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Flagship Bank and Trust Company

Worcester, MA · Cert 27134

FDIC

Q4 2008

$531.6MAssets
$357.0MLoans
$380.5MDeposits
n/aEquity
Loan mix
78%RE $211.1M21%C&I $57.4M0%Consumer $0.4MQ4 2007Q4 2008
Deposit mix
82%Interest-bearing $375.6M18%Noninterest $84.9MQ4 2007Q4 2008

NIM

5.87%Q4 ’066.05%Q4 ’07+6%

Non-interest income vs. expense

2.68%Q4 ’063.04%Q4 ’07+16%

Executive Summary

  • Earnings: ROA of 0.99%, unchanged from a year ago.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY).
  • Funding: loans stand at 93.83% of deposits as of Q4 2008.

Financial Results

Return on Assets (quarter, annualized)

0.99%0 bps YoY

Net Interest Margin (quarter, annualized)

n/a

Efficiency Ratio (quarter, annualized)

n/a

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets0.99%0.71%0.84%0.86%0.99%0 bps
Return on Equity11.93%n/an/an/an/an/a
Net Interest Margin3.98%n/an/an/an/an/a
Efficiency Ratio64.11%n/an/an/an/an/a
Non-Interest Burden2.28%n/an/an/an/an/a
Growth
Asset Growth (YoY)-3.15%11.66%7.37%5.10%4.52%+767 bps
Loan Growth (YoY)6.24%6.66%5.03%-3.52%-5.94%-1,218 bps
Deposit Growth (YoY)-3.47%-1.21%-6.64%-8.66%-17.38%-1,391 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.01%n/an/an/an/an/a
Allowance / Loans1.40%n/an/an/an/an/a
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 Capital11.36%n/an/an/an/an/a
Equity / Assets8.35%n/an/an/an/an/a
Liquidity & Funding
Loans / Deposits82.41%85.09%88.60%84.94%93.83%+1,142 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a