Banknorth First Quarter Net Income Increases 36%.BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Vt.--(BUSINESS WIRE)--April 14, 1999-- Banknorth Group, 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 :BKNG) today reported net income for the first quarter of 1999 was $13.5 million, or 57 cents per common share on a 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. basis, compared to $9.9 million, or 42 cents per common share on a diluted basis, up 35.9% over the first quarter of 1998. Income from operations, before non-recurring income and merger expenses, for the first quarter of 1999, was $12.5 million, or 53 cents per common share on a diluted basis, compared to $10.2 million, or 43 cents per common share on a diluted basis, for the first quarter of 1998, an increase of 23.2%. Making the announcement was William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack H. 6 Chadwick Chad·wick , Henry 1824-1908. British-born American sportswriter who helped organize professional baseball. In 1869 he began an annual baseball handbook, which later became Spalding's Official Baseball Guide. , president and chief executive officer. "We are beginning to see the benefits of our fourth quarter 1998 merger with Evergreen evergreen, term commonly used as synonymous with conifer and applied also to all those broad-leaved plants that bear green leaves throughout the year. Of the latter, most are plants of the tropics, subtropics, and other areas where the growing season is prolonged (e. Bancorp and the acquisition of the branches in Berkshire County, Massachusetts
Berkshire County is a county located in on the western edge of the U.S. state of Massachusetts. As of 2000, the population was 134,953. Its county seat is Pittsfield. ," said Chadwick. "While we have yet to realize the full impact of expense savings as a result of those acquisitions, we are well on our way to meeting 1999 expectations," he said. Banknorth completed the merger with Evergreen Bancorp on December December: see month. 31, 1998. All prior period financial statements have been restated to reflect the Evergreen merger. Also in the fourth quarter of 1998, the Company completed the acquisition of 10 branches and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.0 billion of managed assets in Berkshire County, Massachusetts from BankBoston, N.A. The Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. County acquisition was accounted for on a purchase basis and accordingly, those balances and results of operations are not included prior to the acquisition date. Net interest income was $43.1 million for the three months ended March 31, 1999, compared to $40.3 million for the three months ended March 31, 1998. The net interest margin was 4.39% and 4.44% for the quarters ended March 31, 1999 and 1998, respectively, reflecting the lower interest rate environment as well as more competitive loan pricing over the last four quarters. The provision for loan losses in the first quarter of 1999 was $2.0 million, $340 thousand, or 14.5% lower than the first three months of 1998. As of March 31, 1999, non-performing assets dropped to .55% of total assets compared to .57% of total assets at March 31, 1998. 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. loans charged off, net of recoveries equaled .12% and .15% of average loans in the first quarters of 1999 and 1998, respectively. Non-interest income for the three months ended March 31, 1999, was $14.8 million, compared to $8.9 million for the first quarter of 1998, an increase of $6.0 million or 67.0%. Core areas of business that continued to show improvement in the first quarter of 1999 over the first quarter of 1998, were investment management fees up 63.2%, service charges on deposit accounts up 11.1%, and ATM income up 28.4%--all three affected by the purchase in Berkshire County, MA--and mortgage banking income up 21.0%. Included in non-interest income for the first quarter of 1999, were net securities gains of $225.0 thousand compared to net losses of $429.0 thousand in the first quarter of 1998. In the first quarter of 1999, the Company also recorded a $2.6 million net gain from the curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. of the Evergreen pension plan resulting from the combination of the former Evergreen and Banknorth pension plans following the merger. Total non-interest expenses, $36.3 million for the first quarter of 1999, were up $3.8 million, or 11.6%, from the level experienced in the first quarter of 1998. Merger related expenses of $1.2 million were incurred during the three months ended March 31, 1999. Total assets at March 31, 1999, were $4.3 billion, up $337.0 million, or 8.4%, from $4.0 billion at March 31, 1998. Total loans at March 31, 1999, at $2.8 billion, were up $182.1 million or 6.9%, from March 31, 1998. Total deposits at the end of the first quarter of 1999, were $3.6 billion, up $461.5 million or 14.8%, from March 31, 1998. Banknorth is well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. by 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. definition. Banknorth Group, Inc. serves the financial needs of customers 24 hours a day, seven days a week through its automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. telephone banking system and network of over 140 ATMs. During business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a the eight community banks with 101 offices located in New York New York, state, United States 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 , Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , New
Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. , together with Banknorth Mortgage Company and The
Stratevest Group, combine to help the customer answer the question -
"Where do you see yourself?"(sm) Banknorth can be reached on
the Internet InternetPublicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.banknorth.com Except for historical information contained herein, the matters discussed in this news release, and other information contained in the Company's SEC filings, may express "forward looking statements". Those "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. " may involve risk and uncertainties, including statements concerning future events or performance and assumptions and other statements that are other than statements of historical facts. The Company wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Readers are advised that various factors --- including, but not limited to changes in laws, regulations or Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ; the Company's competitive position within the markets served of increasing consolidation within the banking industry; certain customers and vendors of critical systems or services failing to comply with Year 2000 programming issues; unforeseen changes in interest rates; any unforeseen downturns in the local, regional or national economies --- could cause the Company's actual results or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or for future periods to differ materially from those anticipated or projected. Banknorth does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. that may be made to any forward-looking statements to reflect the occurrence of unanticipated events or circumstances after the date of such statements. -0-
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Income Statements For the three months ended March 31,
1999 1998 Change %
Interest income $77,858 $75,754 $ 2,104 2.8%
Interest expense 34,756 35,489 -733 -2.1%
Net interest income 43,102 40,265 2,837 7.0%
Provision for
loan losses 2,000 2,340 -340 -14.5%
Net interest
income after
provision for
loan losses 41,102 37,925 3,177 8.4%
Non-interest income:
Investment management
fees 4,833 2,962 1,871 63.2%
Service charges on
deposit accounts 3,198 2,879 319 11.1%
Mortgage banking 1,324 1,094 230 21.0%
Card services 613 430 183 42.6%
ATMs 619 482 137 28.4%
Bank-owned life
insurance 539 540 -1 -0.2%
Net securities
transactions 225 -429 654 152.4%
Net gain on curtailment
of pension plan 2,577 0 2,577 100.0%
Gain on sale of
merchant processing 0 0 0 0.0%
Other non-interest
income 901 920 -19 -2.1%
Non-interest income 14,829 8,878 5,951 67.0%
Non-interest expenses:
Compensation and
benefits 16,775 16,213 562 3.5%
Occupancy, equipment
and software 5,483 4,937 546 11.1%
Data processing fees 2,102 1,735 367 21.2%
Legal and professional fees 927 1,102 -175 -15.9%
Advertising and marketing 1,149 974 175 18.0%
Printing and supplies 737 798 -61 -7.6%
Communications 963 719 244 33.9%
Goodwill amortization 2,164 1,322 842 63.7%
Capital securities
expense 789 789 0 0.0%
Merger and acquisition
related expenses 1,173 0 1,173 100.0%
Other expenses 4,012 3,913 99 2.5%
Non-interest expenses 36,274 32,502 3,772 11.6%
Income before
income taxes 19,657 14,301 5,356 37.5%
Income taxes 6,203 4,401 1,802 40.9%
NET INCOME 13,454 9,900 3,554 35.9%
Net income, as reported 13,454 9,900 3,554 35.9%
Less "non-operating" income
items, included above
Net securities transactions 225 -429 654 152.4%
Net gain on curtailment
of pension plan 2,577 0 2,577 100.0%
Gain on sale of merchant
processing 0 0 0 --
Total non-operating
income items 2,802 -429 3,231 753.1%
Income taxes on
non-operating income items 1,140 -148 1,288 870.3%
Non-operating income items,
net of taxes 1,662 -281 1,943 691.5%
Add "non-operating" expense
items, included above:
Merger and acquisition
related expenses 1,173 0 1,173 100.00%
Income taxes on non-operating
expense items 425 0 425 100.00%
Non-operating expense items,
net of taxes 748 0 748 100.00%
Income from operations $12,540 $10,181 $ 2,359 23.2%
Cash income from
operations(1) $13,838 $10,974 $ 2,864 26.1%
--(1) Income from operations, excluding goodwill amortization
expense, net of income tax effect.
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Income Statements For the years ended December 31,
1998 1997 Change %
Interest income $308,701 $294,757 $ 13,944 4.7%
Interest expense 144,658 133,335 11,323 8.5%
Net interest income 164,043 161,422 2,621 1.6%
Provision for loan losses 9,345 9,372 -27 -0.3%
Net interest income after
provision for loan losses 154,698 152,050 2,648 1.7%
Non-interest income:
Investment management fees 12,838 11,223 1,615 14.4%
Service charges on
deposit accounts 11,657 10,725 932 8.7%
Mortgage banking 5,492 4,667 825 17.7%
Card services 2,227 3,166 -939 -29.7%
ATMs 2,258 1,369 889 64.9%
Bank-owned life insurance 2,229 77 2,152 2794.8%
Net securities transactions 519 266 253 95.1%
Net gain on curtailment
of pension plan 0 0 0 0.0%
Gain on sale of
merchant processing 0 2,432 -2,432 -100.0%
Other non-interest income 4,253 3,931 322 8.2%
Non-interest income 41,473 37,856 3,617 9.6%
Non-interest expenses:
Compensation and benefits 65,545 62,994 2,551 4.0%
Occupancy, equipment
and software 19,218 19,657 -439 -2.2%
Data processing fees 6,889 7,232 -343 -4.7%
Legal & professional fees 5,145 4,937 208 4.2%
Advertising and marketing 3,870 3,428 442 12.9%
Printing and supplies 3,071 3,223 -152 -4.7%
Communications 2,963 2,905 58 2.0%
Goodwill amortization 5,743 5,286 457 8.6%
Capital securities
expense 3,156 2,104 1,052 50.0%
Merger and acquisition
related expenses 21,968 0 21,968 100.0%
Other expenses 15,168 16,163 -995 -6.2%
Non-interest expenses 152,736 127,929 24,807 19.4%
Income before
income taxes 43,435 61,977 -18,542 -29.9%
Income taxes 14,515 20,161 -5,646 -28.0%
NET INCOME 28,920 41,816 -12,896 -30.8%
Net income, as reported 28,920 41,816 -12,896 -30.8%
Less "non-operating"
income items, included above
Net securities transactions 519 266 253 95.1%
Net gain on curtailment
of pension plan 0 0 0 0
Gain on sale of
merchant processing 0 2,432 -2,432 -100.0%
Total non-operating
income items 519 2,698 -2,179 -80.8%
Income taxes on non-operating
income items 195 946 -751 -79.4%
Non-operating income items,
net of taxes 324 1,752 -1,428 -81.5%
Add "non-operating"
expense items,
included above:
Merger and acquisition
related expenses 21,968 0 21,968 100.00%
Income taxes on non-operating
expense items 5,710 0 5,710 100.00%
Non-operating expense items,
net of taxes 16,258 0 16,258 100.00%
Income from operations $ 44,854 $ 40,064 $ 4,790 12.0%
Cash income from operations(1) $ 48,300 $ 43,236 $ 5,064 11.7%
--(1) Income from operations, excluding goodwill amortization
expense, net of income tax effect.
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
For the three months ended March 31,
1999 1998 Change %
Per Share Information
Basic wtd. avg number of
shares outstanding 23,353,668 23,430,477 -76,809 -0.3%
Basic earnings per
share (Basic EPS)
Net income $0.58 $0.42 $0.16 38.1%
Income from operations 0.54 0.43 0.11 25.6%
Cash income from
operations 0.59 0.47 0.12 25.5%
Diluted wtd. avg number
of shares outstanding 23,663,808 23,835,238 -171,430 -0.7%
Diluted earnings per
share (Diluted EPS)
Net income $0.57 $0.42 $0.15 35.7%
Income from operations 0.53 0.43 0.10 23.3%
Cash income from
operations 0.58 0.46 0.12 26.1%
Shares outstanding,
net treasury shares, p.e 23,204,585 23,228,855 -24,270 -0.1%
Book value, p.e $13.98 $13.59 $0.39 2.9%
Tangible book value, p.e 10.74 12.31 -1.57 -12.8%
Closing price at
period end (2) 28.25 36.50 -8.25 -22.6%
Price / Diluted net
income EPS
(last 4 qtrs) 20.6 21.0 -0.4 -1.9%
Price / Diluted income
from operations
EPS (last 4 qtrs) 14.2 21.6 -7.4 -34.3%
Price / Diluted cash
income from operations
EPS (last 4 qtrs) 13.1 20.0 -6.9 -34.5%
--(2) Closing price per share represents the historical price per
share of Banknorth Group. Inc.
Ratios and Other Information
For the three months ended March 31,
1999 1998 Change %
Return on average
total assets:
Net income 1.25% 1.02% 0.23% 22.5%
Income from operations 1.17% 1.05% 0.12% 11.4%
Return on average
shareholders' equity:
Net income 16.98% 12.71% 4.27% 33.6%
Income from operations 15.82% 13.08% 2.74% 20.9%
Stratevest total assets
under management 3,990,756 2,313,558 1,677,198 72.5%
Managed assets with
discretionary powers 2,655,515 1,131,389 1,524,126 134.7%
Net interest income,
f.t.e. basis $43,661 $40,631 $3,030 7.5%
Net interest margin 4.39% 4.44% -0.05% -1.1%
Price / Tangible book
value, p.e 263.0% 296.5% -33.5% -11.3%
Total non-interest income
from operations/total
gross revenue (fte) 21.60% 18.64% 2.96% 15.9%
Efficiency ratio 58.56% 61.37% -2.81% -4.6%
Effective tax rate 31.56% 30.77% 0.79% 2.6%
Loans charged off, net
of recoveries $879 $1,002 -$123 -12.3%
NPAs as a % of
total assets, p.e 0.55% 0.57% -0.02% -3.5%
Allow. for loan losses
as % of NPLs, p.e 207.02% 192.53% 14.49% 7.5%
Allow. for loan losses
as % total loans, p.e 1.61% 1.50% 0.11% 7.3%
Shareholders' equity to
total assets, p.e 7.48% 7.89% -0.41% -5.2%
Tangible shareholders'
equity to tangible
assets, p.e 5.85% 7.20% -1.35% -18.8%
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
For the years ended December 31,
1998 1997 Change %
Per Share Information
Basic wtd. avg number
of shares outstanding 23,277,560 23,705,320 -427,760 -1.8%
Basic earnings per share
(Basic EPS)
Net income $1.24 $1.76 -$0.52 -29.5%
Income from operations 1.93 1.69 0.24 14.2%
Cash income from
operations 2.07 1.82 0.25 13.7%
Diluted wtd. avg number
of shares outstanding 23,669,540 24,042,800 -373,260 -1.6%
Diluted earnings per
share (Diluted EPS)
Net income $1.22 $1.74 -$0.52 -29.9%
Income from operations 1.90 1.67 0.23 13.8%
Cash income from
operations 2.04 1.80 0.24 13.3%
Shares outstanding, net
treasury shares, p.e 23,179,092 23,515,335 -336,243 -1.4%
Book value, p.e $13.86 $13.53 $0.33 2.4%
Tangible book value, p.e 10.40 12.21 -1.81 -14.8%
Closing price at
period end(2) 37.63 32.13 5.50 17.1%
Price / Diluted net
income EPS
(last 4 qtrs) 30.8 18.5 12.3 66.5%
Price / Diluted income
from operations
EPS (last 4 qtrs) 19.8 19.2 0.6 3.1%
Price / Diluted cash
income from operations
EPS (last 4 qtrs) 18.4 17.9 0.5 2.8%
--(2) Closing price per share represents the historical price per
share of Banknorth Group. Inc.
Ratios and Other Information
For the years ended December 31,
1998 1997 Change %
Return on average
total assets:
Net income 0.71% 1.12% -0.41% -36.6%
Income from operations 1.10% 1.07% 0.03% 2.8%
Return on average
shareholders' equity:
Net income 8.95% 13.78% -4.83% -35.1%
Income from operations 13.88% 13.21% 0.67% 5.1%
Stratevest total assets
under management 4,126,000 2,748,000 1,378,000 50.1%
Managed assets with
discretionary powers 2,478,000 1,446,000 1,032,000 71.4%
Net interest income,
f.t.e. basis $165,605 $162,584 $3,021 1.9%
Net interest margin 4.34% 4.58% -0.24% -5.2%
Price / Tangible book
value, p.e 361.8% 263.1% 98.7% 37.5%
Total non-interest income
from operations/total
gross revenue (fte) 19.83% 17.78% 2.05% 11.5%
Efficiency ratio 59.78% 61.65% -1.87% -3.0%
Effective tax rate 33.42% 32.53% 0.89% 2.7%
Loans charged off,
net of recoveries $5,559 $6,734 -$1,175 -17.4%
NPAs as a % of
total assets, p.e 0.55% 0.59% -0.04% -6.8%
Allow. for loan losses
as % of NPLs, p.e 212.14% 188.24% 23.90% 12.7%
Allow. for loan losses
as % total loans, p.e 1.57% 1.46% 0.11% 7.5%
Shareholders' equity to
total assets, p.e 7.30% 8.09% -0.79% -9.8%
Tangible shareholders' equity
to tangible assets, p.e 5.58% 7.36% -1.78% -24.2%
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Balance Sheets, Period End Balances as of
3-31-99 3-31-98 Change %
Loans $2,833,658 $2,651,608 $ 182,050 6.9%
Loans held for sale 32,400 46,549 -14,149 -30.4%
Securities
available for
sale 1,130,063 983,512 146,551 14.9%
Investment securities,
held to maturity 19,462 49,605 -30,143 -60.8%
Money market
investments 18,253 16,904 1,349 8.0%
Total earning
assets 4,033,836 3,748,178 285,658 7.6%
Allowance for loan
losses -45,658 -39,889 5,769 14.5%
Cash and due from
banks 110,011 117,671 -7,660 -6.5%
Goodwill 75,206 29,797 45,409 152.4%
Other assets 165,127 145,741 19,386 13.3%
Total assets $4,338,522 $4,001,498 $ 337,024 8.4%
Deposits:
Non-interest
bearing $ 471,253 $ 403,908 $ 67,345 16.7%
Interest bearing 3,101,758 2,707,556 394,202 14.6%
Total 3,573,011 3,111,464 461,547 14.8%
Short-term borrowed
funds 288,969 454,265 -165,296 -36.4%
Long-term debt 73,402 47,100 26,302 55.8%
Other liabilities 48,675 42,904 5,771 13.5%
Guaranteed preferred
beneficial interests
in 30,000 30,000 0 0.0%
Corporation's junior
subordinated debentures
Shareholders' equity 324,465 315,765 8,700 2.8%
Total liabilities,
guaranteed
preferred
beneficial
interests and
shareholders' equity $4,338,522 $4,001,498 $ 337,024 8.4%
Average Balance Sheets For the three months ended March 31,
1999 1998 Change %
Loans $2,835,880 $2,642,333 $ 193,547 7.3%
Loans held for
sale 36,409 29,926 6,483 21.7%
Securities available
for sale 1,127,381 969,011 158,370 16.3%
Investment securities,
held to maturity 20,076 56,958 -36,882 -64.8%
Money market
investments 19,454 14,968 4,486 30.0%
Total earning assets 4,039,200 3,713,196 326,004 8.8%
Allowance for loan losses -45,303 -39,204 6,099 15.6%
Cash and due from banks 126,520 95,440 31,080 32.6%
Goodwill 77,290 30,552 46,738 153.0%
Other assets 161,967 137,102 24,865 18.1%
Total assets $4,359,674 $3,937,086 $ 422,588 10.7%
Deposits:
Non-interest bearing $ 495,452 $ 394,254 $ 101,198 25.7%
Interest bearing 3,084,735 2,673,588 411,147 15.4%
Total 3,580,187 3,067,842 512,345 16.7%
Short-term borrowed funds 304,361 438,700 -134,339 -30.6%
Long-term debt 74,141 46,044 28,097 61.0%
Other liabilities 49,604 38,710 10,894 28.1%
Guaranteed preferred
beneficial interests in 30,000 30,000 0 0.0%
Corporation's junior
subordinated debentures
Shareholders' equity 321,381 315,790 5,591 1.8%
Total liabilities,
guaranteed preferred
beneficial interests
and shareholders'
equity $4,359,674 $3,937,086 $ 422,588 10.7%
Note: All share and per share data has been restated to give
retroactive effect to stock splits.
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Balance Sheets, Period End Balances as of
12-31-98 12-31-97 Change %
Loans $2,837,106 $2,642,094 $ 195,012 7.4%
Loans held for sale 42,996 24,958 18,038 72.3%
Securities available
for sale 1,127,865 958,553 169,312 17.7%
Investment securities,
held to maturity 20,545 58,626 -38,081 -65.0%
Money market investments 4,900 71 4,829 6801.4%
Total earning assets 4,033,412 3,684,302 349,110 9.5%
Allowance for loan
losses -44,537 -38,551 5,986 15.5%
Cash and due from banks 164,826 112,297 52,529 46.8%
Goodwill 80,224 31,119 49,105 157.8%
Other assets 168,956 141,794 27,162 19.2%
Total assets $4,402,881 $3,930,961 $ 471,920 12.0%
Deposits:
Non-interest bearing $ 546,192 $ 430,373 $ 115,819 26.9%
Interest bearing 3,093,305 2,623,261 470,044 17.9%
Total 3,639,497 3,053,634 585,863 19.2%
Short-term borrowed funds 281,634 449,935 -168,301 -37.4%
Long-term debt 74,325 42,249 32,076 75.9%
Other liabilities 56,163 37,015 19,148 51.7%
Guaranteed preferred
beneficial interests in 30,000 30,000 0 0.0%
Corporation's junior
subordinated debentures
Shareholders' equity 321,262 318,128 3,134 1.0%
Total liabilities,
guaranteed
preferred beneficial
interests and
shareholders' equity $4,402,881 $3,930,961 $ 471,920 12.0%
Average Balance Sheets For the years ended December 31,
1998 1997 Change %
Loans $2,684,169 $2,578,746 $ 105,423 4.1%
Loans held for sale 35,708 16,481 19,227 116.7%
Securities available
for sale 1,038,077 859,674 178,403 20.8%
Investment securities,
held to maturity 36,016 61,508 -25,492 -41.4%
Money market investments 26,027 30,132 -4,105 -13.6%
Total earning assets 3,819,997 3,546,541 273,456 7.7%
Allowance for loan losses -41,144 -37,282 3,862 10.4%
Cash and due from banks 105,642 101,023 4,619 4.6%
Goodwill 35,797 33,883 1,914 5.6%
Other assets 142,327 99,004 43,323 43.8%
Total assets $4,062,619 $3,743,169 $ 319,450 8.5%
Deposits:
Non-interest bearing $ 429,272 $ 385,540 $ 43,732 11.3%
Interest bearing 2,784,701 2,562,280 222,421 8.7%
Total 3,213,973 2,947,820 266,153 9.0%
Short-term borrowed funds 390,641 389,586 1,055 0.3%
Long-term debt 63,776 47,139 16,637 35.3%
Other liabilities 41,108 35,130 5,978 17.0%
Guaranteed preferred
beneficial interests in 30,000 20,137 9,863 49.0%
Corporation's junior
subordinated debentures
Shareholders' equity 323,121 303,357 19,764 6.5%
Total liabilities,
guaranteed preferred
beneficial interests
and shareholders'
equity $4,062,619 $3,743,169 $ 319,450 8.5%
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