EX-99.2 3 g70595ex99-2.txt SECOND QUARTER 2001 UNAUDITED SUPPL FIN INFO 1 EXHIBIT 99.2 Second Quarter 2001 Unaudited Supplemental Financial Information 2 UNION PLANTERS CORPORATION CONSOLIDATED BALANCE SHEET (Unaudited)
June 30, Variance ---------------------------- ------------------------ 2001 2000 Dollar Percentage ------------ ------------ ------------ ---------- (Dollars in thousands) ASSETS Cash and due from banks $ 841,117 $ 1,006,884 $ (165,767) (16.46)% Interest-bearing deposits at financial institutions 39,360 28,819 10,541 36.58 Federal funds sold and securities purchased -- -- under agreements to resell 136,023 72,389 63,634 87.91 Trading account assets 218,277 202,019 16,258 8.05 Loans held for resale 1,316,493 356,934 959,559 268.83 Available for sale securities (Amortized cost: $5,194,729, $7,192,127, and $6,849,457, respectively) 5,280,970 6,954,593 (1,673,623) (24.07) Loans 24,513,068 23,353,877 1,159,191 4.96 Less: Unearned income (21,386) (25,687) 4,301 16.74 Allowance for losses on loans (342,868) (345,858) 2,990 0.86 ------------ ------------ ------------ Net loans 24,148,814 22,982,332 1,166,482 5.08 Premises and equipment, net 596,781 622,892 (26,111) (4.19) Accrued interest receivable 279,594 288,231 (8,637) (3.00) FHA/VA claims receivable 74,063 88,445 (14,382) (16.26) Mortgage intangibles 145,440 132,985 12,455 9.37 Goodwill 807,698 818,009 (10,311) (1.26) Other intangibles 159,786 167,352 (7,566) (4.52) Other assets 423,663 504,929 (81,266) (16.09) ------------ ------------ ------------ Total assets $ 34,468,079 $ 34,226,813 $ 241,266 0.70 ============ ============ ============ Liabilities and shareholders' equity Deposits Noninterest-bearing 4,201,071 4,097,788 $ 103,283 2.52 Certificates of deposit of $100,000 and over 2,125,325 2,485,447 (360,122) (14.49) Other interest-bearing 17,515,957 16,707,120 808,837 4.84 ------------ ------------ ------------ Total deposits 23,842,353 23,290,355 551,998 2.37 Short-term borrowings 4,003,707 5,526,280 (1,522,573) (27.55) Short and medium-term senior notes 60,000 660,000 (600,000) (90.91) Federal Home Loan Bank advances 1,461,115 601,506 859,609 142.91 Other long-term debt 1,276,006 829,057 446,949 53.91 Accrued interest, expenses, and taxes 342,921 282,583 60,338 21.35 Other liabilities 354,095 338,362 15,733 4.65 ------------ ------------ ------------ Total liabilities 31,340,197 31,528,143 (187,946) (0.60) ------------ ------------ ------------ Commitments and contingent liabilities -- -- -- -- Shareholders' equity Convertible preferred stock 18,758 19,983 (1,225) (6.13) Common stock, $5 par value; 300,000,000 shares authorized; 137,070,920 issued and outstanding (134,731,904 at June 30, 2000, and 134,734,841 at December 31, 2000) 685,355 673,660 11,695 1.74 Additional paid-in capital 873,183 752,846 120,337 15.98 Retained earnings 1,510,749 1,424,808 85,941 6.03 Unearned compensation (14,563) (22,273) 7,710 34.62 Accumulated other comprehensive income-unrealized -- -- gain (loss) on available for sale securities, net 54,400 (150,354) 204,754 136.18 ------------ ------------ ------------ Total shareholders' equity 3,127,882 2,698,670 429,212 15.90 ------------ ------------ ------------ Total liabilities and shareholders' equity $ 34,468,079 $ 34,226,813 $ 241,266 0.70 ============ ============ ============
3 UNION PLANTERS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
THREE MONTHS ENDED JUNE 30, VARIANCE -------------------- --------------------- 2001 2000 DOLLAR PERCENTAGE -------- -------- -------- ---------- (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) INTEREST INCOME Interest and fees on loans $502,596 $500,527 $ 2,069 0.4% Interest on investment securities Taxable 71,282 98,491 (27,209) (27.6) Tax-exempt 15,089 16,293 (1,204) (7.4) Interest on deposits at financial institutions 650 193 457 236.8 Interest on federal funds sold and securities purchased under agreements to resell 484 1,578 (1,094) (69.3) Interest on trading account assets 4,410 3,362 1,048 31.2 Interest on loans held for resale 20,203 6,300 13,903 220.7 -------- -------- -------- Total interest income 614,714 626,744 (12,030) (1.9) -------- -------- -------- INTEREST EXPENSE Interest on deposits 207,258 200,594 6,664 3.3 Interest on short-term borrowings 48,654 94,381 (45,727) (48.4) Interest on long-term debt 42,638 20,417 22,221 108.8 -------- -------- -------- Total interest expense 298,550 315,392 (16,842) (5.3) -------- -------- -------- NET INTEREST INCOME 316,164 311,352 4,812 1.5 PROVISION FOR LOSSES ON LOANS 28,900 19,699 9,201 46.7 -------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 287,264 291,653 (4,389) (1.5) -------- -------- -------- NONINTEREST INCOME Service charges on deposit accounts 56,291 44,667 11,624 26.0 Mortgage banking revenue 46,061 24,767 21,294 86.0 Merchant servicing income 11,303 9,391 1,912 20.4 Factoring commissions and fees 9,922 9,567 355 3.7 Trust service income 6,988 6,567 421 6.4 Profits and commissions from trading activities 2,169 1,253 916 73.1 Investments and insurance 11,994 12,851 (857) (6.7) Investment securities gains 8,330 77 8,253 NM Other income 34,114 29,360 4,754 16.2 -------- -------- -------- Total noninterest income 187,172 138,500 48,672 35.1 -------- -------- -------- NONINTEREST EXPENSE Salaries and employee benefits 133,170 127,567 5,603 4.4 Net occupancy expense 25,948 23,550 2,398 10.2 Equipment expense 22,489 21,329 1,160 5.4 Goodwill amortization 12,129 11,411 718 6.3 Other intangibles amortization 4,244 4,451 (207) (4.7) Other expense 111,013 87,577 23,436 26.8 -------- -------- -------- Total noninterest expense 308,993 275,885 33,108 12.0 -------- -------- -------- EARNINGS BEFORE INCOME TAXES 165,443 154,268 11,175 7.2 Applicable income taxes 56,118 51,383 4,735 9.2 -------- -------- -------- NET EARNINGS $109,325 $102,885 $ 6,440 6.3% ======== ======== ======== NET EARNINGS APPLICABLE TO COMMON SHARES $108,946 $102,483 $ 6,463 6.3% ======== ======== ======== EARNINGS PER COMMON SHARE Basic $ .80 $ .76 $ .04 5.3% Diluted .79 .76 .03 3.9 AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS) Basic 136,988 134,794 2,194 1.6% Diluted 138,608 136,268 2,340 1.7
4 UNION PLANTERS CORPORATION SUMMARY OF CONSOLIDATED RESULTS (UNAUDITED)
THREE MONTHS ENDED JUNE 30, ------------------------ 2001 2000 VARIANCE PERCENTAGE ---------- ---------- -------- ---------- (Dollars in thousands) Interest income $ 614,714 $ 626,744 $(12,030) (1.9)% Interest expense (298,550) (315,392) 16,842 (5.3) ---------- ---------- -------- NET INTEREST INCOME 316,164 311,352 4,812 1.5 PROVISION FOR LOSSES ON LOANS (28,900) (19,699) (9,201) 46.7 ---------- ---------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 287,264 291,653 (4,389) (1.5) NONINTEREST INCOME Service charges on deposit accounts 56,291 44,667 11,624 26.0 Mortgage banking revenue 46,061 24,767 21,294 86.0 Merchant servicing income 11,303 9,391 1,912 20.4 Factoring commissions 9,922 9,567 355 3.7 Trust service income 6,988 6,567 421 6.4 Profits and commissions from trading activities 2,169 1,253 916 73.2 Investment and insurance 11,994 12,851 (857) (6.7) Other income 34,114 24,598 9,516 38.7 ---------- ---------- -------- Total noninterest income 178,842 133,661 45,181 33.8 ---------- ---------- -------- NONINTEREST EXPENSE Salaries and employee benefits 133,170 127,567 5,603 4.4 Net occupancy expense 25,948 23,550 2,398 10.2 Equipment expense 22,489 21,329 1,160 5.4 Goodwill amortization 12,129 11,411 718 6.3 Other intangibles amortization 4,244 4,451 (207) (4.6) Other expense 102,979 87,577 15,402 17.6 ---------- ---------- -------- Total noninterest expense 300,959 275,885 25,074 9.1 ---------- ---------- -------- EARNINGS BEFORE NONOPERATING ITEMS AND INCOME TAXES 165,147 149,429 15,718 10.5 NONOPERATING ITEMS Reversion of excess assets of a pension plan of an acquired entity -- 4,762 (4,762) (100.0) Investment securities gains (losses) 8,330 77 8,253 NM UPExcel project expense (8,034) -- (8,034) NM ---------- ---------- -------- EARNINGS BEFORE INCOME TAXES 165,443 154,268 11,175 7.2 Applicable income taxes (56,118) (51,383) (4,735) 9.2 ---------- ---------- -------- NET EARNINGS $ 109,325 $ 102,885 $ 6,440 6.3% ========== ========== ======== NET EARNINGS $ 109,325 $ 102,885 $ 6,440 6.3% Nonoperating items, net of taxes (181) (2,493) 2,312 NM ---------- ---------- -------- NET OPERATING EARNINGS 109,144 100,392 8,752 Goodwill and other intangibles amortization, net of taxes 13,944 13,390 554 4.1 ---------- ---------- -------- CASH OPERATING EARNINGS $ 123,088 $ 113,782 $ 9,306 8.2% ========== ========== ======== DILUTED EARNINGS PER COMMON SHARE $ .79 $ .76 $ .03 3.9% DILUTED OPERATING EARNINGS PER COMMON SHARE .79 .74 .05 6.8 DILUTED CASH OPERATING EARNINGS PER COMMON SHARE .89 .84 .05 6.0
5 UNION PLANTERS CORPORATION CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
THREE MONTHS ENDED JUNE 30, --------------------------------------------------------------------- 2001 2000 --------------------------------- --------------------------------- INTEREST FTE INTEREST FTE AVERAGE INCOME/ YIELD/ AVERAGE INCOME/ YIELD/ BALANCE EXPENSE RATE BALANCE EXPENSE RATE ------------ -------- ------ ------------ -------- ------ (DOLLARS IN THOUSANDS) ASSETS Interest-bearing deposits at financial institutions $ 60,822 $ 650 4.29% $ 26,785 $ 193 2.90% Federal funds sold and securities purchased under agreements to resell 47,465 484 4.09 96,490 1,578 6.58 Trading account assets 249,891 4,410 7.08 184,841 3,362 7.32 Investment securities(1)(2) Taxable securities 4,374,538 71,282 6.54 6,145,785 98,491 6.45 Tax-exempt securities 1,157,832 22,133 7.67 1,246,479 23,894 7.71 ------------ -------- ------------ -------- Total investment securities 5,532,370 93,415 6.77 7,392,264 122,385 6.66 Loans, net of unearned income (1), (3), (4) 25,798,890 524,264 8.15 23,058,844 508,262 8.87 ------------ -------- ------------ -------- TOTAL EARNING ASSETS (1), (2), (3), (4) 31,689,438 623,223 7.89 30,759,224 635,780 8.31 ------------ -------- ------------ -------- Cash and due from banks 749,953 909,685 Premises and equipment 602,321 632,790 Allowance for losses on loans (342,269) (350,085) Goodwill and other intangibles 970,927 962,208 Other assets 996,089 949,561 ------------ ------------ TOTAL ASSETS $ 34,666,459 $ 33,863,383 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Money market accounts $ 4,351,669 42,418 3.91% $ 3,826,930 40,075 4.21% Interest-bearing checking 3,139,032 10,953 1.40 3,309,979 12,410 1.51 Savings deposits 1,375,179 5,098 1.49 1,513,795 5,408 1.44 Certificates of deposit of $100,000 and over 2,129,634 31,232 5.88 2,228,985 31,775 5.73 Other time deposits 8,604,022 117,557 5.48 8,268,440 110,926 5.40 Short-term borrowings Federal funds purchased and securities sold under agreements to repurchase 3,429,852 36,413 4.26 2,659,034 39,079 5.91 Short-term senior notes -- -- -- 408,791 6,904 6.79 Other 1,052,586 12,241 4.66 3,019,708 48,398 6.45 Long-term debt Federal Home Loan Bank advances 1,386,592 17,926 5.19 236,743 3,864 6.56 Subordinated capital notes 974,025 17,558 7.23 475,130 7,754 6.56 Medium-term senior notes 60,000 1,025 6.85 60,000 1,024 6.86 Trust Preferred Securities 199,093 4,128 8.32 199,058 4,127 8.34 Other 102,975 2,001 7.79 154,836 3,648 9.48 ------------ -------- ------------ -------- TOTAL INTEREST-BEARING LIABILITIES 26,804,659 298,550 4.47 26,361,429 315,392 4.81 Noninterest-bearing demand deposits 4,077,740 -- 4,058,827 -- ------------ -------- ------------ -------- TOTAL SOURCES OF FUNDS 30,882,399 298,550 30,420,256 315,392 ------------ -------- ------------ -------- Other liabilities 704,047 625,244 Shareholders' equity Preferred stock 19,304 20,398 Common equity 3,060,709 2,797,485 ------------ ------------ Total shareholders' equity 3,080,013 2,817,883 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 34,666,459 $ 33,863,383 ============ ============ NET INTEREST INCOME(1) $324,673 $320,388 ======== ======== NET INTEREST RATE SPREAD(1) 3.42% 3.50% ==== ==== NET INTEREST MARGIN(1) 4.11% 4.19% ==== ==== TAXABLE-EQUIVALENT ADJUSTMENTS Loans $ 1,465 $ 1,435 Investment securities 7,044 7,601 -------- -------- Total $ 8,509 $ 9,036 ======== ========
--------------- (1) Taxable-equivalent yields are calculated assuming a 35% federal income tax rate. (2) Yields are calculated on historical cost and exclude the impact of the unrealized gain (loss) on available for sale securities. (3) Includes loan fees in both interest income and the calculation of the yield on loans. (4) Includes loans on nonaccrual status. 6 UNION PLANTERS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, VARIANCE ------------------------ --------------------- 2001 2000 DOLLAR PERCENTAGE ---------- ---------- -------- ---------- (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) INTEREST INCOME Interest and fees on loans $1,031,693 $ 970,290 $ 61,403 6.3% Interest on investment securities Taxable 159,967 200,182 (40,215) (20.1) Tax-exempt 30,451 33,106 (2,655) (8.0) Interest on deposits at financial institutions 1,137 513 624 121.6 Interest on federal funds sold and securities purchased under agreements to resell 1,003 2,607 (1,604) (61.5) Interest on trading account assets 8,646 8,416 230 2.7 Interest on loans held for resale 30,233 12,618 17,615 139.6 ---------- ---------- -------- Total interest income 1,263,130 1,227,732 35,398 2.9 ---------- ---------- -------- INTEREST EXPENSE Interest on deposits 424,359 390,562 33,797 8.7 Interest on short-term borrowings 130,517 171,077 (40,560) (23.7) Interest on long-term debt 81,064 39,991 41,073 102.7 ---------- ---------- -------- Total interest expense 635,940 601,630 34,310 5.7 ---------- ---------- -------- NET INTEREST INCOME 627,190 626,102 1,088 0.2 PROVISION FOR LOSSES ON LOANS 54,200 37,002 17,198 46.5 ---------- ---------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 572,990 589,100 (16,110) (2.7) ---------- ---------- -------- NONINTEREST INCOME Service charges on deposit accounts 109,707 86,698 23,009 26.5 Mortgage banking revenue 87,410 47,384 40,026 84.5 Merchant servicing income 20,962 17,813 3,149 17.7 Factoring commissions and fees 19,080 18,947 133 0.7 Trust service income 14,072 13,232 840 6.3 Profits and commissions from trading activities 4,887 2,716 2,171 79.9 Investments and insurance 23,655 26,315 (2,660) (10.1) Investment securities gains 8,354 77 8,277 NM Other income 63,958 52,887 11,071 20.9 ---------- ---------- -------- Total noninterest income 352,085 266,069 86,016 32.3 ---------- ---------- -------- NONINTEREST EXPENSE Salaries and employee benefits 265,513 256,298 9,215 3.6 Net occupancy expense 51,715 46,949 4,766 10.2 Equipment expense 44,623 42,404 2,219 5.2 Goodwill amortization 24,095 22,801 1,294 5.7 Other intangibles amortization 8,728 8,908 (180) (2.0) Other expense 203,991 170,230 33,761 19.8 ---------- ---------- -------- Total noninterest expense 598,665 547,590 51,075 9.3 ---------- ---------- -------- EARNINGS BEFORE INCOME TAXES 326,410 307,579 18,831 6.1 Applicable income taxes 110,718 103,357 7,361 7.1 ---------- ---------- -------- NET EARNINGS $ 215,692 $ 204,222 $ 11,470 5.6% ========== ========== ======== NET EARNINGS APPLICABLE TO COMMON SHARES $ 214,927 $ 203,408 $ 11,519 5.7% ========== ========== ======== EARNINGS PER COMMON SHARE Basic $ 1.57 $ 1.50 $ .07 4.7% Diluted 1.56 1.49 .07 4.7 AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS) Basic 136,795 135,670 1,125 0.8% Diluted 138,395 137,170 1,225 0.9
7 UNION PLANTERS CORPORATION SUMMARY OF CONSOLIDATED RESULTS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, ---------------------------- 2001 2000 VARIANCE PERCENTAGE ------------ ------------ -------- ---------- (Dollars in thousands) Interest income $ 1,263,130 $ 1,227,732 $ 35,398 2.9% Interest expense (635,940) (601,630) (34,310) 5.7 ------------ ------------ -------- NET INTEREST INCOME 627,190 626,102 1,088 0.2 PROVISION FOR LOSSES ON LOANS (54,200) (37,002) (17,198) 46.5 ------------ ------------ -------- NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 572,990 589,100 (16,110) (2.7) NONINTEREST INCOME Service charges on deposit accounts 109,707 86,698 23,009 26.5 Mortgage banking revenue 87,410 47,384 40,026 84.5 Merchant servicing income 20,962 17,813 3,149 17.7 Factoring commissions and fees 19,080 18,947 133 0.7 Trust service income 14,072 13,232 840 6.4 Profits and commissions from trading activities 4,887 2,716 2,171 80.0 Investment and insurance 23,655 26,315 (2,660) (10.1) Other income 63,958 48,125 15,833 32.9 ------------ ------------ -------- Total noninterest income 343,731 261,230 82,501 31.6 ------------ ------------ -------- NONINTEREST EXPENSE Salaries and employee benefits 265,513 256,298 9,215 3.6 Net occupancy expense 51,715 46,949 4,766 10.2 Equipment expense 44,623 42,404 2,219 5.2 Goodwill amortization 24,095 22,801 1,294 5.7 Other intangibles amortization 8,728 8,908 (180) (2.0) Other expense 195,957 170,230 25,727 15.1 ------------ ------------ -------- Total noninterest expense 590,631 547,590 43,041 7.9 ------------ ------------ -------- EARNINGS BEFORE NONOPERATING ITEMS AND INCOME TAXES 326,090 302,740 23,350 7.7 NONOPERATING ITEMS Reversion on pension plan assets -- 4,762 (4,762) (100.0) Investment securities gains (losses) 8,354 77 8,277 NM UPExcel project expense (8,034) -- (8,034) NM ------------ ------------ -------- EARNINGS BEFORE INCOME TAXES 326,410 307,579 18,831 6.1 Applicable income taxes (110,718) (103,357) (7,361) 7.1 ------------ ------------ -------- NET EARNINGS $ 215,692 $ 204,222 $ 11,470 5.6% ============ ============ ======== NET EARNINGS $ 215,692 $ 204,222 $ 11,470 5.6% Nonoperating items, net of taxes (195) (2,493) 2,298 (92.2) ------------ ------------ -------- NET OPERATING EARNINGS 215,497 201,729 13,768 6.8 Goodwill and other intangibles amortization, net of taxes 27,865 26,712 1,153 4.3 ------------ ------------ -------- CASH OPERATING EARNINGS $ 243,362 $ 228,441 $ 14,921 6.5% ============ ============ ======== DILUTED EARNINGS PER COMMON SHARE $ 1.56 $ 1.49 $ .07 4.7% DILUTED OPERATING EARNINGS PER COMMON SHARE 1.56 1.47 .09 6.1 DILUTED CASH OPERATING EARNINGS PER COMMON SHARE 1.76 1.67 .09 5.4
8 UNION PLANTERS CORPORATION CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
SIX MONTHS ENDED JUNE 30, ------------------------------------------------------------------------- 2001 2000 ----------------------------------- ----------------------------------- INTEREST FTE INTEREST FTE AVERAGE INCOME/ YIELD/ AVERAGE INCOME/ YIELD/ BALANCE EXPENSE RATE BALANCE EXPENSE RATE ------------ ---------- ------ ------------ ---------- ------ (DOLLARS IN THOUSANDS) ASSETS Interest-bearing deposits at financial institutions $ 47,147 $ 1,137 4.86% $ 31,138 $ 513 3.31% Federal funds sold and securities purchased under agreements to resell 41,167 1,003 4.91 83,861 2,607 6.25 Trading account assets 228,352 8,646 7.64 225,205 8,416 7.52 Investment securities(1)(2) Taxable securities 4,909,599 159,967 6.57 6,257,532 200,182 6.43 Tax-exempt securities 1,170,535 45,091 7.77 1,261,207 48,586 7.75 ------------ ---------- ------------ ---------- Total investment securities 6,080,134 205,058 6.80 7,518,739 248,768 6.65 Loans, net of unearned income(1), (3), (4) 25,498,712 1,065,060 8.42 22,544,773 985,585 8.79 ------------ ---------- ------------ ---------- TOTAL EARNING ASSETS(1), (2), (3), (4) 31,895,512 1,280,904 8.10 30,403,716 1,245,889 8.24 ------------ ---------- ------------ ---------- Cash and due from banks 771,617 942,988 Premises and equipment 602,617 632,876 Allowance for losses on loans (340,482) (348,131) Goodwill and other intangibles 966,833 964,244 Other assets 987,836 962,406 ------------ ------------ TOTAL ASSETS $ 34,883,933 $ 33,558,099 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Money market accounts $ 4,149,658 84,895 4.13% $ 3,871,068 79,102 4.11% Interest-bearing checking 3,144,278 22,386 1.44 3,356,588 25,104 1.50 Savings deposits 1,363,149 9,975 1.48 1,536,068 11,037 1.44 Certificates of deposit of $100,000 and over 2,196,118 66,015 6.06 2,103,577 57,863 5.53 Other time deposits 8,559,661 241,088 5.68 8,336,204 217,456 5.25 Short-term borrowings Federal funds purchased and securities sold under agreements to repurchase 3,635,715 87,143 4.83 2,501,508 69,831 5.61 Short-term senior notes -- -- -- 240,659 8,016 6.70 Other 1,584,190 43,374 5.52 3,012,839 93,230 6.22 Long-term debt Federal Home Loan Bank advances 1,361,512 37,521 5.56 219,413 6,876 6.30 Subordinated capital notes 816,848 28,791 7.11 475,315 15,513 6.56 Medium-term senior notes 60,000 2,049 6.89 60,000 2,049 6.87 Trust Preferred Securities 199,089 8,255 8.36 199,053 8,255 8.34 Other 103,092 4,448 8.70 159,046 7,298 9.23 ------------ ---------- ------------ ---------- TOTAL INTEREST-BEARING LIABILITIES 27,173,310 635,940 4.72 26,071,338 601,630 4.64 Noninterest-bearing demand deposits 3,984,400 -- 4,043,121 -- ------------ ---------- ------------ ---------- TOTAL SOURCES OF FUNDS 31,157,710 635,940 30,114,459 601,630 ------------ ---------- ------------ ---------- Other liabilities 697,628 613,761 Shareholders' equity Preferred stock 19,417 20,582 Common equity 3,009,178 2,809,297 ------------ ------------ Total shareholders' equity 3,028,595 2,829,879 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 34,883,933 $ 33,558,099 ============ ============ NET INTEREST INCOME(1) $ 644,964 $ 644,259 ========== ========== NET INTEREST RATE SPREAD(1) 3.38% 3.60% ==== ==== NET INTEREST MARGIN(1) 4.08% 4.26% ==== ==== TAXABLE-EQUIVALENT ADJUSTMENTS Loans $ 3,134 $ 2,677 Investment securities 14,640 15,480 ---------- ---------- Total $ 17,774 $ 18,157 ========== ==========
--------------- (1) Taxable-equivalent yields are calculated assuming a 35% federal income tax rate. (2) Yields are calculated on historical cost and exclude the impact of the unrealized gain (loss) on available for sale securities. (3) Includes loan fees in both interest income and the calculation of the yield on loans. (4) Includes loans on nonaccrual status.