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Mt Washington Co-operative Bank

South Boston, MA · Cert 26552

FDIC

Q4 2009

$496.2MAssets
$359.4MLoans
$385.7MDeposits
$31.6MEquity
Deposit mix
92%Interest-bearing $353.2M8%Noninterest $32.5MQ4 2008Q4 2009

NIM

6.14%Q4 ’075.39%Q4 ’084.96%Q4 ’09+9%+1%

Non-interest income vs. expense

2.98%Q4 ’073.13%Q4 ’084.54%Q4 ’09+10%+57%

Executive Summary

  • Earnings: ROA of -1.07%, down 43 bps year over year; NIM at 3.13%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.24%.
  • Funding: loans stand at 93.18% of deposits as of Q4 2009.

Financial Results

Return on Assets (quarter, annualized)

-1.07%-43 bps YoY

Net Interest Margin (quarter, annualized)

3.13%+3 bps YoY

Efficiency Ratio (quarter, annualized)

122.37%+3,786 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2008Q1 2009Q2 2009Q3 2009Q4 2009YoY ΔTrend
Earnings
Return on Assets-0.64%0.11%1-0.70%-0.31%-1.07%-43 bps
Return on Equity-11.05%1.90%-11.14%-4.85%-16.62%-558 bps
Net Interest Margin3.10%2.97%2.97%3.06%3.13%+3 bps
Efficiency Ratio84.51%90.73%111.01%93.73%122.37%+3,786 bps
Non-Interest Burden2.53%2.65%3.38%2.83%3.96%+143 bps
Growth
Asset Growth (YoY)4.74%-0.91%-10.67%-10.53%-8.06%-1,280 bps
Loan Growth (YoY)13.58%8.68%-6.08%-8.41%-6.97%-2,056 bps
Deposit Growth (YoY)6.09%6.45%0.30%-1.21%3.77%-232 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans3.34%0.32%0.29%0.40%0.24%-310 bps
Allowance / Loans0.86%0.93%1.09%1.18%1.23%+37 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 Capital9.85%6.04%6.26%6.28%6.16%-370 bps
Equity / Assets5.81%6.12%6.40%6.54%6.37%+56 bps
Liquidity & Funding
Loans / Deposits103.94%101.87%97.70%93.86%93.18%-1,077 bps
Liquid Assets / Assets5.68%6.43%6.14%6.81%6.81%+113 bps
CRE / Total Capitaln/an/an/an/an/an/an/a