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52
Local Banking Segment
Table 2: Local Banking
As of and for the Year ended
December 31
(Dollars in thousands) 2008
2007
2006
Earnings (Managed Basis)
Interest income.....................................................................................................
.
$ 6,096,293 $ 6,937,321 $ 2,792,024
Interest expense....................................................................................................
.
3,673,482 4,601,269 1,785,044
Net interest income ..............................................................................................
.
2,422,811 2,336,052 1,006,980
Non-interest income.............................................................................................
.
813,742 939,638 595,096
Total revenue .......................................................................................................
.
3,236,553 3,275,690 1,602,076
Provision for loan and lease losses ......................................................................
.
447,643 32,178 602
Non-interest expense............................................................................................
.
2,443,369 2,333,955 1,269,868
Income before taxes .............................................................................................
.
345,541 909,557 331,606
Income taxes ........................................................................................................
.
120,939 316,464 116,062
Net income...........................................................................................................
.
$ 224,602 $ 593,093 $ 215,544
Selected Metrics (Managed Basis)
Commercial lending
Commercial and multi-family real estate (4) ................................................
.
13,382,909 12,414,263 891,140
Middle market (5) .........................................................................................
.
10,081,823 8,288,476 3,524,564
Small ticket commercial real estate (6).........................................................
.
2,609,123 2,948,402
Specialty lending (7).....................................................................................
.
3,547,287 3,396,100
Total commercial lending...........................................................................
.
29,621,142 27,047,241 4,415,704
Small business lending (8) ............................................................................
.
4,747,783 4,612,500 3,640,787
Consumer lending
Mortgages (9) ...............................................................................................
.
7,187,805 8,513,216 444,108
Branch based home equity & other consumer (10)........................................
.
3,773,397 4,095,228 3,816,185
Total consumer lending..............................................................................
.
10,961,202 12,608,444 4,260,293
Other (11) ......................................................................................................
.
(247,146 ) (295,390) (171,251)
Period end loans held for investment...................................................................
.
$ 45,082,981 $ 43,972,795 $ 12,145,533
Average loans held for investment.......................................................................
.
$ 44,318,212 $ 42,272,403 $ 13,225,559
Core deposits (1).....................................................................................................
.
$ 67,546,102 $ 62,977,637 $ 27,071,324
Total deposits.......................................................................................................
.
$ 78,938,391 $ 73,089,284 $ 35,187,965
Loans held for investment yield...........................................................................
.
6.42 % 7.04 % 7.75 %
Net interest marginloans (2) ...............................................................................
.
2.00 % 1.86 % 3.24 %
Net interest margindeposits (3) ...........................................................................
.
2.07 % 2.03 % 1.56 %
Efficiency ratio ....................................................................................................
.
75.49 % 71.25 % 79.26 %
Charge-off rates
Commercial lending ...................................................................................
.
Commercial and multi-family real estate..........................................
.
0.36 % 0.02 % 0.00 %
Middle market...................................................................................
.
0.21 % 0.04 % 0.14 %
Small ticket commercial real estate ..................................................
.
0.31 % 0.18 % 0.00 %
Specialty lending...............................................................................
.
0.24 % 0.11 % 0.00 %
Total commercial lending........................................................
.
0.29 % 0.05 % 0.11 %
Small business lending......................................................................
.
1.04 % 0.47 % 0.44 %
Consumer lending ......................................................................................
.
Mortgages .........................................................................................
.
0.35 % 0.11 % 0.07 %
Branch based home equity & other consumer ..................................
.
1.14 % 0.75 % 0.53 %
Total consumer lending...........................................................
.
0.62 % 0.31 % 0.37 %
Net charge-off rate ...............................................................................................
.
0.50 % 0.21 % 0.43 %
Non performing loans ..........................................................................................
.
$ 565,791 $ 178,385 $ 57,824
Foreclosed assets..................................................................................................
.
63,970 14,058 11,838
Non performing assets .........................................................................................
.
$ 629,761 $ 192,443 $ 69,662