Marshall & Ilsley Corporation (MI) reported a 2009 fourth quarter net loss of $259.5 million, or 54 cents per share, as compared to a net loss of $1,891.7 million, or $7.25 per share, in the fourth quarter of 2008.
M&I’s average loans and leases totaled $45.3 billion for the fourth quarter of 2009, decreasing $4.9 billion or 10% compared to the fourth quarter of 2008. When adjusted for the targeted reduction in the Corporation’s construction and development portfolio, loans fell $1.2 billion or 3 % versus the same period last year.
The company’s net interest income was $406.1 million for the fourth quarter of 2009, up $11.6 million or 3% compared to the third quarter of 2009. The net interest margin was 2.95%, up 13 basis points from the previous quarter.
Provision for loan and lease losses was $639.0 million in the fourth quarter of 2009 versus $578.7 million in the third quarter of 2009.
Construction and development (C&D) exposure declined from the third quarter of 2009 to 12.5 percent of total loans. Arizona C&D exposure fell 64% since the fourth quarter of 2007.
Early-stage delinquencies fell $134 million, or 16%, from the third quarter of 2009 — the third consecutive quarterly decline and at the lowest level since December 2007. Non-performing loans decreased $205 million, or 9% from the third quarter of 2009 — the second consecutive quarterly decline.
Marshall & Ilsley’s non-interest income was $243.8 million for the fourth quarter of 2009 compared to $166.1 million for the fourth quarter of 2008. Net securities gains of $40.6 million, debt termination gains of $30.9 million, and losses on loans held for sale of $11.1 million were unique to the current quarter.
The company’s consolidated assets and total equity were $57.2 billion and $7.0 billion, respectively, as of Dec 31, 2009, compared to $62.3 billion and $6.3 billion, respectively, on Dec 31, 2008.
Marshall & Ilsley Corporation provides diversified financial services to corporate, institutional, government, and individual customers in the United States. The company was founded in 1847 and is headquartered in Milwaukee, Wisconsin.
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