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Farmers and Merchants Bank of Rockford

Spokane, WA · Cert 13375

FDIC

Q1 2007

$421.9MAssets
$379.0MLoans
$364.6MDeposits
$38.7MEquity
Loan mix
68%RE $191.1M31%C&I $86.1M1%Consumer $3.8MQ1 2006Q1 2007
Deposit mix
85%Interest-bearing $309.6M15%Noninterest $55.0MQ1 2006Q1 2007

NIM

5.42%Q1 ’056.61%Q1 ’067.23%Q1 ’07+7%-1%

Non-interest income vs. expense

3.80%Q1 ’053.97%Q1 ’063.69%Q1 ’07+5%0%

Executive Summary

  • Earnings: ROA of 0.74%, down 1 bps year over year; NIM at 4.15%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.15%.
  • Funding: loans stand at 103.96% of deposits as of Q1 2007.

Financial Results

Return on Assets (YTD, annualized)

0.74%-1 bps YoY

Net Interest Margin (YTD, annualized)

4.15%-5 bps YoY

Efficiency Ratio (YTD, annualized)

74.62%-71 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2006Q2 2006Q3 2006Q4 2006Q1 2007YoY ΔTrend
Earnings
Return on Assets0.75%0.95%0.98%0.82%0.74%-1 bps
Return on Equity7.65%9.76%10.02%8.50%8.14%+49 bps
Net Interest Margin4.20%4.12%4.10%4.09%4.15%-5 bps
Efficiency Ratio75.33%71.07%70.79%73.33%74.62%-71 bps
Non-Interest Burden2.90%2.62%2.60%2.73%2.89%-1 bps
Growth
Asset Growth (YoY)13.63%10.33%14.66%14.97%10.78%-285 bps
Loan Growth (YoY)22.74%13.58%19.35%18.34%14.18%-855 bps
Deposit Growth (YoY)6.90%10.18%11.20%11.87%15.56%+866 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.01%0.04%0.01%0.05%0.15%+13 bps
Allowance / Loans1.00%0.99%1.00%1.00%0.99%-1 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 Capital11.18%11.18%11.14%10.56%10.57%-60 bps
Equity / Assets9.66%9.67%9.65%9.10%9.17%-49 bps
Liquidity & Funding
Loans / Deposits105.22%106.14%105.48%108.91%103.96%-125 bps
Liquid Assets / Assets0.21%0.00%0.14%0.60%0.06%-15 bps
CRE / Total Capitaln/an/an/an/an/an/an/a