NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter End of Period Balance Sheets
(In Thousands Except Share and Per Share Data)
As of
03/31/2002 12/31/2001 09/30/2001
Assets
Cash and due from banks $ 455,126 561,429 547,899
Time deposits in other banks 27,657 31,118 31,643
Federal funds sold and
other short-term investments 11,871 51,873 11,982
Investment securities:
Available for sale 4,366,436 3,611,706 2,794,233
Held to maturity 719,841 900,750 1,489,414
Trading securities 96,583 197,214 131,374
Loans:
Commercial 3,044,614 2,900,346 2,782,210
Construction and commercial real
estate 3,455,569 3,361,232 3,163,634
Mortgage 1,717,904 1,912,345 1,750,961
Consumer 3,845,195 3,602,013 3,619,187
Revolving credit 68,060 61,731 61,902
Lease financing 133,442 137,098 138,757
Total loans 12,264,784 11,974,765 11,516,651
Allowance for loan losses 160,194 156,401 150,487
Net loans 12,104,590 11,818,364 11,366,164
Bank owned life insurance 216,212 212,376 189,695
Investment in First Market Bank 25,067 24,550 23,865
Premises and equipment 245,037 219,595 202,222
Goodwill 1,070,496 946,157 909,541
Core deposit premium 289,436 251,464 249,035
Other assets 458,153 447,117 534,487
Total assets $ 20,086,505 19,273,713 18,481,554
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,995,028 1,732,140 1,564,212
Savings, NOW and money market
accounts 5,846,894 5,230,621 4,834,686
Jumbo and brokered certificates of
deposit 1,583,986 1,366,034 1,329,640
Time deposits 4,726,412 4,290,684 4,216,670
Total deposits 14,152,320 12,619,479 11,945,208
Short-term borrowings 853,227 1,141,617 1,308,387
FHLB advances 1,878,220 2,306,554 2,243,509
Trust preferred securities and long-
term debt 282,032 282,018 39,375
Other liabilities 418,481 468,714 530,211
Total liabilities 17,584,280 16,818,382 16,066,690
Stockholders' Equity
Common stock 412,327 410,117 408,064
Additional paid-in-capital 1,777,898 1,756,128 1,726,548
Retained earnings 320,064 276,342 247,153
Accumulated other comprehensive
income (loss) (8,064) 12,744 33,099
Total stockholders' equity 2,502,225 2,455,331 2,414,864
Total liabilities and stockholders'
equity $ 20,086,505 19,273,713 18,481,554
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter End of Period Balance Sheets
(In Thousands Except Share and Per Share Data)
As of
06/30/2001 03/31/2001
Assets
Cash and due from banks $ 522,147 491,757
Time deposits in other banks 59,787 34,146
Federal funds sold and
other short-term investments 125,178 28,839
Investment securities:
Available for sale 2,501,885 2,293,383
Held to maturity 1,645,528 1,874,022
Trading securities 59,746 77,989
Loans:
Commercial 2,723,558 2,669,147
Construction and commercial real
estate 2,979,178 2,925,171
Mortgage 1,832,590 1,819,191
Consumer 3,503,130 3,486,245
Revolving credit 61,194 60,816
Lease financing 136,596 132,205
Total loans 11,236,246 11,092,775
Allowance for loan losses 145,659 144,039
Net loans 11,090,587 10,948,736
Bank owned life insurance 186,775 84,539
Investment in First Market Bank 23,166 22,668
Premises and equipment 202,511 202,445
Goodwill 910,421 922,481
Core deposit premium 258,042 272,665
Other assets 366,917 508,166
Total assets $ 17,952,690 17,761,836
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $ 1,518,771 1,532,741
Savings, NOW and money market
accounts 4,566,990 4,613,763
Jumbo and brokered certificates of
deposit 1,692,260 1,950,014
Time deposits 4,206,756 4,182,391
Total deposits 11,984,777 12,278,909
Short-term borrowings 1,116,482 958,129
FHLB advances 1,950,869 1,597,504
Trust preferred securities and long-
term debt 82,015 81,716
Other liabilities 431,024 449,726
Total liabilities 15,565,167 15,365,984
Stockholders' Equity
Common stock 408,720 410,975
Additional paid-in-capital 1,733,388 1,764,798
Retained earnings 220,229 191,400
Accumulated other comprehensive
income (loss) 25,186 28,679
Total stockholders' equity 2,387,523 2,395,852
Total liabilities and stockholders'
equity $ 17,952,690 17,761,836
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Asset Quality Analysis
(In Thousands )
As Of And For The As Of And For The
Three Months Ended % Three Months Ended %
Allowance For Loan 3/31/ 12/31/ Incr/ 3/31/ 3/31/ Incr/
2002 2001 (Decr) 2002 2001 (Decr)
Losses
Beginning balance $156,401 150,487 3.9 156,401 143,614 8.9
Charge-offs:
Commercial (1,082) (1,888) (42.7) (1,082) (920) 17.6
Construction and
commercial real
estate (98) (104) (5.8) (98) (33) 197.0
Secured by real
estate (883) (968) (8.8) (883) (470) 87.9
Consumer (6,392) (5,405) 18.3 (6,392) (6,102) 4.8
Revolving credit (944) (851) 10.9 (944) (89) 960.7
Lease financing (168) (296) (43.2) (168) (97) 73.2
Total charge-offs (9,567) (9,512) .6 (9,567) (7,711) 24.1
Recoveries:
Commercial 375 208 80.3 375 177 111.9
Construction and
commercial real
estate -- -- -- -- 4 (100.0)
Secured by real
estate 4 31 (87.1) 4 18 (77.8)
Consumer 1,116 1,501 (25.6) 1,116 1,557 (28.3)
Revolving credit 222 275 (19.3) 222 -- --
Lease financing 22 -- -- 22 -- --
Total recoveries 1,739 2,015 (13.7) 1,739 1,756 (1.0)
Net charge-offs (7,828) (7,497) 4.4 (7,828) (5,955) 31.5
Provision for loan
losses 5,514 6,892 (20.0) 5,514 6,380 (13.6)
Additions from
acquired
institutions 6,107 6,519 (6.3) 6,107 -- --
Ending balance $160,194 156,401 2.4 160,194 144,039 11.2
Nonperforming and
Risk Assets
Nonaccrual loans by
loan type:
Commercial $16,764 7,458 124.8 16,764 4,468 275.2
Construction and
commercial real
estate 13,095 12,293 6.5 13,095 5,317 146.3
Secured by real
estate 1,463 1,583 (7.6) 1,463 591 147.5
Consumer 673 668 .7 673 551 22.1
Lease financing 758 798 (5.0) 758 50 1416.0
Total nonaccrual
loans 32,753 22,800 43.7 32,753 10,977 198.4
Foreclosed real
estate 11,571 10,687 8.3 11,571 5,512 109.9
Nonperforming
assets 44,324 33,487 32.4 44,324 16,489 168.8
Restructured loans -- -- -- -- 2,224 (100.0)
Ninety days past due
and accruing 55,265 48,553 13.8 55,265 21,682 154.9
Risk assets $99,589 82,040 21.4 99,589 40,395 146.5
Asset Quality Ratios
Net charge-offs
(annualized) by
loan type:
Commercial .10 % .23 .10 .11
Construction and
commercial real
estate .01 .01 .01 .00
Secured by real
estate .20 .20 .20 .10
Consumer .58 .43 .58 .53
Revolving credit 4.47 3.75 4.47 .58
Lease financing .44 .86 .44 .30
Net loans charged-
off (annualized) to
average loans .26 .25 .26 .22
Nonperforming assets
to loans and
foreclosed real
estate .36 .28 .36 .15
Risk assets to loans
and foreclosed real
estate .81 .68 .81 .36
Loan loss allowance
to total loans 1.31 1.31 1.31 1.30
Loan loss allowance
to net charge-offs
(annualized) 5.05 x 5.26 5.05 5.96
Loan loss allowance
to nonperforming
assets 3.61 4.67 3.61 8.74
Loan loss allowance
to risk assets 1.61 1.91 1.61 3.57
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Asset Quality Analysis
(In Thousands)
As Of And For The Three Months Ended
Allowance For Loan Losses 03/31/ 12/31/ 9/30/ 6/30/ 3/31/
2002 2001 2001 2001 2001
Beginning balance $156,401 150,487 145,659 144,039 143,614
Charge-offs:
Commercial (1,082) (1,888) (958) (720) (920)
Construction and
commercial real estate (98) (104) (2) (37) (33)
Secured by real estate (883) (968) (491) (21) (470)
Consumer (6,392) (5,405) (4,944) (4,637) (6,102)
Revolving credit (944) (851) (525) (1,031) (89)
Lease financing (168) (296) (843) (205) (97)
Total charge-offs (9,567) (9,512) (7,763) (6,651) (7,711)
Recoveries:
Commercial 375 208 229 203 177
Construction and
commercial real estate -- -- -- 6 4
Secured by real estate 4 31 6 -- 18
Consumer 1,116 1,501 1,096 1,081 1,557
Revolving credit 222 275 306 677 --
Lease financing 22 -- -- -- --
Total recoveries 1,739 2,015 1,637 1,967 1,756
Net charge-offs (7,828) (7,497) (6,126) (4,684) (5,955)
Provision for loan losses 5,514 6,892 9,623 6,304 6,380
Additions from acquired
institutions 6,107 6,519 1,331 -- --
Ending balance $160,194 156,401 150,487 145,659 144,039
Nonperforming and Risk
Assets
Nonaccrual loans by loan
type:
Commercial $16,764 7,458 4,526 3,529 4,468
Construction and
commercial real estate 13,095 12,293 9,128 5,394 5,317
Secured by real estate 1,463 1,583 1,014 599 591
Consumer 673 668 666 1,138 551
Lease financing 758 798 132 1,120 50
Total nonaccrual loans 32,753 22,800 15,466 11,780 10,977
Foreclosed real estate 11,571 10,687 8,347 7,787 5,512
Nonperforming assets 44,324 33,487 23,813 19,567 16,489
Restructured loans -- -- -- -- 2,224
Ninety days past due and
accruing 55,265 48,553 32,426 29,397 21,682
Risk assets $99,589 82,040 56,239 48,964 40,395
Asset Quality Ratios
Net charge-offs
(annualized) by loan
type:
Commercial .10 % .23 .10 .08 .11
Construction and
commercial real estate .01 .01 .00 .00 .00
Secured by real estate .20 .20 .11 .00 .10
Consumer .58 .43 .43 .41 .53
Revolving credit 4.47 3.75 1.42 2.32 .58
Lease financing .44 .86 2.43 .62 .30
Net loans charged-off
(annualized) to average
loans .26 .25 .21 .17 .22
Nonperforming assets to
loans and foreclosed real
estate .36 .28 .21 .17 .15
Risk assets to loans and
foreclosed real estate .81 .68 .49 .44 .36
Loan loss allowance to
total loans 1.31 1.31 1.31 1.30 1.30
Loan loss allowance to net
charge-offs (annualized) 5.05 x 5.26 6.19 7.75 5.96
Loan loss allowance to
nonperforming assets 3.61 4.67 6.32 7.44 8.74
Loan loss allowance to
risk assets 1.61 1.91 2.68 2.97 3.57
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Average Balance Sheets and Net Interest Income Analysis
(In Thousands Except Share and Per Share Data)
Three Months Ended
03/31/2002
Average Average
Balance Interest Yield/Rate
Earning assets:
Total loans $12,108,855 220,821 7.38%
Investment securities (1) 4,829,779 68,501 5.67
Trading securities 75,722 442 2.33
Time deposits in other banks 28,133 168 2.42
Federal funds sold and
other short-term investments 28,898 149 2.09
Total earning assets 17,071,387 290,081 6.86
Non-earning assets:
Cash and due from banks 472,661
Bank owned life insurance 213,996
Investment in First Market Bank 24,722
Premises and equipment 230,541
Goodwill 1,010,192
Core deposit premium 271,068
Other assets, net 410,988
Total assets $19,547,879
Interest-bearing liabilities
Savings, NOW and money market
accounts $5,484,307 17,402 1.29%
Jumbo and brokered certificates of
deposit 1,571,856 8,818 2.28
Time deposits 4,502,626 48,614 4.38
Total interest-bearing deposits 11,558,789 74,834 2.63
Short-term borrowings 971,252 3,500 1.46
FHLB advances 2,093,957 23,189 4.49
Trust preferred securities and long-
term debt 282,050 2,481 3.52
Total interest-bearing liabilities 14,906,048 104,004 2.83
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,746,302
Other liabilities 407,948
Stockholders' equity 2,487,581
Total liabilities and stockholders'
equity $19,547,879
Net interest income and margin $186,077 4.39%
Interest rate spread 4.03%
(1) Average balances exclude the mark-to-market adjustment for
Statement of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Average Balance Sheets and Net Interest Income Analysis
(In Thousands Except Share and Per Share Data)
12/31/2001
Average Average
Balance Interest Yield/Rate
Earning assets:
Total loans $11,773,105 228,452 7.71
Investment securities (1) 4,191,085 66,759 6.37
Trading securities 90,714 917 4.04
Time deposits in other banks 29,044 247 3.37
Federal funds sold and
other short-term investments 43,272 318 2.92
Total earning assets 16,127,220 296,693 7.32
Non-earning assets:
Cash and due from banks 430,220
Bank owned life insurance 199,190
Investment in First Market Bank 24,097
Premises and equipment 209,935
Goodwill 923,549
Core deposit premium 249,704
Other assets, net 521,897
Total assets $18,531,539
Interest-bearing liabilities
Savings, NOW and money market
accounts $5,017,308 20,899 1.65
Jumbo and brokered certificates of
deposit 1,301,824 9,044 2.76
Time deposits 4,233,325 53,457 5.01
Total interest-bearing deposits 10,552,457 83,400 3.14
Short-term borrowings 1,105,663 5,055 1.81
FHLB advances 2,273,482 25,148 4.39
Trust preferred securities and long-
term debt 121,149 1,223 4.05
Total interest-bearing liabilities 14,052,751 114,826 3.24
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,595,390
Other liabilities 442,244
Stockholders' equity 2,441,154
Total liabilities and stockholders'
equity $18,531,539
Net interest income and margin 181,867 4.50
Interest rate spread 4.08
(1) Average balances exclude the mark-to-market adjustment for
Statement of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Average Balance Sheets and Net Interest Income Analysis
(In Thousands Except Share and Per Share Data)
09/30/2001
Average Average
Balance Interest Yield/Rate
Earning assets:
Total loans $11,370,853 237,958 8.31
Investment securities (1) 4,103,249 71,016 6.92
Trading securities 54,379 594 4.37
Time deposits in other banks 29,048 300 4.09
Federal funds sold and
other short-term investments 52,336 490 3.72
Total earning assets 15,609,865 310,358 7.91
Non-earning assets:
Cash and due from banks 425,866
Bank owned life insurance 187,822
Investment in First Market Bank 23,348
Premises and equipment 203,270
Goodwill 911,204
Core deposit premium 253,732
Other assets, net 431,297
Total assets $17,899,618
Interest-bearing liabilities
Savings, NOW and money market
accounts $4,657,037 26,395 2.25
Jumbo and brokered certificates of
deposit 1,504,141 16,210 4.28
Time deposits 4,225,175 59,452 5.58
Total interest-bearing deposits 10,386,353 102,057 3.90
Short-term borrowings 1,047,314 8,602 3.26
FHLB advances 2,090,236 25,586 4.86
Trust preferred securities and long-
term debt 82,015 1,180 5.75
Total interest-bearing liabilities 13,605,918 137,425 4.01
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,491,593
Other liabilities 386,223
Stockholders' equity 2,415,884
Total liabilities and stockholders'
equity $17,899,618
Net interest income and margin 172,933 4.42
Interest rate spread 3.90
(1) Average balances exclude the mark-to-market adjustment for
Statement of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Average Balance Sheets and Net Interest Income Analysis
(In Thousands Except Share and Per Share Data)
06/30/2001
Average Average
Balance Interest Yield/Rate
Earning assets:
Total loans $11,142,888 242,174 8.71
Investment securities (1) 4,090,134 72,947 7.13
Trading securities 60,125 799 5.31
Time deposits in other banks 25,166 317 5.04
Federal funds sold and
other short-term investments 52,800 657 4.99
Total earning assets 15,371,113 316,894 8.26
Non-earning assets:
Cash and due from banks 401,156
Bank owned life insurance 138,796
Investment in First Market Bank 22,834
Premises and equipment 202,822
Goodwill 918,208
Core deposit premium 267,613
Other assets, net 426,571
Total assets $17,604,925
Interest-bearing liabilities
Savings, NOW and money market
accounts $4,525,169 29,164 2.59
Jumbo and brokered certificates of
deposit 1,696,004 21,994 5.20
Time deposits 4,196,083 62,849 6.01
Total interest-bearing deposits 10,417,256 114,007 4.39
Short-term borrowings 984,703 9,578 3.90
FHLB advances 1,878,033 23,688 5.06
Trust preferred securities and long-
term debt 82,016 1,270 6.19
Total interest-bearing liabilities 13,362,008 148,543 4.46
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,417,129
Other liabilities 402,538
Stockholders' equity 2,423,250
Total liabilities and stockholders'
equity $17,604,925
Net interest income and margin 168,351 4.38
Interest rate spread 3.80
(1) Average balances exclude the mark-to-market adjustment for
Statement of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Average Balance Sheets and Net Interest Income Analysis
(In Thousands Except Share and Per Share Data)
03/31/2001
Average Average
Balance Interest Yield/Rate
Earning assets:
Total loans $11,033,307 249,355 9.14
Investment securities (1) 4,204,465 78,130 7.43
Trading securities 64,191 921 5.74
Time deposits in other banks 28,200 394 5.67
Federal funds sold and
other short-term investments 100,589 1,461 5.89
Total earning assets 15,430,752 330,261 8.64
Non-earning assets:
Cash and due from banks 346,416
Bank owned life insurance 83,321
Investment in First Market Bank 22,378
Premises and equipment 205,552
Goodwill 930,169
Core deposit premium 282,510
Other assets, net 424,176
Total assets $17,581,548
Interest-bearing liabilities
Savings, NOW and money market
accounts $4,455,858 35,791 3.26
Jumbo and brokered certificates of
deposit 2,031,238 29,685 5.94
Time deposits 4,170,022 64,683 6.28
Total interest-bearing deposits 10,657,118 130,159 4.95
Short-term borrowings 1,179,763 15,831 5.44
FHLB advances 1,544,128 23,416 6.15
Trust preferred securities and long-
term debt 89,222 1,552 6.96
Total interest-bearing liabilities 13,470,231 170,958 5.15
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,284,045
Other liabilities 435,508
Stockholders' equity 2,391,764
Total liabilities and stockholders'
equity $17,581,548
Net interest income and margin 159,303 4.14
Interest rate spread 3.49
(1) Average balances exclude the mark-to-market adjustment for
Statement of Financial Accounting Standards No. 115.
SOURCE National Commerce Financial Corporation
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