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Letter portraitLegal landscapeQuarterYTD

Heber Valley National Bank

Heber City, UT · Cert 35484

FDIC

Q3 2005

$35.4MAssets
$20.2MLoans
$30.6MDeposits
$2.6MEquity
Loan mix
84%RE $4.8M15%C&I $0.9M0%Consumer $0.0MQ3 2004Q3 2005
Deposit mix
79%Interest-bearing $24.1M21%Noninterest $6.5MQ3 2004Q3 2005

NIM

6.25%Q3 ’035.73%Q3 ’045.98%Q3 ’05-5%+2%

Non-interest income vs. expense

4.05%Q3 ’033.63%Q3 ’043.51%Q3 ’05-1%+6%

Executive Summary

  • Earnings: ROA of 0.82%, up 2 bps year over year; NIM at 4.56%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 66.12% of deposits as of Q3 2005.

Financial Results

Return on Assets (YTD, annualized)

0.82%+2 bps YoY

Net Interest Margin (YTD, annualized)

4.56%+10 bps YoY

Efficiency Ratio (YTD, annualized)

73.25%+55 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2004Q4 2004Q1 2005Q2 2005Q3 2005YoY ΔTrend
Earnings
Return on Assets0.79%0.85%1.28%1.10%0.82%+2 bps
Return on Equity8.75%9.62%15.51%13.23%10.18%+142 bps
Net Interest Margin4.46%4.25%4.80%5.03%4.56%+10 bps
Efficiency Ratio72.70%71.21%60.32%65.89%73.25%+55 bps
Non-Interest Burden3.10%2.89%2.78%3.22%3.28%+18 bps
Growth
Asset Growth (YoY)15.85%24.13%22.01%19.18%36.03%+2,017 bps
Loan Growth (YoY)-3.29%21.57%17.69%11.49%19.93%+2,322 bps
Deposit Growth (YoY)16.16%13.01%23.43%22.37%31.20%+1,504 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.05%0.04%0.00%0.00%0.00%-5 bps
Allowance / Loans2.06%1.79%1.76%1.96%1.86%-20 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 Capital13.32%11.46%11.46%12.45%11.90%-142 bps
Equity / Assets8.87%8.21%8.28%8.52%7.26%-161 bps
Liquidity & Funding
Loans / Deposits72.33%86.11%75.45%69.66%66.12%-621 bps
Liquid Assets / Assets31.34%28.52%28.19%24.95%36.07%+473 bps
CRE / Total Capitaln/an/an/an/an/an/an/a