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Letter portraitLegal landscapeQuarterYTD

State Bank

Worthington, IA · Cert 15521

FDIC

Q3 2008

$50.9MAssets
$42.3MLoans
$37.4MDeposits
$8.7MEquity
Deposit mix
89%Interest-bearing $33.1M11%Noninterest $4.3MQ3 2007Q3 2008

NIM

6.24%Q3 ’066.77%Q3 ’075.98%Q3 ’08+2%-1%

Non-interest income vs. expense

2.50%Q3 ’062.54%Q3 ’072.48%Q3 ’08+3%-1%

Executive Summary

  • Earnings: ROA of 0.88%, up 6 bps year over year; NIM at 3.51%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 113.29% of deposits as of Q3 2008.

Financial Results

Return on Assets (YTD, annualized)

0.88%+6 bps YoY

Net Interest Margin (YTD, annualized)

3.51%-2 bps YoY

Efficiency Ratio (YTD, annualized)

63.35%-24 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets0.82%0.90%0.89%0.85%0.88%+6 bps
Return on Equity5.30%5.72%5.28%5.02%5.19%-12 bps
Net Interest Margin3.54%3.60%3.65%3.48%3.51%-2 bps
Efficiency Ratio63.58%61.87%63.31%64.23%63.35%-24 bps
Non-Interest Burden2.17%2.14%2.21%2.17%2.15%-2 bps
Growth
Asset Growth (YoY)0.28%-4.15%-7.67%-4.91%-4.40%-468 bps
Loan Growth (YoY)-4.74%-1.63%-5.65%-1.66%4.64%+938 bps
Deposit Growth (YoY)1.40%-5.97%-11.60%-9.47%-9.56%-1,095 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.01%0.00%0.00%0 bps
Allowance / Loans0.80%0.82%0.81%0.76%0.81%+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 Capital11.89%12.60%12.76%12.24%12.54%+65 bps
Equity / Assets15.82%16.70%17.10%16.77%17.17%+135 bps
Liquidity & Funding
Loans / Deposits97.92%102.05%105.83%111.02%113.29%+1,537 bps
Liquid Assets / Assets1.49%1.55%0.39%0.38%0.00%-149 bps
CRE / Total Capitaln/an/an/an/an/an/an/a