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Gulf State Community Bank

Carrabelle, FL · Cert 20340

FDIC

Q3 2010

$112.1MAssets
$74.0MLoans
$112.2MDeposits
$-324KEquity
Deposit mix
90%Interest-bearing $100.8M10%Noninterest $11.4MQ3 2009Q3 2010

NIM

5.22%Q3 ’084.00%Q3 ’093.85%Q3 ’10-26%+9%

Non-interest income vs. expense

4.66%Q3 ’083.89%Q3 ’095.11%Q3 ’10-6%+58%

Executive Summary

  • Earnings: ROA of -5.35%, up 414 bps year over year; NIM at 2.40%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.83%.
  • Funding: loans stand at 65.98% of deposits as of Q3 2010.

Financial Results

Return on Assets (quarter, annualized)

-5.35%+414 bps YoY

Net Interest Margin (quarter, annualized)

2.40%+21 bps YoY

Efficiency Ratio (quarter, annualized)

207%+7,210 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2009Q4 2009Q1 2010Q2 2010Q3 2010YoY ΔTrend
Earnings
Return on Assets-9.48%-9.75%-2.19%-7.09%-5.35%+414 bps
Return on Equity-144.96%-222%-77.24%-392%-1410%-126,470 bps
Net Interest Margin2.19%2.08%2.16%2.22%2.40%+21 bps
Efficiency Ratio135.01%150.11%150.98%360%207%+7,210 bps
Non-Interest Burden3.20%3.52%3.72%7.37%5.05%+184 bps
Growth
Asset Growth (YoY)-4.55%-1.53%-4.40%-11.37%-4.33%+22 bps
Loan Growth (YoY)-10.65%-14.06%-13.82%-15.80%-13.74%-309 bps
Deposit Growth (YoY)1.99%6.07%2.08%-5.37%1.93%-7 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans6.79%11.94%1.41%4.11%1.83%-496 bps
Allowance / Loans4.20%4.52%4.44%4.40%5.06%+87 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 Capital8.11%5.23%4.54%2.09%-0.72%-883 bps
Equity / Assets5.73%3.09%2.58%1.02%-0.29%-602 bps
Liquidity & Funding
Loans / Deposits77.96%69.72%68.76%65.35%65.98%-1,198 bps
Liquid Assets / Assets0.19%0.00%0.00%5.96%4.62%+443 bps
CRE / Total Capitaln/an/an/an/an/an/an/a