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First Morris Bank and Trust

Morristown, NJ · Cert 19975

FDIC

Q1 2007

$563.9MAssets
$338.4MLoans
$508.6MDeposits
$40.2MEquity
Loan mix
87%RE $140.5M13%C&I $21.7M0%Consumer $0.1MQ1 2006Q1 2007
Deposit mix
87%Interest-bearing $444.0M13%Noninterest $64.7MQ1 2006Q1 2007

NIM

4.53%Q1 ’054.94%Q1 ’065.45%Q1 ’07-11%-8%

Non-interest income vs. expense

2.43%Q1 ’052.40%Q1 ’064.74%Q1 ’07-5%+118%

Executive Summary

  • Earnings: ROA of -1.21%, down 177 bps year over year; NIM at 2.53%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.01%.
  • Funding: loans stand at 66.54% of deposits as of Q1 2007.

Financial Results

Return on Assets (quarter, annualized)

-1.21%-177 bps YoY

Net Interest Margin (quarter, annualized)

2.53%-22 bps YoY

Efficiency Ratio (quarter, annualized)

159.01%+8,372 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2006Q2 2006Q3 2006Q4 2006Q1 2007YoY ΔTrend
Earnings
Return on Assets0.56%-0.17%0.55%0.31%-1.21%-177 bps
Return on Equity8.60%-2.52%7.99%4.30%-16.87%-2,547 bps
Net Interest Margin2.75%2.68%2.67%2.49%2.53%-22 bps
Efficiency Ratio75.29%81.33%73.57%82.14%159.01%+8,372 bps
Non-Interest Burden1.97%2.10%1.85%1.97%4.29%+232 bps
Growth
Asset Growth (YoY)6.06%2.27%-0.47%0.61%-1.57%-763 bps
Loan Growth (YoY)23.34%14.78%12.35%10.48%8.89%-1,445 bps
Deposit Growth (YoY)5.40%3.42%-1.62%0.52%-1.46%-686 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.08%0.00%0.28%-0.01%-1 bps
Allowance / Loans1.01%0.98%0.94%0.84%0.84%-17 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 Capital13.04%12.79%12.75%12.37%11.96%-107 bps
Equity / Assets7.05%6.65%7.17%7.18%7.13%+8 bps
Liquidity & Funding
Loans / Deposits60.21%60.21%63.42%63.97%66.54%+633 bps
Liquid Assets / Assets20.69%0.25%0.27%0.41%7.16%-1,353 bps
CRE / Total Capitaln/an/an/an/an/an/an/a