<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 24, 1998
BANC ONE CORPORATION
(Exact Name of Registrant as Specified in Charter)
Ohio
(State or Other Jurisdiction of Incorporation)
1-8552 31-0738296
(Commission File Number) (IRS Employer Identification No.)
100 East Broad Street, Columbus, Ohio 43271
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (614) 248-5944
N/A
(Former Name or Former Address, If Changed Since Last Report)
<PAGE> 2
ITEM 5. OTHER EVENTS
On July 24, 1998, BANC ONE released to the investment community a
document captioned "BANC ONE CORPORATION Pooling Restatement Financial Package
(the "Financial Package"). The Financial Package contains schedules setting
forth, for each of the six calendar quarters commencing January 1, 1997,
selected unaudited financial information for BANC ONE restated to reflect the
June 12, 1998 merger of First Commerce Corporation with and into BANC ONE. A
copy of the Financial Package is filed as Exhibit 99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements
NONE. The financial statements included in this report are not
required to be filed as part of this report.
(b) Pro Forma Financial Information
NONE.
(c) Exhibits
Exhibit 99.1 BANC ONE CORPORATION Pooling Restatement Financial
Package 1Q 1997 - 2Q 1998.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BANC ONE CORPORATION
(Registrant)
Date: July 24, 1998 By: /s/ William C. Leiter
--------------------------------
William C. Leiter
Senior Vice President
<PAGE> 1
Exhibit 99.1
[BANC ONE LOGO] July 1998
BANC ONE CORPORATION
POOLING RESTATEMENT FINANCIAL PACKAGE
1Q 1997 - 2Q 1998
Investment Community Member:
Attached is a copy of schedules reflecting the pooling restatement of historical
financial performance for BANC ONE CORPORATION and consolidated subsidiaries
following the 1998 second quarter acquisition of First Commerce.
This is being provided to assist your analysis of performance over this
trailing six quarter reporting period. Numbers are unaudited.
Please call Investor Relations if you have any questions.
/s/ JAY S. GOULD /s/ HOLLY E. HOBSON
Jay S. Gould Holly E. Hobson
(614) 248-0189 (614) 248-1280
<PAGE> 2
BANC ONE CORPORATION-QUARTERLY AND 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997
--------------------------------------------------------------------------
1Q 2Q 3Q 4Q 12 MONTHS
--------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT
--------------------------------------------------------------------------
PERFORMANCE HIGHLIGHTS
<S> <C> <C> <C> <C>
Total assets - end of period 121,067.2 124,810.0 122,422.0 125,397.4
Total assets - average 119,808.9 121,590.4 122,715.3 121,781.7 121,482.9
Earning assets - end of period -gross 109,089.1 109,367.3 107,972.9 109,290.1
Earning assets - average - gross 109,015.1 109,695.6 110,218.5 107,720.8 109,161.8
Net income 410.9 48.7 464.8 506.9 1,431.3
Per common share - BASIC 0.60 0.06 0.67 0.73 2.06
PER COMMON SHARE - DILUTED 0.59 0.06 0.65 0.71 2.01
- -----------------------------------------------------------------------------------------------------------------------
Cash dividends per common share 0.345 0.345 0.345 0.345 1.380
Book value per common share (orig. reported) 16.43 16.40 16.74 15.82
KEY RATIOS & STATISTICAL DATA
Return on average assets 1.39% 0.16% 1.50% 1.65% 1.18%
Return on average common equity 16.21% 1.62% 17.54% 18.69% 13.51%
Return on average total equity 16.14% 1.82% 17.36% 18.54% 13.46%
Risk-based capital
Tier 1 capital - $ 9,725.3 9,153.6 9,212.0 9,523.2
Total capital - $ 13,738.2 14,036.3 14,020.2 14,413.0
Total risk adjusted assets - $ 102,363.7 109,334.0 107,101.8 111,124.5
Tier 1 capital - % 9.50% 8.37% 8.60% 8.57%
Total capital - % 13.42% 12.84% 13.09% 12.97%
Goodwill - $ 514.9 776.4 765.3 755.2
Other intangibles - $ 245.7 302.2 344.2 514.4
------------------------- ----- ----- ----- -----
Total intangibles - $ 760.6 1,078.6 1,109.5 1,269.6
EOP-Tier 1 Leverage ratio 8.20% 7.66% 7.66% 7.93%
EOP-Tangible equity to tangible assets 7.98% 7.71% 8.06% 8.00%
EOP-Tangible common equity to tangible assets 7.82% 7.56% 7.91% 7.89%
EOP-Total equity to assets 8.56% 8.51% 8.89% 8.93%
AVG-Common equity to assets 8.45% 8.69% 8.51% 8.79%
AVG-Total equity to assets 8.62% 8.84% 8.66% 8.91%
NET INTEREST MARGIN - MANAGED 6.18% 6.11% 6.20% 6.17% 6.16%
NET FUNDS FUNCTION (NIM-LLP) - MANAGED 4.29% 3.88% 4.36% 4.32% 4.22%
Net interest margin - Reported 5.48% 5.38% 5.31% 5.27% 5.36%
Net funds function (NIM-LLP) - Reported 4.42% 3.88% 4.27% 4.23% 4.20%
Efficiency ratio (xcld net sec. gain (loss) 60.37% 77.63% 61.87% 61.27% 65.10%
Full- time equiv. staff (avg) 58,518 59,002 60,363 59,629
</TABLE>
<TABLE>
<CAPTION>
1998 1998
--------------------------
1Q 2Q
--------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT
--------------------------
PERFORMANCE HIGHLIGHTS
<S> <C> <C>
Total assets - end of period 125,806.7 124,018.9
Total assets - average 123,759.3 124,090.8
Earning assets - end of period -gross 111,373.8 108,489.4
Earning assets - average - gross 109,579.0 110,362.0
Net income 548.4 487.3
Per common share - BASIC 0.78 0.69
PER COMMON SHARE - DILUTED 0.77 0.68
- -----------------------------------------------------------------------
Cash dividends per common share 0.38 0.38
Book value per common share (orig. reporte 16.05 16.43
KEY RATIOS & STATISTICAL DATA
Return on average assets 1.80% 1.58%
Return on average common equity 20.29% 17.29%
Return on average total equity 20.13% 17.28%
Risk-based capital
Tier 1 capital - $ 10,181.1 10,508.1
Total capital - $ 15,480.7 15,681.9
Total risk adjusted assets - $ 113,851.0 116,379.9
Tier 1 capital - % 8.94% 9.03%
Total capital - % 13.60% 13.47%
Goodwill - $ 737.5 716.2
Other intangibles - $ 631.4 556.5
------------------------- ------ -----
Total intangibles - $ 1,368.9 1,272.7
EOP-Tier 1 Leverage ratio 8.18% 8.54%
EOP-Tangible equity to tangible assets 8.01% 8.39%
EOP-Tangible common equity to tangible ass 7.93% 8.39%
EOP-Total equity to assets 9.01% 9.33%
AVG-Common equity to assets 8.82% 9.11%
AVG-Total equity to assets 8.93% 9.12%
NET INTEREST MARGIN - MANAGED 6.43% 6.33%
NET FUNDS FUNCTION (NIM-LLP) - MANAGED 4.50% 4.43%
Net interest margin - Reported 5.30% 5.25%
Net funds function (NIM-LLP) - Reported 4.52% 4.55%
Efficiency ratio (xcld net sec. gain (loss) 60.98% 67.39%
Full- time equiv. staff (avg) 60,000 59,986
</TABLE>
<PAGE> 3
BANC ONE CORPORATION-QUARTERLY and 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997 1998 1998
--------------------------------------------------------------------------------------
1Q 2Q 3Q 4Q 12 MONTHS 1Q 2Q
--------------------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT AMT AMT
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSET QUALITY DATA
CHARGE-OFFS:
Commercial 11.6 9.2 10.7 44.5 76.0 7.2 25.3
R.E.-construction 0.1 0.3 0.8 0.9 2.1 0.1 0.1
R.E.-commercial 1.0 1.2 4.9 3.5 10.6 0.1 2.6
Leases, net 1.6 1.2 1.9 2.3 7.0 1.1 9.0
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Commercial 14.3 11.9 18.3 51.2 95.7 8.5 37.0
- ---------------------------------------------------------------------------------------------------------- -------------------
Real estate - residential 2.2 3.6 4.6 5.9 16.3 5.8 6.3
Home equity 6.1 8.0 7.7 10.5 32.3 11.8 11.1
Indirect 68.5 64.0 55.6 50.5 238.6 57.6 50.3
Auto lease 8.8 11.1 9.5 12.6 42.0 15.3 16.9
Student 0.1 0.1 0.1 0.3 0.6 0.2 0.3
Direct 42.7 40.1 44.1 43.0 169.9 46.2 37.5
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Consumer 128.4 126.9 121.6 122.8 499.7 136.9 122.4
- ---------------------------------------------------------------------------------------------------------- -------------------
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Credit Card 206.7 241.6 237.0 200.1 885.4 187.1 147.9
- ---------------------------------------------------------------------------------------------------------- -------------------
========================================================================================================== ===================
TOTAL CHARGE-OFFS 349.4 380.4 376.9 374.1 1,480.8 332.5 307.3
========================================================================================================== ===================
RECOVERIES:
Commercial 7.3 8.2 8.3 10.0 33.8 11.2 1.8
R.E.-construction 0.2 1.3 0.1 0.1 1.7 0.1 0.4
R.E.-commercial 1.1 3.5 2.9 4.7 12.2 1.0 8.3
Leases, net 0.6 0.3 1.0 0.6 2.5 1.1 0.5
- ---------------------------------------------------------------------------------------------------------- -------------------
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Commercial 9.2 13.3 12.3 15.4 50.2 13.4 11.0
- ---------------------------------------------------------------------------------------------------------- -------------------
Real estate - residential 0.8 4.0 0.9 0.5 6.2 0.4 0.9
Home equity 1.3 1.2 1.2 1.4 5.1 1.3 1.6
Indirect 20.3 26.0 26.9 26.1 99.3 19.6 22.7
Auto lease 3.0 4.3 3.5 3.8 14.6 4.1 7.9
Student 0.0 0.0 0.0 0.1 0.1 0.0 0.0
Direct 13.5 7.0 7.1 6.2 33.8 14.4 7.9
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Consumer 38.9 42.5 39.6 38.1 159.1 39.8 41.0
- ---------------------------------------------------------------------------------------------------------- -------------------
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Credit Card 40.9 22.1 25.2 20.5 108.7 43.2 19.5
- ---------------------------------------------------------------------------------------------------------- -------------------
========================================================================================================== ===================
TOTAL RECOVERIES 89.0 77.9 77.1 74.0 318.0 96.4 71.5
========================================================================================================== ===================
NET CHARGE-OFFS:
Commercial 4.3 1.0 2.4 34.5 42.2 (4.0) 23.5
R.E.-construction (0.1) (1.0) 0.7 0.8 0.4 0.0 (0.3)
R.E.-commercial (0.1) (2.3) 2.0 (1.2) (1.6) (0.9) (5.7)
Leases, net 1.0 0.9 0.9 1.7 4.5 0.0 8.5
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Commercial 5.1 (1.4) 6.0 35.8 45.5 (4.9) 26.0
- ---------------------------------------------------------------------------------------------------------- -------------------
Real estate - residential 1.4 (0.4) 3.7 5.4 10.1 5.4 5.4
Home equity 4.8 6.8 6.5 9.1 27.2 10.5 9.5
Indirect 48.2 38.0 28.7 24.4 139.3 38.0 27.6
Auto lease 5.8 6.8 6.0 8.8 27.4 11.2 9.0
Student 0.1 0.1 0.1 0.2 0.5 0.2 0.3
Direct 29.2 33.1 37.0 36.8 136.1 31.8 29.6
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Consumer 89.5 84.4 82.0 84.7 340.6 97.1 81.4
- ---------------------------------------------------------------------------------------------------------- -------------------
- ---------------------------------------------------------------------------------------------------------- -------------------
Total Credit Card 165.8 219.5 211.8 179.6 776.7 143.9 128.4
- ---------------------------------------------------------------------------------------------------------- -------------------
========================================================================================================== ===================
TOTAL NET CHARGE-OFFS 260.4 302.5 299.8 300.1 1,162.8 236.1 235.8
========================================================================================================== ===================
</TABLE>
<PAGE> 4
BANC ONE CORPORATION-QUARTERLY AND 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997
------------------------------------------------------------------------
1Q 2Q 3Q 4Q 12 MONTHS
------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET CHARGE-OFFS - %:
Commercial 0.08% 0.02% 0.04% 0.58% 0.19%
R.E.-construction -0.01% -0.10% 0.07% 0.08% 0.01%
R.E.-commercial -0.01% -0.13% 0.11% -0.07% -0.02%
Leases, net 0.18% 0.15% 0.14% 0.26% 0.18%
- --------------------------------------------------------------------------------------------------------------------
Total Commercial 0.06% -0.02% 0.06% 0.38% 0.13%
- --------------------------------------------------------------------------------------------------------------------
Real estate - residential 0.07% -0.02% 0.17% 0.24% 0.12%
Home equity 0.26% 0.35% 0.29% 0.39% 0.32%
Indirect 1.95% 1.54% 1.24% 1.06% 1.46%
Auto lease 0.49% 0.48% 0.38% 0.53% 0.47%
Student 0.02% 0.02% 0.02% 0.04% 0.02%
Direct 2.55% 2.83% 3.15% 3.19% 2.93%
- --------------------------------------------------------------------------------------------------------------------
Total Consumer 0.97% 0.87% 0.81% 0.83% 0.87%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Total Credit Card 4.57% 6.26% 5.61% 5.73% 5.53%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
TOTAL NET CHARGE-OFFS/AVG LOANS (INCLD LN HFS) 1.21% 1.36% 1.29% 1.32% 1.30%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
MANAGED TOTAL NET C/O/AVG LOANS (INCLD LN HFS) 2.18% 2.27% 2.18% 2.21% 2.21%
- --------------------------------------------------------------------------------------------------------------------
NONPERFORMING ASSETS:
Nonaccrual loans 403.9 429.3 464.2 444.8
Renegotiated loans 2.3 1.0 0.9 0.8
- ------------------------------------------------------------------------------------------------------
Total nonperforming loans 406.2 430.3 465.1 445.6
Other real estate owned 64.0 56.6 60.2 70.1
- ------------------------------------------------------------------------------------------------------
Total nonperforming assets 470.2 486.9 525.3 515.7
- ------------------------------------------------------------------------------------------------------
LOANS DELINQUENT 90+ DAYS
Total - $ 546.8 522.2 666.4 582.0
Total - % (Incld Ln HFS) 0.62% 0.57% 0.74% 0.64%
- ------------------------------------------------------------------------------------------------------
% - Wholesale 0.19% 0.27% 0.50% 0.23%
% - Real estate (include home equity) 0.27% 0.18% 0.45% 0.49%
% - Consumer, net 0.48% 0.44% 0.57% 0.58%
% - Credit card - reported 2.31% 2.03% 2.24% 2.16%
Allowance to ending loans 1.53% 1.60% 1.60% 1.59%
Allowance to NPLs 321.1% 337.0% 307.0% 316.2%
Allowance to NPAs 277.4% 297.8% 271.8% 273.2%
NPLs to total loans + loans HFS 0.46% 0.47% 0.52% 0.49%
NPAs to total loans + loans HFS 0.54% 0.53% 0.59% 0.57%
NPAs to total loans + loans HFS + OREO 0.53% 0.53% 0.58% 0.56%
</TABLE>
<TABLE>
<CAPTION>
1998 1998
---------------------------
1Q 1Q
---------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT
---------------------------
<S> <C> <C>
NET CHARGE-OFFS - %:
Commercial -0.07% 0.38%
R.E.-construction 0.00% -0.03%
R.E.-commercial -0.05% -0.34%
Leases, net 0.00% 1.21%
- -----------------------------------------------------------------------
Total Commercial -0.05% 0.27%
- -----------------------------------------------------------------------
Real estate - residential 0.25% 0.30%
Home equity 0.44% 0.38%
Indirect 1.80% 1.26%
Auto lease 0.64% 0.47%
Student 0.03% 0.05%
Direct 2.81% 2.72%
- -----------------------------------------------------------------------
Total Consumer 0.96% 0.81%
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Total Credit Card 5.05% 5.38%
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
TOTAL NET CHARGE-OFFS/AVG LOANS (INCLD LN HFS) 1.06% 1.07%
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
MANAGED TOTAL NET C/O/AVG LOANS (INCLD LN HFS) 2.32% 2.34%
- -----------------------------------------------------------------------
NONPERFORMING ASSETS:
Nonaccrual loans 551.3 528.2
Renegotiated loans 0.7 0.3
- -----------------------------------------------------------------------
Total nonperforming loans 552.0 528.5
Other real estate owned 76.5 86.7
- -----------------------------------------------------------------------
Total nonperforming assets 628.5 615.2
- -----------------------------------------------------------------------
LOANS DELINQUENT 90+ DAYS
Total - $ 546.3 521.2
Total - % (Incld Ln HFS) 0.62% 0.60%
- -----------------------------------------------------------------------
% - Wholesale 0.27% 0.28%
% - Real estate (includes home equity) 0.54% 0.60%
% - Consumer, net 0.44% 0.49%
% - Credit card - reported 2.43% 2.31%
Allowance to ending loans 1.60% 1.60%
Allowance to NPLs 251.0% 254.2%
Allowance to NPAs 220.4% 218.4%
NPLs to total loans + loans HFS 0.62% 0.60%
NPAs to total loans + loans HFS 0.71% 0.70%
NPAs to total loans + loans HFS + OREO 0.71% 0.70%
</TABLE>
<PAGE> 5
BANC ONE CORPORATION-QUARTERLY AND 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997
--------------------------------------------------------------------------
1Q 2Q 3Q 4Q 12 MONTHS
--------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT
--------------------------------------------------------------------------
INCOME STATEMENT
<S> <C> <C> <C> <C> <C>
Total interest income 2,499.6 2,540.4 2,567.0 2,490.4 10,097.4
Total interest expense 1,041.6 1,086.1 1,105.5 1,074.8 4,308.0
- ----------------------------------------------------------------------------------------------------------------------
Net interest income 1,458.0 1,454.3 1,461.5 1,415.6 5,789.4
- ----------------------------------------------------------------------------------------------------------------------
Provision for credit losses 285.2 410.5 286.6 281.1 1,263.4
- ----------------------------------------------------------------------------------------------------------------------
Investment management & advisory activities 79.7 82.0 88.6 88.7 339.0
Service charges on deposit accounts 180.0 189.1 191.6 198.5 759.2
Credit card 295.6 359.1 525.3 573.0 1,753.0
Other loan servicing income 28.0 26.7 29.2 13.8 97.7
------------------------------- ----- ----- ----- ----- -----
Loan processing & servicing income 323.6 385.8 554.5 586.8 1,850.7
Securities gains 15.2 17.9 11.0 13.9 58.0
Insurance 42.5 44.2 39.5 36.7 162.9
Securities brokerage 21.5 26.4 30.2 27.5 105.6
Investment banking 9.4 13.1 11.8 14.4 48.7
Venture capital 47.2 17.3 90.0 (2.5) 152.0
Other 126.6 99.0 134.0 178.7 538.3
--------- ----- ----- ----- ----- -----
Other income 247.2 200.0 305.5 254.8 1,007.5
- ----------------------------------------------------------------------------------------------------------------------
Total non-interest income 845.7 874.8 1,151.2 1,142.7 4,014.4
- ----------------------------------------------------------------------------------------------------------------------
Salaries and related costs 612.0 607.2 662.7 661.0 2,542.9
Net occupancy & equipment 86.4 83.0 95.0 100.3 364.7
Depreciation 85.2 86.2 89.5 105.5 366.4
Amortization of intangibles 30.4 32.1 32.5 26.9 121.9
Outside services and processing 199.1 201.6 233.7 260.5 894.9
Marketing & development 133.8 204.1 250.1 139.0 727.0
Communication and transportation 100.0 110.3 115.1 124.4 449.8
Restructuring charges 0.0 337.3 0.0 0.0 337.3
Other expense 144.2 144.7 140.5 150.8 580.2
- ----------------------------------------------------------------------------------------------------------------------
Total non-interest expense 1,391.1 1,806.5 1,619.1 1,568.4 6,385.1
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Income before income taxes 627.4 112.1 707.0 708.8 2,155.3
Provision for income taxes 216.5 63.4 242.2 201.9 724.0
- ----------------------------------------------------------------------------------------------------------------------
Net income 410.9 48.7 464.8 506.9 1,431.3
Preferred dividends 6.3 6.1 3.0 2.4 17.8
- ----------------------------------------------------------------------------------------------------------------------
Net income appl. to common 404.6 42.6 461.8 504.5 1,413.5
Per common share - BASIC 0.60 0.06 0.67 0.73 2.06
PER COMMON SHARE - DILUTED 0.59 0.06 0.65 0.71 2.01
- ----------------------------------------------------------------------------------------------------------------------
Wtd avg. com shares - BASIC 677.2 675.2 695.9 699.3 687.0
WTD AVG. COM SHARES - DILUTED 715.1 692.6 719.4 719.3 715.8
- ----------------------------------------------------------------------------------------------------------------------
EOP outstanding com. Shares (orig. reported) 618.6 636.4 639.7 699.8
- ----------------------------------------------------------------------------------------------------------------------
Memo: Taxable equivalent adjustment 16.0 15.9 15.0 15.3 62.2
----------------------------------- ----- ----- ----- ----- -----
Net interest income - TE 1,474.0 1,470.2 1,476.5 1,430.9 5,851.6
</TABLE>
<TABLE>
<CAPTION>
1998 1998
---------------------------
1Q 1Q
---------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT
---------------------------
INCOME STATEMENT
<S> <C> <C>
Total interest income 2,479.5 2,486.2
Total interest expense 1,061.2 1,057.3
- --------------------------------------------------------------------------
Net interest income 1,418.3 1,428.9
- --------------------------------------------------------------------------
Provision for credit losses 212.3 193.8
- --------------------------------------------------------------------------
Investment management & advisory activities 91.9 95.1
Service charges on deposit accounts 196.9 197.4
Credit card 505.9 442.4
Other loan servicing income 34.6 35.2
------------------------------- ----- ----
Loan processing & servicing income 540.5 477.6
Securities gains 23.0 42.4
Insurance 43.0 34.6
Securities brokerage 30.2 33.4
Investment banking 10.4 17.1
Venture capital 14.0 34.2
Other 232.3 349.0
--------- ------ -----
Other income 329.9 468.3
- ---------------------------------------------------------------------------
Total non-interest income 1,182.2 1,280.8
- ---------------------------------------------------------------------------
Salaries and related costs 681.6 663.9
Net occupancy & equipment 104.7 111.3
Depreciation 92.4 91.3
Amortization of intangibles 25.2 24.8
Outside services and processing 221.6 270.0
Marketing & development 182.6 192.0
Communication and transportation 118.1 124.5
Restructuring charges 0.0 126.9
Other expense 154.2 203.7
- ---------------------------------------------------------------------------
Total non-interest expense 1,580.4 1,808.4
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Income before income taxes 807.8 707.5
Provision for income taxes 259.4 220.2
- ---------------------------------------------------------------------------
Net income 548.4 487.3
Preferred dividends 2.1 0.0
- ---------------------------------------------------------------------------
Net income appl. to common 546.3 487.3
Per common share - BASIC 0.78 0.69
PER COMMON SHARE - DILUTED 0.77 0.68
- ---------------------------------------------------------------------------
Wtd avg. com shares - BASIC 698.4 703.5
WTD AVG. COM SHARES - DILUTED 716.6 715.3
- ---------------------------------------------------------------------------
EOP outstanding com. Shares (orig. reported) 699.9 704.3
- ---------------------------------------------------------------------------
Memo: Taxable equivalent adjustment 14.3 16.1
----------------------------------- ---- ----
Net interest income - TE 1,432.6 1,445.0
</TABLE>
<PAGE> 6
BANC ONE CORPORATION-QUARTERLY AND 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997
--------------------------------------------------------------------------
1Q 2Q 3Q 4Q 12 MONTHS
--------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BALANCE SHEET (EOP)
Cash and due from banks 5,840.0 6,799.9 6,827.6 8,162.3
Short-term investments 684.9 1,035.1 728.2 938.6
Loans held for sale 2,369.0 392.9 466.0 2,362.0
Securities held to maturity 4,407.7 760.2 723.1 785.3
Securities available for sale 16,360.5 16,456.3 16,991.8 16,711.3
--------------------------------- --------- --------- --------- ---------
Total securities 20,768.2 17,216.5 17,714.9 17,496.6
- ---------------------------------------------------------------------------------------------------------
Managed (X HFS) 108,732.6 115,896.4 119,146.8 119,934.6
Securitized (23,465.6) (25,173.6) (30,083.0) (31,441.7)
- ---------------------------------------------------------------------------------------------------------
Total loans & leases reported 85,267.0 90,722.8 89,063.8 88,492.9
Allowance for loan losses (1,304.1) (1,449.9) (1,428.0) (1,409.1)
- ---------------------------------------------------------------------------------------------------------
Net loans and leases 83,962.9 89,272.9 87,635.8 87,083.8
- ---------------------------------------------------------------------------------------------------------
Memo: Earning Assets Reported - gross 109,089.1 109,367.3 107,972.9 109,290.1
- ---------------------------------------------------------------------------------------------------------
Premises and equipment, net 1,984.5 2,006.2 2,001.2 2,045.3
Interest earned,not collected 859.8 945.4 1,001.3 925.8
Other real estate owned 64.0 56.6 60.2 70.1
Excess of cost over net assets of affiliates
purchased 514.9 776.4 765.3 755.2
Other assets 4,019.0 6,308.1 5,221.5 5,557.7
- ---------------------------------------------------------------------------------------------------------
Total assets 121,067.2 124,810.0 122,422.0 125,397.4
- ---------------------------------------------------------------------------------------------------------
Non-interest bearing 17,178.3 19,546.1 18,619.3 19,862.3
Int. bearing 64,279.0 65,094.8 64,608.1 65,357.6
- ---------------------------------------------------------------------------------------------------------
Total deposits 81,457.3 84,640.9 83,227.4 85,219.9
- ---------------------------------------------------------------------------------------------------------
Fed fnds purchased & repurchase agreements 12,768.0 9,520.8 8,759.1 11,075.0
Other short-term borrowings 5,619.0 6,820.4 4,441.1 3,095.8
Long-term borrowings 7,911.1 10,312.4 11,761.7 11,457.2
Accrued interest payable 493.0 573.9 556.3 544.7
Other liabilities 2,457.9 2,323.0 2,793.7 2,801.5
- ---------------------------------------------------------------------------------------------------------
Total liabilities 110,706.3 114,191.4 111,539.3 114,194.1
- ---------------------------------------------------------------------------------------------------------
Preferred stock 195.6 184.2 173.5 135.4
Common stock 3,162.6 3,182.1 3,202.1 3,506.0
Capital / excess of aggregate stated value common 4,425.5 4,125.8 4,126.5 6,803.9
Retained earnings 3,220.2 3,075.4 3,297.6 672.0
Change related to nonowned transactions (71.0) 52.1 122.2 154.7
Treasury stock (572.0) (1.0) (39.2) (68.7)
- ---------------------------------------------------------------------------------------------------------
Total shareholders' equity 10,360.9 10,618.6 10,882.7 11,203.3
- ---------------------------------------------------------------------------------------------------------
Total liabilities and shareholders'
equity 21,067.2 124,810.0 122,422.0 125,397.4
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1998 1998
-------------------------
1Q 2Q
-------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT
-------------------------
<S> <C> <C>
BALANCE SHEET (EOP)
Cash and due from banks 7,240.5 8,174.3
Short-term investments 1,609.4 765.4
Loans held for sale 2,064.9 3,436.2
Securities held to maturity 711.3 691.0
Securities available for sale 20,278.3 19,570.8
--------------------------------- --------- --------
Total securities 20,989.6 20,261.8
- ------------------------------------------------------------------------------
Managed (X HFS) 119,526.4 118,957.9
Securitized (32,816.5) (34,931.9)
- ------------------------------------------------------------------------------
Total loans & leases reported 86,709.9 84,026.0
Allowance for loan losses (1,385.3) (1,343.3)
- ------------------------------------------------------------------------------
Net loans and leases 85,324.6 82,682.7
- ------------------------------------------------------------------------------
Memo: Earning Assets Reported - gross 111,373.8 108,489.4
==============================================================================
Premises and equipment, net 2,049.2 2,055.5
Interest earned,not collected 961.7 923.6
Other real estate owned 76.5 86.7
Excess of cost over net assets of affiliates
purchased 737.5 716.2
Other assets 4,752.8 4,916.5
- ------------------------------------------------------------------------------
Total assets 125,806.7 124,018.9
==============================================================================
Non-interest bearing 20,266.4 21,481.9
Int. bearing 65,386.2 63,472.0
- ------------------------------------------------------------------------------
Total deposits 85,652.6 84,953.9
- ------------------------------------------------------------------------------
Fed fnds purchased & repurchase agreements 9,642.7 8,707.4
Other short-term borrowings 3,620.7 3,099.5
Long-term borrowings 11,972.9 11,656.0
Accrued interest payable 519.9 516.9
Other liabilities 3,061.5 3,510.9
- ------------------------------------------------------------------------------
Total liabilities 114,470.3 112,444.6
- ------------------------------------------------------------------------------
Preferred stock 99.6 0.0
Common stock 3,518.2 3,521.6
Capital / excess of aggregate stated value
common 6,797.2 6,771.6
Retained earnings 956.6 1,170.3
Change related to nonowned transactions 159.9 110.8
Treasury stock (195.1) 0.0
- ------------------------------------------------------------------------------
Total shareholders' equity 11,336.4 11,574.3
- ------------------------------------------------------------------------------
Total liabilities and shareholders'
equity 125,806.7 124,018.9
- ------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
BANC ONE CORPORATION-QUARTERLY AND 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997
----------------------------------------------------------------------------
1Q 2Q 3Q 4Q 12 MONTHS
----------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BALANCE SHEET - ASSETS (AVG)
Short-term investments 900.7 848.7 824.5 1,200.5 944.1
Loans held for sale 1,420.6 2,317.7 419.8 460.1 1,149.9
Securities - taxable 19,307.8 18,124.0 15,878.6 15,103.1 17,088.5
Securities - tax-exempt 1,659.0 1,548.1 1,517.9 1,420.9 1,535.8
--------------------------- -------- -------- -------- -------- --------
Total securities 20,966.8 19,672.1 17,396.5 16,524.0 18,624.3
Commercial 34,984.4 36,164.3 36,982.4 36,968.5 36,282.3
Consumer, net 37,013.8 38,552.9 39,624.5 40,137.9 38,842.9
Credit card 13,728.8 12,139.9 14,970.8 12,429.8 13,318.3
- ----------------------------------------------------------------------------------------------------------------------
Total loans & leases 85,727.0 86,857.1 91,577.7 89,536.2 88,443.5
- ----------------------------------------------------------------------------------------------------------------------
Total earning assets reported - gross 109,015.1 109,695.6 110,218.5 107,720.8 109,161.8
- ----------------------------------------------------------------------------------------------------------------------
Allowance for credit losses (1,281.9) (1,302.5) (1,445.9) (1,393.8) (1,356.6)
Other assets 12,075.7 13,197.3 13,942.7 15,454.7 13,677.7
- ----------------------------------------------------------------------------------------------------------------------
Total assets 119,808.9 121,590.4 122,715.3 121,781.7 121,482.9
- ----------------------------------------------------------------------------------------------------------------------
BALANCE SHEET - LIABILITIES & EQUITY (AVG)
Non-interest bearing demand 15,890.6 16,628.2 17,227.6 17,915.0 16,921.7
Interest bearing demand 3,191.3 2,868.6 2,653.9 2,653.2 2,839.8
Savings & money market 31,498.8 32,263.9 33,261.0 33,987.3 32,761.0
CD's 100K 20,296.4 20,309.7 20,204.3 19,685.2 20,122.4
CD's 100K - domestic 7,201.9 7,170.0 7,066.8 6,287.5 6,929.4
CD's 100K - foreign 2,630.9 2,159.4 2,485.9 2,367.7 2,410.5
- ----------------------------------------------------------------------------------------------------------------------
Total interest-bearing deposits 64,819.3 64,771.6 65,671.9 64,980.9 65,063.1
- ----------------------------------------------------------------------------------------------------------------------
Total deposits 80,709.9 81,399.8 82,899.5 82,895.9 81,984.8
- ----------------------------------------------------------------------------------------------------------------------
Short-term borrowed funds 18,609.1 17,485.4 15,591.7 12,869.4 16,121.7
Long-term borrowed funds 7,251.4 9,116.6 10,530.5 11,725.7 9,670.7
- ----------------------------------------------------------------------------------------------------------------------
Total borrowed funds 25,860.5 26,602.0 26,122.2 24,595.1 25,792.4
- ----------------------------------------------------------------------------------------------------------------------
Other liabilities 2,913.3 2,839.4 3,072.5 3,441.5 3,068.1
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 109,483.7 110,841.2 112,094.2 110,932.5 110,845.3
- ----------------------------------------------------------------------------------------------------------------------
Preferred stock 201.0 188.9 176.2 142.7 177.0
Common stockholders' equity 10,124.2 10,560.3 10,444.9 10,706.5 10,460.6
- ----------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 10,325.2 10,749.2 10,621.1 10,849.2 10,637.6
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders'
equity 119,808.9 121,590.4 122,715.3 121,781.7 121,482.9
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1998 1998
------------------------
1Q 2Q
------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT
------------------------
<S> <C> <C>
BALANCE SHEET - ASSETS (AVG)
Short-term investments 965.9 1,225.4
Loans held for sale 2,471.5 1,963.9
Securities - taxable 17,000.2 19,435.1
Securities - tax-exempt 1,348.5 1,260.4
--------------------------- -------- -------
Total securities 18,348.7 20,695.5
Commercial 37,530.4 38,364.3
Consumer, net 40,583.2 39,898.0
Credit card 9,679.3 8,214.9
- ---------------------------------------------------------------------------------
Total loans & leases 87,792.9 86,477.2
- ---------------------------------------------------------------------------------
Total earning assets reported - gross 109,579.0 110,362.0
- ---------------------------------------------------------------------------------
Allowance for credit losses (1,361.3) (1,350.9)
Other assets 15,541.6 15,079.7
- ---------------------------------------------------------------------------------
Total assets 123,759.3 124,090.8
- ---------------------------------------------------------------------------------
BALANCE SHEET - LIABILITIES & EQUITY (AVG)
Non-interest bearing demand 18,702.6 18,824.6
Interest bearing demand 2,786.1 2,662.6
Savings & money market 34,945.7 35,974.3
CD's 100K 19,041.8 18,325.0
CD's 100K - domestic 5,881.3 5,465.6
CD's 100K - foreign 2,684.8 2,603.9
- ---------------------------------------------------------------------------------
Total interest-bearing deposits 65,339.7 65,031.4
- ---------------------------------------------------------------------------------
Total deposits 84,042.3 83,856.0
- ---------------------------------------------------------------------------------
Short-term borrowed funds 13,504.9 13,152.8
Long-term borrowed funds 11,558.9 11,970.5
- ---------------------------------------------------------------------------------
Total borrowed funds 25,063.8 25,123.3
- ---------------------------------------------------------------------------------
Other liabilities 3,605.8 3,799.7
- ---------------------------------------------------------------------------------
Total liabilities 112,711.9 112,779.0
- ---------------------------------------------------------------------------------
Preferred stock 126.7 4.1
Common stockholders' equity 10,920.7 11,307.7
- ---------------------------------------------------------------------------------
Total shareholders' equity 11,047.4 11,311.8
- ---------------------------------------------------------------------------------
Total liabilities and shareholders'
equity 123,759.3 124,090.8
- ---------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
BANC ONE CORPORATION - QUARTERLY AND 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997
==========================================================================
1Q 2Q 3Q 4Q 12 MONTHS
--------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LOAN AND LEASE ANALYSIS (EOP)
Commercial 22,076.0 23,587.0 23,354.5 23,994.7
R.E.- construction 4,105.5 4,172.0 4,305.5 3,995.5
R.E.- commercial 7,001.6 7,123.6 6,929.1 6,747.8
Leases, net 2,334.9 2,528.3 2,567.6 2,767.3
====================================================================================================================================
Total commercial 35,518.0 37,410.9 37,156.7 37,505.3
====================================================================================================================================
R.E.- residential - managed (X HFS) 7,757.4 8,395.8 8,442.6 8,330.1
- securitized 0.0 0.0 0.0 0.0
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 7,757.4 8,395.8 8,442.6 8,330.1
Home equity - managed (X HFS) 7,826.4 8,419.6 9,250.5 9,698.8
- securitized (199.4) (188.1) (178.5) (168.4)
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 7,627.0 8,231.5 9,072.0 9,530.4
Direct - managed (X HFS) 4,742.9 5,040.8 4,674.1 4,584.2
- securitized (273.7) (245.3) (121.9) (106.4)
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 4,469.2 4,795.5 4,552.2 4,477.8
Indirect - managed (X HFS) 10,756.1 10,486.1 10,486.1 10,127.5
- securitized (794.1) (1,348.7) (1,226.4) (1,646.4)
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 9,962.0 9,137.4 9,259.7 8,481.1
Auto lease 5,222.5 6,022.8 6,397.2 6,748.6
Student - managed (X HFS) 3,257.5 3,169.0 2,931.7 3,014.6
- securitized (842.8) (810.6) (779.3) (745.5)
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 2,414.7 2,358.4 2,152.4 2,269.1
====================================================================================================================================
Consumer, net - managed (X HFS) 39,562.8 41,534.1 42,182.2 42,503.8
- securitized (2,110.0) (2,592.7) (2,306.1) (2,666.7)
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 37,452.8 38,941.4 39,876.1 39,837.1
====================================================================================================================================
====================================================================================================================================
Credit card - managed (X HFS) 33,651.8 36,951.4 39,807.9 39,925.5
- securitized (21,355.6) (22,580.9) (27,776.9) (28,775.0)
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 12,296.2 14,370.5 12,031.0 11,150.5
====================================================================================================================================
====================================================================================================================================
Total loans & leases - managed (x HFS) 108,732.6 115,896.4 119,146.8 119,934.6
- securitized (23,465.6) (25,173.6) (30,083.0) (31,441.7)
- ------------------------------------------------------------------------------------------------------------------------------------
- reported (X HFS) 85,267.0 90,722.8 89,063.8 88,492.9
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
1998 1998
==========================
1Q 2Q
--------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT
--------------------------
<S> <C> <C>
LOAN AND LEASE ANALYSIS (EOP)
Commercial 24,359.0 24,914.5
R.E.- construction 4,130.9 4,191.4
R.E.- commercial 6,838.9 6,512.9
Leases, net 2,801.9 2,899.1
====================================================================================
Total commercial 38,130.7 38,517.9
====================================================================================
R.E.- residential - managed (X HFS) 7,012.2 5,962.0
- securitized 0.0 0.0
- ------------------------------------------------------------------------------------
- reported (X HFS) 7,012.2 5,962.0
Home equity - managed (X HFS) 9,977.4 10,111.2
- securitized (158.8) (145.0)
- ------------------------------------------------------------------------------------
- reported (X HFS) 9,818.6 9,966.2
Direct - managed (X HFS) 4,565.9 4,350.8
- securitized (90.8) (73.1)
- ------------------------------------------------------------------------------------
- reported (X HFS) 4,475.1 4,277.7
Indirect - managed (X HFS) 10,100.2 10,318.0
- securitized (1,435.8) (1,242.2)
- ------------------------------------------------------------------------------------
- reported (X HFS) 8,664.4 9,075.8
Auto lease 7,276.2 8,096.6
Student - managed (X HFS) 3,173.9 3,009.1
- securitized (715.5) (683.2)
- ------------------------------------------------------------------------------------
- reported (X HFS) 2,458.4 2,325.9
====================================================================================
Consumer, net - managed (X HFS) 42,105.8 41,847.7
- securitized (2,400.9) (2,143.5)
- ------------------------------------------------------------------------------------
- reported (X HFS) 39,704.9 39,704.2
====================================================================================
====================================================================================
Credit card - managed (X HFS) 39,289.9 38,592.3
- securitized (30,415.6) (32,788.4)
- ------------------------------------------------------------------------------------
- reported (X HFS) 8,874.3 5,803.9
====================================================================================
====================================================================================
Total loans & leases - managed (x HFS) 119,526.4 118,957.9
- securitized (32,816.5) (34,931.9)
- ------------------------------------------------------------------------------------
- reported (X HFS) 86,709.9 84,026.0
====================================================================================
</TABLE>
<PAGE> 9
BANC ONE CORPORATION - QUARTERLY AND 12 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1997 1997
==========================================================================
1Q 2Q 3Q 4Q 12 MONTHS
--------------------------------------------------------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT AMT AMT AMT
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LOAN AND LEASE ANALYSIS (AVG)
Commercial 21,506.7 22,584.7 23,169.8 23,427.0 22,678.7
R.E.- construction 3,960.4 4,085.1 4,235.4 4,129.4 4,103.4
R.E.- commercial 7,204.7 7,072.6 7,036.5 6,829.6 7,034.8
Leases, net 2,312.6 2,421.9 2,540.7 2,582.5 2,465.4
TOTAL COMMERCIAL 34,984.4 36,164.3 36,982.4 36,968.5 36,282.3
R.E.- residential 7,640.6 7,977.8 8,422.0 8,416.2 8,117.1
Home equity 7,532.8 7,895.2 8,786.4 9,288.6 8,381.7
Direct 4,648.1 4,690.2 4,656.7 4,569.7 4,641.0
Indirect 10,024.9 9,923.1 9,149.4 9,124.2 9,551.8
Auto lease 4,752.5 5,663.5 6,235.1 6,576.8 5,813.1
Student 2,414.9 2,403.1 2,374.9 2,162.4 2,338.2
CONSUMER 37,013.8 38,552.9 39,624.5 40,137.9 38,842.9
CREDIT CARD 13,728.8 12,139.9 14,970.8 12,429.8 13,318.3
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL LOANS & LEASES 85,727.0 86,857.1 91,577.7 89,536.2 88,443.5
MANAGED CREDIT CARD DATA - (INCLD HFS)
PERIOD END LOANS - MANAGED 35,651.8 36,951.4 39,807.9 41,747.5
- securitized 21,355.6 22,580.9 27,776.9 28,775.0
- reported 14,296.2 14,370.5 12,031.0 12,972.5
- ------------------------------------------------------------------------------------------------------------------------------------
AVERAGE LOANS - MANAGED 35,705.0 35,956.5 38,478.8 40,093.1 37,572.9
- securitized 20,976.2 21,882.5 23,508.0 27,663.3 23,525.8
- reported 14,728.8 14,074.0 14,970.8 12,429.8 14,047.1
- ------------------------------------------------------------------------------------------------------------------------------------
NET CHARGE OFFS - AMOUNT - MANAGED 494.1 553.8 557.5 540.9 2,146.3
- securitized 328.3 334.3 345.7 361.3 1,369.6
- reported 165.8 219.5 211.8 179.6 776.7
- ------------------------------------------------------------------------------------------------------------------------------------
NET CHARGE OFFS - RATE - MANAGED 5.61% 6.18% 5.75% 5.35% 5.71%
- securitized 6.35% 6.13% 5.83% 5.18% 5.82%
- reported 4.57% 6.26% 5.61% 5.73% 5.53%
- ------------------------------------------------------------------------------------------------------------------------------------
DELINQ. RATE 30+ DAYS - MANAGED 5.18% 4.77% 4.85% 5.15%
- securitized 5.21% 4.84% 4.62% 5.23%
- reported 5.14% 4.66% 5.38% 4.98%
- ------------------------------------------------------------------------------------------------------------------------------------
DELINQ. RATE 90+ DAYS - MANAGED 2.36% 2.10% 2.02% 2.28%
- securitized 2.39% 2.15% 1.92% 2.34%
- reported 2.31% 2.03% 2.24% 2.16%
- ------------------------------------------------------------------------------------------------------------------------------------
Credit card charge volume - managed 9,723 10,535 12,121 13,269 45,648
New accounts opened 1,281 2,257 2,338 2,447 8,323
Credit cards issued 39,213 38,991 41,608 41,743
Accounts on file 30,346 30,225 30,921 32,204
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1998 1998
==========================
1Q 2Q
--------------------------
UNAUDITED
(millions, except per share & staff) AMT AMT
--------------------------
<S> <C> <C>
LOAN AND LEASE ANALYSIS (AVG)
Commercial 23,962.9 24,665.0
R.E.- construction 4,048.7 4,212.0
R.E.- commercial 6,760.4 6,673.2
Leases, net 2,758.4 2,814.1
TOTAL COMMERCIAL 37,530.4 38,364.3
R.E.- residential 8,299.2 6,651.3
Home equity 9,668.8 9,969.2
Direct 4,593.0 4,365.1
Indirect 8,563.3 8,817.1
Auto lease 6,980.4 7,663.2
Student 2,478.5 2,432.1
CONSUMER 40,583.2 39,898.0
CREDIT CARD 9,679.3 8,214.9
- -------------------------------------------------------------------------------------
TOTAL LOANS & LEASES 87,792.9 86,477.2
MANAGED CREDIT CARD DATA - (INCLD HFS)
PERIOD END LOANS - MANAGED 40,525.8 41,550.3
- securitized 30,415.6 32,788.4
- reported 10,110.2 8,761.9
- -------------------------------------------------------------------------------------
AVERAGE LOANS - MANAGED 40,962.2 41,104.9
- securitized 29,410.3 31,524.0
- reported 11,551.9 9,580.9
- -------------------------------------------------------------------------------------
NET CHARGE OFFS - AMOUNT - MANAGED 601.5 598.1
- securitized 457.6 469.7
- reported 143.9 128.4
- -------------------------------------------------------------------------------------
NET CHARGE OFFS - RATE - MANAGED 5.96% 5.84%
- securitized 6.31% 5.98%
- reported 5.05% 5.38%
- -------------------------------------------------------------------------------------
DELINQ. RATE 30+ DAYS - MANAGED 5.12% 4.61%
- securitized 5.09% 4.47%
- reported 5.21% 5.11%
- -------------------------------------------------------------------------------------
DELINQ. RATE 90+ DAYS - MANAGED 2.38% 2.18%
- securitized 2.36% 2.14%
- reported 2.43% 2.31%
- -------------------------------------------------------------------------------------
Credit card charge volume - managed 11,141 12,542
New accounts opened 2,033 2,006
Credit cards issued 41,315 42,989
Accounts on file 32,342 33,648
- -------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
BANC ONE CORPORATION-6 AND 9 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1998
----------------------------- ----------
6 MONTHS 9 MONTHS 6 MONTHS
----------------------------- ----------
UNAUDITED
(millions, except EPS & staff) AMT AMT AMT
----------------------------- ----------
<S> <C> <C> <C>
PERFORMANCE HIGHLIGHTS
Total assets - average 120,704.6 121,382.3 123,926.1
Earning assets - average - gross 109,357.3 109,647.6 109,972.8
Net income 459.6 924.4 1,035.7
Per common share - BASIC 0.66 1.33 1.47
PER COMMON SHARE - DILUTED 0.65 1.30 1.45
- ------------------------------------------------------------------------------------ ---------
Cash dividends per common share 0.69 1.04 0.76
KEY RATIOS & STATISTICAL DATA
Return on average assets 0.77% 1.02% 1.69%
Return on average common equity 8.72% 11.71% 18.75%
Return on average total equity 8.79% 11.70% 18.68%
AVG-Common equity to assets 8.57% 8.55% 8.97%
AVG-Total equity to assets 8.73% 8.70% 9.02%
NET INTEREST MARGIN - MANAGED 6.14% 6.16% 6.38%
NET FUNDS FUNCTION (NIM-LLP) - MANAGED 4.08% 4.18% 4.47%
Net interest margin - Reported 5.43% 5.39% 5.28%
Net funds function (NIM-LLP) - Reported 4.15% 4.19% 4.53%
Efficiency ratio (xcld net sec. gain (loss) 69.04% 66.45% 64.24%
</TABLE>
<PAGE> 11
BANC ONE CORPORATION-6 AND 9 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1998
----------------------------- ----------
6 MONTHS 9 MONTHS 6 MONTHS
----------------------------- ----------
UNAUDITED
(millions, except EPS & staff) AMT AMT AMT
----------------------------- ----------
<S> <C> <C> <C>
ASSET QUALITY DATA
CHARGE-OFFS:
Commercial 20.8 31.5 32.5
R.E.-construction 0.4 1.2 0.2
R.E.-commercial 2.2 7.1 2.7
Leases, net 2.8 4.7 10.1
- --------------------------------------------------------------------------------- ----------
Total Commercial 26.2 44.5 45.5
- --------------------------------------------------------------------------------- ----------
Real estate - residential 5.8 10.4 12.1
Home equity 14.1 21.8 22.9
Indirect 132.5 188.1 107.9
Auto lease 19.9 29.4 32.2
Student 0.2 0.3 0.5
Direct 82.8 126.9 83.7
- --------------------------------------------------------------------------------- ----------
Total Consumer 255.3 376.9 259.3
- --------------------------------------------------------------------------------- ----------
Total Credit Card 448.3 685.3 335.0
- --------------------------------------------------------------------------------- ----------
TOTAL CHARGE-OFFS 729.8 1,106.7 639.8
================================================================================= ==========
RECOVERIES:
Commercial 15.5 23.8 13.0
R.E.-construction 1.5 1.6 0.5
R.E.-commercial 4.6 7.5 9.3
Leases, net 0.9 1.9 1.6
- --------------------------------------------------------------------------------- ----------
Total Commercial 22.5 34.8 24.4
- --------------------------------------------------------------------------------- ----------
Real estate - residential 4.8 5.7 1.3
Home equity 2.5 3.7 2.9
Indirect 46.3 73.2 42.3
Auto lease 7.3 10.8 12.0
Student 0.0 0.0 0.0
Direct 20.5 27.6 22.3
- --------------------------------------------------------------------------------- ----------
Total Consumer 81.4 121.0 80.8
- --------------------------------------------------------------------------------- ----------
Total Credit Card 63.0 88.2 62.7
- --------------------------------------------------------------------------------- ----------
TOTAL RECOVERIES 166.9 244.0 167.9
================================================================================= ==========
NET CHARGE-OFFS:
Commercial 5.3 7.7 19.5
R.E.-construction (1.1) (0.4) (0.3)
R.E.-commercial (2.4) (0.4) (6.6)
Leases, net 1.9 2.8 8.5
- --------------------------------------------------------------------------------- ----------
Total Commercial 3.7 9.7 21.1
- --------------------------------------------------------------------------------- ----------
Real estate - residential 1.0 4.7 10.8
Home equity 11.6 18.1 20.0
Indirect 86.2 114.9 65.6
Auto lease 12.6 18.6 20.2
Student 0.2 0.3 0.5
Direct 62.3 99.3 61.4
- --------------------------------------------------------------------------------- ----------
Total Consumer 173.9 255.9 178.5
- --------------------------------------------------------------------------------- ----------
Total Credit Card 385.3 597.1 272.3
- --------------------------------------------------------------------------------- ----------
TOTAL NET CHARGE-OFFS 562.9 862.7 471.9
================================================================================= ==========
</TABLE>
<PAGE> 12
BANC ONE CORPORATION-6 AND 9 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1998
----------------------------- ----------
6 MONTHS 9 MONTHS 6 MONTHS
----------------------------- ----------
UNAUDITED
(millions, except EPS & staff) AMT AMT AMT
----------------------------- ----------
<S> <C> <C> <C>
NET CHARGE-OFFS - %:
Commercial 0.05% 0.05% 0.16%
R.E.-construction -0.06% -0.01% -0.01%
R.E.-commercial -0.07% -0.01% -0.20%
Leases, net 0.16% 0.15% 0.62%
- ----------------------------------------------------------------------------------- ----------
Total Commercial 0.02% 0.04% 0.11%
- ----------------------------------------------------------------------------------- ----------
Real estate - residential 0.02% 0.07% 0.27%
Home equity 0.30% 0.30% 0.41%
Indirect 1.74% 1.58% 1.52%
Auto lease 0.49% 0.45% 0.56%
Student 0.02% 0.02% 0.04%
Direct 2.69% 2.85% 2.76%
- ----------------------------------------------------------------------------------- ----------
Total Consumer 0.92% 0.88% 0.88%
- ----------------------------------------------------------------------------------- ----------
Total Credit Card 5.40% 5.47% 5.20%
- ----------------------------------------------------------------------------------- ----------
TOTAL NET CHARGE-OFFS/AVG LOANS (INCLD LN HFS) 1.29% 1.29% 1.07%
- ----------------------------------------------------------------------------------- ----------
MANAGED TOTAL NET C/O/AVG LOANS (INCLD LN HFS) 2.23% 2.21% 2.33%
- ----------------------------------------------------------------------------------- ----------
</TABLE>
<PAGE> 13
BANC ONE CORPORATION-6 AND 9 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1998
----------------------------- ----------
6 MONTHS 9 MONTHS 6 MONTHS
----------------------------- ----------
UNAUDITED
(millions, except EPS & staff) AMT AMT AMT
----------------------------- ----------
<S> <C> <C> <C>
INCOME STATEMENT
Total interest income 5,040.0 7,607.0 4,965.7
Total interest expense 2,127.7 3,233.2 2,118.5
- ----------------------------------------------------------------------------------- ----------
Net interest income 2,912.3 4,373.8 2,847.2
- ----------------------------------------------------------------------------------- ----------
Provision for credit losses 695.7 982.3 406.1
- ----------------------------------------------------------------------------------- ----------
Investment management & advisory activities 161.7 250.3 187.0
Service charges on deposit accounts 369.1 560.7 394.3
Credit card 654.7 1,180.0 948.3
Other loan servicing income 54.7 83.9 69.8
Loan processing & servicing income 709.4 1,263.9 1,018.1
Securities gains 33.1 44.1 65.4
Insurance 86.7 126.2 77.6
Securities brokerage 47.9 78.1 63.6
Investment banking 22.5 34.3 27.5
Venture capital 64.5 154.5 48.2
Other 225.6 359.6 581.3
Other income 447.2 752.7 798.2
- ----------------------------------------------------------------------------------- ----------
Total non-interest income 1,720.5 2,871.7 2,463.0
- ----------------------------------------------------------------------------------- ----------
Salaries and related costs 1,219.2 1,881.9 1,345.5
Net occupancy & equipment 169.4 264.4 216.0
Depreciation 171.4 260.9 183.7
Amortization of intangibles 62.5 95.0 50.0
Outside services and processing 400.7 634.4 491.6
Marketing & development 337.9 588.0 374.6
Communication and transportation 210.3 325.4 242.6
Restructuring charges 337.3 337.3 126.9
Other expense 288.9 429.4 357.9
- ----------------------------------------------------------------------------------- ----------
Total non-interest expense 3,197.6 4,816.7 3,388.8
=================================================================================== ==========
Income before income taxes 739.5 1,446.5 1,515.3
Provision for income taxes 279.9 522.1 479.6
=================================================================================== ==========
Net income (loss) 459.6 924.4 1,035.7
Preferred dividends 12.4 15.4 2.1
=================================================================================== ==========
Net income (loss) appl. to common 447.2 909.0 1,033.6
Per common share - BASIC 0.66 1.33 1.47
PER COMMON SHARE - DILUTED 0.65 1.30 1.45
- ----------------------------------------------------------------------------------- ----------
Wtd avg. com shares - BASIC 676.2 682.8 701.1
WTD AVG. COM SHARES - DILUTED 712.4 714.7 716.0
- ----------------------------------------------------------------------------------- ----------
Memo: Taxable equivalent adjustment 31.9 46.9 30.4
Net interest income - TE 2,944.2 4,420.7 2,877.6
</TABLE>
<PAGE> 14
BANC ONE CORPORATION-6 AND 9 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1998
----------------------------- ----------
6 MONTHS 9 MONTHS 6 MONTHS
----------------------------- ----------
UNAUDITED
(millions, except EPS & staff) AMT AMT AMT
----------------------------- ----------
<S> <C> <C> <C>
BALANCE SHEET - ASSETS (AVG)
Short-term investments 874.6 857.7 1,096.4
Loans held for sale 1,871.6 1,382.4 2,216.3
Securities - taxable 18,712.6 17,757.6 18,224.4
Securities - tax-exempt 1,603.2 1,574.5 1,304.2
Total securities 20,315.8 19,332.1 19,528.6
Commercial 35,577.7 36,051.0 37,949.6
Consumer, net 37,787.6 38,406.7 40,238.8
Credit card 12,930.0 13,617.7 8,943.1
- ------------------------------------------------------------------------------------ -----------
Total loans & leases 86,295.3 88,075.4 87,131.5
- ------------------------------------------------------------------------------------ -----------
Total earning assets reported - gross 109,357.3 109,647.6 109,972.8
==================================================================================== ===========
Allowance for credit losses (1,292.3) (1,344.0) (1,356.1)
Other assets 12,639.6 13,078.7 15,309.4
- ------------------------------------------------------------------------------------ -----------
Total assets 120,704.6 121,382.3 123,926.1
==================================================================================== ===========
BALANCE SHEET - LIABILITIES & EQUITY (AVG)
Non-interest bearing demand 16,261.4 16,587.0 18,763.9
Interest bearing demand 3,029.1 2,902.6 2,724.0
Savings & money market 31,883.5 32,347.7 35,462.8
CD's 100K 20,303.1 20,269.8 18,681.4
CD's 100K - domestic 7,185.9 7,145.7 5,672.3
CD's 100K - foreign 2,393.8 2,424.9 2,644.1
- ------------------------------------------------------------------------------------ -----------
Total interest-bearing deposits 64,795.4 65,090.7 65,184.6
- ------------------------------------------------------------------------------------ -----------
Total deposits 81,056.8 81,677.7 83,948.5
- ------------------------------------------------------------------------------------ -----------
Short-term borrowed funds 18,044.1 17,217.8 13,327.9
Long-term borrowed funds 8,189.2 8,978.2 11,765.8
- ------------------------------------------------------------------------------------ -----------
Total borrowed funds 26,233.3 26,196.0 25,093.7
- ------------------------------------------------------------------------------------ -----------
Other liabilities 2,876.1 2,942.3 3,703.4
- ------------------------------------------------------------------------------------ -----------
Total liabilities 110,166.2 110,816.0 112,745.6
- ------------------------------------------------------------------------------------ -----------
Preferred stock 194.9 188.7 65.2
Common stockholders' equity 10,343.5 10,377.6 11,115.3
==================================================================================== ===========
Total shareholders' equity 10,538.4 10,566.3 11,180.5
==================================================================================== ===========
Total liabilities and shareholders' equity 120,704.6 121,382.3 123,926.1
==================================================================================== ===========
</TABLE>
<PAGE> 15
BANC ONE CORPORATION-6 AND 9 MONTH DATA
<TABLE>
<CAPTION>
1997 1997 1998
----------------------------- ----------
6 MONTHS 9 MONTHS 6 MONTHS
----------------------------- ----------
UNAUDITED
(millions, except EPS & staff) AMT AMT AMT
----------------------------- ----------
<S> <C> <C> <C>
LOAN AND LEASE ANALYSIS (AVG)
Commercial 22,048.7 22,426.5 24,315.8
R.E.- construction 4,023.1 4,094.6 4,130.8
R.E.- commercial 7,138.3 7,104.0 6,716.6
Leases, net 2,367.6 2,425.9 2,786.4
TOTAL COMMERCIAL 35,577.7 36,051.0 37,949.6
R.E.- residential 7,810.1 8,016.3 7,470.7
Home equity 7,715.0 8,076.1 9,819.9
Direct 4,669.3 4,665.1 4,478.4
Indirect 9,973.7 9,695.9 8,690.9
Auto lease 5,210.5 5,555.8 7,323.7
Student 2,409.0 2,397.5 2,455.2
CONSUMER 37,787.6 38,406.7 40,238.8
CREDIT CARD 12,930.0 13,617.7 8,943.1
==================================================================================== ===========
TOTAL LOANS & LEASES 86,295.3 88,075.4 87,131.5
</TABLE>
