EX-99 2 f8k_ex991.htm EXHIBIT 99.1
Exhibit 99.1


FIRST QUARTER 2005
FINANCIAL SUPPLEMENT


CONSOLIDATED SUMMARY
Quarterly, Unaudited
(Thousands)  1Q05   4Q04   3Q04   2Q04   1Q04 
Net interest income $227,447  $228,446  $218,250  $213,606  $196,009 
Noninterest income 343,464  313,682  307,231  347,285  367,240 
Divestitures -  3,200  -  1,800  2,000 
Security G/L (66) (3,734) 20,383  3,214  885 
Total revenue 570,845  541,594  545,864  565,905  566,134 
Noninterest expense 394,855  382,688  365,596  384,080  371,976 
Provision 13,109  11,783  10,044  12,292  14,229 
Pretax income 162,881  147,123  170,224  169,533  179,929 
Income taxes 53,672  43,971  56,623  51,149  60,658 
Net income 109,209  103,152  113,601  118,384  119,271 
       
Diluted shares 128,037  127,719  127,845  128,497  129,698 
EPS $0.85  $0.81  $0.89  $0.92  $0.92 
Tax rate 33% 30% 33% 30% 34%
Efficiency ratio 69% 71% 67% 68% 66%
           
Certain previously reported amounts have been reclassified to agree with current presentation.

1


STATEMENTS OF INCOME
Quarterly, Unaudited
(Thousands)  1Q05   4Q04   3Q04   2Q04   1Q04 
  - - - - -
Interest income $384,876  $334,789  $300,183  $277,815  $254,015 
Less interest expense 157,429  106,343  81,933  64,209  58,006 
  - - - - -
  Net interest income 227,447  228,446  218,250  213,606  196,009 
     
Provision for loan losses 13,109  11,783  10,044  12,292  14,229 
  - - - - -
  Net interest income after    
     
  provision for loan losses 214,338  216,663  208,206  201,314  181,780 
     
Noninterest income:    
  Mortgage banking 118,408  94,771  105,155  118,266  126,566 
  Capital markets 95,162  76,522  79,913  102,195  117,928 
  Deposit transactions    
  and cash management 33,255  37,695  38,624  38,234  33,961 
  Merchant processing 20,460  19,679  19,299  19,365  16,743 
  Insurance commissions 14,749  11,649  13,962  14,104  16,394 
     
  Trust services and investment    
  management 11,164  11,741  11,838  11,891  11,804 
  Gains on divestitures -  3,200  -  1,800  2,000 
  Securities (losses)/gains, net (66) (3,734) 20,383  3,214  885 
     
  Other 50,266  61,625  38,440  43,230  43,844 
Total noninterest income 343,398  313,148  327,614  352,299  370,125 
  Adjusted gross income after    
  provision for loan losses 557,736  529,811  535,820  553,613  551,905 
Noninterest expense:    
  Employee compensation,    
  incentives and benefits 242,986  228,206  210,089  238,402  238,250 
  Occupancy 24,516  22,875  23,865  21,699  20,963 
  Equipment rentals, depreciation,    
  and maintenance 18,085  18,633  18,713  17,573  17,776 
  Operations services 18,477  18,379  17,801  15,944  15,399 
  Communications and courier 12,893  12,446  12,118  13,223  11,803 
  Amortization of intangible assets 3,362  3,014  2,165  2,191  2,171 
  Other 74,536  79,135  80,845  75,048  65,614 
Total noninterest expense 394,855  382,688  365,596  384,080  371,976 
  - - - - -
Pretax income 162,881  147,123  170,224  169,533  179,929 
     
  Applicable income taxes 53,672  43,971  56,623  51,149  60,658 
  - - - - -
Net income $109,209  $103,152  $113,601  $118,384  $119,271 
     
  = = = = =
   
     
         
     
     
     
               
Diluted earnings per common share $        .85  $        .81  $        .89  $        .92  $        .92 
Dividends declared        .43         .43         .40         .40         .40 
       
SELECTED FINANCIAL RATIOS:      
Return on average assets 1.30% 1.40% 1.63% 1.75% 1.93%
Return on average shareholders' equity                   21.8                      20.8                      23.7                      25.5                      25.6   

2


OTHER INCOME AND OTHER EXPENSE
Quarterly, Unaudited
(Thousands)  1Q05   4Q04   3Q04   2Q04   1Q04 
All other income and commissions:    
Revenue from loan sales and securitizations $13,586  $14,151  $22  $3,976  $4,966 
Cardholder fees                  6,092  6,405  6,461  6,348  5,861 
Other service charges                  5,218  5,270  4,696  5,098  4,645 
Remittance processing                  3,787  3,888  4,423  5,486  5,718 
Check clearing fees                  1,869  2,340  2,562  2,523  2,627 
Other                19,714  29,571  20,276  19,799  20,027 
Total      $50,266   $61,625   $38,440   $  43,230   $  43,844 
All other expense:    
Advertising and public relations  $  11,535   $8,585   $9,976   $    9,527   $  11,873 
Legal and professional fees                  8,749  11,816  9,529  9,700  6,685 
Travel and entertainment                  7,445  8,684  7,983  7,044  7,083 
Computer software                  7,024  7,199  7,127  7,596  6,984 
Contract employment                  6,700  7,877  6,264  5,430  4,143 
Supplies                  4,360  4,399  4,187  4,545  4,460 
Foreclosed real estate                   2,497  2,759  2,072  977  26 
Fed service fees                  1,926  1,979  2,263  2,267  2,329 
Deposit insurance premium                     689  923  661  708  732 
Charitable contributions                     374  339  414  494  250 
Other                    23,237  24,575  30,369  26,760  21,049 
Total                    74,536                 79,135                 80,845  75,048  65,614 
Certain previously reported amounts have been reclassified to agree with current presentation.

3


AVERAGE STATEMENTS OF CONDITION
Quarterly, Unaudited
(Millions)  1Q05  4Q04 3Q04 2Q04 1Q04
Loans, net of unearned income:    
  Commercial:    
  Commercial, financial and industrial $  5,480.1  $  5,213.6  $  4,935.3  $  4,736.6  $  4,491.6 
  Real estate commercial 1,004.5  929.7  960.2  965.1  982.6 
    Real estate construction 1,306.0  1,132.1  945.1  796.6  705.6 
   Total commercial loans 7,790.6  7,275.4  6,840.6  6,498.3  6,179.8 
  Retail:    
  Real estate residential 7,385.8  8,204.5  7,852.6  7,253.7  6,810.6 
  Real estate construction 1,105.4  939.8  746.1  619.1  550.5 
  Other retail 160.7  172.6  180.0  188.7  204.0 
    Credit card receivables 238.1  244.1  239.3  258.4  259.3 
     Total retail loans 8,890.0  9,561.0  9,018.0  8,319.9  7,824.4 
  Total loans, net of unearned income 16,680.6  16,836.4  15,858.6  14,818.2  14,004.2 
Investment securities 2,794.8  2,150.6  2,625.7  2,474.6  2,546.7 
Loans held for sale 5,315.1  4,696.1  4,036.7  4,689.7  3,290.9 
Other earning assets 4,576.6  1,895.7  1,687.7  1,658.0  1,577.7 
  Total earning assets  29,367.1  25,578.8  24,208.7  23,640.5  21,419.5 
Cash and due from banks  729.8  779.2  740.0  718.4  718.7 
Other assets 3,994.5  2,951.9  2,767.9  2,917.4  2,755.8 
  Total assets $34,091.4  $29,309.9  $27,716.6  $27,276.3  $24,894.0 
     
Certificates of deposit under    
  $100,000 and other time $  2,102.4  $  2,065.8  $  2,015.0  $  1,880.6  $  1,824.6 
Other interest-bearing deposits 4,567.8  4,228.4  4,128.6  4,146.7  4,055.1 
  Total interest-bearing core deposits 6,670.2  6,294.2  6,143.6  6,027.3  5,879.7 
Demand deposits 1,785.0  1,879.7  1,741.6  1,809.1  1,791.9 
Other noninterest-bearing deposits 3,001.7  3,034.0  2,800.6  3,091.0  2,544.1 
  Total core deposits 11,456.9  11,207.9  10,685.8  10,927.4  10,215.7 
Certificates of deposit $100,000 and more 10,147.1  8,079.0  6,971.1  6,580.7  5,856.3 
     Total deposits 21,604.0  19,286.9  17,656.9  17,508.1  16,072.0 
Short-term borrowed funds 6,152.7  4,506.8  4,602.7  4,223.0  4,058.4 
Term borrowings  2,616.1  2,385.1  2,340.6  2,442.0  1,821.8 
Other liabilities           1,653.2  1,157.4  1,210.4  1,231.8  1,069.7 
Preferred stock of subsidiary                30.0                     .5                     .5                     .5                     .4 
Shareholders' equity 2,035.4  1,973.2  1,905.5  1,870.9  1,871.7 
  Total liabilities and shareholders' equity $34,091.4  $29,309.9  $27,716.6  $27,276.3  $24,894.0 
Diluted shares outstanding 128.1  127.7  127.8  128.5  129.7 
Certain previously reported amounts have been reclassified to agree with current presentation.

4


RETAIL/COMMERCIAL BANKING
Quarterly, Unaudited
(Thousands)  1Q05   4Q04   3Q04   2Q04   1Q04 
Net interest income $197,916  $193,886  $179,862  $167,331  $158,102 
Noninterest income 121,386  127,466  114,461  119,407  113,980 
Divestitures -  3,200  -  1,800  2,000 
Security G/L -  (1) 637  303  2 
Total revenue 319,302  324,551  294,960  288,841  274,084 
Total noninterest expense 187,505  191,551  180,250  177,235  172,224 
Provision 13,069  11,798  10,044  12,310  14,249 
Pretax income 118,728  121,202  104,666  99,296  87,611 
       
Efficiency ratio 59% 59% 61% 61% 63%
       
Average loans (millions) $16,622  $16,792  $15,827  $14,798  $13,988 
Other earning assets (millions) 1,889  1,206  882  896  598 
  Total earning assets (millions) 18,511  17,998  16,709  15,694  14,586 
       
Total deposits 10,384  9,975  9,666  9,474  9,285 
       
Net interest margin 4.34% 4.29% 4.28% 4.29% 4.36%
       
       
Noninterest revenue detail          
Deposit transactions & cash mgmt $33,254  $37,694  $38,622  $38,233  $33,960 
Merchant processing 20,465  19,683  19,304  19,369  16,748 
Insurance commissions 14,287  11,206  13,539  13,674  15,961 
Trust services & investment mgmt 11,164  11,741  11,837  11,891  11,804 
Cardholder fees 5,922  6,252  6,332  6,301  5,696 
Other service charges 4,806  4,900  4,378  4,802  4,446 
Check clearing fees 1,869  2,340  2,562  2,523  2,627 
Revenue from loan sales and      
   securitizations (a) 11,468  14,151  22  3,976  4,966 
Miscellaneous revenue 18,151  19,499  17,865  18,638  17,772 
Total noninterest revenue 121,386  127,466  114,461  119,407  113,980 
       
Statistics      
Trust total assets (millions)(b)  12,171  12,228  12,327  12,154  12,103 
Trust total managed assets (millions)(b) 7,272  7,608  7,463  7,539  7,668 
Merchant transactions 42,701  39,347  40,480  39,340  38,329 
(a)  Includes gains from whole-loan sales and net revenue from asset securitizations
(b)  Current quarter is an estimate
Certain previously reported amounts have been reclassified to agree with current presentation.

5


MORTGAGE BANKING
Quarterly, Unaudited
(Thousands)  1Q05   4Q04   3Q04   2Q04   1Q04 
Net interest income $32,957  $38,858  $37,758  $44,352  $32,400 
Noninterest income:      
    Net origination fees 99,964  76,567  68,375  99,101  95,802 
    Net servicing fees 13,765  15,382  25,560  14,407  28,447 
    Other fees 8,839  9,901  15,291  9,549  6,593 
Total noninterest income 122,568  101,850  109,226  123,057  130,842 
Total revenue 155,525  140,708  146,984  167,409  163,242 
Noninterest expense 114,305  110,736  109,255  118,711  99,664 
Provision                        40                       (15)                          -  (18) (20)
Pretax income 41,180  29,987  37,729  48,716  63,598 
         
Noninterest expense detail      
Commissions & incentives $60,739  $67,930  $60,891  69,026  49,590 
FAS 91 cost deferral (2,574) (6,315) 2,195  (594) (4,040)
Other salaries & benefits 57,569  63,429  54,694  54,931  54,206 
  Total salaries & benefits 115,734  125,044  117,780  123,363  99,756 
Contract labor & outsourcing  4,456  4,688  4,210  4,234  3,395 
Equipment & occupancy 15,600  16,837  17,717  16,163  16,295 
Foreclosure provision  2,414  2,418  1,757  617  (1,039)
Other expenses  42,947  32,927  50,593  44,367  39,579 
Total expenses before FAS 91 reclass 181,151  181,914  192,057  188,744  157,986 
FAS 91 reclassification (70,808) (74,881) (86,706) (74,414) (62,044)
Total Noninterest Expense Before      
    Segment Allocations  110,343  107,033  105,351  114,330  95,942 
Segment Allocations 3,962  3,703  3,904  4,381  3,722 
 Total Noninterest Expense  114,305  110,736  109,255  118,711  99,664 
       
Other information      
Efficiency ratio 73% 79% 74% 71% 61%
       
Warehouse (millions) $3,522  $3,543  $3,217  $3,858  $2,742 
Other earning assets (millions) 343  318  287  250  228 
  Total earning assets (millions) 3,865  3,861  3,504  4,108  2,970 
       
Escrow balances 1,724  1,779  1,570  2,005  1,426 
       
Net interest margin 3.46% 4.00% 4.29% 4.34% 4.39%
       
Warehouse Spread 2.89% 3.58% 3.93% 3.84% 3.91%
           
Certain previously reported amounts have been reclassified to agree with current presentation.

6


MORTGAGE BANKING
Quarterly, Unaudited
(Thousands)    1Q05   4Q04   3Q04   2Q04   1Q04 
ORIGINATION INCOME      
Origination Fees $76,050  $79,235  $82,425  $96,270  $71,737 
FAS 91 Fee Deferral                    (939)                 (3,192)                   2,966                       474                  (3,939)
Appraisal, Final Inspection,       
     Credit Report Fees                   6,926                    7,142                    7,335                    8,345                    6,138 
  Total origination fees                 82,037                  83,185                  92,726                105,089                  73,936 
       
Secondary Marketing Income:      
OMSR                  72,948                  62,462                  58,120                103,186                  52,419 
SRP                  10,426                    7,709                    8,656                    7,847                  10,787 
Marketing G/L (Trading Gains)                   27,553                  15,605                  20,904                  (2,418)                 38,024 
Concessions               (21,944)               (15,360)               (25,724)               (39,328)               (17,202)
LOCOM                        (248)                 (2,153)                      399                     (861)                    (118)
  Total Secondary Marketing Fees -      
          Mortgage                   88,735                  68,263                  62,355                  68,426                  83,910 
       
FAS 91 Reclassification               (70,808)               (74,881)               (86,706)               (74,414)               (62,044)
       
Total Origination Income                 99,964                  76,567                  68,375                  99,101                  95,802 
       
KEY ORIGINATIONS METRICS      
       
Production ($ in millions):      
  First Lien Production                   7,618                    7,840                    6,842                    8,915                    6,869 
       
Refinanced Production                    3,588                    3,475                    2,117                    4,226                    3,974 
Refinanced % 47% 44% 31% 47% 58%
Purchased Production                   4,030                    4,365                    4,725                    4,689                    2,895 
Purchased % 53% 56% 69% 53% 42%
       
ARMs % (Excluding Gov't ARMS) 45% 47% 48% 41% 31%
       
Relationship Managers 1,974  1,879  1,792  1,771  1,664 
       
Warehouse/Pipeline Balance:      
Ending Warehouse Balance 3,477  3,420  2,832  2,840  3,439 
Ending Pipeline Balance (Locked)                   4,065                    3,309                    3,922                    3,646                    5,248 
       
Loan Sales (Deliveries):      
Total Loan Sales                   7,380                    7,134                    6,529                    9,535                    6,136 
       
Margins:      
Marketing Margin on Deliveries (bps):      
OMSR 99  88  89  108  85 
Marketing G/L (Trading Gains) 37  22  32  (3) 62 
LOCOM                          -  (3)                          1                         (1)                          - 
Concessions/SRP    (16) (11) (26) (33) (10)
Total Marketing Margin on Deliveries          
      120  96  96  71  137 
Certain previously reported amounts have been reclassified to agree with current presentation.

7


MORTGAGE BANKING
Quarterly, Unaudited
     1Q05   4Q04   3Q04   2q04   1Q04 
(Thousands)   $ bps $ bps $ bps $ bps $ bps
SERVICING INCOME                      
Gross Service Fees $85,908  39 $80,462  38 $75,279  39 $69,584  39 $68,944  39
Guarantee Fees        (19,127) (9)        (18,020) (9)        (17,022) (9)        (15,042) (9)        (14,670) (8)
Sub-Service Fee Income                   4      -                    2      -                    7      -                    6      -                    -      - 
Lender Paid MI             (121)     -              (143)     -              (134)     -              (141)     -              (194)     - 
  Net Service Fees            66,664  30           62,301  29           58,130  30           54,407  30           54,080  31 
         
Early Payoff Interest Expense          (5,193)   (2)          (5,485)   (2)          (4,064)   (2)          (6,443)   (3)          (5,170)   (3)
Ancillary Fees            6,411  3             5,864  3             5,666  3             5,539  3             5,525  3 
  Total Service Fees            67,882  31           62,680  30           59,732  31           53,503  30           54,435  31 
         
AMORTIZATION/IMPAIRMENT        
Amortization        (46,915)          (41,639)        (38,111)        (38,971)        (34,001)  
Impairment        (10,375)            (9,489)        (13,356)               379         (14,596)  
  Total Amortization/Impairment          (57,290)          (51,128)          (51,467)          (38,592)          (48,597)  
         
HEDGE GAINS        
MSR Hedge Gains/(Losses)        
  NII on SWAPs          18,330             16,382           16,987           21,649           24,931   
  Hedge Ratios          11,013             15,481             8,648             1,756             9,295   
  Other Ineffectiveness        (11,843)          (13,342)          (1,701)        (14,866)          (3,898)  
    Total MSR Hedge Gains/(Losses)            17,500             18,521             23,934               8,539             30,328   
         
Amortization & Time Decay of MSR's          (9,984)          (12,129)          (7,637)          (4,633)          (9,004)  
         
Hedge MTM & Time Decay:        
  I/O Strip Time Decay          (3,257)            (1,874)          (1,246)             (421)          (2,679)  
  I/O Strip MTM          (1,086)               (688)            2,244           (3,989)            3,964   
    Total Hedge MTM & Time Decay            (4,343)            (2,562)                 998             (4,410)              1,285   
Total Hedge Gains              3,173               3,830             17,295                (504)            22,609   
         
Total Servicing Income            13,765             15,382             25,560             14,407             28,447   
         
KEY SERVICING METRICS        
($ in millions)        
Avg. Servicing Portfolio (Owned) $87,397    $84,863  $76,885  $71,543  $69,503   
End. Servicing Portfolio (Owned) $88,010    $86,587  $81,591  $72,165  $70,317   
Average Loans Serviced (#)        598,997           583,248         539,527         517,217         509,506   
         
Product Mix (Average)         
Product Mix (%)        
GNMA 11%   12% 14% 14% 15%  
FNMA/FHLMC 69%   69% 68% 68% 68%  
Private   16%   15%   13%   13%   12%  
Sub-Total 96%   96% 95% 95% 95%  
Warehouse 4%   4% 5% 5% 5%  
Total   100%   100%   100%   100%   100%  
         
Other Statistics        
(Annualized)        
Ancillary Income per Loan $42.81    $40.22  $42.01  $42.84  $43.38   
Direct Servicing Cost per Loan $55.96    $56.88  $56.85  $57.88  $62.26   
         
Portfolio Data        
(in millions)        
Average Servicing Asset ** 1,049   971 947 902 744  
Valuation Reserve (Ending Balance) 3   4 7 7 32  
Servicing Book Value (bps)   120   114 123 127 107
         
Amortization/Average Servicing Asset 18%   17% 16% 17% 18%  
Impairment/Average Servicing Asset 4%   4% 6% 0% 8%  
         
Run-Off Rate 22%   26% 22% 34% 27%  
         
** Includes valuation reserve/MSRs only                    
Certain previously reported amounts have been reclassified to agree with current presentation.

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CAPITAL MARKETS
Quarterly, Unaudited
(Thousands)  1Q05   4Q04   3Q04   2Q04   1Q04 
Net interest income ($ 5,820) ($ 124) $207  $25  $291 
Noninterest income:      
  Depository 27,834  23,623  26,751  34,756  49,193 
  Nondepository 35,186  22,296  20,004  23,498  32,795 
  Other fees 33,407  34,164  34,600  44,725  37,285 
Total noninterest income 96,427  80,083  81,355  102,979  119,273 
Total revenue 90,607  79,959  81,562  103,004  119,564 
Noninterest expense 81,307  69,527  64,640  77,945  88,806 
Pretax income 9,300  10,432  16,922  25,059  30,758 
         
       
Efficiency ratio 90% 87% 79% 76% 74%
       
Trading inventory (millions) $2,235  $857  $719  $694  $741 
Other earning assets (millions) 1,850  634  518  545  522 
  Total earning assets (millions) 4,085  1,491  1,237  1,239  1,263 
       
       
Net interest margin -0.58% -0.03% 0.07% 0.01% 0.09%
       
                 

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CORPORATE
Quarterly, Unaudited
(Thousands)  1Q05   4Q04   3Q04   2Q04   1Q04 
Net interest income $2,394  ($ 4,174) $423  $1,898  $5,216 
Noninterest income 3,083  4,283  2,189  1,842  3,145 
Security G/L (66) (3,733) 19,746                    2,911                       883 
Total revenue 5,411  (3,624) 22,358  6,651  9,244 
Total noninterest expense 11,738  10,874  11,451  10,189  11,282 
Pretax income (6,327) (14,498) 10,907  (3,538) (2,038)
                 

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CAPITAL HIGHLIGHTS
(Dollars in millions except per share amounts, Unaudited)
     1Q05  4Q04 3Q04 2Q04 1Q04
Tier 1 Capital (a) $  2,291.7  $  2,080.2  $  2,027.2  $  1,985.3  $  1,963.3 
Tier 2 Capital (a) 1,108.8  1,102.5  739.4  738.0  755.0 
  Total Capital (a) $  3,400.5  $  3,182.7  $  2,766.6  $  2,723.3  $  2,718.3 
     
Risk-Adjusted Assets (a) $26,620.9  $24,140.7  $22,505.2  $21,091.1  $20,408.1 
     
Tier 1 Ratio (a) 8.61% 8.62% 9.01% 9.41% 9.62%
Tier 2 Ratio (a)                4.16                   4.56                   3.28                   3.50                   3.70   
  Total Capital Ratio (a) 12.77% 13.18% 12.29% 12.91% 13.32%
     
Leverage Ratio (a) 6.80% 7.16% 7.38% 7.35% 7.97%
     
Shareholders' Equity/Assets Ratio (b)                 5.97                   6.73                   6.87                   6.86                   7.52   
     
Book Value $ 16.73    $ 16.39    $ 15.96    $ 15.42    $ 15.34   
             
(a)  Current quarter is an estimate
(b)  Calculated on average balances

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NET INTEREST MARGIN (NIM) HIGHLIGHTS
(Unaudited)
       1Q05      4Q04     3Q04     2Q04     1Q04
Consolidated Yields and Rates:    
 Investment securities 4.27 % 4.21 % 4.36 % 4.30 % 4.23 %
 Loans, net of unearned               5.63                   5.34                   5.01                   4.81                   4.95    
 Other earning assets               5.01                   5.26                   5.05                   4.67                   4.51    
 Yields on earning assets               5.29                   5.22                   4.95                   4.72                   4.77    
 Interest bearing core deposits               1.73                   1.56                   1.43                   1.28                   1.27    
 CD's over $100,000               2.59                   2.09                   1.61                   1.21                   1.21    
 Fed funds purchased and repos               2.24                   1.78                   1.29                     .90                     .88    
 Commercial paper and other short-term    
    borrowings               4.01                   3.34                   3.55                   3.67                   3.14    
 Long-term debt               3.18                   2.70                   2.28                   1.87                   2.08    
 Rates paid on interest-bearing liabilities               2.49                   1.99                   1.63                   1.34                   1.32    
  Net interest spread               2.80                   3.23                   3.32                   3.38                   3.45    
 Effect of interest-free sources                   .32                     .34                     .28                     .25                     .23    
  FHN - NIM 3.12 % 3.57 % 3.60 % 3.63 % 3.68 %
Certain previously reported amounts have been reclassified to agree with current presentation.

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