| |
The South Financial Group and Subsidiaries
($ in thousands, except per share data)
|
Years
Ended December 31, |
|
 |
| |
|
2002
|
|
2001
|
|
2000
|
|
| INTEREST INCOME |
| Interest and fees on loans |
|
$260,718 |
|
$301,312 |
|
$321,313 |
| Interest and dividends on securities |
|
|
|
|
|
|
| Taxable |
|
87,554 |
|
65,381 |
|
53,936 |
| Exempt
from Federal income taxes |
|
4,367 |
|
4,025 |
|
3,821 |
|
| Total interest and dividends on securities |
|
91,921 |
|
69,406 |
|
57,757 |
| Interest
on short-term investments |
|
1,100 |
|
1,383 |
|
2,444 |
|
| Total
interest income |
|
353,739 |
|
372,101 |
|
381,514 |
|
| INTEREST EXPENSE |
| Interest on deposits |
|
82,858 |
|
144,858 |
|
164,471 |
| Interest on short-term borrowings |
|
21,975 |
|
25,342 |
|
28,043 |
| Interest on long-term debt |
|
30,654 |
|
27,124 |
|
21,889 |
|
| Total interest expense |
|
135,487 |
|
197,324 |
|
214,403 |
| |
| NET INTEREST INCOME |
|
218,252 |
|
174,777 |
|
167,111 |
|
| PROVISION FOR LOAN LOSSES |
|
22,266 |
|
22,045 |
|
23,378 |
|
| Net interest income after provision
for loan losses |
|
195,986 |
|
152,732 |
|
143,733 |
| NONINTEREST INCOME |
|
59,640 |
|
53,484 |
|
48,545 |
|
|
|
|
| NONINTEREST EXPENSES |
|
162,840 |
|
140,820 |
|
181,538 |
|
Income before income taxes, minority
interest,
and cumulative effect of change
in accounting principle |
|
92,786 |
|
65,396 |
|
10,740 |
| Income taxes |
|
28,972 |
|
22,422 |
|
3,751 |
|
Income before minority interest, and
cumulative effect
of change in accounting principle |
|
63,814 |
|
42,974 |
|
6,989 |
| Minority interest in consolidated
subsidiary, net of tax |
|
(3,250 |
)
|
(1,364 |
) |
— |
|
Income before
cumulative effect of change
in accounting principle |
|
60,564 |
|
41,610 |
|
6,989 |
| Cumulative effect of change in accounting
principle, net of tax |
|
(1,406 |
)
|
282 |
|
— |
| NET INCOME |
|
$59,158 |
|
$41,892 |
|
$6,989 |
|
| AVERAGE COMMON SHARES OUTSTANDING,
BASIC |
|
41,714,994 |
|
42,098,395 |
|
42,907,960 |
|
| AVERAGE
COMMON SHARES OUTSTANDING, DILUTED |
|
42,714,938 |
|
42,823,513 |
|
43,550,592 |
|
| PER COMMON SHARE, BASIC: |
Net income before cumulative effect
of change
in accounting principle |
|
$1.45 |
|
$0.99 |
|
$0.16 |
| Cumulative effect of change in accounting
principle |
|
(0.03 |
) |
0.01 |
|
— |
|
| NET INCOME |
|
$1.42 |
|
$1.00 |
|
$0.16 |
|
| PER COMMON SHARE, DILUTED: |
|
|
|
|
|
|
Net income before cumulative effect
of change
in accounting principle |
|
$1.42 |
|
$0.97 |
|
$0.16 |
| Cumulative effect of change in accounting
principle |
|
(0.04 |
) |
0.01 |
|
— |
|
| Net income |
|
$1.38 |
|
$0.98 |
|
$0.16 |
|
See notes to consolidated financial statements which are an integral part of these statements.
|
|
|
