PackageTrendsPeer
Letter portraitLegal landscapeQuarterYTD

Wachovia Card Services, National Association

Atlanta, GA · Cert 58496

FDIC

Q1 2010

$3.0BAssets
$3.0BLoans
$1.1MDeposits
$1.1BEquity
Deposit mix
49%Interest-bearing $548K51%Noninterest $567KQ2 2008Q1 2010

Executive Summary

  • Earnings: ROA of 0.77%, up 682 bps year over year; NIM at 10.60%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 9.29%.
  • Funding: loans stand at 272253.54% of deposits as of Q1 2010.

Return on Assets (YTD, annualized)

0.77%+682 bps YoY

Net Interest Margin (YTD, annualized)

10.60%+17 bps YoY

Efficiency Ratio (YTD, annualized)

10.19%+33 bps YoY

Tier 1 Leverage Ratio

n/a
n/a

NIM

10.61%Q1 ’0810.53%Q1 ’0910.65%Q1 ’10+11%+2%

Non-interest income vs. expense

2.83%Q1 ’082.58%Q1 ’091.89%Q1 ’10-1511%+88%

Year to date, annualized, through each quarter.

MetricQ2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010YoY ΔTrend
Earnings
Return on Assets5.83%5.11%0.00%-6.05%-1.77%-1.23%-0.27%0.77%+682 bps
Return on Equity11.97%10.88%0.00%-14.64%-4.35%-3.10%-0.70%2.10%+1,674 bps
Net Interest Margin8.25%7.91%0.00%10.43%10.84%10.52%10.33%10.60%+17 bps
Efficiency Ratio22.35%28.40%n/a9.87%9.36%9.09%9.05%10.19%+33 bps
Non-Interest Burden-0.76%0.41%0.00%-7.22%-8.39%-7.87%-7.64%-0.85%+638 bps
Growth
Asset Growth (YoY)58.46%54.51%35.13%18.91%12.91%9.62%12.60%12.78%-614 bps
Loan Growth (YoY)53.16%53.79%25.18%16.91%12.51%13.15%27.80%20.84%+393 bps
Deposit Growth (YoY)12.91%20.89%9.46%-86.96%-89.42%4.16%14.58%1167%+125,401 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%7.80%7.96%7.71%7.38%9.29%+149 bps
Allowance / Loans0.00%0.00%0.00%5.49%7.15%9.24%10.12%10.88%+539 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/an/an/an/a
Total Risk-Based Capital46.34%43.25%39.32%42.23%40.44%38.08%36.70%38.93%-330 bps
Equity / Assets45.69%42.67%41.42%41.19%39.44%37.07%35.69%37.87%-333 bps
Liquidity & Funding
Loans / Deposits412211%418532%423357%2854747%4383366%454667%472216%272254%-258,249,305 bps
Liquid Assets / Assets0.00%0.00%0.14%0.18%0.07%0.10%0.12%0.17%-1 bps
CRE / Total Capitaln/an/an/an/an/an/an/an/an/an/a