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Mountainbank

Hendersonville, NC · Cert 34438

FDIC

Q3 2003

$877.8MAssets
$734.8MLoans
$730.8MDeposits
$70.9MEquity
Loan mix
58%RE $128.3M42%C&I $92.4M0%Consumer $1.0MQ3 2002Q3 2003
Deposit mix
88%Interest-bearing $640.8M12%Noninterest $90.0MQ3 2002Q3 2003

NIM

8.25%Q3 ’016.48%Q3 ’025.64%Q3 ’03-4%+1%

Non-interest income vs. expense

2.25%Q3 ’012.46%Q3 ’023.00%Q3 ’03+1%+20%

Executive Summary

  • Earnings: ROA of 0.80%, down 26 bps year over year; NIM at 3.84%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.46%.
  • Funding: loans stand at 100.55% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

0.80%-26 bps YoY

Net Interest Margin (quarter, annualized)

3.84%+5 bps YoY

Efficiency Ratio (quarter, annualized)

60.10%+830 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets1.06%0.69%1.05%0.93%0.80%-26 bps
Return on Equity13.34%8.89%13.34%11.78%9.98%-336 bps
Net Interest Margin3.79%4.10%3.78%3.69%3.84%+5 bps
Efficiency Ratio51.80%55.99%51.57%57.65%60.10%+830 bps
Non-Interest Burden1.58%1.88%1.51%1.71%1.91%+32 bps
Growth
Asset Growth (YoY)75.21%49.50%37.89%27.58%17.46%-5,775 bps
Loan Growth (YoY)71.52%44.96%35.18%29.85%17.35%-5,416 bps
Deposit Growth (YoY)74.14%45.15%37.22%25.69%15.24%-5,890 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.23%0.34%1.02%0.07%0.46%+23 bps
Allowance / Loans1.58%1.57%1.50%1.59%1.65%+7 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 Capital10.04%10.01%10.03%10.05%10.14%+10 bps
Equity / Assets7.84%7.73%7.98%7.88%8.08%+24 bps
Liquidity & Funding
Loans / Deposits98.74%104.19%102.30%99.34%100.55%+181 bps
Liquid Assets / Assets1.49%1.95%0.20%0.14%0.09%-140 bps
CRE / Total Capitaln/an/an/an/an/an/an/a