Archive for July, 2012

The Flaws in an Advisor Listing for the Superrich

IF THAT HAD BEEN ALL WE FOUND, it would simply have been a slip-up, and a lesson learned, by a top-notch research organization. But there was more to the Wanger OmniWealth story, and Wanger wasn’t the only listing that raised questions.

Wanger OmniWealth, it turns out, paid FOX for its profile. FOX members who were on the list received a four-screen Internet profile for free; nonmember firms with less than 50 employees paid $4,000 for this “extended” visibility; firms with more than 50 employees had to pay $6,000. The Wanger firm paid a pre-launch discount on the $4,000 profile.

All firms on the list could get a “basic” one-page profile for free, but a trawl down the list reveals that the few firms that did not buy an ad — or weren’t paid-up FOX members — were shunted to the back of the list. The paying customers were listed alphabetically. Nonpaying customers were tacked on at the end of that list with little more than their address, telephone number, and Website posted.

In fact, two-thirds of FOX’s leading advisors are FOX clients. Hamilton originally told us it was natural to start the new list with firms that had a relationship with FOX, but it was her hope that, over time, other firms would submit to the rigorous vetting. Firms definitely did not have to be a FOX member to get on the list. “I didn’t build this tool to make a lot of money,” Hamilton says. “I built this tool because wealth owners need this information.”

Yes they do. Vogel Consulting is a multifamily office that is solely owned by Rhona Vogel; it sells independent financial advice. The firm is a paid-up FOX member that made the Leading Wealth Advisors list. According to its April 2012 regulatory filings, Vogel Consulting had $1.09 billion under advisement and some 50 clients at year-end 2011. Over at FOX, meanwhile, Vogel Consulting is claiming $2.5 billion assets under advisement as of the same date.

Now, a brief word to the uninitiated: The family-wealth industry is rife with squishy definitions. Some numbers quoted are regulatory, defined as “assets under management,” or funds actively managed on behalf of clients. Other times firms talk of “assets under advisement,” which can mean a number of things. Some firms define assets under advisement as any amount of wealth the client owns, whether managed by their firm or not, on the theory some advice the firm might give one day, directly or indirectly, could lead to a change in the client’s overall wealth. This distinction between assets under management — which is real — and assets under advisement, which can be theoretical, is very important when sizing up a wealth-management concern.

Back to Vogel Consulting and its FOX-reported assets under advisement. Hamilton, when pressed, said that Rhona Vogel advises a lot of business owners with large chunks of their wealth tied up in their firms; the “assets under advisement” that FOX reported on its list was in fact the “total net worth” of all Vogel’s clients, not to be confused with her reported “assets under advisement.”

But wait. Richard Kollauf, director of both client services and compliance at Vogel Consulting, tells us “total net worth” is not right either. The FOX published assets under advisement for Vogel Consulting is actually the figure for their clients’ “closely held companies that we advise on,” a rather loose definition that to our ears also sounds like it is open to many interpretations.

Houston, we have a problem. This is more than just a funny-numbers game. It’s about the transparency of a major segment of the financial world, about investors having reliable information. In the end, Hamilton agreed the FOX-reported Vogel figure was confusing. In the future, she said, “we will put more footnotes in” to explain what FOX’s asset numbers are actually representing.

But assets aren’t the only problem. Claims of negligence against Vogel and her firm were filed by clients Robert Reinhart and two trusts of the Gerlach family, who separately and independently in 2009 and 2010 claimed the Wisconsin-based wealth advisor had put $2.75 million and $1.15 million, respectively, into Greenwich Sentry and Rye Broad Market Prime, firms feeding assets to Bernie Madoff’s fraudulent hedge funds. The Gerlach trusts ultimately settled with Vogel in April, after the case was dropped without any admission or denial of wrongdoing. The Reinhart case is pending.

“Anyone can sue anyone at anytime for anything,” says Vogel’s Kollauf. In the pending Reinhart arbitration, he said, “we expect no liability to be ascribed to Vogel.”

DOUG BLACK, FOUNDER OF SPRINGREEF PARTNERS and the former chief operating officer of UBS Private Wealth Management in the U.S., is an independent advisor who helps families pick through these sorts of quagmires, teaching wealthy clients how to ask the right questions of their asset managers and advisors. He is alarmed by cases like these: “It’s certainly not something we see among great advisory firms.”

He adds that FOX, publicly presenting its “certified” list as the careful result of rigorous screening, “absolutely should be held accountable for the quality of the firms on the list and the accuracy of the data they present.”

Hamilton defended Vogel Consulting’s position on FOX’s list of leading advisors. “The investment process that was used by the Vogel organization” at the time of the Madoff-related claims has been completely “re-engineered” with the help of an outside advisory firm. “They have corrected the problem,” said Hamilton. Vogel confirmed it had changed its processes.

Becoming a top-notch multifamily office is a work in progress, requiring constant course corrections. But before singling Vogel out as the best of the best, it seems prudent to wait a significant period of time to ensure that its new monitoring system has really proven itself to be reliable. That’s what an experienced family would do.

FOX could best serve its important industry role by demanding clarity on behalf of the families it serves. GenSpring FamilyOffices, founded in 1989, is also a FOX member. Its FOX profile on the starred list claimed the firm’s assets under management were $10.3 billion, assets under advisement $20.7 billion, and it had a three-year compound annual growth rate in assets of 39%. According to GenSpring’s regulatory Form ADV, and Financial Advisor magazine’s 2009 ranking of independent advisors, we calculated the U.S. firm (not including its much smaller international affiliate) had a 3% fall in assets over three years, not a 39% jump.

When Penta spoke to Hamilton back in June, she told us her team carefully scrutinized wealth advisor firms’ assets in an effort to determine their financial stability. FOX was looking to see “how much is going out the back door as well as coming in the front door” before deciding if firms were good enough to go on the FOX list.

Our calls again prompted some scrambling. “Since we submitted the numbers to FOX,” a GenSpring spokesman wrote us, “our compliance and finance departments have recently changed the way we internally calculate AuA and AuM based on SEC guidelines.” GenSpring now says that as of May, 2012, the two firms have $17.8 billion in assets under advisement, 14% less than the $20.7 billion it previously reported to FOX.

Which gets us back to FOX. More unsettling about FOX’s list is a small-print disclaimer on its Website: “The listing of any firm in the Advisor directory, as well as any related profile, presentation or other information on this site, does not constitute a recommendation or endorsement by FOX of any firm listed therein.” So what about all that vetting and qualitative analysis? Hamilton says that the disclaimer was posted on the insistence of her lawyers, and we shouldn’t read too much into it. Whatever.

Barron’s struggles with the messy issues of these lists all the time; it’s easy to make mistakes. But, in this case, there is a blatant and built-in conflict of interest. The lengthy FOX profiles of the firms — appearing to the general public to be intelligence culled from FOX’s careful and “editorially independent screening” — are in fact little more than purchased ads, in one form or another. They should be labeled as such. Hamilton now says she will put a little box at the top of the list’s page that says something to that effect. Chalk that up as one small win for the transparency movement.

E-mail:
editors@barrons.com

 

Tags:

Saturday, July 28th, 2012 EN No Comments

Looking For Trouble

June Hedge Funds: Best, Worst, Biggest

Event-driven hedge-fund managers can’t complain about a lack of opportunities. Near-zero interest rates, a U.S. fiscal cliff, possible euro-zone sovereign defaults and banking collapses, Middle-Eastern uprisings, and sputtering global growth are just some of the general categories of disruption in the stock and bond markets.

Sixty-seven year-old Peter Schoenfeld thinks they make for some of the most exciting markets of the post-war era. “The world is confusing, but we like it when it’s confusing,” says the head of Peter Schoenfeld Asset Management’s WorldArb Partners Fund. “There are still big issues out there and that’s reflected in the portfolio. We look for short-dated events, where we can capture inefficient pricing of risk around the globe. In our minds, there are a lot of inefficiencies where slight nervousness causes exaggerated responses in stocks and transactions.”

Enlarge Image

imageimage
Gary Spector for Barron’s

Tracking the news, Schoenfeld (second from right) and team (from left): Peter Falkner, Jim Malley, Richard Bilotti and Doug Polley.

To give you a better idea of where the hot spots lie: Recent purchases include Irish and Scottish bank bonds, a U.S. mortgage lender’s bank loan, a company doing business with LightSquared, the now-bankrupt wireless phone network that’s dragged down hedge-fund manager Phil Falcone’s Harbinger Capital Partners, as well as a number of busted private-equity deals.

FOUNDED IN 1997 when it broke off from Schroder Wertheim, Peter Schoenfeld Asset Management oversees roughly $2 billion in assets. Its $1.4 billion PSAM WorldArb fund seeks to exploit these pricing anomalies in securities of firms involved in corporate, tax, or regulatory events—such as takeovers, bankruptcies, liquidations, and spinoffs. The fund has three basic strategies for its 40-80 positions, split into thirds—merger, credit, and special situations, all of which are hedged.

The bull market in breaking news has been good for returns. WorldArb Partners returned 5.3% in the first quarter of 2012 and posted average annual compound returns of 12.4% over three years ended 2011. Since its inception in 1998, WorldArb has returned 7.7% annually after fees, which are hedge funds’ typical 2% of assets and 20% of performance. The SP 500 has returned 3.9% annually over the same period.

The soft-spoken, articulate Schoenfeld is a life-long New Yorker who grew up in upper Manhattan’s Washington Heights and earned his undergraduate and M.B.A. degrees downtown at New York University in the 1960s. He first worked at the investment-banking firm White Weld and his last job before leaving the ranks of big investment banks was vice chairman of Schroder Wertheim.

In his long career, he doesn’t recall a period quite like this. “What’s different this time is we’ve had zero interest rates, and no one has lived through that before.” Even worse than the recent bouts of volatility, adds Schoenfeld, are the large and unusual risks—”like the world’s biggest trading blocks coming to grips with the undoing of the dream in Europe.”

WorldArb has used the uncertainty to buy debt and equity securities of some unpopular names at bargain-basement prices. Here are some of the highlights:

Anglo Irish Bank and Royal Bank of Scotland Group (ticker: RBS): The fund bought Anglo Irish bonds in the summer of 2011, at a discount of up to 30%, and the bonds were paid back at par. The firm bought Bank of Ireland 2013 bonds in the high 80s last year and still holds some; those bonds are trading in the high 90s, plus a 4.625% coupon.

They bought Royal Bank of Scotland preferreds last summer that were trading at $11 to $12 and are now trading at $19, plus a coupon of 6.4%.

ResCap: In the spring, the fund’s research team and portfolio managers Peter Faulkner and James Malley became more bullish on the recovery in U.S. housing, investing in some discounted bonds of the bankrupt subprime-mortgage unit of Ally Financial, a former part of General Motors (GM). ResCap plans to sell most of its assets to Fortress Investment Group (FIG). Berkshire Hathaway (BRK/A) has said it will make an offer for the company’s mortgages. The hedge fund supports ResCap’s reorganization; it bought secured bonds at prices in the mid-70s with a coupon of 9.625% that are expected to be repaid at about 105.

Realogy: In 2007, Leon Black’s private-equity outfit Apollo Global Management had taken Realogy private just before the housing bubble broke. WorldArb stepped in amid the ensuing crisis and purchased 11% convertible bonds maturing in 2018 after the company, which owns real-estate brands such as Century 21 and Coldwell Banker, got in trouble. Realogy filed in June to raise $1 billion in an initial public offering. Schoenfeld’s fund will exit from the convertibles at the time of the IPO either by converting to stock or by redeeming the bonds. Meantime, WorldArb gets a 13.5% current yield.

Energy Future Holdings, formerly known as Texas utility TXU: WorldArb a year ago began buying the distressed secured and unsecured bonds of the company, which was taken private by buyout specialists KKR, TPG Capital and the private-equity arm of Goldman Sachs, in the world’s biggest LBO, $43.2 billion, on the eve of the financial crisis in 2007. The sharp drop in natural-gas prices has limited the hugely indebted company’s ability to repay its bondholders.

Chesapeake Energy (CHK): WorldArb owns bonds issued by the energy outfit, whose CEO Aubrey McClendon stirred controversy with his huge pay package and rapid expansion of natural-gas exploration as prices plummeted. Schoenfeld Co. also bought a portion of an unsecured bridge loan issued to the energy giant by Goldman Sachs and Jefferies in May 2012. The $3 billion loan carries an implied interest rate of 8.5% that ratchets up above 10% at the end of this year.

TNT Express (TNTE.Netherlands) and United Parcel Service (UPS): As part of its merger arbitrage activity, the fund is betting that the U.S. logistics company can complete the $6.3 billion (about $12.51 a share) purchase of the Dutch outfit within a few months. “We’ve had our doubts about approval [by European regulators], but the better odds are they will,” says Doug Polley, a credit portfolio manager at the firm. A fall decision is expected.

Liberty Media (LMCA): WorldArb bought shares on the expectation that Chairman John Malone will ultimately spin off Sirius XM Radio (SIRI). Distributing Sirius stock to Liberty shareholders via a spinoff could allow the company to avoid paying taxes on the sale via a stock swap. Based on Malone’s prior spinoffs, special-situations portfolio manager Rich Bilotti estimates the resulting Liberty shares could be worth at least 50% more than the current market value.

Inmarsat (ISAT.U.K.) It bought stock in the satellite and spectrum firm based on an expected shortage of U.S. radio spectrum. Bilotti learned that Inmarsat, which had leased 40% of its spectrum to bankrupt wireless phone-network LightSquared, has protection in the proceedings. Inmarsat shareholders early in 2012 panicked, and the stock fell to 365 pence ($5.75) a share. WorldArb sees another 30% to 100% upside in the price, and sees it a safe way to invest in radio spectrum. The stock’s now at about 490 pence.

Yahoo! (YHOO): The fund started buying stock before activist investor Dan Loeb of Third Point took aim at the company. Schoenfeld says he’s extremely happy with the new board, and thinks new CEO Marissa Mayer will “try to monetize some of their investments. We think if executed properly the stock should be trading in the low to mid 20s,” up from $15.95 last week.

The tumult in Europe, says Schoenfeld, has obscured some potentially interesting investments in the U.S. For instance, he expects the prospect of higher taxes after the U.S. presidential election to prompt a lot of dividend payouts to be declared right at the end of 2012. “Europe has distracted everyone from the U.S.” That’s exactly the kind of event Schoenfeld looks for.

E-mail:
editors@barrons.com

Tags:

Saturday, July 28th, 2012 EN No Comments

Bryn Mawr Bank Reports Sharp Increase in Wealth Management Revenue

Advertisement

Bryn Mawr Bank Corp., a community bank based in Bryn Mawr, Pa., reported a sharp increase in revenue from wealth management services in the second quarter of 2012 thanks to its acquisition of Davidson Trust Company in May. 

Like what you see? Click here to sign up for our daily newsletter to get the latest on advisor market trends, investment management, retirement planning, practice management, technology, compliance and new product development.

Wealth management services brought in $7.2 million in revenue, up 42.1% from the $5.1 million generated in the same quarter in 2011, the bank announced in a press release.

The acquisition of Davidson Trust helped boost Bryn Mawr’s assets under management, administration, supervision and brokerage  to $6.3 billion, up 30%, from a year earlier.  The growth was also due to the division’s strategic initiatives, Ted Peters, the company’s chairman and CEO, said during an earnings conference call Friday.

“We expect this transaction to have a positive effect on our bottom line,” Peters said.

The Davidson Trust acquisition together with the acquisition of the Private Wealth Management Group of the Hershey Trust Company in May 2011, however, increased expenses related to salaries and employees benefits for the quarter.  Salaries and employee benefits climbed $1.8 million, or 21.8%, as compared to year-ago quarter, due to staffing and annual salary increases, along with increases in health insurance costs, the company said.

Still, the company saw significant savings on the expense side since the Davidson Trust acquisition, even though Davidson has had only one–and-a-half month of contribution , Frank Leto, executive vice president and head of the bank’s Wealth Management Division, said during the call. “We expect to continue to see more [savings] as we consolidate Davidson into the division, ” he said.

Overall, the company reported strong earnings for the quarter, generating $5.3 million in net income, up 9.5% from $4.8 million in the year-ago quarter.  The earnings were driven by the boost in revenue from wealth management services as well as a gain on sale of residential mortgage loans and a decrease in the provision for loan and lease losses.

Bryn Mawr Bank is based in Bryn Mawr, Pa., and has $1.77 billion in corporate assets and $4.83 billion in trust and investment assets under management and administration.  The community bank has 17 branches serving residents and businesses in the affluent “Main Line” suburbs of Pennsylvania.

Tags:

Friday, July 27th, 2012 EN No Comments

BMO Investments Inc. Announces Portfolio Management Change

BMO Investments Inc. today announced that, effective on or about September 4, 2012, Pyrford International Limited will no longer serve as the sub-advisor for BMO Global Tactical ETF Class, a class of shares of BMO Global Tax Advantage Funds Inc.

BMO Asset Management Inc., the portfolio manager for the fund since the fund’s inception, will assume all responsibility for the entire portfolio.

About BMO Investments Inc.

BMO Investments Inc. is a member of BMO Financial Group and part of the organization’s Private Client Group (PCG). BMO’s group of wealth management businesses, PCG, serves a full range of client segments from mainstream to ultra-high net worth and institutional, with a broad offering of wealth management products and solutions including insurance products. PCG operates in both Canada and the United States, as well as in Asia and Europe, and had total assets under management and administration of $445 billion as at April 30, 2012.


jQuery(‘.nrelate_default’).removeClass(‘nrelate_default’);

ETF BASIC NEWS

Tags:

Friday, July 27th, 2012 EN No Comments

First Community Bancshares, Inc. Announces Second Quarter 2012 Results


<!– end javascript to email the article

–>


GlobeNewswire

BLUEFIELD, Va., July 27, 2012 (GLOBE NEWSWIRE) — First Community Bancshares, Inc. (Nasdaq:FCBC) (www.fcbinc.com) (the “Company”) today reported net income for the quarter and six months ended June 30, 2012, of $4.08 million and $10.08 million, respectively. Net income available to common shareholders totaled $3.80 million, or $0.20 per diluted common share, for the quarter ended June 30, 2012. Net income available to common shareholders totaled $9.51 million, or $0.52 per diluted common share, for the six months ended June 30, 2012. Net income for the quarter and six months ended June 30, 2012, was impacted by $3.42 million and $3.58 million, respectively, in merger related expenses. Excluding these and other nonrecurring charges, core earnings for the quarter and six months ended June 30, 2012, totaled $6.21 million and $12.28 million, respectively.

On July 25, 2012, the Company announced that the board of directors declared a quarterly cash dividend to common shareholders of eleven cents ($0.11) per common share. The quarterly dividend is payable to common shareholders of record on August 10, 2012, and is expected to be paid on or about August 24, 2012. The current year marks the 27th consecutive year of cash dividends to shareholders.

Second Quarter 2012 Highlights –

The Company completed the acquisition of Peoples Bank of Virginia (“Peoples”) on May 31, 2012, and acquired Waccamaw Bank (“Waccamaw”) on June 8, 2012, in a Federal Deposit Insurance Corporation (“FDIC”) assisted transaction. The Peoples and Waccamaw acquisitions added approximately $276.45 million and $500.43 million in total assets. Total assets increased $645.53 million, or 29.82%, compared with the fourth quarter of 2011.

Core earnings were $6.21 million, an increase of $2.50 million, or 67.25%, compared with the second quarter of 2011.

Core return on average assets was 1.06% and core return on average tangible common equity was 11.75% for the second quarter of 2012.

The tax equivalent net interest margin increased 10 basis points to 3.93% for the second quarter of 2012 compared with the second quarter of 2011.

The provision for loan losses was reduced $1.46 million, or 47.39%, compared with the second quarter of 2011.

Net charge-offs decreased $1.83 million, or 59.43%, compared with the second quarter of 2011.

The efficiency ratio for the second quarter of 2012 showed significant improvement at 57.58% compared to 60.07% for the second quarter of 2011.

Net Interest Income

Net interest income increased $1.73 million, or 9.74%, to $19.48 million for the second quarter of 2012 compared with the second quarter of 2011. The tax equivalent net interest margin increased 10 basis points to 3.93% for the second quarter of 2012 compared with 3.83% for the second quarter of 2011. Total interest income increased $847 thousand, or 3.63%, to $24.18 million for the second quarter of 2012 compared with the second quarter of 2011. The increase reflects the acquisitions of Peoples and Waccamaw during the second quarter of 2012. The tax equivalent yield on loans decreased to 5.56% while the average loan balance increased $138.46 million, or 10.08%, to $1.51 billion for the second quarter of 2012 compared with the second quarter of 2011.

Total interest expense decreased $883 thousand, or 15.82%, to $4.70 million for the second quarter of 2012 compared with the second quarter of 2011. Deposit costs decreased $913 thousand, or 27.89%, to $2.36 million for the second quarter of 2012 compared with the second quarter of 2011, which was primarily due to a 29 basis point decrease in the average rate paid on interest-bearing deposits. Borrowing costs increased $30 thousand, or 1.30%, to $2.34 million for the second quarter of 2012 compared with the second quarter of 2011. The average rate paid on interest-bearing liabilities decreased 24 basis points to 1.09% for the second quarter of 2012 compared with the second quarter of 2011. The average balance of interest-bearing liabilities increased $56.87 million, or 3.38%, to $1.74 billion for the second quarter of 2012 compared with the second quarter of 2011, which included a $51.26 million increase in average interest-bearing deposits and an $8.51 million increase in average Federal Home Loan Bank advances and other borrowings, primarily as a result of the Peoples and Waccamaw acquisitions during the second quarter of 2012.

Provision for Loan Losses

The provision for loan losses decreased $1.46 million, or 47.39%, to $1.62 million for the second quarter of 2012 and $2.15 million, or 45.81%, to $2.54 million for the first half of 2012, compared with the same periods of the prior year. The second quarter of 2012 marks the seventh consecutive quarter of provision decreases when compared to the prior year’s comparable quarter.

Noninterest Income

Noninterest income decreased $3.02 million, or 26.58%, to $8.34 million for the second quarter of 2012 compared with the second quarter of 2011, which was largely due to a reduction in the realized net gain on sale of securities. The Company realized a $9 thousand net loss on sale of securities for the second quarter of 2012, which was $3.23 million less than the net gain reported for the second quarter of 2011. Wealth management revenues remained stable, increasing $10 thousand, or 1.08%, for the second quarter of 2012 compared with the second quarter of 2011. The Trust and Wealth Management Divisions reported $883 million in assets under management as of June 30, 2012. Service charges on deposit accounts remained stable, decreasing $24 thousand for the second quarter of 2012 compared with the second quarter of 2011. Insurance commissions decreased $225 thousand, or 14.41%, to $1.34 million for the second quarter of 2012 compared with the same quarter of 2011, which is reflective of agency offices sold as part of strategic realignment during the third quarter of 2011.

Noninterest Expense

Noninterest expense increased $2.39 million, or 13.50%, to $20.13 million for the second quarter of 2012 compared with the second quarter of 2011, due largely to merger related costs associated with the Peoples and Waccamaw acquisitions. Salaries and employee benefits increased $207 thousand, or 2.38%, to $8.89 million for the second quarter of 2012 compared with the second quarter of 2011. The Peoples and Waccamaw acquisitions accounted for an increase in salaries and employee benefits of $100 thousand and $392 thousand, respectively, during the second quarter of 2012. Occupancy, furniture, and equipment expense increased $152 thousand, or 6.14%, to $2.63 million for the second quarter of 2012 compared with the second quarter of 2011. FDIC premiums and assessments decreased $124 thousand, or 29.95%, to $290 thousand for the second quarter of 2012 compared with the second quarter of 2011. Other operating expense decreased $1.19 million, or 20.13%, to $4.71 million for the second quarter of 2012 compared with the second quarter of 2011. During the second quarter of 2012, the Company incurred merger related expenses of $3.42 million in connection with the acquisition of Peoples and Waccamaw. Other operating expense included losses on sales and expenses associated with other real estate owned of $270 thousand for the second quarter of 2012 compared to $1.74 million for the second quarter of 2011. The efficiency ratio for the second quarter of 2012 showed significant improvement at 57.58% compared to 60.07% for the second quarter of 2011.

Allowance for Loan Losses and Credit Quality on Non-covered Loans

Non-covered loans and other real estate owned are those assets not covered by the loss share agreement between the FDIC and the Bank in relation to the acquisition of Waccamaw. The allowance for loan losses on non-covered loans decreased to $26.17 million at June 30, 2012, compared with $26.21 million at December 31, 2011, and $26.48 million at June 30, 2011. The allowance for loan losses on non-covered loans as a percentage of non-covered loans decreased to 1.66% at June 30, 2012, compared with 1.88% at December 31, 2011, and 1.93% at June 30, 2011. For the second quarter of 2012, net charge-offs decreased $1.83 million, or 59.43%, compared with the second quarter of 2011. Annualized net charge-offs as a percentage of average loans were 0.38% for the second quarter of 2012, which represents a decrease of 51 basis points compared with the second quarter of 2011 continuing a general downward trend in net charge-off activity.

Non-covered delinquent loans, comprised of loans 30 days or more past due and nonaccrual loans, as a percentage of total non-covered loans measured 2.64% at June 30, 2012, compared to 2.12% for the same period of the prior year. Non-covered nonaccrual loans increased to $31.27 million at June 30, 2012, compared with $24.49 million at December 31, 2011, and $22.04 million at June 30, 2011. The increases in non-covered delinquent and nonaccrual loans are due primarily to the Peoples acquisition. At quarter end, the Company’s non-covered nonperforming loans as a percentage of total non-covered loans were 2.02% and non-covered nonperforming assets as a percentage of total non-covered assets were 1.43%. Nonperforming assets included $469 thousand in unseasoned, accruing troubled debt restructurings and $10.26 million in other real estate owned, of which $5.33 million was covered by the loss share agreement, at June 30, 2012.

Balance Sheet and Capital

Consolidated assets totaled $2.81 billion as of June 30, 2012, an increase of $645.53 million, or 29.82%, compared with $2.16 billion at December 31, 2011. Consolidated liabilities totaled $2.47 billion as of June 30, 2012, an increase of $609.55 million, or 32.79%, compared with $1.86 billion at December 31, 2011. Total stockholders’ equity increased to $341.71 million as of June 30, 2012, compared with $305.73 million at December 31, 2011. Book value per as-converted common share increased to $16.03 for the quarter ended June 30, 2012, compared with $15.96 for the quarter ended December 31, 2011. Tangible book value per common share decreased $0.35, or 3.07%, to $11.05 compared with the fourth quarter of 2011. During the second quarter of 2012, the Company paid an $0.11 per share cash dividend on common shares, which is a 10% increase over the $0.10 per share cash dividend paid during the first quarter of 2012.

The Company significantly exceeds regulatory “well capitalized” targets as of June 30, 2012, with a total risk-based capital ratio of 14.95%, Tier 1 risk-based capital ratio of 13.70%, and a Tier 1 leverage ratio of 11.12%.

Business Combinations

On June 8, 2012, the Company entered into a purchase and assumption agreement with a loss share arrangement with the FDIC to purchase certain assets and assume substantially all of the customer deposits and certain liabilities of Waccamaw. Waccamaw, a full service community bank headquartered in Whiteville, North Carolina, operated sixteen branches throughout North and South Carolina. At acquisition, Waccamaw had total assets of approximately $500.43 million, loans of approximately $318.32 million, and deposits of approximately $414.13 million. Under the loss share agreements, the FDIC has agreed to cover 80% of most loan and foreclosed real estate losses. All assets acquired and liabilities assumed are recorded at estimated fair value on the date of acquisition. As a result of the acquisition and the preliminary purchase price allocation, approximately $10.12 million was recorded as goodwill, which represents the excess fair market value of the net assets acquired and indentified intangibles over the purchase price. The Company and the FDIC are engaged in ongoing discussions that may impact which assets and liabilities are ultimately acquired or assumed by the Company.

On May 31, 2012, the Company completed the acquisition of Peoples, based in Richmond, Virginia. Peoples, a full service community bank headquartered in Richmond, Virginia, operated four branches throughout the Richmond, Virginia, area. At acquisition, Peoples had total assets of approximately $276.45 million, loans of approximately $184.84 million, and deposits of approximately $232.75 million. Under the terms of the merger agreement, shares of Peoples were exchanged for $6.08 in cash and 1.07 shares of the Company’s common stock, resulting in a purchase price of approximately $40.53 million. As a result of the acquisition and the preliminary purchase price allocation, approximately $8.90 million was recorded as goodwill, which represents the excess fair market value of the net assets acquired and indentified intangibles over the purchase price.

The fair value estimates used in each of the Waccamaw and Peoples acquisitions are considered preliminary, and are subject to change for up to one year after the closing date of the acquisition as additional information relative to closing date fair values may become available. The fair value marks applied to both Waccamaw and Peoples’ loan portfolios currently consist of expected credit losses only. The Company is currently in the process of finalizing a fair value mark related to interest rates.

Non-GAAP Financial Measures

The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). This press release also refers to certain non-GAAP financial measures that the Company believes provide investors with important information, when used in conjunction with results presented in accordance with GAAP, regarding our operational performance.

Core earnings are a non-GAAP financial measure that excludes certain items from net income. Excluded items include gains, losses, and impairment losses on securities; goodwill and intangible impairment; amortization of intangibles; taxes; and other nonrecurring income and expense items. Management believes that core earnings provide the Company and investors a valuable tool to evaluate the Company’s financial results.

The efficiency ratio is a non-GAAP financial measure that is computed by dividing adjusted noninterest expense by the sum of tax equivalent net interest income and adjusted noninterest income. Management believes this measure provides investors with important information about the Company’s operating expense control and efficiency of operations. Management also believes this ratio focuses attention on the core operating performance of the Company over time and is highly useful in comparing period-to-period operating performance of core business operations. The efficiency ratio used by the Company may not be comparable to efficiency ratios reported by other financial institutions.

Tangible book value per common share is a non-GAAP financial measure that is defined as stockholders’ equity less goodwill and other intangibles, divided by as-converted common shares outstanding. Average tangible common equity is a non-GAAP financial measure that is defined as average stockholders’ equity less average goodwill, other intangibles, and the preferred liquidation preference.

Investor Relations

The Company will host an investor and media teleconference and webcast on Friday, July 27, 2012, at 11:00 a.m. To access the teleconference, the toll-free number is (877) 407-8033. Individuals may listen to the live or archived webcast of the conference call. To listen to the webcast, visit www.fcbinc.com and follow the link under the Investor Relations section. The Company’s press release and financial summary will be available in this section, as well. Copies of the Company’s second quarter 2012 earnings press release and financial summary will be made available upon request via fax, email, or postal service mail. To request a copy, contact David D. Brown, Chief Financial Officer, at (276) 326-9000.

About First Community Bancshares, Inc.

First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.81 billion financial holding company and the parent company of First Community Bank. First Community Bank operates seventy-four banking locations throughout Virginia, West Virginia, North Carolina, South Carolina, and Tennessee. First Community Bank offers wealth management and investment services through its Trust Division and First Community Wealth Management, a registered investment advisory firm. The Trust Division and First Community Wealth Management managed assets with a market value of $883 million as of June 30, 2012. The Company is also the parent company of Greenpoint Insurance Group, Inc., a full-service insurance agency headquartered in High Point, North Carolina, that operates six insurance offices throughout Virginia, West Virginia, and North Carolina. The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol, “FCBC”. Additional investor information can be found on the Company’s website at www.fcbinc.com.

The First Community Bancshares, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6960

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

FIRST COMMUNITY BANCSHARES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

 

 

 

 

 

Three Months Ended

Six Months Ended

 

June 30,

June 30,

(Amounts in thousands, except share and per share data)

2012

2011

2012

2011

Interest income

 

 

 

 

Interest and fees on loans held for investment

 $ 20,853

 $ 20,094

 $ 40,221

 $ 40,549

Interest on securities — taxable

 2,001

 1,850

 4,080

 4,383

Interest on securities — nontaxable

 1,256

 1,291

 2,452

 2,824

Interest on deposits in banks

 72

 100

 111

 169

Total interest income

 24,182

 23,335

 46,864

 47,925

Interest expense

 

 

 

 

Interest on deposits

 2,360

 3,273

 4,765

 7,153

Interest on short-term borrowings

 589

 621

 1,184

 1,261

Interest on long-term borrowings

 1,749

 1,687

 3,454

 3,482

Total interest expense

 4,698

 5,581

 9,403

 11,896

Net interest income

 19,484

 17,754

 37,461

 36,029

Provision for loan losses

 1,620

 3,079

 2,542

 4,691

Net interest income after provision for loan losses

 17,864

 14,675

 34,919

 31,338

Noninterest income

 

 

 

 

Wealth management income

 940

 930

 1,834

 1,824

Service charges on deposit accounts

 3,329

 3,353

 6,342

 6,384

Other service charges and fees

 1,564

 1,461

 3,149

 2,867

Insurance commissions

 1,336

 1,561

 2,912

 3,504

Net impairment losses recognized in earnings

 —

 —

 —

 (527)

Net (loss) gain on sale of securities

 (9)

 3,224

 42

 5,060

Other operating income

 1,183

 834

 2,055

 1,750

Total noninterest income

 8,343

 11,363

 16,334

 20,862

Noninterest expense

 

 

 

 

Salaries and employee benefits

 8,892

 8,685

 17,114

 17,814

Occupancy expense of bank premises

 1,654

 1,568

 3,180

 3,215

Furniture and equipment

 975

 909

 1,786

 1,824

Amortization of intangible assets

 189

 261

 422

 520

FDIC premiums and assessments

 290

 414

 612

 1,292

FHLB debt prepayment fees

 —

 —

 —

 471

Merger related expense

 3,419

 —

 3,582

 —

Other operating expense

 4,713

 5,901

 9,629

 10,665

Total noninterest expense

 20,132

 17,738

 36,325

 35,801

Income before income taxes

  6,075

 8,300

 14,928

 16,399

Income tax expense

 1,997

 2,572

 4,849

 4,920

Net income

 4,078

 5,728

  10,079

 11,479

Dividends on preferred stock

 283

 131

 566

 131

Net income available to common shareholders

 $ 3,795

 $ 5,597

 $  9,513

 $ 11,348

 

 

 

 

 

Basic earnings per common share

 $ 0.20

 $ 0.31

 $ 0.52

 $ 0.63

Diluted earnings per common share

 $ 0.20

 $ 0.31

 $  0.52

 $ 0.63

Cash dividends per common share

 $ 0.11

 $ 0.10

 $ 0.21

 $ 0.20

 

 

 

 

 

Weighted average basic shares outstanding

 18,561,714

 17,895,904

 18,205,545

 17,882,006

Weighted average diluted shares outstanding

 19,909,242

 18,534,489

 19,549,582

 18,200,184

 

 

 

 

 

Return on average assets

0.65%

1.02%

0.84%

1.03%

Return on average common equity

5.00%

7.91%

6.41%

8.18%

 

 

FIRST COMMUNITY BANCSHARES, INC.

CONDENSED QUARTERLY STATEMENTS OF INCOME (Unaudited)

 

 

 

 

 

 

 

 As of and for the Quarter Ended

 

June 30,

March 31,

December 31,

September 30,

June 30,

(Amounts in thousands, except share and per share data)

2012

2012

2011

2011

2011

Interest Income

 

 

 

 

 

Interest and fees on loans held for investment

 $ 20,853

 $ 19,368

 $ 19,947

 $ 20,084

 $ 20,094

Interest on securities — taxable

 2,001

 2,079

 2,023

 1,711

 1,850

Interest on securities — nontaxable

 1,256

 1,196

 1,190

 1,180

 1,291

Interest on deposits in banks

 72

 39

  41

 75

 100

Total interest income

 24,182

 22,682

 23,201

 23,050

 23,335

Interest Expense

 

 

 

 

 

Interest on deposits

 2,360

 2,405

 2,637

 2,998

 3,273

Interest on short-term borrowings

 589

 595

 592

 611

 621

Interest on long-term borrowings

 1,749

 1,705

 1,706

 1,707

 1,687

Total interest expense

 4,698

 4,705

 4,935

 5,316

  5,581

Net interest income

 19,484

 17,977

 18,266

 17,734

 17,754

Provision for loan losses

 1,620

 922

 2,436

  1,920

 3,079

Net interest income after provision for loan losses

 17,864

 17,055

 15,830

 15,814

 14,675

Noninterest Income

 

 

 

 

 

Wealth management income

 940

 894

 818

 868

 930

Service charges on deposit accounts

 3,329

 3,013

 3,450

 3,404

 3,353

Other service charges and fees

 1,564

 1,585

 1,429

 1,426

 1,461

Insurance commissions

 1,336

 1,576

 1,170

 1,523

 1,561

Net impairment losses recognized in earnings

 —

 —

 (1,548)

 (210)

 — 

Net (loss) gain on sale of securities

  (9)

 51

 26

 178

 3,224

Other operating income

 1,183

 872

 1,261

 877

 834

Total noninterest income

 8,343

 7,991

 6,606

 8,066

 11,363

Noninterest Expense

 

 

 

 

 

Salaries and employee benefits

 8,892

 8,222

  7,903

 8,409

 8,685

Occupancy expense of bank premises

 1,654

 1,526

 1,589

 1,476

 1,568

Furniture and equipment

 975

  811

 804

 862

 909

Amortization of intangible assets

 189

 233

 250

 250

 261

FDIC premiums and assessments

 290

 322

 344

 348

 414

Merger related expense

 3,419

 163

 — 

  — 

 — 

Goodwill impairment

 —

 —

 1,239

 — 

 — 

Other operating expense

 4,713

 4,916

 4,925

 4,715

 5,901

Total noninterest expense

 20,132

 16,193

 17,054

 16,060

 17,738

Income before income taxes

 6,075

  8,853

 5,382

 7,820

 8,300

Income tax expense

 1,997

 2,852

 2,151

 2,502

 2,572

Net income

 4,078

 6,001

 3,231

 5,318

 5,728

Dividends on preferred stock

 283

 283

 286

 286

 131

Net income available to common shareholders

 $ 3,795

 $ 5,718

 $ 2,945

 $ 5,032

 $ 5,597

 

 

 

 

 

 

Basic earnings per common share

 $ 0.20

 $ 0.32

 $ 0.16

 $ 0.28

 $ 0.31

Diluted earnings per common share

 $ 0.20

 $ 0.31

 $ 0.17

 $ 0.28

 $ 0.31

Cash dividends per common share

 $ 0.11

 $ 0.10

 $ 0.10

 $ 0.10

 $ 0.10

 

 

 

 

 

 

Weighted average basic shares outstanding

 18,561,714

 17,849,376

 17,849,286

 17,896,534

 17,895,904

Weighted average diluted shares outstanding

 19,909,242

 19,189,923

 19,159,090

 19,205,634

 18,534,489

 

 

FIRST COMMUNITY BANCSHARES, INC.

RECONCILIATION OF GAAP NET INCOME TO CORE EARNINGS (Unaudited)

 

 

 

 

 

 

Three Months Ended

Six Months Ended

 

June 30,

June 30,

 

2012

2011

2012

2011

(Amounts in thousands, except per share data)

 

 

 

 

Net income, GAAP

 $ 4,078

 $ 5,728

 $ 10,079

 $ 11,479

Non-GAAP adjustments:

 

 

 

 

Net impairment losses recognized in earnings

 —

 —

 —

 527

Net loss (gain) on sale of securities

 9

 (3,224)

 (42)

 (5,060)

FHLB debt prepayment fees

 —

 —

 —

 471

Merger related expense

 3,419

 —

 3,582

 —

Total adjustments to core earnings

 3,428

 (3,224)

 3,540

 (4,062)

Tax effect

 1,296

 (1,209)

 1,338

 (1,523)

Core earnings, non-GAAP

 $ 6,210

 $ 3,713

 $ 12,281

 $ 8,940

 

 

 

 

 

Core return on average assets

1.06%

0.68%

1.09%

0.82%

Core return on average common equity

8.19%

5.25%

8.28%

6.45%

Core return on average tangible common equity

11.75%

7.70%

11.84%

9.53%

Core diluted earnings per common share

$0.31

$0.20

$0.63

$0.49

 

 

FIRST COMMUNITY BANCSHARES, INC.

EFFICIENCY RATIO CALCULATION (Unaudited)

 

 

 

 

 

 

Three Months Ended

Six Months Ended

 

June 30,

June 30,

 

2012

2011

2012

2011

(Amounts in thousands)

 

 

 

 

Noninterest expense, GAAP

 $ 20,132

 $ 17,738

 $ 36,325

 $ 35,801

Non-GAAP adjustments:

 

 

 

 

FHLB debt prepayment fees

 —

 —

  —

 (471)

Merger related expenses

 (3,419)

 —

 (3,582)

 —

OREO expense and net loss

 (270)

 (1,743)

 (1,091)

 (1,999)

Adjusted noninterest expense

 16,443

 15,995

 31,652

 33,331

 

 

 

 

 

Net interest income, GAAP

 19,484

 17,754

 37,461

 36,029

Noninterest income, GAAP

 8,343

 11,363

 16,334

 20,862

Non-GAAP adjustments:

 

 

 

 

Tax equivalency adjustment

 722

 736

 1,405

  1,602

Net impairment losses recognized in earnings

 —

 —

 —

 527

Net loss (gain) on sale of securities

 9

 (3,224)

 (42)

 (5,060)

Adjusted net interest and noninterest income

 28,558

 26,629

 55,158

 53,960

 

 

 

 

 

Efficiency Ratio

57.58%

60.07%

57.38%

61.77%

 

 

FIRST COMMUNITY BANCSHARES, INC.

CONDENSED QUARTERLY BALANCE SHEETS (Unaudited)

 

 

 

 

 

 

 

 For the Quarter Ended

 

June 30,

March 31,

December 31,

September 30,

June 30,

 

2012

2012

2011

2011

2011

(Amounts in thousands)

 

 

 

 

 

Cash and due from banks

 $ 54,494

 $ 36,555

 $ 34,578

 $ 38,776

 $ 31,451

Federal funds sold

 64,815

 61,328

 1,909

 103,179

 162,629

Interest-bearing deposits in banks

 36,856

 11,729

 10,807

 6,365

 36,539

Total cash and cash equivalents

 156,165

  109,612

 47,294

 148,320

 230,619

Securities available-for-sale

 523,700

 478,352

 482,430

 449,387

 349,976

Securities held-to-maturity

 4,202

 2,874

 3,490

 3,342

 4,106

Loans held for sale

 1,179

 3,522

 5,820

 3,575

 920

Loans held for investment, net of unearned income:

 

 

 

 

 

Covered under loss share agreements

 232,946

 —

 —

 —

 —

Not covered under loss share agreements

 1,574,427

 1,386,525

 1,396,067

 1,374,656

 1,373,944

Less allowance for loan losses

 26,171

 25,800

 26,205

 26,407

 26,482

Loans, net

 1,782,381

 1,364,247

 1,375,682

 1,351,824

 1,348,382

Property, plant, and equipment, net

 60,829

 54,616

 54,721

 54,860

 55,808

Other real estate owned:

 

 

 

 

 

Covered under loss share agreements

 5,325

 —

 —

 —

 —

Not covered under loss share agreements

  4,938

 3,829

 5,914

 5,942

 5,585

Interest receivable

 8,396

 5,886

 6,193

 6,264

 6,202

Goodwill

 102,234

 83,056

 83,056

 83,832

 85,132

Intangible assets

 3,903

 4,093

 4,326

 4,576

 5,205

Other assets

 158,248

 96,704

 101,683

 111,745

 115,385

Total assets

 $2,810,321

 $2,203,269

 $2,164,789

 $2,220,092

 $2,206,400

 

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing

 $ 340,895

 $ 253,352

 $ 240,268

 $ 233,683

 $ 219,488

Interest-bearing

 335,686

 307,136

 275,156

 295,804

 271,622

Savings

 494,516

 397,850

 394,707

 396,767

 405,409

Time

 934,110

 621,412

 633,336

 664,237

 683,157

Total deposits

 2,105,207

 1,579,750

 1,543,467

 1,590,491

 1,579,676

Interest, taxes, and other liabilities

 22,465

 23,203

 20,452

 20,030

 20,563

Securities sold under agreements to repurchase

 148,367

  124,266

 129,208

 139,510

 137,778

FHLB advances

 176,000

 150,000

 150,000

 150,000

 150,000

Other borrowings

 16,571

 15,925

  15,933

 15,941

 16,179

Total liabilities

 2,468,610

 1,893,144

 1,859,060

 1,915,972

 1,904,196

 

 

 

 

 

 

Preferred stock

 18,921

 18,921

 18,921

 18,921

 18,921

Common stock

 20,240

 18,083

 18,083

 18,083

 18,083

Additional paid-in capital

 212,510

 188,149

 188,118

 188,243

 188,278

Retained earnings

 99,418

 97,588

 93,656

 92,498

 89,257

Treasury stock, at cost

 (5,672)

 (5,721)

  (5,721)

 (5,651)

 (5,137)

Accumulated other comprehensive loss

 (3,706)

 (6,895)

 (7,328)

 (7,974)

 (7,198)

Total stockholders’ equity

 341,711

 310,125

 305,729

 304,120

 302,204

Total liabilities and stockholders’ equity

 $2,810,321

 $2,203,269

 $2,164,789

 $2,220,092

 $2,206,400

 

 

 

 

 

 

Shares outstanding at period end

 20,008,181

  17,849,376

 17,849,376

 17,869,514

 17,917,824

Book value per common share at period end (1)

 $ 16.03

 $ 16.19

 $ 15.96

 $ 15.86

 $ 16.87

Tangible book value per common share at period end (2)

 $ 11.05

 $ 11.64

 $ 11.40

 $ 11.25

 $ 11.82

 

 

 

 

 

 

(1) Book value per common share is defined as stockholders’ equity divided by as-converted common shares outstanding.

(2) Tangible book value per common share is defined as stockholders’ equity less goodwill and other intangibles divided by as-converted common shares outstanding.

 

 

FIRST COMMUNITY BANCSHARES, INC.

SELECTED CREDIT QUALITY INFORMATION (Unaudited)

 

 

 

 

 

 

 

As of and for the Quarter Ended

 

June 30,

March 31,

December 31,

September 30,

June 30,

(Amounts in thousands)

2012

2012

2011

2011

2011

Allowance for Loan Losses on Non-covered Loans

 

 

 

 

 

Beginning balance

 $ 25,800

 $ 26,205

 $ 26,407

 $ 26,482

 $ 26,482

Provision for loan losses

 1,620

 922

 2,436

 1,920

 3,079

Charge-offs

 (1,613)

 (1,562)

 (2,915)

 (3,062)

 (3,456)

Recoveries

 364

 235

 277

 1,067

 377

Net charge-offs

 (1,249)

 (1,327)

 (2,638)

 (1,995)

 (3,079)

Ending balance

 $ 26,171

 $ 25,800

 $ 26,205

 $ 26,407

 $ 26,482

 

 

 

 

 

 

Summary of Asset Quality

 

 

 

 

 

Non-covered portfolio

 

 

 

 

 

Nonaccrual loans

 $ 31,274

 $  24,617

 $ 24,487

 $ 22,877

 $ 22,037

Accruing loans past due 90 days or more

 —

 —

 —

 —

 —

Troubled debt restructurings (“TDRs”) (1)

 469

 2,668

 600

 964

 878

Total non-covered nonperforming loans

 31,743

 27,285

 25,087

 23,841

 22,915

Other real estate owned (“OREO”) not covered under FDIC loss share agreements

 4,938

 3,829

 5,914

 5,942

 5,585

Total non-covered nonperforming assets

 $ 36,681

 $ 31,114

 $ 31,001

 $ 29,783

 $ 28,500

Covered portfolio

 

 

 

 

 

Nonaccrual loans

 $ 28,890

 $ —

 $ —

 $ —

 $ —

Accruing loans past due 90 days or more

 —

 —

 —

 —

 —

Total covered nonperforming loans

 28,890

 —

 —

 —

 —

OREO covered under FDIC loss share agreements

 5,325

 —

  —

 —

 —

Total covered nonperforming assets

 34,215

 —

 —

 —

 —

Total nonperforming assets

 $ 70,896

 $ 31,114

 $ 31,001

 $ 29,783

 $ 28,500

 

 

 

 

 

 

Performing TDRs (2)

 $ 6,995

 $ 7,052

 $ 8,854

 $ 11,234

 $ 16,233

Total TDRs (3)

 $ 7,464

 $ 9,720

 $ 9,454

 $ 12,198

 $ 17,111

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

Excluding covered assets

 

 

 

 

 

Nonperforming loans to total loans

2.02%

1.97%

1.80%

1.73%

1.67%

Nonperforming assets to total assets

1.43%

1.41%

1.43%

1.34%

1.29%

Allowance for loan losses to nonperforming loans (4)

82.45%

94.56%

104.46%

110.76%

115.57%

Allowance for loan losses to non-covered total loans

1.66%

1.86%

1.88%

1.92%

1.93%

Annualized net charge-offs to average loans

0.38%

0.38%

0.76%

0.58%

0.90%

Including covered assets

 

 

 

 

 

Nonperforming loans to total loans

3.35%

1.97%

1.80%

1.73%

1.67%

Nonperforming assets to total assets

2.52%

1.41%

1.43%

1.34%

1.29%

Allowance for loan losses to nonperforming loans

43.16%

94.56%

104.46%

110.76%

115.57%

Allowance for loan losses to total loans

1.45%

1.86%

1.88%

1.92%

1.93%

 

 

 

 

 

 

(1) Accruing TDRs restructured within the past six months

(2) Accruing TDRs with six months or more of satisfactory payment performace

(3) Accruing nonperforming and performing TDRs

(4) In accordance with GAAP, the Company recorded no allowance for the Peoples’ loan portfolio because the fair value of the acquired loans incorporates assumptions regarding credit risk. The Company recorded a downward fair value adjustment of approximately $17.43 million on the loans acquired from Peoples in the second quarter of 2012.

 

 

FIRST COMMUNITY BANCSHARES, INC.

SELECTED FINANCIAL INFORMATION (Unaudited)

 

 

 

 

 

 

 

As of and for the Quarter Ended

 

June 30,

March 31,

December 31,

September 30,

June 30,

 

2012

2012

2011

2011

2011

Selected Ratios

 

 

 

 

 

Return on average assets

0.65%

1.06%

0.54%

0.91%

1.02%

Return on average common equity

5.00%

7.88%

4.06%

6.94%

7.91%

Net interest margin

3.93%

3.91%

3.93%

3.77%

3.83%

Efficiency ratio for the quarter

57.58%

57.18%

56.73%

57.97%

60.07%

Efficiency ratio year-to-date

57.38%

57.18%

59.56%

60.52%

61.77%

Total equity to total assets

12.16%

14.08%

14.12%

13.70%

13.70%

Average earning assets to average assets

87.68%

88.24%

88.27%

88.39%

88.11%

Average loans to average deposits

88.57%

89.85%

89.45%

87.15%

85.57%

 

 

 

 

 

 

(Amounts in thousands)

 

 

 

 

 

Average Balances

 

 

 

 

 

Loans

 $ 1,512,451

 $ 1,394,246

 $ 1,392,650

 $ 1,379,144

 $ 1,373,988

Investment securities

 490,219

 481,595

 479,638

 417,291

 386,706

Earning assets

 2,069,799

 1,918,366

 1,913,768

 1,936,720

 1,935,470

Total assets

 2,360,567

 2,174,004

 2,168,166

 2,191,145

 2,196,691

Total deposits

 1,707,613

 1,551,728

 1,556,990

 1,582,481

 1,605,694

Interest-bearing deposits

 1,437,548

 1,312,865

 1,320,186

 1,357,938

 1,386,292

Borrowings

 303,474

 290,015

 295,303

 300,751

 297,857

Interest-bearing liabilities

 1,741,022

 1,602,880

 1,615,489

 1,658,689

 1,684,149

Stockholders’ equity

 323,994

 310,795

 306,779

 306,524

 291,474

Tax equivalent net interest income

 20,206

  18,660

 18,947

 18,410

 18,490

 

 

FIRST COMMUNITY BANCSHARES, INC.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

2012

2011

 

Average

 

Average Yield/

Average

 

Average Yield/

(Amounts in thousands)

Balance

Interest (1)

Rate (1)

Balance

Interest (1)

Rate (1)

Assets

 

 

 

 

 

 

Earning assets

 

 

 

 

 

 

Loans (2)

 $ 1,512,451

 $ 20,897

5.56%

 $ 1,373,988

 $ 20,134

5.88%

Securities available-for-sale

 486,742

 3,872

3.20%

 382,385

 3,747

3.93%

Securities held-to-maturity

 3,477

 63

7.29%

 4,321

 90

8.35%

Interest-bearing deposits

 67,129

 72

0.43%

 174,776

 100

0.23%

Total earning assets

 2,069,799

 24,904

4.84%

 1,935,470

 24,071

4.99%

Other assets

 290,768

 

 

 261,221

 

 

Total assets

 $ 2,360,567

 

 

 $ 2,196,691

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Interest-bearing deposits

 

 

 

 

 

 

Demand deposits

 $ 296,647

 $ 43

0.06%

 $ 279,912

 $ 113

0.16%

Savings deposits

 421,331

 119

0.11%

 414,439

 241

0.23%

Time deposits

 719,570

 2,198

1.23%

 691,941

 2,919

1.69%

Total interest-bearing deposits

 1,437,548

 2,360

0.66%

 1,386,292

 3,273

0.95%

Borrowings

 

 

 

 

 

 

Retail repurchase agreements

 74,651

 110

0.59%

 81,736

 141

0.69%

Wholesale repurchase agreements

 54,194

 469

3.48%

 50,000

 468

3.75%

FHLB advances and other borrowings

 174,629

 1,759

4.05%

 166,121

 1,699

4.10%

Total borrowings

 303,474

  2,338

3.10%

 297,857

 2,308

3.11%

Total interest-bearing liabilities

 1,741,022

 4,698

1.09%

 1,684,149

 5,581

1.33%

Noninterest-bearing demand deposits

 270,065

 

 

 219,402

 

 

Other liabilities

 25,486

 

 

 1,666

 

 

Total liabilities

 2,036,573

 

 

 1,905,217

 

 

Stockholders’ equity

 323,994

 

 

 291,474

 

 

Total liabilities and stockholders’ equity

 $ 2,360,567

 

 

 $ 2,196,691

 

 

Net interest income, tax equivalent

 

 $ 20,206

 

 

 $ 18,490

 

Net interest rate spread (3)

 

 

3.75%

 

 

3.66%

Net interest margin (4)

 

 

3.93%

 

 

3.83%

 

 

 

 

 

 

 

(1) Fully taxable equivalent at the rate of 35% (“FTE”). The FTE basis adjusts for the tax benefits of income on certain tax exempt loans and investments using the federal statutory rate of 35% for each period presented. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and nontaxable amounts.

(2) Nonaccrual loans are included in average balances outstanding, but with no related interest income during the period of nonaccrual.

(3) Represents the difference between the yield on earning assets and cost of funds.

(4) Represents tax equivalent net interest income divided by average earning assets.

 

 

FIRST COMMUNITY BANCSHARES, INC.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

2012

2011

 

Average

 

Average Yield/

Average

 

Average Yield/

(Amounts in thousands)

Balance

Interest (1)

Rate (1)

Balance

Interest (1)

Rate (1)

Assets

 

 

 

 

 

 

Earning assets

 

 

 

 

 

 

Loans (2)

 $ 1,453,348

 $ 40,304

5.58%

 $  1,378,233

 $ 40,629

5.94%

Securities available-for-sale

 482,550

 7,729

3.22%

 424,104

 8,544

4.06%

Securities held-to-maturity

 3,357

 125

7.49%

  4,432

 185

8.42%

Interest-bearing deposits

 54,827

 111

0.41%

 141,662

 169

0.24%

Total earning assets

 1,994,082

 48,269

4.87%

 1,948,431

 49,527

5.13%

Other assets

 273,203

 

 

 263,457

 

 

Total assets

 $ 2,267,285

 

 

 $ 2,211,888

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Interest-bearing deposits

 

 

 

 

 

 

Demand deposits

 $ 289,767

 $ 74

0.05%

 $ 275,781

 $ 324

0.24%

Savings deposits

 408,459

 229

0.11%

 421,046

 598

0.29%

Time deposits

  676,980

 4,462

1.33%

 705,632

 6,231

1.78%

Total interest-bearing deposits

 1,375,206

 4,765

0.70%

 1,402,459

 7,153

1.03%

Borrowings

 

 

 

 

 

 

Federal funds purchased

 985

 2

0.41%

 —

 —

0.00%

Retail repurchase agreements

 73,411

 224

0.61%

 85,191

 314

0.74%

Wholesale repurchase agreements

 52,097

 938

3.62%

 50,000

 935

3.77%

FHLB advances and other borrowings

 170,252

 3,474

4.10%

 172,117

  3,494

4.09%

Total borrowings

 296,745

 4,638

3.14%

 307,308

 4,743

3.11%

Total interest-bearing liabilities

 1,671,951

 9,403

1.13%

 1,709,767

 11,896

1.40%

Noninterest-bearing demand deposits

 254,464

 

 

 215,669

 

 

Other liabilities

 23,476

 

 

 2,995

 

 

Total liabilities

 1,949,891

 

 

 1,928,431

 

 

Stockholders’ equity

 317,394

 

 

 283,457

 

 

Total liabilities and stockholders’ equity

 $ 2,267,285

 

 

 $ 2,211,888

 

 

Net interest income, tax equivalent

 

 $ 38,866

 

 

 $ 37,631

 

Net interest rate spread (3)

 

 

3.74%

 

 

3.73%

Net interest margin (4)

 

 

3.92%

 

 

3.89%

 

 

 

 

 

 

 

(1) Fully taxable equivalent at the rate of 35% (“FTE”). The FTE basis adjusts for the tax benefits of income on certain tax exempt loans and investments using the federal statutory rate of 35% for each period presented. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and nontaxable amounts.

(2) Nonaccrual loans are included in average balances outstanding, but with no related interest income during the period of nonaccrual.

(3) Represents the difference between the yield on earning assets and cost of funds.

(4) Represents tax equivalent net interest income divided by average earning assets.

CONTACT: David D. Brown
(276) 326-9000

Source: First Community Bancshares, Inc.

<!–

Print

Email

–>

Tags:

Friday, July 27th, 2012 EN No Comments

Veteran Advisor Christopher G. Willett Joins Janney from Morgan Keegan

PHILADELPHIA–(BUSINESS WIRE)–Janney Montgomery Scott LLC (“Janney”), one of the nation’s largest
full-service regional financial services firms, today announced that
30-year industry veteran Christopher G. Willett has joined the firm as
Executive Vice President/Investments in Janney’s Atlanta branch office,
managed by Jeff Paulsen. Willett, a multi-million-dollar producer with
more than $200 million in client assets—also is joined by his team of
Account Executives Patricia Fleury, Steve Edwards and Geoffrey Deller.

“I am excited to embark on the next phase of my career at Janney and
look forward to growing my practice at a firm where meeting client needs
is the number one goal”

“Widely viewed by his peers as an industry leader, Chris’ long and
accomplished career is proof of his commitment to exceeding the
expectations of his clients,” said Jerry Lombard, president of the
firm’s Private Client Group. “With the wealth of knowledge and
experience he brings to our Atlanta office, unquestionably, he is a
tremendous addition to the Janney team.”

“I am excited to embark on the next phase of my career at Janney and
look forward to growing my practice at a firm where meeting client needs
is the number one goal,” Willett said. “And with an impressive and
lengthy history of stability, conservative operating philosophy and
dependable support resources, I’m confident that my clients will agree.”

Prior to joining Janney, Willett was associated with Morgan Keegan,
where he spent the last six years as Managing Director. Recognized in
his community, in 2009, he was nominated as the Southeast’s Business
Executive of the Year,
and is currently an active member of
the Asset Management Association, Better Business Bureau and Chamber of
Commerce.

With Willett’s hiring, Janney has added 22 Financial Advisors since the
beginning of the year. Since the end of June alone, the firm has added
five financial advisors, including Willet, reinforcing its position as a
destination for top-producing advisors.

Lombard continued, “Chris’ hiring is yet another example of our
continued commitment to growth through the addition of top quality and
highly driven individuals. We’re pleased to have him join our team and
anticipate welcoming many new advisors of a similar caliber as the year
continues.”

About Janney Montgomery Scott LLC

Established in 1832, Janney Montgomery Scott LLC, headquartered in
Philadelphia, Pa., provides comprehensive financial advice and superior
service to individual, corporate and institutional investors. A
full-service, financial services firm, Janney is committed to providing
our clients advice through a wealth management approach by focusing on
the delivery of strategic financial plans that utilize a variety of
financial products and services best suited to help meet their financial
goals. Janney is equally committed to providing our corporate and
institutional clients objective advice for the successful execution of
their unique business plans. Janney provides advice and service to
clients through a network of professionals in branch offices located
along the entire east coast. Janney is an independently operated
subsidiary of The Penn Mutual Life Insurance Company, one of the largest
mutual insurance companies in the nation, and is a member of the New
York Stock Exchange, Financial Industry Regulatory Authority and the
Securities Investor Protection Corporation.

Tags:

Thursday, July 26th, 2012 EN No Comments

Confluence adds to executive team

Todd Moyer, Confluence

Todd Moyer, Confluence








Paul J. Gough
Web Producer- Pittsburgh Business Times

Email
 | Twitter
 | LinkedIn
 | Google

Data management company Confluence hired Todd L. Moyer as senior vice president of global sales.

Moyer had been executive vice president of SunGard Wealth management. At Confluence, he’ll be in charge of sales strategy and execution in the U.S. and Europe.

“Todd is an accomplished strategist with an exceptionally strong track record of building sales organizations that accelerate revenue growth,” said Confluence Chairman/CEO Mark Evans in a prepared statement. “The addition of Todd’s skills, along with the recent restructuring of our senior management team, puts Confluence in strong position for continued growth in Europe and other markets around the world.”

Paul J. Gough is the web producer at the Pittsburgh Business Times, and he covers media. Contact him at pgough@bizjournals.com or (412) 208-3827. You can also follow him on Twitter.

Follow your favorites with My News

My News is a way to create a customized news feed based on companies and industries that matter to you.


Tags:

Thursday, July 26th, 2012 EN No Comments

Todd Moyer, SVP of Global Sales for Confluence (Photo: Business Wire)

Confluence, a leading provider of automated data management
solutions for the investment management industry, announced today that
industry veteran Todd L. Moyer has joined the company as Senior Vice
President of Global Sales. As the leader of Confluence’s global sales
strategy and execution, Moyer will be responsible for maximizing the
company’s revenue growth potential in U.S. and European markets. He will
also be working with Confluence’s new management team to capitalize on
expansion opportunities that fit the company’s global growth plans.

Todd Moyer, SVP of Global Sales for Confluence (Photo: Business Wire)

“Todd is an accomplished strategist with an exceptionally strong
track record of building sales organizations that accelerate revenue
growth,”said Mark Evans, Chairman and Chief Executive Officer. “The
addition of Todd’s skills, along with the recent restructuring of our
senior management team, puts Confluence in strong position for continued
growth in Europe and other markets around the world.”

Prior to joining Confluence, Moyer served as Executive Vice
President of SunGard’s Wealth management business, where he was
responsible for sales strategy and the delivery of integrated wealth
management solutions. During his time at SunGard, Moyer also held
several management positions in the areas of product development,
operations and client services.

“I am excited to join a company with such a strong reputation for
leadership and innovation in the asset management industry,” said Moyer.
“I look forward to building on the strength of our top tier client base
and talented team as we continue to expand Confluence’s global
footprint.”

Moyer joins recent new hire Janis Shaw, along with Dave Moore,
James “Skip” Smith and Dan Torrens, who were recently promoted to newly
created Senior Vice President leadership roles as part of company’s
global growth strategy.

Shaw recently joined the organization to oversee global human
resources in the new role of Vice President of People.
Shaw
is an experienced leader who has a strong track record of building
successful human resources functions for high growth companies, and will
play an integral role in Confluence’s global recruitment and expansion
efforts.
Prior to joining Confluence, she was Vice
President of Human Resources for German-based Draeger Safety, Inc. –
North America.

Moore, who joined the company in 2007, was promoted to Senior Vice
President of Professional Services. With more than 25 years of dedicated
financial services technology experience, Moore has transformed
Confluence’s Professional Services organization into a world-class
operation that completes implementation projects consistently on time
and on budget. Continuing his leadership in this area, he is responsible
for overseeing the Confluence and Professional Services operations.

Since joining Confluence in 2010, Smith has been instrumental in
executing the company’s global growth strategies, driving results for
clients through product innovation and increasing process discipline. In
his new position as Senior Vice President of Product Development, Smith
is responsible for leading the product management, product development
and project management organizations globally for Confluence.

With more than 15 years of fund services experience, Torrens will
continue to lead the company’s efforts to provide superior service,
expertise and products to its clients as the Senior Vice President of
Client Service. During his time with Confluence, Torren’s
accomplishments include the development and launch of the Unity
®
platform, the industry’s only unified platform to automate fund
administration processes, and the establishment of Confluence as a
global leader in client loyalty. He introduced the Net Promoter Score
(NPS) operating model as a company-wide discipline.

About Confluence

Founded in 1991, Confluence is a global leader in fund
administration automation. Confluence helps investment management
companies gain unprecedented control by automating every step of the
fund administration process—including the collection, creation,
confirmation, and delivery of investment product data. Results are lower
costs, reduced risk, decreased reporting turnaround times, and the
scalability to automate more processes without additional resources.
Confluence solutions are used by 40 percent of the leading global
investment managers, and more than 60 percent of U.S. mutual funds. The
Unity® platform from Confluence addresses a wide range of problems from
performance measurement to customized reporting for a full array of
domestic and international managed investment products, including mutual
funds, funds of funds, collective funds, separate accounts, and variable
products, as well as hedge funds and other alternative investments.
Headquartered in Pittsburgh, PA, Confluence serves the international
fund industry with key locations in San Francisco, CA, London and
Luxembourg. For more information, visit
www.confluence.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50355490lang=en

Tags:

Thursday, July 26th, 2012 EN No Comments

John Addeo Named Portfolio Manager For Manulife Asset Management


BOSTON, July 25, 2012 /PRNewswire via COMTEX/ —
John Addeo has been named Managing Director and Portfolio Manager on the Manulife Asset Management High Yield team, said Barry Evans, Chief Fixed Income Officer, Manulife Asset Management.

Mr. Addeo, whose appointment is effective immediately, will be based in Boston and report to Managing Director Dennis McCafferty who heads the High Yield team.

“We’re very pleased to add John to our organization. He is a value oriented fundamental investor with more than twenty years experience investing across the entire capital structure and credit spectrum,” Mr. Evans said. “He has a deep knowledge of the high yield market as well as a strong focus on risk management and capital preservation. At a time when investors are casting a wider net to find yield in the fixed income space, his addition further strengthens the depth and breadth of our already high-performing High Yield team.”

Before joining Manulife Asset Management, he had been an analyst and portfolio manager with MFS Investment Management, helping to manage several billion dollars in high yield institutional and investment fund assets. Before MFS, Mr. Addeo worked at Eaton Vance and Keystone Investments.

Mr. Addeo holds a Bachelor of Science in Computer Science from Siena College and is a chartered financial analyst.

About Manulife Asset Management

Manulife Asset Management(TM) is the global asset management arm of Manulife Financial. Manulife Asset Management provides comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. Manulife Asset Management also provides investment management services to affiliates’ retail clients through product offerings of Manulife and John Hancock. This investment expertise extends across a full range of asset classes including equity, fixed income and alternative investments such as real estate, timber, farmland, as well as asset allocation strategies.

Manulife Asset Management has offices with full investment capabilities in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia and the Philippines. In addition, it has a joint venture asset management business in China, Manulife TEDA. It also has operations in Australia, New Zealand, Brazil and Uruguay. John Hancock Asset Management, Hancock Natural Resource Group and Declaration Management and Research are units of Manulife Asset Management.

Manulife Asset Management was named a 2011 Bond Manager of the Year finalist in the United States by Money Management Intelligence (MMI) and Best Asian Bond House by Asia Asset Management.

As at March 31, 2012, assets under management were US$220 billion. Additional information about Manulife Asset Management may be found at ManulifeAM.com.

About Manulife Financial

Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$512 billion (US$512 billion) as at March 31, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.

SOURCE Manulife Asset Management

Copyright (C) 2012 PR Newswire. All rights reserved

Tags:

Wednesday, July 25th, 2012 EN No Comments

John Addeo Named Portfolio Manager For Manulife Asset Management


BOSTON, July 25, 2012 /PRNewswire via COMTEX/ —
John Addeo has been named Managing Director and Portfolio Manager on the Manulife Asset Management High Yield team, said Barry Evans, Chief Fixed Income Officer, Manulife Asset Management.

Mr. Addeo, whose appointment is effective immediately, will be based in Boston and report to Managing Director Dennis McCafferty who heads the High Yield team.

“We’re very pleased to add John to our organization. He is a value oriented fundamental investor with more than twenty years experience investing across the entire capital structure and credit spectrum,” Mr. Evans said. “He has a deep knowledge of the high yield market as well as a strong focus on risk management and capital preservation. At a time when investors are casting a wider net to find yield in the fixed income space, his addition further strengthens the depth and breadth of our already high-performing High Yield team.”

Before joining Manulife Asset Management, he had been an analyst and portfolio manager with MFS Investment Management, helping to manage several billion dollars in high yield institutional and investment fund assets. Before MFS, Mr. Addeo worked at Eaton Vance and Keystone Investments.

Mr. Addeo holds a Bachelor of Science in Computer Science from Siena College and is a chartered financial analyst.

About Manulife Asset Management

Manulife Asset Management(TM) is the global asset management arm of Manulife Financial. Manulife Asset Management provides comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. Manulife Asset Management also provides investment management services to affiliates’ retail clients through product offerings of Manulife and John Hancock. This investment expertise extends across a full range of asset classes including equity, fixed income and alternative investments such as real estate, timber, farmland, as well as asset allocation strategies.

Manulife Asset Management has offices with full investment capabilities in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia and the Philippines. In addition, it has a joint venture asset management business in China, Manulife TEDA. It also has operations in Australia, New Zealand, Brazil and Uruguay. John Hancock Asset Management, Hancock Natural Resource Group and Declaration Management and Research are units of Manulife Asset Management.

Manulife Asset Management was named a 2011 Bond Manager of the Year finalist in the United States by Money Management Intelligence (MMI) and Best Asian Bond House by Asia Asset Management.

As at March 31, 2012, assets under management were US$220 billion. Additional information about Manulife Asset Management may be found at ManulifeAM.com.

About Manulife Financial

Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$512 billion (US$512 billion) as at March 31, 2012. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at manulife.com.

SOURCE Manulife Asset Management

Copyright (C) 2012 PR Newswire. All rights reserved

Tags:

Wednesday, July 25th, 2012 EN No Comments