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Gulf Bank

Miami, FL · Cert 25654

FDIC

Q4 2003

$70.4MAssets
$39.9MLoans
$60.0MDeposits
$6.4MEquity
Deposit mix
73%Interest-bearing $44.1M27%Noninterest $15.9MQ4 2002Q4 2003

NIM

6.99%Q4 ’016.42%Q4 ’025.63%Q4 ’03+15%-18%

Non-interest income vs. expense

4.31%Q4 ’017.07%Q4 ’028.41%Q4 ’03+90%+34%

Executive Summary

  • Earnings: ROA of -2.90%, down 225 bps year over year; NIM at 3.73%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.42%.
  • Funding: loans stand at 66.38% of deposits as of Q4 2003.

Financial Results

Return on Assets (YTD, annualized)

-2.90%-225 bps YoY

Net Interest Margin (YTD, annualized)

3.73%-83 bps YoY

Efficiency Ratio (YTD, annualized)

166.17%+5,477 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets-0.65%-3.44%-3.80%-3.24%-2.90%-225 bps
Return on Equity-6.97%-36.62%-40.29%-34.75%-31.21%-2,424 bps
Net Interest Margin4.56%3.26%3.54%3.73%3.73%-83 bps
Efficiency Ratio111.40%169.64%177.16%166.89%166.17%+5,477 bps
Non-Interest Burden5.28%6.31%7.29%7.12%7.08%+179 bps
Growth
Asset Growth (YoY)-13.34%-20.20%-24.66%-19.80%-29.06%-1,572 bps
Loan Growth (YoY)-15.70%-23.53%-30.51%-31.00%-20.71%-501 bps
Deposit Growth (YoY)-13.10%-19.39%-23.81%-19.14%-29.84%-1,674 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.81%-0.04%0.46%0.23%-0.42%-123 bps
Allowance / Loansn/an/an/an/an/an/an/a
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 Capital15.70%16.10%14.82%14.64%15.23%-47 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits58.75%63.39%61.12%60.88%66.38%+764 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a