SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): October 8, 1999
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CENTURA BANKS, INC.
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(Exact name of registrant as specified in charter)
North Carolina 1-10646 56-1688522
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<TABLE>
<CAPTION>
<S> <C> <C>
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
</TABLE>
134 North Church Street, Rocky Mount, North Carolina 27804
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (252) 454-4400
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N/A
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(Former name or former address, if changed since last report)
Exhibit Index on Page 4.
<PAGE>
Item 5. Other Events
On October 8, 1999, Centura Banks, Inc. ("Centura") announced earnings for the
three and nine month periods ended September 30, 1999. Centura reported net
income of $24.7 million or $0.86 per diluted share for the third quarter
compared to 1998's third quarter net income of $26.3 million or $0.92 per
diluted share. For the nine months ended September 30, 1999 and 1998, net income
was $74.1 million and $74.9 million respectively, or $2.57 and $2.62 per diluted
share.
A press release is attached as Exhibit 99.
This press release may contain various forward-looking statements that involve
risks and uncertainties that could cause actual results to differ from
estimates. A discussion of the various factors, including factors beyond
Centura's control, that could cause Centura's results to differ materially from
those expressed in such forward-looking statements is included in Centura's Form
10-K for the year ended December 31, 1998 as filed with the Securities and
Exchange Commission.
Item 7. Financial statements and Exhibits.
The exhibit listed in the Exhibit Index is filed herewith as part of this
Current Report on Form 8-K.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CENTURA BANKS, INC.
Registrant
Date: October 8, 1999 By: /s/ Steven Goldstein
Steven Goldstein
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Sequential
Page
Exhibit Description of Exhibit Number
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99 Press release dated October 8, 1999 5
<PAGE>
For Immediate Release
October 8, 1999
For more information: Steven J. Goldstein
Chief Financial Officer
Centura Banks, Inc.
(252) 454-8356
[email protected]
CENTURA BANKS, INC. REPORTS THIRD-QUARTER EARNINGS OF $0.86 PER DILUTED SHARE
AFTER 17-CENT CHARGE
Board Approves Share Buyback
ROCKY MOUNT, N.C. - Centura Banks, Inc. (NYSE: CBC) today announced third
quarter 1999 earnings of $24.7 million, or $0.86 per diluted share. Net income
is after a nonrecurring charge of $0.17 per diluted share related to the Pluma,
Inc. bankruptcy filing, and compares with $0.92 in the year-ago quarter and
$1.00 earned in the second quarter of 1999. Without the charge, net income would
have been $1.03 per diluted share.
These results produced a return on average assets of 1.12% and a return
on average equity of 13.98%. Excluding the Pluma related charge, the return on
average assets was 1.34% while the return on average equity was 16.81%, compared
with second quarter 1999 ratios of 1.32% and 16.58%, respectively.
During the quarter, Centura charged off $11.8 million of the $23
million Pluma credit, which was placed on nonaccrual status as of June 30, 1999.
Pluma, an Eden, N.C.-based manufacturer of fleece and jersey sportswear, filed
for Chapter 11 bankruptcy protection in May 1999. Centura's estimated loss
associated with this credit is approximately $14.0 million, which has been fully
reserved.
"Our third quarter performance was overshadowed by the resolution of
Pluma, which is now behind us," said Cecil W. Sewell, Centura chairman and chief
executive officer. "Textiles represent only a small percentage of Centura's loan
portfolio, and Pluma was an isolated incident and not reflective of the overall
textile industry in this region, and certainly not endemic to Centura's loan
portfolio."
At September 30, 1999, nonperforming assets totaled $41.5 million,
representing 0.47% of total assets compared with $60 million and 0.68%,
respectively, at June 30, 1999. Centura had $23 million of total loans
outstanding to Pluma as part of a $115 million syndicated credit package.
Including Pluma, textile-related loans represent less than 2% of Centura's
commercial loan portfolio.
"Following Pluma, we can now refocus our attention on Centura's
performance as a full-line retailer of financial services," Sewell said. "We
continue to strive toward our goal of providing value for both customers and
shareholders by offering a complete suite of banking, investment and insurance
solutions to our customers.
"Many of our customers and neighbors were severely impacted by the
widespread flooding in eastern North Carolina in the wake of hurricane Floyd in
September," Sewell continued. "The direct effect on Centura, however, was
minimal and we don't expect any material adverse financial impact arising from
the aftermath of the flooding. We have examined a significant portion of major
credits across all sectors and don't foresee any material impairment to credit
quality, though we do expect some natural deposit outflow as consumers and
businesses draw down cash balances to rebuild. Overall, we plan to take an
active role in rebuilding eastern North Carolina, which should have a long-term
positive impact on both our customers and our business."
During the quarter, Centura took a number of strategic steps to further
strengthen its position as a full-line retailer of financial services for
individuals and small businesses. Chief among these was its agreement to acquire
Raleigh-based Triangle Bancorp, Inc. The acquisition will significantly expand
Centura's market share in key metropolitan areas throughout North Carolina and
is expected to increase efficiencies at the combined bank. In addition, Centura
completed the sale of CLG, Inc., its technology equipment leasing operation, and
sold its $395 million Ginnie Mae mortgage servicing portfolio, which is
approximately 11% of the entire servicing portfolio.
"These steps solidify Centura's customer-focused position in the
marketplace," Sewell said. "The acquisition of Triangle Bancorp allows us to
serve more customers more efficiently with more products and services in the
towns and cities where we already do business. The sale of CLG enables us to
refocus our leasing efforts on our core customers - individuals and small
businesses.
"The Ginnie Mae sale was driven by the value inherent in the current
rate environment combined with the increased operating efficiencies expected at
Centura as a result of the sale of this labor intensive segment of our servicing
portfolio," Sewell continued. "Rates for conventional 30-year, fixed-rate loans
are hovering around 8.125%, and the average interest rate of the Ginnie Mae
portfolio was 7.56%, so borrowers in the portfolio aren't likely to refinance
soon. This made the servicing portfolio much more attractive to potential
buyers. It was a very opportune time to sell."
When compared with the second quarter of 1999, period-end commercial
loans increased $81.3 million, representing an annualized rate of 9.1%, while
the retail loan portfolio grew at an annualized rate of 12.5%. The leasing
portfolio declined $101.6 million, principally due to the sale of CLG and the
continued reduced interests in auto leasing.
For the nine-month period ending September 30, 1999, Centura earned
$84.8 million, or $2.93 per diluted share, before the third quarter
Pluma-related charge and the non-recurring charges for the merger with First
Coastal Bankshares, Inc., completed during the first quarter of 1999. This
compares with net income of $74.9 million, or $2.62 per diluted share for the
same period a year ago. Net income totaled $74.1 million or $2.57 per diluted
share for the first nine months of 1999.
Centura's board of directors has authorized the repurchase of up to
1,000,000 shares of common stock. Such repurchases may be completed in privately
negotiated transactions or in open market purchases and may be discontinued at
any time. "Based on current market conditions, we believe that our stock
represents an exceptional value and this is a particularly opportune time to
repurchase shares," Sewell said.
With assets of $8.9 billion, Centura provides a full line of banking,
investment, insurance, leasing and trust services to individuals and businesses
in North Carolina, South Carolina and Virginia. Centura's broad range of
financial services are provided through a variety of delivery channels,
including 227 full-service financial offices; more than 230 ATMs; the Centura
Highway telephone banking center; Centura's Internet site; and through leading
online money management packages. Additional information may be found on
Centura's website at www.centura.com.
# # #
<PAGE>
FINANCIAL HIGHLIGHTS
CENTURA BANKS, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
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(Dollars in thousands, except per share data) 1999 1998 Change 1999 1998 Change
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<S> <C> <C> <C> <C> <C> <C>
EARNINGS
Interest income $ 162,465 $ 158,560 2.5 % $ 478,019 $ 463,581 3.1 %
Interest expense 76,183 77,186 (1.3) 224,846 227,442 (1.1)
-----------------------------------------------------------------------------------------------------------------------
Net interest income 86,282 81,374 6.0 253,173 236,139 7.2
Provision for loan losses 14,400 4,041 256.3 27,077 11,069 144.6
Noninterest income 41,459 37,018 12.0 118,449 103,957 13.9
Noninterest expense 75,602 74,391 1.6 232,386 215,478 7.8
Income taxes 12,996 13,613 (4.5) 38,051 38,632 (1.5)
-----------------------------------------------------------------------------------------------------------------------
Net income $ 24,743 $ 26,347 (6.1)% $ 74,108 $ 74,917 (1.1)%
=======================================================================================================================
Net interest income, taxable equivalent $ 88,134 $ 83,225 5.9 % $ 258,617 $ 241,607 7.0 %
=======================================================================================================================
PER COMMON SHARE
Earnings per share - basic $ 0.87 $ 0.93 (6.5)% $ 2.60 $ 2.67 (2.6)%
Earnings per share - diluted 0.86 0.92 (6.5) 2.57 2.62 (1.9)
Cash dividends paid 0.32 0.29 10.3 0.93 0.85 9.4
Book value per share 24.51 23.52 4.2 24.51 23.52 4.2
Closing market price 41.375 63.000 (34.3) 41.375 63.000 (34.3)
FINANCIAL RATIOS
Return on average assets 1.12 % 1.27 % (15)bp 1.13 % 1.24 % (11)bp
Return on average equity 13.98 16.03 (205) 14.21 15.94 (173)
Average equity to average assets 8.00 7.93 7 7.94 7.80 14
AVERAGE BALANCES
Assets $ 8,776,455 $ 8,225,607 6.7 % $ 8,773,625 $ 8,059,106 8.9 %
Earning assets 8,044,674 7,520,744 7.0 8,025,388 7,368,422 8.9
Loans 5,863,879 5,446,908 7.7 5,861,987 5,318,008 10.2
Investment securities 2,124,579 2,043,215 4.0 2,111,405 2,018,619 4.6
Noninterest-bearing deposits 936,216 883,978 5.9 922,961 845,451 9.2
Core deposits 5,385,805 5,427,295 (0.8) 5,432,528 5,346,786 1.6
Total deposits 6,012,293 5,965,263 0.8 6,011,194 5,856,734 2.6
Interest-bearing liabilities 7,015,865 6,559,422 7.0 7,022,051 6,464,511 8.6
Shareholders' equity 702,101 652,202 7.7 697,049 628,550 10.9
PERIOD END BALANCES
Assets $ 8,876,485 $ 8,383,120 5.9 % $ 8,876,485 $ 8,383,120 5.9 %
Earning assets 8,127,579 7,683,745 5.8 8,127,579 7,683,745 5.8
Loans 5,852,553 5,460,334 7.2 5,852,553 5,460,334 7.2
Investment securities 2,201,092 2,193,366 0.4 2,201,092 2,193,366 0.4
Noninterest-bearing deposits 967,488 923,236 4.8 967,488 923,236 4.8
Core deposits 5,414,984 5,455,964 (0.8) 5,414,984 5,455,964 (0.8)
Total deposits 6,034,436 5,965,548 1.2 6,034,436 5,965,548 1.2
Shareholders' equity 698,507 664,512 5.1 698,507 664,512 5.1
===================================================================================================================================
bp Change is measured as difference in basis points.
All prior period financial data has been restated for the "pooling" with First
Coastal Bankshares, Inc.
</TABLE>
<PAGE>
OTHER FINANCIAL DATA
CENTURA BANKS, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
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(Dollars in thousands) 1999 1998 Change 1999 1998 Change
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<S> <C> <C> <C> <C> <C> <C>
SHARES OUTSTANDING
Average basic 28,477,202 28,243,980 0.8 % 28,468,226 28,059,243 1.5 %
Average diluted 28,810,597 28,771,526 0.1 28,882,785 28,620,490 0.9
Outstanding at period end 28,496,626 28,255,688 0.9 28,496,626 28,255,688 0.9
COMPOSITION RATIOS (1)
Earning assets to total assets 91.66 % 91.43 % 23 bp 91.47 % 91.43 % 4 bp
Loans to earning assets 72.89 72.43 46 73.04 72.17 87
Interest-bearing liabilities to earning assets 87.21 87.22 (1) 87.50 87.73 (23)
Loans to total deposits 97.53 91.31 622 97.52 90.80 672
Noninterest-bearing deposits to total deposits 15.57 14.82 75 15.35 14.44 91
ALLOWANCE FOR LOAN LOSSES (AFLL)
Beginning balance $ 75,519 $ 71,262 6.0 % $ 72,310 $ 68,576 5.4 %
AFLL related to loans sold and subsidiary
sale (456) - - (556) - -
Provision for loan losses 14,400 4,041 256.3 27,077 11,069 144.6
Allowance of acquired financial institutions - - - 605 2,068 (70.7)
Charge-offs (17,382) (4,639) 274.7 (28,873) (13,069) 120.9
Recoveries 538 726 (25.9) 2,056 2,746 (25.1)
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Net charge-offs (16,844) (3,913) 330.5 (26,817) (10,323) 159.8
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Ending balance $ 72,619 $ 71,390 1.7 % $ 72,619 $ 71,390 1.7 %
=======================================================================================================================
Net charge-offs to average loans(3) 1.16 % 0.29 % 87 bp 0.62 % 0.26 % 36 bp
Net charge-offs to average loans(3)(5) 0.35 0.29 6 0.35 0.26 9
COMPOSITION OF RISK ASSETS
Nonperforming loans $ 37,924 $ 32,403 17.0 %
Foreclosed property 3,594 5,135 (30.0)
-----------------------------------------------------------------------------------------------------------------
Nonperforming assets $ 41,518 $ 37,538 10.6 %
=================================================================================================================
ASSET QUALITY RATIOS (4)
Nonperforming assets to:
Loans and foreclosed property(2) 0.72 % 0.70 % 2 bp
Total assets 0.47 0.45 2
Nonperforming loans to total loans(2) 0.66 0.60 6
Allowance for loan losses to total loans(2) 1.26 1.33 (7)
Allowance for loan losses to nonperforming loans 1.91 x 2.20 x (29)
===================================================================================================================================
bp Change is measured as difference in basis points.
(1) Balance sheet amounts used in calculations are based on average balances.
(2) Excludes mortgage loans held-for-sale of $70.2 million and $91.0 million at
September 30, 1999 and 1998, respectively.
(3) Excludes mortgage loans held-for-sale, on average, of $80.9 and $103.4 for
the three months ended September 30, 1999 and 1998, respectively and $104.4
and $91.7 for the nine months ended September 30, 1999 and 1998,
respectively.
(4) Balance sheet amounts used in calculations are based on period end balances.
(5) Excludes $11.8 million isolated charge-off incurred during the third quarter
related to the Pluma credit.
All prior period financial data has been restated for the "pooling" with First
Coastal Bankshares, Inc.
</TABLE>
<PAGE>
OTHER FINANCIAL DATA, continued
CENTURA BANKS, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Three Months Ended September 30, Nine Months Ended September 30,
------------------------------------------- ---------------------------------------
As a Percent of As a Percent of
Average Assets (1) Average Assets(1)
--------------------- ---------------------
(Dollars in thousands) 1999 1998 Change 1999 1998 1999 1998 Change 1999 1998
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NONINTEREST INCOME
Service charges on deposit accounts $ 13,750 $ 13,069 5.2 % 0.62 0.63 % $ 40,165 $ 35,633 12.7 % 0.61 % 0.59%
Credit card and related fees 2,603 1,884 38.2 0.12 0.09 6,134 4,642 32.1 0.09 0.08
Insurance and brokerage commissions 5,873 4,718 24.5 0.27 0.23 17,334 14,982 15.7 0.26 0.25
Other service charges, commissions and fees 2,718 3,128 (13.1) 0.12 0.15 8,717 8,369 4.2 0.13 0.14
Fees for trust services 2,586 2,400 7.8 0.12 0.12 7,768 6,900 12.6 0.12 0.11
Mortgage income 7,142 6,114 16.8 0.32 0.29 19,952 16,255 22.7 0.30 0.27
Negative goodwill amortization 334 334 - 0.02 0.02 1,003 1,003 - 0.02 0.02
Operating lease income, net 1,856 1,754 5.8 0.08 0.09 5,484 5,464 0.4 0.08 0.09
Other noninterest income 6,283 3,184 97.3 0.28 0.14 13,100 10,047 30.4 0.21 0.16
- -----------------------------------------------------------------------------------------------------------------------------------
Noninterest income, excluding securities
transactions 43,145 36,585 17.9 1.95 1.76 119,657 103,295 15.8 1.82 1.71
Securities gains, net (1,686) 433 489.4 (0.08) 0.03 (1,208) 662 (282.5) (0.01) 0.01
- -----------------------------------------------------------------------------------------------------------------------------------
Total noninterest income $41,459 $ 37,018 12.0 % 1.87 % 1.79 % $ 118,449 $103,957 13.9 % 1.81 % 1.72%
===================================================================================================================================
NONINTEREST EXPENSE
Salaries and overtime $30,855 $ 29,860 3.3 % 1.39 % 1.44 % $ 92,011 $ 85,958 7.0 % 1.40 % 1.43%
Fringe benefits and other personnel costs 6,812 6,467 5.3 0.31 0.31 21,300 19,527 9.1 0.32 0.32
Occupancy 4,913 4,704 4.4 0.22 0.23 14,871 13,608 9.3 0.23 0.23
Equipment 5,233 5,542 (5.6) 0.24 0.27 15,800 16,678 (5.3) 0.24 0.28
Foreclosed real estate losses and related
operating expense 594 265 124.2 0.03 0.01 1,273 990 28.6 0.02 0.02
Marketing 1,964 2,331 (15.7) 0.09 0.11 6,011 7,365 (18.4) 0.09 0.12
Fees for outsourced services 3,594 3,399 5.7 0.16 0.16 11,059 9,470 16.8 0.17 0.16
Professional and legal fees 3,424 3,835 (10.7) 0.15 0.18 10,481 10,223 2.5 0.16 0.17
Other administrative 2,643 2,219 19.1 0.12 0.11 7,566 7,311 3.5 0.12 0.12
FDIC insurance 363 403 (9.9) 0.02 0.02 1,108 1,229 (9.9) 0.02 0.02
Deposit intangible and goodwill amorization 2,642 2,244 17.7 0.12 0.11 7,819 6,685 17.0 0.12 0.11
Office supplies, postage and telephone 5,227 5,609 (6.8) 0.24 0.27 15,814 15,646 1.1 0.24 0.26
Merger-related expenses - - - - - 6,858 - - 0.10 -
Other operating 7,338 7,513 (2.3) 0.33 0.37 20,415 20,788 (1.8) 0.31 0.33
- ------------------------------------------------------------------------------------------------------------------------------------
Total noninterest expense $75,602 $ 74,391 1.6 % 3.42 % 3.59 % $232,386 $215,478 7.9 % 3.54 % 3.57%
====================================================================================================================================
OTHER PERFORMANCE RATIOS
Pretax operating profit margin, excluding
merger-related expenses(2) 30.55 % 34.77 % (422)bp 33.01 % 34.44 % (143)bp
Efficiency ratio, excluding merger-
related expenses(3) 58.34 % 61.87 % (353)bp 59.81 % 62.36 % (255)bp
Net interest income analysis-taxable equivalent:
Selected average yields/rates:
Loans 8.65 % 9.18 % (53)bp 8.59 % 9.19 % (60)bp
Taxable securities 6.44 6.58 (14) 6.39 6.62 (23)
Tax-exempt securities 8.57 8.62 (5) 8.81 8.84 (3)
Short-term investments 5.35 5.78 (43) 5.30 5.33 (3)
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Interest-earning assets 8.04 8.47 (43) 8.00 8.49 (49)
- ------------------------------------------------------------------------------------------------------------------------
Total interest-bearing deposits 3.92 4.37 (45) 3.93 4.39 (46)
Borrowed funds 4.82 5.64 (82) 4.75 5.65 (90)
Long-term debt 5.95 5.57 38 5.81 5.80 1
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Total interest-bearing liabilities 4.29 4.65 (36) 4.26 4.69 (43)
- -----------------------------------------------------------------------------------------------------------------------
Interest rate spread 3.75 3.82 (7) 3.74 3.80 (6)
Net interest margin 4.32 4.40 (8) 4.27 4.36 (9)
=======================================================================================================================
</TABLE>
bp Change is measured as difference in basis points.
(1) Data presented is annualized.
(2) Sum of income before taxes plus the taxable equivalent adjustment divided by
the sum of taxable equivalent net interest income plus noninterest income.
(3) Noninterest expense divided by sum of taxable equivalent net interest
income.
plus noninterest income.
All prior period financial data has been restated for the "pooling" with First
Coastal Bankshares, Inc.
<PAGE>
CENTURA BANKS, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
1999 1998 3rd Qtr 99
Third Second First Fourth Third vs.
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter 2nd Qtr 99
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<S> <C> <C> <C> <C> <C> <C>
FINANCIAL SUMMARY (1)
Assets $ 8,776,455 $ 8,774,091 $ 8,770,262 $ 8,561,203 $ 8,225,607 - %
Earning assets 8,044,674 8,022,462 8,008,631 7,833,188 7,520,744 0.3
Loans 5,863,879 5,872,026 5,849,901 5,611,039 5,446,908 (0.1)
Investment securities 2,124,579 2,101,580 2,107,805 2,179,818 2,043,215 1.1
Total deposits 6,012,293 6,014,766 6,006,459 5,984,683 5,965,263 -
Interest-bearing liabilities 7,015,865 7,015,157 7,035,344 6,826,099 6,559,422 -
Shareholders' equity 702,101 696,366 692,576 673,130 652,202 0.8
Total market capitalization(period end) 1,179,048 1,604,735 1,658,039 2,106,168 1,780,108 (26.5)
Net income 24,743 28,789 20,577 25,397 26,347 (14.1)
PROFITABILITY/PERFORMANCE SUMMARY(1)
Pretax operating profit margin(2) 30.55 % 35.56 % 33.01 % 33.95 % 34.77 % (501)bp
Efficiency ratio(2) 58.34 59.30 61.88 62.25 61.87 (96)
Net interest margin 4.32 4.26 4.22 4.26 4.40 6
Return on average assets 1.12 1.32 0.95 1.18 1.27 (20)
Return on average equity 13.98 16.58 12.05 14.97 16.03 (260)
Average equity to average assets 8.00 7.94 7.90 7.86 7.93 6
PER SHARE SUMMARY
Earnings per share - basic $ 0.87 $ 1.01 $ 0.72 $ 0.90 $ 0.93 (13.9%)
Earnings per share - diluted 0.86 1.00 0.71 0.88 0.92 (14.0)
Cash dividends paid 0.32 0.32 0.29 0.29 0.29 -
Book value per share 24.51 24.16 24.30 23.88 23.52 1.4
Closing market price 41.3750 56.3750 58.1875 74.3750 63.0000 (26.6)
KEY INTANGIBLE ASSETS (3)
Goodwill $ 117,510 $ 119,651 $ 121,162 $ 102,858 $ 104,671 (1.8)%
Mortgage servicing rights 33,422 39,673 37,468 33,464 31,473 (15.8)
ASSET QUALITY SUMMARY(3)
Nonperforming assets $ 41,518 $ 59,952 $ 41,979 $ 38,105 $ 37,538 (30.7)%
Allowance for loan losses 72,619 75,519 74,139 72,310 71,390 (3.8)
Nonperforming assets to total assets 0.47 % 0.68 % 0.48 % 0.43 % 0.45 % (21)bp
Allowance for loan losses to total loans(4) 1.26 1.31 1.30 1.27 1.33 (5)
Net charge-offs to average loans (4) 1.16 0.34 0.36 0.26 0.29 82
===========================================================================================================================
bp Change is measured as difference in basis points.
(1) Balance sheet amounts are based on average balances unless otherwise noted.
(2) Excludes merger-related expenses.
(3) Balance sheet amounts are based on period end balances unless otherwise noted.
(4) Excludes mortgage loans held-for-sale.
All prior period financial data has been restated for the "pooling" with First
Coastal Bankshares, Inc.
</TABLE>
