18.01.2007 13:32:00
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Webster Reports 2006 Fourth Quarter Earnings
WATERBURY, Conn., Jan. 18 /PRNewswire-FirstCall/ -- Webster Financial Corporation , the holding company for Webster Bank, N.A., today announced net income of $37.8 million or $.67 per diluted share for the fourth quarter of 2006, compared to $45.5 million or $.84 per diluted share for the fourth quarter of 2005. Fourth quarter 2006 net income includes net charges totaling $8.4 million ($5.5 million, net of taxes) or $.10 per diluted share from previously announced balance sheet repositioning charges and acquisition costs of NewMil, and gains on the sale of properties and pension plan curtailment. Net income was $133.8 million or $2.47 per diluted share, for the twelve months ended December 31, 2006, compared to $185.8 million or $3.43 per diluted share for the twelve months ended December 31, 2005. Net income for the twelve months ended December 31, 2006, includes net charges totaling $58.2 million ($37.8 million, net of taxes) or $.70 per diluted share from the balance sheet repositioning charges, acquisition costs of NewMil, gains on the sale of properties and pension plan curtailment.
Earnings Reconciliation For the Three Months (in thousands except Ended December 31, 2006 per share data) Pre-Tax Tax Effected EPS Reported Net Income $54,895 $37,798 $0.67 Balance Sheet Repositioning Actions: Loss on sale of $250 million of mortgage loans 5,713 3,713 0.07 Loss on sale of AFS securities, net 2,400 1,560 0.03 Total - balance sheet repositioning actions 8,113 5,273 0.10 Other Items: Acquisition costs (NewMil) 2,018 1,312 0.02 Net gain from pension plan curtailment (300) (195) 0.00 Gain on sale of properties (1,400) (910) (0.02) Total Other Items 318 207 0.00 Total - balance sheet repositioning actions and other items 8,431 5,480 0.10 Adjusted net income excluding balance sheet repositioning actions and other items $63,326 $43,278 $0.77
Net pre-tax items of $8.4 million in the fourth quarter include a previously announced $5.7 million loss on the sale of $250 million of residential mortgage loans, a $2.4 million loss related to the previously announced sale of $1.9 billion of mortgage-backed securities classified as available for sale and $2.0 million of previously announced acquisition related expenses. Offsetting these charges were a $300,000 net gain from the recently announced pension plan curtailment and $1.4 million of gains on the sale of properties.
The Company announced that it had elected in the fourth quarter to curtail its defined benefit pension and supplemental executive retirement plans and replace them with an enhanced 401(k) retirement savings plan. This change will be effective as of January 1, 2008. Overall retirement program expenses are expected to remain essentially unchanged in future periods. A net gain of $300,000 from the plan curtailment was recognized in the fourth quarter of 2006.
Additionally, as part of its repositioning plans, the Company had previously announced in the fourth quarter its decision to securitize $1.0 billion in residential loans and to hold these securities for collateral needs. As of December 31, 2006, $370 million of these loans had been securitized, with another $633 million in loans scheduled to be securitized by January 31, 2007.
"In the fourth quarter, Webster began to realize the positive results of our repositioning actions," stated Webster Chairman and Chief Executive Officer James C. Smith. "We are seeing a more reliable and stable earnings stream as the increasingly negative effects that wholesale borrowings have had on prior quarters is no longer a significant factor."
Commercial loans, including commercial real estate loans, and consumer loans were $8.5 billion at December 31, 2006 up, 14 percent from December 31, 2005. Commercial and consumer loans represent 66 percent of total loans at December 31, 2006 compared to 61 percent a year ago. "Webster has shown consistent growth and contributions from our commercial and consumer lending businesses," stated Webster President and Chief Operating Officer William T. Bromage. "We continue to gain momentum in our core businesses even in a very competitive market and a challenging interest rate environment."
The Company opened two new branches, one in Waterford, Connecticut and one in Westerly, Rhode Island in the fourth quarter. In 2006, Webster added six de novo branches and an additional 14 locations in conjunction with the NewMil Bank acquisition. "As we have previously stated, we are following a 'build and buy' strategy to grow our retail presence," stated Mr. Smith. "It is our intention to continue with this strategy in 2007."
Revenues
Total revenue, which consists of net interest income plus total noninterest income, was $180.5 million in the fourth quarter, compared to $129.3 million in the third quarter and $187.9 million a year ago.
Net interest income was $129.2 million in the fourth quarter compared to $122.4 million in the third quarter and $129.7 million a year ago. Continued strong growth in the fourth quarter of 2006 in higher yielding commercial and consumer loans more than offset the increase in the cost of deposits and borrowings as well as reduced contributions from the residential mortgage and securities portfolios.
Webster's net interest margin (annualized tax-equivalent net interest income as a percentage of average earning assets) increased to 3.23 percent compared to 3.01 percent in the third quarter and 3.22 percent a year ago. The net interest margin has been positively impacted by the balance sheet repositioning actions as the proceeds from the sales of securities have been utilized to pay-down high cost borrowings. Slightly offsetting the positive impact of the balance sheet restructuring is continued consumer preference for higher yielding certificates of deposit as well as the impact of the inverted yield curve. The spread between the yield on loans and the cost of deposits decreased to 3.80 percent in the fourth quarter compared to 3.88 percent in the third quarter, primarily from increased deposit costs.
Total non-interest income was $51.4 million in the fourth quarter compared to $6.8 million in the third quarter and $58.2 million a year ago. Non-interest income in the fourth quarter was impacted by charges from losses on sales of securities of $2.4 million and loss on sale of loans of $5.7 million, while in the third quarter non-interest income included a $48.9 million charge for loss on the write-down of the available for sale securities portfolio to fair value. Deposit service fees totaled $25.5 million compared to $25.3 million in the third quarter and $22.9 million a year ago. Insurance revenue was $8.3 million in the quarter compared to $9.8 million in the third quarter and $10.7 million a year ago. The decrease in insurance revenue reflects a reduction in contingent commission income of $1.3 million in the fourth quarter. Loan and loan servicing fees were $9.6 million compared to $7.8 million in the third quarter and $9.3 million a year ago. The increase in loan and loan servicing fees in the quarter reflects higher commercial real estate prepayment fees of $2.4 million. Wealth management fees totaled $7.2 million compared to $6.7 million in the third quarter and $6.2 million a year ago. Other noninterest income, including a $1.4 million gain on the sale of properties, was $3.7 million compared to $1.7 million in the third quarter and $3.5 million a year ago.
Provision For Credit Losses
The provision for credit losses was $3.0 million in the fourth quarter compared to $3.0 million in the third quarter and $2.0 million a year ago. Net loan charge-offs totaled $9.1 million compared to $3.1 million in the third quarter and $1.4 million a year ago. The increase was primarily related to two commercial loans which had been identified and fully reserved prior to the fourth quarter of 2006. The annualized net loan charge-off ratio was 0.27 percent of average loans compared to 0.10 percent in the third quarter and 0.05 percent a year ago. The allowance for credit losses to total loans was 1.20 percent at both December 31, 2006 and September 30, 2006.
Non Interest Expenses
Total noninterest expenses were $122.6 million in the fourth quarter compared to $115.9 million in the third quarter and $119.4 million a year ago. Fourth quarter expenses increased primarily from the acquisition of NewMil Bancorp on October 6, 2006. Expenses include NewMil acquisition costs of $2.0 million and additional costs of approximately $3.4 million for NewMil ongoing operations. Fourth quarter results also include the write-offs of $200,000 in leasehold improvements from the early termination of two leased properties and $440,000 in other lease termination expenses.
Balance Sheet Trends
Total assets were $17.1 billion at December 31, 2006 compared with $17.8 billion a year ago. Total assets have declined due to the balance sheet repositioning actions previously discussed. Total loans were $12.9 billion, an increase of $0.6 billion, or 5 percent, from a year ago while securities totaled $2.0 billion and declined by $1.7 billion, or 47 percent. Deposits were $12.5 billion, an increase of $0.8 billion, or 7 percent, from a year ago with contributions from the branches acquired from the NewMil Bank acquisition, de novo branching and growth in health savings account deposits at HSA Bank.
Certificates of deposit balances grew by 16 percent during 2006 as consumer preference continued for this higher yielding product category. The $1.7 billion reduction in securities compared to a year ago contributed to a $1.7 billion reduction in wholesale borrowings over the past year. Wholesale borrowings declined to 15 percent of total assets at December 31 compared to 25 percent a year ago.
The loan to deposit ratio improved to 104 percent at December 31, 2006 from 106 percent at both September 30, 2006 and December 31, 2005. The Company anticipates that this ratio will further improve in the first quarter of 2007 upon the completion of the previously discussed $633 million mortgage securitization.
"We have previously stated that several of our goals were to improve our tangible capital ratio, significantly reduce our reliance on securities and borrowings and to substantially improve the net interest margin and our loan to deposit ratio," stated Webster Chief Financial Officer Jerry Plush. "The positive impact of the balance sheet repositioning actions taken in the fourth quarter is evident as we have made significant progress toward each of these goals. Further improvement in the loan to deposit ratio will be seen upon the completion of the mortgage securitization at the end of this month."
Book value per common share of $33.30 at December 31, 2006 increased from $30.70 a year ago. Tangible book value per share of $19.00 at December 31, 2006 increased from $18.03 last year. The ratio of tangible equity to tangible assets increased to 6.46 percent at December 31, 2006 compared to 5.54 percent a year ago.
Capital
The Company also announced today that, subject to regulatory notices, it intends to call its Capital Trust I and Capital Trust II securities which have a call price of 104.7 percent and 105.0 percent, respectively. The Company will take a pretax charge to income in 2007 of approximately $6.5 million related to the redemption premium and write-off of unamortized issuance costs. The Company is considering the replacement of these legacy trust preferred securities with enhanced trust preferred securities which have greater equity content for rating agency purposes. "Based on the current interest rate environment, we may replace the legacy trust preferred securities at a reduced cost or elect to further boost our capital levels by issuing a higher Dollar amount of enhanced trust preferred securities with no impact to earnings per share in future periods," stated Mr. Plush.
Asset Quality
Nonperforming assets totaled $61.8 million, or 0.48 percent of total loans and other real estate owned, at December 31, 2006 compared to $61.4 million, or 0.47 percent, at September 30 and $66.3 million, or 0.54 percent, a year ago.
The allowance for credit losses, which consists of the allowance for loan losses and the reserve for unfunded commitments, was $155.0 million, or 1.20 percent of total loans, at December 31, 2006 compared to $155.6 million, or 1.27 percent at December 31, 2005. The ratio of the allowance to nonperforming loans was 263 percent at December 31, 2006 compared to 257 percent at December 31, 2005.
Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $17.1 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 177 banking offices, 334 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank.
For more information about Webster, including past press releases and the latest Annual Report, visit the Webster website at http://www.websteronline.com/.
Conference Call
A conference call covering Webster's 2006 fourth quarter earnings announcement will be held today, Thursday, January 18, at 2:00 p.m. Eastern Time and may be heard through Webster's investor relations website at http://www.wbst.com/, or in listen-only mode by calling 1-877-407-8293 or 201-689-8349 internationally. The call will be archived on the website and available for future retrieval.
Forward-looking Statements
Statements in this press release regarding Webster Financial Corporation's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statement, see "Forward Looking Statements" in Webster's Annual Report for 2005. Except as required by law, Webster does not undertake to update any such forward looking information.
Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. A reconciliation of net income and other performance ratios, as adjusted is included in the accompanying selected financial highlights table, elsewhere in this report.
We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. Specifically, we provide measures based on what we believe are our operating earnings on a consistent basis and exclude non-core operating items which affect the GAAP reporting of results of operations. We utilize these measures for internal planning and forecasting purposes. We, as well as securities analysts, investors and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Media Contact Clark Finley 203-578-2287 cfinley@websterbank.com
Investor Contact James Sitro 203-578-2399 jsitro@websterbank.com
WEBSTER FINANCIAL CORPORATION Financial Highlights (unaudited) At or for the At or for the Three Months Ended Twelve Months Ended December 31, December 31, (In thousands, except per share data) 2006 2005 2006 2005 Adjusted net income and performance ratios, net of tax, (annualized): Net income $37,798 $45,500 $133,790 $185,855 Recognition of loss on AFS securities 1,560 - 33,328 - Loss on sale of mortgage loans 3,713 - 3,713 - NewMil acquisition Costs 1,312 - 1,918 - Net gain from pension plan curtailment (195) - (195) - Gain on sale of properties (910) - (910) - Adjusted net income 43,278 45,500 171,644 185,855 - - Net income per diluted common share 0.77 0.84 3.17 3.43 Return on average shareholders' equity 9.24% 11.04% 9.99% 11.52% Return on average tangible equity 16.09 18.81 17.02 19.95 Return on average assets 0.97 1.02 0.96 1.06 Noninterest income as a percentage of total revenue 31.02 30.99 30.77 29.92 Efficiency ratio(a) 64.57 63.53 64.29 61.71 Net income and performance ratios (annualized): Net income $37,798 $45,500 $133,790 $185,855 Net income per diluted common share 0.67 0.84 2.47 3.43 Return on average shareholders' equity 8.07% 11.04% 7.79% 11.52% Return on average tangible equity 14.06 18.81 13.26 19.95 Return on average assets 0.85 1.02 0.75 1.06 Noninterest income as a percentage of total revenue 28.45 30.99 25.11 29.92 Efficiency ratio(a) 67.93 63.53 69.95 61.71 Asset quality: Allowance for credit losses $154,994 $155,632 $154,994 $155,632 Nonperforming assets 61,825 66,338 61,825 66,338 Allowance for credit losses / total loans 1.20% 1.27% 1.20% 1.27% Net charge-offs (recoveries) / average loans (annualized) 0.27 0.05 0.13 0.03 Nonperforming loans / total loans 0.46 0.49 0.46 0.49 Nonperforming assets / total loans plus OREO 0.48 0.54 0.48 0.54 Allowance for credit losses / nonperforming loans 263.09 257.02 263.09 257.02 Other ratios (annualized): Tangible capital ratio 6.46% 5.54% 6.46% 5.54% Shareholders' equity / total assets 10.98 9.24 10.98 9.24 Interest-rate spread 3.14 3.18 3.09 3.25 Net interest margin 3.23 3.22 3.16 3.29 Share related: Book value per common share $33.30 $30.70 $33.30 30.70 Tangible book value per common share 19.00 18.03 19.00 18.03 Common stock closing price 48.72 46.90 48.72 46.90 Dividends declared per common share 0.27 0.25 1.06 0.98 Common shares issued and outstanding 56,362 53,662 56,362 53,662 Basic shares (average) 55,753 53,473 53,435 53,577 Diluted shares (average) 56,452 54,129 54,065 54,236 Footnotes: (a) Noninterest expense as a percentage of net interest income plus noninterest income. (b) For purposes of this computation, unrealized gains (losses) are excluded from the average balance for rate calculations. Consolidated Statements of Condition (unaudited) December September December 31, 30, 31, (In thousands) 2006 2006 2005 Assets: Cash and due from depository institutions $311,888 $243,434 $293,706 Short-term investments 175,648 9,562 36,302 Securities: Trading, at fair value 4,842 2,848 2,257 Available for sale, at fair value 503,918 2,249,935 2,555,419 Held-to-maturity securities 1,453,973 1,064,188 1,142,909 Total securities 1,962,733 3,316,971 3,700,585 Loans held for sale 354,798 309,149 267,919 Loans: Residential mortgages 4,424,634 4,845,198 4,828,564 Commercial 3,386,274 3,368,164 2,876,528 Commercial real estate 1,904,597 1,770,674 1,808,494 Consumer 3,207,986 3,037,674 2,771,700 Total loans 12,923,491 13,021,710 12,285,286 Allowance for loan losses (147,719) (147,446) (146,486) Loans, net 12,775,772 12,874,264 12,138,800 Accrued interest receivable 90,565 93,844 85,779 Premises and equipment, net 195,909 189,562 182,856 Goodwill and intangible assets 825,012 692,388 698,570 Cash surrender value of life insurance 259,318 245,108 237,822 Prepaid expenses and other assets 145,828 164,532 194,223 Total Assets $17,097,471 $18,138,814 $17,836,562 Liabilities and Shareholders' Equity: Deposits: Demand deposits $1,588,783 $1,453,317 $1,546,096 NOW accounts 1,671,778 1,559,584 1,622,403 Money market deposit accounts 1,908,496 2,078,797 1,789,781 Savings accounts 1,985,202 1,838,494 2,015,045 Certificates of deposit 4,911,860 4,583,508 4,249,874 Treasury deposits 392,277 790,353 407,946 Total deposits 12,458,396 12,304,053 11,631,145 Federal Home Loan Bank advances 1,074,933 1,867,393 2,214,010 Securities sold under agreements to repurchase and other short-term debt 893,206 1,466,845 1,522,381 Other long-term debt 621,936 636,028 640,906 Reserve for unfunded commitments 7,275 8,885 9,146 Accrued expenses and other liabilities 155,285 162,886 162,171 Total liabilities 15,211,031 16,446,090 16,179,759 Preferred stock of subsidiary corporation 9,577 9,577 9,577 Shareholders' equity 1,876,863 1,683,147 1,647,226 Total Liabilities and Shareholders' Equity $17,097,471 $18,138,814 $17,836,562 See Selected Financial Highlights for footnotes. Consolidated Statements of Income (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (In thousands, except per share data) 2006 2005 2006 2005 Interest income: Loans $225,634 $187,607 $843,398 $689,041 Securities and short-term investments 32,514 42,503 154,127 169,861 Loans held for sale 6,191 3,563 17,213 12,945 Total interest income 264,339 233,673 1,014,738 871,847 Interest expense: Deposits 90,195 57,132 310,199 188,437 Borrowings 44,994 46,879 195,989 166,069 Total interest expense 135,189 104,011 506,188 354,506 Net interest income 129,150 129,662 508,550 517,341 Provision for credit losses 3,000 2,000 11,000 9,500 Net interest income after provision for credit losses 126,150 127,662 497,550 507,841 Noninterest income: Deposit service fees 25,494 22,909 96,765 85,967 Insurance revenue 8,301 10,678 38,806 44,015 Loan and loan servicing fees 9,643 9,290 34,389 33,232 Wealth and investment services 7,161 6,174 27,183 23,151 Gain from mortgage banking activities 2,917 2,322 8,542 11,573 Increase in cash surrender value of life insurance 2,550 2,360 9,603 9,241 Other 3,733 3,470 8,486 10,073 59,799 57,203 223,774 217,252 Loss on write-down of AFS securities to fair value - - (48,879) - Loss on sale of mortgage loans (5,713) - (5,713) - (Loss) gain on sale of securities, net (2,732) 1,026 1,289 3,633 Total noninterest income 51,354 58,229 170,471 220,885 Noninterest expenses: Compensation and benefits 64,142 64,905 255,780 241,469 Occupancy 13,403 11,141 49,386 43,292 Furniture and equipment 14,637 14,810 56,033 50,228 Intangible amortization 3,473 5,001 14,473 19,913 Marketing 3,350 3,981 15,477 14,267 Professional services 5,457 3,594 16,767 14,962 Conversion and infrastructure costs - 1,281 - 8,138 Acquisition costs 2,018 - 2,951 - Other 16,129 14,646 64,081 63,301 Total noninterest expenses 122,609 119,359 474,948 455,570 Income before income taxes 54,895 66,532 193,073 273,156 Income taxes 17,097 21,032 59,283 87,301 Net income $37,798 $45,500 $133,790 $185,855 Diluted shares (average) 56,452 54,129 54,065 54,236 Net income per common share: Basic $0.68 $0.85 $2.50 $3.47 Diluted 0.67 0.84 2.47 3.43 See Selected Financial Highlights for footnotes. Consolidated Statements of Income (unaudited) Three Months Ended (In thousands, except Dec. 31, Sept. 30, June 30, March 31, Dec. 31, per share data) 2006 2006 2006 2006 2005 Interest income: Loans $225,634 $215,094 $207,097 $195,574 $187,607 Securities and short- term investments 32,514 40,883 39,134 41,595 42,503 Loans held for sale 6,191 4,366 3,317 3,339 3,563 Total interest income 264,339 260,343 249,548 240,508 233,673 Interest expense: Deposits 90,195 85,058 72,593 62,354 57,132 Borrowings 44,994 52,849 50,150 47,995 46,879 Total interest expense 135,189 137,907 122,743 110,349 104,011 Net interest income 129,150 122,436 126,805 130,159 129,662 Provision for credit losses 3,000 3,000 3,000 2,000 2,000 Net interest income after provision for credit losses 126,150 119,436 123,805 128,159 127,662 Noninterest income: Deposit service fees 25,494 25,252 24,150 21,869 22,909 Insurance revenue 8,301 9,793 9,988 10,724 10,678 Loan and loan servicing fees 9,643 7,760 9,162 7,824 9,290 Wealth and investment services 7,161 6,738 6,930 6,354 6,174 Gain (loss) from mortgage banking activities 2,917 (185) 2,538 3,273 2,322 Increase in cash surrender value of life insurance 2,550 2,368 2,314 2,371 2,360 Other 3,733 1,693 1,284 1,775 3,470 59,799 53,419 56,366 54,190 57,203 Loss on write-down of AFS securities to fair value - (48,879) - - - Loss on sale of mortgage loans (5,713) - - - - (Loss) gain on sale of securities, net (2,732) 2,307 702 1,012 1,026 Total noninterest income 51,354 6,847 57,068 55,202 58,229 Noninterest expenses: Compensation and benefits 64,142 62,050 64,585 65,003 64,905 Occupancy 13,403 11,977 11,824 12,182 11,141 Furniture and equipment 14,637 13,840 13,962 13,595 14,810 Intangible amortization 3,473 3,079 3,544 4,377 5,001 Marketing 3,350 4,211 4,292 3,624 3,981 Professional services 5,457 4,302 3,464 3,544 3,594 Conversion and infrastructure costs - - - - 1,281 Acquisition costs 2,018 868 65 - - Other 16,129 15,523 15,582 16,846 14,646 Total noninterest expenses 122,609 115,850 117,318 119,171 119,359 Income before income taxes 54,895 10,433 63,555 64,190 66,532 Income taxes 17,097 1,436 20,412 20,338 21,032 Net income $37,798 $8,997 $43,143 $43,852 $45,500 Diluted shares (average) 56,452 52,871 53,252 53,703 54,129 Net income per common share: Basic $0.68 $0.17 $0.82 $0.83 $0.85 Diluted 0.67 0.17 0.81 0.82 0.84 See Selected Financial Highlights for footnotes. Interest-Rate Spread (unaudited) Three Months Ended December September June March December 2006 2006 2006 2006 2005 Interest-rate spread Yield on interest-earning assets 6.52% 6.31% 6.11% 5.97% 5.73% Cost of interest-bearing liabilities 3.38 3.38 3.05 2.78 2.55 Interest-rate spread 3.14% 2.93% 3.06% 3.19% 3.18% Net interest margin 3.23% 3.01% 3.13% 3.24% 3.22% Consolidated Average Statements of Condition (unaudited) Three Months Ended December 31, 2006 Fully tax- Average equivalent (Dollars in thousands) balance Interest yield/rate Assets: Interest-earning assets: Loans $13,362,185 $225,634 6.69% Securities 2,435,986 34,695 5.72(b) Loans held for sale 417,479 6,191 5.93 Short-term investments 29,896 368 4.82 Total interest-earning assets 16,245,546 266,888 6.52 Noninterest-earning assets 1,617,888 Total assets $17,863,434 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Demand deposits $1,522,571 $- -% Savings, NOW and money market deposit accounts 5,582,187 29,609 2.10 Time deposits 5,405,010 60,586 4.44 Total deposits 12,509,768 90,195 2.86 Federal Home Loan Bank advances 1,444,155 18,169 4.92 Repurchase agreements and other short-term debt 1,239,065 14,100 4.45 Other long-term debt 637,853 12,725 7.98 Total borrowings 3,321,073 44,994 5.33 Total interest-bearing liabilities 15,830,841 135,189 3.38 Noninterest-bearing liabilities 149,623 Total liabilities 15,980,464 Preferred stock of subsidiary corporation 9,577 Shareholders' equity 1,873,393 Total liabilities and shareholders' equity $17,863,434 131,699 Less: tax-equivalent adjustment (2,549) Net interest income $129,150 Interest-rate spread 3.14% Net interest margin 3.23% Three Months Ended December 31, 2005 Fully tax- Average equivalent (Dollars in thousands) balance Interest yield/rate Assets: Interest-earning assets: Loans $12,328,141 $187,608 6.03% Securities 3,715,720 44,733 4.76(b) Loans held for sale 251,169 3,563 5.67 Short-term investments 19,846 147 2.90 Total interest-earning assets 16,314,876 236,051 5.73 Noninterest-earning assets 1,537,062 Total assets $17,851,938 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Demand deposits $1,522,306 $- -% Savings, NOW and money market deposit accounts 5,502,733 19,065 1.37 Time deposits 4,665,580 38,067 3.24 Total deposits 11,690,619 57,132 1.94 Federal Home Loan Bank advances 2,280,934 22,742 3.90 Repurchase agreements and other short-term debt 1,454,730 12,568 3.38 Other long-term debt 665,062 11,569 6.96 Total borrowings 4,400,726 46,879 4.19 Total interest-bearing liabilities 16,091,345 104,011 2.55 Noninterest-bearing liabilities 101,994 Total liabilities 16,193,339 Preferred stock of subsidiary corporation 9,577 Shareholders' equity 1,649,022 Total liabilities and shareholders' equity $17,851,938 132,040 Less: tax-equivalent adjustment (2,378) Net interest income $129,662 Interest-rate spread 3.18% Net interest margin 3.22% See Selected Financial Highlights for footnotes. Consolidated Average Statements of Condition (unaudited) Twelve Months Ended December 31, 2006 Fully tax- Average equivalent (Dollars in thousands) balance Interest yield/rate Assets: Interest-earning assets: Loans $12,800,864 $843,398 6.59% Securities 3,224,776 162,504 4.98(b) Loans held for sale 288,892 17,213 5.96 Short-term investments 25,514 1,079 4.23 Total interest-earning assets 16,340,046 1,024,194 6.25 Noninterest-earning assets 1,531,421 Total assets $17,871,467 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Demand deposits $1,470,861 $- -% Savings, NOW and money market deposit accounts 5,427,812 100,165 1.85 Time deposits 5,193,608 210,034 4.04 Total deposits 12,092,281 310,199 2.57 Federal Home Loan Bank advances 2,035,786 94,322 4.63 Repurchase agreements and other short-term debt 1,243,269 52,301 4.21 Other long-term debt 633,667 49,366 7.79 Total borrowings 3,912,722 195,989 5.01 Total interest-bearing liabilities 16,005,003 506,188 3.16 Noninterest-bearing liabilities 139,057 Total liabilities 16,144,060 Preferred stock of subsidiary corporation 9,577 Shareholders' equity 1,717,830 Total liabilities and shareholders' equity $17,871,467 518,006 Less: tax-equivalent adjustment (9,456) Net interest income $508,550 Interest-rate spread 3.09% Net interest margin 3.16% Twelve Months Ended December 31, 2005 Fully tax- Average equivalent (Dollars in thousands) balance Interest yield/rate Assets: Interest-earning assets: Loans $11,930,776 $689,048 5.78% Securities 3,806,289 178,106 4.68(b) Loans held for sale 232,695 12,945 5.56 Short-term investments 19,982 537 2.69 Total interest-earning assets 15,989,742 880,636 5.50 Noninterest-earning assets 1,484,723 Total assets $17,474,465 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Demand deposits $1,449,596 $- -% Savings, NOW and money market deposit accounts 5,633,897 66,226 1.18 Time deposits 4,215,801 122,211 2.90 Total deposits 11,299,294 188,437 1.67 Federal Home Loan Bank advances 2,256,216 78,623 3.48 Repurchase agreements and other short-term debt 1,520,086 43,842 2.88 Other long-term debt 673,562 43,604 6.47 Total borrowings 4,449,864 166,069 3.73 Total interest-bearing liabilities 15,749,158 354,506 2.25 Noninterest-bearing liabilities 102,732 Total liabilities 15,851,890 Preferred stock of subsidiary corporation 9,577 Shareholders' equity 1,612,998 Total liabilities and shareholders' equity $17,474,465 526,130 Less: tax-equivalent adjustment (8,789) Net interest income $517,341 Interest-rate spread 3.25% Net interest margin 3.29% See Selected Financial Highlights for footnotes. At or for the Three Months Ended (Unaudited) Dec. 31, Sept. 30, June 30, (Dollars in thousands) 2006 2006 2006 Asset Quality Nonperforming loans: Commercial: Commercial $21,105 $29,321 $22,930 Equipment financing 2,616 2,450 2,693 Total commercial 23,721 31,771 25,623 Commercial real estate 17,618 16,811 23,291 Residential 11,307 7,032 7,218 Consumer 6,266 3,496 3,065 Total nonperforming loans 58,912 59,110 59,197 Other real estate owned and repossessed assets: Commercial 1,922 1,573 2,254 Residential 383 607 316 Consumer 608 126 10 Total other real estate owned and repossessed assets 2,913 2,306 2,580 Total nonperforming assets $61,825 $61,416 $61,777 Accruing loans 90 or more days past due $1,490 4,609 2,542 Allowance for Credit Losses Beginning balance $156,331 $156,471 $155,957 Provision 3,000 3,000 3,000 Allowance for acquired loans 4,724 - - Charge-offs: Commercial 9,352 3,369 2,775 Residential 199 46 65 Consumer 454 265 239 Total charge-offs 10,005 3,680 3,079 Recoveries (944) (540) (593) Net loan charge-offs (recoveries) 9,061 3,140 2,486 Ending balance $154,994 $156,331 $156,471 Components: Allowance for loan losses $147,719 $147,446 $147,401 Reserve for unfunded credit commitments 7,275 8,885 9,070 Allowance for credit losses $154,994 $156,331 $156,471 Asset Quality Ratios: Allowance for loan losses / total loans 1.14% 1.13% 1.16 Allowance for credit losses / total loans 1.20 1.20 1.23 Net charge-offs (recoveries)/ average loans (annualized) 0.27 0.10 0.08 Nonperforming loans / total loans 0.46 0.45 0.47 Nonperforming assets / total loans plus OREO 0.48 0.47 0.49 Allowance for credit losses / nonperforming loans 263.09 264.47 264.32 At or for the Three Months Ended (Unaudited) March 31, Dec. 31, (Dollars in thousands) 2006 2005 Asset Quality Nonperforming loans: Commercial: Commercial $19,719 $26,002 Equipment financing 2,864 3,065 Total commercial 22,583 29,067 Commercial real estate 24,012 22,678 Residential 8,891 6,979 Consumer 2,875 1,829 Total nonperforming loans 58,361 60,553 Other real estate owned and repossessed assets: Commercial 1,712 5,126 Residential 456 232 Consumer 361 427 Total other real estate owned and repossessed assets 2,529 5,785 Total nonperforming assets $60,890 $66,338 Accruing loans 90 or more days past due 1,002 6,676 Allowance for Credit Losses Beginning balance $155,632 $155,052 Provision 2,000 2,000 Allowance for acquired loans - - Charge-offs: Commercial 1,629 3,272 Residential 75 110 Consumer 362 153 Total charge-offs 2,066 3,535 Recoveries (391) (2,115) Net loan charge-offs (recoveries) 1,675 1,420 Ending balance $155,957 $155,632 Components: Allowance for loan losses $146,383 $146,486 Reserve for unfunded credit commitments 9,574 9,146 Allowance for credit losses $155,957 $155,632 Asset Quality Ratios: Allowance for loan losses / total loans 1.16% 1.19 Allowance for credit losses / total loans 1.24 1.27 Net charge-offs (recoveries)/ average loans (annualized) 0.05 0.05 Nonperforming loans / total loans 0.46 0.49 Nonperforming assets / total loans plus OREO 0.48 0.54 Allowance for credit losses / nonperforming loans 267.23 257.02 See Selected Financial Highlights for footnotes.
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