-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G6ESvYFhtObu8eSWXto5CsV6k72CS1h9zi+GCynnh4Oada5raIT6q4v3JphSOOlN /+FNYn6/uVzKrBhrzis7Ng== 0000931763-95-000193.txt : 19951119 0000931763-95-000193.hdr.sgml : 19951119 ACCESSION NUMBER: 0000931763-95-000193 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951113 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL COMMERCE BANCORPORATION CENTRAL INDEX KEY: 0000101844 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 620784645 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06094 FILM NUMBER: 95589134 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQ CITY: MEMPHIS STATE: TN ZIP: 38150 BUSINESS PHONE: 9015233242 MAIL ADDRESS: STREET 1: ONE COMMERCE SQ CITY: MEMPHIS STATE: TN ZIP: 38150 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TENNESSEE BANCSHARES CORP DATE OF NAME CHANGE: 19780820 FORMER COMPANY: FORMER CONFORMED NAME: UNITED TENNESSEE BANSHARES CORP DATE OF NAME CHANGE: 19780525 10-Q 1 THIRD QUARTER REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 Commission file number 0-6094 ------- NATIONAL COMMERCE BANCORPORATION -------------------------------- (Exact name of registrant as specified in its charter) Tennessee 62-0784645 ---------- ---------- (State or other jurisdiction (I.R.S. Employer of incorporation organization) Identification No.) One Commerce Square Memphis, Tennessee 38150 ------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code - (901)523-3242 Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, $2 par value -- 24,805,056 shares as of November 8, 1995. PART I. FINANCIAL INFORMATION - ------------------------------ Item 1. Financial Statements -------------------- NATIONAL COMMERCE BANCORPORATION Consolidated Balance Sheets -------------------------------- (In Thousands)
Sept 30 Dec. 31 1995 1994 ----------- ----------- (unaudited) ASSETS Cash and cash equivalents: Interest bearing deposits $ 17,773 $ 17,630 Cash and non-interest bearing deposits 135,734 123,128 Federal funds sold and securities purchased under agreement to resell 33,720 25,675 ---------- ---------- Total cash and cash equivalents 187,227 166,433 ---------- ---------- Securities: Held to maturity 622,192 283,906 Available for sale 806,974 872,379 ---------- ---------- Total securities 1,429,166 1,156,285 ---------- ---------- Trading account securities 19,097 13,507 Loans: Commercial, financial and agricultural 373,565 356,035 Real estate - construction 110,029 91,424 Real estate - mortgage 528,683 501,489 Consumer 795,908 630,927 Lease financing 17,852 14,818 ---------- ---------- Total loans 1,826,037 1,594,693 Less: Allowance for loan losses 27,456 24,310 Unearned discounts 1,772 1,887 ---------- ---------- Net loans 1,796,809 1,568,496 ---------- ---------- Bank premises and equipment 18,229 17,729 Broker/dealer customer receivables 5,703 1,130 Other assets 77,621 82,229 ---------- ---------- Total assets $3,533,852 $3,005,809 ========== ==========
See notes to consolidated financial statements. 2 [CAPTION] Consolidated Balance Sheets (cont.) - ---------------------------- (In Thousands) Sept. 30 Dec. 31 1995 1994 -------- -------- (unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing deposits $ 298,996 $ 306,684 Money market checking 250,577 257,729 Savings deposits 83,615 93,094 Money market savings 692,090 705,551 Certificates of deposit less than $100,000 654,434 511,772 Certificates of deposit of $100,000 or more 473,860 279,560 ---------- ---------- Total deposits 2,453,572 2,154,390 ---------- ---------- Federal funds purchased and securities sold under agreements to repurchase 331,644 275,136 Broker/dealer customer payables 1,770 399 Accounts payable and accrued liabilities 31,761 23,541 Federal Home Loan Bank advances 430,442 321,541 Long-term debt 6,381 6,383 ---------- ---------- Total liabilities 3,255,570 2,781,390 ---------- ---------- Stockholders' equity: Common stock 49,558 49,094 Additional paid-in capital 80,083 77,785 Retained earnings 153,753 130,404 Unrealized securities gains (losses) (5,112) (32,864) ---------- ---------- Total stockholders' equity 278,282 224,419 Total liabilities and --------- --------- stockholders' equity $3,533,852 $3,005,809 ========== ==========
See notes to consolidated financial statements. 3 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Income --------------------------------- (Unaudited) (In Thousands)
For the three months ended Sept. 30 1995 1994 ------ ------ Interest income: Loans $41,295 $33,172 Securities: Taxable 20,264 13,906 Non-taxable 2,004 2,279 Trading account securities 328 289 Deposits at banks 256 206 Other 160 314 ------ ------ Total interest income 64,307 50,166 ------ ------- Interest expense: Deposits: Money market checking 1,222 1,152 Savings 463 573 Money market savings 7,753 5,704 Certificates of deposit less than $100,000 9,301 5,902 Certificates of deposit of $100,000 or more 6,441 3,720 Federal Home Loan Bank advances 4,078 2,782 Long-term debt 116 99 Federal funds purchased and securities sold under agreements to repurchase 3,613 2,641 ------ ------- Total interest expense 32,987 22,573 ------ ------- Net interest income 31,320 27,593 Provision for loan losses 3,011 1,554 ------ ------- Net interest income after provision for loan losses 28,309 26,039 ------ ------- Other income: Trust service income 2,070 1,965 Service charges on deposits 3,369 3,614 Other service charges and fees 1,365 1,051 Broker/dealer revenue 2,524 2,964 Securities gains 51 0 Other income 3,982 3,151 ------ ------- Total other income 13,361 12,745 ------ -------
4
Consolidated Statements of Income (cont.) - ------------------------------------------------------------------ For the three months ended Sept. 30 ---------------- 1995 1994 ------- ------- Other expenses: Salaries and employee benefits 10,646 9,983 Occupancy expense 2,188 1,926 Furniture and equipment expenses 903 839 FDIC assessment 5 1,130 Other expenses 8,575 8,017 ------- ------- Total other expense 22,317 21,895 ------- ------- Income before income taxes 19,353 16,889 Income taxes 6,587 5,621 ------- ------- Net income $12,766 $11,268 ======= ======= Net income per share of common stock $.51 $.45 Dividends per share of common stock $.17 $.15
See notes to consolidated financial statements. 5 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Income --------------------------------- (Unaudited) (In Thousands)
For the nine months ended Sept. 30 1995 1994 ------ ------ Interest income: Loans $115,971 $ 93,285 Securities: Taxable 51,961 38,771 Non-taxable 6,523 6,521 Trading account securities 893 1,261 Deposits at banks 748 535 Other 1,081 471 -------- -------- Total interest income 177,177 140,844 -------- -------- Interest expense: Deposits: Money market checking 3,632 3,755 Savings 1,484 1,754 Money market savings 22,882 11,926 Certificates of deposit less than $100,000 26,007 16,924 Certificates of deposit of $100,000 or more 16,217 9,999 Federal Home Loan Bank advances 9,786 7,815 Long-term debt 343 292 Federal funds purchased and securities sold under agreements to repurchase 9,336 6,835 -------- -------- Total interest expense 89,687 59,300 -------- -------- Net interest income 87,490 81,544 Provision for loan losses 6,404 5,614 -------- -------- Net interest income after provision for loan losses 81,086 75,930 -------- -------- Other income: Trust service income 6,073 6,032 Service charges on deposits 10,239 10,830 Other service charges and fees 3,987 3,188 Broker/dealer revenue 7,299 8,216 Securities gains 219 369 Other income 12,597 8,623 -------- -------- Total other income 40,414 37,258 -------- --------
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Consolidated Statements of Income (cont.) - --------------------------------------------------------------------------------- For the nine months ended Sept. 30 ------------------ 1995 1994 -------- -------- Other expenses: Salaries and employee benefits 30,812 29,615 Occupancy expense 6,446 5,535 Furniture and equipment expenses 2,642 2,465 FDIC assessment 2,408 3,241 Other expenses 25,759 24,045 -------- -------- Total other expense 68,067 64,901 -------- -------- Income before income taxes 53,433 48,287 Income taxes 17,584 16,094 -------- -------- Net income $ 35,849 $ 32,193 ======== ======== Net income per share of common stock $1.42 $l.29 Dividends per share of common stock $.51 $.45
See notes to consolidated financial statements. 7 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Cash Flows ------------------------------------- (Unaudited)
For the Nine Months Ended Sept. 30 ------------------- 1995 1994 -------- --------- (In Thousands) Operating activities: Net income $ 35,849 $ 32,193 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for loan losses 6,404 5,614 Provision for depreciation and amortization 2,998 2,939 Amortization of security premiums and accretion of discounts, net (257) 396 Deferred income taxes (credit) (1,018) 4,737 (Increase) decrease in trading account securities (5,590) 50,705 Realized securities (gains) (219) (366) (Increase) decrease in broker/dealer customer receivables (4,573) 16,101 (Increase) decrease in interest receivable (4,927) (3,292) (Increase) decrease in other assets (7,422) (10,704) Increase (decrease) in broker/dealer customer payables 1,371 (13,152) Increase in interest payable 8,272 4,165 Increase (decrease) in accounts payable and accrued expenses 1,012 1,255 --------- --------- Net cash provided by operating activities 31,900 90,591 --------- --------- Investing activities: Proceeds from the maturities of securities 40,975 182,417 Proceeds from sales of securities 229,827 60,895 Purchases of securities (159,428) (484,187) Purchases of securities held to maturity (338,286) 0 Net increase in loans (234,634) (146,240) Purchase of premises and equipment (3,285) (5,645) --------- --------- Net cash provided by operating activities (464,831) (392,760) --------- ---------
8 [CAPTION] Financing activities: Net increase (decrease) in demand deposits, NOW accounts and savings accounts (37,780) 143,100 Net increase in cerificates of deposit 336,962 49,221 Net (increase) decrease in federal funds purchased and securities sold under agreements to repurchase 56,508 46,309 Increase (decrease) in long-term debt (2) 13 Increase (decrease) in Federal Home Loan Bank advances 108,901 133,200 Proceeds from exercise of stock options 1,718 1,043 Issuance of common stock 0 76 Cash dividends paid (12,582) (11,013) --------- --------- Net cash provided by (used in) financing activities 453,725 361,949 --------- --------- Increase (decrease) in cash and cash equivalents 20,794 59,780 Cash and cash equivalents at beginning of period 166,433 120,396 --------- --------- Cash and cash equivalents at end of period $ 187,227 $ 180,176 ========= ========= Cash paid during the period for: Interest expense $ 81,415 $ 55,135 ========= ========= Income taxes $ 18,635 $ 18,663 ========= =========
9 NATIONAL COMMERCE BANCORPORATION -------------------------------- Notes to Consolidated Financial Statements ------------------------------------------ (Unaudited) --------- Note A - Basis of Presentation - ------------------------------ The consolidated balance sheet at December 31, 1994 has been derived from the audited financial statements at that date. The accompanying unaudited interim consolidated financial statements reflect all adjustments (consisting only of normally recurring accruals) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The statements should be read in conjunction with the summary of accounting policies and notes to consolidated financial statements included in the Registrant's annual report for the year ended December 31, 1994. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted in accordance with the rules of the Securities and Exchange Commission. Note B - Securities Portfolio - ----------------------------- In accordance with FAS No. 115 "Accounting for Certain Investments in Debt and Equity Securities", as of September 30, 1995 the securities in the "Available for Sale" category included $8,381,000 in unrealized losses. Accordingly, total securities and total stockholders' equity were decreased by $8.4 million and $5.1 million (net of taxes), respectively, at September 30, 1995, to reflect the adjustment of the securities portfolio to market. The calculation of book value per share reflects this mark-to-market unrealized loss, whereas the calculation of ROA and ROE do not, because the unrealized loss is not included in net income. The fair value of the "Held to Maturity" category was $622.2 million at September 30, 1995. 10 Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ----------------------------------------------------------- The purpose of this discussion is to focus on important factors affecting the Company's financial condition and results of operations. Reference should be made to the consolidated financial statements (including the notes thereto) for an understanding of the following discussion and analysis. In this discussion, net interest income and net interest margin are presented on a fully taxable equivalent basis. All per share data is adjusted to reflect all stock dividends and stock splits declared through September 30, 1995. Financial Condition - ------------------- Following is a comparison of the September 30, 1995, and December 31, 1994, consolidated balance sheets. In the liability section, total deposits increased by $299 million or 13.9%, principally as a result of a $194 million or 69.5% increase in certificates of deposit of $100,000 or more, and a $143 million or 27.9% increase in certificates of deposit less than $100,000. Partially offsetting these increases, money market checking accounts decreased $7 million or 2.8%, money market savings deposits decreased $13 million or 1.9%, savings deposits decreased $9 million or 10.2%, and total non interest-bearing deposits decreased $8 million or 2.5% reflecting current market trends and normally higher year-end non-interest-bearing deposit levels. Federal funds purchased and securities sold under agreements to repurchase increased $57 million or 20.5% from year-end 1994 levels. This category of liabilities fluctuates with the availability of overnight funds purchased from downstream correspondent banks. Federal Home Loan Bank advances increased $109 million or 33.9% from December 31, 1994. This increase is principally the result of asset/liability management decisions related to the current interest rate environment related to increases in loans and securities. In the asset section, total gross loans increased by $231 million or 14.5% compared to December 31, 1994 levels. Commercial loans increased by $18 million or 4.9%, and real estate construction loans increased by $19 million or 20.4%, reflecting current demand. Consumer loans increased $165 million or 26.1%, and real estate mortgage loans increased by $27 million or 5.4%, reflecting increased emphasis on promoting indirect automobile loans and real estate mortgage loans. Investment securities increased by $273 million or 23.6% from year-end 1994. U.S. Government securities decreased $96 million or 80.1%, Federal agency securities increased by $373 million or 44.2%, and state and municipal securities decreased $9 million or 5.8%, and 11 other securities increased $6 million or 18.8%. Federal funds sold and securities purchased under agreements to resell increased by $8.0 million or 31.3% from December 31, 1994 levels, reflecting excess funds that otherwise were not employed in loans or securities at September 30, 1995. Trading account securities increased by $5.6 million or 41.4% from year-end 1994 levels. This increase reflects the trading activity generated by Commerce Investment Corporation, the Company's broker/dealer subsidiary, which fluctuates from time to time. Broker/dealer customer receivables and payables both increased, reflecting levels of activity. Results of Operations - --------------------- Three Months Ended September 30, 1995, Compared to Three Months Ended September 30, 1994 - ----------------------------------------------------------------- Net income was $12,766,000 for the third quarter of 1995, a 13.3% increase over the $11,268,000 reported for the same period a year earlier. Earnings per share were $.51, compared to $.45 per share in 1994, up 13.3%. Net interest income, the difference between interest earned on loans and investments and interest paid on interest-bearing liabilities, increased by $3,635,000 or 12.5% for the third quarter of 1995. This increase reflects a $14,049,000 or 27.2% increase in total interest income that more than offsets a $10,414,000 or 46.1% increase in interest expense. Interest income increased in 1995 due to an increase of $422,931,000 or 15.5% in total average earnings assets, and an increase in the yield on average earning assets from 7.50% in the third quarter of 1994 to 8.27% in the third quarter of 1995. The increased volume of earning assets positively impacted interest income by approximately $8,000,000, while the increased yield positively impacted interest income by approximately $6,049,000. Interest expense increased in the third quarter of 1995, reflecting an increase in average interest-bearing liabilities of $378,175,000 or 16.1%, and an increase in the cost of interest-bearing liabilities from 3.81% to 4.80%, primarily as a result of deposit gathering in new markets. The increase in the rate paid on interest-bearing liabilities negatively affected interest expense by approximately $6,781,000, and the increase in average outstandings negatively affected interest expense by approximately $3,633,000. The net interest margin (taxable equivalent net interest income as a percentage of average earning assets) was 4.11% in third quarter 1995, compared to 4.22% in third quarter of 1994. The provision for loan losses in the third quarter of 1995 was 12 $3,011,000, versus $1,554,000 for the third quarter of 1994. Net charge-offs were $1,135,000, compared to $1,375,000 in 1994. The increased provision was due entirely to current and anticipated loan growth. The allowance for loan losses totaled $27,456,000 at September 30, 1995, representing 1.51% of quarter- end net loans, compared to $24,010,000 or 1.56% of quarter-end net loans at September 30, 1994. Following is a comparison of non-earning assets and loans past due 90 days of more for the quarters ended September 30, 1995, June 30, 1995, and September 30, 1994 (dollars in thousands):
9-30-95 6-30-95 9-30-94 ------- ------- ------- Non-accrual loans 57 58 0 Renegotiated loans 0 0 0 Other real estate 0 0 1,511 ----- ----- ------- Total non-earning assets 57 58 1,511 ===== ===== ======= Loans past due 90 days or more 2,953 2,697 2,223
Non-interest income totaled $13,361,000 for the quarter, an increase of $616,000, or 4.8%, from last year's third quarter. The Company's broker/dealer revenue decreased $440,000 versus third quarter, 1994, reflecting current market conditions. All other sources of non-interest income, including service charge income, trust service income, and supermarket sublicense income increased a net of $1,056,000 or 10.8%. Non-interest expenses (excluding the provision for loan losses) increased by $422,000 or 1.9% in third quarter, 1995, primarily reflecting expenses of new locations and the expenses of introducing new loan and cash management products totaling approximately $1,200,000, and a reduction in FDIC insurance premiums totaling approximately $1,125,000. The Company's return on average assets and return on average equity, excluding unrealized losses on investment securities, were 1.53% and 18.45% respectively, for the third quarter of 1995. These compared with 1994 third quarter returns of 1.55% and 18.51%. 13 Nine Months Ended September 30, 1995, Compared to Nine Months Ended September 30, 1994 - ------------------------------------------------------------- For the nine months ended September 30, 1995, net income totaled $35,849,000, a 11.4% increase over the $32,193,000 for the first nine months of 1994. Earnings per share were $1.42, compared to $1.29 for the same period in 1994, a 10.1% increase. For the nine-month period, return on average assets and return on average equity, excluding unrealized losses on investment securities, were 1.54% and 17.84% respectively. These compared with 1994 nine month returns of 1.54% and 18.19%. Net interest income increased by $6,155,000 or 7.2% for the first nine months of 1995. This increase reflects a $36,542,000 or 25.2% increase in total interest income that more than offsets a $30,387,000 or 51.2% increase in interest expense. Interest income increased in 1995 due to an increase of $296,824,000 or 11.3% in total average earning assets, and an increase in the yield on average earning assets from 7.39% in 1994 to 8.32% in 1995. The increased volume of earning assets positively impacted interest income by approximately $16,416,000, while the increased yield positively impacted interest income by approximately $20,126,000. Interest expense increased in the first nine months of 1995, reflecting an increase in average interest-bearing liabilities of $265,482,000 or 11.8% and an increase in the cost of interest- bearing liabilities from 3.53% to 4.77%, primarily as a result of deposit gathering in new markets. The increase in the rate paid on interest-bearing liabilities negatively impacted interest expense by approximately $23,380,000, and the increase in average outstandings negatively impacted interest expense by approximately $7,007,000. The net interest margin was 4.21% in the first nine months of 1995, compared to 4.37% in the first nine months of 1994. The provision for loan losses for the first nine months of 1995 was $6,404,000, versus $5,614,000 for the first nine months of 1994. Net charge-offs were $3,258,000, compared to $3,071,000 in 1994. Non-interest income totaled $40,414,000 for the first nine months of 1995, compared to a total of $37,258,000 for the first nine months of 1994, an increase of 8.5%. The Company's broker-dealer revenue decreased $917,000 or 11.2%, reflecting current market conditions. Other sources of non-interest income, including service charge income, trust service income, and supermarket sublicense income, increased a net of $4,073,000 or 14.0%. Non-interest expenses (excluding the provision for loan losses) increased by $3,166,000 or 4.9% for the first nine months of 1995, primarily reflecting expenses of new locations and the expenses of introducing new loan and cash management products totaling approximately $2,400,000. 14 Liquidity and Capital Resources - ------------------------------- Interest-bearing bank balances, federal funds sold, trading account securities, and investment securities available for sale are the principal sources of short-term asset liquidity. Other sources of short-term liquidity include federal funds purchased and repurchase agreements, credit lines with other banks, and borrowings from the Federal Reserve Bank. Maturing loans and investment securities are the principal sources of long-term asset liquidity. Total realized stockholders' equity increased by $26,111,000 from December 31, 1994, with retained earnings accounting for substantially all of the increase. The following capital ratios do not include the effect of FAS No. 115 on Tier I capital, total capital, or total risk-weighted assets.
9-30-95 6-30-95 9-30-94 ------- ------- ------- Total capital to risk-weighted assets 12.82% 15.16% 14.85% Tier I capital to risk-weighed assets 14.06% 13.91% 13.60% Leverage ratio 8.02% 9.10% 8.40%
15 PART II. OTHER INFORMATION - --------------------------- Item 6. Exhibits and Reports on Form 8-K --------------------------------- a. Exhibits 11. Computation of Earnings per Share 27. Financial Data Schedule b. Reports on Form 8-K The Registrant did not file any reports on Form 8-K during the quarter ended September 30, 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NATIONAL COMMERCE BANCORPORATION (Registrant) By -------------------------------------- Lewis E. Holland Executive Vice President, Treasurer and Chief Financial Officer (Authorized Officer) (Principal Financial Officer) Date ------------------ 16 EX-11 2 EARNINGS PER SHARE
EXHIBIT 11 - Computation of Earnings Per Share - --------------------------------------------------------------------------------------------------------- (In Thousands, Except Per Share Data) Quarter Ended Nine Months Ended Sept. 30 Sept. 30 -------------- ----------------- 1995 1994 1995 1994 ------ ------ ------ ------ Primary: Average shares outstanding 24,734 24,502 24,650 24,457 Less leveraged ESOP shares (53) (75) (53) (75) Net effect of the assumed exercise of stock options - based on the treasury stock method using average market price 580 636 627 657 ------- ------- ------- ------- Total 25,261 25,063 25,224 25,039 ======= ======= ====== ======= Net income $12,766 $11,268 $35,849 $32,193 Per share amount $.51 $.45 $1.42 $l.29 Fully Diluted: Average shares outstanding 24,734 24,502 24,650 24,457 Less leveraged ESOP shares (53) (75) (53) (75) Net effect of the assumed exercise of stock options - based on the treasury stock method using higher of quarter-end and average market price 580 714 645 683 ------- ------- ------- ------- Total 25,261 25,141 25,242 25,065 ======= ======= ======= ======= Net income $12,766 $11,268 $35,849 $32,193 Per share amount $.51 $.45 $1.42 $1.28
EX-27 3 FINANCIAL DATA SCHEDULE
9 1,000 9-MOS 9-MOS DEC-31-1995 DEC-31-1994 JAN-01-1995 JAN-01-1994 SEP-30-1995 SEP-30-1994 135,734 116,318 17,773 17,216 33,720 46,642 19,097 12,419 806,974 892,667 622,192 274,354 622,220 264,028 1,824,265 1,539,423 27,456 24,010 3,533,852 2,966,183 2,453,572 2,111,962 331,644 344,909 33,531 20,630 436,823 258,541 278,282 230,141 0 0 0 0 0 0 3,533,852 2,966,183 115,971 93,285 58,484 45,292 2,722 2,267 177,177 140,844 70,222 44,358 89,687 59,300 87,490 81,544 6,404 5,614 219 369 68,067 64,901 53,443 48,287 53,443 48,287 0 0 0 0 35,849 32,193 1.42 1.29 1.42 1.28 4.21 4.37 57 0 2,953 2,223 0 0 754 1,247 24,310 21,467 4,952 4,662 1,694 1,591 27,456 24,010 27,456 24,010 0 0 0 0
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