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Letter portraitLegal landscapeQuarterYTD

Riggs Bank National Association

McLean, VA · Cert 2095

FDIC

Q1 2005

$5.8BAssets
$2.9BLoans
$4.0BDeposits
$415.2MEquity
Loan mix
91%RE $2.4B7%C&I $0.2B2%Consumer $0.0BQ1 2004Q1 2005
Deposit mix
82%Interest-bearing $3.3B18%Noninterest $0.7BQ1 2004Q1 2005

NIM

3.91%Q1 ’033.89%Q1 ’044.08%Q1 ’05+4%-18%

Non-interest income vs. expense

3.58%Q1 ’033.99%Q1 ’045.28%Q1 ’05+7%+53%

Executive Summary

  • Earnings: ROA of -0.69%, down 130 bps year over year; NIM at 2.58%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.07%.
  • Funding: loans stand at 71.69% of deposits as of Q1 2005.

Financial Results

Return on Assets (YTD, annualized)

-0.69%-130 bps YoY

Net Interest Margin (YTD, annualized)

2.58%-56 bps YoY

Efficiency Ratio (YTD, annualized)

120.54%+3,844 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets0.62%-0.65%-0.34%-0.99%-0.69%-130 bps
Return on Equity8.35%-9.44%-4.80%-13.77%-9.33%-1,768 bps
Net Interest Margin3.15%2.81%3.01%2.97%2.58%-56 bps
Efficiency Ratio82.10%111.53%109.39%124.12%120.54%+3,844 bps
Non-Interest Burden2.28%3.31%3.47%4.11%3.48%+121 bps
Growth
Asset Growth (YoY)-18.97%-10.38%-1.58%-4.58%-2.07%+1,690 bps
Loan Growth (YoY)4.13%3.14%5.16%-6.94%-9.67%-1,380 bps
Deposit Growth (YoY)-22.18%-12.86%-0.40%-1.86%6.26%+2,844 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.07%0.06%0.08%0.07%0.07%0 bps
Allowance / Loansn/an/an/an/an/an/an/a
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 Capital12.36%10.71%12.30%12.24%12.82%+46 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits84.33%70.63%84.87%79.17%71.69%-1,264 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a