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Presidential Bank, FSB

Consolidated Statement of ConditionFiscal Year-End March 31, 2005

Assets

Cash and due from banks

$5,746,233

Federal funds sold

73,878,389

Investment securities - available-for-sale

5,418,226

Investment securities - held-to-maturity

6,839,522

Loans held for sale

39,120,100

Loans and leases receivable, net

285,635,736

Accrued interest receivable

1,395,640

Federal home loan bank stock, at cost

855,700

Bank premises and equipment, net

806,351

Deferred income taxes

331,005

Other assets

814,131

Total assets

$420,841,033


Liabilities and Equity

Deposits

$373,076,604

Mortgage funding and cashiers' checks outstanding

14,343,644

Advance payments from borrowers for taxes and insurance

1,191,245

Income taxes payable

53,352

Accrued expenses and other liabilities

1,583,923

Total liabilities

$390,248,768

Minor interest in subsidiary

149,065

Shareholders' equity

Capital stock ($1.00 par value)

428,829

Additional paid-in capital

6,381,193

Other comprehensive loss

(35,979)

Retained earnings

23,669,157

Total shareholders' equity

$30,443,200

Total liabilities and shareholders' equity

$420,841,033


NOTE: This statement has been prepared in accordance with the regulatory requirements of the Office of Thrift Supervision (OTS). Tangible, Core, and Total Capital are the elements of regulatory capital determined under such reporting requirements. Regulatory capital is the basis by which the OTS determines whether a savings association is operating in a safe and sound manner. As of March 31, 2005, Presidential Bank, FSB was in the "well capitalized" category as defined by OTS, with Core and Tangible Capital of $30,592,265 and Total Capital of $31,943,544, compared to the applicable minimum regulatory requirements of $6,311,359 for Tangible Capital, $16,830,290 for Core Capital, and $22,072,877 for Total Capital.

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