NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Average Balance Sheet
(In Thousands)
Three Months Ended %
Inc/
06/30/2002 06/30/2001 (Decr)
Assets
Cash and due from banks 436,473 401,156 8.8
Time deposits in other banks 22,411 25,166 (10.9)
Federal funds sold and
other short-term investments 21,187 52,800 (59.9)
Investment securities (1) 5,197,443 4,090,134 27.1
Trading securities 89,229 60,125 48.4
Loans:
Commercial 3,062,154 2,689,381 13.9
Construction and commercial real
estate 3,526,901 2,950,444 19.5
Mortgage 1,663,703 1,814,964 (8.3)
Consumer 3,880,490 3,493,513 11.1
Revolving credit 68,573 61,235 12.0
Lease financing 133,716 133,351 .3
Total loans 12,335,537 11,142,888 10.7
Allowance for loan losses 160,711 144,188 11.5
Net loans 12,174,826 10,998,700 10.7
Bank owned life insurance 217,458 138,796 56.7
Investment in First Market Bank 25,317 22,834 10.9
Premises and equipment 247,739 202,822 22.1
Goodwill 1,070,724 918,208 16.6
Core deposit intangibles 280,701 267,613 4.9
Other assets 449,796 426,571 5.4
Total assets 20,233,304 17,604,925 14.9
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) 1,923,408 1,417,129 35.7
Savings, NOW and money market
accounts 5,800,664 4,525,169 28.2
Jumbo and brokered certificates of
deposit 1,533,119 1,696,004 (9.6)
Time deposits 4,681,751 4,196,083 11.6
Total deposits 13,938,942 11,834,385 17.8
Short-term borrowings 1,124,318 984,703 14.2
FHLB advances 1,949,166 1,878,033 3.8
Trust preferred securities and long-
term debt 282,053 82,016 243.9
Other liabilities 408,906 402,538 1.6
Total liabilities 17,703,385 15,181,675 16.6
Stockholders' Equity
Common stock 412,736 411,253 .4
Additional paid-in capital 1,780,106 1,762,875 1.0
Retained earnings 344,678 222,531 54.9
Accumulated other comprehensive
income (7,601) 26,591 (128.6)
Total stockholders' equity 2,529,919 2,423,250 4.4
Total liabilities and stockholders'
equity 20,233,304 17,604,925 14.9
(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
(In Thousands)
Three Months Ended
06/30/2002 03/31/2002 12/31/2001
Assets
Cash and due from banks $436,473 472,661 430,220
Time deposits in other banks 22,411 28,133 29,044
Federal funds sold and
other short-term investments 21,187 28,898 43,272
Investment securities (1) 5,197,443 4,829,779 4,191,085
Trading securities 89,229 75,722 90,714
Loans:
Commercial 3,062,154 2,987,844 2,839,398
Construction and commercial real
estate 3,526,901 3,411,639 3,262,322
Mortgage 1,663,703 1,790,963 1,853,465
Consumer 3,880,490 3,717,714 3,619,796
Revolving credit 68,573 65,489 60,938
Lease financing 133,716 135,206 137,186
Total loans 12,335,537 12,108,855 11,773,105
Allowance for loan losses 160,711 157,676 154,273
Net loans 12,174,826 11,951,179 11,618,832
Bank owned life insurance 217,458 213,996 199,190
Investment in First Market Bank 25,317 24,722 24,097
Premises and equipment 247,739 230,541 209,935
Goodwill 1,070,724 1,010,192 923,549
Core deposit intangibles 280,701 271,068 249,704
Other assets 449,796 410,988 521,897
Total assets $20,233,304 19,547,879 18,531,539
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $1,923,408 1,746,302 1,595,390
Savings, NOW and money market
accounts 5,800,664 5,484,307 5,017,308
Jumbo and brokered certificates of
deposit 1,533,119 1,571,856 1,301,824
Time deposits 4,681,751 4,502,626 4,233,325
Total deposits 13,938,942 13,305,091 12,147,847
Short-term borrowings 1,124,318 971,252 1,105,663
FHLB advances 1,949,166 2,093,957 2,273,482
Trust preferred securities and long-
term debt 282,053 282,050 121,149
Other liabilities 408,906 407,948 442,244
Total liabilities 17,703,385 17,060,298 16,090,385
Stockholders' Equity
Common stock 412,736 411,492 409,067
Additional paid-in capital 1,780,106 1,765,703 1,741,256
Retained earnings 344,678 297,896 257,955
Accumulated other comprehensive
income (7,601) 12,490 32,876
Total stockholders' equity 2,529,919 2,487,581 2,441,154
Total liabilities and stockholders'
equity $20,233,304 19,547,879 18,531,539
(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
(In Thousands)
09/30/2001 06/30/2001
Assets
Cash and due from banks 425,866 401,156
Time deposits in other banks 29,048 25,166
Federal funds sold and
other short-term investments 52,336 52,800
Investment securities (1) 4,103,249 4,090,134
Trading securities 54,379 60,125
Loans:
Commercial 2,754,651 2,689,381
Construction and commercial real
estate 3,071,879 2,950,444
Mortgage 1,775,924 1,814,964
Consumer 3,569,413 3,493,513
Revolving credit 61,125 61,235
Lease financing 137,861 133,351
Total loans 11,370,853 11,142,888
Allowance for loan losses 146,786 144,188
Net loans 11,224,067 10,998,700
Bank owned life insurance 187,822 138,796
Investment in First Market Bank 23,348 22,834
Premises and equipment 203,270 202,822
Goodwill 911,204 918,208
Core deposit intangibles 253,732 267,613
Other assets 431,297 426,571
Total assets 17,899,618 17,604,925
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) 1,491,593 1,417,129
Savings, NOW and money market
accounts 4,657,037 4,525,169
Jumbo and brokered certificates of
deposit 1,504,141 1,696,004
Time deposits 4,225,175 4,196,083
Total deposits 11,877,946 11,834,385
Short-term borrowings 1,047,314 984,703
FHLB advances 2,090,236 1,878,033
Trust preferred securities and long-
term debt 82,015 82,016
Other liabilities 386,223 402,538
Total liabilities 15,483,734 15,181,675
Stockholders' Equity
Common stock 408,912 411,253
Additional paid-in capital 1,733,906 1,762,875
Retained earnings 246,566 222,531
Accumulated other comprehensive
income 26,500 26,591
Total stockholders' equity 2,415,884 2,423,250
Total liabilities and stockholders'
equity 17,899,618 17,604,925
(1) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Year to Date Average Balance Sheets
(In Thousands)
Six Months Ended
06/30/2002 06/30/2001 $ Change % Change
Assets
Cash and due from banks $454,467 373,937 80,530 21.5
Time deposits in other banks 25,256 26,676 (1,420) (5.3)
Federal funds sold and
other short-term investments 25,021 76,562 (51,541) (67.3)
Investment securities (1) 5,014,627 4,146,983 867,644 20.9
Trading securities 82,513 62,147 20,366 32.8
Loans:
Commercial 3,025,204 2,673,031 352,173 13.2
Construction and commercial
real estate 3,469,588 2,920,016 549,572 18.8
Mortgage 1,726,981 1,800,500 (73,519) (4.1)
Consumer 3,799,552 3,501,327 298,225 8.5
Revolving credit 67,040 61,720 5,320 8.6
Lease financing 134,457 131,806 2,651 2.0
Total loans 12,222,822 11,088,400 1,134,422 10.2
Allowance for loan losses 159,202 143,958 15,244 10.6
Net loans 12,063,620 10,944,442 1,119,178 10.2
Bank owned life insurance 215,737 111,211 104,526 94.0
Investment in First Market Bank 25,021 22,608 2,413 10.7
Premises and equipment 239,188 204,180 35,008 17.1
Goodwill 1,040,625 924,156 116,469 12.6
Core deposit intangibles 275,911 275,020 891 .3
Other assets 430,499 425,379 5,120 1.2
Total assets $19,892,485 17,593,301 2,299,184 13.1
Liabilities
Deposits:
Demand deposits
(noninterest-bearing) $1,835,344 1,350,954 484,390 35.9
Savings, NOW and money
market accounts 5,643,359 4,490,705 1,152,654 25.7
Jumbo and brokered
certificates of deposit 1,552,380 1,862,695 (310,315) (16.7)
Time deposits 4,592,683 4,183,125 409,558 9.8
Total deposits 13,623,766 11,887,479 1,736,287 14.6
Short-term borrowings 1,048,208 1,081,694 (33,486) (3.1)
FHLB advances 2,021,161 1,712,002 309,159 18.1
Trust preferred securities and
long-term debt 282,052 85,599 196,453 229.5
Other liabilities 408,431 418,933 (10,502) (2.5)
Total liabilities 17,383,618 15,185,707 2,197,911 14.5
Stockholders' Equity
Common stock 412,117 411,179 938 .2
Additional paid-in capital 1,772,944 1,765,362 7,582 .4
Retained earnings 321,416 205,860 115,556 56.1
Accumulated other comprehensive
income 2,390 25,193 (22,803) (90.5)
Total stockholders' equity 2,508,867 2,407,594 101,273 4.2
Total liabilities and
stockholders' equity $19,892,485 17,593,301 2,299,184 13.1
(1) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter End of Period Balance Sheet
(In Thousands)
%
As of Inc/
06/30/2002 03/31/2002 (Decr)
Assets
Cash and due from banks $481,326 455,126 5.8
Time deposits in other banks 6,544 27,657 (76.3)
Federal funds sold and
other short-term investments 105,932 11,871 792.4
Investment securities:
Available for sale 4,632,713 4,366,436 6.1
Held to maturity 839,542 719,841 16.6
Trading securities 110,427 96,583 14.3
Loans:
Commercial 3,114,754 3,044,614 2.3
Construction and commercial real
estate 3,582,421 3,455,569 3.7
Mortgage 1,658,905 1,717,904 (3.4)
Consumer 3,910,081 3,845,195 1.7
Revolving credit 69,388 68,060 2.0
Lease financing 134,481 133,442 .8
Total loans 12,470,030 12,264,784 1.7
Allowance for loan losses 161,616 160,194 .9
Net loans 12,308,414 12,104,590 1.7
Bank owned life insurance 219,542 216,212 1.5
Investment in First Market Bank 25,839 25,067 3.1
Premises and equipment 248,567 245,037 1.4
Goodwill 1,071,769 1,070,496 .1
Core deposit intangibles 271,318 289,436 (6.3)
Other assets 490,235 458,153 7.0
Total assets $20,812,168 20,086,505 3.6
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $2,051,963 1,995,028 2.9
Savings, NOW and money market
accounts 5,732,415 5,846,894 (2.0)
Jumbo and brokered certificates of
deposit 1,652,279 1,583,986 4.3
Time deposits 4,703,158 4,726,412 (.5)
Total deposits 14,139,815 14,152,320 (.1)
Short-term borrowings 1,352,416 853,227 58.5
FHLB advances 2,026,082 1,878,220 7.9
Trust preferred securities and long-
term debt 282,108 282,032 .0
Other liabilities 415,361 418,481 (.7)
Total liabilities 18,215,782 17,584,280 3.6
Stockholders' Equity
Common stock 412,835 412,327 .1
Additional paid-in capital 1,779,603 1,777,898 .1
Retained earnings 369,912 320,064 15.6
Accumulated other comprehensive
income 34,036 (8,064) (522.1)
Total stockholders' equity 2,596,386 2,502,225 3.8
Total liabilities and stockholders'
equity $20,812,168 20,086,505 3.6
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter End of Period Balance Sheet
(In Thousands)
%
As of Inc/
06/30/2002 06/30/2001 (Decr)
Assets
Cash and due from banks 481,326 522,147 (7.8)
Time deposits in other banks 6,544 59,787 (89.1)
Federal funds sold and
other short-term investments 105,932 125,178 (15.4)
Investment securities:
Available for sale 4,632,713 2,501,885 85.2
Held to maturity 839,542 1,645,528 (49.0)
Trading securities 110,427 59,746 84.8
Loans:
Commercial 3,114,754 2,723,558 14.4
Construction and commercial real
estate 3,582,421 2,979,178 20.2
Mortgage 1,658,905 1,832,590 (9.5)
Consumer 3,910,081 3,503,130 11.6
Revolving credit 69,388 61,194 13.4
Lease financing 134,481 136,596 (1.5)
Total loans 12,470,030 11,236,246 11.0
Allowance for loan losses 161,616 145,659 11.0
Net loans 12,308,414 11,090,587 11.0
Bank owned life insurance 219,542 186,775 17.5
Investment in First Market Bank 25,839 23,166 11.5
Premises and equipment 248,567 202,511 22.7
Goodwill 1,071,769 910,421 17.7
Core deposit intangibles 271,318 258,042 5.1
Other assets 490,235 366,917 33.6
Total assets 20,812,168 17,952,690 15.9
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) 2,051,963 1,518,771 35.1
Savings, NOW and money market
accounts 5,732,415 4,566,990 25.5
Jumbo and brokered certificates of
deposit 1,652,279 1,692,260 (2.4)
Time deposits 4,703,158 4,206,756 11.8
Total deposits 14,139,815 11,984,777 18.0
Short-term borrowings 1,352,416 1,116,482 21.1
FHLB advances 2,026,082 1,950,869 3.9
Trust preferred securities and long-
term debt 282,108 82,015 244.0
Other liabilities 415,361 431,024 (3.6)
Total liabilities 18,215,782 15,565,167 17.0
Stockholders' Equity
Common stock 412,835 408,720 1.0
Additional paid-in capital 1,779,603 1,733,388 2.7
Retained earnings 369,912 220,229 68.0
Accumulated other comprehensive
income 34,036 25,186 35.1
Total stockholders' equity 2,596,386 2,387,523 8.7
Total liabilities and stockholders'
equity 20,812,168 17,952,690 15.9
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter End of Period Balance Sheets
(In Thousands Except Share and Per Share Data)
As of
06/30/2002 03/31/2002 12/31/2001
Assets
Cash and due from banks $481,326 455,126 561,429
Time deposits in other banks 6,544 27,657 31,118
Federal funds sold and
other short-term investments 105,932 11,871 51,873
Investment securities:
Available for sale 4,632,713 4,366,436 3,611,706
Held to maturity 839,542 719,841 900,750
Trading securities 110,427 96,583 197,214
Loans:
Commercial 3,114,754 3,044,614 2,900,346
Construction and commercial real
estate 3,582,421 3,455,569 3,361,232
Mortgage 1,658,905 1,717,904 1,912,345
Consumer 3,910,081 3,845,195 3,602,013
Revolving credit 69,388 68,060 61,731
Lease financing 134,481 133,442 137,098
Total loans 12,470,030 12,264,784 11,974,765
Allowance for loan losses 161,616 160,194 156,401
Net loans 12,308,414 12,104,590 11,818,364
Bank owned life insurance 219,542 216,212 212,376
Investment in First Market Bank 25,839 25,067 24,550
Premises and equipment 248,567 245,037 219,595
Goodwill 1,071,769 1,070,496 946,157
Core deposit intangibles 271,318 289,436 251,464
Other assets 490,235 458,153 447,117
Total assets $20,812,168 20,086,505 19,273,713
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) $2,051,963 1,995,028 1,732,140
Savings, NOW and money market
accounts 5,732,415 5,846,894 5,230,621
Jumbo and brokered certificates of
deposit 1,652,279 1,583,986 1,366,034
Time deposits 4,703,158 4,726,412 4,290,684
Total deposits 14,139,815 14,152,320 12,619,479
Short-term borrowings 1,352,416 853,227 1,141,617
FHLB advances 2,026,082 1,878,220 2,306,554
Trust preferred securities and long-
term debt 282,108 282,032 282,018
Other liabilities 415,361 418,481 468,714
Total liabilities 18,215,782 17,584,280 16,818,382
Stockholders' Equity
Common stock 412,835 412,327 410,117
Additional paid-in-capital 1,779,603 1,777,898 1,756,128
Retained earnings 369,912 320,064 276,342
Accumulated other comprehensive
income (loss) 34,036 (8,064) 12,744
Total stockholders' equity 2,596,386 2,502,225 2,455,331
Total liabilities and stockholders'
equity $20,812,168 20,086,505 19,273,713
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter End of Period Balance Sheets
(In Thousands Except Share and Per Share Data)
09/30/2001 06/30/2001
Assets
Cash and due from banks 547,899 522,147
Time deposits in other banks 31,643 59,787
Federal funds sold and
other short-term investments 11,982 125,178
Investment securities:
Available for sale 2,794,233 2,501,885
Held to maturity 1,489,414 1,645,528
Trading securities 131,374 59,746
Loans:
Commercial 2,782,210 2,723,558
Construction and commercial real
estate 3,163,634 2,979,178
Mortgage 1,750,961 1,832,590
Consumer 3,619,187 3,503,130
Revolving credit 61,902 61,194
Lease financing 138,757 136,596
Total loans 11,516,651 11,236,246
Allowance for loan losses 150,487 145,659
Net loans 11,366,164 11,090,587
Bank owned life insurance 189,695 186,775
Investment in First Market Bank 23,865 23,166
Premises and equipment 202,222 202,511
Goodwill 909,541 910,421
Core deposit intangibles 249,035 258,042
Other assets 534,487 366,917
Total assets 18,481,554 17,952,690
Liabilities
Deposits:
Demand deposits (noninterest-
bearing) 1,564,212 1,518,771
Savings, NOW and money market
accounts 4,834,686 4,566,990
Jumbo and brokered certificates of
deposit 1,329,640 1,692,260
Time deposits 4,216,670 4,206,756
Total deposits 11,945,208 11,984,777
Short-term borrowings 1,308,387 1,116,482
FHLB advances 2,243,509 1,950,869
Trust preferred securities and long-
term debt 39,375 82,015
Other liabilities 530,211 431,024
Total liabilities 16,066,690 15,565,167
Stockholders' Equity
Common stock 408,064 408,720
Additional paid-in-capital 1,726,548 1,733,388
Retained earnings 247,153 220,229
Accumulated other comprehensive
income (loss) 33,099 25,186
Total stockholders' equity 2,414,864 2,387,523
Total liabilities and stockholders'
equity 18,481,554 17,952,690
NATIONAL COMMERCE FINANCIAL CORPORATION
Current Quarter Asset Quality
(In Thousands )
As Of And For The As Of And For The
Three Months Ended % Three Months Ended %
Allowance For Loan 6/30/2002 3/31/2002 Inc 6/30/2002 6/30/2001 Inc
Losses /(Decr) /(Decr)
Beginning balance $160,194 156,401 2.4 160,194 144,039 11.2
Charge-offs:
Commercial (2,637) (1,082) 143.7 (2,637) (720) 266.3
Construction and
commercial real
estate (37) (98) (62.2) (37) (37) .0
Secured by real
estate (985) (883) 11.6 (985) (21) N/A
Consumer (4,140) (6,392) (35.2) (4,140) (4,637) (10.7)
Revolving credit (926) (944) (1.9) (926) (1,031) (10.2)
Lease financing (173) (168) 3.0 (173) (205) (15.6)
Total charge-offs (8,898) (9,567) (7.0) (8,898) (6,651) 33.8
Recoveries:
Commercial 150 375 (60.0) 150 203 (26.1)
Construction and
commercial real
estate 2 -- -- 2 6 (66.7)
Secured by real
estate 88 4 N/A 88 -- --
Consumer 1,096 1,116 (1.8) 1,096 1,081 1.4
Revolving credit 287 222 29.3 287 677 (57.6)
Lease financing (16) 22 (172.7) (16) -- --
Total recoveries 1,607 1,739 (7.6) 1,607 1,967 (18.3)
Net charge-offs (7,291) (7,828) (6.9) (7,291) (4,684) 55.7
Provision for loan
losses 8,713 5,514 58.0 8,713 6,304 38.2
Additions from
acquired
institutions -- 6,107 (100.0) -- -- --
Ending balance $161,616 160,194 .9 161,616 145,659 11.0
Nonperforming and
Risk Assets
Nonaccrual loans by
loan type:
Commercial $17,676 16,764 5.4 17,676 3,529 400.9
Construction and
commercial real
estate 9,988 13,095 (23.7) 9,988 5,394 85.2
Secured by real
estate 238 1,463 (83.7) 238 599 (60.3)
Consumer 1,588 673 136.0 1,588 1,138 39.5
Lease financing 975 758 28.6 975 1,120 (12.9)
Total nonaccrual
loans 30,465 32,753 (7.0) 30,465 11,780 158.6
Foreclosed real
estate 24,634 11,571 112.9 24,634 7,787 216.3
Nonperforming
assets 55,099 44,324 24.3 55,099 19,567 181.6
Restructured loans -- -- -- -- -- --
Ninety days past due
and accruing 52,351 55,265 (5.3) 52,351 29,397 78.1
Risk assets $107,450 99,589 7.9 107,450 48,964 119.4
Asset Quality Ratios
Net charge-offs
(annualized) by
loan type:
Commercial .33 % .10 .33 .08
Construction and
commercial real
estate .00 .01 .00 .00
Secured by real
estate .22 .20 .22 .00
Consumer .31 .58 .31 .41
Revolving credit 3.74 4.47 3.74 2.32
Lease financing .57 .44 .57 .62
Net loans charged-
off (annualized) to
average loans .24 .26 .24 .17
Nonperforming assets
to loans and
foreclosed real
estate .44 .36 .44 .17
Risk assets to loans
and foreclosed real
estate .86 .81 .86 .44
Loan loss allowance
to total loans 1.30 1.31 1.30 1.30
Loan loss allowance
to net charge-offs
(annualized) 5.53 x 5.05 5.53 7.75
Loan loss allowance
to nonperforming
assets 2.93 3.61 2.93 7.44
Loan loss allowance
to risk assets 1.50 1.61 1.50 2.97
NATIONAL COMMERCE FINANCIAL CORPORATION
Five Quarter Asset Quality
(In Thousands)
As Of And For The Three Months Ended
Allowance For
Loan Losses 6/30/2002 3/31/2002 12/31/2001 9/30/2001 6/30/2001
Beginning balance $160,194 156,401 150,487 145,659 144,039
Charge-offs:
Commercial (2,637) (1,082) (1,888) (958) (720)
Construction and
commercial real estate (37) (98) (104) (2) (37)
Secured by real estate (985) (883) (968) (491) (21)
Consumer (4,140) (6,392) (5,405) (4,944) (4,637)
Revolving credit (926) (944) (851) (525) (1,031)
Lease financing (173) (168) (296) (843) (205)
Total charge-offs (8,898) (9,567) (9,512) (7,763) (6,651)
Recoveries:
Commercial 150 375 208 229 203
Construction and
commercial real estate 2 -- -- -- 6
Secured by real estate 88 4 31 6 --
Consumer 1,096 1,116 1,501 1,096 1,081
Revolving credit 287 222 275 306 677
Lease financing (16) 22 -- -- --
Total recoveries 1,607 1,739 2,015 1,637 1,967
Net charge-offs (7,291) (7,828) (7,497) (6,126) (4,684)
Provision for loan losses 8,713 5,514 6,892 9,623 6,304
Additions from acquired
institutions -- 6,107 6,519 1,331 --
Ending balance $161,616 160,194 156,401 150,487 145,659
Nonperforming and Risk
Assets
Nonaccrual loans by loan
type:
Commercial $17,676 16,764 7,458 4,526 3,529
Construction and
commercial real estate 9,988 13,095 12,293 9,128 5,394
Secured by real estate 238 1,463 1,583 1,014 599
Consumer 1,588 673 668 666 1,138
Lease financing 975 758 798 132 1,120
Total nonaccrual loans 30,465 32,753 22,800 15,466 11,780
Foreclosed real estate 24,634 11,571 10,687 8,347 7,787
Nonperforming assets 55,099 44,324 33,487 23,813 19,567
Restructured loans -- -- -- -- --
Ninety days past due and
accruing 52,351 55,265 48,553 32,426 29,397
Risk assets $107,450 99,589 82,040 56,239 48,964
Asset Quality Ratios
Net charge-offs
(annualized) by loan
type:
Commercial .33 % .10 .23 .10 .08
Construction and
commercial real estate .00 .01 .01 .00 .00
Secured by real estate .22 .20 .20 .11 .00
Consumer .31 .58 .43 .43 .41
Revolving credit 3.74 4.47 3.75 1.42 2.32
Lease financing .57 .44 .86 2.43 .62
Net loans charged-off
(annualized) to average
loans .24 .26 .25 .21 .17
Nonperforming assets to
loans and foreclosed real
estate .44 .36 .28 .21 .17
Risk assets to loans and
foreclosed real estate .86 .81 .68 .49 .44
Loan loss allowance to
total loans 1.30 1.31 1.31 1.31 1.30
Loan loss allowance to net
charge-offs (annualized) 5.53 x 5.05 5.26 6.19 7.75
Loan loss allowance to
nonperforming assets 2.93 3.61 4.67 6.32 7.44
Loan loss allowance to
risk assets 1.50 1.61 1.91 2.68 2.97
NATIONAL COMMERCE FINANCIAL CORPORATION
Year to Date Asset Quality
(In Thousands)
As Of And For The
Six Months Ended $ %
Inc
Allowance For Loan Losses 6/30/2002 6/30/2001 Change /(Decr)
Beginning balance $156,401 143,614 12,787 8.9
Charge-offs:
Commercial (3,719) (1,640) (2,079) 126.8
Construction and commercial real
estate (135) (70) (65) 92.9
Secured by real estate (1,868) (491) (1,377) 280.4
Consumer (10,532) (10,739) 207 (1.9)
Revolving credit (1,870) (1,120) (750) 67.0
Lease financing (341) (302) (39) 12.9
Total charge-offs (18,465) (14,362) (4,103) 28.6
Recoveries:
Commercial 525 380 145 38.2
Construction and commercial real
estate 2 10 (8) (80.0)
Secured by real estate 92 18 74 411.1
Consumer 2,212 2,638 (426) (16.1)
Revolving credit 509 677 (168) (24.8)
Lease financing 6 -- 6 --
Total recoveries 3,346 3,723 (377) (10.1)
Net charge-offs (15,119) (10,639) (4,480) 42.1
Provision for loan losses 14,227 12,684 1,543 12.2
Additions from acquired institutions 6,107 -- 6,107 --
Ending balance $161,616 145,659 15,957 11.0
Asset Quality Ratios
Net charge-offs (annualized) by loan
type:
Commercial .21 % .10
Construction and commercial real
estate .01 .00
Secured by real estate .21 .05
Consumer .44 .47
Revolving credit 4.09 1.45
Lease financing .50 .46
Net loans charged-off (annualized) to
average loans .25 .19
Loan loss allowance to total loans 1.30 1.30
Loan loss allowance to net charge-offs
(annualized) 5.30 x 6.79
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
06/30/2002
Average
Average Yield
Balance Interest Rate
Earning assets:
Total loans $12,335,537 218,856 7.11 %
Investment securities (1) 5,197,443 72,555 5.58
Trading securities 89,229 613 2.75
Time deposits in other banks 22,411 142 2.54
Federal funds sold and
other short-term investments 21,187 128 2.43
Total earning assets 17,665,807 292,294 6.63
Non-earning assets:
Cash and due from banks 436,473
Bank owned life insurance 217,458
Investment in First Market Bank 25,317
Premises and equipment 247,739
Goodwill 1,070,724
Core deposit intangibles 280,701
Other assets, net 289,085
Total assets $20,233,304
Interest-bearing liabilities
Savings, NOW and money market
accounts $5,800,664 18,527 1.28 %
Jumbo and brokered certificates of
deposit 1,533,119 8,290 2.17
Time deposits 4,681,751 45,046 3.86
Total interest-bearing deposits 12,015,534 71,863 2.40
Short-term borrowings 1,124,318 4,461 1.26
FHLB advances 1,949,166 22,626 4.66
Trust preferred securities and long-
term debt 282,053 2,474 3.51
Total interest-bearing liabilities 15,371,071 101,424 2.65
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,923,408
Other liabilities 408,906
Stockholders' equity 2,529,919
Total liabilities and stockholders'
equity $20,233,304
Net interest income and margin $190,870 4.33 %
Interest rate spread 3.98 %
(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)
Three Months Ended
03/31/2002
Average
Average Yield
Balance Interest 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 intangibles 271,068
Other assets, net 253,312
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)
Three Months Ended
12/31/2001
Average
Average Yield/
Balance Interest 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 intangibles 249,704
Other assets, net 367,624
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)
Three Months Ended
09/30/2001
Average
Average Yield
Balance Interest 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 intangibles 253,732
Other assets, net 284,511
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)
Three Months Ended
06/30/2001
Average
Average Yield
Balance Interest 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 intangibles 267,613
Other assets, net 282,383
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
Year to Date Average Balance Sheets and Net Interest Income Analysis
(In Thousands Except Share and Per Share Data)
Six Months Ended
06/30/2002
Average
Average Yield
Balance Interest Rate
Earning assets:
Total loans $12,222,822 439,677 7.24 %
Investment securities (1) 5,014,627 141,056 5.63
Trading securities 82,513 1,055 2.56
Time deposits in other banks 25,256 310 2.47
Federal funds sold and
other short-term investments 25,021 277 2.23
Total earning assets 17,370,239 582,375 6.74
Non-earning assets:
Cash and due from banks 454,467
Bank owned life insurance 215,737
Investment in First Market Bank 25,021
Premises and equipment 239,188
Goodwill 1,040,625
Core deposit intangibles 275,911
Other assets, net 271,297
Total assets $19,892,485
Interest-bearing liabilities
Savings, NOW and money market
accounts $5,643,359 35,929 1.28 %
Jumbo and brokered certificates of
deposit 1,552,380 17,108 2.22
Time deposits 4,592,683 93,660 4.11
Total interest-bearing deposits 11,788,422 146,697 2.51
Short-term borrowings 1,048,208 7,961 1.53
FHLB advances 2,021,161 45,815 4.57
Trust preferred securities and long-
term debt 282,052 4,955 3.52
Total interest-bearing liabilities 15,139,843 205,428 2.74
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,835,344
Other liabilities 408,431
Stockholders' equity 2,508,867
Total liabilities and stockholders'
equity $19,892,485
Net interest income and margin $376,947 4.36 %
Interest rate spread 4.00 %
(1) Average balances exclude the mark-to-market adjustment for Statement
of Financial Accounting Standards No. 115.
NATIONAL COMMERCE FINANCIAL CORPORATION
Year to Date Average Balance Sheets and Net Interest Income Analysis
(In Thousands Except Share and Per Share Data)
Six Months Ended
06/30/2001
Average
Average Yield
Balance Interest Rate
Earning assets:
Total loans 11,088,400 491,529 8.93
Investment securities (1) 4,146,983 151,077 7.29
Trading securities 62,147 1,720 5.53
Time deposits in other banks 26,676 711 5.37
Federal funds sold and
other short-term investments 76,562 2,118 5.58
Total earning assets 15,400,768 647,155 8.45
Non-earning assets:
Cash and due from banks 373,937
Bank owned life insurance 111,211
Investment in First Market Bank 22,608
Premises and equipment 204,180
Goodwill 924,156
Core deposit intangibles 275,020
Other assets, net 281,421
Total assets 17,593,301
Interest-bearing liabilities
Savings, NOW and money market
accounts 4,490,705 64,955 2.92
Jumbo and brokered certificates of
deposit 1,862,695 51,679 5.60
Time deposits 4,183,125 127,532 6.15
Total interest-bearing deposits 10,536,525 244,166 4.67
Short-term borrowings 1,081,694 25,409 3.96
FHLB advances 1,712,002 47,104 5.55
Trust preferred securities and long-
term debt 85,599 2,822 6.59
Total interest-bearing liabilities 13,415,820 319,501 4.80
Other liabilities and stockholders'
equity:
Demand deposits (noninterest-bearing) 1,350,954
Other liabilities 418,933
Stockholders' equity 2,407,594
Total liabilities and stockholders'
equity 17,593,301
Net interest income and margin 327,654 4.26
Interest rate spread 3.65
(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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