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Sheridan State Bank

Sheridan, WY · Cert 25048

FDIC

Q3 2008

$192.4MAssets
$102.8MLoans
$142.6MDeposits
$49.0MEquity
Loan mix
84%RE $65.4M16%C&I $12.1M0%Consumer $0.3MQ3 2007Q3 2008
Deposit mix
86%Interest-bearing $122.9M14%Noninterest $19.7MQ3 2007Q3 2008

NIM

6.37%Q3 ’066.33%Q3 ’07-4.21%Q3 ’08-15%-155%

Non-interest income vs. expense

1.71%Q3 ’061.47%Q3 ’07-1.30%Q3 ’08+1%+31%

Executive Summary

  • Earnings: ROA of -4.10%, down 608 bps year over year; NIM at -1.62%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.02%.
  • Funding: loans stand at 72.06% of deposits as of Q3 2008.

Financial Results

Return on Assets (quarter, annualized)

-4.10%-608 bps YoY

Net Interest Margin (quarter, annualized)

-1.62%-458 bps YoY

Efficiency Ratio (quarter, annualized)

55.30%+1,310 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets1.98%1.49%4.32%1.36%-4.10%-608 bps
Return on Equity27.68%20.16%54.75%16.75%-23.63%-5,131 bps
Net Interest Margin2.96%3.00%2.90%2.98%-1.62%-458 bps
Efficiency Ratio42.20%56.01%33.51%57.97%55.30%+1,310 bps
Non-Interest Burden0.95%1.47%-0.91%1.53%1.24%+29 bps
Growth
Asset Growth (YoY)22.30%18.72%21.10%11.44%24.83%+253 bps
Loan Growth (YoY)16.37%20.70%25.76%19.11%21.81%+544 bps
Deposit Growth (YoY)22.09%17.68%19.87%6.71%0.05%-2,204 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.01%0.01%-0.01%0.03%-0.02%-1 bps
Allowance / Loans1.17%1.15%1.11%1.07%1.05%-12 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 Capital10.21%10.36%11.33%10.42%11.70%+149 bps
Equity / Assets7.34%7.45%8.33%7.96%25.48%+1,814 bps
Liquidity & Funding
Loans / Deposits59.19%59.28%60.53%69.83%72.06%+1,287 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a