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Belk National Bank

Lawrenceville, GA · Cert 34963

FDIC

Q4 2005

$12.9MAssets
$3.6MLoans
$6.0MDeposits
$3.1MEquity
Deposit mix
8%Interest-bearing $0.5M92%Noninterest $5.5MQ4 2004Q4 2005

NIM

0.65%Q4 ’031.05%Q4 ’041.96%Q4 ’05+11%+110%

Non-interest income vs. expense

3.78%Q4 ’033.16%Q4 ’043.10%Q4 ’05-16%+11%

Executive Summary

  • Earnings: ROA of 4.54%, up 29 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 0.00%.
  • Funding: loans stand at 59.47% of deposits as of Q4 2005.

Financial Results

Return on Assets (quarter, annualized)

4.54%+29 bps YoY

Net Interest Margin (quarter, annualized)

1.52%+80 bps YoY

Efficiency Ratio (quarter, annualized)

22.98%+13 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2004Q1 2005Q2 2005Q3 2005Q4 2005YoY ΔTrend
Earnings
Return on Assets4.25%1.61%2.53%2.88%4.54%+29 bps
Return on Equity15.10%6.50%8.05%7.89%15.72%+62 bps
Net Interest Margin0.72%1.11%1.47%1.58%1.52%+80 bps
Efficiency Ratio22.86%51.63%46.86%45.29%22.98%+13 bps
Non-Interest Burden-9.94%-4.38%-5.37%-4.80%-8.86%+108 bps
Growth
Asset Growth (YoY)60.49%40.27%-1.59%14.91%2.67%-5,781 bps
Loan Growth (YoY)225%27.27%-32.03%-1.66%-13.29%-23,833 bps
Deposit Growth (YoY)37.50%66.67%0.00%16.67%9.09%-2,841 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.00%0.00%0.00%0.00%0.00%0 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 Capital44.88%66.61%90.66%94.40%52.11%+723 bps
Equity / Assets22.27%27.84%36.09%36.98%23.86%+159 bps
Liquidity & Funding
Loans / Deposits74.82%43.96%40.74%37.26%59.47%-1,535 bps
Liquid Assets / Assets66.50%76.90%5.27%81.95%71.42%+492 bps
CRE / Total Capitaln/an/an/an/an/an/an/a