OLD KENT FINANCIAL CORP /MI/, 8-K, EX-99, 2001-01-18

OLD KENT FINANCIAL CORP /MI/
8-K, EX-99, 2001-01-18
STATE COMMERCIAL BANKS

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EXHIBIT 99.1

NYSE:	OK
FOR RELEASE:	Immediate
DATE:	January 18, 2001
CONTACT:	Albert T. Potas (616) 771-1931

Old Kent Reports Fourth Quarter and 2000 Earnings
- Operating EPS of $2.31 for the Year and $.59 for the Fourth Quarter -

Grand Rapids, Michigan -- Old Kent Financial Corporation made 2000 its forty-second year of consecutive increases in per share earnings and dividends. This was a significant achievement, especially in light of the $43.6 million of after-tax merger charges recognized during 2000 as compared to $17.6 million of such charges recognized during 1999. Mr. David Wagner, Chairman, President and CEO, said, "Our 9.5% increase in operating earnings per share represents another year of solid performance, and we are particularly pleased with our strong asset quality given today's environment. And as has been the case throughout our history, these results were achieved through the dedicated efforts of our employees and the loyalty of our customers."

Year ended December 31, 2000:

Excluding merger related charges recognized during both 2000 and 1999:

•		Diluted operating earnings per share was $2.31, a 9.5% increase over 1999.
•		Operating earnings were $321.9 million, or 8.5% better than 1999.
•		Total (taxable equivalent) revenues increased 1.3% and operating expenses decreased by 0.8%.
•		The return on average common equity was 20.44% compared to 19.58% for 1999.
•		The return on average total assets was 1.46% versus 1.44% for the preceding year.
•		Commercial loans increased to $9.4 billion at December 31, 2000, a 15.1% increase over the prior year.
•		Consumer loans totaled $5.6 billion at December 31, 2000, or 45.8% more than last year.
•		Net loan charge-offs were 0.21% of average total loans compared to 0.23% for 1999.
•		Nonperforming assets were 0.42% of total assets at December 31, 2000 compared to 0.37% one year earlier.

On an after-tax basis, merger charges recognized by the Corporation were $43.6 million (or $.31 per share) in 2000 and $17.6 million (or $.13 per share) in 1999. Inclusive of these charges, diluted earnings per share was $2.00 for 2000 and $1.98 for 1999; net income for 2000 was $278.3 million compared to $279.1 million for 1999.

Quarter ended December 31, 2000:

•		Diluted earnings per share was $0.59, an 11.3% increase from the fourth quarter of 1999.
•		Net income was $82.9 million, or 13.2% more than last year's fourth quarter.
•		The return on average common equity was 20.08% compared to 19.76% for the last three months of 1999.
•		The return on average total assets was 1.43% for the fourth quarters of 2000 and 1999.
•		Excluding the effect of the Home Bancorp purchase, quarterly average demand deposits increased 7.8% on an annualized basis from the third quarter of 2000.

Effective October 13, 2000, Old Kent completed its purchase of Home Bancorp (Fort Wayne, Indiana) which had total deposits of $326 million and assets of $390 million when acquired. Accordingly, the financial statement impact of this purchase is reflected in Old Kent's operating results beginning in the fourth quarter of 2000.

Total taxable equivalent revenues, exclusive of security transactions, were $318.0 million for the fourth quarter of 2000. Net interest income for the fourth quarter of 2000 was $200.7 million, versus $194.7 million for the same year ago period. The favorable effects of growth in loans and an increase in total interest-earning assets were offset by the negative impact of rising interest rates over the past several quarters on the Corporation's funding costs. At December 31, 2000, total loans were $16.6 billion, 19.5% greater than the year ago level. Total interest-earning assets were $21.7 billion, or 15.5% more than last year. The net interest margin for the fourth quarter of 2000 was 3.84% compared to 4.25% for the fourth quarter of 1999 and 3.95% for the third quarter of 2000. The decrease relative to the third quarter of 2000 included approximately 3 basis points of margin diminution associated with the balance sheet composition of Home Bancorp, acquired during October 2000. The remainder included the effect of balance sheet growth, primarily in loans, more than half of which was funded through the use of wholesale borrowings at costs greater than those of core deposits.

Total non-interest revenues, excluding security transactions, were $111.8 million for the fourth quarter of 2000, or $1.5 million less than the fourth quarter of 1999 primarily due to a decline in mortgage banking revenues which was associated with lower sales volumes. In comparison to the third quarter of 2000, total non-interest revenues, excluding security transactions, decreased by $3.4 million. This change included a $1.3 million decrease in mortgage banking revenues and a $1.8 million reduction in other revenues. During the fourth quarter of 2000, the Corporation also recognized $3.3 million of security gains.

Total non-interest expenses for the fourth quarter of 2000 were 1.9% greater than the year ago quarter, reflecting the effects of merger related efficiencies associated with acquisitions completed during the first six months of 2000. Non-interest expenses for the fourth quarter of 2000 were $3.0 million greater than the third quarter. This increase included the effect of the Home Bancorp purchase acquisition during the fourth quarter, and also included costs related to reducing future expense levels within Old Kent Mortgage Company.

The Corporation's provision for credit losses was $8.4 million for the fourth quarter of 2000, compared to $12.9 million for the same period in 1999. Net loan charge-offs for the fourth quarter of 2000 were $7.9 million, or 0.19% of total average loans for the quarter. For the same period of 1999, this ratio was 0.42%. At December 31, 2000, the allowance for credit losses was 1.36% of total loans compared to 1.43% at September 30, 2000. Total nonperforming assets were 0.42% of total assets at December 31, 2000 compared to 0.40% three months earlier. The increase in nonperforming assets from September 30, 2000 primarily consisted of two commercial loans having an average balance of $2.75 million. These loans had previousy been written down by approximately 20% to their estimated realizable values. The increase in loans delinquent more than 90 days consisted of conventional mortgages secured by first liens on residential real estate; the collateral value on these mortgages exceeded the loan balance by more than one-third, reflecting a loan-to-value ratio of under 75%. While non-performing assets and loans past due 90 days or more increased, management was pleased with the low level of problem credits and the traditionally low potential for significant loss in residential mortgage loans.

Stock Repurchase Program:

During the three months ended December 31, 2000, Old Kent reacquired approximately 275 thousand shares of its common stock and issued nearly 3 million shares of its common stock. The issuances consisted of approximately 1.4 million shares related to the purchase of Home Bancorp, and approximately 1.6 million shares associated with the Corporation's employee stock plans and direct stock purchase plan. Shares used for the latter had been previously reacquired by Old Kent. Old Kent has now discontinued its repurchase activities.

Pending Merger:

On November 20, 2000, Old Kent announced the signing of a definitive agreement for its merger with Fifth Third Bancorp (Cincinnati, Ohio). Under the terms of this agreement, Old Kent's shareholders would receive 0.74 of a share of Fifth Third Bancorp's common stock for each share of Old Kent's common stock. This merger is subject to approval by the shareholders of each organization as well as customary regulatory approvals. Teams from both organizations are actively engaged in developing revenue growth initiatives and ensuring a well organized, thoughtful transition for Old Kent's customers and employees. Management anticipates that this merger will be completed during the second quarter of 2001. At December 31, 2000, Fifth Third Bancorp had total assets of $45.9 billion. The common stock of Fifth Third Bancorp is traded in the over-the-counter market through the NASDAQ National Market Systems under the symbol "FITB." Additional information about Fifth Third Bancorp is accessible through its website," www.53.com."

Description of Old Kent:

Old Kent is a financial holding company headquartered in Grand Rapids, Michigan, with a 42 year history of consecutive increases in annual per share earnings and dividends. It operates over 300 banking offices in Michigan, Illinois and Indiana, as well as a nationwide mortgage lending franchise. At December 31, 2000, Old Kent had total assets of $23.8 billion. Additional information about the Corporation and its products and services is available through its website, "www.oldkent.com."

EARNINGS SUMMARY:		2000		1999 (a) (b)	Percentage Change
Quarter ended December 31:
Basic Earnings per Share	$	0.60	$	0.53	13.2	%
Diluted Earnings per Share	$	0.59	$	0.53	11.3	%
Net Income	$	82,907,000	$	73,238,000	13.2	%

Year ended December 31:
Before merger-related charges:
Basic Earnings per Share	$	2.33	$	2.13	9.4	%
Diluted Earnings per Share	$	2.31	$	2.11	9.5	%
Net Income	$	321,924,000	$	296,718,000	8.5	%
After merger-related charges:
Basic Earnings per Share	$	2.02	$	2.00	1.0	%
Diluted Earnings per Share	$	2.00	$	1.98	1.0	%
Net Income	$	278,348,000	$	279,118,000	-0.3	%

Balance Sheet Data at December 31:
Commercial Loans	$	9,432,384,000	$	8,197,445,000	15.1	%
Consumer Loans		5,572,172,000		3,822,720,000	45.8	%
Residential Mortgage Loans		1,601,136,000		1,881,498,000	-14.9	%
Total Loans		16,605,692,000		13,901,663,000	19.5	%
Total Interest-earning Assets		21,691,589,000		18,779,677,000	15.5	%
Core Deposits		15,123,868,000		14,421,245,000	4.9	%
Total Deposits		17,410,661,000		15,772,245,000	10.4	%
Total Assets		23,842,289,000		20,600,287,000	15.7	%
Shareholders' Equity	$	1,771,246,000	$	1,485,764,000	19.2	%

(a) Adjusted to reflect a five percent stock dividend paid July 14, 2000.
(b) Restated to include Merchants Bancorp, Inc. acquired February 11, 2000, and Grand Premier Financial, Inc. acquired April 1, 2000, in "pooling-of-interests" transactions.

###

Consolidated Key Financial Data(a)
[Amounts in thousands, except per share data]					Excluding Merger Charges				Excluding Merger Charges
(Unaudited)	4th Quarter		3rdQuarter		2^nd Quarter		2^nd Quarter		1st Quarter		1st Quarter		4th Quarter
Key Statistics	2000		2000		2000		2000		2000		2000	1999
Net income	$82,907		$81,654		$81,755		$55,685		$75,607		$58,101		$73,238
Basic earnings per share	$0.60		$0.59		$0.59		$0.40		$0.55		$0.42		$0.53
Diluted earnings per share	0.59		0.59		0.59		0.40		0.54		0.42		0.53
Cash basis earnings per share(b)	0.62		0.62		0.62		0.43		0.57		0.44		0.56
Operating revenue per share(c)	2.27		2.29		2.28		2.28		2.23		2.23		2.25
Operating expense per share(c)	1.34		1.33		1.30		1.30		1.31		1.31		1.32
Return on average total assets	1.43	%	1.47	%	1.50	%	1.02	%	1.46	%	1.12	%	1.43	%
Return on average common equity	20.08		21.14		21.75		15.02		20.26		15.68		19.76
Net interest margin	3.84		3.95		4.04		4.04		4.17		4.17		4.25
Yield on average earning assets	8.59		8.59		8.40		8.40		8.19		8.19		8.01
Cost of average paying liabilities	5.36		5.23		4.93		4.93		4.57		4.57		4.33
Efficiency ratio(c)	58.86		58.07		56.91		56.91		58.83		58.83		58.45
Net profit margin	26.07		25.74		25.90		17.64		24.33		18.70		23.31

Common Stock Information (adjusted for stock dividends)
Book value per Common share	$12.61		$11.62		$11.06		$11.06		$10.86		$10.86		$10.70
Dividends paid per share	0.240		0.220		0.210		0.210		0.210		0.210		0.210
Per share price:
High	44.38		31.25		34.05		34.05		33.22		33.22		40.24
Low	24.56		26.56		26.61		26.61		22.74		22.74		31.96
Close	43.75		28.94		26.75		26.75		30.77		30.77		33.70
Outstanding shares at end of period	139,736		137,029		136,980		136,980		137,574		137,574		137,967
Number of shares used \| to compute:
Basic earnings per share	138,479		136,965		137,206		137,206		137,832		137,832		137,982
Diluted earnings per share	140,078		138,268		138,572		138,572		139,025		139,025		139,400

(a)	Restated to include "pooling-of-interests" transactions: Grand Premier Financial, Inc., acquired April 1, 2000 and Merchants Bancorp, Inc., acquired February 11, 2000.
(b)	Cash basis earnings per share excludes the effect of amortization of intangibles.
(c)	Excludes non-recurring items.

Consolidated Key Financial Data(a)

[Amounts in thousands] (Unaudited)					Excluding Merger Charges				Excluding Merger Charges
Summary Income	4th Quarter		3rdQuarter		2ndQuarter		2ndQuarter		1st Quarter		1st Quarter		4th Quarter
Statement	2000		2000		2000		2000		2000		2000		1999
Taxable equivalent net interest income	$206,219		$201,967		$201,922		$201,922		$197,573		$197,573		$200,857
Interest income	456,022		433,340		413,142		413,142		381,496		381,496		372,855
Interest expense	255,372		237,329		217,213		217,213		189,880		189,880		178,120
Net interest income	200,650		196,011		195,929		195,929		191,616		191,616		194,735
Provision for credit losses(operating)	8,423		8,599		8,970		8,970		10,632		10,632		12,870
Provision for credit losses (merger related)	-		-		-		8,000		-		4,000		-
Other income:
Mortgage banking revenues-net	43,696		45,020		44,840		44,840		42,843		42,843		49,896
Investment management & trust revenues	21,704		21,340		21,842		21,842		21,961		21,961		20,459
Deposit account revenues	20,330		20,751		20,551		20,551		19,817		19,817		20,424
Insurance sales commissions	5,715		5,984		5,636		5,636		6,478		6,478		5,699
Other	20,327		22,120		20,894		20,894		22,045		22,045		16,811
Total other income	111,772		115,215		113,763		113,763		113,144		113,144		113,289
Securities gains/(losses)	3,318		4		10		10		(433	)	(433	)	(209	)
Securities gains/(losses) (merger related)	-		-		-		(5,300	)	-		(6,125	)	-
Total	115,090		115,219		113,773		108,473		112,711		106,586		113,080
Other expense:
Salaries and employee benefits	94,511		94,540		92,356		92,356		96,510		96,510		93,704
Occupancy and equipment expense	28,830		27,824		27,022		27,022		26,707		26,707		28,221
Amortization of goodwill & intangibles	4,612		4,600		4,755		4,755		4,770		4,770		4,873
Other	59,224		57,222		55,525		55,525		54,807		54,807		56,819
Total other expense	187,177		184,186		179,658		179,658		182,794		182,794		183,617
Merger charges	-		-		-		26,000		-		16,000		-
Total	187,177		184,186		179,658		205,658		182,794		198,794		183,617
Income before income taxes	120,140		118,445		121,074		81,774		110,901		84,776		111,328
Income taxes	37,233		36,791		39,319		39,319		35,294		35,294		38,090
Income taxes (applicable to merger charges)	-		-		-		(13,230	)	-		(8,619	)	-
Net income	$82,907		$81,654		$81,755		$55,685		$75,607		$58,101		$73,238

Dividend on preferred stock	(185	)	(185	)	(185	)	(185	)	(185	)	(185	)	(185	)

Net Income Available to Common Shareholders	$82,722		$81,469		$81,570		$55,500		$75,422		$57,916		$73,053

Five Quarter Average Balances, Yields and Rates (a)

(Unaudited)	4^th Quarter 2000					3^rd Quarter 2000					2^nd Quarter 2000
(Yields and rates are on a fully taxable-	Ending		Average	Yield/		Ending		Average	Yield/		Ending		Average	Yield/
equivalent basis ,dollars in millions)	Balance		Balance	Rate		Balance		Balance	Rate		Balance		Balance	Rate
Assets:
Loans:
Commercial loans and leases	$9,433		$9,258	9.19	%	$9,111		$8,955	9.17	%	$8,883		$8,788	8.99	%
Consumer loans	5,572		5,397	9.49		5,178		4,898	9.16		4,715		4,470	9.07
Residential mortgages	1,601		1,6411	7.82		1,328		1,624	7.93		1,645		1,907	7.79

Total loans	16,606		16,296	9.15		15,617		15,477	9.03		15,243		15,165	8.86
Securities	3,950		3,936	6.36		4,006		3,792	6.85		3,807		3,860	6.59
Mortgages held-for-sale	1,102		1,113	8.28		935		1,071	8.37		1,229		989	8.43
Other interest-earning assets	34		58	5.76		45		32	6.43		21		32	6.37

Total earning assets	21,692		21,403	8.59		20,603		20,372	8.59		20,300		20,046	8.40

Unrealized gain/(loss) on S.A.F.S	3		(52)			(52)		(80)			(85)		(106)
Allowance for credit losses	(226)		(225)			(224)		(224)			(220)		(217)
Cash and due from banks	722		609			654		604			675		591
Goodwill and other intangibles	137		140			138		141			143		145
Mortgage servicing rights	292		299			293		290			267		297
Other assets	1,222		1,091			1,107		1,076			1,123		1,047
Total assets	$23,842		$23,265			$22,519		$22,179			$22,203		$21,803

Liabilities and shareholders' equity:
Savings deposits	$6,384		$6,276	3.57	%	$6,145		$6,146	3.53	%	$6,087		$6,192	3.32	%
Negotiable and foreign deposits	2,287		2,303	6.68		2,254		2,262	6.65		2,346		1,954	6.36
Consumer time deposits	6,292		6,335	5.91		6,120		6,099	5.72		6,036		6,001	5.37

Total interest-bearing deposits	14,963		14,914	5.05		14,519		14,507	4.94		14,469		14,147	4.61
Federal funds purchased and
repurchase agreements	1,895		1,696	5.99		1,764		1,516	5.93		1,540		1,419	5.68
Other borrowed funds	1,945		1,906	6.68		1,586		1,662	6.60		1,709		1,890	6.45
Subordinated debt	350		350	7.58		350		277	7.40		200		170	6.93
Floating rate subordinated securities	100		100	7.90		100		100	7.76		100		100	7.43

Total interest-bearing funds	19,253		18,966	5.36		18,319		18,062	5.23		18,018		17,726	4.93
Demand deposits	2,447		2,306			2,239		2,255			2,337		2,261
Other liabilities	371		336			359		311			323		329
Shareholders' equity:
Preferred stock, common stock, surplus
and retained earnings	1,769		1,696			1,644		1,614			1,591		1,568
Net unrealized gain/(loss) on S.A.F.S	2		(39)			(42)		(63)			(66)		(81)

Total liabilities and
shareholders' equity	$23,842		$23,265			$22,519		$22,179			$22,203		$21,803

Selected Ratios
Net interest spread				3.23	%				3.36	%				3.47	%
Net interest income as a percent
of average earning assets				3.84	%				3.95	%				4.04	%
Total equity to total assets	7.43	%				7.11	%				6.87	%
Tangible equity to tangible assets	6.90	%				6.54	%				6.26	%

Memoranda
Core deposits	15,123		14,917			14,504		14,500			14,460		14,454
Total deposits	17,410		17,220			16,758		16,762			16,806		16,408
Mortgage servicing portfolio	15,826					15,367					14,154
Mortgage banking full-time equivalent employees	2,422					2,745					2,691
Total full-time equivalent employees	8,169					8,799					8,676

(Unaudited)	1^st Quarter 2000					4^th Quarter 1999
(Yields and rates are on a fully taxable- equivalent basis, dollars in millions)	Ending Balance		Average Balance	Yield/ Rate		Ending Balance		Average Balance	Yield/ Rate
Assets:
Loans:
Commercial loans and leases	$8,603		$8,389	8.71	%	$8,197		$7,910	8.52	%
Consumer loans	4,190		3,897	9.06		3,823		3,606	8.97
Residential mortgages	1,927		1,908	7.71		1,882		1,802	7.65

Total loans	14,720		14,194	8.67		13,902		13,318	8.52
Securities	3,858		3,880	6.46		3,944		4,071	6.45
Mortgages held-for-sale	913		883	8.12		901		1,248	8.02
Other interest-earning assets	40		45	5.63		32		181	5.16

Total earning assets	19,531		19,002	8.19		18,779		18,818	8.01
Unrealized gain/(loss) on S.A.F.S	(101)		(109)			(97)		(71)
Allowance for credit losses	(211)		(209)			(206)		(208)
Cash and due from banks	603		596			679		647
Goodwill and other intangibles	147		150			151		154
Mortgage servicing rights	287		285			278		291
Other assets	1,045		996			1,016		871
Total Assets	$21,301		$20,711			$20,600		$20,502

Liabilities and shareholders' equity:
Savings deposits	$6,358		$6,344	3.24	%	$6,272		$6,266	3.07	%
Negotiable and foreign deposits	1,368		1,350	5.59		1,351		1,295	5.34
Consumer time deposits	5,903		5,842	5.16		5,819		5,914	4.93

Total interest-bearing deposits	13,629		13,536	4.30		13,442		13,475	4.11
Federal funds purchased and
repurchase agreements	1,449		1,078	5.04		1,004		835	4.51
Other borrowed funds	1,909		1,897	5.94		1,820		1,796	5.67
Subordinated debt	100		100	6.74		100		100	6.74
Floating rate subordinated securities	100		100	7.25		100		100	7.03

Total interest-bearing funds	17,187		16,711	4.57		16,466		16,306	4.33
Demand deposits	2,282		2,199			2,330		2,360
Other liabilities	328		314			318		348
Shareholders' equity:
Preferred stock, common stock, surplus
and retained earnings	1,583		1,563			1,563		1,534
Net unrealized gain/(loss) on S.A.F.S	(79)		(76)			(77)		(46)

Total liabilities and
shareholders' equity	$21,301		$20,711			$20,600		$20,502

Selected Ratios
Net interest spread				3.62	%				3.68	%
Net interest income as a percent
of average earning assets				4.17	%				4.25	%
Total equity to total assets	7.06	%				7.21	%
Tangible equity to tangible assets	6.41	%				6.53	%

Memoranda
Core deposits	14,543		14,385			14,421		14,540
Total deposits	15,911		15,735			15,772		15,835
Mortgage servicing portfolio	15,358					14,726
Mortgage banking full-time equivalent employees	2,736					2,778
Total full-time equivalent employees	8,775					8,884


(Unaudited)
Credit Quality	4th Quarter 2000		3rd Quarter 2000		2nd Quarter 2000
Ending allowance for credit losses	$225.8		$223.9		$219.7

Nonperforming assets:
Nonaccrual	84.0		77.4		72.7
Renegotiated	1.6		1.4		1.7

Total impaired loans	85.6		78.8		74.4
Other real estate owned	14.9		12.1		9.1

Total nonperforming assets	100.5		90.9		83.5

Loans delinquent over 90 days	41.4		26.8		20.5

Gross charge-offs	14.9		11.6		17.6
Recoveries	7.0		6.9		8.8

Net charge-offs	7.9		4.7		8.8

Provision for credit losses	8.4		8.6		17.0

Key Ratios:
Allowance to loans	1.36	%	1.43	%	1.44	%
Allowance to impaired loans	263.81		284.38		295.28
Impaired loans to loans	0.52		0.50		0.49
Nonperforming assets to assets	0.42		0.40		0.38
90days delinquent to loans	0.25		0.17		0.13
Net charge-offs to average loans	0.19		0.12		0.23

(Unaudited)
Credit Quality	1st Quarter 2000		4th Quarter 1999
Ending allowance for credit losses	$211.5		$206.3

Nonperforming assets:
Nonaccrual	72.8		66.4
Renegotiated	1.8		2.2

Total impaired loans	74.6		68.6
Other real estate owned	7.3		8.5

Total nonperforming assets	81.9		77.1

Loans delinquent over 90 days	16.4		14.9

Gross charge-offs	16.3		19.0
Recoveries	6.4		5.6

Net charge-offs	9.9		13.4

Provision for credit losses	14.6		12.9

Key Ratios:
Allowance to loans	1.44	%	1.48	%
Allowance to impaired loans	283.35		300.68
Impaired loans to loans	0.51		0.49
Nonperforming assets to assets	0.38		0.37
90days delinquent to loans	0.11		0.11
Netcharge-offs to average loans	0.28		0.42

Consolidated Key Financial Data(a)

[Amounts in thousands, except per share data] (Unaudited) Key Statistics		Excluding Merger Charges YTD Dec 31, 2000		YTD Dec 31, 2000		Excluding Merger Charges YTD Dec 31, 1999		YTD Dec 31, 1999

Net income	$	321,924	$	278,348	$	296,718	$	279,118
Basic earnings per share		$2.33		$2.02		$2.13		$2.00
Diluted earnings per share		2.31		2.00		2.11		1.98
Cash basis earnings per share(b)		2.43		2.11		2.23		2.11
Operating revenue per share(c)		9.06		9.06		8.87		8.87
Operating expense per share(c)		5.27		5.27		5.27		5.27
Return on average total assets		1.46	%	1.27	%	1.44	%	1.36	%
Return on average common equity		20.44		18.07		19.58		18.50
Net interest margin		4.00		4.00		4.22		4.22
Yield on average earning assets		8.45		8.45		7.86		7.86
Cost of average paying liabilities		5.04		5.04		4.20		4.20
Efficiency ratio(c)		58.17		58.17		59.40		59.40
Net profit margin		25.52		22.06		23.81		22.39

Common Stock Information (adjusted for stock dividends)

Book value per common share	$	12.61	$	12.61	$	10.70	$	10.70
Dividends paid per share		0.880		0.880		0.762		0.762
Per share price:
High		44.38		44.38		44.62		44.62
Low		22.74		22.74		31.96		31.96
Close		43.75		43.75		33.70		33.70
Outstanding shares at end of period		139,736		139,736		137,967		137,967
Number of shares used to compute:
Basic earnings per share		137,621		137,621		139,003		139,003
Diluted earnings per share		139,182		139,182		140,594		140,594
(a)Restated to include "pooling-of-interests" transactions: Grand Premier Financial, Inc. acquired April 1, 2000 and Merchants Bancorp, Inc., acquired February 11, 2000.
(b)Cash basis earnings per share excludes the effect of amortization of intangibles.
(c)Excludes non-recurring items.

Consolidated Key Financial Data(a)

(Amounts in thousands) (Unaudited) Summary Income Statement		Excluding Merger Charges YTD Dec 31, 2000		YTD Dec 31, 2000		Excluding Merger Charges YTD Dec 31, 1999		YTD Dec 31, 1999

Taxable equivalent net interest income	$	807,680	$	807,680	$	797,117	$	797,117
Interest income		1,684,001		1,684,001		1,461,363		1,461,363
Interest expense		899,795		899,795		688,245		688,245

Net interest income		784,206		784,206		773,118		773,118

Provision for credit losses (operating)		36,624		36,624		35,388		35,388
Provision for credit losses (merger related)		-		12,000		-		-

Other income:
Mortgage banking revenues - net		176,399		176,399		192,296		192,296
Investment management & trust revenues		86,846		86,846		80,642		80,642
Deposit account revenues		81,449		81,449		78,153		78,153
Insurance sales commissions		23,813		23,813		24,139		24,139
Other		85,386		85,386		73,637		73,637

Total other income		453,893		453,893		448,867		448,867

Securities gains/(losses)		2,900		2,900		7,863		7,863
Securities gains/(losses) (merger related)		-		(11,425	)	-		-

Total		456,793		445,368		456,730		456,730

Other expense:
Salaries and employee benefits		377,917		377,917		381,224		381,224
Occupancy and equipment expense		110,384		110,384		107,345		107,345
Amortization of goodwill & intangibles		18,737		18,737		19,928		19,928
Other		226,777		226,777		231,382		231,382

Total other expense		733,815		733,815		739,879		739,879

Merger charges		-		42,000		-		26,000

Total		733,815		775,815		739,879		765,879

Income before income taxes		470,560		405,135		454,581		428,581
Income taxes		148,636		148,636		157,863		157,863
Income taxes (applicable to merger charges)		-		(21,849	)	-		(8,400	)

Net income	$	321,924	$	278,348	$	296,718	$	279,118

Preferred dividend		(740	)	(740	)	(740	)	(740	)

Net income available to common	$	321,184	$	277,608	$	295,978	$	278,378

Average Balances, Yields and Rates (a)

		Twelve Months ended December 31,
(Yields and rates are on a fully taxable-		2000					1999
equivalent basis ,dollars in thousands) (Unaudited)		Average Balance		Average Rate			Average Balance		Average Rate
Assets:
Loans:
Commercial loans and leases	$	8,848,817		9.02	%	$	7,422,129		8.43	%
Consumer loans		4,668,262		9.21			3,252,192		8.95
Residential mortgages		1,769,306		7.81			2,027,896		7.66

Total loans		15,286,385		8.94			12,702,217		8.44
Securities		3,866,908		6.57			4,452,506		6.55
Mortgages held-for-sale		1,014,351		8.30			1,595,749		7.22
Other interest-earning assets		41,521		5.97			135,934		5.03

Total earning assets		20,209,165		8.45			18,886,406		7.86
Unrealized gain/(loss) on S.A.F.S		(86,888	)				(16,986	)
Allowance for credit losses		(218,569	)				(204,290	)
Cash and due from banks		600,331					674,788
Goodwill and other intangibles		144,007					160,181
Mortgage servicing rights		292,720					273,757
Other assets		1,052,796					815,420

Total assets	$	21,993,562				$	20,589,276

Liabilities and shareholders' equity:
Savings deposits	$	6,239,475		3.42	%	$	6,210,846		2.88	%
Negotiable and foreign deposits		1,969,139		6.41			1,390,153		4.97
Consumer time deposits		6,069,810		5.55			6,018,630		4.95

Total interest-bearing deposits		14,278,424		4.74			13,619,629		4.01
Federal funds purchased and
repurchase agreements		1,428,264		5.72			1,017,867		4.39
Other borrowed funds		1,838,339		6.41			1,554,750		5.39
Subordinated debt		224,672		7.29			100,000		6.74
Floating rate subordinated securities		100,000		7.59			100,000		6.41

Total interest-bearing funds		17,869,699		5.04			16,392,246		4.20
Demand deposits		2,255,324					2,362,813
Other liabilities		322,618					320,195
Shareholders' equity:
Preferred stock, common stock, surplus
and retained earnings		1,610,614					1,524,843
Net unrealized gain/(loss) on S.A.F.S		(64,693	)				(10,821	)

Total liabilities and
shareholders' equity	$	21,993,562				$	20,589,276


Net Interest Spread				3.41	%				3.66	%

Net Interest Income as a Percentage Of Average Earning Assets				4.00	%				4.22	%

Credit Loss Reserve Summary
(Amounts in thousands) (Unaudited)

		Q4-00		Q3-00		Q2-00		Q1-00		Q4-99



Beginning Reserve	$	223,913	$	219,680	$	211,540	$	206,279	$	206,819
Provision		8,423		8,599		16,970		14,632		12,870
Net Charge-offs		7,851		4,739		8,830		9,955		13,410
Other		1,360		373		-		584		-

Ending Reserve	$	225,845	$	223,913	$	219,680	$	211,540	$	206,279


Net Loan Charge-offs
Commercial Loans	$	3,818	$	2,029	$	5,889	$	6,260	$	8,727
Consumer Loans		3,547		2,534		2,710		3,166		3,624
Real Estate-Mortgages		486		176		231		529		1,059


Total Net Loan Charge-offs	$	7,851	$	4,739	$	8,830	$	9,955	$	13,410


Net Charge-off Ratio		0.19	%	0.12	%	0.23	%	0.28	%	0.42	%

Selected Mortgage Banking Information
(Unaudited)				For the Quarter Ended

		12/31/2000		09/30/2000		06/30/2000		03/31/2000		12/31/1999
Net mortgage banking revenue (thousands)	$	43,696	$	45,020	$	44,840	$	42,843	$	49,896
Mortgage originations (millions)	$	2,579	$	2,400	$	2,330	$	1,960	$	2,216
Retail originations as a percentage of mortgage originations		51	%	55	%	59	%	55	%	56	%
Home purchases as a percentage of mortgage originations		66	%	77	%	79	%	72	%	72	%
Mortgage originations percentage by loan type:
Conventional loans		70	%	65	%	62	%	60	%	56	%
FHA/VA loans		22	%	27	%	30	%	30	%	34	%
Sub-prime loans		8	%	8	%	8	%	10	%	10	%
Mortgage loan sales (millions)	$	2,243	$	2,335	$	2,253	$	1,819	$	2,349
Loans serviced for others (millions)	$	15,826	$	15,367	$	14,154	$	15,358	$	14,726
Mortgage servicing rights (millions)	$	292	$	293	$	267	$	287	$	278
Servicing portfolio weighted average coupon		7.61	%	7.57	%	7.46	%	7.54	%	7.45	%
Number of branch offices/states		126/30		147/31		152/31		149/31		147/32
Mortgage Servicing Rights
Balance at beginning of period	$	292,960	$	267,159	$	286,707	$	277,544	$	277,642
Net additions		19,122		74,798		40,075		51,934		52,832
Sales		(13,349	)	(41,372	)	(52,036	)	(34,461	)	(43,051	)
Amortization		(6,734	)	(7,625	)	(7,587	)	(8,310	)	(9,879	)
Balance at end of period	$	291,999	$	292,960	$	267,159	$	286,707	$	277,544
Estimated fair value of mortgage servicing rights	$	299,000	$	320,000	$	309,000	$	343,000	$	323,000