<PAGE>
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 21, 1995
--------------
Southern National Corporation
----------------------------------------------------------
(Exact name of registrant as specified in its charter)
North Carolina 1-10853 56-0939887
- ------------------------------ --------------- ---------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
200 West Second Street, Winston-Salem, North Carolina 27101
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (910) 773-7500
-------------------
<PAGE>
Item 5. Other Events
The purpose of this Current Report on Form 8-K is to file as
Exhibit 99.1 Southern National Corporation's Quarterly
Performance Summary for the first quarter of 1995, including sections
distributed to the media and a supplement distributed to analysts.
Item 7. Exhibits
EXHIBIT INDEX
Exhibit 99.1 Quarterly Performance Summary issued April 20, 1995
<PAGE>
SIGNATURE
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.
SOUTHERN NATIONAL CORPORATION
(Registrant)
Date: April 21, 1995 By: /s/ Sherry A. Kellett
-------------------------
Name: Sherry A. Kellett
-----------------------
Title: Controller
----------------------
-3-
<PAGE>
Exhibit 99.1
BB&T Southern National Corporation
- --------------------------------------------------------------------------------
A Subsidiary of Southern National Corporation Public Relations
200 West Second Street
Winston-Salem, NC 27101
For Further Information:
- --------------------------
ANALYSTS MEDIA
B. Gloyden Stewart, Jr. Scott E. Reed Bob Denham
Senior Vice President Executive Vice President Public Relations
Investor Relations Chief Financial Officer (910) 773-7363
(919) 399-4219 (919) 399-4418
April 20, 1995
FOR IMMEDIATE RELEASE
SOUTHERN NATIONAL REPORTS RESULTS FOR FIRST QUARTER
Winston-Salem, N.C.--Southern National Corporation reported a net loss of
$12.6 million for the first quarter ended March 31. The loss resulted from $88.0
million in pretax nonrecurring charges related to the merger between Southern
National and BB&T Financial Corporation, and $19.8 million in securities losses
resulting from a restructuring of the securities portfolio. The after-tax impact
of these charges was $70.5 million.
The nonrecurring expenses include costs related to early retirements, contract
terminations and severance programs to accomplish the staff reductions necessary
as part of the merger, along with costs incurred to close 70 branches and
consolidate operating functions. The nonrecurring charges were largely as
anticipated. Any additional nonrecurring charges should be offset by a $12
million gain on the sale of branches in a divestiture, which is expected to be
consummated in the second quarter.
Exclusive of nonrecurring charges and securities losses, Southern National
would have had net income after tax of $58.0 million, which is a 5.5% increase
over the first quarter of 1994 and represents a return on assets of 1.19% and a
return on common equity of 16.08%.
In releasing earnings, John A. Allison, chairman and chief executive officer
of Southern National, said, "A merger of equals of this magnitude is an
extremely complex task; however, we are very pleased with the progress to date.
Employee morale is high and we have been able to maintain and enhance customer
relationships.
"As might be expected, we have experienced increased competitive pressure
because of the visibility of this merger. A conscious decision has been made to
maintain customer relationships for the long-term good of the organization. This
decision has affected our net interest margins somewhat, which negatively
affected core earnings in the first quarter. Nonrecurring charges were largely
in line with our preliminary expectations and the related cost savings are
expected to contribute approximately $65 - $68 million annually to future pretax
earnings.
<PAGE>
"We will continue to incur redundant operating expenses until the merger of
the two banking systems, which is scheduled for the end of May 1995. However, we
are very encouraged about the improvement in financial performance that should
result in the second half of 1995 and thereafter from lower levels of ongoing
expense.
"There is no question that the combined organization will be more efficient
and have the opportunity to increase revenues through the cross sell of product
lines. In addition, Southern National has the largest deposit share in North
Carolina, the third largest share in South Carolina and a healthy presence in
Hampton Roads, Virginia. The combined management team is a strong and cohesive
group. Overall, the merger is clearly headed in the right direction."
Southern National had consolidated assets of $19.9 billion, consolidated loans
of $13.4 billion and consolidated deposits of $14.5 billion at the end of March.
Through its subsidiaries in North Carolina, South Carolina and Virginia,
Southern National currently operates 530 banking offices.
All reported amounts have been restated to reflect the merger of Southern
National Corporation and BB&T Financial Corporation on February 28, 1995, in a
transaction accounted for as a pooling-of-interests and for the merger of BB&T
with Commerce Bank on January 10, 1995, in a transaction also accounted for as a
pooling-of-interests.
Common stock of Southern National Corporation is traded on the New York Stock
Exchange under the symbol SNB. The stock closed at $20.25 on April 19.
<PAGE>
- ---------------------------------------- --------------------------------------
QUARTERLY PERFORMANCE SUMMARY B. Gloyden Stewart, Jr.
Southern National Corporation (NYSE:SNB) Senior Vice President (919) 399-4219
Page 3 Investor Relations FAX (919) 399-4871
- ---------------------------------------- --------------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended Increase / (Decrease)
------------------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/95 3/31/94 $ %
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCOME STATEMENT
Interest income - taxable equivalent
Interest & fees on loans & leases $ 295,197 $ 234,556 $ 60,641 25.9 %
Interest & dividends on securities 80,236 77,293 2,943 3.8
Interest on temporary investments 656 1,171 (515) (44.0)
Total interest income - taxable equivalent 376,089 313,020 63,069 20.1
Interest expense
Interest on deposits 130,134 103,361 26,773 25.9
Interest on short-term borrowings 41,059 15,225 25,834 169.7
Interest on long-term debt 14,623 8,996 5,627 62.6
Total interest expense 185,816 127,582 58,234 45.6
Net interest income - taxable equivalent 190,273 185,438 4,835 2.6
Less: Taxable equivalent adjustment 7,452 6,778 674 9.9
Net interest income 182,821 178,660 4,161 2.3
Provision for loan & lease losses 7,000 5,501 1,499 27.2
Net interest income after provision
for loan & lease losses 175,821 173,159 2,662 1.5
Noninterest income
Service charges on deposits 20,705 20,130 575 2.9
Mortgage banking activities 4,850 9,232 (4,382) (47.5)
Trust revenue 4,280 3,792 488 12.9
Other nondeposit fees & commissions 17,673 15,251 2,422 15.9
Securities gains (losses), net (19,845) 1,521 (21,366) NM
Other income 8,574 8,845 (271) (3.1)
Total noninterest income 36,237 58,771 (22,534) (38.3)
Noninterest expense
Personnel expense 124,233 77,443 46,790 60.4
Occupancy & equipment expense 30,387 22,339 8,048 36.0
Federal deposit insurance expense 8,005 8,421 (416) (4.9)
Other noninterest expense 66,331 39,775 26,556 66.8
Total noninterest expense 228,956 147,978 80,978 54.7
Income (loss) before income taxes (16,898) 83,952 (100,850) NM
Provision for income taxes (4,345) 28,981 (33,326) NM
Net income (loss) $ (12,553) $ 54,971 $ (67,524) NM %
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
Primary earnings (loss) $ (.13) $ .53 $ (.66) NM %
Fully diluted earnings (loss) (.13) .52 (.65) NM
Weighted average shares - Primary 103,380,544 101,842,980
Fully diluted 108,424,625 106,890,854
Dividends paid on common shares $ .20 $ .17 $ .03 17.6 %
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
NM - not meaningful.
NOTE: Fully diluted earnings per share excluding nonrecurring charges were $.54
in first quarter 1995.
<PAGE>
- ---------------------------------------- --------------------------------------
QUARTERLY PERFORMANCE SUMMARY B. Gloyden Stewart, Jr.
Southern National Corporation (NYSE:SNB) Senior Vice President (919) 399-4219
Page 4 Investor Relations FAX (919) 399-4871
- ---------------------------------------- --------------------------------------
<TABLE>
<CAPTION>
As of / For the Three Months Ended Increase / (Decrease)
-----------------------------------------------------------------------
(Dollars in thousands) 3/31/95 3/31/94 $ %
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SELECTED BALANCE SHEET DATA
End of period balances
Securities, at carrying value $ 5,228,543 $ 5,399,819 $ (171,276) (3.2) %
Loans & leases 13,370,959 11,991,921 1,379,038 11.5
Allowance for loan & lease losses 174,189 174,006 183 --
Other earning assets 29,727 125,217 (95,490) (76.3)
Total earning assets 18,673,928 17,537,217 1,136,711 6.5
Total assets 19,892,337 18,757,159 1,135,178 6.1
Total deposits 14,519,612 14,383,077 136,535 .9
Short-term borrowings 2,690,366 2,135,093 555,273 26.0
Long-term debt 902,047 591,221 310,826 52.6
Total interest-bearing liabilities 16,336,533 15,344,860 991,673 6.5
Shareholders' equity 1,482,924 1,416,732 66,192 4.7
- -----------------------------------------------------------------------------------------------------------------------------
Average balances
Securities, at amortized cost $ 5,382,220 $ 5,218,880 $ 163,340 3.1 %
Loans & leases 13,202,736 12,060,904 1,141,832 9.5
Other earning assets 46,815 156,332 (109,517) (70.1)
Total earning assets 18,631,771 17,436,117 1,195,654 6.9
Total assets 19,782,046 18,550,660 1,231,386 6.6
Total deposits 14,257,659 14,307,119 (49,460) --
Short-term borrowings 2,866,363 1,954,290 912,073 46.7
Long-term debt 905,484 659,225 246,259 37.4
Total interest-bearing liabilities 16,352,460 15,116,022 1,236,438 8.2
Shareholders' equity 1,503,534 1,417,537 85,997 6.1
- -----------------------------------------------------------------------------------------------------------------------------
PERFORMANCE RATIOS
Return on average assets (.26) % 1.20 %
Return on average common equity (3.93) 16.20
Net yield on earning assets (taxable equivalent) 4.14 4.31
Efficiency (taxable equivalent) * 58.8 60.3
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTES: All items referring to loans & leases include loans held for sale & are
net of unearned income.
Applicable ratios are annualized.
* Excludes securities gains (losses) & foreclosed property expense for
all periods & nonrecurring charges & merger-related expenses of $83,393
included in noninterest expense for the first quarter of 1995.
<PAGE>
- ---------------------------------------- --------------------------------------
QUARTERLY PERFORMANCE SUMMARY B. Gloyden Stewart, Jr.
Southern National Corporation (NYSE:SNB) Senior Vice President (919) 399-4219
Page 5 Investor Relations FAX (919) 399-4871
- ---------------------------------------- --------------------------------------
<TABLE>
<CAPTION>
As of / For the Quarter Ended
------------------------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/95 12/31/94 9/30/94 6/30/94 3/31/94
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCOME STATEMENT
Interest income - taxable equivalent
Interest & fees on loans & leases $ 295,197 $ 282,921 $ 264,354 $ 245,862 $ 234,556
Interest & dividends on securities 80,236 80,575 77,370 78,018 77,293
Interest on temporary investments 656 995 2,066 952 1,171
Total interest income - taxable equivalent 376,089 364,491 343,790 324,832 313,020
Interest expense
Interest on deposits 130,134 120,093 113,318 105,104 103,361
Interest on short-term borrowings 41,059 34,051 27,418 21,782 15,225
Interest on long-term debt 14,623 12,835 9,477 9,619 8,996
Total interest expense 185,816 166,979 150,213 136,505 127,582
Net interest income - taxable equivalent 190,273 197,512 193,577 188,327 185,438
Less: Taxable equivalent adjustment 7,452 7,248 7,001 7,061 6,778
Net interest income 182,821 190,264 186,576 181,266 178,660
Provision for loan & lease losses 7,000 7,104 2,339 2,902 5,501
Net interest income after provision for
loan & lease losses 175,821 183,160 184,237 178,364 173,159
Noninterest income
Service charges on deposits 20,705 20,772 20,682 21,171 20,130
Mortgage banking activities 4,850 4,365 4,919 3,628 9,232
Trust revenue 4,280 5,278 4,074 4,036 3,792
Other nondeposit fees & commissions 17,673 15,590 15,452 14,659 15,251
Gains on sale of servicing rights, net -- 2,759 17 -- --
Securities gains (losses), net (19,845) 7 919 627 1,521
Other income 8,574 9,500 9,697 9,124 8,845
Total noninterest income 36,237 58,271 55,760 53,245 58,771
Noninterest expense
Personnel expense 124,233 72,030 73,016 70,944 77,443
Occupancy & equipment expense 30,387 22,819 22,824 23,001 22,339
Federal deposit insurance expense 8,005 8,083 8,015 8,178 8,421
Foreclosed property expense 700 705 1,327 1,187 1,659
Amortization expense - intangible assets 2,279 2,173 2,051 1,978 1,858
Other noninterest expense 63,352 40,328 36,847 39,852 36,258
Total noninterest expense 228,956 146,138 144,080 145,140 147,978
Income (loss) before income taxes (16,898) 95,293 95,917 86,469 83,952
Provision for income taxes (4,345) 32,651 33,766 29,361 28,981
Net income (loss) $ (12,553) $ 62,642 $ 62,151 $ 57,108 $ 54,971
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
Primary earnings (loss) $ (.13) $ .60 $ .59 $ .55 $ .53
Fully diluted earnings (loss) (.13) .58 .58 .53 .52
Dividends paid on common shares .20 .20 .20 .17 .17
Book value per common share 13.79 13.92 13.81 13.49 13.33
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTE: Fully diluted earnings per share excluding nonrecurring charges were $.54
in first quarter 1995.
<PAGE>
- ---------------------------------------- --------------------------------------
QUARTERLY PERFORMANCE SUMMARY B. Gloyden Stewart, Jr.
Southern National Corporation (NYSE:SNB) Senior Vice President (919) 399-4219
Page 6 Investor Relations FAX (919) 399-4871
- ---------------------------------------- --------------------------------------
<TABLE>
<CAPTION>
As of / For the Quarter Ended
------------------------------------------------------------------------------
(Dollars in thousands) 3/31/95 12/31/94 9/30/94 6/30/94 3/31/94
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SELECTED BALANCE SHEET DATA
End of period balances
Securities, at carrying value $ 5,228,543 $ 5,425,117 $ 5,266,125 $ 5,308,069 $ 5,399,819
Loans & leases 13,370,959 13,108,102 12,664,661 12,246,788 11,991,921
Allowance for losses 174,189 171,734 172,110 173,550 174,006
Other earning assets 29,727 33,983 172,441 86,467 125,217
Total earning assets 18,673,928 18,686,965 18,181,624 17,700,193 17,537,217
Total assets 19,892,337 19,855,063 19,430,978 18,842,721 18,757,159
Total deposits 14,519,612 14,314,154 14,402,090 14,287,668 14,383,077
Short-term borrowings 2,690,366 2,902,528 2,610,841 2,279,554 2,135,093
Long-term debt 902,047 910,755 708,449 619,728 591,221
Total interest-bearing liabilities 16,336,533 16,284,418 15,954,969 15,470,110 15,344,860
Shareholders' equity 1,482,924 1,496,477 1,477,673 1,438,019 1,416,732
Goodwill 44,892 46,131 38,459 39,397 41,238
Core deposit & other intangibles 17,332 17,691 17,177 17,517 16,545
Total intangibles 62,224 63,822 55,636 56,914 57,783
Negative goodwill 50,088 51,720 53,493 55,093 56,643
- ----------------------------------------------------------------------------------------------------------------------------
Average balances
Securities, at amortized cost $ 5,382,220 $ 5,449,499 $ 5,350,772 $ 5,410,458 $ 5,218,880
Loans & leases 13,202,736 12,865,637 12,424,214 12,082,232 12,060,904
Other earning assets 46,815 74,248 183,451 108,971 156,332
Total earning assets 18,631,771 18,389,384 17,958,437 17,601,661 17,436,117
Total assets 19,782,046 19,524,878 19,071,278 18,712,128 18,550,660
Total deposits 14,257,659 14,334,248 14,330,620 14,221,620 14,307,119
Short-term borrowings 2,866,363 2,643,910 2,445,588 2,232,787 1,954,290
Long-term debt 905,484 807,457 610,943 630,600 659,225
Total interest-bearing liabilities 16,352,460 16,029,882 15,683,955 15,385,668 15,116,022
Shareholders' equity 1,503,534 1,498,350 1,452,916 1,416,683 1,417,537
- ----------------------------------------------------------------------------------------------------------------------------
RISK-BASED CAPITAL
Risk-based capital:
Tier 1 $ 1,432,677 $ 1,513,090 $ 1,458,249 $ 1,411,418 $ 1,380,186
Total 1,588,705 1,671,574 1,613,260 1,559,732 1,530,714
Risk-based capital ratios:
Tier 1 11.5 % 12.3 % 12.3 % 12.4 % 12.2 %
Total 12.7 13.6 13.6 13.7 13.5
Leverage capital ratio 7.3 7.8 7.7 7.6 7.4
- ----------------------------------------------------------------------------------------------------------------------------
PERFORMANCE RATIOS
Return on average assets (.26) % 1.27 % 1.29 % 1.22 % 1.20 %
Return on average common equity (3.93) 17.09 17.51 16.67 16.20
Net yield on earning assets
(taxable equivalent) 4.14 4.26 4.28 4.29 4.31
Efficiency (taxable equivalent) * 58.8 57.5 57.5 59.7 60.3
Equity as a percent of total assets
end of period 7.5 7.5 7.6 7.6 7.6
Average earning assets as a percent
of average total assets 94.2 94.2 94.2 94.1 94.0
Average loans & leases as a percent
of average deposits 92.6 89.8 86.7 85.0 84.3
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTES: All items referring to loans & leases include loans held for sale & are
net of unearned income.
Applicable ratios are annualized.
* Excludes gains on sale of servicing rights, securities gains (losses) &
foreclosed property expense for all periods & nonrecurring charges &
merger-related expenses of $83,393 included in noninterest expense for
the first quarter of 1995.
<PAGE>
- ---------------------------------------- --------------------------------------
QUARTERLY PERFORMANCE SUMMARY B. Gloyden Stewart, Jr.
Southern National Corporation (NYSE:SNB) Senior Vice President (919) 399-4219
Page 7 Investor Relations FAX (919) 399-4871
- ---------------------------------------- --------------------------------------
<TABLE>
<CAPTION>
As of / For the Quarter Ended
------------------------------------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/95 12/31/94 9/30/94 6/30/94 3/31/94
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSET QUALITY ANALYSIS
Allowance For Losses
Beginning balance $ 171,734 $ 172,110 $ 173,550 $ 174,006 $ 169,345
Allowance for acquired loans -- 1,119 -- -- --
Provision for losses 7,000 7,104 2,339 2,902 5,501
Net charge-offs (4,545) (8,599) (3,779) (3,358) (840)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending balance $ 174,189 $ 171,734 $ 172,110 $ 173,550 $ 174,006
===================================================================================================================================
Nonperforming Assets
Nonaccrual loans & leases $ 48,451 $ 47,039 $ 43,219 $ 55,496 $ 63,267
Foreclosed property 11,239 12,153 17,963 18,577 20,651
- -----------------------------------------------------------------------------------------------------------------------------------
Nonperforming assets $ 59,690 $ 59,192 $ 61,182 $ 74,073 $ 83,918
===================================================================================================================================
Asset Quality Ratios
Nonaccrual loans & leases as a
percent of total loans & leases .36 % .36 % .34 % .45 % .53 %
Nonperforming assets as a percent of:
Total assets .30 .30 .31 .39 .45
Loans & leases plus
foreclosed property .45 .45 .48 .60 .70
Net charge-offs as a percent of
average loans & leases .14 .27 .12 .11 .03
Allowance for losses as a
percent of loans & leases 1.30 1.31 1.36 1.42 1.45
Ratio of allowance for losses to:
Net charge-offs 9.45 x 5.03 x 11.48 x 12.89 x 51.08 x
Nonaccrual loans & leases 3.60 3.65 3.98 3.13 2.75
- -----------------------------------------------------------------------------------------------------------------------------------
MEMO ITEMS
Unrealized depreciation on
securities available for sale
(net of tax) $ (26,956) $ (72,584) $ (47,413) $ (35,611) $ (12,006)
Common stock prices: High 22.38 21.13 21.88 21.88 20.50
Low 18.88 17.13 20.00 18.88 18.38
End of period 19.88 19.13 20.75 20.00 19.13
Weighted average shares - Primary 103,380,544 102,948,357 102,571,211 102,027,925 101,842,980
Fully diluted 108,424,625 107,996,378 107,617,714 107,082,681 106,890,854
End of period shares outstanding 102,182,679 102,215,032 101,616,534 101,135,273 100,724,961
End of period offices 530
End of period full-time equivalent employees 8,214
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
NOTES: All items referring to loans & leases include loans held for sale & are
net of unearned income.
Applicable ratios are annualized.
<PAGE>
- ---------------------------------------- --------------------------------------
QUARTERLY PERFORMANCE SUMMARY B. Gloyden Stewart, Jr.
Southern National Corporation (NYSE:SNB) Senior Vice President (919) 399-4219
Page 8 Investor Relations FAX (919) 399-4871
- ---------------------------------------- --------------------------------------
<TABLE>
<CAPTION>
For the Quarter Ended
-----------------------------------------------------------------------
3/31/95 12/31/94 9/30/94 6/30/94 3/31/94
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST YIELDS/RATES (Taxable equivalent)
Interest income:
Securities* 6.05 % 5.87 % 5.74 % 5.78 % 6.01 %
Loans & leases 9.07 8.72 8.44 8.16 7.89
Other earning assets 5.68 5.32 4.47 3.50 3.04
--------- --------- --------- --------- ---------
Total earning assets* 8.19 7.86 7.60 7.40 7.28
--------- --------- --------- --------- ---------
Interest expense:
Interest-bearing deposits 4.20 3.79 3.56 3.37 3.35
Short-term borrowings 5.81 5.11 4.45 3.91 3.16
Long-term debt 6.55 6.31 6.15 6.12 5.53
--------- --------- --------- --------- ---------
Total interest-bearing liabilities 4.61 4.13 3.80 3.56 3.42
--------- --------- --------- --------- ---------
Net yield on earning assets 4.14 % 4.26 % 4.28 % 4.29 % 4.31 %
========= ========= ========= ========= =========
</TABLE>
* Yields calculated based on securities at amortized cost.
<TABLE>
<CAPTION>
As of
-------------------------------------------------------------------------
(Dollars in thousands) 3/31/95
- -----------------------------------------------------------------------------------------------------------------------------
DERIVATIVES: INTEREST RATE SWAPS, CAPS & FLOORS
Notional Receive Pay Unrealized
Type Amount Rate Rate Gains (Losses)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Receive fixed swaps $ 1,153,000 5.53 % 6.39 % $ (18,809)
Pay fixed swaps 107,532 6.18 7.19 (111)
Caps & floors 1,100,000 -- -- (13,639)
- -----------------------------------------------------------------------------------------------------------------------------
Total $ 2,360,532 2.98 % 3.45 % $ (32,559)
=============================================================================================================================
<CAPTION>
One Year One to Five to
Contractual Maturity Schedule Total or Less Five Years Ten Years
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Receive fixed swaps $ 1,153,000 $ 100,000 $ 1,053,000 $ --
Pay fixed swaps 107,532 2,118 85,968 19,446
Caps & floors 1,100,000 400,000 650,000 50,000
- -----------------------------------------------------------------------------------------------------------------------------
Total $ 2,360,532 $ 502,118 $ 1,788,968 $ 69,446
=============================================================================================================================
</TABLE>
