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United National Bank

Bridgewater, NJ · Cert 6308

FDIC

Q4 2003

$2.9BAssets
$2.0BLoans
$2.3BDeposits
$293.8MEquity
Loan mix
65%RE $829.8M35%C&I $451.2M0%Consumer $5.1MQ4 2002Q4 2003
Deposit mix
83%Interest-bearing $1.9B17%Noninterest $0.4BQ4 2002Q4 2003

NIM

6.48%Q4 ’015.49%Q4 ’024.71%Q4 ’03-13%-4%

Non-interest income vs. expense

2.89%Q4 ’012.90%Q4 ’023.73%Q4 ’03+12%+37%

Executive Summary

  • Earnings: ROA of -0.16%, down 130 bps year over year; NIM at 3.37%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.51%.
  • Funding: loans stand at 87.49% of deposits as of Q4 2003.

Financial Results

Return on Assets (quarter, annualized)

-0.16%-130 bps YoY

Net Interest Margin (quarter, annualized)

3.37%-15 bps YoY

Efficiency Ratio (quarter, annualized)

86.20%+2,236 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2002Q1 2003Q2 2003Q3 2003Q4 2003YoY ΔTrend
Earnings
Return on Assets1.14%0.82%1.06%0.43%-0.16%-130 bps
Return on Equity10.61%7.76%10.28%4.37%-1.61%-1,221 bps
Net Interest Margin3.52%3.38%3.46%3.36%3.37%-15 bps
Efficiency Ratio63.84%75.13%61.04%81.73%86.20%+2,236 bps
Non-Interest Burden2.10%2.45%1.89%2.69%2.88%+77 bps
Growth
Asset Growth (YoY)46.27%49.17%47.36%9.15%2.94%-4,333 bps
Loan Growth (YoY)34.61%38.35%52.07%20.27%19.53%-1,508 bps
Deposit Growth (YoY)50.41%52.25%50.91%2.73%5.47%-4,494 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.37%0.09%0.21%0.16%1.51%+114 bps
Allowance / Loans1.22%1.23%1.16%1.16%1.13%-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 Capital11.16%11.23%10.45%10.17%10.26%-90 bps
Equity / Assets10.69%10.45%10.08%9.50%9.97%-73 bps
Liquidity & Funding
Loans / Deposits77.20%79.84%85.68%88.99%87.49%+1,029 bps
Liquid Assets / Assets1.58%1.18%2.07%1.87%1.76%+18 bps
CRE / Total Capitaln/an/an/an/an/an/an/a