Banknorth Group Reports Record 1999 Operating Results.Business Editors 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)--Jan. 19, 2000 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 that net income for the year ended December December: see month. 31, 1999, was $54.5 million, or $2.30 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 $28.9 million, or $1.22 per common share on a diluted basis, for the year ended 1998. Net income in 1999 included a $1.5 million, after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , gain on 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 a pension plan; a $1.4 million, tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. , claim from bank-owned life insurance (BOLI BOLI Bank-Owned Life Insurance BOLI Bureau of Labor and Industries ); $243 thousand, after tax, of net gains from securities transactions; a $608 thousand, after-tax, payment of management fees to our defined benefit pension plan, and $788 thousand, after-tax, of merger and acquisition expenses. Net income in 1998 included $16.3 million of after-tax merger and acquisition expenses.
Change
Diluted Earnings per Share 1999 1998 Amount Percent
Net income $2.30 $1.22 $1.08 88.5%
Pension plan
curtailment (.06) -- (.06) -100.0
BOLI claim (.06) -- (.06) -100.0
Net securities
transactions (.01) (.02) .01 50.0
Payment of management fees to
defined benefit pension plan .02 -- .02 100.0
M & A expenses .03 .69 (.66) -95.7
Earnings per share
from operations $2.22 $1.89 $ .33 17.5%
The fourth quarter of 1999, had net income of $13.3 million compared to a net loss of $4.4 million in the fourth quarter of 1998. The fourth quarter of 1999 included a $608 thousand, after-tax, payment of management fees to our defined benefit pension plan. The fourth quarter of 1998 included the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. $16.3 million of after-tax merger and acquisition expenses and $342 thousand, after tax, of net gains from securities transactions.
4 Q 4 Q Change
Diluted Earnings per Share 1999 1998 Amount Percent
Net income $.56 $(.19) $.75 394.7%
Net securities transactions -- (.01) .01 100.0
Payment of management fees to
defined benefit pension plan .02 -- .02 100.0
M & A expenses -- .69 (.69) -100.0
Earnings per share from
operations $.58 $.49 $.09 18.4%
Prior periods are restated for 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. Bancorp merger that closed on December 31, 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. "The strong operating performance in 1999, led by our community banks and Stratevest, was our best year ever. This gives us considerable comfort as we soon join forces with Peoples Heritage Financial Group, Inc.," said Chadwick. "It is very clear that our customers and employees appreciate our efforts and are remaining loyal. The signs are all positive that the new company will fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our expectations," he said. Highlights for the year 1999 Net interest income was $178.0 million for the year ended December 31, 1999, compared to $164.0 million for the year 1998 an increase of $13.9 million or 8.5%. The net interest margin was 4.41% and 4.34% for the years ended 1999 and 1998, respectively, reflecting the higher interest rate environment throughout most of 1999. The provision for loan losses in 1999 was $9.5 million, $130 thousand, or 1.4% higher than 1998, as a result of increased loan balances and the changing mix of the loan portfolio. As of December 31, 1999, non-performing assets dropped to .32% of total assets compared to .55% of total assets at the end of 1998. Loans charged off, net of recoveries equaled .24% and .21% of average loans in 1999 and 1998, respectively. Non-interest income for the year ended December 31, 1999, was $55.1 million, compared to $41.5 million for 1998, an increase of $13.6 million or 32.9%. Showing continued improvement in core areas of business were investment management income up $6.6 million or 51.5%, service charges on deposit accounts up $1.4 million or 12.2%, and ATM and card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. income up $1.3 million or 28.5%. Additionally, a gain of $2.6 million was recognized in the first quarter of 1999 when the Evergreen Bancorp pension plan was merged into the Banknorth plan. Offsetting the increases, mortgage banking income was down $1.4 million or 25.7%, reflecting the higher rate environment, and resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials drop in the level of refinancing Refinancing An extension and/or increase in amount of existing debt. in the last half of 1999. Total non-interest expenses, $145.5 million for 1999, were down $7.2 million, or 4.7%, from the level experienced in 1998. Without the merger and acquisition expenses in either year, or the payment of management fees to our defined benefit pension plan, total non-interest expenses in 1999 were $143.3 million versus $130.8 million in 1998, an increase of $12.5 million or 9.6%. This increase was primarily due to the increased operating costs operating costs npl → gastos mpl operacionales related to the Berkshires operations, acquired from BankBoston, N.A. in November November: see month. 1998. In the fourth quarter of 1999, the Company recorded a $937 thousand expense for the payment of management fees, plus interest, to our defined benefit pension plan. These management fees had been paid by the plan in prior years. Management, as well as legal counsel, believes that these fees were legal, proper and reasonable for necessary fund management services provided. The Department of Labor, during its review, contested these fees. Rather than incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. additional legal fees to argue the point, a payment of the fees has been made. The plan is over funded and the effect of the payment will be to reduce future pension expenses. Highlights for the fourth quarter of 1999 Net interest income for the fourth quarter of 1999 was $45.5 million, up $2.9 million, or 6.9% from the fourth quarter of 1998. The net interest margin in the fourth quarter of 1999 was 4.40%, up from the 4.31% in the fourth quarter of 1998, reflecting the higher interest rate environment during the fourth quarter of 1999. The provision for loan losses in the fourth quarter of 1999 was $2.6 million, $265 thousand or 11.3% higher than the fourth quarter of 1998, reflecting the $208 million growth in average loan balances, as well as a changing mix of loan types. Non-interest income in the three months ended December 31, 1999 was $12.8 million compared to $11.6 million, up $1.1 million, or 9.7%, from the fourth quarter of 1998. For the three months ended December 31, 1999, non-interest expenses were $37.4 million compared to $56.5 million in the fourth quarter of 1998. The fourth quarter of 1999 included the aforementioned payment of management fees to our defined benefit plan Defined benefit plan A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan . The fourth quarter of 1998 included the aforementioned M & A expenses. Without those "one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. " events, total non-interest expenses in the fourth quarter were $36.5 million and $34.6 million for 1999 and 1998, respectively, an increase of $1.9 million, or 5.5%. The effect of the acquisition of the BankBoston, N.A. Berkshires operation on the fourth quarter comparison is similar to that previously explained for the year as a whole. Balance Sheet Growth Total assets at December 31, 1999, were $4.6 billion, up $185.9 million, or 4.2%, from the $4.4 billion at December 31, 1998. Total loans at December 31, 1999, at $3.0 billion, were up $172.9 million or 6.1%, from December 31, 1998. Total deposits at year end 1999, were $3.6 billion, down $43.8 million or 1.2%, from year end 1998. Typically, total deposits reach their peak at year end. However, with the Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 scare highlighted in the media, some customers may have decided to have extra cash available through the transition to 2000. Average total assets for 1999 were $4.4 billion, an increase of $359.6 million or 8.9% over the average for 1998. Average total deposits for 1999 were $3.6 billion, up $382.5 million, or 11.9%. The Company acquired $290.1 million of deposits 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. from BankBoston, N.A. That transaction, accounted for as a purchase, was closed in the fourth quarter of 1998. On June June: see month. 2, 1999, it was announced that Banknorth had reached a definitive agreement to be acquired by Peoples Heritage Financial Group, Inc. (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 the transaction will be 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 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. approvals. It is expected that the transaction will be closed in 2000. 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 150 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 100 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. , as well as Banknorth Mortgage Company and The
Stratevest Group, combine to help the customer answer the question -
"Where do you see yourself?" 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 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. ". Those "forward-looking statements" 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 having failed 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.
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Income Statements For the three months ended December 31,
1999 1998 Change %
Interest income $82,690 $78,656 $4,034 5.1%
Interest expense 37,209 36,106 1,103 3.1%
Net interest income 45,481 42,550 2,931 6.9%
Provision for loan losses 2,600 2,335 265 11.3%
Net interest income after
provision for loan losses 42,881 40,215 2,666 6.6%
Non-interest income:
Investment management fees 4,821 3,791 1,030 27.2%
Service charges on
deposit accounts 3,251 2,969 282 9.5%
Mortgage banking 743 1,391 (648) -46.6%
Card services 920 686 234 34.1%
ATMs 669 635 34 5.4%
Bank-owned life insurance 819 569 250 43.9%
Net securities transactions -- 526 (526) -100.0%
Net gain on curtailment
of pension plan -- -- -- --
Bank-owned life insurance claim -- -- -- --
Other non-interest income 1,549 1,079 470 43.6%
Non-interest income 12,772 11,646 1,126 9.7%
Non-interest expenses:
Compensation and benefits 16,908 17,554 (646) -3.7%
Occupancy, equipment
and software 5,682 4,852 830 17.1%
Data processing fees 1,333 1,472 (139) -9.4%
Legal and professional fees 1,760 1,502 258 17.2%
Advertising and marketing 1,130 922 208 22.6%
Printing and supplies 765 847 (82) -9.7%
Communications 916 773 143 18.5%
Goodwill amortization 2,233 1,779 454 25.5%
Capital securities expense 789 789 -- --
Merger and acquisition
related expenses -- 21,968 (21,968) -100.0%
Other expenses 5,884 4,086 1,798 44.0%
Non-interest expenses 37,400 56,544 (19,144) -33.9%
Income before income taxes 18,253 (4,683) 22,936 489.8%
Income taxes 4,999 (321) 5,320 1657.3%
NET INCOME $13,254 ($4,362) $ 17,616 403.9%
Net income, as reported $13,254 ($4,362) $ 17,616 403.9%
Less "non-operating" income
items, included above:
Net securities transactions -- 526 (526) -100.0%
Total "non-operating"
income items -- 526 (526) -100.0%
Income taxes on "non-operating"
income items -- 184 (184) -100.0%
"Non-operating"
income items, net of taxes -- 342 (342) -100.0%
Add "non-operating" expense items,
included above:
Merger and acquisition
related expenses -- 21,968 (21,968) -100.0%
Payment of mgmt fees
to our defined benefit
pension plan 937 -- 937 100.0%
Income taxes on
non-operating expense items 328 5,710 (5,382) -94.3%
"Non-operating" expense
items, net of taxes 609 16,258 (15,649) -96.3%
Income from operations $13,863 $11,554 $2,309 20.0%
Cash income from
operations (1) $15,202 $12,622 $2,579 20.4%
(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)
Income Statements For the years ended December 31,
1999 1998 Change %
Interest income $319,584 $308,701 $ 10,883 3.5%
Interest expense 141,602 144,658 (3,056) -2.1%
Net interest income 177,982 164,043 13,939 8.5%
Provision for loan losses 9,475 9,345 130 1.4%
Net interest income after
provision for loan losses 168,507 154,698 13,809 8.9%
Non-interest income:
Investment
management fees 19,455 12,838 6,617 51.5%
Service charges
on deposit accounts 13,077 11,657 1,420 12.2%
Mortgage banking 4,081 5,492 (1,411) -25.7%
Card services 3,047 2,227 820 36.8%
ATMs 2,718 2,258 460 20.4%
Bank-owned
life insurance 2,654 2,229 425 19.1%
Net securities
transactions 374 519 (145) 27.9%
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 5,733 4,253 1,480 34.8%
Non-interest income 55,105 41,473 13,632 32.9%
Non-interest expenses:
Compensation and benefits 67,879 65,545 2,334 3.6%
Occupancy, equipment
and software 22,357 19,218 3,139 16.3%
Data processing fees 6,758 6,889 (131) -1.9%
Legal and professional fees 5,117 5,145 (28) -0.5%
Advertising and marketing 4,716 3,870 846 21.9%
Printing and supplies 3,047 3,071 (24) -0.8%
Communications 3,775 2,963 812 27.4%
Goodwill amortization 8,864 5,743 3,121 54.3%
Capital securities expense 3,156 3,156
Merger and acquisition
related expenses 1,233 21,968 (20,735) -94.4%
Other expenses 18,615 15,168 3,447 22.7%
Non-interest expenses 145,517 152,736 (7,219) -4.7%
Income before income taxes 78,095 43,435 34,660 79.8%
Income taxes 23,559 14,515 9,044 62.3%
NET INCOME $54,536 $28,920 $ 25,616 88.6%
Net income, as reported $ 54,536 $28,920 $ 25,616 88.6%
Less "non-operating" income
items, included above:
Net securities transactions 374 519 (145) -27.9%
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 4,340 519 3,821 736.2%
Income taxes on
"non-operating" income items 1,196 186 1,010 543.0%
"Non-operating" income
items, net of taxes 3,144 333 2,811 844.1%
Add "non-operating" expense items,
included above:
Merger and acquisition
related expenses 1,233 21,968 (20,735) -94.4%
Payment of mgmt fees to
our defined benefit
pension plan 937 -- 937 100.0%
Income taxes on
non-operating expense items 773 5,710 (4,937) -86.5%
"Non-operating" expense
items, net of taxes 1,397 16,258 (14,861) -91.4%
Income from operations $52,789 $44,845 $7,944 17.7%
Cash income from
operations (1) $58,107 $48,291 $9,816 20.3%
(1) Income from operations, excluding goodwill amortization expense,
net of income tax effect.
Per Share Information For the three months ended December 31,
1999 1998 Change %
Basic wtd. avg number
of shares outstanding 23,560,684 23,203,556 357,128 1.5%
Basic earnings
per share (Basic EPS)
Net income $0.56 ($0.19) $0.75 394.7%
Income from operations 0.59 0.50 0.09 18.0%
Cash income from operations 0.65 0.54 0.11 20.4%
Diluted wtd. avg number
of shares outstanding 23,845,836 23,552,615 293,221 1.2%
Diluted earnings
per share (Diluted EPS)
Net income $0.56 ($0.19) $0.75 394.7%
Income from operations 0.58 0.49 0.09 18.4%
Cash income from operations 0.64 0.54 0.10 18.5%
Shares outstanding,
net treasury shares, p.e. 23,447,731 23,179,092 268,639 1.2%
Book value, p.e. $14.56 $13.86 $0.70 5.0%
Tangible book value, p.e. 11.52 10.40 1.12 10.8%
Closing price
at period end (2) $26.75 $37.63 ($10.88) -28.9%
Price/Diluted net
income EPS (last 4 qtrs) 11.6 30.8 (19.2) -62.3%
Price/Diluted income
from operations
EPS (last 4 qtrs) 12.0 19.9 (7.9) -39.7%
Price/Diluted cash income
from operations
EPS (last 4 qtrs) 10.9 18.4 (7.5) -40.8%
(2) Closing price per share represents the historical price per share
of Banknorth Group. Inc.
For the three months ended December 31,
Ratios and Other Information 1999 1998 Change %
Return on average total assets:
Net income 1.16% -0.41% 1.57% 382.9%
Income from operations 1.22% 1.08% 0.14% 13.0%
Return on average
shareholders' equity:
Net income 15.52% -5.12% 20.64% 403.1%
Income from operations 16.23% 13.57% 2.66% 19.6%
Stratevest total assets
under management $4,243,066 $4,136,343 $106,723 2.6%
Managed assets
with discretionary powers 2,931,685 2,747,025 184,660 6.7%
Net interest income,
f.t.e. basis $46,325 $42,950 $3,375 7.9%
Net interest margin 4.40% 4.31% 0.09% 2.1%
Price/Tangible book
value, p.e. 232.2% 361.8% -129.7% -35.8%
Total non-interest income
from operations/total
gross revenue (fte) 21.61% 20.57% 1.05% 5.1%
Efficiency ratio 58.82% 59.71% -0.89% -1.5%
Effective tax rate 27.39% 6.85% 20.53% 299.5%
Loans charged off,
net of recoveries $1,588 $1,743 ($155) -8.9%
NPAs as a %
of total assets, p.e. 0.32% 0.55% -0.23% -41.8%
Allow. for loan losses
as % of NPLs, p.e. 339.74% 212.14% 127.60% 60.1%
Allow. for loan losses
as % total loans, p.e. 1.57% 1.57% -- --
Shareholders' equity
to total assets, p.e. 7.44% 7.30% 0.14% 1.9%
Tangible shareholders' equity
to tangible assets, p.e. 5.98% 5.58% 0.40% 7.2%
Per Share Information For the years ended December 31,
1999 1998 Change %
Basic wtd. avg number
of shares outstanding 23,435,122 23,277,560 157,562 0.7%
Basic earnings
per share (Basic EPS)
Net income $2.33 $1.24 $1.09 87.9%
Income from operations 2.25 1.93 0.32 16.6%
Cash income from operations 2.48 2.07 0.41 19.8%
Diluted wtd. avg number
of shares outstanding 23,734,591 23,669,540 65,051 0.3%
Diluted earnings
per share (Diluted EPS)
Net income $2.30 $1.22 $1.08 88.5%
Income from operations 2.22 1.89 0.33 17.5%
Cash income from operations 2.45 2.04 0.41 20.1%
Shares outstanding,
net treasury shares, p.e. 23,447,731 23,179,092 268,639 1.2%
Book value, p.e. $14.56 $13.86 $0.70 5.0%
Tangible book value, p.e. 11.52 10.40 1.12 10.8%
Closing price
at period end (2) $26.75 $37.63 ($10.88) -28.9%
Price/Diluted net
income EPS (last 4 qtrs) 11.6 30.8 (19.2) -62.3%
Price/Diluted income
from operations
EPS (last 4 qtrs) 12.0 19.9 (7.9) -39.7%
Price/Diluted cash income
from operations
EPS (last 4 qtrs) 10.9 18.4 (7.5) -40.8%
(2) Closing price per share represents the historical price per share
of Banknorth Group. Inc.
For the years ended December 31,
Ratios and Other Information 1999 1998 Change %
Return on average total assets:
Net income 1.23% 0.71% 0.52% 73.2%
Income from operations 1.19% 1.10% 0.09% 8.2%
Return on average
shareholders' equity:
Net income 16.59% 8.95% 7.64% 85.4%
Income from operations 16.06% 13.88% 2.18% 15.7%
Stratevest total assets
under management $4,243,066 $4,136,343 $106,723 2.6%
Managed assets
with discretionary powers 2,931,685 2,747,025 184,660 6.7%
Net interest income,
f.t.e. basis $180,907 $165,605 $15,302 9.2%
Net interest margin 4.41% 4.34% 0.07% 1.6%
Price/Tangible book
value, p.e. 232.2% 361.8% -129.6% -35.8%
Total non-interest income
from operations/total
gross revenue (fte) 21.91% 19.83% 2.09% 10.5%
Efficiency ratio 57.88% 59.78% -1.90% -3.2%
Effective tax rate 30.17% 33.42% -3.25% -9.7%
Loans charged off,
net of recoveries $6,835 $5,559 $1,276 23.0%
NPAs as a %
of total assets, p.e. 0.32% 0.55% -0.23% -41.8%
Allow. for loan losses
as % of NPLs, p.e. 339.74% 212.14% 127.60% 60.1%
Allow. for loan losses
as % total loans, p.e. 1.57% 1.57% -- --
Shareholders' equity
to total assets, p.e. 7.44% 7.30% 0.14% 1.9%
Tangible shareholders' equity
to tangible assets, p.e. 5.98% 5.58% 0.40% 7.2%
Balance Sheets, Period End Balances as of
12-31-99 12-31-98 Change %
Loans $3,009,997 $2,837,106 $172,891 6.1%
Loans held
for sale 15,098 42,996 (27,898) -64.9%
Securities
available
for sale 1,155,022 1,127,865 27,157 2.4%
Investment
securities,
held to
maturity 15,819 20,545 (4,726) -23.0%
Money market
investments 25,790 4,900 20,890 426.3%
Total earning
assets 4,221,726 4,033,412 188,314 4.7%
Allowance for
loan losses (47,177) (44,537) 2,640 5.9%
Cash and due
from banks 148,057 164,826 (16,769) -10.2%
Goodwill 71,117 80,224 (9,107) -11.4%
Other assets 195,013 168,956 26,057 15.4%
Total assets $4,588,736 $4,402,881 $185,855 4.2%
Deposits:
Non-interest
bearing $510,652 $546,192 ($35,540) -6.5%
Interest bearing 3,085,092 3,093,305 (8,213) -0.3%
Total deposits 3,595,744 3,639,497 (43,753) -1.2%
Short-term borrowed
funds 513,424 281,634 231,790 82.3%
Long-term debt 65,490 74,325 (8,835) -11.9%
Other liabilities 42,781 56,163 (13,382) -23.8%
Guaranteed preferred
beneficial interests
in Corporation's
junior subordinated
debentures 30,000 30,000 -- --
Shareholders' equity 341,297 321,262 20,035 6.2%
Total liabilities,
guaranteed preferred
beneficial interests
and shareholders'
equity $4,588,736 $4,402,881 $185,855 4.2%
Average Balance Sheets For the three months ended December 31,
1999 1998 Change %
Loans $2,963,522 $2,755,824 $207,698 7.5%
Loans held
for sale 17,191 36,490 (19,299) -52.9%
Securities
available
for sale 1,152,471 1,123,294 29,177 2.6%
Investment
securities,
held to
maturity 16,034 22,892 (6,858) -30.0%
Money market
investments 7,668 22,376 (14,708) -65.7%
Total earning
assets 4,156,886 3,960,876 196,010 4.9%
Allowance for
loan losses (46,888) (43,219) 3,669 8.5%
Cash and due
from banks 146,027 120,166 25,861 21.5%
Goodwill 72,324 55,250 17,074 30.9%
Other assets 185,774 149,067 36,707 24.6%
Total assets $4,514,123 $4,242,140 $271,983 6.4%
Deposits:
Non-interest
bearing $535,956 $477,977 $57,979 12.1%
Interest bearing 3,098,836 2,957,814 141,022 4.8%
Total deposits 3,634,792 3,435,791 199,001 5.8%
Short-term borrowed
funds 397,300 320,459 76,841 24.0%
Long-term debt 68,521 74,634 (6,113) -8.2%
Other liabilities 44,716 43,466 1,250 2.9%
Guaranteed preferred
beneficial interests
in Corporation's
junior subordinated
debentures 30,000 30,000 -- --
Shareholders' equity 338,794 337,790 1,004 0.3%
Total liabilities,
guaranteed preferred
beneficial interests
and shareholders'
equity $4,514,123 $4,242,140 $271,983 6.4%
Note: All share and per share data has been restated to give
retroactive effect to stock splits.
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 deposits 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 years ended December 31,
1999 1998 Change %
Loans $2,893,810 $2,684,169 $209,641 7.8%
Loans held
for sale 26,360 35,708 (9,348) -26.2%
Securities
available
for sale 1,134,876 1,038,077 96,799 9.3%
Investment
securities,
held to
maturity 18,124 36,016 (17,892) -49.7%
Money market
investments 16,339 26,027 (9,688) -37.2%
Total earning
assets 4,089,509 3,819,997 269,512 7.1%
Allowance for
loan losses (46,538) (41,144) 5,394 13.1%
Cash and due
from banks 132,024 105,642 26,382 25.0%
Goodwill 75,274 35,797 39,477 110.3%
Other assets 171,991 142,327 29,664 20.8%
Total assets $4,422,260 $4,062,619 $359,641 8.9%
Deposits:
Non-interest bearing $512,856 $429,272 $83,584 19.5%
Interest bearing 3,083,635 2,784,701 298,934 10.7%
Total deposits 3,596,491 3,213,973 382,518 11.9%
Short-term borrowed
funds 348,538 390,641 (42,103) -10.8%
Long-term debt 72,130 63,776 8,354 13.1%
Other liabilities 46,314 41,108 5,206 12.7%
Guaranteed preferred
beneficial interests
in Corporation's
junior subordinated
debentures 30,000 30,000 -- --
Shareholders' equity 328,787 323,121 5,666 1.8%
Total liabilities,
guaranteed preferred
beneficial interests
and shareholders'
equity $4,422,260 $4,062,619 $359,641 8.9%
Note: All share and per share data has been restated to give
retroactive effect to stock splits.
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