Amegy Reports Strong Growth; Shareholders Approve Merger 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)
3rd Quarter Highlights
-- Diluted earnings per common share were $0.30 for the third
quarter of 2005, up 11% linked quarter and up 6.7% compared to the
third quarter of 2004.
-- Strong growth trends continue:
-- Net income increased $2.3 million, or 12% linked quarter; up
9.1% from a year earlier.
-- Average loans held for investment increased $164.6 million, or
3.5% linked quarter; 14% annualized.
-- Average deposits increased $312.4 million, or 5.5% linked
quarter; 22% annualized.
-- Net interest margin on a taxable-equivalent basis was 3.73%.
-- Noninterest expenses declined $3.8 million, or 5.7% linked
quarter.
-- Asset quality indicators remained strong.
-- The shareholders of Amegy Bancorporation, Inc. approved the
Company's merger with Zions Bancorporation on October 11.
Amegy Bancorporation, Inc. (NASDAQ:ABNK) today reported third quarter results that reflect strong business development activity with significant loan and deposit growth. For the quarter ended September September: see month. 30, 2005, net income was $21.4 million, or $0.30 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 $19.7 million for the quarter ended September 30, 2004, or $0.28 per diluted common share. For the nine months ended September 30, 2005, net income was $57.5 million, or $0.80 per diluted common share, compared to $51.2 million, or $0.73 per diluted common share, for the nine months ended September 30, 2004. 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 September 30, 2005, were 1.08% and 13.79% compared to 1.00% and 12.88% linked quarter. For the nine months ended September 30, 2005, return on average assets and return on average common shareholders' equity were 1.00% and 12.80% compared to 1.10% and 13.19% for the nine months ended September 30, 2003. Total revenue for the third quarter of 2005 was $94.4 million, an increase of 15% over the same period in 2004. For the nine months ended September 30, 2005, total revenue was $279.3 million, a 20% increase over the same period in 2004. Average loans held for investment were $4.81 billion, a 20% increase over the third quarter of 2004. Average deposits were $5.96 billion, an increase of 25% over the comparable period in 2004. Average assets were $7.86 billion, an increase of $1.36 billion, or 21%, from the third quarter of 2004. "This has been an excellent quarter and I am pleased with our momentum as we enter our new relationship with Zions," said Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. B. Murphy, Jr., CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Amegy Bank. "Growth in both loans and deposits and in our fee income businesses has continued and, as expected, our expenses have decreased linked quarter reflecting the completion of the name change and Klein Klein , Melanie 1882-1960. Austrian-born British psychoanalyst who first introduced play therapy and was the first to use psychoanalysis to treat young children. merger activities. It is great to show strong core growth in this period immediately following the announcement of our merger with Zions. I believe that this solid quarter indicates that our customers are very comfortable with the Zions merger. It is clear that Zions is the right partner at the right time." Murphy noted that the shareholders of Amegy Bancorporation approved the merger with Zions with over 98% of all votes cast voting in favor of upon the side of; favorable to; for the advantage of. See also: favor the Board's recommendation. Added 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, "The integration planning with Zions is progressing very nicely. Teams from both banks have been working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d and we are on track to meet all targets not only from expense savings but also we feel that there is very solid revenue potential as we share many of our products and services with each other. Customer service remains the primary focus of the integration team." Net Interest Income Net interest income increased to $63.7 million, a 2.2% increase on a linked quarter basis and 12% higher than the year earlier period. The taxable-equivalent net interest margin was 3.73% for the third quarter of 2005, a decrease of 4 basis points from the prior quarter. Average loans held for investment increased by $164.6 million linked quarter, or 14% on an 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. basis, and is a reflection of the Company's commitment to continuing its strong sales culture. The strong loan growth experienced during the quarter was primarily on a variable rate basis and was partially funded by a planned reduction in the securities portfolio. Average deposit growth for the quarter was a robust $312.4 million, or 22% annualized, reflecting the effectiveness of the deposit campaigns initiated earlier in 2005 and resulted in a linked quarter reduction of 10% in higher cost wholesale funding sources. Noninterest Income For the three months ended September 30, 2005, noninterest income was $30.7 million, a 2.9% decrease linked quarter but a 21% increase versus the prior year. The decrease reflects a reduction in income from private equity investments as the Company recorded a $3.8 million valuation gain on one private equity investment in the second quarter. For the nine months ended September 30, 2005, noninterest income was $91.0 million, an increase of 31% over the comparable period of the prior year. Noninterest Expenses Noninterest expenses were $62.5 million for the third quarter of 2005, a decrease of $3.8 million, or 5.7%, on a linked quarter basis. The taxable-equivalent efficiency ratio improved to 63.8% as compared to 67.1% in the prior quarter. The improvement in noninterest expenses for the quarter resulted from the expense initiatives commenced earlier in 2005 as well as the conclusion of the name change project and the Klein merger integration. Employment and occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses have remained essentially unchanged for the past three quarters. Expenses related to Hurricane Rita Hurricane Rita was the fourth-most intense Atlantic hurricane ever recorded and the most intense tropical cyclone ever observed in the Gulf of Mexico. Rita caused $11.3 billion in damage on the U.S. Gulf Coast in September 2005. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $300,000 and expenses related to the Zions merger of approximately $620,000 were recorded during the quarter. The overall expense saves expected as a result of the Zions merger will not be fully realized until operational conversion occurs, which is anticipated to be in the first quarter, 2006. Asset Quality Asset quality continues to be a strength for the Company. 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 $25.4 million, 0.52% of loans and other real estate, at September 30, 2005, up from 0.44% on a linked quarter basis and 0.49% at September 30, 2004. Net charge-offs for the quarter were $1.9 million, or 0.16% of average loans, up from $1.6 million or 0.14% of average loans linked quarter. The provision for loan losses was $1.9 million for the quarter. The allowance for credit losses to total loans is 1.02% at September 30, 2005, compared to 1.19% at September 30, 2004, and 1.06% at June June: see month. 30, 2005. Period End Loans, Deposits, Investments, Assets, and Equity Loans held for investment were $4.91 billion at September 30, 2005, an increase of 3.9% linked quarter, and a 19% increase from September 30, 2004. Total deposits at September 30, 2005, were $6.37 billion, an increase of 7.9% linked quarter, and an increase of 33% from September 30, 2004. Investment securities were $1.89 billion at September 30, 2005, a decrease of 4% linked quarter, and an increase of 11% from September 30, 2004. Total assets were $7.89 billion at September 30, 2005, an increase of 2% linked quarter, and an increase of 19% from September 30, 2004. Total shareholders' equity was $617.0 million at September 30, 2005, compared to $549.8 million at September 30, 2004. 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 $7.89 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 shareholders of the Company approved its 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. on October October: see month. 11, 2005. The closing of the transaction is expected to occur late in the fourth quarter of 2005, subject to 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. approval and the satisfaction of customary closing conditions contained in the merger agreement. 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 held on October 25 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 Third Quarter Earnings Call." The call is also available on the web at http://audioevent.mshow.com/256067. The call will be archived and may be accessed by calling (800) 642-1687 and entering 1082185 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.
Amegy Bancorporation, Inc.
Consolidated Financial Information (unaudited)
3Q-05 3Q-04 % change
----------- ----------- ----------
Balance sheet averages (in 000's except per share data)
------------------------------------
Loans held for investment $4,813,862 $4,027,343 19.5%
Loans held for sale 108,598 96,119 13.0%
Investment securities 1,976,986 1,691,472 16.9%
Securities purchased under resale
agreements - 2,435 -100.0%
Fed funds sold and other interest-
earning assets 60,670 50,138 21.0%
----------- -----------
Total interest-earning assets 6,960,116 5,867,507 18.6%
----------- -----------
Allowance for loan losses (50,285) (49,422) 1.7%
Cash and due from banks 303,760 251,686 20.7%
Goodwill 150,426 54,998 173.5%
Core deposit intangibles 21,784 10,240 112.7%
Other assets 469,755 355,606 32.1%
----------- -----------
Total assets $7,855,556 $6,490,615 21.0%
=========== ===========
Noninterest-bearing deposits $1,831,827 $1,587,990 15.4%
Interest-bearing demand deposits 116,710 71,430 63.4%
Savings deposits 2,325,955 2,012,963 15.5%
Time deposits 1,685,633 1,088,302 54.9%
----------- -----------
Total deposits 5,960,125 4,760,685 25.2%
Repurchase agreements and other
borrowed funds 1,235,131 1,173,762 5.2%
Other liabilities 43,237 27,246 58.7%
Minority interest in consolidated
subsidiary - - 0.0%
Shareholders' equity 617,063 528,922 16.7%
----------- -----------
Total liabilities and
shareholders' equity $7,855,556 $6,490,615 21.0%
=========== ===========
Income statement data
------------------------------------
Interest and fees on loans $80,060 $55,282 44.8%
Interest on securities 20,078 16,143 24.4%
Interest on fed funds sold and
other interest-earning assets 555 192 189.1%
----------- -----------
Total interest income 100,693 71,617 40.6%
----------- -----------
Interest on deposits 25,740 10,028 156.7%
Interest on subordinated debentures 3,108 698 345.3%
Interest on other borrowings 8,098 3,892 108.1%
----------- -----------
Total interest expense 36,946 14,618 152.7%
----------- -----------
Net interest income 63,747 56,999 11.8%
Provision for loan losses 1,900 2,878 -34.0%
----------- -----------
Net interest income after
provision 61,847 54,121 14.3%
----------- -----------
Service charges on deposit accounts 10,959 11,184 -2.0%
Investment services 4,291 3,164 35.6%
Other fee income 8,960 5,907 51.7%
Other operating income 5,283 5,116 3.3%
Gain (loss) on sales of securities,
net 1,170 (46) -2643.5%
----------- -----------
Total noninterest income 30,663 25,325 21.1%
----------- -----------
Total revenue 94,410 82,324 14.7%
----------- -----------
Salaries and benefits 34,902 28,829 21.1%
Occupancy expenses 10,747 9,395 14.4%
Other expenses 16,864 14,060 19.9%
----------- -----------
Total noninterest expenses 62,513 52,284 19.6%
----------- -----------
Income before income taxes 29,997 27,162 10.4%
Provision for income taxes 8,549 7,496 14.0%
----------- -----------
Net income $21,448 $19,666 9.1%
=========== ===========
Basic earnings per common share $0.30 $0.28 6.7%
=========== ===========
Diluted earnings per common share $0.30 $0.28 6.7%
=========== ===========
Dividends per common share $0.11 $0.03 266.7%
=========== ===========
Period end # of shares
outstanding 70,768 69,154 2.3%
Weighted avg # of shares
outstanding (incl CSE's) 72,386 70,830 2.2%
Nonperforming assets ($ in 000's except per share data)
------------------------------------
Nonaccrual loans $15,122 $11,370 33.0%
Accruing loans 90 or more days past
due 2,655 845 214.2%
Restructured loans - - 0.0%
ORE and OLRA 7,658 8,076 -5.2%
----------- -----------
Total nonperforming assets $25,435 $20,291 25.4%
=========== ===========
Changes in allowance for credit
losses
------------------------------------
Allowance for loan losses -
beginning of period $49,180 $45,927 7.1%
Provision for loan losses 1,900 2,878 -34.0%
Charge-offs (2,164) (1,666) 29.9%
Recoveries 273 377 -27.6%
Allowance acquired through mergers
and acquisitions - - 0.0%
----------- -----------
Allowance for loan losses - end of
period 49,189 47,516 3.5%
----------- -----------
Reserve for unfunded lending
commitments - beginning of period 1,959 1,565 25.2%
Provision for unfunded lending
commitments 54 122 -55.7%
----------- -----------
Reserve for unfunded lending
commitments - end of period 2,013 1,687 19.3%
----------- -----------
Allowance for credit losses $51,202 $49,203 4.1%
=========== ===========
Ratios
------------------------------------
Return on average assets 1.08% 1.21%
Return on average common
shareholders' equity 13.79% 14.79%
Tier 1 leverage ratio 8.03% 8.90%
Total capital to risk weighted
assets 11.01%(a) 12.05%
Taxable-equivalent yield on
interest-earning assets 5.83% 4.96%
Cost of funds with demand accounts 2.04% 0.98%
Taxable-equivalent net interest
margin 3.73% 3.97%
Taxable-equivalent efficiency ratio 63.76% 61.36%
Demand deposits to total deposits 30.73% 33.36%
Noninterest income to total income 32.48% 30.76%
Noninterest expense to average
interest-earning assets 3.56% 3.54%
Operating leverage $4,234 $3,538
Nonperforming assets to loans and
other real estate 0.52% 0.49%
Net charge-offs to average loans 0.16% 0.13%
Allowance for credit losses to
total loans 1.02% 1.19%
Allowance for loan losses to
nonperforming loans 276.70% 389.00%
Common stock performance
------------------------------------
Market value of common stock -
Close $22.630 $20.140
Market value of common stock - High $23.320 $22.055
Market value of common stock - Low $21.810 $19.500
Book value of common stock $8.72 $7.95
Market/book value of common stock 260% 253%
Price/12 month trailing earnings
ratio 22 21
Other data
------------------------------------
EOP Employees - full time
equivalent 2,096 1,832 14.4%
Period end balances ($ in 000's )
------------------------------------
Loans held for investment $4,906,297 $4,134,125 18.7%
Loans held for sale 103,423 96,022 7.7%
Investment securities 1,892,889 1,702,393 11.2%
Securities purchased under resale
agreements - - 0.0%
Fed funds sold and other interest-
earning assets 48,135 75,848 -36.5%
----------- -----------
Total interest-earning assets 6,950,744 6,008,388 15.7%
----------- -----------
Allowance for loan losses (49,189) (47,516) 3.5%
Cash and due from banks 345,926 246,002 40.6%
Goodwill 150,426 54,998 173.5%
Core deposit intangibles 20,785 9,854 110.9%
Other assets 475,679 363,331 30.9%
----------- -----------
Total assets $7,894,371 $6,635,057 19.0%
=========== ===========
Noninterest-bearing demand
deposits $1,984,716 $1,593,652 24.5%
Interest-bearing demand deposits 123,866 69,531 78.1%
Savings deposits 2,370,492 2,010,178 17.9%
Time deposits 1,890,445 1,131,101 67.1%
----------- -----------
Total deposits 6,369,519 4,804,462 32.6%
Repurchase agreements and other
borrowed funds 873,715 1,253,242 -30.3%
Other liabilities 34,091 27,568 23.7%
Shareholders' equity 617,046 549,785 12.2%
----------- -----------
Total liabilities and
shareholders' equity $7,894,371 $6,635,057 19.0%
=========== ===========
(a) Estimated
YTD 05 YTD 04 % change
----------- ----------- ---------
Balance sheet averages (in 000's except per share data)
------------------------------------
Loans held for investment $4,702,842 $3,800,036 23.8%
Loans held for sale 86,871 98,751 -12.0%
Investment securities 1,976,910 1,625,592 21.6%
Securities purchased under resale
agreements - 8,482 -100.0%
Fed funds sold and other interest-
earning assets 49,503 48,016 3.1%
----------- -----------
Total interest-earning assets 6,816,126 5,580,877 22.1%
----------- -----------
Allowance for loan losses (50,592) (48,288) 4.8%
Cash and due from banks 299,858 280,323 7.0%
Goodwill 150,120 51,933 189.1%
Core deposit intangibles 23,919 9,776 144.7%
Other assets 451,136 352,637 27.9%
----------- -----------
Total assets $7,690,567 $6,227,258 23.5%
=========== ===========
Noninterest-bearing deposits $1,786,069 $1,551,178 15.1%
Interest-bearing demand deposits 106,905 67,640 58.0%
Savings deposits 2,268,370 1,969,151 15.2%
Time deposits 1,527,692 1,053,271 45.0%
----------- -----------
Total deposits 5,689,036 4,641,240 22.6%
Repurchase agreements and other
borrowed funds 1,361,626 1,041,204 30.8%
Other liabilities 38,854 26,463 46.8%
Minority interest in consolidated
subsidiary - - 0.0%
Shareholders' equity 601,051 518,351 16.0%
----------- -----------
Total liabilities and
shareholders' equity $7,690,567 $6,227,258 23.5%
=========== ===========
Income statement data
------------------------------------
Interest and fees on loans $220,144 $154,632 42.4%
Interest on securities 60,219 45,370 32.7%
Interest on fed funds sold and
other interest-earning assets 1,176 500 135.2%
----------- -----------
Total interest income 281,539 200,502 40.4%
----------- -----------
Interest on deposits 61,722 26,506 132.9%
Interest on subordinated debentures 8,463 1,793 372.0%
Interest on other borrowings 23,025 8,389 174.5%
----------- -----------
Total interest expense 93,210 36,688 154.1%
----------- -----------
Net interest income 188,329 163,814 15.0%
Provision for loan losses 6,500 7,710 -15.7%
----------- -----------
Net interest income after
provision 181,829 156,104 16.5%
----------- -----------
Service charges on deposit accounts 32,968 33,414 -1.3%
Investment services 12,538 9,019 39.0%
Other fee income 24,315 15,780 54.1%
Other operating income 20,024 11,558 73.2%
Gain (loss) on sales of securities,
net 1,156 (45) -2668.9%
----------- -----------
Total noninterest income 91,001 69,726 30.5%
----------- -----------
Total revenue 279,330 233,540 19.6%
----------- -----------
Salaries and benefits 104,370 85,267 22.4%
Occupancy expenses 32,132 26,540 21.1%
Other expenses 56,471 40,806 38.4%
----------- -----------
Total noninterest expenses 192,973 152,613 26.4%
----------- -----------
Income before income taxes 79,857 73,217 9.1%
Provision for income taxes 22,308 22,043 1.2%
----------- -----------
Net income $57,549 $51,174 12.5%
=========== ===========
Basic earnings per common share $0.82 $0.74 10.0%
=========== ===========
Diluted earnings per common share $0.80 $0.73 10.4%
=========== ===========
Dividends per common share $0.17 $0.09 88.9%
=========== ===========
Period end # of shares
outstanding 70,768 69,154 2.3%
Weighted avg # of shares
outstanding (incl CSE's) 71,844 70,544 1.8%
Nonperforming assets ($ in 000's except per share data)
------------------------------------
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 6,500 7,710 -15.7%
Charge-offs (8,779) (6,796) 29.2%
Recoveries 2,060 2,875 -28.3%
Allowance acquired through mergers
and acquisitions - 2,116 -100.0%
----------- -----------
Allowance for loan losses - end of
period 49,189 47,516 3.5%
----------- -----------
Reserve for unfunded lending
commitments - beginning of period 1,851 1,397 32.5%
Provision for unfunded lending
commitments 162 290 -44.1%
----------- -----------
Reserve for unfunded lending
commitments - end of period 2,013 1,687 19.3%
----------- -----------
Allowance for credit losses $51,202 $49,203 4.1%
=========== ===========
Ratios
------------------------------------
Return on average assets 1.00% 1.10%
Return on average common
shareholders' equity 12.80% 13.19%
Tier 1 leverage ratio
Total capital to risk weighted
assets
Taxable-equivalent yield on
interest-earning assets 5.61% 4.89%
Cost of funds with demand accounts 1.77% 0.86%
Taxable-equivalent net interest
margin 3.79% 4.02%
Taxable-equivalent efficiency ratio 65.93% 63.10%
Demand deposits to total deposits 31.39% 33.42%
Noninterest income to total income 32.58% 29.86%
Noninterest expense to average
interest-earning assets 3.79% 3.65%
Operating leverage $6,576 $3,723
Nonperforming assets to loans and
other real estate
Net charge-offs to average loans 0.19% 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 $22.630 $20.140
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
Other data
------------------------------------
EOP Employees - full time
equivalent
Period end balances
------------------------------------
Loans held for investment
Loans held for sale
Investment securities
Securities purchased under resale
agreements
Fed funds sold and other interest-
earning assets
Total interest-earning assets
Allowance for loan losses
Cash and due from banks
Goodwill
Core deposit intangibles
Other assets
Total assets
Noninterest-bearing demand deposits
Interest-bearing demand deposits
Savings deposits
Time deposits
Total deposits
Repurchase agreements and other
borrowed funds
Other liabilities
Shareholders' equity
Total liabilities and
shareholders' equity
Rate Volume
3 Months Ended Analysis
(dollars in thousands)
(unaudited)
Three Months Ended
September 30, 2005
-----------------------------------
Average Interest Average
Outstanding Earned/ Yield/
Balance Paid(1) Rate
----------- ----------- -----------
Interest-earning assets:
Loans $4,922,460 $80,321 6.47%
Securities 1,976,986 21,422 4.30
Federal funds sold and other 60,670 555 3.63
----------- ----------- -----------
Total interest-earning
assets 6,960,116 102,298 5.83%
----------- -----------
Less allowance for loan losses (50,285)
-----------
6,909,831
Noninterest-earning assets 945,725
-----------
Total assets $7,855,556
===========
Interest-bearing liabilities:
Money market and savings
deposits $2,442,665 11,640 1.89%
Time deposits 1,685,633 14,099 3.32
Repurchase agreements and other
borrowed funds 1,235,131 11,206 3.60
----------- ----------- -----------
Total interest-bearing
liabilities 5,363,429 36,945 2.73%
----------- -----------
Noninterest-bearing liabilities:
Noninterest-bearing demand
deposits 1,831,827
Other liabilities 43,237
-----------
Total liabilities 7,238,493
Shareholders' equity 617,063
-----------
Total liabilities and
shareholders' equity $7,855,556
===========
Taxable-equivalent net interest
income $65,353
===========
Net interest spread 3.10%
===========
Taxable-equivalent net interest
margin 3.73%
===========
(1) Taxable-equivalent rates used
where applicable.
Three Months Ended
September 30, 2004
-----------------------------------
Average Interest Average
Outstanding Earned/ Yield/
Balance Paid(1) Rate
----------- ----------- -----------
Interest-earning assets:
Loans $4,123,462 $55,486 5.35%
Securities 1,691,472 17,477 4.11
Federal funds sold and other 52,573 192 1.45
----------- ----------- -----------
Total interest-earning
assets 5,867,507 73,155 4.96%
----------- -----------
Less allowance for loan losses (49,422)
-----------
5,818,085
Noninterest-earning assets 672,530
-----------
Total assets $6,490,615
===========
Interest-bearing liabilities:
Money market and savings
deposits $2,084,393 4,445 0.85%
Time deposits 1,088,302 5,583 2.04
Repurchase agreements and other
borrowed funds 1,173,762 4,590 1.56
----------- ----------- -----------
Total interest-bearing
liabilities 4,346,457 14,618 1.34%
----------- -----------
Noninterest-bearing liabilities:
Noninterest-bearing demand
deposits 1,587,990
Other liabilities 27,246
-----------
Total liabilities 5,961,693
Shareholders' equity 528,922
-----------
Total liabilities and
shareholders' equity $6,490,615
===========
Taxable-equivalent net interest
income $58,537
===========
Net interest spread 3.62%
===========
Taxable-equivalent net interest
margin 3.97%
===========
(1) Taxable-equivalent rates used
where applicable.
Three Months Ended
Q3 2005 vs Q3 2004
-----------------------------------
Increase (Decrease)
Due to
-----------------------------------
Volume Rate Total
----------- ----------- -----------
Interest-earning assets:
Loans $10,847 $13,988 $24,835
Securities 2,994 951 3,945
Federal funds sold and other 30 333 363
----------- ----------- -----------
Total increase (decrease) in
taxable-equivalent interest
income 13,871 15,272 29,143
----------- ----------- -----------
Interest-bearing liabilities:
Money market and savings deposits 767 6,428 7,195
Time deposits 3,078 5,438 8,516
Repurchase agreements and borrowed
funds 241 6,375 6,616
----------- ----------- -----------
Total increase (decrease) in
interest expense 4,086 18,241 22,327
----------- ----------- -----------
Increase (decrease) in taxable-
equivalent net interest income $9,785 $(2,969) $6,816
=========== =========== ===========
Rate Volume
Linked Quarter Analysis
(dollars in thousands)
(unaudited)
Three Months Ended
September 30, 2005
-----------------------------------
Average Interest Average
Outstanding Earned/ Yield/
Balance Paid(1) Rate
------------ ---------- -----------
Interest-earning assets:
Loans $4,922,460 $80,321 6.47%
Securities 1,976,986 21,422 4.30
Federal funds sold and other
60,670 555 3.63
------------ ---------- -----------
Total interest-earning
assets 6,960,116 102,298 5.83%
---------- -----------
Less allowance for loan losses (50,285)
------------
6,909,831
Noninterest-earning assets 945,725
------------
Total assets $7,855,556
============
Interest-bearing liabilities:
Money market and savings
deposits $2,442,665 11,640 1.89%
Time deposits 1,685,633 14,099 3.32%
Repurchase agreements and other
borrowed funds 1,235,131 11,206 3.60
------------ ---------- -----------
Total interest-bearing
liabilities 5,363,429 36,945 2.73%
---------- -----------
Noninterest-bearing liabilities:
Noninterest-bearing demand
deposits 1,831,827
Other liabilities 43,237
------------
Total liabilities 7,238,493
Shareholders' equity 617,063
------------
Total liabilities and
shareholders' equity $7,855,556
============
Taxable-equivalent net interest
income $65,353
==========
Net interest spread 3.10%
===========
Taxable-equivalent net interest
margin 3.73%
===========
(1) Taxable-equivalent rates used
where applicable.
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%
===========
(1) Taxable-equivalent rates used
where applicable.
Three Months Ended
Q3 2005 vs Q2 2005
-----------------------------------
Increase (Decrease)
Due to
-----------------------------------
Volume Rate Days Total
-------- -------- -------- --------
Interest-earning assets:
Loans $2,500 $3,904 $803 $7,207
Securities (211) (246) 238 (219)
Federal funds sold and other 134 79 4 217
-------- -------- -------- --------
Total increase (decrease) in
taxable-equivalent
interest income 2,423 3,737 1,045 7,205
-------- -------- -------- --------
Interest-bearing liabilities:
Money market and savings deposits 494 2,006 99 2,599
Time deposits 897 1,628 126 2,651
Repurchase agreements and borrowed
funds (1,079) 1,507 117 545
-------- -------- -------- --------
Total increase (decrease) in
interest expense 312 5,141 342 5,795
-------- -------- -------- --------
Increase (decrease) in taxable-
equivalent net interest income $2,111 $(1,404) $703 $1,410
======== ======== ======== ========
EXHIBIT III
Amegy Bancorporation, Inc.
Consolidated Financial Information (unaudited)
Quarterly Trend Analysis
2003
------------
4Q
------------
Balance sheet averages 4813862
------------------------------
Loans held for investment $3,362,374
Loans held for sale 98,777
Investment securities 1,539,469
Securities purchased under resale agreements 30,000
Fed funds sold and other interest-earning assets 39,997
------------
Total interest-earning
assets 9,884,479
------------
Allowance for loan losses (42,513)
Cash and due from banks 268,099
Goodwill 25,647
Core deposit intangibles 6,509
Other assets 338,571
------------
Total assets $10,480,792
============
Noninterest-bearing deposits $1,399,592
Interest-bearing demand
deposits 37,997
Savings deposits 1,829,947
Time deposits 1,023,668
------------
Total deposits 4,291,204
Repurchase agreements and other borrowed funds 847,109
Other liabilities 40,991
Shareholders' equity 487,626
------------
Total liabilities and
equity $5,666,930
============
Income statement data
------------------------------
Interest and fees on loans $47,176
Interest on securities 13,856
Interest on fed funds sold and other interest-
earning assets 175
------------
Total interest income 61,207
------------
Interest on deposits 8,224
Interest on subordinated
debentures 516
Interest on other borrowings 1,957
------------
Total interest expense 10,697
------------
Net interest income 50,510
Provision for loan losses 2,935
------------
Net interest income after
provision 47,575
------------
Service charges on deposit
accounts 10,581
Investment services 2,498
Other fee income 4,725
Other operating income 4,662
Gain (loss) on sales of
securities 43
------------
Total noninterest income 22,509
------------
Total revenue 73,019
------------
Salaries and benefits 26,473
Occupancy expenses 8,299
Other expenses 11,930
------------
Total noninterest expenses 46,702
------------
Income before income taxes 23,382
Provision for income taxes 7,071
------------
Net income $16,311
============
Basic earnings per common
share $0.24
============
Diluted earnings per common
share $0.23
============
Dividends per common share $0.03
============
Period end # of shares
outstanding 68,428
Weighted avg # of shares outstanding (incl
CSE's) 70,190
Nonperforming assets
------------------------------
Nonaccrual loans $11,443
Accruing loans 90 or more
days past due 1,299
Restructured loans -
ORE and OLRA 4,248
------------
Total nonperforming assets $16,990
============
Changes in allowance for
credit losses
------------------------------
Allowance for loan losses - beginning of
period $39,803
Provision for loan losses 2,935
Charge-offs (1,735)
Recoveries 608
Allowance acquired through mergers and
acquisitions -
------------
Allowance for loan losses -
end of period 41,611
============
Reserve for unfunded lending commitments -
beginning of period 1,332
Provision for unfunded
lending commitments 65
------------
Reserve for unfunded lending commitments - end
of period 1,397
------------
Allowance for credit losses $43,008
============
Ratios
------------------------------
Return on average assets 1.14%
Return on average common shareholders' equity 13.27%
Tier 1 leverage ratio 9.15%
Total capital to risk
weighted assets 11.90%
Taxable-equivalent yield on interest-earning
assets 4.86%
Cost of funds with demand
accounts 0.83%
Taxable-equivalent net
interest margin 4.03%
Taxable-equivalent efficiency
ratio 62.25%
Demand deposits to total
deposits 32.62%
Noninterest income to total
income 30.83%
Noninterest expense to average interest-
earning assets 1.87%
Operating leverage $3,499
Nonperforming assets to loans and other real
estate 0.49%
Net charge-offs (recoveries) to average loans 0.13%
Allowance for credit losses
to total loans 1.23%
Allowance for loan losses to nonperforming
loans 326.57%
Common stock performance
------------------------------
Market value of stock - Close $19.425
Market value of stock - High $19.645
Market value of stock - Low $17.600
Book value of stock $7.29
Market/book value of stock 266%
Price/earnings ratio 22
Other data
------------------------------
EOP Employees - full time
equivalent 1,760
4,906,297
Period end balances
------------------------------
Loans held for investment $3,491,673
Loans held for sale 96,899
Investment securities 1,549,398
Securities purchased under resale agreements 30,000
Fed funds sold and other interest-earning
assets 64,908
------------
Total interest-earning
assets 5,232,878
------------
Allowance for loan losses (41,611)
Cash and due from banks 390,890
Goodwill 25,647
Core deposit intangibles 6,185
Other assets 333,144
------------
Total assets $5,947,133
============
Noninterest-bearing demand
deposits $1,513,038
Interest-bearing demand
deposits 43,452
Savings deposits 1,840,814
Time deposits 1,005,935
------------
Total deposits 4,403,239
Repurchase agreements and other borrowed funds 1,016,930
Other liabilities 27,643
Minority interest -
Shareholders' equity 499,321
------------
Total liabilities and
equity $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 3Q
----------- ----------- -----------
Balance sheet averages
---------------------------------
Loans held for investment $4,578,891 $4,649,225 $4,813,862
Loans held for sale 103,679 112,246 108,598
Investment securities 1,957,288 1,996,238 1,976,986
Securities purchased under
resale agreements - - -
Fed funds sold and other
interest-earning assets 44,143 43,514 60,670
----------- ----------- -----------
Total interest-earning assets 6,684,001 6,801,223 6,960,116
----------- ----------- -----------
Allowance for loan losses (50,663) (50,833) (50,285)
Cash and due from banks 321,832 278,618 303,760
Goodwill 149,863 150,066 150,426
Core deposit intangibles 26,119 23,902 21,784
Other assets 429,243 453,968 469,755
----------- ----------- -----------
Total assets $7,560,395 $7,656,944 $7,855,556
=========== =========== ===========
Noninterest-bearing deposits $1,764,238 $1,765,836 $1,831,827
Interest-bearing demand deposits 110,646 93,292 116,710
Savings deposits 2,254,124 2,224,241 2,325,955
Time deposits 1,329,170 1,564,356 1,685,633
----------- ----------- -----------
Total deposits 5,458,178 5,647,725 5,960,125
Repurchase agreements and other
borrowed funds 1,479,886 1,372,552 1,235,131
Other liabilities 33,073 40,140 43,237
Shareholders' equity 589,258 596,527 617,063
----------- ----------- -----------
Total liabilities and equity $7,560,395 $7,656,944 $7,855,556
=========== =========== ===========
Income statement data
---------------------------------
Interest and fees on loans $67,200 $72,884 $80,060
Interest on securities 19,830 20,311 20,078
Interest on fed funds sold and
other interest-earning assets 284 338 555
----------- ----------- -----------
Total interest income 87,314 93,533 100,693
----------- ----------- -----------
Interest on deposits 15,494 20,488 25,740
Interest on subordinated
debentures 2,516 2,839 3,108
Interest on other borrowings 7,104 7,822 8,098
----------- ----------- -----------
Total interest expense 25,114 31,149 36,946
----------- ----------- -----------
Net interest income 62,200 62,384 63,747
Provision for loan losses 3,100 1,500 1,900
----------- ----------- -----------
Net interest income after
provision 59,100 60,884 61,847
----------- ----------- -----------
Service charges on deposit
accounts 11,347 10,662 10,959
Investment services 3,605 4,642 4,291
Other fee income 7,335 8,020 8,960
Other operating income 6,482 8,259 5,283
Gain (loss) on sales of
securities 2 (17) 1,170
----------- ----------- -----------
Total noninterest income 28,771 31,566 30,663
----------- ----------- -----------
Total revenue 90,971 93,950 94,410
----------- ----------- -----------
Salaries and benefits 34,729 34,739 34,902
Occupancy expenses 10,605 10,780 10,747
Other expenses 18,839 20,768 16,864
----------- ----------- -----------
Total noninterest expenses 64,173 66,287 62,513
----------- ----------- -----------
Income before income taxes 23,698 26,163 29,997
Provision for income taxes 6,754 7,005 8,549
----------- ----------- -----------
Net income $16,944 $19,158 $21,448
=========== =========== ===========
Basic earnings per common
share $0.24 $0.27 $0.30
=========== =========== ===========
Diluted earnings per common
share $0.24 $0.27 $0.30
=========== =========== ===========
Dividends per common share $0.03 $0.03 $0.11
=========== =========== ===========
Period end # of shares
outstanding 70,194 70,539 70,768
Weighted avg # of shares
outstanding (incl CSE's) 71,644 71,531 72,386
Nonperforming assets
---------------------------------
Nonaccrual loans $12,421 $12,180 $15,122
Accruing loans 90 or more days
past due 1,312 1,968 2,655
Restructured loans - - -
ORE and OLRA 8,378 6,807 7,658
----------- ----------- -----------
Total nonperforming assets $22,111 $20,955 $25,435
=========== =========== ===========
Changes in allowance for credit
losses
---------------------------------
Allowance for loan losses -
beginning of period $49,408 $49,291 $49,180
Provision for loan losses 3,100 1,500 1,900
Charge-offs (4,527) (2,088) (2,164)
Recoveries 1,310 477 273
Allowance acquired through
mergers and acquisitions - - -
----------- ----------- -----------
Allowance for loan losses - end
of period 49,291 49,180 49,189
----------- ----------- -----------
Reserve for unfunded lending
commitments - beginning of
period 1,851 1,905 1,959
Provision for unfunded lending
commitments 54 54 54
----------- ----------- -----------
Reserve for unfunded lending
commitments - end of period 1,905 1,959 2,013
----------- ----------- -----------
Allowance for credit losses $51,196 $51,139 $51,202
=========== =========== ===========
Ratios
---------------------------------
Return on average assets 0.91% 1.00% 1.08%
Return on average common
shareholders' equity 11.66% 12.88% 13.79%
Tier 1 leverage ratio 7.80% 7.98% 8.03%
Total capital to risk weighted
assets 11.16% 11.04% 11.01%(a)
Taxable-equivalent yield on
interest-earning assets 5.39% 5.61% 5.83%
Cost of funds with demand
accounts 1.47% 1.78% 2.04%
Taxable-equivalent net interest
margin 3.87% 3.77% 3.73%
Taxable-equivalent efficiency
ratio 66.94% 67.12% 63.76%
Demand deposits to total
deposits 32.32% 31.27% 30.73%
Noninterest income to total
income 31.63% 33.60% 32.48%
Noninterest expense to average
interest-earning assets 3.89% 3.91% 3.56%
Operating leverage $1,279 $1,063 $4,234
Nonperforming assets to loans
and other real estate 0.48% 0.44% 0.52%
Net charge-offs (recoveries) to
average loans 0.28% 0.14% 0.16%
Allowance for credit losses to
total loans 1.09% 1.06% 1.02%
Allowance for loan losses to
nonperforming loans 358.92% 347.61% 276.70%
Common stock performance
---------------------------------
Market value of stock - Close $18.350 $22.380 $22.630
Market value of stock - High $23.690 $22.750 $23.320
Market value of stock - Low $18.020 $16.150 $21.810
Book value of stock $8.22 $8.69 $8.72
Market/book value of stock 223% 257% 260%
Price/earnings ratio 19 22 22
Other data
---------------------------------
EOP Employees - full time
equivalent 2,133 2,180 2,096
Period end balances
---------------------------------
Loans held for investment $4,605,813 $4,721,280 $4,906,297
Loans held for sale 110,239 116,577 103,423
Investment securities 1,919,265 1,972,561 1,892,889
Securities purchased under
resale agreements - - -
Fed funds sold and other
interest-earning assets 63,367 28,774 48,135
----------- ----------- -----------
Total interest-earning assets 6,698,684 6,839,192 6,950,744
----------- ----------- -----------
Allowance for loan losses (49,291) (49,180) (49,189)
Cash and due from banks 274,842 301,428 345,926
Goodwill 150,042 150,426 150,426
Core deposit intangibles 24,998 22,827 20,785
Other assets 460,233 474,007 475,679
----------- ----------- -----------
Total assets $7,559,508 $7,738,700 $7,894,371
=========== =========== ===========
Noninterest-bearing demand
deposits $1,751,106 $1,945,595 $1,984,716
Interest-bearing demand deposits 114,570 104,420 123,866
Savings deposits 2,227,186 2,228,223 2,370,492
Time deposits 1,712,845 1,624,638 1,890,445
----------- ----------- -----------
Total deposits 5,805,707 5,902,876 6,369,519
Repurchase agreements and other
borrowed funds 1,138,460 1,182,270 873,715
Other liabilities 38,153 40,462 34,091
Minority interest - - -
Shareholders' equity 577,188 613,092 617,046
----------- ----------- -----------
Total liabilities and equity $7,559,508 $7,738,700 $7,894,371
=========== =========== ===========
(a) Estimated
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