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Previous: AMERICAN SOFTWARE INC, 10-K, 1995-07-28 |
Next: KEMPER TAX EXEMPT INCOME TRUST SERIES 58, 485BPOS, 1995-07-28 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 17, 1995
CCB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
North Carolina 0-12358 56-1347849
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification No.)
incorporation)
111 Corcoran Street, Post Office Box 931, Durham, NC 27702
(Address of principal executive offices)
Registrant's telephone number, including area code (919) 683-7777
N/A
(Former name or former address, if
changed since last report)
Item 5. Other Events
On July 17, 1995, the Registrant issued a press release of its
second quarter earnings. Income before merger-related expense
totaled $16,492,000 for the three months ended June 30, 1995 and
$31,391,000 for the six-months ended June 30, 1995. Net income
for these same periods was $9,188,000 and $24,087,000,
respectively. As previously announced, the Registrant merged
with Security Capital Bancorp on May 19, 1995 through a tax-free
exchange of stock which was accounted for as a pooling-of-
interests.
Item 7. Financial Statements and Exhibits
Financial Statements
None
Exhibits
99 Press release by CCB Financial Corporation dated
July 17, 1995
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
CCB FINANCIAL CORPORATION
Registrant
Date: July 28, 1995 By: /s/ W. HAROLD PARKER, JR.
W. Harold Parker, Jr.
Senior Vice President
and Controller
PRESS RELEASE
FOR IMMEDIATE RELEASE
For further information, contact: W. Harold Parker, Jr. (919) 683-7631
July 17, 1995
CCB FINANCIAL CORPORATION REPORTS EARNINGS
Durham, North Carolina------For the second quarter
ended June 30, 1995, excluding one-time merger-related expense of
$.49 per share, income per share was $1.11, an increase of 29.1%
over $.86 in the second quarter of 1994. Results for prior
periods have been restated for the acquisition of Security
Capital Bancorp on May 19, 1995 which was accounted for as a
pooling of interests. Returns on assets and equity, excluding
the merger-related expense, were 1.39% and 16.85%, respectively,
in the 1995 period, compared to 1.27% and 13.81%, respectively,
in the 1994 period.
For the six months ended June 30, 1995, excluding the
above merger-related expense, income per share was $2.10, an
increase of 28.8% over $1.63 as restated in the comparable period
of 1994. Returns on assets and equity, excluding the merger-
related expense, were 1.34% and 16.47%, respectively, in the 1995
period, compared to 1.22% and 13.28%, respectively, in the 1994
period.
E.C. Roessler, President and CEO of CCB Financial
Corporation, commented: "Our performance for the first half of
1995 was strong, both in terms of the growth of our businesses
and in the efficiency of our operations. The one-time merger-
related expense of $7.3 million after tax was slightly below our
estimate. The on-going annual savings from the combination with
Security Capital are expected to exceed the merger-related
expense, with the full benefits of the savings being realized
before year-end 1995."
Roessler further commented: "Our combination with
Security Capital has been successful to date. All loan, deposit,
branch and ATM systems were successfully converted to our systems
during the weekend of May 19, 1995. We are moving forward to
achieve the additional opportunities available to us."
CCB Financial Corporation is the bank holding company
for Central Carolina Bank and Trust Company and Graham Savings
Bank, Inc., SSB which in total operate 157 offices located
primarily in the Piedmont section of North Carolina.
Nasdaq National Market Symbol: CCBF
CCB FINANCIAL CORPORATION
Financial Summary (1)
Unaudited
(In Thousands Except Share and Per Share Data)
<TABLE>
<CAPTION>
Three Months Ended
Income Statement 6/30/95 3/31/95 12/31/94 9/30/94 6/30/94
<S> <C> <C> <C> <C> <C>
Loan and lease income (TE) $ 77,019 73,652 69,434 62,217 58,214
Securities income (TE) 17,058 18,317 17,773 16,197 16,099
Other interest income 3,724 3,190 3,186 1,829 1,578
Total interest income (TE) 97,801 95,159 90,393 80,243 75,891
Savings/NOW expense 2,913 2,881 2,979 2,818 2,541
Money market account expense 12,742 12,107 10,625 8,479 7,387
Jumbo CD expense 4,439 4,379 3,203 2,621 2,020
Consumer time deposit expense 22,599 19,353 18,491 15,462 14,931
Interest expense on deposits 42,693 38,720 35,298 29,380 26,879
Fed funds, master notes and
repurchase agreements 621 519 478 344 255
Other short-term borrowed funds expense 534 899 809 309 71
Long-term debt interest expense 1,538 1,533 1,741 1,544 1,577
Total interest expense 45,386 41,671 38,326 31,577 28,782
Net interest income (TE) 52,415 53,488 52,067 48,666 47,109
Provision for loan and lease losses 1,599 2,150 3,210 2,422 2,308
Net interest income after provision (TE) 50,816 51,338 48,857 46,244 44,801
Service charges on deposits 6,174 6,178 6,129 5,832 5,756
Other service charges and fees 844 1,067 682 799 867
Trust income 1,499 1,728 2,407 1,810 2,301
Insurance commissions 946 897 562 644 768
Merchant discount 1,153 1,109 1,067 982 927
Accretion of negative goodwill 839 839 825 825 847
Other 2,156 1,856 661 669 654
Securities gains (losses) 349 (1,326) 382 (76) 6
Total other income 13,960 12,348 12,715 11,485 12,126
Personnel expense 19,795 19,878 18,466 19,197 17,511
Occupancy 2,643 2,935 2,919 2,800 2,719
Equipment 2,599 2,619 2,506 2,587 2,460
Foreclosed property expense 129 732 400 473 611
Deposit and other insurance 2,377 2,410 2,423 2,207 2,206
Amortization of intangible assets 1,048 947 947 643 643
Other 8,813 9,524 11,342 10,128 9,215
Merger-related expense (1) 10,333 - - - -
Total other expenses 47,737 39,045 39,003 38,035 35,365
Income before income taxes (TE) 17,039 24,641 22,569 19,694 21,562
Tax equivalent adjustment 2,194 2,292 2,134 1,847 1,769
Income before income taxes 14,845 22,349 20,435 17,847 19,793
Income taxes (2) 5,657 7,450 6,550 11,739 6,582
Net income $ 9,188 14,899 13,885 6,108 13,211
Per Share Data
Net income (1) $ .62 .99 .91 .40 .86
Cash dividends .34 .34 .34 .34 .32
Book value 27.02 26.21 24.75 24.97 25.01
Tangible book value 24.45 23.80 22.27 22.50 23.53
Market value (3):
High 42.75 38.75 44.00 44.50 40.00
Low 38.00 34.00 32.75 39.25 33.25
Close 41.75 38.50 34.75 43.50 39.75
Page 1
</TABLE>
CCB FINANCIAL CORPORATION
Financial Summary (1)
Unaudited
(In Thousands Except Share and Per Share Data)
<TABLE>
<CAPTION>
Three Months Ended
Ratios 6/30/95 3/31/95 12/31/94 9/30/94 6/30/94
<S> <C> <C> <C> <C> <C>
Income before merger-related expense (1):
Return on average assets 1.39 % 1.28 1.18 .57 1.27
Return on average equity 16.85 16.06 14.45 6.25 13.81
Net interest margin 4.69 4.84 4.77 4.90 4.83
Average equity to average assets 8.23 8.00 8.20 9.13 9.20
Operating Efficiency Ratios
As a percentage of average assets
(excluding merger-related expense (1)):
Noninterest income 1.17 % 1.06 1.08 1.07 1.17
Personnel expense 1.67 1.71 1.58 1.79 1.68
Occupancy and equipment expense .44 .48 .46 .50 .50
Other operating expense 1.04 1.17 1.29 1.26 1.22
Noninterest expense 3.15 3.36 3.33 3.55 3.40
Net overhead (noninterest exp. less
noninterest inc.) 1.98 % 2.30 2.25 2.48 2.23
Noninterest expense as a percentage of net
interest income (TE) and other income 56.35 % 59.31 60.21 63.23 59.70
Average assets per employee (in millions) $ 2.45 2.35 2.32 2.07 2.09
Average Balances
Assets $ 4,766,714 4,705,209 4,650,318 4,243,985 4,172,223
Loans and lease financing (all domestic) 3,263,187 3,193,844 3,087,250 2,836,946 2,719,111
Investment securities:
Taxable (4) 884,813 957,620 956,946 916,263 970,270
Tax-exempt 80,331 82,575 74,766 65,414 60,059
Earning assets (4) 4,466,109 4,429,264 4,354,612 3,970,266 3,902,676
Deposits:
Demand deposits (noninterest-bearing) 494,604 466,311 482,024 450,175 453,704
Savings/NOW accounts 484,405 490,695 506,321 490,678 496,098
Money market accounts 1,229,837 1,225,716 1,187,519 1,080,815 1,046,715
Jumbo CD's 280,833 297,054 240,005 221,084 202,786
Consumer time deposits 1,621,210 1,565,397 1,563,952 1,374,488 1,373,375
Total deposits 4,110,889 4,045,173 3,979,821 3,617,240 3,572,678
Fed funds, master notes and
repurchase agreements 49,190 44,145 45,713 40,536 37,988
Other short-term borrowed funds 34,530 62,881 61,216 26,476 10,838
Long-term debt 87,033 88,084 94,137 85,689 84,472
Interest-bearing liabilities 3,787,038 3,773,972 3,698,863 3,319,766 3,252,272
Shareholders' equity 392,491 376,298 381,192 387,560 383,800
Share Data
Common shares outstanding 14,899,625 14,990,938 14,996,828 15,401,078 15,387,860
Weighted average shares outstanding:
Primary 14,923,787 14,998,166 15,278,010 15,391,484 15,378,110
Fully diluted 14,923,787 14,998,166 15,278,010 15,391,484 15,378,110
Page 2
</TABLE>
CCB FINANCIAL CORPORATION
Financial Summary (1)
Unaudited
(In Thousands Except Share and Per Share Data)
<TABLE>
<CAPTION>
As Of Or For The Three Months Ended
Reserve For Loan Losses 6/30/95 3/31/95 12/31/94 9/30/94 6/30/94
<S> <C> <C> <C> <C> <C>
Beginning balance $ 41,985 40,600 38,994 35,439 34,177
Provision for loan and lease losses 1,599 2,150 3,210 2,422 2,308
Reserves related to acquisitions - - - 2,054 -
Recoveries 407 423 496 505 415
Charge-offs (1,711) (1,188) (2,100) (1,426) (1,461)
Ending balance $ 42,280 41,985 40,600 38,994 35,439
Non-Performing and Risk Assets
Nonperforming assets:
Beginning balance $ 13,069 15,950 19,960 20,773 21,012
Activity during the quarter:
Additions 1,464 1,360 1,578 4,215 3,749
Payments or sales (1,199) (3,727) (4,675) (4,643) (3,792)
Return to performing status - - (16) (128) -
Charge-offs or write-downs (750) (514) (897) (257) (196)
Net increase (decrease) (485) (2,881) (4,010) (813) (239)
Ending balance comprised of:
Nonaccrual loans and leases 9,690 9,200 10,835 12,501 14,308
Foreclosed real estate 2,894 3,869 5,115 7,459 6,465
Total nonperforming assets 12,584 13,069 15,950 19,960 20,773
Restructured loans and lease financing - 379 129 69 162
Ninety day past due and accruing 2,605 4,616 3,913 2,188 2,469
$ 15,189 18,064 19,992 22,217 23,404
Asset Quality Ratios
Total risk assets to:
Total loans and foreclosed real estate .47 % .56 .63 .73 .84
Total assets .31 .38 .42 .48 .56
Loan loss reserve to total risk assets 2.78 x 2.32 2.03 1.76 1.51
Net charge-offs to average loans .16 % .10 .21 .13 .15
Loan loss reserve to total loans 1.32 1.30 1.29 1.29 1.27
Other Information
Number of banking offices 157 158 158 158 152
Number of employees 1,942 2,005 2,001 2,052 1,996
Number of ATM's 119 119 119 119 117
Intangible assets:
Goodwill $ 31,946 32,474 33,285 37,156 21,953
Deposit base premium 6,388 3,671 3,845 796 824
Negative goodwill 27,272 28,111 28,950 29,789 30,628
Parent Company's investment
in subsidiaries 419,402 403,011 399,003 396,737 396,734
Cash dividends 6,358 4,393 4,393 4,525 4,336
Page 3
</TABLE>
CCB FINANCIAL CORPORATION
Financial Summary (1)
Unaudited
(In Thousands Except Share and Per Share Data)
<TABLE>
<CAPTION>
Six Months Ended June 30 Increase (Decrease)
Income Statement 1995 1994 Amount %
<S> <C> <C> <C> <C>
Loan and lease income (TE) $ 150,671 112,259 38,412 34.2
Securities income (TE) 35,375 31,113 4,262 13.7
Other interest income 6,914 3,348 3,566 106.5
Total interest income (TE) 192,960 146,720 46,240 31.5
Savings/NOW expense 5,794 4,883 911 18.7
Money market account expense 24,849 13,911 10,938 78.6
Jumbo CD expense 8,818 3,810 5,008 131.4
Consumer time deposit expense 41,952 30,125 11,827 39.3
Interest expense on deposits 81,413 52,729 28,684 54.4
Fed funds, master notes and
repurchase agreements expense 1,140 417 723 173.4
Other short-term borrowed funds expense 1,433 133 1,300 977.4
Long-term debt interest expense 3,071 3,182 (111) (3.5)
Total interest expense 87,057 56,461 30,596 54.2
Net interest income (TE) 105,903 90,259 15,644 17.3
Provision for loan and lease losses 3,749 3,647 102 2.8
Net interest income after provision (TE) 102,154 86,612 15,542 17.9
Service charges on deposits 12,352 11,492 860 7.5
Other service charges and fees 1,911 1,792 119 6.6
Trust income 3,227 4,721 (1,494) (31.6)
Insurance commissions 1,843 1,643 200 12.2
Merchant discount 2,262 1,814 448 24.7
Accretion of negative goodwill 1,678 1,701 (23) (1.4)
Other 4,012 1,518 2,494 164.3
Securities gains (losses) (977) 105 (1,082) N/A
Total other income 26,308 24,786 1,522 6.1
Personnel expense 39,673 35,297 4,376 12.4
Occupancy 5,578 5,483 95 1.7
Equipment 5,218 5,197 21 .4
Foreclosed property expense 861 777 84 10.8
Deposit and other insurance 4,787 4,363 424 9.7
Amortization of intangible assets 1,995 1,286 709 55.1
Other 18,337 17,846 491 2.8
Merger-related expense (1) 10,333 - 10,333 N/A
Total other expenses 86,782 70,249 16,533 23.5
Income before income taxes (TE) 41,680 41,149 531 1.3
Tax equivalent adjustment 4,486 3,476 1,010 29.1
Income before income taxes 37,194 37,673 (479) (1.3)
Income taxes 13,107 12,555 552 4.4
Net income $ 24,087 25,118 (1,031) (4.1)
Per Share Data
Net income (1) $ 1.61 1.63 (.02) (1.2)
Cash dividends per share .68 .64 .04 6.3
Page 4
</TABLE>
CCB FINANCIAL CORPORATION
Financial Summary (1)
Unaudited
(In Thousands Except Share and Per Share Data)
<TABLE>
<CAPTION>
Six Months Ended June 30
Ratios 1995 1994
<S> <C> <C> <C> <C>
Income before merger-related expense (1):
Return on average assets 1.34% 1.22
Return on average equity 16.47 13.28
Net interest margin 4.78 4.67
Average equity to average assets 8.12 9.20
As of June 30 YTD Averages
Balance Sheet Data 1995 1994 1995 1994
Assets $ 4,837,995 4,178,795 4,736,131 4,145,922
Loans and lease financing 3,197,549 2,781,240 3,228,707 2,682,655
Securities held for investment:
Book value 77,763 148,120 82,804 192,020
Market value 81,302 143,273 - -
Securities available for sale (4) 848,446 836,128 919,658 822,455
Earning assets (4) 4,539,388 3,904,154 4,447,788 3,878,859
Deposits:
Demand deposits (noninterest-bearing) 525,373 465,561 480,536 441,449
Savings/NOW accounts 490,499 489,652 487,532 492,144
Money market accounts 1,244,809 1,053,500 1,227,788 1,032,827
Jumbo CD's 261,588 200,759 288,898 202,701
Consumer time deposits 1,642,896 1,363,739 1,593,458 1,382,598
Total deposits 4,165,165 3,573,211 4,078,212 3,551,719
Fed funds purchased, master notes and
repurchase agreements 54,977 39,445 46,682 35,232
Other short-term borrowed funds 39,387 13,072 48,627 11,220
Capital debt 32,985 40,000 32,985 40,000
Other long-term debt 54,316 42,781 54,571 44,781
Interest-bearing liabilities 3,821,456 3,242,948 3,780,541 3,241,503
Shareholders' equity 402,621 384,897 384,439 381,368
Fair value adjustment included in
shareholders' equity 3,159 (8,382) 11,771 (519)
Six Months Ended June 30
Share Data 1995 1994
Weighted average shares outstanding:
Primary 14,960,977 15,373,892
Fully diluted 14,960,977 15,373,892
Reserve For Loan Losses
Beginning balance $ 40,600 34,190
Provision for loan and lease losses 3,749 3,647
Recoveries 830 1,017
Charge-offs (2,899) (3,415)
Ending balance $ 42,280 35,439
Page 5
</TABLE>
CCB FINANCIAL CORPORATION
Financial Summary (1)
Unaudited
(In Thousands Except Share and Per Share Data)
<TABLE>
<CAPTION>
Six Months Ended June 30
Operating Efficiency Ratios 1995 1994
<S> <C> <C> <C>
As a percentage of average assets
(excluding merger-related expense (1)):
Noninterest income 1.12 % 1.21
Personnel expense 1.69 1.72
Occupancy and equipment expense .46 .52
Other operating expense 1.11 1.18
Noninterest expense 3.26 3.42
Net overhead (noninterest expense less
noninterest income) 2.14 % 2.21
Noninterest expense as a percentage of net
interest income (TE) and other income 57.82 % 61.06
Average assets per employee (in millions) $ 2.44 2.05
As of June 30 Year-End
1995 1994 1994
Risk-Adjusted Capital (Estimated)
On-balance sheet risk assets $ 3,163,902 2,695,386 3,056,619
Off-balance sheet risk assets 179,463 266,712 236,318
Total risk-adjusted assets 3,343,365 2,962,098 3,292,937
Tier I capital 359,334 370,525 351,474
Tier II capital 75,265 68,423 40,624
Total capital 434,599 438,948 392,098
Tier I capital ratio 10.75 % 12.61 10.80
Total capital ratio 13.00 14.93 12.04
Leverage capital ratio 7.60 8.55 7.26
</TABLE>
(1) All amounts prior to June 30, 1995 are restated for CCB Financial
Corporation's May 19, 1995 merger with Security Capital Bancorp which
was accounted for as a pooling-of-interests. Merger-related expense
includes severance and other employee benefit costs, costs related to
branch closures, systems conversion costs and other restructuring and
transaction related expenses. The after-tax effect of the merger-
related expense was $7,304,000 or $.49 per share.
(2) Income taxes for the quarter ended September 30, 1994 included a
one-time charge of approximately $5,600,000 of deferred tax
liabilities recorded in anticipation of the merger of Security
Capital's three savings bank subsidiaries into its commercial bank
subsidiary.
(3) Nasdaq National Market Symbol: CCBF
(4) Average balances exclude the mark-to-market adjustment for
Financial Accounting Standard No. 115.
Page 6
CCB FINANCIAL CORPORATION
Average Balances and Net Interest Income Analysis
Three Months Ended June 30, 1995 and 1994
(Taxable Equivalent Basis-In Thousands) (1)
1995
Interest Average
Average Income/ Yield/
Balance Expense Rate
Earning assets:
Loans and lease financing (2) $ 3,263,187 77,019 9.46 %
U.S. Treasury and agency
obligations (3) 854,109 14,506 6.79
States and political
subdivision obligations 80,331 2,007 10.02
Equity and other securities (3) 30,704 545 7.10
Federal funds sold and other
short-term investments 189,625 2,953 6.25
Time deposits in other banks 48,153 771 6.42
Total earning assets (3) 4,466,109 97,801 8.77
Non-earning assets:
Cash and due from banks 173,874
Premises and equipment 66,397
All other assets, net 60,334
Total assets $ 4,766,714
Interest-bearing liabilities:
Savings and time deposits $ 3,616,285 42,693 4.74 %
Federal funds purchased, master notes
and securities sold under
agreements to repurchase 49,190 621 5.06
Other short-term borrowed funds 34,530 534 6.21
Long-term debt 87,033 1,538 7.09
Total interest-bearing liabilities 3,787,038 45,386 4.81
Other liabilities and shareholders'
equity:
Demand deposits 494,604
Other liabilities 92,581
Shareholders' equity 392,491
Total liabilities and
shareholders' equity $ 4,766,714
Net interest income and net interest
margin (4) $ 52,415 4.69 %
Interest rate spread (5) 3.96 %
CCB FINANCIAL CORPORATION
Average Balances and Net Interest Income Analysis, Continued
Three Months Ended June 30, 1995 and 1994
(Taxable Equivalent Basis-In Thousands) (1)
1994
Interest Average
Average Income/ Yield/
Balance Expense Rate
Earning assets:
Loans and lease financing (2) $ 2,719,111 58,214 8.58 %
U.S. Treasury and agency
obligations (3) 940,139 14,018 5.96
States and political
subdivision obligations 60,059 1,600 10.66
Equity and other securities (3) 30,131 481 6.38
Federal funds sold and other
short-term investments 115,173 1,133 3.95
Time deposits in other banks 38,063 445 4.69
Total earning assets (3) 3,902,676 75,891 7.79
Non-earning assets:
Cash and due from banks 160,607
Premises and equipment 62,734
All other assets, net 46,206
Total assets $ 4,172,223
Interest-bearing liabilities:
Savings and time deposits $ 3,118,974 26,879 3.46 %
Federal funds purchased, master notes
and securities sold under
agreements to repurchase 37,988 255 2.69
Other short-term borrowed funds 10,838 71 2.63
Long-term debt 84,472 1,577 7.47
Total interest-bearing liabilities 3,252,272 28,782 3.55
Other liabilities and shareholders' equity:
Demand deposits 453,704
Other liabilities 82,447
Shareholders' equity 383,800
Total liabilities and
shareholders' equity $ 4,172,223
Net interest income and net interest
margin (4) $ 47,109 4.83 %
Interest rate spread (5) 3.96 %
(1) The taxable equivalent basis is computed using 35% federal
and 7.75% state tax rates in 1995 and 35% federal and 7.83% state
tax rates in 1994 where applicable. All amounts prior to June
30, 1995 are restated for CCB Financial Corporation's May 19,
1995 merger with Security Capital Bancorp which was accounted for
as a pooling-of-interests.
(2) The average loan and lease financing balances include non-
accruing loans and lease financing. Loan fees of $2,540,000 and
$2,140,000 for 1995 and 1994, respectively, are included in
interest income.
(3) The average balances for debt and equity securities exclude
the effect of their mark-to-market adjustment, if any.
(4) Net interest margin is computed by dividing net interest
income by total earning assets.
(5) Interest rate spread equals the earning asset yield minus the
interest-bearing liability rate.
Page 7
CCB FINANCIAL CORPORATION
Average Balances and Net Interest Income Analysis
Six Months Ended June 30, 1995 and 1994
(Taxable Equivalent Basis-In Thousands) (1)
1995
Interest Average
Average Income/ Yield/
Balance Expense Rate
Earning assets:
Loans and lease financing (2) $ 3,228,707 150,671 9.39 %
U.S. Treasury and agency
obligations (3) 890,293 30,196 6.78
States and political
subdivision obligations 81,447 4,090 10.13
Equity and other securities (3) 30,722 1,089 7.09
Federal funds sold and other
short-term investments 173,216 5,497 6.40
Time deposits in other banks 43,403 1,417 6.58
Total earning assets (3) 4,447,788 192,960 8.72
Non-earning assets:
Cash and due from banks 168,158
Premises and equipment 65,985
All other assets, net 54,200
Total assets $ 4,736,131
Interest-bearing liabilities:
Savings and time deposits $ 3,597,676 81,413 4.56 %
Federal funds purchased, master notes
and securities sold under
agreements to repurchase 46,682 1,140 4.92
Other short-term borrowed funds 48,627 1,433 5.94
Long-term debt 87,556 3,071 7.02
Total interest-bearing liabilities 3,780,541 87,057 4.64
Other liabilities and shareholders' equity:
Demand deposits 480,536
Other liabilities 90,615
Shareholders' equity 384,439
Total liabilities and
shareholders' equity $ 4,736,131
Net interest income and net interest
margin (4) $ 105,903 4.78 %
Interest rate spread (5) 4.08 %
CCB FINANCIAL CORPORATION
Average Balances and Net Interest Income Analysis, Continued
Six Months Ended June 30, 1995 and 1994
(Taxable Equivalent Basis-In Thousands) (1)
1994
Interest Average
Average Income/ Yield/
Balance Expense Rate
Earning assets:
Loans and lease financing (2) $ 2,682,655 112,259 8.42 %
U.S. Treasury and agency
obligations (3) 911,895 26,623 5.89
States and political
subdivision obligations 60,238 3,252 10.89
Equity and other securities (3) 42,342 1,238 5.85
Federal funds sold and other
short-term investments 139,381 2,478 3.59
Time deposits in other banks 42,348 870 4.14
Total earning assets (3) 3,878,859 146,720 7.60
Non-earning assets:
Cash and due from banks 162,152
Premises and equipment 61,957
All other assets, net 42,954
Total assets $ 4,145,922
Interest-bearing liabilities:
Savings and time deposits $ 3,110,270 52,729 3.42 %
Federal funds purchased, master notes
and securities sold under
agreements to repurchase 35,232 417 2.39
Other short-term borrowed funds 11,220 133 2.39
Long-term debt 84,781 3,182 7.50
Total interest-bearing liabilities 3,241,503 56,461 3.51
Other liabilities and shareholders' equity:
Demand deposits 441,449
Other liabilities 81,602
Shareholders' equity 381,368
Total liabilities and
shareholders' equity $ 4,145,922
Net interest income and net interest
margin (4) $ 90,259 4.67 %
Interest rate spread (5) 4.09 %
(1) The taxable equivalent basis is computed using 35% federal
and 7.75% state tax rates in 1995 and 35% federal and 7.83% state
tax rates in 1994 where applicable. All amounts prior to June
30, 1995 are restated for CCB Financial Corporation's May 19,
1995 merger with Security Capital Bancorp which was accounted for
as a pooling-of- interests.
(2) The average loan and lease financing balances include non-
accruing loans and lease financing. Loan fees of $4,597,000 and
$3,852,000 for 1995 and 1994, respectively, are included in
interest income.
(3) The average balances for debt and equity securities exclude
the effect of their mark-to-market adjustment, if any.
(4) Net interest margin is computed by dividing net interest
income by total earning assets.
(5) Interest rate spread equals the earning asset yield minus the
interest-bearing liability rate.
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