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Presidential Bank, FSB

Consolidated Statement of ConditionFiscal Year-End March 31, 2008

Assets

Cash and due from banks

$2,927,338

Federal funds sold

49,895,873

Investment securities - available-for-sale

6,059,386

Investment securities - held-to-maturity

3,851,125

Loans held for sale

18,678,925

Loans and leases receivable, net

441,331,545

Accrued interest receivable

2,529,251

Federal home loan bank stock, at cost

981,900

Bank premises and equipment, net

1,174,265

Deferred income taxes

1,614,779

Income taxes receivable

455,729

Other assets

12,082,672

Total assets

$541,582,788


Liabilities and Equity

Deposits

$481,498,948

Mortgage funding and cashiers' checks outstanding

7,196,490

Advance payments from borrowers for taxes and insurance

1,476,344

Accrued expenses and other liabilities

8,795,506

Total liabilities

$498,967,288

Minor interest in subsidiary

73,875

Shareholders' equity

Capital stock ($1.00 par value)

428,829

Additional paid-in capital

6,381,193

Other comprehensive loss

(124,680)

Retained earnings

35,856,283

Total shareholders' equity

$42,541,625

Total liabilities and shareholders' equity

$541,582,788


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, 2008, Presidential Bank, FSB was in the "well capitalized" category as defined by OTS, with Core and Tangible Capital of $42,615,500 and Total Capital of $45,816,454, compared to the applicable minimum regulatory requirements of $8,012,484 for Tangible Capital, $21,366,625 for Core Capital, and $31,982,245 for Total Capital.

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