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Letter portraitLegal landscapeQuarterYTD

State Bank, The

Fenton, MI · Cert 11406

FDIC · 20 branches

Q4 2024

$1.8BAssets
$1.4BLoans
$1.5BDeposits
$166.6MEquity
Loan mix
88%RE $801.8M11%C&I $102.5M0%Consumer $3.0MQ1 2023Q4 2024
Deposit mix
71%Interest-bearing $1.0B29%Noninterest $0.4BQ1 2023Q4 2024

Market Position · Flint, MI · 2024 SOD (annual) · 15.6% share · #3 of 9 inst. · $0.9B of $5.6B

15.6% Genesee
8.8% Saginaw
0.2% Oakland
1.5% Livingston

Executive Summary

  • Earnings: ROA of 0.72%, down 27 bps year over year; NIM at 2.72%.
  • Asset quality: problem loans at 0.75% of loans (+38 bps YoY), with net charge-offs at 0.18%.
  • Capital: tier 1 leverage ratio of 9.03%, up 9 bps from a year ago.
  • Funding: loans stand at 97.84% of deposits as of Q4 2024.

Return on Assets (YTD, annualized)

0.72%-27 bps YoY

Net Interest Margin (YTD, annualized)

2.72%-33 bps YoY

Efficiency Ratio (YTD, annualized)

70.09%+446 bps YoY

Tier 1 Leverage Ratio

9.03%+9 bps YoY

NIM

3.59%Q4 ’224.55%Q4 ’234.76%Q4 ’24-6%-11%

Non-interest income vs. expense

2.42%Q4 ’222.36%Q4 ’232.26%Q4 ’24+1%-4%

Year to date, annualized, through each quarter.

MetricQ1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024YoY ΔTrend
Earnings
Return on Assets1.03%0.99%0.99%0.99%0.78%0.68%0.61%0.72%-27 bps
Return on Equity12.34%11.76%11.68%11.53%8.76%7.54%6.73%7.94%-360 bps
Net Interest Margin3.25%3.19%3.09%3.06%2.85%2.82%2.76%2.72%-33 bps
Efficiency Ratio63.68%64.96%65.60%65.62%71.54%72.20%72.80%70.09%+446 bps
Non-Interest Burden1.88%1.88%1.84%1.83%1.88%1.88%1.87%1.76%-7 bps
Growth
Asset Growth (YoY)21.95%16.81%9.84%2.94%0.89%2.20%3.57%3.99%+104 bps
Loan Growth (YoY)27.63%19.44%9.91%2.61%0.31%-0.75%-2.73%-2.46%-507 bps
Deposit Growth (YoY)8.07%12.04%4.22%4.64%6.27%3.44%4.89%5.37%+72 bps
Asset Quality
Nonperforming Loans / Loans0.19%0.16%0.24%0.38%0.39%0.66%0.71%0.75%+38 bps
Net Charge-Offs / Loans0.00%0.01%-0.04%-0.04%0.02%0.12%0.25%0.18%+22 bps
Allowance / Loans1.04%1.05%1.04%1.04%1.05%1.05%1.02%1.00%-4 bps
Allowance Coverage of NPLs5.6x6.5x4.3x2.8x2.7x1.6x1.4x1.3x-1.4x
Capital
Tier 1 Leverage Ratio8.62%8.71%8.73%8.94%8.94%9.06%9.02%9.03%+9 bps
Total Risk-Based Capital11.27%11.51%11.79%12.13%12.47%12.57%12.78%13.13%+101 bps
Equity / Assets8.26%8.56%8.55%8.93%8.94%9.09%9.10%9.22%+29 bps
Liquidity & Funding
Loans / Deposits107.68%106.77%105.90%105.69%101.64%102.45%98.20%97.84%-785 bps
Liquid Assets / Assets4.83%1.96%3.03%3.69%6.22%5.49%9.11%10.28%+659 bps
CRE / Total Capitaln/an/an/an/an/an/an/an/an/an/a