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Letter portraitLegal landscapeQuarterYTD

Farmers Bank of Maryland

Annapolis, MD · Cert 4821

FDIC

Q3 2003

$1.6BAssets
$780.7MLoans
$1.2BDeposits
$359.6MEquity
Loan mix
74%RE $163.2M24%C&I $53.4M1%Consumer $2.8MQ3 2002Q3 2003
Deposit mix
90%Interest-bearing $1.0B10%Noninterest $0.1BQ3 2002Q3 2003

NIM

6.69%Q3 ’015.88%Q3 ’023.28%Q3 ’03+1%-39%

Non-interest income vs. expense

2.98%Q3 ’012.84%Q3 ’022.50%Q3 ’03-10%-9%

Executive Summary

  • Earnings: ROA of 0.77%, down 98 bps year over year; NIM at 2.88%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.01%.
  • Funding: loans stand at 67.22% of deposits as of Q3 2003.

Financial Results

Return on Assets (quarter, annualized)

0.77%-98 bps YoY

Net Interest Margin (quarter, annualized)

2.88%-187 bps YoY

Efficiency Ratio (quarter, annualized)

60.27%+1,102 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets1.75%1.76%1.63%1.55%0.77%-98 bps
Return on Equity23.59%25.47%25.68%23.74%5.15%-1,844 bps
Net Interest Margin4.75%4.66%4.40%4.30%2.88%-187 bps
Efficiency Ratio49.25%48.77%50.12%50.64%60.27%+1,102 bps
Non-Interest Burden1.90%1.81%1.79%1.77%1.73%-17 bps
Growth
Asset Growth (YoY)8.38%4.75%9.50%10.36%23.60%+1,522 bps
Loan Growth (YoY)-2.35%-0.91%0.98%-1.95%-0.94%+141 bps
Deposit Growth (YoY)9.60%9.09%9.34%9.75%5.57%-403 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.01%0.01%0.00%0.00%0.01%+2 bps
Allowance / Loans1.11%1.11%1.11%1.11%1.11%0 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 Capital12.12%10.35%11.12%11.74%11.75%-37 bps
Equity / Assets7.53%6.26%6.44%6.61%22.09%+1,455 bps
Liquidity & Funding
Loans / Deposits71.64%69.99%66.87%65.15%67.22%-442 bps
Liquid Assets / Assets22.37%22.78%26.70%32.54%0.00%-2,237 bps
CRE / Total Capitaln/an/an/an/an/an/an/a