| (Dollars in Thousands
Except Per Share Data) |
Year Ended
December 31, |
Six
Months
Ended
December 31, |
Year
Ended June 30, |
|
|
 |
|
|
2001 |
2000 |
2000 |
1999 |
|
Interest Income:
Loans receivable |
$685,480 |
$408,582 |
$759,711 |
$700,911 |
| Mortgage-backed
securities |
109,657 |
49,334 |
82,563 |
77,039 |
| Investment
securities |
76,237 |
40,816 |
85,416 |
61,404 |
|
| Total
interest income |
871,374 |
498,732 |
927,690 |
839,354 |
Interest Expense:
Deposits |
310,367 |
184,579 |
325,674 |
322,858 |
| Advances
from Federal Home Loan Bank |
234,213 |
152,317 |
240,924 |
157,787 |
| Other borrowings |
19,365 |
7,401 |
18,951 |
26,376 |
|
| Total
interest expense |
563,945 |
344,297 |
585,549 |
507,021 |
Net Interest Income |
307,429 |
154,435 |
342,141 |
332,333 |
| Provision for Loan Losses |
(38,945) |
(27,854) |
(13,760) |
(12,400) |
|
| Net Interest Income After
Provision for Loan Losses |
268,484 |
126,581 |
328,381 |
319,933 |
Other Income (Loss):
Loan servicing fees, net |
3,622 |
11,521 |
25,194 |
22,961 |
| Retail fees
and charges |
53,519 |
25,650 |
43,230 |
36,740 |
| Real estate
operations |
(6,971) |
(4,809) |
(88) |
(1,674) |
| Gain (loss)
on sales of loans |
8,739 |
(18,023) |
(110) |
3,423 |
| Gain (loss)
on sales of securities, net |
15,422 |
(69,462) |
- |
4,376 |
| Other operating
income |
46,056 |
15,017 |
33,613 |
24,189 |
|
| Total
other income (loss) |
120,387 |
(40,106) |
101,839 |
90,015 |
Other Expense (Gain):
General and administrative expenses -
Compensation and benefits |
105,120 |
53,306 |
111,720 |
98,869 |
| Occupancy
and equipment |
37,726 |
19,015 |
38,873 |
36,528 |
| Data
processing |
18,019 |
9,685 |
18,834 |
12,360 |
| Advertising |
11,995 |
6,531 |
15,100 |
13,893 |
| Communication |
13,731 |
7,109 |
16,201 |
16,566 |
| Item
processing |
16,413 |
8,120 |
15,683 |
9,637 |
| Outside
services |
11,152 |
6,058 |
8,422 |
7,086 |
| Other
operating expenses |
33,880 |
12,801 |
23,157 |
13,738 |
| Exit
costs and termination benefits |
(15,566) |
25,764 |
3,941 |
- |
| Merger
expenses |
- |
- |
- |
29,917 |
|
| Total
general and administrative expenses |
232,470 |
148,389 |
251,931 |
238,594 |
| Amortization
of intangible assets |
15,345 |
8,153 |
17,236 |
15,702 |
|
| Total
other expense |
247,815 |
156,542 |
269,167 |
254,296 |
|
Income (Loss) Before
Income Taxes and Cumulative
Effect of Change in Accounting Principle |
141,056 |
(70,067) |
161,053 |
155,652 |
| Income Tax Provision
(Benefit) |
43,374 |
(19,691) |
55,269 |
63,260 |
|
Income (Loss) Before
Cumulative Effect of
Change In Accounting Principle |
97,682 |
(50,376) |
105,784 |
92,392 |
Cumulative Effect of
Change in
Accounting Principle, Net of Tax Benefit |
- |
(19,125) |
(1,776) |
- |
|
| Net Income (Loss) |
$97,682 |
$(69,501) |
$
104,008 |
$
92,392 |
|
Weighted Average Number of Common Shares
Outstanding Used in Basic Earnings Per Share Calculation |
49,995,621 |
54,705,067 |
58,024,192 |
59,539,111 |
| Add Assumed
Exercise of Outstanding Stock Options as Adjustments for Dilutive Securities |
497,298 |
-(l) |
218,173 |
587,735 |
|
Weighted Average Number
of Common Shares
Outstanding Used in Diluted Earnings
Per Share Calculation |
50,492,919 |
54,705,067 |
58,242,365 |
60,126,846 |
|
Basic Earnings (Loss)
Per Common Share:
Income (loss) before cumulative effect
of change in accounting principle |
$
1.95 |
$
(.92) |
$
1.82 |
$
1.55 |
Cumulative
effect of change in accounting
principle, net |
- |
(.35) |
(.03) |
- |
|
| Net Income
(Loss) |
$1.95 |
$
(1.27) |
$
1.79 |
$
1.55 |
|
Diluted Earnings (Loss)
Per Common Share:
Income (loss) before cumulative effect
of change in accounting principle |
$
1.93 |
$
(.92) |
$
1.82 |
$
1.54 |
Cumulative
effect of change in accounting
principle, net |
- |
(.35) |
(.03) |
- |
|
| Net Income
(Loss) |
$
1.93 |
$
(1.27) |
$
1.79 |
$
1.54 |
|
| Dividends Declared Per
Common Share |
$
.310 |
$
.140 |
$
.275 |
$
.250 |
|
(l) The
incremental shares from the assumed excercise of outstanding stock options
are not included in computing the diluted loss per share for the six months
ended December 31, 2000, since the effect of such options would have been
antidilutive.
Refer to the Commercial Federal Corporation December 31, 2001, Annual Report
on Form 10-K for a complete set of consolidated financial statements. |
