FLINT, Mich., July 28, 2011 /PRNewswire/ --
- Net income applicable to common shareholders was $18.5 million, or $0.46 per share for the second quarter, which
includes a $10 million income tax
benefit
- Pre-tax pre-provision profit was $33
million driven by a strong net interest margin of 3.56%,
which increased 21 basis points from the second quarter of last
year
- Credit trends remain positive
- Total 30-89 day delinquencies were $57
million, remaining around 1% of total outstanding loans for
the 2nd consecutive quarter
- Nonperforming assets decreased for the 7th consecutive quarter
to $152 million. New inflows to
commercial nonperforming loans were below $25 million for the quarter
- Provision for loan losses was $18
million, declining 80% from the first quarter
Citizens Republic Bancorp, Inc. (Nasdaq: CRBCD) announced net
income attributable to common shareholders of $18.5 million, or $0.46 per diluted share for the three months
ended June 30, 2011. This
compares to net losses of $74.3
million, or $1.89 per diluted
share for last quarter and $44.7
million, or $1.14 per diluted
share for the second quarter of last year. Results for the
second quarter of last year included net income from discontinued
operations of $5.2 million. For
the first six months of this year, Citizens recorded a net loss
from continuing operations of $44.5
million, compared with a net loss of $120.5 million for the same period of 2010.
All prior year shares outstanding and per share calculations
have been adjusted in this release to reflect the 1-for-10 reverse
stock split that became effective July 1,
2011.
“We are very pleased to report net income for the quarter.
Returning to profitability following 12 consecutive quarters
of losses after the difficult work that we’ve done and the tireless
dedication of our employees is a milestone for our company. These
results are driven by our continued focus on pre-tax pre-provision
profit and significantly improved credit trends resulting in a
lower provision expense. At the same time, we maintained a strong
loan loss reserve and improved our capital ratios,” commented
Cathleen Nash, president and chief
executive officer.
Balance Sheet
Total assets at June 30, 2011 were
$9.5 billion, a decrease of
$228.5 million or 2.3% from last
quarter and a decrease of $1.3
billion or 12.4% from last year. Money market
investments decreased $318.7 million
or 64.3% from last quarter, as funds were used to purchase
investment securities and pay off maturing wholesale funding.
Total portfolio loans were $5.6
billion, a modest 1.3% decrease from last quarter and a
$1.5 billion or 21.2% reduction from
June 30 of last year. The decline
from a year ago reflects the results of the recently completed
accelerated problem asset resolution program. Investment securities
increased $667.4 million or 30.6%
from June 30 of last year, as we
reinvested a portion of the loan portfolio paydowns and proceeds
from loan sales.
Core deposits, which exclude all time deposits, totaled
$5.0 billion at June 30, 2011, essentially unchanged from the end
of last quarter, but an increase of $201.1
million or 4.2% over June 30
of last year. Our continued stable core deposit trends
reflect our focus on generating and growing core deposit
relationships. Time deposits decreased $226.0 million, or 8.5% from last quarter and
$978.7 million or 28.6% from
June 30 of last year. Both changes
resulted from a strategic reduction in high cost single service and
brokered time deposits.
Other interest-bearing liabilities, which include federal funds
purchased and securities sold under agreements to repurchase, other
short-term borrowings, and long-term debt, totaled $925.0 million at June 30,
2011, a decrease of $22.4
million or 2.4% from last quarter and a decrease of
$316.9 million or 25.5% from
June 30 of last year, as the result
of a reduction in wholesale funding.
Capital
Citizens continues to maintain a strong capital position, and
its regulatory capital ratios are above “well-capitalized”
standards, as evidenced by the following key capital ratios.
Capital
Ratios
|
Regulatory
Minimum
for
"Well-Capitalized"
|
|
June
30,
2011
|
March
31,
2011
|
June
30,
2010
|
|
Excess
Capital
over
Minimum
(in
millions)
|
|
Leverage ratio
|
5.00%
|
|
7.83%
|
7.39%
|
8.72%
|
|
$
262.6
|
|
Tier 1 capital ratio
|
6.00
|
|
12.43
|
11.90
|
12.79
|
|
376.1
|
|
Total capital ratio
|
10.00
|
|
13.77
|
13.24
|
14.17
|
|
220.4
|
|
Tier 1 common equity
(non-GAAP)
|
|
|
6.36
|
5.93
|
8.10
|
|
|
|
Tangible equity to tangible
assets (non-GAAP)
|
|
|
7.12
|
6.57
|
8.45
|
|
|
|
Tangible common equity to
tangible assets (non-GAAP)
|
|
|
4.05
|
3.59
|
5.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin
Net interest margin increased 3 basis points to 3.56% in the
second quarter primarily due to lower levels of non-performing
assets. Net interest margin increased 21 basis points over the
second quarter of last year due to declining deposit costs,
reductions in high-cost funding, and wholesale funding repricing to
lower fixed rates in addition to the improving credit trends. These
items were partially offset by the effect of replacing declining
loan balances with lower-yielding investment securities and money
market investments. Year to date increases in net interest
margin reflect similar trends to the second quarter of last
year.
Net interest income was $77.6
million for the second quarter, a decrease of $1.0 million from last quarter and $7.0 million from the second quarter of last year
due to lower average earning assets, partially offset by the higher
net interest margin. These variances are also reflected in
the decrease in net interest income year to date.
Credit Quality
Citizens’ key credit trends remain positive.
- Total delinquencies were $56.7
million at the end of the quarter, an increase of
$5.5 million over the end of last
quarter and a decrease of $55.0
million from the second quarter of last year. The
increase over prior quarter resulted from a seasonal increase in
consumer delinquencies. The decrease from last year reflects our
emphasis on proactively managing and resolving delinquent
commercial and consumer loans.
- Nonperforming assets declined to $152.1
million, representing a 19.1% decrease from the end of last
quarter and a decrease of $320.5
million or 67.8% from June 30
of last year. This marks the 7th consecutive quarter of
declines in nonperforming assets and reflects our asset quality
improvement initiatives over that time frame.
- Net charge-offs decreased significantly to $35.4 million compared to $160.6 million in last quarter, which reflected
problem asset resolution initiative related charge-offs. Compared
to the second quarter of last year, charge-offs are down 50.3% as a
result of that initiative and improved credit trends.
- The provision for loan losses was $17.6
million in the second quarter, compared with $88.7 million last quarter and $70.6 million in the second quarter of last year.
The decreases were the result of our focused efforts to
improve asset quality and stabilized portfolio credit metrics.
- The allowance for loan losses was $206.3
million or 166.8% of nonperforming portfolio loans,
compared with $224.1 million or
165.6% at the end of last quarter and $321.8
million or 83.7% as of June 30
of last year. The decreases in the reserve balance reflect
improvement in the risk profile of the portfolios and the
continuing stability and steady improvement in portfolio and
economic trends. The decline from last year was additionally due to
lower loan balances as well as lower reserves identified for
specific commercial loans.
Noninterest Income and Expense
Noninterest income was $23.3
million for the second quarter, essentially unchanged from
last quarter and an increase of $1.0
million or 4.7% over the second quarter of last year.
Year to date, noninterest income totaled $46.5 million, an increase of $1.8 million or 4.0% over the same period a year
ago. The increases were primarily driven by the net impact of
the gains and losses from the loans held for sale and investment
securities portfolios. Overall, fee income categories were
stable.
Noninterest expense was $69.4
million for the second quarter, a decrease of $12.2 million or 15.0% from last quarter and a
decrease of $7.6 million or 9.8% from
the second quarter of last year. The decreases were primarily
the result of lower valuation writedowns and losses on other real
estate and lower credit workout costs. Year to date net declines
were also driven by these lower credit workout costs.
The income tax benefit for the second quarter of 2011 was
$10.3 million, compared with a
provision of $0.1 million and
$3.7 million for the first quarter of
2011 and the second quarter of 2010, respectively. The variances
were primarily the result of changes in other comprehensive income
that are included in the calculation of the 2011 tax provision and
reduction in the alternative minimum tax.
Conference Call
Citizens’ senior management will review the quarter’s results in
a conference call at 10:00 a.m. ET
on Friday, July 29, 2011.
A live audio webcast is available on Citizens’
investor relations page at www.citizensbanking.com or by calling
(800) 894-5910 (conference ID: Citizens Republic). To listen
to the conference call, please connect approximately 10 minutes
prior to the scheduled conference time.
A recording will be available approximately two hours after the
completion of the conference call at www.citizensbanking.com, where
it will be archived for 90 days.
Discontinued Operations
As a result of the sale of Citizens’ wholly-owned subsidiary,
F&M Bank - Iowa, during the
second quarter of 2010, the financial condition and operating
results for this subsidiary have been segregated from the financial
condition and operating results of Citizens’ continuing operations
throughout this release and, as such, are presented as a
discontinued operation. While all prior periods have been
revised retrospectively to align with this treatment, these changes
do not affect Citizens’ reported consolidated financial condition
or net income for any of the prior periods.
Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally
accepted accounting principles (“GAAP”), this release includes
non-GAAP financial measures such as tangible equity to tangible
assets ratio, tangible common equity to tangible assets ratio, Tier
1 common equity ratio, pre-tax pre-provision profit, net interest
margin, and the efficiency ratio. Citizens believes these
non-GAAP financial measures provide additional information that is
useful to investors in understanding the underlying performance of
Citizens, its business, and performance trends and such measures
help facilitate performance comparisons with others in the banking
industry. Non-GAAP financial measures have inherent
limitations, are not required to be uniformly applied and are not
audited. Readers should be aware of these limitations and
should be cautious as to their use of such measures. To
mitigate these limitations, Citizens has procedures in place to
ensure that these measures are calculated using the appropriate
GAAP or regulatory components in their entirety and to ensure that
Citizens’ performance is properly reflected to facilitate
consistent period-to-period comparisons. Although Citizens
believes the above non-GAAP financial measures disclosed in this
release enhance investors’ understanding of its business and
performance, these non-GAAP measures should not be considered in
isolation, or as a substitute for GAAP basis financial measures.
See our related Form 8-K for further discussion regarding these
non-GAAP financial measures.
Corporate Profile
Citizens Republic Bancorp, Inc. is a diversified financial
services company providing a wide range of commercial, consumer,
mortgage banking, trust and financial planning services to a broad
client base. Citizens serves communities in Michigan, Ohio, Wisconsin, and Indiana with 220 offices and 249 ATMs.
Citizens is the largest bank holding company headquartered in
Michigan with roots dating back to
1871 and is the 55th largest bank holding company headquartered in
the United States. More
information about Citizens is available at www.citizensbanking.com.
Safe Harbor Statement
Discussions and statements in this release that are not
statements of historical fact, including without limitation,
statements that include terms such as “will,” “may,” “should,”
“believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,”
and “plan,” and statements regarding Citizens’ future financial and
operating results, plans, objectives, expectations and intentions,
are forward-looking statements that involve risks and
uncertainties, many of which are beyond Citizens’ control or are
subject to change. No forward-looking statement is a
guarantee of future performance and actual results could differ
materially.
Factors that could cause or contribute to actual results
differing materially from Citizens’ expectations include the risks
and uncertainties detailed from time to time in Citizens’ annual
and quarterly filings with the SEC, which are available at the
SEC’s web site www.sec.gov. Other factors not currently
anticipated may also materially and adversely affect Citizens’
results of operations, cash flows, financial position and
prospects. There can be no assurance that future results will
meet expectations. While Citizens believes that the
forward-looking statements in this release are reasonable, you
should not place undue reliance on any forward-looking statement.
In addition, these statements speak only as of the date made.
Citizens does not undertake, and expressly disclaims, any
obligation to update or alter any statements, whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
|
Citizens Republic Bancorp,
Inc.
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
(in thousands)
|
|
2011
|
|
2011
|
|
2010
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
145,126
|
|
$
136,638
|
|
$
148,084
|
|
|
Money market
investments
|
|
176,847
|
|
495,562
|
|
621,071
|
|
|
Investment
Securities:
|
|
|
|
|
|
|
|
|
Securities
available for sale, at fair value
|
|
1,368,530
|
|
2,119,416
|
|
2,071,208
|
|
|
Securities held to
maturity, at amortized cost
|
|
|
|
|
|
|
|
|
(fair value
of $1,489,461, $541,646 and $115,832, respectively)
|
|
1,482,787
|
|
547,449
|
|
112,734
|
|
|
Total investment securities
|
|
2,851,317
|
|
2,666,865
|
|
2,183,942
|
|
|
FHLB and Federal Reserve
stock
|
|
125,635
|
|
143,873
|
|
157,304
|
|
|
Portfolio loans:
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
1,349,803
|
|
1,353,167
|
|
1,686,769
|
|
|
Commercial real
estate
|
|
1,722,242
|
|
1,794,284
|
|
2,646,241
|
|
|
Total commercial
|
|
3,072,045
|
|
3,147,451
|
|
4,333,010
|
|
|
Residential
mortgage
|
|
708,164
|
|
727,304
|
|
858,920
|
|
|
Direct
consumer
|
|
978,319
|
|
1,006,424
|
|
1,132,147
|
|
|
Indirect
consumer
|
|
869,109
|
|
823,019
|
|
814,038
|
|
|
Total portfolio loans
|
|
5,627,637
|
|
5,704,198
|
|
7,138,115
|
|
|
Less: Allowance for
loan losses
|
|
(206,292)
|
|
(224,117)
|
|
(321,841)
|
|
|
Net portfolio loans
|
|
5,421,345
|
|
5,480,081
|
|
6,816,274
|
|
|
Loans held for sale
|
|
19,515
|
|
38,121
|
|
57,245
|
|
|
Premises and
equipment
|
|
100,596
|
|
102,162
|
|
107,405
|
|
|
Goodwill
|
|
318,150
|
|
318,150
|
|
318,150
|
|
|
Other intangible
assets
|
|
8,848
|
|
9,626
|
|
12,214
|
|
|
Bank owned life
insurance
|
|
218,854
|
|
218,016
|
|
217,113
|
|
|
Other assets
|
|
109,397
|
|
115,019
|
|
195,073
|
|
|
Total
assets
|
|
$
9,495,630
|
|
$
9,724,113
|
|
$
10,833,875
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
$
1,486,970
|
|
$
1,413,920
|
|
$
1,269,905
|
|
|
Interest-bearing demand
deposits
|
|
917,522
|
|
956,676
|
|
998,676
|
|
|
Savings deposits
|
|
2,592,176
|
|
2,646,851
|
|
2,526,972
|
|
|
Time deposits
|
|
2,448,035
|
|
2,674,058
|
|
3,426,769
|
|
|
Total deposits
|
|
7,444,703
|
|
7,691,505
|
|
8,222,322
|
|
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
under
agreements to repurchase
|
|
43,244
|
|
40,069
|
|
30,082
|
|
|
Other short-term
borrowings
|
|
680
|
|
690
|
|
700
|
|
|
Other liabilities
|
|
146,169
|
|
139,819
|
|
151,880
|
|
|
Long-term debt
|
|
881,112
|
|
906,629
|
|
1,211,147
|
|
|
Total
liabilities
|
|
8,515,908
|
|
8,778,712
|
|
9,616,131
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock - no par
value
|
|
281,642
|
|
279,955
|
|
275,084
|
|
|
Common stock - no par
value
|
|
1,433,094
|
|
1,432,271
|
|
1,430,877
|
|
|
Retained deficit
|
|
(734,091)
|
|
(752,547)
|
|
(498,621)
|
|
|
Accumulated other comprehensive
(loss) income
|
|
(923)
|
|
(14,278)
|
|
10,404
|
|
|
Total shareholders'
equity
|
|
979,722
|
|
945,401
|
|
1,217,744
|
|
|
Total
liabilities and shareholders' equity
|
|
$
9,495,630
|
|
$
9,724,113
|
|
$
10,833,875
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of
Operations (Unaudited)
|
|
Citizens Republic Bancorp,
Inc.
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
(in thousands, except per share
amounts)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
|
|
|
|
|
|
|
|
Interest and fees
on loans
|
$ 77,677
|
|
$ 100,980
|
|
$ 158,388
|
|
$ 202,722
|
|
Interest and
dividends on investment securities:
|
|
|
|
|
|
|
|
|
Taxable
|
20,546
|
|
18,600
|
|
40,156
|
|
36,861
|
|
Tax-exempt
|
2,713
|
|
3,932
|
|
5,799
|
|
9,217
|
|
Dividends on FHLB
and Federal Reserve stock
|
1,044
|
|
1,026
|
|
2,169
|
|
2,028
|
|
Money market
investments
|
249
|
|
407
|
|
502
|
|
831
|
|
Total
interest income
|
102,229
|
|
124,945
|
|
207,014
|
|
251,659
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
Deposits
|
15,042
|
|
25,910
|
|
31,417
|
|
55,421
|
|
Short-term
borrowings
|
19
|
|
17
|
|
37
|
|
41
|
|
Long-term
debt
|
9,562
|
|
14,432
|
|
19,340
|
|
30,422
|
|
Total
interest expense
|
24,623
|
|
40,359
|
|
50,794
|
|
85,884
|
|
Net Interest
Income
|
77,606
|
|
84,586
|
|
156,220
|
|
165,775
|
|
Provision for loan
losses
|
17,596
|
|
70,614
|
|
106,320
|
|
171,969
|
|
Net
interest income (loss) after provision for loan losses
|
60,010
|
|
13,972
|
|
49,900
|
|
(6,194)
|
|
Noninterest
Income
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
9,753
|
|
9,971
|
|
19,182
|
|
19,655
|
|
Trust
fees
|
3,811
|
|
3,836
|
|
7,734
|
|
7,631
|
|
Mortgage and other
loan income
|
1,883
|
|
2,198
|
|
4,825
|
|
4,787
|
|
Brokerage and
investment fees
|
1,533
|
|
1,322
|
|
2,641
|
|
2,255
|
|
ATM network user
fees
|
1,926
|
|
1,771
|
|
3,681
|
|
3,368
|
|
Bankcard
fees
|
2,468
|
|
2,266
|
|
4,706
|
|
4,273
|
|
Net gains (losses)
on loans held for sale
|
1,179
|
|
(8,405)
|
|
73
|
|
(16,107)
|
|
Investment
securities (losses) gains
|
(993)
|
|
8,051
|
|
(1,376)
|
|
14,067
|
|
Other
income
|
1,765
|
|
1,272
|
|
5,002
|
|
4,746
|
|
Total
noninterest income
|
23,325
|
|
22,282
|
|
46,468
|
|
44,675
|
|
Noninterest
Expense
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
31,265
|
|
31,403
|
|
62,283
|
|
61,350
|
|
Occupancy
|
6,047
|
|
6,139
|
|
13,609
|
|
13,600
|
|
Professional
services
|
2,407
|
|
2,615
|
|
4,626
|
|
4,868
|
|
Equipment
|
2,841
|
|
2,979
|
|
5,893
|
|
6,051
|
|
Data processing
services
|
4,247
|
|
4,767
|
|
8,599
|
|
9,396
|
|
Advertising and
public relations
|
1,802
|
|
2,116
|
|
2,371
|
|
3,413
|
|
Postage and
delivery
|
1,120
|
|
1,295
|
|
2,236
|
|
2,309
|
|
Other loan
expenses
|
3,314
|
|
4,551
|
|
8,569
|
|
10,525
|
|
Losses on other
real estate (ORE)
|
1,355
|
|
3,778
|
|
10,477
|
|
10,541
|
|
ORE
expenses
|
1,029
|
|
800
|
|
2,797
|
|
1,990
|
|
Intangible asset
amortization
|
778
|
|
1,034
|
|
1,606
|
|
2,164
|
|
Other
expense
|
13,239
|
|
15,533
|
|
28,034
|
|
28,906
|
|
Total
noninterest expense
|
69,444
|
|
77,010
|
|
151,100
|
|
155,113
|
|
Income (Loss) from Continuing
Operations Before Income Taxes
|
13,891
|
|
(40,756)
|
|
(54,732)
|
|
(116,632)
|
|
Income tax (benefit) provision
from continuing operations
|
(10,266)
|
|
3,700
|
|
(10,211)
|
|
3,847
|
|
Income (Loss) from Continuing
Operations
|
24,157
|
|
(44,456)
|
|
(44,521)
|
|
(120,479)
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued
operations (net of income tax)
|
---
|
|
5,151
|
|
---
|
|
(3,822)
|
|
Net Income
(Loss)
|
24,157
|
|
(39,305)
|
|
(44,521)
|
|
(124,301)
|
|
Dividend on redeemable preferred
stock
|
(5,701)
|
|
(5,406)
|
|
(11,328)
|
|
(10,688)
|
|
Net Income (Loss) Attributable
to Common Shareholders
|
$
18,456
|
|
$
(44,711)
|
|
$
(55,849)
|
|
$
(134,989)
|
|
Income (Loss) Per Share from
Continuing Operations
|
|
|
|
|
|
|
|
|
Basic
|
$
0.46
|
|
$
(1.27)
|
|
$
(1.42)
|
|
$
(3.33)
|
|
Diluted
|
0.46
|
|
(1.27)
|
|
(1.42)
|
|
(3.33)
|
|
Income (Loss) Per Share from
Discontinued Operations
|
|
|
|
|
|
|
|
|
Basic
|
$
---
|
|
$
0.13
|
|
$
---
|
|
$
(0.10)
|
|
Diluted
|
---
|
|
0.13
|
|
---
|
|
(0.10)
|
|
Net Income (Loss) Per Common
Share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.46
|
|
$
(1.14)
|
|
$
(1.42)
|
|
$
(3.43)
|
|
Diluted
|
0.46
|
|
(1.14)
|
|
(1.42)
|
|
(3.43)
|
|
Average Common Shares
Outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
39,417
|
|
39,384
|
|
39,412
|
|
39,381
|
|
Diluted
|
39,417
|
|
39,384
|
|
39,412
|
|
39,381
|
|
|
|
|
|
|
|
|
|
Selected Quarterly Information
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
June
30,
|
|
|
March
31,
|
|
|
December
31,
|
|
|
September
30,
|
|
|
June
30,
|
|
|
|
2011
|
|
|
2011
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
Summary of Operations (in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
$ 77,606
|
|
|
$ 78,614
|
|
|
$
81,731
|
|
|
$
81,558
|
|
|
$ 84,586
|
|
|
Provision for loan
losses
|
17,596
|
|
|
88,724
|
|
|
131,296
|
|
|
89,617
|
|
|
70,614
|
|
|
Noninterest income
(1)
|
23,325
|
|
|
23,143
|
|
|
24,028
|
|
|
25,956
|
|
|
22,282
|
|
|
Noninterest expense
|
69,444
|
|
|
81,656
|
|
|
77,234
|
|
|
74,740
|
|
|
77,010
|
|
|
Income tax (benefit) provision
from continuing operations
|
(10,266)
|
|
|
55
|
|
|
3,383
|
|
|
5,628
|
|
|
3,700
|
|
|
Income (loss) from continuing
operations
|
24,157
|
|
|
(68,678)
|
|
|
(106,154)
|
|
|
(62,471)
|
|
|
(44,456)
|
|
|
Income from discontinued
operations (net of tax)
|
---
|
|
|
---
|
|
|
---
|
|
|
---
|
|
|
5,151
|
|
|
Net income (loss)
|
24,157
|
|
|
(68,678)
|
|
|
(106,154)
|
|
|
(62,471)
|
|
|
(39,305)
|
|
|
Net income (loss) attributable
to common shareholders (2)
|
18,456
|
|
|
(74,305)
|
|
|
(111,699)
|
|
|
(67,922)
|
|
|
(44,711)
|
|
|
Taxable equivalent adjustment,
continuing operations
|
1,884
|
|
|
2,102
|
|
|
2,247
|
|
|
2,372
|
|
|
2,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.46
|
|
|
$ (1.89)
|
|
|
$
(2.83)
|
|
|
$
(1.72)
|
|
|
$ (1.27)
|
|
|
Diluted
|
0.46
|
|
|
(1.89)
|
|
|
(2.83)
|
|
|
(1.72)
|
|
|
(1.27)
|
|
|
Income per share from
discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
---
|
|
|
$
---
|
|
|
$
---
|
|
|
$
---
|
|
|
$ 0.13
|
|
|
Diluted
|
---
|
|
|
---
|
|
|
---
|
|
|
---
|
|
|
0.13
|
|
|
Net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.46
|
|
|
$ (1.89)
|
|
|
$
(2.83)
|
|
|
$
(1.72)
|
|
|
$ (1.14)
|
|
|
Diluted
|
0.46
|
|
|
(1.89)
|
|
|
(2.83)
|
|
|
(1.72)
|
|
|
(1.14)
|
|
|
Common book value
|
17.34
|
|
|
16.73
|
|
|
18.47
|
|
|
22.17
|
|
|
23.75
|
|
|
Tangible book value
(non-GAAP)
|
16.22
|
|
|
15.53
|
|
|
17.20
|
|
|
20.84
|
|
|
22.35
|
|
|
Tangible common book value
(non-GAAP)
|
9.22
|
|
|
8.49
|
|
|
10.19
|
|
|
13.87
|
|
|
15.42
|
|
|
Shares outstanding, end of
period (000)(4)
|
40,252
|
|
|
39,778
|
|
|
39,717
|
|
|
39,707
|
|
|
39,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At Period End
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$ 9,496
|
|
|
$ 9,724
|
|
|
$
9,966
|
|
|
$
10,639
|
|
|
$ 10,834
|
|
|
Earning assets
|
8,756
|
|
|
9,010
|
|
|
9,303
|
|
|
9,932
|
|
|
10,098
|
|
|
Portfolio loans
|
5,628
|
|
|
5,704
|
|
|
6,217
|
|
|
6,888
|
|
|
7,138
|
|
|
Allowance for loan
losses
|
206
|
|
|
224
|
|
|
296
|
|
|
324
|
|
|
322
|
|
|
Deposits
|
7,445
|
|
|
7,692
|
|
|
7,727
|
|
|
8,101
|
|
|
8,222
|
|
|
Long-term debt
|
881
|
|
|
907
|
|
|
1,033
|
|
|
1,185
|
|
|
1,211
|
|
|
Shareholders' equity
|
980
|
|
|
945
|
|
|
1,012
|
|
|
1,157
|
|
|
1,218
|
|
|
Average for the Quarter
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
$ 9,665
|
|
|
$ 9,899
|
|
|
$
10,468
|
|
|
$
10,803
|
|
|
$ 11,156
|
|
|
Earning assets
|
8,942
|
|
|
9,231
|
|
|
9,769
|
|
|
10,065
|
|
|
10,432
|
|
|
Portfolio loans
|
5,669
|
|
|
6,051
|
|
|
6,682
|
|
|
7,059
|
|
|
7,318
|
|
|
Allowance for loan
losses
|
224
|
|
|
295
|
|
|
324
|
|
|
322
|
|
|
322
|
|
|
Deposits
|
7,606
|
|
|
7,730
|
|
|
7,965
|
|
|
8,198
|
|
|
8,431
|
|
|
Long-term debt
|
906
|
|
|
971
|
|
|
1,160
|
|
|
1,203
|
|
|
1,315
|
|
|
Shareholders' equity
|
964
|
|
|
1,002
|
|
|
1,145
|
|
|
1,215
|
|
|
1,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Ratios
(annualized)(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.00
|
%
|
|
(2.81)
|
%
|
|
(4.02)
|
%
|
|
(2.29)
|
%
|
|
(1.60)
|
%
|
|
Return on average shareholders'
equity
|
10.05
|
|
|
(27.79)
|
|
|
(36.78)
|
|
|
(20.40)
|
|
|
(14.40)
|
|
|
Average shareholders' equity /
average assets
|
9.97
|
|
|
10.13
|
|
|
10.94
|
|
|
11.25
|
|
|
11.10
|
|
|
Net interest margin (FTE)
(6)
|
3.56
|
|
|
3.53
|
|
|
3.42
|
|
|
3.32
|
|
|
3.35
|
|
|
Efficiency ratio (non-GAAP)
(7)
|
66.90
|
|
|
78.33
|
|
|
71.39
|
|
|
68.02
|
|
|
75.93
|
|
|
Allowance for loan losses as a
percent of portfolio loans
|
3.67
|
|
|
3.93
|
|
|
4.76
|
|
|
4.70
|
|
|
4.51
|
|
|
Allowance for loan losses as a
percent of nonperforming loans
|
166.83
|
|
|
165.56
|
|
|
134.39
|
|
|
88.98
|
|
|
83.67
|
|
|
Allowance for loan losses as a
percent of nonperforming assets
|
135.65
|
|
|
119.18
|
|
|
103.30
|
|
|
73.10
|
|
|
68.11
|
|
|
Nonperforming loans as a percent
of portfolio loans
|
2.20
|
|
|
2.37
|
|
|
3.54
|
|
|
5.29
|
|
|
5.39
|
|
|
Nonperforming assets as a
percent of portfolio loans plus ORAA(8)
|
2.68
|
|
|
3.26
|
|
|
4.55
|
|
|
6.35
|
|
|
6.53
|
|
|
Nonperforming assets as a
percent of total assets
|
1.60
|
|
|
1.93
|
|
|
2.88
|
|
|
4.17
|
|
|
4.36
|
|
|
Net loans charged off as a
percent of average portfolio loans (annualized)
|
2.51
|
|
|
10.77
|
|
|
9.46
|
|
|
4.91
|
|
|
3.90
|
|
|
Leverage ratio
|
7.83
|
|
|
7.39
|
|
|
7.71
|
|
|
8.50
|
|
|
8.72
|
|
|
Tier 1 capital ratio
|
12.43
|
|
|
11.90
|
|
|
12.11
|
|
|
12.41
|
|
|
12.79
|
|
|
Total capital ratio
|
13.77
|
|
|
13.24
|
|
|
13.51
|
|
|
13.80
|
|
|
14.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Noninterest income includes
a loss on investment securities of $1.0 million in the second
quarter of 2011 and a gain of $8.0 million in the second quarter of
2010.
|
|
(2) Net income (loss)
attributable to common shareholders includes a non-cash dividend to
preferred shareholders of $5.7 million and $5.6 million in the
second and first quarters of 2011 and $5.5 million, $5.4 million
and $5.4 million in the fourth, third, and second quarters of
2010.
|
|
(3) Per Common Share Data
numbers have been adjusted to reflect the 1 for 10 reverse stock
split effective 7/1/11.
|
|
(4) Includes participating
shares, which are restricted stock units and restricted
shares.
|
|
(5) Financial ratios are based
on continuing operations.
|
|
(6) Net interest margin is
presented on an annual basis, includes taxable equivalent
adjustments to interest income and is based on a tax rate of
35%.
|
|
(7) The Efficiency Ratio
measures how efficiently a bank spends its revenues. The
formula is: (Noninterest expense - Goodwill impairment)/(Net
interest income + taxable equivalent adjustment + Total noninterest
income - Investment securities (losses) gains).
|
|
(8) Other real estate assets
acquired ("ORAA") include loans held for sale.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
Portfolios
(in millions)
|
June 30,
2011
|
|
March 31,
2011
|
|
December 31,
2010
|
|
September
30, 2010
|
|
June 30,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
Land hold
|
$
7.4
|
|
$
17.3
|
|
$
28.3
|
|
$
37.1
|
|
$
37.8
|
|
Land development
|
22.5
|
|
22.7
|
|
34.8
|
|
73.8
|
|
84.3
|
|
Construction
|
8.1
|
|
23.3
|
|
103.7
|
|
155.4
|
|
156.3
|
|
Income producing
|
1,019.6
|
|
1,038.7
|
|
1,171.0
|
|
1,382.3
|
|
1,481.7
|
|
Owner-occupied
|
664.6
|
|
692.3
|
|
783.0
|
|
855.1
|
|
886.1
|
|
Total commercial real
estate
|
1,722.2
|
|
1,794.3
|
|
2,120.8
|
|
2,503.7
|
|
2,646.2
|
|
Commercial and
industrial
|
1,349.8
|
|
1,353.2
|
|
1,474.2
|
|
1,657.4
|
|
1,686.8
|
|
Total
commercial
|
3,072.0
|
|
3,147.5
|
|
3,595.0
|
|
4,161.1
|
|
4,333.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
708.2
|
|
727.3
|
|
756.2
|
|
800.5
|
|
858.9
|
|
Direct consumer
|
978.3
|
|
1,006.4
|
|
1,045.5
|
|
1,091.7
|
|
1,132.2
|
|
Indirect consumer
|
869.1
|
|
823.0
|
|
819.9
|
|
834.7
|
|
814.0
|
|
Total consumer
|
2,555.6
|
|
2,556.7
|
|
2,621.6
|
|
2,726.9
|
|
2,805.1
|
|
Total portfolio
loans
|
$ 5,627.6
|
|
$ 5,704.2
|
|
$
6,216.6
|
|
$
6,888.0
|
|
$ 7,138.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquency Rates By Loan
Portfolio
|
June 30,
2011
|
|
March 31,
2011
|
|
December 31,
2010
|
September
30, 2010
|
June 30,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 to 89 days past
due
(in millions)
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land hold
|
$
0.6
|
7.69
|
%
|
$ 0.5
|
2.95
|
%
|
$
2.2
|
7.90
|
%
|
$
---
|
---
|
%
|
$
1.3
|
3.34
|
%
|
|
Land development
|
---
|
---
|
|
---
|
---
|
|
0.2
|
0.62
|
|
4.5
|
6.04
|
|
2.0
|
2.43
|
|
|
Construction
|
1.7
|
21.2
|
|
---
|
---
|
|
0.5
|
0.45
|
|
2.4
|
1.53
|
|
6.4
|
4.07
|
|
|
Income producing
|
1.6
|
0.16
|
|
4.8
|
0.46
|
|
20.7
|
1.76
|
|
35.2
|
2.55
|
|
22.9
|
1.55
|
|
|
Owner-occupied
|
6.5
|
0.98
|
|
2.0
|
0.29
|
|
14.7
|
1.88
|
|
18.3
|
2.14
|
|
16.4
|
1.85
|
|
|
Total commercial real
estate
|
10.4
|
0.60
|
|
7.3
|
0.41
|
|
38.3
|
1.80
|
|
60.4
|
2.41
|
|
49.0
|
1.85
|
|
|
Commercial and
industrial
|
3.7
|
0.27
|
|
6.2
|
0.46
|
|
9.0
|
0.61
|
|
23.8
|
1.43
|
|
10.3
|
0.61
|
|
|
Total
commercial
|
14.1
|
0.46
|
|
13.5
|
0.43
|
|
47.3
|
1.32
|
|
84.2
|
2.02
|
|
59.3
|
1.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
11.5
|
1.63
|
|
10.3
|
1.41
|
|
15.4
|
2.03
|
|
14.6
|
1.82
|
|
20.8
|
2.42
|
|
|
Direct consumer
|
20.4
|
2.08
|
|
17.2
|
1.71
|
|
22.4
|
2.14
|
|
20.5
|
1.88
|
|
20.2
|
1.79
|
|
|
Indirect consumer
|
10.7
|
1.23
|
|
10.2
|
1.24
|
|
13.3
|
1.62
|
|
12.2
|
1.46
|
|
11.4
|
1.40
|
|
|
Total consumer
|
42.6
|
1.67
|
|
37.7
|
1.47
|
|
51.1
|
1.95
|
|
47.3
|
1.73
|
|
52.4
|
1.87
|
|
|
Total delinquent
loans
|
$
56.7
|
1.01
|
|
$
51.2
|
0.90
|
|
$
98.4
|
1.58
|
|
$
131.5
|
1.91
|
|
$
111.7
|
1.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets
|
June 30,
2011
|
|
March 31,
2011
|
|
December 31,
2010
|
|
September
30, 2010
|
|
June 30,
2010
|
|
|
(in millions)
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
$
|
% of
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land hold
|
$
0.2
|
2.25
|
%
|
$ 1.2
|
6.68
|
%
|
$
3.2
|
11.50
|
%
|
$
5.6
|
15.13
|
%
|
$
5.2
|
13.76
|
%
|
|
Land development
|
0.4
|
1.68
|
|
0.1
|
0.35
|
|
3.1
|
8.82
|
|
16.0
|
21.64
|
|
22.3
|
26.48
|
|
|
Construction
|
0.5
|
6.89
|
|
0.4
|
1.70
|
|
7.5
|
7.21
|
|
27.4
|
17.65
|
|
25.0
|
15.99
|
|
|
Income producing
|
20.2
|
1.98
|
|
28.2
|
2.72
|
|
62.0
|
5.30
|
|
147.7
|
10.69
|
|
148.4
|
10.02
|
|
|
Owner-occupied
|
21.2
|
3.18
|
|
21.7
|
3.14
|
|
42.8
|
5.47
|
|
63.3
|
7.40
|
|
59.5
|
6.71
|
|
|
Total commercial real
estate
|
42.5
|
2.47
|
|
51.6
|
2.88
|
|
118.6
|
5.59
|
|
260.0
|
10.39
|
|
260.4
|
9.84
|
|
|
Commercial and
industrial
|
21.0
|
1.56
|
|
25.8
|
1.91
|
|
57.8
|
3.92
|
|
61.5
|
3.71
|
|
67.0
|
3.97
|
|
|
Total nonaccruing
commercial
|
63.5
|
2.07
|
|
77.4
|
2.46
|
|
176.4
|
4.91
|
|
321.5
|
7.73
|
|
327.4
|
7.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
30.7
|
4.33
|
|
30.4
|
4.18
|
|
22.1
|
2.92
|
|
16.9
|
2.11
|
|
31.0
|
3.61
|
|
|
Direct consumer
|
13.9
|
1.43
|
|
13.0
|
1.30
|
|
12.5
|
1.20
|
|
15.5
|
1.42
|
|
18.7
|
1.65
|
|
|
Indirect consumer
|
1.3
|
0.15
|
|
1.2
|
0.14
|
|
1.3
|
0.16
|
|
1.7
|
0.20
|
|
1.5
|
0.18
|
|
|
Total nonaccruing
consumer
|
45.9
|
1.80
|
|
44.6
|
1.74
|
|
35.9
|
1.37
|
|
34.1
|
1.25
|
|
51.2
|
1.82
|
|
|
Total nonaccruing
loans
|
109.4
|
1.94
|
|
122.0
|
2.14
|
|
212.3
|
3.42
|
|
355.6
|
5.16
|
|
378.6
|
5.30
|
|
|
Loans 90+ days still
accruing
|
1.6
|
0.03
|
|
0.7
|
0.01
|
|
1.6
|
0.03
|
|
1.6
|
0.02
|
|
1.5
|
0.02
|
|
|
Restructured loans still
accruing
|
12.7
|
0.23
|
|
12.7
|
0.22
|
|
6.4
|
0.10
|
|
7.0
|
0.10
|
|
4.6
|
0.06
|
|
|
Total nonperforming
portfolio loans
|
123.7
|
2.20
|
|
135.4
|
2.37
|
|
220.3
|
3.54
|
|
364.2
|
5.29
|
|
384.7
|
5.39
|
|
|
Nonperforming held for
sale
|
11.4
|
|
|
30.4
|
|
|
24.1
|
|
|
38.4
|
|
|
44.0
|
|
|
|
Other repossessed assets
acquired
|
17.0
|
|
|
22.2
|
|
|
42.2
|
|
|
40.7
|
|
|
43.9
|
|
|
|
Total nonperforming
assets
|
$
152.1
|
|
|
$
188.0
|
|
|
$
286.6
|
|
|
$
443.3
|
|
|
$
472.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial inflows
|
$ 24.3
|
|
|
$ 29.5
|
|
|
$ 110.9
|
|
|
$
95.6
|
|
|
$
75.9
|
|
|
|
Commercial outflows
|
(38.3)
|
|
|
(128.5)
|
|
|
(256.0)
|
|
|
(101.5)
|
|
|
(118.6)
|
|
|
|
Net change
|
$ (14.0)
|
|
|
$ (99.0)
|
|
|
$ (145.1)
|
|
|
$
(5.9)
|
|
|
$ (42.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-Offs
|
Three Months
Ended
|
|
|
June 30,
2011
|
March 31,
2011
|
December 31,
2010
|
September
30, 2010
|
June 30,
2010
|
|
(in millions)
|
$
|
% of
Portfolio*
|
|
$
|
% of
Portfolio*
|
|
$
|
% of
Portfolio*
|
|
$
|
% of
Portfolio*
|
|
$
|
% of
Portfolio*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land hold
|
$
4.7
|
N/M
|
%
|
$ 4.9
|
N/M
|
%
|
$
5.2
|
73.54
|
%
|
$
0.3
|
3.30
|
%
|
$
0.4
|
3.72
|
%
|
|
Land development
|
---
|
---
|
|
4.4
|
79.15
|
|
19.7
|
N/M
|
|
9.0
|
48.29
|
|
9.8
|
46.68
|
|
|
Construction
|
---
|
---
|
|
5.6
|
97.09
|
|
10.0
|
38.44
|
|
0.4
|
1.10
|
|
8.7
|
22.23
|
|
|
Income producing
|
8.2
|
3.24
|
|
77.6
|
30.30
|
|
64.2
|
21.74
|
|
30.8
|
8.85
|
|
12.6
|
3.41
|
|
|
Owner-occupied
|
3.2
|
1.90
|
|
25.3
|
14.80
|
|
18.1
|
9.16
|
|
4.8
|
2.21
|
|
18.9
|
8.57
|
|
|
Total commercial real
estate
|
16.1
|
3.76
|
|
117.8
|
26.63
|
|
117.2
|
21.92
|
|
45.3
|
7.18
|
|
50.4
|
7.63
|
|
|
Commercial and
industrial
|
7.2
|
2.13
|
|
32.0
|
9.59
|
|
26.0
|
7.01
|
|
6.8
|
1.62
|
|
11.4
|
2.71
|
|
|
Total
commercial
|
23.3
|
3.04
|
|
149.8
|
19.30
|
|
143.2
|
15.81
|
|
52.1
|
4.97
|
|
61.8
|
5.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
4.4
|
2.51
|
|
3.4
|
1.90
|
|
6.1
|
3.20
|
|
23.3
|
11.57
|
|
0.6
|
0.29
|
|
|
Direct consumer
|
5.6
|
2.30
|
|
5.5
|
2.21
|
|
7.1
|
2.70
|
|
9.8
|
3.56
|
|
5.5
|
1.96
|
|
|
Indirect consumer
|
2.1
|
0.96
|
|
1.9
|
0.95
|
|
2.9
|
1.39
|
|
2.2
|
1.05
|
|
3.3
|
1.61
|
|
|
Total consumer
|
12.1
|
1.90
|
|
10.8
|
1.72
|
|
16.1
|
2.43
|
|
35.3
|
5.14
|
|
9.4
|
1.35
|
|
|
Total net
charge-offs
|
$ 35.4
|
2.51
|
|
$ 160.6
|
10.77
|
|
$ 159.3
|
9.46
|
|
$
87.4
|
4.91
|
|
$
71.2
|
3.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents an annualized
rate.
|
|
N/M - Not Meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of the Allowance for
Loan Losses (ALLL) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2011
|
|
March 31,
2011
|
|
June 30,
2010
|
|
|
|
|
Related
|
|
|
Related
|
|
|
Related
|
|
(in millions)
|
ALLL
|
NPL
(2)
|
|
ALLL
|
NPL
(2)
|
|
ALLL
|
NPL
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Specific allocated
allowance:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
0.2
|
$ 13.4
|
|
$ 0.7
|
$ 17.0
|
|
$ 11.0
|
$ 47.6
|
|
|
Commercial real
estate
|
3.7
|
33.6
|
|
6.7
|
37.4
|
|
60.8
|
230.5
|
|
|
Residential mortgage
|
2.4
|
12.1
|
|
2.0
|
10.2
|
|
1.5
|
7.4
|
|
|
Direct Consumer
|
0.2
|
1.7
|
|
0.2
|
1.7
|
|
---
|
---
|
|
|
Total specific allocated
allowance
|
6.5
|
60.8
|
|
9.6
|
66.3
|
|
73.3
|
285.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk allocated
allowance:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
30.4
|
9.7
|
|
29.4
|
9.9
|
|
33.9
|
20.9
|
|
|
Commercial real estate
(CRE)
|
76.9
|
17.4
|
|
84.7
|
22.7
|
|
111.7
|
29.9
|
|
|
Total
commercial
|
107.3
|
27.1
|
|
114.1
|
32.6
|
|
145.6
|
50.8
|
|
|
Residential mortgage
|
41.5
|
20.0
|
|
49.9
|
21.6
|
|
23.4
|
26.4
|
|
|
Direct Consumer
|
32.5
|
14.5
|
|
31.8
|
13.7
|
|
36.2
|
20.0
|
|
|
Indirect Consumer
|
15.5
|
1.3
|
|
14.9
|
1.2
|
|
37.3
|
2.0
|
|
|
Total risk allocated
allowance
|
196.8
|
62.9
|
|
210.7
|
69.1
|
|
242.5
|
99.2
|
|
|
Total allocated
allowance
|
203.3
|
123.7
|
|
220.3
|
135.4
|
|
315.8
|
384.7
|
|
General valuation
allowances
|
3.0
|
---
|
|
3.8
|
---
|
|
6.0
|
---
|
|
|
Total allowance
|
$
206.3
|
$
123.7
|
|
$
224.1
|
$
135.4
|
|
$
321.8
|
$
384.7
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The allocation of the
allowance for loan losses in the above table is based upon ranges
of estimates and is not intended to imply either limitations on the
usage of the allowance or precision of the specific amounts.
Citizens does not view the allowance for loan losses as being
divisible among the various categories of loans. The entire
allowance is available to absorb any future losses without regard
to the category or categories in which the charged-off loans are
classified.
|
|
(2) Related NPL amounts in
risk allocated allowances include restructured loans and still
accruing and loans 90+ days past due and still accruing but
classified as nonperforming.
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Loan Loss
Experience
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
(in thousands)
|
2011
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses -
beginning of period
|
$
224,117
|
|
$
296,031
|
|
$
324,046
|
|
$
321,841
|
|
$
322,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
17,596
|
|
88,724
|
|
131,296
|
|
89,617
|
|
70,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
4,016
|
|
29,712
|
|
24,634
|
|
6,083
|
|
10,943
|
|
|
Small business
|
3,853
|
|
4,078
|
|
2,747
|
|
2,061
|
|
1,398
|
|
|
Commercial real
estate
|
16,371
|
|
118,721
|
|
119,986
|
|
45,910
|
|
51,183
|
|
|
Total
commercial
|
24,240
|
|
152,511
|
|
147,367
|
|
54,054
|
|
63,524
|
|
|
Residential mortgage
|
4,659
|
|
3,403
|
|
6,141
|
|
23,353
|
|
705
|
|
|
Direct consumer
|
6,522
|
|
6,468
|
|
7,701
|
|
10,256
|
|
5,907
|
|
|
Indirect consumer
|
2,639
|
|
2,472
|
|
3,647
|
|
2,808
|
|
4,028
|
|
|
Total
charge-offs
|
38,060
|
|
164,854
|
|
164,856
|
|
90,471
|
|
74,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
524
|
|
1,603
|
|
1,017
|
|
1,321
|
|
899
|
|
|
Small business
|
169
|
|
174
|
|
309
|
|
89
|
|
38
|
|
|
Commercial real
estate
|
238
|
|
913
|
|
2,813
|
|
579
|
|
829
|
|
|
Total
commercial
|
931
|
|
2,690
|
|
4,139
|
|
1,989
|
|
1,766
|
|
|
Residential mortgage
|
228
|
|
3
|
|
42
|
|
15
|
|
80
|
|
|
Direct consumer
|
917
|
|
972
|
|
587
|
|
452
|
|
386
|
|
|
Indirect consumer
|
563
|
|
551
|
|
777
|
|
603
|
|
782
|
|
|
Total
recoveries
|
2,639
|
|
4,216
|
|
5,545
|
|
3,059
|
|
3,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
|
35,421
|
|
160,638
|
|
159,311
|
|
87,412
|
|
71,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses - end
of period
|
$
206,292
|
|
$
224,117
|
|
$
296,031
|
|
$
324,046
|
|
$
321,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Reconciliation
|
|
|
|
|
June
30,
|
March
31,
|
December
31,
|
September
30,
|
June
30,
|
|
|
2011
|
2011
|
2010
|
2010
|
2010
|
|
Efficiency Ratio
(non-GAAP) (in thousands)
|
|
|
|
|
|
|
Net interest income
(A)
|
$ 77,606
|
$ 78,614
|
$
81,731
|
$
81,558
|
$ 84,586
|
|
Taxable equivalent adjustment
(B)
|
1,884
|
2,102
|
2,247
|
2,372
|
2,605
|
|
Investment securities (losses)
gain (C)
|
(993)
|
(383)
|
(171)
|
---
|
8,051
|
|
Noninterest income
(D)
|
23,325
|
23,143
|
24,028
|
25,956
|
22,282
|
|
Noninterest expense
(E)
|
69,444
|
81,656
|
77,234
|
74,740
|
77,010
|
|
Efficiency ratio:
E/(A+B-C+D) (non-GAAP)
|
66.90%
|
78.33%
|
71.39%
|
68.02%
|
75.93%
|
|
|
|
|
|
|
|
|
Tangible Common Equity to
Tangible Assets (in millions)
|
|
|
|
|
|
|
Total assets
|
$ 9,496
|
$ 9,724
|
$
9,966
|
$
10,639
|
$ 10,834
|
|
Goodwill
|
(318)
|
(318)
|
(318)
|
(318)
|
(318)
|
|
Other intangible
assets
|
(9)
|
(10)
|
(11)
|
(11)
|
(12)
|
|
Tangible assets
(non-GAAP)
|
$
9,169
|
$
9,396
|
$
9,637
|
$
10,310
|
$
10,504
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
980
|
$
945
|
$
1,012
|
$
1,157
|
$ 1,218
|
|
Goodwill
|
(318)
|
(318)
|
(318)
|
(318)
|
(318)
|
|
Other intangible
assets
|
(9)
|
(10)
|
(11)
|
(11)
|
(12)
|
|
Tangible equity
(non-GAAP)
|
$
653
|
$
617
|
$
683
|
$
828
|
$
888
|
|
|
|
|
|
|
|
|
Tangible equity
|
$
653
|
$
617
|
$
683
|
$
828
|
$
888
|
|
Preferred stock
|
(282)
|
(280)
|
(278)
|
(277)
|
(275)
|
|
Tangible common equity
(non-GAAP)
|
$
371
|
$
337
|
$
405
|
$
551
|
$
613
|
|
|
|
|
|
|
|
|
Tier 1 Common Equity
(non-GAAP) (in millions)
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
980
|
$
945
|
$
1,012
|
$
1,157
|
$ 1,218
|
|
Qualifying capital
securities
|
74
|
74
|
74
|
74
|
74
|
|
Goodwill
|
(318)
|
(318)
|
(318)
|
(318)
|
(318)
|
|
Accumulated other comprehensive
loss (income)
|
1
|
14
|
20
|
(16)
|
(10)
|
|
Other intangible
assets
|
(9)
|
(10)
|
(11)
|
(11)
|
(12)
|
|
Tier 1 capital
(regulatory)
|
$
728
|
$
705
|
$
777
|
$
886
|
$
952
|
|
|
|
|
|
|
|
|
Tier 1 capital
(regulatory)
|
$
728
|
$
705
|
$
777
|
$
886
|
$
952
|
|
Qualifying capital
securities
|
(74)
|
(74)
|
(74)
|
(74)
|
(74)
|
|
Preferred stock
|
(282)
|
(280)
|
(278)
|
(277)
|
(275)
|
|
Total Tier 1 common equity
(non-GAAP)
|
$
372
|
$
351
|
$
425
|
$
535
|
$
603
|
|
|
|
|
|
|
|
|
Net risk-weighted assets
(regulatory)(1)
|
$ 5,850
|
$ 5,930
|
$
6,417
|
$
7,133
|
$ 7,432
|
|
|
|
|
|
|
|
|
Equity to assets
|
10.32%
|
9.72%
|
10.15%
|
10.88%
|
11.24%
|
|
Tier 1 common equity
(non-GAAP)
|
6.36
|
5.93
|
6.62
|
7.50
|
8.10
|
|
Tangible equity to tangible
assets (non-GAAP)
|
7.12
|
6.57
|
7.09
|
8.03
|
8.45
|
|
Tangible common equity to
tangible assets (non-GAAP)
|
4.05
|
3.59
|
4.20
|
5.34
|
5.83
|
|
|
|
|
|
|
|
|
(1) Net risk-weighted
assets (regulatory) for second quarter 2010 were calculated on a
combined basis.
|
|
|
|
|
|
|
|
Pre-tax pre-provision profit
(non-GAAP)
|
Three Months
Ended
|
|
(in thousands)
|
June 30,
2011
|
|
March 31,
2011
|
|
December 31,
2010
|
|
September
30, 2010
|
|
June 30,
2010
|
|
Income (loss) from continuing
operations
|
$
24,157
|
|
$
(68,678)
|
|
$
(106,154)
|
|
$
(62,471)
|
|
$ (44,456)
|
|
Income tax (benefit) provision
from continuing operations
|
(10,266)
|
|
55
|
|
3,383
|
|
5,628
|
|
3,700
|
|
Provision for loan
losses
|
17,596
|
|
88,724
|
|
131,296
|
|
89,617
|
|
70,614
|
|
Net (gains) losses on loans held
for sale
|
(1,179)
|
|
1,106
|
|
3,069
|
|
1,441
|
|
8,405
|
|
Investment securities losses
(gains)
|
993
|
|
383
|
|
171
|
|
---
|
|
(8,051)
|
|
Losses on other real estate
(ORE)
|
1,355
|
|
9,122
|
|
930
|
|
1,967
|
|
3,778
|
|
Fair-value adjustment on bank
owned life insurance (1)
|
48
|
|
(100)
|
|
(105)
|
|
(159)
|
|
280
|
|
Fair-value adjustment on
swaps (1)
|
77
|
|
114
|
|
(535)
|
|
202
|
|
279
|
|
Pre-tax pre-provision
profit (non-GAAP)
|
$
32,781
|
|
$
30,726
|
|
$
32,055
|
|
$
36,225
|
|
$
34,549
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Fair-value adjustment amounts
contained in line item "Other income" on Consolidated Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income and
Noninterest Expense
|
|
|
Three Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
(in thousands)
|
2011
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
Service charges on deposit
accounts
|
$ 9,753
|
|
$ 9,429
|
|
$
10,072
|
|
$
10,609
|
|
$ 9,971
|
|
Trust fees
|
3,811
|
|
3,923
|
|
4,135
|
|
3,837
|
|
3,836
|
|
Mortgage and other loan
income
|
1,883
|
|
2,942
|
|
3,109
|
|
2,590
|
|
2,198
|
|
Brokerage and investment
fees
|
1,533
|
|
1,108
|
|
1,264
|
|
1,060
|
|
1,322
|
|
ATM network user fees
|
1,926
|
|
1,755
|
|
1,825
|
|
1,864
|
|
1,771
|
|
Bankcard fees
|
2,468
|
|
2,238
|
|
2,325
|
|
2,261
|
|
2,266
|
|
Net gains (losses) on loans held
for sale
|
1,179
|
|
(1,106)
|
|
(3,069)
|
|
(1,441)
|
|
(8,405)
|
|
Investment securities (losses)
gains
|
(993)
|
|
(383)
|
|
(171)
|
|
---
|
|
8,051
|
|
Other income
|
1,765
|
|
3,237
|
|
4,538
|
|
5,176
|
|
1,272
|
|
Total noninterest
income
|
$
23,325
|
|
$
23,143
|
|
$
24,028
|
|
$
25,956
|
|
$
22,282
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$ 31,265
|
|
$ 31,018
|
|
$
32,294
|
|
$
32,740
|
|
$ 31,403
|
|
Occupancy
|
6,047
|
|
7,562
|
|
6,834
|
|
6,529
|
|
6,139
|
|
Professional services
|
2,407
|
|
2,219
|
|
2,945
|
|
2,737
|
|
2,615
|
|
Equipment
|
2,841
|
|
3,052
|
|
3,355
|
|
3,076
|
|
2,979
|
|
Data processing
services
|
4,247
|
|
4,352
|
|
4,636
|
|
4,702
|
|
4,767
|
|
Advertising and public
relations
|
1,802
|
|
569
|
|
1,512
|
|
1,605
|
|
2,116
|
|
Postage and delivery
|
1,120
|
|
1,116
|
|
1,075
|
|
1,187
|
|
1,295
|
|
Other loan expenses
|
3,314
|
|
5,255
|
|
5,431
|
|
4,355
|
|
4,551
|
|
Losses on other real estate
(ORE)
|
1,355
|
|
9,122
|
|
930
|
|
1,967
|
|
3,778
|
|
ORE expenses
|
1,029
|
|
1,768
|
|
1,653
|
|
1,327
|
|
800
|
|
Intangible asset
amortization
|
778
|
|
828
|
|
851
|
|
908
|
|
1,034
|
|
Other expense
|
13,239
|
|
14,795
|
|
15,718
|
|
13,607
|
|
15,533
|
|
Total noninterest
expense
|
$
69,444
|
|
$
81,656
|
|
$
77,234
|
|
$
74,740
|
|
$
77,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances, Yields and
Rates
|
|
|
Three Months
Ended
|
|
|
June 30,
2011
|
|
March 31,
2011
|
|
June 30,
2010
|
|
|
Average
|
Average
|
|
Average
|
Average
|
|
Average
|
Average
|
|
|
(in thousands)
|
Balance
|
Rate
|
|
Balance
|
Rate
|
|
Balance
|
Rate
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market
investments
|
$
403,380
|
0.25
|
%
|
$
416,756
|
0.25
|
%
|
|
$
654,502
|
0.25
|
%
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
2,443,792
|
3.36
|
|
|
2,313,467
|
3.39
|
|
|
1,856,490
|
4.01
|
|
|
Tax-exempt
|
254,797
|
6.55
|
|
|
278,679
|
6.81
|
|
|
351,717
|
6.88
|
|
|
FHLB and Federal Reserve
stock
|
137,433
|
3.04
|
|
|
143,873
|
3.16
|
|
|
156,597
|
2.62
|
|
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,348,499
|
5.38
|
|
|
1,422,574
|
4.59
|
|
|
1,775,054
|
4.93
|
|
|
Commercial real
estate
|
1,766,070
|
5.04
|
|
|
2,045,360
|
5.30
|
|
|
2,722,843
|
5.29
|
|
|
Residential
mortgage
|
719,336
|
4.80
|
|
|
741,818
|
4.76
|
|
|
865,732
|
5.66
|
|
|
Direct consumer
|
990,764
|
6.06
|
|
|
1,024,979
|
6.12
|
|
|
1,153,278
|
6.09
|
|
|
Indirect
consumer
|
844,083
|
6.68
|
|
|
816,676
|
6.79
|
|
|
801,556
|
6.81
|
|
|
Total portfolio
loans
|
5,668,752
|
5.51
|
|
|
6,051,407
|
5.40
|
|
|
7,318,463
|
5.54
|
|
|
Loans held for
sale
|
34,194
|
1.72
|
|
|
26,860
|
5.50
|
|
|
94,381
|
1.47
|
|
|
Total earning
assets
|
8,942,348
|
4.67
|
|
|
9,231,042
|
4.67
|
|
|
10,432,150
|
4.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
138,728
|
|
|
|
143,957
|
|
|
|
143,924
|
|
|
|
Bank premises and
equipment
|
101,352
|
|
|
|
104,399
|
|
|
|
107,874
|
|
|
|
Investment security fair
value adjustment
|
53,822
|
|
|
|
32,229
|
|
|
|
45,580
|
|
|
|
Other nonearning
assets
|
652,611
|
|
|
|
682,526
|
|
|
|
748,626
|
|
|
|
Assets of discontinued
operations
|
---
|
|
|
|
---
|
|
|
|
110,881
|
|
|
|
Allowance for loan
losses
|
(223,922)
|
|
|
|
(295,232)
|
|
|
|
(321,976)
|
|
|
|
Total assets
|
$
9,664,939
|
|
|
|
$
9,898,921
|
|
|
|
$
11,267,059
|
|
|
|
Interest-Bearing
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
$
947,220
|
0.23
|
|
|
$
951,770
|
0.23
|
|
|
$
1,044,580
|
0.28
|
|
|
Savings
deposits
|
2,621,616
|
0.37
|
|
|
2,629,296
|
0.40
|
|
|
2,533,846
|
0.66
|
|
|
Time deposits
|
2,562,463
|
1.89
|
|
|
2,753,306
|
1.95
|
|
|
3,566,321
|
2.36
|
|
|
Short-term
borrowings
|
41,340
|
0.18
|
|
|
41,187
|
0.18
|
|
|
31,897
|
0.21
|
|
|
Long-term debt
|
905,902
|
4.23
|
|
|
971,076
|
4.08
|
|
|
1,314,991
|
4.40
|
|
|
Total interest-bearing
liabilities
|
7,078,541
|
1.40
|
|
|
7,346,635
|
1.44
|
|
|
8,491,635
|
1.91
|
|
|
Noninterest-Bearing Liabilities
and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
1,474,408
|
|
|
|
1,395,588
|
|
|
|
1,286,243
|
|
|
|
Other
liabilities
|
148,058
|
|
|
|
154,408
|
|
|
|
144,354
|
|
|
|
Liabilities of
discontinued operations
|
---
|
|
|
|
---
|
|
|
|
106,227
|
|
|
|
Shareholders'
equity
|
963,932
|
|
|
|
1,002,290
|
|
|
|
1,238,600
|
|
|
|
Total liabilities and
shareholders' equity
|
$
9,664,939
|
|
|
|
$
9,898,921
|
|
|
|
$
11,267,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Spread
|
|
3.27
|
|
|
|
3.23
|
|
|
|
2.99
|
|
|
Contribution of
noninterest bearing sources of funds
|
|
0.29
|
|
|
|
0.30
|
|
|
|
0.36
|
|
|
Net Interest
Margin
|
|
3.56
|
%
|
|
3.53
|
%
|
|
|
3.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances, Yields and
Rates
|
Six Months
Ended
|
|
|
June
30,
|
|
|
|
2011
|
|
2010
|
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
(in thousands)
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
Earning
Assets
|
|
|
|
|
|
|
|
|
|
Money market
investments
|
|
$
410,031
|
0.25
|
%
|
|
$
675,144
|
0.25
|
%
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
2,378,990
|
3.38
|
|
|
1,806,926
|
4.08
|
|
|
Tax-exempt
|
|
266,672
|
6.69
|
|
|
421,953
|
6.72
|
|
|
FHLB and Federal Reserve
stock
|
|
140,635
|
3.10
|
|
|
155,845
|
2.62
|
|
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
1,385,331
|
4.98
|
|
|
1,824,723
|
4.90
|
|
|
Commercial real
estate
|
|
1,904,944
|
5.18
|
|
|
2,756,930
|
5.27
|
|
|
Residential
mortgage
|
|
730,515
|
4.78
|
|
|
926,955
|
5.19
|
|
|
Direct consumer
|
|
1,007,777
|
6.09
|
|
|
1,177,404
|
6.07
|
|
|
Indirect
consumer
|
|
830,455
|
6.74
|
|
|
799,530
|
6.84
|
|
|
Total portfolio
loans
|
|
5,859,022
|
5.46
|
|
|
7,485,542
|
5.46
|
|
|
Loans held for
sale
|
|
30,547
|
3.38
|
|
|
89,205
|
1.67
|
|
|
Total earning
assets
|
|
9,085,897
|
4.67
|
|
|
10,634,615
|
4.87
|
|
|
Nonearning
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
141,328
|
|
|
|
176,345
|
|
|
|
Bank premises and
equipment
|
|
102,868
|
|
|
|
108,780
|
|
|
|
Investment security fair
value adjustment
|
|
43,085
|
|
|
|
44,029
|
|
|
|
Other nonearning
assets
|
|
667,486
|
|
|
|
729,498
|
|
|
|
Assets of discontinued
operations
|
|
---
|
|
|
|
219,029
|
|
|
|
Allowance for loan
losses
|
|
(259,380)
|
|
|
|
(328,934)
|
|
|
|
Total assets
|
|
$
9,781,284
|
|
|
|
$
11,583,362
|
|
|
|
Interest-Bearing
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits
|
|
$
949,482
|
0.23
|
|
|
$
1,060,175
|
0.29
|
|
|
Savings
deposits
|
|
2,625,435
|
0.39
|
|
|
2,512,123
|
0.67
|
|
|
Time deposits
|
|
2,657,357
|
1.92
|
|
|
3,637,529
|
2.52
|
|
|
Short-term
borrowings
|
|
41,264
|
0.18
|
|
|
34,207
|
0.24
|
|
|
Long-term debt
|
|
938,309
|
4.15
|
|
|
1,381,997
|
4.44
|
|
|
Total interest-bearing
liabilities
|
|
7,211,847
|
1.42
|
|
|
8,626,031
|
2.01
|
|
|
Noninterest-Bearing Liabilities
and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
|
1,435,216
|
|
|
|
1,277,461
|
|
|
|
Other
liabilities
|
|
151,216
|
|
|
|
139,459
|
|
|
|
Liabilities of
discontinued operations
|
|
---
|
|
|
|
259,837
|
|
|
|
Shareholders'
equity
|
|
983,005
|
|
|
|
1,280,574
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
9,781,284
|
|
|
|
$
11,583,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Spread
|
|
|
3.25
|
|
|
|
2.86
|
|
|
Contribution of
noninterest bearing sources of funds
|
|
|
0.29
|
|
|
|
0.38
|
|
|
Net Interest
Margin
|
|
|
3.54
|
%
|
|
|
3.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Citizens Republic Bancorp, Inc.