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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

6.52%Q3 ’086.00%Q3 ’094.12%Q3 ’10-7%-31%

Non-interest income vs. expense

3.77%Q3 ’081.57%Q3 ’094.43%Q3 ’10-73%+413%

Executive Summary

  • Earnings: ROA of -1.62%, down 846 bps year over year; NIM at 2.81%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 4.97%.
  • Funding: loans stand at 68.77% of deposits as of Q3 2010.

Financial Results

Return on Assets (quarter, annualized)

-1.62%-846 bps YoY

Net Interest Margin (quarter, annualized)

2.81%-125 bps YoY

Efficiency Ratio (quarter, annualized)

157.39%+12,445 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2009Q4 2009Q1 2010Q2 2010Q3 2010YoY ΔTrend
Earnings
Return on Assets6.84%-18.99%0.01%0.44%-1.62%-846 bps
Return on Equity75.80%-247%0.11%7.51%-26.64%-10,245 bps
Net Interest Margin4.06%3.23%2.53%3.29%2.81%-125 bps
Efficiency Ratio32.95%164.98%99.80%88.49%157.39%+12,445 bps
Non-Interest Burden0.86%9.15%2.52%2.84%4.42%+356 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 / Loans-0.12%12.60%-0.85%3.53%4.97%+508 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