PART THREE OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
PART THREE OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
July 20, 2000
BW0030 JUL 20,2000 2:28 PACIFIC 5:28 EASTERN
( BW)(HI-PACIFIC-CENTURY)(BOH) PART THREE OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
Business Editors
PART THREE OF FIVE
Pacific Century Financial Corporation and subsidiaries
Consolidated Average Balances and Interest Rates Taxable Equivalent
(Unaudited)
Three Months Ended
June 30, 2000
Average Income/ Yield/
(in millions of dollars) Balance Expense Rate
Earning Assets
Interest Bearing Deposits $220.0 $3.6 6.49%
Investment Securities
Held to Maturity
-Taxable 723.3 13.3 7.41
-Tax-Exempt 8.3 0.4 18.04
Investment Securities
Available for Sale 2,514.8 41.2 6.58
Funds Sold 32.2 0.5 6.13
Net Loans
-Domestic 8,104.4 167.7 8.32
-Foreign 1,532.5 25.0 6.58
Loan Fees 9.0
Total Earning Assets 13,135.5 260.7 7.98
Cash and Due From Banks 444.0
Other Assets 638.9
Total Assets $14,218.4
Interest Bearing Liabilities
Domestic Deposits
-Demand $2,097.8 12.3 2.36
-Savings 691.5 3.5 2.03
-Time 2,744.0 36.4 5.33
Total Domestic 5,533.3 52.2 3.79
Foreign Deposits
-Time Due to Banks 422.0 6.2 5.90
-Other Time and Savings 1,133.8 12.4 4.42
Total Foreign 1,555.8 18.6 4.82
Total Interest Bearing
Deposits 7,089.1 70.8 4.02
Short-Term Borrowings 2,728.1 37.3 5.49
Long-Term Debt 807.2 13.3 6.64
Total Interest Bearing
Liabilities 10,624.4 121.4 4.59
Net Interest Income 139.3
Interest Rate Spread 3.39%
Net Interest Margin 4.27%
Demand Deposits
-Domestic 1,666.5
-Foreign 366.0
Total Demand Deposits 2,032.5
Other Liabilities 331.5
Shareholders' Equity 1,230.0
Total Liabilities and
Shareholders' Equity $14,218.4
Provision for Loan Losses 83.4
Net Overhead 48.3
Income Before Income Taxes 7.6
Provision for Income Taxes 0.2
Tax-Equivalent Adjustment 0.7
Net Income $6.7
Three Months Ended
June 30, 1999
Average Income/ Yield/
(in millions of dollars) Balance Expense Rate
Earning Assets
Interest Bearing Deposits $458.9 $6.5 5.65%
Investment Securities
Held to Maturity
-Taxable 831.8 14.9 7.19
-Tax-Exempt 11.7 0.4 14.55
Investment Securities
Available for Sale 2,715.0 41.9 6.19
Funds Sold 155.0 1.7 4.31
Net Loans
-Domestic 7,696.3 150.0 7.82
-Foreign 1,676.7 28.1 6.71
Loan Fees 11.7
Total Earning Assets 13,545.4 255.2 7.56
Cash and Due From Banks 485.1
Other Assets 596.5
Total Assets $14,627.0
Interest Bearing Liabilities
Domestic Deposits
-Demand $2,145.7 12.0 2.25
-Savings 728.7 3.7 2.03
-Time 2,499.7 30.0 4.81
Total Domestic 5,374.1 45.7 3.41
Foreign Deposits
-Time Due to Banks 681.1 8.3 4.89
-Other Time and Savings 1,155.2 9.5 3.28
Total Foreign 1,836.3 17.8 3.88
Total Interest Bearing
Deposits 7,210.4 63.5 3.53
Short-Term Borrowings 3,107.3 36.4 4.71
Long-Term Debt 654.3 10.7 6.57
Total Interest Bearing
Liabilities 10,972.0 110.6 4.04
Net Interest Income 144.6
Interest Rate Spread 3.52%
Net Interest Margin 4.28%
Demand Deposits
-Domestic 1,669.5
-Foreign 396.1
Total Demand Deposits 2,065.6
Other Liabilities 376.5
Shareholders' Equity 1,212.9
Total Liabilities and
Shareholders' Equity $14,627.0
Provision for Loan Losses 13.9
Net Overhead 68.5
Income Before Income Taxes 62.2
Provision for Income Taxes 23.5
Tax-Equivalent Adjustment 0.2
Net Income $38.5
Six Months Ended
June 30, 2000
Average Income/ Yield/
(in millions of dollars) Balance Expense Rate
Earning Assets
Interest Bearing Deposits $226.0 $7.3 6.51%
Investment Securities
Held to Maturity
-Taxable 749.4 27.6 7.40
-Tax-Exempt 9.1 0.8 17.65
Investment Securities
Available for Sale 2,520.9 82.2 6.56
Funds Sold 33.6 1.0 5.83
Net Loans
-Domestic 8,001.2 334.5 8.41
-Foreign 1,559.3 49.9 6.44
Loan Fees 17.2
Total Earning Assets 13,099.5 520.5 7.99
Cash and Due From Banks 475.3
Other Assets 635.1
Total Assets $14,209.9
Interest Bearing Liabilities
Domestic Deposits
-Demand $2,106.7 24.5 2.34
-Savings 695.8 7.0 2.03
-Time 2,754.4 71.5 5.22
Total Domestic 5,556.9 103.0 3.73
Foreign Deposits
-Time Due to Banks 454.9 13.2 5.84
-Other Time and Savings 1,127.7 22.8 4.06
Total Foreign 1,582.6 36.0 4.57
Total Interest Bearing
Deposits 7,139.5 139.0 3.92
Short-Term Borrowings 2,677.4 76.4 5.74
Long-Term Debt 790.1 26.0 6.62
Total Interest Bearing
Liabilities 10,607.0 241.4 4.58
Net Interest Income 279.1
Interest Rate Spread 3.41%
Net Interest Margin 4.28%
Demand Deposits
-Domestic 1,665.0
-Foreign 392.8
Total Demand Deposits 2,057.8
Other Liabilities 324.1
Shareholders' Equity 1,221.0
Total Liabilities and
Shareholders' Equity $14,209.9
Provision for Loan Losses 96.9
Net Overhead 110.5
Income Before Income Taxes 71.7
Provision for Income Taxes 24.2
Tax-Equivalent Adjustment 1.0
Net Income $46.5
Six Months Ended
June 30, 1999
Average Income/ Yield/
(in millions of dollars) Balance Expense Rate
Earning Assets
Interest Bearing Deposits $462.7 $14.7 6.40%
Investment Securities
Held to Maturity
-Taxable 811.0 28.6 7.11
-Tax-Exempt 11.7 0.8 14.64
Investment Securities
Available for Sale 2,764.9 83.7 6.10
Funds Sold 181.5 4.3 4.80
Net Loans
-Domestic 7,737.0 307.0 8.00
-Foreign 1,695.1 55.4 6.59
Loan Fees 21.3
Total Earning Assets 13,663.9 515.8 7.61
Cash and Due From Banks 501.2
Other Assets 645.2
Total Assets $14,810.3
Interest Bearing Liabilities
Domestic Deposits
-Demand $2,154.8 24.0 2.25
-Savings -Savings 731.9 7.4 2.02
-Time -Time 2,554.9 61.5 4.86
Total Domestic 5,441.6 92.9 3.44
Foreign Deposits
-Time Due to Banks 667.0 16.9 5.12
-Other Time and Savings 1,157.6 20.0 3.48
Total Foreign 1,824.6 36.9 4.08
Total Interest Bearing
Deposits 7,266.2 129.8 3.60
Short-Term Borrowings 3,261.2 76.9 4.75
Long-Term Debt 631.1 20.6 6.58
Total Interest Bearing
Liabilities 11,158.5 227.3 4.11
Net Interest Income 288.5
Interest Rate Spread 3.50%
Net Interest Margin 4.26%
Demand Deposits
-Domestic 1,657.0
-Foreign 422.0
Total Demand Deposits 2,079.0
Other Liabilities 367.9
Shareholders' Equity 1,204.9
Total Liabilities and
Shareholders' Equity $14,810.3
Provision for Loan Losses 26.5
Net Overhead 142.2
Income Before Income Taxes 119.8
Provision for Income Taxes 45.6
Tax-Equivalent Adjustment 0.3
Net Income $73.9
(END OF PART THREE 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)