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Progressive State Bank

Lumberton, NC · Cert 32349

FDIC

Q2 2006

$63.4MAssets
$34.6MLoans
$55.7MDeposits
$7.2MEquity
Loan mix
42%RE $9.5M53%C&I $12.1M5%Consumer $1.2MQ2 2005Q2 2006
Deposit mix
78%Interest-bearing $43.3M22%Noninterest $12.4MQ2 2005Q2 2006

NIM

5.69%Q2 ’046.02%Q2 ’056.29%Q2 ’06+2%-12%

Non-interest income vs. expense

4.18%Q2 ’044.30%Q2 ’053.94%Q2 ’06+0%-16%

Executive Summary

  • Earnings: ROA of 0.92%, down 11 bps year over year; NIM at 4.15%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.21%.
  • Funding: loans stand at 62.15% of deposits as of Q2 2006.

Financial Results

Return on Assets (quarter, annualized)

0.92%-11 bps YoY

Net Interest Margin (quarter, annualized)

4.15%-59 bps YoY

Efficiency Ratio (quarter, annualized)

72.88%-64 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2005Q3 2005Q4 2005Q1 2006Q2 2006YoY ΔTrend
Earnings
Return on Assets1.03%0.98%1.12%0.95%0.92%-11 bps
Return on Equity8.73%8.26%9.20%8.09%8.22%-51 bps
Net Interest Margin4.74%4.60%4.51%4.28%4.15%-59 bps
Efficiency Ratio73.51%73.69%71.03%74.74%72.88%-64 bps
Non-Interest Burden3.19%3.09%2.81%2.86%2.69%-50 bps
Growth
Asset Growth (YoY)-3.97%3.00%3.03%10.20%8.72%+1,269 bps
Loan Growth (YoY)5.80%4.97%-0.96%-0.34%0.15%-565 bps
Deposit Growth (YoY)-5.14%2.77%2.65%10.79%9.22%+1,436 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.17%-0.66%0.02%0.00%0.21%+3 bps
Allowance / Loans2.23%2.48%2.48%2.46%2.35%+12 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 Capital20.11%20.93%21.41%19.95%19.91%-20 bps
Equity / Assets11.92%11.91%12.38%11.08%11.39%-53 bps
Liquidity & Funding
Loans / Deposits67.78%63.78%65.57%59.92%62.15%-562 bps
Liquid Assets / Assets16.13%20.63%13.28%19.57%20.22%+410 bps
CRE / Total Capitaln/an/an/an/an/an/an/a