1 

Quarterly Analysis of Institutions in the Capital Purchase Program 

2009 Q1 

Introduction 

Throughout 2008, the Federal Government launched a series of financial initiatives aimed at 

stabilizing the economy. The Treasury Department (“Treasury”) launched one of its largest 

initiatives, the Capital Purchase Program (CPP), under the Emergency Economic Stabilization 

Act (EESA) in October 2008. Through the CPP, Treasury purchased shares of preferred stock 

(or comparable instruments) from qualifying financial institutions. By strengthening the capital 

bases of these financial institutions through CPP, Treasury aimed to enhance market confidence 

in the entire banking system, thereby increasing the capacity of these institutions to lend to U.S. 

businesses and consumers and to support the U.S. economy under the difficult financial market 

conditions. 

In an effort to understand better how CPP and other stabilization initiatives may have affected 

financial institutions and their activities, an interagency group convened to determine and 

conduct appropriate analyses. The interagency group consists of representatives from Treasury, 

the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the Office 

of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS). 

Identifying the effects of EESA programs on lending presents significant conceptual and 

practical challenges, especially at this early date. Foremost among these challenges are the 

inherent difficulties in disentangling the relative importance of reduced demand for credit due to 

weaker economic activity, reduced supply of credit because borrowers appear less creditworthy, 

or reduced supply of credit because lenders face pressures that restrain them from extending 

credit, such as possible concerns about their capital. The close proximity in time of many actions 

by the U.S. and other governments, including the initial announcement of the CPP and other U.S. 

initiatives, adds to the challenges of identifying effects of specific programs or groups of 

programs. Over time, significant repayments of CPP funds will present further analytical 

challenges as the panel of CPP recipients and their characteristics shift over time. 

Notwithstanding these challenges, in the interest of providing information to the market and the 

U.S. public, the interagency group has undertaken, and will continue to produce, this summary of 

the activities of institutions receiving TARP capital. 

By regulation, depository institutions are required each quarter to submit financial data (i.e. 

income statement, balance sheet, and supporting schedules) to their primary federal regulator in 

Call Reports and Thrift Financial Reports. Many depository institutions are owned by bank 

holding companies that may also own securities broker-dealers and other non-depository 

financial institutions. Large bank holding companies are required to submit consolidated 

financial data to the Federal Reserve Board each quarter in Y-9C Reports. The first section 
2 

                                                           

(“Section A”) of this report analyzes Call Reports and Thrift Financial Reports, and the second 

section (“Section B”) analyzes Y-9C data.1

The interagency group selected line items from regulatory filings that measure the status of 

financial institutions in a concise manner. Summary tables based on regulatory filing data 

include items in three broad categories: balance sheet and off-balance sheet items, performance 

ratios, and asset quality measures. The selected line items appear in the following tables, which 

contain data from fourth quarter 2008 and first quarter 2009.2 The interagency group recognized 

that both institution size and the timing of CPP capital investments would likely have a bearing 

on this type of analysis. Accordingly, these tables distinguish four groups of financial 

institutions: the largest 21 CPP participant institutions as of the end of March 2009 (Group I), 

other participant institutions that received CPP funds in the fourth quarter of 2008 (Group II), 

other participant institutions that received CPP funds in the first quarter of 2009 (Group III), and 

the remaining institutions who submitted reports but were not participants in the CPP as of the 

end of March 2009 (Group IV). 

While these data accurately reflect the financial results of these different groups, it is difficult to 

draw specific conclusions about the effectiveness of the CPP program from solely these ratios. 

First, only one quarter of data is presented. Many more quarters will be needed to fully 

understand the effects of the CPP program on both individual institutions as well as on the 

financial system as a whole. And second, more analysis needs to occur to create a more accurate 

control group. This report presents all banks that did not participate in the CPP program as the 

comparison group (Group IV). There are substantial differences between these banks and the 

CPP participants (asset size being a major difference) that need to be accounted for before 

indicative comparisons can be made. This will be a focus of the next Quarterly Report. 

1 Detailed information on reporting can be found at the Federal Financial Institutions Examinations Council website 

(http://www.ffiec.gov) and at the Board of Governors website (http://www.federalreserve.gov) under “Reporting 

Forms”. In general only bank holding companies with consolidated assets greater than $500 million are required to 

submit Y-9C reports.

2

 See “Appendix A: Notes to Call and Thrift Financial Report Users” and “Appendix B: Notes to Y-9C Report 

Users” for a more detailed description of the data. 
3 

Section A: Call and Thrift Financial Report Analysis 

The Call and Thrift Financial Report data are organized into four tables, by group: 

Group Description 

Number of 

CPP 

participants

Number of 

Insured 

institutions 

Average asset size 

of insured 

institution 

(billions) 

Group I Subsidiaries of the 21 Largest CPP 

Participants (as of March 31, 2009) 

21 67 $125.6 

Group II Subsidiaries of CPP Participants that 

were funded in Q4 2008 

193 295 $3.0 

Group III Subsidiaries of CPP Participants that 

were funded in Q1 2009 

318 368 $1.0

Group IV Non CPP Participants (as of March 31, 

2009) 

NA 7,516 $0.5 

Summary of Findings 

Note: All changes refer to the change between fourth quarter 2008 and first quarter 2009, unless 

otherwise noted. 

Selected Balance and Off-Balance Sheet Items

Overall Asset Growth 

Banks in all Groups had positive asset growth in Q4 2008, though that growth slowed or turned 

negative for all Groups in Q1 2009 except Group III, which received CPP capital that quarter. 

 

Loans 

Changes in outstanding loan balances varied both by loan type and Group. In all Groups, 

construction and development (C&D) loan balances and commercial and industrial (C&I) loan 

balances decreased, while outstanding balances for closed-end 1-4 family residential mortgages, 

home equity loans, and commercial real estate (CRE) loans increased. In credit card loans, all 

Groups saw decreases in outstanding balances except Group IV, which saw an increase. The 

outstanding balance of total loans increased slightly in Group III (0.6 %) and was virtually flat 

(an increase of 0.1 %) in Group IV banks. Loan balances declined for Group I, the largest CPP 

recipients, and Group II, which received CPP capital in Q4 2008. 

Unused commitments decreased in all Groups. Group I had the largest percentage decrease (-

8.4%), while Group II had the smallest percentage decrease (-3.0%). The outstanding principal 

balance of assets sold and securitized with servicing retained also decreased across all groups. 

Group III had the largest percentage decrease (-3.1%) and Group II had the smallest percentage 

decrease (-0.2%). 

Securities on Balance Sheet 

Mortgage-backed securities (MBS) increased in all groups that received CPP capital. The largest 

percentage increase was in Group III, which saw an 8.1% increase in MBS. Non-mortgage asset-
4 

backed securities (ABS) increased in all groups except Group II, where ABS decreased by 2.4%. 

The largest increase in ABS was in Group III, which saw a 15.6% increase. 

Liabilities/Deposits 

Group I experienced negative deposit growth (-3.0%), though this decrease was smaller than the 

decrease in total liabilities (-5.2%). Deposits grew in all other Groups. 

Equity 

As expected, growth in equity capital was strong in Q4 2008 for Group I (14.9% increase) and 

Group II (7.7% increase), as both received CPP funds in Q4 2008. Similarly, stock sales and 

transactions with the parent holding company during the quarter increased dramatically in Q4 

2008 for Group I (158.4% increase) and Group II (1056.1% increase). Following that trend, 

equity capital grew 16.3% in Q1 2009 for Group III, which received CPP funds during Q1 2009. 

Stock sales and transactions with the parent holding company during the quarter increased 

dramatically for Group III in Q1 2009 as well (increase of 992.1%). Group IV, which did not 

receive any CPP funds as of March 31, 2009, saw negative growth in equity capital in Q4 2008 (-

7.6%) and modest growth in Q1 2009 (4.1%); stock sales and transactions with the parent 

holding company during the quarter experienced modest growth in Q4 2008 (35.3%) and Q1 

2009 (11.4%). 

Performance Ratios

Capital Ratios 

Overall, average capital ratios increased in all Groups. The largest increases were in Group III, 

which received CPP capital in Q1. The only decrease in any average capital ratio was in the tier 

1 leverage ratio of Group II, which decreased by seven basis points. In Q1 2009, Group III had 

the highest average tier 1 leverage ratio (9.4%), and Group IV had the highest average tier 1 risk 

based capital ratio (12.5%) and total risk based capital ratio (14.0%). This is expected, as 

smaller banks (which make up the majority of Group IV) usually have higher capital ratios. 

Earnings Ratios 

Return on equity and return on assets increased for all Groups. The largest increases were seen 

in Group I. Net interest margins decreased in every Group except Group I, where they increased 

by 16 basis points. During Q1 2009, Group I had the only positive earnings ratios. Return on 

equity for Group I was 5.8% and return on assets was 0.5%. Group II had the lowest earnings 

ratios; return on equity was -15.4% and return on assets was -1.6%. 

Loss Coverage Ratios 

Coverage ratios (allowance for loan and lease losses to noncurrent loans) declined in all Groups. 

The largest decrease was in Group I (986 basis points), and the smallest decrease was in Group 

III (376 basis points). In Q1 2009, Group I had the highest coverage ratio (71.8%), while Group 

IV had the lowest coverage ratio (56.0%). 

The ratio of loss provisions to net charge-offs (for the quarter) decreased across all Groups. 

Over both quarters, Group I had the highest ratio of net charge-offs to average loans and leases 
5 

(2.1% in Q4 2008, 2.4% in Q1 2009), while Group IV had the lowest ratio of net charge-offs to 

average loans and leases (1.6% in Q4 2008, 1.2% in Q1 2009). 

Asset Quality 

Noncurrent loans as a percentage of total loans increased across virtually all Groups and loan 

types. Group I experienced the largest increases in noncurrent loans as a percentage of total 

loans. In Q1 2009, Group I had the highest ratio of total noncurrent loans to total loans (4.2%) 

while Group IV had the lowest ratio of total noncurrent loans to total loans (3.2%). 
Entities in CPP

21

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $8,750,631 1.6% $8,415,859 ‐3.8%

Loans $4,471,958 ‐3.1% $4,353,138 ‐2.7%

Construction & development $197,258 ‐4.7% $188,779 ‐4.3%

Closed‐end 1‐4 family residential $1,144,201 ‐4.7% $1,145,865 0.1%

Home Equity $475,956 1.6% $479,606 0.8%

Credit Card $339,533 6.2% $292,775 ‐13.8%

Other Consumer $372,951 ‐5.2% $376,231 0.9%

Commercial & Industrial $975,234 ‐1.1% $930,294 ‐4.6%

Commercial Real Estate $323,167 0.8% $324,632 0.5%

Unused commitments $5,397,572 ‐8.1% $4,942,826 ‐8.4%

Securitization outstanding principal $1,815,758 1.0% $1,790,264 ‐1.4%

Mortgage‐Backed Securities (GSE and Private Issue) $746,831 2.4% $766,597 2.6%

Asset‐Backed Securities $112,022 ‐41.4% $119,931 7.1%

Cash & Balances Due $817,540 45.3% $766,933 ‐6.2%

Residential Mortgage Originations

Closed‐end mortgages originated for sale (quarter) $162,765 ‐5.1% $265,854 63.3%

Open‐end HELOCs originated for sale (quarter) $5,678 69.3% $6,214 9.4%

Closed‐end mortgage originations sold (quarter) $164,276 ‐16.2% $260,358 58.5%

Open‐end HELOC originations sold (quarter) $4,316 28.6% $6,324 46.5%

Liabilities $7,973,522 1.9% $7,562,687 ‐5.2%

Deposits $5,340,572 3.1% $5,181,636 ‐3.0%

Equity

Equity Capital at quarter end $776,122 14.9% $839,102 8.1%

Stock sales and transactions with parent holding company

during quarter $59,065 158.4% $49,027 ‐17.0%

Performance Ratios

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity1

Return on assets1

Net interest margin1

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases1

1 Quarterly, annualized.

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 7.8% 10.4% 1.3% 0.8%

Closed‐end 1‐4 family residential 6.2% 8.1% 0.3% 0.4%

Home Equity 1.9% 2.4% 0.5% 0.7%

Credit Card 2.8% 3.7% 1.7% 2.2%

Other Consumer 1.6% 1.8% 0.9% 1.0%

Commercial & Industrial 1.8% 2.4% 0.5% 0.5%

Commercial Real Estate 1.5% 2.4% 0.2% 0.1%

Total Loans 3.2% 4.2% 0.5% 0.6%

Insured Institutions by Asset Size 8 18 24 1

Source: FDIC Analysis of Call and Thrift Financial Report Data

More than $100

Billion

6.8%

9.1%

12.6%

‐8.8%

‐0.8%

71.8%

165.7%

2.4%

Q1 2009 Less than $1 Billion $1 ‐ $10 Billion

Noncurrent Loans Gross Charge‐Offs

$10 ‐ $100 Billion

7.5%

10.0%

13.3%

5.8%

0.5%

3.4%

2.1%

3.3%

81.6%

194.2%

Q4 2008 Q1 2009

Q4 2008 Q1 2009

I. Subsidiaries of 21 Largest BHCs Receiving TARP Funds to Date

Insured Institution Count TARP CPP Funds to Group

67 $171,385

6 

7
7 

Entities in CPP

193

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $893,297 2.5% $889,581 ‐0.4%

Loans $646,118 0.3% $638,916 ‐1.1%

Construction & development $96,835 ‐4.7% $93,335 ‐3.6%

Closed‐end 1‐4 family residential $117,959 ‐0.3% $118,238 0.2%

Home Equity $43,208 4.4% $44,083 2.0%

Credit Card $2,091 0.0% $2,021 ‐3.3%

Other Consumer $30,124 ‐2.8% $28,217 ‐6.3%

Commercial & Industrial $126,351 1.0% $122,669 ‐2.9%

Commercial Real Estate $169,687 2.7% $171,472 1.1%

Unused commitments $181,435 ‐4.4% $175,978 ‐3.0%

Securitization outstanding principal $41,752 2.5% $41,663 ‐0.2%

Mortgage‐Backed Securities (GSE and Private Issue) $91,029 12.4% $95,963 5.4%

Asset‐Backed Securities $2,933 ‐16.0% $2,862 ‐2.4%

Cash & Balances Due $30,189 44.4% $34,487 14.2%

Residential Mortgage Originations

Closed‐end mortgages originated for sale (quarter) $6,439 ‐31.3% $15,598 142.2%

Open‐end HELOCs originated for sale (quarter) $41 35.7% $46 12.4%

Closed‐end mortgage originations sold (quarter) $6,114 ‐47.7% $13,862 126.7%

Open‐end HELOC originations sold (quarter) $20 34.4% $19 ‐3.7%

Liabilities $799,231 2.1% $796,852 ‐0.3%

Deposits $634,325 4.0% $647,137 2.0%

Equity

Equity capital at quarter end $93,973 7.7% $91,804 ‐2.3%

Stock sales and transactions with parent holding company

during quarter $9,558 1056.1% $1,501 ‐84.3%

Performance Ratios

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity1

Return on assets1

Net interest margin1

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases1

1 Quarterly, annualized.

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 8.9% 11.0% 1.4% 1.2%

Closed‐end 1‐4 family residential 2.5% 3.4% 0.2% 0.2%

Home Equity 0.8% 1.0% 0.3% 0.3%

Credit Card 2.5% 2.8% 1.5% 1.7%

Other Consumer 0.7% 0.8% 0.6% 0.9%

Commercial & Industrial 1.6% 2.1% 0.5% 0.6%

Commercial Real Estate 1.4% 2.0% 0.1% 0.1%

Total Loans 2.8% 3.4% 0.5% 0.5%

Insured Institutions by Asset Size 156 114 25 0

Source: FDIC Analysis of Call and Thrift Financial Report Data

Noncurrent Loans Gross Charge‐Offs

$10 ‐ $100 Billion

More than $100

Billion

141.7%

1.8% 1.8%

Q1 2009 Less than $1 Billion $1 ‐ $10 Billion

170.4%

3.5% 3.4%

66.9% 59.5%

‐16.9% ‐15.4%

‐1.7% ‐1.6%

10.1% 10.3%

12.3% 12.5%

Q4 2008 Q1 2009

8.5% 8.4%

Q4 2008 Q1 2009

II. Independent Banks and Subsidiaries of Smaller BHCs Receiving TARP Capital in Q4 2008

Insured Institution Count TARP CPP Funds to Group

295 $19,543
8 

Entities in CPP

318

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $352,022 3.2% $364,472 3.5%

Loans $261,981 3.8% $263,486 0.6%

Construction & development $33,725 ‐1.5% $32,848 ‐2.6%

Closed‐end 1‐4 family residential $53,210 0.0% $55,440 4.2%

Home Equity $10,858 4.9% $11,119 2.4%

Credit Card $27,331 32.0% $25,881 ‐5.3%

Other Consumer $11,710 0.3% $11,966 2.2%

Commercial & Industrial $39,775 2.4% $39,603 ‐0.4%

Commercial Real Estate $64,840 3.8% $66,104 2.0%

Unused commitments $253,761 ‐3.9% $237,895 ‐6.3%

Securitization outstanding principal $23,410 ‐17.4% $22,695 ‐3.1%

Mortgage‐Backed Securities (GSE and Private Issue) $29,983 8.7% $32,411 8.1%

Asset‐Backed Securities $927 14.2% $1,071 15.6%

Cash & Balances Due $16,418 12.8% $14,586 ‐11.2%

Residential Mortgage Originations

Closed‐end mortgages originated for sale (quarter) $5,248 9.3% $9,780 86.4%

Open‐end HELOCs originated for sale (quarter) $0 ‐100.0% $0 n/a

Closed‐end mortgage originations sold (quarter) $5,030 2.1% $9,190 82.7%

Open‐end HELOC originations sold (quarter) $0 36.4% $0 ‐100.0%

Liabilities $320,073 3.7% $327,264 2.2%

Deposits $265,689 3.6% $273,720 3.0%

Equity

Equity capital at quarter end $31,781 0.3% $36,960 16.3%

Stock sales and transactions with parent holding company

during quarter $488 ‐11.5% $5,325 992.1%

Performance Ratios

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity1

Return on assets1

Net interest margin1

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases1

1 Quarterly, annualized.

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 8.0% 8.5% 1.2% 0.7%

Closed‐end 1‐4 family residential 3.1% 3.6% 0.2% 0.2%

Home Equity 0.8% 1.1% 0.2% 0.2%

Credit Card 2.7% 3.3% 1.5% 1.9%

Other Consumer 0.9% 0.9% 0.7% 0.6%

Commercial & Industrial 1.6% 2.6% 0.4% 0.3%

Commercial Real Estate 1.6% 2.1% 0.1% 0.1%

Total Loans 2.8% 3.3% 0.5% 0.4%

Insured Institutions by Asset Size 293 70 5 0

Source: FDIC Analysis of Call and Thrift Financial Report Data

Noncurrent Loans Gross Charge‐Offs

Q1 2009 Less than $1 Billion $1 ‐ $10 Billion $10 ‐ $100 Billion

More than $100

Billion

176.2%

1.9% 1.6%

201.0%

3.7% 3.6%

72.4% 68.6%

‐13.0% ‐0.5%

‐1.2% ‐0.04%

10.0% 11.8%

11.3% 13.1%

4Q 2008 1Q 2009

8.2% 9.4%

Q4 2008 Q1 2009

III. Independent Banks and Subsidiaries of Smaller BHCs Receiving TARP Capital in Q1 2009

Insured Institution Count TARP CPP Funds to Group

368 $7,841
9 

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $3,823,411 2.8% $3,871,718 1.3%

Loans $2,480,695 0.8% $2,482,610 0.1%

Construction & development $261,535 ‐3.0% $251,888 ‐3.7%

Closed‐end 1‐4 family residential $718,481 0.2% $725,672 1.0%

Home Equity $135,498 4.9% $139,526 3.0%

Credit Card $75,737 9.4% $82,394 8.8%

Other Consumer $167,920 1.0% $168,044 0.1%

Commercial & Industrial $353,042 0.1% $342,036 ‐3.1%

Commercial Real Estate $508,370 2.7% $514,650 1.2%

Unused commitments $1,318,799 ‐13.7% $1,262,886 ‐4.2%

Securitization outstanding principal $29,963 1.8% $29,696 ‐0.9%

Mortgage‐Backed Securities (GSE and Private Issue) $428,934 2.3% $418,072 ‐2.5%

Asset‐Backed Securities $15,736 3.4% $16,422 4.4%

Cash & Balances Due $238,868 73.2% $235,930 ‐1.2%

Residential Mortgage Originations

Closed‐end mortgages originated for sale (quarter) $40,358 ‐6.7% $79,036 95.8%

Open‐end HELOCs originated for sale (quarter) $86 ‐41.0% $43 ‐50.3%

Closed‐end mortgage originations sold (quarter) $41,447 ‐2.2% $71,868 73.4%

Open‐end HELOC originations sold (quarter) $8 ‐58.4% $327 4033.4%

Liabilities $3,430,164 3.3% $3,463,150 1.0%

Deposits $2,788,189 4.3% $2,851,939 2.3%

Equity

Equity capital at quarter end $389,943 ‐7.6% $406,067 4.1%

Stock sales and transactions with parent holding company

during quarter $8,762 35.3% $9,758 11.4%

Performance Ratios

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity1

Return on assets1

Net interest margin1

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases1

1 Quarterly, annualized.

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 9.2% 11.6% 1.3% 0.7%

Closed‐end 1‐4 family residential 2.4% 3.1% 0.2% 0.2%

Home Equity 0.9% 1.1% 0.3% 0.4%

Credit Card 2.3% 2.7% 1.7% 1.7%

Other Consumer 0.5% 0.5% 0.5% 0.6%

Commercial & Industrial 1.4% 1.8% 0.4% 0.3%

Commercial Real Estate 1.8% 2.2% 0.1% 0.1%

Total Loans 2.5% 3.2% 0.4% 0.3%

Insured Institutions by Asset Size 7,098 374 41 3

Source: FDIC Analysis of Call and Thrift Financial Report Data

Noncurrent Loans Gross Charge‐Offs

Q1 2009 Less than $1 Billion $1 ‐ $10 Billion $10 ‐ $100 Billion

More than $100

Billion

1.6% 1.2%

64.2% 56.0%

175.9% 150.1%

‐1.3% ‐0.1%

3.4% 3.3%

13.8% 14.0%

‐12.6% ‐0.5%

8.9% 9.0%

12.2% 12.5%

Q4 2008 Q1 2009

Q4 2008 Q1 2009

IV. Insured Institutions Not in Groups Receiving TARP Funds

Insured Institution Count

7,516
10 

                                                           

Appendix A: Notes to Call and Thrift Financial Report Users

The Treasury Department invested $199 billion in banking organizations participating in the 

Troubled Asset Relief Program’s Capital Purchase Program between October 28, 2008, and 

March 31, 2009. These investments went to 532 independent banks and bank and thrift holding 

companies. Treasury and the bank regulatory agencies use quarterly Call Report data to analyze 

changes in balance sheets, loan provisioning, and intermediation activities. The summary tables 

present aggregated Call and Thrift Financial Report data for the FDIC-insured institutions in 

banking organizations that received TARP capital under the CPP. 

Three groups of entities receiving TARP funds under CPP have been created for this report: 

• (I) The 21 largest bank holding companies that have received TARP funds. The 67 insured 

subsidiaries of these BHCs include the largest domestic banks. These 21 entities each submit 

consolidated monthly lending reports to Treasury.3

• (II) Independent banks and smaller bank holding companies that received TARP funds in the 

fourth quarter of 2008. 

• (III) Independent banks and smaller holding companies that received TARP funds in the first 

quarter of 2009. 

These three groups represent 72 independent banks and 460 bank and thrift holding companies. 

A total of 658 insured institutions are subsidiaries of the 460 holding companies. 

• (IV) The 7,516 FDIC-insured institutions that were not in groups that had received TARP 

capital as of March 31, 2009, make up the fourth group. About 94% of these institutions 

have total assets of less than $1 billion. 

Templates summarizing selected balance sheet items and performance and condition ratios were 

developed after consultation with members of the interagency working group. Quarterly changes 

in loan balances, commitments, securities, and residential real estate loan originations for sale 

address banks’ credit intermediation activities.4

 Changes in total equity capital at quarter-end, as 

well as changes in stock sales and transactions with parent holding companies during the quarter 

are summed for each group. (Banks were instructed to report TARP capital infusions in these 

3

 Treasury requested detailed consolidated monthly lending reports from the 21 largest bank holding companies in 

the program, supplemented by monthly reports by all TARP CPP participants of three data points: average consumer 

loans outstanding, average commercial loans outstanding, and total loans. These monthly reports have been 

published on the Treasury web site at http://www.financialstability.gov/impact/surveys.htm. 

4

 Call Report filers with assets over $1 billion or more than $10 million in mortgage origination for two consecutive 

quarters report residential loans originated for sale. 
11 

items.) Weighted average performance ratios were calculated for each group, as were weighted 

average noncurrent rates and gross charge-off rates (not net of recoveries) for major loan types. 

These summary tables allow comparison of growth, asset quality, performance and condition 

between groups based on size, whether or not they received TARP capital, and timing of receipt 

of TARP capital. 

Data were collected for four quarters, Q2 2008 through Q1 2009, and percent changes from the 

previous quarter were calculated for Q4 2008 and Q1 2009. Data items were “merger-adjusted” 

to include institutions that had been acquired during the period from June 30, 2008, to March 31, 

2009. 

Insured Institutions by Asset Size Category (as of Q1 2009) 

Entities in 

CPP 

Insured 

Institutions 

Less than 

$1 Billion 

$1 - $10 

Billion 

$10 - $100 

Billion 

More than 

$100 Billion 

(I) Subsidiaries of Largest 

BHCs Receiving TARP 

Funds 21 67 8 18 24 17 

(II) Independent Banks and 

Subsidiaries of Smaller 

BHCs Receiving TARP 

Funds in 4Q 2008 193 295 156 114 25 0 

(III) Independent Banks and 

Subsidiaries of Smaller 

BHCs Receiving TARP 

Funds in 1Q 2009 318 368 293 70 5 0 

(IV) Insured Institutions Not 

in Groups Receiving TARP 

Funds 7,516 7,098 374 41 3 

Total 532 8,246 7,555 576 95 20 

Source: FDIC Analysis of Call and Thrift Financial Report Data 
12 

                                                           

Section B: Y-9C Data 

Many of Treasury’s investments through CPP have been made in bank holding companies, 

which own subsidiary depository institutions and may also own other permitted types of 

subsidiaries.5 Many institutions in CPP indicated their intention to “downstream” funds to their 

subsidiary depository institutions, which are the primary vehicles for financial intermediation 

and traditional lending activity. The activity of these depository subsidiaries is thus included in 

Call and Thrift Financial Report data, which are filed by individual depository institutions. 

The Y-9C Report captures consolidated financial information from bank holding companies. 

That is, the Y-9C Report captures not only the financial information of the subsidiary depository 

institution(s) owned by a bank holding company, but also the financial information of any other 

subsidiary owned by that bank holding company. Examples of other subsidiaries that may be 

owned by bank holding companies include broker dealers, insurance companies, finance 

companies, and asset management firms. This type of information is not captured in Call and 

Thrift Financial Report data. As a result, Y-9C data typically present a fuller picture of bankingrelated activity for the banking organizations required to file them than Call and Thrift Financial 

Report data. 

In order to examine the possible effects of CPP and other stabilization initiatives on a range of 

financial institutions, the interagency group chose to present Y-9C data in addition to Call and 

Thrift Financial Report data. However, the aggregated Y-9C data can be somewhat more 

volatile, particularly in this period of financial crisis, for multiple reasons. In some cases those 

bank holding companies with large non-depository subsidiaries were subject to greater or 

different market pressures. In addition, the population of reporting holding companies shifted 

significantly during this period as a noteworthy set of large financial firms chose to convert to 

bank holding company status between fourth quarter 2008 and first quarter 2009. Those 

institutions filed their first Y-9C reports in first quarter 2009, which resulted in large increases in 

line items from fourth quarter 2008 to first quarter 2009. The increases are most pronounced in 

Group I (the Top 21 CPP Participants). Four of the 21 institutions in Group I converted to bank 

holding companies in the fourth quarter of 2008. Similarly, two large financial firms in Group 

III (U.S. Top Tier Bank Holding Companies receiving TARP Funds in Q1 2009) converted to 

bank holding companies in the fourth quarter of 2008. 

As these new bank holding companies file subsequent Y-9C Reports, trend analysis will become 

increasingly meaningful. Treasury intends to publish analysis to accompany the data tables in 

future reports. 

5

 Investments were made at the bank holding company level for all depository institutions owned by a bank holding 

company. Similarly, investments were made at the thrift holding company level for all depository institutions 

owned by a thrift holding company. Thrift holding companies are not required to file consolidated financial reports. 
13 

Data Tables 

Because the content of the Y-9C report closely follows that of the Call Report and Thrift 

Financial Report, the same line items that appear in the Call and Thrift Financial Report tables 

appear in the Y-9C data tables. For more detailed information on the data tables, see Appendix 

B: Note to Y-9C Users. 

The data tables are split into four groups which mirror the four reporting groups presented in the 

Call and Thrift Financial Report tables. The groups, which consist solely of top tier bank 

holding companies, are: 

Group Description 

Number of 

Institutions 

Group I The 21 Largest CPP Participants (as of 

March 31, 2009) 

21 

Group II CPP Participants that were funded in 

Q4 2008 

150 

Group III CPP Participants that were funded in 

Q1 2009 

250 

Group IV Non-CPP Participants (as of March 31, 

2009) 

609* 

* In Q1 2009. Data are not merger adjusted, as such, the number of non-CPP participants 

varies from quarter to quarter. 

While percentage changes from previous quarters are presented for balance sheet items, these 

numbers should be used with caution for reasons discussed above. 
Entities in CPP

21

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $9,557,630 8.3% $11,225,532 17.5%

Loans $4,521,980 11.5% $4,615,432 2.1%

Construction & development $194,790 13.5% $188,233 ‐3.4%

Closed‐end 1‐4 family residential $1,169,954 18.2% $1,196,790 2.3%

Home Equity $462,618 13.8% $475,274 2.7%

Credit Card $396,535 6.2% $369,828 ‐6.7%

Other Consumer $479,054 4.4% $498,292 4.0%

Commercial & Industrial $961,573 13.0% $947,774 ‐1.4%

Commercial Real Estate $323,510 24.8% $334,734 3.5%

Unused commitments $5,124,479 ‐3.8% $4,959,733 ‐3.2%

Securitization outstanding principal $2,729,392 6.2% $2,554,020 ‐6.4%

Mortgage‐Backed Securities (GSE and Private Issue) $753,649 17.8% $549,696 ‐27.1%

Asset‐Backed Securities $138,781 ‐42.0% $143,552 3.4%

Cash & Balances Due $792,175 47.3% $881,624 11.3%

Closed‐end mortgages originated for sale (quarter) $160,052 ‐5.0% $279,797 74.8%

Open‐end HELOCs originated for sale (quarter) $2,538 49.5% $2,933 15.6%

Closed‐end mortgage originations sold (quarter) $213,008 ‐8.8% $341,116 60.1%

Open‐end HELOC originations sold (quarter) $2,230 16.6% $3,252 45.8%

Liabilities $8,720,923 7.1% $10,200,463 17.0%

Deposits $4,879,878 14.2% $4,836,840 ‐0.9%

Equity Capital at quarter end $824,390 21.6% $1,008,262 22.3%

Stock sales and related transactions (during quarter) $172,473 2169.2% $44,038 ‐74.5%

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity2

Return on assets2

Net interest margin2

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases2

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 7.8% 10.6% 1.4% 0.9%

Closed‐end 1‐4 family residential 6.6% 8.3% 0.4% 0.5%

Home Equity 2.2% 2.5% 0.4% 0.5%

Credit Card 2.6% 3.2% 1.6% 2.1%

Other Consumer 1.5% 1.8% 1.1% 1.2%

Commercial & Industrial 2.0% 2.8% 0.5% 0.5%

Commercial Real Estate 1.5% 2.6% 0.2% 0.1%

Total Loans 3.5% 4.4% 0.6% 0.7%

Source: Federal Reserve Board Analysis of Y9‐C

2/  Quarterly, annualized

I. Top 21 CPP Participants1

Q4 2008 Q1 2009

Residential Mortgage Originations

Q4 2008 Q1 2009

7.9% 7.3%

10.2% 11.0%

13.9% 14.6%

‐2.0% 5.5%

‐0.2% 0.5%

2.3% 2.4%

78.8% 69.9%

177.3% 164.0%

Noncurrent Loans Gross Charge‐Offs

1.7% 2.5%

CPP Funds to Group

$171,385

2 Quarterly, annualized.

Equity

Performance Ratios

1/ The top 21 CPP recipients include Bank Of America, American Express Co, Bank Of NY Mellon, BB&T Corp, Capital One, CIT Group, Citigroup, Comerica, Fifth Third BC,

Goldman Sachs Group, JPMorgan Chase & Co, Keycorp, Marshall & Ilsley Corp, Morgan Stanley, Northern Trust Corp, PNC Financial Service Group, Regions FC, State Street

Corp, SunTrust Banks, U S Bancorp, Wells Fargo & Co.  Y9‐c data was used for all institutions in 2009.  American Express Centurion Bank, Morgan Stanley Bank and

Goldman Sachs Bank Call Report data was used in place of unavailable BHC Y9‐C data for 2008.

14 
15 

Entities in CPP

150

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $807,671 2.9% $808,831 0.1%

Loans $581,365 0.7% $579,631 ‐0.3%

Construction & development $87,756 ‐3.2% $85,710 ‐2.3%

Closed‐end 1‐4 family residential $96,859 ‐0.6% $98,272 1.5%

Home Equity $39,004 4.5% $40,053 2.7%

Credit Card $4,407 0.4% $4,251 ‐3.6%

Other Consumer $30,285 ‐2.4% $28,534 ‐5.8%

Commercial & Industrial $119,116 1.4% $116,635 ‐2.1%

Commercial Real Estate $155,276 2.9% $158,308 2.0%

Unused commitments $170,505 ‐3.7% $165,746 ‐2.8%

Securitization outstanding principal $41,718 ‐8.2% $41,630 ‐0.2%

Mortgage‐Backed Securities (GSE and Private Issue) $79,266 12.2% $84,203 6.2%

Asset‐Backed Securities $2,738 ‐12.9% $2,787 1.8%

Cash & Balances Due $27,661 53.2% $32,136 16.2%

Closed‐end mortgages originated forsale (quarter) $6,180 ‐32.8% $14,945 141.8%

Open‐end HELOCs originated for sale (quarter) $25 34.1% $26 1.9%

Closed‐end mortgage originations sold (quarter) $9,155 ‐35.0% $17,609 92.4%

Open‐end HELOC originations sold (quarter) $204 1931.2% $14 ‐93.4%

Liabilities $719,492 1.3% $724,510 0.7%

Deposits $560,998 3.5% $579,391 3.3%

Equity Capital at quarter end $87,563 18.3% $83,374 ‐4.8%

Stock sales and related transactions (during quarter) $17,863 4384.5% $205 ‐98.9%

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity2

Return on assets2

Net interest margin2

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases2

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 9.1% 2.2% 1.4% 1.3%

Closed‐end 1‐4 family residential 2.8% 3.8% 0.3% 0.3%

Home Equity 0.8% 0.1% 0.2% 0.2%

Credit Card 1.2% 1.3% 0.7% 0.8%

Other Consumer 0.6% 0.8% 0.6% 1.0%

Commercial & Industrial 1.6% 2.1% 0.4% 0.6%

Commercial Real Estate 1.4% 2.0% 0.1% 0.1%

Total Loans 2.9% 3.6% 0.5% 0.5%

Source: Federal Reserve Board Analysis of Y9‐C

2/  Quarterly, annualized

II. U.S. Top Tier Bank Holding Companies receiving TARP Funds in Q4 2008

Excluding the Top 21 CPP Participants1

TARP CPP Funds to Group

$18,265

Q4 2008 Q1 2009

Residential Mortgage Originations

Equity

Performance Ratios

Q4 2008 Q1 2009

9.9% 9.5%

11.5% 11.4%

14.2% 14.0%

‐4.1% ‐18.6%

‐0.4% ‐1.9%

3.1% 3.1%

67.1% 59.1%

155.4% 142.9%

1.2% 1.9%

1/ The top 21 CPP recipients include Bank Of America, American Express Co, Bank OfNY Mellon, BB&T Corp, Capital One, CITGroup, Citigroup, Comerica,

Fifth Third BC, Goldman Sachs Group, JPMorgan Chase & Co, Keycorp, Marshall & Ilsley Corp, Morgan Stanley, Northern Trust Corp, PNC Financial

Service Group, Regions FC, State Street Corp, SunTrust Banks, U S Bancorp, Wells Fargo & Co.  Y9‐c data was used for all institutions in 2009.  American

Express Centurion Bank, Morgan Stanley Bank and Goldman Sachs Bank Call Report data was used in place of unavailable BHC Y9‐C data for 2008.

2 Quarterly, annualized.

Noncurrent Loans Gross Charge‐Offs
16 

Entities in CPP

250

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $234,478 3.2% $291,250 24.2%

Loans $170,285 2.2% $205,788 20.8%

Construction & development $25,544 ‐1.7% $26,248 2.8%

Closed‐end 1‐4 family residential $34,064 1.8% $35,026 2.8%

Home Equity $7,655 5.3% $8,087 5.6%

Credit Card $749 9.6% $26,367 3419.9%

Other Consumer $8,710 ‐0.6% $10,649 22.3%

Commercial & Industrial $30,468 1.9% $32,186 5.6%

Commercial Real Estate $48,522 4.8% $51,596 6.3%

Unused commitments $36,529 ‐4.4% $224,298 514.0%

Securitization outstanding principal $598 0.2% $23,289 3793.4%

Mortgage‐Backed Securities (GSE and Private Issue) $23,605 8.0% $25,170 6.6%

Asset‐Backed Securities $107 29.3% $1,330 1145.9%

Cash & Balances Due $7,785 54.5% $11,540 48.2%

Closed‐end mortgages originated for sale (quarter) $5,076 10.1% $9,765 92.4%

Open‐end HELOCs originated for sale (quarter) $0 ‐100.0% $0 0.0%

Closed‐end mortgage originations sold (quarter) $6,123 6.5% $11,021 80.0%

Open‐end HELOC originations sold (quarter) $0 ‐30.5% $0 ‐100.0%

Liabilities $215,946 3.6% $259,889 20.3%

Deposits $176,292 3.8% $214,231 21.5%

Equity Capital at quarter end $18,443 ‐0.8% $31,309 69.8%

Stock sales and related transactions (during quarter) $121 18.6% $6,037 4906.1%

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity2

Return on assets2

Net interest margin2

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases2

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 8.1% 0.5% 1.2% 0.7%

Closed‐end 1‐4 family residential 3.1% 3.6% 0.2% 0.1%

Home Equity 0.6% 0.0% 0.2% 0.1%

Credit Card 0.4% 3.2% 0.5% 3.7%

Other Consumer 0.8% 0.7% 0.8% 0.8%

Commercial & Industrial 1.7% 2.8% 0.3% 0.3%

Commercial Real Estate 1.6% 2.0% 0.1% 0.1%

Total Loans 2.8% 3.3% 0.4% 0.5%

Source: Federal Reserve Board analysis of Y9‐C data

2/  Quarterly, annualized

TARP CPP Funds to Group

$6,957

Noncurrent Loans Gross Charge‐Offs

1/ The top 21 CPP recipients include Bank Of America, American Express Co, Bank Of NY Mellon, BB&T Corp, Capital One, CIT Group, Citigroup, Comerica, Fifth Third BC,

Goldman Sachs Group, JPMorgan Chase & Co, Keycorp, Marshall & Ilsley Corp, Morgan Stanley, Northern Trust Corp, PNC Financial Service Group, Regions FC, State Street

Corp, SunTrust Banks, U S Bancorp, Wells Fargo & Co.  Y9‐c data was used for all institutions in 2009.  American Express Centurion Bank, Morgan Stanley Bank and

Goldman Sachs Bank Call Report data was used in place of unavailable BHC Y9‐C data for 2008.

2 Quarterly, annualized.

56.3%

Performance Ratios

Q4 2008 Q1 2009

159.3%

0.8%

0.1%

3.3%

73.8%

180.2%

1.7%

3.1%

10.8%

12.7%

14.3%

0.5%

Residential Mortgage Originations

Equity

11.4%

Q4 2008 Q1 2009

7.9%

9.7%

0.4%

0.0%

III. U.S. Top Tier Bank Holding Companies receiving TARP Funds in Q1 2009

Excluding the Top 21 CPP Participants1
17 

Entities in Q4 2008

554

(dollars in millions)

Selected balance and off‐balance sheet items $ millions %chg from prev $ millions %chg from prev

Assets $3,623,679 ‐11.3% $3,582,819 ‐1.1%

Loans $1,543,834 ‐0.7% $1,603,911 3.9%

Construction & development $152,304 ‐1.6% $149,407 ‐1.9%

Closed‐end 1‐4 family residential $355,939 ‐2.3% $369,096 3.7%

Home Equity $76,242 5.5% $78,509 3.0%

Credit Card $74,104 ‐0.3% $69,776 ‐5.8%

Other Consumer $119,754 ‐1.5% $149,473 24.8%

Commercial & Industrial $241,961 0.6% $260,025 7.5%

Commercial Real Estate $315,042 2.3% $322,234 2.3%

Unused commitments $693,618 ‐5.8% $650,362 ‐6.2%

Securitization outstanding principal $93,557 8.0% $226,795 142.4%

Mortgage‐Backed Securities (GSE and Private Issue) $259,796 ‐2.4% $375,600 44.6%

Asset‐Backed Securities $24,103 ‐13.5% $25,321 5.1%

Cash & Balances Due $263,459 67.1% $201,658 ‐23.5%

Closed‐end mortgages originated for sale (quarter) $31,335 1.7% $70,977 126.5%

Open‐end HELOCs originated for sale (quarter) $224 102.1% $18 ‐92.0%

Closed‐end mortgage originations sold (quarter) $62,042 ‐0.2% $97,163 56.6%

Open‐end HELOC originations sold (quarter) $181 492.0% $188 3.9%

Liabilities $3,374,666 ‐12.0% $3,320,577 ‐1.6%

Deposits $1,512,267 7.1% $1,461,150 ‐3.4%

Equity Capital at quarter end $240,121 ‐1.3% $253,652 5.6%

Stock sales and related transactions (during quarter) $7,396 165.8% $3,684 ‐50.2%

Tier 1 leverage ratio

Tier 1 risk based capital ratio

Total risk based capital ratio

Return on equity1

Return on assets1

Net interest margin1

Coverage ratio (ALLL/Noncurrent loans)

Loss provision to net charge‐offs (qtr)

Net charge‐offs to average loans and leases1

Asset Quality (% of Total Loan Type)

Q4 2008 Q1 2009 Q4 2008 Q1 2009

Construction & development 10.6% 13.3% 1.5% 0.9%

Closed‐end 1‐4 family residential 3.8% 5.6% 0.4% 0.4%

Home Equity 1.2% 1.6% 0.2% 0.3%

Credit Card 3.2% 3.6% 1.9% 2.6%

Other Consumer 3.4% 2.4% 1.1% 1.2%

Commercial & Industrial 1.3% 2.1% 0.4% 0.3%

Commercial Real Estate 1.7% 2.1% 0.1% 0.1%

Total Loans 3.1% 4.1% 0.6% 0.5%

Source: Federal Reserve Board Analysis of Y9‐C data

1/  Quarterly, annualized

8.0%

4.6% 5.2%

144.8%

10.2%

Noncurrent Loans Gross Charge‐Offs

Q1 2009

9.8%

‐4.6%

‐0.3%

2.5%

1.8%

‐0.8%

‐0.1%

2.4%

65.5%

8.4%

Residential Mortgage Originations

Q4 2008

IV. Non‐CPP Participants

Entities in Q1 2009 TARP CPP Funds to Group

609

Q4 2008 Q1 2009

$0

1 Quarterly, annualized.

75.5%

141.0%

1.6%

Equity

Performance Ratios
18 

Appendix B: Notes to Y-9C Report Users

• Data are from the Consolidated Financial Statements for Bank Holding Companies Y-9C 

Report Form. 

• Data are not adjusted to reflect subsequent mergers between bank holding companies, 

which can contribute to shifts in the population after the date of the merger. 

• Unused commitments include home equity lines, credit card lines, securities 

underwriting, other unused commitments and unused commitments (unsecured and 

secured by real estate) to fund commercial real estate, construction, and land 

development. 

• Securitization outstanding principal includes the principal balance of assets sold and 

securitized with servicing retained or with recourse or other seller-provided credit 

enhancements. 

• Residential Mortgage Origination data comes from schedule HC-P of the Y-9C which is 

completed only by bank holding companies with $1,000,000,000 or more in total assets; 

and by bank holding companies with less than $1,000,000,000 in total assets with 1-4 

family mortgage originations and purchases for resale exceeding $10,000,000 two 

quarters in a row. 

• Stock sales and related transactions equals the sale of perpetual preferred and common 

stock net of conversion or retirement of like stock plus sale of treasury stock net of 

purchase adjusted to provide quarterly figures. 

• The ratios ROE, ROA, net interest margin, net charge-offs to average loans are 

annualized. 

• Coverage ratio equals the allowance for loan and lease losses as a percentage of 

nonaccrual loans or loans past due 90 or more days and still accruing. 

• Gross charge-off rates use average of period end assets for denominator and are adjusted 

to provide quarterly figures. 

Source: Federal Reserve Board Analysis of Y-9C Data