UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report: August 23, 2000
THE SOUTH FINANCIAL GROUP, INC.
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(Exact name of registrant as specified in its charter)
South Carolina 0-15083 57-0824914
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(State of other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification Number)
102 South Main Street, Greenville, South Carolina 29601
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864) 255-7900
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ITEM 5. OTHER EVENTS
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The South Financial Group, Inc. announces its financial results for the
first month of combined operations after its merger with Anchor Financial
Corporation. As previously reported, the merger was consummated on June 6, 2000
and was accounted for as a pooling-of-interests. Accordingly, financial
information for all prior periods has been restated to combine the accounts of
Anchor Financial Corporation with those of The South Financial Group. In the
opinion of management, the following unaudited financial information for the one
month ended July 31, 2000 and 1999 contains all adjustments (which consists of
normal recurring accruals) necessary to present such information in accordance
with generally accepted accounting principles.
The financial results presented below should be read in conjunction with
The South Financial Group's filings with the Securities and Exchange Commission,
including, but not limited to, the Quarterly Report on Form 10-Q for the quarter
ended June 30, 2000 and the Annual Report on Form 10-K for the year ended
December 31, 1999. Results of operations for the one month ended July 31, 2000
are not necessarily indicative of results to be attained for any other period.
For the One Month Ended
(Dollars in thousands, unaudited) July 31, 2000 July 31, 1999
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Interest income...................................... $33,387 $27,045
Interest expense..................................... 18,855 12,192
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Net interest income............................... 14,532 14,853
Provision for loan losses............................ 862 1,529
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Net interest income after provision
for loan losses................................ 13,670 13,324
Noninterest income, excluding gain (loss) on
sale of securities............................. 3,407 3,271
Gain (loss) on sale of securities.................... (1,920) 31
Noninterest expense, excluding restructuring and
merger-related costs........................... 12,086 10,847
Restructuring and merger-related costs............... 682 332
Income tax expense................................... 811 1,797
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Net income........................................ $1,578 $3,650
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE SOUTH FINANCIAL GROUP, INC.
Dated August 23, 2000 By: /s/ William S. Hummers III
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William S. Hummers III
Executive Vice President
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