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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

5.55%Q3 ’065.59%Q3 ’075.59%Q3 ’08-8%+10%

Non-interest income vs. expense

3.51%Q3 ’063.30%Q3 ’073.81%Q3 ’08-35%+67%

Executive Summary

  • Earnings: ROA of -0.77%, down 114 bps year over year; NIM at 2.96%.
  • 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 (quarter, annualized)

-0.77%-114 bps YoY

Net Interest Margin (quarter, annualized)

2.96%+27 bps YoY

Efficiency Ratio (quarter, annualized)

125.76%+3,769 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets0.36%-1.10%-0.78%-0.50%-0.77%-114 bps
Return on Equity3.61%-10.77%-7.75%-5.14%-8.50%-1,211 bps
Net Interest Margin2.68%2.79%2.59%2.76%2.96%+27 bps
Efficiency Ratio88.07%137.75%129.08%118.39%125.76%+3,769 bps
Non-Interest Burden2.23%3.87%3.38%3.28%3.74%+150 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 / Loans0.00%0.00%0.00%0.00%0.00%0 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