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Charter Bank, A Co-operative Bank

Waltham, MA · Cert 26943

FDIC

Q1 2005

$260.9MAssets
$186.6MLoans
$216.1MDeposits
$18.2MEquity
Loan mix
97%RE $122.1M3%C&I $4.0M0%Consumer $0.1MQ1 2004Q1 2005
Deposit mix
84%Interest-bearing $181.2M16%Noninterest $35.0MQ1 2004Q1 2005

NIM

5.43%Q1 ’034.72%Q1 ’044.62%Q1 ’05-8%-9%

Non-interest income vs. expense

3.44%Q1 ’033.40%Q1 ’043.42%Q1 ’05+11%+2%

Executive Summary

  • Earnings: ROA of 0.17%, down 38 bps year over year; NIM at 2.98%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 86.36% of deposits as of Q1 2005.

Financial Results

Return on Assets (YTD, annualized)

0.17%-38 bps YoY

Net Interest Margin (YTD, annualized)

2.98%-30 bps YoY

Efficiency Ratio (YTD, annualized)

85.71%+694 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets0.55%0.60%0.44%0.41%0.17%-38 bps
Return on Equity6.78%7.78%5.96%5.60%2.42%-436 bps
Net Interest Margin3.28%2.99%2.79%2.86%2.98%-30 bps
Efficiency Ratio78.78%75.70%79.40%79.88%85.71%+694 bps
Non-Interest Burden2.37%2.02%2.02%2.09%2.41%+5 bps
Growth
Asset Growth (YoY)12.71%26.19%25.89%23.13%16.50%+379 bps
Loan Growth (YoY)15.00%22.12%33.42%25.96%26.08%+1,109 bps
Deposit Growth (YoY)9.23%17.06%25.57%18.72%18.57%+934 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.01%-0.01%0.00%0.00%0.00%-1 bps
Allowance / Loans1.14%1.07%0.99%1.00%0.97%-17 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 Capital11.77%11.20%11.95%11.90%12.12%+35 bps
Equity / Assets7.83%7.08%6.83%6.87%6.98%-85 bps
Liquidity & Funding
Loans / Deposits81.22%80.28%81.84%85.28%86.36%+514 bps
Liquid Assets / Assets11.20%11.94%12.39%12.61%12.69%+149 bps
CRE / Total Capitaln/an/an/an/an/an/an/a