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Security State Bank

Stuart, IA · Cert 17439

FDIC

Q4 2007

$43.7MAssets
$10.0MLoans
$31.4MDeposits
$5.8MEquity
Loan mix
71%RE $5.5M29%C&I $2.2M0%Consumer $0.0MQ4 2006Q4 2007
Deposit mix
86%Interest-bearing $26.9M14%Noninterest $4.5MQ4 2006Q4 2007

NIM

5.40%Q4 ’055.57%Q4 ’065.01%Q4 ’07+8%-24%

Non-interest income vs. expense

2.14%Q4 ’052.30%Q4 ’062.07%Q4 ’07+6%-19%

Executive Summary

  • Earnings: ROA of 0.75%, up 115 bps year over year; NIM at 1.96%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 7.54%.
  • Funding: loans stand at 31.76% of deposits as of Q4 2007.

Financial Results

Return on Assets (YTD, annualized)

0.75%+115 bps YoY

Net Interest Margin (YTD, annualized)

1.96%-61 bps YoY

Efficiency Ratio (YTD, annualized)

80.66%+566 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2006Q1 2007Q2 2007Q3 2007Q4 2007YoY ΔTrend
Earnings
Return on Assets-0.40%0.89%1.04%0.85%0.75%+115 bps
Return on Equity-3.41%7.22%8.21%6.51%5.73%+914 bps
Net Interest Margin2.57%2.10%2.17%2.16%1.96%-61 bps
Efficiency Ratio75.00%64.64%75.22%78.84%80.66%+566 bps
Non-Interest Burden1.80%1.21%1.49%1.58%1.46%-34 bps
Growth
Asset Growth (YoY)-10.34%-8.58%-5.11%-9.69%-0.90%+944 bps
Loan Growth (YoY)-29.47%-42.19%-34.47%-43.71%-46.33%-1,686 bps
Deposit Growth (YoY)-8.83%-4.27%4.24%-1.10%7.91%+1,674 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.42%19.94%10.10%7.82%7.54%+712 bps
Allowance / Loans5.31%1.17%1.18%1.14%1.14%-417 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 Capital16.16%16.63%17.72%19.88%21.02%+486 bps
Equity / Assets12.03%12.55%13.29%14.43%13.22%+120 bps
Liquidity & Funding
Loans / Deposits63.85%52.79%52.04%47.79%31.76%-3,209 bps
Liquid Assets / Assets17.71%12.19%11.08%11.24%5.38%-1,233 bps
CRE / Total Capitaln/an/an/an/an/an/an/a