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Letter portraitLegal landscapeQuarterYTD

Wells Fargo Bank West, National Association

Denver, CO · Cert 3011

FDIC

Q3 2003

$14.1BAssets
$9.2BLoans
$11.1BDeposits
$993.4MEquity
Loan mix
94%RE $7.0B5%C&I $0.4B0%Consumer $0.0BQ3 2002Q3 2003
Deposit mix
67%Interest-bearing $7.4B33%Noninterest $3.7BQ3 2002Q3 2003

NIM

6.82%Q3 ’015.71%Q3 ’024.59%Q3 ’03+2%-15%

Non-interest income vs. expense

2.95%Q3 ’012.40%Q3 ’023.00%Q3 ’03-25%+16%

Executive Summary

  • Earnings: ROA of 1.41%, down 51 bps year over year; NIM at 3.88%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.29%.
  • Funding: loans stand at 83.00% of deposits as of Q3 2003.

Financial Results

Return on Assets (YTD, annualized)

1.41%-51 bps YoY

Net Interest Margin (YTD, annualized)

3.88%-71 bps YoY

Efficiency Ratio (YTD, annualized)

54.95%+1,341 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets1.92%1.93%1.59%1.58%1.41%-51 bps
Return on Equity28.49%28.23%22.19%21.90%19.65%-884 bps
Net Interest Margin4.59%4.59%3.89%3.95%3.88%-71 bps
Efficiency Ratio41.54%42.46%49.89%51.98%54.95%+1,341 bps
Non-Interest Burden1.28%1.31%1.32%1.42%1.48%+20 bps
Growth
Asset Growth (YoY)3.33%-5.27%-12.82%-17.85%-20.05%-2,338 bps
Loan Growth (YoY)3.13%-10.18%-15.60%-19.23%-21.01%-2,413 bps
Deposit Growth (YoY)10.01%11.44%12.87%10.50%8.05%-196 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.21%0.25%0.22%0.23%0.29%+8 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 Capital12.78%12.77%13.22%14.64%16.30%+353 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits113.52%100.91%97.68%91.95%83.00%-3,052 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