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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

5.75%Q3 ’024.86%Q3 ’034.77%Q3 ’04-2%-8%

Non-interest income vs. expense

2.88%Q3 ’022.87%Q3 ’032.63%Q3 ’04-11%-1%

Executive Summary

  • Earnings: ROA of 0.97%, down 4 bps year over year; NIM at 3.29%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.04%.
  • Funding: loans stand at 104.91% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

0.97%-4 bps YoY

Net Interest Margin (quarter, annualized)

3.29%-30 bps YoY

Efficiency Ratio (quarter, annualized)

62.32%+200 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets1.01%0.67%0.72%-0.35%0.97%-4 bps
Return on Equity6.00%3.88%4.40%-2.31%6.72%+72 bps
Net Interest Margin3.59%3.30%3.10%3.18%3.29%-30 bps
Efficiency Ratio60.32%70.27%69.10%63.14%62.32%+200 bps
Non-Interest Burden1.78%2.03%1.77%1.72%1.75%-2 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 / Loans0.52%0.58%0.01%2.19%-0.04%-57 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