($ in
thousands, except per share data)
| |
|
2002 |
|
|
2001 |
|
%Change |
|
|
| EARNINGS AND DIVIDENDS |
|
|
|
|
|
|
|
|
| Net interest income |
$ |
218,252 |
|
$ |
174,777 |
|
25 |
% |
| Noninterest income |
|
59,640 |
|
|
53,484 |
|
12 |
|
| Total revenue |
|
277,892 |
|
|
228,261 |
|
22 |
|
| Provision for loan losses |
|
22,266 |
|
|
22,045 |
|
1 |
|
| Noninterest expenses |
|
156,176 |
|
|
141,321 |
|
11 |
|
| Merger-related costs (recoveries) |
|
6,664 |
|
|
(501) |
|
n/m |
|
| Net income |
|
59,158 |
|
|
41,892 |
|
41 |
|
| Operating earnings (a) |
|
63,500 |
|
|
40,708 |
|
56 |
|
| Operating earnings, cash basis (a) |
|
64,553 |
|
|
45,904 |
|
41 |
| Per share - diluted: |
|
|
|
|
|
|
|
|
| Net income |
$ |
1.38 |
|
$ |
0.98 |
|
41 |
|
| Operating earnings (a) |
|
1.49 |
|
|
0.95 |
|
57 |
|
| Operating earnings, cash basis (a) |
|
1.51 |
|
|
1.07 |
|
41 |
|
| Cash dividends declared per share |
|
0.50 |
|
|
0.45 |
|
11 |
|
 |
| RATIOS |
|
|
|
|
|
|
|
|
| Return on average assets |
|
0.91 |
% |
|
0.77 |
% |
|
|
Return on average tangible assets,
cash basis
(a) |
|
1.01 |
|
|
0.86 |
|
|
|
| Return on average equity |
|
11.89 |
|
|
8.66 |
|
|
|
Return on average tangible equity, cash basis
(a)
|
|
17.37 |
|
|
12.03 |
|
|
|
| Average balances: |
|
|
|
|
|
|
|
|
| Assets |
$ |
6,497,607 |
|
$ |
5,459,515 |
|
19 |
% |
| Shareholders' equity |
|
497,341 |
|
|
483,634 |
|
3 |
|
| Intangible assets |
|
125,732 |
|
|
102,176 |
|
23 |
|
|
| AT YEAR END |
|
|
|
|
|
|
|
|
| Total assets |
$ |
7,941,010 |
|
$ |
6,029,442 |
|
32 |
% |
| Loans held for investment |
|
4,434,011 |
|
|
3,730,250 |
|
19 |
|
| Securities |
|
2,572,186 |
|
|
1,643,395 |
|
57 |
|
| Deposits |
|
4,592,510 |
|
|
3,605,255 |
|
27 |
|
| Shareholders’ equity |
|
646,799 |
|
|
458,174 |
|
41 |
|
| Common shares outstanding (000s) |
|
47,347 |
|
|
41,229 |
|
15 |
|
| Book value per share |
$ |
13.66 |
|
$ |
11.11 |
|
23 |
|
| Market price per share (Nasdaq) |
|
20.66 |
|
|
17.75 |
|
16 |
|
|
| ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
| Nonperforming assets (b) |
|
1.67 |
% |
|
1.17 |
% |
|
|
| Nonperforming assets, excluding Rock Hill Bank
& Trust Workout Loans |
|
1.03 |
|
|
1.17 |
|
|
|
| Allowance for loan losses to loans (b) |
|
1.58 |
|
|
1.20 |
|
|
|
| Allowance for loan losses to loans, excluding
Rock Hill Bank & Trust Workout Loans |
|
1.24
|
|
|
1.20 |
|
|
|
| Net loan charge-offs |
|
0.49 |
|
|
0.54 |
|
|
|
|
| OPERATIONS DATA |
|
|
|
|
|
|
|
|
| Branch offices |
|
117 |
|
|
90 |
|
30 |
% |
| ATMs |
|
105 |
|
|
77 |
|
36 |
|
| Employees (full-time equivalent) |
|
1,700 |
|
|
1,346 |
|
26 |
|
|
Notes:
-
Click Here for a reconciliation of reported
net income (GAAP) to operating earnings (non-GAAP). Cash basis
returns are calculated by dividing operating earnings on a cash
basis by average tangible assets (i.e., average shareholders'
equity less average intangible assets) or average tangible equity
(i.e., average shareholders' equity less average intangible
assets).
-
At December 31, 2002,
Rock Hill Bank & Trust Workout Loans totaled $72.4 million
with nonperforming assets of $29.2 million and an allowance
for loan losses of $16.3 million.
|
|
|
|
