NewStar Reports First Quarter Results



    Weak economy and credit performance weigh on financial results
 * Reported a $2.9 million adjusted net loss in the first quarter,
   or $0.06  adjusted loss per diluted share
 * On a GAAP basis, reported $5.0 million net loss in the first
   quarter, or $0.10 net loss per diluted share
 * Increased liquidity position and reduced staffing levels to
   cushion against sustained economic weakness
 * Realized increases in non-performing loans and charge-offs, which
   were 3.84% and 2.50%, respectively, as continued economic weakness
   weighed on credit performance
 * Built credit loss allowance to 2.81% to reflect continued weak
   economic conditions and higher levels of non-performing loans
 * Extended the agreement to acquire Southern Commerce Bank

BOSTON, May 6, 2009 (GLOBE NEWSWIRE) -- NewStar Financial, Inc. (Nasdaq:NEWS), a Boston-based commercial finance company, today reported adjusted net loss for the first quarter of 2009 of $2.9 million, or $0.06 per diluted share. On a GAAP basis, the Company reported net loss of $5.0 million, or $0.10 per diluted share, which reflected $2.1 million after-tax non-cash equity compensation expense and related to the 2006 IPO.

"Adjusted net income (loss)" and other non-GAAP financial measures used in this release are defined under "Non-GAAP Financial Measures" on page 5. Reconciliations between GAAP and adjusted (non-GAAP) measures can be found in the attached financial tables.

"The first quarter was challenging for all types of lenders as continued weak economic conditions weighed on credit performance across the industry," said Tim Conway, Chairman and Chief Executive Officer. "Our credit metrics in the first quarter reflected broad-based weakness in the economy and more severe stress in certain sectors like advertising-based media and real estate. Despite the severity of this recession, however, we continue to benefit from a defensive credit strategy focused on senior debt in companies owned by private equity firms with meaningful value in the equity ownership of those companies."

"During the quarter, we also made substantial progress on our plans to acquire Southern Commerce Bank. We continue to work constructively with banking regulators to discuss the proposed acquisition and satisfy requirements for regulatory approval."

Loan Credit Quality


 * The provision for credit losses was $25.3 million in the first
   quarter of 2009, up from $17.9 million in the fourth quarter of
   2008.
 * Allowance for credit losses was $65.0 million or 2.81% of loans
   at March 31, 2009, compared to $54.0 million or 2.25% at
   December 31, 2008 and $36.8 million or 1.58% at March 31, 2008.
 * Non-accrual loans consisted of ten loans with an aggregate
   outstanding balance of $88.9 million at March 31, 2009 compared
   to six loans with an aggregate outstanding balance of
   $60.6 million at December 31, 2008. Additionally, the Company had
   $6.5 million of other real estate owned ("OREO") comprised of a
   single property as of March 31, 2009.
 * Seven of the non-accrual loans and one additional accruing loan
   with an aggregate outstanding balance of $61.3 million as of
   March 31, 2009 were also delinquent loans.
 * NewStar established $26.7 million of new specific reserves in the
   first quarter of 2009 compared to $13.2 million in the fourth
   quarter of 2008.
 * NewStar had net charge-offs of $14.3 million or 2.50% of loans on
   an annualized basis in the first quarter of 2009 compared to
   $8.9 million or 1.47% of loans on an annualized basis in the
   fourth quarter of 2008.

Funding and Capital


 * Total cash and equivalents as of March 31, 2009 were $167 million,
   of which $58 million was unrestricted. Unrestricted cash increased
   from approximately $50 million at December 31, 2008 and restricted
   cash increased from approximately $84 million to $109 million.
 * Amended existing credit facility with Wachovia reducing the size
   from $350 million to $200 million and extending the maturity date
   of the liquidity line to June 1, 2009 (April 2009). The short term
   extension provides time to negotiate restructuring to improve the
   match between funding maturities and loan portfolio duration.
 * Amended existing term credit facility with Deutsche Bank reducing
   the size from $400 million to $250 million (January 2009).
 * Approximately 70% of loan assets continued to be term-funded by
   existing securitized term debt at attractive, locked-in spreads
   as of March 31, 2009. The ability to re-invest collections from
   repayments and amortization of certain of these loans represents
   a continuing source of funding.
 * Balance sheet leverage was modest at 3.3x as of March 31, 2009
   approximately equal to December 31, 2008. The slight decrease in
   leverage was due principally to repayment of advances under credit
   facilities.

Managed and Owned Loan Portfolios


 * The composition of the owned loan portfolio continued to reflect
   a focus on senior debt with 96% invested in 1st lien senior
   secured loans and debt investments at March 31, 2009.
 * Total origination volume for the first quarter of 2009 was
   $18 million, of which $7 million was retained on NewStar's balance
   sheet and $11 million was sold to the NewStar Credit Opportunities
   Fund (NCOF).
 * Managed loan portfolio was $2.9 billion as of March 31, 2009 (down
   from $3.0 billion at December 31, 2008), reflecting the net impact
   of $18 million of new origination, which was offset by prepayments
   and scheduled amortization of existing loans. Managed loan
   portfolio was down from $3.0 billion at March 31, 2008.
 * Assets managed for the NCOF were $557 million at March 31, 2009,
   compared to $561 million at December 31, 2008 and $592 million at
   March 31, 2008.
 * Owned loan portfolio was $2.3 billion as of March 31, 2009 down
   from $2.4 billion at December 31, 2008.
 * The owned loan portfolio continued to be balanced across industry
   sectors and highly diversified by issuer. As of March 31, 2009, no
   single issuer represented more than 1% of total assets, and the
   ten largest issuers comprised approximately 10% of the loan
   portfolio.

Net Interest Income / Margin


 * Net interest income before provision for credit losses was
   $22.2 million for the first quarter of 2009 compared to
   $24.4 million for the fourth quarter of 2008.
 * Net interest margin decreased 21 bps to 3.58% for the first
   quarter of 2009 compared to 3.79% for the fourth quarter of 2008
   and 4.19% for the first quarter of 2008 due principally to
   non-payment of interest income from non-performing assets that was
   partially offset by an increase in credit spreads on new loans and
   re-pricing of existing loans.

Non-Interest Income


 * Non-interest income was $6.3 million for the first quarter of
   2009 compared to $8.6 million for the fourth quarter of 2008, and
   $3.2 million for the first quarter of 2008.
 * Non-interest income in the first quarter of 2009 consisted
   primarily of a $3.3 million gain on repurchase of debt,
   $3.0 million net gain on sale of an equity instrument,
   $0.8 million of asset management income and $0.3 million of agency
   fees, partially offset by $1.3 million decline in fair value of
   OREO and $0.9 million decline in fair value of equity instruments.

Expenses


 * Operating expenses were $9.9 million in the first quarter of 2009
   compared to $7.9 million in the fourth quarter of 2008, and
   $14.9 million in the first quarter of 2008. The increase in the
   first quarter of 2009 as compared to the fourth quarter of 2008
   was due principally to $0.7 million of costs incurred in
   connection with the potential acquisition of Southern Commerce
   Bank, N. A, severance costs of $0.4 million in the first quarter
   and the partial reversal of incentive compensation accrual in the
   fourth quarter.

Other Developments


 * Entered into two amendments to the stock purchase and sale
   agreement with Dickinson Financial Corporation to purchase
   Southern Commerce Bank, N. A. to extend the agreement to
   June 1, 2009 and to fix the purchase price at either $17 million
   or $15.5 million if Dickinson exercises its option to elect to
   have the transaction treated as an asset sale under Section 338 of
   the Internal Revenue Code.

Conference Call and Webcast

NewStar will host a webcast/conference call to discuss the results today at 10:00 am Eastern Time. All interested parties are invited to participate via telephone or webcast, which will be hosted through the Investor Relations section at www.newstarfin.com. Please visit the website to register for the webcast and test your connection prior to the call. You can also access the conference call by dialing 877-604-9675 approximately 5-10 minutes prior to the call. International callers should dial 719-325-4934. All callers should reference "NewStar Financial."

For convenience, an archived replay of the call will be available through May 15, 2009 by dialing 888-203-1112. International callers should call 719-457-0820. For all replays, please use the passcode 2507542. The audio replay will also be available through the Investor Relations section at www.newstarfin.com.

About NewStar Financial

NewStar Financial (Nasdaq:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders.

NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL and Charleston SC. For more detailed transaction and contact information please visit www.newstarfin.com.

The NewStar Financial, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4044

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, strategic plans, objectives, future performance and business, including our proposed acquisition of Southern Commerce Bank and application to become a bank holding company. As such, they are subject to material risks and uncertainties, including receipt of required regulatory approvals to become a bank holding company and acquire Southern Commerce Bank; our limited operating history; the current dislocation in the credit markets and the general state of the economy; our ability to compete effectively in a highly competitive industry; and the impact of federal, state and local laws and regulations that govern non-depository commercial lenders and businesses generally, including increased regulation by the FDIC and OCC if we become a bank holding company.

More detailed information about these factors is described in NewStar's filings with the Securities and Exchange Commission (the "SEC"), including Item 1A ("Risk Factors") of our 2008 Annual Report on Form 10-K, as supplemented by the Risk Factors contained in our Quarterly Reports on Form 10-Q. NewStar is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. NewStar plans to file its Form 10-Q for the quarter ended March 31, 2009 with the SEC on or before May 11, 2009 and urges its shareholders to refer to that document for more complete information concerning NewStar's financial results.

Non-GAAP Financial Measures

References to "adjusted net income" and "adjusted earnings per share" mean net income or earnings per diluted share, respectively, as determined under GAAP, excluding the following items: i) compensation expense related to restricted stock grants made since our inception as a private company, including equity awards made in connection with the initial public offering; and ii) the losses incurred in connection with the change in fair value of the residual interest, including the impact on our effective tax rate. GAAP requires that these items be included in net income. NewStar management uses "adjusted net income" and "adjusted earnings per share" to make operational and investment decisions, and NewStar believes that they provide useful information to investors in their evaluation of our financial performance and condition. Excluding the financial results and expenses incurred in connection with the compensation expense related to restricted stock grants made since our inception as a private company, eliminates unique amounts that make it difficult to assess our core performance and compare our period-over-period results. A reconciliation of adjusted net income to net income is included on page 7 of this release.

References to "adjusted net interest margin" mean annualized interest income as determined under GAAP (excluding interest income generated from the retained residual interest) less annualized interest expense as determined under GAAP, divided by average interest earning assets (excluding the retained residual interest for the period.)

Adjusted return on average assets means adjusted net income divided by average assets for the period excluding the retained residual interest. Adjusted return on average equity means adjusted net income divided by average equity for the period. Adjusted efficiency ratio means operating expenses determined in accordance with GAAP less i) compensation expense related to restricted stock grants made since our inception as a private company and ii) the change in fair value of the residual interest. The adjusted ratios exclude unique expenses that make it difficult to assess our core performance and compare our period-over-period results.

A reconciliation of our adjusted financial measures to their GAAP equivalents is included on page 9 of this release. NewStar's adjusted financial measures should not be considered as alternatives to financial measures determined in accordance with GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies.



 NewStar Financial, Inc.
 Consolidated Balance Sheets
 (unaudited)

 --------------------------------------------------------------------
                               March 31,    December 31,   March 31,
 ($ in thousands)                2009          2008          2008
 --------------------------------------------------------------------
 Assets:
 Cash and cash equivalents    $    57,581   $    50,279   $   165,220
 Restricted cash                  108,889        84,163        67,456
 Residual interest in
  securitization                       --            --           308
 Investments in debt
  securities,
  available-for-sale                2,676         3,025        30,805
 Loans held-for-sale                   --            --        65,287
 Loans, net                     2,234,467     2,328,812     2,271,030
 Deferred financing costs, net     19,611        21,003        18,081
 Interest receivable                8,640        10,608        13,215
 Property and equipment, net        1,112         1,252         1,461
 Deferred income taxes, net        29,794        31,238        13,051
 Income tax receivable              6,268            --            --
 Other assets                      37,730        41,142        42,030
                              -----------   -----------   -----------
   Total assets               $ 2,506,768   $ 2,571,522   $ 2,687,944
 ====================================================================
 Liabilities:
 Credit facilities            $   378,870   $   411,267   $   553,800
 Term debt                      1,503,616     1,524,171     1,519,725
 Accrued interest payable           3,544         9,773        11,000
 Income tax payable                    --           353           668
 Accounts payable                     417         1,049           749
 Other liabilities                 42,227        43,354        41,636
                              -----------   -----------   -----------
   Total liabilities            1,928,674     1,989,967     2,127,578
   Total stockholders' equity     578,094       581,555       560,366
                              -----------   -----------   -----------
   Total liabilities and
    stockholders' equity      $ 2,506,768   $ 2,571,522   $ 2,687,944
 ====================================================================



 NewStar Financial, Inc.
 Consolidated Statements of Operations
 (unaudited)

 --------------------------------------------------------------------

                                        Three Months Ended
                              ---------------------------------------
 ($ in thousands, except       March 31,    December 31,   March 31,
  per share amounts)             2009          2008          2008
 ---------------------------  -----------   -----------   -----------
 Net interest income:
   Interest income            $    35,925   $    45,845   $    51,988
   Interest expense                13,765        21,445        25,324
                              -----------   -----------   -----------
     Net interest income           22,160        24,400        26,664
   Provision for credit
    losses                         25,307        17,930         4,611
                              -----------   -----------   -----------
     Net interest income
      after provision for
      credit losses                (3,147)        6,470        22,053

 Non-interest income:
   Fee income                         493           866         1,532
   Asset management income            787         1,457         1,651
   Gain on derivatives                144         1,366            56
   Gain (loss) on sale of
    loans and debt securities          --            (1)         (786)
   Loss on investments in
    debt securities                    --            (1)         (258)
   Loss on residual interest
    in securitization                  --            --          (323)
   Other income                     4,898         4,958         1,284
                              -----------   -----------   -----------
     Total non-interest income      6,322         8,645         3,156
 Operating expenses:
   Compensation and benefits        5,627         4,172        11,500
   Occupancy and equipment            780           718           835
   General and administrative
    expenses                        3,501         3,054         2,564
                              -----------   -----------   -----------
     Total operating expenses       9,908         7,944        14,899
                              -----------   -----------   -----------
 Income (loss) before income
  taxes                            (6,733)        7,171        10,310
   Income tax expense
    (benefit)                      (1,783)        4,417         4,168
                              -----------   -----------   -----------
 Net income (loss)            $    (4,950)  $     2,754   $     6,142
                              ===========   ===========   ===========
   After tax adjustments to
    net income (loss):
     IPO related compensation
      and benefits expense (1)      2,051         2,102         1,193
     Loss on assets sold and
      retained residual
      interest (2)                     --           258           192
                              -----------   -----------   -----------
 Adjusted net income (loss)   $    (2,899)  $     5,114   $     7,527
                              ===========   ===========   ===========


 Net income (loss) per share:
   Basic                      $     (0.10)  $      0.06   $      0.13
   Diluted                    $     (0.10)  $      0.06   $      0.13

 Weighted average shares
  outstanding:
   Basic                       48,778,526    48,510,697    47,787,965
   Diluted                     48,778,526    48,510,697    47,787,965

 Adjusted net income (loss)
  per share:
   Basic                      $     (0.06)  $      0.11   $      0.16
   Diluted                    $     (0.06)  $      0.11   $      0.16

 Adjusted weighted average
  shares outstanding:
   Basic                       48,778,526    48,510,697    47,787,965
   Diluted                     48,778,526    48,510,697    47,787,965

 (1) Non-cash compensation charge related to restricted stock grants
     made since our inception as a private company, including equity
     awards made in connection with the initial public offering.
 (2) Loss and expenses incurred in connection with the sale of assets
     comprised of 50 debt securities and two loans during Q2 2007,
     permanent impairments on these assets, the change in fair value
     of the residual interest in these assets, and the impact on the
     effective tax rate. The change in effective tax rate was applied
     retrospectively.



 NewStar Financial, Inc.
 Selected Financial Data
 (unaudited)

 --------------------------------------------------------------------

                                         Three Months Ended
                              ---------------------------------------
 ($ in thousands, except       March 31,    December 31,   March 31,
  per share amounts)             2009          2008          2008
 ---------------------------  -----------   -----------   -----------
 Performance Ratios:
   Return on average assets         (0.79)%        0.42%         0.94%
   Return on average equity         (3.44)         1.88          4.53
   Net interest margin,
    before provision                 3.58          3.79          4.19
   Efficiency ratio                 34.79         24.04         49.96
   Loan portfolio yield              6.05          7.40          8.44

 Credit Quality Ratios:
   Delinquent loan rate
    (at period end)                  2.65%         0.69%         0.14%
   Delinquent loan rate for
    accruing loans 60 days
    or more past due (at
    period end)                      0.09            --            --
   Non-accrual loan rate
    (at period end)                  3.84          2.52          0.42
   Annualized net charge
    off rate                         2.50          1.47          0.58
   Allowance for credit
    losses ratio (at period
    end)                             2.81          2.25          1.58

 Capital and Leverage Ratios:
   Tier 1 risk based
    capital (1)                     21.94%        21.86%          N/A
   Total risk-based
    capital (2)                     23.21         23.12           N/A
   Equity to assets                 23.06         22.62         20.85%
   Debt to equity                    3.26x         3.33x         3.70x
   Book value per share       $     11.76   $     12.00   $     11.54

 Average Balances:
   Loans and other debt
    products, gross           $ 2,391,487   $ 2,431,109   $ 2,429,392
   Interest earning assets      2,513,341     2,560,126     2,562,405
   Total assets                 2,544,764     2,613,730     2,633,221
   Interest bearing
    liabilities                 1,916,508     1,966,631     1,993,106
   Equity                         583,346       582,630       545,588

 Allowance for credit loss
  activity:
   Balance as of beginning
    of period                 $    53,977   $    44,933   $    35,487
   General provision for
    credit losses                  (1,409)        4,726         1,083
   Specific provision for
    credit losses                  26,716        13,204         3,528
   Net charge offs                (14,271)       (8,886)       (3,335)
                              -----------   -----------   -----------
   Balance as of end of
    period                    $    65,013   $    53,977   $    36,763
                              ===========   ===========   ===========

 Supplemental Data (at
  period end):
   Investments in debt
    securities, gross         $     6,772   $     6,839   $    33,118
   Loans held-for-sale, gross          --            --        67,277
   Loans held-for-investment,
    gross                       2,316,930     2,402,309     2,321,357
                              -----------   -----------   -----------
   Loans and investments in
    debt securities, gross      2,323,702     2,409,148     2,421,752
   Unused lines of credit         316,917       339,230       404,054
   Standby letters of credit       32,011        32,358        24,615
                              -----------   -----------   -----------
   Total funding commitments  $ 2,672,630   $ 2,780,736   $ 2,850,421
                              ===========   ===========   ===========

   Loan portfolio             $ 2,323,702   $ 2,409,148   $ 2,421,752
   Loans owned by NewStar
    Credit Opportunities Fund     557,491       561,241       591,571
                              -----------   -----------   -----------
   Managed loan portfolio     $ 2,881,193   $ 2,970,389   $ 3,013,323
                              ===========   ===========   ===========

   Loans held-for-sale, gross $        --   $        --   $    67,277
   Loans held-for-investment,
    gross                       2,316,930     2,402,309     2,321,357
                              -----------   -----------   -----------
   Total loans, gross           2,316,930     2,402,309     2,388,634
   Deferred fees, net             (19,225)      (20,998)      (17,406)
   Allowance for loan losses -
    general                       (35,080)      (36,786)      (30,127)
   Allowance for loan losses -
    specific                      (28,158)      (15,713)       (4,785)
                              -----------   -----------   -----------
   Total loans, net           $ 2,234,467   $ 2,328,812   $ 2,336,316
                              ===========   ===========   ===========

 (1)  Tier 1 risk-based capital ratio is defined as Tier 1 capital
      divided by risk weighted assets.
 (2)  Total risk-based capital ratio is defined as the sum of Tier 1
      capital and Tier 2 capital divided by risk-weighted assets.



 NewStar Financial, Inc.
 Non-GAAP Data
 (unaudited)

 --------------------------------------------------------------------

                                             Adjusted
                              ---------------------------------------
                                       Three Months Ended
                              ---------------------------------------
                               March 31,    December 31,   March 31,
 ($ in thousands)                2009          2008          2008
 ---------------------------  -----------   -----------   -----------
 Performance Ratios:
   Return on average assets         (0.46)%        0.78%         1.15%
   Return on average equity         (2.02)         3.49          5.55
   Efficiency ratio                 31.37         19.32         43.46
   Net interest margin,
    before provision                 3.58          3.79          4.19
   Yield on interest earning
    assets                           5.80          7.12          8.16

 Credit Quality and Leverage
  Ratios (at period end):
   Equity to assets                 23.06         22.62         20.85

 Consolidated Statement of
  Operations Adjustments (1):
   Non-interest income        $     6,322   $     8,645   $     3,156
   Plus: loss on assets sold
    and retained residual
    interest (2)                       --            --           323
                              -----------   -----------   -----------
   Adjusted non-interest
    income                    $     6,322   $     8,645   $     2,833
                              ===========   ===========   ===========

   Operating expenses         $     9,908   $     7,944   $    14,899
   Less: IPO related
    compensation and benefits
    expense (3)                       973         1,561         1,798
                              -----------   -----------   -----------
   Adjusted operating
    expenses                  $     8,935   $     6,383   $    13,101
                              ===========   ===========   ===========

 Average Balances:
   Assets                     $ 2,544,764   $ 2,613,730   $ 2,633,221
   Less: assets sold and
    residual interest (2)              --            --           631
                              -----------   -----------   -----------
   Adjusted assets            $ 2,544,764   $ 2,613,730   $ 2,632,590
                              ===========   ===========   ===========

   Interest earning assets    $ 2,513,341   $ 2,560,126   $ 2,562,405
   Less: assets sold and
    residual interest (2)              --            --           631
                              -----------   -----------   -----------
   Adjusted interest earning
    assets                    $ 2,513,341   $ 2,560,126   $ 2,561,774
                              ===========   ===========   ===========

 Consolidated Balance Sheet
  Adjustments
   Assets                     $ 2,506,768   $ 2,571,522   $ 2,687,944
   Less: assets sold and
    residual interest (2)              --            --           308
                              -----------   -----------   -----------
   Adjusted assets            $ 2,506,768   $ 2,571,522   $ 2,687,636
                              ===========   ===========   ===========

 (1) Adjustments are pre-tax.
 (2) On June 29, 2007, the Company completed the sale of assets
     comprised of 50 debt securities and two loans and retained a
     residual interest in these assets. The adjustment represents the
     financial impact of the sold assets and residual interest.
 (3) Non-cash compensation charge related to restricted stock grants
     made since our inception as a private company, including equity
     awards made in connection with the initial public offering.



 NewStar Financial, Inc.
 Portfolio Data
 (unaudited)

 --------------------------------------------------------------------

 ($ in thousands) March 31, 2009   December 31, 2008  March 31, 2008
 --------------- ----------------  ----------------  ----------------
 Portfolio Data:
  First mortgage $  378,162  16.3% $  370,810  15.4% $  398,700  16.5%
  Senior secured
   asset-based       35,207   1.5      40,969   1.7      54,547   2.2
  Senior secured
   cash flow      1,804,417  77.7   1,884,862  78.2   1,808,177  74.7
  Senior
   subordinated
   asset-based       57,336   2.5      64,156   2.7     108,052   4.5
  Senior
   subordinated
   cash flow          8,182   0.3       8,182   0.3      13,746   0.6
  Second lien        33,311   1.4      33,086   1.4      32,048   1.3
  Mezzanine/
   subordinated       7,087   0.3       7,083   0.3       6,482   0.2
                 ---------- -----  ---------- -----  ---------- -----
    Total        $2,323,702 100.0% $2,409,148 100.0% $2,421,752 100.0%
                 ========== =====  ========== =====  ========== =====

  Middle Market
   Corporate     $1,926,055  82.9% $2,016,447  83.7% $1,996,073  82.4%
  Commercial
   Real Estate      397,647  17.1     392,701  16.3     425,679  17.6
                 ---------- -----  ---------- -----  ---------- -----
    Total        $2,323,702 100.0% $2,409,148 100.0% $2,421,752 100.0%
                 ========== =====  ========== =====  ========== =====


            

Contact Data