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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

9.06%Q3 ’068.19%Q3 ’073.88%Q3 ’08-27%-119%

Non-interest income vs. expense

2.58%Q3 ’065.38%Q3 ’074.95%Q3 ’08+112%-8%

Executive Summary

  • Earnings: ROA of -8.94%, down 709 bps year over year; NIM at -0.60%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 12.63%.
  • Funding: loans stand at 89.45% of deposits as of Q3 2008.

Financial Results

Return on Assets (quarter, annualized)

-8.94%-709 bps YoY

Net Interest Margin (quarter, annualized)

-0.60%-386 bps YoY

Efficiency Ratio (quarter, annualized)

503%+33,879 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets-1.85%-6.42%-5.64%-10.85%-8.94%-709 bps
Return on Equity-18.91%-69.60%-70.74%-154.06%-149.58%-13,067 bps
Net Interest Margin3.25%2.70%1.35%0.90%-0.60%-386 bps
Efficiency Ratio163.72%110.25%186.93%380%503%+33,879 bps
Non-Interest Burden5.35%2.98%2.69%3.41%4.95%-40 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 / Loans0.23%0.27%1.42%11.02%12.63%+1,239 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