Exhibit 99.1
Commercial Federal Reports First Quarter Earnings of $23.1 Million
OMAHA, Neb.--(BUSINESS WIRE)--xx--Commercial Federal Corporation
today announced net income of $0.51 per diluted share or $23.1
million, for the quarter ended March 31, 2003, compared to net income
of $0.61 per diluted share or $28.0 million for the same period a year
ago.
Results for the period reflect compression in the net interest
margin brought about by the prolonged low interest rate environment.
In the first half of 2002 the Company benefited from declining costs
on deposits and borrowings. Since that time, the net interest margin
has continued to decrease as more assets continue to re-price at lower
rate levels.
William A. Fitzgerald, chairman of the board and chief executive
officer stated, "Despite the protracted low interest rate
environment's impact, operationally, Commercial Federal had a solid
quarter with good underlying growth in many of our key loan and
deposit categories."
Mr. Fitzgerald also stated, "Performance of our core banking units
remains on target. We continue to execute on our strategic plan to
grow core deposits and higher margin loans, taking advantage of growth
opportunities in our strong markets. The long-term drivers of value
will be expanding our customer base and changing the mix in our
balance sheet, adding higher margin loans and core deposits. The
Company will continue to position itself to achieve its long-term
growth objectives while managing the challenges presented in the
near-term by the low level of interest rates."
Key Growth Indicators:
-- Core deposit balances increased $430 million or 12% year over
year
-- Commercial operating loans average outstanding up 29% year
over year
-- Home equity loans up 9% year over year
-- Checking account growth 4% year over year
Chief Financial Officer David S. Fisher stated, "For the first
quarter, the growth numbers in our key benchmarks extend the very
positive trends established last year. Deposit growth in checking and
savings has been strong. We have seen good growth in our commercial
operating and consumer loan portfolios on a year over year basis as
well. Record mortgage volumes continued with loan production reaching
$1.8 billion in the first quarter of 2003, up 85% year over year."
Mr. Fisher concluded, "While Commercial Federal's core business
continues to be strong, earnings for the balance of 2003 will be
challenged by the compression in net interest margin and declining net
interest income as the weakness in the economy continues. These
conditions will not alter our emphasis on adding to our customer base
and growing revenues in order to achieve our long-term performance
goals."
Results for the Quarter:
Net Interest Income
Net interest income totaled $74.8 million for the first quarter,
down 7% from the fourth quarter of 2002 and 12% from the first quarter
of 2002. The net interest spread for the quarter fell to 2.56%,
compared with 2.94% for the same period last year and 2.67% in the
prior quarter.
The Company's net interest margin continued to compress as the
rate on the Company's earning assets declined 25 basis points, while
the rate on the Company's interest-bearing liabilities fell by only 14
basis points from the prior quarter ended December 31, 2002. Further
interest rate reductions during 2003 would place additional pressure
on the Company's net interest margin. With interest rates at 40-year
lows, management has intentionally maintained an interest rate risk
profile that is asset sensitive.
Credit Risk Management
Overall credit quality remained stable with net loan charge-offs
for the quarter down significantly to $4.5 million, compared with
$13.1 million for the previous quarter. Total nonperforming assets
were up 6% for the first quarter following an 8% decline in the
previous quarter. For the quarter ended March 31, 2003, total
nonperforming assets were $120.6 million, compared with $114.0 million
and $117.7 million at December 31, and March 31, 2002. The majority of
the change in nonperforming loans for the quarter was in the
residential and commercial construction categories relating to a few
specific borrowers. Total NPAs represented 0.90% of total assets at
March 31, 2003.
During the first quarter, the Company continued to increase its
allowance for loan losses by adding a provision of $7.1 million. At
March 31, 2003, the allowance for loan losses totaled $108.9 million,
compared with $106.3 million and $102.6 million at December 31, and
March 31, 2002.
Noninterest Income
The Company's retail and mortgage banking operations continued to
generate strong results in the first quarter. For the quarter ended
March 31, 2003, retail fees totaled $13.5 million compared with $12.4
million for the first quarter of 2002, a 9% increase on a year over
year basis.
The mortgage banking operations includes activities associated
with the Company's mortgage servicing and mortgage banking operations,
offset by the amortization of and valuation adjustments related to its
mortgage servicing rights asset. During the first quarter 2003, the
Company recorded an impairment adjustment of $13.5 million, and the
amortization expense of existing mortgage servicing rights was $12.1
million. The Company offset this impairment and amortization by
realizing $19.0 million in pre-tax gains on the sales of securities
and changes in fair values of hedging instruments. In addition, the
gain on the sale of loans for the quarter totaled $5.5 million.
Overall, this net activity contributed $9.9 million to pre-tax revenue
for the quarter, compared to $16.9 million for the quarter ended
December 31, 2002.
Operating Expenses
Expenses remained on target for the quarter ended March 31, 2003.
Total administrative expenses totaled $66.6 million, compared to $72.7
million for the previous quarter. Expenses are expected to increase
approximately 1% per quarter for the remainder of the year.
Balance Sheet and Capital Ratios
Total assets at March 31, 2003 were $13.3 billion, compared with
$13.1 billion and $12.7 billion at December 31, and March 31, 2002.
Core deposit balances, including checking, money market and savings
accounts grew by $282 million or 8% for the quarter.
At March 31, 2003, stockholders' equity increased to $758.4
million after spending $10.3 million on our share repurchase program.
Stockholders' equity was $756.5 million at December 31, 2002. The
capital ratios of the Company's banking subsidiary continued to exceed
regulatory requirements for classification as "well-capitalized," the
highest regulatory standard.
The five million-share buyback program announced in November 2002
was started in the first quarter with a total of 464,400 shares
repurchased. The Company has 4.8 million shares remaining in its share
repurchase authorizations. As of March 31, 2003, shares outstanding
totaled 44,808,282.
Commercial Federal Corporation (NYSE:CFB) is the parent company of
Commercial Federal Bank, a $13.3 billion federal savings bank that
currently operates branches located in Nebraska, Iowa, Colorado,
Kansas, Oklahoma, Missouri and Arizona. Commercial Federal operations
include consumer and commercial banking services including mortgage
origination and servicing, commercial and industrial lending, small
business banking, construction lending, cash management, insurance and
investment services, and Internet banking.
Commercial Federal's Web site, http://www.comfedbank.com, will
host a live webcast of the investor conference call to discuss first
quarter results on Thursday, April 24, 2003 at 10:30 a.m. Central
Time. The site also includes access to company news releases, annual
reports, quarterly financial statements, and SEC filings.
Certain statements contained in this release are forward-looking
in nature. These statements are subject to risks and uncertainties
that could cause Commercial Federal's actual results or financial
condition to differ materially from those expressed in or implied by
such statements. Factors of particular importance to Commercial
Federal include, but are not limited to, changes in general economic
conditions, changes in interest rates, changes in regulations or
accounting methods, and price levels and conditions in the public
securities markets generally.
COMMERCIAL FEDERAL CORPORATION
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands)
- ----------------------------------------------------------------------
March 31, December 31, March 31,
ASSETS 2003 2002 2002
- ----------------------------------------------------------------------
Cash (including short-term
investments of $842, $505 and
$392) $223,129 $200,581 $149,697
Investment securities available
for sale, at fair value 1,271,810 1,296,050 1,090,650
Mortgage-backed securities
available for sale, at fair
value 1,588,715 1,632,622 1,826,708
Loans held for sale, net 1,013,067 868,569 472,029
Loans receivable, net of
allowances of $108,857,
$106,148 and $102,287 7,808,986 7,703,016 7,831,457
Federal Home Loan Bank stock 264,028 283,193 250,554
Foreclosed real estate 41,316 40,008 45,459
Premises and equipment, net 143,904 148,374 153,161
Bank owned life insurance 232,262 228,958 217,937
Other assets 557,290 495,014 519,104
Core value of deposits, net of
accumulated amortization of
$62,817, $61,268 and $56,533 20,816 22,365 27,100
Goodwill 162,717 162,717 162,717
- ----------------------------------------------------------------------
Total Assets $13,328,040 $13,081,467 $12,746,573
- ----------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS'
EQUITY
- ----------------------------------------------------------------------
Liabilities:
Deposits $6,740,117 $6,439,041 $6,282,480
Advances from Federal Home
Loan Bank 4,770,335 4,848,997 4,905,581
Other borrowings 569,943 603,306 540,409
Other liabilities 489,290 433,602 272,609
- ----------------------------------------------------------------------
Total Liabilities 12,569,685 12,324,946 12,001,079
- ----------------------------------------------------------------------
Commitments and Contingencies - - -
- ----------------------------------------------------------------------
Stockholders' Equity:
Preferred stock, $.01 par
value; 10,000,000 shares
authorized; none issued - - -
Common stock, $.01 par value;
120,000,000 shares
authorized; 44,808,282,
45,270,360 and 45,258,495
shares issued and
outstanding 448 453 453
Additional paid-in capital 51,837 61,712 63,441
Retained earnings 816,909 797,778 729,523
Accumulated other
comprehensive loss, net (110,839) (103,422) (47,923)
- ----------------------------------------------------------------------
Total Stockholders' Equity 758,355 756,521 745,494
- ----------------------------------------------------------------------
Total Liabilities and
Stockholders' Equity $13,328,040 $13,081,467 $12,746,573
- ----------------------------------------------------------------------
Certain amounts in prior periods have been reclassified for
comparative purposes to conform to the March 31, 2003 presentation.
COMMERCIAL FEDERAL CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in Thousands Except Per Share Data)
- ----------------------------------------------------------------------
Three Months Ended
March 31, December 31, March 31,
------------------------------------
2003 2002 2002
- ----------------------------------------------------------------------
Interest Income:
Investment securities $17,576 $18,554 $19,119
Mortgage-backed securities 16,447 19,885 26,858
Loans receivable 142,351 151,573 152,039
- ----------------------------------------------------------------------
Total interest
income 176,374 190,012 198,016
Interest Expense:
Deposits 39,614 42,043 48,804
Advances from Federal Home
Loan Bank 56,920 60,989 58,894
Other borrowings 5,012 6,597 5,735
- ----------------------------------------------------------------------
Total interest
expense 101,546 109,629 113,433
Net Interest Income 74,828 80,383 84,583
Provision for Loan Losses (7,146) (9,731) (6,589)
- ----------------------------------------------------------------------
Net Interest Income After
Provision for Loan Losses 67,682 70,652 77,994
Other Income (Loss):
Retail fees and charges 13,503 14,344 12,408
Loan servicing fees, net (1,025) (318) 2,836
Mortgage servicing rights
valuation adjustment (13,528) (9,585) 529
Gain (loss) on sales of
securities and changes
in fair values of
derivatives, net 19,000 12,268 (4,843)
Gain on sales of loans 5,480 14,537 3,439
Bank owned life insurance 3,304 3,857 3,345
Other operating income 5,656 4,593 7,876
- ----------------------------------------------------------------------
Total other income 32,390 39,696 25,590
Other Expense:
General and administrative
expenses -
Compensation and benefits 30,813 28,116 28,495
Occupancy and equipment 10,436 10,448 9,326
Data processing 4,675 4,614 4,434
Advertising 4,130 4,446 2,915
Communication 3,414 3,581 3,056
Item processing 3,469 3,560 3,461
Outside services 2,391 3,078 3,638
Foreclosed real estate,
net 1,381 2,105 1,442
Other operating expenses 5,923 12,711 5,799
- ----------------------------------------------------------------------
Total general and
administrative
expenses 66,632 72,659 62,566
Amortization of core value
of deposits 1,549 1,549 1,633
- ----------------------------------------------------------------------
Total other
expense 68,181 74,208 64,199
- ----------------------------------------------------------------------
Income Before Income Taxes 31,891 36,140 39,385
Income Tax Provision 8,760 9,861 11,402
- ----------------------------------------------------------------------
Net Income $23,131 $26,279 $27,983
- ----------------------------------------------------------------------
Per Diluted Common Share:
Net Income $.51 $.58 $.61
- ----------------------------------------------------------------------
Dividends Declared Per Common
Share $.09 $.09 $.08
- ----------------------------------------------------------------------
Weighted Average Shares
Outstanding 45,421,360 45,485,399 45,910,702
- ----------------------------------------------------------------------
Certain amounts in prior periods have been reclassified for
comparative purposes to conform to the March 31, 2003 presentation.
COMMERCIAL FEDERAL CORPORATION
MORTGAGE SERVICING RIGHTS AND MORTGAGE BANKING OPERATIONS
(Dollars in Thousands)
- ----------------------------------------------------------------------
Three Months Ended
March 31, December 31, March 31,
-------------------------------------
2003 2002 2002
- ----------------------------------------------------------------------
Mortgage Servicing Rights:
Beginning balance $88,353 $74,214 $114,146
Mortgage servicing rights
retained through loan
sales 16,753 18,511 9,614
Purchases of mortgage
servicing rights 6,758 15,925 -
Amortization expense (12,062) (10,712) (6,668)
------------ ------------ -----------
Balance before valuation
adjustments 99,802 97,938 117,092
Valuation adjustments (13,528) (9,585) 529
------------ ------------ -----------
Ending balance $86,274 $88,353 $117,621
============ ============ ===========
Fair value at the periods
ended $86,274 $89,078 $124,841
============ ============ ===========
Valuation allowances $93,586 $80,058 $19,112
============ ============ ===========
Mortgage servicing rights as a
percentage of servicing
portfolio 0.73% 0.77% 1.23%
============ ============ ===========
Mortgage servicing rights as a
multiple of servicing fees 2.28x 2.39x 3.74x
============ ============ ===========
- ----------------------------------------------------------------------
Loans Serviced for Other
Institutions:
Beginning balance $11,531,755 $9,773,436 $9,488,658
Additions to portfolio 1,220,373 1,412,803 619,235
Purchases of loans to
service 559,688 1,776,291 -
Loan payments (1,457,944) (1,427,804) (581,686)
Other items, net (5,814) (2,971) (1,714)
------------ ------------ -----------
Ending balance $11,848,058 $11,531,755 $9,524,493
============ ============ ===========
Weighted average servicing
fee 0.32% 0.32% 0.33%
============ ============ ===========
Weighted average coupon
note rate 6.66% 6.82% 7.16%
============ ============ ===========
- ----------------------------------------------------------------------
Components of Mortgage Banking
Activities:
Loan servicing fees $11,037 $10,394 $9,504
Amortization of mortgage
servicing rights (12,062) (10,712) (6,668)
------------ ------------ -----------
Loan servicing fees, net (1,025) (318) 2,836
Mortgage servicing rights
valuation adjustment (13,528) (9,585) 529
Gain (loss) on sales of
securities and changes in
fair values of
deriviatives, net 19,000 12,268 (4,843)
------------ ------------ -----------
Mortgage servicing
rights valuation
adjustment, net 5,472 2,683 (4,314)
Gain on sales of loans 5,480 14,537 3,439
------------ ------------ -----------
Total mortgage banking
activities $9,927 $16,902 $1,961
============ ============ ===========
- ----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
DEPOSITS AND LOANS
(In Thousands)
- ----------------------------------------------------------------------
March 31, December 31, March 31,
2003 2002 2002
- ----------------------------------------------------------------------
Deposits by State:
Colorado $2,049,818 $2,015,845 $2,102,105
Nebraska 1,934,980 1,740,421 1,340,506
Iowa 1,030,771 982,714 1,031,185
Kansas 659,169 659,671 688,143
Oklahoma 556,166 555,275 614,044
Missouri 299,507 287,587 291,934
Arizona 209,706 197,528 192,950
Minnesota - - 21,613
----------- ------------ -----------
Total deposits $6,740,117 $6,439,041 $6,282,480
=========== ============ ===========
Deposits by Type:
Checking accounts -
Interest bearing $510,597 $494,847 $502,946
Noninterest bearing 1,108,285 974,483 654,099
----------- ------------ -----------
Total checking 1,618,882 1,469,330 1,157,045
Money market accounts 740,292 505,679 294,450
Savings accounts 1,516,231 1,618,593 1,994,326
----------- ------------ -----------
Total core
deposits 3,875,405 3,593,602 3,445,821
Certificates of deposit -
non core 2,864,712 2,845,439 2,836,659
----------- ------------ -----------
Total deposits $6,740,117 $6,439,041 $6,282,480
=========== ============ ===========
- ----------------------------------------------------------------------
Loans Receivable, before
allowance for losses:
Single-family fixed $1,765,371 $1,874,930 $2,171,465
Single-family adjustable 1,966,394 1,905,272 1,978,372
----------- ------------ -----------
Total single-family 3,731,765 3,780,202 4,149,837
Commercial real estate 1,517,022 1,503,213 1,347,636
Construction (net of LIP) 587,280 568,170 567,638
Multi-family 287,788 273,072 327,684
Commercial operating 260,109 187,647 167,650
Consumer and other 1,533,879 1,496,860 1,373,299
----------- ------------ -----------
Total loans receivable,
before allowance for losses $7,917,843 $7,809,164 $7,933,744
=========== ============ ===========
- ----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
ALLOWANCE FOR LOSSES ON LOANS
(In Thousands)
- ----------------------------------------------------------------------
March 31, December 31, March 31,
2003 2002 2002
- ----------------------------------------------------------------------
THREE MONTHS ENDED:
- -------------------
Beginning balance $106,291 $109,724 $102,451
Provision charged to operations 7,146 9,731 6,589
Charge-offs (7,295) (14,550) (8,002)
Recoveries 2,810 1,430 1,572
Change in estimate of allowance for
bulk purchased loans (32) (44) (29)
- ----------------------------------------------------------------------
Ending balance $108,920 $106,291 $102,581
- ----------------------------------------------------------------------
Summary of charge-offs, net of recoveries:
- ------------------------------------------
Three months ended $(4,485) $(13,120) $(6,430)
========= ============ =========
- ----------------------------------------------------------------------
Allocation of allowance:
- ------------------------
Specific $4,616 $3,561 $9,430
Special problem 35,661 35,766 34,117
Nonspecific 68,643 66,964 59,034
--------- ------------ ---------
$108,920 $106,291 $102,581
========= ============ =========
- ----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
NONPERFORMING ASSETS AND LOANS
(Dollars in Thousands)
- ----------------------------------------------------------------------
March 31, December 31, March 31,
2003 2002 2002
- ----------------------------------------------------------------------
Nonperforming Assets:
Nonperforming loans:
Residential real
estate $42,012 $43,939 $47,101
Residential
construction 6,276 2,455 2,543
Commercial real
estate 14,037 15,306 14,100
Commercial
construction 4,130 2,584 235
All other 7,832 8,130 5,139
------------ ------------ ------------
Total nonperforming
loans 74,287 72,414 69,118
------------ ------------ ------------
Real estate:
Residential 13,045 14,648 14,056
Residential
construction 25,003 22,810 23,442
Commercial 3,268 2,550 4,091
Commercial
construction - - 3,870
------------ ------------ ------------
Total real estate 41,316 40,008 45,459
------------ ------------ ------------
Troubled debt
restructurings:
Residential - - 82
Commercial 4,972 1,547 3,021
------------ ------------ ------------
Total troubled debt
restructurings 4,972 1,547 3,103
------------ ------------ ------------
Total nonperforming assets $120,575 $113,969 $117,680
============ ============ ============
Total assets $13,328,040 $13,081,467 $12,746,573
============ ============ ============
Nonperforming assets to total
assets .90% .87% .92%
============ ============ ============
Summary of Nonperforming
Assets:
Residential $86,336 $83,852 $87,224
Nonresidential 34,239 30,117 30,456
------------ ------------ ------------
$120,575 $113,969 $117,680
============ ============ ============
- ----------------------------------------------------------------------
Nonperforming loans to loans
receivable (excluding loans
held for sale) (1) .94% .93% .87%
Nonperforming loans to total
loans (including loans held
for sale) (2) .83% .83% .82%
Nonperforming assets to total
assets .90% .87% .92%
Allowance for loan losses to:
Loans receivable
(excluding loans held for
sale) (1) 1.38% 1.36% 1.29%
Total loans (including
loans held for sale) (2) 1.22% 1.22% 1.22%
Nonperforming assets 90.33% 93.26% 87.17%
Total nonperforming loans 146.62% 146.78% 148.41%
Nonresidential
nonperforming assets 318.12% 352.93% 336.82%
- ----------------------------------------------------------------------
(1) Ratios are calculated based on the net book value of loans
receivable before deducting allowance for loan losses.
(2) Ratios are calculated based on the net book value of total loans,
including loans held for sale, before deducting allowance for loan
losses.
COMMERCIAL FEDERAL CORPORATION
SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS AND RATIOS
(Dollars in Thousands Except Per Share Data)
- ----------------------------------------------------------------------
March 31, December 31, March 31,
2003 2002 2002
- ----------------------------------------------------------------------
Cash, investment securities and
FHLB stock $1,758,967 $1,779,824 $1,490,901
Mortgage-backed securities 1,588,715 1,632,622 1,826,708
Loans held for sale, net 1,013,067 868,569 472,029
Loans receivable, net 7,808,986 7,703,016 7,831,457
Intangible assets 183,533 185,082 189,817
Other assets 974,772 912,354 935,661
Total assets 13,328,040 13,081,467 12,746,573
- ----------------------------------------------------------------------
Deposits 6,740,117 6,439,041 6,282,480
Advances from Federal Home Loan
Bank 4,770,335 4,848,997 4,905,581
Other borrowings 569,943 603,306 540,409
Other liabilities 489,290 433,602 272,609
Stockholders' equity 758,355 756,521 745,494
Total liabilities and
stockholders' equity 13,328,040 13,081,467 12,746,573
- ----------------------------------------------------------------------
Book value per common share $16.92 $16.71 $16.47
Stock price $21.72 $23.35 $26.90
Common shares outstanding 44,808,282 45,270,360 45,258,495
Weighted average shares
outstanding 45,421,360 45,485,399 45,910,702
- ----------------------------------------------------------------------
Nonperforming assets $120,575 $113,969 $117,680
Nonperforming assets to total
assets .90% .87% .92%
Weighted average interest rates
(durings):
Yield on interest-earning
assets 5.98% 6.23% 6.83%
Rate on interest-bearing
liabilities 3.42% 3.56% 3.89%
Net interest rate spread 2.56% 2.67% 2.94%
Net yield on interest-
earning assets 2.53% 2.64% 2.91%
Loans serviced for other
institutions $11,848,058 $11,531,755 $9,524,493
- ----------------------------------------------------------------------
Three months ended:
- --------------------------------
Return on average assets .71% .78% .87%
Return on average equity 12.09% 14.27% 15.17%
Average equity to average assets 5.84% 5.49% 5.74%
G & A expenses to average assets 2.03% 2.17% 1.95%
Operating efficiency ratio 62.15% 60.51% 56.79%
- ----------------------------------------------------------------------
COMMERCIAL FEDERAL CORPORATION
AVERAGE BALANCES AND REGULATORY CAPITAL
(Dollars in Thousands)
- ----------------------------------------------------------------------
March 31, December 31, September 30,
2003 2002 2002
- ----------------------------------------------------------------------
Three Months Ended:
- -------------------
Average Balances:
Total assets $13,101,428 $13,408,194 $13,511,423
Total loans, net 8,668,060 8,851,961 8,865,656
Total loans, before allowances 8,773,891 8,960,880 8,971,536
Total mortgage-backed
securities 1,584,690 1,741,933 1,797,775
Total deposits 6,465,854 6,277,235 6,186,698
Total stockholders' equity 765,112 736,489 783,612
Total interest-earning assets 11,825,331 12,191,686 12,205,340
Total interest-bearing
liabilities 11,947,339 12,286,057 12,296,090
- ----------------------------------------------------------------------
June 30, March 31,
2002 2002
- ----------------------------------------------------------------------
Three Months Ended:
- -------------------
Average Balances:
Total assets $12,924,321 $12,846,461
Total loans, net 8,447,815 8,381,332
Total loans, before allowances 8,550,402 8,484,475
Total mortgage-backed securities 1,834,009 1,832,143
Total deposits 6,256,952 6,313,508
Total stockholders' equity 776,414 737,862
Total interest-earning assets 11,703,685 11,625,386
Total interest-bearing liabilities 11,815,264 11,741,746
- ----------------------------------------------------------------------
Three Months Year Year
Ended Ended Ended
Year to Date: 3/31/03 12/31/02 12/31/01
- ------------- --------------------------------------
Average Balances:
Total assets $13,101,428 $13,175,562 $12,857,135
Total loans, net 8,668,060 8,638,609 8,782,321
Total loans, before allowances 8,773,891 8,743,759 8,872,003
Total mortgage-backed
securities 1,584,690 1,799,174 1,690,967
Total deposits 6,465,854 6,258,302 7,122,069
Total stockholders' equity 765,112 758,659 798,889
Total interest-earning assets 11,825,331 11,931,794 11,724,847
Total interest-bearing
liabilities 11,947,339 12,034,963 11,704,421
- ----------------------------------------------------------------------
March 31, December September June 30, March 31,
31, 30,
Regulatory Capital: 2003 2002 2002 2002 2002
- ------------------- -------------------------------------------------
Tangible $768,827 $743,048 $752,804 $723,100 $702,648
Core 760,612 734,870 746,244 715,665 705,428
Total risk-based 900,175 871,408 882,768 846,021 847,013
Tier 1 risk-based 760,612 734,870 746,244 715,665 705,428
Tangible % 5.88% 5.81% 5.71% 5.60% 5.60%
Core % 5.82% 5.75% 5.67% 5.61% 5.62%
Total risk-based % 10.92% 10.92% 10.88% 10.77% 11.37%
Tier 1 risk-based % 9.23% 9.21% 9.20% 9.11% 9.47%
- ----------------------------------------------------------------------
CONTACT: Commercial Federal Corporation, Omaha
Investor Relations:
John J. Griffith, 402/514-5336