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Morehead National Bank

Morehead, KY · Cert 25783

FDIC

Q2 2004

$50.6MAssets
$37.4MLoans
$35.1MDeposits
$3.5MEquity
Deposit mix
83%Interest-bearing $29.2M17%Noninterest $5.9MQ2 2003Q2 2004

NIM

6.85%Q2 ’026.28%Q2 ’035.84%Q2 ’04+2%+0%

Non-interest income vs. expense

3.33%Q2 ’023.51%Q2 ’033.66%Q2 ’04-6%+0%

Executive Summary

  • Earnings: ROA of 0.89%, up 13 bps year over year; NIM at 3.74%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.19%.
  • Funding: loans stand at 106.64% of deposits as of Q2 2004.

Financial Results

Return on Assets (YTD, annualized)

0.89%+13 bps YoY

Net Interest Margin (YTD, annualized)

3.74%+1 bps YoY

Efficiency Ratio (YTD, annualized)

73.97%+74 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 Assets0.75%0.76%0.84%0.96%0.89%+13 bps
Return on Equity11.03%11.29%12.33%13.88%12.80%+177 bps
Net Interest Margin3.73%3.75%3.80%3.75%3.74%+1 bps
Efficiency Ratio73.23%72.41%69.55%73.85%73.97%+74 bps
Non-Interest Burden2.45%2.42%2.31%2.48%2.46%0 bps
Growth
Asset Growth (YoY)7.86%0.65%0.75%0.06%-4.06%-1,192 bps
Loan Growth (YoY)5.10%6.15%3.41%0.83%-1.46%-657 bps
Deposit Growth (YoY)11.22%4.48%3.61%4.36%-4.65%-1,587 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.06%0.13%0.11%0.36%0.19%+13 bps
Allowance / Loans2.01%2.00%2.05%2.00%2.06%+5 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 Capital12.69%12.06%12.55%12.92%13.59%+90 bps
Equity / Assets6.83%6.57%6.77%7.01%6.97%+14 bps
Liquidity & Funding
Loans / Deposits103.19%109.55%108.39%106.54%106.64%+345 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