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Letter portraitLegal landscapeQuarterYTD

First Union National Bank of Delaware

Wilmington, DE · Cert 33931

FDIC

Q4 2009

$4.1BAssets
$3.1BLoans
$2.7BDeposits
$721.3MEquity
Deposit mix
85%Interest-bearing $2.3B15%Noninterest $0.4BQ4 2008Q4 2009

NIM

5.33%Q4 ’07-10.33%Q4 ’083.65%Q4 ’09-292%+176%

Non-interest income vs. expense

0.63%Q4 ’07-1.72%Q4 ’080.87%Q4 ’09+184%+92%

Executive Summary

  • Earnings: ROA of 2.46%, up 128 bps year over year; NIM at 2.99%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.74%.
  • Funding: loans stand at 113.93% of deposits as of Q4 2009.

Financial Results

Return on Assets (quarter, annualized)

2.46%+128 bps YoY

Net Interest Margin (quarter, annualized)

2.99%+691 bps YoY

Efficiency Ratio (quarter, annualized)

16.34%

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2008Q1 2009Q2 2009Q3 2009Q4 2009YoY ΔTrend
Earnings
Return on Assets1.19%-1.31%1.63%1.21%2.46%+128 bps
Return on Equity11.12%-10.66%12.03%7.91%14.58%+347 bps
Net Interest Margin-3.92%2.87%2.52%3.04%2.99%+691 bps
Efficiency Ration/a18.06%27.85%19.72%16.34%n/a
Non-Interest Burden0.12%0.24%0.57%0.34%0.23%+11 bps
Growth
Asset Growth (YoY)13.16%3.55%13.57%-16.32%-24.55%-3,770 bps
Loan Growth (YoY)17.20%11.08%-5.93%-11.40%-1.64%-1,884 bps
Deposit Growth (YoY)10.43%-0.46%9.17%-30.14%-40.64%-5,107 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-4.10%2.24%2.65%2.16%1.74%+584 bps
Allowance / Loans3.53%4.73%4.06%3.77%2.82%-71 bps
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 Capital16.17%15.61%16.76%18.89%21.21%+503 bps
Equity / Assets11.96%12.70%14.46%16.14%17.66%+570 bps
Liquidity & Funding
Loans / Deposits68.76%78.07%81.51%99.36%113.93%+4,517 bps
Liquid Assets / Assets21.53%23.83%10.57%0.07%0.07%-2,146 bps
CRE / Total Capitaln/an/an/an/an/an/an/a