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First National Bank

Haskell, TX · Cert 25881

FDIC

Q4 2004

$31.5MAssets
$20.4MLoans
$29.5MDeposits
$1.7MEquity
Deposit mix
78%Interest-bearing $22.9M22%Noninterest $6.6MQ4 2003Q4 2004

NIM

6.41%Q4 ’02-13.74%Q4 ’034.55%Q4 ’04-307%+137%

Non-interest income vs. expense

5.32%Q4 ’02-0.57%Q4 ’039.39%Q4 ’04-48%+343%

Executive Summary

  • Earnings: ROA of -5.89%, down 2,356 bps year over year; NIM at 3.17%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 43.62%.
  • Funding: loans stand at 68.98% of deposits as of Q4 2004.

Financial Results

Return on Assets (quarter, annualized)

-5.89%-2,356 bps YoY

Net Interest Margin (quarter, annualized)

3.17%+1,184 bps YoY

Efficiency Ratio (quarter, annualized)

286%-8,446 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2003Q1 2004Q2 2004Q3 2004Q4 2004YoY ΔTrend
Earnings
Return on Assets17.67%-0.98%-24.54%-5.30%-5.89%-2,356 bps
Return on Equity321%-11.95%-450%-145.81%-117.55%-43,905 bps
Net Interest Margin-8.67%3.68%1.25%3.16%3.17%+1,184 bps
Efficiency Ratio371%127.45%404%128.75%286%-8,446 bps
Non-Interest Burden2.10%4.54%8.38%4.10%9.28%+719 bps
Growth
Asset Growth (YoY)11.80%8.24%10.54%0.65%-19.70%-3,151 bps
Loan Growth (YoY)4.30%-0.07%-15.72%-21.07%-28.86%-3,315 bps
Deposit Growth (YoY)15.06%10.48%9.40%-2.34%-17.70%-3,276 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-23.14%7.80%39.56%1.76%43.62%+6,676 bps
Allowance / Loans9.69%8.45%10.58%13.94%5.98%-371 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 Capital10.91%10.25%0.84%3.28%2.69%-822 bps
Equity / Assets8.21%8.18%2.67%4.67%5.39%-281 bps
Liquidity & Funding
Loans / Deposits79.80%77.37%69.23%69.76%68.98%-1,082 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