Santander Holdings USA (SOV) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Sovereign Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	Quarter Ended														Year to Date
	Dec. 31			Sept. 30			June 30		Mar. 31			Dec. 31			Dec. 31			Dec. 31
(dollars in thousands, except per share data)	2008			2008			2008		2008			2007			2008			2007
Interest and dividend income:
Interest on interest-earning deposits	$	1,298		$	561		$	997	$	2,964		$	1,615		$	5,820		$	19,112
Interest on investment securities
Available for sale		95,970			134,108			156,164		168,109			173,803			554,351			721,015
Other		(1,112	)		8,407			6,671		9,820			14,279			23,786			51,645
Interest on loans		789,197			816,746			837,988		895,276			949,643			3,339,207			3,864,484
Total interest and dividend income		885,353			959,822			1,001,820		1,076,169			1,139,340			3,923,164			4,656,256
Interest expense:
Deposits and related customer accounts		211,052			196,887			228,546		315,103			395,768			951,588			1,627,315
Borrowings		250,454			271,781			267,144		278,886			277,548			1,068,265			1,164,919
Total interest expense		461,506			468,668			495,690		593,989			673,316			2,019,853			2,792,234
Net interest income		423,847			491,154			506,130		482,180			466,024			1,903,311			1,864,022
Provision for credit losses		340,000			304,000			132,000		135,000			148,192			911,000			407,692
Net interest income after provision for credit losses		83,847			187,154			374,130		347,180			317,832			992,311			1,456,330
Non-interest income:
Consumer banking fees		77,318			81,149			80,969		73,191			77,420			312,627			295,815
Commercial banking fees		53,156			52,589			53,747		54,453			56,695			213,945			202,304
Mortgage banking revenue (1)		(47,510	)		1,520			37,897		(5,133	)		9,161			(13,226	)		(67,792	)
Capital markets revenue		1,513			4,695			7,209		10,393			(18,310	)		23,810			(19,266	)
Bank owned life insurance income		19,326			18,175			19,065		19,424			20,633			75,990			85,855
Other		6,959			4,714			6,322		5,297			7,584			23,292			33,835
Total fees and other income before investment gains/(losses)		110,762			162,842			205,209		157,625			153,183			636,438			530,751
Net gain/(loss) on investments (2)		(4,768	)		(1,158,578	)		1,908		14,135			(179,209	)		(1,147,303	)		(176,355	)
Total non-interest income		105,994			(995,736	)		207,117		171,760			(26,026	)		(510,865	)		354,396
Non-interest expense:
General and administrative
Compensation and benefits (3)		200,493			196,611			192,760		185,112			155,856			774,976			673,528
Occupancy and equipment		80,930			76,724			74,868		78,013			77,325			310,535			308,698
Technology expense		26,733			25,632			25,728		24,498			25,177			102,591			96,265
Outside services		17,694			15,608			15,542		15,630			18,828			64,474			67,509
Marketing expense		23,279			19,771			19,699		16,246			13,881			78,995			56,101
Other administrative expenses (4)		63,652			53,155			53,266		39,765			46,537			209,838			143,737
Total general and administrative		412,781			387,501			381,863		359,264			337,604			1,541,409			1,345,838
Other expenses:
Core deposit & other intangibles		21,042			25,373			28,106		29,122			30,141			103,643			126,717
Goodwill impairment		—			—			—		—			1,576,776			—			1,576,776
Other minority interest expense and equity method expense (5)		11,266			20,075			14,719		8,339			27,448			54,399			67,263
Proxy and related professional fees		—			—			—		—			—			—			(516	)
Restructuring, other employee severance and debt repurchase charges		—			—			—		—			—			—			61,999
ESOP expense related to freezing of plan		—			—			—		—			—			—			40,119
Merger and acquisition related charges (6)		12,751			—			—		—			—			12,751			2,242
Total other expenses		45,059			45,448			42,825		37,461			1,634,365			170,793			1,874,600
Total non-interest expense		457,840			432,949			424,688		396,725			1,971,969			1,712,202			3,220,438
Income/(loss) before income taxes		(267,999	)		(1,241,531	)		156,559		122,215			(1,680,163	)		(1,230,756	)		(1,409,712	)
Income tax expense/(benefit)		(355,680	)		(259,940	)		29,120		22,080			(77,180	)		(564,420	)		(60,450	)
Net income/(loss)	$	87,681		$	(981,591	)	$	127,439	$	100,135		$	(1,602,983	)	$	(666,336	)	$	(1,349,262	)
(1)    Mortgage banking activity is summarized below:
Gains/(losses) on sale of mortgage loans and related securities and home equity loans (7)	$	4,010		$	5,997		$	4,999	$	3,977		$	4,560		$	18,985		$	(102,497	)
Net gains/(losses) recorded under SFAS 133		5,522			(2,289	)		1,602		1,370			(2,125	)		6,205			51
Mortgage servicing fees, net of mortgage servicing rights amortization		4,286			4,462			1,148		3,848			1,948			13,743			5,391
Mortgage servicing right recoveries/(impairments)		(48,489	)		14			19,837		(18,703	)		(2,071	)		(47,342	)		(1,415	)
Net gains/(losses) on sale of multifamily loans (8)		(9,610	)		(8,197	)		9,676		9,231			7,515			1,099			26,203
Net gains/(losses) recorded on commercial mortgage backed securitization		—			—			—		—			(666	)		—			4,475
Multifamily servicing right recoveries/(impairments)		(3,229	)		1,533			635		(4,856	)		—			(5,916	)		—
Total mortgage banking revenues	$	(47,510	)	$	1,520		$	37,897	$	(5,133	)	$	9,161		$	(13,226	)	$	(67,792	)

(2)	The third quarter of 2008 includes a $602 million loss on the sale of our CDO portfolio and a $575 million other-than-temporary impairment charge on FNMA & FHLMC preferred stock. The first quarter of 2008 includes a $14.1 million gain on our membership share allocation of VISA’s IPO shares. Results for the fourth quarter of 2007 include a $180.5 million other-than-temporary impairment charge on FNMA & FHLMC preferred stock.
(3)	The fourth quarter of 2008 results include severance charges of $15.8 million associated with a reduction in force. The third quarter of 2008 results include a $4.7 million severance charge for our Chief Executive Officer. The second quarter of 2008 results include severance charges of $5.3 million for recently terminated executives. The fourth quarter of 2007 results include $18.7 million of incentive compensation accrual reversals due to corporate objectives not being achieved in 2007.
(4)	The fourth quarter of 2008 results include a $5.5 million collateral write-off related to terminated swap positions as well as increased marketing expense of $3.5 million associated with deposit campaigns to reclaim deposits lost at the end of the third quarter as well as certain campaigns related to the Santander transaction agreement. The first quarter of 2008 results include a $6.4 million legal contingency reversal associated with the VISA IPO.
(5)	The third quarter 2008 results included lower earnings of $11.4 million associated with certain equity method investments. Second quarter 2008 results included a fair value adjustment of $6.4 million on one of our equity method investments.
(6)	The fourth quarter of 2008 results represent investment advisory and legal costs associated with the Santander acquisition.
(7)	The first quarter of 2007 results include a LOCOM adjustment of $119.9 million on correspondent home equity loans that were not sold as of March 31, 2007.
(8)	The fourth quarter of 2008 results include a loss of $4.8 million on the sale of $425 million portfolio. Fourth quarter and third quarter of 2008 results include charges of $7.4 million and $12.5 million, respectively, to increase recourse reserves associated with the sales of our multi-family loans to Fannie Mae.

 A 

Sovereign Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(unaudited)

	Dec. 31			Sept. 30			June 30			Mar. 31			Dec. 31
(dollars in thousands)	2008			2008			2008			2008			2007
Assets
Cash and amounts due from depository institutions	$	3,754,523		$	2,525,696		$	1,140,965		$	1,957,403		$	3,130,770
Investments:
Available-for-sale		9,301,339			8,604,927			11,118,184			10,958,419			13,941,847
Other investments		718,771			949,075			944,606			1,134,805			1,200,545
Total investments		10,020,110			9,554,002			12,062,790			12,093,224			15,142,392
Loans:
Commercial		31,786,627			32,517,171			32,435,333			32,181,592			30,912,972
Consumer		23,944,076			24,396,717			24,970,453			26,690,190			26,866,807
Total loans		55,730,703			56,913,888			57,405,786			58,871,782			57,779,779
Less allowance for loan losses		(1,102,753	)		(957,864	)		(808,748	)		(775,441	)		(709,444	)
Total loans, net		54,627,950			55,956,024			56,597,038			58,096,341			57,070,335
Premises and equipment, net		550,150			555,093			559,986			555,773			562,332
Accrued interest receivable		251,612			269,258			298,741			322,760			350,534
Goodwill		3,431,481			3,430,965			3,430,653			3,430,290			3,426,246
Core deposit and other intangibles		268,472			289,514			314,888			342,994			372,116
Bank owned life insurance		1,847,688			1,835,178			1,820,403			1,806,631			1,794,099
Other assets		3,836,788			2,905,676			2,971,985			3,307,303			2,897,572
Total assets	$	78,588,774		$	77,321,406		$	79,197,449		$	81,912,719		$	84,746,396
Liabilities and Stockholders’ Equity
Liabilities:
Deposits and other customer related accounts:
Retail and commercial deposits (1)	$	39,340,428		$	35,985,656		$	38,405,724		$	39,292,245		$	38,350,632
Wholesale deposits		4,773,904			3,130,820			3,177,527			3,756,952			4,807,369
Government deposits		2,633,859			2,080,716			3,190,784			3,314,420			4,003,224
Customer repurchase agreements		1,690,382			1,925,982			2,520,073			2,633,112			2,754,680
Total deposits		48,438,573			43,123,174			47,294,108			48,996,729			49,915,905
Borrowings and other debt obligations (1) (2)		20,816,224			25,213,772			22,050,359			24,348,829			26,126,082
Other liabilities		2,094,196			1,498,016			1,471,894			1,743,380			1,565,654
Total liabilities		71,348,993			69,834,962			70,816,361			75,088,938			77,607,641
Minority interests		147,961			147,603			147,139			146,784			146,430
Stockholders’ equity:
Preferred Stock		195,445			195,445			195,445			195,445			195,445
Common Stock (3)		7,718,771			7,713,181			7,701,024			6,298,254			6,295,572
Warrants and employee stock options issued		350,572			349,666			348,844			348,878			348,365
Treasury stock		(9,379	)		(9,661	)		(10,531	)		(11,438	)		(19,853	)
Accumulated other comprehensive loss		(981,582	)		(643,752	)		(720,036	)		(749,556	)		(326,133	)
Retained earnings		(182,007	)		(266,038	)		719,203			595,414			498,929
Total stockholders’ equity		7,091,820			7,338,841			8,233,949			6,676,997			6,992,325
Total liabilities and stockholders’ equity	$	78,588,774		$	77,321,406		$	79,197,449		$	81,912,719		$	84,746,396

(1)	Sovereign was able to reclaim $3.4 billion in deposits through promotional marketing campaigns during the fourth quarter of 2008 which allowed the company to substantially reduce borrowing levels from the third quarter of 2008.
(2)	In the fourth quarter of 2008, Sovereign Bank issued $1.35 billion in 3-year fixed rate FDIC guaranteed notes under the TLG program at a cost of 3.97%. Additionally, Sovereign Bancorp issued $250 million in 3.5-year fixed rate senior unsecured notes with the FDIC guarantee at a rate of 3.70% under the TLG program.
(3)	June 30, 2008 balance reflects proceeds of $1.39 billion from the issuance of 179.7 million shares of common stock on May 16, 2008.

 B 

Sovereign Bancorp, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(unaudited)

	Quarter Ended															Year to Date
	Dec. 31			Sept. 30			June 30			Mar. 31			Dec. 31			Dec. 31			Dec. 31
(dollars in millions, except per share data)	2008			2008			2008			2008			2007			2008			2007
Per Share Data
Basic earnings/(loss) per share	$	0.13		$	(1.48	)	$	0.22		$	0.20		$	(3.34	)	$	(1.14	)	$	(2.85	)
Diluted earnings/(loss) per share		0.13			(1.48	)		0.22			0.20			(3.34	)		(1.14	)		(2.85	)
Dividend declared per share		—			—			—			—			0.08			—			0.32
Common book value per share (1)		10.39			10.76			12.13			13.43			14.12			10.39			14.12
Tangible common book value per share (2)		5.24			5.57			6.90			6.20			6.82			5.24			6.82
Tangible common book value per share excluding OCI		6.72			6.54			7.99			7.75			7.50			6.72			7.50
Common stock price:
High	$	5.84		$	10.69		$	9.89		$	13.07		$	17.73		$	13.07		$	26.42
Low		1.63			2.33			7.14			9.28			10.08			1.63			10.08
Close		2.98			3.95			7.36			9.32			11.40			2.98			11.40
Weighted average common shares:
Basic (3)		664.2			663.6			570.1			482.2			481.2			596.3			478.7
Diluted (3) (4)		665.0			663.6			571.4			482.2			481.2			596.4			478.7
End-of-period common shares:
Basic		663.9			663.8			662.6			482.4			481.4			663.9			481.4
Diluted		692.4			692.3			691.3			511.5			511.0			692.4			511.0
Performance Statistics
Bancorp
Net interest margin		2.66	%		3.02	%		3.06	%		2.88	%		2.77	%		2.91	%		2.73	%
Return on average assets		0.46	%		-5.02	%		0.64	%		0.50	%		-7.74	%		-0.84	%		-1.62	%
Return on average tangible assets		0.48	%		-5.25	%		0.67	%		0.52	%		-8.25	%		-0.88	%		-1.73	%
Return on average equity		4.67	%		-48.18	%		6.73	%		5.78	%		-72.92	%		-8.84	%		-15.40	%
Return on average tangible equity		8.67	%		-84.19	%		12.44	%		11.67	%		-174.96	%		-16.41	%		-37.23	%
Annualized net loan charge-offs to average loans		1.32	%		0.91	%		0.60	%		0.51	%		0.42	%		0.83	%		0.25	%
Efficiency ratio (5)		77.21	%		59.25	%		53.68	%		56.15	%		54.52	%		60.69	%		56.20	%

(1)	Common book value per share equals common stockholders’ equity at period-end divided by common shares outstanding.
(2)	Tangible book value per share equals common stockholders’ equity at period-end excluding goodwill and core deposits and other intangibles, net of any associated deferred tax liabilities divided by common shares outstanding.
(3)	On May 16th, 2008, Sovereign issued 179.7 million shares of common stock which raised net proceeds of $1.39 billion to enhance its capital and liquidity positions.
(4)	The conversion of warrants and equity awards and the after-tax add back of Sovereign’s contingently convertible trust preferred interest expense was excluded from Sovereign’s GAAP diluted earnings per share calculation for the majority of the periods above since the result would have been anti-dilutive.
(5)	Efficiency ratio equals general and administrative expense as a percentage of total revenue, defined as the sum of net interest income and total fees and other income before security gains.

C

Sovereign Bancorp, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(unaudited)

	Quarter Ended
	Dec. 31			Sept. 30			June 30			Mar. 31			Dec. 31
(dollars in millions)	2008			2008			2008			2008			2007
Financial Condition Data:
Asset Quality
Non-performing assets	$	985.4		$	706.0		$	553.9		$	484.4		$	361.6
Non-performing loans		913.7			638.5			490.5			417.8			304.3
Non-performing assets to total assets		1.25	%		0.91	%		0.70	%		0.59	%		0.43	%
Non-performing loans to loans		1.64	%		1.12	%		0.85	%		0.71	%		0.53	%
Non-performing assets as a percentage of tangible equity and allowance for loan losses		20.6	%		14.5	%		9.9	%		12.2	%		8.6	%
Allowance for credit losses	$	1,167.9		$	1,018.4		$	843.5		$	798.4		$	737.7
Allowance for credit losses to total loans		2.10	%		1.79	%		1.47	%		1.36	%		1.28	%
Allowance for credit losses to non-performing loans		128	%		160	%		172	%		191	%		242	%
Capitalization — Bancorp(1)
Tier 1 leverage ratio		6.10	%		6.60	%		8.34	%		6.21	%		5.89	%
Tangible equity to tangible assets excluding OCI		6.12	%		6.09	%		7.18	%		4.97	%		4.67	%
Tangible equity to tangible assets including OCI		4.89	%		5.27	%		6.29	%		4.06	%		4.28	%
Tangible common equity to tangible assets excluding OCI		5.86	%		5.83	%		6.92	%		4.72	%		4.43	%
Tangible common equity to tangible assets including OCI		4.63	%		5.01	%		6.04	%		3.81	%		4.04	%
Capitalization — Bank(1)
Tier 1 leverage ratio		6.61	%		6.77	%		7.28	%		6.85	%		6.54	%
Tier 1 risk-based ratio		7.36	%		7.32	%		7.86	%		7.49	%		7.54	%
Total risk-based ratio		10.95	%		10.88	%		11.41	%		10.24	%		10.40	%

(1) All capital ratios are calculated based upon adjusted end of period assets consistent with OTS guidelines.

D

Sovereign Bancorp, Inc. and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS
(unaudited)

	Quarter Ended
	December 31, 2008								September 30, 2008								December 31, 2007
	Average					Yield/			Average					Yield/			Average					Yield/
(dollars in thousands)	Balance			Interest(1)		Rate			Balance			Interest(1)		Rate			Balance			Interest(1)		Rate
Earning assets:
Investment securities	$	10,388,588		$	107,268		4.13	%	$	11,228,969		$	157,892		5.62	%	$	13,647,483		$	209,735		6.14	%
Loans:
Commercial real estate		13,268,984			185,296		5.56	%		13,260,855			189,538		5.69	%		12,139,086			209,282		6.85	%
Commercial and industrial loans (C&I)		12,540,096			154,845		4.91	%		12,598,813			162,728		5.14	%		12,311,586			221,340		7.13	%
Other		1,682,809			28,253		6.72	%		1,730,810			29,366		6.79	%		1,722,710			30,609		7.11	%
Total Commercial		27,491,889			368,394		5.34	%		27,590,478			381,632		5.51	%		26,173,382			461,231		7.00	%
Multi-family		4,899,645			71,878		5.86	%		4,785,006			70,734		5.90	%		4,154,457			63,449		6.10	%
Residential		11,438,265			157,806		5.52	%		11,643,926			163,773		5.63	%		13,744,182			195,405		5.69	%
Home equity loans and lines of credit		6,829,788			91,318		5.32	%		6,598,160			91,587		5.52	%		6,116,026			100,575		6.52	%
Total consumer loans secured by real estate		18,268,053			249,124		5.44	%		18,242,086			255,360		5.59	%		19,860,208			295,980		5.94	%
Auto Loans		5,630,898			98,815		6.98	%		6,076,959			107,252		7.02	%		6,996,034			125,840		7.14	%
Other		293,293			5,305		7.20	%		299,082			5,835		7.76	%		312,253			7,092		9.01	%
Total Consumer		24,192,244			353,244		5.82	%		24,618,127			368,447		5.97	%		27,168,495			428,912		6.29	%
Total loans		56,583,778			793,516		5.59	%		56,993,611			820,813		5.74	%		57,496,334			953,592		6.60	%
Allowance for loan losses		(1,003,104	)							(832,446	)							(641,102	)
Total earning assets		65,969,262		$	900,784		5.44	%		67,390,134		$	978,705		5.79	%		70,502,715		$	1,163,327		6.57	%
Other assets		10,422,509								10,249,872								11,688,168
Total assets	$	76,391,771							$	77,640,006							$	82,190,883
Funding liabilities:
Deposits and other customer related accounts:
NOW accounts	$	4,824,968		$	8,411		0.69	%	$	5,173,571		$	10,707		0.82	%	$	5,297,687		$	14,143		1.06	%
Savings accounts		3,669,188			5,147		0.56	%		4,010,997			6,121		0.61	%		3,889,735			6,562		0.67	%
Money market accounts		10,042,539			58,638		2.32	%		10,892,952			54,868		2.00	%		10,530,726			94,979		3.58	%
Time deposits		12,214,383			101,152		3.29	%		10,246,622			79,808		3.10	%		11,955,486			141,748		4.70	%
Total retail and commercial deposits		30,751,078			173,348		2.24	%		30,324,142			151,504		1.99	%		31,673,634			257,432		3.22	%
NOW accounts- wholesale		4,660			19		1.63	%		151,306			803		2.11	%		46,146			537		4.62	%
Money market accounts- wholesale		1,633,281			3,116		0.76	%		1,531,141			8,568		2.23	%		1,764,249			21,228		4.77	%
Time deposits- wholesale		2,291,993			18,303		3.18	%		1,340,559			9,561		2.84	%		3,466,108			42,310		4.84	%
Total wholesale deposits		3,929,934			21,438		2.17	%		3,023,006			18,932		2.49	%		5,276,503			64,075		4.81	%
Total government deposits		2,648,595			13,137		1.97	%		3,008,951			18,281		2.42	%		3,955,764			47,482		4.76	%
Customer repurchase agreements and Eurodollar deposits		1,651,972			3,129		0.75	%		2,428,151			8,170		1.34	%		2,877,569			26,779		3.69	%
Total deposits and other customer related accounts		38,981,579			211,052		2.15	%		38,784,250			196,887		2.02	%		43,783,470			395,768		3.59	%
Borrowings:
Wholesale borrowings		17,850,207			186,091		4.16	%		18,747,782			210,370		4.48	%		18,145,623			220,972		4.85	%
Other borrowings		4,126,043			64,363		6.23	%		3,948,802			61,411		6.21	%		3,621,933			56,576		5.94	%
Total borrowings		21,976,250			250,454		4.55	%		22,696,584			271,781		4.78	%		21,767,556			277,548		5.03	%
Total funding liabilities		60,957,829			461,506		3.02	%		61,480,834			468,668		3.04	%		65,551,026			673,316		4.07	%
Non-interest bearing DDA		6,455,973								6,664,444								6,399,359
Other liabilities		1,529,693								1,411,449								1,518,784
Total liabilities		68,943,495								69,556,727								73,469,169
Stockholders’ equity		7,448,276								8,083,279								8,721,714
Total liabilities and stockholders’ equity	$	76,391,771							$	77,640,006							$	82,190,883
Net interest income				$	439,278							$	510,037							$	490,011
Interest rate spread							2.43	%							2.75	%							2.50	%
Contribution from interest free funds							0.23	%							0.27	%							0.27	%
Net interest margin							2.66	%							3.02	%							2.77	%

(1) Tax equivalent basis

E

Sovereign Bancorp, Inc. and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS
(unaudited)

	Year to Date
	December 31, 2008								December 31, 2007
	Average					Yield/			Average					Yield/
(dollars in thousands)	Balance			Interest(1)		Rate			Balance			Interest(1)		Rate
Earning assets:
Investment securities	$	11,685,412		$	649,977		5.56	%	$	14,180,066		$	872,232		6.15	%
Loans:
Commercial real estate		13,045,261			761,585		5.84	%		11,785,824			818,569		6.95	%
Commercial and industrial loans (C&I)		12,725,281			680,831		5.35	%		12,020,573			889,168		7.40	%
Other		1,730,976			118,520		6.85	%		1,616,210			115,407		7.14	%
Total Commercial		27,501,518			1,560,936		5.68	%		25,422,607			1,823,144		7.17	%
Multi-family		4,628,080			275,500		5.95	%		4,657,978			296,126		6.36	%
Residential		12,234,402			687,691		5.62	%		14,525,467			825,685		5.68	%
Home equity loans and lines of credit		6,509,952			367,645		5.65	%		6,868,727			469,760		6.84	%
Total consumer loans secured by real estate		18,744,354			1,055,336		5.63	%		21,394,194			1,295,445		6.06	%
Auto Loans		6,308,417			440,309		6.98	%		6,187,487			433,172		7.00	%
Other		303,131			23,136		7.63	%		360,486			31,248		8.67	%
Total Consumer		25,355,902			1,518,781		5.99	%		27,942,167			1,759,865		6.30	%
Total loans		57,485,500			3,355,217		5.84	%		58,022,752			3,879,135		6.69	%
Allowance for loan losses		(836,217	)							(533,263	)
Total earning assets		68,334,695		$	4,005,194		5.86	%		71,669,555		$	4,751,367		6.63	%
Other assets		10,347,204								11,646,477
Total assets	$	78,681,899							$	83,316,032
Funding liabilities:
Deposits and other customer related accounts:
NOW accounts	$	5,067,666		$	41,227		0.81	%	$	5,682,868		$	61,599		1.08	%
Savings accounts		3,963,613			24,785		0.63	%		4,258,897			27,839		0.65	%
Money market accounts		10,811,142			253,548		2.35	%		9,902,914			347,077		3.50	%
Time deposits		11,410,993			425,296		3.73	%		11,383,634			531,994		4.67	%
Total retail and commercial deposits		31,253,414			744,856		2.38	%		31,228,313			968,509		3.10	%
NOW accounts- wholesale		95,952			2,356		2.46	%		199,505			10,535		5.28	%
Money market accounts- wholesale		1,527,317			32,978		2.16	%		2,439,198			130,617		5.35	%
Time deposits- wholesale		1,906,284			54,070		2.84	%		4,112,903			216,451		5.26	%
Total wholesale deposits		3,529,553			89,404		2.53	%		6,751,606			357,603		5.30	%
Total government deposits		3,181,711			81,288		2.55	%		3,826,924			193,066		5.04	%
Customer repurchase agreements and Eurodollar deposits		2,346,152			36,040		1.54	%		2,545,304			108,137		4.25	%
Total deposits and other customer related accounts		40,310,830			951,588		2.36	%		44,352,147			1,627,315		3.67	%
Borrowings:
Wholesale borrowings		18,865,925			831,892		4.41	%		17,754,787			889,480		5.01	%
Other borrowings		3,874,747			236,373		6.10	%		4,492,313			275,439		6.13	%
Total borrowings		22,740,672			1,068,265		4.70	%		22,247,100			1,164,919		5.24	%
Total funding liabilities		63,051,502			2,019,853		3.20	%		66,599,247			2,792,234		4.19	%
Non-interest bearing DDA		6,548,894								6,386,359
Other liabilities		1,563,748								1,568,869
Total liabilities		71,164,144								74,554,475
Stockholders’ equity		7,517,755								8,761,557
Total liabilities and stockholders’ equity	$	78,681,899							$	83,316,032
Net interest income				$	1,985,341							$	1,959,133
Interest rate spread							2.66	%							2.44	%
Contribution from interest free funds							0.25	%							0.29	%
Net interest margin							2.91	%							2.73	%

(1) Tax equivalent basis

F

Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)

NON-PERFORMING ASSETS

	Dec. 31			Sept. 30			June 30			Mar. 31			Dec. 31
(dollars in thousands)	2008			2008			2008			2008			2007
Non-accrual loans:
Consumer:
Residential — Alt-A	$	156,206		$	116,522		$	85,460		$	64,763		$	51,783
Residential — Other		76,970			57,823			47,654			44,039			39,098
Home equity loans and lines of credit		19,069			16,649			20,407			17,669			16,684
Correspondent home equity		50,177			49,995			44,806			42,618			39,415
Auto loans		1,411			1,034			1,155			876			1,359
Other consumer loans		2,366			1,856			1,595			1,541			2,087
Total consumer loans		306,199			243,879			201,077			171,506			150,426
Commercial real estate		319,565			201,594			117,251			95,363			61,750
Multi-family loans		42,795			37,221			42,230			10,367			6,336
C&I and other		244,848			155,497			129,693			140,270			85,406
Total non-accrual loans		913,407			638,191			490,251			417,506			303,918
Restructured loans		268			260			280			324			370
Total non-performing loans		913,675			638,451			490,531			417,830			304,288
Real estate owned, net		49,901			45,604			48,228			49,668			43,226
Other repossessed assets		21,836			21,987			15,168			16,888			14,062
Total non-performing assets	$	985,412		$	706,042		$	553,927		$	484,386		$	361,576
Non-performing loans as a percentage of loans		1.64	%		1.12	%		0.85	%		0.71	%		0.53	%
Non-performing assets as a percentage of total assets		1.25	%		0.91	%		0.70	%		0.59	%		0.43	%
Non-performing assets as a percentage of total loans, real estate owned and repossessed assets		1.77	%		1.24	%		0.96	%		0.82	%		0.63	%
Allowance for credit losses as a percentage of non-performing loans		128	%		160	%		172	%		191	%		242	%
Non-performing assets as a percentage of tangible equity and allowance for loan losses		20.6	%		14.5	%		9.9	%		12.2	%		8.6	%

NET LOAN CHARGE-OFFS

	Dec. 31		Sept. 30			June 30		Mar. 31		Dec. 31
Quarters ended (in thousands)	2008		2008			2008		2008		2007
Commercial real estate	$	21,787	$	(50	)	$	7,748	$	3,339	$	4,591
Multi-family loans		17,916		5,101			227		—		—
C&I and other		68,029		63,960			25,246		11,789		13,647
Total commercial		107,732		69,011			33,221		15,128		18,238
Residential — Alt-A		6,685		2,889			2,289		2,135		1,766
Residential — Other		4,652		2,538			2,340		2,718		1,865
Home equity loans and lines of credit		6,642		4,694			4,399		5,351		3,808
Correspondent home equity		3,699		5,717			6,189		4,014		—
Total consumer loans secured by real estate		21,678		15,838			15,217		14,218		7,439
Auto loans — In market		17,124		15,075			13,317		14,488		14,918
Auto loans — Out of market		37,116		26,968			23,287		28,276		19,427
Other consumer loans		3,063		2,248			1,895		2,186		469
Total consumer		78,981		60,129			53,716		59,168		42,253
Total loan charge-offs	$	186,713	$	129,140		$	86,937	$	74,296	$	60,491

COMPONENTS OF THE PROVISION OF CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

	Dec. 31		Sept. 30		June 30		Mar. 31			Dec. 31
Quarters ended (in thousands)	2008		2008		2008		2008			2007
Provision for loan losses	$	335,348	$	278,255	$	120,244	$	140,293		$	140,188
Provision/(recoveries) for unfunded commitments		4,652		25,745		11,756		(5,293	)		8,004
Total provision for credit losses	$	340,000	$	304,000	$	132,000	$	135,000		$	148,192
Allowance for loan losses	$	1,102,753	$	957,864	$	808,748	$	775,441		$	709,444
Reserve for unfunded commitments		65,161		60,509		34,764		23,008			28,301
Total allowance for credit losses	$	1,167,914	$	1,018,373	$	843,512	$	798,449		$	737,745

G

Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)

ADDITIONAL CREDIT QUALITY STATISTICS

										Net Loan Charge-Offs ($)
	Loan Composition- End of Period ($)									Annualized Net Loan									Total Past Dues Excluding Non-Accruals ($)
	% of Total Loans									Charge-Offs to Average Loans (%)									Total Past Dues to Total Loans (%)
	Dec. 31			Sept. 30			Dec. 31			Dec. 31			Sept. 30			Dec. 31			Dec. 31			Sept. 30			Dec. 31
Quarters ended (in thousands)	2008			2008			2007			2008			2008			2007			2008			2008			2007
Commercial real estate (1)	$	13,181,623		$	13,280,520		$	12,306,914		$	21,787		$	(50	)	$	4,591		$	227,764		$	82,467		$	66,710
		24	%		23	%		21	%		0.66	%		0.00	%		0.15	%		1.73	%		0.62	%		0.54	%
Multi-family		4,526,111			4,887,540			4,246,370			17,916			5,101			—			95,518			21,349			5,034
		8	%		9	%		7	%		1.46	%		0.43	%		0.00	%		2.11	%		0.44	%		0.12	%
C&I and other commercial		14,078,893			14,349,111			14,359,688			68,029			63,960			13,647			234,493			109,237			68,531
		25	%		25	%		25	%		1.91	%		1.79	%		0.39	%		1.67	%		0.76	%		0.48	%
Residential — Alt-A		2,681,557			2,746,797			3,071,307			6,685			2,889			1,766			231,055			175,905			125,002
		5	%		5	%		5	%		0.99	%		0.42	%		0.22	%		8.62	%		6.40	%		4.07	%
Residential — Other		8,735,551			8,768,218			10,269,886			4,652			2,538			1,865			294,224			251,734			235,980
		15	%		14	%		18	%		0.21	%		0.11	%		0.07	%		3.37	%		2.87	%		2.30	%
Home equity loans and lines of credit		6,509,241			6,335,961			5,712,183			6,642			4,694			3,808			38,418			33,066			34,148
		12	%		11	%		10	%		0.41	%		0.30	%		0.27	%		0.59	%		0.52	%		0.60	%
Correspondent home equity loans (2) (3)		382,677			395,800			484,965			3,699			5,717			—			57,449			34,111			55,428
		1	%		1	%		1	%		3.82	%		5.62	%		0.00	%		15.01	%		8.62	%		11.43	%
Auto loans — In Market		3,535,245			3,856,580			4,407,496			17,124			15,075			14,918			108,276			89,283			119,095
		6	%		7	%		8	%		1.84	%		1.52	%		0.92	%		3.06	%		2.32	%		2.70	%
Auto loans — Out of Market (3)		1,809,080			1,997,350			2,621,398			37,116			26,968			19,427			102,650			93,038			95,553
		3	%		4	%		5	%		7.80	%		5.13	%		1.67	%		5.67	%		4.66	%		3.65	%
Other consumer		290,725			296,011			299,572			3,063			2,248			469			14,592			13,259			11,547
		1	%		1	%		1	%		4.18	%		3.01	%		0.60	%		5.02	%		4.48	%		3.85	%
Total (3)		55,730,703			56,913,888			57,779,779			186,713			129,140			60,491			1,404,439			903,449			817,028
		100	%		100	%		100	%		1.32	%		0.91	%		0.42	%		2.52	%		1.59	%		1.41	%

(1)	Balance includes $759 million, $816 million and $1.1 billion of residential construction loans at December 31, 2008, September 30, 2008 and December 31, 2007, respectively.
(2)	At December 31, 2008 and September 30, 2008, this portfolio has $289.6 million and $296.8 million, respectively, of first lien loans and $92.7 million and $99.0 million, respectively, of second lien loans which have reserves for credit losses of $48.5 million and $52.3 million, respectively.
(3)	Note that Sovereign ceased originating correspondent home equity loans in the first quarter of 2006 and effective January 31, 2008 out of market indirect auto loans.

H

Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)

DEPOSIT AND OTHER CUSTOMER RELATED ACCOUNT COMPOSITION — End of period

	Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31
Quarters ended (in thousands)	2008		2008		2008		2008		2007
Demand deposit accounts	$	6,684,232	$	6,577,953	$	7,205,686	$	6,761,773	$	6,444,338
NOW accounts		5,031,748		4,959,123		5,367,012		5,462,791		5,546,280
Money market accounts		10,483,152		10,013,306		11,328,406		11,334,428		10,655,978
Savings accounts		3,582,150		3,821,978		4,113,002		3,841,083		3,831,636
Time deposits		13,559,146		10,613,296		10,391,618		11,892,170		11,872,400
Total retail and commercial deposits		39,340,428		35,985,656		38,405,724		39,292,245		38,350,632
NOW accounts- wholesale		67,213		1,069		306,937		388,604		15,082
Money market accounts- wholesale		1,701,734		1,519,745		1,577,987		1,385,308		1,761,693
Time deposits- wholesale		3,004,957		1,610,006		1,292,603		1,983,040		3,030,594
Total wholesale deposits		4,773,904		3,130,820		3,177,527		3,756,952		4,807,369
Total government deposits		2,633,859		2,080,716		3,190,784		3,314,420		4,003,224
Customer repurchase agreements and Eurodollar deposits		1,690,382		1,925,982		2,520,073		2,633,112		2,754,680
Total deposits and other customer related accounts	$	48,438,573	$	43,123,174	$	47,294,108	$	48,996,729	$	49,915,905

LOAN COMPOSITION — End of period

	Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31
Quarters ended (in thousands)	2008		2008		2008		2008		2007
Commercial real estate	$	13,181,623	$	13,280,520	$	13,271,241	$	12,882,292	$	12,306,914
C&I		12,428,069		12,631,424		12,746,829		13,209,614		12,594,652
Multi-family loans		4,526,111		4,887,540		4,669,017		4,331,075		4,246,370
Other		1,650,824		1,717,687		1,748,246		1,758,611		1,765,036
Total commercial loans		31,786,627		32,517,171		32,435,333		32,181,592		30,912,972
Residential		11,417,108		11,515,015		11,856,434		13,277,908		13,341,193
Home equity loans and lines of credit		6,891,918		6,731,761		6,504,738		6,283,506		6,197,148
Total consumer loans secured by real estate		18,309,026		18,246,776		18,361,172		19,561,414		19,538,341
Auto loans		5,344,325		5,853,930		6,306,484		6,815,657		7,028,894
Other consumer loans		290,725		296,011		302,797		313,119		299,572
Total consumer loans		23,944,076		24,396,717		24,970,453		26,690,190		26,866,807
Total loans	$	55,730,703	$	56,913,888	$	57,405,786	$	58,871,782	$	57,779,779

DEPOSIT AND OTHER CUSTOMER RELATED ACCOUNT COMPOSITION — Average

	Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31
Quarters ended (in thousands)	2008		2008		2008		2008		2007
Demand deposit accounts	$	6,455,973	$	6,664,444	$	6,731,967	$	6,342,945	$	6,399,359
NOW accounts		4,824,968		5,173,571		5,209,957		5,319,562		5,297,687
Money market accounts		10,042,539		10,892,952		11,348,987		10,967,638		10,530,726
Savings accounts		3,669,188		4,010,997		4,107,321		3,813,768		3,889,735
Time deposits		12,214,383		10,246,622		11,258,950		11,927,984		11,955,486
Total retail and commercial deposits		37,207,051		36,988,586		38,657,182		38,371,897		38,072,993
NOW accounts- wholesale		4,660		151,306		139,664		88,574		46,146
Money market accounts- wholesale		1,633,281		1,531,141		1,547,158		1,396,481		1,764,249
Time deposits- wholesale		2,291,993		1,340,559		1,588,172		2,406,387		3,466,108
Total wholesale deposits		3,929,934		3,023,006		3,274,994		3,891,442		5,276,503
Total government deposits		2,648,595		3,008,951		3,257,652		3,819,399		3,955,764
Customer repurchase agreements and Eurodollar deposits		1,651,972		2,428,151		2,571,241		2,739,973		2,877,569
Total deposits and other customer related accounts	$	45,437,552	$	45,448,694	$	47,761,069	$	48,822,711	$	50,182,829

LOAN COMPOSITION — Average

	Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31
Quarters ended (in thousands)	2008		2008		2008		2008		2007
Commercial real estate	$	13,268,984	$	13,260,855	$	13,052,692	$	12,593,687	$	12,139,086
C&I		12,540,096		12,598,813		13,005,216		12,760,425		12,311,586
Multi-family loans		4,899,645		4,785,006		4,506,471		4,316,489		4,154,457
Other		1,682,809		1,730,810		1,756,432		1,754,382		1,722,710
Total commercial loans		32,391,534		32,375,484		32,320,811		31,424,983		30,327,839
Residential		11,438,265		11,643,926		12,598,466		13,272,189		13,744,182
Home equity loans and lines of credit		6,829,788		6,598,160		6,389,801		6,217,574		6,116,026
Total consumer loans secured by real estate		18,268,053		18,242,086		18,988,267		19,489,763		19,860,208
Auto loans		5,630,898		6,076,959		6,568,725		6,967,076		6,996,034
Other consumer loans		293,293		299,082		306,297		314,006		312,253
Total consumer loans		24,192,244		24,618,127		25,863,289		26,770,845		27,168,495
Total loans	$	56,583,778	$	56,993,611	$	58,184,100	$	58,195,828	$	57,496,334

I

Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)

CALCULATION OF TANGIBLE EQUITY TO TANGIBLE ASSETS RATIOS

	Quarter Ended
	Dec. 31			Sept. 30			June 30			Mar. 31			Dec. 31			Sept. 30
(dollars in thousands)	2008			2008			2008			2008			2007			2007
Total Equity	$	7,091,820		$	7,338,841		$	8,233,949		$	6,676,997		$	6,992,325		$	8,725,914
Goodwill		(3,431,481	)		(3,430,965	)		(3,430,653	)		(3,430,290	)		(3,426,246	)		(5,003,022	)
CDI and other intangibles		(268,472	)		(289,514	)		(314,888	)		(342,994	)		(372,116	)		(402,257	)
Deferred tax liability on CDI		91,891			95,413			104,033			113,581			123,472			133,712
Deferred tax liability on other intangibles		5,822			5,818			6,042			6,265			6,489			6,719
Deferred tax liability on tax deductible goodwill		187,031			174,096			168,400			162,678			156,956			151,234
Total tangible equity including OCI	$	3,676,611		$	3,893,689		$	4,766,882		$	3,186,238		$	3,480,880		$	3,612,300
Total assets	$	78,588,774		$	77,321,406		$	79,197,449		$	81,912,719		$	84,746,396		$	86,607,328
Goodwill		(3,431,481	)		(3,430,965	)		(3,430,653	)		(3,430,290	)		(3,426,246	)		(5,003,022	)
CDI and other intangibles		(268,472	)		(289,514	)		(314,888	)		(342,994	)		(372,116	)		(402,257	)
Deferred tax liability on CDI		91,891			95,413			104,033			113,581			123,472			133,712
Deferred tax liability on other intangibles		5,822			5,818			6,042			6,265			6,489			6,719
Deferred tax liability on tax deductible goodwill		187,031			174,096			168,400			162,678			156,956			151,234
Total tangible assets including OCI	$	75,173,565		$	73,876,254		$	75,730,382		$	78,421,960		$	81,234,951		$	81,493,714
Tangible equity to tangible assets including OCI		4.89	%		5.27	%		6.29	%		4.06	%		4.28	%		4.43	%
Total tangible equity including OCI	$	3,676,611		$	3,893,689		$	4,766,882		$	3,186,238		$	3,480,880		$	3,612,300
Accumulated other comprehensive loss		981,582			643,752			720,036			749,556			326,133			218,155
Total tangible equity excluding OCI	$	4,658,193		$	4,537,441		$	5,486,918		$	3,935,794		$	3,807,013		$	3,830,455
Total tangible assets including OCI	$	75,173,565		$	73,876,254		$	75,730,382		$	78,421,960		$	81,234,951		$	81,493,714
Accumulated other comprehensive loss		981,582			643,752			720,036			749,556			326,133			218,155
Total tangible assets excluding OCI	$	76,155,147		$	74,520,006		$	76,450,418		$	79,171,516		$	81,561,084		$	81,711,869
Tangible equity to tangible assets excluding OCI		6.12	%		6.09	%		7.18	%		4.97	%		4.67	%		4.69	%
Total tangible equity including OCI	$	3,676,611		$	3,893,689		$	4,766,882		$	3,186,238		$	3,480,880		$	3,612,300
Preferred stock		(195,445	)		(195,445	)		(195,445	)		(195,445	)		(195,445	)		(195,445	)
Total tangible common equity including OCI	$	3,481,166		$	3,698,244		$	4,571,437		$	2,990,793		$	3,285,435		$	3,416,855
Total tangible equity including OCI	$	75,173,565		$	73,876,254		$	75,730,382		$	78,421,960		$	81,234,951		$	81,493,714
Tangible common equity to tangible assets including OCI		4.63	%		5.01	%		6.04	%		3.81	%		4.04	%		4.19	%
Total tangible common equity including OCI	$	3,481,166		$	3,698,244		$	4,571,437		$	2,990,793		$	3,285,435		$	3,416,855
Accumulated other comprehensive loss		981,582			643,752			720,036			749,556			326,133			218,155
Total tangible common equity excluding OCI	$	4,462,748		$	4,341,996		$	5,291,473		$	3,740,349		$	3,611,568		$	3,635,010
Total tangible equity excluding OCI	$	76,155,147		$	74,520,006		$	76,450,418		$	79,171,516		$	81,561,084		$	81,711,869
Tangible common equity to tangible assets excluding OCI		5.86	%		5.83	%		6.92	%		4.72	%		4.43	%		4.45	%

CALCULATION OF TANGIBLE BOOK VALUE PER SHARE

	Dec. 31		Sept. 30		June 30		Mar. 31		Dec. 31		Sept. 30
(dollars and shares in thousands)	2008		2008		2008		2008		2007		2007
Total tangible common equity including OCI	$	3,481,166	$	3,698,244	$	4,571,437	$	2,990,793	$	3,285,435	$	3,416,855
Common shares outstanding		663,946		663,817		662,641		482,443		481,404		480,436
Tangible common book value per share including OCI	$	5.24	$	5.57	$	6.90	$	6.20	$	6.82	$	7.11
Total tangible common equity excluding OCI	$	4,462,748	$	4,341,996	$	5,291,473	$	3,740,349	$	3,611,568	$	3,635,010
Common shares outstanding		663,946		663,817		662,641		482,443		481,404		480,436
Tangible common book value per share excluding OCI	$	6.72	$	6.54	$	7.99	$	7.75	$	7.50	$	7.57

J

Sovereign Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION
(unaudited)

CALCULATION OF RETURN ON AVERAGE TANGIBLE EQUITY AND RETURN ON AVERAGE TANGIBLE ASSETS

	Quarter Ended															Year-to-Date
	Dec. 31			Sept. 30			June 30			Mar. 31			Dec. 31			Dec. 31			Dec. 31
(dollars in thousands)	2008			2008			2008			2008			2007			2008			2007
Total average equity	$	7,448,276		$	8,083,279		$	7,589,954		$	6,944,050		$	8,721,714		$	7,517,755		$	8,761,557
Average goodwill		(3,430,971	)		(3,430,656	)		(3,430,304	)		(3,427,259	)		(4,985,883	)		(3,429,803	)		(4,999,770	)
Average CDI and other intangibles		(281,554	)		(304,763	)		(332,165	)		(361,229	)		(391,628	)		(319,781	)		(438,013	)
Average deferred tax liability on intangibles		275,376			277,802			281,626			285,996			290,838			280,147			300,113
Total tangible average equity including OCI	$	4,011,128		$	4,625,661		$	4,109,111		$	3,441,558		$	3,635,041		$	4,048,317		$	3,623,887
Return on average equity		4.67	%		-48.18	%		6.73	%		5.78	%		-72.92	%		-8.84	%		-15.40	%
Effect of goodwill		3.99	%		-35.73	%		5.62	%		5.76	%		-100.02	%		-7.48	%		-21.24	%
Effect of CDI and other intangibles		0.33	%		-3.17	%		0.54	%		0.61	%		-7.86	%		-0.70	%		-1.86	%
Effect of deferred tax asset		-0.32	%		2.89	%		-0.46	%		-0.48	%		5.83	%		0.61	%		1.28	%
Tangible return on average equity including OCI		8.67	%		-84.19	%		12.44	%		11.67	%		-174.96	%		-16.41	%		-37.23	%
Total average assets	$	76,391,771		$	77,640,006		$	79,801,750		$	80,930,688		$	82,190,883		$	78,681,899		$	83,316,032
Average goodwill		(3,430,971	)		(3,430,656	)		(3,430,304	)		(3,427,259	)		(4,985,883	)		(3,429,803	)		(4,999,770	)
Average CDI and other intangibles		(281,554	)		(304,763	)		(332,165	)		(361,229	)		(391,628	)		(319,781	)		(438,013	)
Average deferred tax liability on intangibles		275,376			277,802			281,626			285,996			290,838			280,147			300,113
Total tangible average equity including OCI	$	72,954,623		$	74,182,388		$	76,320,907		$	77,428,196		$	77,104,210		$	75,212,461		$	78,178,362
Return on Average assets		0.46	%		-5.02	%		0.64	%		0.50	%		-7.74	%		-0.84	%		-1.62	%
Effect of goodwill		0.02	%		-0.23	%		0.03	%		0.02	%		-0.50	%		-0.04	%		-0.11	%
Effect of CDI and other intangibles		0.00	%		-0.02	%		0.00	%		0.00	%		-0.04	%		0.00	%		-0.01	%
Effect of deferred tax asset		0.00	%		0.02	%		0.00	%		0.00	%		0.03	%		0.00	%		0.01	%
Tangible return on average assets including OCI		0.48	%		-5.25	%		0.67	%		0.52	%		-8.25	%		-0.88	%		-1.73	%

K