NATIONAL CITY CORP
8-K, 2000-04-14
NATIONAL COMMERCIAL BANKS
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Exhibit 99.1

FOR MORE INFORMATION CONTACT:

 
Thomas A. Richlovsky
Senior Vice President & Treasurer
(216) 575-2126
 
Jeffrey C. Douglas
Vice President & Assistant Treasurer
Investor Relations
(216) 222-9849
www.national-city.com
For Immediate Release

NATIONAL CITY REPORTS FIRST QUARTER EARNINGS

      CLEVELAND, Ohio—April 14, 2000—National City Corporation (NYSE: NCC) today reported first quarter 2000 net income of $321.3 million, or $.53 per diluted share. By comparison and excluding nonrecurring items, net income for the 1999 first quarter was $347.9 million, or $.53 per diluted share. Returns on average common equity and average assets reached 22.5% and 1.50%, respectively, compared to 20.9% and 1.65%, respectively, for the first quarter last year.

      Commenting on the quarter, David A. Daberko, Chairman and CEO stated, “Although our basic banking margins have been challenged by rapidly rising interest rates, the fundamentals and direction in most of our businesses is solid. Our primary focus is on long-term performance and providing a superior return to our stockholders. In line with this commitment, a series of growth initiatives have been undertaken and a significant investment in customer-focused technology, accompanied by a growing investment in our people, is being made to enhance service quality. These initiatives, some of which cost us earnings in the short term, are part of a

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long-term plan to deliver a higher level of excellence to National City customers and stockholders.”

      Taxable-equivalent net interest income for the first quarter of 2000 was $740.9 million, versus $756.4 million last quarter and the $764.7 million earned in the 1999 first quarter. The lower net interest income reflects tighter margins and is attributable to the Corporation’s liability sensitivity in a rising interest rate environment coupled with greater reliance on longer-term, wholesale funding. In combination with the Corporation’s funding mix, rising interest rates have negatively affected the net interest margin. While loan demand has generally been healthy and the Corporation’s asset mix continues to shift favorably toward higher-yielding consumer and commercial loans and away from thinner-spread investment securities and conventional residential mortgages, the effect has not been sufficient to fully offset compression in the margin. In addition, the interest expense incurred as a result of share repurchase activity has had the effect of reducing the first quarter 2000 margin by approximately 19 basis points versus 7 basis points in the 1999 first quarter.

      Average loans, excluding real estate, climbed to $45.7 billion in the first quarter of 2000, up 8.7% compared to $42.1 billion in last year’s first quarter and represented 12.1% annualized growth from last quarter’s $44.4 billion. Strong sales efforts in the corporate and consumer banking units led to double digit year-over-year growth in consumer loans and 7.3% growth in general commercial loans and leases.

      For the first quarter of 2000, fees and other income grew 8.2% to $557.4 million from $515.0 million for the year earlier quarter, excluding the effect of divested businesses and nonrecurring items, with broad-based growth experienced in mortgage banking revenue, deposit fees, item processing, trust and investment management fees, and brokerage revenue. Purchase

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acquisitions in the second half of 1999 contributed $31.9 million to 2000’s first quarter mortgage banking revenue. The Corporation decided to begin retaining a portion of its high-quality, nonconforming residential mortgage production during 2000 to benefit future periods, while foregoing gains on sale in the current quarter. Item processing revenue, after adjusting for the divestiture of certain business lines in 1999, grew 14.2% to $94.4 million in the first quarter of 2000 from $82.7 million in the 1999 first quarter.

      Fees and other income declined on a linked-quarter basis and were largely affected by lower mortgage banking and item processing revenue, following a seasonally strong fourth quarter. National City’s residential loan servicing portfolio grew to $48.6 billion at March 31, 2000 compared to $46.7 billion at year-end 1999 and was up 25.1% from $38.8 billion a year ago.

      In the first quarter of 2000, pre-tax securities gains totaled $21.5 million, or $.02 per share, after-tax, down from $37.1 million, or $.04 per share, after-tax, in the fourth quarter of 1999, and $23.7 million, or $.02 per share, after-tax, in the first quarter of 1999.

      Noninterest expense was $759.1 million in the first quarter of 2000, compared to $780.1 million in the 1999 fourth quarter and $739.2 million in the first quarter of 1999. The volume-related fee and processing businesses combined with the seasonality of certain expenses led to the decline in the linked-quarter comparison of noninterest expense. Operating efficiencies have been achieved even while technology and marketing spending has been increased to support strategic growth initiatives, with associated costs included in both the current and prior quarter. Compared to the first quarter of 1999, noninterest expense rose due to technology and marketing investment, as well as expenses and intangibles amortization from the purchase acquisitions of companies whose costs were not included in the 1999 first quarter base, partially offset by lower

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expenses from the aforementioned disposition of certain National Processing business lines in the second quarter of 1999.

      For the 2000 first quarter, net charge-offs totaled $66.1 million, or .44% of average loans, down from $66.6 million, or .45% of average loans in the fourth quarter of 1999, and $68.0 million, or .48% in the first quarter of 1999. At March 31, 2000, the allowance for loan losses was $970.6 million, or 1.57% of loans. Nonperforming assets at March 31, 2000 were $314.1 million, or .51% of total loans and real estate owned, up from $289.1 million at December 31, 1999 and $271.9 million at March 31, 1999. At March 31, 2000, real estate mortgage loans, which historically have had annual loss ratios of less than .06%, comprised over 55% of nonperforming assets.

      Total assets were $86.9 billion at March 31, 2000, and total stockholders’ equity was $5.9 billion. Equity as a percentage of assets was 6.81% at March 31, 2000, compared to 6.57% at year-end 1999. Since late 1998, $2.1 billion of capital has been returned to stockholders through the repurchase of 64.7 million common shares.

      Mr. Daberko’s comments contain forward-looking statements that involve significant risks and uncertainties, including changes in general economic and financial market conditions and the Corporation’s ability to execute its business plans. Although management believes the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially.

      National City Corporation is an $86.9 billion diversified financial services company headquartered in Cleveland, Ohio. National City operates banks and other financial services subsidiaries principally in Ohio, Michigan, Pennsylvania, Indiana, Kentucky and Illinois.

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UNAUDITED

NATIONAL CITY CORPORATION
FINANCIAL HIGHLIGHTS
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

                                                     
2000 1999
1Q00/
First Fourth Third Second First 1Q99
Quarter Quarter Quarter Quarter Quarter % Change
Tax-equivalent net interest income $ 740.9 $ 756.4 $ 757.7 $ 758.2 $ 764.7 (3.1 )%
Provision for loan losses 66.3 66.6 55.5 59.6 68.0 (2.5 )
Fee and other income - recurring 557.4 581.1 528.6 537.6 554.1 0.6
Securities gains before non- recurring items 21.5 37.1 20.3 25.2 23.7 (9.1 )
Noninterest expense - recurring 759.1 780.1 705.9 719.5 739.2 2.7
Net income before non - recurring items 321.3 344.9 356.5 354.9 347.9 (7.6 )
Nonrecurring items:
Pre-tax — (1.8 ) — 0.3 36.8 —
After-tax — (1.4 ) — (0.4 ) 3.1 —
Net income $ 321.3 $ 343.5 $ 356.5 $ 354.5 $ 351.0 (8.5 )
 
Net income per common share:
Basic $ .53 $ .56 $ .58 $ .56 $ .55 (3.6 )
Diluted 53 .55 .57 .56 .54 (1.9 )
Diluted — adjusted (1) 53 56 57 .56 .53 —
Diluted — cash basis (1)(2) .56 .59 .59 .59 .56 —
Dividends paid per common share 285 .27 .27 .26 .26 9.6
 
Performance Ratios (1):
Return on average common equity 22.45 % 22.93 % 23.79 % 22.99 % 20.94 %
Return on average assets 1.50 1.60 1.71 1.71 1.65
Net interest margin 3.79 3.87 4.03 4.04 4.02
Efficiency ratio 58.47 58.33 54.88 55.52 56.05
 
Assets $ 86,895 $ 87,121 $ 85,058 $ 84,022 $ 84,094 3.3 %
Loans 61,857 60,204 58,001 57,317 57,312 7.9
Securities 13,783 14,904 15,811 14,994 15,264 (9.7 )
Deposits 50,613 50,066 50,395 52,091 52,051 (2.8 )
Stockholders’ equity 5,918 5,728 5,914 5,867 6,257 (5.4 )
Book value per common share 9.71 9.39 9.54 9.44 9.90 (1.9 )
Market value per common share 20.63 23.69 26.69 32.75 33.19 (37.8 )
 
Nonrecurring Items Detail:
Gain on sale of CEFT stock $ — $ — $ — $ 32.1 $ —
Gain on sale of EPS — — — — 95.7
Gain on sale of SVS — — — — 6.1
NPI business line divest- itures, net of minority interest — (1.8 ) — 6.0 (65.0 )
Facilities charge and executive contract obligations — — — (37.8 ) —
Nonrecurring pre-tax $ — $ (1.8 ) $ — $ 0.3 $ 36.8

(1)   Excludes effects of nonrecurring items.
(2) Excludes amortization of goodwill and other intangible assets.

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UNAUDITED

NATIONAL CITY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

                                               
2000 1999
First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter
Interest Income:
Loans $ 1,342,266 $ 1,296,074 $ 1,224,469 $ 1,205,526 $ 1,212,303
Securities:
Taxable 215,718 224,716 217,175 208,446 223,913
Exempt from Federal income taxes 11,171 13,091 11,245 13,465 10,199
Federal funds sold and security resale agreements 6,958 8,290 8,656 9,903 11,013
Other short-term investments 3,906 4,949 3,189 2,925 3,062
Total interest income 1,580,019 1,547,120 1,464,734 1,440,265 1,460,490
Interest Expense:
Deposits 443,939 425,849 397,516 393,145 419,023
Federal funds borrowed and security repurchase agreements 102,568 101,114 87,901 79,352 99,694
Borrowed funds 43,281 41,159 37,632 36,957 28,484
Long-term debt and capital securities 257,775 231,534 194,206 181,867 157,154
Total interest expense 847,563 799,656 717,255 691,321 704,355
Net interest income 732,456 747,464 747,479 748,944 756,135
Provision for loan losses 66,326 66,622 55,476 59,542 68,034
Net interest income after provision for loan losses 666,130 680,842 692,003 689,402 688,101
Noninterest Income:
Item processing revenue 94,369 98,471 91,519 105,089 121,703
Service charges on deposits 106,313 108,321 107,430 104,834 99,863
Trust and investment management fees 83,624 82,229 81,097 80,683 81,847
Mortgage banking revenue 111,294 126,011 81,105 89,181 92,995
Card-related fees 43,646 48,725 48,383 49,259 45,310
Other 118,120 115,516 119,080 114,585 149,173
TOTAL FEES AND OTHER INCOME 557,366 579,273 528,614 543,631 590,891
SECURITIES GAINS 21,533 37,095 20,353 57,224 23,688
Total noninterest income 578,899 616,368 548,967 600,855 614,579
Noninterest Expense:
Salaries, benefits and other personnel 406,871 400,416 367,638 389,585 400,764
Equipment 57,682 56,468 47,590 52,955 52,761
Net occupancy 52,668 49,772 48,944 49,234 54,127
Third-party services 45,148 49,723 49,304 48,551 45,570
Other 196,724 223,725 192,487 216,910 185,980
Total noninterest expense 759,093 780,104 705,963 757,235 739,202
Income before income tax expense 485,936 517,106 535,007 533,022 563,478
Income tax expense 164,593 173,590 178,545 178,534 212,459
Net income $ 321,343 $ 343,516 $ 356,462 $ 354,488 $ 351,019
Net Income Per Common Share:
Basic $ .53 $ .56 $ .58 $ .56 $ .55
Diluted 53 55 57 .56 .54

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UNAUDITED

NATIONAL CITY CORPORATION
CONSOLIDATED PERIOD-END BALANCE SHEETS
(DOLLARS IN THOUSANDS)

                         
2000 1999
First Fourth
Assets Quarter Quarter
 
Loans:
Commercial $ 23,714,907 $ 23,402,556
Real estate — commercial 6,062,272 6,012,016
Real estate — residential 9,625,271 8,777,422
Consumer 16,159,486 15,986,133
Credit card 2,404,230 2,339,658
Home equity 3,890,385 3,686,119
Total loans 61,856,551 60,203,904
Allowance for loan losses (970,642 ) (970,463 )
Net loans 60,885,909 59,233,441
Mortgage loans held for sale 2,330,395 2,731,166
Securities available for sale, at fair value 13,783,119 14,904,343
Federal funds sold and security resale agreements 408,228 556,351
Other short-term investments 126,624 231,099
Cash and demand balances due from banks 3,229,032 3,480,756
Properties and equipment 1,116,332 1,127,980
Accrued income and other assets 5,015,754 4,856,363
Total Assets $ 86,895,393 $ 87,121,499
Liabilities and Stockholders’ Equity
Liabilities:
Noninterest bearing deposits $ 11,034,147 $ 11,182,681
NOW and money market accounts 16,488,169 16,561,494
Savings accounts 3,430,306 3,470,700
Time deposits of individuals 15,285,430 14,700,944
Other time deposits 2,764,812 2,897,166
Deposits in overseas offices 1,610,489 1,253,325
Total deposits 50,613,353 50,066,310
Federal funds borrowed and security repurchase agreements 6,307,165 5,182,506
Borrowed funds 5,540,814 9,772,611
Long-term debt 16,803,105 14,858,014
Corporation-obligated mandatorily redeemable capital securities of subsidiary trusts holding solely debentures of the Corporation 180,000 180,000
Accrued expenses and other liabilities 1,533,348 1,334,325
Total Liabilities 80,977,785 81,393,766
Stockholders’ Equity:
Preferred 29,982 30,233
Common 5,887,626 5,697,500
Total Stockholders’ Equity 5,917,608 5,727,733
Total Liabilities and Stockholders’ Equity $ 86,895,393 $ 87,121,499
                                 
1999
Third Second First
Assets Quarter Quarter Quarter
 
Loans:
Commercial $ 22,426,781 $ 22,153,612 $ 22,306,928
Real estate — commercial 6,207,547 6,277,934 6,309,277
Real estate — residential 8,360,180 8,388,380 8,693,757
Consumer 15,348,767 15,184,825 15,022,782
Credit card 2,199,984 2,050,842 1,846,719
Home equity 3,457,622 3,261,466 3,133,121
Total loans 58,000,881 57,317,059 57,312,584
Allowance for loan losses (970,736 ) (970,229 ) (970,336 )
Net loans 57,030,145 56,346,830 56,342,248
Mortgage loans held for sale 2,439,039 2,338,641 2,519,462
Securities available for sale, at fair value 15,811,453 14,993,616 15,263,581
Federal funds sold and security resale agreements 727,822 864,178 978,138
Other short-term investments 122,272 196,974 101,696
Cash and demand balances due from banks 3,346,593 3,807,336 3,443,365
Properties and equipment 1,105,220 1,103,912 1,164,472
Accrued income and other assets 4,475,009 4,370,986 4,281,534
Total Assets $ 85,057,553 $ 84,022,473 $ 84,094,496
Liabilities and Stockholders’ Equity
Liabilities:
Noninterest bearing deposits $ 10,909,167 $ 11,624,345 $ 11,200,312
NOW and money market accounts 16,677,065 16,845,872 16,800,510
Savings accounts 3,700,585 3,870,281 3,957,576
Time deposits of individuals 14,472,674 14,609,034 15,274,913
Other time deposits 3,016,770 2,822,235 2,886,996
Deposits in overseas offices 1,619,190 2,319,594 1,930,292
Total deposits 50,395,451 52,091,361 52,050,599
Federal funds borrowed and security repurchase agreements 6,625,101 6,979,837 8,753,759
Borrowed funds 5,707,438 4,495,831 2,840,983
Long-term debt 14,625,031 13,137,293 11,999,109
Corporation-obligated mandatorily redeemable capital securities of subsidiary trusts holding solely debentures of the Corporation 180,000 180,000 679,896
Accrued expenses and other liabilities 1,610,230 1,270,942 1,513,241
Total Liabilities 79,143,251 78,155,264 77,837,587
Stockholders’ Equity:
Preferred 30,474 30,513 30,513
Common 5,883,828 5,836,696 6,226,396
Total Stockholders’ Equity 5,914,302 5,867,209 6,256,909
Total Liabilities and Stockholders’ Equity $ 85,057,553 $ 84,022,473 $ 84,094,496

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UNAUDITED

NATIONAL CITY CORPORATION
CONSOLIDATED AVERAGE BALANCE SHEETS

(DOLLARS IN MILLIONS)

                                                 
2000 1999
First Fourth Third Second First
Assets Quarter Quarter Quarter Quarter Quarter
 
Earning Assets:
Loans:
Commercial $ 23,496 $ 22,988 $ 22,066 $ 22,228 $ 22,154
Real estate — commercial 6,020 6,141 6,238 6,275 6,305
Real estate — residential 9,291 8,475 8,362 8,483 8,926
Consumer 16,130 15,617 15,052 15,130 14,956
Credit card 2,336 2,224 2,088 1,953 1,829
Home equity 3,770 3,561 3,336 3,188 3,149
Total loans 61,043 59,006 57,142 57,257 57,319
Mortgage loans held for sale 2,101 2,555 2,172 2,344 2,976
Securities available for sale, at cost 14,600 15,403 14,851 14,638 15,126
Federal funds sold and security resale agreements 481 608 666 850 945
Other short-term investments 154 190 140 149 148
Total earning assets 78,379 77,762 74,971 75,238 76,514
Allowance for loan losses (996 ) (985 ) (990 ) (989 ) (985 )
Fair value (depreciation) appreciation of securities available for sale (408 ) (116 ) (8 ) 268 377
Cash and demand balances due from banks 3,140 3,376 3,306 3,506 4,068
Properties and equipment 1,127 1,121 1,108 1,158 1,179
Accrued income and other assets 4,709 4,442 4,304 4,188 4,367
Total Assets $ 85,951 $ 85,600 $ 82,691 $ 83,369 $ 85,520
Liabilities and Stockholders’ Equity
Liabilities:
Noninterest bearing deposits $ 10,716 $ 11,278 $ 11,338 $ 11,542 $ 11,681
NOW and money market accounts 16,443 16,580 16,742 16,997 16,899
Savings accounts 3,413 3,605 3,795 3,922 3,955
Time deposits of individuals 15,019 14,578 14,461 14,883 15,581
Other time deposits 2,825 3,141 2,908 2,857 3,311
Deposits in overseas offices 3,400 3,105 2,389 2,342 3,030
Total deposits 51,816 52,287 51,633 52,543 54,457
Federal funds borrowed and security repurchase agreements 7,723 8,244 7,703 7,377 9,004
Borrowed funds 3,126 2,893 2,808 2,977 2,838
Long-term debt and capital securities 16,259 15,081 13,532 13,305 11,301
Accrued expenses and other liabilities 1,249 1,105 1,046 951 1,159
Total Liabilities 80,173 79,610 76,722 77,153 78,759
Stockholders’ Equity:
Preferred 30 30 31 31 33
Common 5,748 5,960 5,938 6,185 6,728
Total Stockholders’ Equity 5,778 5,990 5,969 6,216 6,761
Total Liabilities and Stockholders’
Equity $ 85,951 $ 85,600 $ 82,691 $ 83,369 $ 85,520

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UNAUDITED

NATIONAL CITY CORPORATION
AVERAGE BALANCES AND RATES ON A TAX EQUIVALENT BASIS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(DOLLARS IN MILLIONS)

                               
2000
TAX
AVERAGE EQUIVALENT AVERAGE
Assets BALANCE INTEREST RATE
 
Earning Assets:
Loans:
Commercial $ 23,496 $ 490.1 8.39. %
Real estate — commercial 6,020 130.7 8.73
Real estate — residential * 11,392 220.3 7.74
Consumer 16,130 342.8 8.55
Credit card 2,336 77.7 13.38
Home equity 3,770 83.4 8.85
Total loans 63,144 1,345.0 8.56
Securities:
Taxable 13,789 216.0 6.27
Tax-exempt 811 16.6 8.19
Total securities 14,600 232.6 6.38
Short-term Investments 635 10.9 6.88
Total earning assets 78,379 1,588.5 8.14
Allowance for loan losses (996 )
Fair value (depreciation) appreciation of securities available for sale (408 )
Noninterest earning assets 8,976
Total Assets $ 85,951
Liabilities and Stockholders’ Equity Liabilities:
NOW and money market accounts $ 16,443 $ 140.0 3.43 %
SAVINGS ACCOUNTS 3,413 14.2 1.67
Time deposits of individuals 15,019 201.0 5.38
Other time deposits 2,825 41.0 5.84
Deposits in overseas offices 3,400 47.7 5.64
Federal funds borrowed 3,642 53.9 5.95
Security repurchase agreements 4,081 48.7 4.80
Borrowed funds 3,126 43.3 5.57
Long-term debt and capital securities 16,259 257.8 6.37
Total interest bearing liabilities 68,208 847.6 5.00
Noninterest bearing deposits 10,716
Other noninterest bearing liabilities 1,249
Total Liabilities 80,173
Stockholders’ Equity 5,778
Total Liabilities and Stockholders’
Equity $ 85,951
Net Interest income and interest spread $ 740.9 3.14 %
Net interest margin 3.79 %
                               
1999
TAX
AVERAGE EQUIVALENT AVERAGE
Assets BALANCE INTEREST RATE
 
Earning Assets:
Loans:
Commercial $ 22,154 $ 420.0 7.69 %
Real estate — commercial 6,305 133.6 8.60
Real estate — residential * 11,902 215.3 7.24
Consumer 14,956 313.3 8.50
Credit card 1,829 59.6 13.22
Home equity 3,149 72.0 9.27
Total loans 60,295 1,213.8 8.14
Securities:
Taxable 14,227 223.9 6.30
Tax-exempt 899 17.3 7.68
Total securities 15,126 241.2 6.38
Short-term Investments 1,093 14.1 5.22
Total earning assets 76,514 1,469.1 7.75
Allowance for loan losses (985 )
fair value (depreciation) appreciation of securities available for sale 377
Noninterest earning assets 9,614
Total Assets $ 85,520
Liabilities and Stockholders’ Equity Liabilities:
NOW and money market accounts $ 16,899 $ 126.5 3.04 %
Savings accounts 3,955 16.9 1.73
Time deposits of individuals 15,581 200.1 5.21
Other time deposits 3,311 40.6 4.98
Deposits in overseas offices 3,030 35.0 4.68
Federal funds borrowed 3,970 47.8 4.89
Security repurchase agreements 5,034 51.9 4.18
Borrowed funds 2,838 28.5 4.07
Long-term debt and capital securities 11,301 157.1 5.64
Total interest bearing liabilities 65,919 704.4 4.33
Noninterest bearing deposits 11,681
Other noninterest bearing liabilities 1,159
Total Liabilities 78,759
Stockholders’ Equity 6,761
Total Liabilities and Stockholders’
Equity $ 85,520
Net Interest income and interest spread $ 764.7 3.42 %
Net interest margin 4.02 %

*   Includes mortgage loans held for sale.

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UNAUDITED

NATIONAL CITY CORPORATION
SELECTED FINANCIAL INFORMATION

                                             
2000 1999
First Fourth Third Second First
(Dollars in Thousands) Quarter Quarter Quarter Quarter Quarter
 
Allowance for Loan Losses:
Balance at beginning of period $ 970,463 $ 970,736 $ 970,229 $ 970,336 $ 970,243
Provision 66,326 66,622 55,476 59,542 68,034
Allowance related to loans acquired (sold) — (300 ) (16 ) 268 93
Charge-offs:
Commercial 24,141 19,635 16,741 32,018 13,023
Real estate — commercial 255 2,914 1,828 738 1,377
Real estate — residential 2,056 2,965 1,454 444 1,702
Consumer 45,212 46,962 42,381 40,019 55,671
Credit card 25,910 24,839 23,831 25,185 27,106
Home equity 1,124 1,566 1,339 2,032 2,009
Total charge-offs 98,698 98,881 87,574 100,436 100,888
Recoveries:
Commercial 5,691 4,426 4,834 6,937 3,519
Real estate — commercial 1,626 2,477 1,401 3,343 1,423
Real estate — residential 105 83 68 805 143
Consumer 18,495 19,208 19,940 22,910 21,437
Credit card 5,894 5,225 5,299 5,468 5,326
Home equity 740 867 1,079 1,056 1,006
Total recoveries 32,551 32,286 32,621 40,519 32,854
Net charge-offs 66,147 66,595 54,953 59,917 68,034
Balance at end of period $ 970,642 $ 970,463 $ 970,736 $ 970,229 $ 970,336
(Dollars in Millions) Nonperforming Assets:
Nonaccrual and restructured loans $ 290.8 $ 269.2 $ 236.1 $ 222.8 $ 242.5
Other real estate owned 23.3 19.9 23.9 26.7 29.4
Total nonperforming assets $ 314.1 $ 289.1 $ 260.0 $ 249.5 $ 271.9
Credit Quality Ratios:
Net charge-offs to average loans .44 % .45 % .38 % .42 % .48 %
Loan loss reserve to loans (period-end) 1.57 1.61 1.67 1.69 1.69
Nonperforming assets to loans and OREO
(period-end) .51 .48 .45 .44 .47
 
Capital Ratios*:
Tier 1 capital 6.98. % 6.61 % 6.89 % 7.14 % 7.34 %
Total risk-based capital 11.72 11.22 11.66 12.12 11.96
Leverage 6.03 5.72 6.07 6.06 6.13
Tangible common equity to tangible assets 5.38 5.12 5.52 5.78 6.17
 
Share Information:
Average basic shares 605,766,137 613,877,553 616,883,898 623,116,746 640,989,054
Average diluted shares 610,694,306 620,784,083 624,581,200 633,280,420 652,220,500
Common shares outstanding at end of period 606,227,792 607,058,364 616,564,714 618,131,386 628,841,942

*   First quarter 2000 ratios are based on preliminary data.


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