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First Bank

Morgantown, IN · Cert 9651

FDIC

Q2 2004

$210.7MAssets
$151.9MLoans
$167.5MDeposits
$13.9MEquity
Loan mix
62%RE $43.7M37%C&I $26.2M1%Consumer $0.6MQ2 2003Q2 2004
Deposit mix
89%Interest-bearing $148.8M11%Noninterest $18.7MQ2 2003Q2 2004

NIM

6.57%Q2 ’025.79%Q2 ’035.33%Q2 ’04-5%-5%

Non-interest income vs. expense

3.55%Q2 ’023.81%Q2 ’033.52%Q2 ’04-7%+7%

Executive Summary

  • Earnings: ROA of 0.71%, down 34 bps year over year; NIM at 3.77%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.09%.
  • Funding: loans stand at 90.69% of deposits as of Q2 2004.

Financial Results

Return on Assets (quarter, annualized)

0.71%-34 bps YoY

Net Interest Margin (quarter, annualized)

3.77%-19 bps YoY

Efficiency Ratio (quarter, annualized)

73.18%+343 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2003Q3 2003Q4 2003Q1 2004Q2 2004YoY ΔTrend
Earnings
Return on Assets1.06%-0.56%1.42%0.77%0.71%-34 bps
Return on Equity12.77%-7.14%18.15%9.78%10.05%-272 bps
Net Interest Margin3.96%4.02%4.04%3.85%3.77%-19 bps
Efficiency Ratio69.75%75.98%74.07%74.70%73.18%+343 bps
Non-Interest Burden2.34%2.79%2.79%2.66%2.51%+17 bps
Growth
Asset Growth (YoY)22.21%17.53%13.36%15.28%18.95%-327 bps
Loan Growth (YoY)29.35%21.55%13.66%18.54%20.62%-873 bps
Deposit Growth (YoY)19.63%17.49%15.65%17.48%14.21%-542 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.08%0.60%1.47%-0.19%0.09%+1 bps
Allowance / Loans1.23%1.83%1.13%1.18%1.10%-13 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 Capital11.07%10.61%10.83%10.60%9.71%-136 bps
Equity / Assets8.25%7.50%8.19%7.67%6.59%-166 bps
Liquidity & Funding
Loans / Deposits85.87%86.42%93.49%81.73%90.69%+482 bps
Liquid Assets / Assets0.01%0.01%0.00%0.02%0.01%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a