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Independence Federal Bank for Savings

Independence, IA · Cert 29427

FDIC

Q4 2013

$19.5MAssets
$10.6MLoans
$18.0MDeposits
$1.4MEquity
Deposit mix
100%Interest-bearing $18.0M0%Noninterest $0.0MQ4 2012Q4 2013

NIM

3.28%Q1 ’123.24%Q4 ’122.52%Q4 ’13+102%-42%

Non-interest income vs. expense

3.12%Q1 ’122.40%Q4 ’123.66%Q4 ’13-23%+53%

Executive Summary

  • Earnings: ROA of -2.65%, down 245 bps year over year; NIM at 0.98%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 58.71% of deposits as of Q4 2013.

Financial Results

Return on Assets (quarter, annualized)

-2.65%-245 bps YoY

Net Interest Margin (quarter, annualized)

0.98%-71 bps YoY

Efficiency Ratio (quarter, annualized)

360%+22,044 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2012Q1 2013Q2 2013Q3 2013Q4 2013YoY ΔTrend
Earnings
Return on Assets-0.19%-1.84%-1.39%-0.41%-2.65%-245 bps
Return on Equity-2.24%-22.23%-17.21%-5.41%-37.65%-3,541 bps
Net Interest Margin1.68%1.25%1.53%1.63%0.98%-71 bps
Efficiency Ratio139.56%237%186.25%123.81%360%+22,044 bps
Non-Interest Burden2.37%2.99%2.91%2.03%3.62%+126 bps
Growth
Asset Growth (YoY)-3.89%-14.42%-10.05%-7.00%-6.01%-212 bps
Loan Growth (YoY)-11.24%-12.41%-11.02%-1.74%1.39%+1,263 bps
Deposit Growth (YoY)-7.84%-4.05%-0.79%5.81%3.23%+1,107 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.27%0.00%0.00%0 bps
Allowance / Loans1.49%1.50%1.46%1.38%1.41%-9 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 Capital22.30%23.05%22.78%21.08%20.40%-189 bps
Equity / Assets8.40%8.12%7.99%7.02%7.03%-137 bps
Liquidity & Funding
Loans / Deposits59.78%57.39%56.68%58.77%58.71%-107 bps
Liquid Assets / Assets1.82%2.41%2.42%1.76%0.37%-145 bps
CRE / Total Capitaln/an/an/an/an/an/an/a