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Letter portraitLegal landscapeQuarterYTD

Pulaski Savings Bank

Philadelphia, PA · Cert 27203

FDIC

Q3 2003

$8.5MAssets
$6.3MLoans
$9.1MDeposits
$-632KEquity
Deposit mix
98%Interest-bearing $8.9M2%Noninterest $0.2MQ3 2002Q3 2003

NIM

7.16%Q3 ’016.27%Q3 ’026.15%Q3 ’03-12%+20%

Non-interest income vs. expense

4.14%Q3 ’014.35%Q3 ’0223.28%Q3 ’03-13%+613%

Executive Summary

  • Earnings: ROA of -19.17%, down 1,896 bps year over year; NIM at 4.35%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.23%.
  • Funding: loans stand at 69.68% of deposits as of Q3 2003.

Financial Results

Return on Assets (YTD, annualized)

-19.17%-1,896 bps YoY

Net Interest Margin (YTD, annualized)

4.35%+73 bps YoY

Efficiency Ratio (YTD, annualized)

474%+38,306 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2002Q4 2002Q1 2003Q2 2003Q3 2003YoY ΔTrend
Earnings
Return on Assets-0.21%-0.27%0.91%1.40%-19.17%-1,896 bps
Return on Equity-2.98%-3.83%12.11%17.97%-432%-42,869 bps
Net Interest Margin3.62%4.18%5.53%5.49%4.35%+73 bps
Efficiency Ratio90.98%93.98%83.56%74.03%474%+38,306 bps
Non-Interest Burden3.19%3.89%4.57%3.87%22.72%+1,953 bps
Growth
Asset Growth (YoY)2.47%-4.33%-10.99%-10.84%-20.53%-2,299 bps
Loan Growth (YoY)11.68%12.50%9.98%8.58%-19.20%-3,088 bps
Deposit Growth (YoY)4.87%-3.11%-11.30%-12.17%-7.63%-1,249 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.84%0.70%0.05%0.26%0.23%-60 bps
Allowance / Loans0.41%0.40%0.40%0.41%0.51%+10 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 Capital14.51%14.27%14.80%17.46%-14.20%-2,872 bps
Equity / Assets7.12%7.28%7.84%8.35%-7.45%-1,456 bps
Liquidity & Funding
Loans / Deposits79.67%83.89%89.63%86.85%69.68%-998 bps
Liquid Assets / Assets22.49%15.25%11.91%14.56%20.01%-249 bps
CRE / Total Capitaln/an/an/an/an/an/an/a