Savings deposits decreased as of December 31, 2012, compared to December 31, 2011. As a result of regulatory changes allowing businesses to receive interest on checking accounts, the Company discontinued its savings sweep product resulting in a shift of approximately $300 million from savings deposits into demand deposits during first quarter 2012.
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)
|As of or For the Three Months Ended|
|December 31,||September 30,||December 31,||Quarter||Over Year|
|2012||2012||2011||% Change||% Change|
|Preferred stockholders' equity||$||—||$||50,000||$||50,000||-100.0||%||-100.0||%|
|Common stockholders' equity||735,195||729,059||701,986||0.8||%||4.7||%|
|Accumulated other comprehensive income, net||15,991||18,811||19,034||-15.0||%||-16.0||%|
|Total stockholders' equity||$||751,186||$||797,870||$||771,020||-5.9||%||-2.6||%|
|Book value per common share||$||17.35||$||17.29||$||16.77||0.3||%||3.5||%|
|Tangible book value per common share*||12.97||12.90||12.33||0.5||%||5.2||%|
Net tangible book value per common share*
|Weighted average common shares outstanding for basic earnings per common share computation||43,032,697||42,989,564||42,783,770||0.1||%||0.6||%|
|Weighted average common shares outstanding for diluted earnings per common share computation||43,198,076||43,120,077||42,847,772||0.2||%||0.8||%|
* See Non-GAAP Financial Measures included herein for a discussion of tangible and net tangible book value per common share.
On December 18, 2012, the Company provided notice to preferred stockholders of its intention to redeem the preferred stock on January 18, 2013. Upon notice to holders of the redemption, the preferred stock was reclassified from stockholders' equity to a liability in accordance with generally accepted accounting principles. The preferred stock was redeemed on January 18, 2013 at an aggregate redemption price of $50.2 million, which represented par value plus unpaid and accrued dividends.
|December 31,||September 30,||December 31,|
|Tangible common stockholders' equity to tangible assets*||7.46||%||7.67||%||7.43||%|
|Net tangible common stockholders' equity to tangible assets*||8.26||%||8.50||%||8.28||%|
|Tier 1 common capital to total risk weighted assets||11.94||%||**||11.81||%||11.04||%|
|Tier 1 risk-based capital||13.60||%||**||14.53||%||14.55||%|
|Total risk-based capital||15.59||%||**||16.52||%||16.54||%|
* 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.
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