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. 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)
|September 30,2012||June 30,2012||September 30,2011|| Sequential Quarter
| Year Over Year
|Preferred stockholders' equity||$||50,000||$||50,000||$||50,000||0.0||%||0.0||%|
|Common stockholders' equity||729,059||718,070||693,873||1.5||%||5.1||%|
|Accumulated other comprehensive income, net||18,811||18,265||24,082||3.0||%||
|Total stockholders' equity||$||797,870||$||786,335||$||767,955||1.5||%||3.9||%|
|Book value per common share||$||17.29||$||17.03||$||16.70||1.5||%||3.5||%|
|Tangible book value per common share*||$||12.90||$||12.63||$||12.25||2.1||%||5.3||%|
|Net tangible book value per common share *||$||14.30||$||14.03||$||13.66||1.9||%||4.7||%|
|Weighted average common shares outstanding for basic earnings per common share computation||42,989,564||42,966,926||42,737,986||0.1||%||0.6||%|
|Weighted average common shares outstanding for diluted earnings per common share computation||43,120,077||43,060,204||42,849,354||0.1||%||0.6||%|
* See Non-GAAP Financial Measures included herein for a discussion of tangible and net tangible book value per common share.
|September 30,2012||June 30,2012||September 30,2011|
|Tangible common stockholders' equity to tangible assets*||7.67||%||7.67||%||7.40||%|
|Net tangible common stockholders' equity to tangible assets*||8.50||%||8.52||%||8.25||%|
|Tier 1 common capital to total risk weighted assets||11.81||%||**||11.51||%||10.78||%|
|Tier 1 risk-based capital||14.53||%||**||14.22||%||14.28||%|
|Total risk-based capital||16.52||%||**||16.20||%||16.26||%|
* 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.
As of September 30, 2012, the Company had capital levels that, in all cases, exceeded the “well capitalized” requirements under all regulatory capital guidelines.
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