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Letter portraitLegal landscapeQuarterYTD

Security Bank

Madison, SD · Cert 16220

FDIC

Q4 2005

$138.6MAssets
$116.4MLoans
$122.2MDeposits
$11.9MEquity
Loan mix
84%RE $37.4M15%C&I $6.5M1%Consumer $0.5MQ4 2004Q4 2005
Deposit mix
84%Interest-bearing $102.3M16%Noninterest $19.9MQ4 2004Q4 2005

NIM

6.07%Q4 ’035.97%Q4 ’046.35%Q4 ’05-1%-13%

Non-interest income vs. expense

6.21%Q4 ’035.95%Q4 ’045.33%Q4 ’05+30%-22%

Executive Summary

  • Earnings: ROA of -2.11%, down 245 bps year over year; NIM at 3.92%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 4.61%.
  • Funding: loans stand at 95.28% of deposits as of Q4 2005.

Financial Results

Return on Assets (quarter, annualized)

-2.11%-245 bps YoY

Net Interest Margin (quarter, annualized)

3.92%-60 bps YoY

Efficiency Ratio (quarter, annualized)

86.94%-519 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2004Q1 2005Q2 2005Q3 2005Q4 2005YoY ΔTrend
Earnings
Return on Assets0.34%0.19%0.64%4.43%-2.11%-245 bps
Return on Equity3.41%1.94%7.01%47.93%-23.22%-2,663 bps
Net Interest Margin4.52%4.33%3.84%3.92%3.92%-60 bps
Efficiency Ratio92.13%96.48%88.82%49.17%86.94%-519 bps
Non-Interest Burden4.01%4.10%3.18%-1.31%3.12%-89 bps
Growth
Asset Growth (YoY)-0.39%0.28%12.30%14.58%5.86%+625 bps
Loan Growth (YoY)10.82%13.15%5.29%14.19%5.62%-521 bps
Deposit Growth (YoY)-4.98%0.79%17.32%12.90%10.32%+1,530 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.21%-0.03%0.12%0.41%4.61%+440 bps
Allowance / Loans0.90%0.91%0.86%0.89%0.67%-23 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%11.74%11.33%11.88%10.29%-160 bps
Equity / Assets9.65%9.48%8.90%9.57%8.57%-109 bps
Liquidity & Funding
Loans / Deposits99.53%93.19%87.23%93.51%95.28%-425 bps
Liquid Assets / Assets1.79%1.49%1.25%1.32%1.68%-10 bps
CRE / Total Capitaln/an/an/an/an/an/an/a