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0000892712-04-000706.txt : 20040713
0000892712-04-000706.hdr.sgml : 20040713
20040713091543
ACCESSION NUMBER: 0000892712-04-000706
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20040713
ITEM INFORMATION:
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20040713
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MARSHALL & ILSLEY CORP/WI/
CENTRAL INDEX KEY: 0000062741
STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021]
IRS NUMBER: 390968604
STATE OF INCORPORATION: WI
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-15403
FILM NUMBER: 04911187
BUSINESS ADDRESS:
STREET 1: ATTN: OFFICE OF THE GENERAL COUNSEL
STREET 2: 770 NORTH WATER STREET
CITY: MILWAUKEE
STATE: WI
ZIP: 53202
BUSINESS PHONE: 4147657801
MAIL ADDRESS:
STREET 1: 770 NORTH WATER ST
CITY: MILWAUKEE
STATE: WI
ZIP: 53202
8-K
1
form8k.htm
MARSHALL & ILSLEY CORPORATION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 13, 2004
MARSHALL & ILSLEY CORPORATION
(Exact name of registrant as specified in its charter)
Wisconsin
| 1-15403
| 39-0968604
|
(State or other jurisdiction
of incorporation)
| (Commission
File Number)
| (IRS Employer
Identification No.)
|
770 North Water Street
Milwaukee, Wisconsin
| |
53202
|
(Address of principal executive offices)
| | (Zip Code)
|
| | |
Registrants telephone number, including area code: (414) 765-7801
Item 7. Exhibits.
Exhibit No.
| Description
|
| |
99.1
| Press Release dated July 13, 2004
|
This exhibit is furnished pursuant to Item 12 and shall not be deemed to be filed.
Item 12. Results of Operations and Financial Condition.
On July 13, 2004, Marshall & Ilsley Corporation issued a press release announcing its results of operations for the quarter ended June 30, 2004. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Report, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.
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 hereunto duly authorized.
Dated: July 13, 2004
| MARSHALL & ILSLEY CORPORATION
|
| |
| |
| By: /s/ Randall J. Erickson
|
| Randall J. Erickson
Senior Vice President, General Counsel and Secretary
|
| |
| |
EXHIBIT INDEX
Exhibit No.
| Description
|
| |
99.1
| Press Release dated July 13, 2004
|
EX-99.1
2
exhibit991.htm
PRESS RELEASE DATED JULY 13, 2004
MARSHALL & ILSLEY CORPORATION
Exhibit 99.1
News Release |
Marshall & Ilsley Corporation
770 North Water Street/Milwaukee, Wisconsin 53202 |
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For release: |
Immediately |
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|
|
![](logo.gif)
|
For further information: |
Mark Furlong, executive vice president and chief
financial officer, (414) 765-8052 |
|
Don Wilson, senior vice president, corporate treasurer,
(414) 765-8043 |
MARSHALL & ILSLEY CORPORATION ANNOUNCES SECOND QUARTER RESULTS
Milwaukee, Wis. - Jul. 13, 2004 - Marshall & Ilsley Corporation (NYSE: MI) today reported 2004 second quarter net income of $0.67 per diluted share, or $151.7 million, as compared to $0.59 per diluted share, or $134.7 million, in the second quarter of 2003. Second quarter net income per share increased 13.6 percent over the same period in 2003.
Net income for the six months ended June 30, 2004 was $297.8 million, or $1.32 per diluted share, compared to $262.7 million, or $1.15 per diluted share, in the first half of 2003. Earnings for the first half of 2003 include $1.5 million (after tax), or $0.01 per diluted share, of Metavante's acquisition-related transition expenses.
Return on average assets based on net income for the second quarter was 1.69 percent, as compared to 1.62 percent for the same period in 2003. Return on average equity based on net income was 17.92 percent this quarter as compared to 16.88 percent for the second quarter of 2003.
The Corporation's provision for loan and lease losses was $9.2 million in the second quarter of 2004, versus $19.6 million in the same period last year. Net charge-offs for the period were $5.0 million, or 0.08 percent of total average loans and leases outstanding this quarter, and $9.8 million a year ago or 0.16 percent of total average loans and leases. At June 30, 2004, the allowance for loan and lease losses was 1.32 percent of total loans and leases, compared to 1.40 percent a year earlier. Nonperforming loans and leases were 0.53 percent of total loans and leases at June 30, 2004, and 0.82 percent at June 30, 2003.
Assets at June 30, 2004 were $37.1 billion, compared to $34.1 billion at June 30, 2003. Book value per share was $15.52 at June 30, 2004, compared to $14.36 for the same date a year ago. Total loans and leases were $27.2 billion, compared to $24.9 billion at June 20, 2003.
Proposed Offerings
On May 17, 2004, the Corporation announced that its Metavante subsidiary had entered into a definitive agreement to acquire NYCE Corporation for approximately $610 million in cash. The Corporation expects to fund the acquisition or portions thereof through the issuance of senior debt and an issuance of approximately $400 million of a hybrid security. It is expected that the hybrid security will consist of a trust preferred bundled with a forward contract to purchase a variable number of shares of M&I common stock. The funding and the acquisition are both expected to be completed in the third quarter, subject to regulatory approval of the acquisition. The debt and hybrid security offerings are subject to market conditions and changes in the expected timing, amount and terms. This press release does not constitute an offer of any security for sale.
Marshall & Ilsley Corporation (NYSE: MI) is a diversified financial services corporation headquartered in Milwaukee, Wis., with $37.1 billion in assets. Founded in 1847, M&I Marshall & Ilsley Bank has the largest banking presence in Wisconsin with 199 offices throughout the state. In addition, M&I has 31 locations throughout Arizona; 11 offices in metropolitan Minneapolis/St. Paul, Minn.; and, locations in Duluth Minn.; Las Vegas, Nev.; and Naples and Bonita Springs, Fla. M&I's Southwest Bank affiliate has six offices in the St. Louis area and one office in Belleville, Ill. In addition, Metavante Corporation, Marshall & Ilsley Corporation's wholly owned technology subsidiary, provides virtually all of the technology an organization needs to offer financial services. M&I also provides trust and investment management, equipment leasing, mortgage banking, asset-based lending, financial planning, investments and insurance services from offices throughout the country and on t
he Internet (www.mibank.com or www.micorp.com). M&I's customer-based approach, internal growth and strategic acquisitions have made M&I a nationally recognized leader in the financial services industry.
###
This press release contains forward-looking statements concerning M&I's future operations and financial results. Such statements are subject to important factors that could cause M&I's actual results to differ materially from those anticipated by the forward-looking statements. These factors include (i) the factors identified in M&I's Annual Report on Form 10-K for the year ended December 31, 2003 under the heading "Forward-Looking Statements" which factors are incorporated herein by reference, and (ii) such other factors as may be described from time to time in M&I's SEC filings.
Note:
Marshall & Ilsley Corporation will hold a conference call at 11:00 a.m. central daylight time Tuesday, July 13, regarding second quarter earnings. For those interested in listening, please call 1-800-211-3767 and ask for M&I's quarterly earnings release conference call. If you are unable to join us at this time, a replay of the call will run through July 20, 5:00 p.m. central daylight time by calling 1-800-839-6713 and entering passcode 644 26 81 to listen.
Supplemental financial information referenced in the conference call can be found at www.micorp.com, Investor Relations, after 8:00 a.m. on July 13.
M&I Corporation
Financial Information
(unaudited) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
June 30, |
Percent |
June 30, |
June 30, |
Percent |
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2004 |
|
2003 |
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Change |
2004 |
|
2003 |
|
Change |
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PER SHARE DATA |
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Diluted: |
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Net Income |
|
$0.67 |
|
$0.59 |
|
13.6 |
% |
$1.32 |
|
$1.15 |
|
14.8 |
% |
|
Income as Adjusted (a) |
|
0.67 |
|
0.59 |
|
13.6 |
|
1.32 |
|
1.16 |
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13.8 |
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Basic: |
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Net Income |
|
0.68 |
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0.59 |
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15.3 |
|
1.34 |
|
1.16 |
|
15.5 |
|
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Income as Adjusted (a) |
|
0.68 |
|
0.59 |
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15.3 |
|
1.34 |
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1.17 |
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14.5 |
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Dividend Declared |
|
0.210 |
|
0.180 |
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16.7 |
|
0.390 |
|
0.340 |
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14.7 |
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Book Value |
|
15.52 |
|
14.36 |
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8.1 |
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15.52 |
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14.36 |
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8.1 |
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Shares Outstanding (millions): |
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Average - Diluted |
|
225.5 |
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228.4 |
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-1.3 |
|
225.8 |
|
228.0 |
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-1.0 |
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End of Period |
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222.8 |
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227.1 |
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-1.9 |
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222.8 |
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227.1 |
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-1.9 |
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INCOME STATEMENT ($millions) |
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Net Interest Income (FTE) |
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$292.0 |
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$271.8 |
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7.4 |
% |
$578.5 |
|
$544.3 |
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6.3 |
% |
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Provision for Loan and Lease Losses |
9.2 |
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19.6 |
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-53.1 |
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18.3 |
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45.3 |
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-59.6 |
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Data Processing Services |
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197.3 |
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158.0 |
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24.9 |
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383.5 |
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315.1 |
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21.7 |
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Item Processing |
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10.9 |
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9.6 |
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13.5 |
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22.3 |
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19.8 |
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12.6 |
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Trust Services |
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37.9 |
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31.2 |
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21.5 |
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74.2 |
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61.2 |
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21.2 |
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Service Charge on Deposits |
|
25.1 |
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25.2 |
|
-0.4 |
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50.6 |
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51.4 |
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-1.6 |
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Mortgage Banking |
|
11.7 |
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21.8 |
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-46.3 |
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18.7 |
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39.3 |
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-52.4 |
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Net Investment Securities Gains (Losses) |
0.1 |
|
(2.6) |
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n.m. |
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(0.5) |
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(1.0) |
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n.m. |
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All Other |
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47.0 |
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51.5 |
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-8.7 |
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94.6 |
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99.4 |
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-4.8 |
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Total Non-Interest Revenues |
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330.0 |
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294.7 |
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12.0 |
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643.4 |
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585.2 |
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9.9 |
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Salaries and Employee Benefits |
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211.9 |
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193.5 |
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9.5 |
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415.8 |
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388.0 |
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7.2 |
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Occupancy and Equipment |
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44.5 |
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46.2 |
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-3.7 |
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91.8 |
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92.7 |
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-1.0 |
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Intangible Amortization |
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5.4 |
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7.5 |
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-28.0 |
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10.9 |
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14.4 |
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-24.3 |
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Other |
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112.9 |
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88.5 |
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27.6 |
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218.5 |
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173.6 |
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25.9 |
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Total Non-Interest Expenses |
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374.7 |
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335.7 |
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11.6 |
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737.0 |
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668.7 |
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10.2 |
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Tax Equivalent Adjustment |
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8.0 |
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7.9 |
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1.3 |
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15.8 |
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15.9 |
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-0.6 |
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Pre-Tax Earnings |
|
230.1 |
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203.3 |
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13.2 |
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450.8 |
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399.6 |
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12.8 |
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Income Taxes |
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78.4 |
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68.6 |
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14.3 |
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153.0 |
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135.4 |
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13.0 |
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Income as Adjusted (a) |
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151.7
======= |
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134.7
======= |
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12.6 |
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$297.8
======= |
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$264.2
======= |
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12.7 |
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Adjustments (a) |
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0.0 |
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0.0 |
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n.m. |
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0.0 |
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(1.5) |
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n.m. |
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Net Income |
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$151.7
======= |
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$134.7
======= |
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12.6 |
% |
$297.8
======= |
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$262.7
======= |
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13.4 |
% |
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KEY RATIOS |
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Net Interest Margin(FTE) / Avg. Earning Assets |
3.61 |
% |
3.65 |
% |
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3.65 |
% |
3.72 |
% |
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Interest Spread (FTE) |
|
3.32 |
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3.33 |
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3.36 |
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3.39 |
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Efficiency Ratio |
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60.2 |
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59.0 |
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60.3 |
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59.3 |
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Efficiency Ratio without Metavante |
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48.8 |
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48.2 |
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49.0 |
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48.4 |
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Return on Assets |
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1.69 |
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1.62 |
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1.69 |
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1.61 |
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Return on Equity |
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17.92 |
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16.88 |
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17.67 |
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16.81 |
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Return on Assets - Income as Adjusted (a) |
1.69 |
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1.62 |
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1.69 |
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1.62 |
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Return on Equity - Income as Adjusted (a) |
17.92 |
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16.88 |
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17.67 |
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16.91 |
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Equity / Assets (End of Period) |
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9.26 |
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9.52 |
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9.26 |
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9.52 |
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Notes: (a) See reconciliation of Income as Adjusted to Net Income. |
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M&I Corporation |
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Financial Information |
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(unaudited) |
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As of |
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June 30, |
June 30, |
Percent |
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ASSETS ($millions) |
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2004 |
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2003 |
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Change |
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Cash & Due From Banks |
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$824 |
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$988 |
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-16.6 |
% |
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Trading Securities |
|
28 |
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30 |
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-6.7 |
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Short - Term Investments |
|
336 |
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263 |
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27.8 |
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Investment Securities |
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5,915 |
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5,363 |
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10.3 |
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Loans and Leases: |
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Commercial Loans & Leases |
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8,158 |
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7,540 |
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8.2 |
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Commercial Real Estate |
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8,775 |
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7,932 |
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10.6 |
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Residential Real Estate |
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3,632 |
|
3,012 |
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20.6 |
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Home Equity Loans & Lines |
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4,885 |
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4,109 |
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18.9 |
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Personal Loans and Leases |
|
1,745 |
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2,306 |
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-24.3 |
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Total Loans and Leases |
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27,195 |
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24,899 |
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9.2 |
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Reserve for Loan & Leases Losses |
|
(358) |
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(348) |
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2.9 |
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Premises and Equipment, net |
|
434 |
|
438 |
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-0.9 |
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Goodwill and Intangibles |
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1,269 |
|
1,085 |
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17.0 |
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Other Assets |
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1,429 |
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1,348 |
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6.0 |
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Total Assets |
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$37,072
======= |
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$34,066
======= |
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8.8 |
% |
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LIABILITIES & SHAREHOLDERS' EQUITY ($millions) |
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Deposits: |
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Noninterest Bearing |
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$4,710 |
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$4,653 |
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1.2 |
% |
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Bank Issued Interest Bearing Activity |
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9,928 |
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10,127 |
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-2.0 |
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Bank Issued Time |
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3,352 |
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3,361 |
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-0.3 |
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Total Bank Issued Deposits |
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17,990 |
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18,141 |
|
-0.8 |
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|
|
Wholesale Deposits |
|
7,235 |
|
4,129 |
|
75.2 |
|
|
|
|
|
|
|
|
Total Deposits |
|
25,225 |
|
22,270 |
|
13.3 |
|
|
|
|
|
|
|
|
Short - Term Borrowings |
|
3,562 |
|
5,297 |
|
-32.8 |
|
|
|
|
|
|
|
|
Long - Term Borrowings |
|
3,701 |
|
2,272 |
|
62.9 |
|
|
|
|
|
|
|
|
Other Liabilities |
|
1,150 |
|
984 |
|
16.9 |
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
3,434 |
|
3,243 |
|
5.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
$37,072
======= |
|
$34,066
======= |
|
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
June 30, |
June 30, |
Percent |
June 30, |
June 30, |
Percent |
|
|
|
2004 |
|
2003 |
|
Change |
2004 |
|
2003 |
|
Change |
|
AVERAGE ASSETS ($millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & Due From Banks |
|
$802 |
|
$747 |
|
7.4 |
% |
$787 |
|
$755 |
|
4.2 |
% |
|
Trading Securities |
|
22 |
|
25 |
|
-12.0 |
|
23 |
|
22 |
|
4.5 |
|
|
Short - Term Investments |
|
165 |
|
282 |
|
-41.5 |
|
188 |
|
270 |
|
-30.4 |
|
|
Investment Securities |
|
5,842 |
|
5,218 |
|
12.0 |
|
5,761 |
|
5,150 |
|
11.9 |
|
|
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans & Leases |
|
7,856 |
|
7,433 |
|
5.7 |
|
7,698 |
|
7,327 |
|
5.1 |
|
|
Commercial Real Estate |
|
8,583 |
|
7,836 |
|
9.5 |
|
8,452 |
|
7,724 |
|
9.4 |
|
|
Residential Real Estate |
|
3,502 |
|
2,894 |
|
21.0 |
|
3,364 |
|
2,846 |
|
18.2 |
|
|
Home Equity Loans and Lines |
|
4,688 |
|
4,075 |
|
15.0 |
|
4,563 |
|
4,062 |
|
12.3 |
|
|
Personal Loans and Leases |
|
1,879 |
|
2,161 |
|
-13.0 |
|
1,891 |
|
2,192 |
|
-13.7 |
|
|
Total Loans and Leases |
|
26,508 |
|
24,399 |
|
8.6 |
|
25,968 |
|
24,151 |
|
7.5 |
|
|
Reserve for Loan & Leases Losses |
|
(360) |
|
(345) |
|
4.3 |
|
(358) |
|
(345) |
|
3.8 |
|
|
Premises and Equipment, net |
|
435 |
|
442 |
|
-1.6 |
|
437 |
|
443 |
|
-1.4 |
|
|
Goodwill and Intangibles |
|
1,167 |
|
1,090 |
|
7.1 |
|
1,138 |
|
1,089 |
|
4.5 |
|
|
Other Assets |
|
1,591 |
|
1,441 |
|
10.4 |
|
1,564 |
|
1,433 |
|
9.1 |
|
|
Total Assets |
|
$36,172
======= |
|
$33,299
======= |
|
8.6 |
% |
$35,508
======= |
|
$32,968
======= |
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Earning Assets |
|
$32,537 |
|
$29,924 |
|
|
|
$31,940 |
|
$29,593 |
|
|
|
|
Average Earning Assets Excluding Investment Securities |
|
|
|
|
|
|
|
|
Unrealized Gains/Losses |
|
$32,510 |
|
$29,843 |
|
|
|
$31,885 |
|
$29,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVG LIABILITIES & SHAREHOLDERS' EQUITY ($millions) |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing |
|
$4,514 |
|
$4,073 |
|
10.8 |
% |
$4,415 |
|
$3,967 |
|
11.3 |
% |
|
Bank Issued Interest Bearing Activity |
9,995 |
|
10,135 |
|
-1.4 |
|
9,994 |
|
10,086 |
|
-0.9 |
|
|
Bank Issued Time |
|
3,242 |
|
3,419 |
|
-5.2 |
|
3,242 |
|
3,493 |
|
-7.2 |
|
|
Total Bank Issued Deposits |
|
17,751 |
|
17,627 |
|
0.7 |
|
17,651 |
|
17,546 |
|
0.6 |
|
|
Wholesale Deposits |
|
5,758 |
|
4,515 |
|
27.5 |
|
5,361 |
|
4,101 |
|
30.7 |
|
|
Total Deposits |
|
23,509 |
|
22,142 |
|
6.2 |
|
23,012 |
|
21,647 |
|
6.3 |
|
|
Short - Term Borrowings |
|
3,259 |
|
3,204 |
|
1.7 |
|
3,344 |
|
3,406 |
|
-1.8 |
|
|
Long - Term Borrowings |
|
4,704 |
|
3,700 |
|
27.1 |
|
4,473 |
|
3,699 |
|
20.9 |
|
|
Other Liabilities |
|
1,294 |
|
1,053 |
|
22.9 |
|
1,289 |
|
1,066 |
|
20.9 |
|
|
Shareholders' Equity |
|
3,406 |
|
3,200 |
|
6.4 |
|
3,390 |
|
3,150 |
|
7.6 |
|
|
Total Liabilities & Shareholders' Equity |
$36,172
======= |
|
$33,299
======= |
|
8.6 |
% |
$35,508
======= |
|
$32,968
======= |
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Interest Bearing Liabilities |
|
$26,958 |
|
$24,973 |
|
|
|
$26,414 |
|
$24,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&I Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
|
June 30, |
June 30, |
Percent |
June 30, |
June 30, |
Percent |
|
|
|
2004 |
|
2003 |
|
Change |
2004 |
|
2003 |
|
Change |
|
CREDIT QUALITY (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs ($millions) |
|
$5.0 |
|
$9.8 |
|
-49.0 |
% |
$9.9 |
|
$35.6 |
|
-72.2 |
% |
|
Net Charge-Offs / Average Loans & Leases |
0.08 |
% |
0.16 |
% |
|
0.08 |
% |
0.30 |
% |
|
|
Loan and Lease Loss Reserve ($millions) |
$357.9 |
|
$348.1 |
|
2.8 |
% |
$357.9 |
|
$348.1 |
|
2.8 |
% |
|
Loan and Lease Loss Reserve / Period-End Loans & Leases |
1.32 |
% |
1.40 |
% |
|
1.32 |
% |
1.40 |
% |
|
|
Non-Performing Loans & Leases (NPL)($millions) |
$145.0 |
|
$203.3 |
|
-28.7 |
% |
$145.0 |
|
$203.3 |
|
-28.7 |
% |
|
NPL's / Period-End Loans & Leases |
|
0.53 |
% |
0.82 |
% |
|
0.53 |
% |
0.82 |
% |
|
|
Loan and Lease Loss Reserve / Non-Performing Loans & Leases |
247 |
% |
171 |
% |
|
247 |
% |
171 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARGIN ANALYSIS (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans & Leases |
|
4.62 |
% |
4.68 |
% |
|
4.64 |
% |
4.69 |
% |
|
|
Commercial Real Estate |
|
5.34 |
|
5.75 |
|
|
|
5.35 |
|
5.86 |
|
|
|
|
Residential Real Estate |
|
5.42 |
|
6.07 |
|
|
|
5.49 |
|
6.23 |
|
|
|
|
Home Equity Loans and Lines |
|
5.24 |
|
5.81 |
|
|
|
5.29 |
|
5.88 |
|
|
|
|
Personal Loans and Leases |
|
5.00 |
|
5.53 |
|
|
|
5.07 |
|
5.64 |
|
|
|
|
Total Loans and Leases |
|
5.09 |
|
5.45 |
|
|
|
5.13 |
|
5.53 |
|
|
|
|
Investment Securities |
|
4.87 |
|
4.92 |
|
|
|
4.93 |
|
5.21 |
|
|
|
|
Short - Term Investments |
|
0.99 |
|
1.00 |
|
|
|
1.04 |
|
1.08 |
|
|
|
|
Interest Income(FTE) / Avg. Interest Earning Assets |
5.03
===== |
% |
5.31
===== |
% |
|
5.07
===== |
% |
5.43
===== |
% |
|
|
Interest Bearing Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Issued Interest Bearing Activity |
|
0.64 |
% |
0.82 |
% |
|
0.63 |
% |
0.86 |
% |
|
|
Bank Issued Time |
|
2.38 |
|
2.54 |
|
|
|
2.38 |
|
2.62 |
|
|
|
|
Total Bank Issued Deposits |
|
1.06 |
|
1.25 |
|
|
|
1.06 |
|
1.31 |
|
|
|
|
Wholesale Deposits |
|
1.61 |
|
1.60 |
|
|
|
1.64 |
|
1.71 |
|
|
|
|
Total Interest Bearing Deposits |
|
1.23 |
|
1.34 |
|
|
|
1.23 |
|
1.40 |
|
|
|
|
Short - Term Borrowings |
|
1.76 |
|
2.63 |
|
|
|
1.81 |
|
2.55 |
|
|
|
|
Long - Term Borrowings |
|
3.62 |
|
4.58 |
|
|
|
3.66 |
|
4.61 |
|
|
|
|
Interest Expense / Avg. Interest Bearing Liabilities |
1.71
===== |
% |
1.98
===== |
% |
|
1.71
===== |
% |
2.04
===== |
% |
|
|
Net Interest Margin(FTE) / Avg. Earning Assets |
3.61
===== |
% |
3.65
===== |
% |
|
3.65
===== |
% |
3.72
===== |
% |
|
|
Interest Spread (FTE) |
|
3.32
===== |
% |
3.33
===== |
% |
|
3.36
===== |
% |
3.39
===== |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: (a) Includes Loans past due 90 days or more |
|
|
|
|
|
|
|
|
|
|
(b) Based on average balances excluding fair value adjustments for available for sale securities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Income as Adjusted to Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income as Adjusted |
|
$151.7 |
|
$134.7 |
|
|
|
$297.8 |
|
$264.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and Transition Related |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges - Metavante |
|
0.0 |
|
0.0 |
|
|
|
0.0 |
|
(1.5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$151.7
======= |
|
$134.7
======= |
|
|
|
$297.8
======= |
|
$262.7
====== |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAPHIC
4
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begin 644 logo.gif
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-----END PRIVACY-ENHANCED MESSAGE-----