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Merrill Lynch Bank USA

Salt Lake City, UT · Cert 27374

FDIC

Q2 2009

$68.0BAssets
$20.8BLoans
$57.8BDeposits
$8.9BEquity
Deposit mix
100%Interest-bearing $57.8B0%Noninterest $0.0BQ2 2008Q2 2009

NIM

6.82%Q2 ’074.49%Q2 ’082.41%Q2 ’09-21%-22%

Non-interest income vs. expense

1.42%Q2 ’071.10%Q2 ’080.96%Q2 ’09+148%-119%

Executive Summary

  • Earnings: ROA of 1.38%, up 632 bps year over year; NIM at 2.23%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 35.96% of deposits as of Q2 2009.

Financial Results

Return on Assets (quarter, annualized)

1.38%+632 bps YoY

Net Interest Margin (quarter, annualized)

2.23%-63 bps YoY

Efficiency Ratio (quarter, annualized)

26.96%-398 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2008Q3 2008Q4 2008Q1 2009Q2 2009YoY ΔTrend
Earnings
Return on Assets-4.94%-1.55%-18.96%2.16%1.38%+632 bps
Return on Equity-85.78%-29.22%-366%23.01%10.48%+9,626 bps
Net Interest Margin2.85%3.11%2.89%2.05%2.23%-63 bps
Efficiency Ratio30.94%7.59%34.92%17.33%26.96%-398 bps
Non-Interest Burden0.40%-2.20%-1.48%-1.22%-0.08%-48 bps
Growth
Asset Growth (YoY)-4.66%-20.61%-20.89%3.55%17.15%+2,181 bps
Loan Growth (YoY)-32.79%-35.60%-32.23%-6.45%-14.21%+1,858 bps
Deposit Growth (YoY)2.29%-2.04%-4.84%-2.13%9.49%+720 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.54%0.35%1.99%0.00%0.00%-54 bps
Allowance / Loans0.82%n/an/an/an/an/a
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital14.11%14.65%12.42%14.59%17.51%+340 bps
Equity / Assets5.69%n/an/an/an/an/a
Liquidity & Funding
Loans / Deposits45.89%49.07%45.87%40.27%35.96%-993 bps
Liquid Assets / Assets0.01%0.00%0.00%0.00%0.01%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a