UNITED STATES
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): April 18, 2000
BANKNORTH GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-18173 03-0321189
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Banknorth Group, Inc.
100 Bank Street
P.O. Box 5420
Burlington, VT 05401-5420
(Address of principal executive offices)
Registrant's telephone number, including area code: (802) 658-9959
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events
- ------- ------------
On April 18, 2000, Banknorth Group, Inc. (the Company) issued a press
release relating to the consolidated results of the operations of the
Company and its subsidiaries for the quarter ended March 31, 2000. The text
of the press release, including unaudited financial information, is attached
as an exhibit to this report.
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
(c) Exhibits.
(99) Press release dated April 18, 2000.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
BANKNORTH GROUP, INC.
Date: April 18, 2000 By /s/ Thomas J. Pruitt
-----------------------
Thomas J. Pruitt
Executive Vice President &
Chief Financial Officer
EXHIBIT 99
For Release: April 18, 2000, 9:00 a.m. EDT
Contact: Thomas J. Pruitt
Executive VP & CFO
(802) 860-5558
[email protected]
BANKNORTH REPORTS 1ST QUARTER RESULTS
BURLINGTON, VT, April 18, 2000 -- Banknorth Group, Inc. [NASDAQ-BKNG] today
reported net income for the first quarter of 2000 was $10.6 million, or 45
cents per common share on a diluted basis, compared to $13.5 million, or 57
cents per common share on a diluted basis, down 12 cents, or 21.1% from the
first quarter of 1999. Income from operations, or before non-recurring
income and expenses, for the first quarter of 2000, was $12.8 million, or
54 cents per common share on a diluted basis, compared to $12.6 million, or
53 cents per common share on a diluted basis, for the first quarter of
1999, an increase of 1.9%. Making the announcement was William H. Chadwick,
president and chief executive officer.
Net Interest Income
- -------------------
Net interest income was $45.0 million for the three months ended March 31,
2000, compared to $43.1 million for the three months ended March 31, 1999.
The net interest margin was 4.36% and 4.39% for the quarters ended March
31, 2000 and 1999, respectively, reflecting higher recent interest rates
offset by more competitive deposit pricing during the last few quarters.
Credit Quality
- --------------
The provision for loan and lease losses in the first quarter of 2000 was
$2.3 million, $253 thousand, or 12.7% higher than the first three months of
1999, reflecting increased loan growth. As of March 31, 2000, non-
performing assets were at a historical low of .29% of total assets compared
to .55% of total assets at March 31, 1999. Annualized net loan charge off
equaled .21% and .12% of average loans in the first quarters of 2000 and
1999, respectively.
Non-interest Income
- -------------------
Non-interest income for the three months ended March 31, 2000, was $12.2
million, compared to $15.0 million for the first quarter of 1999, a
decrease of $2.8 million or 18.5%. Card services income was up $175
thousand, or 28.5% as the result of increased customer usage of the VISA
Debit Card. Retail investment sales, just beginning during the first
quarter of 1999, was $247 thousand in the first quarter of 2000. Bank-
owned life insurance income was up $261 thousand, or 48.4% reflecting an
increase in the level of investment in that asset.
First quarter 2000 investment management fees, at $4.9 million, were up
2.2%, and service charges on deposit accounts, at $3.2 million, were flat,
compared to the first quarter of 1999. Mortgage banking income, at $679
thousand for the first quarter of 2000, was down $645 thousand, or 48.7%
from the first quarter of 1999. The Company experienced heavy refinancing
activity in the first quarter of 1999, compared with a much reduced level
of activity due to higher interest rates in the first quarter of 2000.
The first quarter of 1999 included a one-time net gain on the curtailment
of the Evergreen pension plan of $2.6 million and net securities
transactions of $225 thousand, versus only $8 thousand in the first quarter
of 2000. Without the 1999 curtailment gain and net securities transactions,
the first quarter of 2000 non-interest income was even with the first
quarter of 1999.
Non-interest Expenses
- ---------------------
Total non-interest expenses, $39.2 million for the first quarter of 2000,
were up $2.8 million, or 7.7%, from the level experienced in the first
quarter of 1999. Included in the first quarter 2000 non-interest expenses
is a $2.5 million charge related to the estimated impairment of the
residual value of leased automobiles. This impairment estimate is based on
the continuance of significant losses, first experienced in the fourth
quarter of 1999, on the disposition of automobiles sold by the Company at
the termination of the leases. At March 31, 2000, the total allowance for
lease residual value impairment was $3.2 million. In addition, included in
other expenses is a $1.0 million net charge related to the writedown to
estimated fair value of a previously used banking facility now held for
sale, offset by a gain on the sale of another building. Both buildings were
previously utilized by the Company. The first quarter of 1999 included $1.2
million of expenses related to the merger with Evergreen Bancorp. Without
these non-recurring items, total non-interest expenses, on an operating
basis, were $35.7 million and $35.2 million for the first quarters of 2000
and 1999, respectively, an increase of only 1.3%.
Balance Sheet Growth
- --------------------
Total assets at March 31, 2000, were $4.6 billion, up $280.8 million, or
6.5%, from the $4.3 billion at March 31, 1999. Total loans at March 31,
2000, at $3.1 billion, were up $231.8 million or 8.2%, from March 31, 1999.
Total deposits at the end of the first quarter of 2000, were $3.6 billion,
virtually level with the balance at March 31, 1999. Banknorth is well
capitalized by regulatory definition.
Merger Activity
- ---------------
On June 2, 1999, it was announced that Banknorth had reached a definitive
agreement to be merged with Peoples Heritage Financial Group [NASDAQ-PHBK]
in a transaction valued at $780.7 million, based on the stock price at that
date. Under the terms of the definitive agreement, shareholders of
Banknorth will receive 1.825 shares of Peoples Heritage common stock for
each whole share of Banknorth common stock plus cash in lieu of any
fractional interest. The exchange will be tax free and accounted for as a
pooling of interests. The agreement has received approval of the
shareholders of both companies and is subject to requisite regulatory
approvals. It is expected that the transaction will be closed May 2000.
Banknorth Group, Inc. is comprised of seven community banks with 101
offices and 140 ATMs located in New York, Massachusetts, New Hampshire and
Vermont, Banknorth Mortgage Company and The Stratevest Group, N.A.
Banknorth can be reached on the Internet at http://www.banknorth.com
Except for historical information contained herein, the matters discussed
in this news release, and other information contained in the Company's SEC
filings, may express "forward looking statements". Those "forward-looking
statements" may involve risk and uncertainties, including statements
concerning future events or performance and assumptions and other
statements that are other than statements of historical facts. The Company
wishes to caution readers not to place undue reliance on any forward-
looking statements, which speak only as of the date made. Readers are
advised that various factors --- including, but not limited to changes in
laws, regulations or Generally Accepted Accounting Principles; the
Company's competitive position within the markets served of increasing
consolidation within the banking industry; certain customers and vendors of
critical systems or services failing to comply with Year 2000 programming
issues; unforeseen changes in interest rates; any unforeseen downturns in
the local, regional or national economies --- could cause the Company's
actual results or circumstances for future periods to differ materially
from those anticipated or projected.
Banknorth does not undertake, and specifically disclaims any obligation, to
publicly release the result of any revisions that may be made to any
forward-looking statements to reflect the occurrence of unanticipated
events or circumstances after the date of such statements.
-MORE-
(SEE ATTACHED FINANCIAL RESULTS)
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Page 1 of 6
<TABLE>
<CAPTION>
Income Statements For the three months ended March 31,
- -------------------------------------------------------------------------------------------
2000 1999 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Interest income $84,519 $77,858 $ 6,661 8.6%
Interest expense 39,479 34,756 4,723 13.6%
------------------------------------------
Net interest income 45,040 43,102 1,938 4.5%
Provision for loan and lease losses 2,253 2,000 253 12.7%
------------------------------------------
Net interest income after provision
for loan and lease losses 42,787 41,102 1,685 4.1%
Non-interest income:
Investment management fees 4,941 4,833 108 2.2%
Service charges on deposit accounts 3,169 3,198 (29) -0.9%
Mortgage banking 679 1,324 (645) -48.7%
Card services 788 613 175 28.5%
ATMs 585 619 (34) -5.5%
Retail investment sales 247 33 214 648.5%
Bank-owned life insurance 800 539 261 48.4%
Net securities transactions 8 225 (217) -96.4%
Net gain on curtailment of pension plan -- 2,577 (2,577) -100.0%
Bank-owned life insurance claim -- -- -- --
Other non-interest income 977 1,010 (33) -3.3%
------------------------------------------
Non-interest income 12,194 14,971 (2,777) -18.5%
Non-interest expenses:
Compensation and benefits 16,723 16,775 (52) -0.3%
Occupancy, equipment and software 6,091 5,483 608 11.1%
Data processing fees 1,482 2,102 (620) -29.5%
Legal and professional fees 1,070 927 143 15.4%
Advertising and marketing 1,192 1,149 43 3.7%
Printing and supplies 730 737 (7) -0.9%
Communications 928 963 (35) -3.6%
Goodwill amortization 2,234 2,164 70 3.2%
Capital securities expense 789 789 -- --%
Merger and acquisition related expenses -- 1,173 (1,173) -100.0%
Other expenses 7,969 4,154 3,815 91.8%
------------------------------------------
Non-interest expenses 39,208 36,416 2,792 7.7%
------------------------------------------
Income before income taxes 15,773 19,657 (3,884) -19.8%
Income taxes 5,178 6,203 (1,025) -16.5%
------------------------------------------
NET INCOME $10,595 $13,454 $(2,859) -21.3%
==========================================
Net income, as reported $10,595 $13,454 $(2,859) -21.3%
Less "non-operating" income items,
included above:
Net securities transactions 8 225 (217) -96.4%
Net gain on curtailment of pension plan -- 2,577 (2,577) -100.0%
Bank-owned life insurance claim -- -- -- --%
------------------------------------------
Total "non-operating" income items 8 2,802 (2,794) -99.7%
Income taxes on "non-operating" income items 3 1,140 (1,137) -99.7%
------------------------------------------
"Non-operating" income items, net
of taxes 5 1,662 (1,657) -99.7%
------------------------------------------
Add "non-operating" expense items,
included above:
Merger and acquisition related expenses -- 1,173 (1,173) -100.0%
Payment of mgmt fees to our defined
benefit pension plan -- -- -- --%
Net writedown of premises held for sale 1,012 -- 1,012 100.0%
Leasing residual value impairment provision 2,500 -- 2,500 100.0%
------------------------------------------
Total "non-operating" expense items 3,512 1,173 2,339 199.4%
Income taxes on non-operating expense items 1,317 425 892 209.9%
------------------------------------------
"Non-operating" expense items,
net of taxes 2,195 748 1,447 193.4%
------------------------------------------
Income from operations $12,785 $12,540 $ 245 2.0%
Cash income from operations (1) $14,125 $13,838 $ 287 2.1%
<FN>
<F1> Income from operations, excluding goodwill amortization expense, net of
income tax effect.
</FN>
</TABLE>
Banknorth Group, Inc.
Comparative Financial Results
(In thousands, except share and per share data)
Page 2 of 6
<TABLE>
<CAPTION>
Income Statements For the years ended December 31,
- -------------------------------------------------------------------------------------------
1999 1998 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Interest income $319,584 $308,701 $ 10,883 3.5%
Interest expense 141,602 144,658 (3,056) -2.1%
------------------------------------------
Net interest income 177,982 164,043 13,939 8.5%
Provision for loan and lease losses 9,475 9,345 130 1.4%
------------------------------------------
Net interest income after provision
for loan and lease losses 168,507 154,698 13,809 8.9%
Non-interest income:
Investment management fees 19,455 12,838 6,617 51.5%
Service charges on deposit accounts 13,077 11,657 1,420 12.2%
Mortgage banking 4,081 5,492 (1,411) -25.7%
Card services 3,047 2,227 820 36.8%
ATMs 2,718 2,258 460 20.4%
Retail investment sales 782 140 642 458.6%
Bank-owned life insurance 2,654 2,229 425 19.1%
Net securities transactions 374 519 (145) -27.9%
Net gain on curtailment of pension plan 2,577 -- 2,577 100.0%
Bank-owned life insurance claim 1,389 -- 1,389 100.0%
Other non-interest income 4,951 4,113 838 20.4%
------------------------------------------
Non-interest income 55,105 41,473 13,632 32.9%
Non-interest expenses:
Compensation and benefits 67,879 65,545 2,334 3.6%
Occupancy, equipment and software 22,357 19,218 3,139 16.3%
Data processing fees 6,758 6,889 (131) -1.9%
Legal and professional fees 5,117 5,145 (28) -0.5%
Advertising and marketing 4,716 3,870 846 21.9%
Printing and supplies 3,047 3,071 (24) -0.8%
Communications 3,775 2,963 812 27.4%
Goodwill amortization 8,864 5,743 3,121 54.3%
Capital securities expense 3,156 3,156 -- --%
Merger and acquisition related expenses 1,233 21,968 (20,735) -94.4%
Other expenses 18,615 15,168 3,447 22.7%
------------------------------------------
Non-interest expenses 145,517 152,736 (7,219) -4.7%
------------------------------------------
Income before income taxes 78,095 43,435 34,660 79.8%
Income taxes 23,559 14,515 9,044 62.3%
------------------------------------------
NET INCOME $ 54,536 $ 28,920 $ 25,616 88.6%
==========================================
Net income, as reported $ 54,536 $ 28,920 $ 25,616 88.6%
Less "non-operating" income items,
included above:
Net securities transactions 374 519 (145) -27.9%
Net gain on curtailment of pension plan 2,577 -- 2,577 100.0%
Bank-owned life insurance claim 1,389 -- 1,389 100.0%
------------------------------------------
Total "non-operating" income items 4,340 519 3,821 736.2%
Income taxes on "non-operating" income items 1,196 186 1,010 543.0%
------------------------------------------
"Non-operating" income items,
net of taxes 3,144 333 2,811 844.1%
------------------------------------------
Add "non-operating" expense items,
included above:
Merger and acquisition related expenses 1,233 21,968 (20,735) -94.4%
Payment of mgmt fees to our defined
benefit pension plan 937 -- 937 100.0%
Net writedown of premises held for sale -- -- -- --%
Leasing residual value impairment provision 900 -- 900 100.0%
------------------------------------------
Total "non-operating" expense items 3,070 21,968 (18,898) -86.0%
Income taxes on non-operating expense items 1,088 5,710 (4,622) -80.9%
------------------------------------------
"Non-operating" expense items, net of taxes 1,982 16,258 (14,276) -87.8%
------------------------------------------
Income from operations $ 53,374 $ 44,845 $ 8,529 19.0%
Cash income from operations (1) $ 58,692 $ 48,291 $ 10,401 21.5%
<FN>
<F1> Income from operations, excluding goodwill amortization expense, net of
income tax effect.
</FN>
</TABLE>
Page 3 of 6
<TABLE>
<CAPTION>
Per Share Information For the three months ended March 31,
- ------------------------------------------------------------------------------------------------------
2000 1999 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Basic wtd. avg number of shares outstanding 23,608,179 23,353,668 254,511 1.1%
Basic earnings per share (Basic EPS)
Net income $0.45 $0.58 $(0.13) 22.4%
Income from operations 0.54 0.54 0.00 0.0%
Cash income from operations 0.60 0.59 0.01 1.7%
Diluted wtd. avg number of shares outstanding 23,789,044 23,663,808 125,236 0.5%
Diluted earnings per share (Diluted EPS)
Net income $0.45 $0.57 $(0.12) 21.1%
Income from operations 0.54 0.53 0.01 1.9%
Cash income from operations 0.59 0.58 0.01 1.7%
Shares outstanding, net treasury shares, p.e. 23,480,331 23,204,585 275,746 1.2%
Book value, p.e. $14.73 $13.98 $0.75 5.3%
Tangible book value, p.e. 11.79 10.63 1.17 11.0%
Closing price at period end (2) $26.81 $28.25 $(1.44) -5.1%
Price / Diluted net income EPS (last 4 qtrs) 12.3 20.6 (8.3) -40.3%
Price / Diluted income from operations EPS
(last 4 qtrs) 11.9 14.2 (2.3) -16.2%
Price / Diluted cash income from operations
EPS (last 4 qtrs) 10.8 13.1 (2.3) -17.6%
<FN>
<F2> Closing price per share represents the historical price per share of
Banknorth Group. Inc.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Ratios and Other Information For the three months ended March 31,
- ------------------------------------------------------------------------------------------------------
2000 1999 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Return on average total assets:
Net income 0.93% 1.25% -0.32% -25.6%
Income from operations 1.12% 1.17% -0.05% -4.3%
Return on average shareholders' equity:
Net income 12.55% 16.98% -4.43% -26.1%
Income from operations 15.14% 15.82% -0.68% -4.3%
Stratevest total assets under management $4,116,155 $3,990,756 $125,399 3.1%
Managed assets with discretionary powers 2,783,577 2,655,515 128,062 4.8%
Net interest income, f.t.e. basis $ 45,924 $ 43,661 $ 2,263 5.2%
Net interest margin 4.36% 4.39% -0.03% -0.7%
Price / Tangible book value, p.e. 227.3% 265.8% -38.5% -14.5%
Total non-interest income from operations/total
gross revenue (fte) 20.97% 21.80% -0.83% -3.8%
Efficiency ratio 56.93% 58.56% -1.63% -2.8%
Effective tax rate 32.83% 31.56% 1.27% 4.0%
Loans charged off, net of recoveries $ 1,566 $ 879 $ 687 78.2%
NPAs as a % of total assets, p.e. 0.29% 0.55% -0.26% -47.3%
Allow. for loan losses as % of NPLs, p.e. 380.20% 207.02% 173.18% 83.7%
Allow. for loan losses as % total loans, p.e. 1.56% 1.61% -0.05% -3.1%
Shareholders' equity to total assets, p.e. 7.49% 7.48% 0.01% 0.1%
Tangible shareholders' equity to tangible assets, p.e. 6.09% 5.79% 0.30% 5.2%
</TABLE>
Page 4 of 6
<TABLE>
<CAPTION>
Per Share Information For the years ended December 31,
- ------------------------------------------------------------------------------------------------------
1999 1998 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Basic wtd. avg number of shares outstanding 23,435,122 23,277,560 157,562 0.7%
Basic earnings per share (Basic EPS)
Net income $2.33 $1.24 $1.09 87.9%
Income from operations 2.28 1.93 0.35 18.1%
Cash income from operations 2.50 2.07 0.43 20.8%
Diluted wtd. avg number of shares outstanding 23,734,591 23,669,540 65,051 0.3%
Diluted earnings per share (Diluted EPS)
Net income $2.30 $1.22 $1.08 88.5%
Income from operations 2.25 1.89 0.36 19.0%
Cash income from operations 2.47 2.04 0.43 21.1%
Shares outstanding, net treasury shares, p.e. 23,447,731 23,179,092 268,639 1.2%
Book value, p.e. $14.56 $13.86 $0.70 5.1%
Tangible book value, p.e. 11.52 10.40 1.12 10.8%
Closing price at period end (2) $26.75 $37.63 $(10.88) -28.9%
Price / Diluted net income EPS (last 4 qtrs) 11.6 30.8 (19.2) -62.3%
Price / Diluted income from operations
EPS (last 4 qtrs) 12.0 19.9 (7.9) -39.7%
Price / Diluted cash income from operations
EPS (last 4 qtrs) 10.9 18.4 (7.5) -40.8%
<FN>
<F2> Closing price per share represents the historical price per share of
Banknorth Group. Inc.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Ratios and Other Information For the years ended December 31,
- ------------------------------------------------------------------------------------------------------
1999 1998 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Return on average total assets:
Net income 1.23% 0.71% 0.52% 73.2%
Income from operations 1.21% 1.10% 0.11% 10.0%
Return on average shareholders' equity:
Net income 16.59% 8.95% 7.64% 85.4%
Income from operations 16.23% 13.88% 2.35% 16.9%
Stratevest total assets under management $4,243,066 $4,136,343 $106,723 2.6%
Managed assets with discretionary powers 2,931,685 2,747,025 184,660 6.7%
Net interest income, f.t.e. basis $ 180,907 $ 165,605 $ 15,302 9.2%
Net interest margin 4.41% 4.34% 0.07% 1.6%
Price / Tangible book value, p.e. 232.2% 361.8% -129.6% -35.8%
Total non-interest income from operations/total
gross revenue (fte) 21.91% 19.83% 2.09% 10.5%
Efficiency ratio 57.88% 59.78% -1.90% -3.2%
Effective tax rate 30.17% 33.42% -3.25% -9.7%
Loans charged off, net of recoveries $ 6,835 $ 5,559 $ 1,276 23.0%
NPAs as a % of total assets, p.e. 0.32% 0.55% -0.23% -41.8%
Allow. for loan losses as % of NPLs, p.e. 333.97% 212.14% 121.83% 57.4%
Allow. for loan losses as % total loans, p.e. 1.57% 1.57% --% --%
Shareholders' equity to total assets, p.e. 7.44% 7.30% 0.14% 1.9%
Tangible shareholders' equity to tangible
assets, p.e. 5.98% 5.58% 0.40% 7.2%
</TABLE>
Page 5 of 6
<TABLE>
<CAPTION>
Balance Sheets, Period End Balances as of
- ------------------------------------------------------------------------------------------------------
3-31-00 3-31-99 Change %
------- ------- ------ -
<S> <C> <C> <C> <C>
Loans and leases $3,065,414 $2,833,658 $231,756 8.2%
Loans held for sale 12,274 32,400 (20,126) -62.1%
Securities available for sale 1,156,443 1,130,063 26,380 2.3%
Investment securities, held to maturity 14,257 19,462 (5,205) -26.7%
Money market investments 100 18,253 (18,153) -99.5%
-----------------------------------------------
Total earning assets 4,248,488 4,033,836 214,652 5.3%
Allowance for loan and lease losses (47,864) (45,658) 2,206 4.8%
Cash and due from banks 152,165 110,011 42,154 38.3%
Goodwill 68,882 77,835 (8,953) -11.5%
Other assets 197,641 162,498 35,143 21.6%
-----------------------------------------------
Total assets $4,619,312 $4,338,522 $280,790 6.5%
===============================================
Deposits:
Non-interest bearing $ 496,759 $ 471,253 $ 25,506 5.4%
Interest bearing 3,121,488 3,101,758 19,730 0.6%
-----------------------------------------------
Total deposits 3,618,247 3,573,011 45,236 1.3%
Short-term borrowed funds 517,960 288,969 228,991 79.2%
Long-term debt 65,297 73,402 (8,105) -11.0%
Other liabilities 41,986 48,675 (6,689) -13.7%
Guaranteed preferred beneficial interests in
Corporation's junior subordinated debentures 30,000 30,000 -- --%
Shareholders' equity 345,822 324,465 21,357 6.6%
-----------------------------------------------
Total liabilities, guaranteed preferred
beneficial interests and shareholders'
equity $4,619,312 $4,338,522 $280,790 6.5%
===============================================
</TABLE>
<TABLE>
<CAPTION>
Average Balance Sheets For the three months ended March 31,
- ------------------------------------------------------------------------------------------------------
2000 1999 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Loans and leases $3,039,384 $2,835,880 $203,504 7.2%
Loans held for sale 12,977 36,409 (23,432) -64.4%
Securities available for sale 1,153,336 1,127,381 25,955 2.3%
Investment securities, held to maturity 15,171 20,076 (4,905) -24.4%
Money market investments 12,495 19,454 (6,959) -35.8%
-----------------------------------------------
Total earning assets 4,233,363 4,039,200 194,163 4.8%
Allowance for loan and lease losses (47,802) (45,303) 2,499 5.5%
Cash and due from banks 128,151 126,520 1,631 1.3%
Goodwill 70,266 77,319 (7,053) -9.1%
Other assets 193,485 161,938 31,547 19.5%
-----------------------------------------------
Total assets $4,577,463 $4,359,674 $217,789 5.0%
===============================================
Deposits:
Non-interest bearing $ 500,669 $ 495,452 $ 5,217 1.1%
Interest bearing 3,085,792 3,084,735 1,057 --%
-----------------------------------------------
Total deposits 3,586,461 3,580,187 6,274 0.2%
Short-term borrowed funds 512,839 304,361 208,478 68.5%
Long-term debt 65,363 74,141 (8,778) -11.8%
Other liabilities 43,167 49,604 (6,437) -13.0%
Guaranteed preferred beneficial interests in
Corporation's junior subordinated debentures 30,000 30,000 -- --%
Shareholders' equity 339,633 321,381 18,252 5.7%
-----------------------------------------------
Total liabilities, guaranteed preferred
beneficial interests and shareholders'
equity $4,577,463 $4,359,674 $217,789 5.0%
===============================================
<FN>
Note: All share and per share data has been restated to give retroactive
effect to stock splits.
</FN>
page 6 of 6
</TABLE>
<TABLE>
<CAPTION>
Balance Sheets, Period End Balances as of
- ------------------------------------------------------------------------------------------------------
12-31-99 12-31-98 Change %
-------- -------- ------ -
<S> <C> <C> <C> <C>
Loans and leases $3,009,997 $2,837,106 $172,891 6.1%
Loans held for sale 15,098 42,996 (27,898) -64.9%
Securities available for sale 1,155,022 1,127,865 27,157 2.4%
Investment securities, held to maturity 15,819 20,545 (4,726) -23.0%
Money market investments 25,790 4,900 20,890 426.3%
-----------------------------------------------
Total earning assets 4,221,726 4,033,412 188,314 4.7%
Allowance for loan and lease losses (47,177) (44,537) 2,640 5.9%
Cash and due from banks 148,057 164,826 (16,769) -10.2%
Goodwill 71,117 80,224 (9,107) -11.4%
Other assets 195,013 168,956 26,057 15.4%
-----------------------------------------------
Total assets $4,588,736 $4,402,881 $185,855 4.2%
===============================================
Deposits:
Non-interest bearing $ 510,652 $ 546,192 $(35,540) -6.5%
Interest bearing 3,085,092 3,093,305 (8,213) -0.3%
-----------------------------------------------
Total deposits 3,595,744 3,639,497 (43,753) -1.2%
Short-term borrowed funds 513,424 281,634 231,790 82.3%
Long-term debt 65,490 74,325 (8,835) -11.9%
Other liabilities 42,781 56,163 (13,382) -23.8%
Guaranteed preferred beneficial interests in
Corporation's junior subordinated debentures 30,000 30,000 -- --%
Shareholders' equity 341,297 321,262 20,035 6.2%
-----------------------------------------------
Total liabilities, guaranteed preferred
beneficial interests and shareholders'
equity $4,588,736 $4,402,881 $185,855 4.2%
===============================================
</TABLE>
<TABLE>
<CAPTION>
Average Balance Sheets For the years ended December 31,
- ------------------------------------------------------------------------------------------------------
1999 1998 Change %
---- ---- ------ -
<S> <C> <C> <C> <C>
Loans and leases $2,893,810 $2,684,169 $209,641 7.8%
Loans held for sale 26,360 35,708 (9,348) -26.2%
Securities available for sale 1,134,876 1,038,077 96,799 9.3%
Investment securities, held to maturity 18,124 36,016 (17,892) -49.7%
Money market investments 16,339 26,027 (9,688) -37.2%
-----------------------------------------------
Total earning assets 4,089,509 3,819,997 269,512 7.1%
Allowance for loan and lease losses (46,538) (41,144) 5,394 13.1%
Cash and due from banks 132,024 105,642 26,382 25.0%
Goodwill 75,274 35,797 39,477 110.3%
Other assets 171,991 142,327 29,664 20.8%
-----------------------------------------------
Total assets $4,422,260 $4,062,619 $359,641 8.9%
===============================================
Deposits:
Non-interest bearing $ 512,856 $ 429,272 $ 83,584 19.5%
Interest bearing 3,083,635 2,784,701 298,934 10.7%
-----------------------------------------------
Total deposits 3,596,491 3,213,973 382,518 11.9%
Short-term borrowed funds 348,538 390,641 (42,103) -10.8%
Long-term debt 72,130 63,776 8,354 13.1%
Other liabilities 46,314 41,108 5,206 12.7%
Guaranteed preferred beneficial interests in
Corporation's junior subordinated debentures 30,000 30,000 -- --%
Shareholders' equity 328,787 323,121 5,666 1.8%
-----------------------------------------------
Total liabilities, guaranteed preferred
beneficial interests and shareholders'
equity $4,422,260 $4,062,619 $359,641 8.9%
===============================================
<FN>
Note: All share and per share data has been restated to give retroactive
effect to stock splits.
</FN>
</TABLE>
