Here's the Financials in fixed font:
WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(Dollars in thousands)
Dec. 31,
1997 1996
ASSETS
Cash, investments and time deposits $ 322,600 $ 314,193
Mortgage-backed securities 941,448 849,548
Loans:
Consumer (1) 288,988 284,858
Real Estate (2) 1,538,888 1,438,892
Commercial 41,668 7,867
Allowance for loan losses (33,834) (40,211)
Amounts due from trusts 295,123 191,469
Retained interests in securitized assets 181,177 121,597
Real estate owned, net 6,336 11,279
Other assets 146,471 155,553
$3,728,865 $3,335,045
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits $2,000,896 $1,873,942
Securities sold under agreements to
repurchase 287,071 287,412
FHLB advances and other borrowings 276,851 281,945
Non interest-bearing liabilities 576,101 468,899
3,140,919 2,912,198
Subordinated debentures 239,195 104,917
Shareholders' equity 348,751 317,930
$3,728,865 $3,335,045
(1) Net of unearned discount and includes loans held for sale.
(2) Net of undisbursed loan proceeds and includes loans held for
sale.
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WESTCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1997 1996 1997 1996
Interest income:
Loans, including fees $ 47,011 $ 43,890 $187,489 $171,328
Mortgage-backed securities 16,996 15,809 68,055 57,471
Investment securities 1,753 1,941 7,376 7,621
Other 2,384 1,589 7,612 5,968
TOTAL INTEREST INCOME 68,144 63,229 270,532 242,388
Interest expense:
Deposits 27,078 24,948 107,078 99,091
Federal Home Loan Bank advances
and other borrowings 11,202 7,376 36,616 24,612
Securities sold under agreements
to repurchase 4,100 3,930 17,376 15,491
TOTAL INTEREST EXPENSE 42,380 36,254 161,070 139,194
NET INTEREST INCOME 25,764 26,975 109,462 103,194
Provision for loan losses 3,655 3,420 12,851 13,571
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 22,109 23,555 96,611 89,623
Noninterest income:
Automobile lending 41,092 41,901 176,192 153,099
Mortgage banking 6,190 3,676 24,540 18,046
Investment and mortgage-backed
securities gains (losses) 5,923 410 8,026 (1,620)
Insurance income 2,018 2,284 6,454 12,905
Real estate operations 850 (172) 811 (2,428)
Rental operations (233) (166) (1,182) (378)
Miscellaneous 1,392 231 3,197 1,640
TOTAL NONINTEREST INCOME 57,232 48,164 218,038 181,264
Noninterest expense:
Salaries and employee benefits 31,414 31,599 137,741 110,494
Occupancy 4,241 3,310 15,851 11,030
Insurance (1) 526 786 1,760 16,382
Miscellaneous 23,708 19,788 86,102 65,740
TOTAL NONINTEREST EXPENSE 59,889 55,483 241,454 203,646
INCOME BEFORE INCOME TAXES 19,452 16,236 73,195 67,241
Income taxes 8,632 6,694 31,287 28,095
INCOME BEFORE MINORITY INTEREST 10,820 9,542 41,908 39,146
Minority interest in earnings of
subsidiaries 741 1,746 5,120 7,349
NET INCOME $ 10,079 $ 7,796 $ 36,788 $ 31,797
Net income per common share
and common share equivalents
-- diluted $ 0.38 $ 0.30 $ 1.40 $ 1.21
Cash dividends declared per
common share and common share
equivalents -- diluted $ 0.10 $ 0.10 $ 0.40 $ 0.39
Weighted average number of
common shares and common
share equivalents
-- diluted 26,465,578 26,369,503 26,351,144 26,199,537
(1) Includes the $12.0 million one-time assessment to recapitalize
the Savings Association Insurance Fund in the third quarter of 1996.
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WESTCORP AND SUBSIDIARIES
OTHER SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1997 1996 1997 1996
LOAN ORIGINATIONS
Consumer $ 538,169 $ 536,088 $2,337,353 $2,128,152
Real estate 658,485 407,387 2,328,586 1,289,120
Commercial 46,765 8,632 74,325 8,632
Total $1,243,419 $ 952,107 $4,740,264 $3,425,904
INTEREST RATE SPREAD
-- OWNED LOANS
Yield on
interest-earning assets 8.29% 8.73% 8.49% 8.63%
Cost of interest-bearing
liabilities 5.90% 5.78% 5.83% 5.77%
Interest spread 2.39% 2.95% 2.66% 2.86%
OWNED LOAN LOSS EXPERIENCE
Consumer 2.72% 3.44% 2.71% 2.96%
Real estate 0.27% 0.38% 0.44% 0.25%
Total 0.83% 1.00% 0.93% 0.77%
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Dec. 31, Dec. 31,
1997 1996
SERVICING PORTFOLIO (1)
Consumer $3,750,285 $3,048,678
Real estate 6,400,586 5,918,497
Commercial 48,048 7,867
Total $10,198,919 $8,975,042
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Dec. 31, 1997 Dec. 31, 1996
Amount % Amount %
OWNED LOAN DELINQUENCY
60+
Consumer $ 3,160 1.1% $ 2,524 0.9%
Real estate 14,152 0.9% 17,022 1.2%
Total $ 17,312 0.9% $ 19,546 1.1%
(1) At end of period, net of unearned discount and includes loans
held for sale.
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Contact:
Pondel, Parsons & Wilkinson
Cecilia A. Wilkinson, 310/207-9300
or
Westcorp
Lee A. Whatcott, 714/727-1629 |
