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Letter portraitLegal landscapeQuarterYTD

State Bank of Loretto

Loretto, MN · Cert 8215

FDIC

Q2 2004

$98.9MAssets
$91.2MLoans
$70.7MDeposits
$9.1MEquity
Loan mix
73%RE $40.7M27%C&I $15.1M0%Consumer $0.2MQ2 2003Q2 2004
Deposit mix
91%Interest-bearing $64.0M9%Noninterest $6.7MQ2 2003Q2 2004

NIM

7.12%Q2 ’026.93%Q2 ’036.46%Q2 ’04+9%-5%

Non-interest income vs. expense

2.62%Q2 ’021.68%Q2 ’033.04%Q2 ’04-33%+101%

Executive Summary

  • Earnings: ROA of 0.67%, down 204 bps year over year; NIM at 4.29%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.02%.
  • Funding: loans stand at 129.03% of deposits as of Q2 2004.

Financial Results

Return on Assets (YTD, annualized)

0.67%-204 bps YoY

Net Interest Margin (YTD, annualized)

4.29%-24 bps YoY

Efficiency Ratio (YTD, annualized)

66.61%+3,189 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2003Q3 2003Q4 2003Q1 2004Q2 2004YoY ΔTrend
Earnings
Return on Assets2.71%2.66%2.37%-0.16%0.67%-204 bps
Return on Equity34.52%33.92%29.96%-1.90%7.83%-2,669 bps
Net Interest Margin4.53%4.29%4.26%4.25%4.29%-24 bps
Efficiency Ratio34.72%37.96%39.51%69.63%66.61%+3,189 bps
Non-Interest Burden1.38%1.45%1.52%2.88%2.77%+139 bps
Growth
Asset Growth (YoY)38.08%17.55%14.88%-2.49%-13.64%-5,172 bps
Loan Growth (YoY)38.42%15.92%9.33%-0.81%-12.83%-5,125 bps
Deposit Growth (YoY)36.52%17.19%17.89%-2.55%-17.41%-5,393 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.03%0.02%0.03%0.01%0.02%0 bps
Allowance / Loans1.00%1.03%1.27%1.69%1.80%+80 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 Capital10.82%11.43%11.09%10.72%12.58%+176 bps
Equity / Assets7.57%7.83%8.12%8.48%9.23%+166 bps
Liquidity & Funding
Loans / Deposits122.24%120.03%114.19%123.94%129.03%+678 bps
Liquid Assets / Assets0.79%2.52%2.21%1.49%0.72%-7 bps
CRE / Total Capitaln/an/an/an/an/an/an/a