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Letter portraitLegal landscapeQuarterYTD

Citizens Bank

Mount Ayr, IA · Cert 18608

FDIC

Q4 2002

$266.4MAssets
$220.0MLoans
$220.7MDeposits
$25.8MEquity
Loan mix
74%RE $88.3M26%C&I $30.7M0%Consumer $0.6MQ4 2001Q4 2002
Deposit mix
87%Interest-bearing $192.4M13%Noninterest $28.4MQ4 2001Q4 2002

NIM

7.86%Q1 ’017.31%Q4 ’016.36%Q4 ’02+13%-3%

Non-interest income vs. expense

3.19%Q1 ’013.00%Q4 ’012.99%Q4 ’02+1%+3%

Executive Summary

  • Earnings: ROA of 1.57%, down 5 bps year over year; NIM at 4.68%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.25%.
  • Funding: loans stand at 99.67% of deposits as of Q4 2002.

Financial Results

Return on Assets (quarter, annualized)

1.57%-5 bps YoY

Net Interest Margin (quarter, annualized)

4.68%-16 bps YoY

Efficiency Ratio (quarter, annualized)

53.55%+191 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2001Q1 2002Q2 2002Q3 2002Q4 2002YoY ΔTrend
Earnings
Return on Assets1.63%1.75%1.49%1.69%1.57%-5 bps
Return on Equity16.49%18.19%15.61%17.66%16.34%-15 bps
Net Interest Margin4.84%4.78%4.87%4.81%4.68%-16 bps
Efficiency Ratio51.64%52.00%55.06%51.10%53.55%+191 bps
Non-Interest Burden2.03%2.04%2.29%1.98%2.09%+6 bps
Growth
Asset Growth (YoY)5.65%5.46%10.80%9.38%6.13%+47 bps
Loan Growth (YoY)10.53%9.24%11.15%12.06%11.05%+53 bps
Deposit Growth (YoY)3.29%3.22%11.02%9.31%5.07%+178 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.59%-0.01%1.05%0.44%0.25%-34 bps
Allowance / Loans1.85%1.87%1.64%1.59%1.57%-28 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 Capital12.67%12.61%12.26%12.13%12.09%-57 bps
Equity / Assets9.71%9.57%9.52%9.60%9.67%-5 bps
Liquidity & Funding
Loans / Deposits94.29%91.87%93.62%97.96%99.67%+537 bps
Liquid Assets / Assets0.01%0.00%0.00%0.00%0.00%-1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a