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Previous: SIMMONS FIRST NATIONAL CORP, 8-K, 1995-01-20 |
Next: SOUTHERN INDIANA GAS & ELECTRIC CO, S-4, 1995-01-20 |
<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 19, 1995
KEYCORP
--------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Ohio 0-850 34-6542451
- ------------------------------- ------------- --------------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
127 Public Square, Cleveland, Ohio 44114-1306
------------------------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216) 689-6300
<PAGE> 2
Item 5. Other Events
------------
On January 19, 1995, the Registrant issued a press release announcing:
a) 12.5 percent dividend increase, b) a major stock repurchase program
and c) its earnings results for the three and twelve month periods
ended December 31, 1994. This press release is attached as Exhibit 99
to this report and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
-----------------------------------------------------------------
(c) Exhibits
--------
99. The Registrant's January 19, 1995, press release announcing: a)
12.5 percent dividend increase, b) a major stock repurchase
program and c) its earnings results for the three and twelve
month periods ended December 31, 1994.
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.
KEYCORP
--------------------
(Registrant)
Date: January 20, 1995 /s/ Lee Irving
--------------------
By: Lee Irving
Executive Vice President,
Treasurer and Chief
Accounting Officer
<PAGE> 1
KEYCORP
NEWS 127 Public Square, Cleveland, Ohio 44114 [KEYCORP LOGO]
===============================================================================
CONTACT: John Fuller (216) 689-8140 (media)
Bill Murschel (216) 689-0457
Jay S. Gould (216) 689-4721 (analysts)
Vernon L. Patterson (216) 689-0520
FOR IMMEDIATE RELEASE
KEYCORP ANNOUNCES 12.5 PERCENT DIVIDEND INCREASE;
-------------------------------------------------
MAJOR STOCK REPURCHASE PROGRAM; AND
-----------------------------------
RECORD 1994 EARNINGS
--------------------
CLEVELAND, January 19, 1995 -- KeyCorp's (NYSE: KEY) Board of
Directors today declared a 12.5 percent increase in its quarterly common share
dividend and announced a program to repurchase up to 12 million shares,
approximately 5 percent, of KeyCorp's Common Stock.
KeyCorp also today reported record earnings of $854 million, or $3.45
per common share, for the full year 1994, up from $710 million, or $2.89 per
common share, for 1993. For the 1994 fourth quarter, KeyCorp reported earnings
of $194 million, or $0.79 per common share. This compares with earnings of
$122 million, or $0.49 per common share, reported in the year-ago quarter.
Victor J. Riley, Jr., KeyCorp chairman and chief executive officer,
said, "The underlying financial strength of our new company and our confidence
in its future performance support the Board's actions today to increase the
common stock dividend for the 30th consecutive year and to authorize the
repurchase of up to 12 million of the outstanding common shares. These actions
are consistent with our emphasis on creating value for our shareholders
whenever and wherever opportunity exists."
--more--
<PAGE> 2
KEYCORP EARNINGS
PAGE 2
JANUARY 19, 1995
Riley continued, "Working closely with Bob Gillespie, our chief
operating officer, we are developing exciting plans for the future within a
strategic planning process known as First Choice 2000. This plan is designed
to leverage the capabilities of our new company and accelerate the growth
prospects for our most promising businesses. We will begin implementing these
programs in the first quarter of 1995. The combination of our previously
announced balance sheet reconfiguration plan and these strategic efforts, are
designed to support our objective of double-digit earnings growth in the coming
years."
COMMON STOCK DIVIDEND INCREASED 12.5 PERCENT: 30TH CONSECUTIVE YEAR
KeyCorp's Board of Directors declared a 12.5 percent increase in the
quarterly common stock dividend to $0.36 per share from $0.32 per share,
payable March 15, 1995, to shareholders of record February 28,1995. The Board
also declared the regular quarterly dividend of $0.625 per depositary share on
KeyCorp's Class A Cumulative Preferred Stock, payable March 31, 1995, to
shareholders of record March 17,1995.
SHARE REPURCHASE PROGRAM
The new 12 million common share repurchase program represents an
expansion of existing share repurchase programs. During 1994, 7.6 million
shares of an authorized 8 million shares were repurchased, with 6 million
issued, or designated for reissuance, in connection with previously announced
acquisitions. The program announced today, represents approximately 5 percent
of KeyCorp's 240.4 million shares of common stock outstanding at December 31,
1994. Authorization for this program expires in one year.
The shares will be repurchased from time to time in the open market or
through negotiated transactions. Repurchased shares will be placed in treasury
and subsequently reissued in connection with the employee stock purchase,
employee 401(k), stock option, and dividend reinvestment plans, as well as for
other corporate purposes.
--more--
<PAGE> 3
KEYCORP EARNINGS
PAGE 3
JANUARY 19, 1995
EARNINGS REVIEW AND ANALYSIS
Commenting on financial performance, Riley noted, "1994 was a successful
year, both in terms of completing the Society/KeyCorp merger, as well as
producing a record earnings performance. These record earnings results were
achieved despite the adverse impact of one of the most rapid rises in interest
rates in history. As part of a plan announced last month, actions taken by
management in the 1994 fourth quarter and early in the 1995 first quarter to
reconfigure the balance sheet have substantially reduced the Corporation's
exposure to further interest rate increases. The securities sales component of
the reconfiguration plan was completed in early January 1995. We continue to
allow certain fixed-rate loans and securities to mature without reinvestment in
accordance with the plan, and no further actions beyond those already announced
are anticipated."
Reported earnings in the fourth quarter of both 1994 and 1993 were
impacted by significant nonrecurring items. These items consisted of losses on
the sales of securities in the 1994 fourth quarter related to the balance sheet
reconfiguration, and merger and integration charges recorded in the 1993 fourth
quarter. Excluding the impact of these items, earnings in the 1994 fourth
quarter were $208 million, or $0.85 per common share, compared to $203 million,
or $0.82 per common share, in the year-ago quarter. Similarly, excluding these
nonrecurring items, full-year earnings for 1994 were $868 million, or $3.51 per
common share, up 10 percent and 9 percent, respectively, from the prior year.
James W. Wert, KeyCorp senior executive vice president and chief
financial officer, said, "Our 1994 financial performance was impressive.
Return on average total assets and return on average common equity were 1.36
percent and 18.9 percent, respectively. Excluding the nonrecurring items, our
1994 return on assets and return on common equity were 1.39 percent and 19.2
percent, respectively. Despite the revenue challenges of 1994, we also
improved the efficiency ratio to 59.4 percent."
Commenting on the balance sheet reconfiguration, Wert noted, "The 1994
fourth quarter included securities losses of $24 million ($14 million after-tax
or $0.06 per
--more--
<PAGE> 4
KEYCORP EARNINGS
PAGE 4
JANUARY 19, 1995
common share) related to the first phase of the plan outlined in December to
substantially reduce KeyCorp's exposure to further changes in interest rates.
Approximately $49 million ($31 million after-tax or $0.13 per common share) of
additional losses related to securities sales were realized early in the first
quarter of 1995, in connection with the plan."
Net interest income in the 1994 fourth quarter totaled $665 million,
down $13 million or 2 percent from the year-ago quarter, as solid loan growth
was offset by a lower net interest margin. Average earning assets increased
$6.0 billion, or 11 percent, with almost all of this growth coming from loans.
The loan growth occurred despite the impact of the third quarter securitization
and sale of $274 million of student loans. The net interest margin declined
from 5.21 percent in the year-ago quarter to 4.60 percent. Compared to the
1994 third quarter, net interest income was down $14 million, as the net
interest margin declined by 19 basis points. The decline in the net interest
margin, compared to both the year-ago and prior quarter, was primarily due to
narrower lending spreads, increased reliance on market-priced funding and a
liability sensitive balance sheet in a rising interest rate environment.
Average loans in the 1994 fourth quarter compared to the third quarter
were up $1.4 billion, or 12 percent, on an annualized basis. Annualized
average loan growth in the 1994 fourth quarter by region was: Rocky Mountain (4
percent), Northwest (11 percent), Great Lakes (14 percent) and Northeast (13
percent).
Noninterest income in the 1994 fourth quarter totaled $205 million,
including pre-tax securities losses of $24 million related to the previously
mentioned balance sheet reconfiguration plan. Excluding the impact of noncore
items such as net securities transactions and special asset management fees,
core noninterest income in the fourth quarter of 1994 rose by $4 million, or 2
percent, from the year-ago level. Compared to the prior quarter, core
noninterest income increased by $6 million, or 3 percent.
Noninterest expense totaled $556 million in the 1994 fourth quarter.
This was down from $571 million in the year-ago quarter, after adjusting that
quarter to exclude $119 million ($81 million after-tax or $0.33 per common
share) of merger and
--more--
<PAGE> 5
KEYCORP EARNINGS
PAGE 5
JANUARY 19, 1995
integration charges. Compared to the 1994 third quarter, noninterest expense
increased by $26 million, or 5 percent, reflecting higher personnel costs,
increases in various components of miscellaneous expense, and the impact of a
purchase acquisition completed late in the third quarter of 1994.
Asset quality measures, which were already excellent, continued to
improve. Nonperforming assets declined again during the fourth quarter and
represented 0.73 percent of loans plus other real estate owned and other
nonperforming assets at December 31, 1994. Net loan charge-offs in the fourth
quarter totaled $21 million, or 0.19 percent of average loans. Reflecting the
continued improvement in credit quality and the relatively high level of
reserves, the provision for loan losses for the 1994 fourth quarter was $26
million, more than covering the quarter's net loan charge-offs and slightly
below the prior quarter. Both the nonperforming loan and nonperforming asset
coverage ratios increased and remained strong at 324 percent and 244 percent,
respectively.
At December 31, 1994, KeyCorp's assets totaled $66.8 billion and
equity capital totaled $4.7 billion. The Tier 1 capital ratio was estimated at
8.41 percent and the Total Capital ratio was estimated at 11.53 percent.
# # #
<PAGE> 6
<TABLE>
KEYCORP ANNOUNCES 1994 RECORD EARNINGS
JANUARY 19, 1995
PAGE 6
FINANCIAL HIGHLIGHTS
(dollars in millions, except per share amounts)
<CAPTION>
Three months ended
----------------------------------------
12-31-94 9-30-94 12-31-93
------------- ----------- ------------
<S> <C> <C> <C>
SUMMARY OF OPERATIONS
Net interest income (TE) $ 680.3 $694.0 $ 693.1
Provision for loan losses 26.2 27.2 46.4
Noninterest income 205.3 223.3 237.1
Noninterest expense 555.6 530.1 689.5
Net income 193.8 229.3 122.3
PER COMMON SHARE
Net income $ 0.79 $ 0.92 $ 0.49
Cash dividends 0.32 0.32 0.28
Book value at period-end 18.88 18.65 17.53
Market price at period-end 25.00 30.50 29.75
AT PERIOD-END
Full-time equivalent employees 29,211 29,411 29,983
Full-service banking offices 1,272 1,279 1,267
PERFORMANCE RATIOS
Return on average total assets 1.19 % 1.43 % 0.83 %
Return on average common equity 16.61 19.95 11.09
Return on average total equity 16.38 19.60 11.05
Efficiency (1) 61.10 57.90 61.35
Overhead (2) 48.01 44.48 48.12
Net interest margin 4.60 4.79 5.21
CAPITAL RATIOS AT PERIOD-END
Equity to assets 7.03 % 7.29 % 7.37 %
Tangible equity to tangible assets 6.19 6.45 6.51
Tier 1 risk-adjusted capital (3) 8.41 8.86 8.73
Total risk-adjusted capital (3) 11.53 12.07 12.22
Leverage (3) 6.67 6.79 6.72
<FN>
(1) Calculated as noninterest expense (excluding merger and integration charges and other nonrecurring
charges) divided by taxable-equivalent net interest income plus noninterest income (excluding net
securities transactions and gains on certain asset sales).
(2) Calculated as noninterest expense (excluding merger and integration charges and other nonrecurring
charges) less noninterest income (excluding net securities transactions and gains on certain asset
sales) divided by taxable-equivalent net interest income.
(3) 12-31-94 ratio is estimated.
TE = Taxable equivalent
</TABLE>
<PAGE> 7
<TABLE>
KEYCORP ANNOUNCES 1994 RECORD EARNINGS
JANUARY 19, 1995
PAGE 7
FINANCIAL HIGHLIGHTS
(dollars in millions, except per share amounts)
<CAPTION>
Three months ended
----------------------------------------
12-31-94 9-30-94 12-31-93
------------ ----------- -----------
<S> <C> <C> <C>
ASSET QUALITY
Net loan charge-offs $20.8 $25.9 $44.2
Net loan charge-offs to average loans .19 % 0.24 % 0.45 %
Allowance for loan losses $830.3 $820.2 $802.7
Allowance for loan losses to
period-end loans 1.80 % 1.84 % 2.00 %
Allowance for loan losses to
nonperforming loans 324.27 286.62 238.68
Nonperforming loans at period-end $256.0 $286.1 $336.3
Nonperforming assets at period-end 339.8 398.5 500.1
Nonperforming loans to period-end loans 0.55 % 0.64 % 0.84 %
Nonperforming assets to period-end loans plus
OREO and other nonperforming assets 0.73 0.89 1.24
Twelve months ended
-------------------------
12-31-94 12-31-93
----------- -----------
SUMMARY OF OPERATIONS
Net interest income (TE) $2,752.1 $2,742.1
Provision for loan losses 125.2 211.7
Noninterest income 882.6 1001.7
Noninterest expense 2,167.2 2,385.1
Net income 853.5 709.9
PER COMMON SHARE
Net income $3.45 $2.89
Cash dividends 1.28 1.12
PERFORMANCE RATIOS
Return on average total assets 1.36 % 1.24 %
Return on average common equity 18.87 17.27
Return on average total equity 18.56 16.95
Efficiency (1) 59.39 60.50
Overhead (2) 46.14 46.85
Net interest margin 4.83 5.31
ASSET QUALITY
Net loan charge-offs $109.2 $212.8
Net loan charge-offs to average loans 0.26 % 0.56 %
</TABLE>
<PAGE> 8
<TABLE>
KEYCORP ANNOUNCES 1994 RECORD EARNINGS
JANUARY 19, 1995
PAGE 8
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
<CAPTION>
ASSETS 12-31-94 9-30-94 12-31-93
------------ ------------ ------------
<S> <C> <C> <C>
Loans $46,224.7 $44,608.8 $40,071.3
Mortgage loans held for sale 355.2 418.3 1,325.3
Investment securities 10,275.6 10,524.0 11,122.1
Securities available for sale 2,521.0 2,960.3 1,726.8
Short-term investments 670.0 126.7 107.2
------------ ------------ ------------
Total earning assets 60,046.5 58,638.1 54,352.7
Allowance for loan losses (830.3) (820.2) (802.7)
Cash and due from banks 3,511.4 3,006.7 2,777.4
Premises and equipment 987.2 947.3 912.9
Other real estate owned 79.0 107.5 150.4
Goodwill 418.5 387.9 385.4
Other intangible assets 180.4 188.6 164.0
Purchased mortgage servicing rights 194.8 197.5 188.6
Other assets 2,210.6 1,846.9 1,502.5
------------ ------------ ------------
TOTAL ASSETS $66,798.1 $64,500.3 $59,631.2
============ ============ ============
LIABILITIES
Deposits in domestic offices:
Noninterest-bearing $ 9,135.7 $ 8,531.3 $ 8,826.3
Interest-bearing 36,003.4 35,945.7 35,658.3
Deposits in foreign office-interest-bearing 3,425.1 3,339.5 2,014.5
------------ ------------ ------------
Total deposits 48,564.2 47,816.5 46,499.1
Federal funds purchased and securities
sold under agreements to repurchase 5,499.1 5,514.8 4,120.3
Other short-term borrowings 3,277.6 3,172.7 1,776.2
Other liabilities 1,188.9 1,116.6 1,078.1
Long-term debt 3,569.8 2,177.8 1,763.9
------------ ------------ ------------
TOTAL LIABILITIES 62,099.6 59,798.4 55,237.6
SHAREHOLDERS' EQUITY
Preferred stock 160.0 160.0 160.0
Common equity 4,538.5 4,541.9 4,233.6
------------ ------------ ------------
TOTAL SHAREHOLDERS' EQUITY 4,698.5 4,701.9 4,393.6
TOTAL LIABILITIES AND ------------ ------------ ------------
SHAREHOLDERS' EQUITY $66,798.1 $64,500.3 $59,631.2
============ ============ ============
Common Shares outstanding (000) 240,362 243,542 241,547
</TABLE>
<PAGE> 9
<TABLE>
KEYCORP ANNOUNCES 1994 RECORD EARNINGS
JANUARY 19, 1995
PAGE 9
<CAPTION>
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share amounts)
Three months ended
----------------------------------------
12-31-94 9-30-94 12-31-93
------------ ----------- -----------
<S> <C> <C> <C>
INTEREST INCOME $1,191.8 $1,150.7 $1,050.5
INTEREST EXPENSE 526.5 471.1 372.2
----------- ----------- ----------
NET INTEREST INCOME 665.3 679.6 678.3
Provision for loan losses 26.2 27.2 46.4
----------- ----------- ----------
639.1 652.4 631.9
NONINTEREST INCOME
Service charges on deposit accounts 64.6 67.9 62.8
Trust income 53.3 53.9 54.4
Mortgage banking income 21.3 19.3 33.4
Credit card fees 20.1 20.5 19.2
Insurance and brokerage 12.3 14.9 16.0
Special asset management fees 5.2 3.1 17.7
Net securities gains (losses) (23.7) 2.0 (.1)
Other income 52.2 41.7 33.7
----------- ----------- ----------
Total noninterest income 205.3 223.3 237.1
NONINTEREST EXPENSE
Personnel 267.5 257.7 278.7
Net occupancy 54.3 53.9 49.6
Equipment 39.2 39.3 40.6
FDIC insurance assessments 24.6 25.3 24.1
Professional fees 14.8 11.2 13.7
OREO expense, net (2.0) 0.8 11.7
Merger and integration charges -- 118.7
Other expense 157.2 141.9 152.4
----------- ----------- ----------
Total noninterest expense 555.6 530.1 689.5
----------- ----------- ----------
INCOME BEFORE INCOME TAXES 288.8 345.6 179.5
Income taxes 95.0 116.3 57.2
----------- ----------- ----------
NET INCOME $ 193.8 $ 229.3 $ 122.3
=========== =========== ==========
Net income applicable to Common Shares $ 189.8 $ 225.3 $ 118.4
Net income per Common Share 0.79 0.92 0.49
Wtd. avg. Common Shares outstanding (000) 241,385 244,132 240,778
Taxable-equivalent adjustment $15.0 $14.4 $14.8
</TABLE>
<PAGE> 10
<TABLE>
KEYCORP ANNOUNCES 1994 RECORD EARNINGS
JANUARY 19, 1995
PAGE 10
<CAPTION>
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share amounts)
Twelve months ended
-------------------------------
12-31-94 12-31-93
-------------- --------------
<S> <C> <C>
INTEREST INCOME $4,490.1 $4,213.9
INTEREST EXPENSE 1,796.8 1,534.9
-------------- --------------
NET INTEREST INCOME 2,693.3 2,679.0
Provision for loan losses 125.2 211.7
-------------- --------------
2,568.1 2,467.3
NONINTEREST INCOME
Service charges on deposit accounts 263.2 252.5
Trust income 219.8 244.6
Mortgage banking income 88.0 127.9
Credit card fees 76.2 73.5
Insurance and brokerage 58.6 65.7
Special asset management fees 17.3 46.0
Net securities gains (14.7) 28.3
Gains on certain asset sales -- 29.4
Other income 174.2 133.8
-------------- --------------
Total noninterest income 882.6 1,001.7
NONINTEREST EXPENSE
Personnel 1,059.9 1,071.4
Net occupancy 216.9 204.2
Equipment 158.0 161.3
FDIC insurance assessments 98.7 98.7
Professional fees 50.0 53.3
OREO expense, net 2.5 43.1
Merger and integration charges -- 118.7
Other expense 581.2 634.4
-------------- --------------
Total noninterest expense 2,167.2 2,385.1
-------------- --------------
INCOME BEFORE INCOME TAXES 1,283.5 1,083.9
Income taxes 430.0 374.0
-------------- --------------
NET INCOME $ 853.5 $ 709.9
============== ==============
Net income applicable to Common Shares $837.5 $691.8
Net income per Common Share 3.45 2.89
Wtd. avg. Common Shares outstanding (000) 243,067 239,775
Taxable-equivalent adjustment $58.8 $63.1
</TABLE>
<PAGE> 11
<TABLE>
KEYCORP ANNOUNCES 1994 RECORD EARNINGS
JANUARY 19, 1995
PAGE 11
<CAPTION>
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEETS
(in millions)
Three months ended
------------------------------------------------
ASSETS 12-31-94 9-30-94 12-31-93
-------------- -------------- --------------
<S> <C> <C> <C>
Loans $ 44,970.1 $43,616.2 $ 39,257.9
Mortgage loans held for sale 412.3 463.5 1,278.1
Investment securities 10,390.1 9,617.0 10,369.8
Securities available for sale 2,844.0 3,890.5 1,773.3
Short-term investments 191.9 136.2 140.3
--------------- -------------- ---------------
Total earning assets 58,808.4 57,723.4 52,819.4
Allowance for loan losses (827.1) (822.2) (807.9)
Other assets 6,632.0 6,537.4 6,277.8
--------------- -------------- --------------
TOTAL ASSETS $64,613.3 $63,438.6 $58,289.3
=============== ============== ==============
LIABILITIES
Deposits in domestic offices:
Noninterest-bearing $ 8,238.9 $ 8,083.0 $ 8,166.4
Interest-bearing 35,904.1 35,718.6 35,649.1
Deposits in foreign office-interest-bearing 2,972.2 3,407.3 1,282.6
-------------- ------------ ------------
Total deposits 47,115.2 47,208.9 45,098.1
Federal funds purchased and securities
sold under agreements to repurchase 5,857.9 6,295.9 4,472.5
Other short-term borrowings 2,850.6 2,052.9 1,239.8
Other liabilities 1,095.2 1,094.9 1,200.3
Long-term debt 3,001.6 2,144.3 1,883.9
-------------- ------------ -----------
TOTAL LIABILITIES 59,920.5 58,796.9 53,894.6
SHAREHOLDERS' EQUITY
Preferred stock 160.0 160.0 160.0
Common equity 4,532.8 4,481.7 4,234.7
------------ -------------- -----------
TOTAL SHAREHOLDERS' EQUITY 4,692.8 4,641.7 4,394.7
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $64,613.3 $63,438.6 $ 58,289.3
============ ============== ===========
</TABLE>
<PAGE> 12
<TABLE>
KEYCORP ANNOUNCES 1994 RECORD EARNINGS
JANUARY 19, 1995
PAGE 12
<CAPTION>
CONSOLIDATED YEAR-TO-DATE AVERAGE BALANCE SHEETS
(in millions)
Twelve months ended
-------------------------------
ASSETS 12-31-94 12-31-93
-------------- --------------
<S> <C> <C>
Loans $42,745.5 $38,307.6
Mortgage loans held for sale 717.6 1,054.6
Investment securities 9,243.2 9,556.1
Securities available for sale 4,066.1 2,070.0
Short-term investments 143.8 610.2
-------------- --------------
Total earning assets 56,916.2 51,598.5
Allowance for loan losses (821.2) (803.9)
Other assets 6,466.2 6,256.6
-------------- --------------
TOTAL ASSETS $62,561.2 $57,051.2
============== ==============
LIABILITIES
Deposits in domestic offices:
Noninterest-bearing $8,046.2 $7,785.9
Interest-bearing 35,783.3 35,536.3
Deposits in foreign office-interest-bearing 3,014.7 1,018.9
-------------- --------------
Total deposits 46,844.2 44,341.1
Federal funds purchased and securities
sold under agreements to repurchase 5,850.4 4,378.2
Other short-term borrowings 1,929.6 1,196.2
Other liabilities 1,103.9 1,051.2
Long-term debt 2,233.9 1,895.4
-------------- --------------
TOTAL LIABILITIES 57,962.0 52,862.1
SHAREHOLDERS' EQUITY
Preferred stock 160.0 183.8
Common equity 4,439.2 4,005.3
-------------- --------------
TOTAL SHAREHOLDERS' EQUITY 4,599.2 4,189.1
TOTAL LIABILITIES AND -------------- --------------
SHAREHOLDERS' EQUITY $62,561.2 $57,051.2
============== ==============
</TABLE>
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