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Letter portraitLegal landscapeQuarterYTD

Bank of Currituck, The

Moyock, NC · Cert 2039

FDIC

Q3 2010

$172.6MAssets
$109.7MLoans
$159.5MDeposits
$10.4MEquity
Loan mix
97%RE $99.6M3%C&I $3.0M0%Consumer $0.1MQ3 2009Q3 2010
Deposit mix
86%Interest-bearing $137.2M14%Noninterest $22.2MQ3 2009Q3 2010

NIM

6.58%Q3 ’084.76%Q3 ’094.44%Q3 ’10-32%+7%

Non-interest income vs. expense

3.66%Q3 ’083.13%Q3 ’093.76%Q3 ’10-18%+34%

Executive Summary

  • Earnings: ROA of -0.37%, up 175 bps year over year; NIM at 2.99%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 2.64%.
  • Funding: loans stand at 68.77% of deposits as of Q3 2010.

Financial Results

Return on Assets (YTD, annualized)

-0.37%+175 bps YoY

Net Interest Margin (YTD, annualized)

2.99%+20 bps YoY

Efficiency Ratio (YTD, annualized)

111.29%+1,936 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2009Q4 2009Q1 2010Q2 2010Q3 2010YoY ΔTrend
Earnings
Return on Assets-2.11%-6.40%0.01%0.22%-0.37%+175 bps
Return on Equity-21.37%-70.85%0.11%3.84%-6.31%+1,506 bps
Net Interest Margin2.79%3.00%2.53%3.00%2.99%+20 bps
Efficiency Ratio91.93%164.98%99.80%93.58%111.29%+1,936 bps
Non-Interest Burden2.52%4.26%2.52%2.77%3.38%+86 bps
Growth
Asset Growth (YoY)13.53%1.90%-0.18%-6.78%-14.60%-2,813 bps
Loan Growth (YoY)-4.55%-6.90%-8.11%-10.48%-16.55%-1,200 bps
Deposit Growth (YoY)25.65%16.77%12.18%-2.59%-9.99%-3,564 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans2.11%4.78%-0.85%1.33%2.64%+53 bps
Allowance / Loans2.49%4.49%4.77%4.04%3.25%+75 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 Capital14.64%9.09%9.35%9.54%9.81%-483 bps
Equity / Assets9.72%5.57%5.53%6.15%6.03%-369 bps
Liquidity & Funding
Loans / Deposits74.18%72.22%69.07%72.79%68.77%-541 bps
Liquid Assets / Assets6.71%8.53%12.45%6.00%13.27%+656 bps
CRE / Total Capitaln/an/an/an/an/an/an/a