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Partners Trust Announces Third Quarter Results
UTICA, N.Y., Oct. 19 /PRNewswire-FirstCall/ -- Partners Trust Financial Group, Inc. , the holding company for Partners Trust Bank, announced today its financial results for the quarter ended September 30, 2005. Net income was $13.1 million, or $0.27 per diluted share for the third quarter, compared to $2.3 million, or $0.05 per diluted share for the third quarter of 2004. The most significant item of note was a negative provision for loan losses of $9.0 million in the third quarter of 2005, compared with a provision of $1.6 million in the third quarter of 2004. The negative provision increased income after taxes by $5.4 million, or $0.11 per diluted share. In addition, the third quarter of 2004 was impacted by acquisition and conversion expenses of $4.0 million relating to the acquisition of BSB Bancorp ("BSB"). In addition to reporting our results of operations in accordance with Generally Accepted Accounting Principles (GAAP), we also report our "Core Operating Earnings." Core operating earnings were $9.0 million for the third quarter of 2005, a 31.3% increase from the $6.8 million in the third quarter of 2004. Our core operating earnings is net income, as reported on a GAAP basis, adjusted to exclude large non-cash items which effect the reporting of results of operations, such as net amortization of fair market value adjustments on net assets acquired in mergers, amortization of intangibles and covenant-not-to-compete expense, and the negative provision for loan losses. Additionally, we exclude acquisition and conversion expenses. We believe these expenses are not reflective of on-going operations and therefore "nonoperating" in nature. A table reconciling core operating earnings with net income as reported under GAAP immediately follows the text of this release. John Zawadzki, President & CEO of Partners Trust, commented, "Now, little over a year after our acquisition of BSB, the successful efforts of our loan workout group over the past year, as reflected by the substantial recoveries and improvement in asset quality, resulted in a negative provision for loan losses." Non-performing assets totaled $7.6 million at September 30, 2005, and were 0.20% of total assets, compared to $9.1 million or 0.24% of total assets at June 30, 2005, and $13.2 million or 0.36% of total assets at December 31, 2004. Furthermore, nonperforming assets decreased $9.6 million, or 55.8%, from September 30, 2004. In addition to the non-performing loans, we had $10.0 million of performing loans classified as substandard or worse at September 30, 2005, compared with $17.9 million at June 30, 2005 and $24.4 million at December 31, 2004. The allowance for loan losses covered 501.4% of non-performing loans at September 30, 2005, compared to 488.5% and 353.0% at June 30, 2005 and December 31, 2004, respectively. Total assets of the Company at September 30, 2005 were $3.8 billion, and are up slightly from the end of 2004 and from June 30, 2005. Securities available-for-sale increased $99.5 million or 9.4% from the end of 2004, and totaled $1.2 billion at September 30, 2005. The increase primarily reflects security purchases to take advantage of market rate increases at various times, and was funded by a $30.8 million decrease in federal funds sold and increases in deposits and borrowings. Loans receivable (including net deferred loan costs) increased $80.9 million during the third quarter ($58.6 million increase year to date), with a $61.2 million increase in consumer loans and a $26.3 million increase in residential mortgages being partially offset by a $9.6 million decline in commercial (real estate and C&I) loans. Indirect auto loans comprised $329.7 million or 59.2% of the consumer loan portfolio at September 30, 2005, compared with $265.2 million or 53.5% at June 30, 2005 and $244.1 million or 50.3% at December 31, 2004. Mr. Zawadzki stated, "We have focused considerable efforts on our indirect auto lending business this year, developing strong relationships with reputable, established automobile dealers in our markets. These strong relationships, coupled with a temporary cutback in special financing promotions by the captive auto financing companies, resulted in significant growth in our high quality indirect auto loan portfolio during the quarter." He continued, "Our commercial real estate and C&I portfolio decreased slightly in the third quarter of 2005 due in large part to workout and charge-offs of problem loans, however we are encouraged by recent momentum resulting from our commercial business development activities." Total deposits were $2.3 billion at September 30, 2005, and are little changed from the end of 2004 and June 30, 2005. Savings and money market accounts comprised 33.3% of total deposits at September 30, 2005, compared to 36.1% and 37.7% at June 30, 2005 and December 31, 2004, respectively. Offsetting these decreases was an increase in time deposits to 46.1% of total deposits at September 30, 2005, compared to 42.7% and 41.6% at June 30, 2005 and December 31, 2004, respectively. The change in deposit mix reflects seasonal growth in municipal time deposits, as well as a change in consumer sentiment toward higher yielding shorter-term time accounts. This trend is likely to continue as increasing market interest rates and competitive pressures may cause us to increase the rates we pay on time deposits. Net interest income for the three months ended September 30, 2005 totaled $25.3 million, an increase of $2.3 million from the same period in 2004. This increase is due primarily to a $63.2 million increase in average net earning assets in the third quarter of 2005 compared with the prior year period, partially offset by a 10 basis point decrease in net interest margin. Average earning assets increased due to a combination of loan growth and the timing of the BSB acquisition (July 14, 2004). The net interest margin for the three months ended September 30, 2005 and 2004 was 3.00% and 3.10%, respectively. The net interest margin for the second quarter of 2005 was 3.08%. The decline in margin is primarily attributable to the flattening of the yield curve that occurred over the past year, coupled with increased deposit rates in 2005. If time deposits continue to become a larger portion of our deposit base, the resulting higher interest cost will put further pressure on our net interest margin, and could also cause us to increase rates on savings and money market accounts. Non-interest income was $5.9 million for the quarter ended September 30, 2005, compared to $5.4 million in the same period of last year, an increase of $477,000. The increase resulted primarily from gains on sale of fixed assets of $258,000 and an increase in gains on the sales of securities available for sale. Non-interest expenses were $19.5 million and $23.6 million for the three months ended September 30, 2005, and 2004, respectively. The third quarter of 2004 included acquisition and conversion expenses of $4.0 million relating to the BSB acquisition. There were no such expenses in the third quarter of 2005. Technology expense increased $259,000 in the third quarter of 2005 compared with the year-ago quarter due primarily to a processing system upgrade. Amortization of intangible assets decreased $436,000 due to the use of an accelerated amortization schedule for certain intangible assets that arose from the BSB acquisition. Non-interest expenses, excluding acquisition and conversion expenses, as a percent of average total assets was 2.08% (annualized) for the third quarter of 2005, an improvement from the 2.36% for the third quarter of 2004, reflecting our attention to improving the efficiency of the Company. In July 2005, Partners Trust announced that it had been authorized by its Board of Directors to purchase up to 5 million shares (10%) of its then outstanding common stock. Through September 30, 2005, 831,301 shares of common stock were repurchased by Partners Trust pursuant to such plan at an average cost per share of $11.90. The extent to which shares are repurchased will continue to depend on a number of factors including market trends and prices as well as alternative uses of capital. The Company will conduct a conference call at 10:00 a.m. Eastern Time on October 20, 2005, in which management will discuss the Company's financial results and business strategy, followed by a question-and-answer session. Those wishing to participate in the call may dial toll-free 1-877-407-8035. A webcast presentation will also be available via the Company's website at http://www.partnerstrust.com/ through the "Investor Relations" section. A replay of the call will be available until October 27 by dialing 1-877-660-6853, account number 286, event ID number 171826. In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. Specifically, we provide measures based on what we believe are our "core operating earnings." In presenting core operating earnings, on a consistent basis we exclude large non-cash items which effect the GAAP reporting of results of operations such as net amortization of fair market value adjustments on net assets acquired in mergers, amortization of intangibles and covenant-not-to-compete expense, and the negative provision for loan losses. Additionally, we exclude acquisition and conversion expenses. We believe these expenses are not reflective of on- going operations and therefore "nonoperating" in nature. We utilize "core operating earnings," along with other factors, to evaluate ongoing operating performance for internal planning and forecasting purposes. We, as well as securities analysts, investors and other interested parties, also use this measure as a tool to compare peer company operating performance. We believe that our presentation and discussion of "core operating earnings," together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. We also believe that the adjustments we use to calculate "core operating earnings" remove the effects of factors that are not representative of our ongoing operations and otherwise distort trends in underlying operating results. While some of these items may have occurred historically and may be considered to be recurring items for GAAP purposes, occurrence in future periods is dependent upon future business and economic factors, including for example, the ability to identify and execute on further acquisition transactions, as well as other evaluation criteria. These factors are often frequently beyond the control of Company management. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare this financial measure with other companies' non-GAAP financial measures having the same or similar names. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalent is included in the attached financial tables. Partners Trust Financial Group, Inc., headquartered in Utica, New York, is the holding company for Partners Trust Bank, which was founded in 1839. Partners Trust Bank offers a wide variety of business and retail banking products as well as a full range of trust, investment, and municipal banking services through its 35 Central and Southern New York locations in Oneida, Onondaga, Herkimer, Broome, Tioga and Chenango counties. Customers' banking needs are serviced 24 hours a day through a network of ATMs, automated telephone banking, and through the convenience of internet banking. Investors and other interested parties can access the Company's securities filings and code of ethics at http://www.partnerstrust.com/. Statements contained in this news release contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs of management as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. These risks and uncertainties include among others, the impact of changes in market interest rates and general economic conditions, changes in government regulations, changes in accounting principles and the quality or composition of the loan and investment portfolios. Therefore, actual future results may differ significantly from results discussed in the forward-looking statements due to a number of factors, which include, but are not limited to, factors discussed in the documents filed by the Company with the Securities and Exchange Commission from time to time. Three months ended Nine months ended
Core Operating Earnings September 30, September 30,
(In thousands, except 2005 2004 2005 2004
per share data)
Net Income as Reported (GAAP) $13,126 $2,267 $26,263 $8,123
Adjustments
Net amortization of premium
on net assets acquired
in mergers 235 1,311 2,307 1,686
Acquisition and conversion
expense - 3,980 - 4,746
Amortization of core
deposit & trust intangibles 1,802 2,237 6,205 2,671
Covenant-not-to-compete
expense 88 89 266 89
Negative provision for
loan loss (9,006) - (9,006) -
Total adjustments pre-tax (6,881) 7,617 (228) 9,192
Related income taxes (2,744) 3,037 (91) 3,665
Total adjustments after-tax (4,137) 4,580 (137) 5,527
Core Operating Earnings $8,989 $6,847 $26,126 $13,650
Diluted EPS using Core
Operating Earnings $0.18 $0.15 $0.54 $0.41
Partners Trust Financial Group, Inc. and Subsidiary
Consolidated Balance Sheets (Unaudited)
September 30, December 31,
2005 2004
Assets (In thousands, except share data)
Cash and due from banks $62,040 $54,633
Federal funds sold - 30,848
62,040 85,481
Securities available-for-sale, at fair value 1,163,528 1,064,070
Securities held-to-maturity (fair value
of $845 at September 30, 2005 and $1,241 at
December 31, 2004) 842 1,241
Federal Home Loan Bank of New York
("FHLB") stock 38,105 36,394
Loans held for sale 1,172 1,107
Loans receivable 2,150,999 2,092,351
Less: Allowance for loan losses (37,142) (42,716)
Net loans receivable 2,113,857 2,049,635
Premises and equipment, net 26,775 29,187
Land and buildings held for sale 674 1,400
Accrued interest receivable 14,862 13,333
Bank-owned life insurance 70,084 68,079
Other real estate owned and repossessed assets 142 1,055
Goodwill 244,700 245,892
Other intangible assets, net 22,263 28,889
Other assets 25,325 25,864
Total Assets $ 3,784,369 $ 3,651,627
Liabilities and Shareholders' Equity
Liabilities:
Deposits:
Non-interest bearing 250,912 $235,994
Interest bearing 2,096,107 2,001,521
Total deposits 2,347,019 2,237,515
Borrowings 800,944 776,813
Mortgagors' escrow funds 9,705 18,691
Other liabilities 32,407 35,757
Junior subordinated obligations issued
to unconsolidated subsidiary trusts
(Junior subordinated obligations) 43,202 43,202
Total Liabilities 3,233,277 3,111,978
Shareholders' Equity:
Preferred stock, $0.0001 par value,
10,000,000 shares authorized, none issued - -
Common stock, $0.0001 par value,
190,000,000 shares authorized and
50,305,098 and 49,722,984 shares issued
at September 30, 2005 and December 31,
2004, respectively 5 5
Additional paid-in capital 441,003 435,604
Retained earnings 135,843 120,597
Accumulated other comprehensive (loss) income (2,198) 394
Treasury stock (309,537 and 60,971 shares at
September 30, 2005 and December 31, 2004,
respectively) (3,559) (593)
Unallocated ESOP shares (1,606,028 and
1,769,688 shares at September 30, 2005 and
December 31, 2004, respectively) (13,016) (14,293)
Unearned restricted stock awards (6,986) (2,065)
Total shareholders' equity 551,092 539,649
Total Liabilities and Shareholders'
Equity $3,784,369 $3,651,627
See accompanying notes to consolidated financial statements.
Average Outstanding Balance
Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
(Dollars in thousands)
Earning assets:
Federal funds sold and
interest bearing deposits $2,655 $32,569 $18,760 $30,800
Securities (1) 1,232,470 939,804 1,179,314 551,282
Loans (2) 2,110,370 1,980,101 2,080,299 1,198,019
Total earning assets 3,345,495 2,952,474 3,278,373 1,780,101
Non-earning assets 404,220 385,641 409,911 203,510
Total assets $3,749,715 $3,338,115 $3,688,284 $1,983,611
Interest bearing liabilities:
Savings deposits $292,511 $371,025 $296,867 $274,427
Money market accounts 497,623 422,480 522,030 210,932
NOW accounts 234,562 200,608 231,829 130,129
Time accounts 1,013,188 846,081 988,699 474,315
Borrowings (3) 849,446 723,884 787,732 439,629
Junior subordinated
obligations issued to
unconsolidated subsidiary
trusts 43,202 36,628 43,202 12,298
Total interest bearing
liabilities 2,930,532 2,600,706 2,870,359 1,541,730
Non-interest bearing
deposits 238,673 227,705 236,191 141,997
Other non-interest
bearing liabilities 31,372 33,344 36,339 19,628
Total liabilities 3,200,577 2,861,755 3,142,889 1,703,355
Shareholders' equity 549,138 476,360 545,395 280,256
Total liabilities and
shareholders' equity $3,749,715 $3,338,115 $3,688,284 $1,983,611
(1) The amounts shown are amortized cost and include FHLB stock.
(2) Net of net deferred loan fees and costs.
(3) Borrowings include mortgagors' escrow funds.
September 30, June 30, December 31,
2005 2005 2004
(In thousands)
Amount Percent Amount Percent Amount Percent
Loan portfolio
composition:
Residential real
estate $1,102,793 51.6% $1,076,502 52.2% $1,081,256 51.8%
Commercial real
estate 310,019 14.5% 312,674 15.2% 339,587 16.3%
Commercial and
industrial 169,157 7.9% 176,117 8.5% 180,897 8.7%
Consumer, including
home equity loans 557,123 26.0% 495,950 24.1% 485,057 23.2%
Total loans
receivable 2,139,092 100.0% 2,061,243 100.0% 2,086,797 100.0%
Plus (less):
Net deferred
loan costs 11,907 8,881 5,554
Allowance for
loan losses (37,142) (43,709) (42,716)
Net loans
receivable $2,113,857 $2,026,415 $2,049,635
Deposit composition:
Non-interest
bearing checking $250,912 10.7% $249,761 11.0% $235,994 10.5%
Interest bearing
-checking 234,663 9.9% 234,651 10.2% 227,341 10.2%
Total checking 485,575 20.6% 484,412 21.2% 463,335 20.7%
Savings 278,720 11.9% 298,967 13.1% 300,678 13.4%
Money market 501,164 21.4% 523,942 23.0% 543,591 24.3%
Time 1,081,560 46.1% 973,247 42.7% 929,911 41.6%
Total deposits $2,347,019 100.0% $2,280,568 100.0% $2,237,515 100.0%
Partners Trust Financial Group, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
(In thousands, except share data)
Interest income:
Loans, including fees $29,396 $27,003 $86,208 $51,174
Federal funds sold and
interest bearing deposits 3 140 328 281
Securities 13,925 9,605 38,989 16,247
Total interest income 43,324 36,748 125,525 67,702
Interest expense:
Deposits:
Savings accounts 243 296 729 535
Money market accounts 1,877 1,140 5,414 1,695
Time accounts 7,778 6,343 22,810 10,032
NOW accounts 117 97 344 177
10,015 7,876 29,297 12,439
Borrowings:
Repurchase agreements 105 74 261 167
FHLB advances 7,050 5,133 18,550 9,832
Mortgagors' escrow funds 91 89 208 134
7,246 5,296 19,019 10,133
Junior subordinated
obligations 783 554 2,245 554
Total interest expense 18,044 13,726 50,561 23,126
Net interest income 25,280 23,022 74,964 44,576
Provision for loan losses (9,006) 1,620 (9,006) 1,160
Net interest income
after provision for
loan losses 34,286 21,402 83,970 43,416
Non-interest income:
Service fees 3,936 3,878 11,751 7,581
Trust and investment
services 763 703 2,419 1,623
Income from bank-owned
life insurance 667 650 2,004 1,226
Net gain (loss) on sale of
securities available-for-sale 82 (68) 158 (68)
Net gain on sale of loans 62 78 151 193
Other income 347 139 694 168
Total non-interest income 5,857 5,380 17,177 10,723
Non-interest expense:
Salaries and employee
benefits 9,996 10,030 29,897 19,812
Occupancy and equipment
expense 1,986 1,889 6,017 3,870
Marketing expense 741 637 2,279 1,233
Professional services 721 724 2,602 1,452
Technology expense 1,899 1,640 5,875 3,338
Amortization of intangible
assets 1,890 2,326 6,471 2,760
Acquisition and conversion
expense - 3,980 - 4,746
Other expense 2,224 2,418 7,138 4,797
Total non-interest
expense 19,457 23,644 60,279 42,008
Income before income tax
expense 20,686 3,138 40,868 12,131
Income tax expense 7,560 871 14,605 4,008
Net income $13,126 $2,267 $26,263 $8,123
Basic earnings per share $0.27 $0.05 $0.55 $0.25
Diluted earnings per share $0.27 $0.05 $0.54 $0.25
Basic weighted average
shares outstanding 47,788,582 43,632,809 47,805,067 32,270,682
Diluted weighted
average shares
outstanding 48,880,235 44,719,827 48,703,230 33,017,650
All share and per share amounts have been restated giving effect to the 1.9502 exchange ratio in the Company's second step conversion on July 14, 2004. Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
Selected Financial
and Other Data: (1)
Performance Ratios:
Return on Average
Assets:
Using GAAP earnings 1.39% 0.27% 0.95% 0.55%
Using Core Operating
Earnings 0.95% 0.82% 0.95% 0.92%
Return on Average Equity:
Using GAAP earnings 9.48% 1.89% 6.44% 3.87%
Using Core Operating
Earnings 6.49% 5.72% 6.40% 6.51%
Return on Average
Tangible Equity:
Using GAAP earnings 18.54% 3.84% 12.80% 6.23%
Using Core Operating
Earnings 12.70% 11.61% 12.73% 10.46%
Efficiency ratio: (2)
Using GAAP earnings 62.78% 83.28% 65.64% 76.14%
Using Core
Operating Earnings 56.25% 58.37% 57.16% 60.68%
Interest rate information:
Yield on assets 5.14% 4.95% 5.12% 5.08%
Cost of funds 2.44% 2.10% 2.36% 2.00%
Net interest
rate spread 2.70% 2.85% 2.76% 3.08%
Net interest
margin (3) 3.00% 3.10% 3.06% 3.34%
September 30, December 31,
2005 2004
Equity ratios:
Book value
per share $11.39 $11.27
Book value per share,
including unallocated
ESOP shares 11.02 10.87
Tangible book value
per share 5.87 5.53
Tangible book value
per share
including unallocated
ESOP shares $5.68 $5.33
Tier 1 leverage ratio 9.35% 9.07%
(1) Ratios have been annualized where appropriate. Averages are daily
averages.
(2) Represents the ratio of non-interest expense divided by the sum of
net interest income and non-interest income, excluding gains or
losses on the sale of securities and loans.
(3) Net interest income divided by average earning assets.
September 30, 2005 June 30, 2005 December 31, 2004
Asset Quality: (Dollars in thousands)
Non-accruing loans:
Residential
real estate $ 1,576 $2,183 $1,885
Commercial
real estate 3,366 2,014 5,525
Commercial 828 3,863 3,178
Consumer (1) 651 639 642
Total non-accruing
loans 6,421 8,699 11,230
Accruing loans delinquent
90 days or more 987 249 871
Total non-performing
loans 7,408 8,948 12,101
Other real estate owned
and repossessed assets 142 134 1,055
Total non-performing
assets $ 7,550 $9,082 $13,156
Non-performing loans
to total loans 0.35% 0.43% 0.58%
Non-performing assets
to total assets 0.20% 0.24% 0.36%
Allowance for loan losses
to non-performing loans 501.38% 488.48% 353.00%
Allowance for loan losses
to total loans (2) 1.74% 2.12% 2.05%
(1) Includes home equity loans.
(2) Total loans excludes loans held for sale.
Three months ended Nine months ended
September 30, September 30,
2005 2004 2005 2004
(Dollars in thousands)
Allowance for loan
losses at beginning
of period $ 43,709 $7,436 $ 42,716 $8,608
Charge-offs (4,605) (1,553) (12,475) (2,966)
Recoveries 7,044 2,735 15,907 3,436
Provision for
loan losses (9,006) 1,620 (9,006) 1,160
Allowance recorded
in merger - 40,355 - 40,355
Allowance for loan
losses at end of
period $ 37,142 $ 50,593 $ 37,142 $ 50,593
Net recoveries to
average loans
(annualized) 0.46% 0.30% 0.22% 0.09%
2005 2004
Third Second First Fourth Third
(Dollars in thousands, except share data)
Selected Quarterly
Financial Data
Interest income $43,324 $41,819 $40,382 $40,187 $36,748
Interest expense 18,044 16,739 15,778 15,471 13,726
Net interest
income 25,280 25,080 24,604 24,716 23,022
Provision for
loan losses (9,006) - - - 1,620
Net interest
income after
provision
for loan
losses 34,286 25,080 24,604 24,716 21,402
Other-than-temporary
impairment of
securities - - - (2,803) -
Net gain (loss) on
sale securities
available-for-sale 82 76 - (7) (68)
Other non-interest
income 5,775 5,784 5,460 5,927 5,448
Acquisition and
conversion expense - - - 305 3,980
Other non-interest
expense 19,457 20,313 20,509 21,830 19,664
Income before
income tax
expense 20,686 10,627 9,555 5,698 3,138
Income tax
expense 7,560 3,683 3,362 1,681 871
Net income $13,126 $6,944 $6,193 $ 4,017 $ 2,267
Basic earnings
per share $0.27 $0.15 $0.13 $0.09 $0.05 (3)
Diluted earnings
per share $0.27 $0.14 $0.13 $0.08 $0.05 (3)
Basic weighted
average shares
outstanding 47,788,582 47,480,826 47,720,041 47,119,851 43,632,809 (3)
Diluted weighted
average shares
outstanding 48,880,235 48,255,189 48,558,070 48,271,672 44,719,827 (3)
Dividends paid
per share $0.07 $0.07 $0.07 $0.06 $0.06 (3)
Net interest
margin (1) 3.00% 3.08% 3.10% 3.06% 3.10%
Return on
average assets 1.39% 0.76% 0.69% 0.44% 0.27%
Return on
average equity 9.48% 5.12% 4.61% 2.93% 1.89%
Efficiency
ratio (2) 62.78% 65.88% 68.35% 72.27% 83.28%
(1) Net interest income divided by average earning assets.
(2) Represents the ratio of non-interest expense divided by the sum of
net interest income and non-interest income, excluding gains or
losses on securities and loans.
(3) Restated giving effect to the 1.9502 exchange ratio in the Company's
second step conversion on July 14, 2004.
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