MILWAUKEE, Oct. 14 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) today reported 2005 third quarter net income
of $0.78 per diluted share, or $184.1 million, as compared to $0.69
per diluted share, or $155.4 million, in the third quarter of 2004.
Third quarter net income per share increased 13.0 percent over the
same period in 2004. Third quarter results include gains of $0.02
per share resulting primarily from the sale of shares of a company
pursuant to a tender offer by the issuer of such shares. Net income
for the nine months ended September 30, 2005 was $542.2 million, or
$2.32 per diluted share, compared to $453.3 million, or $2.01 per
diluted share, in the nine months ended September 30, 2004. Return
on average assets based on net income for the third quarter was
1.66 percent, as compared to 1.63 percent for the same period in
2004. Return on average equity based on net income was 16.49
percent this quarter as compared to 17.58 percent for the third
quarter of 2004. The Corporation's provision for loan and lease
losses was $9.9 million in the third quarter of 2005, versus $6.9
million in the same period last year. Net charge-offs for the
period were $7.8 million, or 0.10 percent of total average loans
and leases outstanding this quarter, and $6.7 million a year ago or
0.10 percent of total average loans and leases. At September 30,
2005, the allowance for loan and lease losses was 1.09 percent of
total loans and leases, compared to 1.27 percent a year earlier.
Nonperforming loans and leases were 0.44 percent of total loans and
leases at September 30, 2005, and 0.51 percent at September 30,
2004. Assets at September 30, 2005 were $45.0 billion, compared to
$39.0 billion at September 30, 2004. Book value per share was
$19.51 at September 30, 2005, compared to $16.19 for the same date
a year ago. Total loans and leases were $33.1 billion, compared to
$28.1 billion at September 30, 2004. Marshall & Ilsley
Corporation (NYSE:MI) is a diversified financial services
corporation headquartered in Milwaukee, Wis., with $45.0 billion in
assets. Founded in 1847, M&I Marshall & Ilsley Bank is the
largest Wisconsin-based bank. M&I Bank has 198 offices
throughout the state, in addition to 36 locations throughout
Arizona; 13 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 seven
offices in the St. Louis area and one office in Belleville, Ill.
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 the Internet ( http://www.mibank.com/ or
http://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, 2004 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 Friday,
October 14, regarding third quarter earnings. For those interested
in listening, please call 1-800-437-3848 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 October
21, 5:00 p.m. Central Daylight Time by calling 1-800-839-6713 and
entering pass code 737 98 41 to listen. Supplemental financial
information referenced in the conference call can be found at
http://www.micorp.com/ , Investor Relations, after 8:00 a.m. on
October 14. M&I Corporation Financial Information (unaudited)
Three Months Ended Nine Months Ended September September September
September 30, 30, Percent 30, 30, Percent 2005 2004 Change 2005
2004 Change PER SHARE DATA Diluted: Net Income $0.78 $0.69 13.0%
$2.32 $2.01 15.4% Basic: Net Income 0.79 0.70 12.9 2.36 2.04 15.7
Dividend Declared 0.240 0.210 14.3 0.690 0.600 15.0 Book Value
19.51 16.19 20.5 19.51 16.19 20.5 Shares Outstanding (millions):
Average - Diluted 237.0 226.2 4.8 233.7 225.9 3.5 End of Period
234.4 223.1 5.1 234.4 223.1 5.1 INCOME STATEMENT ($millions) Net
Interest Income (FTE) $321.7 $289.3 11.2% $934.9 $867.8 7.7%
Provision for Loan and Lease Losses 9.9 6.9 43.5 31.8 25.1 26.7
Data Processing Services 285.0 239.0 19.2 829.0 622.4 33.2 Item
Processing 11.0 10.3 6.8 32.3 32.6 -0.9 Trust Services 41.9 37.5
11.7 123.4 111.7 10.5 Service Charge on Deposits 23.8 25.0 -4.8
71.3 75.6 -5.7 Mortgage Banking 14.7 8.9 65.2 33.1 27.5 20.4 Net
Investment Securities Gains (Losses) 7.4 0.5 n.m. 42.6 - n.m. All
Other 54.9 46.7 17.6 159.1 141.5 12.4 Total Non-Interest Revenues
438.7 367.9 19.2 1,290.8 1,011.3 27.6 Salaries and Employee
Benefits 271.3 231.5 17.2 772.2 647.3 19.3 Occupancy and Equipment
54.6 50.8 7.5 158.8 142.6 11.4 Intangible Amortization 6.1 8.3
-26.5 22.3 19.2 16.1 Other 131.8 117.5 12.2 399.5 336.0 18.9 Total
Non-Interest Expenses 463.8 408.1 13.6 1,352.8 1,145.1 18.1 Tax
Equivalent Adjustment 8.5 8.2 3.7 25.1 24.0 4.6 Pre-Tax Earnings
278.2 234.0 18.9 816.0 684.9 19.1 Income Taxes 94.1 78.6 19.7 273.8
231.6 18.2 Net Income $184.1 $155.4 18.5% $542.2 $453.3 19.6% KEY
RATIOS Net Interest Margin (FTE) / Avg. Earning Assets 3.27% 3.42%
3.32% 3.57% Interest Spread (FTE) 2.78 3.11 2.88 3.27 Efficiency
Ratio 61.6 62.2 61.1 61.0 Efficiency Ratio without Metavante 48.7
49.0 48.4 49.0 Return on Assets 1.66 1.63 1.70 1.67 Return on
Equity 16.49 17.58 17.32 17.64 Equity / Assets (End of Period)
10.10 9.21 10.10 9.21 M&I Corporation Financial Information
(unaudited) As of September September 30, 30, Percent ASSETS
($millions) 2005 2004 Change Cash & Due From Banks $1,080 $887
21.8% Trading Securities 28 36 -22.2 Short - Term Investments 306
162 88.9 Investment Securities 6,330 6,079 4.1 Loans and Leases:
Commercial Loans & Leases 9,721 8,326 16.8 Commercial Real
Estate 10,259 9,127 12.4 Residential Real Estate 6,491 3,995 62.5
Home Equity Loans & Lines 4,916 5,033 -2.3 Personal Loans and
Leases 1,719 1,664 3.3 Total Loans and Leases 33,106 28,145 17.6
Reserve for Loan & Leases Losses (362) (358) 1.1 Premises and
Equipment, net 469 461 1.7 Goodwill and Intangibles 2,388 2,042
16.9 Other Assets 1,650 1,526 8.1 Total Assets $44,995 $38,980
15.4% LIABILITIES & SHAREHOLDERS' EQUITY ($millions) Deposits:
Noninterest Bearing $5,224 $4,753 9.9% Bank Issued Interest Bearing
Activity 10,075 9,835 2.4 Bank Issued Time 4,790 3,529 35.7 Total
Bank Issued Deposits 20,089 18,117 10.9 Wholesale Deposits 6,902
6,769 2.0 Total Deposits 26,991 24,886 8.5 Short - Term Borrowings
5,497 4,622 18.9 Long - Term Borrowings 6,375 4,486 42.1 Other
Liabilities 1,588 1,398 13.6 Shareholders' Equity 4,544 3,588 26.6
Total Liabilities & Shareholders' Equity $44,995 $38,980 15.4%
Three Months Ended Nine Months Ended September September September
September AVERAGE ASSETS 30, 30, Percent 30, 30, Percent
($millions) 2005 2004 Change 2005 2004 Change Cash & Due From
Banks $993 $853 16.4% $950 $809 17.4% Trading Securities 26 23 13.0
25 23 8.7 Short - Term Investments 273 166 64.5 244 181 34.8
Investment Securities 6,209 5,935 4.6 6,158 5,819 5.8 Loans and
Leases: Commercial Loans & Leases 9,588 8,191 17.1 9,270 7,864
17.9 Commercial Real Estate 10,145 8,926 13.7 9,846 8,611 14.3
Residential Real Estate 6,170 3,794 62.6 5,427 3,509 54.7 Home
Equity Loans and Lines 4,905 4,894 0.2 5,044 4,674 7.9 Personal
Loans and Leases 1,671 1,695 -1.4 1,642 1,824 -10.0 Total Loans and
Leases 32,479 27,500 18.1 31,229 26,482 17.9 Reserve for Loan &
Leases Losses (364) (362) 0.6 (362) (359) 0.8 Premises and
Equipment, net 459 458 0.2 452 444 1.8 Goodwill and Intangibles
2,317 1,821 27.2 2,205 1,367 61.3 Other Assets 1,743 1,622 7.5
1,720 1,584 8.6 Total Assets $44,135 $38,016 16.1% $42,621 $36,350
17.3% Memo: Average Earning Assets $38,987 $33,624 $37,656 $32,505
Average Earning Assets Excluding Investment Securities Unrealized
Gains/Losses $38,979 $33,616 $37,636 $32,467 AVG LIABILITIES &
SHAREHOLDERS' EQUITY ($millions) Deposits: Noninterest Bearing
$5,049 $4,638 8.9% $4,858 $4,490 8.2% Bank Issued Interest Bearing
Activity 10,028 9,913 1.2 9,919 9,967 -0.5 Bank Issued Time 4,516
3,458 30.6 4,192 3,314 26.5 Total Bank Issued Deposits 19,593
18,009 8.8 18,969 17,771 6.7 Wholesale Deposits 6,759 6,625 2.0
6,720 5,786 16.1 Total Deposits 26,352 24,634 7.0 25,689 23,557 9.1
Short - Term Borrowings 2,859 2,494 14.6 3,048 3,058 -0.3 Long -
Term Borrowings 8,686 5,900 47.2 7,942 4,952 60.4 Other Liabilities
1,807 1,470 22.9 1,756 1,350 30.1 Shareholders' Equity 4,431 3,518
26.0 4,186 3,433 21.9 Total Liabilities & Shareholders' Equity
$44,135 $38,016 16.1% $42,621 $36,350 17.3% Memo: Average Interest
Bearing Liabilities $32,848 $28,390 $31,821 $27,077 M&I
Corporation Financial Information (unaudited) Three Months Ended
Nine Months Ended September September September September 30, 30,
Percent 30, 30, Percent 2005 2004 Change 2005 2004 Change CREDIT
QUALITY (a) Net Charge-Offs ($millions) $7.8 $6.7 16.4% $27.7 $16.6
66.9% Net Charge-Offs / Average Loans & Leases 0.10% 0.10%
0.12% 0.08% Loan and Lease Loss Reserve ($millions) $362.3 $358.1
1.2% $362.3 $358.1 1.2% Loan and Lease Loss Reserve / Period- End
Loans & Leases 1.09% 1.27% 1.09% 1.27% Non-Performing Loans
& Leases (NPL) ($millions) $147.3 $142.5 3.4% $147.3 $142.5
3.4% NPL's / Period-End Loans & Leases 0.44% 0.51% 0.44% 0.51%
Loan and Lease Loss Reserve / Non- Performing Loans & Leases
246% 251% 246% 251% MARGIN ANALYSIS (b) Loans and Leases:
Commercial Loans & Leases 6.08% 4.82% 5.76% 4.70% Commercial
Real Estate 6.26 5.38 6.07 5.36 Residential Real Estate 6.14 5.48
5.94 5.49 Home Equity Loans and Lines 6.05 5.15 5.92 5.24 Personal
Loans and Leases 6.13 5.09 5.83 5.07 Total Loans and Leases 6.14
5.17 5.92 5.14 Investment Securities 4.99 4.99 5.01 4.95 Short -
Term Investments 3.60 1.55 3.21 1.20 Interest Income (FTE) / Avg.
Interest Earning Assets 5.94% 5.12% 5.75% 5.08% Interest Bearing
Deposits: Bank Issued Interest Bearing Activity 2.06% 0.79% 1.72%
0.68% Bank Issued Time 3.29 2.47 3.03 2.41 Total Bank Issued
Deposits 2.44 1.23 2.11 1.12 Wholesale Deposits 3.29 1.96 2.97 1.77
Total Interest Bearing Deposits 2.71 1.47 2.39 1.31 Short - Term
Borrowings 3.88 2.29 3.43 1.94 Long - Term Borrowings 4.04 3.69
3.94 3.66 Interest Expense / Avg. Interest Bearing Liabilities
3.16% 2.01% 2.87% 1.81% Net Interest Margin(FTE) / Avg. Earning
Assets 3.27% 3.42% 3.32% 3.57% Interest Spread (FTE) 2.78% 3.11%
2.88% 3.27% Notes: (a) Includes Loans past due 90 days or more (b)
Based on average balances excluding fair value adjustments for
available for sale securities. DATASOURCE: Marshall & Ilsley
Corporation CONTACT: John Presley, senior vice president and chief
financial officer, +1-414-765-7833, or Don Wilson, senior vice
president, corporate treasurer, +1-414-765-8043, both of Marshall
& Ilsley Corporation Web site: http://www.micorp.com/
http://www.mibank.com/
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