For the Calendar Year
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(Dollars in Millions Except Per
Share Amounts and Ratios) 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988
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Interest Income
Loans $4,812 $4,487 $4,425 $4,383 $3,673 $3,420 $3,540 $3,869 $4,110 $3,984 $3,390
Securities 885 840 854 966 911 945 1,041 1,052 1,025 934 808
Other 60 36 40 52 20 14 56 120 128 158 138
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Total interest income 5,757 5,363 5,319 5,401 4,604 4,379 4,637 5,041 5,263 5,076 4,336
Interest Expense
Deposits 1,846 1,813 1,862 1,975 1,479 1,547 1,949 2,513 2,762 2,648 2,164
Other 999 739 612 673 420 187 153 212 295 307 239
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Total interest expense 2,845 2,552 2,474 2,648 1,899 1,734 2,102 2,725 3,057 2,955 2,403
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Net Interest Income 2,912 2,811 2,845 2,753 2,705 2,645 2,535 2,316 2,206 2,121 1,933
Provision 201 225 240 205 196 228 305 394 484 298 269
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Net interest income
after provision 2,711 2,586 2,605 2,548 2,509 2,417 2,230 1,922 1,722 1,823 1,664
Fees and Other Income 2,180 1,766 1,528 1,332 1,274 1,202 1,099 957 888 773 756
Securities Gains 134 81 109 42 35 59 100 50 -- 13 9
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Total noninterest
income 2,314 1,847 1,637 1,374 1,309 1,261 1,199 1,007 888 786 765
Noninterest Expense Before
Merger and Restructuring 2,998 2,727 2,725 2,690 2,635 2,540 2,597 2,309 2,177 1,933 1,784
Merger and Restructuring
Expense 379 66 75 24 -- -- -- -- -- -- --
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Total noninterest expense 3,377 2,793 2,800 2,714 2,635 2,540 2,597 2,309 2,177 1,933 1,784
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Income before income
taxes and cumulative
effect of accounting
changes 1,648 1,640 1,442 1,208 1,183 1,138 832 620 433 676 645
Income taxes 577 518 448 380 364 334 256 161 143 162 154
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Income before cumulative
effect of accounting
changes 1,071 1,122 994 828 819 804 576 459 290 514 491
Cumulative effect of
accounting changes,
net -- -- -- -- -- 60 (21) -- -- -- --
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Net Income $ 1,071 $ 1,122 $ 994 $ 828 $ 819 $ 864 $ 555 $ 459 $ 290 $ 514 $ 491
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Per Share Measures
Diluted net income per
common share $ 3.22 $ 3.42 $ 2.95 $ 2.45 $ 2.38 $ 2.43 $ 1.64 $ 1.42 $ 0.92 $ 1.62 $ 1.56
Diluted net income per
common share,
excluding merger
and restructuring
expense 4.00 3.53 3.10 2.46 2.38 2.43 1.64 1.42 0.92 1.62 1.56
Average common shares
-- diluted 332.86 327.73 336.55 338.24 337.42 345.84 338.82 320.83 313.41 315.70 310.09
Dividends paid per
common share 1.88 1.67 1.47 1.30 1.18 1.06 0.94 0.94 0.94 0.84 0.72
Financial Ratios
Return on average
common equity 15.40% 18.20% 16.69% 15.44% 16.39% 18.38% 13.72% 12.60% 8.11% 15.26% 16.34%
Return on average
common equity --
excluding merger and
restructuring expense 19.18 18.77 17.53 15.82 16.39 18.38 13.72 12.60 8.11 15.26 16.34
Return on average assets 1.34 1.56 1.40 1.15 1.23 1.37 0.91 0.80 0.53 1.00 1.03
Return on average
assets -- excluding
merger and
restructuring expense 1.66 1.61 1.47 1.18 1.23 1.37 0.91 0.80 0.53 1.00 1.03
Average equity to
average assets 8.70 8.57 8.44 7.59 7.62 7.88 7.27 7.00 6.96 7.08 6.96
Dividends paid to net
income 58.39 48.83 49.83 53.06 49.58 43.62 57.32 66.20 102.17 51.85 46.15
Net interest margin 4.11 4.37 4.47 4.24 4.53 4.71 4.68 4.59 4.62 4.78 4.73
At Year-End
Assets $88,246 $75,779 $72,918 $74,142 $70,438 $66,395 $62,469 $61,443 $57,417 $54,633 $51,823
Loans and mortgage
loans held for sale 61,518 53,244 50,886 50,543 47,536 42,996 39,708 38,723 37,492 35,460 32,883
Securities 16,119 13,798 13,412 15,406 15,338 16,441 15,525 14,327 12,003 11,222 11,110
Deposits 58,247 52,617 53,619 54,923 54,755 51,388 51,228 50,370 47,537 44,240 42,345
Long-term debt 9,689 6,297 3,516 3,515 2,693 1,515 1,264 780 575 568 584
Common equity 6,977 6,158 6,216 5,706 4,851 5,120 4,269 3,756 3,492 3,527 3,181
Total equity 7,013 6,158 6,216 5,892 5,039 5,318 4,582 4,159 3,719 3,757 3,415
Common shares
outstanding 326.33 315.70 330.86 325.48 326.34 332.83 326.70 304.33 305.57 306.62 302.02
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Note: Prior period amounts, except for dividends paid per share, have been restated for pooling-of-interests transactions.
Daily Average Balance
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(Dollars in Millions) 1998 1997 1996 1995 1994
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Assets
Earning assets:
Loans:
Commercial $20,135 $16,837 $14,899 $14,044 $12,990
Real estate mortgage 18,253 17,901 18,986 18,886 16,331
Consumer 13,499 12,113 12,055 11,754 10,956
Revolving credit 4,962 4,772 4,502 4,620 4,051
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Total loans 56,849 51,623 50,442 49,304 44,328
Securities:
Taxable 12,967 12,298 12,705 14,918 14,883
Tax-exempt 941 781 662 737 940
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Total securities 13,908 13,079 13,367 15,655 15,823
Federal funds sold 151 82 148 120 109
Security resale agreements 724 283 285 404 470
Other short-term investments 115 192 293 355 359
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Total earning assets/ 71,747 65,259 64,535 65,838 61,089
Total interest income/rates
Allowance for loan losses (983) (969) (958) (955) (913)
Market value appreciation of securities available for 530 316 170 4 3
sale
Cash and demand balances due from banks 3,645 3,347 3,366 3,304 3,313
Properties and equipment 1,095 1,044 1,002 1,044 1,013
Accrued income and other assets 4,019 2,945 2,809 2,597 2,257
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Total Assets $80,053 $71,942 $70,924 $71,832 $66,762
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Liabilities and Stockholders' Equity
Liabilities:
NOW and money market accounts $17,472 $15,467 $15,689 $14,537 $14,487
Savings accounts 4,158 5,037 5,190 6,084 7,044
Time deposits of individuals 18,263 19,397 20,797 21,903 18,898
Other time deposits 2,365 1,566 1,456 1,541 1,511
Deposits in overseas offices 1,715 1,052 859 1,365 1,026
Federal funds borrowed 3,124 2,044 1,351 1,754 1,748
Security repurchase agreements 4,118 2,975 3,252 3,315 2,328
Borrowed funds 3,005 2,771 2,309 2,889 2,504
Long-term debt 7,698 4,972 3,611 3,051 2,377
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Total interest bearing liabilities/ 61,918 55,281 54,514 56,439 51,923
Total interest expense/rates
Noninterest bearing deposits 9,945 9,230 9,188 8,800 8,881
Accrued expenses and other liabilities 1,225 1,265 1,239 1,140 869
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Total Liabilities 73,088 65,776 64,941 66,379 61,673
Preferred stock 28 -- 56 186 191
Common stock 6,937 6,166 5,927 5,267 4,898
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Total Stockholders' Equity 6,965 6,166 5,983 5,453 5,089
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Total Liabilities and Stockholders' Equity $80,053 $71,942 $70,924 $71,832 $66,762
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Net interest income
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Interest spread
Contribution of noninterest bearing sources of funds
-----------------------------------------------------------------------------------------------------------------
Net interest margin
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Tax equivalent basis computed using a 35% effective tax rate.
Average loan balances include nonperforming loans and mortgage loans held for sale.
Interest Daily Average Rate
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1998 1997 1996 1995 1994 1998 1997 1996 1995 1994
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$1,641.1 $1,441.7 $1,265.3 $1,233.4 $1,028.9 8.15% 8.56% 8.49% 8.78% 7.92%
1,463.0 1,466.9 1,578.3 1,571.2 1,275.9 8.02 8.19 8.31 8.32 7.81
1,182.2 1,066.3 1,034.6 1,025.6 871.9 8.76 8.80 8.58 8.73 7.96
538.8 529.8 565.9 583.1 513.8 10.86 11.10 12.57 12.62 12.68
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4,825.1 4,504.7 4,444.1 4,413.3 3,690.5 8.49 8.73 8.81 8.95 8.33
836.4 795.2 813.7 912.6 861.9 6.45 6.47 6.40 6.12 5.79
75.8 69.9 59.9 60.5 76.2 8.04 8.95 9.05 8.21 8.11
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912.2 865.1 873.6 973.1 938.1 6.56 6.61 6.54 6.22 5.93
7.3 4.6 8.1 6.9 3.4 4.82 5.61 5.47 5.75 3.12
36.5 15.6 15.4 23.9 20.0 5.04 5.51 5.40 5.92 4.26
15.8 15.5 16.1 20.6 13.9 13.74 8.07 5.49 5.80 3.87
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$5,796.9 $5,405.5 $5,357.3 $5,437.8 $4,665.9 8.08% 8.28% 8.30% 8.26% 7.64%
$ 542.0 $ 497.6 $ 459.5 $ 423.1 $ 333.1 3.10% 3.22% 2.93% 2.91% 2.30%
82.9 102.6 123.8 153.7 166.5 1.99 2.04 2.39 2.53 2.36
1,006.4 1,078.2 1,159.8 1,232.7 873.5 5.51 5.56 5.58 5.63 4.62
125.6 79.8 74.4 86.1 61.5 5.31 5.10 5.11 5.59 4.07
89.3 54.9 44.6 79.2 44.1 5.21 5.22 5.19 5.80 4.30
167.8 91.6 84.1 107.3 79.3 5.37 4.48 6.23 6.12 4.54
186.1 144.3 164.4 184.5 140.3 4.52 4.85 5.06 5.57 6.03
168.5 180.1 130.8 174.7 55.5 5.61 6.50 5.66 6.05 2.22
476.4 323.1 232.4 206.9 145.3 6.19 6.50 6.44 6.78 6.11
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$2,845.0 $2,552.2 $2,473.8 $2,648.2 $1,899.1 4.59% 4.62% 4.54% 4.69% 3.66%
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$2,951.9 $2,853.3 $2,883.5 $2,789.6 $2,766.8
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3.49% 3.66% 3.76% 3.57% 3.98%
.62 0.71 0.71 0.67 0.55
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4.11% 4.37% 4.47% 4.24% 4.53%
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