8-K 1 wtnyer1st02.txt WHITNEY HOLDING CORPORATION EARNINGS RELEASE SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 18, 2002 ------------------------------- WHITNEY HOLDING CORPORATION -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Louisiana 0-1026 72-6017893 -------------------------------------------------------------------------------- (State of (Commission File Number) (IRS Employer incorporation) Identification No.) 228 St. Charles Avenue, New Orleans, Louisiana 70130 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (504) 586-7272 -------------------------------------------------------------------------------- (Registrant's telephone number,including area code) Item 5. Other Events On April 18, 2002, Whitney Holding Corporation issued a news release announcing its financial results for the quarter ended March 31, 2002 (the "News Release"). The News Release is attached as exhibit 99.1 to this report and incorporated herein by reference. Item 7. Financial Statement and Exhibits. (c) Exhibits 99.1 News Release SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WHITNEY HOLDING CORPORATION By: /s/Thomas L. Callicutt, Jr. -------------------------------- Thomas L. Callicutt, Jr. Executive Vice President and Chief Financial Officer Date: April 18, 2002 --------------------------- EXHIBIT INDEX Exhibit Number Description ------- ----------- 99.1 News Release dated April 18, 2002. Exhibit 99.1 [GRAPHIC OMITTED] WHITNEY HOLDING CORPORATION 228 ST. CHARLES AVENUE NEW ORLEANS, LA 70130 NEWS RELEASE CONTACT: Thomas L. Callicutt, Jr. FOR IMMEDIATE RELEASE 504/552-4591 APRIL 18, 2002 WHITNEY REPORTS FIRST QUARTER 2002 EARNINGS New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ-WTNY) earned $.56 per share, or $22.1 million, in the first quarter of 2002, a 10% increase over earnings, before tax-effected merger-related items, of $.51 per share, or $20.3 million, in the first quarter of 2001. Including the impact of merger-related items, first quarter 2001 net income was $.47 per share, or $18.6 million. All share and per share information in this news release give effect to the three-for-two stock split that was effective April 9, 2002. In accordance with new accounting standards issued in 2001, the amortization of goodwill ceased completely beginning in 2002. The amortization of other intangible assets purchased in business combinations continues. Comparative performance measurements excluding the after-tax effect of the amortization of goodwill and other purchased intangibles are presented in the accompanying Financial Highlights table. Excluding tax-effected merger-related items and amortization of goodwill and other purchased intangibles, Whitney earned $.58 per share in the first quarter of 2002, up 5% from the $.55 earned in the year-earlier period. Selected highlights from the first quarter's results follow: o Net interest income (TE) increased 6%, or $4.5 million, from the first quarter of 2001. Short-term rates were relatively stable in the first quarter of 2002, after having declined steeply during 2001. Whitney's net interest margin (TE) of 4.45% in the first quarter of 2002, was 13 basis points below the year-earlier quarter. The mix of funding sources in 2002's first quarter continued to be favorably impacted by an increase in overall liquidity that began in 2001. With continued reduced loan demand, however, the mix of earning -MORE- 2 assets trended further toward investment vehicles with a smaller spread to the cost of funds. For the first quarter of 2002, short-term investments grew to close to 9% of average earning assets from 2% in 2001's first quarter, a shift that was partly fueled by an influx of temporary public fund deposits toward the end of 2001 and into 2002. Whitney continues to be moderately asset sensitive, which implies that its net interest margin could widen in a rising rate environment or compress in a falling rate environment, holding other factors constant. o Noninterest income, excluding securities transactions and merger- related items, decreased 11% from the first quarter of 2001. Whitney's sale of its agreements to process merchants' credit card transactions in 2001's third quarter reduced first quarter 2002 noninterest income by approximately $2.3 million and noninterest expense by approximately $2.1 million. Adjusting for the impact of the merchant business sale and excluding net gains on surplus banking property sales that totaled $2.4 million in 2001's first quarter, noninterest income was 13%, or $2.3 million, higher than in the year-earlier quarter. For the first quarter of 2002, income from service charges on deposit accounts grew 22%, or $1.7 million. Income from secondary mortgage market operations was up $1.0 million, or double the level in the first quarter of 2001. Noninterest income in 2001's first quarter also included a gain of approximately $.9 million on the sale of a significant portion of the student loan portfolio that followed management's decision to shorten the period Whitney holds such loans. o Noninterest expense declined 2% compared to the first quarter of 2001, excluding merger-related costs. Adjusting for the impact of the merchant business sale, noninterest expense would have shown an increase of only 2%, or $1.1 million. Total personnel expense in 2002's first quarter was 6%, or $1.7 million, higher than the first quarter of 2001, excluding $2.0 million of merger-related costs in the year-earlier period. Base salaries and regular incentive pay increased 4%, or approximately $.8 million, over the level in 2001's first quarter. Stock-based incentive compensation increased $.4 million in the first quarter of 2002, as did the cost of retirement and medical benefit programs. Amortization of purchased intangibles decreased $.4 million compared to the year-earlier quarter, with the impact of the elimination of goodwill amortization partly offset by amortization of the deposit relationship intangible purchased in the Northwest Bank -MORE- 3 acquisition in 2001's fourth quarter and adjustments to the amortization schedule for certain other purchased intangibles. o Whitney provided $3.0 million for possible loan losses in the first quarter of 2002, compared to $2.5 million in 2001's first quarter. Total net charge-offs were $3.0 million in the first quarter of 2002, compared to $1.0 million in the year-earlier quarter. Nonperforming assets totaled $45.9 million at March 31, 2002, or 1.05% of loans plus foreclosed assets and surplus bank property, compared to $34.8 million, or .76%, at year-end 2001, and $29.2 million, or .65%, at March 31, 2001. The total of loans internally classified as having above-normal credit risk, however, decreased approximately $40 million from December 31, 2001, and was $26 million below the level at the end of 2001's first quarter. The decrease from year-end 2001 mainly reflected improved outlooks for two larger credits that had been downgraded during 2001 and had been included in the shared national credit review process by Federal banking regulators. The reserve for possible loan losses was 1.64% of total loans at March 31, 2002, compared to 1.37% a year earlier. Growth in the loan portfolio during 2001 was restricted by several factors, including a generally moderating level of economic activity and uncertainty regarding future economic conditions, a rate environment that offered developers favorable permanent financing opportunities and encouraged home owners to refinance, and management's decision to continue selling new production of retail mortgage loans in the secondary market. Average loans in the first quarter of 2002 were 2%, or $106 million, lower than the first quarter of 2001. Although some positive trends in underlying conditions have been evident in the first quarter of 2002, a return to significant portfolio growth is not anticipated in the near term. Average deposits were up 11%, or $586 million, in the first quarter of 2002 compared to the first quarter of 2001. Excluding the impact of deposits associated with bank operations purchased late in 2001, the increase was approximately 8%. Deposit growth accelerated in 2001 with the competitive positioning of money market deposit products and increased demand for the safety and liquidity of such products. Continued growth in the first quarter of 2002 was also influenced by an influx of temporary funds from local governmental entities. Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana -MORE- 4 and the coastal region of Mississippi; to central and south Alabama; and into the panhandle of Florida. ----- This news release contains statements that are not historical facts and are forward-looking statements within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but may not be limited to, comments about the sensitivity of Whitney's net interest margin to changing market interest rate environments and comments regarding the expected growth rate of the loan portfolio. It is important to note that Whitney's actual results may differ materially from those projected. Factors that could affect actual results include, among others, the actual timing and extent of future interest rate movements, trends in Whitney's earning assets and sources of funds, the level of success of asset/liability management strategies implemented, and changes in economic conditions in Whitney's market area. Other important factors that could affect actual future results are also described in Whitney's filings with the Securities and Exchange Commission. Whitney undertakes no obligation to update or revise any of the information in this news release, whether as a result of new information, future events or developments, or for any other reason.
5 WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ------------------------------------------------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS ------------------------------------------------------------------------------------------------------------------------- First First Quarter Quarter (dollars in thousands, except per share data) 2002 2001 ------------------------------------------------------------------------------------------------------------------------- INCOME DATA Net interest income $ 72,607 $ 67,939 Net interest income (tax-equivalent) 73,833 69,331 Provision for possible loan losses 3,000 2,500 Noninterest income (excluding securities transactions and merger-related items) 20,369 22,857 Securities transactions - 37 Noninterest expense (excluding merger-related items) 56,977 57,962 Merger-related items (net expense) - 3,825 Net income 22,092 18,566 Earnings before tax-effected merger-related items 22,092 20,266 ------------------------------------------------------------------------------------------------------------------------- AVERAGE BALANCE SHEET DATA Loans $ 4,425,412 $ 4,531,536 Investment in securities 1,695,498 1,462,082 Earning assets 6,690,593 6,108,016 Total assets 7,242,746 6,649,303 Deposits 5,951,971 5,366,320 Shareholders' equity 731,120 674,556 ------------------------------------------------------------------------------------------------------------------------- PER SHARE DATA Basic $ .56 $ .47 Basic, before tax-effected merger-related items .56 .51 Diluted .55 .47 Diluted, before tax-effected merger-related items .55 .51 Cash dividends per share .27 .25 Book value per share, end of period $ 18.30 $ 17.33 Trading data High closing price $ 34.50 $ 27.58 Low closing price 29.13 24.00 End-of-period closing price 33.24 26.38 Trading volume 2,958,102 3,449,813 ------------------------------------------------------------------------------------------------------------------------- RATIOS Return on average assets 1.24 % 1.13 % Return on average assets before tax-effected merger-related items 1.24 1.24 Return on average shareholders' equity 12.25 11.16 Return on average shareholders' equity before tax-effected merger-related items 12.25 12.18 Net interest margin 4.45 4.58 Dividend payout ratio 48.55 54.84 Average loans as a percentage of average deposits 74.35 84.44 Efficiency ratio, before merger-related items 60.48 62.87 Noninterest income as a percentage of total revenue (excluding securities transactions and merger-related items) 21.62 24.79 Reserve for possible loan losses as a percentage of loans, at end of period 1.64 1.37 Nonperforming assets as a percentage of loans plus foreclosed assets and surplus property, at end of period 1.05 .65 Average shareholders' equity as a percentage of average total assets 10.09 10.14 Leverage ratio, at end of period 8.68 8.97 ------------------------------------------------------------------------------------------------------------------------- Note: Share and per share data give effect to the 3-for-2 stock split effective April 9, 2002. -MORE-
6 ----------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (continued) ----------------------------------------------------------------------------------------------------------------- First First Quarter Quarter (dollars in thousands, except per share data) 2002 2001 ----------------------------------------------------------------------------------------------------------------- OTHER PERFORMANCE MEASURES Earnings before tax-effected merger-related items $ 22,092 $ 20,266 Goodwill amortization, net of tax - 809 -------------------------------- Earnings before tax-effected merger-related items and goodwill amortization 22,092 21,075 Other purchased intangibles amortization, net of tax 953 596 -------------------------------- Earnings before tax-effected merger-related items and total purchased intangibles amortization $ 23,045 $ 21,671 -------------------------------- Earnings per share before tax-effected merger-related items and goodwill amortization: Basic $ .56 $ .53 Diluted .55 .53 Earnings per share before tax-effected merger-related items and total purchased intangibles amortization: Basic $ .58 $ .55 Diluted .57 .55 Ratios before tax-effected merger-related items and total purchased intangibles amortization and balances: Return on average assets 1.31 % 1.34 % Return on average shareholders' equity 12.78 13.03 Efficiency ratio 58.93 60.90 ----------------------------------------------------------------------------------------------------------------- Note: Share and per share data give effect to the 3-for-2 stock split effective April 9, 2002. -MORE-
7 ------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ------------------------------------------------------------------------------------------------------------- DAILY AVERAGE CONSOLIDATED BALANCE SHEETS ------------------------------------------------------------------------------------------------------------- First First Quarter Quarter (dollars in thousands) 2002 2001 ------------------------------------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------------------------------------------------- EARNING ASSETS Loans $ 4,425,412 $ 4,531,536 Investment in securities Securities available for sale 1,511,003 1,081,774 Securities held to maturity 184,495 380,308 ---------------------------------- Total investment in securities 1,695,498 1,462,082 Federal funds sold and short-term investments 569,683 114,398 ---------------------------------- Total earning assets 6,690,593 6,108,016 ------------------------------------------------------------------------------------------------------------- NONEARNING ASSETS Accrued interest receivable 34,188 43,147 Goodwill 68,858 55,605 Other intangible assets 33,946 30,469 Other assets 488,022 474,054 Reserve for possible loan losses (72,861) (61,988) ------------------------------------------------------------------------------------------------------------- Total assets $ 7,242,746 $ 6,649,303 ------------------------------------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------------------------------------------------- INTEREST-BEARING LIABILITIES Interest-bearing deposits NOW account deposits $ 818,098 $ 609,523 Money market investment deposits 1,298,161 893,258 Savings deposits 501,394 449,913 Other time deposits 981,800 1,142,756 Time deposits $100,000 and over 754,550 886,649 ---------------------------------- Total interest-bearing deposits 4,354,003 3,982,099 ---------------------------------- Short-term borrowings 495,683 537,878 ---------------------------------- Total interest-bearing liabilities 4,849,686 4,519,977 ------------------------------------------------------------------------------------------------------------- NONINTEREST-BEARING LIABILITIES Noninterest-bearing deposits 1,597,968 1,384,221 Accrued interest payable 15,065 27,632 Other liabilities 48,907 42,917 ---------------------------------- Total liabilities 6,511,626 5,974,747 ------------------------------------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY 731,120 674,556 ------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $ 7,242,746 $ 6,649,303 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- EARNING ASSETS LESS INTEREST-BEARING LIABILITIES $ 1,840,907 $ 1,588,039 ------------------------------------------------------------------------------------------------------------- -MORE-
8 -------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES -------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS -------------------------------------------------------------------------------------------------------------------------- March 31 December 31 March 31 (dollars in thousands) 2002 2001 2001 -------------------------------------------------------------------------------------------------------------------------- ASSETS Cash and due from financial institutions $ 200,823 $ 271,512 $ 220,319 Investment in securities Securities available for sale 1,637,647 1,440,527 1,077,027 Securities held to maturity 173,386 191,813 348,563 -------------------------------------------------------------------------------------------------------------------------- Total investment in securities 1,811,033 1,632,340 1,425,590 Federal funds sold and short-term investments 381,097 494,908 315,257 Loans 4,379,030 4,554,538 4,513,617 Reserve for possible loan losses (71,669) (71,633) (61,846) -------------------------------------------------------------------------------------------------------------------------- Net loans 4,307,361 4,482,905 4,451,771 -------------------------------------------------------------------------------------------------------------------------- Bank premises and equipment 160,642 167,419 170,637 Accrued interest receivable 34,129 32,461 41,115 Goodwill 69,164 68,952 55,151 Other intangible assets 33,192 34,653 30,045 Other assets 71,607 58,500 60,074 -------------------------------------------------------------------------------------------------------------------------- Total assets $ 7,069,048 $ 7,243,650 $ 6,769,959 -------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------- LIABILITIES Noninterest-bearing demand deposits $ 1,580,326 $ 1,634,258 $ 1,409,675 Interest-bearing deposits 4,260,714 4,315,902 4,053,848 -------------------------------------------------------------------------------------------------------------------------- Total deposits 5,841,040 5,950,160 5,463,523 -------------------------------------------------------------------------------------------------------------------------- Short-term borrowings 430,312 511,517 544,195 Accrued interest payable 13,699 14,946 27,141 Accounts payable and other accrued liabilities 56,928 49,139 52,434 -------------------------------------------------------------------------------------------------------------------------- Total liabilities 6,341,979 6,525,762 6,087,293 -------------------------------------------------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY Common stock, no par value 2,800 2,800 2,800 Capital surplus 157,677 154,397 146,469 Retained earnings 567,608 556,241 529,605 Accumulated other comprehensive income 5,065 10,104 8,440 Treasury stock at cost (50) - - Unearned restricted stock compensation (6,031) (5,654) (4,648) -------------------------------------------------------------------------------------------------------------------------- Total shareholders' equity 727,069 717,888 682,666 -------------------------------------------------------------------------------------------------------------------------- Total liabilities and shareholders' equity $ 7,069,048 $ 7,243,650 $ 6,769,959 -------------------------------------------------------------------------------------------------------------------------- -MORE-
9 -------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES -------------------------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME -------------------------------------------------------------------------------------------------- First First Quarter Quarter (dollars in thousands, except per share data) 2002 2001 -------------------------------------------------------------------------------------------------- INTEREST INCOME Interest and fees on loans $ 70,387 $ 93,495 Interest and dividends on investments 22,877 21,811 Interest on federal funds sold and short-term investments 2,419 1,515 -------------------------------------------------------------------------------------------------- Total interest income 95,683 116,821 -------------------------------------------------------------------------------------------------- INTEREST EXPENSE Interest on deposits 21,947 42,813 Interest on short-term borrowings 1,129 6,069 -------------------------------------------------------------------------------------------------- Total interest expense 23,076 48,882 -------------------------------------------------------------------------------------------------- NET INTEREST INCOME 72,607 67,939 PROVISION FOR POSSIBLE LOAN LOSSES 3,000 2,500 -------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR POSSIBLE LOAN LOSSES 69,607 65,439 -------------------------------------------------------------------------------------------------- NONINTEREST INCOME Service charges on deposit accounts 9,545 7,821 Credit card income 1,856 3,926 Trust service fees 2,257 2,461 Secondary mortgage market operations 2,050 1,052 Other noninterest income 4,661 8,684 Securities transactions - 37 -------------------------------------------------------------------------------------------------- Total noninterest income 20,369 23,981 -------------------------------------------------------------------------------------------------- NONINTEREST EXPENSE Employee compensation 25,706 26,366 Employee benefits 5,268 4,927 ------------------------------------- Total personnel expense 30,974 31,293 Equipment and data processing expense 5,374 6,914 Net occupancy expense 5,056 5,170 Credit card processing services 499 2,544 Telecommunication and postage 2,101 2,152 Legal and professional fees 1,378 3,091 Amortization of intangibles 1,461 1,820 Ad valorem taxes 1,877 1,764 Other noninterest expense 8,257 8,126 -------------------------------------------------------------------------------------------------- Total noninterest expense 56,977 62,874 -------------------------------------------------------------------------------------------------- INCOME BEFORE INCOME TAXES 32,999 26,546 INCOME TAX EXPENSE 10,907 7,980 -------------------------------------------------------------------------------------------------- NET INCOME $ 22,092 $ 18,566 -------------------------------------------------------------------------------------------------- EARNINGS PER SHARE Basic $ .56 $ .47 Diluted .55 .47 -------------------------------------------------------------------------------------------------- WEIGHTED-AVERAGE SHARES OUTSTANDING Basic 39,740,776 39,412,601 Diluted 40,166,142 39,530,540 -------------------------------------------------------------------------------------------------- CASH DIVIDENDS PER SHARE $ .27 $ .25 -------------------------------------------------------------------------------------------------- Note: Share and per share data give effect to the 3-for-2 stock split effective April 9, 2002. -MORE-
10 ----------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------- SUMMARY OF INTEREST RATES (TAX-EQUIVALENT)* ----------------------------------------------------------------------------------------------------------- First Fourth First Quarter Quarter Quarter 2002 2001 2001 ----------------------------------------------------------------------------------------------------------- EARNING ASSETS ------------------------------------------------------------------- Loans** 6.47 % 6.79 % 8.38 % Investment in securities 5.63 5.79 6.28 Federal funds sold and short-term investments 1.72 1.99 5.37 ---------------------------------------- Total interest-earning assets 5.85 % 6.31 % 7.82 % ---------------------------------------- ----------------------------------------------------------------------------------------------------------- INTEREST-BEARING LIABILITIES ------------------------------------------------------------------- Interest-bearing deposits NOW account deposits 1.05 % 1.02 % 1.54 % Money market investment deposits 1.62 1.98 3.92 Savings deposits .81 .94 1.99 Other time deposits 3.50 4.30 5.88 Time deposits $100,000 and over 2.77 3.53 5.98 ---------------------------------------- Total interest-bearing deposits 2.04 2.60 4.36 ---------------------------------------- Short-term borrowings .92 1.31 4.58 ---------------------------------------- Total interest-bearing liabilities 1.93 % 2.46 % 4.39 % ---------------------------------------- ----------------------------------------------------------------------------------------------------------- NET INTEREST SPREAD (tax-equivalent) ------------------------------------------------------------------- Yield on earning assets less cost of interest- bearing liabilities 3.92 % 3.85 % 3.43 % ---------------------------------------- ----------------------------------------------------------------------------------------------------------- NET INTEREST MARGIN (tax-equivalent) ------------------------------------------------------------------- Net interest income (tax-equivalent) as a percentage of average earning assets 4.45 % 4.52 % 4.58 % ---------------------------------------- ----------------------------------------------------------------------------------------------------------- COST OF FUNDS ------------------------------------------------------------------- Interest expense as a percentage of average interest- bearing liabilities plus interest-free funds 1.40 % 1.79 % 3.24 % ----------------------------------------------------------------------------------------------------------- * Based on a 35% tax rate. ** Net of unearned income, before deducting the reserve for possible loan losses and including loans accounted for on a nonaccrual basis. -MORE-
11 ----------------------------------------------------------------------------------------------------------------------------- WHITNEY HOLDING CORPORATION AND SUBSIDIARIES ----------------------------------------------------------------------------------------------------------------------------- LOAN QUALITY ----------------------------------------------------------------------------------------------------------------------------- First First Quarter Quarter (dollars in thousands) 2002 2001 ---------------------------------------------------------------------------------------------- RESERVE FOR POSSIBLE LOAN LOSSES --------------------------------------------------------------- Reserve for possible loan losses at beginning of period $ 71,633 $ 61,017 Reserves acquired in bank purchase - - Reserves on loans transferred to held for sale - (630) Provision for possible loan losses 3,000 2,500 Loans charged off during period (4,364) (2,506) Recoveries on loans previously charged off 1,400 1,465 ------------------------------- Net loans (charged off) recovered during period (2,964) (1,041) ------------------------------- Reserve for possible loan losses at end of period $ 71,669 $ 61,846 ------------------------------- Net annualized charge-offs (recoveries) as a percentage of average loans .27 % .09 % Gross annualized charge-offs as a percentage of average loans .39 % .22 % Recoveries as a percentage of gross charge-offs 32.08 % 58.46 % Reserve for possible loan losses as a percentage of loans, at end of period 1.64 % 1.37 % ------------------------------- ---------------------------------------------- March 31 December 31 March 31 2002 2001 2001 ------------------------------------------------------------------------------------------------------------- NONPERFORMING ASSETS --------------------------------------------------------------- Loans accounted for on a nonaccrual basis $ 42,279 $ 33,412 $ 26,084 Restructured loans 371 383 453 ---------------------------------------------- Total nonperforming loans 42,650 33,795 26,537 Foreclosed assets and surplus property 3,281 991 2,644 ---------------------------------------------- Total nonperforming assets $ 45,931 $ 34,786 $ 29,181 ---------------------------------------------- Nonperforming assets as a percentage of loans plus foreclosed assets and surplus property, at end of period 1.05 % .76 % .65 % Reserve for possible loan losses as a percentage of nonaccruing loans, at end of period 169.51 % 214.39 % 237.10 % Reserve for possible loan losses as a percentage of nonperforming loans, at end of period 168.04 % 211.96 % 233.06 % Loans 90 days past due still accruing $ 6,812 $ 6,916 $ 3,500 Loans 90 days past due still accruing as a percentage of loans, at end of period .16 % .15 % .08 % ------------------------------------------------------------------------------------------------------------- -END-