Exhibit 99.2
October 2004
QUARTERLY FINANCIAL SUPPLEMENT
3rd Quarter 2004 - 4th Quarter 2002
Investment Community Member:
To assist in your financial analysis, the following supplement of most requested information concerning Fifth Third Bancorp is provided.
Numbers are unaudited for both year-end and quarterly information.
If you need further information, please fax or e-mail your request to Fifth Third’s Investor Relations Department at (513) 534-0629 or Brad.Adams@53.com
R. Mark Graf | Rob Cafera | Brad Adams | ||
SVP/Chief Financial Officer | VP/External Financial Reporting | VP/Investor Relations | ||
(513) 534-6924 | (513) 534-6662 | (513) 534-0983 |
Yearly Data | Years Ended December 31, | |||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||
Ratios % | ||||||||||||||||||
Return on Average Assets | 1.90 | 2.04 | 1.42 | 1.58 | 1.44 | 1.35 | ||||||||||||
Return on Average Equity | 19.0 | 18.4 | 13.6 | 17.5 | 15.8 | 14.8 | ||||||||||||
Average Equity/Average Assets | 10.01 | 11.08 | 10.40 | 9.06 | 9.12 | 9.13 | ||||||||||||
Net Interest Margin (FTE) | 3.62 | 3.96 | 3.82 | 3.73 | 3.96 | 3.88 | ||||||||||||
Efficiency | 47.0 | 47.5 | 57.5 | 53.7 | 56.0 | 57.1 | ||||||||||||
Net Charge-Offs/Average Loans & Leases | 0.63 | 0.43 | 0.54 | 0.26 | 0.39 | 0.44 | ||||||||||||
Reserve/Loans & Leases Outstanding | 1.47 | 1.49 | 1.50 | 1.43 | 1.48 | 1.56 | ||||||||||||
Nonperforming Assets/Loans, Leases and Other Assets, Including OREO | 0.61 | 0.59 | 0.57 | 0.47 | 0.40 | 0.52 | ||||||||||||
Underperforming Assets/Loans, Leases and Other Assets, Including OREO | 0.89 | 0.95 | 0.96 | 0.77 | 0.61 | 0.82 | ||||||||||||
Loan Loss Reserve/Nonperforming Assets | 242.01 | 250.62 | 265.45 | 303.85 | 370.86 | 300.58 | ||||||||||||
Loan Loss Reserve/Underperforming Assets | 166.19 | 157.12 | 156.49 | 185.21 | 241.16 | 189.33 | ||||||||||||
Share Data | ||||||||||||||||||
Earnings Per Share | $ | 2.91 | $ | 2.64 | $ | 1.74 | $ | 1.86 | $ | 1.55 | $ | 1.36 | ||||||
Earnings Per Diluted Share | 2.87 | 2.59 | 1.70 | 1.83 | 1.53 | 1.34 | ||||||||||||
Dividends Per Common Share | 1.13 | 0.98 | 0.83 | 0.70 | 0.59 | 0.47 | ||||||||||||
Book Value Per Share | 15.29 | 14.98 | 13.31 | 11.83 | 9.91 | 9.67 | ||||||||||||
Common Shares Outstanding(net of treasury) | 566,685,301 | 574,355,247 | 582,674,580 | 569,056,843 | 565,425,468 | 557,438,774 | ||||||||||||
Market Price Per Share: | ||||||||||||||||||
High | $ | 62.15 | $ | 69.70 | $ | 64.77 | $ | 60.88 | $ | 50.29 | $ | 49.42 | ||||||
Low | 47.05 | 55.26 | 45.69 | 29.33 | 38.58 | 31.67 | ||||||||||||
Close | 59.10 | 58.55 | 61.33 | 59.75 | 48.92 | 47.54 | ||||||||||||
Price/Earnings Ratio * | 20.59 | 22.61 | 36.08 | 32.65 | 31.97 | 35.48 | ||||||||||||
Supplemental Data | ||||||||||||||||||
Common Dividends Declared ($ in millions) | $ | 645 | $ | 568 | $ | 460 | $ | 325 | $ | 248 | $ | 187 | ||||||
Employees (Full-time Equivalents) | 18,899 | 19,119 | 18,373 | 20,468 | 21,290 | 20,375 | ||||||||||||
Banking Centers | 952 | 930 | 933 | 963 | 939 | 931 |
* | - Based on the most recent twelve-month earnings per diluted share and end of period stock prices. |
2
Yearly Data | Years Ended December 31, | |||||||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||
Income Statement ($ in millions) | ||||||||||||||||||||||||
Interest Income-FTE | $ | 4,030 | $ | 4,168 | $ | 4,754 | $ | 4,994 | $ | 4,239 | $ | 4,085 | ||||||||||||
Interest Expense | 1,086 | 1,430 | 2,278 | 2,697 | 2,026 | 2,047 | ||||||||||||||||||
Net Interest Income-FTE | 2,944 | 2,738 | 2,476 | 2,297 | 2,213 | 2,038 | ||||||||||||||||||
Loan Loss Provision | 399 | 246 | 201 | 126 | 143 | 156 | ||||||||||||||||||
Merger-Related Loan Loss Provision * | — | — | 35 | 12 | 26 | 20 | ||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||
Electronic Payment Processing Revenue | 575 | 512 | 347 | 252 | 189 | 147 | ||||||||||||||||||
Service Charges on Deposits | 485 | 431 | 367 | 298 | 252 | 230 | ||||||||||||||||||
Mortgage Banking Net Revenue | 302 | 188 | 63 | 256 | 290 | 248 | ||||||||||||||||||
Investment Advisory Revenue | 332 | 325 | 298 | 275 | 258 | 217 | ||||||||||||||||||
Other Noninterest Income | 546 | 555 | 520 | 370 | 324 | 261 | ||||||||||||||||||
Operating Lease Revenue | 124 | — | — | — | — | — | ||||||||||||||||||
Securities Gains, Net | 81 | 114 | 28 | 6 | 8 | 50 | ||||||||||||||||||
Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing | 3 | 33 | 143 | — | — | — | ||||||||||||||||||
Foreign Exchange Income | 35 | 25 | 22 | 19 | 14 | 8 | ||||||||||||||||||
Total Noninterest Income | 2,483 | 2,183 | 1,788 | 1,476 | 1,335 | 1,161 | ||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||
Salaries, Incentives & Benefits Expense | 1,271 | 1,230 | 1,107 | 1,037 | 1,001 | 885 | ||||||||||||||||||
Equipment Expenses | 82 | 79 | 91 | 100 | 98 | 91 | ||||||||||||||||||
Net Occupancy Expenses | 159 | 142 | 146 | 138 | 131 | 120 | ||||||||||||||||||
Operating Lease Expenses | 94 | — | — | — | — | — | ||||||||||||||||||
Deposit Insurance Expenses | 17 | 10 | 8 | 9 | 10 | 10 | ||||||||||||||||||
Other Noninterest Expense | 928 | 876 | 752 | 656 | 639 | 574 | ||||||||||||||||||
Merger-Related Charges * | — | — | 349 | 87 | 108 | 146 | ||||||||||||||||||
Total Noninterest Expense | 2,551 | 2,337 | 2,453 | 2,027 | 1,987 | 1,826 | ||||||||||||||||||
Pre-Tax Income-FTE | 2,477 | 2,338 | 1,575 | 1,608 | 1,392 | 1,197 | ||||||||||||||||||
Taxable Equivalent Adjustment | 39 | 39 | 45 | 47 | 40 | 33 | ||||||||||||||||||
Income From Continuing Operations Before Income Taxes, Minority Interest and Cumulative Effect | 2,438 | 2,299 | 1,530 | 1,561 | 1,352 | 1,164 | ||||||||||||||||||
Applicable Income Taxes | 787 | 734 | 523 | 511 | 483 | 408 | ||||||||||||||||||
Income From Continuing Operations Before Minority Interest and Cumulative Effect | 1,651 | 1,565 | 1,007 | 1,050 | 869 | 756 | ||||||||||||||||||
Minority Interest, Net of Tax | (20 | ) | (38 | ) | (2 | ) | — | — | — | |||||||||||||||
Income From Continuing Operations Before Cumulative Effect | 1,631 | 1,527 | 1,005 | 1,050 | 869 | 756 | ||||||||||||||||||
Income From Discontinued Operations, Net of Tax ** | 44 | 4 | 4 | 5 | 3 | 4 | ||||||||||||||||||
Income Before Cumulative Effect | 1,675 | 1,531 | 1,009 | 1,055 | 872 | 760 | ||||||||||||||||||
Cumulative Effect of Change in Accounting Principle, Net of Tax | (10 | ) | — | (7 | ) | — | — | — | ||||||||||||||||
Net Income | $ | 1,665 | $ | 1,531 | $ | 1,002 | $ | 1,055 | $ | 872 | $ | 760 | ||||||||||||
Net Income Available to Common Shareholders *** | $ | 1,664 | $ | 1,530 | $ | 1,001 | $ | 1,054 | $ | 871 | $ | 759 | ||||||||||||
Regulatory Capital Data ($ in millions) | ||||||||||||||||||||||||
Tier 1 Capital | $ | 8,272 | $ | 7,747 | $ | 7,433 | $ | 6,377 | $ | 5,613 | $ | 5,137 | ||||||||||||
Tier 2 Capital | 1,824 | 1,188 | 1,223 | 1,177 | 912 | 857 | ||||||||||||||||||
Total Risk-Based Capital | $ | 10,096 | $ | 8,935 | $ | 8,656 | $ | 7,554 | $ | 6,525 | $ | 5,994 | ||||||||||||
Total Risk-Weighted Assets | $ | 74,725 | $ | 65,444 | $ | 59,491 | $ | 55,943 | $ | 49,379 | $ | 43,906 | ||||||||||||
Tier 1 Risk-Based Capital Ratio | 11.07 | % | 11.84 | % | 12.49 | % | 11.40 | % | 11.37 | % | 11.70 | % | ||||||||||||
Total Risk-Based Capital Ratio | 13.51 | % | 13.65 | % | 14.55 | % | 13.50 | % | 13.21 | % | 13.65 | % | ||||||||||||
Leverage Ratio | 9.23 | % | 9.84 | % | 10.64 | % | 9.49 | % | 9.10 | % | 9.16 | % |
* | - Tax-effects of these merger-related charges were $90 million in 2001, $32 million in 2000, $33 million in 1999 and $48 million in 1998. |
** | - Includes gain on sale of discontinued operations of $40 million, net of tax, in 2003. |
*** | - Dividend on Preferred Stock is $.740 million for all years presented. |
3
As Of December 31, | ||||||||||||||||||||||||
Yearly Data | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Balance Sheet - Assets ($ in millions) | ||||||||||||||||||||||||
Cash and Due from Banks | $ | 2,359 | $ | 1,891 | $ | 2,031 | $ | 1,706 | $ | 1,893 | $ | 1,804 | ||||||||||||
Available-for-Sale Securities | 28,999 | 25,464 | 20,507 | 19,029 | 15,925 | 15,584 | ||||||||||||||||||
Held-to-Maturity Securities | 135 | 52 | 16 | 553 | 738 | 926 | ||||||||||||||||||
Trading Securities | 55 | 18 | — | — | — | — | ||||||||||||||||||
Other Short-Term Investments | 268 | 294 | 225 | 232 | 388 | 248 | ||||||||||||||||||
Total Securities | 29,457 | 25,828 | 20,748 | 19,814 | 17,051 | 16,758 | ||||||||||||||||||
Total Cash and Securities | 31,816 | 27,719 | 22,779 | 21,520 | 18,944 | 18,562 | ||||||||||||||||||
Loans Held for Sale | 1,881 | 3,358 | 2,180 | 1,655 | 1,198 | 2,861 | ||||||||||||||||||
Loans and Leases Held for Investment(before reserve) | 52,308 | 45,928 | 41,548 | 42,530 | 38,837 | 34,115 | ||||||||||||||||||
Total Loans and Leases | 54,189 | 49,286 | 43,728 | 44,185 | 40,035 | 36,976 | ||||||||||||||||||
Reserve for Credit Losses | (770 | ) | (683 | ) | (624 | ) | (609 | ) | (573 | ) | (532 | ) | ||||||||||||
Goodwill | 738 | 740 | 720 | 545 | 432 | 312 | ||||||||||||||||||
Intangible Assets | 195 | 236 | 267 | 235 | 264 | 270 | ||||||||||||||||||
Total Goodwill & Intangibles, net | 933 | 976 | 987 | 780 | 696 | 582 | ||||||||||||||||||
Servicing Rights | 299 | 263 | 426 | 429 | 382 | 310 | ||||||||||||||||||
Other Real Estate Owned | 55 | 27 | 30 | 28 | 21 | 22 | ||||||||||||||||||
Operating Lease Equipment | 767 | — | — | — | — | — | ||||||||||||||||||
Other Assets | 3,892 | 3,344 | 3,738 | 3,338 | 2,652 | 2,282 | ||||||||||||||||||
Total Assets | $ | 91,181 | $ | 80,932 | $ | 71,064 | $ | 69,671 | $ | 62,157 | $ | 58,202 | ||||||||||||
Balance Sheet - Liabilities ($ in millions) | ||||||||||||||||||||||||
Deposits | $ | 57,095 | $ | 52,208 | $ | 45,854 | $ | 48,360 | $ | 41,856 | $ | 41,014 | ||||||||||||
Borrowings: | ||||||||||||||||||||||||
Short-Term | 13,170 | 8,823 | 7,453 | 6,344 | 10,096 | 6,214 | ||||||||||||||||||
Long-Term | 9,063 | 8,179 | 7,030 | 6,066 | 3,106 | 4,112 | ||||||||||||||||||
Convertible Subordinated Debentures | — | — | — | 173 | 173 | 173 | ||||||||||||||||||
Other Liabilities | 3,186 | 2,657 | 2,553 | 1,993 | 1,323 | 1,299 | ||||||||||||||||||
Total Liabilities | 82,514 | 71,867 | 62,890 | 62,936 | 56,554 | 52,812 | ||||||||||||||||||
Minority Interest | — | 461 | 422 | — | — | — | ||||||||||||||||||
Balance Sheet - Equity ($ in millions) | ||||||||||||||||||||||||
Common and Preferred Equity | 9,749 | 8,779 | 7,748 | 6,708 | 5,905 | 5,312 | ||||||||||||||||||
Additional Minimum Pension Liability | (63 | ) | (52 | ) | — | — | — | — | ||||||||||||||||
Net Unrealized (Losses) and Gains on Available-for-Sale Securities and Qualifying Cash Flow Hedges | (57 | ) | 421 | 8 | 28 | (302 | ) | 136 | ||||||||||||||||
Treasury Stock, at Cost | (962 | ) | (544 | ) | (4 | ) | (1 | ) | — | (58 | ) | |||||||||||||
Total Shareholders’ Equity | $ | 8,667 | $ | 8,604 | $ | 7,752 | $ | 6,735 | $ | 5,603 | $ | 5,390 | ||||||||||||
Preferred Shares Outstanding | 9,250 | 9,250 | 9,250 | 9,250 | 9,250 | 9,250 | ||||||||||||||||||
Common Shares Outstanding(net of treasury) | 566,685,301 | 574,355,247 | 582,674,580 | 569,056,843 | 565,425,468 | 557,438,774 | ||||||||||||||||||
Treasury Shares Held | 16,766,390 | 9,071,857 | 80,000 | 21,875 | — | 1,383,042 |
4
Years Ended December 31, | ||||||||||||||||||||||||
Yearly Data | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Average Balance Sheet ($ in millions) | ||||||||||||||||||||||||
Taxable Securities | $ | 27,584 | $ | 22,145 | $ | 18,482 | $ | 17,246 | $ | 15,390 | $ | 14,825 | ||||||||||||
Tax Exempt Securities | 1,056 | 1,101 | 1,255 | 1,384 | 1,511 | 1,265 | ||||||||||||||||||
Loans & Leases | 52,414 | 45,539 | 44,888 | 42,690 | 38,652 | 36,014 | ||||||||||||||||||
Other Earning Assets | 307 | 339 | 201 | 200 | 327 | 376 | ||||||||||||||||||
Total Earning Assets | 81,361 | 69,124 | 64,826 | 61,520 | 55,880 | 52,480 | ||||||||||||||||||
Cash and Due from Banks | 1,600 | 1,551 | 1,482 | 1,456 | 1,628 | 1,566 | ||||||||||||||||||
Other Assets | 5,250 | 5,007 | 5,000 | 4,229 | 3,344 | 2,782 | ||||||||||||||||||
Reserve for Credit Losses | (730 | ) | (645 | ) | (625 | ) | (594 | ) | (560 | ) | (522 | ) | ||||||||||||
Total Assets | $ | 87,481 | $ | 75,037 | $ | 70,683 | $ | 66,611 | $ | 60,292 | $ | 56,306 | ||||||||||||
Interest Checking | $ | 18,679 | $ | 16,239 | $ | 11,489 | $ | 9,531 | $ | 8,553 | $ | 7,030 | ||||||||||||
Savings | 8,020 | 9,465 | 4,928 | 5,799 | 6,206 | 6,332 | ||||||||||||||||||
Money Market Deposits | 3,189 | 1,162 | 2,552 | 939 | 1,328 | 1,471 | ||||||||||||||||||
Consumer Time Deposits | 7,168 | 9,403 | 13,473 | 13,716 | 13,858 | 15,117 | ||||||||||||||||||
Total Customer Deposits | 37,056 | 36,269 | 32,442 | 29,985 | 29,945 | 29,950 | ||||||||||||||||||
Certificates $100,000 & Over | 3,090 | 1,689 | 3,821 | 4,283 | 4,197 | 3,856 | ||||||||||||||||||
Foreign Office Deposits | 3,862 | 2,018 | 1,992 | 3,896 | 952 | 270 | ||||||||||||||||||
Short-Term Borrowings | 12,373 | 7,191 | 8,799 | 9,725 | 8,573 | 7,095 | ||||||||||||||||||
Long-Term Borrowings | 8,747 | 7,640 | 6,301 | 4,707 | 3,487 | 3,212 | ||||||||||||||||||
Total Interest-Bearing Liabilities | 65,128 | 54,807 | 53,355 | 52,596 | 47,154 | 44,383 | ||||||||||||||||||
Demand Deposits | 10,482 | 8,953 | 7,394 | 6,257 | 6,079 | 5,627 | ||||||||||||||||||
Other Liabilities | 2,883 | 2,520 | 2,556 | 1,725 | 1,562 | 1,157 | ||||||||||||||||||
Total Liabilities | 78,493 | 66,280 | 63,305 | 60,578 | 54,795 | 51,167 | ||||||||||||||||||
Minority Interest | 234 | 440 | 30 | — | — | — | ||||||||||||||||||
Shareholders’ Equity | 8,754 | 8,317 | 7,348 | 6,033 | 5,497 | 5,139 | ||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 87,481 | $ | 75,037 | $ | 70,683 | $ | 66,611 | $ | 60,292 | $ | 56,306 | ||||||||||||
Average Loans and Leases (excluding held for sale) | $ | 49,700 | $ | 43,529 | $ | 42,339 | $ | 41,303 | $ | 36,543 | $ | 33,930 | ||||||||||||
Average Common Shares Outstanding: | ||||||||||||||||||||||||
Basic | 571,590,128 | 580,326,693 | 575,253,508 | 565,685,977 | 562,041,032 | 558,534,169 | ||||||||||||||||||
Diluted | 580,003,074 | 592,020,246 | 591,316,210 | 578,973,325 | 575,895,318 | 571,084,574 |
5
December 31, | ||||||||||||||||||||||||
Yearly Data | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Asset Quality ($ in millions) | ||||||||||||||||||||||||
Non-Accrual Loans & Leases | $ | 242 | $ | 247 | $ | 216 | $ | 174 | $ | 133 | $ | 151 | ||||||||||||
Renegotiated Loans & Leases | 8 | — | — | 2 | 2 | 5 | ||||||||||||||||||
Other Assets, Including Other Real Estate Owned | 69 | 26 | 19 | 25 | 19 | 21 | ||||||||||||||||||
Total Non-Performing Assets | 319 | 273 | 235 | 201 | 154 | 177 | ||||||||||||||||||
Loans & Leases 90+ Days Past Due | 145 | 162 | 164 | 128 | 83 | 104 | ||||||||||||||||||
Total NPAs Plus Loans & Leases Over 90 Days | $ | 464 | $ | 435 | $ | 399 | $ | 329 | $ | 237 | $ | 281 | ||||||||||||
Loan Portfolio ($ in millions)(net of unearned discount) | ||||||||||||||||||||||||
Commercial & Residential Construction Loans | $ | 3,636 | $ | 3,327 | $ | 3,356 | $ | 3,223 | $ | 2,272 | $ | 1,662 | ||||||||||||
Commercial Mortgages | 6,894 | 5,885 | 6,085 | 6,227 | 5,640 | 4,425 | ||||||||||||||||||
Commercial Loans & Leases | 17,489 | 15,805 | 13,396 | 13,306 | 12,106 | 10,780 | ||||||||||||||||||
Residential Mortgages | 5,530 | 6,804 | 6,563 | 7,167 | 7,750 | 10,569 | ||||||||||||||||||
Home Equity Loans | 9,001 | 8,679 | 7,974 | 6,792 | 4,524 | 2,956 | ||||||||||||||||||
Credit Card Outstandings | 762 | 537 | 448 | 362 | 318 | 345 | ||||||||||||||||||
Other Consumer Loans & Leases | 10,877 | 8,249 | 5,906 | 7,108 | 7,425 | 6,239 | ||||||||||||||||||
Total Loans & Leases | $ | 54,189 | $ | 49,286 | $ | 43,728 | $ | 44,185 | $ | 40,035 | $ | 36,976 | ||||||||||||
Non-Performing Loans ($ in millions)(non-accrual plus renegotiated) | ||||||||||||||||||||||||
Commercial Construction Loans | $ | 19 | $ | 14 | $ | 26 | $ | 11 | $ | 4 | $ | 5 | ||||||||||||
Commercial Mortgages | 42 | 41 | 57 | 42 | 25 | 41 | ||||||||||||||||||
Commercial Loans & Leases | 136 | 159 | 122 | 75 | 55 | 71 | ||||||||||||||||||
Residential Mortgage & Construction | 26 | 18 | 11 | 42 | 48 | 33 | ||||||||||||||||||
Other Consumer Loans & Leases | 27 | 15 | — | 6 | 3 | 6 | ||||||||||||||||||
Total NPA Loans | $ | 250 | $ | 247 | $ | 216 | $ | 176 | $ | 135 | $ | 156 | ||||||||||||
Net Charge-Offs ($ in millions) | ||||||||||||||||||||||||
Gross Charge-Offs | $ | 380 | $ | 273 | $ | 273 | $ | 164 | $ | 183 | $ | 185 | ||||||||||||
Merger Related Charge-Offs | — | — | 36 | 12 | 26 | 20 | ||||||||||||||||||
Recoveries | (68 | ) | (86 | ) | (82 | ) | (67 | ) | (67 | ) | (55 | ) | ||||||||||||
Net Charge-Offs | $ | 312 | $ | 187 | $ | 227 | $ | 109 | $ | 142 | $ | 150 | ||||||||||||
6
Three Months Ended | ||||||||||||||||||||||||
Quarterly Data | September 30, 2004 | June 30, 2004 | March 31, 2004 | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||
Ratios (%) | ||||||||||||||||||||||||
Return on Average Assets | 1.95 | 1.91 | 1.88 | 1.93 | 1.85 | 1.92 | 1.90 | 1.97 | ||||||||||||||||
Return on Average Equity | 21.1 | 21.0 | 19.7 | 20.1 | 19.3 | 18.6 | 18.0 | 18.3 | ||||||||||||||||
Average Equity/Average Assets | 9.22 | 9.09 | 9.56 | 9.61 | 9.57 | 10.34 | 10.57 | 10.78 | ||||||||||||||||
Net Interest Margin (FTE) | 3.42 | 3.54 | 3.60 | 3.54 | 3.52 | 3.69 | 3.74 | 3.80 | ||||||||||||||||
Efficiency | 46.8 | 48.9 | 47.1 | 49.0 | 46.4 | 45.5 | 47.2 | 46.6 | ||||||||||||||||
Net Charge-Offs/Average Loans & Leases | 0.40 | 0.43 | 0.54 | 0.72 | 0.59 | 0.64 | 0.56 | 0.43 | ||||||||||||||||
Reserve/Loans & Leases Outstanding | 1.35 | 1.43 | 1.45 | 1.47 | 1.49 | 1.49 | 1.49 | 1.49 | ||||||||||||||||
Nonperforming Assets/Loans, Leases and Other Assets, Including OREO | 0.48 | 0.50 | 0.57 | 0.61 | 0.62 | 0.62 | 0.65 | 0.59 | ||||||||||||||||
Underperforming Assets/Loans, Leases and Other Assets, Including OREO | 0.72 | 0.73 | 0.82 | 0.89 | 0.90 | 0.90 | 0.93 | 0.95 | ||||||||||||||||
Loan Loss Reserve/Nonperforming Assets | 278.37 | 286.87 | 253.92 | 242.01 | 238.69 | 239.72 | 229.35 | 250.62 | ||||||||||||||||
Loan Loss Reserve/Underperforming Assets | 187.35 | 195.60 | 177.67 | 166.19 | 164.56 | 165.48 | 159.60 | 157.12 | ||||||||||||||||
Share Data | ||||||||||||||||||||||||
Earnings Per Share | $ | 0.84 | $ | 0.80 | $ | 0.76 | $ | 0.78 | $ | 0.73 | $ | 0.72 | $ | 0.68 | $ | 0.69 | ||||||||
Earnings Per Diluted Share | 0.83 | 0.79 | 0.75 | 0.77 | 0.72 | 0.71 | 0.67 | 0.67 | ||||||||||||||||
Dividends Per Common Share | 0.32 | 0.32 | 0.32 | 0.29 | 0.29 | 0.29 | 0.26 | 0.26 | ||||||||||||||||
Book Value Per Share | 16.11 | 14.97 | 15.77 | 15.29 | 15.24 | 15.25 | 15.31 | 14.98 | ||||||||||||||||
Common Shares Outstanding (net of treasury) | 561,112,890 | 560,804,042 | 562,131,643 | 566,685,301 | 570,298,014 | 569,963,718 | 574,743,788 | 574,355,247 | ||||||||||||||||
Market Price Per Share: | ||||||||||||||||||||||||
High | $ | 54.07 | $ | 57.00 | $ | 60.00 | $ | 60.01 | $ | 59.44 | $ | 60.49 | $ | 62.15 | $ | 66.47 | ||||||||
Low | 46.59 | 51.13 | 53.27 | 55.47 | 52.50 | 47.24 | 47.05 | 55.40 | ||||||||||||||||
Close | 49.22 | 53.78 | 55.37 | 59.10 | 55.54 | 57.42 | 50.23 | 58.55 | ||||||||||||||||
Price/Earnings Ratio * | 15.68 | 17.75 | 18.77 | 20.59 | 20.05 | 21.19 | 19.03 | 22.61 | ||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Common Dividends Declared ($ in millions) | $ | 180 | $ | 180 | $ | 180 | $ | 164 | $ | 166 | $ | 165 | $ | 150 | $ | 149 | ||||||||
Employees (Full-time Equivalents) | 19,061 | 18,937 | 18,583 | 18,899 | 19,770 | 19,830 | 19,573 | 19,119 | ||||||||||||||||
Banking Centers | 1,005 | 992 | 960 | 952 | 942 | 943 | 941 | 930 | ||||||||||||||||
ATMs | 1,872 | 1,844 | 1,827 | 1,905 | 1,891 | 1,883 | 1,880 | 1,875 |
* | - Based on the most recent twelve-month earnings per diluted share and end of period stock prices. |
7
Three Months Ended | ||||||||||||||||||||||||||||||||
Quarterly Data | September 30, 2004 | June 30, 2004 | March 31, 2004 | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||||||||||
Income Statement ($ in millions) | ||||||||||||||||||||||||||||||||
Interest Income-FTE | $ | 1,052 | $ | 1,009 | $ | 999 | $ | 998 | $ | 993 | $ | 1,030 | $ | 1,010 | $ | 1,038 | ||||||||||||||||
Interest Expense | 286 | 238 | 240 | 253 | 258 | 281 | 294 | 329 | ||||||||||||||||||||||||
Net Interest Income-FTE | 766 | 771 | 759 | 745 | 735 | 749 | 716 | 709 | ||||||||||||||||||||||||
Loan Loss Provision | 30 | 88 | 83 | 94 | 112 | 109 | 85 | 72 | ||||||||||||||||||||||||
Noninterest Income: | ||||||||||||||||||||||||||||||||
Electronic Payment Processing Revenue | 152 | 148 | 148 | 160 | 143 | 141 | 130 | 147 | ||||||||||||||||||||||||
Service Charges on Deposits | 134 | 131 | 123 | 125 | 125 | 121 | 114 | 113 | ||||||||||||||||||||||||
Investment Advisory Revenue | 88 | 97 | 93 | 85 | 85 | 83 | 80 | 74 | ||||||||||||||||||||||||
Mortgage Banking Net Revenue | 49 | 61 | 44 | 57 | 75 | 93 | 78 | 67 | ||||||||||||||||||||||||
Other Noninterest Income | 126 | 258 | 130 | 104 | 161 | 131 | 149 | 156 | ||||||||||||||||||||||||
Operating Lease Revenue | 35 | 44 | 52 | 58 | 66 | — | — | — | ||||||||||||||||||||||||
Securities Gains, Net | 16 | — | 25 | 2 | 15 | 39 | 25 | 15 | ||||||||||||||||||||||||
Securities Gains (Losses), Net - Non-Qualifying Hedges on Mortgage Servicing | — | — | — | — | — | 2 | 1 | 1 | ||||||||||||||||||||||||
Foreign Exchange Income | 11 | 10 | 11 | 8 | 10 | 8 | 9 | 7 | ||||||||||||||||||||||||
Total Noninterest Income | 611 | 749 | 626 | 599 | 680 | 618 | 586 | 580 | ||||||||||||||||||||||||
Noninterest Expense: | ||||||||||||||||||||||||||||||||
Salaries, Wages & Incentives | 252 | 254 | 245 | 244 | 249 | 269 | 269 | 275 | ||||||||||||||||||||||||
Employee Benefits | 64 | 66 | 76 | 53 | 61 | 65 | 61 | 60 | ||||||||||||||||||||||||
Equipment Expenses | 22 | 19 | 20 | 21 | 21 | 20 | 20 | 20 | ||||||||||||||||||||||||
Net Occupancy Expenses | 45 | 47 | 46 | 47 | 36 | 38 | 38 | 37 | ||||||||||||||||||||||||
Deposit Insurance Expenses | 2 | 6 | 6 | 6 | 6 | 2 | 2 | 2 | ||||||||||||||||||||||||
Operating Lease Expenses | 24 | 32 | 38 | 44 | 50 | — | — | — | ||||||||||||||||||||||||
Other Noninterest Expense | 235 | 320 | 221 | 242 | 234 | 227 | 224 | 207 | ||||||||||||||||||||||||
Total Noninterest Expense | 644 | 744 | 652 | 657 | 657 | 621 | 614 | 601 | ||||||||||||||||||||||||
Pre-Tax Income-FTE | 703 | 688 | 650 | 593 | 646 | 637 | 603 | 616 | ||||||||||||||||||||||||
Taxable Equivalent Adjustment | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 10 | ||||||||||||||||||||||||
Income From Continuing Operations Before Income Taxes, Minority Interest and Cumulative Effect | 694 | 679 | 641 | 583 | 636 | 627 | 593 | 606 | ||||||||||||||||||||||||
Applicable Income Taxes | 223 | 231 | 211 | 182 | 209 | 202 | 194 | 202 | ||||||||||||||||||||||||
Income From Continuing Operations Before Minority Interest and Cumulative Effect | 471 | 448 | 430 | 401 | 427 | 425 | 399 | 404 | ||||||||||||||||||||||||
Minority Interest, Net of Tax | — | — | — | — | — | (11 | ) | (10 | ) | (9 | ) | |||||||||||||||||||||
Income From Continuing Operations Before Cumulative Effect | 471 | 448 | 430 | 401 | 427 | 414 | 389 | 395 | ||||||||||||||||||||||||
Income From Discontinued Operations, Net of Tax * | — | — | — | 41 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
Income Before Cumulative Effect | 471 | 448 | 430 | 442 | 428 | 415 | 390 | 396 | ||||||||||||||||||||||||
Cumulative Effect of Change in Accounting Principle, Net of Tax | — | — | — | — | (10 | ) | — | — | — | |||||||||||||||||||||||
Net Income | $ | 471 | $ | 448 | $ | 430 | $ | 442 | $ | 418 | $ | 415 | $ | 390 | $ | 396 | ||||||||||||||||
Net Income Available to Common Shareholders** | $ | 471 | $ | 448 | $ | 430 | $ | 441 | $ | 417 | $ | 415 | $ | 390 | $ | 396 | ||||||||||||||||
Regulatory Capital Data ($ in millions)*** | ||||||||||||||||||||||||||||||||
Tier 1 Capital | $ | 8,654 | $ | 8,346 | $ | 8,394 | $ | 8,272 | $ | 8,182 | $ | 8,009 | $ | 8,034 | $ | 7,747 | ||||||||||||||||
Tier 2 Capital | 1,739 | 1,763 | 1,727 | 1,824 | 1,845 | 1,746 | 1,200 | 1,188 | ||||||||||||||||||||||||
Total Risk-Based Capital | $ | 10,393 | $ | 10,109 | $ | 10,121 | $ | 10,096 | $ | 10,027 | $ | 9,755 | $ | 9,234 | $ | 8,935 | ||||||||||||||||
Total Risk-Weighted Assets | $ | 80,902 | $ | 79,307 | $ | 77,056 | $ | 74,725 | $ | 72,893 | $ | 69,849 | $ | 66,737 | $ | 65,444 | ||||||||||||||||
Tier 1 Risk-Based Capital Ratio | 10.70 | % | 10.52 | % | 10.89 | % | 11.07 | % | 11.22 | % | 11.47 | % | 12.04 | % | 11.84 | % | ||||||||||||||||
Total Risk-Based Capital Ratio | 12.85 | % | 12.75 | % | 13.13 | % | 13.51 | % | 13.76 | % | 13.97 | % | 13.84 | % | 13.65 | % | ||||||||||||||||
Leverage Ratio | 9.12 | % | 8.97 | % | 9.23 | % | 9.23 | % | 9.21 | % | 9.29 | % | 9.79 | % | 9.84 | % |
* | -Includes gain on sale of discontinued operations of $40 million, net of tax, in 4th quarter 2003. |
** | -Dividend on Preferred Stock is $.185 million for all quarters presented. |
*** | -September 30, 2004 regulatory capital data and ratios are estimated. |
8
As Of | ||||||||||||||||||||||||||||||||
Quarterly Data | September 30, 2004 | June 30, 2004 | March 31, 2004 | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||||||||||
Balance Sheet - Assets ($ in millions) | ||||||||||||||||||||||||||||||||
Cash and Due from Banks | $ | 2,313 | $ | 2,358 | $ | 2,012 | $ | 2,359 | $ | 2,394 | $ | 1,776 | $ | 1,772 | $ | 1,891 | ||||||||||||||||
Available-for-Sale Securities | 31,557 | 30,180 | 30,577 | 28,999 | 28,011 | 29,053 | 27,190 | 25,464 | ||||||||||||||||||||||||
Held-to-Maturity Securities | 254 | 212 | 179 | 135 | 145 | 106 | 86 | 52 | ||||||||||||||||||||||||
Trading Securities | 81 | 97 | 96 | 55 | 96 | 49 | 33 | 18 | ||||||||||||||||||||||||
Other Short-Term Investments | 384 | 258 | 191 | 268 | 163 | 233 | 782 | 294 | ||||||||||||||||||||||||
Total Securities | 32,276 | 30,747 | 31,043 | 29,457 | 28,415 | 29,441 | 28,091 | 25,828 | ||||||||||||||||||||||||
Total Cash and Securities | 34,589 | 33,105 | 33,055 | 31,816 | 30,809 | 31,217 | 29,863 | 27,719 | ||||||||||||||||||||||||
Loans Held for Sale | 452 | 577 | 1,661 | 1,881 | 1,528 | 3,245 | 3,011 | 3,358 | ||||||||||||||||||||||||
Loans and Leases Held for | 58,036 | 56,679 | 53,912 | 52,308 | 51,807 | 49,357 | 47,267 | 45,928 | ||||||||||||||||||||||||
Total Loans and Leases | 58,488 | 57,256 | 55,573 | 54,189 | 53,335 | 52,602 | 50,278 | 49,286 | ||||||||||||||||||||||||
Reserve for Credit Losses | (785 | ) | (812 | ) | (783 | ) | (770 | ) | (772 | ) | (735 | ) | (703 | ) | (683 | ) | ||||||||||||||||
Goodwill | 980 | 979 | 738 | 738 | 738 | 738 | 740 | 740 | ||||||||||||||||||||||||
Intangible Assets | 157 | 164 | 155 | 195 | 213 | 222 | 232 | 236 | ||||||||||||||||||||||||
Total Goodwill & Intangibles, net | 1,137 | 1,143 | 893 | 933 | 951 | 960 | 972 | 976 | ||||||||||||||||||||||||
Servicing Rights | 349 | 358 | 283 | 299 | 285 | 244 | 249 | 263 | ||||||||||||||||||||||||
Other Real Estate Owned | 61 | 54 | 57 | 55 | 46 | 33 | 30 | 27 | ||||||||||||||||||||||||
Operating Lease Equipment | 394 | 525 | 658 | 767 | 899 | — | — | — | ||||||||||||||||||||||||
Other Assets | 4,060 | 3,985 | 3,996 | 3,892 | 3,899 | 3,982 | 3,636 | 3,344 | ||||||||||||||||||||||||
Total Assets | $ | 98,293 | $ | 95,614 | $ | 93,732 | $ | 91,181 | $ | 89,452 | $ | 88,303 | $ | 84,325 | $ | 80,932 | ||||||||||||||||
Balance Sheet - Liabilities ($ in millions) |
| |||||||||||||||||||||||||||||||
Interest Checking | $ | 19,362 | $ | 19,243 | $ | 19,376 | $ | 19,758 | $ | 18,715 | $ | 18,432 | $ | 18,682 | $ | 17,877 | ||||||||||||||||
Savings | 8,307 | 7,973 | 7,391 | 7,375 | 7,895 | 7,981 | 8,098 | 10,056 | ||||||||||||||||||||||||
Money Market Deposits | 4,264 | 2,854 | 2,995 | 3,201 | 3,389 | 3,299 | 2,852 | 1,044 | ||||||||||||||||||||||||
Consumer Time Deposits | 7,140 | 6,531 | 6,450 | 6,686 | 6,686 | 7,066 | 7,501 | 8,180 | ||||||||||||||||||||||||
Total Customer Deposits | 39,073 | 36,601 | 36,212 | 37,020 | 36,685 | 36,778 | 37,133 | 37,157 | ||||||||||||||||||||||||
Certificates $100,000 & Over | 1,521 | 2,313 | 2,097 | 1,370 | 2,009 | 4,302 | 4,935 | 1,181 | ||||||||||||||||||||||||
Foreign Deposits | 3,380 | 5,957 | 4,567 | 6,563 | 3,725 | 3,162 | 2,022 | 3,775 | ||||||||||||||||||||||||
Short-Term Borrowings | 13,973 | 11,517 | 15,253 | 13,171 | 13,741 | 11,527 | 9,199 | 8,823 | ||||||||||||||||||||||||
Long-Term Borrowings | 15,128 | 14,775 | 10,990 | 9,063 | 9,255 | 8,338 | 8,033 | 8,179 | ||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 73,075 | 71,163 | 69,119 | 67,187 | 65,415 | 64,107 | 61,322 | 59,115 | ||||||||||||||||||||||||
Demand Deposits | 12,886 | 13,037 | 12,374 | 12,141 | 11,875 | 11,634 | 10,469 | 10,095 | ||||||||||||||||||||||||
Other Liabilities | 3,292 | 3,021 | 3,375 | 3,186 | 3,468 | 3,389 | 3,264 | 2,657 | ||||||||||||||||||||||||
Total Liabilities | 89,253 | 87,221 | 84,868 | 82,514 | 80,758 | 79,130 | 75,055 | 71,867 | ||||||||||||||||||||||||
Minority Interest | — | — | — | — | — | 482 | 472 | 461 | ||||||||||||||||||||||||
Balance Sheet - Equity ($ in millions) |
| |||||||||||||||||||||||||||||||
Common and Preferred Equity | 10,515 | 10,225 | 9,989 | 9,749 | 9,460 | 9,235 | 9,014 | 8,779 | ||||||||||||||||||||||||
Additional Minimum Pension Liability | (66 | ) | (63 | ) | (63 | ) | (63 | ) | (52 | ) | (52 | ) | (52 | ) | (52 | ) | ||||||||||||||||
Net Unrealized (Losses) and Gains on Available-for-Sale Securities and Qualifying Cash Flow Hedges | (152 | ) | (491 | ) | 162 | (57 | ) | 43 | 288 | 349 | 421 | |||||||||||||||||||||
Treasury Stock, at Cost | (1,257 | ) | (1,278 | ) | (1,224 | ) | (962 | ) | (757 | ) | (780 | ) | (513 | ) | (544 | ) | ||||||||||||||||
Total Shareholders’ Equity | $ | 9,040 | $ | 8,393 | $ | 8,864 | $ | 8,667 | $ | 8,694 | $ | 8,691 | $ | 8,798 | $ | 8,604 | ||||||||||||||||
Preferred Shares Outstanding | 9,250 | 9,250 | 9,250 | 9,250 | 9,250 | 9,250 | 9,250 | 9,250 | ||||||||||||||||||||||||
Common Shares Outstanding(net of treasury) | 561,112,890 | 560,804,042 | 562,131,643 | 566,685,301 | 570,298,014 | 569,963,718 | 574,743,788 | 574,355,247 | ||||||||||||||||||||||||
Treasury Shares Held | 22,338,801 | 22,647,649 | 21,320,048 | 16,766,390 | 13,153,677 | 13,487,973 | 8,697,903 | 9,071,857 |
9
Quarterly Data
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2004 | June 30, 2004 | March 31, 2004 | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | |||||||||||||||||||||||||
Average Balance Sheet ($ in millions) |
| |||||||||||||||||||||||||||||||
Taxable Securities | $ | 30,523 | $ | 30,253 | $ | 29,085 | $ | 28,568 | $ | 27,916 | $ | 28,461 | $ | 26,595 | $ | 24,506 | ||||||||||||||||
Tax Exempt Securities | 890 | 920 | 995 | 1,026 | 1,050 | 1,062 | 1,087 | 1,071 | ||||||||||||||||||||||||
Loans & Leases | 57,679 | 56,325 | 54,688 | 53,886 | 53,871 | 51,813 | 50,026 | 48,478 | ||||||||||||||||||||||||
Total Earning Assets | 89,092 | 87,498 | 84,768 | 83,480 | 82,837 | 81,336 | 77,708 | 74,055 | ||||||||||||||||||||||||
Cash and Due from Banks | 2,265 | 2,106 | 2,046 | 2,044 | 1,398 | 1,399 | 1,558 | 1,534 | ||||||||||||||||||||||||
Other Assets | 5,603 | 5,448 | 5,828 | 5,863 | 5,925 | 4,676 | 4,513 | 4,769 | ||||||||||||||||||||||||
Reserve for Credit Losses | (816 | ) | (791 | ) | (773 | ) | (771 | ) | (740 | ) | (712 | ) | (694 | ) | (664 | ) | ||||||||||||||||
Total Assets | $ | 96,144 | $ | 94,261 | $ | 91,869 | $ | 90,616 | $ | 89,420 | $ | 86,699 | $ | 83,085 | $ | 79,694 | ||||||||||||||||
Interest Checking | $ | 19,570 | $ | 19,268 | $ | 19,552 | $ | 19,303 | $ | 18,673 | $ | 18,527 | $ | 18,202 | $ | 17,671 | ||||||||||||||||
Savings | 8,212 | 7,803 | 7,294 | 7,700 | 8,095 | 8,082 | 8,207 | 10,480 | ||||||||||||||||||||||||
Money Market Deposits | 3,542 | 2,965 | 3,149 | 3,388 | 3,356 | 2,989 | 3,016 | 1,013 | ||||||||||||||||||||||||
Consumer Time Deposits | 6,786 | 6,429 | 6,590 | 6,729 | 6,827 | 7,299 | 7,830 | 8,393 | ||||||||||||||||||||||||
Total Customer Deposits | 38,110 | 36,465 | 36,585 | 37,120 | 36,951 | 36,897 | 37,255 | 37,557 | ||||||||||||||||||||||||
Certificates $100,000 & Over | 2,211 | 2,230 | 1,403 | 1,528 | 3,586 | 4,259 | 2,998 | 1,347 | ||||||||||||||||||||||||
Foreign Office Deposits | 3,315 | 4,488 | 5,935 | 5,606 | 3,340 | 3,529 | 2,951 | 2,515 | ||||||||||||||||||||||||
Short-Term Borrowings | 13,274 | 15,175 | 14,529 | 14,254 | 13,554 | 11,430 | 10,197 | 8,911 | ||||||||||||||||||||||||
Long-Term Borrowings | 15,054 | 12,317 | 10,294 | 9,149 | 9,581 | 8,109 | 8,130 | 8,142 | ||||||||||||||||||||||||
Total Interest-Bearing Liabilities | 71,964 | 70,675 | 68,746 | 67,657 | 67,012 | 64,224 | 61,531 | 58,472 | ||||||||||||||||||||||||
Demand Deposits | 12,537 | 12,251 | 11,402 | 11,460 | 10,859 | 10,055 | 9,529 | 9,675 | ||||||||||||||||||||||||
Other Liabilities | 2,782 | 2,769 | 2,942 | 2,791 | 2,988 | 2,979 | 2,774 | 2,500 | ||||||||||||||||||||||||
Total Liabilities | 87,283 | 85,695 | 83,090 | 81,908 | 80,859 | 77,258 | 73,834 | 70,647 | ||||||||||||||||||||||||
Minority Interest | — | — | — | — | — | 477 | 466 | 457 | ||||||||||||||||||||||||
Shareholders’ Equity | 8,861 | 8,566 | 8,779 | 8,708 | 8,561 | 8,964 | 8,785 | 8,590 | ||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 96,144 | $ | 94,261 | $ | 91,869 | $ | 90,616 | $ | 89,420 | $ | 86,699 | $ | 83,085 | $ | 79,694 | ||||||||||||||||
Average Loans and Leases (excluding held for sale) | $ | 57,160 | $ | 54,960 | $ | 52,927 | $ | 52,402 | $ | 50,615 | $ | 48,561 | $ | 47,155 | $ | 45,273 | ||||||||||||||||
Average Common Shares Outstanding: | ||||||||||||||||||||||||||||||||
Basic | 560,335,242 | 560,976,289 | 563,583,277 | 568,104,211 | 570,087,666 | 573,887,821 | 574,366,138 | 576,471,327 | ||||||||||||||||||||||||
Diluted | 566,543,043 | 568,715,944 | 571,612,473 | 576,881,193 | 578,777,162 | 581,663,343 | 582,768,769 | 586,809,172 |
10
Quarterly Data | September 30, 2004 | June 30, 2004 | March 31, 2004 | December 31, 2003 | September 30, 2003 | June 30, 2003 | March 31, 2003 | December 31, 2002 | ||||||||||||||||||||||||
Asset Quality ($ in millions) | ||||||||||||||||||||||||||||||||
Non-Accrual Loans & Leases | $ | 207 | $ | 216 | $ | 233 | $ | 242 | $ | 271 | $ | 279 | $ | 277 | $ | 247 | ||||||||||||||||
Renegotiated Loans & Leases | 3 | 3 | 1 | 8 | — | — | — | — | ||||||||||||||||||||||||
Other Assets, Including Other Real Estate Owned | 72 | 64 | 74 | 69 | 52 | — | — | — | ||||||||||||||||||||||||
Total Non-Performing Assets | 282 | 283 | 308 | 319 | 323 | 279 | 277 | 247 | ||||||||||||||||||||||||
Loans & Leases 90+ Days Past Due | 137 | 132 | 133 | 145 | 146 | 138 | 134 | 162 | ||||||||||||||||||||||||
Total NPAs Plus Loans & Leases Over 90 Days | $ | 419 | $ | 415 | $ | 441 | $ | 464 | $ | 469 | $ | 417 | $ | 411 | $ | 409 | ||||||||||||||||
Loan Portfolio ($ in millions)(net of unearned discount) | ||||||||||||||||||||||||||||||||
Commercial & Residential Construction Loans | $ | 4,448 | $ | 4,108 | $ | 3,820 | $ | 3,636 | $ | 3,470 | $ | 3,362 | $ | 3,361 | $ | 3,327 | ||||||||||||||||
Commercial Mortgages | 7,644 | 7,541 | 7,197 | 6,894 | 6,590 | 6,297 | 5,984 | 5,885 | ||||||||||||||||||||||||
Commercial Loans & Leases | 18,628 | 18,551 | 17,899 | 17,489 | 16,987 | 17,038 | 16,379 | 15,805 | ||||||||||||||||||||||||
Residential Mortgages | 6,912 | 6,416 | 5,811 | 5,530 | �� | 6,015 | 6,351 | 6,274 | 6,804 | |||||||||||||||||||||||
Home Equity Loans | 10,253 | 9,849 | 9,305 | 9,001 | 8,704 | 9,283 | 8,921 | 8,679 | ||||||||||||||||||||||||
Credit Card Outstandings | 809 | 779 | 757 | 762 | 620 | 588 | 562 | 537 | ||||||||||||||||||||||||
Other Consumer Loans & Leases | 9,794 | 10,012 | 10,784 | 10,877 | 10,949 | 9,683 | 8,797 | 8,249 | ||||||||||||||||||||||||
Total Loans & Leases | $ | 58,488 | $ | 57,256 | $ | 55,573 | $ | 54,189 | $ | 53,335 | $ | 52,602 | $ | 50,278 | $ | 49,286 | ||||||||||||||||
Average Loan Portfolio ($ in millions) |
| |||||||||||||||||||||||||||||||
Commercial & Residential Construction Loans | $ | 4,315 | $ | 3,924 | $ | 3,746 | $ | 3,547 | $ | 3,401 | $ | 3,339 | $ | 3,360 | $ | 3,309 | ||||||||||||||||
Commercial Mortgages | 7,582 | 7,327 | 7,034 | 6,708 | 6,423 | 6,127 | 5,930 | 5,775 | ||||||||||||||||||||||||
Commercial Loans & Leases | 18,368 | 18,030 | 17,507 | 17,176 | 16,949 | 16,663 | 16,032 | 15,499 | ||||||||||||||||||||||||
Residential Mortgages | 6,631 | 6,173 | 5,654 | 5,927 | 6,689 | 6,814 | 6,838 | 6,647 | ||||||||||||||||||||||||
Home Equity Loans | 10,060 | 9,563 | 9,143 | 8,881 | 9,500 | 9,129 | 8,823 | 8,705 | ||||||||||||||||||||||||
Credit Card Outstandings | 797 | 767 | 758 | 642 | 609 | 580 | 533 | 511 | ||||||||||||||||||||||||
Other Consumer Loans & Leases | 9,926 | 10,541 | 10,846 | 11,005 | 10,300 | 9,161 | 8,510 | 8,032 | ||||||||||||||||||||||||
Total Loans & Leases | $ | 57,679 | $ | 56,325 | $ | 54,688 | $ | 53,886 | $ | 53,871 | $ | 51,813 | $ | 50,026 | $ | 48,478 | ||||||||||||||||
Non-Performing Loans ($ in millions) (non-accrual plus renegotiated) | ||||||||||||||||||||||||||||||||
Commercial Construction Loans | $ | 11 | $ | 14 | $ | 23 | $ | 19 | $ | 20 | $ | 17 | $ | 14 | $ | 14 | ||||||||||||||||
Commercial Mortgages | 51 | 47 | 48 | 42 | 42 | 46 | 47 | 41 | ||||||||||||||||||||||||
Commercial Loans & Leases | 99 | 107 | 111 | 136 | 158 | 163 | 172 | 159 | ||||||||||||||||||||||||
Residential Mortgages & Construction | 22 | 23 | 25 | 26 | 27 | 23 | 22 | 18 | ||||||||||||||||||||||||
Other Consumer Loans & Leases | 27 | 28 | 27 | 27 | 24 | 24 | 22 | 15 | ||||||||||||||||||||||||
Total NPA Loans | $ | 210 | $ | 219 | $ | 234 | $ | 250 | $ | 271 | $ | 273 | $ | 277 | $ | 247 | ||||||||||||||||
Credit Charge-Offs ($ in millions) | ||||||||||||||||||||||||||||||||
Gross Charge-Offs | $ | 72 | $ | 76 | $ | 87 | $ | 115 | $ | 92 | $ | 91 | $ | 82 | $ | 70 | ||||||||||||||||
Recoveries | (15 | ) | (17 | ) | (17 | ) | (19 | ) | (17 | ) | (14 | ) | (18 | ) | (20 | ) | ||||||||||||||||
Net Charge-Offs | $ | 57 | $ | 59 | $ | 70 | $ | 96 | $ | 75 | $ | 77 | $ | 64 | $ | 50 | ||||||||||||||||
11