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Letter portraitLegal landscapeQuarterYTD

Ward Paper Company Employees

Merrill, WI · Charter 66443

Q2 2009

$1.2MAssets
$359KLoans
$503KShares
$679KNet Worth

NIM

NIM decomposition not available for credit unions

Non-interest income vs. expense

Non-interest trend not available for credit unions

Executive Summary

  • Earnings: ROA of 5.22%, up 462 bps year over year; NIM at 2.64%.
  • Asset quality: problem loans at 0.34% of loans (+34 bps YoY).
  • Capital: net worth / assets of 57.37%, up 300 bps from a year ago.
  • Funding: loans stand at 71.34% of shares as of Q2 2009.

Financial Results

Return on Assets (YTD, annualized)

5.22%+462 bps YoY

Net Interest Margin (YTD, annualized)

2.64%-96 bps YoY

Efficiency Ratio (YTD, annualized)

161.72%+7,823 bps YoY

Net Worth / Assets

57.37%+300 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2008Q3 2008Q4 2008Q1 2009Q2 2009YoY ΔTrend
Earnings
Return on Assets0.60%0.65%0.47%10.40%5.22%+462 bps
Return on Equity1.10%1.19%0.86%18.48%9.09%+799 bps
Net Interest Margin3.59%3.46%3.58%3.32%2.64%-96 bps
Efficiency Ratio83.49%81.72%87.02%149.29%161.72%+7,823 bps
Growth
Asset Growth (YoY)-0.29%-0.15%-1.03%1.18%-0.40%-12 bps
Loan Growth (YoY)2.13%-6.84%-1.38%-7.53%-15.70%-1,782 bps
Share Growth (YoY)-1.77%-1.19%-3.13%-3.71%-6.78%-501 bps
Asset Quality
Delinquent Loans / Loans0.00%0.77%0.63%0.53%0.34%+34 bps
Net Charge-Offs / Loansn/an/an/an/an/an/an/a
Allowance / Loans10.84%10.79%10.79%1.56%1.72%-913 bps
Capital
Risk-Based Capital54.36%54.58%55.01%56.29%57.37%+300 bps
Net Worth / Assets54.36%54.58%55.01%56.29%57.37%+300 bps
Liquidity & Funding
Loans / Shares78.88%79.71%81.16%75.15%71.34%-754 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps