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New Commerce Bank, N.A.

Greenville, SC · Cert 35082

FDIC

Q1 2005

$97.4MAssets
$70.5MLoans
$79.9MDeposits
$7.6MEquity
Loan mix
58%RE $16.2M42%C&I $11.8M0%Consumer $0.1MQ1 2004Q1 2005
Deposit mix
87%Interest-bearing $69.4M13%Noninterest $10.5MQ1 2004Q1 2005

NIM

5.07%Q1 ’034.55%Q1 ’045.59%Q1 ’05-6%+16%

Non-interest income vs. expense

3.75%Q1 ’033.20%Q1 ’043.55%Q1 ’05-17%+19%

Executive Summary

  • Earnings: ROA of 0.28%, up 10 bps year over year; NIM at 3.75%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.02%.
  • Funding: loans stand at 88.32% of deposits as of Q1 2005.

Financial Results

Return on Assets (quarter, annualized)

0.28%+10 bps YoY

Net Interest Margin (quarter, annualized)

3.75%+51 bps YoY

Efficiency Ratio (quarter, annualized)

85.48%+123 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets0.18%0.23%-1.32%-0.93%0.28%+10 bps
Return on Equity2.09%2.75%-15.25%-11.26%3.49%+140 bps
Net Interest Margin3.23%3.23%3.38%3.55%3.75%+51 bps
Efficiency Ratio84.25%86.84%70.72%111.54%85.48%+123 bps
Non-Interest Burden2.63%2.72%2.25%4.02%3.14%+51 bps
Growth
Asset Growth (YoY)46.76%34.37%26.27%14.42%9.18%-3,759 bps
Loan Growth (YoY)43.17%31.62%23.52%17.79%15.44%-2,773 bps
Deposit Growth (YoY)59.59%34.44%24.77%11.59%3.52%-5,607 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.76%-0.03%4.77%-0.01%-0.02%-78 bps
Allowance / Loans1.10%1.11%1.02%1.33%1.35%+25 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 Capital11.31%12.45%11.55%11.10%10.95%-36 bps
Equity / Assets8.24%8.70%8.55%8.06%7.83%-41 bps
Liquidity & Funding
Loans / Deposits79.20%82.44%83.02%84.29%88.32%+912 bps
Liquid Assets / Assets0.63%0.28%2.80%0.19%0.22%-41 bps
CRE / Total Capitaln/an/an/an/an/an/an/a