Deposits & Customer Repurchase Agreements
Total deposits of $4.68 billion and customer repurchase agreements of $477.6 million totaled $5.16 billion at March 31, 2012. This represents an increase of $43.8 million, or 0.86%, when compared with total deposits and customer repurchase agreements of $5.11 billion at December 31, 2011.
Non-interest bearing deposits were $2.12 billion at March 31, 2012, an increase of $92.5 million, or 4.56%, compared to $2.03 billion at December 31, 2011. At March 31, 2012, non-interest bearing deposits were 45.31% of total deposits, up from 44.04% at December 31, 2011 and 40.53% at March 31, 2011.
Our average cost of total deposits was 0.14% for the three months ending March 31, 2012, compared to our cost of total deposits of 0.25% for the same period last year. Our cost of total deposits including customer repurchase agreements was 0.17% for the three months ended March 31, 2012.
At March 31, 2012, we had $448.7 million in borrowings, compared to borrowings of $448.7 million at December 31, 2011. On January 7, 2012, we consummated the redemption of all outstanding debentures and trust preferred securities issued by First Coast Capital Trust II for total consideration of approximately $6.8 million.
We have separated the discussion of asset quality into two sections: non-covered loans and covered loans. The non-covered loans represent the legacy Citizens Business Bank loans and exclude all loans acquired in the SJB acquisition. The SJB loans are “covered” loans as defined in the loss sharing agreement with the FDIC. These loans were marked to fair value at the acquisition date.
Citizens Business Bank Asset Quality (Non-covered loans)
The allowance for credit losses decreased from $94.0 million at December 31, 2011 to $91.9 million at March 31, 2012. The decrease was due to net loan charge-offs of $2.0 million during the first three months of 2012. The allowance for credit losses was 2.89% and 2.92% of total non-covered loans and leases outstanding at March 31, 2012 and December 31, 2011, respectively. There was zero provision for credit losses for the first quarter of 2012.