Profile: Integra Bank Corp (IBNKQ.PK)
5 Dec 2013
Integra Bank Corporation is a bank holding company that operates through its principal subsidiary, Integra Bank N.A. (the Bank), a national banking association. The Bank provides a range of financial services to the communities it serves in Indiana, Kentucky, Illinois and Ohio. These services include commercial, consumer and mortgage loans, lines of credit, credit, debit and gift cards, transaction accounts, time deposits, repurchase agreements, letters of credit, corporate treasury management services, correspondent banking services, mortgage servicing, annuity products and services, credit life and other selected insurance products, safe deposit boxes, online banking, and personal and corporate trust services. As of December 31, 2010, the Bank had 52 banking centers, and 100 automatic teller machines. The Bank also provides telephone banking services, and a suite of Internet-based products and services that can be found at its Website, http://www.integrabank.com.
As of December 31, 2010, the Bank’s net loans totaled $1,349,504,000. Commercial loans offered by the Bank include commercial, industrial and agricultural, tax exempt, lease financing, commercial real estate (CRE), and construction and development loans. As of December 31, 2010, approximately 75% of the Bank’s loan portfolio consisted of commercial and industrial, agricultural, construction and commercial real estate loans. As of December 31, 2010, the Bank’s non-owner occupied CRE portfolio was managed by three areas, with $429,941,000 being formerly managed by its commercial lending team, its CRE line of business, $140,678,000 managed by its Chicago region and the remainder managed in its community banking markets. As of December 31, 2010, the Bank’s primary property-type concentration was in retail projects at $154,871,000, or 25%, of the total CRE portfolio, which includes direct loans or participations in larger loans primarily for stand-alone retail buildings for large national or regional retailers with national and regional tenants.
As of December 31, 2010, the Bank’s second concentration was multi-family at $115,150,000 or 186%, of the total CRE portfolio. Its third concentration is for land acquisition and development at $97,378,000 or 15.7%, of the total, which represents both commercial development and residential development. Finally, the Bank’s fourth concentration at $69,912,000, or 11.3%, is to the single-family residential and construction category, 77% of which is in the Chicago area. As of December 31, 2010, $280,626,000, or 45.3%, of the CRE portfolio is located in its core market states of Indiana, Kentucky, and Illinois. CRE loan balances in Chicago were $139,043,000 as of December 31, 2010. CRE balances from its former CRE line of business in Cincinnati, Ohio were $425,757,000 as of December 31, 2010. The Bank offers residential mortgage loans and home equity lines of credit (HELOC). HELOC loans are generally collateralized by a second mortgage on the customer’s primary residence. Consumer loans offered by Bank include both direct and indirect loans.
The securities portfolio represents the Bank’s earning asset after loans and serves as a liquidity source. As of December 31, 2010, securities in its investment portfolio were classified as either available-for-sale or trading. As of December 31, 2010, available-for-sale investment securities totaled $528,904,000, and consisted of the United States Treasury securities, securities of the United States Government agencies, collateralized mortgage obligations (CMOs), mortgage-backed securities, trust preferred securities, securities of state and political subdivisions, and other securities. Mortgage-backed securities and CMOs represented 887% of the available-for-sale securities portfolio at December 31, 2010.
Sources of Funds
As of December 31, 2010, deposits totaled $1,989,879,000. The various types of deposits offered by the Bank include non-interest-bearing demand deposits, interest checking accounts, money market accounts, retail certificates of deposit, savings accounts and public fund time deposits. Short-term borrowings totaled $59,893,000 at December 31, 2010. Short-term borrowings primarily include federal funds purchased (which are purchased from other financial institutions, generally on an overnight basis) securities sold under agreements to repurchase (which are collateralized transactions acquired in national markets, as well as from its commercial customers as a part of a cash management service), and short-term Federal Home Loan Bank (FHLB) advances.
Long-term borrowings have original maturities greater than one year, and include long-term advances from the FHLB, securities sold under repurchase agreements, term notes from other financial institutions, floating-rate unsecured subordinated debt and trust preferred securities. Long-term borrowings totaled $347,847,000 at December 31, 2010.
Integra Bank Corp
21 S.E. Third Street,
P.O. Box 868
EVANSVILLE IN 47705-0868