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Business Description
W Holding Company, Inc., incorporated in 1999, is a financial holding company offering a range of financial services. The Company through its wholly owned commercial bank subsidiary, Westernbank, which is a commercial bank operating in the western and southwestern regions of Puerto Rico. The Company focuses on retail banking and emphasizes long-term, fixed-rate residential mortgage loans on one- to four-family residential properties. It also offers a range of business and consumer financial services including banking, trust and brokerage services. Westernbank operates through a network of 51 bank branches including 19 Expresso of Westernbank branches located throughout Puerto Rico. During the year ended December 31, 2003, the Company had total assets of $11.52 billion, a net loans portfolio of $4.68 billion, an investment portfolio of $6.51 billion, deposits of $5.39 billion and borrowings of $5.23 billion.

Financial Information
For the nine months ended 9/30/04, total interest income rose 29% to $427 million. Net interest income after loan loss provision rose 31% to $192.7 million. Net income applicable to Common rose 75% to $105.5 million. Results reflect increases in the average balance of interest earning assets and decreased other borrowings.