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Letter portraitLegal landscapeQuarterYTD

Freedom Bank of Georgia

Commerce, GA · Cert 57558

FDIC

Q4 2008

$172.5MAssets
$106.2MLoans
$159.0MDeposits
$4.6MEquity
Loan mix
88%RE $72.0M12%C&I $9.8M0%Consumer $0.0MQ4 2007Q4 2008
Deposit mix
96%Interest-bearing $153.0M4%Noninterest $6.0MQ4 2007Q4 2008

NIM

6.84%Q4 ’067.79%Q4 ’075.10%Q4 ’08-5%-55%

Non-interest income vs. expense

2.62%Q4 ’062.94%Q4 ’073.00%Q4 ’08+9%+6%

Executive Summary

  • Earnings: ROA of -5.81%, down 602 bps year over year; NIM at 1.53%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 3.27%.
  • Funding: loans stand at 66.78% of deposits as of Q4 2008.

Financial Results

Return on Assets (YTD, annualized)

-5.81%-602 bps YoY

Net Interest Margin (YTD, annualized)

1.53%-189 bps YoY

Efficiency Ratio (YTD, annualized)

178.11%+9,789 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets0.21%-2.63%-2.85%-4.34%-5.81%-602 bps
Return on Equity2.56%-31.97%-36.15%-59.17%-92.43%-9,499 bps
Net Interest Margin3.42%2.30%2.01%1.86%1.53%-189 bps
Efficiency Ratio80.22%113.97%128.19%141.72%178.11%+9,789 bps
Non-Interest Burden2.69%2.67%2.71%2.80%2.85%+15 bps
Growth
Asset Growth (YoY)11.00%5.17%3.28%-3.54%17.22%+623 bps
Loan Growth (YoY)15.08%7.74%-0.34%-6.68%-10.21%-2,528 bps
Deposit Growth (YoY)10.78%-0.03%-1.01%-2.33%37.37%+2,659 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.15%1.77%2.48%2.30%3.27%+312 bps
Allowance / Loans1.37%2.15%2.75%3.26%4.33%+296 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 Capital10.88%10.53%9.28%7.57%4.72%-616 bps
Equity / Assets8.28%8.16%7.20%5.67%2.68%-560 bps
Liquidity & Funding
Loans / Deposits102.16%96.84%93.18%91.49%66.78%-3,538 bps
Liquid Assets / Assets0.09%0.04%0.12%0.06%0.80%+71 bps
CRE / Total Capitaln/an/an/an/an/an/an/a