Company Also Reduces Common Dividend; Reports First Quarter Results
CLEVELAND, April 21 /PRNewswire-FirstCall/ -- National City Corporation
(NYSE: NCC) today announced that its Board of Directors has unanimously
approved the raising of $7 billion of additional equity capital that
solidifies the company's financial foundation as it continues to focus on
maximizing its core banking strengths for stockholders, customers and the
communities it serves. Separately, National City also released its first
quarter 2008 results, reporting a net loss of $171 million, or $.27 per
diluted share, compared to a net loss of $333 million, or $.53 per diluted
share in the fourth quarter of 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO )
The capital raise includes $985 million of private equity capital from
Corsair Capital, a highly regarded private equity firm with a successful track
record of global long-term investing in the financial services industry,
particularly the banking sector, and one other private equity investor. The
balance, or $6.015 billion, of equity capital is being purchased by other
investors, including several of National City's largest current institutional
stockholders.
The capital infusion is expected to increase National City's capital
ratios well above the high end of the company's targeted ranges. That includes
its Tier 1 risk-based capital ratio, which will increase to 11.40 percent pro
forma for this transaction from 6.65 percent at March 31, 2008. The 11.40
percent pro forma ratio places National City well above its peer group with
respect to this important measure. To further strengthen its capital position,
National City's Board also approved a reduction in its common dividend to
$0.01 per share from $0.21 per share, payable May 16, 2008, to holders of
record May 1, 2008.
"This strategic raising of equity capital provides National City with the
financial flexibility to continue investing in and growing our core
businesses, which are delivering solid results, while addressing the asset
quality challenges posed by the disruptions in the credit and housing
markets," said National City Chairman, President and CEO Peter E. Raskind. "In
addition, while we fully recognize that the dividend is an important element
of return for our stockholders, the dividend reduction is consistent with our
efforts to strengthen our capital position and is prudent given this
environment."
"We are pleased with the confidence that our investors have expressed in
the value underlying National City's franchise and the fundamental strengths
of our business model that will help drive a return to profitability. Corsair
Capital's participation is particularly gratifying," Raskind said. "It is a
seasoned investor with a record of working productively with the boards and
management teams of the companies in which it invests. National City has a
long and rich history, and we look forward to carrying on that great tradition
with our team of 32,000 employees, whose passion and dedication for serving
our customers is unmatched in our industry."
Corsair Capital will be represented on the Board of Directors of National
City, which intends to appoint Corsair Capital Vice Chairman Richard E.
Thornburgh as a director. Thornburgh said, "In Corsair's view, National City
is an integral contributor to the economic fabric of the markets it serves.
Our decision to make a long-term investment in National City reflects our
recognition of the company's important role as a leading provider of core
banking services to its many customers, and our confidence in the potential of
National City to achieve enhanced value for its customers, stockholders and
employees in the future."
Terms of the Capital Raise
In the financing, National City will issue 126.2 million shares of common
stock at a purchase price of $5 per share and an aggregate of 63,690 shares of
Contingent Convertible Perpetual Non-cumulative Preferred Stock, Series G, at
a purchase price and liquidation preference of $100,000 per share. After
receipt of certain approvals, including approval of the company's
stockholders, each share of convertible preferred stock will automatically
convert into 20,000 shares of the company's common stock, subject to
adjustment.
In addition, Corsair Capital and certain other participating investors
will receive warrants with an exercise price of 115 percent of the company's
average closing price for the five-trading-day period beginning Monday, April
21, 2008, with a cap of $8.50 per share. These warrants have a term of five
years. The warrants will be exercisable after certain stockholder and
regulatory approvals are received.
The company intends to call a special stockholders' meeting to:
- Increase the number of shares of authorized common stock and
- Approve conversion of the preferred Series G stock into common stock
and the exercisability of the warrants.
Further details about the private offering and the terms of the securities
will be available in the company's Form 8-K to be filed with the SEC.
Goldman, Sachs & Co. served as financial advisor and Sullivan & Cromwell
LLP and Jones Day served as legal advisors to National City. RBS Greenwich
Capital served as financial advisor and Simpson Thacher & Bartlett LLP served
as legal advisor to Corsair Capital.
First Quarter Results
Separately, National City released its first quarter results, reporting a
net loss for the first quarter of 2008 of $171 million, or $.27 per diluted
share, compared to a net loss of $333 million, or $.53 per diluted share in
the fourth quarter of 2007, and net income of $319 million, or $.50 per
diluted share, for the first quarter of 2007. The first quarter 2008 loss
principally reflects a provision for loan losses of approximately $1.4
billion, partially offset by a gain on the redemption of Visa shares of $532
million and a release of Visa indemnification liabilities of $240 million.
Chairman's Comments
"Clearly, the U.S. housing and mortgage environment deteriorated
significantly over the course of the first quarter. As a consequence, we have
revised future loss expectations and significantly increased reserves across
several portfolios, in particular the liquidating portfolios of nonprime
mortgage and broker-sourced home equity loans," Raskind said. "The resulting
loan loss provision drove the overall results of the company to a net loss
position for the first quarter, despite the benefits of a large gain from the
Visa IPO and solid financial performance in our retail banking, commercial
banking and wealth management businesses. While we are clearly disappointed
by the quarter's weak profitability, we feel that it is both necessary and
prudent to build reserves in anticipation of a continued difficult environment
for housing-related loans."
Net Interest Income and Margin
Tax-equivalent net interest income was $1.1 billion for the first quarter
of 2008, down about 4% compared to both the immediately preceding quarter and
the first quarter a year ago. Average earning assets for the first quarter of
2008 were $134.6 billion, about equal to the preceding quarter, and an
increase of 11% compared to the first quarter a year ago, largely due to a
September 2007 acquisition. Net interest margin was 3.18% in the first
quarter of 2008, 3.30% in the fourth quarter of 2007, and 3.69% in the first
quarter a year ago. The lower margin in 2008 reflects lower loan yields
driven by decreases in the Federal Funds rate, while funding costs have
declined less.
Loans and Deposits
Average portfolio loans were $115.4 billion for the first quarter of 2008,
$113.5 billion for the fourth quarter of 2007, and $98.2 billion for the first
quarter a year ago. The year-over-year increase reflects growth in commercial
loans, transfers of formerly held for sale mortgage and home equity loans, and
the aforementioned acquisition. Average loans held for sale were $4.5 billion
in the first quarter of 2008, down $3.8 billion compared with the fourth
quarter of 2007, and down $7.3 billion compared to the first quarter a year
ago. This decrease reflects curtailment of origination of non
agency-eligible mortgage loans and broker-originated mortgage and home equity
loans, as well as transfers of previously held for sale loans to portfolio in
late 2007.
Average total deposits were $97.6 billion in the first quarter of 2008,
about equal to the preceding quarter, and up 11% compared to the first quarter
a year ago. Average core deposits, excluding mortgage escrow and custodial
balances, were $83.2 billion in the first quarter of 2008, about equal to the
fourth quarter of 2007, and up from $72.8 billion in the first quarter a year
ago. Deposits have increased with the aforementioned acquisition as well as
continued household growth and expansion.
Credit Quality
The provision for loan losses was $1.4 billion in the first quarter of
2008, $691 million in the fourth quarter of 2007, and $122 million in the
first quarter of 2007. The higher provision in 2008 principally reflects
further deterioration in the credit quality of residential real estate loans,
specifically within the liquidating nonprime and broker-sourced mortgage and
home equity portfolios, as well as the residential construction portfolio.
Net charge-offs were $538 million in the first quarter of 2008, $275
million in the preceding quarter, and $147 million in the first quarter of
last year. The higher charge-offs are concentrated in the previously
identified residential real estate portfolios. Nonperforming assets were
approximately $2.3 billion, up from $1.5 billion at December 31, 2007, with
the increase primarily driven by higher levels of nonprime mortgage,
residential construction and formerly held-for-sale mortgage loans. Loans 90
days past due were $1.8 billion at March 31, 2008, compared to $1.9 billion at
December 31, 2007.
As of March 31, 2008, the allowance for loan losses was $2.6 billion, or
2.23% of portfolio loans, compared to $1.8 billion, or 1.52% of portfolio
loans, at year end, and $1.1 billion, or 1.11% of portfolio loans, a year
earlier. The higher allowance for loan losses reflects expected probable
losses on residential real estate loans.
Noninterest Income
Noninterest income was $1.1 billion for the first quarter of 2008, $597
million for the fourth quarter of 2007, and $621 million in the first quarter
a year ago. Net securities gains were $515 million in the first quarter of
2008, which included a $532 million gain on the partial redemption of Visa
Class B shares following Visa's initial public offering, as well as an other-
than-temporary impairment loss of approximately $16 million on certain asset-
backed securities.
Net loan sale revenue/(loss) was $89 million in the first quarter of 2008,
$(149) million in the fourth quarter of 2007, and $75 million in the first
quarter a year ago. The improvement in net loan sale revenue resulted from
limiting mortgage loan originations to agency-eligible loans. Loan servicing
revenue was $16 million in the first quarter of 2008, $115 million in the
fourth quarter of 2007, and $32 million in the first quarter a year ago. This
decrease primarily reflects net mortgage servicing right hedging
(losses)/gains of $(59) million in the first quarter of 2008, $11 million in
the fourth quarter, and $(49) million a year ago.
Deposit service fees were $230 million in the first quarter of 2008,
compared to $249 million in the fourth quarter of 2007 and $204 million in the
first quarter a year ago. The decrease compared to the fourth quarter
reflects seasonally lower volume of overdraft and nonsufficient funds
transactions. The increase compared to the first quarter a year ago reflects
the recent acquisition, continued growth in the number of deposit accounts,
and higher volumes of fee-generating transactions. Derivative (losses)/gains
were $(49) million in the first quarter of 2008, versus $35 million in the
fourth quarter of 2007, and $(23) million in the first quarter a year ago.
Noninterest Expense
Noninterest expense was $1.0 billion in the first quarter of 2008, $1.6
billion in the fourth quarter of 2007, and $1.2 billion in the first quarter a
year ago. Noninterest expense for the first quarter of 2008 benefited from
the release of $240 million of previously established indemnification
liabilities resulting from the funding of Visa's litigation escrow account.
Noninterest expense for the preceding quarter included a goodwill impairment
charge of $181 million related to restructuring the mortgage business and an
indemnification provision of $132 million for the company's proportionate
share of certain Visa-related litigation. Foreclosure costs increased to $49
million in the first quarter of 2008, up from $25 million in the immediately
preceding quarter, and $10 million in the first quarter a year ago, due to
continued deterioration in the housing markets.
Balance Sheet
At March 31, 2008, total assets were $155.0 billion and stockholders'
equity was $13.2 billion or 8.5% of total assets. At March 31, 2008, total
deposits were $98.5 billion, including core deposits of $89.1 billion.
Tangible equity to assets was 5.00% at March 31, 2008, compared to 5.29% at
December 31, 2007. The company's Tier 1 capital was 6.65% at March 31, 2008,
which is above the "well-capitalized" threshold of 6.00%. The Corporation had
no share repurchases in the first quarter of 2008 and none are planned.
Forward-Looking Statements
This document contains forward-looking statements. Forward-looking
statements provide current expectations or forecasts of future events and are
not guarantees of future performance, nor should they be relied upon as
representing management's views as of any subsequent date. The forward-
looking statements are based on management's expectations and are subject to a
number of risks and uncertainties. Although management believes that the
expectations reflected in such forward-looking statements are reasonable,
actual results may differ materially from those expressed or implied in such
statements. Risks and uncertainties that could cause actual results to differ
materially include, without limitation, the Corporation's ability to
effectively execute its business plans; changes in general economic and
financial market conditions including the housing and residential mortgage
markets; changes in interest rates; changes in the competitive environment;
continuing consolidation in the financial services industry; new litigation or
changes in existing litigation; losses, customer bankruptcies, claims and
assessments; changes in banking regulations or other regulatory or legislative
requirements affecting the Corporation's business; and changes in accounting
policies or procedures as may be required by the Financial Accounting
Standards Board or other regulatory agencies.
Additional information concerning factors that could cause actual results
to differ materially from those expressed or implied in the forward-looking
statements is available in the Corporation's Annual Report on Form 10-K for
the year ended December 31, 2007, and subsequent filings with the United
States Securities and Exchange Commission (SEC). Copies of these filings are
available at no cost on the SEC's Web site at sec.gov or on the Corporation's
Web site at nationalcity.com/investorrelations . Management may elect to
update forward-looking statements at some future point; however, it
specifically disclaims any obligation to do so.
Conference Call
Management of National City will host a conference call at 11:00 a.m. (ET)
on Monday, April 21, 2008 to discuss the first quarter 2008 results.
Presentation slides to accompany the conference call remarks will be available
prior to the call at:
http://phx.corporate-ir.net/phoenix.zhtml?c=64242&p=irol-presentations .
Interested parties may access the conference call by dialing 1-800-230-1059.
Participants are encouraged to call in 15 minutes prior to the call in order
to register for the event. The conference call will also be accessible via
the Company's Web site, www.nationalcity.com/investorrelations . Questions
for discussion at the conference call may be submitted any time prior to or
during the call by sending an email to investor.relations@nationalcity.com.
A replay of the conference call will be available from 1:00 p.m. (ET) on
April 21, 2008, until midnight (ET) on April 28, 2008. The replay will be
accessible by calling 1-800-475-6701 (domestic) or 320-365-3844
(international) using the pass code of 920352 or via the Company's Web site.
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio,
is one of the nation's largest financial holding companies. The company
operates through an extensive banking network primarily in Ohio, Florida,
Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, and Wisconsin
and also serves customers in selected markets nationally. Its core businesses
include commercial and retail banking, mortgage financing and servicing,
consumer finance and asset management. For more information about National
City, visit the company's Web site at nationalcity.com .
About Corsair Capital
More information about Corsair may be found at
www.corsairinvestments.com .
Unaudited
National City Corporation
CONSOLIDATED FINANCIAL HIGHLIGHTS
(In millions, except per share data)
2008 2007
1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
EARNINGS
Tax-equivalent interest income $2,132 $2,381 $2,360 $2,255 $2,218
Interest expense 1,063 1,272 1,258 1,159 1,100
Tax-equivalent net interest
income 1,069 1,109 1,102 1,096 1,118
Provision for loan losses 1,393 691 368 145 122
Tax-equivalent (NIE) NII after
provision for loan losses (324) 418 734 951 996
Noninterest income 1,138 597 624 764 621
Noninterest expense 1,012 1,567 1,396 1,186 1,156
(Loss) income before taxes and
tax-equivalent adjustment (198) (552) (38) 529 461
Income tax (benefit) expense (35) (226) (26) 175 134
Tax-equivalent adjustment 8 7 7 7 8
Net (loss) income ($171) ($333) ($19) $347 $319
Effective tax rate (17.0)% (40.5)% (58.4)% 33.6% 29.5%
PER COMMON SHARE
Net (loss) income:
Basic ($.27) ($.53) ($.03) $.60 $.50
Diluted (.27) (.53) (.03) .60 .50
Dividends paid .21 .41 .41 .39 .39
Book value 20.61 21.15 21.86 21.45 22.12
Market value (close) 9.95 16.46 25.09 33.32 37.25
Average shares:
Basic 633.4 633.2 588.1 572.7 631.7
Diluted 633.4 633.2 588.1 580.4 640.5
PERFORMANCE RATIOS
Return on average common equity - - - 11.35% 8.98%
Return on average total equity - - - 11.37 8.99
Return on average assets - - - 1.00 .94
Net interest margin 3.18% 3.30% 3.43% 3.59 3.69
Efficiency ratio 45.84 91.86 80.89 63.76 66.50
LINE OF BUSINESS (LOB) RESULTS
Net Income:
Retail Banking $98 $176 $172 $193 $170
Commercial Banking - Regional 30 82 105 100 128
Commercial Banking - National 61 68 45 78 97
Mortgage Banking (296) (347) (124) 24 (26)
Asset Management 19 24 21 29 27
Parent and Other (83) (336) (238) (77) (77)
Total Consolidated National
City Corporation ($171) ($333) ($19) $347 $319
LOB Contribution to Diluted
Earnings Per Share:
Retail Banking $.15 $.28 $.29 $.33 $.27
Commercial Banking - Regional .05 .13 .17 .17 .20
Commercial Banking - National .10 .11 .07 .14 .15
Mortgage Banking (.47) (.55) (.21) .04 (.04)
Asset Management .03 .04 .03 .05 .04
Parent and Other (.13) (.54) (.38) (.13) (.12)
Total Consolidated National
City Corporation ($.27) ($.53) ($.03) $.60 $.50
2006
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
EARNINGS
Tax-equivalent interest income $2,270 $2,298 $2,243 $2,153
Interest expense 1,137 1,148 1,076 969
Tax-equivalent net interest income 1,133 1,150 1,167 1,184
Provision for loan losses 325 70 62 32
Tax-equivalent (NIE) NII after
provision for loan losses 808 1,080 1,105 1,152
Noninterest income 1,702 877 784 656
Noninterest expense 1,208 1,187 1,172 1,144
(Loss) income before taxes and tax-
equivalent adjustment 1,302 770 717 664
Income tax (benefit) expense 452 236 238 197
Tax-equivalent adjustment 8 8 6 8
Net (loss) income $842 $526 $473 $459
Effective tax rate 34.9% 30.9% 33.5% 30.1%
PER COMMON SHARE
Net (loss) income:
Basic $1.37 $.87 $.77 $.75
Diluted 1.36 .86 .77 .74
Dividends paid .39 .39 .37 .37
Book value 23.06 21.44 20.84 20.69
Market value (close) 36.56 36.60 36.19 34.90
Average shares:
Basic 611.9 603.8 609.7 611.9
Diluted 620.7 612.1 618.2 619.7
PERFORMANCE RATIOS
Return on average common equity 24.93% 16.45% 15.08% 14.91%
Return on average total equity 24.94 16.46 15.10 14.92
Return on average assets 2.44 1.51 1.35 1.33
Net interest margin 3.73 3.73 3.73 3.81
Efficiency ratio 42.64 58.59 60.04 62.18
LINE OF BUSINESS (LOB) RESULTS
Net Income:
Retail Banking $129 $192 $208 $174
Commercial Banking - Regional 114 113 106 114
Commercial Banking - National 77 101 99 96
Mortgage Banking (20) 34 (51) (72)
Asset Management 23 23 30 22
Parent and Other 519 63 81 125
Total Consolidated National City
Corporation $842 $526 $473 $459
LOB Contribution to Diluted Earnings
Per Share:
Retail Banking $.21 $.31 $.34 $.28
Commercial Banking - Regional .18 .19 .17 .18
Commercial Banking - National .12 .16 .16 .15
Mortgage Banking (.03) .06 (.08) (.11)
Asset Management .04 .04 .05 .04
Parent and Other .84 .10 .13 .20
Total Consolidated National City
Corporation $1.36 $.86 $.77 $.74
Unaudited
National City Corporation
CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)
($ in millions)
2008 2007
1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
CREDIT QUALITY STATISTICS
Net charge-offs $538 $275 $141 $98 $147
Provision for loan losses 1,393 691 368 145 122
Loan loss allowance 2,582 1,762 1,373 1,136 1,104
Lending-related commitment
allowance 67 65 54 61 63
Nonperforming assets 2,265 1,523 1,211 848 801
Annualized net charge-offs
to average portfolio loans 1.88% .96% .54% .39% .61%
Loan loss allowance to
period-end portfolio loans 2.23 1.52 1.23 1.14 1.11
Loan loss allowance to
nonperforming portfolio
loans 145.66 161.55 159.42 202.16 206.08
Loan loss allowance
(period-end) to
annualized net
charge-offs 119.22 161.24 245.43 291.06 184.68
Nonperforming assets to
period-end portfolio
loans and other
nonperforming assets 1.95 1.31 1.08 .85 .80
CAPITAL AND LIQUIDITY RATIOS
Tier 1 capital(1) 6.65% 6.53% 6.78% 6.56% 7.08%
Total risk-based capital(1) 10.28 10.27 10.37 10.28 10.13
Leverage(1) 6.49 6.39 6.96 6.53 6.92
Period-end equity to assets 8.53 8.95 8.98 8.64 9.51
Period-end tangible
equity to assets (2) 5.00 5.29 5.29 5.43 6.26
Average equity to assets 8.76 8.88 8.71 8.83 10.45
Average equity to
portfolio loans 11.62 11.94 12.10 12.27 14.66
Average portfolio loans
to deposits 118.23 115.45 111.70 110.74 111.78
Average portfolio loans
to core deposits 131.57 130.20 128.17 127.87 128.66
Average portfolio loans
to earning assets 85.75 84.60 81.43 81.48 80.79
Average securities to
earning assets 6.38 6.58 6.11 5.84 6.34
AVERAGE BALANCES
Assets $153,032 $152,566 $145,095 $138,587 $137,810
Portfolio loans 115,379 113,484 104,439 99,689 98,198
Loans held for sale or
securitization 4,494 8,340 12,643 12,615 11,769
Securities (at cost) 8,588 8,826 7,835 7,143 7,704
Earning assets 134,552 134,142 128,249 122,344 121,543
Core deposits 87,691 87,164 81,484 77,964 76,322
Purchased deposits and
funding 47,475 47,450 47,093 44,604 43,001
Total equity 13,411 13,554 12,636 12,231 14,398
PERIOD-END BALANCES
Assets $155,038 $149,852 $154,166 $140,636 $138,559
Portfolio loans 115,859 116,022 111,991 99,683 99,566
Loans held for sale or
securitization 4,536 4,290 11,987 14,421 10,693
Securities (at fair value) 8,449 8,731 8,977 7,024 7,208
Core deposits 89,135 87,536 86,450 79,043 77,884
Purchased deposits and
funding 48,733 44,822 49,193 45,036 42,897
Total equity 13,223 13,408 13,843 12,147 13,170
2006
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
CREDIT QUALITY STATISTICS
Net charge-offs $128 $117 $76 $121
Provision for loan losses 325 70 62 32
Loan loss allowance 1,131 932 989 1,001
Lending-related commitment allowance 78 80 77 79
Nonperforming assets 732 689 667 647
Annualized net charge-offs to
average portfolio loans .54% .48% .30% .46%
Loan loss allowance to period-end
portfolio loans 1.18 1.00 .98 .98
Loan loss allowance to
nonperforming portfolio loans 226.13 198.25 202.14 207.14
Loan loss allowance (period-end)
to annualized net charge-offs 223.38 200.10 326.17 204.29
Nonperforming assets to period-end
portfolio loans and other
nonperforming assets .76 .74 .66 .63
CAPITAL AND LIQUIDITY RATIOS
Tier 1 capital(1) 8.93% 7.48% 7.31% 7.38%
Total risk-based capital(1) 12.16 10.30 10.20 10.31
Leverage(1) 8.56 7.13 6.89 6.92
Period-end equity to assets 10.40 9.34 8.91 9.00
Period-end tangible equity to
assets(2) 7.77 6.99 6.60 6.70
Average equity to assets 9.78 9.16 8.97 8.94
Average equity to portfolio loans 14.38 13.03 12.35 11.83
Average portfolio loans to
deposits 110.18 116.64 122.88 127.05
Average portfolio loans to core
deposits 131.69 140.31 146.55 155.09
Average portfolio loans to earning
assets 76.65 79.11 81.32 84.71
Average securities to earning assets 6.43 6.40 6.24 6.20
AVERAGE BALANCES
Assets $136,893 $138,434 $140,019 $139,396
Portfolio loans 93,124 97,404 101,757 105,431
Loans held for sale or
securitization 17,425 15,065 12,760 8,826
Securities (at cost) 7,806 7,874 7,802 7,719
Earning assets 121,488 123,126 125,127 124,459
Core deposits 70,717 69,419 69,434 67,979
Purchased deposits and funding 48,917 52,321 54,338 55,105
Total equity 13,388 12,687 12,565 12,468
PERIOD-END BALANCES
Assets $140,191 $138,123 $141,486 $140,231
Portfolio loans 95,492 92,963 100,973 102,269
Loans held for sale or
securitization 12,853 19,505 12,964 11,779
Securities (at fair value) 7,509 7,906 7,726 7,609
Core deposits 73,375 68,788 69,744 69,884
Purchased deposits and funding 47,147 51,987 54,069 52,879
Total equity 14,581 12,902 12,610 12,623
(1) First quarter 2008 regulatory capital ratios are based upon
preliminary data
(2) Excludes goodwill and other intangible assets
Supplemental financial information available at:
http://media.corporate-ir.net/media_files/irol/64/64242/sup/1Q08.pdf
SOURCE: National City Corporation
CONTACT:
Media
Kristen Baird Adams
+1-216-222-8202
kristen.bairdadams@nationalcity.com
Investors
Jill Hennessey,
+1-216-222-9253
jill.hennessey@nationalcity.com
both of National City
Corporation
