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Letter portraitLegal landscapeQuarterYTD

Bremer Bank, National Association

Minot, ND · Cert 15445

FDIC

Q2 2004

$415.5MAssets
$261.3MLoans
$326.1MDeposits
$26.7MEquity
Loan mix
54%RE $60.1M44%C&I $48.6M2%Consumer $2.0MQ2 2003Q2 2004
Deposit mix
84%Interest-bearing $274.8M16%Noninterest $51.3MQ2 2003Q2 2004

NIM

6.10%Q2 ’025.23%Q2 ’034.73%Q2 ’04-4%-10%

Non-interest income vs. expense

2.52%Q2 ’022.60%Q2 ’032.40%Q2 ’04+2%-3%

Executive Summary

  • Earnings: ROA of 1.11%, down 36 bps year over year; NIM at 3.47%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.06%.
  • Funding: loans stand at 80.15% of deposits as of Q2 2004.

Financial Results

Return on Assets (YTD, annualized)

1.11%-36 bps YoY

Net Interest Margin (YTD, annualized)

3.47%-37 bps YoY

Efficiency Ratio (YTD, annualized)

59.99%+237 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2003Q3 2003Q4 2003Q1 2004Q2 2004YoY ΔTrend
Earnings
Return on Assets1.47%1.39%1.37%1.25%1.11%-36 bps
Return on Equity19.73%18.93%18.98%18.05%16.49%-323 bps
Net Interest Margin3.84%3.73%3.66%3.60%3.47%-37 bps
Efficiency Ratio57.61%56.99%55.68%59.29%59.99%+237 bps
Non-Interest Burden1.93%1.84%1.73%1.93%1.87%-6 bps
Growth
Asset Growth (YoY)3.80%2.95%6.75%5.62%2.91%-88 bps
Loan Growth (YoY)1.67%1.14%2.67%-2.04%3.76%+209 bps
Deposit Growth (YoY)-0.97%-0.44%8.83%12.93%6.74%+771 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.13%0.16%0.18%0.10%0.06%-7 bps
Allowance / Loans1.48%1.50%1.50%1.59%1.48%-1 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 Capital10.90%10.76%10.99%11.50%10.46%-44 bps
Equity / Assets7.32%7.01%6.76%7.06%6.42%-90 bps
Liquidity & Funding
Loans / Deposits82.45%81.52%74.72%68.00%80.15%-230 bps
Liquid Assets / Assets3.59%3.60%3.74%4.04%3.88%+29 bps
CRE / Total Capitaln/an/an/an/an/an/an/a