NEWARK, Ohio, Jan. 26, 2009 (GLOBE NEWSWIRE) -- Park National Corporation (Park) (NYSE:PRK) today reported results for the fourth quarter 2008 and for the 12 months ended December 31, 2008.
Net income results:
Park's net income for the 12 months ended December 31, 2008 was $13.7 million or $0.97 per common diluted share, compared to $22.7 million or $1.60 per diluted share for the same period in 2007. Park's fourth quarter net income (three months ended December 31, 2008) was $11.0 million or $0.77 per common diluted share. For the same period in 2007, Park reported a net loss of $43.2 million or $3.08 per diluted share.
These data reflect two impairment charges (fourth quarter 2007 and third quarter 2008) that Park recorded to the goodwill value of its subsidiary Vision Bank. Vision Bank operates in the Gulf Shore region of Florida and Alabama and continues to experience severely depressed real estate market values and credit deterioration. An impairment charge is a special accounting entry that does not affect a financial institution's regulatory capital, cash flow or ability to pay dividends. As previously reported, all goodwill value related to Vision Bank was written off.
Without the goodwill impairment charge in the third quarter of 2008, Park's net income available to common shareholders for 2008 was $68.6 million or $4.91 per common diluted share (compared to $76.7 million or $5.40 per diluted share for the 12 months ended December 31, 2007 without the goodwill impairment charge in the fourth quarter of 2007). Without the goodwill impairment charge in the fourth quarter of 2007, Park's net income available to common shareholders for that quarter was $10.9 million or $0.77 per diluted share, compared to $10.8 million or $0.77 per common diluted share in net income in the fourth quarter of 2008.
Park's 12 Ohio-based divisions reported record net income for the 12 months ended December 31, 2008. Net income for this period in 2008 was $94.9 million, a 13.8 percent increase over 2007's year-end net income of $83.4 million for the Ohio-based divisions. As reported on January 9, 2009, Park's loans in Ohio increased by more than $31 million in the past month (November 30, 2008 to December 31, 2008) or ten percent annualized. Park's Ohio-based divisions grew total loans in the year 2008 by more than $215 million, or six percent, compared to 2007.
Loan loss data:
Park's loan loss provisions for the year 2008 totaled $70.5 million compared to $29.5 million for the year 2007. Vision Bank's loan loss provision for 2008 was $47 million (compared to $19.4 million for 2007) and Park's Ohio-based divisions had a loan loss provision of $23.5 million for 2008 (compared to $10.1 million in 2007).
Park's net loan charge-offs for the year ended December 31, 2008 were $57.5 million, or 1.32 percent of total loans. For that same one-year period, Vision Bank had net loan charge-offs of $38.5 million, or 5.69 percent of total loans and Park's Ohio-based divisions had net loan charge-offs of $19.0 million, or 0.52 percent of loans.
Additional information:
On December 23, 2008, Park received $100 million of new equity capital from the U.S. Department of the Treasury's Capital Purchase Program (CPP) established under the Emergency Economic Stabilization Act of 2008. With the additional capital, Park's total equity to assets ratio improved to 9.09 percent at December 31, 2008 compared to a ratio of 7.79 percent at September 30, 2008. Park continues to easily exceed the "well capitalized" regulatory capital guidelines for financial institutions and as a result has a keen interest in continuing to make loans to qualified borrowers.
At its meeting earlier today, the Park board of directors declared a cash dividend for the first quarter of 2009 of $0.94 per share, payable on March 10, 2009 to shareholders of record as of February 26, 2009. This dividend is one cent less than the previous quarter's dividend and is consistent with Park's dividend amount in the quarters prior to October 14, 2008 as required of financial institutions which have received U.S. Treasury investments under the CPP.
Headquartered in Newark, Ohio, Park National Corporation holds $7.1 billion in assets (as of December 31, 2008). Park consists of 14 community bank divisions, a data processing and information technology division, two specialty finance companies and a title company. Park's Ohio-based banking operations are conducted through Park subsidiary The Park National Bank and its divisions which include Fairfield National Bank, Richland Bank, Century National Bank, First-Knox National Bank, Farmers and Savings Bank, United Bank, Second National Bank, Security National Bank, Unity National Bank, Citizens National Bank and The Park National Bank of Southwest Ohio & Northern Kentucky. Park's other banking subsidiary is Vision Bank (headquartered in Panama City, Florida), and its Vision Bank Division (of Gulf Shores, Alabama). Park also includes Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Finance Company and Park Title Agency.
Complete Financial Tables are below...
SAFE HARBOR STATEMENT under the private securities litigation reform act of 1995
This news release contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation: deterioration in the asset value of Vision Bank's loan portfolio may be worse than expected; Park's ability to execute its business plan successfully and within the expected timeframe; general economic and financial market conditions, and weakening in the economy, specifically, the real estate market, either national or in the states in which Park and its subsidiaries do business, are worse than expected; changes in the interest rate environment reduce net interest margins; competitive pressures among financial institutions increase significantly; the nature, timing and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of Park and its subsidiaries; demand for loans in the respective market areas served by Park and its subsidiaries, and other risk factors relating to the banking industry as detailed from time to time in Park's reports filed with the Securities and Exchange Commission including those described in "Item 1A. Risk Factors" of Part I of Park's Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and in our other filings with the Securities and Exchange Commission in "Item 1A. Risk Factors" of Part II of Park's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Park does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
PARK NATIONAL CORPORATION FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data) INCOME STATEMENT AND RATIOS THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, PERCENT PERCENT 2008 2007 CHANGE 2008 2007 CHANGE ---- ---- ------- ---- ---- ------- NET INTEREST INCOME $ 64,835 $ 59,953 8.14% $255,873 $234,677 9.03% --------------------------------------------------------------------- PROVISION FOR LOAN LOSSES 32,618 18,597 75.39% 70,487 29,476 139.13% --------------------------------------------------------------------- OTHER INCOME 27,049 17,944 50.74% 83,719 71,640 16.86% --------------------------------------------------------------------- GAIN ON SALE OF SECURITIES 219 -- 1,115 -- --------------------------------------------------------------------- GOODWILL IMPAIRMENT CHARGE -- 54,035 54,986 54,035 --------------------------------------------------------------------- OTHER EXPENSE 47,312 45,523 3.93% 179,515 170,129 5.52% --------------------------------------------------------------------- INCOME (LOSS) BEFORE TAXES 12,173 (40,258) 130.24% 35,719 52,677 -32.19% --------------------------------------------------------------------- NET INCOME (LOSS) 10,951 (43,170) 125.37% 13,708 22,707 -39.63% --------------------------------------------------------------------- NET INCOME (LOSS) AVAILABLE TO COMMON SHARE- HOLDERS (x) 10,809 (43,170) 125.04% 13,566 22,707 -40.26% --------------------------------------------------------------------- NET INCOME (LOSS) PER COMMON SHARE-BASIC (x) 0.77 (3.08) 125.00% 0.97 1.60 -39.38% --------------------------------------------------------------------- NET INCOME (LOSS) PER COMMON SHARE- DILUTED (x) 0.77 (3.08) 125.00% 0.97 1.60 -39.38% --------------------------------------------------------------------- RETURN ON AVERAGE ASSETS (x) 0.63% -2.63% 0.20% 0.37% --------------------------------------------------------------------- RETURN ON AVERAGE COMMON EQUITY (x) 8.10% -27.14% 2.40% 3.67% --------------------------------------------------------------------- CASH DIVIDENDS DECLARED PER SHARE 0.95 0.94 1.06% 3.77 3.73 1.07% --------------------------------------------------------------------- INCOME STATEMENT AND RATIOS (NON GAAP) NET INCOME AVAILABLE TO COMMON SHAREHOLDERS BEFORE IMPAIRMENT CHARGE (a)(x) 10,809 10,865 -0.52% 68,552 76,742 -10.67% --------------------------------------------------------------------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS BEFORE IMPAIRMENT CHARGE PER SHARE- DILUTED (a)(x) 0.77 0.77 0.00% 4.91 5.40 -9.07% --------------------------------------------------------------------- RETURN ON AVERAGE TANGIBLE ASSETS BEFORE IMPAIRMENT CHARGE (e)(x) 0.64% 0.68% 1.04% 1.28% --------------------------------------------------------------------- RETURN ON AVERAGE ASSETS BEFORE IMPAIRMENT CHARGE (a)(x) 0.63% 0.66% 1.02% 1.24% --------------------------------------------------------------------- RETURN ON AVERAGE TANGIBLE REALIZED COMMON EQUITY BEFORE IMPAIRMENT CHARGE (b)(x) 9.56% 9.68% 15.66% 16.55% --------------------------------------------------------------------- RETURN ON AVERAGE COMMON EQUITY BEFORE IMPAIRMENT CHARGE (a)(x) 8.10% 6.83% 12.12% 12.40% --------------------------------------------------------------------- EFFICIENCY RATIO BEFORE IMPAIRMENT CHARGE (d) 51.27% 58.10% 52.59% 55.21% --------------------------------------------------------------------- OTHER RATIOS YIELD ON EARNING ASSETS 5.99% 7.02% 6.35% 7.18% --------------------------------------------------------------------- COST OF PAYING LIABILITIES 2.21% 3.47% 2.55% 3.50% --------------------------------------------------------------------- NET INTEREST MARGIN 4.11% 4.04% 4.16% 4.20% --------------------------------------------------------------------- NET LOAN CHARGE-OFFS $21,725 $11,342 $57,501 $22,208 --------------------------------------------------------------------- NET CHARGE- OFFS AS A PERCENT OF LOANS 1.94% 1.07% 1.32% 0.55% --------------------------------------------------------------------- BALANCE SHEET December 31, September 30, December 31, 2008 2008 2007 ---- ---- ---- INVESTMENTS $2,059,051 $1,807,464 $1,703,103 --------------------------------------------------------------------- LOANS 4,491,337 4,466,671 4,224,134 --------------------------------------------------------------------- LOAN LOSS RESERVE 100,088 89,195 87,102 --------------------------------------------------------------------- GOODWILL AND OTHER INTANGIBLES 85,545 86,551 144,556 --------------------------------------------------------------------- TOTAL ASSETS 7,070,720 6,799,733 6,501,102 --------------------------------------------------------------------- TOTAL DEPOSITS 4,761,750 4,774,509 4,439,239 --------------------------------------------------------------------- BORROWINGS 1,554,754 1,404,746 1,389,727 --------------------------------------------------------------------- EQUITY 642,663 529,685 580,012 --------------------------------------------------------------------- COMMON EQUITY 546,942 529,685 580,012 --------------------------------------------------------------------- TANGIBLE COMMON EQUITY 461,397 443,134 435,456 --------------------------------------------------------------------- COMMON BOOK VALUE PER SHARE 39.15 37.93 41.54 --------------------------------------------------------------------- TANGIBLE COMMON BOOK VALUE PER SHARE (c) 33.02 31.79 31.18 --------------------------------------------------------------------- NONPERFORMING LOANS 162,357 126,336 103,932 --------------------------------------------------------------------- NONPERFORMING ASSETS 188,205 146,086 117,375 --------------------------------------------------------------------- PAST DUE 90 DAY LOANS 5,421 4,388 4,545 --------------------------------------------------------------------- RATIOS LOANS/ASSETS 63.52% 65.69% 64.98% --------------------------------------------------------------------- NONPERFORMING LOANS/ LOANS 3.61% 2.83% 2.46% --------------------------------------------------------------------- PAST DUE 90 DAY LOANS/ LOANS 0.12% 0.10% 0.11% --------------------------------------------------------------------- LOAN LOSS RESERVE/LOANS 2.23% 2.00% 2.06% --------------------------------------------------------------------- TOTAL EQUITY/ASSETS 9.09% 7.79% 8.92% --------------------------------------------------------------------- COMMON EQUITY/ASSETS 7.74% 7.79% 8.92% --------------------------------------------------------------------- (x) Reported measure includes the impact of the preferred equity issued as part of the Capital Purchase Program and uses net income (loss) available to common shareholders. (a) Net income (loss) available to common shareholders for the periods presented has been adjusted for the impairment charge to goodwill. Net income (loss) available to common shareholders before impairment charge equals net income (loss) available to common shareholders for the period plus the impairment charge to goodwill of $54,986 for 2008 and $54,035 for 2007. THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2008 2007 2008 2007 ---- ---- ---- ---- RECONCILIATION OF NET INCOME (LOSS) TO NET INCOME BEFORE IMPAIRMENT CHARGE: --------------------------------------------------------------------- NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $10,809 ($43,170) $13,566 $22,707 --------------------------------------------------------------------- Plus goodwill impairment charge -- 54,035 54,986 54,035 --------------------------------------------------------------------- NET INCOME AVAILABLE TO COMMON SHAREHOLDERS BEFORE IMPAIRMENT CHARGE $10,809 $10,865 $68,552 $76,742 ============================================ RECONCILIATION OF NET INCOME (LOSS) PER COMMON SHARE-DILUTED TO NET INCOME BEFORE IMPAIRMENT CHARGE PER COMMON SHARE-DILUTED: NET INCOME (LOSS) PER COMMON SHARE-DILUTED $0.77 ($3.08) $0.97 $1.60 --------------------------------------------------------------------- Plus impairment charge to goodwill per share-diluted -- 3.85 3.94 3.80 --------------------------------------------------------------------- NET INCOME BEFORE IMPAIRMENT CHARGE PER COMMON SHARE-DILUTED $0.77 $0.77 $4.91 $5.40 ============================================ (b) Net Income (loss) available to common shareholders before impairment charge for each period divided by average tangible realized common equity during the period. Average tangible realized common equity equals average stockholders' equity during the applicable period less (i) average goodwill and other intangible assets during the period, (ii) average accumulated other comprehensive income (loss), net of taxes, during the period, and (iii) Preferred stock. RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO AVERAGE TANGIBLE REALIZED COMMON EQUITY: THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2008 2007 2008 2007 ---- ---- ---- ---- AVERAGE STOCKHOLDERS' EQUITY 540,287 631,061 567,965 618,758 --------------------------------------------------------------------- Less: Preferred Stock 9,362 -- 2,353 -- --------------------------------------------------------------------- Average Goodwill and Other Intangible Assets 86,118 198,595 128,635 176,262 --------------------------------------------------------------------- Plus: Average Accumulated Other Comprehensive (Income) Loss, Net of Taxes 4,847 12,925 876 21,333 --------------------------------------------------------------------- AVERAGE TANGIBLE REALIZED COMMON EQUITY 449,654 445,391 437,853 463,829 ============================================ (c) Tangible common book value per share equals ending equity less preferred stock and goodwill and other intangibles at the end of the period, divided by actual common shares outstanding at the end of the period. RECONCILIATION OF EQUITY TO TANGIBLE COMMON EQUITY: December 31, September 30, December 31, 2008 2008 2007 ---- ---- ---- STOCKHOLDERS' EQUITY 642,663 529,685 580,012 ------------------------------------------------------------------- Less: Preferred Stock 95,721 -- -- ------------------------------------------------------------------- Goodwill and Other Intangible Assets 85,545 86,551 144,556 ------------------------------------------------------------------- TANGIBLE COMMON EQUITY 461,397 443,134 435,456 ========================================= (d) Efficiency ratio before impairment charge is calculated by reducing non-interest expense by the goodwill impairment charge, and dividing by non-interest income and net interest income (on a tax equivalent basis). RECONCILIATION OF NON-INTEREST EXPENSE TO NON-INTEREST EXPENSE BEFORE IMPAIRMENT CHARGE THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2008 2007 2008 2007 ---- ---- ---- ---- NON-INTEREST EXPENSE 47,312 99,558 234,501 224,164 --------------------------------------------------------------------- Less Goodwill Impairment Charge -- 54,035 54,986 54,035 --------------------------------------------------------------------- NON-INTEREST EXPENSE BEFORE IMPAIRMENT CHARGE 47,312 45,523 179,515 170,129 ============================================ (e) Net income available to common shareholders before impairment charge dividend by average tangible assets. Average tangible assets equals average assets less goodwill and other intangibles. RECONCILIATION OF AVERAGE ASSETS TO TANGIBLE AVERAGE ASSETS THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2008 2007 2008 2007 ---- ---- ---- ---- AVERAGE ASSETS 6,789,083 6,513,350 6,708,086 6,169,156 --------------------------------------------------------------------- Less Average Goodwill and Other Intangible Assets 86,118 198,595 128,635 176,262 --------------------------------------------------------------------- AVERAGE TANGIBLE ASSETS 6,702,965 6,314,755 6,579,451 5,992,894 ============================================ PARK NATIONAL CORPORATION Consolidated Statements of Income (dollars in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, ---------------------- ----------------------- 2008 2007 2008 2007 -------------------------------------------- ----------------------- Interest income: Interest and fees on loans $72,054 $82,202 $301,163 $320,827 -------------------------------------------- ----------------------- Interest on: Obligations of U.S. Government, its agencies and other securities 22,173 21,365 87,711 77,016 -------------------------------------------- ----------------------- Obligations of states and political subdi- visions 464 712 2,171 3,061 -------------------------------------------- ----------------------- Other interest income 32 118 294 920 -------------------------------------------- ----------------------- Total interest income 94,723 104,397 391,339 401,824 -------------------------------------------- ----------------------- Interest expense: Interest on deposits: Demand and savings deposits 4,367 9,861 22,633 39,797 -------------------------------------------- ----------------------- Time deposits 15,915 20,975 67,259 81,224 -------------------------------------------- ----------------------- Interest on borrowings 9,606 13,608 45,574 46,126 -------------------------------------------- ----------------------- Total interest expense 29,888 44,444 135,466 167,147 -------------------------------------------- ----------------------- Net interest income 64,835 59,953 255,873 234,677 -------------------------------------------- ----------------------- Provision for loan losses 32,618 18,597 70,487 29,476 -------------------------------------------- ----------------------- Net interest income after provision for loan losses 32,217 41,356 185,386 205,201 -------------------------------------------- ----------------------- Other income 27,049 17,944 83,719 71,640 --------------------------------------------- ----------------------- Gain (loss) on sale of securities 219 -- 1,115 -- -------------------------------------------- ----------------------- Other expense: Salaries and employee benefits 24,756 24,936 99,018 97,712 -------------------------------------------- ----------------------- Occupancy expense 2,776 2,663 11,534 10,717 -------------------------------------------- ----------------------- Furniture and equipment expense 2,451 2,295 9,756 9,259 -------------------------------------------- ----------------------- Goodwill Impairment Charge -- 54,035 54,986 54,035 -------------------------------------------- ----------------------- Other expense 17,329 15,629 59,207 52,441 -------------------------------------------- ----------------------- Total other expense 47,312 99,558 234,501 224,164 -------------------------------------------- ----------------------- Income (loss) before income taxes 12,173 (40,258) 35,719 52,677 -------------------------------------------- ----------------------- Income taxes 1,222 2,912 22,011 29,970 -------------------------------------------- ----------------------- Net income (loss) $10,951 ($43,170) $13,708 $22,707 -------------------------------------------- ----------------------- Preferred Stock dividends 142 -- 142 -- -------------------------------------------- ----------------------- Income (loss) available to common share- holders $10,809 ($43,170) $13,566 $22,707 ============================================ ======================= Per Common Share: Net income (loss) - basic $0.77 ($3.08) $0.97 $1.60 -------------------------------------------- ----------------------- Net income (loss) - diluted $0.77 ($3.08) $0.97 $1.60 -------------------------------------------- ----------------------- Weighted average shares - basic 13,967,194 14,029,944 13,965,219 14,212,805 -------------------------------------------- ----------------------- Weighted average shares - diluted 13,967,650 14,030,499 13,965,333 14,217,483 -------------------------------------------- ----------------------- PARK NATIONAL CORPORATION Consolidated Balance Sheets (dollars in thousands, except share data) December 31, ----------------------------- 2008 2007 --------------------------------------------------------------------- Assets Cash and due from banks $150,298 $183,165 --------------------------------------------------------------------- Money market instruments 20,963 10,232 --------------------------------------------------------------------- Interest bearing deposits 1 1 --------------------------------------------------------------------- Investment securities 2,059,051 1,703,103 --------------------------------------------------------------------- Loans 4,491,337 4,224,134 --------------------------------------------------------------------- Allowance for loan losses 100,088 87,102 --------------------------------------------------------------------- Loans, net 4,391,249 4,137,032 --------------------------------------------------------------------- Bank premises and equipment, net 68,553 66,634 --------------------------------------------------------------------- Goodwill 72,334 127,320 --------------------------------------------------------------------- Other intangibles 13,211 17,236 --------------------------------------------------------------------- Other assets 295,060 256,379 --------------------------------------------------------------------- Total assets $7,070,720 $6,501,102 --------------------------------------------------------------------- Liabilities and Stockholders' Equity Deposits: Noninterest bearing $782,625 $695,466 --------------------------------------------------------------------- Interest bearing 3,979,125 3,743,773 --------------------------------------------------------------------- Total deposits 4,761,750 4,439,239 --------------------------------------------------------------------- Borrowings 1,554,754 1,389,727 --------------------------------------------------------------------- Other liabilities 111,553 92,124 --------------------------------------------------------------------- Total liabilities 6,428,057 5,921,090 --------------------------------------------------------------------- Stockholders' Equity: Preferred Stock (200,000 shares authorized in 2008 and -0- in 2007; 100,000 shares issued in 2008 and -0- in 2007) 95,721 -- --------------------------------------------------------------------- Common stock (No par value; 20,000,000 shares authorized in 2008 and 2007; 16,151,151 shares issued in 2008 and 16,151,200 in 2007) 301,210 301,213 --------------------------------------------------------------------- Common Stock Warrants 4,297 -- --------------------------------------------------------------------- Accumulated other comprehensive income (loss), net of taxes 10,596 (2,608) --------------------------------------------------------------------- Retained earnings 438,504 489,511 --------------------------------------------------------------------- Treasury stock (2,179,424 shares in 2008 and 2,186,624 shares in 2007) (207,665) (208,104) --------------------------------------------------------------------- Total stockholders' equity 642,663 580,012 --------------------------------------------------------------------- Total liabilities and stockholders' equity $7,070,720 $6,501,102 --------------------------------------------------------------------- PARK NATIONAL CORPORATION Consolidated Average Balance Sheets (dollars in thousands) Three Months Ended Twelve Months Ended December 31, December 31, ---------------------- ----------------------- 2008 2007 2008 2007 -------------------------------------------- ----------------------- Assets Cash and due from banks $138,004 $148,912 $143,151 $151,219 -------------------------------------------- ----------------------- Money market instruments 19,695 10,806 15,501 17,837 -------------------------------------------- ----------------------- Interest bearing deposits 1 1 1 1 -------------------------------------------- ----------------------- Investment securities 1,815,033 1,710,357 1,806,317 1,573,882 -------------------------------------------- ----------------------- Loans (net of unearned income) 4,465,655 4,196,367 4,354,520 4,011,307 -------------------------------------------- ----------------------- Allowance for loan losses 88,567 80,673 86,485 78,255 -------------------------------------------- ----------------------- Loans, net 4,377,088 4,115,694 4,268,035 3,933,052 -------------------------------------------- ----------------------- Bank premises and equipment, net 69,375 66,782 69,278 61,604 -------------------------------------------- ----------------------- Other assets 369,887 460,798 405,803 431,561 -------------------------------------------- ----------------------- Total assets $6,789,083 $6,513,350 $6,708,086 $6,169,156 -------------------------------------------- ----------------------- Liabilities and Stockholders' Equity Deposits: Noninterest bearing $770,364 $717,778 $739,994 $697,247 -------------------------------------------- ----------------------- Interest bearing 4,039,670 3,789,396 3,862,780 3,706,231 -------------------------------------------- ----------------------- Total deposits 4,810,034 4,507,174 4,602,774 4,403,478 -------------------------------------------- ----------------------- Borrowings 1,350,520 1,289,179 1,444,741 1,062,735 -------------------------------------------- ----------------------- Other liabilities 88,242 85,936 92,606 84,185 -------------------------------------------- ----------------------- Total liabili- ties 6,248,796 5,882,289 6,140,121 5,550,398 -------------------------------------------- ----------------------- Stockholders' Equity: Preferred stock 9,362 -- 2,353 -- -------------------------------------------- ----------------------- Common stock 301,211 300,476 301,211 284,626 -------------------------------------------- ----------------------- Common Stock Warrants 420 -- 106 -- -------------------------------------------- ----------------------- Accumulated other comprehensive (loss), net of taxes (4,847) (12,925) (876) (21,333) -------------------------------------------- ----------------------- Retained earnings 442,092 546,636 473,236 530,324 -------------------------------------------- ----------------------- Treasury stock (207,951) (203,126) (208,065) (174,859) -------------------------------------------- ----------------------- Total stockhold- ers' equity 540,287 631,061 567,965 618,758 -------------------------------------------- ----------------------- Total liabili- ties and stockholders' equity $6,789,083 $6,513,350 $6,708,086 $6,169,156 -------------------------------------------- -----------------------