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Independent Bank West Michigan

Rockford, MI · Cert 22094

FDIC

Q2 2007

$769.3MAssets
$658.4MLoans
$655.7MDeposits
$60.7MEquity
Loan mix
89%RE $431.7M11%C&I $54.5M0%Consumer $0.3MQ2 2006Q2 2007
Deposit mix
87%Interest-bearing $568.0M13%Noninterest $87.7MQ2 2006Q2 2007

NIM

6.37%Q2 ’057.14%Q2 ’067.27%Q2 ’07-2%-6%

Non-interest income vs. expense

3.84%Q2 ’053.86%Q2 ’063.78%Q2 ’070%-2%

Executive Summary

  • Earnings: ROA of 0.16%, down 161 bps year over year; NIM at 4.39%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.83%.
  • Funding: loans stand at 100.41% of deposits as of Q2 2007.

Financial Results

Return on Assets (quarter, annualized)

0.16%-161 bps YoY

Net Interest Margin (quarter, annualized)

4.39%-29 bps YoY

Efficiency Ratio (quarter, annualized)

57.90%+173 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ2 2006Q3 2006Q4 2006Q1 2007Q2 2007YoY ΔTrend
Earnings
Return on Assets1.77%1.77%1.02%0.92%0.16%-161 bps
Return on Equity20.90%20.95%12.32%11.23%2.06%-1,884 bps
Net Interest Margin4.68%4.55%4.37%4.31%4.39%-29 bps
Efficiency Ratio56.17%50.82%53.02%59.00%57.90%+173 bps
Non-Interest Burden1.82%1.38%1.49%1.84%1.79%-3 bps
Growth
Asset Growth (YoY)3.02%2.12%5.77%6.30%5.62%+260 bps
Loan Growth (YoY)5.34%3.39%7.03%7.96%6.37%+104 bps
Deposit Growth (YoY)17.00%9.36%8.66%5.01%0.64%-1,635 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.31%0.28%1.49%0.58%0.83%+52 bps
Allowance / Loans1.09%1.15%1.16%1.38%1.91%+81 bps
Allowance Coverage of NPLsn/an/an/an/an/an/an/a
Capital
Tier 1 Leverage Ration/an/an/an/an/an/an/a
Total Risk-Based Capital10.72%10.70%10.59%10.38%10.14%-58 bps
Equity / Assets8.47%8.39%8.24%8.13%7.89%-58 bps
Liquidity & Funding
Loans / Deposits95.00%96.04%98.76%97.22%100.41%+541 bps
Liquid Assets / Assets0.00%0.00%0.00%0.00%0.00%0 bps
CRE / Total Capitaln/an/an/an/an/an/an/a