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Letter portraitLegal landscapeQuarterYTD

Bedford Federal Savings Bank, National Association

Bedford, VA · Cert 29550

FDIC

Q1 2006

$313.2MAssets
$267.7MLoans
$218.7MDeposits
$48.4MEquity
Loan mix
96%RE $171.6M4%C&I $7.8M0%Consumer $0.1MQ1 2005Q1 2006
Deposit mix
89%Interest-bearing $194.3M11%Noninterest $24.4MQ1 2005Q1 2006

NIM

4.29%Q4 ’044.64%Q1 ’055.76%Q1 ’06+0%+15%

Non-interest income vs. expense

1.57%Q4 ’041.77%Q1 ’051.94%Q1 ’06-67%+292%

Executive Summary

  • Earnings: ROA of 1.16%, down 38 bps year over year; NIM at 3.43%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 122.41% of deposits as of Q1 2006.

Financial Results

Return on Assets (YTD, annualized)

1.16%-38 bps YoY

Net Interest Margin (YTD, annualized)

3.43%+44 bps YoY

Efficiency Ratio (YTD, annualized)

47.08%+1,008 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2005Q2 2005Q3 2005Q4 2005Q1 2006YoY ΔTrend
Earnings
Return on Assets1.54%1.17%1.23%1.29%1.16%-38 bps
Return on Equity10.31%7.82%8.11%8.49%7.49%-282 bps
Net Interest Margin2.99%3.01%3.03%3.17%3.43%+44 bps
Efficiency Ratio37.00%41.54%42.80%42.74%47.08%+1,008 bps
Non-Interest Burden0.39%0.90%1.04%1.14%1.54%+115 bps
Growth
Asset Growth (YoY)2.01%2.41%-0.26%-2.60%-0.48%-249 bps
Loan Growth (YoY)3.48%2.70%1.88%-2.15%1.18%-230 bps
Deposit Growth (YoY)6.64%-0.73%0.64%3.98%8.40%+177 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.02%0.01%0.01%0.01%0.00%-2 bps
Allowance / Loans0.79%0.88%0.84%0.77%0.77%-3 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 Capital11.80%11.95%12.10%11.72%11.79%-1 bps
Equity / Assets15.00%15.03%15.74%15.55%15.47%+46 bps
Liquidity & Funding
Loans / Deposits131.15%136.34%127.06%122.80%122.41%-874 bps
Liquid Assets / Assets0.35%0.38%0.42%0.14%0.07%-29 bps
CRE / Total Capitaln/an/an/an/an/an/an/a