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Commonwealth National Bank

Worcester, MA · Cert 57201

FDIC

Q3 2009

$285.9MAssets
$238.3MLoans
$196.2MDeposits
$25.3MEquity
Loan mix
79%RE $145.4M21%C&I $38.9M0%Consumer $0.0MQ3 2008Q3 2009
Deposit mix
86%Interest-bearing $167.9M14%Noninterest $28.4MQ3 2008Q3 2009

NIM

6.63%Q3 ’075.91%Q3 ’085.55%Q3 ’09+18%+6%

Non-interest income vs. expense

2.84%Q3 ’072.95%Q3 ’083.41%Q3 ’09+4%+17%

Executive Summary

  • Earnings: ROA of -0.34%, up 331 bps year over year; NIM at 3.80%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.79%.
  • Funding: loans stand at 121.43% of deposits as of Q3 2009.

Financial Results

Return on Assets (quarter, annualized)

-0.34%+331 bps YoY

Net Interest Margin (quarter, annualized)

3.80%+23 bps YoY

Efficiency Ratio (quarter, annualized)

86.34%+742 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2008Q4 2008Q1 2009Q2 2009Q3 2009YoY ΔTrend
Earnings
Return on Assets-3.65%1.34%0.21%0.10%1-0.34%+331 bps
Return on Equity-44.86%16.35%2.55%1.17%-3.87%+4,099 bps
Net Interest Margin3.58%3.46%3.48%3.76%3.80%+23 bps
Efficiency Ratio78.93%76.72%86.89%95.65%86.34%+742 bps
Non-Interest Burden2.79%2.62%3.00%3.59%3.26%+48 bps
Growth
Asset Growth (YoY)-0.99%1.99%2.87%-8.82%-3.91%-292 bps
Loan Growth (YoY)9.67%11.54%9.34%5.56%0.41%-926 bps
Deposit Growth (YoY)-6.49%-2.97%3.48%-13.41%-3.00%+349 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.53%1.33%0.07%0.00%0.79%+26 bps
Allowance / Loans1.21%1.19%1.23%1.30%1.45%+24 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 Capital11.37%11.14%11.24%11.47%11.28%-9 bps
Equity / Assets7.94%8.39%8.46%8.83%8.85%+91 bps
Liquidity & Funding
Loans / Deposits117.31%121.96%118.38%127.88%121.43%+413 bps
Liquid Assets / Assets3.04%3.01%2.91%3.20%4.36%+133 bps
CRE / Total Capitaln/an/an/an/an/an/an/a