Compass Reports Record Second Quarter 2000 Earnings.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)--July 17, 2000 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) ): -- Quarterly cash basis net income 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 $65.1 million -- Record 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. of $0.54, up 10% from the year-ago quarter -- Noninterest income up 36% from prior year levels -- Average managed loans increase 12% from prior year levels Compass Bancshares, Inc. (Nasdaq:CBSS) today reported record cash basis earnings of $65.1 million for the second quarter of 2000, an 11 percent increase over the $58.8 million earned during the second quarter of 1999. For the same time period, cash basis earnings per share increased 10 percent to a record $0.54 compared to $0.49 in the prior year. Cash basis 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 second quarter of 2000 were 1.41 percent and 20.63 percent, respectively. For the first half of 2000, cash basis net income increased eight percent to $125.5 million compared to $116.3 million for the same period last year. Cash basis earnings per share for the first six months of 2000 increased eight percent to $1.05 from $0.97 in the first six months of 1999. Cash basis earnings and earnings per share 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 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 the amortization of intangibles, net income and net income per share for the second quarter of 2000 were a record $60.7 million and $0.50, respectively. For the first six months of 2000, net income and net income per share were $116.8 million and $0.98, respectively. D. Paul Jones Paul Jones can refer to:
Clouds are formed when air containing water vapor is cooled below a critical temperature called the dew point and the resulting moisture condenses into of economic uncertainty and market unrest Unrest is a sociological phenomenon, for instance:
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, provides us with a solid platform to sustain future growth and profitability." Jones added, "Compass' record financial performance was driven by a 14 percent increase in revenue, primarily as a result of a double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. increase in noninterest income. Most of our major fee-based businesses generated good results as noninterest income, including a gain on the sale of branches in non-strategic markets, increased 36 percent from the prior year. In addition, average managed loans, including the impact of securitizations and purchase acquisitions, increased 12 percent over second quarter 1999 levels. Equally important, average deposits increased eight percent over prior year levels, primarily as a result of strong internal deposit generation." "Although provision expense and net charge-offs increased from prior year levels, the overall quality of our loan portfolio remains strong. 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. as a percent of total loans and other real estate decreased to 0.63 percent compared to 0.75 percent in the first quarter of this year," Jones said. Average total assets for the second quarter of 2000 increased five percent to $18.8 billion from $17.8 billion for the second quarter of 1999. Average shareholders' equity for the second quarter of 2000 increased 3 percent to $1.3 billion compared to $1.2 billion in the same quarter a year ago. 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 second quarter. In April, Compass entered its fourth Western expansion market with the acquisition of Denver-based MegaBank Financial Corporation with more than $300 million in assets. 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). , Compass announced plans to expand its presence in Phoenix, the nation's fastest growing city, with the signing of a definitive agreement to acquire Founders Bank of Arizona with $390 million in assets and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $460 million in trust assets under administration. Phoenix, the sixth largest U.S. city, has a metropolitan population of more than 2.8 million and is projected to grow at more than three times the national average over the next five years. The transaction is expected to close later this month. Including the pending acquisition, Compass operates 325 bank offices including 121 in Texas, 87 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). , 60 in Arizona, 39 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 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). and nine in Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. . "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 June 30
%
2000 1999 Change
EARNINGS SUMMARY
Net interest income $172,343 $162,003 6
Noninterest income 80,014 58,693 36
Total revenue 252,357 220,696 14
Provision for loan losses 17,183 8,509 102
Noninterest expense 142,612 127,926 11
Pretax income 92,562 84,261 10
Income tax expense 31,881 28,549 12
Net income $ 60,681 $ 55,712 9
Net income available to
common shareholders $ 60,681 $ 55,373 10
Net Income - cash basis $ 65,066 $ 58,784 11
Diluted earnings per share 0.50 0.47 6
Diluted earnings per share - cash
basis [a] 0.54 0.49 10
Diluted weighted average
shares outstanding 121,432 117,916 3
Six Months
Ended June 30
%
2000 1999 Change
EARNINGS SUMMARY
Net interest income $336,407 $318,811 6
Noninterest income 145,941 116,457 25
Total revenue 482,348 435,268 11
Provision for loan losses 26,806 15,064 78
Noninterest expense 277,388 252,705 10
Pretax income 178,154 167,499 6
Income tax expense 61,351 56,408 9
Net income $116,803 $111,091 5
Net income available to
common shareholders $116,803 $109,539 7
Net income - cash basis $125,538 $116,342 8
Diluted earnings per share 0.98 0.93 5
Diluted earnings per share - cash
basis [a] 1.05 0.97 8
Diluted weighted average
shares outstanding 119,519 117,717 2
Three Months
Ended June 30
2000 1999
SELECTED RATIOS
Average common equity to
average assets 6.76 % 6.88 %
Average loans to average
total deposits 81.66 81.59
Return on average assets 1.30 1.25
Return on average common
equity 19.24 18.12
Return on average equity 19.24 18.06
Efficiency ratio [b] 58.03 56.91
Cash basis ratios:
Return on average assets 1.41 1.34
Return on average equity 20.63 19.06
Return on average tangible equity 25.54 22.19
Efficiency ratio [b] 55.80 55.18
Book value per common share $10.96 $10.27
Six Months
Ended June 30
2000 1999
SELECTED RATIOS
Average common equity to
average assets 6.74 % 6.92 %
Average loans to average
total deposits 82.74 81.57
Return on average assets 1.26 1.28
Return on average common
equity 18.77 18.19
Return on average equity 18.77 18.21
Efficiency ratio [b] 57.60 57.30
Cash basis ratios:
Return on average assets 1.38 1.35
Return on average equity 20.17 19.07
Return on average tangible equity 25.07 21.65
Efficiency ratio [b] 55.33 55.80
Book value per common share $10.96 $10.27
Average for
Three Months
Ended June 30
%
2000 1999 Change
BALANCE SHEET HIGHLIGHTS
Total loans $11,203,568 $10,348,164 8
Total loans - managed 12,873,899 11,458,019 12
Total investment securities [c] 5,910,877 5,897,458 -
Earning assets [c] 17,209,118 16,418,840 5
Total assets 18,751,793 17,815,281 5
Noninterest bearing deposits 2,823,948 2,608,033 8
Interest bearing transaction
accounts 6,135,889 6,012,422 2
Total transaction accounts 8,959,837 8,620,455 4
Total deposits 13,719,250 12,683,718 8
Shareholders' equity 1,268,543 1,237,090 3
Average for
Six Months
Ended June 30
%
2000 1999 Change
BALANCE SHEET HIGHLIGHTS
Total loans $11,069,924 $10,144,374 9
Total loans - managed 12,635,861 11,214,806 13
Total investment securities [c] 5,868,195 5,865,824 -
Earning assets [c] 17,045,567 16,174,817 5
Total assets 18,579,297 17,543,153 6
Noninterest bearing deposits 2,747,547 2,512,184 9
Interest bearing transaction
accounts 6,070,377 5,791,287 5
Total transaction accounts 8,817,924 8,303,471 6
Total deposits 13,378,935 12,436,567 8
Shareholders' equity 1,251,414 1,230,044 2
Ending
Balance
June 30
%
2000 1999 Change
BALANCE SHEET HIGHLIGHTS
Total loans $11,326,057 $10,603,331 7
Total loans - managed 12,928,639 11,667,547 11
Total investment securities [c] 5,804,340 5,823,581 -
Earning assets [c] 17,223,485 16,576,784 4
Total assets 18,937,492 18,011,739 5
Noninterest bearing deposits 2,934,274 2,639,326 11
Interest bearing transaction
accounts 6,043,338 6,132,658 (1)
Total transaction accounts 8,977,612 8,771,984 2
Total deposits 13,712,944 12,841,044 7
Shareholders' equity 1,325,040 1,212,576 9
[a] Excludes after-tax intangible amortization.
[b] Excludes merger and integration expenses and gains
on sale of investment securities and branches.
[c] Includes adjustment for market valuation on
available-for-sale securities.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands except per share data)
Three Months Ended
2000 2000 1999
Jun 30 Mar 31 Dec 31
EARNINGS SUMMARY
Net interest income $ 172,343 $ 164,064 $ 168,329
Noninterest income 80,014 65,927 66,869
Total revenue 252,357 229,991 235,198
Provision for loan losses 17,183 9,623 8,774
Noninterest expense 142,612 134,776 140,760
Pretax income 92,562 85,592 85,664
Income tax expense 31,881 29,470 30,013
Net income $60,681 $56,122 $55,651
Net income available to
common shareholders $60,681 $56,122 $55,424
Net income - cash basis $65,066 $60,472 $59,967
Diluted earnings per share 0.50 0.48 0.47
Diluted earnings per share
- cash basis [a] 0.54 0.51 0.50
Diluted weighted average
shares outstanding 121,432 117,450 117,760
Three Months Ended
1999 1999
Sep 30 Jun 30
EARNINGS SUMMARY
Net interest income $ 166,304 $ 162,003
Noninterest income 59,541 58,693
Total revenue 225,845 220,696
Provision for loan losses 8,124 8,509
Noninterest expense 132,578 127,926
Pretax income 85,143 84,261
Income tax expense 27,983 28,549
Net income $57,160 $55,712
Net income available to
common shareholders $56,820 $55,373
Net income - cash basis $60,679 $58,784
Diluted earnings per share 0.48 0.47
Diluted earnings per share
- cash basis [a] 0.52 0.49
Diluted weighted average
shares outstanding 117,919 117,916
Three Months Ended
2000 2000 1999
Jun 30 Mar 31 Dec 31
SELECTED RATIOS
Average common equity to
average assets 6.76 % 6.71 % 6.75 %
Average loans to average
total deposits 81.66 83.88 82.31
Return on average assets 1.30 1.23 1.20
Return on average common
equity 19.24 18.29 17.75
Return on average equity 19.24 18.29 17.74
Efficiency ratio (b) 58.03 57.14 58.63
Cash basis ratios:
Return on average assets 1.41 1.34 1.31
Return on average equity 20.63 19.71 19.12
Return on average tangible equity 25.54 24.59 23.50
Efficiency ratio (b) 55.80 54.82 56.33
Book value per common share $ 10.96 $ 10.67 $ 10.50
Three Months Ended
1999 1999
Sep 30 Jun 30
SELECTED RATIOS
Average common equity to
average assets 6.72 % 6.88 %
Average loans to average
total deposits 80.87 81.59
Return on average assets 1.26 1.25
Return on average common
equity 18.67 18.12
Return on average equity 18.60 18.06
Efficiency ratio (b) 57.73 56.91
Cash basis ratios:
Return on average assets 1.35 1.34
Return on average equity 19.75 19.06
Return on average tangible equity 23.25 22.19
Efficiency ratio (b) 55.78 55.18
Book value per common share $ 10.48 $ 10.27
[a] Excludes after-tax intangible amortization.
[b] Excludes merger and integration expenses and gains
on sale of investment securities and branches.
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
2000 2000 1999
NONPERFORMING ASSETS Jun 30 Mar 31 Dec 31
Nonaccrual loans $ 61,185 $ 70,787 $ 74,605
Renegotiated loans 97 102 239
Other real estate, net 10,504 10,429 7,250
Total nonperforming assets $ 71,786 $ 81,318 $ 82,094
Loans ninety days or more
past due $ 19,398 $ 14,236 $ 13,325
Other repossessed assets 848 1,457 1,678
Total nonperforming assets as
a percentage of loans and ORE 0.63 % 0.75 % 0.75 %
1999 1999
NONPERFORMING ASSETS Sep 30 Jun 30
Nonaccrual loans $ 50,398 $ 55,585
Renegotiated loans 297 518
Other real estate, net 6,154 6,611
Total nonperforming assets $ 56,849 $ 62,714
Loans ninety days or more
past due $ 11,956 $ 10,922
Other repossessed assets 1,374 1,257
Total nonperforming assets as
a percentage of loans and ORE 0.54 % 0.59 %
Three Months Ended
2000 2000 1999
Jun 30 Mar 31 Dec 31
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $146,100 $145,890 $142,795
Loans charged off 20,282 11,894 10,788
Loan recoveries 3,192 2,481 2,622
Net charge-offs 17,090 9,413 8,166
Allowance for loans acquired 3,994 - 2,487
Provision for loan losses 17,183 9,623 8,774
Balance at end of period $150,187 $146,100 $145,890
Allowance for loan losses as
a percentage of total loans 1.33 % 1.36 % 1.33 %
Allowance for loan losses as
a percentage of nonperforming
assets 209.21 179.67 177.71
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.61 0.35 0.30
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.48 0.35 0.28
Three Months Ended
1999 1999
Sep 30 Jun 30
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $142,553 $139,681
Loans charged off 11,140 9,202
Loan recoveries 3,258 2,269
Net charge-offs 7,882 6,933
Allowance for loans acquired - 1,296
Provision for loan losses 8,124 8,509
Balance at end of period $142,795 $142,553
Allowance for loan losses as
a percentage of total loans 1.37 % 1.34 %
Allowance for loan losses as
a percentage of nonperforming
assets 251.18 227.31
Annualized net charge-offs as
a percentage of average total
loans - QTD 0.30 0.27
Annualized net charge-offs as
a percentage of average total
loans - YTD 0.27 0.26
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Three Months Ended June 30, 2000
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans $11,203,568 $251,591 9.03 %
Investment securities 1,530,343 26,527 6.97
Investment securities available
for sale 4,574,608 75,409 6.63
Other earning assets 94,673 1,623 6.89
Total earning assets 17,403,192 355,150 8.21
Allowance for loan losses (150,142)
Unrealized gain (loss) on
securities available for sale (194,074)
Cash and other assets 1,692,817
-----------
$18,751,793
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 187,454 694 1.49
Savings deposits 5,948,435 56,191 3.80
Time deposits 3,142,155 44,704 5.72
Certificates of deposit of
$100,000 or more 1,617,258 23,908 5.95
Federal funds purchased and
securities sold under agreement
to repurchase 1,086,541 16,862 6.24
Other short-term borrowings 173,302 2,694 6.25
FHLB and other borrowings 2,378,119 36,517 6.18
Total interest bearing liabilities 14,533,264 181,570 5.02
Net interest spread 173,580 3.19 %
Noninterest bearing demand deposits 2,823,948
Accrued expenses and other liabilities 126,038
Shareholders' equity 1,268,543
-----------
$18,751,793
Net yield on earning assets 4.01 %
Taxable equivalent adjustment:
Loans 46
Investment securities 616
Investment securities available
for sale 555
Other earning assets 20
Total taxable equivalent adjustment 1,237
Net interest income $172,343
Three Months Ended June 30, 1999
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans $10,348,164 $212,942 8.25 %
Investment securities 1,746,393 29,844 6.85
Investment securities available
for sale 4,163,643 67,657 6.52
Other earning assets 173,218 2,362 5.47
Total earning assets 16,431,418 312,805 7.64
Allowance for loan losses (140,823)
Unrealized gain (loss) on
securities available for sale (12,578)
Cash and other assets 1,537,264
-----------
$17,815,281
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 361,411 1,324 1.47
Savings deposits 5,651,011 48,328 3.43
Time deposits 2,654,546 34,432 5.20
Certificates of deposit of
$100,000 or more 1,408,717 18,259 5.20
Federal funds purchased and
securities sold under agreement
to repurchase 1,672,871 19,489 4.67
Other short-term borrowings 181,441 2,275 5.03
FHLB and other borrowings 1,894,544 25,417 5.38
Total interest bearing liabilities 13,824,541 149,524 4.34
Net interest spread 163,281 3.30 %
Noninterest bearing demand deposits 2,608,033
Accrued expenses and other liabilities 145,617
Shareholders' equity 1,237,090
-----------
$17,815,281
Net yield on earning assets 3.99 %
Taxable equivalent adjustment:
Loans 108
Investment securities 600
Investment securities available
for sale 551
Other earning assets 19
Total taxable equivalent adjustment 1,278
Net interest income $162,003
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Six Months Ended June 30, 2000
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans $11,069,924 $ 487,142 8.85 %
Investment securities 1,539,982 53,228 6.95
Investment securities available
for sale 4,503,823 147,225 6.57
Other earning assets 107,448 3,432 6.42
Total earning assets 17,221,177 691,027 8.07
Allowance for loan losses (148,054)
Unrealized gain (loss) on
securities available for sale (175,610)
Cash and other assets 1,681,784
-----------
$18,579,297
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 191,480 1,377 1.45
Savings deposits 5,878,897 109,195 3.74
Time deposits 2,983,323 82,502 5.56
Certificates of deposit of
$100,000 or more 1,577,688 45,606 5.81
Federal funds purchased and
securities sold under agreement
to repurchase 1,136,123 33,325 5.90
Other short-term borrowings 230,567 6,824 5.95
FHLB and other borrowings 2,459,834 73,422 6.00
Total interest bearing liabilities 14,457,912 352,251 4.90
Net interest spread 338,776 3.17 %
Noninterest bearing demand deposits 2,747,547
Accrued expenses and other liabilities 122,424
Shareholders' equity 1,251,414
-----------
$18,579,297
Net yield on earning assets 3.96 %
Taxable equivalent adjustment:
Loans 95
Investment securities 1,131
Investment securities available
for sale 1,108
Other earning assets 35
Total taxable equivalent adjustment 2,369
Net interest income $ 336,407
Six Months Ended June 30, 1999
YIELD/RATE ANALYSIS Average Income/ Yield/
(Taxable Equivalent Basis) Balance Expense Rate
Assets
Earning assets:
Loans $10,144,374 $ 417,736 8.30 %
Investment securities 1,818,112 62,127 6.89
Investment securities available
for sale 4,050,327 132,096 6.58
Other earning assets 164,619 4,455 5.46
Total earning assets 16,177,432 616,414 7.68
Allowance for loan losses (140,173)
Unrealized gain (loss) on
securities available for sale (2,615)
Cash and other assets 1,508,509
-----------
$17,543,153
Liabilities and Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand deposits $ 341,566 2,535 1.50
Savings deposits 5,449,721 93,059 3.44
Time deposits 2,664,881 68,467 5.18
Certificates of deposit of
$100,000 or more 1,468,215 38,236 5.25
Federal funds purchased and
securities sold under agreement
to repurchase 1,584,852 36,588 4.66
Other short-term borrowings 163,797 3,965 4.88
FHLB and other borrowings 1,965,980 52,375 5.37
Total interest bearing liabilities 13,639,012 295,225 4.37
Net interest spread 321,189 3.31 %
Noninterest bearing demand deposits 2,512,184
Accrued expenses and other liabilities 161,913
Shareholders' equity 1,230,044
-----------
$17,543,153
Net yield on earning assets 4.00 %
Taxable equivalent adjustment:
Loans 223
Investment securities 1,203
Investment securities available
for sale 914
Other earning assets 38
Total taxable equivalent adjustment 2,378
Net interest income $ 318,811
COMPASS BANCSHARES, INC.
(Unaudited)
(In thousands)
Six Months
Ended June 30 %
2000 1999 Change
NONINTEREST INCOME
Service charges on deposit accounts $ 59,864 $ 47,762 25
Asset management fees 9,488 9,340 2
Credit card service charges and fees 12,822 8,522 50
Retail investment sales 9,777 11,086 (12)
Trading account profits
and commissions 3,335 5,898 (43)
Investment securities gains, net - 2,098 (100)
Other income 50,655 31,751 60
Total $ 145,941 $ 116,457 25
NONINTEREST EXPENSE
Salaries and benefits $ 142,565 $ 131,603 8
Net occupancy expense 21,370 18,935 13
Equipment expense 23,225 20,667 12
Professional services 16,689 18,481 (10)
Amortization of intangibles 10,755 6,524 65
Merger and integration
expenses 4,989 3,126 60
Other expense 57,795 53,369 8
Total $ 277,388 $ 252,705 10
Three Months Ended
2000 2000 1999
Jun 30 Mar 31 Dec 31
NONINTEREST INCOME
Service charges on deposit accounts $ 31,126 $ 28,738 $ 27,940
Asset management fees 4,755 4,733 4,766
Credit card service charges and fees 6,867 5,955 6,063
Retail investment sales 4,442 5,335 4,454
Trading account profits
and commissions 1,156 2,179 1,702
Investment securities gains, net - - 5
Other income 31,668 18,987 21,939
Total $ 80,014 $ 65,927 $ 66,869
NONINTEREST EXPENSE
Salaries and benefits $ 72,016 $ 70,549 $ 71,066
Net occupancy expense 10,913 10,457 10,359
Equipment expense 11,796 11,429 12,130
Professional services 8,632 8,057 10,286
Amortization of intangibles 5,393 5,362 5,431
Merger and integration
expenses 2,287 2,702 2,181
Other expense 31,575 26,220 29,307
Total $ 142,612 $ 134,776 $ 140,760
Three Months Ended
1999 1999
Sep 30 Jun 30
NONINTEREST INCOME
Service charges on deposit accounts $ 26,886 $ 25,591
Asset management fees 4,480 4,645
Credit card service charges and fees 4,963 4,619
Retail investment sales 5,726 5,864
Trading account profits
and commissions 2,156 2,288
Investment securities gains, net - 35
Other income 15,330 15,651
Total $ 59,541 $ 58,693
NONINTEREST EXPENSE
Salaries and benefits $ 68,401 $ 64,102
Net occupancy expense 10,101 9,433
Equipment expense 10,844 10,597
Professional services 9,644 10,286
Amortization of intangibles 4,441 3,851
Merger and integration
expenses 1,480 1,618
Other expense 27,667 28,039
Total $132,578 $127,926
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