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First State Bank

Cranford, NJ · Cert 58046

FDIC

Q3 2011

$191.9MAssets
$143.9MLoans
$188.1MDeposits
$2.0MEquity
Loan mix
82%RE $92.5M14%C&I $15.8M4%Consumer $4.5MQ3 2010Q3 2011
Deposit mix
95%Interest-bearing $178.3M5%Noninterest $9.8MQ3 2010Q3 2011

NIM

5.26%Q3 ’095.46%Q3 ’104.66%Q3 ’11+34%-13%

Non-interest income vs. expense

3.97%Q3 ’092.76%Q3 ’106.23%Q3 ’11-32%+48%

Executive Summary

  • Earnings: ROA of -0.68%, down 76 bps year over year; NIM at 2.93%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.52%.
  • Funding: loans stand at 76.49% of deposits as of Q3 2011.

Financial Results

Return on Assets (quarter, annualized)

-0.68%-76 bps YoY

Net Interest Margin (quarter, annualized)

2.93%-45 bps YoY

Efficiency Ratio (quarter, annualized)

113.98%+3,825 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2010Q4 2010Q1 2011Q2 2011Q3 2011YoY ΔTrend
Earnings
Return on Assets0.07%-16.48%1.39%-3.25%-0.68%-76 bps
Return on Equity1.48%-498%94.00%-239%-65.19%-6,667 bps
Net Interest Margin3.38%3.69%3.34%3.01%2.93%-45 bps
Efficiency Ratio75.74%140.89%91.17%383%113.98%+3,825 bps
Non-Interest Burden2.50%5.19%3.02%5.39%3.70%+120 bps
Growth
Asset Growth (YoY)0.56%-15.24%-17.16%-21.22%-22.76%-2,333 bps
Loan Growth (YoY)-7.09%-12.28%-15.17%-26.34%-23.62%-1,653 bps
Deposit Growth (YoY)2.19%-11.81%-13.64%-18.00%-19.74%-2,193 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans5.04%12.18%0.67%0.68%0.52%-452 bps
Allowance / Loans2.03%4.00%3.69%4.45%4.64%+261 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 Capital7.86%2.95%3.45%2.59%2.18%-568 bps
Equity / Assets5.11%1.29%1.68%1.03%1.07%-404 bps
Liquidity & Funding
Loans / Deposits80.38%82.17%79.99%73.23%76.49%-389 bps
Liquid Assets / Assets5.11%5.14%12.16%11.54%11.51%+640 bps
CRE / Total Capitaln/an/an/an/an/an/an/a