ROCKY MOUNT, N.C., Jan. 11 /PRNewswire/ -- Centura Banks, Inc. (NYSE: CBC)
today announced fourth-quarter earnings of $35.8 million, or $0.90 per diluted
share, representing a 5.9 percent increase from the previous quarter.
Centura's fourth-quarter performance produced an annualized return on average
assets of 1.25 percent and an annualized return on average shareholders'
equity of 15.37 percent. This compares with 1.20 percent and 15.00 percent,
respectively, for the previous quarter. All prior-period financial data has
been restated for the acquisition of Triangle Bancorp Inc., which was
completed February 18, 2000.
For the year ended December 31, Centura's net income totaled
$134.6 million, or $3.37 per diluted share, excluding $50.7 million of pre-tax
merger related and other significant charges associated with the acquisition
of Triangle Bancorp. This compares with net income for the same period a year
ago of $135.9 million, or $3.37 per diluted share, excluding $8.4 million of
pre-tax merger related charges associated with the first-quarter 1999
acquisition of First Coastal Bankshares.
Centura also declared a dividend of $0.34 per share for the first quarter
of 2001, payable March 15, 2001, to shareholders of record February 23, 2001.
"Despite a difficult operating environment for most banks, Centura was
able to steadily improve results over the past two quarters," said Cecil W.
Sewell, chief executive officer. "This performance produced consistent, high-
quality earnings that were in line with our expectations.
"Our net interest margin was stronger than anticipated at 4.14 percent,
compared with 4.06 percent in the third quarter," said Sewell. "This
improvement was due to a number of factors. First, the dramatic drop in
interest rates during the quarter helped lower our short-term borrowing costs.
Second, we experienced a full quarter's effect from the repositioning of our
investment portfolio, which was completed late in the third quarter. Third,
we purchased fewer Centura shares under the buyback program announced last
September due to the price performance of our stock during the quarter."
Centura's stock achieved a total return in excess of 27.0 percent for the
quarter, compared with a 14.5 percent return posted by the S&P Small Cap
Regional Bank Index. The original repurchase program was for up to 1.5
million shares of common stock, and Centura will continue to repurchase shares
on an opportunistic basis.
"We also are becoming increasingly efficient at funding loan growth, which
also helps strengthen our net interest margin," Sewell said. "Late in the
quarter, Centura, through an affiliate, completed the securitization and sale
of approximately $190 million in loans. Excluding the effect of this
transaction, period-end loans would have increased at an annualized rate of
9.0 percent compared with the previous quarter."
Addressing asset quality, Sewell said: "In light of the economic
environment and the general trend of increasing nonperforming assets, we
continue to monitor our loan portfolio very closely. We believe our reserve
for loan losses is strong and adequate in light of the quality of our loan
portfolio."
Centura's reserves for loan losses increased slightly to 1.36 percent of
total loans, largely as a result of the timing of the loan securitization and
sale discussed above. During the first quarter, Centura anticipates that
internal loan growth will return the reserve for loan losses to its normal
level of 1.35 percent of outstanding loans.
Fourth-quarter noninterest income increased 7.7 percent from the previous
quarter. Fourth-quarter noninterest expense increased over the previous
quarter, largely due to the Wachovia branch purchases completed at the end of
the third quarter and some technology and marketing initiatives that began
during the period. Centura's effective tax rate declined from the previous
quarter due to certain non-recurring merger related items.
"As we approach the first anniversary of our merger with Triangle, we
continue to achieve good results retaining their most valuable households,"
Sewell continued. "To date, we have retained 94 percent of these households.
We continue to focus on retaining and expanding the relationships with our
most valuable customers as this represents the best long-term strategy for
building customer loyalty and thereby helping to insure the long-term success
of Centura.
"Looking forward for 2001, Centura is anticipating full-year diluted
earnings-per-share growth in the 8 percent to 10 percent range, which is
consistent with the range of $3.56 to $3.81 provided by First Call," Sewell
said. "We expect first-quarter EPS to track somewhat below those of the
fourth quarter, due to seasonal factors, especially in core deposits, which in
past years have produced first-quarter results that were below those of the
previous fourth quarter. However, also as in past years, we expect year-to-
year earnings growth to result from increased momentum in subsequent
quarters."
About Centura
Centura Banks Inc., an $11 billion-asset financial services company based
in North Carolina, provides a complete line of banking, investment, insurance,
leasing and asset management services to individuals and businesses in North
Carolina, South Carolina and Virginia. Centura's broad range of financial
solutions is provided through more than 240 full-service financial offices and
Centura Highway, the bank's multifaceted customer access system that includes
telephone banking, an extensive ATM network, PC banking, online bill payment
and the bank's suite of Internet products and services. Additional
information may be found on Centura's Website at http://www.centura.com.
Safe Harbor
Statements made in this press release, other than those containing
historical information, are forward-looking statements made pursuant to the
safe-harbor provisions of the Private Securities Litigation Act of 1995.
These include statements about Centura, including descriptions of plans or
objectives of its management for future operations, products or services, and
forecasts of its revenues, earnings or other measures of economic performance.
Such statements reflect current views, but are based on assumptions and are
subject to risks, uncertainties and other factors that may cause results to
differ materially from those set forth in such statements. Those factors
include, but are not limited to, the following: (i) expected cost savings from
completed mergers may not be fully realized or costs or difficulties related
to the integration of the businesses of Centura and merged institutions may be
greater than expected; (ii) customer and deposit attrition, or revenue loss,
following completed mergers may be greater than expected; (iii) competitive
pressure in the banking industry may increase significantly; (iv) changes in
the interest rate environment may reduce margins; (v) general economic
conditions, either nationally or regionally, may be less favorable than
expected, resulting in, among other things, credit quality deterioration and
the possible impairment of collectibility of loans; (vi) the impact of changes
in monetary and fiscal policies, laws, rules and regulations; (vii) the impact
of the Gramm-Leach-Bliley Act of 1999; (viii) changes in business conditions
and inflation; and (ix) other risks and factors identified in Centura's
filings with the Securities and Exchange Commission and other regulatory
bodies.
FINANCIAL HIGHLIGHTS
CENTURA BANKS, INC. AND SUBSIDIARIES
Three Months Ended December 31,
(Dollars in thousands, except per share data)
2000 1999 Change
EARNINGS
Interest income $233,499 $211,362 10.5 %
Interest expense 125,980 104,320 20.8
Net interest income 107,519 107,042 0.4
Provision for loan losses 6,960 8,894 (21.7)
Noninterest income 43,332 38,010 14.0
Noninterest expense 90,799 82,956 9.5
Income taxes 17,298 17,653 (2.0)
Net income $35,794 $35,549 0.7 %
Net interest income, taxable
equivalent $109,963 $110,297 (0.3)%
PER COMMON SHARE
Earnings per share - basic $0.91 $0.90 1.1 %
Earnings per share - diluted 0.90 0.89 1.1
Cash dividends paid (B) 0.34 0.32 6.3
Book value per share 24.26 21.77 11.4
Closing market price 48.250 44.125 9.3
SELECTED FINANCIAL DATA (A)
Earnings per share - diluted $0.90 $0.89 1.1 %
Return on average assets 1.25 1.25 -- bp
Return on average equity 15.37 16.37 (100)
FINANCIAL RATIOS
Return on average assets 1.25 % 1.25 % -- bp
Return on average equity 15.37 16.37 (100)
Average equity to average assets 8.12 7.66 46
AVERAGE BALANCES
Assets $11,405,683 $11,244,033 1.4 %
Earning assets, net 10,466,489 10,311,262 1.5
Loans, gross 7,713,182 7,363,250 4.8
Investment securities, net 2,655,105 2,820,815 (5.9)
Noninterest-bearing deposits 1,094,410 1,163,180 (5.9)
Core deposits 6,927,871 7,004,558 (1.1)
Total deposits 7,655,687 7,864,788 (2.7)
Interest-bearing liabilities 9,225,498 9,066,703 1.8
Shareholders' equity 926,344 861,593 7.5
PERIOD END BALANCES
Assets $11,482,009 $11,386,682 0.8 %
Earning assets, net 10,456,178 10,438,823 0.2
Loans, gross 7,671,691 7,442,238 3.1
Investment securities, net 2,705,105 2,842,088 (4.8)
Noninterest-bearing deposits 1,131,121 1,136,119 (0.4)
Core deposits 7,002,703 7,018,863 (0.2)
Total deposits 7,707,140 7,897,052 (2.4)
Shareholders' equity 956,425 859,735 11.2
bp- Change is measured as difference in basis points.
(A) Calculation excludes $50.7 million of pre-tax merger-related and other
significant charges incurred for the year-ended December 31, 2000.
Included in these charges are $22.1 million in losses related to sales
of certain investment securities incurred as a result of restructuring
the investment portfolio acquired with the Triangle merger, of which
$15.1 million and $7.1 million were incurred during the first quarter
and second quarter 2000, respectively. Year-to-date 1999 excludes
$8.4 million of pre-tax merger-related items, all of which were
incurred during the first quarter.
(B) Presented on a historical basis.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
FINANCIAL HIGHLIGHTS
CENTURA BANKS, INC. AND SUBSIDIARIES
Year Ended December 31,
(Dollars in thousands, except per share data)
2000 1999 Change
EARNINGS
Interest income $894,193 $809,156 10.5 %
Interest expense 474,115 390,431 21.4
Net interest income 420,078 418,725 0.3
Provision for loan losses 31,815 40,828 (22.1)
Noninterest income 145,720 170,897 (14.7)
Noninterest expense 379,132 352,323 7.6
Income taxes 56,096 66,134 (15.2)
Net income $98,755 $130,337 (24.2)%
Net interest income, taxable
equivalent $430,031 $431,063 (0.2)%
PER COMMON SHARE
Earnings per share - basic $2.49 $3.28 (24.1)%
Earnings per share - diluted 2.47 3.23 (23.5)
Cash dividends paid (B) 1.34 1.25 7.2
Book value per share 24.26 21.77 11.4
Closing market price 48.250 44.125 9.3
SELECTED FINANCIAL DATA (A)
Earnings per share - diluted $3.37 $3.37 -- %
Return on average assets 1.19 1.23 (4)bp
Return on average equity 15.13 15.73 (60)
FINANCIAL RATIOS
Return on average assets 0.88 % 1.18 % (30)bp
Return on average equity 11.10 15.09 (399)
Average equity to average assets 7.89 7.83 6
AVERAGE BALANCES
Assets $11,272,434 $11,038,612 2.1 %
Earning assets, net 10,340,324 10,124,896 2.1
Loans, gross 7,606,163 7,258,979 4.8
Investment securities, net 2,621,377 2,719,065 (3.6)
Noninterest-bearing deposits 1,112,189 1,146,657 (3.0)
Core deposits 6,885,748 6,919,115 (0.5)
Total deposits 7,660,133 7,747,688 (1.1)
Interest-bearing liabilities 9,142,960 8,875,062 3.0
Shareholders' equity 889,624 863,961 3.0
PERIOD END BALANCES
Assets $11,482,009 $11,386,682 0.8 %
Earning assets, net 10,456,178 10,438,823 0.2
Loans, gross 7,671,691 7,442,238 3.1
Investment securities, net 2,705,105 2,842,088 (4.8)
Noninterest-bearing deposits 1,131,121 1,136,119 (0.4)
Core deposits 7,002,703 7,018,863 (0.2)
Total deposits 7,707,140 7,897,052 (2.4)
Shareholders' equity 956,425 859,735 11.2
bp- Change is measured as difference in basis points.
(A) Calculation excludes $50.7 million of pre-tax merger-related and other
significant charges incurred for the year-ended December 31, 2000.
Included in these charges are $22.1 million in losses related to sales
of certain investment securities incurred as a result of restructuring
the investment portfolio acquired with the Triangle merger, of which
$15.1 million and $7.1 million were incurred during the first quarter
and second quarter 2000, respectively. Year-to-date 1999 excludes
$8.4 million of pre-tax merger-related items, all of which were
incurred during the first quarter.
(B) Presented on a historical basis.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
OTHER FINANCIAL DATA
CENTURA BANKS, INC. AND SUBSIDIARIES
Three Months Ended December 31,
(Dollars in thousands) 2000 1999 Change
SHARES OUTSTANDING
Average basic 39,545,861 39,544,376 -- %
Average diluted 39,843,694 40,055,215 (0.5)
Outstanding at period end 39,427,056 39,496,410 (0.2)
COMPOSITION RATIOS (A)
Earning assets to total assets 91.77 % 91.70 % 7 bp
Loans to earning assets 73.69 71.41 228
Interest-bearing liabilities to
earning assets 88.14 87.93 21
Loans to total deposits 100.75 93.62 713
Noninterest-bearing deposits to
total deposits 14.30 14.79 (49)
ALLOWANCE FOR LOAN LOSSES (AFLL)
Beginning balance $104,036 $93,701 11.0 %
AFLL related to loans transferred
or sold (368) -- --
Provision for loan losses 6,960 8,894 (21.7)
Allowance of acquired financial
institutions -- -- --
Charge-offs (7,179) (8,302) (13.5)
Recoveries 826 1,207 (31.6)
Net charge-offs (6,353) (7,095) (10.5)
Ending balance $104,275 $95,500 9.2 %
Net charge-offs to average loans 0.33 % 0.38 % (5)bp
COMPOSITION OF RISK ASSETS
Nonperforming loans (C)
Foreclosed property
Nonperforming assets
Loans 90+ days past due, still
accruing
ASSET QUALITY RATIOS (B) (C)
Nonperforming assets to:
Loans and foreclosed property
Total assets
Nonperforming loans to total loans
Allowance for loan losses to total
loans
Allowance for loan losses to
nonperforming loans
bp- Change is measured as difference in basis points.
(A) Balance sheet amounts used in calculations are based on average
balances.
(B) Balance sheet amounts used in calculations are based on period end
balances.
(C) Excludes $6.0 million of nonperforming loans classified as held for
accelerated disposition at December 31, 2000.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
OTHER FINANCIAL DATA
CENTURA BANKS, INC. AND SUBSIDIARIES
Year Ended December 31,
(Dollars in thousands) 2000 1999 Change
SHARES OUTSTANDING
Average basic 39,706,276 39,729,900 (0.1)%
Average diluted 39,985,966 40,368,276 (0.9)
Outstanding at period end 39,427,056 39,496,410 (0.2)
COMPOSITION RATIOS (A)
Earning assets to total assets 91.73 % 91.72 % 1 bp
Loans to earning assets 73.56 71.69 187
Interest-bearing liabilities to
earning assets 88.42 87.66 76
Loans to total deposits 99.30 93.69 561
Noninterest-bearing deposits to
total deposits 14.52 14.80 (28)
ALLOWANCE FOR LOAN LOSSES (AFLL)
Beginning balance $95,500 $91,894 3.9 %
AFLL related to loans
transferred or sold (368) (556) (33.8)
Provision for loan losses 31,815 40,828 (22.1)
Allowance of acquired financial
institutions -- 605 (100.0)
Charge-offs (28,161) (41,044) (31.4)
Recoveries 5,489 3,773 45.5
Net charge-offs (22,672) (37,271) (39.2)
Ending balance $104,275 $95,500 9.2 %
Net charge-offs to average loans 0.30 % 0.51 % (21)bp
COMPOSITION OF RISK ASSETS
Nonperforming loans (C) $48,475 $29,415 64.8 %
Foreclosed property 5,897 6,421 (8.2)
Nonperforming assets $54,372 $35,836 51.7 %
Loans 90+ days past due, still
accruing $12,338 $14,366 (14.1)%
ASSET QUALITY RATIOS (B) (C)
Nonperforming assets to:
Loans and foreclosed property 0.71 % 0.48 % 23 bp
Total assets 0.47 0.31 16
Nonperforming loans to total
loans 0.63 0.40 23
Allowance for loan losses to
total loans 1.36 1.28 8
Allowance for loan losses to
nonperforming loans 2.15 x 3.25 x (110)
bp- Change is measured as difference in basis points.
(A) Balance sheet amounts used in calculations are based on average
balances.
(B) Balance sheet amounts used in calculations are based on period end
balances.
(C) Excludes $6.0 million of nonperforming loans classified as held for
accelerated disposition at December 31, 2000.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
OTHER FINANCIAL DATA, continued
CENTURA BANKS, INC. AND SUBSIDIARIES
Three Months Ended December 31,
As a Percent of
Average Assets (A)
(Dollars in thousands) 2000 1999 Change 2000 1999
NONINTEREST INCOME
Service charges on deposit
accounts $15,712 $16,586 (5.3)% 0.55 % 0.59 %
Credit card and related
fees 2,269 2,335 (2.8) 0.08 0.08
Insurance and brokerage
commissions 5,286 6,004 (12.0) 0.18 0.21
Other service charges,
commissions and fees 3,532 3,174 11.3 0.12 0.11
Fees for trust services 1,947 2,572 (24.3) 0.07 0.09
Mortgage income 6,785 3,608 88.1 0.24 0.13
Negative goodwill
amortization 334 334 -- 0.01 0.01
Operating lease income,
net 497 679 (26.8) 0.02 0.02
Other noninterest income 6,956 2,695 158.1 0.24 0.10
Noninterest income,
excluding securities
transactions 43,318 37,987 14.0 1.51 1.34
Securities gains (losses),
net 14 23 (39.1) -- --
Securities gains (losses),
net - merger related -- -- -- -- --
Total noninterest income $43,332 $38,010 14.0 % 1.51 % 1.34 %
NONINTEREST EXPENSE
Salaries and overtime $36,775 $34,389 6.9 % 1.28 % 1.21 %
Fringe benefits and other
personnel costs 9,736 7,166 35.9 0.34 0.25
Occupancy 5,632 6,134 (8.2) 0.20 0.22
Equipment 6,603 6,212 6.3 0.23 0.22
Foreclosed real estate
losses and related
operating expense 843 359 134.8 0.03 0.01
Marketing 2,068 564 266.7 0.07 0.02
Fees for outsourced
services 5,244 4,543 15.4 0.18 0.16
Professional and legal
fees 4,081 3,614 12.9 0.14 0.13
Other administrative 3,004 3,042 (1.2) 0.10 0.11
FDIC insurance 522 175 198.3 0.02 0.01
Deposit intangible and
goodwill amortization 3,735 3,414 9.4 0.13 0.12
Office supplies, postage
and telephone 6,263 5,835 7.3 0.22 0.21
Other operating 6,293 7,509 (16.2) 0.23 0.26
Total NIE before merger-
related and other
significant charges 90,799 82,956 9.5 3.17 2.93
Merger-related expenses
and other significant
charges -- -- -- -- --
Total noninterest expense $90,799 $82,956 9.5 % 3.17 % 2.93 %
OTHER PERFORMANCE RATIOS
Pretax operating profit
margin (B)(D) 36.23 % 38.07 % (184)bp
Efficiency ratio (C)(D) 59.23 55.94 329
Net interest income
analysis-taxable
equivalent:
Selected average
yields/rates:
Loans 9.45 % 8.82 % 63 bp
Taxable securities 7.28 6.50 78
Tax-exempt securities 9.13 8.18 95
Short-term investments 6.91 6.55 36
Mortgage loans held-
for-sale 9.52 8.56 96
Interest-earning
assets 8.90 8.18 72
Total interest-bearing
deposits 5.03 4.19 84
Borrowed funds 6.12 5.24 88
Long-term debt 6.60 6.07 53
Total interest-bearing
liabilities 5.40 4.54 86
Interest rate spread 3.50 3.64 (14)
Net interest margin 4.14 4.20 (6)
bp- Change is measured as difference in basis points.
(A) Data presented is annualized.
(B) Sum of income before taxes plus the taxable equivalent adjustment
divided by the sum of taxable equivalent net interest income plus
noninterest income.
(C) Noninterest expense divided by the sum of taxable equivalent net
interest income plus noninterest income.
(D) Calculation excludes merger-related and other significant charges.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
OTHER FINANCIAL DATA, continued
CENTURA BANKS, INC. AND SUBSIDIARIES
Year Ended December 31,
As a Percent of
Average Assets(A)
(Dollars in thousands) 2000 1999 Change 2000 1999
NONINTEREST INCOME
Service charges on
deposit accounts $62,783 $63,761 (1.5)% 0.56 % 0.58 %
Credit card and related
fees 8,993 9,008 (0.2) 0.08 0.08
Insurance and brokerage
commissions 24,162 24,868 (2.8) 0.21 0.23
Other service charges,
commissions and fees 13,776 13,056 5.5 0.12 0.12
Fees for trust services 10,005 10,340 (3.2) 0.09 0.09
Mortgage income 33,945 25,304 34.1 0.30 0.23
Negative goodwill
amortization 1,337 1,337 -- 0.01 0.01
Operating lease income,
net 2,399 6,163 (61.1) 0.02 0.06
Other noninterest
income 25,179 17,660 42.6 0.23 0.15
Noninterest income,
excluding securities
transactions 182,579 171,497 6.5 1.62 1.55
Securities gains
(losses), net (14,721) (600) NM (0.13) --
Securities gains
(losses), net - merger
related (22,138) -- -- (0.20) --
Total noninterest
income $145,720 $170,897 (14.7)% 1.29 % 1.55 %
NONINTEREST EXPENSE
Salaries and overtime $144,145 $140,427 2.6 % 1.28 % 1.27 %
Fringe benefits and
other personnel costs 34,858 30,937 12.7 0.31 0.28
Occupancy 23,975 24,688 (2.9) 0.21 0.22
Equipment 24,887 27,303 (8.8) 0.22 0.25
Foreclosed real estate
losses and related
operating expense 2,358 1,697 39.0 0.02 0.02
Marketing 7,478 7,827 (4.5) 0.07 0.07
Fees for outsourced
services 19,026 17,009 11.9 0.17 0.15
Professional and legal
fees 14,284 14,544 (1.8) 0.13 0.13
Other administrative 11,967 11,880 0.7 0.11 0.11
FDIC insurance 1,313 1,593 (17.6) 0.01 0.01
Deposit intangible and
goodwill amortization 13,843 13,601 1.8 0.12 0.12
Office supplies,
postage and telephone 24,718 24,328 1.6 0.22 0.22
Other operating 27,764 29,631 (6.3) 0.24 0.28
Total NIE before
merger-related and
other significant
charges 350,616 345,465 1.5 3.11 3.13
Merger-related expenses
and other significant
charges 28,516 6,858 315.8 0.25 0.06
Total noninterest
expense $379,132 $352,323 7.6 % 3.36 % 3.19 %
OTHER PERFORMANCE
RATIOS
Pretax operating profit
margin (B)(D) 36.04 % 36.08 % (4)bp
Efficiency ratio (C)(D) 58.64 57.39 125
Net interest income
analysis-taxable
equivalent:
Selected average
yields/rates:
Loans 9.34 % 8.75 % 59 bp
Taxable securities 6.88 6.36 52
Tax-exempt
securities 8.47 7.86 61
Short-term
investments 5.84 5.92 (8)
Mortgage loans
held-for-sale 9.55 8.01 154
Interest-earning
assets 8.70 8.10 60
Total interest-
bearing deposits 4.75 4.07 68
Borrowed funds 6.11 4.95 116
Long-term debt 6.52 5.98 54
Total interest-
bearing
liabilities 5.19 4.40 79
Interest rate
spread 3.51 3.70 (19)
Net interest margin 4.14 4.25 (11)
bp- Change is measured as difference in basis points.
(A) Data presented is annualized.
(B) Sum of income before taxes plus the taxable equivalent adjustment
divided by the sum of taxable equivalent net interest income plus
noninterest income.
(C) Noninterest expense divided by the sum of taxable equivalent net
interest income plus noninterest income.
(D) Calculation excludes merger-related and other significant charges.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
QUARTERLY FINANCIAL TRENDS
CENTURA BANKS, INC. AND SUBSIDIARIES
2000
Fourth Third Second
Quarter Quarter Quarter
(Dollars in thousands, except per share data)
FINANCIAL SUMMARY (A)
Assets $11,405,683 $11,261,701 $11,087,991
Earning assets, net 10,466,489 10,323,647 10,161,950
Loans, gross 7,713,182 7,631,191 7,604,252
Investment securities, net 2,655,105 2,599,384 2,456,812
Total deposits 7,655,687 7,584,598 7,581,910
Interest-bearing
liabilities 9,225,498 9,114,564 8,974,603
Shareholders' equity 926,344 902,196 869,319
Total market
capitalization (period
end) 1,902,355 1,527,838 1,353,339
Net income 35,794 34,003 20,923
Full-time equivalents 3,379 3,443 3,450
PROFITABILITY/PERFORMANCE
SUMMARY(A)
Pretax operating profit
margin(B) 36.23 % 37.10 % 31.80 %
Efficiency ratio(B) 59.23 58.16 60.07
Net interest margin 4.14 4.06 4.10
Return on average assets 1.25 1.20 0.76
Return on average equity 15.37 15.00 9.68
Average equity to average
assets 8.12 8.01 7.84
PER SHARE SUMMARY
Earnings per share - basic $0.91 $0.85 $0.53
Earnings per share -
diluted 0.90 0.85 0.52
Cash dividends paid (E) 0.34 0.34 0.34
Book value per share 24.26 23.05 22.09
Closing market price 48.250 38.313 33.953
KEY INTANGIBLE ASSETS (C)
Goodwill $139,928 $143,520 $125,606
Mortgage servicing rights 6,517 6,037 31,797
ASSET QUALITY SUMMARY(C) (D)
Nonperforming assets $54,372 $54,631 $45,929
Allowance for loan losses 104,275 104,036 103,271
Nonperforming assets to
total assets 0.47 % 0.48 % 0.41 %
Allowance for loan losses
to total loans 1.36 1.35 1.35
Net charge-offs to average
loans 0.33 0.32 0.32
bp- Change is measured as difference in basis points.
(A) Balance sheet amounts are based on average balances unless otherwise
noted.
(B) Calculation excludes merger-related and other significant charges.
(C) Balance sheet amounts are based on period end balances unless
otherwise noted.
(D) Excludes $6.0 million of nonperforming loans classified as held for
accelerated disposition at December 31, 2000.
(E) Presented on a historical basis.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
QUARTERLY FINANCIAL TRENDS
CENTURA BANKS, INC. AND SUBSIDIARIES
2000 1999 4th Qtr 00
First Fourth vs.
Quarter Quarter 3rd Qtr 00
(Dollars in thousands, except per share data)
FINANCIAL SUMMARY (A)
Assets $11,333,016 $11,244,033 1.3 %
Earning assets, net 10,408,008 10,311,262 1.4
Loans, gross 7,481,313 7,363,250 1.1
Investment securities, net 2,774,077 2,820,815 2.1
Total deposits 7,819,217 7,864,788 0.9
Interest-bearing liabilities 9,256,578 9,066,703 1.2
Shareholders' equity 860,095 861,593 2.7
Total market capitalization
(period end) 1,817,042 1,742,779 24.5
Net income 8,035 35,549 5.3
Full-time equivalents 3,450 3,634 (1.9)
PROFITABILITY/PERFORMANCE
SUMMARY(A)
Pretax operating profit
margin(B) 38.92 % 38.07 % (87)bp
Efficiency ratio(B) 57.12 55.94 107
Net interest margin 4.07 4.20 8
Return on average assets 0.29 1.25 5
Return on average equity 3.76 16.37 37
Average equity to average assets 7.59 7.66 11
PER SHARE SUMMARY
Earnings per share - basic $0.20 $0.90 7.1 %
Earnings per share - diluted 0.20 0.89 5.9
Cash dividends paid (E) 0.32 0.32 --
Book value per share 21.72 21.77 5.2
Closing market price 45.813 44.125 25.9
KEY INTANGIBLE ASSETS (C)
Goodwill $131,514 $134,851 (2.5)%
Mortgage servicing rights 35,076 35,916 8.0
ASSET QUALITY SUMMARY(C) (D)
Nonperforming assets $37,161 $35,836 (0.5)%
Allowance for loan losses 97,450 95,500 0.2
Nonperforming assets to total
assets 0.33 % 0.31 % (1)bp
Allowance for loan losses to
total loans 1.29 1.28 1
Net charge-offs to average loans 0.22 0.38 1
bp- Change is measured as difference in basis points.
(A) Balance sheet amounts are based on average balances unless otherwise
noted.
(B) Calculation excludes merger-related and other significant charges.
(C) Balance sheet amounts are based on period end balances unless
otherwise noted.
(D) Excludes $6.0 million of nonperforming loans classified as held for
accelerated disposition at December 31, 2000.
(E) Presented on a historical basis.
All prior period financial data has been restated for the February 18,
2000 merger with Triangle which was accounted for as a pooling-of-
interests.
SOURCE Centura Banks, Inc.
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Related links:
http://www.centura.com
Company News On-Call:
http://www.prnewswire.com/comp/870954.html or fax,
800-758-5804, ext. 870954
CONTACT:
Steven J. Goldstein, Chief Financial Officer,
252-454-8356, or e-mail, sgoldstein@centura.com, or Terry Earley,
Investor Relations, 252-454-4453, or e-mail, tearley@centura.com,
both of Centura Banks, Inc.
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