-----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, PDFudbTg+t6vWxlngytwQotHZQeGWOY8UDNs9rFtaO8kywF/69X2RpPjyP6Y9F6o knR9oXclaZsr/9odZJcn5Q== 0001157523-04-003157.txt : 20040413 0001157523-04-003157.hdr.sgml : 20040413 20040413090729 ACCESSION NUMBER: 0001157523-04-003157 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040413 ITEM INFORMATION: FILED AS OF DATE: 20040413 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: 04729635 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 a4610849.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): April 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 April 13, 2004 AmSouth Bancorporation issued a press release announcing its preliminary results of operations for the quarter ended March 31, 2004. A copy of the press release is attached hereto and incorporated herein as Exhibit 99.1. Supplemental financial information for the quarter ended March 31, 2004 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: /s/ Carl L. Gorday ------------------ Name: Carl L. Gorday Title: Assistant Secretary Date: April 13, 2004 Exhibit Index Exhibit No. Exhibit 99.1 Press Release of April 13, 2004 99.2 Supplemental Financial Information EX-99.1 3 a4610849ex991.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 AmSouth Reports Record First Quarter Earnings of $160.1 Million or $.45 Per Share To hear a webcast of the conference call with analysts at 2 p.m. CDT, April 13, go to www.amsouth.com and click on the webcast link under "Message Center." For supplemental financial information about the first quarter results, visit the Investor Relations Resource Center on AmSouth's web site at www.amsouth.com/irrc. BIRMINGHAM, Ala.--(BUSINESS WIRE)--April 13, 2004--AmSouth Bancorporation (NYSE:ASO) today reported earnings for the first quarter ended March 31, 2004, of $.45 per diluted share compared to $.44 per diluted share reported for the first quarter of 2003. Net income for the first quarter of 2004 was a record $160.1 million versus $155.4 million for the same period in 2003. AmSouth's first quarter performance resulted in a return on average equity of 19.8 percent, a return on average assets of 1.40 percent and an efficiency ratio of 54.6 percent. "Solid growth in loans and deposits, continued improvement in credit quality and growth in core categories of noninterest revenues were key contributors to the quarter's results," said Dowd Ritter, AmSouth's chairman, president and chief executive officer. "We are confident that as the economy improves, our continued focus on growth and expansion in some of the best markets in the country will serve us well and further enhance our performance." Net interest income was $359.5 million in the first quarter, higher compared with the previous quarter, and the net interest margin was 3.56 percent. Average loans for the quarter grew by $1.9 billion, a 6.7 percent increase over the same quarter in 2003. Average deposits were higher by $3.3 billion, or 12.1 percent during the same period, including a 10.9 percent increase in average low-cost deposits. Noninterest revenue, which includes earnings from service charges, trust, investment management services, securities gains and other sources of fee income, was $220.4 million for the quarter, an increase of $27.5 million, or 14.3 percent, compared with the same quarter in 2003. Service charges increased 23.4 percent compared with the first quarter of 2003, trust income grew 11.0 percent over the same period, and investment service income rose 25.1 percent compared with the previous year. Noninterest expenses in the first quarter were $322.3 million, up 11.3 percent compared with the first quarter of 2003 and reflected higher personnel related costs and continuing investments in branch expansion and other revenue producing initiatives. Net charge-offs were .38 percent of average net loans in the first quarter, improving 22 basis points from .60 percent in the fourth quarter of 2003, marking the lowest level of charge-offs since the second quarter of 2000. The ratio of loan loss reserves to total loans was 1.28 percent at March 31, 2004, and continued to reflect improvement in credit quality trends and a shift in the loan portfolio mix to include a greater proportion of residential mortgages. Nonperforming assets continued to decline during the first quarter. Total nonperforming assets at March 31, 2004, were $135.9 million, or .45 percent of loans net of unearned income, foreclosed properties and repossessions, compared to $147.8 million, or .50 percent, in the previous quarter. For supplemental financial information about the first quarter results, you may refer to the Form 8-K filed by AmSouth with the Securities and Exchange Commission on April 13, 2004, or visit the Investor Relations Resource Center on AmSouth's web site at www.amsouth.com. About AmSouth AmSouth is a regional bank holding company with $47 billion in assets, more than 660 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, 2003, describes 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 ---------------------------------- 2004 March 31 December 31 September 30 --------- ----------- ------------ Net interest income $359,497 $358,784 $343,453 Provision for loan losses 28,100 44,500 41,800 --------- ----------- ------------ Net interest income after provision 331,397 314,284 301,653 Noninterest revenues 220,430 223,390 228,785 Noninterest expenses 322,274 310,793 306,556 --------- ----------- ------------ Income before income taxes 229,553 226,881 223,882 Income taxes 69,454 68,329 66,494 --------- ----------- ------------ Net income $160,099 $158,552 $157,388 ========= =========== ============ Earnings per common share $0.46 $0.45 $0.45 Earnings per common share - diluted 0.45 0.45 0.45 Average common shares outstanding 351,196 350,067 349,421 Average common shares outstanding - diluted 356,908 355,306 353,317 End of period common shares outstanding 352,904 351,891 350,622 EARNINGS SUMMARY Percent Change Versus 2003 Prior June 30 March 31 Year --------- --------- ------- Net interest income $349,356 $363,042 (1.0%) Provision for loan losses 42,700 44,700 (37.1%) --------- --------- Net interest income after provision 306,656 318,342 4.1% Noninterest revenues 210,718 192,885 14.3% Noninterest expenses 298,622 289,606 11.3% --------- --------- Income before income taxes 218,752 221,621 3.6% Income taxes 63,927 66,265 4.8% --------- --------- Net income $154,825 $155,356 3.1% ========= ========= Earnings per common share $0.44 $0.44 4.5% Earnings per common share - diluted 0.44 0.44 2.3% Average common shares outstanding 349,509 351,981 Average common shares outstanding - diluted 353,354 355,265 End of period common shares outstanding 350,477 351,645 EARNINGS SUMMARY YTD ------------------- Percent Change Versus 2004 2003 Prior March 31 March 31 Year --------- --------- ------- Net interest income $359,497 $363,042 (1.0%) Provision for loan losses 28,100 44,700 (37.1%) --------- --------- Net interest income after provision 331,397 318,342 4.1% Noninterest revenues 220,430 192,885 14.3% Noninterest expenses 322,274 289,606 11.3% --------- --------- Income before income taxes 229,553 221,621 3.6% Income taxes 69,454 66,265 4.8% --------- --------- Net income $160,099 $155,356 3.1% ========= ========= Earnings per common share $0.46 $0.44 4.5% Earnings per common share - diluted 0.45 0.44 2.3% Average common shares outstanding 351,196 351,981 Average common shares outstanding - diluted 356,908 355,265 End of period common shares outstanding 352,904 351,645 KEY PERFORMANCE RATIOS Three Months Ended --------------------------------- 2004 March 31 December 31 September 30 -------- ----------- ------------ Average shareholders' equity to average total assets 7.09% 7.05% 7.14% End of period shareholders' equity to end of period total assets 7.11 7.08 7.11 Loans net of unearned income to total deposits 94.77 96.38 98.85 Return on average assets (annualized) 1.40 1.41 1.44 Return on average shareholders' equity (annualized) 19.76 19.96 20.18 Book value per common share $9.56 $9.18 $8.99 Tangible book value per common share $8.71 $8.32 $8.13 Net interest margin - taxable equivalent 3.56% 3.61% 3.60% Efficiency ratio 54.57 52.43 52.58 KEY PERFORMANCE RATIOS 2003 June 30 March 31 --------- -------- Average shareholders' equity to average total assets 7.43% 7.60% End of period shareholders' equity to end of period total assets 7.18 7.42 Loans net of unearned income to total deposits 96.99 98.92 Return on average assets (annualized) 1.48 1.54 Return on average shareholders' equity (annualized) 19.95 20.26 Book value per common share $8.98 $8.89 Tangible book value per common share $8.12 $8.03 Net interest margin - taxable equivalent 3.84% 4.11% Efficiency ratio 52.26 51.02 KEY PERFORMANCE RATIOS YTD ------------------ 2004 2003 March 31 March 31 --------- -------- Average shareholders' equity to average total assets 7.09% 7.60% End of period shareholders' equity to end of period total assets 7.11 7.42 Loans net of unearned income to total deposits 94.77 98.92 Return on average assets (annualized) 1.40 1.54 Return on average shareholders' equity (annualized) 19.76 20.26 Book value per common share $9.56 $8.89 Tangible book value per common share $8.71 $8.03 Net interest margin - taxable equivalent 3.56% 4.11% Efficiency ratio 54.57 51.02 Unaudited AmSouth Bancorporation SUMMARY FINANCIAL INFORMATION ($ in thousands) BALANCE SHEET INFORMATION AVERAGE BALANCES Three Months Ended - ------------------------- -------------------------------------- 2004 March 31 December 31 September 30 ------------ ------------ ------------ Loans net of unearned income $29,705,743 $29,263,749 $28,667,773 Total investment securities (a) 11,779,479 11,158,897 10,008,025 Interest-earning assets (a) 41,771,105 40,609,843 39,075,134 Total assets 45,953,093 44,697,830 43,315,707 Noninterest-bearing deposits 6,103,216 5,855,497 5,605,708 Interest-bearing deposits (b) 24,381,234 23,952,276 23,598,915 Total deposits (b) 30,484,450 29,807,773 29,204,623 Shareholders' equity 3,258,359 3,151,106 3,094,790 BALANCE SHEET INFORMATION AVERAGE BALANCES Percent - ------------------------- Change 2003 Versus Prior June 30 March 31 Year ------------ ------------ ------------ Loans net of unearned income $28,265,837 $27,829,798 6.7% Total investment securities (a) 9,086,673 8,969,417 31.3% Interest-earning assets (a) 37,708,903 36,953,359 13.0% Total assets 41,917,998 40,942,836 12.2% Noninterest-bearing deposits 5,329,351 5,144,378 18.6% Interest-bearing deposits (b) 22,766,452 22,042,248 10.6% Total deposits (b) 28,095,803 27,186,626 12.1% Shareholders' equity 3,112,945 3,110,406 4.8% BALANCE SHEET INFORMATION AVERAGE BALANCES YTD - ------------------------- ------------------------- Percent Change 2004 2003 Versus Prior March 31 March 31 Year ------------ ------------ ------------ Loans net of unearned income $29,705,743 $27,829,798 6.7% Total investment securities (a) 11,779,479 8,969,417 31.3% Interest-earning assets (a) 41,771,105 36,953,359 13.0% Total assets 45,953,093 40,942,836 12.2% Noninterest-bearing deposits 6,103,216 5,144,378 18.6% Interest-bearing deposits (b) 24,381,234 22,042,248 10.6% Total deposits (b) 30,484,450 27,186,626 12.1% Shareholders' equity 3,258,359 3,110,406 4.8% (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 ENDING BALANCES - ------------------------------- Loans net of unearned income $29,893,723 $29,339,364 $29,128,404 Total investment securities (a) 12,426,033 12,036,854 11,011,789 Interest-earning assets (a) 43,253,884 41,521,449 40,341,180 Total assets 47,414,968 45,615,516 44,342,699 Noninterest-bearing deposits 6,544,028 6,273,835 5,839,977 Interest-bearing deposits 25,000,664 24,166,518 23,628,246 Total deposits 31,544,692 30,440,353 29,468,223 Shareholders' equity 3,372,349 3,229,669 3,152,834 BALANCE SHEET INFORMATION ENDING BALANCES Percent - ------------------------- Change Versus Prior Year ------------ Loans net of unearned income $28,222,542 $27,698,948 7.9% Total investment securities (a) 10,522,760 9,623,430 29.1% Interest-earning assets (a) 39,296,146 37,811,324 14.4% Total assets 43,784,207 42,099,499 12.6% Noninterest-bearing deposits 5,849,456 5,569,319 17.5% Interest-bearing deposits 23,249,370 22,431,130 11.5% Total deposits 29,098,826 28,000,449 12.7% Shareholders' equity 3,145,575 3,125,179 7.9% (a) Excludes adjustment for market valuation on available-for-sale securities and certain noninterest-earning marketable equity securities. Unaudited AmSouth Bancorporation SUMMARY FINANCIAL INFORMATION ($ in thousands) NONPERFORMING ASSETS 2004 2003 March December September June March 31 31 30 30 31 --------- --------- --------- --------- --------- Nonaccrual loans (c) $102,904 $110,153 $120,793 $127,645 $149,551 Foreclosed properties 29,291 32,616 35,163 40,656 34,622 Repossessions 3,733 4,986 5,890 7,058 7,082 --------- --------- --------- --------- --------- Total nonperforming assets (c) $135,928 $147,755 $161,846 $175,359 $191,255 ========= ========= ========= ========= ========= Nonperforming assets to loans net of unearned income, foreclosed properties and repossessions 0.45% 0.50% 0.55% 0.62% 0.69% Accruing loans 90 days past due $58,195 $67,460 $72,588 $67,454 $80,585 ========= ========= ========= ========= ========= (c) Exclusive of accruing loans 90 days past due ALLOWANCE FOR LOAN LOSSES 2004 2003 1st 4th 3rd 2nd 1st Quarter Quarter Quarter Quarter Quarter - -------------------- --------- --------- --------- --------- --------- Balance at beginning of period $384,124 $384,059 $384,011 $383,936 $381,579 Loans charged off (44,412) (56,403) (55,102) (55,565) (52,988) Recoveries of loans previously charged off 16,406 11,968 13,350 12,940 10,645 --------- --------- --------- --------- --------- Net Charge-offs (28,006) (44,435) (41,752) (42,625) (42,343) Addition to allowance charged to expense 28,100 44,500 41,800 42,700 44,700 Allowance sold (1,768) - - - - --------- --------- --------- --------- --------- Balance at end of period $382,450 $384,124 $384,059 $384,011 $383,936 ========= ========= ========= ========= ========= Allowance for loan losses to loans net of unearned income 1.28% 1.31% 1.32% 1.36% 1.39% Net charge-offs to average loans net of unearned income (d) 0.38% 0.60% 0.58% 0.60% 0.62% Allowance for loan losses to nonperforming loans (c) 371.66% 348.72% 317.95% 300.84% 256.73% Allowance for loan losses to nonperforming assets (c) 281.36% 259.97% 237.30% 218.99% 200.75% (d) Annualized (c) Exclusive of accruing loans 90 days past due --30--LC/na* CONTACT: AmSouth Bancorporation, Birmingham Investment Community: List Underwood, 205-801-0265 or News Media: Rick Swagler, 205-801-0105 EX-99.2 4 a4610849ex992.txt EXHIBIT 99.2 SUPPLEMENTAL INFORMATION Exhibit 99.2
Unaudited AmSouth Bancorporation CONSOLIDATED STATEMENTS OF EARNINGS ($ in thousands, except per share data) - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 -------- ---------------------------------------- March December September June March 31 31 30 30 31 -------- -------- --------- -------- -------- INTEREST INCOME Loans $375,715 $381,914 $ 381,886 $389,859 $398,543 Available-for-sale securities 83,419 85,096 74,495 75,065 77,682 Held-to-maturity securities 62,593 52,250 45,888 56,199 60,865 Trading securities 72 11 67 6 55 Loans held for sale 2,627 1,775 2,272 318 160 Federal funds sold and securities purchased under agreements to resell 151 99 503 889 166 Other interest-earning assets 59 55 69 110 154 -------- -------- --------- -------- -------- Total interest income 524,636 521,200 505,180 522,446 537,625 -------- -------- --------- -------- -------- INTEREST EXPENSE Interest-bearing checking 7,346 6,627 6,295 8,129 8,035 Money market and savings deposits 9,315 9,350 9,144 13,819 13,997 Time deposits 44,807 46,839 49,861 51,116 52,293 Certificates of deposit of $100,000 or more 17,241 17,544 18,087 16,555 15,486 Foreign deposits 2,589 2,589 1,658 1,675 1,684 Federal funds purchased and securities sold under agreements to repurchase 6,645 6,163 3,917 4,555 5,919 Other borrowed funds 1,981 971 1,076 985 1,145 Long-term Federal Home Loan Bank advances 60,469 60,150 61,331 64,949 66,718 Other long-term debt 14,746 12,183 10,358 11,307 9,306 -------- -------- --------- -------- -------- Total interest expense 165,139 162,416 161,727 173,090 174,583 -------- -------- --------- -------- -------- NET INTEREST INCOME 359,497 358,784 343,453 349,356 363,042 Provision for loan losses 28,100 44,500 41,800 42,700 44,700 -------- -------- --------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 331,397 314,284 301,653 306,656 318,342 -------- -------- --------- -------- -------- NONINTEREST REVENUES Service charges on deposit accounts 93,215 93,177 87,535 81,677 75,556 Trust income 28,880 26,114 25,918 25,598 26,027 Consumer investment services income 20,411 19,114 17,937 16,049 16,310 Interchange income 16,299 15,648 16,709 18,360 16,687 Bank owned life insurance policies 11,669 11,706 13,616 13,060 13,834 Bankcard income 6,856 7,079 6,622 6,691 6,201 Mortgage income 7,512 12,060 11,975 17,130 10,016 Portfolio income 9,667 14,009 17,600 15,906 5,930 Other noninterest revenues 25,921 24,483 30,873 16,247 22,324 -------- ------------- --------- -------- -------- Total noninterest revenues 220,430 223,390 228,785 210,718 192,885 -------- ------------- --------- -------- -------- NONINTEREST EXPENSES Salaries and employee benefits 173,706 163,969 164,086 156,723 154,065 Net occupancy expense 35,252 34,350 34,120 33,484 31,525 Equipment expense 30,544 29,141 29,022 30,572 27,968 Postage and office supplies 12,958 12,124 11,636 11,351 11,939 Marketing expense 11,746 8,832 9,341 9,173 9,158 Communications expense 6,412 6,324 7,287 7,044 7,563 Amortization of intangibles 1,163 1,199 1,198 1,198 1,198 Other noninterest expenses 50,493 54,854 49,866 49,077 46,190 -------- ------------- --------- -------- -------- Total noninterest expenses 322,274 310,793 306,556 298,622 289,606 -------- ------------- --------- -------- -------- INCOME BEFORE INCOME TAXES 229,553 226,881 223,882 218,752 221,621 Income taxes 69,454 68,329 66,494 63,927 66,265 -------- ------------- --------- -------- -------- NET INCOME $160,099 $158,552 $ 157,388 $154,825 $155,356 ======== ============= ========== ========= ========= Average common shares outstanding 351,196 350,067 349,421 349,509 351,981 Earnings per common share $ .46 $ .45 $ .45 $ .44 $ .44 Diluted average common shares outstanding 356,908 355,306 353,317 353,354 355,265 Diluted earnings per common share $ .45 $ .45 $ .45 $ .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 March 31, 2004 December 31, 2003 September 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 $14,173,383 $176,064 5.00% $13,742,037 $176,320 5.09% $13,418,636 $172,721 5.11% Residential first mortgages 3,680,157 46,859 5.12% 3,675,039 47,393 5.12% 3,482,912 46,621 5.31% Equity loans and lines 7,077,654 79,716 4.53% 6,915,508 79,328 4.55% 6,751,177 79,328 4.66% Dealer indirect 3,608,410 54,325 6.06% 3,665,257 58,225 6.30% 3,726,766 61,857 6.59% Other consumer 1,166,139 24,993 8.62% 1,265,908 27,007 8.46% 1,288,282 27,838 8.57% ------------ --------- ------------ --------- ------------ --------- Total loans net of unearned income 29,705,743 381,957 5.17% 29,263,749 388,273 5.26% 28,667,773 388,365 5.37% Available-for- sale securities 6,503,458 84,080 5.20% 6,537,647 85,783 5.21% 5,540,681 75,238 5.39% Held-to-maturity securities 5,276,021 66,333 5.06% 4,621,250 55,758 4.79% 4,467,344 49,463 4.39% ------------ --------- ------------ --------- ------------ --------- Total investment securities 11,779,479 150,413 5.14% 11,158,897 141,541 5.03% 10,008,025 124,701 4.94% Other interest- earning assets 285,883 2,909 4.09% 187,197 1,940 4.11% 399,336 2,911 2.89% ------------ --------- ------------ --------- ------------ --------- Total interest- earning assets 41,771,105 535,279 5.15% 40,609,843 531,754 5.19% 39,075,134 515,977 5.24% Cash and due from banks 1,117,832 1,069,011 1,058,120 Other assets 3,424,399 3,407,036 3,554,143 Allowance for loan losses (386,932) (383,627) (390,219) Market valuation on AFS securities 26,689 (4,433) 18,529 ------------ ------------ ------------ $45,953,093 $44,697,830 $43,315,707 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest-bearing checking $6,334,668 7,346 0.47% $5,878,840 6,627 0.45% $5,793,183 6,295 0.43% Money market and savings deposits 7,674,745 9,315 0.49% 7,678,965 9,350 0.48% 7,670,427 9,144 0.47% Time deposits 9,166,784 62,048 2.72% 9,188,371 64,383 2.78% 9,306,813 67,948 2.90% Foreign deposits 1,205,037 2,589 0.86% 1,206,100 2,589 0.85% 828,492 1,658 0.79% Federal funds purchased and securities sold under agreements to repurchase 2,378,217 6,645 1.12% 2,639,228 6,163 0.93% 1,954,417 3,917 0.80% Other interest- bearing liabilities 8,187,362 77,196 3.79% 7,493,701 73,304 3.88% 7,365,016 72,765 3.92% ------------ --------- ------------ --------- ------------ --------- Total interest- bearing liabilities 34,946,813 165,139 1.90% 34,085,205 162,416 1.89% 32,918,348 161,727 1.95% --------- ------ --------- ------ --------- ------ Net interest spread 3.25% 3.30% 3.29% ====== ====== ====== Noninterest-bearing demand deposits 6,103,216 5,855,497 5,605,708 Other liabilities 1,644,705 1,606,022 1,696,861 Shareholders' equity 3,258,359 3,151,106 3,094,790 ------------ ------------ ------------ $45,953,093 $44,697,830 $43,315,707 ============ ============ ============ Net interest income/margin on a taxable equivalent basis 370,140 3.56% 369,338 3.61% 354,250 3.60% ====== ====== ====== Taxable equivalent adjustment: Loans 6,242 6,359 6,479 Available-for- sale securities 661 687 743 Held-to-maturity securities 3,740 3,508 3,575 --------- --------- --------- Total taxable equivalent adjustment 10,643 10,554 10,797 --------- --------- --------- Net interest income $359,497 $358,784 $343,453 ========= ========= ========= 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 March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003, and March 31, 2003, was approximately $7,955,000, $8,646,000, $10,147,000, $12,071,000, and $12,974,000, 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 49, 52, 72, 103, and 115 basis points, respectively.
Unaudited AmSouth Bancorporation QUARTERLY AVERAGE DAILY BALANCES, REVENUE & EXPENSE SUMMARY, YIELDS & RATES (Taxable equivalent basis, $ in thousands) - ---------------------------------------------------------------------------------------------- Three Months Ended Three Months Ended June 30, 2003 March 31, 2003 ------------------------------ ----------------------------- Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate - ---------------------------------------------------------------------------------------------- ASSETS Interest-earning assets: Commercial and commercial real estate $13,334,004 $173,089 5.21% $13,147,129 $177,491 5.48% Residential first mortgages 3,266,570 46,441 5.70% 3,091,003 46,569 6.11% Equity loans and lines 6,615,453 82,108 4.98% 6,439,787 82,572 5.20% Dealer indirect 3,743,714 64,806 6.94% 3,752,267 67,206 7.26% Other consumer 1,306,096 30,032 9.22% 1,399,612 31,545 9.14% ------------ --------- ------------ --------- Total loans net of unearned income 28,265,837 396,476 5.63% 27,829,798 405,383 5.91% Available-for- sale securities 4,646,425 75,971 6.56% 4,511,821 78,623 7.07% Held-to-maturity securities 4,440,248 59,984 5.42% 4,457,596 64,804 5.90% ------------ --------- ------------ --------- Total investment securities 9,086,673 135,955 6.00% 8,969,417 143,427 6.49% Other interest- earning assets 356,393 1,323 1.49% 154,144 535 1.41% ------------ --------- ------------ --------- Total interest- earning assets 37,708,903 533,754 5.68% 36,953,359 549,345 6.03% Cash and due from banks 1,057,946 1,054,545 Other assets 3,386,249 3,137,890 Allowance for loan losses (391,229) (382,501) Market valuation on AFS securities 156,129 179,543 ------------ ------------ $41,917,998 $40,942,836 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities: Interest-bearing checking $5,753,817 8,129 0.57% $5,590,645 8,035 0.58% Money market and savings deposits 7,548,133 13,819 0.73% 7,405,443 13,997 0.77% Time deposits 8,774,627 67,671 3.09% 8,359,791 67,779 3.29% Foreign deposits 689,875 1,675 0.97% 686,369 1,684 1.00% Federal funds purchased and securities sold under agreements to repurchase 1,836,940 4,555 0.99% 2,180,991 5,919 1.10% Other interest- bearing liabilities 7,333,085 77,241 4.22% 6,981,141 77,169 4.48% ----------- --------- ------------ --------- Total interest- bearing liabilities 31,936,477 173,090 2.17% 31,204,380 174,583 2.27% --------- ------ --------- ------ Net interest spread 3.51% 3.76% ====== ====== Noninterest-bearing demand deposits 5,329,351 5,144,378 Other liabilities 1,539,225 1,483,672 Shareholders' equity 3,112,945 3,110,406 ------------ ------------ $41,917,998 $40,942,836 ============ ============ Net interest income/margin on a taxable equivalent basis 360,664 3.84% 374,762 4.11% ====== ====== Taxable equivalent adjustment: Loans 6,617 6,840 Available-for- sale securities 906 941 Held-to-maturity securities 3,785 3,939 --------- --------- Total taxable equivalent adjustment 11,308 11,720 --------- --------- Net interest income $349,356 $363,042 ========= ========= 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 March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003, and March 31, 2003, was approximately $7,955,000, $8,646,000, $10,147,000, $12,071,000, and $12,974,000, respectively, associated with retained interest on loans sold or securitized which resulted in an increase in the yield on the available-for-sale portfolio of approximately 49, 52, 72, 103, and 115 basis points, respectively.
Unaudited AmSouth Bancorporation CONSOLIDATED PERIOD-END BALANCE SHEETS ($ in thousands) - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 ---------------- ------------------------------------------------------- March 31 December 31 September 30 June 30 March 31 ----------- ----------- ------------ ----------- ----------- ASSETS Cash and due from banks $ 1,074,116 $ 1,163,986 $ 1,116,554 $ 1,451,537 $ 1,372,188 Federal funds sold and securities purchased under agreements to resell 654,000 -0- 25,247 484,300 441,988 Trading securities 552 2,721 1,725 287 1,060 Available-for-sale securities 6,371,254 7,125,971 6,428,817 5,814,466 5,110,643 Held-to-maturity securities 6,139,369 4,928,195 4,629,726 4,842,826 4,682,460 Loans held for sale 234,842 102,292 140,913 17,655 10,871 Loans net of unearned income: Commercial and industrial 5,452,783 5,264,283 5,228,850 5,313,418 5,319,642 Commercial loans - secured by real estate 2,077,381 2,026,092 1,914,300 1,829,220 1,770,277 Commercial leases 1,974,093 1,962,437 1,907,385 1,787,725 1,780,197 Commercial real estate mortgages 2,670,401 2,359,209 2,420,498 2,429,824 2,303,543 Real estate construction 2,361,309 2,327,512 2,251,109 2,126,456 2,084,300 Residential first mortgages 3,598,004 3,646,329 3,570,875 3,024,847 2,860,556 Equity loans and lines 7,034,828 7,005,061 6,826,872 6,689,561 6,511,687 Dealer indirect 3,623,389 3,610,005 3,698,688 3,720,988 3,756,628 Revolving credit 535,884 550,521 527,668 525,109 520,758 Other consumer 565,651 587,915 782,159 775,394 791,360 ----------- ----------- ----------- ----------- ----------- Total loans net of unearned income 29,893,723 29,339,364 29,128,404 28,222,542 27,698,948 Allowance for loan losses (382,450) (384,124) (384,059) (384,011) (383,936) Other interest-earning assets 44,735 40,218 33,102 48,602 35,027 Premises and equipment, net 993,651 964,692 927,407 907,680 864,517 Cash surrender value - bank owned life insurance 1,077,426 1,065,996 1,052,950 1,041,391 1,029,321 Goodwill and other intangibles 299,691 300,854 302,425 299,503 300,701 Accrued interest receivable and other assets 1,014,059 965,351 939,488 1,037,429 935,711 ----------- ----------- ----------- ----------- ----------- $47,414,968 $45,615,516 $44,342,699 $43,784,207 $42,099,499 =========== =========== =========== =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits and interest-bearing liabilities: Deposits: Noninterest-bearing demand $ 6,544,028 $ 6,273,835 $ 5,839,977 $ 5,849,456 $ 5,569,319 Interest-bearing checking 6,737,060 6,183,832 5,746,617 5,739,344 5,767,727 Money market and savings deposits 7,887,543 7,592,020 7,739,210 7,553,650 7,636,685 Time 6,118,682 6,278,053 6,410,087 6,532,948 6,317,130 Certificates of deposit of $100,000 or more 3,103,575 2,818,490 2,864,383 2,696,099 2,052,939 Foreign 1,153,804 1,294,123 867,949 727,329 656,649 ----------- ----------- ----------- ----------- ----------- Total deposits 31,544,692 30,440,353 29,468,223 29,098,826 28,000,449 Federal funds purchased and securities sold under agreements to repurchase 1,927,492 2,026,253 2,221,105 1,837,292 1,826,851 Other borrowed funds 325,169 343,202 430,461 149,333 149,842 Long-term Federal Home Loan Bank advances 5,783,600 5,737,952 5,595,264 5,826,839 5,732,740 Other long-term debt 2,286,091 2,114,482 1,475,346 1,517,224 1,550,816 ----------- ----------- ----------- ----------- ----------- Total deposits and interest-bearing liabilities 41,867,044 40,662,242 39,190,399 38,429,514 37,260,698 Accrued expenses and other liabilities 2,175,575 1,723,605 1,999,466 2,209,118 1,713,622 ----------- ----------- ----------- ----------- ----------- Total liabilities 44,042,619 42,385,847 41,189,865 40,638,632 38,974,320 ----------- ----------- ----------- ----------- ----------- Shareholders' equity: Common stock 416,769 416,878 416,879 416,890 416,909 Capital surplus 714,262 715,663 712,286 706,042 706,234 Retained earnings 3,295,748 3,228,533 3,155,397 3,083,424 3,016,279 Treasury stock (1,054,734) (1,076,644) (1,102,503) (1,106,191) (1,082,170) Deferred compensation on restricted stock (14,551) (14,501) (15,340) (15,838) (16,667) Accumulated other comprehensive income/(loss) 14,855 (40,260) (13,885) 61,248 84,594 ----------- ----------- ----------- ----------- ----------- Total shareholders' equity 3,372,349 3,229,669 3,152,834 3,145,575 3,125,179 ----------- ----------- ----------- ----------- ----------- $47,414,968 $45,615,516 $44,342,699 $43,784,207 $42,099,499 =========== =========== =========== =========== ===========
Unaudited AmSouth Bancorporation CREDIT QUALITY STATISTICS ($ in thousands) - ------------------------------------------------------------------------------------------------------------------------ Three Months Ended 2004 2003 ---------------- ------------------------------------------------------- NET CHARGE-OFFS/(RECOVERIES) March 31 December 31 September 30 June 30 March 31 - ----------------------------------------------- ----------- ----------- ------------ ----------- ----------- Commercial: Commercial & industrial $ 6,671 $ 12,579 $ 9,523 $ 12,553 $ 12,079 Commercial loans - secured by real estate (78) 445 483 304 106 Commercial leases 83 910 (82) 558 432 ----------- ----------- ----------- ----------- ----------- Total commercial 6,676 13,934 9,924 13,415 12,617 Commercial real estate: Commercial real estate mortgages (882) (87) 2,172 186 182 Real estate construction 260 (10) 593 443 207 ----------- ----------- ----------- ----------- ----------- Total commercial real estate (622) (97) 2,765 629 389 Consumer: Residential first mortgages 783 596 587 836 456 Equity loans and lines 7,150 10,371 10,448 9,204 6,902 Dealer indirect 6,177 9,899 8,450 10,080 12,413 Revolving credit 5,124 5,716 5,850 5,717 6,059 Other consumer 2,718 4,016 3,728 2,744 3,507 ----------- ----------- ----------- ----------- ----------- Total consumer 21,952 30,598 29,063 28,581 29,337 ----------- ----------- ----------- ----------- ----------- $ 28,006 $ 44,435 $ 41,752 $ 42,625 $ 42,343 =========== =========== =========== =========== =========== NET CHARGE-OFFS AS A PERCENT OF AVERAGE LOANS (Annualized) - ----------------------------------------------- Commercial: Commercial & industrial 0.50 % 0.96 % 0.72 % 0.95 % 0.93 % Commercial loans - secured by real estate (0.02) 0.09 0.10 0.07 0.02 Commercial leases 0.02 0.19 (0.02) 0.13 0.10 ----------- ----------- ----------- ----------- ----------- Total commercial 0.29 0.61 0.44 0.61 0.58 Commercial real estate: Commercial real estate mortgages (0.15) (0.01) 0.37 0.03 0.03 Real estate construction 0.04 0.00 0.11 0.08 0.04 ----------- ----------- ----------- ----------- ----------- Total commercial real estate (0.05) (0.01) 0.24 0.06 0.04 Consumer: Residential first mortgages 0.09 0.06 0.07 0.10 0.06 Equity loans and lines 0.41 0.59 0.61 0.56 0.43 Dealer indirect 0.69 1.07 0.90 1.08 1.34 Revolving credit 3.81 4.25 4.41 4.38 4.67 Other consumer 1.75 2.18 1.94 1.41 1.70 ----------- ----------- ----------- ----------- ----------- Total consumer 0.57 0.78 0.76 0.77 0.81 ----------- ----------- ----------- ----------- ----------- 0.38 % 0.60 % 0.58 % 0.60 % 0.62 % =========== =========== =========== =========== ===========
Unaudited AmSouth Bancorporation CREDIT QUALITY STATISTICS (continued) ($ in thousands) - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 ------------- -------------------------------------------- NONPERFORMING LOANS* March December September June March 31 31 30 30 31 - -------------------------------------------------------------- -------- -------- --------- -------- -------- Commercial: Commercial & industrial $ 41,623 $ 46,826 $ 52,245 $ 57,092 $ 70,954 Commercial loans - secured by real estate 22,931 19,920 18,450 13,463 12,232 Commercial leases 3,444 3,277 4,695 5,967 10,241 -------- -------- --------- -------- -------- Total commercial 67,998 70,023 75,390 76,522 93,427 Commercial real estate: Commercial real estate mortgages 2,156 3,548 11,489 13,189 14,979 Real estate construction 5,308 7,581 7,515 9,934 12,238 -------- -------- --------- -------- -------- Total commercial real estate 7,464 11,129 19,004 23,123 27,217 Consumer: Residential first mortgages 17,525 15,987 11,892 13,704 12,298 Equity loans and lines 9,765 12,652 14,135 13,931 16,080 Dealer indirect 18 21 23 9 9 Other consumer 134 341 349 356 520 -------- -------- --------- -------- -------- Total consumer 27,442 29,001 26,399 28,000 28,907 -------- -------- --------- -------- -------- $102,904 $110,153 $ 120,793 $127,645 $149,551 ======== ======== ========= ======== ======== * Exclusive of accruing loans 90 days past due. ACCRUING LOANS 90 DAYS PAST DUE - -------------------------------------------------------------- Commercial: Commercial & industrial $ 7,353 $ 9,688 $ 8,269 $ 8,230 $ 7,980 Commercial loans - secured by real estate 740 869 3,632 140 365 Commercial leases 24 69 452 5 496 -------- -------- --------- -------- -------- Total commercial 8,117 10,626 12,353 8,375 8,841 Commercial real estate: Commercial real estate mortgages 347 116 174 170 117 Real estate construction -0- -0- 581 434 556 -------- -------- --------- -------- -------- Total commercial real estate 347 116 755 604 673 Consumer: Residential first mortgages 9,901 12,364 13,093 10,275 12,387 Equity loans and lines 29,457 31,887 34,191 34,829 44,025 Dealer indirect 2,833 3,894 3,624 4,011 5,206 Revolving credit 6,728 7,117 7,249 7,708 8,043 Other consumer 812 1,456 1,323 1,652 1,410 -------- -------- --------- -------- -------- Total consumer 49,731 56,718 59,480 58,475 71,071 -------- -------- --------- -------- -------- $ 58,195 $ 67,460 $ 72,588 $ 67,454 $ 80,585 ======== ======== ========= ======== ========
Unaudited AmSouth Bancorporation OTHER INFORMATION - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 ------ ----------------------------------- REGULATORY CAPITAL RATIOS March December September June March 31* 31 30 30 31 - --------------------------------------------------------------------------- ------ -------- --------- ------ ------ Tier 1 capital ratio AmSouth 7.77 % 7.71 % 7.64 % 7.56 % 7.68 % AmSouth Bank 8.50 8.65 8.83 8.99 9.27 Total capital ratio AmSouth 10.95 % 11.22 % 11.33 % 11.32 % 11.64 % AmSouth Bank 11.22 11.59 11.85 12.06 12.45 Leverage ratio AmSouth 6.67 % 6.66 % 6.64 % 6.69 % 6.73 % AmSouth Bank 7.31 7.46 7.67 7.94 8.12 * First quarter 2004 regulatory capital ratios based on preliminary data.
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