EX-99.1 2 c09164exv99w1.htm PRESS RELEASE exv99w1
 

Exhibit 99.1
FOR IMMEDIATE RELEASE:
Tuesday, October 17, 2006
COMMERCE BANCSHARES, INC. REPORTS FIRST NINE
MONTHS EARNINGS PER SHARE GROWTH OF 3%
     Commerce Bancshares, Inc. announced earnings of $2.41 per share for the nine months ended September 30, 2006, an increase of 3% compared to $2.35 per share during the same period in 2005. Net income for the first nine months of 2006 amounted to $162.8 million compared with $167.0 million in the same period last year. The return on average assets for the first nine months ended September 30, 2006 was 1.56%, and the return on average equity was 16.1%. The efficiency ratio was 61.1%.
     For the three months ended September 30, 2006, earnings per share totaled $.81, a decrease of 9% compared with $.89 in the third quarter of 2005. Net income amounted to $54.5 million compared with $62.8 million in the same period last year, which included non-recurring tax benefits of $10.3 million or $.14 per share. The return on average assets for the three months ended September 30, 2006 was 1.50% and the return on average equity was 15.6%.
     In making this announcement, David W. Kemper, Chairman and CEO, said, “Despite a difficult interest rate environment, total revenues grew 3% for the first nine months when compared to the same period last year. Over this same period, average loans grew by 9%. This growth enhanced our earning asset mix while offsetting pressure on our interest margin. For the first nine months, fee revenue, led by our payment systems business, increased 6%. These factors, as well as low levels of net loan charge-offs, generated net income growth of 4% year over year, exclusive of one-time tax benefits recognized in the third quarter last year. Excluding these tax benefits, earnings per share for the first nine months of 2006 has grown 9%.”
     Mr. Kemper added, “Asset quality remained strong in the third quarter with annualized net loan charge-offs totaling .33% of average loans compared with .42% in the same quarter last year, as a result of lower losses in our credit card loan portfolio. Our allowance for loan losses totaled $131.8 million, or 1.34% of total outstanding loans, at the end of the third quarter.”
     Total assets at September 30, 2006 were $15.2 billion, total loans were $9.8 billion, and total deposits were $11.6 billion. At September 30, 2006, non-performing loans totaled $18.8 million or .19% of total loans. During the quarter, the Company completed the merger of West Pointe Bancorp, Inc., Belleville, Illinois, a one bank holding company with assets of $460 million, loans of $255 million and deposits of $381 million. Also, the Company completed the purchase of the banking business of Boone National Savings and Loan Association, Columbia, Missouri which had total loans and deposits of $127 million and $101 million, respectively.
(more)

 

 

     Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in approximately 360 locations in Missouri, Illinois, and Kansas. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities.
     Posted to the Company’s web site is management’s discussion of third quarter results. To see this information, please visit our web site at www.commercebank.com.
* * * * * * * * * * * * * * *
For additional information, contact
Jeffery Aberdeen, Controller
at PO Box 419248, Kansas City, MO
or by telephone at (816) 234-2081
Web Site: http://www.commercebank.com
Email: mymoney@commercebank.com
                         
(Amounts in thousands)   6/30/06   9/30/06   9/30/05
Non-Accrual Loans
   $ 14,155     $ 18,845     $ 20,365  
Foreclosed Real Estate
   $ 1,793     $ 1,379     $ 675  
Total Non-Performing Assets
   $ 15,948     $ 20,224     $ 21,040  
Non-Performing Assets to Loans
     .17 %     .21 %     .24 %
Non-Performing Assets to Total Assets
     .11 %     .13 %     .15 %
Loans 90 Days & Over Past Due — Still Accruing
   $ 15,186     $ 16,251     $ 15,388  

 

 

COMMERCE BANCSHARES, INC.
Management Discussion of Third Quarter Results
September 30, 2006
For the quarter ended September 30, 2006, net income amounted to $54.5 million, a decrease of 13.1% from the same quarter last year. Excluding non-recurring tax benefits of $10.3 million recorded in the 3rd quarter of 2005, net income in the current quarter increased 3.9% over the same period last year. For the current quarter, the return on average assets was 1.5%, the return on average equity was 15.6%, and the efficiency ratio was 61.2%. Compared to the 3rd quarter of last year, net interest income increased 2.3%, while non-interest income was up 4.3% and the provision for loan losses declined by 15.2%. Additionally, non-interest expense grew by 8.1% over the same period last year. During the quarter the Company completed its acquisition of West Pointe Bancorp Inc. and the purchase of the banking business of Boone National Savings and Loan Association.
Balance Sheet Review
During the 3rd quarter of 2006, average loans increased $318.7 million, or 3.5%, compared to the previous quarter, representing annualized growth of 13.8%. Average loans also increased $938.3 million, or 10.9%, compared to the same period last year. As part of the acquisition of both West Pointe and Boone, the Company added loans with a combined quarterly average balance of $178.6 million comprised mainly of business, business real estate and personal real estate loans. Compared to the 2nd quarter of 2006 and excluding these acquired loans, average loans grew by $140.1 million, or 6.1%, on an annualized basis. This internal growth was from increased construction, personal real estate, consumer banking and credit card lending, which grew $53.3 million, $35.3 million, $34.5 million, and $22.4 million respectively. Business loans declined on average by $14.9 million, while home equity loans declined by $5.4 million.
Available for sale investment securities, excluding fair value adjustments, increased on average by $43.1 million, or 1.3%, this quarter compared with the previous quarter. As part of the West Pointe acquisition, $46.8 million was added to the overall investment portfolio quarterly average balances. During the quarter, the Company sold securities comprised mainly of asset-backed securities with a par value of $145.2 million and recorded a pre-tax loss of $2.1 million. Also in the current quarter, the Company purchased investments of approximately $433 million, mainly consisting of CMO’s and municipal securities.
Total average deposits increased by $234.0 million, or 2.1%, during the 3rd quarter compared to the previous quarter and included the acquisition of West Pointe and Boone average deposits of approximately $198.6 million. Excluding these acquired balances, average deposits grew by $35.4 million over the previous quarter mainly due to growth in certificates of deposit ($135.5 million) and premium money market accounts ($19.7 million), partially offset by a decline in interest checking and other money market type deposits. The average loans to deposits ratio for the quarter amounted to 85.4%.
Average borrowings increased $324.8 million in the current quarter compared to the prior quarter mainly due to an increase of $324.0 million in repurchase agreement liabilities. This growth is partly due to increased customer activity, but also the result of the Company acquiring $288.0 million in structured repurchase agreements to mitigate interest rate risk. The increase in repurchase agreement borrowings reduced overnight Federal Funds purchases.
Net Interest Income
Net interest income in the 3rd quarter of 2006 amounted to $128.8 million, an increase of $2.3 million, or 1.8%, compared with the previous quarter and an increase of $2.9 million, or 2.3%, compared to the 3rd quarter of last year. During the 3rd quarter of 2006, the net yield on earning assets (tax-equivalent) was 3.84%, compared with 3.98% in the previous quarter and 3.86% in the same period last year.
The increase of $2.3 million in net interest income in the 3rd quarter of 2006 over the previous quarter was mainly the result of growth in loan interest income of approximately $12.2 million due to increases in both rates and average balances, coupled with an increase in interest income on both investment securities and reverse repurchase agreement assets, which also earned higher rates on increased balances. Offsetting this increase in interest income was higher interest expense of $8.9 million on interest-bearing deposits due to higher rates on most deposit products and growth in balances in various certificate of deposit products. Also, interest expense increased on other borrowings $5.9 million due to higher balances and rates on both Federal funds and repurchase agreement borrowings.
During the current quarter, the overall tax equivalent yield on interest earning assets increased 17 basis points to 6.42%, while the overall cost of interest bearing liabilities increased 34 basis points to 2.83%.
Non-Interest Income
For the 3rd quarter of 2006, total non-interest income amounted to $90.7 million, an increase of 4.3% compared to $86.9 million in the same period last year, and decreased slightly from $91.5 million in the previous quarter. Compared with the same period last year, this growth was mainly the result of higher bank card and trust fee income and higher gains on venture capital investments, partially offset by lower deposit account fees and lower gains on sales of student loans. Bank card fees for the quarter increased 10.0% over the same period last year, mainly from continued growth in fees earned on debit and corporate card transactions, which grew by 21.7% and 18.9%, respectively. Trust fees for the quarter increased 2.6%

 

 

COMMERCE BANCSHARES, INC.
Management Discussion of Third Quarter Results
September 30, 2006
over the same quarter last year as a result of higher fees on personal and corporate trust accounts. Deposit account fees decreased $1.5 million, or 4.8%, compared with the 3rd quarter of 2005, due to lower fees earned on overdrafts, which were down $1.3 million as a result of lower overdraft volumes.
During the current quarter, gains on sales of student loans totaled $900 thousand, compared with $1.1 million in the same period last year and $1.8 million in the previous quarter. Other non-interest income increased $563 thousand over the same period last year as a result of increased income on leasing activities, higher sweep, ATM, and check sale fees. The ratio of non-interest income to total revenue, excluding net securities gains, was 40.4% in the 3rd quarter of 2006.
Net securities gains amounted to $3.3 million for the 3rd quarter of 2006, which compared to $3.3 million in the previous quarter and $289 thousand in the 3rd quarter of 2005. Included in the 3rd quarter of 2006 was a gain of $2.2 million on the sale of MasterCard Inc. restricted shares the Company recently received, as well as realized gains and fair value adjustments of $3.3 million on certain private equity investments held by the Company’s venture capital subsidiaries. Minority interests related to the private equity gains totaled $507 thousand and was reported in other expense. Additionally, the Company sold certain asset-backed securities this quarter and recorded a pre-tax loss of $2.1 million.
Non-Interest Expense
Non-interest expense for the current quarter amounted to $132.3 million, an increase of $9.9 million, or 8.1%, compared with amounts recorded in the same period last year and was $2.8 million higher than amounts recorded in the prior quarter. Compared with the 3rd quarter of last year, salaries and benefits expense increased $5.5 million, or 8.2%, mainly as a result of higher full-time salaries (partly due to bank acquisitions in the 3rd quarter) and higher medical insurance costs, which were up $1.4 million over the same period last year. Full-time equivalent employees totaled 4,900 and 4,827 at September 30, 2006 and 2005, respectively.
Occupancy costs grew 7.1% over the same quarter last year, mainly a result of higher depreciation and outside rent expense. Equipment expense increased $1.3 million, or 21.8%, due in part to equipment moving costs associated with the relocation of a check processing function in the 3rd quarter. Data processing expenses increased 6.6% due to higher software amortization charges, while lower telephone and network costs resulted in a reduction in overall supplies and communication costs of 4.6%. The increase in other expense over the same quarter last year resulted mainly from higher costs for minority interests, operating lease depreciation and legal and professional costs.
Income Taxes
During the 3rd quarter of 2006, income tax expense amounted to $25.0 million, a decrease of $2.4 million from the previous quarter, but $6.4 million greater than the same quarter last year. The effective tax rate for the Company was 31.4% for the current quarter, compared with a rate of 33.1% in the previous quarter, and 22.9% in the 3rd quarter of 2005. The low effective tax rate in the 3rd quarter of 2005 resulted from the recognition of non-recurring tax benefits of $10.3 million mentioned above.
Credit Quality
Net loan charge-offs for the 3rd quarter of 2006 amounted to $7.9 million, compared with $5.7 million in the prior quarter and $9.1 million in the 3rd quarter of last year. The increase in net charge-offs in the 3rd quarter of 2006 compared to the previous quarter was the result of higher personal banking, credit card and overdraft charge-offs. Year-to-date, the ratio of net loan charge-offs to total average loans was .26% compared to .31% last year.
For the 3rd quarter of 2006, annualized net charge-offs on average credit card loans were 3.00%, compared with 4.19% in the same quarter last year and 3.01% in the 2nd quarter of 2006. The provision for loan losses for the quarter totaled $7.6 million, and was $1.9 million higher than the 2nd quarter 2006, but was $1.4 million lower than the 3rd quarter 2005 provision. The allowance for loan losses at September 30, 2006 amounted to $131.8 million, or 1.34%, of total loans.
Total non-performing assets amounted to $20.2 million, an increase of $4.3 million over the previous quarter and .21% of loans outstanding. Non-performing assets are comprised of non-accrual loans ($18.8 million) and foreclosed real estate ($1.4 million). Loans past due more than 90 days and still accruing interest totaled $16.3 million at September 30, 2006.
Other
The Company maintains a treasury stock buyback program. In October 2005, the Board of Directors approved the purchase of up to 5,000,000 shares of the Company’s common stock. During the quarter ended September 30, 2006, the Company purchased 82 thousand shares of treasury stock at an average cost of $50.25 per share.
Forward Looking Information
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements.

 

 

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
FINANCIAL HIGHLIGHTS
                                           
    For the Three Months Ended       For the Nine Months Ended  
    June 30     Sept.     Sept.       Sept. 30     Sept. 30  
(Unaudited)   2006     2006     2005       2006     2005  
       
FINANCIAL SUMMARY (In thousands, except per share data)                          
Net interest income
   $ 126,479     $ 128,753     $ 125,832       $ 378,967     $ 374,696  
Taxable equivalent net interest income
     128,009       130,621       126,914         383,718       376,952  
Non-interest income
     91,463       90,656       86,895         271,567       252,566  
Provision for loan losses
     5,672       7,575       8,934         17,679       16,805  
Non-interest expense
     129,550       132,304       122,387         391,815       369,321  
Net income
     55,333       54,548       62,791         162,825       167,005  
Cash dividends
     16,311       16,605       15,761         49,295       47,864  
Net total loan charge-offs
     5,694       7,875       9,056         17,980       19,893  
Net business charge-offs (recov)
     259       125       133         (697 )     (2,536 )
Net credit card charge-offs
     4,387       4,588       5,879         12,723       15,906  
Net personal banking charge-offs*
     446       1,924       1,837         4,019       5,259  
Net real estate charge-offs
     80       175       492         —       267  
Net overdraft charge-offs
     522       1,063       715         1,935       997  
Per share:
                                          
Net income — basic
   $ 0.83     $ 0.82     $ 0.90       $ 2.44     $ 2.38  
Net income — diluted
   $ 0.82     $ 0.81     $ 0.89       $ 2.41     $ 2.35  
Cash dividends
   $ 0.245     $ 0.245     $ 0.229       $ 0.735     $ 0.686  
Diluted wtd. average shares o/s
     67,460       67,581       70,194         67,655       71,074  
       
RATIOS
                                          
Average loans to deposits
     84.27 %     85.36 %     82.67 %       84.34 %     80.49 %
Return on total average assets
     1.61 %     1.50 %     1.78 %       1.56 %     1.59 %
Return on total average stockholders’ equity
     16.59 %     15.64 %     18.12 %       16.12 %     16.09 %
Non-interest income to revenue**
     41.08 %     40.42 %     40.77 %       40.93 %     39.76 %
Efficiency ratio***
     60.35 %     61.16 %     57.61 %       61.05 %     59.30 %
       
AT PERIOD END
                                          
Book value per share based on total stockholders’ equity
   $ 20.08     $ 21.58     $ 19.85                    
Market value per share
   $ 50.05     $ 50.57     $ 49.03                    
Allowance for loan losses as a percentage of loans
     1.37 %     1.34 %     1.48 %                  
Tier I leverage ratio
     9.47 %     9.47 %     9.44 %                  
Common shares outstanding
     66,314,415       67,649,822       68,701,822                    
Shareholders of record
     4,430       4,721       4,510                    
Number of bank/ATM locations
     347       360       340                    
Number of bank charters
     3       3       3                    
Full-time equivalent employees
     4,868       4,900       4,827                    
                   
 
           Sept. 30   Sept. 30                  
OTHER YTD INFORMATION
             2006       2005                    
                   
High market value per share
           $ 53.20     $ 52.11                    
Low market value per share
           $ 48.61     $ 43.94                    
                   
*   Includes consumer, student and home equity loans
 
**   Revenue includes net interest income and non-interest income, excluding net securities gains/losses.
 
***   The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of net interest income and non-interest income (excluding net securities gains/losses).

 

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
                                           
    For the Three Months Ended       For the Nine Months Ended  
(Unaudited)   June 30     Sept. 30     Sept. 30       Sept. 30     Sept. 30  
(In thousands, except per share data)   2006     2006     2005       2006     2005  
       
INTEREST INCOME
                                          
Interest and fees on loans
   $ 161,188     $ 173,400     $ 134,653       $ 484,462     $ 378,418  
Interest on investment securities
     36,261       37,791       42,722         111,182       130,862  
Interest on federal funds sold and securities purchased under agreements to resell
     1,801       5,079       1,195         8,503       2,943  
 
                                
Total interest income
     199,250       216,270       178,570         604,147       512,223  
 
                                
 
                                          
INTEREST EXPENSE
                                          
Interest on deposits:
                                          
Savings, interest checking and money market
     23,002       26,301       14,461         68,910       37,110  
Time open and C.D.’s of less than $100,000
     19,448       23,238       13,351         59,417       35,794  
Time open and C.D.’s of $100,000 and over
     13,906       15,706       7,409         42,799       21,734  
Interest on other borrowings
     16,415       22,272       17,517         54,054       42,889  
 
                                
Total interest expense
     72,771       87,517       52,738         225,180       137,527  
 
                                
Net interest income
     126,479       128,753       125,832         378,967       374,696  
Provision for loan losses
     5,672       7,575       8,934         17,679       16,805  
 
                                
Net interest income after provision for loan losses
     120,807       121,178       116,898         361,288       357,891  
 
                                
 
                                          
NON-INTEREST INCOME
                                          
Deposit account charges and other fees
     28,910       29,723       31,117         86,130       82,894  
Bank card transaction fees
     23,558       24,187       21,981         69,453       62,783  
Trust fees
     17,992       17,805       17,353         53,616       50,787  
Trading account profits and commissions
     2,010       1,639       2,335         6,214       7,399  
Consumer brokerage services
     2,771       2,476       2,440         7,636       7,603  
Loan fees and sales
     2,745       1,956       2,397         8,444       10,642  
Investment securities gains, net
     3,284       3,324       289         9,011       5,273  
Other
     10,193       9,546       8,983         31,063       25,185  
 
                                
Total non-interest income
     91,463       90,656       86,895         271,567       252,566  
 
                                
 
                                          
NON-INTEREST EXPENSE
                                          
Salaries and employee benefits
     71,239       72,169       66,682         215,133       204,447  
Net occupancy
     10,230       11,009       10,277         32,216       29,582  
Equipment
     6,071       7,109       5,838         19,129       17,230  
Supplies and communication
     7,872       8,073       8,458         24,338       24,928  
Data processing and software
     12,631       12,904       12,108         37,928       35,632  
Marketing
     4,657       4,397       4,486         13,372       13,035  
Other
     16,850       16,643       14,538         49,699       44,467  
 
                                
Total non-interest expense
     129,550       132,304       122,387         391,815       369,321  
 
                                
Income before income taxes
     82,720       79,530       81,406         241,040       241,136  
Less income taxes
     27,387       24,982       18,615         78,215       74,131  
 
                                
NET INCOME
   $ 55,333     $ 54,548     $ 62,791       $ 162,825     $ 167,005  
 
                                
 
                                          
Net income per share — basic
   $ 0.83     $ 0.82     $ 0.90       $ 2.44     $ 2.38  
 
                                
Net income per share — diluted
   $ 0.82     $ 0.81     $ 0.89       $ 2.41     $ 2.35  
 
                                
Cash dividends per common share
   $ 0.245     $ 0.245     $ 0.229       $ 0.735     $ 0.686  
 
                                

 

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                         
(Unaudited)   June 30     Sept. 30     Sept. 30  
(In thousands)   2006     2006     2005  
 
ASSETS
                        
Loans, net of unearned income
   $ 9,379,893     $ 9,833,190     $ 8,742,832  
Allowance for loan losses
     (128,446 )     (131,834 )     (129,306 )
 
                  
Net loans
     9,251,447       9,701,356       8,613,526  
 
                  
Investment securities:
                        
Available for sale
     3,337,477       3,533,073       4,024,992  
Trading
     17,001       7,770       6,019  
Non-marketable
     81,401       87,301       79,181  
 
                  
Total investment securities
     3,435,879       3,628,144       4,110,192  
 
                  
Federal funds sold and securities purchased under agreements to resell
     237,072       495,262       115,900  
Cash and due from banks
     662,790       479,963       481,176  
Land, buildings and equipment — net
     367,954       388,337       376,999  
Goodwill
     48,522       100,933       48,522  
Other intangible assets — net
     43       13,325       50  
Other assets
     269,690       344,292       201,712  
 
                  
Total assets
   $ 14,273,397     $ 15,151,612     $ 13,948,077  
 
                  
 
                        
LIABILITIES AND STOCKHOLDERS’ EQUITY
                        
Deposits:
                        
Non-interest bearing demand
   $ 1,326,787     $ 1,205,193     $ 1,281,470  
Savings, interest checking and money market
     6,439,068       6,704,679       6,457,502  
Time open and C.D.’s of less than $100,000
     2,028,700       2,286,426       1,771,156  
Time open and C.D.’s of $100,000 and over
     1,247,790       1,368,140       840,700  
 
                  
Total deposits
     11,042,345       11,564,438       10,350,828  
Federal funds purchased and securities sold under agreements to repurchase
     1,586,511       1,768,899       1,768,721  
Other borrowings
     144,919       166,372       370,729  
Other liabilities
     168,227       192,116       93,761  
 
                  
Total liabilities
     12,942,002       13,691,825       12,584,039  
 
                  
Stockholders’ equity:
                        
Preferred stock
     —       —       —  
Common stock
     347,049       347,049       347,049  
Capital surplus
     385,358       384,343       381,433  
Retained earnings
     768,608       806,551       822,434  
Treasury stock
     (152,189 )     (84,616 )     (192,924 )
Accumulated other comprehensive income (loss)
     (17,431 )     6,460       6,046  
 
                  
Total stockholders’ equity
     1,331,395       1,459,787       1,364,038  
 
                  
Total liabilities and stockholders’ equity
   $ 14,273,397     $ 15,151,612     $ 13,948,077  
 
                  

 

 

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE BALANCES
                                           
    For the Three Months Ended       For the Nine Months Ended  
(Unaudited)   June 30     Sept. 30     Sept. 30       Sept. 30     Sept. 30  
(Dollars in thousands)   2006     2006     2005       2006     2005  
       
Loans:
                                          
Business
   $ 2,694,246     $ 2,709,096     $ 2,356,938       $ 2,649,218     $ 2,303,147  
Real estate — construction
     508,127       582,542       518,638         511,236       480,207  
Real estate — business
     1,997,502       2,082,020       1,775,132         2,017,312       1,766,452  
Real estate — personal
     1,373,444       1,461,996       1,366,817         1,398,341       1,348,798  
Consumer
     1,333,105       1,373,127       1,267,466         1,331,847       1,228,911  
Home equity
     446,094       444,979       437,359         446,079       424,209  
Student
     285,540       278,960       321,283         307,857       368,168  
Credit card
     584,508       606,882       556,235         589,750       552,416  
Overdrafts
     11,836       13,548       14,973         15,142       14,302  
 
                                
Total loans
     9,234,402       9,553,150       8,614,841         9,266,782       8,486,610  
 
                                
Investment securities (excluding unrealized gains and losses):
                                          
Available for sale
     3,405,527       3,448,592       4,210,497         3,461,602       4,352,305  
Trading
     21,144       14,223       10,696         18,109       9,974  
Non-marketable
     86,658       86,230       80,613         85,640       77,825  
 
                                
Total investment securities
     3,513,329       3,549,045       4,301,806         3,565,351       4,440,104  
 
                                
Federal funds sold and securities purchased under agreements to resell
     142,651       378,404       126,930         221,802       119,171  
 
                                
Total interest earning assets
     12,890,382       13,480,599       13,043,577         13,053,935       13,045,885  
 
                                
Total assets
     13,800,313       14,431,791       13,986,905         13,982,110       14,026,873  
 
                                
 
                                          
Deposits:
                                          
Non-interest bearing deposits
     663,820       644,103       602,016         635,309       668,827  
Interest bearing deposits:
                                          
Savings
     396,959       393,732       404,019         391,556       408,308  
Interest checking
     193,506       164,082       159,958         174,368       199,037  
Money market
     6,472,684       6,514,270       6,599,088         6,494,043       6,561,766  
Time open & C.D.’s of less than $100,000
     1,973,722       2,155,446       1,752,749         2,004,486       1,716,942  
Time open & C.D.’s of $100,000 and over
     1,257,161       1,320,235       902,654         1,287,974       988,865  
 
                                
Total interest bearing deposits
     10,294,032       10,547,765       9,818,468         10,352,427       9,874,918  
 
                                
Total deposits
     10,957,852       11,191,868       10,420,484         10,987,736       10,543,745  
 
                                
Borrowings:
                                          
Federal funds purchased and securities sold under agreements to repurchase
     1,213,925       1,580,998       1,724,082         1,341,879       1,620,341  
Other borrowings
     205,472       163,152       370,961         209,378       379,860  
 
                                
Total borrowings
     1,419,397       1,744,150       2,095,043         1,551,257       2,000,201  
 
                                
 
                                          
Total interest bearing liabilities
     11,713,429       12,291,915       11,913,511         11,903,684       11,875,119  
Total stockholders’ equity
     1,337,423       1,383,584       1,374,711         1,350,642       1,388,105  
 
                                          
Net yield on interest earning assets (tax-equivalent basis)
     3.98 %     3.84 %     3.86 %       3.93 %     3.86 %