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Letter portraitLegal landscapeQuarterYTD

Southern Heritage Bank

Oakwood, GA · Cert 34593

FDIC

Q2 2004

$117.7MAssets
$100.0MLoans
$102.1MDeposits
$13.2MEquity
Loan mix
80%RE $33.0M20%C&I $8.1M0%Consumer $0.0MQ2 2003Q2 2004
Deposit mix
83%Interest-bearing $84.6M17%Noninterest $17.6MQ2 2003Q2 2004

NIM

6.86%Q2 ’025.85%Q2 ’035.82%Q2 ’04-18%+14%

Non-interest income vs. expense

3.33%Q2 ’022.81%Q2 ’032.85%Q2 ’04-28%+12%

Executive Summary

  • Earnings: ROA of 1.11%, up 33 bps year over year; NIM at 4.07%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.07%.
  • Funding: loans stand at 97.90% of deposits as of Q2 2004.

Financial Results

Return on Assets (YTD, annualized)

1.11%+33 bps YoY

Net Interest Margin (YTD, annualized)

4.07%+51 bps YoY

Efficiency Ratio (YTD, annualized)

59.87%-341 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2003Q3 2003Q4 2003Q1 2004Q2 2004YoY ΔTrend
Earnings
Return on Assets0.79%0.60%0.45%1.11%1.11%+33 bps
Return on Equity7.95%5.92%4.39%10.17%10.12%+217 bps
Net Interest Margin3.56%3.49%3.68%4.29%4.07%+51 bps
Efficiency Ratio63.28%62.66%61.90%57.58%59.87%-341 bps
Non-Interest Burden1.93%1.88%1.98%2.17%2.16%+23 bps
Growth
Asset Growth (YoY)65.40%48.19%33.51%20.72%-0.01%-6,542 bps
Loan Growth (YoY)62.47%52.54%36.34%30.04%12.77%-4,970 bps
Deposit Growth (YoY)71.89%51.40%34.28%19.17%1.18%-7,071 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.02%0.02%1.05%0.10%0.07%+5 bps
Allowance / Loans1.22%1.60%1.07%1.06%1.11%-11 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 Capital14.06%14.12%13.34%12.90%14.25%+19 bps
Equity / Assets10.64%10.88%10.93%10.93%11.18%+55 bps
Liquidity & Funding
Loans / Deposits87.84%93.64%98.80%103.74%97.90%+1,006 bps
Liquid Assets / Assets0.00%0.01%0.03%0.02%0.01%+1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a