Valley National Bancorp Reports Increase in Net Income for First Quarter21 April 2006
Valley National Bancorp (NYSE: VLY) ("Valley"), the holding company for Valley National Bank, announced today first quarter results for 2006. Net income was $40.9 million for the first quarter of 2006 compared to $38.3 million for the first quarter of 2005, an increase of 6.9 percent. Adjusting for a five percent stock dividend declared April 5, 2006, payable May 22, 2006 to shareholders of record on May 8, 2006, fully diluted earnings per common share were $0.35 for the first quarter of 2006, unchanged from the same quarter of 2005.
All other common share data presented was adjusted to reflect the stock dividend.
Chairman's Comments
Gerald H. Lipkin, Chairman, President and CEO noted that, "Management continues to focus on the structure of the balance sheet as we work through the flat interest rate cycle. During the quarter, the fixed rate investment portfolio was reduced on average by approximately $128 million. Initially, this reduction negatively impacted our interest income; however, the decrease in lower yielding fixed rate assets should make long-term strategic sense as interest rates continue to rise. Also, about 45% of the loan portfolio is expected to reprice during the next twelve months, through maturities, prepayments and cash flow, further optimizing the balance sheet structure. Because of the low level of interest rates during the last five years, a large percentage of our loans were repricing at interest rates lower than the original note rate. However, the recent rise in long-term rates marks a shift in the direction of loan rates which are expected to enhance future portfolio yields.
"In conjunction with the changes in the investment portfolio, management actively reduced interest sensitive short-term wholesale and deposit funds by taking advantage of long-term fixed rate funding alternatives at a lower cost. Management believes, based on these actions and others implemented over the last year, Valley's balance sheet is better positioned for the long-term.
"Valley continues to focus on expense controls and the continued integration of last year's acquisitions. To date, Valley has realized over 25 percent cost savings in operating expense related to the acquisitions closed in March and June 2005.
"Loan growth was seasonally light during the first quarter as automobile loans, residential loans and the New York commercial lines remained at low levels. However, the growth in most loan categories witnessed during the first three weeks in April indicates an expected spring turnaround. We have already surpassed the total loan growth for the first quarter of 2006, while maintaining Valley's high credit quality standards.
"Valley continues to adhere to its traditional lending criteria that has been the hallmark of our success. This is particularly meaningful given the nature of national trends in residential lending in the past few years. Many financial institutions offer residential mortgage loans such as 100% financing and negative amortization loans, which nationally accounted for 42% of originations last year. With long-term interest rates finally experiencing their long-awaited ascent and the Fed still indicating monetary tightening, the quality of these credits may soon be tested. Valley has shied away from this market and as of March 31, 2006 only 8 loans out of approximately 26,000 residential and home equity loans are past due 90 days or more, a testament to our credit quality.
"Overall deposits declined during the quarter mainly as a result of changes to our rate structure on government deposits and the normal seasonal decline in demand deposits. The recent introduction of new and more competitive deposit products are showing positive results. During the first quarter, new marketing efforts combined with our deposit initiatives helped increase the number of new non-interest bearing checking accounts by almost 50 percent over the prior quarter while closed accounts declined by approximately 10 percent over the same period.
"Based upon the early loan and deposit growth during April combined with the recent steepening of the yield curve, management is optimistic about the potential impact to the margin and earnings for the remainder of 2006."
Net Interest Income and Margin
Net interest income on a tax equivalent basis was $100.2 million for the first quarter of 2006, a $4.0 million increase from the same quarter of 2005 and a decrease of $2.6 million from the linked quarter ended December 31, 2005. The decrease during the quarter was mainly a result of the decline in investment assets, an increase in funding costs, a reduction in loan prepayment income and the loss of two business days of interest income compared to the fourth quarter. The cost of long-term borrowings declined four basis points from the prior quarter to 4.39 percent for the three months ended March 31, 2006 although the total interest cost increased $1.4 million as funding was reallocated to long-term borrowings.
The net interest margin on a tax equivalent basis was 3.50 percent for the first quarter of 2006, a decline of five basis points from the linked quarter ended December 31, 2005. However, yields on loans originated in the first quarter of 2006 equaled 6.60 percent, an increase of 117 basis points from the same period a year ago and a 33 basis point increase from the fourth quarter of 2005. The annual increase of 117 basis points exceeds the comparative increase in the cost of deposits by 27 basis points.
Valley's cost of total deposits remained relatively low by industry standards, at 1.85 percent for the first quarter of 2006 compared to 1.82 percent for the three months ended December 31, 2005. Management is pleased with an increase of only three basis points as the average federal funds rate increased over 50 basis points from the fourth quarter of 2005.
Valley entered into cash flow hedges on July 28, 2004, which negatively impacted net interest income during the first quarter of 2006. When the cash flow hedges expire in July 2006, Valley expects net interest income to improve by approximately $1.3 million per quarter and the net interest margin to increase over four basis points, on an annual basis, based upon the current level of interest rates.
Non-Interest Income
Non-interest income for the first quarter of 2006 increased $3.7 million, or 23.4 percent from $15.7 million for the linked quarter ended December 31, 2005 mainly due to net losses on securities transactions of $3.1 million during the fourth quarter of 2005.
Non-interest income was unchanged from a year ago, totaling approximately $19.4 million for the three months ended March 31, 2006 and 2005. However, net gains on securities transactions decreased $779 thousand to $954 thousand for the first quarter of 2006 compared to the same period in 2005 due to lower sales activity in the mortgage-backed securities portfolio.
Non-Interest Expense
Non-interest expense increased by $5.2 million, or 9.2 percent to $60.8 million for the quarter ended March 31, 2006 from $55.6 million for the quarter ended March 31, 2005 primarily due to the Shrewsbury State Bank and NorCrown Bank acquisitions in 2005 and the addition of four de novo branches. The acquisitions and de novo branches added 30 offices or over 23 percent to Valley's branch network compared to the first quarter of 2005, while salary
expense increased only 8.5 percent during that period. Amortization of core deposit intangibles increased $750 thousand over the prior year.
Non-interest expense for the first quarter of 2006 increased $797 thousand, or 1.3 percent from $60.0 million for the linked quarter ended December 31, 2005. The increase was primarily due to higher payroll taxes during the current period as annual tax limits on employee income reduced such expenses in the fourth quarter of 2005.
Income Tax Expense
Income tax expense as a percentage of pre-tax income was 26.8 percent and 33.5 percent for the three months ended March 31, 2006 and 2005, respectively. The decline was mainly due to lower state income tax expense and an increase in low income housing tax credits from a year ago.
Loans and Deposits
Loans increased 11.5 percent over the prior year to $8.2 billion mainly due to Valley's acquisition of NorCrown Bank in June 2005 and organic growth. During the quarter, loans increased by $30.3 million from $8.1 billion at December 31, 2005. The seasonally low loan growth during the quarter, especially in automobile, residential and the New York commercial lines of credit was not unexpected. The increase was the result of commercial mortgage loans increasing $63.3 million, or 11.3 percent on an annualized basis, offset primarily by a $26.8 million decrease in automobile loans from a quarter ago.
Deposits increased 5.9 percent over the prior year to $8.4 billion. During the quarter deposits decreased $211.0 million, or 2.5 percent. Demand deposits declined $62.4 million primarily due to normal account activity in the first quarter as compared to the prior quarter. Savings, NOW, and money market also decreased $223.7 million mainly due to lower government deposits and a shift to lower cost funding through wholesale borrowings combined with a $75.1 million increase in time deposits.
Credit Quality
Net loan charge-offs for the first quarter of 2006 were $584 thousand compared to $633 thousand for the first quarter of 2005, and $1.5 million for the fourth quarter of 2005. The provision for loan losses was $1.3 million for the first quarter of 2006 compared to $752 thousand for the first quarter of 2005, and $1.5 million for the fourth quarter of 2005. Total non- performing assets, consisting of non-accrual loans and other real estate owned, totaled $35.1 million, or 0.43 percent of loans and other real estate owned at March 31, 2006 up from $27.8 million or 0.34 percent at December 31, 2005. The $7.3 million increase in non-performing assets is partially due to one commercial mortgage relationship totaling $4.1 million in non-accrual loans.
Loans past due 90 days or more and still accruing at March 31, 2006 were $2.6 million, or 0.03 percent of $8.2 billion of total loans, compared to $1.5 million at March 31, 2005 and $4.4 million at December 31, 2005. Total loans past due in excess of 30 days were 0.74 percent of total loans at March 31, 2006 compared with 0.89 percent at December 31, 2005.
Financial Ratios
Valley's annualized return on average shareholders' equity was 17.40 percent and 21.39 percent for the three months ended March 31, 2006 and 2005, respectively. The decrease is mainly attributable to the additional goodwill and net core deposit intangibles of approximately $175 million generated from the Shrewsbury State Bank and NorCrown Bank acquisitions. On a comparative basis, adjusting for Valley's goodwill and other intangible assets, the annualized return on average tangible equity was 22.61 percent and 22.86 percent for the same periods. See "Notes to Selected Financial Data" section in the tables that follow for information regarding the computation of these ratios.
For the quarter ended March 31, 2006 and 2005, annualized return on average assets was 1.34 percent and 1.42 percent, respectively.
Valley's risk-based capital ratios were 10.57 percent for Tier 1 capital, 12.49 percent for total capital and 8.07 percent for Tier 1 leverage at March
31, 2006. Valley National Bank was categorized as "Well-Capitalized" under Federal Deposit Insurance Corporation regulations at March 31, 2006.
Valley National Bancorp is a regional bank holding company with over $12 billion in assets, headquartered in Wayne, New Jersey. Its principal subsidiary, Valley National Bank, currently operates 163 offices in 106 communities serving 12 counties throughout northern and central New Jersey and Manhattan.
Forward Looking Statement
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking terminology as "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ from those contemplated by such forward-looking statements include, among others, the following: unanticipated changes in the direction of interest rates, effective income tax rates, loan prepayment assumptions, levels of loan quality and origination volume, relationships with major customers, as well as the effects of unanticipated economic conditions and legal and regulatory barriers including compliance issues related to AML/BSA compliance and the development of new tax strategies or the disallowance of prior tax strategies and the ability of Valley to successfully integrate NorCrown Bank and Shrewsbury State Bank without the loss of significant loan and deposit business. Valley assumes no obligation for updating any such forward-looking statement at any time.
Valley National Bancorp
Consolidated Financial Highlights
SELECTED FINANCIAL DATA
Three Months Ended
March 31,
(Dollars in thousands, except for
share data) 2006 2005
FINANCIAL DATA:
Net income $40,911 $38,268
Net interest income 98,541 94,593
Net interest income - FTE (2) 100,239 96,240
Weighted Average Number of Shares
Outstanding (3):
Basic 116,852,853 109,036,649
Diluted 117,260,306 109,554,968
Per share data (3):
Basic earnings $0.35 $0.35
Diluted earnings 0.35 0.35
Cash dividends declared 0.21 0.20
Book value 8.01 7.21
Tangible book value (1) 6.17 6.10
Closing stock price - high 25.62 26.50
Closing stock price - low 23.16 24.00
FINANCIAL RATIOS:
Net interest margin - FTE (2) 3.50 % 3.80 %
Annualized return on average assets 1.34 1.42
Annualized return on average
shareholders' equity 17.40 21.39
Annualized return on average tangible
shareholders' equity (1) 22.61 22.86
Efficiency ratio (4) 51.53 48.83
AVERAGE BALANCE SHEET ITEMS:
Assets $12,254,878 $10,758,412
Interest earning assets 11,457,458 10,132,346
Loans 8,151,381 6,986,730
Interest bearing liabilities 9,351,694 8,232,380
Deposits 8,386,199 7,509,960
Shareholders' equity 940,319 715,519
Valley National Bancorp
Consolidated Financial Highlights
SELECTED FINANCIAL DATA
Three Months Ended
March 31,
(Dollars in thousands) 2006 2005
ALLOWANCE FOR LOAN LOSSES:
Beginning of period $75,188 $65,699
Provision for loan losses 1,294 752
Charge-offs 1,394 1,378
Recoveries 810 745
Additions from acquisitions -
Shrewsbury -- 3,211
End of period $75,898 $69,029
As of March 31,
2006 2005
BALANCE SHEET ITEMS:
Assets $12,317,577 $11,407,946
Loans 8,160,800 7,320,535
Deposits 8,359,034 7,892,723
Shareholders' equity 936,306 820,869
CAPITAL RATIOS:
Tier 1 leverage ratio 8.07 % 8.72 %
Risk-based capital - Tier 1 10.57 11.07
Risk-based capital - Total Capital 12.49 11.89
ASSET QUALITY:
Non-accrual loans $32,907 $24,915
Other real estate owned (OREO) 2,157 1,036
Total non-performing assets 35,064 25,951
Loans past due 90 days or more and
still accruing 2,627 1,537
ASSET QUALITY RATIOS:
Non-performing assets to total loans
plus OREO 0.43 % 0.35 %
Allowance for loan losses to loans 0.93 0.94
Annualized net charge-offs to average
loans 0.03 0.04
Valley National Bancorp
Consolidated Financial Highlights
NOTES TO SELECTED FINANCIAL DATA
(1) This press release contains certain supplemental financial
information, described in the following notes, which has been
determined by methods other than Generally Accepted Accounting
Principles ("GAAP") that management uses in its analysis of Valley's
performance. Valley's management believes these non-GAAP financial
measures provide information useful to investors in understanding the
underlying operational performance of Valley, its business and
performance trends and facilitates comparisons with the performance of
others in the financial services industry.
Tangible book value and return on average tangible equity, which
represent non-GAAP measures, are computed as follows:
- Tangible book value is computed by dividing total shareholders'
equity less goodwill and other intangible assets by common shares
outstanding.
- Return on average tangible shareholders' equity is computed by
dividing net income by average shareholders' equity less average
goodwill and average other intangible assets.
Three Months Ended
March 31,
(Dollars in thousands, except for
share data) 2006 2005
Common shares outstanding 116,855,977 113,892,906
Shareholders' equity $936,306 $820,869
Less: Goodwill and other
intangible assets (215,505) (126,217)
Tangible shareholders' equity $720,801 $694,652
Tangible book value $6.17 $6.10
Net income $40,911 $38,268
Average shareholders' equity 940,319 715,519
Less: Average goodwill and other
intangible assets (216,521) (46,030)
Average tangible shareholders'
equity 723,798 669,489
Annualized return on average
tangible shareholders' equity 22.61% 22.86%
(2) Net interest income and net interest margin are presented on a tax
equivalent basis using a 35 percent federal tax rate. Valley believes
that this presentation provides comparability of net interest income
and net interest margin arising from both taxable and tax-exempt
sources and is consistent with industry practice and SEC rules.
(3) Share data reflects the 5 percent stock dividend declared on April 5,
2006, to be issued May 22, 2006 to shareholders of record on
May 8, 2006.
(4) The efficiency ratio measures Valley's total non-interest expense as a
percentage of net interest income plus total non-interest income.
SHAREHOLDER RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Dianne Grenz, Director of Shareholder and Public Relations, Valley National Bancorp, 1455 Valley Road, Wayne, New Jersey, 07470, by telephone at (973) 305-3380, by fax at (973) 696-2044 or by e-mail at dgrenz@valleynationalbank.com.
VALLEY NATIONAL BANCORP
Consolidated Statements of Financial
Condition
(in thousands, except share data) March 31, December 31, March 31,
Assets 2006 2005 2005
Cash and due from banks $214,255 $246,119 $186,031
Interest bearing deposits with
banks 8,824 13,926 22,679
Federal funds sold --- --- 12,600
Investment securities:
Held to maturity 1,221,957 1,229,190 1,261,202
Available for sale 1,960,673 2,038,894 1,998,298
Trading account 2,689 4,208 2,435
Total investment
securities 3,185,319 3,272,292 3,261,935
Loans held for sale 2,900 3,497 490
Loans 8,160,800 8,130,457 7,320,535
Less: Allowance for loan losses (75,898) (75,188) (69,029)
Net loans 8,084,902 8,055,269 7,251,506
Premises and equipment, net 188,140 182,739 166,306
Bank owned life insurance 184,792 182,789 177,296
Accrued interest receivable 59,646 57,280 52,590
Due from customers on acceptances
outstanding 14,632 11,314 10,977
Goodwill 179,898 179,898 88,785
Other intangible assets, net 35,607 37,456 37,432
Other assets 158,662 193,523 139,319
Total assets $12,317,577 $12,436,102 $11,407,946
Liabilities
Deposits:
Non-interest bearing $1,985,819 $2,048,218 $1,882,101
Interest bearing:
Savings, NOW and money market 3,802,533 4,026,249 3,842,754
Time 2,570,682 2,495,534 2,167,868
Total deposits 8,359,034 8,570,001 7,892,723
Short-term borrowings 405,738 582,575 590,439
Long-term borrowings 2,490,473 2,245,570 1,930,293
Bank acceptances outstanding 14,632 11,314 10,977
Accrued expenses and other
liabilities 111,394 94,732 162,645
Total liabilities 11,381,271 11,504,192 10,587,077
Shareholders' Equity*
Preferred stock, no par value
30,000,000 shares authorized;
none issued --- --- ---
Common stock, no par value,
authorized 173,139,309 shares;
issued 116,962,178 shares at
March 31, 2006, 116,989,989 shares at
December 31, 2005 and 113,892,906
shares at March 31, 2005 39,297 39,302 36,482
Surplus 741,832 741,456 550,617
Retained earnings 193,182 177,332 248,361
Unallocated common stock held by
the employee benefit plan --- --- (48)
Accumulated other comprehensive loss (35,643) (24,036) (14,543)
938,668 934,054 820,869
Treasury stock, at cost, 106,201
common shares at March 31, 2006 and
96,936 shares at December 31, 2005 (2,362) (2,144) ---
Total shareholders' equity 936,306 931,910 820,869
Total liabilities and
shareholders' equity $12,317,577 $12,436,102 $11,407,946
* Share data reflects the 5 percent common stock dividend declared on
April 5, 2006, to be issued May 22, 2006 to shareholders of record on
May 8, 2006.
VALLEY NATIONAL BANCORP
Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended
March 31,
2006 2005
Interest Income
Interest and fees on loans $127,428 $101,194
Interest and dividends on investment
securities:
Taxable 36,245 34,193
Tax-exempt 3,073 2,981
Dividends 1,429 689
Interest on federal funds sold and
other short-term investments 222 106
Total interest income 168,397 139,163
Interest Expense
Interest on deposits:
Savings, NOW and money market 17,023 8,634
Time 21,721 12,919
Interest on short-term borrowings 5,411 3,350
Interest on long-term borrowings 25,701 19,667
Total interest expense 69,856 44,570
Net Interest Income 98,541 94,593
Provision for loan losses 1,294 752
Net interest income after provision
for loan losses 97,247 93,841
Non-Interest Income
Trust and investment services 1,682 1,577
Insurance premiums 2,639 3,290
Service charges on deposit accounts 5,590 4,943
Gains on securities transactions, net 954 1,733
Gains on trading securities, net 376 436
Fees from loan servicing 1,587 1,774
Gains on sales of loans, net 665 508
Bank owned life insurance 2,003 1,559
Other 3,873 3,538
Total non-interest income 19,369 19,358
Non-Interest Expense
Salary expense 26,516 24,442
Employee benefit expense 7,172 6,657
Net occupancy expense 11,585 9,835
Amortization of other intangible assets 2,188 1,736
Advertising 1,799 1,974
Other 11,502 11,002
Total non-interest expense 60,762 55,646
Income before income taxes 55,854 57,553
Income tax expense 14,943 19,285
Net Income $40,911 $38,268
Earnings Per Common Share:*
Basic $0.35 $0.35
Diluted $0.35 $0.35
Weighted Average Number of Common
Shares Outstanding:*
Basic 116,852,853 109,036,649
Diluted 117,260,306 109,554,968
* Share data reflects the 5 percent common stock dividend declared on
April 5, 2006, to be issued May 22, 2006 to shareholders of record on
May 8, 2006.
Valley National Bancorp
(dollars in thousands)
End of Period End of Period End of Period
- 03/31/06 - 12/31/05 - 09/30/05
Loan Portfolio Loan Portfolio Loan Portfolio Loan Portfolio
Commercial Loans $1,449,207 $1,449,919 $1,414,639
Construction 456,478 471,560 459,935
Residential Mortgage 2,099,696 2,083,004 2,061,366
Commercial Mortgage 2,298,239 2,234,950 2,230,586
Total Mortgage Loans 4,854,413 4,789,514 4,751,887
Home Equity 559,118 565,960 571,441
Credit Card 8,061 9,044 8,764
Automobile 1,194,749 1,221,525 1,233,125
Other Consumer 95,252 94,495 101,956
Total Consumer Loans 1,857,180 1,891,024 1,915,286
Total Loans $8,160,800 $8,130,457 $8,081,812
End of Period End of Period
- 06/30/05 - 03/31/05
Loan Portfolio Loan Portfolio Loan Portfolio
Commercial Loans $1,363,119 $1,310,757
Construction 457,258 435,812
Residential Mortgage 2,044,101 1,980,343
Commercial Mortgage 2,189,195 1,877,144
Total Mortgage Loans 4,690,554 4,293,299
Home Equity 559,049 554,534
Credit Card 8,849 8,745
Automobile 1,104,749 1,064,150
Other Consumer 112,665 89,050
Total Consumer Loans 1,785,312 1,716,479
Total Loans $7,838,985 $7,320,535
Average Assets, Liabilities and
Shareholders' Equity and Quarter End - 03/31/06
Net Interest Income on a Tax Average Avg.
Equivalent Basis Balance Interest Rate
Assets
Loans $8,151,381 $127,472 6.26%
Taxable Investments 2,990,948 37,674 5.04%
Non-Taxable Investments 297,505 4,726 6.35%
Fed Funds and Other Int. Earning
Assets 17,624 222 5.04%
Total Int. Earning Assets 11,457,458 170,094 5.94%
Other Assets 797,420
Total Average Assets $12,254,878
Liabilities and Shareholders' Equity
Savings, Now and Money Market Deposits $3,916,783 $17,023 1.74%
Time Deposits 2,529,421 21,721 3.43%
Short-term Borrowings 565,787 5,410 3.82%
Long-term Borrowings 2,339,703 25,701 4.39%
Interest Bearing Liabilities 9,351,694 69,855 2.99%
Non-Interest Bearing Deposits 1,939,995
Other Liabilities 22,870
Shareholders' Equity 940,319
Total Average Liabilities and
Shareholders' Equity $12,254,878
Net Interest Income and Margin -
tax equivalent basis* $100,239 3.50%
Average Assets, Liabilities and
Shareholders' Equity and Quarter End - 12/31/05
Net Interest Income on a Tax Average Avg.
Equivalent Basis Balance Interest Rate
Assets
Loans $8,106,582 $127,026 6.27%
Taxable Investments 3,115,049 39,196 5.03%
Non-Taxable Investments 301,445 4,731 6.28%
Fed Funds and Other Int. Earning
Assets 59,887 600 4.01%
Total Int. Earning Assets 11,582,963 171,553 5.92%
Other Assets 827,871
Total Average Assets $12,410,834
Liabilities and Shareholders' Equity
Savings, NOW and Money Market Deposits $4,206,136 $18,620 1.77%
Time Deposits 2,482,182 20,781 3.35%
Short-term Borrowings 584,695 5,099 3.49%
Long-term Borrowings 2,192,011 24,250 4.43%
Interest Bearing Liabilities 9,465,024 68,750 2.91%
Non-Interest Bearing Deposits 1,973,843
Other Liabilities 48,387
Shareholders' Equity 923,580
Total Average Liabilities and
Shareholders' Equity $12,410,834
Net Interest Income and Margin -
tax equivalent basis* $102,803 3.55%
Average Assets, Liabilities and
Shareholders' Equity and Quarter End - 09/30/05
Net Interest Income on a Tax Average Avg.
Equivalent Basis Balance Interest Rate
Assets
Loans $7,962,189 $122,127 6.14%
Taxable Investments 3,114,714 38,549 4.95%
Non-Taxable Investments 313,324 4,799 6.13%
Fed Funds and Other Int. Earning
Assets 30,114 247 3.28%
Total Int. Earning Assets 11,420,341 165,722 5.80%
Other Assets 835,459
Total Average Assets $12,255,800
Liabilities and Shareholders' Equity
Savings, NOW and Money Market Deposits $4,249,153 $16,129 1.52%
Time Deposits 2,430,264 18,162 2.99%
Short-term Borrowings 555,043 4,298 3.10%
Long-term Borrowings 2,074,478 22,522 4.34%
Interest Bearing Liabilities 9,308,938 61,111 2.63%
Non-Interest Bearing Deposits 1,964,872
Other Liabilities 60,013
Shareholders' Equity 921,977
Total Average Liabilities and
Shareholders' Equity $12,255,800
Net Interest Income and Margin -
tax equivalent basis* $104,611 3.66%
Average Assets, Liabilities and
Shareholders' Equity and Quarter End - 06/30/05
Net Interest Income on a Tax Average Avg.
Equivalent Basis Balance Interest Rate
Assets
Loans $7,480,523 $111,225 5.95%
Taxable Investments 2,960,641 37,439 5.06%
Non-Taxable Investments 325,138 4,854 5.97%
Fed Funds and Other Int. Earning
Assets 34,900 291 3.34%
Total Int. Earning Assets 10,801,202 153,809 5.70%
Other Assets 782,486
Total Average Assets $11,583,688
Liabilities and Shareholders' Equity
Savings, NOW and Money Market Deposits $3,993,938 $12,073 1.21%
Time Deposits 2,285,187 15,739 2.75%
Short-term Borrowings 535,485 3,769 2.82%
Long-term Borrowings 1,960,288 20,647 4.21%
Interest Bearing Liabilities 8,774,898 52,228 2.38%
Non-Interest Bearing Deposits 1,921,119
Other Liabilities 40,457
Shareholders' Equity 847,214
Total Average Liabilities and
Shareholders' Equity $11,583,688
Net Interest Income and Margin -
tax equivalent basis* $101,581 3.76%
Average Assets, Liabilities and
Shareholders' Equity and Quarter End - 03/31/05
Net Interest Income on a Tax Average Avg.
Equivalent Basis Balance Interest Rate
Assets
Loans $6,986,730 $101,235 5.80%
Taxable Investments 2,809,959 34,882 4.97%
Non-Taxable Investments 323,590 4,587 5.67%
Fed Funds and Other Int. Earning
Assets 12,067 106 3.51%
Total Int. Earning Assets 10,132,346 140,810 5.56%
Other Assets 626,066
Total Average Assets $10,758,412
Liabilities and Shareholders' Equity
Savings, NOW and Money Market Deposits $3,658,713 $8,634 0.94%
Time Deposits 2,093,702 12,919 2.47%
Short-term Borrowings 590,699 3,350 2.27%
Long-term Borrowings 1,889,266 19,667 4.16%
Interest Bearing Liabilities 8,232,380 44,570 2.17%
Non-Interest Bearing Deposits 1,757,545
Other Liabilities 52,968
Shareholders' Equity 715,519
Total Average Liabilities and
Shareholders' Equity $10,758,412
Net Interest Income and Margin -
tax equivalent basis* $96,240 3.80%
* Interest income is presented on a tax equivalent basis using a 35
percent federal tax rate.
Loans are stated net of unearned income and include non-accrual loans.
Source: prnewswire
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