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Letter portraitLegal landscapeQuarterYTD

Farmers & Merchants Bank

Dublin, GA · Cert 10059

FDIC

Q3 2004

$390.2MAssets
$269.5MLoans
$293.6MDeposits
$71.7MEquity
Loan mix
63%RE $39.8M36%C&I $22.8M1%Consumer $0.9MQ3 2003Q3 2004
Deposit mix
89%Interest-bearing $261.3M11%Noninterest $32.2MQ3 2003Q3 2004

NIM

6.76%Q3 ’026.08%Q3 ’035.63%Q3 ’04-4%-4%

Non-interest income vs. expense

1.63%Q3 ’021.67%Q3 ’031.55%Q3 ’04-7%0%

Executive Summary

  • Earnings: ROA of 3.29%, up 30 bps year over year; NIM at 4.09%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.13%.
  • Funding: loans stand at 91.81% of deposits as of Q3 2004.

Financial Results

Return on Assets (YTD, annualized)

3.29%+30 bps YoY

Net Interest Margin (YTD, annualized)

4.09%-16 bps YoY

Efficiency Ratio (YTD, annualized)

33.80%-44 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets2.99%2.92%2.88%2.86%3.29%+30 bps
Return on Equity16.86%16.47%16.53%16.52%18.72%+187 bps
Net Interest Margin4.25%4.20%4.08%4.03%4.09%-16 bps
Efficiency Ratio34.24%36.53%35.82%35.55%33.80%-44 bps
Non-Interest Burden1.04%1.16%1.16%1.12%1.04%0 bps
Growth
Asset Growth (YoY)2.12%2.45%5.77%4.01%0.56%-157 bps
Loan Growth (YoY)7.31%6.43%8.19%6.82%3.90%-341 bps
Deposit Growth (YoY)2.54%3.23%7.26%6.24%1.70%-85 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.06%0.08%0.04%0.12%0.13%+7 bps
Allowance / Loans1.63%1.58%1.53%1.50%1.55%-8 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 Capital24.31%23.51%23.15%23.28%26.27%+196 bps
Equity / Assets18.03%17.59%17.25%17.17%18.37%+34 bps
Liquidity & Funding
Loans / Deposits89.87%89.34%86.78%90.29%91.81%+195 bps
Liquid Assets / Assets0.66%0.65%0.38%0.38%0.40%-26 bps
CRE / Total Capitaln/an/an/an/an/an/an/a