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Capitol Bancorp Reports Second Quarter 2010 Results
16 Aug, 2010 @ 05:30 pm EDT
LANSING, Mich. and PHOENIX, Aug. 16 /PRNewswire-FirstCall/ --
-- Bank Divestiture Activities Continue with Ten Transactions Pending
-- Six Regional Consolidations Completed
-- Total Assets of $4.7 Billion
-- Four Affiliate Bank Sales Completed This Year; Six Divestitures Total
A net loss attributable to Capitol Bancorp was incurred for the second quarter of 2010 of $41 million or $1.98 per share, compared to a net loss of $47.9 million or $2.75 per share for the first quarter of 2010 and a net loss of $16.3 million or $0.95 per share reported for the second quarter of 2009.
Consolidated assets declined 17 percent year-over-year to $4.7 billion at June 30, 2010 from the $5.7 billion reported for the second quarter of 2009, as a result of bank sales and related implementation of the capital preservation and balance-sheet deleveraging strategies. Consistent with these efforts, total portfolio loans were $3.6 billion at June 30, 2010, a 21 percent decline over the past twelve months inclusive of the effect of recent bank sales. Total deposits reflected an approximate 11 percent annualized decline to approximately $4.2 billion from the $4.4 billion reported at the beginning of 2010, while noninterest-bearing deposits approximated 16.3 percent of total deposits at June 30, 2010 versus 15.1 percent of total deposits at the beginning of 2010, as the Corporation continued to focus on core funding sources throughout the deleveraging process and as a result of recent bank sales.
Capitol's Chairman and CEO Joseph D. Reid said, "We remain focused on a myriad of issues presented by both an uncertain and struggling economy in multiple markets of our franchise. Building balance sheet strength and improving liquidity, while reallocating capital resources to those affiliates currently facing more difficult operating challenges, are being addressed via our strategy of regional consolidations and bank divestitures. These initiatives also serve to enhance affiliate-level and system-wide operating efficiencies through the elimination of operating costs targeted by the regional consolidations. Equity levels have diminished significantly in recent quarters as we work through the loan portfolio issues and related operating losses that arise in a severely weakened economy. We continue to concentrate our efforts on these multiple deleveraging avenues while pursuing access to additional internal and external sources of capital."
"We are cautiously encouraged by both redeployment of capital resources via our divestiture efforts and recent positive trends and developments in asset quality. Growth in nonperforming assets, although continuing to remain elevated, reflects another quarter demonstrating a substantially slowing trend. Net loan charge-offs, elevated from historical levels, declined materially on a linked-quarter basis while the most recent quarterly provision for loan losses again exceeded charge-offs. The June 30, 2010 allowance for loan losses approximating 4.44 percent of portfolio loans represents a material increase from the 3.57 percent level we reported at the beginning of 2010, and a significant increase during these difficult times from the approximate 2.5 percent level we posted a year ago," added Mr. Reid.
"Combining the aggregate quarter-end level of nonperforming assets with net charge-offs for each of the past six quarters, the rate of increase has continued its slowing trend: from 34.1 percent in the first quarter of 2009, to 13.1 percent in 2009's second quarter, to 12.3 percent for the quarter ended September 30, 2009, to 11.2 percent for the final quarter of 2009, to 3.7 percent in 2010's first quarter, and most recently to 2.8 percent for the three months ended June 30, 2010. In addition, pretax, pre-provision results, before costs associated with foreclosed properties and other real estate owned, were positive for the second consecutive quarter. Costs associated with foreclosed properties and other real estate owned declined significantly on a linked-quarter basis, after decreasing dramatically from the fourth quarter of 2009 compared to 2010's first quarter. We also remain cautiously optimistic as to the potential recovery of the $154.7 million valuation allowance for deferred tax assets once we are able to demonstrate a sustainable return to core profitability."
"Finally, our affiliate divestiture program has resulted in the sale of six institutions to date in 2010, eliminating $500 million of assets, and we currently have ten transactions pending encompassing an additional $700 million of assets as we aggressively seek to reallocate capital, deleveraging the balance sheet. Above and beyond the approximate $1.2 billion of assets these efforts represent, there are ongoing discussions on additional fronts in both the divestiture and capital-reallocation arenas as we recognize and address the deterioration that has occurred in our once-robust capital support levels. We expect to communicate additional developments as they arise and solidify."
Capital Initiatives
In addition to the completed divestitures and regional consolidations, capital-raising initiatives have included the commencement of an offer to exchange shares of Capitol's common stock for any and all of its outstanding 10.50 percent trust-preferred securities of Capitol Trust XII. That offer ("proposed exchange"), which commenced in late May 2010, has been extended to August 31, 2010. The proposed exchange is contingent upon receipt of consents from a majority in aggregate liquidation amount of all outstanding 8.50 percent cumulative trust-preferred securities of Capitol Trust I to approve proposed amendments to certain provisions of the Indenture and Guarantee Agreement pursuant to which the trust-preferred securities of Capitol Trust I were originally issued.
Mr. Reid stated, "This pending exchange offer provides an opportunity to strengthen Tier 1 common and tangible common equity ratios, while also reducing interest expense associated with the debt securities. We have been encouraged by the initial response to this initiative, with approximately 16 percent of publicly-traded shares of this instrument indicating a desire to participate in the pending exchange offer and we continue to explore other opportunities to create core tangible common equity."
Affiliate Bank Divestitures and Regional Bank Consolidations
Capitol previously announced intentions to sell its controlling interests in several affiliate banks. Sale of Capitol's interests in Bank of Belleville and Napa Community Bank, completed during April 2010, involved $228 million of assets while garnering more than $25 million of proceeds for reinvestment in bank affiliates. In June 2010, Capitol completed the sale of Beachwood, Ohio based Ohio Commerce Bank and at the end of July, the sale of Community Bank of Lincoln in Lincoln, Nebraska was completed. Those two sales involved approximately $130 million of assets. In the second quarter of 2010, Capitol announced that it had entered into a collective stock redemption transaction with three Colorado affiliates: Fort Collins Commerce Bank, Larimer Bank of Commerce and Loveland Bank of Commerce. Capitol also announced agreements to sell Bank of San Francisco in California, and Bank of Fort Bend in Sugar Land, Texas. Those transactions, in addition to five other pending transactions involving affiliates in Colorado, Missouri, New York, North Carolina and Texas, reflect ten divestitures awaiting regulatory approvals (and other contingencies) and represent an additional $700 million of assets and estimated proceeds in excess of $50 million. The ten pending divestitures, with book-value multiples at a premium to tangible equity, are anticipated to be completed in 2010.
Subsequent to June 30, 2010, Capitol completed a regional consolidation of three Georgia-based banks into what operates today as Sunrise Bank. That regional consolidation follows similar charter consolidations that have occurred earlier in 2010 and in the fourth quarter of 2009 in Arizona, California, Indiana, Michigan, Nevada and Washington, resulting in the cumulative elimination of 20 charters. To date, the regional consolidation effort has resulted in the consolidation of 27 charters into six distinct, geographically-concentrated operating entities. Preliminary results at the five largest regional consolidations are being actively monitored with the expectation of meeting targeted efficiency objectives, but implementation costs and restructuring expenses associated with consolidation activity can serve to delay full recognition of the projected cost savings and efficiencies expected with each consolidation.
Mr. Reid further stated, "These bank sales and regional consolidations have provided the Corporation with capital redeployment flexibility to support our ongoing strategic initiatives to enhance balance sheet strength, while also serving our primary objective to assist those affiliates adversely affected by the current difficult economy. We continue to assess additional initiatives to drive operational efficiencies and strengthen risk management oversight within our footprint, without compromising the community-based orientation and operating integrity of the affiliate system."
Quarterly Performance (as adjusted for discontinued operations)
In the second quarter of 2010, after adjusting for discontinued operations, consolidated net operating revenues decreased 10.4 percent to $38.3 million from the approximate $42.8 million reported for the corresponding period of 2009. Net interest margin compression, fueled in large part by elevated levels of nonperforming assets, resulted in an 8.8 percent decline in net interest income. A concerted effort to focus on core deposit funding sources, as referenced earlier, helped mitigate some of the margin pressure. The net interest margin declined to 2.88 percent compared to 2009's second quarter margin of 3.02 percent and 3.03 percent in the first quarter of 2010. Cash and cash equivalents totaled approximately $925 million, or 19 percent of the Corporation's consolidated total assets at June 30, 2010. Other noninterest income totaled $5.4 million, a nearly 19 percent decrease compared to approximately $6.7 million in the comparable 2009 period.
The Corporation continues to emphasize the reduction of operating expenses through salary and staffing reductions, operational efficiencies and tight controls on other overhead. Salaries and employee benefit costs declined nearly 13 percent year-over-year and approximately 2.6 percent (10.4 percent annualized) on a linked-quarter basis. Noninterest, or operating, expenses increased year-over-year to $48.7 million in the quarter ended June 30, 2010. While costs associated with foreclosed properties and other real estate owned (which totaled $8.9 million in the second quarter of 2010 versus approximately $4.2 million in the corresponding 2009 period) increased significantly, but declined encouragingly on a 2010 linked-quarter basis ($3.2 million), FDIC insurance premiums and other regulatory fees decreased from $5.0 million in 2009's second quarter to approximately $4.2 million in the most recent three-month period. Combined, these two expense areas increased to approximately $13.1 million in the current quarter, representing a substantial increase from the combined approximate $9.2 million level during the corresponding period of 2009, more than offsetting the aforementioned $2.9 million decline in compensation-related expenses. On a linked-quarter basis, total operating expenses declined 8.4 percent from $53.2 million in 2010's first quarter to the $48.7 million in the subsequent quarter. Again, adjusting for real estate owned-related and regulatory-related costs, linked quarter operating expenses still declined approximately 3.5 percent, or 14 percent annualized.
The second quarter 2010 provision for loan losses decreased to $44.6 million, a reduction from the $49.0 million recorded in the preceding quarter, and increased from the $32.5 million for the corresponding period of 2009. During the second quarter of 2010, net loan charge-offs totaled $33.4 million, a significant increase from 2009's corresponding level of $18.3 million, but a reduction from the $41.8 million recorded in the first quarter of 2010, as the Corporation continues to aggressively manage its nonperforming loans.
Adverse bank performance in the Arizona, Great Lakes and Nevada regions and the increased provision for loan losses were major reasons for the consolidated net loss.
Six-Month Performance
Net operating revenues were $78.9 million for the six months ended June 30, 2010, a 2.3 percent decrease compared to the approximate $80.8 million for the year-ago period, buffeted by the aforementioned gains on sales of affiliates recorded in the recent quarter. Core operating revenues, net of divestiture gains, declined 14.6 percent due to the impact of sizable deleveraging of the balance sheet resulting from bank sales, and further driven by margin compression and general softness across all major revenue components. The provision for loan losses of $93.6 million for the first six months of 2010 was an increase from the $66.1 million for the comparable 2009 period. The net loss per share for the first half of 2010 was $4.67, versus the $2.15 reported for the corresponding period in 2009.
Balance Sheet
With total capital resources of approximately $304.1 million at June 30, 2010, the total capital-to-asset ratio was 6.40 percent. Divestiture efforts and ongoing balance sheet deleveraging should serve to help strengthen consolidated capital ratios, but as of June 30, 2010 the consolidated leverage, Tier 1 and total risk-based regulatory capital ratios were 2.39 percent, 3.19 percent and 6.38 percent, respectively. Consequently, the Corporation continues to be classified as "undercapitalized."
Net loan charge-offs of 3.64 percent of average loans (annualized) for the second quarter of 2010 decreased significantly from the 4.25 percent reported for the first quarter of 2010, but increased dramatically from the 1.64 percent reported for the corresponding period of 2009 as the Corporation continued to aggressively seek problem asset resolution. The ratio of nonperforming loans to total portfolio loans was 9.93 percent at June 30, 2010 compared to 8.80 percent reported at March 31, 2010 and 5.70 percent for the same period in 2009. The ratio of total nonperforming assets to total assets increased to 9.86 percent at June 30, 2010 from 8.97 percent reported at March 31, 2010 and 6.37 percent at June 30, 2009. The continuing increase in nonperforming assets is attributable to borrower stress and delinquency, coupled with a minimal market for sale of real estate, especially in the states of Arizona, Michigan and Nevada, hindering the disposition of such assets. The coverage ratio of the allowance for loan losses in relation to nonperforming loans approximated 45 percent at June 30, 2010, consistent with levels recorded in recent quarters, while the allowance for loan losses as a percentage of portfolio loans increased materially year-over-year, from 2.50 percent to 4.44 percent at June 30, 2010, as provisions for loan losses continued to exceed the significant level of net charge-off activity during 2010.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a national community banking company, with a network of separately chartered banks with operations in 15 states. Founded in 1988, the Corporation has executive offices in Lansing, Michigan, and Phoenix, Arizona.
CAPITOL BANCORP LIMITED
SUMMARY OF SELECTED FINANCIAL DATA
(in thousands, except share and per share data)
Three Months Ended Six Months Ended
June 30 June 30
------- -------
2010 2009 2010 2009
---- ---- ---- ----
Condensed
results of
operations:
Interest income $51,634 $63,692 $105,487 $126,787
Interest expense 18,714 27,585 39,013 57,375
------ ------ ------ ------
Net interest
income 32,920 36,107 66,474 69,412
Provision for
loan losses 44,600 32,511 93,641 66,125
Noninterest
income 5,427 6,685 12,436 11,363
Noninterest
expense 48,711 46,725 101,917 95,294
Loss from
continuing
operations
before income
tax benefit (54,964) (36,444) (116,648) (80,644)
Income from
discontinued
operations 6,799 114 6,721 547
Net loss
attributable to
Capitol Bancorp
Limited $(41,003) $(16,304) $(88,885) $(36,978)
======== ======== ======== ========
Net loss per
common share
attributable to
Capitol Bancorp
Limited $(1.98) $(0.95) $(4.67) $(2.15)
Book value per
common share at
end of period 3.89 18.36 3.89 18.36
Common stock
closing price
at end of
period $1.27 $2.65 $1.27 $2.65
Common shares
outstanding at
end of period 21,414,000 17,517,000 21,414,000 17,517,000
Number of common
shares used to
compute
net loss per
share 20,684,000 17,244,000 19,052,000 17,203,000
2nd 1st
Quarter Quarter
2010 2010
---- ----
Condensed summary of financial
position:
Total assets $4,748,695 $5,064,936
Portfolio loans(1) 3,617,364 3,657,769
Deposits(1) 4,183,217 4,188,835
Capitol Bancorp Limited
stockholders' equity 88,297 117,167
Total capital $304,104 $342,858
Key performance ratios:
Net interest margin 2.88% 3.03%
Efficiency ratio 127.03% 126.75%
Asset quality ratios:
Allowance for loan losses /
portfolio loans 4.44% 3.90%
Total nonperforming loans /
portfolio loans 9.93% 8.80%
Total nonperforming assets /
total assets 9.86% 8.97%
Net charge-offs (annualized)
/average portfolio loans 3.64% 4.25%
Allowance for loan losses /
nonperforming loans 44.67% 44.31%
Capital ratios:
Capitol Bancorp Limited
stockholders' equity /total
assets 1.86% 2.31%
Total capital / total assets 6.40% 6.77%
4th 3rd 2nd
Quarter Quarter Quarter
2009 2009 2009
---- ---- ----
Condensed summary of financial
position:
Total assets $5,131,940 $5,322,613 $5,723,540
Portfolio loans(1) 3,792,355 3,929,070 4,215,999
Deposits(1) 4,148,438 4,258,613 4,362,618
Capitol Bancorp Limited
stockholders' equity 161,335 236,385 318,977
Total capital $401,047 $482,455 $629,266
Key performance ratios:
Net interest margin 3.04% 3.00% 3.02%
Efficiency ratio 179.40% 117.09% 105.43%
Asset quality ratios:
Allowance for loan losses /
portfolio loans 3.57% 3.01% 2.50%
Total nonperforming loans /
portfolio loans 7.60% 6.68% 5.70%
Total nonperforming assets /
total assets 8.17% 7.50% 6.37%
Net charge-offs (annualized)
/average portfolio loans 5.68% 2.77% 1.64%
Allowance for loan losses /
nonperforming loans 47.04% 45.14% 43.77%
Capital ratios:
Capitol Bancorp Limited
stockholders' equity /total
assets 3.14% 4.44% 5.57%
Total capital / total assets 7.81% 9.06% 10.99%
(1) Excludes amounts related to operations discontinued in 2010 for
dates prior to June 30, 2010.
Forward-Looking Statements
--------------------------
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include expressions such as
"expect," "intend," "believe," "estimate," "may," "will,"
"anticipate" and "should" and similar expressions also identify
forward-looking statements which are not necessarily statements of
belief as to the expected outcomes of future events. Actual results
could materially differ from those presented due to a variety of
internal and external factors. Actual results could materially
differ from those contained in, or implied by, such statements.
Capitol Bancorp Limited undertakes no obligation to release
revisions to these forward-looking statements or reflect events or
circumstances after the date of this release.
Supplemental analyses follow providing additional detail regarding
Capitol's results of operations, financial position, asset quality
and other supplemental data.
CAPITOL BANCORP LIMITED
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
------------------ ----------------
2010 2009 2010 2009
---- ---- ---- ----
INTEREST
INCOME:
Portfolio loans
(including
fees) $50,793 $62,672 $103,775 $125,190
Loans held for
sale 64 285 127 478
Taxable
investment
securities 85 150 311 302
Federal funds
sold 3 23 10 56
Other 689 562 1,264 761
--- --- ----- ---
Total interest
income 51,634 63,692 105,487 126,787
INTEREST
EXPENSE:
Deposits 14,404 21,759 29,916 45,339
Debt
obligations
and other 4,310 5,826 9,097 12,036
----- ----- ----- ------
Total interest
expense 18,714 27,585 39,013 57,375
------ ------ ------ ------
Net interest
income 32,920 36,107 66,474 69,412
PROVISION FOR
LOAN LOSSES 44,600 32,511 93,641 66,125
------ ------ ------ ------
Net interest
income
(deficiency)
after
provision for
loan losses (11,680) 3,596 (27,167) 3,287
NONINTEREST
INCOME:
Service charges
on deposit
accounts 1,130 1,366 2,284 2,732
Trust and
wealth-
management
revenue 1,170 1,135 2,322 2,523
Fees from
origination of
non-portfolio
residential
mortgage loans 430 1,409 844 2,273
Gain on sales
of government-
guaranteed
loans 476 405 774 645
Gain on debt
extinguishment 1,255
Realized gains
on sale of
investment
securities
available
for sale 14 1
Other 2,221 2,370 4,943 3,189
----- ----- ----- -----
Total
noninterest
income 5,427 6,685 12,436 11,363
NONINTEREST
EXPENSE:
Salaries and
employee
benefits 20,089 23,019 40,720 50,574
Occupancy 4,565 4,492 8,954 9,038
Equipment rent,
depreciation
and
maintenance 2,930 3,070 5,858 6,374
Costs
associated
with
foreclosed
properties and
other
real estate
owned 8,905 4,152 20,752 8,370
FDIC insurance
premiums and
other
regulatory
fees 4,187 5,021 8,645 6,987
Other 8,035 6,971 16,988 13,951
----- ----- ------ ------
Total
noninterest
expense 48,711 46,725 101,917 95,294
------ ------ ------- ------
Loss before
income tax
benefit (54,964) (36,444) (116,648) (80,644)
Income tax
benefit (4,246) (13,370) (4,068) (29,230)
------ ------- ------ -------
Loss from
continuing
operations (50,718) (23,074) (112,580) (51,414)
Discontinued
operations:
Income from
operations of
bank
subsidiaries
sold 403 202 259 953
Gain on sales
of bank
subsidiaries 10,083 10,083
Less income tax
expense 3,687 88 3,621 406
----- --- ----- ---
Income from
discontinued
operations 6,799 114 6,721 547
----- --- ----- ---
NET LOSS (43,919) (22,960) (105,859) (50,867)
Net losses
attributable
to
noncontrolling
interests in
consolidated
subsidiaries 2,916 6,656 16,974 13,889
----- ----- ------ ------
NET LOSS
ATTRIBUTABLE
TO CAPITOL
BANCORP
LIMITED $(41,003) $(16,304) $(88,885) $(36,978)
======== ======== ======== ========
NET LOSS PER
COMMON SHARE
ATTRIBUTABLE
TO
CAPITOL BANCORP
LIMITED (basic
and diluted) $(1.98) $(0.95) $(4.67) $(2.15)
====== ====== ====== ======
CAPITOL BANCORP LIMITED
Condensed Consolidated Balance Sheets
(in thousands, except share and per-share data)
(Unaudited)
December
June 30 31
2010 2009
---- ----
ASSETS
------
Cash and
due from
banks $103,324 $76,187
Money
market
and
interest-
bearing
deposits 811,619 683,887
Federal
funds
sold 9,695 11,005
----- ------
Cash and
cash
equivalents 924,638 771,079
Loans
held for
sale 5,931 11,621
Investment
securities:
Available
for sale,
carried
at fair
value 23,960 39,776
Held for
long-
term
investment,
carried
at
amortized
cost
which
approximates
fair
value 3,334 5,891
----- -----
Total
investment
securities 27,294 45,667
Federal
Home
Loan
Bank and
Federal
Reserve
Bank
stock
(at
cost) 24,021 23,215
Portfolio
loans:
Loans
secured
by real
estate:
Commercial 1,825,943 1,884,309
Residential
(including
multi-
family) 720,938 727,816
Construction,
land
development
and
other
land 420,318 471,121
------- -------
Total
loans
secured
by real
estate 2,967,199 3,083,246
Commercial
and
other
business-
purpose
loans 578,056 633,276
Consumer 38,777 42,691
Other 33,332 33,142
------ ------
Total
portfolio
loans 3,617,364 3,792,355
Less
allowance
for loan
losses (160,482) (140,323)
-------- --------
Net
portfolio
loans 3,456,882 3,652,032
Premises
and
equipment 46,290 47,017
Accrued
interest
income 13,074 14,709
Goodwill 66,099 66,126
Other
real
estate
owned 108,715 111,102
Recoverable
income
taxes 43,248 43,763
Other
assets 32,503 42,059
Assets of
discontinued
operations 303,550
-------
TOTAL
ASSETS $4,748,695 $5,131,940
========== ==========
LIABILITIES
AND
EQUITY
-----------
LIABILITIES:
Deposits:
Noninterest-
bearing $682,736 $624,721
Interest-
bearing 3,500,481 3,523,717
--------- ---------
Total
deposits 4,183,217 4,148,438
Debt
obligations:
Notes
payable
and
short-
term
borrowings 214,983 267,659
Subordinated
debentures 167,514 167,441
------- -------
Total
debt
obligations 382,497 435,100
Accrued
interest
on
deposits
and
other
liabilities 46,391 43,524
Liabilities
of
discontinued
operations 271,272
-------
Total
liabilities 4,612,105 4,898,334
EQUITY:
Capitol
Bancorp
Limited
stockholders'
equity:
Preferred
stock
(Series
A),
700,000
shares
authorized
($100
liquidation
preference
per
share);
50,980
shares
issued
and
outstanding
in 2010
(none in
2009) 5,098
Preferred
stock
(for
potential
future
issuance),
19,300,000
shares
authorized;
none
issued
and
outstanding -- --
Common
stock,
no par
value,
50,000,000
shares
authorized;
issued
and
outstanding:
2010 -
21,414,352
shares
2009 -
17,545,631
shares 288,186 277,707
Retained-
earnings
deficit (204,636) (115,751)
Undistributed
common
stock
held by
employee-
benefit
trust (558) (558)
Fair
value
adjustment
(net of
tax
effect)
for
investment
securities
available
for sale
(accumulated
other
comprehensive
income) 207 (63)
--- ---
Total
Capitol
Bancorp
Limited
stockholders'
equity 88,297 161,335
Noncontrolling
interests
in
consolidated
subsidiaries 48,293 72,271
------ ------
Total
equity 136,590 233,606
------- -------
TOTAL
LIABILITIES
AND
EQUITY $4,748,695 $5,131,940
========== ==========
CAPITOL BANCORP LIMITED
Allowance for Loan Losses Activity
ALLOWANCE FOR LOAN LOSSES ACTIVITY (in thousands):
Periods Ended June 30
---------------------
Three Month Period Six Month Period
------------------ ----------------
2010 2009(1) 2010 2009(1)
---- ----
Allowance for
loan losses at
beginning of
period $147,526 $94,150 $140,323 $87,636
Allowance for
loan losses of
previously-
deconsolidated
bank subsidiary 1,769 1,769
Loans charged-
off:
Loans secured by
real estate:
Commercial (15,603) (2,052) (26,191) (5,625)
Residential
(including
multi-family) (6,800) (6,994) (18,972) (14,897)
Construction,
land
development and
other land (8,742) (5,372) (22,624) (13,479)
------ ------ ------- -------
Total loans
secured by real
estate (31,145) (14,418) (67,787) (34,001)
Commercial and
other business-
purpose loans (6,220) (4,121) (13,756) (12,174)
Consumer (265) (250) (426) (542)
Other (1) (1) (1) (1)
---
Total charge-
offs (37,631) (18,790) (81,970) (46,718)
Recoveries:
Loans secured by
real estate:
Commercial 384 20 742 122
Residential
(including
multi-family) 514 154 622 201
Construction,
land
development and
other land 2,284 2 3,605 121
----- --- ----- ---
Total loans
secured by real
estate 3,182 176 4,969 444
Commercial and
other business-
purpose loans 987 289 1,682 833
Consumer 49 14 68 29
Other -- -- -- 1
--- --- --- ---
Total recoveries 4,218 479 6,719 1,307
----- --- ----- -----
Net charge-offs (33,413) (18,311) (75,251) (45,411)
Additions to
allowance
charged to
expense 44,600 32,511 93,641 66,125
Allowance for
loan losses at
end of period $160,482 $108,350 $160,482 $108,350
======== ======== ======== ========
Average total
portfolio loans
for the period $3,672,751 $4,334,687 $3,611,204 $4,315,798
========== ========== ========== ==========
Ratio of net
charge-offs
(annualized) to
average
portfolio loans
outstanding
3.64% 1.69% 4.17% 2.10%
==== ==== ==== ====
(1) Excludes amounts related to operations discontinued in 2010.
CAPITOL BANCORP LIMITED
Asset Quality Data
ASSET QUALITY (in thousands):
December
June 30 March 31 31
------- 2010(1) 2009(1)
2010
----
Nonaccrual loans:
Loans secured by real estate:
Commercial $163,759 $152,495 $130,281
Residential (including multi-
family) 57,195 63,457 55,347
Construction, land development and
other land 94,133 81,139 82,239
------ ------ ------
Total loans secured by real estate 315,087 297,091 267,867
Commercial and other business-
purpose loans 31,165 27,102 23,063
Consumer 1,481 518 380
----- ---
Total nonaccrual loans 347,733 324,711 291,310
Past due (greater than or equal to
90 days) loans and accruing
interest:
Loans secured by real estate:
Commercial 5,544 5,796 6,234
Residential (including multi-
family) 2,508 768 228
Construction, land development and
other land 2,113 3,035 3,713
----- ----- -----
Total loans secured by real estate 10,165 9,599 10,175
Commercial and other business-
purpose loans 1,344 2,101 1,546
Consumer 32 12 534
--- ---
Total past due loans 11,541 11,712 12,255
------ ------ ------
Total nonperforming loans $359,274 $336,423 $303,565
======== ======== ========
Real estate owned and other
repossessed assets
108,815 109,719 111,167
Total nonperforming assets $468,089 $446,142 $414,732
======== ======== ========
(1) Excludes amounts related to operations discontinued in 2010.
CAPITOL BANCORP LIMITED
Selected Supplemental Data
EPS COMPUTATION COMPONENTS (in thousands):
Periods Ended June 30
---------------------
Three Month Period Six Month Period
------------------
2010 2009 2010 2009
---- ----
Numerator-net loss
attributable to
Capitol Bancorp
Limited for the
period
$(41,003) $(16,304) $(88,885) $(36,978)
======== ======== ======== ========
Denominator:
Weighted average
number of shares
outstanding,
excluding unvested
restricted shares
(denominator for
basic and diluted
earnings
per share)
20,684 17,244 19,052 17,203
Number of
antidilutive
stock options
excluded
from diluted net
loss per share
computation
2,304 2,428 2,304 2,428
Number of
antidilutive
unvested
restricted
shares excluded
from diluted net
loss
per share
computation
126 123 126 123
Number of
antidilutive
warrants excluded
from diluted net
loss per share
computation
76 76 76 76
AVERAGE BALANCES (in thousands):
Periods Ended June 30
---------------------
Three Month Period Six Month Period
------------------
2010 2009 2010 2009
---- ----
Portfolio loans $3,672,751 $4,334,687 $3,611,204 $4,315,798
Earning assets 4,602,742 5,382,603 4,730,267 5,347,703
Total assets 4,856,144 5,756,390 4,991,807 5,718,720
Deposits 4,263,632 4,696,428 4,352,157 4,627,644
Capitol Bancorp Limited
stockholders' equity 111,231 330,977 131,165 338,176
Capitol Bancorp's National Network of Community Banks
Arizona Region:
Bank of Tucson Tucson, Arizona
Casa Grande,
Central Arizona Bank Arizona
Southern Arizona Community
Bank Tucson, Arizona
Albuquerque, New
Sunrise Bank of Albuquerque Mexico
Sunrise Bank of Arizona Phoenix, Arizona
California Region:
Yuba City,
Bank of Feather River California
San Francisco,
Bank of San Francisco California
San Diego,
Sunrise Bank California
Colorado Region:
Fort Collins,
Fort Collins Commerce Bank Colorado
Fort Collins,
Larimer Bank of Commerce Colorado
Loveland Bank of Commerce Loveland, Colorado
Mountain View Bank of Westminster,
Commerce Colorado
Great Lakes Region:
Bank of Maumee Maumee, Ohio
Farmington Hills,
Bank of Michigan Michigan
Capitol National Bank Lansing, Michigan
Evansville Commerce Bank Evansville, Indiana
Indiana Community Bank Goshen, Indiana
Michigan Commerce Bank Ann Arbor, Michigan
Midwest Region:
Blue Springs,
Adams Dairy Bank Missouri
Lee's Summit,
Summit Bank of Kansas City Missouri
Nevada Region:
North Las Vegas,
1st Commerce Bank Nevada
Bank of Las Vegas Las Vegas, Nevada
Northeast Region:
USNY Bank Geneva, New York
Northwest Region:
Bellevue,
Bank of the Northwest Washington
High Desert Bank Bend, Oregon
Southeast Region:
Salisbury, North
Community Bank of Rowan Carolina
Rocky Mount, North
First Carolina State Bank Carolina
Asheville, North
Pisgah Community Bank Carolina
Sunrise Bank Valdosta, Georgia
Texas Region:
Bank of Fort Bend Sugar Land, Texas
Bank of Las Colinas Irving, Texas
SOURCE Capitol Bancorp Limited
For more iinformation, go to www.prnewswire.com
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13th, 2012
8:02pm
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