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.

 

 

 

 

 

 

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