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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

7.43%Q4 ’066.60%Q4 ’074.90%Q4 ’08-27%-17%

Non-interest income vs. expense

2.61%Q4 ’062.43%Q4 ’072.50%Q4 ’08-6%+20%

Executive Summary

  • Earnings: ROA of -0.14%, down 9 bps year over year; NIM at 2.42%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.07%.
  • Funding: loans stand at 94.77% of deposits as of Q4 2008.

Financial Results

Return on Assets (quarter, annualized)

-0.14%-9 bps YoY

Net Interest Margin (quarter, annualized)

2.42%-51 bps YoY

Efficiency Ratio (quarter, annualized)

108.86%+3,245 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets-0.05%-0.20%-3.26%-7.09%-0.14%-9 bps
Return on Equity-0.68%-2.50%-43.71%-101.76%-2.00%-133 bps
Net Interest Margin2.93%3.06%2.79%2.05%2.42%-51 bps
Efficiency Ratio76.41%70.25%63.14%114.22%108.86%+3,245 bps
Non-Interest Burden2.18%2.06%1.65%2.33%2.62%+44 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 / Loans0.31%1.33%1.16%10.00%1.07%+76 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