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Valley State Bank

Guttenberg, IA · Cert 34224

FDIC

Q4 2006

$34.5MAssets
$25.7MLoans
$25.9MDeposits
$2.5MEquity
Deposit mix
91%Interest-bearing $23.6M9%Noninterest $2.3MQ4 2005Q4 2006

NIM

5.40%Q4 ’045.60%Q4 ’056.35%Q4 ’06-5%+1%

Non-interest income vs. expense

2.01%Q4 ’041.75%Q4 ’051.84%Q4 ’06-38%-3%

Executive Summary

  • Earnings: ROA of 0.96%, up 5 bps year over year; NIM at 2.84%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 99.22% of deposits as of Q4 2006.

Financial Results

Return on Assets (quarter, annualized)

0.96%+5 bps YoY

Net Interest Margin (quarter, annualized)

2.84%+4 bps YoY

Efficiency Ratio (quarter, annualized)

54.30%-10 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2005Q1 2006Q2 2006Q3 2006Q4 2006YoY ΔTrend
Earnings
Return on Assets0.91%0.87%0.91%0.91%0.96%+5 bps
Return on Equity11.59%11.23%12.03%12.30%13.19%+160 bps
Net Interest Margin2.80%2.81%2.82%2.89%2.84%+4 bps
Efficiency Ratio54.40%55.78%56.41%54.55%54.30%-10 bps
Non-Interest Burden1.33%1.40%1.35%1.40%1.29%-4 bps
Growth
Asset Growth (YoY)9.61%11.07%10.47%11.47%11.46%+184 bps
Loan Growth (YoY)17.07%12.36%20.56%16.45%9.12%-796 bps
Deposit Growth (YoY)4.04%8.69%7.69%11.10%14.13%+1,009 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.02%-0.10%0.00%0.00%0.00%+2 bps
Allowance / Loans0.72%0.72%0.70%0.71%0.74%+2 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 Capital12.81%12.11%11.64%11.52%11.72%-108 bps
Equity / Assets7.91%7.59%7.50%7.30%7.21%-70 bps
Liquidity & Funding
Loans / Deposits103.79%103.55%107.40%103.83%99.22%-456 bps
Liquid Assets / Assets1.16%0.96%0.94%0.89%0.82%-34 bps
CRE / Total Capitaln/an/an/an/an/an/an/a