-----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, VbVMnTTYRc78JoEGeOiFPUnQdAcLpLZwzci/9HaKKWp0F8Bi3CebEdxz3vy+HQIB KgQTOk34p962CQD7ZNIgRQ== 0001157523-04-000157.txt : 20040113 0001157523-04-000157.hdr.sgml : 20040113 20040113095716 ACCESSION NUMBER: 0001157523-04-000157 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040113 ITEM INFORMATION: FILED AS OF DATE: 20040113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMSOUTH BANCORPORATION CENTRAL INDEX KEY: 0000003133 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 630591257 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07476 FILM NUMBER: 04521796 BUSINESS ADDRESS: STREET 1: 1900 FIFTH AVENUE NORTH STREET 2: AMSOUTH CENTER CITY: BIRMINGHAM STATE: AL ZIP: 35203 BUSINESS PHONE: 2053207151 MAIL ADDRESS: STREET 1: 1900 FIFTH AVENUE STREET 2: AMSOUTH CENTER CITY: BIRMINGHAM STATE: AL ZIP: 35203 FORMER COMPANY: FORMER CONFORMED NAME: ALABAMA BANCORPORATION DATE OF NAME CHANGE: 19810527 FORMER COMPANY: FORMER CONFORMED NAME: FIRST BIRMINGHAM CORP DATE OF NAME CHANGE: 19741107 8-K 1 a4545903.txt AMSOUTH 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 13, 2004 AMSOUTH BANCORPORATION (Exact name of registrant as specified in its charter) DELAWARE 1-7476 63-0591257 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) AMSOUTH CENTER 1900 FIFTH AVENUE NORTH BIRMINGHAM, ALABAMA 35203 (Address, including zip code, of principal executive office) Registrant's telephone number, including area code: (205) 320-7151 Not applicable (Former name or former address, if changed since last report.) Item 12. Results of Operations and Financial Condition --------------------------------------------- On January 13, 2004 AmSouth Bancorporation issued a press release announcing its preliminary results of operations for the quarter and year ended December 31, 2003. A copy of the press release is attached hereto and incorporated herein as Exhibit 99.1. Supplemental financial information for the quarter and year ended December 31, 2003 is included as Exhibit 99.2 and may also be found on AmSouth's website at www.amsouth.com. In accordance with general instruction B.6 of Form 8-K, this information is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934. SIGNATURE 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. AMSOUTH BANCORPORATION By: Carl L. Gorday ---------------------------- Name: Carl L. Gorday Title: Assistant Secretary Date: January 13, 2004 Exhibit Index Exhibit No. Exhibit ----------- ------- 99.1 Press Release of January 13, 2004 99.2 Supplemental Financial Information EX-99 3 a4545903_ex991.txt AMSOUTH EXHIBIT 99.1 Exhibit 99.1 AmSouth Reports Record Fourth Quarter Net Income of $158.6 Million on Higher Revenues; 2003 Earnings Reach Record $626.1 Million To hear a webcast of the conference call with analysts at 2 p.m. CST, Jan. 13, go to www.amsouth.com and click on the webcast link under "Message Center." For supplemental financial information about the fourth quarter and 2003 results, visit the Investor Relations Resource Center on AmSouth's web site at www.amsouth.com/irrc. BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 13, 2004--AmSouth Bancorporation (NYSE:ASO) today reported earnings in the fourth quarter ended Dec. 31, 2003, of $.45 per diluted share, a 2.3 percent increase from $.44 per diluted share in the fourth quarter of 2002. Net income for the fourth quarter of 2003 was $158.6 million versus $155.2 million for the same period in 2002. For the year, reported earnings were $626.1 million compared with $609.1 million in 2002. Diluted earnings per share were $1.77 for the year, a 5.4 percent increase from $1.68 per share in 2002. Return on equity for 2003 was 20 percent, return on assets was 1.47 percent and the efficiency ratio was 52 percent. "AmSouth delivered solid results throughout 2003, driven by improving loan demand and strong deposit growth," said Dowd Ritter, AmSouth's chairman, president and chief executive officer. "With good momentum in all of our lines of business, we enter 2004 focused on growth opportunities and enhanced performance." AmSouth's fourth quarter performance resulted in a return on average equity of 20 percent, a return on average assets of 1.41 percent and an efficiency ratio of 52 percent. Net interest income for the quarter increased 17.9 percent on an annualized basis compared to the third quarter, reaching $358.8 million. The net interest margin rose to 3.61 percent in the fourth quarter, compared to 3.60 percent in the third quarter. Total revenue increased 6.9 percent annualized compared with the previous quarter. Average loans grew by $2.4 billion in the fourth quarter, or 9 percent, to $29.3 billion compared with the same quarter in 2002, while total deposits grew $2.9 billion, or 11 percent. Noninterest income, which includes earnings from trust, investment management services and other sources of fee income, was $223.4 million, an increase of $31.2 million or 16 percent compared with the same quarter in 2002. Fourth quarter noninterest expenses were $310.8 million, an increase of 12 percent compared with the same quarter in 2002. Net charge-offs were .60 percent of average net loans in the fourth quarter of 2003, compared with .58 percent in the previous quarter. The ratio of loan loss reserves to total loans was 1.31 percent, down one basis point from the previous quarter. Total nonperforming assets at Dec. 31, 2003, were $147.8 million, or .50 percent of loans net of unearned income, foreclosed properties and repossessions, compared to $161.8 million or .55 percent in the previous quarter. About AmSouth AmSouth is a regional bank holding company with $46 billion in assets, more than 650 branch banking offices and over 1,200 ATMs. AmSouth operates in Tennessee, Alabama, Florida, Mississippi, Louisiana and Georgia. AmSouth is a leader among regional banks in the Southeast in several key business segments, including consumer and commercial banking, small business banking, mortgage lending, equipment leasing, annuity and mutual fund sales, and trust and investment management services. AmSouth also offers a complete line of banking products and services at its web site, www.amsouth.com. Forward Looking Statements Statements made in this document which are not purely historical are forward-looking statements as defined in the "Private Securities Litigation Reform Act of 1995," including any statements regarding descriptions of management's plans, objectives or goals for future operations, products or services, and forecasts of its revenues, earnings or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. A number of factors -- many of which are beyond AmSouth's control -- could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. AmSouth's most recent annual report on Form 10-K for the year ended December 31, 2002, and quarterly reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2003, describe factors which could cause results to differ materially from management's current expectations. Such factors include, but are not limited to: the execution of AmSouth's strategic initiatives; legislation and regulation; general economic conditions, especially in the Southeast; the performance of the stock and bond markets; changes in interest rates, yield curves and interest rate spread relationships; prepayment speeds within the loan and investment security portfolios; deposit flows; the cost of funds; cost of federal deposit insurance premiums; demand for loan products; demand for financial services; competition; changes in the quality or composition of AmSouth's loan and investment portfolios including capital market inefficiencies that may affect the marketability and valuation of available-for-sale securities; changes in accounting and tax principles, policies or guidelines; other economic, competitive, governmental, and regulatory factors affecting AmSouth's operations, products, services and prices; unexpected judicial actions and developments; results of investigations, examinations, and reviews of regulatory and law enforcement authorities; and the outcome of litigation, which is inherently uncertain and depends on the findings of judges and juries. To the extent that terrorist attacks or other hostilities, including geopolitical conflicts, cause a prolonged negative impact on the economy, the effects may include: adverse changes in customers' borrowing, investing or spending patterns; market disruptions; adverse effects on the performance of the United States and foreign equity markets; currency fluctuations; exchange controls; restriction of asset growth; negative effects on credit quality; and other effects that could adversely impact the performance, earnings and revenue growth of the financial services industry, including AmSouth. Forward-looking statements speak only as of the date they are made. AmSouth does not undertake a duty to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Unaudited AmSouth Bancorporation SUMMARY FINANCIAL INFORMATION ($ in thousands, except per share data) EARNINGS SUMMARY Three Months Ended ---------------------------------- 2003 December 31 September 30 June 30 - ---------------------------------------------------------------------- Net interest income $358,784 $343,453 $349,356 Provision for loan losses 44,500 41,800 42,700 ---------------------------------- Net interest income after provision 314,284 301,653 306,656 Noninterest revenues 223,390 228,785 210,718 Noninterest expenses 310,793 306,556 298,622 ---------------------------------- Income before income taxes 226,881 223,882 218,752 Income taxes 68,329 66,494 63,927 ---------------------------------- Net income $158,552 $157,388 $154,825 ================================== Earnings per common share $0.45 $0.45 $0.44 Earnings per common share - diluted 0.45 0.45 0.44 Average common shares outstanding 350,067 349,421 349,509 Average common shares outstanding - diluted 355,306 353,317 353,354 End of period common shares outstanding 351,891 350,622 350,477 Percent EARNINGS SUMMARY Three Months Ended Change ------------------------- Versus 2003 2002 Prior March 31 December 31 Year - ---------------------------------------------------------------------- Net interest income $363,042 $360,483 (0.5%) Provision for loan losses 44,700 53,450 (16.7%) ------------------------- Net interest income after provision 318,342 307,033 2.4% Noninterest revenues 192,885 192,234 16.2% Noninterest expenses 289,606 276,684 12.3% ------------------------- Income before income taxes 221,621 222,583 1.9% Income taxes 66,265 67,376 1.4% ------------- ----------- Net income $155,356 $155,207 2.2% ============= =========== Earnings per common share $0.44 $0.44 2.3% Earnings per common share - diluted 0.44 0.44 2.3% Average common shares outstanding 351,981 353,792 Average common shares outstanding - diluted 355,265 356,784 End of period common shares outstanding 351,645 353,424 Percent EARNINGS SUMMARY YTD Change ------------------------ Versus 2003 2002 Prior December 31 December 31 Year - ------------------------------------------------ --------------------- Net interest income $1,414,635 $1,472,640 (3.9%) Provision for loan losses 173,700 213,550 (18.7%) ------------ ----------- Net interest income after provision 1,240,935 1,259,090 (1.4%) Noninterest revenues 855,778 739,361 15.7% Noninterest expenses 1,205,577 1,126,622 7.0% ------------ ----------- Income before income taxes 891,136 871,829 2.2% Income taxes 265,015 262,682 0.9% ------------ ----------- Net income $626,121 $609,147 2.8% ============ =========== Earnings per common share $1.79 $1.70 5.3% Earnings per common share - diluted 1.77 1.68 5.4% Average common shares outstanding 350,237 358,176 Average common shares outstanding - diluted 354,308 362,329 End of period common shares outstanding 351,891 353,424 KEY PERFORMANCE RATIOS Three Months Ended -------------------------------- 2003 December 31 September 30 June 30 - ---------------------------------------------------------------------- Average shareholders' equity to average total assets 7.05% 7.14% 7.43% End of period shareholders' equity to end of period total assets 7.08 7.11 7.18 Loans net of unearned income to total deposits 96.38 98.85 96.99 Return on average assets (annualized) 1.41 1.44 1.48 Return on average shareholders' equity (annualized) 19.96 20.18 19.95 Book value per common share $9.18 $8.99 $8.98 Tangible book value per common share $8.32 $8.13 $8.12 Net interest margin - taxable equivalent 3.61% 3.60% 3.84% Efficiency ratio 52.43 52.58 52.26 KEY PERFORMANCE RATIOS Three Months Ended YTD --------------------- ----------------------- 2003 2002 2003 2002 March 31 December 31 December 31 December 31 - -------------------------------------------- ------------------------ Average shareholders' equity to average total assets 7.60% 7.73% 7.30% 7.86% End of period shareholders' equity to end of period total assets 7.42 7.68 7.08 7.68 Loans net of unearned income to total deposits 98.92 100.13 96.38 100.13 Return on average assets (annualized) 1.54 1.55 1.47 1.58 Return on average shareholders' equity (annualized) 20.26 20.01 20.08 20.10 Book value per common share $8.89 $8.82 $9.18 $8.82 Tangible book value per common share $8.03 $7.96 $8.32 $7.96 Net interest margin - taxable equivalent 4.11% 4.12% 3.78% 4.37% Efficiency ratio 51.02 48.98 52.08 49.78 Unaudited AmSouth Bancorporation SUMMARY FINANCIAL INFORMATION ($ in thousands) BALANCE SHEET INFORMATION Three Months Ended AVERAGE BALANCES -------------------------------------- 2003 December 31 September 30 June 30 - ---------------------------------------------------------------------- Loans net of unearned income $29,263,749 $28,667,773 $28,265,837 Total investment securities(a) 11,158,897 10,008,025 9,086,673 Interest-earning assets(a) 40,609,843 39,075,134 37,708,903 Total assets 44,697,830 43,315,707 41,917,998 Noninterest-bearing deposits 5,855,497 5,605,708 5,329,351 Interest-bearing deposits(b) 23,952,276 23,598,915 22,766,452 Total deposits(b) 29,807,773 29,204,623 28,095,803 Shareholders' equity 3,151,106 3,094,790 3,112,945 Percent BALANCE SHEET INFORMATION Three Months Ended Change AVERAGE BALANCES ------------------------- Versus 2003 2002 Prior March 31 December 31 Year - ---------------------------------------------------------------------- Loans net of unearned income $27,829,798 $26,817,982 9.1% Total investment securities(a) 8,969,417 8,523,874 30.9% Interest-earning assets(a) 36,953,359 35,911,164 13.1% Total assets 40,942,836 39,837,967 12.2% Noninterest-bearing deposits 5,144,378 5,050,493 15.9% Interest-bearing deposits(b) 22,042,248 21,815,373 9.8% Total deposits(b) 27,186,626 26,865,866 11.0% Shareholders' equity 3,110,406 3,077,837 2.4% Percent BALANCE SHEET INFORMATION YTD Change AVERAGE BALANCES ------------------------- Versus 2003 2002 Prior December 31 December 31 Year - ---------------------------------------------------------------------- Loans net of unearned income $28,511,159 $25,921,769 10.0% Total investment securities(a) 9,812,306 8,402,103 16.8% Interest-earning assets(a) 38,598,165 34,842,384 10.8% Total assets 42,730,516 38,564,568 10.8% Noninterest-bearing deposits 5,486,016 4,907,143 11.8% Interest-bearing deposits(b) 23,096,600 21,036,391 9.8% Total deposits(b) 28,582,616 25,943,534 10.2% Shareholders' equity 3,117,362 3,030,901 2.9% (a) Excludes adjustment for market valuation on available-for-sale securities and certain noninterest-earning marketable equity securities. (b) Statement 133 valuation adjustments related to time deposits, certificates of deposit of $100,000 or more and other interest- bearing liabilities are included in other liabilities. BALANCE SHEET INFORMATION Three Months Ended ENDING BALANCES ------------------------------------- 2003 December 31 September 30 June 30 - ---------------------------------------------------------------------- Loans net of unearned income $29,339,364 $29,128,404 $28,222,542 Total investment securities(a) 12,036,854 11,011,789 10,522,760 Interest-earning assets(a) 41,521,449 40,341,180 39,296,146 Total assets 45,615,516 44,342,699 43,784,207 Noninterest-bearing deposits 6,273,835 5,839,977 5,849,456 Interest-bearing deposits 24,166,518 23,628,246 23,249,370 Total deposits 30,440,353 29,468,223 29,098,826 Shareholders' equity 3,229,669 3,152,834 3,145,575 Percent BALANCE SHEET INFORMATION Three Months Ended Change ENDING BALANCES ------------------------- Versus 2003 2002 Prior March 31 December 31 Year - ---------------------------------------------------------------------- Loans net of unearned income $27,698,948 $27,350,918 7.3% Total investment securities(a) 9,623,430 8,966,778 34.2% Interest-earning assets(a) 37,811,324 36,475,398 13.8% Total assets 42,099,499 40,571,272 12.4% Noninterest-bearing deposits 5,569,319 5,494,657 14.2% Interest-bearing deposits 22,431,130 21,820,967 10.7% Total deposits 28,000,449 27,315,624 11.4% Shareholders' equity 3,125,179 3,115,997 3.6% (a) Excludes adjustment for market valuation on available-for-sale securities and certain noninterest-earning marketable equity securities. Unaudited AmSouth Bancorporation SUMMARY FINANCIAL INFORMATION ($ in thousands) NONPERFORMING ASSETS 2003 2002 December 31 September 30 June 30 March 31 December 31 - ---------------------------------------------------------- ----------- Nonaccrual loans(c) $110,153 $120,793 $127,645 $149,551 $158,829 Foreclosed properties 32,616 35,163 40,656 34,622 33,828 Repossessions 4,986 5,890 7,058 7,082 4,346 ------------------------------------------ ----------- Total nonperforming assets(c) $147,755 $161,846 $175,359 $191,255 $197,003 ========================================== =========== Nonperforming assets to loans net of unearned income, foreclosed properties and repossessions 0.50% 0.55% 0.62% 0.69% 0.72% Accruing loans 90 days past due $67,460 $72,588 $67,454 $80,585 $91,045 ========================================== =========== (c) Exclusive of accruing loans 90 days past due ALLOWANCE FOR LOAN LOSSES 2003 2002 4th 3rd 2nd 1st 4th Quarter Quarter Quarter Quarter Quarter - ---------------------------------------------------------- ----------- Balance at beginning of period $384,059 $384,011 $383,936 $381,579 $379,878 Loans charged off (56,403) (55,102) (55,565) (52,988) (61,334) Recoveries of loans previously charged off 11,968 13,350 12,940 10,645 9,585 ------------------------------------------ ----------- Net Charge-offs (44,435) (41,752) (42,625) (42,343) (51,749) Addition to allowance charged to expense 44,500 41,800 42,700 44,700 53,450 ------------------------------------------ ----------- Balance at end of period $384,124 $384,059 $384,011 $383,936 $381,579 ========================================== =========== Allowance for loan losses to loans net of unearned income 1.31% 1.32% 1.36% 1.39% 1.40% Net charge-offs to average loans net of unearned income(d) 0.60% 0.58% 0.60% 0.62% 0.77% Allowance for loan losses to nonperforming loans(c) 348.72% 317.95% 300.84% 256.73% 240.25% Allowance for loan losses to nonperforming assets(c) 259.97% 237.30% 218.99% 200.75% 193.69% (c) Exclusive of accruing loans 90 days past due (d) Annualized CONTACT: AmSouth Bancorporation Investment Community: List Underwood, 205-801-0265 or News Media: Rick Swagler, 205-801-0105 EX-99 4 a4545903_ex992.txt AMSOUTH EXHIBIT 99.2 Exhibit 99.2 Unaudited AmSouth Bancorporation CONSOLIDATED STATEMENTS OF EARNINGS ($ in thousands, except per share data)
- ------------------------------------------------------------------------------------------------------------------------------ 2003 2002 ------------------------------------------------------- ----------- December 31 September 30 June 30 March 31 December 31 ----------- ------------ ------------ ----------- ----------- INTEREST INCOME Loans $ 381,914 $ 381,886 $ 389,859 $ 398,543 $ 406,373 Available-for-sale securities 85,096 74,495 75,065 77,682 79,248 Held-to-maturity securities 52,250 45,888 56,199 60,865 59,443 Trading securities 11 67 6 55 726 Loans held for sale 1,775 2,272 318 160 359 Federal funds sold and securities purchased under agreements to resell 99 503 889 166 1,152 Other interest-earning assets 55 69 110 154 325 ----------- ----------- ------------ ----------- ----------- Total interest income 521,200 505,180 522,446 537,625 547,626 ----------- ----------- ------------ ----------- ----------- INTEREST EXPENSE Interest-bearing checking 6,627 6,295 8,129 8,035 9,300 Money market and savings deposits 9,350 9,144 13,819 13,997 17,552 Time deposits 46,839 49,861 51,116 52,293 56,989 Certificates of deposit of $100,000 or more 17,544 18,087 16,555 15,486 16,864 Foreign deposits 2,589 1,658 1,675 1,684 1,795 Federal funds purchased and securities sold under agreements to repurchase 6,163 3,917 4,555 5,919 6,308 Other borrowed funds 971 1,076 985 1,145 821 Long-term Federal Home Loan Bank advances 60,150 61,331 64,949 66,718 67,991 Other long-term debt 12,183 10,358 11,307 9,306 9,523 ----------- ----------- ------------ ----------- ----------- Total interest expense 162,416 161,727 173,090 174,583 187,143 ----------- ----------- ------------ ----------- ----------- NET INTEREST INCOME 358,784 343,453 349,356 363,042 360,483 Provision for loan losses 44,500 41,800 42,700 44,700 53,450 ----------- ----------- ------------ ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 314,284 301,653 306,656 318,342 307,033 ----------- ----------- ------------ ----------- ----------- NONINTEREST REVENUES Service charges on deposit accounts 93,177 87,535 81,677 75,556 78,873 Trust income 26,114 25,918 25,598 26,027 24,829 Consumer investment services income 19,114 17,937 16,049 16,310 16,329 Interchange income 15,648 16,709 18,360 16,687 16,971 Bank owned life insurance policies 11,706 13,616 13,060 13,834 13,629 Bankcard income 7,079 6,622 6,691 6,201 6,550 Mortgage income 12,060 11,975 17,130 10,016 6,691 Portfolio income 14,009 17,600 15,906 5,930 5,541 Other noninterest revenues 24,483 30,873 16,247 22,324 22,821 ----------- ------------- ------------ ----------- ----------- Total noninterest revenues 223,390 228,785 210,718 192,885 192,234 ----------- ------------- ------------ ----------- ----------- NONINTEREST EXPENSES Salaries and employee benefits 163,969 164,086 156,723 154,065 142,675 Equipment expense 29,141 29,022 30,572 27,968 29,030 Net occupancy expense 34,350 34,120 33,484 31,525 30,530 Postage and office supplies 12,124 11,636 11,351 11,939 11,972 Marketing expense 8,832 9,341 9,173 9,158 8,941 Communications expense 6,324 7,287 7,044 7,563 5,491 Amortization of intangibles 1,199 1,198 1,198 1,198 1,225 Other noninterest expenses 54,854 49,866 49,077 46,190 46,820 ----------- ------------- ------------ ----------- ----------- Total noninterest expenses 310,793 306,556 298,622 289,606 276,684 ----------- ------------- ------------ ----------- ----------- INCOME BEFORE INCOME TAXES 226,881 223,882 218,752 221,621 222,583 Income taxes 68,329 66,494 63,927 66,265 67,376 ----------- ------------- ------------ ----------- ----------- NET INCOME $ 158,552 $ 157,388 $ 154,825 $ 155,356 $ 155,207 =========== ============= ============ ============= ============= Average common shares outstanding 350,067 349,421 349,509 351,981 353,792 Earnings per common share $ .45 $ .45 $ .44 $ .44 $ .44 Diluted average common shares outstanding 355,306 353,317 353,354 355,265 356,784 Diluted earnings per common share $ .45 $ .45 $ .44 $ .44 $ .44
Unaudited AmSouth Bancorporation QUARTERLY AVERAGE DAILY BALANCES, REVENUE & EXPENSE SUMMARY, YIELDS & RATES (Taxable equivalent basis, $ in thousands)
- ---------------------------------------------------------------------------------------------------------------------------------- Three Months Ended Three Months Ended Three Months Ended December 31, 2003 September 30, 2003 June 30, 2003 --------------------------- ---------------------------- ---------------------------- Average Revenue/ Yield/ Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate Balance Expense Rate - ---------------------------------------------------------------------------------------------------------------------------------- ASSETS Interest-earning assets: Commercial and commercial real estate $13,742,037 $176,320 5.09% $13,418,636 $ 172,721 5.11% $13,334,004 $173,089 5.21% Residential first mortgages 3,675,039 47,393 5.12% 3,482,912 46,621 5.31% 3,266,570 46,441 5.70% Equity loans and lines 6,915,508 79,328 4.55% 6,751,177 79,328 4.66% 6,615,453 82,108 4.98% Dealer indirect 3,665,257 58,225 6.30% 3,726,766 61,857 6.59% 3,743,714 64,806 6.94% Other consumer 1,265,908 27,007 8.46% 1,288,282 27,838 8.57% 1,306,096 30,032 9.22% --------- ------- --------- ------- --------- -------- Total loans net of unearned income 29,263,749 388,273 5.26% 28,667,773 388,365 5.37% 28,265,837 396,476 5.63% Available-for-sale securities 6,537,647 85,783 5.21% 5,540,681 75,238 5.39% 4,646,425 75,971 6.56% Held-to-maturity securities 4,621,250 55,758 4.79% 4,467,344 49,463 4.39% 4,440,248 59,984 5.42% --------- ------- --------- ------- ------- ------- Total investment securities 11,158,897 141,541 5.03% 10,008,025 124,701 4.94% 9,086,673 135,955 6.00% Other interest-earning assets 187,197 1,940 4.11% 399,336 2,911 2.89% 356,393 1,323 1.49% --------- ------- --------- ------- --------- ------- Total interest-earning assets 40,609,843 531,754 5.19% 39,075,134 515,977 5.24% 37,708,903 533,754 5.68% Cash and due from banks 1,069,011 1,058,120 1,057,946 Other assets 3,407,036 3,554,143 3,386,249 Allowance for loan losses (383,627) (390,219) (391,229) Market valuation on AFS securities (4,433) 18,529 156,129 -------- -------- ------- $ 44,697,830 $43,315,707 $41,917,998 ========== ========== ==========
- ------------------------------------------------------------------------------------------------------------- Three Months Ended Three Months Ended March 31, 2003 December 31, 2002 ---------------------------------- --------------------------------- Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate - ------------------------------------------------------------------------------------------------------------- ASSETS Interest-earning assets: Commercial and commercial real estate $ 13,147,129 $ 177,491 5.48% $12,821,252 $ 182,948 5.66% Residential first mortgages 3,091,003 46,569 6.11% 2,581,052 39,592 6.09% Equity loans and lines 6,439,787 82,572 5.20% 6,275,391 86,032 5.44% Dealer indirect 3,752,267 67,206 7.26% 3,725,141 70,901 7.55% Other consumer 1,399,612 31,545 9.14% 1,415,145 34,098 9.56% --------- -------- --------- ------ Total loans net of unearned income 27,829,798 405,383 5.91% 26,817,981 413,571 6.12% Available-for-sale securities 4,511,821 78,623 7.07% 4,286,045 80,291 7.43% Held-to-maturity securities 4,457,596 64,804 5.90% 4,237,829 63,390 5.93% --------- ------- --------- ------ Total investment securities 8,969,417 143,427 6.49% 8,523,874 143,681 6.69% Other interest-earning assets 154,144 535 1.41% 569,309 2,562 1.79% --------- ------- -------- ------- Total interest-earning assets 36,953,359 549,345 6.03% 35,911,164 559,814 6.18% Cash and due from banks 1,054,545 1,042,937 Other assets 3,137,890 3,077,443 Allowance for loan losses (382,501) (381,464) Market valuation on AFS securities 179,543 187,887 -------- -------- $ 40,942,836 $ 39,837,967 ========== ==========
- -------------------------------------------------------------------------------------------------------------------------- Three Months Ended Three Months Ended Three Months Ended December 31, 2003 September 30, 2003 June 30, 2003 ------------------------- ------------------------- ------------------------- Average Revenue/ Yield/ Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate Balance Expense Rate - -------------------------------------------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest-bearing checking $ 5,878,840 6,627 0.45% $5,793,183 6,295 0.43% $5,753,817 8,129 0.57% Money market and savings deposits 7,678,965 9,350 0.48% 7,670,427 9,144 0.47% 7,548,133 13,819 0.73% Time deposits 9,188,371 64,383 2.78% 9,306,813 67,948 2.90% 8,774,627 67,671 3.09% Foreign deposits 1,206,100 2,589 0.85% 828,492 1,658 0.79% 689,875 1,675 0.97% Federal funds purchased and securities sold under agreements to repurchase 2,639,228 6,163 0.93% 1,954,417 3,917 0.80% 1,836,940 4,555 0.99% Other interest-bearing liabilities 7,493,701 73,304 3.88% 7,365,016 72,765 3.92% 7,333,085 77,241 4.22% --------- ------ --------- ------ --------- -------- Total interest-bearing liabilities 34,085,205 162,416 1.89% 32,918,348 161,727 1.95% 31,936,477 173,090 2.17% ------- ---- ------- ---- ---------- -------- Net interest spread 3.30% 3.29% 3.51% ==== ==== ==== Noninterest-bearing demand deposits 5,855,497 5,605,708 5,329,351 Other liabilities 1,606,022 1,696,861 1,539,225 Shareholders' equity 3,151,106 3,094,790 3,112,945 --------- --------- --------- $ 44,697,830 $43,315,707 $ 41,917,998 ========== ========== ========== Net interest income/margin on a taxable equivalent basis 369,338 3.61% 354,250 3.60% 360,664 3.84% ==== ======= ======= Taxable equivalent adjustment: Loans 6,359 6,479 6,617 Available-for-sale securities 687 743 906 Held-to-maturity securities 3,508 3,575 3,785 ----- ----- -------- Total taxable equivalent adjustment 10,554 10,797 11,308 ------ ------ -------- Net interest income $358,784 $ 343,453 $ 349,356 ======= ======= ========
- ----------------------------------------------------------------------------------------------------- Three Months Ended Three Months Ended March 31, 2003 December 31, 2002 ------------------------------ ----------------------------- Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate - ----------------------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest-bearing checking $ 5,590,645 8,035 0.58% $ 5,259,390 9,300 0.70% Money market and savings deposits 7,405,443 13,997 0.77% 7,283,621 17,552 0.96% Time deposits 8,359,791 67,779 3.29% 8,596,584 73,853 3.41% Foreign deposits 686,369 1,684 1.00% 675,778 1,795 1.05% Federal funds purchased and securities sold under agreements to repurchase 2,180,991 5,919 1.10% 2,023,816 6,308 1.24% Other interest-bearing liabilities 6,981,141 77,169 4.48% 6,464,030 78,335 4.81% --------- ------ --------- ------ Total interest-bearing liabilities 31,204,380 174,583 2.27% 30,303,219 187,143 2.45% -------- ---- -------- ---- Net interest spread 3.76% 3.73% ==== ==== Noninterest-bearing demand deposits 5,144,378 5,050,493 Other liabilities 1,483,672 1,406,418 Shareholders' equity 3,110,406 3,077,837 --------- --------- $40,942,836 $ 39,837,967 ========== ========== Net interest income/margin on a taxable equivalent basis 374,762 4.11% 372,671 4.12% ==== ===== Taxable equivalent adjustment: Loans 6,840 7,198 Available-for-sale securities 941 1,043 Held-to-maturity securities 3,939 3,947 ------- -------- Total taxable equivalent adjustment 11,720 12,188 ------- -------- Net interest income $ 363,042 $ 360,483 ======= ========
NOTE: The taxable equivalent adjustment has been computed based on the statutory federal income tax rate, adjusted for applicable state income taxes net of the related federal tax benefit. Loans net of unearned income includes nonaccrual loans for all periods presented. Available-for-sale securities excludes certain noninterest-earning, marketable equity securities. Statement 133 valuation adjustments related to time deposits, certificates of deposit of $100,000 or more and other interest-bearing liabilities are included in other liabilities. Included in interest revenue for the available-for-sale portfolio for the three months ended December 31, 2003, September 30, 2003, June 30, 2003, March 31, 2003, and December 31, 2002, was approximately $8,646,000, $10,147,000, $12,071,000, $12,974,000, and $14,141,000, respectively, associated with retained interest on loans sold or securitized which resulted in an increase in the yield on the available-for-sale portfolio of approximately 52, 72, 103, 115, and 129 basis points, respectively.
Unaudited AmSouth Bancorporation CONSOLIDATED PERIOD-END BALANCE SHEETS ($ in thousands) - ----------------------------------------------------------------------------------------------------------------------------------- 2003 2002 ------------------------------------------------------- ------------- December 31 September 30 June 30 March 31 December 31 ------------- -------------- ---------- ------------ ------------- ASSETS Cash and due from banks $ 1,163,986 $ 1,116,554 $ 1,451,537 $ 1,372,188 $ 1,221,985 Federal funds sold and securities purchased under agreements to resell -0- 25,247 484,300 441,988 26,018 Trading securities 2,721 1,725 287 1,060 47,964 Available-for-sale securities 7,125,971 6,428,817 5,814,466 5,110,643 4,744,866 Held-to-maturity securities 4,928,195 4,629,726 4,842,826 4,682,460 4,425,053 Loans held for sale 102,292 140,913 17,655 10,871 19,909 Loans net of unearned income: Commercial and industrial 5,264,283 5,228,850 5,313,418 5,319,642 5,150,778 Commercial loans - secured by real estate 2,026,092 1,914,300 1,829,220 1,770,277 1,726,362 Commercial leases 1,962,437 1,907,385 1,787,725 1,780,197 1,780,555 Commercial real estate mortgages 2,359,209 2,420,498 2,429,824 2,303,543 2,304,381 Real estate construction 2,327,512 2,251,109 2,126,456 2,084,300 2,088,245 Residential first mortgages 3,646,329 3,570,875 3,024,847 2,860,556 2,794,072 Equity loans and lines 7,005,061 6,826,872 6,689,561 6,511,687 6,359,945 Dealer indirect 3,610,005 3,698,688 3,720,988 3,756,628 3,731,364 Revolving credit 550,521 527,668 525,109 520,758 541,165 Other consumer 587,915 782,159 775,394 791,360 874,051 ---------- ---------- ---------- ---------- ---------- Total loans net of unearned income 29,339,364 29,128,404 28,222,542 27,698,948 27,350,918 Allowance for loan losses (384,124) (384,059) (384,011) (383,936) (381,579) Other interest-earning assets 40,218 33,102 48,602 35,027 63,812 Premises and equipment, net 964,692 927,407 907,680 864,517 838,906 Cash surrender value - bank owned life insurance 1,065,996 1,052,950 1,041,391 1,029,321 1,016,288 Goodwill and other intangibles 300,854 302,425 299,503 300,701 301,900 Accrued interest receivable and other assets 965,351 939,488 1,037,429 935,711 895,232 ---------- ---------- ---------- ---------- ---------- $45,615,516 $ 44,342,699 $ 43,784,207 $42,099,499 $ 40,571,272 ========== ========== ========== ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits and interest-bearing liabilities: Deposits: Noninterest-bearing demand $ 6,273,835 $ 5,839,977 $ 5,849,456 $ 5,569,319 $ 5,494,657 Interest-bearing checking 6,183,832 5,746,617 5,739,344 5,767,727 5,470,243 Money market and savings deposits 7,592,020 7,739,210 7,553,650 7,636,685 7,270,541 Time 6,278,053 6,410,087 6,532,948 6,317,130 6,384,206 Certificates of deposit of $100,000 or more 2,818,490 2,864,383 2,696,099 2,052,939 2,055,314 Foreign 1,294,123 867,949 727,329 656,649 640,663 ---------- ---------- ---------- ---------- ---------- Total deposits 30,440,353 29,468,223 29,098,826 28,000,449 27,315,624 Federal funds purchased and securities sold under agreements to repurchase 2,026,253 2,221,105 1,837,292 1,826,851 1,769,547 Other borrowed funds 343,202 430,461 149,333 149,842 151,018 Long-term Federal Home Loan Bank advances 5,737,952 5,595,264 5,826,839 5,732,740 5,838,268 Other long-term debt 2,114,482 1,475,346 1,517,224 1,550,816 1,051,015 ---------- ---------- ---------- ---------- ---------- Total deposits and interest bearing liabilities 40,662,242 39,190,399 38,429,514 37,260,698 36,125,472 Accrued expenses and other liabilities 1,723,605 1,999,466 2,209,118 1,713,622 1,329,803 ---------- ---------- ---------- ---------- ---------- Total liabilities 42,385,847 41,189,865 40,638,632 38,974,320 37,455,275 ---------- ---------- ---------- ---------- ---------- Shareholders' equity: Common stock 416,878 416,879 416,890 416,909 416,909 Capital surplus 715,663 712,286 706,042 706,234 706,081 Retained earnings 3,228,533 3,155,397 3,083,424 3,016,279 2,951,430 Treasury stock (1,076,644) (1,102,503) (1,106,191) (1,082,170) (1,045,428) Deferred compensation on restricted stock (14,501) (15,340) (15,838) (16,667) (15,954) Accumulated other comprehensive (loss)/income (40,260) (13,885) 61,248 84,594 102,959 ---------- ---------- ---------- ---------- ---------- Total shareholders' equity 3,229,669 3,152,834 3,145,575 3,125,179 3,115,997 ---------- ---------- ---------- ---------- ---------- $45,615,516 $ 44,342,699 $ 43,784,207 $42,099,499 $ 40,571,272 ========== ========== ========== ========== ==========
Unaudited AmSouth Bancorporation CREDIT QUALITY STATISTICS ($ in thousands) - --------------------------------------------------------------------------------------------------------------------------- Three Months Ended 2003 2002 -------------------------------------------------------------- -------------- NET CHARGE-OFFS/(RECOVERIES) December 31 September 30 June 30 March 31 December 31 - ------------------------------------------- ------------ --------------- -------------- --------------- -------------- Commercial: Commercial & industrial $ 12,579 $ 9,523 $ 12,553 $ 12,079 $ 14,150 Commercial loans - secured by real estate 445 483 304 106 564 Commercial leases 910 (82) 558 432 2,057 ------------ --------------- -------------- --------------- -------------- Total commercial 13,934 9,924 13,415 12,617 16,771 Commercial real estate: Commercial real estate mortgages (87) 2,172 186 182 227 Real estate construction (10) 593 443 207 1,451 ------------ --------------- -------------- --------------- -------------- Total commercial real estate (97) 2,765 629 389 1,678 Consumer: Residential first mortgages 596 587 836 456 663 Equity loans and lines 10,371 10,448 9,204 6,902 9,621 Dealer indirect 9,899 8,450 10,080 12,413 13,996 Revolving credit 5,716 5,850 5,717 6,059 5,419 Other consumer 4,016 3,728 2,744 3,507 3,601 ------------ --------------- -------------- --------------- -------------- Total consumer 30,598 29,063 28,581 29,337 33,300 ------------ --------------- -------------- --------------- -------------- $ 44,435 $ 41,752 $ 42,625 $ 42,343 $ 51,749 ============ =============== ============== =============== ============== NET CHARGE-OFFS AS A PERCENT OF AVERAGE LOANS (Annualized) Commercial: Commercial & industrial 0.96 % 0.72 % 0.95 % 0.93 % 1.09 % Commercial loans - secured by real estate 0.09 0.10 0.07 0.02 0.13 Commercial leases 0.19 (0.02) 0.13 0.10 0.47 ------------ --------------- -------------- --------------- -------------- Total commercial 0.61 0.44 0.61 0.58 0.78 Commercial real estate: Commercial real estate mortgages (0.01) 0.37 0.03 0.03 0.04 Real estate construction 0.00 0.11 0.08 0.04 0.27 ------------ --------------- -------------- --------------- -------------- Total commercial real estate (0.01) 0.24 0.06 0.04 0.16 Consumer: Residential first mortgages 0.06 0.07 0.10 0.06 0.10 Equity loans and lines 0.59 0.61 0.56 0.43 0.61 Dealer indirect 1.07 0.90 1.08 1.34 1.49 Revolving credit 4.25 4.41 4.38 4.67 4.08 Other consumer 2.18 1.94 1.41 1.70 1.61 ------------ --------------- -------------- --------------- -------------- Total consumer 0.78 0.76 0.77 0.81 0.94 ------------ --------------- -------------- --------------- -------------- 0.60 % 0.58 % 0.60 % 0.62 % 0.77 % ============ =============== ============== =============== ==============
Unaudited AmSouth Bancorporation CREDIT QUALITY STATISTICS (continued) ($ in thousands) - ----------------------------------------------------------------------------------------------------------------------------- 2003 2002 --------------------------------------------------------------- -------------- NONPERFORMING LOANS* December 31 September 30 June 30 March 31 December 31 - -------------------------------------------- ------------ --------------- --------------- --------------- -------------- Commercial: Commercial & industrial $ 46,826 $ 52,245 $ 57,092 $ 70,954 $ 79,830 Commercial loans - secured by real estate 19,920 18,450 13,463 12,232 15,160 Commercial leases 3,277 4,695 5,967 10,241 9,853 ------------ --------------- --------------- --------------- -------------- Total commercial 70,023 75,390 76,522 93,427 104,843 Commercial real estate: Commercial real estate mortgages 3,548 11,489 13,189 14,979 19,393 Real estate construction 7,581 7,515 9,934 12,238 9,325 ------------ --------------- --------------- --------------- -------------- Total commercial real estate 11,129 19,004 23,123 27,217 28,718 Consumer: Residential first mortgages 15,987 11,892 13,704 12,298 12,030 Equity loans and lines 12,652 14,135 13,931 16,080 12,517 Dealer indirect 21 23 9 9 197 Other consumer 341 349 356 520 524 ------------ --------------- --------------- --------------- -------------- Total consumer 29,001 26,399 28,000 28,907 25,268 ------------ --------------- --------------- --------------- -------------- $110,153 $ 120,793 $ 127,645 $ 149,551 $ 158,829 ============ =============== =============== =============== ============== * Exclusive of accruing loans 90 days past due. ACCRUING LOANS 90 DAYS PAST DUE - -------------------------------------------- Commercial: Commercial & industrial $ 9,688 $ 8,269 $ 8,230 $ 7,980 $ 7,222 Commercial loans - secured by real estate 869 3,632 140 365 1,516 Commercial leases 69 452 5 496 1,291 ------------ --------------- --------------- --------------- -------------- Total commercial 10,626 12,353 8,375 8,841 10,029 Commercial real estate: Commercial real estate mortgages 116 174 170 117 300 Real estate construction -0- 581 434 556 917 ------------ --------------- --------------- --------------- -------------- Total commercial real estate 116 755 604 673 1,217 Consumer: Residential first mortgages 12,364 13,093 10,275 12,387 12,116 Equity loans and lines 31,887 34,191 34,829 44,025 49,239 Dealer indirect 3,894 3,624 4,011 5,206 7,388 Revolving credit 7,117 7,249 7,708 8,043 8,375 Other consumer 1,456 1,323 1,652 1,410 2,681 ------------ --------------- --------------- --------------- -------------- Total consumer 56,718 59,480 58,475 71,071 79,799 ------------ --------------- --------------- --------------- -------------- $ 67,460 $ 72,588 $ 67,454 $ 80,585 $ 91,045 ============ =============== =============== =============== ==============
Unaudited AmSouth Bancorporation OTHER INFORMATION - ----------------------------------------------------------------------------------------------------------------- 2003 2002 ------------------------------------------------------------- ------------- REGULATORY CAPITAL RATIOS December 31* September 30 June 30 March 31 December 31 - -------------------------------- -------------- -------------- --------- ---------- ------------- Tier 1 capital ratio AmSouth 7.74 % 7.65 % 7.56 % 7.68 % 7.80 % AmSouth Bank 8.65 8.84 8.99 9.27 9.52 Total capital ratio AmSouth 11.24 % 11.34 % 11.32 % 11.64 % 10.60 % AmSouth Bank 11.59 11.86 12.06 12.45 11.50 Leverage ratio AmSouth 6.68 % 6.65 % 6.69 % 6.73 % 6.85 % AmSouth Bank 7.48 7.68 7.94 8.12 8.35 * Fourth quarter 2003 regulatory capital ratios based on preliminary data. - -----------------------------------------------------------------------------------------------------------------
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