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Farwell State Savings Bank, The

Farwell, MI · Cert 8174

FDIC

Q3 2006

$88.1MAssets
$64.6MLoans
$72.8MDeposits
$14.2MEquity
Deposit mix
86%Interest-bearing $62.6M14%Noninterest $10.2MQ3 2005Q3 2006

NIM

5.26%Q3 ’045.40%Q3 ’055.82%Q3 ’06-4%+2%

Non-interest income vs. expense

1.79%Q3 ’041.80%Q3 ’051.95%Q3 ’06+9%+9%

Executive Summary

  • Earnings: ROA of 1.70%, down 5 bps year over year; NIM at 3.84%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.04%.
  • Funding: loans stand at 88.77% of deposits as of Q3 2006.

Financial Results

Return on Assets (quarter, annualized)

1.70%-5 bps YoY

Net Interest Margin (quarter, annualized)

3.84%+7 bps YoY

Efficiency Ratio (quarter, annualized)

44.97%+264 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2005Q4 2005Q1 2006Q2 2006Q3 2006YoY ΔTrend
Earnings
Return on Assets1.75%1.63%1.42%1.44%1.70%-5 bps
Return on Equity11.86%10.81%9.39%9.44%10.69%-118 bps
Net Interest Margin3.77%3.84%3.68%3.74%3.84%+7 bps
Efficiency Ratio42.33%46.88%49.16%46.80%44.97%+264 bps
Non-Interest Burden1.32%1.58%1.66%1.56%1.45%+13 bps
Growth
Asset Growth (YoY)-0.32%0.12%-0.66%-3.34%-3.11%-279 bps
Loan Growth (YoY)-0.58%-0.71%-1.38%1.20%0.67%+124 bps
Deposit Growth (YoY)1.47%2.05%0.98%-2.05%-4.54%-601 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.02%0.27%0.21%0.03%0.04%+2 bps
Allowance / Loans1.27%1.20%1.15%1.13%1.12%-15 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 Capital29.95%29.80%30.23%30.69%31.37%+142 bps
Equity / Assets15.01%15.16%15.00%15.60%16.16%+115 bps
Liquidity & Funding
Loans / Deposits84.17%86.38%83.32%87.35%88.77%+460 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