Exhibit 99.1
SUMMARY QUARTERLY RESULTS | ![]() | |||||||||||||||||||||||||||
Quarterly, Unaudited | ||||||||||||||||||||||||||||
3Q08 Change vs. | ||||||||||||||||||||||||||||
(Thousands) | 3Q08 | 2Q08 | 1Q08 | 4Q07 | 3Q07 | 2Q08 | 3Q07 | |||||||||||||||||||||
Income Statement Highlights | ||||||||||||||||||||||||||||
Net interest income | $ | 223,147 | $ | 238,895 | $ | 228,092 | $ | 225,987 | $ | 237,804 | (7 | )% | (6 | )% | ||||||||||||||
Noninterest income | 305,383 | 400,018 | 383,130 | 103,429 | 203,475 | (24 | )% | 50 | % | |||||||||||||||||||
Securities (losses)/gains, net | (210 | ) | (972 | ) | 65,946 | (10,442 | ) | - | (78 | )% | - | |||||||||||||||||
Total revenue | 528,320 | 637,941 | 677,168 | 318,974 | 441,279 | (17 | )% | 20 | % | |||||||||||||||||||
Noninterest expense | 402,274 | 465,843 | 438,277 | 561,559 | 421,622 | (14 | )% | (5 | )% | |||||||||||||||||||
Provision | 340,000 | 220,000 | 240,000 | 156,519 | 43,352 | 55 | % | 684 | % | |||||||||||||||||||
Pre-tax (loss)/income | (213,954 | ) | (47,902 | ) | (1,109 | ) | (399,104 | ) | (23,695 | ) | NM | NM | ||||||||||||||||
Benefit for income taxes | (88,859 | ) | (28,821 | ) | (8,146 | ) | (146,342 | ) | (9,330 | ) | NM | NM | ||||||||||||||||
(Loss)/income from continuing operations | (125,095 | ) | (19,081 | ) | 7,037 | (252,762 | ) | (14,365 | ) | NM | NM | |||||||||||||||||
Income from discontinued operations, net of tax | - | - | 883 | 4,137 | 209 | NM | NM | |||||||||||||||||||||
Net (loss)/income | $ | (125,095 | ) | $ | (19,081 | ) | $ | 7,920 | $ | (248,625 | ) | $ | (14,156 | ) | NM | NM | ||||||||||||
Common Stock Data | ||||||||||||||||||||||||||||
Diluted EPS from continuing operations (a) | $ | (.62 | ) | $ | (.11 | ) | $ | .05 | $ | (1.95 | ) | $ | (.11 | ) | NM | NM | ||||||||||||
Diluted EPS (a) | (.62 | ) | (.11 | ) | .06 | (1.91 | ) | (.11 | ) | NM | NM | |||||||||||||||||
Diluted shares (a) | 201,184 | 176,936 | 130,532 | 129,949 | 129,917 | 14 | % | 55 | % | |||||||||||||||||||
Period-end shares outstanding | 201,594 | 201,744 | 130,668 | 130,235 | 130,257 | * | 55 | % | ||||||||||||||||||||
Dividends declared per share (b) | (c) | $ | .20 | $ | .20 | $ | .45 | $ | .45 | NM | NM | |||||||||||||||||
Balance Sheet Highlights (Period End) | ||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 21,601,898 | $ | 22,225,232 | $ | 21,932,020 | $ | 22,103,516 | $ | 21,973,004 | (3 | )% | (2 | )% | ||||||||||||||
Total loans held for sale-divestiture (d) | - | - | 207,672 | 289,878 | 565,492 | - | (100 | )% | ||||||||||||||||||||
Total deposits | 13,778,235 | 15,093,947 | 16,188,542 | 17,032,285 | 18,635,359 | (9 | )% | (26 | )% | |||||||||||||||||||
Total deposits-divestiture (d) | - | 296,632 | 118,720 | 230,418 | 474,809 | (100 | )% | (100 | )% | |||||||||||||||||||
Total assets | 32,804,376 | 35,549,961 | 37,267,945 | 37,015,461 | 37,478,252 | (8 | )% | (12 | )% | |||||||||||||||||||
Total assets-divestiture (d) | - | 395,628 | 216,431 | 305,734 | 588,115 | (100 | )% | (100 | )% | |||||||||||||||||||
Total liabilities | 29,931,458 | 32,557,238 | 34,860,441 | 34,584,588 | 34,761,148 | (8 | )% | (14 | )% | |||||||||||||||||||
Total liabilities-divestiture (d) | - | 298,098 | 120,590 | 232,343 | 514,198 | (100 | )% | (100 | )% | |||||||||||||||||||
Total shareholders' equity | 2,577,641 | 2,697,446 | 2,112,227 | 2,135,596 | 2,421,827 | (4 | )% | 6 | % | |||||||||||||||||||
Key Ratios & Other | ||||||||||||||||||||||||||||
Return on average assets | (1.49 | )% | (.21 | )% | .09 | % | (2.65 | )% | (.15 | )% | ||||||||||||||||||
Return on average equity | (18.30 | )% | (3.02 | )% | 1.47 | % | (42.52 | )% | (2.31 | )% | ||||||||||||||||||
Net interest margin | 3.01 | % | 3.01 | % | 2.81 | % | 2.77 | % | 2.87 | % | ||||||||||||||||||
Efficiency ratio | 76.1 | % | 73.0 | % | 64.7 | % | 176.1 | % | 95.5 | % | ||||||||||||||||||
Book Value Per Share | $ | 12.75 | $ | 13.34 | $ | 16.10 | $ | 16.33 | $ | 18.51 | ||||||||||||||||||
Tangible Book Value Per Share | 11.57 | 12.14 | 14.23 | 14.42 | 16.02 | |||||||||||||||||||||||
FTE employees | 6,091 | 9,245 | 9,555 | 9,941 | 11,052 | (34 | )% | (45 | )% |
NM - Not meaningful
* Amount is less than one percent.
(a) | Shares restated for stock dividend. |
(b) | Third quarter 2008 dividend declared paid in shares. |
(c) | Stock dividend rate of 3.0615% per share. |
(d) | Second quarter 2008 associated with the sale of certain mortgage operations; prior periods associated with the sale of First Horizon Bank branches. |