This compares to net income to common shareholders of $41 million, or $0.24 per common share, for the quarter ended March 31, 2012.
"We are pleased with our solid results this quarter and remain optimistic about our long term prospects," said President and CEO Philip B. Flynn. "Our mortgage banking business had a very strong quarter and we remain focused on expense management. We continue to execute on our long-term growth strategies with a focus on relationship banking for consumers and businesses, and remain disciplined in our approach to capital deployment through share buybacks and dividend payments."
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HIGHLIGHTS:
Net income to common shareholders of $46 million, up 11.5% from the prior year period.
Quarterly earnings were at the highest level since mid-2008.
Return on Tier 1 common equity for the quarter was 10.1%, compared to 9.2% for the prior year period.
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By GlobalDataLoan balances increased by a net $141 million, or 1% during the first quarter and have increased $1.3 billion, or 9% from a year ago.
Average loan balances increased by $317 million, or 2% from the fourth quarter and have increased $1.1 billion, or 8% from a year ago.
Total commercial loan balances grew by $190 million, or 2% during the quarter and accounted for the majority of the quarter’s net loan growth.
Average deposits for the first quarter increased by $2.1 billion, or 14% from a year ago to $17.1 billion.
Average deposits increased by $496 million, or 3%, from the fourth quarter.
Credit quality continued to improve with net charge offs, nonaccrual loans, and potential problem loans all declining quarter over quarter.
During the first quarter, the Company repurchased $30 million, or approximately 2 million shares, of common stock at an average cost of $14.31.
Capital ratios remain very strong with a Tier 1 common equity ratio of 11.64%.
