Stock Symbol: SOV

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Business Description
Sovereign Bancorp, Inc. is the parent company of Sovereign Bank, which after taking into account its completed acquisition of First Essex Bancorp on February 6, 2004, is a $45 billion financial institution with 535 community banking offices and approximately 950 ATMs. Its primary business consists of attracting deposits from its network of community banking offices, and originating small business and middle market commercial and asset-based loans, residential mortgage loans, home equity lines of credit, and auto and other consumer loans in the communities served by those offices. Sovereign also purchases portfolios of residential mortgage loans and other consumer loans originated throughout the United States. The Company's has three segments: the Consumer Bank, which provides a range of services to consumers; the Corporate Bank, which originates small business and middle market commercial loans, and Treasury & Other, which includes expense on the Company's borrowings and debt.

Financial Information
For the six months ended 6/30/04, interest income rose 2% to $1.01 billion. Net interest income after LLP rose 11% to $579.9 million. Net income increased 30% to $233.6 million. Net interest income reflects an increase in investment income and lower borrowing costs. Net income benefitted from a gain on debt extinguishment.