<PAGE>
===========================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 27, 1997
OLD KENT FINANCIAL CORPORATION
(Exact name of registrant as
specified in its charter)
MICHIGAN 0-12216 38-1986608
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification no.)
incorporation)
ONE VANDENBERG CENTER
GRAND RAPIDS, MICHIGAN 49503
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: (616) 771-5000
===========================================================================
<PAGE>
Item 5. OTHER EVENTS.
On January 20, 1997, Old Kent Financial Corporation issued the
press release attached as Exhibit 99 to this Form 8-K.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND
EXHIBITS.
(c) Exhibits:
99 Press Release dated January 20, 1997.
-2-
<PAGE>
SIGNATURE
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 thereunto duly authorized.
Dated: January 27, 1997 OLD KENT FINANCIAL CORPORATION
(Registrant)
By: /S/ B.P. SHERWOOD, III
B.P. Sherwood, III
Its Vice Chairman and Treasurer
-3-
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DOCUMENT
99 Press Release dated January 20, 1997.
<PAGE>
EXHIBIT 99
[OLD KENT LOGO]
NEWS RELEASE OLD KENT FINANCIAL CORPORATION
111 Lyon Street NW
Grand Rapids, MI 49503-2406
NASDAQ: OKEN
FOR RELEASE: Immediate
DATE: January 20, 1997
CONTACT: Albert T. Potas
Senior Vice President, Controller
(616) 771-1931
1996 EARNINGS FOR OLD KENT INCREASE 14.5%
GRAND RAPIDS, MICHIGAN -- In 1996, Old Kent achieved its 24th
consecutive year of earnings growth since its formation as a holding
company in 1972.
For the year ended December 31, 1996, net income per common share was
$3.39, a 14.5% increase over the $2.96 of per share earnings for 1995. Net
income for 1996 was $158.7 million. This represented an 11.9% increase
over net income of $141.81 million for 1995. The return on average equity
for 1996 was 15.86% compared to 14.76% for 1995. The return on average
total assets was 1.30% for 1996, up from 1.21% for the preceding year.
In commenting on the operating results, David Wagner, Chairman,
President and CEO, said "key factors contributing to Old Kent's success
this last quarter and past year included loan growth and increased fee-
based revenues". Total loans increased by 9.0% during 1996 and total non-
interest revenues increased 40.5% for the fourth quarter and 31.2% for the
year ended December 31, 1996. The non-interest revenue increase was
largely due to the growth and expansion of Old Kent Mortgage Company.
Mr. Wagner stated that 1996 earnings were moderated by general
deterioration in consumer credit quality, along with disappointing results
in the Corporation's credit card unit, mainly due to the recently canceled
"CardMiles" program. Mr. Wagner mentioned that Old Kent's stock repurchase
programs favorably influenced net income per common share and return on
average equity. Since the June, 1996 authorizations, Old Kent had
repurchased 2.5 million of its common shares with the intent of future
reissuance.
For the three months ended December 31, 1996, net income per common
share was $.91. This represented a 37.9% increase over the $.66 of per
share net income for the last quarter of 1995, and an 11.0% increase over
that same 1995 period after excluding the effect of restructuring charges.
Net income for the last quarter of 1996 was $41.6 million, or 32.5% more
<PAGE>
than the year ago quarter, and 6.2% more excluding restructuring costs for
the last quarter of 1995. Returns on average equity and average total
assets for the three months ended December 31, 1996 were 16.89% and 1.33%,
respectively. These compare to respective average equity and asset returns
of 12.56% and 1.06% for the last quarter of 1995.
- more -
<PAGE>
Old Kent Financial Corporation had assets of $12.6 billion and $1
billion in total equity at December 31, 1996. Old Kent is a bank holding
company headquartered in Grand Rapids, Michigan, with 202 full service
offices in Michigan and 27 in Illinois.
<TABLE>
<CAPTION>
PERCENTAGE
EARNINGS SUMMARY: 1996 1995 <FA> CHANGE
---- --------- ------
<S> <C> <C> <C>
QUARTER ENDED DECEMBER 31:
Net Income per Common Share $.91 $.66 37.9%
Net Income $41,609,000 $31,402,000 32.5%
YEAR ENDED DECEMBER 31:
Net Income per Common Share $3.39 $2.96 14.5%
Net Income $158,701,000 $141,814,000 11.9%
BALANCE SHEET DATA AT DECEMBER 31:
Loans $8,097,056,000 $7,430,552,000 9.0%
Securities 2,804,528,000 3,116,641,000 -10.0%
Total Interest-earning Assets 11,617,994,000 11,053,876,000 5.1%
Core Deposits 9,178,140,000 8,296,722,000 10.6%
Total Deposits 10,080,147,000 9,357,366,000 7.7%
Total Assets 12,646,828,000 12,003,084,000 5.4%
Shareholders' Equity 993,757,000 1,015,936,000 -2.2%
<FN>
<FA> ADJUSTED TO REFLECT A 5 PERCENT STOCK DIVIDEND PAID JULY 25, 1996,
TO SHAREHOLDERS OF RECORD ON JUNE 25, 1996.
</FN>
</TABLE>
# # #
<PAGE>
<TABLE>
[OLD KENT
FINANCIAL CORPORATION LOGO]
FOURTH QUARTER 1996 CONSOLIDATED KEY FINANCIAL DATA
<CAPTION>
[AMOUNTS IN THOUSANDS, THREE MONTHS ENDED
EXCEPT PER SHARE DATA] --------------------------------------------------
CHANGE FROM: TWELVE MONTHS ENDED DECEMBER 31,
------------ --------------------------------
DEC. 31 SEPT. 30 DEC. 31 PRIOR YEAR PERCENT
1996 1996 1995 QUARTER AGO 1996 1995 CHANGE
---- ---- ---- ------- --- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
KEY STATISTICS
- --------------
Net income . . . . . . . . . . . . $41,609 $40,297 $31,402 3.3% 32.5% $158,701 $141,814 11.9%
Net income per common share. . . . $0.91 $0.87 $.066 4.6% 37.9% $3.39 $2.96 14.5%
Return on average total assets . . 1.33% 1.30% 1.06% 1.30% 1.21%
Return on average total equity . . 16.89 16.32 12.56 15.86 14.76
Net interest margin. . . . . . . . 4.38 4.41 4.41 4.41 4.46
Yield on average earning assets. . 8.41 8.37 8.44 8.40 8.44
Cost of average paying liabilities 4.73 4.67 4.80 4.71 4.71
Efficiency ratio <Fa>. . . . . . . 59.91% 59.44% 57.50% 60.67% 59.22%
</TABLE>
<TABLE>
COMMON STOCK INFORMATION (adjusted for stock dividends)
- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Book value . . . . . . . . . . . . $22.11 $21.68 $21.32 2.0% 3.7% $22.11 $21.32 3.7%
Dividends paid . . . . . . . . . . 0.340 0.320 0.305 6.3% 11.5% 1.270 1.162 9.3%
Per share price:
High . . . . . . . . . . . . . . 48.88 42.63 39.64 48.88 39.64
Low. . . . . . . . . . . . . . . 42.38 36.50 35.83 35.60 27.21
Close. . . . . . . . . . . . . . $47.75 $42.38 $39.17 $47.75 $39.17
Outstanding shares at end of
period . . . . . . . . . . . . . 44,944 45,585 47,652 (1.4)% (5.7)% 44,944 47,652 (5.7)%
Number of shares used to compute
net income per common share. . . 45,569 46,325 47,920 (1.6)% (4.9)% 46,827 47,886 (2.2)%
Number of shares traded. . . . . . 7,203 7,393 5,750 27,055 25,876
<FN>
<FA> EXCLUDES SECURITIES GAINS, RESTRUCTURING CHARGES, NON-RECURRING
ITEMS, SPECIAL "SAIF" ASSESSMENT AND OTHER REAL-ESTATE OWNED EXPENSE.
</FN>
</TABLE>
<PAGE>
<TABLE>
[OLD KENT
FINANCIAL CORPORATION LOGO]
FOURTH QUARTER 1996 CONSOLIDATED KEY FINANCIAL DATA
<CAPTION>
[AMOUNTS IN THOUSANDS, THREE MONTHS ENDED
EXCEPT PER SHARE DATA] --------------------------------------------------
CHANGE FROM: TWELVE MONTHS ENDED DECEMBER 31,
------------ --------------------------------
DEC. 31 SEPT. 30 DEC. 31 PRIOR YEAR PERCENT
KEY STATISTICS 1996 1996 1995 QUARTER AGO 1996 1995 CHANGE
- -------------- ---- ---- ---- ------- --- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SUMMARY INCOME STATEMENT
Taxable equivalent interest income . . $243,646 $242,005 $232,485 0.7% 4.8% $953,550 $917,633 3.9%
Interest income. . . . . . . . . . . . 242,044 240,467 230,733 0.7 4.9 947,307 909,819 4.1
Interest expense . . . . . . . . . . . 116,868 114,498 111,183 2.1 5.1 453,019 433,126 4.6
-------- -------- -------- -------- --------
Net interest income. . . . . . . . . 125,176 125,969 119,550 (0.6) 4.7 494,288 476,693 3.7
-------- -------- -------- -------- --------
Provision for credit losses. . . . . . 10,093 9,168 5,035 10.1 100.5 35,236 21,666 62.6
-------- -------- -------- -------- --------
Other income:
Mortgage banking revenue - net . . . 19,275 15,474 7,404 24.6 160.3 57,574 32,363 77.9
Service charges on deposit accounts. 11,620 11,731 10,643 (0.9) 9.2 45,352 40,266 12.6
Trust income . . . . . . . . . . . . 12,291 11,408 11,132 7.7 10.4 46,027 43,281 6.3
Credit card transaction revenue -
net . . . . . . . . . . . . . . . . 636 3,107 2,317 (79.5) (72.6) 7,847 9,709 (19.2)
Securities gains/(losses). . . . . . (670) (391) 560 <Fnm> <Fnm> 128 421 <Fnm>
Nonrecurring and OREO income . . . . 93 236 -- <Fnm> <Fnm> 4,158 2,202 <Fnm>
Other. . . . . . . . . . . . . . . . 16,294 10,996 10,333 48.2 57.7 51,078 33,476 52.6
-------- -------- -------- -------- --------
Total other income . . . . . . . . 59,539 52,561 42,389 13.3 40.5 212,164 161,718 31.2
-------- -------- -------- -------- --------
Other expense:
Salaries and employee benefits . . . 57,126 53,372 45,161 7.0 26.5 212,199 185,158 14.6
Occupancy expense. . . . . . . . . . 8,093 7,295 7,506 10.9 7.8 30,388 28,635 6.1
Equipment expense. . . . . . . . . . 6,544 6,154 6,601 6.3 (0.9) 24,647 24,746 (0.4)
Advertising and promotion. . . . . . 2,224 5,749 2,523 (61.3) (11.9) 24,867 9,918 150.7
Amortization of goodwill and
intangibles. . . . . . . . . . . . 2,727 2,497 2,972 9.2 (8.2) 10,109 11,862 (14.8)
FDIC deposit insurance . . . . . . . 104 1,867 1,080 (94.4) (90.4) 2,458 11,123 (77.9)
Restructuring charges. . . . . . . . -- -- 11,957 <Fnm> <Fnm> -- 18,204 <Fnm>
Nonrecurring and OREO expenses . . . 248 153 2,655 <Fnm> <Fnm> 988 2,801 <Fnm>
Other <Fb> . . . . . . . . . . . . . 35,144 31,877 27,954 10.2 25.7 126,838 109,685 15.6
-------- -------- -------- -------- --------
Total other expense. . . . . . . . 112,210 108,964 108,409 3.0 3.5 432,494 402,132 7.6
-------- -------- -------- -------- --------
<PAGE>
Income before income taxes. . . . . . 62,412 60,398 48,495 3.3 28.7 238,722 214,613 11.2
Income taxes . . . . . . . . . . . . . 20,803 20,101 17,093 3.5 21.7 80,021 72,799 9.9
-------- -------- -------- -------- --------
Net income . . . . . . . . . . . . . . $41,609 $40,297 $31,402 3.3% 32.5% $158,701 $141,814 11.9%
======== ======== ======== ======== ========
<FN>
<FA> EXCLUDES SECURITIES GAINS, RESTRUCTURING CHARGES, NON-RECURRING
ITEMS, SPECIAL "SAIF" ASSESSMENT AND OTHER REAL-ESTATE OWNED
EXPENSE.
<FB> PRIOR PERIOD AMOUNTS HAVE BEEN RECLASSIFIED TO CONFORM TO CURRENT
PERIOD PRESENTATION.
<FNM> NOT MEANINGFUL.
</FN>
</TABLE>
<PAGE>
<TABLE>
[OLD KENT
FINANCIAL CORPORATION LOGO]
<CAPTION>
AVERAGE BALANCES, YIELDS AND AVERAGE BALANCE
RATES 4TH QUARTER 1996 3RD QUARTER 1996 4TH QUARTER 1995 PERCENT CHANGE
------------------------- ------------------------ ------------------------- ---------------
(YIELDS AND RATES ARE ON A
FULLY TAXABLE-EQUIVALENT ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ PRIOR YEAR
BASIS, DOLLARS IN MILLIONS BALANCE BALANCE RATE BALANCE BALANCE RATE BALANCE BALANCE RATE QUARTER AGO
- --------------------------- ------- ------- ---- ------- ------- ---- ------- ------- ---- ------- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Loans:
Commercial loans and leases. . $4,555 $4,485 9.01% $4,490 $4,404 9.04% $4,099 $3,991 9.36% 1.8% 12.4%
Consumer and home equity . . . 2,365 2,357 9.15 2,325 2,292 9.14 2,175 2,160 9.19 2.9 9.1
Credit card. . . . . . . . . . 318 341 15.28 355 357 15.08 324 280 13.06 (4.5) 21.6
Residential mortgages. . . . . 859 866 8.03 865 854 7.97 832 821 8.47 1.4 5.5
------- ------- ------- ------- ------- -------
Total loans . . . . . . . . . . 8,097 8,049 9.21 8,036 7,907 9.23 7,431 7,253 9.35 1.8 11.0
Securities. . . . . . . . . . . 2,820 2,906 6.43 3,055 3,123 6.40 3,111 3,092 6.61 (7.0) (6.0)
Mortgages held-for-sale . . . . 589 446 7.74 393 352 7.73 270 305 7.86 26.5 46.2
Other interest - earning
assets. . . . . . . . . . . . 127 144 5.51 30 139 5.49 237 295 5.84 3.2 (51.3)
------- ------- ------- ------- ------- -------
TOTAL EARNING ASSETS . . . . 11,633 11,545 8.41 11,514 11,521 8.37 11,049 10,945 8.44 0.2 5.5
Unrealized gain/(loss) on
securities available-for-
sale . . . . . . . . . . . . . (15) (20) (28) (38) 5 (1) -- --
Allowance for credit losses . . (166) (171) (171) (172) (174) (177) (0.7) (3.5)
Cash and due from banks . . . . 530 520 541 492 528 488 5.8 6.6
Other assets. . . . . . . . . . 664 620 610 600 596 549 3.4 12.8
------- ------- ------- ------- ------- -------
TOTAL ASSETS . . . . . . . . . . $12,647 $12,494 $12,467 $12,403 $12,003 $11,805 0.7 5.8
======= ======= ======= ======= ======= =======
LIABILITIES AND SHAREHOLDERS'
EQUITY:
Savings deposits. . . . . . . . $2,936 $2,908 2.63% $2,935 $2,975 2.63% $3,075 $3,100 2.76% (2.3)% (6.2)%
Negotiable and foreign
deposits . . . . . . . . . . . 902 1,055 5.98 1,176 1,171 5.91 1,061 1,264 6.17 (9.9) (16.5)
Consumer time deposits. . . . . 4,662 4,551 5.53 4,389 4,343 5.51 3,716 3,587 5.72 4.8 26.9
------- ------- ------- ------- ------- -------
<PAGE>
Total interest - bearing
deposits. . . . . . . . . . . 8,499 8,514 4.59 8,500 8,490 4.55 7,851 7,951 4.64 0.3 7.1
Federal funds purchased and
repurchase agreements. . . . . 482 508 4.35 448 524 4.67 537 483 5.11 (3.0) 5.1
Other borrowed funds. . . . . . 753 706 6.39 737 648 5.80 771 697 6.35 8.8 1.3
Subordinated debt . . . . . . . 100 100 6.74 100 100 6.74 100 50 6.75 -- --
------- ------- ------- ------- ------- -------
Total interest - bearing
funds. . . . . . . . . . . . 9,835 9,827 4.73 9,786 9,762 4.67 9,259 9,181 4.80 0.7 7.0
Demand deposits . . . . . . . . 1,581 1,443 1,475 1,416 1,506 1,402 1.9 2.9
Other liabilities . . . . . . . 237 238 217 237 222 222 0.7 7.4
Shareholders' equity:
Common stock, surplus, and
retained earnings. . . . . . . 1,004 998 1,006 1,012 1,013 1,000 (1.4) (0.2)
Net unrealized gain/(loss) on
securities available-for-
sale . . . . . . . . . . . . . (10) (13) (18) (25) 3 (1) -- --
------- ------- ------- ------- ------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY. . . . . . $12,647 $12,494 $12,467 $12,403 $12,003 $11,805 0.7% 5.8%
======= ======= ======= ======= ======= =======
</TABLE>
<PAGE>
<TABLE>
[OLD KENT
FINANCIAL CORPORATION LOGO]
<CAPTION>
AVERAGE BALANCES, YIELDS AND AVERAGE BALANCE
RATES 4TH QUARTER 1996 3RD QUARTER 1996 4TH QUARTER 1995 PERCENT CHANGE
------------------------- ------------------------ ------------------------- ---------------
(YIELDS AND RATES ARE ON A
FULLY TAXABLE-EQUIVALENT ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ ENDING AVERAGE YIELD/ PRIOR YEAR
BASIS, DOLLARS IN MILLIONS BALANCE BALANCE RATE BALANCE BALANCE RATE BALANCE BALANCE RATE QUARTER AGO
- --------------------------- ------- ------- ---- ------- ------- ---- ------- ------- ---- ------- ---
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SELECTED RATIOS:
Net interest spread. . . . . . . 3.68% 3.70% 3.64%
Net interest income as a
percent of average earning
assets. . . . . . . . . . . . . 4.38% 4.41% 4.41%
Total equity to total assets . . 7.86% 7.93% 8.46%
Tangible equity to tangible
assets. . . . . . . . . . . . . 7.13 7.20 7.74
MEMORANDA
- ---------
CORE DEPOSITS. . . . . . . . . . $9,178 $8,902 $8,800 $8,735 $8,297 $8,089 1.9% 10.0%
====== ====== ====== ====== ====== ======
TOTAL DEPOSITS . . . . . . . . . 10,080 9,957 9,975 9,906 9,357 9,353 0.5 6.5
====== ====== ====== ====== ====== ======
THIRD PARTY MORTGAGE SERVICING
PORTFOLIO . . . . . . . . . . . 9,863 9,604 6,859
====== ====== ======
TOTAL FULL-TIME EQUIVALENT
EMPLOYEES . . . . . . . . . . . 5,649 5,693 5,027
====== ====== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED
------------------------------------------------------------- TWELVE MONTHS ENDED
DEC. 31 SEPT. 30 DEC. 31 DECEMBER 31
CREDIT QUALITY 1996 1996 1995 1996 1995
- -------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Ending allowance for credit
losses. . . . . . . . . . . . . $165.9 $170.7 $174.2 $165.9 $174.2
Nonperforming assets:
Nonaccrual. . . . . . . . . . . 40.0 42.3 40.2 40.0 40.2
Renegotiated. . . . . . . . . . 2.8 0.8 3.1 2.8 3.1
------ ------ ------ ------ ------
Total impaired loans . . . . . 42.8 43.1 43.2 42.8 43.2
Other real estate owned . . . . 7.1 6.2 11.3 7.1 11.3
------ ------ ------ ------ ------
Total nonperforming assets . . 49.9 49.2 54.5 49.9 54.5
====== ====== ====== ====== ======
Loans delinquent over 90 days. . 36.8 35.3 29.1 36.8 29.1
====== ====== ====== ====== ======
Gross charge-offs . . . . . . . 20.5 13.2 10.4 56.5 26.1
Recoveries. . . . . . . . . . . 5.6 2.2 3.6 14.0 12.7
------ ------ ------ ------ ------
Net charge-offs. . . . . . . . . 14.8 11.0 6.8 42.4 13.4
====== ====== ====== ====== ======
Provision for credit losses. . . $10.1 $9.2 $5.0 $35.2 $21.7
====== ====== ====== ====== ======
KEY RATIOS:
Allowance to loans. . . . . . . 2.05% 2.12% 2.35% 2.05% 2.35%
Allowance to impaired loans . . 387.85 396.38 402.90 387.85 402.90
Impaired loans to loans . . . . 0.53 0.54 0.58 0.53 0.58
Nonperforming assets to
assets . . . . . . . . . . . . 0.39 0.39 0.45 0.39 0.45
90 days delinquent to loans . . 0.45 0.44 0.39 0.45 0.39
Net charge-offs to average
loans. . . . . . . . . . . . . 0.74% 0.56% 0.38% 0.54% 0.19%
</TABLE>
<PAGE>
<TABLE>
[OLD KENT
FINANCIAL CORPORATION LOGO]
<CAPTION>
AVERAGE BALANCES, YIELDS AND RATES TWELVE MONTHS ENDED DECEMBER 31,
-----------------------------------------------
1996 1995
-------------------- --------------------
(YIELDS AND RATES ARE ON A FULLY TAXABLE- AVERAGE AVERAGE AVERAGE AVERAGE
EQUIVALENT BASIS, DOLLARS IN THOUSANDS) BALANCE RATE BALANCE RATE
- ----------------------------------------- ------- ---- ------- ----
<S> <C> <C> <C> <C>
AVERAGE ASSETS:
Loans. . . . . . . . . . . . . . . . . . . . . . . . . $7,795,771 9.21% $7,230,657 9.25%
Taxable investment securities. . . . . . . . . . . . . 2,909,593 6.43 2,867,365 6.71
Tax - exempt investment securities . . . . . . . . . . 162,076 8.28 211,830 8.62
Mortgages available-for-sale . . . . . . . . . . . . . 366,380 7.74 247,659 7.73
Interest - earning deposits. . . . . . . . . . . . . . 8,804 5.62 48,234 5.88
Federal funds sold and resale agreements . . . . . . . 99,926 5.46 248,957 6.02
Trading account securities . . . . . . . . . . . . . . 10,280 5.84 20,643 5.80
----------- -----------
Total earning assets . . . . . . . . . . . . . . . . 11,352,830 8.40 10,875,345 8.44
----------- -----------
Unrealized gain/(loss) on securities
available-for-sale . . . . . . . . . . . . . . . . . (19,275) (18,157)
Allowance for loan losses. . . . . . . . . . . . . . . (173,055) (173,939)
Cash and due from banks. . . . . . . . . . . . . . . . 501,810 448,945
Other Assets . . . . . . . . . . . . . . . . . . . . . 589,550 542,020
----------- -----------
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . $12,251,860 $11,674,214
=========== ===========
AVERAGE LIABILITIES AND SHAREHOLDERS' EQUITY:
Savings Deposits . . . . . . . . . . . . . . . . . . . $2,981,349 2.65% $3,094,220 2.67%
Time Deposits:
Negotiable . . . . . . . . . . . . . . . . . . . . . 1,135,116 5.94 1,453,454 6.11
Foreign. . . . . . . . . . . . . . . . . . . . . . . 46,841 5.73 225,964 6.26
Other time . . . . . . . . . . . . . . . . . . . . . 4,191,682 5.57 3,214,003 5.51
----------- -----------
Total interest - bearing deposits . . . . . . . . 8,354,988 4.58 7,987,641 4.54
Federal funds purchased and
repurchase agreements. . . . . . . . . . . . . . . . 519,580 4.67 429,881 5.13
Other borrowed funds . . . . . . . . . . . . . . . . . 634,953 6.20 755,748 6.30
Long - term debt . . . . . . . . . . . . . . . . . . . 100,972 6.76 13,670 6.96
----------- -----------
Total interest - bearing funds . . . . . . . . . 9,610,493 4.71 9,186,940 4.71
Demand deposits. . . . . . . . . . . . . . . . . . . . 1,407,706 1,329,787
Other liabilities. . . . . . . . . . . . . . . . . . . 232,820 196,629
<PAGE>
Shareholders' equity:
Common stock, capital surplus and retained
earnings. . . . . . . . . . . . . . . . . . . . . 1,013,370 972,665
Unrealized gain/(loss) on securities
available-for-sale. . . . . . . . . . . . . . . . (12,529) (11,807)
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY . . . . . $12,251,860 $11,674,214
=========== ===========
NET INTEREST SPREAD. . . . . . . . . . . . . . . . . 3.69% 3.73%
NET INTEREST INCOME AS A
PERCENTAGE OF AVERAGE EARNING ASSETS. . . . . . . 4.41% 4.46%
</TABLE>