First American Reports 21 Percent Increase in Third Quarter Operating Earnings and Declares Dividend.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--Oct. 16, 1998--First American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Corporation (NYSE NYSE See: New York Stock Exchange :FAM FAM 5-FU, adriamycin/doxorubicin, mitomycin C Oncology A chemotherapeutic regimen used with varying degrees of failure for advanced gastric CA. See Stomach cancer. ) today reported third quarter 1998 operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before , exclusive of merger and integration costs and a gain on the sale of its Deposit Guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. corporate trust business, of $73 million, or $0.68 per share, up 21 percent from $60 million, or $0.56 per share in the third quarter of 1997. In addition, the First American Corporation
Officially referred to as The First American Corporation (FAC) , board of directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly cash dividend of $.25 per share, payable on Nov. 30, 1998, to shareholders of record on Nov. 20, 1998. The company's return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) and return on equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ), excluding merger and integration costs and the corporate trust gain, were 1.59 percent and 18.57 percent, respectively, in the third quarter of 1998, compared with 1.41 percent and 16.08 percent one year ago. For the nine months ended Sept. 30, 1998, operating earnings, exclusive of merger and integration costs and the corporate trust gain, were $204.2 million, or $1.90 per share, up 19 percent from $1.60 per share for the first nine months of 1997. For the first nine months of 1998, the company's ROA and ROE, excluding merger integration costs and the corporate trust gain, were 1.52 percent and 17.61 percent, respectively, compared to 1.38 and 15.72, respectively, in 1997. First American First American may refer to:
adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. ) gain on the sale of the Deposit Guaranty corporate trust business in the third quarter of 1998. Including this gain and costs of integrating the Deposit Guaranty operations of $37 million ($22.8 million after-tax), the company recorded net income for the third quarter of $54.9 million or $0.51 per share. For the nine months ended Sept. 30, 1998, reported net income was $136 million, or $1.26 per share. On May 1, 1998, Deposit Guaranty Corp., based in Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , Miss., was merged into First American, a transaction which was accounted for as a pooling-of-interests. All prior period financial data has been restated to reflect the merger. "We are pleased with the earnings in the third quarter," said Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the C. Bottorff, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We made significant reductions in operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. this quarter, resulting in over 21 percent growth in operating earnings compared to last year, despite experiencing a modest slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in linked quarter revenue. We also continued to maintain sound asset quality and have not experienced problems related to foreign markets and hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" due to lack of exposure to these areas. As we completed our systems conversion of Deposit Guaranty during the quarter, we have been able to focus on offering our clients in the Deposit Guaranty markets a broader array of products and services, such as insurance and investment products," said Bottorff. OPERATING PERFORMANCE The company experienced growth in average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin for the third quarter 1998 of nine percent over the third quarter of 1997. Third quarter average loan volume, exclusive of consumer mortgages, was two percent higher than in the third quarter of 1997. Average deposits for the third quarter increased two percent compared to the third quarter of 1997. First American's productivity ratio in the traditional banking business, excluding merger and integration costs, was 52.83 percent for the third quarter compared to 56.45 percent for the second quarter. For the first nine months of 1998, the productivity ratio was 55.91 percent, compared to 59.44 percent in the first nine months of 1997. The improvement in productivity was primarily the result of increased expense control. First American's 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 $35.9 million at Sept. 30, 1998, or .34 percent of total loans and foreclosed properties. At Sept. 30, 1997, First American's nonperforming assets were $49.4 million, or .43 percent of total loans and foreclosed properties. The company recorded net loan chargeoffs of $7 million in the third quarter or .26 percent of average loans (on an 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. basis) and $19.2 million or 0.23 percent for the first nine months of 1998. First American's allowance for loan losses of $180.1 million equaled 1.71 percent of net loans at quarter end and 594.45 percent of nonperforming loans. INTEGRATION EFFORTS In December December: see month. 1997, First American announced that the expected synergies to be gained from the merger with Deposit Guaranty would be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $88 million in annualized savings. In July July: see month. 1998, First American announced it had executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. cost and revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. initiatives accounting for approximately $54 million of annualized synergies. Those initiatives included workforce reduction ($31 million), branch closures ($2 million), sale of First Mortgage First Mortgage ($7 million), and enhanced product lines and pricing changes ($14 million). "We continued to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution further initiatives related to recognizing our previously announced synergies associated with the Deposit Guaranty merger. During the quarter, we successfully completed systems conversions, allowing clients full interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. access to their accounts, and sold the out-of-market McAfee (McAfee, Inc., Santa Clara, CA, www.mcafee.com) A leading provider of intrusion prevention software. In 1997, McAfee Associates and Network General merged to become Network Associates. Mortgage Company of the Deposit Guaranty We have now implemented synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. initiatives accounting for approximately $77 million of the targeted $88 million," Bottorff said. The systems conversion, completed over Labor Day Labor Day, holiday celebrated in the United States and Canada on the first Monday in September to honor the laborer. It was inaugurated by the Knights of Labor in 1882 and made a national holiday by the U.S. Congress in 1894. weekend, will account for approximately $15 million of annualized expense savings. The Aug. 16, 1998, sale of McAfee Mortgage represents approximately $7 million of annualized expense savings. The sale of McAfee, a mortgage subsidiary in Texas, along with the previously announced sale of First Mortgage, headquartered 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). , finalized See finalization. the strategic process of focusing the company's mortgage operations on primarily in-market mortgage businesses. First American plans to implement the balance of initiatives necessary to achieve the targeted synergy goals in the fourth quarter. After all initiatives have been implemented, the company expects to achieve the full $88 million of synergies in 1999. On Oct. 1, 1998, First American announced the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of agreements under which CSB CSB Kashubian (SIL code, Poland) CSB Chemical Safety and Hazard Investigation Board CSB Chemical Safety Board (Washington, DC) CSB Community Services Board CSB Computational Systems Bioinformatics Financial, The Middle Tennessee “Middle Tennessee” redirects here. For the university in Murfreesboro, see Middle Tennessee State University. Middle Tennessee is a distinct portion of the state of Tennessee, delineated according to law as well as custom. Bank and Peoples Bank were merged into First American. The company also expects to complete, before year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , the previously announced merger with Pioneer Bancshares, a $990 million bank holding company located in Chattanooga Chattanooga (chăt'ən  `gə), city (1990 pop. 152,466), seat of Hamilton co., E Tenn., on both sides of the Tennessee River near the Georgia line; inc. 1839. , Tenn. These in-market transactions will be accounted for as
poolings-of-interests.First American Corporation is a $19 billion Nashville-based financial services 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. holding company with approximately 6,400 employees. The corporation is the parent company of First American National Bank For other banks with a similar name, see . First American National Bank was a subsidiary of First American National Corporation, a financial institution based in Nashville, Tennessee that served the states of Tennessee, Kentucky, Georgia and Virginia. , First American 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 , Central South Financial Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Peoples Bank and First American Enterprises Inc. The company owns 98.75 percent of IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. Holdings Inc. Through IFC Holdings, the company has approximately 2,400 representatives selling mutual funds, annuities and other investment and insurance products in more than 1,100 investment centers throughout the U.S. To the extent that statements in this report relate to the plans, objectives or future performance of First American Corporation, these statements may be deemed to be forward looking statements within the meaning of 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. Such statements are based on Management's current expectations and the current economic environment. Actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Additional discussion of factors affecting First American's business and prospects is contained in the Company's periodic filings with the Securities and Exchange Commission. -0-
First American Corporation
Statistical Supplement - 3Q 1998
BALANCE SHEET:
(in thousands)
3Q 98 2Q 98 1Q 98
----------------------------------
End of Period
-------------
Loans:
Commercial $4,684,429 $4,545,640 $4,452,837
Consumer-Amortizing Mortgages 1,570,368 2,185,333 2,637,402
Consumer-Other 2,504,770 2,589,318 2,564,172
Real Estate-Construction 511,584 444,363 435,729
Real Estate Com'l Mtgs and Other 1,252,583 1,346,455 1,361,642
---------- ---------- ----------
Total Loans 10,523,734 11,111,109 11,451,782
Loans, net of fees 10,512,554 11,099,030 11,439,837
Securities:
Held to Maturity
Taxable Securities 1,786,354 945,272 752,514
Tax-exempt Securities 44,176 40,520 42,763
------- ------- -------
Total Held to Maturity 1,830,530 985,792 795,277
Available for Sale
Taxable Securities 4,341,625 4,689,770 3,695,936
Tax-exempt Securities 269,129 216,363 210,412
-------- -------- --------
Total Available for Sale 4,610,754 4,906,133 3,906,348
---------- ---------- ----------
Total Securities 6,441,284 5,891,925 4,701,625
Other Earning Assets 102,354 218,737 187,224
-------- -------- --------
Total Earning Assets 17,056,192 17,209,692 16,328,686
Total Assets 18,863,572 19,059,601 18,235,574
Demand Deposits 2,642,565 2,796,231 2,745,936
Interest Bearing Deposits 10,563,411 10,845,304 10,927,920
---------- ---------- ----------
Total Deposits 13,205,976 13,641,535 13,673,856
Core Deposits 11,599,276 11,954,784 12,140,168
Certificates of Deposit
$100,000 & Over 1,358,211 1,530,941 1,412,793
Fed Funds Purchased 2,250,072 2,403,146 1,637,913
Short-term Borrowings 195,603 383,195 347,215
Long-term Debt 1,252,068 600,125 595,867
Interest Bearing
Liabilities 14,261,154 14,231,770 13,508,915
Total Liabilities 17,267,677 17,502,558 16,695,590
Realized Shareholders'
Equity 1,581,688 1,547,191 1,536,768
Net Unrealized Gains
(Losses)on Securities
Available for Sale,
Net of Tax 14,207 9,852 3,216
------- ------ ------
Total Shareholders' Equity 1,595,895 1,557,043 1,539,984
Goodwill 182,036 188,888 195,973
Mortgage Servicing Rights, net 53,714 51,405 45,977
Other Intangibles 39,477 41,143 43,442
------- ------- -------
Total Intangibles 275,227 281,436 285,392
Averages
--------
Net Loans:
Commercial 4,511,189 4,512,266 4,439,872
Consumer-Amortizing Mortgages 1,782,774 2,306,406 2,816,785
Consumer-Other 2,559,921 2,579,204 2,539,361
Real Estate-Construction 465,613 427,879 426,137
Real Estate Com'l Mtgs and Other 1,282,641 1,334,595 1,331,668
---------- ---------- ----------
Net Loans 10,602,138 11,160,350 11,553,823
Taxable Securities 5,715,935 4,680,178 3,965,049
Tax-exempt Securities 261,752 251,168 227,166
-------- -------- --------
Total Securities 5,977,687 4,931,346 4,192,215
Other Earning Assets 142,138 146,254 173,796
-------- -------- --------
Total Earning Assets 16,721,963 16,237,950 15,919,834
Total Assets 18,340,471 17,886,592 17,599,981
Demand Deposits 2,559,016 2,602,165 2,528,331
Interest Bearing Deposits 10,730,746 10,805,233 10,723,441
---------- ---------- ----------
Total Deposits 13,289,762 13,407,398 13,251,772
Core Deposits 11,671,159 11,877,571 11,812,473
Certificates of Deposit $100,000
& Over 1,454,937 1,404,941 1,318,304
Fed Funds Purchased & Repos 2,210,218 1,842,787 1,651,472
Short-term Borrowings (other) 208,360 329,248 311,051
Long-term Debt 861,991 528,197 595,984
Interest Bearing Liabilities 14,011,315 13,505,465 13,281,948
Total Liabilities 16,774,343 16,334,737 16,076,440
Shareholders' Equity (Common) 1,566,128 1,551,855 1,523,541
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
Statistical Supplement - 3Q 1998
BALANCE SHEET:
(in thousands)
YTD YTD
4Q 97 3Q 97 1998 1997
----------------------------------------------
End of Period
-------------
Loans:
Commercial $4,570,941 $4,447,835
Consumer-
Amortizing
Mortgages 2,783,097 2,783,776
Consumer-Other 2,524,577 2,543,184
Real Estate-
Construction 400,557 403,649
Real Estate
Com'l Mtgs and
Other 1,374,661 1,330,943
---------- ----------
Total Loans 11,653,833 11,509,387
Loans, net of
fees 11,641,732 11,498,320
Securities:
Held to Maturity
Taxable Securities 677,617 767,528
Tax-exempt
Securities 37,410 38,387
---------- ----------
Total Held to
Maturity 715,027 805,915
Available for Sale
Taxable Securities 3,215,927 2,947,152
Tax-exempt
Securities 179,567 164,007
---------- ----------
Total Available
for Sale 3,395,494 3,111,159
---------- ----------
Total Securities 4,110,521 3,917,074
Other Earning Assets 267,474 196,096
---------- ----------
Total Earning Assets 16,019,727 15,611,490
Total Assets 17,834,436 17,427,949
Demand Deposits 2,647,765 2,579,572
Interest Bearing
Deposits 10,757,692 10,446,390
---------- ----------
Total Deposits 13,405,457 13,025,962
Core Deposits 11,911,127 11,738,207
Certificates of Deposit
$100,000 & Over 1,390,148 1,173,245
Fed Funds Purchased 1,614,931 1,578,323
Short-term Borrowings 354,708 521,524
Long-term Debt 596,218 386,500
Interest Bearing
Liabilities 13,323,549 12,932,737
Total Liabilities 16,290,459 15,914,593
Realized Shareholders'
Equity 1,542,281 1,511,078
Net Unrealized Gains
(Losses) on Securities
Available for Sale,
Net of Tax 1,696 2,278
---------- ----------
Total Shareholders'
Equity 1,543,977 1,513,356
Goodwill 200,041 205,082
Mortgage Servicing
Rights, net 41,419 40,045
Other Intangibles 45,201 46,747
---------- ----------
Total Intangibles 286,661 291,874
Averages
--------
Net Loans:
Commercial 4,475,175 4,399,668 4,488,085 4,297,597
Consumer-
Amortizing
Mortgages 2,756,425 2,756,748 2,298,998 2,750,188
Consumer-Other 2,512,626 2,538,983 2,559,414 2,375,847
Real Estate-
Construction 405,978 398,592 439,574 385,911
Real Estate
Com'l Mtgs and
Other 1,333,337 1,338,088 1,315,880 1,310,001
---------- ---------- ---------- ----------
Net Loans 11,483,541 11,432,079 11,101,951 11,119,544
Taxable Securities 3,840,738 3,586,272 4,793,469 3,779,046
Tax-exempt
Securities 205,097 204,957 246,821 202,324
---------- ---------- ---------- ----------
Total Securities 4,045,835 3,791,229 5,040,290 3,981,370
Other Earning Assets 191,350 181,278 159,283 187,405
---------- ---------- ---------- ----------
Total Earning Assets 15,720,726 15,404,586 16,301,524 15,288,319
Total Assets 17,387,372 17,022,695 17,976,944 16,868,992
Demand Deposits 2,550,589 2,458,668 2,561,411 2,420,859
Interest Bearing
Deposits 10,558,863 10,559,828 10,753,166 10,578,342
---------- ---------- ---------- ----------
Total Deposits 13,109,452 13,018,496 13,314,577 12,999,201
Core Deposits 11,701,740 11,718,911 11,784,678 11,742,704
Certificates of
Deposit $100,000
& Over 1,308,227 1,185,746 1,393,227 1,149,346
Fed Funds Purchased &
Repos 1,624,718 1,445,537 1,900,957 1,414,226
Short-term Borrowings
(other) 368,560 373,014 282,510 292,962
Long-term Debt 494,786 446,265 685,672 429,830
Interest Bearing
Liabilities 13,046,927 12,824,644 13,622,305 12,715,360
Total Liabilities 15,860,518 15,530,417 16,426,599 15,385,787
Shareholders' Equity
(Common) 1,526,854 1,492,278 1,550,345 1,483,205
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
Statistical Supplement - 3Q 1998
INCOME STATEMENT:
(in thousands)
3Q 98 2Q 98 1Q 98
---------------------------------
Interest Income - Book Basis $326,931 $320,432 $316,042
Interest Income - TEB 329,471 323,208 318,676
Interest Expense 155,609 148,617 145,370
Net Interest Income - Book
Basis 171,322 171,815 170,672
Net Interest Income - TEB 173,862 174,591 173,306
Provision 7,000 5,000 6,000
Non-Interest Income 125,488 121,770 106,441
Non-Interest Expense 167,254 181,497 173,646
Restructuring & Merger
Related Costs 37,159 72,043 -
Pretax Income - Book 85,397 35,045 97,467
Pretax Income - TEB 87,937 37,821 100,101
------- ------- --------
Tax Equivalent Adjustment 2,540 2,776 2,634
Income Tax Expense 44,833 38,206 35,481
Inc. Tax Benefit-
Restructuring/Merger
Rel. Costs (14,360) (22,279) -
-------- -------- ------
Net Income $54,924 $19,118 $61,986
======== ======== ========
Net Income Before
Restruct./Merger
Rel. Costs & Gain $73,318 $68,881 $61,986
======== ======== ========
Income Per Share Before
Restructuring/Merger
Rel. Costs & Gain
Basic Income Per Share $0.69 $0.65 $0.59
====== ====== ======
Diluted Income Per Share $0.68 $0.64 $0.58
====== ====== ======
Income Per Share After
Restructuring/Merger Rel.
Costs & Gain
Basic Income Per Share $0.52 $0.18 $0.59
====== ====== ======
Diluted Income Per Share $0.51 $0.18 $0.58
====== ====== ======
Non-Interest Income:
Service Charges on Deposit
Accounts $33,454 $31,285 $28,344
Investment Services Income 37,832 42,849 35,186
Trading Account Revenue 2,751 2,102 1,957
Commissions and Fees on
Fiduciary Activities 10,669 10,113 10,371
Merchant Discount Fees 1,162 964 800
Mortgage Banking 11,021 14,537 10,312
Other Income 19,420 18,458 17,790
------- ------- -------
Total Recurring Income 116,309 120,308 104,760
Core Net Gain (Loss)
and Write-Down on
Securities 2,154 1,462 1,681
------ ------ ------
Gain on Sale of
Corporate Trust 7,025 0 0
------ -- --
Total Non-Interest
Income $125,488 $121,770 $106,441
========= ========= =========
Non-Interest Expense:
Salaries and Benefits $78,895 $84,218 $85,637
Net Occupancy Expense 12,411 12,461 12,161
Equipment Expense 10,803 11,426 11,141
Other Real Estate Expense
(Income), Net (425) (558) 150
Marketing Expense 4,353 5,182 5,041
Communications Expense 6,791 6,967 6,844
Systems and Processing
Expense 3,864 3,632 3,664
Supplies Expense 2,527 2,838 3,133
Subscribers' Commissions 22,444 26,787 20,190
Goodwill Amortization 4,124 4,224 4,224
Mortgage Servicing Rights
Amortization 2,636 2,256 1,940
Adjustment for Impairment-
Mort. Svc. Rts. 1,276 1,066 107
Other Intangible
Amortization 1,550 1,581 1,758
Restructuring and Merger
Related Costs 37,159 72,043 -
Other Expenses 16,005 19,417 17,656
------- ------- -------
Total Non-Interest
Expense $204,413 $253,540 $173,646
========= ========= =========
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
Statistical Supplement - 3Q 1998
INCOME STATEMENT:
(in thousands)
---------------------------------------
YTD YTD
4Q 97 3Q 97 1998 1997
---------------------------------------
Interest Income - Book Basis $318,719 $310,909 $963,405 $913,412
Interest Income - TEB 321,692 313,663 971,355 921,504
Interest Expense 147,625 145,162 449,596 422,383
Net Interest Income - Book
Basis 171,094 165,747 513,809 491,029
Net Interest Income - TEB 174,067 168,501 521,759 499,121
Provision 6,875 1,875 18,000 5,625
Non-Interest Income 107,170 100,085 353,699 288,591
Non-Interest Expense 171,087 168,321 522,397 498,644
Restructuring & Merger
Related Costs - - 109,202 -
Pretax Income - Book 100,302 95,636 217,909 275,351
Pretax Income - TEB 103,275 98,390 225,859 283,443
-------- -------- --------- ---------
Tax Equivalent Adjustment 2,973 2,754 7,950 8,092
Income Tax Expense 36,959 35,140 118,520 100,942
Inc. Tax Benefit-
Restructuring/Merger Rel.
Costs - - (36,639) -
-------- -------- --------- ---------
Net Income $63,343 $60,496 $136,028 $174,409
======== ======== ========= =========
Net Income Before Restruct./
Merger Rel. Costs & Gain $63,343 $60,496 $204,185 $174,409
======== ======== ========= =========
Income Per Share Before
Restructuring/Merger Rel.
Costs & Gain
Basic Income Per Share $0.60 $0.57 $1.94 $1.63
===== ===== ===== =====
Diluted Income Per Share $0.58 $0.56 $1.90 $1.60
===== ===== ===== =====
Income Per Share After
Restructuring/Merger Rel.
Costs & Gain
Basic Income Per Share $0.60 $0.57 $1.29 $1.63
===== ===== ===== =====
Diluted Income Per Share $0.58 $0.56 $1.26 $1.60
===== ===== ===== =====
Non-Interest Income:
Service Charges on Deposit
Accounts $30,964 $28,721 $93,083 $82,497
Investment Services Income 30,612 31,108 115,867 92,819
Trading Account Revenue 1,150 744 6,810 3,264
Commissions and Fees on
Fiduciary Activities 10,100 9,874 31,153 28,687
Merchant Discount Fees 991 985 2,926 2,775
Mortgage Banking 10,348 8,048 35,870 25,730
Other Income 21,642 19,126 55,668 49,948
-------- -------- --------- ---------
Total Recurring Income 105,807 98,606 341,337 285,720
Core Net Gain (Loss) and
Write-Down on Securities 1,363 1,479 5,297 2,871
-------- -------- --------- ---------
Gain on Sale of
Corporate Trust 0 0 7,025 0
-------- -------- --------- ---------
Total Non-Interest
Income $107,170 $100,085 $353,699 $288,591
======== ======== ========= =========
Non-Interest Expense:
Salaries and Benefits $82,714 $82,802 $248,750 $247,168
Net Occupancy Expense 12,920 11,940 37,033 35,239
Equipment Expense 11,153 10,993 33,370 31,632
Other Real Estate Expense
(Income), Net 198 (1,932) (833) (3,749)
Marketing Expense 6,139 5,515 14,576 15,598
Communications Expense 6,841 6,310 20,602 18,890
Systems and Processing
Expense 3,558 3,980 11,160 12,104
Supplies Expense 3,471 3,726 8,498 11,207
Subscribers' Commissions 17,659 18,165 69,421 53,126
Goodwill Amortization 4,029 4,252 12,572 12,061
Mortgage Servicing Rights
Amortization 1,911 1,814 6,831 5,169
Adjustment for Impairment-
Mort. Svc. Rts. (367) 464 2,449 417
Other Intangible
Amortization 1,699 1,651 4,890 4,838
Restructuring and Merger
Related Costs - - 109,202 -
Other Expenses 19,162 18,641 53,078 54,944
-------- -------- --------- ---------
Total Non-Interest
Expense $171,087 $168,321 $631,599 $498,644
======== ======== ========= =========
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
Statistical Supplement - 3Q 1998
FINANCIAL/RATIOS:
3Q 98 2Q 98 1Q 98
Performance: ----------------------------------
ROA-Before Restruc./Merger Rel.
Costs & Gain 1.59% 1.54% 1.43%
ROA-After Restruc./Merger Rel.
Costs & Gain 1.19% 0.43% 1.43%
ROE-Before Restruc./Merger Rel.
Costs & Gain 18.57% 17.80% 16.50%
ROE-After Restruc./Merger Rel.
Costs & Gain 13.91% 4.94% 16.50%
Efficiency / Productivity
- Reported 55.87% 61.24% 62.07%
Efficiency / Productivity
- Banking Business(1) 52.83% 56.45% 57.88%
Equity:
Common Equity to Assets
(Avg) 8.54% 8.68% 8.66%
Common Equity to Assets
(EOP) 8.46% 8.17% 8.44%
Risk-Based Capital:
Risk-Based Capital (Corp) 11.17% 11.38% 11.02%
Tier 1 Capital (Corp) 9.26% 9.42% 9.07%
Leverage Ratio (Corp) 7.47% 7.48% 7.35%
Tier 1 Capital (Corp) 1,357,528 1,319,640 1,273,427
Tier 2 Capital (Corp) 279,640 274,039 275,095
-------- -------- --------
Risk-Based Capital (Corp) 1,637,168 1,593,679 1,548,522
Risk Adjusted Assets (Corp) 14,654,178 14,001,521 14,045,853
Risk-Based Capital (FANB) 11.53% 11.01% 10.81%
Tier 1 Capital (FANB) 10.31% 9.76% 9.56%
Leverage Ratio (FANB) 11.24% 8.30% 8.12%
Tier 1 Capital (FANB) 1,497,775 873,762 839,544
Tier 2 Capital (FANB) 177,768 111,795 109,830
-------- -------- --------
Risk-Based Capital (FANB) 1,675,543 985,557 949,374
Risk Adjusted Assets (FANB) 14,534,258 8,952,026 8,783,791
Stock:
Book Value $14.92 $14.59 $14.47
Tangible Book Value 12.35 11.95 11.78
High Stock Price 51.000 54.875 49.688
Low Stock Price 34.750 43.125 43.125
Closing Stock Price 38.375 48.125 49.000
Market to Book Value
Per Share 257.1% 329.9% 338.7%
Shares Outstanding (EOP) 106,938 106,732 106,459
Shares Outstanding (Avg-Basic) 105,839 105,634 104,912
Shares Outstanding (Avg-Diluted) 107,801 107,896 107,391
Repurchased Shares for the Period 190 5 1,177
Average Cost of Repurchased Shares 48.563 54.655 48.020
Other:
Net Interest Margin 4.12% 4.31% 4.41%
Net Interest Spread 3.41% 3.57% 3.68%
Securities Yield 6.59% 6.75% 6.96%
Loan Yield 8.51% 8.55% 8.57%
Total Earning Asset Yield 7.82% 7.98% 8.12%
Total Interest-bearing
Deposits Rate 4.09% 4.14% 4.21%
Total Interest-bearing Funds Rate 4.41% 4.41% 4.44%
Dividends Declared (per share) $0.250 $0.250 $0.200
Dividend Payout Ratio (per share) 48.08% 138.89% 33.90%
Dividends Paid 26,716 14,476 20,914
Loans to Deposits (Avg) 79.78% 83.24% 87.19%
Core Deposits to Total
Deposits (Avg) 87.82% 88.59% 89.14%
Full Time Equivalent Employees 6,335 6,820 7,068
Number of Branches 343 331 336
Number of ATM's 631 630 522
(1) Excludes Enterprises
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
Statistical Supplement - 3Q 1998
FINANCIAL/RATIOS:
YTD YTD
4Q 97 3Q 97 1998 1997
Performance: -------------------------------------
ROA-Before Restruc./Merger Rel.
Costs & Gain 1.45% 1.41% 1.52% 1.38%
ROA-After Restruc./Merger Rel.
Costs & Gain 1.45% 1.41% 1.01% 1.38%
ROE-Before Restruc./Merger Rel.
Costs & Gain 16.46% 16.08% 17.61% 15.72%
ROE-After Restruc./Merger Rel.
Costs & Gain 16.46% 16.08% 11.73% 15.72%
Efficiency / Productivity
- Reported 60.83% 62.67% 59.67% 63.30%
Efficiency / Productivity
- Banking Business(1) 57.91% 58.78% 55.91% 59.44%
Equity:
Common Equity to Assets (Avg) 8.78% 8.77% 8.62% 8.79%
Common Equity to Assets (EOP) 8.66% 8.68%
Risk-Based Capital:
Risk-Based Capital (Corp) 11.08% 11.32%
Tier 1 Capital (Corp) 9.13% 9.34%
Leverage Ratio (Corp) 7.59% 7.55%
Tier 1 Capital (Corp) 1,300,024 1,263,856
Tier 2 Capital (Corp) 277,455 268,766
-------- --------
Risk-Based Capital (Corp) 1,577,479 1,532,622
Risk Adjusted Assets (Corp) 14,239,010 13,536,466
Risk-Based Capital (FANB) 10.76% 11.16%
Tier 1 Capital (FANB) 9.51% 9.91%
Leverage Ratio (FANB) 8.48% 8.57%
Tier 1 Capital (FANB) 862,861 841,862
Tier 2 Capital (FANB) 112,949 106,266
-------- --------
Risk-Based Capital (FANB) 975,810 948,128
Risk Adjusted Assets (FANB) 9,069,673 8,493,820
Stock:
Book Value $14.56 $14.26
Tangible Book Value 11.86 11.51
High Stock Price 55.375 50.125 $54.875 $50.125
Low Stock Price 43.750 38.000 34.750 28.000
Closing Stock Price 49.750 48.875
Market to Book Value Per Share 341.7% 342.8%
Shares Outstanding (EOP) 106,032 106,131
Shares Outstanding (Avg-Basic) 106,152 106,190 105,465 106,946
Shares Outstanding
(Avg-Diluted) 108,722 108,393 107,698 109,222
Repurchased Shares for
the Period 314 460 1,372 1,445
Average Cost of
Repurchased Shares 49.316 39.542
Other:
Net Interest Margin 4.39% 4.34% 4.28% 4.36%
Net Interest Spread 3.63% 3.59% 3.56% 3.62%
Securities Yield 7.13% 6.84% 6.74% 6.88%
Loan Yield 8.50% 8.52% 8.54% 8.52%
Total Earning Asset Yield 8.12% 8.08% 7.97% 8.06%
Total Interest-bearing
Deposits Rate 4.28% 4.30% 4.15% 4.27%
Total Interest-bearing
Funds Rate 4.49% 4.49% 4.41% 4.44%
Dividends Declared (per share) $0.200 $0.200 $0.700 $0.555
Dividend Payout Ratio
(per share) 33.33% 35.09% 54.26% 34.05%
Dividends Paid 21,365 19,849 62,106 56,586
Loans to Deposits (Avg) 87.60% 87.81% 83.38% 85.54%
Core Deposits to Total
Deposits (Avg) 89.26% 90.02% 88.51% 90.33%
Full Time Equivalent Employees 7,372 7,484
Number of Branches 339 337
Number of ATM's 639 440
(1) Excludes Enterprises
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
Statistical Supplement - 3Q 1998
ASSET QUALITY: EOP Unless Noted
(in thousands)
3Q 98 2Q 98 1Q 98
Allowance: -------------------------------
Allowance For Loan Losses $180,137 $180,138 $180,457
Allowance to Net Loans 1.71% 1.62% 1.58%
Allowance to NPLs 594.45% 565.53% 483.08%
Allowance to NPAs 502.01% 463.39% 406.30%
Non Performing Assets:
Composition:
Non Accrual Loans 30,303 31,853 37,356
Foreclosed Properties 5,580 7,021 7,060
------ ------ ------
Total Non Performing Assets 35,883 38,874 44,416
NPAs to Total Loans and OREO 0.34% 0.35% 0.39%
NPA Reconciliation:
Beginning Balance 38,874 44,416 43,317
Transfers In 8,968 6,222 6,901
Change in nonperofrming assets
due to subsidiaries purchased 0 0 126
Payments (5,737) (6,259) (4,255)
Proceeds of Forclosed
Property Sales (3,326) (2,282) (1,103)
Net Gains/Losses on Sales 543 866 135
Charge-Offs/Writedowns (3,124) (4,089) (705)
Return to Earning Status 0 0 0
Other (315) 0 0
----- -- --
Ending Balance 35,883 38,874 44,416
Type of NPA:
1 Commercial-Non Real
Estate Related No. N/A 21,262 29,652
2 Commercial-Real
Estate Related No. N/A 2,786 2,409
3 Consumer-Other No. N/A 933 2,338
4 Consumer-Amortizing Mortgages No. N/A 827 359
5 Real Estate-Construction No. N/A 910 452
6 Real Estate-Com'l Mtgs
and Other No. N/A 5,135 2,146
- ----------------------------- -------- ------ ------
7 Total Nonperforming Loans 30,303 31,853 37,356
Foreclosed Properties
8 Residential 1,834 1,602 1,992
9 Multi-family 0 0 0
Commercial Properties:
10 Retail 76 0 0
11 Office 720 2,345 2,077
12 Lodging 0 0 0
13 Commercial Land 2,950 2,747 2,901
14 Farm Land 0 0 0
15 Other 0 327 90
-- ----- -- ---- ---
16 Total Foreclosed
properties 5,580 7,021 7,060
-- ----------------- ------ ------ ------
17 Total Non Performing Assets 35,883 38,874 44,416
Real Estate Related %
(2,5,6,7,17) of NPA No. N/A 42.91% 27.98%
Gross Charge-Offs 11,557 14,990 12,306
Recoveries 4,556 9,667 5,407
Recoveries to Prior Year Gross
Charge-Offs 33.29% 71.41% 40.38%
Net Charge-offs:
Commercial 4,445 674 1,501
Consumer Amortizing Mortgages 131 233 578
Consumer-Other 2,459 4,511 5,043
Real Estate-Construction 0 180 (13)
Real Estate-Com'l Mtgs and Other (34) (275) (210)
---- ----- -----
Total Net Charge-offs
(Recoveries) 7,001 5,323 6,899
Net Charge-offs (Recoveries)
to Avg Loans 0.26% 0.19% 0.24%
Provision 7,000 5,000 6,000
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
Statistical Supplement - 3Q 1998
ASSET QUALITY: EOP Unless Noted
(in thousands)
Allowance: YTD YTD
4Q 97 3Q 97 1998 1997
---------------------------------------
Allowance For Loan Losses $180,043 $180,362
Allowance to Net Loans 1.55% 1.57%
Allowance to NPLs 496.07% 427.26%
Allowance to NPAs 415.64% 365.02%
Non Performing Assets:
Composition:
Non Accrual Loans 36,294 42,214
Foreclosed Properties 7,023 7,197
------ ------
Total Non Performing
Assets 43,317 49,411
NPAs to Total Loans
and OREO 0.37% 0.43%
NPA Reconciliation:
Beginning Balance 49,411 45,671 43,317 45,248
Transfers In 11,845 17,569 22,091 35,386
Change in nonperofrming
assets due to
subsidiaries purchased 0 126 126 1,247
Payments (8,440) (2,601) (16,251) (10,441)
Proceeds of Forclosed
Property Sales (1,264) (4,612) (6,711) (11,646)
Net Gains/Losses on Sales 123 2,521 1,544 5,004
Charge-Offs/Writedowns (3,981) (7,024) (7,918) (8,936)
Return to Earning Status (4,377) (2,239) 0 (6,451)
Other 0 0 (315) 0
-- -- ----- --
Ending Balance 43,317 49,411 35,883 49,411
Type of NPA:
1 Commercial-Non Real
Estate Related 27,221 21,545
2 Commercial-Real
Estate Related 2,844 14,384
3 Consumer-Other 2,423 2,825
4 Consumer-Amortizing
Mortgages 715 311
5 Real Estate
-Construction 582 197
6 Real Estate
-Com'l Mtgs and Other 2,509 2,952
---------------------- ------ ------
7 Total Nonperforming
Loans 36,294 42,214
Foreclosed Properties
8 Residential 2,080 2,019
9 Multi-family 0 0
Commercial Properties:
10 Retail 0 100
11 Office 2,011 2,087
12 Lodging 0 0
13 Commercial Land 2,946 2,994
14 Farm Land 0 0
15 Other (14) (3)
-- ------ ---- ---
16 Total Foreclosed
properties 7,023 7,197
----------- ------ ------
17 Total Non Performing
Assets 43,317 49,411
Real Estate Related %
(2,5,6,7,17) of NPA 31.56% 50.68%
Gross Charge-Offs 15,295 16,637 38,853 39,005
Recoveries 8,101 6,526 19,630 20,272
Recoveries to Prior
Year Gross Charge-Offs 70.27% 56.61% 48.33% 59.26%
Net Charge-offs:
Commercial 3,633 6,160 6,620 8,955
Consumer Amortizing
Mortgages (52) 591 942 918
Consumer-Other 4,912 3,839 12,013 10,106
Real Estate-Construction (5) 49 167 497
Real Estate-Com'l Mtgs
and Other (1,294) (528) (519) (1,743)
------- ----- ----- -------
Total Net Charge-offs
(Recoveries) 7,194 10,111 19,223 18,733
Net Charge-offs
(Recoveries)
to Avg Loans 0.25% 0.35% 0.23% 0.23%
Provision 5,000 1,875 0 0
NOTE: All financial information has been restated to include
results of Deposit Guaranty for all periods presented in accordance
with the pooling-of-interests method of accounting for business
combinations.
First American Corporation
First
American Corporati;;ion
and Subsidiaries
;;
Condensed Consolidated Income Statements
Consolidated Financial H;;
Quarter Ended
September 30 %
--------------------
(in thousands except per
share amounts) 1997 1998 Change
-------- -------- ------
Interest income $326,931 $310,909 5 %
Interest expense 155,609 145,162 7
-------- --------
Net interest income 171,322 165,747 3
Provision for loan losses 7,000 1,875 -
Non-interest income 125,488 100,085 25
Non-interest expense 167,254 168,321 (1)
Restructuring and merger
related costs 37,159 -
-------- --------
Income before income
tax expense 85,397 95,636 (11)
Income tax expense 44,833 35,140 28
Inc. tax benefit-restructuring/
merger related costs (14,360) -
-------- --------
Net income $ 54,924 $ 60,496 (9)
======== ========
Per common share:
Net income before restructuring
and merger related costs:
Basic 0.73 0.57 28
Diluted 0.72 0.56 29
Net income after restructuring
and merger related costs:
Basic 0.52 0.57 (9)
Diluted 0.51 0.56 (9)
Cash dividends 0.250 0.200 25
Book Value 14.92 14.26 5
Average Common Shares Outstanding:
Basic 105,839 106,190 (0)
Diluted 107,801 108,393 (1)
First American Corporation
and Subsidiaries
Condensed Consolidated Income Statements
Nine Months Ended
September 30 %
------------------
(in thousands except per
share amounts) 1998 1997 Change
-------- -------- ------
Interest income $963,405 $913,412 5 %
Interest expense 449,596 422,383 6
-------- --------
Net interest income 513,809 491,029 5
Provision for loan losses 18,000 5,625 -
Non-interest income 353,699 288,591 23
Non-interest expense 522,397 498,644 5
Restructuring and merger
related costs 109,202 -
-------- --------
Income before income
tax expense 217,909 275,351 (21)
Income tax expense 118,520 100,942 17
Inc. tax benefit-restructuring/
merger related costs (36,639) -
-------- --------
Net income $136,028 $174,409 (22)
======== ========
Per common share:
Net income before restructuring
and merger related costs:
Basic 1.98 1.63 21
Diluted 1.94 1.60 21
Net income after restructuring
and merger related costs:
Basic 1.29 1.63 (21)
Diluted 1.26 1.60 (21)
Cash dividends 0.700 0.555 26
Book Value 14.92 14.26 5
Average Common Shares Outstanding:
Basic 105,465 106,946 (1)
Diluted 107,698 109,222 (1)
Condensed Consolidated Balance Sheets
September 30 %
-----------------------
(in thousands) 1998 1997 Change
----------- ----------- ------
Assets
Cash and due from banks $ 855,815 $ 948,261 (10)%
Securities 6,441,284 3,917,074 64
Federal funds sold and
short-term investments 102,354 196,096 (48)
Loans, net of allowance for
loan losses of $180,137 and
$180,362 respectively 10,332,417 11,317,958 (9)
Other Assets 1,131,702 1,048,560 8
----------- -----------
Total Assets $18,863,572 $17,427,949 8
=========== ===========
Liabilities and Shareholders'
Equity
Deposits $13,205,976 $13,025,962 1
Borrowed funds 3,697,743 2,486,347 49
Other liabilities 363,958 402,284 (10)
----------- -----------
Total liabilities 17,267,677 15,914,593 9
Shareholders' equity 1,595,895 1,513,356 5
----------- -----------
Total liabilities and
shareholders' equity $18,863,572 $17,427,949 8
=========== ===========
First American Corporation
and Subsidiaries
Consolidated Financial Highlights
Quarter Ended
September 30 %
------------------------
(in thousands except
per share amounts) 1998 1997 Change
----------- ----------- ------
Average Balances
Loans, net of unearned discount
and net deferred loan fees $10,602,138 $11,432,079 (7)%
Securities 5,977,687 3,791,229 58
Earning assets 16,721,963 15,404,586 9
Total assets 18,340,471 17,022,695 8
Demand deposits 2,559,016 2,458,668 4
Interest-bearing deposits 10,730,746 10,559,828 2
Total core deposits 11,671,159 11,718,911 (0)
Total deposits 13,289,762 13,018,496 2
Shareholders' equity 1,566,128 1,492,278 5
Significant Ratios
Return on average assets
Before restructuring/merger
related costs 1.68% 1.41%
After restructuring/merger
related charges 1.19 1.41
Return on average equity
Before restructuring/merger
related costs 19.69 16.08
After restructuring/merger
related charges 13.91 16.08
Net interest margin 4.12 4.34
Equity to assets (average) 8.54 8.77
Realized risk-based capital
ratio
Realized leverage ratio
Credit Quality Data
Nonperforming loans
Foreclosed properties
Total nonperforming assets
Nonperforming assets as a
percent of loans
and foreclosed properties
Allowance for loan losses
Percent of period-end loans
Net charge-offs (recoveries) $ 7,001 $ 10,111 (31)
Percent of average loans
(annualized) 0.26% 0.35%
First American Corporation
and Subsidiaries
Consolidated Financial Highlights
Nine Months Ended
September 30 %
(in thousands except
per share amounts) 1998 1997 Change
----------- ----------- ------
Average Balances
Loans, net of unearned discount
and net deferred loan fees $11,101,951 $11,119,544 (0)%
Securities 5,040,290 3,981,370 27
Earning assets 16,301,524 15,288,319 7
Total assets 17,976,944 16,868,992 7
Demand deposits 2,561,411 2,420,859 6
Interest-bearing deposits 10,753,166 10,578,342 2
Total core deposits 11,784,678 11,742,704 0
Total deposits 13,314,577 12,999,201 2
Shareholders' equity 1,550,345 1,483,205 5
Significant Ratios
Return on average assets
Before restructuring/merger
related costs 1.55% 1.38%
After restructuring/merger
related charges 1.01 1.38
Return on average equity
Before restructuring/merger
related costs 17.99 15.72
After restructuring/merger
related charges 11.73 15.72
Net interest margin 4.28 4.36
Equity to assets (average) 8.62 8.79
Realized risk-based capital
ratio 11.17 11.32
Realized leverage ratio 7.47 7.55
Credit Quality Data
Nonperforming loans $ 30,303 $ 42,214 (28)%
Foreclosed properties 5,580 7,197 (22)
----------- -----------
Total nonperforming assets 35,883 $ 49,411 (27)
=========== ===========
Nonperforming assets as a
percent of loans and
foreclosed properties 0.34% 0.43%
Allowance for loan losses $ 180,137 $ 180,362 (0)
Percent of period-end loans 1.71% 1.57%
Net charge-offs (recoveries) $ 19,223 $ 18,733 3
Percent of average loans
(annualized) 0.23% 0.23%
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