<PAGE>
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: (Investment Community) List Underwood (205) 801-0265
(News Media) Rick Swagler (205) 801-0105
Internet address: www.amsouth.com
AmSouth posts third quarter earnings from operations
of $125.2 million or $.33 per share
Financial restructuring transactions completed
BIRMINGHAM, Ala., Oct. 17, 2000 --- AmSouth Bancorporation (NYSE: ASO)
today reported earnings from operations in the third quarter ended Sept. 30,
2000, excluding one-time charges for financial restructuring, of $125.2
million or $.33 per diluted share, down 17.5% from the same period in 1999.
Including pre-tax charges of $259.7 million related to the financial
restructuring announced last month, the reported net loss for the third
quarter was $36.3 million, or $.10 per diluted share.
AmSouth's third quarter performance from operations resulted in a return
on average equity of 18.0 percent and a return on average assets of 1.19
percent, which compare to 19.0 percent and 1.46 percent, respectively, for the
third quarter of 1999. AmSouth's third quarter 2000 operating efficiency ratio
was 57.92 percent, compared with 55.09 percent for the prior year.
"These are disappointing results, but we are confident that the
comprehensive financial restructuring we announced last month will allow us to
rebuild earnings momentum," said Dowd Ritter, AmSouth's president and chief
executive officer. "Although
1
<PAGE>
the balance sheet restructuring was an aggressive, decisive step, there is no
quick fix. It creates a foundation for steadily improving earnings in the
future."
In September, AmSouth announced a comprehensive financial restructuring to
reduce interest rate sensitivity, mitigate the effects of steep interest rate
increases, address emerging credit quality issues in selected syndicated loans
and establish a foundation to restore earnings growth in 2001 and beyond.
AmSouth recorded pre-tax charges of $259.7 million as a result of taking
these steps, among others:
. Selling $5 billion of lower-yielding investment securities and selected
auto loans, resulting in pre-tax charges of $149.7 million;
. Selling certain syndicated loans and increasing loan loss reserves
associated with syndicated loans remaining on AmSouth's books resulted
in total charges of $110 million.
The restructuring transactions are now complete and went according to plan.
The loss on the sale of the securities was less than expected, resulting in a
smaller charge than the $280 million originally expected. The full benefits of
the restructuring will be realized starting at the beginning of 2001.
The rise of short-term interest rates to their highest levels in nine years
continued to increase margin compression in the third quarter. The net
interest margin compared with the third quarter of 1999 decreased from 3.95
percent to 3.57 percent and decreased by six basis points compared with the
previous quarter.
As a result, third quarter 2000 net interest income was $337.8 million,
down $42.6 million compared with the same quarter of 1999. Average earning
assets declined $375.0 million, or about 1 percent, over a year ago. Core
deposits were down 3.2 percent compared with the previous year.
Excluding special charges, total third quarter noninterest income, which
includes earnings from trust, investment management services and other sources
of fee income, was $201.9 million, a decrease of 10.4 percent compared with
the third quarter of 1999.
2
<PAGE>
However, after excluding the gain on the sale of the third-party mortgage
processing business in the third quarter of last year, the decrease for the
third quarter this year was 6.8 percent compared to 1999. Third quarter 2000
noninterest expenses were $316.6 million, down $20.3 million, or 6.0 percent,
compared to last year's third quarter, excluding merger-related charges. This
reflects the expected cost savings from last year's merger with First American
Corp.
Net charge-offs were .55 percent of average net loans in the third
quarter of 2000 compared to .34 percent in the second quarter of 2000. At
Sept. 30, 2000, total nonperforming assets were $162.7 million, or .66 percent
of loans net of unearned income, foreclosed properties and repossessions, an
increase of $28.0 million from the previous quarter's level.
About AmSouth
AmSouth is a regional bank holding company headquartered in Birmingham with
$39.4 billion in assets, 600 branch banking offices and 1,300 ATMs. AmSouth
operates in Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi,
Tennessee and Virginia. AmSouth is a leader among regional banks in the
Southeast in several key business segments, including consumer and commercial
banking, small business banking, mortgage lending, equipment leasing, annuity
and mutual fund sales, and trust and investment management services. AmSouth
also offers a complete line of banking products and services at its web site,
www.amsouth.com.
---------------
Additional details concerning this announcement will be filed today with the
Securities and Exchange Commission on Form 8-K.
This news release discusses AmSouth's business outlook and may include certain
forward-looking statements. The forward-looking statements and all other
statements that are not historical facts are subject to a number of risks and
uncertainties, and actual results may differ materially from those discussed.
The key factors and assumptions that support the forward-looking statements, as
well as information on the risk factors that could cause actual results to
differ, are available from the company's Securities and Exchange Commission
filings.
3
<PAGE>
AMSOUTH BANCORPORATION
Unaudited
(In thousands except per share data)
<TABLE>
<CAPTION>
Three Months Nine Months
EARNINGS SUMMARY - EXCLUDING MERGER- Ended September 30 % Ended September 30 %
----------------------- -------------------------
RELATED COSTS & OTHER SPECIAL ITEMS 2000 1999 Change 2000 1999 Change
----------------------- ------ ------------------------- ------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $ 337,778 $ 380,347 (11.2) $ 1,058,987 $ 1,126,685 (6.0)
Provision for loan losses 35,500 27,604 28.6 83,700 64,927 28.9
---------- ---------- ----------- -----------
Net interest income after provision 302,278 352,743 (14.3) 975,287 1,061,758 (8.1)
Noninterest revenues 201,905 225,219 (10.4) 640,829 640,589 ---
Noninterest expenses excluding merger-
related costs 316,620 336,880 (6.0) 971,973 1,016,580 (4.4)
---------- ---------- ----------- -----------
Income before income taxes 187,563 241,082 (22.2) 644,143 685,767 (6.1)
Income taxes 62,337 84,529 (26.3) 208,348 242,148 (14.0)
---------- ---------- ----------- -----------
Net income $ 125,226 $ 156,553 (20.0) $ 435,795 $ 443,619 (1.8)
========== ========== =========== ===========
Earnings per common share $ 0.33 $ 0.40 (17.5) $ 1.13 $ 1.13 ---
Earnings per common share-diluted 0.33 0.40 (17.5) 1.12 1.12 ---
Average common shares outstanding 376,240 390,171 384,808 391,270
Average common shares outstanding-diluted 379,192 395,520 387,724 397,054
End of period common shares outstanding 375,137 391,949 375,137 391,949
</TABLE>
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30 % Ended September 30 %
----------------------- -------------------------
EARNINGS SUMMARY - AS REPORTED 2000 1999 Change 2000 1999 Change
----------------------- ------ ------------------------- ------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $ 337,778 $ 380,347 (11.2) $ 1,058,987 $ 1,126,685 (6.0)
Provision for loan losses 123,800 30,604 304.5 172,000 67,927 153.2
---------- ---------- ----------- -----------
Net interest income after provision 213,978 349,743 (38.8) 886,987 1,058,758 (16.2)
Noninterest revenues 30,526 216,378 (85.9) 469,988 631,748 (25.6)
Noninterest expenses excluding merger-
related costs 316,620 340,682 (7.1) 971,973 1,020,382 (4.7)
Merger-related costs 0 19,671 (100.0) 110,178 47,710 130.9
---------- ---------- ----------- -----------
Income/(loss) before income taxes (72,116) 205,768 (135.0) 274,824 622,414 (55.8)
Income taxes (35,850) 71,123 (150.4) 72,256 219,392 (67.1)
---------- ---------- ----------- -----------
Net income/(loss) $ (36,266) $ 134,645 (126.9) $ 202,568 $ 403,022 (49.7)
========== ========== =========== ===========
Earnings/(loss) per common share $ (0.10) $ 0.35 (128.6) $ 0.53 $ 1.03 (48.5)
Earnings/(loss) per common share-diluted (0.10) 0.34 (129.4) 0.52 1.02 (49.0)
Average common shares outstanding 376,240 390,171 384,808 391,270
Average common shares outstanding-diluted 379,192 395,520 387,724 397,054
End of period common shares outstanding 375,137 391,949 375,137 391,949
</TABLE>
1
<PAGE>
AMSOUTH BANCORPORATION
Unaudited
(In thousands except per share data)
<TABLE>
<CAPTION>
Average for Average for Ending
Three Months Nine Months Balance
Ended September 30 % Ended September 30 % September 30 %
------------------------ ----------------------- -----------------------
BALANCE SHEET SUMMARY 2000 1999 Change 2000 1999 Change 2000 1999 Change
------------------------ ------ ----------------------- ------ ----------------------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Loans net of unearned income $25,613,223 $25,716,024 (0.4) $26,309,699 $25,106,129 4.8 $24,481,792 $26,255,232 (6.8)
Total investment securities* 12,586,754 12,780,277 (1.5) 12,877,950 12,004,725 7.3 8,693,178 13,091,247 (33.6)
Interest-earning assets* 38,458,057 38,833,086 (1.0) 39,441,568 37,594,099 4.9 34,449,505 39,747,815 (13.3)
Total assets 41,848,209 42,619,886 (1.8) 42,933,016 41,263,284 4.0 39,395,701 43,425,019 (9.3)
Noninterest-bearing deposits 4,640,946 4,799,827 (3.3) 4,702,649 4,876,551 (3.6) 4,601,826 4,777,639 (3.7)
Interest-bearing deposits 22,749,574 22,732,034 0.1 22,983,678 22,686,700 1.3 22,188,605 22,621,961 (1.9)
Total deposits 27,390,520 27,531,861 (0.5) 27,686,327 27,563,251 0.4 26,790,431 27,399,600 (2.2)
Shareholders' equity 2,773,433 3,264,009 (15.0) 2,874,424 3,244,820 (11.4) 2,761,686 3,175,057 (13.0)
</TABLE>
<TABLE>
<CAPTION>
KEY PERFORMANCE RATIOS 2000 1999 2000 1999
------------------------------ -------------------- -------- -------
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr YTD YTD
------------------------------ -------------------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Excluding merger-related costs & other special items:
Return on average assets (annualized) 1.19 % 1.47 % 1.41 % 1.47 % 1.46 % 1.36 % 1.44 %
Return on average shareholders' equity (annualized) 17.96 21.90 20.80 21.25 19.03 20.25 18.28
Operating efficiency 57.92 55.65 56.03 54.17 55.09 56.50 56.90
As reported:
Return on average assets (annualized) (0.34)% 0.93 % 1.28 % (0.57)% 1.25 % 0.63 % 1.31 %
Return on average shareholders' equity (annualized) (5.20) 13.84 18.96 (8.25) 16.37 9.41 16.61
Operating efficiency 84.38 70.84 59.71 96.23 59.79 69.84 60.08
Other performance ratios:
Average shareholders' equity to
average total assets 6.63 % 6.69 % 6.76 % 6.92 % 7.66 % 6.70 % 7.86 %
End of period shareholders' equity to
end of period total assets 7.01 6.62 6.89 6.82 7.31 7.01 7.31
Loans net of unearned income to total deposits 91.38 91.72 93.91 94.10 95.82 91.38 95.82
Book value per common share $ 7.36 $ 7.45 $ 7.67 $ 7.56 $ 8.10 $ 7.36 $ 8.10
Tangible book value per common share $ 6.41 $ 6.43 $ 6.62 $ 6.48 $ 6.99 $ 6.41 $ 6.99
Net interest margin - taxable equivalent 3.57 % 3.63 % 3.77 % 3.86 % 3.95 % 3.66 % 4.08 %
</TABLE>
* Excludes adjustment for market valuation on available-for-sale securities and
certain noninterest-earning marketable equity securities.
2
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in thousands)
09/30/00 09/30/99 % Change
-------- -------- --------
LOANS NET OF UNEARNED INCOME
Commercial:
Commercial & industrial $ 7,478,921 $ 8,247,501 (9.3)
Commercial loans secured by real estate 1,748,927 2,189,142 (20.1)
----------- -----------
Total commercial 9,227,848 10,436,643 (11.6)
Commercial real estate 4,722,419 4,340,282 8.8
Consumer:
Residential first mortgages 1,324,406 1,954,270 (32.2)
Other residential mortgages 4,604,648 3,594,701 28.1
Dealer indirect 2,845,271 3,981,791 (28.5)
Revolving credit 478,810 495,296 (3.3)
Other consumer 1,278,390 1,452,249 (12.0)
----------- -----------
Total consumer 10,531,525 11,478,307 (8.2)
----------- -----------
Total loans net of unearned income $24,481,792 $26,255,232 (6.8)
=========== ===========
<TABLE>
<CAPTION>
2000 1999
-------------------------------------- ------------------------
Sept 30 June 30 Mar 31 Dec 31 Sept 30
-------------------------------------- ------------------------
<S> <C> <C> <C> <C> <C>
NONPERFORMING ASSETS
Nonaccrual loans $ 146,069 $ 119,082 $ 122,365 $ 141,134 $ 161,843
Foreclosed properties 12,714 13,780 19,839 17,767 22,991
Repossessions 3,906 1,810 3,274 2,644 1,496
--------- --------- ---------- ---------- ----------
Total nonperforming assets* $ 162,689 $ 134,672 $ 145,478 $ 161,545 $ 186,330
========= ========= ========== ========== ==========
Nonperforming assets to loans net of unearned income,
foreclosed properties and repossessions 0.66% 0.53% 0.55% 0.61% 0.71%
Accruing loans 90 days past due $ 78,314 $ 70,800 $ 66,375 $ 61,050 $ 44,644
========= ========= ========== ========== ==========
2000 1999
-------------------------------------- ------------------------
Sept 30 June 30 Mar 31 Dec 31 Sept 30
-------------------------------------- ------------------------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 358,064 $ 363,492 $ 363,476 $ 365,427 $ 365,869
Loans charged off (48,319) (34,471) (40,377) (39,358) (41,202)
Recoveries of loans previously charged off 12,890 11,743 14,993 12,707 10,157
--------- --------- ---------- ---------- ----------
Net charge-offs (35,429) (22,728) (25,384) (26,651) (31,045)
Addition to allowance charged to expense 123,800 22,800 25,400 97,700 30,603
Allowance sold/transferred, net (69,091) (5,500) -0- (73,000) -0-
--------- --------- ---------- ---------- ----------
Balance at end of period $ 377,344 $ 358,064 $ 363,492 $ 363,476 $ 365,427
========= ========= ========== ========== ==========
Allowance for loan losses to loans net of unearned income 1.54% 1.40% 1.37% 1.38% 1.39%
Net charge-offs to average loans net of unearned income ** 0.55% 0.34% 0.38% 0.40% 0.48%
Allowance for loan losses to nonperforming loans* 258.33% 300.69% 297.06% 257.54% 225.79%
Allowance for loan losses to nonperforming assets* 231.94% 265.88% 249.86% 225.00% 196.12%
</TABLE>
*Excludes $35.6 million, $29.2 million and $38.1 million of nonperforming
assets classified as held for accelerated disposition at June 30, 2000, March
31, 2000 and December 31, 1999, respectively.
**Annualized
3
<PAGE>
AMSOUTH BANCORPORATION
QUARTERLY CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended September 30
2000 1999
------------------------------------------------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/ Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate Balance Expense Rate
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Interest-earning assets:
Loans net of unearned income $ 25,613,223 $ 571,306 8.87% $ 25,716,024 $ 540,535 8.34%
Available-for-sale securities:
Taxable 5,678,994 94,775 6.64 7,822,171 126,722 6.43
Tax-free 64,747 1,145 7.04 209,093 2,867 5.44
------------ --------- ------------ ---------
Total available-for-sale securities 5,743,741 95,920 6.64 8,031,264 129,589 6.40
------------ --------- ------------ ---------
Held-to-maturity securities:
Taxable 6,445,507 110,990 6.85 4,524,385 74,955 6.57
Tax-free 397,506 7,170 7.18 224,628 4,636 8.19
------------ --------- ------------ ---------
Total held-to-maturity securities 6,843,013 118,160 6.87 4,749,013 79,591 6.65
------------ --------- ------------ ---------
Total investment securities 12,586,754 214,080 6.77 12,780,277 209,180 6.49
Other interest-earning assets 258,080 4,211 6.49 336,785 5,239 6.17
------------ --------- ------------ ---------
Total interest-earning assets 38,458,057 789,597 8.17 38,833,086 754,954 7.71
Cash and other assets 3,929,663 4,217,786
Allowance for loan losses (360,976) (365,636)
Market valuation on AFS securities (178,535) (65,350)
------------ ------------
$ 41,848,209 $ 42,619,886
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 9,502,341 87,349 3.66 $ 9,101,838 65,533 2.86
Savings deposits 1,333,857 5,651 1.69 2,265,805 14,629 2.56
Time deposits 7,816,704 115,863 5.90 7,701,634 98,570 5.08
Foreign time deposits 1,234,991 19,820 6.38 716,723 8,784 4.86
Certificates of deposit of $100,000 or more 2,861,681 45,019 6.26 2,946,034 38,164 5.14
Federal funds purchased and securities
sold under agreements to repurchase 3,540,942 53,015 5.96 4,013,532 47,561 4.70
Other interest-bearing liabilities 7,411,097 118,175 6.34 7,189,087 95,421 5.27
------------ --------- ------------ ---------
Total interest-bearing liabilities 33,701,613 444,892 5.25 33,934,653 368,662 4.31
--------- ----- --------- -----
Net interest spread 2.92% 3.40%
===== =====
Noninterest-bearing demand deposits 4,640,946 4,799,827
Other liabilities 732,217 621,397
Shareholders' equity 2,773,433 3,264,009
------------ ------------
$ 41,848,209 $ 42,619,886
============ ============
Net interest income/margin
on a taxable equivalent basis 344,705 3.57% 386,292 3.95%
===== =====
Taxable equivalent adjustment:
Loans 1,394 1,156
Available-for-sale securities 822 1,751
Held-to-maturity securities 4,711 3,006
Trading securities -0- 32
--------- ---------
Total taxable equivalent adjustment 6,927 5,945
--------- ---------
Net interest income $ 337,778 $ 380,347
========= =========
</TABLE>
Note: The taxable equivalent adjustment has been computed based on the statutory
federal income tax rate, adjusted for applicable state income taxes net of the
related federal tax benefit. Loans net of unearned income includes nonaccrual
loans. Certain noninterest-earning marketable equity securities are not included
in available-for-sale securities.
4
<PAGE>
AMSOUTH BANCORPORATION
YTD CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30
2000 1999
-----------------------------------------------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/ Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate Balance Expense Rate
------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Interest-earning assets:
Loans net of unearned income $ 26,309,699 $ 1,703,154 8.65 % $ 25,106,129 $ 1,569,419 8.36 %
Available-for-sale securities:
Taxable 5,893,425 294,251 6.67 7,274,550 353,006 6.49
Tax-free 65,708 3,428 6.97 289,842 14,380 6.63
------------ ----------- ------------ -----------
Total available-for-sale securities 5,959,133 297,679 6.67 7,564,392 367,386 6.49
------------ ----------- ------------ -----------
Held-to-maturity securities:
Taxable 6,526,727 335,945 6.88 4,241,198 208,572 6.58
Tax-free 392,090 21,279 7.25 199,135 12,545 8.42
------------ ----------- ------------ -----------
Total held-to-maturity securities 6,918,817 357,224 6.90 4,440,333 221,117 6.66
------------ ----------- ------------ -----------
Total investment securities 12,877,950 654,903 6.79 12,004,725 588,503 6.55
Other interest-earning assets 253,919 12,672 6.67 483,245 18,887 5.23
------------ ----------- ------------ -----------
Total interest-earning assets 39,441,568 2,370,729 8.03 37,594,099 2,176,809 7.74
Cash and other assets 4,072,226 4,050,843
Allowance for loan losses (363,503) (369,031)
Market valuation on AFS securities (217,275) (12,627)
------------ ------------
$ 42,933,016 $ 41,263,284
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 9,368,217 238,952 3.41 $ 9,342,263 197,228 2.82
Savings deposits 1,801,328 31,806 2.36 2,138,813 37,776 2.36
Time deposits 7,677,021 322,791 5.62 7,856,749 302,069 5.14
Foreign time deposits 1,319,208 58,918 5.97 539,703 18,794 4.66
Certificates of deposit of $100,000 or more 2,817,904 124,023 5.88 2,809,172 107,460 5.11
Federal funds purchased and securities
sold under agreements to repurchase 3,767,508 155,501 5.51 3,974,925 135,396 4.55
Other interest-bearing liabilities 7,946,193 359,351 6.04 5,849,450 232,001 5.30
------------ ----------- ------------ -----------
Total interest-bearing liabilities 34,697,379 1,291,342 4.97 32,511,075 1,030,724 4.24
----------- ----- ----------- -----
Net interest spread 3.06 % 3.50 %
===== =====
Noninterest-bearing demand deposits 4,702,649 4,876,551
Other liabilities 658,564 630,838
Shareholders' equity 2,874,424 3,244,820
------------ ------------
$ 42,933,016 $ 41,263,284
============ ============
Net interest income/margin
on a taxable equivalent basis 1,079,387 3.66 % 1,146,085 4.08 %
===== =====
Taxable equivalent adjustment:
Loans 3,595 3,748
Available-for-sale securities 2,528 7,219
Held-to-maturity securities 14,277 8,309
Trading securities -0- 124
----------- -----------
Total taxable equivalent adjustment 20,400 19,400
----------- -----------
Net interest income $ 1,058,987 $ 1,126,685
=========== ===========
</TABLE>
Note: The taxable equivalent adjustment has been computed based on the statutory
federal income tax rate, adjusted for applicable state income taxes net of the
related federal tax benefit. Loans net of unearned income includes nonaccrual
loans. Certain noninterest-earning marketable equity securities are not included
in available-for-sale securities.
5
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30 % Ended September 30 %
-------------------------- ---------------------------
2000 1999 Change 2000 1999 Change
------------------------------------- -----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NONINTEREST REVENUES-EXCLUDING
SPECIAL ITEMS
Service charges on deposit accounts $ 57,273 $ 58,323 (1.8) $ 170,959 $ 173,762 (1.6)
Trust income 29,083 27,710 5.0 85,635 81,990 4.4
Consumer investment services income 56,154 54,421 3.2 177,745 165,039 7.7
Credit card income 5,025 5,694 (11.7) 13,856 15,480 (10.5)
Mortgage income 4,195 11,021 (61.9) 25,817 35,060 (26.4)
Interchange income 12,123 12,439 (2.5) 37,070 33,822 9.6
Portfolio income 1,394 3,891 (64.2) 9,469 22,668 (58.2)
Other noninterest revenues 36,658 51,720 (29.1) 120,278 112,768 6.7
------------ ----------- ----------- -----------
Noninterest revenues excluding special
items $ 201,905 $ 225,219 (10.4) $ 640,829 $ 640,589 ---
============ =========== =========== ===========
NONINTEREST REVENUES-AS REPORTED
Service charges on deposit accounts $ 57,273 $ 58,323 (1.8) $ 170,959 $ 173,762 (1.6)
Trust income 29,083 27,410 6.1 85,635 81,690 4.8
Consumer investment services income 56,154 54,421 3.2 177,745 165,039 7.7
Credit card income 5,025 5,694 (11.7) 13,856 15,480 (10.5)
Mortgage income (8,478) 11,021 (176.9) 13,144 35,060 (62.5)
Interchange income 12,123 12,439 (2.5) 37,070 33,822 9.6
Portfolio income (116,239) (4,078) (2,750.4) (108,164) 14,699 (835.9)
Dealer securitization loss (18,925) -0- --- (18,925) -0- ---
Loss on sale of AHAD loans (21,656) -0- --- (23,414) -0- ---
Other noninterest revenues 36,166 51,148 (29.3) 122,082 112,196 8.8
------------ ----------- ----------- -----------
Noninterest revenues as reported $ 30,526 $ 216,378 (85.9) $ 469,988 $ 631,748 (25.6)
============ =========== =========== ===========
NONINTEREST EXPENSES-AS REPORTED
Salaries and employee benefits $ 149,092 $ 152,378 (2.2) $ 444,643 $ 461,860 (3.7)
Net occupancy expense 29,089 29,459 (1.3) 87,137 83,210 4.7
Equipment expense 29,246 35,166 (16.8) 92,555 100,052 (7.5)
Marketing expense 7,480 15,174 (50.7) 28,458 35,511 (19.9)
Postage and supplies expense 12,725 11,268 12.9 38,430 37,036 3.8
Communications expense 10,593 9,169 15.5 30,620 29,048 5.4
Professional fees 6,235 7,364 (15.3) 16,012 19,068 (16.0)
Amortization of intangibles 9,395 10,012 (6.2) 28,941 30,195 (4.2)
Subscribers' commissions 24,739 24,897 (0.6) 82,618 76,669 7.8
Other noninterest expenses 38,026 45,794 (17.0) 122,559 147,733 (17.0)
------------ ----------- ----------- -----------
Noninterest expenses excluding
merger-related costs $ 316,620 $ 340,681 (7.1) $ 971,973 $ 1,020,382 (4.7)
============ =========== =========== ===========
INTANGIBLE ASSETS 09/30/00 09/30/99
------------ -----------
Goodwill $ 335,170 $ 399,758
Core deposit and other intangibles 22,957 33,791
</TABLE>
6
