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Letter portraitLegal landscapeQuarterYTD

Apple Valley Bank & Trust Company, The

Cheshire, CT · Cert 57138

FDIC

Q1 2009

$84.6MAssets
$61.3MLoans
$74.5MDeposits
$5.8MEquity
Deposit mix
92%Interest-bearing $68.3M8%Noninterest $6.2MQ1 2008Q1 2009

NIM

6.30%Q1 ’076.04%Q1 ’084.74%Q1 ’09-13%-17%

Non-interest income vs. expense

4.25%Q1 ’073.94%Q1 ’084.43%Q1 ’09-9%+11%

Executive Summary

  • Earnings: ROA of -1.13%, down 52 bps year over year; NIM at 2.36%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net recoveries of 0.01%.
  • Funding: loans stand at 82.26% of deposits as of Q1 2009.

Financial Results

Return on Assets (YTD, annualized)

-1.13%-52 bps YoY

Net Interest Margin (YTD, annualized)

2.36%-49 bps YoY

Efficiency Ratio (YTD, annualized)

170.90%+3,999 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2008Q2 2008Q3 2008Q4 2008Q1 2009YoY ΔTrend
Earnings
Return on Assets-0.61%-0.52%-0.67%-0.75%-1.13%-52 bps
Return on Equity-6.77%-5.95%-8.07%-9.31%-16.05%-928 bps
Net Interest Margin2.85%2.81%2.70%2.75%2.36%-49 bps
Efficiency Ratio130.91%123.77%118.46%118.50%170.90%+3,999 bps
Non-Interest Burden3.78%3.53%3.24%3.29%4.20%+42 bps
Growth
Asset Growth (YoY)17.57%13.78%24.91%15.97%14.56%-301 bps
Loan Growth (YoY)27.05%26.05%23.28%10.00%-0.88%-2,793 bps
Deposit Growth (YoY)15.77%15.13%29.70%25.12%25.43%+967 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.00%0.00%0.21%0.72%-0.01%-1 bps
Allowance / Loans1.11%1.05%1.23%1.08%1.15%+4 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 Capital10.13%9.46%8.95%8.47%8.51%-162 bps
Equity / Assets8.74%8.02%7.29%7.32%6.80%-194 bps
Liquidity & Funding
Loans / Deposits104.10%100.61%95.30%91.85%82.26%-2,184 bps
Liquid Assets / Assets0.15%0.16%0.14%0.01%0.01%-14 bps
CRE / Total Capitaln/an/an/an/an/an/an/a