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Heritage Bank of Ashland, Inc.

Ashland, KY · Cert 34561

FDIC

Q1 2006

$82.8MAssets
$56.6MLoans
$72.2MDeposits
$4.5MEquity
Deposit mix
90%Interest-bearing $64.6M10%Noninterest $7.6MQ1 2005Q1 2006

NIM

5.91%Q1 ’046.05%Q1 ’056.60%Q1 ’06-4%+7%

Non-interest income vs. expense

4.21%Q1 ’045.05%Q1 ’054.71%Q1 ’06+20%-6%

Executive Summary

  • Earnings: ROA of -0.30%, up 232 bps year over year; NIM at 3.77%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.25%.
  • Funding: loans stand at 78.37% of deposits as of Q1 2006.

Financial Results

Return on Assets (quarter, annualized)

-0.30%+232 bps YoY

Net Interest Margin (quarter, annualized)

3.77%+23 bps YoY

Efficiency Ratio (quarter, annualized)

102.74%-1,105 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2005Q2 2005Q3 2005Q4 2005Q1 2006YoY ΔTrend
Earnings
Return on Assets-2.61%-2.01%-0.38%-2.95%-0.30%+232 bps
Return on Equity-58.94%-49.65%-9.35%-62.05%-5.36%+5,359 bps
Net Interest Margin3.53%3.39%3.84%3.57%3.77%+23 bps
Efficiency Ratio113.79%110.23%107.61%129.05%102.74%-1,105 bps
Non-Interest Burden4.15%3.83%4.20%4.87%3.89%-26 bps
Growth
Asset Growth (YoY)-26.68%-24.88%-20.75%-12.54%-10.55%+1,613 bps
Loan Growth (YoY)-26.95%-27.90%-24.40%-19.00%-13.68%+1,327 bps
Deposit Growth (YoY)-22.69%-17.17%-13.75%-10.92%-12.74%+995 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans2.71%4.81%0.90%3.99%0.25%-246 bps
Allowance / Loans4.46%4.19%4.17%3.85%3.87%-59 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 Capital7.65%7.32%7.48%9.97%9.88%+223 bps
Equity / Assets4.04%4.04%3.98%5.54%5.47%+143 bps
Liquidity & Funding
Loans / Deposits79.23%80.02%78.57%79.01%78.37%-86 bps
Liquid Assets / Assets1.83%2.23%2.98%4.50%3.47%+163 bps
CRE / Total Capitaln/an/an/an/an/an/an/a