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Red Oak Bank

Morristown, NJ · Cert 34974

FDIC

Q1 2005

$95.9MAssets
$88.6MLoans
$70.2MDeposits
$12.8MEquity
Loan mix
88%RE $50.8M12%C&I $7.0M0%Consumer $0.0MQ1 2004Q1 2005
Deposit mix
89%Interest-bearing $62.7M11%Noninterest $7.5MQ1 2004Q1 2005

NIM

6.48%Q1 ’035.21%Q1 ’045.70%Q1 ’05-21%+19%

Non-interest income vs. expense

3.05%Q1 ’032.67%Q1 ’043.47%Q1 ’05-10%+31%

Executive Summary

  • Earnings: ROA of 0.47%, down 10 bps year over year; NIM at 3.98%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 126.35% of deposits as of Q1 2005.

Financial Results

Return on Assets (YTD, annualized)

0.47%-10 bps YoY

Net Interest Margin (YTD, annualized)

3.98%+63 bps YoY

Efficiency Ratio (YTD, annualized)

85.58%+790 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets0.57%0.56%0.67%0.80%0.47%-10 bps
Return on Equity4.67%4.66%5.49%6.53%3.58%-108 bps
Net Interest Margin3.35%3.31%3.44%3.63%3.98%+63 bps
Efficiency Ratio77.68%74.94%74.13%72.14%85.58%+790 bps
Non-Interest Burden2.59%2.46%2.53%2.60%3.40%+81 bps
Growth
Asset Growth (YoY)31.52%23.97%10.29%5.87%-0.13%-3,164 bps
Loan Growth (YoY)13.38%21.15%16.57%13.14%13.36%-3 bps
Deposit Growth (YoY)20.82%13.90%6.63%4.18%-6.54%-2,736 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.05%0.04%0.00%0 bps
Allowance / Loans1.50%1.49%1.51%1.56%1.53%+3 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 Capital14.51%14.43%15.33%15.69%15.98%+147 bps
Equity / Assets11.85%11.85%12.25%12.73%13.32%+147 bps
Liquidity & Funding
Loans / Deposits104.17%112.30%114.27%116.38%126.35%+2,217 bps
Liquid Assets / Assets5.86%4.51%8.31%7.52%4.74%-112 bps
CRE / Total Capitaln/an/an/an/an/an/an/a