| (Amounts in Thousands
Except Per Share Data) |
Year
Ended
December 31 |
Six
Months
Ended
December 31, |
|
|
Year
Ended June 30, |
|
|
 |
|
|
2001 |
2000 |
2000 |
1999 |
1998 |
1997 |
|
| Interest income |
$871,374 |
$498,732 |
$927,690 |
$839,354 |
$757,688 |
$717,592 |
| Interest expense |
563,945 |
344,297 |
585,549 |
507,021 |
477,389 |
453,969 |
|
| Net interest income |
307,429 |
154,435 |
342,141 |
332,333 |
280,299 |
263,623 |
| Provision for
loan losses |
(38,945) |
(27,854) |
(13,760) |
(12,400) |
(13,853) |
(13,427) |
| Loan servicing
fees, net |
3,622 |
11,521 |
25,194 |
22,961 |
24,523 |
25,910 |
| Retail fees and
charges |
53,519 |
25,650 |
43,230 |
36,740 |
30,284 |
26,198 |
| Real estate operations |
(6,971) |
(4,809) |
(88) |
(1,674) |
1,894 |
1,314 |
| Gain (loss) on
sales of loans |
8,739 |
(18,023) |
(110) |
3,423 |
3,092 |
2,142 |
| Gain (loss) on
sales of securities, net |
15,422 |
(69,462) |
- |
4,376 |
3,765 |
510 |
| Other operating income |
46,056 |
15,017 |
33,613 |
24,189 |
23,702 |
15,914 |
| General and administrative
expenses |
248,036 |
122,625 |
247,990 |
208,475 |
180,922 |
165,807 |
| Exit
costs and termination benefits, merger and other nonrecurring expenses (gains),
net |
(15,566) |
25,764 |
3,941 |
30,119 |
25,201 |
38,323 |
| Amortization of intangible
assets |
15,345 |
8,153 |
17,236 |
15,702 |
7,814 |
11,235 |
|
| Income (loss) before
income taxes, extraordinary items and cumulative effect of change in
accounting principle |
141,056 |
(70,067) |
161,053 |
155,652 |
139,769 |
106,819 |
| Income tax provision
(benefit) |
43,374 |
(19,691) |
55,269 |
63,260 |
52,356 |
37,980 |
|
| Income (loss) before
extraordinary items and cumulative effect of change in accounting principle |
97,682 |
(50,376) |
105,784 |
92,392 |
87,413 |
68,839 |
| Extraordinary items,
net(1) |
- |
- |
- |
- |
- |
(583) |
| Cumulative
effect of change in accounting principle, net(2) |
- |
(19,125) |
(1,776) |
- |
- |
- |
|
| Net income (loss) |
$97,682 |
$(69,501) |
$104,008 |
$ 92,392 |
$ 87,413 |
$ 68,256 |
|
Earnings (loss) per share(3):
Income (loss) before extraordinary items and cumulative effect of change
in accounting principle |
$
1.93 |
$ (.92) |
$ 1.82 |
$ 1.54 |
$ 1.52 |
$ 1.17 |
| Extraordinary items,
net(1) |
- |
- |
- |
- |
- |
(.01) |
| Cumulative
effect of change in accounting principle, net(2) |
- |
(.35) |
(.03) |
- |
- |
- |
|
| Net income (loss) |
$
1.93 |
$ (1.27) |
$ 1.79 |
$ 1.54 |
$ 1.52 |
$ 1.16 |
|
| Dividends declared per
common share |
$
.310 |
$ .140 |
$ .275 |
$ .250 |
$ .212 |
$ .185 |
|
Other data:
Net interest rate spread |
2.61% |
2.46% |
2.67% |
2.85% |
2.62% |
2.58% |
| Net
yield on interest-earning assets |
2.62% |
2.44% |
2.78% |
2.99% |
2.88% |
2.86% |
| Return
on average assets(4) |
.76% |
(1.01)% |
.77% |
.77% |
.85% |
.70% |
| Return
on average equity(4) |
12.23% |
(15.30)% |
10.85% |
9.95% |
10.96% |
9.18% |
| Return
on average tangible equity |
16.30% |
(20.15)% |
14.52% |
12.49% |
11.98% |
9.86% |
| Dividend
payout ratio |
16.06% |
n/a |
15.36% |
16.23% |
13.95% |
15.95% |
| Total
number of branches at end of period |
196 |
241 |
255 |
256 |
195 |
190 |
|
|
| Total assets |
$12,901,585 |
$12,540,304 |
$13,793,038 |
$12,775,462 |
$10,399,229 |
$10,040,596 |
| Investment securities |
1,150,345 |
771,137 |
993,167 |
946,571 |
673,304 |
622,240 |
| Mortgage-backed securities |
1,829,728 |
1,514,510 |
1,220,138 |
1,282,545 |
1,091,849 |
1,388,940 |
| Loans receivable, net |
8,403,425 |
8,893,374 |
10,407,692 |
9,326,393 |
7,857,276 |
7,360,481 |
| Intangible assets |
191,450 |
207,427 |
230,850 |
252,677 |
77,186 |
58,166 |
| Deposits |
6,396,522 |
7,694,486 |
7,330,500 |
7,655,415 |
6,558,207 |
6,589,395 |
| Advances from
Federal Home Loan Bank |
4,939,056 |
3,565,465 |
5,049,582 |
3,632,241 |
2,379,182 |
1,719,841 |
| Other borrowings |
520,213 |
175,343 |
206,026 |
353,897 |
444,968 |
800,608 |
| Stockholders' equity |
734,654 |
863,739 |
987,978 |
966,883 |
861,195 |
764,066 |
| Book value per common
share |
15.98 |
16.23 |
17.67 |
16.22 |
14.67 |
13.08 |
| Tangible book
value per common share |
11.82 |
12.33 |
13.54 |
11.98 |
13.35 |
12.08 |
Regulatory capital ratios
of the Bank:
Tangible capital |
5.58% |
6.51% |
6.55% |
6.97% |
7.88% |
7.40% |
| Core
capital (Tier 1 capital) |
5.60% |
6.55% |
6.59% |
7.05% |
7.99% |
7.53% |
Risk-based
capital -
Tier 1 capital |
9.50% |
10.84% |
11.74% |
12.74% |
14.58% |
14.37% |
| Total
capital |
11.38% |
11.84% |
12.59% |
13.70% |
15.49% |
15.25% |
|
- (1)
- Represents the loss on early retirement of debt, net of income tax
benefits.
- (2)
- Represents the cumulative effect of the change in method of accounting
for derivative instruments and hedging activities, net of income tax
benefit, for the six months ended December 31, 2000, and for start-up
and organizational costs, net of income tax benefit, for fiscal year
ended June 30, 2000.
- (3)
- All periods presented are based on diluted earnings (loss) per share.
The conversion of stock options for the six months ended December 31,
2000, is not assumed since the Corporation incurred a loss from operations.
As a result, for the six months ended December 31, 2000, the diluted
loss per share is computed the same as the basic loss per share.
- (4)
- Return on average assets (ROAA) and return on average
equity (ROAE) for the calendar year ended December 31, 2001, are .68%
and 10.96%, respectively, excluding the after-tax effect of nonrecurring
income and charges totaling $10.1 million. ROAA and ROAE for the six
months ended December 31, 2000, are .39% and 5.88%, respectively, excluding
the after-tax effect of nonrecurring income and charges totaling $96.2
million. ROAA and ROAE for fiscal year 2000 are .76% and 10.77%, respectively,
excluding the after-tax effect of nonrecurring income and charges totaling
$756,000. ROAA and ROAE for fiscal year 1999 are 1.00% and 12.86%, respectively,
excluding the after-tax effect of merger-related and other nonrecurring
charges totaling $27.1 million. ROAA and ROAE for fiscal year 1998 are
1.06% and 13.65%, respectively, excluding the after-tax effect of merger-related
and other nonrecurring charges totaling $21.5 million. ROAA and ROAE
for fiscal year 1997 are .97% and 12.58%, respectively, excluding the
after-tax effect of the nonrecurring expenses totaling $25.1 million.
SUMMARY
FINANCIAL INFORMATION
The presentation of the Corporation’s consolidated
financial condition, operating results and selected financial data in
this summary annual report is intended only as a convenient reference.
The Corporation’s December 31, 2001, Annual Report on Form 10-K includes,
among other items, the audited consolidated financial statements and notes
thereto, the independent auditors’ report, and management’s discussion
and analysis of financial condition and results of operations. The Form
10-K Annual Report also identifies important aspects of the Corporation’s
operations, and the information herein should be read together with the
Form 10-K Annual Report for a complete understanding of the Corporation’s
financial position, results of operations, cash flows and changes in stockholders’
equity. A copy of the Form 10-K Annual Report may be obtained by contacting
our Investor Relations Department.
|
