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Table 19 - Consolidated Daily Average Balances, Income/Expense and Average Yields Earned and Rates Paid
Three Months Ended
December 31, 2008 December 31, 2007
(Dollars in millions; yields on taxable-equivalent basis)
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Income/
Expense
Yields/
Rates
Assets
Loans:1
Real estate 1-4 family $31,006.9 $482.4 6.22 % $31,990.3 $517.4 6.47 %
Real estate construction 8,914.8 106.5 4.75 13,250.9 238.8 7.15
Real estate home equity lines 15,803.1 173.8 4.38 14,394.8 268.1 7.39
Real estate commercial 14,736.8 202.2 5.46 12,891.6 221.2 6.81
Commercial - FTE240,463.8 540.5 5.31 34,879.3 564.9 6.43
Credit card 999.0 16.9 6.76 690.1 2.1 1.23
Consumer - direct 5,009.4 65.3 5.18 3,949.3 70.7 7.10
Consumer - indirect 6,820.9 109.6 6.39 7,877.3 125.7 6.33
Nonaccrual and restructured 3,853.2 5.1 0.53 1,170.7 4.3 1.45
Total loans1127,607.9 1,702.3 5.31 121,094.3 2,013.2 6.60
Securities available for sale:
Taxable 13,071.2 183.8 5.63 11,814.6 182.9 6.19
Tax-exempt - FTE21,007.9 15.2 6.04 1,054.0 16.0 6.07
Total securities available for sale - FTE214,079.1 199.0 5.65 12,868.6 198.9 6.18
Funds sold and securities purchased under agreements to resell 963.2 1.9 0.77 1,066.1 11.6 4.25
Loans held for sale 3,968.3 53.5 5.39 8,777.6 139.2 6.34
Interest-bearing deposits 30.9 0.2 2.14 18.2 0.3 6.22
Interest earning trading assets 6,538.5 60.3 3.67 7,716.2 112.8 5.80
Total earning assets 153,187.9 2,017.2 5.24 151,541.0 2,476.0 6.48
Allowance for loan and lease losses (1,997.9) (1,114.9)
Cash and due from banks 3,218.6 3,462.6
Other assets 17,695.3 17,172.3
Noninterest earning trading assets 3,571.8 1,660.9
Unrealized gains on securities available for sale, net 1,371.6 2,408.6
Total assets $177,047.3 $175,130.5
Liabilities and Shareholders’ Equity
Interest-bearing deposits:
NOW accounts $20,095.0 $32.6 0.65 % $20,737.2 $121.0 2.32 %
Money market accounts 27,968.7 126.3 1.80 24,261.5 177.7 2.91
Savings 3,460.0 2.8 0.32 4,177.7 11.1 1.05
Consumer time 17,043.5 141.9 3.31 17,170.7 197.2 4.56
Other time 12,716.6 112.0 3.50 12,353.3 151.5 4.87
Total interest-bearing consumer and commercial deposits 81,283.8 415.6 2.03 78,700.4 658.5 3.32
Brokered deposits 8,942.3 84.3 3.69 12,771.1 168.2 5.15
Foreign deposits 3,706.4 4.0 0.42 2,945.9 32.6 4.33
Total interest-bearing deposits 93,932.5 503.9 2.13 94,417.4 859.3 3.61
Funds purchased 2,156.1 3.8 0.69 2,151.4 24.1 4.38
Securities sold under agreements to repurchase 3,609.4 3.1 0.33 5,706.7 55.2 3.78
Interest-bearing trading liabilities 585.9 5.7 3.87 504.2 3.5 2.75
Other short-term borrowings 4,163.5 8.0 0.77 3,202.8 37.4 4.63
Long-term debt 24,037.8 284.0 4.70 22,808.1 301.7 5.25
Total interest-bearing liabilities 128,485.2 808.5 2.50 128,790.6 1,281.2 3.95
Noninterest-bearing deposits 20,954.6 20,948.1
Other liabilities 5,237.7 5,812.5
Noninterest-bearing trading liabilities 2,591.8 1,546.5
Shareholders’ equity 19,778.0 18,032.8
Total liabilities and shareholders’ equity $177,047.3 $175,130.5
Interest Rate Spread 2.74 % 2.53 %
Net Interest Income - FTE 3$1,208.7 $1,194.8
Net Interest Margin43.14 % 3.13 %
1Interest income includes loan fees of $34.8 million and $33.3 million in the quarters ended December 31, 2008 and December 31, 2007, respectively. Nonaccrual loans are included in average balances
and income on such loans, if recognized, is recorded on a cash basis.
2Interest income includes the effects of taxable-equivalent adjustments using a federal income tax rate of 35% and, where applicable, state income taxes to increase tax-exempt interest income to a
taxable-equivalent basis. The net taxable-equivalent adjustment amounts included in the above table aggregated $31.8 million and $27.3 million in the quarters ended December 31, 2008 and
December 31, 2007, respectively.
3The Company obtained derivative instruments to manage the Company’s interest-sensitivity position that increased net interest income $46.3 million and $6.6 million in the quarters ended
December 31, 2008 and December 31, 2007, respectively.
4The net interest margin is calculated by dividing annualized net interest income – FTE by average total earning assets.
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