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Frontier Bank

Everett, WA · Cert 22710

FDIC

Q1 2010

$3.3BAssets
$2.7BLoans
$2.8BDeposits
$16.3MEquity
Loan mix
89%RE $1.9B11%C&I $0.2B0%Consumer $0.0BQ1 2009Q1 2010
Deposit mix
89%Interest-bearing $2.5B11%Noninterest $0.3BQ1 2009Q1 2010

NIM

8.00%Q1 ’084.75%Q1 ’093.93%Q1 ’10-54%-13%

Non-interest income vs. expense

2.10%Q1 ’082.02%Q1 ’092.82%Q1 ’10-3%+110%

Executive Summary

  • Earnings: ROA of -5.27%, down 209 bps year over year; NIM at 1.94%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 10.05%.
  • Funding: loans stand at 93.79% of deposits as of Q1 2010.

Financial Results

Return on Assets (YTD, annualized)

-5.27%-209 bps YoY

Net Interest Margin (YTD, annualized)

1.94%-30 bps YoY

Efficiency Ratio (YTD, annualized)

214%+13,665 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2009Q2 2009Q3 2009Q4 2009Q1 2010YoY ΔTrend
Earnings
Return on Assets-3.18%-4.03%-7.36%-7.29%-5.27%-209 bps
Return on Equity-39.77%-53.39%-112.15%-128.57%-466%-42,630 bps
Net Interest Margin2.23%2.22%2.17%2.28%1.94%-30 bps
Efficiency Ratio77.07%85.49%90.06%99.59%214%+13,665 bps
Non-Interest Burden1.63%1.84%1.92%2.27%3.44%+180 bps
Growth
Asset Growth (YoY)5.25%-1.69%-9.36%-12.38%-21.64%-2,690 bps
Loan Growth (YoY)-1.88%-10.57%-18.39%-24.06%-27.04%-2,516 bps
Deposit Growth (YoY)5.68%-1.49%-5.22%-4.74%-15.25%-2,093 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans6.50%8.77%10.42%11.75%10.05%+355 bps
Allowance / Loans3.05%2.89%4.51%5.27%4.36%+131 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 Capital10.13%9.13%5.35%3.38%1.09%-904 bps
Equity / Assets7.56%6.63%3.34%1.70%0.50%-706 bps
Liquidity & Funding
Loans / Deposits108.94%104.97%97.58%91.81%93.79%-1,515 bps
Liquid Assets / Assets7.05%7.48%9.86%9.50%6.24%-82 bps
CRE / Total Capitaln/an/an/an/an/an/an/a