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Letter portraitLegal landscapeQuarterYTD

Wells Fargo Bank Texas, National Association

San Antonio, TX · Cert 14533

FDIC

Q3 2003

$24.5BAssets
$12.1BLoans
$21.4BDeposits
$2.6BEquity
Loan mix
57%RE $3.7B42%C&I $2.7B1%Consumer $0.1BQ3 2002Q3 2003
Deposit mix
71%Interest-bearing $15.3B29%Noninterest $6.1BQ3 2002Q3 2003

NIM

6.14%Q3 ’014.64%Q3 ’023.31%Q3 ’03-15%-27%

Non-interest income vs. expense

4.34%Q3 ’014.52%Q3 ’023.92%Q3 ’03-9%+3%

Executive Summary

  • Earnings: ROA of 0.47%, down 117 bps year over year; NIM at 2.67%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.42%.
  • Funding: loans stand at 56.40% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

0.47%-117 bps YoY

Net Interest Margin (quarter, annualized)

2.67%-101 bps YoY

Efficiency Ratio (quarter, annualized)

80.08%+1,130 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets1.64%1.10%0.87%1.01%0.47%-117 bps
Return on Equity14.08%9.94%8.23%9.45%4.44%-965 bps
Net Interest Margin3.68%3.40%3.03%2.96%2.67%-101 bps
Efficiency Ratio68.78%65.77%70.75%71.38%80.08%+1,130 bps
Non-Interest Burden1.73%1.42%1.54%1.49%1.78%+5 bps
Growth
Asset Growth (YoY)12.40%20.39%14.43%4.56%3.67%-874 bps
Loan Growth (YoY)5.74%15.03%36.70%21.11%12.70%+696 bps
Deposit Growth (YoY)14.57%15.21%15.20%7.38%5.86%-871 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.34%0.63%0.43%0.40%0.42%+7 bps
Allowance / Loans2.32%2.23%1.88%1.72%1.86%-46 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital13.31%13.24%13.44%13.82%13.44%+13 bps
Equity / Assets11.64%10.46%10.74%10.73%10.47%-116 bps
Liquidity & Funding
Loans / Deposits52.97%53.56%61.72%61.34%56.40%+342 bps
Liquid Assets / Assets9.93%10.60%3.23%2.56%7.03%-290 bps
CRE / Total Capitaln/an/an/an/an/an/an/a