Colonial BancGroup Announces Earnings.Business Editors MONTGOMERY, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 17, 2000 Colonial BancGroup (NYSE NYSE See: New York Stock Exchange :CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) ) Chairman and Chief Executive Officer Robert E. Lowder today announced earnings for the quarter ended March 31, 2000. Net income for the Montgomery based bank holding company was $29,941,000 compared to $28,148,000 for the previous year, a 6% increase. Earnings per share for the quarter were $0.27 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, an 8% increase over 1999. For the first quarter, the Company's return on average equity was 17.30% compared to 17.50% for the same period in 1999 and return on average assets was 1.09% compared to 1.10% the previous year. Loans increased 17% from $7,328,566,000 at March 31, 1999 to $8,550,412,000 at March 31, 2000. Internal loan growth from December 31, 1999 to March 31, 2000 was 16% 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. . As of March 31, 2000, 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. totaled $42,580,000 or .50% of net loans and other real estate compared to $44,440,000 or .61% at March 31, 1999. Net charge-offs for the quarter were $3,444,000 or .16% of average net loans (on an annualized basis) while the provision for loan losses was $5,547,000. At March 31, 2000 the reserve for loan losses totaled $98,095,000 or 1.15% of net loans and represents a 271% coverage of nonperforming loans. 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. remained constant at $695,000,000 from December 31, 1999 to March 31, 2000 reflecting the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of approximately 2,000,000 shares during the quarter under the company's share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and . "We have made significant strides in refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus our commitment to our banking franchise while de-emphasizing 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. Colonial had a solid first quarter building on the significant growth in our banking franchise particularly outside of Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). . The banks outside of Alabama now represent 53% of our customer's deposits," said Mr. Lowder. Colonial BancGroup currently operates 237 offices in Alabama, Florida, Georgia, Nevada, Tennessee and Texas and is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CNB. In most newspapers the stock is listed as ColBgp. The company's internet web site is http:\\www.colonialbank.com. This report contains "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. " within the meaning of the federal securities laws. The forward-looking statements in this report are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, increases in competitive pressure in the banking industry, changes in the interest rate environment which reduce margins, changes in mortgage servicing rights prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. assumptions, and changes in general economic conditions. When used in this report, the words "believes," "estimates," "plans," "expects," "should," "may," "might," "outlook" and "anticipates" and similar expressions as they relate to BancGroup (including its subsidiaries), or its management are intended to identify forward-looking statements.
THE COLONIAL BANCGROUP, INC. AND SUBSIDIARIES
SELECTED FINANCIAL DATA (Unaudited)
(Dollars in thousands, except per share amounts)
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% Change
March 31, December 31, March 31, March 31,
2000 1999 1999 1999 to 2000
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Statement of Condition Summary
Total assets $11,222,951 $10,854,099 $10,639,399 5%
Loans, net of
unearned income 8,550,412 8,228,149 7,328,566 17%
Total earning
assets 10,258,347 9,843,454 9,583,553 7%
Deposits 8,129,586 7,967,978 7,555,520 8%
Shareholders'
equity 694,965 695,179 660,072 5%
Book value per
share $6.24 $6.20 $5.92 5%
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Three Months Ended March 31,
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% Change
2000 1999 1999 to 2000
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Earnings Summary
Net interest
income
(taxable
equivalent) $96,944 $91,768 6%
Provision for
loan losses 5,547 6,019 -8%
Noninterest
income 28,856 34,997 -18%
Noninterest
expense 72,199 75,393 -4%
Net income 29,941 28,148 6%
Average shares
outstanding 111,948 111,330
Average diluted
shares
outstanding 112,811 112,678
Earnings per
share:
Net income:
Basic and
Diluted $0.27 $0.25 8%
Selected Ratios:
Net income to:
Average assets 1.09% 1.10%
Average
shareholders'
equity 17.30% 17.50%
Net interest
margin 3.87% 3.92%
Efficiency ratio 57.42% 59.65%
Non interest
income
(annualized) to
average assets 1.05% 1.35%
Non interest
expense
(annualized) to
average assets 2.62% 2.91%
Equity to assets 6.19% 6.20%
Tier one leverage 6.49% 6.15%
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March 31, December 31, March 31,
2000 1999 1999
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Nonperforming Assets
Total
non-performing
assets ratio 0.50% 0.55% 0.61%
Loan loss reserve
ratio 1.15% 1.17% 1.18%
Allowance as a
percent of
nonperforming
loans 271% 269% 245%
Net charge-offs
ratio (annualized):
Quarter to date 0.16% 0.25% 0.19%
Year to date 0.16% 0.21% 0.19%
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