PROMÉRICA BANK BALANCE SHEETS
(Dollars in thousands)
December 31, December 31,
2008 2007
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Audited Audited
Assets:
Cash and Due From Banks $ 1,239 $ 498
Federal Funds Sold 11,230 17,365
Time Deposits in Other Financial Institutions 4,180 0
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Total Cash and Cash Equivalents 16,649 17,863
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Loans Net of Deferred Loan Fees/Costs 55,804 37,282
Allowance for Loan Losses 943 476
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Loans Net of Allowance for Loan Losses 54,861 36,806
Premises and Equipment, net 1,184 1,548
Federal Home Loan Bank Stock 134 0
Accrued Interest Receivable and Other Assets 660 518
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Total Assets $ 73,488 $ 56,735
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Liabilities:
Non-Interest-Bearing Demand Deposits $ 8,479 $ 4,839
Interest-Bearing Demand Deposits (NOW
Deposits) 3,320 2,569
Savings and Money Market 12,888 9,407
Certificates of Deposit 26,841 15,661
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Total Interest-Bearing Deposits 43,049 27,637
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Total Deposits 51,528 32,476
Accrued Interest Payable and Other Liabilities 759 512
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Total Liabilities 52,287 32,988
Shareholders' Equity:
Common Stock 27,245 27,245
Additional Paid in Capital 904 592
Accumulated Deficit (6,948) (4,090)
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Total Shareholders' Equity 21,201 23,747
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Total Liabilities and Shareholders' Equity $ 73,488 $ 56,735
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Tier 1 Leverage Ratio 29.5% 44.5%
Tier 1 Risk-based Capital Ratio 36.2% 53.3%
Total Risk-based Capital Ratio 37.5% 54.5%
PROMÉRICA BANK STATEMENTS OF OPERATIONS
For the Periods Indicated
(Dollars in thousands except per share data)
Year Ended Year Ended
December 31, December 31,
2008 2007
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Audited Audited
Interest Income:
Interest and Fees on Loans $ 3,594 $ 1,638
Interest on Federal Funds Sold 354 940
Interest on Balances at Other Financial
Institutions 65 0
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Total Interest Income 4,013 2,578
Interest Expense:
Interest on Deposit Accounts 1,025 533
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Net Interest Income 2,988 2,045
Provison for Loan Losses 637 444
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Net Interest Income After Provision 2,351 1,601
for Loan Losses
Non-Interest Income:
Non-Interest Income 125 65
Non-Interest Expense:
Salaries and Employee Benefits 2,994 2,135
Stock Based Compensation Expense 311 592
Occupancy Expense 910 818
Operating Expense 1,117 999
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Total Non-Interest Expense 5,332 4,544
Net Loss from Bank Operations (2,856) (2,878)
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Pre-tax Net Loss (2,856) (2,878)
Provision for Income Taxes 1 0
Net Loss $ (2,857) $ (2,878)
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Loss per share - basic and diluted loss
per share $ (1.04) $ (1.04)
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Contact Information: Contact: Promérica Bank Maria Contreras-Sweet Chairwoman 213.787.2802 John H. Quinn CEO / President 213.787.2803 Frank E. Smith CFO 213.787.2804