-----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, GsJ75Cha0zQFQyyh1k5pJcP3BstLibuRNignNLiqBBGRodrDWcxrCb7R4aufcsBU yPkHLS2OiPlSs6ZF0twTfA== 0000950109-96-007306.txt : 19961113 0000950109-96-007306.hdr.sgml : 19961113 ACCESSION NUMBER: 0000950109-96-007306 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961112 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: 96658320 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 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------------- FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 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 required 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 -- 24,397,454 shares as of November 6, 1996. PART I. FINANCIAL INFORMATION - ------------------------------ Item 1. Financial Statements -------------------- NATIONAL COMMERCE BANCORPORATION Consolidated Balance Sheets -------------------------------- (In Thousands)
Sept.30 Dec. 31 1996 1995 ----------- ----------- (unaudited) ASSETS ------ Cash and cash equivalents: Interest-bearing deposits with other banks $ 17,332 $ 16,660 Cash and non-interest bearing deposits 136,506 144,166 Federal funds sold and securities purchased under agreements to resell 14,066 226,929 ---------- ---------- Total cash and cash equivalents 167,904 387,755 ---------- ---------- Securities: Held-to-maturity 819,651 762,023 Available-for-sale 534,083 516,623 ---------- ---------- Total securities 1,353,734 1,278,646 ---------- ---------- Trading account securities 25,565 20,159 Loans: Commercial, financial and agricultural 433,902 399,580 Real estate - construction 142,177 122,720 Real estate - mortgage 582,982 520,657 Consumer 1,074,846 871,407 Lease financing 13,874 18,678 Unearned discounts (4) (1,829) ---------- ---------- Total loans 2,258,442 1,931,213 Less allowance for loan losses 34,827 29,010 ---------- ---------- Net loans 2,212,950 1,902,203 ---------- ---------- Premises and equipment, net 19,628 18,382 Broker/dealer customer receivables 10,601 13,444 Other assets 95,165 74,453 ---------- ---------- Total assets $3,885,547 $3,695,042 ========== ==========
See notes to consolidated financial statements. 1 Consolidated Balance Sheets (cont.) - ----------------------------------- (In Thousands)
Sept. 30 Dec. 31 1996 1995 ---------- --------- (unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Liabilities: Deposits: Non-interest-bearing deposits $ 309,800 $ 331,436 Money market checking 251,908 274,876 Savings 75,468 86,989 Money market savings 891,422 735,911 Certificates of deposit less than $100,000 716,761 677,733 Certificates of deposit of $100,000 or more 513,030 467,825 ---------- ---------- Total deposits 2,758,389 2,574,770 ---------- ---------- Federal funds purchased and securities sold under agreements to repurchase 298,862 404,746 Broker/dealer customer payables 0 1,271 Accounts payable and accrued liabilities 47,099 38,396 Federal Home Loan Bank advances 322,362 372,799 Long-term debt 156,017 6,381 ---------- ---------- Total liabilities 3,582,729 3,398,363 ---------- ---------- Stockholders' equity: Common stock 48,782 49,669 Additional paid-in capital 65,606 80,605 Retained earnings 188,362 161,878 Unrealized gains (losses) on securities, net of taxes 68 4,527 ---------- ---------- Total stockholders' equity 302,818 296,679 Total liabilities and --------- --------- stockholders' equity $3,885,547 $3,695,042 ========== ==========
See notes to consolidated financial statements. 2 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Income --------------------------------- (Unaudited) (In Thousands, Except per Share Data)
For the three months For the nine months ended Sept. 30 ended Sept. 30 -------------------- -------------------- 1996 1995 1996 1995 --------- --------- ---------- -------- Interest income: Loans $48,747 $41,295 $138,889 $115,971 Securities: Taxable 20,635 20,264 62,364 51,961 Non-taxable 1,904 2,004 5,867 6,523 Trading account securities 446 328 1,218 893 Deposits at banks 233 256 674 748 Other 455 160 1,103 1,081 ------- ------- -------- -------- Total interest income 72,420 64,307 210,115 177,177 ------- ------- -------- -------- Interest expense: Deposits: Money market savings 945 1,222 3,016 3,632 Savings 390 463 1,250 1,484 Money market savings 9,772 7,753 25,847 22,882 Certificates of deposit less than $100,000 9,570 9,301 27,741 26,007 Certificates of deposit $100,000 or more 7,535 6,441 20,855 16,217 Federal Home Loan Bank advances 6,284 4,078 18,113 9,786 Long-term debt 1,047 116 1,276 343 Federal funds purchased and securities sold under agreements to repurchase 3,483 3,613 12,462 9,336 ------- ------- -------- -------- Total interest expense 39,026 32,987 110,560 89,687 ------- ------- -------- -------- Net interest income 33,394 31,320 99,555 87,490 Provision for loan losses 4,149 3,011 11,444 6,404 ------- ------- -------- -------- Net interest income after provision for loan losses 29,245 28,309 88,111 81,086 ------- ------- -------- -------- Other income: Trust service income 2,200 2,070 6,549 6,073 Service charges on deposits 3,701 3,369 10,476 10,239 Other services charges and fees 3,234 1,365 7,639 3,987 Broker/dealer revenue 1,676 2,524 7,617 7,299 Securities gains (losses) 194 51 (38) 219 Other income 7,843 3,982 20,422 12,597 ------- ------- -------- -------- Total other income 18,848 13,361 52,665 40,414 ------- ------- -------- --------
3 Consolidated Statements of Income (cont.) - ---------------------------------
For the three months For the nine months ended Sept. 30 ended Sept. 30 -------------------- ------------------- 1996 1995 1996 1995 ------- ------- ------- ------- Other expenses: Salaries and employee benefits 11,744 10,646 35,797 30,812 Occupancy expense 2,391 2,188 7,103 6,446 Furniture and equipment expenses 961 903 2,807 2,642 FDIC assessment 106 5 323 2,408 Other expenses 10,377 8,575 31,326 25,759 ------- ------- ------- ------- Total other expenses 25,579 22,317 77,356 68,067 ------- ------- ------- ------- Income before income taxes 22,514 19,353 63,420 53,433 Income taxes 7,789 6,587 21,656 17,584 ------- ------- ------- ------- Net income $14,725 $12,766 $41,764 $35,849 ======= ======= ======= ======= Net income per share of common stock $.59 $.51 $1.67 $1.42 Dividends per share of common stock $.19 $.l7 $.57 $.51
See notes to consolidated financial statements. 4 NATIONAL COMMERCE BANCORPORATION Consolidated Statements of Cash Flows ------------------------------------- (Unaudited)
For the Nine Months Ended Sept 30 --------------------- 1996 1995 ---- ---- (In Thousands) Operating activities: Net income $41,764 $35,849 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Provision for loan losses 11,444 6,404 Provision for depreciation and amortization 2,839 2,998 Amortization of security premiums and accretion of discounts, net 6 (257) Deferred income taxes (credit) 945 (1,018) (Increase) decrease in trading account securities (5,406) (5,590) Realized securities (gains) losses 38 (219) (Increase) decrease in broker/dealer customer receivables 2,843 (4,573) (Increase) decrease in interest receivable 496 (4,927) (Increase) decrease in other assets (22,553) (7,422) Increase in broker/dealer customer payables (1,271) 1,371 Increase (decrease) in interest payable (662) 8,272 Increase (decrease) in accounts payable and accrued expenses 13,727 1,012 --------- --------- Net cash provided by (used in) operating activities 44,210 31,900 --------- --------- Investing activities: Available for sale securities: Proceeds from the maturities of securities 168,279 40,975 Proceeds from sales of securities 274,464 229,827 Purchases of securities available for sale (375,478) (159,428) Purchases of securities held to maturity (149,707) (338,286) Net increase (decrease) in loans (323,472) (234,634) Purchase of premises and equipment (3,685) (3,285) --------- --------- Net cash provided by (used in) investing activities (409,599) (464,831) --------- --------- Financing activities: Net increase (decrease) in demand deposits, NOW accounts and savings accounts 99,386 (37,780) Net increase (decrease) in certificates of deposit 84,233 336,962 Net decrease in federal funds purchased and securities sold under agreements to repurchase (105,884) (56,508) Increase (decrease) in long-term debt 149,636 (2) Increase (decrease) in Federal Home Loan Bank advances (50,437) (108,901) Proceeds from exercise of stock options 3,198 1,718 Issuance of common stock 3,583 0 Repurchases of common stock (24,180) 0 Cash dividends paid (13,997) (12,582) --------- --------- Net cash provided by (used in) financing activities 145,538 453,725 --------- --------- Decrease in cash and cash equivalents (219,851) 20,794 Cash and cash equivalents at beginning of period 387,755 166,433 --------- --------- Cash and cash equivalents at end of period $167,904 $187,227 ========= ========= Interest paid $111,222 $81,415 Income taxes paid $22,549 $18,635
5 NATIONAL COMMERCE BANCORPORATION -------------------------------- Notes to Consolidated Financial Statements ------------------------------------------ September 30, 1996 ------------------ (Unaudited) --------- Note A - Basis of Presentation - ------------------------------ The consolidated balance sheet at December 31, 1995 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, 1995. 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, 1996 the securities in the "Available for Sale" category included $112,000 in unrealized gains. Accordingly, total securities and total stockholders' equity were increased by $112,000 and $68,000 (net of taxes), respectively, at September 30, 1996, to reflect the adjustment of the securities portfolio to market. The calculation of book value per share reflects these mark-to-market unrealized gains, whereas the calculation of ROA and ROE do not, because the unrealized gains are not included in net income. The fair value of the "Held to Maturity" category was $804.0 million at September 30, 1996. 6 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, 1996. Financial Condition - ------------------- Following is a comparison of the September 30, 1996, and December 31, 1995, consolidated balance sheets. In the liability section, total deposits increased by $184 million or 7.1%, principally as a result of a $45 million or 9.7% increase in certificates of deposit of $100,000 or more, reflecting current market trends and increases of $156 million or 21.1% increase in money market savings deposits, and a $39 million or 5.8% increase in certificates of deposit less than $100,000, reflecting new deposit gathering campaigns. Partially offsetting these increases, money market checking accounts decreased $23 million or 8.4%, savings deposits decreased $12 million or 13.2%, and non-interest- bearing deposit accounts decreased $22 million or 6.5% reflecting normally higher year-end non-interest-bearing deposit levels. Federal funds purchased and securities sold under agreements to repurchase decreased $106 million or 26.2% from year-end 1995 levels. This category of liabilities fluctuates with the availability of overnight funds purchased from downstream correspondent banks. Federal Home Loan Bank advances decreased $50 million or 13.5% from December 31, 1995. This increase is principally the result of asset/liability management decisions related to the current interest rate environment. Long-term debt increased $150 million, reflecting management's decision to issue floating-rate notes with a two-year maturity of a bank subsidiary due to a favorable interest rate environment. In the asset section, total gross loans increased by $315 million or 16.3% compared to December 31, 1995 levels. Commercial loans increased by $34 million or 8.6%, real estate construction loans increased by $19 million or 15.9%, and real estate mortgage loans increased $62 million or 12.0%, reflecting current demand. Consumer loans increased $203 million or 23.3%, reflecting an increased emphasis on promoting indirect automobile loans. Securities increased by $75 million or 5.9% from year-end 1995. Securities held to maturity increased by $58 million or 7.6%, and securities available for sale increased $17 million or 3.4%, reflecting current portfolio investment strategies, and current market conditions. Federal funds sold and securities purchased under agreements to resell decreased by $213 million or 93.8% from December 31, 1995 levels, reflecting less excess funds that otherwise were not employed in loans or securities at September 30, 1996. Trading account securities increased by $5 million or 26.8% from year-end 1995 levels. This decrease 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 decreased $3 million and payables decreased $1 million reflecting levels of activity. 7 Results of Operations - --------------------- Three Months Ended September 30, 1996, Compared to Three Months Ended September 30, 1995 - -------------------------------------------------------------------------------- Net income was $14,725,000 for the third quarter of 1996, a 15.3% increase over the $12,766,000 reported for the same period a year earlier. Earnings per share were $.59, compared to $.51 per share in 1995, up 15.7%. Net interest income, the difference between interest earned on loans and investments and interest paid on interest-bearing liabilities, increased by $1,990,000 or 6.1% for the third quarter of 1996. This increase reflects an $8,029,000 or 12.2% increase in total interest income that more than offsets a $6,039,000 or 18.3% increase in interest expense. Interest income increased in 1996 due to an increase of $513,236,000 or 16.3% in total average earning assets, partially off-set by a decrease in the yield on average earning assets from 8.27% in the third quarter of 1995 to 8.00% in the third quarter of 1996. The increased volume of earning assets positively impacted interest income by approximately $10,000,000, while the decreased yield negatively impacted interest income by approximately $2,000,000. Interest expense increased in the third quarter of 1996, reflecting an increase in average interest-bearing liabilities of $499,849,000 or 18.3%, and an increase in the cost of interest- bearing liabilities from 4.80% to 4.81%. The increase in the rate paid on interest-bearing liabilities had a minimal effect on interest expense, and the increase in average outstandings negatively affected interest expense by approximately $6,000,000. The net interest margin (taxable equivalent net interest income as a percentage of average earning assets) was 3.76% in third quarter 1996, compared to 4.11% in third quarter of 1995. The provision for loan losses in the third quarter of 1996 was $4,149,000, versus $3,011,000 for the third quarter of 1995. Net charge-offs were $1,797,000, or .33% of average loans compared to $1,135,000 or .26% of average loans in 1995. The increased provision was due to possible losses on current loan growth. The allowance for loan losses totaled $34,827,000 at September 30, 1996, representing 1.55% of quarter-end net loans, compared to $27,456,000 or 1.51% of quarter-end net loans at September 30, 1995. Following is a comparison of non-earning assets and loans past due 90 days or more for the quarters ended September 30 1996, June 30, 1996, and September 30, 1995 (dollars in thousands):
9-30-96 6-30-96 9-30-95 ------- ------- ------- Non-accrual loans 0 0 57 Renegotiated loans 0 0 0 Other real estate 0 97 0 ------- ------- ------- Total non-earning assets 0 97 57 ======= ======= ======= Loans past due 90 days or more 3,068 2,561 2,953 Percentage of total loans .14% .12% .16%
Non-interest income, excluding securities transactions, totaled $18,654,000 for the quarter, an increase of $5,344,000, or 40.2%, from last year's third quarter. The Company's broker/dealer revenue decreased $848,000 versus third quarter 1995, reflecting current market conditions. Also included in non- interest income was a pre-tax gain of $1.8 million relating to bank facilities transactions. All other sources of non-interest income, including service charge income, trust service income, fuel card processing income, and supermarket sublicense income increased a net of $4,393,000 or 40.7%. Securities gains totaled $194,000 in third quarter 1996, compared to $51,000 in securities gains in 1995. 8 Non-interest expenses (excluding the provision for loan losses) increased by $3,262,000 or 14.6% in third quarter, 1996, primarily reflecting increased employment and occupancy expenses relating to new products and locations and increased promotional expenses of new loan and deposit gathering campaigns. The Company's return on average assets and return on average equity were 1.52% and 19.98% respectively, for third quarter of 1996. These compared with 1995 third quarter returns of 1.53% and 18.45%, respectively. Nine Months Ended September 30, 1996, Compared to Nine Months Ended September 30, 1995 - -------------------------------------------------------------------------------- For the nine months ended September 30, 1996, net income totaled $41,764,000, a 16.5% increase over the $35,849,000 for the first nine months of 1995. Earnings per share were $1.67, compared to $1.42 for the same period in 1995, a 17.6% increase. For the nine-month period, return on average assets and return on average stockholders' equity were $1.49% and 19.01% respectively. These compared with 1995 nine month returns of 1.54% and 17.84%. Net interest income increased by $11,616,000 or 12.6% for the first nine months of 1996. This increase reflects a $32,489,000 or 17.9% increase in total interest income that more than offsets a $20,873,000 or 23.3% increase in interest expense. Interest income increased in 1996 due to an increase of $627,729,000 or 21.5% in total average earning assets, partially offset by a decrease in the yield on average earning assets from 8.32% in 1995 to 8.06% in 1996. The increased volume of earning assets positively impacted interest income by approximately $39,000,000, while the decreased yield negatively impacted interest income by approximately $6,800,000. Interest expense increased in the first nine months of 1996, reflecting an increase in average interest-bearing liabilities of $586,895,000 or 23.4%, with the cost of interest-bearing liabilities remaining flat at 4.77%. The increase in average oustandings negatively impacted interest expense by approximately $21,000,000. The net interest margin was 3.90% in the first nine months of 1996, compared to 4.21% in the first nine months of 1995. The provision for loan losses for the first nine months of 1996 was $11,444,000, versus $6,604,000 for the first nine months of 1995. Net charge- offs were $5,224,000, compared to $3,258,000 in 1995. Non-interest income, excluding securities transactions, totaled $52,703,000 for the first nine months of 1996, compared to a total of $40,195,000 for the first nine months of 1995, an increase of 31.1%. The Company's broker-dealer revenue increased $318,000 or 4.4%, reflecting current market conditions. Other sources of non-interest income, including service charge income, trust service income, fuel card processing income, supermarket sublicence income, and the previously mentioned gain on the sale of certain assets, primarily loans, of the Company's Commerce Finance Company subsidiary, and the previously mentioned gain relating to bank facilities transactions, increased a net of $12,190,000 or 37.1%. Securities losses totaled $38,000 in 1996, compared to $219,000 in securities gains in 1995. Non-interest expenses (excluding the provision for loan losses) increased by $9,289,000 or 13.6% for the first nine months of 1996. Increased employment and occupancy expenses relating to new products and locations, and increased promotional expenses of new loan and deposit gathering campaigns, partially offset by lower FDIC insurance premiums, were the primary reasons for the increase. 9 Liquidity and Capital Resources - ------------------------------- Interest-bearing bank balances, federal funds sold, trading account securities, and 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 and the Federal Home Loan Bank. Maturing loans and securities are the principal sources of long-term asset liquidity. Total realized stockholders' equity increased by $10,598 from December 31, 1995. Retained earnings increased a total of $26,484,000. Offsetting this increase was the effect of a stock repurchase program initiated in January, 1996. Through September 30, 1996, 840,408 shares had been repurchased and cancelled under the program at a cost of $24,181,000. This decrease in shares outstanding was partially offset by the issue of 265,035 shares through the exercise of stock options and 129,908 shares issued in exchange for the remaining stock of TransPlatinum Service Corp. The following capital ratios do not include the effect of FAS No. 115 on Tier I capital, total capital, or total risk-weighted assets. As indicated in the following table, the Company and its banking subsidiaries exceeded all minimum required capital ratios for well-capitalized institutions at September 30, 1996.
9-30-96 6-30-96 9-30-95 ------- ------- ------- Total capital to risk-weighted assets 12.36% 12.22% 12.82% Tier I capital to risk-weighted assets 11.11% 10.96% 14.06% Tier I capital to assets (leverage ratio) 7.69% 7.41% 8.02%
10 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, 1996. 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 /s/ Lewis E. Holland ------------------------------------ Lewis E. Holland Executive Vice President, Treasurer and Chief Financial Officer (Authorized Officer) (Principal Financial Officer) Date November 12, 1996 -------------------- 11 EX-11 2 EXHIBIT 11 EXHIBIT 11. Computation of Earnings Per Share - ----------------------------------------------
In Thousands, Except Per Share Data ------------------------------------------- Three Months Ended Nine Months Ended Sept. 30 Sept. 30 ------------------ ----------------- 1996 1995 1996 1995 ------- ------- ------- ------- Primary: Average shares outstanding 24,380 24,734 24,592 24,650 Less leveraged ESOP shares (113) (53) (110) (53) Net effect of the assumed exercise of stock options - based on the treasury stock method using average market price 624 580 578 627 ------- ------- ------- ------- Total 24,891 25,261 25,060 25,224 ======= ======= ======= ======= Net income $14,725 $12,766 $41,764 $35,849 Per share amount $.59 $.51 $1.67 $1.42 Fully Diluted: Average shares outstanding 24,380 24,734 24,592 24,650 Less leveraged ESOP shares (113) (53) (110) (53) Net effect of the assumed exercise of stock options - based on the treasury stock method using higher of quarter-end and average market price 647 580 630 646 ------- ------- ------- ------- 24,914 25,261 25,112 25,243 ======= ======= ======= ======= Net income $14,725 $12,766 $41,764 $35,849 Per share amount $.59 $.51 $1.66 $1.42
12 EX-27 3 FINANCIAL DATA SCHEDULE
9 1,000 9-MOS 9-MOS DEC-31-1996 DEC-31-1995 JAN-01-1996 JAN-01-1995 SEP-30-1996 SEP-30-1995 136,506 135,734 17,332 17,773 14,066 33,720 25,565 19,097 534,083 806,974 819,651 622,192 804,022 622,220 2,247,777 1,824,265 34,827 27,456 3,885,547 3,533,852 2,758,389 2,453,572 345,383 364,720 47,099 33,531 431,858 403,747 0 0 0 0 302,818 278,282 0 0 3,885,547 3,533,852 138,889 115,971 68,231 58,484 2,995 2,772 210,115 177,177 78,709 70,222 110,560 89,687 99,555 87,490 11,444 6,404 (38) 219 77,356 68,067 63,420 53,443 63,420 53,443 0 0 0 0 41,764 35,849 1.67 1.42 1.66 1.42 3.90 4.21 0 57 3,068 2,953 0 0 583 754 29,010 24,310 7,451 4,952 2,227 1,694 34,827 27,456 34,827 27,456 0 0 0 0
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