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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

5.75%Q3 ’025.48%Q3 ’03-5.22%Q3 ’04+6%-202%

Non-interest income vs. expense

3.17%Q3 ’023.33%Q3 ’03-3.04%Q3 ’04+46%-130%

Executive Summary

  • Earnings: ROA of -2.29%, down 345 bps year over year; NIM at -4.47%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.72%.
  • Funding: loans stand at 323.75% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

-2.29%-345 bps YoY

Net Interest Margin (quarter, annualized)

-4.47%-886 bps YoY

Efficiency Ratio (quarter, annualized)

58.75%+777 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets1.16%0.81%1.89%1.80%-2.29%-345 bps
Return on Equity20.95%15.54%38.56%35.75%-25.72%-4,667 bps
Net Interest Margin4.39%4.51%4.69%4.26%-4.47%-886 bps
Efficiency Ratio50.99%49.21%45.82%53.32%58.75%+777 bps
Non-Interest Burden1.26%1.15%0.91%1.03%-0.38%-164 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 / Loans1.09%3.21%0.92%0.46%-0.72%-181 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