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Previous: UNION PLANTERS CORP, 8-K, EX-99.1, 2001-01-18 |
Next: UNION PLANTERS CORP, 8-K, EX-99.3, 2001-01-18 |
<PAGE> 1
EXHIBIT 99.2
EXHIBIT 99.2
Fourth Quarter and Full Year 2000 Unaudited Supplemental Financial Information
<PAGE> 2
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
December 31, Variance
------------------------------ ---------------------------
2000 1999 Dollar Percentage
------------ ------------ ------------ ----------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Assets
Cash and due from banks $ 1,018,318 $ 1,127,902 $ (109,584) (9.7)%
Interest-bearing deposits at financial institutions 43,525 73,062 (29,537) (40.4)
Federal funds sold and securities
purchased under agreements to resell 36,384 51,117 (14,733) (28.8)
Trading account assets 233,878 315,734 (81,856) (25.9)
Loans held for resale 457,107 430,690 26,417 6.1
Available for sale investment securities
(amortized cost: $6,849,457 and $7,685,096,
respectively) 6,843,670 7,472,455 (628,785) (8.4)
Loans 23,982,237 21,474,498 2,507,739 11.7
Less: Unearned income (24,743) (28,098) 3,355 11.9
Allowance for losses on loans (335,452) (342,300) 6,848 2.0
------------ ------------ ------------
Net loans 23,622,042 21,104,100 2,517,942 11.9
Premises and equipment 602,218 637,628 (35,410) (5.6)
Accrued interest receivable 304,488 287,231 17,257 6.0
FHA/VA claims receivable 84,015 108,618 (24,603) (22.7)
Mortgage servicing rights 123,940 122,110 1,830 1.5
Goodwill and other intangibles 952,389 975,432 (23,043) (2.4)
Other assets 398,744 574,274 (175,530) (30.6)
------------ ------------ ------------
Total assets $ 34,720,718 $ 33,280,353 $ 1,440,365 4.3%
============ ============ ============
Liabilities and shareholders' equity
Deposits
Noninterest-bearing $ 4,064,298 $ 4,035,189 $ 29,109 0.7%
Certificates of deposit of $100,000 and over 2,453,621 1,963,347 490,274 25.0
Other interest-bearing 16,595,464 17,373,580 (778,116) (4.5)
------------ ------------ ------------
Total deposits 23,113,383 23,372,116 (258,733) (1.1)
Short-term borrowings 6,086,896 5,422,504 664,392 12.3
Short and medium-term senior notes 60,000 60,000 -- --
Federal Home Loan Bank advances 1,101,619 203,032 898,587 442.6
Other long-term debt 777,352 854,738 (77,386) (9.1)
Accrued interest, expenses, and taxes 308,241 202,303 105,938 52.4
Other liabilities 353,173 389,551 (36,378) (9.3)
------------ ------------ ------------
Total liabilities 31,800,664 30,504,244 1,296,420 4.2
============ ============ ============
Commitments and contingent liabilities -- -- -- --
Shareholders' equity
Convertible preferred stock 19,691 20,875 (1,184) (5.7)
Common stock, $5 par value; 300,000,000 shares authorized;
134,734,841 and 138,487,381 issued and outstanding,
respectively 673,674 692,437 (18,763) (2.7)
Additional paid-in capital 754,380 755,306 (926) (0.1)
Retained earnings 1,493,072 1,453,468 39,604 2.7
Unearned compensation (16,922) (11,760) (5,162) (43.9)
Unrealized loss on available for sale securities (3,841) (134,217) 130,376 97.1
------------ ------------ ------------
Total shareholders' equity 2,920,054 2,776,109 143,945 5.2
------------ ------------ ------------
Total liabilities and shareholders' equity $ 34,720,718 $ 33,280,353 $ 1,440,365 4.3%
============ ============ ============
</TABLE>
<PAGE> 3
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
DECEMBER 31, VARIANCE
-------------------------- ------------------------
2000 1999 DOLLAR PERCENTAGE
---------- ---------- ---------- ----------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 529,934 $ 459,488 $ 70,446 15.3%
Interest on investment securities
Taxable 92,577 101,344 (8,767) (8.7)
Tax-exempt 15,765 16,964 (1,199) (7.1)
Interest on deposits at financial institutions 538 447 91 20.4
Interest on federal funds sold and securities
purchased under agreements to resell 954 1,078 (124) (11.5)
Interest on trading account assets 4,124 4,607 (483) (10.5)
Interest on loans held for resale 6,976 5,916 1,060 17.9
---------- ---------- ----------
Total interest income 650,868 589,844 61,024 10.3
---------- ---------- ----------
INTEREST EXPENSE
Interest on deposits 223,028 191,901 31,127 16.2
Interest on short-term borrowings 98,816 57,279 41,537 72.5
Interest on long-term debt 28,018 19,648 8,370 42.6
---------- ---------- ----------
Total interest expense 349,862 268,828 81,034 30.1
---------- ---------- ----------
NET INTEREST INCOME 301,006 321,016 (20,010) (6.2)
PROVISION FOR LOSSES ON LOANS 20,121 19,661 460 2.3
---------- ---------- ----------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS 280,885 301,355 (20,470) (6.8)
---------- ---------- ----------
NONINTEREST INCOME
Service charges on deposit accounts 47,886 44,389 3,497 7.9
Mortgage banking revenue 29,424 21,577 7,847 36.4
Bank card income 9,914 7,931 1,983 25.0
Factoring commissions 8,057 7,490 567 7.6
Trust service income 7,120 5,965 1,155 19.4
Profits and commissions from trading activities 1,623 1,363 260 19.1
Investment securities gains 304 160 144 90.0
Other income 41,660 33,783 7,877 23.3
---------- ---------- ----------
Total noninterest income 145,988 122,658 23,330 19.0
---------- ---------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 118,366 125,809 (7,443) (5.9)
Net occupancy expense 22,569 22,661 (92) (0.4)
Equipment expense 21,360 22,458 (1,098) (4.9)
Goodwill and other intangible amortization 16,241 16,200 41 0.3
Other expense 97,644 89,989 7,655 8.5
---------- ---------- ----------
Total noninterest expense 276,180 277,117 (937) (0.3)
---------- ---------- ----------
EARNINGS BEFORE INCOME TAXES 150,693 146,896 3,797 2.6
Applicable income taxes 47,186 49,546 (2,360) (4.8)
---------- ---------- ----------
NET EARNINGS $ 103,507 $ 97,350 $ 6,157 6.3%
========== ========== ==========
NET EARNINGS APPLICABLE TO COMMON SHARES $ 103,113 $ 96,929 $ 6,184 6.4%
========== ========== ==========
EARNINGS PER COMMON SHARE
Basic $ .77 $ .69 $ .08 11.6%
Diluted .76 .69 .07 10.1
AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS)
Basic 134,675 140,044 (5,369) (3.8)%
Diluted 136,163 141,912 (5,749) (4.1)
</TABLE>
<PAGE> 4
UNION PLANTERS CORPORATION
SUMMARY OF CONSOLIDATED RESULTS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
DECEMBER 31,
--------------------------
2000 1999 VARIANCE PERCENTAGE
---------- ---------- ---------- ----------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Interest income $ 650,868 $ 589,844 $ 61,024 10.3%
Interest expense (349,862) (268,828) (81,034) 30.1
---------- ---------- ----------
NET INTEREST INCOME 301,006 321,016 (20,010) (6.2)
PROVISION FOR LOSSES ON LOANS (20,121) (19,661) (460) 2.3
---------- ---------- ----------
NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 280,885 301,355 (20,470) (6.8)
NONINTEREST INCOME
Service charges on deposit accounts 47,886 44,389 3,497 7.9
Mortgage banking revenue 29,424 21,577 7,847 36.4
Bank card income 9,914 7,931 1,983 25.0
Factoring commissions 8,057 7,490 567 7.6
Trust service income 7,120 5,965 1,155 19.4
Profits and commissions from trading activities 1,623 1,363 260 19.1
Other income 40,609 33,716 6,893 20.4
---------- ---------- ----------
Total noninterest income 144,633 122,431 22,202 18.1
---------- ---------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 118,366 125,809 (7,443) (5.9)
Net occupancy expense 22,569 22,661 (92) (0.4)
Equipment expense 21,360 22,458 (1,098) (4.9)
Goodwill and other intangibles amortization 16,241 16,200 41 0.3
Other expense 97,198 97,142 56 0.1
---------- ---------- ----------
Total noninterest expense 275,734 284,270 (8,536) (3.0)
---------- ---------- ----------
EARNINGS BEFORE NONOPERATING ITEMS AND INCOME TAXES 149,784 139,516 10,268 7.4
NONOPERATING ITEMS
Gain on sale of loans 1,051 -- 1,051 NM
Investment securities gains 304 160 144 90.0
Gain on sale of credit card portfolio -- 67 (67) (100.0)
Contribution of equity securities to a charitable foundation (446) -- (446) NM
Merger-related charges -- 7,153 (7,153) (100.0)
---------- ---------- ----------
EARNINGS BEFORE INCOME TAXES 150,693 146,896 3,797 2.6
Applicable income taxes (47,186) (49,546) 2,360 4.8
---------- ---------- ----------
NET EARNINGS $ 103,507 $ 97,350 $ 6,157 6.3%
========== ========== ==========
NET EARNINGS $ 103,507 $ 97,350 $ 6,157 6.3%
Nonoperating items, net of taxes (556) (4,509) 3,953 87.7
---------- ---------- ----------
NET OPERATING EARNINGS 102,951 92,841 10,110 10.9
Goodwill and other intangibles, net of taxes 13,689 13,084 605 4.6
---------- ---------- ----------
CASH OPERATING EARNINGS $ 116,640 $ 105,925 $ 10,715 10.1%
========== ========== ==========
PER COMMON SHARE
Diluted earnings per share $ .76 $ .69 $ .07 10.1%
Diluted operating earnings per share .76 .65 .11 16.9
Diluted cash operating earnings per share .86 .75 .11 14.7
</TABLE>
<PAGE> 5
UNION PLANTERS CORPORATION
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
<TABLE>
<CAPTION>
THREE MONTHS ENDED DECEMBER 31,
-----------------------------------------------------------------------
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 $ 31,300 $ 538 6.84% $ 34,975 $ 447 5.07%
Federal funds sold and securities
purchased under agreements to resell 57,882 954 6.56 82,003 1,078 5.22
Trading account assets 202,511 4,124 8.10 261,666 4,607 6.99
Investment securities (1) (2)
Taxable securities 5,730,666 92,577 6.43 6,464,109 101,344 6.22
Tax-exempt securities 1,210,784 23,010 7.56 1,302,315 25,010 7.62
------------ -------- ------------ --------
Total investment securities 6,941,450 115,587 6.62 7,766,424 126,354 6.45
Loans, net of unearned income (1), (3), (4) 23,961,407 538,484 8.94 21,710,862 466,681 8.53
------------ -------- ------------ --------
TOTAL EARNING ASSETS (1), (2), (3), (4) 31,194,550 659,687 8.41 29,855,930 599,167 7.96
-------- --------
Cash and due from banks 873,271 1,018,711
Premises and equipment 606,964 648,260
Allowance for losses on loans (337,144) (358,607)
Goodwill and other intangibles 960,852 978,206
Other assets 901,917 998,101
------------ ------------
TOTAL ASSETS $ 34,200,410 $ 33,140,601
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Money market accounts $ 3,810,655 43,149 4.50% $ 3,946,195 39,280 3.95%
Interest-bearing checking 3,100,911 11,554 1.48 3,408,078 11,223 1.31
Savings deposits 1,360,197 5,092 1.49 1,614,353 5,611 1.38
Certificates of deposit of
$100,000 and over 2,469,329 39,410 6.35 2,070,880 26,484 5.07
Other time deposits 8,290,265 123,823 5.94 8,795,691 109,303 4.93
Short-term borrowings
Federal funds purchased and securities sold under
agreements to repurchase 3,583,931 56,057 6.22 2,067,530 25,456 4.88
Short-term senior notes 56,522 977 6.88 -- -- --
Short-term FHLB advances 2,467,220 41,782 6.74 2,279,840 31,823 5.54
Long-term debt
Federal Home Loan Bank advances 742,716 12,338 6.61 203,135 2,998 5.86
Subordinated capital notes 474,944 7,751 6.49 475,903 7,765 6.47
Medium-term senior notes 60,000 1,025 6.80 64,565 1,101 6.77
Trust Preferred Securities 199,075 4,128 8.25 199,040 4,128 8.23
Other 105,997 2,776 10.42 180,211 3,656 8.05
------------ -------- ------------ --------
TOTAL INTEREST-BEARING LIABILITIES 26,721,762 349,862 5.21 25,305,421 268,828 4.21
Noninterest-bearing demand deposits 3,957,042 -- 4,222,365
------------ -------- ------------ --------
TOTAL SOURCES OF FUNDS 30,678,804 349,862 29,527,786 268,828
-------- --------
Other liabilities 713,801 668,466
Shareholders' equity
Preferred stock 19,836 21,453
Common equity 2,787,969 2,922,896
------------ ------------
Total shareholders' equity 2,807,805 2,944,349
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 34,200,410 $ 33,140,601
============ ============
NET INTEREST INCOME (1) $309,825 $330,339
======== ========
NET INTEREST RATE SPREAD (1) 3.20% 3.75%
===== =====
NET INTEREST MARGIN (1) 3.95% 4.39%
===== =====
TAXABLE-EQUIVALENT ADJUSTMENTS
Loans $ 1,574 $ 1,277
Investment securities 7,245 8,046
-------- --------
Total $ 8,819 $ 9,323
======== ========
</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>
TWELVE MONTHS ENDED
DECEMBER 31, VARIANCE
------------------------------ --------------------------
2000 1999 DOLLAR PERCENTAGE
----------- ----------- ---------- ----------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $ 2,025,117 $ 1,760,250 $ 264,867 15.0 %
Interest on investment securities
Taxable 387,505 421,162 (33,657) (8.0)
Tax-exempt 64,897 69,538 (4,641) (6.7)
Interest on deposits at financial institutions 2,170 2,763 (593) (21.5)
Interest on federal funds sold and securities
purchased under agreements to resell 5,072 4,014 1,058 26.4
Interest on trading account assets 16,806 15,970 836 5.2
Interest on loans held for resale 26,087 24,235 1,852 7.6
----------- ----------- ----------
Total interest income 2,527,654 2,297,932 229,722 10.0
----------- ----------- ----------
INTEREST EXPENSE
Interest on deposits 835,109 811,411 23,698 2.9
Interest on short-term borrowings 366,753 141,936 224,817 158.4
Interest on long-term debt 94,676 88,054 6,622 7.5
----------- ----------- ----------
Total interest expense 1,296,538 1,041,401 255,137 24.5
----------- ----------- ----------
NET INTEREST INCOME 1,231,116 1,256,531 (25,415) (2.0)
PROVISION FOR LOSSES ON LOANS 77,062 74,045 3,017 4.1
----------- ----------- ----------
NET INTEREST INCOME AFTER PROVISION
FOR LOSSES ON LOANS 1,154,054 1,182,486 (28,432) (2.4)
----------- ----------- ----------
NONINTEREST INCOME
Service charges on deposit accounts 182,035 170,052 11,983 7.0
Mortgage banking revenue 103,987 96,785 7,202 7.4
Bank card income 37,047 26,880 10,167 37.8
Factoring commissions 31,205 29,504 1,701 5.8
Trust service income 26,395 23,920 2,475 10.3
Profits and commissions from trading activities 5,937 4,321 1,616 37.4
Investment securities gains 381 2,128 (1,747) (82.1)
Other income 172,415 159,120 13,295 8.4
----------- ----------- ----------
Total noninterest income 559,402 512,710 46,692 9.1
----------- ----------- ----------
NONINTEREST EXPENSE
Salaries and employee benefits 508,439 502,279 6,160 1.2
Net occupancy expense 93,054 88,122 4,932 5.6
Equipment expense 84,668 81,720 2,948 3.6
Goodwill and other intangibles amortization 64,101 56,388 7,713 13.7
Other expense 352,578 347,855 4,723 1.4
----------- ----------- ----------
Total noninterest expense 1,102,840 1,076,364 26,476 2.5
----------- ----------- ----------
EARNINGS BEFORE INCOME TAXES 610,616 618,832 (8,216) (1.3)
Applicable income taxes 201,306 208,834 (7,528) (3.6)
----------- ----------- ----------
NET EARNINGS $ 409,310 $ 409,998 $ (688) (0.2)%
=========== =========== ==========
NET EARNINGS APPLICABLE TO COMMON SHARES $ 407,703 $ 408,240 $ (537) (0.1)%
=========== =========== ==========
EARNINGS PER COMMON SHARE
Basic $ 3.02 $ 2.88 $ .14 4.9 %
Diluted 3.00 2.85 .15 5.3
AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS)
Basic 135,171 141,854 (6,683) (4.7)%
Diluted 136,656 143,983 (7,327) (5.1)
</TABLE>
<PAGE> 7
UNION PLANTERS CORPORATION
SUMMARY OF CONSOLIDATED RESULTS
(UNAUDITED)
<TABLE>
<CAPTION>
TWELVE MONTHS ENDED
DECEMBER 31,
-----------------------------
2000 1999 VARIANCE PERCENTAGE
------------ ------------ ---------- ----------
(Dollars in thousands)
<S> <C> <C> <C> <C>
Interest income $ 2,527,654 $ 2,297,932 $ 229,722 10.0%
Interest expense (1,296,538) (1,041,401) (255,137) (24.5)
------------ ------------ ----------
NET INTEREST INCOME 1,231,116 1,256,531 (25,415) (2.0)
PROVISION FOR LOSSES ON LOANS (77,062) (74,045) (3,017) (4.1)
------------ ------------ ----------
NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 1,154,054 1,182,486 (28,432) (2.4)
NONINTEREST INCOME
Service charges on deposit accounts 182,035 170,052 11,983 7.0
Mortgage banking revenue 103,987 96,785 7,202 7.4
Bank card income 37,047 26,880 10,167 37.8
Factoring commissions 31,205 29,504 1,701 5.8
Trust service income 26,395 23,920 2,475 10.3
Profits and commissions from trading activities 5,937 4,321 1,616 37.4
Other income 161,145 143,010 18,135 12.7
------------ ------------ ----------
Total noninterest income 547,751 494,472 53,279 10.8
------------ ------------ ----------
NONINTEREST EXPENSE
Salaries and employee benefits 496,983 502,279 (5,296) (1.1)
Net occupancy expense 93,054 88,122 4,932 5.6
Equipment expense 84,668 81,720 2,948 3.6
Goodwill and other intangibles amortization 64,101 56,388 7,713 13.7
Other expense 352,132 353,925 (1,793) (0.5)
------------ ------------ ----------
Total noninterest expense 1,090,938 1,082,434 8,504 0.8
------------ ------------ ----------
EARNINGS NONOPERATING ITEMS AND INCOME TAXES 610,867 594,524 16,343 2.7
NONOPERATING ITEMS
Reversion of excess assets of a pension plan of an acquired entity 4,762 -- 4,762 NM
Gain on sale of loans 3,744 -- 3,744 NM
Gain on securitization and sale of loans 2,764 5,317 (2,553) (48.0)
Investment securities gains 381 2,128 (1,747) (82.1)
Gain on sale of the credit card portfolio -- 3,335 (3,335) (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)
Merger-related charges -- 7,153 (7,153) (100.0)
Contribution of equity securities to a charitable foundation (446) -- (446) NM
Settlement of executive contractual obligations (11,456) -- (11,456) NM
Other, net -- (1,083) 1,083 100.0
------------ ------------ ----------
EARNINGS BEFORE INCOME TAXES 610,616 618,832 (8,216) (1.3)
Income taxes (201,306) (208,834) 7,528 3.6
------------ ------------ ----------
NET EARNINGS $ 409,310 $ 409,998 $ (688) (0.2)%
============ ============ ==========
NET EARNINGS $ 409,310 $ 409,998 $ (688) (0.2)%
Nonoperating items, net of taxes (1,591) (14,852) 13,261 89.3
------------ ------------ ----------
NET OPERATING EARNINGS 407,719 395,146 12,573 3.2
Goodwill and other intangibles, net of taxes 53,838 47,582 6,256 13.1
------------ ------------ ----------
CASH OPERATING EARNINGS $ 461,557 $ 442,728 $ 18,829 4.3%
============ ============ ==========
PER COMMON SHARE
Diluted earnings per share $ 3.00 $ 2.85 $ 0.15 5.3%
Diluted operating earnings per share 2.98 2.74 0.24 8.8
Diluted cash operating earnings per share 3.38 3.08 0.30 9.7
</TABLE>
<PAGE> 8
UNION PLANTERS CORPORATION
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------------
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 $ 31,669 $ 2,170 6.85 % $ 67,831 $ 2,763 4.07 %
Federal funds sold and securities
purchased under agreements to resell 79,777 5,072 6.36 82,098 4,014 4.89
Trading account assets 216,866 16,806 7.75 247,181 15,970 6.46
Investment securities (1) (2)
Taxable securities 6,027,238 387,505 6.43 6,817,453 421,162 6.18
Tax-exempt securities 1,239,113 94,935 7.66 1,320,134 102,438 7.76
----------- ---------- ------------ ----------
Total investment securities 7,266,351 482,440 6.64 8,137,587 523,600 6.43
Loans, net of unearned income (1), (3), (4) 23,216,203 2,056,862 8.86 21,141,576 1,789,563 8.46
----------- ---------- ------------ ----------
TOTAL EARNING ASSETS (1), (2), (3), (4) 30,810,866 2,563,350 8.32 29,676,273 2,335,910 7.87
--------- ---------
Cash and due from banks 906,399 1,018,264
Premises and equipment 622,762 605,512
Allowance for losses on loans (345,245) (353,198)
Goodwill and other intangibles 966,718 783,709
Other assets 920,905 1,171,810
------------ ------------
TOTAL ASSETS $ 33,882,405 $ 32,902,370
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Money market accounts $ 3,836,818 164,662 4.29 % $ 3,940,579 154,537 3.92 %
Interest-bearing checking 3,238,841 48,538 1.50 3,403,227 44,154 1.30
Savings deposits 1,465,482 21,294 1.45 1,612,055 22,077 1.37
Certificates of deposit of
$100,000 and over 2,330,670 138,381 5.94 2,274,323 118,760 5.22
Other time deposits 8,330,353 462,234 5.55 9,481,751 471,883 4.98
Short-term borrowings
Federal funds purchased and securities
sold underagreements to repurchase 2,907,150 173,389 5.96 1,980,674 91,459 4.62
Short-term senior notes 250,273 17,190 6.87 -- -- --
Other 2,720,661 176,174 6.48 929,335 50,477 5.43
Long-term debt
Federal Home Loan Bank advances 446,964 29,363 6.57 301,773 15,631 5.18
Subordinated capital notes 475,133 31,016 6.53 478,369 31,103 6.50
Medium-term senior notes 60,000 4,098 6.83 91,356 6,160 6.74
Trust Preferred Securities 199,062 16,511 8.29 199,027 16,511 8.30
Other 144,160 13,688 9.50 234,668 18,649 7.95
----------- ---------- ------------ ----------
TOTAL INTEREST-BEARING LIABILITIES 26,405,567 1,296,538 4.91 24,927,137 1,041,401 4.18
Noninterest-bearing demand deposits 4,009,843 -- 4,315,708 --
----------- ---------- ------------ ----------
TOTAL SOURCES OF FUNDS 30,415,410 1,296,538 29,242,845 1,041,401
Other liabilities 659,323 ---------- 678,861 ----------
Shareholders' equity
Preferred stock 20,241 22,318
Common equity 2,787,431 2,958,346
----------- ------------
Total shareholders' equity 2,807,672 2,980,664
----------- ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 33,882,405 $ 32,902,370
============ ============
NET INTEREST INCOME (1) $1,266,812 $1,294,509
========== ==========
NET INTEREST RATE SPREAD (1) 3.41 % 3.69 %
====== ======
NET INTEREST MARGIN (1) 4.11 % 4.36 %
====== ======
TAXABLE-EQUIVALENT ADJUSTMENTS
Loans $ 5,658 $ 5,078
Investment securities 30,038 32,900
---------- ----------
Total $ 35,696 $ 37,978
========== ==========
</TABLE>
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(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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