Sub SetCellColorFromValue()
Dim wb As Workbook
Dim ws As Worksheet
Dim i As Integer, lastRow As Integer
Dim r As Range
Set wb = Application.ActiveWorkbook
Set ws = wb.ActiveSheet
Set r = ws.Cells(1, 1)
lastRow = r.End(xlDown).Row
For i = 1 To lastRow
Set r = ws.Cells(i, 1)
If r.Value > 3 Then
r.Interior.ColorIndex = 3
r.Value2 = "Exceeded"
Else
r.Interior.ColorIndex = 35
r.Value2 = "OK"
End If
Next i
End Sub