Vanguard Bank & Trust Company

Valparaiso, FL · Cert 11290

FDIC

Q3 2008

$625.5MAssets

$542.8MLoans

$539.3MDeposits

$59.4MEquity

Loan mix

Deposit mix

NIM

Earnings: ROA of -2.39%, down 399 bps year over year; NIM at 3.47%.
Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 3.46%.
Funding: loans stand at 100.65% of deposits as of Q3 2008.

Return on Assets (YTD, annualized)

-2.39%-399 bps YoY

Net Interest Margin (YTD, annualized)

3.47%-129 bps YoY

Efficiency Ratio (YTD, annualized)

82.91%+4,213 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

Metric	Q3 2007	Q4 2007	Q1 2008	Q2 2008	Q3 2008	YoY Δ	Trend
Earnings
Return on Assets	1.60%	0.77%	-2.79%	-1.83%	-2.39%	-399 bps
Return on Equity	14.33%	7.06%	-28.19%	-18.33%	-24.21%	-3,854 bps
Net Interest Margin	4.77%	4.51%	3.67%	3.51%	3.47%	-129 bps
Efficiency Ratio	40.78%	43.23%	58.57%	79.70%	82.91%	+4,213 bps
Non-Interest Burden	1.45%	1.46%	1.78%	2.84%	2.96%	+151 bps
Growth
Asset Growth (YoY)	-6.79%	-3.66%	-2.23%	-8.47%	-3.73%	+306 bps
Loan Growth (YoY)	-3.20%	-2.08%	-0.72%	-9.94%	-6.64%	-344 bps
Deposit Growth (YoY)	-13.87%	-12.60%	-3.85%	-5.60%	2.92%	+1,679 bps
Asset Quality
Nonperforming Loans / Loans	0.00%	0.00%	0.00%	0.00%	0.00%	0 bps
Net Charge-Offs / Loans	0.05%	2.63%	6.44%	3.54%	3.46%	+341 bps
Allowance / Loans	2.38%	1.34%	1.51%	1.80%	2.57%	+19 bps
Allowance Coverage of NPLs	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Capital
Tier 1 Leverage Ratio	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Risk-Based Capital	11.02%	10.12%	10.64%	10.75%	10.36%	-66 bps
Equity / Assets	10.52%	9.66%	10.13%	10.23%	9.50%	-102 bps
Liquidity & Funding
Loans / Deposits	110.96%	110.29%	105.98%	100.12%	100.65%	-1,031 bps
Liquid Assets / Assets	0.03%	0.03%	0.03%	0.46%	0.67%	+64 bps
CRE / Total Capital	n/a	n/a	n/a	n/a	n/a	n/a	n/a