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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

6.98%Q3 ’016.33%Q3 ’024.98%Q3 ’03-1%-22%

Non-interest income vs. expense

1.10%Q3 ’011.19%Q3 ’021.59%Q3 ’03+9%+40%

Executive Summary

  • Earnings: ROA of 2.44%, down 145 bps year over year; NIM at 3.78%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.19%.
  • Funding: loans stand at 25.96% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

2.44%-145 bps YoY

Net Interest Margin (quarter, annualized)

3.78%-105 bps YoY

Efficiency Ratio (quarter, annualized)

38.52%+1,538 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets3.89%2.51%6.58%2.00%2.44%-145 bps
Return on Equity15.54%10.16%27.27%8.21%10.04%-550 bps
Net Interest Margin4.84%4.56%4.30%3.55%3.78%-105 bps
Efficiency Ratio23.15%35.35%29.15%45.53%38.52%+1,538 bps
Non-Interest Burden0.89%1.42%1.06%1.43%1.25%+36 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 / Loans1.61%1.75%1.62%0.16%1.19%-42 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