City Bank Financial Ratios — CTBK Stock

Profitability (USD)

	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008

Return on Common Equity (%)	- -	38.58	20.75	17.85	16.08	15.48	38.85	25.02	25.53	-44.65
Return on Assets (%)	- -	3.5	3.43	3.21	3.09	2.96	6.87	3.87	3.58	-4.74
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	13.09	11.71	10.16	8.9	8.25	9	13.19	13.31	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	1.56	55.54	54.72	50.48	46.29	71.67	68.81	76.08	77.18	-151.58
Operating Margin (%)	- -	52.9	51.19	48.04	44.37	68.74	67.48	75.13	76.22	-152.88
Incremental Operating Margin (%)	- -	278.64	34.08	9.5	-6.54	2.21	62.18	92.33	86.76	- -
Pretax Margin (%)	56.99	52.9	51.18	47.67	44.14	67.03	67.48	75.13	76.22	-152.88
Profit Margin (%)	37.09	34.39	33.27	31.15	28.58	44.38	97.03	48.26	49.08	-99.43
Net Income to Common Margin (%)	37.09	34.39	33.27	31.15	28.58	44.38	97.03	48.26	49.08	-99.43
Effective Tax Rate (%)	34.93	34.98	34.99	34.65	35.24	35.36	35.14	35.77	35.61	- -
Dvd Payout Ratio (%)	11.73	13.08	14.28	16.47	74.33	96.15	34.72	106.37	60.47	-41.41
Sustainable Growth Rate (%)	- -	33.53	17.79	14.91	4.13	0.6	25.36	-1.59	10.09	-63.13

Credit (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008

Total Debt	29	43	48	67	71	82	102	91	131	86
ST Debt	10	32	1	1	- -	1	1	- -	- -	1
LT Debt	18	11	47	66	71	81	101	90	130	85
Total Debt/EBITDA	43.12	1.45	1.5	2.09	2.28	2.66	2.79	1.56	2.01	-0.92
Net Debt/EBITDA	17.71	0.64	0.79	1.42	1.63	1.74	1.61	0.87	1.64	-0.8
Total Debt/EBIT	- -	1.53	1.6	2.2	2.38	2.77	2.84	1.58	2.03	-0.91
Net Debt/EBIT	- -	0.67	0.84	1.5	1.7	1.81	1.64	0.88	1.66	-0.79
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.88	15.7	17.25	18.71	19.77	18.52	17	14.32	13.78	7.68
Long-Term Debt/Equity (%)	19.47	9.82	36.52	45.16	46.71	52	57.4	47.07	62.19	60.22
Long-Term Debt/Capital (%)	48.27	8.59	31.49	35.69	36.64	39.46	41.61	36.87	43.24	45.37
Long-Term Debt/Total Assets (%)	3.7	2.03	7.98	10.46	11.5	12.17	12.16	8.39	10.52	6.41
Total Debt/Equity (%)	30.45	38.21	37.04	45.55	46.92	52.33	57.73	47.32	62.4	60.58
Total Debt/Capital (%)	75.49	33.44	31.94	36	36.81	39.72	41.85	37.07	43.39	45.64
Total Debt/Total Assets (%)	5.78	7.89	8.09	10.55	11.56	12.24	12.23	8.43	10.56	6.45
Net Debt to Equity	12.51	16.8	19.51	30.96	33.53	34.17	33.26	26.54	51.15	52.27
Net Debt/Capital (%)	55.86	18.1	19.82	27.66	29.39	30.08	29.31	24.83	38.59	42.01
EBITDA	1	29	32	32	31	31	37	58	65	-93
EBITDA-CapEx	1	29	32	32	31	31	37	58	65	-93
Operating Income (Loss)	- -	28	30	30	30	29	36	58	64	-94

Liquidity (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	1.88	15.7	17.25	18.71	19.77	18.52	17	14.32	13.78	7.68
Long-Term Debt/Equity (%)	19.47	9.82	36.52	45.16	46.71	52	57.4	47.07	62.19	60.22
Long-Term Debt/Capital (%)	48.27	8.59	31.49	35.69	36.64	39.46	41.61	36.87	43.24	45.37
Long-Term Debt/Total Assets (%)	3.7	2.03	7.98	10.46	11.5	12.17	12.16	8.39	10.52	6.41
Total Debt/Equity (%)	30.45	38.21	37.04	45.55	46.92	52.33	57.73	47.32	62.4	60.58
Total Debt/Capital (%)	75.49	33.44	31.94	36	36.81	39.72	41.85	37.07	43.39	45.64
Total Debt/Total Assets (%)	5.78	7.89	8.09	10.55	11.56	12.24	12.23	8.43	10.56	6.45
CFO/Total Liabilities	5.99	4.53	4.19	3.3	5.89	5.75	4.31	4.13	4.52	1.99
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	53.21
Altman's Z-Score	0.09	0.47	0.49	0.5	0.53	0.87	0.75	0.81	0.62	-0.05

Working Capital (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008

Accounts Receivable Turnover	- -	14.17	16.16	20.45	23.22	16.12	16.26	15.2	13.15	11.9
Days Sales Outstanding	- -	25.76	22.58	17.85	15.72	22.64	22.45	24.02	27.75	30.68
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008

Market Capitalization	- -	- -	- -	- -	- -	358	360	559	352	82
- Cash & Cash Equivalents	17	24	23	21	20	28	43	40	24	12
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	29	43	48	67	71	82	102	91	131	86
Enterprise Value	12	19	25	46	51	412	419	610	460	156
Total Capital	38	128	150	185	194	206	243	245	302	187
Total Debt/Capital (%)	75.49	33.44	31.94	36	36.81	39.72	41.85	37.07	43.39	45.64
Total Debt / EV	2.43	2.27	1.9	1.46	1.39	0.2	0.24	0.15	0.28	0.55
EV/Sales	0.28	0.35	0.43	0.72	0.76	9.61	7.89	7.96	5.44	2.55
EV/EBITDA	17.71	0.64	0.79	1.43	1.64	13.41	11.47	10.46	7.04	- -
EV/EBIT	- -	0.67	0.84	1.5	1.71	13.98	11.7	10.59	7.13	- -
EV/Cash Flow to Firm	0.49	0.97	1.3	2.84	1.88	14.03	14.83	16.68	9.88	6.61
EV/Free Cash Flow to Firm	0.49	0.97	1.3	2.84	1.88	14.03	14.83	16.68	9.88	6.49
Diluted Market Cap	- -	- -	- -	- -	- -	366	365	566	355	82
Diluted Enterprise Value	12	19	25	46	51	420	424	617	462	156
EV per Share	0.85	1.32	1.76	3.15	3.51	27.72	27.57	39.06	29.24	9.88
TTM Sales	43	53	58	63	68	43	53	77	85	61
TTM EBITDA	1	29	32	32	31	31	37	58	65	-93
TTM Operating Income	- -	28	30	30	30	29	36	58	64	-94
TTM Cash Flow to Firm	24	19	19	16	27	29	28	37	47	24
TTM Free Cash Flow to Firm	24	19	19	16	27	29	28	37	47	24

Multiples (USD)

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	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y
As of date	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008

Price/Free Cash Flow	- -	- -	- -	- -	- -	12.46	12.94	15.49	7.64	3.41
EV/EBIT	- -	0.67	0.84	1.5	1.71	13.98	11.7	10.59	7.13	- -
Enterprise Value	12	19	25	46	51	412	419	610	460	156
Low Price	- -	- -	- -	- -	- -	23.83	19.1	23.82	19.63	5.02
EV/Sales	0.28	0.35	0.43	0.72	0.76	9.61	7.89	7.96	5.44	2.55
EV/EBITDA	17.71	0.64	0.79	1.43	1.64	13.41	11.47	10.46	7.04	- -
Price/Earnings	- -	- -	- -	- -	- -	18.83	7	15.11	8.49	- -
Price/Earnings Average	- -	- -	- -	- -	- -	19.33	6.52	13.18	11.19	-3.64
Price/Earnings High	- -	- -	- -	- -	- -	20.24	7.67	15.61	13.71	-6.37
Price/Earnings Low	- -	- -	- -	- -	- -	18.61	5.63	10.05	7.44	-1.3
Price/Book Value	- -	- -	- -	- -	- -	2.9	2.55	3.62	2.06	0.8
Price/Book Value Average	- -	- -	- -	- -	- -	2.98	2.37	3.16	2.72	2.18
Price/Book Value High	- -	- -	- -	- -	- -	3.12	2.79	3.74	3.33	3.81
Price/Book Value Low	- -	- -	- -	- -	- -	2.87	2.05	2.41	1.81	0.78
Price/Tangible Book Value	- -	- -	- -	- -	- -	2.34	2.04	2.91	1.68	0.58
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	2.4	1.9	2.54	2.21	1.57
Price/Tangible Book Value High	- -	- -	- -	- -	- -	2.51	2.24	3.01	2.71	2.75
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	2.31	1.65	1.94	1.47	0.56
Price/Sales	- -	- -	- -	- -	- -	8.36	6.79	7.29	4.17	1.34
Price/Sales Average	- -	- -	- -	- -	- -	8.58	6.32	6.36	5.49	3.62
Price/Sales High	- -	- -	- -	- -	- -	8.98	7.44	7.53	6.73	6.33
Price/Sales Low	- -	- -	- -	- -	- -	8.26	5.47	4.85	3.65	1.29
Price/Cash Flow	- -	- -	- -	- -	- -	12.2	12.75	15.29	7.58	3.48
Price/Cash Flow Average	- -	- -	- -	- -	- -	12.52	11.88	13.34	9.98	9.4
Price/Cash Flow High	- -	- -	- -	- -	- -	13.11	13.98	15.8	12.23	16.44
Price/Cash Flow Low	- -	- -	- -	- -	- -	12.06	10.27	10.17	6.63	3.36
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	12.79	12.06	13.51	10.06	9.23
Price/Free Cash Flow High	- -	- -	- -	- -	- -	13.39	14.19	16.01	12.33	16.14
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	12.31	10.42	10.3	6.69	3.29
EV/Sales Average	0.28	0.35	0.43	0.72	0.76	9.84	7.43	7.02	6.76	4.83
EV/Sales High	0.28	0.35	0.43	0.72	0.76	10.24	8.55	8.2	8	7.54
EV/Sales Low	0.28	0.35	0.43	0.72	0.76	9.52	6.57	5.52	4.92	2.5
EV/EBITDA Average	17.71	0.64	0.79	1.43	1.64	13.72	10.8	9.23	8.76	-3.19
EV/EBITDA High	17.71	0.64	0.79	1.43	1.64	14.29	12.42	10.78	10.36	-4.97
EV/EBITDA Low	17.71	0.64	0.79	1.43	1.64	13.28	9.55	7.25	6.37	-1.65
EV/EBIT Average	- -	0.67	0.84	1.5	1.71	14.31	11.01	9.35	8.87	-3.16
EV/EBIT High	- -	0.67	0.84	1.5	1.71	14.9	12.67	10.91	10.49	-4.93
EV/EBIT Low	- -	0.67	0.84	1.5	1.71	13.84	9.74	7.34	6.45	-1.63
Last Price	- -	- -	- -	- -	- -	24.1	23.71	35.8	22.42	5.2
High Price	- -	- -	- -	- -	- -	25.91	26	37	36.19	24.59
Enterprise Value Average	12	19	25	46	51	422	394	538	571	295
Enterprise Value High	12	19	25	46	51	439	453	629	676	461
Enterprise Value Low	12	19	25	46	51	408	349	423	416	153

Shares Outstanding	15	14	14	14	15	16	16	16	16	16
Diluted Weighted Avg Shares	15	14	15	15	15	15	15	16	16	16
Basic Weighted Avg Shares	14	14	14	14	15	15	15	16	16	16
Revenue per Share	3.07	3.72	4.07	4.37	4.62	2.88	3.49	4.91	5.38	3.88
EBITDA per Share	0.05	2.07	2.23	2.2	2.14	2.07	2.4	3.74	4.15	-5.88
Operating Income per Share	- -	1.97	2.08	2.1	2.05	1.98	2.36	3.69	4.1	-5.94
Basic EPS, GAAP	1.14	1.28	1.35	1.36	1.32	1.28	3.39	2.37	2.64	-3.86
Basic EPS from Cont Ops	1.14	1.28	1.35	1.36	1.32	1.25	1.53	2.37	2.64	-3.86
Diluted EPS, GAAP	1.08	1.28	1.32	1.33	1.29	1.25	3.34	2.34	2.62	-3.86
Diluted EPS from Cont Ops	1.08	1.28	1.32	1.33	1.29	1.22	1.51	2.34	2.62	-3.86
Dividend per Share	0.13	0.17	0.19	0.23	0.99	1.2	0.53	2.52	1.6	1.6
Cash Flow per Share	1.73	1.37	1.35	1.11	1.87	1.98	1.86	2.34	2.96	1.5
Free Cash Flow per Basic Share	1.73	1.37	1.35	1.11	1.87	1.98	1.86	2.34	2.96	1.47
Cash & Equivalents per Share	1.22	1.68	1.58	1.48	1.39	1.91	2.84	2.56	1.5	0.74
Book Value per Share	0.67	5.98	7.1	8.19	8.34	8.31	9.31	9.88	10.86	6.46
Tangible Book Value per Share	6.78	7.64	8.81	9.94	10.21	10.31	11.61	12.3	13.34	8.96

City Bank

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)