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Letter portraitLegal landscapeQuarterYTD

Bank of Bonifay, The

Bonifay, FL · Cert 14246

FDIC

Q1 2010

$242.9MAssets
$161.1MLoans
$230.2MDeposits
$1.6MEquity
Loan mix
88%RE $131.1M11%C&I $15.6M1%Consumer $1.5MQ1 2009Q1 2010
Deposit mix
89%Interest-bearing $205.9M11%Noninterest $24.3MQ1 2009Q1 2010

NIM

6.70%Q1 ’084.15%Q1 ’093.70%Q1 ’10-62%+46%

Non-interest income vs. expense

3.63%Q1 ’082.98%Q1 ’093.18%Q1 ’10-13%+14%

Executive Summary

  • Earnings: ROA of -7.16%, down 456 bps year over year; NIM at 1.88%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.76%.
  • Funding: loans stand at 69.99% of deposits as of Q1 2010.

Financial Results

Return on Assets (quarter, annualized)

-7.16%-456 bps YoY

Net Interest Margin (quarter, annualized)

1.88%+59 bps YoY

Efficiency Ratio (quarter, annualized)

154.82%-2,837 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2009Q2 2009Q3 2009Q4 2009Q1 2010YoY ΔTrend
Earnings
Return on Assets-2.60%-3.10%-3.17%-3.61%-7.16%-456 bps
Return on Equity-46.88%-65.37%-81.46%-121.88%-465%-41,821 bps
Net Interest Margin1.29%1.18%2.05%1.65%1.88%+59 bps
Efficiency Ratio183.18%391%142.86%306%154.82%-2,837 bps
Non-Interest Burden2.65%3.86%3.00%3.80%3.01%+37 bps
Growth
Asset Growth (YoY)1.99%4.24%11.09%3.62%2.66%+67 bps
Loan Growth (YoY)-11.97%0.26%3.51%-0.43%-2.60%+937 bps
Deposit Growth (YoY)3.43%8.96%15.95%7.82%8.43%+501 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.15%0.61%1.38%2.83%0.76%+61 bps
Allowance / Loans2.46%2.50%2.93%2.98%5.20%+274 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 Capital8.83%7.32%6.23%5.00%2.30%-652 bps
Equity / Assets5.31%4.20%3.58%2.37%0.67%-464 bps
Liquidity & Funding
Loans / Deposits77.92%75.62%77.41%69.41%69.99%-793 bps
Liquid Assets / Assets4.43%7.15%1.98%3.31%0.70%-373 bps
CRE / Total Capitaln/an/an/an/an/an/an/a