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Exhibit 99(d)
CONSOLIDATED BALANCE SHEETS
June 30, December 31, June 30,
1997 1996 1996
(dollars in thousands)
Assets
Cash and due from banks $ 152,132 $ 155,725 $ 126,942
Federal funds sold 200 12,950 1,450
Total cash and cash equivalents 152,332 168,675 128,392
Interest bearing deposits with banks 2,163 1,713 1,310
Securities:
Available-for-sale 490,042 465,460 418,194
Held-to-maturity (market values $247,584,
$293,593 and $319,723 respectively) 239,191 284,691 312,374
Loans 2,692,453 2,499,038 2,345,385
Allowance for loan losses (35,178) (31,720) (30,183)
Premises and equipment 67,967 68,667 69,489
Other assets 64,185 63,909 59,799
---------- ---------- ----------
Total assets $3,673,155 $3,520,433 $3,304,760
========= ========= =========
Liabilities and Shareholders' Equity
Deposits:
Non-interest bearing $ 367,301 $ 361,692 $ 332,384
Interest bearing:
Savings and NOW accounts 1,024,757 1,011,153 942,028
Time 1,652,310 1,643,124 1,565,525
--------- --------- ---------
Total deposits 3,044,368 3,015,969 2,839,937
Short-term borrowings 272,268 163,220 168,534
Other liabilities 37,311 37,563 33,532
Long-term debt 29,537 29,537 4,714
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Total liabilities 3,383,484 3,246,289 3,046,717
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Shareholders' equity:
Preferred stock - no par value; 1,000,000
shares authorized -- -- --
Common stock - $1 par value; 50,000,000
shares authorized; issued and outstanding:
27,812,979, 26,304,157 and 19,736,038
respectively 27,813 26,304 19,736
Surplus 203,673 163,828 170,902
Retained earnings 57,672 83,374 69,951
Securities valuation, net of tax 513 638 (2,546)
----------- ----------- -----------
Total shareholders' equity 289,671 274,144 258,043
--------- --------- ----------
Total liabilities and shareholders' equity $3,673,155 $3,520,433 $3,304,760
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See accompanying notes to financial statements.
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CONSOLIDATED STATEMENTS OF INCOME
Three months ended Six months ended
June 30, June 30,
1997 1996 1997 1996
(in thousands, except for per share data)
Interest Income
Interest and fees on loans $ 62,960 $ 53,984 $122,170 $106,896
Interest on securities:
Taxable 8,705 8,163 17,332 15,494
Tax-exempt 2,985 3,239 6,104 6,497
Other interest income 140 291 537 1,561
Total interest income 74,790 65,677 146,143 130,448
Interest Expense
Interest on deposits 32,245 29,213 64,242 59,039
Interest on short-term borrowings 3,321 1,721 5,484 3,175
Interest on long-term debt 518 122 1,017 255
Total interest expense 36,084 31,056 70,743 62,469
Net Interest Income 38,706 34,621 75,400 67,979
Provision for loan losses 4,449 2,317 7,937 4,689
Net interest income after provision for loan losses 34,257 32,304 67,463 63,290
Non-Interest Income
Service charges on deposits 3,877 3,562 7,447 6,816
Trust income 2,302 1,996 4,576 4,016
Other operating income 4,851 3,275 9,532 6,608
Securities gains (losses) -- (100) 121 (84)
Total non-interest income 11,030 8,733 21,676 17,356
Non-Interest Expense
Salaries and employee benefits 16,067 14,524 31,409 29,182
Occupancy 1,778 1,772 3,679 3,613
Equipment 1,915 1,737 3,755 3,401
Other operating 9,921 8,878 19,763 17,248
Total non-interest expense 29,681 26,911 58,606 53,444
Income Before Income Taxes 15,606 14,126 30,533 27,202
Income taxes 4,549 3,925 8,747 7,422
Net Income $ 11,057 $ 10,201 $ 21,786 $ 19,780
Net income per share $.39 $.36 $.77 $.70
Cash dividends declared per share .18 .15 .35 .29
Average shares outstanding (in thousands) 28,313 28,164 28,270 28,124
See accompanying notes to financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Six months ended June 30,
1997 1996
Cash Flows From Operating Activities
Net income $ 21,786 $ 19,780
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Adjustments to reconcile net income to net cash provided by operating
activities:
Provision for loan losses 7,937 4,689
Origination of loans for sale in secondary market (94,484) (125,472)
Proceeds from sale of loans 95,078 126,144
Gain on sale of loans (594) (672)
Origination of mortgage servicing rights (774) --
Realized securities (gains) losses (121) 84
Provision for depreciation, amortization and accretion 4,048 1,236
Deferred income taxes (435) (737)
Increase in interest receivable (643) (193)
Increase (decrease) in interest payable 572 (847)
Other - net 1,111 (539)
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Total adjustments 11,695 3,693
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Net cash provided by operating activities 33,481 23,473
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Cash Flows From Investing Activities
Net (increase) decrease in interest bearing deposits with banks (450) 4,051
Purchase of securities available-for-sale (92,998) (189,209)
Proceeds from sales of securities available-for-sale 33,681 27,906
Proceeds from maturities and prepayments of securities available-for-sale 32,208 68,137
Purchase of securities held-to-maturity (1,783) (6,959)
Proceeds from maturities and prepayments of securities
held-to-maturity 50,247 43,984
Net increase in loans (197,743) (130,677)
Purchase of premises and equipment and other assets (4,570) (6,139)
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Net cash used in investing activities (181,408) (188,906)
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Cash Flows From Financing Activities
Net increase in non-interest bearing demand, savings and NOW deposit accounts 19,212 43,262
Net increase (decrease) in time deposits 9,187 (17,065)
Net increase in short-term borrowings 109,048 34,211
Repayment of long-term debt -- (964)
Cash dividends and fractional shares (9,528) (7,696)
Proceeds from sales of stock 3,665 2,928
Common stock repurchased -- (6,119)
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Net cash provided by financing activities 131,584 48,557
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Decrease in Cash and Cash Equivalents (16,343) (116,876)
Cash and Cash Equivalents, beginning of period 168,675 245,268
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Cash and Cash Equivalents, end of period $152,332 $128,392
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See accompanying notes to financial statements.
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Notes to Consolidated Financial Statements
The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
1. In the opinion of management of the Company, the unaudited consolidated
financial statements contained herein include all adjustments (consisting
of only normal recurring accruals) necessary to present fairly the
consolidated financial position of the Company as of June 30, 1997, June
30, 1996 and December 31, 1996 and consolidated results of operations for
the three months and six months ended June 30, 1997 and 1996.
2. The results of operations for the three months and six months ended June
30, 1997 are not necessarily indicative of the results to be expected for
the full year.
3. The accompanying unaudited consolidated financial statements should be read
in conjunction with the Notes to Consolidated Financial Statements
contained in the Registrant's Form 10-K for the year ended December 31,
1996.