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Security State Savings Bank

Las Vegas, NV · Cert 34820

FDIC

Q4 2008

$238.3MAssets
$123.5MLoans
$174.9MDeposits
$2.4MEquity
Deposit mix
100%Interest-bearing $174.8M0%Noninterest $0.1MQ4 2007Q4 2008

NIM

7.49%Q4 ’067.41%Q4 ’074.25%Q4 ’08+2%-89%

Non-interest income vs. expense

1.52%Q4 ’061.89%Q4 ’072.89%Q4 ’08+51%+56%

Executive Summary

  • Earnings: ROA of -18.02%, down 1,229 bps year over year; NIM at 0.33%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 11.96%.
  • Funding: loans stand at 70.63% of deposits as of Q4 2008.

Financial Results

Return on Assets (quarter, annualized)

-18.02%-1,229 bps YoY

Net Interest Margin (quarter, annualized)

0.33%-275 bps YoY

Efficiency Ratio (quarter, annualized)

1081%+101,965 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets-5.73%-0.57%-7.57%-20.24%-18.02%-1,229 bps
Return on Equity-54.74%-5.49%-76.92%-272%-515%-46,055 bps
Net Interest Margin3.09%1.98%0.89%0.85%0.33%-275 bps
Efficiency Ratio61.41%117.08%323%439%1081%+101,965 bps
Non-Interest Burden1.90%2.31%4.04%7.49%2.96%+106 bps
Growth
Asset Growth (YoY)-1.96%-15.94%-16.24%-20.79%-12.80%-1,084 bps
Loan Growth (YoY)-11.65%-25.49%-28.92%-34.92%-32.16%-2,051 bps
Deposit Growth (YoY)4.27%-19.05%-16.88%-23.89%-2.60%-687 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans10.28%0.61%9.73%1.69%11.96%+169 bps
Allowance / Loans1.00%1.13%1.87%2.05%3.60%+260 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 Capital13.24%14.35%10.86%11.71%4.84%-840 bps
Equity / Assets9.94%10.88%8.80%5.98%0.99%-895 bps
Liquidity & Funding
Loans / Deposits101.40%109.54%94.79%85.45%70.63%-3,077 bps
Liquid Assets / Assets18.72%16.46%22.44%16.44%38.65%+1,993 bps
CRE / Total Capitaln/an/an/an/an/an/an/a