XML 126 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity and Earnings per Common Share (Tables)
 3 Months Ended
Mar. 31, 2014
Stockholders' Equity [Abstract]  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]

The Company's and the Bank's actual capital amounts and ratios as of March 31, 2014 and December 31, 2013 are as follows:

      Minimum Capital Minimum to be Well
 Actual  Requirement Capitalized
 Amount  Ratio  Amount  Ratio   Amount Ratio
 (Dollars in thousands)
Company Ratios              
As of March 31, 2014              
Total capital to risk-weighted assets$ 836,168 16.56% $ 404,054 8.00% $ 505,067 10.00%
Tier 1 capital to risk-weighted assets$ 745,619 14.76% $ 202,027 4.00% $ 303,040 6.00%
Tier 1 capital to average total assets$ 745,619 9.51% $ 313,594 4.00% $ 391,993 5.00%
As of December 31, 2013              
Total capital to risk-weighted assets$ 827,460 16.16% $ 409,514 8.00% $ 511,893 10.00%
Tier 1 capital to risk-weighted assets$ 736,930 14.35% $ 204,757 4.00% $ 307,136 6.00%
Tier 1 capital to average total assets$ 736,930 9.11% $ 324,910 4.00% $ 406,138 5.00%

               
               
      Minimum Capital Minimum to be Well
 Actual  Requirement Capitalized
 Amount  Ratio  Amount  Ratio  Amount  Ratio
 (Dollars in thousands)
Bank Ratios              
As of March 31, 2014              
Total capital to risk-weighted assets$ 805,900 16.02% $ 402,495 8.00% $ 503,119 10.00%
Tier 1 capital to risk-weighted assets$ 715,591 14.22% $ 201,248 4.00% $ 301,871 6.00%
Tier 1 capital to average total assets$ 715,591 9.18% $ 311,659 4.00% $ 389,574 5.00%
As of December 31, 2013              
Total capital to risk-weighted assets$ 779,413 15.30% $ 407,637 8.00% $ 509,547 10.00%
Tier 1 capital to risk-weighted assets$ 688,350 13.51% $ 203,819 4.00% $ 305,728 6.00%
Tier 1 capital to average total assets$ 688,350 8.54% $ 322,395 4.00% $ 402,993 5.00%
Schedule of Treasury Stock by Class [Table Text Block]

The following table presents the shares repurchased for each month in the quarter ended March 31, 2014, excluding the month ended March 31, 2014, during which no shares were purchased as part of the stock repurchase program:

 

 Total number of    Dollar amount of
 shares purchased as Average shares repurchased
  part of stock price paid (excluding
 repurchase programs per share commissions paid)
        (In thousands)
Period        
January 2014  57,700 $ 14.73 $ 850
February 2014  649,700 $ 14.66 $ 9,522
Quarter ended March 31, 2014  707,400   14.66   10,372

The activity in connection with common shares held in treasury by the Company for quarters ended March 31, 2014 and 2013 is set forth below

 Quarter Ended March 31,
 2014 2013
   Dollar   Dollar
 Shares  Amount Shares  Amount
 (In thousands, except shares data)
Beginning of year 7,030,101 $ 80,642  7,090,597 $ 81,275
Common shares used upon lapse of restricted stock units (27,752)   (292)  (33,600)   (351)
Common shares repurchased as part of the stock repurchase program 707,400   10,393  -   -
Common shares used to match defined contribution plan, net -   -  (7,318)   (77)
End of year 7,709,749 $ 90,743  7,049,679 $ 80,847
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The calculation of earnings per common share for the quarters ended March 31, 2014 and 2013 is as follows:

 Quarter Ended March 31,
 2014 2013
 (In thousands, except per share data)
Net income$ 23,747 $ 21,192
Less: Dividends on preferred stock     
Non-Convertible Preferred Stock (Series A, B, and D)  (1,628)   (1,628)
Convertible preferred stock (Series C)  (1,837)   (1,837)
Income available to common shareholders$ 20,282 $ 17,727
Effect of assumed conversion of the Convertible Preferred Stock  1,837   1,837
Income available to common shareholders assuming conversion$ 22,119 $ 19,564
      
Weighted average common shares and share equivalents:     
Average common shares outstanding   45,329   45,595
Effect of dilutive securities:     
Average potential common shares-options   131   159
Average potential common shares-assuming conversion of ' ' convertible preferred stock  7,138   7,138
Total weighted average common shares outstanding ' 'and equivalents  52,598   52,892
Earnings per common share - basic$ 0.45 $ 0.39
Earnings per common share - diluted$ 0.42 $ 0.37
Schedule of Accumulated Other Comprehensive Income (Loss)
 March 31, December 31,
 2014 2013
 (In thousands)
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired$ 18,464 $ 13,267
Income tax effect of unrealized gain on securities available-for-sale  (2,429)   (1,834)
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired  16,035   11,433
Unrealized loss on cash flow hedges  (10,529)   (10,907)
Income tax effect of unrealized loss on cash flow hedges  2,516   2,665
Net unrealized loss on cash flow hedges  (8,013)   (8,242)
Accumulated other comprehensive income, net of taxes$ 8,022 $ 3,191

The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters ended March 31, 2014 and 2013:

 Quarter Ended March 31,
 2014 2013
 Net unrealized Net unrealized Accumulated Net unrealized Net unrealized Accumulated
 gains on loss on other gains on loss on other
 securities cash flow comprehensive securities cash flow comprehensive
 available-for-sale hedges income available-for-sale hedges income
 (In thousands) (In thousands)
Beginning balance$ 11,433 $ (8,242) $ 3,191 $ 68,245 $ (12,365) $ 55,880
Other comprehensive income before reclassifications  4,465   (1,392)   3,073   (9,899)   (313)   (10,212)
Amounts reclassified out of accumulated other comprehensive income  137   1,621   1,758   47   1,336   1,383
Other comprehensive income (loss)  4,602   229   4,831   (9,852)   1,023   (8,829)
Ending balance$ 16,035 $ (8,013) $ 8,022 $ 58,393 $ (11,342) $ 47,051
Reclassification out of Accumulated Other Comprehensive Income [Table text block]
       Affected Line Item in
 Quarter ended March 31, Consolidated Statement
 2014 2013  of Operations
 (In thousands)  
Cash flow hedges:       
Interest-rate contracts$ 1,621 $ 1,336 Net interest expense
Available-for-sale securities:       
Residual tax effect from OIB's change in applicable tax rate  137   47 Income tax expense
 $ 1,758 $ 1,383