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Letter portraitLegal landscapeQuarterYTD

Southtrust Bank

Birmingham, AL · Cert 849

FDIC

Q4 2004

$59.7BAssets
$36.9BLoans
$31.6BDeposits
$13.9BEquity
Loan mix
63%RE $21.0B37%C&I $12.5B0%Consumer $0.0BQ4 2003Q4 2004
Deposit mix
88%Interest-bearing $27.6B12%Noninterest $3.9BQ4 2003Q4 2004

NIM

5.39%Q4 ’024.64%Q4 ’033.99%Q4 ’04-6%-12%

Non-interest income vs. expense

2.47%Q4 ’022.32%Q4 ’032.05%Q4 ’04-20%-5%

Executive Summary

  • Earnings: ROA of 1.21%, down 10 bps year over year; NIM at 2.85%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.34%.
  • Funding: loans stand at 116.98% of deposits as of Q4 2004.

Financial Results

Return on Assets (YTD, annualized)

1.21%-10 bps YoY

Net Interest Margin (YTD, annualized)

2.85%-40 bps YoY

Efficiency Ratio (YTD, annualized)

50.56%+29 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2003Q1 2004Q2 2004Q3 2004Q4 2004YoY ΔTrend
Earnings
Return on Assets1.31%1.36%1.43%1.42%1.21%-10 bps
Return on Equity14.87%16.22%17.15%16.88%10.35%-452 bps
Net Interest Margin3.25%3.20%3.18%3.16%2.85%-40 bps
Efficiency Ratio50.27%48.47%48.94%48.07%50.56%+29 bps
Non-Interest Burden1.02%1.00%0.87%0.88%0.97%-5 bps
Growth
Asset Growth (YoY)2.60%2.61%2.34%4.23%15.10%+1,250 bps
Loan Growth (YoY)1.15%3.41%4.45%5.84%3.02%+187 bps
Deposit Growth (YoY)8.54%8.86%7.41%6.35%-3.14%-1,169 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.34%0.30%0.30%0.28%0.34%-1 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 Capital10.67%10.60%10.89%10.48%11.06%+39 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits109.98%109.92%111.62%113.12%116.98%+700 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