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Fleet National Bank

Providence, RI · Cert 2558

FDIC

Q1 2005

$213.1BAssets
$102.4BLoans
$127.5BDeposits
$43.6BEquity
Loan mix
76%RE $62.0B23%C&I $19.0B1%Consumer $0.6BQ1 2004Q1 2005
Deposit mix
74%Interest-bearing $94.8B26%Noninterest $32.7BQ1 2004Q1 2005

NIM

4.89%Q1 ’034.86%Q1 ’043.89%Q1 ’05+3%-25%

Non-interest income vs. expense

2.91%Q1 ’033.59%Q1 ’042.37%Q1 ’05+25%-48%

Executive Summary

  • Earnings: ROA of 1.58%, down 4 bps year over year; NIM at 2.77%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.04%.
  • Funding: loans stand at 80.32% of deposits as of Q1 2005.

Financial Results

Return on Assets (quarter, annualized)

1.58%-4 bps YoY

Net Interest Margin (quarter, annualized)

2.77%-90 bps YoY

Efficiency Ratio (quarter, annualized)

47.91%-1,063 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets1.63%-0.17%1.28%1.58%1.58%-4 bps
Return on Equity16.19%-1.06%5.78%7.22%7.54%-864 bps
Net Interest Margin3.67%-0.10%3.14%3.14%2.77%-90 bps
Efficiency Ratio58.53%53.88%54.18%44.80%47.91%-1,063 bps
Non-Interest Burden1.19%-0.14%1.00%0.51%0.62%-57 bps
Growth
Asset Growth (YoY)-7.05%3.91%3.40%4.87%1.70%+875 bps
Loan Growth (YoY)2.53%-4.34%-6.39%-10.27%-17.81%-2,034 bps
Deposit Growth (YoY)5.89%1.70%-1.40%-2.78%-3.32%-921 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.75%0.02%0.41%0.57%0.04%-70 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 Capital11.02%11.78%12.92%13.32%12.63%+161 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits94.49%91.83%93.49%89.69%80.32%-1,416 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