Search
On updates baseball tickets Monday, July nationals baseball game examines 27, 2009, the Company will hold aconference call at 10:00 a.m Central (11:00 a.m Eastern) to discuss the secondquarter 2009 results. In California, $5.5million in loans were moved to nonperforming status, which was partially offsetby reductions of $790,000.On a linked-quarter basis, ORE increased by approximately $15.1 million comparedwith March 31, 2009, which included $16.6 million of new foreclosed propertiespartially offset by $6.2 million of ORE sales in Texas, and a net increase of$4.6 million in California.Net nonperforming assets, which are total nonperforming assets net of theportion of loans guaranteed by the Small Business Administration, the ExportImport Bank of the United States, or the Overseas Chinese Community GuarantyFund, at June 30, 2009 were $55.6 million compared with $55.8 million atDecember 31, 2008. The declinein nonperforming assets in Texas consists primarily of sales of other realestate ("ORE") assets, and $6.6 million in pay-offs and resolutions ofnonperforming loans, which were partially offset by a $3.7 million increase inloans that moved to non-accrual status during the quarter. On a linked-quarter basis,total nonperforming assets decreased $4.7 million to $57.7 million at June 30,2009 compared with $62.4 million at March 31, 2009. The ratio of netnonperforming assets to total assets decreased to 3.45% at June 30, 2009 from3.53% at December 31, 2008, but increased from 0.54% at June 30, 2008.On a linked-quarter basis, Texas total nonperforming assets decreased by $10.7million, partially offset by a $6.0 million increase in California. The allowance for loan losses as a percent of total loans was 1.84% atJune 30, 2009 and 1.80% at December 31, 2008, and increased compared with 1.18%at June 30, 2008.Net charge-offs for the three months ended June 30, 2009 were $1.7 million or0.13% of total loans compared with net charge-offs of $533,000 or 0.04% of totalloans for the three months ended June 30, 2008.
The increase was primarily due to an increase in nonperforming assetssince June 30, 2008 and higher net charge-offs for the second quarter of 2009.On a linked-quarter basis, the provision for loan losses in the second quarterof 2009 decreased primarily as a result of lower charge-offs in the secondquarter compared with higher than normal charge-offs during the first quarter of2009 buy nationals tickets . Salaries andemployee benefits expense for the three and six months ended June 30, 2009declined primarily due to streamlined operations and decreases in bonus accrual,stock-based compensation expense, and employee health care benefit expenses nationals baseball tickets . Salaries and employee benefits expense for the sixmonths ended June 30, 2009 was $10.6 million, a decrease of $1.8 million or14.4% compared with $12.4 million for the same period in 2008 nationals cap . This new guidance requires thatcredit-related OTTI on securities be recognized through earnings whilenoncredit-related OTTI be recognized through equity nationals caps . Noncredit-related OTTI onsecurities of $881,000 pre-tax was recognized through equity.The FDIC assessment was $1.4 million and $1.7 million for the three and sixmonths ended June 30, 2009, an increase of $1.3 million and $1.5 million,respectively from the same periods in 2008, primarily due to the one-timespecial FDIC assessment and the higher assessment rate effective in 2009.Salaries and employee benefits expense for the three months ended June 30, 2009was $5.2 million, a decrease of $688,000 or 11.6% compared with $5.9 million forthe same period in 2008.
For thethree and six months ended June 30, 2009, decreases in salaries and employeebenefit expenses (further described below) and other-than-temporary impairment("OTTI") charges were partially offset by increases in expenses related to theFDIC assessment and foreclosed assets.In the second quarter of 2009, a $59,000 write down of investment securities wasrecorded through earnings for OTTI, in accordance with the adoption of FSP FAS115-2 and FAS 124-2 on April 1, 2009 discount nationals tickets . The decrease for the three and six monthsended June 30, 2009 was primarily due to declines in gain on sale of loans, gainon securities transactions and service fees, partially offset by an increase inother noninterest income that was the result of rental income received on otherreal estate property and an increase in the cash value of bank owned lifeinsurance.Noninterest expense for the three months ended June 30, 2009 was $12.1 million,an increase of $335,000 or 2.8% compared with the same period in 2008.Noninterest expense for the six months ended June 30, 2009 was $22.7 million, adecrease of $57,000 or 0.25% compared with the same period in 2008 nationals game tickets . Noninterest incomefor the six months ended June 30, 2009 was $3.9 million, down $639,000 or 14.2%compared with the same period in 2008 nationals hat . The cost of other borrowingsfor the six months ended June 30, 2009 was 2.32% compared with 2.70% for thesame period of 2008.Noninterest income and expenseNoninterest income for the three months ended June 30, 2009 was $1.9 million,down $440,000 or 18.5% compared with the same period in 2008 nationals hats . Other borrowings decreased primarily due to liquidityprovided by deposit growth and funds from the CPP. Average other borrowings,consisting primarily of borrowings from the FHLB but excluding juniorsubordinated debentures, were $46.0 million for the six months ended June 30,2009, a decrease of $85.9 million or 65.1% compared with $131.9 million for thesame period of 2008. The cost ofinterest-bearing deposits for the six months ended June 30, 2009 was 2.76%compared with 3.73% for the same period of 2008.
Average interest-bearing deposits were$1.15 billion for the six months ended June 30, 2009 compared with $991.4million for the same period of 2008, an increase of 16.1% hotels near washington nationals stadium . KKR has all along stated its aim to list on the New YorkStock Exchange (NYX.N), although Friday's documents did alsonote that Nasdaq (NDAQ.O) is an option KKR's rival Blackstoneis listed on the NYSE nationals memorabilia . FUND DATA The documents also gave details of the value of some ofKKR's biggest investments in various portfolio companies as ofMarch 31 nationals baseball game . The biggest is discount retailer Dollar General, valued at$1.6 billion nationals baseball tickets . KKR wrote up the value of its investment inDollar General in March, compared with December, and there hasbeen speculation about whether it will seek an initial publicoffering for the discount store. Other investment valuations it listed for March 31 includedFirst Data, at $1.5 billion; Alliance Boots at $1.4 billion;HCA Inc at $1.1 billion; Biomet at $1 billion and Energy FutureHoldings -- formerly known as TXU -- at $1 billion.
The data revealed the difficulty private equity firms havehad investing their dollars in the absence of leverage national baseball tickets . Private equity dollars invested dropped to $3.2 billion for theyear ended December 31, according to the document, a decreaseof $11.7 billion, or 78.5 percent, from the previous year nationals cap . KKR has plenty of available funds left to invest --traditional private equity funds had $14.9 billion of remainingunused capital commitments at the end of the year, it said nationals caps . It disclosed that its latest buyout fund -- a $17.6 billionfund it finished raising in 2006 -- has $5.5 billion left tospend . KKR is likely to start raising its next buyout fund in2010, sources previously told Reuters and Thomson Reuters'private equity website peHUB. It also detailed that KKR principals will remainresponsible for any "clawback" obligations relating todistributions they received prior to the KPE deal, up to arepayment obligation as of June 30 of $224 million.
- In: General