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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

6.95%Q4 ’015.46%Q4 ’024.56%Q4 ’03-8%-21%

Non-interest income vs. expense

2.06%Q4 ’012.54%Q4 ’021.84%Q4 ’03+200%-50%

Executive Summary

  • Earnings: ROA of 0.98%, down 27 bps year over year; NIM at 3.03%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.79%.
  • Funding: loans stand at 236.70% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

0.98%-27 bps YoY

Net Interest Margin (quarter, annualized)

3.03%-78 bps YoY

Efficiency Ratio (quarter, annualized)

46.72%-973 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets1.24%0.87%1.17%1.22%0.98%-27 bps
Return on Equity20.80%14.12%17.08%17.57%15.39%-541 bps
Net Interest Margin3.82%3.68%3.45%3.17%3.03%-78 bps
Efficiency Ratio56.45%58.55%47.00%41.92%46.72%-973 bps
Non-Interest Burden1.86%1.86%1.18%0.75%0.94%-92 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 / Loans0.79%0.69%0.62%0.62%0.79%0 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