1st Quarter 1997 Performance of Top U.S. Banking Companies

+++

Megabanks - Assets of $75 billion or more on March 31, 1997

Return on Average Assets

Rank ROAA ROAA

1Q 1Q 1Q '97 1Q '96

'97 '96 % (Ann) % (Ann)

1 2 Norwest Corp., Minneapolis 1.61 1.49

2 3 Banc One Corp., Columbus 1.5 1.49

3 7 First Chicago NBD Corp., Chicago 1.45 1.15

4 5 Fleet Financial Group, Inc., Boston 1.44 1.34

5 10 First Union Corp., Charlotte, NC 1.42 0.85

6 4 Citicorp, New York 1.36 1.41

7 1 Wells Fargo & Co., San Francisco 1.27 2.12

8 6 BankAmerica Corp., San Francisco 1.25 1.23

9 8 NationsBank Corp., Charlotte, NC 1.19 1.08

10 12 Chase Manhattan Corp., New York 1.04 -0.15

11 9 J.P. Morgan & Co., Inc., New York 0.71 0.9

12 11 Bankers Trust New York Corp. 0.51 0.52

Return on Average Assets

Rank ROAE ROAE

1Q 1Q 1Q '97 1Q '96

'97 '96 % (Ann) % (Ann)

1 2 Norwest Corp., Minneapolis 21.71 20.18

2 3 Citicorp, New York 20.76 18.59

3 10 First Union Corp., Charlotte, NC 19.57 12.73

4 12 Chase Manhattan Corp., New York 19.12 -2.25

5 6 Fleet Financial Group, Inc., Boston 19.09 15.98

6 5 Banc One Corp., Columbus 17.93 16.38

7 7 First Chicago NBD Corp., Chicago 17.59 15.93

8 9 BankAmerica Corp., San Francisco 16.5 15.07

9 4 J.P. Morgan & Co., Inc., New York 15.73 16.49

10 11 Bankers Trust New York Corp. 14.3 11

11 8 NationsBank Corp., Charlotte, NC 13.96 15.71

12 1 Wells Fargo & Co., San Francisco 10.03 25.55

Return on Average Common Equity

Nonperforming Assets Ratio

Rank NPAR % NPAR %

1Q' 1Q 1Q97 1Q96

'97 '96

1 1 J.P. Morgan & Co., Inc., New York 0.37 0.43

3 2 Banc One Corp., Columbus 0.43 0.51

2 4 First Chicago NBD Corp., Chicago 0.43 0.7

4 3 Norwest Corp., Minneapolis 0.55 0.58

5 7 Chase Manhattan Corp., New York 0.72 1.13

6 6 First Union Corp., Charlotte, NC 0.81 0.93

7 5 NationsBank Corp., Charlotte, NC 0.82 0.79

8 9 BankAmerica Corp., San Francisco 0.96 1.46

9 8 Fleet Financial Group, Inc., Boston 1.19 1.16

10 10 Wells Fargo & Co., San Francisco 1.32 2.1

11 11 Bankers Trust New York Corp. 1.45 3.1

12 12 Citicorp, New York (2) 2.4 3.3

Summary totals for 55 bank universe studied

ROAA ROAA

Return 1Q97 1Q96

Mean Values for all 55 bank instituti 1.38 1.26

Standard Deviation of 55 bank univers 0.39 0.48

Superregional Banks - Assets between $25 billion and $75 billion

Return on Average Assets

Rank ROAA ROAA

1Q 1Q 1Q '97 1Q '96

'97 '96 % (Ann) % (Ann)

1 1 First Bank System, Inc., Minneapolis 2 2.01

2 2 Bank of New York Co., Inc., New York 1.84 1.82

3 3 CoreStates Financial Corp., Philadelp 1.82 1.81

4 4 Mellon Bank Corp., Pittsburgh 1.75 1.74

5 7 National City Corp., Cleveland 1.61 1.4

6 9 PNC Bank Corp., Pittsburgh 1.52 1.3

7 5 US Bancorp, Portland, Oregon 1.46 1.43

8 11 Wachovia Corp., Winston-Salem, NC 1.44 1.28

9 6 Barnett Banks Inc., Jacksonville, Fla 1.43 1.42

10 8 Comerica Inc., Detroit 1.43 1.31

11 12 KeyCorp, Cleveland 1.3 1.27

12 16 UnionBanCal Corp., San Francisco (1) 1.3 0.95

13 15 Bank Boston, Boston 1.27 0.99

14 10 Suntrust Banks, Inc., Atlanta 1.26 1.29

15 13 SouthTrust Corp., Birmingham, Ala. 1.09 1.06

16 14 State Street Corp., Boston 1.06 1.05

17 17 Republic NY, Corp., New York 0.79 0.88

Returns Average Common Equity

Rank ROAE

1Q 1Q 1Q '97 1Q '96

'97 '96 % (Ann) % (Ann)

1 1 First Bank System, Inc., Minneapolis 23.14 22.5

2 2 CoreStates Financial Corp., Philadelp 21.89 21.79

3 4 Mellon Bank Corp., Pittsburgh 21.15 18.26

4 3 Bank of New York Co., Inc., New York 20.89 18.57

5 7 Comerica Inc., Detroit 20.69 17.54

6 6 State Street Boston Corp., Boston 19.76 17.73

7 5 Barnett Banks Inc., Jacksonville, Fla 19.62 18.08

8 10 PNC Bank Corp., Pittsburgh 19.53 16.5

9 8 US Bancorp, Portland, Oregon 18.46 17.19

10 12 Wachovia Corp., Winston-Salem, NC 18.11 15.46

11 11 KeyCorp, Cleveland 18.07 16.22

12 16 Bank of Boston Corp., Boston 18.02 12.49

13 9 National City Corp., Cleveland 17.71 16.97

14 17 UnionBanCal Corp., San Francisco (1) 16.59 10.22

15 13 SouthTrust Corp., Birmingham, Ala. 15.97 15.26

16 15 Republic NY, Corp., New York 15.1 13.2

17 14 Suntrust Banks, Inc., Atlanta 13.15 13.86

Nonperforming Assets Ratio

Rank NPAR %

1Q' 1Q 1Q97 1Q96

'97 '96

1 1 Wachovia Corp., Winston-Salem, NC 0.23 0.26

2 2 State Street Boston Corp., Boston 0.26 0.4

3 7 Comerica Inc., Detroit 0.36 0.71

4 4 National City Corp., Cleveland 0.47 0.63

5 3 First Bank System, Inc., Minneapolis 0.49 0.58

6 15 Mellon Bank Corp., Pittsburgh 0.62 0.93

7 8 Suntrust Banks, Inc., Atlanta 0.64 0.78

8 6 Bank of New York Co., Inc., New York 0.67 0.7

9 9 Barnett Banks Inc., Jacksonville, Fla 0.76 0.8

10 13 Republic NY, Corp., New York 0.77 0.87

11 14 CoreStates Financial Corp., Philadelp 0.77 0.88

12 12 UnionBanCal Corp., San Francisco (1) 0.79 0.83

13 17 PNC Bank Corp., Pittsburgh 0.81 1.11

14 10 SouthTrust Corp., Birmingham, Ala. 0.82 0.8

15 11 KeyCorp, Cleveland 0.85 0.81

16 5 US Bancorp, Portland, Oregon 0.9 0.64

17 16 Bank of Boston Corp., Boston 1.08 1.1

Summary totals for 55 bank universe studied

ROAE ROAE

Return 1Q97 1Q96

Mean Values for all 55 bank instituti 17.72 15.66

Standard Deviation of 55 bank univers 3.34 5.43

Large Regional Banks - The 26 largest among banks with assets between $10 billion and $25 billion

Return on Average Assets

Rank ROAA ROAA

1Q 1Q 1Q '97 1Q '96

'97 '96 % (Ann) % (Ann)

1 1 MBNA Corp., Wilmington, Del. (2) 3.37 2.76

2 3 Fifth Third Bancorp, Cincinnati 1.88 1.76

3 5 HSBC Americas, Inc., Buffalo, NY (1) 1.72 1.63

4 7 Union Planters Corp., Memphis, Tenn. 1.61 1.38

5 9 Southern National Corp., Winston-Sale 1.58 1.37

6 4 Firstar Corp., Milwaukee 1.52 1.7

7 8 Marshall & Ilsley Corp., Milwaukee 1.52 1.38

8 22 First of America Bank Corp., Kalamazo 1.5 1.03

9 10 Regions Financial Corp., Birmingham, 1.41 1.34

10 19 First Security Corp., Salt Lake City, 1.39 1.13

11 13 Crestar Financial Corp., Richmond, Va 1.34 1.22

12 25 Mercantile Bancorp, Inc., St. Louis 1.31 -0.02

13 17 First Empire State Corp., Buffalo, NY 1.3 1.17

14 11 Old Kent Financial Corp., Michigan 1.29 1.3

15 12 Huntington Bancshares, Inc., Columbus 1.28 1.24

16 14 Northern Trust Corp., Chicago 1.28 1.22

17 2 Citizens Financial Group, Providence, 1.25 2.08

18 6 Compass Bancshares, Alabama 1.23 1.41

19 16 First Tennessee National Corp., Nashv 1.23 1.2

20 21 AmSouth Bancorp, Birmingham, AL 1.23 1.06

21 20 Signet Banking Corp., Richmond, VA 1.18 1.08

22 26 Summit Bancorp, Princeton, NJ 1.17 -0.05

23 15 La Salle National Corp., Chicago (1) 1.16 1.21

24 18 Popular, Inc., San Juan, PR 1.14 1.14

25 23 Pacific Century Financial Corp., Hono 0.99 1

26 24 Harris Bank, Chicago (1) 0.9 0.95

Return on Average Common Equity

Rank ROAE ROAE

1Q 1Q 1Q '97 1Q '96

'97 '96 % (Ann) % (Ann)

1 1 MBNA Corp., Wilmington, Del. (2) 33.06 32.59

2 4 HSBC Americas, Inc., Buffalo, NY (1) 20.7 20.07

3 9 Northern Trust Corp., Chicago 19.89 16.85

4 6 Southern National Corp., Winston-Sale 19.16 17.2

5 5 Fifth Third Bancorp, Cincinnati 18.69 18

6 24 Firstar Corp., Milwaukee 18.29 9.57

7 7 First Empire State Corp., Buffalo, NY 18.24 17.08

8 8 First Tennessee National Corp., Nashv 18.09 17.06

9 22 First of America Bank Corp., Kalamazo 18.03 13.14

10 12 Union Planters Corp., Memphis, Tenn. 17.83 15.98

11 10 Huntington Bancshares, Inc., Columbus 17.75 16.63

12 17 Marshall & Ilsley Corp., Milwaukee 17.39 14.69

13 3 Compass Bancshares, Alabama 17.34 20.19

14 19 First Security Corp., Salt Lake City, 17.02 14.05

15 15 Old Kent Financial Corp., Michigan 16.35 15.42

16 14 Popular, Inc., San Juan, PR 16.31 15.64

17 16 Crestar Financial Corp., Richmond, Va 16.28 15.34

18 11 Regions Financial Corp., Birmingham, 16.24 16.2

19 20 AmSouth Bancorp, Birmingham, AL 15.94 14.01

20 13 La Salle National Corp., Chicago (1) 15.45 15.78

21 25 Mercantile Bancorp, Inc., St. Louis 15.26 -0.19

22 18 Signet Banking Corp., Richmond, VA 14.44 14.33

23 2 Citizens Financial Group, Providence, 14.2 23

24 23 Pacific Century Financial Corp., Hono 13.4 12.45

25 26 Summit Bancorp, Princeton, NJ 13.35 -0.58

26 21 Harris Bank, Chicago (1) 11.88 13.82

Nonperforming Assets Ratio

Rank NPAR % NPAR %

1Q 1Q 1Q97 1Q96

'97 '96

1 1 Northern Trust Corp., Chicago 0.21 0.32

2 8 Harris Bank, Chicago (1) 0.3 0.6

3 2 Fifth Third Bancorp, Cincinnati 0.36 0.33

4 5 Compass Bancshares, Birmingham, AL 0.36 0.5

5 3 First Security Corp., Salt Lake City, 0.38 0.37

6 10 La Salle National Corp., Chicago (1) 0.39 0.7

7 6 Southern National Corp., Winston-Sale 0.53 0.51

8 7 Huntington Bancshares, Inc., Columbus 0.54 0.56

9 19 First Empire State Corp., Buffalo, NY 0.61 0.86

10 12 Old Kent Financial Corp., Michigan 0.62 0.73

11 17 Signet Banking Corp., Richmond, VA 0.65 0.81

12 9 Regions Financial Corp., Birmingham, 0.67 0.61

13 14 Mercantile Bancorp, Inc., St. Louis 0.68 0.77

14 11 Union Planters Corp., Memphis, Tenn. 0.69 0.7

15 13 Crestar Financial Corp., Richmond, Va 0.71 0.76

16 20 Marshall & Ilsley Corp., Milwaukee 0.73 0.95

17 4 First Tennessee National Corp., Nashv 0.74 0.37

18 16 Firstar Corp., Milwaukee 0.76 0.8

19 18 First of America Bank Corp., Kalamazo 0.77 0.83

20 21 AmSouth Bancorp, Birmingham, Ala. 0.78 0.95

21 24 Summit Bancorp, Princeton, NJ 0.91 1.48

22 23 Citizens Financial Group, Providence, 0.96 1.44

23 15 Pacific Century Financial Corp., Hono 1.02 0.77

24 22 MBNA Corp., Wilmington, Del. (2) 1.42 1.4

25 25 Popular, Inc, San Juan, PR 1.76 1.7

26 26 HSBC Americas, Inc., Buffalo, NY (1) 2.94 3.74

Summary totals for 55 bank universe studied

NPAR % NPAR %

Nonper 1Q97 1Q96

Mean Values for all 55 bank instituti 0.79 0.96

Standard Deviation of 55 0.48 0.68

Summary totals for 55 bank universe studied

NPAR % NPAR %

Nonper 1Q97 1Q96

Mean Values for all 55 bank instituti 0.79 0.96

Standard Deviation of 55 0.48 0.68

Sources of Asset Data: American Banker Research, Keefe, Bruyette Woods, Merrill Lynch, First Quarter 1997 bank press releases. Money Center banking companies are banks that have assets of $75 billion or more on Dec. 31, 1997. Superregional banking companies are banks with assets between $25 billion and $75 billion on Dec. 31, 1997. Large regional banking companies are banks with assets between $10 billion and $25 billion on Dec. 31, 1997. Only the 26 largest in the group are listed. Return on average common equity is net income (annualized) as a percentage of average total assets. This provides a measure of how efficiently equity has been employed. (1) US subsidiary of a Foreign Banking institution. (2) Nonperforming assets ratio does not reflect the securitization of receivables which are off- balance sheet items set up in the form of a Master Trust Asset-Backed Issue. The nonperforming asset ratio (NPAR) is nonperforming assets as a percentage of period end loans + OREO. Nonperforming assets are loans, leases, and other assets are past due total assets plus nonaccrual total assets as of period end. Past Due total assets are the full outstanding balance of loans and lease financing receivable and other assets that are past due 90 days or more and upon which the bank continues to accrue interest. Nonaccrual total assets are the principal and or interest that has been in default for a period of 90 days or more unless the obligation is both well secured and in the process of collection. OREO (Other Real Estate Owned) obligations is the book value (not to exceed Fair value), less accumulated depreciation, of all real estate other than bank premises owned or controlled by the bank and its consolidated subsidiaries. ===