Financial Highlights
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(Dollars in Thousands Except Per Share Amounts) 1998 1997 Percent Change
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For the Year:
Net Income $1,070,681 $1,122,194 (5)%
Net Income Before Merger and Restructuring
Expenses(1) 1,332,608 1,157,082 15
Net Income Per Common Share:
Basic 3.28 3.48 (6)
Diluted 3.22 3.42 (6)
Diluted -- Adjusted(1) 4.00 3.53 13
Dividends Paid Per Common Share 1.88 1.67 13
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Return on Average Common Equity(1) 19.18% 18.77%
Return on Average Assets(1) 1.66 1.61
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Average Shares -- Diluted 332,860,165 327,732,584 2%
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At Year End:
Assets $88,245,632 $75,779,081 16%
Loans 58,011,166 51,994,419 12
Securities 16,119,370 13,797,566 17
Deposits 58,246,909 52,617,354 11
Common Stockholders' Equity 6,976,810 6,158,260 13
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Equity to Assets Ratio 7.95% 8.13%
Tier 1 Capital Ratio 7.74 8.93
Total Risk-Based Capital Ratio 11.61 13.16
Leverage Ratio 6.69 7.58
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Book Value Per Common Share $21.38 $19.51 10%
Market Value Per Common Share 72.50 65.75 10
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Common Shares Outstanding 326,327,360 315,697,488 3%
Common Stockholders of Record 71,592 63,249 13
Full-Time Equivalent Employees 41,218 40,630 1
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Note: All prior period amounts, except for dividends paid per share, have been restated to reflect the pooling-of-interests transaction with First of America Bank Corporation which closed March 31, 1998.
(1) Excluding after-tax merger and restructuring expenses of $261.9 million in 1998 and $34.9 million in 1997.
