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Florida Choice Bank

Mount Dora, FL · Cert 34954

FDIC

Q1 2008

$868.8MAssets
$725.1MLoans
$674.6MDeposits
$98.3MEquity
Loan mix
90%RE $499.0M10%C&I $52.8M0%Consumer $1.1MQ1 2007Q1 2008
Deposit mix
90%Interest-bearing $607.4M10%Noninterest $67.3MQ1 2007Q1 2008

NIM

6.98%Q1 ’067.75%Q1 ’072.60%Q1 ’08+2%-68%

Non-interest income vs. expense

2.21%Q1 ’062.47%Q1 ’070.78%Q1 ’08+5%-68%

Executive Summary

  • Earnings: ROA of 0.42%, down 86 bps year over year; NIM at 1.33%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 4.34%.
  • Funding: loans stand at 107.47% of deposits as of Q1 2008.

Financial Results

Return on Assets (YTD, annualized)

0.42%-86 bps YoY

Net Interest Margin (YTD, annualized)

1.33%-288 bps YoY

Efficiency Ratio (YTD, annualized)

53.61%+932 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2007Q2 2007Q3 2007Q4 2007Q1 2008YoY ΔTrend
Earnings
Return on Assets1.27%1.92%1.61%1.27%0.42%-86 bps
Return on Equity12.25%18.81%15.80%12.46%3.87%-839 bps
Net Interest Margin4.21%3.97%4.04%3.90%1.33%-288 bps
Efficiency Ratio44.29%45.24%46.29%45.75%53.61%+932 bps
Non-Interest Burden2.04%1.77%1.86%1.74%0.65%-139 bps
Growth
Asset Growth (YoY)23.97%78.49%82.49%75.80%56.69%+3,272 bps
Loan Growth (YoY)24.13%72.89%73.56%76.77%51.94%+2,781 bps
Deposit Growth (YoY)22.85%73.82%73.31%65.19%43.48%+2,063 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.05%0.03%0.06%0.20%4.34%+429 bps
Allowance / Loans1.34%1.27%1.31%1.56%0.60%-75 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 Capital10.57%11.55%11.59%11.65%7.03%-354 bps
Equity / Assets10.37%9.98%10.12%10.29%11.32%+95 bps
Liquidity & Funding
Loans / Deposits101.49%101.59%107.30%109.51%107.47%+599 bps
Liquid Assets / Assets0.02%1.19%1.13%1.09%0.03%+1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a