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Florence National Bank

Florence, SC · Cert 34660

FDIC

Q3 2006

$86.4MAssets
$73.9MLoans
$70.9MDeposits
$7.4MEquity
Loan mix
59%RE $20.4M40%C&I $14.1M1%Consumer $0.3MQ3 2005Q3 2006
Deposit mix
89%Interest-bearing $62.8M11%Noninterest $8.1MQ3 2005Q3 2006

NIM

4.83%Q3 ’046.03%Q3 ’057.05%Q3 ’06+15%+6%

Non-interest income vs. expense

2.93%Q3 ’043.08%Q3 ’053.05%Q3 ’06+18%-1%

Executive Summary

  • Earnings: ROA of 0.79%, up 14 bps year over year; NIM at 3.93%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.36%.
  • Funding: loans stand at 104.30% of deposits as of Q3 2006.

Financial Results

Return on Assets (YTD, annualized)

0.79%+14 bps YoY

Net Interest Margin (YTD, annualized)

3.93%+24 bps YoY

Efficiency Ratio (YTD, annualized)

64.68%-410 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2005Q4 2005Q1 2006Q2 2006Q3 2006YoY ΔTrend
Earnings
Return on Assets0.65%0.58%0.83%0.85%0.79%+14 bps
Return on Equity7.71%6.75%9.42%9.78%9.17%+146 bps
Net Interest Margin3.69%3.77%3.89%3.93%3.93%+24 bps
Efficiency Ratio68.78%68.81%65.90%63.92%64.68%-410 bps
Non-Interest Burden2.29%2.36%2.31%2.25%2.27%-3 bps
Growth
Asset Growth (YoY)24.37%9.16%8.91%6.85%5.32%-1,904 bps
Loan Growth (YoY)14.86%9.25%7.19%5.08%4.20%-1,066 bps
Deposit Growth (YoY)32.19%17.11%9.97%5.42%-1.65%-3,384 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.01%0.06%0.05%0.52%0.36%+36 bps
Allowance / Loans1.16%1.29%1.30%1.20%1.39%+24 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 Capital11.38%11.37%11.08%11.36%11.59%+20 bps
Equity / Assets8.62%9.02%8.52%8.62%8.53%-9 bps
Liquidity & Funding
Loans / Deposits98.45%105.77%104.90%103.75%104.30%+586 bps
Liquid Assets / Assets0.19%0.30%0.23%0.24%0.20%+1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a