Press Release
For Immediate Release:
Contact: Eugene S. Putnam, Jr. (404) 658-4879
SunTrust Reports 10% Growth In Earnings Per Share
ATLANTA, October 10, 2000 - SunTrust Banks, Inc. today reported record-operating
income of $332.2 million, up from the $325.9 million earned in the third quarter
of 1999. Operating earnings of $1.11 per diluted share were up 10% from the
$1.01 per diluted share earned in the third quarter of last year. Including $5.4
million in after-tax merger-related charges, reported net income totaled $326.8
million for the quarter or $1.10 per diluted share compared to $321.4 million or
$1.00 per diluted share in the third quarter of 1999. Reported return on assets
was 1.34% for the quarter and return on average realized equity was 21.62%.
For the first nine months of 2000, operating earnings were $989.8 million, up
from the $924.3 million earned in the first nine months of 1999. Operating
earnings per diluted share for the first nine months of 2000 were $3.27, up 14%
from the $2.87 earned in 1999. Including $26.1 million in after-tax
merger-related charges, reported net income for the first nine months of 2000
was $963.7 million. Through the first nine months of 2000, reported return on
assets was 1.35% and return on average realized equity was 21.47%.
"I am pleased to report our efficiency programs are beginning to show results,
both in terms of increased revenues in targeted categories and a gradual
improvement in our expense structure," said L. Phillip Humann, SunTrust's
Chairman, President and Chief Executive Officer. "These initiatives contributed
to another quarter of record earnings despite the slowing in the economy related
to rising interest rates."
Fully taxable net interest income of $781.5 million in the quarter was down 3%
from the third quarter of 1999. The decline in net interest income is
attributable primarily to the sale of the consumer credit card portfolio, as
well as the ongoing impact of rising interest rates and the Company's stock
buyback program. For the first nine months of 2000, fully taxable net interest
income was $2,352.3 million, down 1% from the first nine months of 1999. The net
interest margin for the third quarter was 3.47%. Average loans for the third
quarter were $71.5 billion, up 14% from the third quarter of last year.
Noninterest income, excluding securities gains and losses, was $447.8 million in
the quarter, up slightly from the third quarter of 1999. For the first nine
months of 2000, noninterest income, excluding securities gains and losses, was
$1,320.2 million, virtually unchanged from the first nine months of 1999.
Noninterest income represented 36% of total revenue through the first nine
months of 2000. Noninterest expense, excluding merger-related expenses, was
$698.3 million for the quarter, down slightly from the $701.6 million recorded
in the second quarter of 2000.
Net charge-offs in the third quarter were $30.5 million or .17% of average loans
down from $40.8 million or .26% of average loans in the third quarter of last
year. The provision for loan losses was $30.5 million for the quarter, down from
$46.5 million a year ago.
Nonperforming assets were $404.5 million at quarter-end or .56% of loans and
foreclosed properties. Three credits represented 82% of the quarterly increase
in nonperforming assets. Nonperforming assets at September 30, 2000 included
$380.9 million in nonperforming loans and $23.6 million in net other real estate
owned. Nonperforming assets at September 30, 2000 comprised .40% of total
assets, compared to .31% at June 30, 2000 and .28% a year ago. The allowance for
loan losses at September 30, 2000 was $874.5 million and represented 1.21% of
loans.
At September 30, 2000, SunTrust had total assets of $100.5 billion and total
deposits of $69.2 billion. Equity capital of $7.7 billion represented 7.66% of
total assets. Book value per share was $25.85.
Please refer to the Investor Relations section of our website at
www.suntrust.com for the corresponding financial tables and information.
SunTrust Banks, Inc., based in Atlanta, Georgia, is the nation's 10th largest
commercial banking organization. The Company provides a wide range of services
to meet the financial needs of its growing customer base in Alabama, Florida,
Georgia, Maryland, Tennessee, Virginia, and the District of Columbia. Its
primary businesses include traditional deposit and credit services as well as
trust and investment services. Through various subsidiaries the Company provides
credit cards, mortgage banking, insurance, brokerage and investment services.
<PAGE>
<TABLE>
SunTrust Banks, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Three Months
----------------------------- %
2000 1999 Change
---------------------------------------------------------------------------------------------------------------------------
EARNINGS & DIVIDENDS
Period ending September 30
(Dollars in millions except per share data)
<S> <C> <C> <C>
Net income $ 326.8 $ 321.4 1.7 %
Earnings per share
Basic $ 1.11 $ 1.01 9.9
Diluted 1.10 1.00 10.0
Dividends paid per common share 0.370 0.345 7.2
Average shares outstanding (000s)
Basic 295,575 318,239 (7.1)
Diluted 298,558 322,223 (7.3)
KEY RATIOS
Return on average assets 1.34 % 1.42 % (5.6)%
Return on average realized equity 21.62 19.55 10.6
Net interest margin(1) 3.47 3.87 (10.3)
Efficiency ratio 57.50 55.28 4.0
Period ending September 30
Book value per share 25.85 24.50 5.5
Equity to assets 7.66 8.45 (9.4)
---------------------------------------------------------------------------------------------------------------------------
CONDENSED BALANCE SHEET (Dollars in millions)
Average Balances
Securities available for sale $ 16,969 $ 18,649 (9.0)%
Loans 71,507 62,860 13.8
Allowance for loan losses (869) (949) (8.4)
Intangible assets 807 827 (2.4)
Other assets 10,978 11,061 (0.8)
--------------- ---------------
Total assets $ 99,392 $ 92,448 7.5
=============== ===============
Deposits $ 53,641 $ 53,973 (0.6)
Purchased liabilities(2) 25,934 20,901 24.1
Long-term debt 8,378 5,783 44.9
Other liabilities 3,951 3,580 10.4
--------------- ---------------
Total liabilities 91,904 84,237 9.1
Realized shareholders' equity 6,013 6,523 (7.8)
Accumulated other comprehensive income 1,475 1,688 (12.6)
--------------- ---------------
Total liabilities and shareholders' equity $ 99,392 $ 92,448 7.5
=============== ===============
Period Ending September 30
Securities available for sale $ 17,099 $ 18,123 (5.7)
Loans 72,114 64,189 12.3
Allowance for loan losses (874) (947) (7.7)
Intangible assets 812 831 (2.3)
Other assets 11,395 10,559 7.9
--------------- ---------------
Total assets 100,546 92,755 8.4
=============== ===============
Deposits $ 53,509 $ 53,842 (0.6)
Purchased liabilities(2) 26,965 21,342 26.3
Long-term debt 8,335 6,325 31.8
Other liabilities 4,039 3,408 18.5
--------------- ---------------
Total liabilities 92,848 84,917 9.3
Realized shareholders' equity 6,132 6,557 (6.5)
Accumulated other comprehensive income 1,566 1,281 22.2
--------------- ---------------
Total liabilities and shareholders' equity $ 100,546 $ 92,755 8.4
=============== ===============
---------------------------------------------------------------------------------------------------------------------------
CREDIT DATA ($ in thousands)
Allowance for loan losses - beginning $ 874,484 $ 941,444 (7.1)%
Allowance from acquisitions and other activity - net - 28 (100.0)
Provision for loan losses 30,540 46,517 (34.3)
Net charge-offs
Credit card 1,207 15,459 (92.2)
Other consumer 8,007 4,486 78.5
Residential 1,033 3,155 (67.3)
Commercial 20,287 17,650 14.9
--------------- ---------------
Allowance for loan losses - ending $ 874,490 $ 947,239 (7.7)
=============== ===============
Total net charge-offs $ 30,534 $ 40,750 (25.1)
Net charge-offs to average loans 0.17 % 0.26 % (34.6)
Period Ending September 30
Nonperforming loans $ 380,942 $ 237,653 60.3
Other real estate owned 23,586 24,203 (2.5)
--------------- ---------------
Total nonperforming assets $ 404,528 $ 261,856 54.5
=============== ===============
Allowance to loans 1.21 % 1.48 % (18.2)
Nonperforming assets to total loans
plus other real estate owned 0.56 0.41 36.6
Allowance to nonperforming loans 229.6 398.6 (42.4)
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Nine Months Ended
--------------------------------- %
2000 1999 Change
----------------------------------------------------------------------------------------------------------------------------
EARNINGS & DIVIDENDS
Period ending September 30
(Dollars in millions except per share data)
Net income $ 963.7 $ 896.8 7.5 %
Earnings per share
Basic $ 3.22 $ 2.82 14.2
Diluted 3.19 2.78 14.7
Dividends paid per common share 1.110 1.035 7.2
Average shares outstanding (000s)
Basic 299,327 318,215 (5.9)
Diluted 302,465 322,344 (6.2)
KEY RATIOS
Return on average assets 1.35 % 1.35 % - %
Return on average realized equity 21.47 18.96 13.2
Net interest margin(1) 3.57 3.91 (8.7)
Efficiency ratio 57.89 58.02 (0.2)
Period ending September 30
Book value per share
Equity to assets
----------------------------------------------------------------------------------------------------------------------------
CONDENSED BALANCE SHEET (Dollars in millions)
Average Balances
Securities available for sale $ 17,275 $ 18,129 (4.7)%
Loans 69,463 62,011 12.0
Allowance for loan losses (872) (949) (8.1)
Intangible assets 801 822 (2.6)
Other assets 10,774 12,139 (11.2)
---------------- ---------------
Total assets $ 97,441 $ 92,152 5.7
================ ===============
Deposits $ 53,648 $ 53,599 0.1
Purchased liabilities(2) 24,914 20,530 21.4
Long-term debt 7,803 5,770 35.2
Other liabilities 3,689 4,026 (8.4)
---------------- ---------------
Total liabilities 90,054 83,925 7.3
Realized shareholders' equity 5,995 6,325 (5.2)
Accumulated other comprehensive income 1,392 1,902 (26.8)
---------------- ---------------
Total liabilities and shareholders' equity $ 97,441 $ 92,152 5.7
================ ===============
Period Ending September 30
Securities available for sale
Loans
Allowance for loan losses
Intangible assets
Other assets
Total assets
Deposits
Purchased liabilities(2)
Long-term debt
Other liabilities
Total liabilities
Realized shareholders' equity
Accumulated other comprehensive income
Total liabilities and shareholders' equity
----------------------------------------------------------------------------------------------------------------------------
CREDIT DATA ($ in thousands)
Allowance for loan losses - beginning $ 871,323 $ 944,557 (7.8)%
Allowance from acquisitions and other activity - net - (13,331) (100.0)
Provision for loan losses 80,525 137,334 (41.4)
Net charge-offs
Credit card 1,248 51,101 (97.6)
Other consumer 21,975 16,700 31.6
Residential 3,287 7,759 (57.6)
Commercial 50,848 45,761 11.1
---------------- ---------------
Allowance for loan losses - ending $ 874,490 $ 947,239 (7.7)
================ ===============
Total net charge-offs $ 77,358 $ 121,321 (36.2)
Net charge-offs to average loans 0.15 % 0.26 % (42.3)
Period Ending September 30
Nonperforming loans
Other real estate owned
Total nonperforming assets
Allowance to loans
Nonperforming assets to total loans
plus other real estate owned
Allowance to nonperforming loans
</TABLE>
(1)Net interest income and net interest margin include the effects of
taxable-equivalent adjustments.
(2)Purchased liabilities include foreign and brokered deposits, funds purchased
and other short-term borrowings.
<PAGE>
<TABLE>
SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
As of September 30 Increase/(Decrease)
-------------------------------------- ------------------------------------
2000 1999 Amount %
---------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C> <C>
Cash and due from banks $ 3,200,930 $ 3,573,746 $ (372,816) (10.4)%
Interest-bearing deposits in other banks 10,410 41,519 (31,109) (74.9)
Trading account 745,087 164,820 580,267 352.1
Securities available for sale (1) 17,098,832 18,123,340 (1,024,508) (5.7)
Funds sold 1,427,318 1,426,098 1,220 0.1
Loans held for sale 1,495,836 1,377,560 118,276 8.6
Loans 72,113,649 64,189,310 7,924,339 12.3
Allowance for loan losses (874,490) (947,239) 72,749 (7.7)
------------- ------------ -----------
Net loans 71,239,159 63,242,071 7,997,088 12.6
Intangible assets 812,079 831,478 (19,399) (2.3)
Other assets 4,516,401 3,974,770 541,631 13.6
------------- ------------ -----------
Total Assets (2) $ 100,546,052 $ 92,755,402 $ 7,790,650 8.4
============= ============ ===========
LIABILITIES
Noninterest-bearing deposits $ 13,060,887 $ 13,128,979 $ (68,092) (0.5)
Interest-bearing deposits 56,091,983 45,515,083 10,576,900 23.2
------------- ------------ -----------
Total deposits 69,152,870 58,644,062 10,508,808 17.9
Funds purchased 9,301,754 15,136,501 (5,834,747) (38.5)
Other short-term borrowings 2,019,907 1,403,607 616,300 43.9
Long-term debt 8,334,903 6,325,178 2,009,725 31.8
Other liabilities 4,038,815 3,407,974 630,841 18.5
------------- ------------ -----------
Total liabilities 92,848,249 84,917,322 7,930,927 9.3
SHAREHOLDERS' EQUITY
Preferred stock, no par value - - - -
Common stock, $1.00 par value 323,163 323,171 (8) (0.0)
Additional paid in capital 1,269,792 1,306,910 (37,118) (2.8)
Retained earnings 6,090,868 5,140,985 949,883 18.5
Treasury stock and other (1,551,714) (214,379) (1,337,335) 623.8
------------- ------------ -----------
Realized shareholders' equity 6,132,109 6,556,687 (424,578) (6.5)
Accumulated other comprehensive income 1,565,694 1,281,393 284,301 22.2
------------- ------------ -----------
Total shareholders' equity 7,697,803 7,838,080 (140,277) (1.8)
------------- ------------ -----------
Total Liabilities and Shareholders' Equity $ 100,546,052 $ 92,755,402 $ 7,790,650 8.4
============= ============ ===========
Common shares outstanding 297,791,574 319,889,489 (22,097,915) (6.9)
Common shares authorized 750,000,000 500,000,000 250,000,000 50.0
Treasury shares of common stock 25,371,183 3,281,942 22,089,241 673.1
(1) Includes net unrealized gains of: 2,461,858 2,072,970 388,888 18.8
(2) Includes earning assets of: 90,429,274 83,249,677 7,179,597 8.6
</TABLE>
<PAGE>
<TABLE>
SunTrust Banks, Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands, except per share data)
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
Three Months Ended
September 30 Increase/(Decrease)
---------------------------------- -----------------------------------
2000 1999 Amount %
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest income $ 1,764,216 $ 1,506,442 $ 257,774 17.1 %
Interest expense 992,766 711,462 281,304 39.5
----------- ----------- ---------
NET INTEREST INCOME 771,450 794,980 (23,530) (3.0)
Provision for loan losses 30,540 46,517 (15,977) (34.3)
NET INTEREST INCOME AFTER
----------- ----------- ---------
PROVISION FOR LOAN LOSSES 740,910 748,463 (7,553) (1.0)
----------- ----------- ---------
NONINTEREST INCOME
Trust income 121,803 126,376 (4,573) (3.6)
Service charges on deposit accounts 116,875 111,644 5,231 4.7
Other charges and fees 54,672 48,976 5,696 11.6
Mortgage production related income 23,809 26,697 (2,888) (10.8)
Mortgage servicing related income 7,906 11,408 (3,502) (30.7)
Credit card and other fees 24,250 29,143 (4,893) (16.8)
Retail investment services 24,022 23,854 168 0.7
Corporate and institutional investment services 35,972 13,174 22,798 173.1
Trading account profits and commissions 4,924 6,181 (1,257) (20.3)
Other noninterest income 33,586 46,081 (12,495) (27.1)
Securities gains (losses) (586) 2,534 (3,120) (123.1)
----------- ----------- ---------
Total noninterest income 447,233 446,068 1,165 0.3
----------- ----------- ---------
NONINTEREST EXPENSE
Personnel expense 400,899 409,062 (8,163) (2.0)
Net occupancy expense 51,915 49,796 2,119 4.3
Equipment expense 47,191 48,039 (848) (1.8)
Outside processing and software 42,385 36,942 5,443 14.7
Marketing and customer development 25,315 24,685 630 2.6
Amortization of intangible assets 8,889 8,588 301 3.5
Merger-related expenses 8,255 7,116 1,139 16.0
Other noninterest expense 121,721 107,556 14,165 13.2
----------- ----------- ---------
Total noninterest expense 706,570 691,784 14,786 2.1
----------- ----------- ---------
INCOME BEFORE INCOME TAXES 481,573 502,747 (21,174) (4.2)
Provision for income taxes 154,753 181,341 (26,588) (14.7)
----------- ----------- ---------
NET INCOME $ 326,820 $ 321,406 $ 5,414 1.7
=========== =========== =========
Net interest income (taxable-equivalent)(1) 781,536 805,362 (23,826) (3.0)
Earnings per share
Basic $ 1.11 $ 1.01 0.10 9.9
Diluted 1.10 1.00 0.10 10.0
Cash dividends paid per common share 0.370 0.345 0.025 7.2
Average shares outstanding (000s)
Basic 295,575 318,239 (22,664) (7.1)
Diluted 298,558 322,223 (23,665) (7.3)
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Nine Months Ended
September 30 Increase/(Decrease)
-------------------------------- ------------------------------
2000 1999 Amount %
---------------------------------------------------------------------------------------------------------------------
Interest income $ 5,047,094 $ 4,400,948 $ 646,146 14.7 %
Interest expense 2,724,021 2,051,348 672,673 32.8
----------- ----------- ---------
NET INTEREST INCOME 2,323,073 2,349,600 (26,527) (1.1)
Provision for loan losses 80,525 137,334 (56,809) (41.4)
NET INTEREST INCOME AFTER
----------- ----------- ---------
PROVISION FOR LOAN LOSSES 2,242,548 2,212,266 30,282 1.4
----------- ----------- ---------
NONINTEREST INCOME
Trust income 377,442 378,981 (1,539) (0.4)
Service charges on deposit accounts 340,730 324,825 15,905 4.9
Other charges and fees 150,896 144,886 6,010 4.1
Mortgage production related income 62,975 127,861 (64,886) (50.7)
Mortgage servicing related income 23,319 19,541 3,778 19.3
Credit card and other fees 70,719 80,492 (9,773) (12.1)
Retail investment services 85,370 73,370 12,000 16.4
Corporate and institutional investment services 90,964 48,164 42,800 88.9
Trading account profits and commissions 15,495 28,207 (12,712) (45.1)
Other noninterest income 102,338 94,732 7,606 8.0
Securities gains (losses) 7,807 5,681 2,126 37.4
----------- ----------- ---------
Total noninterest income 1,328,055 1,326,740 1,315 0.1
----------- ----------- ---------
NONINTEREST EXPENSE
Personnel expense 1,235,570 1,277,176 (41,606) (3.3)
Net occupancy expense 151,865 147,402 4,463 3.0
Equipment expense 149,496 143,127 6,369 4.4
Outside processing and software 128,384 110,465 17,919 16.2
Marketing and customer development 75,472 70,350 5,122 7.3
Amortization of intangible assets 26,660 26,491 169 0.6
Merger-related expenses 40,071 38,507 1,564 4.1
Other noninterest expense 323,151 337,881 (14,730) (4.4)
----------- ----------- ---------
Total noninterest expense 2,130,669 2,151,399 (20,730) (1.0)
----------- ----------- ---------
INCOME BEFORE INCOME TAXES 1,439,934 1,387,607 52,327 3.8
Provision for income taxes 476,206 490,801 (14,595) (3.0)
----------- ----------- ---------
NET INCOME $ 963,728 $ 896,806 $ 66,922 7.5
=========== =========== =========
Net interest income (taxable-equivalent)(1) 2,352,336 2,381,500 (29,164) (1.2)
Earnings per share
Basic $ 3.22 $ 2.82 0.40 14.2
Diluted 3.19 2.78 0.41 14.7
Cash dividends paid per common share 1.110 1.035 0.075 7.2
Average shares outstanding (000s)
Basic 299,327 318,215 (18,888) (5.9)
Diluted 302,465 322,344 (19,879) (6.2)
</TABLE>
(1) Net interest income includes the effects of taxable-equivalent adjustments
using a federal tax rate of 35% and state income taxes where applicable to
increase tax-exempt interest income to a taxable-equivalent basis.
<PAGE>
<TABLE>
SunTrust Banks, Inc. and Subsidiaries
SELECTED FINANCIAL INFORMATION
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Nine Months Ended
3rd QTR. 2nd QTR. 1st QTR. 4th QTR. 3rd QTR. September 30
2000 2000 2000 1999 1999 2000 1999
-----------------------------------------------------------------------------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
(in thousands, except per share data)
<S> <C> <C> <C> <C> <C> <C> <C>
Net interest income $ 771,450 $ 769,030 $ 782,593 $ 795,856 $ 794,980 $ 2,323,073 $2,349,600
Provision for loan losses 30,540 27,693 22,292 33,103 46,517 80,525 137,334
--------- --------- --------- --------- --------- ----------- ----------
Net credit income 740,910 741,337 760,301 762,753 748,463 2,242,548 2,212,266
Securities gains (losses) (586) 1,531 6,862 (114,757) 2,534 7,807 5,681
Other noninterest income 447,819 442,439 429,990 413,933 443,534 1,320,248 1,321,059
--------- --------- --------- --------- --------- ----------- ----------
Net credit and noninterest income 1,188,143 1,185,307 1,197,153 1,061,929 1,194,531 3,570,603 3,539,006
Noninterest expense 706,570 719,784 704,315 753,879 691,784 2,130,669 2,151,399
--------- --------- --------- --------- --------- ----------- ----------
Income before income taxes
and extraordinary gain 481,573 465,523 492,838 308,050 502,747 1,439,934 1,387,607
Provision for income taxes 154,753 148,054 173,399 80,904 181,341 476,206 490,801
--------- --------- --------- --------- --------- ----------- ----------
Income before extraordinary gain 326,820 317,469 319,439 227,146 321,406 963,728 896,806
Extraordinary gain, net of taxes - - - 202,648 - - -
--------- --------- --------- --------- --------- ----------- ----------
Net Income $ 326,820 $ 317,469 $ 319,439 $ 429,794 $ 321,406 $ 963,728 $ 896,806
========= ========= ========= ========= ========= =========== ==========
Net interest income (taxable-equivalent) 781,536 778,658 792,142 806,473 805,362 2,352,336 2,381,500
Earnings per share
Basic
Income before extraordinary gain $ 1.11 $ 1.06 $ 1.05 $ 0.72 $ 1.01 $ 3.22 $ 2.82
Extraordinary gain - - - 0.64 - - -
--------- --------- --------- --------- --------- ----------- ----------
Net income 1.11 1.06 1.05 1.36 1.01 3.22 2.82
Diluted
Income before extraordinary gain 1.10 1.05 1.04 0.71 1.00 3.19 2.78
Extraordinary gain - - - 0.64 - - -
--------- --------- --------- --------- --------- ----------- ----------
Net income 1.10 1.05 1.04 1.35 1.00 3.19 2.78
Dividends paid per common share 0.370 0.370 0.370 0.345 0.345 1.110 1.035
Average shares outstanding(000s)
Basic 295,575 298,986 303,461 313,706 318,239 299,327 318,215
Diluted 298,558 302,141 306,739 317,701 322,223 302,465 322,344
-----------------------------------------------------------------------------------------------------------------------------------
SELECTED AVERAGE BALANCES
-------------------------
(in millions)
Total assets $ 99,392 $ 97,497 $ 95,413 $ 94,805 $ 92,448 $ 97,441 $ 92,152
Earning assets 89,664 88,201 85,858 84,448 82,517 87,914 81,517
Unrealized gains on securities available
for sale 2,365 2,016 2,349 2,566 2,737 2,244 3,077
Loans 71,507 69,831 67,030 64,942 62,860 69,463 62,011
Interest-bearing liabilities 74,914 73,501 71,423 69,744 67,802 73,285 67,156
Total deposits 67,158 66,866 65,550 58,284 58,424 66,527 57,693
Shareholders' equity 7,487 7,196 7,476 8,083 8,211 7,387 8,227
-----------------------------------------------------------------------------------------------------------------------------------
SELECTED RATIOS
Net interest margin 3.47% 3.55% 3.71% 3.79% 3.87% 3.57% 3.91%
Return on average assets 1.34 1.34 1.38 1.85 1.42 1.35 1.35
Return on average realized equity 21.62 21.46 21.33 26.25 19.55 21.47 18.96
-----------------------------------------------------------------------------------------------------------------------------------
CREDIT DATA
-----------
(Dollars in thousands)
Allowance for loan losses - beginning $ 874,484 $ 874,034 $ 871,323 $ 947,239 $ 941,444 $ 871,323 $ 944,557
Allowance from acquisitions and other
activity - net - - - - 28 - (13,331)
Provision for loan losses 30,540 27,693 22,292 33,103 46,517 80,525 137,334
Net charge-offs 30,534 27,243 19,581 109,019 40,750 77,358 121,321
--------- --------- --------- --------- --------- ----------- ----------
Allowance for loan losses - ending 874,490 874,484 874,034 871,323 947,239 874,490 947,239
========= ========= ========= ========= ========= =========== ==========
Net charge-offs to average loans 0.17% 0.16% 0.12% 0.67% 0.26% 0.15% 0.26%
Period Ending September 30
Nonperforming loans $ 380,942 $ 282,491 $ 284,887 $ 248,950 $ 237,653
Other real estate owned 23,586 23,212 26,995 26,799 24,203
--------- --------- --------- --------- ---------
Nonperforming assets $ 404,528 $ 305,703 $ 311,882 $ 275,749 $ 261,856
========= ========= ========= ========= =========
Allowance to period-end loans 1.21% 1.22% 1.27% 1.32% 1.48%
Nonperforming assets to total loans
plus other real estate 0.56 0.43 0.45 0.42 0.41
Allowance to nonperforming loans 229.6 309.6 306.8 350.0 398.6
</TABLE>
