|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: UNION PLANTERS CORP, 8-K, EX-99.1, 2000-07-20 |
Next: UNITED AIR LINES INC, 424B5, 2000-07-20 |
<PAGE> 1
EXHIBIT 99.2
Second Quarter 2000 Unaudited Supplemental Financial Information
<PAGE> 2
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
<TABLE>
<CAPTION>
June 30, Variance
---------------------------- ------------------------
2000 1999 Dollar Percentage
------------ ------------ ------------ ----------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Assets
Cash and due from banks $ 1,006,884 $ 1,140,966 $ (134,082) (11.8)%
Interest-bearing deposits at financial institutions 28,819 49,808 (20,989) (42.1)
Federal funds sold and securities
purchased under agreements to resell 72,389 120,762 (48,373) (40.1)
Trading account assets 202,019 282,199 (80,180) (28.4)
Loans held for resale 356,934 403,520 (46,586) (11.5)
Available for sale investment securities (amortized cost: $7,192,127
and $8,035,376, respectively) 6,954,593 7,939,035 (984,442) (12.4)
Loans 23,342,893 20,263,128 3,079,765 15.2
Less: Unearned income (14,703) (32,016) 17,313 54.1
Allowance for losses on loans (345,858) (340,586) (5,272) (1.5)
------------ ------------ ------------
Net loans 22,982,332 19,890,526 3,091,806 15.5
Premises and equipment 622,892 584,717 38,175 6.5
Accrued interest receivable 288,231 281,752 6,479 2.3
FHA/VA claims receivable 88,445 137,337 (48,892) (35.6)
Mortgage servicing rights 132,985 115,033 17,952 15.6
Goodwill and other intangibles 985,361 725,046 260,315 35.9
Other assets 504,929 589,471 (84,542) (14.3)
------------ ------------ ------------
Total assets $ 34,226,813 $ 32,260,172 $ 1,966,641 6.1
============ ============ ============
Liabilities and shareholders' equity
Deposits
Noninterest-bearing $ 4,097,788 $ 4,236,678 $ (138,890) (3.3)
Certificates of deposit of $100,000 and over 2,485,447 2,120,692 364,755 17.2
Other interest-bearing 16,707,120 18,450,271 (1,743,151) (9.4)
------------ ------------ ------------
Total deposits 23,290,355 24,807,641 (1,517,286) (6.1)
Short-term borrowings 5,526,280 2,596,517 2,929,763 112.8
Short and medium-term senior notes 660,000 105,000 555,000 528.6
Federal Home Loan Bank advances 601,506 208,463 393,043 188.5
Other long-term debt 829,057 894,798 (65,741) (7.3)
Accrued interest, expenses, and taxes 282,583 247,195 35,388 14.3
Other liabilities 338,362 427,486 (89,124) (20.8)
------------ ------------ ------------
Total liabilities 31,528,143 29,287,100 2,241,043 7.7
------------ ------------ ------------
Commitments and contingent liabilities -- -- -- --
Shareholders' equity
Convertible preferred stock 19,983 22,134 (2,151) (9.7)
Common stock, $5 par value; 300,000,000 shares authorized;
134,731,904 and 142,712,856 issued and outstanding,
respectively 673,660 713,564 (39,904) (5.6)
Additional paid-in capital 752,846 770,932 (18,086) (2.3)
Retained earnings 1,424,808 1,541,608 (116,800) (7.6)
Unearned compensation (22,273) (13,595) (8,678) (63.8)
Unrealized loss on available for sale securities (150,354) (61,571) (88,783) (144.2)
------------ ------------ ------------
Total shareholders' equity 2,698,670 2,973,072 (274,402) (9.2)
------------ ------------ ------------
Total liabilities and shareholders' equity $ 34,226,813 $ 32,260,172 $ 1,966,641 6.1
============ ============ ============
</TABLE>
<PAGE> 3
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JUNE 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 $ 500,527 $ 428,335 $ 72,192 16.9%
Interest on investment securities
Taxable 98,491 107,518 (9,027) (8.4)
Tax-exempt 16,293 17,633 (1,340) (7.6)
Interest on deposits at financial institutions 193 450 (257) (57.1)
Interest on federal funds sold and securities
purchased under agreements to resell 1,578 963 615 63.9
Interest on trading account assets 3,362 3,934 (572) (14.5)
Interest on loans held for resale 6,300 6,468 (168) (2.6)
---------- ---------- ----------
Total interest income 626,744 565,301 61,443 10.9
---------- ---------- ----------
INTEREST EXPENSE
Interest on deposits 200,594 206,296 (5,702) (2.8)
Interest on short-term borrowings 94,381 26,088 68,293 261.8
Interest on long-term debt 20,417 21,328 (911) (4.3)
---------- ---------- ----------
Total interest expense 315,392 253,712 61,680 24.3
---------- ---------- ----------
NET INTEREST INCOME 311,352 311,589 (237) (0.1)
PROVISION FOR LOSSES ON LOANS 19,699 17,740 1,959 11.0
---------- ---------- ----------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS 291,653 293,849 (2,196) (0.7)
---------- ---------- ----------
NONINTEREST INCOME
Service charges on deposit accounts 44,667 42,523 2,144 5.0
Mortgage banking revenue 24,945 24,215 730 3.0
Bank card income 9,391 8,083 1,308 16.2
Factoring commissions 7,542 7,403 139 1.9
Trust service income 6,567 7,004 (437) (6.2)
Profits and commissions from trading activities 1,253 1,519 (266) (17.5)
Investment securities gains 77 3,181 (3,104) (97.6)
Other income 44,058 46,788 (2,730) (5.8)
---------- ---------- ----------
Total noninterest income 138,500 140,716 (2,216) (1.6)
---------- ---------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 127,567 129,871 (2,304) (1.8)
Net occupancy expense 23,550 21,676 1,874 8.6
Equipment expense 21,329 20,218 1,111 5.5
Goodwill and other intangible amortization 15,862 12,285 3,577 29.1
Other expense 87,577 90,959 (3,382) (3.7)
---------- ---------- ----------
Total noninterest expense 275,885 275,009 876 0.3
---------- ---------- ----------
EARNINGS BEFORE INCOME TAXES 154,268 159,556 (5,288) (3.3)
Applicable income taxes 51,383 53,792 (2,409) (4.5)
---------- ---------- ----------
NET EARNINGS $ 102,885 $ 105,764 $ (2,879) (2.7)
========== ========== ==========
NET EARNINGS APPLICABLE TO COMMON SHARES $ 102,483 $ 105,318 $ (2,835) (2.7)
========== ========== ==========
EARNINGS PER COMMON SHARE
Basic $ 0.76 $ 0.74 $ 0.02 2.7
Diluted 0.76 0.73 0.03 4.1
AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS)
Basic 134,794 142,574 (7,780) (5.5)
Diluted 136,268 144,798 (8,530) (5.9)
</TABLE>
<PAGE> 4
UNION PLANTERS CORPORATION
SUMMARY OF CONSOLIDATED RESULTS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
JUNE 30,
-------------------------
2000 1999 VARIANCE PERCENTAGE
---------- ---------- ---------- ----------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Interest income $ 626,744 $ 565,301 $ 61,443 10.9%
Interest expense (315,392) (253,712) (61,680) (24.3)
---------- ---------- ----------
NET INTEREST INCOME 311,352 311,589 (237) (0.1)
PROVISION FOR LOSSES ON LOANS (19,699) (17,740) (1,959) (11.0)
---------- ---------- ----------
NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 291,653 293,849 (2,196) (0.7)
NONINTEREST INCOME
Service charges on deposit accounts 44,667 42,523 2,144 5.0
Mortgage banking revenues 24,945 24,215 730 3.0
Bank card income 9,391 8,083 1,308 16.2
Factoring commissions 7,542 7,403 139 1.9
Trust service income 6,567 7,004 (437) (6.2)
Profits and commissions from trading activities 1,253 1,519 (266) (17.5)
Other income 39,296 38,456 840 2.2
---------- ---------- ----------
Total noninterest income 133,661 129,203 4,458 3.5
---------- ---------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 127,567 129,871 (2,304) (1.8)
Net occupancy expense 23,550 21,676 1,874 8.6
Equipment expense 21,329 20,218 1,111 5.5
Goodwill and other intangibles amortization 15,862 12,285 3,577 29.1
Other expense 87,577 90,698 (3,121) (3.4)
---------- ---------- ----------
Total noninterest expense 275,885 274,748 1,137 0.4
---------- ---------- ----------
EARNINGS BEFORE OTHER
SIGNIFICANT ITEMS AND INCOME TAXES 149,429 148,304 1,125 0.8
OTHER SIGNIFICANT ITEMS
Investment securities gains 77 3,181 (3,104) (97.6)
Gain on sale of credit card portfolio -- 874 (874) (100.0)
Gain on sale of ARM loans -- 5,041 (5,041) (100.0)
Gain on sale of corporate trust business -- 2,417 (2,417) (100.0)
Reversion of excess assets of a pension plan of an acquired entity 4,762 -- 4,762 NM
Other, net -- (261) 261 100.0
---------- ---------- ----------
EARNINGS BEFORE INCOME TAXES 154,268 159,556 (5,288) (3.3)
Income taxes (51,383) (53,792) 2,409 4.5
---------- ---------- ----------
NET EARNINGS $ 102,885 $ 105,764 $ (2,879) (2.7)%
========== ========== ==========
NET EARNINGS $ 102,885 $ 105,764 $ (2,879) (2.7)%
Other significant items, net of taxes (2,493) (6,876) 4,383 63.7
---------- ---------- ----------
NET OPERATING EARNINGS 100,392 98,888 1,504 1.5
Goodwill and other intangibles amortization, net of taxes 13,390 9,993 3,397 34.0
---------- ---------- ----------
CASH OPERATING EARNINGS $ 113,782 $ 108,881 $ 4,901 4.5%
========== ========== ==========
DILUTED EARNINGS PER COMMON SHARE $ 0.76 $ 0.73 $ 0.03 4.1%
DILUTED OPERATING EARNINGS PER COMMON SHARE 0.74 0.68 0.06 8.8
DILUTED CASH OPERATING EARNINGS PER COMMON SHARE 0.84 0.75 0.09 12.0
</TABLE>
<PAGE> 5
UNION PLANTERS CORPORATION
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
<TABLE>
<CAPTION>
THREE MONTHS ENDED JUNE 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 $ 26,785 $ 193 2.90% $ 31,606 $ 450 5.71%
Federal funds sold and securities
purchased under agreements to resell 96,490 1,578 6.58 75,924 963 5.09
Trading account assets 184,841 3,362 7.32 256,247 3,934 6.16
Investment securities(1)(2)
Taxable securities 6,145,785 98,491 6.45 7,020,196 107,518 6.14
Tax-exempt securities 1,246,479 23,894 7.71 1,337,229 25,991 7.80
------------ --------- ------------ ---------
Total investment securities 7,392,264 122,385 6.66 8,357,425 133,509 6.41
Loans, net of unearned income(1),(3),(4) 23,058,844 508,262 8.87 20,916,423 436,051 8.36
------------ --------- ------------ ---------
TOTAL EARNING ASSETS(1),(2),(3),(4) 30,759,224 635,780 8.31 29,637,625 574,907 7.78
--------- ---------
Cash and due from banks 909,685 1,081,436
Premises and equipment 632,790 581,790
Allowance for losses on loans (350,085) (349,409)
Goodwill and other intangibles 962,208 717,830
Other assets 949,561 1,319,526
------------ ------------
TOTAL ASSETS $ 33,863,383 $ 32,988,798
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Money market accounts $ 3,826,930 39,022 4.10% $ 3,703,442 35,526 3.85%
Interest-bearing checking 3,309,979 13,463 1.64 3,683,567 12,406 1.35
Savings deposits 1,513,795 5,408 1.44 1,729,399 6,810 1.58
Certificates of deposit of
$100,000 and over 2,228,985 31,775 5.73 2,286,601 30,016 5.27
Other time deposits 8,268,440 110,926 5.40 9,829,513 121,538 4.96
Short-term borrowings
Federal funds purchased and securities sold under
agreements to repurchase 2,659,034 39,079 5.91 2,056,357 22,615 4.41
Short-term senior notes 408,791 6,904 6.79 -- -- --
Short-term FHLB advances 3,019,708 48,398 6.45 281,114 3,473 4.96
Long-term debt
Federal Home Loan Bank advances 236,743 3,864 6.56 209,468 2,600 4.98
Subordinated capital notes 475,130 7,754 6.56 479,874 7,704 6.44
Medium-term senior notes 60,000 1,024 6.86 105,000 1,761 6.73
Trust Preferred Securities 199,058 4,127 8.34 199,022 4,128 8.32
Other 154,836 3,648 9.48 255,670 5,135 8.06
------------ --------- ------------ ---------
TOTAL INTEREST-BEARING LIABILITIES 26,361,429 315,392 4.81 24,819,027 253,712 4.10
Noninterest-bearing demand deposits 4,058,827 -- 4,476,077 --
------------ --------- ------------ ---------
TOTAL SOURCES OF FUNDS 30,420,256 315,392 29,295,104 253,712
--------- ---------
Other liabilities 625,244 693,587
Shareholders' equity
Preferred stock 20,398 22,706
Common equity 2,797,485 2,977,401
------------ ------------
Total shareholders' equity 2,817,883 3,000,107
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 33,863,383 $ 32,988,798
============ ============
NET INTEREST INCOME(1) $ 320,388 $ 321,195
========= =========
INTEREST RATE SPREAD(1) 3.50% 3.68%
====== ======
NET INTEREST MARGIN(1) 4.19% 4.35%
====== ======
TAXABLE-EQUIVALENT ADJUSTMENTS
Loans $ 1,435 $ 1,248
Securities 7,601 8,358
--------- ---------
Total $ 9,036 $ 9,606
========= =========
</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>
SIX MONTHS ENDED
JUNE 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 $ 970,290 $ 846,106 $ 124,184 14.7%
Interest on investment securities
Taxable 200,182 214,098 (13,916) (6.5)
Tax-exempt 33,106 35,093 (1,987) (5.7)
Interest on deposits at financial institutions 513 1,437 (924) (64.3)
Interest on federal funds sold and securities
purchased under agreements to resell 2,607 1,832 775 42.3
Interest on trading account assets 8,416 7,529 887 11.8
Interest on loans held for resale 12,618 13,791 (1,173) (8.5)
---------- ---------- ---------
Total interest income 1,227,732 1,119,886 107,846 9.6
---------- ---------- ---------
INTEREST EXPENSE
Interest on deposits 390,562 419,300 (28,738) (6.9)
Interest on short-term borrowings 171,077 45,342 125,735 277.3
Interest on long-term debt 39,991 47,958 (7,967) (16.6)
---------- ---------- ---------
Total interest expense 601,630 512,600 89,030 17.4
---------- ---------- ---------
NET INTEREST INCOME 626,102 607,286 18,816 3.1
PROVISION FOR LOSSES ON LOANS 37,002 34,019 2,983 8.8
---------- ---------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS 589,100 573,267 15,833 2.8
---------- ---------- ---------
NONINTEREST INCOME
Service charges on deposit accounts 86,698 81,390 5,308 6.5
Mortgage banking revenue 47,817 51,702 (3,885) (7.5)
Bank card income 17,813 11,043 6,770 61.3
Factoring commissions 14,686 14,431 255 1.8
Trust service income 13,232 13,714 (482) (3.5)
Profits and commissions from trading activities 2,716 1,864 852 45.7
Investment securities gains 77 3,192 (3,115) (97.6)
Other income 83,030 89,634 (6,604) (7.4)
---------- ---------- ---------
Total noninterest income 266,069 266,970 (901) (0.3)
---------- ---------- ---------
NONINTEREST EXPENSE
Salaries and employee benefits 256,298 253,101 3,197 1.3
Net occupancy expense 46,949 41,911 5,038 12.0
Equipment expense 42,404 39,238 3,166 8.1
Goodwill and other intangibles amortization 31,709 25,148 6,561 26.1
Other expense 170,230 173,850 (3,620) (2.1)
---------- ---------- ---------
Total noninterest expense 547,590 533,248 14,342 2.7
---------- ---------- ---------
EARNINGS BEFORE INCOME TAXES 307,579 306,989 590 0.2
Applicable income taxes 103,357 103,875 (518) (0.5)
---------- ---------- ---------
NET EARNINGS $ 204,222 $ 203,114 $ 1,108 0.5
========== ========== =========
NET EARNINGS APPLICABLE TO COMMON SHARES $ 203,408 $ 202,210 $ 1,198 0.6
========== ========== =========
EARNINGS PER COMMON SHARE
Basic $ 1.50 $ 1.42 $ 0.08 5.6
Diluted 1.49 1.40 0.09 6.4
AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS)
Basic 135,670 142,417 (6,747) (4.7)
Diluted 137,170 144,737 (7,567) (5.2)
</TABLE>
<PAGE> 7
UNION PLANTERS CORPORATION
SUMMARY OF CONSOLIDATED RESULTS
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30,
-----------------------------
2000 1999 VARIANCE PERCENTAGE
----------- ----------- --------- ----------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Interest income $ 1,227,732 $ 1,119,886 $ 107,846 9.6%
Interest expense (601,630) (512,600) (89,030) (17.4)
----------- ----------- ---------
NET INTEREST INCOME 626,102 607,286 18,816 3.1
PROVISION FOR LOSSES ON LOANS (37,002) (34,019) (2,983) (8.8)
----------- ----------- ---------
NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 589,100 573,267 15,833 2.8
NONINTEREST INCOME
Service charges on deposit accounts 86,698 81,390 5,308 6.5
Mortgage banking revenues 47,817 51,702 (3,885) (7.5)
Bank card income 17,813 11,043 6,770 61.3
Factoring commissions 14,686 14,431 255 1.8
Trust service income 13,232 13,714 (482) (3.5)
Profits and commissions from trading activities 2,716 1,864 852 45.7
Other income 78,268 73,591 4,677 6.4
----------- ----------- ---------
Total noninterest income 261,230 247,735 13,495 5.4
----------- ----------- ---------
NONINTEREST EXPENSE
Salaries and employee benefits 256,298 253,101 3,197 1.3
Net occupancy expense 46,949 41,911 5,038 12.0
Equipment expense 42,404 39,238 3,166 8.1
Goodwill and other intangibles amortization 31,709 25,148 6,561 26.1
Other expense 170,230 173,589 (3,359) (1.9)
----------- ----------- ---------
Total noninterest expense 547,590 532,987 14,603 2.7
----------- ----------- ---------
EARNINGS BEFORE OTHER
SIGNIFICANT ITEMS AND INCOME TAXES 302,740 288,015 14,725 5.1
OTHER SIGNIFICANT ITEMS
Gain on sale of the credit card portfolio -- 3,268 (3,268) (100.0)
Gain on securitization and sale of FHA/VA loans -- 5,317 (5,317) (100.0)
Gain on sale of ARM loans -- 5,041 (5,041) (100.0)
Reversion of excess assets of a pension plan of an acquired entity 4,762 -- 4,762 NM
Gain on sale of corporate trust business -- 2,417 (2,417) (100.0)
Investment securities gains 77 3,192 (3,115) (97.6)
Other, net -- (261) 261 100.0
----------- ----------- ---------
EARNINGS BEFORE INCOME TAXES 307,579 306,989 590 0.2
Income taxes (103,357) (103,875) 518 0.5
----------- ----------- ---------
NET EARNINGS $ 204,222 $ 203,114 $ 1,108 0.5%
=========== =========== =========
NET EARNINGS $ 204,222 $ 203,114 $ 1,108 0.5%
Other significant items, net of taxes (2,493) (11,594) 9,101 78.5
----------- ----------- ---------
NET OPERATING EARNINGS 201,729 191,520 10,209 5.3
Goodwill and other intangibles amortization, net of taxes 26,712 20,557 6,155 29.9
----------- ----------- ---------
CASH OPERATING EARNINGS $ 228,441 $ 212,077 $ 16,364 7.7%
=========== =========== =========
DILUTED EARNINGS PER COMMON SHARE $ 1.49 $ 1.40 $ 0.09 6.4%
DILUTED OPERATING EARNINGS PER COMMON SHARE 1.47 1.32 0.15 11.4
DILUTED CASH OPERATING EARNINGS PER COMMON SHARE 1.67 1.47 0.20 13.6
</TABLE>
<PAGE> 8
UNION PLANTERS CORPORATION
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30,
---------------------------------------------------------------------------------
2000 1999
---------------------------------------- -------------------------------------
INTEREST FTE INTEREST FTE
AVERAGE INCOME/ YIELD/ AVERAGE INCOME/ YIELD/
BALANCE EXPENSE RATE BALANCE EXPENSE RATE
------------ ------------ ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS (DOLLARS IN THOUSANDS)
Interest-bearing deposits at
financial institutions $ 31,138 $ 513 3.31% $ 75,796 $ 1,437 3.82%
Federal funds sold and securities
purchased under agreements to resell 83,861 2,607 6.25 75,939 1,832 4.86
Trading account assets 225,205 8,416 7.52 247,577 7,529 6.13
Investment securities (1)(2)
Taxable securities 6,257,532 200,182 6.43 7,073,724 214,098 6.10
Tax-exempt securities 1,261,207 48,586 7.75 1,328,507 51,737 7.85
------------ ------------ ------------ -----------
Total investment securities 7,518,739 248,768 6.65 8,402,231 265,835 6.38
Loans, net of unearned income (1),(3),(4) 22,544,773 985,585 8.79 20,686,397 862,305 8.41
------------ ------------ ------------ -----------
TOTAL EARNING ASSETS (1),(2),(3),(4) 30,403,716 1,245,889 8.24 29,487,940 1,138,938 7.79
------------ -----------
Cash and due from banks 942,988 1,044,945
Premises and equipment 632,876 574,106
Allowance for losses on loans (348,131) (346,063)
Goodwill and other intangibles 964,244 605,277
Other assets 962,406 1,304,974
------------ ------------
TOTAL ASSETS $ 33,558,099 $ 32,671,179
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Money market accounts $ 3,871,068 79,102 4.11% $ 3,273,960 65,784 4.05%
Interest-bearing checking 3,356,588 25,104 1.50 3,867,428 28,646 1.49
Savings deposits 1,536,068 11,037 1.44 1,724,050 14,362 1.68
Certificates of deposit of
$100,000 and over 2,103,577 57,863 5.53 2,389,174 63,496 5.36
Other time deposits 8,336,204 217,456 5.25 9,854,440 247,012 5.05
Short-term borrowings
Federal funds purchased and securities
sold under agreements to repurchase 2,501,508 69,831 5.61 1,906,142 41,741 4.42
Short-term senior notes 240,659 8,016 6.70 -- -- --
Short-term FHLB advances 3,012,839 93,230 6.22 142,612 3,601 5.09
Long-term debt
Federal Home Loan Bank advances 219,413 6,876 6.30 401,341 9,951 5.00
Subordinated capital notes 475,315 15,513 6.56 480,285 15,554 6.53
Medium-term senior notes 60,000 2,049 6.87 105,000 3,523 6.77
Trust Preferred Securities 199,053 8,255 8.34 199,018 8,255 8.36
Other 159,046 7,298 9.23 281,067 10,675 7.66
------------ ------------ ------------ -----------
TOTAL INTEREST-BEARING LIABILITIES 26,071,338 601,630 4.64 24,624,517 512,600 4.20
Noninterest-bearing demand deposits 4,043,121 -- 4,390,270 --
------------ ------------ ------------ -----------
TOTAL SOURCES OF FUNDS 30,114,459 601,630 29,014,787 512,600
------------ -----------
Other liabilities 613,761 677,763
Shareholders' equity
Preferred stock 20,582 22,947
Common equity 2,809,297 2,955,682
------------ ------------
Total shareholders' equity 2,829,879 2,978,629
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 33,558,099 $ 32,671,179
============ ============
NET INTEREST INCOME(1) $ 644,259 $ 626,338
============ ===========
INTEREST RATE SPREAD(1) 3.60% 3.59%
======== ========
NET INTEREST MARGIN(1) 4.26% 4.28%
======== ========
TAXABLE-EQUIVALENT ADJUSTMENTS
Loans $ 2,677 $ 2,408
Securities 15,480 16,644
------------ -----------
Total $ 18,157 $ 19,052
============ ===========
</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.
|
|