Wells Fargo Bank Iowa, National Association

Des Moines, IA · Cert 4448

FDIC

Q4 2003

$6.6BAssets

$2.2BLoans

$5.7BDeposits

$646.5MEquity

Loan mix

Deposit mix

NIM

Earnings: ROA of 0.92%, down 75 bps year over year; NIM at 2.91%.
Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.31%.
Funding: loans stand at 38.92% of deposits as of Q4 2003.

Return on Assets (YTD, annualized)

0.92%-75 bps YoY

Net Interest Margin (YTD, annualized)

2.91%-27 bps YoY

Efficiency Ratio (YTD, annualized)

83.45%+943 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

Metric	Q4 2002	Q1 2003	Q2 2003	Q3 2003	Q4 2003	YoY Δ	Trend
Earnings
Return on Assets	1.67%	0.82%	0.80%	0.88%	0.92%	-75 bps
Return on Equity	19.09%	10.55%	10.31%	10.99%	11.07%	-802 bps
Net Interest Margin	3.18%	2.66%	2.58%	2.46%	2.91%	-27 bps
Efficiency Ratio	74.02%	82.85%	83.79%	83.03%	83.45%	+943 bps
Non-Interest Burden	0.76%	1.06%	1.09%	0.93%	1.07%	+31 bps
Growth
Asset Growth (YoY)	1.18%	12.74%	20.72%	-8.14%	-23.53%	-2,471 bps
Loan Growth (YoY)	-25.50%	-21.19%	-9.51%	-16.02%	-20.53%	+497 bps
Deposit Growth (YoY)	10.50%	29.05%	29.47%	-6.29%	-23.77%	-3,427 bps
Asset Quality
Nonperforming Loans / Loans	0.00%	0.00%	0.00%	0.00%	0.00%	0 bps
Net Charge-Offs / Loans	0.35%	0.64%	0.46%	0.37%	0.31%	-4 bps
Allowance / Loans	1.71%	1.70%	1.78%	1.92%	2.12%	+40 bps
Allowance Coverage of NPLs	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Capital
Tier 1 Leverage Ratio	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Risk-Based Capital	14.47%	14.04%	14.52%	16.43%	17.58%	+311 bps
Equity / Assets	7.90%	7.59%	7.72%	9.08%	9.79%	+188 bps
Liquidity & Funding
Loans / Deposits	37.33%	36.88%	35.01%	39.55%	38.92%	+159 bps
Liquid Assets / Assets	13.21%	12.53%	14.23%	18.15%	21.23%	+802 bps
CRE / Total Capital	n/a	n/a	n/a	n/a	n/a	n/a	n/a