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Letter portraitLegal landscapeQuarterYTD

Town Bank of Westfield, The

Westfield, NJ · Cert 34655

FDIC

Q3 2008

$211.6MAssets
$155.6MLoans
$165.3MDeposits
$42.2MEquity
Loan mix
83%RE $123.6M17%C&I $25.7M0%Consumer $0.2MQ3 2007Q3 2008
Deposit mix
92%Interest-bearing $151.4M8%Noninterest $14.0MQ3 2007Q3 2008

NIM

6.42%Q3 ’066.76%Q3 ’075.31%Q3 ’08+1%-14%

Non-interest income vs. expense

2.04%Q3 ’062.31%Q3 ’072.82%Q3 ’08+13%+23%

Executive Summary

  • Earnings: ROA of -0.04%, down 91 bps year over year; NIM at 3.14%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 94.09% of deposits as of Q3 2008.

Financial Results

Return on Assets (YTD, annualized)

-0.04%-91 bps YoY

Net Interest Margin (YTD, annualized)

3.14%-50 bps YoY

Efficiency Ratio (YTD, annualized)

81.76%+2,450 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ3 2007Q4 2007Q1 2008Q2 2008Q3 2008YoY ΔTrend
Earnings
Return on Assets0.87%0.82%0.58%0.12%-0.04%-91 bps
Return on Equity4.31%4.02%2.72%0.57%-0.17%-448 bps
Net Interest Margin3.64%3.75%3.57%3.45%3.14%-50 bps
Efficiency Ratio57.26%59.35%69.05%74.13%81.76%+2,450 bps
Non-Interest Burden2.20%2.34%2.59%2.68%2.70%+51 bps
Growth
Asset Growth (YoY)5.62%2.45%-3.17%-8.88%-2.32%-794 bps
Loan Growth (YoY)-0.97%-2.68%-4.17%-5.95%-2.66%-169 bps
Deposit Growth (YoY)7.41%-1.34%-8.40%-12.87%-1.51%-892 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Allowance / Loans1.16%1.16%1.17%1.59%1.69%+53 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 Capital12.30%12.42%12.87%13.58%11.99%-32 bps
Equity / Assets20.43%20.95%21.66%21.81%19.92%-51 bps
Liquidity & Funding
Loans / Deposits95.20%99.99%104.69%99.37%94.09%-111 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