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Merchants and Farmers Bank

Comer, GA · Cert 15337

FDIC

Q3 2009

$163.3MAssets
$88.3MLoans
$123.3MDeposits
$37.6MEquity
Deposit mix
86%Interest-bearing $105.7M14%Noninterest $17.5MQ3 2008Q3 2009

NIM

7.66%Q3 ’072.34%Q3 ’084.71%Q3 ’09-73%+133%

Non-interest income vs. expense

3.41%Q3 ’071.20%Q3 ’083.02%Q3 ’09-62%+159%

Executive Summary

  • Earnings: ROA of 0.54%, up 13 bps year over year; NIM at 3.20%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.74%.
  • Funding: loans stand at 71.63% of deposits as of Q3 2009.

Financial Results

Return on Assets (YTD, annualized)

0.54%+13 bps YoY

Net Interest Margin (YTD, annualized)

3.20%+183 bps YoY

Efficiency Ratio (YTD, annualized)

66.67%+425 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2008Q4 2008Q1 2009Q2 2009Q3 2009YoY ΔTrend
Earnings
Return on Assets0.40%0.07%1-0.14%0.28%0.54%+13 bps
Return on Equity2.44%0.39%-0.68%1.32%2.49%+5 bps
Net Interest Margin1.37%1.92%2.78%3.00%3.20%+183 bps
Efficiency Ratio62.42%64.25%75.46%70.98%66.67%+425 bps
Non-Interest Burden0.65%0.96%1.79%1.77%1.69%+104 bps
Growth
Asset Growth (YoY)23.70%17.59%11.85%-12.68%-7.89%-3,158 bps
Loan Growth (YoY)3.71%-1.05%-6.20%-5.23%-8.66%-1,237 bps
Deposit Growth (YoY)12.68%5.69%1.43%-16.59%-10.57%-2,324 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.28%0.93%2.04%1.24%1.74%+147 bps
Allowance / Loans1.28%1.96%2.11%2.28%1.83%+55 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 Capital19.05%19.99%20.17%21.47%22.46%+341 bps
Equity / Assets20.41%21.67%20.70%21.30%23.04%+262 bps
Liquidity & Funding
Loans / Deposits70.14%75.15%68.41%67.92%71.63%+150 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