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Citizens Bank

Wilmington, DE · Cert 57281

FDIC

Q2 2007

$1.6BAssets
$1.0BLoans
$1.2BDeposits
$174.6MEquity
Loan mix
84%RE $726.5M16%C&I $137.2M0%Consumer $3.7MQ2 2006Q2 2007
Deposit mix
95%Interest-bearing $1.2B5%Noninterest $0.1BQ2 2006Q2 2007

NIM

4.72%Q2 ’055.25%Q2 ’065.27%Q2 ’07-16%-7%

Non-interest income vs. expense

2.35%Q2 ’052.16%Q2 ’062.06%Q2 ’07-34%-32%

Executive Summary

  • Earnings: ROA of 1.11%, up 16 bps year over year; NIM at 2.40%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.15%.
  • Funding: loans stand at 84.60% of deposits as of Q2 2007.

Financial Results

Return on Assets (quarter, annualized)

1.11%+16 bps YoY

Net Interest Margin (quarter, annualized)

2.40%-18 bps YoY

Efficiency Ratio (quarter, annualized)

50.45%-255 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2006Q3 2006Q4 2006Q1 2007Q2 2007YoY ΔTrend
Earnings
Return on Assets0.95%0.84%0.80%1.25%1.11%+16 bps
Return on Equity9.83%8.72%8.08%11.73%9.84%0 bps
Net Interest Margin2.58%2.44%2.58%2.60%2.40%-18 bps
Efficiency Ratio53.00%57.44%56.58%48.39%50.45%-255 bps
Non-Interest Burden0.91%0.98%1.13%0.87%0.62%-29 bps
Growth
Asset Growth (YoY)17.35%12.83%9.27%-0.29%-5.79%-2,314 bps
Loan Growth (YoY)12.73%20.05%23.75%7.53%3.90%-882 bps
Deposit Growth (YoY)13.91%-5.06%-6.22%-1.10%-8.23%-2,214 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.10%0.09%0.07%0.15%0.15%+5 bps
Allowance / Loans0.77%0.69%0.65%0.70%0.67%-9 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 Capital11.61%10.81%10.69%12.74%13.35%+174 bps
Equity / Assets9.24%9.95%9.92%11.48%11.04%+180 bps
Liquidity & Funding
Loans / Deposits74.72%100.33%100.64%88.28%84.60%+988 bps
Liquid Assets / Assets0.10%0.08%0.06%0.07%0.09%-1 bps
CRE / Total Capitaln/an/an/an/an/an/an/a