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Wake Forest Federal Savings and Loan Association

Wake Forest, NC · Cert 27704

FDIC · 1 branch

Q4 2023

Board Package

Performance Trends and Peer Comparison

Part 1Performance Trends, own institution only2
Part 2Peer Comparison, not published for this institution and quartern/a

Basis

Quarter: Q4 2023, the quarter ended December 31, 2023, on both parts.

Income statement: year to date as filed, annualized, on both parts.

Balance sheet: as filed at quarter end.

Peer group

No peer standings are published for this institution and quarter.

Peer groups below the disclosure floor are suppressed.

Source: FFIEC Call Report (031/041/051), as filed. Dollar figures derived from reported amounts in thousands. Ratios computed by CallReports.ai using published regulatory formulas.

CallReports · callreports.ai · Board PackageGenerated 2026-10-11

Wake Forest Federal Savings and Loan Association

Wake Forest, NC · Cert 27704

FDIC · 1 branch

Q4 2023

$122.3MAssets
$74.0MLoans
$94.0MDeposits
$26.8MEquity
Deposit mix
88%Interest-bearing $82.9M12%Noninterest $11.1MQ4 2022Q4 2023

NIM

3.38%Q4 ’213.69%Q4 ’225.03%Q4 ’23+12%+14%

Non-interest income vs. expense

1.60%Q4 ’211.76%Q4 ’223.16%Q4 ’23+4%+79%

Market Position · Raleigh-Cary, NC · 2023 SOD (annual) · 0.1% share · #23 of 36 inst. · $0.1B of $81.6B

Executive Summary

  • Earnings: ROA of 0.80%, down 57 bps year over year; NIM at 3.81%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 21.81%, down 131 bps from a year ago.
  • Funding: loans stand at 78.76% of deposits as of Q4 2023.

Financial Results

Return on Assets (YTD, annualized)

0.80%-57 bps YoY

Net Interest Margin (YTD, annualized)

3.81%+45 bps YoY

Efficiency Ratio (YTD, annualized)

75.77%+2,622 bps YoY

Tier 1 Leverage Ratio

21.81%-131 bps YoY

Year to date, annualized, through each quarter.

MetricQ4 2022Q1 2023Q2 2023Q3 2023Q4 2023YoY ΔTrend
Earnings
Return on Assets1.37%1.71%1.71%1.88%0.80%-57 bps
Return on Equity6.01%7.45%7.50%8.31%3.55%-246 bps
Net Interest Margin3.35%4.02%3.91%3.94%3.81%+45 bps
Efficiency Ratio49.55%48.23%48.19%45.40%75.77%+2,622 bps
Non-Interest Burden1.57%1.89%1.83%1.53%2.80%+123 bps
Growth
Asset Growth (YoY)0.97%4.92%4.38%6.08%11.84%+1,087 bps
Loan Growth (YoY)3.98%5.23%5.02%6.59%9.62%+564 bps
Deposit Growth (YoY)1.26%5.94%3.91%6.26%14.44%+1,318 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans2.12%2.05%1.99%1.99%1.27%-85 bps
Allowance Coverage of NPLsn/an/an/an/an/an/a
Capital
Tier 1 Leverage Ratio23.12%23.38%22.37%23.10%21.81%-131 bps
Total Risk-Based Capital23.12%23.38%22.37%23.10%21.81%-131 bps
Equity / Assets23.65%22.27%22.38%22.48%21.88%-177 bps
Liquidity & Funding
Loans / Deposits82.22%77.48%79.67%77.57%78.76%-346 bps
Liquid Assets / Assets30.08%32.97%32.55%32.54%33.37%+329 bps
CRE / Total Capitaln/an/an/an/an/an/an/a