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Previous: STERLING FINANCIAL CORP /PA/, 8-K/A, EX-99.3, 2000-09-26 |
Next: SMITH BARNEY ARIZONA MUNICIPALS FUNDS INC, 485BPOS, 2000-09-26 |
<PAGE> 1
Exhibit 99.4
PRO FORMA UNAUDITED COMBINED CONDENSED BALANCE SHEET
AS OF JUNE 30, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
Sterling
and
Pro Forma Hanover
Sterling Hanover Adjustments Combined
-------- ------- ----------- --------
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 49,618 $ 28,748 $ - $ 78,366
Interest bearing deposits in banks and
short-term investments 1,500 128 - 1,628
Securities 258,883 187,650 (7)(1) 446,526
Loans 713,004 304,859 (2,651)(2) 1,015,212
Allowance for loan losses (8,248) (3,860) (12,108)
Goodwill and other intangible assets 3,071 105 - 3,176
Other assets 94,130 18,006 (3,954)(4) 108,182
-------------- ------------- ------------- ---------------
Total assets $ 1,111,958 $ 535,636 $ (6,612) $ 1,640,982
============== ============= ============= ===============
Deposits $ 941,493 $ 424,298 $ - $ 1,365,791
Borrowings 59,457 72,693 (2,651)(2) 129,499
Other liabilities 17,510 5,633 (3,954)(4) 19,189
-------------- ------------- ------------- ---------------
Total liabilities 1,018,460 502,624 (6,605) 1,514,479
-------------- ------------- ------------- ---------------
Common stock 44,674 3,224 14,836(3) 62,734
Capital surplus 14,461 18,283 (14,836)(3) 17,902
(6)(1)
Accumulated other comprehensive income (loss) (2,015) (6,147) (1) (8,163)
Retained earnings 36,479 17,652 - 54,131
Treasury stock (101) - - (101)
-------------- ------------- ------------- ---------------
Total stockholders' equity 93,498 33,012 (7) 126,503
-------------- ------------- ------------- ---------------
Total liabilities and stockholders' equity $ 1,111,958 $ 535,636 $ (6,612) $ 1,640,982
============== ============= ============= ===============
</TABLE>
(1) - Proforma adjustment to eliminate intercorporate investment.
(2) - Proforma adjustment to eliminate intercorporate loans.
(3) - Proforma adjustment to convert Hanover's $.83 par to Sterling's $5.00 par
and to properly reflect .93 exchange ratio.
(4) - Proforma adjustment to eliminate accrued interest payable on intercompany
loan and to reclassify Hanover's deferred income tax asset to be
consistent with Sterling's position.
<PAGE> 2
PRO FORMA UNAUDITED COMBINED CONDENSED INCOME STATEMENT
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2000
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Sterling
and
Pro Forma Hanover
Sterling Hanover Adjustments Combined
-------- ------- ----------- --------
<S> <C> <C> <C> <C>
Interest income $ 36,290 $ 18,473 $ (93)(1) $ 54,670
Interest expense 17,013 10,181 (93)(1) 27,101
Net interest income 19,277 8,292 - 27,569
Provision for loan losses 99 190 - 289
Net interest income after provision for loan losses 19,178 8,102 - 27,280
Non-interest income 16,493 2,023 - 18,516
Non-interest expense 25,699 7,327 - 33,026
------------- ------------- -------------- -------------
Income before income taxes 9,972 2,798 - 12,770
Income tax expense 2,620 486 - 3,106
------------- ------------- -------------- -------------
Net income $ 7,352 $ 2,312 $ - $ 9,664
============= ============= ============== =============
Total comprehensive income (loss) $ 6,785 $ 1,184 $ - $ 7,969
============= ============= ============== =============
Basic earnings per share $ 0.82 $ 0.60 $ 0.77
============= ============= =============
Diluted earnings per share $ 0.82 $ 0.60 $ 0.77
============= ============= =============
Weighted average number of shares outstanding:
Basic 8,932 3,884 (272)(2) 12,544
Diluted 8,934 3,887 (256)(3) 12,565
</TABLE>
(1) - Proforma adjustment to eliminate interest on intercorporate loan.
(2) - Proforma adjustment to reflect exchange rate of .93.
(3) - Proforma adjustment to reflect exchange rate of .93 and incremental
dilution of Hanover stock options.
<PAGE> 3
PRO FORMA UNAUDITED COMBINED CONDENSED INCOME STATEMENT
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 1999
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
Sterling
and
Pro Forma Hanover
Sterling Hanover Adjustments Combined
-------- ------- ----------- --------
<S> <C> <C> <C> <C>
Interest income $ 32,941 $ 16,509 $ (82)(1) $ 49,368
Interest expense 14,298 8,519 (82)(1) 22,735
Net interest income 18,643 7,990 - 26,633
Provision for loan losses 240 390 - 630
Net interest income after provision for loan losses 18,403 7,600 - 26,003
Non-interest income 14,512 2,014 - 16,526
Non-interest expense 23,743 6,794 - 30,537
------------- ------------- ------------- -------------
Income before income taxes 9,172 2,820 - 11,992
Income tax expense 2,324 612 - 2,936
------------- ------------- ------------- -------------
Net income $ 6,848 $ 2,208 $ - $ 9,056
============= ============= ============= =============
Total comprehensive income (loss) $ 2,890 $ (1,618) $ - $ 1,272
============= ============= ============= =============
Basic earnings per share $ 0.77 $ 0.56 $ 0.72
============= ============= =============
Diluted earnings per share $ 0.77 $ 0.56 $ 0.72
============= ============= =============
Weighted average number of shares outstanding:
Basic 8,906 3,939 (276)(2) 12,569
Diluted 8,922 3,947 (240)(3) 12,629
</TABLE>
(1) - Proforma adjustment to eliminate interest on intercorporate loan.
(2) - Proforma adjustment to reflect exchange rate of .93.
(3) - Proforma adjustment to reflect exchange rate of .93 and incremental
dilution of Hanover stock options.
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