United Community Banks, Inc. Reports Earnings of $15.9 Million for Fourth Quarter 2013
- Net income of
$15.9 million , or22 cents per share - Loans up
$62 million , or 6 percent annualized - Redeemed
$180 million of TARP preferred stock - All capital ratios remain strong
"I am very pleased with the important progress we made in the fourth quarter and continue to make as we enter 2014," said
The fourth quarter provision for credit losses was
Fourth quarter taxable equivalent net interest revenue totaled
Fourth quarter fee revenue of
Operating expenses, excluding foreclosed property costs, were
Foreclosed property costs were
As of
Tallent concluded, "The achievements of 2013 are the culmination of several years of hard work, diligence and dedication by our bankers. They have stood their ground during the most difficult economic environment any of us has ever faced, and played an integral role in our return to offense. The coming year will not be without challenges, but we look forward with confidence to the opportunities ahead."
Conference Call
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This news release contains forward-looking statements, as defined by federal securities laws, including statements about United's financial outlook and business environment. These statements are based on current expectations and are provided to assist in the understanding of future financial performance. Such performance involves risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to United's filings with the
Financial Highlights | |||||||||||||||||||||||||
Selected Financial Information | |||||||||||||||||||||||||
2013 |
2012 |
||||||||||||||||||||||||
(in thousands, except per share data; taxable equivalent) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Fourth Quarter 2013-2012 Change | |||||||||||||||||||
INCOME SUMMARY | |||||||||||||||||||||||||
Interest revenue | $ | 61,695 | $ | 61,426 | $ | 62,088 | $ | 62,114 | $ | 64,450 | |||||||||||||||
Interest expense | 5,816 | 7,169 | 7,157 | 7,540 | 8,306 | ||||||||||||||||||||
Net interest revenue | 55,879 | 54,257 | 54,931 | 54,574 | 56,144 | - | % | ||||||||||||||||||
Provision for credit losses | 3,000 | 3,000 | 48,500 | 11,000 | 14,000 | ||||||||||||||||||||
Fee revenue | 13,519 | 14,225 | 15,943 | 12,911 | 14,645 | (8 | ) | ||||||||||||||||||
Total revenue | 66,398 | 65,482 | 22,374 | 56,485 | 56,789 | ||||||||||||||||||||
Operating expenses | 41,614 | 40,097 | 48,823 | 43,770 | 50,726 | (18 | ) | ||||||||||||||||||
Income (loss) before income taxes | 24,784 | 25,385 | (26,449 | ) | 12,715 | 6,063 | 309 | ||||||||||||||||||
Income tax expense (benefit) | 8,873 | 9,885 | (256,413 | ) | 950 | 802 | |||||||||||||||||||
Net income | 15,911 | 15,500 | 229,964 | 11,765 | 5,261 | 202 | |||||||||||||||||||
Preferred dividends and discount accretion | 2,912 | 3,059 | 3,055 | 3,052 | 3,045 | ||||||||||||||||||||
Net income available to common shareholders | $ | 12,999 | $ | 12,441 | $ | 226,909 | $ | 8,713 | $ | 2,216 | 487 | ||||||||||||||
PERFORMANCE MEASURES | |||||||||||||||||||||||||
Per common share: | |||||||||||||||||||||||||
Diluted income | $ | .22 | $ | .21 | $ | 3.90 | $ | .15 | $ | .04 | 450 | ||||||||||||||
Book value | 11.30 | 10.99 | 10.90 | 6.85 | 6.67 | 69 | |||||||||||||||||||
Tangible book value (2) | 11.26 | 10.95 | 10.82 | 6.76 | 6.57 | 71 | |||||||||||||||||||
Key performance ratios: | |||||||||||||||||||||||||
Return on common equity (1)(3) | 7.52 | % | 7.38 | % | 197.22 | % | 8.51 | % | 2.15 | % | |||||||||||||||
Return on assets (3) | .86 | .86 | 13.34 | .70 | .31 | ||||||||||||||||||||
Net interest margin (3) | 3.26 | 3.26 | 3.33 | 3.37 | 3.45 | ||||||||||||||||||||
Efficiency ratio | 60.02 | 58.55 | 68.89 | 64.97 | 71.69 | ||||||||||||||||||||
Equity to assets | 11.62 | 11.80 | 11.57(4 | ) | 8.60 | 8.63 | |||||||||||||||||||
Tangible equity to assets (2) | 11.59 | 11.76 | 11.53(4 | ) | 8.53 | 8.55 | |||||||||||||||||||
Tangible common equity to assets (2) | 8.99 | 9.02 | 8.79(4 | ) | 5.66 | 5.67 | |||||||||||||||||||
Tangible common equity to risk-weighted assets (2) | 13.17 | 13.34 | 13.16 | 8.45 | 8.26 | ||||||||||||||||||||
ASSET QUALITY * | |||||||||||||||||||||||||
Non-performing loans | $ | 26,819 | $ | 26,088 | $ | 27,864 | $ | 96,006 | $ | 109,894 | |||||||||||||||
Foreclosed properties | 4,221 | 4,467 | 3,936 | 16,734 | 18,264 | ||||||||||||||||||||
Total non-performing assets (NPAs) | 31,040 | 30,555 | 31,800 | 112,740 | 128,158 | ||||||||||||||||||||
Allowance for loan losses | 76,762 | 80,372 | 81,845 | 105,753 | 107,137 | ||||||||||||||||||||
Net charge-offs | 4,445 | 4,473 | 72,408 | 12,384 | 14,505 | ||||||||||||||||||||
Allowance for loan losses to loans | 1.77 | % | 1.88 | % | 1.95 | % | 2.52 | % | 2.57 | % | |||||||||||||||
Net charge-offs to average loans (3) | .41 | .42 | 6.87 | 1.21 | 1.39 | ||||||||||||||||||||
NPAs to loans and foreclosed properties | .72 | .72 | .76 | 2.68 | 3.06 | ||||||||||||||||||||
NPAs to total assets | .42 | .42 | .44 | 1.65 | 1.88 | ||||||||||||||||||||
AVERAGE BALANCES ($ in millions) | |||||||||||||||||||||||||
Loans | $ | 4,315 | $ | 4,250 | $ | 4,253 | $ | 4,197 | $ | 4,191 | 3 | ||||||||||||||
Investment securities | 2,280 | 2,178 | 2,161 | 2,141 | 2,088 | 9 | |||||||||||||||||||
Earning assets | 6,823 | 6,615 | 6,608 | 6,547 | 6,482 | 5 | |||||||||||||||||||
Total assets | 7,370 | 7,170 | 6,915 | 6,834 | 6,778 | 9 | |||||||||||||||||||
Deposits | 6,190 | 5,987 | 5,983 | 5,946 | 5,873 | 5 | |||||||||||||||||||
Shareholders' equity | 856 | 846 | 636 | 588 | 585 | 46 | |||||||||||||||||||
Common shares - basic (thousands) | 59,923 | 59,100 | 58,141 | 58,081 | 57,971 | ||||||||||||||||||||
Common shares - diluted (thousands) | 59,925 | 59,202 | 58,141 | 58,081 | 57,971 | ||||||||||||||||||||
AT PERIOD END ($ in millions) | |||||||||||||||||||||||||
Loans * | $ | 4,329 | $ | 4,267 | $ | 4,189 | $ | 4,194 | $ | 4,175 | 4 | ||||||||||||||
Investment securities | 2,312 | 2,169 | 2,152 | 2,141 | 2,079 | 11 | |||||||||||||||||||
Total assets | 7,425 | 7,243 | 7,163 | 6,849 | 6,802 | 9 | |||||||||||||||||||
Deposits | 6,202 | 6,113 | 6,012 | 6,026 | 5,952 | 4 | |||||||||||||||||||
Shareholders' equity | 796 | 852 | 829 | 592 | 581 | 37 | |||||||||||||||||||
Common shares outstanding (thousands) | 59,432 | 59,412 | 57,831 | 57,767 | 57,741 |
(1) Net income available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (2) Excludes effect of acquisition related intangibles and associated amortization. (3) Annualized. (4) Calculated as of period-end. |
* Excludes loans and foreclosed properties covered by loss sharing agreements with the |
Financial Highlights | |||||||||||||
Selected Financial Information | |||||||||||||
For the Twelve | |||||||||||||
Months Ended | |||||||||||||
(in thousands, except per share data; taxable equivalent) | 2013 | 2012 | YTD 2013-2012 Change |
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INCOME SUMMARY | |||||||||||||
Interest revenue | $ | 247,323 | $ | 267,667 | |||||||||
Interest expense | 27,682 | 37,909 | |||||||||||
Net interest revenue | 219,641 | 229,758 | (4 | )% | |||||||||
Provision for credit losses | 65,500 | 62,500 | |||||||||||
Fee revenue | 56,598 | 56,112 | 1 | ||||||||||
Total revenue | 210,739 | 223,370 | |||||||||||
Operating expenses | 174,304 | 186,774 | (7 | ) | |||||||||
Income (loss) before income taxes | 36,435 | 36,596 | - | ||||||||||
Income tax expense (benefit) | (236,705 | ) | 2,740 | ||||||||||
Net income | 273,140 | 33,856 | 707 | ||||||||||
Preferred dividends and discount accretion | 12,078 | 12,148 | |||||||||||
Net income available to common shareholders | $ | 261,062 | $ | 21,708 | 1,103 | ||||||||
PERFORMANCE MEASURES | |||||||||||||
Per common share: | |||||||||||||
Diluted income | $ | 4.44 | $ | .38 | 1,068 | ||||||||
Book value | 11.30 | 6.67 | 69 | ||||||||||
Tangible book value (2) | 11.26 | 6.57 | 71 | ||||||||||
Key performance ratios: | |||||||||||||
Return on common equity (1)(3) | 46.72 | % | 5.43 | % | |||||||||
Return on assets (3) | 3.86 | .49 | |||||||||||
Net interest margin (3) | 3.30 | 3.51 | |||||||||||
Efficiency ratio | 63.14 | 65.43 | |||||||||||
Equity to assets | 10.35 | 8.47 | |||||||||||
Tangible equity to assets (2) | 10.31 | 8.38 | |||||||||||
Tangible common equity to assets (2) | 7.55 | 5.54 | |||||||||||
Tangible common equity to risk-weighted assets (2) | 13.17 | 8.26 | |||||||||||
ASSET QUALITY * | |||||||||||||
Non-performing loans | $ | 26,819 | $ | 109,894 | |||||||||
Foreclosed properties | 4,221 | 18,264 | |||||||||||
Total non-performing assets (NPAs) | 31,040 | 128,158 | |||||||||||
Allowance for loan losses | 76,762 | 107,137 | |||||||||||
Net charge-offs | 93,710 | 69,831 | |||||||||||
Allowance for loan losses to loans | 1.77 | % | 2.57 | % | |||||||||
Net charge-offs to average loans (3) | 2.22 | 1.69 | |||||||||||
NPAs to loans and foreclosed properties | .72 | 3.06 | |||||||||||
NPAs to total assets | .42 | 1.88 | |||||||||||
AVERAGE BALANCES ($ in millions) | |||||||||||||
Loans | $ | 4,254 | $ | 4,166 | 2 | ||||||||
Investment securities | 2,190 | 2,089 | 5 | ||||||||||
Earning assets | 6,649 | 6,547 | 2 | ||||||||||
Total assets | 7,074 | 6,865 | 3 | ||||||||||
Deposits | 6,027 | 5,885 | 2 | ||||||||||
Shareholders' equity | 732 | 582 | 26 | ||||||||||
Common shares - basic (thousands) | 58,787 | 57,857 | |||||||||||
Common shares - diluted (thousands) | 58,845 | 57,857 | |||||||||||
AT PERIOD END ($ in millions) | |||||||||||||
Loans * | $ | 4,329 | $ | 4,175 | 4 | ||||||||
Investment securities | 2,312 | 2,079 | 11 | ||||||||||
Total assets | 7,425 | 6,802 | 9 | ||||||||||
Deposits | 6,202 | 5,952 | 4 | ||||||||||
Shareholders' equity | 796 | 581 | 37 | ||||||||||
Common shares outstanding (thousands) | 59,432 | 57,741 | |||||||||||
(1) Net income available to common shareholders, which is net of preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (2) Excludes effect of acquisition related intangibles and associated amortization. (3) Annualized. (4) Calculated as of period-end. | |||||||||||||
* Excludes loans and foreclosed properties covered by loss sharing agreements with the |
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Selected Financial Information | |||||||||||||||||
For the Years Ended |
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(in thousands, except per share data; taxable equivalent) | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||
INCOME SUMMARY | |||||||||||||||||
Net interest revenue | $ | 219,641 | $ | 229,758 | $ | 238,670 | $ | 244,637 | $ | 244,834 | |||||||
Operating provision for credit losses (1) | 65,500 | 62,500 | 251,000 | 234,750 | 310,000 | ||||||||||||
Operating fee revenue (2) | 56,598 | 56,112 | 44,907 | 46,963 | 51,357 | ||||||||||||
Total operating revenue (1)(2) | 210,739 | 223,370 | 32,577 | 56,850 | (13,809 | ) | |||||||||||
Operating expenses (3) | 174,304 | 186,774 | 261,599 | 242,952 | 217,050 | ||||||||||||
Loss on sale of nonperforming assets | - | - | - | 45,349 | - | ||||||||||||
Operating income (loss) from continuing operations before taxes | 36,435 | 36,596 | (229,022 | ) | (231,451 | ) | (230,859 | ) | |||||||||
Operating income taxes | (236,705 | ) | 2,740 | (2,276 | ) | 73,218 | (91,754 | ) | |||||||||
Net operating income (loss) from continuing operations | 273,140 | 33,856 | (226,746 | ) | (304,669 | ) | (139,105 | ) | |||||||||
Gain from acquisition, net of tax | - | - | - | - | 7,062 | ||||||||||||
Noncash goodwill impairment charges | - | - | - | (210,590 | ) | (95,000 | ) | ||||||||||
Severance cost, net of tax benefit | - | - | - | - | (1,797 | ) | |||||||||||
Fraud loss provision and subsequent recovery, net of tax benefit | - | - | - | 11,750 | - | ||||||||||||
Net income (loss) from discontinued operations | - | - | - | (101 | ) | 513 | |||||||||||
Gain from sale of subsidiary, net of income taxes and selling costs | - | - | - | 1,266 | - | ||||||||||||
Net income (loss) | 273,140 | 33,856 | (226,746 | ) | (502,344 | ) | (228,327 | ) | |||||||||
Preferred dividends and discount accretion | 12,078 | 12,148 | 11,838 | 10,316 | 10,242 | ||||||||||||
Net income (loss) available to common shareholders | $ | 261,062 | $ | 21,708 | $ | (238,584 | ) | $ | (512,660 | ) | $ | (238,569 | ) | ||||
PERFORMANCE MEASURES | |||||||||||||||||
Per common share: | |||||||||||||||||
Diluted operating earnings (loss) from continuing operations (1)(2)(3) | $ | 4.44 | $ | .38 | $ | (5.97 | ) | $ | (16.64 | ) | $ | (12.37 | ) | ||||
Diluted earnings (loss) from continuing operations | 4.44 | .38 | (5.97 | ) | (27.15 | ) | (19.80 | ) | |||||||||
Diluted earnings (loss) | 4.44 | .38 | (5.97 | ) | (27.09 | ) | (19.76 | ) | |||||||||
Book value | 11.30 | 6.67 | 6.62 | 15.40 | 41.78 | ||||||||||||
Tangible book value (5) | 11.26 | 6.57 | 6.47 | 14.80 | 30.09 | ||||||||||||
Key performance ratios: | |||||||||||||||||
Return on common equity (4) | 46.72 | 5.43 | (93.57 | )% | (85.08 | )% | (34.40 | )% | |||||||||
Return on assets | 3.86 | .49 | (3.15 | ) | (6.61 | ) | (2.76 | ) | |||||||||
Net interest margin | 3.30 | 3.51 | 3.52 | 3.59 | 3.29 | ||||||||||||
Operating efficiency ratio from continuing operations (2)(3) | 63.14 | 65.43 | 92.27 | 98.98 | 73.97 | ||||||||||||
Equity to assets | 10.35 | 8.47 | 7.75 | 10.77 | 11.12 | ||||||||||||
Tangible equity to assets (5) | 10.31 | 8.38 | 7.62 | 8.88 | 8.33 | ||||||||||||
Tangible common equity to assets (5) | 7.55 | 5.54 | 3.74 | 6.52 | 6.15 | ||||||||||||
Tangible common equity to risk-weighted assets (5) | 13.17 | 8.26 | 8.25 | 5.64 | 10.39 | ||||||||||||
ASSET QUALITY * | |||||||||||||||||
Non-performing loans | $ | 26,819 | $ | 109,894 | $ | 127,479 | $ | 179,094 | $ | 264,092 | |||||||
Foreclosed properties | 4,221 | 18,264 | 32,859 | 142,208 | 120,770 | ||||||||||||
Total non-performing assets (NPAs) | 31,040 | 128,158 | 160,338 | 321,302 | 384,862 | ||||||||||||
Allowance for loan losses | 76,762 | 107,137 | 114,468 | 174,695 | 155,602 | ||||||||||||
Operating net charge-offs (1) | 93,710 | 69,831 | 311,227 | 215,657 | 276,669 | ||||||||||||
Allowance for loan losses to loans | 1.77 | 2.57 | % | 2.79 | % | 3.79 | % | 3.02 | % | ||||||||
Operating net charge-offs to average loans (1) | 2.22 | 1.69 | 7.33 | 4.42 | 5.03 | ||||||||||||
NPAs to loans and foreclosed properties | .72 | 3.06 | 3.87 | 6.77 | 7.30 | ||||||||||||
NPAs to total assets | .42 | 1.88 | 2.30 | 4.42 | 4.81 | ||||||||||||
AVERAGE BALANCES ($ in millions) | |||||||||||||||||
Loans | $ | 4,254 | $ | 4,166 | $ | 4,307 | $ | 4,961 | $ | 5,548 | |||||||
Investment securities | 2,190 | 2,089 | 1,999 | 1,453 | 1,656 | ||||||||||||
Earning assets | 6,649 | 6,547 | 6,785 | 6,822 | 7,465 | ||||||||||||
Total assets | 7,074 | 6,865 | 7,189 | 7,605 | 8,269 | ||||||||||||
Deposits | 6,027 | 5,885 | 6,275 | 6,373 | 6,713 | ||||||||||||
Shareholders' equity | 732 | 582 | 557 | 819 | 920 | ||||||||||||
Common shares - Basic (thousands) | 58,787 | 57,857 | 39,943 | 18,925 | 12,075 | ||||||||||||
Common shares - Diluted (thousands) | 58,845 | 57,857 | 39,943 | 18,925 | 12,075 | ||||||||||||
AT YEAR END ($ in millions) | |||||||||||||||||
Loans * | $ | 4,329 | $ | 4,175 | $ | 4,110 | $ | 4,604 | $ | 5,151 | |||||||
Investment securities | 2,312 | 2,079 | 2,120 | 1,490 | 1,530 | ||||||||||||
Total assets | 7,425 | 6,802 | 6,983 | 7,276 | 8,000 | ||||||||||||
Deposits | 6,202 | 5,952 | 6,098 | 6,469 | 6,628 | ||||||||||||
Shareholders' equity | 796 | 581 | 575 | 469 | 962 | ||||||||||||
Common shares outstanding (thousands) | 59,432 | 57,741 | 57,561 | 18,937 | 18,809 | ||||||||||||
(1) Excludes the subsequent recovery of |
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* Excludes loans and foreclosed properties covered by loss sharing agreements with the |
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Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||
Selected Financial Information | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in thousands, except per share data; taxable equivalent) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||||||||
Interest revenue reconciliation | |||||||||||||||||||||
Interest revenue - taxable equivalent | $ | 61,695 | $ | 61,426 | $ | 62,088 | $ | 62,114 | $ | 64,450 | |||||||||||
Taxable equivalent adjustment | (380 | ) | (370 | ) | (368 | ) | (365 | ) | (381 | ) | |||||||||||
Interest revenue (GAAP) | $ | 61,315 | $ | 61,056 | $ | 61,720 | $ | 61,749 | $ | 64,069 | |||||||||||
Net interest revenue reconciliation | |||||||||||||||||||||
Net interest revenue - taxable equivalent | $ | 55,879 | $ | 54,257 | $ | 54,931 | $ | 54,574 | $ | 56,144 | |||||||||||
Taxable equivalent adjustment | (380 | ) | (370 | ) | (368 | ) | (365 | ) | (381 | ) | |||||||||||
Net interest revenue (GAAP) | $ | 55,499 | $ | 53,887 | $ | 54,563 | $ | 54,209 | $ | 55,763 | |||||||||||
Provision for credit losses reconciliation | |||||||||||||||||||||
Operating provision for credit losses | $ | 3,000 | $ | 3,000 | $ | 48,500 | $ | 11,000 | $ | 14,000 | |||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | - | - | ||||||||||||||||
Provision for credit losses (GAAP) | $ | 3,000 | $ | 3,000 | $ | 48,500 | $ | 11,000 | $ | 14,000 | |||||||||||
Fee revenue reconciliation | |||||||||||||||||||||
Operating fee revenue | $ | 13,519 | $ | 14,225 | $ | 15,943 | $ | 12,911 | $ | 14,645 | |||||||||||
Gain from acquisition | - | - | - | - | - | ||||||||||||||||
Fee revenue (GAAP) | $ | 13,519 | $ | 14,225 | $ | 15,943 | $ | 12,911 | $ | 14,645 | |||||||||||
Total revenue reconciliation | |||||||||||||||||||||
Total operating revenue | $ | 66,398 | $ | 65,482 | $ | 22,374 | $ | 56,485 | $ | 56,789 | |||||||||||
Taxable equivalent adjustment | (380 | ) | (370 | ) | (368 | ) | (365 | ) | (381 | ) | |||||||||||
Gain from acquisition | - | - | - | - | - | ||||||||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | - | - | ||||||||||||||||
Total revenue (GAAP) | $ | 66,018 | $ | 65,112 | $ | 22,006 | $ | 56,120 | $ | 56,408 | |||||||||||
Expense reconciliation | |||||||||||||||||||||
Operating expense | $ | 41,614 | $ | 40,097 | $ | 48,823 | $ | 43,770 | $ | 50,726 | |||||||||||
Noncash goodwill impairment charge | - | - | - | - | - | ||||||||||||||||
Severance costs | - | - | - | - | - | ||||||||||||||||
Operating expense (GAAP) | $ | 41,614 | $ | 40,097 | $ | 48,823 | $ | 43,770 | $ | 50,726 | |||||||||||
Income (loss) before taxes reconciliation | |||||||||||||||||||||
Income (loss) before taxes | $ | 24,784 | $ | 25,385 | $ | (26,449 | ) | $ | 12,715 | $ | 6,063 | ||||||||||
Taxable equivalent adjustment | (380 | ) | (370 | ) | (368 | ) | (365 | ) | (381 | ) | |||||||||||
Gain from acquisition | - | - | - | - | - | ||||||||||||||||
Noncash goodwill impairment charge | - | - | - | - | - | ||||||||||||||||
Severance costs | - | - | - | - | - | ||||||||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | - | - | ||||||||||||||||
Income (loss) before taxes (GAAP) | $ | 24,404 | $ | 25,015 | $ | (26,817 | ) | $ | 12,350 | $ | 5,682 | ||||||||||
Income tax expense (benefit) reconciliation | |||||||||||||||||||||
Income tax expense (benefit) | $ | 8,873 | $ | 9,885 | $ | (256,413 | ) | $ | 950 | $ | 802 | ||||||||||
Taxable equivalent adjustment | (380 | ) | (370 | ) | (368 | ) | (365 | ) | (381 | ) | |||||||||||
Gain from acquisition, tax expense | - | - | - | - | - | ||||||||||||||||
Severance costs, tax benefit | - | - | - | - | - | ||||||||||||||||
Income tax expense (benefit) (GAAP) | $ | 8,493 | $ | 9,515 | $ | (256,781 | ) | $ | 585 | $ | 421 | ||||||||||
Diluted earnings (loss) from continuing operations per common share reconciliation | |||||||||||||||||||||
Diluted operating earnings (loss) from continuing operations per common share | $ | .22 | $ | .21 | $ | 3.90 | $ | .15 | $ | .04 | |||||||||||
Gain from acquisition | - | - | - | - | - | ||||||||||||||||
Noncash goodwill impairment charge | - | - | - | - | - | ||||||||||||||||
Severance costs | - | - | - | - | - | ||||||||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | - | - | ||||||||||||||||
Diluted earnings (loss) from continuing operations per common share (GAAP) | $ | .22 | $ | .21 | $ | 3.90 | $ | .15 | $ | .04 | |||||||||||
Book value per common share reconciliation | |||||||||||||||||||||
Tangible book value per common share | $ | 11.26 | $ | 10.95 | $ | 10.82 | $ | 6.76 | $ | 6.57 | |||||||||||
Effect of goodwill and other intangibles | .04 | .04 | .08 | .09 | .10 | ||||||||||||||||
Book value per common share (GAAP) | $ | 11.30 | $ | 10.99 | $ | 10.90 | $ | 6.85 | $ | 6.67 | |||||||||||
Efficiency ratio from continuing operations reconciliation | |||||||||||||||||||||
Operating efficiency ratio from continuing operations | 60.02 | % | 58.55 | % | 68.89 | % | 64.97 | % | 71.69 | ||||||||||||
Gain from acquisition | - | - | - | - | - | ||||||||||||||||
Noncash goodwill impairment charge | - | - | - | - | - | ||||||||||||||||
Severance costs | - | - | - | - | - | ||||||||||||||||
Efficiency ratio from continuing operations (GAAP) | 60.02 | % | 58.55 | % | 68.89 | % | 64.97 | % | 71.69 | ||||||||||||
Average equity to assets reconciliation | |||||||||||||||||||||
Tangible common equity to assets | 8.99 | % | 9.02 | % | 8.79 | % | 5.66 | % | 5.67 | ||||||||||||
Effect of preferred equity | 2.60 | 2.74 | 2.74 | 2.87 | 2.88 | ||||||||||||||||
Tangible equity to assets | 11.59 | 11.76 | 11.53 | 8.53 | 8.55 | ||||||||||||||||
Effect of goodwill and other intangibles | .03 | .04 | .04 | .07 | .08 | ||||||||||||||||
Equity to assets (GAAP) | 11.62 | % | 11.80 | % | 11.57 | % | 8.60 | % | 8.63 | ||||||||||||
Tangible common equity to risk-weighted assets reconciliation | |||||||||||||||||||||
Tangible common equity to risk-weighted assets | 13.17 | % | 13.34 | % | 13.16 | % | 8.45 | % | 8.26 | ||||||||||||
Effect of other comprehensive income | .39 | .49 | .29 | .49 | .51 | ||||||||||||||||
Effect of deferred tax limitation | (4.25 | ) | (4.72 | ) | (4.99 | ) | - | - | |||||||||||||
Effect of trust preferred | 1.04 | 1.09 | 1.11 | 1.15 | 1.15 | ||||||||||||||||
Effect of preferred equity | 2.38 | 4.01 | 4.11 | 4.22 | 4.24 | ||||||||||||||||
Tier I capital ratio (Regulatory) | 12.73 | % | 14.21 | % | 13.68 | % | 14.31 | % | 14.16 | ||||||||||||
Net charge-offs reconciliation | |||||||||||||||||||||
Operating net charge-offs | $ | 4,445 | $ | 4,473 | $ | 72,408 | $ | 12,384 | $ | 14,505 | |||||||||||
Subsequent partial recovery of fraud-related charge-off | - | - | - | - | - | ||||||||||||||||
Net charge-offs (GAAP) | $ | 4,445 | $ | 4,473 | $ | 72,408 | $ | 12,384 | $ | 14,505 | |||||||||||
Net charge-offs to average loans reconciliation | |||||||||||||||||||||
Operating net charge-offs to average loans | .41 | % | .42 | % | 6.87 | % | 1.21 | % | 1.39 | ||||||||||||
Subsequent partial recovery of fraud-related charge-off | - | - | - | - | - | ||||||||||||||||
Net charge-offs to average loans (GAAP) | .41 | % | .42 | % | 6.87 | % | 1.21 | % | 1.39 | ||||||||||||
Non-GAAP Performance Measures Reconciliation | |||||||||||||||||||||
Selected Financial Information | |||||||||||||||||||||
For the Twelve Months | |||||||||||||||||||||
Ended |
|||||||||||||||||||||
(in thousands, except per share data; taxable equivalent) | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Interest revenue reconciliation | |||||||||||||||||||||
Interest revenue - taxable equivalent | $ | 247,323 | $ | 267,667 | $ | 304,308 | $ | 344,493 | $ | 404,961 | |||||||||||
Taxable equivalent adjustment | (1,483 | ) | (1,690 | ) | (1,707 | ) | (2,001 | ) | (2,132 | ) | |||||||||||
Interest revenue (GAAP) | $ | 245,840 | $ | 265,977 | $ | 302,601 | $ | 342,492 | $ | 402,829 | |||||||||||
Net interest revenue reconciliation | |||||||||||||||||||||
Net interest revenue - taxable equivalent | $ | 219,641 | $ | 229,758 | $ | 238,670 | $ | 244,637 | $ | 244,834 | |||||||||||
Taxable equivalent adjustment | (1,483 | ) | (1,690 | ) | (1,707 | ) | (2,001 | ) | (2,132 | ) | |||||||||||
Net interest revenue (GAAP) | $ | 218,158 | $ | 228,068 | $ | 236,963 | $ | 242,636 | $ | 242,702 | |||||||||||
Provision for credit losses reconciliation | |||||||||||||||||||||
Operating provision for credit losses | $ | 65,500 | $ | 62,500 | $ | 251,000 | $ | 234,750 | $ | 310,000 | |||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | (11,750 | ) | - | |||||||||||||||
Provision for credit losses (GAAP) | $ | 65,500 | $ | 62,500 | $ | 251,000 | $ | 223,000 | $ | 310,000 | |||||||||||
Fee revenue reconciliation | |||||||||||||||||||||
Operating fee revenue | $ | 56,598 | $ | 56,112 | $ | 44,907 | $ | 46,963 | $ | 51,357 | |||||||||||
Gain from acquisition | - | - | - | - | 11,390 | ||||||||||||||||
Fee revenue (GAAP) | $ | 56,598 | $ | 56,112 | $ | 44,907 | $ | 46,963 | $ | 62,747 | |||||||||||
Total revenue reconciliation | |||||||||||||||||||||
Total operating revenue | $ | 210,739 | $ | 223,370 | $ | 32,577 | $ | 56,850 | $ | (13,809 | ) | ||||||||||
Taxable equivalent adjustment | (1,483 | ) | (1,690 | ) | (1,707 | ) | (2,001 | ) | (2,132 | ) | |||||||||||
Gain from acquisition | - | - | - | - | 11,390 | ||||||||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | 11,750 | - | ||||||||||||||||
Total revenue (GAAP) | $ | 209,256 | $ | 221,680 | $ | 30,870 | $ | 66,599 | $ | (4,551 | ) | ||||||||||
Expense reconciliation | |||||||||||||||||||||
Operating expense | $ | 174,304 | $ | 186,774 | $ | 261,599 | $ | 288,301 | $ | 217,050 | |||||||||||
Noncash goodwill impairment charge | - | - | - | 210,590 | 95,000 | ||||||||||||||||
Severance costs | - | - | - | - | 2,898 | ||||||||||||||||
Operating expense (GAAP) | $ | 174,304 | $ | 186,774 | $ | 261,599 | $ | 498,891 | $ | 314,948 | |||||||||||
Income (loss) before taxes reconciliation | |||||||||||||||||||||
Income (loss) before taxes | $ | 36,435 | $ | 36,596 | $ | (229,022 | ) | $ | (231,451 | ) | $ | (230,859 | ) | ||||||||
Taxable equivalent adjustment | (1,483 | ) | (1,690 | ) | (1,707 | ) | (2,001 | ) | (2,132 | ) | |||||||||||
Gain from acquisition | - | - | - | - | 11,390 | ||||||||||||||||
Noncash goodwill impairment charge | - | - | - | (210,590 | ) | (95,000 | ) | ||||||||||||||
Severance costs | - | - | - | - | (2,898 | ) | |||||||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | 11,750 | - | ||||||||||||||||
Income (loss) before taxes (GAAP) | $ | 34,952 | $ | 34,906 | $ | (230,729 | ) | $ | (432,292 | ) | $ | (319,499 | ) | ||||||||
Income tax expense (benefit) reconciliation | |||||||||||||||||||||
Income tax expense (benefit) | $ | (236,705 | ) | $ | 2,740 | $ | (2,276 | ) | $ | 73,218 | $ | (91,754 | ) | ||||||||
Taxable equivalent adjustment | (1,483 | ) | (1,690 | ) | (1,707 | ) | (2,001 | ) | (2,132 | ) | |||||||||||
Gain from acquisition, tax expense | - | - | - | - | 4,328 | ||||||||||||||||
Severance costs, tax benefit | - | - | - | - | (1,101 | ) | |||||||||||||||
Income tax expense (benefit) (GAAP) | $ | (238,188 | ) | $ | 1,050 | $ | (3,983 | ) | $ | 71,217 | $ | (90,659 | ) | ||||||||
Diluted earnings (loss) from continuing operations per common share reconciliation | |||||||||||||||||||||
Diluted operating earnings (loss) from continuing operations per common share | $ | 4.44 | $ | .38 | $ | (5.97 | ) | $ | (16.64 | ) | $ | (12.37 | ) | ||||||||
Gain from acquisition | - | - | - | - | .58 | ||||||||||||||||
Noncash goodwill impairment charge | - | - | - | (11.13 | ) | (7.86 | ) | ||||||||||||||
Severance costs | - | - | - | - | (.15 | ) | |||||||||||||||
Partial recovery of special fraud-related loan loss | - | - | - | .62 | - | ||||||||||||||||
Diluted earnings (loss) from continuing operations per common share (GAAP) | $ | 4.44 | $ | .38 | $ | (5.97 | ) | $ | (27.15 | ) | $ | (19.80 | ) | ||||||||
Book value per common share reconciliation | |||||||||||||||||||||
Tangible book value per common share | $ | 11.26 | $ | 6.57 | $ | 6.47 | $ | 14.80 | $ | 30.09 | |||||||||||
Effect of goodwill and other intangibles | .04 | .10 | .15 | .60 | 11.69 | ||||||||||||||||
Book value per common share (GAAP) | $ | 11.30 | $ | 6.67 | $ | 6.62 | $ | 15.40 | $ | 41.78 | |||||||||||
Efficiency ratio from continuing operations reconciliation | |||||||||||||||||||||
Operating efficiency ratio from continuing operations | 63.14 | % | 65.43 | % | 92.27 | % | 98.98 | % | 73.97 | % | |||||||||||
Gain from acquisition | - | - | - | - | (2.77 | ) | |||||||||||||||
Noncash goodwill impairment charge | - | - | - | 72.29 | 31.17 | ||||||||||||||||
Severance costs | - | - | - | - | .95 | ||||||||||||||||
Efficiency ratio from continuing operations (GAAP) | 63.14 | % | 65.43 | % | 92.27 | % | 171.27 | % | 103.32 | % | |||||||||||
Average equity to assets reconciliation | |||||||||||||||||||||
Tangible common equity to assets | 7.55 | % | 5.54 | % | 3.74 | % | 6.52 | % | 6.15 | % | |||||||||||
Effect of preferred equity | 2.76 | 2.84 | 3.88 | 2.36 | 2.18 | ||||||||||||||||
Tangible equity to assets | 10.31 | 8.38 | 7.62 | 8.88 | 8.33 | ||||||||||||||||
Effect of goodwill and other intangibles | .04 | .09 | .13 | 1.89 | 2.79 | ||||||||||||||||
Equity to assets (GAAP) | 10.35 | % | 8.47 | % | 7.75 | % | 10.77 | % | 11.12 | % | |||||||||||
Tangible common equity to risk-weighted assets reconciliation | |||||||||||||||||||||
Tangible common equity to risk-weighted assets | 13.17 | % | 8.26 | % | 8.25 | % | 5.64 | % | 10.39 | % | |||||||||||
Effect of other comprehensive income | .39 | .51 | (.03 | ) | (.42 | ) | (.87 | ) | |||||||||||||
Effect of deferred tax limitation | (4.25 | ) | - | - | - | (1.27 | ) | ||||||||||||||
Effect of trust preferred | 1.04 | 1.15 | 1.18 | 1.06 | .97 | ||||||||||||||||
Effect of preferred equity | 2.38 | 4.24 | 4.29 | 3.53 | 3.19 | ||||||||||||||||
Tier I capital ratio (Regulatory) | 12.73 | % | 14.16 | % | 13.69 | % | 9.81 | % | 12.41 | % | |||||||||||
Net charge-offs reconciliation | |||||||||||||||||||||
Operating net charge-offs | $ | 93,710 | $ | 69,831 | $ | 311,227 | $ | 215,657 | $ | 276,669 | |||||||||||
Subsequent partial recovery of fraud-related charge-off | - | - | - | (11,750 | ) | - | |||||||||||||||
Net charge-offs (GAAP) | $ | 93,710 | $ | 69,831 | $ | 311,227 | $ | 203,907 | $ | 276,669 | |||||||||||
Net charge-offs to average loans reconciliation | |||||||||||||||||||||
Operating net charge-offs to average loans | 2.22 | % | 1.69 | % | 7.33 | % | 4.42 | % | 5.03 | % | |||||||||||
Subsequent partial recovery of fraud-related charge-off | - | - | - | (.25 | ) | - | |||||||||||||||
Net charge-offs to average loans (GAAP) | 2.22 | % | 1.69 | % | 7.33 | % | 4.17 | % | 5.03 | % | |||||||||||
Financial Highlights | |||||||||||||||||
Loan Portfolio Composition at Period-End (1) | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in millions) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||||
LOANS BY CATEGORY | |||||||||||||||||
Owner occupied commercial RE | $ | 1,134 | $ | 1,129 | $ | 1,119 | $ | 1,130 | $ | 1,131 | |||||||
Income producing commercial RE | 623 | 614 | 629 | 674 | 682 | ||||||||||||
Commercial & industrial | 472 | 457 | 437 | 454 | 458 | ||||||||||||
Commercial construction | 149 | 137 | 133 | 152 | 155 | ||||||||||||
Total commercial | 2,378 | 2,337 | 2,318 | 2,410 | 2,426 | ||||||||||||
Residential mortgage | 875 | 888 | 876 | 850 | 829 | ||||||||||||
Home equity lines of credit | 441 | 421 | 402 | 396 | 385 | ||||||||||||
Residential construction | 328 | 318 | 332 | 372 | 382 | ||||||||||||
Consumer installment | 307 | 303 | 261 | 166 | 153 | ||||||||||||
Total loans | $ | 4,329 | $ | 4,267 | $ | 4,189 | $ | 4,194 | $ | 4,175 | |||||||
LOANS BY MARKET | |||||||||||||||||
$ | 1,240 | $ | 1,262 | $ | 1,265 | $ | 1,363 | $ | 1,364 | ||||||||
Atlanta MSA | 1,275 | 1,246 | 1,227 | 1,262 | 1,250 | ||||||||||||
572 | 575 | 576 | 575 | 579 | |||||||||||||
Coastal |
423 | 421 | 397 | 398 | 400 | ||||||||||||
Gainesville MSA | 255 | 253 | 256 | 259 | 261 | ||||||||||||
280 | 277 | 282 | 282 | 283 | |||||||||||||
88 | 47 | 34 | - | - | |||||||||||||
Other (2) | 196 | 186 | 152 | 55 | 38 | ||||||||||||
Total loans | $ | 4,329 | $ | 4,267 | $ | 4,189 | $ | 4,194 | $ | 4,175 | |||||||
RESIDENTIAL CONSTRUCTION | |||||||||||||||||
Dirt loans | |||||||||||||||||
Acquisition & development | $ | 39 | $ | 40 | $ | 42 | $ | 57 | $ | 62 | |||||||
Land loans | 38 | 35 | 36 | 42 | 46 | ||||||||||||
Lot loans | 166 | 167 | 173 | 188 | 193 | ||||||||||||
Total | 243 | 242 | 251 | 287 | 301 | ||||||||||||
House loans | |||||||||||||||||
Spec | 23 | 30 | 34 | 40 | 41 | ||||||||||||
Sold | 62 | 46 | 47 | 45 | 40 | ||||||||||||
Total | 85 | 76 | 81 | 85 | 81 | ||||||||||||
Total residential construction | $ | 328 | $ | 318 | $ | 332 | $ | 372 | $ | 382 | |||||||
(1) Excludes total loans of |
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Financial Highlights | |||||||||||||||||||
Loan Portfolio Composition at Period-End (1) | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(in millions) | Fourth Quarter | Third Quarter | Fourth Quarter | Linked Quarter Change | Year over Year Change | ||||||||||||||
LOANS BY CATEGORY | |||||||||||||||||||
Owner occupied commercial RE | $ | 1,134 | $ | 1,129 | $ | 1,131 | $ | 5 | $ | 3 | |||||||||
Income producing commercial RE | 623 | 614 | 682 | 9 | (59 | ) | |||||||||||||
Commercial & industrial | 472 | 457 | 458 | 15 | 14 | ||||||||||||||
Commercial construction | 149 | 137 | 155 | 12 | (6 | ) | |||||||||||||
Total commercial | 2,378 | 2,337 | 2,426 | 41 | (48 | ) | |||||||||||||
Residential mortgage | 875 | 888 | 829 | (13 | ) | 46 | |||||||||||||
Home equity lines of credit | 441 | 421 | 385 | 20 | 56 | ||||||||||||||
Residential construction | 328 | 318 | 382 | 10 | (54 | ) | |||||||||||||
Consumer installment | 307 | 303 | 153 | 4 | 154 | ||||||||||||||
Total loans | $ | 4,329 | $ | 4,267 | $ | 4,175 | 62 | 154 | |||||||||||
LOANS BY MARKET | |||||||||||||||||||
$ | 1,240 | $ | 1,262 | $ | 1,364 | (22 | ) | (124 | ) | ||||||||||
Atlanta MSA | 1,275 | 1,246 | 1,250 | 29 | 25 | ||||||||||||||
572 | 575 | 579 | (3 | ) | (7 | ) | |||||||||||||
Coastal |
423 | 421 | 400 | 2 | 23 | ||||||||||||||
Gainesville MSA | 255 | 253 | 261 | 2 | (6 | ) | |||||||||||||
280 | 277 | 283 | 3 | (3 | ) | ||||||||||||||
88 | 47 | - | 41 | 88 | |||||||||||||||
Other (2) | 196 | 186 | 38 | 10 | 158 | ||||||||||||||
Total loans | $ | 4,329 | $ | 4,267 | $ | 4,175 | 62 | 154 | |||||||||||
RESIDENTIAL CONSTRUCTION | |||||||||||||||||||
Dirt loans | |||||||||||||||||||
Acquisition & development | $ | 39 | $ | 40 | $ | 62 | (1 | ) | (23 | ) | |||||||||
Land loans | 38 | 35 | 46 | 3 | (8 | ) | |||||||||||||
Lot loans | 166 | 167 | 193 | (1 | ) | (27 | ) | ||||||||||||
Total | 243 | 242 | 301 | 1 | (58 | ) | |||||||||||||
House loans | |||||||||||||||||||
Spec | 23 | 30 | 41 | (7 | ) | (18 | ) | ||||||||||||
Sold | 62 | 46 | 40 | 16 | 22 | ||||||||||||||
Total | 85 | 76 | 81 | 9 | 4 | ||||||||||||||
Total residential construction | $ | 328 | $ | 318 | $ | 382 | 10 | (54 | ) | ||||||||||
(1) Excludes total loans of |
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Financial Highlights | |||||||||||||||||
Loan Portfolio Composition at Year-End (1) | |||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||
LOANS BY CATEGORY | |||||||||||||||||
Owner occupied commercial RE | $ | 1,134 | $ | 1,131 | $ | 1,112 | $ | 980 | $ | 963 | |||||||
Income producing commercial RE | 623 | 682 | 710 | 781 | 816 | ||||||||||||
Commercial & industrial | 472 | 458 | 428 | 441 | 390 | ||||||||||||
Commercial construction | 149 | 155 | 164 | 297 | 363 | ||||||||||||
Total commercial | 2,378 | 2,426 | 2,414 | 2,499 | 2,532 | ||||||||||||
Residential mortgage | 875 | 829 | 835 | 944 | 1,052 | ||||||||||||
Home equity lines of credit | 441 | 385 | 300 | 335 | 375 | ||||||||||||
Residential construction | 328 | 382 | 448 | 695 | 1,050 | ||||||||||||
Consumer / installment | 307 | 153 | 113 | 131 | 142 | ||||||||||||
Total loans | $ | 4,329 | $ | 4,175 | $ | 4,110 | $ | 4,604 | $ | 5,151 | |||||||
LOANS BY MARKET | |||||||||||||||||
$ | 1,240 | $ | 1,364 | $ | 1,426 | $ | 1,689 | $ | 1,884 | ||||||||
Atlanta MSA | 1,275 | 1,250 | 1,220 | 1,310 | 1,435 | ||||||||||||
572 | 579 | 597 | 702 | 772 | |||||||||||||
Coastal |
423 | 400 | 346 | 335 | 405 | ||||||||||||
Gainesville MSA | 255 | 261 | 265 | 312 | 390 | ||||||||||||
280 | 283 | 256 | 256 | 265 | |||||||||||||
88 | - | - | - | - | |||||||||||||
Other (2) | 196 | 38 | - | - | - | ||||||||||||
Total loans | $ | 4,329 | $ | 4,175 | $ | 4,110 | $ | 4,604 | $ | 5,151 | |||||||
(1) Excludes total loans of |
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Financial Highlights | |||||||||||||
Credit Quality(1) | |||||||||||||
Fourth Quarter 2013 | |||||||||||||
Non-performing | Foreclosed | Total | |||||||||||
(in thousands) | Loans | Properties | NPAs | ||||||||||
NONPERFORMING ASSETS BY CATEGORY | |||||||||||||
Owner occupied CRE | $ | 5,822 | $ | 832 | $ | 6,654 | |||||||
Income producing CRE | 2,518 | - | 2,518 | ||||||||||
Commercial & industrial | 427 | - | 427 | ||||||||||
Commercial construction | 361 | - | 361 | ||||||||||
Total commercial | 9,128 | 832 | 9,960 | ||||||||||
Residential mortgage | 11,730 | 2,684 | 14,414 | ||||||||||
Home equity lines of credit | 1,448 | 389 | 1,837 | ||||||||||
Residential construction | 4,264 | 316 | 4,580 | ||||||||||
Consumer installment | 249 | - | 249 | ||||||||||
Total NPAs | $ | 26,819 | $ | 4,221 | $ | 31,040 | |||||||
Balance as a % of Unpaid Principal | 65.3 | % | 44.5 | % | 61.4 | % | |||||||
NONPERFORMING ASSETS BY MARKET | |||||||||||||
$ | 12,352 | $ | 2,494 | $ | 14,846 | ||||||||
Atlanta MSA | 2,830 | 684 | 3,514 | ||||||||||
6,567 | 683 | 7,250 | |||||||||||
Coastal |
2,342 | 173 | 2,515 | ||||||||||
Gainesville MSA | 928 | - | 928 | ||||||||||
1,800 | 187 | 1,987 | |||||||||||
- | - | - | |||||||||||
Other (3) | - | - | - | ||||||||||
Total NPAs | $ | 26,819 | $ | 4,221 | $ | 31,040 | |||||||
NONPERFORMING ASSETS ACTIVITY | |||||||||||||
Beginning Balance | $ | 26,088 | $ | 4,467 | $ | 30,555 | |||||||
Loans placed on non-accrual | 11,043 | - | 11,043 | ||||||||||
Payments received | (1,688 | ) | - | (1,688 | ) | ||||||||
Loan charge-offs | (4,621 | ) | - | (4,621 | ) | ||||||||
Foreclosures | (4,003 | ) | 4,003 | - | |||||||||
Capitalized costs | - | - | - | ||||||||||
Property sales | - | (4,684 | ) | (4,684 | ) | ||||||||
Write downs | - | (326 | ) | (326 | ) | ||||||||
Net gains (losses) on sales | - | 761 | 761 | ||||||||||
Ending Balance | $ | 26,819 | $ | 4,221 | $ | 31,040 | |||||||
(1) Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with the |
|||||||||||||
(2) Annualized. | |||||||||||||
(3) Includes purchased indirect auto loans that are not assigned to a geographic region. | |||||||||||||
Financial Highlights | |||||||||||||
Credit Quality(1) | |||||||||||||
Third Quarter 2013 | |||||||||||||
Non-performing | Foreclosed | Total | |||||||||||
(in thousands) | Loans | Properties | NPAs | ||||||||||
NONPERFORMING ASSETS BY CATEGORY | |||||||||||||
Owner occupied CRE | $ | 6,358 | $ | 591 | $ | 6,949 | |||||||
Income producing CRE | 1,657 | 139 | 1,796 | ||||||||||
Commercial & industrial | 609 | - | 609 | ||||||||||
Commercial construction | 343 | 376 | 719 | ||||||||||
Total commercial | 8,967 | 1,106 | 10,073 | ||||||||||
Residential mortgage | 11,335 | 1,679 | 13,014 | ||||||||||
Home equity lines of credit | 1,169 | 475 | 1,644 | ||||||||||
Residential construction | 4,097 | 1,207 | 5,304 | ||||||||||
Consumer installment | 520 | - | 520 | ||||||||||
Total NPAs | $ | 26,088 | $ | 4,467 | $ | 30,555 | |||||||
Balance as a % of Unpaid Principal | 61.6 | % | 41.5 | % | 57.6 | % | |||||||
NONPERFORMING ASSETS BY MARKET | |||||||||||||
$ | 13,652 | $ | 1,726 | $ | 15,378 | ||||||||
Atlanta MSA | 3,096 | 1,026 | 4,122 | ||||||||||
5,680 | 762 | 6,442 | |||||||||||
Coastal |
995 | 928 | 1,923 | ||||||||||
Gainesville MSA | 1,036 | - | 1,036 | ||||||||||
1,629 | 25 | 1,654 | |||||||||||
- | - | - | |||||||||||
Other (3) | - | - | - | ||||||||||
Total NPAs | $ | 26,088 | $ | 4,467 | $ | 30,555 | |||||||
NONPERFORMING ASSETS ACTIVITY | |||||||||||||
Beginning Balance | $ | 27,864 | $ | 3,936 | $ | 31,800 | |||||||
Loans placed on non-accrual | 9,959 | - | 9,959 | ||||||||||
Payments received | (3,601 | ) | - | (3,601 | ) | ||||||||
Loan charge-offs | (5,395 | ) | - | (5,395 | ) | ||||||||
Foreclosures | (2,739 | ) | 2,739 | - | |||||||||
Capitalized costs | - | 7 | 7 | ||||||||||
Property sales | - | (2,534 | ) | (2,534 | ) | ||||||||
Write downs | - | (329 | ) | (329 | ) | ||||||||
Net gains (losses) on sales | - | 648 | 648 | ||||||||||
Ending Balance | $ | 26,088 | $ | 4,467 | $ | 30,555 | |||||||
(1) Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with the |
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(2) Annualized. | |||||||||||||
(3) Includes purchased indirect auto loans that are not assigned to a geographic region. | |||||||||||||
Financial Highlights | |||||||||||||
Credit Quality(1) | |||||||||||||
Second Quarter 2013 | |||||||||||||
Non-performing | Foreclosed | Total | |||||||||||
(in thousands) | Loans | Properties | NPAs | ||||||||||
NONPERFORMING ASSETS BY CATEGORY | |||||||||||||
Owner occupied CRE | $ | 5,283 | $ | 547 | $ | 5,830 | |||||||
Income producing CRE | 1,954 | - | 1,954 | ||||||||||
Commercial & industrial | 548 | - | 548 | ||||||||||
Commercial construction | 504 | 376 | 880 | ||||||||||
Total commercial | 8,289 | 923 | 9,212 | ||||||||||
Residential mortgage | 12,847 | 1,303 | 14,150 | ||||||||||
Home equity lines of credit | 1,491 | 140 | 1,631 | ||||||||||
Residential construction | 4,838 | 1,570 | 6,408 | ||||||||||
Consumer installment | 399 | - | 399 | ||||||||||
Total NPAs | $ | 27,864 | $ | 3,936 | $ | 31,800 | |||||||
Balance as a % of Unpaid Principal | 62.6 | % | 31.6 | % | 55.8 | % | |||||||
NONPERFORMING ASSETS BY MARKET | |||||||||||||
$ | 12,830 | $ | 1,617 | $ | 14,447 | ||||||||
Atlanta MSA | 3,803 | 1,197 | 5,000 | ||||||||||
6,512 | 295 | 6,807 | |||||||||||
Coastal |
2,588 | 627 | 3,215 | ||||||||||
Gainesville MSA | 1,008 | - | 1,008 | ||||||||||
1,123 | 200 | 1,323 | |||||||||||
- | - | - | |||||||||||
Other (3) | - | - | - | ||||||||||
Total NPAs | $ | 27,864 | $ | 3,936 | $ | 31,800 | |||||||
NONPERFORMING ASSETS ACTIVITY | |||||||||||||
Beginning Balance | $ | 96,006 | $ | 16,734 | $ | 112,740 | |||||||
Loans placed on non-accrual | 13,200 | - | 13,200 | ||||||||||
Payments received | (47,937 | ) | - | (47,937 | ) | ||||||||
Loan charge-offs | (23,972 | ) | - | (23,972 | ) | ||||||||
Foreclosures | (9,433 | ) | 9,433 | - | |||||||||
Capitalized costs | - | 55 | 55 | ||||||||||
Property sales | - | (17,972 | ) | (17,972 | ) | ||||||||
Write downs | - | (1,369 | ) | (1,369 | ) | ||||||||
Net gains (losses) on sales | - | (2,945 | ) | (2,945 | ) | ||||||||
Ending Balance | $ | 27,864 | $ | 3,936 | $ | 31,800 | |||||||
(1) Excludes non-performing loans and foreclosed properties covered by the loss-sharing agreement with the |
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(2) Annualized. | |||||||||||||
(3) Includes purchased indirect auto loans that are not assigned to a geographic region. | |||||||||||||
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