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)