DURHAM, N.C., Jan. 20 /PRNewswire/ -- CCB Financial Corporation
(NYSE: CCB) reported today that 1999 diluted income per share, before a non-
recurring gain, increased 11% to $3.25. This compared to $2.93 per share
earned in 1998. Including the gain, diluted income per share in 1999 was
$3.74. In the fourth quarter of 1999, diluted income per share rose 8% to
$.83 from $.77 in the year-ago quarter.
"The fourth quarter of 1999 represented a strong end to an excellent year
of record earnings for CCB Financial Corporation," said Ernest C. Roessler,
CCB's chairman, president and chief executive officer. "Revenue growth
accelerated in the quarter, while credit quality improved from levels already
superior to peers. Our achievements in 1999 were accomplished through the
efforts of CCB associates developing more retail and commercial business. At
the same time, we continued to invest in technology projects, delivery
channels and product enhancements that will generate future earnings growth."
"Capital management was an important focus during 1999. We increased our
dividend for the 35th consecutive year and repurchased approximately
1.5 million common shares. During the second quarter, we restructured our
consumer credit card business by selling our existing credit card receivables
and forming an agent relationship with MBNA."
"Finally, on October 1, 1999, we closed our merger with Stone Street
Bancorp, a savings bank in the Winston-Salem, North Carolina area, with
$129 million in assets. These capital changes and investments, combined with
solid earnings growth, resulted in improved annual returns on equity and
assets of 18.57% and 1.67%, before a non-recurring gain."
During 1999, average loans and leases increased to $5.6 billion, growing
$312 million, a rate of 5.9%, over 1998 levels. Adjusting for the sales of
mortgages and credit card receivables in 1999, average loans and leases grew
13.5% during the year. Average deposits grew $378 million, or 6.2%, to
$6.5 billion during 1999. The net interest margin was 4.69%, down seven basis
points from 4.76% in 1998, due in part to the second-quarter sale of credit
card receivables, funding of share repurchases, loan pricing competition and
funding pressures.
Noninterest income, excluding mortgage revenues, the non-recurring gain on
sale of credit card receivables and securities gains and losses, increased
17.4% from 1998, fueled by double-digit growth in revenues from service
charges, trust and brokerage fees, and merchant credit card fees.
Substantial investments in sales and technology initiatives were offset by
continued expense management and resulted in an efficiency ratio of 51.43%,
improved from 51.73% in 1998.
Credit quality continued to be outstanding, with net charge-offs equaling
.16% of average loans in 1999, a significant improvement from .20% in 1998.
This improvement was due to excellent loan quality and the sale of credit card
receivables, which had higher charge-offs than other types of loans. At year-
end 1999, the loan loss reserve coverage of risk assets was 3.07x, compared to
3.03x in 1998.
CCB Financial Corporation offers a complete line of traditional banking
services, as well as a full array of financial products, such as investments,
insurance and trust services. Its two principal banking subsidiaries, Central
Carolina Bank and Trust Company in North Carolina and American Federal Bank,
FSB in South Carolina, serve customers through 207 offices, including twenty
open seven days a week in Harris Teeter stores, 228 ATMs, its Telebanking
Center, and on-line banking for both retail and commercial accounts. The
Trust and Investment Management division currently has 14 offices in the
Carolinas, Virginia and Florida, with trust assets exceeding $4 billion. As
of December 31, 1999, CCB Financial Corporation had total assets of
$8.2 billion.
News releases and other information about the Corporation are available on
the Internet at the Corporation's web site, CCBonline.com. Faxed copies of
the Corporation's news releases are available at no charge 24 hours a day,
7 days a week by calling PR Newswire's Company News On-Call at (800)758-5804
and entering the extension code for CCB Financial Corporation (150641).
CCB FINANCIAL CORPORATION
Financial Summary
Unaudited
(In Thousands Except Share and Per Share Data)
Three Months Ended
Income Statement 12/31/99 9/30/99 6/30/99 3/31/99 12/31/98
Loan and lease
income (TE) $128,175 120,459 120,239 117,419 119,108
Securities
income (TE) 28,706 27,546 25,121 23,402 23,192
Other interest
income (TE) 1,939 2,742 4,512 6,126 5,460
Total interest
income (TE) 158,820 150,747 149,872 146,947 147,760
Savings/NOW
expense 2,054 1,979 1,942 1,902 1,643
Money market account
expense 19,186 17,761 15,925 15,302 15,479
Jumbo CD expense 5,756 5,025 4,850 5,829 6,145
Consumer time
deposit expense 35,109 33,392 33,552 33,203 33,958
Interest expense
on deposits 62,105 58,157 56,269 56,236 57,225
Short-term borrowed
funds expense 3,644 3,140 2,683 2,549 2,800
Long-term debt
expense 3,871 2,444 3,119 3,330 2,731
Total interest
expense 69,620 63,741 62,071 62,115 62,756
Net interest
income (TE) 89,200 87,006 87,801 84,832 85,004
Taxable equivalent
adjustment 4,476 4,261 4,076 3,974 2,243
Net interest
income 84,724 82,745 83,725 80,858 82,761
Provision for loan
and lease losses 3,525 3,284 5,676 1,811 4,320
Net interest income
after provision 81,199 79,461 78,049 79,047 78,441
Service charges
on deposits 16,685 15,626 15,289 14,231 14,368
Other service
charges and fees 1,754 1,209 1,587 1,506 1,193
Trust income 3,456 2,959 3,163 2,996 2,766
Sales and insurance
commissions 3,353 3,281 3,430 2,742 2,324
Merchant discount 3,048 3,002 3,240 2,576 2,411
Secondary marketing and
servicing -
mortgages 1,297 532 2,893 4,409 3,169
Accretion of negative
goodwill 839 839 839 839 839
Gain on sale of credit
card receivables (A) -- -- 32,837 -- --
Other 1,195 1,101 1,702 2,621 2,416
Investment securities
gains 849 -- 408 124 789
Investment securities
losses -- -- -- (3) --
Total noninterest
income 32,476 28,549 65,388 32,041 30,275
Personnel
expense 34,678 34,330 34,408 32,889 30,358
Occupancy 4,539 4,401 4,298 4,093 4,059
Equipment 4,865 4,668 4,090 4,090 4,121
Foreclosed property
expense 152 103 28 273 159
Deposit and other
insurance 630 611 615 634 565
Amortization of
intangible
assets 1,074 1,025 1,026 1,025 1,040
Other 16,827 15,315 17,131 16,218 18,011
Total noninterest
expense 62,765 60,453 61,596 59,222 58,313
Income before
income taxes 50,910 47,557 81,841 51,866 50,403
Income taxes 17,470 16,012 29,756 18,113 18,814
Net income $33,440 31,545 52,085 33,753 31,589
Per Share Data
Income before
non-recurring gain
- basic (A) $.84 .80 .80 .84 .78
Income before
non-recurring gain
- diluted (A) .83 .79 .80 .83 .77
Net income - basic .84 .80 1.30 .84 .78
Net income - diluted .83 .79 1.29 .83 .77
Cash dividends .29 .29 .26 .26 .26
Book value 18.19 17.96 17.75 17.21 17.05
Tangible book
value 17.47 17.31 17.07 16.51 16.34
Closing stock
price (B) 43.56 41.63 52.88 54.06 57.00
High stock price
for the quarter 48.31 54.38 59.13 58.88 57.38
Low stock price
for the quarter 40.13 40.00 50.94 51.50 43.13
CCB FINANCIAL CORPORATION
Financial Summary
Unaudited
(In Thousands Except Share and Per Share Data)
Three Months Ended
Ratios 12/31/99 9/30/99 6/30/99 3/31/99 12/31/98
Income before non-recurring gain (A):
Return on
average assets 1.64% 1.61 1.67 1.78 1.66
Return on
average equity 18.13 17.72 18.64 19.86 18.13
Net income:
Return on
average assets 1.64 1.61 2.70 1.78 1.66
Return on
average equity 18.13 17.72 30.20 19.86 18.13
Net interest margin 4.64 4.69 4.77 4.69 4.72
Average equity to
average assets 9.03 9.08 8.94 8.98 9.16
Operating Efficiency Ratios
As a percentage of average assets (excluding non-recurring gain (A)):
Noninterest income 1.59% 1.46 1.69 1.69 1.59
Personnel expense 1.70 1.75 1.78 1.74 1.60
Occupancy and
equipment expense .46 .45 .43 .44 .43
Other operating
expense .92 .87 .97 .96 1.04
Noninterest expense 3.08 3.07 3.18 3.14 3.07
Net overhead
(noninterest exp. -
noninterest inc.) 1.49% 1.61 1.49 1.45 1.48
Noninterest expense as
a percentage of net
interest income (TE)
and other income
(excluding non-
recurring
gain (A)) 51.58% 52.31 51.18 50.67 50.58
Average assets
per employee
(in millions) $2.86 2.76 2.75 2.79 2.75
Average Balances
Assets $8,101,375 7,776,975 7,736,982 7,675,964 7,547,213
Loans and lease
Financing
(all domestic) (C):
Commercial 1,342,021 1,320,460 1,276,815 1,220,917 1,197,227
Construction and
Commercial
real estate 1,941,746 1,824,071 1,740,500 1,629,529 1,519,254
Mortgage 1,081,637 964,483 972,349 1,075,473 1,243,641
Consumer 1,367,714 1,322,846 1,274,221 1,241,288 1,240,470
Revolving
credit 55,875 56,210 203,160 208,076 210,359
Leases 63,928 59,667 54,111 48,735 44,821
Total loans
and lease
financing 5,852,921 5,547,737 5,521,156 5,424,018 5,455,772
Investment securities:
Taxable (D) 1,597,212 1,564,721 1,411,652 1,279,623 1,238,588
Tax-exempt 73,690 74,184 75,232 78,312 80,285
Earning
assets (D) 7,661,654 7,396,269 7,372,605 7,289,921 7,178,942
Deposits:
Demand deposits
(noninterest-
bearing) 853,398 843,932 845,563 829,826 838,177
Savings/NOW
accounts 799,717 792,314 811,262 795,821 761,792
Money market
accounts 1,923,373 1,897,531 1,841,466 1,794,427 1,787,692
Jumbo CD's 416,674 385,793 389,197 457,524 448,201
Consumer time
deposits 2,676,491 2,576,945 2,592,026 2,550,420 2,481,197
Total
deposits 6,669,653 6,496,515 6,479,514 6,428,018 6,317,059
Short-term
borrowed funds 294,539 274,587 253,345 244,873 243,417
Long-term debt 271,706 171,466 214,911 216,618 196,514
Interest-bearing
liabilities 6,382,500 6,098,636 6,102,207 6,059,683 5,918,813
Shareholders'
equity (E) 731,749 706,095 691,740 689,301 691,100
Share Data (E)
Common shares
outstanding 39,579,808 39,589,796 39,798,903 40,058,092 40,345,214
Weighted average
shares outstanding:
Basic 39,916,502 39,676,859 39,953,036 40,237,403 40,519,729
Diluted 40,230,315 40,032,379 40,348,944 40,655,439 40,954,902
CCB FINANCIAL CORPORATION
Financial Summary
Unaudited
(In Thousands Except Share and Per Share Data)
As Of Or For The Three Months Ended
Reserve For Loan
and Lease Losses 12/31/99 9/30/99 6/30/99 3/31/99 12/31/98
Beginning balance $74,168 72,813 72,093 73,182 71,543
Provision for loan
and lease losses 3,525 3,284 5,676 1,811 4,320
Decrease from sale of
credit card
receivables -- -- (1,967) -- --
Addition from acquired
institution 886 -- -- -- --
Recoveries 1,117 873 752 708 732
Charge-offs (2,430) (2,802) (3,741) (3,608) (3,413)
Ending balance $77,266 74,168 72,813 72,093 73,182
Net Charge-offs by Type of Loan
Commercial, financial
and agricultural $(56) (32) 62 5 16
Secured by real
estate (89) (64) (306) (21) (40)
Instalment loans
to individuals (917) (887) (1,461) (1,331) (1,128)
Revolving credit (246) (949) (1,287) (1,547) (1,524)
Lease financing (5) 3 3 (6) (5)
Total net
charge-offs $(1,313) (1,929) (2,989) (2,900) (2,681)
Non-Performing and Risk Assets
Nonperforming assets:
Beginning
balance $25,038 17,487 18,880 17,552 18,088
Activity during
the quarter:
Additions 2,743 11,558 2,507 4,171 2,082
Payments or
sales (4,824) (3,973) (3,623) (2,577) (2,399)
Restructure or return
to performing
status (4,078) -- -- -- --
Charge-offs or
write-downs (57) (34) (277) (266) (219)
Net increase
(decrease) (6,216) 7,551 (1,393) 1,328 (536)
Ending balance comprised of:
Nonaccrual loans
and leases 15,950 22,089 16,535 18,231 16,761
Foreclosed real
estate 2,872 2,949 952 649 791
Total nonperforming
assets 18,822 25,038 17,487 18,880 17,552
Restructured loans
and lease
financing 2,251 714 725 736 739
Ninety days past
due and accruing 4,077 3,285 4,582 3,722 5,889
Total risk
assets $25,150 29,037 22,794 23,338 24,180
Asset Quality Ratios
Total risk assets to:
Total loans and
foreclosed real
estate .42% .51 .41 .43 .44
Total assets .31 .37 .29 .30 .31
Loan loss reserve
to total risk
assets 3.07x 2.55 3.19 3.09 3.03
Net charge-offs to average
loans (annualized):
Total .09% .14 .22 .22 .19
Excluding revolving
credit .07 .07 .13 .11 .09
Revolving credit
(A) 1.75 6.70 2.54 3.02 2.87
Loan loss reserve
to total loans 1.30 1.32 1.33 1.33 1.33
Other Information
Number of offices 207 205 203 204 201
Number of employees 2,831 2,821 2,813 2,753 2,740
Number of ATMs 228 223 215 216 215
Intangible assets:
Goodwill $26,215 23,528 24,432 25,337 26,241
Deposit base
premium 2,101 2,222 2,342 2,463 2,584
Mortgage servicing
rights 2,686 2,829 2,966 10,798 4,981
Negative goodwill 12,171 13,010 13,849 14,688 15,527
Parent Company's
investment in
subsidiaries 727,631 728,645 718,666 685,970 658,951
Cash dividends 11,508 11,477 10,367 10,446 10,528
CCB FINANCIAL CORPORATION
Financial Summary
Unaudited
(In Thousands Except Share and Per Share Data)
Year Ended December 31
Income Statement 1999 1998 Amount %
Loan and lease
income (TE) $486,292 470,888 15,404 3.3
Securities income
(TE) 104,775 96,948 7,827 8.1
Other interest income
(TE) 15,319 18,717 (3,398) (18.2)
Total interest
income (TE) 606,386 586,553 19,833 3.4
Savings/NOW expense 7,877 7,802 75 1.0
Money market account
expense 68,174 64,195 3,979 6.2
Jumbo CD expense 21,460 24,479 (3,019) (12.3)
Consumer time deposit
expense 135,256 136,133 (877) (.6)
Interest expense on
deposits 232,767 232,609 158 .1
Short-term borrowed
funds expense 12,016 11,822 194 1.6
Long-term debt expense 12,764 10,131 2,633 26.0
Total interest
expense 257,547 254,562 2,985 1.2
Net interest income
(TE) 348,839 331,991 16,848 5.1
Taxable equivalent
adjustment 16,787 9,127 7,660 83.9
Net interest income 332,052 322,864 9,188 2.8
Provision for loan and
lease losses 14,296 15,884 (1,588) (10.0)
Net interest income
after provision 317,756 306,980 10,776 3.5
Service charges on
deposits 61,831 54,117 7,714 14.3
Other service charges
and fees 6,056 4,912 1,144 23.3
Trust income 12,574 10,221 2,353 23.0
Sales and insurance
commissions 12,806 10,835 1,971 18.2
Merchant discount 11,866 8,826 3,040 34.4
Secondary marketing and
servicing - mortgages 9,131 12,865 (3,734) (29.0)
Accretion of negative
goodwill 3,356 3,356 -- --
Gain on sale of credit
card receivables (A) 32,837 -- 32,837 100.0
Other 6,619 5,771 848 14.7
Investment securities
gains 1,381 2,205 (824) (37.4)
Investment securities
losses (3) (27) 24 88.9
Total noninterest
income 158,454 113,081 45,373 40.1
Personnel expense 136,305 124,419 11,886 9.6
Occupancy 17,331 15,890 1,441 9.1
Equipment 17,713 14,522 3,191 22.0
Foreclosed property
expense 556 803 (247) (30.8)
Deposit and other
insurance 2,490 2,545 (55) (2.2)
Amortization of intangible
assets 4,150 4,122 28 .7
Other 65,491 67,916 (2,425) (3.6)
Total noninterest
expense 244,036 230,217 13,819 6.0
Income before income
taxes 232,174 189,844 42,330 22.3
Income taxes 81,351 68,632 12,719 18.5
Net income $150,823 121,212 29,611 24.4
Per Share Data
Income before non-recurring
gain - basic (A) $3.28 2.96 .32 10.8
Income before non-recurring
gain - diluted (A) 3.25 2.93 .32 10.9
Net income - basic 3.77 2.96 .81 27.4
Net income - diluted 3.74 2.93 .81 27.6
Cash dividends per share 1.10 .99 .11 11.1
CCB FINANCIAL CORPORATION
Financial Summary
Unaudited
(In Thousands Except Share and Per Share Data)
Year Ended December 31
Ratios 1999 1998
Income before non-recurring gain (A):
Return on average assets 1.67% 1.65
Return on average equity 18.57 17.87
Net income:
Return on average assets 1.93 1.65
Return on average equity 21.40 17.87
Net interest margin 4.69 4.76
Average equity to average assets 9.01 9.25
As of December 31
Balance Sheet Data 1999 1998 1999 1998
Assets $8,186,298 7,740,353 7,823,864 7,332,506
Loans and lease financing
(all domestic) (C):
Commercial 1,352,393 1,207,063 1,290,468 1,195,585
Construction and
commercial real estate 1,986,390 1,562,692 1,784,927 1,369,070
Mortgage 1,102,845 1,213,862 1,023,341 1,219,089
Consumer 1,386,757 1,240,985 1,301,922 1,240,717
Revolving credit 58,926 214,685 130,209 209,622
Leases 66,873 48,050 56,660 41,959
Total loans and lease
financing 5,954,184 5,487,337 5,587,527 5,276,042
Securities held to maturity:
Book value 73,370 80,189 -- --
Market value 75,448 85,277 -- --
Securities available for
sale 1,563,120 1,284,198 -- --
Total investment
securities (D) 1,636,490 1,364,387 1,539,789 1,358,372
Earning assets (D) 7,691,612 7,345,516 7,432,544 6,977,550
Deposits:
Demand deposits
(noninterest-bearing) 833,389 854,938 843,247 776,819
Savings/NOW accounts 852,265 863,920 799,769 736,548
Money market accounts 1,895,099 1,784,091 1,864,644 1,729,207
Jumbo CD's 422,280 452,808 412,113 434,222
Consumer time deposits 2,713,992 2,504,007 2,599,256 2,464,278
Total deposits 6,717,025 6,459,764 6,519,029 6,141,074
Short-term borrowed funds 329,670 288,256 266,993 245,778
Subordinated notes
(qualifying debt) 32,985 32,985 32,985 32,985
Other long-term debt 295,937 183,710 185,712 136,987
Interest-bearing
liabilities 6,542,228 6,109,777 6,161,472 5,780,005
Shareholders' equity (E) 719,961 687,894 704,841 678,264
Fair value adjustment
included in
shareholders' equity (13,721) 13,331 4,422 14,233
Year Ended December 31
Reserve For Loan Losses 1999 1998
Beginning balance $73,182 67,594
Provision for loan and lease losses 14,296 15,884
Decrease from sale of credit
card receivables (1,967) --
Addition from acquired institution 886 --
Recoveries 3,450 2,613
Charge-offs (12,581) (12,909)
Ending balance $77,266 73,182
Net charge-offs to average loans:
Total .16% .20
Excluding revolving credit .09 .09
Revolving credit (A) 3.09 2.65
CCB FINANCIAL CORPORATION
Financial Summary (A)
Unaudited
(In Thousands Except Share and Per Share Data)
Year Ended December 31
Operating Efficiency Ratios 1999 1998
As a percentage of average assets
(excluding non-recurring gain (A)):
Noninterest income 1.61% 1.54
Personnel expense 1.74 1.70
Occupancy and equipment expense .44 .42
Other operating expense .93 1.03
Noninterest expense 3.11 3.15
Net overhead (noninterest expense -
noninterest income) 1.50% 1.61
Noninterest expense as a percentage of net
interest income (TE) and other income
(excluding non-recurring gain (A)) 51.43% 51.73
Average assets per employee (in millions) $2.76 2.68
Share Data (E)
Weighted average shares outstanding:
Basic 39,944,334 40,898,387
Diluted 40,314,826 41,408,940
As of December 31
1999 1998
Risk-Adjusted Capital (Estimated)
On-balance sheet risk assets $5,946,777 5,538,576
Off-balance sheet risk assets 250,176 211,328
Total risk-adjusted assets 6,196,953 5,749,904
Tier I capital 690,803 645,888
Tier II capital 97,057 98,769
Total capital 787,860 744,657
Tier I capital ratio 11.15% 11.23
Total capital ratio 12.71 12.95
Leverage capital ratio 8.56 8.57
(A) Gain on sale of credit card receivables ($19.9 million after-tax)
which included the premium on the $151 million of receivables
sold and a corresponding $2 million decrease in the reserve for loan
and lease losses, net of various contractual exit fees. Delinquent
credit card receivables were not sold. During the third quarter of
1999, the majority of these accounts were charged-off.
(B) New York Stock Exchange Symbol: CCB.
(C) Loan balances by category are presented in accordance with
the Corporation's internal classification system which uses the
purpose of the borrowing to determine the reporting category.
(D) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
(E) Under a previously announced stock repurchase plan, the Corporation
has repurchased and retired 1,509,634 shares of its common stock
during 1999 and 1,391,300 shares during 1998. The average cost of
the shares repurchased was $49.68 and $55.06 per share for 1999
and 1998, respectively.
CCB FINANCIAL CORPORATION
Average Balances and Net Interest Income Analysis
Three Months Ended December 31, 1999 and 1998
(Taxable Equivalent Basis-In Thousands) (1)
1999 1998
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
Earning assets:
Loans and lease
financing (B) $5,852,921 128,175 8.70% 5,455,772 119,108 8.68
U.S. Treasury
and agency
obligations (C) 1,549,934 26,139 6.74 1,191,557 20,492 6.88
States and political
Subdivision
obligations 73,690 1,611 8.74 80,285 1,765 8.80
Equity securities
and other
securities (C) 47,278 956 8.09 47,031 935 7.95
Federal funds sold
and other short-term
investments 59,725 850 5.65 336,272 4,578 5.34
Time deposits in
other banks 78,106 1,089 5.53 68,025 882 5.14
Total earning
assets (C) 7,661,654 158,820 8.25 7,178,942 147,760 8.18
Non-earning assets:
Cash and due
from banks 245,316 215,648
Premises and
equipment 110,959 92,794
All other assets,
net 83,446 59,829
Total assets $8,101,375 7,547,213
Interest-bearing liabilities:
Savings and time
deposits $5,816,255 62,105 4.24% 5,478,882 57,225 4.14
Other short-term
borrowed funds 294,539 3,644 4.91 243,417 2,800 4.67
Long-term debt 271,706 3,871 5.66 196,514 2,731 5.52
Total interest-bearing
liabilities 6,382,500 69,620 4.33 5,918,813 62,756 4.20
Other liabilities and shareholders' equity:
Demand deposits 853,398 838,177
Other liabilities 133,728 99,123
Shareholders'
equity 731,749 691,100
Total liabilities
and shareholders'
equity $8,101,375 7,547,213
Net interest income
and net interest
margin (D) $89,200 4.64% 85,004 4.72
Interest rate spread (E) 3.92% 3.98
(A) The taxable equivalent basis is computed using 35% federal and
applicable state tax rates in 1999 and 1998.
(B) The average loan and lease financing balances include non-accruing
loans and lease financing. Loan fees of $3,929,000 and $3,827,000
for 1999 and 1998, respectively, are included in interest income.
(C) The average balances for debt and equity securities exclude the
effect of their mark-to-market adjustment, if any.
(D) Net interest margin is computed by dividing net interest income
by total earning assets.
(E) Interest rate spread equals the earning asset yield minus the
interest-bearing liability rate.
CCB FINANCIAL CORPORATION
Average Balances and Net Interest Income Analysis
Year Ended December 31, 1999 and 1998
(Taxable Equivalent Basis-In Thousands) (A)
1999 1998
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
Earning assets:
Loans and lease
financing (B) $5,587,527 486,292 8.70% 5,276,042 470,888 8.93
U.S. Treasury
and agency
obligations (C) 1,417,637 94,511 6.67 1,230,904 86,148 6.99
States and political
Subdivision
obligations 75,339 6,536 8.68 80,693 7,093 8.79
Equity securities
and other
securities (C) 46,813 3,728 7.96 46,775 3,707 7.92
Federal funds sold
and other short-term
investments 253,169 12,569 4.96 294,652 16,341 5.55
Time deposits in
other banks 52,059 2,750 5.28 48,484 2,376 4.90
Total earning
assets (C) 7,432,544 606,386 8.16 6,977,550 586,553 8.41
Non-earning assets:
Cash and due
from banks 218,504 204,985
Premises and
equipment 99,249 89,236
All other assets,
net 73,567 60,735
Total assets $7,823,864 7,332,506
Interest-bearing liabilities:
Savings and time
deposits $5,675,782 232,767 4.10% 5,364,255 232,609 4.34
Other short-term
borrowed funds 266,993 12,016 4.50 245,778 11,822 4.81
Long-term debt 218,697 12,764 5.83 169,972 10,131 5.96
Total interest-bearing
liabilities 6,161,472 257,547 4.18 5,780,005 254,562 4.41
Other liabilities and shareholders' equity:
Demand deposits 843,247 776,819
Other liabilities 114,304 97,418
Shareholders'
equity 704,841 678,264
Total liabilities
and shareholders'
equity $7,823,864 7,332,506
Net interest income
and net interest
margin (D) $348,839 4.69% 331,991 4.76
Interest rate spread (E) 3.98% 4.00
(A) The taxable equivalent basis is computed using 35% federal and
applicable state tax rates in 1999 and 1998.
(B) The average loan and lease financing balances include non-accruing
loans and lease financing. Loan fees of $17,059,000 and $16,248,000
for 1999 and 1998, respectively, are included in interest income.
(C) The average balances for debt and equity securities exclude the
effect of their mark-to-market adjustment, if any.
(D) Net interest margin is computed by dividing net interest income
by total earning assets.
(E) Interest rate spread equals the earning asset yield minus the
interest-bearing liability rate.
SOURCE CCB Financial Corporation
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