|
Note 23
Restatement of Quarterly Financial Statements (unaudited)
Consolidated Statement of Income
The following tables set forth the effects of the restatement for the quarters in 2005 and 2004.
|
|
2005 Quarters
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
(Dollars in millions, except per
share information) |
|
As Previously
Reported(1)
|
|
Restated
|
| As Previously
Reported
|
|
Restated
|
| As Previously
Reported
|
|
Restated
|
|
As Previously
Reported
|
|
Restated
|
| Interest income |
|
| Interest and fees on loans and leases |
|
$ |
9,559 |
|
$ |
9,536 |
| $ |
8,956 |
|
$ |
8,933 |
| $ |
8,312 |
|
$ |
8,294 |
|
$ |
8,107 |
|
$ |
8,080 |
| Interest and dividends on securities |
| 2,819 |
| 2,815 |
| 2,797 |
| 2,793 |
| 2,799 |
| 2,796 |
| 2,534 |
| 2,533 |
| Federal funds sold and securities purchased
under agreements to resell |
| 1,462 |
| 1,477 |
| 1,372 |
| 1,382 |
| 1,252 |
| 1,249 |
| 893 |
| 904 |
| Trading account assets |
| 1,585 |
| 1,585 |
| 1,550 |
| 1,550 |
| 1,426 |
| 1,426 |
| 1,182 |
| 1,182 |
| Other interest income |
| 605 |
| 605 |
| 547 |
| 547 |
| 502 |
| 502 |
| 437 |
| 437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest income |
| 16,030 |
| 16,018 |
| 15,222 |
| 15,205 |
| 14,291 |
| 14,267 |
| 13,153 |
| 13,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
| Deposits |
| 2,434 |
| 2,476 |
| 2,439 |
| 2,471 |
| 2,379 |
| 2,363 |
| 2,043 |
| 2,182 |
| Short-term borrowings |
| 3,902 |
| 3,855 |
| 3,250 |
| 3,190 |
| 2,677 |
| 2,582 |
| 1,969 |
| 1,988 |
| Trading account liabilities |
| 619 |
| 619 |
| 707 |
| 707 |
| 611 |
| 611 |
| 427 |
| 427 |
| Long-term debt |
| 1,215 |
| 1,209 |
| 1,053 |
| 1,102 |
| 974 |
| 1,074 |
| 841 |
| 1,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest expense |
| 8,170 |
| 8,159 |
| 7,449 |
| 7,470 |
| 6,641 |
| 6,630 |
| 5,280 |
| 5,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
| 7,860 |
| 7,859 |
| 7,773 |
| 7,735 |
| 7,650 |
| 7,637 |
| 7,873 |
| 7,506 |
|
| Noninterest income |
|
| Service charges |
| 1,927 |
| 1,927 |
| 2,080 |
| 2,080 |
| 1,920 |
| 1,920 |
| 1,777 |
| 1,777 |
| Investment and brokerage services |
| 1,062 |
| 1,062 |
| 1,060 |
| 1,060 |
| 1,049 |
| 1,049 |
| 1,013 |
| 1,013 |
| Mortgage banking income |
| 215 |
| 215 |
| 180 |
| 180 |
| 189 |
| 189 |
| 221 |
| 221 |
| Investment banking income |
| 537 |
| 537 |
| 522 |
| 522 |
| 431 |
| 431 |
| 366 |
| 366 |
| Equity investment gains |
| 481 |
| 481 |
| 668 |
| 668 |
| 492 |
| 492 |
| 399 |
| 399 |
| Card income |
| 1,507 |
| 1,507 |
| 1,520 |
| 1,520 |
| 1,437 |
| 1,437 |
| 1,289 |
| 1,289 |
| Trading account profits |
| 253 |
| 253 |
| 514 |
| 514 |
| 285 |
| 285 |
| 760 |
| 760 |
| Other income |
| 280 |
| (31) |
| 290 |
| (128) |
| 562 |
| 1,152 |
| 324 |
| 207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest income |
| 6,262 |
| 5,951 |
| 6,834 |
| 6,416 |
| 6,365 |
| 6,955 |
| 6,149 |
| 6,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenue |
| 14,122 |
| 13,810 |
| 14,607 |
| 14,151 |
| 14,015 |
| 14,592 |
| 14,022 |
| 13,538 |
|
| Provision for credit losses |
| 1,400 |
| 1,400 |
| 1,159 |
| 1,159 |
| 875 |
| 875 |
| 580 |
| 580 |
|
| Gains on sales of debt securities |
| 71 |
| 71 |
| 29 |
| 29 |
| 325 |
| 325 |
| 659 |
| 659 |
|
| Noninterest expense |
|
| Personnel |
| 3,845 |
| 3,845 |
| 3,837 |
| 3,837 |
| 3,671 |
| 3,671 |
| 3,701 |
| 3,701 |
| Occupancy |
| 699 |
| 699 |
| 638 |
| 638 |
| 615 |
| 615 |
| 636 |
| 636 |
| Equipment |
| 305 |
| 305 |
| 300 |
| 300 |
| 297 |
| 297 |
| 297 |
| 297 |
| Marketing |
| 265 |
| 265 |
| 307 |
| 307 |
| 346 |
| 346 |
| 337 |
| 337 |
| Professional fees |
| 283 |
| 283 |
| 254 |
| 254 |
| 216 |
| 216 |
| 177 |
| 177 |
| Amortization of intangibles |
| 196 |
| 196 |
| 201 |
| 201 |
| 204 |
| 204 |
| 208 |
| 208 |
| Data processing |
| 394 |
| 394 |
| 361 |
| 361 |
| 368 |
| 368 |
| 364 |
| 364 |
| Telecommunications |
| 219 |
| 219 |
| 206 |
| 206 |
| 196 |
| 196 |
| 206 |
| 206 |
| Other general operating |
| 1,055 |
| 1,055 |
| 1,061 |
| 1,061 |
| 985 |
| 985 |
| 1,019 |
| 1,019 |
| Merger and restructuring charges |
| 59 |
| 59 |
| 120 |
| 120 |
| 121 |
| 121 |
| 112 |
| 112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
| 7,320 |
| 7,320 |
| 7,285 |
| 7,285 |
| 7,019 |
| 7,019 |
| 7,057 |
| 7,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
| 5,473 |
| 5,161 |
| 6,192 |
| 5,736 |
| 6,446 |
| 7,023 |
| 7,044 |
| 6,560 |
| Income tax expense |
| 1,705 |
| 1,587 |
| 2,065 |
| 1,895 |
| 2,150 |
| 2,366 |
| 2,349 |
| 2,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
3,768 |
|
$ |
3,574 |
| $ |
4,127 |
|
$ |
3,841 |
| $ |
4,296 |
|
$ |
4,657 |
|
$ |
4,695 |
|
$ |
4,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
3,764 |
|
$ |
3,570 |
| $ |
4,122 |
|
$ |
3,836 |
| $ |
4,292 |
|
$ |
4,653 |
|
$ |
4,690 |
|
$ |
4,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per common share information |
|
| Earnings |
|
$ |
0.94 |
|
$ |
0.89 |
| $ |
1.03 |
|
$ |
0.96 |
| $ |
1.07 |
|
$ |
1.16 |
|
$ |
1.16 |
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings |
|
$ |
0.93 |
|
$ |
0.88 |
| $ |
1.02 |
|
$ |
0.95 |
| $ |
1.06 |
|
$ |
1.14 |
|
$ |
1.14 |
|
$ |
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends paid |
|
$ |
0.50 |
|
$ |
0.50 |
| $ |
0.50 |
|
$ |
0.50 |
| $ |
0.45 |
|
$ |
0.45 |
|
$ |
0.45 |
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average common shares issued and outstanding
(in thousands) |
| 3,996,024 |
| 3,996,024 |
| 4,000,573 |
| 4,000,573 |
| 4,005,356 |
| 4,005,356 |
| 4,032,550 |
| 4,032,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average diluted common shares issued and outstanding (in thousands) |
| 4,053,859 |
| 4,053,859 |
| 4,054,659 |
| 4,054,659 |
| 4,065,355 |
| 4,065,355 |
| 4,099,062 |
| 4,099,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
|
The Corporation provided unaudited financial information relating to the fourth quarter of 2005 in its current report on Form 8-K filed on January 23, 2006.
|
Consolidated Statement of Income
|
|
2004 Quarters
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
(Dollars in millions, except per
share information) |
|
As Previously
Reported
|
|
Restated
|
|
As Previously
Reported
|
| Restated
|
| As Previously
Reported
|
|
Restated
|
| As Previously
Reported
|
|
Restated
|
| Interest income |
|
| Interest and fees on loans and leases |
|
$ |
7,919 |
|
$ |
7,877 |
|
$ |
7,508 |
| $ |
7,499 |
| $ |
7,237 |
|
$ |
7,183 |
| $ |
5,549 |
|
$ |
5,492 |
| Interest and dividends on securities |
| 2,065 |
| 2,063 |
| 2,078 |
| 2,076 |
| 1,907 |
| 1,907 |
| 1,212 |
| 1,210 |
| Federal funds sold and securities purchased
under agreements to resell |
| 712 |
| 699 |
| 484 |
| 464 |
| 413 |
| 385 |
| 434 |
| 392 |
| Trading account assets |
| 1,035 |
| 1,035 |
| 960 |
| 960 |
| 1,009 |
| 1,009 |
| 1,012 |
| 1,012 |
| Other interest income |
| 464 |
| 464 |
| 457 |
| 457 |
| 424 |
| 424 |
| 345 |
| 345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest income |
| 12,195 |
| 12,138 |
| 11,487 |
| 11,456 |
| 10,990 |
| 10,908 |
| 8,552 |
| 8,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
| Deposits |
| 1,829 |
| 1,764 |
| 1,711 |
| 1,616 |
| 1,529 |
| 1,427 |
| 1,206 |
| 1,114 |
| Short-term borrowings |
| 1,543 |
| 1,452 |
| 1,152 |
| 1,050 |
| 1,019 |
| 910 |
| 720 |
| 660 |
| Trading account liabilities |
| 352 |
| 352 |
| 333 |
| 333 |
| 298 |
| 298 |
| 334 |
| 334 |
| Long-term debt |
| 724 |
| 1,020 |
| 626 |
| 942 |
| 563 |
| 907 |
| 491 |
| 814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest expense |
| 4,448 |
| 4,588 |
| 3,822 |
| 3,941 |
| 3,409 |
| 3,542 |
| 2,751 |
| 2,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
| 7,747 |
| 7,550 |
| 7,665 |
| 7,515 |
| 7,581 |
| 7,366 |
| 5,801 |
| 5,529 |
|
| Noninterest income |
|
| Service charges |
| 1,891 |
| 1,891 |
| 1,899 |
| 1,899 |
| 1,783 |
| 1,783 |
| 1,416 |
| 1,416 |
| Investment and brokerage services |
| 1,008 |
| 1,008 |
| 972 |
| 972 |
| 999 |
| 999 |
| 635 |
| 635 |
| Mortgage banking income |
| 156 |
| 156 |
| (250) |
| (250) |
| 299 |
| 299 |
| 209 |
| 209 |
| Investment banking income |
| 497 |
| 497 |
| 438 |
| 438 |
| 547 |
| 547 |
| 404 |
| 404 |
| Equity investment gains |
| 426 |
| 426 |
| 220 |
| 220 |
| 84 |
| 84 |
| 133 |
| 133 |
| Card income |
| 1,380 |
| 1,380 |
| 1,258 |
| 1,258 |
| 1,159 |
| 1,159 |
| 795 |
| 795 |
| Trading account profits |
| 269 |
| 269 |
| 184 |
| 184 |
| 413 |
| 414 |
| 3 |
| 2 |
| Other income |
| 339 |
| 547 |
| 201 |
| 1,291 |
| 183 |
| (415) |
| 135 |
| 355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest income |
| 5,966 |
| 6,174 |
| 4,922 |
| 6,012 |
| 5,467 |
| 4,870 |
| 3,730 |
| 3,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenue |
| 13,713 |
| 13,724 |
| 12,587 |
| 13,527 |
| 13,048 |
| 12,236 |
| 9,531 |
| 9,478 |
|
| Provision for credit losses |
| 706 |
| 706 |
| 650 |
| 650 |
| 789 |
| 789 |
| 624 |
| 624 |
|
| Gains on sales of debt securities |
| 101 |
| 101 |
| 732 |
| 333 |
| 795 |
| 795 |
| 495 |
| 495 |
|
| Noninterest expense |
|
| Personnel |
| 3,520 |
| 3,520 |
| 3,534 |
| 3,534 |
| 3,629 |
| 3,629 |
| 2,752 |
| 2,752 |
| Occupancy |
| 648 |
| 648 |
| 622 |
| 622 |
| 621 |
| 621 |
| 488 |
| 488 |
| Equipment |
| 326 |
| 326 |
| 309 |
| 309 |
| 318 |
| 318 |
| 261 |
| 261 |
| Marketing |
| 337 |
| 337 |
| 364 |
| 364 |
| 367 |
| 367 |
| 281 |
| 281 |
| Professional fees |
| 275 |
| 275 |
| 207 |
| 207 |
| 194 |
| 194 |
| 160 |
| 160 |
| Amortization of intangibles |
| 209 |
| 209 |
| 200 |
| 200 |
| 201 |
| 201 |
| 54 |
| 54 |
| Data processing |
| 371 |
| 371 |
| 341 |
| 341 |
| 333 |
| 333 |
| 284 |
| 284 |
| Telecommunications |
| 216 |
| 216 |
| 180 |
| 180 |
| 183 |
| 183 |
| 151 |
| 151 |
| Other general operating |
| 1,159 |
| 1,159 |
| 1,043 |
| 1,043 |
| 1,257 |
| 1,257 |
| 999 |
| 999 |
| Merger and restructuring charges |
| 272 |
| 272 |
| 221 |
| 221 |
| 125 |
| 125 |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total noninterest expense |
| 7,333 |
| 7,333 |
| 7,021 |
| 7,021 |
| 7,228 |
| 7,228 |
| 5,430 |
| 5,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
| 5,775 |
| 5,786 |
| 5,648 |
| 6,189 |
| 5,826 |
| 5,014 |
| 3,972 |
| 3,919 |
| Income tax expense |
| 1,926 |
| 1,931 |
| 1,884 |
| 2,086 |
| 1,977 |
| 1,673 |
| 1,291 |
| 1,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
3,849 |
|
$ |
3,855 |
|
$ |
3,764 |
| $ |
4,103 |
| $ |
3,849 |
|
$ |
3,341 |
| $ |
2,681 |
|
$ |
2,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
3,844 |
|
$ |
3,850 |
|
$ |
3,759 |
| $ |
4,098 |
| $ |
3,844 |
|
$ |
3,336 |
| $ |
2,680 |
|
$ |
2,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Per common share information |
|
| Earnings |
|
$ |
0.95 |
|
$ |
0.95 |
|
$ |
0.93 |
| $ |
1.01 |
| $ |
0.95 |
|
$ |
0.82 |
| $ |
0.93 |
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings |
|
$ |
0.94 |
|
$ |
0.94 |
|
$ |
0.91 |
| $ |
0.99 |
| $ |
0.93 |
|
$ |
0.81 |
| $ |
0.91 |
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends paid |
|
$ |
0.45 |
|
$ |
0.45 |
|
$ |
0.45 |
| $ |
0.45 |
| $ |
0.40 |
|
$ |
0.40 |
| $ |
0.40 |
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average common shares issued and outstanding (in thousands) |
| 4,032,979 |
| 4,032,979 |
| 4,052,304 |
| 4,052,304 |
| 4,062,384 |
| 4,062,384 |
| 2,880,306 |
| 2,880,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average diluted common shares issued and outstanding (in thousands) |
| 4,106,040 |
| 4,106,040 |
| 4,121,375 |
| 4,121,375 |
| 4,131,290 |
| 4,131,290 |
| 2,933,402 |
| 2,933,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
