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Freedom Bank

Bradenton, FL · Cert 57930

FDIC

Q3 2008

$270.8MAssets
$211.9MLoans
$256.8MDeposits
$10.1MEquity
Loan mix
80%RE $134.6M19%C&I $32.6M0%Consumer $0.5MQ3 2007Q3 2008
Deposit mix
96%Interest-bearing $247.7M4%Noninterest $9.1MQ3 2007Q3 2008

NIM

7.17%Q3 ’067.27%Q3 ’075.22%Q3 ’08-15%-57%

Non-interest income vs. expense

3.93%Q3 ’063.12%Q3 ’073.82%Q3 ’08-17%+21%

Executive Summary

  • Earnings: ROA of -4.64%, down 430 bps year over year; NIM at 1.23%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 8.12%.
  • Funding: loans stand at 82.52% of deposits as of Q3 2008.

Financial Results

Return on Assets (quarter, annualized)

-4.64%-430 bps YoY

Net Interest Margin (quarter, annualized)

1.23%-163 bps YoY

Efficiency Ratio (quarter, annualized)

288%+18,077 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets-0.34%-6.06%-10.76%-9.69%-4.64%-430 bps
Return on Equity-3.24%-63.98%-136.76%-165.75%-110.55%-10,731 bps
Net Interest Margin2.85%2.46%1.61%0.79%1.23%-163 bps
Efficiency Ratio107.56%148.64%138.36%999%288%+18,077 bps
Non-Interest Burden3.07%3.78%2.26%3.24%3.72%+65 bps
Growth
Asset Growth (YoY)81.69%35.09%10.79%1.67%-6.90%-8,859 bps
Loan Growth (YoY)92.99%39.89%15.48%2.72%-10.09%-10,308 bps
Deposit Growth (YoY)100.72%40.71%13.30%8.99%0.41%-10,031 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.72%0.64%2.51%3.12%8.12%+740 bps
Allowance / Loans1.37%3.68%6.13%7.79%7.21%+584 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 Capital12.96%9.61%7.76%4.97%3.45%-951 bps
Equity / Assets10.21%8.72%7.01%4.66%3.72%-649 bps
Liquidity & Funding
Loans / Deposits92.15%92.98%92.47%87.68%82.52%-964 bps
Liquid Assets / Assets0.56%0.49%0.46%0.47%0.04%-53 bps
CRE / Total Capitaln/an/an/an/an/an/an/a