Compass Reports Record First Quarter Results.Business Editors BIRMINGHAM Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE) Compass Bancshares Compass Bancshares, Inc. is a privately held company based in Birmingham, Alabama. Its subsidiary, Compass Bank, is a Southwestern financial holding company with $47 billion in assets and 417 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico, and Texas. , Inc. (Nasdaq:CBSS CBSS Council of Baltic Sea States CBSS Craft and Boat Support System CBSS Coastal Border Surveillance System (MSSC) CBSS Closed-Breach Scavenging System (compressed air system for removing smoke from tank gun tubes) ): -- Operating cash basis EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. reaches all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal high of $0.53 -- Noninterest income up 18% from prior year levels -- Cash basis efficiency ratio improves to record 54.82% -- Strong internal loan growth continues, up 18% from year ago Compass Bancshares, Inc. (Nasdaq: CBSS) today reported record operating cash basis earnings of $62.3 million for the first quarter of 2000, a six percent increase over the $58.6 million earned during the first quarter of 1999. For the same time period, 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. operating cash basis earnings per share increased eight percent to a record $0.53 compared to $0.49 in the prior year. Operating cash basis earnings exclude the 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. effect of merger and integration expenses and amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. . Including these expenses, net income and net income per share for the first quarter of 2000 were $56.1 million and $0.48, respectively. Return on average assets and return on average 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. for the first quarter of 2000 were 1.23 percent and 18.29 percent, respectively. On a cash basis, Compass' return on average assets was 1.34 percent and return on average shareholders' equity was 19.71 percent. D. Paul Jones Paul Jones can refer to:
Region, south and southwestern U.S. It is characterized by a warm climate, rapid population growth since 1970, and relatively conservative voting patterns. Comprising 15 states, it extends from Virginia and Florida in the southeast through Nevada in the southwest, markets, coupled with our ability to deliver innovative products and services and provide exceptional customer service, gives us reason to remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the remainder of 2000." Jones added, "Compass' record financial performance was driven by eight percent revenue growth, primarily as a result of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in noninterest income. Most of our major fee-based businesses generated good results as noninterest income, excluding securities gains, increased 18 percent from the prior year. Good revenue growth, along with expense management and leveraging of technology investments, improved our cash basis efficiency ratio to 54.82 percent in the quarter. In addition, the strength of our Sunbelt markets enabled us to continue to experience healthy loan demand as average loans, adjusted for the impact of purchase acquisitions and securitizations, rose 18 percent over first quarter 1999 levels." Total assets at the end of the first quarter of 2000 increased five percent to $18.5 billion from $17.6 billion at the end of the first quarter of 1999. Total deposits increased nine percent from year ago levels to $13.5 billion, fueled by a 13 percent increase in noninterest bearing deposits. Noninterest bearing deposits represent more than 21 percent of Compass' total deposits. Compass' strategic geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. expansion into attractive high-growth markets in Sunbelt states continued during the first quarter. In January January: see month. , Compass entered New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). with the acquisition of Western Bancshares, Inc., the largest locally-owned bank in Albuquerque Albuquerque (ăl`bəkûr'kē), city (1990 pop. 384,736), seat of Bernalillo co., W central N.Mex., on the upper Rio Grande; inc. 1890. with more than $300 million in assets. Shortly after the end of the quarter, Compass entered its fourth Western expansion market with the completion of the acquisition of Denver-based MegaBank Financial Corporation with more than $300 million in assets. In addition to nine well-located full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking offices, MegaBank's subsidiary, Empire Title & Escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. Corporation, operates six offices in the Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. area and Fort Collins. Denver, with a population of more than two million, is growing at twice the national average while Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. is projected by the U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census to be among the seven fastest-growing states over the next five years. Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes magazine recently named the Denver metropolitan area seventh in the nation in creation of new jobs, population and economic output. Three of Compass' other Western expansion markets -- Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. and Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; -- were among the top ten. Including the recently completed acquisition, Compass operates 323 bank offices including 126 in Texas, 88 in 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). , 50 in 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). , 41 in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , nine in New Mexico and nine in Colorado. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Statements in this press release regarding Compass Bancshares, Inc.'s business which are not historical facts are "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. " that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the Company's Annual Report or Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the most recently ended fiscal year.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months
Ended March 31
------------------- %
2000 1999 Change
-------- -------- ------
EARNINGS SUMMARY
Net interest income $164,064 $156,808 5
Noninterest income 65,927 57,764 14
-------- --------
Total revenue 229,991 214,572 7
Provision for loan losses 9,623 6,555 47
Noninterest expense 134,776 124,779 8
-------- --------
Pretax income 85,592 83,238 3
Income tax expense 29,470 27,859 6
-------- --------
Net income $ 56,122 $ 55,379 1
======== ========
Net income available to
common shareholders $ 56,122 $ 54,166 4
======== ========
Operating net income - cash
basis (a) $ 62,250 $ 58,595 6
======== ========
Diluted earnings per share 0.48 0.46 4
Diluted earnings per share - cash
basis (b) 0.51 0.48 6
Diluted operating earnings
per share - cash basis (a) 0.53 0.49 8
Diluted weighted average
shares outstanding 117,450 117,506 --
SELECTED RATIOS
Average common equity to
average assets 6.71% 6.97%
Average loans to average
total deposits 83.88 81.55
Return on average assets 1.23 1.30
Return on average common
equity 18.29 18.26
Return on average equity 18.29 18.37
Efficiency ratio (c) 57.14 57.71
Cash basis ratios:
Return on average assets 1.34 1.36
Return on average equity 19.71 19.10
Return on average tangible
equity 24.59 21.13
Efficiency ratio (c) 54.82 56.46
Book value per common share $10.67 $10.46
Average for
Three Months
Ended March 31
---------------------------- %
BALANCE SHEET HIGHLIGHTS 2000 1999 Change
---------- ----------- -------
Total loans $10,936,280 $ 9,938,320 10
Total loans - managed 12,397,823 10,968,891 13
Total investment
securities 5,825,514 (d) 5,833,838 (d) -
Earning assets 16,882,016 (d) 15,928,083 (d) 6
Total assets 18,406,801 17,268,001 7
Noninterest bearing
deposits 2,671,145 2,415,270 11
Interest bearing
transaction accounts 6,004,866 5,567,695 8
Total transaction
accounts 8,676,011 7,982,965 9
Total deposits 13,038,619 12,186,669 7
Shareholders' equity 1,234,285 1,222,921 1
Ending
Balance
March 31
----------------------------- %
BALANCE SHEET HIGHLIGHTS 2000 1999 Change
----------- ----------- -------
Total loans $10,771,904 $ 9,934,998 8
Total loans - managed 12,510,936 11,097,394 13
Total investment
securities 6,015,881 (d) 6,002,860 (d) -
Earning assets 16,894,873 (d) 16,075,803 (d) 5
Total assets 18,466,778 17,577,944 5
Noninterest bearing
deposits 2,859,229 2,529,657 13
Interest bearing
transaction accounts 6,116,270 5,769,493 6
Total transaction
accounts 8,975,499 8,299,150 8
Total deposits 13,480,723 12,373,700 9
Shareholders' equity 1,251,098 1,233,877 1
(a) Excludes after-tax merger and integration
charges and intangible amortization.
(b) Excludes after-tax intangible amortization.
(c) Excludes merger and integration charges.
(d) Includes adjustment for market valuation on
available-for-sale securities.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months Ended
------------------------------
2000 1999
-------- -------------------
Mar 31 Dec 31 Sep 30
-------- -------- --------
EARNINGS SUMMARY
Net interest income $164,064 $168,329 $166,304
Noninterest income 65,927 66,869 59,541
-------- -------- --------
Total revenue 229,991 235,198 225,845
Provision for loan losses 9,623 8,774 8,124
Noninterest expense 134,776 140,760 132,578
-------- -------- --------
Pretax income 85,592 85,664 85,143
Income tax expense 29,470 30,013 27,983
-------- -------- --------
Net income $ 56,122 $ 55,651 $ 57,160
======== ======== ========
Net income available to
common shareholders $ 56,122 $ 55,424 $ 56,820
======== ======== ========
Operating net income - cash
basis (a) $ 62,250 $ 61,866 $ 61,712
======== ======== ========
Diluted earnings per share 0.48 0.47 0.48
Diluted earnings per share - cash
basis (b) 0.51 0.50 0.52
Diluted operating earnings
per share - cash basis (a) 0.53 0.52 0.52
Diluted weighted average
shares outstanding 117,450 117,760 117,919
Three Months Ended
-------------------
1999
-------------------
Jun 30 Mar 31
-------- --------
EARNINGS SUMMARY
Net interest income $162,003 $156,808
Noninterest income 58,693 57,764
-------- --------
Total revenue 220,696 214,572
Provision for loan losses 8,509 6,555
Noninterest expense 127,926 124,779
-------- --------
Pretax income 84,261 83,238
Income tax expense 28,549 27,859
-------- --------
Net income $ 55,712 $ 55,379
======== ========
Net income available to
common shareholders $ 55,373 $ 54,166
======== ========
Operating net income - cash
basis (a) $ 59,845 $ 58,595
======== ========
Diluted earnings per share 0.47 0.46
Diluted earnings per share - cash
basis (b) 0.49 0.48
Diluted operating earnings
per share - cash basis (a) 0.51 0.49
Diluted weighted average
shares outstanding 117,916 117,506
Three Months Ended
------------------------------
2000 1999
-------- -------------------
Mar 31 Dec 31 Sep 30
-------- -------- --------
SELECTED RATIOS
Average common equity to
average assets 6.71% 6.75% 6.72%
Average loans to average
total deposits 83.88 82.31 80.87
Return on average assets 1.23 1.20 1.26
Return on average common
equity 18.29 17.75 18.67
Return on average equity 18.29 17.74 18.60
Efficiency ratio (c) 57.14 58.63 57.73
Cash basis ratios:
Return on average assets 1.34 1.31 1.35
Return on average equity 19.71 19.12 19.75
Return on average
tangible equity 24.59 23.50 23.25
Efficiency ratio (c) 54.82 56.33 55.78
Book value per common share $ 10.67 $ 10.50 $ 10.48
Three Months Ended
-------------------
1999
-------------------
Jun 30 Mar 31
SELECTED RATIOS -------- --------
Average common equity to
average assets 6.88% 6.97%
Average loans to average
total deposits 81.59 81.55
Return on average assets 1.25 1.30
Return on average common
equity 18.12 18.26
Return on average equity 18.06 18.37
Efficiency ratio (c) 56.91 57.71
Cash basis ratios:
Return on average assets 1.34 1.36
Return on average equity 19.06 19.10
Return on average
tangible equity 22.19 21.13
Efficiency ratio (c) 55.18 56.46
Book value per common share $ 10.27 $ 10.46
(a) Excludes after-tax merger and integration charges and
intangible amortization.
(b) Excludes after-tax intangible amortization.
(c) Excludes merger and integration charges.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
2000 1999 1999
-------- -------- --------
NONPERFORMING ASSETS Mar 31 Dec 31 Sep 30
-------- -------- --------
Nonaccrual loans $ 70,787 $ 74,605 $ 50,398
Renegotiated loans 102 239 297
Other real estate, net 10,429 7,250 6,154
-------- -------- --------
Total nonperforming assets $ 81,318 $ 82,094 $ 56,849
======== ======== ========
Loans ninety days or more
past due $ 14,236 $ 13,325 $ 11,956
Other repossessed assets 1,457 1,678 1,374
Total nonperforming assets as
a percentage of loans and ORE 0.75% 0.75% 0.54%
1999 1999
-------- --------
NONPERFORMING ASSETS Jun 30 Mar 31
-------- --------
Nonaccrual loans $ 55,585 $ 48,594
Renegotiated loans 518 523
Other real estate, net 6,611 7,478
-------- --------
Total nonperforming assets $ 62,714 $ 56,595
======== ========
Loans ninety days or more
past due $ 10,922 $ 10,171
Other repossessed assets 1,257 1,194
Total nonperforming assets as
a percentage of loans and ORE 0.59% 0.57%
Three Months Ended
------------------------------
2000 1999 1999
-------- -------- --------
Mar 31 Dec 31 Sep 30
-------- -------- --------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $145,890 $142,795 $142,553
Loans charged off 11,894 10,788 11,140
Loan recoveries 2,481 2,622 3,258
-------- -------- --------
Net charge-offs 9,413 8,166 7,882
Allowance for loans acquired - 2,487 -
Provision for loan losses 9,623 8,774 8,124
-------- -------- --------
Balance at end of period $146,100 $145,890 $142,795
======== ======== ========
Allowance for loan losses as
a percentage of total loans 1.36% 1.33% 1.37%
Allowance for loan losses as
a percentage of nonperforming
assets 179.67 177.71 251.18
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.35 0.30 0.30
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.35 0.28 0.27
Three Months Ended
-------------------
1999 1999
-------- --------
Jun 30 Mar 31
-------- --------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $139,681 $139,423
Loans charged off 9,202 9,110
Loan recoveries 2,269 2,813
-------- --------
Net charge-offs 6,933 6,297
Allowance for loans acquired 1,296 -
Provision for loan losses 8,509 6,555
-------- --------
Balance at end of period $142,553 $139,681
======== ========
Allowance for loan losses as
a percentage of total loans 1.34% 1.41%
Allowance for loan losses as
a percentage of nonperforming
assets 227.31 246.81
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.27 0.26
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.26 0.26
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months Ended March 31
-------------------------------
2000
-------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
-------------------------------
Assets
Earning assets:
Loans $10,936,280 $235,551 8.66%
Investment securities 1,549,621 26,701 6.93
Investment securities
available for sale 4,433,038 71,816 6.52
Other earning assets 120,222 1,809 6.05
----------- --------
Total earning assets 17,039,161 335,877 7.93
Allowance for loan losses (145,965)
Unrealized gain (loss) on
securities available
for sale (157,145)
Cash and other assets 1,670,750
----------
$18,406,801
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand
deposits $ 195,506 683 1.41
Savings deposits 5,809,360 53,004 3.67
Time deposits 2,824,491 37,798 5.38
Certificates of deposit of
$100,000 or more 1,538,117 21,698 5.67
Federal funds purchased
and securities sold under
agreement to repurchase 1,185,705 16,463 5.58
Other short-term borrowings 287,833 4,130 5.77
FHLB and other borrowings 2,541,549 36,905 5.84
----------- --------
Total interest bearing
liabilities 14,382,561 170,681 4.77
-------- ------
Net interest spread 165,196 3.16%
======
Noninterest bearing
demand deposits 2,671,145
Accrued expenses and
other liabilities 118,810
Shareholders' equity 1,234,285
-----------
$18,406,801
===========
Net yield on earning assets 3.90%
======
Taxable equivalent adjustment:
Loans 49
Investment securities 515
Investment securities
available for sale 553
Other earning assets 15
--------
Total taxable equivalent
adjustment 1,132
--------
Net interest income $164,064
========
Three Months Ended March 31
--------------------------------
1999
--------------------------------
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
--------------------------------
Assets
Earning assets:
Loans $ 9,938,320 $204,794 8.36%
Investment securities 1,890,627 32,283 6.92
Investment securities
available for sale 3,935,753 64,439 6.64
Other earning assets 155,925 2,093 5.44
----------- --------
Total earning assets 15,920,625 303,609 7.73
Allowance for loan losses (139,515)
Unrealized gain (loss) on
securities available
for sale 7,458
Cash and other assets 1,479,433
-----------
$17,268,001
===========
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand
deposits $ 321,500 1,211 1.53
Savings deposits 5,246,195 44,731 3.46
Time deposits 2,675,331 34,035 5.16
Certificates of deposit of
$100,000 or more 1,528,373 19,977 5.30
Federal funds purchased
and securities sold under
agreement to repurchase 1,495,855 17,099 4.64
Other short-term borrowings 145,958 1,690 4.70
FHLB and other borrowings 2,038,208 26,958 5.36
----------- --------
Total interest bearing
liabilities 13,451,420 145,701 4.39
-------- ------
Net interest spread 157,908 3.34%
======
Noninterest bearing
demand deposits 2,415,270
Accrued expenses and
other liabilities 178,390
Shareholders' equity 1,222,921
-----------
$17,268,001
===========
Net yield on earning assets 4.02%
======
Taxable equivalent adjustment:
Loans 115
Investment securities 603
Investment securities
available for sale 363
Other earning assets 19
--------
Total taxable equivalent
adjustment 1,100
--------
Net interest income $156,808
========
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months
Ended March 31
------------------ %
2000 1999 Change
--------- -------- ------
NONINTEREST INCOME
Service charges on
deposit accounts $ 28,738 $ 22,171 30
Asset management fees 4,733 4,695 1
Credit card service
charges and fees 5,955 3,903 53
Retail investment sales 5,335 5,222 2
Trading account profits
and commissions 2,179 3,610 (40)
Investment securities gains, net - 2,063 (100)
Other income 18,987 16,100 18
-------- --------
Total $ 65,927 $ 57,764 14
======== ========
NONINTEREST EXPENSE
Salaries and benefits $ 70,549 $ 67,501 5
Net occupancy expense 10,457 9,502 10
Equipment expense 11,429 10,070 13
Professional services 8,057 8,195 (2)
Amortization of
intangibles 5,362 2,673 101
Merger and integration
expenses 2,702 1,508 79
Other expense 26,220 25,330 4
--------- ---------
Total $ 134,776 $ 124,779 8
========= =========
Three Months Ended
------------------------------
2000 1999 1999
-------- --------------------
Mar 31 Dec 31 Sep 30
-------- ---------- ---------
NONINTEREST INCOME
Service charges on
deposit accounts $ 28,738 $ 27,940 $ 26,886
Asset management fees 4,733 4,766 4,480
Credit card service
charges and fees 5,955 6,063 4,963
Retail investment sales 5,335 4,454 5,726
Trading account profits
and commissions 2,179 1,702 2,156
Investment securities
gains, net - 5 -
Other income 18,987 21,939 15,330
-------- -------- --------
Total $ 65,927 $ 66,869 $ 59,541
======== ======== ========
NONINTEREST EXPENSE
Salaries and benefits $ 70,549 $ 71,066 $ 68,401
Net occupancy expense 10,457 10,359 10,101
Equipment expense 11,429 12,130 10,844
Professional services 8,057 10,286 9,644
Amortization of intangibles 5,362 5,431 4,441
Merger and integration expenses 2,702 2,181 1,480
Other expense 26,220 29,307 27,667
--------- --------- ---------
Total $ 134,776 $ 140,760 $ 132,578
========= ========= =========
Three Months Ended
---------------------
1999 1999
---------------------
Jun 30 Mar 31
--------- ---------
NONINTEREST INCOME
Service charges on
deposit accounts $ 25,591 $ 22,171
Asset management fees 4,645 4,695
Credit card service
charges and fees 4,619 3,903
Retail investment sales 5,864 5,222
Trading account profits
and commissions 2,288 3,610
Investment securities gains, net 35 2,063
Other income 15,651 16,100
--------- ---------
Total $ 58,693 $ 57,764
========= =========
NONINTEREST EXPENSE
Salaries and benefits $ 64,102 $ 67,501
Net occupancy expense 9,433 9,502
Equipment expense 10,597 10,070
Professional services 10,286 8,195
Amortization of intangibles 3,851 2,673
Merger and integration expenses 1,618 1,508
Other expense 28,039 25,330
--------- ---------
Total $ 127,926 $ 124,779
========= =========
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