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American Investment Financial

Midvale, UT · Cert 26764

FDIC

Q1 2004

$66.8MAssets
$54.9MLoans
$46.0MDeposits
$19.9MEquity
Deposit mix
100%Interest-bearing $46.0M0%Noninterest $0.0MQ1 2003Q1 2004

NIM

16.09%Q1 ’0215.94%Q1 ’0314.79%Q1 ’04+7%+0%

Non-interest income vs. expense

4.14%Q1 ’023.64%Q1 ’035.68%Q1 ’04+1%+120%

Executive Summary

  • Earnings: ROA of 5.27%, up 176 bps year over year; NIM at 12.89%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 37.46%.
  • Funding: loans stand at 119.32% of deposits as of Q1 2004.

Financial Results

Return on Assets (YTD, annualized)

5.27%+176 bps YoY

Net Interest Margin (YTD, annualized)

12.89%+5 bps YoY

Efficiency Ratio (YTD, annualized)

46.07%+1,942 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2003Q2 2003Q3 2003Q4 2003Q1 2004YoY ΔTrend
Earnings
Return on Assets3.51%3.11%1.58%1.70%5.27%+176 bps
Return on Equity20.14%17.30%8.45%8.58%19.02%-112 bps
Net Interest Margin12.84%13.51%14.25%16.10%12.89%+5 bps
Efficiency Ratio26.64%31.86%30.55%30.14%46.07%+1,942 bps
Non-Interest Burden2.84%3.81%3.41%4.07%6.24%+341 bps
Growth
Asset Growth (YoY)-23.26%-28.80%-31.50%-36.97%-36.80%-1,354 bps
Loan Growth (YoY)-25.09%-29.72%-35.11%-38.00%-45.45%-2,036 bps
Deposit Growth (YoY)-26.11%-31.55%-37.38%-44.38%-46.07%-1,996 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans4.82%5.37%6.94%8.05%37.46%+3,264 bps
Allowance / Loans4.80%5.00%8.28%8.94%0.74%-405 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 Capital20.52%22.04%25.59%30.09%34.03%+1,352 bps
Equity / Assets18.27%19.31%21.54%25.86%29.71%+1,145 bps
Liquidity & Funding
Loans / Deposits117.97%116.19%116.79%128.89%119.32%+136 bps
Liquid Assets / Assets4.12%6.17%7.84%4.24%6.64%+252 bps
CRE / Total Capitaln/an/an/an/an/an/an/a