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Letter portraitLegal landscapeQuarterYTD

Bank One, National Association

Columbus, OH · Cert 6559

FDIC

Q3 2004

$69.9BAssets
$55.6BLoans
$17.2BDeposits
$8.6BEquity
Loan mix
84%RE $29.6B14%C&I $4.8B2%Consumer $0.9BQ3 2003Q3 2004
Deposit mix
72%Interest-bearing $12.4B28%Noninterest $4.8BQ3 2003Q3 2004

NIM

5.53%Q3 ’025.13%Q3 ’031.66%Q3 ’04+2%-68%

Non-interest income vs. expense

3.94%Q3 ’023.23%Q3 ’031.18%Q3 ’04-6%-65%

Executive Summary

  • Earnings: ROA of 0.44%, down 85 bps year over year; NIM at 1.31%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.23%.
  • Funding: loans stand at 323.75% of deposits as of Q3 2004.

Financial Results

Return on Assets (YTD, annualized)

0.44%-85 bps YoY

Net Interest Margin (YTD, annualized)

1.31%-279 bps YoY

Efficiency Ratio (YTD, annualized)

55.06%+141 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets1.29%1.17%1.89%1.85%0.44%-85 bps
Return on Equity23.59%21.79%38.56%37.03%6.36%-1,723 bps
Net Interest Margin4.09%4.27%4.69%4.49%1.31%-279 bps
Efficiency Ratio53.65%52.46%45.82%49.54%55.06%+141 bps
Non-Interest Burden1.37%1.34%0.91%0.97%0.48%-90 bps
Growth
Asset Growth (YoY)16.20%23.01%16.31%1.75%8.28%-793 bps
Loan Growth (YoY)36.17%35.46%28.29%4.52%0.18%-3,598 bps
Deposit Growth (YoY)18.85%13.71%-3.53%-4.11%-7.91%-2,676 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.96%1.51%0.92%0.69%0.23%-73 bps
Allowance / Loans1.53%1.24%1.23%1.25%1.25%-28 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 Capital11.98%11.13%10.96%11.13%12.05%+7 bps
Equity / Assets5.54%4.94%4.89%5.20%12.37%+682 bps
Liquidity & Funding
Loans / Deposits298%304%317%324%324%+2,616 bps
Liquid Assets / Assets1.04%0.84%1.06%1.15%1.20%+16 bps
CRE / Total Capitaln/an/an/an/an/an/an/a