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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

7.88%Q3 ’075.24%Q3 ’084.90%Q3 ’09-40%+11%

Non-interest income vs. expense

3.42%Q3 ’072.69%Q3 ’082.86%Q3 ’09-10%-2%

Executive Summary

  • Earnings: ROA of 1.06%, up 32 bps year over year; NIM at 3.44%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 2.71%.
  • Funding: loans stand at 71.63% of deposits as of Q3 2009.

Financial Results

Return on Assets (quarter, annualized)

1.06%+32 bps YoY

Net Interest Margin (quarter, annualized)

3.44%+35 bps YoY

Efficiency Ratio (quarter, annualized)

58.94%-352 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2008Q4 2008Q1 2009Q2 2009Q3 2009YoY ΔTrend
Earnings
Return on Assets0.74%-0.92%-0.14%0.69%1.06%+32 bps
Return on Equity3.80%-4.38%-0.68%3.31%4.78%+98 bps
Net Interest Margin3.09%3.14%2.78%3.31%3.44%+35 bps
Efficiency Ratio62.46%66.88%75.46%67.16%58.94%-352 bps
Non-Interest Burden1.47%1.67%1.79%1.80%1.44%-2 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 / Loans0.62%2.90%2.04%0.37%2.71%+209 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