exv99

EX-99 2 c07015exv99.htm FINANCIAL SUPPLEMENT exv99

Exhibit 99

HSBC Finance Corporation

Supplement to the Form 10-Q for the

period ended June 30, 2006

Forward Looking Statements

This document, and subsequent discussion, contains certain forward-looking information with respect to the financial condition, results of operations and business of HSBC Holdings plc and HSBC Finance Corporation. This information represents expectations or beliefs concerning future events and is subject to unknown risks and uncertainties. This information speaks only as of the date on which it is provided. Additional detailed information concerning important factors that could cause actual results to differ materially is available in the HSBC Holdings plc 2005 Annual Report for the year ended December 31, 2005 and the HSBC Finance Corporation Annual Report on Form 10-K for the year ended December 31, 2005 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2006.

Basis of Reporting⁽¹⁾


•	*International Financial Reporting Standards (“IFRSs”)* From January 1, 2005, HSBC Holdings plc (“HSBC”) has prepared its consolidated financial statements in accordance with International Financial Reporting Standards as endorsed by the European Union. IFRSs comprise accounting standards issued by the International Accounting Standards Board and its predecessor body as well as interpretations issued by the International Financial Reporting Interpretations Committee and its predecessor body. Please see HSBC’s 2005 Annual Report for more detail regarding significant accounting policies.

•	*HSBC Finance Corporation — Managed Basis* (a non-GAAP financial measure) assumes that securitized customer loans have not been sold and remain on the balance sheet.

•	*HSBC Finance Corporation — Management Basis* In addition to managed basis reporting, operations are monitored and trends are evaluated on a management basis (a non-GAAP financial measure). Management basis reporting, in addition to the managed basis adjustments, assumes that the mortgages and private label customer loans transferred to HSBC’s U.S. banking subsidiary, HSBC Bank USA, N.A. (“HSBC Bank USA”), have not been sold and remain on the balance sheet. Additionally, operations are monitored and trends are evaluated on a management basis because the customer loan sales to HSBC Bank USA were conducted primarily to more appropriately fund prime customer loans within the HSBC Group and such customer loans continue to be managed and serviced by us without regard to ownership. Furthermore, operating results are reviewed and decisions are made about allocating certain resources such as employees on a management basis.

When reporting on a management basis, net interest income, fee income and loan impairment charges are adjusted to include the activity associated with these customer loans transferred to HSBC Bank USA. Gains on sales, loan premium amortization and the related servicing fees are eliminated. Management believes that management basis information enables readers, investors and other interested parties to better understand the overall performance and related trends of our consumer finance business.


•	*HSBC Finance Corporation — IFRS Management Basis* (a non-GAAP financial measure) represents management basis results adjusted in accordance with IFRSs. In this document, the term “customer loans” is synonymous to “receivables” in our U.S. GAAP financial statements.


(1)	Certain adjustments have been made to prior period amounts to conform to the current period presentation.

HSBC Finance Corporation – June 30, 2006 Highlights

IFRS Management Basis (A Non-GAAP Measure)


•	Solid growth in a stable U.S. economy drove improved performance over the six months ended December 31, 2005 and the year-ago period. Overall credit quality is stable across most of our domestic businesses.

•	Profit for the Period increased 43% over the second half of 2005 and 17% year-over-year


	–	Profit Before Tax increased 70% over the second half of 2005 and 22% over the year-ago period. Excluding derivative and fair value impacts, Profit Before Tax increased 68% and 41% over the six months ended December 31, 2005 and June 30, 2005, respectively.


•	Net Interest Income increased 10% over the second half of 2005 and 12% year-over-year


	–	Increase fueled by customer loan growth including the Metris portfolio purchased in December 2005

	–	Includes 2006 adjustment to the calculation of effective interest on credit card balances with low introductory rates, some of which would have otherwise been recorded in prior periods

	–	Excluding this 2006 adjustment, Metris and the 2005 sale of the U.K. credit card business, Net Interest Income increased 3% compared to the second half of 2005 and 4% year-over-year


	o	Benefits from customer loan growth were partially offset by continued margin pressure due to increased cost of funds and a higher proportion of lower yielding mortgages


	–	Average Customer Loans grew 9% over December 2005 while year-over-year growth of 18% includes good organic growth across all products


•	Loan Impairment Charges decreased 27% from the second half of 2005 and 3% year-over-year


	–	Decreased bankruptcy filings in 2006 following change in U.S. legislation in October 2005, which accelerated Loan Impairment Charges in the fourth quarter of 2005, a portion of which would otherwise have been experienced in 2006

	–	Reduced estimated exposure associated with Hurricane Katrina (“Katrina”) in the first half of 2006

	–	Lower Loan Impairment Charges year-over-year


	o	Benefited from higher proportion of near-prime residential mortgage and motor vehicle finance customer loans

	o	Partially offset by higher loss estimates for our Correspondent/ Wholesale channel’s 2005 second lien and portions of the 2005 first lien residential mortgage portfolios, which are showing some signs of deterioration

	o	Overall credit quality remains stable across other parts of our mortgage portfolios

HSBC Finance Corporation
IFRS Management Basis (A Non-GAAP Measure)


			Six Months Ended

			June 30,			December 31,			June 30,
			2006			2005			2005

			(millions $)
Net Interest Income			$	5,924		$	5,402		$	5,287
Net Fee Income				1,434			1,243			1,163
Trading Income:
	Loans Held for Resale			209			146			123
	Hedge Ineffectiveness and Mark-to-market on Non-qualifying Hedges			(6	)		(114	)		53

		Total Trading Income		203			32			176
Net Income from Financial Instruments Designated at Fair Value⁽¹⁾				28			103			265
Other Operating Income				381			619			336

		Total Operating Income		7,970			7,399			7,227
Loan Impairment Charges and Other Credit Risk Provisions				2,311			2,880			2,321
Loan Impairment Charges, Katrina related				(61	)		202			—
Operating Expenses				2,919			2,670			2,611

		Profit Before Tax		2,801			1,647			2,295
Tax Expense				1,013			400			763

		Profit for the Period	$	1,788		$	1,247		$	1,532

Adjustments, net of Tax Expense:
Katrina impact				(38	)		139			—
Gain on sale of U.K. loans				—			(176	)		—

	Adjusted Profit for the Period		$	1,750		$	1,210		$	1,532

Cost Efficiency Ratio				36.6	%		36.1	%		36.1	%
Operating Expenses/ Average Customer Loans				3.5	%		3.4	%		3.6	%

⁽¹⁾

Includes gains and losses from changes in fair value of debt securities in issue designated at fair value and gains and losses from changes in fair value of derivatives that are managed in conjunction with them of $23, $103 and $265 million for the six months ended June 30, 2006, December 31, 2005 and June 30, 2005, respectively. June 2006 also includes $5 million of income from assets held to meet liabilities under insurance contracts.

HSBC Finance Corporation

Key Ratios – Management Basis (A Non-GAAP Measure)⁽¹⁾


•	Net Interest Margin (NIM) down from the prior year second quarter and broadly flat sequentially


	–	Continuing margin pressure due to higher cost of funds and a higher proportion of lower yielding residential mortgage loans partially offset by a higher yield due to repricing efforts


•	RAR down from the prior quarter and prior year second quarter


	–	First quarter benefited from seasonal Taxpayer Financial Services revenues. Higher second quarter charge-offs were due to expected seasoning in the residential mortgage and credit card portfolios as well as higher than expected charge-offs in certain portions of the 2005 Correspondent/Wholesale channel originations. These items were partially offset by higher fee income.

	–	Lower NIM than prior year was partially offset by generally favorable credit performance


•	ROMA down from the prior quarter but better than prior year second quarter


	–	Compared to the prior quarter, ROMA decreased due to first quarter’s seasonal Taxpayer Financial Services revenues and higher second quarter provision for credit losses

	–	Compared to second quarter 2005, expense growth was lower than receivable growth. Improved efficiency and generally favorable credit performance were partially offset by lower NIM.


⁽¹⁾	Derived from U.S. GAAP reported results and adjusted to management basis as further described on page 3.

⁽²⁾	Excludes mark-to-market on derivatives which do not qualify as effective hedges and ineffectiveness associated with qualifying hedges under SFAS No. 133.

HSBC Finance Corporation

Credit Quality – Management Basis (A Non-GAAP Measure)⁽¹⁾


•	Overall credit trends remain favorable as shown in the 2+ delinquency ratio of 3.57%

•	Charge-off ratio increased from the prior quarter and decreased from the prior year second quarter


	—	Increase from prior quarter driven by seasoning of the growing mortgage portfolio and higher than expected losses on certain 2005 originations in our Correspondent/Wholesale channel business, primarily in the second lien products, expected seasoning of the Metris portfolio and a moderate increase in bankruptcy filings

	—	Decreased from the prior year quarter primarily due to lower personal bankruptcy filings following the new bankruptcy legislation enacted in 2005


•	RAR down from the prior quarter and prior year second quarter


	—	First quarter benefited from seasonal Taxpayer Financial Services revenues. Higher second quarter charge-offs were due to expected seasoning in the residential mortgage and credit card portfolios as well as higher than expected charge-offs in certain portions of the 2005 Correspondent/Wholesale channel originations. These items were partially offset by higher fee income.

	—	Lower NIM than prior year was partially offset by generally favorable credit performance


⁽¹⁾	Derived from U.S. GAAP reported results and adjusted to management basis as further described on page 3.

⁽²⁾	Excludes mark-to-market on derivatives which do not qualify as effective hedges and ineffectiveness associated with qualifying hedges under SFAS No. 133.

HSBC Finance Corporation

IFRS Management Basis (A Non-GAAP Measure)

CUSTOMER LOANS


								June 06
								Increase/(Decrease)

								%

		June 06		Dec 05		June 05		Dec 05			June 05

		(millions $)
Branch Residential Mortgages		$	44,430	$	41,341	$	39,243		7	%		13	%
Correspondent Residential Mortgages			51,446		44,297		36,494		16			41

	Residential Mortgages		95,876		85,638		75,737		12			27
MasterCard/ Visa⁽¹⁾Credit Cards			25,676		25,819		22,192		(1	)		16
Private Label Cards			19,057		19,656		18,014		(3	)		6
Motor Vehicle Finance			12,417		11,911		10,838		4			15
Other Unsecured Personal Lending			21,288		20,745		19,756		3			8
Commercial and Other			25		33		72		(24	)		(65	)

	Total Customer Loans	$	174,339	$	163,802	$	146,609		6	%		19	%


⁽¹⁾	MasterCard is a registered trademark of MasterCard International, Incorporated and Visa is a registered trademark of VISA USA, Inc.

HSBC Finance Corporation

June 30, 2006 — Business Unit Highlights


Retail Branch Channel		Correspondent/
(HFC/Beneficial)		Wholesale Channel

• Continued good loan growth – Residential mortgage products up 13% year-over-year o Includes both near-prime and non-prime segments o Strong originations driven by increased productivity o Lower liquidation – Unsecured products up year-over-year driven by successful direct mail campaigns and upsell efforts • Cross sell volume continues to expand – Motor vehicle loans and credit card sales in branch offices contribute to overall growth • Although housing market is slowing, credit quality remains stable due to higher mix of fixed rate loans		• Strong residential mortgage growth – Portfolio up 41% year-over-year • Slow down in housing market • Experiencing some deterioration in performance in selected portions of the 2005 originations • Monitoring and mitigation actions under way

HSBC Finance Corporation

June 30, 2006 — Business Unit Highlights


Credit Card		Private Label

• Solid year-over-year profits, good organic loan and operating income growth • Increased net interest margin year-over-year through repricing initiatives and growing non-prime book • Solid growth in fee and other operating income from the prior year due to growing portfolio and higher interchange fees • Improved credit quality year-over-year driven by lower bankruptcy charge-offs and filings • Metris integration well underway and performing better than expected • Changes in minimum monthly payment guidelines have resulted in lower credit card fees to date and are expected to have a material impact on full-year results at the business unit but no material impact to consolidated results		• Signed new merchants, Boscov’s Department Stores and Musician’s Friend • Risk adjusted revenue performing well compared to the prior year quarter as positive credit trends and higher fee income mitigated margin compression • Changes in minimum monthly payment guidelines are expected to have an unfavorable, but immaterial, impact on 2006 results of this business

HSBC Finance Corporation

June 30, 2006 — Business Unit Highlights


Auto		International
• Good organic loan growth in consumer direct channel • A stable economy and active portfolio management are yielding higher fee income • Continue to optimize collection strategies to improve cash collections		Canada • Good loan growth and profitability – Branch expansion contributed to strong growth in unsecured and real estate secured products due to investment in external lead campaigns and strong real estate market – Growth initiatives in motor vehicle and credit cards contributed favorably to customer loan growth • Credit quality stable UK • Focus remains on credit and loss mitigation in a continued challenging environment as bankruptcy and individual voluntary arrangement filings continue to climb

Appendix


	RECONCILIATIONS TO GAAP FINANCIAL MEASURES
	HSBC Finance Corporation Income Statement
	IFRS Management Basis


			Six Months Ended 06/30/06									Six Months Ended 12/31/05									Six Months Ended 06/30/05

						IFRS									IFRS									IFRS
						Management			IFRS						Management			IFRS						Management			IFRS
			Owned			Basis			Management			Owned			Basis			Management			Owned			Basis			Management
			Basis			Adjustments			Basis			Basis			Adjustments			Basis			Basis			Adjustments			Basis

			(dollars are in millions)
Net interest income			$	5,013		$	911		$	5,924		$	4,461		$	941		$	5,402		$	3,923		$	1,364		$	5,287
Net fee income				834			600			1,434			908			335			1,243			660			503			1,163
Trading income:
	Loans held for resale			—			209			209			—			146			146			—			123			123
	Hedge ineffectiveness and mark-to-market on non-qualifying hedges			—			(6	)		(6	)		—			(114	)		(114	)		—			53			53

	Total trading income			—			203			203			—			32			32			—			176			176
Net income from financial instruments designated at fair value				—			28			28			—			103			103			—			265			265
Other operating income				1,816			(1,435	)		381			1,426			(807	)		619			2,011			(1,675	)		336

Total operating income				7,663			307			7,970			6,795			604			7,399			6,594			633			7,227

Loan impairment charges and other credit risk provisions				2,169			142			2,311			2,486			394			2,880			1,872			449			2,321
Loan impairment charges, Katrina related				(55	)		(6	)		(61	)		185			17			202			—			—			—
Operating expenses				3,253			(334	)		2,919			3,114			(444	)		2,670			3,069			(458	)		2,611

Profit before tax				2,296			505			2,801			1,010			637			1,647			1,653			642			2,295
Tax expense				840			173			1,013			336			64			400			555			208			763

Profit for the period			$	1,456		$	332		$	1,788		$	674		$	573		$	1,247		$	1,098		$	434		$	1,532

Adjustments, net of tax expense:
Katrina impact				—			(38	)		(38	)		—			139			139			—			—			—
Gain on sale of U.K. loans				—			—			—			—			(176	)		(176	)		—			—			—

Adjusted profit for the period			$	1,456		$	294		$	1,750		$	674		$	536		$	1,210		$	1,098		$	434		$	1,532

Cost Efficiency Ratio:
Total operating expenses			$	3,253		$	(334	)	$	2,919		$	3,114		$	(444	)	$	2,670		$	3,069		$	(458	)	$	2,611
Policyholders’ benefits				(225	)		225			—			(218	)		218			—			(238	)		238			—

Total operating expenses, excluding policyholders’ benefits			$	3,028		$	(109	)	$	2,919		$	2,896		$	(226	)	$	2,670		$	2,831		$	(220	)	$	2,611

Net interest income and other operating income			$	7,663		$	307		$	7,970		$	6,795		$	604		$	7,399		$	6,594		$	633		$	7,227
Policyholders’ benefits				(225	)		225			—			(218	)		218			—			(238	)		238			—

Net interest income and other operating income, excluding policyholders’ benefits			$	7,438		$	532		$	7,970		$	6,577		$	822		$	7,399		$	6,356		$	871		$	7,227

Cost efficiency ratio				40.7	%					36.6	%		44.0	%					36.1	%		44.5	%					36.1	%

Profit for the period growth:
	Profit for the period		$	1,456		$	332		$	1,788		$	674		$	573		$	1,247		$	1,098		$	434		$	1,532
	IFRS management basis profit for the period growth:
		06/30/06 compared to 06/30/05								17	%
		06/30/06 compared to 12/31/05								43	%


	1


	RECONCILIATIONS TO GAAP FINANCIAL MEASURES
	HSBC Finance Corporation
	Management Basis


		Three Months Ended

		June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005

		(dollars are in millions)
Net Interest Income:
Net interest income:
	Owned basis	$	2,549		$	2,464		$	2,298		$	2,163		$	2,035		$	1,888
	Management basis adjustments		381			435			475			524			620			711

	Management basis	$	2,930		$	2,899		$	2,773		$	2,687		$	2,655		$	2,599

Average interest-earning assets:
	Owned basis	$	153,021		$	147,266		$	138,788		$	127,038		$	119,523		$	112,985
	Managed basis adjustments		2,620			3,505			5,757			7,779			10,203			12,884
	Management basis adjustments		20,324			20,831			21,063			20,806			20,163			20,225

	Management basis	$	175,965		$	171,602		$	165,608		$	155,623		$	149,889		$	146,094

Owned basis net interest margin			6.66	%		6.69	%		6.62	%		6.81	%		6.81	%		6.68	%
Management basis net interest margin			6.66	%		6.76	%		6.70	%		6.91	%		7.09	%		7.12	%

Return on Average Assets:
Profit for the period:
	Owned basis	$	568		$	888		$	393		$	281		$	472		$	626
	Management basis adjustments		57			80			50			34			36			72

	Management basis	$	625		$	968		$	443		$	315		$	508		$	698

Adjusted profit for the period:
	Owned basis	$	568		$	888		$	393		$	281		$	472		$	626
	Management basis adjustments		57			80			50			34			36			72
	Derivative adjustments		6			(34	)		25			43			(37	)		(157	)

	Management basis adjusted for derivatives	$	631		$	934		$	468		$	358		$	471		$	541

Average assets:
	Owned basis	$	167,505		$	162,688		$	150,644		$	141,765		$	134,834		$	131,954
	Management basis adjustments		22,881			24,225			26,741			28,414			30,341			33,117

	Management basis	$	190,386		$	186,913		$	177,385		$	170,179		$	165,175		$	165,071

Return on average owned assets			1.36	%		2.18	%		1.04	%		.79	%		1.40	%		1.90	%
Return on average management assets			1.31	%		2.07	%		1.00	%		.74	%		1.23	%		1.69	%
Return on average management assets, adjusted for derivatives			1.33	%		2.00	%		1.06	%		.84	%		1.14	%		1.31	%


2


	RECONCILIATIONS TO GAAP FINANCIAL MEASURES
	HSBC Finance Corporation
	Management Basis


		Three Months Ended

		June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005

		(dollars are in millions)
Managed Basis Risk Adjusted Revenue:
Net interest income		$	2,616		$	2,567		$	2,432		$	2,340		$	2,284		$	2,220
Other operating income, excluding securitization revenue and the mark-to-market on derivatives which do not qualify as effective hedges and ineffectiveness associated with qualifying hedges under SFAS No. 133			1,183			1,357			1,236			1,230			1,135			1,259
Less: Net charge-offs			(1,121	)		(990	)		(1,163	)		(1,052	)		(1,028	)		(1,118	)

Risk adjusted revenue		$	2,678		$	2,934		$	2,505		$	2,518		$	2,391		$	2,361

Management basis adjustments:
Net interest income		$	314		$	332		$	341		$	347		$	371		$	379
Other operating income, excluding securitization revenue and the mark-to-market on derivatives which do not qualify as effective hedges and ineffectiveness associated with qualifying hedges under SFAS No. 133			(60	)		(65	)		(86	)		(88	)		(124	)		(119	)
Less: Net charge-offs			(149	)		(158	)		(179	)		(158	)		(156	)		(154	)

Risk adjusted revenue, management basis adjustments		$	105		$	109		$	76		$	101		$	91		$	106

Management basis:
Net interest income		$	2,930		$	2,899		$	2,773		$	2,687		$	2,655		$	2,599
Other operating income, excluding securitization revenue and the mark-to-market on derivatives which do not qualify as effective hedges and ineffectiveness associated with qualifying hedges under SFAS No. 133			1,123			1,292			1,150			1,142			1,011			1,140
Less: Net charge-offs			(1,270	)		(1,148	)		(1,342	)		(1,210	)		(1,184	)		(1,272	)

Risk adjusted revenue, management basis		$	2,783		$	3,043		$	2,581		$	2,619		$	2,482		$	2,467

Average interest-earning assets:
	Managed basis	$	155,641		$	150,771		$	144,545		$	134,816		$	129,726		$	125,869
	Management basis adjustments		20,324			20,831			21,063			20,807			20,163			20,225

	Management basis	$	175,965		$	171,602		$	165,608		$	155,623		$	149,889		$	146,094

Managed basis risk adjusted revenue			6.88	%		7.78	%		6.93	%		7.47	%		7.37	%		7.50	%
Management basis risk adjusted revenue			6.33	%		7.09	%		6.23	%		6.73	%		6.62	%		6.75	%


3


	RECONCILIATIONS TO GAAP FINANCIAL MEASURES
	HSBC Finance Corporation
	Management Basis


		Three Months Ended

		June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005

		(dollars are in millions)
Consumer Net Charge-off Ratio:
Consumer net charge-offs:
	Owned basis	$	1,079		$	928		$	1,044		$	902		$	844		$	856
	Management basis adjustments		191			220			298			308			340			410

	Management basis	$	1,270		$	1,148		$	1,342		$	1,210		$	1,184		$	1,266

Average consumer receivables:
	Owned basis	$	149,933		$	143,893		$	134,647		$	123,163		$	115,354		$	108,928
	Management basis adjustments		22,942			24,333			26,817			28,579			30,359			33,099

	Management basis	$	172,875		$	168,226		$	161,464		$	151,742		$	145,713		$	142,027

Owned basis consumer net charge-off ratio			2.88	%		2.58	%		3.10	%		2.93	%		2.93	%		3.15	%
Management basis consumer net charge-off ratio			2.94	%		2.73	%		3.32	%		3.19	%		3.25	%		3.56	%

Two-Months-and-Over Contractual Delinquency Ratio:
Consumer 2+ delinquency:
	Owned basis	$	5,652		$	5,312		$	5,366		$	4,861		$	4,419		$	4,229
	Management basis adjustments		624			619			725			830			887			1,044

	Management basis	$	6,276		$	5,931		$	6,091		$	5,691		$	5,306		$	5,273

Consumer receivables:
	Owned basis	$	153,779		$	146,580		$	139,726		$	128,524		$	118,532		$	111,911
	Management basis adjustments		22,236			23,241			25,722			27,631			29,187			31,480

	Management basis	$	176,015		$	169,821		$	165,448		$	156,155		$	147,719		$	143,391

Owned basis consumer 2+ delinquency ratio			3.68	%		3.62	%		3.84	%		3.78	%		3.73	%		3.78	%
Management basis consumer 2+ delinquency ratio			3.57	%		3.49	%		3.68	%		3.64	%		3.59	%		3.68	%


4


	RECONCILIATION TO GAAP FINANCIAL MEASURES
	HSBC Finance Corporation
	IFRS Management Basis


		As at June 30, 2006							As at December 31, 2005							As at June 30, 2005

				IFRS							IFRS							IFRS
				Management			IFRS				Management			IFRS				Management			IFRS
		Owned		Basis			Management		Owned		Basis			Management		Owned		Basis			Management
		Basis		Adjustments			Basis		Basis		Adjustments			Basis		Basis		Adjustments			Basis


		(dollars are in millions)
Customer Loans
Branch residential mortgage		$	44,439	$	(9	)	$	44,430	$	41,270	$	71		$	41,341	$	39,091	$	152		$	39,243
Correspondent residential mortgage			49,454		1,992			51,446		41,556		2,741			44,297		32,839		3,655			36,494

	Residential mortgage		93,893		1,983			95,876		82,826		2,812			85,638		71,930		3,807			75,737
MasterCard/Visa⁽¹⁾credit cards			24,959		717			25,676		24,110		1,709			25,819		17,421		4,771			22,192
Private label cards			2,522		16,535			19,057		2,520		17,136			19,656		2,905		15,109			18,014
Motor vehicle finance			11,723		694			12,417		10,704		1,207			11,911		8,997		1,841			10,838
Other unsecured personal lending			20,664		624			21,288		19,545		1,200			20,745		17,255		2,501			19,756
Commercial and other			198		(173	)		25		208		(175	)		33		253		(181	)		72

Total customer loans		$	153,959	$	20,380		$	174,339	$	139,913	$	23,889		$	163,802	$	118,761	$	27,848		$	146,609


	⁽¹⁾	MasterCard is a registered trademark of MasterCard International, Incorporated and Visa is a registered trademark of VISA USA, Inc.


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