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Independent National Bank

Ocala, FL · Cert 27344

FDIC

Q2 2010

$156.2MAssets
$117.8MLoans
$141.9MDeposits
$3.1MEquity
Loan mix
95%RE $98.3M4%C&I $4.6M0%Consumer $0.3MQ2 2009Q2 2010
Deposit mix
90%Interest-bearing $127.5M10%Noninterest $14.4MQ2 2009Q2 2010

NIM

5.57%Q2 ’084.79%Q2 ’094.46%Q2 ’10-9%+6%

Non-interest income vs. expense

3.09%Q2 ’083.48%Q2 ’093.88%Q2 ’10+28%+15%

Executive Summary

  • Earnings: ROA of -2.31%, down 139 bps year over year; NIM at 2.82%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.41%.
  • Funding: loans stand at 83.00% of deposits as of Q2 2010.

Financial Results

Return on Assets (quarter, annualized)

-2.31%-139 bps YoY

Net Interest Margin (quarter, annualized)

2.82%+15 bps YoY

Efficiency Ratio (quarter, annualized)

137.69%+1,214 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2009Q3 2009Q4 2009Q1 2010Q2 2010YoY ΔTrend
Earnings
Return on Assets-0.92%-1.96%-16.18%-6.52%-2.31%-139 bps
Return on Equity-12.64%-27.03%-282%-204%-105.29%-9,265 bps
Net Interest Margin2.67%2.71%2.47%2.47%2.82%+15 bps
Efficiency Ratio125.55%115.71%187.36%145.05%137.69%+1,214 bps
Non-Interest Burden3.38%3.18%4.44%3.77%3.88%+51 bps
Growth
Asset Growth (YoY)-2.87%-5.73%-19.02%-23.26%-24.92%-2,204 bps
Loan Growth (YoY)-5.52%-7.34%-12.39%-15.73%-18.21%-1,268 bps
Deposit Growth (YoY)-1.06%-4.21%-15.88%-20.12%-22.07%-2,100 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.69%3.27%10.96%4.83%1.41%-29 bps
Allowance / Loans1.50%1.50%3.64%4.33%4.71%+321 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 Capital11.39%10.61%6.47%4.58%3.98%-741 bps
Equity / Assets7.24%7.26%3.95%2.40%1.98%-526 bps
Liquidity & Funding
Loans / Deposits79.08%80.84%86.85%85.08%83.00%+392 bps
Liquid Assets / Assets0.16%0.17%0.05%0.05%0.09%-7 bps
CRE / Total Capitaln/an/an/an/an/an/an/a