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Letter portraitLegal landscapeQuarterYTD

U.s.trust Company

Greenwich, CT · Cert 33822

FDIC

Q1 2003

$499.5MAssets
$104.4MLoans
$330.1MDeposits
$117.8MEquity
Loan mix
41%RE $13.6M56%C&I $18.8M3%Consumer $1.1MQ1 2002Q1 2003
Deposit mix
90%Interest-bearing $296.4M10%Noninterest $33.7MQ1 2002Q1 2003

NIM

5.64%Q1 ’013.75%Q1 ’022.70%Q1 ’03+63%-25%

Non-interest income vs. expense

13.72%Q1 ’0111.27%Q1 ’0211.99%Q1 ’03+45%+32%

Executive Summary

  • Earnings: ROA of 3.47%, down 133 bps year over year; NIM at 1.99%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.01%.
  • Funding: loans stand at 31.64% of deposits as of Q1 2003.

Financial Results

Return on Assets (YTD, annualized)

3.47%-133 bps YoY

Net Interest Margin (YTD, annualized)

1.99%-68 bps YoY

Efficiency Ratio (YTD, annualized)

69.21%+943 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2002Q2 2002Q3 2002Q4 2002Q1 2003YoY ΔTrend
Earnings
Return on Assets4.80%5.38%5.28%4.39%3.47%-133 bps
Return on Equity27.74%28.40%26.26%21.02%14.52%-1,322 bps
Net Interest Margin2.67%3.03%3.09%2.84%1.99%-68 bps
Efficiency Ratio59.78%58.42%60.95%66.42%69.21%+943 bps
Non-Interest Burden-4.91%-5.68%-5.02%-3.89%-3.35%+157 bps
Growth
Asset Growth (YoY)78.95%15.27%7.28%-6.62%-6.00%-8,495 bps
Loan Growth (YoY)557%7.21%1.66%7.72%-1.46%-55,856 bps
Deposit Growth (YoY)61.79%11.96%4.08%-10.95%-16.48%-7,826 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.04%-0.02%0.21%0.15%-0.01%+3 bps
Allowance / Loans1.10%1.13%0.98%0.90%0.96%-15 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 Capital34.21%40.99%39.69%41.12%44.27%+1,006 bps
Equity / Assets17.23%22.55%23.77%24.27%23.58%+634 bps
Liquidity & Funding
Loans / Deposits26.82%30.27%30.10%33.35%31.64%+482 bps
Liquid Assets / Assets0.06%0.07%0.07%0.07%0.09%+3 bps
CRE / Total Capitaln/an/an/an/an/an/an/a