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Fairfield County Savings Bank

Norwalk, CT · Cert 18201

FDIC

Q4 2003

$365.0MAssets
$201.7MLoans
$270.7MDeposits
$33.0MEquity
Deposit mix
91%Interest-bearing $247.4M9%Noninterest $23.4MQ4 2002Q4 2003

NIM

5.86%Q4 ’015.18%Q4 ’024.08%Q4 ’03+3%-22%

Non-interest income vs. expense

2.29%Q4 ’012.40%Q4 ’023.28%Q4 ’03+16%+47%

Executive Summary

  • Earnings: ROA of -0.22%, down 105 bps year over year; NIM at 2.57%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 74.51% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

-0.22%-105 bps YoY

Net Interest Margin (quarter, annualized)

2.57%-72 bps YoY

Efficiency Ratio (quarter, annualized)

113.16%+4,798 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets0.83%0.76%0.97%0.50%-0.22%-105 bps
Return on Equity9.33%8.46%10.60%5.47%-2.48%-1,180 bps
Net Interest Margin3.29%3.19%3.09%2.95%2.57%-72 bps
Efficiency Ratio65.18%66.25%61.35%77.32%113.16%+4,798 bps
Non-Interest Burden2.01%2.00%1.68%2.26%2.95%+94 bps
Growth
Asset Growth (YoY)12.33%11.29%9.00%11.01%6.37%-596 bps
Loan Growth (YoY)2.72%12.27%7.39%16.24%6.44%+372 bps
Deposit Growth (YoY)6.63%7.08%3.91%-0.32%1.37%-525 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.04%0.00%0.00%0.00%0 bps
Allowance / Loans1.00%0.94%0.96%0.93%0.93%-7 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 Capital18.18%19.02%19.41%19.87%21.11%+293 bps
Equity / Assets8.93%9.04%9.29%8.87%9.04%+11 bps
Liquidity & Funding
Loans / Deposits70.96%72.10%70.67%76.53%74.51%+355 bps
Liquid Assets / Assets0.18%0.99%2.70%7.44%7.27%+709 bps
CRE / Total Capitaln/an/an/an/an/an/an/a