Exhibit 99
HELMERICH & PAYNE, INC. ANNOUNCES RECORD FOURTH QUARTER AND
FISCAL YEAR-END EARNINGS
Helmerich & Payne, Inc. reported record net income of $461,738,000 ($4.34 per diluted share) from operating revenues of $2,036,543,000 for its fiscal year ended September 30, 2008, compared with net income of $449,261,000 ($4.27 per diluted share) from operating revenues of $1,629,658,000 during the prior fiscal year ended September 30, 2007. Included in fiscal 2008 and 2007 net income is non-operating related income (after-tax) of $0.27 and $0.74 per diluted share, respectively. Non-operating items included are gains on the sales of investment securities, gains from involuntary conversion of long-lived assets, and income from asset sales.
Net income for the fourth quarter of fiscal 2008 was $126,485,000 ($1.18 per diluted share) from operating revenues of $583,719,000, compared with net income of $116,410,000 ($1.10 per diluted share) from operating revenues of $449,449,000 during last year’s fourth quarter. Included in net income were gains from non-operating type activities mentioned above that totaled $0.05 per diluted share for the fourth quarter of 2008 and $0.13 per diluted share for the fourth quarter of 2007.
Helmerich & Payne, Inc. also announced today that, since its last announcement in late July, the Company has signed 13 long-term contracts with five exploration and production companies to operate 13 new FlexRigs®*. The names of the customers and other terms were not disclosed. Since the beginning of fiscal 2008, the Company has announced 63 new contracts for the construction and operation of 63 new FlexRigs under long-term contracts with term durations of three years or greater. This also brings to 140 the total number of long-term commitments for new FlexRigs that have been announced by the Company since March, 2005. To date, 107 of the 140 new builds have been completed, with the remaining 33 scheduled for completion in the next twelve months. Upon completion of these commitments, FlexRigs will represent 73% of the Company’s global fleet and over 80% of its U.S. land rig fleet.
Company President and C.E.O., Hans Helmerich commented, “With 58% of our U.S. land potential revenue days in fiscal 2009 already under long-term contracts with strong dayrates, and with the addition of the 13 new build orders announced today, we are optimistic about the position of the Company as we head toward uncertain times in the oil services industry. In the long term we believe our customers’ capital spending plans and demand for drilling services will improve and that the retooling of the industry’s rig fleet will continue.”
(over)
Page 2
News Release
November 20, 2008
Total Company operating income increased to an all time high of $190,706,000 for the fourth quarter of 2008, compared with $177,807,000 during the third quarter of 2008, and $166,709,000 for the fourth quarter of 2007. This year’s fourth quarter results for the U.S. land segment were negatively affected by $11.7 million of abandonment charges ($0.07 per share after tax), mostly associated with obsolete equipment. Including the non-cash abandonment charge, segment operating income for U.S. land operations was $158,724,000 for the fourth quarter of 2008 compared with $159,413,000 for the third quarter of 2008 and $124,191,000 for the fourth quarter of 2007.
Total revenue days for U.S. land operations increased 7.3% from 15,263 during the third quarter of 2008 to 16,382 during the fourth quarter of 2008. Rig margins for U.S. land operations averaged $13,163 per day during the fourth quarter of fiscal 2008, compared with $13,365 per day during the third quarter of 2008, and $12,221 during the fourth quarter of 2007. The $202 per day sequential decline resulted from a slightly higher average rig revenue per day that was more than offset by an increase in daily operating cost.
The Company’s offshore operations reported segment operating income of $13,664,000 for the fourth quarter of fiscal 2008, compared with $12,013,000 for the third quarter of fiscal 2008 and $6,343,000 for the fourth quarter of fiscal 2007. During both the third and fourth quarters of 2008, eight of the Company’s nine offshore platform rigs were working (89% utilization), compared with 59% utilization during last year’s fourth quarter.
Segment operating income for the Company’s international land operations was $18,573,000 during this year’s fourth quarter, compared with $17,492,000 during this year’s third quarter and $32,358,000 during last year’s fourth quarter. Income for this year’s third and fourth quarters was down compared to last year’s fourth quarter primarily as a result of significantly higher daily operating cost and an early termination fee that favorably impacted last year’s fourth quarter by approximately $6 million. Average rig utilization for the fourth quarter of 2008 was 97%, compared with 79% for the third quarter of fiscal 2008 and 81% for the fourth quarter of fiscal 2007. By the end of the fourth quarter, all of the Company’s international land rigs were working. Two of the previously announced new international FlexRigs have been completed and mobilized and are currently working in South America. Five others are at various stages of construction and mobilization to South America.
Helmerich & Payne, Inc. is primarily a contract drilling company. As of November 20, 2008, the Company’s existing fleet included 189 U.S. land rigs, 31 international land rigs and nine offshore platform rigs. In addition, the Company is scheduled to complete another 33 new H&P-designed and operated FlexRigs. Upon completion of these commitments, the Company’s global land fleet will include a total of 190 FlexRigs.
(more)
Page 3
News Release
November 20, 2008
Helmerich & Payne, Inc.’s conference call/webcast is scheduled to begin this morning at 11:00 a.m. ET (10:00 a.m. CT) and can be accessed at http://www.hpinc.com under Investors. If you are unable to participate during the live webcast, the call will be archived on H&P’s website indicated above.
Statements in this release and information disclosed in the conference call and webcast that are “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 are based on current expectations and assumptions that are subject to risks and uncertainties. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion & Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements.
Contact: Juan Pablo Tardio
(918) 588-5383
(more)
Page 4
News Release
November 20, 2008
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
| Three Months Ended |
| Fiscal Year Ended |
| |||||||||||
|
| June 30 |
| September 30 |
| September 30 |
| |||||||||
CONSOLIDATED STATEMENTS OF INCOME |
| 2008 |
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
| |||||
Drilling – U.S. Land |
| $ | 391,755 |
| $ | 437,376 |
| $ | 332,397 |
| $ | 1,542,038 |
| $ | 1,174,956 |
|
Drilling – Offshore |
| 47,298 |
| 50,084 |
| 29,065 |
| 154,452 |
| 123,148 |
| |||||
Drilling – International Land |
| 80,585 |
| 93,300 |
| 85,130 |
| 328,244 |
| 320,283 |
| |||||
Other |
| 2,879 |
| 2,959 |
| 2,857 |
| 11,809 |
| 11,271 |
| |||||
|
| 522,517 |
| 583,719 |
| 449,449 |
| 2,036,543 |
| 1,629,658 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating costs and other: |
|
|
|
|
|
|
|
|
|
|
| |||||
Operating costs, excluding depreciation |
| 274,168 |
| 322,745 |
| 234,306 |
| 1,086,666 |
| 862,254 |
| |||||
Depreciation |
| 51,210 |
| 63,700 |
| 44,814 |
| 210,766 |
| 146,042 |
| |||||
General and administrative |
| 14,723 |
| 14,343 |
| 11,900 |
| 57,059 |
| 47,401 |
| |||||
Research and development |
| 522 |
| 1,311 |
| — |
| 1,833 |
| — |
| |||||
In-process research and development |
| 11,129 |
| — |
| — |
| 11,129 |
| — |
| |||||
Gain from involuntary conversion of long-lived assets |
| (5,426 | ) | — |
| (5,591 | ) | (10,236 | ) | (16,661 | ) | |||||
Income from asset sales |
| (1,616 | ) | (9,086 | ) | (2,689 | ) | (13,490 | ) | (41,697 | ) | |||||
|
| 344,710 |
| 393,013 |
| 282,740 |
| 1,343,727 |
| 997,339 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating income |
| 177,807 |
| 190,706 |
| 166,709 |
| 692,816 |
| 632,319 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and dividend income |
| 1,034 |
| 1,669 |
| 994 |
| 5,038 |
| 4,234 |
| |||||
Interest expense |
| (4,651 | ) | (4,434 | ) | (4,034 | ) | (18,689 | ) | (10,126 | ) | |||||
Gain on sale of investment securities |
| 16,388 |
| — |
| 13,646 |
| 21,994 |
| 65,458 |
| |||||
Other |
| 66 |
| (860 | ) | (1,782 | ) | (1,230 | ) | (1,532 | ) | |||||
|
| 12,837 |
| (3,625 | ) | 8,824 |
| 7,113 |
| 58,034 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income before income taxes and equity in income of affiliate |
| 190,644 |
| 187,081 |
| 175,533 |
| 699,929 |
| 690,353 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income tax provision |
| 70,187 |
| 66,440 |
| 62,588 |
| 255,557 |
| 250,984 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity in income of affiliate net of income taxes |
| 4,912 |
| 5,844 |
| 3,465 |
| 17,366 |
| 9,892 |
| |||||
NET INCOME |
| $ | 125,369 |
| $ | 126,485 |
| $ | 116,410 |
| $ | 461,738 |
| $ | 449,261 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| $ | 1.20 |
| $ | 1.20 |
| $ | 1.13 |
| $ | 4.43 |
| $ | 4.35 |
|
Diluted |
| $ | 1.18 |
| $ | 1.18 |
| $ | 1.10 |
| $ | 4.34 |
| $ | 4.27 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| 104,530 |
| 105,211 |
| 103,475 |
| 104,284 |
| 103,338 |
| |||||
Diluted |
| 106,689 |
| 107,300 |
| 105,498 |
| 106,424 |
| 105,128 |
| |||||
(more)
Page 5
News Release
November 20, 2008
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
CONSOLIDATED CONDENSED BALANCE SHEETS |
| 9/30/08 |
| 9/30/07 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 121,513 |
| $ | 89,215 |
|
Other current assets |
| 569,134 |
| 409,749 |
| ||
Total current assets |
| 690,647 |
| 498,964 |
| ||
Investments |
| 199,266 |
| 223,360 |
| ||
Net property, plant, and equipment |
| 2,682,251 |
| 2,152,616 |
| ||
Other assets |
| 15,881 |
| 10,429 |
| ||
TOTAL ASSETS |
| $ | 3,588,045 |
| $ | 2,885,369 |
|
|
|
|
|
|
| ||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
| ||
Total current liabilities |
| $ | 308,957 |
| $ | 226,612 |
|
Total noncurrent liabilities |
| 538,614 |
| 398,241 |
| ||
Long-term notes payable |
| 475,000 |
| 445,000 |
| ||
Total shareholders’ equity |
| 2,265,474 |
| 1,815,516 |
| ||
|
|
|
|
|
| ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $ | 3,588,045 |
| $ | 2,885,369 |
|
(more)
Page 6
News Release
November 20, 2008
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
| Years Ended |
| ||||
|
| September 30 |
| ||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
OPERATING ACTIVITIES: |
|
|
|
|
| ||
Net income |
| $ | 461,738 |
| $ | 449,261 |
|
Depreciation |
| 210,766 |
| 146,042 |
| ||
In-process research and development |
| 11,129 |
| — |
| ||
Changes in assets and liabilities |
| (7,366 | ) | 96,356 |
| ||
Gain from involuntary conversion of long-lived assets |
| (10,236 | ) | (16,661 | ) | ||
Gain on sale of assets and investment securities |
| (35,354 | ) | (107,017 | ) | ||
Other |
| (19,849 | ) | (6,914 | ) | ||
Net cash provided by operating activities |
| 610,828 |
| 561,067 |
| ||
|
|
|
|
|
| ||
INVESTING ACTIVITIES: |
|
|
|
|
| ||
Capital expenditures |
| (705,635 | ) | (894,214 | ) | ||
Insurance proceeds from involuntary conversion of long-lived assets |
| 13,926 |
| 16,257 |
| ||
Proceeds from sale of assets and investments |
| 48,415 |
| 179,387 |
| ||
Acquisition of business, net of cash acquired |
| (12,041 | ) | — |
| ||
Net cash used in investing activities |
| (655,335 | ) | (698,570 | ) | ||
|
|
|
|
|
| ||
FINANCING ACTIVITIES: |
|
|
|
|
| ||
Dividends paid |
| (19,333 | ) | (18,638 | ) | ||
Repurchase of common stock |
| — |
| (17,621 | ) | ||
Net increase (decrease) in bank overdraft |
| — |
| (17,430 | ) | ||
Proceeds from exercise of stock options |
| 14,537 |
| 3,802 |
| ||
Net proceeds from short-term and long-term debt |
| 56,733 |
| 241,279 |
| ||
Excess tax benefit from stock-based compensation |
| 24,868 |
| 1,473 |
| ||
Net cash provided by financing activities |
| 76,805 |
| 192,865 |
| ||
|
|
|
|
|
| ||
Net increase in cash and cash equivalents |
| 32,298 |
| 55,362 |
| ||
Cash and cash equivalents, beginning of period |
| 89,215 |
| 33,853 |
| ||
Cash and cash equivalents, end of period |
| $ | 121,513 |
| $ | 89,215 |
|
(more)
Page 7
News Release
November 20, 2008
|
| Three Months Ended |
| Fiscal Year Ended |
| |||||||||||
|
| June 30 |
| September 30 |
| September 30 |
| |||||||||
SEGMENT REPORTING |
| 2008 |
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| |||||
|
| (in thousands, except days and per day amounts) |
| |||||||||||||
U.S. LAND OPERATIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
Revenues |
| $ | 391,755 |
| $ | 437,376 |
| $ | 332,397 |
| $ | 1,542,038 |
| $ | 1,174,956 |
|
Direct operating expenses |
| 187,771 |
| 221,735 |
| 170,311 | �� | 756,828 |
| 587,825 |
| |||||
General and administrative expense |
| 4,801 |
| 4,147 |
| 3,796 |
| 17,599 |
| 14,024 |
| |||||
Depreciation |
| 39,770 |
| 52,770 |
| 34,099 |
| 161,893 |
| 106,107 |
| |||||
Segment operating income |
| $ | 159,413 |
| $ | 158,724 |
| $ | 124,191 |
| $ | 605,718 |
| $ | 467,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenue days |
| 15,263 |
| 16,382 |
| 13,263 |
| 59,804 |
| 47,338 |
| |||||
Average rig revenue per day |
| $ | 24,543 |
| $ | 25,034 |
| $ | 23,666 |
| $ | 24,522 |
| $ | 23,573 |
|
Average rig expense per day |
| $ | 11,178 |
| $ | 11,871 |
| $ | 11,445 |
| $ | 11,393 |
| $ | 11,170 |
|
Average rig margin per day |
| $ | 13,365 |
| $ | 13,163 |
| $ | 12,221 |
| $ | 13,129 |
| $ | 12,403 |
|
Rig utilization |
| 96 | % | 98 | % | 95 | % | 96 | % | 97 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
OFFSHORE OPERATIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
Revenues |
| $ | 47,298 |
| $ | 50,084 |
| $ | 29,065 |
| $ | 154,452 |
| $ | 123,148 |
|
Direct operating expenses |
| 31,166 |
| 32,159 |
| 18,961 |
| 104,454 |
| 85,556 |
| |||||
General and administrative expense |
| 1,276 |
| 964 |
| 959 |
| 4,452 |
| 4,824 |
| |||||
Depreciation |
| 2,843 |
| 3,297 |
| 2,802 |
| 12,152 |
| 10,687 |
| |||||
Segment operating income |
| $ | 12,013 |
| $ | 13,664 |
| $ | 6,343 |
| $ | 33,394 |
| $ | 22,081 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenue days |
| 732 |
| 736 |
| 485 |
| 2,442 |
| 2,141 |
| |||||
Average rig revenue per day |
| $ | 51,309 |
| $ | 52,452 |
| $ | 39,160 |
| $ | 47,743 |
| $ | 34,469 |
|
Average rig expense per day |
| $ | 31,181 |
| $ | 30,054 |
| $ | 20,347 |
| $ | 29,655 |
| $ | 21,564 |
|
Average rig margin per day |
| $ | 20,128 |
| $ | 22,398 |
| $ | 18,813 |
| $ | 18,088 |
| $ | 12,905 |
|
Rig utilization |
| 89 | % | 89 | % | 59 | % | 75 | % | 65 | % | |||||
(more)
Page 8
News Release
November 20, 2008
|
| Three Months Ended |
| Fiscal Year Ended |
| |||||||||||
|
| June 30 |
| September 30 |
| September 30 |
| |||||||||
SEGMENT REPORTING |
| 2008 |
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| |||||
|
| (in thousands, except days and per day amounts) |
| |||||||||||||
INTERNATIONAL LAND OPERATIONS |
|
|
|
|
|
|
|
|
|
|
| |||||
Revenues |
| $ | 80,585 |
| $ | 93,300 |
| $ | 85,130 |
| $ | 328,244 |
| $ | 320,283 |
|
Direct operating expenses |
| 55,093 |
| 68,679 |
| 45,556 |
| 224,683 |
| 188,086 |
| |||||
General and administrative expense |
| 1,182 |
| 554 |
| 972 |
| 3,974 |
| 3,236 |
| |||||
Depreciation |
| 6,818 |
| 5,494 |
| 6,244 |
| 29,614 |
| 23,782 |
| |||||
Segment operating income |
| $ | 17,492 |
| $ | 18,573 |
| $ | 32,358 |
| $ | 69,973 |
| $ | 105,179 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenue days |
| 1,951 |
| 2,299 |
| 2,023 |
| 8,026 |
| 8,886 |
| |||||
Average rig revenue per day |
| $ | 38,709 |
| $ | 37,691 |
| $ | 37,847 |
| $ | 37,604 |
| $ | 31,465 |
|
Average rig expense per day |
| $ | 25,638 |
| $ | 26,447 |
| $ | 18,250 |
| $ | 24,489 |
| $ | 16,708 |
|
Average rig margin per day |
| $ | 13,071 |
| $ | 11,244 |
| $ | 19,597 |
| $ | 13,115 |
| $ | 14,757 |
|
Rig utilization |
| 79 | % | 97 | % | 81 | % | 82 | % | 90 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating statistics exclude the effects of offshore management contracts, gains and losses from translation of foreign currency transactions, and do not include reimbursements of “out-of-pocket” expenses in revenue per day, expense per day and margin calculations. | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reimbursed amounts were as follows: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. Land Operations |
| $ | 17,158 |
| $ | 27,275 |
| $ | 18,514 |
| $ | 75,519 |
| $ | 59,035 |
|
Offshore Operations |
| $ | 4,296 |
| $ | 5,829 |
| $ | 3,145 |
| $ | 16,330 |
| $ | 14,328 |
|
International Land Operations |
| $ | 5,066 |
| $ | 6,647 |
| $ | 8,563 |
| $ | 26,431 |
| $ | 40,113 |
|
With the growth of the drilling segments, the previously reported Real Estate segment has become a smaller percentage of total segment operating income. As a result, the Real Estate segment has been included with other non-reportable business segments. The amounts for fiscal 2007 and the three months ended September 30, 2007 have been restated to reflect this change.
(more)
Page 9
News Release
November 20, 2008
Segment operating income is a non-GAAP financial measure of the Company’s performance, as it excludes general and administrative expenses, corporate depreciation, income from asset sales and other corporate income and expense. The Company considers segment operating income to be an important supplemental measure of operating performance for presenting trends in the Company’s core businesses. This measure is used by the Company to facilitate period-to-period comparisons in operating performance of the Company’s reportable segments in the aggregate by eliminating items that affect comparability between periods. The Company believes that segment operating income is useful to investors because it provides a means to evaluate the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision makers. Additionally, it highlights operating trends and aids analytical comparisons. However, segment operating income has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect the Company’s operating performance in future periods.
The following table reconciles segment operating income per the information above to income before income taxes and equity in income of affiliates as reported on the Consolidated Statements of Income (in thousands).
|
| Three Months Ended |
| Fiscal Year Ended |
| |||||||||||
|
| June 30 |
| September 30 |
| September 30 |
| |||||||||
SEGMENT REPORTING |
| 2008 |
| 2008 |
| 2007 |
| 2008 |
| 2007 |
| |||||
Operating Income |
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. Land |
| $ | 159,413 |
| $ | 158,724 |
| $ | 124,191 |
| $ | 605,718 |
| $ | 467,000 |
|
Offshore |
| 12,013 |
| 13,664 |
| 6,343 |
| 33,394 |
| 22,081 |
| |||||
International Land |
| 17,492 |
| 18,573 |
| 32,358 |
| 69,973 |
| 105,179 |
| |||||
Other |
| (10,421 | ) | (400 | ) | 1,294 |
| (7,996 | ) | 5,007 |
| |||||
Segment operating income |
| $ | 178,497 |
| $ | 190,561 |
| $ | 164,186 |
| $ | 701,089 |
| $ | 599,267 |
|
Corporate general and administrative |
| (7,464 | ) | (8,678 | ) | (6,173 | ) | (31,034 | ) | (25,317 | ) | |||||
Other depreciation |
| (1,087 | ) | (1,137 | ) | (1,016 | ) | (4,156 | ) | (3,010 | ) | |||||
Inter-segment elimination |
| 819 |
| 874 |
| 1,432 |
| 3,191 |
| 3,021 |
| |||||
Gain from involuntary conversion of long-lived assets |
| 5,426 |
| — |
| 5,591 |
| 10,236 |
| 16,661 |
| |||||
Income from asset sales |
| 1,616 |
| 9,086 |
| 2,689 |
| 13,490 |
| 41,697 |
| |||||
Operating income |
| $ | 177,807 |
| $ | 190,706 |
| $ | 166,709 |
| $ | 692,816 |
| $ | 632,319 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and dividend income |
| 1,034 |
| 1,669 |
| 994 |
| 5,038 |
| 4,234 |
| |||||
Interest expense |
| (4,651 | ) | (4,434 | ) | (4,034 | ) | (18,689 | ) | (10,126 | ) | |||||
Gain on sale of investment securities |
| 16,388 |
| — |
| 13,646 |
| 21,994 |
| 65,458 |
| |||||
Other |
| 66 |
| (860 | ) | (1,782 | ) | (1,230 | ) | (1,532 | ) | |||||
Total other income (expense) |
| 12,837 |
| (3,625 | ) | 8,824 |
| 7,113 |
| 58,034 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income before income taxes and equity in income of affiliate |
| $ | 190,644 |
| $ | 187,081 |
| $ | 175,533 |
| $ | 699,929 |
| $ | 690,353 |
|
###
