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Westsound Bank

Bremerton, WA · Cert 34843

FDIC

Q1 2009

$334.6MAssets
$259.7MLoans
$304.5MDeposits
$28.3MEquity
Loan mix
89%RE $193.3M10%C&I $22.1M0%Consumer $0.8MQ1 2008Q1 2009
Deposit mix
95%Interest-bearing $289.3M5%Noninterest $15.2MQ1 2008Q1 2009

NIM

8.65%Q1 ’075.58%Q1 ’083.74%Q1 ’09-65%-67%

Non-interest income vs. expense

3.98%Q1 ’072.65%Q1 ’084.21%Q1 ’09-6%+123%

Executive Summary

  • Earnings: ROA of -4.94%, down 36 bps year over year; NIM at 0.58%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 5.77%.
  • Funding: loans stand at 85.29% of deposits as of Q1 2009.

Financial Results

Return on Assets (YTD, annualized)

-4.94%-36 bps YoY

Net Interest Margin (YTD, annualized)

0.58%-116 bps YoY

Efficiency Ratio (YTD, annualized)

n/a

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2008Q2 2008Q3 2008Q4 2008Q1 2009YoY ΔTrend
Earnings
Return on Assets-4.58%-6.91%-5.74%-7.09%-4.94%-36 bps
Return on Equity-37.53%-58.44%-49.21%-63.28%-56.76%-1,923 bps
Net Interest Margin1.73%1.35%1.26%1.08%0.58%-116 bps
Efficiency Ratio138.32%212%280%492%n/an/a
Non-Interest Burden2.47%2.95%3.54%4.13%5.51%+304 bps
Growth
Asset Growth (YoY)15.64%-5.69%-15.06%-25.37%-33.45%-4,909 bps
Loan Growth (YoY)1.10%-16.79%-24.20%-31.18%-32.67%-3,377 bps
Deposit Growth (YoY)22.01%-0.29%-12.32%-21.80%-31.15%-5,316 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.95%1.54%2.57%6.50%5.77%+483 bps
Allowance / Loans6.82%8.30%7.60%6.48%5.65%-117 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 Capital15.65%14.88%14.41%11.79%10.93%-471 bps
Equity / Assets11.49%10.95%11.04%8.94%8.45%-304 bps
Liquidity & Funding
Loans / Deposits87.21%89.42%91.99%86.07%85.29%-192 bps
Liquid Assets / Assets0.50%1.75%1.89%2.40%2.44%+194 bps
CRE / Total Capitaln/an/an/an/an/an/an/a