Condensed
Consolidated Balance Sheets
|
 |
|
| |
The South Financial Group and Subsidiaries
($ in thousands, except share data)
| |
|
December 31,
|
 |
|
|
| |
|
2002
|
|
2001
|
|
|
| ASSETS |
| Cash and due from banks |
$ |
201,333 |
$ |
149,170 |
|
| Interest-bearing bank balances |
|
38,703 |
|
91,497 |
|
| Federal funds sold |
|
31,293 |
|
— |
|
| Securities |
|
|
|
|
|
| Trading |
|
350 |
|
1,577 |
|
| Available for sale |
|
2,488,944 |
|
1,560,986 |
|
| Held for investment (market value $85,371 in 2002
and $81,878 in 2001) |
|
82,892 |
|
80,832 |
|
|
| Total securities |
|
2,572,186 |
|
1,643,395 |
|
|
| Loans |
|
|
|
|
|
| Loans held for sale |
|
67,218 |
|
6,513 |
|
| Loans held for investment |
|
4,434,011 |
|
3,730,250 |
|
| Allowance for loan losses |
|
(70,273 |
) |
(44,587 |
) |
|
| Net loans |
|
4,430,954 |
|
3,692,176 |
|
|
| Premises and equipment, net |
|
137,501 |
|
114,224 |
|
| Accrued interest receivable |
|
37,080 |
|
38,241 |
|
| Intangible assets |
|
242,182 |
|
97,140 |
|
| Other assets |
|
229,778 |
|
203,599 |
|
|
| |
$ |
7,941,010 |
$ |
6,029,442 |
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
| Liabilities |
|
|
|
|
|
| Deposits |
|
|
|
|
|
| Noninterest-bearing |
$ |
743,174 |
$ |
524,437 |
|
| Interest-bearing |
|
3,849,336 |
|
3,080,818 |
|
|
| Total deposits |
|
4,592,510 |
|
3,605,255 |
|
| Federal funds purchased and repurchase agreements |
|
1,110,840 |
|
1,269,538 |
|
| Other short-term borrowings |
|
81,653 |
|
149,962 |
|
| Long-term debt |
|
1,221,511 |
|
411,294 |
|
| Debt associated with trust preferred securities |
|
95,500 |
|
31,000 |
|
| Accrued interest payable |
|
20,945 |
|
20,337 |
|
| Other liabilities |
|
84,840 |
|
46,859 |
|
|
| Total liabilities |
|
7,207,799 |
|
5,534,245 |
|
|
| Minority interest in consolidated subsidiary |
|
86,412 |
|
37,023 |
|
|
| Shareholders' Equity |
|
|
|
|
|
| Preferred stock—no par value; authorized 10,000,000
shares; issued and outstanding none |
|
— |
|
— |
|
| Common stock-par value $1 per share; authorized
100,000,000 shares; issued and outstanding 47,347,375 shares
in 2002 and 41,228,976 shares in 2001 |
|
47,347 |
|
42,460 |
|
| Surplus |
|
427,448 |
|
332,095 |
|
| Retained earnings |
|
150,948 |
|
90,131 |
|
| Guarantee of employee stock ownership plan debt
and nonvested restricted stock |
|
(3,094 |
)
|
(2,593 |
)
|
| Accumulated other comprehensive income (loss),
net of tax |
|
24,150 |
|
6,560 |
|
|
| Total shareholders' equity |
|
646,799 |
|
468,653 |
|
|
| |
$ |
7,941,010 |
$ |
5,220,554 |
|
|
See notes to consolidated financial statements which are an integral part of these statements.
|
|
|
|
