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Halifax National Bank

Halifax, PA · Cert 7513

FDIC

Q4 2008

$90.2MAssets
$68.2MLoans
$73.6MDeposits
$9.9MEquity
Deposit mix
90%Interest-bearing $65.9M10%Noninterest $7.7MQ4 2007Q4 2008

NIM

5.89%Q4 ’066.02%Q4 ’075.62%Q4 ’08+6%+13%

Non-interest income vs. expense

2.59%Q4 ’062.74%Q4 ’077.62%Q4 ’08+3%+215%

Executive Summary

  • Earnings: ROA of -4.27%, down 480 bps year over year; NIM at 3.39%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.90%.
  • Funding: loans stand at 92.71% of deposits as of Q4 2008.

Financial Results

Return on Assets (quarter, annualized)

-4.27%-480 bps YoY

Net Interest Margin (quarter, annualized)

3.39%+39 bps YoY

Efficiency Ratio (quarter, annualized)

213%+13,127 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets0.53%2.17%0.74%0.92%-4.27%-480 bps
Return on Equity4.10%17.06%5.99%7.62%-37.15%-4,125 bps
Net Interest Margin2.99%3.10%3.13%3.39%3.39%+39 bps
Efficiency Ratio81.23%44.18%71.11%66.75%213%+13,127 bps
Non-Interest Burden2.36%-0.09%2.12%2.14%7.42%+506 bps
Growth
Asset Growth (YoY)1.49%7.83%12.91%15.38%12.71%+1,122 bps
Loan Growth (YoY)4.06%15.58%19.03%20.84%19.21%+1,515 bps
Deposit Growth (YoY)8.86%6.78%1.67%8.46%8.11%-76 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.15%-0.06%-0.06%-0.01%0.90%+76 bps
Allowance / Loans0.93%0.89%0.92%0.93%1.42%+50 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 Capital17.61%16.71%16.59%16.41%17.43%-18 bps
Equity / Assets12.80%12.63%12.22%12.00%10.98%-182 bps
Liquidity & Funding
Loans / Deposits84.08%92.23%95.42%91.76%92.71%+863 bps
Liquid Assets / Assets0.07%0.35%0.56%0.85%1.11%+104 bps
CRE / Total Capitaln/an/an/an/an/an/an/a