National Commerce Financial (NCF) 8-K National Commerce Financial Releases First Quarter 2004 Earnings

Exhibit 99.2

NATIONAL COMMERCE FINANCIAL CORPORATION

Quarterly Financial Results

First Quarter 2004

	Page
Highlights	2	Current Quarter Financial Highlights
		- First Quarter 2004 vs Fourth Quarter 2003
		- First Quarter 2004 vs First Quarter 2003
	3	Five Quarter Financial Highlights
Income Statement	4	Current Quarter Consolidated Statement of Income
		- First Quarter 2004 vs Fourth Quarter 2003
		- First Quarter 2004 vs First Quarter 2003
	5	Five Quarter Consolidated Statements of Income
	6	Current Quarter Operating Segment Statement of Income
		- First Quarter 2004 vs Fourth Quarter 2003
		- First Quarter 2004 vs First Quarter 2003
	7	Five Quarter Operating Segment Statements of Income
Balance Sheet	8	Current Quarter Average Balance Sheet
		- First Quarter 2004 vs Fourth Quarter 2003
		- First Quarter 2004 vs First Quarter 2003
	9	Five Quarter Average Balance Sheets
	10	Current Quarter End of Period Balance Sheet
		- First Quarter 2004 vs Fourth Quarter 2003
		- First Quarter 2004 vs First Quarter 2003
	11	Five Quarter End of Period Balance Sheets
	12	Rollforward of Stockholders’ Equity
Asset Quality	13	Current Quarter Asset Quality Analysis
		- First Quarter 2004 vs Fourth Quarter 2003
		- First Quarter 2004 vs First Quarter 2003
	14	Five Quarter Asset Quality Analysis
Net Interest Margin	15	Five Quarter Average Balance Sheets and Net Interest Income Analysis
Reconcilement of Non-GAAP Measures	15	Five Quarter Taxable Equivalent Interest Income
	16	Current Quarter Cash Operating Noninterest Expense and Operating Revenues
		- First Quarter 2004 vs Fourth Quarter 2003
		- First Quarter 2004 vs First Quarter 2003
	17	Five Quarter Cash Operating Noninterest Expense and Operating Revenues
	18	Five Quarter Operating Cash Efficiency Ratio

NOTE: Certain amounts for prior periods have been reclassified to conform to the current presentation.

NATIONAL COMMERCE FINANCIAL CORPORATION

Current Quarter Financial Highlights

(In Thousands Except Share and Per Share Data)

	Three Months Ended				% Change Fav/(Unfav)		Three Months Ended			% Change Fav/(Unfav)
	3/31/2004			12/31/2003			3/31/2004		3/31/2003
Earnings and Earnings Per Share
Revenues (TE and excluding discontinued op.)	$	317,826		314,096	1.2		317,826		288,977	10.0
Net income		90,244		90,268	(.0	)	90,244		64,090	40.8
Average basic shares outstanding		204,978,998		204,953,486			204,978,998		205,270,721
Average diluted shares outstanding		207,082,844		207,009,648			207,082,844		206,755,698
Basic EPS	$	.44		.44	—		.44		.31	41.9
Diluted EPS		.44		.44	—		.44		.31	41.9
Asset Quality Ratios
Loan loss allowance to total loans		1.29	%	1.31			1.29		1.37
Net loans charged-off (annualized) to average loans		.28		.43			.28		.25
Nonperforming assets to loans plus foreclosed real estate and other repossessed assets		.48		.49			.48		.57
Loan loss allowance to net charge-offs (annualized)		4.71	x	3.04			4.71		5.23
Loan loss allowance to nonperforming loans		4.99		5.55			4.99		4.96
Selected Average Balances
Assets	$	23,144,064		22,845,698	1.3		23,144,064		21,292,442	8.7
Loans		13,239,512		12,992,875	1.9		13,239,512		12,373,824	7.0
Investment securities (1)		6,642,411		6,626,168	.2		6,642,411		5,706,704	16.4
Core deposits		13,244,835		13,143,769	.8		13,244,835		12,734,843	4.0
Stockholders’ equity		2,782,955		2,745,465	1.4		2,782,955		2,695,846	3.2
Selected Period End Balances
Assets	$	23,038,522		23,016,916	.1		23,038,522		21,721,985	6.1
Loans		13,418,567		13,034,948	2.9		13,418,567		11,881,973	12.9
Investment securities		6,217,177		6,619,000	(6.1	)	6,217,177		6,594,862	(5.7	)
Core deposits		13,469,295		13,342,851	.9		13,469,295		13,121,371	2.7
Stockholders’ equity		2,798,939		2,781,186	.6		2,798,939		2,696,014	3.8
Shares outstanding		203,911,127		205,136,649			203,911,127		205,009,566
Number of banking offices		459		451			459		455
Number of ATMs		521		521			521		513
Number of full-time equivalent employees (FTE)		5,403		5,441			5,403		5,564
Capital Ratios
Period-end tangible equity to period-end tangible assets (2)		7.11	%	7.00			7.11		6.85
Risk-based capital ratios:
Tier 1 capital		10.95	E	11.03			10.95	E	10.50
Total capital		12.02	E	12.10			12.02	E	11.57
Leverage ratio		8.13	E	8.17			8.13	E	8.01

E   - Estimated

(1) Average balances exclude the mark-to-market adjustment for Statement of Financial Accounting Standards No. 115.

(2) Tangible equity and tangible assets are computed by subtracting the sum of goodwill and core deposit intangibles from total equity and total assets, respectively.

Page 2

NATIONAL COMMERCE FINANCIAL CORPORATION

Five Quarter Financial Highlights

(In Thousands Except Share and Per Share Data)

	Three Months Ended
	3/31/2004			12/31/2003	9/30/2003	6/30/2003	3/31/2003
Earnings and Earnings Per Share
Revenues (TE and excluding discontinued op.)	$	317,826		314,096	313,520	305,817	288,977
Net income		90,244		90,268	85,809	71,507	64,090
Average Basic Shares Outstanding		204,978,998		204,953,486	204,609,099	204,628,675	205,270,721
Average Diluted Shares Outstanding		207,082,844		207,009,648	206,005,174	205,700,819	206,755,698
Basic EPS	$	.44		.44	.42	.35	.31
Diluted EPS		.44		.44	.42	.35	.31
Asset Quality Ratios
Loan loss allowance to total loans		1.29	%	1.31	1.34	1.35	1.37
Net loans charged-off (annualized) to average loans		.28		.43	.31	.29	.25
Nonperforming assets to loans plus foreclosed real estate and other repossessed assets		.48		.49	.52	.53	.57
Loan loss allowance to net charge-offs (annualized)		4.71	x	3.04	4.30	4.69	5.23
Loan loss allowance to nonperforming loans		4.99		5.55	4.79	4.94	4.96
Selected Average Balances
Assets	$	23,144,064		22,845,698	22,727,299	22,173,395	21,292,442
Loans		13,239,512		12,992,875	12,736,334	12,220,225	12,373,824
Investment securities (1)		6,642,411		6,626,168	6,688,614	6,674,537	5,706,704
Core deposits		13,244,835		13,143,769	13,180,992	13,056,980	12,734,843
Stockholders’ equity		2,782,955		2,745,465	2,734,081	2,702,937	2,695,846
Selected Period End Balances
Assets	$	23,038,522		23,016,916	22,890,089	22,679,991	21,721,985
Loans		13,418,567		13,034,948	12,897,774	12,411,446	11,881,973
Investment securities		6,217,177		6,619,000	6,702,885	6,756,217	6,594,862
Core deposits		13,469,295		13,342,851	13,182,330	13,382,416	13,121,371
Stockholders’ equity		2,798,939		2,781,186	2,729,403	2,720,435	2,696,014
Shares outstanding		203,911,127		205,136,649	204,808,440	204,384,778	205,009,566
Number of banking offices		459		451	444	455	455
Number of ATMs		521		521	510	510	513
Number of full-time equivalent employees (FTE)		5,403		5,441	5,458	5,582	5,564
Capital Ratios
Period-end tangible equity to period-end tangible assets (2)		7.11	%	7.00	6.74	6.70	6.85
Risk-based capital ratios:
Tier 1 capital		10.95	E	11.03	10.81	10.69	10.50
Total capital		12.02	E	12.10	11.90	11.79	11.57
Leverage ratio		8.13	E	8.17	7.93	7.81	8.01

E   - Estimated

(1) Average balances exclude the mark-to-market adjustment for Statement of Financial Accounting Standards No. 115.

(2) Tangible equity and tangible assets are computed by subtracting the sum of goodwill and core deposit intangibles from total equity and total assets, respectively.

Page 3

NATIONAL COMMERCE FINANCIAL CORPORATION

Current Quarter Consolidated Statements of Income

(In Thousands Except Share and Per Share Data)

	Three Months Ended			% Change Fav/(Unfav)		Three Months Ended			% Change Fav/(Unfav)
	3/31/2004		12/31/2003			3/31/2004	3/31/2003
Income Statement
Loan income (TE)	$	184,637	190,799	(3.2	)	184,637	199,861		(7.6	)
Securities income (TE)		81,925	81,051	1.1		81,925	70,263		16.6
Other interest income (TE)		782	1,125	(30.5	)	782	192		307.3
Total interest income (TE)		267,344	272,975	(2.1	)	267,344	270,316		(1.1	)
Savings/NOW and money market expense		8,990	9,287	3.2		8,990	11,957		24.8
Jumbo and brokered CD expense		6,416	6,354	(1.0	)	6,416	7,189		10.8
Consumer time deposit expense		32,353	32,769	1.3		32,353	38,142		15.2
Interest expense on deposits		47,759	48,410	1.3		47,759	57,288		16.6
Short-term borrowed funds expense		4,565	4,532	(.7	)	4,565	4,368		(4.5	)
FHLB advances expense		15,602	15,722	.8		15,602	22,118		29.5
Trust preferred securities and long-term debt expense		1,530	1,920	20.3		1,530	2,160		29.2
Total interest expense		69,456	70,584	1.6		69,456	85,934		19.2
Net interest income (TE)		197,888	202,391	(2.2	)	197,888	184,382		7.3
Taxable equivalent adjustment		6,817	6,963	2.1		6,817	6,940		1.8
Net interest income		191,071	195,428	(2.2	)	191,071	177,442		7.7
Provision for loan losses		12,088	12,382	2.4		12,088	7,684		(57.3	)
Net interest income after provision		178,983	183,046	(2.2	)	178,983	169,758		5.4
Service charges on deposits		41,026	41,211	(.4	)	41,026	41,250		(.5	)
Other service charges and fees		8,437	8,303	1.6		8,437	9,341		(9.7	)
Broker/dealer revenue		25,762	21,560	19.5		25,762	21,081		22.2
Asset management		16,498	16,234	1.6		16,498	12,382		33.2
Mortgage banking income		7,383	8,646	(14.6	)	7,383	9,654		(23.5	)
Equity earnings from First Market Bank		1,285	1,219	5.4		1,285	926		38.8
Other		8,584	8,994	(4.6	)	8,584	7,642		12.3
Gain (loss) on branch sale		45	2,200	(98.0	)	45	(145	)	(131.0	)
Investment securities gains, net		10,918	3,338	227.1		10,918	2,464		343.1
Total noninterest income		119,938	111,705	7.4		119,938	104,595		14.7
Personnel		79,121	75,404	(4.9	)	79,121	77,453		(2.2	)
Occupancy		13,407	13,244	(1.2	)	13,407	12,904		(3.9	)
Equipment		7,233	7,399	2.2		7,233	7,405		2.3
Core deposit amortization		13,639	14,337	4.9		13,639	16,284		16.2
First Mercantile litigation		—	—	—		—	19,654		100.0
Employment contract terminations		—	987	100.0		—	—		—
Debt retirement/prepayment penalties		—	—	—		—	—		—
Other		50,326	50,865	1.1		50,326	46,404		(8.5	)
Total noninterest expense		163,726	162,236	(.9	)	163,726	180,104		9.1
Income before income taxes		135,195	132,515	2.0		135,195	94,249		43.4
Income taxes		44,951	43,014	(4.5	)	44,951	30,159		(49.0	)
Net income from continuing operations		90,244	89,501	.8		90,244	64,090		40.8
Discontinued operation - merchant processing		—	767	(100.0	)	—	—		—
Net income	$	90,244	90,268	(.0	)	90,244	64,090		40.8
Average Common Shares Outstanding
Basic		204,978,998	204,953,486			204,978,998	205,270,721
Diluted		207,082,844	207,009,648			207,082,844	206,755,698
Earnings and Dividends Per Share
Basic	$	.44	.44	—		.44	.31		41.9
Diluted		.44	.44	—		.44	.31		41.9
Cash dividends		.20	.20	—		.20	.17		17.6

Page 4

NATIONAL COMMERCE FINANCIAL CORPORATION

Five Quarter Consolidated Statements of Income

(In Thousands Except Share and Per Share Data)

	Three Months Ended
	3/31/2004			12/31/2003	9/30/2003		6/30/2003		3/31/2003
Income Statement
Loan income (TE)	$	184,637		190,799	188,073		190,239		199,861
Securities income (TE)		81,925		81,051	78,836		81,215		70,263
Other interest income (TE)		782		1,125	303		357		192
Total interest income (TE)		267,344		272,975	267,212		271,811		270,316
Savings/NOW and money market expense		8,990		9,287	9,372		11,006		11,957
Jumbo and brokered CD expense		6,416		6,354	6,452		7,378		7,189
Consumer time deposit expense		32,353		32,769	33,981		36,800		38,142
Interest expense on deposits		47,759		48,410	49,805		55,184		57,288
Short-term borrowed funds expense		4,565		4,532	4,619		4,698		4,368
FHLB advances expense		15,602		15,722	18,236		21,397		22,118
Trust preferred securities and long-term debt expense		1,530		1,920	2,036		2,133		2,160
Total interest expense		69,456		70,584	74,696		83,412		85,934
Net interest income (TE)		197,888		202,391	192,516		188,399		184,382
Taxable equivalent adjustment		6,817		6,963	7,057		7,218		6,940
Net interest income		191,071		195,428	185,459		181,181		177,442
Provision for loan losses		12,088		12,382	14,972		13,376		7,684
Net interest income after provision		178,983		183,046	170,487		167,805		169,758
Service charges on deposits		41,026		41,211	42,295		43,500		41,250
Other service charges and fees		8,437		8,303	9,565		9,721		9,341
Broker/dealer revenue		25,762		21,560	24,739		28,152		21,081
Asset management		16,498		16,234	14,828		13,356		12,382
Mortgage banking income		7,383		8,646	16,943		11,458		9,654
Equity earnings from First Market Bank		1,285		1,219	1,314		1,071		926
Other		8,584		8,994	8,777		7,700		7,642
Gain (loss) on branch sale		45		2,200	7,055		—		(145	)
Investment securities gains (losses), net		10,918		3,338	(4,512	)	2,460		2,464
Total noninterest income		119,938		111,705	121,004		117,418		104,595
Personnel		79,121		75,404	79,726		77,483		77,453
Occupancy		13,407		13,244	14,898		13,292		12,904
Equipment		7,233		7,399	7,509		7,992		7,405
Core deposit amortization		13,639		14,337	15,062		15,673		16,284
First Mercantile litigation		—		—	—		1,041		19,654
Employment contract terminations		—		987	604		14,108		—
Debt retirement/prepayment penalties (gains)		—		—	31,987		(326	)	—
Other		50,326		50,865	51,709		51,341		46,404
Total noninterest expense		163,726		162,236	201,495		180,604		180,104
Income before income taxes		135,195		132,515	89,996		104,619		94,249
Income taxes		44,951		43,014	28,329		33,112		30,159
Net income from continuing operations		90,244	��	89,501	61,667		71,507		64,090
Discontinued operation - merchant processing		—		767	24,142		—		—
Net income	$	90,244		90,268	85,809		71,507		64,090
Average Common Shares Outstanding
Basic		204,978,998		204,953,486	204,609,099		204,628,675		205,270,721
Diluted		207,082,844		207,009,648	206,005,174		205,700,819		206,755,698
Earnings and Dividends Per Share
Basic	$	.44		.44	.42		.35		.31
Diluted		.44		.44	.42		.35		.31
Cash dividends		.20		.20	.20		.17		.17

Page 5

NATIONAL COMMERCE FINANCIAL CORPORATION

Current Quarter Operating Segment Statement of Income

(In Thousands)

	Three Months Ended					% Change Fav/(Unfav)		Three Months Ended				% Change Fav/(Unfav)
	3/31/04			12/31/03				3/31/04		3/31/03
Traditional Banking
Net interest income (TE)	$	190,886		195,876		(2.5	)	190,886		179,167		6.5
Provision for loan losses		(12,088	)	(12,382	)	2.4		(12,088	)	(7,684	)	(57.3	)
Gain (loss) on branch sale		45		2,200		98.0		45		(145	)	131.0
Other noninterest income		68,789		63,246		8.8		68,789		61,601		11.7
Intangibles amortization		(13,639	)	(14,337	)	4.9		(13,639	)	(16,284	)	16.2
First Mercantile litigation		—		—		—		—		—		—
Employment contract terminations		—		(987	)	100.0		—		—		—
Debt retirement/prepayment (penalties) gains		—		—		—		—		—		—
Conversion/merger expenses		—		—		—		—		—		—
Other noninterest expense		(111,756	)	(109,390	)	(2.2	)	(111,756	)	(111,053	)	(.6	)
Income before income taxes (TE)		122,237		124,226		(1.6	)	122,237		105,602		15.8
Income taxes		44,056		45,515		3.2		44,056		38,820		(13.5	)
Net income from continuing operations		78,181		78,711		(.7	)	78,181		66,782		17.1
Discontinued operation - merchant processing		—		—		—		—		—		—
Net income	$	78,181		78,711		(.7	)	78,181		66,782		17.1
Financial Enterprises
Net interest income (TE)	$	7,002		6,515		7.5		7,002		5,215		34.3
Provision for loan losses		—		—		—		—		—		—
Gain (loss) on branch sale		—		—		—		—		—		—
Other noninterest income		53,068		48,104		10.3		53,068		44,757		18.6
Intangibles amortization		—		—		—		—		—		—
First Mercantile litigation		—		—		—		—		(19,654	)	100.0
Employment contract terminations		—		—		—		—		—		—
Debt retirement/prepayment (penalties) gains		—		—		—		—		—		—
Conversion/merger expenses		—		—		—		—		—		—
Other noninterest expense		(40,295	)	(39,367	)	(2.4	)	(40,295	)	(34,731	)	(16.0	)
Income before income taxes (TE)		19,775		15,252		29.7		19,775		(4,413	)	(548.1	)
Income taxes		7,712		4,462		(72.8	)	7,712		(1,721	)	548.1
Net income from continuing operations		12,063		10,790		11.8		12,063		(2,692	)	(548.1	)
Discontinued operation - merchant processing		—		767		(100.0	)	—		—		—
Net income	$	12,063		11,557		4.4		12,063		(2,692	)	(548.1	)
Fully Consolidated
Net interest income (TE)	$	197,888		202,391		(2.2	)	197,888		184,382		7.3
Provision for loan losses		(12,088	)	(12,382	)	2.4		(12,088	)	(7,684	)	(57.3	)
Gain (loss) on branch sale		45		2,200		98.0		45		(145	)	131.0
Other noninterest income		119,893		109,505		9.5		119,893		104,740		14.5
Intangibles amortization		(13,639	)	(14,337	)	4.9		(13,639	)	(16,284	)	16.2
First Mercantile litigation		—		—		—		—		(19,654	)	100.0
Employment contract terminations		—		(987	)	100.0		—		—		—
Debt retirement/prepayment (penalties) gains		—		—		—		—		—		—
Conversion/merger expenses		—		—		—		—		—		—
Other noninterest expense		(150,087	)	(146,912	)	(2.2	)	(150,087	)	(144,166	)	(4.1	)
Income before income taxes (TE)		142,012		139,478		1.8		142,012		101,189		40.3
Income taxes		51,768		49,977		(3.6	)	51,768		37,099		(39.5	)
Net income from continuing operations		90,244		89,501		.8		90,244		64,090		40.8
Discontinued operation - merchant processing		—		767		(100.0	)	—		—		—
Net income	$	90,244		90,268		(.0	)	90,244		64,090		40.8

(1) Inter-segment eliminations are not separately presented.

Page 6

NATIONAL COMMERCE FINANCIAL CORPORATION

Five Quarter Operating Segment Statements of Income

(In Thousands)

	Three Months Ended
	3/31/2004			12/31/2003		9/30/2003		6/30/2003		3/31/2003
Traditional Banking
Net interest income (TE)	$	190,886		195,876		187,218		183,113		179,167
Provision for loan losses		(12,088	)	(12,382	)	(14,972	)	(13,376	)	(7,684	)
Gain (loss) on branch sale		45		2,200		7,055		—		(145	)
Other noninterest income		68,789		63,246		63,926		65,301		61,601
Intangibles amortization		(13,639	)	(14,337	)	(15,062	)	(15,673	)	(16,284	)
First Mercantile litigation		—		—		—		—		—
Employment contract terminations		—		(987	)	(604	)	(14,108	)	—
Debt retirement/prepayment (penalties) gains		—		—		(31,987	)	326		—
Conversion/merger expenses		—		—		—		—		—
Other noninterest expense		(111,756	)	(109,390	)	(114,846	)	(111,313	)	(111,053	)
Income before income taxes (TE)		122,237		124,226		80,728		94,270		105,602
Income taxes		44,056		45,515		27,533		33,479		38,820
Net income from continuing operations		78,181		78,711		53,195		60,791		66,782
Discontinued operation - merchant processing		—		—		—		—		—
Net income	$	78,181		78,711		53,195		60,791		66,782
Financial Enterprises
Net interest income (TE)	$	7,002		6,515		5,298		5,286		5,215
Provision for loan losses		—		—		—		—		—
Gain (loss) on branch sale		—		—		—		—		—
Other noninterest income		53,068		48,104		51,965		54,215		44,757
Intangibles amortization		—		—		—		—		—
First Mercantile litigation		—		—		—		(1,041	)	(19,654	)
Employment contract terminations		—		—		—		—		—
Debt retirement/prepayment (penalties) gains		—		—		—		—		—
Conversion/merger expenses		—		—		—		—		—
Other noninterest expense		(40,295	)	(39,367	)	(40,938	)	(40,893	)	(34,731	)
Income before income taxes (TE)		19,775		15,252		16,325		17,567		(4,413	)
Income taxes		7,712		4,462		7,853		6,851		(1,721	)
Net income from continuing operations		12,063		10,790		8,472		10,716		(2,692	)
Discontinued operation - merchant processing		—		767		24,142		—		—
Net income	$	12,063		11,557		32,614		10,716		(2,692	)
Fully Consolidated
Net interest income (TE)	$	197,888		202,391		192,516		188,399		184,382
Provision for loan losses		(12,088	)	(12,382	)	(14,972	)	(13,376	)	(7,684	)
Gain (loss) on branch sale		45		2,200		7,055		—		(145	)
Other noninterest income		119,893		109,505		113,949		117,418		104,740
Intangibles amortization		(13,639	)	(14,337	)	(15,062	)	(15,673	)	(16,284	)
First Mercantile litigation		—		—		—		(1,041	)	(19,654	)
Employment contract terminations		—		(987	)	(604	)	(14,108	)	—
Debt retirement/prepayment (penalties) gains		—		—		(31,987	)	326		—
Conversion/merger expenses		—		—		—		—		—
Other noninterest expense		(150,087	)	(146,912	)	(153,842	)	(150,108	)	(144,166	)
Income before income taxes (TE)		142,012		139,478		97,053		111,837		101,189
Income taxes		51,768		49,977		35,386		40,330		37,099
Net income from continuing operations		90,244		89,501		61,667		71,507		64,090
Discontinued operation - merchant processing		—		767		24,142		—		—
Net income	$	90,244		90,268		85,809		71,507		64,090

(1) Inter-segment eliminations are not separately presented.

Page 7

NATIONAL COMMERCE FINANCIAL CORPORATION

Current Quarter Average Balance Sheet

(In Thousands)

	Three Months Ended			% Inc/(Decr)		Three Months Ended			% Inc/(Decr)
	3/31/2004		12/31/2003			3/31/2004		3/31/2003
Assets
Cash and due from banks	$	431,289	458,469	(5.9	)	431,289		398,564	8.2
Time deposits in other banks		38,023	64,169	(40.7	)	38,023		9,575	297.1
Federal funds sold and other short-term investments		178,951	142,362	25.7		178,951		51,187	249.6
Investment securities (1)		6,642,411	6,626,168	.2		6,642,411		5,706,704	16.4
Trading securities		259,602	188,287	37.9		259,602		87,496	196.7
Loans held for sale		212,075	226,446	(6.3	)	212,075		415,204	(48.9	)
Loans:
Commercial		3,868,332	3,732,128	3.6		3,868,332		3,350,959	15.4
Construction and commercial real estate		3,760,015	3,776,419	(.4	)	3,760,015		3,677,697	2.2
Mortgage		954,352	994,567	(4.0	)	954,352		1,186,414	(19.6	)
Consumer		4,441,559	4,278,651	3.8		4,441,559		3,945,287	12.6
Revolving credit		85,246	82,922	2.8		85,246		76,939	10.8
Lease financing		130,008	128,188	1.4		130,008		136,528	(4.8	)
Total loans		13,239,512	12,992,875	1.9		13,239,512		12,373,824	7.0
Allowance for loan losses		171,087	171,580	(.3	)	171,087		163,203	4.8
Net loans		13,068,425	12,821,295	1.9		13,068,425		12,210,621	7.0
Bank owned life insurance		243,306	239,161	1.7		243,306		228,214	6.6
Investment in First Market Bank		32,946	31,803	3.6		32,946		28,353	16.2
Premises and equipment		265,599	271,113	(2.0	)	265,599		258,614	2.7
Goodwill		1,087,115	1,085,565	.1		1,087,115		1,077,121	.9
Core deposit intangibles		165,967	180,879	(8.2	)	165,967		229,044	(27.5	)
Other assets		518,355	509,981	1.6		518,355		591,745	(12.4	)
Total assets	$	23,144,064	22,845,698	1.3		23,144,064		21,292,442	8.7
Liabilities							��
Deposits:
Demand deposits (noninterest-bearing)	$	2,514,792	2,554,870	(1.6	)	2,514,792		2,140,299	17.5
Savings, NOW and money market accounts		5,816,757	5,799,594	.3		5,816,757		5,684,696	2.3
Jumbo and brokered certificates of deposit		2,290,967	2,207,988	3.8		2,290,967		1,796,198	27.5
Time deposits		4,913,286	4,789,305	2.6		4,913,286		4,909,848	.1
Total deposits		15,535,802	15,351,757	1.2		15,535,802		14,531,041	6.9
Short-term borrowings		1,697,317	1,685,250	.7		1,697,317		1,249,458	35.8
FHLB advances		2,351,862	2,312,746	1.7		2,351,862		2,056,896	14.3
Trust preferred securities and long-term debt		278,344	299,867	(7.2	)	278,344		296,745	(6.2	)
Other liabilities		497,784	450,613	10.5		497,784		462,456	7.6
Total liabilities		20,361,109	20,100,233	1.3		20,361,109		18,596,596	9.5
Stockholders’ Equity
Common stock		409,958	409,907	.0		409,958		410,541	(.1	)
Additional paid-in capital		1,730,778	1,737,372	(.4	)	1,730,778		1,749,408	(1.1	)
Retained earnings		636,800	593,057	7.4		636,800		485,214	31.2
Accumulated other comprehensive income		5,419	5,129	5.7		5,419		50,683	(89.3	)
Total stockholders’ equity		2,782,955	2,745,465	1.4		2,782,955		2,695,846	3.2
Total liabilities and stockholders’ equity	$	23,144,064	22,845,698	1.3		23,144,064		21,292,442	8.7

(1) Average balances exclude the mark-to-market adjustment for Statement of Financial Accounting Standards No. 115.

Page 8

NATIONAL COMMERCE FINANCIAL CORPORATION

Five Quarter Average Balance Sheets

(In Thousands)

	Three Months Ended
	3/31/2004		12/31/2003	9/30/2003	6/30/2003	3/31/2003
Assets
Cash and due from banks	$	431,289	458,469	450,576	422,653	398,564
Time deposits in other banks		38,023	64,169	5,726	5,742	9,575
Federal funds sold and other short-term investments		178,951	142,362	148,627	107,462	51,187
Investment securities (1)		6,642,411	6,626,168	6,688,614	6,674,537	5,706,704
Trading securities		259,602	188,287	136,198	120,999	87,496
Loans held for sale		212,075	226,446	328,968	394,321	415,204
Loans:
Commercial		3,868,332	3,732,128	3,547,153	3,492,900	3,350,959
Construction and commercial real estate		3,760,015	3,776,419	3,785,911	3,690,766	3,677,697
Mortgage		954,352	994,567	986,189	764,975	1,186,414
Consumer		4,441,559	4,278,651	4,207,450	4,059,490	3,945,287
Revolving credit		85,246	82,922	80,631	78,142	76,939
Lease financing		130,008	128,188	129,000	133,952	136,528
Total loans		13,239,512	12,992,875	12,736,334	12,220,225	12,373,824
Allowance for loan losses		171,087	171,580	168,160	164,108	163,203
Net loans		13,068,425	12,821,295	12,568,174	12,056,117	12,210,621
Bank owned life insurance		243,306	239,161	235,741	231,397	228,214
Investment in First Market Bank		32,946	31,803	30,471	29,248	28,353
Premises and equipment		265,599	271,113	276,435	276,227	258,614
Goodwill		1,087,115	1,085,565	1,083,340	1,082,077	1,077,121
Core deposit intangibles		165,967	180,879	197,593	213,065	229,044
Other assets		518,355	509,981	576,836	559,550	591,745
Total assets	$	23,144,064	22,845,698	22,727,299	22,173,395	21,292,442
Liabilities
Deposits:
Demand deposits (noninterest-bearing)	$	2,514,792	2,554,870	2,565,673	2,375,641	2,140,299
Savings, NOW and money market accounts		5,816,757	5,799,594	5,845,036	5,765,351	5,684,696
Jumbo and brokered certificates of deposit		2,290,967	2,207,988	2,166,011	2,032,881	1,796,198
Time deposits		4,913,286	4,789,305	4,770,283	4,915,988	4,909,848
Total deposits		15,535,802	15,351,757	15,347,003	15,089,861	14,531,041
Short-term borrowings		1,697,317	1,685,250	1,608,179	1,388,604	1,249,458
FHLB advances		2,351,862	2,312,746	2,218,184	2,197,173	2,056,896
Trust preferred securities and long-term debt		278,344	299,867	297,701	299,247	296,745
Other liabilities		497,784	450,613	522,151	495,573	462,456
Total liabilities		20,361,109	20,100,233	19,993,218	19,470,458	18,596,596
Stockholders’ Equity
Common stock		409,958	409,907	409,218	409,257	410,541
Additional paid-in capital		1,730,778	1,737,372	1,733,149	1,735,104	1,749,408
Retained earnings		636,800	593,057	544,342	512,491	485,214
Accumulated other comprehensive income		5,419	5,129	47,372	46,085	50,683
Total stockholders’ equity		2,782,955	2,745,465	2,734,081	2,702,937	2,695,846
Total liabilities and stockholders’ equity	$	23,144,064	22,845,698	22,727,299	22,173,395	21,292,442

(1) Average balances exclude the mark-to-market adjustment for Statement of Financial Accounting Standards No. 115.

Page 9

NATIONAL COMMERCE FINANCIAL CORPORATION

Current Quarter End of Period Balance Sheet

(In Thousands)

	As of			% Inc/(Decr)		As of		% Inc/(Decr)
	3/31/2004		12/31/2003			3/31/2004	3/31/2003
Assets
Cash and due from banks	$	458,494	558,313	(17.9	)	458,494	522,814	(12.3	)
Time deposits in other banks		4,552	64,174	(92.9	)	4,552	4,328	5.2
Federal funds sold and other short-term investments		164,818	129,722	27.1		164,818	42,899	284.2
Investment securities:
Available for sale		4,858,421	5,238,429	(7.3	)	4,858,421	5,299,253	(8.3	)
Held to maturity		1,358,756	1,380,571	(1.6	)	1,358,756	1,295,609	4.9
Trading securities		257,338	280,649	(8.3	)	257,338	80,842	218.3
Loans held for sale		277,778	215,132	29.1		277,778	406,893	(31.7	)
Loans:
Commercial		3,935,130	3,820,585	3.0		3,935,130	3,403,217	15.6
Construction and commercial real estate		3,765,122	3,723,336	1.1		3,765,122	3,689,692	2.0
Mortgage		970,923	933,057	4.1		970,923	610,328	59.1
Consumer		4,531,275	4,342,695	4.3		4,531,275	3,966,994	14.2
Revolving credit		85,718	84,534	1.4		85,718	76,616	11.9
Lease financing		130,399	130,741	(.3	)	130,399	135,126	(3.5	)
Total loans		13,418,567	13,034,948	2.9		13,418,567	11,881,973	12.9
Allowance for loan losses		173,384	170,452	1.7		173,384	162,842	6.5
Net loans		13,245,183	12,864,496	3.0		13,245,183	11,719,131	13.0
Bank owned life insurance		244,842	241,481	1.4		244,842	230,228	6.3
Investment in First Market Bank		33,811	32,527	3.9		33,811	28,923	16.9
Premises and equipment		261,699	266,401	(1.8	)	261,699	274,433	(4.6	)
Goodwill		1,090,117	1,085,565	.4		1,090,117	1,077,332	1.2
Core deposit intangibles		158,800	172,658	(8.0	)	158,800	220,632	(28.0	)
Other assets		623,913	486,798	28.2		623,913	518,668	20.3
Total assets	$	23,038,522	23,016,916	.1		23,038,522	21,721,985	6.1
Liabilities
Deposits:
Demand deposits (noninterest-bearing)	$	2,705,354	2,602,026	4.0		2,705,354	2,383,806	13.5
Savings, NOW and money market accounts		5,871,488	5,878,002	(.1	)	5,871,488	5,795,400	1.3
Jumbo and brokered certificates of deposit		2,321,673	2,206,736	5.2		2,321,673	1,804,492	28.7
Time deposits		4,892,453	4,862,823	.6		4,892,453	4,942,165	(1.0	)
Total deposits		15,790,968	15,549,587	1.6		15,790,968	14,925,863	5.8
Short-term borrowings		1,671,568	1,671,908	(.0	)	1,671,568	1,351,105	23.7
FHLB advances		1,875,893	2,301,191	(18.5	)	1,875,893	1,951,912	(3.9	)
Trust preferred securities and long-term debt		279,973	277,996	.7		279,973	300,127	(6.7	)
Other liabilities		621,181	435,048	42.8		621,181	496,964	25.0
Total liabilities		20,239,583	20,235,730	.0		20,239,583	19,025,971	6.4
Stockholders’ Equity
Common stock		407,822	410,273	(.6	)	407,822	410,019	(.5	)
Additional paid-in capital		1,700,765	1,738,157	(2.2	)	1,700,765	1,743,146	(2.4	)
Retained earnings		676,622	627,406	7.8		676,622	496,783	36.2
Accumulated other comprehensive income		13,730	5,350	156.6		13,730	46,066	(70.2	)
Total stockholders’ equity		2,798,939	2,781,186	.6		2,798,939	2,696,014	3.8
Total liabilities and stockholders’ equity	$	23,038,522	23,016,916	.1		23,038,522	21,721,985	6.1

Page 10

NATIONAL COMMERCE FINANCIAL CORPORATION

Five Quarter End of Period Balance Sheets

(In Thousands Except Share and Per Share Data)

	As of
	3/31/2004		12/31/2003	9/30/2003	6/30/2003	3/31/2003
Assets
Cash and due from banks	$	458,494	558,313	520,138	536,123	522,814
Time deposits in other banks		4,552	64,174	9,335	5,265	4,328
Federal funds sold and other short-term investments		164,818	129,722	105,629	160,383	42,899
Investment securities:
Available for sale		4,858,421	5,238,429	5,254,107	5,311,700	5,299,253
Held to maturity		1,358,756	1,380,571	1,448,778	1,444,517	1,295,609
Trading securities		257,338	280,649	175,048	105,923	80,842
Loans held for sale		277,778	215,132	364,606	498,447	406,893
Loans:
Commercial		3,935,130	3,820,585	3,654,366	3,570,337	3,403,217
Construction and commercial real estate		3,765,122	3,723,336	3,854,437	3,719,164	3,689,692
Mortgage (1)		970,923	933,057	939,532	783,615	610,328
Consumer		4,531,275	4,342,695	4,238,782	4,128,195	3,966,994
Revolving credit		85,718	84,534	81,916	79,437	76,616
Lease financing	��	130,399	130,741	128,741	130,698	135,126
Total loans		13,418,567	13,034,948	12,897,774	12,411,446	11,881,973
Allowance for loan losses		173,384	170,452	172,186	167,316	162,842
Net loans		13,245,183	12,864,496	12,725,588	12,244,130	11,719,131
Bank owned life insurance		244,842	241,481	237,840	233,452	230,228
Investment in First Market Bank		33,811	32,527	31,309	29,995	28,923
Premises and equipment		261,699	266,401	273,395	275,612	274,433
Goodwill		1,090,117	1,085,565	1,085,565	1,083,157	1,077,332
Core deposit intangibles		158,800	172,658	187,867	204,959	220,632
Other assets		623,913	486,798	470,884	546,328	518,668
Total assets	$	23,038,522	23,016,916	22,890,089	22,679,991	21,721,985
Liabilities
Deposits:
Demand deposits (noninterest-bearing)	$	2,705,354	2,602,026	2,672,509	2,657,291	2,383,806
Savings, NOW and money market accounts		5,871,488	5,878,002	5,813,981	5,849,113	5,795,400
Jumbo and brokered certificates of deposit		2,321,673	2,206,736	2,277,003	2,063,785	1,804,492
Time deposits		4,892,453	4,862,823	4,695,840	4,876,012	4,942,165
Total deposits		15,790,968	15,549,587	15,459,333	15,446,201	14,925,863
Short-term borrowings		1,671,568	1,671,908	1,641,172	1,465,425	1,351,105
FHLB advances		1,875,893	2,301,191	2,324,433	2,274,384	1,951,912
Trust preferred securities and long-term debt		279,973	277,996	303,248	295,049	300,127
Other liabilities		621,181	435,048	432,500	478,497	496,964
Total liabilities		20,239,583	20,235,730	20,160,686	19,959,556	19,025,971
Stockholders’ Equity
Common stock		407,822	410,273	409,617	408,770	410,019
Additional paid-in-capital		1,700,765	1,738,157	1,736,411	1,730,367	1,743,146
Retained earnings		676,622	627,406	578,249	533,462	496,783
Accumulated other comprehensive income		13,730	5,350	5,126	47,836	46,066
Total stockholders’ equity		2,798,939	2,781,186	2,729,403	2,720,435	2,696,014
Total liabilities and stockholders’ equity	$	23,038,522	23,016,916	22,890,089	22,679,991	21,721,985

(1) In late March 2003, the Company consummated a transaction securitizing mortgage loans and retained a majority of the resulting securities. The March 31, 2003 period end balances were reduced by approximately $646 million.

Page 11

NATIONAL COMMERCE FINANCIAL CORPORATION

Year to Date Rollforward of Stockholders’ Equity

(In Thousands Except for Share Data)

	Shares of Common Stock		Common Stock			Additional Paid-In Capital		Retained Earnings		Other Comp. Income		Total Stockholders’ Equity
Balance January 1, 2003	205,408,183		$	410,816		1,753,241		467,641		50,734		2,682,432
Net income	—			—		—		64,090		—		64,090
Restricted stock transactions, net	1,568			3		606		—		—		609
Options exercised, net of shares tendered	213,009			427		2,566		—		—		2,993
Shares repurchased and retired	(589,800	)		(1,180	)	(12,800	)	—		—		(13,980	)
Cash dividends ($.17 per share)	—			—		—		(34,948	)	—		(34,948	)
Change in minimum pension liability, net of applicable income taxes	—			—		—		—		(742	)	(742	)
Change in unrealized losses on investment securities available for sale, net of applicable income taxes	—			—		—		—		(3,926	)	(3,926	)
Other transactions, net	(23,394	)		(47	)	(467	)	—		—		(514	)
Balance March 31, 2003	205,009,566		$	410,019		1,743,146		496,783		46,066		2,696,014
Balance January 1, 2004	205,136,649		$	410,273		1,738,157		627,406		5,350		2,781,186
Net income	—			—		—		90,244		—		90,244
Restricted stock transactions, net	29,200			58		120		—		—		178
Options exercised, net of shares tendered	560,215			1,121		10,859		—		—		11,980
Shares repurchased and retired	(1,886,806	)		(3,774	)	(49,471	)	—		—		(53,245	)
Cash dividends ($.20 per share)	—			—		—		(41,028	)	—		(41,028	)
Change in minimum pension liability, net of applicable income taxes	—			—		—		—		(113	)	(113	)
Change in unrealized gains on investment securities available for sale, net of applicable income taxes	—			—		—		—		4,104		4,104
Change in unrealized loss on hedging instruments, net of applicable income taxes	—			—		—		—		4,389		4,389
Other transactions, net	71,869			144		1,100		—		—		1,244
Balance March 31, 2004	203,911,127		$	407,822		1,700,765		676,622		13,730		2,798,939

Page 12

NATIONAL COMMERCE FINANCIAL CORPORATION

Current Quarter Asset Quality

(In Thousands )

	As Of And For The Three Months Ended					% Inc/(Decr)		As Of And For The Three Months Ended				% Inc/(Decr)
	3/31/04			12/31/03				3/31/04		3/31/03
Allowance For Loan Losses
Beginning balance	$	170,452		172,186		(1.0	)	170,452		163,424		4.3
Charge-offs:
Commercial		(1,600	)	(7,348	)	(78.2	)	(1,600	)	(1,441	)	11.0
Construction and commercial real estate		—		(106	)	(100.0	)	—		(141	)	(100.0	)
Secured by real estate		(1,022	)	(1,140	)	(10.4	)	(1,022	)	(727	)	40.6
Consumer		(6,565	)	(6,048	)	8.5		(6,565	)	(5,977	)	9.8
Revolving credit		(1,109	)	(1,016	)	9.2		(1,109	)	(941	)	17.9
Lease financing		(405	)	(849	)	(52.3	)	(405	)	(53	)	664.2
Total charge-offs		(10,701	)	(16,507	)	(35.2	)	(10,701	)	(9,280	)	15.3
Recoveries:
Commercial		219		1,280		(82.9	)	219		273		(19.8	)
Construction and commercial real estate		1		1		.0		1		7		(85.7	)
Secured by real estate		50		70		(28.6	)	50		26		92.3
Consumer		967		693		39.5		967		931		3.9
Revolving credit		234		250		(6.4	)	234		322		(27.3	)
Lease financing		74		97		(23.7	)	74		37		100.0
Total recoveries		1,545		2,391		(35.4	)	1,545		1,596		(3.2	)
Net charge-offs		(9,156	)	(14,116	)	(35.1	)	(9,156	)	(7,684	)	19.2
Provision for loan losses		12,088		12,382		(2.4	)	12,088		7,684		57.3
Changes from acquisitions (sales)		—		—		—		—		(582	)	(100.0	)
Ending balance	$	173,384		170,452		1.7		173,384		162,842		6.5
Nonperforming Assets
Nonaccrual loans by loan type:
Commercial	$	15,100		13,991		7.9		15,100		19,833		(23.9	)
Construction and commercial real estate		12,455		10,944		13.8		12,455		6,883		81.0
Secured by real estate		2,660		1,701		56.4		2,660		2,105		26.4
Consumer		3,733		2,916		28.0		3,733		2,004		86.3
Lease financing		777		1,137		(31.7	)	777		2,013		(61.4	)
Total nonperforming loans		34,725		30,689		13.2		34,725		32,838		5.7
Foreclosed real estate		23,225		28,196		(17.6	)	23,225		22,981		1.1
Nonperforming loans and foreclosed real estate		57,950		58,885		(1.6	)	57,950		55,819		3.8
Other repossessed assets		6,108		4,638		31.7		6,108		11,962		(48.9	)
Nonperforming assets	$	64,058		63,523		.8		64,058		67,781		(5.5	)
Ninety days past due and accruing	$	65,275		64,457		1.3		65,275		56,384		15.8
Asset Quality Ratios (1)
Net charge-offs (annualized) by loan type:
Commercial		.14	%	.65				.14		.14
Construction and commercial real estate		.00		.01				.00		.01
Secured by real estate		.41		.43	��			.41		.24
Consumer		.51		.50				.51		.52
Revolving credit		4.13		3.66				4.13		3.26
Lease financing		1.02		2.33				1.02		.05
Net loans charged-off (annualized) to average loans		.28		.43				.28		.25
Nonperforming loans to total loans		.26		.24				.26		.28
Nonperforming loans and foreclosed real estate to loans and foreclosed real estate		.43		.45				.43		.47
Nonperforming assets to loans plus foreclosed real estate and other repossessed assets		.48		.49				.48		.57
Loan loss allowance to total loans		1.29		1.31				1.29		1.37
Loan loss allowance to net charge-offs (annualized)		4.71	x	3.04				4.71		5.23
Loan loss allowance to nonperforming loans		4.99		5.55				4.99		4.96

(1) Ratios computed excluding loans held for sale.

Page 13

NATIONAL COMMERCE FINANCIAL CORPORATION

Five Quarter Asset Quality

(In Thousands)

	As Of And For The Three Months Ended
	3/31/2004			12/31/2003		9/30/2003		6/30/2003		3/31/2003
Allowance For Loan Losses
Beginning balance	$	170,452		172,186		167,316		162,842		163,424
Charge-offs:
Commercial		(1,600	)	(7,348	)	(3,023	)	(893	)	(1,441	)
Construction and commercial real estate		—		(106	)	(19	)	(84	)	(141	)
Secured by real estate		(1,022	)	(1,140	)	(1,833	)	(1,375	)	(727	)
Consumer		(6,565	)	(6,048	)	(5,355	)	(6,289	)	(5,977	)
Revolving credit		(1,109	)	(1,016	)	(1,077	)	(1,133	)	(941	)
Lease financing		(405	)	(849	)	(146	)	(605	)	(53	)
Total charge-offs		(10,701	)	(16,507	)	(11,453	)	(10,379	)	(9,280	)
Recoveries:
Commercial		219		1,280		218		261		273
Construction and commercial real estate		1		1		22		1		7
Secured by real estate		50		70		145		69		26
Consumer		967		693		705		824		931
Revolving credit		234		250		240		290		322
Lease financing		74		97		21		32		37
Total recoveries		1,545		2,391		1,351		1,477		1,596
Net charge-offs		(9,156	)	(14,116	)	(10,102	)	(8,902	)	(7,684	)
Provision for loan losses		12,088		12,382		14,972		13,376		7,684
Changes from acquisitions (sales)		—		—		—		—		(582	)
Ending balance	$	173,384		170,452		172,186		167,316		162,842
Nonperforming Assets
Nonaccrual loans by loan type:
Commercial	$	15,100		13,991		15,691		20,151		19,833
Construction and commercial real estate		12,455		10,944		13,911		7,014		6,883
Secured by real estate		2,660		1,701		239		1,901		2,105
Consumer		3,733		2,916		4,734		3,227		2,004
Lease financing		777		1,137		1,408		1,550		2,013
Total nonperforming loans		34,725		30,689		35,983		33,843		32,838
Foreclosed real estate		23,225		28,196		25,500		23,961		22,981
Nonperforming loans and foreclosed real estate		57,950		58,885		61,483		57,804		55,819
Other repossessed assets		6,108		4,638		5,138		8,420		11,962
Nonperforming assets	$	64,058		63,523		66,621		66,224		67,781
Ninety days past due and accruing		65,275		64,457		59,691		56,104		56,384
Asset Quality Ratios (1)
Net charge-offs (annualized) by loan type:
Commercial		.14	%	.65		.31		.07		.14
Construction and commercial real estate		.00		.01		.00		.01		.01
Secured by real estate		.41		.43		.68		.68		.24
Consumer		.51		.50		.44		.54		.52
Revolving credit		4.13		3.66		4.12		4.33		3.26
Lease financing		1.02		2.33		.38		1.72		.05
Net loans charged-off (annualized) to average loans		.28		.43		.31		.29		.25
Nonperforming loans to total loans		.26		.24		.28		.27		.28
Nonperforming loans and foreclosed real estate to loans and foreclosed real estate		.43		.45		.48		.46		.47
Nonperforming assets to loans plus foreclosed real estate and other repossessed assets		.48		.49		.52		.53		.57
Loan loss allowance to total loans		1.29		1.31		1.34		1.35		1.37
Loan loss allowance to net charge-offs (annualized)		4.71	x	3.04		4.30		4.69		5.23
Loan loss allowance to nonperforming loans		4.99		5.55		4.79		4.94		4.96

(1) Ratios computed excluding loans held for sale.

Page 14

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
	3/31/2004						12/31/2003			9/30/2003			6/30/2003			3/31/2003
Taxable Equivalent Basis (1)	Average Balance		Interest		Average Yield/Rate		Average Balance	Interest	Average Yield/Rate	Average Balance	Interest	Average Yield/Rate	Average Balance	Interest	Average Yield/Rate	Average Balance	Interest	Average Yield/Rate
Earning assets:
Total loans (2)	$	13,451,587		184,637	5.52	%	13,219,321	190,799	5.73	13,065,302	188,073	5.72	12,614,546	190,239	6.05	12,789,028	199,861	6.32
Investment securities (3)		6,642,411		79,991	4.82		6,626,168	79,588	4.80	6,688,614	78,420	4.69	6,674,537	80,778	4.84	5,706,704	69,677	4.88
Trading securities		259,602		1,934	2.98		188,287	1,463	3.11	136,198	416	1.22	120,999	437	1.44	87,496	586	2.68
Time deposits in other banks		38,023		408	4.31		64,169	814	5.03	5,726	16	1.11	5,742	17	1.21	9,575	25	1.06
Federal funds sold and other short-term investments		178,951		374	.84		142,362	311	.87	148,627	287	.76	107,462	340	1.27	51,187	167	1.33
Total earning assets		20,570,574		267,344	5.22		20,240,307	272,975	5.37	20,044,467	267,212	5.31	19,523,286	271,811	5.58	18,643,990	270,316	5.85
Non-earning assets:
Cash and due from banks		431,289					458,469			450,576			422,653			398,564
Bank owned life insurance		243,306					239,161			235,741			231,397			228,214
Investment in First Market Bank		32,946					31,803			30,471			29,248			28,353
Premises and equipment		265,599					271,113			276,435			276,227			258,614
Goodwill		1,087,115					1,085,565			1,083,340			1,082,077			1,077,121
Core deposit intangibles		165,967					180,879			197,593			213,065			229,044
Other assets, net		347,268					338,401			408,676			395,442			428,542
Total assets	$	23,144,064					22,845,698			22,727,299			22,173,395			21,292,442
Interest-bearing liabilities
Interest-bearing deposits:
Savings, NOW and money market accounts	$	5,816,757		8,990	.62	%	5,799,594	9,287	.63	5,845,036	9,372	.64	5,765,351	11,006	.76	5,684,696	11,957	.85
Jumbo and brokered certificates of deposit		2,290,967		6,416	1.13		2,207,988	6,354	1.14	2,166,011	6,452	1.18	2,032,881	7,378	1.46	1,796,198	7,189	1.62
Time deposits		4,913,286		32,353	2.65		4,789,305	32,769	2.71	4,770,283	33,981	2.82	4,915,988	36,800	3.00	4,909,848	38,142	3.15
Total interest-bearing deposits		13,021,010		47,759	1.48		12,796,887	48,410	1.50	12,781,330	49,805	1.55	12,714,220	55,184	1.74	12,390,742	57,288	1.88
Short-term borrowings		1,697,317		4,565	1.08		1,685,250	4,532	1.06	1,608,179	4,619	1.14	1,388,604	4,698	1.37	1,249,458	4,368	1.40
FHLB advances		2,351,862		15,602	2.67		2,312,746	15,722	2.70	2,218,184	18,236	3.26	2,197,173	21,397	3.91	2,056,896	22,118	4.36
Trust preferred securities and long-term debt (4)		278,344		1,530	2.20		299,867	1,920	2.56	297,701	2,036	2.74	299,247	2,133	2.81	296,745	2,160	2.95
Total interest-bearing liabilities		17,348,533		69,456	1.61		17,094,750	70,584	1.64	16,905,394	74,696	1.75	16,599,244	83,412	2.02	15,993,841	85,934	2.18
Other liabilities and stockholders’ equity:
Demand deposits (noninterest-bearing)		2,514,792					2,554,870			2,565,673			2,375,641			2,140,299
Other liabilities		497,784					450,613			522,151			495,573			462,456
Stockholders’ equity		2,782,955					2,745,465			2,734,081			2,702,937			2,695,846
Total liabilities and stockholders’ equity	$	23,144,064					22,845,698			22,727,299			22,173,395			21,292,442
Net interest income and margin			$	197,888	3.86	%		202,391	3.98		192,516	3.83		188,399	3.86		184,382	3.98
Interest rate spread					3.61	%			3.73			3.56			3.56			3.67

(1) The taxable equivalent basis is computed using 35 percent federal and applicable state tax rates. A reconciliation of taxable equivalent interest income, a non-GAAP measure, to GAAP interest income for each of the quarters is provided below:

	3/31/04		12/31/03	9/30/03	6/30/03	3/31/03
Taxable equivalent interest income	$	267,344	272,975	267,212	271,811	270,316
Less taxable equivalent adjustment for:
Loans		1,655	1,792	1,993	2,140	2,192
Investment securities		5,153	5,157	5,022	4,909	4,724
Trading account securities		9	14	41	165	20
Federal funds sold and other short-term investments		—	—	1	4	4
GAAP interest income	$	260,527	266,012	260,155	264,593	263,376

(2) Includes loans held for sale.

(3) Average balances exclude the mark-to-market adjustment for Statement of Financial Accounting Standards No. 115.

(4) NCF adopted the provisions of FASB Interpretation No. 46 in the fourth quarter of 2003 and deconsolidated entities that had issued trust preferred securities.

Page 15

NATIONAL COMMERCE FINANCIAL CORPORATION

Reconcilement of Non-GAAP Measures

(In Thousands)

	As Of And For The							As Of And For The
	Three Months Ended					% Change		Three Months Ended				%
	3/31/04			12/31/03		Fav/(Unfav)		3/31/04		3/31/03		Inc/(Decr)
GAAP Noninterest Expense to Cash
Operating Noninterest Expense
Fully Consolidated
GAAP noninterest expense	$	163,726		162,236		(.9	)	163,726		180,104		9.1
Less: Core deposit intangible amortization		(13,639	)	(14,337	)	4.9		(13,639	)	(16,284	)	16.2
First Mercantile litigation		—		—		—		—		(19,654	)	100.0
Employment contract terminations		—		(987	)	100.0		—		—		—
Debt retirement/prepayment (penalties) gains		—		—		—		—		—		—
Other items (1)		(2,543	)	(1,021	)	(149.1	)	(2,543	)	—		—
Cash operating noninterest expense	$	147,544		145,891		(1.1	)	147,544		144,166		(2.3	)
Traditional Banking Segment
GAAP noninterest expense	$	125,395		124,714		(.5	)	125,395		127,337		1.5
Less: Core deposit intangible amortization		(13,639	)	(14,337	)	4.9		(13,639	)	(16,284	)	16.2
Employment contract terminations		—		(987	)	100.0		—		—		—
Debt retirement/prepayment (penalties) gains		—		—		—		—		—		—
Other items (1)		(2,543	)	(1,021	)	(149.1	)	(2,543	)	—		—
Cash operating noninterest expense	$	109,213		108,369		(.8	)	109,213		111,053		1.7
Financial Enterprises Segment
GAAP noninterest expense	$	40,295		39,367		(2.4	)	40,295		54,385		25.9
Less: First Mercantile litigation		—		—		—		—		(19,654	)	100.0
Cash operating noninterest expense	$	40,295		39,367		(2.4	)	40,295		34,731		(16.0	)
Total Revenues to Operating Revenues
Fully Consolidated
Net interest income (TE) (2)	$	197,888		202,391		(2.2	)	197,888		184,382		7.3
GAAP noninterest income		119,938		111,705		7.4		119,938		104,595		14.7
Total revenues	$	317,826		314,096		1.2		317,826		288,977		10.0
GAAP noninterest income	$	119,938		111,705		7.4		119,938		104,595		14.7
Less: (Gain) loss on branch sales		(45	)	(2,200	)	(98.0	)	(45	)	145		(131.0	)
Investment securities (gains) losses		(10,918	)	(3,338	)	227.1		(10,918	)	(2,464	)	(343.1	)
Operating noninterest revenues		108,975		106,167		2.6		108,975		102,276		6.5
Net interest income (TE)		197,888		202,391		(2.2	)	197,888		184,382		7.3
Operating revenues	$	306,863		308,558		(.5	)	306,863		286,658		7.0
Traditional Banking Segment
Net interest income (TE)	$	190,886		195,876		(2.5	)	190,886		179,167		6.5
GAAP noninterest income		68,834		65,446		5.2		68,834		61,456		12.0
Total revenues	$	259,720		261,322		(.6	)	259,720		240,623		7.9
GAAP noninterest income		68,834		65,446		5.2		68,834		61,456		12.0
Less: (Gain) loss on branch sales		(45	)	(2,200	)	(98.0	)	(45	)	145		(131.0	)
Investment securities (gains) losses		(10,918	)	(3,338	)	227.1		(10,918	)	(2,464	)	343.1
Operating noninterest revenues		57,871		59,908		(3.4	)	57,871		59,137		(2.1	)
Net interest income (TE)		190,886		195,876		(2.5	)	190,886		179,167		6.5
Operating revenues	$	248,757		255,784		(2.7	)	248,757		238,304		4.4
Financial Enterprises Segment
Net interest income (TE)	$	7,002		6,515		7.5		7,002		5,215		34.3
GAAP noninterest income		53,068		48,104		10.3		53,068		44,757		18.6
Total and operating revenues	$	60,070		54,619		10.0		60,070		49,972		20.2

(1) Comprised of expenses related to consulting project, severance and branch closures.

(2) Taxable equivalent interest income is reconciled to GAAP interest income on Page 15.

(3) Inter-segment eliminations are not separately presented.

Page 16

NATIONAL COMMERCE FINANCIAL CORPORATION

Reconcilement of Non-GAAP Measures

(In Thousands)

	As Of And For The Three Months Ended
	03/31/2004			12/31/2003		09/30/2003		06/30/2003		03/31/2003
GAAP Noninterest Expense to Cash Operating Noninterest Expense
Fully Consolidated
GAAP noninterest expense	$	163,726		162,236		201,495		180,604		180,104
Less: Core deposit intangible amortization		(13,639	)	(14,337	)	(15,062	)	(15,673	)	(16,284	)
First Mercantile litigation		—		—		—		(1,041	)	(19,654	)
Employment contract terminations		—		(987	)	(604	)	(14,108	)	—
Debt retirement/prepayment (penalties) gains		—		—		(31,987	)	326		—
Other items (1)		(2,543	)	(1,021	)	(1,722	)	—		—
Cash operating noninterest expense	$	147,544		145,891		152,120		150,108		144,166
Traditional Banking Segment
GAAP noninterest expense	$	125,395		124,714		162,499		140,768		127,337
Less: Core deposit intangible amortization		(13,639	)	(14,337	)	(15,062	)	(15,673	)	(16,284	)
Employment contract terminations		—		(987	)	(604	)	(14,108	)	—
Debt retirement/prepayment (penalties) gains		—		—		(31,987	)	326		—
Other items (1)		(2,543	)	(1,021	)	(1,722	)	—		—
Cash operating noninterest expense	$	109,213		108,369		113,124		111,313		111,053
Financial Enterprises Segment
GAAP noninterest expense	$	40,295		39,367		40,938		41,934		54,385
Less: First Mercantile litigation		—		—		—		(1,041	)	(19,654	)
Cash operating noninterest expense	$	40,295		39,367		40,938		40,893		34,731
Total Revenues to Operating Revenues
Fully Consolidated
Net interest income (TE) (2)	$	197,888		202,391		192,516		188,399		184,382
GAAP noninterest income		119,938		111,705		121,004		117,418		104,595
Total revenues	$	317,826		314,096		313,520		305,817		288,977
GAAP noninterest income	$	119,938		111,705		121,004		117,418		104,595
Less: (Gain) loss on branch sales		(45	)	(2,200	)	(7,055	)	—		145
Investment securities (gains) losses		(10,918	)	(3,338	)	4,512		(2,460	)	(2,464	)
Operating noninterest revenues		108,975		106,167		118,461		114,958		102,276
Net interest income (TE)		197,888		202,391		192,516		188,399		184,382
Operating revenues	$	306,863		308,558		310,977		303,357		286,658
Traditional Banking Segment
Net interest income (TE)	$	190,886		195,876		187,218		183,113		179,167
GAAP noninterest income		68,834		65,446		70,981		65,301		61,456
Total revenues	$	259,720		261,322		258,199		248,414		240,623
GAAP noninterest income	$	68,834		65,446		70,981		65,301		61,456
Less: (Gain) loss on branch sales		(45	)	(2,200	)	(7,055	)	—		145
Investment securities (gains) losses		(10,918	)	(3,338	)	4,512		(2,460	)	(2,464	)
Operating noninterest revenues		57,871		59,908		68,438		62,841		59,137
Net interest income (TE)		190,886		195,876		187,218		183,113		179,167
Operating revenues	$	248,757		255,784		255,656		245,954		238,304
Financial Enterprises Segment
Net interest income (TE)	$	7,002		6,515		5,298		5,286		5,215
GAAP noninterest income		53,068		48,104		51,965		54,215		44,757
Total and operating revenues	$	60,070		54,619		57,263		59,501		49,972

(1) Comprised of expenses related to consulting project, severance and branch closures.

(2) Taxable equivalent interest income is reconciled to GAAP interest income on Page 15.

(3) Inter-segment eliminations are not separately presented.

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NATIONAL COMMERCE FINANCIAL CORPORATION

Reconcilement of Non-GAAP Measures

(In Thousands)

	As Of And For The Three Months Ended
	03/31/2004			12/31/2003	09/30/2003	06/30/2003	03/31/2003
Efficiency Ratio (TE) to Operating Cash Efficiency Ratio (TE) (1)
Fully Consolidated
GAAP noninterest expense	$	163,726		162,236	201,495	180,604	180,104
Total revenues		317,826		314,096	313,520	305,817	288,977
Efficiency ratio (TE)		51.51	%	51.65	64.27	59.06	62.32
Cash operating noninterest expense	$	147,544		145,891	152,120	150,108	144,166
Operating revenues		306,863		308,558	310,977	303,357	286,658
Operating cash efficiency ratio (TE)		48.08	%	47.28	48.92	49.48	50.29
Traditional Banking Segment
GAAP noninterest expense	$	125,395		124,714	162,499	140,768	127,337
Total revenues		259,720		261,322	258,199	248,414	240,623
Efficiency ratio (TE)		48.28	%	47.72	62.94	56.67	52.92
Cash operating noninterest expense	$	109,213		108,369	113,124	111,313	111,053
Operating revenues		248,757		255,784	255,656	245,954	238,304
Operating cash efficiency ratio (TE)		43.90	%	42.37	44.25	45.26	46.60
Financial Enterprises Segment
GAAP noninterest expense	$	40,295		39,367	40,938	41,934	54,385
Total revenues		60,070		54,619	57,263	59,501	49,972
Efficiency ratio (TE)		67.08	%	72.08	71.49	70.48	108.83
Cash operating noninterest expense	$	40,295		39,367	40,938	40,893	34,731
Operating revenues		60,070		54,619	57,263	59,501	49,972
Operating cash efficiency ratio (TE)		67.08	%	72.08	71.49	68.73	69.50

(1) Taxable equivalent interest income is reconciled to GAAP interest income on Page 15.

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