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Cypress Bank

Palm Coast, FL · Cert 35108

FDIC

Q1 2008

$284.4MAssets
$220.2MLoans
$212.6MDeposits
$52.1MEquity
Loan mix
81%RE $119.0M19%C&I $28.1M0%Consumer $0.0MQ1 2007Q1 2008
Deposit mix
81%Interest-bearing $172.5M19%Noninterest $40.1MQ1 2007Q1 2008

NIM

5.86%Q1 ’066.33%Q1 ’072.35%Q1 ’08-8%-60%

Non-interest income vs. expense

2.16%Q1 ’062.13%Q1 ’070.94%Q1 ’08-1%-58%

Executive Summary

  • Earnings: ROA of 0.51%, down 78 bps year over year; NIM at 1.61%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.72%.
  • Funding: loans stand at 103.60% of deposits as of Q1 2008.

Financial Results

Return on Assets (quarter, annualized)

0.51%-78 bps YoY

Net Interest Margin (quarter, annualized)

1.61%-239 bps YoY

Efficiency Ratio (quarter, annualized)

52.33%+655 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2007Q2 2007Q3 2007Q4 2007Q1 2008YoY ΔTrend
Earnings
Return on Assets1.30%1.35%1.33%1.09%0.51%-78 bps
Return on Equity8.15%8.59%8.18%6.58%2.94%-520 bps
Net Interest Margin4.00%3.95%3.95%3.76%1.61%-239 bps
Efficiency Ratio45.78%45.71%46.26%54.71%52.33%+655 bps
Non-Interest Burden1.79%1.74%1.67%1.97%0.75%-105 bps
Growth
Asset Growth (YoY)4.11%-0.10%1.62%-0.27%-11.72%-1,583 bps
Loan Growth (YoY)13.60%14.91%8.72%2.69%-5.01%-1,861 bps
Deposit Growth (YoY)1.09%-0.79%1.96%6.49%-17.30%-1,839 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.01%0.20%0.72%+72 bps
Allowance / Loans1.19%1.22%1.24%1.25%0.96%-23 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 Capital11.62%12.22%12.49%12.70%12.75%+113 bps
Equity / Assets15.70%15.76%16.67%16.60%18.34%+264 bps
Liquidity & Funding
Loans / Deposits90.19%86.52%89.73%89.74%103.60%+1,340 bps
Liquid Assets / Assets5.39%5.10%5.08%4.81%0.04%-535 bps
CRE / Total Capitaln/an/an/an/an/an/an/a