Business Services Industry
Republic Bancshares, Inc. Reports 1st Quarter 2000 Net Income of $.15 Per Share
Business Wire, April 18, 2000
REPUBLIC BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS - MARCH 31, 2000 AND DECEMBER 31, 1999
($ in thousands, except share data)
March 31, December 31,
2000 1999
(unaudited)
ASSETS
Cash and due from banks $ 64,021 $ 62,643
Interest bearing deposits in banks 5,274 3,758
Federal funds sold 110,482 27,060
Commercial paper - available for sale -- 39,888
Investment securities - available for sale 22,512 25,555
Mortgage-backed securities:
Held to maturity 40,538 33,068
Available for sale 341,121 315,268
Trading 38,674 39,229
FHLB stock 13,816 13,816
Loans, net of allowance for loan losses 1,852,090 1,861,715
Premises and equipment, net 51,081 52,574
Other real estate acquired through
foreclosure, net 5,461 5,332
Accrued interest receivable 13,770 14,747
Goodwill and premium on deposits 31,862 32,827
Other assets 35,756 38,546
---------- ----------
Total assets $2,626,458 $2,566,026
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits-
Noninterest bearing checking 132,319 127,619
Interest checking 199,511 187,463
Money market 272,469 211,558
Savings 264,485 309,996
Time deposits 1,465,877 1,446,173
---------- ----------
Total deposits 2,334,661 2,282,809
Securities sold under agreements to
repurchase 46,100 37,241
FHLB advances 767 769
Holding company senior debt 8,333 9,167
Convertible subordinated debt 14,687 14,684
Term subordinated debt 2,750 2,750
Other liabilities 19,921 19,611
---------- ----------
Total liabilities $2,427,219 $2,367,031
---------- ----------
Company-obligated mandatorily redeemable
preferred securities of subsidiary trust
solely holding junior subordinated
debentures of the Company 28,750 28,750
Stockholders' equity:
Perpetual preferred convertible stock
($20.00 par, 100,000 shares authorized
75,000 shares issued and outstanding.
Liquidation preference $6.6 million at
March 31, 2000 and December 31, 1999.) 1,500 1,500
Common stock ($2.00 par, 20,000,000 shares
authorized, 10,555,889 shares issued and
outstanding at March 31, 2000 and
December 31, 1999, respectively.) 21,112 21,112
Capital surplus 128,734 128,780
Retained earnings 28,113 26,530
Net unrealized (loss) on available for sale
securities, net of tax effect (8,970) (7,677)
---------- ----------
Total stockholders' equity 170,489 170,245
---------- ----------
Total liabilities and stockholders'
equity $ 2,626,458 $ 2,566,026
========== ==========
The accompanying notes are an integral part of these consolidated
statements.
REPUBLIC BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share data)
For the Three Months Ended
March 31,
2000 1999
(unaudited)
INTEREST INCOME:
Interest and fees on loans $ 41,331 $ 43,081
Interest on investment securities 353 536
Interest on mortgage-backed securities 5,994 594
Interest on trading securities 293 950
Interest on federal funds sold 1,135 1,237
Interest on commercial paper 112 --
Interest on other investments 369 281
------------ ------------
Total interest income 49,587 46,679
INTEREST EXPENSE:
Interest on deposits 24,867 23,114
Interest on FHLB advances 13 157
Interest on senior debt 203 393
Interest on subordinated debt 266 --
Interest on term subordinated debt 67 --
Interest on unsecured notes -- 135
Interest on other borrowings 499 457
------------ ------------
Total interest expense 25,915 24,256
------------ ------------
Net interest income 23,672 22,423
----------- ------------
PROVISIONS FOR LOAN LOSSES 4,400 1,522
------------ ------------
Net interest income after provision
for loan losses 19,272 20,901
------------ ------------
NONINTEREST INCOME:
Service charges on deposit accounts 1,604 1,131
Loan service fees 1,698 1,884
Other loan fee income 967 903
Gain on sale of loans, net 20 2,793
Gain (loss) on securities, net (139) (135)
Other operating income 780 787
------------ ------------
Total noninterest income 4,930 7,363
NONINTEREST EXPENSES:
General & administrative ("G&A")
expenses 19,343 22,346
ORE expense (income), net 317 (359)
Amortization of goodwill
& premium on deposits 965 1,010
------------ ------------
Total noninterest expenses 20,625 22,997
Income (loss) before income taxes &
minority interest 3,577 5,267
Income tax (provision) benefit (1,507) (1,991)
------------ ------------
Income (loss) before minority interest 2,070 3,276
Minority interest in income from
subsidiary trust (net of tax) (421) (421)
------------ ------------
NET INCOME (LOSS) $ 1,649 $ 2,855
============ ============
PER SHARE DATA:
Net income (loss) per common
share - basic $ .15 $ .27
============ ============
Weighted average common shares
outstanding - basic 10,555,889 10,386,952
============ ============
Net income (loss) per common and
common equivalent share - diluted $ .15 $ .25
============ ============
Weighted average common & common
equivalent shares outstanding
- diluted 11,318,488 11,246,636
============ ============
The accompanying notes are an integral part of these consolidated
statements.
Selected Quarterly Financial and Other Data
Five Consecutive Quarters (unaudited)
($ in thousands, except share data)
Quarters Ended
Mar. 2000 Dec. 1999 Sept. 1999
OPERATING DATA:
Interest income $ 49,587 $ 48,961 $ 48,158
Interest expense 25,915 25,128 24,795
------------ ------------ ------------
Net interest income 23,672 23,833 23,363
Loan loss provision 4,400 3,120 3,871
------------ ------------ ------------
Net interest income
after loan loss provision 19,272 20,713 19,492
Noninterest income 4,930 5,048 7,621
General & administrative
("G & A") expenses 19,343 20,782 20,615
Other noninterest expense 1,282 1,150 1,043
------------ ------------ ------------
Net income (loss) before
income taxes & minority
interest 3,577 3,829 5,455
Income tax (provision)
benefit (1,507) (1,622) (1,968)
Minority interest in
income from subsidiary
trust (421) (421) (424)
------------ ------------ ------------
Net income (loss) $ 1,649 $ 1,786 $ 3,063
============ ============ ============
PER SHARE DATA:
Earnings per share -
diluted $ .15 $ .16 $ .27
============ ============ ============
Weighted average shares
outstanding - diluted 11,318,488 11,310,681 11,309,550
============ ============ ============
Earnings per share -
basic $ .15 $ .17 $ .29
============ ============ ============
Weighted average shares
outstanding - basic 10,555,889 10,547,802 10,510,415
============ ============ ============
BALANCE SHEET DATA
(at period-end):
Total assets $ 2,656,458 $ 2,566,026 $ 2,516,507
Investment &
mortgage-backed
securities 442,845 453,008 356,639
Loans held for sale -- -- --
Portfolio loans, net of
unearned income 1,882,560 1,889,892 1,867,387
Nonperforming assets 29,903 31,218 32,633
Allowance for loan losses 30,470 28,177 28,189
Goodwill & premium on
deposits 31,862 32,827 33,791
Deposits 2,334,661 2,282,809 2,224,614
Stockholders' equity 170,489 170,245 169,544
Book value per share (dollars) 15.08 15.06 15.05
SELECTED FINANCIAL RATIOS:
Return on average assets .26% .28% .47%
Return on average equity 3.90 4.19 7.14
Equity to assets 6.42 6.63 6.73
Equity and minority interest
in preferred subsidiary
to assets 7.50 7.75 7.88
Portfolio loans/deposit ratio 80.64 82.79 83.94
Net interest spread 3.50 3.63 3.50
Net interest margin 3.86 3.99 3.85
G & A expense to average
assets (1) 3.00 3.27 3.38
G & A efficiency ratio (1) 67.63 71.96 70.89
Loan loss allowance to
portfolio loans 1.62 1.49 1.51
Loan loss allowance to
nonperforming loans 128.40 112.04 108.32
CAPITAL RATIOS:
Tier 1 (leverage) - Company 5.93 6.02 5.97
Tier 1 (leverage) - Bank 6.78 6.78 6.88
Tier 1/risk-assets - Company 9.27 9.17 9.28
Tier 1/risk assets - Bank 10.59 10.33 10.64
Risk-based capital - Company 11.65 11.53 11.66
Risk-based capital - Bank 11.89 11.63 11.94
OTHER DATA (at period-end):
Number of branch banking
offices 81 81 81
Number of full-time equivalent
employees 995 1,000 1,019
(1) Ratios prior to 1999 include the commercial banking segment
only; non-recurring items not included
Selected Quarterly Financial and Other Data
Five Consecutive Quarters (unaudited)
($ in thousands, except share data)
Quarters Ended
June 1999 Mar. 1999
OPERATING DATA:
Interest income $ 46,965 $ 46,679
Interest expense 24,202 24,256
------------ ------------
Net interest income 22,763 22,423
Loan loss provision 1,410 1,522
------------ ------------
Net interest income after
loan loss provision 21,353 20,901
Noninterest income 5,800 7,363
General & administrative
("G & A") expenses 20,685 22,346
Other noninterest expense 840 651
------------ ------------
Net income (loss) before
income taxes & minority
interest 5,628 5,267
Income tax (provision)
benefit (2,219) (1,991)
Minority interest in
income from subsidiary
trust (421) (421)
------------ ------------
Net income (loss) $ 2,988 $ 2,855
============ ============
PER SHARE DATA:
Earnings per share
- diluted $ .26 $ .25
============ ============
Weighted average shares
outstanding - diluted 11,359,392 11,246,636
============ ============
Earnings per share
- basic $ .28 $ .27
============ ============
Weighted average shares
outstanding - basic 10,493,214 10,386,952
============ ============
BALANCE SHEET DATA
(at period-end):
Total assets $ 2,573,825 $ 2,493,425
Investment &
mortgage-backed
securities 345,128 355,024
Loans held for sale -- 80,915
Portfolio loans, net of
unearned income 1,876,982 1,836,355
Nonperforming assets 39,205 41,863
Allowance for loan losses 26,209 27,442
Goodwill & premium on
deposits 34,936 35,906
Deposits 2,273,443 2,188,470
Stockholders' equity 167,608 168,448
Book value per share
(dollars) 14.89 15.01
SELECTED FINANCIAL RATIOS:
Return on average assets .48% .47%
Return on average equity 7.23 7.11
Equity to assets 6.51 6.76
Equity and minority interest
in preferred subsidiary to
assets 7.63 7.91
Portfolio loans/deposit ratio 82.56 83.91
Net interest spread 3.53 3.46
Net interest margin 3.87 3.81
G & A expense to average
assets (1) 3.30 3.61
G & A efficiency ratio (1) 72.42 75.02
Loan loss allowance to
portfolio loans 1.40 1.49
Loan loss allowance to
nonperforming loans 77.11 79.16
CAPITAL RATIOS:
Tier 1 (leverage) - Company 5.83 5.76
Tier 1 (leverage) - Bank 6.96 6.85
Tier 1/risk-assets - Company 8.91 8.72
Tier 1/risk assets - Bank 10.59 10.35
Risk-based capital - Company 10.21 10.02
Risk-based capital - Bank 11.88 11.65
OTHER DATA (at period-end):
Number of branch banking
offices 83 70
Number of full-time
equivalent employees 1,151 1,297
(1) Ratios prior to 1999 include the commercial banking segment
only; non-recurring items not included
REPUBLIC BANCSHARES, INC.
QUARTERLY NONPERFORMING ASSET TREND
(unaudited)
($ in thousands)
Quarters Ended
Mar. 2000 Dec. 1999 Sept. 1999 June 1999 Mar. 1999
Non-performing
loans:
Residential
first lien $ 18,382 $ 19,654 $ 20,326 $ 25,621 $ 26,398
Commercial
real estate 2,550 3,252 3,749 5,483 4,764
Multifamily
residential - - - 182 409
Commercial
(business) 602 797 178 950 1,386
Home equity 1,841 833 440 872 1,085
Consumer & other 183 140 83 72 160
High LTV 173 474 1,249 808 464
--------- --------- ---------- --------- ---------
Total
nonperforming
loans (1) 23,731 25,150 26,025 33,988 34,666
Other
nonperforming
receivables 711 736 761 820 901
Other real
estate:
Residential 2,141 3,804 3,568 3,176 3,567
Commercial-build
& sell - - - - 620
Commercial-bulk
sale 3,320 1,528 2,279 1,221 2,109
--------- --------- ---------- --------- ---------
Total ORE 5,461 5,332 5,847 4,397 6,296
Total
nonperforming
assets $ 29,903 $ 31,218 $ 32,633 $ 39,205 $ 41,863
========= ========= ========= ========= =========
(1) Represents all loans on nonaccrual and all loans 90 days and
over past due
Memorandum:
Past due 90
days-still
accruing
(incl.
above) $ 4 $ 171 $ 1,273 $ 41 $ 289
Nonperforming
loans/portfolio
loans 1.26% 1.33% 1.39% 1.81% 1.89%
Nonperforming
assets/assets 1.14 1.22 1.30 1.52 1.68
ORE/assets .21 .21 .23 0.17 0.25
Loan loss
allowance
to nonperforming
loans:
Originated
portfolio 143.60% 137.61% 121.52% 85.79% 80.87%
July 1997
Purchase 2.43 - 35.21 34.03 27.01
March 1995
Purchase 228.45 246.89 153.85 128.73 111.62
CrossLand
portfolio - 24.63 42.90 43.31 41.65
Other purchased
portfolios 21.03 14.03 36.56 26.92 79.86
--------- --------- ---------- --------- ---------
Total 128.40% 112.04% 108.32% 77.11% 79.16%
========= ========= ========= ========= =========
Other loan
delinquency data
30-89 days
past due:
Residential $ 23,305 $ 17,334 $ 14,180 $ 13,782 $ 12,553
Commercial
real
estate/
multifamily 915 5,282 314 4,140 6,958
Commercial
(business) 824 1,190 1,535 1,872 1,540
Home equity 1,351 1,864 1,399 3,082 1,228
Consumer &
other 364 479 491 293 453
High LTV 2,385 3,301 2,253 1,265 1,935
--------- --------- ---------- --------- ---------
Total $ 29,144 $ 29,450 $ 20,172 $ 24,434 $ 24,667
========= ========= ========= ========= =========
COPYRIGHT 2000 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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