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First Independent Bank

Gallatin, TN · Cert 32741

FDIC

Q3 2003

$112.5MAssets
$64.8MLoans
$99.5MDeposits
$10.7MEquity
Loan mix
64%RE $16.5M35%C&I $9.1M1%Consumer $0.2MQ3 2002Q3 2003
Deposit mix
82%Interest-bearing $81.5M18%Noninterest $17.9MQ3 2002Q3 2003

NIM

7.06%Q3 ’015.79%Q3 ’024.63%Q3 ’03+6%-16%

Non-interest income vs. expense

3.15%Q3 ’013.13%Q3 ’023.00%Q3 ’03-16%+9%

Executive Summary

  • Earnings: ROA of 0.87%, down 37 bps year over year; NIM at 3.22%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.32%.
  • Funding: loans stand at 65.13% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

0.87%-37 bps YoY

Net Interest Margin (quarter, annualized)

3.22%-62 bps YoY

Efficiency Ratio (quarter, annualized)

68.60%+922 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets1.24%1.61%1.15%0.75%0.87%-37 bps
Return on Equity14.04%17.76%12.45%8.07%9.31%-473 bps
Net Interest Margin3.83%3.67%3.65%3.48%3.22%-62 bps
Efficiency Ratio59.38%65.57%62.15%64.91%68.60%+922 bps
Non-Interest Burden1.69%1.98%1.80%1.84%1.84%+15 bps
Growth
Asset Growth (YoY)5.91%7.23%4.59%6.84%4.87%-104 bps
Loan Growth (YoY)9.25%1.50%1.35%0.74%1.67%-758 bps
Deposit Growth (YoY)6.74%7.71%4.53%6.95%4.44%-229 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.07%-1.44%-0.07%0.70%0.32%+25 bps
Allowance / Loans1.17%1.20%1.25%1.25%1.15%-2 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 Capital14.13%15.19%15.76%15.40%15.36%+123 bps
Equity / Assets9.01%9.14%9.36%9.24%9.51%+50 bps
Liquidity & Funding
Loans / Deposits66.90%63.32%62.07%62.07%65.13%-177 bps
Liquid Assets / Assets13.66%11.09%9.72%5.93%5.45%-821 bps
CRE / Total Capitaln/an/an/an/an/an/an/a