selected financial data

The selected financial data presented below should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as the audited Consolidated Financial Statements contained elsewhere in this Annual Report. The selected financial data presented below is not necessarily indicative of future results due to, among other things, the effect of acquisitions. For a discussion of the impact of recent business combinations and branch acquisitions, see Notes 2 and 18 to the Notes to Consolidated Financial Statements.

  Under the caption “performance returns” in the table below, we report actual returns, operating returns and returns as initially reported. We believe that presentation of operating returns and returns as initially reported will provide additional comparability and insight into the operations of Charter One. Operating returns for 2000, 1999, 1998 and 1997 are computed using net income, excluding the after-tax impact of merger-related and other special charges. Returns as initially reported for 1999, 1998, and 1997 exclude the after-tax impact of merger-related and other special charges and are computed as the sum of 1) amounts we reported in the respective year’s quarterly reports to shareholders for the three quarters ended September 30, not restated for mergers accounted for as pooling of interests that occurred in the fourth quarter of the respective year, and 2) fourth quarter results as reported in the Quarterly Financial Data table in the respective year’s Annual Report to Shareholders, restated for the respective year’s mergers accounted for as pooling of interests. Per share data has been restated to reflect all stock dividends and stock splits as of December 31, 2001.
                                           
 At and for the Year Ended December 31,
(Dollars in thousands, except per share data) 2001 2000 1999 1998 1997
Financial condition:
                                        
Cash, federal funds sold and other
  $ 516,520     $ 531,257     $ 693,532     $ 722,260     $ 650,238  
Investment securities
    135,586       449,215       542,081       629,072       1,131,078  
Mortgage-backed securities
    9,014,416       5,593,371       6,100,380       5,570,286       6,743,347  
Loans and leases, net
    25,728,700       24,008,174       22,312,850       22,219,411       19,509,520  
Other assets
    2,779,294       2,389,410       2,170,220       1,339,178       1,399,409  
 
Total assets
  $ 38,174,516     $ 32,971,427     $ 31,819,063     $ 30,480,207     $ 29,433,592  
Deposits
  $ 25,123,309     $ 19,605,671     $ 19,073,975     $ 19,023,700     $ 17,901,125  
FHLB advances
    8,657,238       9,636,277       9,226,150       7,512,203       5,778,649  
Other borrowings
    507,669       547,134       515,574       1,009,954       2,817,041  
Other liabilities
    957,800       726,141       605,664       549,314       638,549  
Capital securities
    —       —       —       —       50,000  
Shareholders’ equity
    2,928,500       2,456,204       2,397,700       2,385,036       2,248,228  
 
Total liabilities and shareholders’ equity
  $ 38,174,516     $ 32,971,427     $ 31,819,063     $ 30,480,207     $ 29,433,592  
Other data:
                                        
Loan servicing portfolio
  $ 13,846,807     $ 10,379,644     $ 10,798,563     $ 9,916,922     $ 10,140,387  
Book value per share
    13.05       11.23       10.39       10.11       9.54  
Tangible book value per share
    11.47       10.44       9.56       9.41       8.78  
Dividend payout ratio
    33.94 %     33.16 %     38.85 %     45.54 %     37.50 %
Net yield on average interest-earning assets
    3.00       3.02       3.19       3.11       3.10  
Interest rate spread
    2.84       2.84       3.01       2.85       2.81  
Average shareholders’ equity to average assets
    7.76       7.58       7.99       7.96       7.64  
Total shareholders’ equity to total assets
    7.67       7.45       7.54       7.82       7.64  
Number of offices:
                                       
 
Full service branches
    456       419       417       405       395  
 
Loan production offices
    29       32       36       41       37  
Number of employees (FTEs)
    6,850       6,573       7,055       7,104       7,155  
 
selected financial data
                                           
 At and for the Year Ended December 31,
(Dollars in thousands, except per share data) 2001 2000 1999 1998 1997
Results of operations:
                                        
Interest income
  $ 2,378,246     $ 2,247,088     $ 2,128,455     $ 2,130,332     $ 2,032,443  
Interest expense
    1,387,830       1,344,053       1,194,351       1,244,108       1,205,241  
Net interest income
    990,416       903,035       934,104       886,224       827,202  
Provision for loan and lease losses
    100,766       54,205       35,237       31,325       48,653  
Net interest income after provision for loan and lease losses
    889,650       848,830       898,867       854,899       778,549  
Other income
    473,624       392,871       230,597       272,594       185,966  
Administrative expenses
    629,662       603,955       633,327       665,340       598,040  
Income before income taxes and extraordinary item
    733,612       637,746       496,137       462,153       366,475  
Income taxes
    232,898       203,784       160,607       156,429       112,892  
Income before extraordinary item
    500,714       433,962       335,530       305,724       253,583  
Extraordinary item — early extinguishment of debt, net of tax benefit
    —       —       1,554       61,658       3,131  
Net income
  $ 500,714     $ 433,962     $ 333,976     $ 244,066     $ 250,452  
Basic earnings per share:
                                        
Income before extraordinary item
  $ 2.25     $ 1.93     $ 1.43     $ 1.30     $ 1.09  
Extraordinary item
    —       —       (.01 )     (.26 )     (.01 )
Net income
  $ 2.25     $ 1.93     $ 1.42     $ 1.04     $ 1.08  
Diluted earnings per share:
                                        
Income before extraordinary item
  $ 2.21     $ 1.90     $ 1.40     $ 1.26     $ 1.05  
Extraordinary item
    —       —       (.01 )     (.25 )     (.01 )
Net income
  $ 2.21     $ 1.90     $ 1.39     $ 1.01     $ 1.04  
Operating earnings:
                                        
Net interest income
  $ 990,416     $ 903,035     $ 934,104     $ 886,224     $ 827,202  
Provision for loan and lease losses
    100,766       54,205       28,708       31,325       37,409  
Other income
    473,624       392,871       301,680       272,594       209,916  
Administrative expenses
    629,662       574,464       569,801       575,658       534,923  
Income taxes
    232,898       213,319       205,176       180,461       142,723  
Operating earnings
   $ 500,714     $ 453,918     $ 432,099     $ 371,374     $ 322,063  
Operating earnings per share
   $ 2.21     $ 1.99     $ 1.80     $ 1.53     $ 1.34  
Performance returns:
                                        
Actual:
                                        
 
Return on average assets
    1.41 %     1.36 %     1.08 %     .82 %     .90 %
 
Return on average equity
    18.17       18.00       13.50       10.26       11.77  
 
Efficiency ratio
    41.91       45.68       50.69       57.79       58.08  
Operating:
                                        
 
Return on average assets
    1.41       1.43       1.39       1.24       1.16  
 
Return on average equity
    18.17       18.82       17.46       15.61       15.14  
 
Efficiency ratio
    41.91       43.39       45.49       49.83       50.93  
As initially reported:
                                        
 
Return on average assets
    1.41       1.43       1.48       1.36       1.26  
 
Return on average equity
    18.17       18.82       18.57       18.18       18.26  
 
Average shareholders’ equity to average assets
    7.76       7.58       8.01       7.50       6.94  
 
Efficiency ratio
    41.91       43.39       43.16       43.94       42.18  
 
Diluted earnings per share
  $ 2.21     $ 1.99     $ 1.90     $ 1.69     $ 1.50  
 
Total assets(1)
    38,174,516       32,971,427       31,819,063       24,467,255       19,760,265  
(1)  Represents the amount we reported in the respective year’s Annual Report to Shareholders.
 
| Index of Financial Review | Next Topic: Management’s Discussion and Analysis | To Top |