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Massbank

Reading, MA · Cert 22089

FDIC

Q3 2008

$821.2MAssets
$206.3MLoans
$643.8MDeposits
$167.3MEquity
Loan mix
100%RE $197.1M0%C&I $0.1M0%Consumer $0.1MQ3 2007Q3 2008
Deposit mix
96%Interest-bearing $619.0M4%Noninterest $24.8MQ3 2007Q3 2008

NIM

4.72%Q3 ’064.94%Q3 ’07-6.93%Q3 ’08-6%-238%

Non-interest income vs. expense

1.36%Q3 ’061.82%Q3 ’07-3.41%Q3 ’08-49%-589%

Executive Summary

  • Earnings: ROA of -0.08%, down 111 bps year over year; NIM at -3.17%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 32.04% of deposits as of Q3 2008.

Financial Results

Return on Assets (quarter, annualized)

-0.08%-111 bps YoY

Net Interest Margin (quarter, annualized)

-3.17%-546 bps YoY

Efficiency Ratio (quarter, annualized)

227%+17,460 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets1.03%1.01%0.10%-0.17%-0.08%-111 bps
Return on Equity8.27%7.86%0.78%-1.33%-0.47%-874 bps
Net Interest Margin2.29%2.29%2.02%1.62%-3.17%-546 bps
Efficiency Ratio52.01%47.67%91.17%117.51%227%+17,460 bps
Non-Interest Burden0.61%0.76%1.80%1.87%-2.98%-359 bps
Growth
Asset Growth (YoY)-3.41%-4.94%-3.41%-4.16%0.58%+398 bps
Loan Growth (YoY)28.51%15.86%37.67%33.64%-34.19%-6,270 bps
Deposit Growth (YoY)-4.88%-5.75%-4.70%-4.71%-7.89%-301 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans0.44%0.47%0.40%0.44%0.00%-44 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 Capital33.76%33.52%26.79%26.33%40.49%+672 bps
Equity / Assets12.58%13.02%12.91%12.98%20.37%+779 bps
Liquidity & Funding
Loans / Deposits44.84%42.11%50.75%47.04%32.04%-1,280 bps
Liquid Assets / Assets1.00%1.01%0.94%0.93%0.00%-100 bps
CRE / Total Capitaln/an/an/an/an/an/an/a