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Summit National Bank

Greenville, SC · Cert 33003

FDIC

Q2 2005

$351.7MAssets
$255.5MLoans
$276.1MDeposits
$29.7MEquity
Loan mix
65%RE $64.7M35%C&I $34.9M0%Consumer $0.4MQ2 2004Q2 2005
Deposit mix
85%Interest-bearing $233.4M15%Noninterest $42.7MQ2 2004Q2 2005

NIM

5.02%Q2 ’034.61%Q2 ’045.77%Q2 ’05-2%+22%

Non-interest income vs. expense

2.27%Q2 ’032.07%Q2 ’048.57%Q2 ’05-1%+445%

Executive Summary

  • Earnings: ROA of -2.74%, down 405 bps year over year; NIM at 3.93%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.08%.
  • Funding: loans stand at 92.51% of deposits as of Q2 2005.

Financial Results

Return on Assets (quarter, annualized)

-2.74%-405 bps YoY

Net Interest Margin (quarter, annualized)

3.93%+71 bps YoY

Efficiency Ratio (quarter, annualized)

193.96%+13,971 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2004Q3 2004Q4 2004Q1 2005Q2 2005YoY ΔTrend
Earnings
Return on Assets1.31%1.35%1.45%1.34%-2.74%-405 bps
Return on Equity15.27%14.99%15.00%13.90%-30.47%-4,574 bps
Net Interest Margin3.23%3.50%3.82%3.80%3.93%+71 bps
Efficiency Ratio54.25%52.71%48.76%52.03%193.96%+13,971 bps
Non-Interest Burden1.48%1.59%1.57%1.76%8.08%+660 bps
Growth
Asset Growth (YoY)3.57%-0.70%-6.80%-1.94%5.95%+238 bps
Loan Growth (YoY)2.97%2.33%4.54%3.22%12.95%+997 bps
Deposit Growth (YoY)2.21%-4.07%-9.24%-0.24%10.04%+783 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.06%0.03%0.01%-0.02%0.08%+2 bps
Allowance / Loans1.48%1.46%1.43%1.43%1.41%-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 Capital13.00%13.42%13.05%13.03%11.79%-121 bps
Equity / Assets8.52%9.51%9.77%9.58%8.46%-7 bps
Liquidity & Funding
Loans / Deposits90.13%94.03%101.97%97.90%92.51%+238 bps
Liquid Assets / Assets1.46%1.13%0.05%0.77%1.21%-25 bps
CRE / Total Capitaln/an/an/an/an/an/an/a