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Wells Fargo Bank Minnesota, National Association

Minneapolis, MN · Cert 5208

FDIC

Q4 2003

$48.8BAssets
$42.2BLoans
$29.9BDeposits
$3.8BEquity
Loan mix
80%RE $22.4B20%C&I $5.5B0%Consumer $0.1BQ4 2002Q4 2003
Deposit mix
43%Interest-bearing $12.8B57%Noninterest $17.1BQ4 2002Q4 2003

NIM

5.41%Q4 ’014.71%Q4 ’024.06%Q4 ’03-1%-7%

Non-interest income vs. expense

2.85%Q4 ’012.56%Q4 ’022.69%Q4 ’03-12%+15%

Executive Summary

  • Earnings: ROA of 1.54%, down 36 bps year over year; NIM at 3.58%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.08%.
  • Funding: loans stand at 141.09% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

1.54%-36 bps YoY

Net Interest Margin (quarter, annualized)

3.58%-27 bps YoY

Efficiency Ratio (quarter, annualized)

51.89%+505 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets1.90%1.91%1.61%2.19%1.54%-36 bps
Return on Equity24.58%25.40%23.52%32.47%20.49%-409 bps
Net Interest Margin3.85%3.74%3.57%3.51%3.58%-27 bps
Efficiency Ratio46.84%47.76%49.25%48.86%51.89%+505 bps
Non-Interest Burden0.96%0.99%1.12%0.38%1.11%+15 bps
Growth
Asset Growth (YoY)0.53%-5.95%0.80%-1.12%-7.74%-828 bps
Loan Growth (YoY)13.11%16.50%10.22%-1.11%7.88%-523 bps
Deposit Growth (YoY)24.91%40.86%57.92%17.16%-9.05%-3,396 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.16%0.10%0.15%0.11%0.08%-8 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 Capital13.50%12.29%11.49%12.91%14.22%+72 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits118.95%122.52%104.05%115.11%141.09%+2,214 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