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Bank One, National Association

Chicago, IL · Cert 3618

FDIC

Q3 2004

$259.5BAssets
$159.7BLoans
$128.8BDeposits
$33.3BEquity
Loan mix
30%RE $22.8B35%C&I $26.8B35%Consumer $26.8BQ3 2003Q3 2004
Deposit mix
70%Interest-bearing $89.6B30%Noninterest $39.3BQ3 2003Q3 2004

NIM

5.66%Q3 ’023.50%Q3 ’03-2.67%Q3 ’04-42%-167%

Non-interest income vs. expense

3.96%Q3 ’022.55%Q3 ’03-2.31%Q3 ’04-2%-138%

Executive Summary

  • Earnings: ROA of -2.16%, down 309 bps year over year; NIM at -1.54%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.22%.
  • Funding: loans stand at 123.96% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

-2.16%-309 bps YoY

Net Interest Margin (quarter, annualized)

-1.54%-383 bps YoY

Efficiency Ratio (quarter, annualized)

53.35%-638 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets0.93%0.82%1.27%1.29%-2.16%-309 bps
Return on Equity11.96%11.04%18.22%18.45%-21.58%-3,355 bps
Net Interest Margin2.29%2.38%2.00%2.09%-1.54%-383 bps
Efficiency Ratio59.73%59.90%59.62%56.46%53.35%-638 bps
Non-Interest Burden0.57%0.50%0.37%0.15%-0.22%-80 bps
Growth
Asset Growth (YoY)-1.62%10.00%4.38%-2.79%12.00%+1,363 bps
Loan Growth (YoY)-4.45%15.67%15.79%16.78%43.53%+4,798 bps
Deposit Growth (YoY)12.94%2.31%5.45%-1.01%2.74%-1,020 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.18%1.40%0.30%0.31%0.22%-96 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 Capital13.74%13.71%13.46%12.75%11.62%-212 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits88.73%111.09%103.51%102.88%123.96%+3,523 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