Sovereign Bancorp reported financial results for the first quarter of 2004. Net income was $102 million, up 35% from the prior year, though it included one-time merger charges. Excluding these charges, operating earnings were $122 million, up 28% from the previous year. Cash earnings also increased 24% year-over-year to $137 million. Loan and deposit balances grew due to acquisitions completed in the quarter. The company also announced additional upcoming acquisitions expected to be accretive to earnings.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
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The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a âRoaring Twentiesâ? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. governmentâs aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
âIn order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,â says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What website can I sell pi coins securely.DOT TECH
Â
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
Â
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
Â
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Â
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the worldâs largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to swap pi coins to foreign currency withdrawable.DOT TECH
Â
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
Â
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
Â
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new productâit signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
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USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the best method to sell pi coins in 2024DOT TECH
Â
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Â
Pi coins is not launched yet in any exchange đ± this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAYÂ you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers â„ïž
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell pi coins after successfully completing KYC
Â
sovereignbank Q1_2004
1. First Quarter 2004 Investor Report
sovereignbank.com
NYSE: SOV
Quarter Ended March 31, 2004
Net income included an after-tax merger and integration charge of $15.3 million and incremental
Highlights loan loss provision of $3.9 million ($6.0 million pre-tax) associated with the acquisition of First
Essex Bancorp in the first quarter of 2004 and an after-tax charge of $18.8 million on the early
â Net income of $102 million, up extinguishment of $302 million of Sovereign debt in 2003. Excluding these charges, operating
earnings were $122 million, or $.40 per diluted share, up 28% compared to $94.7 million, or $.34
35% from $76 million in 1Q â03
per diluted share, for the first quarter of 2003. Cash earnings increased to $137 million, up 24%,
compared to $110 million for the first quarter of 2003.
â Earnings per share, including a
Commenting on results for the first quarter of to $45.4 million. Commercial banking fees increased
one-time merger-related charge,
2004, Jay S. Sidhu, Sovereignâs Chairman and Chief $3.5 million, or 13.7%, over the same period a year ago,
were $.33 for 1Q â04, up 23% Executive Officer, said, âThis has been a very busy driven by growth in loan fees.
and exciting quarter for Sovereign. We have exceeded
from $.27 in 1Q â03 Mortgage banking revenues were $5.4 million in the
the analystsâ mean earnings estimate for the quarter,
first quarter of 2004, compared to $15.7 million in
expanded our capital ratios as a result of capital raising
the fourth quarter and $8.0 million in the first quarter
â Cash earnings of $137 million, initiatives, closed and integrated our acquisition
of 2003. Due to changes in prepayment speeds, a
of First Essex Bancorp, Inc., and announced the
up 24% from $110 million in 1Q servicing rights impairment charge of $11.3 million
pending acquisitions of Seacoast Financial Services
was recorded in the first quarter. Offsetting this charge
â03. Cash earnings per share were Corporation and Waypoint Financial Corp. which
were gains from sales of mortgage loans of $16.5
dramatically improve our franchise, as both become
$.45, up from $.39 in 1Q â03 million. As of March 31, 2004, mortgage servicing
accretive to earnings per share within the first year. In
rights, net of reserves of $23.7 million, were $66.4
addition, we announced a 20% increase in our cash
million, and our servicing portfolio was $6.6 billion,
dividend. Despite persistently low interest rates, we
a capitalized cost of 101 basis points. âIf rates remain
were able to produce solid results in our core banking
Other News where they are or move higher, we should recover most
fundamentals. Commercial and consumer loans were
(for complete articles, go to
of the impairment charge taken in the first quarter,â
up 7% and 19%, respectively, from the first quarter
sovereignbank.com, Investor
stated James D. Hogan, CPA, Chief Financial Officer,
of 2003, excluding the impact of acquisitions. Fee
Relations, News & Press)
Sovereign Bancorp.
revenue continued to be strong, and we experienced
â Sovereign and solid improvement in our credit quality.â Expenses
Seacoast approve G&A expenses were essentially flat for the first quarter,
Net Interest Income
after giving effect to the acquisition of First Essex during
amended terms of and Margin
the quarter. Excluding operating expenses during the
agreement; deal Sovereign reported net interest income of $323 million
quarter of approximately $3.5 million related to First
for the first quarter of 2004, an increase of $20 million,
becomes more Essex, expenses increased by only $0.2 million from
or 6.5%, compared to the first quarter of 2003. On a
the fourth quarter and increased about 5% from $211
accretive to earnings linked-quarter basis, net interest income increased by
million a year ago. All-in, operating expenses for the
$14.3 million, or 4.6%.
quarter were $226 million, up from $222 million in the
â Sovereign to acquire Net interest margin was 3.28% for the first quarter fourth quarter. Sovereignâs effective tax rate declined in
of 2004, compared to 3.39% in the fourth quarter the first quarter to 24.3% due, in part, to recording the
Waypoint Financial
and 3.50% in the first quarter of 2003. About half benefit on merger-related charges at 35%. We expect
Corp., enhancing
of the decline on a linked quarter basis was due to our tax rate in future quarters to increase closer to our
the franchise in the completion of our $800 million convertible trust 2003 effective rate.
preferred offering in February 2004 and effect of
southcentral PA Franchise Growth
purchase accounting adjustments from our First Essex
and northern MD â Sovereignâs total loan portfolio increased during
acquisition. The remainder of the decline was due
the first quarter to $27.7 billion due to increases
accretive to earnings to a continued decline in interest rates and resultant
in the commercial and consumer loan portfolios,
margin pressure due to our desire to maintain an asset
in first year principally resulting from the First Essex acquisition.
sensitive interest rate risk position.
Commercial and consumer loans now make up 43%
Non-Interest Income and 40%, respectively, of the total loan portfolio.
â Dennis Marlo retires
and Expense
after six years at Excluding $777 million in acquired core deposits from
Sovereign continued to generate strong consumer
the First Essex acquisition, core deposits declined
Sovereign; Bob and commercial banking fees in the first quarter
slightly. Sovereignâs cost of deposits declined by 5
of 2004. Consumer banking fees increased by $5.8
Rose becomes new basis points to .95% in the first quarter of 2004 due
million, or 12%, compared to the same period in
Chief Credit Risk to a decline in the cost of time deposits. Certificates
2003. The increase was driven principally by deposit
of deposit account for only 22% of total deposits. The
Management Officer fees, which increased by $5.3 million
continued on page 3
2. First Quarter 2004 Investor Report
Quarterly Financial Highlights
Quarter Ended (unaudited) Quarter Ended (unaudited)
Mar. 31 Mar. 31 Mar. 31 Mar. 31
(dollars in millions, except per share data) 2004 2003 (dollars in millions) 2004 2003
Operating Data Financial Condition Data:
Net income $102.2 $75.9 General
Operating earnings (1) 121.5 94.7
Total assets $47,043 $40,934
Cash earnings (2) 136.9 110.4
Loans 27,739 24,054
Net interest income 322.8 303.0
Total deposits and customer related accounts: 28,118 26,746
Provision for loan losses 43.0 43.4
Core deposits and other customer related accounts 21,939 20,015
Total fees and other income before securities transactions 109.9 103.1
Time deposits 6,179 6,731
Net gain on investments and related derivatives transactions 17.9 17.5
Borrowings (5) 14,262 10,111
G&A expense 226.0 211.1
Redeemable capital securities and
Other expenses (5) 46.6 64.1
other minority interests (5) 203 597
Performance Statistics Stockholdersâ equity 3,916 2,856
Bancorp Goodwill 1,293 1,025
Core deposit intangible 262 324
Net interest margin 3.28% 3.50%
Asset Quality
Cash return on average assets (2) 1.20% 1.11%
Operating return on average assets (1) 1.07% 0.95% Non-performing assets $212.0 $249.9
Cash return on average equity (2) 15.47% 15.91% Non-performing loans $188.6 $221.6
Operating return on average equity (1) 13.72% 13.64% Non-performing assets to total assets 0.45% 0.61%
Annualized net loan charge-offs to average loans 0.51% 0.56% Non-performing loans to total loans 0.68% 0.92%
Efficiency ratio (3)(5) 52.23% 51.98% Allowance for loan losses $351.0 $309.4
Allowance for loan losses
Per Share Data to total loans 1.27% 1.29%
Basic earnings per share $0.34 $0.29 Allowance for loan losses
Diluted earnings per share 0.33 0.27 to non-performing loans 186% 140%
Operating earnings per share (1) 0.40 0.34 Capitalization - Bancorp (6)
Cash earnings per share (2) 0.45 0.39
Stockholdersâ equity to total assets 8.32% 6.98%
Dividend declared per share .030 .025
Tier 1 leverage capital ratio 7.09% 5.02%
Book value (4) 12.80 10.95
Tangible equity to tangible assets, excluding OCI 5.17% 3.66%
Common stock price:
Tangible equity to tangible assets, including OCI 5.19% 3.81%
High 24.51 14.49
Capitalization - Bank (6)
Low 20.37 12.72
Close $21.42 $13.85 Stockholdersâ equity to total assets 9.60% 9.43%
Weighted average common shares: Tier 1 leverage capital ratio 6.82% 6.59%
Basic 300.7 261.3 Tier 1 risk-based capital ratio 8.82% 8.50%
Diluted 306.7 281.4 Total risk-based capital ratio 12.13% 11.21%
End-of-period common shares:
Basic 306.4 261.0
Diluted 311.7 281.3
NOTES: (1) Operating earning represent net income excluding the after-tax effects of merger and integration costs of $15.3 million or $.05 per share and additional provision for loan loss of $3.9 million or $.01 per share in March 2004
and loss on debt extinguishment of $18.8 million or $.07 per share in March 2003. (2) Cash earning represents operating earnings excluding the after-tax effects of non-cash charges for the amortization of intangible assets and stock based
compensation. Stock based compensation encompasses arrangements with employees under which the Companyâs obligation will be settled by using stock rather than cash and includes expense related to stock options, restricted stock, bonus
deferral plans, and ESOP expense. Cash earnings for the three months ended March 31, 2004, and March 31, 2003, represent operating earnings excluding the after-tax effects of non-cash charges of $15.5 million or $.05 per share, and
$15.7 million or $.06 per share respectively. (3) Efficiency ratio equals general and administrative expense excluding merger-related and other integration charges as a percentage of total revenue, defined as the sum of net interest income and
total fees and other income before securities transactions. (4) Book value equals stockholdersâ equity at period-end divided by common shares outstanding. (5) Effective July 1, 2003, Sovereign elected to change the Companyâs accounting policy
to treat trust preferred securities as liabilities and Sovereign reclassified these obligations from âredeemable capital securities and other minority interestsâ to âborrowings and other debt obligations.â Restatement of prior periods is not permitted.
(6) All capital ratios are calculated based upon adjusted end of period assets consistent with OTS guidelines.
This Investor Report contains statements of Sovereignâs strategies, plans, and objectives; estimates of future operating results for 2004 and beyond for Sovereign Bancorp, Inc.; as well as estimates of financial condition, operating efficiencies, and revenue
generation. These statements and estimates constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the
results discussed in these forward-looking statements.Factors that might cause such a difference include, but are not limited to: general economic conditions; changes in interest rates; inflation; deposit flows; loan demand; real estate values; competition;
changes in accounting principles, policies, or guidelines; integration of acquired assets, liabilities, customers, systems and management personnel into Sovereignâs operations and the ability to realize the related revenue synergies and cost savings within
expected time frames; possibility that expected merger-related charges are materially greater than forecasted or that final purchase price allocations based on fair value of the acquired assets and liabilities at acquisition date and related adjustments to
yield and/or amortization of the acquired assets and liabilities are materially different from those forecasted; deposit attrition, customer loss, revenue loss and business disruption following Sovereignâs acquisitions, including adverse effects on relationships
with employees may be greater than expected; anticipated acquisitions may not close on the expected closing date or it may not close; the conditions to closing anticipated acquisitions, including stockholder and regulatory approvals, may not be satisfied;
Sovereignâs timely development of competitive new products and services in a changing environment and the acceptance of such products and services by customers; the willingness of customers to substitute competitorsâ products and services and vice versa;
the ability of Sovereign and its third party processing and related systems on a timely and acceptable basis and within projected cost estimates; the impact of changes in financial services policies, laws and regulations, including laws, regulations, policies
and practices concerning taxes, banking, capital, liquidity, proper accounting treatment, securities and insurance, and the application thereof by regulatory bodies and the impact of changes in and interpretation of generally accepted accounting principles:
technological changes; changes in consumer spending and saving habits; unanticipated regulatory or judicial proceedings; changes in asset quality; employee retention; reserve adequacy; changes in legislation or regulation or policy or the application thereof;
and other economic, competitive, governmental, regulatory, and technological factors affecting the Companyâs operations, pricing, products and services..
Sovereign in the Community
â For the third consecutive year, Sovereign Bancorp, Inc. has been named
â The Federal Home Loan Bank of Pittsburgh (FHL Bank) has selected
one of the most admired financial industry companies in the nation by
Sovereign Bank as a âPillars of the Community Awardâ recipient for 2004.
Fortune magazine. Sovereign ranked 10th on the Fortune magazine list
The Pillars of the Community Awards are presented to member financial
under the category of Mortgage Services. The surveyâs ranking criteria
institutions that have demonstrated outstanding commitment in the area
were innovation, financial soundness, employee talent, use of corporate
of community development.
assets, long-term investment value, social responsibility, quality of
Institutions are recognized for their use of the FHL Bankâs community management and quality of products and services.
investment programs in projects that provide safe, decent housing for low-
income families and promote community stability or revitalization through
economic development.
-2-
3. First Quarter 2004 Investor Report
Sovereign and Waypoint will be filing documents concerning the merger with the Securities and Exchange
Sovereign Bank Footprint for pro forma
Commission, including a registration statement on Form S-4 containing a prospectus/proxy statement which will
locations including Seacost in Massachusetts be distributed to shareholders of Waypoint. Investors are urged to read the registration statement and the proxy
and Waypoint in southcentral Pennsylvania statement/prospectus regarding the proposed transaction when it becomes available and any other relevant
documents filed with the SEC, as well as any amendments or supplements to those documents, because they will
and northern Maryland areas. contain important information. Investors will be able to obtain a free copy of the proxy statement/prospectus, as
well as other filings containing information about Sovereign and Waypoint, free of charge on the SECâs Internet
site (http://www.sec.gov). In addition, documents filed by Sovereign with the SEC, including filings that will be
incorporated by reference in the prospectus/proxy statement, can be obtained, without charge, by directing a request
to Sovereign Bancorp, Inc., Investor Relations, 1130 Berkshire Boulevard, Wyomissing, Pennsylvania 19610 (Tel:
610-988-0300). In addition, documents filed by Waypoint with the SEC, including filings that will be incorporated
by reference in the prospectus/proxy statement, can be obtained, without charge, by directing a request to Waypoint
Financial Corp., 235 North Second Street, Harrisburg, Pennsylvania 17101, Attn: Richard C. Ruben, Executive
Vice President and Corporate Secretary (Tel: 717-236-4041). Directors and executive officers of Waypoint may be
deemed to be participants in the solicitation of proxies from the shareholders of Waypoint in connection with the
merger. Information about the directors and executive officers of Waypoint and their ownership of Waypoint common
stock is set forth in Waypointâs proxy statement for its 2003 annual meeting of shareholders, as filed with the SEC on
April 21, 2003. Additional information regarding the interests of those participants may be obtained by reading the
prospectus/proxy statement regarding the proposed merger transaction when it becomes available.
INVESTORS SHOULD READ THE PROSPECTUS/PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE
SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE MERGER.
Common Stock Dividend Reinvestment and Stock Purchase Plan
Sovereign Bancorp, Inc. offers a Dividend Reinvestment and Stock Purchase Plan to its common stock shareholders of record. This plan
provides a convenient method of investing cash payments for shareholders of record in additional shares of Sovereignâs common stock without
payment of brokerage commissions or service charges.
Next investment date for optional cash payments: Optional cash purchases may be made in any amount from a minimum of
â â
July 18 â August 1, 2004 $50 to a maximum of $5,000 per quarter
Make checks payable to: Sovereign Bancorp, Inc. All optional cash payments received before July 18, 2004, or after
â â
August 1, 2004, will be returned
Mail cash payments to:
â
Mellon Investor Services Dividend ReinvestmentâSovereign Bank Enrollment card, prospectus requests and account questions:
â
PO Box 3340, South Hackensack, NJ 07606-1940 1-800-685-4524
continued from page 1
decline in core deposits was principally a result of some seasonal declines in Well Positioned for Higher Rates
commercial deposits and moving some commercial repurchase agreements Sovereign has taken many steps in recent years to reposition its balance
off-balance sheet. âWe hope to show an increase in core deposits over the sheet so that it would benefit from rising rates. âBy focusing our business
coming few months,â stated Hogan. strategy on core deposit growth and commercial and consumer loan
growth, our asset/liability profile is much more akin to a commercial
Asset Quality
bank than a traditional thrift, which focuses on residential mortgages and
Non-performing assets (âNPAsâ) were $212 million at March 31, 2004,
certificates of deposit. We remain positioned to benefit from rising rates,
compared to $220 million at December 31, 2003. NPAs to total assets
as $11.9 billion of our loans are tied to short-term indices, and only $9.6
decreased to .45% during the first quarter of 2004, compared to .51% at
billion of our liabilities will re-price with any short-term rate movements,â
December 31, 2003. Sovereignâs provision for loan losses was $37.0 million
stated Hogan.
this quarter (excluding a $6 million provision related to the First Essex loan
portfolio) compared to $40.0 million in the fourth quarter and $43.4 million Looking Ahead
in the first quarter of 2003. The allowance for loan losses to total loans was âWe remain comfortable with mean analyst estimates of $1.63 in operating
1.27% at March 31, 2004, as compared to 1.25% at December 31, 2003, and earnings and approximately $1.80 in cash earnings for 2004, excluding
1.29% at March 31, 2003. after-tax merger related charges for our completed acquisition of First
Essex and our pending acquisitions of Seacoast and Waypoint,â Sidhu
Capital
concluded. âFor 2005, the current range of thirteen analyst estimates for
âDuring the quarter, we were able to accelerate the achievement of our
our company is between $1.75 and $1.95 operating earnings per share, with
2005 capital goals through the issuance of $800 million of convertible trust
a mean estimate of $1.88, implying a mean cash estimate of about $2.00
preferred securities,â commented Hogan. âAs Sovereignâs capital continues
per share. We are comfortable with the analystsâ mean estimate, which
to build into 2005 and beyond, we will consider various capital strategies,
implies 2005 operating earnings growth of 15%. While we are uncertain
including continued increases to our cash dividend.â Boosted in part by the
if the current economic environment will allow a higher level of growth,
aforementioned trust preferred offering, the Tier 1 leverage ratio grew by
managementâs goal remains to strive for $1.90 to $2.00 operating earnings
151 basis points during the quarter to 7.09% at March 31, 2004, and tangible
in 2005. Based upon our April 19 stock price of $19.91, Sovereign is trading
common equity to tangible assets increased 53 basis points to 5.19% from
at a P/E of 12.2x for estimated 2004 operating earnings per share, a P/E of
4.66% at December 31, 2003. The equity to assets ratio increased to 8.32%
11.1x for cash earnings per share and only 155% of book value. The book
at March 31, 2004. At March 31, 2004, Sovereign Bankâs Tier 1 leverage
value per share at March 31, 2004, was $12.78.â
was 6.82% and the bankâs risk-based capital ratio was 12.13%
-3-
4. Sovereign Bancorp, Inc., (âSovereignâ) (NYSE: SOV), headquartered in Philadelphia, Pennsylvania, is the parent company of Sovereign
Bank, a $47 billion ïŹnancial institution with 535 community banking ofïŹces, nearly 1,000 ATMs and about 8,300 team members in Connecticut,
Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. In addition to full-service retail banking, Sovereign
offers a broad array of ïŹnancial services and products including business and corporate banking, cash management, capital markets,
trust and wealth management and insurance. Sovereign is one of the top 20 largest banking institutions in the United States, pro forma for
pending acquisitions.
Corporate Information
Sovereign Trust Preferred Capital Securities James D. Hogan, CPA John P Hamill
.
CONTACT INFORMATION
dividends are customarily paid on a quarterly Chief Financial Officer, Bancorp Chairman and Chief Executive
Bancorp Headquarters
basis on or about March 31, June 30, 610-320-8496 Officer of Sovereign Bank New England
1500 Market Street
September 30, and December 31. Jhogan@sovereignbank.com Division
Philadelphia, PA 19102
617-757-5420
Mark R. McCollom, CPA
Bank Headquarters REGISTRAR AND Jhamill@sovereignbank.com
Chief Financial Officer, Bank
1130 Berkshire Boulevard TRANSFER AGENT
610-208-6426 James D. Hogan, CPA
Wyomissing, PA 19610 Shareholders who wish to change Mmccollo@sovereignbank.com Chief Financial Officer, Bancorp
Mailing Address the name, address, or ownership of stock, 610-320-8496
Stacey V. Weikel
P.O. Box 12646 report lost stock certificates, Jhogan@sovereignbank.com
Senior Vice President,
Reading, PA 19612 or consolidate stock accounts
Investor Relations and James J. Lynch
should contact:
Operator Strategic Planning Chairman and Chief Executive
610-320-8400 Common Stock â NYSE: SOV 610-208-6112 Officer of Sovereign Bank
Mellon Investor Services Sweikel@sovereignbank.com Mid Atlantic Division
Internet
One Mellon Bank Center 267-675-0636
sovereignbank.com EXECUTIVE MANAGEMENT
500 Grant Street, Room 2122 Jlynch1@sovereignbank.com
OFFICE OF THE CHAIRMAN
INVESTOR INFORMATION Pittsburgh, PA 15258
Lawrence M. Thompson, Jr., Esq.
1-800-685-4524
Copies of the Annual Report, 10K, Jay S. Sidhu
Chief Operating Officer
interim reports, press releases, and other Chairman of the Board,
Trust Preferred Securities â and President of Consumer
communications sent to shareholders are President, and CEO
NYSE: SOVPRA Banking Division
available at no charge on Sovereignâs web 610-320-8415
The Bank of New York 610-320-8459
site, or via: Jsidhu@sovereignbank.com
2 North LaSalle Street Lthompso@sovereignbank.com
e-mail: investor@sovereignbank.com 10th Floor Joseph P Campanelli
.
Investor Relations voice mail: Chicago, IL 60602 President and Chief Operating Officer
1-800-628-2673 312-827-8547 Sovereign Bank
New England Division; President of
DIVIDENDS FINANCIAL INFORMATION
Commercial Markets Group,
Cash dividends on common stock are Investors, brokers, security analysts, and
Sovereign Bank
customarily paid on a quarterly basis on or others desiring financial information should
617-757-3444
about the 15th of February, May, August, and contact:
Jcampane@sovereignbank.com
November.
P.O. Box 12646
Reading, PA 19612