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Previous: UNION PLANTERS CORP, 8-K, EX-99.1, 2000-10-19 |
Next: VALLEY RESOURCES INC /RI/, 15-15D, 2000-10-19 |
<PAGE> 1
EXHIBIT 99.2
Third Quarter 2000 Unaudited Supplemental Financial Information
<PAGE> 2
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
September 30, Variance
---------------------------- -------------------------
2000 1999 Dollar Percentage
------------ ------------ ----------- ----------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Assets
Cash and due from banks $ 898,845 $ 1,008,345 $ (109,500) (10.9)%
Interest-bearing deposits at financial institutions 64,381 41,983 22,398 53.4
Federal funds sold and securities
purchased under agreements to resell 54,732 84,222 (29,490) (35.0)
Trading account assets 264,294 225,510 38,784 17.2
Loans held for resale 377,012 305,784 71,228 23.3
Available for sale investment securities (amortized cost: $7,062,938
and $7,966,492, respectively) 6,920,432 7,845,191 (924,759) (11.8)
Loans 23,457,315 21,398,942 2,058,373 9.6
Less: Unearned income (7,885) (33,028) 25,143 76.1
Allowance for losses on loans (340,453) (358,721) 18,268 5.1
------------ ------------ -----------
Net loans 23,108,977 21,007,193 2,101,784 10.0
Premises and equipment 613,633 648,090 (34,457) (5.3)
Accrued interest receivable 301,189 298,429 2,760 0.9
FHA/VA claims receivable 79,838 137,066 (57,228) (41.8)
Mortgage servicing rights 126,051 120,223 5,828 4.8
Goodwill and other intangibles 971,075 973,399 (2,324) (0.2)
Other assets 482,130 459,057 23,073 5.0
------------ ------------ -----------
Total assets $ 34,262,589 $ 33,154,492 $ 1,108,097 3.3%
============ ============ ===========
Liabilities and shareholders' equity
Deposits
Noninterest-bearing $ 3,979,560 $ 4,181,748 $ (202,188) (4.8)%
Certificates of deposit of $100,000 and over 2,575,543 2,190,474 385,069 17.6
Other interest-bearing 16,528,571 18,019,231 (1,490,660) (8.3)
------------ ------------ -----------
Total deposits 23,083,674 24,391,453 (1,307,779) (5.4)
Short-term borrowings 5,993,766 4,046,075 1,947,691 48.1
Short and medium-term senior notes 260,000 75,000 185,000 246.7
Federal Home Loan Bank advances 601,291 203,402 397,889 195.6
Other long-term debt 793,652 854,539 (60,887) (7.1)
Accrued interest, expenses, and taxes 363,275 232,180 131,095 56.5
Other liabilities 369,385 399,914 (30,529) (7.6)
------------ ------------ -----------
Total liabilities 31,465,043 30,202,563 1,262,480 4.2
------------ ------------ -----------
Commitments and contingent liabilities -- -- -- --
Shareholders' equity
Convertible preferred stock 19,942 21,718 (1,776) (8.2)
Common stock, $5 par value; 300,000,000 shares authorized;
134,756,611 and 141,781,749 issued and outstanding,
respectively 673,783 708,909 (35,126) (5.0)
Additional paid-in capital 754,153 770,642 (16,489) (2.1)
Retained earnings 1,458,488 1,540,317 (81,829) (5.3)
Unearned compensation (18,499) (12,868) (5,631) (43.8)
Unrealized loss on available for sale securities (90,321) (76,789) (13,532) (17.6)
------------ ------------ -----------
Total shareholders' equity 2,797,546 2,951,929 (154,383) (5.2)
------------ ------------ -----------
Total liabilities and shareholders' equity $ 34,262,589 $ 33,154,492 $ 1,108,097 3.3%
============ ============ ===========
</TABLE>
<PAGE> 3
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30, VARIANCE
--------------------------- -----------------------------
2000 1999 DOLLAR PERCENTAGE
--------- --------- -------- ----------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 525,187 $ 454,656 $ 70,531 15.5%
Interest on investment securities
Taxable 94,746 105,720 (10,974) (10.4)
Tax-exempt 16,026 17,481 (1,455) (8.3)
Interest on deposits at financial institutions 825 879 (54) (6.1)
Interest on federal funds sold and securities
purchased under agreements to resell 1,511 1,104 407 36.9
Interest on trading account assets 4,266 3,834 432 11.3
Interest on loans held for resale 6,493 4,528 1,965 43.4
--------- --------- --------
Total interest income 649,054 588,202 60,852 10.3
--------- --------- --------
INTEREST EXPENSE
Interest on deposits 221,519 200,210 21,309 10.6
Interest on short-term borrowings 96,860 39,315 57,545 146.4
Interest on long-term debt 26,667 20,448 6,219 30.4
--------- --------- --------
Total interest expense 345,046 259,973 85,073 32.7
--------- --------- --------
NET INTEREST INCOME 304,008 328,229 (24,221) (7.4)
PROVISION FOR LOSSES ON LOANS 19,939 20,365 (426) (2.1)
--------- --------- --------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS 284,069 307,864 (23,795) (7.7)
--------- --------- --------
NONINTEREST INCOME
Service charges on deposit accounts 47,451 44,273 3,178 7.2
Mortgage banking revenue 28,110 23,506 4,604 19.6
Bank card income 9,320 7,906 1,414 17.9
Factoring commissions 8,462 7,583 879 11.6
Trust service income 6,043 4,241 1,802 42.5
Profits and commissions from trading activities 1,598 1,094 504 46.1
Investment securities losses - (1,224) 1,224 100.0
Other income 46,361 35,703 10,658 29.9
--------- --------- --------
Total noninterest income 147,345 123,082 24,263 19.7
--------- --------- --------
NONINTEREST EXPENSE
Salaries and employee benefits 133,775 123,369 10,406 8.4
Net occupancy expense 23,536 23,550 (14) (0.1)
Equipment expense 20,904 20,024 880 4.4
Goodwill and other intangible amortization 16,151 15,040 1,111 7.4
Other expense 84,704 84,016 688 0.8
--------- --------- --------
Total noninterest expense 279,070 265,999 13,071 4.9
--------- --------- --------
EARNINGS BEFORE INCOME TAXES 152,344 164,947 (12,603) (7.6)
Applicable income taxes 50,763 55,413 (4,650) (8.4)
--------- --------- --------
NET EARNINGS $ 101,581 $ 109,534 $ (7,953) (7.3)%
========= ========= ========
NET EARNINGS APPLICABLE TO COMMON SHARES $ 101,182 $ 109,101 $ (7,919) (7.3)%
========= ========= ========
EARNINGS PER COMMON SHARE
Basic $ .75 $ .77 $ (.02) (2.6)%
Diluted .75 .76 (.01) (1.3)
AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS)
Basic 134,678 142,557 (7,879) (5.5)%
Diluted 136,130 144,570 (8,440) (5.8)
</TABLE>
<PAGE> 4
UNION PLANTERS CORPORATION
SUMMARY OF CONSOLIDATED RESULTS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
SEPTEMBER 30,
---------------------------
2000 1999 VARIANCE PERCENTAGE
--------- --------- -------- ----------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
Interest income $ 649,054 $ 588,202 $ 60,852 10.3%
Interest expense (345,046) (259,973) (85,073) (32.7)
--------- --------- --------
NET INTEREST INCOME 304,008 328,229 (24,221) (7.4)
PROVISION FOR LOSSES ON LOANS (19,939) (20,365) 426 2.1
--------- --------- --------
NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 284,069 307,864 (23,795) (7.7)
NONINTEREST INCOME
Service charges on deposit accounts 47,451 44,273 3,178 7.2
Mortgage banking revenue 28,110 23,506 4,604 19.6
Bank card income 9,320 7,906 1,414 17.9
Factoring commissions 8,462 7,583 879 11.6
Trust service income 6,043 4,241 1,802 42.5
Profits and commissions from trading activities 1,598 1,094 504 46.1
Other income 40,904 35,703 5,201 14.6
--------- --------- --------
Total noninterest income 141,888 124,306 17,582 14.1
--------- --------- --------
NONINTEREST EXPENSE
Salaries and employee benefits 122,319 123,369 (1,050) (0.9)
Net occupancy expense 23,536 23,550 (14) (0.1)
Equipment expense 20,904 20,024 880 4.4
Goodwill and other intangibles amortization 16,151 15,040 1,111 7.4
Other expense 84,704 83,756 948 1.1
--------- --------- --------
Total noninterest expense 267,614 265,739 1,875 0.7
--------- --------- --------
EARNINGS BEFORE NONOPERATING ITEMS AND INCOME TAXES 158,343 166,431 (8,088) (4.9)
NONOPERATING ITEMS
Gain on securitization and sale of loans 2,764 - 2,764 NM
Gain on sale of loans 2,693 - 2,693 NM
Investment securities losses - (1,224) 1,224 100.0
Settlement of executive contractual obligations (11,456) - (11,456) NM
Other, net - (260) 260 100.0
--------- --------- --------
EARNINGS BEFORE INCOME TAXES 152,344 164,947 (12,603) (7.6)
Income taxes (50,763) (55,413) 4,650 8.4
--------- --------- --------
NET EARNINGS $ 101,581 $ 109,534 $ (7,953) (7.3)%
========= ========= ========
NET EARNINGS $ 101,581 $ 109,534 $ (7,953) (7.3)%
Nonoperating items, net of taxes 1,458 907 551 NM
--------- --------- --------
NET OPERATING EARNINGS 103,039 110,441 (7,402) (6.7)
Goodwill and other intangibles amortization, net of taxes 13,437 13,941 (504) (3.6)
--------- --------- --------
CASH OPERATING EARNINGS $ 116,476 $ 124,382 $ (7,906) (6.4)%
========= ========= ========
PER COMMON SHARE DATA
Diluted earnings per share $ 0.75 $ 0.76 $ (0.01) (1.3)%
Diluted operating earnings per share 0.76 0.76 - -
Diluted cash operating earnings per share 0.86 0.86 - -
</TABLE>
<PAGE> 5
UNION PLANTERS CORPORATION
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
<TABLE>
<CAPTION>
THREE MONTHS ENDED SEPTEMBER 30,
---------------------------------------------
2000
---------------------------------------------
INTEREST FTE
AVERAGE INCOME/ YIELD/
BALANCE EXPENSE RATE
------------ -------- ------
<S> <C> <C> <C>
ASSETS (DOLLARS IN THOUSANDS)
Interest-bearing deposits at
financial institutions $ 33,090 $ 825 9.92%
Federal funds sold and securities
purchased under agreements to resell 93,592 1,511 6.42
Trading account assets 214,725 4,266 7.90
Investment securities (1) (2)
Taxable securities 5,868,233 94,746 6.42
Tax-exempt securities 1,223,732 23,339 7.59
------------ --------
Total investment securities 7,091,965 118,085 6.62
Loans, net of unearned income (1), (3), (4) 23,799,262 533,087 8.91
------------ --------
TOTAL EARNING ASSETS (1), (2), (3), (4) 31,232,634 657,774 8.38
--------
Cash and due from banks 867,145
Premises and equipment 618,552
Allowance for losses on loans (347,638)
Goodwill and other intangibles 977,477
Other assets 857,793
------------
TOTAL ASSETS $ 34,205,963
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Money market accounts $ 3,795,223 42,411 4.45%
Interest-bearing checking 3,143,839 11,880 1.50
Savings deposits 1,431,130 5,165 1.44
Certificates of deposit of
$100,000 and over 2,641,260 41,108 6.19
Other time deposits 8,358,869 120,955 5.76
Short-term borrowings
Federal funds purchased and securities sold under
agreements to repurchase 3,032,833 47,501 6.23
Short-term senior notes 463,043 8,197 7.04
Short-term FHLB advances 2,396,097 41,162 6.83
Long-term debt
Federal Home Loan Bank advances 601,365 10,149 6.71
Subordinated capital notes 474,963 7,751 6.49
Medium-term senior notes 60,000 1,025 6.80
Trust Preferred Securities 199,067 4,128 8.25
Other 152,875 3,614 9.40
------------ --------
TOTAL INTEREST-BEARING LIABILITIES 26,750,564 345,046 5.13
Noninterest-bearing demand deposits 3,996,811 --
------------ --------
TOTAL SOURCES OF FUNDS 30,747,375 345,046
--------
Other liabilities 694,978
Shareholders' equity
Preferred stock 19,972
Common equity 2,743,638
------------
Total shareholders' equity 2,763,610
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 34,205,963
============
NET INTEREST INCOME (1) $312,728
========
INTEREST RATE SPREAD (1) 3.25%
====
NET INTEREST MARGIN (1) 3.98%
====
TAXABLE-EQUIVALENT ADJUSTMENTS
Loans $ 1,407
Securities 7,313
-------
Total $ 8,720
=======
<CAPTION>
THREE MONTHS ENDED SEPTEMBER 30,
----------------------------------------------
1999
----------------------------------------------
INTEREST FTE
AVERAGE INCOME/ YIELD/
BALANCE EXPENSE RATE
---------- -------- ------
<S> <C> <C> <C>
ASSETS
Interest-bearing deposits at
financial institutions $ 85,019 $ 879 4.10%
Federal funds sold and securities
purchased under agreements to resell 94,312 1,104 4.64
Trading account assets 231,917 3,834 6.56
Investment securities (1) (2)
Taxable securities 6,666,613 105,720 6.29
Tax-exempt securities 1,321,480 25,691 7.71
----------- --------
Total investment securities 7,988,093 131,411 6.53
Loans, net of unearned income (1), (3), (4) 21,467,801 460,577 8.51
----------- --------
TOTAL EARNING ASSETS (1), (2), (3), (4) 29,867,142 597,805 7.94
--------
Cash and due from banks 965,325
Premises and equipment 624,552
Allowance for losses on loans (361,829)
Goodwill and other intangibles 940,256
Other assets 1,083,535
-----------
TOTAL ASSETS 33,118,981
===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Money market accounts $ 3,860,633 36,441 3.74%
Interest-bearing checking 3,528,658 13,076 1.47
Savings deposits 1,731,701 6,345 1.45
Certificates of deposit of
$100,000 and over 2,251,806 28,781 5.07
Other time deposits 9,434,587 115,567 4.86
Short-term borrowings
Federal funds purchased and securities sold under
agreements to repurchase 2,040,452 24,261 4.72
Short-term senior notes - - -
Short-term FHLB advances 1,126,624 15,054 5.30
Long-term debt
Federal Home Loan Bank advances 204,522 2,682 5.20
Subordinated capital notes 477,066 7,783 6.47
Medium-term senior notes 91,304 1,537 6.68
Trust Preferred Securities 199,031 4,128 8.23
Other 197,842 4,318 8.66
------------ --------
TOTAL INTEREST-BEARING LIABILITIES 25,144,226 259,973 4.10
Noninterest-bearing demand deposits 4,262,360 -
------------ --------
TOTAL SOURCES OF FUNDS 29,406,586 259,973
--------
Other liabilities 691,412
Shareholders' equity
Preferred stock 21,945
Common equity 2,999,038
------------
Total shareholders' equity 3,020,983
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 33,118,981
============
NET INTEREST INCOME (1) $337,832
========
INTEREST RATE SPREAD (1) 3.84%
=====
NET INTEREST MARGIN (1) 4.49%
=====
TAXABLE-EQUIVALENT ADJUSTMENTS
Loans $ 1,393
Securities 8,210
--------
Total $ 9,603
========
</TABLE>
---------------------------------------------------
(1) Taxable-equivalent yields are calculated assuming a 35% federal income tax
rate.
(2) Yields are calculated on historical cost and exclude the impact of the
unrealized gain (loss) on available for sale securities.
(3) Includes loan fees in both interest income and the calculation of the
yield on loans.
(4) Includes loans on nonaccrual status.
<PAGE> 6
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30, VARIANCE
---------------------------- ----------------------------
2000 1999 DOLLAR PERCENTAGE
---------- ---------- --------- -----------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $1,495,183 $1,300,762 $ 194,421 14.9%
Interest on investment securities
Taxable 294,928 319,818 (24,890) (7.8)
Tax-exempt 49,132 52,574 (3,442) (6.5)
Interest on deposits at financial institutions 1,632 2,316 (684) (29.5)
Interest on federal funds sold and securities
purchased under agreements to resell 4,118 2,936 1,182 40.3
Interest on trading account assets 12,682 11,363 1,319 11.6
Interest on loans held for resale 19,111 18,319 792 4.3
---------- ---------- ---------
Total interest income 1,876,786 1,708,088 168,698 9.9
---------- ---------- ---------
INTEREST EXPENSE
Interest on deposits 612,081 619,510 (7,429) (1.2)
Interest on short-term borrowings 267,937 84,657 183,280 216.5
Interest on long-term debt 66,658 68,406 (1,748) (2.6)
---------- ---------- ---------
Total interest expense 946,676 772,573 174,103 22.5
---------- ---------- ---------
NET INTEREST INCOME 930,110 935,515 (5,405) (0.6)
PROVISION FOR LOSSES ON LOANS 56,941 54,384 2,557 4.7
---------- ---------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS 873,169 881,131 (7,962) (0.9)
---------- ---------- ---------
NONINTEREST INCOME
Service charges on deposit accounts 134,149 125,663 8,486 6.8
Mortgage banking revenue 75,927 75,208 719 1.0
Bank card income 27,133 18,949 8,184 43.2
Factoring commissions 23,148 22,014 1,134 5.2
Trust service income 19,275 17,955 1,320 7.4
Profits and commissions from trading activities 4,314 2,958 1,356 45.8
Investment securities gains 77 1,968 (1,891) (96.1)
Other income 129,391 125,337 4,054 3.2
---------- ---------- ---------
Total noninterest income 413,414 390,052 23,362 6.0
---------- ---------- ---------
NONINTEREST EXPENSE
Salaries and employee benefits 390,073 376,470 13,603 3.6
Net occupancy expense 70,485 65,461 5,024 7.7
Equipment expense 63,308 59,262 4,046 6.8
Goodwill and other intangibles amortization 47,860 40,188 7,672 19.1
Other expense 254,934 257,866 (2,932) (1.1)
---------- ---------- ---------
Total noninterest expense 826,660 799,247 27,413 3.4
---------- ---------- ---------
EARNINGS BEFORE INCOME TAXES 459,923 471,936 (12,013) (2.5)
Applicable income taxes 154,120 159,288 (5,168) (3.2)
---------- ---------- ---------
NET EARNINGS $ 305,803 $ 312,648 $ (6,845) (2.2)%
========== ========== =========
NET EARNINGS APPLICABLE TO COMMON SHARES $ 304,590 $ 311,311 $ (6,721) (2.2)%
========== ========== =========
EARNINGS PER COMMON SHARE
Basic $ 2.25 $ 2.19 $ .06 2.7%
Diluted 2.24 2.16 .08 3.7
AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS)
Basic 135,337 142,464 (7,127) (5.0)%
Diluted 136,821 144,680 (7,859) (5.4)
</TABLE>
<PAGE> 7
UNION PLANTERS CORPORATION
SUMMARY OF CONSOLIDATED RESULTS
(UNAUDITED)
<TABLE>
<CAPTION>
NINE MONTHS ENDED
SEPTEMBER 30,
----------------------------
2000 1999 VARIANCE PERCENTAGE
----------- ----------- -------- ----------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
Interest income $ 1,876,786 $ 1,708,088 $ 168,698 9.9%
Interest expense (946,676) (772,573) (174,103) (22.5)
----------- ----------- ---------
NET INTEREST INCOME 930,110 935,515 (5,405) (0.6)
PROVISION FOR LOSSES ON LOANS (56,941) (54,384) (2,557) (4.7)
----------- ----------- ---------
NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 873,169 881,131 (7,962) (0.9)
NONINTEREST INCOME
Service charges on deposit accounts 134,149 125,663 8,486 6.8
Mortgage banking revenue 75,927 75,208 719 1.0
Bank card income 27,133 18,949 8,184 43.2
Factoring commissions 23,148 22,014 1,134 5.2
Trust service income 19,275 17,955 1,320 7.4
Profits and commissions from trading activities 4,314 2,958 1,356 45.8
Other income 119,172 109,294 9,878 9.0
----------- ----------- ---------
Total noninterest income 403,118 372,041 31,077 8.4
----------- ----------- ---------
NONINTEREST EXPENSE
Salaries and employee benefits 378,617 376,470 2,147 0.6
Net occupancy expense 70,485 65,461 5,024 7.7
Equipment expense 63,308 59,262 4,046 6.8
Goodwill and other intangibles amortization 47,860 40,188 7,672 19.1
Other expense 254,934 257,345 (2,411) (0.9)
----------- ----------- ---------
Total noninterest expense 815,204 798,726 16,478 2.1
----------- ----------- ---------
EARNINGS BEFORE NONOPERATING ITEMS AND INCOME TAXES 461,083 454,446 6,637 1.5
NONOPERATING ITEMS
Reversion of excess assets of a pension plan of an acquired entity 4,762 -- 4,762 NM
Gain on securitization and sale of loans 2,764 5,317 (2,553) (48.0)
Gain on sale of loans 2,693 5,041 (2,348) (46.6)
Investment securities gains 77 1,968 (1,891) (96.1)
Gain on sale of the credit card portfolio -- 3,268 (3,268) (100.0)
Gain on sale of corporate trust business -- 2,417 (2,417) (100.0)
Settlement of executive contractual obligations (11,456) -- (11,456) NM
Other, net -- (521) 521 100.0
----------- ----------- ---------
EARNINGS BEFORE INCOME TAXES 459,923 471,936 (12,013) (2.5)
Income taxes (154,120) (159,288) 5,168 (3.2)
----------- ----------- ---------
NET EARNINGS $ 305,803 $ 312,648 $ (6,845) (2.2)%
=========== =========== =========
NET EARNINGS $ 305,803 $ 312,648 $ (6,845) (2.2)%
Nonoperating items, net of taxes (1,035) (10,687) 9,652 90.3
----------- ----------- ---------
NET OPERATING EARNINGS 304,768 301,961 2,807 0.9
Goodwill and other intangibles amortization, net of taxes 40,149 34,498 5,651 16.4
----------- ----------- ---------
CASH OPERATING EARNINGS $ 344,917 $ 336,459 $ 8,458 2.5%
=========== =========== =========
PER COMMON SHARE DATA
Diluted earnings per share $ 2.24 $ 2.16 $ 0.08 3.7%
Diluted operating earnings per share 2.23 2.09 0.14 6.7
Diluted cash operating earnings per share 2.52 2.33 0.19 8.2
</TABLE>
<PAGE> 8
UNION PLANTERS CORPORATION
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
<TABLE>
<CAPTION>
NINE MONTHS ENDED SEPTEMBER 30,
--------------------------------------------------------------------------------
2000 1999
--------------------------------------- ------------------------------------
INTEREST FTE INTEREST FTE
AVERAGE INCOME/ YIELD/ AVERAGE INCOME/ YIELD/
BALANCE EXPENSE RATE BALANCE EXPENSE RATE
----------- --------- ------ --------- --------- -----
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Interest-bearing deposits at
financial institutions $ 31,793 $ 1,632 6.86% $ 78,904 $ 2,316 3.92%
Federal funds sold and securities
purchased under agreements to resell 87,129 4,118 6.31 82,131 2,936 4.78
Trading account assets 221,686 12,682 7.64 242,300 11,363 6.27
Investment securities (1) (2)
Taxable securities 6,126,819 294,928 6.43 6,941,227 319,818 6.16
Tax-exempt securities 1,248,624 71,925 7.69 1,321,441 77,428 7.83
----------- ---------- ----------- ----------
Total investment securities 7,375,443 366,853 6.64 8,262,668 397,246 6.43
Loans, net of unearned income (1), (3), (4) 22,965,988 1,518,378 8.83 20,949,727 1,322,882 8.44
----------- ---------- ----------- ----------
TOTAL EARNING ASSETS (1), (2), (3), (4) 30,682,039 1,903,663 8.29 29,615,730 1,736,743 7.84
---------- ----------
Cash and due from banks 917,522 1,018,114
Premises and equipment 628,066 591,106
Allowance for losses on loans (347,965) (351,376)
Goodwill and other intangibles 968,688 718,163
Other assets 927,280 1,230,349
----------- -----------
TOTAL ASSETS $33,775,630 $32,822,086
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Money market accounts $ 3,845,602 121,513 4.22% $ 3,471,667 102,225 3.94%
Interest-bearing checking 3,285,154 36,984 1.50 3,753,264 41,722 1.49
Savings deposits 1,500,833 16,202 1.44 1,726,628 20,707 1.60
Certificates of deposit of
$100,000 and over 2,284,113 98,971 5.79 2,342,882 92,277 5.27
Other time deposits 8,343,814 338,411 5.42 9,712,950 362,579 4.99
Short-term borrowings
Federal funds purchased and securities
sold under agreements to repurchase 2,679,909 117,332 5.85 1,951,404 66,002 4.52
Short-term senior notes 315,328 16,213 6.87 -- -- --
Short-term FHLB advances 2,805,758 134,392 6.40 474,220 18,655 5.26
Long-term debt
Federal Home Loan Bank advances 347,660 17,025 6.54 335,014 12,633 5.04
Subordinated capital notes 475,197 23,264 6.54 479,200 23,337 6.51
Medium-term senior notes 60,000 3,074 6.84 100,385 5,060 6.74
Trust Preferred Securities 199,058 12,383 8.31 199,022 12,383 8.32
Other 156,973 10,912 9.29 253,021 14,993 7.92
----------- ---------- ----------- ----------
TOTAL INTEREST-BEARING LIABILITIES 26,299,399 946,676 4.81 24,799,657 772,573 4.17
Noninterest-bearing demand deposits 4,027,572 -- 4,347,165 --
----------- ---------- ----------- ----------
TOTAL SOURCES OF FUNDS 30,326,971 946,676 29,146,822 772,573
---------- ----------
Other liabilities 641,031 682,362
Shareholders' equity
Preferred stock 20,377 22,609
Common equity 2,787,251 2,970,293
----------- -----------
Total shareholders' equity 2,807,628 2,992,902
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $33,775,630 $32,822,086
=========== ===========
NET INTEREST INCOME (1) $ 956,987 $ 964,170
========== ==========
INTEREST RATE SPREAD (1) 3.48% 3.67%
==== ====
NET INTEREST MARGIN (1) 4.17% 4.35%
==== ====
TAXABLE-EQUIVALENT ADJUSTMENTS
Loans $ 4,084 $ 3,801
Securities 22,793 24,854
---------- ----------
Total $ 26,877 $ 28,655
========== ==========
</TABLE>
-------------------
(1) Taxable-equivalent yields are calculated assuming a 35% federal income
tax rate.
(2) Yields are calculated on historical cost and exclude the impact of the
unrealized gain (loss) on available for sale securities.
(3) Includes loan fees in both interest income and the calculation of the
yield on loans.
(4) Includes loans on nonaccrual status.
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