-----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, OFHQo6k2HYNWACX3immGxUkxL9KZFwvWa7c+Gvz6qoc6zxQ9ppEiEFzRc++I1U9l jDhOIYdh8a6pd9q6Ju50Fg== 0001157523-04-006274.txt : 20040713 0001157523-04-006274.hdr.sgml : 20040713 20040713091046 ACCESSION NUMBER: 0001157523-04-006274 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040713 ITEM INFORMATION: FILED AS OF DATE: 20040713 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: 04911182 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 a4675629.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): July 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 July 13, 2004 AmSouth Bancorporation issued a press release announcing its preliminary results of operations for the quarter ended June 30, 2004. A copy of the press release is attached hereto and incorporated herein as Exhibit 99.1. Supplemental financial information for the quarter ended June 30, 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: July 13, 2004 Exhibit Index Exhibit No. Exhibit 99.1 Press Release of July 13, 2004 99.2 Supplemental Financial Information EX-99.1 2 a4675629ex99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 AmSouth Reports Record Second Quarter Earnings of $167.0 Million or $.47 Per Share To hear a webcast of the conference call with analysts at 2 p.m. CDT, July 13, go to www.amsouth.com and click on the webcast link under "Message Center." For supplemental financial information about the second quarter results, visit the Investor Relations Resource Center on AmSouth's web site at www.amsouth.com/irrc. BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 13, 2004--AmSouth Bancorporation (NYSE: ASO) today reported earnings for the second quarter ended June 30, 2004, of $.47 per diluted share compared to $.44 per diluted share reported for the second quarter of 2003. Net income for the second quarter of 2004 was a record $167.0 million versus $154.8 million for the same period in 2003. AmSouth's second quarter performance resulted in a return on average equity of 20.3 percent, a return on average assets of 1.41 percent and an efficiency ratio of 52.8 percent. "We are seeing strong growth across all of our lines of business as the economy continues to improve," said Dowd Ritter, AmSouth's chairman, president and chief executive officer. "With the competitive landscape changing with recent merger activity, we remain focused on our internal growth strategy and are taking advantage of the resulting opportunities in our already attractive Southeastern markets." Net interest income was $361.4 million in the second quarter, $1.9 million higher than the previous quarter, while the net interest margin was 3.44 percent. Average loans for the quarter grew by $2.4 billion, an 8.4 percent increase over the same quarter in 2003. Average deposits were higher by $3.8 billion, or 13.4 percent during the same period, including a 13.8 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 $218.3 million for the quarter, an increase of $7.5 million, or 3.6 percent, compared with the same quarter in 2003. This increase came despite decreases in mortgage income and lower securities gains. Service charges increased 15.5 percent compared with the second quarter of 2003, trust income grew 16.9 percent over the same period, and investment service income rose 36.6 percent compared with the previous year. Noninterest expenses in the second quarter were $311.8 million, up 4.4 percent compared with the second quarter of 2003 but down $ 10.5 million compared with the first quarter, reflecting the effects of tighter expense controls. Net charge-offs were .35 percent of average net loans in the quarter, marking the lowest level of net charge-offs since the second quarter of 2000. The ratio of loan loss reserves to total loans was 1.22 percent at June 30, 2004, and continued to reflect improvement in credit quality trends and a shift in the loan portfolio mix to include a greater proportion of lower risk loans. Total nonperforming assets at June 30, 2004, were $135.6 million, or .43 percent of loans net of unearned income, foreclosed properties and repossessions, their lowest level in 20 years. In the second quarter of 2003 nonperforming assets were $175.4 million, or .62 percent of loans. For supplemental financial information about the second quarter results, you may refer to the Form 8-K filed by AmSouth with the Securities and Exchange Commission on July 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 $48 billion in assets, more than 670 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 materially 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, and quarterly report on Form 10-Q for the quarter ended March 31, 2004, 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 consumer spending and saving habits; technological changes; the growth and profitability of AmSouth's mortgage banking business, including mortgage-related income and fees, being less than expected; adverse changes in the financial performance and / or condition of AmSouth's borrowers which could impact the repayment of such borrowers' outstanding loans; changes in accounting and tax principles, policies or guidelines and in tax laws; 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; the outcome of litigation, which is inherently uncertain and depends on the findings of judges and juries; the impact on AmSouth's businesses, as well as on the risks set forth above, of various domestic or international military or terrorist activities or conflicts; and AmSouth's success at managing the risks involved in the foregoing. 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 June 30 March 31 December 31 -------- -------- ---------- Net interest income $361,410 $359,497 $358,784 Provision for loan losses 26,600 28,100 44,500 -------- -------- ---------- Net interest income after provision 334,810 331,397 314,284 Noninterest revenues 218,252 220,430 223,390 Noninterest expenses 311,770 322,274 310,793 -------- -------- ---------- Income before income taxes 241,292 229,553 226,881 Income taxes 74,329 69,454 68,329 -------- -------- ---------- Net income $166,963 $160,099 $158,552 ======== ======== ========== Earnings per common share $0.47 $0.46 $0.45 Earnings per common share - diluted 0.47 0.45 0.45 Average common shares outstanding 351,602 351,196 350,067 Average common shares outstanding - diluted 356,314 356,908 355,306 End of period common shares outstanding 353,414 352,904 351,891 EARNINGS SUMMARY Percent Change Versus 2003 Prior September 30 June 30 Year --------- --------- ------ Net interest income $343,453 $349,356 3.5% Provision for loan losses 41,800 42,700 (37.7%) --------- --------- Net interest income after provision 301,653 306,656 9.2% Noninterest revenues 228,785 210,718 3.6% Noninterest expenses 306,556 298,622 4.4% --------- --------- Income before income taxes 223,882 218,752 10.3% Income taxes 66,494 63,927 16.3% --------- --------- Net income $157,388 $154,825 7.8% ========= ========= Earnings per common share $0.45 $0.44 6.8% Earnings per common share - diluted 0.45 0.44 6.8% Average common shares outstanding 349,421 349,509 Average common shares outstanding - diluted 353,317 353,354 End of period common shares outstanding 350,622 350,477 Percent EARNINGS SUMMARY YTD Change ------------------- Versus 2004 2003 Prior June 30 June 30 Year --------- --------- ------- Net interest income $720,907 $712,398 1.2% Provision for loan losses 54,700 87,400 (37.4%) --------- --------- Net interest income after provision 666,207 624,998 6.6% Noninterest revenues 438,682 403,603 8.7% Noninterest expenses 634,044 588,228 7.8% --------- --------- Income before income taxes 470,845 440,373 6.9% Income taxes 143,783 130,192 10.4% --------- --------- Net income $327,062 $310,181 5.4% ========= ========= Earnings per common share $0.93 $0.88 5.7% Earnings per common share - diluted 0.92 0.88 4.5% Average common shares outstanding 351,399 350,738 Average common shares outstanding - diluted 356,611 354,304 End of period common shares outstanding 353,414 350,477 KEY PERFORMANCE RATIOS Three Months Ended ----------------------------- 2004 June 30 March 31 December 31 -------- -------- ---------- Average shareholders' equity to average total assets 6.92% 7.09% 7.05% End of period shareholders' equity to end of period total assets 6.82 7.11 7.08 Loans net of unearned income to total deposits 97.55 94.77 96.38 Return on average assets (annualized) 1.41 1.40 1.41 Return on average shareholders' equity (annualized) 20.31 19.76 19.96 Book value per common share $9.32 $9.56 $9.18 Tangible book value per common share $8.46 $8.71 $8.32 Net interest margin - taxable equivalent 3.44% 3.56% 3.61% Efficiency ratio 52.83 54.57 52.43 KEY PERFORMANCE RATIOS 2003 September 30 June 30 ----------- -------- Average shareholders' equity to average total assets 7.14% 7.43% End of period shareholders' equity to end of period total assets 7.11 7.18 Loans net of unearned income to total deposits 98.85 96.99 Return on average assets (annualized) 1.44 1.48 Return on average shareholders' equity (annualized) 20.18 19.95 Book value per common share $8.99 $8.98 Tangible book value per common share $8.13 $8.12 Net interest margin - taxable equivalent 3.60% 3.84% Efficiency ratio 52.58 52.26 KEY PERFORMANCE RATIOS YTD ------------------ 2004 2003 June 30 June 30 -------- --------- Average shareholders' equity to average total assets 7.01% 7.51% End of period shareholders' equity to end of period total assets 6.82 7.18 Loans net of unearned income to total deposits 97.55 96.99 Return on average assets (annualized) 1.40 1.51 Return on average shareholders' equity (annualized) 20.04 20.10 Book value per common share $9.32 $8.98 Tangible book value per common share $8.46 $8.12 Net interest margin - taxable equivalent 3.50% 3.97% Efficiency ratio 53.70 51.64 Unaudited AmSouth Bancorporation SUMMARY FINANCIAL INFORMATION ($ in thousands) BALANCE SHEET INFORMATION Three Months Ended AVERAGE BALANCES ------------------------------------- - ------------------------- 2004 June 30 March 31 December 31 ----------- ----------- ------------ Loans net of unearned income $30,633,629 $29,705,743 $29,263,749 Total investment securities(a) 12,488,887 11,779,479 11,158,897 Interest-earning assets(a) 43,500,751 41,771,105 40,609,843 Total assets 47,742,291 45,953,093 44,697,830 Noninterest-bearing deposits 6,516,977 6,103,216 5,855,497 Interest-bearing deposits(b) 25,337,923 24,381,234 23,952,276 Total deposits(b) 31,854,900 30,484,450 29,807,773 Shareholders' equity 3,305,636 3,258,359 3,151,106 BALANCE SHEET INFORMATION AVERAGE BALANCES Percent - ------------------------- Change Versus 2003 Prior September 30 June 30 Year ------------ ---------- ------- Loans net of unearned income $28,667,773 $28,265,837 8.4% Total investment securities(a) 10,008,025 9,086,673 37.4% Interest-earning assets(a) 39,075,134 37,708,903 15.4% Total assets 43,315,707 41,917,998 13.9% Noninterest-bearing deposits 5,605,708 5,329,351 22.3% Interest-bearing deposits(b) 23,598,915 22,766,452 11.3% Total deposits(b) 29,204,623 28,095,803 13.4% Shareholders' equity 3,094,790 3,112,945 6.2% BALANCE SHEET INFORMATION Percent AVERAGE BALANCES YTD Change - ------------------------- ------------------------- Versus 2004 2003 Prior June 30 June 30 Year ------------ ------------ ------- Loans net of unearned income $30,169,686 $28,049,022 7.6% Total investment securities(a) 12,134,183 9,028,369 34.4% Interest-earning assets(a) 42,635,928 37,333,218 14.2% Total assets 46,847,692 41,433,111 13.1% Noninterest-bearing deposits 6,310,096 5,237,375 20.5% Interest-bearing deposits(b) 24,859,579 22,406,351 10.9% Total deposits(b) 31,169,675 27,643,726 12.8% Shareholders' equity 3,281,997 3,111,683 5.5% (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 $31,351,497 $29,893,723 $29,339,364 Total investment securities(a) 12,716,413 12,426,033 12,036,854 Interest-earning assets(a) 44,439,782 43,253,884 41,521,449 Total assets 48,341,045 47,414,968 45,615,516 Noninterest-bearing deposits 6,636,325 6,544,028 6,273,835 Interest-bearing deposits 25,502,919 25,000,664 24,166,518 Total deposits 32,139,244 31,544,692 30,440,353 Shareholders' equity 3,295,478 3,372,349 3,229,669 Percent Change Versus BALANCE SHEET INFORMATION Prior ENDING BALANCES Year - ------------------------- ------- Loans net of unearned income $29,128,404 $28,222,542 11.1% Total investment securities(a) 11,011,789 10,522,760 20.8% Interest-earning assets(a) 40,341,180 39,296,146 13.1% Total assets 44,342,699 43,784,207 10.4% Noninterest-bearing deposits 5,839,977 5,849,456 13.5% Interest-bearing deposits 23,628,246 23,249,370 9.7% Total deposits 29,468,223 29,098,826 10.4% Shareholders' equity 3,152,834 3,145,575 4.8% (a) Excludes adjustment for market valuation on available-for-sale securities and certain noninterest-earning marketable equity securities. Unaudited AmSouth Bancorporation SUMMARY FINANCIAL INFORMATION ($ in thousands) NONPERFORMING ASSETS 2004 2003 June March December September June 30 31 31 30 30 -------- -------- -------- -------- -------- Nonaccrual loans(c) $102,670 $102,904 $110,153 $120,793 $127,645 Foreclosed properties 29,586 29,291 32,616 35,163 40,656 Repossessions 3,295 3,733 4,986 5,890 7,058 -------- -------- -------- -------- -------- Total nonperforming assets(c) $135,551 $135,928 $147,755 $161,846 $175,359 ======== ======== ======== ======== ======== Nonperforming assets to loans net of unearned income, foreclosed properties and repossessions 0.43% 0.45% 0.50% 0.55% 0.62% Accruing loans 90 days past due $52,972 $58,195 $67,460 $72,588 $67,454 ======== ======== ======== ======== ======== (c) Exclusive of accruing loans 90 days past due ALLOWANCE FOR LOAN LOSSES 2004 2003 2nd 1st 4th 3rd 2nd Quarter Quarter Quarter Quarter Quarter - ----------------------- --------- -------- --------- -------- -------- Balance at beginning of period $382,450 $384,124 $384,059 $384,011 $383,936 Loans charged off (38,202) (44,412) (56,403) (55,102) (55,565) Recoveries of loans previously charged off 11,634 16,406 11,968 13,350 12,940 --------- -------- --------- -------- -------- Net Charge-offs (26,568) (28,006) (44,435) (41,752) (42,625) Addition to allowance charged to expense 26,600 28,100 44,500 41,800 42,700 Allowance sold - (1,768) - - - --------- -------- --------- -------- -------- Balance at end of period $382,482 $382,450 $384,124 $384,059 $384,011 ========= ======== ======== ======== ======== Allowance for loan losses to loans net of unearned income 1.22% 1.28% 1.31% 1.32% 1.36% Net charge-offs to average loans net of unearned income (d) 0.35% 0.38% 0.60% 0.58% 0.60% Allowance for loan losses to nonperforming loans(c) 372.54% 371.66% 348.72% 317.95% 300.84% Allowance for loan losses to nonperforming assets(c) 282.17% 281.36% 259.97% 237.30% 218.99% (c) Exclusive of accruing loans 90 days past due (d) Annualized CONTACT: AmSouth Bancorporation, Birmingham Investment Community: List Underwood, 205-801-0265 or News Media: Rick Swagler, 205-801-0105 EX-99.2 3 a4675629ex992.txt EXHIBIT 99.2 SUPPLEMENTAL FINANCIAL INFORMATION Exhibit 99.2
Unaudited AmSouth Bancorporation CONSOLIDATED STATEMENTS OF EARNINGS ($ in thousands, except per share data) - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 ----------------------- ---------------------------------- June 30 March 31 December 31 September 30 June 30 -------- -------- -------- --------- -------- INTEREST INCOME Loans $376,602 $375,715 $381,914 $ 381,886 $389,859 Available-for-sale securities 80,577 83,419 85,096 74,495 75,065 Held-to-maturity securities 63,934 62,593 52,250 45,888 56,199 Trading securities 25 72 11 67 6 Loans held for sale 3,270 2,627 1,775 2,272 318 Federal funds sold and securities purchased under agreements to resell 197 151 99 503 889 Other interest-earning assets 39 59 55 69 110 -------- -------- -------- --------- -------- Total interest income 524,644 524,636 521,200 505,180 522,446 -------- -------- -------- --------- -------- INTEREST EXPENSE Interest-bearing checking 8,640 7,346 6,627 6,295 8,129 Money market and savings deposits 9,688 9,315 9,350 9,144 13,819 Time deposits 40,565 44,807 46,839 49,861 51,116 Certificates of deposit of $100,000 or more 17,147 17,241 17,544 18,087 16,555 Foreign deposits 3,598 2,589 2,589 1,658 1,675 Federal funds purchased and securities sold under agreements to repurchase 8,185 6,645 6,163 3,917 4,555 Other borrowed funds 1,905 1,981 971 1,076 985 Long-term Federal Home Loan Bank advances 60,475 60,469 60,150 61,331 64,949 Other long-term debt 13,031 14,746 12,183 10,358 11,307 -------- -------- -------- --------- -------- Total interest expense 163,234 165,139 162,416 161,727 173,090 -------- -------- -------- --------- -------- NET INTEREST INCOME 361,410 359,497 358,784 343,453 349,356 Provision for loan losses 26,600 28,100 44,500 41,800 42,700 -------- -------- -------- --------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 334,810 331,397 314,284 301,653 306,656 -------- -------- -------- --------- -------- NONINTEREST REVENUES Service charges on deposit accounts 94,377 93,215 93,177 87,535 81,677 Trust income 29,935 28,880 26,114 25,918 25,598 Consumer investment services income 21,930 20,411 19,114 17,937 16,049 Interchange income 20,628 16,299 15,648 16,709 18,360 Bank owned life insurance policies 11,610 11,669 11,706 13,616 13,060 Bankcard income 7,509 6,856 7,079 6,622 6,691 Mortgage income 3,889 7,512 12,060 11,975 17,130 Portfolio income 8,145 9,667 14,009 17,600 15,906 Other noninterest revenues 20,229 25,921 24,483 30,873 16,247 -------- --------- -------- --------- -------- Total noninterest revenues 218,252 220,430 223,390 228,785 210,718 -------- --------- -------- --------- -------- NONINTEREST EXPENSES Salaries and employee benefits 167,511 173,706 163,969 164,086 156,723 Net occupancy expense 36,326 35,252 34,350 34,120 33,484 Equipment expense 30,968 30,544 29,141 29,022 30,572 Postage and office supplies 10,997 12,958 12,124 11,636 11,351 Marketing expense 9,249 11,746 8,832 9,341 9,173 Communications expense 6,040 6,412 6,324 7,287 7,044 Amortization of intangibles 1,163 1,163 1,199 1,198 1,198 Other noninterest expenses 49,516 50,493 54,854 49,866 49,077 -------- --------- -------- --------- -------- Total noninterest expenses 311,770 322,274 310,793 306,556 298,622 -------- --------- -------- --------- -------- INCOME BEFORE INCOME TAXES 241,292 229,553 226,881 223,882 218,752 Income taxes 74,329 69,454 68,329 66,494 63,927 -------- --------- -------- --------- -------- NET INCOME $166,963 $160,099 $158,552 $ 157,388 $154,825 ======== ========= ============= ========== ========= Average common shares outstanding 351,602 351,196 350,067 349,421 349,509 Earnings per common share $ .47 $ .46 $ .45 $ .45 $ .44 Diluted average common shares outstanding 356,314 356,908 355,306 353,317 353,354 Diluted earnings per common share $ .47 $ .45 $ .45 $ .45 $ .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 June 30, 2004 March 31, 2004 December 31, 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 $14,761,561 $178,896 4.87% $14,173,383 $176,064 5.00% $13,742,037 $176,320 5.09% Residential first mortgages 3,863,999 49,333 5.13% 3,680,157 46,859 5.12% 3,675,039 47,393 5.12% Equity loans and lines 7,288,969 78,254 4.32% 7,077,654 79,716 4.53% 6,915,508 79,328 4.55% Dealer indirect 3,622,780 51,993 5.77% 3,608,410 54,325 6.06% 3,665,257 58,225 6.30% Other consumer 1,096,320 24,201 8.88% 1,166,139 24,993 8.62% 1,265,908 27,007 8.46% ------------ --------- ------------ --------- ------------ --------- Total loans net of unearned income 30,633,629 382,677 5.02% 29,705,743 381,957 5.17% 29,263,749 388,273 5.26% Available-for- sale securities 6,559,420 81,249 4.98% 6,503,458 84,080 5.20% 6,537,647 85,783 5.21% Held-to- maturity securities 5,929,467 67,685 4.59% 5,276,021 66,333 5.06% 4,621,250 55,758 4.79% ------------ --------- ------------ --------- ------------ --------- Total investment securities 12,488,887 148,934 4.80% 11,779,479 150,413 5.14% 11,158,897 141,541 5.03% Other interest- earning assets 378,235 3,531 3.75% 285,883 2,909 4.09% 187,197 1,940 4.11% ------------ --------- ------------ --------- ------------ --------- Total interest- earning assets 43,500,751 535,142 4.95% 41,771,105 535,279 5.15% 40,609,843 531,754 5.19% Cash and due from banks 1,117,795 1,117,832 1,069,011 Other assets 3,554,548 3,424,399 3,407,036 Allowance for loan losses (385,514) (386,932) (383,627) Market valuation on AFS securities (45,289) 26,689 (4,433) ------------ ------------ ------------ $47,742,291 $45,953,093 $44,697,830 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Interest- bearing liabilities: Interest- bearing checking $6,829,555 8,640 0.51% $6,334,668 7,346 0.47% $5,878,840 6,627 0.45% Money market and savings deposits 7,847,980 9,688 0.50% 7,674,745 9,315 0.49% 7,678,965 9,350 0.48% Time deposits 9,133,052 57,712 2.54% 9,166,784 62,048 2.72% 9,188,371 64,383 2.78% Foreign deposits 1,527,336 3,598 0.95% 1,205,037 2,589 0.86% 1,206,100 2,589 0.85% Federal funds purchased and securities sold under agreements to repurchase 2,837,459 8,185 1.16% 2,378,217 6,645 1.12% 2,639,228 6,163 0.93% Other interest- bearing liabilities 8,163,063 75,411 3.72% 8,187,362 77,196 3.79% 7,493,701 73,304 3.88% ------------ --------- ------------ --------- ------------ --------- Total interest- bearing liabilities 36,338,445 163,234 1.81% 34,946,813 165,139 1.90% 34,085,205 162,416 1.89% --------- ------ --------- ------ --------- ------ Net interest spread 3.14% 3.25% 3.30% ====== ====== ====== Noninterest- bearing demand deposits 6,516,977 6,103,216 5,855,497 Other liabilities 1,581,233 1,644,705 1,606,022 Shareholders' equity 3,305,636 3,258,359 3,151,106 ------------ ------------ ------------ $47,742,291 $45,953,093 $44,697,830 ============ ============ ============ Net interest income/margin on a taxable equivalent basis 371,908 3.44% 370,140 3.56% 369,338 3.61% ====== ====== ====== Taxable equivalent adjustment: Loans 6,075 6,242 6,359 Available-for- sale securities 672 661 687 Held-to- maturity securities 3,751 3,740 3,508 --------- --------- --------- Total taxable equivalent adjustment 10,498 10,643 10,554 --------- --------- --------- Net interest income $361,410 $359,497 $358,784 ========= ========= =========
Unaudited AmSouth Bancorporation QUARTERLY AVERAGE DAILY BALANCES, REVENUE & EXPENSE SUMMARY, YIELDS & RATES (Taxable equivalent basis, $ in thousands) - ------------------------------------------------------------------------------------------------------------------------ Three Months Ended Three Months Ended September 30, 2003 June 30, 2003 ----------------------------- ----------------------------- Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate - ------------------------------------------------------------------------------------------------------------------------ ASSETS Interest- earning assets: Commercial and commercial real estate $13,418,636 $172,721 5.11% $13,334,004 $173,089 5.21% Residential first mortgages 3,482,912 46,621 5.31% 3,266,570 46,441 5.70% Equity loans and lines 6,751,177 79,328 4.66% 6,615,453 82,108 4.98% Dealer indirect 3,726,766 61,857 6.59% 3,743,714 64,806 6.94% Other consumer 1,288,282 27,838 8.57% 1,306,096 30,032 9.22% ------------ --------- ------------ --------- Total loans net of unearned income 28,667,773 388,365 5.37% 28,265,837 396,476 5.63% Available-for- sale securities 5,540,681 75,238 5.39% 4,646,425 75,971 6.56% Held-to- maturity securities 4,467,344 49,463 4.39% 4,440,248 59,984 5.42% ------------ --------- ------------ --------- Total investment securities 10,008,025 124,701 4.94% 9,086,673 135,955 6.00% Other interest- earning assets 399,336 2,911 2.89% 356,393 1,323 1.49% ------------ --------- ------------ --------- Total interest- earning assets 39,075,134 515,977 5.24% 37,708,903 533,754 5.68% Cash and due from banks 1,058,120 1,057,946 Other assets 3,554,143 3,386,249 Allowance for loan losses (390,219) (391,229) Market valuation on AFS securities 18,529 156,129 ------------ ------------ $43,315,707 $41,917,998 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Interest- bearing liabilities: Interest- bearing checking $5,793,183 6,295 0.43% $5,753,817 8,129 0.57% Money market and savings deposits 7,670,427 9,144 0.47% 7,548,133 13,819 0.73% Time deposits 9,306,813 67,948 2.90% 8,774,627 67,671 3.09% Foreign deposits 828,492 1,658 0.79% 689,875 1,675 0.97% Federal funds purchased and securities sold under agreements to repurchase 1,954,417 3,917 0.80% 1,836,940 4,555 0.99% Other interest- bearing liabilities 7,365,016 72,765 3.92% 7,333,085 77,241 4.22% ------------ --------- ------------ --------- Total interest- bearing liabilities 32,918,348 161,727 1.95% 31,936,477 173,090 2.17% --------- ------ --------- ------ Net interest spread 3.29% 3.51% ====== ====== Noninterest- bearing demand deposits 5,605,708 5,329,351 Other liabilities 1,696,861 1,539,225 Shareholders' equity 3,094,790 3,112,945 ------------ ------------ $43,315,707 $41,917,998 ============ ============ Net interest income/margin on a taxable equivalent basis 354,250 3.60% 360,664 3.84% ====== ====== Taxable equivalent adjustment: Loans 6,479 6,617 Available-for- sale securities 743 906 Held-to- maturity securities 3,575 3,785 --------- --------- Total taxable equivalent adjustment 10,797 11,308 --------- --------- Net interest income $343,453 $349,356 ========= =========
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 June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003 and June 30, 2003, was approximately $6,885,000, $7,955,000, $8,646,000, $10,147,000, and $12,071,000, respectively, associated with retained interest on loans sold or securitized which resulted in an increase in the yield on the available-for-sale portfolio of approximately 42, 49, 52, 72, and 103 basis points, respectively.
Unaudited AmSouth Bancorporation CONSOLIDATED PERIOD-END BALANCE SHEETS ($ in thousands) - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 ----------------------------- ------------------------------------------ June 30 March 31 December 31 September 30 June 30 ----------- ----------- ----------- ----------- ----------- ASSETS Cash and due from banks $ 1,145,370 $ 1,074,116 $ 1,163,986 $ 1,116,554 $ 1,451,537 Federal funds sold and securities purchased under agreements to resell 87,000 654,000 -0- 25,247 484,300 Trading securities 11,092 552 2,721 1,725 287 Available-for-sale securities 6,586,697 6,371,254 7,125,971 6,428,817 5,814,466 Held-to-maturity securities 6,004,032 6,139,369 4,928,195 4,629,726 4,842,826 Loans held for sale 261,968 234,842 102,292 140,913 17,655 Loans net of unearned income: Commercial and industrial 5,515,740 5,452,783 5,264,283 5,228,850 5,313,418 Commercial loans - secured by real estate 2,197,646 2,077,381 2,026,092 1,914,300 1,829,220 Commercial leases 1,974,396 1,974,093 1,962,437 1,907,385 1,787,725 Commercial real estate mortgages 2,642,411 2,670,401 2,359,209 2,420,498 2,429,824 Real estate construction 2,568,776 2,361,309 2,327,512 2,251,109 2,126,456 Residential first mortgages 4,189,126 3,598,004 3,646,329 3,570,875 3,024,847 Equity loans and lines 7,514,199 7,034,828 7,005,061 6,826,872 6,689,561 Dealer indirect 3,627,608 3,623,389 3,610,005 3,698,688 3,720,988 Revolving credit 555,763 535,884 550,521 527,668 525,109 Other consumer 565,832 565,651 587,915 782,159 775,394 ----------- ----------- ----------- ----------- ----------- Total loans net of unearned income 31,351,497 29,893,723 29,339,364 29,128,404 28,222,542 Allowance for loan losses (382,482) (382,450) (384,124) (384,059) (384,011) Other interest-earning assets 11,813 44,735 40,218 33,102 48,602 Premises and equipment, net 1,020,033 993,651 964,692 927,407 907,680 Cash surrender value - bank owned life insurance 1,089,445 1,077,426 1,065,996 1,052,950 1,041,391 Goodwill and other intangibles 303,921 299,691 300,854 302,425 299,503 Accrued interest receivable and other assets 850,659 1,014,059 965,351 939,488 1,037,429 ----------- ----------- ----------- ----------- ----------- $48,341,045 $47,414,968 $45,615,516 $44,342,699 $43,784,207 =========== =========== =========== =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Deposits and interest-bearing liabilities: Deposits: Noninterest-bearing demand $ 6,636,325 $ 6,544,028 $ 6,273,835 $ 5,839,977 $ 5,849,456 Interest-bearing checking 6,809,885 6,737,060 6,183,832 5,746,617 5,739,344 Money market and savings deposits 7,827,390 7,887,543 7,592,020 7,739,210 7,553,650 Time 5,623,470 6,118,682 6,278,053 6,410,087 6,532,948 Certificates of deposit of $100,000 or more 3,638,933 3,103,575 2,818,490 2,864,383 2,696,099 Foreign 1,603,241 1,153,804 1,294,123 867,949 727,329 ----------- ----------- ----------- ----------- ----------- Total deposits 32,139,244 31,544,692 30,440,353 29,468,223 29,098,826 Federal funds purchased and securities sold under agreements to repurchase 2,145,521 1,927,492 2,026,253 2,221,105 1,837,292 Other borrowed funds 1,460,893 325,169 343,202 430,461 149,333 Long-term Federal Home Loan Bank advances 5,779,709 5,783,600 5,737,952 5,595,264 5,826,839 Other long-term debt 2,084,213 2,286,091 2,114,482 1,475,346 1,517,224 ----------- ----------- ----------- ----------- ----------- Total deposits and interest-bearing liabilities 43,609,580 41,867,044 40,662,242 39,190,399 38,429,514 Accrued expenses and other liabilities 1,435,987 2,175,575 1,723,605 1,999,466 2,209,118 ----------- ----------- ----------- ----------- ----------- Total liabilities 45,045,567 44,042,619 42,385,847 41,189,865 40,638,632 ----------- ----------- ----------- ----------- ----------- Shareholders' equity: Common stock 416,768 416,769 416,878 416,879 416,890 Capital surplus 714,134 714,262 715,663 712,286 706,042 Retained earnings 3,372,672 3,295,748 3,228,533 3,155,397 3,083,424 Treasury stock (1,043,783) (1,054,734) (1,076,644) (1,102,503) (1,106,191) Deferred compensation on restricted stock (14,496) (14,551) (14,501) (15,340) (15,838) Accumulated other comprehensive (loss)/income (149,817) 14,855 (40,260) (13,885) 61,248 ----------- ----------- ----------- ----------- ----------- Total shareholders' equity 3,295,478 3,372,349 3,229,669 3,152,834 3,145,575 ----------- ----------- ----------- ----------- ----------- $48,341,045 $47,414,968 $45,615,516 $44,342,699 $43,784,207 =========== =========== =========== =========== ===========
Unaudited AmSouth Bancorporation CREDIT QUALITY STATISTICS ($ in thousands) - ------------------------------------------------------------------------------------------------------------------------ Three Months Ended 2004 2003 ---------------- ----------------------------- NET CHARGE-OFFS/(RECOVERIES) June March December September June 30 31 31 30 30 - ----------------------------------------------------------------- ------- ------- -------- --------- ------- Commercial: Commercial & industrial $ 6,889 $ 6,671 $ 12,579 $ 9,523 $12,553 Commercial loans - secured by real estate 666 (78) 445 483 304 Commercial leases (380) 83 910 (82) 558 ------- ------- -------- --------- ------- Total commercial 7,175 6,676 13,934 9,924 13,415 Commercial real estate: Commercial real estate mortgages 581 (882) (87) 2,172 186 Real estate construction 1,370 260 (10) 593 443 ------- ------- -------- --------- ------- Total commercial real estate 1,951 (622) (97) 2,765 629 Consumer: Residential first mortgages 660 783 596 587 836 Equity loans and lines 5,646 7,150 10,371 10,448 9,204 Dealer indirect 3,696 6,177 9,899 8,450 10,080 Revolving credit 4,841 5,124 5,716 5,850 5,717 Other consumer 2,599 2,718 4,016 3,728 2,744 ------- ------- -------- --------- ------- Total consumer 17,442 21,952 30,598 29,063 28,581 ------- ------- -------- --------- ------- $26,568 $28,006 $ 44,435 $ 41,752 $42,625 ======= ======= ======== ========= =======
NET CHARGE-OFFS AS A PERCENT OF AVERAGE LOANS (Annualized) - --------------------------------------------------------------------------------- Commercial: Commercial & industrial 0.50 % 0.50 % 0.96 % 0.72 % 0.95 % Commercial loans - secured by real estate 0.13 (0.02) 0.09 0.10 0.07 Commercial leases (0.08) 0.02 0.19 (0.02) 0.13 ------ ------ ------ ------ ----- Total commercial 0.30 0.29 0.61 0.44 0.61 Commercial real estate: Commercial real estate mortgages 0.09 (0.15) (0.01) 0.37 0.03 Real estate construction 0.22 0.04 0.00 0.11 0.08 ------ ------ ------ ------ ----- Total commercial real estate 0.15 (0.05) (0.01) 0.24 0.06 Consumer: Residential first mortgages 0.07 0.09 0.06 0.07 0.10 Equity loans and lines 0.31 0.41 0.59 0.61 0.56 Dealer indirect 0.41 0.69 1.07 0.90 1.08 Revolving credit 3.59 3.81 4.25 4.41 4.38 Other consumer 1.89 1.75 2.18 1.94 1.41 ------ ------ ------ ------ ----- Total consumer 0.44 0.57 0.78 0.76 0.77 ------ ------ ------ ------ ----- 0.35 % 0.38 % 0.60 % 0.58 % 0.60 % ====== ====== ====== ====== =====
Unaudited AmSouth Bancorporation CREDIT QUALITY STATISTICS (continued) ($ in thousands) - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 ------------------ ------------------------------ NONPERFORMING LOANS* June March December September June 30 31 31 30 30 - ---------------------------------------------------------------------- -------- -------- -------- --------- -------- Commercial: Commercial & industrial $ 45,275 $ 41,623 $ 46,826 $ 52,245 $ 57,092 Commercial loans - secured by real estate 21,356 22,931 19,920 18,450 13,463 Commercial leases 2,899 3,444 3,277 4,695 5,967 -------- -------- -------- --------- -------- Total commercial 69,530 67,998 70,023 75,390 76,522 Commercial real estate: Commercial real estate mortgages 3,670 2,156 3,548 11,489 13,189 Real estate construction 2,912 5,308 7,581 7,515 9,934 -------- -------- -------- --------- -------- Total commercial real estate 6,582 7,464 11,129 19,004 23,123 Consumer: Residential first mortgages 18,393 17,525 15,987 11,892 13,704 Equity loans and lines 8,057 9,765 12,652 14,135 13,931 Dealer indirect 23 18 21 23 9 Other consumer 85 134 341 349 356 -------- -------- -------- --------- -------- Total consumer 26,558 27,442 29,001 26,399 28,000 -------- -------- -------- --------- -------- $102,670 $102,904 $110,153 $ 120,793 $127,645 ======== ======== ======== ========= ======== * Exclusive of accruing loans 90 days past due.
ACCRUING LOANS 90 DAYS PAST DUE - ---------------------------------------------------------------------- Commercial: Commercial & industrial $ 6,873 $ 7,353 $ 9,688 $ 8,269 $ 8,230 Commercial loans - secured by real estate 722 740 869 3,632 140 Commercial leases -0- 24 69 452 5 -------- -------- -------- --------- -------- Total commercial 7,595 8,117 10,626 12,353 8,375 Commercial real estate: Commercial real estate mortgages 202 347 116 174 170 Real estate construction -0- -0- -0- 581 434 -------- -------- -------- --------- -------- Total commercial real estate 202 347 116 755 604 Consumer: Residential first mortgages 9,217 9,901 12,364 13,093 10,275 Equity loans and lines 25,249 29,457 31,887 34,191 34,829 Dealer indirect 2,979 2,833 3,894 3,624 4,011 Revolving credit 6,823 6,728 7,117 7,249 7,708 Other consumer 907 812 1,456 1,323 1,652 -------- -------- -------- --------- -------- Total consumer 45,175 49,731 56,718 59,480 58,475 -------- -------- -------- --------- -------- $ 52,972 $ 58,195 $ 67,460 $ 72,588 $ 67,454 ======== ======== ======== ========= ========
Unaudited AmSouth Bancorporation OTHER INFORMATION - ------------------------------------------------------------------------------------------------------------------------ 2004 2003 --------------- ---------------------------- REGULATORY CAPITAL RATIOS June March December September June 30* 31 31 30 30 - --------------------------------------------------------------------------- ------ ------ -------- --------- ------ Tier 1 capital ratio AmSouth 7.72 % 7.78 % 7.71 % 7.64 % 7.56 % AmSouth Bank 8.41 8.52 8.65 8.83 8.99 Total capital ratio AmSouth 10.79 % 10.96 % 11.22 % 11.33 % 11.32 % AmSouth Bank 11.05 11.25 11.59 11.85 12.06 Leverage ratio AmSouth 6.60 % 6.68 % 6.66 % 6.64 % 6.69 % AmSouth Bank 7.19 7.31 7.46 7.67 7.94 * Second quarter 2004 regulatory capital ratios based on preliminary data.
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