UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended September 30, 2004 |
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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 |
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For the transition period from to |
Commission file number 000-14517
TEXAS REGIONAL BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
www.trbsinc.com
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Texas |
74-2294235 |
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(State or other
jurisdiction |
(I.R.S. Employer |
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3900 North 10th
Street, 11th Floor |
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(Address of principal executive offices) (Zip Code) |
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(956) 631-5400 |
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(Registrant’s telephone number, including area code) |
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Not Applicable |
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(Former name, former address and former fiscal year, if changed since last report) |
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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. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
There were 49,215,210 shares of the registrant’s Class A Voting Common Stock, $1.00 par value, outstanding as of November 5, 2004.
Texas Regional Bancshares, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
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(Dollars in Thousands, Except Share Data) |
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September 30, |
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December 31, |
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(Unaudited) |
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Assets |
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Cash and Due From Banks |
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$ |
138,860 |
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$ |
100,167 |
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Interest-Bearing Deposits at Other Banks |
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237 |
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556 |
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Total Cash and Cash Equivalents |
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139,097 |
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100,723 |
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Time Deposits |
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11 |
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199 |
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Securities Available for Sale, at Fair Value |
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1,513,326 |
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1,385,814 |
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Securities Held to Maturity, at Amortized Cost (Fair Value of $218 in 2004 and $431 in 2003) |
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210 |
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410 |
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Loans Held for Sale |
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20,223 |
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24,078 |
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Loans Held for Investment, Net of Unearned Discount of $518 in 2004 and $261 in 2003 |
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3,538,428 |
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2,519,694 |
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Less: Allowance for Loan Losses |
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(43,153 |
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(31,234 |
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Net Loans Held for Investment |
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3,495,275 |
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2,488,460 |
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Premises and Equipment, Net |
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131,443 |
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107,875 |
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Accrued Interest Receivable |
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33,833 |
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27,740 |
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Other Real Estate |
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10,133 |
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8,785 |
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Goodwill, Net |
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163,928 |
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29,856 |
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Identifiable Intangibles, Net |
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30,803 |
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15,263 |
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Other Assets |
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81,000 |
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28,733 |
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Total Assets |
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$ |
5,619,282 |
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$ |
4,217,936 |
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Liabilities |
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Deposits |
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Demand |
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$ |
850,432 |
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$ |
536,211 |
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Savings |
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210,558 |
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147,236 |
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Money Market Checking and Savings |
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1,358,368 |
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964,436 |
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Time Deposits |
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2,152,755 |
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1,868,552 |
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Total Deposits |
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4,572,113 |
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3,516,435 |
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Other Borrowed Money |
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437,970 |
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259,565 |
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Accounts Payable and Accrued Liabilities |
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37,808 |
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20,205 |
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Total Liabilities |
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5,047,891 |
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3,796,205 |
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Commitments and Contingencies |
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Shareholders’ Equity |
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Preferred Stock; $1.00 Par Value, 10,000,000 Shares Authorized; |
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— |
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None Issued and Outstanding |
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— |
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Common Stock –
Class A; $1.00 Par Value, 50,000,000 Shares Authorized; |
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48,960 |
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29,471 |
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Paid-In Capital |
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387,788 |
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278,131 |
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Retained Earnings |
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130,130 |
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103,773 |
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Accumulated Other Comprehensive Income, Net of Tax |
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4,513 |
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10,356 |
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Total Shareholders’ Equity |
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571,391 |
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421,731 |
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Total Liabilities and Shareholders’ Equity |
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$ |
5,619,282 |
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$ |
4,217,936 |
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The accompanying notes are an integral part of the condensed consolidated financial statements.
2
Texas Regional Bancshares, Inc. and Subsidiaries
Condensed Consolidated Statements of Income and
Comprehensive Income
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Three Months |
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Nine Months |
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(Dollars in Thousands, Except Per Share Data) |
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2004 |
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2003 |
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2004 |
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2003 |
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(Unaudited) |
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Interest Income |
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Loans Held for Sale |
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$ |
245 |
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$ |
703 |
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$ |
856 |
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$ |
1,996 |
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Loans Held for Investment, Including Fees |
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57,904 |
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40,354 |
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157,088 |
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120,502 |
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Securities |
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Taxable |
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12,252 |
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9,268 |
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34,887 |
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29,898 |
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Tax-Exempt |
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1,147 |
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869 |
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3,215 |
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2,539 |
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Interest-Bearing and Time Deposits |
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2 |
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18 |
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45 |
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156 |
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Federal Funds Sold |
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7 |
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24 |
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35 |
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149 |
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Total Interest Income |
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71,557 |
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51,236 |
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196,126 |
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155,240 |
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Interest Expense |
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Deposits |
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15,638 |
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12,393 |
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42,261 |
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41,408 |
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Federal Funds Purchased and Securities Sold Under Repurchase Agreements |
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549 |
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798 |
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1,597 |
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2,719 |
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Federal Home Loan Bank Advances |
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626 |
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583 |
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1,308 |
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1,601 |
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Other Borrowed Money |
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923 |
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319 |
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2,301 |
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1,068 |
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Total Interest Expense |
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17,736 |
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14,093 |
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47,467 |
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46,796 |
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Net Interest Income Before Provision for Loan Losses |
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53,821 |
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37,143 |
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148,659 |
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