fixed Rate
|
||||||||||||||||||||||||||||||||||||||
Rate index
|
8% minus 3 month LIBOR
|
|||||||||||||||||||||||||||||||||||||||
Maximum rate
|
3.79 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | ||||||||||||||||||||||||||||
Minimum rate
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||
No. of agreements
|
3 | 1 | 4 | 3 | 1 | 1 | 8 | 4 | 2 | 27 | ||||||||||||||||||||||||||||||
Amount
|
$ | 150.0 | $ | 50.0 | $ | 200.0 | $ | 150.0 | $ | 50.0 | $ | 50.0 | $ | 450.0 | $ | 200.0 | $ | 100.0 | $ | 1,400.0 | ||||||||||||||||||||
Weighted average rate
|
3.78 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | 4.58 | % | 5.00 | % | 3.58 | % | 4.09 | % | ||||||||||||||||||||
Final maturity
|
2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2014 | 2017 | 2018 |
|
·
|
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
|
·
|
Level 2 - Observable prices in active markets for similar assets or liabilities; prices for identical or similar assets or liabilities in markets that are not active; directly observable market inputs for substantially the full term of the asset and liability; market inputs that are not directly observable but are derived from or corroborated by observable market data.
|
|
·
|
Level 3 – Unobservable inputs based on the Company’s own judgments about the assumptions that a market participant would use.
|
As of June 30, 2012
|
Fair Value Measurements Using
|
Total at
|
||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
|||||||||||||
|
(In thousands)
|
|||||||||||||||
Assets | ||||||||||||||||
Securities available-for-sale
|
||||||||||||||||
U.S. Treasury securities
|
$ | 159,835 | $ | - | $ | - | $ | 159,835 | ||||||||
U.S. government sponsored entities
|
- | 50,182 | - | 50,182 | ||||||||||||
Mortgage-backed securities
|
- | 544,468 | - | 544,468 | ||||||||||||
Collateralized mortgage obligations
|
- | 13,216 | - | 13,216 | ||||||||||||
Asset-backed securities
|
- | 152 | - | 152 | ||||||||||||
Corporate debt securities
|
- | 367,910 | - | 367,910 | ||||||||||||
Mutual funds
|
6,122 | - | - | 6,122 | ||||||||||||
Preferred stock of government sponsored entities
|
- | 2,176 | - | 2,176 | ||||||||||||
Trust preferred securities
|
- | 17,749 | - | 17,749 | ||||||||||||
Other equity securities
|
4,973 | - | - | 4,973 | ||||||||||||
Total securities available-for-sale
|
170,930 | 995,853 | - | 1,166,783 | ||||||||||||
Trading securities
|
- | 104,465 | - | 104,465 | ||||||||||||
Warrants
|
- | - | 169 | 169 | ||||||||||||
Option contracts
|
- | 4 | - | 4 | ||||||||||||
Foreign exchange contracts
|
- | 1,910 | - | 1,910 | ||||||||||||
Total assets
|
$ | 170,930 | $ | 1,102,232 | $ | 169 | $ | 1,273,331 | ||||||||
Liabilities
|
||||||||||||||||
Interest rate swaps
|
$ | - | $ | 742 | $ | - | $ | 742 | ||||||||
Option contracts
|
- | 1 | - | 1 | ||||||||||||
Foreign exchange contracts
|
- | 1,089 | - | 1,089 | ||||||||||||
Total liabilities
|
$ | - | $ | 1,832 | $ | - | $ | 1,832 |
As of December 31, 2011
|
Fair Value Measurements Using
|
Total at
|
||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
|||||||||||||
|
(In thousands)
|
|||||||||||||||
Assets | ||||||||||||||||
Securities available-for-sale
|
||||||||||||||||
U.S. government sponsored entities
|
$ | - | $ | 501,226 | $ | - | $ | 501,226 | ||||||||
State and municipal securities
|
- | 1,928 | - | 1,928 | ||||||||||||
Mortgage-backed securities
|
- | 337,631 | - | 337,631 | ||||||||||||
Collateralized mortgage obligations
|
- | 16,486 | - | 16,486 | ||||||||||||
Asset-backed securities
|
- | 166 | - | 166 | ||||||||||||
Corporate debt securities
|
- | 380,429 | - | 380,429 | ||||||||||||
Mutual funds
|
6,035 | - | - | 6,035 | ||||||||||||
Preferred stock of government sponsored entities
|
- | 1,654 | - | 1,654 | ||||||||||||
Trust preferred securities
|
- | 45,963 | - | 45,963 | ||||||||||||
Other equity securities
|
2,960 | - | - | 2,960 | ||||||||||||
Total securities available-for-sale
|
8,995 | 1,285,483 | - | 1,294,478 | ||||||||||||
Trading securities
|
2 | 4,540 | - | 4,542 | ||||||||||||
Warrants
|
- | - | 218 | 218 | ||||||||||||
Option contracts
|
- | 34 | - | 34 | ||||||||||||
Foreign exchange contracts
|
- | 2,151 | - | 2,151 | ||||||||||||
Total assets
|
$ | 8,997 | $ | 1,292,208 | $ | 218 | $ | 1,301,423 | ||||||||
Liabilities
|
||||||||||||||||
Interest rate swaps
|
$ | - | $ | 2,634 | $ | - | $ | 2,634 | ||||||||
Option contracts
|
- | 5 | - | 5 | ||||||||||||
Foreign exchange contracts
|
- | 486 | - | 486 | ||||||||||||
Total liabilities
|
$ | - | $ | 3,125 | $ | - | $ | 3,125 |
As of June 30, 2012
|
Total Losses
|
|||||||||||||||||||||||||||||||
Fair value measurements using
|
Total at
|
For the Three Months ended
|
For the Six Months ended
|
|||||||||||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
fair value
|
June 30, 2012
|
June 30, 2011
|
June 30, 2012
|
June 30, 2011
|
|||||||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Impaired loans by type:
|
||||||||||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | - | $ | 9,245 | $ | 9,245 | $ | 6 | $ | 488 | $ | 865 | $ | 1,103 | ||||||||||||||||
Real estate loans
|
- | - | 10,109 | 10,109 | 266 | 443 | 301 | 532 | ||||||||||||||||||||||||
Land loans
|
- | - | 1,430 | 1,430 | - | - | - | - | ||||||||||||||||||||||||
Residential mortgage loans
|
- | - | 11,386 | 11,386 | 148 | - | 551 | 142 | ||||||||||||||||||||||||
Total impaired loans
|
- | - | 32,170 | 32,170 | 420 | 931 | 1,717 | 1,777 | ||||||||||||||||||||||||
Loans held-for-sale
|
- | - | 500 | 500 | - | - | - | - | ||||||||||||||||||||||||
Other real estate owned (1)
|
- | 59,035 | 707 | 59,742 | 4,903 | 2,086 | 7,727 | 2,380 | ||||||||||||||||||||||||
Investments in venture capital
|
- | - | 8,878 | 8,878 | 50 | 14 | 187 | 287 | ||||||||||||||||||||||||
Equity investments
|
280 | - | - | 280 | 43 | - | 43 | - | ||||||||||||||||||||||||
Total assets
|
$ | 280 | $ | 59,035 | $ | 42,255 | $ | 101,570 | $ | 5,416 | $ | 3,031 | $ | 9,674 | $ | 4,444 |
As of December 31, 2011
|
Total Losses
|
|||||||||||||||||||||||
Fair value measurements using
|
Total at
|
For the Twelve Months ended
|
||||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Fair Value
|
December 31, 2011
|
December 31, 2010
|
|||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Impaired loans by type:
|
||||||||||||||||||||||||
Commercial loans
|
$ | - | $ | - | $ | 4,251 | $ | 4,251 | $ | 877 | $ | 3,411 | ||||||||||||
Construction- residential
|
- | - | - | - | - | 1,295 | ||||||||||||||||||
Real estate loans
|
- | - | 35,576 | 35,576 | 820 | 1,407 | ||||||||||||||||||
Land loans
|
- | - | 611 | 611 | 46 | 1,003 | ||||||||||||||||||
Total impaired loans
|
- | - | 40,438 | 40,438 | 1,743 | 7,116 | ||||||||||||||||||
Loans held-for-sale
|
- | - | 760 | 760 | - | 3,160 | ||||||||||||||||||
Other real estate owned (1)
|
- | 79,029 | 1,093 | 80,122 | 7,003 | 20,139 | ||||||||||||||||||
Investments in venture capital
|
- | - | 8,693 | 8,693 | 379 | 760 | ||||||||||||||||||
Equity investments
|
323 | - | - | 323 | 200 | 304 | ||||||||||||||||||
Total assets
|
$ | 323 | $ | 79,029 | $ | 50,984 | $ | 130,336 | $ | 9,325 | $ | 31,479 |
As of June 30, 2012
|
As of December 31, 2011
|
|||||||||||||||
Carrying
Amount |
Fair Value
|
Carrying
Amount |
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||
Cash and due from banks
|
$ | 134,744 | $ | 134,744 | $ | 117,888 | $ | 117,888 | ||||||||
Short-term investments
|
513,636 | 513,636 | 294,956 | 294,956 | ||||||||||||
Securities purchased under agreements to resell
|
10,000 | 10,000 | - | - | ||||||||||||
Securities held-to-maturity
|
1,019,977 | 1,073,077 | 1,153,504 | 1,203,977 | ||||||||||||
Securities available-for-sale
|
1,166,783 | 1,166,783 | 1,294,478 | 1,294,478 | ||||||||||||
Trading securities
|
104,465 | 104,465 | 4,542 | 4,542 | ||||||||||||
Loans held-for-sale
|
500 | 500 | 760 | 760 | ||||||||||||
Loans, net
|
6,842,554 | 6,799,987 | 6,844,483 | 6,825,571 | ||||||||||||
Investment in Federal Home Loan Bank stock
|
47,966 | 47,966 | 52,989 | 52,989 | ||||||||||||
Warrants
|
169 | 169 | 218 | 218 |
Notional
Amount |
Fair Value
|
Notional
Amount |
Fair Value
|
|||||||||||||
Option contracts
|
$ | 862 | $ | 4 | $ | 3,026 | $ | 34 | ||||||||
Foreign exchange contracts
|
204,813 | 1,910 | 238,581 | 2,151 |
Carrying
Amount |
Fair Value
|
Carrying
Amount |
Fair Value
|
|||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
$ | 7,384,233 | $ | 7,392,033 | $ | 7,229,131 | $ | 7,240,857 | ||||||||
Securities sold under agreements to repurchase
|
1,400,000 | 1,533,780 | 1,400,000 | 1,547,900 | ||||||||||||
Advances from Federal Home Loan Bank
|
21,200 | 21,597 | 225,000 | 227,825 | ||||||||||||
Other borrowings
|
18,834 | 18,834 | 19,800 | 19,801 | ||||||||||||
Long-term debt
|
171,136 | 96,681 | 171,136 | 98,676 |
Notional
Amount |
Fair Value
|
Notional
Amount |
Fair Value
|
|||||||||||||
Option contracts
|
$ | 205 | $ | 1 | $ | 1,282 | $ | 5 | ||||||||
Interest rate swaps
|
300,000 | 742 | 300,000 | 2,634 | ||||||||||||
Foreign exchange contracts
|
154,267 | 1,089 | 128,215 | 486 |
Notional
Amount |
Fair Value
|
Notional
Amount |
Fair Value
|
|||||||||||||
Off-Balance Sheet Financial Instruments
|
||||||||||||||||
Commitments to extend credit
|
$ | 1,718,710 | $ | (1,587 | ) | $ | 1,626,523 | $ | (1,253 | ) | ||||||
Standby letters of credit
|
54,110 | (188 | ) | 62,076 | (367 | ) | ||||||||||
Other letters of credit
|
77,252 | (37 | ) | 64,233 | (38 | ) | ||||||||||
Bill of lading guarantees
|
143 | - | 187 | - |
|
·
|
Improved profitability – Second quarter net income was $29.9 million, an increase of $5.6 million, or 22.9%, compared to net income of $24.3 million in the same quarter a year ago.
|
|
·
|
Net recoveries – Net recoveries of loans were $2.6 million in the second quarter of 2012, compared to net charge-offs of $21.8 million the same quarter a year ago and compared to net charge-offs of $8.1 million in the first quarter of 2012.
|
Second Quarter
|
||||||||
2012
|
2011
|
|||||||
Net income (millions)
|
$ | 29.9 | $ | 24.3 | ||||
Net income available to common stockholders (millions)
|
$ | 25.7 | $ | 20.2 | ||||
Basic earnings per common share
|
$ | 0.33 | $ | 0.26 | ||||
Diluted earnings per common share
|
$ | 0.33 | $ | 0.26 | ||||
Return on average assets
|
1.13 | % | 0.91 | % | ||||
Return on average total stockholders' equity
|
7.72 | % | 6.64 | % | ||||
Efficiency ratio
|
53.21 | % | 50.03 | % |
Interest-Earning Assets and Interest-Bearing Liabilities
|
||||||||||||||||||||||||
Three months ended June 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
Interest
Income/ |
Average
Yield/ |
Average
Balance |
Interest
Income/ |
Average
Yield/ |
||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Commercial loans
|
$ | 1,860,049 | $ | 19,758 | 4.27 | % | $ | 1,553,267 | $ | 16,951 | 4.38 | % | ||||||||||||
Residential mortgage loans
|
1,195,940 | 14,766 | 4.94 | 1,127,582 | 14,194 | 5.04 | ||||||||||||||||||
Commercial mortgage loans
|
3,683,733 | 51,575 | 5.63 | 3,862,987 | 55,127 | 5.72 | ||||||||||||||||||
Real estate construction loans
|
182,287 | 2,554 | 5.64 | 338,091 | 3,406 | 4.04 | ||||||||||||||||||
Other loans and leases
|
16,629 | 108 | 2.61 | 18,554 | 114 | 2.46 | ||||||||||||||||||
Total loans and leases (1)
|
6,938,638 | 88,761 | 5.15 | 6,900,481 | 89,792 | 5.22 | ||||||||||||||||||
Taxable securities
|
2,353,629 | 17,166 | 2.93 | 2,647,076 | 23,116 | 3.50 | ||||||||||||||||||
Tax-exempt securities (3)
|
131,085 | 1,599 | 4.91 | 134,865 | 1,623 | 4.83 | ||||||||||||||||||
Federal Home Loan Bank stock
|
49,197 | 66 | 0.54 | 60,047 | 49 | 0.33 | ||||||||||||||||||
Interest bearing deposits
|
400,372 | 537 | 0.54 | 131,968 | 320 | 0.97 | ||||||||||||||||||
Federal funds sold & securities purchased under agreements to resell
|
30,989 | 11 | 0.14 | 39,231 | 7 | 0.07 | ||||||||||||||||||
Total interest-earning assets
|
9,903,910 | 108,140 | 4.39 | 9,913,668 | 114,907 | 4.65 | ||||||||||||||||||
Non-interest earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
117,923 | 145,512 | ||||||||||||||||||||||
Other non-earning assets
|
817,469 | 874,208 | ||||||||||||||||||||||
Total non-interest earning assets
|
935,392 | 1,019,720 | ||||||||||||||||||||||
Less: Allowance for loan losses
|
(194,542 | ) | (242,830 | ) | ||||||||||||||||||||
Deferred loan fees
|
(8,143 | ) | (7,658 | ) | ||||||||||||||||||||
Total assets
|
$ | 10,636,617 | $ | 10,682,900 | ||||||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing demand accounts
|
$ | 493,800 | $ | 186 | 0.15 | $ | 416,437 | $ | 203 | 0.20 | ||||||||||||||
Money market accounts
|
1,019,393 | 1,452 | 0.57 | 986,362 | 2,004 | 0.81 | ||||||||||||||||||
Savings accounts
|
446,147 | 95 | 0.09 | 390,387 | 143 | 0.15 | ||||||||||||||||||
Time deposits
|
4,312,129 | 10,777 | 1.01 | 4,408,690 | 13,918 | 1.27 | ||||||||||||||||||
Total interest-bearing deposits
|
6,271,469 | 12,510 | 0.80 | 6,201,876 | 16,268 | 1.05 | ||||||||||||||||||
Securities sold under agreements to repurchase
|
1,400,000 | 14,598 | 4.19 | 1,428,407 | 14,892 | 4.18 | ||||||||||||||||||
Other borrowings
|
39,368 | 69 | 0.70 | 359,031 | 3,648 | 4.08 | ||||||||||||||||||
Long-term debt
|
171,136 | 1,284 | 3.02 | 171,136 | 1,216 | 2.85 | ||||||||||||||||||
Total interest-bearing liabilities
|
7,881,973 | 28,461 | 1.45 | 8,160,450 | 36,024 | 1.77 | ||||||||||||||||||
Non-interest bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
1,110,988 | 979,392 | ||||||||||||||||||||||
Other liabilities
|
80,262 | 66,641 | ||||||||||||||||||||||
Total equity
|
1,563,394 | 1,476,417 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 10,636,617 | $ | 10,682,900 | ||||||||||||||||||||
Net interest spread (4)
|
2.94 | % | 2.88 | % | ||||||||||||||||||||
Net interest income (4)
|
$ | 79,679 | $ | 78,883 | ||||||||||||||||||||
Net interest margin (4)
|
3.24 | % | 3.19 | % |
(1) | Yields and amounts of interest earned include loan fees. Non-accrual loans are included in the average balance. |
(2) | Calculated by dividing net interest income by average outstanding interest-earning assets. |
(3) | The average yield has been adjusted to a fully taxable-equivalent basis for certain securities of states and political subdivisions and other securities held using a statutory Federal income tax rate of 35%. |
(4) | Net interest income, net interest spread, and net interest margin on interest-earning assets have been adjusted to a fully taxable-equivalent basis using a statutory Federal income tax rate of 35%. |
Taxable-Equivalent Net Interest Income — Changes Due to Rate and Volume(1)
|
||||||||||||
Three months ended June 30,
2012-2011Increase (Decrease) in |
||||||||||||
(Dollars in thousands)
|
Changes in
Volume
|
Changes in
Rate
|
Total
Change
|
|||||||||
Interest-earning assets:
|
||||||||||||
Loans and leases
|
428 | (1,459 | ) | (1,031 | ) | |||||||
Taxable securities
|
(2,413 | ) | (3,537 | ) | (5,950 | ) | ||||||
Tax-exempt securities (2)
|
(49 | ) | 25 | (24 | ) | |||||||
Federal Home Loan Bank stock
|
(10 | ) | 27 | 17 | ||||||||
Deposits with other banks
|
412 | (195 | ) | 217 | ||||||||
Federal funds sold and securities purchased under agreements to resell
|
(2 | ) | 6 | 4 | ||||||||
Total decrease in interest income
|
(1,634 | ) | (5,133 | ) | (6,767 | ) | ||||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing demand accounts
|
34 | (51 | ) | (17 | ) | |||||||
Money market accounts
|
65 | (617 | ) | (552 | ) | |||||||
Savings accounts
|
18 | (66 | ) | (48 | ) | |||||||
Time deposits
|
(302 | ) | (2,839 | ) | (3,141 | ) | ||||||
Securities sold under agreements to repurchase
|
(332 | ) | 38 | (294 | ) | |||||||
Other borrowed funds
|
(1,855 | ) | (1,724 | ) | (3,579 | ) | ||||||
Long-term debts
|
- | 68 | 68 | |||||||||
Total decrease in interest expense
|
(2,372 | ) | (5,191 | ) | (7,563 | ) | ||||||
Changes in net interest income
|
$ | 738 | $ | 58 | $ | 796 |
(1) | Changes in interest income and interest expense attributable to changes in both volume and rate have been allocated proportionately to changes due to volume and changes due to rate. |
(2) | The amount of interest earned on certain securities of states and political subdivisions and other securities held has been adjusted to a fully taxable-equivalent basis using a statutory Federal income tax rate of 35%. |
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Charge-offs:
|
||||||||||||||||
Commercial loans
|
$ | 2,133 | $ | 8,618 | $ | 7,092 | $ | 9,996 | ||||||||
Construction loans- residential
|
251 | 4,541 | 391 | 7,426 | ||||||||||||
Construction loans- other
|
- | 66 | 735 | 3,429 | ||||||||||||
Real estate loans (1)
|
1,983 | 13,614 | 10,910 | 18,559 | ||||||||||||
Real estate- land loans
|
25 | 82 | 99 | 486 | ||||||||||||
Installment and other loans
|
- | - | 25 | - | ||||||||||||
Total charge-offs
|
4,392 | 26,921 | 19,252 | 39,896 | ||||||||||||
Recoveries:
|
||||||||||||||||
Commercial loans
|
153 | 280 | 899 | 1,055 | ||||||||||||
Construction loans- residential
|
1,364 | 3,001 | 3,263 | 3,661 | ||||||||||||
Construction loans- other
|
227 | - | 1,885 | 227 | ||||||||||||
Real estate loans (1)
|
4,836 | 1,295 | 6,467 | 2,239 | ||||||||||||
Real estate- land loans
|
373 | 588 | 1,166 | 593 | ||||||||||||
Installment and other loans
|
- | - | 3 | - | ||||||||||||
Total recoveries
|
6,953 | 5,164 | 13,683 | 7,775 | ||||||||||||
Net (recoveries)/charge-offs
|
$ | (2,561 | ) | $ | 21,757 | $ | 5,569 | $ | 32,121 |
Interest-Earning Assets and Interest-Bearing Liabilities
|
||||||||||||||||||||||||
Six months ended June 30,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
Interest
Income/ |
Average
Yield/ |
Average
Balance |
Interest
Income/
Expense
|
Average
Yield/ |
||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||||
Commercial loans
|
$ | 1,858,694 | $ | 39,124 | 4.23 | % | $ | 1,522,472 | $ | 33,311 | 4.41 | % | ||||||||||||
Residential mortgage loans
|
1,189,729 | 29,796 | 5.01 | 1,106,106 | 27,829 | 5.03 | ||||||||||||||||||
Commercial mortgage loans
|
3,692,843 | 104,987 | 5.72 | 3,892,636 | 111,021 | 5.75 | ||||||||||||||||||
Real estate construction loans
|
209,029 | 5,356 | 5.15 | 359,595 | 7,949 | 4.46 | ||||||||||||||||||
Other loans and leases
|
17,817 | 199 | 2.25 | 17,995 | 240 | 2.69 | ||||||||||||||||||
Total loans and leases (1)
|
6,968,112 | 179,462 | 5.18 | 6,898,804 | 180,350 | 5.27 | ||||||||||||||||||
Taxable securities
|
2,338,397 | 34,889 | 3.00 | 2,659,382 | 44,970 | 3.41 | ||||||||||||||||||
Tax-exempt securities (3)
|
132,090 | 3,218 | 4.90 | 134,195 | 3,248 | 4.88 | ||||||||||||||||||
Federal Home Loan Bank stock
|
50,912 | 132 | 0.52 | 61,908 | 96 | 0.31 | ||||||||||||||||||
Interest bearing deposits
|
333,765 | 1,125 | 0.68 | 150,129 | 541 | 0.73 | ||||||||||||||||||
Federal funds sold & securities purchased under agreements to resell
|
26,896 | 16 | 0.12 | 60,442 | 48 | 0.16 | ||||||||||||||||||
Total interest-earning assets
|
9,850,172 | 218,842 | 4.47 | 9,964,860 | 229,253 | 4.64 | ||||||||||||||||||
Non-interest earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
116,685 | 121,883 | ||||||||||||||||||||||
Other non-earning assets
|
835,429 | 871,819 | ||||||||||||||||||||||
Total non-interest earning assets
|
952,114 | 993,702 | ||||||||||||||||||||||
Less: Allowance for loan losses
|
(200,392 | ) | (245,771 | ) | ||||||||||||||||||||
Deferred loan fees
|
(8,001 | ) | (7,599 | ) | ||||||||||||||||||||
Total assets
|
$ | 10,593,893 | $ | 10,705,192 | ||||||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing demand accounts
|
$ | 479,861 | $ | 361 | 0.15 | $ | 414,723 | $ | 404 | 0.20 | ||||||||||||||
Money market accounts
|
997,751 | 2,847 | 0.57 | 1,006,455 | 4,135 | 0.83 | ||||||||||||||||||
Savings accounts
|
435,172 | 183 | 0.08 | 385,393 | 278 | 0.15 | ||||||||||||||||||
Time deposits
|
4,353,615 | 22,575 | 1.04 | 4,338,625 | 27,896 | 1.30 | ||||||||||||||||||
Total interest-bearing deposits
|
6,266,399 | 25,966 | 0.83 | 6,145,196 | 32,713 | 1.07 | ||||||||||||||||||
Federal funds purchased
|
- | - | - | 55 | 0 | 1.27 | ||||||||||||||||||
Securities sold under agreements to repurchase
|
1,400,000 | 29,253 | 4.20 | 1,488,171 | 31,063 | 4.21 | ||||||||||||||||||
Other borrowings
|
34,743 | 122 | 0.71 | 412,045 | 8,498 | 4.16 | ||||||||||||||||||
Long-term debt
|
171,136 | 2,604 | 3.06 | 171,136 | 2,422 | 2.85 | ||||||||||||||||||
Total interest-bearing liabilities
|
7,872,278 | 57,945 | 1.48 | 8,216,603 | 74,696 | 1.83 | ||||||||||||||||||
Non-interest bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
1,091,188 | 958,636 | ||||||||||||||||||||||
Other liabilities
|
81,243 | 66,155 | ||||||||||||||||||||||
Total equity
|
1,549,184 | 1,463,798 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 10,593,893 | $ | 10,705,192 | ||||||||||||||||||||
Net interest spread (4)
|
2.99 | % | 2.81 | % | ||||||||||||||||||||
Net interest income (4)
|
$ | 160,897 | $ | 154,557 | ||||||||||||||||||||
Net interest margin (4)
|
3.28 | % | 3.13 | % |
(1) | Yields and amounts of interest earned include loan fees. Non-accrual loans are included in the average balance. |
(2) | Calculated by dividing net interest income by average outstanding interest-earning assets. |
(3) | The average yield has been adjusted to a fully taxable-equivalent basis for certain securities of states and political subdivisions and other securities held using a statutory Federal income tax rate of 35%. |
(4) | Net interest income, net interest spread, and net interest margin on interest-earning assets have been adjusted to a fully taxable-equivalent basis using a statutory Federal income tax rate of 35%. |
Taxable-Equivalent Net Interest Income — Changes Due to Rate and Volume(1)
|
||||||||||||
Six months ended June 30,
|
||||||||||||
2012-2011 | ||||||||||||
Increase (Decrease) in
|
||||||||||||
Net Interest Income Due to:
|
||||||||||||
(Dollars in thousands)
|
Changes in Volume
|
Changes in Rate
|
Total Change
|
|||||||||
Interest-earning assets:
|
||||||||||||
Loans and leases
|
2,000 | (2,888 | ) | (888 | ) | |||||||
Taxable securities
|
(5,053 | ) | (5,028 | ) | (10,081 | ) | ||||||
Tax-exempt securities (2)
|
(44 | ) | 14 | (30 | ) | |||||||
Federal Home Loan Bank stock
|
(20 | ) | 56 | 36 | ||||||||
Deposits with other banks
|
623 | (39 | ) | 584 | ||||||||
Federal funds sold and securities purchased under agreements to resell
|
(22 | ) | (10 | ) | (32 | ) | ||||||
Total decrease in interest income
|
(2,516 | ) | (7,895 | ) | (10,411 | ) | ||||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing demand accounts
|
59 | (102 | ) | (43 | ) | |||||||
Money market accounts
|
(35 | ) | (1,253 | ) | (1,288 | ) | ||||||
Savings accounts
|
33 | (128 | ) | (95 | ) | |||||||
Time deposits
|
99 | (5,420 | ) | (5,321 | ) | |||||||
Securities sold under agreements to repurchase
|
(1,759 | ) | (51 | ) | (1,810 | ) | ||||||
Other borrowed funds
|
(4,393 | ) | (3,983 | ) | (8,376 | ) | ||||||
Long-term debts
|
- | 182 | 182 | |||||||||
Total decrease in interest expense
|
(5,996 | ) | (10,755 | ) | (16,751 | ) | ||||||
Changes in net interest income
|
$ | 3,480 | $ | 2,860 | $ | 6,340 |
(1) | Changes in interest income and interest expense attributable to changes in both volume and rate have been allocated proportionately to changes due to volume and changes due to rate. |
(2) | The amount of interest earned on certain securities of states and political subdivisions and other securities held has been adjusted to a fully taxable-equivalent basis using a statutory Federal income tax rate of 35%. |
June 30, 2012
|
||||||||||||||||
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities Held-to-Maturity
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 99,988 | $ | 445 | $ | - | $ | 100,433 | ||||||||
State and municipal securities
|
129,307 | 7,490 | - | 136,797 | ||||||||||||
Mortgage-backed securities
|
780,709 | 45,449 | - | 826,158 | ||||||||||||
Corporate debt securities
|
9,973 | - | 284 | 9,689 | ||||||||||||
Total securities held-to-maturity
|
$ | 1,019,977 | $ | 53,384 | $ | 284 | $ | 1,073,077 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. treasury securities
|
$ | 159,871 | $ | - | $ | 36 | $ | 159,835 | ||||||||
U.S. government sponsored entities
|
50,000 | 182 | - | 50,182 | ||||||||||||
Mortgage-backed securities
|
527,100 | 17,373 | 5 | 544,468 | ||||||||||||
Collateralized mortgage obligations
|
12,785 | 521 | 90 | 13,216 | ||||||||||||
Asset-backed securities
|
157 | - | 5 | 152 | ||||||||||||
Corporate debt securities
|
397,795 | 339 | 30,224 | 367,910 | ||||||||||||
Mutual funds
|
6,000 | 122 | - | 6,122 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 1,607 | - | 2,176 | ||||||||||||
Trust preferred securities
|
17,401 | 379 | 31 | 17,749 | ||||||||||||
Other equity securities
|
1,468 | 3,505 | - | 4,973 | ||||||||||||
Total securities available-for-sale
|
$ | 1,173,146 | $ | 24,028 | $ | 30,391 | $ | 1,166,783 | ||||||||
Total investment securities
|
$ | 2,193,123 | $ | 77,412 | $ | 30,675 | $ | 2,239,860 |
December 31, 2011
|
||||||||||||||||
|
Amortized
Cost |
Gross
Unrealized |
Gross
Unrealized |
Fair Value
|
||||||||||||
(In thousands)
|
||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||
U.S. government sponsored entities
|
$ | 99,966 | $ | 1,406 | $ | - | $ | 101,372 | ||||||||
State and municipal securities
|
129,577 | 7,053 | - | 136,630 | ||||||||||||
Mortgage-backed securities
|
913,990 | 42,351 | - | 956,341 | ||||||||||||
Corporate debt securities
|
9,971 | - | 337 | 9,634 | ||||||||||||
Total securities held-to-maturity
|
$ | 1,153,504 | $ | 50,810 | $ | 337 | $ | 1,203,977 | ||||||||
Securities Available-for-Sale
|
||||||||||||||||
U.S. government sponsored entities
|
$ | 500,007 | $ | 1,226 | $ | 7 | $ | 501,226 | ||||||||
State and municipal securities
|
1,869 | 59 | - | 1,928 | ||||||||||||
Mortgage-backed securities
|
325,706 | 12,361 | 436 | 337,631 | ||||||||||||
Collateralized mortgage obligations
|
16,184 | 540 | 238 | 16,486 | ||||||||||||
Asset-backed securities
|
172 | - | 6 | 166 | ||||||||||||
Corporate debt securities
|
412,045 | 113 | 31,729 | 380,429 | ||||||||||||
Mutual funds
|
6,000 | 48 | 13 | 6,035 | ||||||||||||
Preferred stock of government sponsored entities
|
569 | 1,085 | - | 1,654 | ||||||||||||
Trust preferred securities
|
45,501 | 486 | 24 | 45,963 | ||||||||||||
Other equity securities
|
1,468 | 1,492 | - | 2,960 | ||||||||||||
Total securities available-for-sale
|
$ | 1,309,521 | $ | 17,410 | $ | 32,453 | $ | 1,294,478 | ||||||||
Total investment securities
|
$ | 2,463,025 | $ | 68,220 | $ | 32,790 | $ | 2,498,455 |
June 30, 2012
|
% of Gross Loans
|
December 31, 2011
|
% of Gross Loans
|
% Change
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Type of Loans | ||||||||||||||||||||
Commercial loans
|
$ | 1,945,720 | 27.6 | % | $ | 1,868,275 | 26.5 | % | 4.1 | % | ||||||||||
Residential mortgage loans
|
1,001,976 | 14.2 | 972,262 | 13.8 | 3.1 | |||||||||||||||
Commercial mortgage loans
|
3,695,440 | 52.5 | 3,748,897 | 53.1 | (1.4 | ) | ||||||||||||||
Equity lines
|
203,788 | 2.9 | 214,707 | 3.0 | (5.1 | ) | ||||||||||||||
Real estate construction loans
|
180,086 | 2.6 | 237,372 | 3.4 | (24.1 | ) | ||||||||||||||
Installment and other loans
|
16,673 | 0.2 | 17,699 | 0.2 | (5.8 | ) | ||||||||||||||
Gross loans
|
$ | 7,043,683 | 100 | % | $ | 7,059,212 | 100 | % | -0.2 | % | ||||||||||
Allowance for loan losses
|
(192,274 | ) | (206,280 | ) | (6.8 | ) | ||||||||||||||
Unamortized deferred loan fees
|
(8,855 | ) | (8,449 | ) | 4.8 | |||||||||||||||
Total loans, net
|
$ | 6,842,554 | $ | 6,844,483 | 0.0 | % | ||||||||||||||
Loans held for sale
|
$ | 500 | $ | 760 | -34.2 | % |
(Dollars in thousands)
|
June 30, 2012
|
December 31, 2011
|
% Change
|
June 30, 2011
|
% Change
|
|||||||||||||||
Non-performing assets
|
||||||||||||||||||||
Accruing loans past due 90 days or more
|
$ | 746 | $ | 6,726 | (89 | ) | $ | - | 100 | |||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Construction loans- residential
|
4,828 | 25,288 | (81 | ) | 41,030 | (88 | ) | |||||||||||||
Construction loans- non-residential
|
7,118 | 20,724 | (66 | ) | 29,419 | (76 | ) | |||||||||||||
Land loans
|
7,410 | 10,975 | (32 | ) | 14,209 | (48 | ) | |||||||||||||
Commercial real estate loans, excluding land loans
|
63,220 | 96,809 | (35 | ) | 122,092 | (48 | ) | |||||||||||||
Commercial loans
|
25,716 | 30,661 | (16 | ) | 34,350 | (25 | ) | |||||||||||||
Residential mortgage loans
|
14,530 | 16,740 | (13 | ) | 15,319 | (5 | ) | |||||||||||||
Total non-accrual loans:
|
$ | 122,822 | $ | 201,197 | (39 | ) | $ | 256,419 | (52 | ) | ||||||||||
Total non-performing loans
|
123,568 | 207,923 | (41 | ) | 256,419 | (52 | ) | |||||||||||||
Other real estate owned
|
74,463 | 92,713 | (20 | ) | 74,233 | 0 | ||||||||||||||
Total non-performing assets
|
$ | 198,031 | $ | 300,636 | (34 | ) | $ | 330,652 | (40 | ) | ||||||||||
Accruing troubled debt restructurings (TDRs)
|
$ | 153,249 | $ | 120,016 | 28 | $ | 116,327 | 32 | ||||||||||||
Non-accrual TDRs (included in non-accrual loans above)
|
$ | 23,285 | $ | 50,870 | (54 | ) | $ | 38,230 | (39 | ) | ||||||||||
Non-accrual loans held for sale
|
$ | 500 | $ | 760 | (34 | ) | $ | 1,637 | (69 | ) | ||||||||||
Allowance for loan losses
|
$ | 192,274 | $ | 206,280 | (7 | ) | $ | 229,900 | (16 | ) | ||||||||||
Allowance for off-balance sheet credit commitments
|
1,505 | 2,069 | (27 | ) | 1,547 | (3 | ) | |||||||||||||
Allowance for credit losses
|
$ | 193,779 | $ | 208,349 | (7 | ) | $ | 231,447 | (16 | ) | ||||||||||
Total gross loans outstanding, at period-end (1)
|
$ | 7,043,683 | $ | 7,059,212 | (0 | ) | $ | 6,922,157 | 2 | |||||||||||
Allowance for loan losses to non-performing loans, at period-end (2)
|
155.60 | % | 99.21 | % | 89.66 | % | ||||||||||||||
Allowance for loan losses to gross loans, at period-end (1)
|
2.73 | % | 2.92 | % | 3.32 | % |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Real
Estate (1) |
Commercial
|
Real
Estate (1) |
Commercial
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Type of Collateral
|
||||||||||||||||
Single/multi-family residence
|
$ | 23,488 | $ | 2,484 | $ | 52,896 | $ | 3,078 | ||||||||
Commercial real estate
|
66,208 | 2,010 | 106,665 | 1,929 | ||||||||||||
Land
|
7,410 | - | 10,975 | - | ||||||||||||
Personal property (UCC)
|
- | 21,222 | - | 25,654 | ||||||||||||
Total
|
$ | 97,106 | $ | 25,716 | $ | 170,536 | $ | 30,661 |
(1) | Real estate includes commercial mortgage loans, real estate construction loans, residential mortgage loans and equity lines. |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Real
Estate (1) |
Commercial
|
Real
Estate (1) |
Commercial
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Type of Business
|
||||||||||||||||
Real estate development
|
$ | 69,976 | $ | 2,199 | $ | 120,623 | $ | 1,518 | ||||||||
Wholesale/retail
|
13,588 | 3,482 | 33,675 | 5,833 | ||||||||||||
Food/restaurant
|
807 | 707 | - | 817 | ||||||||||||
Import/export
|
- | 19,328 | - | 22,493 | ||||||||||||
Other
|
12,735 | - | 16,238 | - | ||||||||||||
Total
|
$ | 97,106 | $ | 25,716 | $ | 170,536 | $ | 30,661 |
(1) | Real estate includes commercial mortgage loans, real estate construction loans, residential mortgage loans and equity lines. |
Impaired Loans
|
||||||||||||||||||||||||
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Unpaid Principal Balance
|
Recorded
Investment
|
Allowance
|
Unpaid Principal Balance
|
Recorded
Investment
|
Allowance
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
With no allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 24,282 | $ | 15,472 | $ | - | $ | 46,671 | $ | 38,194 | $ | - | ||||||||||||
Real estate construction loans
|
66,473 | 44,622 | - | 134,836 | 78,767 | - | ||||||||||||||||||
Commercial mortgage loans
|
209,480 | 171,248 | - | 187,580 | 149,034 | - | ||||||||||||||||||
Residential mortgage and equity lines
|
5,891 | 5,818 | - | 8,555 | 7,987 | - | ||||||||||||||||||
Subtotal
|
$ | 306,126 | $ | 237,160 | $ | - | $ | 377,642 | $ | 273,982 | $ | - | ||||||||||||
With allocated allowance
|
||||||||||||||||||||||||
Commercial loans
|
$ | 18,247 | $ | 12,932 | $ | 3,687 | $ | 11,795 | $ | 7,587 | $ | 3,336 | ||||||||||||
Commercial mortgage loans
|
14,413 | 13,435 | 1,896 | 29,722 | 28,023 | 2,969 | ||||||||||||||||||
Residential mortgage and equity lines
|
15,178 | 13,044 | 1,659 | 13,813 | 12,381 | 1,249 | ||||||||||||||||||
Subtotal
|
$ | 47,838 | $ | 39,411 | $ | 7,242 | $ | 55,330 | $ | 47,991 | $ | 7,554 | ||||||||||||
Total impaired loans
|
$ | 353,964 | $ | 276,571 | $ | 7,242 | $ | 432,972 | $ | 321,973 | $ | 7,554 |
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||
Balance at beginning of period
|
$ | 194,743 | $ | 241,030 | $ | 206,280 | $ | 245,231 | ||||||||
Provision/(reversal) for credit losses
|
(5,000 | ) | 10,000 | (9,000 | ) | 16,000 | ||||||||||
Transfers from/(to) reserve for off-balance sheet credit commitments
|
(30 | ) | 627 | 563 | 790 | |||||||||||
Charge-offs :
|
||||||||||||||||
Commercial loans
|
(2,133 | ) | (8,618 | ) | (7,092 | ) | (9,996 | ) | ||||||||
Construction loans-residential
|
(251 | ) | (4,541 | ) | (391 | ) | (7,426 | ) | ||||||||
Construction loans-other
|
- | (66 | ) | (735 | ) | (3,429 | ) | |||||||||
Real estate loans
|
(1,983 | ) | (13,614 | ) | (10,910 | ) | (18,559 | ) | ||||||||
Land loans
|
(25 | ) | (82 | ) | (99 | ) | (486 | ) | ||||||||
Installment loans and other loans
|
- | - | (25 | ) | - | |||||||||||
Total charge-offs
|
(4,392 | ) | (26,921 | ) | (19,252 | ) | (39,896 | ) | ||||||||
Recoveries:
|
||||||||||||||||
Commercial loans
|
153 | 280 | 899 | 1,055 | ||||||||||||
Construction loans-residential
|
1,364 | 3,001 | 3,263 | 3,661 | ||||||||||||
Construction loans-other
|
227 | - | 1,885 | 227 | ||||||||||||
Real estate loans
|
4,836 | 1,295 | 6,467 | 2,239 | ||||||||||||
Land loans
|
373 | 588 | 1,166 | 593 | ||||||||||||
Installment loans and other loans
|
- | - | 3 | - | ||||||||||||
Total recoveries
|
6,953 | 5,164 | 13,683 | 7,775 | ||||||||||||
Balance at end of period
|
$ | 192,274 | $ | 229,900 | $ | 192,274 | $ | 229,900 | ||||||||
Reserve for off-balance sheet credit commitments
|
||||||||||||||||
Balance at beginning of period
|
$ | 1,475 | $ | 2,174 | $ | 2,069 | $ | 2,337 | ||||||||
Provision/(reversal) for credit losses/transfers
|
30 | (627 | ) | (564 | ) | (790 | ) | |||||||||
Balance at end of period
|
$ | 1,505 | $ | 1,547 | $ | 1,505 | $ | 1,547 | ||||||||
Average loans outstandingduring period ended (1)
|
$ | 6,937,221 | $ | 6,898,590 | $ | 6,966,521 | $ | 6,897,411 | ||||||||
Total gross loans outstanding, at period-end (1)
|
$ | 7,043,683 | $ | 6,922,157 | $ | 7,043,683 | $ | 6,922,157 | ||||||||
Total non-performing loans, at period-end (1)
|
$ | 123,568 | $ | 256,419 | $ | 123,568 | $ | 256,419 | ||||||||
Ratio of net charge-offs to average loans outstanding during the period
|
-0.15 | % | 1.26 | % | 0.16 | % | 0.94 | % | ||||||||
Provision for loan losses to average loans outstanding during the period
|
-0.29 | % | 0.58 | % | -0.26 | % | 0.47 | % | ||||||||
Allowance for loan losses to non-performing loans at period-end
|
156.82 | % | 90.26 | % | 156.82 | % | 90.26 | % | ||||||||
Allowance for loan losses to gross loans at period-end
|
2.75 | % | 3.34 | % | 2.75 | % | 3.34 | % |
|
•
|
Specific allowance: For impaired loans, we provide specific allowances for loans that are not collateral dependent based on an evaluation of the present value of the expected future cash flows discounted at the loan’s effective interest rate and for loans that are collateral dependent based on the fair value of the underlying collateral, which is determined based on the most recent valuation information received, which may be adjusted based on factors such as changes in market conditions from the time of valuation. If the measure of the impaired loan is less than the recorded investment in the loan, the deficiency will be charged off against the allowance for loan losses or, alternatively, a specific allocation will be established.
|
|
•
|
General allowance: The unclassified portfolio is segmented on a group basis. Segmentation is determined by loan type and common risk characteristics. The non-impaired loans are grouped into 23 segments: two commercial segments, ten commercial real estate segments, three residential construction segments, three non-residential construction segments, one SBA segment, one installment loans segment, one residential mortgage segment, one equity lines of credit segment, and one overdrafts segment. The allowance is provided for each segmented group based on the group’s historical loan loss experience aggregated based on loan risk classifications which takes into account the current financial condition of the borrowers and guarantors, the prevailing value of the underlying collateral if collateral dependent, charge-off history, management’s knowledge of the portfolio, general economic conditions, and environmental factors which include the trends in delinquency and non-accrual, and other significant factors, such as the national and local economy, volume and composition of the portfolio, strength of management and loan staff, underwriting standards, and concentration of credit. In addition, management reviews reports on past-due loans to ensure appropriate classifications. During the first quarter of 2011, we combined the number of segments for construction loans from nine to two by consolidating the previous three geographic groups of East Coast, Texas and all other regions into one bankwide region in light of the convergence of credit quality for construction loans of the three separate regions, which increased the allowance for loan losses by $4.8 million. During the first quarter of 2012, a minimum loss rate of 12.5% was assigned to loans graded Substandard if the minimum loss rate was higher than the loss rates calculated by the migration analysis. This change increased the allowance for loan losses by $9.3 million.
|
(Dollars in thousands)
|
June 30, 2012
|
December 31, 2011
|
||||||||||||||
Type of Loan:
|
Amount
|
Percentage of
Loans in Each |
Amount
|
Percentage of
Loans in Each |
||||||||||||
Commercial loans
|
$ | 66,595 | 26.7 | % | $ | 65,658 | 23.9 | % | ||||||||
Residential mortgage loans (1)
|
10,254 | 17.1 | 10,795 | 16.4 | ||||||||||||
Commercial mortgage loans
|
99,009 | 53.0 | 108,021 | 54.9 | ||||||||||||
Real estate construction loans
|
16,360 | 3.0 | 21,749 | 4.5 | ||||||||||||
Installment and other loans
|
56 | 0.2 | 57 | 0.3 | ||||||||||||
Total
|
$ | 192,274 | 100 | % | $ | 206,280 | 100 | % |
(1) Residential mortgage loans includes equity lines.
|
June 30, 2012
|
% of Total
|
December 31, 2011
|
% of Total
|
|||||||||||||
Deposits
|
(Dollars in thousands)
|
|||||||||||||||
Non-interest-bearing demand
|
$ | 1,172,622 | 15.9 | % | $ | 1,074,718 | 14.9 | % | ||||||||
NOW
|
500,220 | 6.8 | 451,541 | 6.2 | ||||||||||||
Money market
|
1,020,304 | 13.8 | 951,516 | 13.2 | ||||||||||||
Savings
|
444,083 | 6.0 | 420,030 | 5.8 | ||||||||||||
Time deposits under $100,000
|
886,176 | 12.0 | 832,997 | 11.5 | ||||||||||||
Time deposits of $100,000 or more
|
3,360,828 | 45.5 | 3,498,329 | 48.4 | ||||||||||||
Total deposits
|
$ | 7,384,233 | 100.0 | % | $ | 7,229,131 | 100.0 | % |
(Dollars in millions)
|
Fixed-to-floating
|
Floating-to-fixed
|
Fixed
|
Total
|
||||||||||||||||||||||||||||||||||||
Callable
|
All callable at June 30, 2012
|
All callable at June 30, 2012
|
Non-Callable
|
|||||||||||||||||||||||||||||||||||||
Rate type
|
Float Rate
|
Fixed Rate
|
||||||||||||||||||||||||||||||||||||||
Rate index
|
8% minus 3 month LIBOR
|
|||||||||||||||||||||||||||||||||||||||
Maximum rate
|
3.79 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | ||||||||||||||||||||||||||||
Minimum rate
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||
No. of agreements
|
3 | 1 | 4 | 3 | 1 | 1 | 8 | 4 | 2 | 27 | ||||||||||||||||||||||||||||||
Amount
|
$ | 150.0 | $ | 50.0 | $ | 200.0 | $ | 150.0 | $ | 50.0 | $ | 50.0 | $ | 450.0 | $ | 200.0 | $ | 100.0 | $ | 1,400.0 | ||||||||||||||||||||
Weighted average rate
|
3.78 | % | 3.53 | % | 3.50 | % | 3.50 | % | 3.53 | % | 3.25 | % | 4.58 | % | 5.00 | % | 3.58 | % | 4.09 | % | ||||||||||||||||||||
Final maturity
|
2014 | 2014 | 2014 | 2015 | 2015 | 2015 | 2014 | 2017 | 2018 |
Payment Due by Period
|
||||||||||||||||||||
1 year
or less |
More than
1 year but |
3 years or
more but |
5 years
or more |
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Contractual obligations:
|
||||||||||||||||||||
Deposits with stated maturity dates
|
$ | 3,835,629 | $ | 404,166 | $ | 7,206 | $ | 3 | $ | 4,247,004 | ||||||||||
Securities sold under agreements to repurchase (1)
|
- | 1,100,000 | 200,000 | - | 1,300,000 | |||||||||||||||
Securities sold under agreements to repurchase (2)
|
- | - | - | 100,000 | 100,000 | |||||||||||||||
Advances from the Federal Home Loan Bank
|
- | - | 21,200 | - | 21,200 | |||||||||||||||
Other borrowings
|
- | - | - | 18,834 | 18,834 | |||||||||||||||
Long-term debt
|
- | - | - | 171,136 | 171,136 | |||||||||||||||
Operating leases
|
5,634 | 7,677 | 2,728 | 71 | 16,110 | |||||||||||||||
Total contractual obligations and other commitments
|
$ | 3,841,263 | $ | 1,511,843 | $ | 231,134 | $ | 290,044 | $ | 5,874,284 |
(1) |
These repurchase agreements have a final maturity of 5-year, 7-year and 10-year from origination date but are callable on a quarterly basis after six months, one year, or 18 months for the 7-year term and one year for the 5-year and 10-year term.
|
(2) |
These repurchase agreements are non-callable.
|
(In thousands)
|
Six months ended
June 30, 2012 |
|||
Net income
|
$ | 59,075 | ||
Stock issued to officers as compensation
|
113 | |||
Proceeds from shares issued through the Dividend Reinvestment Plan
|
134 | |||
Proceeds from exercise of stock options
|
647 | |||
Net tax short-fall from stock-based compensation expense
|
(466 | ) | ||
Share-based compensation
|
1,149 | |||
Other comprehensive income
|
5,044 | |||
Preferred stock dividends
|
(6,751 | ) | ||
Cash dividends paid to common stockholders
|
(1,574 | ) | ||
Net increase in total equity
|
$ | 57,371 |
Cathay General Bancorp
|
Cathay Bank
|
|||||||||||||||||||||||||||||||
June 30, 2012
|
December 31, 2011
|
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
Balance
|
%
|
||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets)
|
$ | 1,372,432 | 16.94 | $ | 1,318,948 | 15.97 | $ | 1,328,605 | 16.42 | $ | 1,289,747 | 15.64 | ||||||||||||||||||||
Tier 1 capital minimum requirement
|
324,086 | 4.00 | 330,355 | 4.00 | 323,720 | 4.00 | 329,928 | 4.00 | ||||||||||||||||||||||||
Excess
|
$ | 1,048,346 | 12.94 | $ | 988,593 | 11.97 | $ | 1,004,885 | 12.42 | $ | 959,819 | 11.64 | ||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 1,527,067 | 18.85 | $ | 1,474,496 | 17.85 | $ | 1,480,966 | 18.30 | $ | 1,444,165 | 17.51 | ||||||||||||||||||||
Total capital minimum requirement
|
648,173 | 8.00 | 660,710 | 8.00 | 647,441 | 8.00 | 659,855 | 8.00 | ||||||||||||||||||||||||
Excess
|
$ | 878,894 | 10.85 | $ | 813,786 | 9.85 | $ | 833,525 | 10.30 | $ | 784,310 | 9.51 | ||||||||||||||||||||
Tier 1 capital (to average assets)– Leverage ratio
|
$ | 1,372,432 | 13.30 | $ | 1,318,948 | 12.93 | $ | 1,328,605 | 12.89 | $ | 1,289,747 | 12.66 | ||||||||||||||||||||
Minimum leverage requirement
|
412,809 | 4.00 | 408,146 | 4.00 | 721,670 | 7.00 | 407,643 | 4.00 | ||||||||||||||||||||||||
Excess
|
$ | 959,623 | 9.30 | $ | 910,802 | 8.93 | $ | 606,935 | 5.89 | $ | 882,104 | 8.66 | ||||||||||||||||||||
Risk-weighted assets
|
$ | 8,102,161 | $ | 8,258,878 | $ | 8,093,007 | $ | 8,248,190 | ||||||||||||||||||||||||
Total average assets (1)
|
$ | 10,320,222 | $ | 10,203,647 | $ | 10,309,577 | $ | 10,191,078 |
(1) |
The quarterly total average assets reflect all debt securities at amortized cost, equity security with readily determinable fair values at the lower of cost or fair value, and equity securities without readily determinable fair values at historical cost.
|
Tier 1 risk-based
capital ratio |
Total risk-based
capital ratio |
Tier 1 leverage
capital ratio |
Tangible common
risk-based ratio * |
|||||||||||||
Actual
|
16.94 | % | 18.85 | % | 13.30 | % | 12.22 | % | ||||||||
Target Levels
|
11.50 | % | 13.50 | % | 9.50 | % | 5.00 | % | ||||||||
Excess/(deficiency)
|
5.44 | % | 5.35 | % | 3.80 | % | 7.22 | % |
* Tier 1 risk-based capital excluding preferred stock, trust preferred stock and REIT preferred stock divided by total risk-weighted assets.
|
Tier 1 risk-based
capital ratio |
Total risk-based
capital ratio |
Tier 1 Capital to total
tangible assets ratio |
||||||||||
Actual
|
16.42 | % | 18.30 | % | 12.87 | % | ||||||
Target Levels
|
11.50 | % | 13.50 | % | 9.50 | % | ||||||
Excess/(deficiency)
|
4.92 | % | 4.80 | % | 3.37 | % |
Change in Interest Rate (Basis Points)
|
Net Interest
Income |
Market Value
of Equity |
||||||
+200
|
8.67 | 7.45 | ||||||
+100
|
3.17 | 4.11 | ||||||
-100
|
-0.39 | -1.97 | ||||||
-200
|
-0.38 | -2.55 |
(1) |
The percentage change in this column represents net interest income of the Company for 12 months in a stable interest rate environment versus the net interest income in the various rate scenarios.
|
|
(2) |
The percentage change in this column represents net portfolio value of the Company in a stable interest rate environment versus the net portfolio value in the various rate scenarios.
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
||||
Period
|
(a) Total Number of Shares (or Units) Purchased
|
(b) Average Price Paid per Share (or Unit)
|
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
|
Month #1 (April 1, 2012 - April 30, 2012)
|
0
|
$0
|
0
|
622,500
|
Month #2 (May 1, 2012 - May 31, 2012)
|
0
|
$0
|
0
|
622,500
|
Month #3 (June 1, 2012 - June 30, 2012)
|
0
|
$0
|
0
|
622,500
|
Total
|
0
|
$0
|
0
|
622,500
|
|
(i)
|
Exhibit 31.1 Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
(ii)
|
Exhibit 31.2 Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
(iii)
|
Exhibit 32.1 Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
(iv)
|
Exhibit 32.2 Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
(v)
|
Exhibit 101.INS XBRL Instance Document *
|
|
(vi)
|
Exhibit 101.SCH XBRL Taxonomy Extension Schema Document*
|
|
(vii)
|
Exhibit 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document*
|
|
(viii)
|
Exhibit 101.DEF XBRL Taxonomy Extension Definition Linkbase Document*
|
|
(ix)
|
Exhibit 101.LAB XBRL Taxonomy Extension Label Linkbase Document*
|
|
(x)
|
Exhibit 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document*
|
Cathay General Bancorp
|
|
(Registrant) |
Date: August 8, 2012
|
|
|
/s/Dunson K.Cheng | ||
Dunson K. Cheng | ||
Chairman, President, and | ||
Chief Executive Officer |
Date: August 8, 2012
|
|
|
/s/ Heng W. Chen | ||
Heng W. Chen | ||
Executive Vice President and | ||
Chief Financial Officer |
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Dunson K. Cheng | ||
Dunson K. Cheng | ||
President and | ||
Chief Executive Officer |
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Heng W. Chen | |
Heng W. Chen | ||
Executive Vice President and | ||
Chief Financial Officer |
|
/s/ Dunson K. Cheng
|
|
Dunson K. Cheng
|
||
President and
|
||
Chief Executive Officer |
/s/ Heng W. Chen | ||
Heng W. Chen | ||
Executive Vice President and | ||
Chief Financial Officer |
Note 7 - Loans (Detail) - Components of Loans in Consolidated Balance Sheets (USD $)
|
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
Type of Loans: | ||
Gross Loans | $ 7,043,683,000 | $ 7,059,212,000 |
Allowance for loan losses | (192,274,000) | (206,280,000) |
Unamortized deferred loan fees | (8,855,000) | (8,449,000) |
Total loans, net | 6,842,554,000 | 6,844,483,000 |
Loans held for sale | 500,000 | 760,000 |
Commercial Loans Member
|
||
Type of Loans: | ||
Gross Loans | 1,945,720,000 | 1,868,275,000 |
Residential Mortgage Loans [Member]
|
||
Type of Loans: | ||
Gross Loans | 1,001,976,000 | 972,262,000 |
Commercial Mortgage Loans [Member]
|
||
Type of Loans: | ||
Gross Loans | 3,695,440,000 | 3,748,897,000 |
Equity Lines [Member]
|
||
Type of Loans: | ||
Gross Loans | 203,788,000 | 214,707,000 |
Real Estate Construction Loans [Member]
|
||
Type of Loans: | ||
Gross Loans | 180,086,000 | 237,372,000 |
Installment And Other Loans Member
|
||
Type of Loans: | ||
Gross Loans | $ 16,673,000 | $ 17,699,000 |
Note 11 - Fair Value Measurements (Detail) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Securities available-for-sale | ||
Securities Available-for-Sale | $ 1,166,783 | $ 1,294,478 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 159,835 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | |
US Treasury Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 159,835 | |
US Treasury Securities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 159,835 | |
U.S. Government Sponsored Entities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
U.S. Government Sponsored Entities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 50,182 | 501,226 |
U.S. Government Sponsored Entities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
U.S. Government Sponsored Entities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 50,182 | 501,226 |
U.S. Government Sponsored Entities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 50,182 | 501,226 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 544,468 | 337,631 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 544,468 | 337,631 |
Collateralized Mortgage Backed Securities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 544,468 | 337,631 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 13,216 | 16,486 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 13,216 | 16,486 |
Collateralized Mortgage Obligations [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 13,216 | 16,486 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 152 | 166 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Asset-backed Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 152 | 166 |
Asset-backed Securities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 152 | 166 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 367,910 | 380,429 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Corporate Debt Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 367,910 | 380,429 |
Corporate Debt Securities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 367,910 | 380,429 |
Mutual Funds Member | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 6,122 | 6,035 |
Mutual Funds Member | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Mutual Funds Member | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Mutual Funds Member | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 6,122 | 6,035 |
Mutual Funds Member
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 6,122 | 6,035 |
Preferred Stock Of Government Sponsored Entities Member | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Preferred Stock Of Government Sponsored Entities Member | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 2,176 | 1,654 |
Preferred Stock Of Government Sponsored Entities Member | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Preferred Stock Of Government Sponsored Entities Member | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 2,176 | 1,654 |
Preferred Stock Of Government Sponsored Entities Member
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 2,176 | 1,654 |
Trust Preferred Securities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Trust Preferred Securities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 17,749 | 45,963 |
Trust Preferred Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Trust Preferred Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 17,749 | 45,963 |
Trust Preferred Securities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 17,749 | 45,963 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 4,973 | 2,960 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Other Equity Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 4,973 | 2,960 |
Other Equity Securities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 4,973 | 2,960 |
Trading Securities Member | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 2 |
Trading Securities Member | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 104,465 | 4,540 |
Trading Securities Member | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 0 |
Trading Securities Member | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Total Assets | 104,465 | 4,542 |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 0 |
Warrant [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 0 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 169 | 218 |
Warrant [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Total Assets | 169 | 218 |
Option Contracts Member | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 0 |
Liabilities | ||
Total Liabilities | 0 | 0 |
Option Contracts Member | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 4 | 34 |
Liabilities | ||
Total Liabilities | 1 | 5 |
Option Contracts Member | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 0 |
Liabilities | ||
Total Liabilities | 0 | 0 |
Option Contracts Member | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Total Assets | 4 | 34 |
Liabilities | ||
Total Liabilities | 1 | 5 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 0 |
Liabilities | ||
Total Liabilities | 0 | 0 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 1,910 | 2,151 |
Liabilities | ||
Total Liabilities | 1,089 | 486 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Total Assets | 0 | 0 |
Liabilities | ||
Total Liabilities | 0 | 0 |
Foreign Exchange Contract [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Total Assets | 1,910 | 2,151 |
Liabilities | ||
Total Liabilities | 1,089 | 486 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Liabilities | ||
Total Liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Liabilities | ||
Total Liabilities | 742 | 2,634 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Liabilities | ||
Total Liabilities | 0 | 0 |
Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Liabilities | ||
Total Liabilities | 742 | 2,634 |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 1,928 | |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | |
State and Municipal Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 1,928 | |
State and Municipal Securities [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 1,928 | |
Fair Value, Inputs, Level 1 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 170,930 | 8,995 |
Total Assets | 170,930 | 8,997 |
Liabilities | ||
Total Liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 995,853 | 1,285,483 |
Total Assets | 1,102,232 | 1,292,208 |
Liabilities | ||
Total Liabilities | 1,832 | 3,125 |
Fair Value, Inputs, Level 3 [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 0 | 0 |
Total Assets | 169 | 218 |
Liabilities | ||
Total Liabilities | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Securities available-for-sale | ||
Securities Available-for-Sale | 1,166,783 | 1,294,478 |
Total Assets | 1,273,331 | 1,301,423 |
Liabilities | ||
Total Liabilities | $ 1,832 | $ 3,125 |
Note 11 - Fair Value Measurements (Detail) - Financial Asset and Liabilities Measured on a Non-Recurring Basis (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Impaired loans by type: | ||||||
Total Losses | $ 420 | $ 931 | $ 1,717 | $ 1,777 | $ 1,743 | $ 7,116 |
Loans held-for-sale | 3,160 | |||||
Other real estate owned (1) | 4,903 | 2,086 | 7,727 | 2,380 | 7,003 | 20,139 |
Investments in venture capital | 50 | 14 | 187 | 287 | 379 | 760 |
Equity investments | 43 | 43 | 200 | 304 | ||
Total assets | 5,416 | 3,031 | 9,674 | 4,444 | 9,325 | 31,479 |
Commercial Loans Member | Fair Value, Inputs, Level 3 [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 9,245 | 9,245 | 4,251 | |||
Commercial Loans Member | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 9,245 | 9,245 | 4,251 | |||
Commercial Loans Member
|
||||||
Impaired loans by type: | ||||||
Total Losses | 6 | 488 | 865 | 1,103 | 877 | 3,411 |
Real Estate Loans [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 10,109 | 10,109 | ||||
Real Estate Loans [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 10,109 | 10,109 | ||||
Real Estate Loans [Member]
|
||||||
Impaired loans by type: | ||||||
Total Losses | 266 | 443 | 301 | 532 | 1,295 | |
Land Loans Member | Fair Value, Inputs, Level 3 [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 1,430 | 1,430 | 35,576 | |||
Land Loans Member | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 1,430 | 1,430 | 35,576 | |||
Land Loans Member
|
||||||
Impaired loans by type: | ||||||
Total Losses | 820 | 1,407 | ||||
Residential Mortgage Loans [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 11,386 | 11,386 | 611 | |||
Residential Mortgage Loans [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 11,386 | 11,386 | 611 | |||
Residential Mortgage Loans [Member]
|
||||||
Impaired loans by type: | ||||||
Total Losses | 148 | 551 | 142 | 46 | 1,003 | |
Fair Value, Inputs, Level 1 [Member]
|
||||||
Impaired loans by type: | ||||||
Equity investments | 280 | 280 | 323 | |||
Total assets | 280 | 280 | 323 | |||
Fair Value, Inputs, Level 2 [Member]
|
||||||
Impaired loans by type: | ||||||
Other real estate owned (1) | 59,035 | 59,035 | 79,029 | |||
Total assets | 59,035 | 59,035 | 79,029 | |||
Fair Value, Inputs, Level 3 [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 32,170 | 32,170 | 40,438 | |||
Loans held-for-sale | 500 | 500 | 760 | |||
Other real estate owned (1) | 707 | 707 | 1,093 | |||
Investments in venture capital | 8,878 | 8,878 | 8,693 | |||
Total assets | 42,255 | 42,255 | 50,984 | |||
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||
Impaired loans by type: | ||||||
Fair Value | 32,170 | 32,170 | 40,438 | |||
Loans held-for-sale | 500 | 500 | 760 | |||
Other real estate owned (1) | 59,742 | 59,742 | 80,122 | |||
Investments in venture capital | 8,878 | 8,878 | 8,693 | |||
Equity investments | 280 | 280 | 323 | |||
Total assets | $ 101,570 | $ 101,570 | $ 130,336 |
Note 7 - Loans (Detail) - Activity Within the Troubled Debt Resturing Loans (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Accruing Troubled Debt Restructuring Member
|
||||
Beginning balance | $ 143,233 | $ 135,327 | $ 120,016 | $ 136,800 |
New restructurings | 17,047 | 263 | 38,759 | 13,999 |
Restructured loans restored to accrual status | 1,037 | 2,853 | 1,037 | |
Charge-offs | (659) | (659) | ||
Payments | (1,207) | (2,414) | (2,555) | (4,074) |
Restructured loans placed on nonaccrual | (5,824) | (17,226) | (5,824) | (30,042) |
Expiration of loan concession | (733) | |||
Ending balance | 153,249 | 116,328 | 153,249 | 116,328 |
Non Accruing Troubled Debt Restructuring Member
|
||||
Beginning balance | 21,543 | 43,130 | 50,870 | 28,147 |
New restructurings | 733 | 5,971 | 3,556 | |
Restructured loans restored to accrual status | (1,037) | (2,853) | (1,037) | |
Charge-offs | (267) | (3,725) | (4,285) | (4,829) |
Payments | (4,548) | (10,118) | (32,242) | (10,403) |
Foreclosures | (7,245) | (7,245) | ||
Restructured loans placed on nonaccrual | 5,824 | 17,225 | 5,824 | 30,041 |
Ending balance | $ 23,285 | $ 38,230 | $ 23,285 | $ 38,230 |
Note 5 - Stock-Based Compensation (Detail) - Tax Short-Fall From Share-Based Payment Arrangements (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Short-fall of tax deductions in excess of grant-date fair value | $ (37) | $ (565) | $ (271) |
Benefit of tax deductions on grant-date fair value | 37 | 663 | 343 |
Total benefit of tax deductions | $ 98 | $ 72 |
Note 14 - Financial Derivatives (Detail) (USD $)
|
6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
Positive Fair Value Member
|
Dec. 31, 2011
Positive Fair Value Member
|
Jun. 30, 2012
Negative Fair Value Member
|
Dec. 31, 2011
Negative Fair Value Member
|
|
Number Of Swap Agreements | 5 | 5 | |||||
Interest Rate Swaps Notional Amount | $ 300,000,000 | $ 300,000,000 | |||||
Period Of Interest Rate Swap Agreements | 3 | 3 | |||||
Pay Weighted Average Fixed Rate | 1.95% | ||||||
Receive Weighted Average Variable Rate | 0.47% | ||||||
Net Accrued On Interest Rate Swaps | 287,000 | 2,500,000 | |||||
Interest Rate Derivative Liabilities, at Fair Value | 742,000 | 2,600,000 | |||||
Notional Amount Of Option Contract | 1,100,000 | 4,300,000 | |||||
Open Option Contracts Written, at Fair Value | 2,000 | 29,000 | |||||
Sum of Spot and Forward Contract Notional Amount | 204,800,000 | 238,600,000 | 154,300,000 | 128,200,000 | |||
Increase Decrease in Fair Value | $ 1,900,000 | $ 2,200,000 | $ 1,100,000 | $ 486,000,000,000 |
Note 11 - Fair Value Measurements (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] |
|
Note 7 - Loans (Detail) - Aging of Loan Portfolio (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Type of Loans: | ||
Total | $ 7,043,683 | $ 7,059,212 |
Commercial Loans Member
|
||
Type of Loans: | ||
30-59 Days Past Due | 0 | 1,683 |
60-89 Days Past Due | 4,182 | 0 |
Greater than 90 Days Past Due | 746 | 0 |
Non-accrual Loans | 25,716 | 30,661 |
Total Past Due | 30,644 | 32,344 |
Loans Not Past Due | 1,915,076 | 1,835,931 |
Total | 1,945,720 | 1,868,275 |
Real Estate Construction Loans [Member]
|
||
Type of Loans: | ||
30-59 Days Past Due | 10,689 | 20,326 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual Loans | 11,946 | 46,012 |
Total Past Due | 22,635 | 66,338 |
Loans Not Past Due | 157,451 | 171,034 |
Total | 180,086 | 237,372 |
Commercial Mortgage Loans [Member]
|
||
Type of Loans: | ||
30-59 Days Past Due | 0 | 13,627 |
60-89 Days Past Due | 20,362 | 20,277 |
Greater than 90 Days Past Due | 0 | 6,726 |
Non-accrual Loans | 70,630 | 107,784 |
Total Past Due | 90,992 | 148,414 |
Loans Not Past Due | 3,604,448 | 3,600,483 |
Total | 3,695,440 | 3,748,897 |
Residential Mortgage And Equity Lines Member
|
||
Type of Loans: | ||
30-59 Days Past Due | 14,728 | 5,871 |
60-89 Days Past Due | 18,853 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual Loans | 14,530 | 16,740 |
Total Past Due | 48,111 | 22,611 |
Loans Not Past Due | 1,157,653 | 1,164,358 |
Total | 1,205,764 | 1,186,969 |
Installment And Other Loans Member
|
||
Type of Loans: | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual Loans | 0 | 0 |
Total Past Due | 0 | 0 |
Loans Not Past Due | 16,673 | 17,699 |
Total | 16,673 | 17,699 |
Total [Member]
|
||
Type of Loans: | ||
30-59 Days Past Due | 25,417 | 41,507 |
60-89 Days Past Due | 43,397 | 20,277 |
Greater than 90 Days Past Due | 746 | 6,726 |
Non-accrual Loans | 122,822 | 201,197 |
Total Past Due | 192,382 | 269,707 |
Loans Not Past Due | 6,851,301 | 6,789,505 |
Total | $ 7,043,683 | $ 7,059,212 |
Note 6 - Investment Securities (Detail) - Temporarily Impaired Securities
|
Jun. 30, 2012
USD ($)
|
Dec. 31, 2011
USD ($)
|
Jun. 30, 2012
Corporate Debt Securities [Member]
USD ($)
|
Jun. 30, 2012
Corporate Debt Securities [Member]
AFN
|
Dec. 31, 2011
Corporate Debt Securities [Member]
USD ($)
|
Dec. 31, 2011
Corporate Debt Securities [Member]
AFN
|
Jun. 30, 2012
Total [Member]
USD ($)
|
Jun. 30, 2012
Total [Member]
AFN
|
Dec. 31, 2011
Total [Member]
USD ($)
|
Dec. 31, 2011
Total [Member]
AFN
|
Jun. 30, 2012
US Treasury Securities [Member]
USD ($)
|
Jun. 30, 2012
Collateralized Mortgage Backed Securities [Member]
USD ($)
|
Dec. 31, 2011
Collateralized Mortgage Backed Securities [Member]
USD ($)
|
Jun. 30, 2012
Mortgage Backed Securities Non Agency Member
USD ($)
|
Dec. 31, 2011
Mortgage Backed Securities Non Agency Member
USD ($)
|
Jun. 30, 2012
Collateralized Mortgage Obligations [Member]
USD ($)
|
Dec. 31, 2011
Collateralized Mortgage Obligations [Member]
USD ($)
|
Jun. 30, 2012
Asset-backed Securities [Member]
USD ($)
|
Dec. 31, 2011
Asset-backed Securities [Member]
USD ($)
|
Jun. 30, 2012
Trust Preferred Securities [Member]
USD ($)
|
Dec. 31, 2011
Trust Preferred Securities [Member]
USD ($)
|
Dec. 31, 2011
U.S. Government Sponsored Entities [Member]
USD ($)
|
Dec. 31, 2011
Mutual Funds Member
USD ($)
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Securities Held-to-Maturity | |||||||||||||||||||||||
Securities Held-to-maturity - Less than 12 Months - Fair Value | $ 9,688,000 | $ 9,635,000 | $ 9,688,000 | $ 9,635,000 | |||||||||||||||||||
Securities Held-to-maturity - Less than 12 Months - Unrealized Losses | 284,000 | 337,000 | 284,000 | 337,000 | |||||||||||||||||||
Securities Held-to-maturity - 12 Months or longer - Fair Value (in Afghanis) | 0 | 0 | 0 | 0 | |||||||||||||||||||
Securities Held-to-maturity - 12 Months or longer - Unrealized Losses | 0 | 0 | 0 | 0 | |||||||||||||||||||
Securities Held-to-maturity - Fair Value | 9,688,000 | 9,635,000 | 9,688,000 | 9,635,000 | |||||||||||||||||||
Securities Held-to-maturity - Unrealized Losses | 284,000 | 337,000 | 284,000 | 337,000 | |||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||
Securities Available-for-Sale - Less than 12 Months - Fair Value | 245,511,000 | 253,430,000 | 72,765,000 | 185,577,000 | 235,823,000 | 243,795,000 | 159,835,000 | 69,000 | 564,000 | 0 | 0 | 0 | 0 | 0 | 0 | 3,154,000 | 5,674,000 | 49,993,000 | 1,987,000 | ||||
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 5,415,000 | 14,586,000 | 5,063,000 | 14,201,000 | 5,131,000 | 14,249,000 | 36,000 | 1,000 | 4,000 | 0 | 0 | 0 | 0 | 0 | 0 | 31,000 | 24,000 | 7,000 | 13,000 | ||||
Securities Available-for-Sale - 12 Months or longer - Fair Value | 250,760,000 | 180,347,000 | 249,819,000 | 172,857,000 | 250,760,000 | 180,347,000 | 0 | 194,000 | 35,000 | 97,000 | 6,719,000 | 498,000 | 570,000 | 152,000 | 166,000 | 0 | 0 | 0 | 0 | ||||
Securities Available-for-Sale - 12 Months or longer - Unrealized Losses | 25,260,000 | 18,204,000 | 25,161,000 | 17,528,000 | 25,260,000 | 18,204,000 | 0 | 2,000 | 1,000 | 2,000 | 431,000 | 90,000 | 238,000 | 5,000 | 6,000 | 0 | 0 | 0 | 0 | ||||
Securities Available-for-Sale - Fair Value | 496,271,000 | 433,777,000 | 322,584,000 | 358,434,000 | 486,583,000 | 424,142,000 | 159,835,000 | 263,000 | 599,000 | 97,000 | 6,719,000 | 498,000 | 570,000 | 152,000 | 166,000 | 3,154,000 | 5,674,000 | 49,993,000 | 1,987,000 | ||||
Securities Available-for-Sale- Unrealized Losses | 30,675,000 | 32,790,000 | 30,224,000 | 31,729,000 | 30,391,000 | 32,453,000 | 36,000 | 3,000 | 5,000 | 2,000 | 431,000 | 90,000 | 238,000 | 5,000 | 6,000 | 31,000 | 24,000 | 7,000 | 13,000 | ||||
Investment Securities - Less than 12 Months - Fair Value | 245,511,000 | 253,430,000 | 72,765,000 | 185,577,000 | 235,823,000 | 243,795,000 | 159,835,000 | 69,000 | 564,000 | 0 | 0 | 0 | 0 | 0 | 0 | 3,154,000 | 5,674,000 | 49,993,000 | 1,987,000 | ||||
Investment Securities - Less than 12 Months - Unrealized Losses | 5,415,000 | 14,586,000 | 5,063,000 | 14,201,000 | 5,131,000 | 14,249,000 | 36,000 | 1,000 | 4,000 | 0 | 0 | 0 | 0 | 0 | 0 | 31,000 | 24,000 | 7,000 | 13,000 | ||||
Investment Securities - Less than 12 Months - No of Issuances | 250,760,000 | 180,347,000 | 249,819,000 | 172,857,000 | 250,760,000 | 180,347,000 | 0 | 194,000 | 35,000 | 97,000 | 6,719,000 | 498,000 | 570,000 | 152,000 | 166,000 | 0 | 0 | 0 | 0 | ||||
Investment Securities - 12 Months or longer - Fair Value | 25,260,000 | 18,204,000 | 25,161,000 | 17,528,000 | 25,260,000 | 18,204,000 | 0 | 2,000 | 1,000 | 2,000 | 431,000 | 90,000 | 238,000 | 5,000 | 6,000 | 0 | 0 | 0 | 0 | ||||
Investment Securities- 12 Months or longer - Unrealized Losses | 496,271,000 | 433,777,000 | 322,584,000 | 358,434,000 | 486,583,000 | 424,142,000 | 159,835,000 | 263,000 | 599,000 | 97,000 | 6,719,000 | 498,000 | 570,000 | 152,000 | 166,000 | 3,154,000 | 5,674,000 | 49,993,000 | 1,987,000 | ||||
Investment Securities - 12 Months or longer - No. of Issuances | $ 30,675,000 | $ 32,790,000 | $ 30,224,000 | $ 31,729,000 | $ 30,391,000 | $ 32,453,000 | $ 36,000 | $ 3,000 | $ 5,000 | $ 2,000 | $ 431,000 | $ 90,000 | $ 238,000 | $ 5,000 | $ 6,000 | $ 31,000 | $ 24,000 | $ 7,000 | $ 13,000 |
Note 10 - Income Taxes (Detail) (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Income Tax Expense (Benefit) | $ 16,619,000 | $ 10,906,000 | $ 33,166,000 | $ 22,640,000 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate | 36.10% | 32.80% | |||
Income Tax Receivables, Total | 39,300,000 | ||||
Net Operating Loss For Two Thousand Nine To Two Thousand Seven Tax Years Member
|
|||||
Income Tax Receivables, Total | 11,200,000 | ||||
Low Income Housing Tax Credits For Two Thousand Nine To Two Thousand Eight Tax Years Member
|
|||||
Income Tax Receivables, Total | $ 9,100,000 |
Note 7 - Loans (Detail) - Portfolio by Risk Rating (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Gross Loans | $ 7,043,683 | $ 7,059,212 |
Loans held for sale | 500 | 760 |
Pass [Member] | Commercial Loans Member
|
||
Gross Loans | 1,779,114 | 1,689,842 |
Pass [Member] | Real Estate Construction Loans [Member]
|
||
Gross Loans | 107,217 | 115,538 |
Pass [Member] | Commercial Mortgage Loans [Member]
|
||
Gross Loans | 3,266,362 | 3,275,431 |
Pass [Member] | Residential Mortgage And Equity Lines Member
|
||
Gross Loans | 1,188,160 | 1,149,225 |
Pass [Member] | Installment And Other Loans Member
|
||
Gross Loans | 16,673 | 17,636 |
Pass [Member] | Total [Member]
|
||
Gross Loans | 6,357,526 | 6,247,672 |
Special Mention [Member] | Commercial Loans Member
|
||
Gross Loans | 61,298 | 64,290 |
Special Mention [Member] | Real Estate Construction Loans [Member]
|
||
Gross Loans | 21,718 | 23,555 |
Special Mention [Member] | Commercial Mortgage Loans [Member]
|
||
Gross Loans | 138,544 | 69,925 |
Special Mention [Member] | Residential Mortgage And Equity Lines Member
|
||
Gross Loans | 4,439 | |
Special Mention [Member] | Installment And Other Loans Member
|
||
Gross Loans | 63 | |
Special Mention [Member] | Total [Member]
|
||
Gross Loans | 221,560 | 162,272 |
Special Mention [Member]
|
||
Loans held for sale | 0 | |
Substandard [Member] | Commercial Loans Member
|
||
Gross Loans | 91,940 | 108,858 |
Substandard [Member] | Real Estate Construction Loans [Member]
|
||
Gross Loans | 44,033 | 90,132 |
Substandard [Member] | Commercial Mortgage Loans [Member]
|
||
Gross Loans | 290,534 | 403,541 |
Substandard [Member] | Residential Mortgage And Equity Lines Member
|
||
Gross Loans | 17,390 | 33,160 |
Substandard [Member] | Installment And Other Loans Member
|
||
Gross Loans | 0 | |
Substandard [Member] | Total [Member]
|
||
Gross Loans | 443,897 | 635,691 |
Substandard [Member]
|
||
Loans held for sale | 0 | 260 |
Doubtful [Member] | Commercial Loans Member
|
||
Gross Loans | 13,368 | 5,285 |
Doubtful [Member] | Real Estate Construction Loans [Member]
|
||
Gross Loans | 7,118 | 8,147 |
Doubtful [Member] | Commercial Mortgage Loans [Member]
|
||
Gross Loans | 0 | |
Doubtful [Member] | Residential Mortgage And Equity Lines Member
|
||
Gross Loans | 214 | 145 |
Doubtful [Member] | Installment And Other Loans Member
|
||
Gross Loans | 0 | |
Doubtful [Member] | Total [Member]
|
||
Gross Loans | 20,700 | 13,577 |
Doubtful [Member]
|
||
Loans held for sale | 500 | 500 |
Total [Member] | Commercial Loans Member
|
||
Gross Loans | 1,945,720 | 1,868,275 |
Total [Member] | Real Estate Construction Loans [Member]
|
||
Gross Loans | 180,086 | 237,372 |
Total [Member] | Commercial Mortgage Loans [Member]
|
||
Gross Loans | 3,695,440 | 3,748,897 |
Total [Member] | Residential Mortgage And Equity Lines Member
|
||
Gross Loans | 1,205,764 | 1,186,969 |
Total [Member] | Installment And Other Loans Member
|
||
Gross Loans | 16,673 | 17,699 |
Total [Member] | Total [Member]
|
||
Gross Loans | 7,043,683 | 7,059,212 |
Total [Member]
|
||
Loans held for sale | 500 | 760 |
Commercial Loans Member
|
||
Gross Loans | 1,945,720 | 1,868,275 |
Real Estate Construction Loans [Member]
|
||
Gross Loans | 180,086 | 237,372 |
Commercial Mortgage Loans [Member]
|
||
Gross Loans | 3,695,440 | 3,748,897 |
Residential Mortgage And Equity Lines Member
|
||
Gross Loans | 1,205,764 | 1,186,969 |
Installment And Other Loans Member
|
||
Gross Loans | 16,673 | 17,699 |
Total [Member]
|
||
Gross Loans | $ 7,043,683 | $ 7,059,212 |
Note 4 - Earnings per Share
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Jun. 30, 2012
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Earnings Per Share [Text Block] |
4.
Earnings
per Share
Basic
earnings per share exclude dilution and is computed by
dividing net income available to common stockholders by the
weighted-average number of common shares outstanding for the
period. Diluted earnings per share reflects the
potential dilution that could occur if securities or other
contracts to issue common stock were exercised or converted
into common stock and resulted in the issuance of common
stock that then shared in earnings. Potential
dilution is excluded from computation of diluted per-share
amounts when a net loss from operations exists.
Outstanding
stock options with anti-dilutive effect were not included in
the computation of diluted earnings per
share. The following table sets forth
earnings per common share calculations:
Options
to purchase an additional 4.1 million shares, restricted
stock units for an additional 188,766 shares, and warrants to
purchase an additional 1.8 million shares at June 30, 2012,
were not included in the computation of diluted earnings per
share because their inclusion would have had an anti-dilutive
effect.
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