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First Union National Bank

Charlotte, NC · Cert 33869

FDIC

Q4 2009

$510.1BAssets
$336.3BLoans
$321.2BDeposits
$67.3BEquity
Loan mix
75%RE $193.5B22%C&I $57.6B2%Consumer $5.2BQ4 2008Q4 2009
Deposit mix
77%Interest-bearing $248.3B23%Noninterest $72.9BQ4 2008Q4 2009

NIM

5.61%Q4 ’07-14.46%Q4 ’083.98%Q4 ’09-385%+144%

Non-interest income vs. expense

2.62%Q4 ’07-7.96%Q4 ’082.83%Q4 ’09-340%+130%

Executive Summary

  • Earnings: ROA of 0.87%, down 61 bps year over year; NIM at 3.30%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 2.02%.
  • Funding: loans stand at 104.72% of deposits as of Q4 2009.

Financial Results

Return on Assets (quarter, annualized)

0.87%-61 bps YoY

Net Interest Margin (quarter, annualized)

3.30%+1,088 bps YoY

Efficiency Ratio (quarter, annualized)

46.86%

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2008Q1 2009Q2 2009Q3 2009Q4 2009YoY ΔTrend
Earnings
Return on Assets1.49%11.35%0.44%0.33%0.87%-61 bps
Return on Equity15.41%13.71%3.96%2.70%6.71%-871 bps
Net Interest Margin-7.58%2.74%2.93%3.26%3.30%+1,088 bps
Efficiency Ration/a46.55%54.03%43.02%46.86%n/a
Non-Interest Burden-3.50%0.74%1.30%0.92%1.06%+457 bps
Growth
Asset Growth (YoY)-7.30%-17.30%-20.00%-25.52%-23.32%-1,602 bps
Loan Growth (YoY)-6.86%-9.11%-11.76%-16.35%-12.64%-578 bps
Deposit Growth (YoY)-2.94%-2.49%-0.90%-14.49%-20.00%-1,706 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-3.46%0.34%0.91%1.76%2.02%+548 bps
Allowance / Loansn/an/an/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 Capital10.92%12.04%13.05%13.62%13.67%+275 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits95.90%94.48%92.68%107.58%104.72%+882 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a