Delaware
|
56-1528994
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification Number)
|
incorporation
or organization)
|
|
4300
Six Forks Road, Raleigh, North Carolina
|
27609
|
(Address
of principle executive offices)
|
(Zip
code)
|
Page(s)
|
||
PART
I.
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
Financial
Statements (Unaudited)
|
|
Consolidated
Balance Sheets at March 31, 2007, December 31, 2006
|
||
and
March 31, 2006
|
3
|
|
Consolidated
Statements of Income for the three-month
|
||
periods
ended March 31, 2007, and March 31, 2006
|
4
|
|
Consolidated
Statements of Changes in Shareholders’ Equity for the
|
||
three-month
periods ended March 31, 2007, and March 31, 2006
|
5
|
|
Consolidated
Statements of Cash Flows for the three-month
|
||
periods
ended March 31, 2007, and March 31, 2006
|
6
|
|
Notes
to Consolidated Financial Statements
|
7-9
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and
|
|
|
Results
of Operations
|
10-25
|
Item
3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
26
|
Item
4.
|
Controls
and Procedures
|
26
|
PART
II.OTHER
INFORMATION
|
||
Item
6.
|
Exhibits.
|
26
|
Consolidated
Balance Sheets
|
||||||||||
First
Citizens BancShares, Inc. and Subsidiaries
|
||||||||||
March
31*
|
December
31#
|
March
31*
|
||||||||
2007
|
2006
|
2006
|
||||||||
Assets
|
(thousands,
except share data)
|
|||||||||
Cash
and due from banks
|
$
|
847,202
|
$
|
1,010,984
|
$
|
805,757
|
||||
Overnight
investments
|
799,848
|
348,597
|
748,918
|
|||||||
Investment
securities available for sale
|
2,934,995
|
3,001,890
|
2,396,001
|
|||||||
Investment
securities held to maturity
|
96,803
|
219,158
|
500,961
|
|||||||
Loans
and leases
|
10,221,578
|
10,239,551
|
9,810,088
|
|||||||
Less
allowance for loan and lease losses
|
132,640
|
132,004
|
130,222
|
|||||||
Net
loans and leases
|
10,088,938
|
10,107,547
|
9,679,866
|
|||||||
Premises
and equipment
|
726,041
|
702,926
|
657,141
|
|||||||
Income
earned not collected
|
74,648
|
71,562
|
55,680
|
|||||||
Goodwill
|
102,625
|
102,625
|
102,735
|
|||||||
Other
intangible assets
|
7,427
|
8,000
|
9,732
|
|||||||
Other
assets
|
175,251
|
156,408
|
138,419
|
|||||||
Total
assets
|
$
|
15,853,778
|
$
|
15,729,697
|
$
|
15,095,210
|
||||
Liabilities
|
||||||||||
Deposits:
|
||||||||||
Noninterest-bearing
|
$
|
2,701,786
|
$
|
2,682,997
|
$
|
2,733,885
|
||||
Interest-bearing
|
10,020,746
|
10,060,327
|
9,778,672
|
|||||||
Total
deposits
|
12,722,532
|
12,743,324
|
12,512,557
|
|||||||
Short-term
borrowings
|
1,245,025
|
1,150,847
|
850,566
|
|||||||
Long-term
obligations
|
405,356
|
401,198
|
408,954
|
|||||||
Other
liabilities
|
138,538
|
123,509
|
119,767
|
|||||||
Total
liabilities
|
14,511,451
|
14,418,878
|
13,891,844
|
|||||||
Shareholders'
Equity
|
||||||||||
Common
stock:
|
||||||||||
Class
A - $1 par value (8,756,778 shares issued for all periods)
|
8,757
|
8,757
|
8,757
|
|||||||
Class
B - $1 par value (1,677,675 shares issued for all periods)
|
1,678
|
1,678
|
1,678
|
|||||||
Surplus
|
143,766
|
143,766
|
143,766
|
|||||||
Retained
earnings
|
1,175,449
|
1,148,372
|
1,054,793
|
|||||||
Accumulated
other comprehensive income (loss)
|
12,677
|
8,246
|
(5,628
|
)
|
||||||
Total
shareholders' equity
|
1,342,327
|
1,310,819
|
1,203,366
|
|||||||
Total
liabilities and shareholders' equity
|
$
|
15,853,778
|
$
|
15,729,697
|
$
|
15,095,210
|
*
Unaudited
|
|||
#
Derived from the 2006 Annual Report on Form 10-K.
|
|||
See
accompanying Notes to Consolidated Financial Statements.
|
Consolidated
Statements of Income
|
|||||||
First
Citizens BancShares, Inc. and Subsidiaries
|
|||||||
Three
Months Ended March 31
|
|||||||
2007
|
2006
|
||||||
Interest
income
|
(thousands,
except share and per share data)
|
||||||
Loans
and leases
|
$
|
175,024
|
$
|
159,205
|
|||
Investment
securities:
|
|||||||
U.
S. Government
|
32,744
|
24,285
|
|||||
State,
county and municipal
|
58
|
61
|
|||||
Other
|
774
|
711
|
|||||
Total
investment securities interest and dividend income
|
33,576
|
25,057
|
|||||
Overnight
investments
|
7,461
|
5,739
|
|||||
Total
interest income
|
216,061
|
190,001
|
|||||
Interest
expense
|
|||||||
Deposits
|
80,011
|
57,742
|
|||||
Short-term
borrowings
|
12,682
|
6,992
|
|||||
Long-term
obligations
|
6,755
|
7,449
|
|||||
Total
interest expense
|
99,448
|
72,183
|
|||||
Net
interest income
|
116,613
|
117,818
|
|||||
Provision
for credit losses
|
3,532
|
6,737
|
|||||
Net
interest income after provision for credit losses
|
113,081
|
111,081
|
|||||
Noninterest
income
|
|||||||
Cardholder
and merchant services income
|
22,377
|
18,428
|
|||||
Service
charges on deposit accounts
|
17,157
|
18,206
|
|||||
Commission-based
income
|
9,264
|
7,872
|
|||||
Fees
from processing services
|
8,187
|
6,909
|
|||||
Trust
and asset management fees
|
6,078
|
5,178
|
|||||
ATM
income
|
1,587
|
2,532
|
|||||
Mortgage
income
|
2,374
|
1,372
|
|||||
Other
service charges and fees
|
3,770
|
4,123
|
|||||
Securities
losses
|
-
|
(186
|
)
|
||||
Other
|
409
|
1,315
|
|||||
Total
noninterest income
|
71,202
|
65,749
|
|||||
Noninterest
expense
|
|||||||
Salaries
and wages
|
59,189
|
56,543
|
|||||
Employee
benefits
|
13,177
|
13,943
|
|||||
Occupancy
expense
|
13,855
|
12,875
|
|||||
Equipment
expense
|
13,772
|
12,664
|
|||||
Other
|
39,197
|
35,687
|
|||||
Total
noninterest expense
|
139,190
|
131,712
|
|||||
Income
before income taxes
|
45,093
|
45,118
|
|||||
Income
taxes
|
16,109
|
16,461
|
|||||
Net
income
|
$
|
28,984
|
$
|
28,657
|
|||
Average
shares outstanding
|
10,434,453
|
10,434,453
|
|||||
Net
income per share
|
$
|
2.78
|
$
|
2.75
|
|||
See
accompanying Notes to Consolidated Financial Statements.
|
Consolidated
Statements of Changes in Shareholders' Equity
|
|||||||||||||||||||
First
Citizens BancShares, Inc. and Subsidiaries
|
|||||||||||||||||||
Accumulated
|
|||||||||||||||||||
|
Class
A
|
Class
B
|
Other
|
Total
|
|||||||||||||||
|
Common
|
Common
|
Retained
|
Comprehensive
|
Shareholders'
|
||||||||||||||
Stock
|
Stock
|
Surplus
|
Earnings
|
Income
(loss)
|
Equity
|
||||||||||||||
(thousands,
except share data)
|
|||||||||||||||||||
Balance
at December 31, 2005
|
$
|
8,757
|
$
|
1,678
|
$
|
143,766
|
$
|
1,029,005
|
$
|
(2,147
|
)
|
$
|
1,181,059
|
||||||
Comprehensive
income:
|
|||||||||||||||||||
Net
income
|
-
|
-
|
-
|
28,657
|
-
|
28,657
|
|||||||||||||
Unrealized
securities losses arising during
|
|||||||||||||||||||
period,
net of deferred taxes
|
-
|
-
|
-
|
-
|
(3,481
|
)
|
(3,481
|
)
|
|||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
28,657
|
(3,481
|
)
|
25,176
|
||||||||||||
Cash
dividends
|
(2,869
|
)
|
(2,869
|
)
|
|||||||||||||||
Balance
at March 31, 2006
|
$
|
8,757
|
$
|
1,678
|
$
|
143,766
|
$
|
1,054,793
|
$
|
(5,628
|
)
|
$
|
1,203,366
|
||||||
Balance
at December 31, 2006
|
$
|
8,757
|
$
|
1,678
|
$
|
143,766
|
$
|
1,148,372
|
$
|
8,246
|
$
|
1,310,819
|
|||||||
Adjustment
resulting from adoption of
|
|||||||||||||||||||
FASB
Interpretation No. 48
|
962
|
962
|
|||||||||||||||||
Comprehensive
income:
|
|||||||||||||||||||
Net
income
|
-
|
-
|
-
|
28,984
|
-
|
28,984
|
|||||||||||||
Unrealized
securities gains arising during
|
|||||||||||||||||||
period,
net of deferred taxes
|
-
|
-
|
-
|
-
|
4,722
|
4,722
|
|||||||||||||
Change
in unrecognized loss on cash flow
|
|||||||||||||||||||
hedge,
net of deferred taxes
|
(291
|
)
|
(291
|
)
|
|||||||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
28,984
|
4,431
|
33,415
|
|||||||||||||
Cash
dividends
|
-
|
-
|
-
|
(2,869
|
)
|
-
|
(2,869
|
)
|
|||||||||||
Balance
at March 31, 2007
|
$
|
8,757
|
$
|
1,678
|
$
|
143,766
|
$
|
1,175,449
|
$
|
12,677
|
$
|
1,342,327
|
|||||||
See
accompanying Notes to Consolidated Financial Statements.
|
Consolidated
Statements of Cash Flows
|
|||||||
First
Citizens BancShares, Inc. and Subsidiaries
|
|||||||
Three
months ended
|
|||||||
2007
|
2006
|
||||||
(thousands)
|
|||||||
OPERATING
ACTIVITIES
|
|||||||
Net
income
|
$
|
28,984
|
$
|
28,657
|
|||
Adjustments
to reconcile net income to cash
|
|||||||
provided
by operating activities:
|
|||||||
Amortization
of intangibles
|
573
|
586
|
|||||
Provision
for credit losses
|
3,532
|
6,737
|
|||||
Deferred
tax benefit
|
(2,654
|
)
|
(5,104
|
)
|
|||
Change
in current taxes payable
|
15,058
|
19,172
|
|||||
Depreciation
|
12,678
|
11,603
|
|||||
Change
in accrued interest payable
|
(907
|
)
|
1,800
|
||||
Change
in income earned not collected
|
(3,086
|
)
|
(801
|
)
|
|||
Securities
losses
|
-
|
186
|
|||||
Origination
of loans held for sale
|
(118,184
|
)
|
(84,096
|
)
|
|||
Proceeds
from sale of loans
|
128,448
|
123,165
|
|||||
Gain
on sale of loans
|
(467
|
)
|
274
|
||||
Net
amortization of premiums and discounts
|
(1,208
|
)
|
(1,140
|
)
|
|||
Net
change in other assets
|
(19,162
|
)
|
(1,697
|
)
|
|||
Net
change in other liabilities
|
1,335
|
2,335
|
|||||
Net
cash provided by operating activities
|
44,940
|
101,677
|
|||||
INVESTING
ACTIVITIES
|
|||||||
Net
change in loans outstanding
|
5,494
|
(211,799
|
)
|
||||
Purchases
of investment securities held to maturity
|
-
|
(1,066
|
)
|
||||
Purchases
of investment securities available for sale
|
(309,431
|
)
|
(161,631
|
)
|
|||
Proceeds
from maturities of investment securities held to maturity
|
122,355
|
137,741
|
|||||
Proceeds
from maturities of investment securities available for
sale
|
385,229
|
52,753
|
|||||
Net
change in overnight investments
|
(451,251
|
)
|
(267,906
|
)
|
|||
Dispositions
of premises and equipment
|
505
|
2,779
|
|||||
Additions
to premises and equipment
|
(32,140
|
)
|
(32,054
|
)
|
|||
Net
cash used by investing activities
|
(279,239
|
)
|
(481,183
|
)
|
|||
FINANCING
ACTIVITIES
|
|||||||
Net
change in time deposits
|
(17,073
|
)
|
278,962
|
||||
Net
change in demand and other interest-bearing deposits
|
(3,719
|
)
|
59,737
|
||||
Net
change in short-term borrowings
|
94,178
|
71,505
|
|||||
Cash
dividends paid
|
(2,869
|
)
|
(2,869
|
)
|
|||
Net
cash provided by financing activities
|
70,517
|
407,335
|
|||||
Change
in cash and due from banks
|
(163,782
|
)
|
27,829
|
||||
Cash
and due from banks at beginning of period
|
1,010,984
|
777,928
|
|||||
Cash
and due from banks at end of period
|
$
|
847,202
|
$
|
805,757
|
|||
CASH
PAYMENTS FOR:
|
|||||||
Interest
|
$
|
98,541
|
$
|
73,982
|
|||
Income
taxes
|
3,562
|
25,352
|
|||||
SUPPLEMENTAL
DISCLOSURE OF NONCASH INVESTING AND FINANCING
ACTIVITIES:
|
|||||||
Unrealized
securities gains (losses)
|
$
|
7,695
|
$
|
(5,711
|
)
|
||
See
accompanying Notes to Consolidated Financial Statements.
|
March
31, 2007
|
|||||||||||||||||||
ISB
|
FCB
|
Other
|
Total
|
Adjustments
|
Consolidated
|
||||||||||||||
Interest
income
|
$
|
33,808
|
$
|
180,291
|
$
|
9,851
|
$
|
223,950
|
$
|
(7,889
|
)
|
$
|
216,061
|
||||||
Interest
expense
|
17,935
|
76,123
|
13,279
|
107,337
|
(7,889
|
)
|
99,448
|
||||||||||||
Net
interest income
|
15,873
|
104,168
|
(3,428
|
)
|
116,613
|
-
|
116,613
|
||||||||||||
Provision
for credit losses
|
318
|
3,214
|
-
|
3,532
|
-
|
3,532
|
|||||||||||||
Net
interest income after provision
|
15,555
|
100,954
|
(3,428
|
)
|
113,081
|
-
|
113,081
|
||||||||||||
for
credit losses
|
|||||||||||||||||||
Noninterest
income
|
3,201
|
70,598
|
(127
|
)
|
73,672
|
(2,470
|
)
|
71,202
|
|||||||||||
Noninterest
expense
|
19,105
|
122,436
|
119
|
141,660
|
(2,470
|
)
|
139,190
|
||||||||||||
Income
(loss) before income taxes
|
(349
|
)
|
49,116
|
(3,674
|
)
|
45,093
|
-
|
45,093
|
|||||||||||
Income
taxes
|
(83
|
)
|
17,463
|
(1,271
|
)
|
16,109
|
-
|
16,109
|
|||||||||||
Net
income (loss)
|
$
|
(266
|
)
|
$
|
31,653
|
$
|
(2,403
|
)
|
$
|
28,984
|
$
|
-
|
$
|
28,984
|
|||||
At
March 31, 2007:
|
|||||||||||||||||||
Total
assets
|
$
|
2,225,229
|
$
|
13,359,371
|
$
|
2,438,870
|
$
|
18,023,470
|
$
|
(2,169,692
|
)
|
$
|
15,853,778
|
||||||
Loans
and leases
|
1,881,368
|
8,340,210
|
-
|
10,221,578
|
-
|
10,221,578
|
|||||||||||||
Allowance
for loan and lease losses
|
22,580
|
110,060
|
-
|
132,640
|
-
|
132,640
|
|||||||||||||
Deposits
|
1,826,095
|
10,935,271
|
-
|
12,761,366
|
(38,834
|
)
|
12,722,532
|
||||||||||||
|
March
31, 2006
|
||||||||||||||||||
|
ISB
|
|
|
FCB
|
|
|
Other
|
|
|
Total
|
|
|
Adjustments
|
|
|
Consolidated
|
|||
Interest
income
|
$
|
28,595
|
$
|
161,433
|
$
|
5,390
|
$
|
195,418
|
$
|
(5,417
|
)
|
$
|
190,001
|
||||||
Interest
expense
|
12,347
|
55,071
|
10,182
|
77,600
|
(5,417
|
)
|
72,183
|
||||||||||||
Net
interest income
|
16,248
|
106,362
|
(4,792
|
)
|
117,818
|
-
|
117,818
|
||||||||||||
Provision
for credit losses
|
966
|
5,771
|
-
|
6,737
|
-
|
6,737
|
|||||||||||||
Net
interest income after provision
|
15,282
|
100,591
|
(4,792
|
)
|
111,081
|
-
|
111,081
|
||||||||||||
for
credit losses
|
|||||||||||||||||||
Noninterest
income
|
2,544
|
64,612
|
543
|
67,699
|
(1,950
|
)
|
65,749
|
||||||||||||
Noninterest
expense
|
17,992
|
115,115
|
555
|
133,662
|
(1,950
|
)
|
131,712
|
||||||||||||
Income
(loss) before income taxes
|
(166
|
)
|
50,088
|
(4,804
|
)
|
45,118
|
-
|
45,118
|
|||||||||||
Income
taxes
|
(19
|
)
|
18,147
|
(1,667
|
)
|
16,461
|
-
|
16,461
|
|||||||||||
Net
income (loss)
|
$
|
(147
|
)
|
$
|
31,941
|
$
|
(3,137
|
)
|
$
|
28,657
|
$
|
-
|
$
|
28,657
|
|||||
At
March 31, 2006:
|
|||||||||||||||||||
Total
assets
|
$
|
1,945,156
|
$
|
13,003,924
|
$
|
2,070,063
|
$
|
17,019,143
|
$
|
(1,923,933
|
)
|
$
|
15,095,210
|
||||||
Loans
and leases
|
1,719,046
|
8,091,042
|
-
|
9,810,088
|
-
|
9,810,088
|
|||||||||||||
Allowance
for loan and lease losses
|
20,268
|
109,954
|
-
|
130,222
|
-
|
130,222
|
|||||||||||||
Deposits
|
1,576,990
|
11,002,133
|
-
|
12,579,123
|
(66,566
|
)
|
12,512,557
|
Three
month periods ended March 31,
|
|||||||
Components
of Net Periodic Benefit Cost
|
2007
|
2006
|
|||||
Service
cost
|
$
|
4,235
|
$
|
4,128
|
|||
Interest
cost
|
5,250
|
4,885
|
|||||
Expected
return on assets
|
(7,442
|
)
|
(6,423
|
)
|
|||
Amortization
of prior service cost
|
59
|
66
|
|||||
Amortization
of net actuarial loss
|
523
|
1,034
|
|||||
Total
net periodic benefit cost
|
$
|
2,625
|
$
|
3,690
|
Financial
Summary
|
Table
1
|
|||||||||||||||
2007
|
2006
|
|||||||||||||||
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|||||||
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
||||||
Summary
of Operations
|
(thousands,
except share data and ratios)
|
|||||||||||||||
Interest
income
|
$
|
216,061
|
$
|
218,102
|
$
|
214,650
|
$
|
202,499
|
$
|
190,001
|
||||||
Interest
expense
|
99,448
|
101,215
|
96,773
|
83,566
|
72,183
|
|||||||||||
Net
interest income
|
116,613
|
116,887
|
117,877
|
118,933
|
117,818
|
|||||||||||
Provision
for credit losses
|
3,532
|
7,383
|
3,813
|
2,973
|
6,737
|
|||||||||||
Net
interest income after provision
|
||||||||||||||||
for
credit losses
|
113,081
|
109,504
|
114,064
|
115,960
|
111,081
|
|||||||||||
Noninterest
income
|
71,202
|
71,381
|
72,605
|
69,609
|
65,749
|
|||||||||||
Noninterest
expense
|
139,190
|
132,223
|
134,865
|
135,207
|
131,712
|
|||||||||||
Income
before income taxes
|
45,093
|
48,662
|
51,804
|
50,362
|
45,118
|
|||||||||||
Income
taxes
|
16,109
|
15,467
|
18,877
|
18,650
|
16,461
|
|||||||||||
Net
income
|
$
|
28,984
|
$
|
33,195
|
$
|
32,927
|
$
|
31,712
|
$
|
28,657
|
||||||
Net
interest income-taxable equivalent
|
$
|
117,056
|
$
|
117,394
|
$
|
118,345
|
$
|
119,351
|
$
|
118,226
|
||||||
Selected
Quarterly Averages
|
||||||||||||||||
Total
assets
|
$
|
15,572,613
|
$
|
15,628,835
|
$
|
15,477,992
|
$
|
15,322,373
|
$
|
14,699,290
|
||||||
Investment
securities
|
3,092,261
|
3,176,845
|
3,072,113
|
2,964,308
|
2,896,711
|
|||||||||||
Loans
and leases
|
10,198,638
|
10,133,502
|
10,075,016
|
9,924,208
|
9,705,443
|
|||||||||||
Interest-earning
assets
|
13,876,402
|
13,951,134
|
13,820,610
|
13,522,235
|
13,129,313
|
|||||||||||
Deposits
|
12,502,206
|
12,601,708
|
12,571,525
|
12,440,125
|
12,192,664
|
|||||||||||
Interest-bearing
liabilities
|
11,557,940
|
11,601,752
|
11,485,378
|
11,156,821
|
10,794,420
|
|||||||||||
Long-term
obligations
|
408,277
|
424,597
|
500,564
|
466,259
|
408,946
|
|||||||||||
Shareholders'
equity
|
$
|
1,323,244
|
$
|
1,292,771
|
$
|
1,254,551
|
$
|
1,219,835
|
$
|
1,196,174
|
||||||
Shares
outstanding
|
10,434,453
|
10,434,453
|
10,434,453
|
10,434,453
|
10,434,453
|
|||||||||||
Selected
Quarter-End Balances
|
||||||||||||||||
Total
assets
|
$
|
15,853,778
|
$
|
15,729,697
|
$
|
15,633,597
|
$
|
15,530,846
|
$
|
15,099,564
|
||||||
Investment
securities
|
3,031,798
|
3,221,048
|
3,118,025
|
3,024,780
|
2,896,962
|
|||||||||||
Loans
and leases
|
10,221,578
|
10,239,551
|
10,129,423
|
10,029,045
|
9,810,088
|
|||||||||||
Interest-earning
assets
|
14,053,224
|
13,809,196
|
13,818,528
|
13,685,530
|
13,455,968
|
|||||||||||
Deposits
|
12,722,532
|
12,743,324
|
12,681,150
|
12,717,219
|
12,512,557
|
|||||||||||
Interest-bearing
liabilities
|
11,671,127
|
11,612,372
|
11,510,073
|
11,395,473
|
11,038,192
|
|||||||||||
Long-term
obligations
|
405,356
|
401,198
|
424,351
|
527,478
|
408,954
|
|||||||||||
Shareholders'
equity
|
$
|
1,342,327
|
$
|
1,310,819
|
$
|
1,276,608
|
$
|
1,232,933
|
$
|
1,207,720
|
||||||
Shares
outstanding
|
10,434,453
|
10,434,453
|
10,434,453
|
10,434,453
|
10,434,453
|
|||||||||||
Profitability
Ratios (averages)
|
||||||||||||||||
Rate
of return (annualized) on:
|
||||||||||||||||
Total
assets
|
0.75
|
%
|
0.84
|
%
|
0.84
|
%
|
0.84
|
%
|
0.79
|
|||||||
Shareholders'
equity
|
8.88
|
10.19
|
10.41
|
10.43
|
9.72
|
|||||||||||
Dividend
payout ratio
|
9.89
|
8.65
|
8.70
|
9.05
|
10.00
|
|||||||||||
Liquidity
and Capital Ratios (averages)
|
||||||||||||||||
Loans
and leases to deposits
|
81.57
|
%
|
80.41
|
%
|
80.14
|
%
|
79.78
|
%
|
79.60
|
|||||||
Shareholders'
equity to total assets
|
8.50
|
8.27
|
8.11
|
7.96
|
8.14
|
|||||||||||
Time
certificates of $100,000 or more to
|
||||||||||||||||
total
deposits
|
16.60
|
16.17
|
15.74
|
15.04
|
14.44
|
|||||||||||
Per
Share of Stock
|
||||||||||||||||
Net
income
|
$
|
2.78
|
$
|
3.18
|
$
|
3.16
|
$
|
3.04
|
$
|
2.75
|
||||||
Cash
dividends
|
0.275
|
0.275
|
0.275
|
0.275
|
0.275
|
|||||||||||
Book
value at period end
|
128.64
|
125.62
|
122.35
|
118.16
|
115.74
|
|||||||||||
Tangible
book value at period end
|
118.10
|
115.02
|
111.68
|
107.44
|
104.97
|
Loans
and Leases
|
Table
2
|
|||||||||||||||
2007
|
2006
|
|||||||||||||||
First
|
Fourth
|
Third
|
Second
|
First
|
||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
||||||||||||
Real
estate:
|
(thousands)
|
|||||||||||||||
Construction
and land development
|
$
|
779,718
|
$
|
783,680
|
$
|
833,505
|
$
|
822,687
|
$
|
821,477
|
||||||
Commercial
mortgage
|
3,739,948
|
3,725,752
|
3,626,600
|
3,591,372
|
3,530,296
|
|||||||||||
Residential
mortgage
|
1,020,945
|
1,025,235
|
1,040,202
|
1,007,616
|
979,572
|
|||||||||||
Revolving
mortgage
|
1,301,311
|
1,326,403
|
1,331,055
|
1,368,584
|
1,359,483
|
|||||||||||
Other
mortgage
|
157,576
|
165,223
|
167,238
|
172,322
|
173,819
|
|||||||||||
Total
real estate loans
|
6,999,498
|
7,026,293
|
6,998,600
|
6,962,581
|
6,864,647
|
|||||||||||
Commercial
and industrial
|
1,510,754
|
1,493,326
|
1,448,554
|
1,417,341
|
1,326,182
|
|||||||||||
Consumer
|
1,345,631
|
1,360,524
|
1,331,597
|
1,330,852
|
1,312,790
|
|||||||||||
Lease
financing
|
302,581
|
294,366
|
284,230
|
259,253
|
246,544
|
|||||||||||
Other
|
63,114
|
65,042
|
66,442
|
59,018
|
59,925
|
|||||||||||
Total
loans and leases
|
10,221,578
|
10,239,551
|
10,129,423
|
10,029,045
|
9,810,088
|
|||||||||||
Less
allowance for loan and lease losses
|
132,640
|
132,004
|
131,652
|
130,532
|
130,222
|
|||||||||||
Net
loans and leases
|
$
|
10,088,938
|
$
|
10,107,547
|
$
|
9,997,771
|
$
|
9,898,513
|
$
|
9,679,866
|
Investment
Securities
|
|
|
Table
3
|
||||||||||||||||||||||
|
|||||||||||||||||||||||||
|
March
31, 2007
|
March
31, 2006
|
|||||||||||||||||||||||
Average
|
Taxable
|
Average
|
Taxable
|
||||||||||||||||||||||
Fair
|
Maturity
|
Equivalent
|
Fair
|
Maturity
|
Equivalent
|
||||||||||||||||||||
Cost
|
Value
|
(Yrs./Mos.)
|
Yield
|
Cost
|
Value
|
(Yrs./Mos.)
|
Yield
|
||||||||||||||||||
(thousands)
|
|||||||||||||||||||||||||
Investment
securities available for sale:
|
|||||||||||||||||||||||||
U.
S. Government:
|
|||||||||||||||||||||||||
Within
one year
|
$
|
1,522,251
|
$
|
1,515,123
|
0/6
|
4.06
|
%
|
$
|
1,284,299
|
$
|
1,264,371
|
0/5
|
3.16
|
%
|
|||||||||||
One
to five years
|
1,267,976
|
1,268,807
|
1/7
|
4.92
|
1,009,952
|
997,206
|
1/7
|
4.10
|
|||||||||||||||||
Five
to ten years
|
6,335
|
6,139
|
6/4
|
4.88
|
1,852
|
1,788
|
7/3
|
4.99
|
|||||||||||||||||
Over
ten years
|
71,151
|
70,047
|
27/5
|
5.45
|
55,963
|
54,198
|
27/11
|
5.28
|
|||||||||||||||||
Total
|
2,867,713
|
2,860,116
|
1/0
|
5.45
|
2,352,066
|
2,317,563
|
1/7
|
3.62
|
|||||||||||||||||
State,
county and municipal:
|
|||||||||||||||||||||||||
Within
one year
|
871
|
870
|
0/3
|
3.02
|
1,076
|
1,074
|
0/3
|
2.37
|
|||||||||||||||||
One
to five years
|
2,726
|
2,692
|
2/6
|
3.97
|
2,872
|
2,823
|
2/5
|
3.54
|
|||||||||||||||||
Five
to ten years
|
470
|
476
|
5/11
|
4.90
|
1,114
|
1,104
|
6/1
|
4.65
|
|||||||||||||||||
Over
ten years
|
211
|
211
|
24/4
|
3.46
|
145
|
145
|
26/8
|
3.01
|
|||||||||||||||||
Total
|
4,278
|
4,249
|
3/6
|
3.86
|
5,207
|
5,145
|
3/5
|
3.52
|
|||||||||||||||||
Other
|
|||||||||||||||||||||||||
Over
ten years
|
9,566
|
10,039
|
11/2
|
10.66
|
11,740
|
11,740
|
11/8
|
11.09
|
|||||||||||||||||
Total
|
9,566
|
10,039
|
11/2
|
10.66
|
11,740
|
11,740
|
11/8
|
11.09
|
|||||||||||||||||
Equity
securities
|
34,297
|
60,591
|
36,081
|
61,553
|
|||||||||||||||||||||
Total
investment securities
|
|||||||||||||||||||||||||
available
for sale
|
$
|
2,915,854
|
$
|
2,934,995
|
$
|
2,405,094
|
$
|
2,396,001
|
|||||||||||||||||
Investment
securities held to maturity:
|
|||||||||||||||||||||||||
U.
S. Government:
|
|||||||||||||||||||||||||
Within
one year
|
$
|
88,294
|
$
|
87,889
|
0/4
|
3.71
|
%
|
$
|
398,692
|
$
|
395,491
|
0/7
|
3.12
|
%
|
|||||||||||
One
to five years
|
3
|
3
|
2/11
|
8.00
|
91,589
|
90,213
|
1/4
|
3.71
|
|||||||||||||||||
Five
to ten years
|
1,175
|
1,165
|
9/11
|
5.71
|
15
|
13
|
9/10
|
5.22
|
|||||||||||||||||
Over
ten years
|
5,500
|
5,502
|
10/1
|
5.59
|
8,841
|
8,834
|
11/7
|
5.59
|
|||||||||||||||||
Total
|
94,972
|
94,559
|
1/0
|
3.85
|
499,137
|
494,551
|
0/11
|
3.27
|
|||||||||||||||||
Within
one year
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
One
to five years
|
149
|
154
|
4/1
|
5.88
|
147
|
154
|
4/1
|
5.88
|
|||||||||||||||||
Over
ten years
|
1,432
|
1,548
|
12/1
|
6.02
|
1,427
|
1,553
|
12/1
|
6.02
|
|||||||||||||||||
Total
|
1,581
|
1,702
|
10/3
|
6.01
|
1,574
|
1,707
|
11/3
|
6.01
|
|||||||||||||||||
Other
|
|||||||||||||||||||||||||
Within
one year
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
One
to five years
|
250
|
250
|
1/4
|
3.25
|
250
|
250
|
3/4
|
7.75
|
|||||||||||||||||
Five
to ten years
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Total
|
250
|
250
|
1/4
|
3.25
|
250
|
250
|
3/4
|
7.75
|
|||||||||||||||||
Total
investment securities
|
|||||||||||||||||||||||||
held
to maturity
|
96,803
|
96,511
|
1/0
|
3.88
|
500,961
|
496,508
|
0/11
|
3.28
|
|||||||||||||||||
Total
investment securities
|
$
|
3,012,657
|
$
|
3,031,506
|
$
|
2,906,055
|
$
|
2,892,509
|
Average
maturity assumes callable securities mature on their earliest call
date;
yields are based on amortized cost; yields related to securities
that are
exempt
from federal and/or state income taxes are stated on a taxable-equivalent
basis assuming statutory rates of 35% for federal income tax purposes
and
6.9% for state income taxes for all periods.
|
Consolidated
Taxable Equivalent Rate/Volume Variance Analysis - First
Quarter
|
||||||||||||||||||||||||||||
Table
4
|
||||||||||||||||||||||||||||
2007
|
2006
|
Increase
(decrease) due to:
|
||||||||||||||||||||||||||
|
Interest
|
|
|
Interest
|
|
|
|
|
||||||||||||||||||||
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
|
Yield/
|
Total
|
|||||||||||||||||||
(thousands)
|
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
Volume
|
Rate
|
Change
|
|||||||||||||||||||
Assets
|
(thousands)
|
|||||||||||||||||||||||||||
Loans
and leases
|
$
|
10,198,638
|
$
|