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Magnet Bank

Salt Lake City, UT · Cert 58001

FDIC

Q3 2008

$300.7MAssets
$252.8MLoans
$282.6MDeposits
$15.9MEquity
Deposit mix
100%Interest-bearing $282.4M0%Noninterest $0.2MQ3 2007Q3 2008

NIM

5.37%Q3 ’068.61%Q3 ’075.48%Q3 ’08+35%-79%

Non-interest income vs. expense

2.16%Q3 ’063.08%Q3 ’074.34%Q3 ’08+40%+42%

Executive Summary

  • Earnings: ROA of -8.36%, down 841 bps year over year; NIM at 0.77%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 9.29%.
  • Funding: loans stand at 89.45% of deposits as of Q3 2008.

Financial Results

Return on Assets (YTD, annualized)

-8.36%-841 bps YoY

Net Interest Margin (YTD, annualized)

0.77%-298 bps YoY

Efficiency Ratio (YTD, annualized)

503%+42,215 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets0.05%-1.48%-5.64%-8.21%-8.36%-841 bps
Return on Equity0.55%-15.95%-70.74%-108.12%-117.08%-11,763 bps
Net Interest Margin3.75%3.64%1.35%1.20%0.77%-298 bps
Efficiency Ratio80.36%85.86%186.93%253%503%+42,215 bps
Non-Interest Burden3.00%3.12%2.69%3.21%4.25%+125 bps
Growth
Asset Growth (YoY)24.12%-0.07%-22.01%-31.61%-36.32%-6,044 bps
Loan Growth (YoY)43.20%14.66%-15.60%-28.85%-40.07%-8,327 bps
Deposit Growth (YoY)25.53%0.90%-20.17%-28.52%-31.87%-5,740 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.13%0.17%1.42%6.38%9.29%+916 bps
Allowance / Loans1.44%2.36%3.88%4.83%3.46%+201 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 Capital11.45%10.21%9.49%8.25%6.76%-469 bps
Equity / Assets9.89%8.53%7.41%6.57%5.29%-460 bps
Liquidity & Funding
Loans / Deposits101.69%101.51%90.91%94.51%89.45%-1,224 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a