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First Priority Bank

Bradenton, FL · Cert 57523

FDIC

Q2 2008

$258.6MAssets
$189.1MLoans
$226.7MDeposits
$1.5MEquity
Loan mix
90%RE $120.9M10%C&I $13.4M0%Consumer $0.0MQ2 2007Q2 2008
Deposit mix
98%Interest-bearing $221.4M2%Noninterest $5.3MQ2 2007Q2 2008

NIM

7.21%Q2 ’067.11%Q2 ’074.59%Q2 ’08-22%-76%

Non-interest income vs. expense

2.75%Q2 ’063.50%Q2 ’075.04%Q2 ’08+66%+33%

Executive Summary

  • Earnings: ROA of -14.53%, down 1,371 bps year over year; NIM at 0.67%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 8.70%.
  • Funding: loans stand at 83.42% of deposits as of Q2 2008.

Financial Results

Return on Assets (quarter, annualized)

-14.53%-1,371 bps YoY

Net Interest Margin (quarter, annualized)

0.67%-217 bps YoY

Efficiency Ratio (quarter, annualized)

738%+60,133 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2007Q3 2007Q4 2007Q1 2008Q2 2008YoY ΔTrend
Earnings
Return on Assets-0.82%-5.99%-21.05%-4.59%-14.53%-1,371 bps
Return on Equity-6.56%-52.97%-265%-89.36%-538%-53,137 bps
Net Interest Margin2.84%2.47%1.63%1.19%0.67%-217 bps
Efficiency Ratio136.25%152.59%1629%281%738%+60,133 bps
Non-Interest Burden3.77%3.81%5.35%3.53%5.03%+126 bps
Growth
Asset Growth (YoY)27.17%22.75%7.02%-0.16%0.40%-2,677 bps
Loan Growth (YoY)17.83%15.51%7.87%2.51%-5.61%-2,345 bps
Deposit Growth (YoY)32.18%29.59%9.65%-5.60%1.75%-3,043 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.40%0.53%9.93%8.33%8.70%+831 bps
Allowance / Loans1.80%4.17%5.44%4.13%5.77%+397 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 Capital13.90%10.79%7.35%5.95%1.72%-1,219 bps
Equity / Assets12.42%10.28%5.48%4.79%0.58%-1,183 bps
Liquidity & Funding
Loans / Deposits89.93%86.07%89.84%96.03%83.42%-651 bps
Liquid Assets / Assets0.03%0.03%0.03%0.08%0.27%+24 bps
CRE / Total Capitaln/an/an/an/an/an/an/a