Citizens Republic Bancorp Inc. (CRBC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Citizens Republic Bancorp Inc. has a market cap of $481.1 million; its shares were traded at around $1.22 with and P/S ratio of 0.8. CRBC is in the portfolios of Arnold Schneider of Schneider Capital Management.
The Corporations long-term debt to equity ratio was 107.5% as of March 31, 2010 compared with 113.7% at December 31, 2009 and 131.7% at March 31, 2009. Changes in deposit obligations and short-term and long-term debt during the first quarter of 2010 are further discussed in the sections titled Deposits and Borrowed Funds. The Corporation believes that it has sufficient liquidity to meet presently known short and long-term cash-flow requirements arising from ongoing business transactions.
Rate sensitive assets repricing within one year exceeded rate sensitive liabilities repricing within one year by $1.2 billion or 10.6% of total assets as of March 31, 2010 compared with $845.7 million or 7.4% of total assets at December 31, 2009. This position is consistent with the asset sensitive position at December 31, 2009. These results incorporate the impact of off-balance sheet derivatives and reflect interest rates consistent with March 31, 2010 levels. Repricing gap analysis is limited in its ability to measure interest rate sensitivity, as embedded options can change the repricing characteristics of assets, liabilities, and off-balance sheet derivatives in different interest rate scenarios, thereby changing the repricing position from that outlined above. Further, basis risk is not captured by repricing gap analysis.
Net interest income simulations were performed as of March 31, 2010 to evaluate the impact of market rate changes on net interest income over the subsequent 12 months assuming expected changes in balance sheet composition over that time period. If market interest rates were to increase immediately by 100 or 200 basis points (a parallel and immediate shift of the yield curve) net interest income would be expected to increase by 1.0% and 2.7%, respectively, from what it would be if rates were to remain at March 31, 2010 levels. Net interest income simulation for 100 and 200 basis point parallel declines in market rates were not performed at March 31, 2010, as the results would not have been meaningful given the current levels of short-term market interest rates. These measurements represent more exposure to rising interest rates than at December 31, 2009. This is the result of received fixed rate swap maturities moving under one year and the maturity and extension of time deposits. Net interest income is not only affected by the level and direction of interest rates, but also by the shape of the yield curve, pricing spreads in relation to market rates, balance sheet growth, the mix of different types of assets and liabilities, and the timing of changes in these variables. Scenarios different from those outlined above, whether different by timing, level, or a combination of factors, could produce different results.
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Citizens Republic Bancorp Inc. has a market cap of $481.1 million; its shares were traded at around $1.22 with and P/S ratio of 0.8. CRBC is in the portfolios of Arnold Schneider of Schneider Capital Management.
Highlight of Business Operations:
Citizens maintains a strong liquidity position due to its on-balance sheet liquidity sources and very stable funding base comprised of approximately 73% deposits, 12% long-term debt, 11% equity, and 4% short-term liabilities and liabilities of discontinued operations. Citizens loan-to-deposit ratio, another measure of liquidity, continues to improve with levels of 87.7%, 91.6%, and 99.0% at March 31, 2010, December 31, 2009, and March 31, 2009, respectively. Citizens also has access to high levels of untapped liquidity through collateral-based borrowing capacity provided by portions of both the loan and investment securities portfolios. Also, securities available-for-sale and money market investments can be sold for cash to provide additional liquidity, if necessary. Citizens parent company cash totaled $109.8 million at March 31, 2010 as compared with $110.7 million at December 31, 2009. Citizens monitors the relationship between cash obligations and available cash resources, and believes that the Holding Company has sufficient liquidity to meet its currently anticipated short and long-term needs.The Corporations long-term debt to equity ratio was 107.5% as of March 31, 2010 compared with 113.7% at December 31, 2009 and 131.7% at March 31, 2009. Changes in deposit obligations and short-term and long-term debt during the first quarter of 2010 are further discussed in the sections titled Deposits and Borrowed Funds. The Corporation believes that it has sufficient liquidity to meet presently known short and long-term cash-flow requirements arising from ongoing business transactions.
Rate sensitive assets repricing within one year exceeded rate sensitive liabilities repricing within one year by $1.2 billion or 10.6% of total assets as of March 31, 2010 compared with $845.7 million or 7.4% of total assets at December 31, 2009. This position is consistent with the asset sensitive position at December 31, 2009. These results incorporate the impact of off-balance sheet derivatives and reflect interest rates consistent with March 31, 2010 levels. Repricing gap analysis is limited in its ability to measure interest rate sensitivity, as embedded options can change the repricing characteristics of assets, liabilities, and off-balance sheet derivatives in different interest rate scenarios, thereby changing the repricing position from that outlined above. Further, basis risk is not captured by repricing gap analysis.
Net interest income simulations were performed as of March 31, 2010 to evaluate the impact of market rate changes on net interest income over the subsequent 12 months assuming expected changes in balance sheet composition over that time period. If market interest rates were to increase immediately by 100 or 200 basis points (a parallel and immediate shift of the yield curve) net interest income would be expected to increase by 1.0% and 2.7%, respectively, from what it would be if rates were to remain at March 31, 2010 levels. Net interest income simulation for 100 and 200 basis point parallel declines in market rates were not performed at March 31, 2010, as the results would not have been meaningful given the current levels of short-term market interest rates. These measurements represent more exposure to rising interest rates than at December 31, 2009. This is the result of received fixed rate swap maturities moving under one year and the maturity and extension of time deposits. Net interest income is not only affected by the level and direction of interest rates, but also by the shape of the yield curve, pricing spreads in relation to market rates, balance sheet growth, the mix of different types of assets and liabilities, and the timing of changes in these variables. Scenarios different from those outlined above, whether different by timing, level, or a combination of factors, could produce different results.
Read the The complete Report
