EX-99.1 7 y24051exv99w1.htm EX-99.1: SUPPLEMENTAL PERFORMANCE MEASUREMENTS EX-99.1
 

Exhibit 99.1
This document contains certain supplemental financial information, described in the following notes, which has been determined by methods other than Accounting Principles Generally Accepted in the USA (“GAAP”) that management uses in its analysis of the Company’s performance. The Company’s management believes these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the Company, its business and performance trends and facilitates comparisons with the performance of others in the financial services industry.
Supplemental Performance Measurements — Average Tangible Assets, Average Tangible Equity and Tangible Book Value.
The information below provides specific definition of non-GAAP measurements utilized in our overview schedule under the financial summary section of Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Return on average tangible assets and return on average tangible equity are computed, on an annualized basis, as follows:
Return on average tangible assets is computed by dividing net income, as reported plus amortization of identifiable intangible assets, net of taxes by average total assets less average goodwill and average identifiable intangible assets.
Return on average tangible equity is computed by dividing net income, as reported plus amortization of identifiable intangible assets, net of taxes by average total stockholders’ equity less average goodwill and average identifiable intangible assets.
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
(dollars in thousands)   2006     2005     2006     2005  
Net Income, as Reported
  $ 220,817     $ 242,066     $ 430,945     $ 501,101  
Add: Amortization of Identifiable Intangible Assets, Net of Taxes
    5,936       5,937       11,784       11,873  
 
                       
Net Income, as Adjusted
  $ 226,753     $ 248,003     $ 442,729     $ 512,974  
 
                       
 
                               
Average Assets
  $ 58,400,693     $ 61,480,463     $ 57,890,605     $ 60,847,191  
Less: Average Goodwill
    5,918,116       5,886,175       5,918,116       5,883,049  
Less: Average Identifiable Intangible Assets
    101,848       138,033       106,271       142,789  
 
                       
Average Tangible Assets
  $ 52,380,729     $ 55,456,255     $ 51,866,218     $ 54,821,353  
 
                       
 
                               
Average Stockholders’ Equity
  $ 9,044,461     $ 9,170,671     $ 9,008,184     $ 9,094,438  
Less: Average Goodwill
    5,918,116       5,886,175       5,918,116       5,883,049  
Less: Average Identifiable Intangible Assets
    101,848       138,033       106,271       142,789  
 
                       
Average Tangible Equity
  $ 3,024,497     $ 3,146,463     $ 2,983,797     $ 3,068,600  
 
                       
 
                               
Return on Average Tangible Assets
    1.74 %     1.79 %     1.72 %     1.89 %
Return on Average Tangible Equity
    30.07       31.61       29.92       33.71  
TANGIBLE BOOK VALUE
Tangible book value is calculated by dividing period end stockholders’ equity, less period end goodwill and identifiable intangible assets, by period end shares outstanding.
                 
    June 30,     June 30,  
(In thousands, except per share amounts)   2006     2005  
Period End Stockholders’ Equity Inclusive of Unrealized Gain/(Loss) on Securities Available-for-Sale
  $ 9,062,577     $ 9,216,280  
Less: Goodwill and Identifiable Intangible Assets
    6,014,489       6,020,663  
 
           
Period End Stockholders’ Equity Less Intangible Assets
  $ 3,048,088     $ 3,195,617  
 
           
End of Period Shares Outstanding
    465,747       478,584  
 
           
Tangible Book Value
  $ 6.54     $ 6.68  

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