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Valley Bank

Auburn, WA · Cert 34913

FDIC

Q4 2002

$22.5MAssets
$18.1MLoans
$18.4MDeposits
$3.9MEquity
Loan mix
21%RE $1.6M79%C&I $6.2M0%Consumer $0.0MQ4 2001Q4 2002
Deposit mix
74%Interest-bearing $13.6M26%Noninterest $4.8MQ4 2001Q4 2002

NIM

7.76%Q1 ’017.10%Q4 ’015.77%Q4 ’02+14%-13%

Non-interest income vs. expense

4.92%Q1 ’015.17%Q4 ’015.07%Q4 ’02-4%+5%

Executive Summary

  • Earnings: ROA of -0.17%, down 75 bps year over year; NIM at 4.61%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 98.03% of deposits as of Q4 2002.

Financial Results

Return on Assets (quarter, annualized)

-0.17%-75 bps YoY

Net Interest Margin (quarter, annualized)

4.61%-67 bps YoY

Efficiency Ratio (quarter, annualized)

101.48%+1,484 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2001Q1 2002Q2 2002Q3 2002Q4 2002YoY ΔTrend
Earnings
Return on Assets0.58%0.67%0.89%-0.31%-0.17%-75 bps
Return on Equity2.28%2.58%3.58%-1.43%-0.92%-320 bps
Net Interest Margin5.28%5.96%6.10%5.24%4.61%-67 bps
Efficiency Ratio86.64%73.95%73.02%104.92%101.48%+1,484 bps
Non-Interest Burden4.48%4.30%4.32%5.52%4.68%+20 bps
Growth
Asset Growth (YoY)11.69%-5.44%11.54%29.11%50.50%+3,881 bps
Loan Growth (YoY)26.54%11.35%12.71%15.64%42.71%+1,617 bps
Deposit Growth (YoY)17.11%-7.67%14.71%38.60%68.11%+5,100 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.13%0.00%0.00%0.00%0.00%-13 bps
Allowance / Loans1.21%1.28%1.36%1.36%1.18%-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 Capital29.88%29.60%29.25%25.93%20.84%-904 bps
Equity / Assets25.90%26.39%23.59%19.53%17.38%-852 bps
Liquidity & Funding
Loans / Deposits115.48%121.97%106.51%90.46%98.03%-1,745 bps
Liquid Assets / Assets10.77%2.03%2.41%18.53%14.00%+324 bps
CRE / Total Capitaln/an/an/an/an/an/an/a