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Letter portraitLegal landscapeQuarterYTD

Allfirst Financial Center National Association

Millsboro, DE · Cert 23834

FDIC

Q2 2003

$80.4MAssets
$11.4MLoans
$27.2MDeposits
$8.9MEquity
Deposit mix
89%Interest-bearing $24.1M11%Noninterest $3.1MQ2 2002Q2 2003

NIM

3.95%Q2 ’012.81%Q2 ’020.98%Q2 ’03-30%-57%

Non-interest income vs. expense

1.65%Q2 ’011.36%Q2 ’020.59%Q2 ’03-30%-56%

Executive Summary

  • Earnings: ROA of 0.05%, down 36 bps year over year; NIM at 0.59%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.12%.
  • Funding: loans stand at 41.98% of deposits as of Q2 2003.

Financial Results

Return on Assets (YTD, annualized)

0.05%-36 bps YoY

Net Interest Margin (YTD, annualized)

0.59%-79 bps YoY

Efficiency Ratio (YTD, annualized)

82.21%+211 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ2 2002Q3 2002Q4 2002Q1 2003Q2 2003YoY ΔTrend
Earnings
Return on Assets0.42%0.33%0.30%0.15%0.05%-36 bps
Return on Equity2.74%2.29%2.21%1.61%0.53%-221 bps
Net Interest Margin1.38%1.15%1.16%1.14%0.59%-79 bps
Efficiency Ratio80.10%90.66%93.16%106.25%82.21%+211 bps
Non-Interest Burden1.04%1.02%1.06%1.22%0.46%-58 bps
Growth
Asset Growth (YoY)-35.24%-9.93%16.83%107.16%68.66%+10,390 bps
Loan Growth (YoY)18.93%42.09%12.70%28.78%7.33%-1,160 bps
Deposit Growth (YoY)-55.44%-51.16%-18.96%-4.10%23.84%+7,928 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.51%0.24%0.18%-0.03%0.12%-38 bps
Allowance / Loans1.50%1.21%1.25%1.23%1.34%-16 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 Capital36.46%29.98%28.51%23.97%28.76%-770 bps
Equity / Assets17.55%12.82%10.93%8.03%11.09%-646 bps
Liquidity & Funding
Loans / Deposits48.44%63.84%41.71%44.54%41.98%-646 bps
Liquid Assets / Assets0.21%0.00%0.00%0.00%0.00%-21 bps
CRE / Total Capitaln/an/an/an/an/an/an/a