Sovereign Bancorp, Inc. Announces Fourth Quarter and Full Year ...
Sovereign Bancorp, Inc. Announces Fourth Quarter and Full Year ...
Sovereign Bancorp, Inc. Announces Fourth Quarter and Full Year ...
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<strong>Sovereign</strong> <strong>Bancorp</strong>, <strong>Inc</strong>. <strong>and</strong> Subsidiaries<br />
RECONCILIATION OF AVERAGE EQUITY TO AVERAGE TANGIBLE EQUITY AND RELATED OPERATING RETURN ON AVERAGE TANGIBLE EQUITY<br />
(unaudited)<br />
Reconciliation of Equity to Tangible Equity <strong>and</strong> Operating Return on Average Equity to Tangible Returns on Average Equity<br />
<strong>Quarter</strong> Ended <strong>Year</strong>-to-Date<br />
Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Dec. 31 Dec. 31<br />
(dollars in thous<strong>and</strong>s) 2007 2007 2007 2007 2006 2007 2006<br />
Average Equity $ 8,721,714 $ 8,773,451 $ 8,816,108 $ 8,734,981 $ 8,816,938 $ 8,761,557 $ 7,519,638<br />
Average Goodwill (4,985,883) (5,003,137) (5,005,116) (5,005,119) (4,992,610) (4,999,770) (4,029,857)<br />
Average CDI <strong>and</strong> other intangibles (391,628) (421,895) (453,528) (486,214) (519,891) (438,013) (421,730)<br />
Average Tangible Equity $ 3,344,203 $ 3,348,419 $ 3,357,464 $ 3,243,648 $ 3,304,437 $ 3,323,774 $ 3,068,051<br />
Operating Return on Average Equity 4.27% 4.32% 7.75% 8.34% 7.49% 6.16% 9.20%<br />
Effect of Goodwill 6.37% 6.45% 11.55% 12.87% 11.32% 9.26% 12.09%<br />
Effect of CDI <strong>and</strong> other intangibles 0.50% 0.54% 1.05% 1.25% 1.18% 0.81% 1.26%<br />
Tangible Return on Average Equity 11.14% 11.31% 20.35% 22.46% 20.00% 16.23% 22.55%<br />
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