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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

6.90%Q3 ’015.51%Q3 ’023.77%Q3 ’03-8%-27%

Non-interest income vs. expense

2.70%Q3 ’012.41%Q3 ’023.02%Q3 ’03-2%+8%

Executive Summary

  • Earnings: ROA of 1.04%, down 81 bps year over year; NIM at 3.21%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.37%.
  • Funding: loans stand at 83.00% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

1.04%-81 bps YoY

Net Interest Margin (quarter, annualized)

3.21%-121 bps YoY

Efficiency Ratio (quarter, annualized)

61.91%+1,882 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets1.86%1.93%1.59%1.57%1.04%-81 bps
Return on Equity26.72%27.02%22.19%21.60%14.49%-1,223 bps
Net Interest Margin4.42%4.20%3.89%3.77%3.21%-121 bps
Efficiency Ratio43.08%45.46%49.89%54.23%61.91%+1,882 bps
Non-Interest Burden1.30%1.28%1.32%1.44%1.40%+11 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 / Loans0.23%0.33%0.22%0.22%0.37%+14 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