ROCKY MOUNT, N.C., Oct. 11 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC)
today announced third-quarter earnings of $34 million, or $0.85 per diluted
share. Diluted earnings per share increased 18.1% from the previous quarter,
before merger related and other significant charges, and 7.6% from the year-
ago period. All prior-period financial data has been restated for the
acquisition of Triangle Bancorp Inc., which was completed Feb. 18, 2000.
Centura's third-quarter performance produced an annualized return on
average assets of 1.20% and an annualized return on average shareholder's
equity of 15.00%. This compares with 1.15% and 14.58%, respectively, for the
year-earlier period.
For the nine months ended Sept. 30, Centura's net income totaled
$98.7 million, or $2.46 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 $100.8 million, or $2.49 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 fourth quarter
of 2000, payable Dec. 15, 2000, to shareholders of record Nov. 30. The
annualized dividend represents a 7.2% increase over the dividend paid in 1999.
"We executed according to plan in the third quarter," said Cecil W.
Sewell, chief executive officer. "Although, there is always room for
improvement, we are pleased with our expense management and the demonstrated
progress in some key areas against a highly competitive landscape for quality
loans and core deposits.
"The third-quarter's seven basis-point rise in nonperforming assets to
total assets from the second quarter was driven by a slowing economy," Sewell
said. "This is understandable in light of the environment, but the trend is
evenly spread across all areas and we aren't seeing pronounced weakness in any
specific industry sector. In addition, Centura's reserves for loan losses
remain strong at 1.35% of total loans and we are encouraged that the results
of our recent shared credit exam required no action from Centura regarding
reclassification of its small portfolio of $107 million in shared national
credits.
"Centura experienced positive growth in a number of key areas that bode
well for the future," Sewell said. "During the month of September, overall
loan growth, which had been flat much of the quarter, achieved annualized
increases of 12% on the commercial side and almost 9% in consumer loans.
September deposits also grew 8%, excluding the acquisition of $138 million in
deposits from four Wachovia Corp. branches in western North Carolina. We also
are encouraged by the third-quarter deposit trends. Average core deposits
were up for the quarter in spite of the unexpected loss of 10 in-store
branches in Charlotte, N.C. when Hannaford Brothers closed its supermarkets in
that region; and the anticipated deposit loss associated with the repricing of
the higher yield Triangle CDs.
"In late September, we also completed the sale of $2.1 billion or 85% of
the mortgage servicing portfolio and reinvested the gain in the restructuring
of Centura's investment portfolio," Sewell said. "This transaction resulted
in a gain of $13.1 million, which was offset by the losses incurred in
repositioning the investment portfolio. Although the transaction will have
little impact on future earnings, since, the higher yield on investments are
offset with lower mortgage servicing income, the risk to income from mortgage
prepayments is largely eliminated. We expect to experience positive effects
of the restructured portfolio in the fourth quarter's net interest margin,
which also should benefit from Centura's recent Wachovia acquisitions."
The net interest margin for the third quarter of 2000 was 4.06% and 4.12%
for the month of September, compared with 4.10 in the second quarter and
4.25 in the year-earlier period. The net interest margin in September
reflects improvement in our funding mix and the partial affect of the
portfolio restructuring.
Third-quarter noninterest income was essentially flat from year-earlier
levels, after factoring out some unusual transactions that included the sale
of Centura's mortgage servicing portfolio and the restructuring of the
investment portfolio. Third-quarter noninterest expense declined 3% from the
prior quarter and was generally experienced across all categories.
"Centura has achieved good results retaining the most valuable Triangle
households," Sewell continued. "To date, we have retained 96% of these
households and our overall customer retention is 87%. In recent months,
however, we have been more willing to let go of CD-rate shoppers who show no
interest in expanding their relationship with Centura. We continue to believe
our focus on retention of our most valuable customers represents the best
long-term strategy for building loyal customers, reducing the need for
wholesale funding and strengthening the net interest margin."
Looking forward, the fourth quarter should benefit from the positive
effects of Centura's repositioned investment portfolio, the Wachovia branch
acquisitions, and the expected follow-through of strong September trends in
loans and core deposits. In addition, approximately 75% of Triangle's higher
yield CDs have repriced as of the end of the third quarter. "Despite the
continued challenging operating environment, we don't see anything on the
horizon that would cause our outlook for the fourth quarter to diverge from
the First Call range of $.86 to $.92 per diluted share," Sewell said.
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 Web site 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 Nine Months Ended
September 30, September 30,
(Dollars in 2000 1999 Change 2000 1999 Change
thousands,
except per
share data)
EARNINGS
Interest
income $227,544 $204,747 11.1% $660,694 $597,794 10.5%
Interest
expense 123,309 98,140 25.6 348,135 286,111 21.7
Net interest
income 104,235 106,607 (2.2) 312,559 311,683 0.3
Provision for
loan losses 6,960 16,006 (56.5) 24,855 31,934 (22.2)
Noninterest
income 40,216 46,381 (13.3) 102,388 132,887 (23.0)
Noninterest
expense 85,417 88,515 (3.5) 288,333 269,367 7.0
Income taxes 18,071 16,514 9.4 38,798 48,481 (20.0)
Net income $34,003 $31,953 6.4% $62,961 $94,788(33.6)%
Net interest
income, taxable
equivalent $106,644 $109,866 (2.9)% $320,068 $320,766 (0.2)%
PER COMMON SHARE
Earnings per
share -
basic $ 0.85 $ 0.80 6.3% $ 1.58 $ 2.38(33.6)%
Earnings per share
- diluted 0.85 0.79 7.6 1.57 2.34 (32.9)
Cash dividends
paid 0.34 0.29 17.2 1.00 0.83 20.5
Book value per
share 23.05 21.74 6.0 23.05 21.74 6.0
Closing market
price 38.313 41.375 (7.4) 38.313 41.375 (7.4)
SELECTED FINANCIAL DATA (A)
Earnings per share
- diluted $0.85 $0.79 7.6% $2.46 $2.49 (1.2)%
Return on average
assets 1.20 1.15 5bp 1.17 1.23 (6)bp
Return on average
equity 15.00 14.58 42 15.02 15.59 (57)
FINANCIAL RATIOS
Return on average
assets 1.20% 1.15% 5bp 0.75% 1.16% (41)bp
Return on average
equity 15.00 14.58 42 9.59 14.66 (507)
Average equity to
average assets 8.01 7.86 15 7.81 7.88 (7)
AVERAGE BALANCES
Assets $ 11,261,701 $11,065,694 1.8% $11,227,694 $10,969,541 2.4%
Earning assets,
net 10,323,647 10,164,652 1.6 10,297,963 10,059,135 2.4
Loans,
gross 7,631,191 7,305,302 4.5 7,570,230 7,220,563 4.8
Investment
securities,
net 2,599,384 2,722,460 (4.5) 2,610,052 2,685,098 (2.8)
Noninterest-bearing
deposits 1,118,636 1,153,228 (3.0) 1,118,159 1,141,089 (2.0)
Core
deposits 6,841,722 6,914,464 (1.1) 6,871,605 6,890,391 (0.3)
Total
deposits 7,584,598 7,770,777 (2.4) 7,661,626 7,708,297 (0.6)
Interest-bearing
liabilities 9,114,564 8,897,333 2.4 9,115,246 8,810,552 3.5
Shareholders'
equity 902,196 869,562 3.8 877,294 864,759 1.4
PERIOD END BALANCES
Assets $ 11,389,045 $11,172,791 1.9% $11,389,045 $11,172,791 1.9%
Earning
assets,
net 10,364,671 10,247,720 1.1 10,364,671 10,247,720 1.1
Loans,
gross 7,688,712 7,322,504 5.0 7,688,712 7,322,504 5.0
Investment
securities,
net 2,585,970 2,792,209 (7.4) 2,585,970 2,792,209 (7.4)
Noninterest-
bearing
deposits 1,136,869 1,181,071 (3.7) 1,136,869 1,181,071 (3.7)
Core
deposits 6,955,496 6,960,401 (0.1) 6,955,496 6,960,401 (0.1)
Total
deposits 7,694,228 7,785,297 (1.2) 7,694,228 7,785,297 (1.2)
Shareholders'
equity 919,094 866,733 6.0 919,094 866,733 6.0
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 nine months ended
September 30, 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.
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 Nine Months Ended
September 30, September 30,
(Dollars in 2000 1999 Change 2000 1999 Change
thousands)
SHARES OUTSTANDING
Average
basic 39,896,138 39,798,446 0.2% 39,760,138 39,789,052 (0.1)%
Average
diluted 40,094,135 40,397,894 (0.8) 40,033,407 40,473,206 (1.1)
Outstanding at
period end 39,878,329 39,859,180 -- 39,878,329 39,859,180 --
COMPOSITION RATIOS (A)
Earning assets
to total
assets 91.67% 91.86% (19)bp 91.72% 91.70% 2bp
Loans to earning
assets 73.92 71.87 205 73.51 71.78 173
Interest-bearing
liabilities to
earning assets 88.29 87.53 76 88.52 87.59 93
Loans to total
deposits 100.61 94.01 660 98.81 93.67 514
Noninterest-bearing
deposits to total
deposits 14.75 14.84 (9) 14.59 14.80 (21)
ALLOWANCE FOR LOAN LOSSES (AFLL)
Beginning
balance $103,271 $96,125 7.4% $95,500 $91,894 3.9%
AFLL related to
loans sold and
subsidiary sale -- (456)(100.0) -- (556) (100.0)
Provision for
loan
losses 6,960 16,006 (56.5) 24,855 31,934 (22.2)
Allowance of acquired
financial
institutions -- -- -- -- 605 (100.0)
Charge-offs (7,017) (18,734) (62.5) (20,982) (32,742) (35.9)
Recoveries 822 760 8.2 4,663 2,566 81.7
Net charge-offs (6,195) (17,974) (65.5) (16,319) (30,176) (45.9)
Ending
balance $104,036 $93,701 11.0% $104,036 $93,701 11.0%
Net charge-offs
to average loans 0.32% 0.98% (66)bp 0.29% 0.56% (27)bp
COMPOSITION OF RISK ASSETS
Nonperforming loans $48,631 $41,577 17.0%
Foreclosed property 6,000 5,294 13.3
Nonperforming assets $54,631 $46,871 16.6%
Loans 90+ days past due, still
accruing $9,902 $13,407 (26.1)%
ASSET QUALITY RATIOS (B)
Nonperforming assets to:
Loans and foreclosed
property 0.71% 0.64% 7bp
Total assets 0.48 0.42 6
Nonperforming loans
to total loans 0.63 0.57 6
Allowance for loan
losses to total
loans 1.35 1.28 7
Allowance for loan
losses to nonperforming
loans 2.14x 2.25x (11)
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.
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 September 30,
As a % of
Average Assets(A)
2000 1999 Change 2000 1999
NONINTEREST INCOME
Service charges on
deposit accounts $15,723 $16,251 (3.3)% 0.56% 0.58%
Credit card and
related fees 2,603 2,816 (7.6) 0.09 0.10
Insurance and brokerage
commissions 5,858 6,416 (8.7) 0.21 0.23
Other service charges,
commissions and fees 3,325 3,116 6.7 0.12 0.11
Fees for trust services 2,549 2,586 (1.4) 0.09 0.09
Mortgage income 17,912 7,594 135.9 0.63 0.27
Negative goodwill
amortization 334 334 - 0.01 0.01
Operating lease
income, net 580 1,856 (68.8) 0.02 0.07
Other noninterest
income 4,400 7,045 (37.5) 0.15 0.26
Noninterest income, excluding
securities
transactions 53,284 48,014 11.0 1.88 1.72
Securities gains
(losses), net (13,068) (1,633) 700.2 (0.46) (0.06)
Securities gains
(losses), net -
merger related -- -- -- -- --
Total noninterest
income $40,216 $46,381 (13.3)% 1.42% 1.66%
NONINTEREST EXPENSE
Salaries and overtime $36,317 $36,068 0.7% 1.28% 1.29%
Fringe benefits and
other personnel
costs 8,699 7,563 15.0 0.31 0.27
Occupancy 6,112 6,213 (1.6) 0.22 0.22
Equipment 6,255 7,020 (10.9) 0.22 0.25
Foreclosed real estate
losses and related
operating expense 409 615 (33.5) 0.01 0.02
Marketing 1,569 2,435 (35.6) 0.06 0.09
Fees for outsourced
services 4,422 4,055 9.1 0.16 0.15
Professional and
legal fees 3,202 3,607 (11.2) 0.11 0.13
Other administrative 2,602 3,055 (14.8) 0.09 0.11
FDIC
insurance 28 477 (94.1) -- 0.02
Deposit intangible and
goodwill amortization 3,406 3,430 (0.7) 0.12 0.12
Office supplies, postage
and telephone 5,765 6,052 (4.7) 0.20 0.22
Other operating 6,631 7,925 (16.3) 0.24 0.28
Total NIE before
merger-related and
other significant
charges 85,417 88,515 (3.5) 3.02 3.17
Merger-related expenses
and other significant
charges -- -- -- -- --
Total noninterest
expense $85,417 $88,515 (3.5)% 3.02% 3.17%
OTHER PERFORMANCE RATIOS
Pretax operating
profit margin (B)(D) 37.10% 33.11% 399bp
Efficiency ratio (C)(D) 58.16% 56.65% 151bp
Net interest income
analysis - taxable
equivalent:
Selected average
yields/rates:
Loans 9.39% 8.68% 71bp
Taxable securities 6.91 6.39 52
Tax-exempt securities 9.38 7.77 161
Short-term investments 7.30 5.55 175
Mortgage loans held-for-
sale 10.19 7.86 233
Interest-earning assets 8.76 8.05 71
Total interest-bearing
deposits 4.93 4.04 89
Borrowed funds 6.20 4.83 137
Long-term debt 6.67 5.95 72
Total interest-bearing
liabilities 5.35 4.36 99
Interest rate spread 3.41 3.69 (28)
Net interest margin 4.06 4.25 (19)
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.
Nine Months Ended September 30,
As a Percent of Average
Average Assets(A)
(Dollars in thousands)
2000 1999 Change 2000 1999
NONINTEREST INCOME
Service charges on
deposit
accounts $47,071 $47,175 (0.2) % 0.56 % 0.57 %
Credit card and
related fees 6,724 6,673 0.8 0.08 0.08
Insurance and
brokerage
commissions 18,876 18,864 0.1 0.22 0.23
Other service charges,
commissions and
fees 10,244 9,882 3.7 0.12 0.12
Fees for trust
services 8,058 7,768 3.7 0.10 0.09
Mortgage income 27,160 21,696 25.2 0.32 0.26
Negative goodwill
amortization 1,003 1,003 -- 0.01 0.01
Operating lease
income, net 1,902 5,484 (65.3) 0.02 0.07
Other noninterest
income 18,223 14,965 21.8 0.23 0.18
Noninterest income,
excluding
securities
transactions 139,261 133,510 4.3 1.66 1.63
Securities gains
(losses), net (14,735) (623) NM (0.18) (0.01)
Securities gains
(losses), net -
merger related (22,138) -- -- (0.26) --
Total noninterest
income $102,388 $132,887 (23.0) % 1.22 % 1.62 %
NONINTEREST EXPENSE
Salaries and
overtime $107,370 $106,038 1.3 % 1.28 % 1.29 %
Fringe benefits
and other
personnel costs 25,122 23,771 5.7 0.30 0.29
Occupancy 18,343 18,554 (1.1) 0.22 0.23
Equipment 18,284 21,091 (13.3) 0.22 0.26
Foreclosed real estate
losses and related
operating expense 1,515 1,338 13.2 0.02 0.02
Marketing 5,410 7,263 (25.5) 0.06 0.09
Fees for outsourced
services 13,782 12,466 10.6 0.16 0.15
Professional and
legal fees 10,203 10,930 (6.7) 0.12 0.13
Other
administrative 8,963 8,838 1.4 0.11 0.11
FDIC insurance 791 1,418 (44.2) 0.01 0.02
Deposit intangible and
goodwill
amortization 10,108 10,187 (0.8) 0.12 0.12
Office supplies, postage
and telephone 18,455 18,493 (0.2) 0.22 0.23
Other operating 21,471 22,122 (2.9) 0.25 0.26
Total NIE before
merger-related and
other significant
charges 259,817 262,509 (1.0) 3.09 3.20
Merger-related
expenses and
other significant
charges 28,516 6,858 315.8 0.34 0.08
Total noninterest
expense $288,333 $269,367 7.0 % 3.43 % 3.28 %
OTHER PERFORMANCE RATIOS
Pretax operating
profit margin
(B)(D) 35.97 % 35.43 % 54 bp
Efficiency ratio
(C)(D) 58.44 % 57.87 % 57 bp
Net interest income analysis-
taxable equivalent:
Selected average yields/rates:
Loans 9.17 % 8.62 % 55 bp
Taxable securities 6.75 6.30 45
Tax-exempt
securities 8.33 7.87 46
Short-term
investments 5.54 4.99 55
Mortgage loans
held-for-sale 9.56 7.87 169
Interest-earning
assets 8.54 8.00 54
Total interest-
bearing deposits 4.66 4.03 63
Borrowed funds 5.98 4.76 122
Long-term debt 6.35 5.84 51
Total interest-
bearing
liabilities 5.07 4.32 75
Interest rate
spread 3.47 3.68 (21)
Net interest
margin 4.08 4.22 (14)
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
Third Second First
Quarter Quarter Quarter
(Dollars in thousands,
except per share data)
FINANCIAL SUMMARY (A)
Assets $ 11,261,701 $ 11,087,991 $ 11,333,016
Earning assets, net 10,323,647 10,161,950 10,408,008
Loans, gross 7,631,191 7,604,252 7,481,313
Investment securities,
net 2,599,384 2,456,812 2,774,077
Total deposits 7,584,598 7,581,910 7,819,217
Interest-bearing liabilities 9,114,564 8,974,603 9,256,578
Shareholders' equity 902,196 869,319 860,095
Total market capitalization
(period end) 1,527,838 1,353,339 1,817,042
Net income 34,003 20,923 8,035
PROFITABILITY/PERFORMANCE SUMMARY(A)
Pretax operating profit margin(B) 37.10% 31.80% 38.92%
Efficiency ratio(B) 58.16 60.07 57.12
Net interest margin 4.06 4.10 4.07
Return on average assets 1.20 0.76 0.29
Return on average equity 15.00 9.68 3.76
Average equity to average assets 8.01 7.84 7.59
PER SHARE SUMMARY
Earnings per share - basic $ 0.85 $ 0.53 $ 0.20
Earnings per share - diluted 0.85 0.52 0.20
Cash dividends paid 0.34 0.34 0.32
Book value per share 23.05 22.09 21.72
Closing market price 38.313 33.953 45.813
KEY INTANGIBLE ASSETS (C)
Goodwill $ 143,520 $ 125,606 $ 131,514
Mortgage servicing rights 6,037 31,797 35,076
ASSET QUALITY SUMMARY(C)
Nonperforming assets $ 54,631 $ 45,929 $ 37,161
Allowance for loan losses 104,036 103,271 97,450
Nonperforming assets to
total assets 0.48 % 0.41 % 0.33%
Allowance for loan losses
to total loans 1.35 1.35 1.29
Net charge-offs to average loans 0.32 0.32 0.22
QUARTERLY FINANCIAL TRENDS
CENTURA BANKS, INC. AND SUBSIDIARIES
1999 3rd Qtr 00
Fourth Third vs.
Quarter Quarter 2nd Qtr 00
(Dollars in thousands,
except per share data)
FINANCIAL SUMMARY (A)
Assets $ 11,244,033 $ 11,065,694 1.6%
Earning
assets, net 10,311,262 10,164,652 1.6
Loans, gross 7,363,250 7,305,302 0.4
Investment securities, net 2,820,815 2,722,460 5.8
Total deposits
7,864,788 7,770,777 --
Interest-bearing liabilities 9,066,703 8,897,333 1.6
Shareholders' equity 861,593 869,562 3.8
Total market capitalization
(period end) 1,742,779 1,649,174 12.9
Net income 35,549 31,953 62.5
PROFITABILITY/PERFORMANCE SUMMARY(A)
Pretax operating profit
margin(B) 38.07 % 33.11 % 530 bp
Efficiency ratio(B) 55.94 56.65 (191)
Net interest margin 4.20 4.27 (4)
Return on average assets 1.25 1.15 44
Return on average equity 16.37 14.58 532
Average equity to average assets 7.66 7.86 17
PER SHARE SUMMARY
Earnings per share - basic $0.90 $0.80 60.4 %
Earnings per share - diluted 0.89 0.79 63.5
Cash dividends paid 0.30 0.29 --
Book value per share 21.77 21.74 4.3
Closing market price 44.125 41.375 12.8
KEY INTANGIBLE ASSETS (C)
Goodwill $ 134,851 $ 138,334 14.3 %
Mortgage servicing rights 35,916 36,979 (81.0)
ASSET QUALITY SUMMARY(C)
Nonperforming assets $ 35,836 $ 46,871 18.9 %
Allowance for loan losses 95,500 93,701 0.7
Nonperforming assets to total
assets 0.31 % 0.42 % 7 bp
Allowance for loan losses to
total loans 1.28 1.28 --
Net charge-offs to average loans 0.38 0.98 --
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.
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 sgoldstein@centura.com , or Terry Earley,
Investor Relations, 252-454-4453, or tearley@centura.com , both
of Centura Banks, Inc.
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