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Letter portraitLegal landscapeQuarterYTD

Citizens First Savings Bank

Port Huron, MI · Cert 30005

FDIC

Q1 2010

$1.6BAssets
$1.2BLoans
$1.4BDeposits
$-103590KEquity
Deposit mix
97%Interest-bearing $1.4B3%Noninterest $0.0BQ1 2009Q1 2010

NIM

6.03%Q1 ’085.44%Q1 ’095.25%Q1 ’10+3%+6%

Non-interest income vs. expense

2.43%Q1 ’082.33%Q1 ’093.09%Q1 ’10-12%+160%

Executive Summary

  • Earnings: ROA of -21.39%, down 1,987 bps year over year; NIM at 2.78%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 4.54%.
  • Funding: loans stand at 86.25% of deposits as of Q1 2010.

Financial Results

Return on Assets (quarter, annualized)

-21.39%-1,987 bps YoY

Net Interest Margin (quarter, annualized)

2.78%+16 bps YoY

Efficiency Ratio (quarter, annualized)

177.60%+10,864 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ1 2009Q2 2009Q3 2009Q4 2009Q1 2010YoY ΔTrend
Earnings
Return on Assets-1.53%-4.68%-13.29%-5.94%-21.39%-1,987 bps
Return on Equity-33.79%-143.86%-1360%593%562%+59,554 bps
Net Interest Margin2.61%2.75%2.70%2.69%2.78%+16 bps
Efficiency Ratio68.96%99.97%98.80%92.70%177.60%+10,864 bps
Non-Interest Burden1.59%2.76%2.69%2.47%4.14%+255 bps
Growth
Asset Growth (YoY)-8.77%-7.09%-10.04%-12.38%-16.18%-741 bps
Loan Growth (YoY)-8.61%-9.46%-11.26%-11.72%-12.73%-412 bps
Deposit Growth (YoY)2.46%5.88%12.59%10.63%5.11%+265 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.38%2.14%11.92%3.25%4.54%+316 bps
Allowance / Loans2.12%2.56%3.20%4.61%10.16%+805 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 Capital7.88%6.83%3.16%0.56%-6.43%-1,432 bps
Equity / Assets3.94%2.57%-0.71%-1.32%-6.48%-1,042 bps
Liquidity & Funding
Loans / Deposits103.89%97.79%88.04%88.15%86.25%-1,764 bps
Liquid Assets / Assets13.81%11.91%16.85%17.49%19.07%+526 bps
CRE / Total Capitaln/an/an/an/an/an/an/a