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Letter portraitLegal landscapeQuarterYTD

Bank One, West Virginia, National Association

Huntington, WV · Cert 6768

FDIC

Q2 2003

$2.1BAssets
$1.0BLoans
$1.7BDeposits
$132.4MEquity
Loan mix
71%RE $64.5M28%C&I $25.0M1%Consumer $1.0MQ2 2002Q2 2003
Deposit mix
84%Interest-bearing $1.4B16%Noninterest $0.3BQ2 2002Q2 2003

NIM

6.95%Q2 ’013.87%Q2 ’021.84%Q2 ’03-44%-80%

Non-interest income vs. expense

2.81%Q2 ’012.28%Q2 ’021.82%Q2 ’03-29%-33%

Executive Summary

  • Earnings: ROA of -0.28%, down 34 bps year over year; NIM at 0.37%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.22%.
  • Funding: loans stand at 58.95% of deposits as of Q2 2003.

Financial Results

Return on Assets (YTD, annualized)

-0.28%-34 bps YoY

Net Interest Margin (YTD, annualized)

0.37%-146 bps YoY

Efficiency Ratio (YTD, annualized)

134.74%+5,497 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2002Q3 2002Q4 2002Q1 2003Q2 2003YoY ΔTrend
Earnings
Return on Assets0.07%0.10%0.09%-0.09%-0.28%-34 bps
Return on Equity1.03%1.51%1.39%-1.51%-4.45%-549 bps
Net Interest Margin1.82%1.77%1.66%0.71%0.37%-146 bps
Efficiency Ratio79.77%77.17%76.49%110.66%134.74%+5,497 bps
Non-Interest Burden1.25%1.14%1.04%0.89%0.84%-42 bps
Growth
Asset Growth (YoY)0.37%3.14%5.72%5.91%3.35%+298 bps
Loan Growth (YoY)-27.49%-27.14%-32.64%72.50%33.02%+6,052 bps
Deposit Growth (YoY)2.84%5.34%6.32%1.65%0.22%-262 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.50%1.49%1.78%0.35%0.22%-128 bps
Allowance / Loans1.84%2.10%2.46%0.96%0.75%-109 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 Capital13.17%13.69%14.47%15.09%25.61%+1,244 bps
Equity / Assets6.49%6.43%6.21%6.26%6.19%-30 bps
Liquidity & Funding
Loans / Deposits44.41%40.07%33.58%81.21%58.95%+1,454 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