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 T
|
Non-accelerated filer £
|
Smaller reporting company £
|
Part I.
|
Financial Information
|
Item I.
|
Financial Statements (Unaudited)
|
Consolidated Balance Sheets
September 30, 2013 and December 31, 2012
|
|
Consolidated Statements of Income
Three and nine months ended September 30, 2013 and 2012
|
|
Consolidated Statements of Comprehensive Income
Three and nine months ended September 30, 2013 and 2012
|
|
Consolidated Statements of Changes in Equity
Nine months ended September 30, 2013 and 2012
|
|
Consolidated Statements of Cash Flows
Nine months ended September 30, 2013 and 2012
|
|
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 1A.
|
Risk Factors
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Signatures
|
|
Exhibit Index
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED BALANCE SHEETS
|
|||||||
(Unaudited)
|
|||||||
September 30,
|
December 31,
|
||||||
2013
|
2012
|
||||||
(Dollars in thousands)
|
|||||||
Assets
|
|||||||
Cash and due from banks
|
$ | 59,400 | $ | 56,473 | |||
Interest-bearing deposits in other banks
|
37,499 | 120,902 | |||||
Investment securities:
|
|||||||
Available for sale, at fair value
|
1,501,948 | 1,536,745 | |||||
Held to maturity (fair value of $245,519 at September 30, 2013 and $162,528 at December 31, 2012)
|
255,663 | 161,848 | |||||
Total investment securities
|
1,757,611 | 1,698,593 | |||||
Loans held for sale
|
12,437 | 38,283 | |||||
Loans and leases
|
2,484,318 | 2,203,944 | |||||
Less allowance for loan and lease losses
|
85,228 | 96,413 | |||||
Net loans and leases
|
2,399,090 | 2,107,531 | |||||
Premises and equipment, net
|
48,151 | 48,759 | |||||
Accrued interest receivable
|
13,765 | 13,896 | |||||
Investment in unconsolidated subsidiaries
|
18,558 | 10,975 | |||||
Other real estate
|
5,761 | 10,686 | |||||
Other intangible assets
|
33,621 | 37,499 | |||||
Bank-owned life insurance
|
148,903 | 147,411 | |||||
Federal Home Loan Bank stock
|
46,626 | 47,928 | |||||
Other assets
|
163,061 | 31,432 | |||||
Total assets
|
$ | 4,744,483 | $ | 4,370,368 | |||
Liabilities and Equity
|
|||||||
Deposits:
|
|||||||
Noninterest-bearing demand
|
$ | 878,262 | $ | 843,292 | |||
Interest-bearing demand
|
739,421 | 672,838 | |||||
Savings and money market
|
1,212,488 | 1,186,011 | |||||
Time
|
1,076,093 | 978,631 | |||||
Total deposits
|
3,906,264 | 3,680,772 | |||||
Short-term borrowings
|
28,000 | - | |||||
Long-term debt
|
108,268 | 108,281 | |||||
Other liabilities
|
48,415 | 66,536 | |||||
Total liabilities
|
4,090,947 | 3,855,589 | |||||
Equity:
|
|||||||
Preferred stock, no par value, authorized 1,100,000 shares, issued and outstanding
|
|||||||
none at September 30, 2013 and December 31, 2012, respectively
|
- | - | |||||
Common stock, no par value, authorized 185,000,000 shares, issued and outstanding
|
|||||||
42,091,180 and 41,867,046 shares at September 30, 2013 and December 31, 2012, respectively
|
784,473 | 784,512 | |||||
Surplus
|
73,735 | 70,567 | |||||
Accumulated deficit
|
(191,014 | ) | (349,427 | ) | |||
Accumulated other comprehensive loss
|
(13,718 | ) | (830 | ) | |||
Total shareholders' equity
|
653,476 | 504,822 | |||||
Non-controlling interest
|
60 | 9,957 | |||||
Total equity
|
653,536 | 514,779 | |||||
Total liabilities and equity
|
$ | 4,744,483 | $ | 4,370,368 | |||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(Amounts in thousands, except per share data)
|
September 30,
|
September 30,
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Interest income:
|
||||||||||||||||
Interest and fees on loans and leases
|
$ | 26,414 | $ | 24,241 | $ | 77,362 | $ | 73,642 | ||||||||
Interest and dividends on investment securities:
|
||||||||||||||||
Taxable interest
|
8,114 | 6,641 | 22,518 | 21,844 | ||||||||||||
Tax-exempt interest
|
992 | 704 | 3,059 | 1,347 | ||||||||||||
Dividends
|
5 | 4 | 16 | 11 | ||||||||||||
Interest on deposits in other banks
|
21 | 84 | 178 | 212 | ||||||||||||
Dividends on Federal Home Loan Bank stock
|
12 | - | 12 | - | ||||||||||||
Total interest income
|
35,558 | 31,674 | 103,145 | 97,056 | ||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits:
|
||||||||||||||||
Demand
|
91 | 83 | 259 | 258 | ||||||||||||
Savings and money market
|
227 | 232 | 663 | 783 | ||||||||||||
Time
|
671 | 869 | 2,150 | 2,904 | ||||||||||||
Interest on short-term borrowings
|
3 | - | 3 | - | ||||||||||||
Interest on long-term debt
|
795 | 930 | 2,457 | 2,790 | ||||||||||||
Total interest expense
|
1,787 | 2,114 | 5,532 | 6,735 | ||||||||||||
Net interest income
|
33,771 | 29,560 | 97,613 | 90,321 | ||||||||||||
Provision (credit) for loan and lease losses
|
(3,189 | ) | (4,982 | ) | (9,977 | ) | (16,602 | ) | ||||||||
Net interest income after provision for loan and lease losses
|
36,960 | 34,542 | 107,590 | 106,923 | ||||||||||||
Other operating income:
|
||||||||||||||||
Service charges on deposit accounts
|
1,776 | 2,130 | 4,950 | 6,719 | ||||||||||||
Other service charges and fees
|
4,931 | 4,538 | 13,904 | 13,115 | ||||||||||||
Income from fiduciary activities
|
724 | 662 | 2,107 | 1,930 | ||||||||||||
Equity in earnings of unconsolidated subsidiaries
|
513 | 171 | 733 | 386 | ||||||||||||
Fees on foreign exchange
|
149 | 165 | 348 | 447 | ||||||||||||
Investment securities gains
|
- | 789 | - | 789 | ||||||||||||
Loan placement fees
|
81 | 114 | 408 | 547 | ||||||||||||
Net gain on sales of residential loans
|
1,476 | 4,713 | 8,492 | 11,084 | ||||||||||||
Net gain on sales of foreclosed assets
|
276 | 1,109 | 8,528 | 1,109 | ||||||||||||
Income from bank-owned life insurance
|
611 | 741 | 1,492 | 2,274 | ||||||||||||
Other
|
1,393 | 1,906 | 1,810 | 5,484 | ||||||||||||
Total other operating income
|
11,930 | 17,038 | 42,772 | 43,884 | ||||||||||||
Other operating expense:
|
||||||||||||||||
Salaries and employee benefits
|
19,167 | 17,256 | 55,944 | 51,511 | ||||||||||||
Net occupancy
|
3,802 | 3,629 | 10,651 | 10,159 | ||||||||||||
Equipment
|
952 | 1,030 | 2,788 | 3,008 | ||||||||||||
Amortization of other intangible assets
|
1,637 | 2,698 | 5,994 | 7,490 | ||||||||||||
Communication expense
|
907 | 872 | 2,727 | 2,542 | ||||||||||||
Legal and professional services
|
2,155 | 2,772 | 6,410 | 10,635 | ||||||||||||
Computer software expense
|
1,056 | 959 | 3,182 | 2,852 | ||||||||||||
Advertising expense
|
601 | 906 | 2,141 | 2,632 | ||||||||||||
Foreclosed asset expense
|
(12 | ) | 3,972 | 993 | 6,467 | |||||||||||
Write down of assets
|
- | 827 | - | 2,586 | ||||||||||||
Other
|
6,247 | 5,938 | 13,435 | 15,914 | ||||||||||||
Total other operating expense
|
36,512 | 40,859 | 104,265 | 115,796 | ||||||||||||
Income before income taxes
|
12,378 | 10,721 | 46,097 | 35,011 | ||||||||||||
Income tax expense (benefit)
|
2,174 | - | (115,683 | ) | - | |||||||||||
Net income
|
$ | 10,204 | $ | 10,721 | $ | 161,780 | $ | 35,011 | ||||||||
Per common share data:
|
||||||||||||||||
Basic earnings per share
|
$ | 0.24 | $ | 0.26 | $ | 3.86 | $ | 0.84 | ||||||||
Diluted earnings per share
|
0.24 | 0.26 | 3.83 | 0.83 | ||||||||||||
Cash dividends declared
|
0.08 | - | 0.08 | - | ||||||||||||
Shares used in computation:
|
||||||||||||||||
Basic shares
|
42,028 | 41,764 | 41,934 | 41,704 | ||||||||||||
Diluted shares
|
42,421 | 42,016 | 42,263 | 41,961 | ||||||||||||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net income
|
$ | 10,204 | $ | 10,721 | $ | 161,780 | $ | 35,011 | ||||||||
Other comprehensive income (loss), net of tax
|
||||||||||||||||
Net unrealized gain (loss) on investment securities
|
2,667 | 8,062 | (25,256 | ) | 6,278 | |||||||||||
Net unrealized gain (loss) on derivatives
|
- | (3 | ) | 10,993 | (934 | ) | ||||||||||
Defined benefit plans
|
375 | 588 | 1,375 | 1,765 | ||||||||||||
Other comprehensive income (loss), net of tax
|
3,042 | 8,647 | (12,888 | ) | 7,109 | |||||||||||
Comprehensive income
|
$ | 13,246 | $ | 19,368 | $ | 148,892 | $ | 42,120 | ||||||||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. & SUBSIDIARIES
|
|||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||
Accumulated
|
|||||||||||||||||||||||||||
Other
|
Non-
|
||||||||||||||||||||||||||
Preferred
|
Common
|
Accumulated
|
Comprehensive
|
Controlling
|
|||||||||||||||||||||||
Stock
|
Stock
|
Surplus
|
Deficit
|
Income (Loss)
|
Interests
|
Total
|
|||||||||||||||||||||
(Dollars in thousands, except per share data)
|
|||||||||||||||||||||||||||
Balance at December 31, 2012
|
$ | - | $ | 784,512 | $ | 70,567 | $ | (349,427 | ) | $ | (830 | ) | $ | 9,957 | $ | 514,779 | |||||||||||
Net income
|
- | - | - | 161,780 | - | - | 161,780 | ||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | (12,888 | ) | - | (12,888 | ) | ||||||||||||||||||
Cash dividends ($0.08 per share)
|
- | - | - | (3,367 | ) | - | - | (3,367 | ) | ||||||||||||||||||
1,782 net shares of common stock
|
|||||||||||||||||||||||||||
purchased by directors' deferred
|
|||||||||||||||||||||||||||
compensation plan
|
- | (39 | ) | - | - | - | - | (39 | ) | ||||||||||||||||||
Share-based compensation
|
- | - | 3,168 | - | - | - | 3,168 | ||||||||||||||||||||
Non-controlling interests
|
- | - | - | - | - | (9,897 | ) | (9,897 | ) | ||||||||||||||||||
Balance at September 30, 2013
|
$ | - | $ | 784,473 | $ | 73,735 | $ | (191,014 | ) | $ | (13,718 | ) | $ | 60 | $ | 653,536 | |||||||||||
Balance at December 31, 2011
|
$ | - | $ | 784,539 | $ | 66,585 | $ | (396,848 | ) | $ | 2,164 | $ | 9,980 | $ | 466,420 | ||||||||||||
Net income
|
- | - | - | 35,011 | - | - | 35,011 | ||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | 7,109 | - | 7,109 | ||||||||||||||||||||
4,291 net shares of common stock
|
|||||||||||||||||||||||||||
purchased by directors' deferred
|
|||||||||||||||||||||||||||
compensation plan
|
- | (27 | ) | - | - | - | - | (27 | ) | ||||||||||||||||||
Share-based compensation
|
- | - | 2,509 | - | - | - | 2,509 | ||||||||||||||||||||
Non-controlling interests
|
- | - | - | - | - | (17 | ) | (17 | ) | ||||||||||||||||||
Balance at September 30, 2012
|
$ | - | $ | 784,512 | $ | 69,094 | $ | (361,837 | ) | $ | 9,273 | $ | 9,963 | $ | 511,005 | ||||||||||||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Nine Months Ended September 30,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 161,780 | $ | 35,011 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision (credit) for loan and lease losses
|
(9,977 | ) | (16,602 | ) | ||||
Depreciation and amortization
|
4,528 | 4,760 | ||||||
Write down of assets
|
- | 2,586 | ||||||
Write down of other real estate, net of gain on sale
|
(7,989 | ) | 3,032 | |||||
Amortization of other intangible assets
|
5,994 | 7,490 | ||||||
Net amortization of investment securities
|
10,766 | 11,764 | ||||||
Share-based compensation
|
3,168 | 2,509 | ||||||
Net gain on investment securities
|
- | (789 | ) | |||||
Net gain on sales of residential loans
|
(8,492 | ) | (11,084 | ) | ||||
Proceeds from sales of loans held for sale
|
545,199 | 675,799 | ||||||
Originations of loans held for sale
|
(510,861 | ) | (650,920 | ) | ||||
Equity in earnings of unconsolidated subsidiaries
|
(733 | ) | (386 | ) | ||||
Increase in cash surrender value of bank-owned life insurance
|
(1,492 | ) | (4,203 | ) | ||||
Deferred income taxes
|
(115,683 | ) | - | |||||
Premium paid on repurchases of preferred stock of subsidiaries | 1,895 | - | ||||||
Net change in other assets and liabilities
|
(8,425 | ) | (16,279 | ) | ||||
Net cash provided by operating activities
|
69,678 | 42,688 | ||||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturities of and calls on investment securities available for sale
|
387,409 | 315,723 | ||||||
Proceeds from sales of investment securities available for sale
|
- | 130,076 | ||||||
Purchases of investment securities available for sale
|
(501,502 | ) | (457,041 | ) | ||||
Proceeds from maturities of and calls on investment securities held to maturity
|
9,980 | 689 | ||||||
Purchases of investment securities held to maturity
|
(4,595 | ) | (163,498 | ) | ||||
Net loan originations
|
(258,612 | ) | (58,467 | ) | ||||
Purchases of loan portfolios
|
(37,104 | ) | - | |||||
Proceeds from sales of loans originated for investment
|
10,679 | 10,340 | ||||||
Proceeds from sale of other real estate
|
16,375 | 14,960 | ||||||
Proceeds from bank-owned life insurance
|
- | 1,997 | ||||||
Purchases of premises and equipment
|
(3,920 | ) | (2,770 | ) | ||||
Distributions from unconsolidated subsidiaries
|
553 | 455 | ||||||
Contributions to unconsolidated subsidiaries
|
(9,050 | ) | - | |||||
Proceeds from redemption of FHLB stock
|
1,302 | 434 | ||||||
Net cash used in investing activities
|
(388,485 | ) | (207,102 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net increase in deposits
|
225,492 | 178,062 | ||||||
Repayments of long-term debt
|
(13 | ) | (50,013 | ) | ||||
Net increase (decrease) in short-term borrowings
|
28,000 | (34 | ) | |||||
Cash dividends paid on common stock
|
(3,367 | ) | - | |||||
Repurchases of preferred stock of subsidiaries
|
(11,781 | ) | - | |||||
Net cash provided by financing activities
|
238,331 | 128,015 | ||||||
Net decrease in cash and cash equivalents
|
(80,476 | ) | (36,399 | ) | ||||
Cash and cash equivalents at beginning of period
|
177,375 | 257,072 | ||||||
Cash and cash equivalents at end of period
|
$ | 96,899 | $ | 220,673 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 17,436 | $ | 4,489 | ||||
Income taxes
|
5 | 1 | ||||||
Cash received during the period for:
|
||||||||
Income taxes
|
- | 396 | ||||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Net change in common stock held by directors' deferred compensation plan
|
$ | 39 | $ | 27 | ||||
Net reclassification of loans to other real estate
|
3,461 | 2,973 | ||||||
Net reclassification of loans held for sale to other real estate
|
- | 716 | ||||||
Net transfer of loans to loans held for sale
|
- | 1,487 | ||||||
Net transfer of investment securities available for sale to held to maturity
|
101,669 | - | ||||||
See accompanying notes to consolidated financial statements.
|
Gross
|
Gross
|
Estimated
|
||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
September 30, 2013
|
||||||||||||||
Available for Sale
|
||||||||||||||
Debt securities:
|
||||||||||||||
U.S. Government sponsored entities
|
$ | 127,124 | $ | 1,268 | $ | - | $ | 128,392 | ||||||
States and political subdivisions
|
190,715 | 383 | (11,074 | ) | 180,024 | |||||||||
Corporations
|
140,119 | 1,586 | (1,702 | ) | 140,003 | |||||||||
Mortgage-backed securities:
|
||||||||||||||
U.S. Government sponsored entities
|
974,008 | 11,221 | (11,884 | ) | 973,345 | |||||||||
Non-agency collateralized mortgage obligations
|
83,449 | 273 | (4,376 | ) | 79,346 | |||||||||
Other
|
742 | 96 | - | 838 | ||||||||||
Total
|
$ | 1,516,157 | $ | 14,827 | $ | (29,036 | ) | $ | 1,501,948 | |||||
Held to Maturity
|
||||||||||||||
Mortgage-backed securities - U.S. Government sponsored entities
|
$ | 255,663 | $ | 19 | $ | (10,163 | ) | $ | 245,519 | |||||
December 31, 2012
|
||||||||||||||
Available for Sale
|
||||||||||||||
Debt securities:
|
||||||||||||||
U.S. Government sponsored entities
|
$ | 278,198 | $ | 2,741 | $ | - | $ | 280,939 | ||||||
States and political subdivisions
|
184,274 | 2,831 | (1,194 | ) | 185,911 | |||||||||
Corporations
|
125,649 | 2,360 | (63 | ) | 127,946 | |||||||||
Mortgage-backed securities:
|
||||||||||||||
U.S. Government sponsored entities
|
925,018 | 17,548 | (1,523 | ) | 941,043 | |||||||||
Other
|
866 | 40 | - | 906 | ||||||||||
Total
|
$ | 1,514,005 | $ | 25,520 | $ | (2,780 | ) | $ | 1,536,745 | |||||
Held to Maturity
|
||||||||||||||
Mortgage-backed securities - U.S. Government sponsored entities
|
$ | 161,848 | $ | 695 | $ | (15 | ) | $ | 162,528 |
September 30, 2013
|
||||||
Amortized Cost
|
Estimated Fair Value
|
|||||
(Dollars in thousands)
|
||||||
Available for Sale
|
||||||
Due in one year or less
|
$ | 70,174 | $ | 70,587 | ||
Due after one year through five years
|
136,515 | 138,509 | ||||
Due after five years through ten years
|
119,674 | 116,767 | ||||
Due after ten years
|
131,595 | 122,556 | ||||
Mortage-backed securities
|
1,057,457 | 1,052,691 | ||||
Other
|
742 | 838 | ||||
Total
|
$ | 1,516,157 | $ | 1,501,948 | ||
Held to Maturity
|
||||||
Mortage-backed securities
|
$ | 255,663 | $ | 245,519 |
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 September 30, 2013:
|
||||||||||||||||||||||||
Debt securities:
|
||||||||||||||||||||||||
States and political subdivisions
|
$ | 171,260 | $ | (11,074 | ) | $ | - | $ | - | $ | 171,260 | $ | (11,074 | ) | ||||||||||
Corporations
|
68,445 | (1,702 | ) | - | - | 68,445 | (1,702 | ) | ||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
U.S. Government sponsored entities
|
697,996 | (22,047 | ) | - | - | 697,996 | (22,047 | ) | ||||||||||||||||
Non-agency collateralized mortgage obligations
|
59,187 | (4,376 | ) | - | - | 59,187 | (4,376 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 996,888 | $ | (39,199 | ) | $ | - | $ | - | $ | 996,888 | $ | (39,199 | ) | ||||||||||
At December 31, 2012:
|
||||||||||||||||||||||||
Debt securities:
|
||||||||||||||||||||||||
States and political subdivisions
|
$ | 73,128 | $ | (1,194 | ) | $ | - | $ | - | $ | 73,128 | $ | (1,194 | ) | ||||||||||
Corporations
|
23,205 | (63 | ) | - | - | 23,205 | (63 | ) | ||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
U.S. Government sponsored entities
|
206,981 | (1,538 | ) | - | - | 206,981 | (1,538 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 303,314 | $ | (2,795 | ) | $ | - | $ | - | $ | 303,314 | $ | (2,795 | ) |
·
|
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.
|
September 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Commercial, financial and agricultural
|
$ | 367,923 | $ | 246,278 | ||||
Real estate:
|
||||||||
Construction
|
73,387 | 96,240 | ||||||
Mortgage - residential
|
1,195,847 | 1,035,273 | ||||||
Mortgage - commercial
|
614,860 | 673,506 | ||||||
Consumer
|
226,338 | 143,387 | ||||||
Leases
|
6,539 | 10,504 | ||||||
2,484,894 | 2,205,188 | |||||||
Unearned income
|
(576 | ) | (1,244 | ) | ||||
Total loans and leases
|
$ | 2,484,318 | $ | 2,203,944 |
Commercial,
|
Real estate
|
||||||||||||||||||||
Financial & Agricultural
|
Construction
|
Mortgage - Residential
|
Mortgage - Commercial
|
Consumer
|
Leases
|
Total
|
|||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
September 30, 2013
|
|||||||||||||||||||||
Allowance for loan and lease losses:
|
|||||||||||||||||||||
Ending balance attributable to loans:
|
|||||||||||||||||||||
Individually evaluated for impairment
|
$ | 403 | $ | 1,576 | $ | - | $ | - | $ | - | $ | - | $ | 1,979 | |||||||
Collectively evaluated for impairment
|
12,534 | 2,945 | 26,782 | 30,112 | 4,820 | 56 | 77,249 | ||||||||||||||
12,937 | 4,521 | 26,782 | 30,112 | 4,820 | 56 | 79,228 | |||||||||||||||
Unallocated
|
6,000 | ||||||||||||||||||||
Total ending balance
|
$ | 12,937 | $ | 4,521 | $ | 26,782 | $ | 30,112 | $ | 4,820 | $ | 56 | $ | 85,228 | |||||||
Loans and leases:
|
|||||||||||||||||||||
Individually evaluated for impairment
|
$ | 3,945 | $ | 20,638 | $ | 36,298 | $ | 20,418 | $ | - | $ | - | $ | 81,299 | |||||||
Collectively evaluated for impairment
|
363,978 | 52,749 | 1,159,549 | 594,442 | 226,338 | 6,539 | 2,403,595 | ||||||||||||||
367,923 | 73,387 | 1,195,847 | 614,860 | 226,338 | 6,539 | 2,484,894 | |||||||||||||||
Unearned income
|
307 | (184 | ) | 1,116 | (1,065 | ) | (750 | ) | - | (576 | ) | ||||||||||
Total ending balance
|
$ | 368,230 | $ | 73,203 | $ | 1,196,963 | $ | 613,795 | $ | 225,588 | $ | 6,539 | $ | 2,484,318 | |||||||
December 31, 2012
|
|||||||||||||||||||||
Allowance for loan and lease losses:
|
|||||||||||||||||||||
Ending balance attributable to loans:
|
|||||||||||||||||||||
Individually evaluated for impairment
|
$ | 882 | $ | 1,582 | $ | 272 | $ | 270 | $ | - | $ | 5 | $ | 3,011 | |||||||
Collectively evaluated for impairment
|
4,105 | 2,928 | 29,638 | 48,230 | 2,421 | 80 | 87,402 | ||||||||||||||
4,987 | 4,510 | 29,910 | 48,500 | 2,421 | 85 | 90,413 | |||||||||||||||
Unallocated
|
6,000 | ||||||||||||||||||||
Total ending balance
|
$ | 4,987 | $ | 4,510 | $ | 29,910 | $ | 48,500 | $ | 2,421 | $ | 85 | $ | 96,413 | |||||||
Loans and leases:
|
|||||||||||||||||||||
Individually evaluated for impairment
|
$ | 3,957 | $ | 48,264 | $ | 42,865 | $ | 15,911 | $ | - | $ | 95 | $ | 111,092 | |||||||
Collectively evaluated for impairment
|
242,321 | 47,976 | 992,408 | 657,595 | 143,387 | 10,409 | 2,094,096 | ||||||||||||||
246,278 | 96,240 | 1,035,273 | 673,506 | 143,387 | 10,504 | 2,205,188 | |||||||||||||||
Unearned income
|
(60 | ) | (46 | ) | 124 | (1,258 | ) | (4 | ) | - | (1,244 | ) | |||||||||
Total ending balance
|
$ | 246,218 | $ | 96,194 | $ | 1,035,397 | $ | 672,248 | $ | 143,383 | $ | 10,504 | $ | 2,203,944 |
Unpaid Principal Balance
|
Recorded Investment
|
Allowance Allocated
|
||||||||||
(Dollars in thousands)
|
||||||||||||
September 30, 2013
|
||||||||||||
Impaired loans with no related allowance recorded:
|
||||||||||||
Commercial, financial & agricultural
|
$ | 980 | $ | 980 | $ | - | ||||||
Real estate:
|
||||||||||||
Construction
|
15,429 | 9,043 | - | |||||||||
Mortgage - residential
|
42,191 | 36,298 | - | |||||||||
Mortgage - commercial
|
26,395 | 20,418 | - | |||||||||
Total impaired loans with no related allowance recorded
|
84,995 | 66,739 | - | |||||||||
Impaired loans with an allowance recorded:
|
||||||||||||
Commercial, financial & agricultural
|
4,445 | 2,965 | 403 | |||||||||
Real estate:
|
||||||||||||
Construction
|
13,672 | 11,595 | 1,576 | |||||||||
Total impaired loans with an allowance recorded
|
18,117 | 14,560 | 1,979 | |||||||||
Total
|
$ | 103,112 | $ | 81,299 | $ | 1,979 | ||||||
December 31, 2012
|
||||||||||||
Impaired loans with no related allowance recorded:
|
||||||||||||
Commercial, financial & agricultural
|
$ | 1,225 | $ | 526 | $ | - | ||||||
Real estate:
|
||||||||||||
Construction
|
52,352 | 36,664 | - | |||||||||
Mortgage - residential
|
47,364 | 41,894 | - | |||||||||
Mortgage - commercial
|
13,616 | 13,211 | - | |||||||||
Total impaired loans with no related allowance recorded
|
114,557 | 92,295 | - | |||||||||
Impaired loans with an allowance recorded:
|
||||||||||||
Commercial, financial & agricultural
|
4,807 | 3,431 | 882 | |||||||||
Real estate:
|
||||||||||||
Construction
|
13,678 | 11,600 | 1,582 | |||||||||
Mortgage - residential
|
1,935 | 971 | 272 | |||||||||
Mortgage - commercial
|
3,939 | 2,700 | 270 | |||||||||
Leases
|
95 | 95 | 5 | |||||||||
Total impaired loans with an allowance recorded
|
24,454 | 18,797 | 3,011 | |||||||||
Total
|
$ | 139,011 | $ | 111,092 | $ | 3,011 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||||||||||||||||
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||
Commercial, financial
|
||||||||||||||||||||||||||||||
& agricultural
|
$ | 4,104 | $ | 6 | $ | 3,956 | $ | 1 | $ | 4,189 | $ | 18 | $ | 3,304 | $ | 30 | ||||||||||||||
Real estate:
|
||||||||||||||||||||||||||||||
Construction
|
20,812 | 942 | 48,412 | 83 | 28,149 | 1,409 | 58,893 | 728 | ||||||||||||||||||||||
Mortgage - residential
|
36,228 | 24 | 46,036 | 120 | 38,909 | 352 | 48,418 | 298 | ||||||||||||||||||||||
Mortgage - commercial
|
19,436 | 441 | 17,994 | 162 | 22,286 | 623 | 19,589 | 330 | ||||||||||||||||||||||
Leases
|
- | - | 252 | - | 43 | - | 135 | - | ||||||||||||||||||||||
Total
|
$ | 80,580 | $ | 1,413 | $ | 116,650 | $ | 366 | $ | 93,576 | $ | 2,402 | $ | 130,339 | $ | 1,386 |
Accruing Loans 30 - 59 Days Past Due
|
Accruing Loans 60 - 89 Days Past Due
|
Accruing Loans
Greater Than 90
Days Past Due
|
Nonaccrual
Loans
|
Total Past
Due and
Nonaccrual
|
Loans and
Leases Not
Past Due
|
Total
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
September 30, 2013
|
||||||||||||||||||||
Commercial, financial | ||||||||||||||||||||
& agricultural
|
$ | 245 | $ | 104 | $ | - | $ | 3,529 | $ | 3,878 | $ | 364,352 | $ | 368,230 | ||||||
Real estate:
|
||||||||||||||||||||
Construction
|
- | - | - | 16,497 | 16,497 | 56,706 | 73,203 | |||||||||||||
Mortgage - residential
|
485 | 1,893 | 19 | 20,703 | 23,100 | 1,173,863 | 1,196,963 | |||||||||||||
Mortgage - commercial
|
240 | - | - | 12,559 | 12,799 | 600,996 | 613,795 | |||||||||||||
Consumer
|
528 | 140 | 18 | - | 686 | 224,902 | 225,588 | |||||||||||||
Leases
|
- | - | - | - | - | 6,539 | 6,539 | |||||||||||||
Total
|
$ | 1,498 | $ | 2,137 | $ | 37 | $ | 53,288 | $ | 56,960 | $ | 2,427,358 | $ | 2,484,318 | ||||||
December 31, 2012
|
||||||||||||||||||||
Commercial, financial | ||||||||||||||||||||
& agricultural
|
$ | 123 | $ | 139 | $ | - | $ | 3,510 | $ | 3,772 | $ | 242,446 | $ | 246,218 | ||||||
Real estate:
|
||||||||||||||||||||
Construction
|
124 | - | - | 38,742 | 38,866 | 57,328 | 96,194 | |||||||||||||
Mortgage - residential
|
8,330 | 590 | 387 | 27,499 | 36,806 | 998,591 | 1,035,397 | |||||||||||||
Mortgage - commercial
|
219 | - | - | 9,487 | 9,706 | 662,542 | 672,248 | |||||||||||||
Consumer
|
249 | 169 | 116 | - | 534 | 142,849 | 143,383 | |||||||||||||
Leases
|
- | - | - | 94 | 94 | 10,410 | 10,504 | |||||||||||||
Total
|
$ | 9,045 | $ | 898 | $ | 503 | $ | 79,332 | $ | 89,778 | $ | 2,114,166 | $ | 2,203,944 |
Number of Contracts
|
Recorded Investment (as of period end)
|
Increase in
the Allowance
|
||||||||
(Dollars in thousands)
|
||||||||||
Three months ended September 30, 2013
|
||||||||||
Real estate:
|
||||||||||
Mortgage - residential
|
1 | $ | 241 | $ | - | |||||
Mortgage - commercial
|
1 | 9,099 | - | |||||||
Total
|
2 | $ | 9,340 | $ | - | |||||
Three months ended September 30, 2012
|
||||||||||
Commercial, financial & agricultural
|
1 | $ | 457 | $ | - | |||||
Real estate:
|
||||||||||
Construction
|
4 | 9,838 | - | |||||||
Mortgage - residential
|
3 | 1,226 | 155 | |||||||
Total
|
8 | $ | 11,521 | $ | 155 | |||||
Nine months ended September 30, 2013
|
||||||||||
Commercial, financial & agricultural
|
1 | $ | 564 | $ | - | |||||
Real estate:
|
||||||||||
Construction
|
1 | 184 | - | |||||||
Mortgage - residential
|
4 | 1,860 | - | |||||||
Mortgage - commercial
|
1 | 9,099 | - | |||||||
Total
|
7 | $ | 11,707 | $ | - | |||||
Nine months ended September 30, 2012
|
||||||||||
Real estate:
|
||||||||||
Construction
|
2 | $ | 10,593 | $ | 3,014 | |||||
Mortgage - residential
|
26 | 9,635 | 447 | |||||||
Total
|
28 | $ | 20,228 | $ | 3,461 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
Number of Contracts
|
Recorded Investment (as of period end)
|
Number of Contracts
|
Recorded Investment (as of period end)
|
Number of Contracts
|
Recorded Investment (as of period end)
|
Number of Contracts
|
Recorded Investment (as of period end)
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||
Commercial, financial
|
|||||||||||||||||||
& agricultural
|
- | $ | - | - | $ | - | 1 | $ | 564 | - | $ | - | |||||||
Real estate:
|
|||||||||||||||||||
Construction
|
- | - | 3 | 4,668 | 1 | 184 | 7 | 6,207 | |||||||||||
Mortgage - residential
|
- | - | 1 | 93 | 3 | 1,330 | 4 | 878 | |||||||||||
Mortgage - commercial
|
- | - | - | - | - | - | 2 | 6,212 | |||||||||||
Total
|
- | $ | - | 4 | $ | 4,761 | 5 | $ | 2,078 | 13 | $ | 13,297 |
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Less: Unearned Income
|
Total
|
||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||
September 30, 2013
|
||||||||||||||||||||||||||
Commercial, financial
|
||||||||||||||||||||||||||
& agricultural
|
$ | 355,519 | $ | 6,308 | $ | 6,096 | $ | - | $ | - | $ | (307 | ) | $ | 368,230 | |||||||||||
Real estate:
|
||||||||||||||||||||||||||
Construction
|
53,736 | - | 19,651 | - | - | 184 | 73,203 | |||||||||||||||||||
Mortgage - residential
|
1,171,598 | 1,044 | 23,205 | - | - | (1,116 | ) | 1,196,963 | ||||||||||||||||||
Mortgage - commercial
|
555,679 | 24,081 | 35,100 | - | - | 1,065 | 613,795 | |||||||||||||||||||
Consumer
|
226,301 | - | 37 | - | - | 750 | 225,588 | |||||||||||||||||||
Leases
|
6,539 | - | - | - | - | - | 6,539 | |||||||||||||||||||
Total
|
$ | 2,369,372 | $ | 31,433 | $ | 84,089 | $ | - | $ | - | $ | 576 | $ | 2,484,318 | ||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||
Commercial, financial
|
||||||||||||||||||||||||||
& agricultural
|
$ | 232,062 | $ | 6,609 | $ | 7,607 | $ | - | $ | - | $ | 60 | $ | 246,218 | ||||||||||||
Real estate:
|
||||||||||||||||||||||||||
Construction
|
42,619 | 9,635 | 43,986 | - | - | 46 | 96,194 | |||||||||||||||||||
Mortgage - residential
|
1,003,268 | 1,109 | 30,896 | - | - | (124 | ) | 1,035,397 | ||||||||||||||||||
Mortgage - commercial
|
577,638 | 65,114 | 30,754 | - | - | 1,258 | 672,248 | |||||||||||||||||||
Consumer
|
143,258 | - | 129 | - | - | 4 | 143,383 | |||||||||||||||||||
Leases
|
9,860 | 274 | 370 | - | - | - | 10,504 | |||||||||||||||||||
Total
|
$ | 2,008,705 | $ | 82,741 | $ | 113,742 | $ | - | $ | - | $ | 1,244 | $ | 2,203,944 |
Commercial,
|
Real estate
|
||||||||||||||||||||||||||||||
Financial &
|
Mortgage -
|
Mortgage -
|
|||||||||||||||||||||||||||||
Aagricultural
|
Construction
|
Residential
|
Commercial
|
Consumer
|
Leases
|
Unallocated
|
Total
|
||||||||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013
|
|||||||||||||||||||||||||||||||
Beginning balance
|
$ | 9,653 | $ | 6,460 | $ | 25,613 | $ | 35,461 | $ | 3,848 | $ | 70 | $ | 6,000 | $ | 87,105 | |||||||||||||||
Provision (credit) for loan | |||||||||||||||||||||||||||||||
and lease losses
|
3,385 | (2,505 | ) | 1,141 | (6,486 | ) | 1,292 | (16 | ) | - | (3,189 | ) | |||||||||||||||||||
13,038 | 3,955 | 26,754 | 28,975 | 5,140 | 54 | 6,000 | 83,916 | ||||||||||||||||||||||||
Charge-offs
|
360 | 3 | 63 | - | 466 | - | - | 892 | |||||||||||||||||||||||
Recoveries
|
259 | 569 | 91 | 1,137 | 146 | 2 | - | 2,204 | |||||||||||||||||||||||
Net charge-offs (recoveries)
|
101 | (566 | ) | (28 | ) | (1,137 | ) | 320 | (2 | ) | - | (1,312 | ) | ||||||||||||||||||
Ending balance
|
$ | 12,937 | $ | 4,521 | $ | 26,782 | $ | 30,112 | $ | 4,820 | $ | 56 | $ | 6,000 | $ | 85,228 | |||||||||||||||
Three Months Ended September 30, 2012
|
|||||||||||||||||||||||||||||||
Beginning balance
|
$ | 6,262 | $ | 12,331 | $ | 29,821 | $ | 47,242 | $ | 2,008 | $ | 150 | $ | 6,000 | $ | 103,814 | |||||||||||||||
Provision (credit) for loan | |||||||||||||||||||||||||||||||
and lease losses
|
(465 | ) | (3,127 | ) | 2,981 | (4,780 | ) | 434 | (25 | ) | - | (4,982 | ) | ||||||||||||||||||
5,797 | 9,204 | 32,802 | 42,462 | 2,442 | 125 | 6,000 | 98,832 | ||||||||||||||||||||||||
Charge-offs
|
476 | 1,813 | 757 | - | 398 | - | - | 3,444 | |||||||||||||||||||||||
Recoveries
|
208 | 353 | 236 | 472 | 269 | 2 | - | 1,540 | |||||||||||||||||||||||
Net charge-offs (recoveries)
|
268 | 1,460 | 521 | (472 | ) | 129 | (2 | ) | - | 1,904 | |||||||||||||||||||||
Ending balance
|
$ | 5,529 | $ | 7,744 | $ | 32,281 | $ | 42,934 | $ | 2,313 | $ | 127 | $ | 6,000 | $ | 96,928 | |||||||||||||||
Nine Months Ended September 30, 2013
|
|||||||||||||||||||||||||||||||
Beginning balance
|
$ | 4,987 | $ | 4,510 | $ | 29,910 | $ | 48,500 | $ | 2,421 | $ | 85 | $ | 6,000 | $ | 96,413 | |||||||||||||||
Provision (credit) for loan | |||||||||||||||||||||||||||||||
and lease losses
|
9,230 | (2,432 | ) | (2,836 | ) | (16,808 | ) | 2,903 | (34 | ) | - | (9,977 | ) | ||||||||||||||||||
14,217 | 2,078 | 27,074 | 31,692 | 5,324 | 51 | 6,000 | 86,436 | ||||||||||||||||||||||||
Charge-offs
|
2,201 | 358 | 857 | 3,674 | 1,023 | - | - | 8,113 | |||||||||||||||||||||||
Recoveries
|
921 | 2,801 | 565 | 2,094 | 519 | 5 | - | 6,905 | |||||||||||||||||||||||
Net charge-offs (recoveries)
|
1,280 | (2,443 | ) | 292 | 1,580 | 504 | (5 | ) | - | 1,208 | |||||||||||||||||||||
Ending balance
|
$ | 12,937 | $ | 4,521 | $ | 26,782 | $ | 30,112 | $ | 4,820 | $ | 56 | $ | 6,000 | $ | 85,228 | |||||||||||||||
Nine Months Ended September 30, 2012
|
|||||||||||||||||||||||||||||||
Beginning balance
|
$ | 6,110 | $ | 28,630 | $ | 32,736 | $ | 47,729 | $ | 2,335 | $ | 553 | $ | 4,000 | $ | 122,093 | |||||||||||||||
Provision (credit) for loan | |||||||||||||||||||||||||||||||
and lease losses
|
1,661 | (15,255 | ) | 60 | (4,951 | ) | 286 | (403 | ) | 2,000 | (16,602 | ) | |||||||||||||||||||
7,771 | 13,375 | 32,796 | 42,778 | 2,621 | 150 | 6,000 | 105,491 | ||||||||||||||||||||||||
Charge-offs
|
3,552 | 7,154 | 1,130 | 320 | 1,147 | 28 | - | 13,331 | |||||||||||||||||||||||
Recoveries
|
1,310 | 1,523 | 615 | 476 | 839 | 5 | - | 4,768 | |||||||||||||||||||||||
Net charge-offs (recoveries)
|
2,242 | 5,631 | 515 | (156 | ) | 308 | 23 | - | 8,563 | ||||||||||||||||||||||
Ending balance
|
$ | 5,529 | $ | 7,744 | $ | 32,281 | $ | 42,934 | $ | 2,313 | $ | 127 | $ | 6,000 | $ | 96,928 |
Core
|
Mortgage
|
|||||||||||
Deposit
|
Servicing
|
|||||||||||
Premium
|
Rights
|
Total
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Balance, beginning of period
|
$ | 15,378 | $ | 22,121 | $ | 37,499 | ||||||
Additions
|
- | 2,116 | 2,116 | |||||||||
Amortization
|
(2,006 | ) | (3,988 | ) | (5,994 | ) | ||||||
Balance, end of period
|
$ | 13,372 | $ | 20,249 | $ | 33,621 |
Nine Months Ended September 30,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Fair market value, beginning of period
|
$ | 22,356 | $ | 23,149 | ||||
Fair market value, end of period
|
20,763 | 22,894 | ||||||
Weighted average discount rate
|
8.0 | % | 8.0 | % | ||||
Weighted average prepayment speed assumption
|
14.2 | 14.4 |
September 30, 2013
|
December 31, 2012
|
||||||||||||||||||||||
Gross
|
Gross
|
||||||||||||||||||||||
Carrying
|
Accumulated
|
Carrying
|
Accumulated
|
||||||||||||||||||||
Value
|
Amortization
|
Net
|
Value
|
Amortization
|
Net
|
||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||
Core deposit premium
|
$ | 44,642 | $ | (31,270 | ) | $ | 13,372 | $ | 44,642 | $ | (29,264 | ) | $ | 15,378 | |||||||||
Mortgage servicing rights
|
53,855 | (33,606 | ) | 20,249 | 51,739 | (29,618 | ) | 22,121 | |||||||||||||||
Customer relationships
|
- | - | - | 1,400 | (1,400 | ) | - | ||||||||||||||||
Non-compete agreements
|
- | - | - | 300 | (300 | ) | - | ||||||||||||||||
$ | 98,497 | $ | (64,876 | ) | $ | 33,621 | $ | 98,081 | $ | (60,582 | ) | $ | 37,499 |
Estimated Amortization Expense
|
|||||||||||
Core |
Mortgage
|
||||||||||
Deposit
|
Servicing
|
||||||||||
Premium
|
Rights
|
Total
|
|||||||||
(Dollars in thousands)
|
|||||||||||
2013 (remainder)
|
$ | 669 | $ | 756 | $ | 1,425 | |||||
2014
|
2,674 | 2,574 | 5,248 | ||||||||
2015
|
2,674 | 1,821 | 4,495 | ||||||||
2016
|
2,674 | 1,268 | 3,942 | ||||||||
2017
|
2,674 | 837 | 3,511 | ||||||||
2018
|
2,007 | 505 | 2,512 | ||||||||
Thereafter
|
- | 12,488 | 12,488 | ||||||||
$ | 13,372 | $ | 20,249 | $ | 33,621 |
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||
Derivatives Not Designated
as Hedging Instruments
|
Balance Sheet
Location
|
Fair Value at
September 30, 2013
|
Fair Value at
December 31, 2012
|
Fair Value at
September 30, 2013
|
Fair Value at
December 31, 2012
|
||||||||||
(Dollars in thousands)
|
|||||||||||||||
Interest rate contracts
|
Other assets /
|
||||||||||||||
other liabilities
|
$ | 986 | $ | 303 | $ | 732 | $ | 551 |
Derivatives in Cash Flow
Hedging Relationship
|
Amount of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion)
|
|||
(Dollars in thousands)
|
||||
Three Months Ended September 30, 2013
|
||||
Interest rate contracts
|
$ | - | ||
Three Months Ended September 30, 2012
|
||||
Interest rate contracts
|
3 | |||
Nine Months Ended September 30, 2013
|
||||
Interest rate contracts
|
(394 | ) | ||
Nine Months Ended September 30, 2012
|
||||
Interest rate contracts
|
934 |
Derivatives Not in Cash Flow
Hedging Relationship
|
Location of Gain Recognized
in Earnings on Derivatives
|
Amount of Gain
Recognized in Earnings
on Derivatives
|
|||
(Dollars in thousands)
|
|||||
Three Months Ended September 30, 2013
|
|||||
Interest rate contracts
|
Other operating income
|
$ | 1,034 | ||
Three Months Ended September 30, 2012
|
|||||
Interest rate contracts
|
Other operating income
|
488 | |||
Nine Months Ended September 30, 2013
|
|||||
Interest rate contracts
|
Other operating income
|
503 | |||
Nine Months Ended September 30, 2012
|
|||||
Interest rate contracts
|
Other operating income
|
1,217 |
Weighted Average
|
||||||
Grant Date
|
||||||
Shares
|
Fair Value
|
|||||
Nonvested at January 1, 2013
|
1,098,806 | $ | 14.61 | |||
Changes during the period:
|
||||||
Granted
|
111,542 | 15.69 | ||||
Vested
|
(279,104 | ) | 14.65 | |||
Forfeited
|
(53,967 | ) | 14.68 | |||
Nonvested at September 30, 2013
|
877,277 | 14.73 |
Before Tax
|
Tax Effect
|
Net of Tax
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Three Months Ended September 30, 2013
|
||||||||||||
Net unrealized gain on investment securities:
|
||||||||||||
Net unrealized gain arising during the period
|
$ | 5,476 | $ | 2,809 | $ | 2,667 | ||||||
Net unrealized gain on investment securities
|
5,476 | 2,809 | 2,667 | |||||||||
Defined benefit plans:
|
||||||||||||
Amortization of accumulated benefit plan losses
|
617 | 248 | 369 | |||||||||
Amortization of unrecognized transition obligations
|
4 | 1 | 3 | |||||||||
Amortization of prior service cost
|
5 | 2 | 3 | |||||||||
Defined benefit plans, net
|
626 | 251 | 375 | |||||||||
Other comprehensive income
|
$ | 6,102 | $ | 3,060 | $ | 3,042 | ||||||
Three Months Ended September 30, 2012
|
||||||||||||
Net unrealized gain on investment securities:
|
||||||||||||
Net unrealized gain arising during the period
|
$ | 9,444 | $ | - | $ | 9,444 | ||||||
Less: Reclassification adjustment for gain realized in net income
|
(1,382 | ) | - | (1,382 | ) | |||||||
Net unrealized gain on investment securities
|
8,062 | - | 8,062 | |||||||||
Net unrealized loss on derivatives:
|
||||||||||||
Reclassification adjustment for gain realized in net income
|
(3 | ) | - | (3 | ) | |||||||
Net unrealized loss on derivatives
|
(3 | ) | - | (3 | ) | |||||||
Defined benefit plans:
|
||||||||||||
Amortization of accumulated benefit plan losses
|
580 | - | 580 | |||||||||
Amortization of unrecognized transition obligations
|
4 | - | 4 | |||||||||
Amortization of prior service cost
|
4 | - | 4 | |||||||||
Defined benefit plans, net
|
588 | - | 588 | |||||||||
Other comprehensive income
|
$ | 8,647 | $ | - | $ | 8,647 |
Before Tax
|
Tax Effect
|
Net of Tax
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Nine Months Ended September 30, 2013
|
||||||||||||
Net unrealized loss on investment securities:
|
||||||||||||
Net unrealized loss arising during the period
|
$ | (38,924 | ) | $ | (13,668 | ) | $ | (25,256 | ) | |||
Net unrealized loss on investment securities
|
(38,924 | ) | (13,668 | ) | (25,256 | ) | ||||||
Net unrealized gain on derivatives:
|
||||||||||||
Reclassification adjustment for loss realized in net income
|
394 | (10,599 | ) | 10,993 | ||||||||
Net unrealized gain on derivatives
|
394 | (10,599 | ) | 10,993 | ||||||||
Defined benefit plans:
|
||||||||||||
Amortization of accumulated benefit plan losses
|
1,851 | 496 | 1,355 | |||||||||
Amortization of unrecognized transition obligations
|
12 | 3 | 9 | |||||||||
Amortization of prior service cost
|
15 | 4 | 11 | |||||||||
Defined benefit plans, net
|
1,878 | 503 | 1,375 | |||||||||
Other comprehensive loss
|
$ | (36,652 | ) | $ | (23,764 | ) | $ | (12,888 | ) | |||
Nine Months Ended September 30, 2012
|
||||||||||||
Net unrealized gain on investment securities:
|
||||||||||||
Net unrealized gain arising during the period
|
$ | 7,660 | $ | - | $ | 7,660 | ||||||
Less: Reclassification adjustment for gain realized in net income
|
(1,382 | ) | - | (1,382 | ) | |||||||
Net unrealized gain on investment securities
|
6,278 | - | 6,278 | |||||||||
Net unrealized loss on derivatives:
|
||||||||||||
Reclassification adjustment for gain realized in net income
|
(934 | ) | - | (934 | ) | |||||||
Net unrealized loss on derivatives
|
(934 | ) | - | (934 | ) | |||||||
Defined benefit plans:
|
||||||||||||
Amortization of accumulated benefit plan losses
|
1,740 | - | 1,740 | |||||||||
Amortization of unrecognized transition obligations
|
12 | - | 12 | |||||||||
Amortization of prior service cost
|
13 | - | 13 | |||||||||
Defined benefit plans, net
|
1,765 | - | 1,765 | |||||||||
Other comprehensive income
|
$ | 7,109 | $ | - | $ | 7,109 |
Defined
|
Accumulated Other
|
||||||||||||||
Investment
|
Benefit
|
Comprehensive
|
|||||||||||||
Securities
|
Derivatives
|
Plans
|
Income (Loss)
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||
Three Months Ended September 30, 2013
|
|||||||||||||||
Balance at beginning of period
|
$ | (5,183 | ) | $ | - | $ | (11,577 | ) | $ | (16,760 | ) | ||||
Other comprehensive income before reclassifications
|
2,667 | - | - | 2,667 | |||||||||||
Amounts reclassified from AOCI
|
- | - | 375 | 375 | |||||||||||
Total other comprehensive income
|
2,667 | - | 375 | 3,042 | |||||||||||
Balance at end of period
|
$ | (2,516 | ) | $ | - | $ | (11,202 | ) | $ | (13,718 | ) | ||||
Three Months Ended September 30, 2012
|
|||||||||||||||
Balance at beginning of period
|
$ | 22,227 | $ | (11,490 | ) | $ | (10,111 | ) | $ | 626 | |||||
Other comprehensive income before reclassifications
|
9,444 | - | - | 9,444 | |||||||||||
Amounts reclassified from AOCI
|
(1,382 | ) | (3 | ) | 588 | (797 | ) | ||||||||
Total other comprehensive income (loss)
|
8,062 | (3 | ) | 588 | 8,647 | ||||||||||
Balance at end of period
|
$ | 30,289 | $ | (11,493 | ) | $ | (9,523 | ) | $ | 9,273 | |||||
Nine Months Ended September 30, 2013
|
|||||||||||||||
Balance at beginning of period
|
$ | 22,740 | $ | (10,993 | ) | $ | (12,577 | ) | $ | (830 | ) | ||||
Other comprehensive loss before reclassifications
|
(25,256 | ) | - | - | (25,256 | ) | |||||||||
Amounts reclassified from AOCI
|
- | 10,993 | 1,375 | 12,368 | |||||||||||
Total other comprehensive income (loss)
|
(25,256 | ) | 10,993 | 1,375 | (12,888 | ) | |||||||||
Balance at end of period
|
$ | (2,516 | ) | $ | - | $ | (11,202 | ) | $ | (13,718 | ) | ||||
Nine Months Ended September 30, 2012
|
|||||||||||||||
Balance at beginning of period
|
$ | 24,011 | $ | (10,559 | ) | $ | (11,288 | ) | $ | 2,164 | |||||
Other comprehensive income before reclassifications
|
7,660 | - | - | 7,660 | |||||||||||
Amounts reclassified from AOCI
|
(1,382 | ) | (934 | ) | 1,765 | (551 | ) | ||||||||
Total other comprehensive income (loss)
|
6,278 | (934 | ) | 1,765 | 7,109 | ||||||||||
Balance at end of period
|
$ | 30,289 | $ | (11,493 | ) | $ | (9,523 | ) | $ | 9,273 |
Affected Line Item in
|
||||||||||
Details about AOCI Components
|
Amount Reclassified
|
the Statement Where
|
||||||||
(Dollars in thousands)
|
from AOCI
|
Net Income is Presented
|
||||||||
Three months ended September 30,
|
||||||||||
2013
|
2012
|
|||||||||
Sale of investment securities available for sale
|
||||||||||
$ | - | $ | 1,382 |
Investment securities gain
|
||||||
- | - |
Tax expense
|
||||||||
$ | - | $ | 1,382 |
Net of tax
|
||||||
Unrealized gain on derivatives
|
||||||||||
$ | - | $ | 3 |
Interest income
|
||||||
- | - |
Tax expense
|
||||||||
$ | - | $ | 3 |
Net of tax
|
||||||
Amortization of defined benefit plan items
|
||||||||||
Net actuarial losses
|
$ | (617 | ) | $ | (580 | ) | (1) | |||
Transition obligations
|
(4 | ) | (4 | ) | (1) | |||||
Prior service cost
|
(5 | ) | (4 | ) | (1) | |||||
(626 | ) | (588 | ) |
Total before tax
|
||||||
251 | - |
Tax benefit
|
||||||||
$ | (375 | ) | $ | (588 | ) |
Net of tax
|
||||
Total reclassifications for the period
|
$ | (375 | ) | $ | 797 |
Net of tax
|
||||
Nine months ended September 30,
|
||||||||||
2013 | 2012 | |||||||||
Sale of investment securities available for sale
|
||||||||||
$ | - | $ | 1,382 |
Investment securities gain
|
||||||
- | - |
Tax expense
|
||||||||
$ | - | $ | 1,382 |
Net of tax
|
||||||
Unrealized gain (loss) on derivatives
|
||||||||||
$ | (394 | ) | $ | 934 |
Interest income
|
|||||
(10,599 | ) | - |
Tax expense
|
|||||||
$ | (10,993 | ) | $ | 934 |
Net of tax
|
|||||
Amortization of defined benefit plan items
|
||||||||||
Net actuarial losses
|
$ | (1,851 | ) | $ | (1,740 | ) | (1) | |||
Transition obligations
|
(12 | ) | (12 | ) | (1) | |||||
Prior service cost
|
(15 | ) | (13 | ) | (1) | |||||
(1,878 | ) | (1,765 | ) |
Total before tax
|
||||||
503 | - |
Tax benefit
|
||||||||
$ | (1,375 | ) | $ | (1,765 | ) |
Net of tax
|
||||
Total reclassifications for the period
|
$ | (12,368 | ) | $ | 551 |
Net of tax
|
||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 14 for additional details).
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Interest cost
|
$ | 348 | $ | 398 | $ | 1,044 | $ | 1,194 | ||||||||
Expected return on assets
|
(470 | ) | (447 | ) | (1,410 | ) | (1,341 | ) | ||||||||
Amortization of unrecognized loss
|
599 | 581 | 1,797 | 1,743 | ||||||||||||
Net periodic cost
|
$ | 477 | $ | 532 | $ | 1,431 | $ | 1,596 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Service cost
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Interest cost
|
103 | 107 | 309 | 321 | ||||||||||||
Amortization of unrecognized transition obligation
|
4 | 4 | 12 | 12 | ||||||||||||
Amortization of prior service cost
|
5 | 5 | 15 | 15 | ||||||||||||
Amortization of unrecognized (gain) loss
|
18 | (1 | ) | 54 | (3 | ) | ||||||||||
Net periodic cost
|
$ | 130 | $ | 115 | $ | 390 | $ | 345 |
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
September 30,
|
||||||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||||||
(In thousands, except per share data)
|
|||||||||||||||
Net income
|
$ | 10,204 | $ | 10,721 | $ | 161,780 | $ | 35,011 | |||||||
Weighted average shares outstanding - basic
|
42,028 | 41,764 | 41,934 | 41,704 | |||||||||||
Dilutive effect of employee stock options and awards
|
393 | 166 | 309 | 172 | |||||||||||
Dilutive effect of deferred salary restricted stock units
|
- | 64 | 2 | 64 | |||||||||||
Dilutive effect of Treasury warrants
|
- | 22 | 18 | 21 | |||||||||||
Weighted average shares outstanding - diluted
|
42,421 | 42,016 | 42,263 | 41,961 | |||||||||||
Basic earnings per share
|
$ | 0.24 | $ | 0.26 | $ | 3.86 | $ | 0.84 | |||||||
Diluted earnings per share
|
$ | 0.24 | $ | 0.26 | $ | 3.83 | $ | 0.83 |
Fair Value Measurement Using
|
|||||||||||||||||||
Quoted Prices
|
Significant
|
||||||||||||||||||
in Active
|
Other
|
Significant
|
|||||||||||||||||
Markets for
|
Observable
|
Unobservable
|
|||||||||||||||||
Carrying
|
Estimated
|
Identical Assets
|
Inputs
|
Inputs
|
|||||||||||||||
Amount
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||
September 30, 2013
|
|||||||||||||||||||
Financial assets
|
|||||||||||||||||||
Cash and due from banks
|
$ | 59,400 | $ | 59,400 | $ | 59,400 | $ | - | $ | - | |||||||||
Interest-bearing deposits in other banks
|
37,499 | 37,499 | 37,499 | - | - | ||||||||||||||
Investment securities
|
1,757,611 | 1,747,467 | 838 | 1,737,054 | 9,575 | ||||||||||||||
Loans held for sale
|
12,437 | 12,437 | - | - | 12,437 | ||||||||||||||
Net loans and leases
|
2,399,090 | 2,240,519 | - | 79,320 | 2,161,199 | ||||||||||||||
Accrued interest receivable
|
13,765 | 13,765 | 13,765 | - | - | ||||||||||||||
Financial liabilities
|
|||||||||||||||||||
Deposits:
|
|||||||||||||||||||
Noninterest-bearing deposits
|
878,262 | 878,262 | 878,262 | - | - | ||||||||||||||
Interest-bearing demand and savings deposits
|
1,951,909 | 1,951,909 | 1,951,909 | - | - | ||||||||||||||
Time deposits
|
1,076,093 | 1,077,758 | - | - | 1,077,758 | ||||||||||||||
Short-term debt
|
28,000 | 28,000 | - | 28,000 | - | ||||||||||||||
Long-term debt
|
108,268 | 43,853 | - | 43,853 | - | ||||||||||||||
Accrued interest payable (included in other liabilities)
|
1,277 | 1,277 | 1,277 | - | - | ||||||||||||||
Off-balance sheet financial instruments
|
|||||||||||||||||||
Commitments to extend credit
|
600,240 | 3,001 | - | 3,001 | - | ||||||||||||||
Standby letters of credit and financial guarantees written
|
18,864 | 141 | - | 141 | - | ||||||||||||||
Interest rate options
|
40,090 | 914 | - | 914 | - | ||||||||||||||
Forward interest rate contracts
|
41,492 | (660 | ) | - | (660 | ) | - | ||||||||||||
December 31, 2012
|
|||||||||||||||||||
Financial assets
|
|||||||||||||||||||
Cash and due from banks
|
$ | 56,473 | $ | 56,473 | $ | 56,473 | $ | - | $ | - | |||||||||
Interest-bearing deposits in other banks
|
120,902 | 120,902 | 120,902 | - | - | ||||||||||||||
Investment securities
|
1,698,593 | 1,699,273 | 906 | 1,685,541 | 12,826 | ||||||||||||||
Loans held for sale
|
38,283 | 38,283 | - | - | 38,283 | ||||||||||||||
Net loans and leases
|
2,107,531 | 2,083,514 | - | 108,081 | 1,975,433 | ||||||||||||||
Accrued interest receivable
|
13,896 | 13,896 | 13,896 | - | - | ||||||||||||||
Financial liabilities
|
|||||||||||||||||||
Deposits:
|
|||||||||||||||||||
Noninterest-bearing deposits
|
843,292 | 843,292 | 843,292 | - | - | ||||||||||||||
Interest-bearing demand and savings deposits
|
1,858,849 | 1,858,849 | 1,858,849 | - | - | ||||||||||||||
Time deposits
|
978,631 | 981,059 | - | - | 981,059 | ||||||||||||||
Long-term debt
|
108,281 | 43,156 | - | 43,156 | - | ||||||||||||||
Accrued interest payable (included in other liabilities)
|
13,131 | 13,131 | 13,131 | - | - | ||||||||||||||
Off-balance sheet financial instruments
|
|||||||||||||||||||
Commitments to extend credit
|
554,477 | 2,772 | - | 2,772 | - | ||||||||||||||
Standby letters of credit and financial guarantees written
|
13,813 | 104 | - | 104 | - | ||||||||||||||
Interest rate options
|
67,072 | 106 | - | 106 | - | ||||||||||||||
Forward interest rate contracts
|
49,222 | (353 | ) | - | (353 | ) | - |
·
|
Level 1 – Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.
|
·
|
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
|
·
|
Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that requires the use of significant judgment or estimation.
|
Fair Value at Reporting Date Using
|
||||||||||||||
Quoted Prices
in Active
Markets for
Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
September 30, 2013
|
||||||||||||||
Available for sale securities:
|
||||||||||||||
Debt securities:
|
||||||||||||||
U.S. Government sponsored entities
|
$ | 128,392 | $ | - | $ | 128,392 | $ | - | ||||||
States and political subdivisions
|
180,024 | - | 170,449 | 9,575 | ||||||||||
Corporations
|
140,003 | - | 140,003 | - | ||||||||||
Mortgage-backed securities:
|
||||||||||||||
U.S. Government sponsored entities
|
973,345 | - | 973,345 | - | ||||||||||
Non-agency collateralized mortgage obligations
|
79,346 | - | 79,346 | - | ||||||||||
Other
|
838 | 838 | - | - | ||||||||||
Derivatives:
|
||||||||||||||
Interest rate contracts
|
254 | - | 254 | - | ||||||||||
Total
|
$ | 1,502,202 | $ | 838 | $ | 1,491,789 | $ | 9,575 | ||||||
December 31, 2012
|
||||||||||||||
Available for sale securities:
|
||||||||||||||
Debt securities:
|
||||||||||||||
U.S. Government sponsored entities
|
$ | 280,939 | $ | - | $ | 280,939 | $ | - | ||||||
States and political subdivisions
|
185,911 | - | 173,085 | 12,826 | ||||||||||
Corporations
|
127,946 | - | 127,946 | - | ||||||||||
Mortgage-backed securities:
|
||||||||||||||
U.S. Government sponsored entities
|
941,043 | - | 941,043 | - | ||||||||||
Other
|
906 | 906 | - | - | ||||||||||
Derivatives:
|
||||||||||||||
Interest rate contracts
|
(248 | ) | - | (248 | ) | - | ||||||||
Amended TARP warrant
|
(819 | ) | - | (819 | ) | - | ||||||||
Total
|
$ | 1,535,678 | $ | 906 | $ | 1,521,946 | $ | 12,826 |
Available for sale debt securities - States and political subdivisions
|
||||
(Dollars in thousands)
|
||||
Balance at December 31, 2012
|
$ | 12,826 | ||
Principal payments received
|
(2,736 | ) | ||
Unrealized net loss included in other comprehensive income
|
(589 | ) | ||
Purchases, sales, issuances and settlements, net
|
74 | |||
Balance at September 30, 2013
|
$ | 9,575 | ||
Balance at December 31, 2011
|
$ | 12,994 | ||
Principal payments received
|
(285 | ) | ||
Unrealized net gain included in other comprehensive income
|
304 | |||
Balance at September 30, 2012
|
$ | 13,013 |
Fair Value Measurements Using
|
||||||||||||||
Quoted Prices
in Active
Markets for
Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
September 30, 2013
|
||||||||||||||
Impaired loans (1)
|
$ | 79,320 | $ | - | $ | 79,320 | $ | - | ||||||
Other real estate (2)
|
5,761 | - | 5,761 | - | ||||||||||
December 31, 2012
|
||||||||||||||
Impaired loans (1)
|
$ | 108,081 | $ | - | $ | 108,081 | $ | - | ||||||
Other real estate (2)
|
10,686 | - | 10,686 | - | ||||||||||
(1) Represents carrying value and related write-downs of loans for which adjustments are based on
|
||||||||||||||
agreed upon purchase prices for the loans or the appraised value of the collateral.
|
||||||||||||||
(2) Represents other real estate that is carried at the lower of carrying value or fair value less costs to
|
||||||||||||||
sell. Fair value is generally based upon independent market prices or appraised values of the collateral.
|
Banking
|
||||||||||||||||
Operations
|
Treasury
|
All Others
|
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Three months ended September 30, 2013:
|
||||||||||||||||
Net interest income
|
$ | 25,653 | $ | 8,118 | $ | - | $ | 33,771 | ||||||||
Intersegment net interest income (expense)
|
2,635 | (5,547 | ) | 2,912 | - | |||||||||||
Credit for loan and lease losses
|
3,189 | - | - | 3,189 | ||||||||||||
Other operating income
|
10,578 | 969 | 383 | 11,930 | ||||||||||||
Other operating expense
|
(19,615 | ) | (2,535 | ) | (14,362 | ) | (36,512 | ) | ||||||||
Administrative and overhead expense allocation
|
(14,018 | ) | (227 | ) | 14,245 | - | ||||||||||
Income taxes
|
(1,090 | ) | 28 | (1,112 | ) | (2,174 | ) | |||||||||
Net income
|
$ | 7,332 | $ | 806 | $ | 2,066 | $ | 10,204 | ||||||||
Three months ended September 30, 2012:
|
||||||||||||||||
Net interest income
|
$ | 23,296 | $ | 6,264 | $ | - | $ | 29,560 | ||||||||
Intersegment net interest income (expense)
|
5,222 | (6,801 | ) | 1,579 | - | |||||||||||
Credit for loan and lease losses
|
4,982 | - | - | 4,982 | ||||||||||||
Other operating income
|
14,071 | 1,719 | 139 | 15,929 | ||||||||||||
Other operating expense
|
(25,801 | ) | (494 | ) | (13,455 | ) | (39,750 | ) | ||||||||
Administrative and overhead expense allocation
|
(13,425 | ) | (202 | ) | 13,627 | - | ||||||||||
Net income
|
$ | 8,345 | $ | 486 | $ | 1,890 | $ | 10,721 | ||||||||
Nine months ended September 30, 2013:
|
||||||||||||||||
Net interest income
|
$ | 75,445 | $ | 22,168 | $ | - | $ | 97,613 | ||||||||
Intersegment net interest income (expense)
|
9,852 | (18,935 | ) | 9,083 | - | |||||||||||
Credit for loan and lease losses
|
9,977 | - | - | 9,977 | ||||||||||||
Other operating income
|
39,762 | 2,506 | 504 | 42,772 | ||||||||||||
Other operating expense
|
(59,490 | ) | (3,474 | ) | (41,301 | ) | (104,265 | ) | ||||||||
Administrative and overhead expense allocation
|
(40,421 | ) | (654 | ) | 41,075 | - | ||||||||||
Income taxes
|
118,628 | 331 | (3,276 | ) | 115,683 | |||||||||||
Net income
|
$ | 153,753 | $ | 1,942 | $ | 6,085 | $ | 161,780 | ||||||||
Nine months ended September 30, 2012:
|
||||||||||||||||
Net interest income
|
$ | 69,527 | $ | 20,794 | $ | - | $ | 90,321 | ||||||||
Intersegment net interest income (expense)
|
27,697 | (17,769 | ) | (9,928 | ) | - | ||||||||||
Credit for loan and lease losses
|
16,602 | - | - | 16,602 | ||||||||||||
Other operating income
|
38,772 | 4,257 | (254 | ) | 42,775 | |||||||||||
Other operating expense
|
(69,322 | ) | (1,392 | ) | (43,973 | ) | (114,687 | ) | ||||||||
Administrative and overhead expense allocation
|
(42,950 | ) | (664 | ) | 43,614 | - | ||||||||||
Net income (loss)
|
$ | 40,326 | $ | 5,226 | $ | (10,541 | ) | $ | 35,011 | |||||||
At September 30, 2013:
|
||||||||||||||||
Investment securities
|
$ | - | $ | 1,757,611 | $ | - | $ | 1,757,611 | ||||||||
Loans and leases (including loans held for sale)
|
2,496,755 | - | - | 2,496,755 | ||||||||||||
Other
|
112,442 | 303,422 | 74,253 | 490,117 | ||||||||||||
Total assets
|
$ | 2,609,197 | $ | 2,061,033 | $ | 74,253 | $ | 4,744,483 | ||||||||
At December 31, 2012:
|
||||||||||||||||
Investment securities
|
$ | - | $ | 1,698,593 | $ | - | $ | 1,698,593 | ||||||||
Loans and leases (including loans held for sale)
|
2,242,227 | - | - | 2,242,227 | ||||||||||||
Other
|
(7,267 | ) | 363,815 | 73,000 | 429,548 | |||||||||||
Total assets
|
$ | 2,234,960 | $ | 2,062,408 | $ | 73,000 | $ | 4,370,368 |
·
|
We have continued to maintain a strong capital position with tier 1 risk-based capital, total risk-based capital, and leverage capital ratios as of September 30, 2013 of 21.3%, 22.6%, and 14.0%, respectively, compared to 22.5%, 23.8%, and 14.3%, respectively, as of December 31, 2012. Our capital ratios continue to exceed the levels required for a “well-capitalized” regulatory designation.
|
·
|
We reported eleven consecutive profitable quarters with net income totaling $10.2 million and $161.8 million in the third quarter and first nine months of 2013, respectively, and $47.4 million and $36.6 million for the years ended December 31, 2012 and 2011, respectively.
|
·
|
On October 29, 2013, declared a quarterly cash dividend of $0.08 per share on the Company’s outstanding common shares payable on December 16, 2013 to shareholders of record at the close of business on November 29, 2013. This represents our second consecutive quarterly cash dividend.
|
·
|
Recorded an income tax benefit of $119.8 million in the first quarter of 2013 resulting from the reversal of a significant portion of a valuation allowance that was established against the Company’s net deferred tax assets in the third quarter of 2009.
|
·
|
We reduced our nonperforming assets by $31.0 million to $59.0 million at September 30, 2013 from $90.0 million at December 31, 2012.
|
·
|
We maintained an allowance for loan and lease losses as a percentage of total loans and leases of 3.43% at September 30, 2013, compared to 4.37% at December 31, 2012. In addition, we maintained an allowance for loan and lease losses as a percentage of nonperforming assets of 144.33% at September 30, 2013, compared to 107.10% at December 31, 2012.
|
Repurchase Demands, Appealed, Repurchased and Pending Resolution [1]
|
|||||||||||||||||||||||
Nine Months Ended September 30, 2013
|
|||||||||||||||||||||||
Government Sponsored Entities
|
Non-GSE Investors
|
||||||||||||||||||||||
Vintage
|
Repurchase Demands
|
Appealed
|
Repurchased
|
Pending Resolution
|
Repurchase Demands
|
Appealed
|
Repurchased
|
Pending Resolution
|
|||||||||||||||
2005 and prior
|
- | - | - | - | - | - | - | - | |||||||||||||||
2006
|
1 | 1 | - | - | - | - | - | - | |||||||||||||||
2007
|
6 | 1 | 5 | - | - | - | - | - | |||||||||||||||
2008
|
10 | 6 | 3 | 1 | - | - | - | - | |||||||||||||||
2009
|
2 | 1 | 1 | - | - | - | - | - | |||||||||||||||
2010
|
1 | 1 | - | - | - | - | - | - | |||||||||||||||
2011
|
5 | 1 | - | 4 | - | - | - | - | |||||||||||||||
2012
|
3 | 2 | 1 | - | 2 | 1 | 1 | - | |||||||||||||||
2013
|
- | - | - | - | - | - | - | - | |||||||||||||||
Total
|
28 | 13 | 10 | 5 | 2 | 1 | 1 | - | |||||||||||||||
[1] Based on repurchase requests received between January 1, 2013 and September 30, 2013.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Balance, beginning of period
|
$ | 3,925 | $ | 5,806 | $ | 3,552 | $ | 6,802 | ||||||||
Change in estimate
|
(327 | ) | (1,263 | ) | 5 | (1,421 | ) | |||||||||
Utilizations
|
(226 | ) | (243 | ) | (185 | ) | (1,081 | ) | ||||||||
Balance, end of period
|
$ | 3,372 | $ | 4,300 | $ | 3,372 | $ | 4,300 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(Dollars in thousands, except per share data)
|
2013
|
Diluted EPS
|
2013
|
Diluted EPS
|
||||||||||||
GAAP net income
|
$ | 10,204 | $ | 0.24 | $ | 161,780 | $ | 3.83 | ||||||||
Non-GAAP adjustment:
|
||||||||||||||||
Release of valuation allowance on net deferred tax assets
|
- | - | (119,802 | ) | (2.83 | ) | ||||||||||
Non-GAAP net income
|
$ | 10,204 | $ | 0.24 | $ | 41,978 | $ | 1.00 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Return on average assets
|
0.87 | % | 1.00 | % | 4.73 | % | 1.12 | % | ||||||||
Return on average shareholders' equity
|
6.34 | 8.73 | 35.51 | 9.81 | ||||||||||||
Return on average tangible equity
|
6.48 | 9.04 | 36.37 | 10.19 | ||||||||||||
Basic earnings per common share
|
$ | 0.24 | $ | 0.26 | $ | 3.86 | $ | 0.84 | ||||||||
Diluted earnings per common share
|
0.24 | 0.26 | 3.83 | 0.83 |
Three Months Ended September 30,
|
|||||||||||||||||
2013
|
2012
|
||||||||||||||||
|
|
||||||||||||||||
Average
|
Average
|
Amount
|
Average
|
Average
|
Amount
|
||||||||||||
Balance
|
Yield/Rate
|
of Interest
|
Balance
|
Yield/Rate
|
of Interest
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Interest earning assets:
|
|||||||||||||||||
Interest-bearing deposits in other banks
|
$ | 33,973 | 0.25 | % |
|
$ | 21 | $ | 133,963 | 0.25 | % |
|
$ | 84 | |||
Taxable investment securities (1)
|
1,588,412 | 2.04 | 8,119 | 1,527,572 | 1.74 | 6,645 | |||||||||||
Tax-exempt investment securities (1)
|
177,319 | 3.44 | 1,526 | 106,623 | 4.06 | 1,083 | |||||||||||
Loans and leases, including loans held for sale (2)
|
2,439,459 | 4.31 | 26,414 | 2,132,775 | 4.53 | 24,241 | |||||||||||
Federal Home Loan Bank stock
|
46,989 | 0.10 | 12 | 48,764 | - | - | |||||||||||
Total interest earning assets
|
4,286,152 | 3.36 | 36,092 | 3,949,697 | 3.24 | 32,053 | |||||||||||
Nonearning assets
|
385,384 | 320,800 | |||||||||||||||
Total assets
|
$ | 4,671,536 | $ | 4,270,497 | |||||||||||||
Liabilities and Equity
|
|||||||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||
Interest-bearing demand deposits
|
$ | 730,534 | 0.05 | % |
|
$ | 91 | $ | 630,209 | 0.05 | % |
|
$ | 83 | |||
Savings and money market deposits
|
1,197,911 | 0.08 | 227 | 1,172,065 | 0.08 | 232 | |||||||||||
Time deposits under $100,000
|
278,583 | 0.43 | 302 | 320,516 | 0.55 | 446 | |||||||||||
Time deposits $100,000 and over
|
793,136 | 0.18 | 369 | 680,632 | 0.25 | 423 | |||||||||||
Short-term borrowings
|
3,648 | 0.32 | 3 | - | - | - | |||||||||||
Long-term debt
|
108,269 | 2.92 | 795 | 108,287 | 3.42 | 930 | |||||||||||
Total interest-bearing liabilities
|
3,112,081 | 0.23 | 1,787 | 2,911,709 | 0.29 | 2,114 | |||||||||||
Noninterest-bearing deposits
|
856,410 | 788,743 | |||||||||||||||
Other liabilities
|
57,083 | 69,068 | |||||||||||||||
Total liabilities
|
4,025,574 | 3,769,520 | |||||||||||||||
Shareholders' equity
|
643,874 | 491,011 | |||||||||||||||
Non-controlling interests
|
2,088 | 9,966 | |||||||||||||||
Total equity
|
645,962 | 500,977 | |||||||||||||||
Total liabilities and equity
|
$ | 4,671,536 | $ | 4,270,497 | |||||||||||||
Net interest income
|
$ | 34,305 | $ | 29,939 | |||||||||||||
Net interest margin
|
3.19 | % | 3.02 | % |
Nine Months Ended September 30,
|
|||||||||||||||||
2013
|
2012
|
||||||||||||||||
|
|
||||||||||||||||
Average
|
Average
|
Amount
|
Average
|
Average
|
Amount
|
||||||||||||
Balance
|
Yiled/Rate
|
of Interest
|
Balance
|
Yield/Rate
|
of Interest
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Interest earning assets:
|
|||||||||||||||||
Interest-bearing deposits in other banks
|
$ | 95,381 | 0.25 | % |
|
$ | 178 | $ | 113,968 | 0.25 | % |
|
$ | 212 | |||
Taxable investment securities (1)
|
1,528,169 | 1.97 | 22,534 | 1,531,785 | 1.90 | 21,855 | |||||||||||
Tax-exempt investment securities (1)
|
177,636 | 3.53 | 4,706 | 58,859 | 4.69 | 2,072 | |||||||||||
Loans and leases, including loans held for sale (2)
|
2,341,500 | 4.41 | 77,362 | 2,116,636 | 4.64 | 73,642 | |||||||||||
Federal Home Loan Bank stock
|
47,433 | 0.03 | 12 | 48,786 | - | - | |||||||||||
Total interest earning assets
|
4,190,119 | 3.34 | 104,792 | 3,870,034 | 3.37 | 97,781 | |||||||||||
Nonearning assets
|
374,846 | 308,950 | |||||||||||||||
Total assets
|
$ | 4,564,965 | $ | 4,178,984 | |||||||||||||
Liabilities and Equity
|
|||||||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||
Interest-bearing demand deposits
|
$ | 702,662 | 0.05 | % |
|
$ | 259 | $ | 604,990 | 0.06 | % |
|
$ | 258 | |||
Savings and money market deposits
|
1,183,101 | 0.07 | 663 | 1,159,000 | 0.09 | 783 | |||||||||||
Time deposits under $100,000
|
289,420 | 0.47 | 1,015 | 332,221 | 0.62 | 1,531 | |||||||||||
Time deposits $100,000 and over
|
746,241 | 0.20 | 1,135 | 658,245 | 0.28 | 1,373 | |||||||||||
Short-term borrowings
|
1,230 | 0.32 | 3 | 4 | 0.76 | - | |||||||||||
Long-term debt
|
108,273 | 3.04 | 2,457 | 110,298 | 3.38 | 2,790 | |||||||||||
Total interest-bearing liabilities
|
3,030,927 | 0.24 | 5,532 | 2,864,758 | 0.31 | 6,735 | |||||||||||
Noninterest-bearing deposits
|
841,663 | 756,428 | |||||||||||||||
Other liabilities
|
77,548 | 71,902 | |||||||||||||||
Total liabilities
|
3,950,138 | 3,693,088 | |||||||||||||||
Shareholders' equity
|
607,525 | 475,924 | |||||||||||||||
Non-controlling interests
|
7,302 | 9,972 | |||||||||||||||
Total equity
|
614,827 | 485,896 | |||||||||||||||
Total liabilities and equity
|
$ | 4,564,965 | $ | 4,178,984 | |||||||||||||
Net interest income
|
$ | 99,260 | $ | 91,046 | |||||||||||||
Net interest margin
|
3.16 | % | 3.14 | % | |||||||||||||
(1) At amortized cost.
|
|||||||||||||||||
(2) Includes nonaccrual loans.
|
September 30,
|
December 31,
|
||||||
2013
|
2012
|
||||||
(Dollars in thousands)
|
|||||||
Nonperforming Assets
|
|||||||
Nonaccrual loans (including loans held for sale):
|
|||||||
Commercial, financial and agricultural
|
$ | 3,529 | $ | 3,510 | |||
Real estate:
|
|||||||
Construction
|
16,497 | 38,742 | |||||
Mortgage-residential
|
20,703 | 27,499 | |||||
Mortgage-commercial
|
12,559 | 9,487 | |||||
Leases
|
- | 94 | |||||
Total nonaccrual loans
|
53,288 | 79,332 | |||||
Other real estate:
|
|||||||
Real estate:
|
|||||||
Construction
|
3,769 | 8,105 | |||||
Mortgage-residential
|
1,783 | 2,372 | |||||
Mortgage-commercial
|
209 | 209 | |||||
Total other real estate
|
5,761 | 10,686 | |||||
Total nonperforming assets
|
59,049 | 90,018 | |||||
Accruing loans delinquent for 90 days or more:
|
|||||||
Real estate:
|
|||||||
Mortgage-residential
|
19 | 387 | |||||
Consumer
|
18 | 116 | |||||
Total accruing loans delinquent for 90 days or more
|
37 | 503 | |||||
Restructured loans still accruing interest:
|
|||||||
Commercial, financial and agricultural
|
416 | 447 | |||||
Real estate:
|
|||||||
Construction
|
3,935 | 9,522 | |||||
Mortgage-residential
|
15,595 | 15,366 | |||||
Mortgage-commercial
|
7,859 | 6,425 | |||||
Total restructured loans still accruing interest
|
27,805 | 31,760 | |||||
Total nonperforming assets, accruing loans delinquent for 90
|
|||||||
days or more and restructured loans still accruing interest
|
$ | 86,891 | $ | 122,281 | |||
Total nonperforming assets as a percentage of loans and leases,
|
|||||||
loans held for sale and other real estate
|
2.36 | % | 4.00 | % | |||
Total nonperforming assets and accruing loans delinquent for 90
|
|||||||
days or more as a percentage of loans and leases, loans held for sale
|
|||||||
and other real estate
|
2.36 | % | 4.02 | % | |||
Total nonperforming assets, accruing loans delinquent for 90 days or more
|
|||||||
and restructured loans still accruing interest as a percentage of loans
|
|||||||
and leases, loans held for sale and other real estate
|
3.47 | % | 5.43 | % |
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
September 30,
|
September 30,
|
||||||||||||||
2013
|
2012
|
2013
|
2012
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||
Allowance for loan and lease losses:
|
|||||||||||||||
Balance at beginning of period
|
$ | 87,105 | $ | 103,814 | $ | 96,413 | $ | 122,093 | |||||||
Provision (credit) for loan and lease losses
|
(3,189 | ) | (4,982 | ) | (9,977 | ) | (16,602 | ) | |||||||
Charge-offs:
|
|||||||||||||||
Commercial, financial and agricultural
|
360 | 476 | 2,201 | 3,552 | |||||||||||
Real estate:
|
|||||||||||||||
Construction
|
3 | 1,813 | 358 | 7,154 | |||||||||||
Mortgage-residential
|
63 | 757 | 857 | 1,130 | |||||||||||
Mortgage-commercial
|
- | - | 3,674 | 320 | |||||||||||
Consumer
|
466 | 398 | 1,023 | 1,147 | |||||||||||
Leases
|
- | - | - | 28 | |||||||||||
Total charge-offs
|
892 | 3,444 | 8,113 | 13,331 | |||||||||||
Recoveries:
|
|||||||||||||||
Commercial, financial and agricultural
|
259 | 208 | 921 | 1,310 | |||||||||||
Real estate:
|
|||||||||||||||
Construction
|
569 | 353 | 2,801 | 1,523 | |||||||||||
Mortgage-residential
|
91 | 236 | 565 | 615 | |||||||||||
Mortgage-commercial
|
1,137 | 472 | 2,094 | 476 | |||||||||||
Consumer
|
146 | 269 | 519 | 839 | |||||||||||
Leases
|
2 | 2 | 5 | 5 | |||||||||||
Total recoveries
|
2,204 | 1,540 | 6,905 | 4,768 | |||||||||||
Net charge-offs (recoveries)
|
(1,312 | ) | 1,904 | 1,208 | 8,563 | ||||||||||
Balance at end of period
|
$ | 85,228 | $ | 96,928 | $ | 85,228 | $ | 96,928 | |||||||
Annualized ratio of net charge-offs (recoveries) to average loans
|
(0.22 | )% | 0.36 | % | 0.07 | % | 0.54 | % |
Minimum Required
|
Minimum Required
|
|||||||||||||||||||||
for Capital
|
to be
|
|||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Well Capitalized
|
||||||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Company
|
||||||||||||||||||||||
At September 30, 2013:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 636,057 | 21.3 | % |
|
$ | 119,420 | 4.0 | % |
|
$ | 179,130 | 6.0 | % | ||||||||
Total risk-based capital
|
674,041 | 22.6 | 238,839 | 8.0 | 298,549 | 10.0 | ||||||||||||||||
Leverage capital
|
636,057 | 14.0 | 182,294 | 4.0 | 227,868 | 5.0 | ||||||||||||||||
At December 31, 2012:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 609,394 | 22.5 | % |
|
$ | 108,128 | 4.0 | % |
|
$ | 162,192 | 6.0 | % | ||||||||
Total risk-based capital
|
644,044 | 23.8 | 216,256 | 8.0 | 270,320 | 10.0 | ||||||||||||||||
Leverage capital
|
609,394 | 14.3 | 170,176 | 4.0 | 212,720 | 5.0 | ||||||||||||||||
Central Pacific Bank
|
||||||||||||||||||||||
At September 30, 2013:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 597,527 | 20.1 | % |
|
$ | 118,811 | 4.0 | % |
|
$ | 178,216 | 6.0 | % | ||||||||
Total risk-based capital
|
635,280 | 21.4 | 237,621 | 8.0 | 297,027 | 10.0 | ||||||||||||||||
Leverage capital
|
597,527 | 13.1 | 182,019 | 4.0 | 227,523 | 5.0 | ||||||||||||||||
At December 31, 2012:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 580,860 | 21.5 | % |
|
$ | 108,229 | 4.0 | % |
|
$ | 162,343 | 6.0 | % | ||||||||
Total risk-based capital
|
615,523 | 22.7 | 216,457 | 8.0 | 270,572 | 10.0 | ||||||||||||||||
Leverage capital
|
580,860 | 13.6 | 170,274 | 4.0 | 212,843 | 5.0 |
Exhibit No.
|
Document
|
|
31.1
|
Rule 13a-14(a) Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
31.2
|
Rule 13a-14(a) Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
32.1
|
Section 1350 Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 **
|
|
32.2
|
Section 1350 Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 **
|
|
101.INS
|
XBRL Instance Document*
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document*
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document*
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document*
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document*
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
CENTRAL PACIFIC FINANCIAL CORP.
|
|
(Registrant)
|
|
Date: November 7, 2013
|
/s/ John C. Dean
|
John C. Dean
|
|
President and Chief Executive Officer
|
|
Date: November 7, 2013
|
/s/ Denis K. Isono
|
Denis K. Isono
|
|
Executive Vice President and Chief Financial Officer
|
|
Exhibit No.
|
Description
|
|
31.1
|
Rule 13a-14(a) Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
31.2
|
Rule 13a-14(a) Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
32.1
|
Section 1350 Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 **
|
|
32.2
|
Section 1350 Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 **
|
|
101.INS
|
XBRL Instance Document *
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document *
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document *
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document *
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document *
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document *
|