|
W HOLDING COMPANY, INC. AND SUBSIDIARIES | |||||
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||
|
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) | |||||
|
|
|
|
|
| |
|
|
|
Three Months Ended |
Nine Months Ended | ||
|
|
|
September 30, |
September 30, | ||
|
|
|
2001 |
2000 |
2001 |
2000 |
|
INTEREST INCOME: |
|
|
|
|
|
|
Loans, including loan fees |
|
$ 53,426 |
$ 47,290 |
$ 155,147 |
$ 133,582 |
|
Investment securities |
|
25,218 |
21,457 |
76,913 |
59,399 |
|
Mortgage and other asset-backed securities |
|
6,515 |
3,045 |
19,899 |
7,936 |
|
Money market instruments |
|
2,362 |
2,815 |
7,412 |
7,261 |
|
Total interest income |
|
87,521 |
74,607 |
259,371 |
208,178 |
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
Deposits |
|
33,083 |
33,642 |
100,378 |
91,405 |
|
Securities sold under agreements to repurchase |
|
20,120 |
14,427 |
59,610 |
36,620 |
|
Advances from Federal Home Loan Bank |
|
1,562 |
2,019 |
5,034 |
4,959 |
|
Term notes |
|
536 |
975 |
1,623 |
2,870 |
|
Total interest expense |
|
55,301 |
51,063 |
166,645 |
135,854 |
|
|
|
|
|
|
|
|
NET INTEREST INCOME |
|
32,220 |
23,544 |
92,726 |
72,324 |
|
PROVISION FOR LOAN LOSSES |
|
3,228 |
2,000 |
9,228 |
6,000 |
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
|
28,992 |
21,544 |
83,498 |
66,324 |
|
OTHER INCOME: |
|
|
|
|
|
|
Service charges on deposit accounts and other fees |
|
4,976 |
3,732 |
13,648 |
10,553 |
|
Unrealized (loss) on derivative instruments |
|
(102) |
- |
(871) |
- |
|
Net gain (loss) on sale and valuation of loans, |
|
|
|
|
|
|
securities and other |
|
192 |
21 |
473 |
(559) |
|
Total other income |
|
5,066 |
3,753 |
13,250 |
9,994 |
|
TOTAL NET INTEREST INCOME AND |
|
|
|
|
|
|
OTHER INCOME |
|
34,058 |
25,297 |
96,748 |
76,318 |
|
OPERATING EXPENSES: |
|
|
|
|
|
|
Salaries and employees' benefits |
|
5,909 |
4,589 |
16,630 |
14,668 |
|
Equipment |
|
2,257 |
2,282 |
6,782 |
6,408 |
|
Occupancy |
|
1,287 |
1,216 |
3,763 |
3,706 |
|
Advertising |
|
902 |
759 |
3,225 |
2,340 |
|
Printing, postage, stationery and supplies |
|
568 |
438 |
1,694 |
1,625 |
|
Telephone |
|
487 |
336 |
1,373 |
1,199 |
|
Other |
|
3,675 |
1,939 |
10,658 |
7,495 |
|
Total operating expenses |
|
15,085 |
11,559 |
44,125 |
37,441 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
18,973 |
13,738 |
52,623 |
38,877 |
|
PROVISION FOR INCOME TAXES: |
|
|
|
|
|
|
Current |
|
2,490 |
2,266 |
8,945 |
6,803 |
|
Deferred |
|
(411) |
(280) |
(2,309) |
(1,440) |
|
Total provision for income taxes |
|
2,079 |
1,986 |
6,636 |
5,363 |
|
NET INCOME |
|
$ 16,894 |
$ 11,752 |
$ 45,987 |
$ 33,514 |
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO COMMON |
|
|
|
|
|
|
STOCKHOLDERS |
|
$ 13,856 |
$ 10,303 |
$ 39,046 |
$ 29,166 |
|
BASIC AND DILUTED EARNINGS PER |
|
|
|
|
|
|
COMMON SHARE |
|
$ 0.33 |
$ 0.25 |
$ 0.94 |
$ 0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Consolidated Financial Statements. |
|
|
|
|
|