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Letter portraitLegal landscapeQuarterYTD

Commerce Bank of Washington, National Association, The

Seattle, WA · Cert 27298

FDIC · 2 branches

Q3 2015

$1.1BAssets
$696.2MLoans
$912.0MDeposits
$115.9MEquity
Loan mix
37%RE $192.3M60%C&I $310.6M4%Consumer $18.6MQ3 2014Q3 2015
Deposit mix
49%Interest-bearing $450.0M51%Noninterest $462.0MQ3 2014Q3 2015

NIM

3.10%Q3 ’133.32%Q3 ’142.88%Q3 ’15+7%-13%

Non-interest income vs. expense

2.00%Q3 ’132.09%Q3 ’141.38%Q3 ’15+6%-37%

Market Position · Seattle-Tacoma-Bellevue, WA · 2015 SOD (annual) · 0.9% share · #17 of 57 inst. · $0.8B of $91.1B

1.1% King
0.3% Multnomah

Executive Summary

  • Earnings: ROA of 1.42%, up 56 bps year over year; NIM at 2.87%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.04%.
  • Capital: tier 1 leverage ratio of 11.15%.
  • Funding: loans stand at 76.34% of deposits as of Q3 2015.

Financial Results

Return on Assets (YTD, annualized)

1.42%+56 bps YoY

Net Interest Margin (YTD, annualized)

2.87%-44 bps YoY

Efficiency Ratio (YTD, annualized)

43.44%-1,337 bps YoY

Tier 1 Leverage Ratio

11.15%

Year to date, annualized, through each quarter.

MetricQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015YoY ΔTrend
Earnings
Return on Assets0.87%0.13%0.19%1.60%1.42%+56 bps
Return on Equity8.31%1.23%1.88%15.21%13.48%+517 bps
Net Interest Margin3.31%3.19%3.01%3.09%2.87%-44 bps
Efficiency Ratio56.81%90.58%89.84%34.99%43.44%-1,337 bps
Non-Interest Burden1.72%2.86%2.67%0.87%1.08%-64 bps
Growth
Asset Growth (YoY)1.63%-5.46%5.09%16.23%19.17%+1,754 bps
Loan Growth (YoY)3.66%5.03%3.66%6.74%6.68%+302 bps
Deposit Growth (YoY)3.67%-5.16%7.33%21.27%17.11%+1,344 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.11%-0.11%0.00%-0.09%-0.04%+8 bps
Allowance / Loans1.44%1.40%1.39%1.38%1.22%-22 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/a10.53%11.69%11.15%n/a
Total Risk-Based Capital13.91%13.04%13.08%14.77%15.18%+127 bps
Equity / Assets10.84%10.32%10.07%11.04%10.72%-12 bps
Liquidity & Funding
Loans / Deposits83.80%87.92%85.14%80.71%76.34%-747 bps
Liquid Assets / Assets16.54%13.97%15.10%19.53%22.95%+641 bps
CRE / Total Capitaln/an/an/an/an/an/an/a