Quarterly Financial Supplement

EX-99.2 3 dex992.htm QUARTERLY FINANCIAL SUPPLEMENT Quarterly Financial Supplement

Exhibit 99.2

April 2005

LOGO

FINANCIAL SUPPLEMENT

Investment Community Member:

To assist in your financial analysis, the following supplement of most requested information concerning Fifth Third Bancorp is provided.

Numbers are unaudited for both year-end and quarterly information.

If you need further information, please fax or e-mail your request to Fifth Third’s Investor Relations Department at (513) 534-0629 or Brad.Adams@53.com


R. Mark Graf	Matt Curoe	Brad Adams
SVP/Chief Financial Officer	VP/External Reporting	VP/Investor Relations
(513) 534-6924	(513) 534-0482	(513) 534-0983


Yearly Data
	Years Ended December 31,
	2004		2003		2002		2001		2000		1999
Ratios %
Return on average assets		1.61		1.90		2.04		1.42		1.58		1.44
Return on average shareholders’ equity		17.2		19.0		18.4		13.6		17.5		15.8
Average equity as a percent of average assets		9.34		10.01		11.08		10.40		9.06		9.12
Net interest margin (FTE)		3.48		3.62		3.96		3.82		3.73		3.96
Efficiency		53.9		47.0		47.5		57.5		53.7		56.0
Net losses charged off as a percent of average loans and leases		0.45		0.63		0.43		0.54		0.26		0.39
Allowance for loan and lease losses as a percent of loans and leases (a)		1.19		1.33		1.49		1.50		1.43		1.48
Allowance for credit losses as a percent of loans and leases (a)		1.31		1.47		1.49		1.50		1.43		1.48
Nonperforming assets as a percent of loans, leases and other assets, including OREO		0.51		0.61		0.59		0.57		0.47		0.40
Underperforming assets as a percent of loans, leases and other assets, including OREO		0.74		0.89		0.95		0.96		0.77		0.61
Allowance for loan and lease losses as a percent of nonperforming assets (a)		235.32		218.85		250.62		265.45		303.85		370.86
Allowance for loan and lease losses as a percent of underperforming assets (a)		160.20		150.28		157.12		156.49		185.21		241.16
Allowance for credit losses as a percent of nonperforming assets (a)		259.05		242.01		250.62		265.45		303.85		370.86
Allowance for credit losses as a percent of underperforming assets (a)		176.36		166.19		157.12		156.49		185.21		241.16

Share Data
Earnings per share	$	2.72	$	2.91	$	2.64	$	1.74	$	1.86	$	1.55
Earnings per diluted share		2.68		2.87		2.59		1.70		1.83		1.53
Cash dividends per common share		1.31		1.13		0.98		0.83		0.70		0.59
Book value per share		16.00		15.29		14.98		13.31		11.83		9.91
Common shares outstanding ^{(net of treasury)}		557,648,989		566,685,301		574,355,247		582,674,580		569,056,843		565,425,468
Market price per share:
High	$	60.00	$	62.15	$	69.70	$	64.77	$	60.88	$	50.29
Low		45.32		47.05		55.26		45.69		29.33		38.58
Close		47.30		59.10		58.55		61.33		59.75		48.92
Price/earnings ratio (b)		17.65		20.59		22.61		36.08		32.65		31.97

Supplemental Data
Common dividends declared ($ in millions)	$	735	$	645	$	568	$	460	$	325	$	248
Employees (full-time equivalents)		19,659		18,899		19,119		18,373		20,468		21,290
Banking centers		1,011		952		930		933		963		939

(a)

As of December 31, 2004, the reserve for unfunded commitments has been reclassified from the allowance for loan and lease losses to other liabilities. The 2003 year end reserve for unfunded commitments has been reclassified to conform to the current presentation. The allowance for credit losses is the sum of the allowance for loan and lease losses and the reserve for unfunded commitments.

(b)	Based on the most recent twelve-month earnings per diluted share and end of period stock prices.


Yearly Data
	Years Ended December 31,
	2004			2003			2002			2001			2000		1999
Income Statement ($ in millions)
Interest income-FTE	$	4,150		$	4,030		$	4,168		$	4,754		$	4,994	$	4,239
Interest expense		1,102			1,086			1,430			2,278			2,697		2,026
Net interest income-FTE		3,048			2,944			2,738			2,476			2,297		2,213
Provision for loan and lease losses		268			399			246			201			126		143
Merger-related loan loss provision (a)		-			-			-			35			12		26
Noninterest income:
Electronic payment processing revenue		622			575			512			347			252		189
Service charges on deposits		515			485			431			367			298		252
Mortgage banking net revenue		178			302			188			63			256		290
Investment advisory revenue		360			332			325			298			275		258
Other noninterest income		626			546			555			520			370		324
Operating lease revenue		156			124			-			-			-		-
Securities (losses) gains, net		(37	)		81			114			28			6		8
Securities gains, net - non-qualifying hedges on mortgage servicing rights		-			3			33			143			-		-
Foreign exchange income		45			35			25			22			19		14
Total noninterest income		2,465			2,483			2,183			1,788			1,476		1,335
Noninterest expense:
Salaries, incentives & benefits expense		1,279			1,271			1,230			1,107			1,037		1,001
Equipment expense		84			82			79			91			100		98
Net occupancy expense		185			159			142			146			138		131
Operating lease expense		114			94			-			-			-		-
Deposit insurance expense		15			17			10			8			9		10
Other noninterest expense		1,295			928			876			752			656		639
Merger-related charges (a)		-			-			-			349			87		108
Total noninterest expense		2,972			2,551			2,337			2,453			2,027		1,987
Income from continuing operations before income taxes, minority interest and cumulative effect-FTE		2,273			2,477			2,338			1,575			1,608		1,392
Taxable equivalent adjustment		36			39			39			45			47		40
Income from continuing operations before income taxes, minority interest and cumulative effect		2,237			2,438			2,299			1,530			1,561		1,352
Applicable income taxes		712			786			734			523			511		483
Income from continuing operations before minority interest and cumulative effect		1,525			1,652			1,565			1,007			1,050		869
Minority interest, net of tax		-			(20	)		(38	)		(2	)		-		-
Income from continuing operations before cumulative effect		1,525			1,632			1,527			1,005			1,050		869
Income from discontinued operations, net of tax (b)		-			44			4			4			5		3
Income before cumulative effect		1,525			1,676			1,531			1,009			1,055		872
Cumulative effect of change in accounting principle, net of tax		-			(11	)		-			(7	)		-		-
Net income	$	1,525		$	1,665		$	1,531		$	1,002		$	1,055	$	872
Net income available to common shareholders (c)	$	1,524		$	1,664		$	1,530		$	1,001		$	1,054	$	871
Regulatory Capital Data ($ in millions)
Tier 1 capital	$	8,522		$	8,272		$	7,747		$	7,433		$	6,377	$	5,613
Tier 2 capital		1,654			1,824			1,188			1,223			1,177		912
Total risk-based capital	$	10,176		$	10,096		$	8,935		$	8,656		$	7,554	$	6,525
Total risk-weighted assets	$	82,633		$	74,477		$	65,444		$	59,491		$	55,943	$	49,379
Tier 1 capital ratio		10.31%			11.11%			11.84%			12.49%			11.40%		11.37%
Total risk-based capital ratio		12.31%			13.56%			13.65%			14.55%			13.50%		13.21%
Tier 1 leverage ratio		8.89%			9.23%			9.84%			10.64%			9.49%		9.10%

(a)	Tax-effects of these merger-related charges were $90 million in 2001, $32 million in 2000 and $33 million in 1999.

(b)	Includes gain on sale of discontinued operations of $40 million, net of tax, in 2003.

(c)	Dividend on Preferred Stock is $.740 million for all years presented.


Yearly Data
	As of December 31,
	2004			2003			2002			2001			2000			1999
Balance Sheet - Assets ($ in millions)
Cash and due from banks	$	2,561		$	2,359		$	1,891		$	2,031		$	1,706		$	1,893
Available-for-sale securities		24,687			28,999			25,464			20,507			19,029			15,925
Held-to-maturity securities		255			135			52			16			553			738
Trading securities		77			55			18			-			-			-
Other short-term investments		532			268			294			225			232			388
Total securities		25,551			29,457			25,828			20,748			19,814			17,051
Total cash and securities		28,112			31,816			27,719			22,779			21,520			18,944
Loans held for sale		559			1,881			3,358			2,180			1,655			1,198
Loans and leases held for investment ^{(before allowance)}		59,808			52,308			45,928			41,548			42,530			38,837
Total loans and leases		60,367			54,189			49,286			43,728			44,185			40,035
Allowance for loan and lease losses		(713	)		(697	)		(683	)		(624	)		(609	)		(573	)
Goodwill		979			738			740			720			545			432
Intangible assets		150			195			236			267			235			264
Total goodwill & intangibles, net		1,129			933			976			987			780			696
Servicing rights		352			299			263			426			429			382
Other real estate owned		63			55			27			30			28			21
Operating lease equipment		304			767			-			-			-			-
Other assets		4,842			3,892			3,344			3,738			3,338			2,652
Total assets	$	94,456		$	91,254		$	80,932		$	71,064		$	69,671		$	62,157
Balance Sheet - Liabilities ($ in millions)
Deposits	$	58,226		$	57,095		$	52,208		$	45,854		$	48,360		$	41,856
Borrowings:
Short-term		10,026			13,170			8,823			7,453			6,344			10,096
Long-term		13,983			9,063			8,179			7,030			6,066			3,106
Convertible subordinated debentures		-			-			-			-			173			173
Other liabilities		3,297			3,259			2,657			2,553			1,993			1,323
Total liabilities		85,532			82,587			71,867			62,890			62,936			56,554
Minority interest		-			-			461			422			-			-
Balance Sheet - Equity ($ in millions)
Common and preferred equity		10,507			9,749			8,779			7,748			6,708			5,905
Additional minimum pension liability		(64	)		(63	)		(52	)		-			-			-
Net unrealized (losses) gains on available-for-sale securities and qualifying cash flow hedges		(105	)		(57	)		421			8			28			(302	)
Treasury stock, at cost		(1,414	)		(962	)		(544	)		(4	)		(1	)		-
Total shareholders’ equity	$	8,924		$	8,667		$	8,604		$	7,752		$	6,735		$	5,603
Preferred shares outstanding		9,250			9,250			9,250			9,250			9,250			9,250
Common shares outstanding ^{(net of treasury)}		557,648,989			566,685,301			574,355,247			582,674,580			569,056,843			565,425,468
Treasury shares held		25,802,702			16,766,390			9,071,857			80,000			21,875			-


Yearly Data
	Years Ended December 31,
	2004			2003			2002			2001			2000			1999
Average Balance Sheet ($ in millions)
Taxable securities	$	29,365		$	27,584		$	22,145		$	18,482		$	17,246		$	15,390
Tax exempt securities		917			1,056			1,101			1,255			1,384			1,511
Loans and leases		57,042			52,414			45,539			44,888			42,690			38,652
Other short-term investments		315			307			339			201			200			327
Total interest-earning assets		87,639			81,361			69,124			64,826			61,520			55,880
Cash and due from banks		2,216			1,600			1,551			1,482			1,456			1,628
Other assets		5,763			5,250			5,007			5,000			4,229			3,344
Allowance for loan and lease losses		(722	)		(730	)		(645	)		(625	)		(594	)		(560	)
Total assets	$	94,896		$	87,481		$	75,037		$	70,683		$	66,611		$	60,292
Interest checking	$	19,434		$	18,679		$	16,239		$	11,489		$	9,531		$	8,553
Savings		7,941			8,020			9,465			4,928			5,799			6,206
Money market deposits		3,473			3,189			1,162			2,552			939			1,328
Other time deposits		6,208			6,426			8,855			13,473			13,716			13,858
Total customer interest-bearing deposits		37,056			36,314			35,721			32,442			29,985			29,945
Certificates - $100,000 and over		2,403			3,832			2,237			3,821			4,283			4,197
Foreign office		4,449			3,862			2,018			1,992			3,896			952
Short-term borrowings		13,539			12,373			7,191			8,799			9,725			8,573
Long-term borrowings		13,323			8,747			7,640			6,301			4,707			3,487
Total interest-bearing liabilities		70,770			65,128			54,807			53,355			52,596			47,154
Demand deposits		12,327			10,482			8,953			7,394			6,257			6,079
Other liabilities		2,939			2,883			2,520			2,556			1,725			1,562
Total liabilities		86,036			78,493			66,280			63,305			60,578			54,795
Minority interest		-			234			440			30			-			-
Shareholders’ equity		8,860			8,754			8,317			7,348			6,033			5,497
Total liabilities & shareholders’ equity	$	94,896		$	87,481		$	75,037		$	70,683		$	66,611		$	60,292
Average loans and leases (excluding held for sale)	$	55,951		$	49,700		$	43,529		$	42,339		$	41,303		$	36,543

Average common shares outstanding:
Basic		561,258,539			571,590,128			580,326,693			575,253,508			565,685,977			562,041,032
Diluted		568,234,313			580,003,074			592,020,246			591,316,210			578,973,325			575,895,318


Yearly Data
	Years Ended December 31,
	2004			2003			2002			2001			2000			1999
Asset Quality ($ in millions)
Nonaccrual loans and leases	$	228		$	242		$	247		$	216		$	174		$	133
Renegotiated loans and leases		1			8			-			-			2			2
Other assets, including other real estate owned		74			69			26			19			25			19
Total nonperforming assets		303			319			273			235			201			154
Ninety days past due loans and leases		142			145			162			164			128			83
Total underperforming assets	$	445		$	464		$	435		$	399		$	329		$	237

Loan Portfolio ($ in millions)^{(net of unearned discount)}
Commercial and residential construction loans	$	4,726		$	3,636		$	3,327		$	3,356		$	3,223		$	2,272
Commercial mortgage		7,636			6,894			5,885			6,085			6,227			5,640
Commercial loans and leases		19,484			17,489			15,805			13,396			13,306			12,106
Residential mortgages		7,533			5,530			6,804			6,563			7,167			7,750
Home equity loans		10,522			9,001			8,679			7,974			6,792			4,524
Credit card		843			762			537			448			362			318
Other consumer loans and leases		9,623			10,877			8,249			5,906			7,108			7,425
Total loans and leases	$	60,367		$	54,189		$	49,286		$	43,728		$	44,185		$	40,035

Nonperforming Loans ($ in millions)^{(non-accrual plus renegotiated)}
Commercial construction loans	$	13		$	19		$	14		$	26		$	11		$	4
Commercial mortgage		51			42			41			57			42			25
Commercial loans and leases		111			136			159			122			75			55
Residential mortgage and construction		24			26			18			11			42			48
Other consumer loans and leases		30			27			15			-			6			3
Total nonperforming loans	$	229		$	250		$	247		$	216		$	176		$	135

Net Charge-Offs ($ in millions)
Gross charge-offs	$	321		$	380		$	273		$	273		$	164		$	183
Merger related charge-offs		-			-			-			36			12			26
Recoveries		(69	)		(68	)		(86	)		(82	)		(67	)		(67	)
Net charge-offs	$	252		$	312		$	187		$	227		$	109		$	142


Quarterly Data
	Three Months Ended
	March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004		March 31, 2004		December 31, 2003		September 30, 2003		June 30, 2003
Ratios (%)
Return on average assets		1.62		0.72		1.95		1.91		1.88		1.93		1.85		1.92
Return on average shareholders’ equity		18.0		7.6		21.1		21.0		19.7		20.1		19.3		18.6
Average equity as a percent of average assets		9.02		9.51		9.21		9.08		9.55		9.61		9.57		10.34
Net interest margin (FTE)		3.38		3.35		3.42		3.54		3.60		3.54		3.52		3.69
Efficiency		51.6		76.0		47.0		48.8		46.8		49.0		46.4		45.5
Net losses charged off as a percent of average loans and leases		0.40		0.44		0.40		0.43		0.54		0.72		0.59		0.64
Allowance for loan and lease losses as a percent of loans and leases (a)		1.11		1.19		1.23		1.31		1.32		1.33		1.49		1.49
Allowance for credit losses as a percent of loans and leases (a)		1.21		1.31		1.35		1.43		1.45		1.47		1.49		1.49
Nonperforming assets as a percent of loans, leases and other assets, including OREO		0.53		0.51		0.48		0.50		0.57		0.61		0.62		0.62
Underperforming assets as a percent of loans, leases and other assets, including OREO		0.73		0.74		0.72		0.73		0.82		0.89		0.90		0.90
Allowance for loan and lease losses as a percent of nonperforming assets (a)		209.01		235.32		253.29		262.83		231.17		218.85		238.69		239.72
Allowance for loan and lease losses as a percent of underperforming assets (a)		151.87		160.20		170.37		179.20		161.76		150.28		164.56		165.48
Allowance for credit losses as a percent of nonperforming assets (a)		228.64		259.05		278.70		286.87		253.92		242.01		238.69		239.72
Allowance for credit losses as a percent of underperforming assets (a)		166.14		176.36		187.47		195.60		177.67		166.19		164.56		165.48

Share Data
Earnings per share	$	0.73	$	0.31	$	0.84	$	0.80	$	0.76	$	0.78	$	0.73	$	0.72
Earnings per diluted share		0.72		0.31		0.83		0.79		0.75		0.77		0.72		0.71
Cash dividends per common share		0.35		0.35		0.32		0.32		0.32		0.29		0.29		0.29
Book value per share		16.04		16.00		16.11		14.97		15.77		15.29		15.24		15.25
Common shares outstanding ^{(net of treasury)}		554,054,749		557,648,989		561,112,890		560,804,042		562,131,643		566,685,301		570,298,014		569,963,718
Market price per share:
High	$	48.12	$	52.34	$	54.07	$	57.00	$	60.00	$	60.01	$	59.44	$	60.49
Low		42.05		45.32		46.59		51.13		53.27		55.47		52.50		47.24
Close		42.98		47.30		49.22		53.78		55.37		59.10		55.54		57.42
Price/earnings ratio (b)		16.22		17.65		15.68		17.75		18.77		20.59		20.05		21.19

Supplemental Data
Common dividends declared ($ in millions)	$	194	$	195	$	180	$	180	$	180	$	164	$	166	$	165
Employees (full-time equivalents)		21,287		19,659		19,061		18,937		18,583		18,899		19,770		19,830
Banking centers		1,092		1,011		1,005		992		960		952		942		943
ATMs		1,988		1,898		1,872		1,844		1,827		1,905		1,891		1,883

(a)

As of December 31, 2004, the reserve for unfunded commitments has been reclassified from the allowance for loan and lease losses to other liabilities. The 2003 year end reserve for unfunded commitments and all subsequent activity has been reclassified to conform to the current presentation. The allowance for credit losses is the sum of the allowance for loan and lease losses and the reserve for unfunded commitments.

(b)	Based on the most recent twelve-month earnings per diluted share and end of period stock prices.


Quarterly Data
	Three Months Ended
	March 31, 2005		December 31, 2004			September 30, 2004		June 30, 2004		March 31, 2004		December 31, 2003		September 30, 2003			June 30, 2003
Income Statement ($ in millions)
Interest income-FTE	$	1,153	$	1,090		$	1,052	$	1,009	$	999	$	998	$	993		$	1,030
Interest expense		394		338			286		238		240		253		258			281
Net interest income-FTE		759		752			766		771		759		745		735			749
Provision for loan and lease losses		67		65			26		90		87		94		112			109
Noninterest income:
Electronic payment processing revenue		168		173			152		148		148		160		143			141
Service charges on deposits		121		126			134		131		123		125		125			121
Mortgage banking net revenue		41		24			49		61		44		57		75			93
Investment advisory revenue		90		82			88		97		93		85		85			83
Other noninterest income		140		113			126		258		130		104		161			131
Operating lease revenue		20		27			35		44		52		58		66			-
Securities (losses) gains, net		14		(78	)		16		-		25		2		15			39
Securities gains, net - non-qualifying hedges on mortgage servicing rights		-		-			-		-		-		-		-			2
Foreign exchange income		13		12			11		10		11		8		10			8
Total noninterest income		607		479			611		749		626		599		680			618
Noninterest expense:
Salaries, wages & incentives		265		266			252		254		245		244		249			269
Employee benefits		82		56			64		66		76		53		61			65
Equipment expense		25		23			22		19		20		21		21			20
Net occupancy expense		54		48			45		47		46		47		36			38
Deposit insurance expense		2		2			2		6		6		6		6			2
Operating lease expense		15		20			24		32		38		44		50			-
Other noninterest expense		262		520			239		318		217		242		234			227
Total noninterest expense		705		935			648		742		648		657		657			621
Income from continuing operations before income taxes, minority interest and cumulative effect-FTE		594		231			703		688		650		593		646			637
Taxable equivalent adjustment		8		9			9		9		9		10		10			10
Income from continuing operations before income taxes, minority interest and cumulative effect		586		222			694		679		641		583		636			627
Applicable income taxes		181		46			223		231		211		182		208			202
Income from continuing operations before minority interest and cumulative effect		405		176			471		448		430		401		428			425
Minority interest, net of tax		-		-			-		-		-		-		-			(11	)
Income from continuing operations before cumulative effect		405		176			471		448		430		401		428			414
Income from discontinued operations, net of tax (a)		-		-			-		-		-		41		1			1
Income before cumulative effect		405		176			471		448		430		442		429			415
Cumulative effect of change in accounting principle, net of tax		-		-			-		-		-		-		(11	)		-
Net income	$	405	$	176		$	471	$	448	$	430	$	442	$	418		$	415
Net income available to common shareholders (b)	$	404	$	176		$	471	$	448	$	430	$	441	$	417		$	415
Regulatory Capital Data ($ in millions) (c)
Tier 1 capital	$	7,492	$	8,522		$	8,666	$	8,346	$	8,394	$	8,272	$	8,182		$	8,009
Tier 2 capital		1,656		1,654			1,674		1,763		1,727		1,824		1,845			1,746
Total risk-based capital	$	9,148	$	10,176		$	10,340	$	10,109	$	10,121	$	10,096	$	10,027		$	9,755
Total risk-weighted assets	$	88,562	$	82,633		$	80,749	$	78,779	$	76,587	$	74,477	$	72,893		$	69,849
Tier 1 capital ratio		8.46%		10.31%			10.73%		10.59%		10.96%		11.11%		11.22%			11.47%
Total risk-based capital ratio		10.33%		12.31%			12.81%		12.83%		13.22%		13.56%		13.76%			13.97%
Tier 1 leverage ratio		7.61%		8.89%			9.13%		8.97%		9.23%		9.23%		9.21%			9.29%

(a)	Includes gain on sale of discontinued operations of $40 million, net of tax, in 4th quarter 2003.

(b)	Dividend on Preferred Stock is $.185 million for all quarters presented.

(c)	March 31, 2005 regulatory capital data and ratios are estimated.


Quarterly Data
	As of
	March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003
Balance Sheet - Assets ($ in millions)
Cash and due from banks	$	2,420		$	2,561		$	2,313		$	2,358		$	2,012		$	2,359		$	2,394		$	1,776
Available-for-sale securities		25,101			24,687			31,557			30,180			30,577			28,999			28,011			29,053
Held-to-maturity securities		303			255			254			212			179			135			145			106
Trading securities		128			77			81			97			96			55			96			49
Other short-term investments		1,213			532			384			258			191			268			163			233
Total securities		26,745			25,551			32,276			30,747			31,043			29,457			28,415			29,441
Total cash and securities		29,165			28,112			34,589			33,105			33,055			31,816			30,809			31,217
Loans held for sale		809			559			452			577			1,661			1,881			1,528			3,245
Loans and leases held for investment ^{(before allowance)}		64,902			59,808			58,036			56,679			53,912			52,308			51,807			49,357
Total loans and leases		65,711			60,367			58,488			57,256			55,573			54,189			53,335			52,602
Allowance for loan and lease losses		(717	)		(713	)		(713	)		(744	)		(713	)		(697	)		(772	)		(735	)
Goodwill		2,167			979			980			979			738			738			738			738
Intangible assets		243			150			157			164			155			195			213			222
Total goodwill & intangibles, net		2,410			1,129			1,137			1,143			893			933			951			960
Servicing rights		378			352			349			358			283			299			285			244
Other real estate owned		60			63			61			54			57			55			46			33
Operating lease equipment		224			304			394			525			658			767			899			-
Other assets		5,482			4,842			4,060			3,985			3,996			3,892			3,899			3,982
Total assets	$	102,713		$	94,456		$	98,365		$	95,682		$	93,802		$	91,254		$	89,452		$	88,303
Balance Sheet - Liabilities ($ in millions)
Interest checking	$	19,722		$	19,481		$	19,362		$	19,243		$	19,376		$	19,757		$	18,715		$	18,432
Savings		9,711			8,310			8,307			7,973			7,391			7,375			7,895			7,981
Money market deposits		4,777			4,321			4,264			2,854			2,995			3,201			3,389			3,299
Other time deposits		8,017			6,837			6,569			6,019			5,978			6,201			6,211			6,571
Total customer interest-bearing deposits		42,227			38,949			38,502			36,089			35,740			36,534			36,210			36,283
Certificates - $100,000 and over		3,867			2,121			2,092			2,825			2,569			1,856			2,484			4,797
Foreign office		5,257			3,670			3,380			5,957			4,567			6,563			3,725			3,162
Short-term borrowings		8,369			10,026			13,973			11,517			15,253			13,171			13,741			11,527
Long-term borrowings		16,321			13,983			15,128			14,775			10,990			9,063			9,255			8,338
Total interest-bearing liabilities		76,041			68,749			73,075			71,163			69,119			67,187			65,415			64,107
Demand deposits		13,960			13,486			12,886			13,037			12,374			12,141			11,875			11,634
Other liabilities		3,824			3,297			3,364			3,089			3,445			3,259			3,468			3,389
Total liabilities		93,825			85,532			89,325			87,289			84,938			82,587			80,758			79,130
Minority interest		-			-			-			-			-			-			-			482
Balance Sheet - Equity ($ in millions)
Common and preferred equity		10,569			10,507			10,515			10,225			9,989			9,749			9,460			9,235
Additional minimum pension liability		(4	)		(64	)		(66	)		(63	)		(63	)		(63	)		(52	)		(52	)
Net unrealized (losses) gains on available-for-sale securities and qualifying cash flow hedges		(319	)		(105	)		(152	)		(491	)		162			(57	)		43			288
Treasury stock, at cost		(1,358	)		(1,414	)		(1,257	)		(1,278	)		(1,224	)		(962	)		(757	)		(780	)
Total shareholders’ equity	$	8,888		$	8,924		$	9,040		$	8,393		$	8,864		$	8,667		$	8,694		$	8,691
Preferred shares outstanding		9,250			9,250			9,250			9,250			9,250			9,250			9,250			9,250
Common shares outstanding ^{(net of treasury)}		554,054,749			557,648,989			561,112,890			560,804,042			562,131,643			566,685,301			570,298,014			569,963,718
Treasury shares held		29,372,355			25,802,702			22,338,801			22,647,649			21,320,048			16,766,390			13,153,677			13,487,973


Quarterly Data
	Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003
Average Balance Sheet ($ in millions)
Taxable securities	$	25,263		$	28,859		$	30,523		$	30,253		$	29,085		$	28,568		$	27,916		$	28,461
Tax exempt securities		856			866			890			920			995			1,026			1,050			1,062
Loans and leases		65,076			59,440			57,679			56,325			54,688			53,886			53,871			51,813
Total earning assets		91,195			89,165			89,092			87,498			84,768			83,480			82,837			81,336
Cash and due from banks		2,619			2,445			2,265			2,106			2,046			2,044			1,398			1,399
Other assets		7,908			6,171			5,603			5,447			5,828			5,863			5,925			4,676
Allowance for loan and lease losses		(714	)		(719	)		(748	)		(720	)		(699	)		(771	)		(740	)		(712	)
Total assets	$	101,008		$	97,062		$	96,212		$	94,331		$	91,943		$	90,616		$	89,420		$	86,699
Interest checking	$	19,972		$	19,345		$	19,570		$	19,268		$	19,552		$	19,303		$	18,673		$	18,527
Savings		9,339			8,447			8,212			7,803			7,294			7,700			8,095			8,082
Money market deposits		4,786			4,227			3,542			2,965			3,149			3,388			3,356			2,989
Other time deposits		7,787			6,681			6,539			5,822			5,780			6,086			5,941			6,443
Total customer interest-bearing deposits		41,884			38,700			37,863			35,858			35,775			36,477			36,065			36,041
Certificates - $100,000 and over		3,539			2,106			2,459			2,836			2,213			2,170			4,472			5,115
Foreign office		4,340			4,073			3,315			4,488			5,935			5,606			3,340			3,529
Short-term borrowings		9,878			11,208			13,274			15,175			14,529			14,254			13,554			11,430
Long-term borrowings		15,604			15,585			15,055			12,317			10,294			9,149			9,581			8,109
Total interest-bearing liabilities		75,245			71,672			71,966			70,674			68,746			67,656			67,012			64,224
Demand deposits		13,484			13,107			12,537			12,251			11,402			11,460			10,859			10,055
Other liabilities		3,171			3,054			2,848			2,840			3,016			2,792			2,988			2,979
Total liabilities		91,900			87,833			87,351			85,765			83,164			81,908			80,859			77,258
Minority interest		-			-			-			-			-			-			-			477
Shareholders’ equity		9,108			9,229			8,861			8,566			8,779			8,708			8,561			8,964
Total liabilities & shareholders’ equity	$	101,008		$	97,062		$	96,212		$	94,331		$	91,943		$	90,616		$	89,420		$	86,699
Average loans and leases (excluding held for sale)	$	64,269		$	58,714		$	57,160		$	54,960		$	52,927		$	52,402		$	50,615		$	48,561

Average common shares outstanding:
Basic		556,361,533			560,161,550			560,335,242			560,976,289			563,583,277			568,104,211			570,087,666			573,887,821
Diluted		561,658,848			566,107,746			566,543,043			568,715,944			571,612,473			576,881,193			578,777,162			581,663,343


Quarterly Data
	Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004			December 31, 2003			September 30, 2003			June 30, 2003
Asset Quality ($ in millions)
Nonaccrual loans and leases	$	268		$	228		$	207		$	216		$	233		$	242		$	271		$	273
Renegotiated loans and leases		5			1			3			3			1			8			-			-
Other assets, including other real estate owned		70			74			72			64			74			69			52			33
Total nonperforming assets		343			303			282			283			308			319			323			306
Ninety days past due loans and leases		129			142			137			132			133			145			146			138
Total underperforming assets	$	472		$	445		$	419		$	415		$	441		$	464		$	469		$	444
Loan Portfolio ($ in millions)^{(net of unearned discount)}
Commercial and residential construction loans	$	5,922		$	4,726		$	4,448		$	4,108		$	3,820		$	3,636		$	3,470		$	3,362
Commercial mortgage		9,048			7,636			7,644			7,541			7,197			6,894			6,590			6,297
Commercial loans and leases		20,917			19,484			18,628			18,551			17,899			17,489			16,987			17,038
Residential mortgages		8,208			7,533			6,912			6,416			5,811			5,530			6,015			6,351
Home equity loans		11,101			10,522			10,253			9,849			9,305			9,001			8,704			9,283
Credit card		790			843			809			779			757			762			620			588
Other consumer loans and leases		9,725			9,623			9,794			10,012			10,784			10,877			10,949			9,683
Total loans and leases	$	65,711		$	60,367		$	58,488		$	57,256		$	55,573		$	54,189		$	53,335		$	52,602
Average Loan Portfolio ($ in millions)^{(net of unearned discount)}
Commercial and residential construction loans	$	5,338		$	4,625		$	4,315		$	3,924		$	3,746		$	3,547		$	3,401		$	3,339
Commercial mortgage		8,385			7,617			7,582			7,327			7,034			6,708			6,423			6,127
Commercial loans and leases		21,466			18,898			18,368			18,030			17,507			17,176			16,949			16,663
Residential mortgages		8,417			7,346			6,631			6,173			5,654			5,927			6,689			6,814
Home equity loans		10,929			10,414			10,060			9,563			9,143			8,881			9,500			9,129
Credit card		830			827			797			767			758			642			609			580
Other consumer loans and leases		9,711			9,713			9,926			10,541			10,846			11,005			10,300			9,161
Total loans and leases	$	65,076		$	59,440		$	57,679		$	56,325		$	54,688		$	53,886		$	53,871		$	51,813
Nonperforming Loans ($ in millions)^{(non-accrual plus renegotiated)}
Commercial construction loans	$	23		$	13		$	11		$	14		$	23		$	19		$	20		$	17
Commercial mortgage		56			51			51			47			48			42			42			46
Commercial loans and leases		136			111			99			107			111			136			158			163
Residential mortgage and construction		24			24			22			23			25			26			27			23
Other consumer loans and leases		34			30			27			28			27			27			24			24
Total nonperforming loans	$	273		$	229		$	210		$	219		$	234		$	250		$	271		$	273
Credit Charge-Offs ($ in millions)
Gross charge-offs	$	80		$	84		$	72		$	76		$	88		$	115		$	92		$	91
Recoveries		(17	)		(19	)		(15	)		(17	)		(17	)		(19	)		(17	)		(14	)
Net charge-offs	$	63		$	65		$	57		$	59		$	71		$	96		$	75		$	77