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Fremont First National Bank

Seattle, WA · Cert 33896

FDIC

Q4 2005

$177.8MAssets
$151.4MLoans
$146.2MDeposits
$19.3MEquity
Loan mix
46%RE $25.0M52%C&I $28.1M2%Consumer $0.9MQ4 2004Q4 2005
Deposit mix
88%Interest-bearing $128.6M12%Noninterest $17.6MQ4 2004Q4 2005

NIM

6.87%Q4 ’036.68%Q4 ’047.67%Q4 ’05-4%+10%

Non-interest income vs. expense

2.60%Q4 ’032.72%Q4 ’042.44%Q4 ’05+10%-13%

Executive Summary

  • Earnings: ROA of 1.83%, up 62 bps year over year; NIM at 5.01%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.02%.
  • Funding: loans stand at 103.55% of deposits as of Q4 2005.

Financial Results

Return on Assets (quarter, annualized)

1.83%+62 bps YoY

Net Interest Margin (quarter, annualized)

5.01%+47 bps YoY

Efficiency Ratio (quarter, annualized)

43.90%-954 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2004Q1 2005Q2 2005Q3 2005Q4 2005YoY ΔTrend
Earnings
Return on Assets1.20%1.23%1.45%1.57%1.83%+62 bps
Return on Equity13.63%12.40%14.44%15.40%17.30%+368 bps
Net Interest Margin4.54%4.30%4.36%4.45%5.01%+47 bps
Efficiency Ratio53.43%51.41%49.16%47.12%43.90%-954 bps
Non-Interest Burden2.16%1.87%1.79%1.81%1.88%-28 bps
Growth
Asset Growth (YoY)38.86%31.85%16.98%13.69%5.11%-3,375 bps
Loan Growth (YoY)29.50%22.83%13.17%10.52%5.59%-2,392 bps
Deposit Growth (YoY)35.12%27.25%13.64%10.80%6.03%-2,908 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.49%-0.04%0.24%1.59%-0.02%-50 bps
Allowance / Loans1.24%1.36%1.44%1.14%1.25%+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 Capital13.44%13.46%13.45%13.60%14.08%+63 bps
Equity / Assets9.86%9.90%10.15%10.29%10.83%+97 bps
Liquidity & Funding
Loans / Deposits103.98%106.47%103.69%101.70%103.55%-44 bps
Liquid Assets / Assets0.26%0.03%0.03%0.05%0.02%-24 bps
CRE / Total Capitaln/an/an/an/an/an/an/a