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Valley Bank of Arizona

Phoenix, AZ · Cert 34145

FDIC

Q3 2003

$74.4MAssets
$37.6MLoans
$56.5MDeposits
$14.1MEquity
Loan mix
16%RE $1.7M84%C&I $9.2M0%Consumer $0.0MQ3 2002Q3 2003
Deposit mix
79%Interest-bearing $44.9M21%Noninterest $11.7MQ3 2002Q3 2003

NIM

7.13%Q3 ’016.09%Q3 ’02-10.23%Q3 ’03+0%-293%

Non-interest income vs. expense

3.13%Q3 ’012.93%Q3 ’02-5.63%Q3 ’03-7%-260%

Executive Summary

  • Earnings: ROA of -1.43%, down 228 bps year over year; NIM at -7.62%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 1.04%.
  • Funding: loans stand at 66.56% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

-1.43%-228 bps YoY

Net Interest Margin (quarter, annualized)

-7.62%-1,155 bps YoY

Efficiency Ratio (quarter, annualized)

98.38%+3,184 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets0.85%0.96%0.76%0.75%-1.43%-228 bps
Return on Equity7.57%8.60%6.68%6.17%-9.11%-1,668 bps
Net Interest Margin3.94%3.72%3.78%3.86%-7.62%-1,155 bps
Efficiency Ratio66.54%66.75%68.88%72.63%98.38%+3,184 bps
Non-Interest Burden2.46%2.25%2.41%2.54%-3.94%-640 bps
Growth
Asset Growth (YoY)-6.55%6.12%-7.25%-7.37%5.02%+1,157 bps
Loan Growth (YoY)-12.32%-13.25%-10.44%-10.13%-7.71%+460 bps
Deposit Growth (YoY)-9.62%5.28%-9.14%-9.03%-4.64%+498 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.72%0.53%0.09%0.90%-1.04%-276 bps
Allowance / Loans1.26%1.14%1.15%1.04%1.29%+3 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 Capital17.82%17.22%17.77%18.52%15.63%-219 bps
Equity / Assets11.65%10.66%12.10%12.13%18.99%+733 bps
Liquidity & Funding
Loans / Deposits68.78%65.02%73.75%69.11%66.56%-221 bps
Liquid Assets / Assets1.23%3.06%0.68%1.39%2.70%+148 bps
CRE / Total Capitaln/an/an/an/an/an/an/a