EX-99.1 3 g73894ex99-1.txt MEDIA RELEASE EXHIBIT 99.1 AREA BANCSHARES CORPORATION MEDIA RELEASE FOR IMMEDIATE RELEASE January 23, 2002 AREA BANCSHARES CORPORATION REPORTS RECORD FOURTH QUARTER AND ANNUAL CORE OPERATING EARNINGS Owensboro, Kentucky - January 23, 2002 - AREA Bancshares Corporation (NASDAQ:AREA) (www.areabancshares.com), Kentucky's largest bank holding company, reported for the year 2001 record annual and fourth quarter core operating earnings, net income less non-core items (securities gains and infrequent items). It was the second straight record year posted by the company. Core operating earnings for 2001 were $34.12 million compared to $30.57 million for 2000, an increase of $3.55 million, or 11.6%. Annual 2001 core diluted earnings per share were $1.41, an increase of $0.17, or 13.7%, over the $1.24 earned in 2000. The fourth quarter core earnings were $9.63 million, or $0.40 per diluted share, compared to $7.95 million, or $0.33 per diluted share, in 2000. These fourth quarter amounts reflect increases of $1.68 million, or 21.1%, and $0.07, or 21.2%, respectively over the fourth quarter of 2000. Cash-based core operating earnings, core operating earnings adjusted for amortization of intangibles, for the current year, which were at a record level, totaled $39.80 million, or $1.64 per diluted share, compared to $36.03 million and $1.46 per diluted share for 2000. These reflect an increase of $3.77 million, or 10.5%, over 2000 while the cash-based diluted earnings per share, also at a record level grew $0.18, or 12.3%. Cash-based core operating earnings for the fourth quarter of 2001 totaled $11.05 million, or $0.46 per diluted share, compared to $9.31 million, or $0.38 per diluted share for the fourth quarter of 2000. The increases were $1.74 million, or 18.7%, and $0.08, or 21.1%, respectively. Net income in 2001 included after-tax non-core items of $571 thousand, or $0.02 per diluted share. The main non-core item for 2001 was an after-tax gain of $732 thousand, or $0.03 per diluted share, on the sale of loan servicing. During 2000, AREA recorded after-tax net non-core items of $7.16 million or $0.29 per diluted share. For 2000, the most significant non-core items were after-tax security gains of $8.81 million and after-tax consolidation charges of $1.49 million. "Obviously, we are pleased to announce these results for both the fourth quarter and full year of 2001," said John A. Ray, Executive Vice President and Chief Operating Officer. "These record core earnings were driven by strong core revenue growth, an improved net interest margin and good credit quality." During the quarter, on November 8, 2001, BB&T Corporation (NYSE: BBT) of Winston-Salem, N.C., announced the acquisition of AREA in a $450.6 million stock swap. The exchange will be fixed at 0.55 of a share of BB&T Corporation stock for each AREA share. The transaction is expected to close in the first six months of 2002 subject to approval by AREA shareholders. "With AREA joining one of the elite banking organizations in the country," Ray said, "our tradition of outstanding customer service will only be enhanced. BB&T shares our commitment to customers and also believes that local bankers can best serve their customers." (MORE) 1 ABC Release Page 2 of 7 AREA operates throughout Kentucky in 31 cities with 71 banking centers and 97 automatic teller machines. Through its subsidiaries, AREA offers a broad range of Bank-related services, including trust and brokerage services. Net income during the fourth quarter of 2001 was $9.60 million, an increase of $1.85 million, or 23.9%, from $7.75 million earned in the fourth quarter of 2000. Diluted earnings per share increased $0.08, or 25.0%, to $0.40 from $0.32 earned in the fourth of 2000. Net income during 2001 was $34.69 million compared to $37.73 million earned during 2000. Net income for the current year was $3.04 million, or 8.1%, below the year of 2000. On a diluted share basis, net income for 2001 declined $0.10, or 6.5%, to $1.43 from $1.53 in 2000. The decrease in net income was largely the result of a reduction in after-tax gains on the sales of securities which totaled $8.81 million, or $0.36 per diluted share. Net income in the fourth quarter of 2001 included after-tax non-core items of $33 thousand. The fourth quarter of 2000 had after-tax security losses of $193 thousand. NET INTEREST INCOME Net interest income, on a tax equivalent basis, was $30.86 million during the current quarter, compared to $28.76 million during the fourth quarter of 2000. The increase was $2.1 million, or 7.3%. Average earning assets for the current quarter increased over the fourth quarter of 2000 by $237.40 million, or 9.4%, primarily driven by increases in the investment portfolio as a result of the $200 million leveraging transaction entered into during July 2001. Net interest margin during the fourth quarter of 2001 was 4.45%, compared to 4.55% during the same period in 2000. The decrease of 10 basis points (a basis point is equal to one hundredth of a percent) in the margin during the current quarter compared to the same period in 2000 was primarily the result of a compression of the spread caused by falling rates and the expected lower spread from the leveraging transaction. For the year, tax equivalent net interest income was $119.08 million, an increase of $7.36 million, or 6.6% from 2000, which totaled $111.72 million. This increase is largely the result of an increase in the margin and growth in earning assets. Earning assets averaged $2.62 billion during 2001 compared to $2.50 billion in 2000. The growth in earning assets was primarily the result of an increase in the investment portfolio as a result of the $200 million leveraging transaction. The net interest margin during 2001 totaled 4.54%, compared to 4.46% during 2000. PROVISION FOR LOAN LOSSES AND NONPERFORMING ASSETS The provision for loan losses in the fourth quarter was $900 thousand compared to $1.30 million in the same period of 2000 and $3.60 million for the full year of 2001 compared to $2.52 million during 2000. The increase in the provision for loan losses during the current year compared to 2000 was due mainly to growth in the loan portfolio, an increase in nonperforming loans and a related increase in net charge-offs. Net charge-offs in the fourth quarter of 2001 were $1.26 million compared to $1.38 million in the same period of 2000 and $4.94 million in 2001 compared to $2.27 million in 2000. Net charge-offs as a percent of average loans declined to 0.26% (annualized) in the fourth quarter of 2001 compared to 0.28% (annualized) in the final quarter of 2000 and totaled 0.25% during 2001 versus 0.12% during 2000. The ratio of charge-offs to average loans for the year 2001 was significantly impacted by charge-offs involving two unrelated borrowers, in different markets and in different types of businesses. Without these two charge-offs the ratio continues to be in line with AREA's historic performance of being below the industry average. At December 31, 2001, nonperforming assets (which includes nonaccrual loans, loans past due 90 days or more and still accruing, and OREO) totaled $9.66 million compared to $7.76 million on December 31, 2000. Nonperforming assets, as a percentage of period-end assets, were 0.32% at December 31, 2001, compared to 0.28% at December 31, 2000. The increase in nonperforming assets from December 31, 2000, was largely related to one loan with a total balance of $3.67 million collateralized by real estate with an appraised value of $4.00 million. (MORE) 2 ABC Release Page 3 of 7 NONINTEREST INCOME Noninterest income totaled $8.92 million during the three-month period ended December 31, 2001. This amount represents an increase of $1.62 million, or 22.2% when compared to the fourth quarter of 2000 which totaled $7.30 million. Excluding infrequently occurring items, noninterest income increased $1.1 million, or 14.4%, from $7.62 million in the fourth quarter of 2000. Compared to the fourth quarter of 2000, commissions and fees on fiduciary activities improved $15 thousand, or 1.0%, to $1.54 million; service charges on deposits plus commissions and fees grew $325 thousand, or 6.2%, to $5.56 million due largely to an increase in service charges on deposits which was the result of the alignment and redesign of products and features following the consolidation of charters in late 2000; and gains on the sales of loans increased $64 thousand, or 11.7%, to $609 thousand from $545 thousand as a result of a more active refinancing market caused by declining interest rates and the acquisition in July 2001 of Associates Mortgage. Noninterest income, before infrequently occurring items, was $32.01 million in the year 2001 compared to $29.67 million in 2000, an increase of $2.34 million, or 7.9%, over 2000. Significant growth occurred in commissions and fees on fiduciary activities, service charges on deposits plus commissions and fees, and gains on the sales of loans. NONINTEREST EXPENSE Noninterest expense totaled $23.64 million during the current quarter compared to $22.26 million in the fourth quarter of 2000. The increase was $1.38 million, or 6.2%. Salaries and benefits increased $854 thousand, or 8.7%, to $10.70 million primarily as a result of normal salary increases and positions added as a result of the acquisition of Associates Mortgage; occupancy and equipment expenses declined $475 thousand, or 12.6%, primarily as a result of a decrease in depreciation expense caused by various equipment becoming fully depreciated; data processing expenses increased $169 thousand, or 15.7%, to $1.25 million largely as a result of an increase in credit card processing fees; and other noninterest expenses grew $827 thousand, or 10.9% to $8.40 million as a result of increases in marketing, insurance, and state taxes. In 2001, noninterest expense, before infrequently occurring items, increased $3.61 million, or 4.0%, to $93.23 million from $89.62 million in 2000. Increases in salaries and benefits, occupancy and equipment expenses, marketing and customer relations, and insurance and taxes were partially offset by decreases in data processing and professional fees. INCOME TAXES Income tax expense was $4.06 million in the fourth quarter compared to $3.54 million in the same quarter of 2000. The effective tax rate was 29.7% in the fourth quarter compared to 31.3% in the fourth quarter of 2000. For the year 2001, the effective tax rate was 30.25% compared to 33.7% in 2000. The decrease in the effective income tax rate during 2001 compared to 2000 was primarily attributable to a decrease in state income taxes on security gains. GOODWILL AND AMORTIZATION OF GOODWILL In July 2001, the FASB issued SFAS No. 142, Goodwill and Other Intangible Assets. SFAS No. 142 requires that goodwill and intangible assets with indefinite lives no longer be amortized, but instead tested for impairment at least annually in accordance with the provisions of SFAS No. 142. SFAS No. 142 will be effective January 1, 2002. As of December 31, 2001, AREA had recorded $49.33 million of goodwill as a result of accounting for some of its prior acquisitions using the purchase method of accounting and $7.87 million of other unamortized intangible assets. After-tax amortization of goodwill for 2001 was $4.03 million or $0.17 per diluted share. On a quarterly basis beginning in the first quarter of 2002, management currently expects the reduction in after-tax goodwill amortization to be approximately $1.01 million or $0.04 per diluted share. (MORE) 3 ABC Release Page 4 of 7 BALANCE SHEET ANALYSIS Assets totaled $2.99 billion on December 31, 2001 compared to $2.77 billion on December 31, 2000. The increase from December 31, 2000 was largely the result of an increase in investments added as a result of a leveraging transaction entered into on July 18, 2001. The leveraging transaction was entered into for the purpose of enhancing earnings through better utilization of current capital levels. The leveraging was achieved by borrowing approximately $200 million from the Federal Home Loan Bank and investing the funds primarily in fixed-rate mortgage-backed securities issued by government sponsored enterprises. LOANS Loans increased $34.67 million, or 1.8%, to $1.97 billion from December 31, 2000 to December 31, 2001. Year-over-year loan growth was impacted by several large commercial loan pay-offs, the reduction of consumer loans caused primarily by the decision to terminate state-wide indirect lending in 2000 and the impact of heavy refinancing of real estate loans. DEPOSITS As of December 31, 2001, deposits totaled $2.14 billion compared to $2.15 billion on December 31, 2000. Since December 31, 2000, noninterest-bearing demand accounts and savings accounts have decreased as customers moved balances to interest-bearing demand accounts. SHAREHOLDERS' EQUITY Total shareholders' equity was $312.27 million on December 31, 2001, compared to $286.64 million on December 31, 2000. This increase was the result of strong earnings, partially offset by dividend payments and share buybacks. The ratio of shareholders' equity-to-assets was 10.45% at December 31, 2001, compared to 10.35% on December 31, 2000. During 2001, AREA repurchased 420,000 shares of its common stock at an average price of $17.01. STATEMENT REGARDING FORWARD LOOKING INFORMATION This release contains forward-looking statements including statements relating to present or future trends or factors generally affecting the banking industry and specifically affecting AREA's operations, markets and products. Without limiting the foregoing, the words "believes," "anticipates," "intends," "expects" or similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected for many reasons, including, without limitation, changing events and trends that have influenced AREA's assumptions, but that are beyond AREA's control. Additional information and other factors that could affect future financial results are included in AREA's filings with the Securities and Exchange Commission. (MORE) 4 ABC Release Page 5 of 7 The following statistical summary is provided as supplemental information:
QUARTER ENDED --------------------------------------------------------------------- (Amounts in thousands except DEC. 31 SEPT. 30 JUNE 30 MARCH 31 DEC. 31 per share data and percentages) 2001 2001 2001 2001 2000 (Unaudited) HIGHLIGHTS INCOME STATEMENTS Income before cumulative effect of change in accounting principle $ 9,599 $ 9,462 $ 8,141 $ 7,256 $ 7,754 Cumulative effect of change in accounting principle, net of taxes -- -- -- 230 -- Net income 9,599 9,462 8,141 7,486 7,754 Non-core items, net of taxes (details below) 33 (604) 3 (3) 193 Core operating earnings 9,632 8,858 8,144 7,483 7,947 Goodwill amortization, net of taxes 1,008 1,008 1,009 1,009 966 Other intangible amortization, net of taxes 413 413 413 413 399 Cash-based core operating earnings 11,053 10,279 9,566 8,905 9,312 PER COMMON SHARE DATA Diluted-income before cumulative effect of change in accounting principle 0.40 0.39 0.33 0.30 0.32 -cumulative effect of change in accounting principle, net of taxes -- -- -- 0.01 -- Diluted-net income 0.40 0.39 0.33 0.31 0.32 Diluted-core operating earnings 0.40 0.36 0.33 0.31 0.33 Diluted-cash-based core operating earnings 0.46 0.42 0.39 0.37 0.38 Cash dividends 0.055 0.045 0.045 0.045 0.045 Book value 13.05 12.85 12.42 12.17 11.79 Stock price at period-end 19.47 17.00 16.50 15.94 16.50 BALANCE SHEET AT PERIOD-END Loans 1,970,619 1,957,142 1,929,370 1,915,343 1,935,946 Total assets 2,988,746 2,945,953 2,713,639 2,734,585 2,768,470 Deposits 2,141,519 2,090,672 2,102,143 2,169,637 2,149,349 Shareholders' equity 312,274 307,198 302,071 295,842 286,639 FINANCIAL RATIOS(1) Return on average assets: Net income 1.29% 1.31% 1.20% 1.11% 1.13% Core operating earnings 1.30% 1.22% 1.20% 1.11% 1.16% Cash-based core operating earnings 1.52% 1.45% 1.44% 1.35% 1.39% Return on average equity: Net income 12.29% 12.28% 10.93% 10.47% 11.06% Core operating earnings 12.33% 11.49% 10.93% 10.47% 11.34% Cash-based core operating earnings 17.41% 16.58% 16.15% 15.91% 17.33% Net interest margin 4.45% 4.51% 4.64% 4.58% 4.55% Annualized net charge-offs/average loans 0.26% 0.36% 0.12% 0.29% 0.28% YEAR ENDED ------------------------ DEC. 31 DEC. 31 2001 2000 Income before cumulative effect of change in accounting principle $ 34,458 $ 37,733 Cumulative effect of change in accounting principle, net of taxes 230 -- Net income 34,688 37,733 Non-core items, net of taxes (details below) (571) 7,162 Core operating earnings 34,117 30,571 Goodwill amortization, net of taxes 4,034 3,922 Other intangible amortization, net of taxes 1,652 1,536 Cash-based core operating earnings 39,803 36,029 PER COMMON SHARE DATA Diluted-income before cumulative effect of change in accounting principle 1.42 1.53 -cumulative effect of change in accounting principle, net of taxes 0.01 -- Diluted-net income 1.43 1.53 Diluted-core operating earnings 1.41 1.24 Diluted-cash-based core operating earnings 1.64 1.46 Cash dividends 0.19 0.162 Book value 13.05 11.79 Stock price at period-end 19.47 16.50 BALANCE SHEET AT PERIOD-END Loans 1,970,619 1,935,946 Total assets 2,988,746 2,768,470 Deposits 2,141,519 2,149,349 Shareholders' equity 312,274 286,639 FINANCIAL RATIOS(1) Return on average assets: Net income 1.23% 1.39% Core operating earnings 1.21% 1.13% Cash-based core operating earnings 1.44% 1.36% Return on average equity: Net income 11.52% 13.67% Core operating earnings 11.33% 11.08% Cash-based core operating earnings 16.54% 16.76% Net interest margin 4.54% 4.46% Annualized net charge-offs/average loans 0.25% 0.12%
(1) Annualized percentages (MORE) 5 ABC Release Page 6 of 7
QUARTER ENDED --------------------------------------------------------------------- (Amounts in thousands except DEC. 31 SEPT. 30 JUNE 30 MARCH 31 DEC. 31 per share data and percentages) 2001 2001 2001 2001 2000 (Unaudited) FINANCIAL STATISTICAL SUMMARY Income Statement Interest income $ 48,283 $ 50,639 $ 50,607 $ 52,413 $ 54,326 Tax equivalent adjustment 1,574 1,499 1,364 1,319 1,203 Interest expense 18,999 21,682 22,680 25,255 26,769 Net interest income (tax equivalent) 30,858 30,456 29,291 28,477 28,760 Provision for loan losses 900 900 900 900 900 Noninterest income: Commissions & fees-fiduciary activities 1,539 1,565 1,540 1,582 1,524 Service charges, commissions & fees 5,561 5,606 5,618 5,277 5,236 Securities gains (losses), net -- 3 (4) 4 (325) Other noninterest income 1,817 1,960 520 563 860 Total noninterest income 8,917 9,134 7,674 7,426 7,295 Noninterest expenses: Salaries and employee benefits 10,697 11,035 9,980 10,501 9,843 Occupancy and equipment expenses 3,298 3,415 3,529 3,495 3,773 Data processing expenses 1,247 1,100 1,071 1,106 1,078 Other noninterest expenses 8,396 8,002 8,430 8,173 7,569 Total noninterest expenses 23,638 23,552 23,010 23,275 22,263 Income before income taxes and cumulative effect of change in accounting principle 15,237 15,138 13,055 11,728 12,493 Income tax expense 4,064 4,177 3,550 3,153 3,536 Tax equivalent adjustment 1,574 1,499 1,364 1,319 1,203 Income before cumulative effect of change in accounting principle 9,599 9,462 8,141 7,256 7,754 Cumulative effect of change in accounting principle, net of taxes -- -- -- 230 -- Net income 9,599 9,462 8,141 7,486 7,754 Net interest margin-tax equivalent(1) 4.45% 4.51% 4.64% 4.58% 4.55% Efficiency ratio 59.43% 59.49% 62.25% 64.83% 61.75% Efficiency ratio-core 59.42% 60.94% 62.25% 64.83% 61.20% NON-CORE ITEMS DETAIL Effect on net income, add (deduct) net of tax: Security transactions -- (2) 3 (3) 193 Gain on sale of loan servicing (130) (602) -- -- -- Gain on sale of fixed assets -- -- -- -- -- Consolidation costs -- -- -- -- -- Merger/acquisition-related expense 163 -- -- -- -- Total net income effect of non-core items 33 (604) 3 (3) 193 YEAR ENDED ------------------------- DEC. 31 DEC. 31 2001 2000 Interest income $ 201,942 $ 206,087 Tax equivalent adjustment 5,756 5,126 Interest expense 88,616 99,494 Net interest income (tax equivalent) 11,982 111,791 Provision for loan losses 3,600 2,523 Noninterest income: Commissions & fees-fiduciary activities 6,226 5,898 Service charges, commissions & fees 22,062 20,663 Securities gains (losses), net 3 15,279 Other noninterest income 4,860 3,254 Total noninterest income 33,151 45,094 Noninterest expenses: Salaries and employee benefits 42,213 40,469 Occupancy and equipment expenses 13,737 13,530 Data processing expenses 4,524 5,915 Other noninterest expenses 33,001 32,377 Total noninterest expenses 93,475 92,291 Income before income taxes and cumulative effect of change in accounting principle 55,158 61,999 Income tax expense 14,944 19,140 Tax equivalent adjustment 5,756 5,126 Income before cumulative effect of change in accounting principle 34,458 37,733 Cumulative effect of change in accounting principle, net of taxes 230 -- Net income 34,688 37,733 Net interest margin-tax equivalent(1) 4.54% 4.46% Efficiency ratio 61.40% 58.85% Efficiency ratio-core 61.70% 63.38% NON-CORE ITEMS DETAIL Effect on net income, add (deduct) net of tax: Security transactions (2) (8,808) Gain on sale of loan servicing (732) -- Gain on sale of fixed assets -- (93) Consolidation costs -- 1,491 Merger/acquisition-related expense 163 248 Total net income effect of non-core items (571) (7,162)
(1) Annualized (MORE) 6 ABC Release Page 7 of 7
QUARTER ENDED --------------------------------------------------------------------------- (Amounts in thousands except DEC. 31 SEPT. 30 JUNE 30 MARCH 31 DEC. 31 per share data and percentages) 2001 2001 2001 2001 2000 (Unaudited) BALANCE SHEET AT PERIOD-END Securities $ 733,082 $ 744,849 $ 535,233 $ 541,107 $ 549,845 Loans 1,970,619 1,957,142 192,937 1,915,343 1,935,946 Allowance for loan losses 26,294 26,591 27,435 27,165 27,630 Intangibles 57,195 58,970 60,395 62,170 63,945 Noninterest-bearing deposits 315,582 300,526 294,510 299,929 332,588 Interest-bearing deposits 1,825,937 1,790,146 1,807,633 1,869,708 1,816,761 Borrowings 505,607 517,585 282,965 242,431 301,579 Equity-to-assets 10.45% 10.43% 11.13% 10.82% 10.35% Shares outstanding 23,921 23,906 24,312 24,319 24,318 AVERAGE BALANCE SHEET Gross loans 1,956,038 1,929,600 1,938,744 1,915,337 1,936,330 Earning assets 2,754,228 2,681,140 2,531,489 2,519,787 2,516,824 Total assets 2,941,574 2,870,647 2,725,143 2,731,059 2,735,846 Noninterest-bearing deposits 304,543 292,970 293,956 291,643 299,227 Interest-bearing deposits 1,820,164 1,807,310 1,856,186 1,862,237 1,801,949 Borrowings 477,091 437,309 250,281 258,503 329,499 Shareholders' equity 309,907 305,730 298,843 289,973 278,827 Diluted shares outstanding 24,002 24,308 24,372 24,383 24,385 ASSET QUALITY At period-end: Nonaccrual loans 7,046 5,783 2,057 1,902 4,036 Past due 90 days and still accruing 1,623 3,732 3,624 4,772 1,755 OREO 988 1,017 1,212 816 1,966 Total nonperforming assets (NPA) 9,657 10,532 8,893 7,490 7,757 Nonperforming assets/assets 0.32% 0.36% 0.25% 0.27% 0.28% Allowance coverage of NPA 272.3% 252.5% 398.0% 362.7% 356.2% Allowance for loan losses/loans 1.33% 1.36% 1.42% 1.42% 1.43% For the period: Gross charge-offs 1,708 2,258 1,006 1,715 1,807 Recoveries 453 514 434 350 432 Net charge-offs 1,255 1,744 572 1,365 1,375 Net charge-offs/average loans(1) 0.26% 0.36% 0.12% 0.29% 0.28% YEAR ENDED -------------------------- DEC. 31 DEC. 31 2001 2000 Securities $ 733,082 $ 549,845 Loans 1,970,619 1,935,946 Allowance for loan losses 26,294 27,630 Intangibles 57,195 63,945 Noninterest-bearing deposits 315,582 332,588 Interest-bearing deposits 1,825,937 1,816,761 Borrowings 505,607 301,579 Equity-to-assets 10.45% 10.35% Shares outstanding 23,921 24,318 AVERAGE BALANCE SHEET Gross loans 1,931,414 1,908,080 Earning assets 2,622,465 2,504,748 Total assets 2,817,523 2,709,825 Noninterest-bearing deposits 295,806 301,270 Interest-bearing deposits 1,836,287 1,762,681 Borrowings 356,619 343,370 Shareholders' equity 301,171 276,034 Diluted shares outstanding 24,264 24,640 ASSET QUALITY At period-end: Nonaccrual loans 7,046 4,036 Past due 90 days and still accruing 1,623 1,755 OREO 988 1,966 Total nonperforming assets (NPA) 9,657 7,757 Nonperforming assets/assets 0.32% 0.28% Allowance coverage of NPA 272.3% 356.2% Allowance for loan losses/loans 1.33% 1.43% For the period: Gross charge-offs 6,687 3,630 Recoveries 1,751 1,359 Net charge-offs 4,936 2,271 Net charge-offs/average loans(1) 0.25% 0.12%
(1) Annualized CONTACT: JOHN A. RAY, EXECUTIVE VICE PRESIDENT & CHIEF OPERATING OFFICER AT (270) 688-7753. (END) 7