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Letter portraitLegal landscapeQuarterYTD

Rappahannock National Bank, The

Washington, VA · Cert 6925

FDIC

Q3 2010

$194.1MAssets
$138.2MLoans
$169.8MDeposits
$19.5MEquity
Loan mix
99%RE $125.9M1%C&I $1.5M0%Consumer $0.1MQ3 2009Q3 2010
Deposit mix
88%Interest-bearing $149.0M12%Noninterest $20.8MQ3 2009Q3 2010

NIM

5.74%Q3 ’085.14%Q3 ’095.03%Q3 ’10-1%+12%

Non-interest income vs. expense

3.55%Q3 ’082.75%Q3 ’092.74%Q3 ’10-20%+5%

Executive Summary

  • Earnings: ROA of 0.99%, up 36 bps year over year; NIM at 3.85%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.60%.
  • Funding: loans stand at 81.39% of deposits as of Q3 2010.

Financial Results

Return on Assets (quarter, annualized)

0.99%+36 bps YoY

Net Interest Margin (quarter, annualized)

3.85%+41 bps YoY

Efficiency Ratio (quarter, annualized)

62.41%-461 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2009Q4 2009Q1 2010Q2 2010Q3 2010YoY ΔTrend
Earnings
Return on Assets0.64%0.73%0.71%0.95%0.99%+36 bps
Return on Equity6.85%7.59%7.36%9.80%9.96%+311 bps
Net Interest Margin3.44%3.56%3.88%3.92%3.85%+41 bps
Efficiency Ratio67.02%65.02%66.18%61.84%62.41%-461 bps
Non-Interest Burden2.18%2.19%2.48%2.29%2.29%+12 bps
Growth
Asset Growth (YoY)25.01%5.44%2.56%2.00%3.36%-2,165 bps
Loan Growth (YoY)14.67%14.56%15.23%14.17%10.24%-443 bps
Deposit Growth (YoY)16.86%2.79%-4.57%1.15%7.79%-907 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.42%0.40%0.27%0.33%0.60%+18 bps
Allowance / Loans1.17%1.23%1.27%1.28%1.13%-3 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 Capital11.98%12.11%12.11%12.60%12.93%+95 bps
Equity / Assets9.49%9.67%9.60%9.87%10.05%+56 bps
Liquidity & Funding
Loans / Deposits79.57%81.32%86.60%83.77%81.39%+181 bps
Liquid Assets / Assets0.19%0.18%0.27%0.30%0.19%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a