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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

6.46%Q4 ’015.64%Q4 ’024.90%Q4 ’03-10%-15%

Non-interest income vs. expense

4.86%Q4 ’018.21%Q4 ’027.16%Q4 ’03+99%-6%

Executive Summary

  • Earnings: ROA of -1.73%, up 47 bps year over year; NIM at 3.27%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 2.34%.
  • Funding: loans stand at 66.38% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

-1.73%+47 bps YoY

Net Interest Margin (quarter, annualized)

3.27%-56 bps YoY

Efficiency Ratio (quarter, annualized)

163.58%+1,616 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets-2.20%-3.44%-4.30%-2.05%-1.73%+47 bps
Return on Equity-22.69%-36.62%-44.51%-22.22%-19.17%+352 bps
Net Interest Margin3.83%3.26%3.26%3.77%3.27%-56 bps
Efficiency Ratio147.42%169.64%185.56%146.14%163.58%+1,616 bps
Non-Interest Burden6.47%6.31%7.18%6.10%6.06%-41 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 / Loans2.51%-0.04%0.97%-0.27%-2.34%-485 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