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Bank of North Florida

Jacksonville, FL · Cert 58356

FDIC

Q3 2008

$38.6MAssets
$23.4MLoans
$18.3MDeposits
$17.6MEquity
Loan mix
88%RE $14.4M12%C&I $1.9M0%Consumer $0.0MQ3 2007Q3 2008
Deposit mix
98%Interest-bearing $17.9M2%Noninterest $0.4MQ3 2007Q3 2008

NIM

4.92%Q1 ’075.93%Q3 ’074.59%Q3 ’08+45%-14%

Non-interest income vs. expense

7.58%Q1 ’077.43%Q3 ’075.25%Q3 ’08-2%-29%

Executive Summary

  • Earnings: ROA of -2.54%, up 33 bps year over year; NIM at 2.96%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 127.96% of deposits as of Q3 2008.

Financial Results

Return on Assets (quarter, annualized)

-2.54%+33 bps YoY

Net Interest Margin (quarter, annualized)

2.96%-47 bps YoY

Efficiency Ratio (quarter, annualized)

178.95%-3,667 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets-2.87%-3.21%-2.17%-2.85%-2.54%+33 bps
Return on Equity-6.97%-9.69%-5.14%-4.17%-4.87%+210 bps
Net Interest Margin3.43%3.33%2.93%2.55%2.96%-47 bps
Efficiency Ratio216%187.93%207%250%178.95%-3,667 bps
Non-Interest Burden7.41%6.29%6.07%6.17%5.27%-214 bps
Growth
Asset Growth (YoY)n/a45.27%-43.60%-31.60%-20.31%n/a
Loan Growth (YoY)n/a3957%125.58%-46.71%-17.83%n/a
Deposit Growth (YoY)n/a90.43%-78.64%-51.60%-37.96%n/a
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans1.24%1.25%1.25%1.41%1.32%+9 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 Capital43.20%26.71%129.68%100.64%58.26%+1,506 bps
Equity / Assets38.51%29.02%77.91%60.80%45.69%+717 bps
Liquidity & Funding
Loans / Deposits96.61%121.70%183.25%99.92%127.96%+3,135 bps
Liquid Assets / Assets19.48%2.01%0.40%0.33%11.00%-848 bps
CRE / Total Capitaln/an/an/an/an/an/an/a