| | EXHIBIT 99.1 |
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REVISED SUMMARY QUARTERLY RESULTS | | |
Quarterly, Unaudited | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | 4Q08 Change vs. |
(Thousands) | | 4Q08 | | | | 3Q08 | | | | 2Q08 | | | | 1Q08 | | | | 4Q07 | | | | 3Q08 | | | | 4Q07 | |
Income Statement Highlights | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | $ | 204,948 | | | $ | 223,147 | | | $ | 238,895 | | | $ | 228,092 | | | $ | 225,987 | | | | (8 | )% | | | (9 | )% |
Noninterest income | | 336,672 | | | | 305,383 | | | | 400,018 | | | | 383,130 | | | | 103,429 | | | | 10 | % | | | 226 | % |
Securities gains/(losses), net | | 1,346 | | | | (210 | ) | | | (972 | ) | | | 65,946 | | | | (10,442 | ) | | NM | | | NM | |
Total revenue | | 542,966 | | | | 528,320 | | | | 637,941 | | | | 677,168 | | | | 318,974 | | | | 3 | % | | | 70 | % |
Noninterest expense | | 349,658 | | | | 402,274 | | | | 465,843 | | | | 438,277 | | | | 561,559 | | | | (13 | )% | | | (38 | )% |
Provision | | 280,000 | | | | 340,000 | | | | 220,000 | | | | 240,000 | | | | 156,519 | | | | (18 | )% | | | 79 | % |
Pre-tax income/(loss) | | (86,692 | ) | | | (213,954 | ) | | | (47,902 | ) | | | (1,109 | ) | | | (399,104 | ) | | | 59 | % | | | 78 | % |
Benefit for income taxes | | (30,988 | ) | | | (88,859 | ) | | | (28,821 | ) | | | (8,146 | ) | | | (146,342 | ) | | | 65 | % | | | 79 | % |
Income/(loss) from continuing operations | | (55,704 | ) | | | (125,095 | ) | | | (19,081 | ) | | | 7,037 | | | | (252,762 | ) | | | 55 | % | | | 78 | % |
Income from discontinued operations, net of tax | | - | | | | - | | | | - | | | | 883 | | | | 4,137 | | | | - | | | | (100 | )% |
Net income/(loss) | | (55,704 | ) | | | (125,095 | ) | | | (19,081 | ) | | | 7,920 | | | | (248,625 | ) | | | 55 | % | | | 78 | % |
Preferred stock dividends | | 7,413 | | | | - | | | | - | | | | - | | | | - | | | NM | | | NM | |
Income/(loss) from continuing operations available to common shareholders | | (63,117 | ) | | | (125,095 | ) | | | (19,081 | ) | | | 7,920 | | | | (248,625 | ) | | | 50 | % | | | 75 | % |
Net Income/(loss) available to common shareholders | | (63,117 | ) | | | (125,095 | ) | | | (19,081 | ) | | | 7,920 | | | | (248,625 | ) | | | 50 | % | | | 75 | % |
Common Stock Data | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted EPS from continuing operations available to common shareholders (a) | $ | (0.31 | ) | | $ | (0.61 | ) | | $ | (0.11 | ) | | $ | 0.05 | | | $ | (1.91 | ) | | | 49 | % | | | 84 | % |
Diluted EPS available to common shareholders (a) | | (.31 | ) | | | (.61 | ) | | | (.11 | ) | | | .06 | | | | (1.88 | ) | | | 49 | % | | | 84 | % |
Diluted shares (a) | | 204,882 | | | | 204,880 | | | | 180,186 | | | | 132,938 | | | | 132,336 | | | | * | | | | 55 | % |
Period-end shares outstanding (a) | | 205,283 | | | | 205,837 | | | | 205,994 | | | | 133,639 | | | | 133,218 | | | | * | | | | 54 | % |
Dividends declared per share (b) | NM (c) | | | NM (d) | | | $ | 0.19 | (e) | | $ | 0.19 | (e) | | $ | 0.43 | (e) | | NM | | | NM | |
Balance Sheet Highlights (Period End) | | | | | | | | | | | | | | | | | | | | | |
Total loans, net of unearned income | $ | 21,278,190 | | | $ | 21,601,898 | | | $ | 22,225,232 | | | $ | 21,932,020 | | | $ | 22,103,516 | | | | (1 | )% | | | (4 | )% |
Total loans held for sale-divestiture | | - | | | | - | | | | - | | | | 207,672 | | | | 289,878 | | | | - | | | | (100 | )% |
Total deposits | | 14,241,814 | | | | 13,778,235 | | | | 15,093,947 | | | | 16,188,542 | | | | 17,032,285 | | | | 3 | % | | | (16 | )% |
Total deposits-divestiture | | - | | | | - | | | | 296,632 | | | | 118,720 | | | | 230,418 | | | | - | | | | (100 | )% |
Total assets | | 31,021,980 | | | | 32,804,376 | | | | 35,549,961 | | | | 37,267,945 | | | | 37,015,461 | | | | (5 | )% | | | (16 | )% |
Total assets-divestiture | | - | | | | - | | | | 395,628 | | | | 216,431 | | | | 305,734 | | | | - | | | | (100 | )% |
Total liabilities | | 27,447,348 | | | | 29,931,458 | | | | 32,557,238 | | | | 34,860,441 | | | | 34,584,588 | | | | (8 | )% | | | (21 | )% |
Total liabilities-divestiture | | - | | | | - | | | | 298,098 | | | | 120,590 | | | | 232,343 | | | | - | | | | (100 | )% |
Total shareholders' equity | | 3,279,467 | | | | 2,577,641 | | | | 2,697,446 | | | | 2,112,227 | | | | 2,135,596 | | | | 27 | % | | | 53 | % |
Key Ratios & Other | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | (.71 | )% | | | (1.49 | )% | | | (.21 | )% | | | .09 | % | | | (2.65 | )% | | | | | | | | |
Return on average common equity | | (9.29 | )% | | | (18.30 | )% | | | (3.02 | )% | | | 1.47 | % | | | (42.52 | )% | | | | | | | | |
Net interest margin | | 2.96 | % | | | 3.01 | % | | | 3.01 | % | | | 2.81 | % | | | 2.77 | % | | | | | | | | |
Efficiency ratio | | 64.4 | % | | | 76.1 | % | | | 73.0 | % | | | 64.7 | % | | | 176.1 | % | | | | | | | | |
Book value per common share (a) | $ | 12.13 | | | $ | 12.52 | | | $ | 13.09 | | | $ | 15.81 | | | $ | 16.03 | | | | | | | | | |
Tangible book value per common share (a) | $ | 10.98 | | | $ | 11.36 | | | $ | 11.92 | | | $ | 13.98 | | | $ | 14.16 | | | | | | | | | |
FTE employees | | 6,095 | | | | 6,195 | | | | 9,386 | | | | 9,711 | | | | 10,174 | | | | (2 | )% | | | (40 | )% |
NM - Not meaningful | | |
* Amount is less than one percent. | | |
Certain previously reported amounts have been reclassified to agree with current presentation. | | |
(a) Shares restated for October 1, 2008 and January 1, 2009 stock dividends. | | |
(b) Third and fourth quarter 2008 dividend declared paid in shares. | | |
(c) Stock dividend rate of 1.837% per share. |
(d) Stock dividend rate of 3.0615% per share. | | |
(e) Cash dividends per share restated for October 1, 2008, and January 1, 2009, stock dividends. | | |