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Key Bank USA, National Association

Cleveland, OH · Cert 34055

FDIC

Q3 2004

$10.4BAssets
$9.5BLoans
$3.2BDeposits
$1.1BEquity
Deposit mix
97%Interest-bearing $3.2B3%Noninterest $0.1BQ3 2003Q3 2004

NIM

7.87%Q3 ’027.47%Q3 ’037.07%Q3 ’04+8%-10%

Non-interest income vs. expense

3.98%Q3 ’023.49%Q3 ’033.21%Q3 ’04+28%-26%

Executive Summary

  • Earnings: ROA of 1.77%, down 16 bps year over year; NIM at 4.82%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.87%.
  • Funding: loans stand at 292.02% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

1.77%-16 bps YoY

Net Interest Margin (quarter, annualized)

4.82%-52 bps YoY

Efficiency Ratio (quarter, annualized)

44.28%-63 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets1.94%1.47%1.63%1.90%1.77%-16 bps
Return on Equity18.63%13.99%14.98%17.25%16.43%-220 bps
Net Interest Margin5.34%4.91%4.94%4.95%4.82%-52 bps
Efficiency Ratio44.90%51.45%48.90%50.63%44.28%-63 bps
Non-Interest Burden1.06%1.58%1.39%1.65%0.78%-28 bps
Growth
Asset Growth (YoY)20.45%13.63%7.67%5.23%3.32%-1,713 bps
Loan Growth (YoY)21.85%18.89%8.32%4.58%1.69%-2,016 bps
Deposit Growth (YoY)14.95%16.96%16.46%-4.02%-7.15%-2,210 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.17%0.98%1.17%0.74%0.87%-30 bps
Allowance / Loans1.55%1.53%1.62%1.48%1.57%+3 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 Capital11.47%11.75%12.42%11.62%11.84%+36 bps
Equity / Assets10.45%10.49%11.31%10.67%10.93%+47 bps
Liquidity & Funding
Loans / Deposits267%274%268%278%292%+2,538 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.01%+1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a