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Letter portraitLegal landscapeQuarterYTD

Woronoco Savings Bank

Westfield, MA · Cert 90301

FDIC

Q1 2005

$912.5MAssets
$623.7MLoans
$452.1MDeposits
$73.9MEquity
Loan mix
97%RE $522.6M3%C&I $13.7M0%Consumer $0.4MQ1 2004Q1 2005
Deposit mix
92%Interest-bearing $415.5M8%Noninterest $36.5MQ1 2004Q1 2005

NIM

5.76%Q1 ’034.92%Q1 ’044.79%Q1 ’05-4%-10%

Non-interest income vs. expense

2.51%Q1 ’032.24%Q1 ’041.98%Q1 ’05-23%-10%

Executive Summary

  • Earnings: ROA of 0.74%, unchanged from a year ago; NIM at 2.32%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.01%.
  • Funding: loans stand at 137.96% of deposits as of Q1 2005.

Financial Results

Return on Assets (YTD, annualized)

0.74%0 bps YoY

Net Interest Margin (YTD, annualized)

2.32%-26 bps YoY

Efficiency Ratio (YTD, annualized)

65.39%-39 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2004Q2 2004Q3 2004Q4 2004Q1 2005YoY ΔTrend
Earnings
Return on Assets0.74%0.70%0.69%0.49%0.74%0 bps
Return on Equity8.66%8.44%8.32%5.91%9.21%+55 bps
Net Interest Margin2.58%2.42%2.34%2.31%2.32%-26 bps
Efficiency Ratio65.78%66.98%67.43%79.97%65.39%-39 bps
Non-Interest Burden1.42%1.38%1.35%1.71%1.28%-15 bps
Growth
Asset Growth (YoY)13.62%10.11%12.70%15.41%10.52%-310 bps
Loan Growth (YoY)14.86%20.74%21.30%22.62%14.62%-24 bps
Deposit Growth (YoY)4.56%6.94%10.82%13.31%7.28%+272 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans-0.04%-0.01%-0.01%0.00%0.01%+6 bps
Allowance / Loans0.64%0.60%0.60%0.59%0.58%-6 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 Capital13.52%13.15%12.97%12.95%13.37%-15 bps
Equity / Assets8.60%7.87%8.13%8.01%8.10%-50 bps
Liquidity & Funding
Loans / Deposits129.12%127.89%127.59%126.48%137.96%+884 bps
Liquid Assets / Assets0.05%0.05%0.05%0.05%0.05%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a