Exhibit 99.1
NEWS RELEASE DATED 4-15-2003
| | For Additional Information,
Contact Robert O. Bratton,
Chief Financial Officer
(704) 688-4473
or
Jan H. Hollar,
Director of Finance
(704) 688-4467 |
FOR IMMEDIATE RELEASE
April 15, 2003
First Charter Announces 18 Percent Increase in First Quarter EPS
Charlotte, North Carolina — First Charter Corporation (NASDAQ: FCTR) reported today first quarter diluted earnings per share of $0.33, an 18 percent increase from diluted earnings per share of $0.28 in the first quarter of 2002. Earnings for the first quarter amounted to $9.9 million compared to $8.8 million in the first quarter of 2002, an increase of 14 percent or $1.1 million. Earnings for the first quarter of 2003 include a $2.2 million ($1.6 million, or $0.05 diluted earnings per share, after-tax) gain recognized on the sale of the Corporation’s $11.7 million credit card portfolio. The sale of the consumer credit card balances was a strategic decision that will allow First Charter to continue to offer credit card products that will carry the First Charter brand through a major market leader.
“First Charter is pleased with our results for the first quarter of 2003 as we continue to execute our Community Banking Strategy,” commented President and Chief Executive Officer Lawrence M. Kimbrough. “Our continued growth in earning assets, deposits and noninterest income reflects our commitment to understanding and meeting the financial needs of our customers.”
First Quarter 2003 Highlights (compared to Fourth Quarter 2002)
| | • | | Earning assets increased $306.8 million, or 9 percent. |
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| | • | | Deposits increased $170.3 million, or 7 percent. |
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| | • | | Nonperforming assets increased $4.5 million to $41.2 million. |
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| | • | | The Corporation continued its share repurchase program, with the repurchase and retirement of 125,000 shares in the first quarter of 2003. |
First Quarter 2003 Highlights (compared to First Quarter 2002)
| • | | Net interest income decreased $1.0 million, or 4 percent. |
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| • | | Noninterest income increased $4.6 million, or 43 percent. |
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| • | | Noninterest expense increased $1.7 million, or 7 percent. |
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| • | | Net charge-offs increased $0.8 million to $2.2 million. |
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| • | | Customer satisfaction scores increased from 74 percent to 80 percent “Very Satisfied”. |
Financial Highlights
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| | | For the Three Months Ended |
| | | Ended March 31 |
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| (Dollars in thousands, except per share data) | | 2003 | | 2002 |
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Earnings | | | | | | | | |
| Total revenues | | $ | 42,153 | | | $ | 38,478 | |
| Net income | | | 9,946 | | | | 8,765 | |
| Diluted earnings per share | | | 0.33 | | | | 0.28 | |
| Return on average assets | | | 1.06 | % | | | 1.05 | % |
| Return on average equity | | | 12.06 | | | | 11.04 | |
Efficiency-taxable equivalent ratio(*) | | | 63.03 | | | | 69.14 | |
| (*) | | Noninterest expense divided by the sum of taxable equivalent net interest income plus noninterest income less gain on sale of securities. |
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| | | March 31 | | December 31 |
| | | 2003 | | 2002 |
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Balance Sheet | | | | | | | | |
| Loans held for sale | | $ | 69,894 | | | $ | 158,404 | |
| Loans, net | | | 2,050,943 | | | | 2,045,266 | |
| Investments | | | 1,453,827 | | | | 1,129,212 | |
| Total assets | | | 3,991,267 | | | | 3,745,949 | |
| Demand, savings and money market deposits | | | 1,175,580 | | | | 1,027,459 | |
| Total deposits | | | 2,492,929 | | | | 2,322,647 | |
| Other borrowings | | | 1,116,223 | | | | 1,042,440 | |
| Shareholders’ equity | | | 326,071 | | | | 324,686 | |
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| | | | March 31 | | December 31 |
| | | | 2003 | | 2002 |
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Asset Quality Ratios(1) | | | | | | | | |
| Nonaccrual loans as a percentage of total loans | | | 1.44 | % | | | 1.28 | % |
| Allowance for loan losses as a percentage of loans | | | 1.28 | | | | 1.31 | |
| Net charge-offs as a percentage of average loans | | | 0.43 | | | | 0.37 | |
| Nonperforming assets as a percentage of | | | | | | | | |
| | total loans and other real estate | | | 1.97 | | | | 1.76 | |
| (1) | | Ratios exclude loans held for sale. |
Net Interest Income/Margin
Net interest income decreased 4 percent to $26.6 million compared to the first quarter of 2002. The decrease was primarily due to lower interest income on earning assets resulting from the continued effects of a declining interest rate environment. In addition, the Corporation sold $70 million in bonds in the fourth quarter of 2002 and reinvested the proceeds into Bank Owned Life Insurance, to help offset the rise in employee benefit costs. This investment is classified as an other asset on the balance sheet, and the income is recognized as other noninterest income rather than being recognized as interest income. For the first quarter of 2003, income earned on Bank Owned Life Insurance amounted to approximately $950,000, which is nontaxable. On a taxable equivalent basis, income from Bank Owned Life Insurance was approximately $1.5 million for an annualized taxable equivalent yield of 8.39 percent. The decrease in net interest income was partially offset by a decrease in interest expense due to lower cost of funding. The net interest margin decreased to 3.18 percent in the first quarter of 2003 from 3.64 percent for the same period in 2002. This decrease was driven by the continued effects of the 50 basis point reduction in rates during the fourth quarter of 2002. This significantly reduced the net interest margin due to the asset sensitive nature of the balance sheet. In addition, assets added to the balance sheet during 2002 and 2003 have been added at rates below the weighted average yield of assets previously on the balance sheet.
Noninterest Income
Noninterest income increased 43 percent to $15.6 million compared to the first quarter of 2002. The increase includes a $2.2 million gain on the sale of the credit card portfolio. The remaining components of this increase were income recognized from the Corporation’s investment in Bank Owned Life Insurance, higher trading gains, growth in services charges on deposit accounts, increases in mortgage loan fees and insurance service income. In addition, net losses from equity method investments amounted to $0.1 million in the first quarter of 2003 versus $3.0 million in the first quarter of 2002. These improvements were partially offset by lower securities gains and an increase in the write-down of mortgage servicing rights due to increasing prepayment speeds in the current low interest rate environment.
Noninterest Expense
Noninterest expense increased $1.7 million compared to the first quarter of 2002. The major contributing factors to this increase were costs associated with additional personnel, increased employee benefit costs, increased incentive compensation from commission based sales areas and increased marketing expense associated with the implementation of the CHecking Account Marketing Program (“CHAMP”), a strategy for developing new customer relationships.
The efficiency ratio decreased to 63.03 percent compared to 69.14 percent for the first quarter of 2002. A significant portion of the decrease in the efficiency ratio relates to the net losses from equity method investments experienced during the first quarter of 2002 and the gain on sale of credit card loans in the first quarter of 2003.
Income Tax Expense
Total income tax expense for the first quarter of 2003 was $4.1 million, for an effective tax rate of 29.2 percent for the first quarter of 2003, compared to $3.3 million for an effective tax rate of 27.3 percent for the first quarter of 2002. The increase in the tax expense for the first quarter of 2003 was attributable to an increase in taxable income and the effective tax rate.
Loans
Net loans at March 31, 2003 remained essentially unchanged at $2.05 billion compared to December 31, 2002. During the first quarter of 2003, $68.8 million of mortgage loans were originated and retained on the balance sheet. These loans are classified as loans held for sale and will be securitized during the second quarter of 2003. In addition, the Corporation’s $11.7 million credit card portfolio was sold during the first quarter of 2003. First Charter will continue to offer a First Charter credit card through a major third party provider and will receive ongoing fee income as part of the agreement.
Securities
The securities available for sale portfolio increased to $1.45 billion at March 31, 2003 as compared to $1.13 billion at December 31, 2002. The increase in securities available for sale was due to the securitization of $128.5 million of mortgage loans held for sale during the first quarter of 2003 as well as securities purchases used to increase earning assets.
Deposits
Total deposits increased to $2.49 billion at March 31, 2003 as compared to $2.32 billion at December 31, 2002. Deposit growth has occurred across most every major deposit category. During the fourth quarter of 2002, the Corporation introduced CHAMP for individuals and the Corporation introduced
Business CHAMP during the first quarter of 2003. The emphasis of these programs is to develop new customer relationships, generate additional fee income opportunities, and to shift our funding mix towards lower cost funding sources. As a result, 3 times as many checking accounts were opened during the first quarter of 2003 than the first quarter of 2002. In addition, during the first quarter of 2003 the Corporation introduced the Money Market Max Account designed to reduce our dependency on certificates of deposit. This product has been very successful with total balances at March 31, 2003 of $202.1 million.
Other Borrowings
Other borrowings increased to $1.12 billion at March 31, 2003 as compared to $1.04 billion at December 31, 2002. The increase was primarily due to increases in Federal Home Loan Bank borrowings, which were at rates better than comparable retail funding rates. The proceeds of these borrowings were used to fund growth in earning assets.
Shareholders’ Equity
First Charter intends to leverage its capital through growth of the balance sheet and share repurchases. Shareholders’ equity at March 31, 2003 increased to $326.1 million and represented 8.17 percent of period-end assets. During the first quarter of 2003, 125,000 shares were repurchased and retired under the January 24, 2002 authorization to repurchase 1.5 million shares. A total of 934,600 shares have been repurchased and retired under this authorization. At March 31, 2003, the book value per share was $10.87. Based on the $17.32 closing price of First Charter Corporation common stock at March 31, 2003, the Corporation had a market capitalization of $519.4 million.
Asset Quality
Provision for Loan Losses
The provision for loan losses remained essentially unchanged at $2.1 million for the three months ended March 31, 2003 compared to the same year ago period. The provision was affected by higher net charge-offs during the first quarter of 2003 compared to the first quarter of 2002 and by lower loan growth during the first quarter of 2003 compared to the first quarter of 2002. The increase in nonperforming assets (as described below) did not have a material impact on the provision for loan losses as these loans were previously identified as problem loans and had already been specifically allocated in the reserve.
Net Charge-Offs
Net charge-offs for the three months ended March 31, 2003 amounted to $2.2 million, or 0.43 percent of average loans, compared to $1.4 million, or 0.28 percent of average loans for same 2002 period. The $0.8 million increase in net charge-offs was due to higher commercial loan charge-offs.
Nonperforming Assets
Nonaccrual loans at March 31, 2003 increased to $30.0 million as compared to $26.5 million at December 31, 2002. The increase in nonaccrual loans was primarily due to the addition of two commercial loans to nonaccrual status. Other real estate, received through loan foreclosure, increased to $11.2 million from $10.3 million at December 31, 2002.
Allowance for Loan Losses
The allowance for loan losses as a percentage of total loans decreased to 1.28 percent at March 31, 2003 compared to 1.31 percent at December 31, 2002. The allowance for loan losses was reduced by $0.5 million due to the sale of the Corporation’s $11.7 million credit card portfolio during the first quarter of 2003. These loans had a higher percentage of allocated allowance for loan losses due to their unsecured nature and higher historical loss experience. First Charter monitors the adequacy of the allowance for loan losses to cover inherent losses in the loan portfolio through the use of a loan loss migration model. Management believes the Corporation is adequately reserved based on its methodology and migration analysis.
Conference Call
First Charter executive management will be available via telephone conference to discuss the contents of this press release, present growth and earnings estimates for the second quarter of 2003 as well strategic plans for the remainder of 2003 on Tuesday, April 15, 2003 at 11:00 a.m. The following table outlines access information for the conference call and internet/audio replay:
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| | | US/Canada Participants | | International Participants |
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| Live Conference Call | | 800-379-3953
ID # 9449464 | | 706-679-5254
ID # 9449464 |
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| Internet Live and Replay | | www.FirstCharter.com
“Investor Relations” section
SHOW # 97874 | | www.FirstCharter.com
“Investor Relations” section
SHOW # 97874 |
| | | | | |
| Audio Replay | | 800-642-1687
ID # 9449464 | | 706-645-9291
ID # 9449464 |
Corporate Profile
First Charter Corporation is a regional financial services company with assets of $4.0 billion and is the holding company for First Charter Bank. First Charter operates 53 financial centers, five insurance offices and 93 ATMs located in 17 counties throughout the piedmont and western half of North Carolina. First Charter also operates one mortgage origination office in Virginia. First Charter provides businesses and individuals with a broad range of financial services, including banking, financial planning, funds management, investments, insurance, mortgages and a full array of employee benefit programs. Additional information about First Charter can be found by visitingwww.FirstCharter.comor by calling 1-800-601-8471. First Charter’s common stock is traded under the symbol “FCTR” on the NASDAQ National Market.
Forward Looking Statements
This news release contains forward looking statements with respect to the financial conditions and results of operations of First Charter Corporation. These forward looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among others, the following possibilities: (1) projected business increases in connection with the implementation of our business plan are lower than expected; (2) competitive pressure among financial services companies increases significantly; (3) costs or difficulties related to the integration of acquisitions or expenses in general are greater than expected; (4) general economic conditions, in the markets in which the company does business, are less favorable than expected; (5) risks inherent in making loans, including repayment risks and risks associated with collateral values, are greater than expected; (6) changes in the interest rate environment reduce interest margins and affect funding sources; (7) changes in market rates and prices may adversely affect the
value of financial products; (8) legislation or regulatory requirements or changes thereto adversely affect the businesses in which the company is engaged; and (9) decisions to change the business mix of the company. For further information and other factors which could affect the accuracy of forward looking statements, please see First Charter’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934 which are available at the SEC’s website (www.sec.gov) or at First Charter’s website (www.FirstCharter.com). Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management’s judgments only as of the date hereof. The company undertakes no obligation to publicly revise those forward looking statements to reflect events and circumstances that arise after the date hereof.
(Selected financial information is attached)
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First Charter Corporation and Subsidiaries
Quarterly Earnings Release | | | | (NASDAQ: FCTR) |
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| | | | | | As of / For the Three Months Ended | | Increase (Decrease) |
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| (Dollars in thousands, except per share data) | | 3/31/2003 | | 3/31/2002 | | Amount | | Percentage |
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BALANCE SHEET | | | | | | | | | | | | | | | | |
| | ASSETS: | | | | | | | | | | | | | | | | |
| | Cash and due from banks | | $ | 97,713 | | | $ | 89,611 | | | $ | 8,102 | | | | 9.0 | % |
| | Federal funds sold | | | 1,121 | | | | 1,363 | | | | (242 | ) | | | (17.8 | ) |
| | Interest earning bank deposits | | | 72,431 | | | | 16,984 | | | | 55,447 | | | | 326.5 | |
| | Securities available for sale | | | 1,453,827 | | | | 1,107,939 | | | | 345,888 | | | | 31.2 | |
| | Loans held for sale | | | 69,894 | | | | 5,400 | | | | 64,494 | | | | 1,194.3 | |
| | Loans | | | | | | | | | | | | | | | | |
| | | Commercial Real Estate | | | 800,593 | | | | 638,339 | | | | 162,254 | | | | 25.4 | |
| | | Commercial Non Real Estate | | | 227,159 | | | | 242,679 | | | | (15,520 | ) | | | (6.4 | ) |
| | | Construction | | | 216,784 | | | | 314,855 | | | | (98,071 | ) | | | (31.1 | ) |
| | | Mortgage | | | 240,115 | | | | 321,147 | | | | (81,032 | ) | | | (25.2 | ) |
| | | Consumer | | | 260,594 | | | | 266,239 | | | | (5,645 | ) | | | (2.1 | ) |
| | | Home equity | | | 332,392 | | | | 241,078 | | | | 91,314 | | | | 37.9 | |
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| | | | Total loans | | | 2,077,637 | | | | 2,024,337 | | | | 53,300 | | | | 2.6 | |
| | | Less: Unearned income | | | (199 | ) | | | (277 | ) | | | 78 | | | | (28.2 | ) |
| | | | Allowance for loan losses | | | (26,495 | ) | | | (26,576 | ) | | | 81 | | | | (0.3 | ) |
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| | | Loans, net | | | 2,050,943 | | | | 1,997,484 | | | | 53,459 | | | | 2.7 | |
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| | Other assets | | | 245,338 | | | | 187,077 | | | | 58,261 | | | | 31.1 | |
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| | | Total assets | | $ | 3,991,267 | | | $ | 3,405,858 | | | $ | 585,409 | | | | 17.2 | % |
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| | LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | | | | | | | | | | |
| | Deposits | | | | | | | | | | | | | | | | |
| | Noninterest-bearing deposits | | $ | 308,664 | | | $ | 257,864 | | | $ | 50,800 | | | | 19.7 | % |
| | | Interest checking and savings | | | 415,895 | | | | 383,145 | | | | 32,750 | | | | 8.5 | |
| | | Money market deposits | | | 451,021 | | | | 298,574 | | | | 152,447 | | | | 51.1 | |
| | | Time deposits | | | 1,317,349 | | | | 1,270,725 | | | | 46,624 | | | | 3.7 | |
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| | | | Total deposits | | | 2,492,929 | | | | 2,210,308 | | | | 282,621 | | | | 12.8 | |
| | Other borrowings | | | 1,116,223 | | | | 836,769 | | | | 279,454 | | | | 33.4 | |
| | Other liabilities | | | 56,044 | | | | 54,863 | | | | 1,181 | | | | 2.2 | |
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| | | Total liabilities | | | 3,665,196 | | | | 3,101,940 | | | | 563,256 | | | | 18.2 | |
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| | | Total shareholders’ equity | | | 326,071 | | | | 303,918 | | | | 22,153 | | | | 7.3 | |
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| | | Total liabilities and shareholders’ equity | | $ | 3,991,267 | | | $ | 3,405,858 | | | $ | 585,409 | | | | 17.2 | % |
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SELECTED AVERAGE BALANCES | | | | | | | | | | | | | | | | |
| | Loans and loans held for sale | | $ | 2,112,226 | | | $ | 1,983,455 | | | $ | 128,771 | | | | 6.5 | % |
| | Securities | | | 1,295,982 | | | | 1,101,683 | | | | 194,299 | | | | 17.6 | |
| | Interest earning assets | | | 3,420,197 | | | | 3,093,516 | | | | 326,681 | | | | 10.6 | |
| | Assets | | | 3,814,209 | | | | 3,377,791 | | | | 436,418 | | | | 12.9 | |
| | Deposits | | | 2,379,454 | | | | 2,183,990 | | | | 195,464 | | | | 8.9 | |
| | Interest bearing liabilities | | | 3,138,232 | | | | 2,756,185 | | | | 382,047 | | | | 13.9 | |
| | Shareholders’ equity | | | 334,431 | | | | 321,966 | | | | 12,465 | | | | 3.9 | |
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| | | | | As of / For the Quarter Ended |
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| | | | | 3/31/2003 | | 12/31/2002 | | 9/30/2002 | | 6/30/2002 | | 3/31/2002 |
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MISCELLANEOUS INFORMATION | | | | | | | | | | | | | | | | | | | | |
| | Common stock prices (daily close) | | | | | | | | | | | | | | | | | | | | |
| | | High | | $ | 19.4000 | | | $ | 19.1900 | | | $ | 17.9900 | | | $ | 20.5700 | | | $ | 19.4500 | |
| | | Low | | | 17.2500 | | | | 16.0500 | | | | 15.3300 | | | | 17.3000 | | | | 16.7500 | |
| | | End of period | | | 17.3200 | | | | 18.0100 | | | | 16.5700 | | | | 18.0800 | | | | 18.6700 | |
| | Book Value | | | 10.87 | | | | 10.80 | | | | 10.78 | | | | 10.52 | | | | 9.87 | |
| | Market Capitalization | | | 519,442,197 | | | | 541,545,337 | | | | 499,413,073 | | | | 557,404,502 | | | | 575,138,200 | |
| | Weighted average shares — basic | | | 30,006,417 | | | | 30,081,995 | | | | 30,379,838 | | | | 30,829,356 | | | | 30,798,728 | |
| | Weighted average shares — diluted | | | 30,188,853 | | | | 30,220,294 | | | | 30,506,426 | | | | 31,098,379 | | | | 30,993,981 | |
| | End of period shares outstanding | | | 29,990,889 | | | | 30,069,147 | | | | 30,139,594 | | | | 30,829,895 | | | | 30,805,474 | |
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7
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First Charter Corporation and Subsidiaries
Quarterly Earnings Release | | | | (NASDAQ: FCTR) |
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| | | | | As of / For the Quarter Ended |
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| (Dollars in thousands, except per share data) | | 3/31/2003 | | 12/31/2002 | | 9/30/2002 | | 6/30/2002 | | 3/31/2002 |
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BALANCE SHEET | | | | | | | | | | | | | | | | | | | | |
| ASSETS: | | | | | | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 97,713 | | | $ | 162,087 | | | $ | 85,811 | | | $ | 93,287 | | | $ | 89,611 | |
| Federal funds sold | | | 1,121 | | | | 1,154 | | | | 3,570 | | | | 948 | | | | 1,363 | |
| Interest earning bank deposits | | | 72,431 | | | | 6,609 | | | | 9,849 | | | | 16,513 | | | | 16,984 | |
| Securities available for sale | | | 1,453,827 | | | | 1,129,212 | | | | 1,212,742 | | | | 1,104,995 | | | | 1,107,939 | |
| Loans held for sale | | | 69,894 | | | | 158,404 | | | | 14,532 | | | | 1,486 | | | | 5,400 | |
| Loans | | | | | | | | | | | | | | | | | | | | |
| | Commercial Real Estate | | | 800,593 | | | | 798,664 | | | | 730,601 | | | | 682,301 | | | | 638,339 | |
| | Commercial Non Real Estate | | | 227,159 | | | | 223,178 | | | | 230,809 | | | | 237,120 | | | | 242,679 | |
| | Construction | | | 216,784 | | | | 215,859 | | | | 307,802 | | | | 304,921 | | | | 314,855 | |
| | Mortgage | | | 240,115 | | | | 237,085 | | | | 378,088 | | | | 349,931 | | | | 321,147 | |
| | Consumer | | | 260,594 | | | | 280,201 | | | | 283,990 | | | | 279,778 | | | | 266,239 | |
| | Home equity | | | 332,392 | | | | 317,730 | | | | 296,073 | | | | 270,282 | | | | 241,078 | |
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| | | Total loans | | | 2,077,637 | | | | 2,072,717 | | | | 2,227,363 | | | | 2,124,333 | | | | 2,024,337 | |
| | Less: Unearned income | | | (199 | ) | | | (247 | ) | | | (225 | ) | | | (254 | ) | | | (277 | ) |
| | Allowance for loan losses | | | (26,495 | ) | | | (27,204 | ) | | | (27,411 | ) | | | (27,213 | ) | | | (26,576 | ) |
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| | Loans, net | | | 2,050,943 | | | | 2,045,266 | | | | 2,199,727 | | | | 2,096,866 | | | | 1,997,484 | |
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| Other assets | | | 245,338 | | | | 243,217 | | | | 174,698 | | | | 176,637 | | | | 187,077 | |
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| | Total assets | | $ | 3,991,267 | | | $ | 3,745,949 | | | $ | 3,700,929 | | | $ | 3,490,732 | | | $ | 3,405,858 | |
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| LIABILITIES AND SHAREHOLDERS’ EQUITY: | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | | | | | | | | | |
| | Noninterest-bearing deposits | | $ | 308,664 | | | $ | 305,924 | | | $ | 302,584 | | | $ | 282,324 | | | $ | 257,864 | |
| | Interest checking and savings | | | 415,895 | | | | 416,005 | | | | 407,019 | | | | 390,270 | | | | 383,145 | |
| | Money market deposits | | | 451,021 | | | | 305,530 | | | | 299,456 | | | | 295,243 | | | | 298,574 | |
| | Time deposits | | | 1,317,349 | | | | 1,295,188 | | | | 1,304,729 | | | | 1,295,122 | | | | 1,270,725 | |
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| |
| | | Total deposits | | | 2,492,929 | | | | 2,322,647 | | | | 2,313,788 | | | | 2,262,959 | | | | 2,210,308 | |
| Other borrowings | | | 1,116,223 | | | | 1,042,440 | | | | 1,004,836 | | | | 847,752 | | | | 836,769 | |
| Other liabilities | | | 56,044 | | | | 56,176 | | | | 57,550 | | | | 55,623 | | | | 54,863 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Total liabilities | | | 3,665,196 | | | | 3,421,263 | | | | 3,376,174 | | | | 3,166,334 | | | | 3,101,940 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Total shareholders’ equity | | | 326,071 | | | | 324,686 | | | | 324,755 | | | | 324,398 | | | | 303,918 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Total liabilities and shareholders’ equity | | $ | 3,991,267 | | | $ | 3,745,949 | | | $ | 3,700,929 | | | $ | 3,490,732 | | | $ | 3,405,858 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
SELECTED AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | |
| | Loans and loans held for sale | | $ | 2,112,226 | | | $ | 2,253,317 | | | $ | 2,170,961 | | | $ | 2,080,227 | | | $ | 1,983,455 | |
| | Securities | | | 1,295,982 | | | | 1,144,045 | | | | 1,129,206 | | | | 1,130,552 | | | | 1,101,683 | |
| | Interest earning assets | | | 3,420,197 | | | | 3,418,176 | | | | 3,311,707 | | | | 3,219,752 | | | | 3,093,516 | |
| | Assets | | | 3,814,209 | | | | 3,678,945 | | | | 3,586,969 | | | | 3,491,868 | | | | 3,377,791 | |
| | Deposits | | | 2,379,454 | | | | 2,309,971 | | | | 2,278,758 | | | | 2,230,620 | | | | 2,183,990 | |
| | Interest bearing liabilities | | | 3,138,232 | | | | 2,999,871 | | | | 2,914,391 | | | | 2,859,137 | | | | 2,756,185 | |
| | Shareholders’ equity | | | 334,431 | | | | 332,998 | | | | 333,165 | | | | 322,508 | | | | 321,966 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
8
| | | | | |
First Charter Corporation and Subsidiaries
Quarterly Earnings Release | | | | (NASDAQ: FCTR) |
| | | | | | | | | | | | | | | | | | | |
| | | | | For the Three Months Ended | | Increase (Decrease) |
| | | | |
| |
|
| (Dollars in thousands, except per share data) | | 3/31/2003 | | 3/31/2002 | | Amount | | Percentage |
| |
| |
| |
| |
|
INCOME STATEMENT | | | | | | | | | | | | | | | | |
| | Interest income — taxable equivalent | | $ | 45,790 | | | $ | 49,495 | | | $ | (3,705 | ) | | | (7.5) | % |
| | Interest expense | | | 18,785 | | | | 21,490 | | | | (2,705 | ) | | | (12.6 | ) |
| | | |
| | | |
| | | |
| | | |
| |
| | Net interest income — taxable equivalent | | | 27,005 | | | | 28,005 | | | | (1,000 | ) | | | (3.6 | ) |
| | Less: Taxable equivalent adjustment | | | 422 | | | | 455 | | | | (33 | ) | | | (7.3 | ) |
| | | |
| | | |
| | | |
| | | |
| |
| | | Net interest income | | | 26,583 | | | | 27,550 | | | | (967 | ) | | | (3.5 | ) |
| | Provision for loan losses | | | 2,051 | | | | 2,105 | | | | (54 | ) | | | (2.6 | ) |
| | | |
| | | |
| | | |
| | | |
| |
| | | Net interest income after provision for loan losses | | | 24,532 | | | | 25,445 | | | | (913 | ) | | | (3.6 | ) |
| | Noninterest income | | | 15,570 | | | | 10,928 | | | | 4,642 | | | | 42.5 | |
| | Noninterest expense | | | 26,064 | | | | 24,317 | | | | 1,747 | | | | 7.2 | |
| | | |
| | | |
| | | |
| | | |
| |
| | Income before income taxes | | | 14,038 | | | | 12,056 | | | | 1,982 | | | | 16.4 | |
| | Income taxes | | | 4,092 | | | | 3,291 | | | | 801 | | | | 24.3 | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Net income | | $ | 9,946 | | | $ | 8,765 | | | $ | 1,181 | | | | 13.5 | % |
| | | |
| | | |
| | | |
| | | |
| |
EARNINGS PER SHARE DATA | | | | | | | | | | | | | | | | |
| | Basic | | $ | 0.33 | | | $ | 0.28 | | | $ | 0.05 | | | | 17.9 | % |
| | Diluted | | | 0.33 | | | | 0.28 | | | | 0.05 | | | | 17.9 | |
| | Weighted average shares — basic | | | 30,006,417 | | | | 30,798,728 | | | | | | | | | |
| | Weighted average shares — diluted | | | 30,188,853 | | | | 30,993,981 | | | | | | | | | |
| | Dividends paid on common shares | | $ | 0.185 | | | $ | 0.180 | | | $ | 0.01 | | | | 5.6 | % |
| | | |
| | | |
| | | |
| | | |
| |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | |
| | Return on average assets | | | 1.06 | % | | | 1.05 | % | | | | | | | | |
| | Return on average equity | | | 12.06 | | | | 11.04 | | | | | | | | | |
| | Efficiency — taxable equivalent (*) | | | 63.03 | | | | 69.14 | | | | | | | | | |
| | | |
| | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | For the Three Months Ended |
| | | |
|
| SCHEDULE OF OTHER ITEMS INCLUDED IN EARNINGS | | 3/31/2003 | | 3/31/2002 |
| |
| |
|
| Noninterest income | | | | | | | | |
| | Gain on sale of securities | | $ | 1,226 | | | $ | 3,763 | |
| | Equity investment write down | | | — | | | | (20 | ) |
| | Gain on sale of credit card loans | | | 2,213 | | | | — | |
| | Equity method loss | | | (100 | ) | | | (2,959 | ) |
Notes: Applicable ratios are annualized.
| * | | - Noninterest expense divided by the sum of taxable equivalent net interest income plus noninterest income less gain on sale of securities. |
| |
9
| | | | | |
First Charter Corporation and Subsidiaries
Quarterly Earnings Release | | | | (NASDAQ: FCTR) |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | As of / For the Quarter Ended |
| | | | |
|
| (Dollars in thousands, except per share data) | | 3/31/2003 | | 12/31/2002 | | 9/30/2002 | | 6/30/2002 | | 3/31/2002 |
| |
| |
| |
| |
| |
|
INCOME STATEMENT | | | | | | | | | | | | | | | | | | | | |
| | Interest income — taxable equivalent | | | | | | | | | | | | | | | | | | | | |
| | Interest and fees on loans | | $ | 30,400 | | | $ | 34,166 | | | $ | 34,828 | | | $ | 33,600 | | | $ | 32,920 | |
| | Interest on securities | | | 15,205 | | | | 14,327 | | | | 15,340 | | | | 16,239 | | | | 16,543 | |
| | Other interest income | | | 185 | | | | 69 | | | | 50 | | | | 38 | | | | 32 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Total interest income — taxable equivalent | | | 45,790 | | | | 48,562 | | | | 50,218 | | | | 49,877 | | | | 49,495 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Interest expense | | | | | | | | | | | | | | | | | | | | |
| | Interest on deposits | | | 11,465 | | | | 12,016 | | | | 12,498 | | | | 12,694 | | | | 13,749 | |
| | Other interest expense | | | 7,320 | | | | 8,079 | | | | 8,319 | | | | 8,131 | | | | 7,741 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Total interest expense | | | 18,785 | | | | 20,095 | | | | 20,817 | | | | 20,825 | | | | 21,490 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Net interest income — taxable equivalent | | | 27,005 | | | | 28,467 | | | | 29,401 | | | | 29,052 | | | | 28,005 | |
| | Less: Taxable equivalent adjustment | | | 422 | | | | 429 | | | | 436 | | | | 444 | | | | 455 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Net interest income | | | 26,583 | | | | 28,038 | | | | 28,965 | | | | 28,608 | | | | 27,550 | |
| | Provision for loan losses | | | 2,051 | | | | 2,175 | | | | 1,750 | | | | 2,240 | | | | 2,105 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Net interest income after provision for loan losses | | | 24,532 | | | | 25,863 | | | | 27,215 | | | | 26,368 | | | | 25,445 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Noninterest income | | | | | | | | | | | | | | | | | | | | |
| | Service charges on deposit accounts | | | 5,130 | | | | 4,998 | | | | 4,689 | | | | 4,781 | | | | 4,665 | |
| | Financial management income | | | 578 | | | | 483 | | | | 566 | | | | 679 | | | | 668 | |
| | Gain on sale of securities | | | 1,226 | | | | 5,371 | | | | 1,416 | | | | 989 | | | | 3,763 | |
| | Gain on sale of credit card loan portfolio | | | 2,213 | | | | — | | | | — | | | | — | | | | — | |
| | (Loss) income from equity method investments | | | (100 | ) | | | (340 | ) | | | (2,525 | ) | | | 23 | | | | (2,959 | ) |
| | Mortgage loan fees | | | 672 | | | | 1,137 | | | | 504 | | | | 409 | | | | 407 | |
| | Brokerage services income | | | 486 | | | | 591 | | | | 640 | | | | 420 | | | | 637 | |
| | Insurance services income | | | 2,437 | | | | 2,112 | | | | 2,313 | | | | 2,114 | | | | 2,231 | |
| | Trading gains | | | 1,164 | | | | 1,038 | | | | 298 | | | | 322 | | | | 420 | |
| | Other noninterest income | | | 1,764 | | | | 889 | | | | 829 | | | | 1,957 | | | | 1,096 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Total noninterest income | | | 15,570 | | | | 16,279 | | | | 8,730 | | | | 11,694 | | | | 10,928 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Noninterest expense | | | | | | | | | | | | | | | | | | | | |
| | Salaries and employee benefits | | | 13,757 | | | | 12,213 | | | | 11,988 | | | | 13,208 | | | | 12,897 | |
| | Occupancy and equipment | | | 4,166 | | | | 3,768 | | | | 3,839 | | | | 4,184 | | | | 4,241 | |
| | Data processing | | | 678 | | | | 760 | | | | 758 | | | | 828 | | | | 622 | |
| | Marketing | | | 1,153 | | | | 658 | | | | 630 | | | | 634 | | | | 640 | |
| | Postage and supplies | | | 1,136 | | | | 1,099 | | | | 967 | | | | 1,078 | | | | 1,189 | |
| | Professional services | | | 1,772 | | | | 1,841 | | | | 1,393 | | | | 1,719 | | | | 1,662 | |
| | Telephone | | | 603 | | | | 376 | | | | 461 | | | | 568 | | | | 546 | |
| | Amortization of intangibles | | | 85 | | | | 89 | | | | 88 | | | | 90 | | | | 100 | |
| | Prepayment cost on borrowings | | | — | | | | 3,284 | | | | — | | | | — | | | | — | |
| | Other noninterest expense | | | 2,714 | | | | 3,543 | | | | 1,616 | | | | 1,775 | | | | 2,420 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Total noninterest expense | | | 26,064 | | | | 27,631 | | | | 21,740 | | | | 24,084 | | | | 24,317 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Income before taxes | | | 14,038 | | | | 14,511 | | | | 14,205 | | | | 13,978 | | | | 12,056 | |
| | Income taxes | | | 4,092 | | | | 3,962 | | | | 3,878 | | | | 3,816 | | | | 3,291 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Net income | | $ | 9,946 | | | $ | 10,549 | | | $ | 10,327 | | | $ | 10,162 | | | $ | 8,765 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
EARNINGS PER SHARE DATA | | | | | | | | | | | | | | | | | | | | |
| | Basic | | $ | 0.33 | | | $ | 0.35 | | | $ | 0.34 | | | $ | 0.33 | | | $ | 0.28 | |
| | Diluted | | | 0.33 | | | | 0.35 | | | | 0.34 | | | | 0.33 | | | | 0.28 | |
| | Dividends paid on common shares | | | 0.185 | | | | 0.185 | | | | 0.185 | | | | 0.180 | | | | 0.180 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | |
| | Return on average assets | | | 1.06 | % | | | 1.14 | % | | | 1.14 | % | | | 1.17 | % | | | 1.05 | % |
| | Return on average equity | | | 12.06 | | | | 12.57 | | | | 12.30 | | | | 12.64 | | | | 11.04 | |
| | Efficiency — taxable equivalent (*) | | | 63.03 | | | | 70.17 | | | | 59.21 | | | | 60.58 | | | | 69.14 | |
| | Noninterest income as a percentage of total income | | | 36.94 | | | | 36.73 | | | | 23.16 | | | | 29.02 | | | | 28.40 | |
| | Equity as a percentage of total assets | | | 8.17 | | | | 8.67 | | | | 8.77 | | | | 9.29 | | | | 8.92 | |
| | Average earning assets as a percentage of average assets | | | 89.67 | | | | 92.91 | | | | 92.33 | | | | 92.21 | | | | 91.58 | |
| | Average loans as a percentage of average deposits | | | 88.77 | | | | 97.55 | | | | 95.27 | | | | 93.26 | | | | 90.82 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | As of / For the Quarter Ended |
| | | |
|
| SCHEDULE OF OTHER ITEMS INCLUDED IN EARNINGS | | 3/31/2003 | | 12/31/2002 | | 9/30/2002 | | 6/30/2002 | | 3/31/2002 |
| |
| |
| |
| |
| |
|
| Noninterest income | | | | | | | | | | | | | | | | | | | | |
| | Gain on sale of securities | | $ | 1,226 | | | $ | 5,371 | | | $ | 1,416 | | | $ | 989 | | | $ | 3,763 | |
| | Equity investment write down | | | — | | | | — | | | | — | | | | — | | | | (20 | ) |
| | Gain on sale of credit card loans | | | 2,213 | | | | — | | | | — | | | | — | | | | — | |
| | Equity method (loss) income | | | (100 | ) | | | (340 | ) | | | (2,525 | ) | | | 23 | | | | (2,959 | ) |
| | (Loss) gain on sale of properties | | | — | | | | (109 | ) | | | — | | | | 1,013 | | | | — | |
| Noninterest expense | | | | | | | | | | | | | | | | | | | | |
| | Prepayment costs on borrowings | | | — | | | | (3,284 | ) | | | — | | | | — | | | | — | |
| | Reserve for contingent liability | | | — | | | | (840 | ) | | | — | | | | — | | | | — | |
Notes: Applicable ratios are annualized.
| * | | - Noninterest expense divided by the sum of taxable equivalent net interest income plus noninterest income less gain on sale of securities. |
| |
| | |
10
| | | | | |
First Charter Corporation and Subsidiaries
Quarterly Earnings Release | | | | (NASDAQ: FCTR) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | As of / For the Quarter Ended |
| | | | | |
|
| (Dollars in thousands, except per share data) | | 3/31/2003 | | 12/31/2002 | | 9/30/2002 | | 6/30/2002 | | 3/31/2002 |
| |
| |
| |
| |
| |
|
ASSET QUALITY ANALYSIS | | | | | | | | | | | | | | | | | | | | |
| | Allowance for Loan Losses | | | | | | | | | | | | | | | | | | | | |
| | | Beginning balance | | $ | 27,204 | | | $ | 27,411 | | | $ | 27,213 | | | $ | 26,576 | | | $ | 25,843 | |
| | | Provision for loan losses | | | 2,051 | | | | 2,175 | | | | 1,750 | | | | 2,240 | | | | 2,105 | |
| | | Allowance related to loans sold or transferred to held for sale | | | (547 | ) | | | (325 | ) | | | (322 | ) | | | — | | | | — | |
| | | Charge-offs | | | (2,466 | ) | | | (2,138 | ) | | | (1,517 | ) | | | (1,778 | ) | | | (1,557 | ) |
| | | Recoveries | | | 253 | | | | 81 | | | | 287 | | | | 175 | | | | 185 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | | Net charge-offs | | | (2,213 | ) | | | (2,057 | ) | | | (1,230 | ) | | | (1,603 | ) | | | (1,372 | ) |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Ending balance | | $ | 26,495 | | | $ | 27,204 | | | $ | 27,411 | | | $ | 27,213 | | | $ | 26,576 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Nonperforming Assets and Loans 90 days or more past due accruing interest | | | | | | | | | | | | | | | | | | | | |
| | | Nonaccrual loans | | $ | 30,021 | | | $ | 26,467 | | | $ | 24,418 | | | $ | 30,656 | | | $ | 27,558 | |
| | | Other real estate | | | 11,200 | | | | 10,278 | | | | 9,675 | | | | 8,367 | | | | 7,208 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | | Total nonperforming assets | | | 41,221 | | | | 36,745 | | | | 34,093 | | | | 39,023 | | | | 34,766 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Loans 90 days or more past due accruing interest | | | — | | | | — | | | | — | | | | — | | | | 38 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | | Total | | $ | 41,221 | | | $ | 36,745 | | | $ | 34,093 | | | $ | 39,023 | | | $ | 34,804 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | Asset Quality Ratios (*) | | | | | | | | | | | | | | | | | | | | |
| | | Nonaccrual loans as a percentage of total loans | | | 1.44 | % | | | 1.28 | % | | | 1.10 | % | | | 1.44 | % | | | 1.36 | % |
| | | Nonperforming assets as a percentage of total assets | | | 1.03 | | | | 0.98 | | | | 0.92 | | | | 1.12 | | | | 1.02 | |
| | | Nonperforming assets as a percentage of total loans and other real estate | | | 1.97 | | | | 1.76 | | | | 1.52 | | | | 1.83 | | | | 1.71 | |
| | | Net charge-offs as a percentage of average loans (annualized) | | | 0.43 | | | | 0.37 | | | | 0.23 | | | | 0.31 | | | | 0.28 | |
| | | Allowance for loan losses as a percentage of loans | | | 1.28 | | | | 1.31 | | | | 1.23 | | | | 1.28 | | | | 1.31 | |
| | | Ratio of allowance for loan losses to: | | | | | | | | | | | | | | | | | | | | |
| | | | Net charge-offs | | | 2.95 x | | | | 3.33 x | | | | 5.62 x | | | | 4.23 x | | | | 4.78 x | |
| | | | Nonaccrual loans | | | 0.88 | | | | 1.03 | | | | 1.12 | | | | 0.89 | | | | 0.96 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | | | | | | | | | | | | | | | | | |
| | | | | As of / For the Three Months Ended | | Increase (Decrease) |
| | | | |
| |
|
| | | | | 3/31/2003 | | 3/31/2002 | | Amount | | Percentage |
| | | | |
| |
| |
| |
|
Allowance for Loan Losses | | | | | | | | | | | | | | | | |
| | Beginning balance | | $ | 27,204 | | | $ | 25,843 | | | $ | 1,361 | | | | 5.3 | % |
| | Provision for loan losses | | | 2,051 | | | | 2,105 | | | | (54 | ) | | | (2.6 | ) |
| | Allowance related to loans sold | | | (547 | ) | | | — | | | | (547 | ) | | | N/A | |
| | Charge-offs | | | (2,466 | ) | | | (1,557 | ) | | | 909 | | | | 58.4 | |
| | Recoveries | | | 253 | | | | 185 | | | | 68 | | | | 36.8 | |
| | | |
| | | |
| | | |
| | | |
| |
| | | Net charge-offs | | | (2,213 | ) | | | (1,372 | ) | | | 841 | | | | 61.3 | |
| | | |
| | | |
| | | |
| | | |
| |
| | Ending balance | | $ | 26,495 | | | $ | 26,576 | | | $ | (81 | ) | | | (0.3) | % |
| | | |
| | | |
| | | |
| | | |
| |
Asset Quality Ratios (*) | | | | | | | | | | | | | | | | |
| | Net charge-offs as a percentage of average loans (annualized) | | | 0.43 | % | | | 0.28 | % | | | | | | | | |
| | Ratio of allowance for loan losses to net charge-offs (annualized) | | | 2.95 x | | | | 4.78 x | | | | | | | | | |
| | | |
| | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | For the Quarter Ended |
| | | | |
|
| | | | | 3/31/2003 | | 12/31/2002 | | 9/30/2002 | | 6/30/2002 | | 3/31/2002 |
| | | | |
| |
| |
| |
| |
|
ANNUALIZED INTEREST YIELDS / RATES (**) | | | | | | | | | | | | | | | | | | | | |
| | Interest income: | | | | | | | | | | | | | | | | | | | | |
| | | Yield on loans and loans held for sale | | | 5.84 | % | | | 6.02 | % | | | 6.36 | % | | | 6.48 | % | | | 6.73 | % |
| | | Yield on securities | | | 4.69 | | | | 5.01 | | | | 5.43 | | | | 5.75 | | | | 6.01 | |
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| | | Yield on interest earning assets | | | 5.40 | | | | 5.65 | | | | 6.03 | | | | 6.21 | | | | 6.46 | |
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| | Interest expense: | | | | | | | | | | | | | | | | | | | | |
| | | Cost of interest bearing deposits | | | 2.23 | | | | 2.37 | | | | 2.49 | | | | 2.58 | | | | 2.89 | |
| | | Cost of borrowings | | | 2.83 | | | | 3.26 | | | | 3.57 | | | | 3.67 | | | | 3.80 | |
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| | | Cost of interest bearing liabilities | | | 2.43 | | | | 2.66 | | | | 2.83 | | | | 2.92 | | | | 3.16 | |
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| | Interest rate spread | | | 2.97 | | | | 2.99 | | | | 3.20 | | | | 3.29 | | | | 3.30 | |
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| | Net yield on earning assets | | | 3.18 | % | | | 3.32 | % | | | 3.54 | % | | | 3.61 | % | | | 3.64 | % |
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Notes: Applicable ratios are annualized.
| | | (*) — Excludes loans held for sale.
(**) — Fully taxable equivalent yields. |
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