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Waccamaw Bank

Whiteville, NC · Cert 34515

FDIC

Q1 2012

$533.1MAssets
$327.8MLoans
$472.7MDeposits
$3.2MEquity
Loan mix
91%RE $272.8M5%C&I $14.7M4%Consumer $12.0MQ1 2011Q1 2012
Deposit mix
91%Interest-bearing $429.3M9%Noninterest $43.4MQ1 2011Q1 2012

NIM

4.12%Q1 ’103.77%Q1 ’113.39%Q1 ’12+4%-10%

Non-interest income vs. expense

2.49%Q1 ’102.66%Q1 ’113.63%Q1 ’12+15%+58%

Executive Summary

  • Earnings: ROA of -2.54%, down 276 bps year over year; NIM at 2.19%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 3.40%.
  • Funding: loans stand at 69.34% of deposits as of Q1 2012.

Financial Results

Return on Assets (quarter, annualized)

-2.54%-276 bps YoY

Net Interest Margin (quarter, annualized)

2.19%-24 bps YoY

Efficiency Ratio (quarter, annualized)

120.35%+4,028 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2011Q2 2011Q3 2011Q4 2011Q1 2012YoY ΔTrend
Earnings
Return on Assets0.23%-1.26%-7.80%-5.70%-2.54%-276 bps
Return on Equity4.67%-27.19%-218%-292%-276%-28,075 bps
Net Interest Margin2.43%2.36%2.30%2.14%2.19%-24 bps
Efficiency Ratio80.07%92.81%172.27%250%120.35%+4,028 bps
Non-Interest Burden1.78%2.13%4.64%6.59%2.81%+103 bps
Growth
Asset Growth (YoY)0.19%1.64%3.59%1.81%-9.10%-928 bps
Loan Growth (YoY)15.47%14.00%14.49%-16.13%-17.12%-3,259 bps
Deposit Growth (YoY)1.10%3.30%9.66%8.20%-4.25%-535 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans3.11%0.56%10.43%3.56%3.40%+29 bps
Allowance / Loans3.39%4.07%4.32%4.06%4.18%+80 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 Capital8.60%8.45%5.87%3.99%2.49%-611 bps
Equity / Assets4.72%4.52%2.66%1.22%0.61%-412 bps
Liquidity & Funding
Loans / Deposits80.11%77.52%69.58%68.94%69.34%-1,077 bps
Liquid Assets / Assets9.23%10.08%17.41%17.08%16.97%+774 bps
CRE / Total Capitaln/an/an/an/an/an/an/a