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Jennings State Bank

Spring Grove, MN · Cert 11416

FDIC

Q3 2009

$52.3MAssets
$31.2MLoans
$50.8MDeposits
$1.0MEquity
Loan mix
81%RE $18.7M18%C&I $4.2M1%Consumer $0.3MQ3 2008Q3 2009
Deposit mix
87%Interest-bearing $44.2M13%Noninterest $6.6MQ3 2008Q3 2009

NIM

6.88%Q3 ’075.40%Q3 ’084.09%Q3 ’09-12%-32%

Non-interest income vs. expense

6.25%Q3 ’076.13%Q3 ’085.55%Q3 ’09-5%-18%

Executive Summary

  • Earnings: ROA of -3.77%, up 197 bps year over year; NIM at 2.16%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.85%.
  • Funding: loans stand at 61.49% of deposits as of Q3 2009.

Financial Results

Return on Assets (quarter, annualized)

-3.77%+197 bps YoY

Net Interest Margin (quarter, annualized)

2.16%-103 bps YoY

Efficiency Ratio (quarter, annualized)

168.28%+1,238 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2008Q4 2008Q1 2009Q2 2009Q3 2009YoY ΔTrend
Earnings
Return on Assets-5.75%-0.43%-3.80%-7.25%-3.77%+197 bps
Return on Equity-82.23%-7.04%-73.10%-201%-161.78%-7,955 bps
Net Interest Margin3.19%3.31%2.58%2.34%2.16%-103 bps
Efficiency Ratio155.91%154.40%186.10%297%168.28%+1,238 bps
Non-Interest Burden5.39%5.49%5.26%7.74%4.41%-98 bps
Growth
Asset Growth (YoY)-12.13%1.74%20.29%16.67%3.62%+1,575 bps
Loan Growth (YoY)-9.37%-6.60%-10.21%-11.25%-13.04%-368 bps
Deposit Growth (YoY)-10.68%4.64%26.33%23.28%8.15%+1,883 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans7.11%-0.02%2.91%2.56%0.85%-627 bps
Allowance / Loans3.30%3.64%3.96%4.40%5.02%+172 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 Capital7.66%7.06%5.69%2.22%-0.09%-775 bps
Equity / Assets6.10%6.01%4.46%2.72%1.92%-419 bps
Liquidity & Funding
Loans / Deposits76.48%74.14%61.36%61.01%61.49%-1,499 bps
Liquid Assets / Assets2.04%1.97%1.30%1.33%1.40%-63 bps
CRE / Total Capitaln/an/an/an/an/an/an/a