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Oglethorpe Bank

Brunswick, GA · Cert 57440

FDIC

Q4 2010

$211.1MAssets
$158.8MLoans
$201.4MDeposits
$-5665KEquity
Loan mix
90%RE $117.7M10%C&I $13.4M0%Consumer $0.2MQ4 2009Q4 2010
Deposit mix
95%Interest-bearing $192.3M5%Noninterest $9.1MQ4 2009Q4 2010

NIM

5.66%Q4 ’084.81%Q4 ’093.65%Q4 ’10-3%-34%

Non-interest income vs. expense

2.72%Q4 ’082.69%Q4 ’094.17%Q4 ’10+2%+57%

Executive Summary

  • Earnings: ROA of -14.13%, up 168 bps year over year; NIM at 1.69%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 17.30%.
  • Funding: loans stand at 78.85% of deposits as of Q4 2010.

Financial Results

Return on Assets (quarter, annualized)

-14.13%+168 bps YoY

Net Interest Margin (quarter, annualized)

1.69%-89 bps YoY

Efficiency Ratio (quarter, annualized)

224%+12,502 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2009Q1 2010Q2 2010Q3 2010Q4 2010YoY ΔTrend
Earnings
Return on Assets-15.80%-0.65%-4.95%-6.26%-14.13%+168 bps
Return on Equity-288%-18.37%-161.53%-347%1885%+217,284 bps
Net Interest Margin2.58%2.32%2.23%1.90%1.69%-89 bps
Efficiency Ratio99.00%130.32%110.79%161.26%224%+12,502 bps
Non-Interest Burden2.55%2.98%2.50%3.06%4.00%+145 bps
Growth
Asset Growth (YoY)3.48%-6.91%-7.15%-13.25%-19.25%-2,273 bps
Loan Growth (YoY)-6.40%-11.19%-12.77%-19.34%-23.66%-1,727 bps
Deposit Growth (YoY)7.54%-1.93%-1.17%-7.63%-14.00%-2,154 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans5.50%9.43%6.32%10.65%17.30%+1,180 bps
Allowance / Loans5.35%3.28%3.49%2.97%3.00%-235 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 Capital5.29%5.48%4.15%2.68%-3.29%-858 bps
Equity / Assets3.52%3.55%2.56%1.02%-2.68%-620 bps
Liquidity & Funding
Loans / Deposits88.83%87.91%85.78%81.00%78.85%-998 bps
Liquid Assets / Assets7.84%10.23%9.87%9.19%7.05%-79 bps
CRE / Total Capitaln/an/an/an/an/an/an/a