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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

4.77%Q3 ’044.85%Q3 ’055.39%Q3 ’06-4%+5%

Non-interest income vs. expense

2.06%Q3 ’042.43%Q3 ’052.45%Q3 ’06+20%-3%

Executive Summary

  • Earnings: ROA of 0.36%, up 14 bps year over year; NIM at 2.65%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.03%.
  • Funding: loans stand at 69.48% of deposits as of Q3 2006.

Financial Results

Return on Assets (quarter, annualized)

0.36%+14 bps YoY

Net Interest Margin (quarter, annualized)

2.65%+13 bps YoY

Efficiency Ratio (quarter, annualized)

82.18%-547 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2005Q4 2005Q1 2006Q2 2006Q3 2006YoY ΔTrend
Earnings
Return on Assets0.22%0.42%0.37%0.40%0.36%+14 bps
Return on Equity3.36%6.24%5.34%5.67%5.10%+174 bps
Net Interest Margin2.52%2.82%2.81%2.94%2.65%+13 bps
Efficiency Ratio87.65%81.63%81.79%81.08%82.18%-547 bps
Non-Interest Burden2.18%2.21%2.25%2.33%2.12%-6 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 / Loans0.46%0.03%-0.12%-0.09%0.03%-43 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