The total investment securities portfolio totaled $7.07 billion at June 30, 2012, down from $7.25 billion at March 31, 2012, and up from $6.62 billion at June 30, 2011. The portfolio remains largely comprised of securities issued by U.S. government agencies.
Total loans and leases increased to $5.67 billion at June 30, 2012, up from total loans and leases of $5.60 billion at March 31, 2012 and $5.35 billion at June 30, 2011. Average total loans and leases were $5.64 billion during the second quarter of 2012, up from $5.56 billion during the previous quarter, and up from $5.33 billion during the same quarter last year. Loan and lease portfolio balances, including the higher risk loans outstanding, are summarized in Table 10.
Total deposits increased to $11.55 billion at June 30, 2012, up from total deposits of $10.62 billion at March 31, 2012 and total deposits of $9.98 billion at June 30, 2011. The growth was primarily due to a $720.3 million increase in public time deposits, mainly the result of local government entities transferring funds from repurchase agreements to time deposits. Average total deposits were $10.62 billion in the second quarter of 2012, up from average deposits of $10.43 billion during the previous quarter, and up from average deposits of $9.79 billion during the same quarter last year.
During the second quarter of 2012, the Company repurchased 424.9 thousand shares of common stock at a total cost of $20.0 million under its share repurchase program. The average cost was $46.97 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through June 30, 2012, the Company has repurchased 49.6 million shares and returned $1.8 billion to shareholders at an average cost of $36.22 per share.The Company’s Board of Directors increased the authorization under the share repurchase program by an additional $75.0 million. This authorization, combined with previously announced authorizations of $1.82 billion, brings the total repurchase authority to $1.90 billion. From July 2 through July 20, 2012, the Company repurchased an additional 70.0 thousand shares of common stock at an average cost of $46.10 per share repurchased. Remaining buyback authority under the share repurchase program was $95.8 million at July 20, 2012.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV