REDEMPTION OF JUNIOR SUBORDINATED DEBENTURES HELD BY SUBSIDIARY TRUSTS
On June 26, 2012, the Company redeemed $41.2 million of 30-year junior subordinated deferrable interest debentures issued by the Company to an unconsolidated subsidiary trust. Unamortized issuance costs of $428 thousand were charged to other expenses on the date of redemption. The redemption of the junior subordinated debentures caused a mandatory redemption of $40 million of 30-year floating rate mandatorily redeemable capital trust preferred securities issued by the unconsolidated subsidiary trust to third-party investors.
(Unaudited, $ in thousands, except per share data)
|June 30,2012||March 31,2012||June 30,2011|| Sequential Quarter
| Year Over Year
|Preferred stockholders' equity||$||50,000||$||50,000||$||50,000||0.0||%||0.0||%|
|Common stockholders' equity||718,070||709,781||686,948||1.2||%||4.5||%|
|Accumulated other comprehensive income, net||18,265||19,494||22,397||-6.3||%||-18.4||%|
|Total stockholders' equity||$||786,335||$||779,275||$||759,345||0.9||%||3.6||%|
|Book value per common share||$||17.03||$||16.88||$||16.51||0.9||%||3.1||%|
|Tangible book value per common share*||$||12.63||$||12.47||$||12.05||1.3||%||4.8||%|
|Net tangible book value per common share *||$||14.03||$||13.87||$||13.45||1.2||%||4.3||%|
|Weighted average common shares outstanding for basic earnings per common share computation||42,966,926||42,783,769||42,781,894||0.4||%||0.4||%|
|Weighted average common shares outstanding for diluted earnings per common share computation||43,060,204||42,982,543||42,896,611||0.2||%||0.4||%|
* See Non-GAAP Financial Measures included herein for a discussion of tangible and net tangible book value per common share.
|June 30,2012||March 31,2012||June 30,2011|
|Tangible common stockholders' equity to tangible assets*||7.67||%||7.48||%||7.38||%|
|Net tangible common stockholders' equity to tangible assets*||8.52||%||8.32||%||8.24||%|
|Tier 1 common capital to total risk weighted assets||11.51||%||**||11.35||%||10.56||%|
|Tier 1 risk-based capital||14.22||%||**||14.90||%||14.03||%|
|Total risk-based capital||16.20||%||**||16.89||%||16.01||%|
* See Non-GAAP Financial Measures included herein for a discussion of tangible and net tangible common stockholders' equity to tangible assets.
|** Preliminary estimate - may be subject to change.|
The Company's leverage, tier 1 and total risk-based capital ratios declined as of June 30, 2012, compared to March 31, 2012, due to the mandatory redemption of $40 million of capital trust preferred securities issued by an unconsolidated subsidiary of the Company that qualified as tier 1 capital under current regulatory capital guidelines. As of June 30, 2012, the Company had capital levels that, in all cases, exceeded the “well capitalized” requirements under all regulatory capital guidelines.