Banknorth Group Earnings Up 8 % on an Operating Basis -- Strong Margin, Commercial Lending, Demand Deposit Growth.Business Editors PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Maine--(BUSINESS WIRE)--July 23, 2001 (Second quarter earnings Conference Call at 1:30 p.m. Eastern Time. Dial-in number 800 210-9006 International number 719 457-2621, Confirmation Code 426556; Conference Replay number 888 203-1112, International Replay number 719 457-0820, Replay Passcode 426556. Live webcast and webcast replay also available at www.banknorth.com, Investor Relations Investor relations The process by which the corporation communicates with its investors. .) 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 announced operating and net earnings of $59.9 million, or 43 cents 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, for the second quarter ended June June: see month. 30, 2001. 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 , which exclude special charges and securities restructurings, were up 8 percent on a per diluted share basis from the second quarter a year ago and net income was up more than 200 percent from the same quarter a year ago due to special charges in that quarter related to the acquisition of Banknorth Group. During the second quarter of last year, Peoples Heritage Financial Group acquired Banknorth and took on the Banknorth name. On an operating cash earnings basis, (excluding amortization of goodwill and core deposit premiums as well as special charges and securities restructurings) the Company's per diluted share earnings of 46 cents were 7 percent higher in the second quarter of 2001 than for the same quarter a year ago. For the first six months of 2001 versus the first half of 2000, 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. of $118.9 million, or 85 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , was up 10 percent per diluted share over operating income of $111.2 million, or 77 cent per diluted share. For the same period, net income was $115.0 million, or 82 cents per diluted share, an increase of 67 percent over net income of $68.8 million, or 47 cents per diluted share. Operating cash income of 91 cents per diluted share rose 10 percent for the first half of 2001 as compared to the first half of 2000. The Company achieved a net interest margin of 4.03% in the quarter ended June 30, 2001, the first quarterly margin in excess of 4 percent since the first quarter of 1999. "Commercial lending remained strong and is one the main generators of a 15% increase year over year in checking deposits, which in turn helps to finance additional lending," said 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 J. Ryan Ryan may refer to: Places
"The second quarter and first half-year both experienced a near doubling of insurance commissions, reflecting quality agency acquisitions last year and a strengthening insurance market," Mr. Ryan added. Largely as a result of the strong margin and increases in commercial lending and demand deposits, the Company's net interest income rose 10 percent for the quarter ended June 30, 2001 as compared to the same quarter a year ago. For the first six months of the year, net interest income increased 6 percent over the first half of 2000. On the fee income side, strong insurance commission income and deposit service fees were mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. to some degree by flat income in the trust area, reflecting lowered stock market performance, which is a principal determinant determinant, a polynomial expression that is inherent in the entries of a square matrix. The size n of the square matrix, as determined from the number of entries in any row or column, is called the order of the determinant. of fee levels for trust services. Mortgage banking income was also down substantially from the same period a year ago, reflecting the Company's exiting of the mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. business. Even so, exclusive of losses on a securities 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). in the second quarter of 2000, noninterest income increased 9 percent for the first half of 2001 over the first six months of 2000. Noninterest expenses, excluding special charges in the second quarter of 2000, rose 5 percent in the second quarter of 2001 as compared to the second quarter of 2000 primarily because of salary and benefits increases related to insurance agency acquisitions, rent increases related to the Company's new headquarters, and energy and seasonal factors. The Company's return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) for the quarter ended June 30, 2001 was 17.85% and its return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) was 1.32%. Cash ROE and ROA for the second quarter were 22.11% and 1.44%, respectively. The Company's efficiency ratio for the quarter ended June 30, 2001 was 54.01%, improved from 54.97% for the same quarter a year ago and down from 55.13% for the previous quarter ended March 31, 2001. Asset quality remained strong at the Company but declined slightly, reflecting a slower economy. Nonperforming loans as a percentage of total loans were 0.62% at June 30, 2001, as compared to 0.57% for the previous quarter and 0.48% for the same quarter a year ago. 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. as a percentage of total assets were 0.40% at the end of the second quarter as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to 0.37% at the end of the first quarter and 0.33% at June 30, 2000. The Company indicated that it has completed the purchase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5 million shares of an 8 million share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: in January January: see month. . 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. at June 30, 2001 was $1.36 billion, up 12 percent from $1.22 billion at June 30, 2000. Book value at June 30, 2001 was $9.92, up from $8.45 at June 30, 2000 Banknorth Group, Inc., headquartered in Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part , is one of the country's 40 largest commercial banking companies with $18.1 billion in assets. The Company operates banking subsidiaries in Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. , Peoples Heritage Bank, NA, in 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). , Bank of New Hampshire, NA, in Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , First Massachusetts Bank, NA, in Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. , The Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Bank, NA, Franklin Franklin, cities, United StatesFranklin. 1 City (1990 pop. 12,907), seat of Johnson co., S central Ind., inc. 1823. It is a farm trade center. Manufactures include auto parts, aluminum doors and windows, and copper panels. Lamoille Lamoille can refer to these places in the 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 , 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. Bank, NA. In north central Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , the Company's banking presence is GBT GBT Green Bank Telescope (Pocahontas County, West Virginia) GBT Gay/Bisexual/Transgender GBT Group on Basic Telecommunications GBT Ground-Based Transceiver GBT General Business Technology GBT Great Books Tutorial , a division of First Massachusetts Bank, NA. The Company also operates a variety of insurance agencies in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. as subsidiaries of Morse, Payson Payson is the name of several places in the United States:
& Noyes, Insurance, its lead agency, a money management firm, The Stratevest Group, NA, an investment subsidiary, Bancnorth Investment Planning Services, and a leasing company, Banknorth Leasing. Other subsidiaries and divisions provide services in mortgage banking, asset based lending, private banking, merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or and other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Note: This news release may contain forward looking information for Banknorth Group, Inc. Actual results may vary materially from any forward looking statements. Factors which could result in material variations from forward looking statements include, but are not limited to: changes in interest rates which could affect net interest margins and net interest income; delays in cost savings measures or a failure to realize anticipated cost savings; competitive factors which could affect noninterest income, costs of deposits and interest income: and general economic conditions which could affect the volume of loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , the amount of loan losses and levels of noninterest income.
Banknorth Group, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, %
(In thousands) 2001 2000 Change
Cash and due from banks $ 480,760 $ 550,311 -13%
Federal funds sold and other
short-term investments 15,472 68,305 -77%
Securities available for sale 5,437,061 5,913,854 -8%
Securities held to maturity 405,946 498,557 -19%
Loans and leases held for sale 75,179 16,541 355%
Loans and leases:
Residential real estate mortgages 2,081,644 2,304,088 -10%
Commercial real estate mortgages 3,083,216 2,899,759 6%
Commercial business loans
and leases 2,395,084 2,170,661 10%
Consumer loans and leases 3,322,514 3,149,679 5%
Total loans and leases 10,882,458 10,524,187 3%
Less: Allowance for loan losses 155,303 156,464 -1%
Loans and leases, net 10,727,155 10,367,723 3%
Premises and equipment 203,055 188,430 8%
Goodwill and other intangible assets 174,888 173,980 1%
Mortgage servicing rights 495 44,135 -99%
Bank owned life insurance 311,919 299,619 4%
Other assets 310,595 372,171 -17%
$18,142,525 $18,493,626 -2%
Liabilities & Shareholders' Equity
Deposits:
Regular savings $ 1,405,620 $ 1,486,619 -5%
Retail money market and
NOW accounts 4,106,389 3,838,762 7%
Retail certificates of deposit 4,454,210 4,502,653 -1%
Brokered deposits 167,847 114,226 47%
Noninterest bearing deposits 2,293,453 2,002,284 15%
Total deposits 12,427,519 11,944,544 4%
Borrowings from the
Federal Home Loan Bank 2,416,674 3,961,353 -39%
Federal funds purchased and securities
sold under repurchase agreements 1,119,043 994,139 13%
Subordinated debt 200,000 -- NM
Other borrowings 328,140 135,878 141%
Other liabilities 191,712 138,850 38%
Total liabilities 16,683,088 17,174,764 -3%
Company obligated, mandatorily
redeemable securities of
subsidiary trusts holding
solely parent junior
subordinated debentures 98,775 98,775 0%
Shareholders' equity 1,360,662 1,220,087 12%
$18,142,525 $18,493,626 -2%
Banknorth Group, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands, except per share data)
Six Months Ended Three Months Ended
June 30, % June 30, %
2001 2000 Change 2001 2000 Change
Interest and
dividend income $ 643,179 $ 656,447 -2% $ 316,635 $ 331,054 -4%
Interest expense 316,800 348,109 -9% 148,570 177,889 -16%
Net interest
income 326,379 308,338 6% 168,065 153,165 10%
Provision for loan
and lease losses 16,450 10,917 51% 9,311 5,849 59%
Net interest
income after
provision
for loan and
lease losses 309,929 297,421 4% 158,754 147,316 8%
Noninterest income:
Deposit services 35,947 32,336 11% 18,401 16,781 10%
Mortgage banking
services 5,010 8,641 -42% 1,776 4,984 -64%
Trust income 17,490 17,427 0% 8,703 8,767 -1%
Investment
advisory services 3,458 3,436 1% 1,760 1,618 9%
Insurance
commissions 19,209 9,973 93% 9,241 4,694 97%
Bank owned life
insurance 9,198 9,265 -1% 4,891 4,165 17%
Merchant and
electronic
banking
income, net 14,462 14,284 1% 7,971 7,879 1%
Net gains on
sales of
securities 803 25 NM 45 38 18%
Losses on
securities
restructuring -- (15,895) NM -- (15,895) NM
Other
noninterest
income 10,777 11,563 -7% 4,809 7,856 -39%
116,354 91,055 28% 57,597 40,887 41%
Noninterest expense:
Salaries and
employee
benefits 124,550 117,286 6% 62,856 57,425 9%
Data processing 17,878 18,036 -1% 8,917 9,269 -4%
Occupancy and
equipment
expense 39,789 36,598 9% 19,816 17,719 12%
Distributions
on securities
of subsidiary
trusts 4,694 4,694 0% 2,347 2,347 0%
Amortization
of goodwill
& deposit
premiums 10,816 10,401 4% 5,392 5,200 4%
Special charges(1) 5,608 42,608 -87% -- 37,271 -100%
Other noninterest
expense 48,063 50,725 -5% 24,864 25,770 -4%
251,398 280,348 -10% 124,192 155,001 -20%
Income before
income tax
expense 174,885 108,128 62% 92,159 33,202 178%
Income tax
expense 59,608 39,349 51% 32,266 14,323 125%
Net income
before
cumulative
effect of
changes in
accounting
principle 115,277 68,779 68% 59,893 18,879 217%
Cumulative effect
of change in
accounting
principle,
net of tax(2) (290) -- NM -- -- NM
Net Income $ 114,987 $ 68,779 67% $ 59,893 $ 18,879 217%
Weighted average
shares
outstanding:
Basic 139,236 144,363 -4% 137,659 144,280 -5%
Diluted 140,461 145,212 -3% 138,901 145,167 -4%
Earnings per
share:
Basic $ 0.83 $ 0.48 73% $ 0.44 $ 0.13 238%
Diluted $ 0.82 $ 0.47 74% $ 0.43 $ 0.13 231%
Operating Financial Data
Operating
non-interest
expense(3) $ 245,790 $ 237,740 3% $ 124,192 $ 117,730 5%
Operating net
income(4) $ 118,928 $ 111,225 7% $ 59,893 $ 57,748 4%
Basic operating
earnings per
share(4) $ 0.85 $ 0.77 10% $ 0.44 $ 0.40 10%
Diluted operating
earnings per
share(4) $ 0.85 $ 0.77 10% $ 0.43 $ 0.40 8%
(1) Special charges consist of merger charges, asset write-downs and
branch closing costs.
(2) Derivatives and hedging activities (FAS 133)
(3) Excludes pre-tax special charges.
(4) Excludes post-tax special charges and losses on securities
restructuring.
NM - calculated % change is not meaningful
Banknorth Group, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(In thousands, except per share data)
Six Months Ended Three Months Ended
June 30, June 30,
2001 2000 2001 2000
Net interest income $ 326,379 $ 308,338 $ 168,065 $ 153,165
Net income $ 114,987 $ 68,779 $ 59,893 $ 18,879
Operating net
income(1) $ 118,928 $ 111,225 $ 59,893 $ 57,748
Shares outstanding
(end of period) 137,141 144,456 137,141 144,456
Weighted average shares
outstanding:
Basic 139,236 144,363 137,659 144,280
Diluted 140,461 145,212 138,901 145,167
Earnings per share:
Basic $ 0.83 $ 0.48 $ 0.44 $ 0.13
Diluted $ 0.82 $ 0.47 $ 0.43 $ 0.13
Operating earnings
per share(1):
Basic $ 0.85 $ 0.77 $ 0.44 $ 0.40
Diluted $ 0.85 $ 0.77 $ 0.43 $ 0.40
Operating cash earnings
per share(2):
Basic $ 0.92 $ 0.83 $ 0.47 $ 0.43
Diluted $ 0.91 $ 0.83 $ 0.46 $ 0.43
Shareholders' equity $ 1,360,662 $ 1,220,087 $ 1,360,662 $ 1,220,087
Book value per share $ 9.92 $ 8.45 $ 9.92 $ 8.45
Tangible book value
per share $ 8.65 $ 7.24 $ 8.65 $ 7.24
RATIOS:
Net interest margin
(net interest income
as a % of average
earning assets)(3) 3.94% 3.67% 4.03% 3.67%
Net interest spread
(yield on earning
assets minus yield
on interest-bearing
liabilities)(3) 3.32% 3.17% 3.44% 3.12%
Return on average assets 1.28% 0.75% 1.32% 0.41%
Operating return on
average assets(1) 1.32% 1.22% 1.32% 1.27%
Operating cash return
on average assets(2) 1.44% 1.33% 1.44% 1.37%
Return on average equity 17.22% 11.73% 17.85% 6.48%
Operating return on
average equity(1) 17.81% 18.97% 17.85% 19.82%
Operating cash return
on average equity(2) 22.12% 24.14% 22.11% 25.11%
Tier 1 leverage capital
ratio at end of period 7.14% 6.76% 7.14% 6.76%
Noninterest income as
a percent of total
income(4) 26.15% 25.75% 25.51% 27.03%
Efficiency ratio(5) 54.56% 56.12% 54.01% 54.97%
Non-performing loans $ 67,143 $ 50,086 $ 67,143 $ 50,086
Total non-performing
assets $ 73,269 $ 60,630 $ 73,269 $ 60,630
Non-performing loans
as a % of total loans 0.62% 0.48% 0.62% 0.48%
Non-performing assets
as a % of total assets 0.40% 0.33% 0.40% 0.33%
Full service
banking offices 281 295 281 295
(1) Excludes special charges and losses on securities restructuring.
(2) Earnings before special charges, losses on securities
restructuring, and amortization of goodwill and core deposit
premiums.
(3) Adjusted to fully taxable equivalent basis.
(4) Excludes securities gains/(losses) and losses on securities
restructuring.
(5) Excludes distributions on securities of subsidiary trust, net
gains on sales of securities, losses on securities restructuring,
and special charges.
Banknorth Group, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (Unaudited)
Three Months Ended June 30,
2001 2000
Average Yield/ Average Yield/
(Dollars in Thousands) Balance Rate Balance Rate
Assets
Loans and leases (1)
Residential real estate
mortgages $ 2,206,518 7.41% $ 2,336,378 7.57%
Commercial real estate
mortgages 3,036,744 8.58% 2,819,294 8.93%
Commercial loans and
leases 2,322,572 8.03% 2,132,627 9.06%
Consumer loans and leases 3,342,216 8.42% 3,101,735 8.64%
10,908,050 8.18% 10,390,034 8.56%
Securities 5,931,974 6.42% 6,478,785 6.79%
Federal funds sold & other
short-term investments 48,148 3.97% 80,250 6.34%
Total earning assets 16,888,172 7.55% 16,949,069 7.87%
Noninterest-earning assets 1,264,302 1,398,125
Total assets $ 18,152,474 $ 18,347,194
Liabilities & Shareholders' Equity
Interest-bearing deposits:
Regular savings $ 1,405,540 1.40% $ 1,545,893 2.09%
Retail money market
and NOW accounts 4,059,390 2.82% 3,770,025 3.34%
Retail certificates
of deposit 4,484,684 5.37% 4,540,737 5.30%
Brokered deposits 167,419 5.94% 123,670 6.49%
Total interest-bearing
deposits 10,117,033 3.81% 9,980,325 4.08%
Borrowed funds 4,329,605 4.82% 5,086,715 6.07%
Total
interest-bearing
liabilities 14,446,638 4.11% 15,067,040 4.75%
Noninterest bearing deposits 2,101,326 1,875,798
Other liabilities 159,955 133,627
Minority interest 98,775 98,775
Shareholders' equity 1,345,780 1,171,954
Total liabilities,
minority interest
and shareholders'
equity $ 18,152,474 $ 18,347,194
Net earning assets $ 2,441,534 $ 1,882,029
Net interest income
(fully taxable equivalent) $ 169,637 $ 154,659
Less: fully taxable
equivalent adjustments (1,572) (1,494)
Net interest income $ 168,065 $ 153,165
Net interest rate spread
(fully taxable equivalent) 3.44% 3.12%
Net interest margin
(fully taxable equivalent) 4.03% 3.67%
(1) Loans and leases include portfolio loans and leases, loans held
for sale and nonperforming loans.
Banknorth Group, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (Unaudited)
Six Months Ended June 30,
2001 2000
Average Yield/ Average Yield/
(Dollars in Thousands) Balance Rate Balance Rate
Assets
Loans and leases(1)
Residential real estate
mortgages $ 2,245,651 7.48% $ 2,327,753 7.54%
Commercial real estate
mortgages 3,000,600 8.71% 2,784,556 8.90%
Commercial loans and leases 2,313,648 8.36% 2,053,878 8.91%
Consumer loans and leases 3,358,006 8.57% 3,068,985 8.57%
10,917,905 8.34% 10,235,172 8.49%
Securities 5,875,840 6.58% 6,631,157 6.76%
Federal funds sold & other
short-term investments 34,622 4.50% 80,278 5.90%
Total earning assets 16,828,367 7.72% 16,946,607 7.81%
Noninterest-earning assets 1,284,891 1,390,848
Total assets $ 18,113,258 $ 18,337,455
Liabilities & Shareholders' Equity
Interest-bearing deposits:
Regular savings $ 1,398,228 1.51% $ 1,553,918 2.10%
Retail money market
and NOW accounts 4,014,645 3.07% 3,704,890 3.20%
Retail certificates of deposit 4,498,911 5.54% 4,516,074 5.19%
Brokered deposits 166,248 6.21% 134,264 6.20%
Total interest-bearing
deposits 10,078,032 4.01% 9,909,146 3.97%
Borrowed funds 4,401,513 5.29% 5,187,878 5.90%
Total interest-bearing
liabilities 14,479,545 4.40% 15,097,024 4.64%
Noninterest bearing deposits 2,034,494 1,837,464
Other liabilities 153,906 125,231
Minority interest 98,775 98,775
Shareholders' equity 1,346,538 1,178,961
Total liabilities,
minority interest and
shareholders' equity $ 18,113,258 $ 18,337,455
Net earning assets $ 2,348,822 $ 1,849,583
Net interest income
(fully taxable
equivalent) $ 329,462 $ 311,139
Less: fully taxable
equivalent adjustments (3,083) (2,801)
Net interest income $ 326,379 $ 308,338
Net interest rate
spread (fully
taxable equivalent) 3.32% 3.17%
Net interest margin
(fully taxable
equivalent) 3.94% 3.67%
(1) Loans and leases include portfolio loans and leases, loans held
for sale and nonperforming loans.
Banknorth Group, Inc. and Subsidiaries
Asset Quality (unaudited)
(Dollars in thousands)
6/30/01 3/31/01 12/31/00 9/30/00 6/30/00
Non-performing Assets:
Residential real
estate mortgages $ 9,590 $ 10,575 $ 9,894 $ 8,258 $ 9,405
Commercial real
estate mortgages 12,550 13,205 12,790 17,877 18,962
Commercial business
loans and leases 39,208 32,233 32,621 17,435 16,609
Consumer loans
and leases 5,795 5,611 6,329 5,650 5,110
Total non-performing
loans 67,143 61,624 61,634 49,220 50,086
Other non-performing
assets (net) 6,126 6,245 5,498 7,678 10,544
Total non-performing
assets $ 73,269 $ 67,869 $ 67,132 $ 56,898 $ 60,630
Allowance for
loan losses $155,303 $153,621 $153,550 $156,867 $156,464
Net loan charge-offs:
Real estate
mortgages $ 375 $ 652 $ 639 $ 1,282 $ 485
Commercial business
loans and leases 3,340 2,884 4,063 367 900
Consumer loans
and leases 3,914 3,530 5,266 4,198 3,078
Total net
charge-offs $ 7,629 $ 7,066 $ 9,968 $ 5,847 $ 4,463
Ratios:
Allowance for loan
losses to total loans 1.43% 1.43% 1.42% 1.46% 1.49%
Allowance for
loan losses to
non-performing loans 231.30% 249.29% 249.13% 318.70% 312.39%
Non-performing loans
to total loans 0.62% 0.57% 0.57% 0.46% 0.48%
Non-performing assets
to total assets 0.40% 0.37% 0.37% 0.31% 0.33%
Net charge-offs to
average loans - QTD(1) 0.28% 0.26% 0.37% 0.22% 0.17%
Net charge-offs to
average loans - YTD(1) 0.27% 0.26% 0.24% 0.20% 0.19%
(1) Annualized
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