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Previous: OLD KENT FINANCIAL CORP /MI/, 8-K, 2000-07-27 |
Next: NOSTALGIA NETWORK INC, SC 13E3/A, 2000-07-27 |
EXHIBIT 99
|
NYSE: |
OK |
|
FOR RELEASE: |
Immediate |
|
DATE: |
July 19, 2000 |
|
CONTACT: |
Albert T. Potas |
|
|
(616) 771-1931 |
Old Kent Reports Second Quarter Earnings
- Operating EPS increased 15.7% to $0.59 per share -
- Net income per share, inclusive of merger related charges, of $0.40 -
Grand Rapids, Michigan -- Old Kent reported its operating results for the three months ended June 30, 2000. David Wagner, Chairman, President and CEO said "A number of factors favorably influenced our performance this past quarter. Old Kent enjoyed continued strong loan growth and credit quality, and we achieved greater efficiencies through the integration of our last two acquisitions in Illinois."
As discussed below, during the quarter, Old Kent completed its acquisition of Grand Premier Financial, Inc. ("Grand Premier") as a "pooling-of-interests" transaction. Accordingly, prior period amounts reported in this release have been adjusted to reflect the inclusion of Grand Premier on a comparable basis. Also, per share amounts reported in this release have been adjusted to reflect the effects of a 5% stock dividend declared on June 19, 2000 and paid on July 14, 2000.
Second Quarter 2000 Financial Highlights:|
Excluding $26.1 million (or $0.19 per share) of after-tax merger related charges: |
||
|
- |
Diluted operating earnings per share was $0.59 for the second quarter of 2000, a 15.7% increase over 1999. |
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- |
Operating earnings were $81.8 million, or 12.9% better than the second quarter of 1999. |
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- |
Total (taxable equivalent) revenues increased 1.8% and operating expenses decreased 6.1%. |
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- |
Operating return on average common equity was 21.75% compared to 19.25% for the second quarter of 1999. |
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- |
Operating return on average total assets was 1.50% versus 1.40% for the preceding year's second quarter. |
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- |
Commercial loans increased to $8.9 billion at June 30, 2000, up 19.4% from that same date last year. |
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|
- |
Consumer loans totaled $4.7 billion at June 30, 2000, 45.1% more than at June 30, 1999. |
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|
- |
Credit quality remained strong, with nonperforming assets representing 0.38% of total assets. |
|
Revenues:
Total taxable equivalent revenues, exclusive of security transactions, were $315.7 million for the second quarter of 2000, a 1.8% increase over last year's second quarter. This improvement includes a higher level of net
interest income attributable to the growth in commercial and consumer loans and improved non-interest revenues.
Net interest income increased 1.7% to $195.9 million despite the effects of margin compression created by rapidly rising interest rates. Growth in loans and an increase in total interest-earning assets offset the margin compression. At June 30, 2000, total loans were $15.2 billion, 18.7% greater than at June 30, 1999. Total interest-earning assets were $20.3 billion, 9.4% more than last year. The net interest margin for the three months ended June 30, 2000 was 4.04%, compared to 4.20% for the second three months of 1999.
Non-interest revenues, excluding security transactions, increased by 2.0% to $113.8 million. Mortgage banking revenues, with production down by a third due to the effects of higher interest rates, decreased by 10.1% to $44.8 million. Investment management and trust revenues rose 8.7% over last year's second quarter to $21.8 million. Deposit account revenues grew 6.1% over the comparable 1999 period.
Expenses:
Total non-interest operating expenses for the quarter ended June 30, 2000 decreased by 6.1% from last year's second quarter to $179.7 million. This improvement was largely related to merger related efficiencies along
with reduced operating costs in the Corporation's mortgage banking business. Old Kent's efficiency ratio for the second three months of 2000 was 56.9%, an improvement from 61.7% for the second quarter of 1999. The efficiency ratio expresses how much of
each revenue dollar is used for operating expenses.
Asset Quality:
The Corporation's provision for credit losses, excluding the special merger related provision, was $9.0 million for the second quarter of 2000, compared to $6.0 million for the same period in 1999. This increase was
related to continued growth in loans. Loan charge-offs for the three months ended June 30, 2000 were $8.8 million, or 0.23% of total average loans for the quarter. For the same period of 1999, this ratio was 0.17%. At June 30, 2000, the allowance for
credit losses was 1.44% of total loans compared to 1.58% at June 30, 1999. Nonperforming assets were $83.5 million at June 30, 2000 compared to $75.0 million one year earlier, or 0.38% and 0.37% of total assets, respectively.
Acquisitions:
Effective April 1, 2000, Old Kent completed its acquisition of Grand Premier Financial, Inc., a bank holding company headquartered in Wauconda, Illinois, in a "pooling-of-interests" transaction. When acquired, Grand
Premier had total assets of $1.7 billion and deposits of $1.3 billion. During the second quarter of 2000, Old Kent recognized approximately $26.1 million, or $0.19 per share, of after-tax charges related to this merger. Management has identified the
following charges (on a pre-tax basis) as such: a special loan loss provision of $8 million to conform Grand Premier's asset quality measurements with Old Kent's practices; a $5.3 million charge resulting from the securitization of $270 million of
residential mortgages to realign the balance sheet composition of the combined companies to Old Kent's profile; and $26 million of costs associated with completion of the transaction, elimination of redundant operations, asset obsolescence and other
nonrecurring costs. The Corporation anticipates realizing approximately $15 million of annual pre-tax cost savings, a portion of which favorably influenced Old Kent's operating result for the second quarter of 2000.
On June 16, 2000, Old Kent announced that it would acquire Home Bancorp, the holding company for Home Loan Bank fsb, located in Fort Wayne, Indiana. Management expects to complete this transaction during the fourth quarter of 2000. At June 30, 2000, Home Bancorp had total assets of $397 million and deposits of $337 million.
Stock Repurchase Program and Stock Dividend:
As of June 30, 2000, the Corporation had completed the repurchase of 3 million shares of its common stock under a June 1999 authorization. Also, as described above, Old Kent paid a 5% stock dividend on July 14, 2000 to
its shareholders of record on June 30, 2000.
Year-to-date Results:
Excluding special charges related to the acquisitions of Merchants Bancorp and Grand Premier during the period, diluted operating earnings per share was $1.13 for the first half of 2000, compared to $1.04 for the first
six months of 1999. On this same basis, net income was $157.4 million for the six month period ended June 30, 2000 compared to $146.9 million for the same period of 1999. The returns on average common equity and average total assets were 20.9% and 1.48%,
respectively, for the first half of 2000. These compared to returns of 19.3% and 1.42%, respectively, for the first six months of 1999.
Inclusive of after-tax merger related charges of $43.6 million, or $0.31 per share, recognized during the first six months of 2000, diluted earnings per share was $0.82 for the period; net income was $113.8 million and the associated returns on average common equity and total average assets were 15.4% and 1.07%, respectively, for the six months ended June 30, 2000.
Conference Call:
Old Kent's management will host a conference call to discuss the operating results for the quarter ended June 30, 2000, at 11:00 a.m. (Eastern Daylight Time) on July 19, 2000. The conference may be accessed by dialing
800-521-5428 (""listen only"" mode) just prior to the scheduled start time. A replay of the call will be available through July 26, 2000, by dialing 800-696-1588 (passcode: 746501). The call, on a "live" or replay basis, may also be accessed through Old
Kent's website, www.oldkent.com.
Websites:
Information about Old Kent and its products and services, including the OK Cafe and OK Invest Direct, is available through its website, www.oldkent.com, and through related sites: www.oldkentfinadvisors.com;
www.kentfunds.com; www.oldkentinsurance.com; and www.oldkentmortgage.com.
Description of Old Kent:
Old Kent is a financial holding company headquartered in Grand Rapids, Michigan, with a 41 year history of consecutive increases in annual per share earnings and dividends. It operates nearly 300 banking offices in
Michigan, Illinois and Indiana, as well as a nationwide mortgage lending franchise. At June 30, 2000, Old Kent had total assets of $22 billion.
|
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Percentage |
|
Quarter ended June 30: |
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|
|
|
|
|
|
Before merger-related charges: |
|
|
|
|
|
|
|
Basic Earnings per Share |
|
$0.59 |
|
$0.52 |
|
13.5% |
|
Diluted Earnings per Share |
|
$0.59 |
|
$0.51 |
|
15.7% |
|
Net Income |
|
$81,755,000 |
|
$72,416,000 |
|
12.9% |
|
After merger-related charges: |
|
|
|
|
|
|
|
Basic Earnings per Share |
|
$0.40 |
|
$0.52 |
|
-23.1% |
|
Diluted Earnings per Share |
|
$0.40 |
|
$0.51 |
|
-21.6% |
|
Net Income |
|
$55,685,000 |
|
$72,416,000 |
|
-23.1% |
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Six months ended June 30: |
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Before merger-related charges: |
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|
|
|
|
|
|
Basic Earnings per Share |
|
$1.14 |
|
$1.05 |
|
8.6% |
|
Diluted Earnings per Share |
|
$1.13 |
|
$1.04 |
|
8.7% |
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Net Income |
|
$157,362,000 |
|
$146,895,000 |
|
7.1% |
|
After merger-related charges: |
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|
|
|
|
|
|
Basic Earnings per Share |
|
$0.82 |
|
$1.05 |
|
-21.9% |
|
Diluted Earnings per Share |
|
$0.82 |
|
$1.04 |
|
-21.2% |
|
Net Income |
|
$113,786,000 |
|
$146,895,000 |
|
-22.5% |
|
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Balance Sheet Data at June 30: |
|
|
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|
|
|
Commercial Loans |
|
$8,883,528,000 |
|
$7,442,405,000 |
|
19.4% |
|
Consumer Loans |
|
4,715,119,000 |
|
3,249,085,000 |
|
45.1% |
|
Residential Mortgage Loans |
|
1,644,627,000 |
|
2,150,799,000 |
|
-23.5% |
|
Total Loans |
|
15,243,274,000 |
|
12,842,289,000 |
|
18.7% |
|
Total Interest-earning Assets |
|
20,300,332,000 |
|
18,550,633,000 |
|
9.4% |
|
Core Deposits |
|
14,460,217,000 |
|
14,679,330,000 |
|
-1.5% |
|
Total Deposits |
|
16,805,860,000 |
|
15,861,194,000 |
|
6.0% |
|
Total Assets |
|
22,202,851,000 |
|
20,307,563,000 |
|
9.3% |
|
Shareholders' Equity |
|
1,524,490,000 |
|
1,507,210,000 |
|
1.1% |
|
(a) |
adjusted to reflect a five percent stock dividend paid July 14, 2000. |
|
(b) |
restated to include CFSB Bancorp, Inc. and Pinnacle Banc Group, Inc. acquired during the third quarter of 1999; Merchants Bancorp, Inc. acquired February 11, 2000; and Grand Premier Financial, Inc. acquired April 1, 2000 in "pooling-of-interests" transactions. |
|
Forward Looking Statement This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include expressions such as "expects," "intends", "anticipates", "believes," and "should," which are necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those presented. Internal and external factors that might cause such a difference include, but are not limited to, the possibility that anticipated cost savings from mergers and other initiatives may not be fully realized within the expected time frames. Actual results could materially differ from those contained in, or implied by such statements. Old Kent undertakes no obligation to release revisions to these forward looking statements or reflect events or conditions after the date of this release. |
###
OLD KENT |
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Consolidated Key Financial Data (a) |
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[Amounts in thousands, |
|
2nd |
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1st |
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3rd |
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||||
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Net income |
$81,755 |
$55,685 |
$75,607 |
$58,101 |
$73,238 |
$76,585 |
$58,985 |
$72,416 |
|||||||||||||
|
Basic earnings per share |
$0.59 |
$0.40 |
$0.55 |
$0.42 |
$0.53 |
$0.55 |
$0.42 |
$0.52 |
|||||||||||||
|
Diluted earnings per share |
0.59 |
0.40 |
0.54 |
0.42 |
0.53 |
0.55 |
0.42 |
0.51 |
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|
Cash basis earnings per share (b) |
0.62 |
0.43 |
0.57 |
0.44 |
0.56 |
0.58 |
0.45 |
0.55 |
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|
Operating revenue per share (c) |
2.28 |
2.28 |
2.23 |
2.23 |
2.25 |
2.25 |
2.25 |
2.21 |
|||||||||||||
|
Operating expense per share (c) |
1.30 |
1.30 |
1.31 |
1.31 |
1.32 |
1.31 |
1.31 |
1.36 |
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|
Return on average total assets |
1.50 |
% |
1.02 |
% |
1.46 |
% |
1.12 |
% |
1.43 |
% |
1.50 |
% |
1.15 |
% |
1.40 |
% |
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Return on average common equity |
21.75 |
15.02 |
20.26 |
15.68 |
19.76 |
20.16 |
15.62 |
19.25 |
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|
Net interest margin |
4.04 |
4.04 |
4.17 |
4.17 |
4.25 |
4.34 |
4.34 |
4.20 |
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|
Yield on average earning assets |
8.40 |
8.40 |
8.19 |
8.19 |
8.01 |
7.95 |
7.95 |
7.76 |
|||||||||||||
|
Cost of average paying liabilities |
4.93 |
4.93 |
4.57 |
4.57 |
4.33 |
4.16 |
4.16 |
4.10 |
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|
Efficiency ratio (c) |
56.91 |
56.91 |
58.83 |
58.83 |
58.45 |
58.29 |
58.29 |
61.67 |
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Net profit margin |
25.90 |
17.64 |
24.33 |
18.70 |
23.31 |
24.29 |
18.70 |
23.35 |
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Common Stock Information (adjusted for stock dividends) |
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Book value per share |
$11.13 |
$11.13 |
$10.93 |
$10.93 |
$10.77 |
$10.84 |
$10.84 |
$10.85 |
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|
Dividends paid per share |
0.210 |
0.210 |
0.210 |
0.210 |
0.210 |
0.190 |
0.190 |
0.181 |
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Per share price: |
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|
High |
34.05 |
34.05 |
33.22 |
33.22 |
40.24 |
42.62 |
42.62 |
44.62 |
|||||||||||||
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Low |
26.61 |
26.61 |
22.74 |
22.74 |
31.96 |
34.89 |
34.89 |
38.10 |
|||||||||||||
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Close |
26.75 |
26.75 |
30.77 |
30.77 |
33.70 |
35.36 |
35.36 |
39.89 |
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Outstanding shares at end of |
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|||||||||||||
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Number of shares used to |
|||||||||||||||||||||
|
Basic earnings per share |
137,206 |
137,206 |
137,832 |
137,832 |
137,982 |
138,793 |
138,793 |
138,975 |
|||||||||||||
|
Diluted earnings per share |
|
138,572 |
|
138,572 |
|
139,025 |
|
139,025 |
|
139,400 |
|
140,264 |
|
140,264 |
|
140,600 |
|
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|
(a) Restated to include "pooling-of-interests" transactions: Grand Premier Financial, Inc., acquired Apri1, 2000; Merchants Bancorp, Inc., acquired February 11, 2000; Pinnacle Banc Group, Inc., acquired September 3, 1999; and CFSB Bancorp, Inc., acquired July 9, 1999l |
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(b) Cash basis earnings per share excludes the effect of amortization of intangibles. |
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(c) Excludes non-recurring items. |
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OLD KENT |
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|
Consolidated Key Financial Data (a) |
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[Amounts in thousands, |
|
2nd |
|
|
|
1st |
|
|
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|
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3rd |
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|
|
|
|||||
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Taxable equivalent net interest |
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|
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|
|
|||||||||||||
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Interest income |
413,142 |
413,142 |
381,496 |
381,496 |
372,855 |
369,941 |
369,941 |
360,580 |
|||||||||||||
|
Interest expense |
217,213 |
217,213 |
189,880 |
189,880 |
178,120 |
170,973 |
170,973 |
167,986 |
|||||||||||||
|
Net interest income |
195,929 |
195,929 |
191,616 |
191,616 |
194,735 |
198,968 |
198,968 |
192,594 |
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Provision for credit losses |
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|
|
|||||||||||||
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Provision for credit losses |
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|
|
|
|
|
|
|
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Other income: |
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|
Mortgage banking revenues |
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|
|
|
|
|
|
|
|||||||||||||
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Investment management & |
|
|
|
|
|
|
|
|
|||||||||||||
|
Deposit account revenues |
20,551 |
20,551 |
19,817 |
19,817 |
20,424 |
20,014 |
20,014 |
19,372 |
|||||||||||||
|
Insurance sales commissions |
5,636 |
5,636 |
6,478 |
6,478 |
5,699 |
6,160 |
6,160 |
6,158 |
|||||||||||||
|
Other |
20,894 |
20,894 |
22,045 |
22,045 |
16,811 |
16,746 |
16,746 |
16,085 |
|||||||||||||
|
Total other income |
113,763 |
113,763 |
113,144 |
113,144 |
113,289 |
110,267 |
110,267 |
111,585 |
|||||||||||||
|
Securities gains/(losses) |
10 |
10 |
(433 |
) |
(433 |
) |
(209 |
) |
8 |
8 |
5,301 |
||||||||||
|
Securities gains/(losses) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total |
113,773 |
108,473 |
112,711 |
106,586 |
113,080 |
110,275 |
110,275 |
116,886 |
|||||||||||||
|
Other expense: |
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|
Salaries and employee |
|
|
|
|
|
|
|
|
|||||||||||||
|
Occupancy expense |
14,038 |
14,038 |
14,760 |
14,760 |
15,094 |
14,356 |
14,356 |
14,192 |
|||||||||||||
|
Equipment expense |
12,984 |
12,984 |
11,947 |
11,947 |
13,127 |
12,051 |
12,051 |
12,670 |
|||||||||||||
|
Amortization of goodwill |
|
|
|
|
|
|
|
|
|||||||||||||
|
Other |
55,525 |
55,525 |
54,807 |
54,807 |
56,819 |
56,517 |
56,517 |
62,464 |
|||||||||||||
|
Total other expense |
179,658 |
179,658 |
182,794 |
182,794 |
183,617 |
183,817 |
183,817 |
191,250 |
|||||||||||||
|
Merger charges |
-- |
26,000 |
-- |
16,000 |
-- |
-- |
26,000 |
-- |
|||||||||||||
|
Total |
179,658 |
205,658 |
182,794 |
198,794 |
183,617 |
183,817 |
209,817 |
191,250 |
|||||||||||||
|
Income before income taxes |
121,074 |
81,774 |
110,901 |
84,776 |
111,328 |
117,068 |
91,068 |
112,266 |
|||||||||||||
|
Income taxes |
39,319 |
39,319 |
35,294 |
35,294 |
38,090 |
40,483 |
40,483 |
39,850 |
|||||||||||||
|
Income taxes (applicable to |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income |
$81,755 |
$55,685 |
$75,607 |
$58,101 |
$73,238 |
$76,585 |
$58,985 |
$72,416 |
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|
Preferred dividend |
(185 |
) |
(185 |
) |
(185 |
) |
(185 |
) |
(185 |
) |
(185 |
) |
(185 |
) |
(185 |
) |
|||||
|
Net income available to common |
$81,570 |
$55,500 |
$75,422 |
$57,916 |
$73,053 |
$76,400 |
$58,800 |
$72,231 |
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OLD KENT |
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Five Quarter Average Balances, Yields and Rates (a) |
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(Unaudited) |
2nd Quarter 2000 |
1st Quarter 2000 |
|
4th Quarter 1999 |
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fully taxable-equivalent |
Ending |
Average |
Yield/ |
Ending |
Average |
Yield/ |
Ending |
Average |
Yield/ |
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basis, dollars in millions) |
|
Balance |
|
Balance |
|
Rate |
|
|
Balance |
|
Balance |
|
Rate |
|
|
Balance |
|
Balance |
|
Rate |
|
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Assets: |
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|
Loans: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases |
$8,883 |
$8,788 |
8.99 |
% |
$8,603 |
$8,389 |
8.71 |
% |
$8,197 |
$7,910 |
8.52 |
% |
||||||||||||||||||||||||||||||||||||||||||||||
Consumer loans |
4,715 |
4,470 |
9.07 |
4,190 |
3,897 |
9.06 |
3,823 |
3,606 |
8.97 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages |
1,645
|
1,907
|
7.79 |
1,927
|
1,908
|
7.71 |
1,882
|
1,802
|
7.65 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Total loans |
15,243 |
15,165 |
8.86 |
14,720 |
14,194 |
8.67 |
13,902 |
13,318 |
8.52 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Securities |
3,807 |
3,860 |
6.59 |
3,858 |
3,880 |
6.46 |
3,944 |
4,071 |
6.45 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages held-for-sale |
1,229 |
989 |
8.43 |
913 |
883 |
8.12 |
901 |
1,248 |
8.02 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Other interest - earning assets |
21
|
32
|
6.37 |
40
|
45
|
5.63 |
32
|
181
|
5.16 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets |
20,300 |
20,046 |
8.40 |
19,531 |
19,002 |
8.19 |
18,779 |
18,818 |
8.01 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain/(loss) on |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses |
(220 |
) |
(217 |
) |
(211 |
) |
(209 |
) |
(206 |
) |
(208 |
) |
||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks |
675 |
591 |
603 |
596 |
679 |
647 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangibles |
143 |
145 |
147 |
150 |
151 |
154 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights |
267 |
297 |
287 |
285 |
278 |
291 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets |
1,123
|
1,047
|
1,045
|
996
|
1,016
|
871
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets |
$22,203 |
$21,803 |
$21,301 |
$20,711 |
$20,600 |
$20,502 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Savings deposits |
$6,087 |
$6,192 |
3.32 |
% |
$6,358 |
$6,344 |
3.24 |
% |
$6,272 |
$6,266 |
3.07 |
% |
||||||||||||||||||||||||||||||||||||||||||||||
Negotiable and foreign deposits |
2,346 |
1,954 |
6.36 |
1,368 |
1,350 |
5.59 |
1,351 |
1,295 |
5.34 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Consumer time deposits |
6,036
|
6,001
|
5.37 |
5,903
|
5,842
|
5.16 |
5,819
|
5,914
|
4.93 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Total interest - bearing deposits |
14,469 |
14,147 |
4.61 |
13,629 |
13,536 |
4.30 |
13,442 |
13,475 |
4.11 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
repurchase agreements |
1,540 |
1,419 |
5.68 |
1,449 |
1,078 |
5.04 |
1,004 |
835 |
4.51 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowed funds |
1,709 |
1,890 |
6.45 |
1,909 |
1,897 |
5.94 |
1,820 |
1,796 |
5.67 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt |
200 |
170 |
6.93 |
100 |
100 |
6.74 |
100 |
100 |
6.74 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Floating rate subordinated |
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Total interest - bearing funds |
18,018 |
17,726 |
4.93 |
17,187 |
16,711 |
4.57 |
16,466 |
16,306 |
4.33 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits |
2,337 |
2,261 |
2,282 |
2,199 |
2,330 |
2,360 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities |
323 |
329 |
328 |
314 |
318 |
348 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, common stock, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
surplus and retained earnings |
1,591 |
1,568 |
1,583 |
1,563 |
1,563 |
1,534 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gain/(loss) on |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders' equity |
$22,203 |
$21,803 |
$21,301 |
$20,711 |
$20,600 |
$20,502 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Ratios |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread |
3.47 |
% |
3.62 |
% |
3.68 |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income as a percent |
|
|
|
|
4.25 |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity to total assets |
6.87 |
% |
7.06 |
% |
7.21 |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible equity to tangible assets |
6.26 |
% |
6.41 |
% |
6.53 |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Memoranda |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Core deposits |
14,460
|
14,454
|
14,543
|
14,385
|
14,421
|
14,540
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total deposits |
16,806
|
16,408
|
15,911
|
15,735
|
15,772
|
15,835
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Mortgage servicing portfolio |
14,154
|
15,358
|
14,726
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Mortgage banking full-time equivalent |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total full-time equivalent employees |
8,676
|
8,775
|
8,884
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality |
|
2nd Quarter 2000 |
|
|
1st Quarter 2000 |
|
4th Quarter 1999 |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance for credit losses |
$219.7 |
$211.5 |
$206.3 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual |
72.7 |
72.8 |
66.4 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renegotiated |
1.7
|
1.8
|
2.2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans |
74.4 |
74.6 |
68.6 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned |
9.1
|
7.3
|
8.5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming assets |
83.5 |
81.9 |
77.1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Loans delinquent over 90 days |
20.5 |
16.4 |
14.9 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs |
17.6 |
16.3 |
19.0 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries |
8.8
|
6.4
|
5.6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs |
8.8 |
9.9 |
13.4 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Provision for credit losses |
17.0 |
14.6 |
12.9 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Ratios: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance to loans |
1.44 |
% |
1.44 |
% |
1.48 |
% |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance to impaired loans |
295.28 |
283.35 |
300.68 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans to loans |
0.49 |
0.51 |
0.49 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming assets to assets |
0.38 |
0.38 |
0.37 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 days delinquent to loans |
0.13 |
0.11 |
0.11 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs to average loans |
0.23 |
0.28 |
0.42 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
OLD KENT |
||||||||||||||||||||
|
Five Quarter Average Balances, Yields and Rates (a) |
||||||||||||||||||||
|
(Unaudited) |
3rd Quarter 1999 |
|
2nd Quarter 1999 |
|
||||||||||||||||
|
(Yields and rates are on a fully taxable- |
Ending |
Average |
Yield/ |
Ending |
Average |
Yield/ |
||||||||||||||
|
equivalent basis, dollars in millions) |
|
Balance |
|
Balance |
|
Rate |
|
|
Balance |
|
Balance |
|
Rate |
|
||||||
|
Assets: |
||||||||||||||||||||
|
Loans: |
||||||||||||||||||||
|
Commercial loans and leases |
$7,773 |
$7,588 |
8.44 |
% |
$7,442 |
$7,236 |
8.29 |
% |
||||||||||||
|
Consumer loans |
3,485 |
3,382 |
8.94 |
3,249 |
3,165 |
8.95 |
||||||||||||||
|
Residential mortgages |
1,771 |
2,142 |
7.72 |
2,151 |
2,109 |
7.66 |
||||||||||||||
|
Total loans |
13,029 |
13,112 |
8.45 |
12,842 |
12,510 |
8.35 |
||||||||||||||
|
Securities |
4,026 |
4,198 |
6.60 |
4,275 |
4,736 |
6.56 |
||||||||||||||
|
Mortgages held-for-sale |
1,452 |
1,404 |
7.53 |
1,383 |
1,616 |
6.83 |
||||||||||||||
|
Other interest - earning assets |
92 |
111 |
4.89 |
51 |
61 |
4.49 |
||||||||||||||
|
Total earning assets |
18,599 |
18,825 |
7.95 |
18,551 |
18,923 |
7.76 |
||||||||||||||
|
Unrealized gain/(loss) on S.A.F.S. |
(58 |
) |
(41 |
) |
(38 |
) |
10 |
|||||||||||||
|
Allowance for credit losses |
(207 |
) |
(206 |
) |
(203 |
) |
(203 |
) |
||||||||||||
|
Cash and due from banks |
625 |
667 |
720 |
688 |
||||||||||||||||
|
Goodwill and other intangibles |
156 |
159 |
161 |
163 |
||||||||||||||||
|
Mortgage servicing rights |
278 |
280 |
275 |
264 |
||||||||||||||||
|
Other assets |
849 |
769 |
842 |
820 |
||||||||||||||||
|
Total assets |
$20,242 |
$20,453 |
$20,308 |
$20,665 |
||||||||||||||||
|
Liabilities and shareholders' equity: |
||||||||||||||||||||
|
Savings deposits |
$6,211 |
$6,305 |
2.88 |
% |
$6,206 |
$6,195 |
2.78 |
% |
||||||||||||
|
Negotiable and foreign deposits |
1,190 |
1,176 |
4.92 |
1,182 |
1,424 |
4.77 |
||||||||||||||
|
Consumer time deposits |
5,946 |
5,992 |
4.85 |
6,056 |
6,039 |
4.93 |
||||||||||||||
|
Total interest - bearing deposits |
13,347 |
13,473 |
3.94 |
13,444 |
13,658 |
3.93 |
||||||||||||||
|
Federal funds purchased and |
||||||||||||||||||||
|
repurchase agreements |
766 |
941 |
4.38 |
925 |
1,144 |
4.36 |
||||||||||||||
|
Other borrowed funds |
1,788 |
1,687 |
5.53 |
1,523 |
1,438 |
5.13 |
||||||||||||||
|
Subordinated debt |
100 |
100 |
6.74 |
100 |
100 |
6.74 |
||||||||||||||
|
Floating rate subordinated securities |
100 |
100 |
6.32 |
100 |
100 |
6.10 |
||||||||||||||
|
Total interest - bearing funds |
16,101 |
16,301 |
4.16 |
16,092 |
16,440 |
4.10 |
||||||||||||||
|
Demand deposits |
2,314 |
2,358 |
2,418 |
2,404 |
||||||||||||||||
|
Other liabilities |
326 |
279 |
291 |
311 |
||||||||||||||||
|
Shareholders' equity: |
||||||||||||||||||||
|
Preferred stock, common stock, |
||||||||||||||||||||
|
surplus and retained earnings |
1,539 |
1,541 |
1,530 |
1,504 |
||||||||||||||||
|
Net unrealized gain/(loss) on |
|
|
|
|
|
|
|
|||||||||||||
|
Total liabilities and |
||||||||||||||||||||
|
shareholders' equity |
$20,242 |
$20,453 |
$20,308 |
$20,665 |
||||||||||||||||
|
Selected Ratios |
||||||||||||||||||||
|
Net interest spread |
3.79 |
% |
3.66 |
% |
||||||||||||||||
|
Net interest income as a percent |
|
|
|
|
||||||||||||||||
|
Total equity to total assets |
7.41 |
% |
7.42 |
% |
||||||||||||||||
|
Tangible equity to tangible assets |
6.70 |
% |
6.68 |
% |
||||||||||||||||
|
Memoranda |
||||||||||||||||||||
|
Core deposits |
14,471 |
14,655 |
14,679 |
14,638 |
||||||||||||||||
|
Total deposits |
15,661 |
15,831 |
15,861 |
16,062 |
||||||||||||||||
|
Mortgage servicing portfolio |
15,113 |
14,729 |
||||||||||||||||||
|
Mortgage banking full-time equivalent |
|
|
||||||||||||||||||
|
Total full-time equivalent employees |
9,202 |
9,456 |
||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||
|
Credit Quality |
|
3rd Quarter 1999 |
|
|
2nd Quarter 1999 |
|||||||||||||||
|
Ending allowance for credit losses |
$206.8 |
$203.1 |
||||||||||||||||||
|
Nonperforming assets: |
||||||||||||||||||||
|
Nonaccrual |
60.5 |
64.8 |
||||||||||||||||||
|
Renegotiated |
2.2 |
3.3 |
||||||||||||||||||
|
Total impaired loans |
62.7 |
68.1 |
||||||||||||||||||
|
Other real estate owned |
7.0 |
6.9 |
||||||||||||||||||
|
Total nonperforming assets |
69.7 |
75.0 |
||||||||||||||||||
|
Loans delinquent over 90 days |
19.4 |
17.5 |
||||||||||||||||||
|
Gross charge-offs |
12.4 |
11.2 |
||||||||||||||||||
|
Recoveries |
7.8 |
6.0 |
||||||||||||||||||
|
Net charge-offs |
4.6 |
5.2 |
||||||||||||||||||
|
Provision for credit losses |
8.4 |
6.0 |
||||||||||||||||||
|
Key Ratios: |
||||||||||||||||||||
|
Allowance to loans |
1.59 |
% |
1.58 |
% |
||||||||||||||||
|
Allowance to impaired loans |
330.04 |
298.21 |
||||||||||||||||||
|
Impaired loans to loans |
0.48 |
0.53 |
||||||||||||||||||
|
Nonperforming assets to assets |
0.34 |
0.37 |
||||||||||||||||||
|
90 days delinquent to loans |
0.15 |
0.14 |
||||||||||||||||||
|
Net charge-offs to average loans |
0.15 |
0.17 |
||||||||||||||||||
|
OLD KENT |
|||||||
|
|||||||
|
[Amounts in thousands, |
Excluding Merger |
||||||
|
except per share data] |
Charges |
||||||
|
(Unaudited) |
YTD June 30, |
YTD June 30, |
YTD June 30, |
||||
|
Key Statistics |
|
2000 |
|
2000 |
|
1999 |
|
|
Net income |
$157,362 |
$113,786 |
$146,895 |
||||
|
Basic earnings per share |
$1.14 |
$0.82 |
$1.05 |
||||
|
Diluted earnings per share |
1.13 |
0.82 |
1.04 |
||||
|
Cash basis earnings per share (b) |
1.19 |
0.87 |
1.10 |
||||
|
Operating revenue per share (c) |
4.51 |
4.51 |
4.36 |
||||
|
Operating expense per share (c) |
2.61 |
2.61 |
2.63 |
||||
|
Return on average total assets |
1.48 |
% |
1.07 |
% |
1.42 |
% |
|
|
Return on average common equity |
20.89 |
15.35 |
19.31 |
||||
|
Net interest margin |
4.10 |
4.10 |
4.14 |
||||
|
Yield on average earning assets |
8.29 |
8.29 |
7.75 |
||||
|
Cost of average paying liabilities |
4.75 |
4.75 |
4.15 |
||||
|
Efficiency ratio (c) |
57.86 |
57.86 |
60.41 |
||||
|
Net profit margin |
25.12 |
18.17 |
23.83 |
||||
|
Common Stock Information (adjusted for stock dividends) |
|||||||
|
Book value per share |
$11.13 |
$11.13 |
$10.85 |
||||
|
Dividends paid per share |
0.420 |
0.420 |
0.362 |
||||
|
Per share price: |
|||||||
|
High |
34.05 |
34.05 |
44.62 |
||||
|
Low |
22.74 |
22.74 |
37.64 |
||||
|
Close |
26.75 |
26.75 |
39.89 |
||||
|
Outstanding shares at end of period |
136,980 |
136,980 |
138,951 |
||||
|
Number of shares used to compute: |
|||||||
|
Basic earnings per share |
137,520 |
137,520 |
139,629 |
||||
|
Diluted earnings per share |
|
138,800 |
|
138,800 |
|
141,369 |
|
|
(a) Restated to include "pooling-of-interests" transactions: Grand Premier Financial, Inc., acquired April 1, 2000; Merchants Bancorp, Inc., acquired February 11, 2000; Pinnacle Banc Group, Inc., acquired September 3,
1999; and CFSB Bancorp, Inc., acquired July 9, 1999. |
|||||||
|
OLD KENT |
|
|
|
|
|||
|
[Amounts in thousands, |
Excluding Merger |
||||||
|
except per share data] |
Charges |
||||||
|
(Unaudited) |
YTD June 30, |
YTD June 30, |
YTD June 30, |
||||
|
Summary Income Statement |
|
2000 |
|
2000 |
|
1999 |
|
|
Taxable equivalent net interest income |
$399,493 |
$399,493 |
$391,176 |
||||
|
Interest income |
794,638 |
794,638 |
718,567 |
||||
|
Interest expense |
407,094 |
407,094 |
339,152 |
||||
|
Net interest income |
387,544 |
387,544 |
379,415 |
||||
|
Provision for credit losses (operating) |
19,602 |
19,602 |
14,160 |
||||
|
Provision for credit losses (merger related) |
-- |
12,000 |
-- |
||||
|
Other income: |
|||||||
|
Mortgage banking revenues - net |
87,683 |
87,683 |
95,273 |
||||
|
Investment management & trust revenues |
43,803 |
43,803 |
39,963 |
||||
|
Deposit account revenues |
40,368 |
40,368 |
37,715 |
||||
|
Insurance sales commissions |
12,114 |
12,114 |
12,280 |
||||
|
Other |
42,939 |
42,939 |
40,080 |
||||
|
Total other income |
226,907 |
226,907 |
225,311 |
||||
|
Securities gains/(losses) |
(422 |
) |
(422 |
) |
8,063 |
||
|
Securities gains/(losses) (merger related) |
-- |
(11,425 |
) |
-- |
|||
|
Total |
226,485 |
215,060 |
233,374 |
||||
|
Other expense: |
|||||||
|
Salaries and employee benefits |
188,866 |
188,866 |
191,599 |
||||
|
Occupancy expense |
28,798 |
28,798 |
28,614 |
||||
|
Equipment expense |
24,931 |
24,931 |
24,104 |
||||
|
Amortization of goodwill & intangibles |
9,524 |
9,524 |
10,083 |
||||
|
Other |
110,332 |
110,332 |
118,045 |
||||
|
Total other expense |
362,451 |
362,451 |
372,445 |
||||
|
Merger charges |
-- |
42,000 |
-- |
||||
|
Total |
362,451 |
404,451 |
372,445 |
||||
|
Income before income taxes |
231,976 |
166,551 |
226,184 |
||||
|
Income taxes |
74,614 |
74,614 |
79,289 |
||||
|
Income taxes (applicable to merger charges) |
-- |
(21,849 |
) |
-- |
|||
|
Net income |
$157,362 |
$113,786 |
$146,895 |
||||
|
Preferred dividend |
(370 |
) |
(370 |
) |
(370 |
) |
|
|
Net income available to common |
$156,992 |
$113,416 |
$146,525 |
||||
|
OLD KENT |
|||||||||
|
Average Balances, Yields and Rates (a) |
|||||||||
|
Six Months ended June 30, |
|||||||||
|
(Yields and rates are on a fully taxable- |
2000 |
|
1999 |
||||||
|
equivalent basis, dollars in thousands) |
Average |
Average |
Average |
Average |
|||||
|
(Unaudited) |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
|
Assets: |
|||||||||
|
Loans: |
|||||||||
|
Commercial loans and leases |
$8,588,260 |
8.85 |
% |
$7,089,412 |
8.37 |
% |
|||
|
Consumer loans |
4,183,460 |
9.06 |
3,006,492 |
8.94 |
|||||
|
Residential mortgages |
1,907,567 |
7.75 |
2,084,994 |
7.63 |
|||||
|
Total loans |
14,679,287 |
8.77 |
12,180,898 |
8.39 |
|||||
|
Securities |
3,869,818 |
6.53 |
4,775,936 |
6.56 |
|||||
|
Mortgages held-for-sale |
936,058 |
8.29 |
1,870,281 |
6.81 |
|||||
|
Other interest - earning assets |
38,434 |
5.93 |
125,296 |
4.99 |
|||||
|
Total earning assets |
19,523,597 |
8.29 |
18,952,411 |
7.75 |
|||||
|
Unrealized gain/(loss) on S.A.F.S. |
(107,748 |
) |
23,098 |
||||||
|
Allowance for credit losses |
(212,578 |
) |
(202,421 |
) |
|||||
|
Cash and due from banks |
593,674 |
693,017 |
|||||||
|
Goodwill and other intangibles |
147,618 |
164,076 |
|||||||
|
Mortgage servicing rights |
291,102 |
249,104 |
|||||||
|
Other assets |
1,021,466 |
823,677 |
|||||||
|
Total assets |
$21,257,131 |
$20,702,962 |
|||||||
|
Liabilities and shareholders' equity: |
|||||||||
|
Savings deposits |
$6,268,053 |
3.28 |
% |
$6,134,502 |
2.79 |
% |
|||
|
Negotiable and foreign deposits |
1,652,145 |
6.05 |
1,547,555 |
4.85 |
|||||
|
Consumer time deposits |
5,921,133 |
5.26 |
6,085,632 |
5.01 |
|||||
|
Total interest - bearing deposits |
13,841,331 |
4.46 |
13,767,689 |
4.00 |
|||||
|
Federal funds purchased and |
|||||||||
|
Repurchase agreements |
1,248,563 |
5.40 |
1,150,104 |
4.35 |
|||||
|
Other borrowed funds |
1,893,295 |
6.20 |
1,364,380 |
5.12 |
|||||
|
Subordinated debt |
135,165 |
6.86 |
100,000 |
6.74 |
|||||
|
Floating rate subordinated securities |
100,000 |
7.34 |
100,000 |
6.14 |
|||||
|
Total interest - bearing funds |
17,218,354 |
4.75 |
16,482,173 |
4.15 |
|||||
|
Demand deposits |
2,230,101 |
2,366,760 |
|||||||
|
Other liabilities |
321,567 |
327,130 |
|||||||
|
Shareholders' equity: |
|||||||||
|
Preferred stock, common stock, surplus |
|||||||||
|
and retained earnings |
1,565,500 |
1,511,660 |
|||||||
|
Net unrealized gain/(loss) on S.A.F.S. |
(78,391 |
) |
15,239 |
||||||
|
Total liabilities and |
|||||||||
|
shareholders' equity |
$21,257,131 |
$20,702,962 |
|||||||
|
Net Interest Spread |
3.54 |
% |
3.60 |
% |
|||||
|
Net Interest Income as a Percentage |
|||||||||
|
of Average Earning Assets |
4.10 |
% |
4.14 |
% |
|||||
|
OLD KENT |
|||||||||
|
|
||||||||
|
Q2-00 |
|
Q1-00 |
|
Q4-99 |
|
Q3-99 |
|
Q2-99 |
|
Beginning Reserve |
$211,540 |
$206,279 |
$206,819 |
$203,091 |
$202,332 |
||||
|
Provision |
16,970 |
14,632 |
12,870 |
8,358 |
5,964 |
||||
|
Net Charge - offs |
8,830 |
9,955 |
13,410 |
4,630 |
5,205 |
||||
|
Other |
- |
584 |
- |
- |
- |
||||
|
Ending Reserve |
$219,680 |
$211,540 |
$206,279 |
$206,819 |
$203,091 |
||||
|
Net Loan Charge - offs |
|||||||||
|
Commercial Loans |
$5,889 |
$6,260 |
$8,727 |
$771 |
$1,683 |
||||
|
Consumer Loans |
2,710 |
3,166 |
3,624 |
3,248 |
2,956 |
||||
|
Real Estate - Mortgages |
231 |
529 |
1,059 |
611 |
566 |
||||
|
Total Net Loan Charge - offs |
$8,830 |
$9,955 |
$13,410 |
$4,630 |
$5,205 |
||||
|
Net Charge - off Ratio |
0.23% |
0.28% |
0.42% |
0.15% |
0.17% |
||||
|
OLD KENT |
||||||||||
|
For the Quarter Ended |
||||||||||
|
06/30/2000 |
|
03/31/2000 |
|
12/31/1999 |
|
09/30/1999 |
|
06/30/1999 |
||
|
Net mortgage banking revenue (thousands) |
$44,840 |
$42,843 |
$49,896 |
$47,127 |
$49,880 |
|||||
|
Mortgage originations (millions) |
$2,330 |
$1,960 |
$2,216 |
$2,739 |
$3,503 |
|||||
|
Retail originations as a percentage of mortgage originations |
59% |
55% |
56% |
55% |
53% |
|||||
|
Home purchases as a percentage of mortgage originations |
79% |
72% |
72% |
73% |
56% |
|||||
|
Mortgage originations percentage by loan type: |
||||||||||
|
Conventional loans |
62% |
60% |
56% |
58% |
70% |
|||||
|
FHA/VA loans |
30% |
30% |
34% |
33% |
27% |
|||||
|
Sub-prime loans |
8% |
10% |
10% |
9% |
3% |
|||||
|
Mortgage loan sales (millions) |
$2,253 |
$1,819 |
$2,349 |
$2,804 |
$3,330 |
|||||
|
Loans serviced for others (millions) |
$14,154 |
$15,358 |
$14,726 |
$15,113 |
$14,729 |
|||||
|
Mortgage servicing rights (millions) |
$267 |
$287 |
$278 |
$278 |
$275 |
|||||
|
Servicing portfolio weighted average coupon |
7.46% |
7.54% |
7.45% |
7.41% |
7.38% |
|||||
|
Number of branch offices/states |
152/31 |
149/31 |
147/32 |
152/31 |
167/32 |
|||||
|
Mortgage Servicing Rights |
||||||||||
|
Balance at beginning of period |
$286,707 |
$277,544 |
$277,642 |
$274,798 |
$258,976 |
|||||
|
Additions |
40,075 |
51,934 |
52,832 |
54,450 |
68,127 |
|||||
|
Sales |
(52,036 |
) |
(34,461 |
) |
(43,051 |
) |
(38,181 |
) |
(36,082 |
) |
|
Amortization |
(7,587 |
) |
(8,310 |
) |
(9,879 |
) |
(13,425 |
) |
(16,223 |
) |
|
Balance at end of period |
$267,159 |
$286,707 |
$277,544 |
$277,642 |
$274,798 |
|||||
|
Estimated fair value of mortgage servicing rights |
$309,000 |
$343,000 |
$323,000 |
$340,000 |
$328,000 |
|||||
|
|