Fourth Quarter Results
Net income for the fourth quarter of 1998 was $291.3 million, or $.88 per diluted share, compared to $292.1 million or $.90 per diluted share for the same period last year. Net income, excluding merger and restructuring expenses, increased 19.2% to $359.3 million, or $1.06 per diluted share, compared to $301.5 million, or $.93 per diluted share, for the same period last year. Excluding merger and restructuring costs, the increase was due mainly to higher net interest and noninterest revenues. Merger and restructuring expenses were $104.7 million in the fourth quarter of 1998 and $26.3 million in the fourth quarter of 1997.
For the fourth quarter of 1998, excluding merger and restructuring expenses, return on average common equity and average assets was 19.43% and 1.69%, respectively, compared to 18.67% and 1.59%, respectively, for the fourth quarter of 1997.
Quarterly Financial Information
The following is a summary of unaudited quarterly results:
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(Dollars in Thousands Except Per Share Amounts) First Second Third Fourth Full Year
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1998
Interest income $1,368,645 $1,445,291 $1,470,482 $1,472,259 $5,756,677
Interest expense 670,670 715,168 734,117 725,074 2,845,029
Net interest income 697,975 730,123 736,365 747,185 2,911,648
Provision for loan losses 56,267 43,033 45,212 56,888 201,400
Securities gains 1,052 19,714 64,451 49,242 134,459
Net overhead 480,230 195,049 226,883 295,268 1,197,430
Income before income taxes 162,530 511,755 528,721 444,271 1,647,277
Net income 103,722 331,244 344,456 291,259 1,070,681
Net income before merger and restructuring expense 297,607 331,244 344,456 359,301 1,332,608
Basic net income per common share .33 1.01 1.05 .89 3.28
Diluted net income per common share .32 .99 1.03 .88 3.22
Diluted net income per common share before merger and
restructuring expense .92 .99 1.03 1.06 4.00
Dividends paid per common share .46 .46 .48 .48 1.88
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1997
Interest income $1,297,687 $1,341,559 $1,362,559 $1,360,707 $5,362,512
Interest expense 605,208 633,819 651,378 661,769 2,552,174
Net interest income 692,479 707,740 711,181 698,938 2,810,338
Provision for loan losses 58,697 54,580 59,186 52,904 225,367
Securities gains 15,951 31,177 53 34,058 81,239
Net overhead 239,818 286,546 236,481 263,332 1,026,177
Income before income taxes 409,915 397,791 415,567 416,760 1,640,033
Net income 275,567 271,430 283,053 292,144 1,122,194
Net income before merger and restructuring expense 279,434 293,075 283,053 301,520 1,157,082
Basic net income per common share .84 .84 .88 .92 3.48
Diluted net income per common share .82 .83 .87 .90 3.42
Diluted net income per common share before merger and
restructuring expense .83 .90 .87 .93 3.53
Dividends paid per common share .41 .41 .425 .425 1.67
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