There are many things that could be included in performance context. You should know the local issues as well as anyone. Make certain that you document them (local economy, unemployment, etc). The areas that are some of the most important pertain to the Lending Test parameters enumerated in CRA. Earlier this year I submitted a tool to BOL "CRA Performance Synopsis" that outlines the specific standards based on particular performance context data. You should know the LMI tract and LMI applicant penetration rates, very small business percentages, etc., because they show what other lenders in your market have done and it is natural to compare your performance to other lenders. So you need to know those numbers and understand how you compare. These numbers are not the beginning and end of performance context data, but they represent explicitly the lending performance of other lenders as measured by the only enumerated standards in the regulation. If the market shows 20% of HMDA reported mortgages were in LMI geographies and your penetration rate is only 5%, you'd better be prepared to explain the disparity. If you are interested, just pm me and I can send you more information.
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