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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

6.89%Q3 ’025.98%Q3 ’035.61%Q3 ’04-8%-6%

Non-interest income vs. expense

1.54%Q3 ’021.63%Q3 ’031.39%Q3 ’04+3%-16%

Executive Summary

  • Earnings: ROA of 4.14%, up 108 bps year over year; NIM at 4.05%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.14%.
  • Funding: loans stand at 91.81% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

4.14%+108 bps YoY

Net Interest Margin (quarter, annualized)

4.05%-25 bps YoY

Efficiency Ratio (quarter, annualized)

30.29%-297 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets3.06%2.71%2.88%2.82%4.14%+108 bps
Return on Equity16.94%15.24%16.53%16.38%23.29%+635 bps
Net Interest Margin4.29%4.30%4.08%4.06%4.05%-25 bps
Efficiency Ratio33.27%43.34%35.82%35.29%30.29%-297 bps
Non-Interest Burden1.01%1.57%1.16%1.10%0.85%-17 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 / Loans0.03%0.13%0.04%0.21%0.14%+11 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