Chart 57 Credit Losses Most Likely Will Worsen; Current Credit Losses Are at 15-Year Lows (GAAP: net-charge-offs/average loans, percent)

Company Name 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1Q 2005 2Q 2005 3Q 2005
REGIONAL BANKS
AmSouth Bancorporation 0.78 0.75 0.54 0.25 0.27 0.29 0.55 0.40 0.34 0.40 0.48 0.82 0.75 0.60 0.37 0.23 0.21 0.18
BB&T Corporation 0.65 0.68 0.45 0.38 0.15 0.23 0.30 0.40 0.28 0.26 0.27 0.40 0.48 0.43 0.36 0.27 0.25 0.30
Commerce Bancorp, Inc. 0.41 0.58 1.06 0.88 0.29 0.14 0.25 0.13 0.08 0.08 0.11 0.19 0.18 0.16 0.19 0.11 0.09 0.19
National City Corporation 1.16 1.18 0.75 0.49 0.34 0.38 0.45 0.43 0.35 0.41 0.44 0.61 0.69 0.62 0.34 0.31 0.25 0.28
PNC Financial Services Group, Inc. 2.12 2.20 1.61 1.64 0.37 0.29 0.34 0.51 0.80 0.30 0.26 2.02 0.56 0.56 0.27 0.10 -0.31 0.12
SunTrust Banks, Inc. 0.83 0.88 0.66 0.46 0.23 0.22 0.40 0.36 0.32 0.35 0.18 0.37 0.56 0.37 0.22 0.13 0.12 0.26
LARGE-CAP BANKS
Bank of America Corporation 0.89 1.84 1.24 0.52 0.33 0.38 0.53 0.54 0.71 0.54 0.60 1.14 1.06 0.85 0.65 0.67 0.66 0.85
Citigroup Inc. NA NA NA NA NA NA 1.10 1.10 1.52 1.57 1.54 1.86 2.17 1.92 1.65 1.36 1.26 1.98
JPMorgan Chase & Co. 1.85 NA NA 1.86 1.07 0.57 0.60 0.50 0.78 0.87 0.67 1.06 1.74 1.00 1.00 0.82 0.76 0.84
U.S. Bancorp 0.73 0.79 0.74 0.56 0.20 0.21 0.40 0.63 0.53 0.61 0.69 1.29 1.17 1.03 0.62 0.53 0.43 0.45
Wachovia Corporation 0.68 1.48 0.86 0.57 0.54 0.45 0.64 0.64 0.47 0.51 0.56 0.66 0.69 0.39 0.16 0.08 0.09 1.10
Wells Fargo & Company 1.55 1.37 0.83 0.54 0.54 0.71 0.94 1.08 1.24 0.79 0.76 0.93 0.76 0.62 0.54 0.71 0.55 0.63

Note: In 2001 and 2002, net-charge-offs-to-average-loans ratios were at peak levels since 1990. Sources: SNL DataSource and CIBC World Markets.