Marshall & Ilsley Corporation Announces First Quarter Results
MILWAUKEE, April 12 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) today reported 2005 first quarter net income
of $0.73 per diluted share, or $169.6 million, as compared to $0.65
per diluted share, or $146.1 million, in the first quarter of 2004.
First quarter net income per share increased 12.3 percent over the
same period in 2004. Return on average assets based on net income
for the first quarter was 1.68 percent, as compared to 1.69 percent
for the same period in 2004. Return on average equity based on net
income was 17.28 percent this quarter as compared to 17.42 percent
for the first quarter of 2004. The Corporation's provision for loan
and lease losses was $8.1 million in the first quarter of 2005,
versus $9.0 million in the same period last year. Net charge-offs
for the period were $8.0 million, or 0.11 percent of total average
loans and leases outstanding this quarter, and $4.9 million a year
ago or 0.08 percent of total average loans and leases. At March 31,
2005, the allowance for loan and lease losses was 1.17 percent of
total loans and leases, compared to 1.36 percent a year earlier.
Nonperforming loans and leases were 0.42 percent of total loans and
leases at March 31, 2005, and 0.60 percent at March 31, 2004.
Assets at March 31, 2005 were $41.6 billion, compared to $35.5
billion at March 31, 2004. Book value per share was $17.71 at March
31, 2005, compared to $15.42 for the same date a year ago. Total
loans and leases were $30.6 billion, compared to $26.1 billion at
March 31, 2004. Marshall & Ilsley Corporation (NYSE:MI) is a
diversified financial services corporation headquartered in
Milwaukee, Wis., with $41.6 billion in assets. Founded in 1847,
M&I Marshall & Ilsley Bank has the largest banking presence
in Wisconsin with 196 offices throughout the state. In addition,
M&I has 35 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, 2004 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 Tuesday,
April 12, regarding first 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 April
19, 5:00 p.m. Central Daylight Time by calling 1-800-839-6713 and
entering passcode 700 88 47 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
April 12. M&I Corporation Financial Information (unaudited)
Three Months Ended March 31, March 31, Percent 2005 2004 Change PER
SHARE DATA Diluted: Net Income $0.73 $0.65 12.3 % Basic: Net Income
0.75 0.66 13.6 Dividend Declared 0.210 0.180 16.7 Book Value 17.71
15.42 14.9 Shares Outstanding (millions): Average - Diluted 231.6
226.0 2.5 End of Period 228.7 222.1 3.0 INCOME STATEMENT
($millions) Net Interest Income (FTE) $300.0 $286.5 4.7 % Provision
for Loan and Lease Losses 8.1 9.0 -10.0 Data Processing Services
272.4 186.1 46.4 Item Processing 10.6 11.4 -7.0 Trust Services 40.3
36.3 11.0 Service Charge on Deposits 23.6 25.5 -7.5 Mortgage
Banking 8.0 6.9 15.9 Net Investment Securities Gains (Losses) 5.8
(0.5) n.m. All Other 48.8 47.7 2.3 Total Non-Interest Revenues
409.5 313.4 30.7 Salaries and Employee Benefits 238.5 203.9 17.0
Occupancy and Equipment 53.4 47.4 12.7 Intangible Amortization 8.1
5.5 47.3 Other 136.4 105.5 29.3 Total Non-Interest Expenses 436.4
362.3 20.5 Tax Equivalent Adjustment 8.2 7.9 3.8 Pre-Tax Earnings
256.8 220.7 16.4 Income Taxes 87.2 74.6 16.9 Net Income $169.6
$146.1 16.1 % KEY RATIOS Net Interest Margin (FTE) / Avg. Earning
Assets 3.36 % 3.69 % Interest Spread (FTE) 2.97 3.39 Efficiency
Ratio 62.0 60.4 Efficiency Ratio without Metavante 48.8 49.2 Return
on Assets 1.68 1.69 Return on Equity 17.28 17.42 Equity / Assets
(End of Period) 9.66 9.59 M&I Corporation Financial Information
(unaudited) As of March 31, March 31, Percent ASSETS ($millions)
2005 2004 Change Cash & Due From Banks $873 $691 26.3 % Trading
Securities 24 47 -48.9 Short - Term Investments 158 136 16.2
Investment Securities 6,158 6,010 2.5 Loans and Leases: Commercial
Loans & Leases 9,096 7,719 17.8 Commercial Real Estate 9,702
8,424 15.2 Residential Real Estate 5,041 3,375 49.4 Home Equity
Loans & Lines 5,162 4,604 12.1 Personal Loans and Leases 1,582
1,934 -18.2 Total Loans and Leases 30,583 26,056 17.4 Reserve for
Loan & Leases Losses (358) (354) 1.1 Premises and Equipment,
net 445 434 2.5 Goodwill and Intangibles 2,152 1,104 94.9 Other
Assets 1,606 1,352 18.8 Total Assets $41,641 $35,476 17.4 %
LIABILITIES & SHAREHOLDERS' EQUITY ($millions) Deposits:
Noninterest Bearing $4,790 $4,360 9.9 % Bank Issued Interest
Bearing Activity 9,860 9,956 -1.0 Bank Issued Time 4,051 3,213 26.1
Total Bank Issued Deposits 18,701 17,529 6.7 Wholesale Deposits
7,001 5,622 24.5 Total Deposits 25,702 23,151 11.0 Short - Term
Borrowings 4,456 4,619 -3.5 Long - Term Borrowings 5,892 3,221 82.9
Other Liabilities 1,569 1,083 44.9 Shareholders' Equity 4,022 3,402
18.2 Total Liabilities & Shareholders' Equity $41,641 $35,476
17.4 % Three Months Ended March 31, March 31, Percent 2005 2004
Change AVERAGE ASSETS ($millions) Cash & Due From Banks $919
$771 19.2 % Trading Securities 23 23 0.0 Short - Term Investments
187 213 -12.2 Investment Securities 6,101 5,680 7.4 Loans and
Leases: Commercial Loans & Leases 8,858 7,541 17.5 Commercial
Real Estate 9,516 8,321 14.4 Residential Real Estate 4,729 3,227
46.5 Home Equity Loans and Lines 5,131 4,438 15.6 Personal Loans
and Leases 1,650 1,901 -13.2 Total Loans and Leases 29,884 25,428
17.5 Reserve for Loan & Leases Losses (361) (356) 1.4 Premises
and Equipment, net 451 438 3.0 Goodwill and Intangibles 2,142 1,108
93.3 Other Assets 1,695 1,539 10.1 Total Assets $41,041 $34,844
17.8 % Memo: Average Earning Assets $36,195 $31,344 Average Earning
Assets Excluding Investment Securities Unrealized Gains/Losses
$36,156 $31,261 AVG LIABILITIES & SHAREHOLDERS' EQUITY
($millions) Deposits: Noninterest Bearing $4,693 $4,316 8.7 % Bank
Issued Interest Bearing Activity 9,877 9,992 -1.2 Bank Issued Time
3,861 3,243 19.1 Total Bank Issued Deposits 18,431 17,551 5.0
Wholesale Deposits 6,803 4,964 37.0 Total Deposits 25,234 22,515
12.1 Short - Term Borrowings 2,893 3,428 -15.6 Long - Term
Borrowings 7,205 4,243 69.8 Other Liabilities 1,729 1,284 34.7
Shareholders' Equity 3,980 3,374 18.0 Total Liabilities &
Shareholders' Equity $41,041 $34,844 17.8 % Memo: Average Interest
Bearing Liabilities $30,639 $25,870 M&I Corporation Financial
Information (unaudited) Three Months Ended March 31, March 31,
Percent 2005 2004 Change CREDIT QUALITY (a) Net Charge-Offs
($millions) $8.0 $4.9 63.3 % Net Charge-Offs / Average Loans &
Leases 0.11 % 0.08 % Loan and Lease Loss Reserve ($millions) $358.3
$353.7 1.3 % Loan and Lease Loss Reserve / Period-End Loans &
Leases 1.17 % 1.36 % Non-Performing Loans & Leases (NPL)
($millions) $130.0 $156.1 -16.7 % NPL's / Period-End Loans &
Leases 0.42 % 0.60 % Loan and Lease Loss Reserve / Non- Performing
Loans & Leases 276 % 227 % MARGIN ANALYSIS (b) Loans and
Leases: Commercial Loans & Leases 5.43 % 4.67 % Commercial Real
Estate 5.85 5.37 Residential Real Estate 5.71 5.56 Home Equity
Loans and Lines 5.74 5.35 Personal Loans and Leases 5.53 5.14 Total
Loans and Leases 5.67 5.17 Investment Securities 5.01 5.01 Short -
Term Investments 2.73 1.08 Interest Income (FTE) / Avg. Interest
Earning Assets 5.54 % 5.11 % Interest Bearing Deposits: Bank Issued
Interest Bearing Activity 1.38 % 0.63 % Bank Issued Time 2.74 2.38
Total Bank Issued Deposits 1.76 1.06 Wholesale Deposits 2.61 1.69
Total Interest Bearing Deposits 2.04 1.23 Short - Term Borrowings
3.08 1.86 Long - Term Borrowings 3.85 3.70 Interest Expense / Avg.
Interest Bearing Liabilities 2.57 % 1.72 % Net Interest Margin(FTE)
/ Avg. Earning Assets 3.36 % 3.69 % Interest Spread (FTE) 2.97 %
3.39 % Notes: (a) Includes Loans past due 90 days or more (b) Based
on average balances excluding fair value adjustments for available
for sale securities. DATASOURCE: Marshall & Ilsley Corporation
CONTACT: John Presley, senior vice president, chief financial
officer, +1-414-765-7833, or Don Wilson, senior vice president,
corporate treasurer, +1-414-765-8043, both of Marshall & Ilsley
Corporation Web site: http://www.mibank.com/ http://www.micorp.com/
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