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Compass Bank for Savings

New Bedford, MA · Cert 23291

FDIC

Q2 2004

$4.8BAssets
$3.7BLoans
$3.3BDeposits
$507.7MEquity
Loan mix
95%RE $2.0B5%C&I $0.1B0%Consumer $0.0BQ2 2003Q2 2004
Deposit mix
92%Interest-bearing $3.1B8%Noninterest $0.3BQ2 2003Q2 2004

NIM

6.32%Q2 ’025.64%Q2 ’034.96%Q2 ’04-3%-5%

Non-interest income vs. expense

1.94%Q2 ’022.05%Q2 ’032.14%Q2 ’04+8%-3%

Executive Summary

  • Earnings: ROA of 0.86%, down 40 bps year over year; NIM at 3.20%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.12%.
  • Funding: loans stand at 110.24% of deposits as of Q2 2004.

Financial Results

Return on Assets (quarter, annualized)

0.86%-40 bps YoY

Net Interest Margin (quarter, annualized)

3.20%-17 bps YoY

Efficiency Ratio (quarter, annualized)

56.26%+223 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2003Q3 2003Q4 2003Q1 2004Q2 2004YoY ΔTrend
Earnings
Return on Assets1.26%0.92%0.85%0.82%0.86%-40 bps
Return on Equity15.24%10.47%9.40%8.89%8.63%-661 bps
Net Interest Margin3.37%3.34%3.28%3.31%3.20%-17 bps
Efficiency Ratio54.03%50.64%55.69%58.33%56.26%+223 bps
Non-Interest Burden1.68%1.56%1.73%1.85%1.64%-5 bps
Growth
Asset Growth (YoY)26.05%22.27%21.20%19.92%19.35%-670 bps
Loan Growth (YoY)33.97%24.01%21.37%20.41%12.44%-2,153 bps
Deposit Growth (YoY)24.49%21.64%21.96%21.48%24.89%+40 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.14%0.12%0.15%0.21%0.12%-2 bps
Allowance / Loans1.12%1.20%1.19%1.17%1.17%+5 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 Capital10.56%11.34%11.26%11.12%11.67%+111 bps
Equity / Assets8.68%8.87%9.28%9.12%10.68%+200 bps
Liquidity & Funding
Loans / Deposits122.45%118.11%121.79%121.98%110.24%-1,221 bps
Liquid Assets / Assets0.33%0.37%0.37%0.37%0.28%-6 bps
CRE / Total Capitaln/an/an/an/an/an/an/a