EX-99.1 2 c19385exv99w1.htm PRESS RELEASE exv99w1
 

Exhibit 99.1
FOR IMMEDIATE RELEASE:
Tuesday, October 16, 2007
COMMERCE BANCSHARES, INC. REPORTS THIRD QUARTER
EARNINGS PER SHARE OF $.81
     Commerce Bancshares, Inc. announced earnings of $.81 per share for the three months ended September 30, 2007, an increase of 5.2% compared to $.77 per share in the third quarter of 2006. Net income for the third quarter amounted to $55.9 million compared to $54.5 million in the same period last year. The return on average assets for the three months ended September 30, 2007 was 1.43%, the return on average equity was 15.1% and the efficiency ratio was 59.8%.
     For the nine months ended September 30, 2007, earnings per share totaled $2.33 compared to $2.29 reported for the first nine months of last year. Net income amounted to $163.0 million in 2007 compared to $162.8 million in 2006. For the nine months of 2007, the return on average assets was 1.42%, and the return on average equity was 14.9%.
     In making this announcement, David W. Kemper, Chairman and CEO, said, “We are pleased to report 5% growth in earnings per share and 9% growth in revenue per share compared to the same period last year. Earnings this quarter were driven by a relatively stable net interest margin, continued loan growth and solid results from our fee businesses, especially trust and bankcard which grew 11% and 9%, respectively. Non-interest expense continues to remain well controlled this year. Average loans increased 11% over the same period last year, driven by commercial and consumer loan growth.”
     Mr. Kemper continued, “Despite weakness in the residential real estate sector, overall economic activity in our markets has led to continued loan growth. Asset quality has remained good with year-to-date net loan charge-offs totaling just .38% of average loans. Total non-accrual loans and foreclosed real estate increased $7.1 million from last quarter to $41.4 million as of September 30, 2007. Our allowance for loan losses totaled $133.6 million, or 1.28% of outstanding loans, which represents 515% of total non-accrual loans.”
     Total assets at September 30, 2007 were $16.0 billion, total loans were $10.8 billion, and total deposits were $12.0 billion. On July 1, 2007, the Company completed its acquisition of Commerce Bank, Denver, Colorado with loans of $75 million and deposits of $72 million. Also during the quarter, the Company purchased approximately 650 thousand shares of its common stock through its treasury stock buyback plan.
(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, Kansas, Oklahoma and Colorado. 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)   6/30/07   9/30/07   9/30/06
Non-Accrual Loans
   $ 33,159     $ 25,962     $ 18,845  
Foreclosed Real Estate
   $ 1,084     $ 15,408     $ 1,379  
Total Non-Performing Assets
   $ 34,243     $ 41,370     $ 20,224  
Non-Performing Assets to Loans
     .33 %     .40 %     .21 %
Non-Performing Assets to Total Assets
     .22 %     .26 %     .13 %
 
                        
Loans 90 Days & Over Past Due – Still Accruing
   $ 21,087     $ 19,227     $ 16,251  

 

 

COMMERCE BANCSHARES, INC.
Management Discussion of Third Quarter Results
September 30, 2007
For the quarter ended September 30, 2007, net income amounted to $55.9 million, an increase of $1.4 million over the same quarter last year and an increase of $324 thousand over the previous quarter. For the current quarter, the return on average assets was 1.4%, the return on average equity was 15.1%, and the efficiency ratio was 59.8%.
Balance Sheet Review
During the 3rd quarter of 2007, average loans, excluding held for sale loans, increased $157.8 million, or 1.6%, compared to the previous quarter, and represented annualized growth of 6.4%. Also, these average loans increased $1.0 billion, or 11.3%, during the 3rd quarter of 2007 compared to the 3rd quarter of 2006. With the acquisition of Commerce Bank, Denver, Colorado, which occurred on July 1, 2007, the Company added loans with a quarterly average balance of $77.8 million, comprised mainly of business, business real estate and construction loans. Overall during the quarter, the increase in average loans compared with the previous quarter consisted mainly of growth in construction ($47.3 million), personal real estate ($23.8 million), consumer ($87.0 million) and consumer credit card ($24.3 million) loans. Business loans grew significantly in September 2007 primarily due to increased seasonal borrowings of approximately $132 million from several large grain dealers, which mainly affected period end numbers. When compared with the same quarter last year, and excluding the effects of completed bank acquisitions, average loans grew by 7.5%.
Available for sale investment securities (excluding fair value adjustments) increased on average by $65.3 million, or 2.1%, this quarter compared with the previous quarter. During the current quarter, sales, maturities and principal paydowns of securities totaled $242 million, while the Company reinvested $522 million in federal agency, mortgage-backed and other asset-backed securities.
Total average deposits decreased by $18.0 million during the 3rd quarter of 2007 compared to the previous quarter, and included $97.3 million of deposits acquired in the Commerce Bank, Denver, transaction mentioned above. Compared to the 3rd quarter of 2006, average deposits grew by $761.5 million, or 6.8%, which included $391.8 million in deposits related to four bank acquisitions completed in the last 14 months, including the deposits acquired from Commerce Bank, Denver. Exclusive of these acquisitions, deposits grew by 3.4%, or $369.7 million. Compared to the previous quarter, average deposits decreased mainly due to a decline of $100.1 million in certain short-term jumbo certificates of deposit, as the Company further diversified its funding to other sources. The average loans to deposits ratio in the current quarter was 88.7%, compared to 87.7% in the previous quarter.
Average borrowings increased $227.1 million in the current quarter compared to the prior quarter, mainly due to increases in funding from federal funds ($104.8 million), repurchase agreements ($51.8 million), and Federal Home Loan Bank advances ($71.0 million).
Net Interest Income
Net interest income in the 3rd quarter of 2007 amounted to $135.3 million, an increase of $1.4 million, or 1.0%, compared with the previous quarter and an increase of $6.5 million, or 5.1%, compared to the 3rd quarter of last year. During the 3rd quarter of 2007, the net yield on earning assets (tax-equivalent) was 3.77%, compared with 3.82% in the previous quarter and 3.84% in the same period last year.
The increase of $1.4 million in net interest income in the 3rd quarter of 2007 over the previous quarter was primarily the result of an increase in average loan balances and higher overall earnings from investment securities, offset by higher rates paid on deposits and an increase in average overnight borrowings. Interest income on loans grew by $5.1 million this quarter mainly due to higher average balances and rates on consumer and construction loans. The $1.6 million increase in interest income on investment securities resulted mainly from higher balances and rates earned on mortgage-backed and other asset-backed investment securities. Interest expense on deposits grew $1.5 million in the 3rd quarter of 2007 compared with the previous quarter as a result of higher rates paid on various money market deposit products, coupled with higher average balances on premium money market accounts. Interest expense on other borrowings increased $2.6 million, due to higher average balances of federal funds, repurchase agreements, and Federal Home Loan Bank advances.
During the current quarter, the overall tax equivalent yield on interest earning assets remained flat with the previous quarter, while the overall cost of interest bearing liabilities increased just 4 basis points to 3.08%.
Non-Interest Income
For the 3rd quarter of 2007, total non-interest income amounted to $95.1 million, an increase of 8.9% compared to $87.3 million in the same period last year, and an increase of 1.1% compared to $94.1 million recorded in the previous quarter. The increase in non-interest income over the 3rd quarter of last year resulted mainly from double digit growth in trust, brokerage, bond trading, and corporate cash management fee income. Bank card fees for the quarter increased 9.2% over the 3rd quarter of last year, primarily due to higher fees earned on debit and corporate card transactions, which grew by 9.9% and 34.9%, respectively. Merchant fees, included in bank card revenues, decreased 8.8%, mainly due to the loss of a large merchant customer at the end of last year. Credit card fees increased 4.5%. Trust fees for the quarter increased 11.3% over the same quarter last year due to

 

 

COMMERCE BANCSHARES, INC.
Management Discussion of Third Quarter Results
September 30, 2007
growth in personal and corporate trust fees. Deposit account fees grew 1.4% this quarter over the same period last year, as a result of flat overdraft fee income coupled with a 10.0% increase in corporate cash management fees, which increased as a result of new customer acquisitions. Brokerage fees continued to grow this quarter and were up 23.4% over last year.
During the current quarter, gains on sales of student loans totaled $1.9 million compared with $1.6 million in the previous quarter. Approximately $54.4 million of student loans were sold this quarter. The ratio of non-interest income to total revenue was 41.3% in the 3rd quarter of 2007.
Investment Securities Gains and Losses
Net securities gains amounted to $1.6 million in the 3rd quarter of 2007, compared to net gains of $3.3 million in the same quarter last year and net losses of $493 thousand in the previous quarter. The net gain in the current quarter included net gains of $671 thousand on sales of certain equity securities owned by the parent company coupled with a net gain of $883 thousand due to fair value adjustments on various private equity investments.
Non-Interest Expense
Non-interest expense for the current quarter amounted to $139.1 million, an increase of $6.8 million, or 5.1%, compared with amounts recorded in the same period last year, and was $2.7 million or 2.0% higher than amounts recorded in the prior quarter. Excluding the effects of the bank acquisitions mentioned above, non-interest expense in the current quarter grew by 2.7% over the same period last year. Compared to the 3rd quarter of last year, salaries and benefits expense increased $5.1 million, or 7.1%, mainly as a result of normal merit increases and the effects of the bank acquisitions, which increased salaries and benefits by approximately $1.5 million. Full-time equivalent employees totaled 5,077 and 4,900 at September 30, 2007 and 2006, respectively.
Compared with the 3rd quarter of last year, occupancy and supplies and communication costs increased 5.1% and 5.9%, respectively, for a total increase of $1.0 million, while amortization of intangible assets (included in other expense) grew by $1.2 million. Much of these increases were due to the recent bank acquisitions. Data processing and equipment costs, however, declined by a total of $1.8 million reflecting lower software, depreciation, and equipment moving expense associated with the relocation of a check processing function in the third quarter of 2006.
Income Taxes
The effective tax rate for the Company was 31.3% for the current quarter, compared with 32.2% in the previous quarter and 31.4% in the 3rd quarter of 2006.
Credit Quality
Net loan charge-offs for the 3rd quarter of 2007 amounted to $11.5 million, compared with $9.1 million in the prior quarter and $7.9 million in the 3rd quarter of last year. The increase in net charge-offs in the 3rd quarter of 2007 compared to the previous quarter was the result of higher business, personal banking and business real estate loan charge-offs, offset by lower consumer credit card loan charge-offs. Year-to-date, the ratio of net loan charge-offs to total average loans was .38% compared to .27% last year.
For the 3rd quarter of 2007, annualized net charge-offs on average consumer credit card loans were 3.15%, compared with 3.69% in the previous quarter and 3.00% in the same period last year. Additionally, personal banking loan net charge-offs for the quarter amounted to .47% of average personal banking loans, compared to .37% in the previous quarter and .42% in the same period last year. The provision for loan losses for the quarter totaled $11.5 million, and was $2.4 million higher than the previous quarter and $3.9 million higher than the 3rd quarter of 2006. The allowance for loan losses at September 30, 2007 amounted to $133.6 million, or 1.28% of total loans, excluding held for sale loans.
Total non-performing assets amounted to $41.4 million, an increase of $7.1 million over the previous quarter, and represented .40% of loans outstanding. This increase was mainly the result of placing one business loan of $5.5 million on non-accrual status after recording a loan charge-off of $1.4 million. The loan is secured by agricultural equipment and real estate which are in the process of being sold. Also, the Company foreclosed on a non-accrual loan totaling $11.8 million secured by undeveloped land and residential lots, which has been recorded in foreclosed real estate, pending sale of the property. Non-performing assets are comprised of non-accrual loans ($26.0 million) and foreclosed real estate ($15.4 million). Loans past due more than 90 days and still accruing interest totaled $19.2 million at September 30, 2007.
Other
The Company maintains a treasury stock buyback program. During the current quarter, the Company purchased 650 thousand shares of treasury stock at an average cost of $45.49 per share. Effective July 1, 2007, the Company completed its purchase of Commerce Bank, Denver, Colorado, which has one location and loans and deposits of $74.5 million and $72.2 million, respectively.
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
(Unaudited)   June 30   Sept. 30   Sept. 30     Sept. 30   Sept. 30
    2007   2007   2006     2007   2006
       
FINANCIAL SUMMARY (In thousands, except per share data)                          
Net interest income
   $ 133,864     $ 135,262     $ 128,753       $ 400,605     $ 378,967  
Taxable equivalent net interest income
     136,139       137,357       130,621         407,190       383,718  
Non-interest income
     94,059       95,137       87,332         273,480       262,556  
Investment securities gains (losses), net
     (493 )     1,562       3,324         4,964       9,011  
Provision for loan losses
     9,054       11,455       7,575         28,670       17,679  
Non-interest expense
     136,349       139,093       132,304         411,861       391,815  
Net income
     55,574       55,898       54,548         162,968       162,825  
Cash dividends
     17,319       17,133       16,605         51,811       49,295  
Net total loan charge-offs
     9,052       11,456       7,875         28,669       17,980  
Net business charge-offs (recov)
     (11 )     1,853       125         2,546       (697 )
Net credit card charge-offs
     5,948       5,331       4,588         17,092       12,723  
Net personal banking charge-offs (1)
     1,823       2,449       1,924         6,237       4,019  
Net real estate charge-offs
     988       1,420       175         1,907       —  
Net overdraft charge-offs
     304       403       1,063         887       1,935  
Per share:
                                          
Net income — basic
   $ 0.80     $ 0.82     $ 0.78       $ 2.36     $ 2.32  
Net income — diluted
   $ 0.79     $ 0.81     $ 0.77       $ 2.33     $ 2.29  
Cash dividends
   $ 0.250     $ 0.250     $ 0.233       $ 0.750     $ 0.700  
Diluted wtd. average shares o/s
     70,067       69,245       70,961         69,930       71,037  
       
RATIOS
                                          
Average loans to deposits (2)
     87.73 %     88.67 %     85.36 %       88.06 %     84.34 %
Return on total average assets
     1.46 %     1.43 %     1.50 %       1.42 %     1.56 %
Return on total average stockholders’ equity
     15.12 %     15.10 %     15.64 %       14.88 %     16.12 %
Non-interest income to revenue (3)
     41.27 %     41.29 %     40.42 %       40.57 %     40.93 %
Efficiency ratio (4)
     59.43 %     59.81 %     61.16 %       60.64 %     61.05 %
       
AT PERIOD END
                                          
Book value per share based on total stockholders’ equity
   $ 21.12     $ 21.79     $ 20.55                    
Market value per share
   $ 45.30     $ 45.89     $ 48.16                    
Allowance for loan losses as a percentage of loans
     1.30 %     1.28 %     1.38 %                  
Tier I leverage ratio
     8.94 %     8.79 %     9.47 %                  
Common shares outstanding
     69,013,266       68,455,725       71,032,313                    
Shareholders of record
     4,685       4,623       4,721                    
Number of bank/ATM locations
     361       360       360                    
Number of bank charters
     3       3       3                    
Full-time equivalent employees
     5,051       5,077       4,900                    
                   
 
                                          
 
           Sept. 30   Sept. 30                  
OTHER YTD INFORMATION
             2007       2006                    
                   
High market value per share
           $ 50.77     $ 50.67                    
Low market value per share
           $ 43.28     $ 46.30                    
                   
 
(1)   Includes net charge-offs on consumer and home equity loans
 
(2)   Includes loans held for sale
 
(3)   Revenue includes net interest income and non-interest income.
 
(4)   The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of revenue.

 

 

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
                                           
(Unaudited)   For the Three Months Ended       For the Nine Months Ended  
(In thousands, except per share data)   June 30     Sept. 30     Sept. 30       Sept. 30     Sept. 30  
    2007     2007     2006       2007     2006  
       
INTEREST INCOME
                                          
Interest and fees on loans
   $ 183,736     $ 188,863     $ 167,921       $ 549,142     $ 468,206  
Interest and fees on loans held for sale
     6,185       5,049       5,479         17,314       16,256  
Interest on investment securities
     36,370       38,011       37,791         112,800       111,182  
Interest on federal funds sold and securities purchased under agreements to resell
     6,517       6,351       5,079         20,093       8,503  
 
                                
Total interest income
     232,808       238,274       216,270         699,349       604,147  
 
                                
 
                                          
INTEREST EXPENSE
                                          
Interest on deposits:
                                          
Savings, interest checking and money market
     29,812       31,173       26,301         88,622       68,910  
Time open and C.D.’s of less than $100,000
     27,671       28,541       23,238         82,777       59,417  
Time open and C.D.’s of $100,000 and over
     19,566       18,812       15,706         55,291       42,799  
Interest on other borrowings
     21,895       24,486       22,272         72,054       54,054  
 
                                
Total interest expense
     98,944       103,012       87,517         298,744       225,180  
 
                                
Net interest income
     133,864       135,262       128,753         400,605       378,967  
Provision for loan losses
     9,054       11,455       7,575         28,670       17,679  
 
                                
Net interest income after provision for loan losses
     124,810       123,807       121,178         371,935       361,288  
 
                                
 
                                          
NON-INTEREST INCOME
                                          
Deposit account charges and other fees
     30,081       30,148       29,723         86,740       86,130  
Bank card transaction fees
     25,855       26,409       24,187         75,347       69,453  
Trust fees
     19,972       19,823       17,805         58,448       53,616  
Trading account profits and commissions
     1,440       2,174       1,639         5,475       6,214  
Consumer brokerage services
     3,332       3,056       2,476         9,431       7,636  
Loan fees and sales
     2,712       2,919       1,956         6,916       8,444  
Other
     10,667       10,608       9,546         31,123       31,063  
 
                                
Total non-interest income
     94,059       95,137       87,332         273,480       262,556  
 
                                
 
                                          
INVESTMENT SECURITIES GAINS, NET
     (493 )     1,562       3,324         4,964       9,011  
 
                                
 
                                          
NON-INTEREST EXPENSE
                                          
Salaries and employee benefits
     76,123       77,312       72,169         230,335       215,133  
Net occupancy
     10,843       11,572       11,009         34,205       32,216  
Equipment
     5,681       5,761       7,109         17,875       19,129  
Supplies and communication
     8,586       8,546       8,073         25,638       24,338  
Data processing and software
     12,149       12,407       12,904         35,787       37,928  
Marketing
     4,859       4,775       4,397         13,952       13,372  
Other
     18,108       18,720       16,643         54,069       49,699  
 
                                
Total non-interest expense
     136,349       139,093       132,304         411,861       391,815  
 
                                
Income before income taxes
     82,027       81,413       79,530         238,518       241,040  
Less income taxes
     26,453       25,515       24,982         75,550       78,215  
 
                                
NET INCOME
   $ 55,574     $ 55,898     $ 54,548       $ 162,968     $ 162,825  
 
                                
 
                                          
Net income per share — basic
   $ 0.80     $ 0.82     $ 0.78       $ 2.36     $ 2.32  
 
                                
Net income per share — diluted
   $ 0.79     $ 0.81     $ 0.77       $ 2.33     $ 2.29  
 
                                
Cash dividends per common share
   $ 0.250     $ 0.250     $ 0.233       $ 0.750     $ 0.700  

 

 

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                         
(Unaudited)   June 30     Sept. 30     Sept. 30  
(In thousands)   2007     2007     2006  
 
ASSETS
                        
Loans
   $ 10,225,921     $ 10,451,029     $ 9,532,158  
Allowance for loan losses
     (132,960 )     (133,588 )     (131,834 )
 
                  
Net loans
     10,092,961       10,317,441       9,400,324  
 
                  
Loans held for sale
     258,563       303,658       301,032  
Investment securities:
                        
Available for sale
     3,129,310       3,411,804       3,533,073  
Trading
     19,600       17,189       7,770  
Non-marketable
     92,213       93,086       87,301  
 
                  
Total investment securities
     3,241,123       3,522,079       3,628,144  
 
                  
Federal funds sold and securities purchased under agreements to resell
     566,145       520,484       495,262  
Cash and due from banks
     497,909       543,626       479,963  
Land, buildings and equipment — net
     397,108       403,747       388,337  
Goodwill
     110,705       125,088       100,933  
Other intangible assets — net
     18,052       22,322       13,325  
Other assets
     336,805       265,864       344,292  
 
                  
Total assets
   $ 15,519,371     $ 16,024,309     $ 15,151,612  
 
                  
 
                        
LIABILITIES AND STOCKHOLDERS’ EQUITY
                        
Deposits:
                        
Non-interest bearing demand
   $ 1,271,730     $ 1,148,991     $ 1,205,193  
Savings, interest checking and money market
     6,910,086       6,971,076       6,704,679  
Time open and C.D.’s of less than $100,000
     2,363,580       2,398,877       2,286,426  
Time open and C.D.’s of $100,000 and over
     1,516,326       1,432,831       1,368,140  
 
                  
Total deposits
     12,061,722       11,951,775       11,564,438  
Federal funds purchased and securities sold under agreements to repurchase
     1,494,604       2,059,095       1,768,899  
Other borrowings
     346,137       345,749       166,372  
Other liabilities
     159,221       176,124       192,116  
 
                  
Total liabilities
     14,061,684       14,532,743       13,691,825  
 
                  
Stockholders’ equity:
                        
Preferred stock
     —       —       —  
Common stock
     352,330       352,330       347,049  
Capital surplus
     422,189       421,733       384,343  
Retained earnings
     756,014       794,779       806,551  
Treasury stock
     (65,904 )     (91,040 )     (84,616 )
Accumulated other comprehensive income (loss)
     (6,942 )     13,764       6,460  
 
                  
Total stockholders’ equity
     1,457,687       1,491,566       1,459,787  
 
                  
Total liabilities and stockholders’ equity
   $ 15,519,371     $ 16,024,309     $ 15,151,612  

 

 

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)   2007     2007     2006       2007     2006  
       
Loans:
                                          
Business
   $ 3,134,650     $ 3,103,903     $ 2,709,096       $ 3,075,994     $ 2,649,218  
Real estate — construction
     657,956       705,232       582,542         670,077       511,236  
Real estate — business
     2,224,877       2,220,136       2,082,020         2,197,714       2,017,312  
Real estate — personal
     1,514,445       1,538,279       1,450,491         1,514,058       1,389,964  
Consumer
     1,518,855       1,605,879       1,373,127         1,529,894       1,331,847  
Home equity
     438,471       446,208       444,979         440,030       446,079  
Credit card
     646,699       670,973       606,882         650,345       589,750  
Overdrafts
     11,311       14,468       13,548         12,701       15,142  
 
                                
Total loans
     10,147,264       10,305,078       9,262,685         10,090,813       8,950,548  
 
                                
Loans held for sale
     354,878       293,610       290,465         332,944       316,234  
Investment securities (excluding unrealized gains and losses):
                                          
Available for sale
     3,156,708       3,222,014       3,448,592         3,235,568       3,461,602  
Trading
     24,430       16,343       14,223         19,768       18,109  
Non-marketable
     90,018       98,177       86,230         88,645       85,640  
 
                                
Total investment securities
     3,271,156       3,336,534       3,549,045         3,343,981       3,565,351  
 
                                
Federal funds sold and securities purchased under agreements to resell
     503,526       511,834       378,404         523,747       221,802  
 
                                
Total interest earning assets
     14,276,824       14,447,056       13,480,599         14,291,485       13,053,935  
 
                                
Total assets
     15,315,984       15,529,022       14,431,791         15,340,914       13,982,110  
 
                                
 
                                          
Deposits:
                                          
Non-interest bearing deposits
     650,119       660,681       644,103         643,702       635,309  
Interest bearing deposits:
                                          
Savings
     406,313       392,317       393,732         398,660       391,556  
Interest checking
     193,278       211,469       164,082         190,180       174,368  
Money market
     6,812,831       6,814,225       6,514,270         6,781,490       6,494,043  
Time open & C.D.’s of less than $100,000
     2,347,311       2,389,019       2,155,446         2,348,467       2,004,486  
Time open & C.D.’s of $100,000 and over
     1,561,463       1,485,637       1,320,235         1,474,521       1,287,974  
 
                                
Total interest bearing deposits
     11,321,196       11,292,667       10,547,765         11,193,318       10,352,427  
 
                                
Total deposits
     11,971,315       11,953,348       11,191,868         11,837,020       10,987,736  
 
                                
Borrowings:
                                          
Federal funds purchased and securities sold under agreements to repurchase
     1,471,784       1,628,453       1,580,998         1,688,512       1,341,879  
Other borrowings
     275,618       346,076       163,152         225,125       209,378  
 
                                
Total borrowings
     1,747,402       1,974,529       1,744,150         1,913,637       1,551,257  
 
                                
 
                                          
Total interest bearing liabilities
     13,068,598       13,267,196       12,291,915         13,106,955       11,903,684  
Total stockholders’ equity
     1,473,999       1,468,600       1,383,584         1,464,118       1,350,642  
 
                                          
Net yield on interest earning assets (tax-equivalent basis)
     3.82 %     3.77 %     3.84 %       3.81 %     3.93 %