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Washington State Bank, National Association

Federal Way, WA · Cert 33701

FDIC

Q1 2006

$55.0MAssets
$43.4MLoans
$45.8MDeposits
$6.0MEquity
Loan mix
31%RE $6.2M67%C&I $13.5M2%Consumer $0.5MQ1 2005Q1 2006
Deposit mix
85%Interest-bearing $38.9M15%Noninterest $6.9MQ1 2005Q1 2006

NIM

6.07%Q1 ’046.75%Q1 ’057.63%Q1 ’06+15%+7%

Non-interest income vs. expense

3.42%Q1 ’043.55%Q1 ’054.74%Q1 ’06+6%+36%

Executive Summary

  • Earnings: ROA of 0.66%, down 35 bps year over year; NIM at 5.33%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.02%.
  • Funding: loans stand at 94.86% of deposits as of Q1 2006.

Financial Results

Return on Assets (quarter, annualized)

0.66%-35 bps YoY

Net Interest Margin (quarter, annualized)

5.33%+33 bps YoY

Efficiency Ratio (quarter, annualized)

83.83%+1,668 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2005Q2 2005Q3 2005Q4 2005Q1 2006YoY ΔTrend
Earnings
Return on Assets1.00%1.15%1.24%1.26%0.66%-35 bps
Return on Equity10.61%11.66%12.25%12.21%6.14%-446 bps
Net Interest Margin5.00%5.02%5.42%5.38%5.33%+33 bps
Efficiency Ratio67.15%73.52%67.27%68.76%83.83%+1,668 bps
Non-Interest Burden3.26%3.61%3.53%3.56%4.42%+116 bps
Growth
Asset Growth (YoY)-1.03%0.81%2.93%-1.85%-3.85%-283 bps
Loan Growth (YoY)11.62%12.59%1.88%1.70%-4.27%-1,588 bps
Deposit Growth (YoY)-3.16%-4.09%-2.54%-7.28%-7.62%-446 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.04%-0.01%0.47%-0.01%-0.02%-5 bps
Allowance / Loans1.45%1.34%1.31%1.25%1.29%-15 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 Capital13.61%13.87%14.84%14.75%15.19%+158 bps
Equity / Assets9.63%10.14%10.11%10.47%10.90%+127 bps
Liquidity & Funding
Loans / Deposits91.53%95.58%86.94%93.44%94.86%+333 bps
Liquid Assets / Assets4.61%2.16%9.62%5.15%4.37%-23 bps
CRE / Total Capitaln/an/an/an/an/an/an/a