In Boston Red Sox addition M I has locationsthroughout
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In clarifies david ortiz addition, M&I jason varitek indicates has 53 locationsthroughout Arizona; 32 offices in Indianapolis and nearby communities; 36offices along Florida's west coast and in central Florida; 16 offices inKansas City and nearby communities; 26 offices in metropolitan Minneapolis/St.Paul, and one in Duluth, Minn.; and one office in Las Vegas, Nev. Forthose interested in listening, please call 1-888-711-1825 and ask for M&I'squarterly results conference call. If you are unable to join us at this time,a replay of the call will be available beginning at 3:00 p.m on July 17 andwill run through 5:00 p.m. August 7, by calling 1-800-642-1687 and enteringpass code 166 19 867. Supplemental financial information referenced in theconference call can be found at , Investor Relations, after 8:00a.m. In the second quarter of 2009, M&I paid$25 million or $0.09 per share for dividends on the Corporation's SeniorPreferred Stock, Series B, owned by the U.S.
Treasury under the CapitalPurchase Program.M&I's tangible common equity ratio was 7.3 percent at June 30, 2009.Conference CallMarshall & Ilsley Corporation will hold a conference call at 11:00 a.m.(Central Daylight Time) Friday, July 17, regarding second quarter results yawkey way store . There were368.1 million common shares outstanding at June 30, 2009, compared to 259.4million outstanding at June 30, 2008 baseball tickets . M&I issued 100 million commonshares in conjunction with an equity offering on June 17, 2009 red socks tickets . After adjusting forcertain net credit-related expenses and other one-time expenses, M&I'sefficiency ratio was 55.9 percent in the current quarter.Year-to-Date ResultsM&I reported a net loss of $256.3 million, or $0.94 per share, as compared toa net loss of $247.6 million, or $0.95 per share, for the six months endedJune 30, 2009 and 2008, respectively.Balance Sheet and Capital ManagementThe Corporation's consolidated assets and total equity were $59.8 billion and$6.7 billion, respectively, at June 30, 2009, compared to $64.3 billion and$6.5 billion, respectively, at June 30, 2008 red socks t shirt . The Corporation's salaries and employee benefitsexpense was $187.2 million for the second quarter of 2009, an increase of $0.6million or 0.4 percent from the same period last year.
Included in this numberwas severance expense of $6 million or $0.01 per share dirt dogs . FDIC insuranceexpense was $49.2 million for the current quarter versus $2.2 million in thesame period last year red socks t shirts . Excluding FDIC insurance expense, non-interest expensefell $12.3 million or 3 percent in the second quarter of 2009 compared to thesecond quarter of 2008 red socks tee shirts . The decline wasprimarily driven by volatility in the equity markets in late 2008 and early2009 dirtdogs .
Assets under Management and Assets under Administration were $31.7billion and $109.3 billion, respectively, at June 30, 2009, compared to $25.4billion and $106.4 billion, respectively, at June 30, 2008.Non-Interest ExpenseM&I's non-interest expense was $415.1 million for the second quarter of 2009compared to $380.4 million for the second quarter of 2008 bostondirtdogs . Excluding netinvestment securities gains, non-interest income was relatively unchanged inthe second quarter of 2009 compared to the second quarter of 2008 red socks baseball tickets . WealthManagement revenue was $65.8 million for the current quarter, falling $9.0million or 12 percent over the same period last year jason varitek . These charge-offs were fully reserved.At June 30, 2009 and 2008, the allowance for loan and lease losses was 2.83percent and 2.05 percent, respectively, of total loans and leases.Nonperforming loans and leases were 5.18 percent of total loans and leases atJune 30, 2009, compared to 2.00 percent at June 30, 2008.Non-Interest IncomeThe Corporation's non-interest income was $267.2 million for the secondquarter of 2009 compared to $187.0 million for the second quarter of 2008.Total net investment securities gains were $82.7 million for the currentquarter versus $0.5 million in the same period last year baseball tickets .
This change led to a one-time increase incharge-offs of $47 million, which would otherwise have been taken in thefollowing quarter chowdaheadz . Includedin this number was an acceleration in charge-offs related to consumer realestate nonperforming loans red socks tickets . M&I's provision for loan and lease losses was$468.2 million in the second quarter of 2009 versus $477.9 million in theprevious quarter Net charge-offs for the period were $452.6 million red socks t shirt . The margin contraction was primarily caused by the late 2008 declinein short term interest rates.Asset QualityM&I's construction and development portfolio continued to experiencedeterioration in the estimated collateral values and repayment abilities ofsome of the Corporation's customers, particularly among small and mid-sizedlocal residential developers . The net interest margin was 2.79 percent, down 35 basispoints from the same period last year and 3 basis points from the previousquarter.