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Letter portraitLegal landscapeQuarterYTD

Security State Bank

Lake Park, IA · Cert 15368

FDIC

Q3 2002

$38.8MAssets
$35.5MLoans
$26.8MDeposits
$2.6MEquity
Loan mix
74%RE $16.9M25%C&I $5.8M1%Consumer $0.2MQ3 2001Q3 2002
Deposit mix
91%Interest-bearing $24.2M9%Noninterest $2.5MQ3 2001Q3 2002

NIM

7.47%Q1 ’017.16%Q3 ’016.94%Q3 ’02+13%+47%

Non-interest income vs. expense

2.60%Q1 ’012.54%Q3 ’013.96%Q3 ’02-4%-179%

Executive Summary

  • Earnings: ROA of 3.27%, up 245 bps year over year; NIM at 4.60%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.08%.
  • Funding: loans stand at 132.69% of deposits as of Q3 2002.

Financial Results

Return on Assets (YTD, annualized)

3.27%+245 bps YoY

Net Interest Margin (YTD, annualized)

4.60%+147 bps YoY

Efficiency Ratio (YTD, annualized)

39.42%-2,764 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2001Q4 2001Q1 2002Q2 2002Q3 2002YoY ΔTrend
Earnings
Return on Assets0.82%0.83%0.81%4.78%3.27%+245 bps
Return on Equityn/an/a12.24%66.88%46.44%n/a
Net Interest Margin3.13%3.16%4.22%4.47%4.60%+147 bps
Efficiency Ratio67.06%68.88%72.20%33.68%39.42%-2,764 bps
Non-Interest Burden1.88%1.98%2.88%-3.33%-1.48%-336 bps
Growth
Asset Growth (YoY)2.78%14.10%11.54%-15.98%-11.95%-1,473 bps
Loan Growth (YoY)34.85%46.01%35.26%0.21%-2.86%-3,771 bps
Deposit Growth (YoY)4.99%18.63%17.38%-42.36%-29.36%-3,434 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.04%0.03%0.02%0.11%0.08%+4 bps
Allowance / Loans1.02%0.99%0.95%1.18%1.30%+28 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 Capital10.78%10.39%10.15%11.77%9.84%-94 bps
Equity / Assets7.11%6.55%6.65%8.47%6.74%-37 bps
Liquidity & Funding
Loans / Deposits96.49%84.78%92.26%143.89%132.69%+3,620 bps
Liquid Assets / Assets0.27%0.24%0.25%0.00%0.00%-27 bps
CRE / Total Capitaln/an/an/an/an/an/an/a