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Nantucket Bank

Nantucket, MA · Cert 22055

FDIC

Q2 2004

$571.4MAssets
$426.6MLoans
$347.2MDeposits
$75.1MEquity
Loan mix
89%RE $274.6M11%C&I $35.3M0%Consumer $0.1MQ2 2003Q2 2004
Deposit mix
86%Interest-bearing $300.2M14%Noninterest $47.0MQ2 2003Q2 2004

NIM

5.93%Q2 ’025.49%Q2 ’035.03%Q2 ’040%-1%

Non-interest income vs. expense

1.78%Q2 ’021.88%Q2 ’031.70%Q2 ’04+15%-11%

Executive Summary

  • Earnings: ROA of 1.49%, up 64 bps year over year; NIM at 3.69%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.02%.
  • Funding: loans stand at 122.87% of deposits as of Q2 2004.

Financial Results

Return on Assets (YTD, annualized)

1.49%+64 bps YoY

Net Interest Margin (YTD, annualized)

3.69%-4 bps YoY

Efficiency Ratio (YTD, annualized)

41.02%-356 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2003Q3 2003Q4 2003Q1 2004Q2 2004YoY ΔTrend
Earnings
Return on Assets0.84%1.03%1.16%1.45%1.49%+64 bps
Return on Equity5.50%6.73%7.54%9.53%10.29%+479 bps
Net Interest Margin3.73%3.66%3.60%3.74%3.69%-4 bps
Efficiency Ratio44.59%43.91%43.58%41.59%41.02%-356 bps
Non-Interest Burden1.40%1.34%1.30%1.28%1.24%-15 bps
Growth
Asset Growth (YoY)8.93%7.45%6.38%8.28%19.10%+1,016 bps
Loan Growth (YoY)15.38%15.91%11.25%11.63%17.23%+185 bps
Deposit Growth (YoY)6.57%15.12%14.70%13.24%29.03%+2,246 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.04%-0.02%-2 bps
Allowance / Loans1.41%1.40%1.38%1.30%1.23%-18 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 Capital13.48%13.88%14.37%12.62%12.51%-97 bps
Equity / Assets15.35%15.24%15.82%14.55%13.15%-221 bps
Liquidity & Funding
Loans / Deposits135.25%113.52%127.08%138.15%122.87%-1,237 bps
Liquid Assets / Assets1.05%0.90%1.17%0.86%0.74%-31 bps
CRE / Total Capitaln/an/an/an/an/an/an/a