T
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
£
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Hawaii
|
99-0212597
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer £
|
Accelerated filer T
|
Non-accelerated filer £
|
Smaller reporting company £
|
Part I.
|
Financial Information
|
Item I.
|
Financial Statements (Unaudited)
|
Consolidated Balance Sheets
March 31, 2013 and December 31, 2012
|
|
Consolidated Statements of Income
Three months ended March 31, 2013 and 2012
|
|
Consolidated Statements of Comprehensive Income
Three months ended March 31, 2013 and 2012
|
|
Consolidated Statements of Changes in Equity
Three months ended March 31, 2013 and 2012
|
|
Consolidated Statements of Cash Flows
Three months ended March 31, 2013 and 2012
|
|
Notes to Consolidated Financial Statements
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Part II.
|
Other Information
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
Signatures
|
|
Exhibit Index
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 46,877 | $ | 56,473 | ||||
Interest-bearing deposits in other banks
|
167,632 | 120,902 | ||||||
Investment securities:
|
||||||||
Available for sale, at fair value
|
1,537,065 | 1,536,745 | ||||||
Held to maturity (fair value of $159,483 at March 31, 2013 and $162,528 at December 31, 2012)
|
159,363 | 161,848 | ||||||
Total investment securities
|
1,696,428 | 1,698,593 | ||||||
Loans held for sale
|
17,293 | 38,283 | ||||||
Loans and leases
|
2,274,598 | 2,203,944 | ||||||
Less allowance for loan and lease losses
|
86,806 | 96,413 | ||||||
Net loans and leases
|
2,187,792 | 2,107,531 | ||||||
Premises and equipment, net
|
48,578 | 48,759 | ||||||
Accrued interest receivable
|
14,148 | 13,896 | ||||||
Investment in unconsolidated subsidiaries
|
10,078 | 10,975 | ||||||
Other real estate
|
10,068 | 10,686 | ||||||
Other intangible assets
|
36,175 | 37,499 | ||||||
Bank-owned life insurance
|
147,975 | 147,411 | ||||||
Federal Home Loan Bank stock
|
47,494 | 47,928 | ||||||
Other assets
|
150,539 | 31,432 | ||||||
Total assets
|
$ | 4,581,077 | $ | 4,370,368 | ||||
Liabilities and Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing demand
|
$ | 857,427 | $ | 843,292 | ||||
Interest-bearing demand
|
692,537 | 672,838 | ||||||
Savings and money market
|
1,168,989 | 1,186,011 | ||||||
Time
|
1,045,738 | 978,631 | ||||||
Total deposits
|
3,764,691 | 3,680,772 | ||||||
Long-term debt
|
108,276 | 108,281 | ||||||
Other liabilities
|
48,058 | 66,536 | ||||||
Total liabilities
|
3,921,025 | 3,855,589 | ||||||
Equity:
|
||||||||
Preferred stock, no par value, authorized 1,100,000 shares, issued and outstanding
|
||||||||
none at March 31, 2013 and December 31, 2012, respectively
|
- | - | ||||||
Common stock, no par value, authorized 185,000,000 shares, issued and outstanding
|
||||||||
41,938,294 and 41,867,046 shares at March 31, 2013 and December 31, 2012, respectively
|
784,519 | 784,512 | ||||||
Surplus
|
71,735 | 70,567 | ||||||
Accumulated deficit
|
(212,118 | ) | (349,427 | ) | ||||
Accumulated other comprehensive income (loss)
|
5,965 | (830 | ) | |||||
Total shareholders' equity
|
650,101 | 504,822 | ||||||
Non-controlling interest
|
9,951 | 9,957 | ||||||
Total equity
|
660,052 | 514,779 | ||||||
Total liabilities and equity
|
$ | 4,581,077 | $ | 4,370,368 | ||||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended March 31,
|
||||||||
(Amounts in thousands, except per share data)
|
2013
|
2012
|
||||||
Interest income:
|
||||||||
Interest and fees on loans and leases
|
$ | 24,443 | $ | 25,008 | ||||
Interest and dividends on investment securities:
|
||||||||
Taxable interest
|
7,031 | 7,614 | ||||||
Tax-exempt interest
|
1,027 | 197 | ||||||
Dividends
|
5 | 3 | ||||||
Interest on deposits in other banks
|
89 | 81 | ||||||
Total interest income
|
32,595 | 32,903 | ||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Demand
|
81 | 86 | ||||||
Savings and money market
|
217 | 299 | ||||||
Time
|
759 | 1,073 | ||||||
Interest on long-term debt
|
869 | 943 | ||||||
Total interest expense
|
1,926 | 2,401 | ||||||
Net interest income
|
30,669 | 30,502 | ||||||
Provision (credit) for loan and lease losses
|
(6,561 | ) | (4,990 | ) | ||||
Net interest income after provision for loan and lease losses
|
37,230 | 35,492 | ||||||
Other operating income:
|
||||||||
Service charges on deposit accounts
|
1,591 | 2,316 | ||||||
Other service charges and fees
|
4,330 | 4,421 | ||||||
Income from fiduciary activities
|
697 | 626 | ||||||
Equity in earnings of unconsolidated subsidiaries
|
28 | 46 | ||||||
Fees on foreign exchange
|
71 | 90 | ||||||
Loan placement fees
|
149 | 240 | ||||||
Net gain on sales of residential loans
|
4,128 | 2,977 | ||||||
Income from bank-owned life insurance
|
564 | 591 | ||||||
Other
|
914 | 1,925 | ||||||
Total other operating income
|
12,472 | 13,232 | ||||||
Other operating expense:
|
||||||||
Salaries and employee benefits
|
18,535 | 16,626 | ||||||
Net occupancy
|
3,227 | 3,266 | ||||||
Equipment
|
958 | 957 | ||||||
Amortization of other intangible assets
|
2,248 | 1,761 | ||||||
Communication expense
|
950 | 854 | ||||||
Legal and professional services
|
2,310 | 4,057 | ||||||
Computer software expense
|
933 | 935 | ||||||
Advertising expense
|
812 | 869 | ||||||
Foreclosed asset expense
|
(258 | ) | (107 | ) | ||||
Write down of assets
|
- | 1,759 | ||||||
Other
|
2,480 | 4,269 | ||||||
Total other operating expense
|
32,195 | 35,246 | ||||||
Income before income taxes
|
17,507 | 13,478 | ||||||
Income tax benefit
|
(119,802 | ) | - | |||||
Net income
|
$ | 137,309 | $ | 13,478 | ||||
Per common share data:
|
||||||||
Basic earnings per share
|
$ | 3.28 | $ | 0.32 | ||||
Diluted earnings per share
|
3.25 | 0.32 | ||||||
Shares used in computation:
|
||||||||
Basic shares
|
41,816 | 41,631 | ||||||
Diluted shares
|
42,297 | 41,839 | ||||||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Net income
|
$ | 137,309 | $ | 13,478 | ||||
Other comprehensive income (loss), net of tax
|
||||||||
Net change in unrealized gain on investment securities
|
(4,823 | ) | (3,480 | ) | ||||
Net change in unrealized loss on derivatives
|
10,993 | (572 | ) | |||||
Defined benefit plans
|
625 | 589 | ||||||
Other comprehensive income (loss), net of tax
|
6,795 | (3,463 | ) | |||||
Comprehensive income
|
$ | 144,104 | $ | 10,015 | ||||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. & SUBSIDIARIES
|
|||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||||||
Accumulated
|
|||||||||||||||||||||||||||
Other
|
Non-
|
||||||||||||||||||||||||||
Preferred
|
Common
|
Accumulated
|
Comprehensive
|
Controlling
|
|||||||||||||||||||||||
Stock
|
Stock
|
Surplus
|
Deficit
|
Income (Loss)
|
Interests
|
Total
|
|||||||||||||||||||||
(Dollars in thousands, except per share data)
|
|||||||||||||||||||||||||||
Balance at December 31, 2012
|
$ | - | $ | 784,512 | $ | 70,567 | $ | (349,427 | ) | $ | (830 | ) | $ | 9,957 | $ | 514,779 | |||||||||||
Net income
|
- | - | - | 137,309 | - | - | 137,309 | ||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | 6,795 | - | 6,795 | ||||||||||||||||||||
83 shares of common stock sold by directors'
deferred compensation plan
|
- | 7 | - | - | - | - | 7 | ||||||||||||||||||||
Share-based compensation
|
- | - | 1,168 | - | - | - | 1,168 | ||||||||||||||||||||
Non-controlling interests
|
- | - | - | - | - | (6 | ) | (6 | ) | ||||||||||||||||||
Balance at March 31, 2013
|
$ | - | $ | 784,519 | $ | 71,735 | $ | (212,118 | ) | $ | 5,965 | $ | 9,951 | $ | 660,052 | ||||||||||||
Balance at December 31, 2011
|
$ | - | $ | 784,539 | $ | 66,585 | $ | (396,848 | ) | $ | 2,164 | $ | 9,980 | $ | 466,420 | ||||||||||||
Net income
|
- | - | - | 13,478 | - | - | 13,478 | ||||||||||||||||||||
Other comprehensive loss
|
- | - | - | - | (3,463 | ) | - | (3,463 | ) | ||||||||||||||||||
48 shares of common stock sold by directors'
deferred compensation plan
|
- | 35 | - | - | - | - | 35 | ||||||||||||||||||||
Share-based compensation
|
- | - | 976 | - | - | - | 976 | ||||||||||||||||||||
Non-controlling interests
|
- | - | - | - | - | (6 | ) | (6 | ) | ||||||||||||||||||
Balance at March 31, 2012
|
$ | - | $ | 784,574 | $ | 67,561 | $ | (383,370 | ) | $ | (1,299 | ) | $ | 9,974 | $ | 477,440 | |||||||||||
See accompanying notes to consolidated financial statements.
|
CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 137,309 | $ | 13,478 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision (credit) for loan and lease losses
|
(6,561 | ) | (4,990 | ) | ||||
Depreciation and amortization
|
1,518 | 1,544 | ||||||
Write down of assets
|
- | 1,759 | ||||||
Write down of other real estate, net of gain on sale
|
(584 | ) | (33 | ) | ||||
Amortization of other intangible assets
|
2,248 | 1,761 | ||||||
Net amortization of investment securities
|
3,962 | 3,530 | ||||||
Share-based compensation
|
1,168 | 976 | ||||||
Net gain on sales of residential loans
|
(4,128 | ) | (2,977 | ) | ||||
Proceeds from sales of loans held for sale
|
212,432 | 189,500 | ||||||
Originations of loans held for sale
|
(187,314 | ) | (158,372 | ) | ||||
Equity in earnings of unconsolidated subsidiaries
|
(28 | ) | (46 | ) | ||||
Increase in cash surrender value of bank-owned life insurance
|
(564 | ) | (2,009 | ) | ||||
Release of DTA valuation allowance
|
(119,802 | ) | - | |||||
Net change in other assets and liabilities
|
(6,918 | ) | (17,316 | ) | ||||
Net cash provided by operating activities
|
32,738 | 26,805 | ||||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturities of and calls on investment securities available for sale
|
155,045 | 72,665 | ||||||
Purchases of investment securities available for sale
|
(164,052 | ) | (232,633 | ) | ||||
Proceeds from maturities of and calls on investment securities held to maturity
|
2,388 | 226 | ||||||
Net loan originations
|
(74,798 | ) | (21,703 | ) | ||||
Proceeds from sales of loans originated for investment
|
460 | - | ||||||
Proceeds from sale of other real estate
|
1,842 | 9,533 | ||||||
Proceeds from bank-owned life insurance
|
- | 1,423 | ||||||
Purchases of premises and equipment
|
(1,337 | ) | (519 | ) | ||||
Distributions from unconsolidated subsidiaries
|
550 | 428 | ||||||
Contributions to unconsolidated subsidiaries
|
(50 | ) | - | |||||
Proceeds from redemption of FHLB stock
|
434 | - | ||||||
Net cash used in investing activities
|
(79,518 | ) | (170,580 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net increase in deposits
|
83,919 | 64,275 | ||||||
Repayments of long-term debt
|
(5 | ) | (50,004 | ) | ||||
Net decrease in short-term borrowings
|
- | (34 | ) | |||||
Net cash provided by financing activities
|
83,914 | 14,237 | ||||||
Net increase (decrease) in cash and cash equivalents
|
37,134 | (129,538 | ) | |||||
Cash and cash equivalents at beginning of period
|
177,375 | 257,072 | ||||||
Cash and cash equivalents at end of period
|
$ | 214,509 | $ | 127,534 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 14,048 | $ | 1,787 | ||||
Income taxes
|
5 | - | ||||||
Supplemental disclosure of noncash investing and financing activities:
|
||||||||
Net change in common stock held by directors' deferred compensation plan
|
$ | (7 | ) | $ | (35 | ) | ||
Net reclassification of loans to other real estate
|
640 | 544 | ||||||
Net transfer of loans to loans held for sale
|
- | 290 | ||||||
See accompanying notes to consolidated financial statements.
|
Gross
|
Gross
|
|
|||||||||||||
Amortized
|
unrealized
|
unrealized
|
Estimated
|
||||||||||||
cost
|
gains
|
losses
|
fair value
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||
March 31, 2013
|
|||||||||||||||
Available for Sale
|
|||||||||||||||
U.S. Government sponsored entities debt securities
|
$ | 207,755 | $ | 2,343 | $ | - | $ | 210,098 | |||||||
States and political subdivisions debt securities
|
193,648 | 2,022 | (2,044 | ) | 193,626 | ||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
981,911 | 15,876 | (2,781 | ) | 995,006 | ||||||||||
Corporate securities
|
125,117 | 2,479 | (61 | ) | 127,535 | ||||||||||
Non-agency collateralized mortgage obligations
|
9,965 | 19 | - | 9,984 | |||||||||||
Other
|
751 | 65 | - | 816 | |||||||||||
Total
|
$ | 1,519,147 | $ | 22,804 | $ | (4,886 | ) | $ | 1,537,065 | ||||||
Held to Maturity
|
|||||||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
$ | 159,363 | $ | 452 | $ | (332 | ) | $ | 159,483 | ||||||
December 31, 2012
|
|||||||||||||||
Available for Sale
|
|||||||||||||||
U.S. Government sponsored entities debt securities
|
$ | 278,198 | $ | 2,741 | $ | - | $ | 280,939 | |||||||
States and political subdivisions debt securities
|
184,274 | 2,831 | (1,194 | ) | 185,911 | ||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
925,018 | 17,548 | (1,523 | ) | 941,043 | ||||||||||
Corporate securities
|
125,649 | 2,360 | (63 | ) | 127,946 | ||||||||||
Other
|
866 | 40 | - | 906 | |||||||||||
Total
|
$ | 1,514,005 | $ | 25,520 | $ | (2,780 | ) | $ | 1,536,745 | ||||||
Held to Maturity
|
|||||||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
$ | 161,848 | $ | 695 | $ | (15 | ) | $ | 162,528 |
March 31, 2013
|
|||||||
Amortized Cost
|
Estimated Fair Value
|
||||||
(Dollars in thousands)
|
|||||||
Available for Sale
|
|||||||
Due in one year or less
|
$ | 110,289 | $ | 110,667 | |||
Due after one year through five years
|
176,722 | 181,273 | |||||
Due after five years through ten years
|
96,482 | 96,745 | |||||
Due after ten years
|
143,027 | 142,574 | |||||
Mortage-backed securities
|
991,876 | 1,004,990 | |||||
Other
|
751 | 816 | |||||
Total
|
$ | 1,519,147 | $ | 1,537,065 | |||
Held to Maturity
|
|||||||
Mortage-backed securities
|
$ | 159,363 | $ | 159,483 |
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair |
Unrealized
|
Fair |
Unrealized
|
Fair |
Unrealized
|
|||||||||||||||||||
Description of Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
At March 31, 2013:
|
||||||||||||||||||||||||
States and political subdivisions debt securities
|
$ | 106,117 | $ | (2,044 | ) | $ | - | $ | - | $ | 106,117 | $ | (2,044 | ) | ||||||||||
U.S. Government sponsored entities
|
||||||||||||||||||||||||
mortgage-backed securities
|
212,650 | (3,113 | ) | - | - | 212,650 | (3,113 | ) | ||||||||||||||||
Corporate securities
|
23,516 | (61 | ) | - | - | 23,516 | (61 | ) | ||||||||||||||||
Total temporarily impaired securities
|
$ | 342,283 | $ | (5,218 | ) | $ | - | $ | - | $ | 342,283 | $ | (5,218 | ) | ||||||||||
At December 31, 2012:
|
||||||||||||||||||||||||
States and political subdivisions
|
$ | 73,128 | $ | (1,194 | ) | $ | - | $ | - | $ | 73,128 | $ | (1,194 | ) | ||||||||||
U.S. Government sponsored entities
|
||||||||||||||||||||||||
mortgage-backed securities
|
206,981 | (1,538 | ) | - | - | 206,981 | (1,538 | ) | ||||||||||||||||
Corporate securities
|
23,205 | (63 | ) | 23,205 | (63 | ) | ||||||||||||||||||
Total temporarily impaired securities
|
$ | 303,314 | $ | (2,795 | ) | $ | - | $ | - | $ | 303,314 | $ | (2,795 | ) |
·
|
The length of time and the extent to which fair value has been less than the amortized cost basis;
|
·
|
Adverse conditions specifically related to the security, an industry, or a geographic area;
|
·
|
The historical and implied volatility of the fair value of the security;
|
·
|
The payment structure of the debt security and the likelihood of the issuer being able to make payments;
|
·
|
Failure of the issuer to make scheduled interest or principal payments;
|
·
|
Any rating changes by a rating agency; and
|
·
|
Recoveries or additional decline in fair value subsequent to the balance sheet date.
|
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Commercial, financial and agricultural
|
$ | 316,999 | $ | 246,278 | ||||
Real estate:
|
||||||||
Construction
|
88,082 | 96,240 | ||||||
Mortgage - residential
|
1,073,994 | 1,035,273 | ||||||
Mortgage - commercial
|
637,574 | 673,506 | ||||||
Consumer
|
150,144 | 143,387 | ||||||
Leases
|
8,936 | 10,504 | ||||||
2,275,729 | 2,205,188 | |||||||
Unearned income
|
(1,131 | ) | (1,244 | ) | ||||
Total loans and leases
|
$ | 2,274,598 | $ | 2,203,944 |
Commercial,
|
Real estate
|
||||||||||||||||||||||||||
financial & agricultural
|
Construction
|
Mortgage - residential
|
Mortgage - commercial
|
Consumer
|
Leases
|
Total
|
|||||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||||||
March 31, 2013
|
|||||||||||||||||||||||||||
Allowance for loan and lease losses:
|
|||||||||||||||||||||||||||
Ending balance attributable to loans:
|
|||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 510 | $ | 1,582 | $ | - | $ | 1,720 | $ | - | $ | 3 | $ | 3,815 | |||||||||||||
Collectively evaluated for impairment
|
8,131 | 2,364 | 29,991 | 33,569 | 2,864 | 72 | 76,991 | ||||||||||||||||||||
8,641 | 3,946 | 29,991 | 35,289 | 2,864 | 75 | 80,806 | |||||||||||||||||||||
Unallocated
|
6,000 | ||||||||||||||||||||||||||
Total ending balance
|
$ | 8,641 | $ | 3,946 | $ | 29,991 | $ | 35,289 | $ | 2,864 | $ | 75 | $ | 86,806 | |||||||||||||
Loans and leases:
|
|||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 5,043 | $ | 39,013 | $ | 40,225 | $ | 23,664 | $ | - | $ | 59 | $ | 108,004 | |||||||||||||
Collectively evaluated for impairment
|
311,956 | 49,069 | 1,033,769 | 613,910 | 150,144 | 8,877 | 2,167,725 | ||||||||||||||||||||
316,999 | 88,082 | 1,073,994 | 637,574 | 150,144 | 8,936 | 2,275,729 | |||||||||||||||||||||
Unearned income
|
(131 | ) | (31 | ) | 407 | (1,185 | ) | (191 | ) | - | (1,131 | ) | |||||||||||||||
Total ending balance
|
$ | 316,868 | $ | 88,051 | $ | 1,074,401 | $ | 636,389 | $ | 149,953 | $ | 8,936 | $ | 2,274,598 | |||||||||||||
December 31, 2012
|
|||||||||||||||||||||||||||
Allowance for loan and lease losses:
|
|||||||||||||||||||||||||||
Ending balance attributable to loans:
|
|||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 882 | $ | 1,582 | $ | 272 | $ | 270 | $ | - | $ | 5 | $ | 3,011 | |||||||||||||
Collectively evaluated for impairment
|
4,105 | 2,928 | 29,638 | 48,230 | 2,421 | 80 | 87,402 | ||||||||||||||||||||
4,987 | 4,510 | 29,910 | 48,500 | 2,421 | 85 | 90,413 | |||||||||||||||||||||
Unallocated
|
6,000 | ||||||||||||||||||||||||||
Total ending balance
|
$ | 4,987 | $ | 4,510 | $ | 29,910 | $ | 48,500 | $ | 2,421 | $ | 85 | $ | 96,413 | |||||||||||||
Loans and leases:
|
|||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 3,957 | $ | 48,264 | $ | 42,865 | $ | 15,911 | $ | - | $ | 95 | $ | 111,092 | |||||||||||||
Collectively evaluated for impairment
|
242,321 | 47,976 | 992,408 | 657,595 | 143,387 | 10,409 | 2,094,096 | ||||||||||||||||||||
246,278 | 96,240 | 1,035,273 | 673,506 | 143,387 | 10,504 | 2,205,188 | |||||||||||||||||||||
Unearned income
|
(60 | ) | (46 | ) | 124 | (1,258 | ) | (4 | ) | - | (1,244 | ) | |||||||||||||||
Total ending balance
|
$ | 246,218 | $ | 96,194 | $ | 1,035,397 | $ | 672,248 | $ | 143,383 | $ | 10,504 | $ | 2,203,944 |
Unpaid Principal Balance
|
Recorded Investment
|
Allowance Allocated
|
||||||||
(Dollars in thousands)
|
||||||||||
March 31, 2013
|
||||||||||
Impaired loans with no related allowance recorded: | ||||||||||
Commercial, financial & agricultural
|
$ | 2,677 | $ | 1,978 | $ | - | ||||
Real estate:
|
||||||||||
Construction
|
39,337 | 27,413 | - | |||||||
Mortgage - residential
|
46,618 | 40,225 | - | |||||||
Mortgage - commercial
|
13,236 | 12,604 | - | |||||||
Total impaired loans with no related allowance recorded
|
101,868 | 82,220 | - | |||||||
Impaired loans with an allowance recorded: | ||||||||||
Commercial, financial & agricultural
|
4,537 | 3,065 | 510 | |||||||
Real estate:
|
||||||||||
Construction
|
13,678 | 11,600 | 1,582 | |||||||
Mortgage - commercial
|
15,750 | 11,060 | 1,720 | |||||||
Leases
|
59 | 59 | 3 | |||||||
Total impaired loans with an allowance recorded
|
34,024 | 25,784 | 3,815 | |||||||
Total
|
$ | 135,892 | $ | 108,004 | $ | 3,815 | ||||
December 31, 2012
|
||||||||||
Impaired loans with no related allowance recorded: | ||||||||||
Commercial, financial & agricultural
|
$ | 1,225 | $ | 526 | $ | - | ||||
Real estate:
|
||||||||||
Construction
|
52,352 | 36,664 | - | |||||||
Mortgage - residential
|
47,364 | 41,894 | - | |||||||
Mortgage - commercial
|
13,616 | 13,211 | - | |||||||
Total impaired loans with no related allowance recorded
|
114,557 | 92,295 | - | |||||||
Impaired loans with an allowance recorded: | ||||||||||
Commercial, financial & agricultural
|
4,807 | 3,431 | 882 | |||||||
Real estate:
|
||||||||||
Construction
|
13,678 | 11,600 | 1,582 | |||||||
Mortgage - residential
|
1,935 | 971 | 272 | |||||||
Mortgage - commercial
|
3,939 | 2,700 | 270 | |||||||
Leases
|
95 | 95 | 5 | |||||||
Total impaired loans with an allowance recorded
|
24,454 | 18,797 | 3,011 | |||||||
Total
|
$ | 139,011 | $ | 111,092 | $ | 3,011 |
Three Months Ended March 31,
|
|||||||||||||||
2013
|
2012
|
||||||||||||||
Average Recorded Investment
|
Interest Income Recognized
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||
Commercial, financial & agricultural
|
$ | 4,091 | $ | 6 | $ | 2,086 | $ | 3 | |||||||
Real estate:
|
|||||||||||||||
Construction
|
43,643 | 176 | 76,184 | 645 | |||||||||||
Mortgage - residential
|
41,795 | 131 | 49,904 | 57 | |||||||||||
Mortgage - commercial
|
17,730 | 90 | 18,402 | 22 | |||||||||||
Leases
|
82 | - | - | - | |||||||||||
Total
|
$ | 107,341 | $ | 403 | $ | 146,576 | $ | 727 |
Accruing
Loans 30-59
Days Past Due
|
Accruing
Loans 60-89
Days Past Due
|
Accruing
Loans Greater
Than 90 Days
Past Due
|
Nonaccrual
Loans
|
Total Past
Due and
Nonaccrual
|
Loans and
Leases Not
Past Due
|
Total
|
||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||
Commercial, financial | ||||||||||||||||||||||||||
& agricultural
|
$ | 159 | $ | 136 | $ | - | $ | 4,605 | $ | 4,900 | $ | 311,968 | $ | 316,868 | ||||||||||||
Real estate:
|
||||||||||||||||||||||||||
Construction
|
- | - | - | 18,272 | 18,272 | 69,779 | 88,051 | |||||||||||||||||||
Mortgage - residential
|
7,710 | 415 | - | 24,842 | 32,967 | 1,041,434 | 1,074,401 | |||||||||||||||||||
Mortgage - commercial
|
- | - | - | 17,462 | 17,462 | 618,927 | 636,389 | |||||||||||||||||||
Consumer
|
327 | 96 | - | - | 423 | 149,530 | 149,953 | |||||||||||||||||||
Leases
|
- | - | - | 59 | 59 | 8,877 | 8,936 | |||||||||||||||||||
Total
|
$ | 8,196 | $ | 647 | $ | - | $ | 65,240 | $ | 74,083 | $ | 2,200,515 | $ | 2,274,598 | ||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||
Commercial, financial | ||||||||||||||||||||||||||
& agricultural
|
$ | 123 | $ | 139 | $ | - | $ | 3,510 | $ | 3,772 | $ | 242,446 | $ | 246,218 | ||||||||||||
Real estate:
|
||||||||||||||||||||||||||
Construction
|
124 | - | - | 38,742 | 38,866 | 57,328 | 96,194 | |||||||||||||||||||
Mortgage - residential
|
8,330 | 590 | 387 | 27,499 | 36,806 | 998,591 | 1,035,397 | |||||||||||||||||||
Mortgage - commercial
|
219 | - | - | 9,487 | 9,706 | 662,542 | 672,248 | |||||||||||||||||||
Consumer
|
249 | 169 | 116 | - | 534 | 142,849 | 143,383 | |||||||||||||||||||
Leases
|
- | - | - | 94 | 94 | 10,410 | 10,504 | |||||||||||||||||||
Total
|
$ | 9,045 | $ | 898 | $ | 503 | $ | 79,332 | $ | 89,778 | $ | 2,114,166 | $ | 2,203,944 |
Number of
Contracts
|
Recorded
Investment (as
of period end)
|
Increase
in the
Allowance
|
|||||||
(Dollars in thousands)
|
|||||||||
Three months ended March 31, 2013
|
|||||||||
Commercial, financial & agricultural
|
1 | $ | 1,500 | $ | - | ||||
Three months ended March 31, 2012
|
|||||||||
Real estate:
|
|||||||||
Mortgage - residential
|
6 | $ | 3,209 | $ | - | ||||
Mortgage - commercial
|
2 | 6,775 | - | ||||||
Total
|
8 | $ | 9,984 | $ | - |
Three Months Ended March 31,
|
||||||||||||
2013
|
2012
|
|||||||||||
Number of Contracts
|
Recorded Investment (as
of period end)
|
Number of Contracts
|
Recorded Investment (as
of period end)
|
|||||||||
(Dollars in thousands)
|
||||||||||||
Commercial, financial & agricultural
|
1 | $ | 1,500 | - | $ | - | ||||||
Real estate:
|
||||||||||||
Construction
|
5 | 5,437 | 2 | 13,831 | ||||||||
Mortgage - residential
|
1 | 354 | 11 | 4,381 | ||||||||
Mortgage - commercial
|
1 | 3,146 | 1 | 3,158 | ||||||||
Total
|
8 | $ | 10,437 | 14 | $ | 21,370 |
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Not Rated
|
Less: Unearned Income
|
Total
|
|||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||||||||
Commercial, financial
|
||||||||||||||||||||||||||||||
& agricultural
|
$ | 268,961 | $ | 2,543 | $ | 7,243 | $ | - | $ | - | $ | 38,252 | $ | 131 | $ | 316,868 | ||||||||||||||
Real estate:
|
||||||||||||||||||||||||||||||
Construction
|
44,996 | 5,673 | 34,736 | - | - | 2,677 | 31 | 88,051 | ||||||||||||||||||||||
Mortgage - residential
|
95,881 | 718 | 27,449 | - | - | 949,946 | (407 | ) | 1,074,401 | |||||||||||||||||||||
Mortgage - commercial
|
555,691 | 35,798 | 34,469 | - | - | 11,616 | 1,185 | 636,389 | ||||||||||||||||||||||
Consumer
|
10,226 | 150 | 22 | - | - | 139,746 | 191 | 149,953 | ||||||||||||||||||||||
Leases
|
8,461 | 183 | 292 | - | - | - | - | 8,936 | ||||||||||||||||||||||
Total
|
$ | 984,216 | $ | 45,065 | $ | 104,211 | $ | - | $ | - | $ | 1,142,237 | $ | 1,131 | $ | 2,274,598 | ||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||||
Commercial, financial
|
||||||||||||||||||||||||||||||
& agricultural
|
$ | 192,298 | $ | 6,609 | $ | 7,607 | $ | - | $ | - | $ | 39,764 | $ | 60 | $ | 246,218 | ||||||||||||||
Real estate:
|
||||||||||||||||||||||||||||||
Construction
|
39,623 | 9,635 | 43,986 | - | - | 2,996 | 46 | 96,194 | ||||||||||||||||||||||
Mortgage - residential
|
83,535 | 1,109 | 30,896 | - | - | 919,733 | (124 | ) | 1,035,397 | |||||||||||||||||||||
Mortgage - commercial
|
563,813 | 65,114 | 30,754 | - | - | 13,825 | 1,258 | 672,248 | ||||||||||||||||||||||
Consumer
|
10,161 | - | 129 | - | - | 133,097 | 4 | 143,383 | ||||||||||||||||||||||
Leases
|
9,860 | 274 | 370 | - | - | - | - | 10,504 | ||||||||||||||||||||||
Total
|
$ | 899,290 | $ | 82,741 | $ | 113,742 | $ | - | $ | - | $ | 1,109,415 | $ | 1,244 | $ | 2,203,944 |
Commercial,
|
Real estate
|
||||||||||||||||||||||||||||||
financial &
|
Mortgage -
|
Mortgage -
|
|||||||||||||||||||||||||||||
agricultural
|
Construction
|
residential
|
commercial
|
Consumer
|
Leases
|
Unallocated
|
Total
|
||||||||||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013
|
|||||||||||||||||||||||||||||||
Beginning balance
|
$ | 4,987 | $ | 4,510 | $ | 29,910 | $ | 48,500 | $ | 2,421 | $ | 85 | $ | 6,000 | $ | 96,413 | |||||||||||||||
Provision (credit) for loan | |||||||||||||||||||||||||||||||
and lease losses
|
3,406 | (971 | ) | 264 | (9,791 | ) | 542 | (11 | ) | - | (6,561 | ) | |||||||||||||||||||
8,393 | 3,539 | 30,174 | 38,709 | 2,963 | 74 | 6,000 | 89,852 | ||||||||||||||||||||||||
Charge-offs
|
(244 | ) | (78 | ) | (414 | ) | (3,674 | ) | (315 | ) | - | - | (4,725 | ) | |||||||||||||||||
Recoveries
|
492 | 485 | 231 | 254 | 216 | 1 | - | 1,679 | |||||||||||||||||||||||
Net charge-offs
|
248 | 407 | (183 | ) | (3,420 | ) | (99 | ) | 1 | - | (3,046 | ) | |||||||||||||||||||
Ending balance
|
$ | 8,641 | $ | 3,946 | $ | 29,991 | $ | 35,289 | $ | 2,864 | $ | 75 | $ | 6,000 | $ | 86,806 | |||||||||||||||
Three Months Ended March 31, 2012
|
|||||||||||||||||||||||||||||||
Beginning balance
|
$ | 6,110 | $ | 28,630 | $ | 32,736 | $ | 47,729 | $ | 2,335 | $ | 553 | $ | 4,000 | $ | 122,093 | |||||||||||||||
Provision (credit) for loan | |||||||||||||||||||||||||||||||
and lease losses
|
603 | (6,049 | ) | 792 | (1,820 | ) | (170 | ) | (346 | ) | 2,000 | (4,990 | ) | ||||||||||||||||||
6,713 | 22,581 | 33,528 | 45,909 | 2,165 | 207 | 6,000 | 117,103 | ||||||||||||||||||||||||
Charge-offs
|
(1,682 | ) | (1,626 | ) | (200 | ) | - | (426 | ) | (28 | ) | - | (3,962 | ) | |||||||||||||||||
Recoveries
|
270 | 425 | 117 | 2 | 366 | 1 | - | 1,181 | |||||||||||||||||||||||
Net charge-offs
|
(1,412 | ) | (1,201 | ) | (83 | ) | 2 | (60 | ) | (27 | ) | - | (2,781 | ) | |||||||||||||||||
Ending balance
|
$ | 5,301 | $ | 21,380 | $ | 33,445 | $ | 45,911 | $ | 2,105 | $ | 180 | $ | 6,000 | $ | 114,322 |
Core
|
Mortgage
|
|||||||||||
Deposit
|
Servicing
|
|||||||||||
Premium
|
Rights
|
Total
|
||||||||||
(Dollars in thousands)
|
||||||||||||
Balance, beginning of period
|
$ | 15,378 | $ | 22,121 | $ | 37,499 | ||||||
Additions
|
- | 924 | 924 | |||||||||
Amortization
|
(669 | ) | (1,579 | ) | (2,248 | ) | ||||||
Balance, end of period
|
$ | 14,709 | $ | 21,466 | $ | 36,175 |
Three Months Ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Fair market value, beginning of period
|
$ | 22,356 | $ | 23,149 | ||||
Fair market value, end of period
|
21,595 | 23,275 | ||||||
Weighted average discount rate
|
8.0 | % | 8.5 | % | ||||
Weighted average prepayment speed assumption
|
14.1 | 14.0 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||||||||
Gross
|
Gross
|
|||||||||||||||||||||
Carrying
|
Accumulated
|
Carrying
|
Accumulated
|
|||||||||||||||||||
Value
|
Amortization
|
Net
|
Value
|
Amortization
|
Net
|
|||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||
Core deposit premium
|
$ | 44,642 | $ | (29,933 | ) | $ | 14,709 | $ | 44,642 | $ | (29,264 | ) | $ | 15,378 | ||||||||
Mortgage servicing rights
|
52,663 | (31,197 | ) | 21,466 | 51,739 | (29,618 | ) | 22,121 | ||||||||||||||
Customer relationships
|
- | - | - | 1,400 | (1,400 | ) | - | |||||||||||||||
Non-compete agreements
|
- | - | - | 300 | (300 | ) | - | |||||||||||||||
$ | 97,305 | $ | (61,130 | ) | $ | 36,175 | $ | 98,081 | $ | (60,582 | ) | $ | 37,499 |
Estimated Amortization Expense
|
||||||||||
Core |
Mortgage
|
|||||||||
Deposit
|
Servicing
|
|||||||||
Premium
|
Rights
|
Total
|
||||||||
(Dollars in thousands)
|
||||||||||
2013 (remainder)
|
$ | 2,006 | $ | 4,315 | $ | 6,321 | ||||
2014
|
2,674 | 5,044 | 7,718 | |||||||
2015
|
2,674 | 4,480 | 7,154 | |||||||
2016
|
2,674 | 3,992 | 6,666 | |||||||
2017
|
2,674 | 3,611 | 6,285 | |||||||
2018
|
2,007 | 24 | 2,031 | |||||||
$ | 14,709 | $ | 21,466 | $ | 36,175 |
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||
Derivatives not designated
as hedging instruments
|
Balance Sheet Location
|
Fair Value at
March 31, 2013
|
Fair Value at
December 31, 2012
|
Fair Value at
March 31, 2013
|
Fair Value at
December 31, 2012
|
||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
Interest rate contracts
|
Other assets /
|
||||||||||||||||
other liabilities
|
$ | 358 | $ | 303 | $ | 236 | $ | 551 |
Derivatives in Cash Flow
Hedging Relationship
|
Amount of Gain (Loss)
Reclassified from AOCI into
Earnings (Effective Portion)
|
|||
(Dollars in thousands)
|
||||
Three Months Ended March 31, 2013
|
||||
Interest rate contracts
|
$ | (394 | ) | |
Three Months Ended March 31, 2012
|
||||
Interest rate contracts
|
572 |
Derivatives not in Cash Flow
Hedging Relationship
|
Location of Gain Recognized
in Earnings on Derivatives
|
Amount of Gain
Recognized in Earnings
on Derivatives
|
|||
(Dollars in thousands)
|
|||||
Three Months Ended March 31, 2013
|
|||||
Interest rate contracts
|
Other operating income
|
$ | 370 | ||
Three Months Ended March 31, 2012
|
|||||
Interest rate contracts
|
Other operating income
|
153 |
Weighted Average
|
||||||
Grant Date
|
||||||
Shares
|
Fair Value
|
|||||
Nonvested at January 1, 2013
|
1,098,806 | $ | 14.61 | |||
Changes during the period:
|
||||||
Granted
|
103,558 | 15.49 | ||||
Vested
|
(650 | ) | 13.84 | |||
Forfeited
|
(26,570 | ) | 14.63 | |||
Nonvested at March 31, 2013
|
1,175,144 | 14.68 |
Before Tax
|
Tax Effect
|
Net of Tax
|
|||||||||
(Dollars in thousands)
|
|||||||||||
Three Months Ended March 31, 2013
|
|||||||||||
Net unrealized gain on investment securities:
|
|||||||||||
Net unrealized loss arising during the period
|
$ | (4,823 | ) | $ | - | $ | (4,823 | ) | |||
Change in net unrealized gain on investment securities
|
(4,823 | ) | - | (4,823 | ) | ||||||
Net unrealized loss on derivatives:
|
|||||||||||
Reclassification adjustment for gain/loss realized in net income
|
394 | (10,599 | ) | 10,993 | |||||||
Change in net unrealized loss on derivatives
|
394 | (10,599 | ) | 10,993 | |||||||
Defined benefit plans:
|
|||||||||||
Amortization of accumulated benefit plan losses
|
616 | - | 616 | ||||||||
Amortization of unrecognized transition obligations
|
4 | - | 4 | ||||||||
Amortization of prior service cost
|
5 | - | 5 | ||||||||
Change in defined benefit plans
|
625 | - | 625 | ||||||||
Change in accumulated other comprehensive income
|
$ | (3,804 | ) | $ | (10,599 | ) | $ | 6,795 | |||
Three Months Ended March 31, 2012
|
|||||||||||
Net unrealized gain on investment securities:
|
|||||||||||
Net unrealized loss arising during the period
|
$ | (3,480 | ) | $ | - | $ | (3,480 | ) | |||
Change in net unrealized gain on investment securities
|
(3,480 | ) | - | (3,480 | ) | ||||||
Net unrealized loss on derivatives:
|
|||||||||||
Reclassification adjustment for gain/loss realized in net income
|
(572 | ) | - | (572 | ) | ||||||
Change in net unrealized loss on derivatives
|
(572 | ) | - | (572 | ) | ||||||
Defined benefit plans:
|
|||||||||||
Amortization of accumulated benefit plan losses
|
580 | - | 580 | ||||||||
Amortization of unrecognized transition obligations
|
4 | - | 4 | ||||||||
Amortization of prior service cost
|
5 | - | 5 | ||||||||
Change in defined benefit plans
|
589 | - | 589 | ||||||||
Change in accumulated other comprehensive income
|
$ | (3,463 | ) | $ | - | $ | (3,463 | ) |
Net
|
||||||||||||||||
Unrealized
|
Net
|
|||||||||||||||
Gain on
|
Unrealized
|
Defined
|
||||||||||||||
Investment
|
Loss on
|
Benefit
|
||||||||||||||
Securities
|
Derivatives
|
Plans
|
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Balance at January 1, 2013
|
$ | 22,740 | $ | (10,993 | ) | $ | (12,577 | ) | $ | (830 | ) | |||||
Other comprehensive income (loss) before reclassifications
|
(4,823 | ) | - | - | (4,823 | ) | ||||||||||
Amounts reclassified from AOCI
|
- | 10,993 | 625 | 11,618 | ||||||||||||
Net current-period other comprehensive income (loss)
|
(4,823 | ) | 10,993 | 625 | 6,795 | |||||||||||
Balance at March 31, 2013
|
$ | 17,917 | $ | - | $ | (11,952 | ) | $ | 5,965 |
Details about AOCI Components
(Dollars in thousands)
|
Amount Reclassified
from AOCI
|
Affected Line Item in
the Statement Where
Net Income is Presented
|
||||
Unrealized loss on derivatives
|
||||||
$ | 394 |
Interest income
|
||||
10,599 |
Income tax benefit
|
|||||
$ | 10,993 |
Net of tax
|
||||
Amortization of defined benefit plan items
|
||||||
Net actuarial losses
|
$ | 616 | (1) | |||
Transition obligations
|
4 | (1) | ||||
Prior service cost
|
5 | (1) | ||||
625 |
Total before income tax
|
|||||
- |
Income tax benefit
|
|||||
$ | 625 |
Net of income tax
|
||||
Total reclassifications for the period
|
$ | 11,618 |
Net of income tax
|
|||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 14 for additional details).
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Interest cost
|
$ | 348 | $ | 398 | ||||
Expected return on assets
|
(470 | ) | (447 | ) | ||||
Amortization of unrecognized loss
|
599 | 581 | ||||||
Net periodic cost
|
$ | 477 | $ | 532 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Service cost
|
$ | - | $ | - | ||||
Interest cost
|
103 | 107 | ||||||
Amortization of unrecognized transition obligation
|
4 | 4 | ||||||
Amortization of prior service cost
|
5 | 5 | ||||||
Amortization of unrecognized (gain) loss
|
18 | (1 | ) | |||||
Net periodic cost
|
$ | 130 | $ | 115 |
Three Months Ended March 31,
|
|||||||
(In thousands, except per share data)
|
2013
|
2012
|
|||||
Net income
|
$ | 137,309 | $ | 13,478 | |||
Weighted average shares outstanding - basic
|
41,816 | 41,631 | |||||
Dilutive effect of employee stock options and awards
|
447 | 127 | |||||
Dilutive effect of deferred salary restricted stock units
|
5 | 60 | |||||
Dilutive effect of Treasury warrants
|
29 | 21 | |||||
Weighted average shares outstanding - diluted
|
42,297 | 41,839 | |||||
Basic earnings per share
|
$ | 3.28 | $ | 0.32 | |||
Diluted earnings per share
|
$ | 3.25 | $ | 0.32 |
Fair Value Measurement Using
|
||||||||||||||||||
Quoted Prices
|
Significant | |||||||||||||||||
in Active
|
Other |
Significant
|
||||||||||||||||
Markets for
|
Observable
|
Unobservable
|
||||||||||||||||
Carrying
|
Estimated
|
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||||
amount
|
fair value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||
March 31, 2013
|
||||||||||||||||||
Financial assets
|
||||||||||||||||||
Cash and due from banks
|
$ | 46,877 | $ | 46,877 | $ | 46,877 | $ | - | $ | - | ||||||||
Interest-bearing deposits in other banks
|
167,632 | 167,632 | 167,632 | - | - | |||||||||||||
Investment securities
|
1,696,428 | 1,696,548 | 816 | 1,683,019 | 12,713 | |||||||||||||
Loans held for sale
|
17,293 | 17,293 | - | - | 17,293 | |||||||||||||
Net loans and leases
|
2,187,792 | 2,106,972 | - | 104,189 | 2,002,783 | |||||||||||||
Accrued interest receivable
|
14,148 | 14,148 | 14,148 | - | - | |||||||||||||
Financial liabilities
|
||||||||||||||||||
Deposits:
|
||||||||||||||||||
Noninterest-bearing deposits
|
857,427 | 857,427 | 857,427 | - | - | |||||||||||||
Interest-bearing demand and savings deposits
|
1,861,526 | 1,861,526 | 1,861,526 | - | - | |||||||||||||
Time deposits
|
1,045,738 | 1,047,948 | - | - | 1,047,948 | |||||||||||||
Long-term debt
|
108,276 | 45,029 | - | 45,029 | - | |||||||||||||
Accrued interest payable (included in other liabilities)
|
1,009 | 1,009 | 1,009 | - | - | |||||||||||||
Off-balance sheet financial instruments
|
||||||||||||||||||
Commitments to extend credit
|
568,013 | 2,840 | - | 2,840 | - | |||||||||||||
Standby letters of credit and financial guarantees written
|
18,663 | 140 | - | 140 | - | |||||||||||||
Interest rate options
|
64,598 | 183 | - | 183 | - | |||||||||||||
Forward interest rate contracts
|
21,219 | (61 | ) | - | (61 | ) | - | |||||||||||
December 31, 2012
|
||||||||||||||||||
Financial assets
|
||||||||||||||||||
Cash and due from banks
|
$ | 56,473 | $ | 56,473 | $ | 56,473 | $ | - | $ | - | ||||||||
Interest-bearing deposits in other banks
|
120,902 | 120,902 | 120,902 | - | - | |||||||||||||
Investment securities
|
1,698,593 | 1,699,273 | 906 | 1,685,541 | 12,826 | |||||||||||||
Loans held for sale
|
38,283 | 38,283 | - | - | 38,283 | |||||||||||||
Net loans and leases
|
2,107,531 | 2,083,514 | - | 108,081 | 1,975,433 | |||||||||||||
Accrued interest receivable
|
13,896 | 13,896 | 13,896 | - | - | |||||||||||||
Financial liabilities
|
||||||||||||||||||
Deposits:
|
||||||||||||||||||
Noninterest-bearing deposits
|
843,292 | 843,292 | 843,292 | - | - | |||||||||||||
Interest-bearing demand and savings deposits
|
1,858,849 | 1,858,849 | 1,858,849 | - | - | |||||||||||||
Time deposits
|
978,631 | 981,059 | - | - | 981,059 | |||||||||||||
Long-term debt
|
108,281 | 43,156 | - | 43,156 | - | |||||||||||||
Accrued interest payable (included in other liabilities)
|
13,131 | 13,131 | 13,131 | - | - | |||||||||||||
Off-balance sheet financial instruments
|
||||||||||||||||||
Commitments to extend credit
|
554,477 | 2,772 | - | 2,772 | - | |||||||||||||
Standby letters of credit and financial guarantees written
|
13,813 | 104 | - | 104 | - | |||||||||||||
Interest rate options
|
67,072 | 106 | - | 106 | - | |||||||||||||
Forward interest rate contracts
|
49,222 | (353 | ) | - | (353 | ) | - |
·
|
Level 1 – Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.
|
·
|
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
|
·
|
Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that requires the use of significant judgment or estimation.
|
Fair Value at Reporting Date Using
|
||||||||||||||
Quoted Prices
in Active
Markets for
Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
March 31, 2013
|
||||||||||||||
Available for sale securities:
|
||||||||||||||
U.S. Government sponsored entities debt securities
|
$ | 210,098 | $ | - | $ | 210,098 | $ | - | ||||||
States and political subdivisions debt securities
|
193,626 | - | 180,913 | 12,713 | ||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
995,006 | - | 995,006 | - | ||||||||||
Non-agency collateralized mortgage obligations
|
9,984 | - | 9,984 | - | ||||||||||
Corporate securities
|
127,535 | - | 127,535 | - | ||||||||||
Other
|
816 | 816 | - | - | ||||||||||
Derivatives:
|
||||||||||||||
Interest rate contracts
|
122 | - | 122 | - | ||||||||||
Amended TARP Warrant
|
(828 | ) | - | (828 | ) | - | ||||||||
Total
|
$ | 1,536,359 | $ | 816 | $ | 1,522,830 | $ | 12,713 | ||||||
December 31, 2012
|
||||||||||||||
Available for sale securities:
|
||||||||||||||
U.S. Government sponsored entities debt securities
|
$ | 280,939 | $ | - | $ | 280,939 | $ | - | ||||||
States and political subdivisions debt securities
|
185,911 | - | 173,085 | 12,826 | ||||||||||
U.S. Government sponsored entities mortgage-backed securities
|
941,043 | - | 941,043 | - | ||||||||||
Corporate securities
|
127,946 | - | 127,946 | - | ||||||||||
Other
|
906 | 906 | - | - | ||||||||||
Derivatives:
|
||||||||||||||
Interest rate contracts
|
(248 | ) | - | (248 | ) | - | ||||||||
Amended TARP warrant
|
(819 | ) | - | (819 | ) | - | ||||||||
Total
|
$ | 1,535,678 | $ | 906 | $ | 1,521,946 | $ | 12,826 |
Available for sale states
and political subdivisions
debt securities
|
||||
(Dollars in thousands)
|
||||
Balance at December 31, 2012
|
$ | 12,826 | ||
Principal payments received
|
(100 | ) | ||
Unrealized net loss included in other comprehensive income
|
(86 | ) | ||
Purchases, sales, issuances and settlements, net
|
73 | |||
Balance at March 31, 2013
|
$ | 12,713 | ||
Balance at December 31, 2011
|
$ | 12,994 | ||
Principal payments received
|
(95 | ) | ||
Unrealized net gain included in other comprehensive income
|
334 | |||
Balance at March 31, 2012
|
$ | 13,233 |
Fair Value Measurements Using
|
||||||||||||||
Quoted Prices
in Active
Markets for
Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||
(Dollars in thousands)
|
||||||||||||||
March 31, 2013
|
||||||||||||||
Impaired loans (1)
|
$ | 104,189 | $ | - | $ | 104,189 | $ | - | ||||||
Other real estate (2)
|
10,068 | - | 10,068 | - | ||||||||||
December 31, 2012
|
||||||||||||||
Impaired loans (1)
|
$ | 108,081 | $ | - | $ | 108,081 | $ | - | ||||||
Other real estate (2)
|
10,686 | - | 10,686 | - | ||||||||||
(1) Represents carrying value and related write-downs of loans for which adjustments are based
|
||||||||||||||
on agreed upon purchase prices for the loans or the appraised value of the collateral.
|
||||||||||||||
(2) Represents other real estate that is carried at the lower of carrying value or fair value less costs to sell.
|
||||||||||||||
Fair value is generally based upon independent market prices or appraised values of the collateral.
|
Banking
|
||||||||||||||||
Operations
|
Treasury
|
All Others
|
Total
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Three months ended March 31, 2013:
|
||||||||||||||||
Net interest income
|
$ | 24,046 | $ | 6,623 | $ | - | $ | 30,669 | ||||||||
Intersegment net interest income (expense)
|
3,541 | (6,311 | ) | 2,770 | - | |||||||||||
Credit for loan and lease losses
|
6,561 | - | - | 6,561 | ||||||||||||
Other operating income
|
11,537 | 872 | 63 | 12,472 | ||||||||||||
Other operating expense
|
(18,445 | ) | (489 | ) | (13,261 | ) | (32,195 | ) | ||||||||
Administrative and overhead expense allocation
|
(13,174 | ) | (214 | ) | 13,388 | - | ||||||||||
Income taxes
|
120,712 | 127 | (1,037 | ) | 119,802 | |||||||||||
Net income (loss)
|
$ | 134,778 | $ | 608 | $ | 1,923 | $ | 137,309 | ||||||||
Three months ended March 31, 2012:
|
||||||||||||||||
Net interest income
|
$ | 23,237 | $ | 7,265 | $ | - | $ | 30,502 | ||||||||
Intersegment net interest income (expense)
|
12,416 | (5,857 | ) | (6,559 | ) | - | ||||||||||
Credit for loan and lease losses
|
4,990 | - | - | 4,990 | ||||||||||||
Other operating income
|
12,336 | 1,086 | (190 | ) | 13,232 | |||||||||||
Other operating expense
|
(21,844 | ) | (398 | ) | (13,004 | ) | (35,246 | ) | ||||||||
Administrative and overhead expense allocation
|
(12,754 | ) | (196 | ) | 12,950 | - | ||||||||||
Net income (loss)
|
$ | 18,381 | $ | 1,900 | $ | (6,803 | ) | $ | 13,478 | |||||||
At March 31, 2013:
|
||||||||||||||||
Investment securities
|
$ | - | $ | 1,696,428 | $ | - | $ | 1,696,428 | ||||||||
Loans and leases (including loans held for sale)
|
2,291,891 | - | - | 2,291,891 | ||||||||||||
Other
|
111,977 | 408,918 | 71,863 | 592,758 | ||||||||||||
Total assets
|
$ | 2,403,868 | $ | 2,105,346 | $ | 71,863 | $ | 4,581,077 | ||||||||
At December 31, 2012:
|
||||||||||||||||
Investment securities
|
$ | - | $ | 1,698,593 | $ | - | $ | 1,698,593 | ||||||||
Loans and leases (including loans held for sale)
|
2,242,227 | - | - | 2,242,227 | ||||||||||||
Other
|
(7,267 | ) | 363,815 | 73,000 | 429,548 | |||||||||||
Total assets
|
$ | 2,234,960 | $ | 2,062,408 | $ | 73,000 | $ | 4,370,368 |
·
|
We maintained a strong capital position with tier 1 risk-based capital, total risk-based capital, and leverage capital ratios as of March 31, 2013 to 22.85%, 24.12%, and 14.86%, respectively, from 22.83%, 24.13%, and 14.03%, respectively, as of March 31, 2012. Our capital ratios continue to exceed the levels required for a “well-capitalized” regulatory designation.
|
·
|
We reported nine consecutive profitable quarters with net income totaling $137.3 million in the first quarter of 2013 and $47.4 million and $36.6 million for the years ended December 31, 2012 and 2011, respectively.
|
·
|
Recorded an income tax benefit of $119.8 million in the first quarter of 2013 resulting from the reversal of a significant portion of a valuation allowance that was established against the Company’s net deferred tax assets in the third quarter of 2009.
|
·
|
We reduced our nonperforming assets by $130.3 million to $75.3 million at March 31, 2013 from $205.6 million at March 31, 2012.
|
·
|
We significantly reduced our construction and development loan portfolio as of March 31, 2013 to $88.1 million, or 3.9% of our total loan portfolio. At March 31, 2012, this portfolio totaled $147.6 million, or 7.1% of our total loan portfolio.
|
·
|
We maintained an allowance for loan and lease losses as a percentage of total loans and leases of 3.82% at March 31, 2013, compared to 5.49% at March 31, 2012. In addition, we maintained an allowance for loan and lease losses as a percentage of nonperforming assets of 115.27% at March 31, 2013, compared to 55.61% at March 31, 2012.
|
Repurchase Demands, Appeals, Repurchased and Pending Resolution [1]
|
|||||||||||||||||||||||
Three Months Ended March 31, 2013
|
|||||||||||||||||||||||
Government Sponsored Entities
|
Non-GSE Investors
|
||||||||||||||||||||||
Vintage
|
Repurchase Demands
|
Appealed
|
Repurchased
|
Pending Resolution
|
Repurchase Demands
|
Appealed
|
Repurchased
|
Pending Resolution
|
|||||||||||||||
2005 and prior
|
- | - | - | - | - | - | - | - | |||||||||||||||
2006
|
- | - | - | - | - | - | - | - | |||||||||||||||
2007
|
4 | 1 | - | 3 | - | - | - | - | |||||||||||||||
2008
|
1 | 1 | - | - | - | - | - | - | |||||||||||||||
2009
|
1 | - | - | 1 | - | - | - | - | |||||||||||||||
2010
|
- | - | - | - | - | - | - | - | |||||||||||||||
2011
|
- | - | - | - | - | - | - | - | |||||||||||||||
2012
|
1 | 1 | - | - | 1 | - | - | 1 | |||||||||||||||
2013
|
- | - | - | - | - | - | - | - | |||||||||||||||
Total
|
7 | 3 | - | 4 | 1 | - | - | 1 | |||||||||||||||
[1] Based on repurchase requests received between January 1, 2013 and March 31, 2013.
|
Three Months Ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Balance, beginning of period
|
$ | 3,552 | $ | 6,802 | ||||
Change in estimate
|
(632 | ) | 628 | |||||
Utilizations
|
100 | (591 | ) | |||||
Balance, end of period
|
$ | 3,020 | $ | 6,839 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
(Dollars in thousands, except per share data)
|
2013
|
Diluted EPS
|
||||||
GAAP net income
|
$ | 137,309 | $ | 3.25 | ||||
Non-GAAP adjustment:
|
||||||||
Release of valuation allowance on net deferred tax assets
|
(119,802 | ) | (2.84 | ) | ||||
Non-GAAP net income
|
$ | 17,507 | $ | 0.41 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
Return on average assets
|
12.41 | % | 1.31 | % | ||||
Return on average shareholders' equity
|
105.72 | 11.66 | ||||||
Return on average tangible equity
|
108.89 | 12.15 | ||||||
Basic earnings per common share
|
$ | 3.28 | $ | 0.32 | ||||
Diluted earnings per common share
|
3.25 | 0.32 |
Three Months Ended March 31,
|
||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||
Average
|
Average
|
Amount
|
Average
|
Average
|
Amount
|
|||||||||||||||||
Balance
|
Yield/Rate
|
of Interest
|
Balance
|
Yield/Rate
|
of Interest
|
|||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||
Assets
|
||||||||||||||||||||||
Interest earning assets:
|
||||||||||||||||||||||
Interest-bearing deposits in other banks
|
$ | 144,773 | 0.25 | % |
|
$ | 89 | $ | 130,335 | 0.25 | % |
|
$ | 81 | ||||||||
Taxable investment securities (1)
|
1,477,887 | 1.90 | 7,036 | 1,512,470 | 2.01 | 7,617 | ||||||||||||||||
Tax-exempt investment securities (1)
|
175,850 | 3.59 | 1,580 | 13,741 | 8.81 | 303 | ||||||||||||||||
Loans and leases, including loans held for sale (2)
|
2,258,951 | 4.36 | 24,443 | 2,095,910 | 4.79 | 25,008 | ||||||||||||||||
Federal Home Loan Bank stock
|
47,860 | - | - | 48,797 | - | - | ||||||||||||||||
Total interest earning assets
|
4,105,321 | 3.25 | 33,148 | 3,801,253 | 3.48 | 33,009 | ||||||||||||||||
Nonearning assets
|
320,727 | 301,165 | ||||||||||||||||||||
Total assets
|
$ | 4,426,048 | $ | 4,102,418 | ||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||
Interest-bearing demand deposits
|
$ | 673,662 | 0.05 | % |
|
$ | 81 | $ | 570,005 | 0.06 | % |
|
$ | 86 | ||||||||
Savings and money market deposits
|
1,171,953 | 0.08 | 217 | 1,145,837 | 0.10 | 299 | ||||||||||||||||
Time deposits under $100,000
|
300,992 | 0.51 | 375 | 344,409 | 0.67 | 577 | ||||||||||||||||
Time deposits $100,000 and over
|
710,221 | 0.22 | 384 | 651,508 | 0.31 | 496 | ||||||||||||||||
Short-term borrowings
|
- | - | - | 11 | 0.76 | - | ||||||||||||||||
Long-term debt
|
108,278 | 3.25 | 869 | 114,339 | 3.32 | 943 | ||||||||||||||||
Total interest-bearing liabilities
|
2,965,106 | 0.28 | 1,926 | 2,826,109 | 0.34 | 2,401 | ||||||||||||||||
Noninterest-bearing deposits
|
821,213 | 727,674 | ||||||||||||||||||||
Other liabilities
|
110,276 | 76,103 | ||||||||||||||||||||
Total liabilities
|
3,896,595 | 3,629,886 | ||||||||||||||||||||
Shareholders' equity
|
519,498 | 462,554 | ||||||||||||||||||||
Non-controlling interests
|
9,955 | 9,978 | ||||||||||||||||||||
Total equity
|
529,453 | 472,532 | ||||||||||||||||||||
Total liabilities and equity
|
$ | 4,426,048 | $ | 4,102,418 | ||||||||||||||||||
Net interest income
|
$ | 31,222 | $ | 30,608 | ||||||||||||||||||
Net interest margin
|
3.06 | % | 3.23 | % | ||||||||||||||||||
(1) At amortized cost.
|
||||||||||||||||||||||
(2) Includes nonaccrual loans.
|
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Nonperforming Assets
|
||||||||
Nonaccrual loans (including loans held for sale):
|
||||||||
Commercial, financial and agricultural
|
$ | 4,605 | $ | 3,510 | ||||
Real estate:
|
||||||||
Construction
|
18,272 | 38,742 | ||||||
Mortgage-residential
|
24,842 | 27,499 | ||||||
Mortgage-commercial
|
17,462 | 9,487 | ||||||
Leases
|
59 | 94 | ||||||
Total nonaccrual loans
|
65,240 | 79,332 | ||||||
Other real estate
|
10,068 | 10,686 | ||||||
Total nonperforming assets
|
75,308 | 90,018 | ||||||
Accruing loans delinquent for 90 days or more:
|
||||||||
Commercial, financial and agricultural
|
- | - | ||||||
Real estate:
|
||||||||
Construction
|
- | - | ||||||
Mortgage-residential
|
- | 387 | ||||||
Consumer
|
- | 116 | ||||||
Total accruing loans delinquent for 90 days or more
|
- | 503 | ||||||
Restructured loans still accruing interest:
|
||||||||
Commercial, financial and agricultural
|
437 | 447 | ||||||
Real estate:
|
||||||||
Construction
|
20,742 | 9,522 | ||||||
Mortgage-residential
|
15,383 | 15,366 | ||||||
Mortgage-commercial
|
6,202 | 6,425 | ||||||
Total restructured loans still accruing interest
|
42,764 | 31,760 | ||||||
Total nonperforming assets, accruing loans delinquent for 90
|
||||||||
days or more and restructured loans still accruing interest
|
$ | 118,072 | $ | 122,281 | ||||
Total nonperforming assets as a percentage of loans and leases,
|
||||||||
loans held for sale and other real estate
|
3.27 | % | 4.00 | % | ||||
Total nonperforming assets and accruing loans delinquent for 90
|
||||||||
days or more as a percentage of loans and leases, loans held for
|
||||||||
sale and other real estate
|
3.27 | % | 4.02 | % | ||||
Total nonperforming assets, accruing loans delinquent for 90 days or
|
||||||||
more and restructured loans still accruing interest as a percentage
|
||||||||
of loans and leases, loans held for sale and other real estate
|
5.13 | % | 5.43 | % |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Allowance for loan and lease losses:
|
||||||||
Balance at beginning of period
|
$ | 96,413 | $ | 122,093 | ||||
Provision (credit) for loan and lease losses
|
(6,561 | ) | (4,990 | ) | ||||
Charge-offs:
|
||||||||
Commercial, financial and agricultural
|
244 | 1,682 | ||||||
Real estate:
|
||||||||
Construction
|
78 | 1,626 | ||||||
Mortgage-residential
|
414 | 200 | ||||||
Mortgage-commercial
|
3,674 | - | ||||||
Consumer
|
315 | 426 | ||||||
Leases
|
- | 28 | ||||||
Total charge-offs
|
4,725 | 3,962 | ||||||
Recoveries:
|
||||||||
Commercial, financial and agricultural
|
492 | 270 | ||||||
Real estate:
|
||||||||
Construction
|
485 | 425 | ||||||
Mortgage-residential
|
231 | 117 | ||||||
Mortgage-commercial
|
254 | 2 | ||||||
Consumer
|
216 | 366 | ||||||
Leases
|
1 | 1 | ||||||
Total recoveries
|
1,679 | 1,181 | ||||||
Net charge-offs
|
3,046 | 2,781 | ||||||
Balance at end of period
|
$ | 86,806 | $ | 114,322 | ||||
Annualized ratio of net charge-offs to average loans
|
0.54 | % | 0.53 | % |
Minimum Required
|
Minimum Required
|
|||||||||||||||||||||
for Capital
|
to be
|
|||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Well Capitalized
|
||||||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||
Company
|
||||||||||||||||||||||
At March 31, 2013:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 636,153 | 22.9 | % |
|
$ | 111,382 | 4.0 | % |
|
$ | 167,073 | 6.0 | % | ||||||||
Total risk-based capital
|
671,677 | 24.1 | 222,765 | 8.0 | 278,456 | 10.0 | ||||||||||||||||
Leverage capital
|
636,153 | 14.9 | 171,295 | 4.0 | 214,119 | 5.0 | ||||||||||||||||
At December 31, 2012:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 609,394 | 22.5 | % |
|
$ | 108,128 | 4.0 | % |
|
$ | 162,192 | 6.0 | % | ||||||||
Total risk-based capital
|
644,044 | 23.8 | 216,256 | 8.0 | 270,320 | 10.0 | ||||||||||||||||
Leverage capital
|
609,394 | 14.3 | 170,176 | 4.0 | 212,720 | 5.0 | ||||||||||||||||
Central Pacific Bank
|
||||||||||||||||||||||
At March 31, 2013:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 603,523 | 21.7 | % | $ | 111,530 | 4.0 | % |
|
$ | 167,295 | 6.0 | % | |||||||||
Total risk-based capital
|
639,063 | 22.9 | 223,061 | 8.0 | 278,826 | 10.0 | ||||||||||||||||
Leverage capital
|
603,523 | 14.0 | 171,992 | 4.0 | 214,990 | 5.0 | ||||||||||||||||
At December 31, 2012:
|
||||||||||||||||||||||
Tier 1 risk-based capital
|
$ | 580,860 | 21.5 | % |
|
$ | 108,229 | 4.0 | % |
|
$ | 162,343 | 6.0 | % | ||||||||
Total risk-based capital
|
615,523 | 22.7 | 216,457 | 8.0 | 270,572 | 10.0 | ||||||||||||||||
Leverage capital
|
580,860 | 13.6 | 170,274 | 4.0 | 212,843 | 5.0 |
Exhibit No.
|
Document
|
|
31.1
|
Rule 13a-14(a) Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
31.2
|
Rule 13a-14(a) Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
32.1
|
Section 1350 Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 **
|
|
32.2
|
Section 1350 Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 **
|
|
101.INS
|
XBRL Instance Document*
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document*
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document*
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document*
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document*
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
CENTRAL PACIFIC FINANCIAL CORP.
|
|
(Registrant)
|
|
Date: May 7, 2013
|
/s/ John C. Dean
|
John C. Dean
|
|
President and Chief Executive Officer
|
|
Date: May 7, 2013
|
/s/ Denis K. Isono
|
Denis K. Isono
|
|
Executive Vice President and Chief Financial Officer
|
|
Exhibit No.
|
Description
|
|
31.1
|
Rule 13a-14(a) Certification of Chief Executive Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2
|
Rule 13a-14(a) Certification of Chief Financial Officer in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32.1
|
Section 1350 Certification of Chief Executive Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
Section 1350 Certification of Chief Financial Officer in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|