For the Quarterly Period Ended September 30, 2002 |
Commission file number 1-7476 |
Delaware |
63-0591257 | |
(State or other jurisdiction of
Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
AmSouth Center |
||
1900 Fifth Avenue North |
||
Birmingham, Alabama |
35203 | |
(Address of principal executive offices) |
(Zip Code) |
Page | ||||||
Part I. |
Financial Information |
|||||
Item 1. |
Financial Statements (Unaudited) |
|||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
13 | ||||||
Item 2. |
14 | |||||
Item 3. |
29 | |||||
Item 4. |
29 | |||||
Part II. |
Other Information |
|||||
Item 1. |
29 | |||||
Item 6. |
29 | |||||
30 | ||||||
31 | ||||||
33 |
September 30 2002 |
December 31 2001 |
September 30 2001 |
||||||||||
(In thousands) |
||||||||||||
ASSETS |
||||||||||||
Cash and due from banks |
$ |
1,364,146 |
|
$ |
1,441,561 |
|
$ |
1,035,436 |
| |||
Federal funds sold and securities purchased under agreements to resell |
|
271,068 |
|
|
400,000 |
|
|
300,000 |
| |||
Trading securities |
|
315,156 |
|
|
12,979 |
|
|
18,906 |
| |||
Available-for-sale securities |
|
4,448,355 |
|
|
4,829,512 |
|
|
4,749,826 |
| |||
Held-to-maturity securities (market value of $4,362,854, $4,071,008 and $4,535,163, respectively) |
|
4,215,161 |
|
|
4,002,474 |
|
|
4,389,327 |
| |||
Loans held for sale |
|
28,984 |
|
|
291,782 |
|
|
161,103 |
| |||
Loans |
|
27,012,900 |
|
|
25,852,221 |
|
|
25,534,112 |
| |||
Less: Allowance for loan losses |
|
379,878 |
|
|
363,607 |
|
|
360,717 |
| |||
Unearned income |
|
726,050 |
|
|
727,728 |
|
|
633,052 |
| |||
|
|
|
|
|
|
|
|
| ||||
Net loans |
|
25,906,972 |
|
|
24,760,886 |
|
|
24,540,343 |
| |||
Other interest-earning assets |
|
67,071 |
|
|
40,458 |
|
|
337,625 |
| |||
Premises and equipment, net |
|
792,853 |
|
|
729,383 |
|
|
677,916 |
| |||
Accrued interest receivable and other assets |
|
2,200,961 |
|
|
2,091,379 |
|
|
2,054,323 |
| |||
|
|
|
|
|
|
|
|
| ||||
$ |
39,610,727 |
|
$ |
38,600,414 |
|
$ |
38,264,805 |
| ||||
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||
Deposits and interest-bearing liabilities: |
||||||||||||
Deposits: |
||||||||||||
Noninterest-bearing demand |
$ |
5,181,668 |
|
$ |
5,280,621 |
|
$ |
4,715,663 |
| |||
Interest-bearing demand |
|
10,951,276 |
|
|
10,518,922 |
|
|
10,161,426 |
| |||
Savings |
|
1,300,439 |
|
|
1,229,871 |
|
|
1,221,159 |
| |||
Time |
|
6,481,177 |
|
|
6,800,056 |
|
|
7,324,214 |
| |||
Foreign time |
|
531,743 |
|
|
309,641 |
|
|
290,527 |
| |||
Certificates of deposit of $100,000 or more |
|
2,185,499 |
|
|
2,027,906 |
|
|
2,160,959 |
| |||
|
|
|
|
|
|
|
|
| ||||
Total deposits |
|
26,631,802 |
|
|
26,167,017 |
|
|
25,873,948 |
| |||
Federal funds purchased and securities sold under agreements to repurchase |
|
1,954,121 |
|
|
2,080,296 |
|
|
2,071,030 |
| |||
Other borrowed funds |
|
76,428 |
|
|
79,454 |
|
|
81,173 |
| |||
Long-term Federal Home Loan Bank advances |
|
5,352,681 |
|
|
5,093,834 |
|
|
5,106,188 |
| |||
Other long-term debt |
|
1,051,918 |
|
|
1,008,421 |
|
|
1,025,167 |
| |||
|
|
|
|
|
|
|
|
| ||||
Total deposits and interest-bearing liabilities |
|
35,066,950 |
|
|
34,429,022 |
|
|
34,157,506 |
| |||
Accrued expenses and other liabilities |
|
1,421,030 |
|
|
1,216,293 |
|
|
1,136,637 |
| |||
|
|
|
|
|
|
|
|
| ||||
Total liabilities |
|
36,487,980 |
|
|
35,645,315 |
|
|
35,294,143 |
| |||
|
|
|
|
|
|
|
|
| ||||
Shareholders' equity: |
||||||||||||
Preferred stockno par value: |
||||||||||||
Authorized2,000,000 shares; Issued and outstandingnone |
|
-0- |
|
|
-0- |
|
|
-0- |
| |||
Common stockpar value $1 a share: |
||||||||||||
Authorized750,000,000 shares; Issued416,914,000, 416,931,00) and 416,935,000 shares,
respectively |
|
416,914 |
|
|
416,931 |
|
|
416,935 |
| |||
Capital surplus |
|
703,068 |
|
|
699,863 |
|
|
697,996 |
| |||
Retained earnings |
|
2,878,670 |
|
|
2,677,933 |
|
|
2,618,080 |
| |||
Cost of common stock in treasury59,127,000, 53,896,000 and 52,017,000 shares, respectively |
|
(960,513 |
) |
|
(848,005 |
) |
|
(813,814 |
) | |||
Deferred compensation on restricted stock |
|
(15,747 |
) |
|
(16,624 |
) |
|
(17,532 |
) | |||
Accumulated other comprehensive income |
|
100,355 |
|
|
25,001 |
|
|
68,997 |
| |||
|
|
|
|
|
|
|
|
| ||||
Total shareholders' equity |
|
3,122,747 |
|
|
2,955,099 |
|
|
2,970,662 |
| |||
|
|
|
|
|
|
|
|
| ||||
$ |
39,610,727 |
|
$ |
38,600,414 |
|
$ |
38,264,805 |
| ||||
|
|
|
|
|
|
|
|
|
Nine Months ended September 30 |
Three Months ended September 30 | |||||||||||
2002 |
2001 |
2002 |
2001 | |||||||||
(In thousands except per share data) | ||||||||||||
INTEREST INCOME |
||||||||||||
Loans |
$ |
1,269,432 |
$ |
1,508,937 |
$ |
418,820 |
$ |
480,993 | ||||
Available-for-sale securities |
|
256,374 |
|
240,699 |
|
84,366 |
|
84,794 | ||||
Held-to-maturity securities |
|
186,026 |
|
216,539 |
|
62,465 |
|
68,816 | ||||
Trading securities |
|
641 |
|
266 |
|
482 |
|
130 | ||||
Loans held for sale |
|
9,895 |
|
13,200 |
|
2,068 |
|
3,698 | ||||
Federal funds sold and securities purchased under agreements to resell |
|
2,407 |
|
43,108 |
|
1,256 |
|
7,836 | ||||
Other interest-earning assets |
|
1,235 |
|
4,018 |
|
457 |
|
2,102 | ||||
|
|
|
|
|
|
|
| |||||
Total interest income |
|
1,726,010 |
|
2,026,767 |
|
569,914 |
|
648,369 | ||||
|
|
|
|
|
|
|
| |||||
INTEREST EXPENSE |
||||||||||||
Interest-bearing demand deposits |
|
88,623 |
|
217,629 |
|
30,668 |
|
61,961 | ||||
Savings deposits |
|
5,584 |
|
13,367 |
|
1,878 |
|
3,817 | ||||
Time deposits |
|
184,024 |
|
328,731 |
|
59,145 |
|
101,607 | ||||
Foreign time deposits |
|
4,099 |
|
8,383 |
|
1,668 |
|
2,152 | ||||
Certificates of deposit of $100,000 or more |
|
53,863 |
|
102,585 |
|
18,140 |
|
30,036 | ||||
Federal funds purchased and securities sold under agreements to repurchase |
|
21,385 |
|
64,649 |
|
7,452 |
|
15,664 | ||||
Other borrowed funds |
|
3,077 |
|
7,997 |
|
1,008 |
|
1,271 | ||||
Long-term Federal Home Loan Bank advances |
|
204,348 |
|
220,905 |
|
68,840 |
|
72,855 | ||||
Other long-term debt |
|
29,330 |
|
43,267 |
|
9,765 |
|
12,969 | ||||
|
|
|
|
|
|
|
| |||||
Total interest expense |
|
594,333 |
|
1,007,513 |
|
198,564 |
|
302,332 | ||||
|
|
|
|
|
|
|
| |||||
NET INTEREST INCOME |
|
1,131,677 |
|
1,019,254 |
|
371,350 |
|
346,037 | ||||
Provision for loan losses |
|
160,100 |
|
133,500 |
|
51,400 |
|
49,200 | ||||
|
|
|
|
|
|
|
| |||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
|
971,577 |
|
885,754 |
|
319,950 |
|
296,837 | ||||
|
|
|
|
|
|
|
| |||||
NONINTEREST REVENUES |
||||||||||||
Service charges on deposit accounts |
|
210,353 |
|
191,128 |
|
77,672 |
|
64,688 | ||||
Trust income |
|
80,599 |
|
85,138 |
|
25,357 |
|
28,050 | ||||
Consumer investment services income |
|
61,464 |
|
72,364 |
|
18,912 |
|
26,261 | ||||
Interchange income |
|
46,458 |
|
41,458 |
|
16,418 |
|
14,377 | ||||
Bank owned life insurance policies |
|
46,270 |
|
40,393 |
|
14,587 |
|
12,959 | ||||
Bankcard income |
|
18,442 |
|
15,680 |
|
6,475 |
|
5,624 | ||||
Mortgage income |
|
17,457 |
|
20,033 |
|
7,112 |
|
8,567 | ||||
Portfolio income |
|
11,970 |
|
9,802 |
|
4,267 |
|
3,507 | ||||
Other noninterest revenues |
|
54,114 |
|
86,302 |
|
17,536 |
|
28,317 | ||||
|
|
|
|
|
|
|
| |||||
Total noninterest revenues |
|
547,127 |
|
562,298 |
|
188,336 |
|
192,350 | ||||
|
|
|
|
|
|
|
| |||||
NONINTEREST EXPENSES |
||||||||||||
Salaries and employee benefits |
|
461,109 |
|
442,501 |
|
151,482 |
|
152,725 | ||||
Equipment expense |
|
89,699 |
|
90,493 |
|
30,155 |
|
29,984 | ||||
Net occupancy expense |
|
88,018 |
|
83,879 |
|
30,011 |
|
28,199 | ||||
Postage and office supplies |
|
37,119 |
|
36,498 |
|
11,973 |
|
12,299 | ||||
Marketing expense |
|
26,668 |
|
26,541 |
|
8,903 |
|
9,458 | ||||
Communications expense |
|
22,947 |
|
31,282 |
|
5,788 |
|
10,111 | ||||
Amortization of intangibles |
|
3,936 |
|
25,548 |
|
1,224 |
|
8,486 | ||||
Other noninterest expenses |
|
139,962 |
|
140,510 |
|
43,460 |
|
45,908 | ||||
|
|
|
|
|
|
|
| |||||
Total noninterest expenses |
|
869,458 |
|
877,252 |
|
282,996 |
|
297,170 | ||||
|
|
|
|
|
|
|
| |||||
INCOME BEFORE INCOME TAXES |
|
649,246 |
|
570,800 |
|
225,290 |
|
192,017 | ||||
Income taxes |
|
195,306 |
|
174,975 |
|
69,289 |
|
55,924 | ||||
|
|
|
|
|
|
|
| |||||
NET INCOME |
$ |
453,940 |
$ |
395,825 |
$ |
156,001 |
$ |
136,093 | ||||
|
|
|
|
|
|
|
| |||||
Average common shares outstanding |
|
359,653 |
|
368,945 |
|
357,567 |
|
365,970 | ||||
Earnings per common share |
$ |
1.26 |
$ |
1.07 |
$ |
.44 |
$ |
.37 | ||||
Diluted average common shares outstanding |
|
364,197 |
|
372,489 |
|
361,961 |
|
370,116 | ||||
Diluted earnings per common share |
$ |
1.25 |
$ |
1.06 |
$ |
.43 |
$ |
.37 |
Common Stock
|
Capital Surplus |
Retained Earnings |
Treasury Stock |
Deferred Compensation on Restricted Stock |
Accumulated Other Comprehensive Income/(Loss) |
Total |
|||||||||||||||||||||
(In thousands) |
|||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2002 |
$ |
416,931 |
|
$ |
699,863 |
$ |
2,677,933 |
|
$ |
(848,005 |
) |
$ |
(16,624 |
) |
$ |
25,001 |
|
$ |
2,955,099 |
| |||||||
Comprehensive income: |
|||||||||||||||||||||||||||
Net income |
|
-0- |
|
|
-0- |
|
453,940 |
|
|
-0- |
|
|
-0- |
|
|
-0- |
|
|
453,940 |
| |||||||
Other comprehensive income, net of tax: |
|||||||||||||||||||||||||||
Change in unrealized gains on derivative instruments (net of $3,951 tax benefit) |
|
-0- |
|
|
-0- |
|
-0- |
|
|
-0- |
|
|
-0- |
|
|
(7,338 |
) |
|
(7,338 |
) | |||||||
Changes in unrealized gains and losses on available-for-sale securities, net of reclassification adjustment (net of
$35,680 tax expense) |
|
-0- |
|
|
-0- |
|
-0- |
|
|
-0- |
|
|
-0- |
|
|
82,692 |
|
|
82,692 |
| |||||||
|
|
| |||||||||||||||||||||||||
Comprehensive income |
|
529,294 |
| ||||||||||||||||||||||||
Cash dividends declared |
|
-0- |
|
|
-0- |
|
(238,631 |
) |
|
-0- |
|
|
-0- |
|
|
-0- |
|
|
(238,631 |
) | |||||||
Common stock transactions: |
|||||||||||||||||||||||||||
Purchase of common stock |
|
-0- |
|
|
-0- |
|
-0- |
|
|
(172,991 |
) |
|
-0- |
|
|
-0- |
|
|
(172,991 |
) | |||||||
Employee stock plans |
|
(17 |
) |
|
3,129 |
|
(14,568 |
) |
|
53,010 |
|
|
877 |
|
|
-0- |
|
|
42,431 |
| |||||||
Dividend reinvestment plan |
|
-0- |
|
|
76 |
|
(4 |
) |
|
7,473 |
|
|
-0- |
|
|
-0- |
|
|
7,545 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
BALANCE AT SEPTEMBER 30, 2002 |
$ |
416,914 |
|
$ |
703,068 |
$ |
2,878,670 |
|
$ |
(960,513 |
) |
$ |
(15,747 |
) |
$ |
100,355 |
|
$ |
3,122,747 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Disclosure of reclassification amount: |
|||||||||||||||||||||||||||
Unrealized holding gains on available-for-sale securities arising during the period |
$ |
88,480 |
|
||||||||||||||||||||||||
Less: Reclassification adjustment for gains realized in net income |
|
5,788 |
|
||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
Net unrealized gains on available-for-sale securities, net of tax |
$ |
82,692 |
|
||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
Unrealized holding gains on derivatives arising during the period |
$ |
6,532 |
|
||||||||||||||||||||||||
Less: Reclassification adjustment for gains realized in net income |
|
13,870 |
|
||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
Net unrealized gains on derivatives, net of tax |
$ |
(7,338 |
) |
||||||||||||||||||||||||
|
|
|
Nine Months Ended September 30 |
||||||||
2002 |
2001 |
|||||||
(In thousands) |
||||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ |
453,940 |
|
$ |
395,825 |
| ||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Provision for loan losses |
|
160,100 |
|
|
133,500 |
| ||
Depreciation and amortization of premises and equipment |
|
69,246 |
|
|
66,370 |
| ||
Amortization of premiums and discounts on held-to-maturity securities and available-for-sale securities
|
|
1,514 |
|
|
(17,319 |
) | ||
Net decrease (increase) in loans held for sale |
|
287,031 |
|
|
(68,292 |
) | ||
Net (increase) decrease in trading securities |
|
(302,182 |
) |
|
6,539 |
| ||
Net gains on sales of available-for-sale securities |
|
(9,276 |
) |
|
(8,251 |
) | ||
Gains on sales of loans to mortgage conduits |
|
-0- |
|
|
(1,993 |
) | ||
Gains on sales of business operations, subsidiaries, and other assets |
|
-0- |
|
|
(3,983 |
) | ||
Net increase in accrued interest receivable and other assets |
|
(95,059 |
) |
|
(119,449 |
) | ||
Net increase in accrued expenses and other liabilities |
|
150,192 |
|
|
117,902 |
| ||
Provision for deferred income taxes |
|
132,120 |
|
|
158,801 |
| ||
Amortization of intangible assets |
|
3,904 |
|
|
25,515 |
| ||
Other operating activities, net |
|
35,438 |
|
|
31,013 |
| ||
|
|
|
|
|
| |||
Net cash provided by operating activities |
|
886,968 |
|
|
716,178 |
| ||
|
|
|
|
|
| |||
INVESTING ACTIVITIES |
||||||||
Proceeds from maturities and prepayments of available-for-sale securities |
|
1,042,113 |
|
|
892,245 |
| ||
Proceeds from sales of available-for-sale securities |
|
770,745 |
|
|
361,163 |
| ||
Purchases of available-for-sale securities |
|
(1,245,007 |
) |
|
(1,814,799 |
) | ||
Proceeds from maturities, prepayments and calls of held-to-maturity securities |
|
1,582,618 |
|
|
1,238,921 |
| ||
Purchases of held-to-maturity securities |
|
(1,627,161 |
) |
|
(939,830 |
) | ||
Net decrease in federal funds sold and securities purchased under agreements to resell |
|
128,932 |
|
|
1,855,665 |
| ||
Net increase in other interest-earning assets |
|
(26,613 |
) |
|
(276,565 |
) | ||
Net increase in loans, excluding mortgage conduit sales |
|
(1,696,225 |
) |
|
(596,919 |
) | ||
Proceeds from sales of loans to mortgage conduits |
|
-0- |
|
|
100,248 |
| ||
Net purchases of premises and equipment |
|
(132,716 |
) |
|
(110,085 |
) | ||
Net cash received (paid) on sales of branches, business operations, subsidiaries and other assets |
|
-0- |
|
|
13,000 |
| ||
|
|
|
|
|
| |||
Net cash (used) provided by investing activities |
|
(1,203,314 |
) |
|
723,044 |
| ||
|
|
|
|
|
| |||
FINANCING ACTIVITIES |
||||||||
Net increase (decrease) in deposits |
|
475,104 |
|
|
(766,532 |
) | ||
Net decrease in federal funds purchased and securities sold under agreements to repurchase |
|
(126,175 |
) |
|
(249,234 |
) | ||
Net decrease in other borrowed funds |
|
(3,026 |
) |
|
(455,675 |
) | ||
Issuance of long-term Federal Home Loan Bank advances and other long-term debt |
|
276,591 |
|
|
600,983 |
| ||
Payments for maturing long-term debt |
|
(17,889 |
) |
|
(393,282 |
) | ||
Cash dividends paid |
|
(239,663 |
) |
|
(234,786 |
) | ||
Proceeds from employee stock plans and dividend reinvestment plan |
|
46,980 |
|
|
36,373 |
| ||
Purchase of common stock |
|
(172,991 |
) |
|
(218,064 |
) | ||
|
|
|
|
|
| |||
Net cash provided (used) by financing activities |
|
238,931 |
|
|
(1,680,217 |
) | ||
|
|
|
|
|
| |||
Decrease in cash and cash equivalents |
|
(77,415 |
) |
|
(240,995 |
) | ||
Cash and cash equivalents at beginning of period |
|
1,441,561 |
|
|
1,276,431 |
| ||
|
|
|
|
|
| |||
Cash and cash equivalents at end of period |
$ |
1,364,146 |
|
$ |
1,035,436 |
| ||
|
|
|
|
|
|
Twelve Months Ended December 31, 2001 |
Nine Months Ended September 30, 2001 |
Three Months Ended September 30, 2001 | ||||||||||||||||
Net Income |
Earnings Per Share |
Net Income |
Earnings Per Share |
Net Income |
Earnings Per Share | |||||||||||||
(In thousands except per share data) | ||||||||||||||||||
Earnings per common share computation: |
||||||||||||||||||
Net income/EPS as reported |
$ |
536,346 |
$ |
1.46 |
$ |
395,825 |
$ |
1.07 |
$ |
136,093 |
$ |
37 | ||||||
Add back: Goodwill amortization |
|
29,385 |
|
.08 |
|
22,057 |
|
.06 |
|
7,323 |
|
.02 | ||||||
Less: Tax on deductible goodwill |
|
442 |
|
.00 |
|
332 |
|
.00 |
|
110 |
|
.00 | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Adjusted net income/EPS |
$ |
565,289 |
$ |
1.54 |
$ |
417,550 |
$ |
1.13 |
$ |
143,306 |
$ |
.39 | ||||||
Diluted earnings per common share computation: |
||||||||||||||||||
Net income/diluted EPS as reported |
$ |
536,346 |
$ |
1.45 |
$ |
395,825 |
$ |
1.06 |
$ |
136,093 |
$ |
.37 | ||||||
Add back: Goodwill amortization |
|
29,385 |
|
.07 |
|
22,057 |
|
.06 |
|
7,323 |
|
.02 | ||||||
Less: Tax on deductible goodwill |
|
442 |
|
.00 |
|
332 |
|
.00 |
|
110 |
|
.00 | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Adjusted net income/diluted EPS |
$ |
565,289 |
$ |
1.52 |
$ |
417,550 |
$ |
1.12 |
$ |
143,306 |
$ |
.39 |
Three Months Ended September 30 |
Nine Months Ended September 30 | |||||||||||
2002 |
2001 |
2002 |
2001 | |||||||||
(In thousands except per share data) | ||||||||||||
Earnings per common share computation: |
||||||||||||
Numerator: |
||||||||||||
Net income |
$ |
156,001 |
$ |
136,093 |
$ |
453,940 |
$ |
395,825 | ||||
Denominator: |
||||||||||||
Average common shares outstanding |
|
357,567 |
|
365,970 |
|
359,653 |
|
368,945 | ||||
Earnings per common share |
$ |
.44 |
$ |
.37 |
$ |
1.26 |
$ |
1.07 | ||||
Diluted earnings per common share computation: |
||||||||||||
Numerator: |
||||||||||||
Net income |
$ |
156,001 |
$ |
136,093 |
$ |
453,940 |
$ |
395,825 | ||||
Denominator: |
||||||||||||
Average common shares outstanding |
|
357,567 |
|
365,970 |
|
359,653 |
|
368,945 | ||||
Dilutive shares contingently issuable |
|
4,394 |
|
4,146 |
|
4,544 |
|
3,544 | ||||
|
|
|
|
|
|
|
| |||||
Average diluted common shares outstanding |
|
361,961 |
|
370,116 |
|
364,197 |
|
372,489 | ||||
Diluted earnings per common share |
$ |
.43 |
$ |
.37 |
$ |
1.25 |
$ |
1.06 |
Consumer Banking |
Commercial Banking |
Wealth Management |
Treasury & Other |
Total | ||||||||||||||
(In thousands) | ||||||||||||||||||
Three Months Ended September 30, 2002 |
||||||||||||||||||
Net interest income before internal funding |
$ |
197,275 |
$ |
124,721 |
|
$ |
35,543 |
|
$ |
13,811 |
|
$ |
371,350 | |||||
Internal funding |
|
98,421 |
|
(27,493 |
) |
|
(6,957 |
) |
|
(63,971 |
) |
|
-0- | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net interest income |
|
295,696 |
|
97,228 |
|
|
28,586 |
|
|
(50,160 |
) |
|
371,350 | |||||
Noninterest revenues |
|
97,531 |
|
27,342 |
|
|
45,439 |
|
|
18,024 |
|
|
188,336 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total revenues |
|
393,227 |
|
124,570 |
|
|
74,025 |
|
|
(32,136 |
) |
|
559,686 | |||||
Provision for loan losses |
|
34,447 |
|
6,496 |
|
|
231 |
|
|
10,226 |
|
|
51,400 | |||||
Noninterest expenses |
|
178,813 |
|
43,769 |
|
|
45,974 |
|
|
14,440 |
|
|
282,996 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income/(Loss) before income taxes |
|
179,967 |
|
74,305 |
|
|
27,820 |
|
|
(56,802 |
) |
|
225,290 | |||||
Income taxes/(benefits) |
|
67,667 |
|
27,939 |
|
|
10,460 |
|
|
(36,777 |
) |
|
69,289 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Segment net income/(loss) |
$ |
112,300 |
$ |
46,366 |
|
$ |
17,360 |
|
$ |
(20,025 |
) |
$ |
156,001 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Revenues from external customers |
$ |
294,806 |
$ |
152,063 |
|
$ |
43,590 |
|
$ |
69,227 |
|
$ |
559,686 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Three Months Ended September 30, 2001 |
||||||||||||||||||
Net interest income before internal funding |
$ |
133,805 |
$ |
156,431 |
|
$ |
26,608 |
|
$ |
29,193 |
|
$ |
346,037 | |||||
Internal funding |
|
127,759 |
|
(59,228 |
) |
|
(4,934 |
) |
|
(63,597 |
) |
|
-0- | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net interest income |
|
261,564 |
|
97,203 |
|
|
21,674 |
|
|
(34,404 |
) |
|
346,037 | |||||
Noninterest revenues |
|
90,303 |
|
26,618 |
|
|
55,359 |
|
|
20,070 |
|
|
192,350 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total revenues |
|
351,867 |
|
123,821 |
|
|
77,033 |
|
|
(14,334 |
) |
|
538,387 | |||||
Provision for loan losses |
|
33,976 |
|
35,170 |
|
|
192 |
|
|
(20,138 |
) |
|
49,200 | |||||
Noninterest expenses |
|
178,741 |
|
45,438 |
|
|
48,963 |
|
|
24,028 |
|
|
297,170 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income/(Loss) before income taxes |
|
139,150 |
|
43,213 |
|
|
27,878 |
|
|
(18,224 |
) |
|
192,017 | |||||
Income taxes/(benefits) |
|
52,321 |
|
16,248 |
|
|
10,482 |
|
|
(23,127 |
) |
|
55,924 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Segment net income |
$ |
86,829 |
$ |
26,965 |
|
$ |
17,396 |
|
$ |
4,903 |
|
$ |
136,093 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Revenues from external customers |
$ |
224,108 |
$ |
183,049 |
|
$ |
54,102 |
|
$ |
77,128 |
|
$ |
538,387 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Nine Months Ended September 30, 2002 |
||||||||||||||||||
Net interest income before internal funding |
$ |
586,574 |
$ |
385,292 |
|
$ |
103,312 |
|
$ |
56,499 |
|
$ |
1,131,677 | |||||
Internal funding |
|
293,075 |
|
(99,317 |
) |
|
(21,804 |
) |
|
(171,954 |
) |
|
-0- | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net interest income |
|
879,649 |
|
285,975 |
|
|
81,508 |
|
|
(115,455 |
) |
|
1,131,677 | |||||
Noninterest revenues |
|
267,534 |
|
86,114 |
|
|
145,639 |
|
|
47,840 |
|
|
547,127 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total revenues |
|
1,147,183 |
|
372,089 |
|
|
227,147 |
|
|
(67,615 |
) |
|
1,678,804 | |||||
Provision for loan losses |
|
104,686 |
|
33,785 |
|
|
674 |
|
|
20,955 |
|
|
160,100 | |||||
Noninterest expenses |
|
544,415 |
|
131,314 |
|
|
141,095 |
|
|
52,634 |
|
|
869,458 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income/(Loss) before income taxes |
|
498,082 |
|
206,990 |
|
|
85,378 |
|
|
(141,204 |
) |
|
649,246 | |||||
Income taxes/(benefits) |
|
187,279 |
|
77,828 |
|
|
32,102 |
|
|
(101,903 |
) |
|
195,306 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Segment net income/(loss) |
$ |
310,803 |
$ |
129,162 |
|
$ |
53,276 |
|
$ |
(39,301 |
) |
$ |
453,940 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Revenues from external customers |
$ |
854,108 |
$ |
471,406 |
|
$ |
141,291 |
|
$ |
211,999 |
|
$ |
1,678,804 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Nine Months Ended September 30, 2001 |
||||||||||||||||||
Net interest income before internal funding |
$ |
349,830 |
$ |
502,309 |
|
$ |
74,953 |
|
$ |
92,162 |
|
$ |
1,019,254 | |||||
Internal funding |
|
404,485 |
|
(212,278 |
) |
|
(13,866 |
) |
|
(178,341 |
) |
|
-0- | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net interest income |
|
754,315 |
|
290,031 |
|
|
61,087 |
|
|
(86,179 |
) |
|
1,019,254 | |||||
Noninterest revenues |
|
259,496 |
|
77,851 |
|
|
160,667 |
|
|
64,284 |
|
|
562,298 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total revenues |
|
1,013,811 |
|
367,882 |
|
|
221,754 |
|
|
(21,895 |
) |
|
1,581,552 | |||||
Provision for loan losses |
|
89,338 |
|
63,879 |
|
|
545 |
|
|
(20,262 |
) |
|
133,500 | |||||
Noninterest expenses |
|
522,958 |
|
136,606 |
|
|
142,977 |
|
|
74,711 |
|
|
877,252 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income/(Loss) before income taxes |
|
401,515 |
|
167,397 |
|
|
78,232 |
|
|
(76,344 |
) |
|
570,800 | |||||
Income taxes/(benefits) |
|
150,969 |
|
62,941 |
|
|
29,415 |
|
|
(68,350 |
) |
|
174,975 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Segment net income/(loss) |
$ |
250,546 |
$ |
104,456 |
|
$ |
48,817 |
|
$ |
(7,994 |
) |
$ |
395,825 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Revenues from external customers |
$ |
609,326 |
$ |
580,160 |
|
$ |
156,790 |
|
$ |
235,276 |
|
$ |
1,581,552 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30 |
% Change |
||||||||
2002 |
2001 |
||||||||
(In thousands) |
|||||||||
Balance sheet summary |
|||||||||
End-of-period balances: |
|||||||||
Loans net of unearned income |
$ |
26,286,850 |
$ |
24,901,060 |
5.6 |
% | |||
Total assets |
|
39,610,727 |
|
38,264,805 |
3.5 |
| |||
Total deposits |
|
26,631,802 |
|
25,873,948 |
2.9 |
| |||
Shareholders' equity |
|
3,122,747 |
|
2,970,662 |
5.1 |
| |||
Year-to-date average balances: |
|||||||||
Loans net of unearned income |
$ |
25,619,749 |
$ |
24,702,003 |
3.7 |
% | |||
Total assets |
|
38,135,437 |
|
38,359,859 |
(0.6 |
) | |||
Total deposits |
|
25,632,711 |
|
26,002,930 |
(1.4 |
) | |||
Shareholders' equity |
|
3,015,084 |
|
2,865,476 |
5.2 |
|
Nine Months Ended September 30 |
% Change |
Three Months Ended September 30 |
% Change |
|||||||||||||||||||
2002 |
2001 |
2002 |
2001 |
|||||||||||||||||||
(In thousands except per share data) |
||||||||||||||||||||||
Earnings summary |
||||||||||||||||||||||
Net income |
$ |
453,940 |
|
$ |
395,825 |
|
14.7 |
% |
$ |
156,001 |
|
$ |
136,093 |
|
14.6 |
% | ||||||
Earnings per common share |
|
1.26 |
|
|
1.07 |
|
17.8 |
|
|
.44 |
|
|
.37 |
|
18.9 |
| ||||||
Diluted earnings per common share |
|
1.25 |
|
|
1.06 |
|
17.9 |
|
|
.43 |
|
|
.37 |
|
16.2 |
| ||||||
Return on average assets (annualized) |
|
1.59 |
% |
|
1.38 |
% |
|
1.60 |
% |
|
1.41 |
% |
||||||||||
Return on average equity (annualized) |
|
20.13 |
|
|
18.47 |
|
|
20.19 |
|
|
18.59 |
|
||||||||||
Return on average equity (excluding goodwill, annualized) |
|
20.13 |
|
|
19.48 |
|
|
20.19 |
|
|
19.58 |
|
||||||||||
Operating efficiency |
|
50.62 |
|
|
53.95 |
|
|
49.45 |
|
|
53.37 |
|
||||||||||
Operating efficiency (excluding goodwill) |
|
50.62 |
|
|
52.59 |
|
|
49.45 |
|
|
52.06 |
|
||||||||||
Selected ratios |
||||||||||||||||||||||
Average equity to assets |
|
7.91 |
% |
|
7.47 |
% |
|
7.93 |
% |
|
7.60 |
% |
||||||||||
End-of-period equity to assets |
|
7.88 |
|
|
7.76 |
|
|
7.88 |
|
|
7.76 |
|
||||||||||
End-of-period tangible equity to assets |
|
7.17 |
|
|
7.00 |
|
|
7.17 |
|
|
7.00 |
|
||||||||||
Allowance for loan losses to loans net of unearned income |
|
1.45 |
|
|
1.45 |
|
|
1.45 |
|
|
1.45 |
|
||||||||||
Common stock data |
||||||||||||||||||||||
Cash dividends declared |
$ |
.66 |
|
$ |
.63 |
|
$ |
.22 |
|
$ |
.21 |
|
||||||||||
Book value at end of period |
|
8.73 |
|
|
8.14 |
|
|
8.73 |
|
|
8.14 |
|
||||||||||
Market value at end of period |
|
20.74 |
|
|
18.07 |
|
|
20.74 |
|
|
18.07 |
|
||||||||||
Average common shares outstanding |
|
359,653 |
|
|
368,945 |
|
|
357,567 |
|
|
365,970 |
|
||||||||||
Average common shares outstanding-diluted |
|
364,197 |
|
|
372,489 |
|
|
361,961 |
|
|
370,116 |
|
2002 |
2001 |
|||||||||||||||||||
Nine Months Ended September
30 |
Nine Months Ended September
30 |
|||||||||||||||||||
Average Balance |
Revenue/ Expense |
Yield/ Rate |
Average Balance |
Revenue/ Expense |
Yield/ Rate |
|||||||||||||||
(Taxable equivalent basis-dollars in thousands) |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||
Loans net of unearned income |
$ |
25,619,749 |
|
$ |
1,292,693 |
6.75 |
% |
$ |
24,702,003 |
|
$ |
1,537,628 |
8.32 |
% | ||||||
Available-for-sale securities: |
||||||||||||||||||||
Taxable |
|
4,261,173 |
|
|
255,953 |
8.03 |
|
|
4,137,089 |
|
|
239,276 |
7.73 |
| ||||||
Tax-free |
|
69,085 |
|
|
4,083 |
7.90 |
|
|
88,773 |
|
|
5,145 |
7.75 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total available-for-sale securities |
|
4,330,258 |
|
|
260,036 |
8.03 |
|
|
4,225,862 |
|
|
244,421 |
7.73 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Held-to-maturity securities: |
||||||||||||||||||||
Taxable |
|
3,688,740 |
|
|
178,647 |
6.48 |
|
|
4,142,195 |
|
|
209,581 |
6.76 |
| ||||||
Tax-free |
|
342,068 |
|
|
19,286 |
7.54 |
|
|
343,829 |
|
|
19,021 |
7.40 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total held-to-maturity securities |
|
4,030,808 |
|
|
197,933 |
6.57 |
|
|
4,486,024 |
|
|
228,602 |
6.81 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total investment securities |
|
8,361,066 |
|
|
457,969 |
7.32 |
|
|
8,711,886 |
|
|
473,023 |
7.26 |
| ||||||
Other interest-earning assets |
|
501,395 |
|
|
14,178 |
3.78 |
|
|
1,538,899 |
|
|
60,592 |
5.26 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total interest-earning assets |
|
34,482,210 |
|
|
1,764,840 |
6.84 |
|
|
34,952,788 |
|
|
2,071,243 |
7.92 |
| ||||||
Cash and other assets |
|
3,880,889 |
|
|
3,703,585 |
|
||||||||||||||
Allowance for loan losses |
|
(371,940 |
) |
|
(381,465 |
) |
||||||||||||||
Market valuation on available-for-sale securities |
|
144,278 |
|
|
84,951 |
|
||||||||||||||
|
|
|
|
|
|
|||||||||||||||
$ |
38,135,437 |
|
$ |
38,359,859 |
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Liabilities and Shareholders' Equity |
||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||
Interest-bearing demand deposits |
$ |
10,526,714 |
|
$ |
88,623 |
1.13 |
|
$ |
9,898,365 |
|
$ |
217,629 |
2.94 |
| ||||||
Savings deposits |
|
1,299,769 |
|
|
5,584 |
0.57 |
|
|
1,214,898 |
|
|
13,367 |
1.47 |
| ||||||
Time deposits |
|
6,488,436 |
|
|
184,024 |
3.79 |
|
|
7,683,111 |
|
|
328,731 |
5.72 |
| ||||||
Foreign time deposits |
|
397,881 |
|
|
4,099 |
1.38 |
|
|
308,491 |
|
|
8,383 |
3.63 |
| ||||||
Certificates of deposit of $100,000 or more |
|
2,061,077 |
|
|
53,863 |
3.49 |
|
|
2,350,839 |
|
|
102,585 |
5.83 |
| ||||||
Federal funds purchased and securities sold under agreements to repurchase |
|
2,008,982 |
|
|
21,385 |
1.42 |
|
|
2,248,426 |
|
|
64,649 |
3.84 |
| ||||||
Other interest-bearing liabilities |
|
6,300,865 |
|
|
236,755 |
5.02 |
|
|
6,319,092 |
|
|
272,169 |
5.76 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total interest-bearing liabilities |
|
29,083,724 |
|
|
594,333 |
2.73 |
|
|
30,023,222 |
|
|
1,007,513 |
4.49 |
| ||||||
|
|
|
|
|
|
|
| |||||||||||||
Net interest spread |
4.11 |
% |
3.43 |
% | ||||||||||||||||
|
|
|
| |||||||||||||||||
Noninterest-bearing demand deposits |
|
4,858,834 |
|
|
4,547,226 |
|
||||||||||||||
Other liabilities |
|
1,177,795 |
|
|
923,935 |
|
||||||||||||||
Shareholders' equity |
|
3,015,084 |
|
|
2,865,476 |
|
||||||||||||||
|
|
|
|
|
|
|||||||||||||||
$ |
38,135,437 |
|
$ |
38,359,859 |
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net interest income/margin on a taxable equivalent basis |
|
1,170,507 |
4.54 |
% |
|
1,063,730 |
4.07 |
% | ||||||||||||
|
|
|
| |||||||||||||||||
Taxable equivalent adjustment: |
||||||||||||||||||||
Loans |
|
23,261 |
|
28,691 |
||||||||||||||||
Available-for-sale securities |
|
3,662 |
|
3,722 |
||||||||||||||||
Held-to-maturity securities |
|
11,907 |
|
12,063 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Total taxable equivalent adjustment |
|
38,830 |
|
44,476 |
||||||||||||||||
|
|
|
|
|||||||||||||||||
Net interest income |
$ |
1,131,677 |
$ |
1,019,254 |
||||||||||||||||
|
|
|
|
NOTE: |
The taxable equivalent adjustment has been computed based on the statutory federal income tax rate, adjusted for applicable state income taxes net of the
related federal tax benefit. Loans net of unearned income includes nonaccrual loans for all periods presented. Available-for-sale securities excludes certain noninterest-earning, marketable equity securities. Statement 133 valuation adjustments
related to time deposits, certificates of deposit of $100,000 or more and other interest-bearing liabilities are included in other liabilities. |
2002 |
2001 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
Third Quarter |
||||||||||||||||||||||||||||||||||||||||||||||
Average Balance |
Revenue/ Expense |
Yield/ Rate |
Average Balance |
Revenue/ Expense |
Yield/ Rate |
Average Balance |
Revenue/ Expense |
Yield/ Rate |
Average Balance |
Revenue/ Expense |
Yield/ Rate |
Average Balance |
Revenue/ Expense |
Yield/ Rate |
||||||||||||||||||||||||||||||||||||
(Taxable equivalent basis-dollars in thousands) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||||||||||||||||||||||||||||
Loans net of unearned income |
$ |
25,877,960 |
|
$ |
426,248 |
6.53 |
% |
$ |
25,701,987 |
|
$ |
433,331 |
6.76 |
% |
$ |
25,272,649 |
|
$ |
433,114 |
6.95 |
% |
$ |
24,947,167 |
|
$ |
463,816 |
7.38 |
% |
$ |
24,762,932 |
|
$ |
494,161 |
7.92 |
% | |||||||||||||||
Available-for-sale securities: |
||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable |
|
4,256,356 |
|
|
84,266 |
7.85 |
|
|
4,199,230 |
|
|
86,554 |
8.27 |
|
|
4,328,728 |
|
|
85,133 |
7.98 |
|
|
4,404,328 |
|
|
84,852 |
7.64 |
|
|
4,341,632 |
|
|
84,445 |
7.72 |
| |||||||||||||||
Tax-free |
|
64,756 |
|
|
1,252 |
7.67 |
|
|
68,526 |
|
|
1,365 |
7.99 |
|
|
74,076 |
|
|
1,466 |
8.03 |
|
|
79,009 |
|
|
1,580 |
7.93 |
|
|
81,699 |
|
|
1,590 |
7.72 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Total available-for-sale securities |
|
4,321,112 |
|
|
85,518 |
7.85 |
|
|
4,267,756 |
|
|
87,919 |
8.26 |
|
|
4,402,804 |
|
|
86,599 |
7.98 |
|
|
4,483,337 |
|
|
86,432 |
7.65 |
|
|
4,423,331 |
|
|
86,035 |
7.72 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Held-to-maturity securities: |
||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable |
|
3,773,509 |
|
|
60,081 |
6.32 |
|
|
3,684,672 |
|
|
59,602 |
6.49 |
|
|
3,606,201 |
|
|
58,964 |
6.63 |
|
|
3,884,256 |
|
|
64,628 |
6.60 |
|
|
3,987,733 |
|
|
66,416 |
6.61 |
| |||||||||||||||
Tax-free |
|
342,268 |
|
|
6,416 |
7.44 |
|
|
341,933 |
|
|
6,434 |
7.55 |
|
|
341,999 |
|
|
6,436 |
7.63 |
|
|
341,890 |
|
|
6,401 |
7.43 |
|
|
341,982 |
|
|
6,365 |
7.38 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Total held-to-maturity securities |
|
4,115,777 |
|
|
66,497 |
6.41 |
|
|
4,026,605 |
|
|
66,036 |
6.58 |
|
|
3,948,200 |
|
|
65,400 |
6.72 |
|
|
4,226,146 |
|
|
71,029 |
6.67 |
|
|
4,329,715 |
|
|
72,781 |
6.67 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Total investment securities |
|
8,436,889 |
|
|
152,015 |
7.15 |
|
|
8,294,361 |
|
|
153,955 |
7.44 |
|
|
8,351,004 |
|
|
151,999 |
7.38 |
|
|
8,709,483 |
|
|
157,461 |
7.17 |
|
|
8,753,046 |
|
|
158,816 |
7.20 |
| |||||||||||||||
Other interest-earning assets |
|
620,380 |
|
|
4,263 |
2.73 |
|
|
396,264 |
|
|
4,628 |
4.68 |
|
|
486,064 |
|
|
5,287 |
4.41 |
|
|
553,016 |
|
|
5,711 |
4.10 |
|
|
1,265,120 |
|
|
13,766 |
4.32 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Total interest-earning assets |
|
34,935,229 |
|
|
582,526 |
6.62 |
|
|
34,392,612 |
|
|
591,914 |
6.90 |
|
|
34,109,717 |
|
|
590,400 |
7.02 |
|
|
34,209,666 |
|
|
626,988 |
7.27 |
|
|
34,781,098 |
|
|
666,743 |
7.61 |
| |||||||||||||||
Cash and other assets |
|
3,914,917 |
|
|
3,819,140 |
|
|
3,908,544 |
|
|
3,841,728 |
|
|
3,678,731 |
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses |
|
(377,708 |
) |
|
(372,870 |
) |
|
(365,104 |
) |
|
(359,404 |
) |
|
(382,177 |
) |
|||||||||||||||||||||||||||||||||||
Market valuation on available-for-sale securities |
|
177,922 |
|
|
123,815 |
|
|
130,575 |
|
|
185,967 |
|
|
127,813 |
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
$ |
38,650,360 |
|
$ |
37,962,697 |
|
$ |
37,783,732 |
|
$ |
37,877,957 |
|
$ |
38,205,465 |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits |
$ |
10,572,606 |
|
|
30,668 |
1.15 |
|
$ |
10,503,635 |
|
|
29,034 |
1.11 |
|
$ |
10,503,137 |
|
|
28,921 |
1.12 |
|
$ |
10,298,075 |
|
|
36,367 |
1.40 |
|
$ |
10,080,711 |
|
|
61,961 |
2.44 |
| |||||||||||||||
Savings deposits |
|
1,309,966 |
|
|
1,878 |
0.57 |
|
|
1,316,202 |
|
|
1,888 |
0.58 |
|
|
1,272,730 |
|
|
1,818 |
0.58 |
|
|
1,227,991 |
|
|
2,347 |
0.76 |
|
|
1,213,940 |
|
|
3,817 |
1.25 |
| |||||||||||||||
Time deposits |
|
6,462,647 |
|
|
59,145 |
3.63 |
|
|
6,397,321 |
|
|
60,593 |
3.80 |
|
|
6,606,926 |
|
|
64,286 |
3.95 |
|
|
6,991,178 |
|
|
78,340 |
4.45 |
|
|
7,511,350 |
|
|
101,607 |
5.37 |
| |||||||||||||||
Foreign time deposits |
|
482,911 |
|
|
1,668 |
1.37 |
|
|
371,251 |
|
|
1,329 |
1.44 |
|
|
337,886 |
|
|
1,102 |
1.32 |
|
|
360,579 |
|
|
1,430 |
1.57 |
|
|
313,799 |
|
|
2,152 |
2.72 |
| |||||||||||||||
Certificates of deposit of $100,000 or more |
|
2,178,556 |
|
|
18,140 |
3.30 |
|
|
1,988,035 |
|
|
17,086 |
3.45 |
|
|
2,014,841 |
|
|
18,637 |
3.75 |
|
|
2,051,701 |
|
|
23,334 |
4.51 |
|
|
2,214,303 |
|
|
30,036 |
5.38 |
| |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase |
|
1,973,865 |
|
|
7,452 |
1.50 |
|
|
2,067,050 |
|
|
7,704 |
1.49 |
|
|
1,986,166 |
|
|
6,229 |
1.27 |
|
|
2,035,112 |
|
|
8,239 |
1.61 |
|
|
2,162,744 |
|
|
15,664 |
2.87 |
| |||||||||||||||
Other interest-bearing liabilities |
|
6,406,880 |
|
|
79,613 |
4.93 |
|
|
6,346,331 |
|
|
79,236 |
5.01 |
|
|
6,146,522 |
|
|
77,906 |
5.14 |
|
|
6,164,694 |
|
|
82,086 |
5.28 |
|
|
6,238,392 |
|
|
87,095 |
5.54 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
Total interest-bearing liabilities |
|
29,387,431 |
|
|
198,564 |
2.68 |
|
|
28,989,825 |
|
|
196,870 |
2.72 |
|
|
28,868,208 |
|
|
198,899 |
2.79 |
|
|
29,129,330 |
|
|
232,143 |
3.16 |
|
|
29,735,239 |
|
|
302,332 |
4.03 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Net interest spread |
3.94 |
% |
4.18 |
% |
4.23 |
% |
4.11 |
% |
3.58 |
% | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits |
|
4,892,434 |
|
|
4,852,478 |
|
|
4,830,915 |
|
|
4,729,238 |
|
|
4,591,157 |
|
|||||||||||||||||||||||||||||||||||
Other liabilities |
|
1,304,866 |
|
|
1,118,620 |
|
|
1,107,735 |
|
|
1,059,602 |
|
|
974,955 |
|
|||||||||||||||||||||||||||||||||||
Shareholders' equity |
|
3,065,629 |
|
|
3,001,774 |
|
|
2,976,874 |
|
|
2,959,787 |
|
|
2,904,114 |
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
$ |
38,650,360 |
|
$ |
37,962,697 |
|
$ |
37,783,732 |
|
$ |
37,877,957 |
|
$ |
38,205,465 |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
Net interest income/margin on a taxable equivalent basis |
|
383,962 |
4.36 |
% |
|
395,044 |
4.61 |
% |
|
391,501 |
4.65 |
% |
|
394,845 |
4.58 |
% |
|
364,411 |
4.16 |
% | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment: |
||||||||||||||||||||||||||||||||||||||||||||||||||
Loans |
|
7,428 |
|
7,714 |
|
8,119 |
|
13,951 |
|
13,168 |
||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities |
|
1,152 |
|
1,219 |
|
1,291 |
|
1,277 |
|
1,241 |
||||||||||||||||||||||||||||||||||||||||
Held-to-maturity securities |
|
4,032 |
|
3,978 |
|
3,897 |
|
3,987 |
|
3,965 |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Total taxable equivalent adjustment |
|
12,612 |
|
12,911 |
|
13,307 |
|
19,215 |
|
18,374 |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
Net interest income |
$ |
371,350 |
$ |
382,133 |
$ |
378,194 |
$ |
375,630 |
$ |
346,037 |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
NOTE: |
The taxable equivalent adjustment has been computed based on the statutory federal income tax rate, adjusted for applicable state income taxes net of the
related federal tax benefit. Loans net of unearned income includes nonaccrual loans for all periods presented. Available-for-sale securities excludes certain noninterest-earning, marketable equity securities. Statement 133 valuation adjustments
related to time deposits, certificates of deposit of $100,000 or more and other interest-bearing liabilities are included in other liabilities. |
Loans* September
30 |
Nonperforming Loans** September 30 |
Net Charge-offs Nine Months
Ended September 30 | |||||||||||||||||
2002 |
2001 |
2002 |
2001 |
2002 |
2001 | ||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial: |
|||||||||||||||||||
Commercial & industrial |
$ |
6,756,011 |
$ |
6,947,116 |
$ |
78,543 |
$ |
96,216 |
$ |
55,312 |
|
$ |
79,374 | ||||||
Commercial loanssecured by real estate |
|
1,664,831 |
|
1,662,608 |
|
14,684 |
|
17,060 |
|
(106 |
) |
|
4,293 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total commercial |
|
8,420,842 |
|
8,609,724 |
|
93,227 |
|
113,276 |
|
55,206 |
|
|
83,667 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commercial real estate: |
|||||||||||||||||||
Commercial real estate mortgages |
|
2,142,236 |
|
2,270,899 |
|
19,938 |
|
18,518 |
|
450 |
|
|
732 | ||||||
Real estate construction |
|
2,206,642 |
|
2,345,379 |
|
15,641 |
|
21,012 |
|
1,557 |
|
|
373 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total commercial real estate |
|
4,348,878 |
|
4,616,278 |
|
35,579 |
|
39,530 |
|
2,007 |
|
|
1,105 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer: |
|||||||||||||||||||
Residential first mortgages |
|
2,163,751 |
|
1,560,330 |
|
10,494 |
|
12,449 |
|
1,993 |
|
|
1,496 | ||||||
Equity loans and lines |
|
6,179,910 |
|
5,104,451 |
|
11,470 |
|
4,546 |
|
19,937 |
|
|
11,020 | ||||||
Dealer indirect |
|
3,725,620 |
|
3,383,871 |
|
-0- |
|
1 |
|
36,205 |
|
|
30,105 | ||||||
Revolving credit |
|
519,326 |
|
500,647 |
|
-0- |
|
-0- |
|
18,137 |
|
|
15,250 | ||||||
Other consumer |
|
928,523 |
|
1,125,759 |
|
672 |
|
893 |
|
10,344 |
|
|
10,574 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total consumer |
|
13,517,130 |
|
11,675,058 |
|
22,636 |
|
17,889 |
|
86,616 |
|
|
68,445 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
26,286,850 |
$ |
24,901,060 |
$ |
151,442 |
$ |
170,695 |
$ |
143,829 |
|
$ |
153,217 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Net of unearned income. |
** |
Exclusive of accruing loans 90 days past due. |
2002 |
2001 |
|||||||||||||||||||
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
Balance at beginning of period |
$ |
371,418 |
|
$ |
367,819 |
|
$ |
363,607 |
|
$ |
360,717 |
|
$ |
380,663 |
| |||||
Loans charged off |
|
(53,928 |
) |
|
(59,857 |
) |
|
(62,806 |
) |
|
(60,582 |
) |
|
(81,320 |
) | |||||
Recoveries of loans previously charged off |
|
10,988 |
|
|
10,856 |
|
|
10,918 |
|
|
9,872 |
|
|
12,174 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net charge-offs |
|
(42,940 |
) |
|
(49,001 |
) |
|
(51,888 |
) |
|
(50,710 |
) |
|
(69,146 |
) | |||||
Addition to allowance charged to expense |
|
51,400 |
|
|
52,600 |
|
|
56,100 |
|
|
53,600 |
|
|
49,200 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Balance at end of period |
$ |
379,878 |
|
$ |
371,418 |
|
$ |
367,819 |
|
$ |
363,607 |
|
$ |
360,717 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Allowance for loan losses to loans net of unearned income |
|
1.45 |
% |
|
1.45 |
% |
|
1.45 |
% |
|
1.45 |
% |
|
1.45 |
% | |||||
Allowance for loan losses to nonperforming loans* |
|
250.84 |
% |
|
243.26 |
% |
|
232.16 |
% |
|
228.29 |
% |
|
211.32 |
% | |||||
Allowance for loan losses to nonperforming assets* |
|
201.29 |
% |
|
195.99 |
% |
|
190.60 |
% |
|
190.29 |
% |
|
176.69 |
% | |||||
Net charge-offs to average loans net of unearned income (annualized) |
|
0.66 |
% |
|
0.76 |
% |
|
0.83 |
% |
|
0.81 |
% |
|
1.11 |
% |
* |
Exclusive of accruing loans 90 days past due. |
2002 |
2001 |
|||||||||||||||||||
September 30 |
June 30 |
March 31 |
December 31 |
September 30 |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
Nonaccrual loans |
$ |
151,442 |
|
$ |
152,684 |
|
$ |
158,435 |
|
$ |
159,274 |
|
$ |
170,695 |
| |||||
Foreclosed properties |
|
32,567 |
|
|
32,838 |
|
|
29,462 |
|
|
27,443 |
|
|
28,006 |
| |||||
Repossessions |
|
4,716 |
|
|
3,982 |
|
|
5,080 |
|
|
4,365 |
|
|
5,449 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total nonperforming assets* |
$ |
188,725 |
|
$ |
189,504 |
|
$ |
192,977 |
|
$ |
191,082 |
|
$ |
204,150 |
| |||||
|
|
|
|
|
|