Exhibit 99.1
THE SOUTH FINANCIAL GROUP ANNOUNCES FIRST QUARTER 2005 EARNINGS
Highlights include 14.5% annualized loan growth, 17.2% annualized
noninterest-bearing deposit growth, and improved credit quality measures.
GREENVILLE, S.C., April 18 /PRNewswire-FirstCall/ -- The South Financial
Group, Inc. (Nasdaq: TSFG) today reported first quarter 2005 net income of $34.6
million, or $0.47 per diluted share, compared with $32.3 million, or $0.53 per
diluted share, for the first quarter of 2004. First quarter 2005 operating
earnings, which exclude non-operating items, totaled $33.3 million, or $0.46 per
diluted share, compared with $28.5 million, or $0.47 per diluted share, for the
first quarter of 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000424/TSFGLOGO )
"We had another very productive quarter with favorable trends in our loans,
deposits, several noninterest income areas, and key credit quality measures,"
said Mack I. Whittle, Jr., President and Chief Executive Officer of The South
Financial Group. "Our 14.5% annualized loan growth and 17.2% annualized
noninterest-bearing deposit growth were significant improvements over the fourth
quarter, and continue to compare favorably with our peers."
Whittle continued, "Like many banks, we experienced increased pricing
competition on loans and deposits, and lower service charges on deposit
accounts. Plus, first quarter followed a quarter that had unusually low loan
growth. In the second quarter, we should benefit from our strong first quarter
earning asset growth and initiatives we have implemented to enhance our service
charge income on deposit accounts. Additionally, we are taking steps to minimize
our interest rate sensitivity through this period of increased pricing
competition and change in customer preferences."
"For the remainder of 2005, we're confident we can build on the favorable
trends we saw in the quarter. Our prospects for continued growth in deposits and
loans have never been better. We are also optimistic that we will begin to see
meaningful improvement in net loan charge-offs as our key credit quality metrics
have shown improvement over the last two years. In addition, we are confident of
our ability to improve our noninterest income as we continue to implement our
plans to enhance performance in this category. By way of example, we added
experienced mortgage and wealth management leadership to our team during the
first quarter of this year. The new leaders of these units are identifying
opportunities to increase the number of revenue-producers as well as increasing
the level of production per producer."
Double-Digit Loan and Deposit Growth
During the first quarter of 2005, the annualized organic loan growth (i.e.,
the percentage change in the end of period loans held for investment, excluding
acquired loans) accelerated to 14.5%, up from 6.2% annualized for the fourth
quarter of 2004 on a comparable organic basis. Growth in the loans was
concentrated in commercial loans and reflected an increasing percentage of
variable rate loans. During the first quarter of 2005, variable rate loans
constituted approximately 85% of the total new commercial loans added.
TSFG has a strong history of demonstrating its ability to produce strong
organic loan growth. Organic loan growth totaled 16% and 12% for the years ended
December 31, 2004 and 2003, respectively. During the last nine quarters, organic
loan growth on a sequential quarter annualized basis ranged from a low of 6% to
a high of 20% and exceeded double-digits six times.
For the first quarter of 2005, noninterest-bearing deposits grew at a 17.2%
annualized rate. TSFG's total deposit growth was widespread throughout its
markets, with nine of its 12 banking markets reaching double-digit annualized
growth rates.
Solid Credit Quality Measures
TSFG's key credit quality indicators continued to improve this quarter.
Nonperforming assets as a percentage of loans held for investment and foreclosed
property at March 31, 2005 was 0.58%, a meaningful improvement from 0.69% at
December 31, 2004 and 1.05% at March 31, 2004. TSFG's nonperforming asset ratio
has continued to improve every quarter since December 31, 2002 -- which is nine
consecutive quarters. Net loan charge-offs as a percentage of average loans held
for investment totaled 0.45% for the first quarter of 2005, compared with 0.50%
for the fourth quarter of 2004 and 0.42% for the first quarter of 2004.
As a result of the improved credit quality indicators, the allowance for
loan losses provided higher coverage of nonperforming loans, increasing to 2.49
times at March 31, 2005 from 2.15 times at December 31, 2004 and 1.42 times at
March 31, 2004. For the quarter, provision for loan losses exceeded net loan
charge-offs by $1.8 million.
Building Foundation for Revenue Growth; Efficiency Remains Favorable
TSFG grew total revenues to $129.6 million for the first quarter of 2005,
compared with $120.0 million for the fourth quarter of 2004. First quarter 2005
total revenue included $1.9 million in gains on available for sale securities
(including equity investments), and fourth quarter 2004 total revenue included a
non-cash $10.4 million impairment charge and $1.8 million in gains on available
for sale securities (including equity investments). Excluding these
non-operating items, total operating revenue (tax-equivalent net interest income
plus operating noninterest income) declined modestly to $129.0 million for the
first quarter of 2005, compared with $129.8 million for the fourth quarter of
2004. The decline in total operating revenues was attributable to a decrease in
net interest income and a reduction in noninterest income. There were two fewer
days in the first quarter of 2005, compared with the fourth quarter of 2004,
which contributed to the reduction in both net interest income and fee income.
Lower service charges on deposit accounts was the primary reason for the
decrease in noninterest income.
First quarter 2005 net interest income of $103.9 million declined $664,000
compared with the fourth quarter of 2004, due to a lower net interest margin and
two fewer calendar days partially offset by a 15.8% annualized increase in
average earning assets. The net interest margin for the first quarter of 2005
contracted 8 basis points to 3.31% from 3.39% in the fourth quarter of 2004. The
margin contraction was due primarily to a narrower spread on newly-originated
assets, growth in the securities portfolio, and shift in the mix of deposits.
Excluding gains on available for sale securities (including equity
investments) and the fourth quarter of 2004 non-cash impairment charge,
operating noninterest income totaled $23.8 million, compared with $24.0 million
for the fourth quarter of 2004. TSFG experienced double-digit annualized
noninterest income growth, collectively, in debit card income, customer service
fees, brokerage, mortgage banking, and merchant processing income, with first
quarter 2005 results increasing by $1.0 million over the prior quarter. However,
the improvements in these areas were offset by a decline of $1.0 million in
service charges on deposit accounts, primarily due to fewer customer overdrafts
and two fewer calendar days in the quarter.
During the first quarter, TSFG made important strides in further developing
its fee-based businesses. These moves included hiring two executives to oversee
the mortgage banking operations for the mortgage units of Carolina First Bank
and Mercantile Bank, as well as an executive to oversee the newly-created wealth
management group. TSFG's wealth management group includes trust, brokerage,
insurance, private banking, and its benefit plan and pension processing company,
American Pensions, Inc.
TSFG continues to demonstrate its commitment to produce revenue efficiently.
TSFG's GAAP efficiency ratio improved to 51.3% for the first quarter of 2005
from 57.2% in the fourth quarter of 2004 and 51.5% in the first quarter of 2004.
TSFG's operating efficiency ratio totaled 51.9%, compared with 50.9% for the
fourth quarter of 2004 and 51.4% for the first quarter of 2004.
Expansion in Fee-Based Businesses and High-Growth Florida
TSFG recently completed the acquisition of a Florida wealth
management/insurance firm and entered into an agreement in principle to acquire
another Florida commercial insurance agency, all in furtherance of its
commitment to increase noninterest income levels.
On April 4th, TSFG acquired the Koss Olinger group of companies based in
Gainesville, Florida. Koss Olinger began operations over 35 years ago and is one
of North Florida's premier wealth management firms focusing on wealth creation
and preservation for individuals with net worths exceeding $5 million and income
levels in excess of $300,000. It also has a substantial insurance agency
operation. Koss Olinger will continue doing business under its name and plans to
significantly expand its customer base through its affiliation with TSFG.
In April, TSFG entered into an agreement in principle to acquire a
Florida-based commercial insurance broker. This pending acquisition will mark
TSFG's fourth insurance acquisition and its second in Florida. This insurance
agency has been in business over 20 years and focuses primarily on property and
casualty insurance. TSFG expects to close the acquisition in the second quarter
of 2005. Combined, Koss Olinger and the Florida insurance company are expected
to add approximately $6 million in annual revenue and be accretive to earnings
per share.
On February 11th, the shareholders of Pointe Financial Corporation
("Pointe") approved the previously-announced acquisition by TSFG. Pointe,
headquartered in Boca Raton, Florida, is expected to complement TSFG's existing
locations in the Broward/Miami-Dade/Palm Beach county areas by adding
approximately $315 million in deposits, $302 million in loans, and 10 additional
banking locations and by improving TSFG's market presence in South Florida. This
acquisition is expected to close in May 2005.
General Information
The South Financial Group is a financial services company, headquartered in
Greenville, South Carolina with approximately $14.7 billion in total assets and
155 branch offices in Florida, North Carolina, and South Carolina. TSFG focuses
on fast-growing banking markets in the Southeast and concentrates its growth in
metropolitan statistical areas. TSFG operates two subsidiary banks. Carolina
First Bank, the largest South Carolina-based commercial bank, operates in North
Carolina, South Carolina and on the Internet under the brand name, Bank
CaroLine. Mercantile Bank operates in select Florida markets. CIO magazine
recognized The South Financial Group among its "Agile 100" companies in
information technology for 2004. The South Financial Group's common stock trades
on the Nasdaq National Market under the symbol TSFG. Press releases along with
additional information may also be found at The South Financial Group's website:
http://www.thesouthgroup.com .
Conference Call / Webcast Information
The South Financial Group will host a conference call on Monday, April 18th
at 10:00 a.m. (ET) to discuss the first quarter 2005 results. Additional
material information, including forward-looking statements such as trends and
projections, may be discussed during the presentation. TSFG will also provide
supplemental financial information in the Investor Relations section of its
website under the financial information button. To participate in the conference
call or webcast, please follow the instructions listed below.
Conference Call: Please call 1-888-405-5393 or 1-517-645-6236 using the
access code "The South." A 7-day rebroadcast of the call will be available via
1-800-314-8301 or 1-402-220-3853.
Webcast: To gain access to the webcast, which will be "listen-only," please
go to http://www.thesouthgroup.com under the Investor Relations tab and click on
the link "Webcast/The South Financial Group 1st Quarter Earnings Conference
Call." For those unable to participate during the live webcast, it will be
archived on The South Financial Group website until May 2, 2005.
Explanation of TSFG's Use of Certain Non-GAAP Financial Measures and
Forward-Looking Statements
This press release contains financial information determined by methods
other than in accordance with Generally Accepted Accounting Principles ("GAAP").
The attached financial highlights provide reconciliations between GAAP net
income and net income excluding merger-related costs and other non-operating
items (such as gain or losses on asset sales, early extinguishment of debt,
impairment charges, and non-operating expenses). In addition, TSFG provides data
eliminating intangibles and related amortization in order to present data on a
"cash operating basis." The economic substance of non-operating and "cash
operating basis" items is clearly defined.
TSFG's management uses these non-GAAP measures in its analysis of TSFG's
performance and believes presentations of financial measures excluding
merger-related costs and these non-operating items provide useful supplemental
information, a clearer understanding of TSFG's financial performance, and better
reflect TSFG's core operating activities. Management utilizes operating earnings
in the calculation of certain of TSFG's ratios, in particular, to analyze on a
consistent basis and over a longer period of time the performance of which it
considers to be its core operating activities. TSFG believes the non-GAAP
measures enhance investors' understanding of TSFG's business and performance.
These measures are also useful in understanding performance trends and
facilitate comparisons with the performance of others in the financial services
industry.
The limitations associated with utilizing operating measures and cash basis
information are the risk that persons might disagree as to the appropriateness
of items comprising these measures and that different companies might calculate
these measures differently. Management compensates for these limitations by
providing detailed reconciliations between GAAP information and operating
measures. These disclosures should not be considered an alternative to GAAP.
Certain matters set forth in this news release may contain forward-looking
statements that are provided to assist in the understanding of anticipated
future financial performance. These statements, as well as other statements that
may be made by management in the conference call, include, but are not limited
to, factors which may affect earnings, return goals, expected financial results
for mergers, estimates of merger synergies and merger-related charges, credit
quality assessment, the risks of changes in interest rates and effects of future
economic conditions and market performance. However, such performance involves
risks and uncertainties, such as market deterioration, that may cause actual
results to differ materially from those in such statements. For a discussion of
certain factors that may cause such forward-looking statements to differ
materially from TSFG's actual results, see TSFG's Annual Report on Form 10-K for
the year ended December 31, 2004. The South Financial Group undertakes no
obligation to release revisions to these forward-looking statements or reflect
events or circumstances after the date of this release.
THE SOUTH FINANCIAL GROUP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data) (unaudited)
% Change 3/31/05 vs.
Three Months Ended (Annualized)
------------------------------------------ ---------------------------
3/31/05 12/31/04 3/31/04 12/31/04 3/31/04
------------ ------------ ------------ ------------ ------------
TOTAL REVENUE (1)
GAAP $ 129,644 $ 119,966 $ 111,304 32.7% 16.5%
Operating (2) 129,025 129,797 101,877 (2.4) 26.6
EARNINGS
GAAP earnings $ 34,559 $ 25,822 $ 32,293 137.2% 7.0%
Operating earnings 33,280 37,047 28,473 (41.2) 16.9
Cash operating earnings 34,490 38,218 29,306 (39.6) 17.7
DILUTED SHARE DATA
Average common shares
outstanding 73,021,005 72,832,859 60,809,470 1.0% 20.1%
GAAP earnings $ 0.47 $ 0.35 $ 0.53 139.0 (11.3)
Operating earnings 0.46 0.51 0.47 (39.8) (2.1)
Cash operating earnings 0.47 0.52 0.48 (39.0) (2.1)
PERFORMANCE RATIOS
(Annualized)
RETURN ON AVERAGE
ASSETS:
GAAP earnings 0.98% 0.75% 1.20%
Operating earnings 0.94 1.08 1.06
Cash operating earnings
on average tangible
assets 1.02 1.16 1.13
RETURN ON AVERAGE
EQUITY:
GAAP earnings 9.95 7.39 13.03
Operating earnings 9.58 10.60 11.49
Cash operating earnings
on average tangible
equity 17.54 19.60 18.30
NET INTEREST MARGIN
(tax-equivalent) 3.31 3.39 3.39
NONINTEREST INCOME AS A
% OF TOTAL REVENUE (3):
GAAP 19.86 12.84 26.31
Operating (2) 18.44 18.49 18.57
EFFICIENCY RATIOS (4):
GAAP 51.30 57.22 51.45
Operating (2) 51.92 50.89 51.41
Cash operating (2) 50.52 49.49 50.24
RECONCILIATION OF GAAP
TO NON-GAAP MEASURES
NET INCOME, AS REPORTED
(GAAP) $ 34,559 $ 25,822 $ 32,293 137.2% 7.0%
Non-operating items:
Gain on sale of
available for sale
securities (234) (499) (5,214)
Gain on equity
investments (1,711) (1,267) (2,810)
Gain on disposition of
assets and liabilities - - (2,350)
Employment contract
(reversals) payments (37) 965 (59)
Merger-related costs 305 1,627 177
Charitable contribution
to foundation 683 - -
Conservation grant of
land - - 3,350
(Gain) loss on early
extinguishment of debt (1,428) - 1,429
Related income taxes 747 (293) 1,657
Impairment of perpetual
preferred stock - 10,367 -
Discontinued
operations, net of
income tax 396 325 -
OPERATING EARNINGS (net
income, excluding
non-operating items) 33,280 37,047 28,473 (41.2) 16.9
Add: Amortization of
intangibles, net of
income tax 1,210 1,171 833
CASH OPERATING EARNINGS
(net income, excluding
non-operating items and
amortization of
intangibles) $ 34,490 $ 38,218 $ 29,306 (39.6) 17.7
(1) The sum of net interest income and noninterest income.
(2) Total revenue, noninterest income as a % of total revenue, and the
efficiency ratio, on an operating basis, are calculated using tax-
equivalent net interest income and exclude non-operating items. The cash
operating efficiency ratio also excludes amortization of intangibles.
(3) Calculated as noninterest income, divided by the sum of net interest income
and noninterest income.
(4) Calculated as noninterest expenses, divided by the sum of net interest
income and noninterest income.
Supplemental financial information may be found in the Investor Relations
section of TSFG's web site: http://www.thesouthgroup.com .
THE SOUTH FINANCIAL GROUP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data) (unaudited)
% Change 3/31/05 vs.
(Annualized)
---------------------------
3/31/05 12/31/04 3/31/04 12/31/04 3/31/04
------------ ------------ ------------ ------------ ------------
CREDIT QUALITY
Nonaccrual loans -
commercial (1) $ 32,329 $ 38,015 $ 50,282 (60.7)% (35.7)%
Nonaccrual loans -
consumer 2,901 2,312 2,397 103.3 21.0
Nonaccrual loans -
mortgage (2) 4,333 4,755 - (36.0) n/m
Restructured loans - - - - -
Nonperforming loans 39,563 45,082 52,679 (49.6) (24.9)
Foreclosed property
(other real estate
owned and personal
property
repossessions) (3) 9,416 10,894 10,203 (55.0) (7.7)
Nonperforming assets 48,979 55,976 62,882 (50.7) (22.1)
Nonperforming loans as
a % of loans held for
investment 0.47% 0.56% 0.88%
Nonperforming assets
as a % of loans held
for investment and
foreclosed property (3) 0.58 0.69 1.05
Allowance for loan
losses as a % of
loans HFI 1.18 1.20 1.25
Allowance for loan
losses to
nonperforming loans 2.49 x 2.15 x 1.42 x
Impaired loans (1) $ 25,654 $ 28,836 $ 50,282 (44.8) (49.0)
Specific allowance for
impaired loans 5,247 11,129 12,739 (214.3) (58.8)
Loans past due 90 days
or more (mortgage and
consumer with
interest accruing) 1,816 3,764 4,269 (209.9) (57.5)
Net loan charge-offs
(three months ended) 9,190 10,229 6,138 (41.2) 49.7
Average loans held for
investment (three
months ended) 8,263,252 8,058,301 5,836,599
Net loan charge-offs
as a % of average
loans held for
investment (three
months ended,
annualized) 0.45% 0.50% 0.42%
CAPITAL RATIOS
Total risk-based
capital 10.96 11.21 12.50
Tier 1 risk-based
capital 9.35 9.53 10.54
Leverage ratio 7.30 7.39 7.68
Tangible equity to
tangible assets 5.49 5.99 6.40
SHARE DATA
Book value per common
share $ 19.29 $ 19.66 $ 17.21 (7.6)% 12.1%
Tangible book value
per common share 10.77 11.08 11.31 (11.3) (4.8)
Shares outstanding 71,757,924 71,252,346 59,599,431 2.9 20.4
STOCK PERFORMANCE
Market price per share
of common stock $ 30.54 $ 32.53 $ 29.59 (24.8)% 3.2%
Indicated annual
dividend 0.64 0.64 0.60 - 6.7
Dividend yield 2.10% 1.97% 2.03%
Price/book ratio 1.58 x 1.65 x 1.72 x
Market
capitalization $ 2,191,487 $ 2,317,839 $ 1,763,547 (22.1) 24.3
OPERATIONS DATA
Branch offices 155 154 134 2.6% 15.7%
ATMs 146 145 123 2.8 18.7
Employees (full-time
equivalent) 2,336 2,308 1,910 4.9 22.3
Active internet
banking customers 72,991 66,046 44,239 42.6 65.0
(1) At March 31, 2005 and December 31, 2004, these credit quality indicators
(nonaccrual loans - commercial and impaired loans) included $6.7 million
and $4.7 million, respectively, in restructured loans.
(2) Effective September 30, 2004, residential mortgage loans were placed in
nonaccrual status as they become 150-days delinquent. Previously, these
loans were not placed in nonaccrual status (unless impairment was evident),
but any associated accrued interest was reserved.
(3) Prior to September 30, 2004, personal property repossessions were not
included in the definition of foreclosed property. At March 31, 2004,
personal property repossessions totaled $722,000.
THE SOUTH FINANCIAL GROUP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data) (unaudited)
% Change 3/31/05 vs.
Three Months Ended (Annualized)
------------------------------------------ ---------------------------
3/31/05 12/31/04 3/31/04 12/31/04 3/31/04
------------ ------------ ------------ ------------ ------------
INCOME STATEMENT
Interest income (tax-
equivalent) $ 171,575 $ 161,269 $ 117,961 25.9% 45.5%
Interest expense 66,348 55,474 34,998 79.5 89.6
Net interest income
(tax-equivalent) 105,227 105,795 82,963 (2.2) 26.8
Less: tax-equivalent
adjustment 1,326 1,230 947 31.7 40.0
Net interest income 103,901 104,565 82,016 (2.6) 26.7
Provision for loan
losses 10,962 10,829 7,722 5.0 42.0
Net interest income
after provision for
loan losses 92,939 93,736 74,294 (3.4) 25.1
NONINTEREST INCOME:
Customer fee income 10,923 11,671 9,599 (26.0) 13.8
Brokerage and trust
income 2,268 1,972 2,123 60.9 6.8
Mortgage banking income 1,487 1,412 1,555 21.5 (4.4)
Bank-owned life
insurance 2,761 2,598 2,290 25.4 20.6
Merchant processing
income 2,038 1,681 2,013 86.1 1.2
Insurance income 1,286 1,351 1,022 (19.5) 25.8
Gain (loss) on trading
and derivative
activities 904 1,076 (1,369) (64.8) 166.0
Other 2,131 2,241 1,681 (19.9) 26.8
Operating noninterest
income (noninterest
income, excluding
non-operating items) 23,798 24,002 18,914 (3.4) 25.8
Gain on sale of
available for sale
securities 234 499 5,214 n/m n/m
Gain on equity
investments 1,711 1,267 2,810 n/m n/m
Impairment of perpetual
preferred stock - (10,367) - n/m n/m
Gain on disposition of
assets and liabilities - - 2,350 n/m n/m
Non-operating
noninterest income 1,945 (8,601) 10,374 n/m n/m
Total noninterest
income 25,743 15,401 29,288 272.3 (12.1)
NONINTEREST EXPENSES:
Personnel expense 33,638 33,642 25,833 - 30.2
Occupancy 6,099 5,780 5,072 22.4 20.2
Furniture and equipment 5,533 5,763 4,615 (16.2) 19.9
Professional fees 2,527 2,280 1,648 43.9 53.3
Merchant processing
expense 1,632 1,358 1,559 81.8 4.7
Telecommunications 1,326 1,346 1,145 (6.0) 15.8
Amortization of
intangibles 1,806 1,814 1,195 (1.8) 51.1
Other 14,426 14,074 11,307 10.1 27.6
Operating noninterest
expenses (noninterest
expenses, excluding
non-operating items) 66,987 66,057 52,374 5.7 27.9
Employment contract
(reversals) payments (37) 965 (59) n/m n/m
Merger-related costs 305 1,627 177 n/m n/m
Charitable contribution
to foundation 683 - - n/m n/m
Conservation grant of
land - - 3,350 n/m n/m
(Gain) loss on early
extinguishment of debt (1,428) - 1,429 n/m n/m
Non-operating
noninterest expenses (477) 2,592 4,897 n/m n/m
Total noninterest
expenses 66,510 68,649 57,271 (12.6) 16.1
Income before income
taxes and discontinued
operations 52,172 40,488 46,311 117.0 12.7
Income tax expense 17,217 14,341 14,018 81.3 22.8
Discontinued operations,
net of income tax (396) (325) - (86.9) n/m
Net income $ 34,559 $ 25,822 $ 32,293 137.2% 7.0%
SHARE DATA:
Net income per common
share, basic $ 0.48 $ 0.36 $ 0.55 135.2% (12.7)%
Net income per common
share, diluted 0.47 0.35 0.53 139.0 (11.3)
Cash dividends declared
per common share 0.16 0.16 0.15 - 6.7
Average common shares
outstanding, basic 71,376,085 70,910,845 59,214,344 2.7 20.5
Average common shares
outstanding,
diluted 73,021,005 72,832,859 60,809,470 1.0 20.1
THE SOUTH FINANCIAL GROUP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data) (unaudited)
% Change 3/31/05 vs.
(Annualized)
---------------------------
3/31/05 12/31/04 3/31/04 12/31/04 3/31/04
------------ ------------ ------------ ------------ ------------
BALANCE SHEET
(Period End)
Cash and due from
banks $ 219,968 $ 199,847 $ 220,636 40.8% (0.3)%
Interest-bearing
bank balances 5,793 4,669 1,048 97.6 452.8
Federal funds sold - - 4,477 n/m n/m
Securities 4,833,811 4,310,088 3,866,120 49.3 25.0
Loans held for sale 23,958 21,302 15,850 50.6 51.2
Loans held for
investment 8,398,360 8,107,757 5,986,684 14.5 40.3
Allowance for loan
losses (98,690) (96,918) (74,871) 7.4 31.8
Net loans 8,323,628 8,032,141 5,927,663 14.7 40.4
Premises and
equipment, net 178,044 170,648 144,860 17.6 22.9
Intangible assets 611,921 611,450 352,003 0.3 73.8
Other assets 511,715 460,971 357,827 44.6 43.0
Total assets $ 14,684,880 $ 13,789,814 $ 10,874,634 26.3% 35.0%
Noninterest-bearing
deposits $ 1,290,427 $ 1,237,877 $ 924,753 17.2% 39.5%
Interest-bearing
deposits 6,864,148 6,427,660 5,120,577 27.5 34.1
Total deposits 8,154,575 7,665,537 6,045,330 25.9 34.9
Federal funds
purchased and
repurchase
agreements 1,724,813 1,583,495 1,115,432 36.2 54.6
Other short-term
borrowings 36,312 43,516 43,986 (67.1) (17.4)
Long-term debt 3,197,287 2,962,143 2,524,966 32.2 26.6
Other liabilities 187,494 134,520 119,099 159.7 57.4
Total liabilities 13,300,481 12,389,211 9,848,813 29.8 35.0
Shareholders' equity 1,384,399 1,400,603 1,025,821 (4.7) 35.0
Total liabilities
and shareholders'
equity $ 14,684,880 $ 13,789,814 $ 10,874,634 26.3% 35.0%
BALANCE SHEET
(Averages - Three
Months Ended)
Total assets $ 14,290,435 $ 13,694,853 $ 10,825,717 17.6% 32.0%
Intangible assets (610,914) (614,507) (352,449) (2.4) 73.3
Tangible assets 13,679,521 13,080,346 10,473,268 18.6 30.6
Loans 8,283,500 8,071,632 5,855,050 10.6 41.5
Securities (excludes
unrealized gains
(losses) on
available for
sale securities) 4,592,887 4,342,378 3,986,351 23.4 15.2
Total earning assets 12,906,414 12,422,343 9,852,476 15.8 31.0
Interest-bearing
liabilities 11,520,317 10,974,606 8,863,773 20.2 30.0
Total deposits 7,955,507 7,773,699 5,940,292 9.5 33.9
Shareholders' equity 1,408,509 1,390,092 996,494 5.4 41.3
Intangible assets (610,914) (614,507) (352,449) (2.4) 73.3
Tangible equity 797,595 775,585 644,045 11.5 23.8
SOURCE The South Financial Group, Inc.
-0- 04/18/2005
/CONTACT: Timothy K. Schools, EVP Corporate Development of The South
Financial Group, Inc., +1-864-255-8980/
/First Call Analyst: /
/FCMN Contact: /
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