That is why we continued to consolidate back-office operations during 2000 to allow front-line banking officers to concentrate on the customer. We have always given decision-making capability to local banking officers. Consolidating many operational duties has reduced our costs and improved our efficiency. Moreover, we continue to emphasize the importance of a sales-oriented culture. For instance, our “branches” are now called “branch sales offices,” which is one indication of a more aggressive, company-wide growth-oriented focus.

The Year in Review
Looking back, 2000 financial results for your company were solid. Loan growth remained strong, with loans increasing 14% from December 31, 1999 to December 31, 2000. Our higher growth markets contributed 25% loan growth and 12% deposit growth during 2000 while our Alabama markets experienced 5% loan and deposit growth. Colonial’s loan growth has been primarily in the company’s Florida, Georgia and Dallas markets at 23%, 31%, and 26%, respectively. In addition, the company’s mortgage warehouse lending unit ended 2000 with $376,995,000 in loans outstanding, an increase of $204,386,000 or 118% over the beginning of the year and a 27% increase over the quarter ended September 30, 2000.