HOUSTON, July 19, 2011 /PRNewswire/ -- Sterling
Bancshares, Inc. (Nasdaq: SBIB) today reported a net loss from
continuing operations of $2.9
million, or $0.03 per diluted
share, for the second quarter ended June 30,
2011, compared to a net loss from continuing operations of
$495 thousand, or $0.00 per diluted share for the first quarter of
2011.
The Company recorded a loss on discontinued operations of
$9.0 million during the second
quarter of 2011. This loss was the result of Sterling Bank entering into an agreement to sell
all of the shares of MBM Advisors, Inc. (MBM), a wholly-owned
subsidiary of Sterling Bank that
provides investment advisory and pension administration and
consulting services. This sale is expected to close in the
third quarter of 2011 following the completion of the Company's
pending merger with Comerica which is expected to close on
July 28, 2011. As such, MBM's
operations and the estimated loss on sale are presented as
discontinued operations beginning in the second quarter of
2011.
For the second quarter of 2011, loans decreased $191 million or 7.3% to $2.4 billion at June 30,
2011. This decrease was due primarily to combined
reductions of $91 million in
commercial real estate and construction and development loans,
resulting from the Company's continued efforts to reduce exposure
to these loan types. Commercial and industrial loans
decreased $87 million during the
second quarter of 2011 due to continued low loan demand and line
usage.
At June 30, 2011, total deposits
were $4.1 billion, an increase of
$11.6 million compared to
March 31, 2011. This increase
was primarily related to growth in interest-bearing demand
deposits.
Nonperforming assets were $202
million at June 30, 2011, an
increase of $15.9 million compared to
March 31, 2011. The increase in
nonperforming assets during the quarter was due to an increase in
nonperforming commercial real estate loans.
At June 30, 2011, the total
allowance for loan losses was $78.0
million or 3.24% of period-end total loans, up from
$75.5 million or 2.90% of period-end
total loans at March 31, 2011.
Net charge-offs for the second quarter of 2011 were
$6.7 million or 1.06% of average
total loans, compared to $12.4
million or 1.87% of average total loans for the first
quarter of 2011. The provision for credit losses decreased
$1.6 million on a linked-quarter
basis due primarily to lower charge-offs during the second
quarter.
Tax-equivalent net interest income for the second quarter of
2011 was $38.9 million, down slightly
on a linked-quarter basis. Tax-equivalent net interest margin was
3.39% for the second quarter of 2011, down 13 basis points from
3.52% for the first quarter of 2011. The decrease in the net
interest margin during the second quarter of 2011 was due to a
decrease in average loans of $138
million which resulted in an increase in lower-yielding
average interest-bearing cash of $129
million.
Noninterest income for the second quarter of 2011 was
$5.9 million, a decrease of
$2.6 million compared to the first
quarter of 2011. Net losses on securities were $1.1 million and $429
thousand for the second and first quarters of 2011,
respectively. These losses were due to the sale of certain
securities that were downgraded to below investment grade during
their respective quarters. Other noninterest income decreased
$1.7 million for the second quarter
of 2011 compared to the first quarter of 2011 due to payout claims
on certain bank-owned life insurance policies during the first
quarter.
Total noninterest expense for the second quarter of 2011 was
$40.6 million, an increase of
$916 thousand compared to the first
quarter of 2011. Other noninterest expense increased
$3.8 million due to additional
write-downs on foreclosed assets. The increase in other
noninterest expense was offset by a decrease in salaries and
benefits and FDIC insurance assessments of $1.4 million and $501
thousand, respectively, on a linked-quarter basis.
Additionally, professional fees decreased $837 thousand on a linked-quarter basis due
primarily to legal fees that were incurred during the first quarter
of 2011 in connection with the pending merger with Comerica.
As of June 30, 2011, Sterling had
total assets of $5.1 billion, total
loans of $2.4 billion and total
deposits of $4.1 billion.
Shareholders' equity of $621
million at June 30, 2011, was
12.26% of total assets. Book value per common share at
period-end was $6.07. Tangible
capital ratio was 9.16% and all regulatory capital ratios were in
excess of those considered to be well-capitalized at June 30, 2011.
Forward-Looking Statements
Any statements in this release that are not historical facts are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Words such as "anticipates,"
"believes," "feels," "expects," "estimates," "seeks," "strives,"
"plans," "intends," "outlook," "forecast," "position," "target,"
"mission," "assume," "achievable," "potential," "strategy," "goal,"
"aspiration," "opportunity," "initiative," "outcome," "continue,"
"remain," "maintain," "trend," "objective" and variations of such
words and similar expressions, or future or conditional verbs such
as "will," "would," "should," "could," "might," "can," "may" or
similar expressions, as they relate to Comerica Incorporated
("Comerica") , Sterling, the proposed transaction or the combined
company following the transaction often identify forward-looking
statements. These forward-looking statements are predicated on the
beliefs and assumptions of management based on information known to
management as of the date of this filing and do not purport to
speak as of any other date. Forward-looking statements may include
descriptions of the expected benefits and costs of the transaction;
forecasts of revenue, earnings or other measures of economic
performance, including statements of profitability, business
segments and subsidiaries; management plans relating to the
transaction; the expected timing of the completion of the
transaction; the ability to complete the transaction; the ability
to obtain any required regulatory or other approvals; any
statements of the plans and objectives of management for future or
past operations, products or services, including the execution of
integration plans; any statements of expectation or belief; and any
statements of assumptions underlying any of the foregoing. Such
statements reflect the view of management as of this date with
respect to future events and are subject to risks and
uncertainties. Should one or more of these risks materialize or
should underlying beliefs or assumptions prove incorrect, actual
results could differ materially from those anticipated by the
forward-looking statements or historical results. Factors that
could cause or contribute to such differences include, but are not
limited to, the possibility that expected benefits may not
materialize in the timeframe expected or at all, or may be more
costly to achieve; that the transaction may not be timely
completed, if at all; that prior to the completion of the
transaction or thereafter, Comerica's and Sterling's respective
businesses may not perform as expected due to transaction-related
uncertainty or other factors; that the parties are unable to
successfully implement integration strategies; that required
regulatory or other approvals are not obtained or other closing
conditions are not satisfied in a timely manner or at all;
reputational risks and the reaction of the companies' customers to
the transaction; diversion of management time on merger-related
issues; and those factors referenced in Comerica's and Sterling's
filings with the Securities and Exchange Commission (the "SEC").
Forward-looking statements speak only as of the date they are made.
Comerica and Sterling do not undertake to update forward-looking
statements to reflect facts, circumstances, assumptions or events
that occur after the date the forward-looking statements are made.
For any forward-looking statements made in this release or in any
documents, Comerica and Sterling claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
Additional Information
Management of Sterling will not host a conference call.
As previously announced, on January 16,
2011, Sterling Bancshares, Inc, and Comerica Incorporated, a
company headquartered in Dallas,
Texas, agreed to a strategic business combination in which
Sterling will merge with Comerica. The transaction is
expected to close on July 28, 2011,
following the expiration of the required 15-day Department of
Justice waiting period that is detailed in the Federal Reserve
Board's approval order issued on July 13,
2011.
In connection with the proposed merger transaction, Comerica has
filed with the SEC a Registration Statement on Form S-4 that
includes a Proxy Statement of Sterling and a Prospectus of
Comerica, and Sterling mailed the definitive Proxy
Statement/Prospectus to its shareholders on or about April 6, 2011. Each of Comerica and
Sterling may file other relevant documents concerning the proposed
transaction. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION
STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS REGARDING
THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS
WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE
THEY CONTAIN IMPORTANT INFORMATION.
A free copy of the definitive Proxy Statement/Prospectus, as
well as other filings containing information about Comerica and
Sterling, may be obtained at the SEC's Internet site
(http://www.sec.gov). You may be able to obtain these documents,
free of charge, from Comerica at www.comerica.com under the tab
"Investor Relations" and then under the heading "SEC Filings" or
from Sterling by accessing Sterling's website at
www.banksterling.com under the tab "Investor Relations" and then
under the heading "SEC Filings."
About Sterling Bancshares
Sterling Bancshares, Inc. is a Houston-based bank holding company with total
assets of $5.1 billion, which
operates 57 banking centers in the greater metropolitan areas of
Houston, San Antonio, Dallas and Fort
Worth, Texas. The Company's common stock is traded through
the NASDAQ Global Select Market under the symbol "SBIB". For
more information on Sterling Bancshares, please visit the Company's
web site at http://www.banksterling.com.
For More Information
Contact:
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Chris Reid, Vice President and
Director of Investor Relations, (713) 507-2873
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Media:
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Graham Painter, Executive Vice
President and
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Director of Corporate
Communication,
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(713) 507-2770
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–Tables to follow–
STERLING BANCSHARES,
INC.
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SELECTED FINANCIAL INFORMATION
(Unaudited)
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(dollars in thousands, except
for per share data)
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Quarter Ended
|
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Year-to-date
|
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Jun. 30,
|
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Mar. 31,
|
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Jun. 30,
|
|
|
|
|
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2011
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2011
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2010
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2011
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2010
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Profitability
|
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|
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Income (loss) from continuing
operations
|
$ (2,860)
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|
$ (495)
|
|
$ 545
|
|
$ (3,355)
|
|
$ (5,917)
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Income (loss) from discontinued
operations
|
(8,974)
|
|
125
|
|
51
|
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(8,849)
|
|
265
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|
Net income (loss)
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(11,834)
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(370)
|
|
596
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(12,204)
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(5,652)
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Earnings (loss) per share from
continuing operations (1)
|
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|
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Basic
|
$ (0.03)
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|
$ (0.00)
|
|
$ 0.01
|
|
$ (0.03)
|
|
$ (0.06)
|
|
Diluted
|
$ (0.03)
|
|
$ (0.00)
|
|
$ 0.01
|
|
$ (0.03)
|
|
$ (0.06)
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|
|
|
|
|
|
|
|
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Earnings (loss) per share from
discontinuing operations (1)
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|
|
|
|
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Basic
|
$ (0.09)
|
|
$ 0.00
|
|
$
0.00
|
|
$ (0.09)
|
|
$
0.00
|
|
Diluted
|
$ (0.09)
|
|
$ 0.00
|
|
$
0.00
|
|
$ (0.09)
|
|
$
0.00
|
|
|
|
|
|
|
|
|
|
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|
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Earnings (loss)
per share (1)
|
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|
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|
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Basic
|
$ (0.12)
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|
$ (0.00)
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|
$ 0.01
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|
$ (0.12)
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$ (0.06)
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Diluted
|
$ (0.12)
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|
$ (0.00)
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$ 0.01
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|
$ (0.12)
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$ (0.06)
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Return on average common equity (2)
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Continuing
operations
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(1.82)%
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(0.32)%
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0.35%
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(1.08)%
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(1.99)%
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Total
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(7.52)%
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(0.24)%
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0.38%
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(3.92)%
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|
(1.90)%
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|
|
|
|
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|
|
|
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Return on average assets (2)
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|
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Continuing
operations
|
(0.23)%
|
|
(0.04)%
|
|
0.04%
|
|
(0.13)%
|
|
(0.24)%
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Total
|
(0.94)%
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(0.03)%
|
|
0.05%
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(0.49)%
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(0.23)%
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|
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Tax equivalent
net interest margin (3)
|
3.39%
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3.52%
|
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3.74%
|
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3.45%
|
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3.88%
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|
|
|
|
|
|
|
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Efficiency Ratio (4):
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Consolidated
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88.31%
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81.14%
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78.28%
|
|
84.61%
|
|
77.23%
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Sterling Bank
|
84.64%
|
|
76.02%
|
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75.86%
|
|
80.19%
|
|
74.63%
|
|
|
|
|
|
|
|
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|
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Liquidity and Capital Ratios
|
|
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|
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Average loans to average deposits
|
61.98%
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|
65.32%
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73.39%
|
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63.64%
|
|
75.97%
|
|
Period-end stockholders' equity to total assets
|
12.26%
|
|
12.34%
|
|
12.30%
|
|
12.26%
|
|
12.30%
|
|
Average stockholders' equity to average assets
|
12.47%
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|
12.35%
|
|
12.28%
|
|
12.41%
|
|
11.96%
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Period-end tangible capital to total tangible assets
|
9.16%
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|
9.06%
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|
9.01%
|
|
9.16%
|
|
9.01%
|
|
Tier 1 capital to risk-weighted assets
|
16.50%
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|
15.41%
|
|
14.45%
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|
16.50%
|
|
14.45%
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Total capital to risk-weighted assets
|
18.97%
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18.13%
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|
17.04%
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|
18.97%
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|
17.04%
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Tier 1 leverage ratio (Tier 1 capital to average assets)
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10.12%
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10.08%
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10.32%
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10.12%
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10.32%
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|
|
|
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|
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Other Data
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Shares used in computing earnings (loss)
per common share
|
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|
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Basic shares
|
102,165
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|
102,034
|
|
101,898
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|
102,100
|
|
95,227
|
|
Diluted shares
|
102,165
|
|
102,034
|
|
102,144
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|
102,100
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|
95,227
|
|
End of period common shares outstanding
|
102,180
|
|
102,141
|
|
101,927
|
|
102,180
|
|
101,927
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|
|
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Book value per common share at period-end
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$ 6.07
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$ 6.10
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|
$ 6.13
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$ 6.07
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|
$ 6.13
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Cash dividends paid per common share
|
$ 0.015
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|
$ 0.015
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|
$ 0.015
|
|
$ 0.030
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|
$ 0.030
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Common stock dividend payout ratio
|
N/M
|
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N/M
|
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256.65%
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|
N/M
|
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N/M
|
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Full-time equivalent employees
|
896
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|
938
|
|
991
|
|
896
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|
991
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Number of banking centers
|
57
|
|
57
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|
57
|
|
57
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|
57
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STERLING BANCSHARES,
INC.
|
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CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
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(dollars in
thousands)
|
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|
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|
|
|
|
|
|
|
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Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
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Sep. 30,
|
|
Jun. 30,
|
|
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2011
|
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2011
|
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2010
|
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2010
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2010
|
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ASSETS
|
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Cash and cash equivalents
|
$
742,880
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$
462,700
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$
502,894
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$
366,590
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$
359,388
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Available-for-sale securities, at fair value
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1,298,567
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1,343,536
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1,287,555
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1,169,519
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1,069,964
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Held-to-maturity securities, at amortized cost
|
235,326
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|
246,768
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|
265,080
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|
280,215
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|
280,658
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|
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|
|
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Loans held for sale
|
2,709
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|
1,877
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|
2,691
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|
7,123
|
|
6,509
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Loans held for investment
|
2,407,942
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|
2,599,778
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|
2,752,349
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|
2,862,952
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|
2,992,370
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Total loans
|
2,410,651
|
|
2,601,655
|
|
2,755,040
|
|
2,870,075
|
|
2,998,879
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Allowance for loan losses
|
(78,002)
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|
(75,535)
|
|
(77,141)
|
|
(80,754)
|
|
(80,983)
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Loans, net
|
2,332,649
|
|
2,526,120
|
|
2,677,899
|
|
2,789,321
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2,917,896
|
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|
|
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|
|
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Premises and equipment, net
|
48,811
|
|
49,618
|
|
49,421
|
|
48,507
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|
47,812
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Real estate acquired by foreclosure
|
46,158
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|
49,826
|
|
37,064
|
|
14,571
|
|
18,151
|
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Goodwill
|
165,309
|
|
173,210
|
|
173,210
|
|
173,210
|
|
173,210
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|
Core deposits and other intangibles, net
|
7,302
|
|
8,951
|
|
9,477
|
|
10,004
|
|
10,540
|
|
Accrued interest receivable
|
13,290
|
|
13,588
|
|
14,673
|
|
14,356
|
|
14,951
|
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Other assets
|
171,064
|
|
175,230
|
|
174,680
|
|
173,328
|
|
183,429
|
|
TOTAL ASSETS
|
$ 5,061,356
|
|
$ 5,049,547
|
|
$ 5,191,953
|
|
$ 5,039,621
|
|
$ 5,075,999
|
|
|
|
|
|
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|
|
|
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|
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LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
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LIABILITIES:
|
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|
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Deposits:
|
|
|
|
|
|
|
|
|
|
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Noninterest-bearing demand
|
$ 1,268,801
|
|
$ 1,287,921
|
|
$ 1,322,492
|
|
$ 1,248,321
|
|
$ 1,266,781
|
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Interest-bearing demand
|
2,160,404
|
|
2,084,062
|
|
2,138,822
|
|
2,014,207
|
|
1,962,854
|
|
Certificates and other time deposits
|
699,642
|
|
745,301
|
|
796,116
|
|
840,683
|
|
921,495
|
|
Total deposits
|
4,128,847
|
|
4,117,284
|
|
4,257,430
|
|
4,103,211
|
|
4,151,130
|
|
Other borrowed funds
|
111,959
|
|
109,701
|
|
112,202
|
|
106,546
|
|
100,770
|
|
Subordinated debt
|
77,690
|
|
77,673
|
|
78,059
|
|
78,624
|
|
78,247
|
|
Junior subordinated debt
|
82,734
|
|
82,734
|
|
82,734
|
|
82,734
|
|
82,734
|
|
Accrued interest payable and other liabilities
|
39,578
|
|
39,074
|
|
39,604
|
|
41,704
|
|
38,722
|
|
Total liabilities
|
4,440,808
|
|
4,426,466
|
|
4,570,029
|
|
4,412,819
|
|
4,451,603
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
104,047
|
|
104,008
|
|
103,852
|
|
103,820
|
|
103,795
|
|
Capital surplus
|
242,092
|
|
241,280
|
|
239,940
|
|
238,536
|
|
238,186
|
|
Retained earnings
|
275,533
|
|
288,901
|
|
290,800
|
|
290,429
|
|
287,503
|
|
Treasury stock
|
(21,399)
|
|
(21,399)
|
|
(21,399)
|
|
(21,399)
|
|
(21,399)
|
|
Accumulated other comprehensive income, net of tax
|
20,275
|
|
10,291
|
|
8,731
|
|
15,416
|
|
16,311
|
|
Total shareholders' equity
|
620,548
|
|
623,081
|
|
621,924
|
|
626,802
|
|
624,396
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ 5,061,356
|
|
$ 5,049,547
|
|
$ 5,191,953
|
|
$ 5,039,621
|
|
$ 5,075,999
|
|
|
|
|
|
|
|
|
|
|
|
STERLING BANCSHARES,
INC.
|
|
CONSOLIDATED STATEMENTS OF
INCOME (Unaudited)
|
|
(dollars in thousands, except
for per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year-to-date
|
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
|
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
2011
|
|
2010
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
$ 33,057
|
|
$ 34,906
|
|
$ 37,003
|
|
$ 40,153
|
|
$ 42,087
|
|
$ 67,963
|
|
$ 85,736
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
10,904
|
|
10,359
|
|
9,342
|
|
9,841
|
|
9,602
|
|
21,263
|
|
18,719
|
|
Non-taxable
|
1,027
|
|
1,044
|
|
1,028
|
|
1,013
|
|
915
|
|
2,071
|
|
1,840
|
|
Deposits in financial institutions
|
294
|
|
209
|
|
258
|
|
157
|
|
231
|
|
503
|
|
346
|
|
Other interest-earning
assets
|
2
|
|
2
|
|
2
|
|
1
|
|
3
|
|
4
|
|
4
|
|
Total interest income
|
45,284
|
|
46,520
|
|
47,633
|
|
51,165
|
|
52,838
|
|
91,804
|
|
106,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and savings deposits
|
2,683
|
|
2,660
|
|
3,158
|
|
3,583
|
|
4,319
|
|
5,343
|
|
8,531
|
|
Certificates and other time deposits
|
1,655
|
|
1,937
|
|
2,328
|
|
2,823
|
|
3,159
|
|
3,592
|
|
6,511
|
|
Other borrowed funds
|
771
|
|
764
|
|
781
|
|
784
|
|
768
|
|
1,535
|
|
1,216
|
|
Subordinated debt
|
700
|
|
696
|
|
714
|
|
747
|
|
705
|
|
1,396
|
|
1,392
|
|
Junior subordinated debt
|
1,040
|
|
1,034
|
|
1,043
|
|
1,071
|
|
1,040
|
|
2,074
|
|
2,068
|
|
Total interest expense
|
6,849
|
|
7,091
|
|
8,024
|
|
9,008
|
|
9,991
|
|
13,940
|
|
19,718
|
|
Net interest income
|
38,435
|
|
39,429
|
|
39,609
|
|
42,157
|
|
42,847
|
|
77,864
|
|
86,927
|
|
Provision for credit losses
|
9,200
|
|
10,800
|
|
5,250
|
|
7,716
|
|
9,336
|
|
20,000
|
|
32,272
|
|
Net interest income after provision for credit losses
|
29,235
|
|
28,629
|
|
34,359
|
|
34,441
|
|
33,511
|
|
57,864
|
|
54,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees
|
3,159
|
|
3,284
|
|
3,569
|
|
3,728
|
|
3,591
|
|
6,443
|
|
7,079
|
|
Net gain (loss) on securities
|
(1,138)
|
|
(429)
|
|
(136)
|
|
43
|
|
17
|
|
(1,567)
|
|
37
|
|
Wealth management fees
|
269
|
|
342
|
|
362
|
|
351
|
|
651
|
|
611
|
|
1,207
|
|
Other
|
3,566
|
|
5,298
|
|
3,333
|
|
3,927
|
|
2,752
|
|
8,864
|
|
3,540
|
|
Total noninterest income
|
5,856
|
|
8,495
|
|
7,128
|
|
8,049
|
|
7,011
|
|
14,351
|
|
11,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
17,182
|
|
18,570
|
|
18,975
|
|
19,735
|
|
19,466
|
|
35,752
|
|
39,055
|
|
Occupancy
|
5,784
|
|
5,959
|
|
6,010
|
|
5,493
|
|
5,637
|
|
11,743
|
|
11,351
|
|
Technology
|
1,974
|
|
1,965
|
|
2,052
|
|
2,148
|
|
2,214
|
|
3,939
|
|
4,501
|
|
Professional fees
|
1,612
|
|
2,449
|
|
2,202
|
|
1,433
|
|
1,319
|
|
4,061
|
|
3,299
|
|
Postage, delivery and supplies
|
567
|
|
533
|
|
578
|
|
627
|
|
689
|
|
1,100
|
|
1,369
|
|
Marketing
|
80
|
|
63
|
|
216
|
|
198
|
|
271
|
|
143
|
|
540
|
|
Core deposits and other intangibles amortization
|
507
|
|
526
|
|
527
|
|
537
|
|
537
|
|
1,033
|
|
1,086
|
|
FDIC insurance assessments
|
1,637
|
|
2,138
|
|
2,667
|
|
2,478
|
|
2,438
|
|
3,775
|
|
4,985
|
|
Other
|
11,223
|
|
7,447
|
|
6,854
|
|
3,690
|
|
6,799
|
|
18,670
|
|
10,782
|
|
Total noninterest expense
|
40,566
|
|
39,650
|
|
40,081
|
|
36,339
|
|
39,370
|
|
80,216
|
|
76,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations before income taxes
|
(5,475)
|
|
(2,526)
|
|
1,406
|
|
6,151
|
|
1,152
|
|
(8,001)
|
|
(10,450)
|
|
Income tax
provision (benefit)
|
(2,615)
|
|
(2,031)
|
|
(283)
|
|
1,669
|
|
607
|
|
(4,646)
|
|
(4,533)
|
|
Income (loss) from continuing
operations
|
$ (2,860)
|
|
$
(495)
|
|
$ 1,689
|
|
$ 4,482
|
|
$
545
|
|
$ (3,355)
|
|
$ (5,917)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued
operations before income taxes
|
(8,936)
|
|
192
|
|
326
|
|
(0)
|
|
78
|
|
(8,744)
|
|
407
|
|
Income tax
provision
|
38
|
|
67
|
|
114
|
|
27
|
|
27
|
|
105
|
|
142
|
|
Income (loss) from discontinued
operations
|
$ (8,974)
|
|
$
125
|
|
$
212
|
|
$
(27)
|
|
$
51
|
|
$ (8,849)
|
|
$
265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$ (11,834)
|
|
$
(370)
|
|
$ 1,901
|
|
$ 4,455
|
|
$
596
|
|
$ (12,204)
|
|
$ (5,652)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share from
continuing operations (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.03)
|
|
$
(0.00)
|
|
$
0.02
|
|
$
0.04
|
|
$
0.01
|
|
$
(0.03)
|
|
$ (0.06)
|
|
Diluted
|
$
(0.03)
|
|
$
(0.00)
|
|
$
0.02
|
|
$
0.04
|
|
$
0.01
|
|
$
(0.03)
|
|
$ (0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share from
discontinuing operations (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.09)
|
|
$
0.00
|
|
$
0.00
|
|
$
(0.00)
|
|
$
0.00
|
|
$
(0.09)
|
|
$
0.00
|
|
Diluted
|
$
(0.09)
|
|
$
0.00
|
|
$
0.00
|
|
$
(0.00)
|
|
$
0.00
|
|
$
(0.09)
|
|
$
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.12)
|
|
$
(0.00)
|
|
$
0.02
|
|
$
0.04
|
|
$
0.01
|
|
$
(0.12)
|
|
$ (0.06)
|
|
Diluted
|
$
(0.12)
|
|
$
(0.00)
|
|
$
0.02
|
|
$
0.04
|
|
$
0.01
|
|
$
(0.12)
|
|
$ (0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STERLING BANCSHARES,
INC.
|
|
YIELD/RATE
ANALYSIS
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Jun. 30,
|
|
Mar. 31,
|
|
|
2011
|
|
2011
|
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
|
Interest-Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
$
3,423
|
|
$
10
|
|
1.21%
|
|
$
3,008
|
|
$
12
|
|
1.55%
|
|
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
2,554,191
|
|
33,046
|
|
5.19%
|
|
2,692,192
|
|
34,893
|
|
5.26%
|
|
Non-taxable (3)
|
50
|
|
1
|
|
4.58%
|
|
63
|
|
1
|
|
6.81%
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
1,464,279
|
|
10,904
|
|
2.99%
|
|
1,447,767
|
|
10,359
|
|
2.90%
|
|
Non-taxable (3)
|
110,948
|
|
1,534
|
|
5.55%
|
|
112,947
|
|
1,558
|
|
5.59%
|
|
Deposits in financial institutions
|
475,731
|
|
294
|
|
0.25%
|
|
347,116
|
|
209
|
|
0.24%
|
|
Other interest-earning
assets
|
1,931
|
|
2
|
|
0.42%
|
|
4,016
|
|
2
|
|
0.20%
|
|
Total interest-earning assets
|
4,610,553
|
|
45,791
|
|
3.98%
|
|
4,607,109
|
|
47,034
|
|
4.14%
|
|
Noninterest-earning assets
|
452,699
|
|
|
|
|
|
454,688
|
|
|
|
|
|
Total Assets
|
$
5,063,252
|
|
|
|
|
|
$
5,061,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and savings
|
$
2,127,814
|
|
$ 2,683
|
|
0.51%
|
|
$
2,087,550
|
|
$ 2,660
|
|
0.52%
|
|
Certificates and other time
|
723,961
|
|
1,655
|
|
0.92%
|
|
772,172
|
|
1,937
|
|
1.02%
|
|
Other borrowed funds
|
105,644
|
|
771
|
|
2.93%
|
|
109,885
|
|
764
|
|
2.82%
|
|
Subordinated debt
|
77,771
|
|
700
|
|
3.61%
|
|
77,959
|
|
696
|
|
3.62%
|
|
Junior subordinated debt
|
82,734
|
|
1,040
|
|
5.04%
|
|
82,734
|
|
1,034
|
|
5.07%
|
|
Total interest-bearing liabilities
|
3,117,924
|
|
6,849
|
|
0.88%
|
|
3,130,300
|
|
7,091
|
|
0.92%
|
|
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities
|
1,314,129
|
|
|
|
|
|
1,306,235
|
|
|
|
|
|
Shareholders' equity
|
631,199
|
|
|
|
|
|
625,262
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
$
5,063,252
|
|
|
|
|
|
$
5,061,797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent Net Interest Income and Margin (3)
|
|
38,942
|
|
3.39%
|
|
|
|
39,943
|
|
3.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP
Reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
Securities
|
|
|
507
|
|
|
|
|
|
514
|
|
|
|
Total tax equivalent adjustment
|
|
|
507
|
|
|
|
|
|
514
|
|
|
|
Net Interest Income
|
|
|
$ 38,435
|
|
|
|
|
|
$ 39,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STERLING BANCSHARES,
INC.
|
|
YIELD/RATE
ANALYSIS
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
|
|
|
2011
|
|
2010
|
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
|
Average Balance
|
|
Interest
|
|
Yield/Rate
|
|
Interest-Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
$
3,217
|
|
$
22
|
|
1.37%
|
|
$
12,507
|
|
$
101
|
|
1.63%
|
|
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
2,622,811
|
|
67,939
|
|
5.22%
|
|
3,106,255
|
|
85,555
|
|
5.55%
|
|
Non-taxable (3)
|
56
|
|
2
|
|
6.50%
|
|
4,546
|
|
118
|
|
5.26%
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
1,456,069
|
|
21,263
|
|
2.94%
|
|
1,063,562
|
|
18,719
|
|
3.55%
|
|
Non-taxable (3)
|
111,942
|
|
3,093
|
|
5.57%
|
|
100,814
|
|
2,709
|
|
5.42%
|
|
Deposits in financial institutions
|
411,779
|
|
503
|
|
0.25%
|
|
278,731
|
|
346
|
|
0.25%
|
|
Other interest-earning
assets
|
2,967
|
|
4
|
|
0.27%
|
|
1,623
|
|
4
|
|
0.50%
|
|
Total interest-earning assets
|
4,608,841
|
|
92,826
|
|
4.06%
|
|
4,568,038
|
|
107,552
|
|
4.75%
|
|
Noninterest-earning assets
|
453,688
|
|
|
|
|
|
444,343
|
|
|
|
|
|
Total Assets
|
$
5,062,529
|
|
|
|
|
|
$
5,012,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and savings
|
$
2,107,794
|
|
$ 5,343
|
|
0.51%
|
|
$
2,010,433
|
|
$ 8,531
|
|
0.86%
|
|
Certificates and other time
|
747,933
|
|
3,592
|
|
0.97%
|
|
929,735
|
|
6,511
|
|
1.41%
|
|
Other borrowed funds
|
107,753
|
|
1,535
|
|
2.87%
|
|
100,433
|
|
1,216
|
|
2.44%
|
|
Subordinated debt
|
77,865
|
|
1,396
|
|
3.62%
|
|
77,778
|
|
1,392
|
|
3.61%
|
|
Junior subordinated debt
|
82,734
|
|
2,074
|
|
5.06%
|
|
82,734
|
|
2,068
|
|
5.04%
|
|
Total interest-bearing liabilities
|
3,124,079
|
|
13,940
|
|
0.90%
|
|
3,201,113
|
|
19,718
|
|
1.24%
|
|
Noninterest-bearing sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities
|
1,310,203
|
|
|
|
|
|
1,211,808
|
|
|
|
|
|
Shareholders' equity
|
628,247
|
|
|
|
|
|
599,460
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
$
5,062,529
|
|
|
|
|
|
$
5,012,381
|
|
|
|
|
|
Tax Equivalent Net Interest Income and Margin (3)
|
|
78,886
|
|
3.45%
|
|
|
|
87,834
|
|
3.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent Adjustment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
-
|
|
|
|
|
|
38
|
|
|
|
Securities
|
|
|
1,022
|
|
|
|
|
|
869
|
|
|
|
Total tax equivalent adjustment
|
|
|
1,022
|
|
|
|
|
|
907
|
|
|
|
Net Interest Income
|
|
|
$ 77,864
|
|
|
|
|
|
$ 86,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STERLING BANCSHARES,
INC.
|
|
SELECTED FINANCIAL INFORMATION
(Unaudited)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
|
2011
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
Condensed Average Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
$
3,423
|
|
$
3,008
|
|
$
6,728
|
|
$
5,390
|
|
$
11,454
|
|
Loans held for investment
|
2,554,241
|
|
2,692,255
|
|
2,807,423
|
|
2,930,419
|
|
3,041,030
|
|
Total loans
|
2,557,664
|
|
2,695,263
|
|
2,814,151
|
|
2,935,809
|
|
3,052,484
|
|
Available-for-sale securities, at fair value
|
1,331,079
|
|
1,304,941
|
|
1,188,610
|
|
1,113,780
|
|
953,742
|
|
Held-to-maturity securities, at amortized cost
|
244,148
|
|
255,773
|
|
272,184
|
|
284,458
|
|
271,967
|
|
Deposits in financial
institutions
|
475,731
|
|
347,116
|
|
416,917
|
|
260,167
|
|
362,429
|
|
Other interest-earning assets
|
1,931
|
|
4,016
|
|
4,859
|
|
566
|
|
840
|
|
Total interest-earning assets
|
4,610,553
|
|
4,607,109
|
|
4,696,721
|
|
4,594,780
|
|
4,641,462
|
|
Goodwill
|
173,123
|
|
173,210
|
|
173,210
|
|
173,210
|
|
173,210
|
|
Core deposits and other intangibles, net
|
8,676
|
|
9,208
|
|
9,732
|
|
10,262
|
|
10,800
|
|
All other noninterest-earning assets
|
270,900
|
|
272,270
|
|
252,801
|
|
255,050
|
|
260,923
|
|
Total assets
|
$ 5,063,252
|
|
$ 5,061,797
|
|
$ 5,132,464
|
|
$ 5,033,302
|
|
$ 5,086,395
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
$ 1,275,043
|
|
$ 1,266,324
|
|
$ 1,293,021
|
|
$ 1,224,402
|
|
$ 1,197,400
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
2,127,814
|
|
2,087,550
|
|
2,069,470
|
|
2,003,914
|
|
2,027,133
|
|
Jumbo certificates of deposit
|
432,209
|
|
468,726
|
|
509,458
|
|
539,094
|
|
582,727
|
|
Regular certificates of deposit
|
202,232
|
|
211,043
|
|
220,615
|
|
227,490
|
|
233,592
|
|
Brokered certificates of deposit
|
89,520
|
|
92,403
|
|
97,501
|
|
103,457
|
|
118,622
|
|
Total deposits
|
4,126,818
|
|
4,126,046
|
|
4,190,065
|
|
4,098,357
|
|
4,159,474
|
|
Other borrowed funds
|
105,644
|
|
109,885
|
|
108,810
|
|
103,902
|
|
100,976
|
|
Subordinated debt
|
77,771
|
|
77,959
|
|
78,517
|
|
78,472
|
|
77,831
|
|
Junior subordinated debt
|
82,734
|
|
82,734
|
|
82,734
|
|
82,734
|
|
82,734
|
|
Accrued interest payable and other liabilities
|
39,086
|
|
39,911
|
|
42,030
|
|
39,079
|
|
40,952
|
|
Total liabilities
|
4,432,053
|
|
4,436,535
|
|
4,502,156
|
|
4,402,544
|
|
4,461,967
|
|
Total shareholders' equity
|
631,199
|
|
625,262
|
|
630,308
|
|
630,758
|
|
624,428
|
|
Total liabilities and shareholders' equity
|
$ 5,063,252
|
|
$ 5,061,797
|
|
$ 5,132,464
|
|
$ 5,033,302
|
|
$ 5,086,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
|
2011
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
Period-end Loans:
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
|
$
2,709
|
|
$
1,877
|
|
$
2,691
|
|
$
7,123
|
|
$
6,509
|
|
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
494,389
|
|
581,703
|
|
623,487
|
|
597,205
|
|
658,141
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
1,280,241
|
|
1,421,683
|
|
1,511,846
|
|
1,590,081
|
|
1,632,213
|
|
Construction and development
|
263,398
|
|
213,102
|
|
220,076
|
|
268,691
|
|
310,689
|
|
Residential mortgage
|
332,454
|
|
344,774
|
|
354,310
|
|
362,404
|
|
343,894
|
|
Consumer/other
|
37,460
|
|
38,516
|
|
42,630
|
|
44,571
|
|
47,433
|
|
Loans held for investment
|
2,407,942
|
|
2,599,778
|
|
2,752,349
|
|
2,862,952
|
|
2,992,370
|
|
Total period-end loans
|
$ 2,410,651
|
|
$ 2,601,655
|
|
$ 2,755,040
|
|
$ 2,870,075
|
|
$ 2,998,879
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-End Deposits:
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
$ 1,268,801
|
|
$ 1,287,921
|
|
$ 1,322,492
|
|
$ 1,248,321
|
|
$ 1,266,781
|
|
Interest-bearing demand
|
2,160,404
|
|
2,084,062
|
|
2,138,822
|
|
2,014,207
|
|
1,962,854
|
|
Certificates and other time deposits:
|
|
|
|
|
|
|
|
|
|
|
Jumbo
|
429,422
|
|
445,833
|
|
487,037
|
|
512,178
|
|
587,377
|
|
Regular
|
197,822
|
|
205,840
|
|
215,867
|
|
224,290
|
|
231,404
|
|
Brokered
|
72,398
|
|
93,628
|
|
93,212
|
|
104,215
|
|
102,714
|
|
Total period-end deposits
|
$ 4,128,847
|
|
$ 4,117,284
|
|
$ 4,257,430
|
|
$ 4,103,211
|
|
$ 4,151,130
|
|
|
|
|
|
|
|
|
|
|
|
STERLING BANCSHARES,
INC.
|
|
SELECTED FINANCIAL INFORMATION
(Unaudited)
|
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year-to-date
|
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
|
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
2010
|
|
2010
|
|
2011
|
|
2010
|
|
Allowance For Credit Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses at beginning of period
|
$ 75,535
|
|
$ 77,141
|
|
$ 80,754
|
|
$ 80,983
|
|
$ 76,646
|
|
$ 77,141
|
|
$ 74,732
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and industrial
|
657
|
|
239
|
|
1,845
|
|
1,034
|
|
1,687
|
|
896
|
|
3,655
|
|
Real estate, mortgage and construction
|
6,622
|
|
12,220
|
|
8,535
|
|
7,314
|
|
5,786
|
|
18,842
|
|
26,000
|
|
Consumer
|
189
|
|
713
|
|
323
|
|
285
|
|
205
|
|
902
|
|
467
|
|
Total charge-offs
|
7,468
|
|
13,172
|
|
10,703
|
|
8,633
|
|
7,678
|
|
20,640
|
|
30,122
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial and industrial
|
238
|
|
405
|
|
342
|
|
481
|
|
433
|
|
643
|
|
916
|
|
Real estate, mortgage and construction
|
431
|
|
255
|
|
631
|
|
633
|
|
845
|
|
686
|
|
1,666
|
|
Consumer
|
66
|
|
106
|
|
67
|
|
72
|
|
51
|
|
172
|
|
169
|
|
Total recoveries
|
735
|
|
766
|
|
1,040
|
|
1,186
|
|
1,329
|
|
1,501
|
|
2,751
|
|
Net charge-offs
|
6,733
|
|
12,406
|
|
9,663
|
|
7,447
|
|
6,349
|
|
19,139
|
|
27,371
|
|
Provision for loan losses
|
9,200
|
|
10,800
|
|
6,050
|
|
7,218
|
|
10,686
|
|
20,000
|
|
33,622
|
|
Allowance for loan losses at end
of period
|
$ 78,002
|
|
$ 75,535
|
|
$ 77,141
|
|
$ 80,754
|
|
$ 80,983
|
|
$ 78,002
|
|
$ 80,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded loan commitments at beginning of period
|
1,200
|
|
1,200
|
|
2,000
|
|
1,502
|
|
2,852
|
|
1,200
|
|
2,852
|
|
Provision for losses on unfunded loan commitments
|
-
|
|
-
|
|
(800)
|
|
498
|
|
(1,350)
|
|
-
|
|
(1,350)
|
|
Allowance for unfunded loan commitments at end of period
|
1,200
|
|
1,200
|
|
1,200
|
|
2,000
|
|
1,502
|
|
1,200
|
|
1,502
|
|
Total allowance for credit losses
|
$ 79,202
|
|
$ 76,735
|
|
$ 78,341
|
|
$ 82,754
|
|
$ 82,485
|
|
$ 79,202
|
|
$ 82,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
sale
|
$ 1,367
|
|
$
-
|
|
$
-
|
|
$ 1,665
|
|
$ 3,491
|
|
$ 1,367
|
|
$ 3,491
|
|
Loans held for
investment
|
154,106
|
|
135,791
|
|
133,264
|
|
162,096
|
|
162,669
|
|
154,106
|
|
162,669
|
|
Real estate acquired by foreclosure
|
46,158
|
|
49,826
|
|
37,064
|
|
14,571
|
|
18,151
|
|
46,158
|
|
18,151
|
|
Other repossessed assets
|
25
|
|
127
|
|
3
|
|
50
|
|
20
|
|
25
|
|
20
|
|
Total nonperforming assets
|
$ 201,656
|
|
$ 185,744
|
|
$ 170,331
|
|
$ 178,382
|
|
$ 184,331
|
|
$ 201,656
|
|
$ 184,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans -
accruing
|
$ 23,075
|
|
$ 15,001
|
|
$ 27,699
|
|
$ 17,495
|
|
$ 15,001
|
|
$ 23,075
|
|
$ 15,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Potential problem loans
|
$ 152,551
|
|
$ 171,276
|
|
$ 166,442
|
|
$ 169,646
|
|
$ 142,123
|
|
$ 152,551
|
|
$ 142,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans 30 to 89 days
past due
|
$ 26,689
|
|
$ 31,720
|
|
$ 23,680
|
|
$ 16,234
|
|
$ 19,307
|
|
$ 26,689
|
|
$ 19,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing loans past due 90 days or more
|
$ 1,762
|
|
$ 2,334
|
|
$
507
|
|
$
953
|
|
$
441
|
|
$ 1,762
|
|
$
441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end allowance for credit losses to period-end loans
|
3.29%
|
|
2.95%
|
|
2.84%
|
|
2.88%
|
|
2.75%
|
|
3.29%
|
|
2.75%
|
|
Period-end allowance for loan losses to period-end loans
|
3.24%
|
|
2.90%
|
|
2.80%
|
|
2.81%
|
|
2.70%
|
|
3.24%
|
|
2.70%
|
|
Period-end allowance for loan losses to nonperforming loans
|
50.17%
|
|
55.63%
|
|
57.89%
|
|
49.31%
|
|
48.74%
|
|
50.17%
|
|
48.74%
|
|
Nonperforming loans to period-end loans
|
6.45%
|
|
5.22%
|
|
4.84%
|
|
5.71%
|
|
5.54%
|
|
6.45%
|
|
5.54%
|
|
Nonperforming assets to period-end assets
|
3.98%
|
|
3.68%
|
|
3.28%
|
|
3.54%
|
|
3.63%
|
|
3.98%
|
|
3.63%
|
|
Net charge-offs to average loans (2)
|
1.06%
|
|
1.87%
|
|
1.36%
|
|
1.01%
|
|
0.83%
|
|
1.47%
|
|
1.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STERLING BANCSHARES,
INC.
|
|
FOOTNOTES TO EARNINGS
RELEASE
|
|
|
|
|
|
|
|
(1)
|
Earnings per share in each
quarter is computed individually using the weighted-average number
of shares outstanding during that quarter.
|
|
|
|
|
(2)
|
Interim periods
annualized.
|
|
|
|
|
(3)
|
Taxable-equivalent basis
assuming a 35% tax rate. The Company presents net interest
income on a tax-equivalent basis. Accordingly, net interest
income from tax-exempt securities and loans is presented in the net
interest income results on a basis comparable to taxable securities
and loans. This non-GAAP financial measure allows management
to assess the comparability of net interest income arising from
both taxable and tax-exempt sources.
|
|
|
|
|
(4)
|
The efficiency ratio is
calculated by dividing noninterest expense by tax equivalent basis
net interest income plus noninterest income less net gain (loss) on
investment securities and loss on disposal of assets.
|
|
|
|
|
N/M
|
Not meaningful.
|
|
|
|
SOURCE Sterling Bancshares, Inc.