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First National Bank of the South

Milledgeville, GA · Cert 27543

FDIC

Q2 2008

$206.0MAssets
$118.9MLoans
$154.8MDeposits
$36.1MEquity
Loan mix
88%RE $91.9M12%C&I $12.3M1%Consumer $0.6MQ2 2007Q2 2008
Deposit mix
88%Interest-bearing $135.9M12%Noninterest $18.9MQ2 2007Q2 2008

NIM

6.00%Q2 ’066.33%Q2 ’07-2.72%Q2 ’08-8%-128%

Non-interest income vs. expense

2.81%Q2 ’062.69%Q2 ’07-1.47%Q2 ’08-5%-172%

Executive Summary

  • Earnings: ROA of 0.65%, down 31 bps year over year; NIM at -0.95%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.96%.
  • Funding: loans stand at 76.81% of deposits as of Q2 2008.

Financial Results

Return on Assets (quarter, annualized)

0.65%-31 bps YoY

Net Interest Margin (quarter, annualized)

-0.95%-435 bps YoY

Efficiency Ratio (quarter, annualized)

80.53%+1,864 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2007Q3 2007Q4 2007Q1 2008Q2 2008YoY ΔTrend
Earnings
Return on Assets0.96%1.08%0.87%-0.44%0.65%-31 bps
Return on Equity5.13%5.77%4.63%-2.38%3.63%-150 bps
Net Interest Margin3.40%3.40%3.02%2.15%-0.95%-435 bps
Efficiency Ratio61.89%59.29%66.65%96.80%80.53%+1,864 bps
Non-Interest Burden1.95%1.83%1.94%2.19%-1.40%-335 bps
Growth
Asset Growth (YoY)5.87%2.50%2.10%0.86%-2.79%-866 bps
Loan Growth (YoY)1.74%3.95%8.06%7.45%-16.36%-1,810 bps
Deposit Growth (YoY)10.71%2.63%2.04%2.68%1.98%-872 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.58%-0.01%0.28%0.78%-0.96%-38 bps
Allowance / Loans1.30%1.29%1.17%1.28%8.24%+695 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 Capital11.79%11.90%11.60%10.70%11.86%+8 bps
Equity / Assets18.64%18.79%18.70%18.30%17.54%-110 bps
Liquidity & Funding
Loans / Deposits93.67%94.73%97.02%96.31%76.81%-1,685 bps
Liquid Assets / Assets0.02%0.01%0.02%0.03%0.03%+1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a