PART TWO OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
PART TWO OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
July 20, 2000
BW0028 JUL 20,2000 2:26 PACIFIC 5:26 EASTERN
( BW)(HI-PACIFIC-CENTURY)(BOH) PART TWO OF FIVE: Pacific Century Financial Corporation Reports Second Quarter Earnings of $0.08 Per Share
Business Editors
PART TWO OF FIVE
Pacific Century Financial Corporation and subsidiaries
Consolidated Statements of Condition (Unaudited)
June 30 December 31 June 30
(in thousands of dollars) 2000 1999 1999
Assets
Interest-Bearing Deposits $199,020 $278,473 $411,239
Investment Securities --
Held to Maturity
(Market Value of $721,617,
$787,720 and $825,434,
respectively) 730,445 796,322 828,350
Investment Securities --
Available for Sale 2,493,066 2,542,232 2,721,765
Securities Purchased Under
Agreements to Resell -- -- 4,325
Funds Sold 50,646 52,740 34,995
Loans 10,071,517 9,717,556 9,610,980
Unearned Income (327,520) (242,503) (219,717)
Reserve for Loan Losses (246,559) (194,205) (209,573)
Net Loans 9,497,438 9,280,848 9,181,690
Total Earning Assets 12,970,615 12,950,615 13,182,364
Cash and Non-Interest
Bearing Deposits 473,950 639,895 493,483
Premises and Equipment 259,037 271,728 288,955
Customers' Acceptance
Liability 9,406 7,236 14,802
Accrued Interest Receivable 75,883 78,974 79,384
Other Real Estate 4,915 4,576 6,009
Intangibles, including
Goodwill 198,363 205,904 214,997
Other Assets 302,456 281,387 271,464
Total Assets $14,294,625 $14,440,315 $14,551,458
Liabilities
Domestic Deposits
Demand
-- Non-Interest Bearing $1,696,106 $1,676,425 $1,699,343
-- Interest Bearing 2,091,074 2,076,358 2,176,931
Savings 684,572 700,720 725,010
Time 2,781,868 2,761,650 2,456,318
Foreign Deposits
Demand -- Non-Interest
Bearing 378,497 401,613 442,102
Time Due to Banks 442,678 597,675 632,626
Other Savings and Time 1,034,351 1,179,777 1,153,825
Total Deposits 9,109,146 9,394,218 9,286,155
Securities Sold Under
Agreements to Repurchase 1,573,980 1,490,655 1,990,178
Funds Purchased 663,234 839,962 715,398
Short-Term Borrowings 530,231 458,962 353,177
Bank's Acceptances
Outstanding 9,406 7,236 14,802
Accrued Retirement Expense 37,214 40,360 40,892
Accrued Interest Payable 64,579 64,588 49,376
Accrued Taxes Payable 83,343 85,022 123,720
Minority Interest 4,350 4,435 4,374
Other Liabilities 107,569 114,890 104,325
Long-Term Debt 902,174 727,657 654,847
Total Liabilities 13,085,226 13,227,985 13,337,244
Shareholders' Equity
Common Stock ($.01 par
value), authorized
500,000,000 shares;
issued / outstanding;
June 2000 -- 80,555,424 /
79,399,919; December 1999
-- 80,550,728 / 80,036,417;
June 1999 -- 80,544,104 /
80,287,805 806 806 805
Capital Surplus 346,018 345,851 345,468
Accumulated Other
Comprehensive Income (75,462) (66,106) (39,245)
Retained Earnings 959,041 942,177 912,686
Treasury Stock, at Cost --
(June 2000 -- 1,155,505;
December 1999 -- 514,311
and June 1999 -- 256,299
shares) (21,004) (10,398) (5,500)
Total Shareholders' Equity 1,209,399 1,212,330 1,214,214
Total Liabilities and
Shareholders' Equity $14,294,625 $14,440,315 $14,551,458
Pacific Century Financial Corporation and subsidiaries
Consolidated Statements of Shareholders' Equity (Unaudited)
Common Capital
(in thousands of dollars) Total Stock Surplus
Balance at December 31, 1999 $1,212,330 $806 $345,851
Comprehensive Income
Net Income 46,472 -- --
Other Comprehensive Income, Net of Tax
Investment Securities, Net of
Reclassification Adjustment (10,696) -- --
Foreign Currency Translation Adjustment 1,340 -- --
Common Stock Issued
39,382 Profit Sharing Plan 723 -- 18
140,260 Stock Option Plan 2,018 -- 3
115,574 Dividend Reinvestment Plan 1,899 -- 52
4,696 Directors' Restricted Shares and
Deferred Compensation Plan 94 -- 94
Treasury Stock Purchased (16,936) -- --
Cash Dividends Paid (27,845) -- --
Balance at June 30, 2000 $1,209,399 $806 $346,018
Balance at December 31, 1998 $1,185,594 $805 $342,932
Comprehensive Income
Net Income 73,879 -- --
Other Comprehensive Income, Net of Tax
Investment Securities, Net of
Reclassification Adjustment (16,470) -- --
Foreign Currency Translation Adjustment (299) -- --
Common Stock Issued
81 Profit Sharing Plan 370 -- 3
21,196 Stock Option Plan 4,952 -- 2,264
4,276 Dividend Reinvestment Plan 2,335 -- 136
6,179 Directors' Restricted Shares and
Deferred Compensation Plan 133 -- 133
Treasury Stock Purchased (8,944) -- --
Cash Dividends Paid (27,336) -- --
Balance at June 30, 1999 $1,214,214 $805 $345,468
Accumulated
Other
(in thousands of Comprehensive Retained Treasury Comprehensive
dollars) Income Earnings Stock Income
Balance at
December 31, 1999 ($66,106) $942,177 ($10,398)
Comprehensive
Income
Net Income -- 46,472 -- $46,472
Other Comprehensive
Income, Net of Tax
Investment Securities,
Net of
Reclassification
Adjustment (10,696) -- -- (10,696)
Foreign Currency
Translation
Adjustment 1,340 -- -- 1,340
Total Comprehensive Income $37,116
Common Stock
Issued
39,382 Profit
Sharing Plan -- (128) 833
140,260 Stock
Option Plan -- (1,019) 3,034
115,574 Dividend
Reinvestment
Plan -- (616) 2,463
4,696 Directors'
Restricted
Shares and
Deferred
Compensation
Plan -- -- --
Treasury Stock
Purchased -- -- (16,936)
Cash Dividends
Paid -- (27,845) --
Balance at
June 30, 2000 ($75,462) $959,041 ($21,004)
Balance at
December 31, 1998 ($22,476) $867,852 ($3,519)
Comprehensive
Income
Net Income -- 73,879 -- $73,879
Other
Comprehensive
Income, Net of
Tax Investment
Securities, Net of
Reclassification
Adjustment (16,470) -- -- (16,470)
Foreign Currency
Translation
Adjustment (299) -- -- (299)
Total Comprehensive Income $57,110
Common Stock
Issued
81 Profit Sharing
Plan -- (9) 376
21,196 Stock
Option Plan -- (1,653) 4,341
4,276 Dividend
Reinvestment
Plan -- (47) 2,246
6,179 Directors'
Restricted Shares and
Deferred Compensation
Plan -- -- --
Treasury Stock
Purchased -- -- (8,944)
Cash Dividends
Paid -- (27,336) --
Balance at
June 30, 1999 ($39,245) $912,686 ($5,500)
(END OF PART TWO)
CONTACT: Pacific Century Financial Corporation
Stafford Kiguchi, 808/537-8580 (Media Inquiries)
Pager: 808 363-5383
Sharlene Bliss, 808/537-8037 (Investor/Analyst Inquiries)