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First National Bank of the Pine Belt

Laurel, MS · Cert 34961

FDIC

Q4 2003

$52.8MAssets
$32.8MLoans
$42.3MDeposits
$5.2MEquity
Loan mix
41%RE $7.9M59%C&I $11.4M0%Consumer $0.1MQ4 2002Q4 2003
Deposit mix
87%Interest-bearing $36.8M13%Noninterest $5.5MQ4 2002Q4 2003

NIM

6.39%Q4 ’015.79%Q4 ’025.09%Q4 ’03+12%-4%

Non-interest income vs. expense

3.81%Q4 ’014.32%Q4 ’023.20%Q4 ’03+14%-30%

Executive Summary

  • Earnings: ROA of 0.72%, up 53 bps year over year; NIM at 3.58%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.16%.
  • Funding: loans stand at 77.55% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

0.72%+53 bps YoY

Net Interest Margin (quarter, annualized)

3.58%-17 bps YoY

Efficiency Ratio (quarter, annualized)

72.56%-1,960 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets0.19%0.27%0.42%0.61%0.72%+53 bps
Return on Equity1.86%2.57%4.06%6.23%7.39%+554 bps
Net Interest Margin3.74%3.56%3.89%3.80%3.58%-17 bps
Efficiency Ratio92.16%86.12%79.83%73.45%72.56%-1,960 bps
Non-Interest Burden3.38%2.94%2.91%2.57%2.37%-101 bps
Growth
Asset Growth (YoY)2.09%-2.52%5.48%9.51%8.30%+621 bps
Loan Growth (YoY)2.79%2.93%1.35%6.42%10.09%+729 bps
Deposit Growth (YoY)1.04%-1.18%4.78%8.79%4.62%+358 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.31%1.28%0.40%0.46%0.16%-15 bps
Allowance / Loans1.38%1.10%1.08%1.06%1.08%-30 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 Capital14.51%14.37%13.57%13.35%13.61%-90 bps
Equity / Assets10.19%10.65%10.05%9.68%9.81%-39 bps
Liquidity & Funding
Loans / Deposits73.70%79.62%78.64%75.98%77.55%+385 bps
Liquid Assets / Assets0.63%0.63%0.45%0.60%0.67%+4 bps
CRE / Total Capitaln/an/an/an/an/an/an/a