Report To Our Customers

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Statement Of
Condition

As of December 31, 2007

Report To Our Customers

Thank you to all of our customers for making 2007 another successful year, both for Evergreen Federal and for our community. The highlights of 2007 follow.

Evergreen checking customers now have the convenience of accessing cash from their checking account anywhere in the world and saving money at the same time. This new FREE world-wide ATM access to checking accounts started in July.

Evergreen's "Bear Hotel,' a multi-purpose community facility, was home to several customer appreciation and non-profit community events in 2007.

During 2007, customers continued to benefit from Evergreen’s personalized service and quick loan approval times. In all Evergreen loaned over 64 million dollars in 2007 to assist our customers in buying, building, and re-modeling their homes.

Evergreen remains a strong institution. In 2007 Evergreen’s capital grew to over 33 million dollars. This means Evergreen will continue to be in the position to provide exceptional services for you, your family and friends.

What makes Evergreen different from other banks is that we reinvest our profits into the community. We believe this investment builds a stronger community, builds our business, and helps us better serve our customers.

2007 was the first year that the "Bear Hotel", Evergreen’s 23,000 square foot warehouse, was fully utilized for customer events, a workplace for artists, tours, fundraisers, and a meeting place for non-profits. Over 9,000 customers and visitors attended tours, meetings, and events at the Bear Hotel. This helped the local economy and resulted in thousands of dollars raised for local nonprofits.

Three main events were held for customers: a customer appreciation birthday party in April; Moonlight Memories in August where customers were treated to love songs from the 1930s and 1940s; and a holiday party in December where customers saw the Bear Hotel set up as a magical winter wonderland. In addition customers brought in pictures of their dogs for Cause for Paws, and the Magical Musical Christmas Murals and Nutcrackers were placed downtown.

2007 brought major progress on the building of Evergreen Park and the lodge style restaurant, slated to be completed in 2008. When finished this property will be a signature property for the community.

In 2007 Evergreen’s Homeward Dreams Affordable Housing program celebrated success in its first year as families became first-time homeowners with the fifth family scheduled to receive their home in January, 2008. While many groups have talked about creating homes for working families, Homeward Dreams has made the dream a reality. Evergreen brought together local builders and businesses to make this happen. No tax dollars were used.

Again, thank you. This has been an extraordinary year and we look forward to a prosperous 2008.

 

Jeffrey Hyde
Executive Vice President

Financial Statement 
Evergreen Federal Savings and Loan Association

Grants Pass, Oregon - December 31, 2007

ASSETS
Mortgage Loans and other Liens on Real Estate $ 228,586,188
All other Loans 16,774,663
Cash on Hand and Investments 40,364,313
Real Estate Owned through Foreclosure 348,500
Fixed Assets (net) 11,506,769
Other Assets 7,185,210
TOTAL $ 304,765,643
LIABILITIES
Savings/Checking Accounts $ 250,848,928
Borrowed Money 20,000,000
Other Liabilities 691,372
Capital 33,225,343
TOTAL $ 304,765,643

The Savings Association Insurance Fund, an agency of the United States Government, insures all depositors to at least $100,000 in accordance with the rules and regulations of the FDIC.

This statement has been prepared in accordance with the regulatory reporting requirements of the Office of Thrift Supervision (OTS). Core and Total Risk-based Capital are the elements of regulatory capital determined under such reporting requirements. Regulatory capital is the basis by which the OTS determines whether a savings association is operating in a safe and sound manner. Minimum Capital Requirements and Evergreen’s position are as follows:

Minimum Capital Requirements By OTS: Evergreen Federal's Position:
Total Risk-based Capital $15,882,000 8.00% $33,490,000 16.87%
Core Capital $12,194,000 4.00% $33,225,000 10.90%

 "Evergreen Federal's ability to earn our 5-Star Superior rating time and again speaks to its strength, stability and longevity. In a banking environment that is struggling with loan quality and delinquencies, it is an honor and a pleasure to recognize Evergreen Federal and the values it represents."
—Bauer Financial Reports/December 2007