-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UNN0UqwGY65l0+5XTRZjumTjOwOeVXDtskxDp1ZxsdBnIqtvGR+2tkqCJrAs7uka ifgbwk1kUtzbWTphjwuy1g== 0000037076-98-000053.txt : 19980515 0000037076-98-000053.hdr.sgml : 19980515 ACCESSION NUMBER: 0000037076-98-000053 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980514 SROS: NASD SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRSTAR CORP /WI/ CENTRAL INDEX KEY: 0000037076 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 390711710 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 002-28711 FILM NUMBER: 98619439 BUSINESS ADDRESS: STREET 1: 777 E WISCONSIN AVE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4147655977 MAIL ADDRESS: STREET 1: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: FIRST WISCONSIN CORP DATE OF NAME CHANGE: 19890124 FORMER COMPANY: FORMER CONFORMED NAME: FIRST WISCONSIN BANKSHARES CORP DATE OF NAME CHANGE: 19750204 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTERLY PERIOD ENDED MARCH 31, 1998 COMMISSION FILE NUMBER 1-2981 FIRSTAR CORPORATION (Exact Name of Registrant as Specified in its Charter) WISCONSIN 39-0711710 (State of Incorporation) (I.R.S. EMPLOYER Identification No.) 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202 Telephone Number (414) 765-4321 The registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the precedeing 12 months and (2) has been subject to such filing requirements for the past 90 days. As of April 30, 1997, 145,139,566 shares of common stock were outstanding. FIRSTAR CORPORATION CONTENTS PAGE PART I. FINANCIAL INFORMATION Item 1. Financial Statements: Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Equity 3 Consolidated Statements of Cash Flows 4 Supplemental Footnotes 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Additional Financial Data 14 Item 3. Quantitative and Qualitative Disclosures About Market Risk 8,9 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 16 Item 6. Exhibits and Reports on Form 8-K 16 SIGNATURES 16
FIRSTAR CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - ------------------------------------------------------------------------------------------------ March 31 December 31 March 31 (thousands of dollars) (unaudited) 1998 1997 1997 - ------------------------------------------------------ ------------ ------------ ------------ ASSETS Cash and due from banks $ 1,575,234 $ 1,254,289 $ 1,082,339 Interest-bearing deposits with banks 4,722 5,249 9,458 Federal funds sold and resale agreements 37,751 82,589 192,073 Trading securities 4,809 2,293 994 Securities held to maturity (market value $2,458,821 $2,505,360 and $2,264,757 on March 31, 1998 December 31, 1997 and March 31, 1997) 2,406,057 2,452,124 2,251,167 Securities available for sale 1,752,150 1,707,606 1,942,234 Loans: Commercial and industrial 3,830,281 3,644,721 3,491,449 Real estate 2,961,372 2,951,968 2,970,110 Other 1,157,907 1,123,824 1,118,083 ------------ ------------ ------------ Commercial loans 7,949,560 7,720,513 7,579,642 Credit card 696,203 736,484 644,958 Real estate - mortgage portfolio 1,950,660 2,150,398 2,462,691 Real estate - mortgages held for sale 546,226 234,008 123,090 Home equity 1,246,807 1,271,966 1,120,622 Other 1,437,043 1,455,417 1,415,970 ------------ ------------ ------------ Consumer loans 5,876,939 5,848,273 5,767,331 ------------ ------------ ------------ Total loans 13,826,499 13,568,786 13,346,973 Reserve for loan losses (218,977) (218,861) (213,136) ------------ ------------ ------------ Loans - net 13,607,522 13,349,925 13,133,837 Bank premises and equipment 376,006 368,083 371,274 Customer acceptance liability 11,535 7,360 6,572 Other assets 607,884 614,167 548,368 ------------ ------------ ------------ Total assets $ 20,383,670 $ 19,843,685 $ 19,538,316 ============ ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand $ 3,882,701 $ 3,607,659 $ 3,595,873 Interest-bearing demand 1,633,520 1,756,520 1,551,807 Money market accounts 3,169,567 2,947,683 2,758,497 Savings passbook 1,334,346 1,339,038 1,504,410 Certificates of deposit 5,104,313 5,063,754 5,176,447 ------------ ------------ ------------ Total deposits 15,124,447 14,714,654 14,587,034 Short-term borrowed funds 2,166,866 2,121,412 2,458,339 Long-term debt 1,036,194 1,057,151 697,688 Bank acceptances outstanding 11,535 7,360 6,572 Other liabilities 300,706 250,007 248,460 ------------ ------------ ------------ Total liabilities 18,639,748 18,150,584 17,998,093 Stockholders' equity: Preferred stock 4,717 5,308 8,129 Common stock 181,394 181,102 181,102 Issued: March 31, 1998, 145,115,318 shares Issued: December 31, 1997, 144,881,896 shares Issued: March 31, 1997, 144,881,896 shares Capital surplus 4,258 0 0 Retained earnings 1,526,611 1,484,199 1,352,149 Treasury stock (4) (132) (1,817) Held: March 31, 1998, 1,404 shares Held: December 31, 1997, 48,547 shares Held: March 31, 1997, 275,606 shares Accumulated other comprehensive income 26,946 22,624 660 ------------ ------------ ------------ Total stockholders' equity 1,743,922 1,693,101 1,540,223 ------------ ------------ ------------ Total liabilities and stockholders' equity $ 20,383,670 $ 19,843,685 $ 19,538,316 ============ ============ ============ -1-
FIRSTAR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - ----------------------------------------------------------------------- Three Months Ended March 31 (thousands of dollars, except per share data) 1998 1997 - --------------------------------------------- ----------------------- (unaudited) INTEREST REVENUE Loans $ 284,109 $ 276,232 Securities 63,859 63,653 Interest-bearing deposits with banks 88 87 Federal funds sold and resale agreements 1,264 1,540 Trading securities 26 69 ---------- ---------- Total interest revenue 349,346 341,581 INTEREST EXPENSE Deposits 119,840 114,117 Short-term borrowed funds 28,493 28,294 Long-term debt 17,259 12,146 ---------- ---------- Total interest expense 165,592 154,557 ---------- ---------- NET INTEREST REVENUE 183,754 187,024 Provision for loan losses 15,650 9,718 ---------- ---------- NET INTEREST REVENUE AFTER LOAN LOSS PROVISION 168,104 177,306 OTHER OPERATING REVENUE Trust and investment management fees 46,046 39,851 Service charges on deposit accounts 24,439 22,176 Credit card revenue 12,636 12,256 Mortgage banking revenue 21,294 8,684 Data processing fees 5,011 5,178 Securities gains 3 1,126 Other revenue 19,618 21,247 ---------- ---------- Total other operating revenue 129,047 110,518 OTHER OPERATING EXPENSE Salaries 86,698 78,268 Employee benefits 20,024 18,514 Equipment expense 16,299 17,069 Net occupancy expense 16,805 15,379 Other expense 50,640 49,461 ---------- ---------- Total other operating expense 190,466 178,691 INCOME BEFORE INCOME TAXES 106,685 109,133 Provision for income taxes 33,769 37,338 ---------- ---------- NET INCOME $ 72,916 $ 71,795 ========== ========== Net income applicable to common stock $ 72,834 $ 71,654 ========== ========== PER COMMON SHARE Net income $ 0.50 $ 0.49 Net income assuming dilution 0.50 0.48 Dividends 0.21 0.19 -2-
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited)
Preferred Common Capital Retained Stock Stock Surplus Earnings -------------- ----------- ----------- ----------- Balance at December 31, 1996 $ 11,344 $ 188,532 $ 51,145 $ 1,437,891 Net income 71,795 Unrealized loss on securities available for sale Reclassification adjustment for gains realized on net income Income taxes Comprehensive income Cash dividends: Preferred stock, series D ($8.75 per share) (142) Common stock ($.19 per share) (28,534) Converted 6,430 shares of preferred stock into 275,974 shares of common stock (3,215) (518) (592) Issued 648,816 shares of common stock for employee benefit plans (5,184) (5,659) Retired 5,944,300 shares of common stock (7,430) (45,443) (122,610) Purchased 648,816 shares of treasury stock -------------- ----------- ----------- ----------- Balance at March 31, 1997 $ 8,129 $ 181,102 $ 0 $ 1,352,149 ============== =========== =========== ===========
Accumulated
Other Comprehensive Treasury Income Stock Total -------------- ----------- ----------- Balance at December 31, 1996 $ 19,191 $ (4,056)$ 1,704,047 Net income 71,795 Unrealized loss on securities available for sale (27,383) (27,383) Reclassification adjustment for gains realized in net income (1,126) (1,126) Income taxes 9,978 9,978 ----------- Comprehensive income 53,264 Cash dividends: Preferred stock, series D ($8.75 per share) (142) Common stock ($.19 per share) (28,534) Converted 6,430 shares of preferred stock into 275,974 shares of common stock 4,325 0 Issued 648,816 shares of common stock for employee benefit plans 18,291 7,448 Retired 5,944,300 shares of common stock (12,941) (188,424) Purchased 648,816 shares of treasury stock (7,436) (7,436) -------------- ----------- ----------- Balance at March 31, 1997 $ 660 $ (1,817)$ 1,540,223 ============== =========== ===========
Preferred Common Capital Retained Stock Stock Surplus Earnings -------------- ----------- ----------- ----------- Balance at December 31, 1997 $ 5,308 $ 181,102 $ $ 1,484,199 Net income 72,916 Unrealized gain on securities available for sale Reclassification adjustment for gains realized in net income Income taxes Comprehensive income Cash dividends: Preferred stock, series D ($8.75 per share) (40) (83) Common stock ($.21 per share) (30,423) Converted 1,180 shares of preferred stock into 50,644 shares of common stock (551) 34 493 Issued 330,943 shares of common stock for employee benefit plans 214 4,258 (496) Issued 224 shares of common stock for Purchased 101,246 shares of treasury stock -------------- ----------- ----------- ----------- Balance at March 31, 1998 $ 4,717 $ 181,394 $ 4,258 $ 1,526,611 ============== =========== =========== ===========
Accumulated
Other Comprehensive Treasury Income Stock Total -------------- ----------- ----------- Balance at December 31, 1997 $ 22,624 $ (132)$ 1,693,101 Net income 72,916 Unrealized gain on securities available for sale 6,654 6,654 Reclassification adjustment for gains realized in net income (3) (3) Income taxes (2,329) (2,329) ----------- Comprehensive income 77,238 Cash dividends: Preferred stock, series D ($8.75 per share) (123) Common stock ($.21 per share) (30,423) Converted 1,180 shares of preferred stock into 50,644 shares of common stock 64 40 Issued 330,943 shares of common stock for employee benefit plans 3,996 7,972 Issued 224 shares of common stock for Purchased 101,246 shares of treasury stock (3,937) (3,937) -------------- ----------- ----------- Balance at March 31, 1998 $ 26,946 $ (4)$ 1,743,922 ============== =========== ===========
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FIRSTAR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - ------------------------------------------------------------------------------------------------------- Three Months Ended March 31 (thousands of dollars) 1998 1997 - ------------------------------------------------------------------------------------------------------- (unaudited) Cash Flows from Operating Activities: Net Income $ 72,916 $ 71,795 Adjustments: Provision for loan losses 15,650 9,718 Depreciation, amortization, and accretion 17,071 15,476 Net (increase) decrease in trading securities (2,516) 12,495 Net (increase) decrease in loans held for resale (312,218) 21,315 Loss (gain) on securities and other assets 41 (1,379) Deferred Income Taxes (782) 0 Decrease (increase) in other assets 7,612 (31,149) Increase (decrease) in other liabilities 50,699 (19,427) Other, net (6,523) 6,525 ------------- -------------- Net cash (used) provided by operating activities (158,050) 85,369 Cash Flows from Investing Activities: Net decrease in federal funds sold and resale agreements 44,838 892 Net decrease (increase) in interest-bearing deposits with banks 527 (3,109) Sale of securities available for sale 3 1,126 Maturities of securities held to maturity 111,360 98,038 Maturities of securities available for sale 7,813 143,850 Purchase of securities held to maturity (65,207) (106,636) Purchase of securities available for sale (45,632) (144,079) Net decrease (increase) in loans 37,338 (174,144) Proceeds from sales of foreclosed assets 586 2,687 Purchases of bank premises and equipment (15,969) (17,500) Proceeds from sales of bank premises and equipment 61 777 ------------- -------------- Net cash provided (used) by investing activities 75,718 (198,098) Cash Flows from Financing Activities: Net increase (decrease) in deposits 409,793 (627,165) Net increase in short-term borrowed funds 45,454 589,733 Repayment of long-term debt (120,000) (104) Proceeds from long-term debt 99,043 598 Cash dividends (30,546) (28,676) Common/treasury stock repurchases (3,937) (195,860) Common/treasury stock issued 3,470 7,448 ------------- -------------- Net cash provided (used) by financing activities 403,277 (254,026) Net increase (decrease) in cash and due from banks 320,945 (366,755) Cash and due from banks at beginning of period 1,254,289 1,449,094 ------------- -------------- Cash and due from banks at end of period $ 1,575,234 $ 1,082,339 ============= ============== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 157,676 $ 166,620 Income taxes 1,461 4,226 Transfer to foreclosed assets from loans $ 2,076 $ 2,816 -3-
FIRSTAR CORPORATION AND SUBSIDIARIES SUPPLEMENTAL FOOTNOTES (unaudited) - ----------------------------------------------------- (thousands of dollars except as otherwise indicated) 1. The financial data presented herein are unaudited, however, in the opinion of management, reflect all adjustments which are necessary for a fair presentation of such information. Results for interim periods should not be considered indicative of results for a full year. Certain amounts have been reclassified in prior periods to conform to classifications used in the March 31, 1998 financial statements. Reference should be made to the financial statements contained in the registrant's annual report on Form 10-K for the year ended December 31, 1997. In June 1997, the Financial Accounting Standards Board issued SFAS No. 130, "Reporting Comprehensive Income." This statement establised standards for reporting the components of comprehensive income prominently within the financial statements. Comprehensive income includes net income plus certain transactions that are reported directly within stockholders' equity. Firstar adopted this statement with the first quarter of 1998 financial statements. The adoption of this statement did not have any impact on financial position or results of operations of Firstar. In March 1998, the American Institute of Certified Public Accountants issued SOP 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use." This statement requires the capitalization of certain internal and external costs incurred in the development of internal use computer software. Firstar adopted this statement with the first quarter of 1998 financial statements and capitalized $783 thousand of related expenses. 2. Securities- The amortized cost and approximate market values of securities are as follows:
March 31, 1998 -------------------------------------------------- Estimated Amortized Unrealized Unrealized Market Cost Gains Losses Value ----------- ----------- ----------- ----------- Securities held to maturity: Mortgage backed obligations of federal agencies $ 1,091,072 $ 28,223 $ 635 $ 1,118,660 State and political subdivisions 1,308,782 26,362 1,127 1,334,017 Corporate debt 6,203 5 64 6,144 ----------- ----------- ----------- ----------- Total $ 2,406,057 $ 54,590 $ 1,826 $ 2,458,821 =========== =========== =========== =========== Securities available for sale: U.S. Treasury and federal agencies $ 1,422,591 $ 42,307 $ 262 $ 1,464,636 Mortgage backed obligations of federal agencies 153,755 1,210 338 154,627 State and political subdivisions 5,757 46 4 5,799 Equity securities 78,372 0 0 78,372 Money market mutual funds 48,716 0 0 48,716 ----------- ----------- ----------- ----------- Total $ 1,709,191 $ 43,563 $ 604 $ 1,752,150 =========== =========== =========== ===========
3. Nonperforming Assets and Past Due Loans
March 31 December 31 March 31 1998 1997 1997 ----------- ----------- ----------- Nonaccrual loans: Commercial $ 36,204 $ 26,739 $ 47,264 Commercial mortgage 18,248 20,291 25,957 Consumer 18,097 16,828 18,622 ----------- ----------- ----------- 72,549 63,858 91,843 Renegotiated loans: Commercial mortgage 262 263 274 Foreclosed assets 7,146 6,244 9,347 ----------- ----------- ----------- Total $ 79,957 $ 70,365 $ 101,464 =========== =========== =========== Nonperforming assets as a percent of: Loans and foreclosed assets .58 % .52 % .76 % Total assets .39 .35 .52 Loans past due 90 days and still accruing Commercial $ 24,148 $ 21,774 $ 32,686 Commercial - eeal estate 13,495 15,626 16,209 Consumer 17,461 20,228 22,854 ----------- ----------- ----------- Total $ 55,104 $ 57,628 $ 71,749 =========== =========== ===========
4. Reserve for Loan Losses
Three Months Ended March 31 ------------------------ 1998 1997 ----------- ----------- Balance - beginning of period $ 218,861 $ 213,138 Provision for loan losses 15,650 9,718 Loan recoveries 8,792 4,798 Loan charge-offs (24,326) (14,518) ----------- ----------- Balance - end of period $ 218,977 $ 213,136 =========== =========== Net charge-offs to average loans .47 % .30 % Reserve to period-end loans 1.58 1.60
5. Net Income Per Common Share
Three Months Ended March 31 ------------------------ 1998 1997 ----------- ----------- Basic: Net income $ 72,916 $ 71,795 Less preferred dividends 82 141 ----------- ----------- Net income applicable to common stock $ 72,834 $ 71,654 Average common shares outstanding 144,990 146,701 Net income per common share- basic $ 0.50 $ 0.49 Diluted: Net income $ 72,916 $ 71,795 Average common shares outstanding 144,990 146,701 Options and stock plans 1,636 1,448 Preferred stock 405 698 ----------- ----------- Average common shares outstanding- diluted 147,031 148,847 Net income per common share- diluted $ 0.50 $ 0.48 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Forward Looking Information The following discussion includes forward looking statements concerning Firstar's business results. These forward-looking statements, such as statements of plans, strategies, goals, objectives, expectations, estimates and intentions, are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond Firstar's control). The following factors, among others, could cause actual results to differ materially from any forward-looking statement: the strength of the U.S. economy in general and the strength of the local economies in the areas in which Firstar conducts operations; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System on both Firstar and its customers; inflation, interest rate and market fluctuations; the timely development of and acceptance of new products and services and the perceived overall value of these products; the willingness of customers to substitute competitors' products and services for Firstar's products and services; the impact of changes in financial services' laws and regulations; technological changes; acquisitions; changes in consumer spending and saving habits; and the success of Firstar at managing the risks involved in the foregoing. Financial Discussion - Income Statement Firstar Corporation's net income for the first quarter of 1998 was $72.9 million, or $.50 per common share, on a diluted basis, up from the $71.8 million, or $.48 per common share, for the same period last year. This represented a 1.6% increase in net income and a 4.2% increase in earnings per share. Return on common equity was 17.23% for the first quarter of the year, compared with 18.35% for the same period last year, while return on average assets was 1.51% compared to 1.52% during the first quarter of last year. Table 1 shows the components of net income and the net interest margin.
Table 1. Condensed income statements - taxable equivalent basis Three Months Ended March 31 ---------------------------------- 1998 1997 Change ---------- ---------- ---------- (millions of dollars) Interest revenue $ 349.3 $ 341.6 $ 7.7 Taxable-equivalent adjustment 9.0 8.5 0.5 ---------- ---------- ---------- Interest revenue - taxable-equivalent 358.4 350.1 8.3 Interest expense 165.6 154.6 11.0 ---------- ---------- ---------- Net interest revenue - taxable-equivalent 192.8 195.5 (2.7) Provision for loan losses 15.7 9.7 6.0 Other operating revenue 129.0 110.5 18.5 Other operating expense 190.5 178.6 11.9 ---------- ---------- ---------- Income before income taxes 115.7 117.7 (2.0) Provision for income taxes 33.8 37.4 (3.6) Taxable-equivalent adjustment 9.0 8.5 0.5 ---------- ---------- ---------- Net income $ 72.9 $ 71.8 $ 1.1 ========== ========== ========== Yield on earning assets 8.13 % 8.09 % 0.04 % Cost of interest-bearing liabilities 4.68 4.46 0.22 ---------- ---------- ---------- Interest spread 3.45 3.63 (0.18) Impact of interest-free funds 0.92 0.88 0.04 ---------- ---------- ---------- Net interest margin 4.37 % 4.51 % (0.14)% ========== ========== ==========
Net interest revenue during the first quarter of 1998, on a taxable equivalent basis, was $192.8 million, a $2.7 million, or 1.4%, decrease from the level experienced in the same period last year. The net interest margin was 4.37% during the first quarter compared to 4.51% a year earlier. The competition for loans and deposits along with the flat yield curve have placed pressure on the margin and net interest revenue. Table 2 shows the components of interest revenue and expense along with changes related to volumes and rates. Total interest revenue on a taxable-equivalent basis increased by $8.3 million to $358.4 million during the first three months of 1998 compared to the same period last year. Loan income rose by $7.6 million due to higher average commercial loan balances. Securities revenue increased by $949 thousand with higher yields being partially offset by lower average balances. Total interest expense was $165.6 million during the first quarter of 1998, an increase of $11.0 million from the same period last year. Interest rates on liabilities increased from 4.46% in 1997 to 4.68% in 1998. Interest expense on total deposits increased $5.7 million in the first quarter of 1998 compared to the same period last year due to higher deposit levels and a change in mix of deposits from lower cost passbook and long-term certificates of deposit to higher cost money market savings accounts and market competitive certificates of deposit. Interest expense on borrowed funds increased by $5.3 million due to the issuance of long-term debt.
Table 2. Analysis of interest revenue and expense Three Months Ended March 31 --------------------------------------------------------------- Interest Total Due to ------------------------ ------------------------ 1998 1997 Change Volume Rate ----------- ----------- ----------- ----------- ----------- (thousands of dollars) Interest-bearing deposits with banks $ 88 $ 87 $ 1 $ 3 $ (2) Federal funds sold and resale agreements 1,264 1,540 (276) (376) 100 Trading securities 26 71 (45) (24) (21) Securities 71,426 70,477 949 (947) 1,896 Commercial loans 159,562 151,706 7,856 8,290 (434) Consumer loans 125,997 126,218 (221) 15 (236) ----------- ----------- ----------- Total loans 285,559 277,924 7,635 8,518 (883) ----------- ----------- ----------- Total interest revenue 358,363 350,099 8,264 6,415 1,849 Interest-bearing demand 6,900 5,734 1,166 347 819 Money market accounts 34,207 27,593 6,614 3,273 3,341 Savings passbook 7,456 8,952 (1,496) (1,012) (484) Certificates of deposit 71,277 71,838 (561) (2,432) 1,870 ----------- ----------- ----------- Total deposits 119,840 114,117 5,723 489 5,233 Short-term borrowed funds 28,493 28,294 199 (1,304) 1,503 Long-term debt 17,259 12,146 5,113 5,582 (469) ----------- ----------- ----------- Total interest expense 165,592 154,557 11,035 3,107 7,927 ----------- ----------- ----------- Net interest revenue $ 192,771 $ 195,542 $ (2,771) 3,527 (6,297) =========== =========== =========== Calculations are computed on a taxable-equivalent basis using a tax rate of 35%. The change attributable to both volume and rate has been allocated proportionately to the changes due to volume and rate.
Market risk is the risk of loss arising from adverse changes in the fair value of financial instruments due to changes in interest rates, exchange rates and equity prices. Firstar's market risk is composed primarily of interest rate risk. Firstar's Asset/Liability Committee (ALCO) is responsible for reviewing the interest rate sensitivity position of the Corporation and establishing policies to monitor and limit exposure to interest rate risk. The guidelines established by ALCO are reviewed by the Audit-Examining Committee. Firstar's primary purpose is to manage exposure to risks associated with interest rate movements and provide for acceptable and predictable results. Firstar utilizes an investment portfolio as well as off-balance sheet instruments to manage the interest rate risk naturally created through its business activities. The components of interest rate risk which are actively measured and managed include: repricing risk, basis risk, option risk and the risk of non-parallel shifts in the yield curve. An earnings simulation model forecasts earnings over each of the next two years under a variety of scenarios that incorporate changes in the shape of the yield curve, changes in interest rate relationships, changes in the direction of rates, and changes in the mix and levels of balance sheet accounts. Management evaluates the effects on income of these various rate scenarios against earnings in a base rate environment. The most recent earnings simulation projects net income would increase by approximately 1.9% of base rate net income if rates gradually fall by 150 basis points over the next year. It projects a decrease of approximately 2.3% if rates rise gradually by 150 basis points. Both simulations are well within the policy of limiting changes to 5% of income. The provision for loan losses increased to $15.6 million in the first quarter of 1998, from $9.7 million in the same period last year due to increased net charge-offs. Net loan charge-offs for the quarter were $15.5 million or .47% of average outstanding loans, compared with $9.7 million or .30% for the same period in 1997. The reserve for loan losses represented 1.58% of total loans at March 31, 1998, compared to 1.60% a year earlier. Net charge-offs on consumer loans were .82% in the current quarter compared to .77% in the fourth quarter of 1997 and .71% a year earlier. Credit card charge-offs for the first quarter of 1998 were 4.13%, up from the 3.39% of the fourth quarter and 3.44% a year ago. Firstar expects credit card charge-offs to be in the range of 3.50% to 4.50% over the next twelve months. Other consumer loan charge-offs were down from the fourth quarter and level with the first quarter of 1997. Commercial loan charge-offs were .20% in the first quarter, down from .39% in the fourth quarter. The first quarter charge-off level benefited from a $3 million recovery on foreign loans. Total nonperforming assets were $80.0 million, or .58% of total loans and foreclosed assets on March 31, 1998. This represents a reduction in nonperforming assets of $21.5 million from a year earlier and an increase of $9.6 million from year end 1997.
Table 3. Net loan charge-offs Quarter ended ---------------------------------------------------------- 3-31-98 12-31-97 9-30-97 6-30-97 3-31-97 ---------- ---------- ---------- ---------- ---------- (thousands of dollars) Credit card $ 7,156 $ 5,988 $ 6,172 $ 5,673 $ 5,556 Other consumer 4,491 5,264 2,485 2,869 4,497 ---------- ---------- ---------- ---------- ---------- Total consumer 11,647 11,252 8,657 8,542 10,053 Commercial 3,887 7,367 3,034 363 (333) ---------- ---------- ---------- ---------- ---------- Total net charge-offs $ 15,534 $ 18,619 $ 11,691 $ 8,905 $ 9,720 ========== ========== ========== ========== ========== Net charge-offs as a % of: Credit card 4.13 % 3.39 % 3.66 % 3.52 % 3.44 % Other consumer 0.36 0.41 0.19 0.22 0.36 Total consumer 0.82 0.77 0.59 0.59 0.71 Commercial 0.20 0.39 0.16 0.02 (0.02) Total loans 0.47 0.55 0.35 0.27 0.30
Other operating revenue, excluding securities gains and losses, increased by 18.0% over the first quarter of 1997 to 129.0 million. Other operating revenue represents 40.1% of total taxable equivalent revenue for the first quarter of 1998 compared to 35.9% for the same period one year ago. Table 4 shows the composition of other operating revenue.
Table 4. Other operating revenue Three Months Ended March 31 ---------------------------------- 1998 1997 Change ---------- ---------- ---------- (thousands of dollars) Trust and investment management fees $ 46,046 $ 39,851 15.5 % Service charges on deposit accounts 24,439 22,176 10.2 Mortgage origination 14,116 5,312 165.7 Mortgage servicing 7,178 3,372 112.9 ---------- ---------- Mortgage banking revenue 21,294 8,684 145.2 Credit card service revenue 12,636 12,256 3.1 Merchant fees 1,532 4,804 (68.1) Data processing fees 5,011 5,178 (3.2) Insurance revenue 2,825 2,288 23.5 Brokerage revenue 3,052 2,674 14.1 International fees 1,549 1,349 14.8 Foreign exchange gains 671 765 (12.3) ATM fees 1,993 1,157 72.3 Safe deposit fees 1,213 1,395 (13.0) Trading securities gains 172 517 (66.7) Other 6,611 6,298 5.0 ---------- ---------- Subtotal 129,044 109,392 18.0 Securities gains 3 1,126 ---------- ---------- Total $ 129,047 $ 110,518 16.8 % ========== ==========
Trust and investment management fees are the single largest source of fee revenue, contributing $46.0 million, or 35.7%, of other operating revenue. This level represents a 15.5% growth in revenue during the first quarter of 1998 compared to the same period last year. Trust and investment assets under management were $27.1 billion on March 31, 1998, a 23.7% increase from the year earlier level due to both the result of general market appreciation and additional net new business. Additionally, assets held in custody accounts rose by 21.7% to a level of $88.6 billion due in part to increased mutual fund services business. The increased volatility of equity markets and interest rates has had a significant effect on trust and investment management fees and future revenue levels could likewise be influenced by these factors. Revenue from service charges on deposit accounts are the second largest source of fee revenue at $24.4 million for the first quarter of 1998. This level represented a 10.2% increase from the same period one year ago. Revenue from mortgage loan originations activity for the first quarter of this year increased 165.7%. The lower interest rates currently available to borrowers has significantly increased mortgage volumes. Mortgage loan closings were nearly $1 billion in the first quarter of 1998, an increase of 220% over a year earlier. Mortgage loan servicing revenues increased by 112.9% from the year earlier level due to $3.8 million in gains on the sale of servicing rights this year. Excluding these gains, revenue from mortgage servicing increased by 7.4%. The company sold mortgage servicing rights as part of its risk management of the servicing portfolio. Mortgage loans serviced for others were $3.3 billion on March 31, 1998. Credit card revenues, excluding merchant processing revenue, totaled $12.6 million during the first quarter of 1998. This level represented a 3.1% increase over the same period last year. In the fourth quarter of 1997, Firstar formed a joint venture with Nova Information Systems Inc. to provide credit card processing services to merchants. Merchant processing revenue decreased 68.1% over a year earlier due to the transfer of this activity to the joint venture. The remaining sources of other operating revenue derive from a wide range of services and aggregated $23.1 million, an increase of 6.8% over the first three months of 1997. Other operating expense rose by 6.6% over the first quarter of 1997 to a level of $190.5 million. Personnel costs increased by 10.3% from the same period last year. Nonpersonnel expense increased by 2.2%. The detail of other operating expense is shown in Table 5. Personnel costs increased by 10.3%, reflecting higher commissions paid to mortgage banking personnel due to the increased sales volume, normal salary increases for all employees, and increased contract programming costs due in part to the Year 2000 project. Employee benefit expense has increased due to higher pension costs and payroll taxes. Full-time equivalent personnel headcount was 7,866 on March 31, 1998, down from 8,038 one year earlier. Net occupancy expense rose by $1.4 million or 9.3%. As of the end of 1997, all deferred gains from the sale of a building in 1988 had been amortized. This amortization reduced occupancy expense in the first quarter of 1997 by $1.7 million. Business development expense rose by 6.6% from last year as a result of increased advertising associated with a Firstar brand identity program. Professional fees decreased 11.4% with lower levels of fees paid to outside consultants. Processing losses increased $1.3 million or 90.2% due to higher fraud losses and other losses incurred by the company in the first quarter of 1998. All other operating expenses totaled $49.8 million, a decrease of .9% over the first three months of 1997. The efficiency ratio, which is the ratio of expense to revenue, was 59.2% in the first quarter of 1998 compared to 58.6% a year earlier. Firstar is implementing a program to insure that its computer systems are year 2000 compliant. This process involves modifying or replacing certain hardware and software maintained by Firstar as well as monitoring the progress of service providers to ensure that they are taking the appropriate action to solve their year 2000 issues. Year 2000 compliance does involve significant business risk to Firstar. Additionally, Firstar is dependent upon the successful completion of year 2000 issues by it customers and third parties with whom Firstar has financial transactions. Firstar has completed assessment of its year 2000 issues and the required updates and testing are currently in progress. Firstar expects that the total cost of this process will approach $20 million. Approximately $6.3 million has been expensed during 1997 and through the first quarter of 1998. Firstar plans to complete substantially all year 2000 work associated with its critical business applications by the end of 1998. Testing of vendor provided software may continue into 1999 dependent upon the availability of their upgrades.
Table 5. Other operating expense Three Months Ended March 31 ---------------------------------- 1998 1997 Change ---------- ---------- ---------- (thousands of dollars) Salaries $ 86,698 $ 78,268 10.8 % Employee benefits 20,024 18,514 8.2 ---------- ---------- Total personnel expense 106,722 96,782 10.3 Net occupancy expense 16,805 15,379 9.3 Equipment expense 16,299 17,069 (4.5) Business development 7,711 7,232 6.6 F.D.I.C. insurance 587 649 (9.6) Stationery and supplies 4,905 5,823 (15.8) Delivery 4,299 5,040 (14.7) Professional fees 6,762 7,630 (11.4) Information processing expense 5,801 4,856 19.5 Amortization of intangibles 4,841 4,658 3.9 Employee education/recruiting 2,512 1,930 30.2 Bank processing fees 2,177 1,681 29.5 Wire communication 2,041 2,522 (19.1) Processing and other losses 2,663 1,400 90.2 Credit card assessment fees 929 1,811 (48.7) Net foreclosed assets expense(income) 201 (73) Published information 1,023 832 23.0 Insurance 361 154 134.4 Other 3,827 3,316 15.4 ---------- ---------- Total nonpersonnel expense 83,744 81,909 2.2 ---------- ---------- Total other operating expense $ 190,466 $ 178,691 6.6 % ========== ==========
Income tax expense was $33.8 million in the first quarter of 1998 compared to $37.3 million in the same period last year. The effective tax rate was 31.7 % in 1998 compared to 34.2% in 1997. The implemation of various tax planning strategies has reduced the effective tax rate. Financial Discussion - Balance Sheet Total assets on March 31, 1998 were $20.4 billion, up $540 million from December 31, 1997 and $845 million from a year earlier. Earning assets totaled $18.0 billion, up $213 million from year end. Earning assets have increased $289 million, or 1.6% from a year earlier. Average loans totaled $13.5 billion during the first three months of 1998, an increase of $404 million, or 3.1% from a year earlier. Commercial loans averaged $7.8 billion during the first quarter of 1998, an increase of $403 million, or 5.5% from a year earlier. While this loan growth is encouraging, competitive pressures are leading to narrower interest spreads for commercial lending. Consumer loans, excluding residential mortgages, averaged $3.4 billion, an increase of $229 million, or 7.2% over the first quarter of 1997. Good growth has occurred in home equity loans and credit card loans, which are up 13.0% and 7.2% respectively, from the same period one year ago. Residential mortgage loans, exclusive of loans held for sale, declined by 17.5% on average from the first quarter of 1997. The reduction was attributable to the normal loan amortization and prepayments partially offset by the placement in the portfolio of some shorter term variable rate mortgages. Lower interest rates experienced in the last half of 1997 and continuing into the first quarter of 1998 along with a flat yield curve, have increased the prepayment rate on portfolio mortgages during this same time period. Firstar's primary strategy in this area has been to originate and sell mortgages into the secondary market thereby reducing the amount of portfolio mortgages held on the balance sheet. Total securities, including both those designated as available for sale and those held to maturity averaged $4.2 billion during the first quarter of both 1998 and 1997. Funding sources, consisting of deposits and borrowed funds, averaged $17.6 billion during the first quarter of 1998. Total deposits averaged $14.5 billion, an increase of .7% from a year ago. The change in the mix of deposits is reflected in the 11.8% reduction in average passbook deposit levels and the 3.3% reduction of certificate of deposits, primarily long-term issues. Money market deposit accounts have increased by 11.2% during the same period. Increased competition for consumer deposits and continued consumer sensitivity to interest rates and other uses of funds, such as investments in equity markets, have limited Firstar's deposit growth. Borrowed funds averaged $3.2 billion during the first quarter of 1998, up 7.9% from a year earlier. A $250 million issue of long-term senior bank notes was made in December 1997. Stockholders' equity totaled $1,744 million at March 31, 1998, a increase of $51 million from year end 1997. Firstar's capital management plan strives to match longer term capital needs with maintaining sound capital levels. Firstar's policy has been to manage tier 1 leverage to the top quartile level of its peer group which was 9.02 % at the end of 1997. Firstar's tier 1 leverage ratio was 8.67% at March 31, 1998. Future purchases by Firstar of its common stock for retirement will take into consideration the goal of returning to the top quartile range of its peers for the tier 1 leverage ratio. On April 16, 1998, the board of directors declared a quarterly dividend to common stockholders of $.23 per share. This represented an increase of $.02 per share in the quarterly dividend. The dividend is payable May 15 to shareholders of record on April 27. The board also called for the redemption on June 10, 1998 ("Redemption Date") of all outstanding shares of its Series D Converible Preferred Stock (and related Depositary Shares representing the Series D Converible Preferred Stock evidenced by Depositary Receipts) at the redemption price of $500 per share of Series D Convertible Preferred Stock (and $25 per Depository Share).
Table 6. Capital components and ratios March 31 December 31 March 31 1998 1997 1997 ------------ ------------ ------------ (thousands of dollars) Risk-based capital: Stockholders' equity $ 1,743,922 $ 1,693,101 $ 1,540,223 Trust capital securities 150,000 150,000 150,000 Unrealized gains on securities available for sale (26,946) (22,624) (660) Minority interest in subsidiaries 3,056 2,913 2,469 Less disallowed intangibles (184,546) (188,466) (197,198) ------------ ------------ ------------ Total Tier I capital 1,685,486 1,634,924 1,494,834 Allowable reserve for loan losses 199,299 200,438 177,033 Allowable long-term debt 40,000 40,000 75,668 ------------ ------------ ------------ Total Tier II capital 239,299 240,438 252,701 ------------ ------------ ------------ Total capital $ 1,924,785 $ 1,875,362 $ 1,747,535 ============ ============ ============ Risk-adjusted assets $ 15,924,235 $ 16,016,627 $ 14,126,511 Tier I capital to risk-adjusted assets 10.58 % 10.21 % 10.58 % Total capital to risk-adjusted assets 12.09 11.71 12.37 Tier I leverage ratio 8.67 8.50 7.49
FIRSTAR CORPORATION AND SUBSIDIARIES ADDITIONAL FINANCIAL DATA (unaudited) - ----------------------------------------------------------------- Selected Financial Data (thousands of dollars, except per share) Quarter ended March 31 ---------------------- 1998 1997 ---------------------- Earnings and Dividends Net income $ 72,916 $ 71,795 Per common share: Net income 0.50 0.49 Net income assuming dilution 0.50 0.48 Dividends 0.21 0.19 Stockholders' equity 11.99 10.59 Performance Ratios Return on average assets 1.51 % 1.52 % Return on average common equity 17.23 18.35 Dividend payout ratio 42.00 38.78 Equity to assets 8.56 7.88 Net loan charge-offs as a percentage of average loans 0.47 0.30 Nonperforming assets as a percentage of loans and foreclosed assets 0.58 0.76 Net interest margin 4.37 4.51 Efficiency ratio 59.18 58.60 Fee revenue as a percentage of average assets 40.10 35.87 Statistical Data Full-time equivalent staff (at quarter end) 7,866 8,038 Average common shares outstanding (000's) 144,990 146,701 Average common shares outstanding assuming dilution (000's) 147,031 148,847 Actual common shares outstanding (000's at quarter end) 145,114 144,606 Stock Price Information High $ 42.625 $ 32.625 Low 35.750 25.563 Close 39.500 27.500 -14-
FIRSTAR CORPORATION AND SUBSIDIARIES ADDITIONAL FINANCIAL DATA (Unaudited) - -------------------------------------------------------------------------------------------------------- Consolidated Average Balance Sheets, Net Interest Revenue and Rate Analysis (Thousands of Dollars) Quarter ended March 31 ------------------------------------------------------------------------ 1998 1997 ------------------------------------- ---------------------------------- Average Average Average Average Balance Interest Rate Balance Interest Rate ------------------------------------- ---------------------------------- Assets Interest-bearing deposits with banks $ 4,658 $ 88 7.66 % $ 4,507 $ 87 7.83 % Federal funds sold and resale agreements 89,972 1,264 5.70 117,137 1,540 5.33 Trading securities 2,475 26 4.26 4,231 71 6.81 Securities: Taxable 2,857,510 48,390 6.82 3,068,662 50,006 6.57 Nontaxable 1,300,755 23,036 7.08 1,145,757 20,471 7.15 ----------- ---------- ----------- ---------- Total securities 4,158,265 71,426 6.90 4,214,419 70,477 6.73 Loans: Commercial 7,762,478 159,562 8.33 7,359,236 151,706 8.36 Consumer 5,783,502 125,997 8.79 5,782,792 126,218 8.80 ----------- ---------- ----------- ---------- Total loans 13,545,980 285,559 8.53 13,142,028 277,924 8.55 ----------- ---------- ----------- ---------- Interest earning assets 17,801,350 358,363 8.13 17,482,322 350,099 8.09 Reserve for loan losses (217,415) (212,469) Cash and due from banks 1,066,484 1,029,532 Other assets 983,436 904,366 ----------- ----------- Total assets $ 19,633,855 $ 19,203,751 =========== =========== Liabilities and Stockholders' Equity Interest-bearing demand $ 1,682,512 $ 6,900 1.66 % $ 1,589,960 $ 5,734 1.46 % Money market accounts 3,052,715 34,207 4.54 2,744,691 27,593 4.08 Savings passbook 1,331,242 7,456 2.27 1,508,525 8,952 2.41 Certificates of deposit 5,095,731 71,277 5.67 5,271,576 71,838 5.53 Short-term borrowed funds 2,141,995 28,493 5.39 2,242,899 28,294 5.12 Long-term debt 1,029,180 17,259 6.71 697,126 12,146 6.97 ----------- ---------- ----------- ---------- Interest-bearing liabilities 14,333,375 165,592 4.68 14,054,777 154,557 4.46 Demand deposits 3,315,406 3,263,554 Other liabilities 265,871 293,721 Stockholders' equity 1,719,203 1,591,699 ----------- ----------- Total liabilities and stockholders' equity $ 19,633,855 $ 19,203,751 =========== =========== Net interest revenue/margin $ 192,771 4.37 % $ 195,542 4.51 % ========== ==========
-15- PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders The annual meeting of the shareholders of Firstar Corporation was held on April 16, 1998. The items presented at the meeting and the results of the vote were as follows: 1. The management nominees for directors for terms expiring in 2001 were elected. There were no abstentions or broker nonvotes. For Withheld ---------------- ------------ Roger H. Derusha 112,857,911 12,784,548 William H. Lacy 122,109,159 3,533,300 Sheldon B. Lubar 122,123,143 3,519,316 Kenneth P. Manning 122,118,974 3,523,485 Daniel F. McKeithan 122,203,306 3,439,153 William W. Wirtz 121,733,853 3,908,606 2. The Amendments to the 1988 Incentive Stock Plan for Key Employees were approved. For 107,818,756 Against 14,504,240 Abstain 8,022,915 Broker Nonvotes 0 3. The Amendments to the Annual Executive Incentive Plan were approved. For 109,671,256 Against 12,378,849 Abstain 8,295,806 Broker Nonvotes 0 Item 6. Exhibits and Reports on Form 8-K (a) Exhibits to Part 1 of Form 10-Q 27. Financial Data Schedule (b) No reports on Form 8-K were filed during the quarter SIGNATURES ---------------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FIRSTAR CORPORATION /s/ Jeffrey B. Weeden ------------------ Jeffrey B. Weeden Senior Vice President-Finance and Chief Financial Officer May 14, 1998 -16- EX-27 2 EXHIBIT 27 (FDS) FILED WITH FORM 10-Q
9 1,000 3-MOS DEC-31-1998 MAR-31-1998 1,575,234 4,722 37,751 4,809 1,752,150 2,406,057 2,458,821 13,826,499 218,977 20,383,670 15,124,447 2,166,866 312,241 1,036,194 181,394 0 4,717 1,557,811 20,383,670 284,109 63,859 1,378 349,346 119,840 165,592 183,754 15,650 3 190,466 106,685 72,916 0 0 72,916 0.50 0.50 4.37 72,549 55,104 262 0 218,861 24,326 8,792 218,977 218,428 549 0
EX-27 3 EXHIBIT 27 (FDS) FILED WITH FORM 10-Q
9 1,000 3-MOS DEC-31-1997 MAR-31-1997 1,082,339 9,458 192,073 994 1,942,234 2,251,167 2,264,757 13,346,973 213,136 19,538,316 14,587,034 2,458,339 255,032 697,688 181,102 0 8,129 1,350,992 19,538,316 276,232 63,653 1,696 341,581 114,117 154,557 187,024 9,718 1,126 178,691 109,933 71,795 0 0 71,795 0.49 0.48 4.51 91,843 71,749 274 0 213,138 14,518 4,798 213,136 212,520 616 0
EX-27 4 EXHIBIT 27 (FDS) FILED WITH FORM 10-Q
9 1,000 12-MOS DEC-31-1997 DEC-31-1997 1,254,289 5,249 82,589 2,293 1,707,606 2,452,124 2,505,360 13,568,786 218,861 19,843,685 14,714,654 2,121,412 257,367 1,057,151 181,102 0 5,308 1,506,691 19,843,685 1,138,417 256,354 6,702 1,401,473 471,670 651,088 750,385 54,658 679 744,018 442,848 295,209 0 0 295,209 2.03 2.00 4.47 63,858 57,628 263 0 213,138 70,743 21,808 218,861 218,552 309 0
EX-27 5 EXHIBIT 27 (FDS) FILED WITH FORM 10-Q
9 1,000 12-MOS DEC-31-1996 DEC-31-1996 1,449,094 6,349 192,965 13,489 1,966,590 2,250,776 2,287,448 13,195,534 213,138 19,767,420 15,214,197 1,868,606 283,376 697,194 188,532 0 11,344 1,504,171 19,767,420 1,113,459 263,799 5,640 1,382,898 465,553 633,012 749,886 42,647 66 773,330 374,361 250,177 0 0 250,177 1.68 1.66 4.51 85,078 74,659 1,028 0 195,283 63,208 24,450 213,138 212,657 481 0
EX-27 6 EXHIBIT 27 (FDS) FILED WITH FORM 10-Q
9 1,000 12-MOS DEC-31-1995 DEC-31-1995 1,310,746 5,467 109,945 10,029 2,047,848 2,427,030 2,492,346 12,632,513 195,283 19,168,300 14,311,646 2,303,159 294,654 734,021 94,266 0 15,344 1,415,210 19,168,300 1,081,685 253,794 12,307 1,347,786 444,706 621,839 725,947 36,756 (5,730) 734,122 347,266 228,913 0 0 228,913 1.50 1.48 4.55 89,385 49,410 1,376 0 190,552 52,863 19,973 195,283 194,566 717 0
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