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Goldman Sachs Bank USA

Salt Lake City, UT · Cert 57485

FDIC

Q3 2008

$21.6BAssets
$2.8BLoans
$18.6BDeposits
$2.7BEquity
Deposit mix
100%Interest-bearing $18.6B0%Noninterest $0.0BQ3 2007Q3 2008

NIM

6.06%Q3 ’065.26%Q3 ’073.12%Q3 ’08-55%+199%

Non-interest income vs. expense

0.12%Q3 ’060.18%Q3 ’070.96%Q3 ’08+2564%+54%

Executive Summary

  • Earnings: ROA of -2.19%, down 50 bps year over year; NIM at 2.03%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 15.02% of deposits as of Q3 2008.

Financial Results

Return on Assets (quarter, annualized)

-2.19%-50 bps YoY

Net Interest Margin (quarter, annualized)

2.03%+135 bps YoY

Efficiency Ratio (quarter, annualized)

n/a

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets-1.69%-1.93%-6.56%1.26%-2.19%-50 bps
Return on Equity-16.35%-22.31%-77.03%13.41%-20.22%-387 bps
Net Interest Margin0.68%0.52%0.55%0.68%2.03%+135 bps
Efficiency Ration/an/an/a32.68%n/an/a
Non-Interest Burden3.30%3.71%10.86%-1.02%5.09%+179 bps
Growth
Asset Growth (YoY)41.60%51.22%70.80%71.19%44.53%+294 bps
Loan Growth (YoY)1650%255%1826%763%115.51%-153,434 bps
Deposit Growth (YoY)48.62%58.77%72.28%71.61%39.76%-885 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.08%0.07%0.07%0.06%0.07%-1 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 Capital22.94%13.15%18.24%18.48%22.38%-56 bps
Equity / Assets10.14%7.51%9.27%9.52%12.35%+220 bps
Liquidity & Funding
Loans / Deposits9.74%10.00%10.57%12.26%15.02%+528 bps
Liquid Assets / Assets0.08%0.07%0.06%0.01%0.00%-8 bps
CRE / Total Capitaln/an/an/an/an/an/an/a