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Letter portraitLegal landscapeQuarterYTD

Michigan Heritage Bank

Farmington Hills, MI · Cert 34369

FDIC

Q1 2009

$167.7MAssets
$120.1MLoans
$149.1MDeposits
$5.9MEquity
Deposit mix
91%Interest-bearing $135.1M9%Noninterest $13.9MQ1 2008Q1 2009

NIM

7.78%Q1 ’076.51%Q1 ’085.05%Q1 ’09-26%-27%

Non-interest income vs. expense

3.67%Q1 ’073.26%Q1 ’082.73%Q1 ’09-4%-15%

Executive Summary

  • Earnings: ROA of -0.74%, down 40 bps year over year; NIM at 2.02%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.30%.
  • Funding: loans stand at 80.60% of deposits as of Q1 2009.

Financial Results

Return on Assets (YTD, annualized)

-0.74%-40 bps YoY

Net Interest Margin (YTD, annualized)

2.02%-75 bps YoY

Efficiency Ratio (YTD, annualized)

127.25%+1,778 bps YoY

Tier 1 Leverage Ratio

n/a

Year to date, annualized, through each quarter.

MetricQ1 2008Q2 2008Q3 2008Q4 2008Q1 2009YoY ΔTrend
Earnings
Return on Assets-0.34%-4.53%-3.37%-4.67%-0.74%-40 bps
Return on Equity-4.26%-61.82%-48.83%-74.86%-20.76%-1,650 bps
Net Interest Margin2.77%2.96%2.94%2.60%2.02%-75 bps
Efficiency Ratio109.48%117.53%114.70%132.11%127.25%+1,778 bps
Non-Interest Burden3.05%3.50%3.41%3.51%2.60%-45 bps
Growth
Asset Growth (YoY)4.41%-1.23%-1.54%-3.77%-10.98%-1,539 bps
Loan Growth (YoY)2.93%-3.60%-1.88%-15.32%-18.75%-2,168 bps
Deposit Growth (YoY)2.23%-2.49%-2.80%9.33%-6.32%-855 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans1.60%4.50%3.16%6.61%1.30%-30 bps
Allowance / Loans2.01%4.41%4.19%4.11%4.26%+226 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 Capital10.27%7.24%7.14%3.18%2.97%-730 bps
Equity / Assets7.95%5.92%5.58%3.56%3.54%-442 bps
Liquidity & Funding
Loans / Deposits92.93%94.61%91.15%81.12%80.60%-1,233 bps
Liquid Assets / Assets0.22%0.10%0.72%7.73%9.61%+939 bps
CRE / Total Capitaln/an/an/an/an/an/an/a