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Letter portraitLegal landscapeQuarterYTD

United Heritage Bank

Edison, NJ · Cert 34417

FDIC

Q4 2006

$57.5MAssets
$39.9MLoans
$52.3MDeposits
$5.0MEquity
Deposit mix
92%Interest-bearing $48.0M8%Noninterest $4.2MQ4 2005Q4 2006

NIM

3.79%Q4 ’045.07%Q4 ’055.50%Q4 ’06+43%-17%

Non-interest income vs. expense

3.63%Q4 ’043.60%Q4 ’052.89%Q4 ’060%-25%

Executive Summary

  • Earnings: ROA of -0.17%, up 31 bps year over year; NIM at 2.47%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 76.27% of deposits as of Q4 2006.

Financial Results

Return on Assets (YTD, annualized)

-0.17%+31 bps YoY

Net Interest Margin (YTD, annualized)

2.47%-52 bps YoY

Efficiency Ratio (YTD, annualized)

104.43%-998 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2005Q1 2006Q2 2006Q3 2006Q4 2006YoY ΔTrend
Earnings
Return on Assets-0.49%-0.18%-0.25%-0.21%-0.17%+31 bps
Return on Equity-6.08%-1.92%-2.70%-2.39%-1.97%+411 bps
Net Interest Margin3.00%2.91%2.70%2.62%2.47%-52 bps
Efficiency Ratio114.41%104.13%106.44%105.59%104.43%-998 bps
Non-Interest Burden3.45%3.05%2.89%2.78%2.60%-85 bps
Growth
Asset Growth (YoY)-8.61%4.25%8.30%18.54%10.47%+1,908 bps
Loan Growth (YoY)15.06%20.31%29.32%30.07%24.14%+909 bps
Deposit Growth (YoY)-10.17%0.43%3.39%21.76%14.91%+2,509 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.02%0.00%0.00%0.00%0.00%+2 bps
Allowance / Loans1.25%1.14%1.07%1.05%1.07%-18 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 Capital15.44%14.31%13.37%12.82%13.02%-242 bps
Equity / Assets9.65%9.16%8.65%8.26%8.71%-94 bps
Liquidity & Funding
Loans / Deposits70.60%74.37%77.23%72.39%76.27%+567 bps
Liquid Assets / Assets2.30%1.08%1.26%1.00%1.56%-75 bps
CRE / Total Capitaln/an/an/an/an/an/an/a