HERMITAGE, Pa., Jan. 23 /PRNewswire-FirstCall/ -- F.N.B. Corporation , a diversified financial services company headquartered in western Pennsylvania, today reported fourth quarter 2005 net income of $4.7 million, or $.08 per diluted share. These fourth quarter 2005 results compare to net income of $15.8 million, or $.31 per diluted share, for the same period last year and net income of $18.1 million, or $.32 per diluted share, for the third quarter of 2005. This year's fourth quarter results included after-tax charges of $11.0 million, or $.19 per diluted share, related to the Corporation's previously announced balance sheet restructuring, efficiency initiatives and merger costs.
Net income for the full year 2005 was $55.3 million, or $.98 per diluted share, included after-tax restructuring charges, efficiency initiatives, merger costs and lower income taxes from a settlement of an uncertain tax position, all of which netted a cost of $10.7 million after-tax, or $.19 per diluted share. These results compare to net income in 2004 of $61.8 million, or $1.29 per diluted share, which also included after-tax restructuring charges, merger costs, discontinued income from Sun Bancorp (Sun) and a gain on the sale of branches, all of which netted a gain of $4.4 million after-tax, or $.09 per diluted share. For the year 2005, return on equity was 12.4% and return on tangible equity was 23.6%.
"In 2005 F.N.B. made excellent progress toward achieving our stated strategic goals. We strengthened our presence in western Pennsylvania with acquisitions in Pittsburgh and Erie, and will now expand our footprint into the growing Harrisburg and central Pennsylvania markets with our recently announced agreement to merge with The Legacy Bank (Legacy)," commented Stephen Gurgovits, President and Chief Executive Officer of F.N.B. Corporation. "This progress was especially significant when one considers the restrained economic environment in which all financial institutions have operated this past year. During the fourth quarter, F.N.B. implemented measures that will have a positive impact on our financial performance going forward."
Earnings for the fourth quarter of 2005 were influenced by the Corporation's sale of $570 million lower yielding investment securities resulting in a pre-tax loss of $13.3 million. Also, the Corporation recorded a $2 million pre-tax impairment write-down on an equity security received in exchange for a minority interest in Sun. In addition, the Corporation recorded merger expenses associated with the consummation of the acquisition of The National Bank of North East (North East) as well as non-interest expenses related to efficiency improvements totaling $1.7 million pre-tax resulting in an aggregate fourth quarter after-tax effect of $11.0 million, or $.19 per diluted share.
Interest income, on a fully tax equivalent basis, was up 2.3% in the fourth quarter of 2005 compared to the previous quarter and 16.1% over the same period last year. Average loans increased 3.3%, annualized, on a linked quarter basis, primarily driven by the addition of North East. Commercial loans grew organically on a linked quarter basis at an annualized rate of 3.5% and were offset by planned runoff in residential mortgages and seasonal decreases in the indirect auto loan portfolio. The yield on earning assets increased fifteen basis points over the third quarter of 2005.
"We are pleased with this quarter's loan growth," noted Gurgovits, "and are looking forward to the commercial loan opportunities in 2006 with our expanded Pittsburgh market, loan origination offices in Florida and the new prospects in central Pennsylvania associated with the Legacy acquisition."
Offsetting the yield on earning assets increase in the fourth quarter was an increase of 17 basis points in the cost of funds compared to the previous quarter. Interest expense was up 6.5% in the fourth quarter of 2005 compared to the previous quarter. This increase is attributed to deposit balances from the North East merger as well as 5.5% annualized organic growth. The organic growth is the result of a successful, targeted promotion in the Erie market conducted in conjunction with the addition of North East.
The net interest margin for the fourth quarter of 2005 was 3.77%, consistent with the third quarter of 2005, reversing a trend of a narrowing margin experienced the past few quarters. The fourth quarter securities transactions coupled with commercial loan and deposit growth benefited the fourth quarter.
For the year 2005, net interest income on a fully tax equivalent basis increased 11.2% over 2004 primarily due to increased earning assets and interest bearing liabilities as a result of the acquisitions completed in 2004 and 2005. The Corporation's net interest margin for all of 2005 was 3.85%, a decrease of 9 basis points from 2004.
Non-interest income for the fourth quarter of 2005 was $2.4 million reflecting the loss on sale of securities and stock write-down noted above as well as slight declines in fee income categories due to seasonality.
Non-interest expense for the fourth quarter of 2005 totaled $40.5 million, compared to $38.0 million in the previous quarter and $38.6 million for the same period last year. In addition to the added operating expenses from the North East merger, which closed early in the fourth quarter of 2005, the Corporation incurred severance costs and retirement expenses related to efficiency initiatives as well as merger-related charges totaling $1.7 million.
For the year 2005, non-interest expense was $157.1 million compared to $142.6 million in the prior year. Excluding restructuring and merger-related costs, this increase is principally attributable to the acquisitions completed over the last two years.
Annualized net charge-offs for the fourth quarter of 2005 were 48 basis points of average loans, compared to 36 basis points for the third quarter of 2005 and 53 basis points for the fourth quarter of 2004. The fourth quarter sequential increase is primarily due to a rise in the numbers of bankruptcy filings experienced by the Corporation's Regency Finance subsidiary. This increase in bankruptcy filings was in anticipation of recent changes in Federal bankruptcy laws and is expected to return to historical levels. Non- performing loans to total loans were 88 basis points for the fourth quarter of 2005 versus 78 basis points in the third quarter of 2005 and 94 basis points for the same period last year. The increase in non-performing loans on a linked quarter was primarily due to the completion of the North East acquisition.
The provision for loan losses was $3.7 million in the fourth quarter of 2005, compared to $3.4 million in the prior quarter. At December 31, 2005 the allowance for loan losses was 1.35% of total loans and 1.5 times non- performing loans.
Shareholders' equity at December 31, 2005, was $477 million. The Corporation's leverage capital ratio was 6.9% and its tangible capital ratio was 4.8% at the end of the year. These measures represent an increase over year end 2004 of 41 and 30 basis points, respectively. The Corporation continues to maintain "well capitalized" ratios for federal bank regulatory purposes.
At its October meeting, the F.N.B. Board of Directors voted to increase the Corporation's normal quarterly cash dividend on its common stock from $.23 per share to $.235 per share. This increase brings F.N.B.'s annual dividend rate to $.94 per share and marks a continuation of annual dividend increases.
On October 7, 2005, the Corporation's First National Bank of Pennsylvania subsidiary completed its acquisition of The National Bank of North East with a successful conversion and assimilation of North East staff and operations. Also in October, F.N.B. announced its return to the Florida market with the opening of loan production offices in Orlando and Sarasota.
On November 1, 2005, the Corporation's First National Insurance Agency subsidiary acquired the Penn Group Insurance Agency, an established life and employee benefits agency based in Pittsburgh. The acquisition provides an enhanced presence in a growing segment of the insurance market.
On December 21, 2005, the Corporation announced the signing of a definitive merger agreement with The Legacy Bank, a commercial bank and trust company with $382 million in assets based in Harrisburg, Pennsylvania. The transaction is valued at $74.6 million. The merger will consist of 30% cash at $18.40 per Legacy share and the remaining 70% of Legacy shares will be exchanged for F.N.B. common stock on a one-for-one basis. The transaction is expected to be completed in the second quarter of 2006 and to be accretive to earnings after one full year of combined operations.
The Corporation will host a conference call on Tuesday, January 24, 2006, at 11:00 a.m. (EST) to discuss its fourth quarter and year end 2005 results as well as its outlook for 2006. Interested parties may access the conference call by dialing 1-800-346-7359 with the entry code 3044. Replays of the call will be available until January 31, 2006 by calling 1-800-332-6854 and using the entry code 3044. A transcript of the conference call will also be available on the Corporation's web site, http://www.fnbcorporation.com/.
About F.N.B. Corporation:
F.N.B. Corporation, headquartered in Hermitage, PA, has total assets of $5.6 billion. F.N.B. is a leading provider of banking, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, Regency Finance Company and F.N.B. Capital Corporation, LLC. It also operates consumer finance offices in Tennessee, as well as loan production offices in Florida.
Mergent Inc., a leading provider of business and financial information on publicly traded companies, has recognized F.N.B. as a Dividend Achiever. This annual recognition is based on the Corporation's outstanding record of increased dividend performance. The Corporation has consistently increased dividend payments for 33 consecutive years.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol FNB. Investor information is available on F.N.B.'s website at http://www.fnbcorporation.com/.
This press release of F.N.B. Corporation and the reports F.N.B. Corporation files with the Securities and Exchange Commission often contain "forward-looking statements" relating to present or future trends or factors affecting the banking industry in general, the financial operations, markets and products of F.N.B. Corporation in particular. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause F.N.B. Corporation's future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among depository institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, loan sale volumes, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which F.N.B. Corporation is engaged; (6) changes in the securities markets; or (7) risk factors mentioned in the reports and registration statements F.N.B. Corporation files with the Securities and Exchange Commission. F.N.B. Corporation undertakes no obligation to release revisions to these forward- looking statements or to reflect events or circumstances after the date of this release.
Media Contact:
Kathryn Lima 724-981-4318
724-301-6984 (cell)
Analysts/Institutional Investor Contact:
John Waters 239-514-2643
239-272-6495 (cell)
http://www.fnbcorporation.com/
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
4th Qtr 4th Qtr
2005 - 2005 -
3rd Qtr 4th Qtr
2005 2004 2005 2004
Fourth Third Fourth Percent Percent
Statement of earnings Quarter Quarter Quarter Variance Variance
Interest income -
taxable equivalent
basis $78,570 $76,816 $67,660 2.3 16.1
Interest income $77,658 $75,918 $67,006 2.3 15.9
Interest expense 30,400 28,555 22,688 6.5 34.0
Net interest income 47,258 47,363 44,318 -0.2 6.6
Provision for loan
losses 3,711 3,448 4,468 7.6 -16.9
Net interest income
after provision 43,547 43,915 39,850 -0.8 9.3
Service charges 10,428 10,528 9,025 -0.9 15.5
Insurance commissions
and fees 2,808 3,090 3,084 -9.1 -8.9
Securities commissions
and fees 971 1,020 1,353 -4.8 -28.2
Trust income 1,712 1,752 1,684 -2.3 1.7
Gain (loss) on sale
of securities (13,305) 431 (830) -3184.3 1502.1
Impairment loss on
equity security (1,953) -- -- -- --
Gain on sale of loans 342 442 322 -22.5 6.4
Gain on sale of branches -- -- -- -- --
Other 1,407 1,528 6,563 -7.9 -78.6
Total non-interest
income 2,410 18,791 21,201 -87.2 -88.6
Salaries and employee
benefits 21,030 19,335 17,917 8.8 17.4
Occupancy and equipment 6,331 6,353 6,530 -0.3 -3.1
Amortization of
intangibles 1,014 918 801 10.5 26.6
Other 12,145 11,392 13,369 6.6 -9.2
Total non-interest
expense 40,520 37,998 38,617 6.6 4.9
Income before income
taxes 5,437 24,708 22,434 -78.0 -75.8
Income taxes 716 6,622 6,622 -89.2 -89.2
Net income $4,721 $18,086 $15,812 -73.9 -70.1
Earnings per share
Basic $0.08 $0.32 $0.32 -75.0 -75.0
Diluted $0.08 $0.32 $0.31 -75.0 -74.2
Performance ratios
Return on average
equity 3.96% 15.54% 19.68%
Return on tangible
equity (1) 8.41% 29.80% 29.08%
Return on average
assets 0.33% 1.26% 1.24%
Net interest margin (FTE) 3.77% 3.77% 3.87%
Yield on earning
assets (FTE) 6.15% 6.00% 5.83%
Cost of funds 2.70% 2.53% 2.25%
Efficiency ratio
(FTE) (2) 78.11% 55.30% 57.15%
Common stock data
Average basic shares
outstanding 57,308,055 56,426,087 49,724,057 1.6 15.3
Average diluted
shares outstanding 58,016,749 57,100,376 50,564,299 1.6 14.7
Ending shares
outstanding 57,419,041 56,520,245 50,058,119 1.6 14.7
Book value per
common share $8.31 $8.26 $6.47 0.6 28.4
Tangible book value
per common share $4.48 $4.55 $4.42 -1.4 1.4
Dividend payout
ratio 285.28% 71.79% 72.56%
(1) Return on tangible equity is calculated by dividing net income less
amortization of intangibles by average equity less average
intangibles.
(2) The efficiency ratio is calculated by dividing non-interest expense
less amortization of intangibles by the sum of net interest income on
a fully taxable equivalent basis plus non-interest income.
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
For the Year
Ended December 31, Percent
Statement of earnings 2005 2004 Variance
Interest income - taxable
equivalent basis $300,651 $256,882 17.0
Interest income $297,189 $254,448 16.8
Interest expense 108,780 84,390 28.9
Net interest income 188,409 170,058 10.8
Provision for loan losses 12,176 16,280 -25.2
Net interest income after
provision 176,233 153,778 14.6
Service charges 39,970 34,264 16.7
Insurance commissions and fees 12,794 11,245 13.8
Securities commissions and fees 4,490 4,954 -9.4
Trust income 7,125 6,926 2.9
Gain (loss) on sale of securities (11,703) 607 -2027.4
Impairment loss on equity security (1,953) -- --
Gain on sale of loans 1,393 1,769 -21.2
Gain on sale of branches -- 4,135 --
Other 5,831 14,241 -59.1
Total non-interest income 57,947 78,141 -25.8
Salaries and employee benefits 81,283 71,328 14.0
Occupancy and equipment 25,577 24,346 5.1
Amortization of intangibles 3,743 2,415 54.9
Other 46,472 44,498 4.4
Total non-interest expense 157,075 142,587 10.2
Income before income taxes 77,105 89,332 -13.7
Income taxes 21,847 27,537 -20.7
Net income $55,258 $61,795 -10.6
Earnings per share
Basic $0.99 $1.31 -24.4
Diluted $0.98 $1.29 -24.8
Performance ratios
Return on average equity 12.44% 23.54%
Return on tangible equity (1) 23.62% 30.42%
Return on average assets 0.99% 1.29%
Net interest margin (FTE) 3.85% 3.94%
Yield on earning assets (FTE) 6.03% 5.87%
Cost of funds 2.48% 2.20%
Efficiency ratio (FTE) (2) 61.38% 55.93%
Common stock data
Average basic shares outstanding 55,776,291 47,180,471 18.2
Average diluted shares outstanding 56,578,043 48,012,339 17.8
Ending shares outstanding 57,419,041 50,058,119 14.7
Book value per common share $8.31 $6.47 28.4
Tangible book value per common share $4.48 $4.42 1.4
Dividend payout ratio 94.71% 70.36%
(1) Return on tangible equity is calculated by dividing net income less
amortization of intangibles by average equity less average
intangibles.
(2) The efficiency ratio is calculated by dividing non-interest expense
less amortization of intangibles by the sum of net interest income on
a fully taxable equivalent basis plus non-interest income.
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
4th Qtr 4th Qtr
2005 - 2005 -
3rd Qtr 4th Qtr
2005 2004 2005 2004
Fourth Third Fourth Percent Percent
Average balances Quarter Quarter Quarter Variance Variance
Total assets $5,688,093 $5,684,747 $5,064,681 0.1 12.3
Earning assets 5,071,456 5,082,328 4,617,240 -0.2 9.8
Securities 1,258,284 1,333,758 1,226,458 -5.7 2.6
Loans, net of unearned
income 3,777,630 3,746,130 3,388,884 0.8 11.5
Allowance for loan
losses 51,915 50,921 51,570 2.0 0.7
Goodwill and
intangibles 219,345 213,102 96,286 2.9 127.8
Deposits and repurchase
agreements 4,225,437 4,113,936 3,807,835 2.7 11.0
Short-term borrowings 220,011 311,896 186,890 -29.5 17.7
Long-term debt 568,287 598,188 547,208 -5.0 3.9
Trust preferred
securities 128,866 128,866 128,866 0.0 0.0
Shareholders' equity 473,023 461,802 319,695 2.4 48.0
Asset quality data
Non-accrual loans $28,100 $24,017 $27,029 17.0 4.0
Restructured loans 5,032 5,109 4,993 -1.5 0.8
Non-performing loans 33,132 29,126 32,022 13.8 3.5
Other real estate owned 6,337 5,907 6,200 7.3 2.2
Non-performing assets $39,469 $35,033 $38,222 12.7 3.3
Net loan charge-offs $4,581 $3,384 $4,506 35.4 1.7
Allowance for loan
losses 50,707 50,258 50,467 0.9 0.5
Non-performing loans /
total loans 0.88% 0.78% 0.94%
Non-performing assets /
total assets 0.71% 0.61% 0.76%
Allowance for loan
losses / total loans 1.35% 1.34% 1.49%
Allowance for loan losses /
non-performing loans 153.04% 172.55% 157.60%
Net loan charge-offs
(annualized) /
average loans 0.48% 0.36% 0.53%
Balances at period end
Total assets $5,590,326 $5,703,659 $5,027,009 -2.0 11.2
Earning assets 4,958,839 5,094,183 4,575,201 -2.7 8.4
Securities 1,204,426 1,333,477 1,177,000 -9.7 2.3
Loans, net of unearned
income 3,749,047 3,754,861 3,389,461 -0.2 10.6
Goodwill and
intangibles 219,755 209,983 102,849 4.7 113.7
Deposits and repurchase
agreements 4,194,460 4,099,796 3,758,934 2.3 11.6
Short-term borrowings 196,461 346,350 234,259 -43.3 -16.1
Long-term debt 533,703 597,979 507,343 -10.7 5.2
Trust preferred
securities 128,866 128,866 128,866 0.0 0.0
Shareholders' equity 477,202 467,028 324,102 2.2 47.2
Capital ratios
Equity/assets
(period end) 8.54% 8.19% 6.45%
Leverage ratio 6.93% 7.01% 6.52%
Tangible equity/tangible
assets (period end) 4.79% 4.68% 4.49%
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
For the Year
Ended December 31,
Percent
Average balances 2005 2004 Variance
Total assets $5,571,977 $4,772,317 16.8
Earning assets 4,989,560 4,372,970 14.1
Securities 1,294,230 1,092,971 18.4
Loans, net of unearned income 3,685,073 3,278,600 12.4
Allowance for loan losses 52,106 48,270 7.9
Goodwill and intangibles 199,973 54,221 268.8
Deposits and repurchase agreements 4,091,914 3,574,045 14.5
Short-term borrowings 266,839 226,633 17.7
Long-term debt 566,757 511,204 10.9
Trust preferred securities 128,866 128,866 0.0
Shareholders' equity 444,239 262,540 69.2
Asset quality data
Non-accrual loans $28,100 $27,029 4.0
Restructured loans 5,032 4,993 0.8
Non-performing loans 33,132 32,022 3.5
Other real estate owned 6,337 6,200 2.2
Non-performing assets $39,469 $38,222 3.3
Net loan charge-offs $16,874 $16,252 3.8
Allowance for loan losses 50,707 50,467 0.5
Non-performing loans / total loans 0.88% 0.94%
Non-performing assets / total assets 0.71% 0.76%
Allowance for loan losses / total
loans 1.35% 1.49%
Allowance for loan losses /
non-performing loans 153.04% 157.60%
Net loan charge-offs (annualized) /
average loans 0.46% 0.50%
Balances at period end
Total assets $5,590,326 $5,027,009 11.2
Earning assets 4,958,839 4,575,201 8.4
Securities 1,204,426 1,177,000 2.3
Loans, net of unearned income 3,749,047 3,389,461 10.6
Goodwill and intangibles 219,755 102,849 113.7
Deposits and repurchase agreements 4,194,460 3,758,934 11.6
Short-term borrowings 196,461 234,259 -16.1
Long-term debt 533,703 507,343 5.2
Trust preferred securities 128,866 128,866 0.0
Shareholders' equity 477,202 324,102 47.2
Capital ratios
Equity/assets (period end) 8.54% 6.45%
Leverage ratio 6.93% 6.52%
Tangible equity/tangible assets
(period end) 4.79% 4.49%
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
4th Qtr 4th Qtr
2005 - 2005 -
3rd Qtr 4th Qtr
2005 2004 2005 2004
Fourth Third Fourth Percent Percent
Average balances Quarter Quarter Quarter Variance Variance
Loans:
Commercial $1,616,429 $1,573,478 $1,439,537 2.7 12.3
Direct installment 891,509 890,003 826,558 0.2 7.9
Consumer LOC 264,417 262,229 249,658 0.8 5.9
Residential mortgages 497,849 507,548 464,193 -1.9 7.3
Indirect installment 502,163 505,425 401,414 -0.6 25.1
Lease financing 1,970 2,679 4,313 -26.5 -54.3
Other 3,293 4,769 3,212 -30.9 2.5
Total loans $3,777,630 $3,746,130 $3,388,884 0.8 11.5
Deposits:
Non-interest bearing
deposits $670,699 $671,712 $667,671 -0.2 0.5
Savings and NOW 1,700,976 1,661,443 1,582,377 2.4 7.5
Certificates of
deposit and other
time deposits 1,651,199 1,601,013 1,410,356 3.1 17.1
Total deposits 4,022,874 3,934,168 3,660,404 2.3 9.9
Customer repurchase
agreements 202,563 179,769 147,431 12.7 37.4
Total deposits and
repurchase
agreements $4,225,437 $4,113,936 $3,807,835 2.7 11.0
Balances at period end
Loans:
Commercial $1,613,960 $1,586,839 $1,440,674 1.7 12.0
Direct installment 890,288 889,539 820,886 0.1 8.5
Consumer LOC 262,969 263,070 251,037 0.0 4.8
Residential mortgages 485,542 498,192 479,769 -2.5 1.2
Indirect installment 493,740 511,914 389,754 -3.6 26.7
Lease financing 1,685 2,144 2,926 -21.4 -42.4
Other 863 3,163 4,415 -72.7 -80.5
Total loans $3,749,047 $3,754,861 $3,389,461 -0.2 10.6
Deposits:
Non-interest bearing
deposits $688,391 $662,844 $663,278 3.9 3.8
Savings and NOW 1,675,395 1,646,733 1,539,547 1.7 8.8
Certificates of
deposit and other
time deposits 1,648,157 1,612,643 1,395,262 2.2 18.1
Total deposits 4,011,943 3,922,220 3,598,087 2.3 11.5
Customer repurchase
agreements 182,517 177,576 160,847 2.8 13.5
Total deposits and
repurchase
agreements $4,194,460 $4,099,796 $3,758,934 2.3 11.6
F.N.B. CORPORATION
(Unaudited)
(Dollars in thousands)
For the Year
Ended December 31,
Percent
Average balances 2005 2004 Variance
Loans:
Commercial $1,561,942 $1,350,528 15.7
Direct installment 874,688 793,460 10.2
Consumer LOC 259,172 237,292 9.2
Residential mortgages 499,712 459,910 8.7
Indirect installment 482,830 418,085 15.5
Lease financing 2,836 9,270 -69.4
Other 3,893 10,055 -61.3
Total loans $3,685,073 $3,278,600 12.4
Deposits:
Non-interest bearing deposits $661,668 $609,626 8.5
Savings and NOW 1,673,003 1,494,195 12.0
Certificates of deposit and other
time deposits 1,574,464 1,339,525 17.5
Total deposits 3,909,135 3,443,347 13.5
Customer repurchase agreements 182,779 130,698 39.8
Total deposits and repurchase
agreements $4,091,914 $3,574,045 14.5
Balances at period end
Loans:
Commercial $1,613,960 $1,440,674 12.0
Direct installment 890,288 820,886 8.5
Consumer LOC 262,969 251,037 4.8
Residential mortgages 485,542 479,769 1.2
Indirect installment 493,740 389,754 26.7
Lease financing 1,685 2,926 -42.4
Other 863 4,415 -80.5
Total loans $3,749,047 $3,389,461 10.6
Deposits:
Non-interest bearing deposits $688,391 $663,278 3.8
Savings and NOW 1,675,395 1,539,547 8.8
Certificates of deposit and other
time deposits 1,648,157 1,395,262 18.1
Total deposits 4,011,943 3,598,087 11.5
Customer repurchase agreements 182,517 160,847 13.5
Total deposits and repurchase
agreements $4,194,460 $3,758,934 11.6
First Call Analyst:
FCMN Contact:
