-----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, U1RnZ5UKL8MRbzkkyru6SKGDF0JjRUFmrfeWURbcMKQivNmCyXE+61VNw7U7VQIA c4BV99UHNSGxth6TzAQJnQ== 0000717809-96-000016.txt : 19961023 0000717809-96-000016.hdr.sgml : 19961023 ACCESSION NUMBER: 0000717809-96-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960930 ITEM INFORMATION: Other events FILED AS OF DATE: 19961022 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEYSTONE FINANCIAL INC CENTRAL INDEX KEY: 0000717809 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 232289209 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-11460 FILM NUMBER: 96646133 BUSINESS ADDRESS: STREET 1: ONE KEYSTONE PLZ - FRONT & MARKET STS STREET 2: P O BOX 3660 CITY: HARRISBURG STATE: PA ZIP: 17105-3660 BUSINESS PHONE: 7172331555 MAIL ADDRESS: STREET 1: ONE KEYSTONE PLZ STREET 2: PO BOX 3660 CITY: HARRISBURG STATE: PA ZIP: 171053660 FORMER COMPANY: FORMER CONFORMED NAME: NCB FINANCIAL CORP DATE OF NAME CHANGE: 19850115 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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) September 30, 1996 KEYSTONE FINANCIAL, INC. (Exact name of registrant as specified in its charter) Pennsylvania 0-11460 23-2289209 State or other jurisdiction (Commission File Number) (IRS Employer ID No.) of incorporation) One Keystone Plaza, P.O.Box 3660,Harrisburg, Pennsylvania 17105-3660 (Address of principal executive offices) (ZIP CODE) Registrant's telephone number including area code: (717) 233-1555 Item 5 Other Events The following documents are filed as exhibits to this Form 8-K: I. Earnings Release of Keystone Financial, Inc. for the quarter ended September 30, 1996. II. Fiscal Insight Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Keystone Financial, Inc. (Registrant) Date: October 21, 1996 Donald F. Holt Donald F. Holt Senior Vice President, Controller and Chief Accounting Officer
EXHIBIT INDEX Exhibit No. Description - ----------- ------------ 99.1 Earnings Release of Keystone Financial, Inc. for the quarter ended September 30, 1996, filed herewith. 99.2 Fiscal Insight
EX-99 2 PRESS RELEASE October 18, 1996 Mark L. Pulaski (717)231-5702 KEYSTONE FINANCIAL REPORTS THIRD QUARTER/NINE MONTH GAINS HARRISBURG, PA, October 18 -- Keystone Financial, Inc. (NASDAQ,NMS:KSTN), Pennsylvania's fifth largest bank holding company, today reported earnings for the third quarter and nine months ended September 30, 1996. Third quarter net income reached $17,025,000, or .45 cents per share compared with $15,433,000, or.43 cents per share for the same period last year. Net income for the nine month period rose to $51,615,000, or $1.36 per share from $45,110,000, or $1.28 per share for the comparable period in 1995, a gain in earnings per share of six percent. For the nine month period ended September 30, 1996, return on average assets was 1.37 percent and return on average equity was 14.08 percent. Assets at the close of this year's third quarter rose 8 percent to $5,186,129,000, from $4,807,854,000, at the same date last year. Deposits grew to $4,111,103,000, from $3,848,290,000, at September 30, 1995, and loans increased to $3,481,937,000, from $3,243,618,000, at the end of the third quarter of 1995. "We are pleased with our year to date performance, including the reported gain in quarterly earnings. While net interest income growth was less than we expected, as a result of intense pricing competition and higher short term deposit costs, fee income continued to expand, "Carl L. Campbell, president and chief executive officer, said. "In addition to lending and deposit generation, we are committed to increasing revenues from a variety of other financial activities such as asset management and investment products. We remain optimistic about our ability to grow customer relationships and build profitability," he concluded. Keystone Financial has five member banks -- Pennsylvania National Bank, Pottsville; Northern Central Bank, Williamsport; Mid-State Bank, Altoona; Frankford Bank, Horsham; and American Trust Bank N.A.,Cumberland, MD; which together operate 147 offices in Pennsylvania, Maryland and West Virginia. Keystone also operates several non-banking companies providing specialized services including Keystone Financial Mortgage Company, Lancaster, PA; Martindale Andres & Co., (asset management firm), West Conshohocken, PA ; and Keystone Financial Dealer Center, Williamsport, PA. #### EX-99 3 FISCAL INSIGHT
FINANCIAL HIGHLIGHTS - - Keystone's net income for the third quarter and nine months ended September 30, 1996 exceeded 1995 results, but reflected a slight decline from the second quarter of this year. Return on average assets and return on average equity reached 1.32% and 13.63%, respectively, for the quarter. - - Third quarter net income and earnings per share for 1996 reached $17,025,000 and $0.45, respectively, compared to $15,433,000 and $0.43 in the same period of 1995. Increases in net interest income, noninterest income and expenses from 1995 to 1996 were affected by banks merged in late 1995. - - Despite improvements from the prior year, third quarter results dropped slightly from the second quarter of 1996. Performance was influenced by the impact of rising interest rates on deposit costs between the second and third quarters of 1996. As a result, net interest income fell slightly and net interest margin declined to 4.37%. - - Noninterest revenues and expenses increased as a result of both the impact of late 1995 mergers and the influence of the third quarter acquisition of Key Investor Services, which offers a full range of investments including fixed annuities, variable annuities, and mutual funds. Noninterest revenues continued to reflect strong growth, including a 17% quarter to quarter increase from 1995 to 1996. - - Total risk elements, which include both nonperforming assets and loans 90 days past due, remained constant with second quarter levels.
1996 1995 --------------------------------- -------------------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Annual - - Earnings per share* $0.45 $0.47 $0.44 $0.45 $0.43 $1.73 - - Return on average assets 1.32% 1.43% 1.36% 1.32% 1.28% 1.29% - - Return on average equity 13.63% 14.60% 14.02% 13.99% 13.91% 14.06% - - Net interest margin 4.37% 4.56% 4.57% 4.45% 4.37% 4.49% - - Noninterest income/revenues 22.45% 21.60% 22.29% 19.37% 20.83% 19.45% - - Provision for credit losses/Average loans 0.27% 0.24% 0.24% 0.16% 0.26% 0.24% - - Noninterest expense/revenues 59.56% 57.73% 59.95% 58.92% 58.46% 59.78% - - Nonperforming assets to loans 0.71% 0.75% 0.74% 0.78% 0.77% - - - 90 day past due loans to loans 0.58% 0.57% 0.45% 0.44% 0.42% - - - Total risk elements to loans 1.29% 1.32% 1.19% 1.22% 1.19% - - - Allowance for credit losses to loans 1.28% 1.30% 1.32% 1.32% 1.34% - - - Allowance for credit losses to nonperforming loans 254% 247% 261% 257% 274% - - - Net charge-offs/Average loans 0.24% 0.24% 0.25% 0.24% 0.20% 0.21% - - Equity to assets 9.69% 9.79% 9.74% 9.47% 9.30% - - - Total risk adjusted capital ratio 14.80% 15.02% 14.92% 14.83% 14.70% - * Restated for the three-for-two stock split declared July, 1996.
PER SHARE STATISTICS (1) - - Earnings per Share Fourth Third Second First Quarter Quarter Quarter Quarter Total 1996 $0.45 $0.47 $0.44 $1.36 1995 $0.45 $0.43 $0.43 $0.42 $1.73 1994 $0.40 $0.26 $0.40 $0.40 $1.46 - - Average Shares Outstanding Fourth Third Second First Average Quarter Quarter Quarter Quarter For Year 1996 38,164,065 38,022,920 37,950,453 38,046,244 1995 36,142,553 35,352,675 35,197,571 35,146,901 35,462,358 1994 35,095,010 34,930,629 35,062,089 35,135,651 35,093,138 - - Book Value per Share Fourth Third Second First Quarter Quarter Quarter Quarter 1996 $13.17 $12.92 $12.75 1995 $12.69 $12.64 $12.40 $12.04 1994 $11.64 $11.63 $11.66 $11.72
QUARTER-END INFORMATION (dollars in thousands) 1996 1995 ----------------------------------- --------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter (2) Quarter Loans $3,481,937 $3,397,203 $3,355,552 $3,365,716 $3,243,618 Earning assets 4,885,173 4,720,625 4,672,069 4,755,763 4,525,818 Total assets 5,186,129 5,020,979 4,966,610 5,074,785 4,807,854 Deposits 4,111,103 4,058,766 3,990,379 4,061,888 3,848,290 Total shareholders' equity 502,579 491,317 483,890 480,694 447,214 Unrealized securities gains(losses), net (4,523) (5,609) (3,438) 1,198 (2,352) Number of shares outstanding(1) 38,164,896 38,034,993 37,989,806 37,884,554 35,376,956 (1) Restated for the three-for-two stock split declared July, 1996. (2) During the fourth quarter of 1995, Keystone consummated pre-announced mergers with Shawnee Financial Services Corporation and National American Bancorp, Inc. Although these transactions were accounted for under the pooling of interests method of accounting, prior period results were not restated due to the immaterial impact the mergers had on Keystone's consolidated financial condition and results of operations. In total, the two mergers increased year-end loans, total assets, and equity by approximately $116 million, $225 million, and $22 million, respectively.
CONDENSED CONSOLIDATED QUARTERLY AVERAGE STATEMENTS OF CONDITION (in thousands) 1996 1995 --------------------------------- -------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter ASSETS Earning Assets: Loans and leases $3,424,853 $3,367,113 $3,392,181 $3,304,982 $3,264,259 Assets held for resale 68,866 81,505 21,052 21,459 40,191 Federal funds sold and other 121,468 102,138 114,703 162,889 198,657 Taxable investment securities 1,085,837 1,032,165 1,069,390 993,056 889,968 Nontaxable investment securities 132,176 124,377 124,200 126,801 129,000 Total earning assets 4,833,200 4,707,298 4,721,526 4,609,187 4,522,075 Cash and due from banks 156,475 147,538 143,239 145,080 153,508 Allowance for credit losses (44,825) (45,071) (45,101) (44,043) (44,345) Intangible assets 14,466 14,921 15,368 14,112 10,960 Other assets 154,195 152,268 148,571 142,500 137,620 TOTAL ASSETS $5,113,511 $4,976,954 $4,983,603 $4,866,836 $4,779,818 LIABILITIES AND EQUITY Interest-bearing liabilities: Deposits less than $100,000: - Now accounts $424,965 $433,775 $429,358 $425,851 $429,176 - Money market accounts 398,277 400,426 415,689 415,954 406,037 - Savings 389,680 401,689 406,246 392,686 409,969 - Time deposits 2,118,504 2,049,346 2,016,052 1,947,640 1,912,743 Deposits greater than $100,000 261,661 237,623 234,974 245,810 217,516 Short-term borrowings 275,735 241,506 261,202 232,644 212,559 FHLB Borrowings 138,279 136,162 167,145 166,130 188,369 Long-term debt, other 2,821 3,385 3,893 4,338 4,767 Total interest-bearing liabilities 4,009,922 3,903,912 3,934,559 3,831,053 3,781,136 Noninterest-bearing deposits 508,098 494,991 486,975 490,802 478,125 Other liabilities 99,921 90,946 79,837 85,440 80,371 TOTAL LIABILITIES 4,617,941 4,489,849 4,501,371 4,407,295 4,339,632 Shareholders' equity 495,570 487,105 482,232 459,541 440,186 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $5,113,511 $4,976,954 $4,983,603 $4,866,836 $4,779,818
GROWTH IN AVERAGE BALANCES (1) 1996 1995 --------------------------------- ---------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Loans 4.9% 3.0% 5.1% 6.0% 11.1% Total assets 7.0% 5.9% 5.9% 5.2% 7.6% Deposits 6.4% 4.9% 4.6% 3.7% 5.3% Shareholders' equity 12.6% 13.3% 16.2% 12.6% 7.8% (1) Compares current quarter to the comparable quarter of the prior year.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands) 1996 1995 ---------------------------------- ----------------------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Annual Interest income $96,599 $94,596 $95,415 $93,646 $91,426 $363,931 Tax equivalent adjustment 1,196 1,234 1,199 1,312 1,348 5,618 Total interest income 97,795 95,830 96,614 94,958 92,774 369,549 Interest expense 44,700 42,161 42,824 43,239 42,930 166,579 Net interest income 53,095 53,669 53,790 51,719 49,844 202,970 Provision for credit losses 2,312 2,036 1,988 1,357 2,160 7,859 Net interest income after provision 50,783 51,633 51,802 50,362 47,684 195,111 Noninterest income 15,373 14,782 15,426 12,427 13,112 49,004 Security transactions --- 101 452 925 6 1,317 Noninterest expense 40,781 39,519 41,497 38,338 36,806 150,634 Income before income taxes 25,375 26,997 26,183 25,376 23,996 94,798 Income taxes 7,154 8,030 8,127 7,860 7,215 27,866 Tax equivalent adjustment 1,196 1,234 1,199 1,312 1,348 5,618 NET INCOME $17,025 $17,733 $16,857 $16,204 $15,433 $61,314 Tax effect of security transactions $ --- $ 35 $ 158 $ 324 $ 2 $ 461
ANALYSIS OF NONINTEREST INCOME (dollars in thousands) 1996 1995 --------------------------------- ------------------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Annual Trust and investment advisory fees $ 3,751 $ 3,726 $ 3,681 $ 3,371 $ 2,831 $12,557 Service charges - deposits 3,667 3,689 3,462 3,486 3,269 13,205 Mortgage banking income 1,853 1,986 1,698 1,283 1,802 6,111 Fee income 3,514 3,492 3,309 3,076 3,329 12,135 Reinsurance income 551 538 586 505 460 2,047 Other 2,037 1,351 2,690 706 1,421 2,949 Total noninterest income $15,373 $14,782 15,426 12,427 13,112 49,004 Noninterest income to average assets* 1.19% 1.19% 1.24% 1.01% 1.09% 1.03% *Annualized
ANALYSIS OF NONINTEREST EXPENSE (dollars in thousands) 1996 1995 --------------------------------- ----------------------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Annual Salaries expense $ 17,852 $ 16,819 $ 16,971 $16,864 $ 15,260 $ 62,115 Employee benefits 3,065 3,064 3,830 2,520 2,618 10,898 Occupancy expense 3,324 3,329 3,488 3,073 3,209 12,650 Furniture and equipment expense 3,536 3,405 3,355 3,365 3,065 12,435 Deposit insurance 198 171 215 520 142 4,957 Other expense 12,806 12,731 13,638 11,996 12,512 47,579 Total noninterest expense $ 40,781 $ 39,519 $ 41,497 $38,338 36,806 $150,634 Noninterest expense to average assets* 3.16% 3.18% 3.34% 3.13% 3.06% 3.16% Noninterest expense to revenues 59.56% 57.73% 59.95% 58.92% 58.46% 59.47% Avg. full-time equivalent employees 2,456 2,449 2,432 2,334 2,308 2,315 *Annualized
NET INTEREST INCOME ANALYSIS Third Quarter 1996 1995 -------------------- ------------------- (dollars in thousands) Amount Rate Amount Rate Change Interest income:* Loans - Commercial $ 13,837 8.78 % $ 12,455 9.15 % $ 1,382 Commercial - Real Estate 20,882 9.26 20,654 9.23 228 Consumer - Mortgage 15,089 7.91 15,917 8.14 (828) Consumer 25,303 8.80 23,513 8.79 1,790 Assets held for resale 1,596 9.22 788 7.78 808 Investments 19,467 6.36 16,483 6.42 2,984 Federal funds sold and other 1,621 5.31 2,964 5.92 (1,343) Total interest income 97,795 8.05 92,774 8.14 5,021 Interest expense: Deposits - NOW 1,436 1.34 1,939 1.79 (503) Savings 1,928 1.99 2,113 2.04 (185) Money Market 2,364 2.34 2,577 2.52 (213) Time 33,543 5.61 30,631 5.71 2,912 Short-term borrowings 3,078 4.44 2,583 4.82 495 FHLB borrowings 2,267 6.52 3,003 6.32 (736) Long-term debt, other 84 8.78 84 6.98 0 Total interest expense 44,700 4.43 42,930 4.50 1,770 Net interest income $ 53,095 $ 49,844 $3,251 Spread 3.62 3.64 Net interest margin 4.37 % 4.37 % *Fully taxable equivalent Year-to-Date 1996 1995 ------------------- ------------------ (dollars in thousands) Amount Rate Amount Rate Change Interest income:* Loans - Commercial $41,050 8.86 % $39,103 9.24 % $1,947 Commercial - Real Estate 62,690 9.37 61,466 9.48 1,224 Consumer - Mortgage 47,580 8.19 47,529 8.01 51 Consumer 74,327 8.89 67,537 8.72 6,790 Assets held for resale 3,360 7.85 1,208 7.56 2,152 Investments 56,744 6.37 51,726 6.47 5,018 Federal funds sold and other 4,488 5.31 6,022 6.04 (1,534) Total interest income 290,239 8.14 274,591 8.19 15,648 Interest expense: Deposits - NOW 4,366 1.36 5,877 1.88 (1,511) Savings 5,944 2.00 6,619 2.06 (675) Money Market 7,060 2.32 8,055 2.53 (995) Time 96,482 5.59 86,884 5.60 9,598 Short-term borrowings 8,430 4.34 7,447 4.92 983 FHLB borrowings 7,138 6.48 8,157 6.05 (1,019) Long-term debt, other 265 8.61 301 7.61 (36) Total interest expense 129,685 4.39 123,340 4.40 6,345 Net interest income $160,554 $151,251 $9,303 Spread 3.75 3.79 Net interest margin 4.49 % 4.50 % *Fully taxable equivalent
PERIOD-END LOAN PORTFOLIO ANALYSIS (in thousands) 1996 1995 ----------------------------------- ------------------------ Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Commercial: Commercial and industrial loans $ 501,907 $ 481,481 $ 463,126 $ 448,639 $ 414,973 Floor plan financing 146,124 148,670 148,109 163,431 144,888 Obligations of political subdivisions 28,523 26,783 28,169 31,159 31,534 Total commercial loans 676,554 656,934 639,404 643,229 591,395 Commercial real estate: Commercial and industrial 684,480 673,567 671,153 680,161 680,678 Multi-family residential 77,553 76,014 76,077 73,079 68,733 Obligations of political subdivisions 30,283 29,335 30,365 33,010 30,007 Agricultural 8,458 8,401 8,832 8,853 4,812 Construction and land development 72,278 75,807 71,281 73,211 70,630 Total commercial real estate 873,052 863,124 857,708 868,314 854,860 Consumer: Real estate 798,728 789,384 804,573 828,059 795,058 Installment 553,665 557,476 570,255 562,592 566,431 Home equity 273,331 260,004 239,455 239,915 229,413 Personal lines of credit 36,627 36,519 37,094 39,053 37,263 Lease financing 269,980 233,762 207,063 184,554 169,198 Total consumer loans 1,932,331 1,877,145 1,858,440 1,854,173 1,797,363 Total loans $ 3,481,937 $ 3,397,203 $ 3,355,552 $ 3,365,716 $ 3,243,618
RISK ELEMENTS ANALYSIS (in thousands) 1996 1995 ------------------------------------ ---------------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Nonperforming assets: Nonaccrual loans $ 16,944 $ 16,999 $ 16,335 $ 16,740 $ 15,695 Troubled debt restructurings 582 954 632 503 102 Other real estate 7,316 7,678 7,761 8,984 9,288 Total nonperforming assets 24,842 25,631 24,728 26,227 25,085 Loans 90 days or more past due 20,094 19,475 15,200 14,995 13,579 Total risk elements $ 44,936 $ 45,106 $ 39,928 $ 41,222 $ 38,664 - - Delinquent loans to period-end loans* 2.37% 2.40% 2.13% 2.18% 1.74% - - Nonperforming assets to period-end loans 0.71% 0.75% 0.74% 0.78% 0.77% - - Total risk elements to period-end loans 1.29% 1.32% 1.19% 1.22% 1.19% *The numerator consists of loans 30 days or more past due.
COMPONENTS OF NONPERFORMING ASSETS (in thousands) 1996 1995 --------------------------------- ------------------------ Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Commercial $ 4,071 $ 4,650 $ 4,362 $ 4,213 $ 3,735 Commercial real estate: Construction and development 861 1,113 1,388 1,260 1,183 Permanent 11,005 10,795 9,842 10,389 9,400 Residential real estate 373 419 712 612 638 Consumer 1,216 976 663 769 841 Nonaccrual and restructured loans 17,526 17,953 16,967 17,243 15,797 Other real estate 7,316 7,678 7,761 8,984 9,288 Total nonperforming assets $ 24,842 $ 25,631 $ 24,728 $ 26,227 $ 25,085
ALLOWANCE FOR CREDIT LOSSES (in thousands) 1996 1995 -------------------------------- ---------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Balance at beginning of period $ 44,271 $ 44,287 $ 44,377 * 43,303 * 43,589 Allowance obtained through mergers - - - 1,750 - Allowance transferred out - - - - (815) Loans charged-off: Commercial (141) (616) (218) (373) (13) Real estate secured (431) (672) (563) (556) (171) Consumer (1,945) (1,033) (1,706) (1,407) (1,555) Lease financing (196) (143) (269) (291) (184) Total loans charged-off (2,713) (2,464) (2,756) (2,627) (1,923) Recoveries: Commercial 38 76 271 74 17 Real estate secured 209 99 105 282 21 Consumer 329 208 252 204 231 Lease financing 49 29 50 34 23 Total recoveries 625 412 678 594 292 Net loans charged-off (2,088) (2,052) (2,078) (2,033) (1,631) Provision for credit losses 2,312 2,036 1,988 1,357 2,160 Balance at end of period $ 44,495 $ 44,271 $ 44,287 $ 44,377 $ 43,303 - - Net loans charged-off to average loans* 0.24% 0.24% 0.25% 0.24% 0.20% - - Provision for credit losses to ave. lns* 0.27% 0.24% 0.24% 0.16% 0.26% - - Allowance for credit losses to loans 1.28% 1.30% 1.32% 1.32% 1.34% *Annualized
OTHER RATIOS 1996 1995 ---------------------------------- --------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Investment portfolio - market to amortized cost 99.5% 99.1% 99.7% 100.7% 99.9% Dividend payout ratio 53.3% 51.4% 53.7% 53.7% 52.3% Loans to deposits ratio, average 83.5% 83.8% 85.0% 84.3% 84.7%
FEE GENERATION ACTIVITY (in thousands) 1996 1995 ---------------------------------- -------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter Mortgage loans originated $ 55,287 $ 61,103 $ 50,808 $ 41,607 $ 48,010 Mortgage loans sold 25,248 38,015 33,387 29,729 30,503 End of period mortgages serviced for others 555,004 540,088 551,055 520,809 509,631 End of period indirect loans securitized & serviced 108,359 120,824 53,375 59,899 67,960
Market Price and Dividends Declared * Closing Bid Price Range Dividends Quarter High Low Declared 1996 I $22.83 $19.83 $0.24 II 22.75 20.75 0.24 III 25.33 21.67 0.24 Total $0.72 1995 I $20.17 $17.50 $0.23 II 19.33 18.00 0.23 III 21.50 18.50 0.23 IV 22.67 19.67 0.24 Total $0.93 1994 I $21.50 $18.33 $0.21 II 21.33 18.50 0.21 III 21.33 18.50 0.21 IV 20.17 18.17 0.23 Total $0.86 *Restated for the three-for-two stock split declared July, 1996.
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