AmerUs Group Reports Fourth Quarter Net Income of $40.8 million; 2003 Record Net Income of $161.1 million.Business Editors DES MOINES Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , Iowa--(BUSINESS WIRE)--Feb. 10, 2004 AmerUs Group Co. (NYSE NYSE See: New York Stock Exchange :AMH AMH Abington Memorial Hospital (Abington, PA) AMH Anti-Müllerian Hormone AMH Australian Medicines Handbook AMH Automated Material Handling AMH Aviation Structural Mechanic (Hydraulics) US Navy Rating ), a leading producer of life insurance and annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. products, today reported fourth quarter 2003 net income of $40.8 million, or $1.02 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. share, a significant increase over last year's reported results of $7.2 million, or $0.18 per diluted share. Net income for 2003 was $161.1 million, or $4.07 per diluted share, compared with $62.9 million, or $1.56 per diluted share reported in 2002. Adjusted net 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. for the fourth quarter of 2003 was $38.4 million, or $0.96 per diluted share, compared with $36.1 million, or $0.92 per diluted share a year ago.(1)Adjusted net operating income for the year was $148.9 million, or $3.76 per diluted share compared to $144.5 million or $3.58 per diluted share in 2002. Commenting on the company's results, chairman and chief executive officer Roger K. Brooks Brooks , Gwendolyn Elizabeth 1917-2000. American poet known for her verse detailing the dreams and struggles of African Americans. An early volume of poems, Annie Allen (1949), was awarded a Pulitzer Prize. Noun 1. said, "2003 was a great year for us. I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in particularly pleased with our record net income, our strong capital base, the proven quality of our investment portfolio and the market's receptivity receptivity, n the state of being open to the action of a drug or homeopathic remedy. See also reactivity. to our new products." Accumulation Accumulation 1) In the context of individual investing, it is the process of contributing cash to invest in securities over a period of time in order to build a portfolio of desired value. Dividends and capital gains are also reinvested during this process. Product Results and Sales (2) Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta operating income for the accumulation segment increased nearly 24 percent to $36.9 million during the fourth quarter of 2003 compared to $29.9 million a year ago. The increase was due to higher margins on the growing block of equity-index annuities and lower expenses. 2003 pre-tax operating income increased 8 percent to $130.9 million compared to $120.7 million for 2002. Sales of fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. products for the quarter were $414 million, compared to $514 million in the fourth quarter of last year. Fixed annuity sales in 2003 were $1.8 billion, in line with prior year results. Equity-index annuities, the company's most profitable annuity product, comprised 75 percent of 2003 sales. Protection Product Results and Sales (2) Pre-tax operating income for the protection segment was $32.7 million compared to $34.3 million during the fourth quarter of 2002. The decrease in earnings was due to lower margins on the closed block as the planned glide path earnings decreased and to lower net investment income. In 2003, pre-tax operating income was $128.3 million compared to $129.7 million for 2002. Fourth quarter fixed life sales were $30.1 million, compared to $33.6 million in the fourth quarter of 2002. 2003 fixed life sales were $118.6 million, compared to $129.7 million in 2002. "Sales of our protection products rebounded nicely in the fourth quarter with an increase of 13 percent over the third quarter," said Brooks. Equity-index life sales, AmerUs Group's most profitable protection product, amounted to 44 percent of total sales, or $51.6 million in 2003, an increase of 13 percent over 2002. Net Investment Income Net investment income was $251 million in the fourth quarter of 2003 compared to $253 million in the fourth quarter of 2002. The decrease was a result of the low interest rate environment. The portfolio yield during the fourth quarter of 2003 was 5.72 percent, compared to 6.19 percent in the fourth quarter of 2002. Annual portfolio yields were 5.84 percent, compared to 6.38 percent in 2002. Corporate Actions During the quarter, the company paid its annual dividend of $0.40 per share on December December: see month. 15, 2003 to shareholders of record on November November: see month. 28, 2003. Additionally, the company will hold its annual investor conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. on February February: see month. 25, 2004 at the Inter-Continental The Barclay Barclay may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 111 East 48th Street (at Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Avenue). Investors and other interested parties who wish to attend should contact the company's investor relations Investor relations The process by which the corporation communicates with its investors. department at (515) 362-3695. AmerUs Group will hold its annual meeting of shareholders at its corporate headquarters on May 13, 2004, at 2 p.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT . Individuals interested in attending the meeting should contact the company's corporate secretary's office at (515) 362-3695. Conference Call, Audio Replay and Additional Financial Information Interested parties may listen to a conference call with AmerUs Group's management discussing fourth quarter 2003 results by calling (toll free) 888-810-4235 (international 706-679-5686) at 11 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy on Wednesday Wednesday: see week. , February 11, 2004. An audio replay of AmerUs Group's call will be available at 1 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , February 11, 2004, through February 18, 2004. The replay can be accessed by dialing 800-839-0860 (international: 402-220-1490), Conference ID 1005. Further detailed financial information, including operating segment income, investment composition, operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , margin analysis and product distribution by channel, can be found in AmerUs Group's Financial Supplement, which is available by accessing the company's web site at www.amerus.com or by contacting the company's investor relations department at (515) 362-3695. Caution Regarding 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. This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Additionally, forward-looking statements are subject to assumptions, risks and uncertainties. Statements such as "guidance," "expect," "anticipate," "believe," "goal," "objective," "target," "may," "should," "estimate," "projects," or similar words as well as specific projections of future results qualify as forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements can be found in the company's 10-K, filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and AmerUs Group undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf. AmerUs Group Co. is located in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, , and is engaged through its subsidiaries in the business of marketing individual life insurance and annuity products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its major subsidiaries include: AmerUs Life Insurance Company, American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Investors Life Insurance Company, Inc., Bankers Life Insurance Company of New York, and Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. Life Insurance Company. As of December 31, 2003, AmerUs Group's total assets were $21.5 billion and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $1.4 billion, including accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as . (1) The company views adjusted net operating income, a non-GAAP financial measure, as an important indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of financial performance. When presented with net income, the combined presentation can enhance an investor's understanding of AmerUs Group's underlying profitability and normalized results from operations. The definition of adjusted net operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before , as presented in this press release, excludes the following items on an after-tax basis After-tax basis The comparison basis used to analyze the net after-tax returns on a corporate taxable bond and a municipal tax-free bond. from net income: open block realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. and losses, deferred policy acquisition costs associated with open block realized gains and losses, non-insurance operations, demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs, non-recurring reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. adjustments, the impact of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 133 and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and the cumulative effect of change in accounting. Non-GAAP measures are also used for goal setting, determining employee and management compensation and evaluating our performance on a comparable basis to that used by security analysts. A reconciliation of net income to adjusted net operating income has been included as part of this press release. (2) Sales for an insurance company are a non-GAAP financial measure. We do not believe there is a comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial measure and, as a result, have not provided reconciliation. Sales are presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with industry practice and represent the amount of new business sold during the period. We believe sales are a measure of the productivity of our distribution networks. Sales are also a leading indicator Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. of future revenue trends. However, revenues are driven by prior period sales as well as current period sales and therefore, a reconciliation of sales to revenues would not be meaningful or determinable Liable to come to an end upon the happening of a certain contingency. Susceptible of being determined, found out, definitely decided upon, or settled. determinable adj. .
AMERUS GROUP CO.
ADJUSTED NET OPERATING INCOME
($ in thousands, except share data)
Adjusted net operating income reflects net income adjusted to
eliminate certain items, such as open block realized gains and losses,
deferred policy acquisition costs associated with the open block
realized gains and losses, non-insurance operations, demutualization
and restructuring costs, reinsurance adjustments, the impact of SFAS
133, discontinued operations and the cumulative effect of change in
accounting. Adjusted net operating income shown below does not
constitute our net income computed in accordance with GAAP. The
adjustments are presented net of income taxes.
For The Three For The
Months Ended Year Ended
December 31, December 31,
2003 2002 2003 2002
---------------------- ----------------------
Net Income $40,811 $7,199 $161,147 $62,866
Realized (gains) losses
on open block
investments (A) (1,221) 29,986 (20,941) 66,386
Net amortization of DAC
and VOBA due to open
block gains
or losses (B) (499) (3,994) 5,989 (10,869)
Net effect of accounting
differences from SFAS
133 (C) (5,165) (2,769) (8,553) 14,638
Demutualization costs (D) - - - 1,186
Restructuring costs (E) 3,767 6,581 14,989 13,225
Other income from non-
insurance operations (F) (312) (336) (742) (814)
Reinsurance
adjustments (G) - - (2,505) -
Income from discontinued
operations (H) (247) (617) (1,815) (2,084)
Cumulative effect of
change in accounting (I) 1,296 - 1,296 -
---------------------- ----------------------
Adjusted Net Operating
Income $38,430 $36,050 $148,865 $144,534
====================== ======================
Adjusted Net Operating
Income per common
share:
Basic $0.98 $0.93 $3.80 $3.62
====================== ======================
Diluted $0.96 $0.92 $3.76 $3.58
====================== ======================
Weighted average common
shares outstanding:
Basic 39,268,068 38,919,178 39,175,924 39,972,328
====================== ======================
Diluted 40,133,053 39,168,989 39,618,217 40,398,378
====================== ======================
AMERUS GROUP CO.
NOTES TO ADJUSTED NET OPERATING INCOME
(A) Represents total open block realized gains or losses on
investments. Open block realized gains or losses may vary widely
between periods. Such amounts are determined by management's
timing of individual transactions or current market conditions and
do not necessarily correspond to the underlying operating trends.
(B) Represents amortization of deferred acquisition costs (DAC) and
value of business acquired (VOBA) on the open block realized gains
and losses that are included in our product margins.
(C) Represents the net effect of SFAS 133, "Accounting for Derivative
Instruments and Hedging Activities," related accounting entries.
The accounting entries consist of cash flow hedge amortization,
market value adjustments on trading securities, derivatives,
equity-indexed contracts, and the associated change in
amortization of DAC and VOBA resulting from such adjustments.
(D) Represents costs directly related to our demutualizations. The
costs consist primarily of legal, actuarial and consulting
expenses.
(E) Represents costs of restructuring our operations to eliminate
duplicative functions and to merge IL Annuity into ILIC. The costs
consist primarily of relocation of employees, severance and
termination benefits, impairment loss on the Indianapolis Life
office building of $5.0 million in the second quarter of 2003,
systems conversion, and merger related expenses.
(F) Represents the net income from our property operations which is
not part of our insurance operations.
(G) Represents adjustments for the release of a $5.3 million liability
in conjunction with the settlement and amendment of a reinsurance
arrangement and a $2.8 million true-up of pre-2003 reinsurance
settlements under a reinsurance arrangement between the ILIC open
block and closed block. As these items are not of a continuing
nature, they are excluded from adjusted net operating income.
(H) Represents the net income from our discontinued operations.
(I) Represents the cumulative effect of change in accounting for
derivatives, net of income taxes, as of October 1, 2003, resulting
from the Company's adoption of DIG Issue B36. DIG Issue B36 is
effective the first day of the fiscal quarter beginning after
September 15, 2003.
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except share data)
For The Three Months For The Year Ended
Ended December 31, December 31,
2003 2002 2003 2002
---------------------- -----------------------
Revenues:
Insurance premiums $71,593 $88,040 $297,188 $351,300
Product charges 45,186 33,383 181,354 144,494
Net investment income 250,816 252,858 1,001,914 1,001,257
Realized gains
(losses) on
investments (44) (46,691) 41,522 (104,710)
Unrealized gains
(losses) on
investments 55,970 19,346 89,769 (45,209)
Other income 17,838 17,389 68,298 68,513
---------------------- -----------------------
441,359 364,325 1,680,045 1,415,645
---------------------- -----------------------
Benefits and expenses:
Policyowner benefits 267,011 228,243 940,158 871,892
Underwriting,
acquisition and
other expenses 40,935 39,991 155,468 162,267
Demutualization costs - - - 1,186
Restructuring costs 5,879 10,445 23,294 21,225
Amortization of
deferred policy
acquisition costs
and value of
business acquired 45,585 36,114 193,340 139,565
Dividends to
policyowners 12,063 32,866 98,393 104,866
---------------------- -----------------------
371,473 347,659 1,410,653 1,301,001
---------------------- -----------------------
Income from continuing
operations 69,886 16,666 269,392 114,644
Interest expense 7,917 6,709 30,154 25,487
---------------------- -----------------------
Income before income
tax expense 61,969 9,957 239,238 89,157
Income tax expense 20,109 3,375 78,610 28,375
---------------------- -----------------------
Net income from
continuing operations 41,860 6,582 160,628 60,782
Income from
discontinued
operations, net of tax 247 617 1,815 2,084
---------------------- -----------------------
Net income before
cumulative effect of
change in accounting 42,107 7,199 162,443 62,866
Cumulative effect of
change in accounting,
net of tax (1,296) - (1,296) -
---------------------- -----------------------
Net income $40,811 $7,199 $161,147 $62,866
====================== =======================
Net income from continuing
operations per common
share:
Basic $1.07 $0.17 $4.10 $1.52
====================== =======================
Diluted $1.04 $0.17 $4.05 $1.50
====================== =======================
Net income per common
share:
Basic $1.04 $0.18 $4.11 $1.57
====================== =======================
Diluted $1.02 $0.18 $4.07 $1.56
====================== =======================
Weighted average common
shares outstanding:
Basic 39,268,068 38,919,178 39,175,924 39,972,328
====================== =======================
Diluted 40,133,053 39,168,989 39,618,217 40,398,378
====================== =======================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
December 31,
2003 2002
------------------------
Assets
Investments:
Securities available-for-sale at fair
value:
Fixed maturity securities $13,944,961 $13,328,902
Equity securities 74,890 63,345
Short-term investments 28,556 32,318
Securities held for trading purposes:
Fixed maturity securities 2,089,502 1,843,868
Equity securities 1,652 -
Short-term investments 591 -
Mortgage loans 968,572 883,034
Real estate 33 476
Policy loans 494,646 496,753
Other investments 339,436 283,794
------------------------
Total investments 17,942,839 16,932,490
Cash and cash equivalents 274,150 102,612
Accrued investment income 205,492 185,660
Premiums, fees and other receivables 42,761 13,082
Reinsurance receivables 663,452 865,930
Deferred policy acquisition costs 1,120,130 884,239
Value of business acquired 419,582 454,159
Goodwill 224,075 218,995
Property and equipment 48,849 74,188
Other assets 311,331 296,994
Separate account assets 261,657 235,913
Assets of discontinued operations 27,950 29,403
------------------------
Total assets $21,542,268 $20,293,665
========================
AMERUS GROUP CO.
CONSOLIDATED BALANCE SHEETS
($ in thousands)
December 31,
2003 2002
------------------------
Liabilities and Stockholders' Equity
Liabilities:
Policy reserves and policyowner funds:
Future life and annuity policy benefits $16,994,255 $16,244,016
Policyowner funds 1,306,160 1,335,144
------------------------
18,300,415 17,579,160
Accrued expenses and other liabilities 438,622 261,147
Dividends payable to policyowners 321,233 303,062
Policy and contract claims 58,880 39,569
Income taxes payable 65,202 61,325
Deferred income taxes 67,680 16,499
Notes payable 596,101 511,353
Separate account liabilities 261,657 235,913
Liabilities of discontinued operations 19,421 22,689
------------------------
Total liabilities 20,129,211 19,030,717
Stockholders' equity:
Preferred Stock, no par value, 20,000,000
shares authorized, none issued - -
Common Stock, no par value, 230,000,000
shares authorized; 43,839,304 shares
issued and 39,194,602 shares outstanding
in 2003; 43,656,280 shares issued and
39,011,578 shares outstanding in 2002 43,839 43,656
Additional paid-in capital 1,184,300 1,179,646
Accumulated other comprehensive income 87,765 88,522
Unearned compensation (1,361) (458)
Unallocated ESOP shares - (1,443)
Retained earnings 255,006 109,517
Treasury stock, at cost (4,644,702 shares
in 2003 and 2002) (156,492) (156,492)
------------------------
Total stockholders' equity 1,413,057 1,262,948
------------------------
Total liabilities and
stockholders' equity $21,542,268 $20,293,665
========================
AMERUS GROUP CO.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Years Ended December 31, 2003, 2002 and 2001
($ in thousands)
Accumulated
Additional Other
Common Paid-In Comprehensive Unearned
Stock Capital Income (Loss) Compensation
-------- ----------- -------------- -------------
Balance at
December 31, 2000 $30,011 $809,894 $(17,188) $(146)
2001:
Net income - - - -
Change in
accounting for
derivatives - - 2,661 -
Transfer related to
unrealized loss
on available-
for-sale
securities
reclassified to
trading - - (430) -
Net unrealized gain
on securities - - 35,891 -
Net unrealized loss
on derivatives
designated as cash
flow hedges - - (5,933) -
Stock issued under
various incentive
plans, net of
forfeitures 206 5,861 - (581)
Stock issued under
exercise of
warrants - (1,383) - -
Dividends declared
on common stock - - - -
Purchase of
treasury stock - - - -
Acquisition of IL
Holdings 9,047 223,358 - -
Conversion of
company-
obligated
mandatorily
redeemable
preferred capital
securities 4,242 139,478 - -
Allocation of
shares in
leveraged
ESOP - 480 - -
Minimum pension
liability
adjustment - - (2,332) -
-------- ----------- -------------- -------------
Balance at
December 31, 2001 43,506 1,177,688 12,669 (727)
2002:
Net income - - - -
Net unrealized gain
on securities - - 73,646 -
Net unrealized gain
on derivatives
designated as cash
flow hedges - - 3,434 -
Stock issued under
various
incentive
plans, net of
forfeitures 150 5,730 - 269
Stock issued under
exercise of
warrants - (3,802) - -
Purchase of ESOP
shares and
treasury stock - - - -
Dividends declared
on common stock - - - -
Allocation of
shares in
leveraged ESOP - 30 - -
Minimum pension
liability
adjustment - - (1,227) -
-------- ----------- -------------- -------------
Balance at
December 31, 2002 43,656 1,179,646 88,522 (458)
2003:
Net income - - - -
Net unrealized gain
(loss) on
securities - - 1,971 -
Net unrealized gain
(loss) on
derivatives
designated as cash
flow hedges - - 2,476 -
Change in
accounting
transfer of
unrealized gain
on available-for-
sale securities
to trading - - (5,204) -
Stock issued under
various
incentive
plans, net of
forfeitures 183 11,780 - (903)
PRIDES purchase
contract
adjustment
and allocated
fees and expenses - (7,280) - -
Dividends declared
on common stock - - - -
Allocation of
shares in
leveraged ESOP - 154 - -
-------- ----------- -------------- -------------
Balance at
December 31, 2003 $43,839 $1,184,300 $87,765 $(1,361)
======== =========== ============== =============
Unallocated Total
ESOP Retained Treasury Stockholders'
Shares Earnings Stock Equity
----------- --------- ---------- --------------
Balance at
December 31, 2000 $(683) $6,067 $- $827,955
2001:
Net income - 72,907 - 72,907
Change in accounting
for derivatives - - - 2,661
Transfer related to
unrealized loss
on available-for-
sale securities
reclassified to
trading - - - (430)
Net unrealized gain
on securities - - - 35,891
Net unrealized loss
on derivatives
designated as cash
flow hedges - - - (5,933)
Stock issued under
various incentive
plans, net of
forfeitures - - 108 5,594
Stock issued under
exercise of warrants - - 4,468 3,085
Dividends declared on
common stock - (16,787) - (16,787)
Purchase of treasury
stock - - (44,985) (44,985)
Acquisition of IL
Holdings - - - 232,405
Conversion of
company-obligated
mandatorily
redeemable
preferred
capital securities - - (16,173) 127,547
Allocation of shares
in leveraged
ESOP 459 - - 939
Minimum pension
liability adjustment - - - (2,332)
----------- --------- ---------- --------------
Balance at
December 31, 2001 (224) 62,187 (56,582) 1,238,517
2002:
Net income - 62,866 - 62,866
Net unrealized gain
on securities - - - 73,646
Net unrealized gain
on derivatives
designated as cash
flow hedges - - - 3,434
Stock issued under
various incentive
plans, net of
forfeitures - - 1 6,150
Stock issued under
exercise of warrants - - 12,205 8,403
Purchase of ESOP
shares and treasury
stock (2,522) - (112,116) (114,638)
Dividends declared on
common stock - (15,536) - (15,536)
Allocation of shares
in leveraged ESOP 1,303 - - 1,333
Minimum pension
liability adjustment - - - (1,227)
----------- --------- ---------- --------------
Balance at
December 31, 2002 (1,443) 109,517 (156,492) 1,262,948
2003:
Net income - 161,147 - 161,147
Net unrealized gain
on securities - - - 1,971
Net unrealized gain
on derivatives
designated as cash
flow hedges - - - 2,476
Change in accounting
transfer of
unrealized gain
on available-for-
sale securities to
trading - - - (5,204)
Stock issued under
various incentive
plans, net of
forfeitures - - - 11,060
PRIDES purchase
contract adjustment
and allocated fees
and expenses - - - (7,280)
Dividends declared on
common stock - (15,658) - (15,658)
Allocation of shares
in leveraged ESOP 1,443 - - 1,597
----------- --------- ---------- --------------
Balance at December
31, 2003 $- $255,006 $(156,492) $1,413,057
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