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2004 Annual Report: Financial Review: Statistical Financial Information: Table VIII Quarterly Average Balances and Interest Rates

Table VIII

Quarterly Average Balances and Interest Rates



  Fourth Quarter 2004 - Average Balance Fourth Quarter 2004 - Interest/Income Expense Fourth Quarter 2004 - Yield Rate Third Quarter 2004 - Average Balance Third Quarter 2004 - Interest/Income Expense Third Quarter 2004 - Yield Rate Second Quarter 2004 - Average Balance Second Quarter 2004 - Interest/Income Expense Second Quarter 2004 - Yield Rate First Quarter 2004 - Average Balance First Quarter 2004 - Interest/Income Expense First Quarter 2004 - Yield Rate Fourth Quarter 2003 - Average Balance Fourth Quarter 2003 - Interest/Income Expense Fourth Quarter 2003 - Yield Rate
 
Fourth Quarter 2004
       
Third Quarter 2004
       
Second Quarter 2004
       
First Quarter 2004
       
Fourth Quarter 2003
(Dollars in millions)
Average
Balance
Interest
Income/
Expense
Yield/
Rate
  
Average
Balance
Interest
Income/
Expense
Yield/
Rate
  
Average
Balance
Interest
Income/
Expense
Yield/
Rate
  
Average
Balance
Interest
Income/
Expense
Yield/
Rate
  
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Earning assets
Time deposits placed and other short-term investments $   15,620 $   128 3.24%percent   $   14,726 $   127 3.45%percent   $   14,384 $    59 1.65%percent   $ 12,268 $   48 1.57%percent   $ 11,231 $   49 1.71%percent
Federal funds sold and securities
     purchased under agreements to resell		 149,226 712 1.90    128,339 484 1.50    124,383 413 1.33    113,761 434 1.53    96,713 506 2.08 
Trading account assets 110,585 1,067 3.85    98,459 975 3.96    104,391 1,025 3.94    105,033 1,025 3.91    94,630 926 3.91 
Securities 171,173 2,083 4.87    169,515 2,095 4.94    159,797 1,925 4.82    99,755 1,223 4.91    59,197 742 5.01 
Loans and leases (1):
     Residential mortgage 178,879 2,459 5.49    175,046 2,371 5.41    173,158  2,284 5.29    141,898 1,960 5.53    142,482 1,931 5.41 
     Credit Card 49,366 1,351 10.88    45,818 1,265 10.98    43,160 1,167 10.88    35,303 870 9.92    32,734 810 9.83 
     Home Equity Lines 48,336 609 5.01    44,309 514 4.62    40,424 450 4.48    24,379 262 4.31    23,206 255 4.36 
     Direct/Indirect consumer 39,526 551 5.55    38,951 538 5.49    39,763 540 5.44    34,045 464 5.49    33,422 478 5.67 
     Other consumer (2) 7,557 153 8.07    7,693 152 7.91    8,142 169 8.32    7,479 120 6.42    7,737 124 6.37 
           Total consumer 323,664 5,123 6.31    311,817 4,840 6.19    304,647 4,610 6.07    243,104 3,676 6.07    239,581 3,598 5.98 
     Commercial - domestic 121,412 1,917 6.28    122,093 1,855 6.04    123,970 1,843 5.98    90,946 1,511 6.68    90,309 1,612 7.08 
     Commercial real estate 31,355 392 4.98    30,792 344 4.44    30,311 317 4.20    19,815 210 4.26    19,616 211 4.27 
     Commercial lease financing 20,204 254 5.01    20,125 233 4.64    20,086 237 4.72    9,459 95 4.00    9,971 93 3.71 
     Commercial - foreign 18,828 272 5.76    18,251 245 5.34    18,144 237 5.24    10,753 95 3.57    11,594 101 3.45 
          Total commercial 191,799 2,835 5.88    191,261 2,677 5.57    192,511 2,634 5.50    130,973 1,911 5.87    131,490 2,017 6.09 
                Total loans and leases 515,463 7,958 6.15    503,078 7,517 5.95    497,158 7,244 5.85    374,077 5,587 6.00    371,071 5,615 6.02 
Other earning assets 35,937 456 5.08    34,266 460 5.33    38,407 494 5.17    29,914 404 5.42    33,938 367 4.32 
          Total earning assets (3) 998,004 12,404 4.96    948,383 11,658 4.90    938,520 11,160 4.77    734,808 8,721 4.76    666,780 8,205 4.90 
Cash and cash equivalents 31,028       29,469        30,320       23,187       22,975    
Other assets, less allowance for loan and lease losses 123,519       118,831       125,619       75,197       74,431    
               Total assets $1,152,551       $1,096,683       $1,094,459       $833,192       $764,186    
Interest-bearing liabilities
Domestic interest-bearing deposits:
     Savings $   36,927 $    36 0.39%percent   $   36,823 $    35 0.38%percent   $   35,864 $    31 0.34%percent   $ 26,159 $   17 0.27%percent   $ 25,494 $   19 0.30%percent
     NOW and money market deposit accounts 234,596 589 1.00    233,602 523 0.89    233,702 488 0.84    155,835 321 0.83    155,369 400 1.02 
     Consumer CDs and IRAs 109,243 711 2.59    101,250 668 2.63    93,017 587 2.54    75,341 567 3.03    73,246 476 2.58 
     Negotiable CDs, public funds and other time deposits 7,563 81 4.27    5,654 69 4.85    4,737 66 5.60    5,939 74 5.01    6,195 44 2.81 
          Total domestic interest-bearing deposits 388,329 1,417 1.45    377,329 1,295 1.37    367,320 1,172 1.28    263,274 979 1.50    260,304 939 1.43 
Foreign interest-bearing deposits (4):
     Banks located in foreign countries 17,953 275 6.11    17,864 307 6.83    18,945  287 6.10    18,954 171 3.62    13,225 177 5.34 
     Governments and official institutions 5,843 33 2.21    5,021 22 1.80    5,739 23 1.58    4,701 19 1.63    2,654 11 1.58 
     Time, savings and other 30,459 104 1.36    29,513 87 1.17    29,882 47 0.64    21,054 37 0.71    20,019 51 1.02 
          Total foreign interest-bearing deposits 54,255 412 3.02    52,398 416 3.16    54,566 357 2.63    44,709 227 2.04    35,898 239 2.65 
               Total interest-bearing deposits 442,584 1,829 1.64    429,727 1,711 1.58    421,886 1,529 1.46    307,983 1,206 1.57    296,202 1,178 1.58 
Federal funds purchased, securities sold under agreements
  to repurchase and other short-term borrowings		 252,384 1,543 2.43    226,025 1,152 2.03    235,701  1,019 1.74    195,866 720 1.48    144,082 515 1.42 
Trading account liabilities 37,387 352 3.74    37,706 333 3.51    31,620 298 3.78    34,543 334 3.90    38,298 317 3.28 
Long-term debt 99,588 724 2.91    98,361 626 2.54    96,395 563 2.34    78,852 491 2.49    70,596 450 2.55 
          Total interest-bearing liabilities (3) 831,943 4,448 2.13    791,819 3,822 1.92    785,602 3,409 1.74    617,244 2,751 1.79    549,178 2,460 1.78 
Noninterest-bearing sources:
     Noninterest-bearing deposits 167,352       158,151       160,419       117,092       122,638    
     Other liabilities 55,156       50,321       55,172       50,170       44,077    
     Shareholders' equity 98,100       96,392       93,266       48,686       48,293    
               Total liabilities and shareholders' equity $1,152,551       $1,096,683       $1,094,459       $833,192       $764,186    
Net interest spread     2.83        2.98        3.03        2.97        3.12 
Impact of noninterest-bearing sources     0.35        0.32        0.28        0.29        0.31 
               Net interest income/yield on earning assets   $ 7,956 3.18%percent     $ 7,836 3.30%percent     $ 7,751 3.31%percent     $5,970 3.26%percent     $5,745 3.43%percent

(1)
Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is recognized on a cash basis.
(2)
Includes consumer finance of $3,473, $3,644, $3,828 and $3,999 in the fourth, third, second and first quarters of 2004, and $3,938 in the fourth quarter of 2003, respectively; foreign consumer of $3,523, $3,304, $3,256 and $1,989 in the fourth, third, second and first quarters of 2004, and $1,939 in the fourth quarter of 2003, respectively; and consumer lease financing of $561, $745, $1,058 and $1,491 in the fourth, third, second and first quarters of 2004 and $1,860 in the fourth quarter of 2003, respectively.
(3)
Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $496, $531, $658 and $715 in the fourth, third, second and first quarters of 2004 and $884 in the fourth quarter of 2003, respectively. These amounts were substantially offset by corresponding decreases in the income earned on the underlying assets. Interest expense includes the impact of interest rate risk management contracts, which increased interest expense on the underlying liabilities $155, $217, $333 and $183 in the fourth, third, second and first quarters of 2004 and $90 in the fourth quarter of 2003, respectively. These amounts were substantially offset by corresponding decreases in the interest paid on the underlying liabilities. For further information on interest rate contracts, see "Interest Rate Risk Management".
(4)
Primarily consists of time deposits in denominations of $100,000 or more.

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