Banknorth Reports 1st Quarter 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)--April 18, 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 net income for the first quarter of 2000 was $10.6 million, or 45 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 $13.5 million, or 57 cents per common share on a diluted basis, down 12 cents, or 21.1% from the first quarter of 1999. Income from operations, or before non-recurring income and expenses, for the first quarter of 2000, was $12.8 million, or 54 cents per common share on a diluted basis, compared to $12.6 million, or 53 cents per common share on a diluted basis, for the first quarter of 1999, an increase of 1.9%. 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. Net Interest Income Net interest income was $45.0 million for the three months ended March 31, 2000, compared to $43.1 million for the three months ended March 31, 1999. The net interest margin was 4.36% and 4.39% for the quarters ended March 31, 2000 and 1999, respectively, reflecting higher recent interest rates offset by more competitive deposit pricing during the last few quarters. Credit Quality The provision for loan and lease losses in the first quarter of 2000 was $2.3 million, $253 thousand, or 12.7% higher than the first three months of 1999, reflecting increased loan growth. As of March 31, 2000, non-performing assets were at a historical low of .29% of total assets compared to .55% of total assets at March 31, 1999. 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. net loan charge off equaled .21% and .12% of average loans in the first quarters of 2000 and 1999, respectively. Non-interest Income Non-interest income for the three months ended March 31, 2000, was $12.2 million, compared to $15.0 million for the first quarter of 1999, a decrease of $2.8 million or 18.5%. Card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. income was up $175 thousand, or 28.5% as the result of increased customer usage of the VISA Debit   The old Visa and Delta logos. Card. Retail investment sales, just beginning during the first quarter of 1999, was $247 thousand in the first quarter of 2000. Bank-owned life insurance income was up $261 thousand, or 48.4% reflecting an increase in the level of investment in that asset. First quarter 2000 investment management fees, at $4.9 million, were up 2.2%, and service charges on deposit accounts, at $3.2 million, were flat, compared to the first quarter of 1999. Mortgage banking income, at $679 thousand for the first quarter of 2000, was down $645 thousand, or 48.7% from the first quarter of 1999. The Company experienced heavy refinancing Refinancing An extension and/or increase in amount of existing debt. activity in the first quarter of 1999, compared with a much reduced level of activity due to higher interest rates in the first quarter of 2000. The first quarter of 1999 included a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. net gain on 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 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. pension plan of $2.6 million and net securities transactions of $225 thousand, versus only $8 thousand in the first quarter of 2000. Without the 1999 curtailment gain and net securities transactions, the first quarter of 2000 non-interest income was even with the first quarter of 1999. Non-interest Expenses Total non-interest expenses, $39.2 million for the first quarter of 2000, were up $2.8 million, or 7.7%, from the level experienced in the first quarter of 1999. Included in the first quarter 2000 non-interest expenses is a $2.5 million charge related to the estimated impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of the residual value Residual value Usually refers to the value of a lessor's property at the time the lease expires. residual value The price at which a fixed asset is expected to be sold at the end of its useful life. of leased automobiles No invention has so transformed the landscape of the United States as the automobile, and no other country has so thoroughly adopted the automobile as its favorite means of transportation. . This impairment estimate is based on the continuance The adjournment or postponement of an action pending in a court to a later date of the same or another session of the court, granted by a court in response to a motion made by a party to a lawsuit. of significant losses, first experienced in the fourth quarter of 1999, on the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of automobiles sold by the Company at the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the leases. At March 31, 2000, the total allowance for lease residual value impairment was $3.2 million. In addition, included in other expenses is a $1.0 million net charge related to the writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. to estimated fair value of a previously used banking facility now held for sale, offset by a gain on the sale of another building. Both buildings were previously utilized by the Company. The first quarter of 1999 included $1.2 million of expenses related to the merger with Evergreen Bancorp. Without these non-recurring items, total non-interest expenses, on an operating basis, were $35.7 million and $35.2 million for the first quarters of 2000 and 1999, respectively, an increase of only 1.3%. Balance Sheet Growth Total assets at March 31, 2000, were $4.6 billion, up $280.8 million, or 6.5%, from the $4.3 billion at March 31, 1999. Total loans at March 31, 2000, at $3.1 billion, were up $231.8 million or 8.2%, from March 31, 1999. Total deposits at the end of the first quarter of 2000, were $3.6 billion, virtually level with the balance at March 31, 1999. 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. Merger Activity On June June: see month. 2, 1999, it was announced that Banknorth had reached a definitive agreement to be merged with Peoples Heritage Financial Group [NASDAQ--PHBK] 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 has received approval of the shareholders of both companies and is subject to requisite regulatory approvals. It is expected that the transaction will be closed May 2000. Banknorth Group, Inc. is comprised of seven community banks with 101 offices and 140 ATMs 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. , Banknorth Mortgage Company and The Stratevest
Group, N.A. 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.
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Income Statements For the three months ended March 31,
2000 1999 Change %
Interest income $ 84,519 $ 77,858 $ 6,661 8.6%
Interest expense 39,479 34,756 4,723 13.6%
Net interest income 45,040 43,102 1,938 4.5%
Provision for loan
and lease losses 2,253 2,000 253 12.7%
Net interest
income after
provision for
loan and
lease losses 42,787 41,102 1,685 4.1%
Non-interest income:
Investment
management fees 4,941 4,833 108 2.2%
Service charges on
deposit accounts 3,169 3,198 (29) -0.9%
Mortgage banking 679 1,324 (645) -48.7%
Card services 788 613 175 28.5%
ATMs 585 619 (34) -5.5%
Retail investment sales 247 33 214 648.5%
Bank-owned life
insurance 800 539 261 48.4%
Net securities
transactions 8 225 (217) -96.4%
Net gain on curtailment
of pension plan -- 2,577 (2,577) -100.0%
Bank-owned life
insurance claim -- -- -- --
Other non-interest income 977 1,010 (33) -3.3%
Non-interest income 12,194 14,971 (2,777) -18.5%
Non-interest expenses:
Compensation and benefits 16,723 16,775 (52) -0.3%
Occupancy, equipment
and software 6,091 5,483 608 11.1%
Data processing fees 1,482 2,102 (620) -29.5%
Legal and professional fees 1,070 927 143 15.4%
Advertising and marketing 1,192 1,149 43 3.7%
Printing and supplies 730 737 (7) -0.9%
Communications 928 963 (35) -3.6%
Goodwill amortization 2,234 2,164 70 3.2%
Capital securities expense 789 789 -- --
Merger and acquisition
related expenses -- 1,173 (1,173) -100.0%
Other expenses 7,969 4,154 3,815 91.8%
Non-interest expenses 39,208 36,416 2,792 7.7%
Income before
income taxes 15,773 19,657 (3,884) -19.8%
Income taxes 5,178 6,203 (1,025) -16.5%
NET INCOME $ 10,595 $ 13,454 ($ 2,859) -21.3%
Net income, as reported $ 10,595 $ 13,454 ($ 2,859) -21.3%
Less "non-operating"
income items,
included above:
Net securities transactions 8 225 (217) -96.4%
Net gain on
curtailment of
pension plan -- 2,577 (2,577) -100.0%
Bank-owned life
insurance claim -- -- -- --
Total "non-operating"
income items 8 2,802 (2,794) -99.7%
Income taxes on
"non-operating"
income items 3 1,140 (1,137) -99.7%
"Non-operating"
income items,
net of taxes 5 1,662 (1,657) -99.7%
Add "non-operating"
expense items, included above:
Merger and
acquisition
related expenses -- 1,173 (1,173) -100.0%
Payment of mgmt
fees to our
defined benefit
pension plan -- -- -- --
Net writedown
of premises
held for sale 1,012 -- 1,012 100.0%
Leasing residual
value impairment
provision 2,500 -- 2,500 100.0%
Total
"non-operating"
expense items 3,512 1,173 2,339 199.4%
Income taxes on
non-operating
expense items 1,317 425 892 209.9%
"Non-operating"
expense items,
net of taxes 2,195 748 1,447 193.4%
Income from operations $ 12,785 $ 12,540 $ 245 2.0%
Cash income from
operations (1) $ 14,125 $ 13,838 $ 287 2.1%
(1) Income from operations, excluding goodwill amortization
expense, net of income tax effect.
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
and lease losses 9,475 9,345 130 1.4%
Net interest
income after
provision
for loan and
lease 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%
Retail investment
sales 782 140 642 458.6%
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 4,951 4,113 838 20.4%
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%
Net writedown
of premises
held for sale -- -- -- --
Leasing residual
value impairment
provision 900 -- 900 100.0%
Total
"non-operating"
expense items 3,070 21,968 (18,898) -86.0%
Income taxes on
non-operating
expense items 1,088 5,710 (4,622) -80.9%
"Non-operating"
expense items,
net of taxes 1,982 16,258 (14,276) -87.8%
Income from
operations $ 53,374 $ 44,845 $ 8,529 19.0%
Cash income from
operations (1) $ 58,692 $ 48,291 $ 10,401 21.5%
(1) Income from operations, excluding goodwill amortization
expense, net of income tax effect.
Per Share For the three months ended March 31,
Information 2000 1999 Change %
Basic wtd. avg
number of
shares
outstanding 23,608,179 23,353,668 254,511 1.1%
Basic earnings
per share (Basic
EPS)
Net income $0.45 $0.58 ($0.13) 22.4%
Income from
operations 0.54 0.54 -- --
Cash income
from
operations 0.60 0.59 0.01 1.7%
Diluted wtd
avg number of
shares
outstanding 23,789,044 23,663,808 125,236 0.5%
Diluted earnings
per share
(Diluted EPS)
Net income $0.45 $0.57 ($0.12) 21.1%
Income
from
operations 0.54 0.53 0.01 1.9%
Cash
income
from
operations 0.59 0.58 0.01 1.7%
Shares
outstanding,
net treasury
shares, p.e 23,480,331 23,204,585 275,746 1.2%
Book value, p.e $14.73 $13.98 $0.75 5.3%
Tangible book
value, p.e 11.79 10.63 1.17 11.0%
Closing price
at
period end (2) $26.81 $28.25 ($1.44) -5.1%
Price / Diluted
net
income EPS
(last 4 qtrs) 12.3 20.6 (8.3) -40.3%
Price / Diluted
income from
operations
EPS
(last 4 qtrs) 11.9 14.2 (2.3) -16.2%
Price / Diluted
cash income
from
operations
EPS
(last 4 qtrs) 10.8 13.1 (2.3) -17.6%
(2) Closing price per share represents the historical price per
share of Banknorth Group. Inc.
Ratios and Other For the three months ended March 31,
Information 2000 1999 Change %
Return on average
total assets:
Net income 0.93% 1.25% -0.32% -25.6%
Income
from
operations 1.12% 1.17% -0.05% -4.3%
Return on average
shareholders'
equity:
Net income 12.55% 16.98% -4.43% -26.1%
Income from
operations 15.14% 15.82% -0.68% -4.3%
Stratevest
total assets
under management $4,116,155 3,990,756 $125,399 3.1%
Managed assets
with discretionary
powers 2,783,577 2,655,515 128,062 4.8%
Net interest
income, f.t.e
basis $45,924 $43,661 $2,263 5.2%
Net interest
margin 4.36% 4.39% -0.03% -0.7%
Price / Tangible
book value, p.e 227.3% 265.8% -38.5% -14.5%
Total non-interest
income from
operations/total
gross revenue
(fte) 20.97% 21.80% -0.83% -3.8%
Efficiency
ratio 56.93% 58.56% -1.63% -2.8%
Effective tax
rate 32.83% 31.56% 1.27% 4.0%
Loans charged
off, net of
recoveries $1,566 $879 $687 78.2%
NPAs as a % of
total assets,
p.e 0.29% 0.55% -0.26% -47.3%
Allow. for loan
losses as % of
NPLs, p.e 380.20% 207.02% 173.18 %83.7%
Allow. for loan
losses as %
total loans,
p.e 1.56% 1.61% -0.05% -3.1%
Shareholders'
equity to total
assets, p.e 7.49% 7.48% 0.01% 0.1%
Tangible
shareholders'
equity to tangible
assets, p.e 6.09% 5.79% 0.30% 5.2%
Per Share For the years ended December 31,
Information 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 2.28 1.93 0.35 18.1%
Cash income
from
operations 2.50 2.07 0.43 20.8%
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 2.25 1.89 0.36 19.0%
Cash income
from
operations 2.47 2.04 0.43 21.1%
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 5.1%
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.
Ratios and Other For the years ended December 31,
Information 1999 1998 Change %
Return on average
total assets:
Net income 1.23% 0.71% 0.52% 73.2%
Income from
operations 1.21% 1.10% 0.11% 10.0%
Return on
average
shareholders'
equity:
Net income 16.59% 8.95% 7.64% 85.4%
Income from
operations 16.23% 13.88% 2.35% 16.9%
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 333.97% 212.14% 121.83% 57.4%
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, Balances as of
Period End 3-31-00 3-31-99 Change %
Loans and
leases $3,065,414 $2,833,658 $231,756 8.2%
Loans held
for sale 12,274 32,400 (20,126) -62.1%
Securities
available for
sale 1,156,443 1,130,063 26,380 2.3%
Investment
securities,
held to
maturity 14,257 19,462 (5,205) -26.7%
Money market
investments 100 18,253 (18,153) -99.5%
Total
earning
assets 4,248,488 4,033,836 214,652 5.3%
Allowance for
loan and lease
losses (47,864) (45,658) 2,206 4.8%
Cash and due
from banks 152,165 110,011 42,154 38.3%
Goodwill 68,882 77,835 (8,953) -11.5%
Other assets 197,641 162,498 35,143 21.6%
Total assets $4,619,312 $4,338,522 $280,790 6.5%
Deposits:
Non-interest
bearing $496,759 $471,253 $25,506 5.4%
Interest
bearing 3,121,488 3,101,758 19,730 0.6%
Total
deposits 3,618,247 3,573,011 45,236 1.3%
Short-term
borrowed funds 517,960 288,969 228,991 79.2%
Long-term debt 65,297 73,402 (8,105) -11.0%
Other
liabilities 41,986 48,675 (6,689) -13.7%
Guaranteed
preferred
beneficial
interests in
Corporation's 30,000 30,000 -- --
junior
subordinated
debentures
Shareholders'
equity 345,822 324,465 21,357 6.6%
Total
liabilities,
guaranteed
preferred
beneficial $4,619,312 $4,338,522 $280,790 6.5%
interests
and
shareholders'
equity
Average Balance For the three months ended March 31,
Sheets 2000 1999 Change %
Loans and
leases $3,039,384 $2,835,880 $203,504 7.2%
Loans held
for sale 12,977 36,409 (23,432) -64.4%
Securities
available for
sale 1,153,336 1,127,381 25,955 2.3%
Investment
securities,
held to
maturity 15,171 20,076 (4,905) -24.4%
Money market
investments 12,495 19,454 (6,959) -35.8%
Total
earning
assets 4,233,363 4,039,200 194,163 4.8%
Allowance for
loan and lease
losses (47,802) (45,303) 2,499 5.5%
Cash and due
from banks 128,151 126,520 1,631 1.3%
Goodwill 70,266 77,319 (7,053) -9.1%
Other assets 193,485 161,938 31,547 19.5%
Total assets $4,577,463 $4,359,674 $217,789 5.0%
Deposits:
Non-interest
bearing $500,669 $495,452 $5,217 1.1%
Interest
bearing 3,085,792 3,084,735 1,057 0.0%
Total
deposits 3,586,461 3,580,187 6,274 0.2%
Short-term
borrowed funds 512,839 304,361 208,478 68.5%
Long-term debt 65,363 74,141 (8,778) -11.8%
Other
liabilities 43,167 49,604 (6,437) -13.0%
Guaranteed
preferred
beneficial
interests in
Corporation's 30,000 30,000 -- --
junior
subordinated
debentures
Shareholders'
equity 339,633 321,381 18,252 5.7%
Total
liabilities,
guaranteed
preferred
beneficial $4,577,463 $4,359,674 $217,789 5.0%
interests
and
shareholders'
equity
Note: All share and per share data has been restated to give
retroactive effect to stock splits.
Balance Sheets, Balances as of
Period End 12-31-99 12-31-98 Change %
Loans and
leases $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 and lease
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 30,000 30,000 -- --
junior
subordinated
debentures
Shareholders'
equity 341,297 321,262 20,035 6.2%
Total
liabilities,
guaranteed
preferred
beneficial $4,588,736 $4,402,881 $185,855 4.2%
interests
and
shareholders'
equity
Average Balance For the years ended December 31,
Sheets 1999 1998 Change %
Loans and
leases $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 and lease
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 30,000 30,000 -- --
junior
subordinated
debentures
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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