Community First Bankshares Reports First Quarter Earnings FARGO,
N.D., April 15 /PRNewswire-FirstCall/ -- Community First
Bankshares, Inc. today reported results for the first quarter of
2004. First Quarter Highlights -- Diluted earnings per share of 45
cents, compared to 50 cents in the first quarter of 2003. -- Net
income of $16.9 million, a decrease of 12.9 percent from $19.4
million in the first quarter of 2003. -- Return on average equity
(ROE) of 18.98 percent, compared to 21.01 percent in the first
quarter of 2003. -- Return on assets (ROA) of 1.25 percent,
compared to 1.38 percent in the first quarter of 2003. -- Net
interest margin was 4.70 percent, compared to 4.90 percent in the
first quarter of 2003 and 4.80 percent in the fourth quarter of
2003. -- Nonperforming assets comprised .47 percent of total assets
at March 31, 2004, compared to .61 percent at March 31, 2003 and
.48 percent at December 31, 2003. Non-performing assets to
period-end loans and OREO was .77 percent at March 31, 2004, versus
1.00 percent at March 31, 2003 and .79 percent at December 31,
2003. -- On March 16, BancWest Corporation and Community First
announced the signing of a definitive agreement wherein BancWest
will acquire Community First Bankshares for $32.25 per share in a
cash transaction valued at $1.2 billion. The transaction is
expected to close during the third quarter of 2004. First Quarter
2004 2003 Net income (in millions) $16.9 $19.4 Basic earnings per
share .46 .50 Diluted earnings per share .45 .50 Return on assets
1.25% 1.38% Return on common equity 18.98 21.01 Net interest margin
4.70 4.90 Community First Bankshares, Inc. (NASDAQ:CFBX) today
reported net income of $16,904,000 for the quarter ended March 31,
2004, or 45 cents per share diluted. This compares to net income of
$19,401,000 or 50 cents per share diluted for the first quarter of
2003. Return on average equity was 18.98 percent in the first
quarter of 2004, and return on average assets was 1.25 percent. In
the first quarter of 2003, return on average equity was 21.01
percent and return on average assets was 1.38 percent. "The
conservative posture we assumed while the economy faltered and
interest rates remained near historic lows over the last couple of
years is consistent with Community First's operating culture of
disciplined pricing and commitment to asset quality," commented
Mark Anderson, president and chief executive officer. "While
results of operations for the first quarter were not in line with
our expectations, our strategy has served us well, and will allow
us to more fully participate in an improving market environment, as
we continue to see signs of economic recovery. In terms of net
charge-offs, we recorded our best performance in the last 17
quarters. Our balance sheet continues to improve, and the
operational initiatives that we have executed will position us well
to pursue opportunities in our markets. "Our commitment to building
new growth avenues within our noninterest income business continued
to produce positive results during the first quarter, as
commissions from insurance sales achieved a record quarter. We
reinforced our growing network of insurance services through the
acquisition of a Colorado insurance agency and book of business in
the first quarter, as well as an additional Colorado agency,
renewal rights and another book of business early in the second
quarter. The moves bring to 56 the number of locations offering
insurance services within our market footprint of 155 offices. In
addition to its growing importance on our income statement, the
ability to offer a full slate of financial services to our clients
is central to our core solutions-based approach. We also took steps
to strengthen critical mass awareness within our market footprint
through the opening in the quarter of a new branch in Lino Lakes,
Minn. Another location in Blaine, Minn., is scheduled to open in
May, while four additional planned bank locations in Chaska,
Chanhassen, Lakeville and Inver Grove Heights, Minn., are scheduled
to open in 2004. Also during the quarter, we completed the
previously announced transition of 16 Regional Financial Centers to
Community Financial Centers. Our Regional Financial Centers offer a
broad mix of business and retail services, while Community
Financial Centers maintain primarily a retail focus. We expect this
transition will provide an additional level of personal service and
flexibility by more closely aligning our offerings with the unique
needs of our client base within these markets." On March 16th,
BancWest Corporation and Community First announced a definitive
agreement in which BancWest will acquire Community First Bankshares
in an all cash transaction valued at $1.2 billion or $32.25 per
Community First common share. The transaction, contingent on
shareholder and regulatory approvals, would create a banking
network comprising 451 locations in 16 states. Due to the impending
acquisition, Community First recently announced that its Annual
Meeting of Shareholders will be held in conjunction with the
meeting at which its shareholders will vote on the proposed
transaction. "Positive signs within the industry and in our own
business are all the more encouraging in light of our impending
merger with BancWest Corporation," added Anderson. "With virtually
no market overlap, our combined organization would immediately
become one of the leading financial institutions in the Western and
Midwestern United States. As a very disciplined, client-focused
financial services company, we believe this transaction would
present enhanced opportunities to achieve our goal of exceeding the
expectations of our clients." Net Interest Income Interest income
in the first quarter of 2004 was $70,552,000 compared to
$82,005,000 in the first quarter of 2003, a decrease of 14.0
percent, reflecting further declines in interest rates, as well as
continued decreases in loans outstanding. Interest expense for the
first quarter was $14,214,000, down 31.8 percent from the first
quarter of 2003. Average deposits for the quarter decreased 4.6
percent from the first quarter of 2003, while on a linked quarter
basis, deposits remained consistent. Net interest income was
$56,338,000 for the first quarter of 2004, down 7.9 percent
compared to $61,164,000 for the first quarter of 2003. Net interest
margin was 4.70 percent for the first quarter of 2004, versus 4.90
percent in the first quarter of 2003 and 4.80 percent in the fourth
quarter of 2003. Commenting on the change in net interest margin,
chief financial officer Craig Weiss said, "Softness in loan volumes
and continued low interest rates contributed to a 10 basis point
contraction of margin during the quarter. As we look at an
improving environment for lending opportunities, we believe that we
are well-positioned to maximize these opportunities." Loan Activity
Total loans as of March 31, 2004, were $3.3 billion, down 5.3
percent from one year ago. "While total loans were down on a
year-over-year basis, we continue to see growth of our indirect
business and commercial mortgages," said Ron Strand, vice chairman
and chief operating officer. "SBA premium income, which is included
among our noninterest income business, decreased significantly, as
we experienced the impact of program caps. As one of the larger and
fast-growing SBA lenders in the business, we expect to resume our
strong performance in this important area as funding issues are
worked out at the governmental level. While we will remain
responsive to all compelling asset growth opportunities, we will
proceed cautiously as we gauge the health and sustainability of the
positive economic signs we are seeing." Loan Losses Nonperforming
assets represented .47 percent of total assets at March 31, 2004,
compared to .61 percent in the same quarter last year and .48
percent at December 31, 2003. The allowance for loan losses was
1.59 percent of total loans and 264 percent of nonperforming loans
at March 31, 2004, compared to 1.57 percent and 195 percent
respectively at March 31, 2003 and 1.57 percent and 251 percent
respectively, at December 31, 2003. Net charge-offs were $2.0
million or .25 percent (annualized) of average loans for the first
quarter of 2004, compared to $4.7 million or .54 percent for the
first quarter of 2003 and $4.0 million or .48 percent at December
31, 2003. "The effectiveness of our loan evaluation and servicing
processes was clearly behind our strong improvements in key loan
quality benchmarks this quarter," added Strand. "Our Loan Center
initiative, which will be fully completed during the second
quarter, has provided a strong level of support and confidence in
pursuing quality assets within our markets. We believe our Special
Assets Group works to address areas of concern within our portfolio
before larger issues arise." Noninterest Income Noninterest income
in the first quarter increased to $22,919,000, compared to
$21,866,000 in the first quarter of 2003. Insurance commissions
were up 13.5 percent in the first quarter of 2004, compared to the
same period in 2003, and investment sales commissions increased
56.0 percent over the same period. "We have been active in
acquiring insurance businesses, but our strong growth in insurance
commissions this quarter is also attributable to core growth in our
existing business, which is a clear sign that we can compete
effectively within our markets, and that clients are responding to
our comprehensive financial solutions focus," said Anderson.
"Similarly, our performance in investment sales reflects, in part,
improved efficiencies relative to income and expenses reported by
our third party provider, and underscores our growing proficiency
in incorporating investment tools more consistently throughout our
clients' portfolios as their financial needs warrant." Noninterest
Expense For the first quarter of 2004, noninterest expense was
$51,752,000, an increase of 2.1 percent from the same period in
2003. "The conservative and disciplined approach that has served us
so well during the recent economic downturn also extends to our
philosophy of controlling expenses," said Weiss. "The net result is
a more streamlined organization with the operational flexibility to
pursue compelling growth opportunities wherever they are
identified." Capital Structure The company repurchased 582,500 of
its common shares during the first quarter of 2004. Community First
has suspended its repurchase plan and does not expect to repurchase
additional Community First common shares. Since the first quarter
of 2000, the company has repurchased a total of approximately 15
million shares, with 1.8 million shares remaining under the current
repurchase authorization. During the first quarter, Community First
raised its regular quarterly dividend from 23 cents to 24 cents per
common share, marking the sixteenth dividend increase since the
company became publicly held in 1991. The $1.2 billion or $32.25
per share purchase price announced by BancWest Corporation is
equivalent to 16 times 2003 earnings and represents a 14% premium
to the average closing stock price of Community First in the three
months prior to the announcement of the transaction. The boards of
directors of BancWest Corporation and Community First Bankshares
have approved the transaction. The transaction also has been
approved by the board of BancWest's parent, BNP Paribas. The merger
requires approval from Community First shareholders and federal
banking regulators. Once all regulatory approvals have been
received, the merger is expected to close during the third quarter
of 2004. "One of the reasons we exist as a publicly-traded entity
is to create value for our shareholders," said Anderson. "We have
always been committed to evaluating any and all avenues to
accomplish that goal, with the most recent example being our
proposed merger with BancWest Corporation. With a fair return for
our shareholders, we believe that the stewardship of Community
First's vision and values will continue in the very capable hands
of our new partners." Community First Bankshares is hosting a
conference call at 12:00 noon, CDT on April 15, at which time
management will discuss the results of the first quarter.
Individual investors and the media are welcome to join the call by
dialing 888-241-0096 shortly before the scheduled time of the call.
Callers should ask to be connected to the Community First
Bankshares conference call hosted by Mark Anderson. A transcript of
the call will be posted on the company's Web site. About Community
First Bankshares, Inc. Community First Bankshares, a $5.5 billion
financial services company, provides a complete line of banking,
investment, insurance, mortgage and trust products to individuals
and businesses. The company's extensive offering of financial
products and services is marketed through full-service offices in
137 communities in 12 states-Arizona, California, Colorado, Iowa,
Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Utah,
Wisconsin and Wyoming. The company's services include an online
banking system that offers electronic bill payment and discount
brokerage capabilities, telephone banking and an extensive ATM
network. Community First Bankshares stock is traded on The Nasdaq
Stock Market(R) under the symbol CFBX. The latest investor and
other corporate information is available at its Web site,
http://www.communityfirst.com/ . This press release contains
forward-looking statements under the Private Securities Litigation
Reform Act of 1995 that are subject to certain risks and
uncertainties that could cause actual results to differ materially
from historical earnings and those presently anticipated or
projected. The company wishes to caution readers not to place undue
reliance on any such forward- looking statements, which speak only
as of the date made. Factors that could cause actual results to
differ from the results discussed in the forward- looking
statements include, but are not limited to: risk of loans and
investments, including dependence on local economic conditions;
competition for the company's customers from other providers of
financial services; possible adverse effects of changes in interest
rates; execution and implementation of a series of previously
announced strategic initiatives; balance sheet and capital ratio
risks related to the share repurchase program; risks related to the
company's acquisition and market extension strategy, including
risks of adversely changing results of operations and factors
affecting the company's ability to consummate further acquisitions
or extend its markets; and other risks detailed in the company's
filings with the Securities and Exchange Commission, all of which
are difficult to predict and many of which are beyond the control
of the company. About BancWest Corporation BancWest Corporation (
http://www.bancwestcorp.com/ ) is a bank holding company with
assets of $38.4 billion. It is headquartered in Honolulu, Hawaii,
with an administrative headquarters in San Francisco, California.
Besides Bank of the West, BancWest's other principal subsidiary is
First Hawaiian Bank (56 branches in Hawaii, two in Guam and one in
Saipan). BancWest is a wholly owned subsidiary of BNP Paribas. BNP
Paribas, headquartered in Paris, is the most profitable bank in the
Euro zone and among the 10 largest banks in the world based on
asset size. This release contains forward-looking statements,
including statements regarding anticipated timing of the
transaction and possible performance of the combined company after
the transaction is completed. Such statements reflect management's
best judgment as of this date, but they involve risks and
uncertainties that could cause actual results to differ materially
from those presented. Factors that could cause such differences
include, without limitation, (1) the possibility that regulatory
approvals may be delayed or denied or that burdensome conditions
may be imposed in connection with such approvals; (2) the
possibility of customer or employee attrition following this
transaction; (3) failure to fully realize expected cost savings
from the transaction; (4) lower than expected revenues following
the transaction; (5) problems or delays in bringing together the
two companies; (6) the possibility of adverse changes in global,
national or local economic or monetary conditions, (7) competition
and change in the financial services business, and (8) other
factors described in our recent filings with the Securities and
Exchange Commission. Those factors or others could result, for
example, in delay or termination of the transaction discussed
above. Readers should carefully consider those risks and
uncertainties in reading this release. Except as otherwise required
by law, BancWest and Community First Bankshares disclaim any
obligation to update any forward-looking statements included herein
to reflect future events or developments. In connection with the
proposed transaction, Community First will be filing proxy
statements and other materials with the Securities and Exchange
Commission. Investors are urged to read the proxy statement and
these materials when they are available because they contain
important information. Community First and its officers and
directors may be deemed to be participants in the solicitation of
proxies with respect to the proposed transaction matters.
Information regarding such individuals is included in Community
First's proxy statements and Annual Reports on Form 10-K previously
filed with the Securities and Exchange Commission, and in the proxy
statement relating to the merger when it becomes available.
Investors may obtain a free copy of the proxy statements and other
relevant documents when they become available as well as other
materials filed with the Securities and Exchange Commission
concerning Community First and these individuals at the Securities
and Exchange Commission's website at http://www.sec.gov/. These
materials and other documents may also be obtained for free from:
Community First Bankshares, Inc., 520 Main Avenue, Fargo, North
Dakota 58124, Attn: Investor Relations. COMMUNITY FIRST BANKSHARES,
INC. SELECTED FINANCIAL DATA (In thousands, except share and per
share data) Three Months Ended March 31 2004 2003 Current Earnings:
Net interest income $56,338 $61,164 Non interest income 22,919
21,866 Provision for loan losses 2,365 3,487 Net income applicable
to common equity 16,904 19,401 Per Common and Common Equivalent
Share Data: Basic earnings per share $0.46 $0.50 Diluted earnings
per share $0.45 $0.50 Dividend per common share $0.24 $0.22 Period
end book value $9.80 $9.83 Average common shares outstanding: Basic
37,041,345 38,601,216 Diluted 37,514,081 39,004,529 Key Performance
Ratios: Return on average assets 1.25% 1.38% Return on average
common shareholders' equity 18.98% 21.01% Average common
shareholders' equity to average assets 6.58% 6.56% Leverage ratio
6.84% 6.72% Net interest margin 4.70% 4.90% Efficiency ratio 65.71%
60.43% Average Balance Sheet Data: Assets 5,441,982 5,704,068 Loans
3,305,392 3,587,067 Available-for-sale securities 1,593,403
1,582,359 Deposits 4,359,610 4,569,601 Common shareholders' equity
358,171 374,448 End of Period Data: Assets 5,461,570 5,749,512
Loans 3,308,210 3,494,772 Available-for-sale securities 1,596,363
1,702,469 Deposits 4,391,257 4,542,720 Common shareholders' equity
361,273 377,834 Common shares outstanding 36,862,999 38,454,327
Credit Quality for Operations: Annualized net charge-offs to
average loans 0.25% 0.54% Nonperforming assets to total assets
0.47% 0.61% Nonperforming assets to period end loans and OREO 0.77%
1.00% Allowance for loan losses to period end loans 1.59% 1.57%
Allowance for loan losses to nonperforming loans 264% 195%
COMMUNITY FIRST BANKSHARES, INC. FINANCIAL DATA WORKSHEET (In
thousands, except share and per share amounts) Q1'04 Q4'03 Q3'03
Earnings Per Share: Before Extraordinary Items/Cum Effect: Basic
$0.46 $0.48 $0.48 Diluted $0.45 $0.48 $0.48 After Extraordinary
Items/Cum Effect: Basic $0.46 $0.48 $0.48 Diluted $0.45 $0.48 $0.48
Common Dividend Declared Per Share $0.24 $0.23 $0.23 EOP Book Value
$9.80 $9.68 $9.71 EOP Shares Outstanding: Basic 36,862,999
37,357,414 37,723,391 Diluted 37,335,735 37,772,853 38,169,941
Average Shares Outstanding: Basic 37,041,345 37,536,006 37,936,390
Diluted 37,514,081 37,951,445 38,382,940 HIGH Common Share Price
$32.16 $29.26 $29.01 LOW Common Share Price $27.13 $26.20 $26.04
INCOME STATEMENT Interest Income (FTE) 71,562 74,587 76,225
Interest Expense 14,214 15,107 16,228 Net Interest Income (FTE)
57,348 59,480 59,997 Loan Loss Provision 2,365 2,225 3,403
Investment Securities Transactions 1,511 1,631 444 Trading Account
0 0 0 Foreign Exchange 0 0 0 Trust Revenue 1,306 1,351 1,186
Insurance Revenue 4,633 3,698 4,080 Security Sales Revenue 3,200
2,648 2,048 Service Charges on Deposits 9,257 9,799 11,061 Other
Non-Recurring Revenues 0 0 0 Other Non-Interest Revenue 3,012 4,095
5,702 Material Non-Recurring Revenue 0 0 0 Total Non-Interest
Revenues 22,919 23,222 24,521 Salaries & Benefits 28,760 28,061
28,665 Occupancy & Equipment 8,789 8,241 8,206 Deposit
Insurance Expense 164 165 179 Foreclosed Property Expense 124 452
471 Other Expenses 13,915 14,690 15,043 Material Non-Recurring
Expenses 0 0 0 Minority Interest 0 0 0 Total Non-Interest Expense
51,752 51,609 52,564 Pre-Tax Income (FTE) 26,150 28,868 28,551 Tax
Equivalent Adjustment 1,010 1,351 1,302 Reported Pre-Tax Income
25,140 27,517 27,249 Taxes 8,236 9,324 8,908 Income before
extraordinary items 16,904 18,193 18,341 Cumulative effect of
extraordinary item 0 0 0 Net Income after extraordinary item 16,904
18,193 18,341 MEMO: Net Tax Applicable to Non-Recurring Items 0 0 0
Tax Applicable to Securities Transactions 604 652 178 Common
Dividends 8,838 8,607 8,708 Preferred Dividends - Non-Convertible 0
0 0 Convertible 0 0 0 After Tax Interest on Convertible Debt 0 0 0
EOP Employees (FTE) - As Reported 2,125 2,162 2,155 EOP Domestic
Offices 137 136 136 AVERAGE BALANCE SHEET Taxable Securities
1,538,803 1,514,720 1,478,419 Tax-Exempt Securities 54,600 58,813
60,198 Domestic Loans 3,305,392 3,334,878 3,410,868 Foreign Loans 0
0 0 Other Earning Assets 6,655 6,193 8,840 Total Earning Assets
4,905,450 4,914,604 4,958,325 Total Assets 5,441,982 5,474,808
5,507,101 Savings/NOW Accounts 1,776,341 1,755,044 1,704,618 Money
Market Deposits 198,102 206,816 203,488 Other Consumer Time 867,856
943,619 991,678 CD's $100,000 & Over 502,117 469,723 516,315
Foreign Deposits 0 0 0 Short-Term Borrowings 444,281 416,584
424,670 Long-Term Borrowings 226,849 232,825 242,931 Total
Interest-Bearing Liabilities 4,015,546 4,024,611 4,083,700 Demand
Deposits 1,015,194 1,032,604 1,007,563 Total Deposits 4,359,610
4,407,806 4,423,662 Non-Convertible Preferred Equity 0 0 0
Convertible Preferred Equity 0 0 0 Common Equity 358,171 355,520
360,187 Total Preferred Equity 0 0 0 PARENT COMPANY DATA EOP
Investment in Subsidiaries 497,588 525,067 529,477 EOP Goodwill 0 0
0 ASSET QUALITY EOP Nonaccrual Loans 19,725 20,630 25,932 EOP
Restructured Loans 179 188 197 EOP OREO 5,534 5,461 6,236 Total
Non-performing Assets 25,438 26,279 32,365 Loans > 90 days still
accruing 3,416 3,220 4,451 EOP In-Substance foreclosure 0 0 0
NON-PERFORMING LOANS Construction & Land Development 0 0 0
Commercial Mortgages 7,291 8,237 6,892 Commercial 8,803 7,471
12,917 Residential Mortgages 2,305 2,504 3,848 LDC 0 0 0 Other
1,505 2,606 2,472 Total 19,904 20,818 26,129 NET CHARGE-OFFS
(current quarter) Commercial Real Estate 57 90 (38) Commercial 507
1,023 1,029 Residential Mortgages 442 523 748 Consumer 1,023 1,713
1,317 LDC 0 0 0 Agriculture 9 644 535 All Other 0 0 0 Total 2,038
3,993 3,591 Gross Charge-offs 3,659 5,233 5,102 Gross Recoveries
1,621 1,240 1,511 LOAN PORTFOLIO Construction & Land
Development 309,609 321,323 333,577 Commercial Mortgages 1,042,274
1,010,358 1,004,765 Commercial 572,229 582,861 611,791 Real Estate
Loans 0 0 0 Residential Mortgages 378,949 389,644 399,425 Home
Equity Loans 164,691 162,441 164,069 Credit Cards Outstanding 8,512
8,645 8,862 Other Consumer 674,186 669,812 653,085 LDC 0 0 0
Foreign 0 0 0 Agriculture 157,760 178,488 182,578 Total Loans &
Leases 3,308,210 3,323,572 3,358,152 EOP DATA Loan Loss Reserve
52,558 52,231 53,999 Assets 5,461,570 5,465,107 5,487,215 Total
Deposits 4,391,257 4,389,210 4,370,093 Total Preferred Equity 0 0 0
Common Equity 361,273 361,800 366,109 Convertible Debt 0 0 0 Total
Long-Term Debt 233,169 227,441 229,708 Deposit Intangibles 22,180
22,823 23,466 Goodwill 63,448 63,448 63,448 Other Intangibles 7,635
7,579 7,000 Total Intangibles 93,263 93,850 93,914 RISK-ADJUSTED
CAPITAL EOP Risk-Adjusted Total Assets 3,861,010 3,884,282
3,958,923 Tier I Capital 370,637 379,146 378,997 Tier I Ratio 9.60%
9.76% 9.57% Tier II Capital 66,694 64,494 70,145 Total Capital
437,331 443,640 449,142 Total Capital Ratio 11.33% 11.42% 11.35%
Leverage Ratio 6.84% 6.99% 6.96% Equity to Assets Ratio 6.61% 6.62%
6.67% Tangible Equity to Assets Ratio 4.91% 4.90% 4.96% EFFICIENCY
RATIO Net Interest Income 57,348 59,480 59,997 Non-Interest Income
22,919 23,222 24,521 Less: Non-Recurring Income 0 0 0 Less: Other
Non-Recurring Items (1,511) (1,631) (444) Total Revenue 78,756
81,071 84,074 Non-Interest Expense 51,752 51,609 52,564 Less:
Non-Recurring Non-Int Expenses 0 0 0 Less: Other Non-Recurring
Expenses 0 0 0 Total Expense 51,752 51,609 52,564 Efficiency Ratio
- Reported 65.71% 63.66% 62.52% PERFORMANCE RATIOS Return on
Average Assets 1.25% 1.32% 1.32% Return on Average Equity 18.98%
20.30% 20.20% Net Interest Margin 4.70% 4.80% 4.80% (In thousands,
except share and per share amounts) Q2'03 Q1'03 Earnings Per Share:
Before Extraordinary Items/Cum Effect: Basic $0.50 $0.50 Diluted
$0.49 $0.50 After Extraordinary Items/Cum Effect: Basic $0.50 $0.50
Diluted $0.49 $0.50 Common Dividend Declared Per Share $0.22 $0.22
EOP Book Value $9.98 $9.83 EOP Shares Outstanding: Basic 38,258,397
38,454,327 Diluted 38,737,731 38,897,640 Average Shares
Outstanding: Basic 38,371,159 38,601,216 Diluted 38,850,493
39,044,529 HIGH Common Share Price $28.60 $27.23 LOW Common Share
Price $25.87 $24.35 INCOME STATEMENT Interest Income (FTE) 80,379
83,325 Interest Expense 18,362 20,841 Net Interest Income (FTE)
62,017 62,484 Loan Loss Provision 3,487 3,487 Investment Securities
Transactions 1,795 464 Trading Account 0 0 Foreign Exchange 0 0
Trust Revenue 1,449 1,278 Insurance Revenue 3,364 4,081 Security
Sales Revenue 2,310 2,051 Service Charges on Deposits 9,999 9,380
Other Non-Recurring Revenues 0 0 Other Non-Interest Revenue 4,167
4,612 Material Non-Recurring Revenue 0 0 Total Non-Interest
Revenues 23,084 21,866 Salaries & Benefits 28,246 27,914
Occupancy & Equipment 8,435 8,608 Deposit Insurance Expense 185
191 Foreclosed Property Expense 213 370 Other Expenses 14,918
13,606 Material Non-Recurring Expenses 0 0 Minority Interest 0 0
Total Non-Interest Expense 51,997 50,689 Pre-Tax Income (FTE)
29,617 30,174 Tax Equivalent Adjustment 1,301 1,320 Reported
Pre-Tax Income 28,316 28,854 Taxes 9,230 9,453 Income before
extraordinary items 19,086 19,401 Cumulative effect of
extraordinary item 0 0 Net Income after extraordinary item 19,086
19,401 MEMO: Net Tax Applicable to Non-Recurring Items 0 0 Tax
Applicable to Securities Transactions 718 186 Common Dividends
8,438 8,497 Preferred Dividends - Non-Convertible 0 0 Convertible 0
0 After Tax Interest on Convertible Debt 0 0 EOP Employees (FTE) -
As Reported 2,156 2,171 EOP Domestic Offices 136 136 AVERAGE
BALANCE SHEET Taxable Securities 1,581,063 1,513,850 Tax-Exempt
Securities 63,286 68,509 Domestic Loans 3,456,376 3,587,067 Foreign
Loans 0 0 Other Earning Assets 8,393 5,009 Total Earning Assets
5,109,118 5,174,435 Total Assets 5,648,459 5,704,068 Savings/NOW
Accounts 1,694,022 1,681,019 Money Market Deposits 214,451 224,291
Other Consumer Time 1,057,005 1,106,530 CD's $100,000 & Over
548,323 612,227 Foreign Deposits 0 0 Short-Term Borrowings 490,351
435,239 Long-Term Borrowings 246,049 263,019 Total Interest-Bearing
Liabilities 4,250,201 4,322,325 Demand Deposits 959,450 945,534
Total Deposits 4,473,251 4,569,601 Non-Convertible Preferred Equity
0 0 Convertible Preferred Equity 0 0 Common Equity 374,259 374,448
Total Preferred Equity 0 0 PARENT COMPANY DATA EOP Investment in
Subsidiaries 594,946 583,710 EOP Goodwill 0 0 ASSET QUALITY EOP
Nonaccrual Loans 25,543 27,897 EOP Restructured Loans 205 212 EOP
OREO 6,489 7,082 Total Non-performing Assets 32,237 35,191 Loans
> 90 days still accruing 2,603 3,364 EOP In-Substance
foreclosure 0 0 NON-PERFORMING LOANS Construction & Land
Development 0 0 Commercial Mortgages 6,551 6,426 Commercial 12,534
15,645 Residential Mortgages 4,755 3,929 LDC 0 0 Other 1,908 2,109
Total 25,748 28,109 NET CHARGE-OFFS (current quarter) Commercial
Real Estate 17 250 Commercial 1,456 1,888 Residential Mortgages 274
208 Consumer 1,162 1,497 LDC 0 0 Agriculture 1,286 905 All Other 0
0 Total 4,195 4,748 Gross Charge-offs 5,711 6,564 Gross Recoveries
1,516 1,816 LOAN PORTFOLIO Construction & Land Development
368,914 410,681 Commercial Mortgages 976,928 944,544 Commercial
656,350 687,263 Real Estate Loans 0 0 Residential Mortgages 423,605
445,305 Home Equity Loans 167,199 173,768 Credit Cards Outstanding
8,765 8,915 Other Consumer 632,004 625,666 LDC 0 0 Foreign 0 0
Agriculture 192,137 198,630 Total Loans & Leases 3,425,902
3,494,772 EOP DATA Loan Loss Reserve 54,187 54,895 Assets 5,589,871
5,749,512 Total Deposits 4,461,248 4,542,720 Total Preferred Equity
0 0 Common Equity 381,960 377,834 Convertible Debt 0 0 Total
Long-Term Debt 241,970 309,083 Deposit Intangibles 24,109 24,752
Goodwill 63,448 62,903 Other Intangibles 7,131 7,092 Total
Intangibles 94,688 94,747 RISK-ADJUSTED CAPITAL EOP Risk-Adjusted
Total Assets 3,960,031 4,057,705 Tier I Capital 386,988 383,180
Tier I Ratio 9.77% 9.44% Tier II Capital 73,451 140,930 Total
Capital 460,439 524,110 Total Capital Ratio 11.63% 12.92% Leverage
Ratio 6.98% 6.72% Equity to Assets Ratio 6.83% 6.57% Tangible
Equity to Assets Ratio 5.14% 4.92% EFFICIENCY RATIO Net Interest
Income 62,017 62,484 Non-Interest Income 23,084 21,866 Less:
Non-Recurring Income 0 0 Less: Other Non-Recurring Items (1,795)
(464) Total Revenue 83,306 83,886 Non-Interest Expense 51,997
50,689 Less: Non-Recurring Non-Int Expenses 0 0 Less: Other
Non-Recurring Expenses 0 0 Total Expense 51,997 50,689 Efficiency
Ratio - Reported 62.42% 60.43% PERFORMANCE RATIOS Return on Average
Assets 1.36% 1.38% Return on Average Equity 20.45% 21.01% Net
Interest Margin 4.87% 4.90% COMMUNITY FIRST BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share
amounts) Q1-04 Q4-03 Q3-03 Interest income: Loans $54,543 $57,048
$59,774 Investment securities 15,999 16,179 15,135 Interest-bearing
deposits 9 9 12 Fed funds sold & resale agreements 1 0 2 Total
interest income 70,552 73,236 74,923 Interest expense: Deposits
9,202 10,130 11,060 Short-term & other borrowings 1,085 1,035
1,067 Long-term debt 3,927 3,942 4,101 Total interest expense
14,214 15,107 16,228 Net interest income 56,338 58,129 58,695
Provision for loan losses 2,365 2,225 3,403 Net interest income
after provision for loan losses 53,973 55,904 55,292 Noninterest
income: Service charges on deposit accounts 9,257 9,799 11,061
Insurance commissions 4,633 3,698 4,080 Fees from fiduciary
activities 1,306 1,351 1,186 Security sales commissions 3,200 2,648
2,048 Net gains on sales of available-for- sale securities 1,511
1,631 444 Other 3,012 4,095 5,702 Total noninterest income 22,919
23,222 24,521 Noninterest expense: Salaries & employee benefits
28,760 28,061 28,665 Net occupancy 8,789 8,241 8,206 FDIC insurance
164 165 179 Legal and accounting 337 759 646 Other professional
service 987 1,345 1,052 Advertising 1,042 787 1,141 Telephone 1,474
1,218 1,408 Data processing 2,044 1,828 1,630 Other real estate and
repossessed personal property 124 452 471 Amortization of
intangibles 867 859 844 Other 7,164 7,894 8,322 Total noninterest
expense 51,752 51,609 52,564 Income before income taxes 25,140
27,517 27,249 Provision for income taxes 8,236 9,324 8,908 Net
income applicable to common equity $16,904 $18,193 $18,341 Earnings
per common and common equivalent share: Basic net income $0.46
$0.48 $0.48 Diluted net income $0.45 $0.48 $0.48 Average common
shares outstanding: Basic 37,041,345 37,536,006 37,936,390 Diluted
37,514,081 37,951,445 38,382,940 (In thousands, except per share
amounts) Q2-03 Q1-03 Interest income: Loans $61,410 $63,210
Investment securities 17,651 18,783 Interest-bearing deposits 16 12
Fed funds sold & resale agreements 1 0 Total interest income
79,078 82,005 Interest expense: Deposits 12,662 14,707 Short-term
& other borrowings 1,480 1,358 Long-term debt 4,220 4,776 Total
interest expense 18,362 20,841 Net interest income 60,716 61,164
Provision for loan losses 3,487 3,487 Net interest income after
provision for loan losses 57,229 57,677 Noninterest income: Service
charges on deposit accounts 9,999 9,380 Insurance commissions 3,364
4,081 Fees from fiduciary activities 1,449 1,278 Security sales
commissions 2,310 2,051 Net gains on sales of available- for-sale
securities 1,795 464 Other 4,167 4,612 Total noninterest income
23,084 21,866 Noninterest expense: Salaries & employee benefits
28,246 27,914 Net occupancy 8,435 8,608 FDIC insurance 185 191
Legal and accounting 879 407 Other professional service 1,217 889
Advertising 1,023 930 Telephone 1,628 1,526 Data processing 1,860
1,718 Other real estate and repossessed personal property 213 370
Amortization of intangibles 840 831 Other 7,471 7,305 Total
noninterest expense 51,997 50,689 Income before income taxes 28,316
28,854 Provision for income taxes 9,230 9,453 Net income applicable
to common equity $19,086 $19,401 Earnings per common and common
equivalent share: Basic net income $0.50 $0.50 Diluted net income
$0.49 $0.50 Average common shares outstanding: Basic 38,371,159
38,601,216 Diluted 38,850,493 39,044,529 COMMUNITY FIRST
BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except
per share amounts) 3/31/04 12/31/03 9/30/03 ASSETS Cash & due
from banks $212,583 $234,076 $228,452 Fed funds sold and securities
purchased under agreement to resell 0 0 0 Interest-bearing deposits
4,373 3,319 4,501 Available-for-sale securities 1,596,363 1,563,419
1,549,792 Loans 3,308,210 3,323,572 3,358,152 Less: Allowance for
loan losses (52,558) (52,231) (53,999) Net loans 3,255,652
3,271,341 3,304,153 Bank premises & equipment - net 133,465
131,008 132,533 Accrued interest receivable 29,632 28,696 33,718
Goodwill 63,448 63,448 63,448 Other intangible assets 29,815 30,402
30,466 Other assets 136,239 139,398 140,152 Total assets 5,461,570
5,465,107 5,487,215 LIABILITIES & SHAREHOLDERS' EQUITY
Deposits: Noninterest-bearing 436,279 447,648 441,139.00
Interest-bearing: Savings & NOW accounts 2,585,254 2,552,056
2,474,429 Time deposits over $100,000 511,756 501,440 510,445 Other
time deposits 857,968 888,066 944,080 Total deposits 4,391,257
4,389,210 4,370,093 Fed funds purchased and securities sold under
agreement to repurchase 416,732 416,689 442,794 Short-term
borrowings 12,996 25,577 30,477 Long-term debt 228,211 222,211
224,211 Capital lease obligations 4,958 5,230 5,497 Accrued
interest payable 13,238 13,081 14,759 Other liabilities 32,905
31,309 33,275 Total liabilities 5,100,297 5,103,307 5,121,106
Shareholders' equity: Common stock 510 510 510 Capital surplus
195,155 194,911 193,516 Retained earnings 440,322 432,574 423,043
SFAS 115 Equity Adjustment 13,348 7,053 11,426 Cost of common stock
in treasury (288,062) (273,248) (262,386) Total shareholders'
equity 361,273 361,800 366,109 Total liabilities and shareholders'
equity $5,461,570 $5,465,107 $5,487,215 Period-end common shares
outstanding 36,862,999 37,357,414 37,723,391 Book value per common
share $9.80 $9.68 $9.71 (In thousands, except per share amounts)
6/30/03 3/31/03 ASSETS Cash & due from banks $223,522 $201,185
Fed funds sold and securities purchased under agreement to resell
6,750 0 Interest-bearing deposits 5,390 8,238 Available-for-sale
securities 1,588,644 1,702,469 Loans 3,425,902 3,494,772 Less:
Allowance for loan losses (54,187) (54,895) Net loans 3,371,715
3,439,877 Bank premises & equipment - net 132,581 132,736
Accrued interest receivable 31,481 33,844 Goodwill 63,448 62,903
Other intangible assets 31,240 31,844 Other assets 135,100 136,416
Total assets 5,589,871 5,749,512 LIABILITIES & SHAREHOLDERS'
EQUITY Deposits: Noninterest-bearing 461,652.00 369,282.00
Interest-bearing: Savings & NOW accounts 2,444,297 2,503,208
Time deposits over $100,000 551,390 605,849 Other time deposits
1,003,909 1,064,381 Total deposits 4,461,248 4,542,720 Fed funds
purchased and securities sold under agreement to repurchase 376,244
437,287 Short-term borrowings 83,329 30,602 Long-term debt 236,211
303,067 Capital lease obligations 5,759 6,016 Accrued interest
payable 18,417 21,308 Other liabilities 26,703 30,678 Total
liabilities 5,207,911 5,371,678 Shareholders' equity: Common stock
510 510 Capital surplus 194,365 194,144 Retained earnings 413,690
403,759 SFAS 115 Equity Adjustment 20,284 19,389 Cost of common
stock in treasury (246,889) (239,968) Total shareholders' equity
381,960 377,834 Total liabilities and shareholders' equity
$5,589,871 $5,749,512 Period-end common shares outstanding
38,258,397 38,454,327 Book value per common share $9.98 $9.83
COMMUNITY FIRST BANKSHARES, INC. CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31, % (In thousands, except per
share amounts) 2004 2003 Change Interest income: Loans $54,543
$63,210 -14% Investment securities 15,999 18,783 -15%
Interest-bearing deposits 9 12 -25% Federal funds sold and resale
agreements 1 0 0% Total interest income 70,552 82,005 -14% Interest
expense: Deposits 9,202 14,707 -37% Short-term and other borrowings
1,085 1,358 -20% Long-term debt 3,927 4,776 -18% Total interest
expense 14,214 20,841 -32% Net interest income 56,338 61,164 -8%
Provision for loan losses 2,365 3,487 -32% Net interest income
after provision for loan losses 53,973 57,677 -6% Noninterest
income: Service charges on deposit accounts 9,257 9,380 -1%
Insurance commissions 4,633 4,081 14% Fees from fiduciary
activities 1,306 1,278 2% Security sales commissions 3,200 2,051
56% Net gains on sales of securities 1,511 464 226% Other 3,012
4,612 -35% Total noninterest income 22,919 21,866 5% Noninterest
expense: Salaries and employee benefits 28,760 27,914 3% Net
occupancy 8,789 8,608 2% FDIC insurance 164 191 -14% Legal and
accounting 337 407 -17% Other professional service 987 889 11%
Advertising 1,042 930 12% Telephone 1,474 1,526 -3% Data processing
2,044 1,718 19% Other real estate and repossessed personal property
124 370 -66% Amortization of intangibles 867 831 4% Other 7,164
7,305 -2% Total noninterest expense 51,752 50,689 2% Income before
income taxes 25,140 28,854 -13% Provision for income taxes 8,236
9,453 -13% Net income applicable to common equity $16,904 $19,401
-13% Earnings per common and common equivalent share: Basic net
income $0.46 $0.50 8% Diluted net income $0.45 $0.50 10% Average
common and common equivalent shares outstanding: Basic 37,041,345
38,601,216 -4% Diluted 37,514,081 39,044,529 -4% COMMUNITY FIRST
BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS March 31, December 31,
% (In thousands, except per share amounts) 2004 2003 Change Assets:
Cash and due from banks $212,583 $234,076 -9% Federal funds sold
and securities purchased under agreements to resell 0 0 0%
Interest-bearing deposits 4,373 3,319 32% Available-for-sale
securities 1,596,363 1,563,419 2% Loans 3,308,210 3,323,572 0%
Less: Allowance for loan losses (52,558) (52,231) 1% Net loans
3,255,652 3,271,341 0% Bank premises and equipment, net 133,465
131,008 2% Accrued interest receivable 29,632 28,696 3% Goodwill
63,448 63,448 0% Other intangible assets 29,815 30,402 -2% Other
assets 136,239 139,398 -2% Total assets 5,461,570 5,465,107 0%
Liabilities and shareholders' equity Deposits: Noninterest-bearing
436,279 447,648 -3% Interest-bearing: Savings and NOW accounts
2,585,254 2,552,056 1% Time accounts over $100,000 511,756 501,440
2% Other time accounts 857,968 888,066 -3% Total deposits 4,391,257
4,389,210 0% Federal funds purchased and securities sold under
agreements to repurchase 416,732 416,689 0% Other short-term
borrowings 12,996 25,577 -49% Long-term debt 228,211 222,211 3%
Accrued interest payable 13,238 13,081 1% Other liabilities 37,863
36,539 4% Total liabilities 5,100,297 5,103,307 0% Shareholders'
equity: Common stock, par value $.01 per share: Authorized Shares -
80,000,000 Issued Shares - 51,021,896 510 510 0% Capital surplus
195,155 194,911 0% Retained earnings 440,322 432,574 2% Unrealized
gain on available-for- sale securities, net of tax 13,348 7,053 89%
Less cost of common stock in treasury - March 31, 2004 - 14,158,897
shares December 31, 2003 - 13,664,482 shares (288,062) (273,248) 5%
Total shareholders' equity 361,273 361,800 0% Total liabilities and
shareholders' equity $5,461,570 $5,465,107 0% Period-end common
shares outstanding 36,862,999 37,357,414 -1% Book value per common
share $9.80 $9.68 1% DATASOURCE: Community First Bankshares, Inc.
CONTACT: Jeff Wilhoit of Financial Relations Board,
+1-312-640-6757, , or Mark A. Anderson of Community First
Bankshares, +1-701-298-5600, Web site: http://www.bancwestcorp.com/
http://www.communityfirst.com/
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