Amegy Bank of Texas Continues Growth in Second Quarter; Merger Announced with Zions Bancorporation.HOUSTON Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- Amegy Bancorporation, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABNK) 2nd Quarter Highlights --Diluted earnings per common share were $0.27 for the quarter, up 16% over the prior year and up 13% linked quarter --Total revenue increased 22% over prior year; up 3.3% linked quarter --Noninterest income increased 40% over prior year; up 9.7% linked quarter --Average loans held for investment increased 23% over prior year; up 6% annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. on a linked quarter basis --Average deposits grew 20% over prior year; up 14% annualized on a linked quarter basis --Average assets increased 24% over prior year to $7.66 billion; up 5% annualized on a linked quarter basis --Asset quality indicators remain positive; nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. were 44 basis points at quarter end --Merger with Zions Bancorporation Zions Bancorporation (NASDAQ: ZION) is a member of the S&P 500, a bank holding company headquartered Salt Lake City, Utah. Its star subsidiary is NSB Public Finance. announced Amegy Bancorporation, Inc., parent of Amegy Bank N.A. (NASDAQ:ABNK), today reported second quarter results that reflect the successful continuation continuation - continuation passing style of its strategy to build its core businesses. On July July: see month. 6, the Company announced its intent to merge See mail merge and concatenate. with Zions Bancorporation (NASDAQ:ZION). The merger is subject to Amegy Bancorporation shareholder and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals and is expected to close in the fourth quarter of 2005. For the quarter ended June June: see month. 30, 2005, net income was $19.2 million, or $0.27 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share, compared to $16.2 million for the quarter ended June 30, 2004, or $0.23 per diluted common share. Return on average assets and return on average common 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. for the three months ended June 30, 2005 were 1.00% and 12.88%, respectively, compared to 1.06% and 12.66%, respectively, for the same period in 2004. Total revenue for the second quarter of 2005 was $94.0 million, an increase of 22% over the same period in 2004 and up 3.3% linked quarter or 13% on an annualized basis. Average loans held for investment were $4.65 billion, a 23% increase over the second quarter of 2004 and an increase of 6% on an annualized basis. Period end loans held for investment increased 10% on an annualized basis over the first quarter of 2005. Average deposits were $5.65 billion, an increase of 20% over the comparable period in 2004 and 14% annualized on a linked quarter basis. Average assets increased to $7.66 billion, a 24% increase from the second quarter of 2004 and an increase of 5% annualized on a linked quarter basis. "This has been an exciting quarter for us and one that shows our continued growth not only through the work of our extraordinary group of bankers but in planning for future expansion and development through our affiliation affiliation (  fil´ēā´sh with Zions Bancorporation," said Paul
Murphy Paul Murphy could refer to:
An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. opportunities as well as infrastructure and expense benefits that can be gained in this new partnership. We think we fit perfectly into Zions' collection of great banks." Net Interest Income Net interest income increased to $62.4 million, or 15%, for the second quarter of 2005 over the same period a year earlier and increased 0.3% linked quarter. The taxable-equivalent net interest margin decreased 10 basis points linked quarter to 3.77%. The yield on the loan portfolio increased by 32 basis points and the yield from the securities portfolio decreased 3 basis points from the first quarter of 2005. 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. , including demand deposits, was 178 basis points for the quarter, up 31 basis points on a linked quarter basis. Noninterest Income For the three months ended June 30, 2005, noninterest income totaled $31.6 million, a 40% increase from the same period in 2004 and a 9.7% increase linked quarter. Service charges on deposit accounts were $10.7 million, down 6% linked quarter, primarily due to an increase in the earnings credit rate. Investment services and trust fee income totaled $4.6 million, a 61% increase from the same period in 2004 and a 29% increase linked quarter. This increase is primarily due to increased foreign exchange, insurance, and mutual fund fee income. "The people and products that we have invested in over the past few years are producing significant results for our customers and our noninterest income stream," said Scott McLean Scott James McLean (born June 17 1976 in East Kilbride, South Lanarkshire) is a Scottish professional footballer. A striker, McLean began his career with St. Johnstone in 1995. He remained at McDiarmid Park for just a year, making six league appearances. , President. "Our strengthened capacity in trust, capital markets and foreign exchange have enabled us to leverage current relationships, as well as add new ones, with an array of products and services that have been well-received by our customers." Other fee income increased 9.3% linked quarter to $8.0 million driven by an increase in letters of credit and servicing fees. Other operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 27% linked quarter to $8.3 million, including a valuation gain of $3.8 million on one private equity investment. Noninterest Expenses Noninterest expenses for the three months ended June 30, 2005 were $66.3 million, an increase of 3.3% linked quarter. Salaries and benefits were essentially flat at $34.7 million for the quarter. Other expenses were $20.8 million for the quarter, an increase of $1.9 million, or 10%, linked quarter. This increase is primarily due to an increase in loan and other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most expenses of $1.4 million resulting from a write down of two foreclosed assets in the second quarter. Name change expenses were $1.7 million and merger-related expenses were $759,000 for the quarter. On a taxable-equivalent basis, the efficiency ratio was 67.12% for the second quarter of 2005 compared to 66.94% linked quarter. The effective tax rate for the second quarter of 2005 was 26.8% compared to 28.5% in the first quarter reflecting the recognition of tax credits received during the quarter. Asset Quality Asset quality continued to be a strength during the second quarter. Nonperforming assets declined to $21.0 million, or 0.44% of loans and other real estate, compared to $22.1 million, or 0.48% of loans and other real estate, linked quarter. Allowance for credit losses to total loans is 1.06% at June 30, 2005, compared to 1.09% linked quarter. The allowance for loan losses to nonperforming loans was 347.61% at June 30, 2005 compared to 358.92% linked quarter. Total Loans, Deposits, Investments, Assets, and Equity Total loans held for investment were $4.72 billion at June 30, 2005, an increase of 21% from the second quarter of 2004 and 2.5% on a linked quarter basis. Total deposits at June 30, 2005 were $5.90 billion, an increase of 23% from the second quarter of 2004 and 1.7% on a linked quarter basis. Investment securities were $1.97 billion at June 30, 2005, an increase of 21% from the second quarter of 2004 and an increase of 2.8% linked quarter. At June 30, 2005, total assets were $7.74 billion, an increase of 22% from the second quarter of 2004 and an increase of 2.4% linked quarter. Total shareholders' equity was $613.1 million at June 30, 2005 and the Tier 1 leverage ratio was 7.96%. Amegy Bancorporation, Inc., the parent company of Amegy Bank N.A., is the largest independent bank holding company headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . The Company focuses on commercial lending, treasury management and investment services for businesses, private financial management and trust services for families and individuals, and retail and mortgage banking services. The Company, with $7.74 billion in assets, has more than 75 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. branches located throughout the Houston and Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. metropolitan areas. The Company has announced its intent to merge with Zions Bancorporation with an anticipated closing, subject to Amegy Bancorporation shareholder and regulatory approvals, in the fourth quarter of 2005. Utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of Financial Measures: Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial information and supplemental unaudited data schedules follow in this release. Exhibits I and II provide additional information on the net interest margin, including average balances and average rates for both assets and liabilities for the periods presented. Exhibit III presents quarterly comparative data. Conference Call Information: The Company's earnings release and the related financial supplements will be available on www.amegybank.com, the Company's website, prior to the beginning of the conference call. The conference call for analysts and investors will be Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , July 22 at 10:30 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. (11:30 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy ) and may be accessed by dialing (866) 412-1109 and reference "Amegy Bancorporation Second Quarter Earnings Call." The call is also available on the web at http://audioevent.mshow.com/244321. The call will be archived and may be accessed by calling 800-642-1687 and enter 7289592 as the PIN. 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. : Certain of the matters discussed in this press release may constitute forward-looking statements for the purposes of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. The words "expect," "anticipated," "intend," "plan," "believe," "seek," "estimate," and similar expressions are intended to identify such forward-looking statements. The Company's actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation (a) the effects of future economic conditions on the Company and its customers; (b) the costs and effects of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and of unexpected or adverse outcomes in such litigation; (c) governmental monetary and fiscal policies, as well as legislative and regulatory changes; (d) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. , as well as the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). and other accounting standard setters; (e) the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although , securities and interest rate protection agreements, as well as interest rate risks; (f) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company's market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. offering banking products and services by mail, telephone, computer and the internet; (g) technological changes; (h) acquisition and integration of acquired businesses; (i) the failure of assumptions underlying the establishment of reserves for loan loses and estimations of values of collateral in various financial assets Financial assets Claims on real assets. and liabilities; (j) acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. or terrorism terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. . All written or oral forward-looking statements attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Company are expressly qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by these cautionary statements. Additional Information and Where to Find It Zions Bancorporation will file a Form S-4, Amegy Bancorporation will file a proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and both companies will file other relevant documents concerning the proposed merger transaction with the Securities and Exchange Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4 AND PROXY STATEMENT WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the documents free of charge at the website maintained by the SEC at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . In addition, you may obtain documents filed with the SEC by Zions free of charge by contacting: Investor Relations Investor relations The process by which the corporation communicates with its investors. , Zions Bancorporation, One South Main Street, Suite 1134, Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. 84111, (801) 524-4787. You may obtain documents filed with the SEC by Amegy free of charge by contacting: Controller, Amegy Bancorporation, 4400 Post Oak Parkway, Houston, Texas 77027, (713) 235-8800. Interest of Certain Persons in the Merger Zions, Amegy, and their respective directors and executive officers, may be deemed to be participants in the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of proxies from Amegy's shareholders in connection with the merger. Information about the directors and executive officers of Zions and their ownership of Zions stock is set forth in the proxy statement for Zions' 2005 Annual Meeting of Shareholders. Information about the directors and executive officers of Amegy and their ownership of Amegy stock is set forth in the proxy statement for Amegy's 2005 Annual Meeting of Shareholders. Investors may obtain additional information regarding the interests of such participants by reading the Form S-4 and proxy statement for the merger when they become available. Investors should read the Form S-4 and proxy statement carefully when they become available before making any voting or investment decisions.
Amegy Bancorporation, Inc.
Consolidated Financial Information (unaudited)
2Q-05 2Q-04 % change
------------ ------------ ------------
Balance sheet averages (in 000's except per share data)
------------------------------
Loans held for investment $4,649,225 $3,768,629 23.4%
Loans held for sale 112,246 104,545 7.4%
Investment securities 1,996,238 1,628,789 22.6%
Securities purchased under
resale agreements - - 0.0%
Fed funds sold and other
interest-earning assets 43,514 42,375 2.7%
------------ ------------
Total interest-earning
assets 6,801,223 5,544,338 22.7%
------------ ------------
Allowance for loan losses (50,833) (49,658) 2.4%
Cash and due from banks 278,618 266,082 4.7%
Goodwill 150,081 55,077 172.5%
Core deposit intangibles 23,902 11,149 114.4%
Other assets 453,968 354,592 28.0%
------------ ------------
Total assets $7,656,959 $6,181,580 23.9%
============ ============
Noninterest-bearing deposits $1,765,836 $1,574,075 12.2%
Interest-bearing demand
deposits 93,292 71,089 31.2%
Savings deposits 2,224,241 1,981,168 12.3%
Time deposits 1,564,356 1,065,937 46.8%
------------ ------------
Total deposits 5,647,725 4,692,269 20.4%
Repurchase agreements and
other borrowed funds 1,372,552 940,165 46.0%
Other liabilities 40,155 33,824 18.7%
Shareholders' equity 596,527 515,322 15.8%
------------ ------------
Total liabilities and
shareholders' equity $7,656,959 $6,181,580 23.9%
============ ============
Income statement data
------------------------------
Interest and fees on loans $72,884 $50,488 44.4%
Interest on securities 20,311 14,678 38.4%
Interest on fed funds sold
and other interest-earning
assets 338 119 184.0%
------------ ------------
Total interest income 93,533 65,285 43.3%
------------ ------------
Interest on deposits 20,488 8,408 143.7%
Interest on subordinated
debentures 2,839 550 416.2%
Interest on other borrowings 7,822 2,110 270.7%
------------ ------------
Total interest expense 31,149 11,068 181.4%
------------ ------------
Net interest income 62,384 54,217 15.1%
Provision for loan losses 1,500 2,923 -48.7%
------------ ------------
Net interest income after
provision 60,884 51,294 18.7%
------------ ------------
Service charges on deposit
accounts 10,662 11,190 -4.7%
Investment services 4,642 2,885 60.9%
Other fee income 8,020 5,070 58.2%
Other operating income 8,259 3,394 143.3%
Gain (loss) on sales of
securities, net (17) (25) -32.0%
------------ ------------
Total noninterest income 31,566 22,514 40.2%
------------ ------------
Total revenue 93,950 76,731 22.4%
------------ ------------
Salaries and benefits 34,739 28,458 22.1%
Occupancy expenses 10,780 8,887 21.3%
Other expenses 20,768 12,884 61.2%
------------ ------------
Total noninterest expenses 66,287 50,229 32.0%
------------ ------------
Income before income taxes 26,163 23,579 11.0%
Provision for income taxes 7,005 7,358 -4.8%
------------ ------------
Net income $19,158 $16,221 18.1%
============ ============
Basic earnings per common
share $0.27 $0.24 15.5%
============ ============
Diluted earnings per common
share $0.27 $0.23 16.4%
============ ============
Dividends per common share $0.03 $0.03 0.0%
============ ============
Period end # of shares
outstanding 70,539 69,068 2.1%
Weighted avg # of shares
outstanding (incl CSE's) 71,531 70,528 1.4%
Nonperforming assets
------------------------------
Nonaccrual loans $12,180 $10,668 14.2%
Accruing loans 90 or more
days past due 1,968 1,805 9.0%
Restructured loans - - 0.0%
ORE and OLRA 6,807 11,461 -40.6%
------------ ------------
Total nonperforming assets $20,955 $23,934 -12.4%
============ ============
Changes in allowance for
credit losses
------------------------------
Allowance for loan losses -
beginning of period $49,291 $46,583 5.8%
Provision for loan losses 1,500 2,923 -48.7%
Charge-offs (2,088) (3,748) -44.3%
Recoveries 477 169 182.2%
Allowance acquired through
mergers and acquisitions - - 0.0%
------------ ------------
Allowance for loan losses -
end of period 49,180 45,927 7.1%
------------ ------------
Reserve for unfunded lending
commitments - beginning of
period 1,905 1,488 28.0%
Provision for unfunded
lending commitments 54 77 -29.9%
------------ ------------
Reserve for unfunded lending
commitments - end of period 1,959 1,565 25.2%
------------ ------------
Allowance for credit losses $51,139 $47,492 7.7%
============ ============
Ratios
------------------------------
Return on average assets 1.00% 1.06%
Return on average common
shareholders' equity 12.88% 12.66%
Tier 1 leverage ratio 7.96% 8.45%
Total capital to risk
weighted assets 11.18%(a) 10.39%
Taxable-equivalent yield on
interest-earning assets 5.61% 4.84%
Cost of funds with demand
accounts 1.78% 0.79%
Taxable-equivalent net
interest margin 3.77% 4.03%
Taxable-equivalent efficiency
ratio 67.12% 62.98%
Demand deposits to total
deposits 31.27% 33.55%
Noninterest income to total
income 33.60% 29.34%
Noninterest expense to
average interest-earning
assets 3.91% 3.64%
Operating leverage $1,063 $2,117
Nonperforming assets to loans
and other real estate 0.44% 0.61%
Net charge-offs to average
loans 0.14% 0.38%
Allowance for credit losses
to total loans 1.06% 1.21%
Allowance for loan losses to
nonperforming loans 347.61% 368.21%
Common stock performance
------------------------------
Market value of common stock
- Close $22.380 $22.060
Market value of common stock
- High $22.750 $22.085
Market value of common stock
- Low $16.150 $18.605
Book value of common stock $8.69 $7.39
Market/book value of common
stock 257% 299%
Price/12 month trailing
earnings ratio 22 25
Other data
------------------------------
EOP Employees - full time
equivalent 2,180 1,830 19.1%
Period end balances ($ in 000's )
------------------------------
Loans held for investment $4,721,280 $3,912,212 20.7%
Loans held for sale 116,577 97,929 19.0%
Investment securities 1,972,561 1,624,540 21.4%
Fed funds sold and other
interest-earning assets 28,774 45,612 -36.9%
------------ ------------
Total interest-earning
assets 6,839,192 5,680,293 20.4%
------------ ------------
Allowance for loan losses (49,180) (45,927) 7.1%
Cash and due from banks 301,428 270,551 11.4%
Goodwill 151,768 54,998 176.0%
Core deposit intangibles 22,827 10,653 114.3%
Other assets 474,007 390,958 21.2%
------------ ------------
Total assets $7,740,042 $6,361,526 21.7%
============ ============
Noninterest-bearing demand
deposits $1,945,595 $1,622,348 19.9%
Interest-bearing demand
deposits 104,420 62,316 67.6%
Savings deposits 2,228,223 1,998,375 11.5%
Time deposits 1,624,638 1,097,130 48.1%
------------ ------------
Total deposits 5,902,876 4,780,169 23.5%
Repurchase agreements and
other borrowed funds 1,182,270 1,031,866 14.6%
Other liabilities 41,804 39,311 6.3%
Shareholders' equity 613,092 510,180 20.2%
------------ ------------
Total liabilities and
shareholders' equity $7,740,042 $6,361,526 21.7%
============ ============
YTD 05 YTD 04 % change
------------ ------------ ------------
Balance sheet averages (in 000's except per share data)
------------------------------
Loans held for investment $4,614,252 $3,685,133 25.2%
Loans held for sale 107,986 100,081 7.9%
Investment securities 1,976,870 1,592,290 24.2%
Securities purchased under
resale agreements - 11,538 -100.0%
Fed funds sold and other
interest-earning assets 43,827 46,943 -6.6%
------------ ------------
Total interest-earning
assets 6,742,935 5,435,985 24.0%
------------ ------------
Allowance for loan losses (50,748) (47,714) 6.4%
Cash and due from banks 297,874 294,799 1.0%
Goodwill 149,973 50,383 197.7%
Core deposit intangibles 25,004 9,541 162.1%
Other assets 441,675 361,561 22.2%
------------ ------------
Total assets $7,606,713 $6,104,555 24.6%
============ ============
Noninterest-bearing deposits $1,762,810 $1,532,569 15.0%
Interest-bearing demand
deposits 101,921 65,724 55.1%
Savings deposits 2,239,100 1,947,004 15.0%
Time deposits 1,447,413 1,035,563 39.8%
------------ ------------
Total deposits 5,551,244 4,580,860 21.2%
Repurchase agreements and
other borrowed funds 1,425,922 974,197 46.4%
Other liabilities 36,635 36,491 0.4%
Shareholders' equity 592,912 513,007 15.6%
------------ ------------
Total liabilities and
shareholders' equity $7,606,713 $6,104,555 24.6%
============ ============
Income statement data
------------------------------
Interest and fees on loans $140,084 $99,350 41.0%
Interest on securities 40,141 29,227 37.3%
Interest on fed funds sold and
other interest-earning assets 621 308 101.6%
------------ ------------
Total interest income 180,846 128,885 40.3%
------------ ------------
Interest on deposits 35,983 16,478 118.4%
Interest on subordinated
debentures 5,355 1,095 389.0%
Interest on other borrowings 14,927 4,497 231.9%
------------ ------------
Total interest expense 56,265 22,070 154.9%
------------ ------------
Net interest income 124,581 106,815 16.6%
Provision for loan losses 4,600 4,832 -4.8%
------------ ------------
Net interest income after
provision 119,981 101,983 17.6%
------------ ------------
Service charges on deposit
accounts 22,009 22,230 -1.0%
Investment services 8,247 5,855 40.9%
Other fee income 15,356 9,873 55.5%
Other operating income 14,741 6,443 128.8%
Gain (loss) on sales of
securities, net (15) 1 -1600.0%
------------ ------------
Total noninterest income 60,338 44,402 35.9%
------------ ------------
Total revenue 184,919 151,217 22.3%
------------ ------------
Salaries and benefits 69,468 56,439 23.1%
Occupancy expenses 21,384 17,145 24.7%
Other expenses 39,607 26,746 48.1%
------------ ------------
Total noninterest expenses 130,459 100,330 30.0%
------------ ------------
Income before income taxes 49,860 46,055 8.3%
Provision for income taxes 13,758 14,547 -5.4%
------------ ------------
Net income $36,102 $31,508 14.6%
============ ============
Basic earnings per common
share $0.51 $0.46 11.8%
============ ============
Diluted earnings per common
share $0.50 $0.45 12.1%
============ ============
Dividends per common share $0.06 $0.06 0.0%
============ ============
Period end # of shares
outstanding 70,539 69,068 2.1%
Weighted avg # of shares
outstanding (incl CSE's) 71,590 70,406 1.7%
Nonperforming assets
------------------------------
Nonaccrual loans
Accruing loans 90 or more
days past due
Restructured loans
ORE and OLRA
Total nonperforming assets
Changes in allowance for
credit losses
------------------------------
Allowance for loan losses -
beginning of period $49,408 $41,611 18.7%
Provision for loan losses 4,600 4,832 -4.8%
Charge-offs (6,615) (5,130) 28.9%
Recoveries 1,787 2,498 -28.5%
Allowance acquired through
mergers and acquisitions - 2,116 -100.0%
------------ ------------
Allowance for loan losses -
end of period 49,180 45,927 7.1%
------------ ------------
Reserve for unfunded lending
commitments - beginning of
period 1,851 1,397 32.5%
Provision for unfunded lending
commitments 108 168 -35.7%
------------ ------------
Reserve for unfunded lending
commitments - end of period 1,959 1,565 25.2%
------------ ------------
Allowance for credit losses $51,139 $47,492 7.7%
============ ============
Ratios
------------------------------
Return on average assets 0.96% 1.04%
Return on average common
shareholders' equity 12.28% 12.35%
Tier 1 leverage ratio
Total capital to risk
weighted assets
Taxable-equivalent yield on
interest-earning assets 5.50% 4.86%
Cost of funds with demand
accounts 1.63% 0.80%
Taxable-equivalent net
interest margin 3.82% 4.04%
Taxable-equivalent efficiency
ratio 67.03% 64.05%
Demand deposits to total
deposits 31.76% 33.46%
Noninterest income to total
income 32.63% 29.36%
Noninterest expense to average
interest-earning assets 3.90% 3.71%
Operating leverage $2,342 $185
Nonperforming assets to loans
and other real estate
Net charge-offs to average
loans 0.21% 0.14%
Allowance for credit losses
to total loans
Allowance for loan losses to
nonperforming loans
Common stock performance
------------------------------
Market value of common stock
- Close $22.380 $22.060
Market value of common stock
- High $23.690 $22.085
Market value of common stock
- Low $16.150 $18.425
Book value of common stock
Market/book value of common
stock
Price/12 month trailing
earnings ratio
(a) Estimated
EXHIBIT I
Rate Volume
3 Months Ended Analysis
(dollars in thousands)
(unaudited)
Three Months Ended
June 30, 2005
-------------------------------
Average Interest Average
Outstanding Earned/ Yield/
Balance Paid(1) Rate
----------- --------- ---------
Interest-earning assets:
Loans $4,761,471 $73,114 6.16%
Securities 1,996,238 21,641 4.35
Federal funds sold and other 43,514 338 3.12
----------- --------- ---------
Total interest-earning assets 6,801,223 95,093 5.61%
--------- ---------
Less allowance for loan losses (50,833)
-----------
6,750,390
Noninterest-earning assets 906,569
-----------
Total assets $7,656,959
===========
Interest-bearing liabilities:
Money market and savings deposits $2,317,533 9,041 1.56%
Time deposits 1,564,356 11,448 2.94%
Repurchase agreements and other
borrowed funds 1,372,552 10,661 3.12
----------- --------- ---------
Total interest-bearing
liabilities 5,254,441 31,150 2.38%
--------- ---------
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits 1,765,836
Other liabilities 40,155
-----------
Total liabilities 7,060,432
Shareholders' equity 596,527
-----------
Total liabilities and
shareholders' equity $7,656,959
===========
Taxable-equivalent net interest income $63,943
=========
Net interest spread 3.23%
=========
Taxable-equivalent net interest margin 3.77%
=========
Three Months Ended
June 30, 2004
-------------------------------
Average Interest Average
Outstanding Earned/ Yield/
Balance Paid(1) Rate
----------- --------- ---------
Interest-earning assets:
Loans $3,873,174 $50,677 5.26%
Securities 1,628,789 15,890 3.92
Federal funds sold and other 42,375 119 1.13
----------- --------- ---------
Total interest-earning assets 5,544,338 66,686 4.84%
--------- ---------
Less allowance for loan losses (49,658)
-----------
5,494,680
Noninterest-earning assets 686,900
-----------
Total assets $6,181,580
===========
Interest-bearing liabilities:
Money market and savings deposits $2,052,257 3,353 0.66%
Time deposits $1,065,937 5,055 1.91
Repurchase agreements and other
borrowed funds 940,165 2,660 1.14
----------- --------- ---------
Total interest-bearing
liabilities 4,058,359 11,068 1.10%
--------- ---------
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits 1,574,075
Other liabilities 33,824
-----------
Total liabilities 5,666,258
Shareholders' equity 515,322
-----------
Total liabilities and
shareholders' equity $6,181,580
===========
Taxable-equivalent net interest income $55,618
=========
Net interest spread 3.74%
=========
Taxable-equivalent net interest margin 4.03%
=========
(1) Taxable-equivalent rates used
where applicable.
Three Months Ended
Q2 2005 vs Q2 2004
-------------------------------
Increase (Decrease)
Due to
-------------------------------
Volume Rate Total
----------- --------- ---------
Interest-earning assets:
Loans $11,727 $10,710 $22,437
Securities 3,622 2,129 5,751
Federal funds sold and other 3 216 219
----------- --------- ---------
Total increase (decrease) in
taxable-equivalent interest income 15,352 13,055 28,407
----------- --------- ---------
Interest-bearing liabilities:
Money market and savings deposits 436 5,252 5,688
Time deposits 2,375 4,018 6,393
Repurchase agreements and borrowed
funds 1,228 6,773 8,001
----------- --------- ---------
Total increase (decrease) in
interest expense 4,039 16,043 20,082
----------- --------- ---------
Increase (decrease) in taxable-
equivalent net interest income $11,313 $(2,988) $8,325
=========== ========= =========
EXHIBIT II
Rate Volume
Linked Quarter Analysis
(dollars in thousands)
(unaudited)
Three Months Ended
June 30, 2005
--------------------------------
Average Interest Average
Outstanding Earned/ Yield/
Balance Paid(1) Rate
----------- ---------- ---------
Interest-earning assets:
Loans $4,761,471 $73,114 6.16%
Securities 1,996,238 21,641 4.35
Federal funds sold and other 43,514 338 3.12
----------- ---------- ---------
Total interest-earning assets 6,801,223 95,093 5.61%
---------- ---------
Less allowance for loan losses (50,833)
-----------
6,750,390
Noninterest-earning assets 906,569
-----------
Total assets $7,656,959
===========
Interest-bearing liabilities:
Money market and savings deposits $2,317,533 9,041 1.56%
Time deposits 1,564,356 11,448 2.94%
Repurchase agreements and other
borrowed funds 1,372,552 10,661 3.12
----------- ---------- ---------
Total interest-bearing
liabilities 5,254,441 31,150 2.38%
---------- ---------
Noninterest-bearing liabilities:
Noninterest-bearing demand
deposits 1,765,836
Other liabilities 40,155
-----------
Total liabilities 7,060,432
Shareholders' equity 596,527
-----------
Total liabilities and
shareholders' equity $7,656,959
===========
Taxable-equivalent net interest
income $63,943
==========
Net interest spread 3.23%
=========
Taxable-equivalent net interest
margin 3.77%
=========
Three Months Ended
March 31, 2005
--------------------------------
Average Interest Average
Outstanding Earned/ Yield/
Balance Paid(1) Rate
----------- ---------- ---------
Interest-earning assets:
Loans $4,682,570 $67,413 5.84%
Securities 1,957,288 21,162 4.38
Federal funds sold and other 44,143 284 2.61
----------- ---------- ---------
Total interest-earning assets 6,684,001 88,859 5.39%
---------- ---------
Less allowance for loan losses (50,663)
-----------
6,633,338
Noninterest-earning assets 927,057
-----------
Total assets $7,560,395
===========
Interest-bearing liabilities:
Money market and savings deposits $2,364,770 7,012 1.20%
Time deposits 1,329,170 8,482 2.59
Repurchase agreements and other
borrowed funds 1,479,886 9,620 2.64
----------- ---------- ---------
Total interest-bearing
liabilities 5,173,826 25,114 1.97%
---------- ---------
Noninterest-bearing liabilities:
Noninterest-bearing demand
deposits 1,764,238
Other liabilities 33,073
-----------
Total liabilities 6,971,137
Shareholders' equity 589,258
-----------
Total liabilities and
shareholders' equity $7,560,395
===========
Taxable-equivalent net interest
income $63,745
==========
Net interest spread 3.42%
=========
Taxable-equivalent net interest
margin 3.87%
=========
(1) Taxable-equivalent rates used
where applicable.
Three Months Ended
Q2 2005 vs Q1 2005
--------------------------------
Increase (Decrease)
Due to
--------------------------------
Volume Rate Days Total
------- -------- ------- -------
Interest-earning assets:
Loans $1,149 $3,803 $749 $5,701
Securities 426 (182) 235 479
Federal funds sold and other (4) 55 3 54
------- -------- ------- -------
Total increase (decrease) in
taxable-equivalent
interest income 1,571 3,676 987 6,234
------- -------- ------- -------
Interest-bearing liabilities:
Money market and savings deposits (142) 2,093 78 2,029
Time deposits 1,518 1,354 94 2,966
Repurchase agreements and borrowed
funds (706) 1,640 107 1,041
------- -------- ------- -------
Total increase (decrease) in
interest expense 670 5,087 279 6,036
------- -------- ------- -------
Increase (decrease) in taxable-
equivalent net interest income $901 $(1,411) $708 $198
======= ======== ======= =======
EXHIBIT III
Amegy Bancorporation, Inc.
Consolidated Financial Information (unaudited)
Quarterly Trend Analysis
2003
-----------------------
3Q 4Q
----------- -----------
Balance sheet averages
----------------------------------------------
Loans held for investment $3,351,647 $3,362,374
Loans held for sale 105,064 98,777
Investment securities 1,497,754 1,539,469
Securities purchased under resale agreements 30,000 30,000
Fed funds sold and other interest-earning
assets 90,474 39,997
----------- -----------
Total interest-earning assets 5,074,939 5,070,617
----------- -----------
Allowance for loan losses (41,469) (42,513)
Cash and due from banks 257,010 268,099
Goodwill 25,471 25,647
Core deposit intangibles 6,327 6,509
Other assets 287,289 338,571
----------- -----------
Total assets $5,609,567 $5,666,930
=========== ===========
Noninterest-bearing deposits $1,342,560 $1,399,592
Interest-bearing demand deposits 73,142 37,997
Savings deposits 1,854,140 1,829,947
Time deposits 1,064,502 1,023,668
----------- -----------
Total deposits 4,334,344 4,291,204
Repurchase agreements and other borrowed
funds 771,132 847,109
Other liabilities 27,493 40,991
Shareholders' equity 476,598 487,626
----------- -----------
Total liabilities and equity $5,609,567 $5,666,930
=========== ===========
Income statement data
----------------------------------------------
Interest and fees on loans $47,681 $47,176
Interest on securities 12,314 13,856
Interest on fed funds sold and other interest-
earning assets 303 175
----------- -----------
Total interest income 60,298 61,207
----------- -----------
Interest on deposits 9,106 8,224
Interest on subordinated debentures - 516
Interest on other borrowings 2,105 1,957
----------- -----------
Total interest expense 11,211 10,697
----------- -----------
Net interest income 49,087 50,510
Provision for loan losses 2,979 2,935
----------- -----------
Net interest income after provision 46,108 47,575
----------- -----------
Service charges on deposit accounts 10,551 10,581
Investment services 2,489 2,498
Other fee income 6,515 4,725
Other operating income 3,621 4,662
Gain (loss) on sales of securities 31 43
----------- -----------
Total noninterest income 23,207 22,509
----------- -----------
Total revenue 72,294 73,019
----------- -----------
Salaries and benefits 25,975 26,473
Occupancy expenses 8,006 8,299
Other expenses 15,495 11,930
----------- -----------
Total noninterest expenses 49,476 46,702
----------- -----------
Income before income taxes 19,839 23,382
Provision for income taxes 6,459 7,071
----------- -----------
Net income $13,380 $16,311
=========== ===========
Basic earnings per common share $0.20 $0.24
=========== ===========
Diluted earnings per common share $0.19 $0.23
=========== ===========
Dividends per common share $0.02 $0.03
=========== ===========
Period end # of shares outstanding 68,362 68,428
Weighted avg # of shares outstanding (incl
CSE's) 70,008 70,190
Nonperforming assets
----------------------------------------------
Nonaccrual loans $14,173 $11,443
Accruing loans 90 or more days past due 983 1,299
Restructured loans - -
ORE and OLRA 3,688 4,248
----------- -----------
Total nonperforming assets $18,844 $16,990
=========== ===========
Changes in allowance for credit losses
----------------------------------------------
Allowance for loan losses - beginning of
period $37,412 $39,803
Provision for loan losses 2,979 2,935
Charge-offs (2,157) (1,735)
Recoveries 143 608
Allowance acquired through mergers and
acquisitions 1,426 -
----------- -----------
Allowance for loan losses - end of period 39,803 41,611
=========== ===========
Reserve for unfunded lending commitments -
beginning of period 1,311 1,332
Provision for unfunded lending commitments 21 65
----------- -----------
Reserve for unfunded lending commitments - end
of period 1,332 1,397
----------- -----------
Allowance for credit losses $41,135 $43,008
=========== ===========
Ratios
==============================================
Return on average assets 0.95% 1.14%
Return on average common shareholders' equity 11.14% 13.27%
Tier 1 leverage ratio 8.06% 9.15%
Total capital to risk weighted assets 11.02% 11.90%
Taxable-equivalent yield on interest-earning
assets 4.79% 4.86%
Cost of funds with demand accounts 0.87% 0.83%
Taxable-equivalent net interest margin 3.91% 4.03%
Taxable-equivalent efficiency ratio 66.60% 62.25%
Demand deposits to total deposits 30.97% 32.62%
Noninterest income to total income 32.10% 30.83%
Noninterest expense to average interest-
earning assets 3.87% 3.65%
Operating leverage $(3,235) $3,499
Nonperforming assets to loans and other real
estate 0.57% 0.49%
Net charge-offs (recoveries) to average loans 0.24% 0.13%
Allowance for credit losses to total loans 1.24% 1.23%
Allowance for loan losses to nonperforming
loans 262.62% 326.57%
Common stock performance
----------------------------------------------
Market value of stock - Close $18.245 $19.425
Market value of stock - High $19.225 $19.645
Market value of stock - Low $16.025 $17.600
Book value of stock $7.03 $7.29
Market/book value of stock 259% 266%
Price/earnings ratio 21 22
Other data
----------------------------------------------
EOP Employees - full time equivalent 1,728 1,760
Period end balances
----------------------------------------------
Loans held for investment $3,328,827 $3,491,673
Loans held for sale 100,366 96,899
Investment securities 1,507,504 1,549,398
Securities purchased under resale agreements 30,000 30,000
Fed funds sold and other interest-earning
assets 88,592 64,908
----------- -----------
Total interest-earning assets 5,055,289 5,232,878
----------- -----------
Allowance for loan losses (39,803) (41,611)
Cash and due from banks 286,417 390,890
Goodwill 25,647 25,647
Core deposit intangibles 6,858 6,185
Other assets 330,434 333,144
----------- -----------
Total assets $5,664,842 $5,947,133
=========== ===========
Noninterest-bearing demand deposits $1,341,277 $1,513,038
Interest-bearing demand deposits 40,496 43,452
Savings deposits 1,875,665 1,840,814
Time deposits 1,051,815 1,005,935
----------- -----------
Total deposits 4,309,253 4,403,239
Repurchase agreements and other borrowed
funds 842,644 1,016,930
Other liabilities 32,041 27,643
Minority interest - -
Shareholders' equity 480,904 499,321
----------- -----------
Total liabilities and equity $5,664,842 $5,947,133
=========== ===========
2004
-----------------------------------------------
1Q 2Q 3Q 4Q
----------- ----------- ----------- -----------
Balance sheet averages
----------------------
Loans held for
investment $3,601,637 $3,768,629 $4,027,343 $4,411,499
Loans held for sale 95,617 104,545 96,119 98,178
Investment securities 1,555,791 1,628,789 1,691,472 1,981,982
Securities purchased
under resale
agreements 23,077 - 2,435 -
Fed funds sold and
other interest-
earning assets 51,512 42,375 50,138 45,008
----------- ----------- ----------- -----------
Total interest-
earning assets 5,327,634 5,544,338 5,867,507 6,536,667
----------- ----------- ----------- -----------
Allowance for loan
losses (45,770) (49,658) (49,422) (51,673)
Cash and due from
banks 323,517 266,082 251,686 278,580
Goodwill 45,689 55,077 54,998 151,936
Core deposit
intangibles 7,934 11,149 10,240 28,734
Other assets 354,793 354,592 355,606 382,452
----------- ----------- ----------- -----------
Total assets $6,013,797 $6,181,580 $6,490,615 $7,326,696
=========== =========== =========== ===========
Noninterest-bearing
deposits $1,491,064 $1,574,075 $1,587,990 $1,791,695
Interest-bearing
demand deposits 60,359 71,089 71,430 121,927
Savings deposits 1,912,839 1,981,168 2,012,963 2,274,053
Time deposits 1,005,189 1,065,937 1,088,302 1,262,469
----------- ----------- ----------- -----------
Total deposits 4,469,451 4,692,269 4,760,685 5,450,144
Repurchase agreements
and other borrowed
funds 1,008,229 940,165 1,173,762 1,259,392
Other liabilities 25,425 33,824 27,246 39,779
Shareholders' equity 510,692 515,322 528,922 577,381
----------- ----------- ----------- -----------
Total liabilities
and equity $6,013,797 $6,181,580 $6,490,615 $7,326,696
=========== =========== =========== ===========
Income statement data
----------------------
Interest and fees on
loans $48,862 $50,488 $55,282 $62,508
Interest on
securities 14,549 14,678 16,143 19,993
Interest on fed funds
sold and other
interest-earning
assets 189 119 192 226
----------- ----------- ----------- -----------
Total interest
income 63,600 65,285 71,617 82,727
----------- ----------- ----------- -----------
Interest on deposits 8,070 8,408 10,028 13,324
Interest on
subordinated
debentures 545 550 698 1,767
Interest on other
borrowings 2,387 2,110 3,892 4,898
----------- ----------- ----------- -----------
Total interest
expense 11,002 11,068 14,618 19,989
----------- ----------- ----------- -----------
Net interest income 52,598 54,217 56,999 62,738
Provision for loan
losses 1,909 2,923 2,878 2,502
----------- ----------- ----------- -----------
Net interest income
after provision 50,689 51,294 54,121 60,236
----------- ----------- ----------- -----------
Service charges on
deposit accounts 11,040 11,190 11,184 12,931
Investment services 2,970 2,885 3,164 3,663
Other fee income 4,803 5,070 5,907 6,942
Other operating
income 3,049 3,394 5,115 3,210
Gain (loss) on sales
of securities 26 (25) (46) 33
----------- ----------- ----------- -----------
Total noninterest
income 21,888 22,514 25,324 26,779
----------- ----------- ----------- -----------
Total revenue 74,486 76,731 82,323 89,517
----------- ----------- ----------- -----------
Salaries and benefits 27,981 28,458 28,828 32,602
Occupancy expenses 8,258 8,887 9,395 11,117
Other expenses 13,862 12,884 14,060 20,279
----------- ----------- ----------- -----------
Total noninterest
expenses 50,101 50,229 52,283 63,998
----------- ----------- ----------- -----------
Income before
income taxes 22,476 23,579 27,162 23,017
Provision for income
taxes 7,189 7,358 7,496 5,648
----------- ----------- ----------- -----------
Net income $15,287 $16,221 $19,666 $17,369
=========== =========== =========== ===========
Basic earnings per
common share $0.22 $0.24 $0.28 $0.25
=========== =========== =========== ===========
Diluted earnings
per common share $0.22 $0.23 $0.28 $0.24
=========== =========== =========== ===========
Dividends per
common share $0.03 $0.03 $0.03 $0.03
=========== =========== =========== ===========
Period end # of
shares outstanding 68,612 69,068 69,154 70,096
Weighted avg # of
shares outstanding
(incl CSE's) 70,282 70,528 70,830 71,906
Nonperforming assets
----------------------
Nonaccrual loans $17,671 $10,668 $11,370 $14,174
Accruing loans 90 or
more days past due 3,044 1,805 845 2,052
Restructured loans - - - -
ORE and OLRA 4,722 11,461 8,076 8,887
----------- ----------- ----------- -----------
Total nonperforming
assets $25,437 $23,934 $20,291 $25,113
=========== =========== =========== ===========
Changes in allowance
for credit losses
----------------------
Allowance for loan
losses - beginning
of period $41,611 $46,583 $45,927 $47,516
Provision for loan
losses 1,909 2,923 2,878 2,502
Charge-offs (1,382) (3,748) (1,666) (2,236)
Recoveries 2,329 169 377 272
Allowance acquired
through mergers and
acquisitions 2,116 - - 1,354
----------- ----------- ----------- -----------
Allowance for loan
losses - end of
period 46,583 45,927 47,516 49,408
----------- ----------- ----------- -----------
Reserve for unfunded
lending commitments
- beginning of
period 1,397 1,488 1,565 1,687
Provision for
unfunded lending
commitments 91 77 122 164
----------- ----------- ----------- -----------
Reserve for unfunded
lending commitments
- end of period 1,488 1,565 1,687 1,851
----------- ----------- ----------- -----------
Allowance for credit
losses $48,071 $47,492 $49,203 $51,259
=========== =========== =========== ===========
Ratios
======================
Return on average
assets 1.02% 1.06% 1.21% 0.94%
Return on average
common shareholders'
equity 12.04% 12.66% 14.79% 11.97%
Tier 1 leverage ratio 8.35% 8.45% 8.90% 7.82%
Total capital to risk
weighted assets 10.76% 10.39% 12.05% 11.02%
Taxable-equivalent
yield on interest-
earning assets 4.88% 4.84% 4.96% 5.13%
Cost of funds with
demand accounts 0.81% 0.79% 0.98% 1.19%
Taxable-equivalent
net interest margin 4.05% 4.03% 3.97% 3.91%
Taxable-equivalent
efficiency ratio 65.16% 62.98% 61.36% 67.83%
Demand deposits to
total deposits 33.36% 33.55% 33.36% 32.87%
Noninterest income to
total income 29.39% 29.34% 30.76% 29.91%
Noninterest expense
to average interest-
earning assets 3.78% 3.64% 3.54% 3.89%
Operating leverage $(1,932) $2,117 $3,538 $(4,521)
Nonperforming assets
to loans and other
real estate 0.68% 0.61% 0.49% 0.55%
Net charge-offs
(recoveries) to
average loans (0.11)% 0.38% 0.13% 0.18%
Allowance for credit
losses to total
loans 1.29% 1.21% 1.19% 1.11%
Allowance for loan
losses to
nonperforming loans 224.88% 368.21% 389.00% 304.50%
Common stock
performance
----------------------
Market value of stock
- Close $18.865 $22.060 $20.140 $23.290
Market value of stock
- High $19.955 $22.085 $22.055 $25.010
Market value of stock
- Low $18.425 $18.605 $19.500 $20.050
Book value of stock $7.63 $7.39 $7.95 $8.28
Market/book value of
stock 247% 299% 253% 281%
Price/earnings ratio 22 25 21 24
Other data
----------------------
EOP Employees - full
time equivalent 1,839 1,830 1,832 2,126
Period end balances
----------------------
Loans held for
investment $3,720,950 $3,912,212 $4,134,125 $4,539,578
Loans held for sale 101,944 97,929 96,022 107,404
Investment securities 1,576,977 1,624,540 1,702,393 1,985,237
Securities purchased
under resale
agreements - - - -
Fed funds sold and
other interest-
earning assets 52,678 45,612 75,848 14,417
----------- ----------- ----------- -----------
Total interest-
earning assets 5,452,549 5,680,293 6,008,388 6,646,636
----------- ----------- ----------- -----------
Allowance for loan
losses (46,583) (45,927) (47,516) (49,408)
Cash and due from
banks 290,796 270,551 246,002 327,558
Goodwill 55,094 54,998 54,998 149,846
Core deposit
intangibles 11,661 10,653 9,855 27,246
Other assets 352,189 390,958 363,330 403,725
----------- ----------- ----------- -----------
Total assets $6,115,706 $6,361,526 $6,635,057 $7,505,603
=========== =========== =========== ===========
Noninterest-bearing
demand deposits $1,625,647 $1,622,348 $1,593,652 $1,871,228
Interest-bearing
demand deposits 72,009 62,316 69,531 135,003
Savings deposits 1,985,622 1,998,375 2,010,178 2,297,217
Time deposits 1,019,666 1,097,130 1,131,101 1,316,595
----------- ----------- ----------- -----------
Total deposits 4,702,944 4,780,169 4,804,462 5,620,043
Repurchase agreements
and other borrowed
funds 854,005 1,031,866 1,253,242 1,267,864
Other liabilities 35,526 39,311 27,568 37,282
Minority interest - - - -
Shareholders' equity 523,231 510,180 549,785 580,414
----------- ----------- ----------- -----------
Total liabilities
and equity $6,115,706 $6,361,526 $6,635,057 $7,505,603
=========== =========== =========== ===========
2005
-----------------------
1Q 2Q
----------- -----------
Balance sheet averages
----------------------------------------------
Loans held for investment $4,578,891 $4,649,225
Loans held for sale 103,679 112,246
Investment securities 1,957,288 1,996,238
Securities purchased under resale agreements - -
Fed funds sold and other interest-earning
assets 44,143 43,514
----------- -----------
Total interest-earning assets 6,684,001 6,801,223
----------- -----------
Allowance for loan losses (50,663) (50,833)
Cash and due from banks 321,832 278,618
Goodwill 149,863 150,081
Core deposit intangibles 26,119 23,902
Other assets 429,243 453,968
----------- -----------
Total assets $7,560,395 $7,656,959
=========== ===========
Noninterest-bearing deposits $1,764,238 $1,765,836
Interest-bearing demand deposits 110,646 93,292
Savings deposits 2,254,124 2,224,241
Time deposits 1,329,170 1,564,356
----------- -----------
Total deposits 5,458,178 5,647,725
Repurchase agreements and other borrowed
funds 1,479,886 1,372,552
Other liabilities 33,073 40,155
Shareholders' equity 589,258 596,527
----------- -----------
Total liabilities and equity $7,560,395 $7,656,959
=========== ===========
Income statement data
----------------------------------------------
Interest and fees on loans $67,200 $72,884
Interest on securities 19,830 20,311
Interest on fed funds sold and other
interest-earning assets 284 338
----------- -----------
Total interest income 87,314 93,533
----------- -----------
Interest on deposits 15,494 20,488
Interest on subordinated debentures 2,516 2,839
Interest on other borrowings 7,104 7,822
----------- -----------
Total interest expense 25,114 31,149
----------- -----------
Net interest income 62,200 62,384
Provision for loan losses 3,100 1,500
----------- -----------
Net interest income after provision 59,100 60,884
----------- -----------
Service charges on deposit accounts 11,347 10,662
Investment services 3,605 4,642
Other fee income 7,335 8,020
Other operating income 6,482 8,259
Gain (loss) on sales of securities 2 (17)
----------- -----------
Total noninterest income 28,771 31,566
----------- -----------
Total revenue 90,971 93,950
----------- -----------
Salaries and benefits 34,729 34,739
Occupancy expenses 10,605 10,780
Other expenses 18,839 20,768
----------- -----------
Total noninterest expenses 64,173 66,287
----------- -----------
Income before income taxes 23,698 26,163
Provision for income taxes 6,754 7,005
----------- -----------
Net income $16,944 $19,158
=========== ===========
Basic earnings per common share $0.24 $0.27
=========== ===========
Diluted earnings per common share $0.24 $0.27
=========== ===========
Dividends per common share $0.03 $0.03
=========== ===========
Period end # of shares outstanding 70,194 70,539
Weighted avg # of shares outstanding (incl
CSE's) 71,644 71,531
Nonperforming assets
----------------------------------------------
Nonaccrual loans $12,421 $12,180
Accruing loans 90 or more days past due 1,312 1,968
Restructured loans - -
ORE and OLRA 8,378 6,807
----------- -----------
Total nonperforming assets $22,111 $20,955
=========== ===========
Changes in allowance for credit losses
----------------------------------------------
Allowance for loan losses - beginning of
period $49,408 $49,291
Provision for loan losses 3,100 1,500
Charge-offs (4,527) (2,088)
Recoveries 1,310 477
Allowance acquired through mergers and
acquisitions - -
----------- -----------
Allowance for loan losses - end of period 49,291 49,180
----------- -----------
Reserve for unfunded lending commitments -
beginning of period 1,851 1,905
Provision for unfunded lending commitments 54 54
----------- -----------
Reserve for unfunded lending commitments -
end of period 1,905 1,959
----------- -----------
Allowance for credit losses $51,196 $51,139
=========== ===========
Ratios
==============================================
Return on average assets 0.91% 1.00%
Return on average common shareholders' equity 11.66% 12.88%
Tier 1 leverage ratio 7.80% 7.96%
Total capital to risk weighted assets 11.16% 11.18%
Taxable-equivalent yield on interest-earning
assets 5.39% 5.61%
Cost of funds with demand accounts 1.47% 1.78%
Taxable-equivalent net interest margin 3.87% 3.77%
Taxable-equivalent efficiency ratio 66.94% 67.12%
Demand deposits to total deposits 32.32% 31.27%
Noninterest income to total income 31.63% 33.60%
Noninterest expense to average interest-
earning assets 3.89% 3.91%
Operating leverage $1,279 $1,063
Nonperforming assets to loans and other real
estate 0.48% 0.44%
Net charge-offs (recoveries) to average loans 0.28% 0.14%
Allowance for credit losses to total loans 1.09% 1.06%
Allowance for loan losses to nonperforming
loans 358.92% 347.61%
Common stock performance
----------------------------------------------
Market value of stock - Close $18.350 $22.380
Market value of stock - High $23.690 $22.750
Market value of stock - Low $18.020 $16.150
Book value of stock $8.22 $8.69
Market/book value of stock 223% 257%
Price/earnings ratio 19 22
Other data
----------------------------------------------
EOP Employees - full time equivalent 2,133 2,180
Period end balances
----------------------------------------------
Loans held for investment $4,605,813 $4,721,280
Loans held for sale 110,239 116,577
Investment securities 1,919,265 1,972,561
Securities purchased under resale agreements - -
Fed funds sold and other interest-earning
assets 63,367 28,774
----------- -----------
Total interest-earning assets 6,698,684 6,839,192
----------- -----------
Allowance for loan losses (49,291) (49,180)
Cash and due from banks 274,842 301,428
Goodwill 150,042 151,768
Core deposit intangibles 24,998 22,827
Other assets 460,233 474,007
----------- -----------
Total assets $7,559,508 $7,740,042
=========== ===========
Noninterest-bearing demand deposits $1,751,106 $1,945,595
Interest-bearing demand deposits 114,570 104,420
Savings deposits 2,227,186 2,228,223
Time deposits 1,712,845 1,624,638
----------- -----------
Total deposits 5,805,707 5,902,876
Repurchase agreements and other borrowed
funds 1,138,460 1,182,270
Other liabilities 38,153 41,804
Minority interest - -
Shareholders' equity 577,188 613,092
----------- -----------
Total liabilities and equity $7,559,508 $7,740,042
=========== ===========
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