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Letter portraitLegal landscapeQuarterYTD

United States Trust Company of New York

New York, NY · Cert 34061

FDIC

Q4 2007

$13.1BAssets
$7.2BLoans
$7.9BDeposits
$3.7BEquity
Loan mix
82%RE $5.1B0%C&I $0.0B18%Consumer $1.1BQ4 2006Q4 2007
Deposit mix
90%Interest-bearing $7.1B10%Noninterest $0.7BQ4 2006Q4 2007

NIM

4.84%Q4 ’055.17%Q4 ’064.58%Q4 ’07-9%-1%

Non-interest income vs. expense

5.51%Q4 ’055.95%Q4 ’065.39%Q4 ’07-101%+1546%

Executive Summary

  • Earnings: ROA of 1.38%, up 22 bps year over year; NIM at 1.85%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.05%.
  • Funding: loans stand at 92.14% of deposits as of Q4 2007.

Financial Results

Return on Assets (quarter, annualized)

1.38%+22 bps YoY

Net Interest Margin (quarter, annualized)

1.85%-1 bps YoY

Efficiency Ratio (quarter, annualized)

61.58%-1,361 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2006Q1 2007Q2 2007Q3 2007Q4 2007YoY ΔTrend
Earnings
Return on Assets1.16%1.07%0.97%-1.98%1.38%+22 bps
Return on Equity10.25%9.38%8.39%-9.57%4.85%-540 bps
Net Interest Margin1.86%2.03%1.87%-1.62%1.85%-1 bps
Efficiency Ratio75.18%78.13%80.54%103.63%61.58%-1,361 bps
Non-Interest Burden-0.03%0.32%0.35%1.76%0.37%+39 bps
Growth
Asset Growth (YoY)47.52%-0.31%2.02%17.06%18.30%-2,922 bps
Loan Growth (YoY)24.83%7.00%6.55%4.00%1.82%-2,302 bps
Deposit Growth (YoY)69.20%7.72%23.08%-15.55%-15.00%-8,419 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.03%-0.03%0.05%+5 bps
Allowance / Loansn/an/an/an/an/an/an/a
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 Capital12.09%12.73%12.04%17.64%17.70%+561 bps
Equity / Assetsn/an/an/an/an/an/an/a
Liquidity & Funding
Loans / Deposits76.92%84.78%84.91%100.18%92.14%+1,522 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a