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Letter portraitLegal landscapeQuarterYTD

Bank of the South

Mount Juliet, TN · Cert 57152

FDIC

Q4 2007

$566.7MAssets
$371.6MLoans
$460.8MDeposits
$97.9MEquity
Loan mix
80%RE $248.1M20%C&I $63.7M0%Consumer $0.0MQ4 2006Q4 2007
Deposit mix
97%Interest-bearing $445.3M3%Noninterest $15.5MQ4 2006Q4 2007

NIM

5.21%Q4 ’052.19%Q4 ’060.50%Q4 ’07-66%-78%

Non-interest income vs. expense

2.69%Q4 ’050.96%Q4 ’060.17%Q4 ’07-66%-82%

Executive Summary

  • Earnings: ROA of 0.06%, down 17 bps year over year; NIM at 0.25%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.03%.
  • Funding: loans stand at 80.63% of deposits as of Q4 2007.

Financial Results

Return on Assets (YTD, annualized)

0.06%-17 bps YoY

Net Interest Margin (YTD, annualized)

0.25%-86 bps YoY

Efficiency Ratio (YTD, annualized)

56.66%-994 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2006Q1 2007Q2 2007Q3 2007Q4 2007YoY ΔTrend
Earnings
Return on Assets0.23%0.68%0.73%0.79%0.06%-17 bps
Return on Equity1.99%5.18%5.63%6.05%0.41%-159 bps
Net Interest Margin1.10%2.96%3.02%3.14%0.25%-86 bps
Efficiency Ratio66.59%64.04%62.22%61.21%56.66%-994 bps
Non-Interest Burden0.71%1.84%1.79%1.83%0.13%-59 bps
Growth
Asset Growth (YoY)17.93%23.97%21.80%12.71%28.03%+1,010 bps
Loan Growth (YoY)16.02%27.08%26.15%21.85%19.14%+312 bps
Deposit Growth (YoY)14.11%21.88%18.78%13.61%23.64%+953 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.04%0.04%0.05%0.09%0.03%-1 bps
Allowance / Loans1.11%1.03%1.06%1.03%1.03%-8 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 Capital12.32%11.74%11.88%12.23%10.42%-189 bps
Equity / Assets13.71%12.43%12.80%13.32%17.28%+356 bps
Liquidity & Funding
Loans / Deposits83.68%81.85%85.09%89.23%80.63%-305 bps
Liquid Assets / Assets2.21%1.97%2.02%2.06%2.67%+47 bps
CRE / Total Capitaln/an/an/an/an/an/an/a