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Farmers State Bank

Elgin, ND · Cert 11514

FDIC

Q4 2005

$30.4MAssets
$20.9MLoans
$23.1MDeposits
$2.9MEquity
Deposit mix
87%Interest-bearing $20.3M13%Noninterest $2.9MQ4 2004Q4 2005

NIM

5.58%Q4 ’035.61%Q4 ’046.32%Q4 ’05-2%+2%

Non-interest income vs. expense

2.57%Q4 ’032.09%Q4 ’041.88%Q4 ’05-21%-7%

Executive Summary

  • Earnings: ROA of 0.90%, down 52 bps year over year; NIM at 3.76%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 3.88%.
  • Funding: loans stand at 90.43% of deposits as of Q4 2005.

Financial Results

Return on Assets (quarter, annualized)

0.90%-52 bps YoY

Net Interest Margin (quarter, annualized)

3.76%+6 bps YoY

Efficiency Ratio (quarter, annualized)

45.79%-473 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2004Q1 2005Q2 2005Q3 2005Q4 2005YoY ΔTrend
Earnings
Return on Assets1.42%1.21%2.15%1.53%0.90%-52 bps
Return on Equity13.52%12.19%23.69%17.05%9.84%-368 bps
Net Interest Margin3.70%3.45%4.02%4.12%3.76%+6 bps
Efficiency Ratio50.52%48.93%43.81%44.35%45.79%-473 bps
Non-Interest Burden1.66%1.44%1.54%1.61%1.54%-12 bps
Growth
Asset Growth (YoY)7.86%9.57%14.39%12.78%12.17%+431 bps
Loan Growth (YoY)15.16%12.81%11.43%11.89%9.23%-592 bps
Deposit Growth (YoY)1.85%1.38%17.39%7.87%6.18%+432 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.02%-0.04%-0.10%-0.07%3.88%+390 bps
Allowance / Loans2.12%2.25%2.19%2.34%2.05%-7 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 Capital15.10%13.72%13.85%13.28%14.12%-98 bps
Equity / Assets10.78%9.08%9.11%8.87%9.41%-136 bps
Liquidity & Funding
Loans / Deposits87.90%83.79%83.37%99.19%90.43%+253 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a