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Shrewsbury State Bank

Shrewsbury, NJ · Cert 21492

FDIC

Q4 2004

$428.1MAssets
$269.2MLoans
$343.4MDeposits
$60.8MEquity
Loan mix
83%RE $124.8M17%C&I $24.8M0%Consumer $0.2MQ4 2003Q4 2004
Deposit mix
78%Interest-bearing $266.9M22%Noninterest $76.5MQ4 2003Q4 2004

NIM

5.16%Q4 ’024.70%Q4 ’034.87%Q4 ’04-3%+6%

Non-interest income vs. expense

2.95%Q4 ’022.77%Q4 ’032.98%Q4 ’04+2%+21%

Executive Summary

  • Earnings: ROA of 1.39%, down 7 bps year over year; NIM at 4.13%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.04%.
  • Funding: loans stand at 78.41% of deposits as of Q4 2004.

Financial Results

Return on Assets (quarter, annualized)

1.39%-7 bps YoY

Net Interest Margin (quarter, annualized)

4.13%+23 bps YoY

Efficiency Ratio (quarter, annualized)

58.01%+307 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2003Q1 2004Q2 2004Q3 2004Q4 2004YoY ΔTrend
Earnings
Return on Assets1.46%1.40%1.39%1.44%1.39%-7 bps
Return on Equity10.52%9.85%10.00%10.36%9.78%-74 bps
Net Interest Margin3.90%3.91%3.88%3.93%4.13%+23 bps
Efficiency Ratio54.94%55.48%56.08%55.22%58.01%+307 bps
Non-Interest Burden1.63%1.73%1.75%1.74%1.97%+34 bps
Growth
Asset Growth (YoY)4.14%4.73%4.76%2.64%5.54%+140 bps
Loan Growth (YoY)16.85%13.95%8.93%9.82%8.60%-824 bps
Deposit Growth (YoY)3.83%3.86%5.27%2.31%6.79%+296 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.01%0.14%0.00%0.00%0.04%+3 bps
Allowance / Loans1.29%1.25%1.24%1.20%1.19%-10 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 Capital22.26%22.08%22.17%21.30%21.30%-96 bps
Equity / Assets14.20%14.15%13.62%14.20%14.21%+1 bps
Liquidity & Funding
Loans / Deposits77.11%75.71%74.67%78.13%78.41%+131 bps
Liquid Assets / Assets1.79%4.06%1.76%1.83%5.39%+361 bps
CRE / Total Capitaln/an/an/an/an/an/an/a