PART FOUR OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
PART FOUR OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
July 20, 2000
BW0031 JUL 20,2000 2:29 PACIFIC 5:29 EASTERN
( BW)(HI-PACIFIC-CENTURY)(BOH) PART FOUR OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
Business Editors
PART FOUR OF FIVE
Pacific Century Financial Corporation and subsidiaries
Consolidated Non-Performing Assets and Accruing Loans
Past Due 90 Days or More
(Unaudited)
Jun 30 Mar 31 Dec 31
(in millions of dollars) 2000 2000 1999
Non-Accrual Loans
Commercial and Industrial $52.7 $20.1 $23.7
Real Estate
Construction 8.0 0.9 1.1
Commercial 51.0 18.2 19.0
Residential 23.2 23.2 29.7
Installment 0.1 0.5 0.5
Leases 0.3 3.7 3.9
Total Domestic 135.3 66.6 77.9
Foreign 59.2 65.2 67.4
Subtotal 194.5 131.8 145.3
Restructured Loans
Commercial -- -- --
Subtotal -- -- --
Foreclosed Real Estate
Domestic 4.6 4.3 4.3
Foreign 0.3 0.3 0.3
Subtotal 4.9 4.6 4.6
Total Non-Performing Assets 199.4 136.4 149.9
Accruing Loans Past Due 90 Days or
More
Commercial and Industrial 4.7 6.7 5.9
Real Estate
Construction -- -- --
Commercial 2.0 2.1 1.9
Residential 3.5 5.0 4.0
Installment 4.0 4.7 4.5
Leases 1.5 1.4 1.2
Total Domestic 15.7 19.9 17.5
Foreign 1.3 3.2 1.0
Subtotal 17.0 23.1 18.5
Total $216.4 $159.5 $168.4
Ratio of Non-Performing Assets
to Total Loans 1.98% 1.39% 1.54%
Ratio of Non-Performing Assets
and Accruing Loans Past Due
90 Days or More to Total Loans 2.15% 1.63% 1.73%
Sep 30 Jun 30 Mar 31
(in millions of dollars) 1999 1999 1999
Non-Accrual Loans
Commercial and Industrial $31.7 $37.5 $39.1
Real Estate
Construction 2.1 0.8 3.1
Commercial 20.8 17.2 18.7
Residential 33.1 35.2 37.6
Installment 0.7 0.8 0.5
Leases 4.8 4.4 4.5
Total Domestic 93.2 95.9 103.5
Foreign 55.7 47.5 53.6
Subtotal 148.9 143.4 157.1
Restructured Loans
Commercial -- -- --
Subtotal -- -- --
Foreclosed Real Estate
Domestic 5.6 5.8 6.1
Foreign 0.3 0.2 0.1
Subtotal 5.9 6.0 6.2
Total Non-Performing Assets 154.8 149.4 163.3
Accruing Loans Past Due 90 Days or
More
Commercial and Industrial 6.2 3.9 4.3
Real Estate
Construction 0.5 0.2 0.2
Commercial 2.4 0.2 0.4
Residential 2.8 3.7 3.5
Installment 4.5 5.2 6.9
Leases 0.2 -- 0.1
Total Domestic 16.6 13.2 15.4
Foreign 5.0 8.2 6.3
Subtotal 21.6 21.4 21.7
Total $176.4 $170.8 $185.0
Ratio of Non-Performing Assets
to Total Loans 1.59% 1.55% 1.69%
Ratio of Non-Performing Assets
and Accruing Loans Past Due
90 Days or More to Total Loans 1.81% 1.78% 1.92%
Dec 31 Sep 30 Jun 30
(in millions of dollars) 1998 1998 1998
Non-Accrual Loans
Commercial and Industrial $28.2 $24.0 $23.7
Real Estate
Construction 2.9 4.4 2.2
Commercial 5.4 6.7 3.4
Residential 36.4 35.9 35.2
Installment 0.8 0.9 1.9
Leases 0.7 0.8 --
Total Domestic 74.4 72.7 66.4
Foreign 57.5 67.9 59.7
Subtotal 131.9 140.6 126.1
Restructured Loans
Commercial -- -- 1.6
Subtotal -- -- 1.6
Foreclosed Real Estate
Domestic 5.5 10.8 11.6
Foreign 0.1 0.1 --
Subtotal 5.6 10.9 11.6
Total Non-Performing Assets 137.5 151.5 139.3
Accruing Loans Past Due 90 Days or
More
Commercial and Industrial 0.4 7.3 2.4
Real Estate
Construction 0.4 0.6 4.2
Commercial -- 0.8 0.9
Residential 4.5 4.8 2.4
Installment 7.3 6.6 6.4
Leases 0.3 0.1 0.9
Total Domestic 12.9 20.2 17.2
Foreign 7.9 7.1 4.9
Subtotal 20.8 27.3 22.1
Total $158.3 $178.8 $161.4
Ratio of Non-Performing Assets
to Total Loans 1.40% 1.59% 1.47%
Ratio of Non-Performing Assets
and Accruing Loans Past Due
90 Days or More to Total Loans 1.61% 1.87% 1.71%
Pacific Century Financial Corporation and subsidiaries
Summary of Loan Loss Experience
First Six First Six
Second First Months Months
Quarter Quarter Ended Ended
(in millions of dollars) 2000 2000 2000 1999
Average Amount of Loans
Outstanding $9,636.9 $9,484.1 $9,560.5 $9,432.1
Balance of Reserve for
Loan Losses at Beginning
of Period $195.4 $194.2 $194.2 $211.3
Loans Charged-Off
Commercial and Industrial 8.3 1.4 9.7 15.4
Real Estate
Construction 0.5 -- 0.5 0.2
Commercial 7.6 3.9 11.5 2.2
Residential 1.3 2.4 3.7 3.6
Installment 5.2 4.7 9.9 12.9
Leases 0.2 -- 0.2 0.1
Total Domestic 23.1 12.4 35.5 34.4
Foreign 13.4 3.7 17.1 5.8
Total Charged-Off 36.5 16.1 52.6 40.2
Recoveries on Loans
Previously Charged-Off
Commercial and Industrial 1.2 1.7 2.9 9.5
Real Estate
Construction -- -- -- --
Commercial 0.1 0.1 0.2 0.2
Residential 0.2 0.5 0.7 0.2
Installment 1.9 1.7 3.6 3.6
Total Domestic 3.4 4.0 7.4 13.5
Foreign 0.2 0.8 1.0 3.2
Total Recoveries 3.6 4.8 8.4 16.7
Net Charge-Offs (32.9) (11.3) (44.2) (23.5)
Provision Charged to
Operating Expenses 83.4 13.5 96.9 26.5
Other Net Additions
(Reductions)* 0.7 (1.0) (0.3) (4.7)
Balance at End of Period $246.6 $195.4 $246.6 $209.6
Ratio of Net Charge-Offs
to Average Loans
Outstanding (annualized) 1.37% 0.48% 0.92% 0.50%
Ratio of Reserve to Loans
Outstanding 2.53% 2.05% 2.53% 2.23%
* Includes balance transfers, reserves acquired, and foreign currency translation adjustments.
(END OF PART FOUR OF FIVE)
CONTACT: Pacific Century Financial Corporation
Stafford Kiguchi, 808/537-8580 (Media Inquiries)
Pager: 808 363-5383
Sharlene Bliss, 808/537-8037 (Investor/Analyst Inquiries)