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Shenandoah National Bank

Staunton, VA · Cert 34199

FDIC

Q3 2006

$116.9MAssets
$74.2MLoans
$106.8MDeposits
$8.2MEquity
Deposit mix
84%Interest-bearing $89.7M16%Noninterest $17.1MQ3 2005Q3 2006

NIM

5.05%Q3 ’044.74%Q3 ’055.30%Q3 ’06-13%+10%

Non-interest income vs. expense

2.01%Q3 ’042.35%Q3 ’052.50%Q3 ’06+21%+6%

Executive Summary

  • Earnings: ROA of 0.37%, up 9 bps year over year; NIM at 2.76%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.06%.
  • Funding: loans stand at 69.48% of deposits as of Q3 2006.

Financial Results

Return on Assets (YTD, annualized)

0.37%+9 bps YoY

Net Interest Margin (YTD, annualized)

2.76%+25 bps YoY

Efficiency Ratio (YTD, annualized)

81.68%-274 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2005Q4 2005Q1 2006Q2 2006Q3 2006YoY ΔTrend
Earnings
Return on Assets0.28%0.32%0.37%0.38%0.37%+9 bps
Return on Equity4.34%4.82%5.34%5.51%5.37%+102 bps
Net Interest Margin2.51%2.59%2.81%2.90%2.76%+25 bps
Efficiency Ratio84.42%83.63%81.79%81.43%81.68%-274 bps
Non-Interest Burden2.08%2.11%2.25%2.31%2.20%+12 bps
Growth
Asset Growth (YoY)-0.23%-0.24%-2.05%-2.76%-0.49%-26 bps
Loan Growth (YoY)11.15%9.60%-0.71%-0.79%-2.72%-1,387 bps
Deposit Growth (YoY)-0.65%-0.63%-2.54%-3.27%-0.95%-30 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.13%0.11%-0.12%-0.10%-0.06%-18 bps
Allowance / Loans1.20%1.24%1.33%1.41%1.35%+15 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 Capital13.24%13.31%13.83%14.02%13.82%+59 bps
Equity / Assets6.61%6.73%6.95%7.15%7.02%+41 bps
Liquidity & Funding
Loans / Deposits70.74%69.69%68.79%68.52%69.48%-126 bps
Liquid Assets / Assets25.08%26.69%26.70%27.63%28.14%+306 bps
CRE / Total Capitaln/an/an/an/an/an/an/a