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Granite Bank

Keene, NH · Cert 17992

FDIC

Q1 2004

$1.0BAssets
$508.7MLoans
$713.6MDeposits
$242.4MEquity
Loan mix
88%RE $266.0M12%C&I $34.9M1%Consumer $1.6MQ1 2003Q1 2004
Deposit mix
86%Interest-bearing $612.0M14%Noninterest $101.6MQ1 2003Q1 2004

NIM

6.22%Q1 ’021.21%Q1 ’033.47%Q1 ’04-79%+262%

Non-interest income vs. expense

2.47%Q1 ’020.72%Q1 ’032.35%Q1 ’04-78%+264%

Executive Summary

  • Earnings: ROA of 0.99%, up 72 bps year over year; NIM at 2.92%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 71.29% of deposits as of Q1 2004.

Financial Results

Return on Assets (quarter, annualized)

0.99%+72 bps YoY

Net Interest Margin (quarter, annualized)

2.92%+211 bps YoY

Efficiency Ratio (quarter, annualized)

55.86%-202 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2003Q2 2003Q3 2003Q4 2003Q1 2004YoY ΔTrend
Earnings
Return on Assets0.28%1.37%0.68%1.09%0.99%+72 bps
Return on Equity2.02%7.23%3.51%5.12%4.26%+224 bps
Net Interest Margin0.80%2.62%1.92%2.83%2.92%+211 bps
Efficiency Ratio57.87%56.11%65.40%52.15%55.86%-202 bps
Non-Interest Burden0.37%1.06%0.93%0.94%1.34%+97 bps
Growth
Asset Growth (YoY)22.03%16.63%12.89%-5.30%-19.30%-4,133 bps
Loan Growth (YoY)-1.17%-7.24%-13.56%-16.29%-20.97%-1,980 bps
Deposit Growth (YoY)9.45%4.46%0.27%-5.85%-11.45%-2,091 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.02%0.17%0.05%0.00%0.00%+2 bps
Allowance / Loans1.24%1.25%1.36%1.45%1.50%+26 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 Capital10.05%10.08%10.93%12.49%12.19%+214 bps
Equity / Assets18.55%19.35%19.60%23.23%23.34%+479 bps
Liquidity & Funding
Loans / Deposits79.87%77.13%72.80%73.32%71.29%-858 bps
Liquid Assets / Assets0.01%0.01%0.00%0.00%0.00%-1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a