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Letter portraitLegal landscapeQuarterYTD

Savings Bank of Manchester, The

Manchester, CT · Cert 17942

FDIC

Q1 2004

$2.5BAssets
$1.7BLoans
$1.6BDeposits
$180.0MEquity
Loan mix
86%RE $1.1B13%C&I $0.2B0%Consumer $0.0BQ1 2003Q1 2004
Deposit mix
94%Interest-bearing $1.5B6%Noninterest $0.1BQ1 2003Q1 2004

NIM

5.76%Q1 ’025.33%Q1 ’034.83%Q1 ’04+7%-8%

Non-interest income vs. expense

2.32%Q1 ’022.04%Q1 ’0310.19%Q1 ’04-18%+589%

Executive Summary

  • Earnings: ROA of -5.19%, down 652 bps year over year; NIM at 3.07%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.07%.
  • Funding: loans stand at 102.95% of deposits as of Q1 2004.

Financial Results

Return on Assets (YTD, annualized)

-5.19%-652 bps YoY

Net Interest Margin (YTD, annualized)

3.07%-25 bps YoY

Efficiency Ratio (YTD, annualized)

265%+21,579 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2003Q2 2003Q3 2003Q4 2003Q1 2004YoY ΔTrend
Earnings
Return on Assets1.32%1.32%1.42%1.32%-5.19%-652 bps
Return on Equity14.39%14.53%15.56%14.75%-67.48%-8,187 bps
Net Interest Margin3.32%3.25%3.21%3.22%3.07%-25 bps
Efficiency Ratio49.64%49.42%49.79%50.83%265%+21,579 bps
Non-Interest Burden1.37%1.32%1.30%1.34%9.44%+807 bps
Growth
Asset Growth (YoY)4.86%6.51%2.55%-0.03%-1.34%-620 bps
Loan Growth (YoY)9.19%9.84%10.46%8.41%4.47%-473 bps
Deposit Growth (YoY)-1.03%0.62%-0.38%0.07%0.92%+195 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.06%0.06%0.05%0.05%-0.07%-13 bps
Allowance / Loans1.01%0.98%0.97%0.98%1.02%+1 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 Capital12.89%12.22%12.80%12.04%9.80%-309 bps
Equity / Assets9.30%8.88%9.19%8.26%7.12%-217 bps
Liquidity & Funding
Loans / Deposits99.45%100.18%104.60%102.95%102.95%+350 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a