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Letter portraitLegal landscapeQuarterYTD

Farmers State Bank, The

Lanesville, IN · Cert 12830

FDIC

Q1 2008

$64.1MAssets
$49.5MLoans
$53.8MDeposits
$10.1MEquity
Deposit mix
86%Interest-bearing $46.5M14%Noninterest $7.3MQ1 2007Q1 2008

NIM

5.74%Q1 ’066.19%Q1 ’075.90%Q1 ’08+7%-9%

Non-interest income vs. expense

3.15%Q1 ’063.44%Q1 ’073.62%Q1 ’08+10%+5%

Executive Summary

  • Earnings: ROA of 0.68%, down 35 bps year over year; NIM at 4.14%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.11%.
  • Funding: loans stand at 91.97% of deposits as of Q1 2008.

Financial Results

Return on Assets (quarter, annualized)

0.68%-35 bps YoY

Net Interest Margin (quarter, annualized)

4.14%-41 bps YoY

Efficiency Ratio (quarter, annualized)

76.73%+901 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2007Q2 2007Q3 2007Q4 2007Q1 2008YoY ΔTrend
Earnings
Return on Assets1.03%1.00%1.04%0.90%0.68%-35 bps
Return on Equity6.80%6.52%6.70%5.66%4.26%-254 bps
Net Interest Margin4.55%4.48%4.53%4.50%4.14%-41 bps
Efficiency Ratio67.71%66.58%65.75%71.41%76.73%+901 bps
Non-Interest Burden2.91%2.80%2.79%3.06%3.04%+13 bps
Growth
Asset Growth (YoY)-7.93%-6.55%-3.28%-1.02%1.38%+932 bps
Loan Growth (YoY)-3.74%-3.71%-3.63%-1.66%-0.35%+339 bps
Deposit Growth (YoY)-9.53%-6.68%-3.60%0.03%0.75%+1,028 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.22%-0.02%-0.01%0.03%0.11%-11 bps
Allowance / Loans0.82%0.81%0.81%0.81%0.79%-3 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 Capital19.49%19.76%20.26%20.69%19.92%+43 bps
Equity / Assets15.19%15.41%15.76%16.01%15.75%+56 bps
Liquidity & Funding
Loans / Deposits92.99%94.17%95.22%96.83%91.97%-102 bps
Liquid Assets / Assets12.75%14.77%14.17%13.52%11.90%-85 bps
CRE / Total Capitaln/an/an/an/an/an/an/a