Banknorth Group Reports Improved Second Quarter Earnings.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)--July 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 second quarter financial results for 1999 are up 25.5% over the second quarter of 1998. Net income for the three months ended June June: see month. 30, 1999, was $14.1 million, or 60 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 $11.3 million, or 48 cents per common share on a diluted basis, for the second quarter of 1998. The performance in the second quarter of 1999 resulted in a return on average assets of 1.30% and a return on average equity of 17.39%. Net income for the six months ended June 30, 1999, was $27.6 million, or $1.17 per common share on a diluted basis, compared to $21.2 million, or $.89 per common share on a diluted basis, for the first six months of 1998. 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. 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. Income from Operations, or before non-recurring income and merger expenses, for the second quarter of 1999, was $12.7 million, or 54 cents per common share on a diluted basis, compared to $11.2 million, or 47 cents per common share on a diluted basis, for the first quarter of 1998, an increase of 13.4%. For the six months ended June 30, 1999, Income from Operations was $25.2 million, or $1.07 per common share on a diluted basis, compared to $21.4 million, or $.90 per common share on a diluted basis, for the first six months of 1998, an increase of 18.0%. "The second quarter results are an encouraging sign that the assimilation Assimilation The absorption of stock by the public from a new issue. Notes: Underwriters hope to sell all of a new issue to the public. See also: Issuer, Underwriting Assimilation of both the 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. and BankBoston Berkshires acquisitions have been accomplished," said Chadwick. "We can now address our attention to making our merger with Peoples Heritage go just as smoothly," he said. Net Interest Income was $44.2 million for the three months ended June 30, 1999, compared to $40.7 million for the second quarter of 1998. The net interest margin was 4.44% and 4.36% for the second quarter of 1999 and 1998, respectively. Provision for Loan Losses in the second quarter of 1999 was $2.3 million, $60 thousand, or 2.6% lower than in the second quarter of 1998. Non-Interest Income for the quarter ended June 30, 1999, was $14.5 million, an increase of $4.4 million or 43.1% over the second quarter of 1998. Included in the $4.4 million increase were Investment Management Income, up $1.8 million, or 58.5%, primarily as the result of the purchase of the Berkshires business; and, the recognition, in the second quarter of 1999, of $1.4 million of income from BOLI BOLI Bank-Owned Life Insurance BOLI Bureau of Labor and Industries resulting from the death of a senior executive. Non-Interest Expenses, $36.3 million for the second quarter of 1999, were up $4.1 million, or 12.8%, from the second quarter of 1998. The primary contributor to increases in 1999, compared to 1998, was the purchase acquisition of the BankBoston operation 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. , which closed in November November: see month. 1998. Included in the $4.1 million increase was Compensation and Benefits, up $1.3 million, or 7.9%, 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 , Equipment and Software expenses, up $757 thousand, or 16.0%, Communications expenses, up $208 thousand or 28.4%, and, Goodwill Amortization expense, up $913 thousand or 69.1%. For the six months ended June 30, 1999, Net Interest Income was $87.3 million, an increase of $6.3 million, or 7.8%, over the first six months of 1998. The net interest margin was 4.41% and 4.39% for the first six months of 1999 and 1998, respectively. Provision for Loan Losses for the six months ended June 30, 1999, was $4.3 million, $400 thousand lower than the first six months of 1998, reflecting fewer loans charged off, net of recoveries. Non-Interest Income, for the six months ended June 30, 1999, was $29.3 million, $10.3 million or 54.3% over the first six months of 1998. Contributing to the $10.3 million improvement were Investment Management Income, up $3.7 million, or 60.8%; Service Charges on Deposit Accounts, up $773 thousand, or 13.3%; Mortgage Banking income, up $325 thousand or 14.2%; Card Services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. income, up $389 thousand or 40.0%. These items, while growing nicely in their own right, are heavily influenced by the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. purchase of the Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. operations. Net Securities Transactions resulted in a gain of $368 thousand and a loss of $326 thousand in the first six months of 1999 and 1998, respectively, a total improvement of $694 thousand. Also contributing to the increase in Non-Interest Income for the six months ended June 30, 1999, was the BOLI gain of $1.4 million, described above, and the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of $2.6 million in the first quarter of 1999, as a result of 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 pension plan of Evergreen Bancorp. Non-Interest Expenses for the six months ended June 30, 1999, were $72.6 million, compared to $64.7 million for the first six months of 1998, an increase of $7.9 million or 12.2%. Again the primary contributor to increased levels of expenses was the purchase acquisition of the Berkshires. Other items making up the $7.9 million increase were Compensation and Benefits, up $1.8 million or 5.7%; Occupancy, Equipment and Software, up $1.3 million or 13.5%; Goodwill Amortization expense, up $1.8 million or 66.4%; and Merger and Acquisition expenses of $1.2 million in 1999, but absent in 1998. Total Assets at June 30, 1999, were $4.4 billion, up $355.9 million or 8.8% from June 30, 1998. Total loans at June 30, 1999, at $2.9 billion, were up $243.8 million or 9.2%, from June 30, 1998. Total Deposits at June 30, 1999, were $3.5 billion, up $339.8 million or 10.7%, from June 30, 1998. Banknorth continues to be 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. The Stratevest Group, N.A., the Company's investment management company, reported Managed Assets at June 30, 1999, of $4.1 billion, up $1.2 billion or 40.7% from June 30, 1998. Assets Under Discretionary Management were $2.7 billion at June 30, 1999, up $1.1 billion or 64.5% from June 30, 1998. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.0 billion of the growth, year over year, is related to the aforementioned purchase of the Berkshires operation. On June 2, 1999, it was announced that Banknorth had reached a definitive agreement to be acquired by Peoples Heritage Financial Group (NASDAQ:PHBK PHBK Self-Help Group Linkage Program PHBK Phone Book ) in a transaction valued at $780.7 million, based on the stock price at that date. Under the terms of the definitive agreement, shareholders of Banknorth will receive 1.825 shares of Peoples Heritage common stock for each whole share of Banknorth common stock plus cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of any fractional fractional size expressed as a relative part of a unit. fractional catabolic rate the percentage of an available pool of body component, e.g. protein, iron, which is replaced, transferred or lost per unit of time. interest. The exchange will be tax free and accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The agreement is subject to the approval of the shareholders of both companies and requisite regulatory approvals. It is expected that the transaction will be closed prior to the end of 1999. Banknorth Group, Inc. serves the financial needs of customers through its seven community banks with 60 offices located 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. , Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. and 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). , a mortgage banking company and a trust
and investment management company.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; 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 June 30,
1999 1998 Change %
Interest income $78,448 $77,075 $ 1,373 1.8%
Interest expense 34,246 36,368 (2,122) -5.8%
Net interest income 44,202 40,707 3,495 8.6%
Provision for loan losses 2,275 2,335 (60) -2.6%
Net interest income after
provision for loan losses 41,927 38,372 3,555 9.3%
Non-interest income:
Investment management fees 4,975 3,139 1,836 58.5%
Service charges on deposit
accounts 3,402 2,948 454 15.4%
Mortgage banking 1,290 1,195 95 7.9%
Card services 748 542 206 38.0%
ATMs 671 523 148 28.3%
Bank-owned life insurance 552 553 (1) -0.2%
Net securities transactions 143 103 40 38.8%
Net gain on curtailment of
pension plan -- -- -- --
Bank owned life insurance claim 1,389 -- 1,389 100.0%
Other non-interest income 1,290 1,105 185 16.7%
Non-interest income 14,460 10,108 4,352 43.1%
Non-interest expenses:
Compensation and benefits 17,344 16,073 1,271 7.9%
Occupancy, equipment and software 5,489 4,732 757 16.0%
Data processing fees 1,767 1,926 (159) -8.3%
Legal and professional fees 1,280 1,299 (19) -1.5%
Advertising and marketing 1,177 1,058 119 11.2%
Printing and supplies 859 730 129 17.7%
Communications 940 732 208 28.4%
Goodwill amortization 2,234 1,321 913 69.1%
Capital securities expense 789 789 -- --
Merger and acquisition related
expenses 60 -- 60 100.0%
Other expenses 4,378 3,537 841 23.8%
Non-interest expenses 36,317 32,197 4,120 12.8%
Income before income taxes 20,070 16,283 3,787 23.3%
Income taxes 5,935 5,019 916 18.3%
NET INCOME $14,135 $11,264 $ 2,871 25.5%
Net income, as reported $14,135 $11,264 $ 2,871 25.5%
Less "non-operating" income items,
included above:
Net securities transactions 143 103 40 38.8%
Net gain on curtailment of
pension plan -- -- -- --
Bank owned life insurance claim 1,389 -- 1,389 100.0%
Total "non-operating"
income items 1,532 103 1,429 1387.4%
Income taxes on "non-operating"
income items 54 38 16 42.1%
"Non-operating" income items,
net of taxes 1,478 65 1,413 2173.8%
Add "non-operating" expense items,
included above:
Merger and acquisition
related expenses 60 -- 60 100.0%
Income taxes on non-operating
expense items 22 -- 22 100.0%
"Non-operating" expense items,
net of taxes 38 -- 38 100.0%
Income from operations $12,695 $11,199 $ 1,496 13.4%
Cash income from operations (1) $14,035 $11,992 $ 2,044 17.0%
(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 six months ended June 30,
1999 1998 Change %
Interest income $156,306 $152,829 $ 3,477 2.3%
Interest expense 69,002 71,857 (2,855) -4.0%
Net interest income 87,304 80,972 6,332 7.8%
Provision for loan losses 4,275 4,675 (400) -8.6%
Net interest income after
provision for loan losses 83,029 76,297 6,732 8.8%
Non-interest income:
Investment management fees 9,808 6,101 3,707 60.8%
Service charges on deposit
accounts 6,600 5,827 773 13.3%
Mortgage banking 2,614 2,289 325 14.2%
Card services 1,361 972 389 40.0%
ATMs 1,290 1,005 285 28.4%
Bank-owned life insurance 1,091 1,093 (2) -0.2%
Net securities transactions 368 (326) 694 212.9%
Net gain on curtailment of
pension plan 2,577 -- 2,577 100.0%
Bank owned life insurance claim 1,389 -- 1,389 100.0%
Other non-interest income 2,191 2,025 166 8.2%
Non-interest income 29,289 18,986 10,303 54.3%
Non-interest expenses:
Compensation and benefits 34,119 32,286 1,833 5.7%
Occupancy, equipment and
software 10,972 9,669 1,303 13.5%
Data processing fees 3,869 3,661 208 5.7%
Legal and professional fees 2,207 2,401 (194) -8.1%
Advertising and marketing 2,326 2,032 294 14.5%
Printing and supplies 1,596 1,528 68 4.5%
Communications 1,903 1,451 452 31.2%
Goodwill amortization 4,398 2,643 1,755 66.4%
Capital securities expense 1,578 1,578 -- --
Merger and acquisition
related expenses 1,233 -- 1,233 100.0%
Other expenses 8,390 7,450 940 12.6%
Non-interest expenses 72,591 64,699 7,892 12.2%
Income before income taxes 39,727 30,584 9,143 29.9%
Income taxes 12,138 9,420 2,718 28.9%
NET INCOME $ 27,589 $ 21,164 $ 6,425 30.4%
Net income, as reported $ 27,589 $ 21,164 $ 6,425 30.4%
Less "non-operating"
income items, included above:
Net securities transactions 368 (326) 694 -212.9%
Net gain on curtailment of
pension plan 2,577 -- 2,577 100.0%
Bank owned life insurance
claim 1,389 -- 1,389 100.0%
Total "non-operating"
income items 4,334 (326) 4,660 1429.4%
Income taxes on "non-operating"
income items 1,194 (110) 1,304 1185.5%
"Non-operating" income items,
net of taxes 3,140 (216) 3,356 1553.7%
Add "non-operating" expense items,
included above:
Merger and acquisition
related expenses 1,233 -- 1,233 100.00%
Income taxes on non-operating
expense items 445 -- 445 100.00%
"Non-operating" expense
items, net of taxes 788 -- 788 100.00%
Income from operations $ 25,237 $ 21,380 $ 3,857 18.0%
Cash income from operations(1) $ 27,876 $ 22,966 $ 4,910 21.4%
(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)
Per Share Information For the three months ended June 30,
1999 1998 Change %
Basic wtd. avg number of
shares outstanding 23,379,073 23,258,549 120,524 0.5%
Basic earnings per share
(Basic EPS)
Net income $0.60 $0.48 $0.12 25.0%
Income from operations 0.54 0.48 0.06 12.5%
Cash income from operations 0.60 0.52 0.08 15.4%
Diluted wtd. avg number of
shares outstanding 23,665,780 23,685,137 (19,357) -0.1%
Diluted earnings per share
(Diluted EPS)
Net income $0.60 $0.48 $0.12 25.0%
Income from operations 0.54 0.47 0.07 14.9%
Cash income from operations 0.59 0.51 0.08 15.7%
Shares outstanding, net
treasury shares, p.e 23,255,296 23,142,925 112,371 0.5%
Book value, p.e $14.19 $13.84 $0.35 2.5%
Tangible book value, p.e 10.94 12.61 (1.67) -13.2%
Closing price at period end (2) $33.00 $37.00 ($4.00) -10.8%
Price / Diluted net income
EPS (last 4 qtrs) 22.2 20.4 1.8 8.8%
Price / Diluted income from
operations EPS (last 4 qtrs) 16.0 21.1 (5.1) -24.2%
Price / Diluted cash income
from operations EPS
(last 4 qtrs) 14.7 19.6 (4.9) -25.0%
(2) Closing price per share represents the historical price per
share of Banknorth Group. Inc.
For the three months ended June 30,
Ratios and Other Information 1999 1998 Change %
Return on average total assets:
Net income 1.30% 1.12% 0.18% 16.1%
Income from operations 1.17% 1.12% 0.05% 4.5%
Return on average
shareholders' equity:
Net income 17.39% 14.34% 3.05% 21.3%
Income from operations 15.61% 14.25% 1.36% 9.5%
Stratevest total assets
under management 4,103,919 2,917,078 1,186,841 40.7%
Managed assets with
discretionary powers 2,735,487 1,663,244 1,072,243 64.5%
Net interest income,
f.t.e. basis $44,910 $41,090 $3,820 9.3%
Net interest margin 4.44% 4.36% 0.08% 1.8%
Price / Tangible book
value, p.e 301.6% 293.4% 8.2% 2.8%
Total non-interest income
from operations/total
gross revenue (fte) 22.35% 19.58% 2.77% 14.1%
Efficiency ratio 58.43% 59.81% -1.38% -2.3%
Effective tax rate 29.57% 30.82% -1.25% -4.1%
Loans charged off, net of
recoveries $798 $1,654 ($856) -51.8%
NPAs as a % of total
assets, p.e 0.46% 0.50% -0.04% -8.0%
Allow. for loan losses as
% of NPLs, p.e 240.53% 241.97% -1.44% -0.6%
Allow. for loan losses as
% total loans, p.e 1.62% 1.53% 0.09% 5.9%
Shareholders' equity to
total assets, p.e 7.48% 7.89% -0.42% -5.3%
Tangible shareholders'
equity to
tangible assets, p.e 5.86% 7.24% -1.38% -19.1%
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Per Share Information For the six months ended June 30,
1999 1998 Change %
Basic wtd. avg number of
shares outstanding 23,366,459 23,344,513 21,946 0.1%
Basic earnings per share
(Basic EPS)
Net income $1.18 $0.91 $0.27 29.7%
Income from operations 1.08 0.92 0.16 17.4%
Cash income from operations 1.19 0.98 0.21 21.4%
Diluted wtd. avg number
of shares outstanding 23,666,002 23,760,188 (94,186) -0.4%
Diluted earnings per
share (Diluted EPS)
Net income $1.17 $0.89 $0.28 31.5%
Income from operations 1.07 0.90 0.17 18.9%
Cash income from operations 1.18 0.97 0.21 21.6%
Shares outstanding, net
treasury shares, p.e 23,255,296 23,142,925 112,371 0.5%
Book value, p.e $14.19 $13.84 $0.35 2.5%
Tangible book value, p.e 10.94 12.61 (1.67) -13.2%
Closing price at period end (2) $33.00 $37.00 ($4.00) -10.8%
Price / Diluted net income
EPS (last 4 qtrs) 22.2 20.4 1.8 8.8%
Price / Diluted income from
operations EPS (last 4 qtrs) 16.0 21.1 (5.1) -24.2%
Price / Diluted cash income
from operations EPS
(last 4 qtrs) 14.7 19.6 (4.9) -25.0%
(2) Closing price per share represents the historical price per
share of Banknorth Group. Inc.
For the six months ended June 30,
Ratios and Other Information 1999 1998 Change %
Return on average total assets:
Net income 1.27% 1.07% 0.20% 18.7%
Income from operations 1.17% 1.08% 0.09% 8.3%
Return on average
shareholders' equity:
Net income 17.18% 13.53% 3.65% 27.0%
Income from operations 15.72% 13.67% 2.05% 15.0%
Stratevest total assets
under management 4,103,919 2,917,078 1,186,841 40.7%
Managed assets with
discretionary powers 2,735,487 1,663,244 1,072,243 64.5%
Net interest income,
f.t.e. basis $88,572 $81,720 $6,852 8.4%
Net interest margin 4.41% 4.39% 0.02% 0.5%
Price / Tangible book
value, p.e 301.6% 293.4% 8.2% 2.8%
Total non-interest income
from operations/total
gross revenue (fte) 21.98% 19.11% 2.87% 15.0%
Efficiency ratio 58.50% 60.58% -2.08% -3.4%
Effective tax rate 30.55% 30.80% -0.25% -0.8%
Loans charged off, net
of recoveries $1,677 $2,656 ($979) -36.9%
NPAs as a % of total
assets, p.e 0.46% 0.50% -0.04% -8.0%
Allow. for loan losses
as % of NPLs, p.e 240.53% 241.97% -1.44% -0.6%
Allow. for loan losses
as % total loans, p.e 1.62% 1.53% 0.09% 5.9%
Shareholders' equity to
total assets, p.e 7.48% 7.89% -0.42% -5.3%
Tangible shareholders'
equity to
tangible assets, p.e 5.86% 7.24% -1.38% -19.1%
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Balance Sheets, Period End Balances as of
6-30-99 6-30-98 Change %
Loans $2,902,439 $2,658,665 $ 243,774 9.2%
Loans held for sale 26,246 36,284 (10,038) -27.7%
Securities available
for sale 1,133,250 1,029,411 103,839 10.1%
Investment securities,
held to maturity 18,087 29,628 (11,541) -39.0%
Money market investments 100 44,405 (44,305) -99.8%
Total earning assets 4,080,122 3,798,393 281,729 7.4%
Allowance for loan losses (47,135) (40,571) 6,564 16.2%
Cash and due from banks 131,601 125,658 5,943 4.7%
Goodwill 75,602 28,476 47,126 165.5%
Other assets 173,046 145,383 27,663 19.0%
Total assets $4,413,236 $4,057,339 $ 355,897 8.8%
Deposits:
Non-interest bearing $ 497,174 $ 428,233 $ 68,941 16.1%
Interest bearing 3,030,073 2,759,181 270,892 9.8%
Total 3,527,247 3,187,414 339,833 10.7%
Short-term borrowed funds 406,710 404,540 2,170 0.5%
Long-term debt 72,708 74,787 (2,079) -2.8%
Other liabilities 46,609 40,371 6,238 15.5%
Guaranteed preferred
beneficial interests in
Corporation's junior
subordinated debentures 30,000 30,000 -- --
Shareholders' equity 329,962 320,227 9,735 3.0%
Total liabilities,
guaranteed preferred
beneficial interests
and shareholders' equity $4,413,236 $4,057,339 $ 355,897 8.8%
Average Balance Sheets For the three months ended June 30,
1999 1998 Change %
Loans $2,852,496 $2,661,474 $ 191,022 7.2%
Loans held for sale 28,232 41,921 (13,689) -32.7%
Securities available
for sale 1,134,240 1,016,664 117,576 11.6%
Investment securities,
held to maturity 19,055 38,580 (19,525) -50.6%
Money market investments 18,208 26,110 (7,902) -30.3%
Total earning assets 4,052,231 3,784,749 267,482 7.1%
Allowance for loan losses (46,538) (40,833) 5,705 14.0%
Cash and due from banks 125,671 102,018 23,653 23.2%
Goodwill 76,883 29,250 47,633 162.8%
Other assets 159,667 141,070 18,597 13.2%
Total assets $4,367,914 $4,016,254 $ 351,660 8.8%
Deposits:
Non-interest bearing $ 494,857 $ 410,469 $ 84,388 20.6%
Interest bearing 3,091,763 2,736,741 355,022 13.0%
Total 3,586,620 3,147,210 439,410 14.0%
Short-term borrowed funds 305,526 424,048 (118,522) -28.0%
Long-term debt 73,337 59,459 13,878 23.3%
Other liabilities 46,330 40,374 5,956 14.8%
Guaranteed preferred
beneficial interests in
Corporation's junior
subordinated debentures 30,000 30,000 -- --
Shareholders' equity 326,101 315,163 10,938 3.5%
Total liabilities,
guaranteed preferred
beneficial interests
and shareholders' equity $4,367,914 $4,016,254 $ 351,660 8.8%
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
Corporation's junior
subordinated debentures 30,000 30,000 -- --
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 six months ended June 30,
1999 1998 Change %
Loans $2,844,234 $2,651,956 $ 192,278 7.3%
Loans held for sale $ 32,298 35,957 (3,659) -10.2%
Securities available
for sale $1,130,830 992,969 137,861 13.9%
Investment securities,
held to maturity $ 19,562 47,718 (28,156) -59.0%
Money market investments 18,828 20,569 (1,741) -8.5%
Total earning assets 4,045,752 3,749,169 296,583 7.9%
Allowance for loan losses (45,924) (40,023) 5,901 14.7%
Cash and due from banks 126,093 98,747 27,346 27.7%
Goodwill 77,100 29,898 47,202 157.9%
Other assets 160,819 139,120 21,699 15.6%
Total assets $4,363,840 $3,976,911 $ 386,929 9.7%
Deposits:
Non-interest bearing $ 495,053 $ 402,931 $ 92,122 22.9%
Interest bearing 3,088,269 2,705,339 382,930 14.2%
Total 3,583,322 3,108,270 475,052 15.3%
Short-term borrowed funds 305,046 430,809 (125,763) -29.2%
Long-term debt 73,737 52,789 20,948 39.7%
Other liabilities 47,958 39,547 8,411 21.3%
Guaranteed preferred
beneficial interests in
Corporation's junior
subordinated debentures 30,000 30,000 -- --
Shareholders' equity 323,777 315,496 8,281 2.6%
Total liabilities,
guaranteed preferred
beneficial interests and
shareholders' equity $4,363,840 $3,976,911 $ 386,929 9.7%
Note: All share and per share data has been restated to give
retroactive effect to stock splits.
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