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Union State Bank

Nanuet, NY · Cert 20119

FDIC

Q4 2007

$2.8BAssets
$1.6BLoans
$1.8BDeposits
$261.6MEquity
Loan mix
78%RE $918.9M21%C&I $247.3M1%Consumer $9.1MQ4 2006Q4 2007
Deposit mix
85%Interest-bearing $1.5B15%Noninterest $0.3BQ4 2006Q4 2007

NIM

5.66%Q4 ’056.03%Q4 ’066.33%Q4 ’07-7%-5%

Non-interest income vs. expense

1.83%Q4 ’051.69%Q4 ’061.74%Q4 ’07-9%+6%

Executive Summary

  • Earnings: ROA of 0.69%, down 60 bps year over year; NIM at 3.14%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.08%.
  • Funding: loans stand at 86.68% of deposits as of Q4 2007.

Financial Results

Return on Assets (YTD, annualized)

0.69%-60 bps YoY

Net Interest Margin (YTD, annualized)

3.14%-18 bps YoY

Efficiency Ratio (YTD, annualized)

50.35%+434 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2006Q1 2007Q2 2007Q3 2007Q4 2007YoY ΔTrend
Earnings
Return on Assets1.29%1.12%1.12%1.13%0.69%-60 bps
Return on Equity13.97%11.99%12.19%12.40%7.53%-644 bps
Net Interest Margin3.31%3.16%3.11%3.15%3.14%-18 bps
Efficiency Ratio46.01%49.44%49.76%49.12%50.35%+434 bps
Non-Interest Burden1.41%1.48%1.47%1.46%1.50%+9 bps
Growth
Asset Growth (YoY)5.63%5.14%7.32%2.09%-2.80%-842 bps
Loan Growth (YoY)8.03%7.80%7.04%1.87%-1.89%-992 bps
Deposit Growth (YoY)2.38%7.90%5.54%2.25%-5.07%-745 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.05%0.12%0.14%0.10%0.08%+3 bps
Allowance / Loans1.01%0.99%0.98%1.00%2.04%+103 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 Capital15.82%15.96%15.59%16.29%16.22%+40 bps
Equity / Assets9.33%9.35%8.77%8.93%9.25%-9 bps
Liquidity & Funding
Loans / Deposits83.87%83.33%81.20%76.65%86.68%+281 bps
Liquid Assets / Assets25.84%25.59%25.08%23.33%24.43%-141 bps
CRE / Total Capitaln/an/an/an/an/an/an/a