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First National Bank of the Carolinas

Gaffney, SC · Cert 34237

FDIC

Q1 2005

$84.8MAssets
$56.5MLoans
$61.1MDeposits
$18.5MEquity
Loan mix
62%RE $13.4M37%C&I $8.1M1%Consumer $0.3MQ1 2004Q1 2005
Deposit mix
81%Interest-bearing $49.7M19%Noninterest $11.4MQ1 2004Q1 2005

NIM

5.41%Q1 ’035.38%Q1 ’045.06%Q1 ’05+10%-7%

Non-interest income vs. expense

3.44%Q1 ’034.21%Q1 ’042.59%Q1 ’05+30%-39%

Executive Summary

  • Earnings: ROA of 1.19%, up 52 bps year over year; NIM at 3.97%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.10%.
  • Funding: loans stand at 92.53% of deposits as of Q1 2005.

Financial Results

Return on Assets (quarter, annualized)

1.19%+52 bps YoY

Net Interest Margin (quarter, annualized)

3.97%-30 bps YoY

Efficiency Ratio (quarter, annualized)

53.48%-2,600 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets0.67%-0.17%1.00%1.33%1.19%+52 bps
Return on Equity7.01%-1.00%4.59%6.13%5.56%-145 bps
Net Interest Margin4.27%4.32%3.85%3.96%3.97%-30 bps
Efficiency Ratio79.48%52.63%61.24%47.64%53.48%-2,600 bps
Non-Interest Burden3.18%1.78%2.15%1.64%1.95%-123 bps
Growth
Asset Growth (YoY)-7.09%11.32%13.90%13.39%18.02%+2,511 bps
Loan Growth (YoY)6.66%8.74%2.56%0.95%1.87%-479 bps
Deposit Growth (YoY)-7.83%-3.42%-3.15%-9.91%-0.56%+726 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.05%-0.01%-0.08%0.42%0.10%+15 bps
Allowance / Loans1.22%1.24%1.34%1.26%1.31%+9 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 Capital14.16%10.71%10.93%13.66%15.38%+123 bps
Equity / Assets11.01%21.52%22.18%21.11%21.83%+1,083 bps
Liquidity & Funding
Loans / Deposits90.32%94.70%95.19%99.47%92.53%+222 bps
Liquid Assets / Assets0.21%0.17%0.16%1.43%2.13%+192 bps
CRE / Total Capitaln/an/an/an/an/an/an/a