Unizan Financial Corp. Reports First Quarter 2004 Financial Results
CANTON, Ohio, April 26 /PRNewswire-FirstCall/ -- Unizan Financial
Corp. , today announced its first quarter financial results. Net
income for the first quarter of 2004 was $2.4 million, or $0.11 per
diluted share. This compares with net income of $7.0 million, or
$0.32 per diluted share, for the first quarter of 2003, and net
income of $2.6 million, or $0.12 per diluted share for the fourth
quarter of 2003. During the period, Unizan recognized an expense of
$3.6 million pre-tax, or $2.4 million after-tax, in relation to the
exercise of certain stock options and an additional expense of $1.2
million pre-tax, or $944 thousand after-tax, for merger-related
professional fees. Net income for the first quarter of 2004,
excluding the option charge and merger-related expenses, was $5.7
million, or $0.26 per diluted share. On January 27, 2004,
Huntington Bancshares Incorporated (NASDAQ:HBAN) and Canton,
Ohio-based Unizan Financial Corp. announced the signing of a
definitive agreement to merge the two organizations. Under the
terms of the agreement, Unizan shareholders will receive 1.1424
shares of Huntington common stock, on a tax-free basis, for each
share of Unizan. The merger is expected to close promptly following
the end of the second quarter, pending customary regulatory
approvals, as well as Unizan shareholder approval. The shareholder
meeting is scheduled to take place on Tuesday, May 25, 2004.
"Unizan Financial Corp.'s results were slightly above the
expectations we set for the first quarter of 2004," said Roger
Mann, Unizan Financial Corp.'s president and chief executive
officer. "I am especially pleased as our net charge-offs remained
relatively low." Net interest income -- Net interest income was
$18.8 million for the three months ended March 31, 2004, up 1.0%
from the previous quarter and down 11.7% from the same quarter last
year. The net interest margin was 3.08% for the first quarter of
2004 compared to 3.04% for the fourth quarter of 2003 and 3.54% for
the first quarter of 2003. The increase from the previous quarter
was attributable principally to a reduction in the cost of interest
bearing liabilities to 2.48% compared to 2.55% the prior quarter.
Other income -- Other income, excluding net securities gains and
losses, was $6.9 million for the first quarter of 2004 compared
with $7.0 million for the same period in 2003 and $6.6 million for
the fourth quarter of 2003. Customer service fees, representing
service charges on deposits and fees for other banking services,
increased by $291 thousand, or 18.7%, from the first quarter of
2003 and declined by $263 thousand, or 12.5%, from the fourth
quarter of 2003. The increase from the first quarter 2003 was
mainly attributed to increased activity and charges within demand
deposit accounts. Gains on sales of loans totaled $1.2 million,
compared with $2.1 million in the first quarter of 2003 and $1.0
million in the fourth quarter of 2003. During the first quarter of
2004, gains from the sale of the guaranteed portion of its Small
Business Administration (SBA) and other government guaranteed loans
were $797 thousand, compared with $760 thousand of gains in the
first quarter of 2003 and $797 thousand of gains in the fourth
quarter of 2003. Gains from the sale of residential mortgage loans
in the first quarter of 2004 were $448 thousand compared with $1.4
million of gains recognized in the first quarter of 2003 and $196
thousand of gains in the fourth quarter of 2003. With the recent
rise in rates, fees associated with the mortgage related business
have declined as refinancing activity slowed. Net security gains
and losses, in the first quarter of 2004, included gains of $71
thousand compared to losses of $502 thousand in the prior quarter.
The losses in the fourth quarter of 2003 related to the sales of
equity securities and the write-down of a trust preferred security.
Other expense -- Other expense was $21.4 million for the three
months ended March 31, 2004, up 12.8% from the previous quarter and
28.2% from the same quarter last year. The principal reason for the
increase in other expense compared to the previous quarter and the
first quarter last year was the recognition of a $3.6 million
expense related to the settlement of options in cash or with shares
held less than six months. Additionally, the company recognized a
$1.2 million expense for investment banker fees, due upon the
signing of the merger agreement and for the fairness opinion,
associated with the pending merger. Provision for income taxes --
The effective tax rate for the three months ended March 31, 2004
was 28.9% compared to 39.7% in the previous quarter and 31.4% in
the same quarter last year. Balance sheet -- Total assets at March
31, 2004 were relatively stable at $2.8 billion compared to the
same period last year and year-end 2003. In comparison to the prior
quarter, assets increased by 1.2%. Assets declined a modest 1.6%
versus the prior year with securities declining by 6.6% and loans
increasing by 0.6% from the prior year period. Commercial real
estate loans increased by $23.8 million, or 3.7%, from March 31,
2003 to March 31, 2004. Commercial real estate loans increased by
$3.6 million, or 2.2%, on an annualized basis, from December 31,
2003 to March 31, 2004. Total deposits decreased by 3.6% compared
to the prior year. From March 31, 2003 to March 31, 2004, interest
bearing deposits declined by 9.7% and certificate of deposits
declined by 12.2% while non-interest bearing deposits increased
11.7% and savings deposits, including money market accounts,
increased by 13.9%. This is consistent with management's strategy
to increase core deposits. Asset quality -- Non-performing loans to
total loans increased to 1.45% at March 31, 2004 from 0.88% at
March 31, 2003 and 1.32% at December 31, 2003. Non-performing loans
at March 31, 2004 were $28.6 million compared to $17.2 million at
March 31, 2003 and $25.9 million at December 31, 2003.
Non-performing loans, excluding the portion of the loans guaranteed
by the government, at March 31, 2004 were $21.7 million compared to
$14.2 million at March 31, 2003 and $19.4 million at December 31,
2003. The 66.2% increase in non-performing loans from March 31,
2003 was mainly due to a $3.1 million increase in non-performing
commercial real estate loans, a $1.9 million increase in
non-performing aircraft loans and a $4.6 million increase in non-
performing SBA guaranteed loans, of which $3.9 million is
guaranteed by the government. The 10.6% increase from December 31,
2003 was due primarily to a $1.6 million increase in non-performing
commercial real estate loans and a $1.8 million increase in
non-performing aircraft loans. Net charge-offs were $1.0 million
for the first quarter of 2004 compared to $1.3 million for the
first quarter of 2003 and $1.5 million for the fourth quarter of
2003. Net charge-offs to average total loans were 0.20% for the
first quarter of 2004 compared to 0.26% for the first quarter of
2003 and 0.31% for the fourth quarter of 2003. The decline in net
charge-offs was attributed to a reduction in consumer charge-offs.
About Unizan Unizan Financial Corp., a $2.8 billion holding
company, is a premier financial services organization headquartered
in Canton, Ohio. The company operates 43 full-service retail
financial centers in five metropolitan markets in Ohio -- Canton,
Columbus, Dayton, Newark and Zanesville. Through Unizan Financial
Corp.'s subsidiaries, Unizan Bank, National Association; Unizan
Financial Services Group, National Association; Unizan Banc
Financial Services, Inc.; and Unizan Financial Advisors, Inc., the
company offers its client base corporate and retail banking,
Internet banking and wealth management products and services.
Additionally, the company operates niche businesses in government
guaranteed loan programs through its business lending centers in
Cincinnati, Cleveland, Columbus and Dayton, Ohio; Detroit,
Michigan; Mt. Arlington, New Jersey; and Indianapolis, Indiana; as
well as aircraft lending centers in Columbus; Orlando, Florida; and
Sacramento, California. For more information on Unizan Financial
Corp. and its subsidiaries, visit the company on the Web at
http://www.unizan.com/ . About Huntington Huntington Bancshares
Incorporated is a $31 billion regional bank holding company
headquartered in Columbus, Ohio. Through its affiliated companies,
Huntington has more than 138 years of serving the financial needs
of its customers. Huntington provides innovative retail and
commercial financial products and services through more than 300
regional banking offices in Indiana, Kentucky, Michigan, Ohio and
West Virginia. Huntington also offers retail and commercial
financial services online at http://www.huntington.com/ ; through
its technologically advanced, 24-hour telephone bank; and through
its network of nearly 700 ATMs. Selected financial service
activities are also conducted in other states including: Dealer
Sales offices in Florida, Georgia, Tennessee, Pennsylvania and
Arizona; Private Financial Group offices in Florida; and Mortgage
Banking offices in Florida, Maryland and New Jersey. International
banking services are made available through the headquarters office
in Columbus and additional offices located in the Cayman Islands
and Hong Kong. Additional information about the merger and where to
find it: Huntington and Unizan filed relevant documents concerning
the transaction with the Securities and Exchange Commission,
including a registration statement on Form S-4 which includes a
proxy statement/prospectus. Stockholders will be able to obtain a
free copy of the proxy statement/prospectus, as well as other
filings containing information about Huntington and Unizan, at the
Securities and Exchange Commission's internet site (
http://www.sec.gov/ ). Copies of the proxy statement/prospectus and
the filings with the Securities and Exchange Commission that will
be incorporated by reference in the proxy statement/prospectus can
also be obtained, without charge, by directing a request to
Huntington Bancshares Incorporated, Huntington Center, 41 South
High Street, Columbus, Ohio 43287, Attention: Investor Relations,
614-480-4060, or Unizan Financial Corp., 220 Market Avenue South,
Canton, Ohio, 44702, Attn: Media Relations, 330-438-4858.
Stockholders are urged to read the proxy statement/prospectus, and
other relevant documents filed with the Securities and Exchange
Commission regarding the proposed transaction, because they contain
important information. The directors and executive officers of
Unizan and other persons may be deemed to be participants in the
solicitation of proxies in respect of the proposed merger.
Information regarding Unizan's directors and executive officers is
available in its annual report on Form 10-K filed with the SEC by
Unizan on March 12, 2004. Other information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
are contained in the proxy statement/prospectus and other relevant
materials filed with the SEC. Unizan Financial Corp. CONSOLIDATED
BALANCE SHEETS (In thousands except per share data) 03/31/04
12/31/03 9/30/03 ASSETS Federal funds sold and interest bearing
deposits with banks $5,080 $1,942 $4,517 Securities, net 487,316
474,636 489,758 Federal Home Loan Bank stock, at cost 35,061 34,716
34,369 Loans originated and held for sale 4,744 2,679 8,138 Loans:
Commercial, financial and agricultural 258,677 261,167 272,129
Aircraft 134,889 133,277 136,388 Commercial real estate 662,289
658,699 634,344 Residential real estate 449,057 450,398 425,030
Consumer 464,323 464,943 465,324 Total Loans less unearned income
1,969,235 1,968,484 1,933,215 Less allowance for loan losses 24,611
24,611 24,612 Net loans 1,944,624 1,943,873 1,908,603 Total earning
assets 2,501,436 2,482,457 2,469,997 Cash and cash equivalents
71,924 56,558 86,869 Premises and equipment, net 24,641 25,353
26,049 Goodwill 91,971 91,971 91,971 Other intangible assets 17,836
18,661 19,500 Accrued interest receivable and other assets 77,987
76,860 76,402 Total Assets $2,761,184 $2,727,249 $2,746,176
LIABILITIES Deposits: Non-interest bearing deposits $214,844
$206,501 $211,404 Demand - interest bearing 257,012 276,037 282,391
Savings 531,437 531,134 522,703 Certificates and other time
deposits 942,850 962,120 993,797 Total deposits 1,946,143 1,975,792
2,010,295 Total borrowings 483,093 421,885 406,436 Accrued taxes,
expenses and other liabilities 25,262 26,749 26,920 Total
Liabilities 2,454,498 2,424,426 2,443,651 SHAREHOLDERS' EQUITY
Common stock ($1.00 stated value, 100,000,000 shares authorized;
22,123,069 shares issued) 22,123 22,123 22,123 Paid-in capital
228,806 223,613 223,863 Retained earnings 74,461 74,993 75,355
Stock held by deferred compensation plan, 118,616, 118,616,
115,808, 113,126 and 89,418 shares at cost, respectively (2,016)
(2,016) (1,966) Treasury stock, 368,389, 440,276, 474,665, 495,714
and 508,949 (14,392) (11,515) (12,126) shares at cost, respectively
Accumulated other comprehensive loss (2,296) (4,375) (4,724) Total
Shareholders' Equity 306,686 302,823 302,525 Total Liabilities and
Shareholders' Equity $2,761,184 $2,727,249 $2,746,176 Unizan
Financial Corp. CONSOLIDATED BALANCE SHEETS (In thousands except
per share data) 6/30/03 3/31/03 ASSETS Federal funds sold and
interest bearing deposits with banks $2,600 $3,989 Securities, net
506,245 521,585 Federal Home Loan Bank stock, at cost 34,026 33,691
Loans originated and held for sale 17,364 17,660 Loans: Commercial,
financial and agricultural 277,642 265,945 Aircraft 135,255 130,122
Commercial real estate 625,003 638,494 Residential real estate
439,862 480,510 Consumer 450,950 442,563 Total Loans less unearned
income 1,928,712 1,957,634 Less allowance for loan losses 24,917
25,281 Net loans 1,903,795 1,932,353 Total earning assets 2,488,947
2,534,559 Cash and cash equivalents 75,522 77,895 Premises and
equipment, net 26,747 27,025 Goodwill 91,971 91,971 Other
intangible assets 20,344 21,190 Accrued interest receivable and
other assets 75,575 77,373 Total Assets $2,754,189 $2,804,732
LIABILITIES Deposits: Non-interest bearing deposits $205,674
$192,318 Demand - interest bearing 301,009 284,646 Savings 517,154
466,725 Certificates and other time deposits 1,041,413 1,074,264
Total deposits 2,065,250 2,017,953 Total borrowings 363,646 455,731
Accrued taxes, expenses and other liabilities 26,098 33,300 Total
Liabilities 2,454,994 2,506,984 SHAREHOLDERS' EQUITY Common stock
($1.00 stated value, 100,000,000 shares authorized; 22,123,069
shares issued) 22,123 22,123 Paid-in capital 221,509 221,288
Retained earnings 71,471 67,608 Stock held by deferred compensation
plan, 118,616, 118,616, 115,808, 113,126 and 89,418 shares at cost,
respectively (1,857) (1,394) Treasury stock, 368,389, 440,276,
474,665, 495,714 and 508,949 (10,052) (10,479) shares at cost,
respectively Accumulated other comprehensive loss (3,999) (1,398)
Total Shareholders' Equity 299,195 297,748 Total Liabilities and
Shareholders' Equity $2,754,189 $2,804,732 Unizan Financial Corp.
COMPARATIVE STATEMENTS OF INCOME (In thousands except per share
data) Three months ended 03/31/04 12/31/03 9/30/03 Interest income:
Interest on federal funds sold and interest bearing deposits with
banks $8 $8 $11 Interest and dividends on securities 4,597 4,127
4,290 Interest and fees on loans and loans held for sale 27,674
28,401 28,238 Total interest income 32,279 32,536 32,539 Interest
expense: Interest on deposits 9,150 9,764 10,576 Interest on
borrowings 4,337 4,164 5,148 Total interest expense 13,487 13,928
15,724 Net interest income 18,792 18,608 16,815 Provision for loan
losses 1,000 1,492 1,026 Net interest income after provision for
loan losses 17,792 17,116 15,789 Other income: Trust, financial
planning, brokerage and insurance sales 1,870 1,691 1,695 Customer
service fees 1,844 2,107 1,996 Gains on sale of loans 1,245 993
1,796 Security gains/(losses), net 71 (502) 1,821 Other operating
income 1,984 1,834 2,535 Total other income 7,014 6,123 9,843 Other
expense: Salaries, wages, pension and benefits 12,774 10,659 8,146
Occupancy expense 867 828 844 Furniture and equipment expense 534
562 586 Taxes other than income taxes 630 504 505 Intangible
amortization expense 825 839 844 Other operating expense 5,784
5,598 4,744 Total other expense 21,414 18,990 15,669 Income before
income taxes 3,392 4,249 9,963 Provision for income taxes 980 1,685
3,121 Net Income $2,412 $2,564 $6,842 Earnings per share: Basic
$0.11 $0.12 $0.32 Diluted $0.11 $0.12 $0.31 Dividends per share
$0.14 $0.14 $0.14 Weighted average number of shares: Basic
21,733,289 21,656,687 21,632,719 Diluted 21,972,349 21,940,831
22,134,304 NOTE: Per share data is based on the weighted average
number of shares outstanding adjusted for stock dividends or splits
calculated under the treasury method using the average and end of
period stock market price for basic and diluted shares,
respectively. Unizan Financial Corp. COMPARATIVE STATEMENTS OF
INCOME (In thousands except per share data) Three months ended
6/30/03 3/31/03 Interest income: Interest on federal funds sold and
interest bearing deposits with banks $145 $9 Interest and dividends
on securities 6,394 5,934 Interest and fees on loans and loans held
for sale 29,906 31,397 Total interest income 36,445 37,340 Interest
expense: Interest on deposits 11,621 11,051 Interest on borrowings
4,807 4,998 Total interest expense 16,428 16,049 Net interest
income 20,017 21,291 Provision for loan losses 1,046 1,269 Net
interest income after provision for loan losses 18,971 20,022 Other
income: Trust, financial planning, brokerage and insurance sales
2,101 1,712 Customer service fees 1,708 1,553 Gains on sale of
loans 2,206 2,130 Security gains/(losses), net 454 - Other
operating income 1,215 1,557 Total other income 7,684 6,952 Other
expense: Salaries, wages, pension and benefits 9,482 8,932
Occupancy expense 849 911 Furniture and equipment expense 609 558
Taxes other than income taxes 525 517 Intangible amortization
expense 846 858 Other operating expense 4,489 4,934 Total other
expense 16,800 16,710 Income before income taxes 9,855 10,264
Provision for income taxes 3,074 3,228 Net Income $6,781 $7,036
Earnings per share: Basic $0.31 $0.32 Diluted $0.30 $0.32 Dividends
per share $0.14 $0.14 Weighted average number of shares: Basic
21,615,036 21,831,377 Diluted 22,459,500 22,290,839 NOTE: Per share
data is based on the weighted average number of shares outstanding
adjusted for stock dividends or splits calculated under the
treasury method using the average and end of period stock market
price for basic and diluted shares, respectively. Unizan Financial
Corp. CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands,
except per share data) 2004 2003 2003 EARNINGS 1st Qtr 4th Qtr 3rd
Qtr Net Interest Income FTE (1) $19,061 18,909 17,103 Provision for
loan losses 1,000 1,492 1,026 Other income 6,943 6,625 8,022
Security gains/(losses), net 71 (502) 1,821 Other expenses 21,414
18,990 15,669 FTE adjustment (1) 269 301 288 Net income $2,412
2,564 6,842 Net income per share - diluted $0.11 0.12 0.31
PERFORMANCE RATIOS Return on average assets (ROA) 0.36% 0.38% 0.99%
Return on average common equity (ROE) 3.17% 3.35% 9.06% Tangible
return on average tangible assets 0.45% 0.48% 1.12% Tangible return
on avg. tangible common equity 6.05% 6.40% 15.61% Net interest
margin FTE 3.08% 3.04% 2.73% Efficiency ratio (2) 60.52% 62.59%
54.98% MARKET DATA Book value/common share $14.10 13.97 13.97
Tangible book value/common share 9.05 8.86 8.83 Period-end common
share mkt value 24.91 20.25 19.95 Market as a % of book 176.7%
145.0% 142.8% Cash dividends/common share $0.135 0.135 0.135 Common
stock dividend payout ratio 121.68% 114.12% 43.22% Average basic
common shares 21,733,289 21,656,687 21,632,719 Average diluted
common shares 21,972,349 21,940,831 22,134,304 Period end common
shares 21,754,680 21,682,793 21,648,404 Common stock market
capitalization $541,909 439,077 431,886 ASSET QUALITY Gross
charge-offs $1,683 2,265 1,901 Net charge-offs 1,000 1,494 1,330
Delinquency Ratio 1.67% 1.61% 1.65% Allowance for loan losses
$24,611 24,611 24,612 Non-accrual loans 23,152 20,566 19,888 Past
due 90 days or more & accruing 5,488 5,333 5,032 Other assets
owned 1,793 2,143 2,095 Nonperforming assets (NPAs) 30,433 28,042
27,015 Restructured loans 2,530 2,565 2,598 Net charge-off ratio
0.20% 0.31% 0.27% Allowance/loans 1.25% 1.25% 1.27% NPL to loans
1.45% 1.32% 1.29% NPA to loans + other assets 1.54% 1.42% 1.40%
Allowance to NPLs 85.93% 95.03% 98.76% AVERAGE BALANCES Assets
$2,728,886 2,706,490 2,732,860 Deposits 1,954,707 1,994,244
2,039,429 Loans 1,971,090 1,947,729 1,946,693 Earning assets
2,486,312 2,466,001 2,483,198 Shareholders' equity 306,128 303,902
299,681 ENDING BALANCES Assets $2,761,184 2,727,249 2,746,176
Deposits 1,946,143 1,975,792 2,010,295 Loans 1,969,235 1,968,484
1,933,215 Goodwill and other intangible assets 109,807 110,632
111,471 Earning assets 2,501,436 2,482,457 2,469,997 Total
shareholders' equity 306,686 302,823 302,525 (1) - FTE defined as
fully tax-equivalent (2) - Excludes amortization of intangibles and
impairment of goodwill expenses. First quarter 2004 excludes $3,638
of stock option expense and $1,203 merger related professional
fees. Fourth quarter 2003 excludes $2,159 of expense related to a
severance agreement. Second quarter 2003 excludes $1,232 of expense
related to the termination of the defined benefit plan. Certain
previously reported amounts may have been reclassified to conform
to current reporting presentation. Unizan Financial Corp.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per
share data) 2003 2003 EARNINGS 2nd Qtr 1st Qtr Net Interest Income
FTE (1) 20,305 21,533 Provision for loan losses 1,046 1,269 Other
income 7,230 6,952 Security gains/(losses), net 454 - Other
expenses 16,800 16,710 FTE adjustment (1) 288 242 Net income 6,781
7,036 Net income per share - diluted 0.30 0.32 PERFORMANCE RATIOS
Return on average assets (ROA) 0.97% 1.05% Return on average common
equity (ROE) 9.00% 9.44% Tangible return on average tangible assets
1.09% 1.20% Tangible return on avg. tangible common equity 15.53%
16.52% Net interest margin FTE 3.19% 3.54% Efficiency ratio (2)
52.56% 55.32% MARKET DATA Book value/common share 13.83 13.78
Tangible book value/common share 8.64 8.54 Period-end common share
mkt value 17.57 18.32 Market as a % of book 127.0% 132.9% Cash
dividends/common share 0.135 0.135 Common stock dividend payout
ratio 43.03% 41.46% Average basic common shares 21,615,036
21,831,377 Average diluted common shares 22,459,500 22,290,839
Period end common shares 21,627,356 21,614,121 Common stock market
capitalization 379,993 395,971 ASSET QUALITY Gross charge-offs
1,995 1,723 Net charge-offs 1,410 1,259 Delinquency Ratio 1.52%
1.28% Allowance for loan losses 24,917 25,281 Non-accrual loans
19,526 14,456 Past due 90 days or more & accruing 3,899 2,775
Other assets owned 2,655 2,135 Nonperforming assets (NPAs) 26,080
19,366 Restructured loans 2,630 2,662 Net charge-off ratio 0.29%
0.26% Allowance/loans 1.29% 1.29% NPL to loans 1.21% 0.88% NPA to
loans + other assets 1.35% 0.99% Allowance to NPLs 106.37% 146.72%
AVERAGE BALANCES Assets 2,802,727 2,716,720 Deposits 2,077,406
1,921,585 Loans 1,958,958 1,954,108 Earning assets 2,553,641
2,469,952 Shareholders' equity 302,065 302,188 ENDING BALANCES
Assets 2,754,189 2,804,732 Deposits 2,065,250 2,017,953 Loans
1,928,712 1,957,634 Goodwill and other intangible assets 112,315
113,161 Earning assets 2,488,947 2,534,559 Total shareholders'
equity 299,195 297,748 (1) - FTE defined as fully tax-equivalent
(2) - Excludes amortization of intangibles and impairment of
goodwill expenses. First quarter 2004 excludes $3,638 of stock
option expense and $1,203 merger related professional fees. Fourth
quarter 2003 excludes $2,159 of expense related to a severance
agreement. Second quarter 2003 excludes $1,232 of expense related
to the termination of the defined benefit plan. Certain previously
reported amounts may have been reclassified to conform to current
reporting presentation. Unizan Financial Corp. Average Balance
Sheet and Related Yields Three Months Ended March 31, 2004 Average
Income/ (dollars in thousands) Balance Expense Rate (1)
Interest-earning assets Interest bearing deposits and federal funds
sold $4,395 $8 0.73 % Securities 510,827 4,853 3.82 Total loans (2)
1,971,090 27,687 5.65 Total interest-earning assets (3) 2,486,312
32,548 5.27 Nonearning assets: Cash and due from banks 57,353 Other
nonearning assets 209,843 Allowance for loan losses (24,622) Total
assets $2,728,886 Interest bearing liabilities: Demand deposits
$258,295 $369 0.57 % Savings deposits 531,844 1,296 0.98 Time
deposits 955,864 7,485 3.15 Subordinated note (5) 20,619 505 9.85
Company obligated mandatorily redeemable trust preferred (5) - - -
Other borrowings 422,995 3,832 3.64 Total interest bearing
liabilities 2,189,617 13,487 2.48 Noninterest bearing liabilities:
Demand deposits 208,704 Other liabilities 24,437 Shareholders'
equity 306,128 Total liabilities and equity $2,728,886 Net interest
income and interest rate spread (3) $19,061 2.79 % Net interest
margin (4) 3.08 % (1) Calculated on an annualized basis. (2) Loan
fees are included in interest income on loans. (3) Interest income
is computed on a fully tax equivalent (FTE) basis, using a tax rate
of 35%. (4) The net interest margin represents net interest income
as a percentage of average interest-earning assets. (5) As of
December 31, 2003, based on new accounting guidance issued under
FASB Interpretation No. 46, the amounts previously reported as
company obligated mandatorily redeemable trust preferred" have been
recaptioned "subordinated note". The deconsolidation of the Trust
increased the Company's balance sheet by $619, the difference
representing the Company's common ownership in the Trust. Unizan
Financial Corp. Average Balance Sheet and Related Yields Three
Months Ended March 31, 2003 Average Income/ (dollars in thousands)
Balance Expense Rate (1) Interest-earning assets Interest bearing
deposits and federal funds sold $3,099 $9 1.18 % Securities 512,745
6,159 4.87 Total loans (2) 1,954,108 31,414 6.52 Total
interest-earning assets (3) 2,469,952 37,582 6.17 Nonearning
assets: Cash and due from banks 58,476 Other nonearning assets
213,572 Allowance for loan losses (25,280) Total assets $2,716,720
Interest bearing liabilities: Demand deposits $269,511 553 0.83 %
Savings deposits 425,462 1,032 0.98 Time deposits 1,044,394 9,466
3.68 Subordinated note (5) - - - Company obligated mandatorily
redeemable trust preferred (5) 20,000 505 10.24 Other borrowings
435,117 4,493 4.19 Total interest bearing liabilities 2,194,484
16,049 2.97 Noninterest bearing liabilities: Demand deposits
182,218 Other liabilities 37,830 Shareholders' equity 302,188 Total
liabilities and equity $2,716,720 Net interest income and interest
rate spread (3) $21,533 3.20 % Net interest margin (4) 3.54 % (1)
Calculated on an annualized basis. (2) Loan fees are included in
interest income on loans. (3) Interest income is computed on a
fully tax equivalent (FTE) basis, using a tax rate of 35%. (4) The
net interest margin represents net interest income as a percentage
of average interest-earning assets. (5) As of December 31, 2003,
based on new accounting guidance issued under FASB Interpretation
No. 46, the amounts previously reported as company obligated
mandatorily redeemable trust preferred" have been recaptioned
"subordinated note". The deconsolidation of the Trust increased the
Company's balance sheet by $619, the difference representing the
Company's common ownership in the Trust. Unizan Financial Corp.
NONPERFORMING AND UNDERPERFORMING ASSETS (dollars in thousands)
03/31/04 12/31/03 9/30/03 6/30/03 3/31/03 Non-performing loans:
Commercial $1,294 $1,292 $1,348 $1,515 $446 Commercial real estate
5,713 4,112 4,294 3,422 2,652 Government guaranteed 9,334 8,939
8,573 7,821 4,723 Aircraft 2,003 247 134 59 88 Residential real
estate 8,713 9,838 8,911 9,298 7,686 Direct installment loans 161
37 118 68 71 Indirect installment loans 212 212 331 164 642 Home
equity 1,210 1,222 1,211 1,078 923 Total non-performing loans
$28,640 $25,899 $24,920 $23,425 $17,231 Less: Government guaranteed
amount 6,965 6,537 6,765 6,227 3,077 Total non-performing loans
excluding government guaranteed amount $21,675 $19,362 $18,155
$17,198 $14,154 Total non-performing loans $28,640 $25,899 $24,920
$23,425 $17,231 Other assets owned 1,793 2,143 2,095 2,655 2,135
Total non-performing assets $30,433 $28,042 $27,015 $26,080 $19,366
Less: Government guaranteed amount 7,541 6,969 7,314 6,789 3,651
Total non-performing assets excluding government guaranteed amount
$22,892 $21,073 $19,701 $19,291 $15,715 Restructured loans $2,530
$2,565 $2,598 $2,630 $2,662 Ratio of: Non-performing loans to total
loans 1.45% 1.32% 1.29% 1.21% 0.88% Non-performing assets to total
assets 1.10% 1.03% 0.98% 0.95% 0.69% Non-performing assets to total
loans + other assets 1.54% 1.42% 1.40% 1.35% 0.99% Allowance to
total loans 1.25% 1.25% 1.27% 1.29% 1.29% Allowance to
non-performing loans 85.93% 95.03% 98.76% 106.37% 146.72% Ratio of
(excluding government guaranteed amount): Non-performing loans to
total loans 1.10% 0.98% 0.94% 0.89% 0.72% Non-performing assets to
total assets 0.83% 0.77% 0.72% 0.70% 0.56% Non-performing assets to
total loans + other assets 1.16% 1.07% 1.02% 1.00% 0.80% Allowance
to non-performing loans 113.55% 127.11% 135.57% 144.88% 178.61% NET
CHARGE-OFFS TO AVERAGE LOANS AND LEASES 03/31/04 12/31/03 9/30/03
Average loans and leases: Commercial $188,992 $193,154 $216,557
Commercial real estate 664,241 648,784 622,248 Government
guaranteed 61,676 62,591 58,665 Aircraft 133,725 133,267 135,368
Residential real estate 453,362 439,369 443,603 Indirect
installment loans 123,426 130,478 140,271 Home equity 307,116
298,712 283,578 Other consumer 38,552 41,374 46,403 Total average
loans and leases $1,971,090 $1,947,729 $1,946,693 Net charge-offs
(recoveries): Commercial $(17) $57 $43 Commercial real estate 261
101 266 Government guaranteed 255 102 48 Aircraft - (124) -
Residential real estate (50) 38 26 Indirect installment loans 371
716 620 Home equity 11 286 33 Other consumer 169 318 294 Total
$1,000 $1,494 $1,330 03/31/04 12/31/03 9/30/03 Net charge-offs
(recoveries) to average loans and leases (annualized): Commercial
-0.04% 0.12% 0.08% Commercial real estate 0.16% 0.06% 0.17%
Government guaranteed 1.65% 0.65% 0.33% Aircraft 0.00% -0.37% 0.00%
Residential real estate -0.04% 0.03% 0.02% Indirect installment
loans 1.20% 2.20% 1.77% Home equity 0.01% 0.38% 0.05% Other
consumer 1.75% 3.07% 2.53% Total 0.20% 0.31% 0.27% NET CHARGE-OFFS
TO AVERAGE LOANS AND LEASES 6/30/03 3/31/03 Average loans and
leases: Commercial $211,014 $195,806 Commercial real estate 629,637
633,614 Government guaranteed 53,636 55,250 Aircraft 132,604
130,509 Residential real estate 469,754 482,719 Indirect
installment loans 149,215 153,876 Home equity 261,613 242,606 Other
consumer 51,485 59,728 Total average loans and leases $1,958,958
$1,954,108 Net charge-offs (recoveries): Commercial $20 $79
Commercial real estate - 393 Government guaranteed 102 (55)
Aircraft 7 28 Residential real estate 117 18 Indirect installment
loans 935 697 Home equity 17 19 Other consumer 212 80 Total $1,410
$1,259 6/30/03 3/31/03 Net charge-offs (recoveries) to average
loans and leases (annualized): Commercial 0.04% 0.16% Commercial
real estate 0.00% 0.25% Government guaranteed 0.76% -0.40% Aircraft
0.02% 0.09% Residential real estate 0.10% 0.01% Indirect
installment loans 2.51% 1.81% Home equity 0.03% 0.03% Other
consumer 1.65% 0.54% Total 0.29% 0.26% DATASOURCE: Unizan Financial
Corp. CONTACT: Investors, Roger L. Mann, President and Chief
Executive Officer, +1-330-438-1118, or +1-866-235-7203, or , or
Media, Sandy K. Upperman, Vice President, Corporate Communications,
+1-330-438-4858, , both Unizan Financial Corp. Web site:
http://www.unizan.com/ http://www.huntington.com/ Company News
On-Call: http://www.prnewswire.com/comp/127633.html
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