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Pinebank, National Association

Miami, FL · Cert 33437

FDIC

Q2 2006

$412.7MAssets
$366.9MLoans
$274.9MDeposits
$35.3MEquity
Deposit mix
86%Interest-bearing $237.3M14%Noninterest $37.6MQ2 2005Q2 2006

NIM

4.61%Q2 ’045.13%Q2 ’055.94%Q2 ’06-13%-13%

Non-interest income vs. expense

2.75%Q2 ’042.68%Q2 ’052.82%Q2 ’06+8%+14%

Executive Summary

  • Earnings: ROA of -0.03%, down 48 bps year over year; NIM at 2.49%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 133.46% of deposits as of Q2 2006.

Financial Results

Return on Assets (quarter, annualized)

-0.03%-48 bps YoY

Net Interest Margin (quarter, annualized)

2.49%-36 bps YoY

Efficiency Ratio (quarter, annualized)

101.87%+2,072 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2005Q3 2005Q4 2005Q1 2006Q2 2006YoY ΔTrend
Earnings
Return on Assets0.44%0.39%0.34%0.12%-0.03%-48 bps
Return on Equity5.56%4.61%3.85%1.40%-0.40%-595 bps
Net Interest Margin2.85%2.54%2.83%2.97%2.49%-36 bps
Efficiency Ratio81.15%78.71%92.71%93.29%101.87%+2,072 bps
Non-Interest Burden2.23%1.92%2.60%2.75%2.54%+31 bps
Growth
Asset Growth (YoY)9.57%-2.06%-9.40%-5.56%-3.15%-1,272 bps
Loan Growth (YoY)6.52%-2.40%-5.78%3.59%5.66%-86 bps
Deposit Growth (YoY)-6.69%-18.42%-12.98%-5.56%-2.31%+438 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%-0.05%0.00%-0.05%0.00%0 bps
Allowance / Loansn/an/an/an/an/an/an/a
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 Capital26.45%27.24%25.85%24.80%24.23%-222 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits123.39%130.76%131.66%130.49%133.46%+1,007 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a