Marshall & Ilsley Corporation Announces Third Quarter Results
John M. Presley to Join M&I October 18 as Chief Financial
Officer MILWAUKEE, Oct. 13 /PRNewswire-FirstCall/ -- Marshall &
Ilsley Corporation (NYSE:MI) today reported 2004 third quarter net
income of $0.69 per diluted share, or $155.4 million, as compared
to $0.61 per diluted share, or $140.3 million, in the third quarter
of 2003. Third quarter net income per share increased 13.1 percent
over the same period in 2003. Net income for the nine months ended
September 30, 2004 was $453.3 million, or $2.01 per diluted share,
compared to $403.0 million, or $1.77 per diluted share, in the nine
months ended September 30, 2003. Return on average assets based on
net income for the third quarter was 1.63 percent, as compared to
1.66 percent for the same period in 2003. Return on average equity
based on net income was 17.58 percent this quarter as compared to
16.92 percent for the third quarter of 2003. The Corporation's
provision for loan and lease losses was $6.9 million in the third
quarter of 2004, versus $7.9 million in the same period last year.
Net charge-offs for the period were $6.7 million, or 0.10 percent
of total average loans and leases outstanding this quarter, and
$7.9 million a year ago or 0.13 percent of total average loans and
leases. At September 30, 2004, the allowance for loan and lease
losses was 1.27 percent of total loans and leases, compared to 1.41
percent a year earlier. Nonperforming loans and leases were 0.51
percent of total loans and leases at September 30, 2004, and 0.76
percent at September 30, 2003. Assets at September 30, 2004 were
$39.0 billion, compared to $33.7 billion at September 30, 2003.
Book value per share was $16.19 at September 30, 2004, compared to
$14.84 for the same date a year ago. Total loans and leases were
$28.1 billion, compared to $24.6 billion at September 30, 2003.
John M. Presley to Join M&I October 18 as Chief Financial
Officer The Corporation has also announced John M. Presley will
join Marshall & Ilsley Corporation as Senior Vice President and
Chief Financial Officer on Monday, October 18. Presley's
appointment was announced in August of this year. He succeeds Mark
F. Furlong who became President of M&I Marshall & Ilsley
Bank on July 1, 2004. Presley previously served as Chief Financial
Officer of National Commerce Financial Corporation in Memphis,
Tennessee. Marshall & Ilsley Corporation (NYSE:MI) is a
diversified financial services corporation headquartered in
Milwaukee, Wis., with $39.0 billion in assets. Founded in 1847,
M&I Marshall & Ilsley Bank has the largest banking presence
in Wisconsin with 197 offices throughout the state. In addition,
M&I has 32 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. 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, 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
Wednesday, October 13, regarding third quarter earnings. For those
interested in listening, please call 1-800-243-6403 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 20, 5:00 p.m. central daylight time by calling
1-800-839-6713 and entering passcode 666 28 25 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 13. M&I Corporation Financial
Information (unaudited) Three Months Ended Nine Months Ended
September September September September 30, 30, Percent 30, 30,
Percent 2004 2003 Change 2004 2003 Change PER SHARE DATA Diluted:
Net Income $0.69 $0.61 13.1% $2.01 $1.77 13.6% Income as Adjusted
(a) 0.69 0.61 13.1 2.01 1.77 13.6 Basic: Net Income 0.70 0.62 12.9
2.04 1.78 14.6 Income as Adjusted (a) 0.70 0.62 12.9 2.04 1.79 14.0
Dividend Declared 0.210 0.180 16.7 0.600 0.520 15.4 Book Value
16.19 14.84 9.1 16.19 14.84 9.1 Shares Outstanding (millions):
Average - Diluted 226.2 228.9 -1.2 225.9 228.3 -1.1 End of Period
223.1 226.1 -1.3 223.1 226.1 -1.3 INCOME STATEMENT ($millions) Net
Interest Income (FTE) $289.3 $266.6 8.5% $867.8 $810.9 7.0%
Provision for Loan and Lease Losses 6.9 7.9 -12.7 25.1 53.2 -52.8
Data Processing Services 239.0 166.3 43.7 622.4 481.4 29.3 Item
Processing 10.3 11.2 -8.0 32.6 31.0 5.2 Trust Services 37.5 32.0
17.2 111.7 93.3 19.7 Service Charge on Deposits 25.0 25.4 -1.6 75.6
76.8 -1.6 Mortgage Banking 8.9 24.2 -63.2 27.5 63.5 -56.7 Net
Investment Securities Gains (Losses) 0.5 16.7 n.m. - 15.7 n.m. All
Other 46.7 49.2 -5.1 141.5 148.5 -4.7 Total Non-Interest Revenues
367.9 325.0 13.2 1,011.3 910.2 11.1 Salaries and Employee Benefits
231.5 199.4 16.1 647.3 587.4 10.2 Occupancy and Equipment 50.8 40.3
26.1 142.6 133.0 7.2 Intangible Amortization 8.3 3.4 144.1 19.2
17.8 7.9 Other 117.5 166.9 -29.6 336.0 340.5 -1.3 Total
Non-Interest Expenses 408.1 410.0 -0.5 1,145.1 1,078.7 6.2 Tax
Equivalent Adjustment 8.2 7.9 3.8 24.0 23.8 0.8 Pre-Tax Earnings
234.0 165.8 41.1 684.9 565.4 21.1 Income Taxes 78.6 25.5 208.2
231.6 160.9 43.9 Income as Adjusted (a) 155.4 140.3 10.8 $453.3
$404.5 12.1 Adjustments (a) 0.0 0.0 n.m. 0.0 (1.5) n.m. Net Income
$155.4 $140.3 10.8% $453.3 $403.0 12.5% KEY RATIOS Net Interest
Margin (FTE) / Avg. Earning Assets 3.42% 3.53% 3.57% 3.65% Interest
Spread (FTE) 3.11 3.21 3.27 3.33 Efficiency Ratio 62.2 69.4 61.0
62.7 Efficiency Ratio without Metavante 49.0 60.6 49.0 52.5 Return
on Assets 1.63 1.66 1.67 1.63 Return on Equity 17.58 16.92 17.64
16.85 Return on Assets - Income as Adjusted (a) 1.63 1.66 1.67 1.63
Return on Equity - Income as Adjusted (a) 17.58 16.92 17.64 16.91
Equity / Assets (End of Period) 9.21 9.89 9.21 9.89 Notes: (a) See
reconciliation of Income as Adjusted to Net Income. M&I
Corporation Financial Information (unaudited) As of September
September 30, 30, Percent ASSETS ($millions) 2004 2003 Change Cash
& Due From Banks $887 $866 2.4% Trading Securities 36 40 -10.0
Short - Term Investments 162 213 -23.9 Investment Securities 6,079
5,497 10.6 Loans and Leases: Commercial Loans & Leases 8,326
7,279 14.4 Commercial Real Estate 9,127 8,074 13.0 Residential Real
Estate 3,995 2,921 36.8 Home Equity Loans & Lines 5,033 4,187
20.2 Personal Loans and Leases 1,664 2,174 -23.5 Total Loans and
Leases 28,145 24,635 14.2 Reserve for Loan & Leases Losses
(358) (348) 2.9 Premises and Equipment, net 461 435 6.0 Goodwill
and Intangibles 2,042 1,082 88.7 Other Assets 1,526 1,329 14.8
Total Assets $38,980 $33,749 15.5% LIABILITIES & SHAREHOLDERS'
EQUITY ($millions) Deposits: Noninterest Bearing $4,753 $4,682 1.5%
Bank Issued Interest Bearing Activity 9,835 9,912 -0.8 Bank Issued
Time 3,529 3,307 6.7 Total Bank Issued Deposits 18,117 17,901 1.2
Wholesale Deposits 6,769 4,408 53.6 Total Deposits 24,886 22,309
11.6 Short - Term Borrowings 4,622 4,366 5.9 Long - Term Borrowings
4,486 2,694 66.5 Other Liabilities 1,398 1,043 34.0 Shareholders'
Equity 3,588 3,337 7.5 Total Liabilities & Shareholders' Equity
$38,980 $33,749 15.5% Three Months Ended Nine Months Ended
September September September September 30, 30, Percent 30, 30,
Percent 2004 2003 Change 2004 2003 Change AVERAGE ASSETS
($millions) Cash & Due From Banks $853 $742 15.0% $809 $751
7.7% Trading Securities 23 27 -14.8 23 23 0.0 Short - Term
Investments 166 260 -36.2 181 267 -32.2 Investment Securities 5,935
5,157 15.1 5,819 5,152 12.9 Loans and Leases: Commercial Loans
& Leases 8,191 7,304 12.1 7,864 7,320 7.4 Commercial Real
Estate 8,926 8,000 11.6 8,611 7,817 10.2 Residential Real Estate
3,794 2,961 28.1 3,509 2,885 21.6 Home Equity Loans and Lines 4,894
4,100 19.4 4,674 4,074 14.7 Personal Loans and Leases 1,695 2,231
-24.0 1,824 2,205 -17.3 Total Loans and Leases 27,500 24,596 11.8
26,482 24,301 9.0 Reserve for Loan & Leases Losses (362) (352)
2.8 (359) (347) 3.5 Premises and Equipment, net 458 438 4.6 444 441
0.7 Goodwill and Intangibles 1,821 1,083 68.1 1,367 1,087 25.8
Other Assets 1,622 1,489 8.9 1,584 1,452 9.1 Total Assets $38,016
$33,440 13.7% $36,350 $33,127 9.7% Memo: Average Earning Assets
$33,624 $30,040 $32,505 $29,743 Average Earning Assets Excluding
Investment Securities Unrealized Gains/Losses $33,616 $29,991
$32,467 $29,672 AVG LIABILITIES & SHAREHOLDERS' EQUITY
($millions) Deposits: Noninterest Bearing $4,638 $4,349 6.6% $4,490
$4,096 9.6% Bank Issued Interest Bearing Activity 9,913 10,072 -1.6
9,967 10,081 -1.1 Bank Issued Time 3,458 3,324 4.0 3,314 3,436 -3.6
Total Bank Issued Deposits 18,009 17,745 1.5 17,771 17,613 0.9
Wholesale Deposits 6,625 4,410 50.2 5,786 4,205 37.6 Total Deposits
24,634 22,155 11.2 23,557 21,818 8.0 Short - Term Borrowings 2,494
3,102 -19.6 3,058 3,304 -7.4 Long - Term Borrowings 5,900 3,776
56.3 4,952 3,725 32.9 Other Liabilities 1,470 1,117 31.6 1,350
1,083 24.7 Shareholders' Equity 3,518 3,290 6.9 3,433 3,197 7.4
Total Liabilities & Shareholders' Equity $38,016 $33,440 13.7%
$36,350 $33,127 9.7% Memo: Average Interest Bearing Liabilities
$28,390 $24,684 $27,077 $24,751 M&I Corporation Financial
Information (unaudited) Three Months Ended Nine Months Ended
September September September September 30, 30, Percent 30, 30,
Percent 2004 2003 Change 2004 2003 Change CREDIT QUALITY (a) Net
Charge-Offs ($millions) $6.7 $7.9 -15.2% $16.6 $43.5 -61.8% Net
Charge-Offs / Average Loans & Leases 0.10% 0.13% 0.08% 0.24%
Loan and Lease Loss Reserve ($millions) $358.1 $348.1 2.9% $358.1
$348.1 2.9% Loan and Lease Loss Reserve / Period-End Loans &
Leases 1.27% 1.41% 1.27% 1.41% Non-Performing Loans & Leases
(NPL)($millions) $142.5 $187.3 -23.9% $142.5 $187.3 -23.9% NPL's /
Period-End Loans & Leases 0.51% 0.76% 0.51% 0.76% Loan and
Lease Loss Reserve / Non-Performing Loans & Leases 251% 186%
251% 186% MARGIN ANALYSIS (b) Loans and Leases: Commercial Loans
& Leases 4.82% 4.55% 4.70% 4.64% Commercial Real Estate 5.38
5.50 5.36 5.73 Residential Real Estate 5.48 5.72 5.49 6.05 Home
Equity Loans and Lines 5.15 5.49 5.24 5.75 Personal Loans and
Leases 5.09 5.23 5.07 5.50 Total Loans and Leases 5.17 5.22 5.14
5.42 Investment Securities 4.99 4.27 4.95 4.89 Short - Term
Investments 1.55 0.81 1.20 0.99 Interest Income(FTE) / Avg.
Interest Earning Assets 5.12% 5.02% 5.08% 5.29% Interest Bearing
Deposits: Bank Issued Interest Bearing Activity 0.79% 0.64% 0.68%
0.79% Bank Issued Time 2.47 2.42 2.41 2.55 Total Bank Issued
Deposits 1.23 1.08 1.12 1.24 Wholesale Deposits 1.96 1.42 1.77 1.61
Total Interest Bearing Deposits 1.47 1.16 1.31 1.32 Short - Term
Borrowings 2.29 2.51 1.94 2.54 Long - Term Borrowings 3.69 4.27
3.66 4.49 Interest Expense / Avg. Interest Bearing Liabilities
2.01% 1.81% 1.81% 1.96% Net Interest Margin(FTE) / Avg. Earning
Assets 3.42% 3.53% 3.57% 3.65% Interest Spread (FTE) 3.11% 3.21%
3.27% 3.33% 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 $155.4 $140.3 $453.3 $404.5
Acquisition and Transition Related Charges - Metavante 0.0 0.0 0.0
(1.5) Net Income $155.4 $140.3 $453.3 $403.0 DATASOURCE: Marshall
& Ilsley Corporation CONTACT: Mark Furlong, president M&I
Marshall & Ilsley Bank, +1-414-765-8052, 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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