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Pine City State Bank

Pine City, MN · Cert 9744

FDIC

Q1 2009

$84.8MAssets
$67.5MLoans
$69.3MDeposits
$1.1MEquity
Loan mix
88%RE $51.4M11%C&I $6.6M1%Consumer $0.5MQ1 2008Q1 2009
Deposit mix
96%Interest-bearing $66.2M4%Noninterest $3.1MQ1 2008Q1 2009

NIM

7.53%Q1 ’076.60%Q1 ’085.15%Q1 ’09-21%-32%

Non-interest income vs. expense

3.19%Q1 ’074.02%Q1 ’084.74%Q1 ’09+37%+101%

Executive Summary

  • Earnings: ROA of -16.92%, down 1,702 bps year over year; NIM at 2.09%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 14.73%.
  • Funding: loans stand at 97.53% of deposits as of Q1 2009.

Financial Results

Return on Assets (quarter, annualized)

-16.92%-1,702 bps YoY

Net Interest Margin (quarter, annualized)

2.09%-98 bps YoY

Efficiency Ratio (quarter, annualized)

1009%+90,672 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2008Q2 2008Q3 2008Q4 2008Q1 2009YoY ΔTrend
Earnings
Return on Assets0.10%1-2.84%-4.61%-5.64%-16.92%-1,702 bps
Return on Equity1.17%-35.33%-66.32%-95.90%-506%-50,733 bps
Net Interest Margin3.07%2.47%2.41%2.47%2.09%-98 bps
Efficiency Ratio102.54%178.51%375%123.52%1009%+90,672 bps
Non-Interest Burden3.17%4.28%5.66%3.20%6.36%+319 bps
Growth
Asset Growth (YoY)1.97%4.06%1.23%-1.95%-5.53%-750 bps
Loan Growth (YoY)-5.92%-2.95%-1.45%0.55%-8.36%-244 bps
Deposit Growth (YoY)7.13%10.26%13.74%-3.20%-2.56%-969 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.43%0.32%1.59%0.55%14.73%+1,330 bps
Allowance / Loans1.83%2.02%2.08%3.49%4.25%+242 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 Capital11.64%10.48%9.20%7.53%2.79%-885 bps
Equity / Assets8.76%7.38%6.52%5.23%1.28%-748 bps
Liquidity & Funding
Loans / Deposits103.71%95.54%97.27%100.63%97.53%-618 bps
Liquid Assets / Assets0.64%0.47%0.38%0.11%0.03%-61 bps
CRE / Total Capitaln/an/an/an/an/an/an/a