Keefe, Bruyette & Woods, Inc.

New York, New York

December 19, 2011

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Exhibit 99.1

This presentation, as well as other written communications made from time to time by the Company and its

subsidiaries and oral communications made from time to time by authorized officers of the Company, may

contain

statements

relating

to

the

future

results

of

the

Company

(including certain projections and business

trends)

that

are

considered

“forward-looking

statements”

as

defined in the Private Securities Litigation

Reform Act of 1995 (the PSLRA). Such forward-looking statements may be identified by the use of such words

as “believe,”

“expect,”

“anticipate,”

“should,”

“planned,”

“estimated,”

“intend”

and “potential.”

For these

statements,

the

Company

claims

the

protection

of

the

safe

harbor

for forward-looking statements contained in

the PSLRA.

The Company cautions you that a number of important factors could cause actual results to differ materially

from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to:

prevailing economic and geopolitical conditions; changes in interest rates, loan demand, real estate values and

competition; changes in accounting principles, policies, and guidelines; changes in any applicable law, rule,

regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental,

regulatory and technological factors affecting the Company’s operations, pricing, products and services and

other factors that may be described in the Company’s quarterly reports on Form 10-Q as filed with the

Securities and Exchange Commission. The forward-looking statements are made as of the date of this

presentation, and, except as may be required by applicable law or regulation, the Company assumes no

obligation to update the forward-looking statements or to update the reasons why actual results could differ

from those projected in the forward-looking statements.

NASDAQ | ASBB

Forward-Looking Statements

| 2

•

Introduction

•

Profile

•

Market Area and Geographic Footprint

•

Executive Management

•

Financial Performance

•

Stock Information

•

Selected Balance Sheet Data

•

Selected Income Statement Data

•

Competitive Environment

•

Deposit Market Share

•

Changes in Competitors

•

Objectives

•

Near Term

•

Longer Term

NASDAQ | ASBB

Overview

| 3

NASDAQ | ASBB

Introduction

| 4

•

$800 million community bank with 13

offices and 170 employees in Western

North Carolina

•

Founded in 1936

•

Largest community bank headquartered

in Asheville, NC

•

Converted from the mutual form of

ownership on October 11, 2011

NASDAQ | ASBB

Profile

| 5

•

Nestled in the Blue Ridge and Great Smoky Mountains,

the Asheville area attracts newcomers and tourists

with its astounding quality of life and welcoming

entrepreneurial environment. 

•

Known for its culinary delights, history, architecture,

natural settings and as a Mecca for adventure lovers,

Asheville has something for everyone.

•

Often called “San Francisco of the East and Paris of the

South”

–

Asheville is one of the Southeast’s most

progressive and vibrant cities.

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Market: “Asheville –

any way you like it”

| 6

•

“Millions of foodies can’t be wrong”

–

Asheville named a Top 10

Food & Wine Destination in the U.S., Trip Advisor Travelers' Choice

2011

•

Good Morning America

included Asheville as one of the “Most

Beautiful Places in America,”

August 2011

•

One of 15 Best Places for Second Homes, Barron’s, March 2011

•

Ranked 6   among all US cities as a place to do business,

Forbes.com, July 2010

•

Ranked Top Small City for Art, American Style Magazine, May

2011

•

Named among “four scene-stealing, summertime routes around

the nation,”

Wall Street Journal, May 2011

NASDAQ | ASBB

Asheville Area Rankings

| 7

th

•

Asheville Metro population:

417,012

•

October 2011 Unemployment:

7.7%

–

Down from high of 9.2% in June

2009

–

NC current rate is 9.7%

•

Average home price: $234,017

•

Median income: $43,445

•

Major Industries:

–

Government

–

Healthcare

–

Tourism

| 8

NASDAQ | ASBB

Geographic Footprint

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Executive Management

| 9

Role

Years in

Banking

Suzanne DeFerie

(age 54)

President &

Chief Executive Officer

20 years

Kirby Tyndall

(age 56)

Executive Vice President &

Chief Financial Officer

22 years

David Kozak

(age 51)

Executive Vice President &

Chief Lending Officer

27 years

Fred Martin

(age 41)

Executive Vice President &

Chief Information Officer

16 years

NASDAQ | ASBB

Financial Performance

| 10

NASDAQ Global Market

ASBB

Conversion closing

October 11, 2011

Offering price

$10.00

Opening price

$11.50

Shares issued

5,584,551 shares

ESOP shares purchased

446,764 shares

NASDAQ | ASBB

Stock Information

| 11

September 30, 2011

($ in thousands)

Total assets

$ 798,748

Cash and cash equivalents

75,402

Investment securities

235,285

Gross loans, net of deferred fees

450,263

Deposits

615,555

Escrowed stock order funds

49,063

Borrowings

60,000

Total equity

67,681

NASDAQ | ASBB

Selected Balance Sheet Data

*

| 12

* Asheville Savings Bank only before conversion proceeds recognized as equity with

no shares outstanding and no per share data.

NASDAQ | ASBB

Selected Balance Sheet —

Loans

| 13

Commercial

Construction & Land

Development

$23,331  5%

Commercial Mortgage

$143,165  32%

Commercial & Industrial

$16,102  4%

Non-commercial

Construction & Land

Development

$7,695  2%

Residential Mortgage

$180,022  40%

Revolving Mortgage

$51,757  11%

Consumer

$28,600  6%

Loan Composition ($000)

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Selected Balance Sheet —

Asset Quality

| 14

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Nonperforming Loans

Foreclosed Properties

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Reserve Coverage of Nonperforming Loans

Loan Loss Reserves

Nonperforming Loans

Coverage Ratio

Nonperforming Assets

$9,285

$13,424

$14,190

$11,070

$11,565

$10,391

$10,650

$10,506

$9,518

$10,697

2010-

Q3

2010-

Q4

2011-

Q1

2011-

Q2

2011-

Q3

96.9%

94.4%

89.0%

111.6%

94.0%

2010-Q3

2010-Q4

2011-Q1

2011-

Q2

2011-

Q3

NASDAQ | ASBB

Selected Balance Sheet —

Deposits

| 15

Noninterest-bearing

Demand Accounts

$52,809  9%

NOW Accounts

$133,143  22%

Savings Accounts

$25,058  4%

Money Market Accounts

Certificate Accounts

$267,696  43%

Deposit Composition ($000)

$136,849  22%

NASDAQ | ASBB

Selected Balance Sheet—Core Deposits

*

| 16

* Excludes all time deposits (retail, jumbo and brokered).

$309,502

$332,354

$335,922

$338,874

$347,859

$290,000

$300,000

$310,000

$320,000

$330,000

$340,000

$350,000

$360,000

2010-Q3

2010-Q4

2011-

Q1

2011-Q2

2011-Q3

NASDAQ | ASBB

Selected Balance Sheet —

Capital

| 17

* Excludes stock offering proceeds

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

2010-Q3

2010-Q4

2011-Q1

2011-Q2

2011-Q3

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

2010-Q3

2010-Q4

2011-Q1

2011-Q2

2011-Q3

13.30%

13.04%

13.67%

14.41%

15.39%

Tier 1 Risk-Based*

Minimum to be Well Capitalized

8.72%

8.36%

8.64%

8.75%

8.78%

14.58%

14.31%

14.94%

15.68%

16.67%

Tier 1 Leverage*

Minimum to be Well Capitalized

Total Risk-Based*

Minimum to be Well Capitalized

Tier 1 Leverage Capital Ratio

Tier 1 Risk-Based Capital Ratio

Total Risk-Based Capital Ratio

2010-Q3

2010-Q4

2011-Q1

2011-Q2

2011-Q3

NASDAQ | ASBB

Selected Income Statement Trends

| 18

(excludes securities gains/losses)

$(13,083)

$(2,987)

$869

$1,171

$922

$(14,000)

$(12,000)

$(10,000)

$(8,000)

$(6,000)

$(4,000)

$(2,000)

$-

$2,000

2010-Q3

2010-Q4

2011-Q1

2011-Q2

2011-Q3

Pre-tax Income (Loss)

4.38%

4.15%

4.25%

4.23%

3.90%

1.76%

1.60%

1.49%

1.39%

1.34%

2.84%

2.74%

2.92%

2.99%

2.74%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

2010-Q3

2010-Q4

2011-Q1

2011-Q2

2011-Q3

Yield, COF, NIM

Yield

COF

NIM

$13,838

$4,110

$657

$424

$730

$1,125

$728

$91

$542

$334

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

2010-Q3

2010-Q4

2011-Q1

2011-Q2

2011-Q3

Provision for Loan Losses and Foreclosed

Property Expense

Provision for loan losses

Foreclosed property expense

$1,697

$1,827

$1,680

$1,705

$1,587

$6,220

$5,713

$5,232

$5,630

$5,322

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2010-Q3

2010-Q4

2011-Q1

2011-Q2

2011-Q3

Noninterest Income and Expense

Noninterest Income

Noninterest Expense

NASDAQ | ASBB

Competitive Environment

| 19

NASDAQ | ASBB

Deposit Market Share: 5 County Region

| 20

Institution

Offices

Deposits

($000)

Market

Share

Institution

Offices

Deposits

($000)

Market

Share

Wells Fargo Bank

17

$1,348,649

19.9%

United Community

4

$   133,003

2.0%

First Citizens Bank

22

1,223,659

18.0%

First Bank

5

115,320

1.7%

Asheville Savings

13

617,912

9.1%

Blue Ridge Savings

5

109,804

1.6%

Mountain 1st

7

455,227

6.7%

Capital Bank

4

100,005

1.5%

HomeTrust Bank

6

442,068

6.5%

Forest Commercial

1

83,242

1.2%

Bank of America

10

436,157

6.4%

Fifth Third Bank

4

67,128

1.0%

SunTrust Bank

13

434,967

6.4%

Black Mtn Savings

1

31,287

0.5%

BB&T

8

374,715

5.5%

Pisgah Community

1

29,448

0.4%

TD Bank

10

300,806

4.4%

Southern

Community

1

24,501

0.4%

RBC Bank

8

254,509

3.8%

GreenBank

1

10,133

0.2%

Macon Bank

3

192,944

2.8%

Woodforest Natl

3

2,265

0.0%

Institutions:  22

147

$6,787,749

100.0%

Institution

Description of Change

Deposits

($000s)

Market

Share

Wells Fargo

Acquired Wachovia

$1,348,649

19.9%

TD Bank

Acquired Carolina First

300,806

4.4%

PNC Bank

Acquired RBC

254,509

3.8%

First Bank

Acquired Bank of Asheville (FDIC)

115,320

1.7%

Bank of N Carolina

Acquired Blue Ridge Savings (FDIC)

109,804

1.6%

Capital Bank

Recapitalized by PE

100,005

1.5%

Forest Commercial

2008 de novo entry

83,242

1.2%

Pisgah Community

Acquired by PE

29,448

0.4%

Capital Bank

Acquired GreenBank

10,133

0.2%

Institutions:

9

$2,351,916

34.7%

NASDAQ | ASBB

Changes in Competitors

| 21

NASDAQ | ASBB

Objectives

| 22

•

Emphasize continued improvement in asset

quality –

most significant driver of profitability

•

Capitalize on market competitor opportunities

•

Grow core deposits to maintain low funding

costs

•

Increase profitable loan production,

particularly the origination of small business

loans and loans to consumers

NASDAQ | ASBB

Near Term Objectives

| 23

•

Expansion of in market opportunities, with both

potential branch locations and continued

leveraging of technology based delivery systems

•

Evaluation of acquisition opportunities, both in

market and surrounding areas

•

Evaluation of capital management strategies,

such as share repurchases and cash dividends

•

Continued evaluation of regulatory reform

impact

NASDAQ | ASBB

Longer Term Objectives

| 24

Thanks for listening!

Questions?

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