Commercial Federal Reports Second Quarter Net Income of $27.5 Million.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--July 25, 2002 Commercial Federal Corporation today announced net income of $27.5 million, or $0.60 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the quarter ended June June: see month. 30, 2002, compared to net income of $26.4 million, or $0.51 per diluted share, for the same period a year ago. For the six-month period ended June 30, 2002, net income totaled $55.5 million, or $1.21 per diluted share, a 14 percent increase over net income of $48.6 million, or $0.93 per diluted share, for the six-month period ended June 30, 2001. Other highlights of the quarter include: -- Return on average assets was 0.85 percent. -- Return on tangible equity was 18.75 percent. -- Nonperforming assets were down $7.7 million or 7 percent from the prior quarter. -- The ratio of nonperforming assets to total assets improved to 0.84 percent from 0.92 percent the prior quarter. 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 A. Fitzgerald, chairman of the board and chief executive officer stated, "Commercial Federal's second quarter financial results continue to demonstrate the successful execution of our business plan. Our results for the year remain on target and, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economy, the asset credit quality continues to improve.
Mr. Fitzgerald concluded, "Focusing on our core lines of business, retail, commercial and mortgage banking, we continue to take advantage of opportunities in our growing Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians markets. Consumer and mortgage loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. were at record levels for the quarter. We also continue to have solid growth quarter over quarter in our commercial banking business as we implement our strategies to build these business relationships. We remain confident in our ability to continue to generate strong results in each of our businesses while building long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value for shareholders." Chief Financial Officer David S. Fisher fisher, name of a large North American marten, Martes pennanti. This carnivorous, largely arboreal mammal is found in hardwood forests of Canada, the extreme N United States, and mountain ranges of the W United States. stated, "We are pleased with the Company's financial fundamentals. The investments of capital in the resources to grow the business that the Company has made over the past two years have begun to be realized in consistently higher loan volumes, new account growth, and more fee income. Mr. Fisher concluded, "Credit quality continues to improve, non-interest income increased, and expenses remain on target. The Company remains confident in earnings guidance of $2.20 to $2.30 per share for 2002." Highlights of the Quarter Net Interest Income Net interest income totaled $80.7 million for the second quarter, up 7 percent from the same period last year. The net interest spread for the quarter was 2.82 percent, compared with 2.58 percent for the same period last year and 2.94 percent in the prior quarter. The dramatic decline in interest rates last year led to the expansion of margin to unsustainable levels. Net interest margin for the second quarter has begun to return to more normal levels. Credit Risk Management Total 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. were down to $110.0 million at June 30, 2002, verses $117.7 million and $126.2 million at March 31, 2002 and June 30, 2001. Total NPAs represented 0.84 percent of total assets at June 30, 2002. The allowance for losses to nonresidential Adj. 1. nonresidential - not residential; "the commercial or nonresidential areas of a town"; "community colleges are typically nonresidential" residential - used or designed for residence or limited to residences; "a residential hotel"; "a residential quarter"; "a nonperforming assets at June 30, 2002 was 422 percent, compared with 337 percent and 236 percent at March 31, 2002 and June 30, 2001. During the second quarter, the Company added $5.5 million in provisions to the loan loss allowance for nonperforming loans. Net loan charge offs for the quarter were $4.1 million, compared with $6.4 million for the previous quarter. At June 30, 2002, the allowance for loan losses totaled $104.0 million, compared with $102.6 million and $84.9 million at March 31, 2002 and June 30, 2001. Noninterest Income Retail fees and charges for the quarter were $13.9 million, compared with $12.4 million for the previous quarter and $13.6 million for the period one year ago. Mortgage banking income is derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from activities associated with the Company's 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. and mortgage banking operations, offset by the amortization of its mortgage servicing rights asset. Due to the decline in interest rates late in the second quarter and the anticipated level of higher prepayment speeds Prepayment speed Also called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. for mortgages serviced by the Company, the value of the servicing rights declined, resulting in an additional 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 $16.6 million. This impairment was largely offset by $13.6 million in gains on the sale of balance sheet securities from a portfolio established to hedge against volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the related to the value of mortgage servicing rights. Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. For the quarter, administrative expenses totaled $61.9 million, compared to $61.2 million for the previous quarter. The efficiency ratio was up slightly to 57.25 percent, compared with 56.26 percent at March 31, 2002. Balance Sheet and Capital Ratios Total assets at June 30, 2002 were $13.2 billion, compared with $12.7 billion and $12.6 billion at March 31, 2002, and June 30, 2001. The increase in the size of the balance sheet was mainly related to the change in loans held for sale, resulting from the strong volume of mortgage loan originations in the quarter. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased to $758.2 million at June 30, 2002 compared with $745.5 million at March 31, 2002. The capital ratios of the Company's banking subsidiary continued to exceed regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. for classification as "well-capitalized," the highest 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. standard. Commercial Federal Corporation (NYSE NYSE See: New York Stock Exchange :CFB CFB Canadian Forces Base ) is the parent company of Commercial Federal Bank, a $13.2 billion federal savings bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks that currently operates branches located in Nebraska Nebraska (nəbrăs`kə), Great Plains state of the central United States. It is bordered by Iowa and Missouri, across the Missouri R. (E), Kansas (S), Colorado (SW), Wyoming (NW), and South Dakota (N). , Iowa, Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , Kansas, Oklahoma Kansas is a town in Delaware County, Oklahoma, United States. The population was 685 at the 2000 census. Geography Kansas is located at (36.202423, -94.795122)GR1. , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , and Minnesota Minnesota, state, United StatesMinnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces . Commercial Federal operations include consumer and commercial banking, mortgage banking, agricultural lending, insurance and investment services, and Internet Internet Publicly 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 banking. Commercial Federal's website, http://www.comfedbank.com, will host a live webcast of the investor conference call to discuss second quarter results on Thursday Thursday: see week. , July July: see month. 25, 2002 at 10:00 a.m. Central Time. The site also includes access to company news releases, annual reports, quarterly financial statements, and SEC filings. Certain statements contained in this release are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. in nature. These statements are subject to risks and uncertainties that could cause Commercial Federal's actual results or financial condition to differ materially from those expressed in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements. Factors of particular importance to Commercial Federal include, but are not limited to, changes in general economic conditions, and price levels and conditions in the public securities markets generally.
COMMERCIAL FEDERAL CORPORATION
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands)
----------------------------------------------------------------------
June 30, March 31, June 30,
ASSETS 2002 2002 2001
----------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited)
Cash (including short-term
investments of $133, $392
and $5,183) $ 158,957 $ 149,697 $ 176,788
Investment securities
available for sale, at fair
value 1,225,052 1,090,650 881,301
Mortgage-backed securities
available for sale, at fair
value 1,818,067 1,826,708 1,572,037
Loans and leases held for
sale, net 847,305 472,029 372,733
Loans receivable, net of
allowances of $103,722,
$102,287 and $84,821 7,773,465 7,831,457 8,387,530
Federal Home Loan Bank stock 264,095 250,554 211,052
Real estate, net 52,538 58,071 54,780
Premises and equipment, net 150,304 153,161 160,390
Bank owned life insurance 221,374 217,937 207,607
Other assets 475,927 506,492 422,158
Core value of deposits, net of
accumulated amortization of
$58,170, $56,533 and $51,545 25,463 27,100 32,086
Goodwill 162,717 162,717 166,837
----------------------------------------------------------------------
Total Assets $13,175,264 $ 12,746,573 $ 12,645,299
----------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------
Liabilities:
Deposits $ 6,243,333 $ 6,282,480 $ 7,135,451
Advances from Federal Home
Loan Bank 5,254,772 4,905,581 4,076,440
Other borrowings 612,581 540,409 328,004
Other liabilities 306,407 272,609 261,990
----------------------------------------------------------------------
Total Liabilities 12,417,093 12,001,079 11,801,885
----------------------------------------------------------------------
Commitments and Contingencies -- -- --
----------------------------------------------------------------------
Stockholders' Equity:
Preferred stock, $.01 par
value; 10,000,000 shares
authorized; none issued -- -- --
Common stock, $.01 par
value; 120,000,000 shares
authorized; 45,412,900,
45,258,495 and 50,583,104
shares issued and
outstanding 454 453 506
Additional paid-in capital 66,631 63,441 196,685
Retained earnings 752,969 729,523 663,624
Accumulated other
comprehensive loss, net (61,883) (47,923) (17,401)
----------------------------------------------------------------------
Total Stockholders'
Equity 758,171 745,494 843,414
----------------------------------------------------------------------
Total Liabilities and
Stockholders' Equity $13,175,264 $ 12,746,573 $ 12,645,299
----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands Except Per Share Data)
(Unaudited)
----------------------------------------------------------------------
Three Months Ended
June 30, March 31, June 30,
-----------------------------------------
2002 2002 2001
----------------------------------------------------------------------
Interest Income:
Investment securities $ 19,328 $ 19,119 $ 19,640
Mortgage-backed securities 23,806 26,858 26,876
Loans receivable 150,037 152,039 174,347
----------------------------------------------------------------------
Total interest income 193,171 198,016 220,863
Interest Expense:
Deposits 44,983 48,804 82,661
Advances from Federal Home
Loan Bank 60,611 58,894 57,703
Other borrowings 6,911 5,735 5,218
----------------------------------------------------------------------
Total interest expense 112,505 113,433 145,582
Net Interest Income 80,666 84,583 75,281
Provision for Loan Losses (5,540) (6,589) (6,437)
----------------------------------------------------------------------
Net Interest Income After
Provision for Loan Losses 75,126 77,994 68,844
Other Income (Loss):
Retail fees and charges 13,913 12,408 13,647
Loan servicing fees, net 2,819 2,836 6,339
Mortgage servicing rights
valuation adjustment (16,607) 529 (172)
Gain (loss) on sales of
securities and changes
in fair values of
derivatives, net 13,583 (4,843) (1,326)
Gain on sales of loans 3,538 3,439 250
Bank owned life insurance 3,694 3,601 3,676
Real estate operations (2,194) (1,397) (1,222)
Other operating income 8,721 7,675 8,161
----------------------------------------------------------------------
Total other income 27,467 24,248 29,353
Other Expense:
General and administrative
expenses -
Compensation and benefits 28,351 28,495 25,206
Occupancy and equipment 9,270 9,326 9,197
Data processing 4,397 4,434 4,421
Advertising 4,330 2,915 2,579
Communication 3,173 3,056 3,361
Item processing 3,622 3,461 4,343
Outside services 2,983 2,982 3,262
Other operating expenses 5,775 6,555 7,666
Exit costs and termination
benefits -- -- (3,952)
----------------------------------------------------------------------
Total general and
administrative expenses 61,901 61,224 56,083
Amortization of core value
of deposits 1,637 1,633 1,914
Amortization of goodwill -- -- 2,083
----------------------------------------------------------------------
Total other expense 63,538 62,857 60,080
----------------------------------------------------------------------
Income Before Income Taxes 39,055 39,385 38,117
Income Tax Provision 11,522 11,402 11,767
----------------------------------------------------------------------
Net Income $ 27,533 $ 27,983 $ 26,350
----------------------------------------------------------------------
Per Common Share:
Net Income $ .60 $ .61 $ .51
----------------------------------------------------------------------
Dividends Declared Per Common
Share $ .09 $ .08 $ .08
----------------------------------------------------------------------
Weighted Average Shares
Outstanding 46,212,396 45,910,602 51,605,783
----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands Except Per Share Data)
(Unaudited)
----------------------------------------------------------------------
Six Months Ended
June 30, June 30,
-------------------------------
2002 2001
----------------------------------------------------------------------
Interest Income:
Investment securities $ 38,447 $ 36,777
Mortgage-backed securities 50,664 53,118
Loans receivable 302,076 355,046
----------------------------------------------------------------------
Total interest income 391,187 444,941
Interest Expense:
Deposits 93,787 175,240
Advances from Federal Home Loan Bank 119,505 113,685
Other borrowings 12,646 8,906
----------------------------------------------------------------------
Total interest expense 225,938 297,831
Net Interest Income 165,249 147,110
Provision for Loan Losses (12,129) (10,880)
----------------------------------------------------------------------
Net Interest Income After
Provision for Loan Losses 153,120 136,230
Other Income (Loss):
Retail fees and charges 26,321 25,710
Loan servicing fees, net 5,655 12,891
Mortgage servicing rights valuation
adjustment (16,078) (5,656)
Gain on sales of securities and changes
in fair values of derivatives, net 8,740 7,299
Gain (loss) on sales of loans 6,977 (1,786)
Bank owned life insurance 7,295 7,300
Real estate operations (3,591) (1,737)
Other operating income 16,396 16,042
----------------------------------------------------------------------
Total other income 51,715 60,063
Other Expense:
General and administrative
expenses -
Compensation and benefits 56,846 51,711
Occupancy and equipment 18,596 19,039
Data processing 8,831 9,026
Advertising 7,245 5,095
Communication 6,229 6,656
Item processing 7,083 8,297
Outside services 5,965 6,510
Other operating expenses 12,330 13,590
Exit costs and termination
benefits -- (1,997)
----------------------------------------------------------------------
Total general and
administrative expenses 123,125 117,927
Amortization of core value of deposits 3,270 3,857
Amortization of goodwill -- 4,203
----------------------------------------------------------------------
Total other expense 126,395 125,987
----------------------------------------------------------------------
Income Before Income Taxes 78,440 70,306
Income Tax Provision 22,924 21,722
----------------------------------------------------------------------
Net Income $ 55,516 $ 48,584
----------------------------------------------------------------------
Per Common Share:
Net Income $ 1.21 $ .93
----------------------------------------------------------------------
Dividends Declared Per Common Share $ .17 $ .15
----------------------------------------------------------------------
Weighted Average Shares Outstanding 46,061,549 52,269,277
----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
MORTGAGE SERVICING RIGHTS AND DEPOSITS
(In Thousands)
(Unaudited)
----------------------------------------------------------------------
June 30, March 31, June 30,
2002 2002 2001
----------------------------------------------------------------------
Mortgage Servicing Rights:
Beginning balance $ 119,313 $ 117,217 $ 112,121
Mortgage servicing rights
retained through loan sales 9,560 9,614 11,724
Valuation adjustments (16,607) 529 (172)
Other items, net (principally
hedge activity) 3,056 (1,379) (2,451)
Amortization expense (6,751) (6,668) (3,575)
--------- --------- ---------
Ending balance $ 108,571 $ 119,313 $ 117,647
========= ========= =========
Valuation allowances $ 35,719 $ 19,112 $ 6,239
========= ========= =========
----------------------------------------------------------------------
Deposits by State:
Colorado $2,063,327 $2,102,105 $2,198,272
Nebraska 1,407,656 1,340,506 1,437,364
Iowa 1,022,259 1,031,185 1,325,874
Kansas 668,324 688,143 881,624
Oklahoma 583,574 614,044 712,851
Missouri 287,706 291,934 365,229
Arizona 186,274 192,950 194,013
Minnesota 24,213 21,613 20,224
---------- ---------- ----------
Total deposits $6,243,333 $6,282,480 $7,135,451
========== ========== ==========
Deposits by Type:
Checking accounts:
Interest bearing $ 485,967 $ 502,946 $ 480,466
Noninterest bearing 686,479 654,099 658,456
---------- ---------- ----------
Total checking 1,172,446 1,157,045 1,138,922
Money market accounts 278,060 294,450 331,457
Savings accounts 1,884,537 1,994,326 1,994,276
---------- ---------- ----------
Total core deposits 3,335,043 3,445,821 3,464,655
Certificates of deposit -
non core 2,908,290 2,836,659 3,670,796
---------- ---------- ----------
Total deposits $6,243,333 $6,282,480 $7,135,451
========== ========== ==========
During calendar year 2001,
deposits totaling $446,267
were sold pursuant to the
branch divestiture initiative.
The following details
the sale of these deposits by 2001 Quarter Ended
the applicable 2001 quarter: ----------------------------------
December 31 September 30 June 30
--------- -------- --------
Core deposits ($171,737
total) $ 31,407 $100,800 $ 39,530
Certificates of deposit
($274,530 total) 61,776 142,122 70,632
-------- -------- --------
Total deposits sold
($446,267) $ 93,183 $242,922 $110,162
======== ======== ========
----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
ALLOWANCE FOR LOSSES ON LOANS
(Unaudited)
----------------------------------------------------------------------
June 30, March 31, June 30,
(In Thousands) 2002 2002 2001
----------------------------------------------------------------------
THREE MONTHS ENDED:
-------------------
Beginning balance $ 102,581 $ 102,451 $ 83,873
Provision charged to operations 5,540 6,589 6,437
Charges (5,805) (8,002) (6,880)
Recoveries 1,722 1,572 1,519
Change in estimate of allowance
for bulk purchased loans (37) (29) (46)
Reduction to allowance on sale
of securitized loans -- -- (5)
----------------------------------------------------------------------
Ending balance $ 104,001 $ 102,581 $ 84,898
----------------------------------------------------------------------
SIX MONTHS ENDED:
-----------------
Beginning balance $ 102,451 n/a $ 83,439
Provision charged to operations 12,129 n/a 10,880
Charges (13,807) n/a (11,875)
Recoveries 3,294 n/a 2,541
Change in estimate of allowance
for bulk purchased loans (66) n/a (82)
Reduction to allowance on sale
of securitized loans -- n/a (5)
----------------------------------------------------------------------
Ending balance $ 104,001 n/a $ 84,898
----------------------------------------------------------------------
SUMMARY OF CHARGE-OFFS, NET OF RECOVERIES:
Three months ended $ (4,083) $ (6,430) $ (5,361)
======== ======== ========
Six months ended $(10,513) n/a $ (9,334)
======== ========
----------------------------------------------------------------------
June 30, March 31, June 30,
2002 2002 2001
----------------------------------
Reserves:
Specific $ 7,493 $ 9,430 $ 7,544
Special Problem 34,141 34,117 25,176
Nonspecific 62,367 59,034 52,178
-------- -------- --------
$104,001 $102,581 $ 84,898
======== ======== ========
----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
NONPERFORMING ASSETS AND LOANS
(Dollars in Thousands)
(Unaudited)
----------------------------------------------------------------------
June 30, March 31, June 30,
2002 2002 2001
----------------------------------------------------------------------
Nonperforming Assets:
Nonperforming loans:
Residential real estate $ 46,371 $ 47,101 $ 46,538
Residential construction 2,409 2,543 5,276
Commercial real estate 11,098 14,100 16,431
Commercial construction 235 235 4,137
All other 6,632 5,139 8,597
---------- ---------- ----------
Total nonperforming loans 66,745 69,118 80,979
---------- ---------- ----------
Real estate:
Residential 13,847 14,056 15,239
Residential construction 22,695 23,442 23,069
Commercial construction -- 3,870 --
All other 3,671 4,091 3,834
---------- ---------- ----------
Total real estate 40,213 45,459 42,142
---------- ---------- ----------
Troubled debt restructurings
Residential 81 82 69
Commercial 2,982 3,021 3,039
---------- ---------- ----------
Total troubled debt
restructurings 3,063 3,103 3,108
---------- ---------- ----------
Total nonperforming assets $ 110,021 $ 117,680 $ 126,229
========== ========== ==========
Nonperforming assets to total
assets .84% .92% 1.00%
========== ========== ==========
Summary of Nonperforming Assets:
Residential $ 85,403 $ 87,224 $ 90,191
Nonresidential 24,618 30,456 36,038
---------- ---------- ----------
$ 110,021 $ 117,680 $ 126,229
========== ========== ==========
----------------------------------------------------------------------
Loans receivable, before
allowance for losses:
Single-family fixed $2,093,858 $2,171,465 $2,199,651
Single-family adjustable 1,893,222 1,978,372 2,498,962
---------- ---------- ----------
Total single-family 3,987,080 4,149,837 4,698,613
Commercial real estate 1,402,361 1,347,636 1,364,798
Construction (net of LIP) 577,313 567,638 515,837
Multi-family 279,765 327,684 283,571
Consumer and other 1,630,668 1,540,949 1,609,532
---------- ---------- ----------
Total loans receivable, before
allowance for losses $7,877,187 $7,933,744 $8,472,351
========== ========== ==========
----------------------------------------------------------------------
Nonperforming loans to total
loans .75% .80% .89%
Nonperforming assets to total
assets .84% .92% 1.00%
Allowance for losses to total
loans 1.17% 1.19% .94%
Allowance for losses to
nonperforming assets 94.53% 87.17% 67.26%
Allowance for losses to
nonresidential nonperforming
assets 422.46% 336.82% 235.58%
----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS AND RATIOS
(Unaudited)
----------------------------------------------------------------------
(Dollars in Thousands Except June 30, March 31, June 30,
Per Share Data) 2002 2002 2001
----------------------------------------------------------------------
Cash, investment securities and
FHLB stock $ 1,648,104 $ 1,490,901 $ 1,269,141
Mortgage-backed securities 1,818,067 1,826,708 1,572,037
Loans receivable, net 8,620,770 8,303,486 8,760,263
Intangible assets 188,180 189,817 198,923
Other assets 900,143 935,661 844,935
Total assets 13,175,264 12,746,573 12,645,299
----------------------------------------------------------------------
Deposits 6,243,333 6,282,480 7,135,451
Advances from Federal Home Loan
Bank 5,254,772 4,905,581 4,076,440
Other borrowings 612,581 540,409 328,004
Other liabilities 306,407 272,609 261,990
Stockholders' equity 758,171 745,494 843,414
Total liabilities and
stockholders' equity 13,175,264 12,746,573 12,645,299
----------------------------------------------------------------------
Book value per common share $ 16.70 $ 16.47 $ 16.67
Tangible book value per common
share $ 12.55 $ 12.28 $ 12.74
Stock price $ 29.00 $ 26.90 $ 23.10
Common shares outstanding 45,412,900 45,258,495 50,583,104
Weighted average shares
outstanding 46,212,396 45,910,602 51,605,783
----------------------------------------------------------------------
Nonperforming assets 110,021 117,680 126,229
Nonperforming assets to total
assets .84% .92% 1.00%
Weighted average interest rates
(durings):
Yield on interest-earning
assets 6.61% 6.83% 7.53%
Rate on interest-bearing
liabilities 3.79% 3.89% 4.95%
Net interest rate spread 2.82% 2.94% 2.58%
Net yield on interest-earning
assets 2.76% 2.91% 2.57%
Loans serviced for other
institutions $ 9,652,792 $ 9,524,493 $ 9,487,668
----------------------------------------------------------------------
Three months ended:
-------------------
Return on average assets .85% .87% .82%
Return on average equity 14.18% 15.17% 12.95%
Return on average tangible
equity 18.75% 20.46% 17.21%
Average equity to average assets 6.01% 5.74% 6.32%
G & A expenses to average assets 1.92% 1.91% 1.74%
Operating efficiency ratio 57.25% 56.26% 53.60%
Six months ended:
-----------------
Return on average assets .86% n/a .76%
Return on average equity 14.66% n/a 11.79%
Return on average tangible
equity 19.57% n/a 15.65%
Average equity to average assets 5.88% n/a 6.46%
G & A expenses to average assets 1.91% n/a 1.85%
Operating efficiency ratio 56.75% n/a 56.92%
----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
AVERAGE BALANCES AND REGULATORY CAPITAL
(Dollars in Thousands)
(Unaudited)
----------------------------------------------------------------------
June 30, March 31, December 31,
2002 2002 2001
----------------------------------------------------------------------
Three Months Ended:
------------------
Average Balances:
Total assets $12,924,321 $12,846,461 $12,975,446
Total loans, net 8,447,815 8,381,332 8,557,834
Total loans, before allowances 8,550,402 8,484,475 8,659,832
Total mortgage-backed
securities 1,834,009 1,832,143 1,838,301
Total deposits 6,256,952 6,313,508 6,556,132
Total stockholders' equity 776,414 737,862 712,325
Total interest-earning assets 11,703,685 11,625,386 11,813,990
Total interest-earning
liabilities 11,815,264 11,741,746 11,789,523
September 30, June 30,
2001 2001
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Three Months Ended:
------------------
Average Balances:
Total assets $12,909,726 $12,883,522
Total loans, net 8,744,327 8,886,895
Total loans, before allowances 8,832,791 8,970,035
Total mortgage-backed securities 1,741,497 1,624,851
Total deposits 6,907,935 7,355,395
Total stockholders' equity 835,077 814,176
Total interest-earning assets 11,807,685 11,735,291
Total interest-earning liabilities 11,786,039 11,722,353
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Six Months Year
Ended Ended
Year to Date: 6/30/02 12/31/2001
------------- -----------------------------
Average Balances:
Total assets $12,885,606 $12,857,135
Total loans, net 8,414,758 8,782,321
Total loans, before allowances 8,517,621 8,872,003
Total mortgage-backed securities 1,833,082 1,690,967
Total deposits 6,285,073 7,122,069
Total stockholders' equity 757,244 798,889
Total interest-earning assets 11,664,754 11,724,847
Total interest-earning liabilities 11,778,708 11,704,421
Six Months Year
Ended Ended
Year to Date: 12/31/00 6/30/00
------------- -----------------------------
Average Balances:
Total assets $13,724,748 $13,507,546
Total loans, net 10,257,240 9,798,198
Total loans, before allowances 10,330,206 9,877,010
Total mortgage-backed securities 1,338,706 1,291,061
Total deposits 7,465,924 7,433,114
Total stockholders' equity 909,247 958,664
Total interest-earning assets 12,659,728 12,328,807
Total interest-earning liabilities 12,539,841 10,069,053
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June 30, March 31, Dec. 31, Sept. 30, June 30,
Regulatory Capital: 2002 2002 2001 2001 2001
------------------- -------------------------------------------------
Tangible $ 723,099 $ 702,648 $ 706,534 $ 753,914 $ 741,379
Core 725,423 705,428 709,770 757,607 745,527
Total risk-based 856,663 847,013 850,713 845,990 822,995
Tier 1 risk-based 725,423 705,428 709,770 757,607 745,527
Tangible % 5.60% 5.60% 5.58% 5.92% 5.97%
Core % 5.61% 5.62% 5.60% 5.95% 6.00%
Total risk-based % 10.89% 11.37% 11.38% 11.10% 10.80%
Tier 1 risk-based % 9.22% 9.47% 9.50% 9.94% 9.78%
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