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First City Bank

New Britain, CT · Cert 32721

FDIC

Q3 2004

$185.6MAssets
$101.4MLoans
$166.7MDeposits
$14.5MEquity
Deposit mix
84%Interest-bearing $140.5M16%Noninterest $26.2MQ3 2003Q3 2004

NIM

5.61%Q3 ’025.18%Q3 ’034.95%Q3 ’04+10%+1%

Non-interest income vs. expense

2.53%Q3 ’022.28%Q3 ’032.73%Q3 ’04-10%+20%

Executive Summary

  • Earnings: ROA of 0.83%, down 40 bps year over year; NIM at 3.66%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 60.82% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

0.83%-40 bps YoY

Net Interest Margin (quarter, annualized)

3.66%+5 bps YoY

Efficiency Ratio (quarter, annualized)

70.45%+1,043 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets1.23%0.76%0.89%0.87%0.83%-40 bps
Return on Equity17.76%10.80%12.20%12.09%11.26%-650 bps
Net Interest Margin3.61%3.62%3.57%3.58%3.66%+5 bps
Efficiency Ratio60.01%70.73%68.60%66.33%70.45%+1,043 bps
Non-Interest Burden2.09%2.50%2.37%2.31%2.51%+42 bps
Growth
Asset Growth (YoY)3.10%1.15%3.26%-4.01%-3.19%-630 bps
Loan Growth (YoY)6.18%-0.96%1.85%1.26%2.19%-400 bps
Deposit Growth (YoY)4.79%0.23%-0.04%-5.47%-5.95%-1,073 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.02%0.00%0.00%0 bps
Allowance / Loans1.32%1.38%1.46%1.46%1.44%+13 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 Capital13.12%13.71%13.92%14.19%14.56%+144 bps
Equity / Assets6.94%7.19%7.40%6.98%7.81%+87 bps
Liquidity & Funding
Loans / Deposits55.98%57.63%58.07%59.40%60.82%+484 bps
Liquid Assets / Assets0.03%0.04%0.01%0.01%0.00%-3 bps
CRE / Total Capitaln/an/an/an/an/an/an/a