EX-99.2 4 ex99-2.txt Exhibit 99.2 [LOGO OF OLD NATIONAL BANCORP] Old National Bancorp Financial Trends First Quarter 2003 April 24, 2003 Please direct inquiries to: John Poelker, Executive Vice President & Chief Financial Officer (812) 461-9099 or Candice Jenkins, Vice President & Corporate Controller (812) 461-9769 Note: 1999 data has been restated to reflect the acquisitions of ANB Corporation and Heritage Financial Services, Inc. during the 1st Quarter, 2000. Dulaney Bancorp, also acquired during the 1st Quarter of 1999, was also accounted for as a pooling of interests but prior year data was not restated due to immateriality. Note: Disclosures based on operating earnings, which exclude gains on branch divestitures and restructuring charges, are included to provide comparable data between years.
Old National Bancorp Financial Summary ----------------- First Quarter 2003 2002 2003 ------------------------------- ------------------------------- 1999 2000 2001 2002 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr ---- ---- ---- ---- ------- ------- ------- ------- ------- ------- ------- ------- Profitability ------------- (in millions) 93.3 61.7 93.0 117.9 NET INCOME from Continuing Operations 27.9 28.5 34.8 26.7 26.3 - -25.7 -5.9 8.3 NON-OPERATING Income (Expense) - - 8.3 - - 93.3 87.4 99.0 109.6 OPERATING EARNINGS (2) 27.9 28.5 26.5 26.7 26.3 95.5 91.5 105.1 110.7 OPERATING CASH EARNINGS (1) 28.1 28.7 26.9 27.0 26.7 ------------------------------------------------------------------------------------------------------------------------------------ Diluted EPS ----------- 1.37 0.94 1.42 1.84 Net Income from Continuing Operations 0.43 0.44 0.55 0.42 0.41 - -0.37 -0.09 0.13 Non-Operating - - 0.13 - - 1.37 1.31 1.51 1.71 Operating (2) 0.43 0.44 0.42 0.42 0.41 1.41 1.38 1.61 1.72 Operating Cash (1) 0.43 0.45 0.42 0.42 0.42 ------------------------------------------------------------------------------------------------------------------------------------ Net Income Ratios ----------------- 15.13% 10.11% 14.91% 17.84% Return on Common Equity (3) 17.55% 17.31% 20.74% 15.77% 15.07% 1.20% 0.73% 1.05% 1.27% Return on Assets 1.23% 1.24% 1.49% 1.13% 1.11% Operating Ratios ----------------- 1.20% 1.03% 1.12% 1.18% Return on Assets (2) 1.23% 1.24% 1.14% 1.13% 1.11% 58.6% 58.3% 57.6% 56.5% Efficiency Ratio (2) 55.3% 54.7% 56.6% 59.2% 58.9% 4.09% 3.65% 3.77% 3.65% Net Interest Margin 3.81% 3.71% 3.60% 3.50% 3.46% 0.17% 0.39% 0.45% 0.34% Net Charge-offs / Average Loans 0.33% 0.23% 0.39% 0.41% 0.89% ------------------------------------------------------------------------------------------------------------------------------------ Capital Ratios: --------------- Risk-Based Capital Ratios (end of period): 10.6% 9.2% 9.3% 11.1% Tier 1 9.7% 11.5% 11.3% 11.1% 11.3% 12.1% 10.4% 12.8% 14.8% Total 13.4% 15.1% 14.9% 14.8% 15.0% 7.5% 6.7% 6.6% 7.5% Leverage Ratio (to average assets) 6.7% 7.8% 7.7% 7.5% 7.6% 7.90% 6.92% 7.27% 7.47% Total equity to assets (averages) 7.21% 7.29% 7.67% 7.68% 7.88% ------------------------------------------------------------------------------------------------------------------------------------ Stock Price/ Dividend Ratios: ----------------------------- 0.54 0.59 0.62 0.69 Per Share Dividend 0.16 0.16 0.18 0.19 0.19 39% 44% 41% 40% Dividend Payout Ratio 38% 37% 43% 43% 46% 26.69 25.86 22.90 23.14 Stock Price at EOP 23.31 24.24 23.68 23.14 21.40 8.94 9.43 9.95 11.60 Book Value Per Share 10.08 10.83 11.42 11.60 11.68 (1) Excludes after-tax impact of amortization of intangible assets. (2) Operating earnings exclude gains on branch divestitures and restructuring charges. (3) Excludes other comprehensive income. PAGE 1
Old National Bancorp INCOME STATEMENT --------------- ($ In Millions except EPS information) Three Months Change First Quarter Change ------------------ ----------------- -------------------------- ---------------------- 2003 2002 $ % 2003 2002 $ % -------- -------- -------- ------- --------- --------- --------- -------- $ 130.0 $ 146.2 $ (16.3) -11% Interest Income - FTE $ 130.0 $ 146.2 $ (16.3) -11% 53.8 65.9 (12.1) -18% Less: Interest Expense 53.8 65.9 (12.1) -18% -------- -------- -------- ------- --------- --------- --------- -------- 76.2 80.3 (4.2) -5% Net Interest Income - FTE 76.2 80.3 (4.2) -5% 7.4 5.0 2.4 48% Trust and asset management fees 7.4 5.0 2.4 48% 10.8 9.3 1.4 15% Service charges on deposit accounts 10.8 9.3 1.4 15% 8.2 4.2 4.1 97% Insurance premiums and commissions 8.2 4.2 4.1 97% 2.7 1.8 0.9 51% Investment product fees 2.7 1.8 0.9 51% 4.4 3.4 1.0 29% Mortgage banking revenue 4.4 3.4 1.0 29% 6.7 5.2 1.5 28% Other income 6.7 5.2 1.5 28% -------- -------- -------- ------- --------- --------- --------- -------- 40.2 28.9 11.2 39% Total Fees and Service Charges 40.2 28.9 11.2 39% 2.7 1.6 1.2 74% Gains (Losses) Sales of Securities 2.7 1.6 1.2 74% 42.9 30.5 12.4 41% Total Noninterest Income 42.9 30.5 12.4 41% 119.1 110.9 8.3 7% Total Revenues (FTE) 119.1 110.9 8.3 7% 41.7 36.2 5.5 15% Salaries and employee benefits 41.7 36.2 5.5 15% 28.5 25.1 3.4 14% Other expense 28.5 25.1 3.4 14% -------- -------- -------- ------- --------- --------- --------- -------- 70.2 61.3 8.9 15% Total Noninterest Expense 70.2 61.3 8.9 15% 9.0 7.5 1.5 20% Provision for loan losses 9.0 7.5 1.5 20% 39.9 42.1 (2.1) -5% Pre-Tax Income (FTE) 39.9 42.1 (2.1) -5% 7.3 8.3 (1.0) -12% Income Taxes 7.3 8.3 (1.0) -12% 6.4 5.9 0.5 8% FTE Adjustment 6.4 5.9 0.5 8% -------- -------- -------- ------- --------- --------- --------- -------- 13.7 14.2 (0.5) -4% Total Taxes (FTE) 13.7 14.2 (0.5) -4% 26.3 27.9 (1.6) -6% Operating Earnings (1) 26.3 27.9 (1.6) -6% - - - N/M Non-Operating Income (Expense) - - - N/M ------------------------------------- --------------------------------------------------- $ 26.3 $ 27.9 $ (1.6) -6% Net Income from Cont. Ops. $ 26.3 $ 27.9 $ (1.6) -6% ===================================== =================================================== 0.41 0.43 (0.02) -5% EPS - Diluted Net Income from Cont. Ops. 0.41 0.43 (0.02) -5% - - - N/M EPS - Non-Operating - - - N/M 0.41 0.43 (0.02) -5% EPS - Diluted Operating (1) 0.41 0.43 (0.02) -5% 0.42 0.43 (0.01) -2% EPS - Diluted Operating Cash (2) 0.42 0.43 (0.01) -2% 63,593 64,219 (626) -1% EOP Shares Outstanding (000s) 63,593 64,219 (626) -1% 63,704 64,184 (480) -1% Average Basic Shares (000s) 63,704 64,184 (480) -1% 63,757 64,281 (524) -1% Average Diluted Shares (000s) 63,757 64,281 (524) -1% FTE - Fully taxable equivalent basis (1) Operating earnings exclude gains on branch divestitures and restructuring charges. (2) Excludes after-tax impact of amortization of intangible assets. PAGE 2
Old National Bancorp NET INCOME TRENDS ----------------- First Quarter 2003 2002 2003 ------------------------------- ------------------------------- 1999 2000 2001 2002 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr ---- ---- ---- ---- ------- ------- ------- ------- ------- ------- ------- ------- 583.7 657.9 651.0 572.6 Interest Income - FTE 146.2 146.0 142.7 137.7 130.0 284.6 368.4 338.4 258.0 Less: Interest Expense 65.9 66.4 64.7 61.0 53.8 --------------------------- ------------------------------- ------------------------------- 299.2 289.5 312.6 314.6 Net Interest Income - FTE 80.3 79.6 78.0 76.7 76.2 21.7 22.6 20.7 24.4 Trust and asset management fees 5.0 5.1 7.3 7.0 7.4 25.0 34.3 40.5 42.0 Service charges on deposit accounts 9.3 10.2 10.8 11.6 10.8 6.6 11.5 13.3 16.7 Insurance premiums and commissions 4.2 4.2 3.3 5.0 8.2 6.4 7.1 6.8 9.0 Investment product fees 1.8 2.1 2.5 2.6 2.7 2.0 2.6 9.7 14.5 Mortgage banking revenue 3.4 2.7 3.9 4.5 4.4 18.8 23.7 17.2 23.0 Other income 5.2 5.9 6.4 5.5 6.7 80.5 101.8 108.2 129.6 Total Fees and Service Charges 28.9 30.2 34.2 36.2 40.2 2.6 -0.1 4.8 12.4 Gains (Losses) Sales of Securities 1.6 1.0 5.8 4.1 2.7 83.2 101.7 113.0 142.0 Total Noninterest Income 30.5 31.1 40.0 40.4 42.9 382.3 391.2 425.6 456.6 Total Revenues (FTE) 110.9 110.8 118.0 117.0 119.1 129.4 130.2 138.2 148.4 Salaries and employee benefits 36.2 34.8 38.7 38.7 41.7 94.5 97.8 106.9 109.4 Other expense 25.1 25.7 28.0 30.6 28.5 223.9 228.0 245.1 257.8 Total Noninterest Expense 61.3 60.5 66.7 69.3 70.2 14.8 26.0 28.7 33.5 Provision for loan losses 7.5 7.5 11.0 7.5 9.0 143.6 137.2 151.8 165.3 Pre-Tax Income (FTE) 42.1 42.7 40.3 40.2 39.9 32.4 30.1 31.5 30.5 Income Taxes 8.3 7.9 7.3 6.9 7.3 17.9 19.6 21.3 25.2 FTE Adjustment 5.9 6.3 6.4 6.6 6.4 50.4 49.8 52.8 55.6 Total Taxes (FTE) 14.2 14.2 13.7 13.5 13.7 93.3 87.4 99.0 109.6 Operating Earnings (1) 27.9 28.5 26.5 26.7 26.3 - -25.7 -5.9 8.3 Non-Operating Income (Expense) - - 8.3 - - 93.3 61.7 93.0 117.9 Net Income from Cont. Ops. 27.9 28.5 34.8 26.7 26.3 1.37 0.94 1.42 1.84 EPS - Diluted Net Income from Cont. Ops. 0.43 0.44 0.55 0.42 0.41 - -0.37 -0.09 0.13 EPS - Non-Operating - - 0.13 - - 1.37 1.31 1.51 1.71 EPS - Diluted Operating (1) 0.43 0.44 0.42 0.42 0.41 1.41 1.38 1.61 1.72 EPS - Diluted Operating Cash (2) 0.43 0.45 0.42 0.42 0.42 68,549 66,371 65,341 64,103 Average Diluted Shares (000s) 64,281 64,383 64,075 63,679 63,757 FTE - Fully taxable equivalent basis (1) Operating earnings exclude gains on branch divestitures and restructuring charges. (2) Excludes after-tax impact of amortization of intangible assets. PAGE 3
Old National Bancorp Balance Sheet (EOP) ------------------- First Quarter 2003 ($ in Millions) 3/31/03 12/31/02 3/31/02 Change from Prior Year ---------- ---------- ---------- ---------------------- $ % -------- ------- Assets Government and Agencies $ 640.8 $ 782.6 $ 594.0 $ 46.8 8% Municipals 683.7 708.2 601.6 82.1 14% Mortgage Backed 1,870.6 1,481.4 1,288.3 582.3 45% Other 125.6 118.9 135.6 (10.0) -7% ---------- ---------- ---------- -------- ------- Total Investments 3,320.7 3,091.0 2,619.5 701.2 27% ---------- ---------- ---------- -------- ------- Loans Commercial 1,690.4 1,696.3 1,693.6 (3.2) 0% Commercial and Agriculture Real Estate 1,871.9 1,883.3 1,848.9 22.9 1% Consumer 1,050.3 1,053.6 1,035.7 14.6 1% ---------- ---------- ---------- -------- ------- Subtotal 4,612.6 4,633.2 4,578.3 34.3 1% Residential Real Estate 1,027.3 1,136.4 1,349.6 (322.3) -24% ---------- ---------- ---------- -------- ------- Total Loans 5,639.9 5,769.6 5,927.9 (288.0) -5% ---------- ---------- ---------- -------- ------- Total Earning Assets 8,960.6 8,860.7 8,547.4 413.2 5% ---------- ---------- ---------- -------- ------- Allowance for loan losses (84.0) (87.7) (76.8) (7.2) 9% Nonearning assets Goodwill and Intangible assets 137.7 137.7 87.7 50.0 57% Other assets 710.9 702.0 610.8 100.1 16% ---------- ---------- ---------- -------- ------- Total Nonearning assets 848.6 839.6 698.5 150.1 21% ---------- ---------- ---------- -------- ------- ---------- ---------- ---------- -------- ------- Total Assets $ 9,725.2 $ 9,612.6 $ 9,169.1 $ 556.1 6% ========== ========== ========== ======== ======= Liabilities and Equity Noninterest-bearing demand deposits $ 727.1 $ 778.4 $ 708.6 $ 18.5 3% NOW and Savings accounts 1,912.1 1,841.3 1,577.1 335.0 21% Money market accounts 594.1 588.6 698.5 (104.4) -15% Other time 2,830.5 2,979.5 3,249.0 (418.5) -13% ---------- ---------- ---------- -------- ------- Total Core Deposits 6,063.8 6,187.8 6,233.1 (169.3) -3% ---------- ---------- ---------- -------- ------- Borrowed Funds (includes Brokered CD's) 2,761.9 2,567.7 2,203.1 558.9 25% Accrued expenses and other liabilities 156.4 116.4 85.8 70.5 82% ---------- ---------- ---------- -------- ------- Total Liabilities 8,982.1 8,871.8 8,522.0 460.1 5% ---------- ---------- ---------- -------- ------- Shareholders' equity 743.0 740.7 647.0 96.0 15% ---------- ---------- ---------- -------- ------- Total Liabilities and Shareholders Equity $ 9,725.2 $ 9,612.6 $ 9,169.1 $ 556.1 6% ========== ========== ========== ======== ======= PAGE 4
Old National Bancorp Balance Sheet Trends -------------------- PERIOD AVERAGES ($ in Millions) 1999 2000 2001 2002 2002 2003 ---- ---- ---- ---- ------------------------------- ------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr ------- ------- ------- ------- ------- ------- ------- ------- Assets Securities $ 404 $ 513 $ 482 $ 593 Government and Agencies $ 607 $ 563 $ 565 $ 637 $ 708 551 542 582 656 Municipals 602 624 688 710 689 829 666 773 1,342 Mortgage Backed 1,099 1,351 1,436 1,480 1,573 103 122 181 146 Other 142 144 145 154 128 --------------------------- ------------------------------- ------------------------------- 1,887 1,842 2,018 2,737 Total Investments 2,450 2,682 2,834 2,981 3,098 --------------------------- ------------------------------- ------------------------------- Loans 1,278 1,476 1,692 1,690 Commercial 1,698 1,701 1,690 1,673 1,677 1,211 1,538 1,855 1,844 Commercial and Agriculture Real Estate 1,842 1,853 1,832 1,851 1,876 856 986 1,052 1,057 Consumer 1,045 1,051 1,066 1,065 1,054 --------------------------- ------------------------------- ------------------------------- 3,345 4,000 4,599 4,592 Subtotal 4,584 4,606 4,588 4,589 4,607 2,081 2,088 1,682 1,287 Residential Real Estate 1,406 1,300 1,247 1,193 1,091 --------------------------- ------------------------------- ------------------------------- 5,425 6,088 6,281 5,878 Total Loans 5,991 5,906 5,835 5,782 5,698 --------------------------- ------------------------------- ------------------------------- 7,313 7,930 8,299 8,615 Total Earning Assets 8,441 8,588 8,669 8,763 8,796 --------------------------- ------------------------------- ------------------------------- (64) (71) (74) (81)Allowance for loan losses (76) (79) (83) (88) (89) 537 592 640 730 Nonearning assets 705 713 742 761 794 --------------------------- ------------------------------- ------------------------------- $7,785 $8,451 $8,864 $9,264 Total Assets $ 9,069 $ 9,222 $ 9,328 $ 9,436 $ 9,501 =========================== =============================== =============================== Liabilities and Equity $ 613 $ 637 $ 664 $ 712 Noninterest-bearing demand deposits $ 709 $ 705 $ 707 $ 728 $ 730 1,290 1,299 1,339 1,678 NOW and Savings accounts 1,539 1,650 1,716 1,809 1,871 712 712 778 644 Money market accounts 699 666 612 599 590 2,610 2,713 3,065 3,146 Other time 3,223 3,208 3,136 3,019 2,900 --------------------------- ------------------------------- ------------------------------- 5,226 5,361 5,847 6,181 Total Core Deposits 6,170 6,229 6,171 6,156 6,091 --------------------------- ------------------------------- ------------------------------- 1,844 2,417 2,287 2,294 Borrowed Funds (includes Brokered CD's) 2,153 2,232 2,346 2,446 2,541 100 89 86 97 Accrued expenses and other liabilities 92 89 96 110 121 --------------------------- ------------------------------- ------------------------------- 7,170 7,866 8,220 8,572 Total Liabilities 8,415 8,550 8,613 8,711 8,753 --------------------------- ------------------------------- ------------------------------- 615 585 644 692 Shareholders' equity 654 673 715 725 749 --------------------------- ------------------------------- ------------------------------- $7,785 $8,451 $8,864 $9,264 Total Liabilities and Equity $ 9,069 $ 9,222 $ 9,328 $ 9,436 $ 9,501 =========================== =============================== =============================== PAGE 5
Old National Bancorp Interest Rate Trends (FTE basis) -------------------------------- PERIOD AVERAGES 1999 2000 2001 2002 2002 2003 ---- ---- ---- ---- ------------------------------- ------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr ------- ------- ------- ------- ------- ------- ------- ------- Earning Assets Securities 6.38% 6.80% 6.17% 4.55% Government and Agencies 4.83% 4.77% 4.54% 4.09% 3.99% 7.47% 7.49% 7.07% 7.13% Municipals 7.21% 7.28% 6.97% 7.08% 7.08% 6.45% 6.84% 6.46% 5.45% Mortgage Backed 5.75% 5.76% 5.51% 4.88% 4.50% 6.57% 7.52% 6.05% 5.14% Other 5.38% 5.32% 5.30% 4.59% 4.83% ----------------------- ------------------------------- ------------------------------- 6.74% 7.07% 6.53% 5.64% Total Investments 5.86% 5.89% 5.66% 5.22% 4.97% ----------------------- ------------------------------- ------------------------------- Loans 8.74% 9.28% 8.18% 6.58% Commercial 6.90% 6.67% 6.47% 6.27% 5.95% 8.15% 8.63% 8.22% 6.93% Commercial and Agriculture Real Estate 7.35% 7.04% 6.85% 6.50% 6.25% 9.57% 9.38% 9.28% 8.04% Consumer 8.38% 8.16% 7.95% 7.70% 7.55% ----------------------- ------------------------------- ------------------------------- 8.74% 9.05% 8.45% 7.06% Subtotal 7.42% 7.16% 6.97% 6.69% 6.44% 7.89% 7.93% 7.77% 7.32% Residential Real Estate 7.54% 7.47% 7.06% 7.16% 6.72% ----------------------- ------------------------------- ------------------------------- 8.41% 8.67% 8.27% 7.11% Total Loans 7.45% 7.23% 6.99% 6.79% 6.49% ----------------------- ------------------------------- ------------------------------- ----------------------- ------------------------------- ------------------------------- 7.98% 8.30% 7.84% 6.65% Total Earning Assets 6.98% 6.81% 6.55% 6.26% 5.95% ======================= =============================== =============================== Interest-bearing Liabilities 1.70% 1.94% 1.68% 1.22% NOW and Savings accounts 1.16% 1.23% 1.32% 1.17% 0.99% 3.85% 4.88% 3.32% 1.55% Money market accounts 1.65% 1.64% 1.60% 1.30% 1.11% 5.18% 5.64% 5.52% 4.58% Other time 4.70% 4.65% 4.53% 4.43% 4.24% ----------------------- ------------------------------- ------------------------------- 4.00% 4.51% 4.20% 3.19% Total Interest-Bearing Deposits 3.31% 3.27% 3.20% 3.00% 2.77% ----------------------- ------------------------------- ------------------------------- 5.43% 6.43% 5.29% 3.63% Borrowed Funds (includes Brokered CD's) 4.01% 3.83% 3.50% 3.25% 2.75% ----------------------- ------------------------------- ------------------------------- 4.41% 5.16% 4.53% 3.32% Total Interest-Bearing Liabilities 3.51% 3.43% 3.29% 3.07% 2.76% ======================= =============================== =============================== 3.58% 3.14% 3.31% 3.32% Net Interest Rate Spread 3.47% 3.38% 3.27% 3.18% 3.19% 4.09% 3.65% 3.77% 3.65% Net Interest Margin 3.81% 3.71% 3.60% 3.50% 3.46% PAGE 6
Old National Bancorp Asset Quality ------------- End of Period ($ in Millions) 1999 2000 2001 2002 2002 2003 ---- ---- ---- ---- ------------------------------- ------------------------------- 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr ------- ------- ------- ------- ------- ------- ------- ------- 59.4 65.7 73.8 74.2 Beginning allowance for loan losses 74.2 76.8 80.9 86.1 87.7 14.8 26.0 28.7 33.5 Provision for loan losses 7.5 7.5 11.0 7.5 9.0 1.0 6.0 - - Acquired from acquisition - - - - - (16.9) (29.3) (36.2) (27.6) Gross charge-offs (6.8) (5.4) (7.8) (7.6) (14.3) 7.4 5.5 7.9 7.6 Gross recoveries 1.9 2.0 2.0 1.7 1.6 --------------------------------- ------------------------------- ------------------------------- (9.5) (23.9) (28.3) (20.0) Net Charge-offs (4.9) (3.4) (5.7) (5.9) (12.7) --------------------------------- ------------------------------- ------------------------------- --------------------------------- ------------------------------- ------------------------------- 65.7 73.8 74.2 87.7 Ending allowance for loan losses 76.8 80.9 86.1 87.7 84.0 ================================= =============================== =============================== 0.17% 0.39% 0.45% 0.34% Net Charge-offs / Average Loans 0.33% 0.23% 0.39% 0.41% 0.89% 5,425.1 6,087.9 6,281.0 5,878.3 Average Loans Outstanding 5,990.6 5,906.0 5,834.9 5,781.6 5,698.0 5,714.7 6,348.3 6,132.9 5,769.6 EOP Loans Outstanding 5,927.9 5,893.2 5,826.3 5,769.6 5,639.9 1.15% 1.16% 1.21% 1.52% Allowance for Loan Loss / EOP Loans 1.30% 1.37% 1.48% 1.52% 1.49% Underperforming Assets 5.2 6.6 12.6 9.5 Loans 90 days and over (still accruing) 6.5 12.2 6.3 9.5 14.1 Non-performing loans: 19.2 22.7 37.9 100.3 Nonaccrual loans 35.6 35.2 65.2 100.3 116.5 0.5 0.2 25.9 - Renegotiated loans 6.6 6.7 - - - --------------------------------- ------------------------------- ------------------------------- 19.7 23.0 63.8 100.3 Total non-performing loans 42.2 41.8 65.2 100.3 116.5 --------------------------------- ------------------------------- ------------------------------- 3.7 3.6 9.2 7.9 Foreclosed properties 9.2 8.8 9.0 7.9 9.0 0.35% 0.36% 1.04% 1.74% Non-performing loans / Loans 0.71% 0.71% 1.12% 1.74% 2.07% 333% 321% 116% 87% Allowance to Non-performing 182% 193% 132% 87% 72% PAGE 7