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fifth third bancorp Q2-04 

 

 
 
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Published:  January 15, 2012
 
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Slide 1: News Release CONTACT: Bradley S. Adams (Analysts) (513) 534-0983 Roberta R. Jennings (Media) (513) 579-4153 FOR IMMEDIATE RELEASE July 15, 2004 FIFTH THIRD BANCORP REPORTS 11 PERCENT INCREASE IN SECOND QUARTER EARNINGS PER SHARE Fifth Third Bancorp’s 2004 second quarter earnings per diluted share were $.79, an increase of 11 percent over $.71 per diluted share for the same period in 2003. Second quarter net income totaled $447,525,000, an eight percent increase over second quarter 2003’s net income of $415,275,000. Second quarter return on average assets (ROA) and return on average equity (ROE) were 1.91 percent and 21.0 percent, respectively, compared to 1.92 percent and 18.6 percent in 2003’s second quarter. “Second quarter results reflect favorable momentum across nearly all of Fifth Third’s businesses,” stated George A. Schaefer, Jr., President and CEO of Fifth Third Bancorp. “Strong sales results from our investment advisors and electronic payment processing businesses and continued strength in commercial and retail, including mortgage banking, offer reason for optimism as the economy shows more strength. Credit quality trends continue to improve and expenses remain well controlled as a result of our focus on productivity initiatives. Our focus for the remainder of 2004 and into 2005 continues to be on investing in our larger markets to build a best-in-class branch network and generating growth on every street corner we serve.” “While the direction of the economy and the numerous changes in market sentiment remain well beyond our control, I continue to be very pleased with the successes we have achieved in terms of hiring talented and experienced sales people and the level of investment we have made in our larger markets. The environment will continue to offer challenges as the industry navigates a period of rising interest rates, however, Fifth Third’s strong capital base and conservatively positioned balance sheet, diversified business mix, large core deposit funding base and, most importantly, a proven sales culture, position us well to manage in this climate. We believe these strengths, combined with the tremendous amount of upside we have in our larger markets and successful de-novo growth, provide Fifth Third the ability to compete very aggressively in any rate environment.”
Slide 2: Noninterest Income Recent strong business line revenue growth trends continued in the second quarter with Noninterest Income increasing 21 percent over the same quarter last year. Investment Advisory revenues increased 17 percent over the same quarter last year and 17 percent on a year-to-date basis primarily as a result of strong sales momentum across numerous product lines including retail brokerage, institutional asset management and private client services. Fifth Third continues to focus its sales efforts on integrating services across business lines and working closely with retail and commercial team members to take advantage of a diverse and expanding customer base. Fifth Third Investment Advisors, among the largest money managers in the Midwest, has $35 billion in assets under management and $171 billion in assets under care. Fifth Third Processing Solutions, our electronic payment processing division, delivered a five percent increase in revenues over the second quarter of last year. Comparisons to prior periods are impacted by the April 1, 2004 sale of certain out-of-footprint third-party sourced merchant processing contracts acquired through previous acquisitions that neither met Fifth Third’s return requirements nor offered additional sales opportunities. The revenue previously realized from these sold merchant contracts along with the reduction of approximately $7 million in revenue from the MasterCard®/Visa® settlement combined to represent a reduction of approximately $29 million in quarterly revenue that was previously reported as a component of electronic payment processing revenues. Exclusive of the impact of the above referenced items, second quarter revenues increased by 25 percent on a core basis over the same quarter last year reflective of strong new business acquisition and improved retail sales volume activity; comparisons being provided to supplement an understanding of these fundamental revenue trends. Successful sales of retail and commercial deposit accounts and corporate treasury management products fueled an increase in deposit service revenues of nine percent over the same quarter last year and 26 percent on an annualized sequential basis. The second quarter results were highlighted by a 21 percent increase in commercial deposit based revenues over the same quarter last year on the strength of Fifth Third's continuing focus on new customer acquisition and cross-sell initiatives within its core middle-market commercial banking franchise. Retail-based deposit revenues rebounded from the seasonal lows typically seen in the first quarter and posted 41 percent annualized sequential growth. Mortgage Banking net service revenue totaled $60.7 million in the second quarter compared to $43.9 million last quarter and $92.8 million in 2003's second quarter. Including net realized securities gains resulting from the sale of the remaining securities portfolio established to partially hedge against volatility related to the value of mortgage servicing rights, mortgage banking net service revenue totaled $94.6 million in the second quarter of last year. Mortgage originations totaled $2.8 billion in the second quarter versus $2.0 billion last quarter and $4.9 billion in the second quarter of last year. Second quarter mortgage banking net service revenue was comprised of $70.0 million in total mortgage banking fees and loan sales, plus $33.7 2
Slide 3: million in net valuation adjustments and amortization on mortgage servicing rights and less $43.0 million of losses and mark-to-market adjustments on both settled and outstanding free-standing derivative financial instruments. The mark-to-market adjustments and settlement of free-standing derivative financial instruments and corresponding valuation adjustments resulted from interest rate volatility and the resulting impact of changing prepayment speeds on the mortgage servicing portfolio. The mortgage servicing asset, net of the valuation reserve, was $341.4 million at June 30, 2004, compared to $274.4 million last quarter, on a servicing portfolio of $23.9 billion. Other noninterest income totaled $268.6 million in the second quarter, a 93 percent increase from the second quarter last year and a 91 percent increase from last quarter. Second quarter 2004 results include a pre-tax gain of approximately $148 million ($84.6 million after-tax) on the previously mentioned sale of certain out-of-footprint third-party sourced merchant processing contracts representing approximately $22 million in quarterly revenue. Balance Sheet Trends Loan and lease balances exhibited very strong growth with period end loans and leases held for investment increasing by $2.2 billion from last quarter, excluding loans acquired as a result of the completion of the Franklin Financial acquisition, or 16 percent on an annualized sequential basis, driven primarily by strong results in both consumer and commercial lending. On an average basis, total loans and leases increased by nine percent over the same quarter last year. Direct installment loan originations accelerated during the second quarter and totaled $2.0 billion, compared to $1.5 billion last quarter, with period-end balances, excluding acquired loans, increasing by 11 percent over the second quarter of last year and 10 percent on an annualized sequential basis. Consumer loan comparisons to prior periods are impacted by the securitization and sale of $903 million in home equity lines of credit in the third quarter of 2003 and the securitization and sale of $750 million of automotive loans in the second quarter of 2004. Exclusive of the impact of these transactions, consumer loan growth increased 21 percent over the same quarter last year; comparisons being provided to supplement an understanding of the fundamental trends in consumer lending. Period end commercial loan and lease balances, excluding acquired loans, increased by 11 percent over the same quarter last year and by $900 million from last quarter. Commercial customer additions and net new retail checking account growth, mitigated by attrition in higher balance interest bearing accounts, resulted in modest deposit trends for Fifth Third in the second quarter of 2004. Compared to the same quarter last year, average interest checking balances and average demand deposit balances, excluding acquired deposits, increased by four percent and 22 percent, respectively, with average transaction account balances, excluding acquired deposits, increasing by six percent. On an overall basis, the level of average transaction account balances increased at an annualized rate of eight percent despite continued moderation in higher balance interest bearing accounts given the low level of interest rates. 3
Slide 4: Fifth Third is confident in its ability to competitively price and generate growth in customers and deposit balances in an increasing interest rate environment. Compared to the second quarter of 2003, net interest income on a fully-taxable equivalent basis increased three percent resulting from eight percent growth in average earning assets despite a 15 basis point (bp) decrease in the net interest margin. The previously disclosed implementation of SFAS No. 150 during the third quarter of 2003 and the resulting reclassification of approximately $10 million of quarterly minority interest expense into interest expense, impacted net interest income and margin performance comparisons to the second quarter of 2003. Sequentially, net interest income on a fully-taxable equivalent basis increased seven percent on an annualized basis despite 6 bp of contraction in the net interest margin due to strong growth in average earning assets. The contraction in the net interest margin from last quarter resulted from seasonality factors and efforts to improve the overall funding position for a rising interest rate environment. These factors more than offset the margin benefit realized from the early retirement of approximately $1 billion of Federal Home Loan Bank advances during the second quarter of 2004. Fifth Third expects that margin and net interest income trends in coming periods will continue to benefit from the steepness in the short end of the yield curve and moderation in the level of prepayment activity with absolute results dependent upon the magnitude of deposit growth in relation to balance sheet growth and the speed of interest rate changes in an improving economy. Fifth Third will aggressively pursue deposit growth as the key determinant to future margin and net interest income performance trends. On June 11, 2004, Fifth Third completed the purchase of Franklin Financial Corporation and its subsidiary, Franklin National Bank, headquartered in Franklin, Tennessee, acquiring approximately $581 million in total loans and $767 million in total deposits. The total transaction value was approximately $317 million. Fifth Third Bank, N.A., a national bank headquartered in Franklin, Tennessee, now has approximately $1.3 billion in total assets, including approximately $880 million in total loans and leases and $840 million in total deposits. Fifth Third repurchased approximately 8.5 million shares of its common stock for a total of approximately $459 million in the second quarter of 2004. With increasing capital levels and continued stability in earning asset yields anticipated in the remainder of 2004, Fifth Third continues to view share repurchases as an effective means of delivering value to shareholders. As of June 30, 2004, the remaining authority under the plan authorized by the Board of Directors in June of 2004 is slightly less than 40 million shares. Credit Quality Credit quality metrics and trends continued to improve in the second quarter. Second quarter net charge-offs as a percentage of average loans and leases were 43 bp, compared to 54 bp last quarter and 64 bp in the second quarter of last year. Nonperforming assets were 50 bp of total loans, leases and other assets, 4
Slide 5: including other real estate owned at June 30, 2004, improved from 57 bp posted last quarter. Overall, the level of nonperforming loans and net charge-offs remain a small percentage of the total loan and lease portfolio. Net charge-offs for the quarter were $58.9 million, compared to $70.8 million last quarter and $77.5 million in the second quarter of 2003. The second quarter provision for loan and lease losses totaled $87.9 million, compared to $83.2 million last quarter and $108.9 million in the same quarter last year, including a $29.0 million increase in the credit loss reserve from last quarter which represents 1.43 percent of total loans and leases outstanding as of June 30, 2004, compared to 1.49 percent as of June 30, 2003. Noninterest Expense Second quarter noninterest expense increased 20 percent over the same period last year and 14 percent from last quarter. Comparisons to the same period last year are impacted by (i) the implementation of FASB Interpretation No. 46 in the third quarter of 2003, resulting in the recognition of $32 million of depreciation expense in the 2004 second quarter on operating lease assets captured as a component of noninterest expense; (ii) a charge of $20.1 million related to the early retirement of approximately $200 million of Federal Home Loan Bank advances in the second quarter of 2003; (iii) a $30.8 million pre-tax recovery in the second quarter of 2003 of previously charged-off treasury clearing and settlement account balances; and (iv) a charge of $78.1 million related to the early retirement of approximately $1 billion of Federal Home Loan Bank advances in the second quarter of 2004. Excluding the impact of these items, noninterest expense was essentially unchanged from the same quarter last year; comparisons being provided to supplement an understanding of the fundamental trends in noninterest expense. Fifth Third’s second quarter efficiency ratio was 48.9 percent, compared to 47.1 percent last quarter and 45.5 percent in the second quarter of last year. Fifth Third is continuing to focus on efficiency initiatives as part of our core emphasis on operating leverage. These initiatives include increasing levels of automation of processes, the rationalization and reduction of non-core businesses as they relate to our retail and middle market commercial customer base, returns on invested capital and related opportunities for continued growth in 2004 and years to come. Fifth Third is also continuing to invest significantly in its retail distribution network as evidenced by the opening of 42 new banking centers that did not involve consolidation of existing facilities since the beginning of the year and the plans for a similar number in the second half of 2004. Conference Call Fifth Third will host a conference call to discuss these second quarter financial results at 9:00 a.m. (Eastern Daylight Time) today. Investors, analysts and other interested parties may dial into the conference call at 877-309-0967 for domestic access and 706-679-3977 for international access (password: Fifth Third). A replay of the conference call will be available for approximately seven days by dialing 800-642-1687 for domestic access and 706-645-9291 for international access (passcode: 8591645#). 5
Slide 6: Corporate Profile Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $95.6 billion in assets, operates 17 affiliates with 992 full-service Banking Centers, including 130 Bank Mart® locations open seven days a week inside select grocery stores and 1,844 Jeanie® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee and West Virginia. The financial strength of Fifth Third’s Ohio and Michigan banks continues to be recognized by rating agencies with deposit ratings of AA- and Aa1 from Standard & Poor’s and Moody’s, respectively. Additionally, Fifth Third Bancorp continues to maintain the highest short-term ratings available at A-1+ and Prime-1 and is recognized by Moody’s with one of the highest senior debt ratings for any U.S. bank holding company of Aa2. Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and Fifth Third Processing Solutions. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded through the NASDAQ® National Market System under the symbol “FITB.” This release may contain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, that involve inherent risks and uncertainties. This press release may contain certain forward-looking statements with respect to our financial condition, results of operations, plans, objectives, future performance and business including statements preceded by, followed by or that include the words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trend,” “objective,” “continue,” “remain” or similar expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) competitive pressures among depository institutions increase significantly; (2) changes in the interest rate environment reduce interest margins; (3) prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions; (4) general economic conditions, either national or in the states in which we do business, are less favorable than expected; (5) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (6) changes and trends in the securities markets; (7) legislative or regulatory changes or actions, or significant litigation, adversely affect us or the businesses in which we are engaged; and (8) the impact of reputational risk created by the developments discussed above on such matters as business generation and retention, funding and liquidity. We undertake no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release. Further information on other factors which could affect the financial results of Fifth Third are included in Fifth Third’s filings with the Securities and Exchange Commission. These documents are available free of charge at the Commission’s website at http://www.sec.gov and/or from Fifth Third. ### 6
Slide 7: FIFTH THIRD BANCORP AND SUBSIDIARIES Quarterly Financial Review for June 30, 2004 Table of Contents Earnings Review: Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Statements of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Statements of Changes in Shareholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Condensed Consolidated Quarterly Statements of Income (Taxable Equivalent) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Noninterest Income and Noninterest Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial Condition: Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loans and Leases Serviced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Consolidated Average Balance Sheets, Yields (Taxable Equivalent) and Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Regulatory Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asset Quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Page 8-9 10-11 12 13 14 15 16 17-18 19 20 7
Slide 8: FIFTH THIRD BANCORP AND SUBSIDIARIES Financial Highlights (unaudited) For the Three Months Ended June 30, June 30, 2004 2003 Earnings ($ in thousands, except per share data) Net Interest Income (Taxable Equivalent) Net Income Available to Common Shareholders Earnings Per Share: Basic Diluted Key Ratios (percent) Return on Average Assets (ROA) Return on Average Equity (ROE) Net Interest Margin (Taxable Equivalent) Efficiency Average Shareholders' Equity to Average Assets Risk-Based Capital (a): Tier 1 Capital Total Capital Tier 1 Leverage Common Stock Data Cash Dividends Declared Per Share Book Value Per Share Market Price Per Share: High Low End of Period Price/Earnings Ratio (b) $ 771,187 447,525 749,011 415,275 Percent Change 3.0 7.8 0.80 0.79 0.72 0.71 11.1 11.3 1.91% 21.0 3.54 48.9 9.09 10.56 12.81 8.95 1.92 18.6 3.69 45.5 10.34 11.47 13.97 9.29 (0.5) 12.9 (4.1) 7.5 (12.1) (7.9) (8.3) (3.7) $ 0.32 14.97 57.00 51.13 53.78 17.75 0.29 15.25 60.49 47.24 57.42 21.19 10.3 (1.8) (5.8) 8.2 (6.3) (16.2) For the Six Months Ended June 30, June 30, 2004 2003 Earnings ($ in thousands, except per share data) Net Interest Income (Taxable Equivalent) Net Income Available to Common Shareholders Earnings Per Share: Basic Diluted Key Ratios (percent) Return on Average Assets (ROA) Return on Average Equity (ROE) Net Interest Margin (Taxable Equivalent) Efficiency Average Shareholders' Equity to Average Assets Common Stock Data Cash Dividends Declared Per Share Market Price Per Share: High Low (a) June 30, 2004 risk-based capital ratios are estimated. (b) Based on the most recent twelve-month earnings per diluted share and end of period stock prices. $ 1,530,054 877,656 1,465,155 805,036 Percent Change 4.4 9.0 1.56 1.54 1.40 1.38 11.4 11.6 1.90% 20.4 3.57 48.0 9.32 1.91 18.3 3.71 46.3 10.45 (0.5) 11.5 (3.8) 3.7 (10.8) $ 0.64 60.00 51.13 0.55 62.15 47.05 16.4 (3.5) 8.7 8
Slide 9: FIFTH THIRD BANCORP AND SUBSIDIARIES Financial Highlights (unaudited) Values Per Share Book Value Per Share March 31 June 30 $ 9.78 $ 9.64 10.07 10.42 12.33 12.40 13.59 14.31 15.31 15.25 15.77 14.97 September 30 $ 9.63 10.82 12.97 14.69 15.24 December 31 $ 9.91 11.83 13.31 14.98 15.29 Market Price Range Per Share Low High $ 38.58 $ 50.29 29.33 60.88 45.69 64.77 55.26 69.70 47.05 62.15 51.13 60.00 1999 2000 2001 2002 2003 2004 Earnings Per Share, Basic 1999 2000 2001 2002 2003 2004 Earnings Per Share, Diluted For the Three Months Ended March 31 June 30 $ 0.42 $ 0.41 0.43 0.39 0.49 0.18 0.63 0.65 0.68 0.72 0.76 0.80 September 30 $ 0.42 0.51 0.44 0.67 0.73 December 31 $ 0.30 0.53 0.63 0.69 0.78 Year-to-Date $ 1.55 1.86 1.74 2.64 2.91 1.56 1999 2000 2001 2002 2003 2004 For the Three Months Ended March 31 June 30 $ 0.41 $ 0.40 0.43 0.38 0.48 0.18 0.62 0.64 0.67 0.71 0.75 0.79 September 30 $ 0.41 0.50 0.43 0.66 0.72 December 31 $ 0.30 0.52 0.61 0.67 0.77 Year-to-Date $ 1.53 1.83 1.70 2.59 2.87 1.54 9
Slide 10: FIFTH THIRD BANCORP AND SUBSIDIARIES Consolidated Statements of Income (unaudited) ($ in thousands, except per share data) For the Three Months Ended June 30, June 30, 2004 2003 Interest Income Interest and Fees on Loans and Leases Interest on Securities: Taxable Exempt from Income Taxes Total Interest on Securities Interest on Other Short-Term Investments Total Interest Income Interest Expense Interest on Deposits: Interest Checking Savings Money Market Other Time Certificates - $100,000 and Over Foreign Office Total Interest on Deposits Interest on Federal Funds Purchased Interest on Short-Term Bank Notes Interest on Other Short-Term Borrowings Interest on Long-Term Debt Total Interest Expense Net Interest Income Provision for Credit Losses Net Interest Income After Provision for Credit Losses Noninterest Income Electronic Payment Processing Revenue Service Charges on Deposits Mortgage Banking Net Revenue Investment Advisory Revenue Other Noninterest Income Operating Lease Revenue Securities Gains, Net Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing Total Noninterest Income Noninterest Expense Salaries, Wages and Incentives Employee Benefits Equipment Expenses Net Occupancy Expenses Operating Lease Expenses Other Noninterest Expense Total Noninterest Expense Income from Continuing Operations Before Income Taxes and Minority Interest Applicable Income Taxes Income from Continuing Operations Before Minority Interest Minority Interest, Net of Tax Income from Continuing Operations Income from Discontinued Operations, Net of Tax Net Income Dividend on Preferred Stock Net Income Available to Common Shareholders Basic Earnings Per Share: Income from Continuing Operations Income from Discontinued Operations Net Income Diluted Earnings Per Share: Income from Continuing Operations Income from Discontinued Operations Net Income $ 682,661 305,408 11,412 316,820 649 1,000,130 690,106 315,841 12,889 328,730 1,082 1,019,918 35,493 11,479 6,103 40,945 7,646 11,435 113,101 17,076 2,774 17,397 87,821 238,169 761,961 87,922 674,039 148,427 131,147 60,749 96,606 268,564 43,522 111 749,126 254,062 65,637 19,309 46,897 31,720 326,038 743,663 679,502 231,792 447,710 447,710 447,710 185 $ 447,525 $0.80 $0.80 $0.79 $0.79 45,961 16,544 7,836 54,799 15,414 11,151 151,705 21,902 14,336 92,647 280,590 739,328 108,877 630,451 141,501 120,826 92,826 82,843 139,163 38,860 1,793 617,812 269,365 64,737 20,341 37,837 228,964 621,244 627,019 202,466 424,553 (10,229) 414,324 1,136 415,460 185 415,275 0.72 0.72 0.71 0.71 10
Slide 11: FIFTH THIRD BANCORP AND SUBSIDIARIES Consolidated Statements of Income (unaudited) ($ in thousands, except per share data) For the Six Months Ended June 30, June 30, 2004 2003 Interest Income Interest and Fees on Loans and Leases Interest on Securities: Taxable Exempt from Income Taxes Total Interest on Securities Interest on Other Short-Term Investments Total Interest Income Interest Expense Interest on Deposits: Interest Checking Savings Money Market Other Time Certificates - $100,000 and Over Foreign Office Total Interest on Deposits Interest on Federal Funds Purchased Interest on Short-Term Bank Notes Interest on Other Short-Term Borrowings Interest on Long-Term Debt Total Interest Expense Net Interest Income Provision for Credit Losses Net Interest Income After Provision for Credit Losses Noninterest Income Electronic Payment Processing Revenue Service Charges on Deposits Mortgage Banking Net Revenue Investment Advisory Revenue Other Noninterest Income Operating Lease Revenue Securities Gains, Net Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing Total Noninterest Income Noninterest Expense Salaries, Wages and Incentives Employee Benefits Equipment Expenses Net Occupancy Expenses Operating Lease Expenses Other Noninterest Expense Total Noninterest Expense Income from Continuing Operations Before Income Taxes and Minority Interest Applicable Income Taxes Income from Continuing Operations Before Minority Interest Minority Interest, Net of Tax Income from Continuing Operations Income from Discontinued Operations, Net of Tax Net Income Dividend on Preferred Stock Net Income Available to Common Shareholders Basic Earnings Per Share: Income from Continuing Operations Income from Discontinued Operations Net Income Diluted Earnings Per Share: Income from Continuing Operations Income from Discontinued Operations Net Income $ 1,351,992 613,880 23,220 637,100 1,163 1,990,255 1,366,164 626,664 25,534 652,198 1,854 2,020,216 72,030 20,414 12,739 85,027 13,018 26,401 229,629 35,030 4,033 32,988 176,871 478,551 1,511,704 171,162 1,340,542 296,661 254,394 104,687 189,771 409,143 95,174 25,701 1,375,531 499,500 141,198 39,196 92,545 70,002 553,290 1,395,731 1,320,342 442,316 878,026 878,026 878,026 370 $ 877,656 $1.56 $1.56 $1.54 $1.54 101,228 37,578 17,045 116,908 27,732 20,718 321,209 41,522 26,845 185,069 574,645 1,445,571 193,694 1,251,877 271,638 235,149 169,675 162,580 297,525 63,769 2,809 1,203,145 538,075 125,387 40,053 76,234 455,423 1,235,172 1,219,850 395,934 823,916 (20,458) 803,458 1,948 805,406 370 805,036 1.40 1.40 1.38 1.38 11
Slide 12: FIFTH THIRD BANCORP AND SUBSIDIARIES Consolidated Statements of Changes in Shareholders' Equity (unaudited) ($ in thousands, except per share data) For the Three Months Ended June 30, June 30, 2004 2003 $ 8,863,757 8,798,282 447,710 415,460 Total Shareholders' Equity, Beginning Net Income Nonowner Changes in Equity, Net of Tax: Change in Unrealized Gains and (Losses) on Securities Available-for-Sale and Qualifying Cash Flow Hedges Net Income and Nonowner Changes in Equity Cash Dividends Declared: Common Stock (2004 - $.32 per share and 2003 - $.29 per share) Preferred Stock Stock Options Exercised Including Treasury Shares Issued Stock-Based Compensation Expense Loans Issued Related to Exercise of Stock Options, Net Change in Corporate Tax Benefit Related to Stock-Based Compensation Shares Purchased Acquisitions Other Total Shareholders' Equity, Ending (652,916) (205,206) (179,872) (185) 34,439 20,102 (1,149) 2,730 (458,503) 316,633 (42) $ 8,392,704 (60,635) 354,825 (165,377) (185) 31,604 26,650 (20,102) (2,365) (329,359) (3,198) 8,690,775 For the Six Months Ended June 30, June 30, 2004 2003 Total Shareholders' Equity, Beginning Net Income Nonowner Changes in Equity, Net of Tax: Change in Unrealized Gains and (Losses) on Securities Available-for-Sale and Qualifying Cash Flow Hedges Net Income and Nonowner Changes in Equity Cash Dividends Declared: Common Stock (2004 - $.64 per share and 2003 - $.55 per share) Preferred Stock Stock Options Exercised Including Treasury Shares Issued Stock-Based Compensation Expense Loans Issued Related to Exercise of Stock Options, Net Change in Corporate Tax Benefit Related to Stock-Based Compensation Shares Purchased Acquisitions Other Total Shareholders' Equity, Ending $ 8,667,003 878,026 8,604,392 805,406 (433,444) 444,582 (359,773) (370) 63,620 42,670 (1,468) 3,186 (783,913) 316,633 534 $ 8,392,704 (132,909) 672,497 (314,886) (370) 55,277 62,558 (20,102) (3,587) (361,819) (3,185) 8,690,775 12
Slide 13: FIFTH THIRD BANCORP AND SUBSIDIARIES Condensed Consolidated Quarterly Statements of Income (Taxable Equivalent) (unaudited) ($ in thousands) June 30, 2004 $ 1,000,130 9,226 1,009,356 238,169 771,187 87,922 683,265 749,126 743,663 688,728 231,792 9,226 447,710 447,710 447,710 447,710 185 447,525 For the Three Months Ended March 31, December 31, September 30, 2004 2003 2003 990,125 987,874 982,978 9,124 9,629 9,661 999,249 997,503 992,639 240,382 252,921 258,075 758,867 744,582 734,564 83,240 93,654 112,082 675,627 626,405 652,068 649,964 210,524 9,124 430,316 430,316 430,316 430,316 185 430,131 650,928 599,342 658,034 592,236 182,087 9,629 400,520 400,520 41,001 441,521 441,521 185 441,336 622,482 680,341 657,019 645,804 208,670 9,661 427,473 427,473 947 428,420 (10,762) 417,658 185 417,473 June 30, 2003 1,019,918 9,683 1,029,601 280,590 749,011 108,877 640,134 617,812 621,244 636,702 202,466 9,683 424,553 (10,229) 414,324 1,136 415,460 415,460 185 415,275 Interest Income Taxable Equivalent Adjustment Interest Income (Taxable Equivalent) Interest Expense Net Interest Income (Taxable Equivalent) Provision for Credit Losses Net Interest Income After Provision for Credit Losses (Taxable Equivalent) Noninterest Income Noninterest Expense Income from Continuing Operations Before Income Taxes, Minority Interest and Cumulative Effect (Taxable Equivalent) Applicable Income Taxes Taxable Equivalent Adjustment Income from Continuing Operations Before Minority Interest and Cumulative Effect Minority Interest, Net of Tax Income from Continuing Operations Before Cumulative Effect Income from Discontinued Operations, Net of Tax Income Before Cumulative Effect Cumulative Effect of Change in Accounting Principle, Net of Tax Net Income Dividend on Preferred Stock Net Income Available to Common Shareholders $ 13
Slide 14: FIFTH THIRD BANCORP AND SUBSIDIARIES Noninterest Income and Noninterest Expense (unaudited) ($ in thousands) June 30, 2004 Noninterest Income Electronic Payment Processing Revenue Service Charges on Deposits Mortgage Banking Net Revenue Investment Advisory Revenue Other Noninterest Income Operating Lease Revenue Securities Gains, Net Securities Gains, Net - Non-Qualifying Hedges on Mortgage Servicing Total Noninterest Income Noninterest Expense Salaries, Wages and Incentives Employee Benefits Equipment Expenses Net Occupancy Expenses Operating Lease Expenses Other Noninterest Expense (a) Total Noninterest Expense $ 148,427 131,147 60,749 96,606 268,564 43,522 111 749,126 254,062 65,637 19,309 46,897 31,720 326,038 743,663 March 31, 2004 For the Three Months Ended December 31, September 30, 2003 2003 160,178 124,838 57,229 84,860 112,522 57,900 1,815 599,342 244,167 53,291 20,911 46,552 43,967 249,146 658,034 143,210 125,130 74,830 84,726 171,328 65,809 15,308 680,341 248,731 61,087 21,046 36,279 49,558 240,318 657,019 19,770 942 June 30, 2003 141,501 120,826 92,826 82,843 139,163 38,860 1,793 617,812 269,365 64,737 20,341 37,837 228,964 621,244 19,830 943 148,234 123,247 43,938 93,165 140,579 51,652 25,590 626,405 245,438 75,562 19,888 45,648 38,282 227,250 652,068 $ Full-Time Equivalent Employees 18,937 18,583 18,899 Banking Centers 992 960 952 (a) Includes intangible amortization expense of $6.2 million, $8.8 million, $9.5 million, $9.5 million and $11.6 million for the three months ended June 30, 2004, March 31, 2004, December 31, 2003, September 30, 2003 and June 30, 2003, respectively. 14
Slide 15: FIFTH THIRD BANCORP AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) ($ in thousands, except share data) As of June 30, 2004 Assets Cash and Due from Banks Securities Available-for-Sale (a) Securities Held-to-Maturity (b) Trading Securities Other Short-Term Investments Loans Held for Sale Loans and Leases: Commercial Loans Construction Loans Commercial Mortgage Loans Commercial Lease Financing Residential Mortgage Loans Consumer Loans Consumer Lease Financing Unearned Income Total Loans and Leases Reserve for Credit Losses Total Loans and Leases, net Bank Premises and Equipment Operating Lease Equipment Accrued Interest Receivable Goodwill Intangible Assets Servicing Rights Other Assets Total Assets Liabilities Deposits: Demand Interest Checking Savings Money Market Other Time Certificates - $100,000 and Over Foreign Office Total Deposits Federal Funds Purchased Short-Term Bank Notes Other Short-Term Borrowings Accrued Taxes, Interest and Expenses Other Liabilities Long-Term Debt Total Liabilities Minority Interest Total Shareholders' Equity (c) Total Liabilities and Shareholders' Equity (a) Amortized cost: June 30, 2004 - $30,857,040 and June 30, 2003 - $28,594,278 (b) Market values: June 30, 2004 - $211,919 and June 30, 2003 - $106,310 (c) Common Shares: Stated value $2.22 per share; authorized 1,300,000,000; outstanding June 30, 2004 - 560,804,042 (excluding 22,647,649 treasury shares) and June 30, 2003 - 569,963,718 (excluding 13,487,973 treasury shares). $ 2,357,814 30,179,952 211,919 96,806 257,900 577,154 15,243,691 4,107,787 7,541,022 4,472,120 5,873,079 18,301,808 2,558,419 (1,418,685) 56,679,241 (811,820) 55,867,421 1,167,922 525,330 397,122 978,975 163,534 358,490 2,473,200 $ 95,613,539 June 30, 2003 1,776,334 29,051,531 106,310 48,997 233,059 3,245,470 14,014,557 3,361,687 6,297,335 3,935,160 3,745,059 16,374,055 2,837,880 (1,209,234) 49,356,499 (734,756) 48,621,743 947,664 428,069 738,054 222,044 244,413 2,639,223 88,302,911 $ 13,036,825 19,242,566 7,972,740 2,854,152 6,531,176 2,312,971 5,957,024 57,907,454 3,851,019 1,275,000 6,391,156 1,970,871 1,050,134 14,775,201 87,220,835 8,392,704 $ 95,613,539 11,633,492 18,432,242 7,980,833 3,298,811 7,065,932 4,302,135 3,161,618 55,875,063 5,840,359 5,687,128 2,470,321 918,960 8,338,341 79,130,172 481,964 8,690,775 88,302,911 15
Slide 16: FIFTH THIRD BANCORP AND SUBSIDIARIES Loans and Leases Serviced (unaudited) ($ in thousands) June 30, 2004 Commercial: Commercial Loans Mortgage Construction Leases Subtotal Consumer: Consumer Loans Mortgage & Construction Credit Card Leases Subtotal Total Loans and Leases Loans Held for Sale Operating Lease Equipment (a) $ 15,243,688 7,541,022 3,768,271 3,274,626 29,827,607 17,522,414 6,212,595 779,394 2,337,231 26,851,634 56,679,241 577,154 525,330 March 31, 2004 14,468,571 7,197,126 3,492,951 3,327,404 28,486,052 17,036,512 5,263,941 757,450 2,368,319 25,426,222 53,912,274 1,660,669 657,756 As of December 31, 2003 14,209,122 6,893,742 3,301,082 3,263,145 27,667,091 16,670,948 4,760,317 761,545 2,447,952 24,640,762 52,307,853 1,881,127 766,762 September 30, 2003 13,824,371 6,590,021 3,143,315 3,160,839 26,718,546 17,090,372 4,820,026 619,893 2,557,602 25,087,893 51,806,439 1,528,137 899,348 June 30, 2003 14,014,541 6,297,335 3,052,459 3,021,888 26,386,223 15,785,717 4,054,287 588,338 2,541,934 22,970,276 49,356,499 3,245,470 - Loans and Leases Serviced for Others: Residential Mortgage (b) 23,941,909 24,115,268 24,494,643 24,379,988 Commercial Mortgage (c) 2,104,295 2,146,607 2,084,710 2,017,717 Commercial Loans (d) 1,913,345 1,952,943 1,790,257 1,925,655 225,818 185,138 177,606 Commercial Leases (c) 216,824 Consumer Loans (e) 1,510,983 831,846 866,156 909,090 Consumer Leases (a) Total Loans and Leases Serviced for Others 29,687,356 29,272,482 29,420,904 29,410,056 Total Loans and Leases Serviced $ 87,469,081 85,503,181 84,376,646 83,643,980 (a) Prior to January 1, 2002, Fifth Third sold to and subsequently leased back from an unrelated asset-backed special purpose entity (SPE) certain consumer auto lease assets, subject to credit recourse and with servicing retained. Fifth Third adopted the provisions of FASB Interpretation No. 46 and consolidated this SPE effective July 1, 2003, as Fifth Third was deemed the primary beneficiary under the provisions of this Interpretation. (b) Fifth Third sells certain residential mortgage loans, primarily conforming and fixed-rate in nature, and retains servicing responsibilities. (c) Fifth Third sells certain commercial mortgage loans and commercial leases and retains servicing responsibilities. (d) Fifth Third transfers, subject to credit recourse and with servicing retained, certain investment grade commercial loans to an unconsolidated qualified special purpose entity (QSPE), which is wholly-owned by an independent third party. (e) Fifth Third sells certain consumer loans and retains servicing responsibilities. 24,990,054 2,008,982 1,813,106 159,617 1,127,470 30,099,229 82,701,198 16
Slide 17: FIFTH THIRD BANCORP AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields (Taxable Equivalent) and Rates (unaudited) ($ in thousands) For the Three Months Ended June 30, 2004 June 30, 2003 Average Balance Assets Interest-Earning Assets: Loans and Leases Taxable Securities Tax Exempt Securities Other Short-Term Investments Total Interest-Earning Assets Cash and Due from Banks Other Assets Reserve for Credit Losses Total Assets Liabilities Interest-Bearing Liabilities: Interest Checking Savings Money Market Other Time Certificates-$100,000 and Over Foreign Office Deposits Federal Funds Purchased Short-Term Bank Notes Other Short-Term Borrowings Long-Term Debt Total Interest-Bearing Liabilities Demand Deposits Other Liabilities Total Liabilities Minority Interest Shareholders' Equity Total Liabilities and Shareholders' Equity Average Common Shares Outstanding: Basic Diluted Ratios: Net Interest Margin (Taxable Equivalent) Net Interest Rate Spread (Taxable Equivalent) Interest-Bearing Liabilities to Interest-Earning Assets Average Yield/Rate Average Balance Average Yield/Rate $56,325,877 29,986,620 919,928 265,931 87,498,356 2,105,560 5,447,269 (790,619) $94,260,566 4.90% 4.10 7.59 0.98 4.64 51,813,001 28,003,069 1,062,162 457,813 81,336,045 1,398,767 4,676,423 (712,265) 86,698,970 5.37% 4.52 7.36 0.95 5.08 $19,267,531 7,803,109 2,965,324 6,428,896 2,229,378 4,488,015 6,689,129 1,045,055 7,440,953 12,317,005 70,674,395 12,251,169 2,768,914 85,694,478 8,566,088 $94,260,566 0.74% 0.59 0.83 2.56 1.38 1.02 1.03 1.07 0.94 2.87 1.36 18,526,746 8,082,459 2,989,252 7,299,279 4,258,784 3,528,689 6,886,002 4,543,856 8,109,156 64,224,223 10,055,036 2,979,097 77,258,356 476,980 8,963,634 86,698,970 1.00% 0.82 1.05 3.01 1.45 1.27 1.28 1.27 4.58 1.75 560,976,289 568,715,944 573,887,821 581,663,343 3.54% 3.28% 80.77% 3.69% 3.33% 78.96% 17
Slide 18: FIFTH THIRD BANCORP AND SUBSIDIARIES Consolidated Average Balance Sheets, Yields (Taxable Equivalent) and Rates (unaudited) ($ in thousands) For the Six Months Ended June 30, 2004 Average Balance Assets Interest-Earning Assets: Loans and Leases Taxable Securities Tax Exempt Securities Other Short-Term Investments Total Interest-Earning Assets Cash and Due from Banks Other Assets Reserve for Credit Losses Total Assets Liabilities Interest-Bearing Liabilities: Interest Checking Savings Money Market Other Time Certificates-$100,000 and Over Foreign Office Deposits Federal Funds Purchased Short-Term Bank Notes Other Short-Term Borrowings Long-Term Debt Total Interest-Bearing Liabilities Demand Deposits Other Liabilities Total Liabilities Minority Interest Shareholders' Equity Total Liabilities and Shareholders' Equity Average Common Shares Outstanding: Basic Diluted Ratios: Net Interest Margin (Taxable Equivalent) Net Interest Rate Spread (Taxable Equivalent) Interest-Bearing Liabilities to Interest-Earning Assets Average Yield/Rate June 30, 2003 Average Balance Average Yield/Rate $55,507,005 29,420,317 957,500 248,456 86,133,278 2,075,832 5,637,322 (781,741) $93,064,691 4.92% 4.20 7.42 0.94 4.69 50,924,369 27,150,287 1,074,607 382,995 79,532,258 1,477,756 4,595,290 (703,175) 84,902,129 5.44% 4.65 7.24 0.98 5.17 $19,410,019 7,548,685 3,057,241 6,509,530 1,816,091 5,211,515 6,940,713 772,527 7,138,750 11,305,368 69,710,439 11,826,318 2,855,612 84,392,369 8,672,322 $93,064,691 0.75% 0.54 0.84 2.63 1.44 1.02 1.01 1.05 0.93 3.15 1.38 18,365,370 8,144,359 3,002,562 7,563,278 3,632,030 3,241,661 6,564,856 4,251,809 8,119,279 62,885,204 9,793,281 2,877,120 75,555,605 471,640 8,874,884 84,902,129 1.11% 0.93 1.14 3.12 1.54 1.29 1.28 1.27 4.60 1.84 562,279,783 570,164,208 574,125,658 582,232,579 3.57% 3.31% 80.93% 3.71% 3.33% 79.07% 18
Slide 19: FIFTH THIRD BANCORP AND SUBSIDIARIES Regulatory Capital (unaudited) ($ in thousands) June 30, 2004 (a) Tier 1 Capital: Shareholders' Equity Goodwill and Certain Other Intangibles Unrealized Losses/(Gains) Other Total Tier 1 Capital Total Capital: Tier 1 Capital Qualifying Reserves for Credit Losses Qualifying Subordinated Notes Total Risk-Based Capital Risk-Weighted Assets Ratios (percent): Average Shareholders' Equity to Average Assets Risk-Based Capital: Tier 1 Capital Total Capital Tier 1 Leverage (a) June 30, 2004 regulatory capital data and ratios are estimated. $ 8,392,704 (1,142,509) 490,812 587,993 8,329,000 8,329,000 830,769 940,231 10,100,000 78,868,000 9.09% 10.56% 12.81% 8.95% March 31, 2004 8,863,757 (892,831) (162,103) 585,218 8,394,041 8,394,041 800,607 926,479 10,121,127 77,056,425 9.56 10.89 13.13 9.23 December 31, 2003 8,667,003 (932,622) 57,369 480,101 8,271,851 8,271,851 787,143 1,037,333 10,096,327 74,724,731 9.61 11.07 13.51 9.23 September 30, 2003 8,693,805 (941,613) (42,829) 472,519 8,181,882 8,181,882 788,381 1,056,981 10,027,244 72,892,618 9.57 11.22 13.76 9.21 June 30, 2003 8,690,775 (950,604) (288,328) 556,967 8,008,810 8,008,810 755,103 991,441 9,755,354 69,849,411 10.34 11.47 13.97 9.29 $ $ $ $ 19
Slide 20: FIFTH THIRD BANCORP AND SUBSIDIARIES Asset Quality (unaudited) ($ in thousands) Summary of Credit Loss Experience June 30, 2004 Losses Charged Off: Commercial, Financial and Agricultural Loans Real Estate - Commercial Mortgage Loans Real Estate - Construction Loans Real Estate - Residential Mortgage Loans Consumer Loans Lease Financing Total Losses Recoveries of Losses Previously Charged Off: Commercial, Financial and Agricultural Loans Real Estate - Commercial Mortgage Loans Real Estate - Construction Loans Real Estate - Residential Mortgage Loans Consumer Loans Lease Financing Total Recoveries Net Losses Charged Off: Commercial, Financial and Agricultural Loans Real Estate - Commercial Mortgage Loans Real Estate - Construction Loans Real Estate - Residential Mortgage Loans Consumer Loans Lease Financing Total Net Losses Charged Off Reserve for Credit Losses, Beginning Total Net Losses Charged Off Provision Charged to Operations Reserve for Credit Losses, Ending Nonperforming and Underperforming Assets June 30, 2004 $216,205 2,861 63,927 282,993 132,057 $415,050 $54,959,526 56,679,241 $(20,851) (2,697) (2,720) (3,219) (37,079) (9,632) (76,198) March 31, 2004 For the Three Months Ended December 31, September 30, 2003 (56,936) (1,678) (898) (8,562) (36,828) (8,828) (113,730) 2003 (39,385) (4,622) (2,162) (3,266) (33,560) (9,364) (92,359) June 30, 2003 (29,259) (1,218) (410) (3,195) (31,802) (25,721) (91,605) (31,520) (3,070) (558) (4,399) (39,560) (8,803) (87,910) 2,743 1,440 84 30 10,530 2,463 17,290 4,136 928 19 26 9,919 2,054 17,082 5,355 597 44 20 10,867 1,878 18,761 4,111 390 231 134 10,037 2,327 17,230 2,379 418 33 11 8,393 2,896 14,130 (18,108) (1,257) (2,636) (3,189) (26,549) (7,169) $(58,908) $782,806 (58,908) 87,922 $811,820 (27,384) (2,142) (539) (4,373) (29,641) (6,749) (70,828) 770,394 (70,828) 83,240 782,806 (51,581) (1,081) (854) (8,542) (25,961) (6,950) (94,969) 771,709 (94,969) 93,654 770,394 (35,274) (4,232) (1,931) (3,132) (23,523) (7,037) (75,129) 734,756 (75,129) 112,082 771,709 (26,880) (800) (377) (3,184) (23,409) (22,825) (77,475) 703,354 (77,475) 108,877 734,756 Nonaccrual Loans and Leases (a) Renegotiated Loans and Leases Other Assets, Including Other Real Estate Owned Total Nonperforming Assets Ninety Days Past Due Loans and Leases (a) Total Underperforming Assets Average Loans and Leases (b) Loans and Leases (b) March 31, 2004 233,042 883 74,364 308,289 132,300 440,589 52,927,264 53,912,274 As of December 31, 2003 241,505 8,286 68,540 318,331 145,243 463,574 52,401,684 52,307,853 September 30, 2003 271,256 52,053 323,309 145,643 468,952 50,615,070 51,806,439 June 30, 2003 273,293 33,212 306,505 137,503 444,008 48,561,158 49,356,499 Ratios Net Losses Charged Off as a Percent of Average Loans and Leases 0.43% 0.54 0.72 Reserve as a Percent of Loans and Leases 1.43% 1.45 1.47 Nonperforming Assets as a Percent of Loans, Leases and Other Assets, Including Other Real Estate Owned 0.50% 0.57 0.61 Underperforming Assets as a Percent of Loans, Leases and 0.89 Other Assets, Including Other Real Estate Owned 0.73% 0.82 (a) Nonaccrual includes $21.2 million and Ninety Days Past Due includes $41.4 million of residential mortgage loans as of June 30, 2004. (b) Excludes loans held for sale. 0.59 1.49 0.62 0.90 0.64 1.49 0.62 0.90 20

   
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