Maryland
|
52-1532952
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
17801 Georgia Avenue, Olney,
Maryland
|
20832
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Title of each class
|
Name of each exchange on which
registered
|
|
Common
Stock, par value $1.00 per share
|
The
NASDAQ Stock Market,
LLC
|
Forward-Looking
Statements
|
2
|
Form
10-K Cross Reference Sheet
|
3
|
Sandy
Spring Bancorp, Inc.
|
4
|
About
this Report
|
4
|
Five
Year Summary of Selected Financial Data
|
5
|
Securities
Listing, Prices and Dividends
|
6
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
8
|
Controls
and Procedures
|
25
|
Reports
of Independent Registered Public Accounting Firms
|
26
|
Consolidated
Financial Statements
|
29
|
Notes
to the Consolidated Financial Statements
|
33
|
Other
Material Required by Form 10-K:
|
|
Description
of Business
|
64
|
Risk
Factors
|
72
|
Competition
|
75
|
Employees
|
76
|
Executive
Officers
|
76
|
Properties
|
77
|
Exhibits,
Financial Statements, and Reports on Form 8-K
|
77
|
Signatures
|
79
|
Item
of Form 10-K
|
Location
|
|||
PART
I
|
||||
Item
1.
|
Business
|
“Forward-Looking
Statements” on page 2, “Sandy Spring Bancorp, Inc.” and “About this
Report” on page 4, and “Description of Business” on pages 64 through
72.
|
||
Item
1A.
|
Risk
Factors
|
“Forward-Looking
Statements” on page 2, “Risk Factors” on pages 72 through
75.
|
||
Item
1B.
|
Unresolved
Staff Comments
|
Not
applicable.
|
||
Item
2.
|
Properties
|
“Properties”
on page 77.
|
||
Item
3.
|
Legal
Proceedings
|
Note
19 “Litigation” on page 56.
|
||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
Not
applicable. No matter was submitted to a vote of security holders during
the fourth quarter of 2008.
|
||
PART
II
|
||||
Item
5.
|
Market
for Registrant's Common Equity, Related Stockholder Matters,
and Issuer Purchases of Equity Securities
|
“Securities
Listing, Prices, and Dividends” on page 6 and “Equity Compensation Plans”
on page 7.
|
||
Item
6.
|
Selected
Financial Data
|
“Five
Year Summary of Selected Financial Data” on page 5.
|
||
Item
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
“Forward-Looking
Statements” on page 2 and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” on pages 8 through
25.
|
||
Item
7A.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
“Forward-Looking
Statements” on page 2 and “Market Risk Management” on pages 22 through
25.
|
||
Item
8.
|
Financial
Statements and Supplementary Data
|
Pages
29 through 64.
|
||
Item
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
Not
applicable.
|
||
Item
9A.
|
Controls
and Procedures
|
“Controls
and Procedures” on page 25.
|
||
Item
9B.
|
Other
Information
|
Not
applicable.
|
||
PART
III
|
||||
Item
10.
|
Directors,
Executive Officers and Corporate Governance
|
The
material labeled “Information as to Nominees and Incumbent Directors,”
“Corporate Governance,” “Code of Business Conduct,” “Compliance with
Section 16(a) of the Securities Exchange Act of 1934,” “Shareholder
Proposals and Communications,” and “Report of the Audit
Committee” in the Proxy Statement is incorporated in this Report by
reference. Information regarding executive officers is included under the
caption “Executive Officers” on page 77 of this Report.
|
||
Item
11.
|
Executive
Compensation
|
The
material labeled "Corporate Governance and Other Matters," "Executive
Compensation," and "Compensation Committee Report" in the Proxy Statement
is incorporated in this Report by reference.
|
||
Item
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
|
The
material labeled “Owners of More than 5% of Bancorp’s Common Stock” and,
"Stock Ownership of Directors and Executive Officers" in the Proxy
Statement is incorporated in this Report by reference. Information
regarding securities authorized for issuance under equity compensation
plans is included under “Equity Compensation Plans” on page
7.
|
||
Item
13.
|
Certain
Relationships and Related Transactions and Director
Independence
|
The
material labeled “Director Independence” and "Transactions and
Relationships with Management" in the Proxy Statement is incorporated in
this Report by reference.
|
||
Item
14.
|
Principal
Accounting Fees and Services
|
The
material labeled Audit and Non-Audit Fees in the Proxy Statement is
incorporated in this Report by reference.
|
||
PART
IV
|
||||
Item
15.
|
Exhibits,
Financial Statement Schedules
|
“Exhibits,
Financial Statement Schedules” on pages 77 and 78.
|
||
SIGNATURES
|
“Signatures”
on page
79.
|
2008
|
2007
|
2006
|
2005
|
2004
|
||||||||||||||||
Results
of Operations:
|
||||||||||||||||||||
Tax-equivalent
interest income
|
$ | 173,389 | $ | 186,481 | $ | 159,686 | $ | 129,288 | $ | 117,137 | ||||||||||
Interest
expense
|
60,386 | 76,149 | 58,687 | 33,982 | 34,768 | |||||||||||||||
Tax-equivalent
net interest income
|
113,003 | 110,332 | 100,999 | 95,306 | 82,369 | |||||||||||||||
Tax-equivalent
adjustment
|
4,545 | 5,506 | 6,243 | 7,128 | 8,156 | |||||||||||||||
Provision
for loan and lease losses
|
33,192 | 4,094 | 2,795 | 2,600 | 0 | |||||||||||||||
Net
interest income after provision for loan and
lease losses
|
75,267 | 100,732 | 91,961 | 85,578 | 74,213 | |||||||||||||||
Noninterest
income
|
46,243 | 44,289 | 38,895 | 36,909 | 30,949 | |||||||||||||||
Noninterest
expenses
|
102,089 | 99,788 | 85,096 | 77,194 | 92,474 | |||||||||||||||
Income
before taxes
|
19,421 | 45,233 | 45,760 | 45,293 | 12,688 | |||||||||||||||
Income
tax expense (benefit)
|
3,642 | 12,971 | 12,889 | 12,195 | (1,679 | ) | ||||||||||||||
Net
income
|
15,779 | 32,262 | 32,871 | 33,098 | 14,367 | |||||||||||||||
Net
income available to common shareholders
|
15,445 | 32,262 | 32,871 | 33,098 | 14,367 | |||||||||||||||
Per Share
Data:
|
||||||||||||||||||||
Net
income- basic per share
|
$ | 0.96 | $ | 2.01 | $ | 2.22 | $ | 2.26 | $ | 0.99 | ||||||||||
Net
income – basic per common share
|
0.94 | 2.01 | 2.22 | 2.26 | 0.99 | |||||||||||||||
Net
income-diluted per share
|
0.96 | 2.01 | 2.20 | 2.24 | 0.98 | |||||||||||||||
Net
income – diluted per common share
|
0.94 | 2.01 | 2.20 | 2.24 | 0.98 | |||||||||||||||
Dividends
declared per common share
|
0.96 | 0.92 | 0.88 | 0.84 | 0.78 | |||||||||||||||
Book
value per common share (at year end)
|
19.05 | 19.31 | 16.04 | 14.73 | 13.34 | |||||||||||||||
Financial
Condition (at year end):
|
||||||||||||||||||||
Assets
|
$ | 3,313,638 | $ | 3,043,953 | $ | 2,610,457 | $ | 2,459,616 | $ | 2,309,343 | ||||||||||
Deposits
|
2,365,257 | 2,273,868 | 1,994,223 | 1,803,210 | 1,732,501 | |||||||||||||||
Loans
and leases
|
2,490,646 | 2,277,031 | 1,805,579 | 1,684,379 | 1,445,525 | |||||||||||||||
Securities
|
492,491 | 445,273 | 540,908 | 567,432 | 666,108 | |||||||||||||||
Borrowings
|
522,658 | 426,525 | 351,540 | 417,378 | 361,535 | |||||||||||||||
Stockholders’
equity
|
391,862 | 315,640 | 237,777 | 217,883 | 195,083 | |||||||||||||||
Financial
Condition (average for the year):
|
||||||||||||||||||||
Assets
|
3,152,586 | 2,935,451 | 2,563,673 | 2,352,061 | 2,406,318 | |||||||||||||||
Deposits
|
2,284,648 | 2,253,979 | 1,866,346 | 1,771,381 | 1,652,306 | |||||||||||||||
Loans
and leases
|
2,420,040 | 2,113,476 | 1,788,702 | 1,544,990 | 1,292,209 | |||||||||||||||
Securities
|
428,479 | 495,928 | 559,350 | 603,882 | 906,901 | |||||||||||||||
Borrowings
|
513,237 | 361,884 | 451,251 | 355,537 | 536,758 | |||||||||||||||
Stockholders’
equity
|
324,995 | 290,224 | 229,360 | 204,142 | 197,556 | |||||||||||||||
Performance
Ratios (for the year):
|
||||||||||||||||||||
Return
on average common equity
|
4.84 | % | 11.12 | % | 14.33 | % | 16.21 | % | 7.27 | % | ||||||||||
Return
on average assets
|
0.49 | 1.10 | 1.28 | 1.41 | 0.60 | |||||||||||||||
Yield
on average interest-earning assets
|
6.02 | 6.98 | 6.73 | 5.95 | 5.23 | |||||||||||||||
Rate
on average interest-bearing liabilities
|
2.56 | 3.50 | 3.08 | 2.02 | 1.94 | |||||||||||||||
Net
interest spread
|
3.46 | 3.48 | 3.65 | 3.93 | 3.29 | |||||||||||||||
Net
interest margin
|
3.92 | 4.13 | 4.26 | 4.39 | 3.68 | |||||||||||||||
Efficiency
ratio – GAAP (1)
|
65.99 | 66.92 | 63.67 | 61.71 | 87.93 | |||||||||||||||
Efficiency
ratio – Non-GAAP (1)
|
59.88 | 61.92 | 58.71 | 58.16 | 62.86 | |||||||||||||||
Dividends
declared per share to diluted net income per common
share
|
102.12 | 45.77 | 40.00 | 37.50 | 79.59 | |||||||||||||||
Capital
and Credit Quality Ratios:
|
||||||||||||||||||||
Average
equity to average assets
|
10.31 | % | 9.89 | % | 8.95 | % | 8.68 | % | 8.21 | % | ||||||||||
Total
risk-based capital ratio
|
13.82 | 11.28 | 13.62 | 13.22 | 13.82 | |||||||||||||||
Allowance
for loan losses to loans and leases
|
2.03 | 1.10 | 1.08 | 1.00 | 1.01 | |||||||||||||||
Non-performing
assets to total assets
|
2.18 | 1.15 | 0.15 | 0.06 | 0.08 | |||||||||||||||
Net
charge-offs to average loans and leases
|
0.32 | 0.06 | 0.01 | 0.02 | 0.02 |
(1)
|
See
the discussion of the efficiency ratio in the section of Management’s
Discussion and Analysis of Financial Condition and Results of Operations
entitled “Operating Expense
Performance.”
|
2008
|
2007
|
|||||||||||||||||||||||
Stock Price Range
|
Per Share
|
Stock Price Range
|
Per Share
|
|||||||||||||||||||||
Quarter
|
Low
|
High
|
Dividend
|
Low
|
High
|
Dividend
|
||||||||||||||||||
1st
|
$ | 24.38 | $ | 28.65 | $ | 0.24 | $ | 32.41 | $ | 38.97 | $ | 0.23 | ||||||||||||
2nd
|
16.16 | 27.42 | 0.24 | 30.98 | 35.94 | 0.23 | ||||||||||||||||||
3rd
|
13.33 | 23.19 | 0.24 | 25.60 | 32.99 | 0.23 | ||||||||||||||||||
4th
|
14.82 | 22.46 | 0.24 | 26.00 | 31.57 | 0.23 | ||||||||||||||||||
Total
|
$ | 0.96 | $ | 0.92 |
Period
|
Total Number of
Shares Purchased (1)
|
Average Price
Paid per Share
|
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
|
Maximum Number that
May Yet Be Purchased
Under the Plans or
Programs (2)(3)
|
||||||||||||
October
2008
|
0 | N/A | 0 | 629,996 | ||||||||||||
November
2008
|
0 | N/A | 0 | 629,996 | ||||||||||||
December
2008
|
0 | N/A | 0 | 629,996 |
(1)
|
Includes
purchases of the Company’s stock made by or on behalf of the Company or
any affiliated purchasers of the Company as defined in SEC Rule
10b-18.
|
(2)
|
On
March 28, 2007, the Company’s board of directors approved a continuation
of the stock repurchase program that permits the repurchase of up to 5%,
or 786,245 shares, of its outstanding common stock. The current program
continued a similar plan that expired on March 31, 2007. Due to
its participation in the TARP, until December 5, 2011, the Company may not
repurchase any shares of its common stock, other than in connection with
the administration of an employees benefit plan, without the consent of
the Treasury
Department.
|
(3)
|
Indicates
the number of shares remaining under the plan at the end of the indicated
month.
|
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
|||||||||||||||||||
Sandy
Spring Bancorp, Inc.
|
$ | 100.0 | $ | 104.9 | $ | 97.8 | $ | 109.7 | $ | 82.4 | $ | 67.5 | ||||||||||||
S&P
500 Index
|
$ | 100.0 | $ | 110.9 | $ | 116.3 | $ | 134.7 | $ | 142.1 | $ | 89.5 | ||||||||||||
Peer
Group Index
|
$ | 100.0 | $ | 112.7 | $ | 107.6 | $ | 116.6 | $ | 90.5 | $ | 98.3 |
Plan category
|
Number of securities to be
issued upon exercise of
outstanding options, warrants
and rights
|
Weighted average exercise
price of outstanding options,
warrants and rights
|
Number of securities
remaining available for future
issuance under equity
compensation plans
excluding securities reflected
in column
|
|||||||||
Equity
compensation plans
approved
by security holders
|
973,730 | $ | 33.47 | 1,296,853 | ||||||||
Equity
compensation plans not
approved
by security holders
|
0 | 0 | 0 | |||||||||
Total
|
973,730 | $ | 33.47 | 1,296,853 |
|
·
|
A
3% increase in net interest income due primarily to continued growth in
the loan portfolio, which was largely offset by a decrease in the net
interest margin from 4.13% in 2007 to 3.92% in
2008.
|
|
·
|
An
increase in the provision for loan and lease losses to $33.2 million in
2008 from $4.1 million in 2007 due mainly to higher charge-offs, increases
in internal risk rating downgrades and specific reserves on a higher level
of nonperforming loans in the residential real estate development
portfolio.
|
|
·
|
An
increase of 4% in noninterest income over the prior year due to increased
service charges on deposit accounts and higher fees on sales of investment
products, offset by decreases in gains on sales of mortgage loans and
insurance agency commissions.
|
|
·
|
An
increase of 2% in noninterest expenses compared to the prior year due
primarily to goodwill impairment charges totaling $4.2 million and a $1.3
million increase in FDIC insurance premiums compared to
2007.
|
2008
|
2007
|
2006
|
||||||||||||||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||
Loans and leases
(2)
|
||||||||||||||||||||||||||||||||||||
Residential real
estate(3)
|
$ | 660,779 | $ | 40,132 | 6.07 | % | $ | 586,141 | $ | 37,441 | 6.39 | % | $ | 588,426 | $ | 36,723 | 6.24 | % | ||||||||||||||||||
Consumer
|
387,983 | 20,503 | 5.28 | 365,334 | 25,367 | 6.94 | 344,316 | 23,172 | 6.73 | |||||||||||||||||||||||||||
Commercial
loans and leases
|
1,371,278 | 88,565 | 6.46 | 1,162,001 | 90,730 | 7.81 | 855,960 | 66,657 | 7.79 | |||||||||||||||||||||||||||
Total
loans and leases
|
2,420,040 | 149,200 | 6.17 | 2,113,476 | 153,538 | 7.26 | 1,788,702 | 126,552 | 7.08 | |||||||||||||||||||||||||||
Securities:
|
||||||||||||||||||||||||||||||||||||
Taxable
|
242,422 | 10,684 | 4.41 | 279,881 | 14,603 | 5.22 | 310,740 | 14,710 | 4.73 | |||||||||||||||||||||||||||
Nontaxable
|
186,057 | 12,838 | 6.90 | 216,047 | 15,060 | 6.97 | 248,610 | 17,220 | 6.93 | |||||||||||||||||||||||||||
Total
securities
|
428,479 | 23,522 | 5.49 | 495,928 | 29,663 | 5.98 | 559,350 | 31,930 | 5.71 | |||||||||||||||||||||||||||
Interest-bearing
deposits with banks
|
11,305 | 112 | .99 | 21,600 | 1,123 | 5.20 | 2,501 | 123 | 4.92 | |||||||||||||||||||||||||||
Federal
funds sold
|
22,619 | 555 | 2.45 | 42,305 | 2,157 | 5.10 | 21,145 | 1,081 | 5.12 | |||||||||||||||||||||||||||
Total
earning assets
|
$ | 2,882,443 | 173,389 | 6.02 | % | $ | 2,673,309 | 186,481 | 6.98 | % | $ | 2,371,698 | 159,686 | 6.73 | % | |||||||||||||||||||||
Less:
allowances for loan and lease losses
|
(32,629 | ) | (22,771 | ) | (18,584 | ) | ||||||||||||||||||||||||||||||
Cash
and due from banks
|
49,981 | 54,294 | 46,741 | |||||||||||||||||||||||||||||||||
Premises
and equipment, net
|
53,207 | 52,604 | 45,980 | |||||||||||||||||||||||||||||||||
Other
assets
|
199,584 | 178,015 | 117,838 | |||||||||||||||||||||||||||||||||
Total
assets
|
$ | 3,152,586 | $ | 2,935,451 | $ | 2,563,673 | ||||||||||||||||||||||||||||||
Liabilities
and Stockholders’ Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing
demand deposits
|
$ | 242,848 | $ | 671 | 0.28 | % | $ | 236,940 | $ | 808 | 0.34 | % | $ | 226,699 | $ | 657 | 0.29 | % | ||||||||||||||||||
Regular
savings deposits
|
153,123 | 455 | 0.30 | 165,134 | 535 | 0.32 | 182,610 | 687 | 0.38 | |||||||||||||||||||||||||||
Money
market savings deposits
|
669,239 | 12,247 | 1.83 | 643,047 | 23,809 | 3.70 | 409,578 | 12,655 | 3.09 | |||||||||||||||||||||||||||
Time
deposits
|
777,979 | 29,443 | 3.78 | 768,005 | 34,764 | 4.53 | 631,712 | 25,335 | 4.01 | |||||||||||||||||||||||||||
Total
interest-bearing deposits
|
1,843,189 | 42,816 | 2.32 | 1,813,126 | 59,916 | 3.30 | 1,450,599 | 39,334 | 2.71 | |||||||||||||||||||||||||||
Short-term
borrowings
|
409,933 | 13,212 | 3.22 | 319,418 | 13,673 | 4.28 | 414,274 | 17,049 | 4.12 | |||||||||||||||||||||||||||
Long-term
borrowings
|
103,304 | 4,358 | 4.22 | 42,466 | 2,560 | 6.03 | 36,977 | 2,304 | 6.23 | |||||||||||||||||||||||||||
Total
interest-bearing liabilities
|
2,356,426 | 60,386 | 2.56 | 2,175,010 | 76,149 | 3.50 | 1,901,850 | 58,687 | 3.08 | |||||||||||||||||||||||||||
Net
interest income and spread
|
$ | 113,003 | 3.46 | % | $ | 110,332 | 3.48 | % | $ | 100,999 | 3.65 | % | ||||||||||||||||||||||||
Noninterest-bearing
demand deposits
|
441,459 | 440,853 | 415,747 | |||||||||||||||||||||||||||||||||
Other
liabilities
|
29,706 | 29,364 | 16,716 | |||||||||||||||||||||||||||||||||
Stockholders’
equity
|
324,995 | 290,224 | 229,360 | |||||||||||||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 3,152,586 | $ | 2,935,451 | $ | 2,563,673 | ||||||||||||||||||||||||||||||
Interest
income/ earning
assets
|
6.02 | % | 6.98 | % | 6.73 | % | ||||||||||||||||||||||||||||||
Interest
expense/ earning
assets
|
2.10 | 2.85 | 2.47 | |||||||||||||||||||||||||||||||||
Net
interest margin
|
3.92 | % | 4.13 | % | 4.26 | % |
(1)
|
Interest
income includes the effects of taxable-equivalent adjustments (reduced by
the nondeductible portion of interest expense) using the appropriate
marginal federal income tax rate of 35.00% and, where applicable, the
marginal state income tax rate of 7.51% (or a combined marginal federal
and state rate of 39.88%) for 2008, a marginal state income tax rate of
6.55% (or a combined federal and state rate of 39.26%) for 2007 and a
marginal state income tax rate of 7.00% (or a combined federal and state
rate of 39.55%) for 2006, to increase tax-exempt interest income to a
taxable-equivalent basis. The taxable-equivalent adjustment
amounts utilized in the above table to compute yields totaled to $4.5
million in 2008, $5.5 million in 2007, and $6.2 million in
2006.
|
(2)
|
Non-accrual
loans are included in the average
balances.
|
(3)
|
Includes
residential mortgage loans held for sale. Home equity loans and lines are
classified as consumer loans.
|
2008 vs. 2007
|
2007 vs. 2006
|
|||||||||||||||||||||||
Increase
|
Due
to Change
|
Increase
|
Due
to Change
|
|||||||||||||||||||||
Or
|
In
Average:*
|
Or
|
In
Average:*
|
|||||||||||||||||||||
(In thousands and tax
equivalent)
|
(Decrease)
|
Volume
|
Rate
|
(Decrease)
|
Volume
|
Rate
|
||||||||||||||||||
Interest
income from earning assets:
|
||||||||||||||||||||||||
Loans
and leases
|
$ | (4,338 | ) | $ | 20,508 | $ | (24,846 | ) | $ | 26,986 | $ | 23,515 | $ | 3,471 | ||||||||||
Securities
|
(6,141 | ) | (3,832 | ) | (2,309 | ) | (2,267 | ) | (3,742 | ) | 1,475 | |||||||||||||
Other
investments
|
(2,613 | ) | (1,129 | ) | (1,484 | ) | 2,076 | 2,067 | 9 | |||||||||||||||
Total
interest income
|
(13,092 | ) | 15,547 | (28,639 | ) | 26,795 | 21,840 | 4,955 | ||||||||||||||||
Interest
expense on funding of earning assets:
|
||||||||||||||||||||||||
Interest-bearing
demand deposits
|
(137 | ) | 18 | (155 | ) | 151 | 30 | 121 | ||||||||||||||||
Regular
savings deposits
|
(80 | ) | (43 | ) | (37 | ) | (152 | ) | (62 | ) | (90 | ) | ||||||||||||
Money
market savings deposits
|
(11,562 | ) | 931 | (12,493 | ) | 11,154 | 8,276 | 2,878 | ||||||||||||||||
Time
deposits
|
(5,321 | ) | 451 | (5,772 | ) | 9,429 | 5,906 | 3,523 | ||||||||||||||||
Total
borrowings
|
1,337 | 5,785 | (4,448 | ) | (3,120 | ) | (3,976 | ) | 856 | |||||||||||||||
Total
interest expense
|
(15,763 | ) | 7,142 | (22,905 | ) | 17,462 | 10,174 | 7,288 | ||||||||||||||||
Net
interest income
|
$ | 2,671 | $ | 8,405 | $ | (5,734 | ) | $ | 9,333 | $ | 11,666 | $ | (2,333 | ) |
(In thousands)
|
2008
|
2007
|
2006
|
2005
|
2004
|
|||||||||||||||
GAAP
Efficiency ratio:
|
||||||||||||||||||||
Noninterest
expenses
|
$ | 102,089 | $ | 99,788 | $ | 85,096 | $ | 77,194 | $ | 92,474 | ||||||||||
Net
interest income plus noninterest income
|
154,702 | 149,115 | 133,651 | 125,087 | 105,162 | |||||||||||||||
Efficiency
ratio – GAAP
|
65.99 | % | 66.92 | % | 63.67 | % | 61.71 | % | 87.93 | % | ||||||||||
Noninterest
expenses
|
$ | 102,089 | $ | 99,788 | $ | 85,096 | $ | 77,194 | $ | 92,474 | ||||||||||
Plus
non-GAAP adjustment:
|
||||||||||||||||||||
Pension
prior service credit
|
1,473 | 0 | 0 | 0 | 0 | |||||||||||||||
Less
non-GAAP adjustments:
|
||||||||||||||||||||
Amortization
of intangible assets
|
4,447 | 4,080 | 2,967 | 2,198 | 1,950 | |||||||||||||||
Goodwill
impairment loss
|
4,159 | 0 | 0 | 0 | 1,265 | |||||||||||||||
FHLB
prepayment penalties
|
0 | 0 | 0 | 0 | 18,363 | |||||||||||||||
Noninterest
expenses – as adjusted
|
$ | 94,956 | $ | 95,708 | $ | 82,129 | $ | 74,996 | $ | 70,896 | ||||||||||
Net
interest income plus noninterest income
|
||||||||||||||||||||
Plus
non-GAAP adjustment:
|
||||||||||||||||||||
Tax-equivalency
|
4,545 | 5,506 | 6,243 | 7,128 | 8,156 | |||||||||||||||
Less
non-GAAP adjustments:
|
||||||||||||||||||||
Securities
gains
|
663 | 43 | 1 | 3,262 | 540 | |||||||||||||||
Net
interest income plus noninterest
|
||||||||||||||||||||
Income
– as adjusted
|
$ | 158,584 | $ | 154,578 | $ | 139,893 | $ | 128,953 | $ | 112,778 | ||||||||||
Efficiency
ratio – Non-GAAP
|
59.88 | % | 61.92 | % | 58.71 | % | 58.16 | % | 62.86 | % |
December 31,
|
||||||||||||||||||||
(In thousands)
|
2008
|
2007
|
2006
|
2005
|
2004
|
|||||||||||||||
Residential
real estate:
|
||||||||||||||||||||
Residential
mortgages
|
$ | 457,571 | $ | 456,305 | $ | 390,852 | $ | 413,324 | $ | 371,924 | ||||||||||
Residential
construction
|
189,249 | 166,981 | 151,399 | 155,379 | 137,800 | |||||||||||||||
Commercial
loans and leases:
|
||||||||||||||||||||
Commercial
real estate
|
847,452 | 662,837 | 509,726 | 415,983 | 386,911 | |||||||||||||||
Commercial
construction
|
223,169 | 262,840 | 192,547 | 178,764 | 88,974 | |||||||||||||||
Leases
|
33,220 | 35,722 | 34,079 | 23,644 | 15,618 | |||||||||||||||
Other
commercial
|
333,758 | 316,051 | 182,159 | 162,036 | 135,116 | |||||||||||||||
Consumer
|
406,227 | 376,295 | 344,817 | 335,249 | 309,102 | |||||||||||||||
Total
loans and leases
|
$ | 2,490,646 | $ | 2,277,031 | $ | 1,805,579 | $ | 1,684,379 | $ | 1,445,525 |
At
December 31, 2008
|
||||||||||||||||
Remaining Maturities of Selected Credits in
Years
|
||||||||||||||||
(In thousands)
|
1 or less
|
Over 1-5
|
Over 5
|
Total
|
||||||||||||
Residential
construction loans
|
$ | 189,093 | $ | 142 | $ | 14 | $ | 189,249 | ||||||||
Commercial
construction loans
|
202,361 | 5,328 | 15,480 | 223,169 | ||||||||||||
Commercial
loans not secured by real estate
|
234,806 | 78,569 | 20,383 | 333,758 | ||||||||||||
Total
|
$ | 626,260 | $ | 84,039 | $ | 35,877 | $ | 746,176 | ||||||||
Rate
Terms:
|