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Farmers State Bank

Flandreau, SD · Cert 1124

FDIC

Q1 2007

$81.7MAssets
$24.7MLoans
$57.7MDeposits
$7.8MEquity
Loan mix
45%RE $6.4M54%C&I $7.7M0%Consumer $0.0MQ1 2006Q1 2007
Deposit mix
87%Interest-bearing $50.0M13%Noninterest $7.8MQ1 2006Q1 2007

NIM

4.61%Q1 ’054.83%Q1 ’064.69%Q1 ’07-16%-21%

Non-interest income vs. expense

1.74%Q1 ’051.55%Q1 ’061.55%Q1 ’07-17%+3%

Executive Summary

  • Earnings: ROA of 0.44%, down 34 bps year over year; NIM at 1.62%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.78%.
  • Funding: loans stand at 42.80% of deposits as of Q1 2007.

Financial Results

Return on Assets (quarter, annualized)

0.44%-34 bps YoY

Net Interest Margin (quarter, annualized)

1.62%-43 bps YoY

Efficiency Ratio (quarter, annualized)

77.53%+1,437 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2006Q2 2006Q3 2006Q4 2006Q1 2007YoY ΔTrend
Earnings
Return on Assets0.77%0.86%0.74%0.69%0.44%-34 bps
Return on Equity10.40%11.92%9.81%8.53%4.89%-551 bps
Net Interest Margin2.05%2.01%1.84%1.88%1.62%-43 bps
Efficiency Ratio63.16%57.53%62.85%66.10%77.53%+1,437 bps
Non-Interest Burden1.14%0.97%1.00%1.12%1.17%+3 bps
Growth
Asset Growth (YoY)8.49%7.85%9.11%-3.07%-15.52%-2,400 bps
Loan Growth (YoY)3.98%1.00%-0.84%-9.03%-51.36%-5,534 bps
Deposit Growth (YoY)6.89%10.32%17.04%3.94%-9.07%-1,595 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.01%-0.11%0.04%0.00%0.78%+77 bps
Allowance / Loans1.24%1.26%1.27%1.32%2.39%+115 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 Capital16.64%16.67%17.42%18.27%23.65%+701 bps
Equity / Assets7.33%7.14%7.91%8.30%9.56%+223 bps
Liquidity & Funding
Loans / Deposits80.00%78.41%75.13%74.69%42.80%-3,721 bps
Liquid Assets / Assets1.75%1.47%1.51%2.55%1.95%+20 bps
CRE / Total Capitaln/an/an/an/an/an/an/a