Attached files
| file | filename |
|---|---|
| 8-K - STERLING BANCORP | i00332_sterling-8k.htm |
|
John Tietjen |
Edward Nebb |
|
Chief Financial Officer |
Investor Relations |
|
Sterling Bancorp |
Comm-Counsellors, LLC |
|
john.tietjen@sterlingbancorp.com |
enebb@optonline.net |
|
212.757.8035 |
203.972.8350 |
STERLING BANCORP REPORTS 2011 SECOND QUARTER RESULTS
NET INCOME RISES 32% FOR 2011 SECOND QUARTER, 42% YEAR TO DATE
LOANS, DEPOSITS AND TOTAL ASSETS POST DOUBLE-DIGIT
GROWTH, SET NEW RECORDS
|
Highlights*:
• Net income rose more than 32% to $3.9 million.
• Sterling redeemed the full $42 million of preferred shares and repurchased the related warrant issued under the TARP Capital Purchase Program during the recent quarter.
• Net income available to common shareholders, after accelerated accretion due to the redemption of TARP preferred shares, was $2.5 million, an increase of approximately 8%.
• Net interest income, on a tax equivalent basis, was $21.8 million, increasing in comparison to both the 2011 first quarter and the 2010 second quarter.
• Noninterest income totaled $10.9 million, representing 31.1% of total revenue in the 2011 second quarter.
• Total loans in portfolio set a record, approaching $1.4 billion, an increase of 10.3%.
• Total deposits exceeded $2.0 billion for the first time, an increase of 21.9%. Noninterest-bearing demand deposits were $602.2 million, up 14.7%.
• Total assets set a record, approaching $2.6 billion, an increase of 13.0%.
• The ratio of nonperforming assets to total assets improved to 0.30% from 0.85%. The provision for loan losses decreased to $3.0 million from $5.5 million.
* Second quarter 2011 as compared to second quarter 2010 unless otherwise noted.
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Page 1 of 16
New York, N.Y., July 26, 2011 – Sterling Bancorp (NYSE: STL), a financial holding company headquartered in New York City and the parent company of Sterling National Bank, today reported higher profitability and significant business growth for the quarter ended June 30, 2011, compared to the year-ago period. Net income available to common shareholders was $2.5 million for the second quarter of 2011, rising approximately 8% from the $2.3 million reported for the second quarter of 2010.
Reflecting the success of Sterling’s March 2011 common share offering, average shares outstanding rose sharply from the prior year, increasing by 4.7 million shares or 18%. At the same time, net income available to common shareholders per diluted share held stable at $0.08 for the 2011 second quarter, versus $0.09 a year ago.
The Company’s results for the 2011 second quarter reflected strong growth in loans, deposits and total assets; higher net interest income; a significant level of noninterest income relative to gross revenues; and continued solid credit quality resulting in a lower provision for loan losses.
Management Perspective
“Our strategies to position Sterling for long-term growth, profitability and shareholder value are clearly reflected in the Company’s strong performance for the second quarter of 2011,” stated Louis J. Cappelli, Sterling’s Chairman and Chief Executive Officer. “By maintaining a sharp focus on providing superior service to customers in the New York metro area and beyond, which is home to hundreds of thousands of viable small-to-midsized businesses, we are gaining share in this attractive and resilient marketplace. As a result, we have expanded our existing customer relationships and gained new clients, leading to double-digit growth in loans, deposits and total assets.”
“Sterling’s broad portfolio of products not only allows us to custom-tailor financial solutions for our clients, but also provides a revenue mix that balances net interest income with noninterest income from fee-generating products. Asset quality also remains strong, reinforced by our constant emphasis on rigorous credit underwriting.”
“Our solid base of capital has been enhanced by our successful common share offerings in March 2010 and 2011, which together generated more than $100 million in gross proceeds. We have built on this capital foundation to achieve record total assets approaching $2.6 billion, and our strong balance sheet should continue to support future profitable growth.”
“We expect to see continued strong demand for Sterling’s products and services through the balance of this year and beyond, due to the economic resiliency of our market, our unique focus on small-to-midsized businesses, and our dedication to providing exceptional customer service,” Mr. Cappelli said.
Second Quarter 2011 Financial Results
Net income for the 2011 second quarter increased over 32% to $3.9 million compared to the same period of 2010.
Page 2 of 16
In the 2011 second quarter, the Company recorded accelerated accretion of $1.2 million, equivalent to $0.04 per diluted share, due to its redemption of all issued and outstanding Series A preferred shares and repurchase of the related warrant to purchase common shares in each case issued under the TARP Capital Purchase Program.
Net income available to common shareholders for the second quarter of 2011, after the accelerated accretion, was $2.5 million, or $0.08 per diluted share, compared to $2.3 million, or $0.09 per diluted share, for the second quarter of 2010. The increase in net income available to common shareholders primarily reflected higher net interest income and a significantly lower provision for loan losses, which more than offset lower noninterest income and higher noninterest expenses. Earnings per share in the 2011 second quarter reflected the impact of an additional 4.7 million average common shares outstanding, due to Sterling’s March 2011 common share offering.
Net interest income, on a tax-equivalent basis, was $21.8 million for the 2011 second quarter, increasing in comparison to $21.1 million for the 2010 second quarter, and $20.3 million for the 2011 first quarter. This improvement reflected the benefit of higher average loan and investment securities balances and reduced funding costs, partially offset by the impact of lower yields on loans and securities and higher interest-bearing deposit balances.
Net interest margin improved to 3.85% for the 2011 second quarter from 3.84% for the 2011 first quarter, on a tax-equivalent basis. The margin for the 2010 second quarter was 4.12%. The margin trend versus the prior year period reflects Sterling’s temporary deployment of proceeds from its common share offerings in short-term investment securities, where yields have declined sharply due to market conditions. The investment in short-term securities is intended to enhance future liquidity to fund loan growth and to provide flexibility to respond to possible changes in interest rates and other market conditions.
The provision for loan losses decreased to $3.0 million for the 2011 second quarter, compared to $5.5 million a year earlier, reflecting the Company’s improved asset quality.
Noninterest income, excluding securities gains, was $10.5 million for the second quarter of 2011, compared to $10.6 million in the same period of 2010. This primarily reflected higher residential mortgage banking income, offset by lower service charges. Total noninterest income was $10.9 million for the 2011 second quarter, compared to $11.4 million a year earlier, reflecting lower security gains in the 2011 period.
Noninterest expenses were $23.4 million for the 2011 second quarter, compared to $22.1 million a year ago. The increase was primarily due to the growth in Sterling’s business and ongoing business development efforts, resulting in additional compensation expenses and higher occupancy costs.
First Half 2011 Financial Results
Net income for the first six months of 2011 rose 42% to $7.9 million compared to the same period of 2010.
Page 3 of 16
Net income available to common shareholders for the first six months of 2011, after the accelerated accretion for the period as noted previously, increased more than 36% to $5.8 million from $4.3 million for the same period of 2010. Earnings per diluted share were $0.20 in the 2011 second quarter compared to $0.19 a year ago, reflecting the impact of an additional 6.4 million average common shares outstanding due to Sterling’s March 2011 common share offering.
Net interest income, on a tax-equivalent basis, was $42.0 million for the first half of 2011, compared to $41.5 million for the same 2010 period. The comparison reflected the benefit of higher average loan and investment securities balances and reduced funding costs, partially offset by the impact of lower yields on loans and securities and higher interest-bearing deposit balances. Net interest margin was 3.88% for the first six months of 2011, on a tax-equivalent basis, compared to 4.27% for the same period of 2010, primarily due to the factors noted above and the sharply lower yields on the Company’s holdings of short-term investment securities due to market conditions.
The provision for loan losses decreased to $6.0 million for the first half of 2011, compared to $11.5 million a year earlier, driven by lower nonaccrual loan balances, principally in the equipment finance product.
Noninterest income, excluding securities gains, increased 5% to $21.2 million for the first half of 2011. This primarily reflected higher residential mortgage banking income and growth in accounts receivable management, factoring and trade finance fees, offset by lower service charges. Total noninterest income was $22.3 million for the first half of 2011, compared to $22.5 million a year earlier, reflecting lower security gains in the 2011 period.
Noninterest expenses were $45.9 million for the first half of 2011, compared to $43.5 million in the 2010 period, primarily due to additional compensation expenses and occupancy costs related to the growth in Sterling’s business, partially offset by reduced advertising and marketing expenses and professional fees.
Loans, Deposits and Total Assets
Total loans held in portfolio approached a record $1.4 billion at June 30, 2011, rising 10.3% from $1.2 billion a year earlier. The Company continues to have a robust loan pipeline and has a high level of liquidity to provide capacity for further loan growth. The ratio of portfolio loans to deposits was approximately 68.2% at June 30, 2011.
Total deposits were a record $2.0 billion at June 30, 2011, up 21.9% from $1.6 billion a year earlier. Noninterest-bearing demand deposits totaled $602.2 million at June 30, 2011, a 14.7% increase from a year ago, and represented 30.1% of total deposits, one of the highest ratios of demand to total deposits in the industry.
Total assets approached a record $2.6 billion at June 30, 2011, an increase of 13.0% from approximately $2.3 billion at June 30, 2010.
Page 4 of 16
Asset Quality
Sterling continued to exhibit strong credit quality during the 2011 second quarter. As noted, the provision for loan losses for the 2011 second quarter declined to $3.0 million, compared to $5.5 million a year earlier. Net charge-offs fell to $2.5 million for the 2011 second quarter, from $5.0 million for the year-ago period. Nonperforming assets were 0.30% of total assets at June 30, 2011, compared to 0.85% a year ago. The allowance for loan losses as a percentage of nonaccrual loans was 323.0% at June 30, 2011, compared to 109.8% a year earlier.
Capital
Sterling’s capital base has continued to exceed all regulatory requirements for well-capitalized institutions. At June 30, 2011, Sterling’s Tier 1 risk-based capital ratio was 12.33% (compared to a requirement of 6.00%), total risk-based capital was 13.34% (requirement of 10.00%), and the Tier 1 leverage ratio was 9.47% (requirement of 5.00%).
The tangible common equity ratio rose to 7.67% at June 30, 2011 from 7.33% a year ago. Book value per common share was $7.09 at June 30, 2011, compared to $7.04 a year earlier.
Conference Call
Sterling Bancorp will host a teleconference call for the financial community on July 26, 2011, at 10:00 a.m. Eastern Time to discuss the second quarter 2011 financial results. To access the conference call live, interested parties may dial 800-288-8974 at least 10 minutes prior to the call.
A replay of the conference call will be available beginning at approximately 1:00 p.m. Eastern Time on July 26, 2011, until 11:59 p.m. Eastern Time on August 9, 2011. To access the replay by telephone, interested parties may dial 800-475-6701 and enter the Access Code 210838.
About Sterling Bancorp
Sterling Bancorp (NYSE: STL) is a New York City-based financial corporation with assets exceeding $2.5 billion. Since 1929, Sterling National Bank, the company’s principal banking subsidiary, has successfully served the needs of businesses, professionals and individuals in the New York metropolitan area and beyond. Sterling is well-known for its high-touch, hands-on approach to customer service and a special focus on serving the business community.
Sterling offers clients a full range of depository and cash management services plus a broad portfolio of financing solutions – including working capital lines, accounts receivable and inventory financing, factoring, trade financing, payroll funding and processing, equipment financing, commercial and residential mortgages and mortgage warehouse lines of credit.
Page 5 of 16
Certain statements in this press release, including but not limited to, statements as to future events, future liquidity, future interest rate risk and operating expenses, statements concerning future results of operations, financial position or dividends, and plans and objectives for future operations, future capital, future liquidity and future growth, statements concerning the economic environment, asset quality and future levels of nonaccrual loans, charge-offs and provisions for loan losses, and the Company’s position for future profitable growth and the ability to benefit from increased capital that it can deploy to take advantage of growth opportunities and continued strong demand for the Company’s products and services, the economic resiliency of the markets the Company serves, and other statements contained herein regarding matters that are not historical facts, are "forward-looking statements" as defined in the Securities Exchange Act of 1934. These statements are not historical facts but instead are subject to numerous assumptions, risks and uncertainties, and represent only the Company’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside its control. Any forward-looking statements the Company may make speak only as of the date on which such statements are made. The Company’s actual results and financial position may differ materially from the anticipated results and financial condition indicated in or implied by these forward-looking statements, and the Company makes no commitment to update or revise forward-looking statements to reflect new information or subsequent events or changes in expectations. For a discussion of some of the risks and important factors that could affect the Company’s future results and financial condition, see “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements and Factors that Could Affect Future Results” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010.
# # #
Page 6 of 16
STERLING BANCORP
Consolidated Financial Highlights
(Unaudited)
(dollars in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| BALANCE SHEET HIGHLIGHTS | ||||||||||||||||
| Period End Balances | ||||||||||||||||
| Investment securities | $ | 879,683 | $ | 819,079 | $ | 879,683 | $ | 819,079 | ||||||||
| Loans held for sale | 25,154 | 41,053 | 25,154 | 41,053 | ||||||||||||
| Loans held in portfolio, net of unearned discounts | 1,364,209 | 1,237,270 | 1,364,209 | 1,237,270 | ||||||||||||
| Federal Reserve Bank and Federal Home Loan Bank stock, at cost | 8,744 | 8,497 | 8,744 | 8,497 | ||||||||||||
| Total earning assets | 2,380,679 | 2,118,327 | 2,380,679 | 2,118,327 | ||||||||||||
| Allowance for loan losses | 18,535 | 20,512 | 18,535 | 20,512 | ||||||||||||
| Total assets | 2,582,084 | 2,284,308 | 2,582,084 | 2,284,308 | ||||||||||||
| Demand deposits | 602,240 | 525,242 | 602,240 | 525,242 | ||||||||||||
| Savings, NOW and money market deposits | 636,203 | 526,701 | 636,203 | 526,701 | ||||||||||||
| Time deposits | 762,351 | 589,531 | 762,351 | 589,531 | ||||||||||||
| Customer repurchase agreements | 29,236 | 21,071 | 29,236 | 21,071 | ||||||||||||
| Other short-term borrowings | 44,292 | 107,733 | 44,292 | 107,733 | ||||||||||||
| Advances FHLB/Long-term borrowings | 154,230 | 150,656 | 154,230 | 150,656 | ||||||||||||
| Shareholders’ equity | 219,256 | 229,275 | 219,256 | 229,275 | ||||||||||||
| Average Balances | ||||||||||||||||
| Investment securities | $ | 903,984 | $ | 836,270 | $ | 864,070 | $ | 766,621 | ||||||||
| Loans held for sale | 23,232 | 25,676 | 24,629 | 26,257 | ||||||||||||
| Loans held in portfolio net of unearned discounts | 1,301,005 | 1,194,574 | 1,264,853 | 1,163,587 | ||||||||||||
| Federal Reserve Bank and Federal Home Loan Bank stock | 8,736 | 7,808 | 8,938 | 8,136 | ||||||||||||
| Total earning assets | 2,276,459 | 2,088,834 | 2,208,500 | 1,998,485 | ||||||||||||
| Total assets | 2,469,685 | 2,258,219 | 2,397,249 | 2,164,853 | ||||||||||||
| Demand deposits | 553,516 | 466,017 | 545,868 | 467,337 | ||||||||||||
| Savings, NOW and money market deposits | 584,841 | 558,506 | 576,431 | 575,451 | ||||||||||||
| Time deposits | 712,431 | 593,243 | 663,281 | 523,333 | ||||||||||||
| Customer repurchase agreements | 44,691 | 54,829 | 42,989 | 52,689 | ||||||||||||
| Other short-term borrowings | 49,424 | 61,494 | 38,810 | 53,212 | ||||||||||||
| Advances FHLB/Long-term borrowings | 154,351 | 150,131 | 159,642 | 152,778 | ||||||||||||
| Shareholders’ equity | 229,868 | 227,102 | 230,636 | 199,330 | ||||||||||||
| ASSET QUALITY HIGHLIGHTS | ||||||||||||||||
| Period End | ||||||||||||||||
| Net charge-offs | $ | 2,500 | $ | 4,951 | $ | 5,698 | $ | 10,821 | ||||||||
| Nonaccrual loans | 5,739 | 18,688 | 5,739 | 18,688 | ||||||||||||
| Other real estate owned | 2,004 | 761 | 2,004 | 761 | ||||||||||||
| Nonperforming assets | 7,743 | 19,449 | 7,743 | 19,449 | ||||||||||||
| Nonaccrual loans/loans (1) | 0.41 | % | 1.46 | % | 0.41 | % | 1.46 | % | ||||||||
| Nonperforming assets/assets | 0.30 | % | 0.85 | % | 0.30 | % | 0.85 | % | ||||||||
| Allowance for loan losses/loans (2) | 1.36 | % | 1.66 | % | 1.36 | % | 1.66 | % | ||||||||
| Allowance for loan losses/nonaccrual loans | 322.97 | % | 109.76 | % | 322.97 | % | 109.76 | % | ||||||||
| CAPITAL RATIOS | ||||||||||||||||
| Period End | ||||||||||||||||
| Tier 1 risk-based | 12.33 | % | 14.32 | % | 12.33 | % | 14.32 | % | ||||||||
| Total risk-based | 13.34 | % | 15.55 | % | 13.34 | % | 15.55 | % | ||||||||
| Leverage | 9.47 | % | 10.76 | % | 9.47 | % | 10.76 | % | ||||||||
| Tangible common equity | 7.67 | % | 7.33 | % | 7.67 | % | 7.33 | % | ||||||||
| Book value per common share | $ | 7.09 | $ | 7.04 | $ | 7.09 | $ | 7.04 | ||||||||
(1) The term “loans” includes loans held for sale and loans held in portfolio.
(2) The term “loans” includes loans held in portfolio only.
Page 7 of 16
STERLING BANCORP
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except number of shares)
| June 30, | ||||||||
| 2011 | 2010 | |||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 39,906 | $ | 32,063 | ||||
| Interest-bearing deposits with other banks | 102,889 | 12,428 | ||||||
| Investment securities | ||||||||
| Available for sale (at estimated fair value) | 409,041 | 478,647 | ||||||
| Held to maturity (at amortized cost) | 470,642 | 340,432 | ||||||
| Total investment securities | 879,683 | 819,079 | ||||||
| Loans held for sale | 25,154 | 41,053 | ||||||
| Loans held in portfolio, net of unearned discounts | 1,364,209 | 1,237,270 | ||||||
| Less allowance for loan losses | 18,535 | 20,512 | ||||||
| Loans held in portfolio, net | 1,345,674 | 1,216,758 | ||||||
| Federal Reserve Bank and Federal Home Loan Bank stock, at cost | 8,744 | 8,497 | ||||||
| Goodwill | 22,901 | 22,901 | ||||||
| Premises and equipment, net | 22,384 | 14,451 | ||||||
| Other real estate | 2,004 | 761 | ||||||
| Accrued interest receivable | 9,399 | 10,110 | ||||||
| Cash surrender value of life insurance policies | 52,510 | 50,166 | ||||||
| Other assets | 70,836 | 56,041 | ||||||
| $ | 2,582,084 | $ | 2,284,308 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Deposits | ||||||||
| Demand | $ | 602,240 | $ | 525,242 | ||||
| Savings, NOW and money market | 636,203 | 526,701 | ||||||
| Time | 762,351 | 589,531 | ||||||
| Total deposits | 2,000,794 | 1,641,474 | ||||||
| Securities sold under agreements to repurchase - customers | 29,236 | 21,071 | ||||||
| Securities sold under agreements to repurchase - dealers | 5,000 | 39,893 | ||||||
| Short-term borrowings - other | 39,292 | 67,840 | ||||||
| Advances - FHLB | 128,456 | 124,882 | ||||||
| Long-term borrowings - subordinated debentures | 25,774 | 25,774 | ||||||
| Accrued interest payable | 974 | 1,622 | ||||||
| Due to factored clients | 70,615 | 77,918 | ||||||
| Accrued expenses and other liabilities | 62,687 | 54,559 | ||||||
| Total liabilities | 2,362,828 | 2,055,033 | ||||||
| Shareholders’ equity | 219,256 | 229,275 | ||||||
| $ | 2,582,084 | $ | 2,284,308 | |||||
| MEMORANDA | ||||||||
| Available for sale securities - amortized cost | $ | 408,911 | $ | 476,013 | ||||
| Held to maturity securities - estimated fair value | 480,729 | 351,007 | ||||||
| Shares outstanding | ||||||||
| Common issued | 35,225,110 | 31,138,545 | ||||||
| Common in treasury | 4,300,278 | 4,297,782 | ||||||
NOTE: Certain reclassifications have been made to prior period’s financial data to conform to current financial statement presentations.
Page 8 of 16
STERLING BANCORP
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| INTEREST INCOME | ||||||||||||||||
| Loans | $ | 17,779 | $ | 17,121 | $ | 34,655 | $ | 33,632 | ||||||||
| Investment securities - available for sale | 2,684 | 3,377 | 5,107 | 6,330 | ||||||||||||
| Investment securities - held to maturity | 3,482 | 3,890 | 6,879 | 8,302 | ||||||||||||
| FRB and FHLB stock | 143 | 63 | 166 | 184 | ||||||||||||
| Deposits with other banks | 22 | 24 | 57 | 43 | ||||||||||||
| Total interest income | 24,110 | 24,475 | 46,864 | 48,491 | ||||||||||||
| INTEREST EXPENSE | ||||||||||||||||
| Savings, NOW and money market deposits | 700 | 825 | 1,400 | 1,790 | ||||||||||||
| Time deposits | 1,382 | 1,637 | 2,742 | 3,312 | ||||||||||||
| Securities sold u/a/r - customers | 52 | 65 | 100 | 126 | ||||||||||||
| Securities sold u/a/r - dealers | 17 | 5 | 33 | 5 | ||||||||||||
| Short-term borrowings - other | 18 | 32 | 32 | 58 | ||||||||||||
| Advances - FHLB | 500 | 849 | 1,164 | 1,720 | ||||||||||||
| Long-term subordinated debentures | 524 | 524 | 1,047 | 1,047 | ||||||||||||
| Total interest expense | 3,193 | 3,937 | 6,518 | 8,058 | ||||||||||||
| Net interest income | 20,917 | 20,538 | 40,346 | 40,433 | ||||||||||||
| Provision for loan losses | 3,000 | 5,500 | 6,000 | 11,500 | ||||||||||||
| Net interest income after provision for loan losses | 17,917 | 15,038 | 34,346 | 28,933 | ||||||||||||
| NONINTEREST INCOME | ||||||||||||||||
| Accounts receivable management/factoring commissions and other fees | 6,099 | 5,946 | 11,467 | 11,073 | ||||||||||||
| Service charges on deposit accounts | 1,432 | 1,548 | 2,803 | 3,021 | ||||||||||||
| Trade finance income | 540 | 501 | 1,128 | 993 | ||||||||||||
| Other customer related service charges and fees | 241 | 193 | 421 | 367 | ||||||||||||
| Mortgage banking income | 1,600 | 1,496 | 3,775 | 3,173 | ||||||||||||
| Income from life insurance policies | 297 | 296 | 572 | 560 | ||||||||||||
| Securities gains | 380 | 746 | 1,109 | 2,248 | ||||||||||||
| Loss on sale of OREO | 5 | 15 | 5 | 28 | ||||||||||||
| Other income | 274 | 620 | 1,030 | 1,000 | ||||||||||||
|
Total noninterest income |
10,868 | 11,361 | 22,310 | 22,463 | ||||||||||||
| NONINTEREST EXPENSES | ||||||||||||||||
| Salaries | 11,061 | 10,462 | 21,671 | 20,120 | ||||||||||||
| Employee benefits | 3,404 | 3,199 | 7,054 | 6,703 | ||||||||||||
| Total personnel expense | 14,465 | 13,661 | 28,725 | 26,823 | ||||||||||||
| Occupancy and equipment expenses, net | 3,515 | 3,052 | 6,788 | 5,592 | ||||||||||||
| Advertising and marketing | 873 | 678 | 1,298 | 1,684 | ||||||||||||
| Professional fees | 889 | 1,020 | 1,707 | 2,373 | ||||||||||||
| Communications | 474 | 562 | 884 | 910 | ||||||||||||
| Deposit insurance | 897 | 770 | 1,830 | 1,524 | ||||||||||||
| Other expenses | 2,333 | 2,396 | 4,667 | 4,569 | ||||||||||||
| Total noninterest expenses | 23,446 | 22,139 | 45,899 | 43,475 | ||||||||||||
| Income before income taxes | 5,339 | 4,260 | 10,757 | 7,921 | ||||||||||||
| Provision for income taxes | 1,394 | 1,278 | 2,869 | 2,376 | ||||||||||||
| Net income | 3,945 | 2,982 | 7,888 | 5,545 | ||||||||||||
| Dividends on preferred shares and accretion | 189 | 644 | 833 | 1,280 | ||||||||||||
| Net income available to common shareholders before accelerated accretion from redemption of preferred shares | 3,756 | 2,338 | 7,055 | 4,265 | ||||||||||||
| Accelerated accretion from redemption of preferred shares | 1,241 | 0 | 1,241 | 0 | ||||||||||||
| Net income available to common shareholders | $ | 2,515 | $ | 2,338 | $ | 5,814 | $ | 4,265 | ||||||||
Page 9 of 16
STERLING BANCORP
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share data)
(continued)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Average number of common shares outstanding | ||||||||||||||||
| Basic | 30,414,947 | 25,752,172 | 28,883,154 | 22,479,292 | ||||||||||||
| Diluted | 30,414,947 | 25,752,172 | 28,883,154 | 22,484,177 | ||||||||||||
| Net income available to common shareholders, before accelerated accretion from redemption, per average common share | ||||||||||||||||
| Basic | $ | 0.12 | $ | 0.09 | $ | 0.24 | $ | 0.19 | ||||||||
| Diluted | 0.12 | 0.09 | 0.24 | 0.19 | ||||||||||||
| Net income available to common shareholders per average common share | ||||||||||||||||
| Basic | 0.08 | 0.09 | 0.20 | 0.19 | ||||||||||||
| Diluted | 0.08 | 0.09 | 0.20 | 0.19 | ||||||||||||
| Dividends per common share | 0.09 | 0.09 | 0.18 | 0.18 | ||||||||||||
Page 10 of 16
STERLING BANCORP
Consolidated Statements of Comprehensive Income
(Unaudited)
(dollars in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net income | $ | 3,945 | $ | 2,982 | $ | 7,888 | $ | 5,545 | ||||||||
| Other comprehensive income, net of tax: | ||||||||||||||||
| Unrealized holding gains on securities arising during the period | 929 | 946 | 1,308 | 2,160 | ||||||||||||
| Reclassification adjustment for securities gains included in net income | (208 | ) | (408 | ) | (606 | ) | (1,228 | ) | ||||||||
| Amortization of: | ||||||||||||||||
| Prior service cost | 8 | 9 | 17 | 18 | ||||||||||||
| Net actuarial losses | 390 | 424 | 779 | 837 | ||||||||||||
| Comprehensive income | $ | 5,064 | $ | 3,953 | $ | 9,386 | $ | 7,332 | ||||||||
STERLING BANCORP
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
(dollars in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Balance, at beginning of period | $ | 260,290 | $ | 228,164 | $ | 222,742 | $ | 161,950 | ||||||||
| Net income for period | 3,945 | 2,982 | 7,888 | 5,545 | ||||||||||||
| Common shares issued | 0 | 16 | 36,454 | 64,881 | ||||||||||||
| Common shares issued under stock incentive plan and related tax benefits | 0 | 0 | 0 | 1,477 | ||||||||||||
| Stock option and restricted stock compensation expense | 73 | 81 | 146 | 118 | ||||||||||||
| Preferred shares redeemed in connection with the TARP Capital Purchase Program | (42,000 | ) | 0 | (42,000 | ) | 0 | ||||||||||
| Repurchase of warrant | (945 | ) | 0 | (945 | ) | 0 | ||||||||||
| Cash dividends-Common shares | (2,782 | ) | (2,414 | ) | (5,558 | ) | (4,045 | ) | ||||||||
| Cash dividends-Preferred shares | (420 | ) | (525 | ) | (945 | ) | (1,050 | ) | ||||||||
| Surrender of shares issued under incentive compensation plan | (24 | ) | 0 | (24 | ) | (1,388 | ) | |||||||||
| Change in net unrealized holding gains on securities | 929 | 946 | 1,308 | 2,160 | ||||||||||||
| Reclassification adjustment for securities gains included in net income | (208 | ) | (408 | ) | (606 | ) | (1,228 | ) | ||||||||
| Amortization of: | ||||||||||||||||
| Prior service cost | 8 | 9 | 17 | 18 | ||||||||||||
| Net actuarial losses | 390 | 424 | 779 | 837 | ||||||||||||
| Balance, at end of period | $ | 219,256 | $ | 229,275 | $ | 219,256 | $ | 229,275 | ||||||||
Page 11 of 16
STERLING BANCORP
Average Balance Sheets [1]
(Unaudited)
(dollars in thousands)
| Three Months Ended | |||||||||||||||||||||||
| June 30, 2011 | June 30, 2010 | ||||||||||||||||||||||
| AVERAGE | AVERAGE | AVERAGE | AVERAGE | ||||||||||||||||||||
| BALANCE | INTEREST | RATE | BALANCE | INTEREST | RATE | ||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Interest-bearing deposits with other banks | $ | 39,502 | $ | 22 | 0.23 | % | $ | 24,506 | $ | 24 | 0.41 | % | |||||||||||
| Investment Securities | |||||||||||||||||||||||
| Available for sale - taxable | 400,712 | 2,418 | 2.41 | 472,897 | 3,169 | 2.68 | |||||||||||||||||
| Held to maturity - taxable | 347,142 | 2,170 | 2.50 | 252,550 | 2,987 | 4.73 | |||||||||||||||||
| Tax-exempt [2] | 156,130 | 2,428 | 6.22 | 110,823 | 1,709 | 6.17 | |||||||||||||||||
| Total investment securities | 903,984 | 7,016 | 3.10 | 836,270 | 7,865 | 3.76 | |||||||||||||||||
| FRB and FHLB stock [2] | 8,736 | 145 | 6.63 | 7,808 | 64 | 3.28 | |||||||||||||||||
| Loans, net of unearned discount [3] | 1,324,237 | 17,779 | 5.50 | 1,220,250 | 17,121 | 5.87 | |||||||||||||||||
| Total Interest-Earning Assets [2] | 2,276,459 | 24,962 | 4.43 | % | 2,088,834 | 25,074 | 4.91 | % | |||||||||||||||
| Cash and due from banks | 38,479 | 36,009 | |||||||||||||||||||||
| Allowance for loan losses | (19,330 | ) | (22,104 | ) | |||||||||||||||||||
| Goodwill | 22,901 | 22,901 | |||||||||||||||||||||
| Other | 151,176 | 132,579 | |||||||||||||||||||||
| Total Assets | $ | 2,469,685 | $ | 2,258,219 | |||||||||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||
| Domestic | |||||||||||||||||||||||
| Savings | $ | 17,916 | 3 | 0.05 | % | $ | 18,014 | 3 | 0.07 | % | |||||||||||||
| NOW | 209,021 | 102 | 0.20 | 203,307 | 106 | 0.21 | |||||||||||||||||
| Money market | 357,904 | 595 | 0.67 | 337,185 | 716 | 0.85 | |||||||||||||||||
| Time | 712,431 | 1,382 | 0.78 | 592,665 | 1,635 | 1.11 | |||||||||||||||||
| Foreign | |||||||||||||||||||||||
| Time | 0 | 0 | 0.00 | 578 | 2 | 1.08 | |||||||||||||||||
| Total Interest-Bearing Deposits | 1,297,272 | 2,082 | 0.64 | 1,151,749 | 2,462 | 0.86 | |||||||||||||||||
| Borrowings | |||||||||||||||||||||||
| Securities sold u/a/r - customers | 44,691 | 52 | 0.47 | 54,829 | 65 | 0.48 | |||||||||||||||||
| Securities sold u/a/r - dealers | 5,744 | 17 | 1.15 | 4,243 | 5 | 0.47 | |||||||||||||||||
| Federal funds purchased | 24,978 | 7 | 0.12 | 35,545 | 19 | 0.21 | |||||||||||||||||
| Commercial paper | 14,123 | 10 | 0.30 | 13,006 | 9 | 0.31 | |||||||||||||||||
| Short-term borrowings - other | 4,579 | 1 | 0.12 | 8,700 | 4 | 0.17 | |||||||||||||||||
| Advances - FHLB | 128,577 | 500 | 1.56 | 124,357 | 849 | 2.74 | |||||||||||||||||
| Long-term borrowings - sub debt | 25,774 | 524 | 8.37 | 25,774 | 524 | 8.38 | |||||||||||||||||
| Total Borrowings | 248,466 | 1,111 | 1.80 | 266,454 | 1,475 | 2.22 | |||||||||||||||||
| Total Interest-Bearing Liabilities | 1,545,738 | 3,193 | 0.83 | % | 1,418,203 | 3,937 | 1.11 | % | |||||||||||||||
| Noninterest-bearing demand deposits | 553,516 | 466,017 | |||||||||||||||||||||
| Total including noninterest-bearing demand deposits | 2,099,254 | 3,193 | 0.61 | % | 1,884,220 | 3,937 | 0.84 | % | |||||||||||||||
| Other liabilities | 140,563 | 146,897 | |||||||||||||||||||||
| Total Liabilities | 2,239,817 | 2,031,117 | |||||||||||||||||||||
| Shareholders’ equity | 229,868 | 227,102 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 2,469,685 | $ | 2,258,219 | |||||||||||||||||||
| Net interest income/spread [2] | 21,769 | 3.60 | % | 21,137 | 3.80 | % | |||||||||||||||||
| Net yield on interest-earning assets [2] | 3.85 | % | 4.12 | % | |||||||||||||||||||
| Less: Tax-equivalent adjustment | 852 | 599 | |||||||||||||||||||||
| Net interest income | $ | 20,917 | $ | 20,538 | |||||||||||||||||||
[1] The average balances of assets, liabilities and shareholders’ equity are computed on the basis of daily averages. Average rates are presented on a tax-equivalent basis. Certain reclassifications have been made to prior period amounts to conform to current presentation.
[2] Interest and/or average rates are presented on a tax-equivalent basis.
[3] Includes loans held for sale and loans held in portfolio; all loans are domestic. Nonaccrual loans are included in amounts outstanding and income has been included to the extent earned.
Page 12 of 16
STERLING BANCORP
Average Balance Sheets [1]
(Unaudited)
(dollars in thousands)
| Six Months Ended | |||||||||||||||||||||||
| June 30, 2011 | June 30, 2010 | ||||||||||||||||||||||
| AVERAGE | AVERAGE | AVERAGE | AVERAGE | ||||||||||||||||||||
| BALANCE | INTEREST | RATE | BALANCE | INTEREST | RATE | ||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Interest-bearing deposits with other banks | $ | 46,010 | $ | 57 | 0.25 | % | $ | 33,884 | $ | 43 | 0.26 | % | |||||||||||
| Investment Securities | |||||||||||||||||||||||
| Available for sale - taxable | 375,857 | 4,475 | 2.38 | 383,120 | 5,903 | 3.08 | |||||||||||||||||
| Held to maturity - taxable | 331,716 | 4,357 | 2.63 | 282,209 | 6,702 | 4.75 | |||||||||||||||||
| Tax-exempt [2] | 156,497 | 4,852 | 6.20 | 101,292 | 3,118 | 6.16 | |||||||||||||||||
| Total investment securities | 864,070 | 13,684 | 3.17 | 766,621 | 15,723 | 4.10 | |||||||||||||||||
| FRB and FHLB stock [2] | 8,938 | 168 | 3.76 | 8,136 | 186 | 4.56 | |||||||||||||||||
| Loans, net of unearned discount [3] | 1,289,482 | 34,655 | 5.60 | 1,189,844 | 33,632 | 5.98 | |||||||||||||||||
| Total Interest-Earning Assets [2] | 2,208,500 | 48,564 | 4.49 | % | 1,998,485 | 49,584 | 5.12 | % | |||||||||||||||
| Cash and due from banks | 37,712 | 35,798 | |||||||||||||||||||||
| Allowance for loan losses | (19,572 | ) | (22,131 | ) | |||||||||||||||||||
| Goodwill | 22,901 | 22,901 | |||||||||||||||||||||
| Other | 147,708 | 129,800 | |||||||||||||||||||||
| Total Assets | $ | 2,397,249 | $ | 2,164,853 | |||||||||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||||
| Domestic | |||||||||||||||||||||||
| Savings | $ | 18,935 | 5 | 0.05 | % | $ | 18,233 | 6 | 0.07 | % | |||||||||||||
| NOW | 207,414 | 173 | 0.17 | 226,361 | 331 | 0.29 | |||||||||||||||||
| Money market | 350,082 | 1,222 | 0.70 | 330,857 | 1,453 | 0.89 | |||||||||||||||||
| Time | 663,281 | 2,742 | 0.83 | 522,754 | 3,309 | 1.28 | |||||||||||||||||
| Foreign | |||||||||||||||||||||||
| Time | 0 | 0 | 0.00 | 579 | 3 | 1.09 | |||||||||||||||||
| Total Interest-Bearing Deposits | 1,239,712 | 4,142 | 0.67 | 1,098,784 | 5,102 | 0.94 | |||||||||||||||||
| Borrowings | |||||||||||||||||||||||
| Securities sold u/a/r - customers | 42,989 | 100 | 0.47 | 52,689 | 126 | 0.48 | |||||||||||||||||
| Securities sold u/a/r - dealers | 5,374 | 33 | 1.21 | 2,133 | 5 | 0.47 | |||||||||||||||||
| Federal funds purchased | 14,961 | 9 | 0.12 | 23,440 | 23 | 0.20 | |||||||||||||||||
| Commercial paper | 14,885 | 22 | 0.30 | 14,696 | 22 | 0.31 | |||||||||||||||||
| Short-term borrowings - other | 3,590 | 1 | 0.08 | 12,943 | 13 | 0.20 | |||||||||||||||||
| Advances - FHLB | 133,868 | 1,164 | 1.75 | 127,004 | 1,720 | 2.73 | |||||||||||||||||
| Long-term borrowings - sub debt | 25,774 | 1,047 | 8.38 | 25,774 | 1,047 | 8.38 | |||||||||||||||||
| Total Borrowings | 241,441 | 2,376 | 1.98 | 258,679 | 2,956 | 2.30 | |||||||||||||||||
| Total Interest-Bearing Liabilities | 1,481,153 | 6,518 | 0.89 | % | 1,357,463 | 8,058 | 1.20 | % | |||||||||||||||
| Noninterest-bearing demand deposits | 545,868 | 467,337 | |||||||||||||||||||||
| Total including noninterest-bearing demand deposits | 2,027,021 | 6,518 | 0.65 | % | 1,824,800 | 8,058 | 0.89 | % | |||||||||||||||
| Other liabilities | 139,592 | 140,723 | |||||||||||||||||||||
| Total Liabilities | 2,166,613 | 1,965,523 | |||||||||||||||||||||
| Shareholders’ equity | 230,636 | 199,330 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 2,397,249 | $ | 2,164,853 | |||||||||||||||||||
| Net interest income/spread [2] | 42,046 | 3.60 | % | 41,526 | 3.92 | % | |||||||||||||||||
| Net yield on interest-earning assets [2] | 3.88 | % | 4.27 | % | |||||||||||||||||||
| Less: Tax-equivalent adjustment | 1,700 | 1,093 | |||||||||||||||||||||
| Net interest income | $ | 40,346 | $ | 40,433 | |||||||||||||||||||
[1] The average balances of assets, liabilities and shareholders’ equity are computed on the basis of daily averages. Average rates are presented on a tax-equivalent basis. Certain reclassifications have been made to prior period amounts to conform to current presentation.
[2] Interest and/or average rates are presented on a tax-equivalent basis.
[3] Includes loans held for sale and loans held in portfolio; all loans are domestic. Nonaccrual loans are included in amounts outstanding and income has been included to the extent earned.
Page 13 of 16
STERLING BANCORP
Rate/Volume Analysis [1]
(Unaudited)
(dollars in thousands)
|
Increase/(Decrease) Three Months Ended June 30, 2011 |
||||||||||||
| Volume | Rate | Net [2] | ||||||||||
| INTEREST INCOME | ||||||||||||
| Interest-bearing deposits with other banks | $ | 12 | $ | (14 | ) | $ | (2 | ) | ||||
| Investment Securities | ||||||||||||
| Available for sale - taxable | (452 | ) | (299 | ) | (751 | ) | ||||||
| Held to maturity - taxable | 881 | (1,698 | ) | (817 | ) | |||||||
| Tax-exempt | 705 | 14 | 719 | |||||||||
| Total investment securities | 1,134 | (1,983 | ) | (849 | ) | |||||||
| FRB and FHLB stock | 9 | 72 | 81 | |||||||||
| Loans, net of unearned discounts [3] | 1,673 | (1,015 | ) | 658 | ||||||||
| TOTAL INTEREST INCOME | $ | 2,828 | $ | (2,940 | ) | $ | (112 | ) | ||||
| INTEREST EXPENSE | ||||||||||||
| Interest-bearing deposits | ||||||||||||
| Domestic | ||||||||||||
| Savings | $ | 0 | $ | 0 | $ | 0 | ||||||
| NOW | 2 | (6 | ) | (4 | ) | |||||||
| Money market | 41 | (162 | ) | (121 | ) | |||||||
| Time | 292 | (545 | ) | (253 | ) | |||||||
| Foreign | ||||||||||||
| Time | (2 | ) | 0 | (2 | ) | |||||||
| Total interest-bearing deposits | 333 | (713 | ) | (380 | ) | |||||||
| Borrowings | ||||||||||||
| Securities sold under agreements to repurchase - customers | (12 | ) | (1 | ) | (13 | ) | ||||||
| Securities sold under agreements to repurchase - dealers | 3 | 9 | 12 | |||||||||
| Federal funds purchased | (5 | ) | (7 | ) | (12 | ) | ||||||
| Commercial paper | 1 | 0 | 1 | |||||||||
| Short-term borrowings - other | (2 | ) | (1 | ) | (3 | ) | ||||||
| Advances - FHLB | 28 | (377 | ) | (349 | ) | |||||||
| Long-term borrowings - subordinated debentures | 0 | 0 | 0 | |||||||||
| Total borrowings | 13 | (377 | ) | (364 | ) | |||||||
| TOTAL INTEREST EXPENSE | $ | 346 | $ | (1,090 | ) | $ | (744 | ) | ||||
| NET INTEREST INCOME | $ | 2,482 | $ | (1,850 | ) | $ | 632 | |||||
[1] This table is presented on a tax-equivalent basis.
[2] Changes in interest income and interest expense due to a combination of both volume and rate have been allocated to the change due to volume and the change due to rate in proportion to the relationship of change due solely to each. The change in interest expense for foreign time deposits has been allocated entirely to the volume variance.
[3] Includes loans held for sale and loans held in portfolio; all loans are domestic. Nonaccrual loans are included in amounts outstanding, and income has been included to the extent earned.
Page 14 of 16
STERLING BANCORP
Rate/Volume Analysis [1]
(Unaudited)
(dollars in thousands)
|
Increase/(Decrease) Six Months Ended June 30, 2011 |
||||||||||||
| Volume | Rate | Net [2] | ||||||||||
| INTEREST INCOME | ||||||||||||
| Interest-bearing deposits with other banks | $ | 16 | $ | (2 | ) | $ | 14 | |||||
| Investment Securities | ||||||||||||
| Available for sale - taxable | (110 | ) | (1,318 | ) | (1,428 | ) | ||||||
| Held to maturity - taxable | 1,013 | (3,358 | ) | (2,345 | ) | |||||||
| Tax-exempt | 1,714 | 20 | 1,734 | |||||||||
| Total investment securities | 2,617 | (4,656 | ) | (2,039 | ) | |||||||
| FRB and FHLB stock | 17 | (35 | ) | (18 | ) | |||||||
| Loans, net of unearned discounts [3] | 3,131 | (2,108 | ) | 1,023 | ||||||||
| TOTAL INTEREST INCOME | $ | 5,781 | $ | (6,801 | ) | $ | (1,020 | ) | ||||
| INTEREST EXPENSE | ||||||||||||
| Interest-bearing deposits | ||||||||||||
| Domestic | ||||||||||||
| Savings | $ | 0 | $ | (1 | ) | $ | (1 | ) | ||||
| NOW | (26 | ) | (132 | ) | (158 | ) | ||||||
| Money market | 84 | (315 | ) | (231 | ) | |||||||
| Time | 766 | (1,333 | ) | (567 | ) | |||||||
| Foreign | ||||||||||||
| Time | (3 | ) | 0 | (3 | ) | |||||||
| Total interest-bearing deposits | 821 | (1,781 | ) | (960 | ) | |||||||
| Borrowings | ||||||||||||
| Securities sold under agreements to repurchase - customers | (23 | ) | (3 | ) | (26 | ) | ||||||
| Securities sold under agreements to repurchase - dealers | 14 | 14 | 28 | |||||||||
| Federal funds purchased | (7 | ) | (7 | ) | (14 | ) | ||||||
| Commercial paper | 0 | 0 | 0 | |||||||||
| Short-term borrowings - other | (6 | ) | (6 | ) | (12 | ) | ||||||
| Advances - FHLB | 89 | (645 | ) | (556 | ) | |||||||
| Long-term borrowings - subordinated debentures | 0 | 0 | 0 | |||||||||
| Total borrowings | 67 | (647 | ) | (580 | ) | |||||||
| TOTAL INTEREST EXPENSE | $ | 888 | $ | (2,428 | ) | $ | (1,540 | ) | ||||
| NET INTEREST INCOME | $ | 4,893 | $ | (4,373 | ) | $ | 520 | |||||
[1] This table is presented on a tax-equivalent basis.
[2] Changes in interest income and interest expense due to a combination of both volume and rate have been allocated to the change due to volume and the change due to rate in proportion to the relationship of change due solely to each. The change in interest expense for foreign time deposits has been allocated entirely to the volume variance.
[3] Includes loans held for sale and loans held in portfolio; all loans are domestic. Nonaccrual loans are included in amounts outstanding, and income has been included to the extent earned.
Page 15 of 16
STERLING BANCORP
Reconciliation of Tangible Common Equity and Tangible Assets
(Unaudited)
(dollars in thousands)
This press release contains certain supplemental financial information, described in the following tables, which has been determined by methods other than U. S. generally accepted accounting principles ("GAAP"). Management believes that these non-GAAP financial measures provide useful supplemental information to both management and investors in evaluating Sterling’s capital position. Tangible common equity represents shareholders’ equity less preferred equity, goodwill and other intangibles. Tangible assets are equal to total assets less goodwill and other intangibles. Tangible common equity ratio is calculated by dividing tangible common equity by tangible assets. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results, and Sterling strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Non-GAAP financial measures are not standardized, and, therefore, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures that may have the same or similar names.
| June 30, | ||||||||
| 2011 | 2010 | |||||||
| Tangible common equity | ||||||||
| Total shareholders’ equity | $ | 219,256 | $ | 229,275 | ||||
| Less: | ||||||||
| Preferred equity | 0 | 40,343 | ||||||
| Goodwill and other intangible assets | 22,901 | 23,314 | ||||||
| Total tangible common equity | $ | 196,355 | $ | 165,618 | ||||
| Tangible assets | ||||||||
| Total assets | $ | 2,582,084 | $ | 2,284,308 | ||||
| Less: Goodwill and other intangible assets | 22,901 | 23,314 | ||||||
| Total tangible assets | $ | 2,559,183 | $ | 2,260,994 | ||||
| Tangible common equity ratio | 7.67 | % | 7.33 | % | ||||
Page 16 of 16