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Horizon Bank and Trust Company

Braintree, MA · Cert 34674

FDIC

Q4 2003

$131.2MAssets
$111.7MLoans
$103.2MDeposits
$13.4MEquity
Deposit mix
84%Interest-bearing $87.1M16%Noninterest $16.1MQ4 2002Q4 2003

NIM

8.15%Q4 ’016.49%Q4 ’026.33%Q4 ’03-10%+13%

Non-interest income vs. expense

2.39%Q4 ’012.28%Q4 ’021.90%Q4 ’03-6%-15%

Executive Summary

  • Earnings: ROA of 1.33%, up 75 bps year over year; NIM at 4.13%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.03%.
  • Funding: loans stand at 108.28% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

1.33%+75 bps YoY

Net Interest Margin (quarter, annualized)

4.13%+46 bps YoY

Efficiency Ratio (quarter, annualized)

43.62%-1,370 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets0.58%0.82%1.03%0.60%1.33%+75 bps
Return on Equity6.03%8.50%10.59%5.92%13.04%+702 bps
Net Interest Margin3.66%3.30%3.57%3.63%4.13%+46 bps
Efficiency Ratio57.32%60.55%59.33%66.56%43.62%-1,370 bps
Non-Interest Burden1.97%1.84%2.00%2.35%1.67%-29 bps
Growth
Asset Growth (YoY)17.25%15.76%15.27%1.78%9.08%-817 bps
Loan Growth (YoY)25.51%17.55%20.11%17.82%19.98%-553 bps
Deposit Growth (YoY)17.24%21.18%17.00%4.22%11.29%-595 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.01%0.03%0.00%0.00%-0.03%-2 bps
Allowance / Loans1.60%1.64%1.59%1.55%1.57%-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 Capital13.20%12.97%12.89%12.57%12.58%-63 bps
Equity / Assets9.86%9.49%9.89%10.24%10.19%+33 bps
Liquidity & Funding
Loans / Deposits100.44%94.69%100.71%106.80%108.28%+785 bps
Liquid Assets / Assets0.20%0.05%0.07%0.01%0.04%-16 bps
CRE / Total Capitaln/an/an/an/an/an/an/a