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First Washington State Bank

Windsor, NJ · Cert 32725

FDIC

Q4 2006

$590.9MAssets
$277.1MLoans
$428.5MDeposits
$119.0MEquity
Loan mix
96%RE $94.0M4%C&I $4.0M0%Consumer $0.2MQ4 2005Q4 2006
Deposit mix
85%Interest-bearing $362.5M15%Noninterest $66.0MQ4 2005Q4 2006

NIM

4.82%Q4 ’044.37%Q4 ’055.19%Q4 ’06-28%0%

Non-interest income vs. expense

4.12%Q4 ’042.01%Q4 ’052.07%Q4 ’06-54%+5%

Executive Summary

  • Earnings: ROA of 0.63%, down 4 bps year over year; NIM at 2.50%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.26%.
  • Funding: loans stand at 64.68% of deposits as of Q4 2006.

Financial Results

Return on Assets (quarter, annualized)

0.63%-4 bps YoY

Net Interest Margin (quarter, annualized)

2.50%0 bps YoY

Efficiency Ratio (quarter, annualized)

67.55%+155 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2005Q1 2006Q2 2006Q3 2006Q4 2006YoY ΔTrend
Earnings
Return on Assets0.68%0.64%1.10%0.86%0.63%-4 bps
Return on Equity3.33%3.18%5.45%4.31%3.16%-16 bps
Net Interest Margin2.50%2.54%2.98%2.76%2.50%0 bps
Efficiency Ratio65.99%68.22%53.87%58.68%67.55%+155 bps
Non-Interest Burden1.63%1.73%1.44%1.60%1.71%+8 bps
Growth
Asset Growth (YoY)18.82%-2.58%-5.76%0.54%0.57%-1,825 bps
Loan Growth (YoY)3.46%4.80%3.56%7.44%9.31%+585 bps
Deposit Growth (YoY)-6.01%-6.23%5.13%8.04%6.76%+1,277 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%0.26%+25 bps
Allowance / Loans1.36%1.33%1.32%1.28%1.17%-19 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 Capital11.41%11.12%11.32%10.93%11.46%+5 bps
Equity / Assets20.18%20.29%20.07%19.97%20.13%-5 bps
Liquidity & Funding
Loans / Deposits63.18%63.06%59.81%61.89%64.68%+151 bps
Liquid Assets / Assets0.16%0.20%0.05%0.17%0.07%-9 bps
CRE / Total Capitaln/an/an/an/an/an/an/a