UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 10-Q
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(Mark One)
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[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2012.
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OR
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[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______________ to ______________
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Commission File Number 0-26584
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BANNER CORPORATION
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(Exact name of registrant as specified in its charter)
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Washington
(State or other jurisdiction of incorporation or organization)
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91-1691604
(I.R.S. Employer Identification Number)
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10 South First Avenue, Walla Walla, Washington 99362
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(Address of principal executive offices and zip code)
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Registrant's telephone number, including area code: (509) 527-3636
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes
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[x] |
No
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[ ] | |||||||||||||||||||||||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
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Yes
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[x] |
No
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[ ] | |||||||||||||||||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer [ ]
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Accelerated filer [x]
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Non-accelerated filer [ ]
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Smaller reporting company [ ]
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Yes
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[ ] |
No
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[x] | |||||||||||||||||||||||||||
APPLICABLE ONLY TO CORPORATE ISSUERS
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
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Title of class:
Common Stock, $.01 par value per share
|
As of July 31, 2012
19,223,271 shares*
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||||||||||||||||||||||||||||||
* Includes 34,340 shares held by the Employee Stock Ownership Plan that have not been released, committed to be released, or allocated to participant accounts.
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PART I - FINANCIAL INFORMATION
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Item 1 - Financial Statements. The Consolidated Financial Statements of Banner Corporation and Subsidiaries filed as a part of the report are as follows:
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Consolidated Statements of Financial Condition as of June 30, 2012 and December 31, 2011
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4
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Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2012 and 2011
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5
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Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2012 and 2011
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6
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Consolidated Statements of Changes in Stockholders’ Equity for the Six Months Ended June 30, 2012 and the Year Ended
December 31, 2011
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7
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|
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Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011
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9
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Selected Notes to the Consolidated Financial Statements
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11
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Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
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Executive Overview
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44
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Comparison of Financial Condition at June 30, 2012 and December 31, 2011
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48
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Comparison of Results of Operations for the Three and Six Months Ended June 30, 2012 and 2011
|
49
|
Asset Quality
|
54
|
Liquidity and Capital Resources
|
59
|
Capital Requirements
|
60
|
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
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Market Risk and Asset/Liability Management
|
61
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Sensitivity Analysis
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61
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Item 4 - Controls and Procedures
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65
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PART II - OTHER INFORMATION
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Item 1 - Legal Proceedings
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66
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Item 1A - Risk Factors
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66
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Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
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66
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Item 3 - Defaults upon Senior Securities
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66
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Item 4 – Mine Safety Disclosures
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66
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Item 5 - Other Information
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66
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Item 6 - Exhibits
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67
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SIGNATURES
|
69
|
June 30
|
December 31
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|||||
ASSETS
|
2012
|
2011
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||||
Cash and due from banks
|
$
|
189,176
|
$
|
132,436
|
||
Securities—trading, amortized cost $106,220 and $112,663, respectively
|
77,368
|
80,727
|
||||
Securities—available-for-sale, amortized cost $433,051 and $462,579, respectively
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436,130
|
465,795
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||||
Securities—held-to-maturity, fair value $89,153 and $80,107, respectively
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83,312
|
75,438
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||||
Federal Home Loan Bank stock
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37,371
|
37,371
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||||
Loans receivable:
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||||||
Held for sale
|
6,752
|
3,007
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||||
Held for portfolio
|
3,205,505
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3,293,331
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||||
Allowance for loan losses
|
(80,221
|
)
|
(82,912
|
)
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3,132,036
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3,213,426
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|||||
Accrued interest receivable
|
14,656
|
15,570
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||||
Real estate owned, held for sale, net
|
25,816
|
42,965
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||||
Property and equipment, net
|
90,228
|
91,435
|
||||
Intangible assets, net
|
5,252
|
6,331
|
||||
Bank-owned life insurance (BOLI)
|
59,800
|
58,563
|
||||
Deferred tax assets, net
|
31,572
|
--
|
||||
Other assets
|
38,710
|
37,255
|
||||
$
|
4,221,427
|
$
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4,257,312
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|||
LIABILITIES
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||||||
Deposits:
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||||||
Non-interest-bearing
|
$
|
804,562
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$
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777,563
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||
Interest-bearing transaction and savings accounts
|
1,449,890
|
1,447,594
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||||
Interest-bearing certificates
|
1,171,297
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1,250,497
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3,425,749
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3,475,654
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|||||
Advances from FHLB at fair value
|
10,423
|
10,533
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||||
Other borrowings
|
90,030
|
152,128
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||||
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities)
|
70,553
|
49,988
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||||
Accrued expenses and other liabilities
|
23,564
|
23,253
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||||
Deferred compensation
|
13,916
|
13,306
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||||
3,634,235
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3,724,862
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COMMITMENTS AND CONTINGENCIES (Note 15)
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STOCKHOLDERS’ EQUITY
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Preferred stock - $0.01 par value, 500,000 shares authorized; Series A – liquidation preference
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||||||
$1,000 per share, 124,000 shares issued and outstanding
|
121,610
|
120,702
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Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized, 18,804,819 shares
issued: 18,770,479 shares and 17,519,132 shares outstanding at June 30, 2012 and December 31, 2011,
respectively
|
554,866
|
531,149
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||||
Accumulated deficit
|
(89,266
|
)
|
(119,465
|
)
|
||
Accumulated other comprehensive income
|
1,969
|
2,051
|
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Unearned shares of common stock issued to Employee Stock Ownership Plan (ESOP) trust at cost
|
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34,340 restricted shares outstanding at June 30, 2012 and December 31, 2011
|
(1,987
|
)
|
(1,987
|
)
|
||
587,192
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532,450
|
|||||
$
|
4,221,427
|
$
|
4,257,312
|
Three Months Ended
June 30
|
Six Months Ended
June 30
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2012
|
2011
|
2012
|
2011
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INTEREST INCOME:
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Loans receivable
|
$ | 44,040 | $ | 46,846 | $ | 88,028 | $ | 93,601 | ||||||||
Mortgage-backed securities
|
995 | 859 | 1,922 | 1,734 | ||||||||||||
Securities and cash equivalents
|
2,230 | 2,183 | 4,513 | 4,216 | ||||||||||||
47,265 | 49,888 | 94,463 | 99,551 | |||||||||||||
INTEREST EXPENSE:
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Deposits
|
4,035 | 7,014 | 8,483 | 14,826 | ||||||||||||
FHLB advances
|
64 | 64 | 127 | 242 | ||||||||||||
Other borrowings
|
74 | 568 | 623 | 1,147 | ||||||||||||
Junior subordinated debentures
|
802 | 1,041 | 1,814 | 2,079 | ||||||||||||
4,975 | 8,687 | 11,047 | 18,294 | |||||||||||||
Net interest income before provision for loan losses
|
42,290 | 41,201 | 83,416 | 81,257 | ||||||||||||
PROVISION FOR LOAN LOSSES
|
4,000 | 8,000 | 9,000 | 25,000 | ||||||||||||
Net interest income
|
38,290 | 33,201 | 74,416 | 56,257 | ||||||||||||
OTHER OPERATING INCOME:
|
||||||||||||||||
Deposit fees and other service charges
|
6,283 | 5,693 | 12,152 | 10,972 | ||||||||||||
Mortgage banking operations
|
2,855 | 855 | 5,504 | 1,817 | ||||||||||||
Loan servicing fees, net of amortization and impairment
|
343 | 397 | 560 | 653 | ||||||||||||
Miscellaneous
|
485 | 369 | 1,036 | 862 | ||||||||||||
9,966 | 7,314 | 19,252 | 14,304 | |||||||||||||
Gain on sale of securities
|
29 | -- | 29 | -- | ||||||||||||
Net change in valuation of financial instruments carried at fair value
|
(19,059 | ) | 1,939 | (17,374 | ) | 2,195 | ||||||||||
Total other operating income (loss)
|
(9,064 | ) | 9,253 | 1,907 | 16,499 | |||||||||||
OTHER OPERATING EXPENSES:
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Salary and employee benefits
|
19,390 | 18,288 | 38,900 | 35,543 | ||||||||||||
Less capitalized loan origination costs
|
(2,747 | ) | (1,948 | ) | (4,997 | ) | (3,668 | ) | ||||||||
Occupancy and equipment
|
5,204 | 5,436 | 10,681 | 10,830 | ||||||||||||
Information/computer data services
|
1,746 | 1,521 | 3,261 | 3,088 | ||||||||||||
Payment and card processing expenses
|
2,116 | 1,939 | 4,006 | 3,586 | ||||||||||||
Professional services
|
1,224 | 1,185 | 2,568 | 2,857 | ||||||||||||
Advertising and marketing
|
1,650 | 1,903 | 3,716 | 3,643 | ||||||||||||
Deposit insurance
|
816 | 1,389 | 2,179 | 3,358 | ||||||||||||
State/municipal business and use taxes
|
565 | 544 | 1,133 | 1,038 | ||||||||||||
REO operations
|
1,969 | 6,568 | 4,567 | 11,199 | ||||||||||||
Amortization of core deposit intangibles
|
525 | 570 | 1,079 | 1,167 | ||||||||||||
Miscellaneous
|
3,208 | 2,860 | 6,486 | 5,758 | ||||||||||||
Total other operating expenses
|
35,666 | 40,255 | 73,579 | 78,399 | ||||||||||||
Income (loss) before provision for income taxes
|
(6,440 | ) | 2,199 | 2,744 | (5,643 | ) | ||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
(31,830 | ) | -- | (31,830 | ) | -- | ||||||||||
NET INCOME (LOSS)
|
25,390 | 2,199 | 34,574 | (5,643 | ) | |||||||||||
PREFERRED STOCK DIVIDEND AND DISCOUNT ACCRETION
|
||||||||||||||||
Preferred stock dividend
|
1,550 | 1,550 | 3,100 | 3,100 | ||||||||||||
Preferred stock discount accretion
|
454 | 425 | 908 | 851 | ||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
|
$ | 23,386 | $ | 224 | $ | 30,566 | $ | (9,594 | ) | |||||||
Earnings (loss) per common share:
|
||||||||||||||||
Basic
|
$ | 1.27 | $ | 0.01 | $ | 1.69 | $ | (0.58 | ) | |||||||
Diluted
|
$ | 1.27 | $ | 0.01 | $ | 1.69 | $ | (0.58 | ) | |||||||
Cumulative dividends declared per common share:
|
$ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.08 |
Three Months Ended
June 30
|
Six Months Ended
June 30
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
NET INCOME (LOSS)
|
$ | 25,390 | $ | 2,199 | $ | 34,574 | $ | (5,643 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAXES:
|
||||||||||||||||
Unrealized holding gain (loss) during the period, net of deferred
income tax provision (benefit) of ($29), $0, ($49) and $0, respectively
|
(52 | ) | 1,970 | (87 | ) | 1,289 | ||||||||||
Amortization of unrealized gain (loss) on tax exempt securities transferred
from available-for-sale to held-to-maturity
|
3 | 4 | 5 | 9 | ||||||||||||
Other comprehensive income (loss)
|
(49 | ) | 1,974 | (82 | ) | 1,298 | ||||||||||
COMPREHENSIVE INCOME (LOSS)
|
$ | 25,341 | $ | 4,173 | $ | 34,492 | $ | (4,345 | ) |
(Accumulated
Deficit)
|
Accumulated
Other Comprehensive Income
|
Stockholders’
Equity
|
|||||||||||||||||||
Preferred Stock
|
Common Stock and Paid in Capital
|
||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
Balance, January 1, 2012
|
124,000
|
$
|
120,702
|
17,519,132
|
$
|
529,162
|
$
|
(119,465
|
)
|
$
|
2,051
|
$
|
532,450
|
||||||||
Net income (loss)
|
34,574
|
34,574
|
|||||||||||||||||||
Change in valuation of securities—available-for-
sale, net of income tax
|
(87
|
)
|
(87
|
)
|
|||||||||||||||||
Amortization of unrealized loss on tax exempt
securities transferred from available-for-sale to
held-to-maturity, net of income tax
|
5
|
5
|
|||||||||||||||||||
Accretion of preferred stock discount
|
908
|
(908
|
)
|
--
|
|||||||||||||||||
Accrual of dividends on preferred stock
|
(3,100
|
)
|
(3,100
|
)
|
|||||||||||||||||
Accrual of dividends on common stock ($.02/share
cumulative)
|
(367
|
)
|
(367
|
)
|
|||||||||||||||||
Proceeds from issuance of common stock for
stockholder reinvestment program
|
1,236,812
|
23,610
|
23,610
|
||||||||||||||||||
Amortization of compensation related to restricted
stock grant
|
14,535
|
100
|
100
|
||||||||||||||||||
Amortization of compensation related to
stock options
|
7
|
7
|
|||||||||||||||||||
BALANCE, June 30, 2012
|
124,000
|
$
|
121,610
|
18,770,479
|
$
|
552,879
|
$
|
(89,266
|
)
|
$
|
1,969
|
$
|
587,192
|
(Accumulated
Deficit)
|
Accumulated
Other
Comprehensive Income
|
Stockholders’
Equity
|
|||||||||||||||||||
Preferred Stock
|
Common Stock and Paid in Capital
|
||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
Balance, January 1, 2011
|
124,000
|
$
|
119,000
|
16,130,441
|
$
|
507,470
|
$
|
(115,348
|
)
|
$
|
350
|
$
|
511,472
|
||||||||
Net income (loss)
|
5,457
|
5,457
|
|||||||||||||||||||
Change in valuation of securities—available-for-
sale, net of income tax
|
1,685
|
1,685
|
|||||||||||||||||||
Amortization of unrealized loss on tax exempt
securities transferred from available-for-sale to
held-to-maturity, net of income tax
|
16
|
16
|
|||||||||||||||||||
Accretion of preferred stock discount
|
1,701
|
(1,701
|
)
|
--
|
|||||||||||||||||
Accrual of dividends on preferred stock
|
(6,200
|
)
|
(6,200
|
)
|
|||||||||||||||||
Accrual of dividends on common stock ($.10/share
cumulative)
|
(1,673
|
)
|
(1,673
|
)
|
|||||||||||||||||
Proceeds from issuance of common stock for
stockholder reinvestment program
|
1,372,625
|
21,556
|
21,556
|
||||||||||||||||||
Amortization of compensation related to restricted
stock grant
|
16,066
|
111
|
111
|
||||||||||||||||||
Amortization of compensation related to
stock options
|
25
|
25
|
|||||||||||||||||||
Other
|
1
|
1
|
|||||||||||||||||||
BALANCE, December 31, 2011
|
124,000
|
$
|
120,702
|
17,519,132
|
$
|
529,162
|
$
|
(119,465
|
)
|
$
|
2,051
|
$
|
532,450
|
Six Months Ended
June 30
|
||||||||
2012
|
2011
|
|||||||
OPERATING ACTIVITIES:
|
||||||||
Net income (loss)
|
$ | 34,574 | $ | (5,643 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
||||||||
Depreciation
|
2,384 | 4,358 | ||||||
Deferred income and expense, net of amortization
|
1,273 | 860 | ||||||
Amortization of core deposit intangibles
|
1,079 | 1,167 | ||||||
Net change in valuation of financial instruments carried at fair value
|
17,374 | (2,195 | ) | |||||
Principal repayments and maturities of securities—trading
|
6,520 | 7,600 | ||||||
Deferred taxes
|
(31,572 | ) | -- | |||||
Equity-based compensation
|
107 | 60 | ||||||
Increase in cash surrender value of bank-owned life insurance
|
(917 | ) | (925 | ) | ||||
Gain on sale of loans, excluding capitalized servicing rights
|
(3,651 | ) | (1,164 | ) | ||||
(Gain) loss on disposal of real estate held for sale and property
and equipment
|
(688 | ) | 521 | |||||
Provision for losses on loans and real estate held for sale
|
12,197 | 32,838 | ||||||
Origination of loans held for sale
|
(243,516 | ) | (114,706 | ) | ||||
Proceeds from sales of loans held for sale
|
243,422 | 116,291 | ||||||
Net change in:
|
||||||||
Other assets
|
127 | 16,368 | ||||||
Other liabilities
|
855 | (827 | ) | |||||
Net cash provided from operating activities
|
39,568 | 54,603 | ||||||
INVESTING ACTIVITIES:
|
||||||||
Purchases of available-for-sale securities
|
(186,650 | ) | (174,739 | ) | ||||
Principal repayments and maturities of available-for-sale securities
|
202,693 | 88,031 | ||||||
Proceeds from sales of securities available-for-sale
|
11,751 | -- | ||||||
Purchases of securities held-to-maturity
|
(10,224 | ) | (7,488 | ) | ||||
Principal repayments and maturities of securities held-to-maturity
|
2,287 | 2,964 | ||||||
Principal repayments of loans, net of originations
|
72,176 | 39,025 | ||||||
Purchases of loans and participating interest in loans
|
(4,735 | ) | (97 | ) | ||||
Purchases of property and equipment
|
(1,184 | ) | (1,413 | ) | ||||
Proceeds from sale of real estate held for sale, net
|
23,229 | 48,264 | ||||||
Other
|
(320 | ) | (106 | ) | ||||
Net cash provided from (used by) investing activities
|
109,023 | (5,559 | ) | |||||
FINANCING ACTIVITIES:
|
||||||||
Decrease in deposits, net
|
(49,905 | ) | (124,798 | ) | ||||
Repayment of FHLB advances
|
(3 | ) | (32,802 | ) | ||||
Decrease in other borrowings, net
|
(62,098 | ) | (39,528 | ) | ||||
Cash dividends paid
|
(3,456 | ) | (5,389 | ) | ||||
Cash proceeds from issuance of stock for stockholder reinvestment plan
|
23,611 | 8,265 | ||||||
Net cash used by financing activities
|
(91,851 | ) | (194,252 | ) | ||||
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS
|
56,740 | (145,208 | ) | |||||
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
|
132,436 | 361,652 | ||||||
CASH AND DUE FROM BANKS, END OF PERIOD
|
$ | 189,176 | $ | 216,444 |
Six Months Ended
June 30
|
||||||||
2012
|
2011
|
|||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Interest paid in cash
|
$ | 11,799 | $ | 19,575 | ||||
Taxes received in cash
|
-- | (13,058 | ) | |||||
Taxes paid in cash
|
800 | -- | ||||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
|
||||||||
Loans, net of discounts, specific loss allowances and unearned income,
transferred to real estate owned and other repossessed assets
|
8,521 | 26,917 |
June 30
2012
|
December 31
2011
|
June 30
2011
|
||||||||||
Interest-bearing deposits included in cash and due from banks
|
$ | 132,536 | $ | 69,758 | $ | 168,198 | ||||||
U.S. Government and agency obligations
|
229,669 | 341,606 | 216,761 | |||||||||
Municipal bonds:
|
||||||||||||
Taxable
|
19,225 | 18,497 | 14,486 | |||||||||
Tax exempt
|
102,139 | 88,963 | 83,315 | |||||||||
Total municipal bonds
|
121,364 | 107,460 | 97,801 | |||||||||
Corporate bonds
|
42,923 | 42,565 | 59,788 | |||||||||
Mortgage-backed or related securities:
|
||||||||||||
Ginnie Mae (GNMA)
|
16,736 | 19,572 | 21,818 | |||||||||
Freddie Mac (FHLMC)
|
62,782 | 42,001 | 25,941 | |||||||||
Fannie Mae (FNMA)
|
88,610 | 66,519 | 27,362 | |||||||||
Private issuer
|
1,780 | 1,835 | 3,108 | |||||||||
Total mortgage-backed or related securities
|
169,908 | 129,927 | 78,229 | |||||||||
Asset-backed securities:
|
||||||||||||
Student Loan Marketing Association (SLMA)
|
32,492 | -- | -- | |||||||||
Equity securities (excludes FHLB stock)
|
454 | 402 | 646 | |||||||||
Total securities
|
596,810 | 621,960 | 453,225 | |||||||||
FHLB stock
|
37,371 | 37,371 | 37,371 | |||||||||
$ | 766,717 | $ | 729,089 | $ | 658,794 |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Amortized
Cost
|
Fair Value
|
Percent of
Total
|
Amortized
Cost
|
Fair Value
|
Percent of
Total
|
|||||||||||||||||||
U.S. Government and agency obligations
|
$ | 1,400 | $ | 1,645 | 2.1 | % | $ | 2,401 | $ | 2,635 | 3.3 | % | ||||||||||||
Municipal bonds:
|
||||||||||||||||||||||||
Taxable
|
85 | 92 | 0.1 | 391 | 420 | 0.5 | ||||||||||||||||||
Tax exempt
|
5,437 | 5,509 | 7.1 | 5,431 | 5,542 | 6.9 | ||||||||||||||||||
Total municipal bonds
|
5,522 | 5,601 | 7.2 | 5,822 | 5,962 | 7.4 | ||||||||||||||||||
Corporate bonds
|
62,948 | 37,605 | 48.6 | 63,502 | 35,055 | 43.4 | ||||||||||||||||||
Mortgage-backed or related securities:
|
||||||||||||||||||||||||
FHLMC
|
8,509 | 9,132 | 11.8 | 10,535 | 11,246 | 13.9 | ||||||||||||||||||
FNMA
|
20,927 | 22,931 | 29.7 | 23,489 | 25,427 | 31.5 | ||||||||||||||||||
Total mortgage-backed or
related securities
|
29,436 | 32,063 | 41.5 | 34,024 | 36,673 | 45.4 | ||||||||||||||||||
Equity securities
|
6,914 | 454 | 0.6 | 6,914 | 402 | 0.5 | ||||||||||||||||||
$ | 106,220 | $ | 77,368 | 100.0 | % | $ | 112,663 | $ | 80,727 | 100.0 | % |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||
Amortized Cost
|
Fair Value
|
Amortized Cost
|
Fair Value
|
|||||||||||||
Due in one year or less
|
$ | -- | $ | -- | $ | 1,000 | $ | 1,009 | ||||||||
Due after one year through five years
|
1,544 | 1,619 | 1,545 | 1,626 | ||||||||||||
Due after five years through ten years
|
4,093 | 4,091 | 4,087 | 4,123 | ||||||||||||
Due after ten years through twenty years
|
6,717 | 6,728 | 6,544 | 6,184 | ||||||||||||
Due after twenty years
|
57,516 | 32,413 | 58,549 | 30,710 | ||||||||||||
69,870 | 44,851 | 71,725 | 43,652 | |||||||||||||
Mortgage-backed securities
|
29,436 | 32,063 | 34,024 | 36,673 | ||||||||||||
Equity securities
|
6,914 | 454 | 6,914 | 402 | ||||||||||||
$ | 106,220 | $ | 77,368 | $ | 112,663 | $ | 80,727 |
June 30, 2012
|
||||||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
Percent of
Total
|
||||||||||||||||
U.S. Government and agency obligations
|
$ | 227,344 | $ | 700 | $ | (20 | ) | $ | 228,024 | 52.3 | % | |||||||||
Municipal bonds:
|
||||||||||||||||||||
Taxable
|
12,587 | 257 | (2 | ) | 12,842 | 2.9 | ||||||||||||||
Tax exempt
|
20,646 | 225 | (11 | ) | 20,860 | 4.8 | ||||||||||||||
Total municipal bonds
|
33,233 | 482 | (13 | ) | 33,702 | 7.7 | ||||||||||||||
Corporate bonds
|
4,032 | 36 | -- | 4,068 | 0.9 | |||||||||||||||
Mortgage-backed or related securities:
|
||||||||||||||||||||
FHLMC
|
53,656 | 169 | (175 | ) | 53,650 | 12.3 | ||||||||||||||
FNMA
|
64,986 | 748 | (56 | ) | 65,678 | 15.1 | ||||||||||||||
GNMA
|
15,476 | 1,260 | -- | 16,736 | 3.8 | |||||||||||||||
Other
|
1,672 | 108 | -- | 1,780 | 0.4 | |||||||||||||||
Total mortgage-backed or related
securities
|
135,790 | 2,285 | (231 | ) | 137,844 | 31.6 | ||||||||||||||
Asset-backed securities:
|
||||||||||||||||||||
SLMA
|
32,652 | -- | (160 | ) | 32,492 | 7.5 | ||||||||||||||
$ | 433,051 | $ | 3,503 | $ | (424 | ) | $ | 436,130 | 100.0 | % | ||||||||||
December 31, 2011
|
||||||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
Percent of
Total
|
||||||||||||||||
U.S. Government and agency obligations
|
$ | 338,165 | $ | 862 | $ | (56 | ) | $ | 338,971 | 72.8 | % | |||||||||
Municipal bonds:
|
||||||||||||||||||||
Taxable
|
10,358 | 225 | (2 | ) | 10,581 | 2.3 | ||||||||||||||
Tax exempt
|
16,535 | 210 | (16 | ) | 16,729 | 3.6 | ||||||||||||||
Total municipal bonds
|
26,893 | 435 | (18 | ) | 27,310 | 5.9 | ||||||||||||||
Corporate bonds
|
6,240 | 20 | -- | 6,260 | 1.3 | |||||||||||||||
Mortgage-backed or related securities:
|
||||||||||||||||||||
FHLMC
|
30,504 | 284 | (33 | ) | 30,755 | 6.6 | ||||||||||||||
FNMA
|
40,897 | 310 | (115 | ) | 41,092 | 8.8 | ||||||||||||||
GNMA
|
18,145 | 1,427 | -- | 19,572 | 4.2 | |||||||||||||||
Other
|
1,735 | 100 | -- | 1,835 | 0.4 | |||||||||||||||
Total mortgage-backed or related
securities
|
91,281 | 2,121 | (148 | ) | 93,254 | 20.0 | ||||||||||||||
$ | 462,579 | $ | 3,438 | $ | (222 | ) | $ | 465,795 | 100.0 | % |
June 30, 2012
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
U.S. Government and agency obligations
|
$ | 32,016 | $ | (20 | ) | $ | -- | $ | -- | $ | 32,016 | $ | (20 | ) | ||||||||||
Municipal bonds:
|
||||||||||||||||||||||||
Taxable
|
5,873 | (2 | ) | -- | -- | 5,873 | (2 | ) | ||||||||||||||||
Tax exempt
|
3,083 | (11 | ) | -- | -- | 3,083 | (11 | ) | ||||||||||||||||
Total municipal bonds
|
8,956 | (13 | ) | -- | -- | 8,956 | (13 | ) | ||||||||||||||||
Mortgage-backed or related securities:
|
||||||||||||||||||||||||
FNMA
|
18,113 | (56 | ) | -- | -- | 18,113 | (56 | ) | ||||||||||||||||
FHLMC
|
32,676 | (175 | ) | -- | -- | 32,676 | (175 | ) | ||||||||||||||||
Total mortgage-backed or related
securities
|
50,789 | (231 | ) | -- | -- | 50,789 | (231 | ) | ||||||||||||||||
Asset-backed securities:
|
||||||||||||||||||||||||
SLMA
|
32,492 | (160 | ) | -- | -- | 32,492 | (160 | ) | ||||||||||||||||
$ | 124,253 | $ | (424 | ) | $ | -- | $ | -- | $ | 124,253 | $ | (424 | ) | |||||||||||
December 31, 2011
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
Fair Value
|
Unrealized
Losses
|
|||||||||||||||||||
U.S. Government and agency obligations
|
$ | 74,326 | $ | (56 | ) | $ | -- | $ | -- | $ | 74,326 | $ | (56 | ) | ||||||||||
Municipal bonds:
|
||||||||||||||||||||||||
Taxable
|
3,599 | (2 | ) | -- | -- | 3,599 | (2 | ) | ||||||||||||||||
Tax exempt
|
4,075 | (16 | ) | -- | -- | 4,075 | (16 | ) | ||||||||||||||||
Total municipal bonds
|
7,674 | (18 | ) |