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Letter portraitLegal landscapeQuarterYTD

Boston Safe Deposit and Trust Company

Boston, MA · Cert 22295

FDIC

Q2 2008

$11.9BAssets
$3.8BLoans
$10.0BDeposits
$1.6BEquity
Loan mix
95%RE $1.3B5%C&I $0.1B0%Consumer $0.0BQ2 2007Q2 2008
Deposit mix
72%Interest-bearing $7.2B28%Noninterest $2.8BQ2 2007Q2 2008

NIM

4.26%Q2 ’064.80%Q2 ’072.95%Q2 ’08+13%-24%

Non-interest income vs. expense

7.22%Q2 ’065.39%Q2 ’076.93%Q2 ’08+109%-78%

Executive Summary

  • Earnings: ROA of 0.80%, down 30 bps year over year; NIM at 1.63%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.04%.
  • Funding: loans stand at 38.23% of deposits as of Q2 2008.

Financial Results

Return on Assets (YTD, annualized)

0.80%-30 bps YoY

Net Interest Margin (YTD, annualized)

1.63%-52 bps YoY

Efficiency Ratio (YTD, annualized)

78.74%+442 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2007Q3 2007Q4 2007Q1 2008Q2 2008YoY ΔTrend
Earnings
Return on Assets1.10%0.33%0.59%0.79%0.80%-30 bps
Return on Equity15.03%3.32%5.27%5.11%5.33%-970 bps
Net Interest Margin2.15%0.71%1.01%1.79%1.63%-52 bps
Efficiency Ratio74.32%72.16%70.12%81.04%78.74%+442 bps
Non-Interest Burden0.30%0.16%-0.01%0.39%0.07%-24 bps
Growth
Asset Growth (YoY)7.05%6.74%8.05%44.33%16.49%+944 bps
Loan Growth (YoY)83.07%160.66%138.59%197.54%97.89%+1,482 bps
Deposit Growth (YoY)11.64%-3.79%-3.47%34.56%7.14%-449 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%-0.04%-4 bps
Allowance / Loans0.07%0.25%0.27%0.23%0.36%+29 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 Capital15.78%15.06%15.44%14.20%12.21%-357 bps
Equity / Assets7.05%17.58%15.67%15.41%13.90%+685 bps
Liquidity & Funding
Loans / Deposits20.70%35.27%27.71%34.81%38.23%+1,753 bps
Liquid Assets / Assets0.21%0.15%0.10%0.02%0.69%+48 bps
CRE / Total Capitaln/an/an/an/an/an/an/a