SAN RAFAEL, Calif., April 19, 2011 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, today reported net income for the first quarter of 2011 of $22.4 million and diluted earnings per common share ("EPS") of $0.77. First quarter 2011 results include expenses related to the integration of the former Sonoma Valley Bank of $393 thousand after tax, equivalent to $0.01 EPS. First quarter 2011 results compare to net income for the first quarter of 2010 of $23.6 million and EPS of $0.80.
"Westamerica remains highly profitable. Our first quarter 2011 net interest margin was 5.35 percent, supported by a relatively low 0.22 percent cost of funding our loan and investment portfolios. Operating expenses remain well contained, declining $200 thousand from the prior quarter. Credit quality improved with nonperforming assets declining $11 million during the first quarter of 2011," said Chairman, President and CEO David Payne. "Westamerica's regulatory capital ratios remain at historically high levels. We are pleased to be delivering a 17 percent return on our shareholders' equity in spite of our robust capital levels," added Payne.
Net interest income on a fully taxable equivalent basis was $55.0 million for the first quarter of 2011, compared to $56.4 million for the fourth quarter of 2010 and to $57.0 million for the first quarter of 2010. The change in net interest income is due to reductions in the net interest margin. Yields on interest-earning assets have declined due to relatively low interest rates prevailing in the market. Economic conditions and deleveraging by businesses and individuals have reduced loan volumes, placing greater reliance on lower-yielding investment securities. Rates on interest-bearing deposits and borrowings have declined to offset some of the decline in asset yields. The first quarter 2011 net interest margin on a fully taxable equivalent basis was 5.35 percent, compared to 5.39 percent and 5.60 percent for the fourth and first quarters of 2010, respectively.
The provision for loan losses was $2.8 million for the first quarter of 2011, unchanged from the fourth and first quarters of 2010. First quarter 2011 net loan losses totaled $4.1 million, or 0.83 percent (annualized) of average originated loans. Comparable net loan loss rates were 1.03 percent and 0.66 percent, respectively, for the fourth and first quarters of 2010. At March 31, 2011, the $34.3 million reserve for loan losses represented 157% of nonperforming originated loans and 206% of annualized first quarter 2011 net loan losses.
Noninterest income for the first quarter of 2011 totaled $14.7 million, compared to $15.1 million in the prior quarter and $15.5 million in the first quarter 2010. Service charges on deposit accounts were lower in both the first quarter 2011 and fourth quarter 2010 compared to the first quarter 2010 due to new overdraft regulations which were effective July 1, 2010.
Noninterest expense for the first quarter of 2011 totaled $31.3 million, compared to $31.5 million in the prior quarter and $32.0 million in the first quarter 2010. First quarter 2011 results include expenses related to the integration of the former Sonoma Valley Bank of $679 thousand, primarily outsourced data processing and personnel costs.
At March 31, 2011, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.3 percent, Westamerica Bancorporation's total regulatory capital ratio was 15.8 percent, and Westamerica Bank's total regulatory capital ratio was 15.5 percent. At March 31, 2011, the Company's assets totaled $4.9 billion and loans outstanding totaled $2.8 billion. Westamerica Bancorporation, through its wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.
Westamerica Bancorporation Web Address: www.westamerica.com
FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products, or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2010 filed on Form 10-K and quarterly report for the quarter ended September 30, 2010 filed on Form 10-Q, describe some of these factors, including certain credit, market, operational, liquidity and interest rate risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, legislation including the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 and the Sarbanes-Oxley Act of 2002, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
The Westamerica Bancorporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3638
| Public Information April 19, 2011 | ||||
| WESTAMERICA BANCORPORATION | ||||
| FINANCIAL HIGHLIGHTS | ||||
| March 31, 2011 | ||||
| 1. Net Income Summary. | ||||
| (dollars in thousands except per-share amounts) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Net Interest Income (FTE) | $54,993 | $57,029 | -3.6% | $56,412 |
| Provision for Loan Losses | 2,800 | 2,800 | 0.0% | 2,800 |
| Total Noninterest Income | 14,743 | 15,470 | -4.7% | 15,143 |
| Noninterest Expense | 31,323 | 32,031 | -2.2% | 31,513 |
| Income Before Taxes (FTE) | 35,613 | 37,668 | -5.5% | 37,242 |
| Income Tax Provision (FTE) | 13,231 | 14,092 | -6.1% | 13,511 |
| Net Income | $22,382 | $23,576 | -5.1% | $23,731 |
| Average Common Shares Outstanding | 29,021 | 29,228 | -0.7% | 29,103 |
| Diluted Average Common Shares | 29,225 | 29,596 | -1.3% | 29,341 |
| Operating Ratios: | ||||
| Basic Earnings Per Common Share | $0.77 | $0.81 | -4.9% | $0.82 |
| Diluted Earnings Per Common Share | 0.77 | 0.80 | -3.8% | 0.81 |
| Return On Assets (a) | 1.84% | 1.99% | 1.87% | |
| Return On Common Equity (a) | 16.6% | 18.8% | 17.5% | |
| Net Interest Margin (FTE) (a) | 5.35% | 5.60% | 5.39% | |
| Efficiency Ratio (FTE) | 44.9% | 44.2% | 44.0% | |
| Dividends Paid Per Common Share | $0.36 | $0.36 | 0.0% | $0.36 |
| Common Dividend Payout Ratio | 47% | 45% | 44% | |
| (FTE) Fully Taxable Equivalent | ||||
| (a) Annualized | ||||
| 2. Net Interest Income. | ||||
| (dollars in thousands) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Interest and Fee Income (FTE) | $57,296 | $60,563 | -5.4% | $59,477 |
| Interest Expense | 2,303 | 3,534 | -34.8% | 3,065 |
| Net Interest Income (FTE) | $54,993 | $57,029 | -3.6% | $56,412 |
| Average Earning Assets | $4,153,110 | $4,111,345 | 1.0% | $4,164,013 |
| Average Interest-- | ||||
| Bearing Liabilities | 2,870,661 | 2,846,144 | 0.9% | 2,964,999 |
| Yield on Earning Assets (FTE) (a) | 5.57% | 5.95% | 5.68% | |
| Cost of Funds (a) | 0.22% | 0.35% | 0.29% | |
| Net Interest Margin (FTE) (a) | 5.35% | 5.60% | 5.39% | |
| Interest Expense/ | ||||
| Interest-Bearing Liabilities (a) | 0.34% | 0.50% | 0.41% | |
| Net Interest Spread (FTE) (a) | 5.23% | 5.45% | 5.27% | |
| (FTE) Fully Taxable Equivalent | ||||
| (a) Annualized | ||||
| 3. Loans & Other Earning Assets. | ||||
| (average volume, dollars in thousands) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Total Assets | $4,940,998 | $4,812,924 | 2.7% | $5,032,157 |
| Total Earning Assets | 4,153,110 | 4,111,345 | 1.0% | 4,164,013 |
| Total Loans | 2,870,307 | 2,996,628 | -4.2% | 2,958,095 |
| Commercial Loans | 713,981 | 796,249 | -10.3% | 744,830 |
| Commercial RE Loans | 1,251,610 | 1,238,344 | 1.1% | 1,283,836 |
| Consumer Loans | 904,716 | 962,035 | -6.0% | 929,429 |
| Total Investment Securities | 1,282,803 | 1,114,717 | 15.1% | 1,205,918 |
| Available For Sale (Market) | 705,570 | 403,950 | 74.7% | 601,764 |
| Held To Maturity | 577,233 | 710,767 | -18.8% | 604,154 |
| Unrealized Gain | 12,975 | 11,183 | n/m | 13,983 |
| Loans/Deposits | 69.4% | 75.8% | 71.1% | |
| 4. Deposits & Other Interest-Bearing Liabilities. | ||||
| (average volume, dollars in thousands) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Total Deposits | $4,138,799 | $3,955,299 | 4.6% | $4,159,497 |
| Noninterest Demand | 1,463,075 | 1,379,797 | 6.0% | 1,468,098 |
| Interest Bearing Transaction | 716,111 | 663,519 | 7.9% | 721,521 |
| Savings | 1,077,203 | 965,490 | 11.6% | 1,063,554 |
| Time greater than $100K | 548,238 | 555,942 | -1.4% | 556,635 |
| Time less than $100K | 334,172 | 390,551 | -14.4% | 349,689 |
| Total Short-Term Borrowings | 110,848 | 219,558 | -49.5% | 181,349 |
| Federal Home Loan Bank Advances | 57,771 | 24,600 | n/m | 65,868 |
| Long-Term Debt | 26,318 | 26,484 | -0.6% | 26,383 |
| Shareholders' Equity | 545,203 | 507,406 | 7.4% | 537,204 |
| Demand Deposits/ | ||||
| Total Deposits | 35.4% | 34.9% | 35.3% | |
| Transaction & Savings | ||||
| Deposits / Total Deposits | 78.7% | 76.1% | 78.2% | |
| 5. Interest Yields Earned & Rates Paid. | ||||
| (dollars in thousands) | ||||
| Q1'11 | ||||
| Average | Income/ | Yield (a) / | ||
| Volume | Expense | Rate | ||
| Interest Income Earned | ||||
| Total Earning Assets (FTE) | $4,153,110 | $57,296 | 5.57% | |
| Total Loans (FTE) | 2,870,307 | 42,233 | 5.97% | |
| Commercial Loans (FTE) | 713,981 | 10,911 | 6.20% | |
| Commercial RE Loans | 1,251,610 | 19,929 | 6.46% | |
| Consumer Loans | 904,716 | 11,393 | 5.11% | |
| Total Investments (FTE) | 1,282,803 | 15,063 | 4.70% | |
| Interest Expense Paid | ||||
| Total Earning Assets | 4,153,110 | 2,303 | 0.22% | |
| Total Interest-Bearing Liabilities | 2,870,661 | 2,303 | 0.34% | |
| Total Interest-Bearing Deposits | 2,675,724 | 1,890 | 0.29% | |
| Interest-Bearing Transaction | 716,111 | 198 | 0.11% | |
| Savings | 1,077,203 | 473 | 0.18% | |
| Time less than $100K | 334,172 | 413 | 0.50% | |
| Time greater than $100K | 548,238 | 806 | 0.60% | |
| Total Short-Term Borrowings | 110,848 | 62 | 0.22% | |
| Federal Home Loan Bank Advances | 57,771 | 151 | 1.05% | |
| Long-Term Debt | 26,318 | 200 | 3.05% | |
| Net Interest Income and | ||||
| Margin (FTE) | $54,993 | 5.35% | ||
| Q1'10 | ||||
| Average | Income/ | Yield (a) / | ||
| Volume | Expense | Rate | ||
| Interest Income Earned | ||||
| Total Earning Assets (FTE) | $4,111,345 | $60,563 | 5.95% | |
| Total Loans (FTE) | 2,996,628 | 45,624 | 6.17% | |
| Commercial Loans (FTE) | 796,249 | 12,205 | 6.22% | |
| Commercial RE Loans | 1,238,344 | 20,294 | 6.65% | |
| Consumer Loans | 962,035 | 13,125 | 5.53% | |
| Total Investments (FTE) | 1,114,717 | 14,939 | 5.36% | |
| Interest Expense Paid | ||||
| Total Earning Assets | 4,111,345 | 3,534 | 0.35% | |
| Total Interest-Bearing Liabilities | 2,846,144 | 3,534 | 0.50% | |
| Total Interest-Bearing Deposits | 2,575,502 | 2,488 | 0.39% | |
| Interest-Bearing Transaction | 663,519 | 217 | 0.13% | |
| Savings | 965,490 | 739 | 0.31% | |
| Time less than $100K | 390,551 | 617 | 0.64% | |
| Time greater than $100K | 555,942 | 915 | 0.67% | |
| Total Short-Term Borrowings | 219,558 | 537 | 0.98% | |
| Federal Home Loan Bank Advances | 24,600 | 84 | 1.37% | |
| Long-Term Debt | 26,484 | 425 | 6.42% | |
| Net Interest Income and | ||||
| Margin (FTE) | $57,029 | 5.60% | ||
| (FTE) Fully Taxable Equivalent | ||||
| (a) Annualized | ||||
| 6. Noninterest Income. | ||||
| (dollars in thousands except per-share amounts) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Service Charges on Deposits | $7,521 | $8,742 | -14.0% | $7,984 |
| Merchant Credit Card Income | 2,171 | 2,221 | -2.2% | 2,427 |
| ATM Fees & Interchange | 935 | 891 | 4.9% | 931 |
| Debit Card Fees | 1,201 | 1,174 | 2.4% | 1,210 |
| Financial Services Commissions | 29 | 149 | -80.2% | 164 |
| Trust Fees | 493 | 381 | 29.2% | 447 |
| Other Income | 2,393 | 1,912 | 25.1% | 1,980 |
| Total Noninterest Income | $14,743 | $15,470 | -4.7% | $15,143 |
| Total Revenue (FTE) | $69,736 | $72,499 | -3.8% | $71,555 |
| Noninterest Income/Revenue (FTE) | 21.1% | 21.3% | 21.2% | |
| Service Charges/Avg. Deposits (a) | 0.74% | 0.90% | 0.76% | |
| Total Revenues (FTE) Per Avg. Common Share (a) | $9.75 | $10.06 | -3.1% | $9.75 |
| (FTE) Fully Taxable Equivalent | ||||
| (a) Annualized | ||||
| 7. Noninterest Expense. | ||||
| (dollars in thousands) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Salaries & Benefits | $15,075 | $15,892 | -5.1% | $14,899 |
| Occupancy | 4,025 | 3,777 | 6.6% | 4,073 |
| Equipment | 933 | 1,051 | -11.2% | 1,091 |
| Outsourced Data Processing | 2,456 | 2,240 | 9.7% | 2,329 |
| Courier | 843 | 907 | -7.0% | 859 |
| Postage | 368 | 475 | -22.5% | 289 |
| Telephone | 435 | 389 | 11.8% | 448 |
| Professional Fees | 850 | 663 | 28.3% | 896 |
| Stationery & Supplies | 323 | 350 | -8.0% | 329 |
| Loan Expense | 394 | 418 | -5.6% | 391 |
| Operational Losses | 248 | 220 | 12.6% | 213 |
| Amortization of | ||||
| Identifiable Intangibles | 1,548 | 1,598 | -3.1% | 1,622 |
| FDIC Insurance Assessment | 1,220 | 1,320 | -7.6% | 1,320 |
| Other Operating | 2,605 | 2,731 | -4.6% | 2,754 |
| Total Noninterest Expense | $31,323 | $32,031 | -2.2% | $31,513 |
| Average Full Time Equivalent Staff | 1,001 | 1,032 | -3.0% | 1,006 |
| Average Assets per Avg. FTE Staff | $4,936 | $4,664 | 5.8% | $5,002 |
| Revenues (FTE) per Avg. FTE Staff (a) | 283 | 285 | -0.7% | 282 |
| Noninterest Expense/ | ||||
| Avg. Earning Assets (a) | 3.06% | 3.16% | 3.00% | |
| Noninterest Expense/Revenues (FTE) | 44.9% | 44.2% | 44.0% | |
| (FTE) Fully Taxable Equivalent | ||||
| (a) Annualized | ||||
| 8. Provision for Loan Losses. | ||||
| (dollars in thousands) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Average Total Loans | $2,870,307 | $2,996,628 | -4.2% | $2,958,095 |
| Avg. Total Purchased | ||||
| Covered Loans (1) | 674,806 | 831,161 | -18.8% | 704,728 |
| Avg. Total Purchased | ||||
| Non-Covered Loans (2) | 193,440 | -- | n/m | 207,450 |
| Avg. Total Originated Loans | 2,002,061 | 2,165,467 | -7.5% | 2,045,917 |
| Provision for Loan Losses | $2,800 | $2,800 | 0.0% | $2,800 |
| Gross Loan Losses | 5,243 | 4,456 | 17.7% | 6,342 |
| Net Loan Losses | 4,115 | 3,527 | 16.7% | 5,293 |
| Recoveries/Gross Losses | 22% | 21% | 17% | |
| Net Loan Losses/Avg. | ||||
| Originated Loans (a) | 0.83% | 0.66% | 1.03% | |
| Provision for Loan Losses/ | ||||
| Avg. Originated Loans (a) | 0.57% | 0.52% | 0.54% | |
| Provision for Loan Losses/ | ||||
| Net Loan Losses | 68.0% | 79.4% | 52.9% | |
| (a) Annualized | ||||
| (1) Covered loans represent purchased loans on which losses are shared with the FDIC per a Loss Sharing Agreement. Covered loans were recorded at estimated fair value at February 6, 2009, the date of purchase. | ||||
| (2) Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase. | ||||
| 9. Credit Quality. | ||||
| (dollars in thousands) | ||||
| % | ||||
| 3/31/11 | 3/31/10 | Change | 12/31/10 | |
| Nonperforming Originated Loans: | ||||
| Nonperforming Nonaccrual | $21,222 | $20,230 | 4.9% | $20,845 |
| Performing Nonaccrual | 234 | 57 | n/m | 23 |
| Total Nonaccrual Loans | 21,456 | 20,287 | 5.8% | 20,868 |
| 90+ Days Past Due Accruing Loans | 439 | 746 | -41.2% | 766 |
| Total | 21,895 | 21,033 | 4.1% | 21,634 |
| Repossessed Loan Collateral | 12,057 | 14,266 | -15.5% | 11,424 |
| Total Originated | ||||
| Nonperforming Assets | 33,952 | 35,299 | -3.8% | 33,058 |
| Nonperforming Purchased Covered Loans(1): | ||||
| Nonperforming Nonaccrual | 26,953 | 52,431 | -48.6% | 28,581 |
| Performing Nonaccrual | 6,705 | 25,731 | -73.9% | 18,564 |
| Total Nonaccrual Loans | 33,658 | 78,162 | -56.9% | 47,145 |
| 90+ Days Past Due Accruing Loans | 251 | 317 | -20.8% | 355 |
| Total | 33,909 | 78,479 | -56.8% | 47,500 |
| Repossessed Purchased Covered | ||||
| Loan Collateral (1) | 20,914 | 22,305 | -6.2% | 21,791 |
| Total Nonperforming Purchased | ||||
| Covered Assets (1) | 54,823 | 100,784 | -45.6% | 69,291 |
| Nonperforming Purchased Non-Covered Loans (2): | ||||
| Nonperforming Nonaccrual | 33,975 | -- | n/m | 29,311 |
| Performing Nonaccrual | 7,613 | -- | n/m | 9,852 |
| Total Nonaccrual Loans | 41,588 | -- | n/m | 39,163 |
| 90+ Days Past Due Accruing Loans | 18 | -- | n/m | 1 |
| Total | 41,606 | -- | n/m | 39,164 |
| Repossessed Purchased Non-Covered | ||||
| Loan Collateral (2) | 2,556 | -- | n/m | 2,196 |
| Total Nonperforming Purchased | ||||
| Non-Covered Assets (2) | 44,162 | -- | n/m | 41,360 |
| Total Nonperforming Assets | $132,937 | $136,083 | n/m | $143,709 |
| Total Originated Loans Outstanding | $1,986,976 | $2,146,580 | -7.4% | $2,029,541 |
| Total Purchased Covered | ||||
| Loans Outstanding (1) | 660,456 | 809,503 | -18.4% | 692,972 |
| Total Purchased Non-Covered | ||||
| Loans Outstanding (2) | 187,203 | -- | n/m | 199,571 |
| Total Loans Outstanding | $2,834,635 | $2,956,083 | -4.1% | $2,922,084 |
| Total Assets | $4,937,429 | $4,745,495 | 4.0% | $4,931,524 |
| Originated Loans: | ||||
| Allowance for Loan Losses | $34,321 | $40,316 | -14.9% | $35,636 |
| Allowance/Originated Loans | 1.73% | 1.88% | 1.76% | |
| Nonperforming Originated Loans/ | ||||
| Total Originated Loans | 1.10% | 0.98% | 1.07% | |
| Allowance/Originated | ||||
| Nonperforming Loans | 157% | 192% | 165% | |
| Purchased Covered Loans (1): | ||||
| Fair Value Discount on Purchased | ||||
| Covered Loans | $57,184 | $83,325 | $61,784 | |
| Discount/Purchased Covered | ||||
| Loans, gross | 7.97% | 9.33% | 8.19% | |
| Nonperforming Purchased Covered Loans/ | ||||
| Total Purchased Covered Loans | 5.13% | 9.69% | 6.85% | |
| Purchased Non-Covered Loans (2): | ||||
| Fair Value Discount on Purchased | ||||
| Non-Covered Loans | $28,931 | n/m | $32,381 | |
| Discount/Purchased Non-Covered | 13.39% | n/m | 13.96% | |
| Loans, gross | ||||
| Nonperforming Purchased Non-Covered Loans/ | ||||
| Total Purchased Non-Covered Loans | 22.23% | n/m | 19.62% | |
| (1) Covered loans and repossessed loan collateral represent purchased assets on which losses are shared with the FDIC per a Loss-Sharing Agreement. Covered assets were recorded at estimated fair value at February 6, 2009, the date of purchase. | ||||
| (2) Purchased non-covered loans and other real estate owned represent purchased assets recorded at estimated fair value at August 20, 2010, the date of purchase. | ||||
| 10. Capital | ||||
| (dollars in thousands, except per-share amounts) | ||||
| % | ||||
| 3/31/11 | 3/31/10 | Change | 12/31/10 | |
| Shareholders' Equity | 550,915 | 519,131 | 6.1% | 545,287 |
| Tier I Regulatory Capital | 416,671 | 383,568 | 8.6% | 412,463 |
| Total Regulatory Capital | 453,627 | 419,541 | 8.1% | 449,876 |
| Total Assets | 4,937,429 | 4,745,495 | 4.0% | 4,931,524 |
| Risk-Adjusted Assets | 2,871,524 | 2,758,122 | 4.1% | 2,901,802 |
| Shareholders' Equity/ | ||||
| Total Assets | 11.16% | 10.94% | 11.06% | |
| Shareholders' Equity/ | ||||
| Total Loans | 19.44% | 17.56% | 18.66% | |
| Tier I Capital/Total Assets | 8.44% | 8.08% | 8.36% | |
| Tier I Capital/ | ||||
| Risk-Adjusted Assets | 14.51% | 13.91% | 14.21% | |
| Total Capital/ | ||||
| Risk-Adjusted Assets | 15.80% | 15.21% | 15.50% | |
| Tangible Common Equity Ratio | 8.28% | 7.92% | 8.15% | |
| Common Shares Outstanding | 28,920 | 29,206 | -1.0% | 29,090 |
| Book Value Per Common Share | $19.05 | $17.77 | 7.2% | $18.74 |
| Market Value Per Common Share | $51.37 | $57.65 | -10.9% | $55.47 |
| Share Repurchase Programs | ||||
| (shares in thousands) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Total Shares Repurchased | 239 | 88 | n/m | 128 |
| Average Repurchase Price | $50.47 | $54.75 | -7.8% | $50.35 |
| Net Shares Repurchased | 170 | 2 | n/m | 28 |
| 11. Period-End Balance Sheets. | ||||
| (unaudited, dollars in thousands) | ||||
| % | ||||
| 3/31/11 | 3/31/10 | Change | 12/31/10 | |
| Assets: | ||||
| Cash and Money Market Assets | $348,499 | $253,571 | 37.4% | $339,185 |
| Investment Securities: | ||||
| Available For Sale | 741,603 | 414,987 | 78.7% | 671,484 |
| Held to Maturity | 591,923 | 690,585 | -14.3% | 580,728 |
| Purchased Covered Loans (1) | 660,456 | 809,503 | -18.4% | 692,972 |
| Purchased Non-Covered Loans (2) | 187,203 | -- | n/m | 199,571 |
| Originated Loans | 1,986,976 | 2,146,580 | -7.4% | 2,029,541 |
| Allowance For Loan Losses | (34,321) | (40,316) | -14.9% | (35,636) |
| Total Loans, net | 2,800,314 | 2,915,767 | -4.0% | 2,886,448 |
| Non-Covered Other Real Estate Owned | 14,613 | 14,266 | 2.4% | 13,620 |
| Covered Other Real Estate Owned (1) | 20,914 | 22,305 | -6.2% | 21,791 |
| Premises and Equipment | 35,704 | 37,423 | -4.6% | 36,278 |
| Identifiable Intangibles | 33,056 | 34,070 | -3.0% | 34,604 |
| Goodwill | 121,673 | 121,699 | 0.0% | 121,673 |
| Interest Receivable and Other | 229,130 | 240,822 | -4.9% | 225,713 |
| Total Assets | $4,937,429 | $4,745,495 | 4.0% | $4,931,524 |
| Liabilities and Shareholders' Equity: | ||||
| Deposits: | ||||
| Noninterest Bearing | $1,476,590 | $1,376,760 | 7.3% | $1,454,663 |
| Interest-Bearing Transaction | 689,475 | 653,872 | 5.4% | 718,885 |
| Savings | 1,098,018 | 957,126 | 14.7% | 1,063,837 |
| Time | 876,290 | 907,271 | -3.4% | 895,576 |
| Total Deposits | 4,140,373 | 3,895,029 | 6.3% | 4,132,961 |
| Short-Term Borrowed Funds | 104,359 | 211,756 | -50.7% | 107,385 |
| Federal Home Loan Bank Advances | 51,490 | 10,306 | n/m | 61,698 |
| Debt Financing and Notes | 26,108 | 26,464 | -1.3% | 26,363 |
| Interest Payable and Other | 64,184 | 82,809 | -22.5% | 57,830 |
| Total Liabilities | 4,386,514 | 4,226,364 | 3.8% | 4,386,237 |
| Shareholders' Equity: | ||||
| Common Equity: | ||||
| Paid-In Capital | 381,866 | 371,982 | 2.7% | 381,609 |
| Accumulated Other | ||||
| Comprehensive Income | 2,526 | 4,796 | n/m | 159 |
| Retained Earnings | 166,523 | 142,353 | 17.0% | 163,519 |
| Total Shareholders' Equity | 550,915 | 519,131 | 6.1% | 545,287 |
| Total Liabilities and | ||||
| Shareholders' Equity | $4,937,429 | $4,745,495 | 4.0% | $4,931,524 |
| (1) Covered loans and repossessed loan collateral represent purchased assets on which losses are shared with the FDIC per a Loss-Sharing Agreement. Covered assets were recorded at estimated fair value at February 6, 2009, the date of purchase. | ||||
| (2) Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase. | ||||
| 12. Income Statements. | ||||
| (unaudited, dollars in thousands except per-share amounts) | ||||
| % | ||||
| Q1'11 | Q1'10 | Change | Q4'10 | |
| Interest Income: | ||||
| Loans | $41,363 | $44,702 | -7.5% | $44,028 |
| Money Market Assets | 0 | 1 | n/m | 0 |
| Investment Securities: | ||||
| Available for Sale | 5,218 | 3,895 | 34.0% | 4,657 |
| Held to Maturity | 5,913 | 7,405 | -20.2% | 6,186 |
| Total Interest Income | 52,494 | 56,003 | -6.3% | 54,871 |
| Interest Expense: | ||||
| Transaction Deposits | 198 | 217 | -8.8% | 233 |
| Savings Deposits | 473 | 739 | -36.0% | 585 |
| Time Deposits | 1,219 | 1,532 | -20.4% | 1,184 |
| Short-Term Borrowed Funds | 62 | 537 | -88.5% | 454 |
| Federal Home Loan Bank Advances | 151 | 84 | 79.6% | 187 |
| Debt Financing and Notes | 200 | 425 | -52.8% | 422 |
| Total Interest Expense | 2,303 | 3,534 | -34.8% | 3,065 |
| Net Interest Income | 50,191 | 52,469 | -4.3% | 51,806 |
| Provision for Loan Losses | 2,800 | 2,800 | 0.0% | 2,800 |
| Noninterest Income: | ||||
| Service Charges | 7,521 | 8,742 | -14.0% | 7,984 |
| Merchant Credit Card | 2,171 | 2,221 | -2.2% | 2,427 |
| ATM Fees & Interchange | 935 | 891 | 4.9% | 931 |
| Debit Card Fees | 1,201 | 1,174 | 2.4% | 1,210 |
| Financial Services Commissions | 29 | 149 | -80.2% | 164 |
| Trust Fees | 493 | 381 | 29.2% | 447 |
| Other | 2,393 | 1,912 | 25.1% | 1,980 |
| Total Noninterest Income | 14,743 | 15,470 | -4.7% | 15,143 |
| Noninterest Expense: | ||||
| Salaries and Benefits | 15,075 | 15,892 | -5.1% | 14,899 |
| Occupancy | 4,025 | 3,777 | 6.6% | 4,073 |
| Equipment | 933 | 1,051 | -11.2% | 1,091 |
| Outsourced Data Processing | 2,456 | 2,240 | 9.7% | 2,329 |
| Amortization of Identifiable Intangibles | 1,548 | 1,598 | -3.1% | 1,622 |
| Courier Service | 843 | 907 | -7.0% | 859 |
| Professional Fees | 850 | 663 | 28.3% | 896 |
| FDIC Insurance Assessment | 1,220 | 1,320 | -7.6% | 1,320 |
| Other | 4,373 | 4,583 | -4.6% | 4,424 |
| Total Noninterest Expense | 31,323 | 32,031 | -2.2% | 31,513 |
| Income Before Income Taxes | 30,811 | 33,108 | -6.9% | 32,636 |
| Income Tax Provision | 8,429 | 9,532 | -11.6% | 8,905 |
| Net Income | $22,382 | $23,576 | -5.1% | $23,731 |
| Average Common Shares Outstanding | 29,021 | 29,228 | -0.7% | 29,103 |
| Diluted Common Shares Outstanding | 29,225 | 29,596 | -1.3% | 29,341 |
| Per Common Share Data: | ||||
| Basic Earnings | $0.77 | $0.81 | -4.9% | $0.82 |
| Diluted Earnings | 0.77 | 0.80 | -3.8% | 0.81 |
| Dividends Paid | 0.36 | 0.36 | 0.0% | 0.36 |