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High Country Bank

Boone, NC · Cert 34865

FDIC

Q4 2003

$183.8MAssets
$156.7MLoans
$163.3MDeposits
$15.3MEquity
Loan mix
70%RE $48.5M27%C&I $18.9M2%Consumer $1.5MQ4 2002Q4 2003
Deposit mix
87%Interest-bearing $142.9M13%Noninterest $20.4MQ4 2002Q4 2003

NIM

6.62%Q4 ’015.87%Q4 ’025.49%Q4 ’03+9%+6%

Non-interest income vs. expense

4.18%Q4 ’013.30%Q4 ’023.66%Q4 ’03-41%+15%

Executive Summary

  • Earnings: ROA of -2.27%, down 315 bps year over year; NIM at 3.57%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.80%.
  • Funding: loans stand at 95.97% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

-2.27%-315 bps YoY

Net Interest Margin (quarter, annualized)

3.57%+20 bps YoY

Efficiency Ratio (quarter, annualized)

67.14%+281 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets0.88%0.61%0.66%0.86%-2.27%-315 bps
Return on Equity9.84%6.82%7.29%9.64%-26.32%-3,616 bps
Net Interest Margin3.37%3.17%3.27%3.54%3.57%+20 bps
Efficiency Ratio64.33%71.28%70.01%65.26%67.14%+281 bps
Non-Interest Burden1.55%1.76%1.78%1.71%1.78%+24 bps
Growth
Asset Growth (YoY)29.31%19.55%15.72%10.76%3.57%-2,574 bps
Loan Growth (YoY)19.88%18.04%22.51%21.66%15.42%-446 bps
Deposit Growth (YoY)34.95%21.10%17.32%12.37%4.09%-3,086 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.15%0.24%0.28%0.27%0.80%+66 bps
Allowance / Loans1.26%1.30%1.30%1.30%1.30%+4 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 Capital11.13%11.21%11.01%10.97%10.23%-90 bps
Equity / Assets8.71%9.07%9.00%8.93%8.30%-41 bps
Liquidity & Funding
Loans / Deposits86.55%90.41%93.96%95.83%95.97%+942 bps
Liquid Assets / Assets1.13%1.15%1.13%0.00%0.00%-112 bps
CRE / Total Capitaln/an/an/an/an/an/an/a