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Farmers State Bank of Fort Morgan

Fort Morgan, CO · Cert 9215

FDIC

Q3 2008

$132.4MAssets
$72.4MLoans
$104.4MDeposits
$22.3MEquity
Loan mix
72%RE $28.3M27%C&I $10.6M1%Consumer $0.2MQ3 2007Q3 2008
Deposit mix
76%Interest-bearing $79.6M24%Noninterest $24.7MQ3 2007Q3 2008

NIM

5.77%Q3 ’065.74%Q3 ’075.15%Q3 ’08-4%+0%

Non-interest income vs. expense

2.30%Q3 ’062.40%Q3 ’072.74%Q3 ’08+4%+14%

Executive Summary

  • Earnings: ROA of 1.49%, down 52 bps year over year; NIM at 3.64%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.13%.
  • Funding: loans stand at 69.34% of deposits as of Q3 2008.

Financial Results

Return on Assets (YTD, annualized)

1.49%-52 bps YoY

Net Interest Margin (YTD, annualized)

3.64%0 bps YoY

Efficiency Ratio (YTD, annualized)

64.82%+695 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 Assets2.01%1.79%1.64%1.82%1.49%-52 bps
Return on Equity13.16%11.72%10.44%11.37%9.22%-393 bps
Net Interest Margin3.64%3.55%3.39%3.48%3.64%0 bps
Efficiency Ratio57.87%61.72%59.00%60.56%64.82%+695 bps
Non-Interest Burden1.90%1.99%1.77%1.89%2.16%+26 bps
Growth
Asset Growth (YoY)2.76%5.52%5.04%0.29%-7.11%-987 bps
Loan Growth (YoY)3.74%3.41%8.62%7.82%8.70%+495 bps
Deposit Growth (YoY)11.34%9.22%6.91%2.10%-6.85%-1,819 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.24%0.16%-0.11%-0.09%0.13%-11 bps
Allowance / Loans1.43%1.50%1.49%1.22%1.15%-29 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 Capital29.74%29.25%29.63%29.08%27.62%-211 bps
Equity / Assets15.65%15.24%16.20%16.58%16.83%+118 bps
Liquidity & Funding
Loans / Deposits59.42%56.00%57.24%63.22%69.34%+991 bps
Liquid Assets / Assets7.98%7.67%0.26%0.25%0.25%-772 bps
CRE / Total Capitaln/an/an/an/an/an/an/a