Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FIRST COMMONWEALTH FINANCIAL CORP /PA/ | d8k.htm |
| EX-99.2 - DIVIDEND PRESS RELEASE - FIRST COMMONWEALTH FINANCIAL CORP /PA/ | dex992.htm |
Exhibit 99.1
| FOR IMMEDIATE RELEASE |
|
First Commonwealth Announces First Quarter 2011 Financial Results
Indiana, PA., April 20, 2011 - First Commonwealth Financial Corporation (NYSE: FCF) today reported net income of $6.8 million, or $0.07 diluted earnings per share, for the first quarter ended March 31, 2011 compared to a net loss of $13.2 million, or $0.15 earnings per share, in the first quarter of 2010. The increase in net income was primarily the result of a lower provision for credit losses, a decrease in impairment losses on investments in pooled trust preferred collateralized debt obligations and lower noninterest expense.
John J. Dolan, President and Chief Executive Officer, stated, “We are pleased to report favorable earnings results for the first quarter. The credit cycle and economy have certainly become less volatile, but still remain challenging. Quality loan demand continues to be lackluster and we are wisely utilizing this time to strengthen our balance sheet, credit quality and operational infrastructure.”
Credit Quality
The provision for credit losses was $11.7 million for the first quarter ended March 31, 2011 as compared to $45.0 million in the prior year period. The significant components of the first quarter 2011 provision for credit losses included:
| • | $1.6 million on a $9.7 million commercial real estate holding, primarily for office space, in western Pennsylvania. |
| • | $1.4 million on a condominium construction project in south Florida based upon an updated appraisal which showed a continuing decline in real estate values. This loan was placed into nonaccrual status in the third quarter of 2009 and is currently in the process of foreclosure. |
| • | $1.3 million for a participation loan secured by real estate in Ohio as a result of a new appraisal. The loan was moved to nonaccrual status in the second quarter of 2009 and currently has no outstanding balance. |
| • | $1.2 million on a $2.5 million commercial real estate development in western Pennsylvania. |
| • | $1.0 million on a $6.9 million retail strip development in western Pennsylvania that is secured by real estate. |
For the quarter ended March 31, 2011, nonperforming loans were $140.5 million, an increase of $23.0 million from December 31, 2010. The significant relationships that were placed into nonperforming status were:
| • | $9.7 million for the aforementioned western Pennsylvania office building complex loan that is experiencing vacancies. |
| • | $6.9 million on the aforementioned retail strip development in western Pennsylvania that was classified as a troubled debt restructured loan. |
| • | $3.1 million on a loan with a western Pennsylvania manufacturer that has filed for bankruptcy. The loan is primarily secured by real estate. |
| • | $2.5 million for the aforementioned commercial real estate development loan in western Pennsylvania. |
These additions to nonperforming loans were partially offset by a $4.0 million land development loan in central Pennsylvania that was transferred to Other Real Estate Owned (“OREO”) as well as charge-offs to existing nonperforming loans. Nonperforming loans as a percentage of total loans were 3.45%, 2.79% and 3.64% for the periods ended March 31, 2011, December 31, 2010 and March 31, 2010, respectively.
During the first quarter of 2011, net charge-offs were $8.3 million compared to $7.9 million in the first quarter of 2010. The most significant loan charge-offs for the first quarter of 2011 included:
| • | $1.6 million on the aforementioned commercial real estate development loan in western Pennsylvania due to receipt of new appraisal values. |
| • | $1.4 million on the aforementioned condominium construction project in south Florida. This loan currently has an outstanding balance of $4.0 million. |
| • | $1.3 million for the aforementioned participation loan secured by real estate in Ohio. |
| • | $0.7 million on a real estate construction loan in Kissimmee, Florida for condominiums. The original loan was placed into nonaccrual status in the second quarter of 2009. This loan has a current balance of $5.7 million. |
The allowance for credit losses as a percentage of total loans outstanding was 1.83%, 1.69% and 2.58% for March 31, 2011, December 31, 2010 and March 31, 2010, respectively.
OREO acquired through foreclosure was $28.8 million at March 31, 2011; $17.9 million is related to a food manufacturing property and $4.0 million is related to the aforementioned land development loan in central Pennsylvania.
Net Interest Income and Net Margin
First quarter 2011 net interest income decreased $6.5 million, or 12%, compared to the first quarter of 2010 to $49.4 million, on a fully taxable equivalent basis. The decrease was a result of a $667.6 million decline in average interest-earning assets between the periods. Net interest margin was 3.87%, 3.86% and 3.87% for the three-month periods ended March 31, 2011, December 31, 2010 and March 31, 2010, respectively.
Significant changes to First Commonwealth’s balance sheet from March 31, 2010 to March 31, 2011 include:
| • | A $683.9 million, or 67%, reduction in borrowings. |
| • | A decrease of $521.1 million, or 11%, in loans is the result of more disciplined underwriting guidelines concerning geography and size for commercial loans, the managing down of large credit relationships, generally weak borrower demand and planned decreases in residential real estate loans. |
| • | A $91.2 million, or 8%, decline in investment securities is primarily the result of matured securities not being replaced as the risk/reward for balance sheet leveraging activities has become less attractive in the current interest rate environment. An additional strategy was also implemented in the second quarter of 2010 that reduced the municipal securities portfolio exposure from $195.7 million at March 31, 2010 to $3.7 million at March 31, 2011. |
| • | Continued improvement in the mix of deposits, as a $166.5 million, or 6%, growth in lower costing transaction and savings deposits, partially offset a $188.8 million decrease in time deposits. |
| • | During the third quarter of 2010, First Commonwealth completed a successful public offering by issuing 18,543,750 shares of common stock. The net proceeds of $81.4 million will provide flexibility to capitalize on opportunities presented within our market area, as well as to support regulatory capital needs. First Commonwealth’s capital ratios for leverage, Total and Tier I at March 31, 2011 were 11.82%, 14.68% and 13.42%, respectively. |
Dolan added, “Managing the risk profile of our balance sheet continues to be a strategic focus. Our pricing and underwriting guidelines will remain disciplined even as we continue to grow and deepen our customer relationships.”
Noninterest Income
Recognized net security gains (losses), including other-than-temporary impairment charges, were $0.6 million and $(2.3) million for the three-month periods ended March 31, 2011 and March 31, 2010, respectively. Gains for the first quarter 2011 were primarily the result of the sale of $6.4 million in single issue corporate securities and $42.5 million of municipal securities. The 2010 losses resulted primarily from other-than-temporary impairment charges on investments in pooled trust preferred collateralized debt obligations. First Commonwealth did not incur any other-than-temporary impairment charges in the first quarter of 2011 as a result of decreased deferral and default levels, as well as the effect of incorporating actual and projected cures of interest deferrals into the other-than-temporary cash flow analysis.
Noninterest income, excluding net security gains (losses), was essentially flat in the first quarter of 2011 compared to the same period last year. Increases of $0.5 million in card related interchange income, $0.2 million in trust income, $0.2 million in swap fee income and $0.1 million in income from bank owned life insurance were offset by decreases of $0.7 million in service charges on deposit accounts, as a result of new regulations and shifts in consumer behavior and $0.3 million in insurance and brokerage commissions, due to lower sales activity.
Noninterest Expense
Noninterest expense decreased $1.8 million, or 4%, in the first quarter of 2011 from the first quarter of 2010. The decrease is primarily related to $1.2 million in salaries and employee benefits due to reduced staffing levels and $0.7 million of reduced reserve for unfunded construction loan commitments.
Full time equivalent staff was 1,519 and 1,626 for the periods ended March 31, 2011 and 2010, respectively. The efficiency ratio, calculated as total noninterest expense as a percentage of total revenue (total revenue consists of net interest income, on a fully taxable equivalent basis, plus total noninterest income, excluding net impairment losses and net securities gains), was 66% for the quarter ended March 31, 2011 as compared to 62% during the same period in 2010. The increase in the efficiency ratio was primarily the result of the decrease in net interest income, partially offset by improved operating efficiencies.
Dolan commented, “Our bank-wide efficiency initiative, which launched at the beginning of this year, is making significant progress in offsetting the upward industry shift in operating expense resulting from added regulatory, compliance and credit cycle challenges. These efforts will remain a focus in 2011 as we explore additional opportunities for process improvements and better technology utilization.”
Conference Call
First Commonwealth will host a quarterly conference call to discuss its financial results for the first quarter of 2011 on Thursday, April 21, 2011 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-877-317-6789 or through our web page, http://www.fcbanking.com at our “Investor Relations” link. A replay of the call will be available approximately one hour following the conclusion of the conference. A link to the call replay will be accessible at this web page for 30 days.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation is a $5.8 billion financial holding company headquartered in Indiana, Pennsylvania. It operates 115 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank, a Pennsylvania chartered bank and trust company. Financial services and insurance products are also provided through First Commonwealth Insurance Agency and First Commonwealth Financial Advisors, Inc.
Forward-Looking Statements
This release contains forward-looking statements about First Commonwealth’s future plans, strategies and financial performance. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Such statements are based on assumptions and involve risks and uncertainties, many of which are beyond our control and may cause actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. These risks and uncertainties include, among other things, the following: continued deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Law and other legal and regulatory changes; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk; and other risks and uncertainties described in our reports filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date on which they are made. First Commonwealth undertakes no obligation to update any forward looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Contact:
Media:
Susie Barbour
Media Relations Supervisor
724-463-5618
Investor Relations:
Robert E. Rout
Executive Vice President and Chief Financial Officer
724-349-7220
###
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)
| For the Three Months Ended | ||||||||||||
| March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
||||||||||
| SUMMARY RESULTS OF OPERATIONS |
||||||||||||
| Net interest income (FTE)(1) |
$ | 49,399 | $ | 51,743 | $ | 55,896 | ||||||
| Provision for credit losses |
11,703 | 8,000 | 45,020 | |||||||||
| Noninterest income |
14,328 | 14,255 | 11,451 | |||||||||
| Noninterest expense |
41,429 | 43,378 | 43,239 | |||||||||
| Net income |
6,810 | 11,945 | (13,168 | ) | ||||||||
| Earnings per common share (diluted) |
$ | 0.07 | $ | 0.11 | ($ | 0.15 | ) | |||||
| KEY FINANCIAL RATIOS |
||||||||||||
| Return on average assets |
0.48 | % | 0.80 | % | (0.83 | )% | ||||||
| Return on average shareholders’ equity |
3.66 | % | 6.32 | % | (8.17 | )% | ||||||
| Efficiency ratio(2) |
65.60 | % | 65.69 | % | 62.06 | % | ||||||
| Net interest margin (FTE)(1) |
3.87 | % | 3.86 | % | 3.87 | % | ||||||
| Book value per common share |
$ | 7.19 | $ | 7.15 | $ | 7.36 | ||||||
| Tangible book value per common share(4) |
5.61 | 5.57 | 5.42 | |||||||||
| Market value per common share |
6.85 | 7.08 | 6.71 | |||||||||
| Cash dividends declared per common share |
0.03 | 0.01 | 0.03 | |||||||||
| ASSET QUALITY RATIOS |
||||||||||||
| Allowance for credit losses as a percent of end-of-period loans |
1.83 | % | 1.69 | % | 2.58 | % | ||||||
| Allowance for credit losses as a percent of nonperforming loans |
53.17 | % | 60.63 | % | 70.93 | % | ||||||
| Nonperforming loans as a percent of end-of-period loans |
3.45 | % | 2.79 | % | 3.64 | % | ||||||
| Nonperforming assets as a percent of total assets |
3.23 | % | 2.72 | % | 3.11 | % | ||||||
| Net charge-offs as a percent of average loans (annualized) |
0.80 | % | 2.07 | % | 0.69 | % | ||||||
| CAPITAL RATIOS |
||||||||||||
| Shareholders’ equity as a percent of total assets |
13.08 | % | 12.90 | % | 9.98 | % | ||||||
| Tangible common equity as a percent of tangible assets(3) |
10.52 | % | 10.35 | % | 7.55 | % | ||||||
| Leverage Ratio |
11.82 | % | 11.52 | % | 8.68 | % | ||||||
| Risk Based Capital - Tier I |
13.42 | % | 12.97 | % | 9.86 | % | ||||||
| Risk Based Capital - Tier II |
14.68 | % | 14.23 | % | 11.11 | % | ||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
| For the Three Months Ended | ||||||||||||
| March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
||||||||||
| INCOME STATEMENT |
||||||||||||
| Interest income |
$ | 59,469 | $ | 63,363 | $ | 70,078 | ||||||
| Interest expense |
11,600 | 13,392 | 16,980 | |||||||||
| Net Interest Income |
47,869 | 49,971 | 53,098 | |||||||||
| Taxable equivalent adjustment(1) |
1,530 | 1,772 | 2,798 | |||||||||
| Net Interest Income (FTE) |
49,399 | 51,743 | 55,896 | |||||||||
| Provision for credit losses |
11,703 | 8,000 | 45,020 | |||||||||
| Net Interest Income after Provision for Credit Losses (FTE) |
37,696 | 43,743 | 10,876 | |||||||||
| Changes in fair value on impaired securities |
1,869 | 4,554 | (1,517 | ) | ||||||||
| Non-credit related gains on securities not expected to be sold (recognized in other comprehensive income) |
(1,869 | ) | (4,597 | ) | (1,233 | ) | ||||||
| Net Impairment Losses |
0 | (43 | ) | (2,750 | ) | |||||||
| Net securities gains |
577 | 10 | 420 | |||||||||
| Trust income |
1,718 | 1,519 | 1,494 | |||||||||
| Service charges on deposit accounts |
3,426 | 3,911 | 4,152 | |||||||||
| Insurance and retail brokerage commissions |
1,562 | 1,041 | 1,862 | |||||||||
| Income from bank owned life insurance |
1,357 | 1,396 | 1,257 | |||||||||
| Card related interchange income |
2,800 | 2,764 | 2,320 | |||||||||
| Other income |
2,888 | 3,657 | 2,696 | |||||||||
| Total Noninterest Income |
14,328 | 14,255 | 11,451 | |||||||||
| Salaries and employee benefits |
21,128 | 20,997 | 22,327 | |||||||||
| Net occupancy expense |
3,732 | 3,522 | 3,893 | |||||||||
| Furniture and equipment expense |
3,180 | 3,218 | 3,165 | |||||||||
| Data processing expense |
1,424 | 1,389 | 1,437 | |||||||||
| Pennsylvania shares tax expense |
1,178 | 1,473 | 1,057 | |||||||||
| Intangible amortization |
390 | 390 | 657 | |||||||||
| Collection and repossession expense |
1,316 | 1,504 | 923 | |||||||||
| Other professional fees and services |
1,125 | 1,184 | 1,166 | |||||||||
| FDIC insurance |
1,835 | 1,959 | 1,963 | |||||||||
| Other operating expenses |
6,121 | 7,742 | 6,651 | |||||||||
| Total Noninterest Expense |
41,429 | 43,378 | 43,239 | |||||||||
| Income (Loss) before Income Taxes |
10,595 | 14,620 | (20,912 | ) | ||||||||
| Taxable equivalent adjustment(1) |
1,530 | 1,772 | 2,798 | |||||||||
| Income tax provision (benefit) |
2,255 | 903 | (10,542 | ) | ||||||||
| Net Income (Loss) |
$ | 6,810 | $ | 11,945 | ($ | 13,168 | ) | |||||
| Shares Outstanding at End of Period |
104,859,954 | 104,846,194 | 85,998,134 | |||||||||
| Average Shares Outstanding Assuming Dilution |
104,623,518 | 104,527,683 | 85,029,748 | |||||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
| March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
||||||||||||||||||||||
| BALANCE SHEET (Period End) |
||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Cash and due from banks |
$ | 133,319 | $ | 69,858 | $ | 136,209 | ||||||||||||||||||
| Securities |
1,054,869 | 1,016,574 | 1,146,035 | |||||||||||||||||||||
| Net loans |
3,999,592 | 4,146,854 | 4,476,684 | |||||||||||||||||||||
| Goodwill and other intangibles |
164,943 | 165,332 | 166,708 | |||||||||||||||||||||
| Other assets |
411,207 | 414,224 | 418,193 | |||||||||||||||||||||
| Total Assets |
$ | 5,763,930 | $ | 5,812,842 | $ | 6,343,829 | ||||||||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||
| Noninterest-bearing demand deposits |
$ | 733,731 | $ | 706,889 | $ | 639,184 | ||||||||||||||||||
| Interest-bearing deposits |
3,896,237 | 3,910,963 | 4,013,085 | |||||||||||||||||||||
| Total borrowings |
335,085 | 392,359 | 1,019,029 | |||||||||||||||||||||
| Other liabilities |
45,182 | 52,854 | 39,452 | |||||||||||||||||||||
| Shareholders’ equity |
753,695 | 749,777 | 633,079 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 5,763,930 | $ | 5,812,842 | $ | 6,343,829 | ||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||||||
| March 31, 2011 |
Yield/ Rate |
December 31, 2010 |
Yield/ Rate |
March 31, 2010 |
Yield/ Rate |
|||||||||||||||||||
| NET INTEREST MARGIN (Quarterly Averages) |
||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Loans (FTE)(1) |
$ | 4,171,083 | 5.09 | % | $ | 4,295,788 | 5.15 | % | $ | 4,635,712 | 5.17 | % | ||||||||||||
| Securities (FTE)(1) |
1,011,873 | 3.48 | % | 1,018,254 | 3.66 | % | 1,214,850 | 4.62 | % | |||||||||||||||
| Total Interest Earning Assets (FTE)(1) |
5,182,956 | 4.77 | % | 5,314,042 | 4.86 | % | 5,850,562 | 5.05 | % | |||||||||||||||
| Noninterest-earning assets |
589,106 | 586,316 | 577,904 | |||||||||||||||||||||
| Total Assets |
$ | 5,772,062 | $ | 5,900,358 | $ | 6,428,466 | ||||||||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||
| Interest-bearing demand and savings deposits |
$ | 2,451,962 | 0.35 | % | $ | 2,494,262 | 0.43 | % | $ | 2,325,621 | 0.66 | % | ||||||||||||
| Time deposits |
1,471,492 | 2.05 | % | 1,505,369 | 2.19 | % | 1,639,524 | 2.43 | % | |||||||||||||||
| Short-term borrowings |
172,440 | 0.43 | % | 173,227 | 0.45 | % | 921,496 | 0.38 | % | |||||||||||||||
| Long-term borrowings |
185,142 | 4.12 | % | 214,362 | 4.06 | % | 234,082 | 4.41 | % | |||||||||||||||
| Total Interest-Bearing Liabilities |
4,281,036 | 1.10 | % | 4,387,220 | 1.21 | % | 5,120,723 | 1.34 | % | |||||||||||||||
| Noninterest-bearing deposits |
687,041 | 712,466 | 618,177 | |||||||||||||||||||||
| Other liabilities |
48,587 | 51,144 | 35,780 | |||||||||||||||||||||
| Shareholders’ equity |
755,398 | 749,528 | 653,786 | |||||||||||||||||||||
| Total Noninterest-Bearing Funding Sources |
1,491,026 | 1,513,138 | 1,307,743 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 5,772,062 | $ | 5,900,358 | $ | 6,428,466 | ||||||||||||||||||
| Net Interest Margin (FTE)(1) |
3.87 | % | 3.86 | % | 3.87 | % | ||||||||||||||||||
FIRST COMMONWEALTH FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands)
| March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
||||||||||
| ASSET QUALITY DETAIL |
||||||||||||
| Nonperforming Loans: |
||||||||||||
| Loans on nonaccrual basis |
$ | 128,740 | $ | 116,151 | $ | 166,779 | ||||||
| Troubled debt restructured loans |
11,724 | 1,336 | 609 | |||||||||
| Total Nonperforming Loans |
140,464 | 117,487 | 167,388 | |||||||||
| Other real estate owned (“OREO”) |
28,768 | 24,700 | 23,191 | |||||||||
| Nonaccrual securities at fair value |
17,214 | 15,823 | 6,553 | |||||||||
| Total Nonperforming Assets |
$ | 186,446 | $ | 158,010 | $ | 197,132 | ||||||
| Loans past due in excess of 90 days and still accruing |
$ | 15,202 | $ | 13,203 | $ | 13,371 | ||||||
| Nonperforming loans as a percentage of total loans, plus OREO |
3.42 | % | 2.77 | % | 3.62 | % | ||||||
| Allowance for credit losses |
$ | 74,678 | $ | 71,229 | $ | 118,725 | ||||||
| Provision for credit losses (quarter-to-date) |
11,703 | 8,000 | 45,020 | |||||||||
| Net Charge-offs: |
||||||||||||
| Commercial, financial, agricultural and other |
$ | 856 | $ | 19,205 | $ | 778 | ||||||
| Real estate - construction |
4,999 | 109 | 3,713 | |||||||||
| Real estate - commercial |
690 | 598 | 962 | |||||||||
| Real estate - residential |
1,085 | 1,455 | 1,522 | |||||||||
| Loans to individuals |
624 | 1,050 | 959 | |||||||||
| Net Charge-offs (quarter-to-date) |
$ | 8,254 | $ | 22,417 | $ | 7,934 | ||||||
| Net charge-offs as a percentage of average loans outstanding (annualized) |
0.80 | % | 2.07 | % | 0.69 | % | ||||||
| Provision for credit losses as a percentage of net charge-offs |
141.79 | % | 35.69 | % | 567.43 | % | ||||||
| March 31, 2011 |
December 31, 2010 |
March 31, 2010 |
||||||||||
| RECONCILIATION OF NON-GAAP MEASURES
(1) Net interest income has been computed on a fully taxable equivalent basis ("FTE") using the 35% federal income tax statutory rate.
(2) Efficiency ratio is “total noninterest expense” as a percentage of total revenue. Total revenue consists of “net interest income, on a fully taxable equivalent basis,” plus “total noninterest income,” excluding “net impairment losses” and “net securities gains.” |
| |||||||||||
| Tangible Equity: |
||||||||||||
| Total shareholders’ equity |
$ | 753,695 | $ | 749,777 | $ | 633,079 | ||||||
| Less: intangible assets |
164,943 | 165,332 | 166,708 | |||||||||
| Tangible Equity |
588,752 | 584,445 | 466,371 | |||||||||
| Less: preferred stock |
0 | 0 | 0 | |||||||||
| Tangible Common Equity |
$ | 588,752 | $ | 584,445 | $ | 466,371 | ||||||
| Tangible Assets: |
||||||||||||
| Total assets |
$ | 5,763,930 | $ | 5,812,842 | $ | 6,343,829 | ||||||
| Less: intangible assets |
164,943 | 165,332 | 166,708 | |||||||||
| Tangible Assets |
$ | 5,598,987 | $ | 5,647,510 | $ | 6,177,121 | ||||||
|
(3)Tangible Common Equity as a percentage of Tangible Assets |
10.52 | % | 10.35 | % | 7.55 | % | ||||||
| Shares Outstanding at End of Period |
104,859,954 | 104,846,194 | 85,998,134 | |||||||||
|
(4)Tangible Book Value Per Common Share |
$ | 5.61 | $ | 5.57 | $ | 5.42 | ||||||
Note: Management believes that it is a standard practice in the banking industry to present these non-gaap measures. These measures provide useful information to management and investors by allowing them to make peer comparisons.