1   Quarter Results

March 31, 2009

Exhibit 99.2

st

2

Forward Looking Statements

This presentation includes “forward-looking statements”

within the meaning of the federal securities laws. Words such as

“believes,”

“estimates,”

“plans,”

“expects,”

“should,”

“may,”

“might,”

“could,”

“outlook,”

“potential,”

“would,”

and “anticipates,”

the negative of these terms and similar expressions, as they relate to The Colonial BancGroup, Inc. (BancGroup) (including

its subsidiaries or its management), are intended to identify forward-looking statements. The forward-looking statements in

this presentation are subject to risks and uncertainties that could cause actual results to differ materially from those

expressed in or implied by such statements. In addition to factors mentioned elsewhere in this presentation or previously

disclosed

in

BancGroup’s

SEC

reports

(accessible

on

the

SEC’s

website

at

www.sec.gov

or

on

BancGroup’s

website

at

www.colonialbank.com), the following factors, among others, could cause actual results to differ materially from forward-

looking statements and future results could differ materially from historical performance. These factors are not exclusive:

•

losses to our loan portfolio are greater than estimated or expected;

•

an

inability

to

raise

additional

capital

on

terms

and

conditions

that

are

satisfactory

including

the

failure

to

close

on

Colonial’s

pending

agreement

with Taylor, Bean & Whitaker Mortgage Corp.;

•

failure to receive final approval and actual funding from the U.S. Treasury Department’s Capital Purchase Program;

•

the

impact

of

current

economic

conditions

and

the

results

of

our

operations

on

our

ability

to

borrow

additional

funds

to

meet

our

liquidity

needs;

•

economic

conditions

affecting

real

estate

values

and

transactions

in

BancGroup’s

market

and/or

general

economic

conditions,

either

nationally

or

regionally, that are less favorable or take longer to recover than expected;

•

changes in the interest rate environment which expand or reduce margins or adversely affect critical estimates as applied, projected returns on

investments, and fair values of assets;

•

continued or sustained deterioration of market and economic conditions or business performance could increase the likelihood that we would have an

additional goodwill impairment charge;

•

deposit attrition, customer loss, or revenue loss in the ordinary course of business;

•

increases in competitive pressure in the banking industry and from non-banks;

•

costs

or

difficulties

related

to

the

integration

of

the

businesses

of

BancGroup

and

institutions

it

acquires

are

greater

than

expected;

•

the

inability

of

BancGroup

to

realize

elements

of

its

strategic

and

operating

plans

for

2009

and

beyond;

•

the

anticipated

cost

savings

and

revenue

enhancements

from

the

Colonial

1

program

may

not

be

achieved

in

their

entirety

or

accomplished

within

our expected time frame;

•

natural

disasters

in

BancGroup’s

primary

market

areas

which

result

in

prolonged

business

disruption

or

materially

impair

the

value

of

collateral

securing loans;

st

3

Forward Looking Statements

•

management’s assumptions and estimates underlying critical accounting policies prove to be inadequate or materially incorrect or are not borne out by

subsequent events;

•

the impact of recent and future federal and state regulatory changes;

•

current or future litigation, regulatory investigations, proceedings or inquiries;

•

strategies to manage interest rate risk may yield results other than those anticipated;

•

changes which may occur in the regulatory environment;

•

a significant rate of inflation (deflation);

•

unanticipated litigation or claims;

•

changes in the securities markets;

•

acts of terrorism or war; and

•

details

of

the

recently

enacted

Emergency

Economic

Stabilization

Act

of

2008,

the

American

Recovery

and

Reinvestment

Act

of

2009,

the

Homeowner

Affordability

and

Stability

Plan

and

various

announced

and

unannounced

programs

implemented

by

the

U.S.

Treasury

Department

and

bank

regulators

to

address

capital

and

liquidity

concerns

in

the

banking

system,

are

still

being

finalized

and

may

have

a

significant

effect

on

the financial services industry and BancGroup.

Many of these factors are beyond BancGroup’s

control. The reader is cautioned not to place undue reliance on

any forward

looking statements made by or on behalf of BancGroup. Any such statement speaks only as of the date the statement was

made or as of such date that may be referenced within the statement. BancGroup

does not undertake any obligation to

update or revise any forward-looking statements.

4

Due diligence period extended through May 22, 2009; waiting on finalized third

party due diligence reports from consultants

Superior offer clause extended through May 22, 2009

Financing contingency removed

Expect to file regulatory applications this month

No request for additional time to close the transaction

Note:  Colonial filed an 8-K containing the amendment to the definitive agreement

Update on Definitive Agreement with

Investor

Group

5

First Quarter 2009 Overview

Unaudited

Net loss of $168 million or $0.86 per common share in the quarter compared to a

net

loss

of

$820

million

or

$4.11

per

common

share

in

the

4 

quarter

of

2008

Excluding net goodwill impairment charges, the operating loss was $142 million,

or

$0.74

per

common

share,

in

the

1

quarter

compared

to

a

loss

of

$285

million,

or

$1.45

per

common

share,

in

the

4

quarter

of

2008

Provision for loan losses was $257 million which provided for net charge offs of

$132

million

and

increased

the

allowance

by

$125

million

to

$450

million

or

3.19%

of net loans

Strong

liquidity

position:

Cash

and

interest

bearing

deposits

in

banks

and

the

Federal Reserve were approximately $2.5 billion at 3/31/09

Total deposits increased 8.5% over 12/31/08; retail deposits increased 5% over

12/31/08

th

th

st

6

First Quarter 2009 Overview (Continued)

Unaudited

At

3/31/09,

capital

ratios

remain

above

“well

capitalized”

minimums

for

regulatory

purposes

:

Tangible book value per share of $4.12 at March 31, 2009

1

Minimums for prompt corrective action for the bank are:  6% Tier I Risk-Based Capital Ratio, 10% Total Risk-Based

Capital Ratio, and 5% Tier I Leverage Ratio

* Estimated

Colonial

Colonial

BancGroup*

Bank*

Tier I Risk-based

7.33%

8.02%

Total Risk-based

11.56

10.78

Tier I Leverage

5.02

5.54

1

7

First Quarter 2009 Credit Overview

Aggressive management of problem loans

•

Sales of $88 million of problem assets in the quarter resulting in cumulative losses of 58%

•

Charged off $132 million (net), 3.72% (annualized) of average net loans

•

Nonperforming assets increased to 7.58% of loans and other real estate and repossessions

Provisions exceeded net charge-offs by $125 million in the quarter

•

Further

strengthened

loan

loss

reserves

to

3.19%

of

net

loans

at

3/31/09

versus

2.24%

at

12/31/08

and 1.50% at 12/31/07

Continued focus on delinquencies

•

Loans past due and still accruing declined from 2.95% at 12/31/08 to 2.89% at 3/31/09

Nonperforming assets remain concentrated in the construction related sector of the

loan portfolio (77% of total NPAs)

8

Review of Loan Portfolio at 3/31/09

($ in millions)

Dollars

Outstanding

% of Total

Portfolio

Change Since

12/31/08

Past Dues

3/31/09*

NPA's

% of

NPA's

Residential Construction

$1,682.3

11.9%

($297.6)

4.19%

$553.3

51.0%

Commercial Construction

2,261.5

16.1%

(286.4)

3.73%

286.5

26.4%

Seasoned Commercial Real Estate

4,959.9

35.1%

72.7

1.77%

120.6

11.1%

1-4 Family Permanent Real Estate

2,415.7

17.1%

(82.2)

4.41%

100.9

9.3%

Commercial & Industrial

847.8

6.0%

(109.5)

0.72%

10.1

0.9%

Mortgage Warehouse Lending

663.0

4.7%

(62.8)

0.00%

7.9

0.7%

Consumer & Other

410.0

2.9%

8.8

4.90%

6.1

0.6%

Total Performing Loans

13,240.2

93.8%

(757.0)

2.89%

$1,085.4

100.0%

Nonaccrual Loans

879.3

**

6.2%

346.5

Total Loans

14,119.5

100.0%

($410.5)

Nonaccrual Loans Held for Sale

22.0

ORE

182.6

Total Loans, Nonaccrual LHFS & ORE

$14,324.1

* -

Past due and still accruing.

** -

Does not include $1.5 million of

restructured loans still

accruing interest

9

Asset Quality Metrics at 3/31/09

($ in millions)

3/31/09

12/31/08

9/30/08

3/31/09 vs

12/31/08

Total Loans

$14,119.5

$14,530.0

$15,168.4

(2.83%)

Allowance for Loan Losses (ALL)

450.0

325.0

285.0

38.46%

Net Charge-offs

132.2

415.0

121.4

(68.14%)

Provision Expense

257.2

455.0

159.4

(43.47%)

NPAs

1,085.4

710.5

677.7

52.77%

NPLs

to Total Loans

6.24%

3.67%

3.56%

70.03%

NPAs

to Total Loans and ORE

7.58%

4.83%

4.43%

56.94%

ALL to Loans

3.19%

2.24%

1.88%

42.41%

Net Charge-off Ratio (Annualized)

3.72%

11.15%

3.17%

(66.64%)

30-89 Days Past Due (Still Accruing)

2.64%

2.66%

1.56%

(0.75%)

90+ Days Past Due (Still Accruing)

0.25%

0.29%

0.28%

(13.79%)

Total Past Dues (Still Accruing)

2.89%

2.95%

1.84%

(2.03%)

10

Condo

Construction

$225

Res.

Development

$661

Res. Land

$276

Res. Spec

$238

Res. Presold

$90

Consumer

Lots

$82

Builder Lots

$110

Residential Construction

(Excluding Nonaccruals)

By Location and Property Type at 3/31/09

11.9%

of

total

loan

portfolio

-

$1.682

billion

($ in millions)

Total

Outstanding

Res.

Development

Builder

Lots

Consumer

Lots

Res.

Presold

Res. Spec

Res. Land

Condo

Construction

Florida

703

$                 

181

$                

44

$              

56

$          

37

$          

90

$          

125

$        

170

$             

Texas

443

272

28

4

13

34

82

10

Georgia

236

122

11

1

6

51

21

24

Alabama

193

54

25

20

13

53

22

6

Nevada

76

27

1

-

18

8

19

3

Other

31

5

1

1

3

2

7

12

Total

1,682

$             

661

$               

110

$            

82

$          

90

$          

238

$        

276

$        

225

$             

11

Commercial Construction

(Excluding Residential, Condominium Construction and Nonaccruals)

By Location and Property Type at 3/31/09

16.1%

of

total

loan

portfolio

-

$2.262

billion

($ in millions)

Location

Alabama

$137.3

6.1%

Texas

$439.2

19.4%

Other

$298.0

13.2%

Georgia

$232.8

10.3%

Nevada

$262.2

11.6%

Florida

$892.0

39.4%

Property Type

Commercial

Development

$313.3

13.9%

Commercial Lot

Inventory

$195.6

8.6%

Industrial

$27.2

1.2%

Warehouse

$86.5

3.8%

Retail

$325.7

14.4%

Other

$67.8

3.1%

Healthcare

$85.0

3.8%

Multi-family

$86.4

3.8%

Office

$177.3

7.8%

Lodging

$154.5

6.8%

Commercial Land

$742.2

32.8%

12

Seasoned Commercial Real Estate

(Excluding Nonaccruals)

By Location and Property Type at 3/31/09

35.1%

of

total

loan

portfolio

-

$4.960

billion

($ in millions)

Location

Alabama

$558.0

11.2%

Texas

$475.3

9.6%

Other

$438.4

8.9%

Georgia

$322.7

6.5%

Nevada

$223.0

4.5%

Florida

$2,942.5

59.3%

Property Type

Healthcare

$416.9

8.4%

Lodging

$324.3

6.5%

Office

$1,072.5

21.6%

Multi-family

$525.9

10.6%

Retail

$1,104.3

22.3%

Warehouse

$667.5

13.5%

Other

$728.2

14.7%

Industrial

$120.3

2.4%

13

Nonperforming Assets by Property Type

and Location

At 3/31/09 –

Total $1,085.4 million

($ in millions)

Location

Florida

$667.7

61.5%

Georgia

$99.8

9.2%

Nevada

$90.3

8.3%

Texas

$60.4

5.6%

Other

$37.2

3.4%

Alabama

$130.0

12.0%

Property Type

C & I

$10.1

0.9%

Mortgage

Warehouse

$7.9

0.7%

Residential

Construction

$553.3

51.0%

Seasoned

Commercial

Real Estate

$120.6

11.1%

1-4 Family

Permanent

Real Estate

$100.9

9.3%

Commercial

Construction

$286.5

26.4%

Consumer &

Other

$6.1

0.6%

14

Location

Florida

$305.9

28.2%

Georgia

$92.3

8.5%

Nevada

$45.6

4.2%

Texas

$23.4

2.2%

Other

$15.6

1.4%

Alabama

$70.5

6.5%

Residential Construction NPAs

At 3/31/09 –

Total $553.3 million (or 51.0% of total nonperforming assets)

($ in millions)

(note: percentages in above charts represent proportion to total

NPAs)

Property Type

Builder Lots

$44.6

4.1%

Residential

Land

$85.2

7.8%

Residential

Spec and

Presold

$124.1

11.5%

Residential

Development

$221.4

20.4%

Consumer

Lots

$25.2

2.3%

Condo

Construction

$52.8

4.9%

15

Location

Florida

$178.1

16.3%

Nevada

$43.0

4.0%

Georgia

$0.8

0.1%

Texas

$4.0

0.4%

Other

$19.0

1.8%

Alabama

$41.6

3.8%

Property Type

Commercial

Lots

$10.0

0.9%

Office

$6.7

0.6%

Retail

$13.9

1.3%

Other

$20.0

1.8%

Lodging

$0.9

0.1%

Warehouse

$4.9

0.5%

Multi-family

$19.0

1.7%

Commercial

Development

$66.9

6.2%

Commercial

Land

$144.2

13.3%

Commercial Construction NPAs

(Excluding Residential and Condominium Construction)

At 3/31/09 –

Total $286.5 million (or 26.4% of total nonperforming assets)

($ in millions)

(note: percentages in above charts represent proportion to total

NPAs)

16

Property Type

Industrial

$2.8

0.3%

Other

$20.8

1.9%

Warehouse

$12.2

1.1%

Retail

$20.0

1.8%

Multi-family

$36.5

3.4%

Office

$26.7

2.5%

Lodging

$1.3

0.1%

Healthcare

$0.3

0.0%

Location

Alabama

$8.3

0.8%

Texas

$30.0

2.8%

Georgia

$2.9

0.3%

Nevada

$0.8

0.1%

Florida

$78.6

7.1%

Seasoned Commercial Real Estate NPAs

At 3/31/09 –

Total $120.6 million (or 11.1% of total nonperforming assets)

($ in millions)

(note: percentages in above charts represent proportion to total

NPAs)

17

Net Charge-Offs by Property Type and

Location

Three

Months

Ended

March

31,

2009

–

Total

$132.2

million

($ in millions)

Location

Florida

$99.2

75.0%

Georgia

$13.2

10.0%

Nevada

$3.8

2.9%

Texas

$0.3

0.2%

Other

$1.4

1.1%

Alabama

$14.3

10.8%

Property Type

Mortgage

Warehouse

$0.7

0.5%

Commercial

Construction

$21.5

16.3%

Seasoned

Commercial

Real Estate

$26.7

20.2%

Residential

Construction

$48.5

36.7%

1-4 Family

Permanent

Real Estate

$21.7

16.4%

Consumer &

Other

$3.1

2.3%

C & I

$10.0

7.6%

18

Location

Florida

$37.9

28.7%

Georgia

$6.3

4.8%

Nevada

$3.2

2.4%

Texas

$0.1

0.1%

Other

$0.7

0.5%

Alabama

$0.3

0.2%

Residential Construction Net Charge-Offs

Three Months Ended March 31, 2009

Total $48.5 million (or 36.7% of total net charge-offs)

($ in millions)

(note: percentages in above charts represent proportion to total

net charge-offs)

Property Type

Builder Lots

$2.3

1.7%

Residential

Land

$3.8

2.9%

Residential

Spec and

Presold

$7.2

5.5%

Residential

Development

$34.9

26.4%

Consumer

Lots

$0.3

0.2%

19

Location

Florida

$20.4

15.4%

Georgia

$0.2

0.2%

Alabama

$0.9

0.7%

Property Type

Commercial

Land

$12.8

9.6%

Lodging

$0.2

0.2%

Warehouse

$5.5

4.2%

Commercial

Lots

$2.1

1.6%

Commercial

Development

$0.9

0.7%

Commercial Construction Net Charge-Offs

(Excluding Residential and Condominium Construction)

Three Months Ended March 31, 2009

Total $21.5 million (or 16.3% of total net charge-offs)

($ in millions)

(note: percentages in above charts represent proportion to total

net charge-offs)

20

Location

Alabama

$11.8

8.9%

Georgia

$4.9

3.7%

Florida

$10.0

7.6%

Property Type

Industrial

$11.7

8.9%

Multi-family

$2.4

1.8%

Other

$0.5

0.4%

Office

$1.8

1.4%

Warehouse

$1.1

0.8%

Retail

$4.3

3.2%

Lodging

$4.9

3.7%

Seasoned Commercial Real Estate

Net Charge-Offs

Three Months Ended March 31, 2009

Total $26.7 million (or 20.2% of total net charge-offs)

($ in millions)

(note: percentages in above charts represent proportion to total

net charge-offs)

21

Net loss of $168 million in the quarter, or $0.86 per common share; excluding

goodwill impairment of $26 million, net of the tax benefit, operating loss was $142

million, or $0.74 per common share compared to a loss of $285 million, or

$1.45

per common share in the 4

th

quarter of 2008

Provision

for

loan

loss

of

$257

million

for

the

1

st

quarter

down

significantly

from

the

4

th

quarter

of

2008

of

$455

million

Net

interest

income

declined

$23

million

in

the

1

st

quarter

compared

to

the

4

th

quarter of 2008 as expected due to the decline in average interest rates and the

reduction in average earning assets

•

Net

interest

margin

was

2.04%

compared

to

2.37%

in

the

4

th

quarter

Core

noninterest

income

for

the

1

st

quarter

was

up

13%

over

the

4

th

quarter

of

2008

driven

by

increased

retail

mortgage

banking

origination

and

sales

and

wealth

management revenues

1

st

Quarter 2009 Financial Highlights

22

Securities losses for the quarter were $837,000, net

•

Recognized approximately $40 million in gains from the sales of $1 billion of

securities

which

was

offset

by

a

$40

million

loss

on

the

sale

of

a

15%

interest

of

approximately

$264

million

of

securities

in

the

re-remic

(see

page

27

for

further discussion on re-remic

transaction)

Goodwill

impairment

of

$28.5

million

in

the

1st

quarter

compared

to

$575

million

in

4th quarter of 2008.

Net gain on the early extinguishment of debt of $20 million in the 1st quarter

related to the repurchase of $44 million of subordinated debt which had a

weighted average rate of 7.71%

Core noninterest expenses for the 1st quarter were down 5% from the 4th quarter

of 2008 from reduced losses on other real estate and equity investments, partially

offset by an increase in FDIC assessments

1

st

Quarter

2009

Financial

Highlights

(continued)

23

Reciprocal

Brokered

Time Deposits

2%

Core Deposits

56%

CD's > $100k

16%

Short Term

Borrowings

2%

Long-Term Borrowings

16%

Brokered Time

Deposits

8%

Retail franchise provides the most important source of funding

•

Deposits comprise 81% of total funding and fund 77% of total assets

1Q09 Cost of Deposits: 2.43%

Loan to Deposit Ratio of 70%

No corporate debt maturities for the remainder of 2009 and only $5.0 million in 2010

Deposit Composition / Liquidity

Brokered

Time

Deposits

10%

Time

Deposits

48%

Interest

Bearing

Transaction

Accounts

23%

Noninterest

Bearing

Transaction

Accounts

17%

Reciprocal

Brokered

Time

Deposits

2%

Total Deposits: $20.3 billion

at 3/31/09

Total Funding Position: $24.9 billion

at 3/31/09

As of March 31, 2009 -

Unaudited

24

$8,323

$9,411

$9,918

$11,864

$15,483

$20,257

$18,673

$16,091

$18,544

2001

2002

2003

2004

2005

2006

2007

2008

3/31/09

Period End Deposits

13%

5%

20%

($ in millions)

31%

5 Year CAGR = 13%

2003 -

2008

143%

4%

15%

1%

8%

25

Total

core

noninterest

income

increased

13%

over

4 

quarter

of

2008

Mortgage

banking

revenues

increased

72%

over

4 

quarter

of

2008

Wealth

management

revenues

increased

38%

over

4 

quarter

of

2008

Association

Services

total

deposits

increased

10%

over

4 

quarter

of

2008 to $707 million

1   Quarter Lines of Business Highlights

th

th

th

th

st

26

Supplemental

27

1Q09

4Q08

3Q08

2Q08

1Q08

Securities Available for Sale

     Cost Basis

3,447.9

$     

3,779.9

$     

3,783.2

$     

3,702.4

$     

3,665.9

$  

     Fair Value Adjustment

(302.7)

(476.9)

(163.7)

(249.7)

(172.4)

     At Fair Value

3,145.2

$     

3,303.0

$     

3,619.5

$     

3,452.7

$     

3,493.5

$  

Fair Value Adjustment Percentage

-8.8%

-12.6%

-4.3%

-6.7%

-4.7%

Change in Fair Value Adjustment

174.2

$        

(313.2)

$       

86.0

$          

(77.3)

$         

(160.8)

$   

Impact of Fair Value Adjustment on Shareholders' Equity

At Period End

(196.7)

$       

(310.0)

$       

(106.4)

$       

(162.3)

$       

(103.3)

$   

Change During the Period

113.3

$        

(203.6)

$       

55.9

$          

(59.0)

$         

(99.6)

$     

Impact of Securities Fair Value Adjustment

($ in millions)

Re-securitized approximately $1.4 billion of non-agency mortgage backed

securities

The transaction added credit support in a re-remic

vehicle which converted

noninvestment grade securities to investment grade and improved fair value

and decreased risk weighted assets for regulatory capital

28

Loans,

Excl. Warehouse

Total Risk

Weighted Assets

Active Balance Sheet Management

($ in billions)

*Estimated

1

Annualized

$20.2

$19.7

$19.1

$18.5

$17.9

$17.4

12/07

03/08

06/08

09/08

12/08

03/09

*

$14.9

$15.5

$15.6

$14.5

$13.8

$13.4

12/07

03/08

06/08

09/08

12/08

03/09

-12%

-11%

Note:

Risk

weighted

assets

are

calculated

following

the

banking

agencies’

risk-based

capital

guidelines.

Assets

and

credit

equivalent amounts of derivatives and off-balance sheet items are assigned to risk categories which are multiplied by the

risk weight associated with that category.

The amounts disclosed above were calculated consistent with banking

regulatory requirements.

1

1

29

2.04%

2.85%

3.57%

3.55%

3.38%

3.52%

3.75%

3.71%

3.55%

3.43%

2.37%

2001

2002

2003

2004

2005

2006

2007

4Q07

3Q08

4Q08

1Q09*

Net Interest Margin

Average Net Interest Margin

3.46%

2002-2008

**Unaudited

30

Net Interest Income and Margin

($ in millions)

Tax Equivalent

NII

NIM

4Q08

$142.8

2.37%

Decrease in Earning Assets (Loans & Securities offset by

MWL)

(3.9)

-0.03%

Asset Sensitivity

(14.7)

-0.25%

Deposit Mix Change and Pricing Competition on CD's

(2.5)

-0.04%

Securities Tranactions

(0.7)

-0.01%

Days in Qtr

(1.1)

0.00%

1Q09

$119.9

2.04%

31

Selected Average Balances

($ in millions)

1Q09

4Q08

1Q08

4Q08

1Q08

Earning Assets

23,680

$ 

23,995

$ 

25,067

$ 

-1%

-6%

Loans, Net of Unearned Income

14,409

14,808

15,994

-3%

-10%

Loans Held for Sale

2,452

2,056

3,161

19%

-22%

Securities 

3,708

4,006

3,677

-7%

1%

Resell Agreements and

Federal Funds Sold

1,695

1,835

2,213

-8%

-23%

Interest Bearing Deposits in Banks and

the Federal Reserve

1,416

1,290

22

10%

6336%

Total Assets

25,721

26,315

27,650

-2%

-7%

Total Deposits

19,433

18,565

18,758

5%

4%

Noninterest Bearing Deposits

3,189

2,846

3,067

12%

4%

Interest Bearing Transaction Accounts

5,037

5,053

6,610

0%

-24%

Time Deposits

11,207

10,666

9,081

5%

23%

Repurchase Agreements

411

485

544

-15%

-24%

S/T Borrowings and Fed Funds Purchased

9

680

1,380

-99%

-99%

L/T Debt

4,013

4,038

4,084

-1%

-2%

% Change

32

Noninterest Income

($ in millions)

1

Core noninterest income was used in the calculation

% Change

1Q09

4Q08

1Q08

4Q08

1Q08

Service Charges on Deposit Accounts

16.7

$    

17.9

$    

19.2

$    

-7%

-13%

Electronic Banking

5.0

5.0

5.0

0%

0%

Other Retail Banking Fees

1.9

2.1

2.6

-10%

-27%

Retail Banking Fees

23.6

25.0

26.8

-6%

-12%

Mortgage Banking Origination and Sales

12.3

7.1

6.8

72%

81%

Wealth Management Services

5.1

3.7

4.8

38%

6%

Mortgage Warehouse Fees

1.4

1.5

1.0

-7%

40%

Bank-Owned Life Insurance

3.9

4.4

5.1

-11%

-24%

Other Income

4.1

3.1

7.1

32%

-42%

Core Noninterest Income

50.4

44.8

51.6

13%

-2%

Securities Gains (Losses), Net

(0.8)

-

6.1

-100%

-114%

Total Noninterest Income

49.6

$    

44.8

$    

57.7

$    

11%

-14%

Annualized

Noninterest

Income

to

Average

Assets

0.80%

0.68%

0.75%

Noninterest

Income

to

Total

Revenue

30.0%

24.1%

22.1%

1

1

33

Noninterest Expense

($ in millions)

1

Core noninterest income and core noninterest expense were used in the calculation

% Change

1Q09

4Q08

1Q08

4Q08

1Q08

Salaries and Employee Benefits

72.1

$    

72.3

$  

73.7

$   

0%

-2%

Occupancy Expense of Bank Premises, Net

23.7

24.2

23.1

-2%

3%

Furniture and Equipment Expenses

15.6

14.8

14.7

5%

6%

Professional Services

10.4

8.4

5.6

24%

86%

FDIC Insurance and Other Regulatory Fees

11.2

4.9

4.6

129%

143%

Amortization of Intangible Assets

4.2

4.2

4.2

0%

0%

Electronic Banking and Other Retail Banking Expenses

3.3

4.3

4.2

-23%

-21%

Losses and Expenses on Other Real Estate

7.0

19.8

1.2

-65%

483%

Loan Closing Costs

2.0

1.5

2.1

33%

-5%

Communications

2.9

2.9

2.8

0%

4%

Advertising

2.7

3.7

2.6

-27%

4%

Postage and Courier

2.3

2.6

2.6

-12%

-12%

Loss on Equity Investments

3.4

7.5

2.7

-55%

26%

Travel

1.5

2.0

1.4

-25%

7%

Other Expenses

8.2

6.6

12.4

24%

-34%

Core Noninterest Expense

170.5

179.7

157.9

-5%

8%

Goodwill Impairment

28.5

575.0

-

-95%

100%

Severance Expense

-

-

0.2

0%

-100%

Net Losses Related to the Early Extinguishment of Debt

(20.3)

-

5.9

-100%

-443%

Total Noninterest Expense

178.7

$  

754.7

$

164.0

$

-76%

9%

Efficiency Ratio

100.13%

95.79%

67.02%

Annualized Noninterest Expense to Average Assets

2.65%

2.73%

2.28%

1

1

34

Diversified Seasoned Commercial Real

Estate Portfolio

As of 3/31/09

($ in thousands)

Property Type

Total Exposure

Central FL

West Coast  FL

South FL

Panhandle FL

Northern FL

Alabama

Georgia

Texas

Nevada

Other

Retail

1,129,653

141,726

253,944

264,840

42,285

6,974

121,494

51,462

81,918

53,461

111,549

Retail -

other than gas stations

889,909

120,175

162,487

233,824

19,364

6,241

81,277

37,551

79,860

43,025

106,105

Gas Station/Convenience Store

239,744

21,551

91,457

31,016

22,921

733

40,217

13,911

2,058

10,436

5,444

Multi-family

541,987

35,149

177,386

100,867

8,098

10,119

60,261

9,007

79,184

12,142

49,774

Office

1,095,315

179,418

316,660

246,619

9,047

11,777

90,693

53,453

72,633

53,226

61,789

Office -

non-medical

915,254

157,200

256,628

230,310

9,047

7,366

74,196

42,426

53,412

31,832

52,837

Office -

Medical

180,061

22,218

60,032

16,309

0

4,411

16,497

11,027

19,221

21,394

8,952

Warehouse

681,275

126,077

154,593

170,893

3,071

1,123

66,796

41,913

31,761

70,681

14,367

Warehouse with Office

447,226

92,817

120,518

90,531

3,071

103

50,108

27,053

16,354

34,861

11,810

Warehouse

149,723

21,250

24,588

71,022

0

1,020

4,923

11,391

11,348

1,624

2,557

Mini-Warehouse

84,326

12,010

9,487

9,340

0

0

11,765

3,469

4,059

34,196

0

Healthcare -

Living Facility

270,469

16,016

22,079

2,371

5,972

5,914

49,459

37,502

4,806

140

126,210

Skilled Nursing Facility

117,946

0

13,870

0

5,972

5,914

29,127

15,076

0

0

47,987

Assisted Living Facility

93,272

286

8,209

2,371

0

0

3,063

2,421

4,806

140

71,976

Congregate Care Facility

59,251

15,730

0

0

0

0

17,269

20,005

0

0

6,247

Healthcare

150,187

8,385

11,332

569

633

288

8,433

2,912

116,539

1,096

0

Lodging

325,788

51,163

72,130

55,866

0

0

33,973

44,062

16,652

12,482

39,460

Recreation

43,220

5,405

10,719

12,943

0

663

10,807

790

753

1,140

0

0

Industrial

123,998

21,726

30,739

9,046

0

0

18,127

7,209

18,305

9,711

9,135

Church or School

187,629

39,174

7,689

19,529

0

908

48,858

48,208

14,420

5,010

3,833

Farm

107,852

27,475

9,838

29,840

386

1,167

20,471

4,930

6,389

286

7,070

All Other Types

410,758

90,212

100,527

54,147

12,158

15,346

35,570

25,196

49,472

8,301

19,829

Nonaccrual

112,138

18,391

28,908

22,122

2,267

1,341

6,611

1,663

30,060

775

0

Total

5,180,269

760,317

1,196,544

989,652

83,917

55,620

571,553

328,307

522,892

228,451

443,016

Notes:

1) Includes outstanding exposures (balances plus commitments).

Includes All Seasoned Commercial Real Estate Exposures

(Principal Balances and Amounts Available To Be Drawn)

Commercial Real Estate Portfolio Commitments as of 3-31-09

Seasoned Commercial Real Estate Exposures by Geographic Location

35

Diversified CRE/Construction Loan Portfolio`

As of 3/31/09

($ in thousands)

Property Type

Total Exposure

Central FL

West Coast FL

South FL

Panhandle FL

Northern FL

Alabama

Georgia

Texas

Nevada

Other

Retail

1,525,086

170,539

260,920

301,023

42,285

6,974

150,555

85,306

204,578

94,804

208,102

Retail -

other than gas stations

1,283,441

148,988

167,589

270,007

19,364

6,241

110,312

71,395

202,519

84,368

202,658

Gas Station/Convenience Store

241,645

21,551

93,331

31,016

22,921

733

40,243

13,911

2,059

10,436

5,444

Residential Development

755,332

75,368

66,960

31,713

25,000

15,323

62,041

132,061

313,216

28,027

5,623

Builder Lot Inventory

112,478

6,272

14,424

8,217

15,540

763

25,918

10,693

28,270

1,494

887

Consumer Lot Inventory

82,256

18,293

16,655

7,319

12,957

1,436

19,598

1,093

3,603

159

1,143

Commercial Development

369,590

99,381

27,108

30,359

7,762

2,020

4,797

2,786

53,283

113,505

28,589

Commercial Lot Inventory

200,026

18,905

23,201

50,919

5,922

31

5,761

40,720

33,445

266

20,856

Residential Homes (under construction)

477,522

78,812

79,671

25,972

9,523

2,263

83,405

88,309

55,597

45,698

8,272

Multi-family

689,408

35,399

177,386

100,867

8,098

10,974

75,761

62,758

140,349

28,042

49,774

Land Only

1,067,626

213,414

138,839

68,783

94,793

4,472

80,193

60,720

177,485

119,172

109,755

Commercial Land

776,886

140,925

124,204

46,509

71,868

2,451

57,380

39,091

92,249

99,545

102,664

Residential Land

290,740

72,489

14,635

22,274

22,925

2,021

22,813

21,629

85,236

19,627

7,091

Office

1,378,217

248,529

365,946

279,779

12,447

12,897

90,777

80,378

148,648

61,996

76,820

Office -

non-medical

1,137,425

186,914

305,202

263,470

12,447

8,486

74,280

64,066

117,548

40,602

64,410

Office -

Medical

240,792

61,615

60,744

16,309

0

4,411

16,497

16,312

31,100

21,394

12,410

Condominium Bldgs

-

Construction

290,104

125,533

67,953

15,587

13,971

0

6,144

26,105

9,629

12,462

12,720

Warehouse

790,202

132,533

165,903

192,412

3,071

1,123

77,458

50,884

32,122

97,336

37,360

Warehouse with Office

479,132

95,051

128,037

91,502

3,071

103

50,534

29,746

16,717

52,561

11,810

Warehouse

165,451

22,177

24,588

73,832

0

1,020

4,923

11,391

11,348

1,624

14,548

Mini-Warehouse

145,619

15,305

13,278

27,078

0

0

22,001

9,747

4,057

43,151

11,002

Healthcare -

Living Facility

378,035

16,016

22,079

2,371

13,751

5,914

50,659

70,240

32,404

140

164,461

Skilled Nursing Facility

141,182

0

13,870

0

13,751

5,914

30,327

15,076

0

0

62,244

Assisted Living Facility

144,864

286

8,209

2,371

0

0

3,063

2,421

32,404

140

95,970

Congregate Care Facility

91,989

15,730

0

0

0

0

17,269

52,743

0

0

6,247

Healthcare

210,697

8,385

14,670

569

633

288

8,433

2,912

173,711

1,096

0

Lodging

563,341

106,902

72,130

70,266

0

700

46,349

123,574

66,530

12,482

64,408

Recreation

43,220

5,405

10,719

12,943

0

663

10,807

790

753

1,140

0

Industrial

166,206

21,909

39,164

9,046

0

0

23,501

7,209

43,301

9,711

12,365

Church or School

200,624

39,522

12,326

23,868

0

1,468

49,926

48,208

16,463

5,010

3,833

Farm

130,140

27,475

9,838

29,840

386

1,167

20,471

5,066

10,041

286

25,570

All Other Types

469,656

93,906

101,531

55,186

12,158

15,346

41,018

25,432

96,949

8,301

19,829

Nonaccrual

788,258

182,375

167,315

70,269

70,370

12,991

78,185

50,822

43,257

83,042

29,632

Total

10,688,024

1,724,873

1,854,738

1,387,308

348,667

96,813

1,011,757

976,066

1,683,634

724,169

879,999

Notes:

1) Includes outstanding exposures (balances plus commitments).

Includes Commercial Real Estate and Construction Loan Exposures

(Principal Balances and Amounts Available To Be Drawn)

Expressed as a Percentage of Commercial Real Estate Portfolio Commitments as of 3-31-09

Commercial Real Estate Exposures by Geographic Location