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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 $0.3MQ4 2004Q3 2006
Deposit mix
89%Interest-bearing $62.8M11%Noninterest $8.1MQ4 2004Q3 2006

Executive Summary

  • Earnings: ROA of 0.68%, down 16 bps year over year; NIM at 3.95%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.02%.
  • Funding: loans stand at 104.30% of deposits as of Q3 2006.

Return on Assets (quarter, annualized)

0.68%-16 bps YoY

Net Interest Margin (quarter, annualized)

3.95%+6 bps YoY

Efficiency Ratio (quarter, annualized)

66.15%+219 bps YoY

Tier 1 Leverage Ratio

n/a
n/a

NIM

5.21%Q3 ’046.46%Q3 ’057.33%Q3 ’06+12%+2%

Non-interest income vs. expense

2.78%Q3 ’043.08%Q3 ’053.19%Q3 ’06+15%+8%

Discrete quarter, annualized.

MetricQ4 2004Q1 2005Q2 2005Q3 2005Q4 2005Q1 2006Q2 2006Q3 2006YoY ΔTrend
Earnings
Return on Assets0.39%0.44%0.67%0.84%0.35%0.83%0.87%0.68%-16 bps
Return on Equity4.39%5.26%7.96%9.68%4.00%9.42%10.14%7.96%-172 bps
Net Interest Margin3.65%3.57%3.94%3.89%3.95%3.89%4.06%3.95%+6 bps
Efficiency Ratio55.90%76.38%67.34%63.95%68.89%65.90%62.06%66.15%+219 bps
Non-Interest Burden1.61%2.58%2.37%2.15%2.51%2.31%2.24%2.32%+16 bps
Growth
Asset Growth (YoY)26.82%28.90%26.78%24.37%9.16%8.91%6.85%5.32%-1,904 bps
Loan Growth (YoY)33.08%40.29%24.56%14.86%9.25%7.19%5.08%4.20%-1,066 bps
Deposit Growth (YoY)23.48%29.49%29.44%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%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.67%0.00%0.01%0.02%0.21%0.05%0.99%0.02%0 bps
Allowance / Loans0.85%0.89%1.03%1.16%1.29%1.30%1.20%1.39%+24 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/an/an/an/a
Total Risk-Based Capital10.54%10.11%11.01%11.38%11.37%11.08%11.36%11.59%+20 bps
Equity / Assets8.55%8.06%8.70%8.62%9.02%8.52%8.62%8.53%-9 bps
Liquidity & Funding
Loans / Deposits113.37%107.62%104.09%98.45%105.77%104.90%103.75%104.30%+586 bps
Liquid Assets / Assets0.12%0.08%0.11%0.19%0.30%0.23%0.24%0.20%+1 bps
CRE / Total Capitaln/an/an/an/an/an/an/an/an/an/a