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Wells Fargo Bank South Dakota, National Association

Sioux Falls, SD · Cert 15277

FDIC

Q4 2003

$8.6BAssets
$6.0BLoans
$2.6BDeposits
$530.7MEquity
Loan mix
48%RE $324.8M48%C&I $325.1M4%Consumer $30.5MQ4 2002Q4 2003
Deposit mix
72%Interest-bearing $1.8B28%Noninterest $0.7BQ4 2002Q4 2003

NIM

7.52%Q4 ’015.85%Q4 ’024.95%Q4 ’03-1%-7%

Non-interest income vs. expense

1.76%Q4 ’012.54%Q4 ’022.12%Q4 ’03+125%-33%

Executive Summary

  • Earnings: ROA of 1.05%, down 18 bps year over year; NIM at 3.44%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.70%.
  • Funding: loans stand at 236.70% of deposits as of Q4 2003.

Financial Results

Return on Assets (YTD, annualized)

1.05%-18 bps YoY

Net Interest Margin (YTD, annualized)

3.44%-24 bps YoY

Efficiency Ratio (YTD, annualized)

49.01%-883 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets1.23%0.87%1.03%1.08%1.05%-18 bps
Return on Equity19.90%14.12%15.75%16.52%16.28%-362 bps
Net Interest Margin3.68%3.68%3.73%3.65%3.44%-24 bps
Efficiency Ratio57.84%58.55%53.10%49.68%49.01%-883 bps
Non-Interest Burden1.83%1.86%1.60%1.36%1.23%-60 bps
Growth
Asset Growth (YoY)11.84%8.90%-4.68%-6.87%-6.99%-1,883 bps
Loan Growth (YoY)13.93%9.15%-8.41%-10.94%-9.76%-2,369 bps
Deposit Growth (YoY)13.01%16.23%13.63%5.07%-1.24%-1,425 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.37%0.69%0.74%0.68%0.70%+33 bps
Allowance / Loans1.53%1.46%1.80%1.71%1.68%+16 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 Capital12.45%12.91%13.71%12.94%12.75%+30 bps
Equity / Assets5.98%6.34%7.39%6.53%6.18%+20 bps
Liquidity & Funding
Loans / Deposits259%277%229%232%237%-2,236 bps
Liquid Assets / Assets13.26%14.11%17.63%16.41%15.05%+179 bps
CRE / Total Capitaln/an/an/an/an/an/an/a