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First & Ocean National Bank

Seabrook, NH · Cert 2623

FDIC

Q3 2003

$271.7MAssets
$209.8MLoans
$229.9MDeposits
$19.7MEquity
Loan mix
88%RE $118.8M12%C&I $15.8M0%Consumer $0.4MQ3 2002Q3 2003
Deposit mix
87%Interest-bearing $200.2M13%Noninterest $29.7MQ3 2002Q3 2003

NIM

6.83%Q3 ’015.89%Q3 ’024.93%Q3 ’03+2%-9%

Non-interest income vs. expense

3.29%Q3 ’013.19%Q3 ’022.81%Q3 ’03-3%-5%

Executive Summary

  • Earnings: ROA of 0.89%, down 14 bps year over year; NIM at 3.62%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.09%.
  • Funding: loans stand at 91.26% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

0.89%-14 bps YoY

Net Interest Margin (quarter, annualized)

3.62%-37 bps YoY

Efficiency Ratio (quarter, annualized)

67.15%+96 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets1.03%0.89%0.70%1.06%0.89%-14 bps
Return on Equity13.25%11.11%8.67%13.77%12.13%-112 bps
Net Interest Margin3.99%3.97%3.96%3.53%3.62%-37 bps
Efficiency Ratio66.19%70.42%63.30%64.72%67.15%+96 bps
Non-Interest Burden2.36%2.50%2.24%1.90%2.25%-12 bps
Growth
Asset Growth (YoY)11.02%7.62%9.43%12.75%9.46%-156 bps
Loan Growth (YoY)11.84%15.78%15.00%10.20%14.87%+303 bps
Deposit Growth (YoY)7.96%8.28%12.23%17.20%13.35%+539 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.16%0.10%0.00%0.02%0.09%+25 bps
Allowance / Loans1.41%1.30%1.36%1.36%1.26%-15 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 Capital12.45%12.43%12.68%12.05%11.68%-77 bps
Equity / Assets7.90%8.08%8.07%7.42%7.24%-66 bps
Liquidity & Funding
Loans / Deposits90.05%90.72%87.61%82.70%91.26%+121 bps
Liquid Assets / Assets1.82%1.11%2.89%0.13%0.10%-172 bps
CRE / Total Capitaln/an/an/an/an/an/an/a