Taylor Capital Reports Third Quarter Results
- Press Release
- Source: Taylor Capital Group, Inc.
- On 8:00 am EDT, Wednesday October 28, 2009
ROSEMONT, Ill., Oct. 28 /PRNewswire-FirstCall/ -- Taylor Capital Group, Inc. (the "Company") (Nasdaq: TAYC - News), the parent company of Cole Taylor Bank (the "Bank"), today reported results for the third quarter of 2009. For the three months ended September 30, 2009, the Company reported a net loss applicable to common stockholders of $5.3 million, or $0.51 per diluted common share, compared to a net loss applicable to common stockholders of $26.1 million, or $2.49 per diluted common share, for the second quarter of 2009.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| TAYC | 6.30 | +0.06 |
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Financial Highlights
- Total revenue (net interest income plus noninterest income excluding securities gains) for the third quarter of 2009 was $35.4 million, up from $34.9 million for the second quarter of 2009.
- For the fourth consecutive quarter, the Company's net interest margin increased over the previous quarter's margin. The net interest margin in the third quarter of 2009 was 2.92%, up from the 2.76% recorded for the second quarter of 2009.
- Noninterest expense decreased by $1.2 million, or 5% in the third quarter, as salaries and benefits and most other categories of overhead expense declined, reflecting continued favorable results from the Company's effective expense management.
- The Company's income before taxes, loan loss provision, securities gains and a second quarter special FDIC assessment was $12.9 million for the third quarter of 2009, down slightly from $13.3 million in the second quarter of 2009.
- The Company continued to reduce its reliance on more costly, brokered sources of funds as out-of-market deposits declined in the third quarter by $128.3 million, or 15%.
- For the third quarter of 2009, the provision for loan losses declined to $15.5 million, down from $39.5 million for the second quarter of 2009.
- The Company's capital ratios remain well above all regulatory requirements for well-capitalized banks.
For the first nine months of 2009, the Company reported a net loss applicable to common stockholders of $37.1 million, or $3.54 per diluted common share, compared to a net loss applicable to common stockholders of $126.4 million, or $12.10 per diluted common share, for the first nine months of 2008.
"Third quarter results for our core banking operations continued the Bank's favorable trend, demonstrating the soundness of our strategy even in this extremely difficult economic period," said Taylor Capital Chairman Bruce W. Taylor. "Additional improvement in total revenue, the net interest margin and a reduced cost of overhead are positive trends that we've worked hard to achieve. The Bank and our clients will continue to face challenges from the lingering effects of the recession but our investment in talent and resources - especially in our core commercial and asset based lending businesses - are major building blocks for the Bank moving forward."
"While the last quarter was encouraging in terms of new business generation, we're being pragmatic," said Mark A. Hoppe, President and Chief Executive Officer of Cole Taylor Bank. "We're realistic about the current lending climate and diligent about asset quality, but also proud of our ability to continue to make loans to new and existing clients. In the third quarter, we added nearly a quarter of a billion dollars in new loan commitments and more than $100 million in new loans. We are especially pleased with the growth in our Asset Based Lending group, which booked more than $250 million in new loan commitments in the last year. Our business development and customer relationship management efforts continue to strengthen and support our goal of being a leader in Chicago area business banking."
Revenue
For the third quarter of 2009, the Company's net interest income increased to $32.4 million, up from $30.4 million reported for the second quarter of 2009.
The tax equivalent net interest margin was 2.92% for the third quarter of 2009, up 16 basis points from 2.76% in the second quarter. The increase was attributable to a reduction in the Company's cost of funds.
Noninterest income for the third quarter of 2009 totaled $3.4 million, down from $12.1 million in the prior quarter, primarily attributable to a $7.2 million decrease in gains on sales of investment securities and a $1.4 million loss associated with hedges placed on the single family mortgage loans held for sale. In the second quarter of 2009, the Company recorded a $7.6 million gain on investment securities as it sold $207 million in mortgage backed securities.
Expense
Noninterest expense totaled $22.5 million for the third quarter of 2009 as compared to $23.7 million for the second quarter of 2009. Salaries and benefits and most other categories of operating expenses decreased in the third quarter of 2009 as compared to the second quarter. Non-performing asset expense increased $2.1 million in the third quarter, largely due to an increase in the reserve for losses on unfunded loans and higher losses on the disposition of other real estate. In the second quarter, FDIC assessments included a one-time, industry-wide FDIC special assessment which amounted to $2.1 million for Cole Taylor Bank.
Balance Sheet
As of September 30, 2009, the Company's assets totaled $4.5 billion, unchanged from total assets reported as of June 30, 2009.
Total loans at September 30, 2009, included $2.9 billion of portfolio loans and $102.8 million of loans held for sale. Loans held for sale included both nonaccrual commercial loans, which the Company anticipates selling in the fourth quarter, and single family home mortgage loans. As previously disclosed, during the third quarter of 2009, the Company purchased a participation interest in pools of residential mortgage loans, with an aggregate principal amount of approximately $100 million. These loans were to be pooled into pass-through securities issued by the mortgage loan originator and then sold to third party investors. The Company took possession of the underlying mortgage loans when the originator could not securitize all the loans as originally contemplated. The Company is currently working with alternate issuers to dispose of the remaining mortgage loans currently held for sale.
Total portfolio loans decreased in the third quarter of 2009 as the Company continued its strategic realignment of the loan portfolio. Growth in new loans of over $100 million was offset by reductions in categories of loans in which the Company sought to reduce its exposure, as well as the ongoing, recession-driven effects of an unusually low rate of loan commitment usage.
At September 30, 2009, the Company's total deposits were $3.1 billion, down from $3.2 billion at June 30, 2009. The decline in deposits was primarily attributable to reductions in out-of-market deposits, which fell by $128.3 million, or 15%. This decline was part of the Company's ongoing effort to reduce its reliance on brokered funds. In-market deposits declined by $23.5 million as increases in commercial relationship demand deposits and money market accounts were more than offset by planned reductions in higher-rate certificates of deposit.
Notes payable and other advances increased by $100.0 million to $617.0 million as the Company sought to take advantage of attractively priced short term advances such as the Federal Reserve Bank's Term Auction Facility.
Credit Quality
At September 30, 2009, total non-performing assets decreased to $196.3 million from the $212.9 million reported at June 30, 2009.
Nonaccrual loans decreased to $163.8 million at September 30, 2009, from $189.4 million at June 30, 2009, primarily due to $41.3 million of net charge-offs during the third quarter. These net charge-offs were partially offset by increases in new nonaccrual loans. Nonaccrual loans and charge-offs in the third quarter of 2009 were also impacted by the Company's continued efforts to resolve its nonperforming loans. During the third quarter, the Company sold, or transferred to held for sale, $51.8 million of nonaccrual loans. In connection with the sale or transfer, the Company had charged-off $3.2 million more than the specific allowance for loan losses related to these nonaccrual loans. In the fourth quarter, the Company expects to complete the disposition of the nonaccrual commercial loans currently classified as held for sale.
Loans past due 90 days or more increased $11.8 million in the third quarter, primarily due to one commercial lending relationship. Other real estate owned declined to $20.3 million at September 30, 2009, down from $23.1 million at the end of the second quarter due to $4.4 million of asset dispositions. This was partially offset by $1.6 million in new additions.
The allowance for loan losses was $107.1 million at September 30, 2009, or 3.44% of total loans, down from the $132.9 million, or 4.18% of total loans at June 30, 2009. The sale and transfer to held for sale of nonaccrual loans reduced the allowance for loan losses during the third quarter as previously established specific allocations of the allowance for losses related to these nonaccrual loans were charged off upon sale or transfer to held for sale.
The provision for loan losses for the third quarter totaled $15.5 million, down from $39.5 million recorded for the second quarter. The $24.0 million decrease in the third quarter provision was primarily due to lower specific allocations on nonaccrual loans. Nonaccruals decreased by $25.6 million during the quarter and are anticipated to decrease further when the Company completes the disposition of the remaining commercial nonaccrual loans held for sale.
Capital
At September 30, 2009, the Company's Tier I Risk Based Capital ratio was 9.86%, while its Total Risk Based Capital ratio was 12.75%. Both ratios exceed all regulatory requirements for well-capitalized banks, which are 6.00% and 10.00%, respectively. The Company's Tier I Capital to Average Assets leverage ratio at September 30, 2009 was 7.47%.
About Taylor Capital Group, Inc. (NASDAQ: TAYC - News)
Taylor Capital Group, Inc. is a $4.5 billion bank holding company for Cole Taylor Bank, a Chicago-based commercial bank specializing in serving the banking needs of closely held businesses and the people who own and manage them. Cole Taylor is a member of the FDIC and an Equal Housing Lender.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words including "may," "might," "plan," "prudent," "potential," "should," "will," "expect," "anticipate," "believe," "intend," "could," "estimate" and similar expressions. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities in 2009 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation: the effect on our profitability if interest rates fluctuate as well as the effect of our customers' changing use of our deposit products; the possibility that our wholesale funding sources may prove insufficient to replace deposits at maturity and support our growth; the risk that our allowance for loan losses may prove insufficient to absorb probable losses in our loan portfolio; possible volatility in loan charge-offs and recoveries between periods; the decline in residential real estate sales volume and the likely potential for continuing illiquidity in the real estate market, including within the Chicago metropolitan area; the risks associated with the high concentration of commercial real estate loans in our portfolio; the uncertainties in estimating the fair value of developed real estate and undeveloped land in light of declining demand for such assets and continuing illiquidity in the real estate market; the risks associated with management changes, employee turnover and our commercial banking growth initiative, including our expansion of our asset-based lending operations and our entry into new geographical markets; negative developments and disruptions in the credit and lending markets, including the impact of the ongoing credit crisis on our business and on the businesses of our customers as well as other banks and lending institutions with which we have commercial relationships; a continuation of the recent unprecedented volatility in the capital markets; the effectiveness of our hedging transactions and their impact on our future results of operations; the risks associated with implementing our business strategy and managing our growth effectively, including our ability to preserve and access sufficient capital to execute on our strategy; changes in general economic and capital market conditions, interest rates, our debt credit ratings, deposit flows, loan demand, including loan syndication opportunities and competition; changes in legislation or regulatory and accounting principles, policies or guidelines affecting our business; and other economic, competitive, governmental, regulatory and technological factors impacting our operations.
For further information about these and other risks, uncertainties and factors, please review the disclosure included in the section captioned "Risk Factors" in our December 31, 2008 Annual Report on Form 10-K filed with the SEC on March 11, 2009. You should not place undue reliance on any forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements or risk factors, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release.
TAYLOR CAPITAL GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited) (Unaudited)
Sept. 30, June 30, Dec. 31,
2009 2009 2008
---- ---- ----
ASSETS
Cash and cash equivalents $47,533 $69,700 $53,012
Investment securities 1,306,098 1,306,174 1,094,594
Loans held for sale, at
lower of cost or market 102,765 -- --
Loans, net of allowance for
loan losses of $107,132,
$132,927 and $128,548 at
September 30, 2009, June
30, 2009 and December 31,
2008, respectively 2,904,357 3,044,812 3,104,713
Premises, leasehold
improvements and
equipment, net 15,742 16,097 17,124
Investment in Federal Home
Loan Bank and Federal
Reserve Bank stock 35,741 35,741 29,630
Other real estate and
repossessed assets, net 20,313 23,070 13,179
Other assets 52,532 52,731 76,637
------ ------ ------
Total assets $4,485,081 $4,548,325 $4,388,889
========== ========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing $615,590 $597,734 $470,990
Interest-bearing 2,437,139 2,606,840 2,660,056
--------- --------- ---------
Total deposits 3,052,729 3,204,574 3,131,046
Other borrowings 327,692 315,244 275,560
Accrued interest, taxes and
other liabilities 56,440 97,772 71,286
Notes payable and other
advances 617,000 517,000 462,000
Junior subordinated
debentures 86,607 86,607 86,607
Subordinated notes, net 55,593 55,493 55,303
------ ------ ------
Total liabilities 4,196,061 4,276,690 4,081,802
--------- --------- ---------
Stockholders' equity:
Preferred stock, Series A 60,000 60,000 60,000
Preferred stock, Series B 98,474 98,110 97,314
Common stock 120 121 121
Surplus 225,951 225,538 224,872
Accumulated deficit (104,708) (99,386) (69,294)
Accumulated other
comprehensive income, net 33,819 11,888 18,710
Treasury stock (24,636) (24,636) (24,636)
------- ------- -------
Total stockholders' equity 289,020 271,635 307,087
------- ------- -------
Total liabilities and
stockholders' equity $4,485,081 $4,548,325 $4,388,889
========== ========== ==========
TAYLOR CAPITAL GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
For the Nine
For the Three Months Ended Months Ended
Sept. June Sept. Sept. Sept.
30, 30, 30, 30, 30,
2009 2009 2008 2009 2008
---- ---- ---- ---- ----
Interest income:
Interest and fees
on loans $40,749 $39,552 $40,069 $119,668 $117,047
Interest and
dividends on
investment
securities:
Taxable 13,921 14,745 8,664 42,179 27,019
Tax-exempt 1,360 1,416 1,449 4,203 4,387
Interest on cash
equivalents 3 2 582 15 1,371
--- --- --- --- -----
Total interest
income 56,033 55,715 50,764 166,065 149,824
------ ------ ------ ------- -------
Interest expense:
Deposits 16,629 18,223 23,456 54,911 65,035
Other borrowings 2,210 2,232 2,364 6,618 7,454
Notes payable and
other advances 1,718 1,719 1,298 4,956 4,045
Junior subordinated
debentures 1,477 1,541 1,715 4,618 5,320
Subordinated notes 1,624 1,620 33 4,861 33
----- ----- --- ----- ---
Total interest
expense 23,658 25,335 28,866 75,964 81,887
------ ------ ------ ------ ------
Net interest income 32,375 30,380 21,898 90,101 67,937
Provision for loan
losses 15,539 39,507 52,700 70,609 113,805
------ ------ ------ ------ -------
Net interest income
(loss) after
provision for loan
losses 16,836 (9,127) (30,802) 19,492 (45,868)
------ ------ ------- ------ -------
Noninterest income:
Service charges 2,892 2,768 2,256 8,481 6,677
Trust and
investment
management fees 332 475 894 1,341 2,736
Mortgage banking
activities (1,351) -- -- (1,305) 23
Gains on investment
securities 378 7,595 -- 8,637 --
Other derivative
income 108 153 154 1,380 1,106
Other noninterest
income 1,017 1,146 (84) 2,322 810
----- ----- --- ----- ---
Total noninterest
income 3,376 12,137 3,220 20,856 11,352
----- ------ ----- ------ ------
Noninterest expense:
Salaries and
employee benefits 10,440 11,004 14,948 31,976 37,747
Occupancy of
premises 2,017 2,013 1,943 6,079 5,773
Furniture and
equipment 531 526 830 1,625 2,498
FDIC assessment 2,314 4,368 779 8,213 1,891
Legal fees, net 1,430 1,655 1,841 4,225 3,195
Non-performing
asset expense 2,295 224 1,398 3,273 4,877
Early
extinguishment of
debt -- -- 412 527 1,606
Other noninterest
expense 3,489 3,917 5,150 11,470 14,153
----- ----- ----- ------ ------
Total noninterest
expense 22,516 23,707 27,301 67,388 71,740
------ ------ ------ ------ ------
Loss before income
taxes (2,304) (20,697) (54,883) (27,040) (106,256)
Income tax expense 144 2,558 25,653 1,481 3,436
--- ----- ------ ----- -----
Net loss (2,448) (23,255) (80,536) (28,521) (109,692)
Preferred dividends
and discounts (2,873) (2,868) - (8,603) -
Implied non-cash
preferred dividend - - (16,680) - (16,680)
--- --- ------- --- -------
Net loss applicable
to common
stockholders $(5,321) $(26,123) $(97,216) $(37,124) $(126,372)
======= ======== ======== ======== =========
Basic loss per
common share $(0.51) $(2.49) $(9.30) $(3.54) $(12.10)
Diluted loss per
common share (0.51) (2.49) (9.30) (3.54) (12.10)
===== ===== ===== ====== ======
'
TAYLOR CAPITAL GROUP, INC.
COMPOSITION OF LOAN PORTFOLIO (unaudited)
(dollars in thousands)
The following table presents the composition of the Company's loan
portfolio as of the dates indicated:
September 30, June 30, December 31,
2009 2009 2008
---- ---- ----
Percent Percent Percent
of Gross of Gross of Gross
Loans: Balance Loans Balance Loans Balance Loans
----- ------- ----- ------- ----- ------- -----
Commercial
and
industrial $1,292,091 42.9% $1,379,615 43.4% $1,485,673 45.9%
Commercial
real
estate
secured 1,156,114 38.4 1,154,971 36.4 1,058,930 32.8
Residential
construction
& land 247,386 8.2 312,978 9.8 349,998 10.8
Commercial
construction
& land 160,534 5.3 163,965 5.2 181,454 5.6
------- --- ------- --- ------- ---
Total
commercial
loans 2,856,125 94.8 3,011,529 94.8 3,076,055 95.1
Consumer-oriented
loans 155,372 5.2 166,220 5.2 157,222 4.9
------- --- ------- --- ------- ---
Gross
loans 3,011,497 100.0% 3,177,749 100.0% 3,233,277 100.0%
===== ===== =====
Less:
Unearned
discount (8) (10) (16)
--- --- ---
Total
loans 3,011,489 3,177,739 3,233,261
Less:
Loan
loss
allowance (107,132) (132,927) (128,548)
--------- --------- ---------
Net loans $2,904,357 $3,044,812 $3,104,713
========== ========== ==========
Loans Held
for Sale $102,765 -- --
======== === ===
The following table presents the composition of the Company's residential
construction and land portfolios as of the dates indicated:
September 30, June 30, December 31,
2009 2009 2008
---- ---- ----
Percent Percent Percent
of of of
Balance Total Balance Total Balance Total
------- ----- ------- ----- ------- -----
Single family attached
and detached housing $57,854 23.4% $100,086 32.0% $105,526 30.2%
Condo (new &
conversions) 58,651 23.7 81,812 26.2 95,705 27.3
Multi-family 57,967 23.4 58,909 18.8 57,495 16.4
Completed for sale 14,889 6.0 8,858 2.8 16,830 4.8
------ --- ----- --- ------ ---
Total residential
construction 189,361 76.5 249,665 79.8 275,556 78.7
Land - unimproved &
farmland 41,184 16.6 43,050 13.8 52,321 15.0
Land - improved &
entitled 2,472 1.0 3,282 1.0 3,921 1.1
Land - under
development 14,369 5.9 16,981 5.4 18,200 5.2
------ --- ------ --- ------ ---
Total land 58,025 23.5 63,313 20.2 74,442 21.3
------ ---- ------ ---- ------ ----
Total residential
construction and
land $247,386 100.0% $312,978 100.0% $349,998 100.0%
======== ===== ======== ===== ======== =====
TAYLOR CAPITAL GROUP, INC.
CREDIT QUALITY (unaudited)
(dollars in thousands)
At or for the Three Months Ended
Sept. 30, June 30, Dec. 31,
Nonperforming Assets: 2009 2009 2008
--------------------- ---- ---- ----
Loans contractually past due 90 days
or more but still accruing interest $12,190 $379 $153
Nonaccrual loans:
Commercial and industrial 31,191 38,554 42,263
Commercial real estate secured 36,824 30,856 23,068
Residential construction and land 78,224 101,921 114,160
Commercial construction and land 7,854 11,266 14,934
All other loan types 9,737 6,840 5,802
----- ----- -----
Total nonaccrual loans 163,830 189,437 200,227
------- ------- -------
Total nonperforming loans 176,020 189,816 200,380
Other real estate owned and
repossessed assets 20,313 23,070 13,179
------ ------ ------
Total nonperforming assets $196,333 $212,886 $213,559
======== ======== ========
Other Credit Quality Information:
Loans contractually past due 30
through 89 days and still accruing $18,339 $16,346 $25,272
Restructured loans not included in
nonperforming assets 4,825 4,375 --
Recorded balance of impaired loans 162,986 197,675 206,705
Allowance for loan losses related to
impaired loans 35,453 68,963 41,451
====== ====== ======
Allowance for Loan Losses Summary:
Allowance at beginning of period $132,927 $130,282 $117,967
Net (charge-offs) recoveries:
Commercial and commercial real estate (14,091) (21,691) (357)
Real estate - construction and land (27,091) (15,110) (19,050)
Total consumer-oriented loans (152) (61) (365)
---- --- ----
Total net charge-offs (41,334) (36,862) (19,772)
Provision for loan losses 15,539 39,507 30,353
------ ------ ------
Allowance at end of period $107,132 $132,927 $128,548
======== ======== ========
Key Credit Ratios:
Nonperforming loans to total loans 5.65% 5.97% 6.20%
Nonperforming assets to total loans
plus repossessed property 6.26% 6.65% 6.58%
Nonperforming assets to total assets 4.38% 4.68% 4.87%
Annualized net charge-offs to average
total loans 5.20% 4.63% 2.47%
Allowance to total loans at end of
period 3.44% 4.18% 3.98%
Allowance to nonperforming loans 60.86% 70.03% 64.15%
30 - 89 days past due to total loans 0.58% 0.51% 0.78%
==== ==== ====
TAYLOR CAPITAL GROUP, INC.
FUNDING LIABILITIES (unaudited)
(dollars in thousands)
The following table presents the distribution of the Company's average
deposit account balances for the periods indicated:
For the Quarter Ended
---------------------
September 30, June 30, September 30,
2009 2009 2008
---- ---- ----
Percent Percent Percent
Average of Average of Average of
Balance Deposits Balance Deposits Balance Deposits
------- -------- ------- -------- ------- --------
In-market deposits:
Noninterest-
bearing deposits $598,760 19.2% $578,020 18.3% $404,580 13.0%
NOW accounts 223,386 7.2 224,987 7.1 144,410 4.6
Savings deposits 41,839 1.3 42,227 1.3 43,924 1.4
Money market
accounts 407,298 13.0 408,149 12.9 478,396 15.4
Customer
certificates
of deposit 826,911 26.4 841,533 26.6 801,047 25.8
CDARS time
deposits 154,979 5.0 105,847 3.4 - -
Public time
deposits 76,625 2.4 75,853 2.4 76,463 2.5
------ --- ------ --- ------ ---
Total in-market
deposits 2,329,798 74.5 2,276,616 72.0 1,948,820 62.7
Out-of-market
deposits:
Brokered NOW
accounts - - 515 * 287 *
Brokered money
market deposits 9,390 0.3 21,467 0.7 99,011 3.2
Out-of-local-market
certificates of
deposit 99,665 3.2 112,653 3.6 163,372 5.3
Brokered
certificates
of deposit 686,868 22.0 747,172 23.7 892,378 28.8
------- ---- ------- ---- ------- ----
Total
out-of-market
deposits 795,923 25.5 881,807 28.0 1,155,048 37.3
------- ---- ------- ---- --------- ----
Total
deposits $3,125,721 100.0% $3,158,423 100.0% $3,103,868 100.0%
========== ===== ========== ===== ========== ======
*Less than 0.1%.
The following table sets forth the period end balances of total deposits
as of each of the dates indicated below, as well as categorizes the
Company's deposits as "in-market" and "out-of-market" deposits:
Sept. 30, June 30, Dec. 31,
2009 2009 2008
---- ---- ----
In-market deposits:
Noninterest-bearing deposits $615,590 $597,734 $470,990
NOW accounts 213,668 237,617 218,146
Savings accounts 41,534 41,784 42,275
Money market accounts 456,795 400,591 320,691
Customer certificates of deposit 774,082 830,268 870,183
CDARS time deposits 145,889 167,315 5,670
Public time deposits 78,090 73,867 84,831
------ ------ ------
Total in-market deposits 2,325,648 2,349,176 2,012,786
Out-of-market deposits:
Brokered NOW accounts -- -- 305
Brokered money market deposits 9,052 9,584 73,352
Out-of-local-market certificates
of deposit 95,990 107,525 136,470
Brokered certificates of deposit 622,039 738,289 908,133
------- ------- -------
Total out-of-market deposits 727,081 855,398 1,118,260
------- ------- ---------
Total deposits $3,052,729 $3,204,574 $3,131,046
========== ========== ==========
Taylor Capital Group, Inc.
Summary of Key Financial Data
Dollars in Thousands
Unaudited
2009 2008
---- ----
Third Second First Fourth Third
Quarter Quarter Quarter Quarter Quarter
------- ------- ------- ------- -------
Condensed Income Data:
----------------------
Net interest
income $32,375 $30,380 $27,346 $24,414 $21,898
Provision for
loan losses 15,539 39,507 15,563 30,353 52,700
Total
noninterest
income 3,376 12,137 5,343 1,085 3,220
Total
noninterest
expense 22,516 23,707 21,165 21,630 27,301
------ ------ ------ ------ ------
Loss before
income taxes (2,304) (20,697) (4,039) (26,484) (54,883)
Income tax
expense
(benefit) 144 2,558 (1,221) (11,648) 25,653
--- ----- ------ ------- ------
Net loss (2,448) (23,255) (2,818) (14,836) (80,536)
Preferred
dividends and
discounts (2,873) (2,868) (2,862) (2,150) (16,680)
------ ------ ------ ------ -------
Net loss
applicable to
common
stockholders $(5,321) $(26,123) $(5,680) $(16,986) $(97,216)
======= ======== ======= ======== ========
Per Share Data:
---------------
Basic loss
per common
share $(0.51) $(2.49) $(0.54) $(1.62) $(9.30)
Diluted loss
per common
share (0.51) (2.49) (0.54) (1.62) (9.30)
Cash
dividends per
common share - - - - -
Book value
per common
share 11.78 10.24 13.85 13.47 12.59
Weighted
average
shares-basic 10,502,844 10,492,789 10,471,516 10,458,851 10,456,544
Weighted
average
shares-
diluted 10,502,844 10,492,789 10,471,516 10,458,851 10,456,544
Shares
outstanding-
end of period 11,078,011 11,081,429 11,093,349 11,115,936 11,011,184
Performance Ratios
(annualized):
------------------
Loss on
average
assets -0.22% -2.04% -0.25% -1.39% -8.22%
Loss on
average
equity -3.58% -30.20% -3.69% -24.14% -145.51%
Efficiency
ratio (1) 63.65% 67.89% 66.09% 77.53% 108.69%
Average Balance Sheet
Data (2):
---------------------
Total assets $4,543,191 $4,570,534 $4,434,293 $4,267,048 $3,918,831
Investments 1,325,722 1,341,763 1,150,587 1,026,848 829,206
Cash
equivalents 2,637 527 2,473 16,224 121,498
Loans 3,180,992 3,187,740 3,238,537 3,203,811 2,909,799
Total
interest-
earning
assets 4,509,351 4,530,030 4,391,597 4,246,883 3,860,503
Interest-
bearing
deposits 2,526,961 2,580,403 2,632,961 2,758,703 2,699,288
Borrowings 1,074,533 1,027,010 909,565 753,070 544,005
Total
interest-
bearing
liabilities 3,601,494 3,607,413 3,542,526 3,511,774 3,243,293
Noninterest-
bearing
deposits 598,760 578,020 519,187 446,693 404,580
Total
stockholders'
equity 273,504 307,977 305,111 245,836 221,394
Tax Equivalent Net
Interest Margin:
------------------
Net interest
income as
stated $32,375 $30,380 $27,346 $24,414 $21,898
Add: Tax
equivalent
adjust.-
investment
(3) 732 763 768 777 780
Tax
equivalent
adjust.-
loans
(3) 29 29 29 32 31
--- --- --- --- ---
Tax
equivalent
net interest
income $33,136 $31,172 $28,143 $25,223 $22,709
======= ======= ======= ======= =======
Net interest
margin
without tax
adjust. 2.86% 2.69% 2.51% 2.29% 2.26%
Net interest
margin - tax
equivalent
(3) 2.92% 2.76% 2.58% 2.37% 2.35%
Yield on
earning
assets
without tax
adjust. 4.94% 4.93% 5.00% 5.12% 5.24%
Yield on
earning
assets - tax
equivalent
(3) 5.01% 5.00% 5.07% 5.20% 5.32%
Yield on
interest-
bearing
liabilities 2.61% 2.82% 3.09% 3.42% 3.54%
Net interest
spread -
without tax
adjust. 2.34% 2.11% 1.91% 1.70% 1.70%
Net interest
spread - tax
equivalent
(3) 2.40% 2.18% 1.98% 1.78% 1.78%
Year To Date
Sept. 30,
---------
2009 2008
---- ----
Condensed Income Data:
----------------------
Net interest
income $90,101 $67,937
Provision for
loan losses 70,609 113,805
Total
noninterest
income 20,856 11,352
Total
noninterest
expense 67,388 71,740
------ ------
Loss before
income taxes (27,040) (106,256)
Income tax
expense
(benefit) 1,481 3,436
----- -----
Net loss (28,521) (109,692)
Preferred
dividends and
discounts (8,603) (16,680)
------ -------
Net loss
applicable to
common
stockholders $(37,124) $(126,372)
======== =========
Per Share Data:
---------------
Basic loss
per common
share $(3.54) $(12.10)
Diluted loss
per common
share (3.54) (12.10)
Cash
dividends per
common share - 0.10
Book value
per common
share 11.78 12.59
Weighted
average
shares-basic 10,489,165 10,447,264
Weighted
average
shares-
diluted 10,489,165 10,447,264
Shares
outstanding-
end of period 11,078,011 11,011,184
Performance Ratios
(annualized):
------------------
Loss on
average
assets -0.84% -4.00%
Loss on
average
equity -12.87% -60.04%
Efficiency
ratio (1) 65.86% 90.48%
Average Balance Sheet
Data (2):
---------------------
Total assets $4,516,405 $3,657,857
Investments 1,273,332 851,212
Cash
equivalents 1,880 80,075
Loans 3,202,212 2,652,022
Total
interest-
earning
assets 4,477,424 3,583,309
Interest-
bearing
deposits 2,579,720 2,428,925
Borrowings 1,004,307 543,548
Total
interest-
bearing
liabilities 3,584,027 2,972,473
Noninterest-
bearing
deposits 565,614 396,774
Total
stockholders'
equity 295,415 243,580
Tax Equivalent Net
Interest Margin:
------------------
Net interest
income as
stated $90,101 $67,937
Add: Tax
equivalent
adjust.-
investment
(3) 2,263 2,363
Tax
equivalent
adjust.-
loans
(3) 86 94
--- ---
Tax
equivalent
net interest
income $92,450 $70,394
======= =======
Net interest
margin
without tax
adjust. 2.69% 2.53%
Net interest
margin - tax
equivalent
(3) 2.76% 2.62%
Yield on
earning
assets
without tax
adjust. 4.95% 5.58%
Yield on
earning
assets - tax
equivalent
(3) 5.02% 5.67%
Yield on
interest-
bearing
liabilities 2.83% 3.68%
Net interest
spread -
without tax
adjust. 2.12% 1.90%
Net interest
spread - tax
equivalent
(3) 2.19% 1.99%
Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,
2009 2009 2009 2008 2008
---- ---- ---- ---- ----
Condensed Balance
Sheet Data:
-----------------
Investment
securities $1,306,098 $1,306,174 $1,321,605 $1,094,594 $794,727
Loans 3,114,254 3,177,739 3,214,096 3,233,261 3,078,427
Allowance for
loan losses 107,132 132,927 130,282 128,548 117,967
Total assets 4,485,081 4,548,325 4,596,701 4,388,889 4,074,750
Total deposits 3,052,729 3,204,574 3,147,653 3,131,046 3,221,581
Total
borrowings 1,086,892 974,344 1,060,212 879,470 594,049
Total
stockholders'
equity 289,020 271,635 311,425 307,087 198,581
Asset Quality Ratios:
---------------------
Nonperforming
loans $176,020 $189,816 $184,297 $200,380 $196,599
Nonperforming
assets 196,333 212,886 202,529 213,559 200,716
Allowance for
loan losses
to total
loans 3.44% 4.18% 4.05% 3.98% 3.83%
Allowance for
loan losses
to
nonperforming
loans 60.86% 70.03% 70.69% 64.15% 60.00%
Nonperforming
assets to
total loans
plus
repossessed
property 6.26% 6.65% 6.27% 6.58% 6.51%
Capital Ratios
(Taylor Capital
Group, Inc.):
----------------
Total Capital
(to Risk
Weighted
Assets) 12.75% 12.51% 12.87% 13.02% 10.97%
Tier I
Capital (to
Risk Weighted
Assets). 9.86% 9.67% 10.07% 10.22% 7.61%
Leverage (to
average
assets) 7.47% 7.52% 8.29% 8.73% 6.79%
Footnotes:
----------
(1) Efficiency ratio is determined by dividing noninterest expense by an
amount equal to net interest income plus
noninterest income, adjusted for gains or losses from investment
securities.
(2) Average balances are daily averages.
(3) This adjustment reflects tax-exempt interest income on an equivalent
before-tax basis assuming a tax rate of 35.0%.
Related Headlines
- TAYLOR CAPITAL GROUP INC Financials - EDGAR Online Financials
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- TAYLOR CAPITAL GROUP INC Files SEC form 10-Q, Quarterly Report - EDGAR Online
- TAYLOR CAPITAL GROUP INC Files SEC form 8-K, Regulation FD Disclosure, Financial Statements and Exhibits - EDGAR Online
- Taylor Capital Group to Present at Bank of America Merrill Lynch Banking and Financial Services Conference - PR Newswire
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