|
|
| Year ended February 28 (29),
|  | |
|
(Dollar amounts in thousands, except per share data) |
2001 |
2000 |
1999 |
1998 |
1997 | |
|
Statement of Earnings Data(1): |
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Loan origination fees |
$ |
398,544 |
$ |
406,458 |
$ |
623,531 |
$ |
301,389 |
$ |
193,079 |
|
Gain on sale of loans |
|
611,092 |
|
557,743 |
|
699,433 |
|
417,427 |
|
247,450 | | |
|
Loan production revenue |
|
1,009,636 |
|
964,201 |
|
1,322,964 |
|
718,816 |
|
440,529 |
|
Interest earned |
|
1,341,402 |
|
998,646 |
|
1,029,066 |
|
584,076 |
|
457,005 |
|
Interest charges |
|
(1,348,242) |
|
(922,225) |
|
(977,326) |
|
(564,640) |
|
(418,682) | | |
|
Net interest income |
|
(6,840) |
|
76,421 |
|
51,740 |
|
19,436 |
|
38,323 |
|
Loan servicing revenues |
|
1,201,177 |
|
996,861 |
|
842,583 |
|
734,982 |
|
614,355 |
|
Amortization and impairment/recovery of mortgage |
|
|
|
|
|
|
|
|
|
|
|
servicing rights, net of servicing hedge |
|
(617,153) |
|
(445,138) |
|
(600,766) |
|
(328,845) |
|
(226,686) | | |
|
Net loan administration income |
|
584,024 |
|
551,723 |
|
241,817 |
|
406,137 |
|
387,669 |
|
Net premiums earned |
|
274,039 |
|
75,786 |
|
12,504 |
|
5,643 |
|
1,995 |
|
Commissions, fees and other income |
|
195,462 |
|
198,318 |
|
175,363 |
|
132,574 |
|
89,351 |
|
Gain on sale of subsidiary |
|
- |
|
4,424 |
|
- |
|
57,381 |
|
- | | |
|
Total revenues |
|
2,056,321 |
|
1,870,873 |
|
1,804,388 |
|
1,339,987 |
|
957,867 | | |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and related expenses |
|
769,287 |
|
689,768 |
|
669,686 |
|
424,321 |
|
286,884 |
|
Occupancy and other office expenses |
|
275,074 |
|
270,015 |
|
264,575 |
|
179,308 |
|
126,261 |
|
Marketing expenses |
|
71,557 |
|
72,930 |
|
64,510 |
|
42,320 |
|
34,255 |
|
Insurance net losses |
|
106,827 |
|
23,420 |
|
- |
|
- |
|
- |
|
Other operating expenses |
|
247,541 |
|
183,542 |
|
173,812 |
|
128,492 |
|
88,569 | | |
|
Total expenses |
|
1,470,286 |
|
1,239,675 |
|
1,172,583 |
|
774,441 |
|
535,969 | | |
| Earnings before income taxes |
|
586,035 |
|
631,198 |
|
631,805 |
|
565,546 |
|
421,898 |
|
Provision for income taxes |
|
211,882 |
|
220,955 |
|
246,404 |
|
220,563 |
|
164,540 | | |
|
Net earnings |
$ |
374,153 |
$ |
410,243 |
$ |
385,401 |
$ |
344,983 |
$ |
257,358 | | | | | | | | | | | | | | |
|
Per Share Data(2): |
|
|
|
|
|
|
|
|
|
|
|
Basic(3) |
$ |
3.26 |
$ |
3.63 |
$ |
3.46 |
$ |
3.21 |
$ |
2.50 |
|
Diluted(3) |
$ |
3.14 |
$ |
3.52 |
$ |
3.29 |
$ |
3.09 |
$ |
2.44 |
|
Cash dividends per share |
$ |
0.40 |
$ |
0.40 |
$ |
0.32 |
$ |
0.32 |
$ |
0.32 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
114,932,000 |
|
113,083,000 |
|
111,414,000 |
|
107,491,000 |
|
103,112,000 |
|
Diluted |
|
119,035,000 |
|
116,688,000 |
|
117,045,000 |
|
111,526,000 |
|
105,677,000 | | |
|
Selected Balance Sheet Data at End of Period(1): |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
22,955,907 |
$ |
15,822,328 |
$ |
15,648,256 |
$ |
12,183,211 |
$ |
7,689,090 |
|
Short-term debt |
$ |
7,300,030 |
$ |
2,529,302 |
$ |
3,982,435 |
$ |
3,279,489 |
$ |
2,345,663 |
|
Long-term debt |
$ |
7,643,991 |
$ |
7,253,323 |
$ |
5,953,324 |
$ |
4,195,732 |
$ |
2,367,661 |
|
Common shareholders' equity |
$ |
3,559,264 |
$ |
2,887,879 |
$ |
2,518,885 |
$ |
2,087,943 |
$ |
1,611,531 | | | | | | | | | | | | | | |
|
Operating Data (dollar amounts in millions): |
|
|
|
|
|
|
|
|
|
|
|
Loan servicing portfolio(4) |
$ |
293,600 |
$ |
250,192 |
$ |
215,489 |
$ |
182,889 |
$ |
158,585 |
|
Volume of loans originated |
$ |
68,923 |
$ |
66,740 |
$ |
92,881 |
$ |
48,772 |
$ |
37,811 | | |
(1) | Certain amounts in the Consolidated Financial Statements have been reclassified to conform to current year presentation. | (2) | Adjusted to reflect subsequent stock dividends and splits.
| (3) | Earnings per share for Fiscal 1998 include a $57.4 million gain on sale of subsidiary. Excluding the non-recurring gain on sale of subsidiary, basic and diluted
earnings per share would have been $2.88 and $2.78, respectively. | (4) | Includes warehoused loans and loans under subservicing agreements.
|
|
