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First State Bank

Flagstaff, AZ · Cert 34875

FDIC

Q2 2009

$107.2MAssets
$81.4MLoans
$95.7MDeposits
$4.5MEquity
Loan mix
86%RE $57.3M14%C&I $9.3M0%Consumer $0.1MQ2 2008Q2 2009
Deposit mix
82%Interest-bearing $79.0M18%Noninterest $16.8MQ2 2008Q2 2009

NIM

7.91%Q2 ’075.97%Q2 ’085.25%Q2 ’09-30%-17%

Non-interest income vs. expense

4.62%Q2 ’074.22%Q2 ’088.78%Q2 ’09-12%+116%

Executive Summary

  • Earnings: ROA of -15.65%, down 1,543 bps year over year; NIM at 3.09%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 9.89%.
  • Funding: loans stand at 84.99% of deposits as of Q2 2009.

Financial Results

Return on Assets (quarter, annualized)

-15.65%-1,543 bps YoY

Net Interest Margin (quarter, annualized)

3.09%-62 bps YoY

Efficiency Ratio (quarter, annualized)

238%+13,627 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2008Q3 2008Q4 2008Q1 2009Q2 2009YoY ΔTrend
Earnings
Return on Assets-0.21%-4.26%-8.64%-3.72%-15.65%-1,543 bps
Return on Equity-2.16%-47.31%-110.23%-49.74%-264%-26,177 bps
Net Interest Margin3.71%4.13%2.66%2.68%3.09%-62 bps
Efficiency Ratio101.72%93.56%128.35%148.69%238%+13,627 bps
Non-Interest Burden3.78%3.83%3.54%4.20%8.18%+440 bps
Growth
Asset Growth (YoY)19.14%13.26%8.78%-3.50%-7.75%-2,688 bps
Loan Growth (YoY)25.35%21.96%7.80%-8.15%-13.95%-3,930 bps
Deposit Growth (YoY)23.41%15.78%22.95%10.78%9.87%-1,354 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.01%3.85%3.88%9.67%9.89%+990 bps
Allowance / Loans0.95%1.74%3.27%2.25%3.13%+218 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 Capital11.09%9.94%9.22%9.41%5.72%-537 bps
Equity / Assets9.77%8.29%7.38%7.57%4.19%-557 bps
Liquidity & Funding
Loans / Deposits108.52%99.74%93.82%88.43%84.99%-2,354 bps
Liquid Assets / Assets0.00%0.00%0.58%0.00%0.07%+7 bps
CRE / Total Capitaln/an/an/an/an/an/an/a