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Letter portraitLegal landscapeQuarterYTD

Rowan Savings Bank SSB, Inc.

China Grove, NC · Cert 32355

FDIC

Q3 2004

$164.4MAssets
$126.9MLoans
$120.9MDeposits
$23.7MEquity
Loan mix
98%RE $68.7M1%C&I $1.0M0%Consumer $0.2MQ3 2003Q3 2004
Deposit mix
95%Interest-bearing $115.3M5%Noninterest $5.6MQ3 2003Q3 2004

NIM

5.76%Q3 ’025.03%Q3 ’034.39%Q3 ’04+6%-16%

Non-interest income vs. expense

2.73%Q3 ’023.05%Q3 ’032.61%Q3 ’04-2%-14%

Executive Summary

  • Earnings: ROA of 0.45%, down 51 bps year over year; NIM at 3.02%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.71%.
  • Funding: loans stand at 104.91% of deposits as of Q3 2004.

Financial Results

Return on Assets (YTD, annualized)

0.45%-51 bps YoY

Net Interest Margin (YTD, annualized)

3.02%-56 bps YoY

Efficiency Ratio (YTD, annualized)

64.75%+98 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets0.96%0.89%0.72%0.16%0.45%-51 bps
Return on Equity5.76%5.28%4.40%1.05%2.94%-282 bps
Net Interest Margin3.58%3.51%3.10%2.99%3.02%-56 bps
Efficiency Ratio63.77%65.32%69.10%66.05%64.75%+98 bps
Non-Interest Burden1.93%1.95%1.77%1.66%1.65%-27 bps
Growth
Asset Growth (YoY)0.92%0.54%6.52%16.49%20.80%+1,988 bps
Loan Growth (YoY)5.31%2.65%13.36%24.36%25.13%+1,983 bps
Deposit Growth (YoY)0.86%-0.21%0.94%10.57%17.09%+1,623 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.19%0.29%0.01%1.10%0.71%+52 bps
Allowance / Loans1.07%1.02%0.99%1.00%1.00%-7 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 Capital13.40%13.29%11.98%10.76%10.82%-258 bps
Equity / Assets17.16%17.17%15.85%14.45%14.40%-276 bps
Liquidity & Funding
Loans / Deposits98.17%97.45%103.36%106.14%104.91%+674 bps
Liquid Assets / Assets6.02%6.78%6.23%5.94%5.74%-28 bps
CRE / Total Capitaln/an/an/an/an/an/an/a