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Letter portraitLegal landscapeQuarterYTD

Wells Fargo Bank Nevada, National Association

Las Vegas, NV · Cert 27930

FDIC

Q4 2003

$9.9BAssets
$8.1BLoans
$6.3BDeposits
$932.9MEquity
Loan mix
12%RE $0.7B1%C&I $0.0B88%Consumer $5.5BQ4 2002Q4 2003
Deposit mix
73%Interest-bearing $4.7B27%Noninterest $1.7BQ4 2002Q4 2003

NIM

8.42%Q4 ’018.30%Q4 ’028.54%Q4 ’03+12%+4%

Non-interest income vs. expense

6.87%Q4 ’015.25%Q4 ’027.34%Q4 ’03+29%-21%

Executive Summary

  • Earnings: ROA of 4.72%, down 17 bps year over year; NIM at 7.76%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 3.98%.
  • Funding: loans stand at 127.65% of deposits as of Q4 2003.

Financial Results

Return on Assets (YTD, annualized)

4.72%-17 bps YoY

Net Interest Margin (YTD, annualized)

7.76%+30 bps YoY

Efficiency Ratio (YTD, annualized)

38.83%+667 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets4.89%5.22%4.84%4.97%4.72%-17 bps
Return on Equity38.62%47.35%44.06%46.89%45.54%+692 bps
Net Interest Margin7.46%8.59%8.79%8.40%7.76%+30 bps
Efficiency Ratio32.16%28.10%35.68%36.83%38.83%+667 bps
Non-Interest Burden-2.40%-2.60%-2.54%-2.90%-2.90%-51 bps
Growth
Asset Growth (YoY)39.40%29.18%4.57%8.21%-0.20%-3,961 bps
Loan Growth (YoY)43.36%31.49%4.49%-5.68%-5.36%-4,872 bps
Deposit Growth (YoY)6.40%3.89%7.44%9.57%9.43%+304 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans3.18%3.74%4.05%4.27%3.98%+80 bps
Allowance / Loans4.42%4.37%n/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 Capital11.67%10.86%13.23%13.03%12.48%+81 bps
Equity / Assets11.12%10.94%n/an/an/an/a
Liquidity & Funding
Loans / Deposits147.60%157.24%141.58%125.71%127.65%-1,995 bps
Liquid Assets / Assets6.76%5.56%0.00%0.00%0.00%-676 bps
CRE / Total Capitaln/an/an/an/an/an/an/a