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Letter portraitLegal landscapeQuarterYTD

Avery County Bank

Newland, NC · Cert 13191

FDIC

Q3 2003

$71.8MAssets
$14.1MLoans
$54.4MDeposits
$17.4MEquity
Deposit mix
76%Interest-bearing $41.2M24%Noninterest $13.1MQ3 2002Q3 2003

NIM

6.78%Q3 ’016.29%Q3 ’025.15%Q3 ’03-3%-19%

Non-interest income vs. expense

1.33%Q3 ’011.23%Q3 ’021.55%Q3 ’03-8%+30%

Executive Summary

  • Earnings: ROA of 3.67%, down 12 bps year over year; NIM at 3.84%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.04%.
  • Funding: loans stand at 25.96% of deposits as of Q3 2003.

Financial Results

Return on Assets (YTD, annualized)

3.67%-12 bps YoY

Net Interest Margin (YTD, annualized)

3.84%-91 bps YoY

Efficiency Ratio (YTD, annualized)

37.30%+1,279 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets3.79%3.45%6.58%4.27%3.67%-12 bps
Return on Equity15.61%14.24%27.27%17.61%15.15%-47 bps
Net Interest Margin4.75%4.58%4.30%3.91%3.84%-91 bps
Efficiency Ratio24.52%27.23%29.15%36.70%37.30%+1,279 bps
Non-Interest Burden0.95%1.04%1.06%1.25%1.24%+29 bps
Growth
Asset Growth (YoY)2.62%7.75%8.84%9.38%3.93%+131 bps
Loan Growth (YoY)-2.98%-0.55%5.64%0.82%-6.70%-372 bps
Deposit Growth (YoY)2.36%6.63%8.36%10.01%5.48%+313 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.21%1.33%1.62%0.92%1.04%-17 bps
Allowance / Loans2.15%2.34%1.93%1.95%1.76%-39 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 Capital83.36%84.61%74.11%74.86%78.58%-478 bps
Equity / Assets25.25%24.12%24.17%24.48%24.20%-104 bps
Liquidity & Funding
Loans / Deposits29.34%28.12%28.23%26.73%25.96%-339 bps
Liquid Assets / Assets14.33%14.03%13.36%12.05%12.06%-228 bps
CRE / Total Capitaln/an/an/an/an/an/an/a