Exhibit 99.1
FOR IMMEDIATE RELEASE
July 18, 2002
CONTACTS:
Investors Media
Jay Gould (614) 480-4060 Jeri Grier (614) 480-5413
Susan Stuart (614) 480-3878
HUNTINGTON BANCSHARES REPORTS
SECOND QUARTER 2002 EARNINGS OF $0.33 PER SHARE
COLUMBUS, Ohio - Huntington Bancshares Incorporated (NASDAQ: HBAN;
www.huntington.com) today reported second quarter earnings of $82.2 million, or
$0.33 per common share. This compares with earnings of $2.4 million, or $0.01
per common share, in the year-ago second quarter, and $97.7 million, or $0.39
per common share, in the first quarter of 2002. Year-to-date earnings in 2002
were $180.0 million, or $0.72 per common share, compared with $70.2 million, or
$0.28 per common share, in the comparable year-ago six-month period.
On an operating basis, which excludes one-time items and the impact of
the sale of the Florida banking operations (see Basis of Discussion - Operating
Earnings below), second quarter 2002 earnings were $81.7 million, or $0.33 per
common share, both up 3% from first quarter earnings of $79.5 million, or $0.32
per common share, and up 8% and 10%, respectively, compared with the year-ago
quarter's operating earnings of $75.6 million, or $0.30 per share. Operating
earnings for the first six months of 2002 were $161.2 million, or $0.65 per
common share, up 10% and 12%, respectively, from the comparable prior-year
period operating earnings of $147.1 million, or $0.58 per common share.
"Our second quarter results represented another milestone in the
rebuilding of Huntington from a number of perspectives," said Thomas Hoaglin,
chairman, president and chief executive officer. "The progress we have been
making both financially and strategically is becoming more visible. From an
operating results standpoint, our net interest margin expanded to 4.30%.
Moreover, progress in growing loans and deposits was again evident with
annualized growth rates of 7% and 19%, respectively, from the first quarter. Fee
income, excluding securities gains
1
and the anticipated decline in mortgage banking, was up 9% from the first
quarter with virtually all fee income categories contributing to this growth.
And, importantly, our efficiency ratio improved to 53.2%."
"We are cautiously optimistic about credit quality trends reflected in
the decline in our net charge-off ratio, excluding exited portfolios, to 0.88%
from 0.97% in the first quarter driven by improving consumer credit quality," he
continued. "In addition, non-performing assets declined slightly and the inflow
of new non-performing assets was again down. We maintained our strong 2.00%
reserve ratio with the provision exceeding net charge-offs by $9.0 million.
"Our share repurchase program moved forward," he continued, "as we
repurchased 7.3 million shares of our stock. This brings our program-to-date
purchases to 8.8 million shares."
"We also made significant progress during the quarter in other
important strategic areas," he said. "First, we further strengthened our
management team with the addition of Mary Navarro to head Retail Banking. Mary
is a proven retail banker with a depth of knowledge about Huntington's local
markets. Second, our new 401(k) platform was successfully launched ahead of
schedule and provides state-of-the-art capability for our business customers. In
addition to the seamless conversion of our employee 401(k) plan to this new
platform, we have signed up 28 new business customers. Third, we successfully
completed the installation and initial training phase of our new banking office
Customer Service System. This Windows-based, intranet-compatible customer and
service platform provides the infrastructure upon which we can build enhanced
customer service and sales capabilities. We have also installed an enhanced
teller platform technology in 13% of our branches, with all branches to be
converted by year end. Finally, we sold the J. Rolfe Davis Insurance Agency,
Inc., our Florida-based property and casualty insurance business, back to its
management team as part of our strategic refocusing plan."
2
BASIS OF DISCUSSION - OPERATING EARNINGS
Reported results for the past five quarters have been significantly
impacted by a number of items, primarily related to the strategic restructuring
announced in July 2001 and the subsequent sale of the Florida banking operations
in the 2002 first quarter. Reported 2002 first quarter results also included
Florida operations for only half the quarter versus a full quarter for each
prior quarter. Therefore, to better understand comparable underlying trends, the
following discussion is on an operating basis, which has been redefined this
quarter. While still excluding the impact of restructuring and other charges and
one-time items, operating earnings now also excludes the run-rate impact of the
sold Florida banking operations from prior periods. (Please refer to the
schedules immediately following this discussion, as well as the Quarterly
Financial Review for schedules reconciling reported with operating earnings and
additional schedules excluding the impact of the Florida operations.)
DISCUSSION OF RESULTS
Second quarter 2002 results compared with sequential first quarter
operating performance, adjusted to exclude one-time items and the impact of the
sold Florida banking operations, reflected:
- - 5% increase in revenue excluding securities gains and decline in mortgage
banking income
- 4% increase in net interest income
- 4.30% net interest margin, up from 4.21%
- 7% annualized growth in managed loans
- 19% annualized growth in core deposits
- 9% increase in non-interest income, excluding mortgage banking income
- - 53.2% efficiency ratio, down from 54.1%
- - Improved credit quality and maintained a strong allowance for loan losses
3
- 0.88% in net charge-offs, excluding net charge-offs on exited
portfolios, down from 0.97% - $2.3 million decline in non-performing
assets and continued decline in the inflow of new
non-performing assets
- 2.00% allowance for loan losses ratio maintained at June 30
- - Maintained strong capital position
- 8.41% tangible common equity ratio
- Repurchased 7.3 million shares, bringing program-to-date repurchases
to 8.8 million
Net interest income increased $8.8 million, or 4%, from the first
quarter reflecting a 9 basis point increase in the net interest margin to 4.30%
and a $237 million, or 1%, increase in average earning assets. Average managed
loans grew at a 7% annualized rate during the quarter, but this benefit was
partially offset by a decline in other earning assets, primarily mortgages held
for sale. The increase in the net interest margin was driven by seasonally
higher loan fees and the positive impact of the interest rate environment,
partially offset by the lagged repricing of the variable rate home equity loan
portfolio. Compared with the year-ago quarter, net interest income was up $16.0
million, or 7%, with the net interest margin increasing 27 basis points from
4.03%.
Average managed loans increased 7% on an annualized basis in the
quarter. Loan generation continued to be positively impacted by strong growth in
residential mortgages and home equity loans and lines of credit. Average
residential mortgages grew $325.1 million, reflecting, in part, a decision to
retain more of these loans on the balance sheet, with home equity loans and
lines of credit up $122.5 million, or at a 17% annualized rate. This reflected
continued strong demand for residential mortgages, refinancing activity, and the
promotion of adjustable mortgage products. Commercial real estate loans
increased $51.8 million, or at a 6% annualized rate, slower than the 16% and 18%
annualized rates of the 2002 first quarter and 2001 fourth quarter,
respectively. These increases were partially offset by declines in other loan
categories reflecting the continued weakness in the economy and certain sectors.
This was especially
4
noticeable in the $47.5 million, or 3% annualized decline in commercial loans
and $50.6 million, or 3% annualized, decline in auto loans and leases. Compared
with the year-ago quarter, average managed loans were up 5%.
Average core deposits increased $657.4 million, or at a 19% annualized
rate from the first quarter, reflecting continued strong inflows in interest
bearing and other domestic time deposits. Deposit inflow has been influenced, in
part, by recent turbulence in the financial markets, but also by the success of
our sales and deposit growth programs. Compared with the year-ago quarter,
average core deposits were up 13%.
Non-interest income before securities gains, and on an operating basis,
was down $0.7 million from the first quarter, reflecting an $8.9 million decline
in mortgage banking income. This decline primarily reflected a 64% decrease in
deliveries to the secondary market from the first quarter's very strong
performance, and to a lesser degree, a decision to retain a higher percentage of
loans on the balance sheet. Excluding mortgage banking, non-interest income was
up $8.2 million, or 9%, from the first quarter reflecting broad-based increases
in other fee income categories including trust income, up $1.2 million, deposit
service charges, up $1.1 million, with other service charges up $1.4 million.
Other income was up $4.4 million from the first quarter reflecting higher
securitization income and a small gain on the sale of an other real estate owned
property. Compared with the year-ago quarter, non-interest income on an
operating basis and excluding securities gains was up 3%, or 11% excluding a 39%
decline in mortgage banking income. Contributing to this year-over-year increase
were an 8% increase in deposit service charges, a 14% increase in brokerage and
insurance income, a 13% increase in trust income, a 20% increase in bank owned
life insurance, with other service charges and other income up 12% and 8%,
respectively.
Non-interest expense on an operating basis was up $1.1 million, or 1%,
from the first quarter driven by a $0.9 million increase in occupancy and
equipment costs and a $1.0 million increase in professional services. These
increases were partially offset by a $0.7 million decrease in personnel costs,
reflecting in part, a 2% decline in full-time equivalent staff from March 31 to
June 30 due to planned staff reductions, and a $0.5 million decline in outside
5
services. Compared with the year-ago quarter, operating non-interest expense was
down $2.3 million primarily reflecting a $2.7 million decrease in intangible
amortization due to a reduction in amortization of non-Florida related
intangibles, which was partially offset by increases in outside data processing
costs (10%) and marketing expenses (6%). The second quarter efficiency ratio
improved to 53.2% from 54.1% in the first quarter, and 56.0% in the year-ago
quarter.
Net charge-offs were $44.9 million in the second quarter and were 0.92%
of average loans. Excluding the impact of net charge-offs on exited portfolios,
net charge-offs represented 0.88% of average loans, down from 0.97% in the first
quarter. The over 30-day delinquency ratio for consumer loans decreased from
2.36% at the end of the first quarter to 2.26% at the end of the second quarter.
Loan loss provision expense in the second quarter was $53.9 million,
exceeding net charge-offs by $9.0 million. The June 30, 2002 allowance for loan
losses as a percent of period-end loans was maintained at 2.00%, but was
significantly higher than 1.76% at the end of the year-ago second quarter.
on-performing assets at June 30, 2002, were $223.2 million, or 1.14% of
period-end loans and other real estate owned, down slightly from $225.5 million,
or 1.17%, at March 31, 2002. The inflow of new non-performing assets declined to
$73.0 million in the second quarter. Non-performing assets continue to be
concentrated in the manufacturing and services sectors reflecting weakness in
Midwest manufacturing.
At June 30, 2002, the tangible equity to assets ratio was 8.41%, down
from 9.03% at March 31, 2002 reflecting the impact of the company's share
repurchase program.
6
2002 OUTLOOK
"Given our solid momentum through the first half of the year and
continuing positive trends, we remain comfortable with our previously stated
2002 earnings per share guidance of $1.32-$1.36," Hoaglin said."
CONFERENCE CALL / WEBCAST INFORMATION
Huntington's senior management will host an earnings conference call
the same day at 2:00 p.m. EDT. The call may be accessed via a live Internet
webcast at www.huntington-ir.com or through a dial-in telephone number at (800)
782-3741. Slides will be available at www.huntington-ir.com just prior to 2:00
p.m. ET on July 18, 2002 for review during the call.
A replay of the webcast will be archived in the Investor Relations
section of Huntington's web site www.huntington.com. A telephone replay will be
available two hours after the completion of the call through July 30, 2002 at
(800) 642-1687; conference ID 4798848.
The supplemental financial tables as well as the slides for the
conference call will be filed, along with management's comments, with the
Securities and Exchange Commission on Form 8-K.
ABOUT HUNTINGTON
Huntington Bancshares Incorporated is a $25 billion regional bank
holding company headquartered in Columbus, Ohio. Through its affiliated
companies, Huntington has more than 136 years of serving the financial needs of
its customers. Huntington provides innovative retail and commercial financial
products and services through more than 300 regional banking offices in Indiana,
Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and
commercial financial services online at www.huntington.com; through its
technologically advanced, 24-hour telephone bank; and through its network of
more than 900 ATMs. Selected financial service activities are also conducted in
other states including: Dealer Sales offices in Florida, Tennessee, Pennsylvania
and Arizona; Private Financial Group offices in Florida; and Mortgage Banking
offices in Florida, Maryland and New Jersey. International banking services are
made available through the headquarters office in Columbus and additional
offices located in the Cayman Islands and Hong Kong.
FORWARD-LOOKING STATEMENT
This press release contains certain forward-looking statements,
including certain plans, expectations, goals, and projections, which are subject
to numerous assumptions, risks, and uncertainties. A number of factors,
including but not limited to those set forth under the heading "Business Risks"
included in Item 1 of Huntington's Annual Report on Form 10-K for the year ended
December 31, 2001, and other factors described from time to time in Huntington's
other filings with the Securities and Exchange Commission, could cause actual
conditions, events, or results to differ significantly from those described in
the forward-looking statements. All forward-looking statements included in this
news release are based on information available at the time of the release.
Huntington assumes no obligation to update any forward-looking statement.
###
7
HUNTINGTON BANCSHARES INCORPORATED
CONSOLIDATED RESULTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 2002
- -------------------------------------------------------------------------------------------------------------------------
Restructuring
(in thousands, except per Reported and Other Florida Operating
share amounts) Earnings Items Items (1) Earnings
- -------------------------------------------------------------------------------------------------------------------------
Net Interest Income $ 241,859 $ --- $ --- $241,859
Provision for Loan Losses 53,892 --- --- 53,892
Securities Gains 966 --- --- 966
Non-Interest Income 117,014 --- 2,710 114,304
Gain on Sale of Florida Operations --- --- --- ---
Non-Interest Expense 192,060 --- 1,875 190,185
Special Charges --- --- --- ---
- -------------------------------------------------------------------------------------------------------------------------
Income (Loss) Before Income Taxes 113,887 --- 835 113,052
Income Taxes 31,647 --- 303 31,344
- -------------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 82,240 $ --- $ 532 $ 81,708
- -------------------------------------------------------------------------------------------------------------------------
NET INCOME PER COMMON
SHARE -- DILUTED $0.33 $0.00 $0.00 $0.33
- -------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED JUNE 30, 2002
- -----------------------------------------------------------------------------------------------------------------------
Restructuring
(in thousands, except per Reported and Other Florida Operating
share amounts) Earnings Items (2) Items (1) Earnings
- -----------------------------------------------------------------------------------------------------------------------
Net Interest Income $ 484,684 $ --- $ 9,724 $474,960
Provision for Loan Losses 109,673 --- 5,186 104,487
Securities Gains 1,423 --- --- 1,423
Non-Interest Income 242,641 --- 13,343 229,298
Gain on Sale of Florida Operations 175,344 175,344 --- ---
Non-Interest Expense 399,446 --- 20,210 379,236
Special Charges 56,184 56,184 --- ---
- -----------------------------------------------------------------------------------------------------------------------
Income (Loss) Before Income Taxes 338,789 119,160 (2,329) 221,958
Income Taxes 158,822 98,889 (804) 60,737
- -----------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 179,967 $ 20,271 $ (1,525) $161,221
- -----------------------------------------------------------------------------------------------------------------------
NET INCOME PER COMMON
SHARE -- DILUTED $0.72 $0.08 ($0.01) $0.65
- -----------------------------------------------------------------------------------------------------------------------
Three Months Ended June 30, 2001
- -------------------------------------------------------------------------------------------------------------------------
Restructuring
(in thousands, except per Reported and Other Florida Operating
share amounts) Earnings Items (2) Items (1) Earnings
- -------------------------------------------------------------------------------------------------------------------------
Net Interest Income $ 248,033 $ --- $ 22,150 $225,883
Provision for Loan Losses 117,495 71,718 3,840 41,937
Securities (Losses) Gains (2,503) (5,250) --- 2,747
Non-Interest Income 130,706 --- 19,845 110,861
Non-Interest Expense 233,296 --- 40,853 192,443
Special Charges 33,997 33,997 --- ---
- -------------------------------------------------------------------------------------------------------------------------
(Loss) Income Before Income Taxes (8,552) (110,965) (2,698) 105,111
Income Taxes (10,929) (38,838) (1,600) 29,509
- -------------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 2,377 $ (72,127) $ (1,098) $ 75,602
- -------------------------------------------------------------------------------------------------------------------------
NET INCOME PER COMMON
SHARE -- DILUTED $0.01 ($0.29) $0.00 $0.30
- -------------------------------------------------------------------------------------------------------------------------
Six Months Ended June 30, 2001
- -----------------------------------------------------------------------------------------------------------------------
Restructuring
(in thousands, except per Reported and Other Florida Operating
share amounts) Earnings Items (2) Items (1) Earnings
- -----------------------------------------------------------------------------------------------------------------------
Net Interest Income $ 491,157 $ --- $ 43,256 $447,901
Provision for Loan Losses 150,959 71,718 7,595 71,646
Securities (Losses) Gains (425) (5,250) --- 4,825
Non-Interest Income 246,352 --- 38,918 207,434
Non-Interest Expense 467,386 --- 81,126 386,260
Special Charges 33,997 33,997 --- ---
- -----------------------------------------------------------------------------------------------------------------------
(Loss) Income Before Income Taxes 84,742 (110,965) (6,547) 202,254
Income Taxes 14,499 (38,838) (1,860) 55,197
- -----------------------------------------------------------------------------------------------------------------------
NET INCOME (LOSS) $ 70,243 $ (72,127) $ (4,687) $147,057
- -----------------------------------------------------------------------------------------------------------------------
NET INCOME PER COMMON
SHARE -- DILUTED $0.28 ($0.29) ($0.01) $0.58
- -----------------------------------------------------------------------------------------------------------------------
(1) Includes the impact of J. Rolfe Davis Insurance Agency, sold July 2002.
(2) Includes charges related to Huntington's strategic refocusing plan and the
gain on sale of Florida operations.
8
HUNTINGTON BANCSHARES INCORPORATED
Key Statistics
Reported Basis
PERCENT CHANGE VS.
----------------
(in thousands, except per share amounts) 2Q02 1Q02 2Q01 1Q02 2Q01
- --------------------------------------------------------------------------------------------- ------------------
Net Interest Income $ 241,859 $ 242,825 $ 248,033 (0.4)% (2.5)%
Provision for Loan Losses 53,892 55,781 117,495 (3.4) (54.1)
Securities Gains (Losses) 966 457 (2,503) N.M. N.M.
Non-Interest Income 117,014 125,627 130,706 (6.9) (10.5)
Gain on Sale of Florida Operations -- 175,344 -- (100.0) --
Non-Interest Expense 192,060 207,386 233,296 (7.4) (17.7)
Special Charges -- 56,184 33,997 (100.0) (100.0)
- --------------------------------------------------------------------------------------------- ------------------
Income (Loss) Before Income Taxes 113,887 224,902 (8,552) (49.4) N.M.
Income Taxes 31,647 127,175 (10,929) (75.1) N.M.
- --------------------------------------------------------------------------------------------- ------------------
NET INCOME $ 82,240 $ 97,727 $ 2,377 (15.8)% N.M.%
- --------------------------------------------------------------------------------------------- ------------------
Net Income per common share - diluted $ 0.33 $ 0.39 $ 0.01 (15.4)% N.M.%
Cash dividends declared per common share $ 0.16 $ 0.16 $ 0.20 -- % (20.0)%
Book value per common share at end of period $ 9.68 $ 9.74 $ 9.37 (0.6)% 3.3%
Average common shares - basic 246,106 250,749 251,024 (1.9)% (2.0)%
Average common shares - diluted 247,867 251,953 251,448 (1.6)% (1.4)%
Return on average assets 1.32 % 1.49 % 0.03 %
Return on average shareholders' equity 14.1 % 16.7 % 0.4 %
Net interest margin 4.30 % 4.14 % 3.97 %
Efficiency ratio 53.3 % 55.7 % 58.6 %
Average loans $ 19,530,489 $ 20,472,192 $ 21,021,057 (4.6)% (7.1)%
Average loans - managed (1) $ 20,700,079 $ 21,676,613 $ 22,335,492 (4.5)% (7.3)%
Average loans - managed - linked quarter
annualized growth rate (1) (18.1)% (19.1)% 5.0 %
Average earning assets $ 22,638,248 $ 23,768,027 $ 25,147,463 (4.8)% (10.0)%
Average core deposits (2) $ 14,684,719 $ 16,300,959 $ 17,316,651 (9.9)% (15.2)%
Average core deposits - linked quarter
annualized growth rate (2) (39.8)% (43.0)% 1.2 %
Average total assets - reported $ 24,957,208 $ 26,544,413 $ 28,348,645 (6.0)% (12.0)%
Average shareholders' equity $ 2,342,963 $ 2,369,808 $ 2,403,418 (1.1)% (2.5)%
Total assets at end of period $ 25,381,416 $ 24,745,954 $ 27,948,150 2.6 % (9.2)%
Total shareholders' equity at end of period $ 2,351,860 $ 2,433,938 $ 2,353,522 (3.4)% (0.1)%
Net charge-offs (NCOs) $ 44,900 $ 55,781 $ 65,465 (19.5)% (31.4)%
NCOs as a % of average loans 0.92 % 1.11 % 1.25 %
NCOs - excluding exited businesses $ 42,515 $ 52,033 $ 38,083 (18.3)% 11.6 %
NCOs as a % of average loans - excluding
exited businesses 0.88 % 1.04 % 0.73 %
Non-performing loans (NPLs) $ 212,091 $ 219,418 $ 156,072 (3.3)% 35.9 %
Non-performing assets (NPAs) $ 223,237 $ 225,530 $ 165,985 (1.0)% 34.5 %
NPAs as a % of total loans and other
real estate (OREO) 1.14 % 1.17 % 0.79 %
Allowance for loan losses (ALL) as a % of
of total loans at the end of period 2.00 % 2.00 % 1.67 %
ALL as a % of NPLs 185.3 % 175.9 % 225.7 %
ALL and OREO as a % of NPAs 175.7 % 170.9 % 211.2 %
Tier 1 risk-based capital (3) (4) 9.72 % 10.26 % 7.01 %
Total risk-based capital (3) (4) 12.75 % 13.40 % 10.20 %
Tier 1 leverage (3) (4) 9.94 % 9.72 % 6.96 %
Average equity / assets 9.39 % 8.93 % 8.48 %
Tangible equity / assets (4) 8.41 % 9.03 % 5.97 %
(1) Includes securitized indirect auto loans.
(2) Includes non-interest bearing and interest bearing demand deposits, savings
deposits, CDs under $100,000 and IRA deposits.
(3) Estimated.
(4) At end of period.
N.M. - Not Meaningful.
9
HUNTINGTON BANCSHARES INCORPORATED
Key Statistics
Operating Basis (1)
PERCENT CHANGE VS.
-------------------
(in thousands, except per share amounts) 2Q02 1Q02 2Q01 1Q02 2Q01
- ---------------------------------------------------------------------------------------- ---------------------
Net Interest Income $ 241,859 $ 233,101 $ 225,883 3.8% 7.1%
Provision for Loan Losses 53,892 50,595 41,937 6.5 28.5
Securities Gains 966 457 2,747 N.M. (64.8)
Non-Interest Income 114,304 114,994 110,861 (0.6) 3.1
Non-Interest Expense 190,185 189,051 192,443 0.6 (1.2)
- ---------------------------------------------------------------------------------------- ---------------------
Income Before Income Taxes 113,052 108,906 105,111 3.8 7.6
Income Taxes 31,344 29,393 29,509 6.6 6.2
- ---------------------------------------------------------------------------------------- ---------------------
NET INCOME $ 81,708 $ 79,513 $ 75,602 2.8% 8.1%
- ---------------------------------------------------------------------------------------- ---------------------
Net Income per common share - diluted $ 0.33 $ 0.32 $ 0.30 3.1% 10.0%
Return on average assets 1.31% 1.30% 1.20%
Return on average shareholders' equity 14.0% 13.6% 12.6%
Net interest margin 4.30% 4.21% 4.03%
Efficiency ratio 53.2% 54.1% 56.0%
Average loans $19,530,489 $19,104,434 $18,525,959 2.1% 5.7%
Average loans - managed (2) $20,700,079 $20,308,855 $19,840,394 1.8% 4.6%
Average loans - managed - linked quarter
annualized growth rate 7.4% 5.1% 3.2%
Average earning assets $22,638,248 $22,401,271 $22,652,365 1.1% (0.1)%
Average core deposits (3) $14,684,719 $14,027,333 $13,042,417 4.7% 12.6%
Average core deposits - linked quarter
annualized growth rate (3) 18.8% 5.9% 2.1%
Average total assets - reported $24,957,208 $24,780,354 $25,192,890 0.7% (0.9)%
Average shareholders' equity $ 2,342,963 $ 2,369,808 $ 2,403,418 (1.1)% (2.5)%
Net charge-offs (NCOs) $ 44,900 $ 49,276 $ 61,712 (8.9)% (27.2)%
NCOs as a % of average loans 0.92% 1.05% 1.33%
NCOs - excluding exited businesses $ 42,515 $ 45,528 $ 34,330 (6.6)% 23.8%
NCOs as a % of average loans - excluding
exited businesses 0.88% 0.97% 0.74%
Non-performing loans (NPLs) $ 212,091 $ 219,418 $ 146,987 (3.3)% 44.3%
Non-performing assets (NPAs) $ 223,237 $ 225,530 $ 156,900 (1.0)% 42.3%
NPAs as a % of total loans and other
real estate (OREO) 1.14% 1.17% 0.85%
Allowance for loan losses (ALL) as a %
of total loans at the end of period 2.00% 2.00% 1.76%
ALL as a % of NPLs 185.3% 175.9% 222.1%
ALL and OREO as a% of NPAs 175.7% 170.9% 207.1%
(1) Reported basis adjusted to exclude the restructuring and other charges
and the results of operations and impact of the sale of the Florida
operations.
(2) Includes securitized indirect auto loans.
(3) Includes non-interest bearing and interest bearing demand deposits,
savings deposits, CDs under $100,000 and IRA deposits.
N.M. - Not Meaningful.
10