MEMPHIS, Tenn., April 15 /PRNewswire-FirstCall/ -- National Commerce
Financial Corporation (NYSE: NCF) today announced record first quarter
earnings.
First Quarter Financial Highlights
* Operating cash EPS of $.43
* Cash return on average tangible equity improved to 29.83 percent
* Cash return on average tangible assets of 1.97 percent
* Cash efficiency ratio improved to 46.54 percent
* Annualized net loan charge-offs of .26 percent
OPERATING CASH EARNINGS
For the quarter ended March 31, 2002, NCF's operating cash earnings,
defined as net income adjusted for goodwill amortization, core deposit
amortization and non-recurring expenses, net of tax, were $88.7 million
compared to $73.5 million in the first quarter of 2001, an increase of 20.7
percent. Operating cash earnings per diluted share were $.43 in first quarter
2002, compared to $.35 per share in first quarter 2001, a 22.9 percent
increase.
During the quarter, the Company reported non-cash core deposit
amortization expense, net of tax, of $10.6 million and non-recurring expenses,
net of tax, of $3.2 million, consisting primarily of conversion and
integration costs associated with the acquisition of the Wachovia branch
divestitures which closed February 14, 2002. In first quarter 2001, the
Company reported non-cash goodwill and core deposit amortization expense, net
of tax, of $21.3 million. The reduction in non-cash amortization expense is
the result of a FASB accounting change that became effective January 1, 2002,
and which no longer allows companies to amortize goodwill.
On an operating cash basis, the Company's annualized return on average
tangible assets and return on average tangible equity were 1.97 percent and
29.83 percent, respectively, for the first quarter of 2002. These compared
with 2001 first quarter returns of 1.82 percent and 25.29 percent,
respectively.
"National Commerce once again produced record quarterly earnings driven by
our industry leading financial performance and we were rewarded with a new
record high common stock price," noted Ernest C. Roessler, president and chief
executive officer of NCF. "Net interest income increased over the fourth
quarter aided by a strong core net interest margin, while we also improved our
cash efficiency ratio with good expense control. Equally important, we
continue to make strategic investments that will strengthen our franchise and
further position us for continued earnings growth. The first quarter
acquisition of the Wachovia branch divestitures allowed us to enter Asheville,
NC, and Savannah, GA, and have the immediate opportunity to serve thousands of
new customers. Additionally, at the end of this month we will open the first
of 30 Kroger in-store branches in the nearly $60 billion Atlanta deposit
market. Lastly, we are pleased to have partnered with Fifth Third in an
effort to better serve the retirement needs of their small- and medium-sized
businesses. This agreement is an indication of our commitment to fully
develop a wholesale distribution strategy for the many products within our
Financial Enterprises unit. We remain very optimistic about our momentum and
prospects for the rest of the year and reaffirm our cash earnings per share
guidance of $1.75 - $1.80 for 2002."
OPERATING GAAP EARNINGS
For the quarter ended March 31, 2002, NCF's operating GAAP earnings,
defined as net income adjusted for non-recurring expenses, net of tax, were
$78.1 million, compared to $52.3 million, reported for the same period a year
earlier. Operating earnings per diluted share were $.38, compared to $.25 per
diluted share in the same period of 2001.
GAAP NET INCOME
For the quarter ended March 31, 2002, NCF's GAAP net income was $74.9
million, compared to $52.3 million, reported for the same period a year
earlier. GAAP net income per diluted share was $.36 for the first quarter
2002 compared to $.25 in the first quarter of 2001.
BALANCE SHEET TRENDS
Consolidated assets totaled $20.1 billion at March 31, 2002, up 13.1
percent from $17.8 billion at March 31, 2001. During the first quarter of
2002, NCF's average loans and leases increased to $12.1 billion, compared to
$11.0 billion for the first quarter of 2001 and $11.8 billion in fourth
quarter 2001. Average deposits increased to $13.3 billion in the first
quarter of 2002 from $11.9 billion in first quarter 2001 and $12.1 billion in
fourth quarter 2001.
Adjusting for acquisitions accounted for using the purchase accounting
method, average loans and average core deposits increased 2.9 percent and 6.3
percent, respectively, over the year ago quarter. Average loans for the
quarter were adversely affected by an increase in the amount of payoffs from
refinanced mortgage loans compared to the Company's experience in 2001 and the
continuing managed decline in the Company's State Farm indirect auto
portfolio. Excluding these two categories and loans acquired in purchase
acquisitions, average loan growth increased 8.2 percent versus first quarter
2001 and 6.2 percent annualized versus fourth quarter 2001. Average core
deposits, excluding purchased deposits, increased 1.1% annualized versus
fourth quarter 2001. Average DDA accounts, excluding purchased deposits,
increased 26.0% versus first quarter 2001 and 13.4% annualized versus fourth
quarter 2001.
NET INTEREST INCOME
Net interest income, on a taxable equivalent basis, was $186.1 million in
the first quarter of 2002, compared to $159.3 million for the first quarter of
2001, an increase of 16.8 percent. The first quarter net interest margin was
4.39 percent, compared to 4.14 percent for first quarter 2001 and 4.50 percent
in fourth quarter 2001. The decline from fourth quarter 2001 is entirely due
to the impact of the Wachovia branch acquisition, which added approximately
$1.4 billion in deposits and approximately $450 million in loans. As a result
of this transaction, the Company's ratio of average loans to total average
earning assets declined from 73% in the fourth quarter of 2001 to 71% in the
first quarter. Overall, the cost of interest-bearing liabilities decreased
from 3.24 percent in fourth quarter 2001 to 2.83 percent in first quarter
2002, while the taxable equivalent yield on earning assets decreased from 7.32
percent to 6.86 percent.
NON-INTEREST INCOME AND EXPENSE
Non-interest income totaled $85.3 million in first quarter 2002 versus
$73.9 million for first quarter 2001, an increase of 15.4 percent. Strong
increases were experienced in deposit service charges and other banking fee
income.
Financial Enterprises, comprised of NCF's transaction processing, trust
and asset management, consulting, broker/dealer and insurance businesses,
earned cash net income of $8.0 million for the first quarter of 2002 as
compared to $8.3 million for the first quarter of 2001, a decline of 3.6
percent.
Cash non-interest expense (total non-interest expense less goodwill
amortization, core deposit amortization and non-recurring expenses) for first
quarter 2002 was $126.3 million, compared to $109.8 million in first quarter
2001 and $129.2 million in fourth quarter 2001. The Company's cash efficiency
ratio, the ratio of cash non-interest expense to net revenues, was 46.54
percent for first quarter 2002, compared to 47.09 percent for first quarter
2001 and 47.07 percent for fourth quarter 2001. The banking cash efficiency
ratio was 42.23 percent in the first quarter of 2002 compared to 43.21 percent
for first quarter 2001 and 43.24 percent in fourth quarter 2001.
PROVISION FOR LOAN LOSSES
The provision for loan losses in the first quarter of 2002 was $5.5
million, compared to $6.4 million for first quarter 2001. Annualized net
charge-offs for the first quarter of 2002 were .26 percent of average loans,
compared to .22 percent of average loans in the year-ago quarter and .25
percent in the fourth quarter of 2001.
NON-PERFORMING LOANS AND ASSETS
Non-performing assets amounted to $44.3 million at March 31, 2002, or .36
percent of net loans plus other real estate, compared to $16.5 million at
March 31, 2001, or .15 percent and $33.5 million at December 31, 2001, or .28
percent. The increase in non-performing assets is primarily attributable to
two secured commercial relationships, neither of which is expected to result
in a significant charge-off. The loan loss reserve amounts to 1.31 percent of
total net loans at March 31, 2002, compared to 1.30 percent at March 31, 2001
and 1.31 percent at December 31, 2001.
ABOUT NCF
National Commerce Financial Corporation is a diversified financial
services company with $20.1 billion in assets. NCF, headquartered in Memphis,
TN, with its operations headquarters in Durham, NC, is a sales and marketing
organization that delivers select financial and consulting services through a
national network of banking affiliates, operating in 14 of the nation's
fastest growing metropolitan areas, and non-banking affiliates.
FORWARD-LOOKING STATEMENTS
These statements constitute forward-looking statements (within the meaning
of the Private Securities Litigation Reform Act of 1995), which involve
significant risks and uncertainties. A variety of factors could cause actual
results and experience to differ materially from the anticipated results or
other expectations expressed in such forward-looking statements.
NCF does not assume any obligation to update these forward-looking
statements or to update the reasons why actual results could differ from those
projected in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to
competition from both financial and non-financial institutions; changes in
interest rates, deposit flows, loan demand and real estate values; changes in
legislation or regulation; changes in accounting principles, policies or
guidelines; the timing and occurrence (or non-occurrence) of transactions and
events that may be subject to circumstances beyond the control of NCF; and
other economic, competitive, governmental, regulatory and technological
factors affecting NCF specifically or the banking industry or economy
generally.
NATIONAL COMMERCE FINANCIAL CORPORATION
Quarterly Financial Results
First Quarter 2002
Page
Highlights 1 Current Quarter Financial Highlights
- First Quarter 2002 vs Fourth Quarter 2001
- First Quarter 2002 vs First Quarter 2001
2 Five Quarter Financial Highlights
Income Statement 3 Current Quarter Consolidated Statement of Income
- First Quarter 2002 vs Fourth Quarter 2001
- First Quarter 2002 vs First Quarter 2001
4 Five Quarter Consolidated Statements of Income
5 Current Quarter Operating Segment Statement of
Income
- First Quarter 2002 vs Fourth Quarter 2001
- First Quarter 2002 vs First Quarter 2001
6 Five Quarter Operating Segment Statements of
Income
Balance Sheet 7 Current Quarter Average Balance Sheet
- First Quarter 2002 vs Fourth Quarter 2001
- First Quarter 2002 vs First Quarter 2001
8 Five Quarter Average Balance Sheets
9 Current Quarter End of Period Balance Sheet
- First Quarter 2002 vs Fourth Quarter 2001
- First Quarter 2002 vs First Quarter 2001
10 Five Quarter End of Period Balance Sheets
Asset Quality 11 Current Quarter Asset Quality Analysis
- First Quarter 2002 vs Fourth Quarter 2001
- First Quarter 2002 vs First Quarter 2001
12 Five Quarter Asset Quality Analysis
Net Interest Margin 13 Five Quarter Average Balance Sheets and Net
Interest Income Analysis
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Financial Highlights
(In Thousands Except Share and Per Share Data)
%
Three Months Ended Change
Earnings and Earnings Per Share 03/31/2002 12/31/2001 Fav/(Unfav)
Revenues $ 271,354 274,528 (1.2)
GAAP net income $ 74,899 59,860 25.1
Non-recurring expenses, after-tax 3,211 5,400 40.5
Operating GAAP earnings 78,110 65,260 19.7
Amortization of goodwill and
core deposit, net of tax 10,620 21,041 49.5
Operating cash earnings $ 88,730 86,301 2.8
Average basic shares outstanding 205,745,885 204,533,263
Average diluted shares outstanding 208,287,199 206,807,357
Basic EPS - GAAP $ .36 .29 24.1
Diluted EPS - GAAP .36 .29 24.1
Basic EPS - Operating GAAP .38 .32 18.8
Diluted EPS - Operating GAAP .38 .32 18.8
Basic EPS -Operating Cash .43 .42 2.4
Diluted EPS - Operating Cash .43 .42 2.4
Key Performance Ratios
Net interest margin 4.39 % 4.50
Cash efficiency ratio 46.54 47.07
Banking cash efficiency ratio 42.23 43.24
Cash return on average assets 1.84 1.85
Cash return on average tangible
assets 1.97 1.97
Cash return on average equity 14.47 14.03
Cash return on average tangible
equity 29.83 27.00
Asset Quality Ratios
Loan loss allowance to total loans 1.31 % 1.31
Net loans charged-off (annualized) to
average loans .26 .25
Nonperforming assets to loans and
foreclosed real estate .36 .28
Loan loss allowance to net charge-
offs (annualized) 5.05 x 5.26
Loan loss allowance to nonperforming
assets 3.61 x 4.67
Selected Average Balances
Assets $19,547,879 18,531,539 5.5
Tangible assets 18,266,619 17,358,286 5.2
Loans 12,108,855 11,773,105 2.9
Core deposits 11,733,235 10,846,023 8.2
Stockholders' equity 2,487,581 2,441,154 1.9
Tangible stockholders' equity 1,206,321 1,267,901 (4.9)
Selected Period End Balances
Assets $20,086,505 19,273,713 4.2
Tangible assets 18,726,573 18,076,092 3.6
Loans 12,264,784 11,974,765 2.4
Core deposits 12,568,334 11,253,445 11.7
Stockholders' equity 2,502,225 2,455,331 1.9
Tangible stockholders' equity 1,142,293 1,257,710 (9.2)
Shares outstanding 206,163,422 205,058,713
Number of banking offices 445 407
Number of ATMs 533 483
Number of full-time equivalent
employees (FTE) 5,278 4,935
Capital Ratios
Average equity to average assets 12.73 % 13.17
Average tangible equity to average
tangible assets 6.60 7.30
Period-end tangible equity to period-
end tangible assets 6.10 6.96
Risk-based capital ratios:
Tier 1 capital 9.95 E 11.04
Total capital 11.15 E 12.25
Leverage ratio 7.50 E 8.65
E - Estimated
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Financial Highlights
(In Thousands Except Share and Per Share Data)
%
Three Months Ended Change
Earnings and Earnings Per Share 03/31/2002 03/31/2001 Fav/(Unfav)
Revenues $ 271,354 233,180 16.4
GAAP net income $ 74,899 52,290 43.2
Non-recurring expenses, after-tax 3,211 -- --
Operating GAAP earnings 78,110 52,290 49.4
Amortization of goodwill and
core deposit, net of tax 10,620 21,250 50.0
Operating cash earnings $ 88,730 73,540 20.7
Average basic shares outstanding 205,745,885 205,632,478
Average diluted shares outstanding 208,287,199 208,544,880
Basic EPS - GAAP $ .36 .25 44.0
Diluted EPS - GAAP .36 .25 44.0
Basic EPS - Operating GAAP .38 .25 52.0
Diluted EPS - Operating GAAP .38 .25 52.0
Basic EPS -Operating Cash .43 .36 19.4
Diluted EPS - Operating Cash .43 .35 22.9
Key Performance Ratios
Net interest margin 4.39 4.14
Cash efficiency ratio 46.54 47.09
Banking cash efficiency ratio 42.23 43.21
Cash return on average assets 1.84 1.70
Cash return on average tangible
assets 1.97 1.82
Cash return on average equity 14.47 12.47
Cash return on average tangible
equity 29.83 25.29
Asset Quality Ratios
Loan loss allowance to total loans 1.31 1.30
Net loans charged-off (annualized) to
average loans .26 .22
Nonperforming assets to loans and
foreclosed real estate .36 .15
Loan loss allowance to net charge-
offs (annualized) 5.05 5.96
Loan loss allowance to nonperforming
assets 3.61 8.74
Selected Average Balances
Assets $ 19,547,879 17,581,548 11.2
Tangible assets 18,266,619 16,368,869 11.6
Loans 12,108,855 11,033,307 9.7
Core deposits 11,733,235 9,909,925 18.4
Stockholders' equity 2,487,581 2,391,764 4.0
Tangible stockholders' equity 1,206,321 1,179,085 2.3
Selected Period End Balances
Assets $ 20,086,505 17,761,836 13.1
Tangible assets 18,726,573 16,566,690 13.0
Loans 12,264,784 11,092,775 10.6
Core deposits 12,568,334 10,328,895 21.7
Stockholders' equity 2,502,225 2,395,852 4.4
Tangible stockholders' equity 1,142,293 1,200,706 (4.9)
Shares outstanding 206,163,422 205,487,104
Number of banking offices 445 377
Number of ATMs 533 453
Number of full-time equivalent
employees (FTE) 5,278 4,716
Capital Ratios
Average equity to average assets 12.73 13.60
Average tangible equity to average
tangible assets 6.60 7.20
Period-end tangible equity to period-
end tangible assets 6.10 7.25
Risk-based capital ratios:
Tier 1 capital 9.95 9.87
Total capital 11.15 11.15
Leverage ratio 7.50 7.42
E - Estimated
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Financial Highlights
(In Thousands Except Share and Per Share Data)
Three Months Ended
Earnings and Earnings Per Share 03/31/2002 12/31/2001 09/30/2001
Revenues $ 271,354 274,528 252,165
GAAP net income $ 74,899 59,860 57,611
Non-recurring expenses, after-tax 3,211 5,400 1,904
Operating GAAP earnings 78,110 65,260 59,515
Amortization of goodwill and
core deposit, net of tax 10,620 21,041 20,837
Operating cash earnings $ 88,730 86,301 80,352
Average Basic Shares Outstanding 205,745,885 204,533,263 204,307,702
Average Diluted Shares
Outstanding 208,287,199 206,807,357 206,723,011
Basic EPS - GAAP $ .36 .29 .28
Diluted EPS - GAAP .36 .29 .28
Basic EPS - Operating GAAP .38 .32 .29
Diluted EPS - Operating GAAP .38 .32 .29
Basic EPS -Operating Cash .43 .42 .39
Diluted EPS - Operating Cash .43 .42 .39
Key Performance Ratios
Net interest margin 4.39 % 4.50 4.42
Cash efficiency ratio 46.54 47.07 44.85
Banking cash efficiency ratio 42.23 43.24 41.14
Cash return on average assets 1.84 1.85 1.78
Cash return on average tangible
assets 1.97 1.97 1.90
Cash return on average equity 14.47 14.03 13.20
Cash return on average tangible
equity 29.83 27.00 25.48
Asset Quality Ratios
Loan loss allowance to total
loans 1.31 % 1.31 1.31
Net loans charged-off
(annualized) to average loans .26 .25 .21
Nonperforming assets to loans and
foreclosed real estate .36 .28 .21
Loan loss allowance to net
charge-offs (annualized) 5.05 x 5.26 6.19
Loan loss allowance to
nonperforming assets 3.61 x 4.67 6.32
Selected Average Balances
Assets $ 19,547,879 18,531,539 17,899,618
Tangible assets 18,266,619 17,358,286 16,734,682
Loans 12,108,855 11,773,105 11,370,853
Core deposits 11,733,235 10,846,023 10,373,805
Stockholders' equity 2,487,581 2,441,154 2,415,884
Tangible stockholders' equity 1,206,321 1,267,901 1,250,948
Selected Period End Balances
Assets $ 20,086,505 19,273,713 18,481,554
Tangible assets 18,726,573 18,076,092 17,322,978
Loans 12,264,784 11,974,765 11,516,651
Core deposits 12,568,334 11,253,445 10,615,568
Stockholders' equity 2,502,225 2,455,331 2,414,864
Tangible stockholders' equity 1,142,293 1,257,710 1,256,288
Shares outstanding 206,163,422 205,058,713 204,032,413
Number of banking offices 445 407 393
Number of ATMs 533 483 466
Number of full-time equivalent
employees (FTE) 5,278 4,935 4,809
Capital Ratios
Average equity to average assets 12.73 % 13.17 13.50
Average tangible equity to
average tangible assets 6.60 7.30 7.48
Period-end tangible equity to
period-end tangible assets 6.10 6.96 7.25
Risk-based capital ratios:
Tier 1 capital 9.95 E 11.04 9.72
Total capital 11.15 E 12.25 10.97
Leverage ratio 7.50 E 8.65 7.59
E - Estimated
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Financial Highlights
(In Thousands Except Share and Per Share Data)
Three Months Ended
Earnings and Earnings Per Share 06/30/2001 03/31/2001
Revenues $ 247,469 233,180
GAAP net income $ 55,535 52,290
Non-recurring expenses, after-tax -- --
Operating GAAP earnings 55,535 52,290
Amortization of goodwill and
core deposit, net of tax 20,965 21,250
Operating cash earnings $ 76,500 73,540
Average Basic Shares Outstanding 205,433,029 205,632,478
Average Diluted Shares Outstanding 207,891,271 208,544,880
Basic EPS - GAAP $ .27 .25
Diluted EPS - GAAP .27 .25
Basic EPS - Operating GAAP .27 .25
Diluted EPS - Operating GAAP .27 .25
Basic EPS -Operating Cash .37 .36
Diluted EPS - Operating Cash .37 .35
Key Performance Ratios
Net interest margin 4.38 4.14
Cash efficiency ratio 47.53 47.09
Banking cash efficiency ratio 43.93 43.21
Cash return on average assets 1.74 1.70
Cash return on average tangible
assets 1.87 1.82
Cash return on average equity 12.66 12.47
Cash return on average tangible
equity 24.80 25.29
Asset Quality Ratios
Loan loss allowance to total loans 1.30 1.30
Net loans charged-off (annualized) to
average loans .17 .22
Nonperforming assets to loans and
foreclosed real estate .17 .15
Loan loss allowance to net charge-
offs (annualized) 7.75 5.96
Loan loss allowance to nonperforming
assets 7.44 8.74
Selected Average Balances
Assets $ 17,604,925 17,581,548
Tangible assets 16,419,104 16,368,869
Loans 11,142,888 11,033,307
Core deposits 10,138,381 9,909,925
Stockholders' equity 2,423,250 2,391,764
Tangible stockholders' equity 1,237,429 1,179,085
Selected Period End Balances
Assets $ 17,952,690 17,761,836
Tangible assets 16,784,227 16,566,690
Loans 11,236,246 11,092,775
Core deposits 10,292,517 10,328,895
Stockholders' equity 2,387,523 2,395,852
Tangible stockholders' equity 1,219,060 1,200,706
Shares outstanding 204,359,873 205,487,104
Number of banking offices 379 377
Number of ATMs 454 453
Number of full-time equivalent
employees (FTE) 4,766 4,716
Capital Ratios
Average equity to average assets 13.76 13.60
Average tangible equity to average
tangible assets 7.54 7.20
Period-end tangible equity to period-
end tangible assets 7.26 7.25
Risk-based capital ratios:
Tier 1 capital 9.86 9.87
Total capital 11.12 11.15
Leverage ratio 7.55 7.42
E - Estimated
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Consolidated Statements of Income
(In Thousands Except Share and Per Share Data)
Three Months Ended % Change
Income Statement 03/31/2002 12/31/2001 Fav/(Unfav)
Loan income (TE) $220,821 228,452 (3.3)
Securities income (TE) 68,943 67,676 1.9
Other interest income (TE) 317 565 (43.9)
Total interest income (TE) 290,081 296,693 (2.2)
Savings/NOW and money market expense 17,402 20,899 16.7
Jumbo and brokered CD expense 8,818 9,044 2.5
Consumer time deposit expense 48,614 53,457 9.1
Interest expense on deposits 74,834 83,400 10.3
Short-term borrowed funds expense 3,500 5,055 30.8
FHLB advances expense 23,189 25,148 7.8
Trust preferred securities and long-
term debt expense 2,481 1,223 (102.9)
Total interest expense 104,004 114,826 9.4
Net interest income (TE) 186,077 181,867 2.3
Taxable equivalent adjustment 7,396 9,431 (21.6)
Net interest income 178,681 172,436 3.6
Provision for loan losses 5,514 6,892 20.0
Net interest income after provision 173,167 165,544 4.6
Service charges on deposits 33,826 34,061 (.7)
Other service charges and fees 9,205 9,476 (2.9)
Broker/dealer revenue 15,413 21,624 (28.7)
Asset management 12,900 12,498 3.2
Equity earnings from First Market
Bank 516 685 (24.7)
Other 10,697 11,565 (7.5)
Investment securities gains, net 2,720 2,752 (1.2)
Total noninterest income 85,277 92,661 (8.0)
Personnel 68,878 69,155 .4
Occupancy 10,977 9,211 (19.2)
Equipment 6,227 5,797 (7.4)
Goodwill amortization -- 12,060 100.0
Core deposit amortization 17,410 14,722 (18.3)
Other 40,205 45,051 10.8
Conversion/merger expenses 4,940 8,242 40.1
Total noninterest expense 148,637 164,238 9.5
Income before income taxes 109,807 93,967 16.9
Income taxes 34,908 34,107 (2.3)
GAAP net income 74,899 59,860 25.1
Non-recurring conversion/merger
expenses, after-tax 3,211 5,400 40.5
Operating GAAP earnings 78,110 65,260 19.7
Amortization of goodwill and core
deposit, net of tax 10,620 21,041 49.5
Operating cash earnings $ 88,730 86,301 2.8
Average Common Shares Outstanding
Basic 205,745,885 204,533,263
Diluted 208,287,199 206,807,357
Earnings and Dividends Per Share
Basic GAAP $ .36 .29 24.1
Diluted GAAP .36 .29 24.1
Basic operating GAAP .38 .32 18.8
Diluted operating GAAP .38 .32 18.8
Basic operating cash .43 .42 2.4
Diluted operating cash .43 .42 2.4
Cash dividends .15 .15 --
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Consolidated Statements of Income
(In Thousands Except Share and Per Share Data)
Three Months Ended % Change
Income Statement 03/31/2002 03/31/2001 Fav/(Unfav)
Loan income (TE) $ 220,821 249,355 (11.4)
Securities income (TE) 68,943 79,051 (12.8)
Other interest income (TE) 317 1,855 (82.9)
Total interest income (TE) 290,081 330,261 (12.2)
Savings/NOW and money market expense 17,402 35,791 51.4
Jumbo and brokered CD expense 8,818 29,685 70.3
Consumer time deposit expense 48,614 64,683 24.8
Interest expense on deposits 74,834 130,159 42.5
Short-term borrowed funds expense 3,500 15,831 77.9
FHLB advances expense 23,189 23,416 1.0
Trust preferred securities and long-
term debt expense 2,481 1,552 (59.9)
Total interest expense 104,004 170,958 39.2
Net interest income (TE) 186,077 159,303 16.8
Taxable equivalent adjustment 7,396 7,170 3.2
Net interest income 178,681 152,133 17.5
Provision for loan losses 5,514 6,380 13.6
Net interest income after provision 173,167 145,753 18.8
Service charges on deposits 33,826 27,290 24.0
Other service charges and fees 9,205 8,736 5.4
Broker/dealer revenue 15,413 15,066 2.3
Asset management 12,900 13,882 (7.1)
Equity earnings from First Market
Bank 516 334 54.5
Other 10,697 7,849 36.3
Investment securities gains, net 2,720 720 277.8
Total noninterest income 85,277 73,877 15.4
Personnel 68,878 59,900 (15.0)
Occupancy 10,977 9,322 (17.8)
Equipment 6,227 5,835 (6.7)
Goodwill amortization -- 12,074 100.0
Core deposit amortization 17,410 15,042 (15.7)
Other 40,205 34,736 (15.7)
Conversion/merger expenses 4,940 -- --
Total noninterest expense 148,637 136,909 (8.6)
Income before income taxes 109,807 82,721 32.7
Income taxes 34,908 30,431 (14.7)
GAAP net income 74,899 52,290 43.2
Non-recurring conversion/merger
expenses, after-tax 3,211 -- --
Operating GAAP earnings 78,110 52,290 49.4
Amortization of goodwill and core
deposit, net of tax 10,620 21,250 50.0
Operating cash earnings $ 88,730 73,540 20.7
Average Common Shares Outstanding
Basic 205,745,885 205,632,478
Diluted 208,287,199 208,544,880
Earnings and Dividends Per Share
Basic GAAP $ .36 .25 44.0
Diluted GAAP .36 .25 44.0
Basic operating GAAP .38 .25 52.0
Diluted operating GAAP .38 .25 52.0
Basic operating cash .43 .36 19.4
Diluted operating cash .43 .35 22.9
Cash dividends .15 .13 15.4
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Consolidated Statements of Income
(In Thousands Except Share and Per Share Data)
Three Months Ended
Income Statement 03/31/ 12/31/ 09/30/ 06/30/ 03/31/
2002 2001 2001 2001 2001
Loan income (TE)$220,821 228,452 237,958 242,174 249,355
Securities
income (TE) 68,943 67,676 71,610 73,746 79,051
Other interest
income (TE) 317 565 790 974 1,855
Total interest
income (TE) 290,081 296,693 310,358 316,894 330,261
Savings/NOW and money
market expense 17,402 20,899 26,395 29,164 35,791
Jumbo and brokered
CD expense 8,818 9,044 16,210 21,994 29,685
Consumer time
deposit expense 48,614 53,457 59,452 62,849 64,683
Interest expense
on deposits 74,834 83,400 102,057 114,007 130,159
Short-term borrowed
funds expense 3,500 5,055 8,602 9,578 15,831
FHLB advances
expense 23,189 25,148 25,586 23,688 23,416
Trust preferred
securities and
long-term debt
expense 2,481 1,223 1,180 1,270 1,552
Total interest
expense 104,004 114,826 137,425 148,543 170,958
Net interest
income (TE) 186,077 181,867 172,933 168,351 159,303
Taxable equivalent
adjustment 7,396 9,431 7,866 6,874 7,170
Net interest
income 178,681 172,436 165,067 161,477 152,133
Provision for
loan losses 5,514 6,892 9,623 6,304 6,380
Net interest income
after provision 173,167 165,544 155,444 155,173 145,753
Service charges
on deposits 33,826 34,061 29,639 30,460 27,290
Other service
charges and fees 9,205 9,476 9,427 9,064 8,736
Broker/dealer
revenue 15,413 21,624 15,114 16,202 15,066
Asset management 12,900 12,498 11,422 13,382 13,882
Equity earnings
from First
Market Bank 516 685 699 498 334
Other 10,697 11,565 10,343 8,937 7,849
Investment
securities gains,
net 2,720 2,752 2,588 575 720
Total noninterest
income 85,277 92,661 79,232 79,118 73,877
Personnel 68,878 69,155 58,063 62,447 59,900
Occupancy 10,977 9,211 9,610 9,159 9,322
Equipment 6,227 5,797 6,399 6,135 5,835
Goodwill
amortization -- 12,060 12,060 12,046 12,074
Core deposit
amortization 17,410 14,722 14,389 14,622 15,042
Other 40,205 45,051 39,028 39,891 34,736
Conversion/merger
expenses 4,940 8,242 3,122 -- --
Total noninterest
expense 148,637 164,238 142,671 144,300 136,909
Income before
income taxes 109,807 93,967 92,005 89,991 82,721
Income taxes 34,908 34,107 34,394 34,456 30,431
GAAP net income 74,899 59,860 57,611 55,535 52,290
Non-recurring
conversion/merger
expenses,
after-tax 3,211 5,400 1,904 -- --
Operating GAAP
earnings 78,110 65,260 59,515 55,535 52,290
Amortization of
goodwill and
core deposit,
net of tax 10,620 21,041 20,837 20,965 21,250
Operating cash
earnings $ 88,730 86,301 80,352 76,500 73,540
Average Common Shares Outstanding
Basic 205,745,885 204,533,263 204,307,702 205,433,029 205,632,478
Diluted 208,287,199 206,807,357 206,723,011 207,891,271 208,544,880
Earnings and Dividends Per Share
Basic GAAP $ .36 .29 .28 .27 .25
Diluted GAAP .36 .29 .28 .27 .25
Basic operating
GAAP .38 .32 .29 .27 .25
Diluted operating
GAAP .38 .32 .29 .27 .25
Basic operating
cash .43 .42 .39 .37 .36
Diluted operating
cash .43 .42 .39 .37 .35
Cash dividends .15 .15 .15 .13 .13
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Operating Segment Statement of Income
(In Thousands)
% %
Three Months Ended Change Three Months Ended Change
Fav/ Fav/
03/31/2002 12/31/2001 (Unfav) 03/31/2002 03/31/2001 (Unfav)
Traditional Banking
Net interest
income (TE) $181,636 177,273 2.5 181,636 155,001 17.2
Provision for loan
losses (5,514) (6,892) 20.0 (5,514) (6,380) 13.6
Noninterest
income 46,809 46,109 1.5 46,809 36,221 29.2
Intangibles
amortization (17,410) (26,335) 33.9 (17,410) (26,668) 34.7
Noninterest
expense (101,402) (104,822) 3.3 (101,402) (82,620) (22.7)
Income before income
taxes (TE) 104,119 85,333 22.0 104,119 75,554 37.8
Income taxes (37,201) (36,614) (1.6) (37,201) (31,269) (19.0)
GAAP net income 66,918 48,719 37.4 66,918 44,285 51.1
Non-recurring
expenses,
after-tax 3,211 5,400 40.5 3,211 -- --
Operating GAAP
earnings 70,129 54,119 29.6 70,129 44,285 58.4
Amortization of
goodwill and
core deposit, net
of tax 10,620 20,768 48.9 10,620 20,977 49.4
Operating cash
earnings $ 80,749 74,887 7.8 80,749 65,262 23.7
Financial Enterprises
Net interest income
(TE) $ 4,441 4,594 (3.3) 4,441 4,302 3.2
Provision for loan
losses -- -- -- -- -- --
Noninterest
income 39,620 47,736 (17.0) 39,620 38,333 3.4
Intangibles
amortization -- (447) 100.0 -- (448) 100.0
Noninterest
expense (30,977) (33,818) 8.4 (30,977) (27,850) (11.2)
Income before income
taxes (TE) 13,084 18,065 (27.6) 13,084 14,337 (8.7)
Income taxes (5,103) (6,924) 26.3 (5,103) (6,332) 19.4
GAAP net income 7,981 11,141 (28.4) 7,981 8,005 (.3)
Non-recurring
expenses,
after-tax -- -- -- -- -- --
Operating GAAP
earnings 7,981 11,141 (28.4) 7,981 8,005 (.3)
Amortization of
goodwill and
core deposit, net
of tax -- 273 -- -- 273 --
Operating cash
earnings $ 7,981 11,414 (30.1) 7,981 8,278 (3.6)
Fully Consolidated
Net interest income
(TE) $186,077 181,867 2.3 186,077 159,303 16.8
Provision for loan
losses (5,514) (6,892) 20.0 (5,514) (6,380) 13.6
Noninterest
income 85,277 92,661 (8.0) 85,277 73,877 15.4
Intangibles
amortization (17,410) (26,782) 35.0 (17,410) (27,116) 35.8
Noninterest
expense (131,227) (137,456) 4.5 (131,227) (109,793) (19.5)
Income before income
taxes (TE) 117,203 103,398 13.4 117,203 89,891 30.4
Income taxes (42,304) (43,538) 2.8 (42,304) (37,601) (12.5)
GAAP net income 74,899 59,860 25.1 74,899 52,290 43.2
Non-recurring
expenses,
after-tax 3,211 5,400 40.5 3,211 -- --
Operating GAAP
earnings 78,110 65,260 19.7 78,110 52,290 49.4
Amortization of
goodwill and
core deposit, net
of tax 10,620 21,041 49.5 10,620 21,250 50.0
Operating cash
earnings $ 88,730 86,301 2.8 88,730 73,540 20.7
Note: Inter-segment eliminations are not separately presented.
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Operating Segment Statements of Income
(In Thousands)
Three Months Ended
03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001
Traditional Banking
Net interest
income (TE) $ 181,636 177,273 168,033 163,629 155,001
Provision for loan
losses (5,514) (6,892) (9,623) (6,304) (6,380)
Noninterest income 46,809 46,109 41,127 38,973 36,221
Intangibles
amortization (17,410) (26,335) (26,001) (26,221) (26,668)
Noninterest expense (101,402) (104,822) (89,176) (89,009) (82,620)
Income before income
taxes (TE) 104,119 85,333 84,360 81,068 75,554
Income taxes (37,201) (36,614) (37,195) (34,757) (31,269)
GAAP net income 66,918 48,719 47,165 46,311 44,285
Non-recurring expenses,
after-tax 3,211 5,400 1,904 -- --
Operating GAAP earnings 70,129 54,119 49,069 46,311 44,285
Amortization of goodwill
and core deposit, net of
tax 10,620 20,768 20,564 20,692 20,977
Operating cash
earnings $ 80,749 74,887 69,633 67,003 65,262
Financial Enterprises
Net interest
income (TE) $ 4,441 4,594 4,900 4,722 4,302
Provision for loan
losses -- -- -- -- --
Noninterest income 39,620 47,736 39,908 40,781 38,333
Intangibles
amortization -- (447) (448) (447) (448)
Noninterest expense (30,977) (33,818) (28,849) (29,259) (27,850)
Income before income
taxes (TE) 13,084 18,065 15,511 15,797 14,337
Income taxes (5,103) (6,924) (5,065) (6,573) (6,332)
GAAP net income 7,981 11,141 10,446 9,224 8,005
Non-recurring expenses,
after-tax -- -- -- -- --
Operating GAAP earnings 7,981 11,141 10,446 9,224 8,005
Amortization of goodwill
and core deposit, net of
tax -- 273 273 273 273
Operating cash
earnings $ 7,981 11,414 10,719 9,497 8,278
Fully Consolidated
Net interest
income (TE) $ 186,077 181,867 172,933 168,351 159,303
Provision for loan
losses (5,514) (6,892) (9,623) (6,304) (6,380)
Noninterest income 85,277 92,661 79,232 79,118 73,877
Intangibles
amortization (17,410) (26,782) (26,449) (26,668) (27,116)
Noninterest expense (131,227) (137,456) (116,222) (117,632) (109,793)
Income before income
taxes (TE) 117,203 103,398 99,871 96,865 89,891
Income taxes (42,304) (43,538) (42,260) (41,330) (37,601)
GAAP net income 74,899 59,860 57,611 55,535 52,290
Non-recurring expenses,
after-tax 3,211 5,400 1,904 -- --
Operating GAAP earnings 78,110 65,260 59,515 55,535 52,290
Amortization of goodwill
and core deposit, net of
tax 10,620 21,041 20,837 20,965 21,250
Operating cash
earnings $ 88,730 86,301 80,352 76,500 73,540
Note: Inter-segment eliminations are not separately presented.
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Average Balance Sheet
(In Thousands)
Three Months Ended %
03/31/2002 12/31/2001 Incr/(Decr)
Assets
Cash and due from banks $ 472,661 430,220 9.9
Time deposits in other banks 28,133 29,044 (3.1)
Federal funds sold and
other short-term investments 28,898 43,272 (33.2)
Investment securities (1) 4,829,779 4,191,085 15.2
Trading securities 75,722 90,714 (16.5)
Loans:
Commercial 2,987,844 2,839,398 5.2
Construction and commercial real
estate 3,411,639 3,262,322 4.6
Mortgage 1,790,963 1,853,465 (3.4)
Consumer 3,717,714 3,619,796 2.7
Revolving credit 65,489 60,938 7.5
Lease financing 135,206 137,186 (1.4)
Total loans 12,108,855 11,773,105 2.9
Allowance for loan losses 157,676 154,273 2.2
Net loans 11,951,179 11,618,832 2.9
Bank owned life insurance 213,996 199,190 7.4
Investment in First Market Bank 24,722 24,097 2.6
Premises and equipment 230,541 209,935 9.8
Goodwill 1,010,192 923,549 9.4
Core deposit premium 271,068 249,704 8.6
Other assets 410,988 521,897 (21.3)
Total assets $ 19,547,879 18,531,539 5.5
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,746,302 1,595,390 9.5
Savings, NOW and money market
accounts 5,484,307 5,017,308 9.3
Jumbo and brokered certificates of
deposit 1,571,856 1,301,824 20.7
Time deposits 4,502,626 4,233,325 6.4
Total deposits 13,305,091 12,147,847 9.5
Short-term borrowings 971,252 1,105,663 (12.2)
FHLB advances 2,093,957 2,273,482 (7.9)
Trust preferred securities and long-
term debt 282,050 121,149 132.8
Other liabilities 407,948 442,244 (7.8)
Total liabilities 17,060,298 16,090,385 6.0
Stockholders' Equity
Common stock 411,492 409,067 .6
Additional paid-in capital 1,765,703 1,741,256 1.4
Retained earnings 297,896 257,955 15.5
Accumulated other comprehensive
income 12,490 32,876 (62.0)
Total stockholders' equity 2,487,581 2,441,154 1.9
Total liabilities and stockholders'
equity $ 19,547,879 18,531,539 5.5
(1) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Average Balance Sheet
(In Thousands)
Three Months Ended %
03/31/2002 03/31/2001 Incr/(Decr)
Assets
Cash and due from banks $ 472,661 346,416 36.4
Time deposits in other banks 28,133 28,200 (.2)
Federal funds sold and
other short-term investments 28,898 100,589 (71.3)
Investment securities (1) 4,829,779 4,204,465 14.9
Trading securities 75,722 64,191 18.0
Loans:
Commercial 2,987,844 2,656,499 12.5
Construction and commercial real
estate 3,411,639 2,889,249 18.1
Mortgage 1,790,963 1,785,875 .3
Consumer 3,717,714 3,509,229 5.9
Revolving credit 65,489 62,211 5.3
Lease financing 135,206 130,244 3.8
Total loans 12,108,855 11,033,307 9.7
Allowance for loan losses 157,676 143,726 9.7
Net loans 11,951,179 10,889,581 9.7
Bank owned life insurance 213,996 83,321 156.8
Investment in First Market Bank 24,722 22,378 10.5
Premises and equipment 230,541 205,552 12.2
Goodwill 1,010,192 930,169 8.6
Core deposit premium 271,068 282,510 (4.1)
Other assets 410,988 424,176 (3.1)
Total assets $ 19,547,879 17,581,548 11.2
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,746,302 1,284,045 36.0
Savings, NOW and money market
accounts 5,484,307 4,455,858 23.1
Jumbo and brokered certificates of
deposit 1,571,856 2,031,238 (22.6)
Time deposits 4,502,626 4,170,022 8.0
Total deposits 13,305,091 11,941,163 11.4
Short-term borrowings 971,252 1,179,763 (17.7)
FHLB advances 2,093,957 1,544,128 35.6
Trust preferred securities and long-
term debt 282,050 89,222 216.1
Other liabilities 407,948 435,508 (6.3)
Total liabilities 17,060,298 15,189,784 12.3
Stockholders' Equity
Common stock 411,492 411,105 .1
Additional paid-in capital 1,765,703 1,767,878 (.1)
Retained earnings 297,896 189,004 57.6
Accumulated other comprehensive
income 12,490 23,777 (47.5)
Total stockholders' equity 2,487,581 2,391,764 4.0
Total liabilities and stockholders'
equity $ 19,547,879 17,581,548 11.2
(1) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Average Balance Sheets
(In Thousands)
Three Months Ended
03/31/2002 12/31/2001 09/30/2001
Assets
Cash and due from banks $ 472,661 430,220 425,866
Time deposits in other banks 28,133 29,044 29,048
Federal funds sold and
other short-term investments 28,898 43,272 52,336
Investment securities (1) 4,829,779 4,191,085 4,103,249
Trading securities 75,722 90,714 54,379
Loans:
Commercial 2,987,844 2,839,398 2,754,651
Construction and commercial real
estate 3,411,639 3,262,322 3,071,879
Mortgage 1,790,963 1,853,465 1,775,924
Consumer 3,717,714 3,619,796 3,569,413
Revolving credit 65,489 60,938 61,125
Lease financing 135,206 137,186 137,861
Total loans 12,108,855 11,773,105 11,370,853
Allowance for loan losses 157,676 154,273 146,786
Net loans 11,951,179 11,618,832 11,224,067
Bank owned life insurance 213,996 199,190 187,822
Investment in First Market Bank 24,722 24,097 23,348
Premises and equipment 230,541 209,935 203,270
Goodwill 1,010,192 923,549 911,204
Core deposit premium 271,068 249,704 253,732
Other assets 410,988 521,897 431,297
Total assets $ 19,547,879 18,531,539 17,899,618
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,746,302 1,595,390 1,491,593
Savings, NOW and money market
accounts 5,484,307 5,017,308 4,657,037
Jumbo and brokered certificates of
deposit 1,571,856 1,301,824 1,504,141
Time deposits 4,502,626 4,233,325 4,225,175
Total deposits 13,305,091 12,147,847 11,877,946
Short-term borrowings 971,252 1,105,663 1,047,314
FHLB advances 2,093,957 2,273,482 2,090,236
Trust preferred securities and long-
term debt 282,050 121,149 82,015
Other liabilities 407,948 442,244 386,223
Total liabilities 17,060,298 16,090,385 15,483,734
Stockholders' Equity
Common stock 411,492 409,067 408,912
Additional paid-in capital 1,765,703 1,741,256 1,733,906
Retained earnings 297,896 257,955 246,566
Accumulated other comprehensive
income 12,490 32,876 26,500
Total stockholders' equity 2,487,581 2,441,154 2,415,884
Total liabilities and stockholders'
equity $ 19,547,879 18,531,539 17,899,618
(1) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Average Balance Sheets
(In Thousands)
Three Months Ended
06/30/2001 03/31/2001
Assets
Cash and due from banks $ 401,156 346,416
Time deposits in other banks 25,166 28,200
Federal funds sold and
other short-term investments 52,800 100,589
Investment securities (1) 4,090,134 4,204,465
Trading securities 60,125 64,191
Loans:
Commercial 2,689,381 2,656,499
Construction and commercial real
estate 2,950,444 2,889,249
Mortgage 1,814,964 1,785,875
Consumer 3,493,513 3,509,229
Revolving credit 61,235 62,211
Lease financing 133,351 130,244
Total loans 11,142,888 11,033,307
Allowance for loan losses 144,188 143,726
Net loans 10,998,700 10,889,581
Bank owned life insurance 138,796 83,321
Investment in First Market Bank 22,834 22,378
Premises and equipment 202,822 205,552
Goodwill 918,208 930,169
Core deposit premium 267,613 282,510
Other assets 426,571 424,176
Total assets $ 17,604,925 17,581,548
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,417,129 1,284,045
Savings, NOW and money market
accounts 4,525,169 4,455,858
Jumbo and brokered certificates of
deposit 1,696,004 2,031,238
Time deposits 4,196,083 4,170,022
Total deposits 11,834,385 11,941,163
Short-term borrowings 984,703 1,179,763
FHLB advances 1,878,033 1,544,128
Trust preferred securities and long-
term debt 82,016 89,222
Other liabilities 402,538 435,508
Total liabilities 15,181,675 15,189,784
Stockholders' Equity
Common stock 411,253 411,105
Additional paid-in capital 1,762,875 1,767,878
Retained earnings 222,531 189,004
Accumulated other comprehensive
income 26,591 23,777
Total stockholders' equity 2,423,250 2,391,764
Total liabilities and stockholders'
equity $ 17,604,925 17,581,548
(1) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter End of Period Balance Sheet
(In Thousands)
As of %
03/31/2002 12/31/2001 Incr/(Decr)
Assets
Cash and due from banks $ 455,126 561,429 (18.93)
Time deposits in other banks 27,657 31,118 (11.12)
Federal funds sold and
other short-term investments 11,871 51,873 (77.12)
Investment securities:
Available for sale 4,366,436 3,611,706 20.90
Held to maturity 719,841 900,750 (20.08)
Trading securities 96,583 197,214 (51.03)
Loans:
Commercial 3,044,614 2,900,346 5.0
Construction and commercial real
estate 3,455,569 3,361,232 2.8
Mortgage 1,717,904 1,912,345 (10.2)
Consumer 3,845,195 3,602,013 6.8
Revolving credit 68,060 61,731 10.3
Lease financing 133,442 137,098 (2.7)
Total loans 12,264,784 11,974,765 2.4
Allowance for loan losses 160,194 156,401 2.4
Net loans 12,104,590 11,818,364 2.4
Bank owned life insurance 216,212 212,376 1.8
Investment in First Market Bank 25,067 24,550 2.1
Premises and equipment 245,037 219,595 11.6
Goodwill 1,070,496 946,157 13.1
Core deposit premium 289,436 251,464 15.1
Other assets 458,153 447,117 2.5
Total assets $ 20,086,505 19,273,713 4.2
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,995,028 1,732,140 15.2
Savings, NOW and money market
accounts 5,846,894 5,230,621 11.8
Jumbo and brokered certificates of
deposit 1,583,986 1,366,034 16.0
Time deposits 4,726,412 4,290,684 10.2
Total deposits 14,152,320 12,619,479 12.1
Short-term borrowings 853,227 1,141,617 (25.3)
FHLB advances 1,878,220 2,306,554 (18.6)
Trust preferred securities and long-
term debt 282,032 282,018 --
Other liabilities 418,481 468,714 (10.7)
Total liabilities 17,584,280 16,818,382 4.6
Stockholders' Equity
Common stock 412,327 410,117 .5
Additional paid-in capital 1,777,898 1,756,128 1.2
Retained earnings 320,064 276,342 15.8
Accumulated other comprehensive
income (8,064) 12,744 (163.3)
Total stockholders' equity 2,502,225 2,455,331 1.9
Total liabilities and stockholders'
equity $20,086,505 19,273,713 4.2
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter End of Period Balance Sheet
(In Thousands)
As of %
03/31/2002 03/31/2001 Incr/(Decr)
Assets
Cash and due from banks $ 455,126 491,757 (7.45)
Time deposits in other banks 27,657 34,146 (19.00)
Federal funds sold and
other short-term investments 11,871 28,839 (58.84)
Investment securities:
Available for sale 4,366,436 2,293,383 90.39
Held to maturity 719,841 1,874,022 (61.59)
Trading securities 96,583 77,989 23.84
Loans:
Commercial 3,044,614 2,669,147 14.1
Construction and commercial real
estate 3,455,569 2,925,171 18.1
Mortgage 1,717,904 1,819,191 (5.6)
Consumer 3,845,195 3,486,245 10.3
Revolving credit 68,060 60,816 11.9
Lease financing 133,442 132,205 .9
Total loans 12,264,784 11,092,775 10.6
Allowance for loan losses 160,194 144,039 11.2
Net loans 12,104,590 10,948,736 10.6
Bank owned life insurance 216,212 84,539 155.8
Investment in First Market Bank 25,067 22,668 10.6
Premises and equipment 245,037 202,445 21.0
Goodwill 1,070,496 922,481 16.0
Core deposit premium 289,436 272,665 6.2
Other assets 458,153 508,166 (9.8)
Total assets $ 20,086,505 17,761,836 13.1
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,995,028 1,532,741 30.2
Savings, NOW and money market
accounts 5,846,894 4,613,763 26.7
Jumbo and brokered certificates of
deposit 1,583,986 1,950,014 (18.8)
Time deposits 4,726,412 4,182,391 13.0
Total deposits 14,152,320 12,278,909 15.3
Short-term borrowings 853,227 958,129 (10.9)
FHLB advances 1,878,220 1,597,504 17.6
Trust preferred securities and long-
term debt 282,032 81,716 245.1
Other liabilities 418,481 449,726 (6.9)
Total liabilities 17,584,280 15,365,984 14.4
Stockholders' Equity
Common stock 412,327 410,975 .3
Additional paid-in capital 1,777,898 1,764,798 .7
Retained earnings 320,064 191,400 67.2
Accumulated other comprehensive
income (8,064) 28,679 (128.1)
Total stockholders' equity 2,502,225 2,395,852 4.4
Total liabilities and stockholders'
equity $ 20,086,505 17,761,836 13.1
SOURCE National Commerce Financial Corporation
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