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Commonwealth Co-operative Bank

Boston, MA · Cert 26593

FDIC

Q3 2008

$45.1MAssets
$31.9MLoans
$40.8MDeposits
$4.0MEquity
Deposit mix
99%Interest-bearing $40.5M1%Noninterest $0.3MQ3 2007Q3 2008

NIM

5.17%Q3 ’065.52%Q3 ’075.42%Q3 ’080%+2%

Non-interest income vs. expense

3.67%Q3 ’063.28%Q3 ’073.47%Q3 ’08-19%+16%

Executive Summary

  • Earnings: ROA of -0.68%, down 39 bps year over year; NIM at 2.70%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 78.22% of deposits as of Q3 2008.

Financial Results

Return on Assets (YTD, annualized)

-0.68%-39 bps YoY

Net Interest Margin (YTD, annualized)

2.70%+6 bps YoY

Efficiency Ratio (YTD, annualized)

124.37%+1,577 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets-0.29%-0.49%-0.78%-0.64%-0.68%-39 bps
Return on Equity-2.85%-4.84%-7.75%-6.48%-7.13%-428 bps
Net Interest Margin2.65%2.67%2.59%2.67%2.70%+6 bps
Efficiency Ratio108.60%115.61%129.08%123.58%124.37%+1,577 bps
Non-Interest Burden2.91%3.13%3.38%3.32%3.38%+47 bps
Growth
Asset Growth (YoY)-4.13%-0.17%0.38%1.13%9.48%+1,361 bps
Loan Growth (YoY)-5.98%0.36%2.70%5.04%8.88%+1,487 bps
Deposit Growth (YoY)-4.38%-0.21%0.67%1.57%10.84%+1,522 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.15%-0.11%0.00%0.00%0.00%+15 bps
Allowance / Loans0.66%0.63%0.64%0.62%0.61%-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 Capital21.16%19.92%19.67%19.00%18.05%-311 bps
Equity / Assets10.41%10.00%10.01%9.45%8.78%-163 bps
Liquidity & Funding
Loans / Deposits79.62%80.43%80.43%81.00%78.22%-140 bps
Liquid Assets / Assets0.06%0.06%0.06%0.06%0.06%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a