T
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
£
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Hawaii
|
99-0212597
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer £
|
Accelerated filer £
|
Non-accelerated filer £
|
Smaller reporting company T
|
Part I.
|
Financial Information
|
Item I.
|
Financial Statements (Unaudited)
|
Consolidated Balance Sheets
June 30, 2011 and December 31, 2010
|
|
Consolidated Statements of Operations
Three and six months ended June 30, 2011 and 2010
|
|
Consolidated Statements of Cash Flows
Six months ended June 30, 2011 and 2010
|
|
Notes to Consolidated Financial Statements
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Part II.
|
Other Information
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
Signatures
|
|
Exhibit Index
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED BALANCE SHEETS
|
|||||||
(Unaudited)
|
|||||||
June 30,
|
December 31,
|
||||||
2011
|
2010
|
||||||
(Dollars in thousands)
|
|||||||
Assets
|
|||||||
Cash and due from banks
|
$ | 68,986 | $ | 61,725 | |||
Interest-bearing deposits in other banks
|
384,477 | 729,014 | |||||
Investment securities:
|
|||||||
Available for sale, at fair value
|
1,400,380 | 702,517 | |||||
Held to maturity (fair value of $1,631 at June 30, 2011 and $2,913 at December 31, 2010)
|
1,578 | 2,828 | |||||
Total investment securities
|
1,401,958 | 705,345 | |||||
Loans held for sale
|
22,290 | 69,748 | |||||
Loans and leases
|
2,046,747 | 2,169,444 | |||||
Less allowance for loan and lease losses
|
166,934 | 192,854 | |||||
Net loans and leases
|
1,879,813 | 1,976,590 | |||||
Premises and equipment, net
|
54,702 | 57,390 | |||||
Accrued interest receivable
|
11,711 | 11,279 | |||||
Investment in unconsolidated subsidiaries
|
13,477 | 14,856 | |||||
Other real estate
|
42,863 | 57,507 | |||||
Other intangible assets
|
43,526 | 44,639 | |||||
Bank-owned life insurance
|
142,980 | 142,296 | |||||
Federal Home Loan Bank stock
|
48,797 | 48,797 | |||||
Income tax receivable
|
2,400 | 2,223 | |||||
Other assets
|
13,753 | 16,642 | |||||
Total assets
|
$ | 4,131,733 | $ | 3,938,051 | |||
Liabilities and Equity
|
|||||||
Deposits:
|
|||||||
Noninterest-bearing demand
|
$ | 687,468 | $ | 611,744 | |||
Interest-bearing demand
|
521,047 | 639,548 | |||||
Savings and money market
|
1,115,339 | 1,089,813 | |||||
Time
|
906,466 | 791,842 | |||||
Total deposits
|
3,230,320 | 3,132,947 | |||||
Short-term borrowings
|
1,385 | 202,480 | |||||
Long-term debt
|
409,076 | 459,803 | |||||
Other liabilities
|
57,178 | 66,766 | |||||
Total liabilities
|
3,697,959 | 3,861,996 | |||||
Equity:
|
|||||||
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding
|
|||||||
none at June 30, 2011 and 135,000 shares at December 31, 2010
|
- | 130,458 | |||||
Common stock, no par value, authorized 185,000,000 shares, issued and outstanding
|
|||||||
41,738,830 shares at June 30, 2011 and 1,527,000 shares at December 31, 2010
|
784,207 | 404,167 | |||||
Surplus
|
64,350 | 63,308 | |||||
Accumulated deficit
|
(420,569 | ) | (517,316 | ) | |||
Accumulated other comprehensive loss
|
(4,206 | ) | (14,565 | ) | |||
Total shareholders' equity
|
423,782 | 66,052 | |||||
Non-controlling interest
|
9,992 | 10,003 | |||||
Total equity
|
433,774 | 76,055 | |||||
Total liabilities and equity
|
$ | 4,131,733 | $ | 3,938,051 | |||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
(Amounts in thousands, except per share data)
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Interest income:
|
||||||||||||||||
Interest and fees on loans and leases
|
$ | 26,464 | $ | 35,788 | $ | 55,030 | $ | 73,100 | ||||||||
Interest and dividends on investment securities:
|
||||||||||||||||
Taxable interest
|
7,241 | 3,653 | 12,462 | 11,754 | ||||||||||||
Tax-exempt interest
|
179 | 190 | 363 | 705 | ||||||||||||
Dividends
|
- | 2 | 3 | 5 | ||||||||||||
Interest on deposits in other banks
|
300 | 467 | 689 | 797 | ||||||||||||
Total interest income
|
34,184 | 40,100 | 68,547 | 86,361 | ||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits:
|
||||||||||||||||
Demand
|
161 | 250 | 293 | 508 | ||||||||||||
Savings and money market
|
500 | 1,487 | 1,232 | 3,136 | ||||||||||||
Time
|
1,902 | 3,808 | 4,279 | 7,789 | ||||||||||||
Interest on short-term borrowings
|
- | 306 | 204 | 495 | ||||||||||||
Interest on long-term debt
|
2,642 | 5,053 | 5,359 | 10,168 | ||||||||||||
Total interest expense
|
5,205 | 10,904 | 11,367 | 22,096 | ||||||||||||
Net interest income
|
28,979 | 29,196 | 57,180 | 64,265 | ||||||||||||
Provision (credit) for loan and lease losses
|
(8,784 | ) | 20,412 | (10,359 | ) | 79,249 | ||||||||||
Net interest income (loss) after provision for loan and lease losses
|
37,763 | 8,784 | 67,539 | (14,984 | ) | |||||||||||
Other operating income:
|
||||||||||||||||
Service charges on deposit accounts
|
2,449 | 2,982 | 5,063 | 6,189 | ||||||||||||
Other service charges and fees
|
4,444 | 3,850 | 8,502 | 7,335 | ||||||||||||
Income from fiduciary activities
|
739 | 811 | 1,500 | 1,622 | ||||||||||||
Equity in earnings of unconsolidated subsidiaries
|
38 | 102 | 165 | 131 | ||||||||||||
Fees on foreign exchange
|
149 | 175 | 286 | 331 | ||||||||||||
Investment securities gains
|
261 | - | 261 | 831 | ||||||||||||
Loan placement fees
|
82 | 92 | 184 | 177 | ||||||||||||
Net gain on sales of residential loans
|
1,005 | 1,332 | 3,203 | 3,277 | ||||||||||||
Income from bank-owned life insurance
|
980 | 1,890 | 2,170 | 3,074 | ||||||||||||
Other
|
790 | 1,503 | 2,103 | 2,534 | ||||||||||||
Total other operating income
|
10,937 | 12,737 | 23,437 | 25,501 | ||||||||||||
Other operating expense:
|
||||||||||||||||
Salaries and employee benefits
|
15,442 | 14,408 | 30,475 | 29,244 | ||||||||||||
Net occupancy
|
3,410 | 3,310 | 6,768 | 6,607 | ||||||||||||
Equipment
|
1,154 | 1,305 | 2,284 | 2,782 | ||||||||||||
Amortization of other intangible assets
|
1,629 | 1,581 | 3,176 | 2,989 | ||||||||||||
Communication expense
|
922 | 846 | 1,803 | 2,058 | ||||||||||||
Legal and professional services
|
3,592 | 5,416 | 6,052 | 11,066 | ||||||||||||
Computer software expense
|
929 | 873 | 1,812 | 1,776 | ||||||||||||
Advertising expense
|
830 | 764 | 1,666 | 1,603 | ||||||||||||
Goodwill impairment
|
- | - | - | 102,689 | ||||||||||||
Foreclosed asset expense
|
(791 | ) | 403 | 1,451 | 5,935 | |||||||||||
Write down of assets
|
3,090 | 166 | 4,655 | 940 | ||||||||||||
Other
|
10,282 | 8,554 | 17,984 | 19,152 | ||||||||||||
Total other operating expense
|
40,489 | 37,626 | 78,126 | 186,841 | ||||||||||||
Income (loss) before income taxes
|
8,211 | (16,105 | ) | 12,850 | (176,324 | ) | ||||||||||
Income tax expense
|
- | - | - | - | ||||||||||||
Net income (loss)
|
8,211 | (16,105 | ) | 12,850 | (176,324 | ) | ||||||||||
Preferred stock dividends, accretion of discount and
|
||||||||||||||||
conversion of preferred stock to common stock
|
- | 2,096 | (83,897 | ) | 4,170 | |||||||||||
Net income (loss) available to common shareholders
|
$ | 8,211 | $ | (18,201 | ) | $ | 96,747 | $ | (180,494 | ) | ||||||
Per common share data:
|
||||||||||||||||
Basic earnings (loss) per share
|
$ | 0.20 | $ | (12.01 | ) | $ | 3.22 | $ | (119.18 | ) | ||||||
Diluted earnings (loss) per share
|
0.20 | (12.01 | ) | 3.15 | (119.18 | ) | ||||||||||
Shares used in computation:
|
||||||||||||||||
Basic shares
|
40,700 | 1,515 | 30,059 | 1,514 | ||||||||||||
Diluted shares
|
41,078 | 1,515 | 30,733 | 1,514 | ||||||||||||
See accompanying notes to consolidated financial statements.
|
||||||||||||||||
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(Unaudited)
|
|||||||
Six Months Ended June 30,
|
|||||||
2011
|
2010
|
||||||
(Dollars in thousands)
|
|||||||
Cash flows from operating activities:
|
|||||||
Net income (loss)
|
$ | 12,850 | $ | (176,324 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|||||||
Provision (credit) for loan and lease losses
|
(10,359 | ) | 79,249 | ||||
Depreciation and amortization
|
3,472 | 3,933 | |||||
Goodwill impairment
|
- | 102,689 | |||||
Write down of assets
|
4,655 | 940 | |||||
Write down of other real estate, net of gain on sale
|
(1,599 | ) | 5,935 | ||||
Amortization of other intangible assets
|
3,176 | 2,989 | |||||
Net amortization of investment securities
|
3,137 | 1,001 | |||||
Share-based compensation
|
1,042 | (232 | ) | ||||
Net gain on investment securities
|
(261 | ) | (831 | ) | |||
Net change in trading securities
|
- | 25,217 | |||||
Deferred income tax expense
|
- | 2,439 | |||||
Net gain on sales of residential loans
|
(3,203 | ) | (3,277 | ) | |||
Proceeds from sales of loans held for sale
|
307,958 | 481,093 | |||||
Originations of loans held for sale
|
(292,597 | ) | (440,278 | ) | |||
Equity in earnings of unconsolidated subsidiaries
|
(165 | ) | (131 | ) | |||
Increase in cash surrender value of bank-owned life insurance
|
(842 | ) | (2,784 | ) | |||
Decrease (increase) in income tax receivable
|
(177 | ) | 862 | ||||
Net change in other assets and liabilities
|
644 | 889 | |||||
Net cash provided by operating activities
|
27,731 | 83,379 | |||||
Cash flows from investing activities:
|
|||||||
Proceeds from maturities of and calls on investment securities available for sale
|
182,915 | 203,337 | |||||
Proceeds from sales of investment securities available for sale
|
5,324 | 439,435 | |||||
Purchases of investment securities available for sale
|
(877,800 | ) | (173,558 | ) | |||
Proceeds from maturities of and calls on investment securities held to maturity
|
1,240 | 954 | |||||
Net loan principal repayments
|
102,598 | 218,976 | |||||
Proceeds from sales of loans originated for investment
|
26,721 | 56,605 | |||||
Proceeds from sale of other real estate
|
24,724 | 14,040 | |||||
Proceeds from bank-owned life insurance
|
158 | 2,069 | |||||
Purchases of premises and equipment
|
(784 | ) | (856 | ) | |||
Distributions from unconsolidated subsidiaries
|
523 | 714 | |||||
Contributions to unconsolidated subsidiaries
|
- | (227 | ) | ||||
Net cash provided by (used in) investing activities
|
(534,381 | ) | 761,489 | ||||
Cash flows from financing activities:
|
|||||||
Net increase (decrease) in deposits
|
97,373 | (360,342 | ) | ||||
Proceeds from long-term debt
|
- | 50,000 | |||||
Repayments of long-term debt
|
(50,441 | ) | (65,572 | ) | |||
Net decrease in short-term borrowings
|
(201,095 | ) | (40,721 | ) | |||
Net proceeds from issuance of common stock and stock option exercises
|
323,537 | - | |||||
Other, net
|
- | 73 | |||||
Net cash provided by (used in) financing activities
|
169,374 | (416,562 | ) | ||||
Net increase (decrease) in cash and cash equivalents
|
(337,276 | ) | 428,306 | ||||
Cash and cash equivalents at beginning of period
|
790,739 | 488,367 | |||||
Cash and cash equivalents at end of period
|
$ | 453,463 | $ | 916,673 | |||
Supplemental disclosure of cash flow information:
|
|||||||
Cash paid during the period for:
|
|||||||
Interest
|
$ | 11,543 | $ | 21,921 | |||
Income taxes
|
8 | - | |||||
Cash received during the period for:
|
|||||||
Income taxes
|
- | 1,068 | |||||
Supplemental disclosure of noncash investing and financing activities:
|
|||||||
Net change in common stock held by directors' deferred compensation plan
|
$ | 16 | $ | 6 | |||
Net reclassification of loans to other real estate
|
8,481 | 26,788 | |||||
Net transfer of loans to loans held for sale
|
1,256 | 26,434 | |||||
Net transfer of investment securities available for sale to trading
|
- | 49,126 | |||||
Dividends accrued on preferred stock
|
969 | 3,504 | |||||
Accretion of preferred stock discount
|
204 | 666 | |||||
Preferred stock and accrued unpaid dividends converted to common stock
|
142,988 | - | |||||
Common stock received in exchange for preferred stock and accrued unpaid dividends
|
56,201 | - | |||||
See accompanying notes to consolidated financial statements.
|
|||||||
Gross
|
Gross
|
|
||||||||||||
Amortized
|
unrealized
|
unrealized
|
Estimated
|
|||||||||||
cost
|
gains
|
losses
|
fair value
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
June 30, 2011
|
||||||||||||||
Available for Sale
|
||||||||||||||
U.S. Government sponsored entities debt securities
|
$ | 382,777 | $ | 2,033 | $ | (30 | ) | $ | 384,780 | |||||
States and political subdivisions
|
12,443 | - | - | 12,443 | ||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
990,018 | 13,344 | (1,216 | ) | 1,002,146 | |||||||||
Non-agency collateralized mortgage obligations
|
17 | - | - | 17 | ||||||||||
Other
|
972 | 22 | - | 994 | ||||||||||
Total
|
$ | 1,386,227 | $ | 15,399 | $ | (1,246 | ) | $ | 1,400,380 | |||||
Held to Maturity
|
||||||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
$ | 1,578 | $ | 53 | $ | - | $ | 1,631 | ||||||
December 31, 2010
|
||||||||||||||
Available for Sale
|
||||||||||||||
U.S. Government sponsored entities debt securities
|
$ | 202,192 | $ | 306 | $ | (643 | ) | $ | 201,855 | |||||
States and political subdivisions
|
12,619 | - | - | 12,619 | ||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
483,647 | 6,653 | (3,336 | ) | 486,964 | |||||||||
Non-agency collateralized mortgage obligations
|
17 | - | - | 17 | ||||||||||
Other
|
1,057 | 5 | - | 1,062 | ||||||||||
Total
|
$ | 699,532 | $ | 6,964 | $ | (3,979 | ) | $ | 702,517 | |||||
Held to Maturity
|
||||||||||||||
States and political subdivisions
|
$ | 500 | $ | 4 | $ | - | $ | 504 | ||||||
U.S. Government sponsored entities mortgage-backed securities
|
2,328 | 81 | - | 2,409 | ||||||||||
Total
|
$ | 2,828 | $ | 85 | $ | - | $ | 2,913 |
June 30, 2011
|
||||||
Amortized
Cost
|
Estimated
Fair Value
|
|||||
(Dollars in thousands)
|
||||||
Available for Sale
|
||||||
Due in one year or less
|
$ | 15,197 | $ | 15,213 | ||
Due after one year through five years
|
373,315 | 375,302 | ||||
Due after five years through ten years
|
1,467 | 1,467 | ||||
Due after ten years
|
5,241 | 5,241 | ||||
Mortage-backed securities
|
990,018 | 1,002,146 | ||||
Other
|
989 | 1,011 | ||||
Total
|
$ | 1,386,227 | $ | 1,400,380 | ||
Held to Maturity
|
||||||
Mortage-backed securities
|
$ | 1,578 | $ | 1,631 |
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair |
Unrealized
|
Fair |
Unrealized
|
Fair |
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
At June 30, 2011:
|
||||||||||||||||||||||||
U.S. Government sponsored entities
|
||||||||||||||||||||||||
debt securities
|
$ | 29,812 | $ | (30 | ) | $ | - | $ | - | $ | 29,812 | $ | (30 | ) | ||||||||||
U.S. Government sponsored entities
|
||||||||||||||||||||||||
mortgage-backed securities
|
167,111 | (1,216 | ) | - | - | 167,111 | (1,216 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 196,923 | $ | (1,246 | ) | $ | - | $ | - | $ | 196,923 | $ | (1,246 | ) | ||||||||||
At December 31, 2010:
|
||||||||||||||||||||||||
U.S. Government sponsored entities
|
||||||||||||||||||||||||
debt securities
|
$ | 83,973 | $ | (643 | ) | $ | - | $ | - | $ | 83,973 | $ | (643 | ) | ||||||||||
U.S. Government sponsored entities
|
||||||||||||||||||||||||
mortgage-backed securities
|
194,756 | (3,336 | ) | - | - | 194,756 | (3,336 | ) | ||||||||||||||||
Non-agency collateralized mortgage obligations
|
17 | - | - | - | 17 | - | ||||||||||||||||||
Total temporarily impaired securities
|
$ | 278,746 | $ | (3,979 | ) | $ | - | $ | - | $ | 278,746 | $ | (3,979 | ) |
·
|
The length of time and the extent to which fair value has been less than the amortized cost basis;
|
·
|
Adverse conditions specifically related to the security, an industry, or a geographic area;
|
·
|
The historical and implied volatility of the fair value of the security;
|
·
|
The payment structure of the debt security and the likelihood of the issuer being able to make payments;
|
·
|
Failure of the issuer to make scheduled interest or principal payments;
|
·
|
Any rating changes by a rating agency; and
|
·
|
Recoveries or additional decline in fair value subsequent to the balance sheet date.
|
June 30,
|
December 31,
|
||||||
2011
|
2010
|
||||||
(Dollars in thousands)
|
|||||||
Commercial, financial and agricultural
|
$ | 198,007 | $ | 207,900 | |||
Real estate:
|
|||||||
Construction
|
241,753 | 314,530 | |||||
Mortgage - residential
|
761,998 | 747,870 | |||||
Mortgage - commercial
|
714,306 | 761,710 | |||||
Consumer
|
110,946 | 112,950 | |||||
Leases
|
22,535 | 28,163 | |||||
2,049,545 | 2,173,123 | ||||||
Unearned income
|
(2,798 | ) | (3,679 | ) | |||
Total loans and leases
|
$ | 2,046,747 | $ | 2,169,444 |
Commercial,
|
Real estate
|
||||||||||||||||||||
financial & agricultural
|
Construction
|
Mortgage -
residential
|
Mortgage -
commercial
|
Consumer
|
Leases
|
Total
|
|||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
Allowance for loan and lease losses:
|
|||||||||||||||||||||
Ending balance attributable to loans:
|
|||||||||||||||||||||
Individually evaluated for impairment
|
$ | 105 | $ | 5,926 | $ | 5 | $ | 596 | $ | - | $ | - | $ | 6,632 | |||||||
Collectively evaluated for impairment
|
12,522 | 46,564 | 28,421 | 65,037 | 2,971 | 787 | 156,302 | ||||||||||||||
12,627 | 52,490 | 28,426 | 65,633 | 2,971 | 787 | 162,934 | |||||||||||||||
Unallocated
|
4,000 | ||||||||||||||||||||
Total ending balance
|
$ | 12,627 | $ | 52,490 | $ | 28,426 | $ | 65,633 | $ | 2,971 | $ | 787 | $ | 166,934 | |||||||
Loans and leases:
|
|||||||||||||||||||||
Individually evaluated for impairment
|
$ | 356 | $ | 129,269 | $ | 59,289 | $ | 18,137 | $ | - | $ | - | $ | 207,051 | |||||||
Collectively evaluated for impairment
|
197,651 | 112,484 | 702,709 | 696,169 | 110,946 | 22,535 | 1,842,494 | ||||||||||||||
198,007 | 241,753 | 761,998 | 714,306 | 110,946 | 22,535 | 2,049,545 | |||||||||||||||
Unearned income
|
96 | (286 | ) | (1,249 | ) | (1,359 | ) | - | - | (2,798 | ) | ||||||||||
Total ending balance
|
$ | 198,103 | $ | 241,467 | $ | 760,749 | $ | 712,947 | $ | 110,946 | $ | 22,535 | $ | 2,046,747 |
Unpaid Principal Balance
|
Recorded Investment
|
Allowance Allocated
|
||||||||
(Dollars in thousands)
|
||||||||||
June 30, 2011
|
||||||||||
With no related allowance recorded:
|
||||||||||
Real estate:
|
||||||||||
Construction
|
$ | 105,063 | $ | 81,076 | $ | - | ||||
Mortgage - residential
|
67,419 | 59,208 | - | |||||||
Mortgage - commercial
|
8,640 | 8,640 | - | |||||||
Total impaired loans with no related allowance recorded
|
181,122 | 148,924 | - | |||||||
With an allowance recorded:
|
||||||||||
Commercial, financial & agricultural
|
1,055 | 356 | 105 | |||||||
Real estate:
|
||||||||||
Construction
|
92,854 | 48,193 | 5,926 | |||||||
Mortgage - residential
|
81 | 81 | 5 | |||||||
Mortgage - commercial
|
11,223 | 9,497 | 596 | |||||||
Total impaired loans with an allowance recorded
|
105,213 | 58,127 | 6,632 | |||||||
Total
|
$ | 286,335 | $ | 207,051 | $ | 6,632 | ||||
December 31, 2010
|
||||||||||
With no related allowance recorded:
|
||||||||||
Real estate:
|
||||||||||
Construction
|
$ | 112,675 | $ | 85,571 | $ | - | ||||
Mortgage - residential
|
66,203 | 58,333 | - | |||||||
Mortgage - commercial
|
10,917 | 10,917 | - | |||||||
Total impaired loans with no related allowance recorded
|
189,795 | 154,821 | - | |||||||
With an allowance recorded:
|
||||||||||
Commercial, financial & agricultural
|
1,184 | 485 | 81 | |||||||
Real estate:
|
||||||||||
Construction
|
104,429 | 59,384 | 18,197 | |||||||
Mortgage - residential
|
3,681 | 3,256 | 89 | |||||||
Mortgage - commercial
|
7,746 | 7,088 | 1,158 | |||||||
Total impaired loans with an allowance recorded
|
117,040 | 70,213 | 19,525 | |||||||
Total
|
$ | 306,835 | $ | 225,034 | $ | 19,525 |
Nonaccrual
|
Accruing loans delinquent for 90 days or more
|
|||||
(Dollars in thousands)
|
||||||
June 30, 2011
|
||||||
Commercial, financial & agricultural
|
$ | 578 | $ | - | ||
Real estate:
|
||||||
Construction
|
129,275 | - | ||||
Mortgage - residential
|
58,204 | - | ||||
Mortgage - commercial
|
18,428 | - | ||||
Consumer
|
- | 4 | ||||
Total
|
$ | 206,485 | $ | 4 | ||
December 31, 2010
|
||||||
Commercial, financial & agricultural
|
$ | 982 | $ | - | ||
Real estate:
|
||||||
Construction
|
182,073 | 6,550 | ||||
Mortgage - residential
|
47,560 | 1,800 | ||||
Mortgage - commercial
|
14,464 | - | ||||
Consumer
|
225 | 181 | ||||
Total
|
$ | 245,304 | $ | 8,531 |
30 - 59 Days
Past Due
|
60 - 89 Days
Past Due
|
Greater than 90
Days Past Due
|
Nonaccrual
Loans
|
Total
Past Due
|
Loans & Leases
Not Past Due
|
Total
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
June 30, 2011
|
||||||||||||||||||||
Commercial, financial & agricultural
|
$ | 197 | $ | 274 | $ | - | $ | 578 | $ | 1,049 | $ | 197,054 | $ | 198,103 | ||||||
Real estate:
|
||||||||||||||||||||
Construction
|
- | 127 | - | 129,275 | 129,402 | 112,065 | 241,467 | |||||||||||||
Mortgage - residential
|
181 | 1,424 | - | 58,204 | 59,809 | 700,940 | 760,749 | |||||||||||||
Mortgage - commercial
|
- | 719 | - | 18,428 | 19,147 | 693,800 | 712,947 | |||||||||||||
Consumer
|
429 | 109 | 4 | - | 542 | 110,404 | 110,946 | |||||||||||||
Leases
|
2 | 10 | - | - | 12 | 22,523 | 22,535 | |||||||||||||
Total
|
$ | 809 | $ | 2,663 | $ | 4 | $ | 206,485 | $ | 209,961 | $ | 1,836,786 | $ | 2,046,747 | ||||||
December 31, 2010
|
||||||||||||||||||||
Commercial, financial & agricultural
|
$ | 495 | $ | 252 | $ | - | $ | 982 | $ | 1,729 | $ | 206,251 | $ | 207,980 | ||||||
Real estate:
|
||||||||||||||||||||
Construction
|
12,551 | 118 | 6,550 | 182,073 | 201,292 | 112,493 | 313,785 | |||||||||||||
Mortgage - residential
|
4,183 | 7,494 | 1,800 | 47,560 | 61,037 | 685,224 | 746,261 | |||||||||||||
Mortgage - commercial
|
273 | 3,169 | - | 14,464 | 17,906 | 742,400 | 760,306 | |||||||||||||
Consumer
|
620 | 444 | 181 | 225 | 1,470 | 111,479 | 112,949 | |||||||||||||
Leases
|
100 | - | - | - | 100 | 28,063 | 28,163 | |||||||||||||
Total
|
$ | 18,222 | $ | 11,477 | $ | 8,531 | $ | 245,304 | $ | 283,534 | $ | 1,885,910 | $ | 2,169,444 |
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Loss
|
Not Rated
|
Less: Unearned Income
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||
June 30, 2011
|
|||||||||||||||||||||||
Commercial, financial
|
|||||||||||||||||||||||
& agricultural
|
$ | 113,027 | $ | 8,987 | $ | 16,876 | $ | - | $ | - | $ | 59,117 | $ | (96 | ) | $ | 198,103 | ||||||
Real estate:
|
|||||||||||||||||||||||
Construction
|
55,501 | 14,085 | 166,080 | - | - | 6,087 | 286 | 241,467 | |||||||||||||||
Mortgage - residential
|
67,987 | 11,705 | 64,016 | - | - | 618,290 | 1,249 | 760,749 | |||||||||||||||
Mortgage - commercial
|
536,163 | 84,146 | 58,634 | - | - | 35,363 | 1,359 | 712,947 | |||||||||||||||
Consumer
|
4,310 | 214 | 69 | - | - | 106,353 | - | 110,946 | |||||||||||||||
Leases
|
20,142 | 575 | 1,818 | - | - | - | - | 22,535 | |||||||||||||||
Total
|
$ | 797,130 | $ | 119,712 | $ | 307,493 | $ | - | $ | - | $ | 825,210 | $ | 2,798 | $ | 2,046,747 | |||||||
December 31, 2010
|
|||||||||||||||||||||||
Commercial, financial
|
|||||||||||||||||||||||
& agricultural
|
$ | 109,619 | $ | 22,529 | $ | 19,370 | $ | - | $ | - | $ | 56,382 | $ | (80 | ) | $ | 207,980 | ||||||
Real estate:
|
|||||||||||||||||||||||
Construction
|
44,488 | 41,330 | 215,187 | 5,789 | - | 7,736 | 745 | 313,785 | |||||||||||||||
Mortgage - residential
|
70,747 | 17,475 | 55,533 | - | - | 604,115 | 1,609 | 746,261 | |||||||||||||||
Mortgage - commercial
|
557,511 | 67,639 | 97,871 | 2,883 | - | 35,806 | 1,404 | 760,306 | |||||||||||||||
Consumer
|
5,778 | 307 | 769 | - | 14 | 106,082 | 1 | 112,949 | |||||||||||||||
Leases
|
21,761 | 4,039 | 2,363 | - | - | - | - | 28,163 | |||||||||||||||
Total
|
$ | 809,904 | $ | 153,319 | $ | 391,093 | $ | 8,672 | $ | 14 | $ | 810,121 | $ | 3,679 | $ | 2,169,444 |
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30,
|
June 30,
|
||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||
Balance, beginning of period
|
$ | 178,010 | $ | 211,646 | $ | 192,854 | $ | 205,279 | |||||||
Provision (credit) for loan and lease losses
|
(8,784 | ) | 20,412 | (10,359 | ) | 79,249 | |||||||||
169,226 | 232,058 | 182,495 | 284,528 | ||||||||||||
Charge-offs
|
(6,194 | ) | (30,742 | ) | (24,325 | ) | (90,710 | ) | |||||||
Recoveries
|
3,902 | 643 | 8,764 | 8,141 | |||||||||||
Net charge-offs
|
(2,292 | ) | (30,099 | ) | (15,561 | ) | (82,569 | ) | |||||||
Balance, end of period
|
$ | 166,934 | $ | 201,959 | $ | 166,934 | $ | 201,959 |
Commercial,
|
Real estate
|
|||||||||||||||||||||||
financial &
|
Mortgage -
|
Mortgage -
|
||||||||||||||||||||||
agricultural
|
Construction
|
residential
|
commercial
|
Consumer
|
Leases
|
Unallocated
|
Total
|
|||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Three Months Ended June 30, 2011
|
||||||||||||||||||||||||
Beginning balance
|
$ | 11,134 | $ | 59,078 | $ | 30,823 | $ | 68,991 | $ | 2,451 | $ | 1,533 | $ | 4,000 | $ | 178,010 | ||||||||
Provision (credit) for loan | ||||||||||||||||||||||||
and lease losses
|
1,094 | (6,137 | ) | (1,365 | ) | (2,482 | ) | 852 | (746 | ) | - | (8,784 | ) | |||||||||||
12,228 | 52,941 | 29,458 | 66,509 | 3,303 | 787 | 4,000 | 169,226 | |||||||||||||||||
Charge-offs
|
(455 | ) | (3,000 | ) | (1,263 | ) | (879 | ) | (597 | ) | - | - | (6,194 | ) | ||||||||||
Recoveries
|
854 | 2,549 | 231 | 3 | 265 | - | - | 3,902 | ||||||||||||||||
Net charge-offs
|
399 | (451 | ) | (1,032 | ) | (876 | ) | (332 | ) | - | - | (2,292 | ) | |||||||||||
Ending balance
|
$ | 12,627 | $ | 52,490 | $ | 28,426 | $ | 65,633 | $ | 2,971 | $ | 787 | $ | 4,000 | $ | 166,934 | ||||||||
Six Months Ended June 30, 2011
|
||||||||||||||||||||||||
Beginning balance
|
$ | 13,426 | $ | 76,556 | $ | 31,830 | $ | 64,308 | $ | 3,155 | $ | 1,579 | $ | 2,000 | $ | 192,854 | ||||||||
Provision (credit) for loan | ||||||||||||||||||||||||
and lease losses
|
(224 | ) | (13,123 | ) | (1,036 | ) | 2,388 | 428 | (792 | ) | 2,000 | (10,359 | ) | |||||||||||
13,202 | 63,433 | 30,794 | 66,696 | 3,583 | 787 | 4,000 | 182,495 | |||||||||||||||||
Charge-offs
|
(1,861 | ) | (16,858 | ) | (3,299 | ) | (1,105 | ) | (1,202 | ) | - | - | (24,325 | ) | ||||||||||
Recoveries
|
1,286 | 5,915 | 931 | 42 | 590 | - | - | 8,764 | ||||||||||||||||
Net charge-offs
|
(575 | ) | (10,943 | ) | (2,368 | ) | (1,063 | ) | (612 | ) | - | - | (15,561 | ) | ||||||||||
Ending balance
|
$ | 12,627 | $ | 52,490 | $ | 28,426 | $ | 65,633 | $ | 2,971 | $ | 787 | $ | 4,000 | $ | 166,934 |
Core
|
Mortgage
|
||||||||||||||||||