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.

CAPITAL

(Unaudited, $ in thousands, except per share data)
         
    September 30,2012   June 30,2012   September 30,2011   Sequential Quarter

% Change
  Year Over Year

% Change
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 %  

-21.9

%
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.

CAPITAL RATIOS

(Unaudited)
   
    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 %
Leverage ratio 9.56 % ** 9.54 % 9.77 %
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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