Non-performing non-covered loans were $22.6 million as of September 30, 2012, of which $14.0 million were located in Florida. Non-performing non-covered loans as a percent of total non-covered loans were 1.09% as of September 30, 2012 compared to 1.56% as of December 31, 2011. Non-performing non-covered assets were $37.6 million as of September 30, 2012, of which $17.0 million were located in Florida. Non-performing non-covered assets as a percent of total non-covered assets were 1.14% as of September 30, 2012 compared to the 1.53% reported for December 31, 2011.

The Company's allowance for loan losses for non-covered loans was $47.3 million at September 30, 2012, or 2.28% of total non-covered loans, compared to $52.1 million, or 2.96% of total non-covered loans, at December 31, 2011. As of September 30, 2012 and December 31, 2011, the allowance for loan losses for non-covered loans plus acquisition discount to total non-covered loans plus acquisition discount was 2.97% and 3.10%, respectively. As of September 30, 2012 and December 31, 2011, the Company's allowance for loan losses for non-covered loans was 209% and 190% of its total non-performing non-covered loans, respectively.

Stockholders' equity was $510.0 million at September 30, 2012 compared to $474.1 million at December 31, 2011, an increase of $35.9 million. Book value per common share was $18.10 at September 30, 2012 compared to $16.77 at December 31, 2011.

Stock Repurchase Program

During the third quarter of 2012, the Company repurchased a total of 13,810 shares with a weighted average stock price of $32.46. For the first nine months of 2012, the Company repurchased a total of 252,044 shares with a weighted average stock price of $26.00. The Company believes the stock repurchased at these prices is an exceptional investment. The 2012 earnings were used to fund these repurchases. 

Branches

Presently, the Company is evaluating opportunities but has no firm commitments for additional de novo branch locations.   During the first part of July, the Company closed two branches acquired in the Vision acquisition. These branch closures were completed to eliminate repetitive branches and maximize profitability from the Vision transaction. After these closures the Company now has 47 branches in Arkansas, 46 branches in Florida and 8 branches in Alabama.

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