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U.S. Trust Company of North Carolina

Greensboro, NC · Cert 91309

FDIC

Q2 2003

$124.8MAssets
$21.5MLoans
$56.6MDeposits
$66.2MEquity
Deposit mix
99%Interest-bearing $56.2M1%Noninterest $0.4MQ2 2002Q2 2003

NIM

2.69%Q2 ’011.37%Q2 ’021.46%Q2 ’03+14%+24%

Non-interest income vs. expense

28.65%Q2 ’0121.74%Q2 ’0215.42%Q2 ’03-35%-73%

Executive Summary

  • Earnings: ROA of -0.40%, up 263 bps year over year; NIM at 1.08%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 37.99% of deposits as of Q2 2003.

Financial Results

Return on Assets (YTD, annualized)

-0.40%+263 bps YoY

Net Interest Margin (YTD, annualized)

1.08%+21 bps YoY

Efficiency Ratio (YTD, annualized)

103.60%-2,635 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2002Q3 2002Q4 2002Q1 2003Q2 2003YoY ΔTrend
Earnings
Return on Assets-3.03%-2.51%-2.31%-0.69%-0.40%+263 bps
Return on Equity-4.87%-4.03%-3.75%-1.25%-0.74%+413 bps
Net Interest Margin0.87%0.80%0.73%0.87%1.08%+21 bps
Efficiency Ratio129.95%124.75%123.20%107.39%103.60%-2,635 bps
Non-Interest Burden5.88%4.93%4.50%1.94%1.61%-427 bps
Growth
Asset Growth (YoY)29.84%32.95%0.65%16.86%17.76%-1,209 bps
Loan Growth (YoY)41.21%40.84%7.64%-5.94%7.97%-3,323 bps
Deposit Growth (YoY)5.24%14.42%18.74%68.69%57.40%+5,216 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.88%0.89%0.88%0.97%0.93%+5 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 Capital21.40%22.50%20.53%20.65%18.92%-248 bps
Equity / Assets63.14%61.84%59.58%51.44%53.01%-1,013 bps
Liquidity & Funding
Loans / Deposits55.38%51.43%47.11%30.03%37.99%-1,739 bps
Liquid Assets / Assets1.60%3.50%2.91%1.35%0.24%-136 bps
CRE / Total Capitaln/an/an/an/an/an/an/a