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Letter portraitLegal landscapeQuarterYTD

Citizens Bank (KY), Inc.

Georgetown, KY · Cert 27240

FDIC

Q3 2004

$79.7MAssets
$48.9MLoans
$59.3MDeposits
$14.5MEquity
Loan mix
73%RE $22.4M27%C&I $8.1M0%Consumer $0.0MQ3 2003Q3 2004
Deposit mix
87%Interest-bearing $51.6M13%Noninterest $7.7MQ3 2003Q3 2004

NIM

6.64%Q3 ’025.84%Q3 ’031.15%Q3 ’04-4%-83%

Non-interest income vs. expense

3.59%Q3 ’024.39%Q3 ’031.34%Q3 ’04+13%-68%

Executive Summary

  • Earnings: ROA of -0.31%, down 18 bps year over year; NIM at 0.60%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.04%.
  • Funding: loans stand at 82.53% of deposits as of Q3 2004.

Financial Results

Return on Assets (YTD, annualized)

-0.31%-18 bps YoY

Net Interest Margin (YTD, annualized)

0.60%-283 bps YoY

Efficiency Ratio (YTD, annualized)

127.51%+3,146 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets-0.13%-0.10%0.15%0.01%-0.31%-18 bps
Return on Equity-1.40%-1.03%1.54%0.13%-2.57%-117 bps
Net Interest Margin3.43%3.49%3.48%3.26%0.60%-283 bps
Efficiency Ratio96.05%96.98%95.42%99.70%127.51%+3,146 bps
Non-Interest Burden3.25%3.35%3.27%3.25%1.05%-220 bps
Growth
Asset Growth (YoY)-8.34%-6.21%-2.42%-8.16%-0.37%+797 bps
Loan Growth (YoY)-6.97%-4.23%-2.61%-8.76%-16.30%-933 bps
Deposit Growth (YoY)-9.54%-6.78%-2.87%-9.37%-10.60%-106 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.49%1.36%0.95%0.62%1.04%-45 bps
Allowance / Loans3.89%3.86%3.68%3.92%3.32%-57 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 Capital13.52%13.71%14.00%14.74%16.59%+307 bps
Equity / Assets9.72%9.81%9.71%10.08%18.13%+841 bps
Liquidity & Funding
Loans / Deposits88.16%85.59%82.52%81.91%82.53%-563 bps
Liquid Assets / Assets0.00%0.03%0.03%0.00%0.06%+6 bps
CRE / Total Capitaln/an/an/an/an/an/an/a