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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

5.03%Q4 ’055.42%Q4 ’064.65%Q4 ’07+6%-31%

Non-interest income vs. expense

1.89%Q4 ’052.36%Q4 ’062.15%Q4 ’07+30%-29%

Executive Summary

  • Earnings: ROA of 0.48%, up 422 bps year over year; NIM at 1.68%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.12%.
  • Funding: loans stand at 31.76% of deposits as of Q4 2007.

Financial Results

Return on Assets (quarter, annualized)

0.48%+422 bps YoY

Net Interest Margin (quarter, annualized)

1.68%-77 bps YoY

Efficiency Ratio (quarter, annualized)

86.36%+523 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2006Q1 2007Q2 2007Q3 2007Q4 2007YoY ΔTrend
Earnings
Return on Assets-3.74%0.89%1.18%0.44%0.48%+422 bps
Return on Equity-30.20%7.22%9.17%3.21%3.50%+3,370 bps
Net Interest Margin2.45%2.10%2.13%1.90%1.68%-77 bps
Efficiency Ratio81.13%64.64%85.19%87.20%86.36%+523 bps
Non-Interest Burden1.90%1.21%1.72%1.59%1.34%-56 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 / Loans-0.15%19.94%0.00%0.00%-0.12%+3 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