• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases
      • All News Releases
      • All Public Company
      • English-only


      • News Releases Overview
      • Multimedia Gallery
      • All Multimedia
      • All Photos
      • All Videos


      • Multimedia Gallery Overview
      • Trending Topics
      • All Trending Topics


  • Business & Money
      • Auto & Transportation
      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation


      • Auto & Transportation Overview
      • Business Technology
      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors


      • Business Technology Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Financial Services & Investing
      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Stock Offering
      • Stock Split
      • Venture Capital


      • Financial Services & Investing Overview
      • General Business
      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News


      • General Business Overview
  • Science & Tech
      • Consumer Technology
      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications


      • Consumer Technology Overview
      • Energy & Natural Resources
      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities


      • Energy & Natural Resources Overview
      • Environ­ment
      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters


      • Environ­ment Overview
      • Heavy Industry & Manufacturing
      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco


      • Heavy Industry & Manufacturing Overview
      • Telecomm­unications
      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications


      • Telecomm­unications Overview
  • Lifestyle & Health
      • Consumer Products & Retail
      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys


      • Consumer Products & Retail Overview
      • Entertain­ment & Media
      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television


      • Entertain­ment & Media Overview
      • Health
      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine


      • Health Overview
      • Sports
      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories


      • Sports Overview
      • Travel
      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry


      • Travel Overview
  • Policy & Public Interest
      • Policy & Public Interest
      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy


      • Policy & Public Interest Overview
  • People & Culture
      • People & Culture
      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women


      • People & Culture Overview
      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO

      Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Policy & Public Interest
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • People & Culture
    • People & Culture
    • Send a Release
    • Sign Up
    • Log In
    • Resources
    • Blog
    • Journalists
    • RSS
    • GDPR
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Citizens Republic Bancorp Reports Fourth Consecutive Quarterly Profit


News provided by

Citizens Republic Bancorp, Inc.

Apr 26, 2012, 04:05 ET

Share this article


FLINT, Mich., April 26, 2012 /PRNewswire/ --

  • Net income attributable to common shareholders was $19 million or $0.47 per share for the first quarter
  • Improved earnings for the quarter were driven by a 44% reduction in provision expense as credit trends continue to improve
  • C&I loan portfolio grew by 7%
  • As announced last week, the written agreement with our regulators was terminated
  • Anticipate restoring our deferred tax asset in the second quarter with the continuation of positive earnings and performance trends

Citizens Republic Bancorp, Inc. (Nasdaq: CRBC) announced net income attributable to common shareholders of $18.9 million or $0.47 per diluted share for the three months ended March 31, 2012, compared to $12.3 million or $0.31 per diluted share for last quarter. 

"We are very pleased to report our fourth consecutive quarter of profitability. We continue to successfully execute on our strategies and organically grow our strong capital position," commented Cathleen Nash, president and chief executive officer.

"With continued positive performance of earnings and credit quality, we expect to fully restore the deferred tax asset next quarter," added Ms. Nash.

Balance Sheet

The balance sheet grew modestly to $9.6 billion compared to year end as a result of core deposit growth.  Core deposits were up $263.6 million or 5% over last quarter, reflecting our focus on generating and growing core deposit relationships. This growth in core deposits was deployed in investment securities.  Time deposits at March 31, 2012 decreased $168.2 million or 8% from last quarter as we continue to strategically reduce high cost single service and brokered time deposits. Loan balances were essentially unchanged compared to last quarter as the growth in our C&I portfolio was offset by declines in our CRE, home equity and residential mortgage portfolios. 

Capital

Citizens continues to grow capital organically through earnings and maintains a strong capital position.

Capital Ratios

Regulatory
Minimum for
"Well-
Capitalized"


March 31,

2012

December 31,

2011

March 31,

2011


Leverage ratio

5.00%


8.71%

8.45%

7.39%

Tier 1 capital ratio

6.00


13.70

13.51

11.90

Total capital ratio

10.00


14.97

14.84

13.24

Tier 1 common equity (non-GAAP)



7.49

7.24

5.93

Tangible equity to tangible assets (non-GAAP)



7.78

7.59

6.57

Tangible common equity to tangible assets (non-GAAP)



4.68

4.47

3.59







Net Interest Income and Margin

Net interest margin was 3.56% in the first quarter of 2012, a slight decrease from last quarter and a slight increase from the first quarter of last year. The decrease from last quarter was due to lower investment securities yields and a reduction in average loan balances, partially offset by declining deposit costs and reductions in high-cost funding. The slight increase from the first quarter of last year was due to declining deposit costs, reducing reliance on high-cost funding, and lower levels of non-performing assets, partially offset by lower investment securities yields.

Net interest income was $76.1 million for the first quarter of 2012, a decrease of $1.9 million from last quarter and a decrease of $2.5 million from the first quarter of last year. The decrease from the fourth quarter was due to the reduction in net interest margin while the decrease from the first quarter of 2011 reflects a reduction in average earning assets.

Credit Quality

Credit quality continues to benefit from the emphasis we have placed on improving the risk characteristics in our portfolios.

  • Total delinquencies decreased 22% from March 31 of last year to $40.0 million and currently represent 0.72% of portfolio loans.
  • Nonperforming assets declined to $90.6 million, an 11% decrease from the end of December and a decrease of 48% from March 31 of last year.
  • Net charge-offs for the first quarter decreased to $28.1 million, compared to $32.6 million last quarter and $160.6 million in the first quarter of last year.  First quarter 2012 activity included $7.1 million in consumer charge-offs that we do not expect to recur, related to the implementation of more conservative loss recognition parameters.  First quarter 2011 includes activity related to the problem asset resolution initiatives.
  • The provision for loan losses was $8.4 million in the first quarter, compared with $15.0 million last quarter and $88.7 million in the first quarter of last year. 
  • The allowance for loan losses was $153.0 million or 203% of nonperforming portfolio loans at March 31, 2012, compared to $172.7 million or 198% at the end of the prior quarter, and $224.1 million or 183% at the end of the first quarter last year.

Noninterest Income and Expense

Noninterest income was $24.2 million for the first quarter 2012, essentially unchanged from last quarter as gains on loans held for sale offset decreases in mortgage and other loan income and service charges on deposit accounts.  Noninterest income increased $1.1 million or 5% over the first quarter of 2011, reflecting gains on loans held for sale, partially offset by a decrease in mortgage and other loan income.

Noninterest expense was $67.1 million for the first quarter of 2012, essentially unchanged from last quarter as gains on ORE and lower credit costs were offset by higher payroll tax expense and increases in benefit costs primarily related to the reinstatement of the employer matching in the 401(k) plan.  Noninterest expense decreased $14.6 million or 18% from the first quarter of last year as losses on ORE and credit costs were significantly lower due to the completion of the problem asset resolution initiatives in early 2011.  Additionally, FDIC insurance costs decreased as we moved to the small bank pricing model.  These decreases were partially offset by higher salaries and incentives costs.

Conference Call

Citizens' senior management will review the quarter's results in a conference call at 10:00 a.m. ET on Friday, April 27, 2012.   A live audio webcast is available on Citizens' investor relations page at www.citizensbanking.com or by calling (800) 894-5910 (conference ID: Citizens Republic).  To listen to the conference call, please connect approximately 10 minutes prior to the scheduled conference time.

A recording will be available approximately two hours after the completion of the conference call at www.citizensbanking.com, where it will be archived for 90 days.

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this release includes non-GAAP financial measures such as tangible equity to tangible assets ratio, tangible common equity to tangible assets ratio, Tier 1 common equity ratio, pre-tax pre-provision profit, net interest margin, and the efficiency ratio.  Citizens believes these non-GAAP financial measures provide additional information that is useful to investors in understanding the underlying performance of Citizens, its business and performance trends, and such measures help facilitate performance comparisons with others in the banking industry.  Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited.  Readers should be aware of these limitations and should be cautious as to their use of such measures.  To mitigate these limitations, Citizens has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components in their entirety to ensure that Citizens' performance is properly reflected to facilitate consistent period-to-period comparisons.  Although Citizens believes the above non-GAAP financial measures disclosed in this release enhance investors' understanding of its business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.  See our related Form 8-K for further discussion regarding these non-GAAP financial measures.

Corporate Profile

Citizens Republic Bancorp, Inc. is a diversified financial services company providing a wide range of commercial, consumer, mortgage banking, trust and financial planning services to a broad client base.  Citizens serves communities in Michigan, Ohio, and Wisconsin with 219 offices and 248 ATMs.  Citizens is the largest bank holding company headquartered in Michigan with roots dating back to 1871 and is the 57th largest bank holding company headquartered in the United States.  More information about Citizens is available at www.citizensbanking.com.  

Safe Harbor Statement

Discussions and statements in this release that are not statements of historical fact, including without limitation, statements that include terms such as "will," "may," "should," "believe," "expect," "anticipate," "estimate," "project," "intend," and "plan," and statements regarding Citizens' future financial and operating results, plans, objectives, expectations and intentions, are forward-looking statements that involve risks and uncertainties, many of which are beyond Citizens' control or are subject to change.  No forward-looking statement is a guarantee of future performance and actual results could differ materially. 

Factors that could cause or contribute to actual results differing materially from Citizens' expectations include the risks and uncertainties detailed from time to time in Citizens' annual and quarterly filings with the SEC, which are available at the SEC's web site www.sec.gov.  Other factors not currently anticipated may also materially and adversely affect Citizens' results of operations, cash flows, financial position and prospects.  There can be no assurance that future results will meet expectations.  While Citizens believes that the forward-looking statements in this release are reasonable, you should not place undue reliance on any forward-looking statement.  In addition, these statements speak only as of the date made.  Citizens does not undertake, and expressly disclaims, any obligation to update or alter any statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Reverse Stock-Split Adjustment

All prior year shares outstanding and per share calculations have been adjusted to reflect the 1-for-10 reverse stock split that became effective July 1, 2011.








Consolidated Balance Sheets (Unaudited)







Citizens Republic Bancorp, Inc.









March 31,


December 31,


March 31,

(in thousands)


2012


2011


2011

Assets








Cash and due from banks


$    145,240


$       153,418


$    136,638


Money market investments


300,174


313,632


495,562


Investment Securities:








    Securities available for sale, at fair value


1,492,985


1,312,733


2,119,416


    Securities held to maturity, at amortized cost








      (fair value of $1,422,253, $1,487,550 and $541,646, respectively)


1,374,449


1,444,054


547,449


           Total investment securities


2,867,434


2,756,787


2,666,865


FHLB and Federal Reserve stock


117,943


117,943


143,873


Portfolio loans:








    Commercial and industrial


1,657,140


1,543,529


1,353,167


    Commercial real estate


1,487,059


1,544,361


1,794,284


           Total commercial


3,144,199


3,087,890


3,147,451


    Residential mortgage


611,166


637,245


727,304


    Direct consumer


903,238


933,314


1,006,424


    Indirect consumer


869,460


871,086


823,019


           Total portfolio loans


5,528,063


5,529,535


5,704,198


    Less: Allowance for loan losses


(153,007)


(172,726)


(224,117)


           Net portfolio loans


5,375,056


5,356,809


5,480,081


Loans held for sale


13,627


10,402


38,121


Premises and equipment


95,795


97,970


102,162


Goodwill


318,150


318,150


318,150


Other intangible assets


6,850


7,428


9,626


Bank owned life insurance


221,268


220,280


218,016


Other assets


115,809


110,030


115,019


Total assets


$  9,577,346


$    9,462,849


$  9,724,113

Liabilities 








Noninterest-bearing deposits


$  1,692,865


$    1,614,311


$  1,413,920


Interest-bearing demand deposits


993,143


951,590


956,676


Savings deposits


2,771,150


2,627,665


2,646,851


    Core deposits


5,457,158


5,193,566


5,017,447


Time deposits


2,033,204


2,201,375


2,674,058


          Total deposits


7,490,362


7,394,941


7,691,505


Federal funds purchased and securities sold








      under agreements to repurchase


34,779


40,098


40,069


Other short-term borrowings


---


---


690


Other liabilities


153,987


154,088


139,819


Long-term debt


853,599


854,185


906,629


    Total liabilities


8,532,727


8,443,312


8,778,712

Shareholders' Equity








Preferred stock - no par value


286,901


285,114


279,955


Common stock - no par value


1,435,327


1,434,803


1,432,271


Retained deficit


(675,654)


(694,560)


(752,547)


Accumulated other comprehensive loss


(1,955)


(5,820)


(14,278)


    Total shareholders' equity


1,044,619


1,019,537


945,401


    Total liabilities and shareholders' equity


$  9,577,346


$    9,462,849


$  9,724,113



















Consolidated Statements of Operations (Unaudited)





Citizens Republic Bancorp, Inc.


Three Months Ended



March 31,

(in thousands, except per share amounts)


2012


2011






Interest Income





    Interest and fees on loans


$74,879


$ 80,711

    Interest and dividends on investment securities:





        Taxable


17,309


19,610

        Tax-exempt


2,254


3,086

    Dividends on FHLB and Federal Reserve stock


1,140


1,125

    Money market investments


215


253

        Total interest income


95,797


104,785

Interest Expense





    Deposits


11,096


16,375

    Short-term borrowings


18


18

    Long-term debt


8,564


9,778

        Total interest expense


19,678


26,171

Net Interest Income


76,119


78,614

Provision for loan losses


8,397


88,724

    Net interest income (loss) after provision for loan losses


67,722


(10,110)

Noninterest Income





    Service charges on deposit accounts


8,985


9,429

    Trust fees


3,602


3,923

    Mortgage and other loan income


1,858


2,942

    Brokerage and investment fees


1,324


1,108

    ATM network user fees


1,808


1,755

    Bankcard fees


2,457


2,238

    Net gains (losses) on loans held for sale


916


(1,106)

    Investment securities gains (losses)


---


(383)

    Other income


3,290


3,237

        Total noninterest income


24,240


23,143

Noninterest Expense





    Salaries and employee benefits


33,298


31,018

    Occupancy


6,696


7,562

    Professional services


2,023


2,219

    Equipment


3,303


3,052

    Data processing services


4,048


4,352

    Advertising and public relations


1,335


569

    Postage and delivery


1,099


1,116

    Other loan expenses


3,186


5,255

    (Gains) losses on other real estate (ORE)


(385)


9,122

    ORE expenses


450


1,768

    Intangible asset amortization


578


828

    Other expense


11,470


14,795

        Total noninterest expense


67,101


81,656

Income (Loss) before Income Taxes


24,861


(68,623)

Income tax provision


---


55

Net Income (Loss)


24,861


(68,678)

Dividend on redeemable preferred stock


(5,955)


(5,627)

Net Income (Loss) Attributable to Common Shareholders


$18,906


$(74,305)

Net Income (Loss) Per Common Share:





    Basic


$ 0.47


$ (1.89)

    Diluted


0.47


(1.89)

Average Common Shares Outstanding:





    Basic


39,446


39,406

    Diluted


39,446


39,406















Selected Quarterly Information (Unaudited)













Three Months Ended






March 31,


December 31,


September 30,


June 30,


March 31,


(in thousands, except per share amounts)




2012


2011


2011


2011


2011


Summary of Operations














Net interest income




$ 76,119


$ 78,049


$ 78,841


$ 77,606


$ 78,614


Provision for loan losses




8,397


15,007


17,481


17,596


88,724


Noninterest income




24,240


24,363


24,427


23,325


23,143


Noninterest expense




67,101


66,640


65,411


69,444


81,656


Income tax provision (benefit)




---


2,521


(12,568)


(10,266)


55


Net income (loss)




24,861


18,244


32,944


24,157


(68,678)


Net income (loss) attributable to common shareholders (1)




18,906


12,347


27,183


18,456


(74,305)


Taxable equivalent adjustment




1,571


1,670


1,827


1,884


2,102
















Per Common Share Data (2)














Net income (loss)














    Basic




$ 0.47


$ 0.31


$ 0.68


$ 0.46


$ (1.89)


    Diluted




0.47


0.31


0.68


0.46


(1.89)


Common book value




18.83


18.24


18.03


17.34


16.73


Tangible book value (non-GAAP)




17.88


17.24


16.96


16.22


15.53


Tangible common book value (non-GAAP)




10.75


10.16


9.92


9.22


8.49


Shares outstanding, end of period (3)




40,247,241


40,260,213


40,255,758


40,251,874


39,778,255


At Period End














Assets




$ 9,577,346


$ 9,462,849


$ 9,600,188


$ 9,495,630


$ 9,724,113


Earning assets




8,774,119


8,680,995


8,824,183


8,755,838


9,009,704


Portfolio loans




5,528,063


5,529,535


5,672,327


5,627,637


5,704,198


Allowance for loan losses




153,007


172,726


190,354


206,292


224,117


Deposits




7,490,362


7,394,941


7,539,904


7,444,703


7,691,505


Long-term debt




853,599


854,185


855,670


881,112


906,629


Shareholders' equity




1,044,619


1,019,537


1,009,143


979,722


945,401


Average for the Quarter














Assets




$ 9,521,386


$ 9,523,184


$ 9,596,275


$ 9,664,939


$ 9,898,921


Earning assets




8,750,078


8,761,435


8,856,072


8,942,348


9,231,042


Portfolio loans




5,508,528


5,632,432


5,663,058


5,668,752


6,051,407


Allowance for loan losses




172,509


190,163


206,119


223,922


295,232


Deposits




7,441,693


7,452,137


7,546,615


7,605,707


7,729,960


Long-term debt




853,912


856,206


862,479


905,902


971,076


Shareholders' equity




1,028,494


1,017,082


991,602


963,932


1,002,290
















Financial Ratios (annualized)(4)














Return on average assets




1.05

%

0.76

%

1.36

%

1.00

%

(2.81)

%

Return on average shareholders' equity




9.72


7.12


13.18


10.05


(27.79)


Average shareholders' equity / average assets




10.80


10.68


10.33


9.97


10.13


Net interest margin (FTE) (5)




3.56


3.62


3.63


3.56


3.53


Efficiency ratio (non-GAAP)




65.20


61.39


59.89


63.85


67.09


Allowance for loan losses as a percent of portfolio loans




2.77


3.12


3.36


3.67


3.93


Allowance for loan losses as a percent of nonperforming loans(6)




202.56


197.56


190.09


185.90


182.72


Allowance for loan losses as a percent of nonperforming assets(6)




168.87


168.97


139.01


147.99


127.82


Nonperforming loans as a percent of portfolio loans(6)




1.37


1.58


1.77


1.97


2.15


Nonperforming assets as a percent of total loans plus ORAA(6)(7)




1.63


1.84


2.39


2.46


3.04


Nonperforming assets as a percent of total assets(6)




0.95


1.08


1.43


1.47


1.80


Ratio of net charge-offs during period to average portfolio loans




2.05


2.30


2.34


2.51


10.77


Leverage ratio




8.71


8.45


8.21


7.83


7.39


Tier 1 capital ratio




13.70


13.51


12.81


12.43


11.90


Total capital ratio




14.97


14.84


14.14


13.77


13.24
















(1)Net income (loss) attributable to common shareholders includes a non-cash dividend to preferred shareholders of $6.0 million in the first quarter of 2012 and 
       $5.9 million, $5.8 million,
$5.7 million and $5.6 million in the fourth, third, second and first quarters of 2011.

(2)Per common share data, as well as number of shares, were adjusted to reflect the 1 for 10 reverse stock split effective 7/1/11.




(3)Includes participating shares which are restricted stock units and restricted shares.








(4)Financial ratios are based upon continuing operations.









(5)Net interest margin is presented on an annual basis, includes taxable equivalent adjustments to interest income and is based on a tax rate of 35%.


(6)Nonperforming loans/assets exclude troubled debt restructurings (TDRs) that are on an accrual status and performing in accordance with their modified terms.

(7)Other real estate assets acquired ("ORAA") include loans held for sale.




















Loan Portfolios
(in thousands)

March 31, 2012


December 31, 2011


September 30, 2011


June 30, 2011


March 31, 2011















Land hold

$              5,387


$              6,542


$              6,818


$       7,426


$      17,273



Land development

7,226


13,104


22,232


22,507


22,744



Construction

6,410


5,847


5,410


8,111


23,297



Income producing

877,461


913,755


975,262


1,019,551


1,038,674



Owner-occupied

590,575


605,113


634,179


664,647


692,296



  Total commercial real estate

1,487,059


1,544,361


1,643,901


1,722,242


1,794,284



Commercial and industrial

1,657,140


1,543,529


1,531,492


1,349,803


1,353,167



  Total commercial

3,144,199


3,087,890


3,175,393


3,072,045


3,147,451















Residential mortgage

611,166


637,245


654,561


708,164


727,304



Direct consumer

903,238


933,314


954,831


978,319


1,006,424



Indirect consumer

869,460


871,086


887,542


869,109


823,019



  Total consumer

2,383,864


2,441,645


2,496,934


2,555,592


2,556,747



Total portfolio loans

$        5,528,063


$        5,529,535


$        5,672,327


$ 5,627,637


$ 5,704,198



























































Delinquency Rates By Loan Portfolio










March 31, 2012

December 31, 2011

September 30, 2011

June 30, 2011

March 31, 2011

30 to 89 days past due
(in thousands)

$

% of Portfolio


$

% of Portfolio


$

% of Portfolio


$

% of Portfolio


$

% of Portfolio


















Land hold

$         ---

---

%

$         21

0.3

%

$         ---

---

%

$        571

7.69

%

$        509

2.95

%

Land development

130

1.81


---

---


216

0.97


---

---


---

---


Construction

---

---


---

---


---

---


1,722

21.23


---

---


Income producing

1,447

0.16


2,508

0.27


3,325

0.34


1,597

0.16


4,817

0.46


Owner-occupied

5,177

0.88


2,345

0.39


5,817

0.92


6,524

0.98


1,981

0.29


  Total commercial real estate

6,754

0.45


4,874

0.32


9,358

0.57


10,414

0.60


7,307

0.41


Commercial and industrial

2,887

0.17


2,454

0.16


2,594

0.17


3,637

0.27


6,177

0.46


  Total commercial

9,641

0.31


7,328

0.24


11,952

0.38


14,051

0.46


13,484

0.43


















Residential mortgage

7,568

1.24


9,544

1.50


9,079

1.39


11,564

1.63


10,279

1.41


Direct consumer

14,002

1.55


17,810

1.91


18,629

1.95


20,393

2.08


17,210

1.71


Indirect consumer

8,780

1.01


13,067

1.50


9,898

1.12


10,681

1.23


10,187

1.24


  Total consumer

30,350

1.27


40,421

1.66


37,606

1.51


42,638

1.67


37,676

1.47


Total delinquent loans

$  39,991

0.72


$  47,749

0.86


$  49,558

0.87


$    56,689

1.01


$    51,160

0.90





















































Nonperforming Assets














March 31, 2012

December 31, 2011

September 30, 2011

June 30, 2011

March 31, 2011



(in thousands)

$

% of Portfolio


$

% of Portfolio


$

% of Portfolio


$

% of Portfolio


$

% of Portfolio






















Land hold

$ ---

---

%

$ ---

---

%

$ 167

2.45

%

$ 167

2.25

%

$ 1,154

6.68

%



Land development

207

2.87


213

1.62


12

0.05


379

1.68


78

0.35




Construction

150

2.34


150

2.57


257

4.76


559

6.89


395

1.70




Income producing

18,566

2.12


21,171

2.32


23,227

2.38


20,180

1.98


28,250

2.72




Owner-occupied

20,716

3.51


23,798

3.93


27,540

4.34


21,169

3.18


21,738

3.14




    Total commercial real estate

39,639

2.67


45,332

2.94


51,203

3.11


42,454

2.47


51,615

2.88




Commercial and industrial

14,629

0.88


16,946

1.10


18,536

1.21


20,995

1.56


25,785

1.91




    Total nonaccruing commercial

54,268

1.73


62,278

2.02


69,739

2.20


63,449

2.07


77,400

2.46






















Residential mortgage

11,137

1.82


11,312

1.78


13,074

2.00


30,693

4.33


30,385

4.18




Direct consumer

8,895

0.98


12,115

1.30


14,704

1.54


13,944

1.43


13,043

1.30




Indirect consumer

1,074

0.12


953

0.11


1,256

0.14


1,281

0.15


1,169

0.14




    Total nonaccruing consumer

21,106

0.89


24,380

1.00


29,034

1.16


45,918

1.80


44,597

1.74




        Total nonaccruing loans

75,374

1.37


86,658

1.57


98,773

1.74


109,367

1.94


121,997

2.14




Loans 90+ days still accruing

164

0.00


770

0.01


1,368

0.02


1,604

0.03


660

0.01




    Total nonperforming portfolio loans

75,538

1.37


87,428

1.58


100,141

1.77


110,971

1.97


122,657

2.15




Nonperforming held for sale

3,264



2,372



20,134



11,395



30,359





Other repossessed assets acquired

11,803



12,422



16,665



17,032



22,227





    Total nonperforming assets

$90,605



$102,222



$136,940



$139,398



$175,243























Restructured loans still accruing

$17,911



$ 32,347



$ 12,206



$ 12,682



$ 12,714



























































Commercial inflows

$14,027



$ 13,269



$ 23,901



$ 24,370



$ 29,486





Commercial outflows

(22,036)



(20,730)



(17,611)



(38,321)



(128,477)





Net change

$ (8,009)



$ (7,461)



$ 6,290



$ (13,951)



$ (98,991)



























































Net Charge-Offs

Three Months Ended




March 31, 2012

December 31, 2011

September 30, 2011

June 30, 2011

March 31, 2011



(in thousands)

$

% of Portfolio*


$

% of Portfolio*


$

% of Portfolio*


$

% of Portfolio*


$

% of Portfolio*






















Land hold

$ ---

---

%

$ (33)

(2.00)

%

$ ---

---

%

$ 4,719

N/M

%

$ 4,942

N/M

%



Land development

(83)

(4.64)


3,079

93.21


43

0.76


38

0.68


4,439

79.15




Construction

(101)

(6.33)


(4)

(0.24)


(5)

(0.34)


(1)

(0.04)


5,578

97.09




Income producing

4,151

1.90


11,924

5.18


3,156

1.28


8,228

3.24


77,589

30.30




Owner-occupied

2,537

1.73


5,791

3.80


2,129

1.33


3,149

1.90


25,260

14.80




Total commercial real estate

6,504

1.76


20,757

5.33


5,323

1.28


16,133

3.76


117,808

26.63




Commercial and industrial

3,029

0.74


1,032

0.27


1,225

0.32


7,176

2.13


32,013

9.59




Total commercial

9,533

1.22


21,789

2.80


6,548

0.82


23,309

3.04


149,821

19.30






















Residential mortgage

5,076

3.34


1,170

0.73


18,364

11.13


4,431

2.51


3,400

1.90




Direct consumer

10,935

4.87


6,930

2.95


5,710

2.37


5,605

2.30


5,496

2.21




Indirect consumer

2,572

1.19


2,746

1.25


2,797

1.25


2,076

0.96


1,921

0.95




Total consumer

18,583

3.14


10,846

1.76


26,871

4.27


12,112

1.90


10,817

1.72




Total net charge-offs

$28,116

2.05


$ 32,635

2.30


$ 33,419

2.34


$ 35,421

2.51


$160,638

10.77






















* Represents an annualized rate.


















N/M - Not Meaningful































Summary of Loan Loss Experience




















Three Months Ended 








March 31,


December 31,


September 30,


June 30,


March 31,


(in thousands)




2012


2011


2011


2011


2011
















Allowance for loan losses - beginning of period




$172,726


$     190,354


$      206,292


$224,117


$296,031
















Provision for loan losses




8,397


15,007


17,481


17,596


88,724
















Charge-offs:















Commercial and industrial




2,388


1,490


994


4,016


29,712



Small business




1,265


399


1,132


3,853


4,078



Commercial real estate




8,997


21,581


5,860


16,371


118,721



    Total commercial




12,650


23,470


7,986


24,240


152,511



Residential mortgage




5,210


1,366


18,369


4,659


3,403



Direct consumer




11,527


7,544


6,398


6,522


6,468



Indirect consumer




3,251


3,229


3,430


2,639


2,472



 Total charge-offs




32,638


35,609


36,183


38,060


164,854
















Recoveries:















Commercial and industrial




376


609


721


524


1,603



Small business




248


248


180


169


174



Commercial real estate




2,493


824


537


238


913



    Total commercial




3,117


1,681


1,438


931


2,690



Residential mortgage




134


197


5


228


3



Direct consumer




592


613


688


917


972



Indirect consumer




679


483


633


563


551



 Total recoveries




4,522


2,974


2,764


2,639


4,216
















Net charge-offs




28,116


32,635


33,419


35,421


160,638






























Allowance for loan losses - end of period




$153,007


$     172,726


$      190,354


$206,292


$224,117