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Letter portraitLegal landscapeQuarterYTD

Security State Bank of Mankato

Mankato, MN · Cert 13182

FDIC

Q3 2005

$102.0MAssets
$54.3MLoans
$81.5MDeposits
$7.9MEquity
Loan mix
44%RE $12.2M55%C&I $15.1M0%Consumer $0.1MQ3 2004Q3 2005
Deposit mix
89%Interest-bearing $72.9M11%Noninterest $8.6MQ3 2004Q3 2005

NIM

5.44%Q3 ’034.87%Q3 ’045.36%Q3 ’05-8%+6%

Non-interest income vs. expense

2.66%Q3 ’032.57%Q3 ’042.63%Q3 ’05+11%+22%

Executive Summary

  • Earnings: ROA of 0.77%, up 44 bps year over year; NIM at 3.27%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.27%.
  • Funding: loans stand at 66.66% of deposits as of Q3 2005.

Financial Results

Return on Assets (YTD, annualized)

0.77%+44 bps YoY

Net Interest Margin (YTD, annualized)

3.27%+19 bps YoY

Efficiency Ratio (YTD, annualized)

69.01%+362 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2004Q4 2004Q1 2005Q2 2005Q3 2005YoY ΔTrend
Earnings
Return on Assets0.33%0.22%0.86%0.91%0.77%+44 bps
Return on Equity4.00%2.69%11.30%12.04%10.05%+605 bps
Net Interest Margin3.07%3.15%3.30%3.27%3.27%+19 bps
Efficiency Ratio65.39%65.31%65.12%64.31%69.01%+362 bps
Non-Interest Burden1.72%1.77%1.90%1.83%2.09%+37 bps
Growth
Asset Growth (YoY)-2.52%-5.65%1.96%5.54%4.18%+670 bps
Loan Growth (YoY)-12.42%-16.03%-8.22%-7.86%-13.60%-118 bps
Deposit Growth (YoY)-2.52%-6.05%2.88%7.28%5.34%+786 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.12%2.69%-0.05%0.19%0.27%-85 bps
Allowance / Loans2.13%1.21%1.23%1.12%1.17%-97 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 Capital11.24%10.95%10.57%10.97%12.04%+79 bps
Equity / Assets8.25%7.73%7.46%7.56%7.71%-54 bps
Liquidity & Funding
Loans / Deposits81.27%74.84%76.17%73.57%66.66%-1,461 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