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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

5.71%Q3 ’065.85%Q3 ’074.73%Q3 ’08+3%-4%

Non-interest income vs. expense

2.31%Q3 ’062.45%Q3 ’073.02%Q3 ’08+8%+27%

Executive Summary

  • Earnings: ROA of 0.80%, down 168 bps year over year; NIM at 3.54%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.58%.
  • Funding: loans stand at 69.34% of deposits as of Q3 2008.

Financial Results

Return on Assets (quarter, annualized)

0.80%-168 bps YoY

Net Interest Margin (quarter, annualized)

3.54%-14 bps YoY

Efficiency Ratio (quarter, annualized)

73.77%+1,513 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets2.48%1.17%1.64%2.00%0.80%-168 bps
Return on Equity16.13%7.57%10.44%12.18%4.80%-1,134 bps
Net Interest Margin3.68%3.62%3.39%3.46%3.54%-14 bps
Efficiency Ratio58.64%72.58%59.00%62.14%73.77%+1,513 bps
Non-Interest Burden1.95%2.46%1.77%1.94%2.47%+52 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 / Loans-0.10%-0.09%-0.11%-0.08%0.58%+68 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