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Letter portraitLegal landscapeQuarterYTD

First State Bank of Audubon

Audubon, MN · Cert 9739

FDIC

Q1 2005

$11.7MAssets
$4.6MLoans
$9.5MDeposits
$2.2MEquity
Loan mix
30%RE $1.0M68%C&I $2.3M2%Consumer $0.1MQ1 2004Q1 2005
Deposit mix
80%Interest-bearing $7.6M20%Noninterest $1.9MQ1 2004Q1 2005

NIM

5.14%Q1 ’034.52%Q1 ’043.99%Q1 ’05-8%-15%

Non-interest income vs. expense

4.20%Q1 ’034.06%Q1 ’043.59%Q1 ’05-4%-13%

Executive Summary

  • Earnings: ROA of -0.17%, down 17 bps year over year; NIM at 2.67%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 49.08% of deposits as of Q1 2005.

Financial Results

Return on Assets (quarter, annualized)

-0.17%-17 bps YoY

Net Interest Margin (quarter, annualized)

2.67%-47 bps YoY

Efficiency Ratio (quarter, annualized)

101.92%+192 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets0.00%1.66%-0.15%-1.56%-0.17%-17 bps
Return on Equity0.00%14.31%-1.32%-10.27%-0.89%-89 bps
Net Interest Margin3.14%3.30%3.27%-6.78%2.67%-47 bps
Efficiency Ratio100.00%93.16%102.40%106.33%101.92%+192 bps
Non-Interest Burden3.14%3.00%3.38%-6.44%2.74%-40 bps
Growth
Asset Growth (YoY)-0.19%0.98%6.15%15.84%11.91%+1,210 bps
Loan Growth (YoY)-14.59%2.03%17.10%19.99%1.60%+1,619 bps
Deposit Growth (YoY)-0.03%-2.20%-0.07%6.75%2.96%+299 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.17%-1.10%0.00%1.69%0.00%+17 bps
Allowance / Loans2.62%2.05%1.94%2.03%2.17%-45 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 Capital22.73%22.67%21.74%21.73%22.85%+13 bps
Equity / Assets12.02%11.14%11.27%18.70%19.03%+701 bps
Liquidity & Funding
Loans / Deposits49.74%51.75%56.11%50.52%49.08%-66 bps
Liquid Assets / Assets0.97%0.95%0.93%0.83%0.86%-11 bps
CRE / Total Capitaln/an/an/an/an/an/an/a