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Presidential Bank, FSB

Consolidated Statement of ConditionFiscal Year-End March 31, 2009

Assets

Cash and due from banks

$50,766,993

Federal funds sold

438,892

Investment securities - available-for-sale

3,618,447

Investment securities - held-to-maturity

2,907,381

Loans held for sale

51,443,507

Loans and leases receivable, net

465,317,338

Accrued interest receivable

2,601,121

Federal home loan bank stock, at cost

1,015,800

Bank premises and equipment, net

949,730

Deferred income taxes

3,423,104

Other real estate owned

8,782,209

Income taxes receivable

1,934,150

Other real estate owned

11,352,288

Other assets

3,350,625

Total assets

$594,615,147


Liabilities and Equity

Deposits

$520,422,158

Mortgage funding and cashiers' checks outstanding

15,537,706

Advance payments from borrowers for taxes and insurance

1,540,868

Income taxes payable

42,028

Federal reserve advances

10,000,000

Accrued expenses and other liabilities

3,237,658

Total liabilities

$550,780,4185

Minor interest in subsidiary

359,608

Shareholders' equity

Capital stock ($1.00 par value)

428,829

Additional paid-in capital

6,381,193

Retained earnings

36,665,099

Total shareholders' equity

$43,475,121

Total liabilities and shareholders' equity

$594,615,147


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, 2009, Presidential Bank, FSB was in the "well capitalized" category as defined by OTS, with Core and Tangible Capital of $43,834,729 and Total Capital of $49,171,207, compared to the applicable minimum regulatory requirements of $8,916,732 for Tangible Capital, $23,777,953 for Core Capital, and $34,316,470 for Total Capital.

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