MARYLAND 31-0724920 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) |
Indicate by check mark whether 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 preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes X No
There were 228,885,228 shares of Registrant's without par value common stock outstanding on October 31, 2003.
PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Balance Sheets - September 30, 2003 and 2002 and December 31, 2002 3 Consolidated Statements of Income - For the three and nine months ended September 30, 2003 and 2002 4 Consolidated Statements of Changes in Shareholders' Equity - For the nine months ended September 30, 2003 and 2002 5 Consolidated Statements of Cash Flows - For the nine months ended September 30, 2003 and 2002 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3. Quantitative and Qualitative Disclosures about Market Risk 47 Item 4. Controls and Procedures 47 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 47-48 Signatures 49 |
September 30, December 31, September 30, (in thousands) 2003 2002 2002 ------------------------------------------------------------------------------------------------------------------------- (Unaudited) (Restated) (Unaudited) (Restated) ASSETS Cash and due from banks $ 775,423 $ 969,483 $ 1,014,713 Interest bearing deposits in banks 37,857 37,300 33,700 Trading account securities 415 241 3,225 Federal funds sold and securities purchased under resale agreements 87,196 49,280 64,574 Loans held for sale 411,792 528,379 369,724 Securities available for sale - at fair value 4,278,385 3,403,369 3,235,546 Investment securities - fair value $5,235, $7,725 and $9,925, respectively 5,090 7,546 9,733 Total loans and direct financing leases 21,172,747 18,587,403 17,846,897 Less allowance for loan and lease losses 370,135 336,648 371,033 ------------------------------------------------------------------------------------------------------------------------- Net loans and direct financing leases 20,802,612 18,250,755 17,475,864 ------------------------------------------------------------------------------------------------------------------------- Operating lease assets 1,454,590 2,200,525 2,455,165 Bank owned life insurance 917,261 886,214 875,492 Premises and equipment 338,863 341,366 339,984 Goodwill and other intangible assets 217,212 218,567 218,424 Customers' acceptance liability 9,208 16,745 18,340 Accrued income and other assets 759,282 620,355 598,402 ------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 30,095,186 $ 27,530,125 $ 26,712,886 ========================================================================================================================= LIABILITIES AND SHAREHOLDERS' EQUITY Total deposits $ 18,833,856 $ 17,499,326 $ 17,117,811 Short-term borrowings 1,400,047 2,141,016 2,220,022 Federal Home Loan Bank advances 1,273,000 1,013,000 613,000 Subordinated notes 791,045 738,678 893,168 Other long-term debt 4,269,288 2,495,123 2,187,750 Company obligated mandatorily redeemable preferred capital securities of subsidiary trusts holding solely junior subordinated debentures of the Parent Company --- 300,000 300,000 Bank acceptances outstanding 9,208 16,745 18,340 Accrued expenses and other liabilities 1,277,286 1,136,444 1,121,174 ------------------------------------------------------------------------------------------------------------------------- Total Liabilities 27,853,730 25,340,332 24,471,265 ------------------------------------------------------------------------------------------------------------------------- Shareholders' equity Preferred stock - authorized 6,617,808 shares; none outstanding --- --- --- Common stock - without par value; authorized 500,000,000 shares; issued 257,866,255 shares; outstanding 228,869,936, 232,878,851, and 237,544,288 shares, respectively 2,482,370 2,484,421 2,486,345 Less 28,996,319, 24,987,404, and 20,321,967 treasury shares, respectively (550,766) (475,399) (391,550) Accumulated other comprehensive income 25,865 62,300 60,556 Retained earnings 283,987 118,471 86,270 ------------------------------------------------------------------------------------------------------------------------- Total Shareholders' Equity 2,241,456 2,189,793 2,241,621 ------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 30,095,186 $ 27,530,125 $ 26,712,886 ========================================================================================================================= |
See notes to unaudited consolidated financial statements.
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------------------------------------------------------------------------------------------------------------- (in thousands, except per share amounts) 2003 2002 2003 2002 ------------------------------------------------------------------------------------------------------------------------------- (Restated) (Restated) Interest and fee income Loans and leases $278,494 $273,462 $ 815,842 $ 813,631 Securities 42,510 45,800 126,621 135,005 Other 12,316 4,915 28,196 15,126 ------------------------------------------------------------------------------------------------------------------------------- TOTAL INTEREST INCOME 333,320 324,177 970,659 963,762 ------------------------------------------------------------------------------------------------------------------------------- Deposits 67,565 94,647 223,658 297,236 Short-term borrowings 2,992 6,524 12,864 21,190 Federal Home Loan Bank advances 5,883 1,176 17,102 1,646 Subordinated notes and other long-term debt including preferred capital securities 36,409 30,565 92,364 93,295 ------------------------------------------------------------------------------------------------------------------------------- TOTAL INTEREST EXPENSE 112,849 132,912 345,988 413,367 ------------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME 220,471 191,265 624,671 550,395 Provision for loan and lease losses 51,615 54,304 137,652 143,190 ------------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 168,856 136,961 487,019 407,205 ------------------------------------------------------------------------------------------------------------------------------- Operating lease income 117,624 160,164 384,391 507,815 Service charges on deposit accounts 42,294 37,706 123,077 112,129 Trust services 15,365 14,997 45,856 46,745 Brokerage and insurance income 13,807 13,664 43,500 48,168 Other service charges and fees 10,499 10,837 32,209 31,998 Bank Owned Life Insurance income 10,438 10,723 32,618 32,401 Mortgage banking 30,193 2,594 48,503 26,503 Gain on sale of Florida operations --- --- --- 182,470 Merchant Services gain --- 24,550 --- 24,550 Gain on sales of automobile loans --- --- 23,751 --- Gain on sale of branch offices 13,112 --- 13,112 --- Securities (losses) gains (4,107) 1,140 3,978 2,563 Other 23,543 22,227 71,648 54,507 ------------------------------------------------------------------------------------------------------------------------------- TOTAL NON-INTEREST INCOME 272,768 298,602 822,643 1,069,849 ------------------------------------------------------------------------------------------------------------------------------- Personnel costs 113,170 100,662 331,501 307,806 Operating lease expense 93,134 125,743 307,661 398,223 Equipment 16,328 17,378 49,081 50,986 Outside data processing and other services 17,478 15,128 50,161 50,159 Net occupancy |