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Letter portraitLegal landscapeQuarterYTD

Citizens Bank, Inc.

Salisbury, NC · Cert 28172

FDIC

Q3 2001

$218.3MAssets
$193.0MLoans
$175.9MDeposits
$25.5MEquity
Loan mix
99%RE $171.0M1%C&I $1.0M0%Consumer $0.0MQ3 2000Q3 2001
Deposit mix
99%Interest-bearing $174.2M1%Noninterest $1.7MQ3 2000Q3 2001

NIM

7.46%Q1 ’017.23%Q2 ’017.11%Q3 ’01+1%+11%

Non-interest income vs. expense

2.00%Q1 ’011.85%Q2 ’011.78%Q3 ’01-8%-3%

Executive Summary

  • Earnings: ROA of 0.90%, up 36 bps year over year; NIM at 3.08%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.03%.
  • Funding: loans stand at 109.72% of deposits as of Q3 2001.

Financial Results

Return on Assets (quarter, annualized)

0.90%+36 bps YoY

Net Interest Margin (quarter, annualized)

3.08%

Efficiency Ratio (quarter, annualized)

55.37%

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2000Q4 2000Q1 2001Q2 2001Q3 2001YoY ΔTrend
Earnings
Return on Assets0.55%0.55%0.57%0.65%0.90%+36 bps
Return on Equityn/an/an/a5.60%7.77%n/a
Net Interest Marginn/an/a2.77%2.79%3.08%n/a
Efficiency Ration/an/a68.56%63.17%55.37%n/a
Non-Interest Burdenn/an/a1.85%1.70%1.65%n/a
Growth
Asset Growth (YoY)9.03%7.43%9.11%6.58%4.05%-498 bps
Loan Growth (YoY)11.45%10.48%8.80%7.32%3.22%-823 bps
Deposit Growth (YoY)3.51%5.28%2.86%4.49%5.26%+175 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loansn/an/a0.00%0.00%0.03%n/a
Allowance / Loansn/an/a0.65%0.64%0.64%n/a
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 Capitaln/an/a19.25%18.77%18.88%n/a
Equity / Assetsn/an/a11.54%11.56%11.69%n/a
Liquidity & Funding
Loans / Deposits111.88%113.89%111.94%112.97%109.72%-216 bps
Liquid Assets / Assets0.00%0.00%2.78%2.03%2.94%+294 bps
CRE / Total Capitaln/an/an/an/an/an/an/a