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In a time of economic uncertainty at home and political turmoil overseas, I am pleased to report that Colonial turned in a solid performance in 2002. Your Company earned record income from continuing operations of $140.9 million and reported earnings per share of $1.17. We achieved an important milestone by reaching $15 billion in assets, a goal we set six years ago. In addition, we completed acquisitions of First Mercantile Bank in Texas and Palm Beach National Bank and Trust Company in Florida, adding strength to both our Texas and Florida franchises. Last year as we entered our third decade, our strategy of focusing on the major growth markets of the United States paid off with the Colonial brand standing proudly in four of the five fastest-growing states in the nation: Florida, Nevada, Texas and Georgia. We have become the sixth-largest bank in Florida, in number of branches, after only six years in the state. In fact, in just six years, the percentage of our assets concentrated in our home state of Alabama shifted from 65 percent in 1996 to 31 percent in 2002, while the percentage of assets in Florida grew from six percent to 45 percent. I believe our Florida growth is nothing short of astounding and is largely attributable to the management of our Florida franchise, involvement of local directors, our community banking approach and the excellent employees we have in this robust market. Through their efforts we are integrating our acquisitions and gaining new Colonial customers every day. GROWTH WITHOUT COMPROMISE The strength of our assets continued to be a hallmark of Colonial. Our charge-offs continue to compare favorably among U.S. banks with assets over $10 billion. By maintaining our standards and sticking to credits we know and understand, we have largely avoided the pitfalls that adversely affected certain other institutions. |
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