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Boardwalk Bank

Linwood, NJ · Cert 35143

FDIC

Q4 2007

$450.2MAssets
$316.2MLoans
$314.7MDeposits
$39.3MEquity
Loan mix
94%RE $240.9M6%C&I $16.1M0%Consumer $0.1MQ4 2006Q4 2007
Deposit mix
89%Interest-bearing $279.2M11%Noninterest $35.5MQ4 2006Q4 2007

NIM

5.85%Q4 ’056.28%Q4 ’066.39%Q4 ’07-11%+4%

Non-interest income vs. expense

1.95%Q4 ’051.99%Q4 ’062.30%Q4 ’07+2%+12%

Executive Summary

  • Earnings: ROA of 0.73%, up 9 bps year over year; NIM at 2.84%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Funding: loans stand at 100.47% of deposits as of Q4 2007.

Financial Results

Return on Assets (quarter, annualized)

0.73%+9 bps YoY

Net Interest Margin (quarter, annualized)

2.84%+12 bps YoY

Efficiency Ratio (quarter, annualized)

73.58%+536 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2006Q1 2007Q2 2007Q3 2007Q4 2007YoY ΔTrend
Earnings
Return on Assets0.64%-0.52%0.76%0.95%0.73%+9 bps
Return on Equity7.50%-6.01%8.85%10.78%8.29%+79 bps
Net Interest Margin2.72%2.75%3.01%3.04%2.84%+12 bps
Efficiency Ratio68.21%70.49%68.35%66.96%73.58%+536 bps
Non-Interest Burden1.79%1.86%1.97%1.93%2.01%+22 bps
Growth
Asset Growth (YoY)12.85%6.08%4.03%-2.19%-0.67%-1,351 bps
Loan Growth (YoY)13.71%12.46%13.29%9.84%13.04%-68 bps
Deposit Growth (YoY)18.17%6.84%3.21%1.03%-2.26%-2,043 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.04%-0.01%0.00%0.01%0.00%-4 bps
Allowance / Loans1.17%1.20%1.22%1.21%1.20%+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 Capital11.86%11.31%11.25%11.53%11.45%-41 bps
Equity / Assets8.60%8.63%8.65%8.90%8.74%+14 bps
Liquidity & Funding
Loans / Deposits86.87%90.61%92.03%94.84%100.47%+1,360 bps
Liquid Assets / Assets9.74%8.94%1.15%0.98%0.85%-889 bps
CRE / Total Capitaln/an/an/an/an/an/an/a