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Letter portraitLegal landscapeQuarterYTD

Whidbey Island Bank

Coupeville, WA · Cert 18412

FDIC

Q1 2014

$1.7BAssets
$1.0BLoans
$1.5BDeposits
$205.2MEquity
Loan mix
71%RE $537.3M16%C&I $119.8M13%Consumer $100.2MQ1 2013Q1 2014
Deposit mix
81%Interest-bearing $1.2B19%Noninterest $0.3BQ1 2013Q1 2014

NIM

5.59%Q1 ’124.70%Q1 ’134.25%Q1 ’14-15%-9%

Non-interest income vs. expense

3.91%Q1 ’123.24%Q1 ’133.92%Q1 ’14-24%+25%

Executive Summary

  • Earnings: ROA of 1.12%, down 4 bps year over year; NIM at 3.98%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 71.12% of deposits as of Q1 2014.

Financial Results

Return on Assets (YTD, annualized)

1.12%-4 bps YoY

Net Interest Margin (YTD, annualized)

3.98%-41 bps YoY

Efficiency Ratio (YTD, annualized)

77.27%+1,716 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2013Q2 2013Q3 2013Q4 2013Q1 2014YoY ΔTrend
Earnings
Return on Assets1.16%0.97%1.03%0.95%1.12%-4 bps
Return on Equity9.64%8.08%8.55%7.89%9.31%-33 bps
Net Interest Margin4.38%4.36%4.35%4.27%3.98%-41 bps
Efficiency Ratio60.11%50.59%54.13%59.24%77.27%+1,716 bps
Non-Interest Burden2.27%1.30%1.67%2.01%2.85%+58 bps
Growth
Asset Growth (YoY)-1.70%-2.76%-1.87%-0.19%1.14%+284 bps
Loan Growth (YoY)-2.69%-1.40%-2.24%-4.09%-1.14%+155 bps
Deposit Growth (YoY)-2.99%-3.05%-1.97%0.31%1.38%+437 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.25%0.28%0.26%0.18%0.00%-25 bps
Allowance / Loans2.05%3.06%3.05%3.04%2.74%+69 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 Capital19.16%19.19%19.26%19.20%19.17%+1 bps
Equity / Assets12.14%12.06%12.18%11.80%12.18%+4 bps
Liquidity & Funding
Loans / Deposits72.93%74.79%73.06%70.89%71.12%-182 bps
Liquid Assets / Assets4.65%2.85%4.56%6.18%4.54%-12 bps
CRE / Total Capitaln/an/an/an/an/an/an/a