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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

6.89%Q2 ’026.33%Q2 ’035.80%Q2 ’04+1%-3%

Non-interest income vs. expense

3.44%Q2 ’023.57%Q2 ’033.73%Q2 ’04-11%-1%

Executive Summary

  • Earnings: ROA of 0.82%, down 2 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 0.02%.
  • Funding: loans stand at 106.64% of deposits as of Q2 2004.

Financial Results

Return on Assets (quarter, annualized)

0.82%-2 bps YoY

Net Interest Margin (quarter, annualized)

3.74%-12 bps YoY

Efficiency Ratio (quarter, annualized)

74.09%+234 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2003Q3 2003Q4 2003Q1 2004Q2 2004YoY ΔTrend
Earnings
Return on Assets0.84%0.77%1.05%0.96%0.82%-2 bps
Return on Equity12.19%11.53%15.72%13.88%11.66%-54 bps
Net Interest Margin3.86%3.82%3.90%3.75%3.74%-12 bps
Efficiency Ratio71.75%70.84%61.34%73.85%74.09%+234 bps
Non-Interest Burden2.45%2.38%1.94%2.48%2.43%-2 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 / Loans0.11%0.27%0.02%0.36%0.02%-8 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