MILWAUKEE, April 20 /PRNewswire-FirstCall/ --
- Net loss of $140.5 million or
$0.27 per share for first quarter
2010.
- Net interest margin rose 18 basis points to 3.13 percent from
prior quarter.
- Continued stabilization in credit quality.
- Early stage delinquencies fell slightly from fourth quarter
2009 – the fourth consecutive quarterly decline and the lowest
level since December 2007.
- Nonperforming loan inflows dropped 29 percent from prior
quarter to $674 million – the lowest
level since third quarter 2008.
- Nonperforming loans decreased from fourth quarter 2009 – the
third consecutive quarterly decline.
- Allowance for loan and lease losses at quarter-end was over
$1.5 billion, or 3.55 percent of
total loans and leases.
Marshall & Ilsley Corporation (NYSE: MI) (M&I) today
reported a 2010 first quarter net loss of $140.5 million, or $0.27 per share, as compared to a net loss of
$116.9 million, or $0.44 per share, in the first quarter of
2009.
"Our first quarter results reinforce our confidence that a
credit quality recovery is underway at M&I," said Mark Furlong, president and CEO, Marshall &
Ilsley Corporation. "We anticipate a relative stabilization of
credit quality trends, reflecting sustained improvement in
early-stage delinquencies, reduced inflows, and continued
aggressive strategies to work out or sell problem credits. We are
pleased with the Company's progress, but realize hard work remains
to improve credit quality. M&I remains committed to returning
the Company to profitability as soon as possible."
Net Interest Income
The Corporation's net interest income (FTE) was $409.1 million for the first quarter of 2010, up
$3.0 million or 1 percent compared to
the fourth quarter of 2009. The net interest margin was 3.13
percent, up 18 basis points from the previous quarter. During the
first quarter of 2010, M&I's net interest margin benefited from
lower funding costs and partial deployment of excess liquidity.
Asset Quality
M&I continued to proactively address credit quality in the
first quarter of 2010 by identifying and writing down troubled
assets, selling problem loans, reducing exposure to construction
and development loans, and building loan loss reserves.
- Provision for loan and lease losses was $458.1 million in the first quarter of 2010, down
$180.9 million or 28 percent versus
the fourth quarter of 2009. Net charge-offs for the period were
$423.4 million, falling $148.9 million or 26 percent compared to the
prior quarter.
- Construction and development (C&D) exposure declined from
the fourth quarter of 2009 to slightly less than 12.0 percent of
total loans. Arizona C&D exposure fell 69 percent since the
fourth quarter of 2007.
- Allowance for loan and lease losses at quarter-end was over
$1.5 billion, or 3.55 percent of
total loans and leases, an increase of 20 basis points from the
prior quarter.
Asset quality trends demonstrated further stabilization through
lower early stage delinquencies, nonperforming loan inflows, and
nonperforming loans.
- Early stage delinquencies fell slightly from the fourth quarter
of 2009 – the fourth consecutive quarterly decline and the lowest
level since December 2007.
- Nonperforming loan inflows dropped 29 percent from the prior
quarter to $674 million – the lowest
level since third quarter 2008.
- Nonperforming loans decreased $91
million, or 4 percent from the fourth quarter of 2009 – the
third consecutive quarterly decline.
- Nonperforming loans and leases were 4.58 percent (or 2.93
percent excluding nonperforming loans and leases less than ninety
days past due) of total loans and leases at March 31, 2010, compared to 4.62 percent at
December 31, 2009.
Non-Interest Income
The Corporation's non-interest income was $227.6 million for the first quarter of 2010
compared to $176.7 million for the
first quarter of 2009. A gain on sale of M&I's merchant
processing portfolio of $48.3 million
was unique to the current quarter. Wealth Management revenue was
$68.1 million for the current
quarter, exceeding the same quarter last year by $5.4 million or 9 percent. Assets under
management and assets under administration were $32.7 billion and $124.6
billion, respectively, at March 31,
2010, compared to $29.7
billion and $101.5 billion,
respectively, at March 31, 2009.
Non-Interest Expense
M&I's non-interest expense was $371.9
million for the first quarter of 2010 compared to
$345.5 million for the first quarter
of 2009. The Corporation's non-interest expense was down
$37.5 million or 9 percent versus the
prior quarter. Credit-related expenses (meaning expenses associated
with collection efforts and carrying nonperforming assets) were
$46.5 million for the current quarter
versus $42.0 million in the same
period last year and $69.1 million in
the prior quarter. After adjusting for certain net credit-related
expenses and other one-time items, M&I's efficiency ratio was
56.0 percent in the current quarter.
Loan and Deposit Growth
M&I's average loans and leases totaled $43.5 billion for the first quarter of 2010,
decreasing $6.3 billion or 13 percent
compared to the first quarter of 2009. When adjusted for the
targeted reduction in the Corporation's construction and
development portfolio, loans fell $3.0
billion or 7 percent versus the same period last year. Loan
balances continued to be negatively impacted by lower utilization
rates on commercial lines of credit and the depressed real estate
markets.
The Corporation's average deposits totaled $41.9 billion for the first quarter of 2010,
rising $2.2 billion or 6 percent
versus the first quarter of 2009. M&I's core deposits posted
strong growth over the past year, reflecting expanded product
offerings. The Corporation's average noninterest bearing deposits
totaled $7.8 billion for the first
quarter of 2010, increasing $1.3
billion or 21 percent compared to the first quarter of 2009.
M&I's average savings accounts totaled $2.6 billion for the first quarter of 2010,
increasing $1.7 billion or 191
percent compared to the first quarter of 2009.
Balance Sheet and Capital Management
The Corporation's consolidated assets and total equity were
$56.6 billion and $6.9 billion, respectively, at March 31, 2010, compared to $61.8 billion and $6.3
billion, respectively, at March 31,
2009. There were 527.1 million common shares outstanding at
March 31, 2010, versus 265.7 million
outstanding at March 31, 2009. In the
first quarter of 2010, M&I's net loss included $25.1 million or $0.05 per share for dividends on the
Corporation's Senior Preferred Stock, Series B, owned by the U.S.
Treasury under the Capital Purchase Program.
M&I's tangible common equity ratio was 8.1 percent at
March 31, 2010, compared to 6.4
percent at March 31, 2009.
Conference Call
Marshall & Ilsley Corporation will hold a conference call at
11:00 a.m. (Central Daylight Time) Tuesday,
April 20, regarding first quarter results. For those
interested in listening, please call 1-888-711-1825 and ask for
M&I's quarterly results conference call. If you are unable to
join us at this time, a replay of the call will be available
beginning at 3:00 p.m. on
April 20 and will run through
5:00 p.m. May
18, by calling 1-800-642-1687 and entering pass code 647 74
065. Supplemental financial information referenced in the
conference call can be found at www.micorp.com, Investor Relations,
after 8:00 a.m. on April 20.
About Marshall & Ilsley Corporation
Marshall & Ilsley Corporation (NYSE: MI) is a diversified
financial services corporation headquartered in Milwaukee, Wis., with $56.6 billion in assets. Founded in 1847, M&I
Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 192 offices
throughout the state. In addition, M&I has 53 locations
throughout Arizona; 33 offices in
Indianapolis and nearby
communities; 36 offices along Florida's west coast and in central
Florida; 15 offices in
Kansas City and nearby
communities; 26 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; and one office in Las Vegas, Nev. M&I's Southwest Bank
subsidiary has 17 offices in the greater St. Louis area. 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
(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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
include, without limitation, statements regarding expected
financial and operating activities and results that are preceded
by, followed by, or that include words such as "may," "expects,"
"anticipates," "estimates" or "believes." 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) general
business and economic conditions, including credit risk and
interest rate risk, (ii) M&I's exposure to increased credit
risks associated with its real estate loans, (iii) various factors,
including changes in economic conditions affecting borrowers, new
information regarding existing loans and identification of
additional problem loans, which could require an increase in
M&I's allowance for loan and lease losses, (iv) federal and
state agency regulation and enforcement actions, which could limit
M&I's activities, increase its cost structures or have other
negative effects on M&I, (v) M&I's ability to maintain
required levels of capital, (vi) the impact of recent and future
legislative initiatives on the financial markets or on M&I,
(vii) M&I's exposure to the actions and potential failure of
other financial institutions, (viii) volatility in M&I's stock
price and in the capital and credit markets in general, and (ix)
those factors referenced in Item 1A. Risk Factors in M&I's
Annual Report on Form 10-K for the year ended December 31, 2009 and as may be described from
time to time in M&I's subsequent SEC filings, which factors are
incorporated herein by reference. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
reflect only M&I's belief as of the date of this press release.
Except as required by federal securities law, M&I
undertakes no obligation to update these forward-looking statements
or reflect events or circumstances after the date of this press
release.
Marshall & Ilsley
Corporation
|
|
Financial Information
|
|
(unaudited)
|
|
|
|
Three
Months
Ended March 31,
|
|
Percent
|
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
($0.27)
|
|
($0.44)
|
|
n.m.
|
%
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Net Income (Loss)
|
|
(0.27)
|
|
(0.44)
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Declared per Common
Share
|
|
0.01
|
|
0.01
|
|
0.0
|
|
|
Book Value per Common
Share
|
|
9.95
|
|
17.45
|
|
-43.0
|
|
|
Common Shares Outstanding
(millions):
|
|
|
|
|
|
|
|
|
Average - Diluted
|
|
524.1
|
|
264.5
|
|
98.1
|
|
|
End of Period
|
|
527.1
|
|
265.7
|
|
98.4
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
($millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income (FTE)
|
|
$409.1
|
|
$408.8
|
|
0.1
|
%
|
|
Provision for Loan and Lease Losses
|
|
458.1
|
|
477.9
|
|
-4.1
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
Management
|
|
68.1
|
|
62.7
|
|
8.7
|
|
|
Service Charges on
Deposits
|
|
32.1
|
|
35.3
|
|
-9.1
|
|
|
Mortgage Banking
|
|
6.4
|
|
10.8
|
|
-41.2
|
|
|
Net Investment
Securities Gains (Losses)
|
|
0.1
|
|
0.1
|
|
41.7
|
|
|
Other
|
|
120.9
|
|
67.8
|
|
78.2
|
|
|
Total Non-Interest
Revenues
|
|
227.6
|
|
176.7
|
|
28.8
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and Employee
Benefits
|
|
161.6
|
|
155.2
|
|
4.1
|
|
|
Net Occupancy and
Equipment
|
|
34.1
|
|
33.8
|
|
0.9
|
|
|
FDIC
Insurance
|
|
27.3
|
|
15.1
|
|
80.4
|
|
|
Intangible Amortization
|
|
5.1
|
|
5.8
|
|
-11.3
|
|
|
Other
|
|
143.8
|
|
135.6
|
|
6.0
|
|
|
Total Non-Interest
Expenses
|
|
371.9
|
|
345.5
|
|
7.6
|
|
|
|
|
|
|
|
|
|
|
|
Tax Equivalent Adjustment
|
|
5.7
|
|
7.1
|
|
-19.9
|
|
|
Pre-Tax Income (Loss)
|
|
(199.0)
|
|
(245.0)
|
|
n.m.
|
|
|
Provision (Benefit) for Income
Taxes
|
|
(83.6)
|
|
(153.0)
|
|
n.m.
|
|
|
Net Income (Loss) Attributable to
M&I
|
|
($115.4)
|
|
($92.0)
|
|
n.m.
|
|
|
Preferred Dividends
|
|
(25.1)
|
|
(24.9)
|
|
|
|
|
Net Income (Loss) Attributable to
M&I Common Shareholders
|
|
($140.5)
|
|
($116.9)
|
|
n.m.
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin (FTE) / Avg.
Earning Assets
|
|
3.13
|
%
|
2.82
|
%
|
|
|
|
Interest Spread (FTE)
|
|
2.78
|
|
2.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
|
58.4
|
%
|
59.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity / Assets (End of Period)
|
|
12.15
|
%
|
10.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Marshall & Ilsley
Corporation
|
|
Financial Information
|
|
(unaudited)
|
|
|
|
As of March
31,
|
|
Percent
|
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
ASSETS
($millions)
|
|
|
|
|
|
|
|
|
Cash & Due From Banks
|
|
$589
|
|
$745
|
|
-21.0
|
%
|
|
Trading Assets
|
|
255
|
|
687
|
|
-62.9
|
|
|
Short - Term Investments
|
|
2,021
|
|
451
|
|
347.9
|
|
|
Investment Securities
|
|
7,625
|
|
7,728
|
|
-1.3
|
|
|
Loans and Leases:
|
|
|
|
|
|
|
|
|
Commercial Loans &
Leases
|
|
12,315
|
|
15,108
|
|
-18.5
|
|
|
Commercial Real Estate
|
|
13,532
|
|
12,999
|
|
4.1
|
|
|
Residential Real Estate
|
|
4,824
|
|
5,711
|
|
-15.5
|
|
|
Construction and
Development
|
|
5,106
|
|
8,251
|
|
-38.1
|
|
|
Home Equity Loans &
Lines
|
|
4,590
|
|
5,025
|
|
-8.7
|
|
|
Personal Loans and
Leases
|
|
2,282
|
|
2,151
|
|
6.1
|
|
|
Total Loans and Leases
|
|
42,649
|
|
49,245
|
|
-13.4
|
|
|
Reserve for Loan & Lease Losses
|
|
(1,515)
|
|
(1,352)
|
|
12.1
|
|
|
Premises and Equipment, net
|
|
558
|
|
570
|
|
-2.2
|
|
|
Goodwill and Other Intangibles
|
|
739
|
|
758
|
|
-2.6
|
|
|
Other Assets
|
|
3,648
|
|
2,958
|
|
23.4
|
|
|
Total Assets
|
|
$56,569
|
|
$61,790
|
|
-8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES &
EQUITY ($millions)
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Noninterest Bearing
|
|
$7,788
|
|
$6,988
|
|
11.4
|
%
|
|
Interest
Bearing:
|
|
|
|
|
|
|
|
|
Savings and NOW
|
|
7,373
|
|
3,628
|
|
103.2
|
|
|
Money Market
|
|
12,758
|
|
10,614
|
|
20.2
|
|
|
Time
|
|
13,830
|
|
17,725
|
|
-22.0
|
|
|
Foreign
|
|
233
|
|
609
|
|
-61.7
|
|
|
Total Interest Bearing
|
|
34,194
|
|
32,576
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits
|
|
41,982
|
|
39,564
|
|
6.1
|
|
|
Short - Term Borrowings
|
|
894
|
|
5,336
|
|
-83.2
|
|
|
Long - Term Borrowings
|
|
5,865
|
|
9,539
|
|
-38.5
|
|
|
Other Liabilities
|
|
958
|
|
1,100
|
|
-13.0
|
|
|
Total Liabilities
|
|
49,699
|
|
55,539
|
|
-10.5
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Marshall & Ilsley
Corporation Shareholders' Equity
|
|
6,859
|
|
6,240
|
|
9.9
|
|
|
Noncontrolling Interest
in Subsidiaries
|
|
11
|
|
11
|
|
8.5
|
|
|
Total Equity
|
|
6,870
|
|
6,251
|
|
9.9
|
|
|
Total Liabilities & Equity
|
|
$56,569
|
|
$61,790
|
|
-8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
Percent
|
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
AVERAGE
ASSETS ($millions)
|
|
|
|
|
|
|
|
|
Cash & Due From Banks
|
|
$687
|
|
$803
|
|
-14.5
|
%
|
|
Trading Assets
|
|
253
|
|
585
|
|
-56.8
|
|
|
Short - Term Investments
|
|
1,721
|
|
570
|
|
201.8
|
|
|
Investment Securities
|
|
7,454
|
|
7,689
|
|
-3.1
|
|
|
Loans and Leases:
|
|
|
|
|
|
|
|
|
Commercial Loans and
Leases
|
|
12,687
|
|
15,292
|
|
-17.0
|
|
|
Commercial Real Estate
|
|
13,587
|
|
12,872
|
|
5.6
|
|
|
Residential Real Estate
|
|
4,868
|
|
5,768
|
|
-15.6
|
|
|
Construction and
Development
|
|
5,429
|
|
8,671
|
|
-37.4
|
|
|
Home Equity Loans and
Lines
|
|
4,645
|
|
5,064
|
|
-8.3
|
|
|
Personal Loans and
Leases
|
|
2,318
|
|
2,149
|
|
7.9
|
|
|
Total Loans and Leases
|
|
43,534
|
|
49,816
|
|
-12.6
|
|
|
Reserve for Loan & Lease Losses
|
|
(1,535)
|
|
(1,245)
|
|
23.3
|
|
|
Premises and Equipment, net
|
|
563
|
|
569
|
|
-1.1
|
|
|
Goodwill and Other Intangibles
|
|
741
|
|
761
|
|
-2.6
|
|
|
Other Assets
|
|
3,676
|
|
2,889
|
|
27.2
|
|
|
Total Assets
|
|
$57,094
|
|
$62,437
|
|
-8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Memo:
|
|
|
|
|
|
|
|
|
Average Earning Assets
|
|
$52,962
|
|
$58,660
|
|
|
|
|
Average Earning Assets Excluding
Investment Securities
|
|
|
|
|
|
|
|
|
Unrealized Gains/Losses
|
|
$52,957
|
|
$58,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVG
LIABILITIES & EQUITY ($millions)
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Noninterest Bearing
|
|
$7,819
|
|
$6,482
|
|
20.6
|
%
|
|
Interest
Bearing:
|
|
|
|
|
|
|
|
|
Savings and NOW
|
|
7,227
|
|
3,530
|
|
104.7
|
|
|
Money Market
|
|
11,936
|
|
10,631
|
|
12.3
|
|
|
Time
|
|
14,680
|
|
17,901
|
|
-18.0
|
|
|
Foreign
|
|
248
|
|
1,123
|
|
-77.9
|
|
|
Total Interest
Bearing
|
|
34,091
|
|
33,185
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits
|
|
41,910
|
|
39,667
|
|
5.7
|
|
|
Short - Term Borrowings
|
|
1,015
|
|
5,724
|
|
-82.3
|
|
|
Long - Term Borrowings
|
|
6,232
|
|
9,571
|
|
-34.9
|
|
|
Other Liabilities
|
|
928
|
|
1,122
|
|
-17.4
|
|
|
Total Liabilities
|
|
50,085
|
|
56,084
|
|
-10.7
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Marshall & Ilsley
Corporation Shareholders' Equity
|
|
6,998
|
|
6,343
|
|
10.3
|
|
|
Noncontrolling Interest
in Subsidiaries
|
|
11
|
|
10
|
|
7.9
|
|
|
Total Equity
|
|
7,009
|
|
6,353
|
|
10.3
|
|
|
Total Liabilities &
Equity
|
|
$57,094
|
|
$62,437
|
|
-8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Memo:
|
|
|
|
|
|
|
|
|
Average Interest Bearing Liabilities
|
|
$41,338
|
|
$48,480
|
|
|
|
|
|
|
|
|
|
|
|
|
Marshall & Ilsley
Corporation
|
|
Financial Information
|
|
(unaudited)
|
|
|
|
Three
Months
Ended March 31,
|
|
Percent
|
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
|
CREDIT QUALITY
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-Offs ($millions)
|
|
$423.4
|
|
$328.0
|
|
29.1
|
%
|
|
Net Charge-Offs /
Average Loans and Leases
|
|
3.94
|
%
|
2.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Lease Loss Reserve
($millions)
|
|
$1,515.2
|
|
$1,352.1
|
|
12.1
|
%
|
|
Loan
and Lease Loss Reserve / Period-End Loans and Leases
|
|
3.55
|
%
|
2.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans & Leases
($millions)
|
|
$1,953.8
|
|
$2,074.6
|
|
-5.8
|
%
|
|
Nonperforming Loans & Leases /
Period-End Loans and Leases
|
|
4.58
|
%
|
4.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan and Lease Loss Reserve /
Nonperforming Loans and Leases*
|
|
80
|
%
|
69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets (NPA)
($millions)
|
|
$2,408.1
|
|
$2,418.9
|
|
-0.4
|
%
|
|
NPA /
Period-End Loans & Leases and Other Real Estate
Owned
|
|
5.59
|
%
|
4.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renegotiated ($millions)
|
|
$731.8
|
|
$446.0
|
|
64.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more
($millions)
|
|
$9.3
|
|
$16.1
|
|
-42.0
|
%
|
|
|
|
|
|
|
|
|
|
|
*Excludes nonperforming loans held for
sale.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARGIN ANALYSIS
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases:
|
|
|
|
|
|
|
|
|
Commercial Loans and
Leases
|
|
4.53
|
%
|
3.90
|
%
|
|
|
|
Commercial Real Estate
|
|
5.02
|
|
5.26
|
|
|
|
|
Residential Real Estate
|
|
5.15
|
|
5.58
|
|
|
|
|
Construction and
Development
|
|
3.74
|
|
3.72
|
|
|
|
|
Home Equity Loans and
Lines
|
|
4.98
|
|
5.19
|
|
|
|
|
Personal Loans and
Leases
|
|
5.50
|
|
5.54
|
|
|
|
|
Total Loans and Leases
|
|
4.75
|
|
4.62
|
|
|
|
|
Investment Securities
|
|
3.47
|
|
4.26
|
|
|
|
|
Short - Term Investments
|
|
0.26
|
|
0.89
|
|
|
|
|
Interest Income (FTE) / Avg. Interest
Earning Assets
|
|
4.41
|
%
|
4.50
|
%
|
|
|
|
Interest Bearing Deposits:
|
|
|
|
|
|
|
|
|
Savings and
NOW
|
|
0.47
|
%
|
0.13
|
%
|
|
|
|
Money Market
|
|
0.80
|
|
0.62
|
|
|
|
|
Time
|
|
2.22
|
|
2.71
|
|
|
|
|
Foreign
|
|
0.41
|
|
0.33
|
|
|
|
|
Total Interest Bearing Deposits
|
|
1.34
|
|
1.69
|
|
|
|
|
Short - Term Borrowings
|
|
0.27
|
|
0.28
|
|
|
|
|
Long - Term Borrowings
|
|
3.44
|
|
4.24
|
|
|
|
|
Interest Expense / Avg. Interest
Bearing Liabilities
|
|
1.63
|
%
|
2.02
|
%
|
|
|
|
Net Interest Margin (FTE) / Avg.
Earning Assets
|
|
3.13
|
%
|
2.82
|
%
|
|
|
|
Interest Spread (FTE)
|
|
2.78
|
%
|
2.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
(a) Nonperforming assets are
comprised of nonaccrual loans & leases and other real estate
owned.
|
|
(b) Based on average balances
excluding fair value adjustments for available for sale
securities.
|
|
|
|
|
|
|
|
|
|
SOURCE Marshall & Ilsley Corporation