For Immediate Release
January 11, 2001
For more information: Steven J. Goldstein Terry Earley
Chief Financial Officer Investor Relations
Centura Banks, Inc. Centura Banks, Inc.
(252) 454-8356 (252) 454-4453
[email protected] [email protected]
CENTURA BANKS, INC. REPORTS FOURTH-QUARTER EARNINGS OF $0.90
PER DILUTED SHARE; DECLARES FIRST QUARTER DIVIDEND
ROCKY MOUNT, N.C., January 11, 2001 - Centura Banks, Inc. (NYSE: CBC) today
announced fourth-quarter earnings of $35.8 million, or $0.90 per diluted share,
representing a 5.9 percent increase from the previous quarter. Centura's
fourth-quarter performance produced an annualized return on average assets of
1.25 percent and an annualized return on average shareholders' equity of 15.37
percent. This compares with 1.20 percent and 15.00 percent, respectively, for
the previous quarter. All prior-period financial data has been restated for the
acquisition of Triangle Bancorp Inc., which was completed February 18, 2000.
For the year ended December 31, Centura's net income totaled $134.6 million, or
$3.37 per diluted share, excluding $50.7 million of pre-tax merger related and
other significant charges associated with the acquisition of Triangle Bancorp.
This compares with net income for the same period a year ago of $135.9 million,
or $3.37 per diluted share, excluding $8.4 million of pre-tax merger related
charges associated with the first-quarter 1999 acquisition of First Coastal
Bankshares.
Centura also declared a dividend of $0.34 per share for the first quarter of
2001, payable March 15, 2001, to shareholders of record February 23, 2001.
"Despite a difficult operating environment for most banks, Centura was able to
steadily improve results over the past two quarters," said Cecil W. Sewell,
chief executive officer. "This performance produced consistent, high-quality
earnings that were in line with our expectations.
"Our net interest margin was stronger than anticipated at 4.14 percent, compared
with 4.06 percent in the third quarter," said Sewell. "This improvement was due
to a number of factors. First, the dramatic drop in interest rates during the
quarter helped lower our short-term borrowing costs. Second, we experienced a
full quarter's effect from the repositioning of our investment portfolio, which
was completed late in the third quarter.
<PAGE>
Third, we purchased fewer Centura shares under the buyback program announced
last September due to the price performance of our stock during the quarter."
Centura's stock achieved a total return in excess of 27.0 percent for the
quarter, compared with a 14.5 percent return posted by the S&P Small Cap
Regional Bank Index. The original repurchase program was for up to 1.5 million
shares of common stock, and Centura will continue to repurchase shares on an
opportunistic basis.
"We also are becoming increasingly efficient at funding loan growth, which also
helps strengthen our net interest margin," Sewell said. "Late in the quarter,
Centura, through an affiliate, completed the securitization and sale of
approximately $190 million in loans. Excluding the effect of this transaction,
period-end loans would have increased at an annualized rate of 9.0 percent
compared with the previous quarter."
Addressing asset quality, Sewell said: "In light of the economic environment and
the general trend of increasing nonperforming assets, we continue to monitor our
loan portfolio very closely. We believe our reserve for loan losses is strong
and adequate in light of the quality of our loan portfolio."
Centura's reserves for loan losses increased slightly to 1.36 percent of total
loans, largely as a result of the timing of the loan securitization and sale
discussed above. During the first quarter, Centura anticipates that internal
loan growth will return the reserve for loan losses to its normal level of 1.35
percent of outstanding loans.
Fourth-quarter noninterest income increased 7.7 percent from the previous
quarter. Fourth-quarter noninterest expense increased over the previous quarter,
largely due to the Wachovia branch purchases completed at the end of the third
quarter and some technology and marketing initiatives that began during the
period. Centura's effective tax rate declined from the previous quarter due to
certain non-recurring merger related items.
"As we approach the first anniversary of our merger with Triangle, we continue
to achieve good results retaining their most valuable households," Sewell
continued. "To date, we have retained 94 percent of these households. We
continue to focus on retaining and expanding the relationships with our most
valuable customers as this represents the best long-term strategy for building
customer loyalty and thereby helping to insure the long-term success of Centura.
"Looking forward for 2001, Centura is anticipating full-year diluted
earnings-per-share growth in the 8 percent to 10 percent range, which is
consistent with the range of $3.56 to $3.81 provided by First Call," Sewell
said. "We expect first-quarter EPS to track somewhat below those of the fourth
quarter, due to seasonal factors, especially in core deposits, which in past
years have produced first-quarter results that were below those of the previous
fourth quarter. However, also as in past years, we expect year-to-year earnings
growth to result from increased momentum in subsequent quarters."
<PAGE>
About Centura
Centura Banks Inc., an $11 billion-asset financial services company based in
North Carolina, provides a complete line of banking, investment, insurance,
leasing and asset management services to individuals and businesses in North
Carolina, South Carolina and Virginia. Centura's broad range of financial
solutions is provided through more than 240 full-service financial offices and
Centura Highway, the bank's multifaceted customer access system that includes
telephone banking, an extensive ATM network, PC banking, online bill payment and
the bank's suite of Internet products and services. Additional information may
be found on Centura's Website at www.centura.com.
Safe Harbor
Statements made in this press release, other than those containing historical
information, are forward-looking statements made pursuant to the safe-harbor
provisions of the Private Securities Litigation Act of 1995. These include
statements about Centura, including descriptions of plans or objectives of its
management for future operations, products or services, and forecasts of its
revenues, earnings or other measures of economic performance. Such statements
reflect current views, but are based on assumptions and are subject to risks,
uncertainties and other factors that may cause results to differ materially from
those set forth in such statements. Those factors include, but are not limited
to, the following: (i) expected cost savings from completed mergers may not be
fully realized or costs or difficulties related to the integration of the
businesses of Centura and merged institutions may be greater than expected; (ii)
customer and deposit attrition, or revenue loss, following completed mergers may
be greater than expected; (iii) competitive pressure in the banking industry may
increase significantly; (iv) changes in the interest rate environment may reduce
margins; (v) general economic conditions, either nationally or regionally, may
be less favorable than expected, resulting in, among other things, credit
quality deterioration and the possible impairment of collectibility of loans;
(vi) the impact of changes in monetary and fiscal policies, laws, rules and
regulations; (vii) the impact of the Gramm-Leach-Bliley Act of 1999; (viii)
changes in business conditions and inflation; and (ix) other risks and factors
identified in Centura's filings with the Securities and Exchange Commission and
other regulatory bodies.
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
CENTURA BANKS, INC. AND SUBSIDIARIES
Three Months Ended December 31, Year Ended December 31,
------------------------------------------------- -----------------------------------------------
(Dollars in thousands,
except per share data) 2000 1999 Change 2000 1999 Change
------------------------------------------------------------------------------------------------------------------------------------
EARNINGS
<S> <C> <C> <C> <C> <C> <C>
Interest income $ 233,499 $ 211,362 10.5 % $ 894,193 $ 809,156 10.5 %
Interest expense 125,980 104,320 20.8 474,115 390,431 21.4
-------------------------------------------------------------------------------------------------------------------------------
Net interest income 107,519 107,042 0.4 420,078 418,725 0.3
Provision for loan losses 6,960 8,894 (21.7) 31,815 40,828 (22.1)
Noninterest income 43,332 38,010 14.0 145,720 170,897 (14.7)
Noninterest expense 90,799 82,956 9.5 379,132 352,323 7.6
Income taxes 17,298 17,653 (2.0) 56,096 66,134 (15.2)
-------------------------------------------------------------------------------------------------------------------------------
Net income $ 35,794 $ 35,549 0.7 % $ 98,755 $ 130,337 (24.2)%
===============================================================================================================================
Net interest income,
taxable equivalent $ 109,963 $ 110,297 (0.3)% $ 430,031 $ 431,063 (0.2)%
===============================================================================================================================
PER COMMON SHARE
Earnings per share-basic $ 0.91 $ 0.90 1.1 % $ 2.49 $ 3.28 (24.1)%
Earnings per share-diluted 0.90 0.89 1.1 2.47 3.23 (23.5)
Cash dividends paid (B) 0.34 0.32 6.3 1.34 1.25 7.2
Book value per share 24.26 21.77 11.4 24.26 21.77 11.4
Closing market price 48.250 44.125 9.3 48.250 44.125 9.3
SELECTED FINANCIAL DATA (A)
Earnings per share-diluted $ 0.90 $ 0.89 1.1 % $ 3.37 $ 3.37 - %
Return on average assets 1.25 1.25 - bp 1.19 1.23 (4)bp
Return on average equity 15.37 16.37 (100) 15.13 15.73 (60)
FINANCIAL RATIOS
Return on average assets 1.25 % 1.25 % - bp 0.88 % 1.18 % (30)bp
Return on average equity 15.37 16.37 (100) 11.10 15.09 (399)
Average equity to
average assets 8.12 7.66 46 7.89 7.83 6
AVERAGE BALANCES
Assets $11,405,683 $ 11,244,033 1.4 % $ 11,272,434 $ 11,038,612 2.1 %
Earning assets, net 10,466,489 10,311,262 1.5 10,340,324 10,124,896 2.1
Loans, gross 7,713,182 7,363,250 4.8 7,606,163 7,258,979 4.8
Investment securities, net 2,655,105 2,820,815 (5.9) 2,621,377 2,719,065 (3.6)
Noninterest-bearing deposits 1,094,410 1,163,180 (5.9) 1,112,189 1,146,657 (3.0)
Core deposits 6,927,871 7,004,558 (1.1) 6,885,748 6,919,115 (0.5)
Total deposits 7,655,687 7,864,788 (2.7) 7,660,133 7,747,688 (1.1)
Interest-bearing liabilities 9,225,498 9,066,703 1.8 9,142,960 8,875,062 3.0
Shareholders' equity 926,344 861,593 7.5 889,624 863,961 3.0
PERIOD END BALANCES
Assets $11,482,009 $ 11,386,682 0.8 % $ 11,482,009 $ 11,386,682 0.8 %
Earning assets, net 10,456,178 10,438,823 0.2 10,456,178 10,438,823 0.2
Loans, gross 7,671,691 7,442,238 3.1 7,671,691 7,442,238 3.1
Investment securities, net 2,705,105 2,842,088 (4.8) 2,705,105 2,842,088 (4.8)
Noninterest-bearing deposits 1,131,121 1,136,119 (0.4) 1,131,121 1,136,119 (0.4)
Core deposits 7,002,703 7,018,863 (0.2) 7,002,703 7,018,863 (0.2)
Total deposits 7,707,140 7,897,052 (2.4) 7,707,140 7,897,052 (2.4)
Shareholders' equity 956,425 859,735 11.2 956,425 859,735 11.2
====================================================================================================================================
bp- Change is measured as difference in basis points.
(A) Calculation excludes $50.7 million of pre-tax merger-related and other
significant charges incurred for the year-ended December 31, 2000. Included
in these charges are $22.1 million in losses related to sales of certain
investment securities incurred as a result of restructuring the investment
portfolio acquired with the Triangle merger, of which $15.1 million and
$7.1 million were incurred during the first quarter and second quarter
2000, respectively. Year-to-date 1999 excludes $8.4 million of pre-tax
merger-related items, all of which were incurred during the first quarter.
(B) Presented on a historical basis.
All prior period financial data has been restated for the February 18, 2000
merger with Triangle which was accounted for as a pooling-of-interests.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OTHER FINANCIAL DATA
CENTURA BANKS, INC. AND SUBSIDIARIES
Three Months Ended December 31, Year Ended December 31,
----------------------------------------- ---------------------------------------------
(Dollars in thousands) 2000 1999 Change 2000 1999 Change
-----------------------------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING
<S> <C> <C> <C> <C> <C> <C>
Average basic 39,545,861 39,544,376 - % 39,706,276 39,729,900 (0.1)%
Average diluted 39,843,694 40,055,215 (0.5) 39,985,966 40,368,276 (0.9)
Outstanding at period end 39,427,056 39,496,410 (0.2) 39,427,056 39,496,410 (0.2)
COMPOSITION RATIOS (A)
Earning assets to total assets 91.77 % 91.70 % 7 bp 91.73 % 91.72 % 1 bp
Loans to earning assets 73.69 71.41 228 73.56 71.69 187
Interest-bearing liabilities
to earning assets 88.14 87.93 21 88.42 87.66 76
Loans to total deposits 100.75 93.62 713 99.30 93.69 561
Noninterest-bearing deposits
to total deposits 14.30 14.79 (49) 14.52 14.80 (28)
ALLOWANCE FOR LOAN LOSSES (AFLL)
Beginning balance $ 104,036 $ 93,701 11.0 % $ 95,500 $ 91,894 3.9 %
AFLL related to loans
transferred or sold (368) - - (368) (556) (33.8)
Provision for loan losses 6,960 8,894 (21.7) 31,815 40,828 (22.1)
Allowance of acquired
financial institutions - - - - 605 (100.0)
Charge-offs (7,179) (8,302) (13.5) (28,161) (41,044) (31.4)
Recoveries 826 1,207 (31.6) 5,489 3,773 45.5
-------------------------------------------------------------------------------------------------------------------------------
Net charge-offs (6,353) (7,095) (10.5) (22,672) (37,271) (39.2)
-------------------------------------------------------------------------------------------------------------------------------
Ending balance $ 104,275 $ 95,500 9.2 % $ 104,275 $ 95,500 9.2 %
===============================================================================================================================
Net charge-offs to average loans 0.33 % 0.38 % (5)bp 0.30 % 0.51 % (21)bp
COMPOSITION OF RISK ASSETS
Nonperforming loans (C) $ 48,475 $ 29,415 64.8 %
Foreclosed property 5,897 6,421 (8.2)
-------------------------------------------------------------------------------------------------------------------------------
Nonperforming assets $ 54,372 $ 35,836 51.7 %
===============================================================================================================================
Loans 90+ days past due, still accruing $ 12,338 $ 14,366 (14.1)%
ASSET QUALITY RATIOS (B) (C)
Nonperforming assets to:
Loans and foreclosed property 0.71 % 0.48 % 23 bp
Total assets 0.47 0.31 16
Nonperforming loans to total loans 0.63 0.40 23
Allowance for loan losses to total loans 1.36 1.28 8
Allowance for loan losses to nonperforming loans 2.15 x 3.25 x (110)
====================================================================================================================================
bp- Change is measured as difference in basis points.
(A) Balance sheet amounts used in calculations are based on average balances.
(B) Balance sheet amounts used in calculations are based on period end balances.
(C) Excludes $6.0 million of nonperforming loans classified as held for
accelerated disposition at December 31, 2000.
All prior period financial data has been restated for the February 18, 2000
merger with Triangle which was accounted for as a pooling-of-interests.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OTHER FINANCIAL DATA, continued
CENTURA BANKS, INC. AND SUBSIDIARIES
Three Months Ended December 31, Year Ended December 31,
-------------------------------------------- --------------------------------------------
As a Percent of As a Percent of
Average Assets (A) Average Assets(A)
-------------- ---------------
(Dollars in thousands) 2000 1999 Change 2000 1999 2000 1999 Change 2000 1999
------------------------------------------------------------------------------------------------------------------------------------
NONINTEREST INCOME
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Service charges on deposit accounts $ 15,712 $ 16,586 (5.3)% 0.55 % 0.59 % $ 62,783 $ 63,761 (1.5)% 0.56 % 0.58 %
Credit card and related fees 2,269 2,335 (2.8) 0.08 0.08 8,993 9,008 (0.2) 0.08 0.08
Insurance and brokerage commissions 5,286 6,004 (12.0) 0.18 0.21 24,162 24,868 (2.8) 0.21 0.23
Other service charges, commissions
and fees 3,532 3,174 11.3 0.12 0.11 13,776 13,056 5.5 0.12 0.12
Fees for trust services 1,947 2,572 (24.3) 0.07 0.09 10,005 10,340 (3.2) 0.09 0.09
Mortgage income 6,785 3,608 88.1 0.24 0.13 33,945 25,304 34.1 0.30 0.23
Negative goodwill amortization 334 334 - 0.01 0.01 1,337 1,337 - 0.01 0.01
Operating lease income, net 497 679 (26.8) 0.02 0.02 2,399 6,163 (61.1) 0.02 0.06
Other noninterest income 6,956 2,695 158.1 0.24 0.10 25,179 17,660 42.6 0.23 0.15
------------------------------------------------------------------------------------------------------------------------------------
Noninterest income, excluding
securities transactions 43,318 37,987 14.0 1.51 1.34 182,579 171,497 6.5 1.62 1.55
Securities gains (losses), net 14 23 (39.1) - - (14,721) (600) NM (0.13) -
Securities gains (losses), net-
merger related - - - - - (22,138) - - (0.20) -
------------------------------------------------------------------------------------------------------------------------------------
Total noninterest income $ 43,332 $ 38,010 14.0 % 1.51 % 1.34 % $ 145,720 $ 170,897 (14.7)% 1.29 % 1.55 %
====================================================================================================================================
NONINTEREST EXPENSE
Salaries and overtime $ 36,775 $ 34,389 6.9 % 1.28 % 1.21 % $ 144,145 $ 140,427 2.6 % 1.28 % 1.27 %
Fringe benefits and other
personnel costs 9,736 7,166 35.9 0.34 0.25 34,858 30,937 12.7 0.31 0.28
Occupancy 5,632 6,134 (8.2) 0.20 0.22 23,975 24,688 (2.9) 0.21 0.22
Equipment 6,603 6,212 6.3 0.23 0.22 24,887 27,303 (8.8) 0.22 0.25
Foreclosed real estate losses
and related operating expen843 843 359 134.8 0.03 0.01 2,358 1,697 39.0 0.02 0.02
Marketing 2,068 564 266.7 0.07 0.02 7,478 7,827 (4.5) 0.07 0.07
Fees for outsourced services 5,244 4,543 15.4 0.18 0.16 19,026 17,009 11.9 0.17 0.15
Professional and legal fees 4,081 3,614 12.9 0.14 0.13 14,284 14,544 (1.8) 0.13 0.13
Other administrative 3,004 3,042 (1.2) 0.10 0.11 11,967 11,880 0.7 0.11 0.11
FDIC insurance 522 175 198.3 0.02 0.01 1,313 1,593 (17.6) 0.01 0.01
Deposit intangible and
goodwill amortization 3,735 3,414 9.4 0.13 0.12 13,843 13,601 1.8 0.12 0.12
Office supplies, postage
and telephone 6,263 5,835 7.3 0.22 0.21 24,718 24,328 1.6 0.22 0.22
Other operating 6,293 7,509 (16.2) 0.23 0.26 27,764 29,631 (6.3) 0.24 0.28
------------------------------------------------------------------------------------------------------------------------------------
Total NIE before merger-related
and other significant charges 90,799 82,956 9.5 3.17 2.93 350,616 345,465 1.5 3.11 3.13
Merger-related expenses and
other significant charges - - - - - 28,516 6,858 315.8 0.25 0.06
------------------------------------------------------------------------------------------------------------------------------------
Total noninterest expense $ 90,799 $ 82,956 9.5 % 3.17 % 2.93 % $ 379,132 $ 352,323 7.6 % 3.36 % 3.19 %
====================================================================================================================================
OTHER PERFORMANCE RATIOS
Pretax operating profit margin (B)(D) 36.23 % 38.07 % (184)bp 36.04 % 36.08 % (4)bp
Efficiency ratio (C)(D) 59.23 55.94 329 58.64 57.39 125
Net interest income analysis-
taxable equivalent:
Selected average yields/rates:
Loans 9.45 % 8.82 % 63 bp 9.34 % 8.75 % 59 bp
Taxable securities 7.28 6.50 78 6.88 6.36 52
Tax-exempt securities 9.13 8.18 95 8.47 7.86 61
Short-term investments 6.91 6.55 36 5.84 5.92 (8)
Mortgage loans held-for-sale 9.52 8.56 96 9.55 8.01 154
------------------------------------------------------------------------------------------------------------------------------------
Interest-earning assets 8.90 8.18 72 8.70 8.10 60
------------------------------------------------------------------------------------------------------------------------------------
Total interest-bearing deposits 5.03 4.19 84 4.75 4.07 68
Borrowed funds 6.12 5.24 88 6.11 4.95 116
Long-term debt 6.60 6.07 53 6.52 5.98 54
------------------------------------------------------------------------------------------------------------------------------------
Total interest-bearing
liabilities 5.40 4.54 86 5.19 4.40 79
----------------------------------------------------------------------------------------------------------------------------------
Interest rate spread 3.50 3.64 (14) 3.51 3.70 (19)
Net interest margin 4.14 4.20 (6) 4.14 4.25 (11)
====================================================================================================================================
bp- Change is measured as difference in basis points.
(A) Data presented is annualized.
(B) Sum of income before taxes plus the taxable equivalent adjustment divided by
the sum of taxable equivalent net interest income plus noninterest income.
(C) Noninterest expense divided by the sum of taxable equivalent net interest
income plus noninterest income.
(D) Calculation excludes merger-related and
other significant charges.
All prior period financial data has been restated for the February 18, 2000
merger with Triangle which was accounted for as a pooling-of-interests.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
QUARTERLY FINANCIAL TRENDS
CENTURA BANKS, INC. AND SUBSIDIARIES
2000 1999 4th Qtr 00
Dollars in thousands, Fourth Third Second First Fourth vs.
(except per share data) Quarter Quarter Quarter Quarter Quarter 3rd Qtr 00
------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SUMMARY (A)
<S> <C> <C> <C> <C> <C> <C>
Assets $ 11,405,683 $ 11,261,701 $ 11,087,991 $ 11,333,016 $ 11,244,033 1.3 %
Earning assets, net 10,466,489 10,323,647 10,161,950 10,408,008 10,311,262 1.4
Loans, gross 7,713,182 7,631,191 7,604,252 7,481,313 7,363,250 1.1
Investment securities, net 2,655,105 2,599,384 2,456,812 2,774,077 2,820,815 2.1
Total deposits 7,655,687 7,584,598 7,581,910 7,819,217 7,864,788 0.9
Interest-bearing liabilities 9,225,498 9,114,564 8,974,603 9,256,578 9,066,703 1.2
Shareholders' equity 926,344 902,196 869,319 860,095 861,593 2.7
Total market capitalization
(period end) 1,902,355 1,527,838 1,353,339 1,817,042 1,742,779 24.5
Net income 35,794 34,003 20,923 8,035 35,549 5.3
Full-time equivalents 3,379 3,443 3,450 3,450 3,634 (1.9)
PROFITABILITY/PERFORMANCE SUMMARY(A)
Pretax operating profit margin(B) 36.23 % 37.10 % 31.80 % 38.92 % 38.07 % (87)bp
Efficiency ratio(B) 59.23 58.16 60.07 57.12 55.94 107
Net interest margin 4.14 4.06 4.10 4.07 4.20 8
Return on average assets 1.25 1.20 0.76 0.29 1.25 5
Return on average equity 15.37 15.00 9.68 3.76 16.37 37
Average equity to average assets 8.12 8.01 7.84 7.59 7.66 11
PER SHARE SUMMARY
Earnings per share - basic $ 0.91 $ 0.85 $ 0.53 $ 0.20 $ 0.90 7.1 %
Earnings per share - diluted 0.90 0.85 0.52 0.20 0.89 5.9
Cash dividends paid (E) 0.34 0.34 0.34 0.32 0.32 -
Book value per share 24.26 23.05 22.09 21.72 21.77 5.2
Closing market price 48.250 38.313 33.953 45.813 44.125 25.9
KEY INTANGIBLE ASSETS (C)
Goodwill $ 139,928 $ 143,520 $ 125,606 $ 131,514 $ 134,851 (2.5)%
Mortgage servicing rights 6,517 6,037 31,797 35,076 35,916 8.0
ASSET QUALITY SUMMARY(C) (D)
Nonperforming assets $ 54,372 $ 54,631 $ 45,929 $ 37,161 $ 35,836 (0.5)%
Allowance for loan losses 104,275 104,036 103,271 97,450 95,500 0.2
Nonperforming assets to
total assets 0.47 % 0.48 % 0.41 % 0.33 % 0.31 % (1)bp
Allowance for loan losses to
total loans 1.36 1.35 1.35 1.29 1.28 1
Net charge-offs to average loans 0.33 0.32 0.32 0.22 0.38 1
====================================================================================================================================
bp- Change is measured as difference in basis points.
(A) Balance sheet amounts are based on average balances unless otherwise noted.
(B) Calculation excludes merger-related and other significant charges. (C)
Balance sheet amounts are based on period end balances unless otherwise noted.
(D) Excludes $6.0 million of nonperforming loans classified as held for
accelerated disposition at December 31, 2000.
(E) Presented on a historical basis.
All prior period financial data has been restated for the February 18, 2000
merger with Triangle which was accounted for as a pooling-of- interests.
<PAGE>
</TABLE>
