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Fleet Bank (RI), National Association

Providence, RI · Cert 34746

FDIC

Q4 2004

$9.6BAssets
$8.0BLoans
$78.0MDeposits
$2.8BEquity
Deposit mix
32%Interest-bearing $24.8M68%Noninterest $53.3MQ4 2003Q4 2004

NIM

6.62%Q4 ’028.26%Q4 ’0310.51%Q4 ’04+59%+21%

Non-interest income vs. expense

8.76%Q4 ’027.81%Q4 ’035.16%Q4 ’04+96%-692%

Executive Summary

  • Earnings: ROA of 2.10%, up 28 bps year over year; NIM at 9.09%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 6.35%.
  • Funding: loans stand at 10268.25% of deposits as of Q4 2004.

Financial Results

Return on Assets (quarter, annualized)

2.10%+28 bps YoY

Net Interest Margin (quarter, annualized)

9.09%+160 bps YoY

Efficiency Ratio (quarter, annualized)

24.41%-2,032 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2003Q1 2004Q2 2004Q3 2004Q4 2004YoY ΔTrend
Earnings
Return on Assets1.82%2.48%-1.07%-0.40%2.10%+28 bps
Return on Equity6.53%9.64%-3.55%-1.31%7.40%+87 bps
Net Interest Margin7.49%9.20%2.48%9.92%9.09%+160 bps
Efficiency Ratio44.73%40.88%-4.70%33.02%24.41%-2,032 bps
Non-Interest Burden-0.25%0.50%-1.14%-0.90%-1.94%-170 bps
Growth
Asset Growth (YoY)24.35%23.12%37.91%61.78%14.79%-956 bps
Loan Growth (YoY)27.95%29.98%29.23%66.16%12.03%-1,592 bps
Deposit Growth (YoY)11.63%-41.84%-48.28%-58.66%-50.90%-6,252 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans4.62%5.48%7.21%4.03%6.35%+173 bps
Allowance / Loans2.84%3.07%3.69%5.00%6.07%+322 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 Capital21.82%23.91%23.81%20.59%22.80%+99 bps
Equity / Assets24.67%26.96%33.04%27.67%29.25%+458 bps
Liquidity & Funding
Loans / Deposits4501%7904%7968%11553%10268%+576,760 bps
Liquid Assets / Assets1.53%0.90%0.83%0.77%0.82%-71 bps
CRE / Total Capitaln/an/an/an/an/an/an/a