<PAGE>
EXHIBIT 99
AMSOUTH
FOR IMMEDIATE RELEASE
Contact: (Investment Community) List Underwood (205) 801-0265
(News Media) Jim Underwood (205) 326-5184
Internet address: www.amsouth.com
---------------
AmSouth Posts Second Quarter Earnings From Operations Of $158.1 Million or $.41
Per Share, up 10.8% Over Last Year
Merger conversion completed; $100 million of cost savings expected this year
BIRMINGHAM, Ala., July 18, 2000 -- AmSouth Bancorporation (NYSE: ASO) today
reported earnings from operations in the second quarter ended June 30, 2000,
excluding merger-related charges and one-time charges for business divestitures,
of $158.1 million or $.41 per diluted share. Compared to the same period in
1999, net income from operations in the 2000 second quarter increased 7.0
percent and earnings per share were up 10.8 percent. Including after-tax merger-
related charges of $54.3 million and after-tax charges of $3.9 million related
to the divestitures of the Arkansas franchise and the pending sale of IFC
Holdings, Inc., reported earnings for the second quarter were $99.9 million, or
$.26 per share.
AmSouth's second quarter performance from operations resulted in a return
on average equity of 21.9 percent and a return on average assets of 1.47
percent, which compare to 18.12 percent and 1.44 percent, respectively, for the
second quarter of 1999. AmSouth's second quarter 2000 operating efficiency ratio
was 55.65 percent, a 170 basis point improvement over the prior year.
1
<PAGE>
"AmSouth once again produced an excellent quarter of operating results with
double-digit growth in earnings per share and a return on equity of 21.9
percent, which is at the top of our targeted range of 20 to 22 percent," said
Dowd Ritter, AmSouth's president and chief executive officer. "Stable
noninterest revenues after a record first quarter, along with lower expenses and
excellent credit quality, contributed to our strong second quarter performance."
Ritter credits AmSouth's employees for sustaining the high levels of sales
and customer service that led to outstanding customer retention in both the
traditional and the newly converted markets as AmSouth completed the merger
integration during the second quarter.
Ritter said AmSouth is well-positioned to continue delivering superior
results for several reasons. "We're seeing growing production levels in
attractive Southeastern markets coupled with outstanding sales and service
momentum and excellent customer retention. Also underlying our optimism is the
prospect of a more profitable balance sheet and continued strong credit
quality," he said. In addition, AmSouth remains on track to achieve at least
$100 million in cost savings from the merger during 2000.
AmSouth took a second quarter after-tax charge of $54.3 million for the
balance of the First American merger-related expenses. No further charges
related to the merger are expected. "We have already begun to see the benefits
from the way the merger integration process was structured in terms of higher
customer retention and efficiency," Ritter said.
"Stretching the conversion process over a four-month period and the
extensive training programs we employed resulted in a near flawless conversion
and very high customer retention rates, employee retention and morale."
2
<PAGE>
On July 11, AmSouth announced it is selling IFC Holdings, Inc., the
company's third-party nationwide investment marketing subsidiary acquired in the
merger with First American. AmSouth has a track record of exiting non-core
businesses that do not meet its aggressive internal profitability targets,
allowing management to focus on core businesses and execute internal growth
strategies. On a pro forma basis, excluding IFC from the company's operations in
the second quarter would improve AmSouth's efficiency ratio 275 basis points to
52.9 percent.
The company also is discontinuing its out-of-market dealer indirect loan
origination business and selling the company's four offices in Kentucky.
Regarding these announcements, Ritter said, "Our strong performance over the
years has been enhanced by concentrating efforts within the company's excellent
Southeast markets and focusing on core businesses."
Second quarter 2000 net interest income was $352.6 million, down $24.9
million compared with the same quarter of 1999. Average managed loans net of
unearned income, excluding residential first mortgages, increased 11.1 percent
over a year ago led by a 24.0 percent increase in managed consumer lending. Home
equity lending continued to be strong across all markets with average growth of
34.2 percent compared to the second quarter of 1999.
AmSouth's Florida franchise again led the company in loan growth with a
56.7 percent increase in home equity loans and 17.6 percent growth in average
commercial and commercial real estate lending compared to last year's second
quarter.
Total second quarter noninterest income, which includes earnings from
trust, investment management services and other sources of fee income, was
$219.4 million, an increase of 3.2 percent compared with the second quarter of
1999. Second quarter 2000 noninterest expenses, excluding merger-related
charges, were $322.0 million, down $20.3 million, or 5.9 percent,
3
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compared to last year's second quarter. Adjusting for the effect of
divestitures, noninterest income increased 5.4 percent while noninterest
expenses were down 4.8 percent.
Net charge-offs were .34 percent of average net loans in the second quarter
of 2000 compared to .38 percent in the first quarter of 2000. At June 30, 2000,
total nonperforming assets were $134.7 million, or .53 percent of loans net of
unearned income, foreclosed properties and repossessions, an improvement of
$10.8 million from the previous quarter's level.
AmSouth is a regional bank holding company headquartered in Birmingham with
$42.6 billion in assets, and 600 branch banking offices and 1,300 ATMs. As the
22nd largest bank holding company in the nation, AmSouth has leading market
positions in Tennessee, Florida, Alabama and Mississippi, and a presence in
Louisiana, Georgia, Kentucky and Virginia. AmSouth is also 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.
4
<PAGE>
AMSOUTH BANCORPORATION
Unaudited
(In thousands except per share data)
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30 Ended June 30
EARNINGS SUMMARY - EXCLUDING MERGER- -------------------- % ------------------- %
RELATED COSTS & OTHER SPECIAL ITEMS 2000 1999 Change 2000 1999 Change
-------------------- ------ ------------------- ------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $352,636 $377,549 (6.6) $721,209 $746,338 (3.4)
Provision for loan losses 22,800 18,589 22.7 48,200 37,323 29.1
-------- -------- -------- --------
Net interest income after provision 329,836 358,960 (8.1) 673,009 709,015 (5.1)
Noninterest revenues excluding gain on
sale of businesses 218,887 212,605 3.0 438,924 415,370 5.7
Noninterest expenses excluding merger-
related costs 321,950 342,230 (5.9) 655,353 679,700 (3.6)
-------- -------- -------- --------
Income before income taxes 226,773 229,335 (1.1) 456,580 444,685 2.7
Income taxes 68,638 81,553 (15.8) 146,011 157,619 (7.4)
-------- -------- -------- --------
Net income $158,135 $147,782 7.0 $310,569 $287,066 8.2
======== ======== ======== ========
Earnings per common share $0.41 $0.38 7.9 $0.80 $ 0.73 9.6
Earnings per common share-diluted 0.41 0.37 10.8 0.79 0.72 9.7
Average common shares outstanding 386,682 391,655 389,138 391,828
Average common shares outstanding-diluted 389,571 397,451 392,035 397,833
End of period common shares outstanding 378,856 394,876 378,856 394,876
Three Months Six Months
Ended June 30 Ended June 30
-------------------- % ------------------- %
EARNINGS SUMMARY - AS REPORTED 2000 1999 Change 2000 1999 Change
-------------------- ------ ------------------- ------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $352,636 $377,549 (6.6) $721,209 $746,338 (3.4)
Provision for loan losses 22,800 18,589 22.7 48,200 37,323 29.1
-------- -------- -------- --------
Net interest income after provision 329,836 358,960 (8.1) 673,009 709,015 (5.1)
Noninterest revenues excluding gain on
sale of businesses 218,887 212,605 3.0 438,924 415,370 5.7
Gain on sale of businesses 538 -0- -- 538 -0- --
Noninterest expenses excluding merger-
related costs 321,950 342,230 (5.9) 655,353 679,700 (3.6)
Merger-related costs 88,224 24,765 256.2 110,178 28,039 292.9
-------- -------- -------- --------
Income before income taxes 139,087 204,570 (32.0) 346,940 416,646 (16.7)
Income taxes 39,190 72,989 (46.3) 108,106 148,269 (27.1)
-------- -------- -------- --------
Net income $ 99,897 $131,581 (24.1) $238,834 $268,377 (11.0)
======== ======== ======== ========
Earnings per common share $ 0.26 $ 0.34 (23.5) $ 0.61 $ 0.68 (10.3)
Earnings per common share-diluted 0.26 0.33 (21.2) 0.61 0.67 (9.0)
Average common shares outstanding 386,682 391,655 389,138 391,828
Average common shares outstanding-diluted 389,571 397,451 392,035 397,833
End of period common shares outstanding 378,856 394,876 378,856 394,876
</TABLE>
5
<PAGE>
AMSOUTH BANCORPORATION
Unaudited
(In thousands except per share data)
<TABLE>
<CAPTION>
Average for Average for
Three Months Six Months
Ended June 30 Ended June 30
------------------------- % ------------------------ %
BALANCE SHEET SUMMARY 2000 1999 Change 2000 1999 Change
----------- ----------- ------ ----------- ----------- ------
<S> <C> <C> <C> <C> <C> <C>
Loans net of unearned
income $26,642,183 $25,091,429 6.2 $26,661,764 $24,796,128 7.5
Total investment
securities* 12,969,927 11,953,765 8.5 13,025,148 11,610,521 12.2
Interest-earning assets* 39,844,956 37,423,053 6.5 39,938,728 36,964,338 8.0
Total assets 43,377,896 41,065,542 5.6 43,481,380 40,573,741 7.2
Noninterest-bearing
deposits 4,770,285 4,897,183 (2.6) 4,733,840 4,915,550 (3.7)
Interest-bearing deposits 23,070,576 22,665,436 1.8 23,102,016 22,663,657 1.9
Total deposits 27,840,861 27,562,619 1.0 27,835,856 27,579,207 0.9
Shareholders' equity 2,903,716 3,271,156 (11.2) 2,925,475 3,235,067 (9.6)
</TABLE>
<TABLE>
<CAPTION>
Ending
Balance
June 30
------------------------ %
BALANCE SHEET SUMMARY 2000 1999 Change
----------- ----------- ------
<S> <C> <C> <C>
Loans net of unearned
income $25,589,410 $25,364,303 0.9
Total investment
securities* 12,999,375 12,652,072 2.7
Interest-earning assets* 38,882,298 38,345,170 1.4
Total assets 42,584,032 42,103,322 1.1
Noninterest-bearing
deposits 4,988,178 4,961,789 0.5
Interest-bearing deposits 22,910,740 22,580,617 1.5
Total deposits 27,898,918 27,542,406 1.3
Shareholders' equity 2,820,951 3,192,121 (11.6)
</TABLE>
<TABLE>
<CAPTION>
KEY PERFORMANCE RATIOS 2000 1999 2000 1999
------------------ ----------------------------- ------ ------
2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr YTD YTD
------- ------- ------- ------- ------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Excluding merger-related costs & other
special items:
Return on average assets (annualized) 1.47% 1.41% 1.47 % 1.46% 1.44% 1.44% 1.43%
Return on average shareholders'
equity (annualized) 21.90 20.80 21.25 19.03 18.12 21.35 17.89
Operating efficiency 55.65 56.03 54.17 55.09 57.35 55.84 57.84
As reported:
Return on average assets (annualized) 0.93% 1.28% (0.57)% 1.25% 1.29% 1.10% 1.33%
Return on average shareholders
equity (annualized) 13.84 18.96 (8.25) 16.37 16.13 16.42 16.73
Operating efficiency 70.84 59.71 96.23 59.79 61.50 65.20 60.22
Other performance ratios:
Average shareholders' equity to
average total assets 6.69% 6.76% 6.92 % 7.66% 7.97% 6.73% 7.97%
End of period shareholders' equity to
end of period total assets 6.62 6.89 6.82 7.31 7.58 6.62 7.58
Loans net of unearned income to
total deposits 91.72 93.91 94.10 95.82 92.09 91.72 92.09
Book value per common share $ 7.45 $ 7.67 $ 7.56 $ 8.10 $ 8.08 $ 7.45 $ 8.08
Tangible book value per common share $ 6.43 $ 6.62 $ 6.48 $ 6.99 $ 6.96 $ 6.43 $ 6.96
Net interest margin - taxable
equivalent 3.63% 3.77% 3.86 % 3.95% 4.12% 3.70% 4.15%
</TABLE>
*Excludes adjustment for market valuation on available-for-sale securities and
certain noninterest-earning marketable equity securities.
6
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in thousands)
<TABLE>
<CAPTION>
06/30/00 06/30/99 % Change
------------ ----------- --------
<S> <C> <C> <C>
LOANS NET OF UNEARNED INCOME
Commercial:
Commercial & industrial $ 7,790,674 $ 8,037,034 (3.1)
Commercial loans secured by real estate 1,769,436 2,120,599 (16.6)
----------- -----------
Total commercial 9,560,110 10,157,633 (5.9)
Commercial real estate 4,706,711 4,223,175 11.4
Consumer:
Residential first mortgages 1,410,327 2,056,538 (31.4)
Other residential mortgages 4,511,889 3,355,964 34.4
Dealer indirect 3,651,564 3,611,714 1.1
Revolving credit 467,648 483,196 (3.2)
Other consumer 1,281,161 1,476,083 (13.2)
----------- -----------
Total consumer 11,322,589 10,983,495 3.1
----------- -----------
Total loans net of unearned income $25,589,410 $25,364,303 0.9
=========== ===========
2000 1999
------------------------- ------------------------------
Jun 30 Mar 31 Dec 31 Sept 30 Jun 30
------------------------- ------------------------------
<S> <C> <C> <C> <C> <C>
NONPERFORMING ASSETS
Nonaccrual loans $ 119,082 $ 122,365 $141,134 $161,843 $124,123
Foreclosed properties 13,780 19,839 17,767 22,991 18,898
Repossessions 1,810 3,274 2,644 1,496 1,701
----------- ----------- -------- -------- --------
Total nonperforming assets* $ 134,672 $ 145,478 $161,545 $186,330 $144,722
=========== =========== ======== ======== ========
Nonperforming assets to loans net of unearned income,
foreclosed properties and repossessions 0.53% 0.55% 0.61% 0.71% 0.57%
Accruing loans 90 days past due $ 70,800 $ 66,375 $ 61,050 $ 44,644 $ 65,324
=========== =========== ======== ======== ========
2000 1999
------------------------- ------------------------------
Jun 30 Mar 31 Dec 31 Sept 30 Jun 30
------------------------- ------------------------------
<S> <C> <C> <C> <C> <C>
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 363,492 $ 363,476 $365,427 $365,869 $366,243
Loans charged off (34,471) (40,377) (39,358) (41,202) (28,885)
Recoveries of loans previously charged off 11,743 14,993 12,707 10,157 9,922
----------- ----------- -------- -------- --------
Net charge-offs (22,728) (25,384) (26,651) (31,045) (18,963)
Addition to allowance charged to expense 22,800 25,400 97,700 30,603 18,589
Allowance sold, net (5,500) -0- (73,000) -0- -0-
----------- ----------- -------- -------- --------
Balance at end of period $ 358,064 $ 363,492 $363,476 $365,427 $365,869
=========== =========== ======== ======== ========
Allowance for loan losses to loans net of unearned income 1.40% 1.37% 1.38% 1.39% 1.44%
Net charge-offs to average loans net of unearned income ** 0.34% 0.38% 0.40% 0.48% 0.30%
Allowance for loan losses to nonperforming loans* 300.69% 297.06% 257.54% 225.79% 294.76%
Allowance for loan losses to nonperforming assets* 265.88% 249.86% 225.00% 196.12% 252.81%
</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
7
<PAGE>
AMSOUTH BANCORPORATION
QUARTERLY CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended June 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 $26,642,183 $ 568,657 8.58% $25,091,429 $522,542 8.35%
Available-for-sale securities:
Taxable 5,989,040 99,186 6.66 7,156,589 114,322 6.41
Tax-free 66,625 1,100 6.64 291,853 5,028 6.91
----------- ----------- ----------- --------
Total available-for-sale securities 6,055,665 100,286 6.66 7,448,442 119,350 6.43
----------- ----------- ----------- --------
Held-to-maturity securities:
Taxable 6,522,650 112,119 6.91 4,304,455 69,672 6.49
Tax-free 391,612 7,147 7.34 200,868 4,160 8.31
----------- ----------- ----------- --------
Total held-to-maturity securities 6,914,262 119,266 6.94 4,505,323 73,832 6.57
----------- ----------- ----------- --------
Total investment securities 12,969,927 219,552 6.81 11,953,765 193,182 6.48
Other interest-earning assets 232,846 3,740 6.46 377,859 5,290 5.62
----------- ----------- ----------- --------
Total interest-earning assets 39,844,956 791,949 7.99 37,423,053 721,014 7.73
Cash and other assets 4,149,891 4,007,052
Allowance for loan losses (364,339) (367,762)
Market valuation on AFS securities (252,612) 3,199
----------- -----------
$43,377,896 $41,065,542
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 9,514,403 79,878 3.38 $ 9,335,877 65,435 2.81
Savings deposits 1,722,267 9,566 2.23 2,127,753 12,221 2.30
Time deposits 7,622,363 105,684 5.58 7,772,480 99,340 5.13
Foreign time deposits 1,427,241 21,341 6.01 578,874 6,539 4.53
Certificates of deposit of $100,000 or more 2,784,302 40,744 5.89 2,850,452 34,737 4.89
Federal funds purchased and securities
sold under agreements to repurchase 3,720,045 51,032 5.52 4,203,663 47,745 4.56
Other interest-bearing liabilities 8,266,919 124,080 6.04 5,395,184 70,872 5.27
----------- -------- ----------- -------
Total interest-bearing liabilities 35,057,540 432,325 4.96 32,264,283 336,889 4.19
-------- ----- -------- -----
Net interest spread 3.03% 3.54%
===== =====
Noninterest-bearing demand deposits 4,770,285 4,897,183
Other liabilities 646,355 632,920
Shareholders' equity 2,903,716 3,271,156
----------- -----------
$43,377,896 $41,065,542
=========== ===========
Net interest income/margin
on a taxable equivalent basis 359,624 3.63% 384,125 4.12%
===== =====
Taxable equivalent adjustment:
Loans 1,317 1,321
Available-for-sale securities 848 2,364
Held-to-maturity securities 4,823 2,845
Trading securities -0- 46
----------- -----------
Total taxable equivalent adjustment 6,988 6,576
----------- -----------
Net interest income $ 352,636 $ 377,549
=========== ===========
</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.
8
<PAGE>
AMSOUTH BANCORPORATION
YTD CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended June 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 $26,661,764 $1,131,848 8.54% $24,796,128 $1,028,884 8.37%
Available-for-sale securities:
Taxable 6,001,819 199,476 6.68 6,996,202 226,284 6.52
Tax-free 66,194 2,283 6.94 330,885 11,513 7.02
----------- ---------- ----------- ----------
Total available-for-sale securities 6,068,013 201,759 6.69 7,327,087 237,797 6.54
----------- ---------- ----------- ----------
Held-to-maturity securities:
Taxable 6,567,783 224,955 6.89 4,097,257 133,617 6.58
Tax-free 389,352 14,109 7.29 186,177 7,909 8.57
----------- ---------- ----------- ----------
Total held-to-maturity securities 6,957,135 239,064 6.91 4,283,434 141,526 6.66
----------- ---------- ----------- ----------
Total investment securities 13,025,148 440,823 6.81 11,610,521 379,323 6.59
Other interest-earning assets 251,816 8,461 6.76 557,689 13,648 4.94
----------- ---------- ----------- ----------
Total interest-earning assets 39,938,728 1,581,132 7.96 36,964,338 1,421,855 7.76
Cash and other assets 4,144,292 3,965,988
Allowance for loan losses (364,781) (370,756)
Market valuation on AFS securities (236,859) 14,171
----------- -----------
$43,481,380 $40,573,741
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 9,300,418 151,603 3.28 $ 9,464,468 131,695 2.81
Savings deposits 2,037,632 26,155 2.58 2,074,265 23,147 2.25
Time deposits 7,606,411 206,928 5.47 7,935,592 203,499 5.17
Foreign time deposits 1,361,780 39,098 5.77 449,726 10,010 4.49
Certificates of deposit of $100,000 or more 2,795,775 79,004 5.68 2,739,606 69,296 5.10
Federal funds purchased and securities
sold under agreements to repurchase 3,882,036 102,486 5.31 3,955,302 87,835 4.48
Other interest-bearing liabilities 8,216,681 241,176 5.90 5,168,529 136,580 5.33
----------- ---------- ----------- ----------
Total interest-bearing liabilities 35,200,733 846,450 4.84 31,787,488 662,062 4.20
---------- ---- ---------- ----
3.12% 3.56%
==== ====
Net interest spread
Noninterest-bearing demand deposits 4,733,840 4,915,550
Other liabilities 621,332 635,636
Shareholders' equity 2,925,475 3,235,067
----------- -----------
$43,481,380 $40,573,741
=========== ===========
Net interest income/margin
on a taxable equivalent basis 734,682 3.70% 759,793 4.15%
==== ====
Taxable equivalent adjustment:
Loans 2,201 2,592
Available-for-sale securities 1,706 5,468
Held-to-maturity securities 9,566 5,303
Trading securities -0- 92
---------- ----------
Total taxable equivalent adjustment 13,473 13,455
---------- ----------
Net interest income $ 721,209 $ 746,338
========== ==========
</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.
9
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30 % Ended June 30 %
-------------------- -------------------
2000 1999 Change 2000 1999 Change
--------------------------- ---------------------------
<S> <C> <C> <C> <C> <C> <C>
NONINTEREST REVENUES
Service charges on deposit accounts $ 56,833 $ 57,886 (1.8) $113,686 $115,439 (1.5)
Trust income 29,067 27,300 6.5 56,552 54,280 4.2
Consumer investment services income 56,964 58,755 (3.0) 121,591 110,618 9.9
Credit card income 4,601 5,137 (10.4) 8,831 9,786 (9.8)
Mortgage income 11,555 11,463 0.8 21,622 24,039 (10.1)
Interchange income 12,932 11,669 10.8 24,947 21,383 16.7
Other noninterest revenues 46,935 40,395 16.2 91,695 79,825 14.9
Noninterest revenues excluding gain
on sale of businesses $218,887 $212,605 3.0 $438,924 $415,370 5.7
======== ======== ======== ========
NONINTEREST EXPENSES
Salaries and employee benefits $ 144,968 $ 154,324 (6.1) $295,551 $309,482 (4.5)
Net occupancy expense 28,099 27,100 3.7 58,048 53,751 8.0
Equipment expense 31,129 33,230 (6.3) 63,309 64,886 (2.4)
Marketing expense 8,985 9,571 (6.1) 20,978 20,337 3.2
Postage and supplies expense 13,394 12,449 7.6 25,705 25,768 (0.2)
Communications expense 10,467 9,962 5.1 20,027 19,879 0.7
Professional fees 5,279 6,461 (18.3) 9,777 11,704 (16.5)
Amortization of intangibles 9,589 10,074 (4.8) 19,546 20,183 (3.2)
Subscribers' commissions 27,285 27,477 (0.7) 57,879 51,772 11.8
Other noninterest expenses 42,755 51,582 (17.1) 84,533 101,938 (17.1)
--------- --------- -------- --------
Noninterest expenses excluding
merger-related costs $ 321,950 $ 342,230 (5.9) $655,353 $679,700 (3.6)
========= ========= ======== ========
INTANGIBLE ASSETS 06/30/00 06/30/99
---------- ----------
Goodwill $ 362,670 $ 408,463
Core deposit and other intangibles 24,101 34,976
</TABLE>
10
