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Marshall & Ilsley


reported third-quarter earnings Wednesday, beating Wall Street's expectations by a penny.

The Milwaukee-based bank holding company had income of $90.6 million, or 83 cents a share, for the latest third quarter, compared with $90.8 million, or 81 cents a share, for the same period a year ago. Analysts were looking for the company to earn 82 cents a share, according to a

First Call/Thomson Financial

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survey of 13 analysts.

Earnings for the third quarter ended Sept. 30 exclude losses from the sale of investment securities and loans, expenses of the


initial public offering and expenses for charter consolidations.

The company's return on average assets fell to 1.44% from 1.56% in 1999, and the return on tangible equity dropped to 20.46% from 21.04% a year ago. Assets at the end of the quarter totaled $25.2 billion, compared with $23.6 billion for the same period in 1999.

Shares of Marshall & Ilsley were recently trading down $1.94, or 4.2%, to $43.75.