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First Gulf Bank

Gulf Shores, AL · Cert 27142

FDIC

Q4 2004

$356.7MAssets
$244.7MLoans
$305.4MDeposits
$24.4MEquity
Loan mix
87%RE $99.8M13%C&I $15.0M0%Consumer $0.0MQ4 2003Q4 2004
Deposit mix
83%Interest-bearing $252.7M17%Noninterest $52.7MQ4 2003Q4 2004

NIM

5.55%Q4 ’024.46%Q4 ’034.13%Q4 ’04-12%-4%

Non-interest income vs. expense

3.29%Q4 ’023.19%Q4 ’032.49%Q4 ’04-18%+3%

Executive Summary

  • Earnings: ROA of 1.12%, down 7 bps year over year; NIM at 3.09%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.03%.
  • Funding: loans stand at 80.13% of deposits as of Q4 2004.

Financial Results

Return on Assets (YTD, annualized)

1.12%-7 bps YoY

Net Interest Margin (YTD, annualized)

3.09%-14 bps YoY

Efficiency Ratio (YTD, annualized)

58.83%-358 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2003Q1 2004Q2 2004Q3 2004Q4 2004YoY ΔTrend
Earnings
Return on Assets1.19%1.07%1.09%1.12%1.12%-7 bps
Return on Equity17.19%16.38%16.74%16.34%16.36%-83 bps
Net Interest Margin3.23%3.42%3.25%3.27%3.09%-14 bps
Efficiency Ratio62.42%62.03%60.81%59.72%58.83%-358 bps
Non-Interest Burden1.31%1.60%1.45%1.43%1.35%+4 bps
Growth
Asset Growth (YoY)23.25%27.23%22.82%18.13%32.43%+917 bps
Loan Growth (YoY)21.37%26.26%20.45%24.37%19.58%-180 bps
Deposit Growth (YoY)21.19%27.41%23.28%20.01%46.70%+2,551 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.11%0.04%0.04%0.04%0.03%-8 bps
Allowance / Loans1.29%1.21%1.26%1.31%1.29%+1 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 Capital10.51%10.28%10.83%12.21%11.65%+114 bps
Equity / Assets6.63%6.50%6.40%7.83%6.83%+20 bps
Liquidity & Funding
Loans / Deposits98.30%95.37%89.40%93.11%80.13%-1,818 bps
Liquid Assets / Assets0.95%0.79%0.65%0.61%0.54%-41 bps
CRE / Total Capitaln/an/an/an/an/an/an/a