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Letter portraitLegal landscapeQuarterYTD

Greers Ferry Lake State Bank

Heber Springs, AR · Cert 33471

FDIC

Q2 2008

$63.5MAssets
$25.0MLoans
$53.1MDeposits
$5.0MEquity
Deposit mix
84%Interest-bearing $44.7M16%Noninterest $8.4MQ2 2007Q2 2008

NIM

5.92%Q2 ’065.74%Q2 ’075.35%Q2 ’08-21%-14%

Non-interest income vs. expense

2.78%Q2 ’062.69%Q2 ’072.22%Q2 ’08+38%-17%

Executive Summary

  • Earnings: ROA of 0.95%, up 6 bps year over year; NIM at 2.46%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.22%.
  • Funding: loans stand at 47.06% of deposits as of Q2 2008.

Financial Results

Return on Assets (quarter, annualized)

0.95%+6 bps YoY

Net Interest Margin (quarter, annualized)

2.46%-39 bps YoY

Efficiency Ratio (quarter, annualized)

65.87%-184 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2007Q3 2007Q4 2007Q1 2008Q2 2008YoY ΔTrend
Earnings
Return on Assets0.90%0.33%1.45%0.86%0.95%+6 bps
Return on Equity10.72%3.90%17.26%10.48%11.99%+128 bps
Net Interest Margin2.86%3.05%3.21%2.69%2.46%-39 bps
Efficiency Ratio67.71%69.22%63.22%70.94%65.87%-184 bps
Non-Interest Burden1.57%1.77%1.61%1.63%1.31%-26 bps
Growth
Asset Growth (YoY)2.81%3.57%-0.08%10.10%13.07%+1,026 bps
Loan Growth (YoY)-12.73%-8.28%-8.28%-0.97%-2.87%+985 bps
Deposit Growth (YoY)11.92%3.78%-0.55%11.39%13.99%+207 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.09%0.90%0.06%-0.22%-22 bps
Allowance / Loans1.29%1.33%1.17%1.12%1.20%-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 Capital16.45%16.29%16.33%15.93%15.95%-50 bps
Equity / Assets8.36%8.39%8.41%8.04%7.87%-49 bps
Liquidity & Funding
Loans / Deposits55.23%54.81%51.04%47.51%47.06%-817 bps
Liquid Assets / Assets17.96%19.84%25.57%34.26%37.88%+1,992 bps
CRE / Total Capitaln/an/an/an/an/an/an/a