Exhibit 99.1
SECOND QUARTER 2005
FINANCIAL SUPPLEMENT
CONSOLIDATED SUMMARY | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | |||
Net interest income | $241,608 | $227,447 | $228,446 | $218,250 | $213,606 | |||
Noninterest income | 343,312 | 343,464 | 313,682 | 307,231 | 347,285 | |||
Divestitures | - | - | 3,200 | - | 1,800 | |||
Security G/L | 75 | (66) | (3,734) | 20,383 | 3,214 | |||
Total revenue | 584,995 | 570,845 | 541,594 | 545,864 | 565,905 | |||
Noninterest expense | 419,031 | 394,855 | 382,688 | 365,596 | 384,080 | |||
Provision | 15,786 | 13,109 | 11,783 | 10,044 | 12,292 | |||
Pretax income | 150,178 | 162,881 | 147,123 | 170,224 | 169,533 | |||
Income taxes | 47,473 | 53,672 | 43,971 | 56,623 | 51,149 | |||
Net income | 102,705 | 109,209 | 103,152 | 113,601 | 118,384 | |||
Diluted shares | 128,914 | 128,032 | 127,719 | 127,845 | 128,497 | |||
EPS | $0.80 | $0.85 | $0.81 | $0.89 | $0.92 | |||
Tax rate | 32% | 33% | 30% | 33% | 30% | |||
Efficiency ratio | 72% | 69% | 71% | 67% | 68% | |||
Certain previously reported amounts have been reclassified to agree with current presentation. |
1
STATEMENTS OF INCOME | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | |||
Interest income | $438,385 | $384,876 | $334,789 | $300,183 | $277,815 | |||
Less interest expense | 196,777 | 157,429 | 106,343 | 81,933 | 64,209 | |||
Net interest income | 241,608 | 227,447 | 228,446 | 218,250 | 213,606 | |||
Provision for loan losses | 15,786 | 13,109 | 11,783 | 10,044 | 12,292 | |||
Net interest income after | ||||||||
provision for loan losses | 225,822 | 214,338 | 216,663 | 208,206 | 201,314 | |||
Noninterest income: | ||||||||
Mortgage banking | 108,993 | 118,762 | 94,771 | 105,155 | 118,266 | |||
Capital markets | 94,789 | 95,162 | 76,522 | 79,913 | 102,195 | |||
Deposit transactions | ||||||||
and cash management | 39,471 | 33,255 | 37,695 | 38,624 | 38,234 | |||
Merchant processing | 23,239 | 20,460 | 19,679 | 19,299 | 19,365 | |||
Insurance commissions | 13,525 | 14,749 | 11,649 | 13,962 | 14,104 | |||
Trust services and investment | ||||||||
management | 11,278 | 11,164 | 11,741 | 11,838 | 11,891 | |||
Gains on divestitures | - | - | 3,200 | - | 1,800 | |||
Securities (losses)/gains, net | 75 | (66) | (3,734) | 20,383 | 3,214 | |||
Other | 52,017 | 49,912 | 61,625 | 38,440 | 43,230 | |||
Total noninterest income | 343,387 | 343,398 | 313,148 | 327,614 | 352,299 | |||
Adjusted gross income after | ||||||||
provision for loan losses | 569,209 | 557,736 | 529,811 | 535,820 | 553,613 | |||
Noninterest expense: | ||||||||
Employee compensation, | ||||||||
incentives and benefits | 248,064 | 242,986 | 228,206 | 210,089 | 238,402 | |||
Occupancy | 26,548 | 24,516 | 22,875 | 23,865 | 21,699 | |||
Equipment rentals, depreciation, | ||||||||
and maintenance | 19,406 | 18,085 | 18,633 | 18,713 | 17,573 | |||
Operations services | 20,328 | 18,477 | 18,379 | 17,801 | 15,944 | |||
Communications and courier | 13,684 | 12,893 | 12,446 | 12,118 | 13,223 | |||
Amortization of intangible assets | 3,360 | 3,362 | 3,014 | 2,165 | 2,191 | |||
Other | 87,641 | 74,536 | 79,135 | 80,845 | 75,048 | |||
Total noninterest expense | 419,031 | 394,855 | 382,688 | 365,596 | 384,080 | |||
Pretax income | 150,178 | 162,881 | 147,123 | 170,224 | 169,533 | |||
Applicable income taxes | 47,473 | 53,672 | 43,971 | 56,623 | 51,149 | |||
Net income | $102,705 | $109,209 | $103,152 | $113,601 | $118,384 | |||
Diluted earnings per common share | $ .80 | $ .85 | $ .81 | $ .89 | $ .92 | |||
Dividends declared | .43 | .43 | .43 | .40 | .40 | |||
SELECTED FINANCIAL RATIOS: | ||||||||
Return on average assets | 1.14% | 1.30% | 1.40% | 1.63% | 1.75% | |||
Return on average shareholders' equity | 19.6 | 21.8 | 20.8 | 23.7 | 25.5 | |||
Certain previously reported amounts have been reclassified to agree with current presentation. |
2
OTHER INCOME AND OTHER EXPENSE | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | |||
All other income and commissions: | ||||||||
Revenue from loan sales and securitizations | $10,319 | $13,232 | $14,151 | $22 | $3,976 | |||
Cardholder fees | 6,733 | 6,092 | 6,405 | 6,461 | 6,348 | |||
Other service charges | 5,753 | 5,218 | 5,270 | 4,696 | 5,098 | |||
Remittance processing | 3,790 | 3,787 | 3,888 | 4,423 | 5,486 | |||
Check clearing fees | 1,778 | 1,869 | 2,340 | 2,562 | 2,523 | |||
Other | 23,644 | 19,714 | 29,571 | 20,276 | 19,799 | |||
Total | $52,017 | $49,912 | $61,625 | $ 38,440 | $ 43,230 | |||
All other expense: | ||||||||
Advertising and public relations | $ 12,518 | $11,535 | $8,585 | $ 9,976 | $ 9,527 | |||
Legal and professional fees | 11,829 | 8,749 | 11,816 | 9,529 | 9,700 | |||
Travel and entertainment | 8,898 | 7,445 | 8,684 | 7,983 | 7,044 | |||
Computer software | 8,845 | 7,024 | 7,199 | 7,127 | 7,596 | |||
Contract employment | 8,631 | 6,700 | 7,877 | 6,264 | 5,430 | |||
Supplies | 4,040 | 4,360 | 4,399 | 4,187 | 4,545 | |||
Foreclosed real estate | (614) | 2,497 | 2,759 | 2,072 | 977 | |||
Fed service fees | 1,905 | 1,926 | 1,979 | 2,263 | 2,267 | |||
Deposit insurance premium | 746 | 689 | 923 | 661 | 708 | |||
Charitable contributions | 460 | 374 | 339 | 414 | 494 | |||
Other | 30,383 | 23,237 | 24,575 | 30,369 | 26,760 | |||
Total | 87,641 | 74,536 | 79,135 | 80,845 | 75,048 | |||
Certain previously reported amounts have been reclassified to agree with current presentation. |
3
AVERAGE STATEMENTS OF CONDITION | ![]() | ||||
Quarterly, Unaudited | |||||
(Millions) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | ||
Loans, net of unearned income: | |||||||
Commercial: | |||||||
Commercial, financial and industrial | $ 5,894.5 | $ 5,480.1 | $ 5,213.6 | $ 4,935.3 | $ 4,736.6 | ||
Real estate commercial | 1,086.3 | 1,004.5 | 929.7 | 960.2 | 965.1 | ||
Real estate construction | 1,546.2 | 1,306.0 | 1,132.1 | 945.1 | 796.6 | ||
Total commercial loans | 8,527.0 | 7,790.6 | 7,275.4 | 6,840.6 | 6,498.3 | ||
Retail: | |||||||
Real estate residential | 7,533.5 | 7,385.8 | 8,204.5 | 7,852.6 | 7,253.7 | ||
Real estate construction | 1,321.2 | 1,105.4 | 939.8 | 746.1 | 619.1 | ||
Other retail | 161.1 | 160.7 | 172.6 | 180.0 | 188.7 | ||
Credit card receivables | 239.5 | 238.1 | 244.1 | 239.3 | 258.4 | ||
Total retail loans | 9,255.3 | 8,890.0 | 9,561.0 | 9,018.0 | 8,319.9 | ||
Total loans, net of unearned income | 17,782.3 | 16,680.6 | 16,836.4 | 15,858.6 | 14,818.2 | ||
Investment securities | 2,931.3 | 2,794.8 | 2,150.6 | 2,625.7 | 2,474.6 | ||
Loans held for sale | 6,055.9 | 5,315.1 | 4,696.1 | 4,036.7 | 4,689.7 | ||
Other earning assets | 4,849.7 | 4,576.6 | 1,895.7 | 1,687.7 | 1,658.0 | ||
Total earning assets | 31,619.2 | 29,367.1 | 25,578.8 | 24,208.7 | 23,640.5 | ||
Cash and due from banks | 727.4 | 729.8 | 779.2 | 740.0 | 718.4 | ||
Other assets | 3,935.6 | 3,994.5 | 2,951.9 | 2,767.9 | 2,917.4 | ||
Total assets | $36,282.2 | $34,091.4 | $29,309.9 | $27,716.6 | $27,276.3 | ||
Certificates of deposit under | |||||||
$100,000 and other time | $ 2,184.3 | $ 2,102.4 | $ 2,065.8 | $ 2,015.0 | $ 1,880.6 | ||
Other interest-bearing deposits | 4,613.9 | 4,567.8 | 4,228.4 | 4,128.6 | 4,146.7 | ||
Total interest-bearing core deposits | 6,798.2 | 6,670.2 | 6,294.2 | 6,143.6 | 6,027.3 | ||
Demand deposits | 1,835.6 | 1,785.0 | 1,879.7 | 1,741.6 | 1,809.1 | ||
Other noninterest-bearing deposits | 3,331.8 | 3,001.7 | 3,034.0 | 2,800.6 | 3,091.0 | ||
Total core deposits | 11,965.6 | 11,456.9 | 11,207.9 | 10,685.8 | 10,927.4 | ||
Certificates of deposit $100,000 and more | 10,557.3 | 10,147.1 | 8,079.0 | 6,971.1 | 6,580.7 | ||
Total deposits | 22,522.9 | 21,604.0 | 19,286.9 | 17,656.9 | 17,508.1 | ||
Short-term borrowed funds | 7,239.8 | 6,152.7 | 4,506.8 | 4,602.7 | 4,223.0 | ||
Term borrowings | 2,585.2 | 2,616.1 | 2,385.1 | 2,340.6 | 2,442.0 | ||
Other liabilities | 1,539.2 | 1,653.2 | 1,157.4 | 1,210.4 | 1,231.8 | ||
Preferred stock of subsidiary | 295.4 | 30.0 | .5 | .5 | .5 | ||
Shareholders' equity | 2,099.7 | 2,035.4 | 1,973.2 | 1,905.5 | 1,870.9 | ||
Total liabilities and shareholders' equity | $36,282.2 | $34,091.4 | $29,309.9 | $27,716.6 | $27,276.3 | ||
Diluted shares outstanding | 128.9 | 128.1 | 127.7 | 127.8 | 128.5 | ||
Certain previously reported amounts have been reclassified to agree with current presentation. |
4
RETAIL/COMMERCIAL BANKING | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | |||
Net interest income | $211,470 | $197,908 | $193,886 | $179,862 | $167,331 | |||
Noninterest income | 123,104 | 121,379 | 127,466 | 114,461 | 119,407 | |||
Divestitures | - | - | 3,200 | - | 1,800 | |||
Security G/L | - | - | (1) | 637 | 303 | |||
Total revenue | 334,574 | 319,287 | 324,551 | 294,960 | 288,841 | |||
Total noninterest expense | 203,218 | 188,798 | 191,551 | 180,250 | 177,235 | |||
Provision | 15,667 | 13,069 | 11,798 | 10,044 | 12,310 | |||
Pretax income | 115,689 | 117,420 | 121,202 | 104,666 | 99,296 | |||
Efficiency ratio | 61% | 59% | 59% | 61% | 61% | |||
Average loans (millions) | $17,700 | $16,622 | $16,792 | $15,827 | $14,798 | |||
Other earning assets (millions) | 2,054 | 1,889 | 1,206 | 882 | 896 | |||
Total earning assets (millions) | 19,754 | 18,511 | 17,998 | 16,709 | 15,694 | |||
Total deposits | 10,606 | 10,384 | 9,975 | 9,666 | 9,474 | |||
Net interest margin | 4.29% | 4.34% | 4.29% | 4.28% | 4.29% | |||
Noninterest revenue detail | ||||||||
Deposit transactions & cash mgmt | $39,440 | $33,254 | $37,694 | $38,622 | $38,233 | |||
Merchant processing | 23,243 | 20,465 | 19,683 | 19,304 | 19,369 | |||
Insurance commissions | 13,085 | 14,287 | 11,206 | 13,539 | 13,674 | |||
Trust services & investment mgmt | 11,278 | 11,164 | 11,741 | 11,837 | 11,891 | |||
Cardholder fees | 6,529 | 5,922 | 6,252 | 6,332 | 6,301 | |||
Other service charges | 5,219 | 4,806 | 4,900 | 4,378 | 4,802 | |||
Check clearing fees | 1,778 | 1,869 | 2,340 | 2,562 | 2,523 | |||
Revenue from loan sales and | ||||||||
securitizations (a) | 8,386 | 11,114 | 14,151 | 22 | 3,976 | |||
Miscellaneous revenue | 14,146 | 18,498 | 19,499 | 17,865 | 18,638 | |||
Total noninterest revenue | 123,104 | 121,379 | 127,466 | 114,461 | 119,407 | |||
Statistics | ||||||||
Trust total assets (millions)(b) | 12,233 | 12,164 | 12,228 | 12,327 | 12,154 | |||
Trust total managed assets (millions)(b) | 7,183 | 7,204 | 7,608 | 7,463 | 7,539 | |||
Merchant transactions | 46,309 | 42,701 | 39,347 | 40,480 | 39,340 | |||
(a) Includes gains from whole-loan sales and net revenue from asset securitizations | ||||||||
(b) Current quarter is an estimate | ||||||||
Certain previously reported amounts have been reclassified to agree with current presentation. |
5
MORTGAGE BANKING | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | |||
Net interest income | $37,601 | $32,957 | $38,858 | $37,758 | $44,352 | |||
Noninterest income: | ||||||||
Net origination fees | 95,676 | 99,964 | 76,567 | 68,375 | 99,101 | |||
Net servicing fees | 6,295 | 13,765 | 15,382 | 25,560 | 14,407 | |||
Other fees | 15,769 | 8,846 | 9,901 | 15,291 | 9,549 | |||
Total noninterest income | 117,740 | 122,575 | 101,850 | 109,226 | 123,057 | |||
Total revenue | 155,341 | 155,532 | 140,708 | 146,984 | 167,409 | |||
Noninterest expense | 117,150 | 112,702 | 110,736 | 109,255 | 118,711 | |||
Provision | 119 | 40 | (15) | - | (18) | |||
Pretax income | 38,072 | 42,790 | 29,987 | 37,729 | 48,716 | |||
Noninterest expense detail | ||||||||
Commissions & incentives | $81,429 | $60,739 | $67,930 | 60,891 | 69,026 | |||
FAS 91 cost deferral | (1,332) | (2,574) | (6,315) | 2,195 | (594) | |||
Other salaries & benefits | 59,381 | 57,569 | 63,429 | 54,694 | 54,931 | |||
Total salaries & benefits | 139,478 | 115,734 | 125,044 | 117,780 | 123,363 | |||
Contract labor & outsourcing | 5,298 | 4,456 | 4,688 | 4,210 | 4,234 | |||
Equipment & occupancy | 16,786 | 15,600 | 16,837 | 17,717 | 16,163 | |||
Foreclosure provision | (647) | 2,414 | 2,418 | 1,757 | 617 | |||
Other expenses | 46,133 | 42,947 | 32,927 | 50,593 | 44,367 | |||
Total expenses before FAS 91 reclass | 207,048 | 181,151 | 181,914 | 192,057 | 188,744 | |||
FAS 91 reclassification | (92,667) | (70,808) | (74,881) | (86,706) | (74,414) | |||
Total Noninterest Expense Before | ||||||||
Segment Allocations | 114,381 | 110,343 | 107,033 | 105,351 | 114,330 | |||
Segment Allocations | 2,769 | 2,359 | 3,703 | 3,904 | 4,381 | |||
Total Noninterest Expense | 117,150 | 112,702 | 110,736 | 109,255 | 118,711 | |||
Other information | ||||||||
Efficiency ratio | 75% | 72% | 79% | 74% | 71% | |||
Warehouse (millions) | $4,081 | $3,522 | $3,543 | $3,217 | $3,858 | |||
Other earning assets (millions) | 391 | 343 | 318 | 287 | 250 | |||
Total earning assets (millions) | 4,472 | 3,865 | 3,861 | 3,504 | 4,108 | |||
Escrow balances | 2,054 | 1,724 | 1,779 | 1,570 | 2,005 | |||
Net interest margin | 3.37% | 3.46% | 4.00% | 4.29% | 4.34% | |||
Warehouse Spread | 2.66% | 2.89% | 3.58% | 3.93% | 3.84% | |||
Certain previously reported amounts have been reclassified to agree with current presentation. |
6
MORTGAGE BANKING | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | ||
ORIGINATION INCOME | |||||||
Origination Fees | $97,468 | $76,050 | $79,235 | $82,425 | $96,270 | ||
FAS 91 Fee Deferral | (3,774) | (939) | (3,192) | 2,966 | 474 | ||
Appraisal, Final Inspection, | |||||||
Credit Report Fees | 8,967 | 6,926 | 7,142 | 7,335 | 8,345 | ||
Total origination fees | 102,661 | 82,037 | 83,185 | 92,726 | 105,089 | ||
Secondary Marketing Income: | |||||||
OMSR | 80,076 | 72,948 | 62,462 | 58,120 | 103,186 | ||
SRP | 13,629 | 10,426 | 7,709 | 8,656 | 7,847 | ||
Marketing G/L (Trading Gains) | 19,884 | 27,553 | 15,605 | 20,904 | (2,418) | ||
Concessions | (27,319) | (21,944) | (15,360) | (25,724) | (39,328) | ||
LOCOM | (588) | (248) | (2,153) | 399 | (861) | ||
Total Secondary Marketing Fees - | |||||||
Mortgage | 85,682 | 88,735 | �� 68,263 | 62,355 | 68,426 | ||
FAS 91 Reclassification | (92,667) | (70,808) | (74,881) | (86,706) | (74,414) | ||
Total Origination Income | 95,676 | 99,964 | 76,567 | 68,375 | 99,101 | ||
KEY ORIGINATIONS METRICS | |||||||
Production ($ in millions): | |||||||
First Lien Production | 9,526 | 7,618 | 7,840 | 6,842 | 8,915 | ||
Refinanced Production | 3,545 | 3,588 | 3,475 | 2,117 | 4,226 | ||
Refinanced % | 37% | 47% | 44% | 31% | 47% | ||
Purchased Production | 5,981 | 4,030 | 4,365 | 4,725 | 4,689 | ||
Purchased % | 63% | 53% | 56% | 69% | 53% | ||
ARMs % (Excluding Gov't ARMS) | 50% | 45% | 47% | 48% | 41% | ||
Total Sales Force | 2,629 | 2,574 | 2,416 | 2,258 | 2,191 | ||
Warehouse/Pipeline Balance: | |||||||
Ending Warehouse Balance | 3,663 | 3,477 | 3,420 | 2,832 | 2,840 | ||
Ending Pipeline Balance (Locked) | 5,209 | 4,065 | 3,309 | 3,922 | 3,646 | ||
Loan Sales (Deliveries): | |||||||
Total Loan Sales | 8,738 | 7,380 | 7,134 | 6,529 | 9,535 | ||
Margins: | |||||||
Marketing Margin on Deliveries (bps): | |||||||
OMSR | 92 | 99 | 88 | 89 | 108 | ||
Marketing G/L (Trading Gains) | 23 | 37 | 22 | 32 | (3) | ||
LOCOM | (1) | - | (3) | 1 | (1) | ||
Concessions/SRP | (16) | (16) | (11) | (26) | (33) | ||
Total Marketing Margin on Deliveries | 98 | 120 | 96 | 96 | 71 | ||
Certain previously reported amounts have been reclassified to agree with current presentation. |
7
MORTGAGE BANKING | ![]() | ||||
Quarterly, Unaudited | |||||
2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | |||||||
(Thousands) | $ | bps | $ | bps | $ | bps | $ | bps | $ | bps | |
SERVICING INCOME | |||||||||||
Gross Service Fees | $87,285 | 39 | $85,908 | 39 | $80,462 | 38 | $75,279 | 39 | $69,584 | 39 | |
Guarantee Fees | (19,039) | (9) | (19,127) | (9) | (18,020) | (9) | (17,022) | (9) | (15,042) | (9) | |
Sub-Service Fee Income | 40 | - | 4 | - | 2 | - | 7 | - | 6 | - | |
Lender Paid MI | (159) | - | (121) | - | (143) | - | (134) | - | (141) | - | |
Net Service Fees | 68,127 | 30 | 66,664 | 30 | 62,301 | 29 | 58,130 | 30 | 54,407 | 30 | |
Early Payoff Interest Expense | (5,742) | (2) | (5,193) | (2) | (5,485) | (2) | (4,064) | (2) | (6,443) | (3) | |
Ancillary Fees | 6,001 | 3 | 6,411 | 3 | 5,864 | 3 | 5,666 | 3 | 5,539 | 3 | |
Total Service Fees | 68,386 | 31 | 67,882 | 31 | 62,680 | 30 | 59,732 | 31 | 53,503 | 30 | |
AMORTIZATION/IMPAIRMENT | |||||||||||
Amortization | (45,808) | (46,915) | (41,639) | (38,111) | (38,971) | ||||||
Impairment | (23,545) | (10,375) | (9,489) | (13,356) | 379 | ||||||
Total Amortization/Impairment | (69,353) | (57,290) | (51,128) | (51,467) | (38,592) | ||||||
HEDGE GAINS | |||||||||||
MSR Hedge Gains/(Losses) | |||||||||||
NII on SWAPs | 13,607 | 18,330 | 16,382 | 16,987 | 21,649 | ||||||
Hedge Ratios | 16,092 | 11,013 | 15,481 | 8,648 | 1,756 | ||||||
Other Ineffectiveness | (10,391) | (11,843) | (13,342) | (1,701) | (14,866) | ||||||
Total MSR Hedge Gains/(Losses) | 19,308 | 17,500 | 18,521 | 23,934 | 8,539 | ||||||
Time Decay of MSR Hedges | (9,513) | (9,984) | (12,129) | (7,637) | (4,633) | ||||||
Hedge MTM & Time Decay: | |||||||||||
I/O Strip Time Decay | (2,092) | (3,257) | (1,874) | (1,246) | (421) | ||||||
I/O Strip MTM | (441) | (1,086) | (688) | 2,244 | (3,989) | ||||||
Total Hedge MTM & Time Decay | (2,533) | (4,343) | (2,562) | 998 | (4,410) | ||||||
Total Hedge Gains | 7,262 | 3,173 | 3,830 | 17,295 | (504) | ||||||
Total Servicing Income | 6,295 | 13,765 | 15,382 | 25,560 | 14,407 | ||||||
KEY SERVICING METRICS | |||||||||||
($ in millions) | |||||||||||
Avg. Servicing Portfolio (Owned) | $89,366 | $87,397 | $84,863 | $76,885 | $71,543 | ||||||
End. Servicing Portfolio (Owned) | $90,823 | $88,010 | $86,587 | $81,591 | $72,165 | ||||||
Average Loans Serviced (#) | 599,361 | 598,997 | 583,248 | 539,527 | 517,217 | ||||||
Product Mix (Average) | |||||||||||
Product Mix (%) | |||||||||||
GNMA | 10% | 11% | 12% | 14% | 14% | ||||||
FNMA/FHLMC | 68% | 69% | 69% | 68% | 68% | ||||||
Private | 18% | 16% | 15% | 13% | 13% | ||||||
Sub-Total | 96% | 96% | 96% | 95% | 95% | ||||||
Warehouse | 4% | 4% | 4% | 5% | 5% | ||||||
Total | 100% | 100% | 100% | 100% | 100% | ||||||
Other Statistics | |||||||||||
(Annualized) | |||||||||||
Ancillary Income per Loan | $40.05 | $42.81 | $40.22 | $42.01 | $42.84 | ||||||
Direct Servicing Cost per Loan | $52.68 | $54.20 | $56.88 | $56.85 | $57.88 | ||||||
Portfolio Data | |||||||||||
(in millions) | |||||||||||
Average Servicing Asset ** | 1,093 | 1,049 | 971 | 947 | 902 | ||||||
Valuation Reserve (Ending Balance) | 2 | 3 | 4 | 7 | 7 | ||||||
Servicing Book Value (bps) | 122 | 120 | 114 | 123 | 127 | ||||||
Amortization/Average Servicing Asset | 17% | 18% | 17% | 16% | 17% | ||||||
Impairment/Average Servicing Asset | 9% | 4% | 4% | 6% | 0% | ||||||
Run-Off Rate | 25% | 22% | 26% | 22% | 34% | ||||||
** Includes valuation reserve/MSRs only | |||||||||||
Certain previously reported amounts have been reclassified to agree with current presentation. |
8
CAPITAL MARKETS | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | ||||
Net interest income | ($ 10,633) | ($ 5,820) | ($ 124) | $207 | $25 | ||||
Noninterest income: | |||||||||
Depository | 22,307 | 27,834 | 23,623 | 26,751 | 34,756 | ||||
Nondepository | 28,512 | 35,186 | 22,296 | 20,004 | 23,498 | ||||
Other fees | 49,399 | 33,407 | 34,164 | 34,600 | 44,725 | ||||
Total noninterest income | 100,218 | 96,427 | 80,083 | 81,355 | 102,979 | ||||
Total revenue | 89,585 | 90,607 | 79,959 | 81,562 | 103,004 | ||||
Noninterest expense | 82,679 | 81,537 | 69,527 | 64,640 | 77,945 | ||||
Pretax income | 6,906 | 9,070 | 10,432 | 16,922 | 25,059 | ||||
Efficiency ratio | 92% | 90% | 87% | 79% | 76% | ||||
Trading inventory (millions) | $2,069 | $2,235 | $857 | $719 | $694 | ||||
Other earning assets (millions) | 2,283 | 1,850 | 634 | 518 | 545 | ||||
Total earning assets (millions) | 4,352 | 4,085 | 1,491 | 1,237 | 1,239 | ||||
Net interest margin | -0.98% | -0.58% | -0.03% | 0.07% | 0.01% | ||||
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CORPORATE | ![]() | ||||
Quarterly, Unaudited | |||||
(Thousands) | 2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | |||
Net interest income | $3,170 | $2,402 | ($ 4,174) | $423 | $1,898 | |||
Noninterest income | 2,250 | 3,083 | 4,283 | 2,189 | 1,842 | |||
Security G/L | 75 | (66) | (3,733) | 19,746 | 2,911 | |||
Total revenue | 5,495 | 5,419 | (3,624) | 22,358 | 6,651 | |||
Total noninterest expense | 15,984 | 11,818 | 10,874 | 11,451 | 10,189 | |||
Pretax income | (10,489) | (6,399) | (14,498) | 10,907 | (3,538) | |||
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CAPITAL HIGHLIGHTS | ![]() | ||||
(Dollars in millions except per share amounts, Unaudited) | |||||
2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | ||
Tier 1 Capital (a) | $ 2,364.8 | $ 2,292.3 | $ 2,080.2 | $ 2,027.2 | $ 1,985.3 | |
Tier 2 Capital (a) | 1,095.9 | 1,108.8 | 1,102.5 | 739.4 | 738.0 | |
Total Capital (a) | $ 3,460.7 | $ 3,401.1 | $ 3,182.7 | $ 2,766.6 | $ 2,723.3 | |
Risk-Adjusted Assets (a) | $27,530.6 | $25,736.7 | $24,140.7 | $22,505.2 | $21,091.1 | |
Tier 1 Ratio (a) | 8.59% | 8.91% | 8.62% | 9.01% | 9.41% | |
Tier 2 Ratio (a) | 3.98 | 4.31 | 4.56 | 3.28 | 3.50 | |
Total Capital Ratio (a) | 12.57% | 13.22% | 13.18% | 12.29% | 12.91% | |
Leverage Ratio (a) | 6.59% | 6.81% | 7.16% | 7.38% | 7.35% | |
Shareholders' Equity/Assets Ratio (b) | 5.79 | 5.97 | 6.73 | 6.87 | 6.86 | |
Book Value | $ 17.32 | $ 16.73 | $ 16.39 | $ 15.96 | $ 15.42 | |
(a) Current quarter is an estimate | ||||||
(b) Calculated on average balances |
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NET INTEREST MARGIN (NIM) HIGHLIGHTS | ![]() | ||||
(Unaudited) | |||||
2Q05 | 1Q05 | 4Q04 | 3Q04 | 2Q04 | ||
Consolidated Yields and Rates: | ||||||
Investment securities | 4.33 % | 4.27 % | 4.21 % | 4.36 % | 4.30 % | |
Loans, net of unearned | 5.98 | 5.63 | 5.33 | 5.01 | 4.81 | |
Other earning assets | 5.21 | 5.01 | 5.26 | 5.05 | 4.67 | |
Yields on earning assets | 5.56 | 5.29 | 5.22 | 4.95 | 4.72 | |
Interest bearing core deposits | 1.92 | 1.73 | 1.56 | 1.43 | 1.28 | |
CD's over $100,000 | 3.06 | 2.59 | 2.09 | 1.61 | 1.21 | |
Fed funds purchased and repos | 2.71 | 2.24 | 1.78 | 1.29 | .90 | |
Commercial paper and other short-term | ||||||
borrowings | 4.42 | 4.01 | 3.34 | 3.55 | 3.67 | |
Long-term debt | 3.71 | 3.18 | 2.70 | 2.28 | 1.87 | |
Rates paid on interest-bearing liabilities | 2.90 | 2.49 | 1.99 | 1.63 | 1.34 | |
Net interest spread | 2.66 | 2.80 | 3.23 | 3.32 | 3.38 | |
Effect of interest-free sources | .40 | .32 | .34 | .28 | .25 | |
FHN - NIM | 3.06 % | 3.12 % | 3.57 % | 3.60 % | 3.63 % | |
Certain previously reported amounts have been reclassified to agree with current presentation. |
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