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Grand Haven Bank

Grand Haven, MI · Cert 34008

FDIC

Q4 2008

$120.7MAssets
$103.5MLoans
$109.2MDeposits
$9.0MEquity
Loan mix
79%RE $74.9M21%C&I $19.8M0%Consumer $0.1MQ4 2007Q4 2008
Deposit mix
90%Interest-bearing $98.2M10%Noninterest $11.0MQ4 2007Q4 2008

NIM

7.32%Q4 ’066.73%Q4 ’075.74%Q4 ’08-20%-16%

Non-interest income vs. expense

2.61%Q4 ’062.48%Q4 ’072.41%Q4 ’08-6%+7%

Executive Summary

  • Earnings: ROA of -2.65%, down 302 bps year over year; NIM at 2.77%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 3.55%.
  • Funding: loans stand at 94.77% of deposits as of Q4 2008.

Financial Results

Return on Assets (YTD, annualized)

-2.65%-302 bps YoY

Net Interest Margin (YTD, annualized)

2.77%-53 bps YoY

Efficiency Ratio (YTD, annualized)

83.78%+1,537 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets0.37%-0.20%-1.73%-3.45%-2.65%-302 bps
Return on Equity4.45%-2.50%-22.66%-46.54%-35.71%-4,017 bps
Net Interest Margin3.30%3.06%2.96%2.70%2.77%-53 bps
Efficiency Ratio68.41%70.25%66.87%77.53%83.78%+1,537 bps
Non-Interest Burden2.16%2.06%1.87%2.05%2.31%+15 bps
Growth
Asset Growth (YoY)1.66%6.34%-1.57%-12.97%-8.00%-966 bps
Loan Growth (YoY)1.82%-1.59%-5.44%-15.04%-15.32%-1,714 bps
Deposit Growth (YoY)-2.10%0.42%-0.58%-11.04%-4.16%-206 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.67%1.33%1.26%4.25%3.55%+288 bps
Allowance / Loans2.16%2.25%3.77%4.56%4.43%+227 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 Capital9.97%10.01%9.35%8.59%9.55%-42 bps
Equity / Assets7.99%7.68%7.23%6.68%7.45%-54 bps
Liquidity & Funding
Loans / Deposits107.27%104.85%99.43%100.43%94.77%-1,250 bps
Liquid Assets / Assets0.02%0.01%0.04%0.02%8.38%+837 bps
CRE / Total Capitaln/an/an/an/an/an/an/a