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Letter portraitLegal landscapeQuarterYTD

U.S. Trust Company of Texas, National Association

Dallas, TX · Cert 33217

FDIC

Q3 2003

$218.3MAssets
$75.2MLoans
$169.9MDeposits
$45.8MEquity
Deposit mix
93%Interest-bearing $157.2M7%Noninterest $12.7MQ3 2002Q3 2003

NIM

5.60%Q3 ’014.04%Q3 ’024.12%Q3 ’03-8%+19%

Non-interest income vs. expense

5.23%Q3 ’015.81%Q3 ’025.82%Q3 ’03+7%+1%

Executive Summary

  • Earnings: ROA of 3.53%, down 3 bps year over year; NIM at 3.63%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 44.25% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

3.53%-3 bps YoY

Net Interest Margin (quarter, annualized)

3.63%+59 bps YoY

Efficiency Ratio (quarter, annualized)

54.74%-310 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets3.57%1.99%2.25%3.20%3.53%-3 bps
Return on Equity19.15%10.27%12.34%17.07%16.89%-226 bps
Net Interest Margin3.05%2.40%2.36%3.76%3.63%+59 bps
Efficiency Ratio57.84%64.28%59.27%51.34%54.74%-310 bps
Non-Interest Burden-1.19%-0.85%-1.24%-1.32%-1.18%+1 bps
Growth
Asset Growth (YoY)-2.25%-9.21%16.42%3.54%2.92%+517 bps
Loan Growth (YoY)5.53%18.23%24.79%17.68%32.23%+2,670 bps
Deposit Growth (YoY)-2.81%-11.60%-1.91%1.25%0.77%+359 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.77%0.75%0.79%0.76%0.67%-11 bps
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 Capital41.89%44.26%45.75%51.07%46.64%+475 bps
Equity / Assets18.91%19.85%16.95%20.87%20.96%+205 bps
Liquidity & Funding
Loans / Deposits33.72%40.62%37.77%38.95%44.25%+1,053 bps
Liquid Assets / Assets3.16%4.49%7.66%3.57%2.78%-38 bps
CRE / Total Capitaln/an/an/an/an/an/an/a