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Wells Fargo Bank Iowa, National Association

Des Moines, IA · Cert 4448

FDIC

Q4 2003

$6.6BAssets
$2.2BLoans
$5.7BDeposits
$646.5MEquity
Loan mix
67%RE $717.5M31%C&I $331.6M3%Consumer $27.3MQ4 2002Q4 2003
Deposit mix
58%Interest-bearing $3.3B42%Noninterest $2.4BQ4 2002Q4 2003

NIM

5.08%Q4 ’013.79%Q4 ’023.20%Q4 ’03-17%-11%

Non-interest income vs. expense

6.27%Q4 ’016.95%Q4 ’029.79%Q4 ’03-7%+57%

Executive Summary

  • Earnings: ROA of 1.07%, down 44 bps year over year; NIM at 2.59%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.03%.
  • Funding: loans stand at 38.92% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

1.07%-44 bps YoY

Net Interest Margin (quarter, annualized)

2.59%-32 bps YoY

Efficiency Ratio (quarter, annualized)

84.66%+1,029 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets1.50%0.82%0.78%1.03%1.07%-44 bps
Return on Equity17.69%10.55%10.18%12.33%11.32%-637 bps
Net Interest Margin2.91%2.66%2.55%2.33%2.59%-32 bps
Efficiency Ratio74.37%82.85%84.70%81.49%84.66%+1,029 bps
Non-Interest Burden0.53%1.06%1.13%0.68%0.84%+30 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 / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.10%0.64%0.26%0.12%0.03%-7 bps
Allowance / Loans1.71%1.70%1.78%1.92%2.12%+40 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 Capital14.47%14.04%14.52%16.43%17.58%+311 bps
Equity / Assets7.90%7.59%7.72%9.08%9.79%+188 bps
Liquidity & Funding
Loans / Deposits37.33%36.88%35.01%39.55%38.92%+159 bps
Liquid Assets / Assets13.21%12.53%14.23%18.15%21.23%+802 bps
CRE / Total Capitaln/an/an/an/an/an/an/a