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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

8.26%Q4 ’067.32%Q4 ’074.36%Q4 ’08-26%-70%

Non-interest income vs. expense

2.83%Q4 ’063.00%Q4 ’072.98%Q4 ’08+1%+29%

Executive Summary

  • Earnings: ROA of -10.24%, down 979 bps year over year; NIM at 0.88%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 5.82%.
  • Funding: loans stand at 66.78% of deposits as of Q4 2008.

Financial Results

Return on Assets (quarter, annualized)

-10.24%-979 bps YoY

Net Interest Margin (quarter, annualized)

0.88%-205 bps YoY

Efficiency Ratio (quarter, annualized)

800%+70,694 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets-0.45%-2.63%-3.05%-7.30%-10.24%-979 bps
Return on Equity-5.51%-31.97%-39.68%-113.32%-252%-24,687 bps
Net Interest Margin2.93%2.30%1.72%1.50%0.88%-205 bps
Efficiency Ratio93.06%113.97%145.04%179.37%800%+70,694 bps
Non-Interest Burden2.70%2.67%2.74%2.92%3.49%+78 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 / Loans0.02%1.77%3.13%1.83%5.82%+579 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