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Letter portraitLegal landscapeQuarterYTD

First Union Direct Bank, N.A.

Augusta, GA · Cert 34483

FDIC

Q3 2004

$6.1BAssets
$5.7BLoans
$501KDeposits
$1.1BEquity
Deposit mix
100%Interest-bearing $500K0%Noninterest $1KQ3 2003Q3 2004

NIM

1.84%Q3 ’021.19%Q3 ’031.35%Q3 ’04-45%-47%

Non-interest income vs. expense

0.10%Q3 ’020.02%Q3 ’030.02%Q3 ’04-413%+13%

Executive Summary

  • Earnings: ROA of 0.17%, down 7 bps year over year; NIM at 0.20%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.01%.
  • Funding: loans stand at 1146648.70% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

0.17%-7 bps YoY

Net Interest Margin (quarter, annualized)

0.20%-18 bps YoY

Efficiency Ratio (quarter, annualized)

6.59%+257 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets0.25%-0.05%-0.09%-0.20%0.17%-7 bps
Return on Equity0.99%-0.24%-0.45%-1.09%0.95%-4 bps
Net Interest Margin0.39%-0.10%-0.27%-0.40%0.20%-18 bps
Efficiency Ratio4.02%5.21%n/an/a6.59%+257 bps
Non-Interest Burden-0.08%-0.01%-0.11%-0.07%-0.07%+1 bps
Growth
Asset Growth (YoY)69.84%55.85%39.44%39.64%-5.51%-7,535 bps
Loan Growth (YoY)75.13%801590%31.00%30.99%-5.48%-8,061 bps
Deposit Growth (YoY)-98.08%-6.38%-98.98%-99.12%-1.96%+9,613 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.02%-0.04%-0.01%-0.02%-0.01%+2 bps
Allowance / Loans0.00%0.00%0.00%0.00%0.00%0 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 Capital115.04%114.01%88.90%90.11%89.23%-2,581 bps
Equity / Assets20.87%20.71%17.92%18.11%18.00%-288 bps
Liquidity & Funding
Loans / Deposits1189427%419561%955744%989672%1146649%-4,277,811 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