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Bank of Wilmington

Wilmington, NC · Cert 34639

FDIC

Q1 2009

$492.4MAssets
$385.0MLoans
$402.8MDeposits
$29.6MEquity
Loan mix
95%RE $310.8M4%C&I $14.3M0%Consumer $0.4MQ1 2008Q1 2009
Deposit mix
95%Interest-bearing $380.7M5%Noninterest $22.1MQ1 2008Q1 2009

NIM

7.19%Q1 ’076.27%Q1 ’084.51%Q1 ’09-22%-37%

Non-interest income vs. expense

2.59%Q1 ’072.82%Q1 ’082.91%Q1 ’09+6%+15%

Executive Summary

  • Earnings: ROA of -1.53%, down 127 bps year over year; NIM at 1.52%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.62%.
  • Funding: loans stand at 95.59% of deposits as of Q1 2009.

Financial Results

Return on Assets (quarter, annualized)

-1.53%-127 bps YoY

Net Interest Margin (quarter, annualized)

1.52%-91 bps YoY

Efficiency Ratio (quarter, annualized)

179.62%+7,905 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2008Q2 2008Q3 2008Q4 2008Q1 2009YoY ΔTrend
Earnings
Return on Assets-0.26%-0.28%-3.13%-0.56%-1.53%-127 bps
Return on Equity-3.21%-3.63%-46.09%-8.72%-24.31%-2,110 bps
Net Interest Margin2.43%2.11%2.19%1.81%1.52%-91 bps
Efficiency Ratio100.58%109.35%117.17%94.82%179.62%+7,905 bps
Non-Interest Burden2.45%2.34%2.62%1.71%2.82%+37 bps
Growth
Asset Growth (YoY)4.89%12.39%8.23%1.98%4.78%-11 bps
Loan Growth (YoY)8.86%14.17%11.30%5.35%2.60%-626 bps
Deposit Growth (YoY)4.83%9.96%8.25%3.68%0.91%-392 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.37%0.69%0.10%4.22%0.62%+25 bps
Allowance / Loans1.66%1.52%2.97%2.23%2.32%+66 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 Capital10.78%10.30%9.21%8.11%7.53%-326 bps
Equity / Assets7.98%7.36%6.23%6.61%6.02%-197 bps
Liquidity & Funding
Loans / Deposits94.01%95.25%96.25%97.26%95.59%+157 bps
Liquid Assets / Assets0.83%2.15%0.15%0.09%0.14%-69 bps
CRE / Total Capitaln/an/an/an/an/an/an/a