Allegiant Bancorp, Inc. Reports Net Income Increased 7% in 2003.Business Editors ST. LOUIS--(BUSINESS WIRE)--Jan. 21, 2004 Allegiant al·le·giance n. 1. Loyalty or the obligation of loyalty, as to a nation, sovereign, or cause. See Synonyms at fidelity. 2. The obligations of a vassal to a lord. Bancorp, Inc. (Nasdaq:ALLE ALLE Alberta Language Learning Environment (University of Calgary, Canada) ) (www.allegiantbank.com), the largest bank holding company exclusively serving the St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. metropolitan area, today reported that its net income for 2003 totaled
$22.9 million, an increase of 7% from the $21.4 million reported for the
year ended December December: see month. 31, 2002. Diluted earnings per share diluted earnings per shareAn earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the year were $1.32 compared to $1.33 in 2002. Diluted earnings per share in 2003 reflected the impact of 2.1 million shares of common stock issued in our secondary public stock offering in April 2003, partially offset by 974,150 shares of treasury stock acquired in connection with the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of our former Ste. Genevieve Ste. Genevieve can refer to:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. $568,000 or 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . On November November: see month. 20, 2003, we announced that we had entered into an Agreement and Plan of Merger with National City Corporation. Under the Merger Agreement and subject to its terms and conditions, Allegiant will be merged with and into National City, with National City being the surviving corporation. In connection with the merger, at the election of the holder, each outstanding share of our common stock will be converted into (1) $27.25 in cash, (2) 0.833 shares of National City common stock, or (3) a combination thereof, subject to reallocation Noun 1. reallocation - a share that has been allocated again allocation, allotment - a share set aside for a specific purpose 2. reallocation if Allegiant's shareholders elect to receive more than 49% of the aggregate value of the merger consideration in cash. Allegiant currently anticipates the merger will close in late first quarter or early second quarter of 2004. Net interest income increased 5.2% for the year ended December 31, 2003 compared to 2002. This growth was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a $164.9 million, or 8.1%, increase in average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin which primarily resulted from a $199.6 million, or 12.7%, increase in average loans, as loan growth in our market remained strong. As a result of the lower interest rate environment experienced in 2003, our net interest margin decreased slightly in 2003 to 3.10% compared to 3.19% in 2002. The net interest margin for the fourth quarter of 2003 improved to 3.14% from 3.12% for the third quarter this year and 3.05% for the fourth quarter of 2002. Contributing to this improvement was lower cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. resulting from maturing higher cost deposits, disciplined loan pricing and a reduction in the premium amortization from mortgage-related securities. Non-interest income for the twelve months ended December 31, 2003 totaled $26.9 million, representing an increase of 15.4% from $23.3 million in 2002. The growth in non-interest income was primarily attributable to a 17.7% increase in mortgage banking revenues as we reported record levels of loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , an increase of 74.1% in fee income from our wealth management business reflecting the acquisition of Allegiant Investment Counselors in the fourth quarter of 2002, coupled with an increase in securities gains of $1.1 million, or 24.7%. In addition, non-interest income in 2003 included gains of approximately $765,000 related to the sale of branch real estate and a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. claim settlement from a prior acquisition. Non-interest income in 2002 included a $600,000 gain on the sale of a pool of mortgage loans acquired in the Southside Southside or South Side may refer to the following: Places United Kingdom and Ireland
Non-interest expense for the twelve months ended December 31, 2003 totaled $53.5 million, representing an increase of 12.2% from $47.7 million in 2002. The increased expenses in 2003 primarily reflected the ongoing expenses related to the acquisition of Allegiant Investment Counselors, increased professional fees associated with the roll-out of our Project 2004 profit improvement and cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. initiative, increased insurance expense, increased foreclosed property costs and merger-related expenses associated with the pending merger with National City Corporation. In addition, non-interest expense for 2003 reflected increased expense associated with the Company's investment in a community reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. fund, higher commissions expense related to mortgage banking activities and a severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when charge recognized in the first quarter of 2003. Foreclosed property costs increased $1.3 million in 2003 primarily due to write-downs and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. related to two hotel properties. Merger-related expenses totaled $874,000 and consisted primarily of investment banking and other professional fees. Non-interest expense in the fourth quarter of 2003 totaled $14.4 million compared to $13.1 million in the fourth quarter of 2002. This increase was primarily related to the merger-related expenses. Our efficiency ratio was 56.2% for 2003 compared to 54.0% for 2002. At December 31, 2003, our assets totaled $2.5 billion, a 2.0% increase from December 31, 2002. Total loans increased to $1.8 billion, or 8.0%, reflecting the strong loan growth in our market. Deposits totaled $1.7 billion at December 31, 2003, a decrease of $59.5 million, or 3.4%, from December 31, 2002. The decrease in deposits was primarily due to the March 31, 2003 divestiture of our former Ste. Genevieve bank, which at the time of disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of reported deposits of approximately $93.9 million. The loan to deposit ratio was 107.7% at December 31, 2003 compared to 96.3% at December 31, 2002. At December 31, 2003, shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $198.6 million, an increase of 18.7% from December 31, 2002, reflecting the 2.1 million shares issued in connection with our April 2003 stock offering, partially offset by the cost of 974,150 shares of treasury stock re-acquired in connection with the divestiture of our former Ste. Genevieve bank. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering totaled $31.9 million. As of December 31, 2003, our ratio of non-performing assets to total assets was 0.79% compared to 0.68% at December 31, 2002. At December 31, 2003, our non-performing assets totaled $19.4 million compared to $16.3 million at December 31, 2002. Net charge-offs for 2003 were 0.42% of average loans outstanding compared to 0.51% of average loans outstanding for the year ended December 31, 2002. The allowance for loan losses totaled $19.7 million at December 31, 2003 compared to $19.6 million at December 31, 2002. The percentage of the allowance for loan losses to total loans was 1.07% at December 31, 2003 compared to 1.15% at December 31, 2002. The loan reserve coverage to non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. was 109.6% at December 31, 2003 compared to 125.1% at December 31, 2002. The Board of Directors and management of Allegiant understand its responsibility to administer To give an oath, as to administer the oath of office to the president at the inauguration. To direct the transactions of business or government. Immigration laws are administered largely by the Immigration and Naturalization Service. and maintain an adequate system of internal controls. These controls are designed to assist in maintaining a strong policy of corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. within the organization including accurate and timely financial reporting. Allegiant's records and systems are subject to external and internal audits with findings reported to the audit committee and the board. In addition, as a bank holding company, Allegiant and its subsidiary banks are subject to regular examinations by the Federal Reserve Board, the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and the Division of Finance of the State of Missouri. Allegiant Bancorp, Inc. is the largest publicly held bank holding company headquartered in the St. Louis, Missouri metropolitan area and the parent company of Allegiant Bank. Allegiant has 36 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking locations, with at least one branch located within a 20-minute drive from all principal sectors of the St. Louis, Missouri metropolitan area. Allegiant focuses on providing banking services to small and mid-sized businesses and individuals by offering a full range of banking services, including mortgage banking, private banking, brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services, insurance products and wealth management and other fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. services in addition to traditional retail and commercial loan and
deposit products.Certain statements in this release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc present or future trends or factors affecting the banking industry and, specifically, the operations, markets and products of Allegiant Bancorp, Inc., may be deemed to be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Allegiant's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Additional discussion of factors affecting Allegiant's business and prospects is contained in Allegiant's periodic and other filings with the Securities and Exchange Commission. Allegiant undertakes no obligation to report revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to these forward-looking statements or reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release.
Allegiant Bancorp, Inc.
Financial Highlights
4Q-03 4Q-02 % change
----------- ----------- ---------
(Dollars in thousands except per share data)
Operating Results
Interest income $29,334 $30,639 -4.3%
Interest expense 11,767 14,283 -17.6%
----------- -----------
Net interest income 17,567 16,356 7.4%
Provision for loan losses 2,584 3,089 -16.3%
Service charges 1,892 1,917 -1.3%
Mortgage banking revenue 757 1,166 -35.1%
Wealth management fees 1,645 1,129 45.7%
Bank-owned life insurance 189 422 -55.2%
Net gain on sale of securities 951 2,345 -59.4%
Other income 1,158 1,134 2.1%
----------- -----------
Total noninterest income 6,592 8,113 -18.7%
Salaries and benefits 6,839 7,298 -6.3%
Occupancy 1,007 959 5.0%
Equipment 895 941 -4.9%
Amortization 295 271 8.9%
Foreclosed property costs 376 181 107.7%
Other expenses 4,963 3,400 46.0%
----------- -----------
Total noninterest expense 14,375 13,050 10.2%
----------- -----------
Income before income taxes 7,200 8,330 -13.6%
Provision for income taxes 2,212 2,612 -15.3%
----------- -----------
Net income $4,988 $5,718 -12.8%
=========== ===========
Profitability measures 4Q-03 4Q-02 % change
----------- ----------- ---------
Basic earnings per share $0.28 $0.36 -22.2%
Diluted earnings per share $0.28 $0.35 -20.0%
Return on average assets 0.82% 0.98%
Return on average equity 10.00% 13.71%
Net interest margin 3.14% 3.05%
Efficiency ratio 59.50% 53.33%
Balance Sheet Averages 4Q-03 4Q-02 % change
----------- ----------- ---------
Loans $1,819,943 $1,674,771 8.7%
Investment securities 398,474 423,894 -6.0%
Other earning assets 4,618 31,549 -85.4%
----------- -----------
Total earning assets 2,223,035 2,130,214 4.4%
Cash and due from banks 53,604 41,772 28.3%
Allowance for loan losses (19,779) (18,453) 7.2%
Intangible assets 54,927 58,380 -5.9%
Other assets 126,330 118,016 7.0%
----------- -----------
Total assets $2,438,117 $2,329,929 4.6%
=========== ===========
Demand deposits $194,660 $194,464 0.1%
Interest bearing deposits 1,534,710 1,522,340 0.8%
Borrowings 442,557 373,949 18.3%
Other liabilities 9,392 15,110 -37.8%
Subordinated debentures 57,250 57,250 0.0%
Shareholders' equity 199,548 166,816 19.6%
----------- -----------
Total liabilities and equity $2,438,117 $2,329,929 4.6%
=========== ===========
Diluted shares outstanding
(average) 17,817,032 16,453,642 8.3%
YTD 03 YTD 02 % change
----------- ----------- ---------
(Dollars in thousands except per share data)
Operating Results
Interest income $118,081 $123,205 -4.2%
Interest expense 49,833 58,307 -14.5%
----------- -----------
Net interest income 68,248 64,898 5.2%
Provision for loan losses 8,274 8,599 -3.8%
Service charges 7,148 7,048 1.4%
Mortgage banking revenue 5,410 4,595 17.7%
Wealth management fees 4,705 2,702 74.1%
Bank-owned life insurance 1,829 1,908 -4.1%
Net gain on sale of securities 5,329 4,272 24.7%
Other income 2,480 2,796 -11.3%
----------- -----------
Total noninterest income 26,901 23,321 15.4%
Salaries and benefits 26,335 25,389 3.7%
Occupancy 4,362 3,862 12.9%
Equipment 3,398 3,338 1.8%
Amortization 1,041 1,083 -3.9%
Foreclosed property costs 2,489 1,236 101.4%
Other expenses 15,840 12,763 24.1%
----------- -----------
Total noninterest expense 53,465 47,671 12.2%
----------- -----------
Income before income taxes 33,410 31,949 4.6%
Provision for income taxes 10,550 10,552 0.0%
----------- -----------
Net income $22,860 $21,397 6.8%
=========== ===========
Profitability measures YTD 03 YTD 02 % change
----------- ----------- ---------
Basic earnings per share $1.34 $1.36 -1.5%
Diluted earnings per share $1.32 $1.33 -0.8%
Return on average assets 0.95% 0.96%
Return on average equity 12.11% 13.88%
Net interest margin 3.10% 3.19%
Efficiency ratio 56.19% 54.04%
Balance Sheet Averages YTD 03 YTD 02 % change
----------- ----------- ---------
Loans $1,767,118 $1,567,549 12.7%
Investment securities 417,377 451,471 -7.6%
Other earning assets 15,914 16,475 -3.4%
----------- -----------
Total earning assets 2,200,409 2,035,495 8.1%
Cash and due from banks 48,619 39,283 23.8%
Allowance for loan losses (19,656) (18,121) 8.5%
Intangible assets 55,240 56,730 -2.6%
Other assets 119,519 118,459 0.9%
----------- -----------
Total assets $2,404,131 $2,231,846 7.7%
=========== ===========
Demand deposits $196,604 $177,813 10.6%
Interest bearing deposits 1,543,144 1,472,312 4.8%
Borrowings 405,045 354,953 14.1%
Other liabilities 13,319 15,395 -13.5%
Subordinated debentures 57,250 57,250 0.0%
Shareholders' equity 188,769 154,123 22.5%
----------- -----------
Total liabilities and equity $2,404,131 $2,231,846 7.7%
=========== ===========
Diluted shares outstanding
(average) 17,295,915 16,118,047 7.3%
Allegiant Bancorp, Inc.
Financial Highlights
12/31/2003 12/31/2002 % change
----------- ----------- ---------
YTD Changes in (Dollars in thousands except per share data)
Allowance for Loan Losses
Allowance - Beginning of period $19,567 $18,905 3.5%
Charge-offs (8,916) (9,109) -2.1%
Recoveries 1,549 1,172 32.2%
Divested subsidiary balance (756) -
Provision 8,274 8,599 -3.8%
----------- -----------
Allowance - End of period $19,718 $19,567 0.8%
=========== ===========
Allowance for loan losses to
total loans 1.07% 1.15%
Net charge-offs to average
loans 0.42% 0.51%
Allowance for loan losses
to nonperforming loans 109.58% 125.12%
Nonperforming Assets
Past due 90 days or more $2,260 $2,337 -3.3%
Non-accrual 15,734 12,938 21.6%
Restructured - 364 0.0%
----------- -----------
Total nonperforming loans 17,994 15,639 15.1%
Other real estate 1,358 611 122.3%
----------- -----------
Total nonperforming assets $19,352 $16,250 19.1%
=========== ===========
Nonperforming loans to total loans 0.98% 0.92%
Nonperforming assets to total assets 0.79% 0.68%
12/31/2003 12/31/2002 % change
----------- ----------- ---------
Period End Balances (Dollars in thousands except per share data)
Commercial loans $283,790 314,703 -9.8%
Construction loans 320,235 277,018 15.6%
1 - 4 Family mortgage loans 327,942 352,136 -6.9%
Commercial real estate loans 832,134 695,821 19.6%
Consumer loans 75,362 63,231 19.2%
----------- -----------
Total loans 1,839,463 1,702,909 8.0%
Investment securities 366,497 455,082 -19.5%
Other earning assets 9,230 45,907 -79.9%
Cash and due from banks 65,371 41,890 56.1%
Allowance for loan losses (19,718) (19,567) 0.8%
Intangible assets 54,863 58,016 -5.4%
Other assets 137,124 120,079 14.2%
----------- -----------
Total assets $2,452,830 $2,404,316 2.0%
=========== ===========
Demand deposits $193,450 215,529 -10.2%
Money market and NOW accounts 407,928 408,261 -0.1%
Savings deposits 207,270 228,397 -9.3%
Certificates of deposit 549,192 570,915 -3.8%
Certificates of deposit greater
than $100K 180,431 202,086 -10.7%
IRA certificates 75,099 82,600 -9.1%
Brokered deposits 95,186 60,244 58.0%
----------- -----------
Total deposits $1,708,556 $1,768,032 -3.4%
Borrowings 173,897 94,882 83.3%
Federal Home Loan advances 307,616 304,853 0.9%
Other liabilities 6,951 12,057 -42.3%
Subordinated debentures 57,250 57,250 0.0%
Shareholders' equity 198,560 167,242 18.7%
----------- -----------
Total liabilities and equity $2,452,830 $2,404,316 2.0%
=========== ===========
Shares outstanding 17,529,229 16,146,804 8.6%
Market capitalization $491,695 $294,195 67.1%
Tangible book value per share $8.20 $6.76 21.3%
Book value per share $11.33 $10.36 9.4%
Closing market price per share $28.05 $18.22 54.0%
Allegiant Bancorp, Inc.
Financial Highlights Quarterly Trends
-----------------------------------
YTD-03 4Q-03 3Q-03
----------- ----------- -----------
(Dollars in thousands except per share data)
Operating Results
Interest income $118,081 $29,334 $29,407
Interest expense 49,833 11,767 11,990
----------- ----------- -----------
Net interest income 68,248 17,567 17,417
Provision for loan losses 8,274 2,584 2,355
Service charges 7,148 1,892 1,822
Mortgage banking revenue 5,410 757 1,504
Wealth management fees 4,705 1,645 1,069
Bank-owned life insurance 1,829 189 552
Net gain on sale of securities 5,329 951 1,296
Other income 2,480 1,158 389
----------- ----------- -----------
Total noninterest income 26,901 6,592 6,632
Salaries and benefits 26,335 6,839 5,949
Occupancy 4,362 1,007 1,173
Equipment 3,398 895 895
Amortization 1,041 295 239
Foreclosed property costs 2,489 376 1,092
Other expenses 15,840 4,963 3,262
----------- ----------- -----------
Total noninterest expense 53,465 14,375 12,610
----------- ----------- -----------
Income before income taxes 33,410 7,200 9,084
Provision for income taxes 10,550 2,212 2,844
----------- ----------- -----------
Net income $22,860 4,988 $6,240
=========== =========== ===========
Profitability measures YTD 4Q-03 3Q-03
----------- ----------- -----------
Basic earnings per share $1.34 $0.28 $0.36
Diluted earnings per share $1.32 $0.28 $0.35
Return on average assets 0.95% 0.82% 1.03%
Return on average equity 12.11% 10.00% 12.91%
Net interest margin 3.10% 3.14% 3.12%
Efficiency ratio 56.19% 59.50% 52.43%
Balance Sheet Averages YTD 4Q-03 3Q-03
----------- ----------- -----------
Loans $1,767,118 1,819,943 $1,821,676
Investment securities 417,377 398,474 385,999
Other earning assets 15,914 4,618 10,181
----------- ----------- -----------
Total earning assets 2,200,409 2,223,035 2,217,856
Cash and due from banks 48,619 53,604 64,679
Allowance for loan losses (19,656) (19,779) (20,537)
Intangible assets 55,240 54,927 54,235
Other assets 119,519 126,330 117,562
----------- ----------- -----------
Total assets $2,404,131 2,438,117 $2,433,795
=========== =========== ===========
-
Demand deposits $196,604 194,660 $222,476
Interest bearing deposits 1,543,144 1,534,710 1,529,955
Borrowings 405,045 442,557 416,914
Other liabilities 13,319 9,392 13,903
Subordinated debentures 57,250 57,250 57,250
Shareholders' equity 188,769 199,548 193,297
----------- ----------- -----------
Total liabilities and equity $2,404,131 2,438,117 $2,433,795
=========== =========== ===========
-
Diluted shares outstanding
(average) 17,295,915 17,817,032 17,848,729
2Q-03 1Q-03 4Q-02
----------- ----------- -----------
(Dollars in thousands except per share data)
Operating Results
Interest income $29,499 $29,841 $30,639
Interest expense 12,575 13,501 14,283
----------- ----------- -----------
Net interest income 16,924 16,340 16,356
Provision for loan losses 1,675 1,660 3,089
Service charges 1,728 1,706 1,917
Mortgage banking revenue 1,534 1,615 1,166
Wealth management fees 1,039 952 1,129
Bank-owned life insurance 445 643 422
Net gain on sale of securities 1,359 1,723 2,345
Other income 550 383 1,134
----------- ----------- -----------
Total noninterest income 6,655 7,022 8,113
Salaries and benefits 6,421 7,126 7,298
Occupancy 1,047 1,135 959
Equipment 821 787 941
Amortization 228 279 271
Foreclosed property costs 720 301 181
Other expenses 3,757 3,858 3,400
----------- ----------- -----------
Total noninterest expense 12,994 13,486 13,050
----------- ----------- -----------
Income before income taxes 8,910 8,216 8,330
Provision for income taxes 2,831 2,663 2,612
----------- ----------- -----------
Net income $6,079 $5,553 $5,718
=========== =========== ===========
Profitability measures 2Q-03 1Q-03 4Q-02
----------- ----------- -----------
Basic earnings per share $0.36 $0.34 $0.36
Diluted earnings per share $0.35 $0.34 $0.35
Return on average assets 1.02% 0.92% 0.98%
Return on average equity 12.72% 13.10% 13.71%
Net interest margin 3.12% 3.00% 3.05%
Efficiency ratio 55.11% 57.73% 53.33%
Balance Sheet Averages 2Q-03 1Q-03 4Q-02
----------- ----------- -----------
Loans $1,734,676 $1,709,113 $1,674,771
Investment securities 407,702 478,664 423,894
Other earning assets 34,269 17,757 31,549
----------- ----------- -----------
Total earning assets 2,176,647 2,205,534 2,130,214
Cash and due from banks 47,920 45,892 41,772
Allowance for loan losses (19,484) (19,360) (18,453)
Intangible assets 54,015 57,947 58,380
Other assets 115,712 118,896 118,016
----------- ----------- -----------
Total assets $2,374,810 $2,408,909 $2,329,929
=========== =========== ===========
Demand deposits $210,241 $190,771 $194,464
Interest bearing deposits 1,512,216 1,587,282 1,522,340
Borrowings 389,364 391,117 373,949
Other liabilities 14,538 12,955 15,110
Subordinated debentures 57,250 57,250 57,250
Shareholders' equity 191,201 169,534 166,816
----------- ----------- -----------
Total liabilities and equity $2,374,810 $2,408,909 $2,329,929
=========== =========== ===========
Diluted shares outstanding
(average) 17,378,810 16,509,453 16,453,642
Allegiant Bancorp, Inc.
Unaudited Financial Highlights Quarterly Trends
------------------------------------
12/31/2003 9/30/2003 6/30/2003
----------- ----------- -----------
(Dollars in thousands except per share data)
Changes in Allowance for Loan Losses
Allowance - Beginning of period $21,039 20,016 $18,730
Charge-offs (4,833) (1,428) (622)
Recoveries 928 96 233
Divested subsidiary balance -
Provision 2,584 2,355 1,675
----------- ----------- -----------
Allowance - End of period $19,718 $21,039 $20,016
=========== =========== ===========
Allowance for loan losses to
total loans 1.07% 1.17% 1.16%
Net charge-offs to average
loans (annualized) 0.86% 0.29% 0.09%
Allowance for loan losses
to nonperforming loans 109.58% 127.52% 101.68%
Nonperforming Assets
Past due 90 days or more $2,260 2,057 $7,246
Non-accrual 15,734 14,442 12,439
Restructured - - -
----------- ----------- -----------
Total nonperforming loans 17,994 16,499 19,685
Other real estate 1,358 1,144 1,985
----------- ----------- -----------
Total nonperforming assets $19,352 $17,643 $21,670
=========== =========== ===========
Nonperforming loans to total loans 0.98% 0.91% 1.14%
Nonperforming assets to total assets 0.79% 0.72% 0.90%
Period End Balances 12/31/2003 9/30/2003 6/30/2003
----------- ----------- -----------
Commercial loans $283,790 $259,898 $269,377
Construction loans 320,235 274,828 269,075
1 - 4 Family mortgage loans 327,942 329,525 323,556
Commercial real estate loans 832,134 868,848 796,433
Consumer loans 75,362 71,015 66,791
----------- ----------- -----------
Total loans 1,839,463 1,804,114 1,725,232
Investment securities 366,497 373,832 396,270
Other earning assets 9,230 51,212 70,296
Cash and due from banks 65,371 78,918 56,158
Allowance for loan losses (19,718) (21,039) (20,016)
Intangible assets 54,863 55,088 53,940
Other assets 137,124 116,753 115,711
----------- ----------- -----------
Total assets $2,452,830 $2,458,878 $2,397,591
=========== =========== ===========
Demand deposits $193,450 $213,351 $222,114
Money market and NOW accounts 407,928 406,255 404,849
Savings deposits 207,270 213,859 206,379
Certificates of deposit 549,192 554,804 565,780
Certificates of deposit
greater than $100K 180,431 202,961 210,278
IRA certificates 75,099 75,920 76,123
Brokered deposits 95,186 95,276 60,346
----------- ----------- -----------
Total deposits 1,708,556 1,762,426 1,745,869
Borrowings 173,897 149,472 105,308
Federal Home Loan advances 307,616 282,040 282,531
Other liabilities 6,951 11,792 12,619
Subordinated debentures 57,250 57,250 57,250
Shareholders' equity 198,560 195,898 194,014
----------- ----------- -----------
Total liabilities and equity $2,452,830 $2,458,878 $2,397,591
=========== =========== ===========
Shares outstanding 17,529,229 17,479,471 17,398,178
3/31/2003 12/31/2002
----------- -----------
(Dollars in thousands except per share data)
Changes in Allowance for Loan Losses
Allowance - Beginning of period $19,567 $18,460
Charge-offs (2,033) (2,059)
Recoveries 292 77
Divested subsidiary balance (756) -
Provision 1,660 3,089
----------- -----------
Allowance - End of period $18,730 $19,567
=========== ===========
Allowance for loan losses to
total loans 1.13% 1.15%
Net charge-offs to average
loans (annualized) 0.41% 0.47%
Allowance for loan losses
to nonperforming loans 139.29% 125.12%
Nonperforming Assets
Past due 90 days or more $1,994 $2,337
Non-accrual 11,453 12,938
Restructured - 364
----------- -----------
Total nonperforming loans 13,447 15,639
Other real estate - 611
----------- -----------
Total nonperforming assets $13,447 $16,250
=========== ===========
Nonperforming loans to total loans 0.81% 0.92%
Nonperforming assets to total assets 0.58% 0.68%
Period End Balances 3/31/2003 12/31/2002
----------- -----------
Commercial loans $267,910 $314,703
Construction loans 272,715 277,018
1 - 4 Family mortgage loans 320,741 352,136
Commercial real estate loans 738,525 695,821
Consumer loans 64,282 63,231
----------- -----------
Total loans 1,664,173 1,702,909
Investment securities 401,702 455,082
Other earning assets 64,144 45,907
Cash and due from banks 48,016 41,890
Allowance for loan losses (18,730) (19,567)
Intangible assets 54,168 58,016
Other assets 114,005 120,079
----------- -----------
Total assets $2,327,478 $2,404,316
=========== ===========
Demand deposits 197,306 215,529
Money market and NOW accounts 410,505 408,261
Savings deposits 218,059 228,397
Certificates of deposit 551,398 570,915
Certificates of deposit
greater than $100K 208,797 202,086
IRA certificates 74,738 82,600
Brokered deposits 60,960 60,244
----------- -----------
Total deposits 1,721,763 1,768,032
Borrowings 78,558 94,882
Federal Home Loan advances 302,895 304,853
Other liabilities 12,904 12,057
Subordinated debentures 57,250 57,250
Shareholders' equity 154,108 167,242
----------- -----------
Total liabilities and equity $2,327,478 $2,404,316
=========== ===========
Shares outstanding 16,220,542 16,146,804
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