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First National Bank

Christiansburg, VA · Cert 6830

FDIC

Q1 2008

$1.5BAssets
$1.1BLoans
$1.2BDeposits
$204.6MEquity
Loan mix
88%RE $676.7M12%C&I $89.6M0%Consumer $1.8MQ1 2007Q1 2008
Deposit mix
88%Interest-bearing $1.1B12%Noninterest $0.1BQ1 2007Q1 2008

NIM

6.08%Q1 ’066.46%Q1 ’072.07%Q1 ’08-5%-68%

Non-interest income vs. expense

3.04%Q1 ’062.73%Q1 ’071.18%Q1 ’08+11%-62%

Executive Summary

  • Earnings: ROA of 0.21%, down 89 bps year over year; NIM at 1.15%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.22%.
  • Funding: loans stand at 88.06% of deposits as of Q1 2008.

Financial Results

Return on Assets (quarter, annualized)

0.21%-89 bps YoY

Net Interest Margin (quarter, annualized)

1.15%-249 bps YoY

Efficiency Ratio (quarter, annualized)

71.67%+1,336 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2007Q2 2007Q3 2007Q4 2007Q1 2008YoY ΔTrend
Earnings
Return on Assets1.10%1.22%0.87%0.49%0.21%-89 bps
Return on Equity9.47%10.59%7.42%4.04%1.65%-782 bps
Net Interest Margin3.64%3.62%3.57%3.59%1.15%-249 bps
Efficiency Ratio58.32%57.90%60.35%59.72%71.67%+1,336 bps
Non-Interest Burden1.79%1.79%1.85%1.81%0.68%-110 bps
Growth
Asset Growth (YoY)92.04%1.77%0.42%-1.06%-3.39%-9,543 bps
Loan Growth (YoY)99.87%-2.91%-4.97%-5.60%-7.14%-10,701 bps
Deposit Growth (YoY)80.25%0.73%-0.22%-0.19%-4.38%-8,464 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.10%0.15%1.37%0.60%1.22%+112 bps
Allowance / Loans1.23%1.20%1.03%1.25%1.09%-14 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 Capital11.57%11.75%11.98%12.25%12.06%+50 bps
Equity / Assets11.66%11.49%11.99%12.17%13.89%+223 bps
Liquidity & Funding
Loans / Deposits90.68%88.56%89.11%88.76%88.06%-262 bps
Liquid Assets / Assets0.14%0.13%0.14%0.12%0.16%+2 bps
CRE / Total Capitaln/an/an/an/an/an/an/a