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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

2.68%Q2 ’011.33%Q2 ’021.66%Q2 ’03-11%+51%

Non-interest income vs. expense

30.07%Q2 ’0119.94%Q2 ’0215.47%Q2 ’03-69%-61%

Executive Summary

  • Earnings: ROA of -0.12%, up 129 bps year over year; NIM at 1.29%.
  • 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 (quarter, annualized)

-0.12%+129 bps YoY

Net Interest Margin (quarter, annualized)

1.29%+43 bps YoY

Efficiency Ratio (quarter, annualized)

100.08%-1,418 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2002Q3 2002Q4 2002Q1 2003Q2 2003YoY ΔTrend
Earnings
Return on Assets-1.41%-1.46%-1.75%-0.69%-0.12%+129 bps
Return on Equity-2.26%-2.34%-2.88%-1.25%-0.23%+203 bps
Net Interest Margin0.85%0.63%0.56%0.87%1.29%+43 bps
Efficiency Ratio114.27%113.90%118.25%107.39%100.08%-1,418 bps
Non-Interest Burden3.34%2.89%3.38%1.94%1.30%-204 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