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Harrington Bank, FSB

Chapel Hill, NC · Cert 57262

FDIC

Q1 2014

$225.0MAssets
$165.4MLoans
$194.7MDeposits
$24.4MEquity
Loan mix
91%RE $130.9M8%C&I $11.9M0%Consumer $0.3MQ1 2013Q1 2014
Deposit mix
67%Interest-bearing $131.3M33%Noninterest $63.4MQ1 2013Q1 2014

NIM

4.61%Q1 ’124.60%Q1 ’133.88%Q1 ’14+9%-15%

Non-interest income vs. expense

3.18%Q1 ’123.40%Q1 ’133.48%Q1 ’14+4%+21%

Executive Summary

  • Earnings: ROA of -0.04%, down 32 bps year over year; NIM at 3.66%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.66%.
  • Funding: loans stand at 84.97% of deposits as of Q1 2014.

Financial Results

Return on Assets (quarter, annualized)

-0.04%-32 bps YoY

Net Interest Margin (quarter, annualized)

3.66%-66 bps YoY

Efficiency Ratio (quarter, annualized)

87.85%+2,108 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2013Q2 2013Q3 2013Q4 2013Q1 2014YoY ΔTrend
Earnings
Return on Assets0.28%-0.88%0.01%-0.25%-0.04%-32 bps
Return on Equity2.90%-8.40%0.11%-2.34%-0.39%-329 bps
Net Interest Margin4.32%3.96%3.99%3.92%3.66%-66 bps
Efficiency Ratio66.77%63.75%72.72%93.60%87.85%+2,108 bps
Non-Interest Burden2.63%2.20%2.73%3.67%3.18%+55 bps
Growth
Asset Growth (YoY)-17.68%-23.83%-16.71%-16.36%-9.56%+812 bps
Loan Growth (YoY)-11.28%-15.98%-19.00%-19.33%-18.85%-757 bps
Deposit Growth (YoY)-17.77%-28.53%-18.02%-17.52%-11.03%+674 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans2.68%4.06%0.91%0.51%0.66%-201 bps
Allowance / Loans2.75%2.84%3.23%3.32%3.55%+80 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 Capital13.47%13.13%14.21%14.57%15.09%+162 bps
Equity / Assets10.09%10.80%10.73%10.78%10.84%+75 bps
Liquidity & Funding
Loans / Deposits93.15%100.58%89.97%89.29%84.97%-818 bps
Liquid Assets / Assets2.98%1.24%1.11%0.88%7.34%+437 bps
CRE / Total Capitaln/an/an/an/an/an/an/a