EX-99 2 exh_991.htm EXHIBIT 99.1 Unassociated Document
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.