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Muskegon Commerce Bank

Muskegon, MI · Cert 34608

FDIC

Q4 2008

$90.5MAssets
$77.3MLoans
$73.8MDeposits
$7.2MEquity
Loan mix
73%RE $51.6M26%C&I $18.7M0%Consumer $0.2MQ4 2007Q4 2008
Deposit mix
92%Interest-bearing $67.6M8%Noninterest $6.2MQ4 2007Q4 2008

NIM

6.94%Q4 ’066.80%Q4 ’074.67%Q4 ’08+4%-48%

Non-interest income vs. expense

2.90%Q4 ’063.64%Q4 ’072.82%Q4 ’08+37%-52%

Executive Summary

  • Earnings: ROA of -6.82%, down 516 bps year over year; NIM at 1.68%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 1.49%.
  • Funding: loans stand at 104.78% of deposits as of Q4 2008.

Financial Results

Return on Assets (quarter, annualized)

-6.82%-516 bps YoY

Net Interest Margin (quarter, annualized)

1.68%-153 bps YoY

Efficiency Ratio (quarter, annualized)

95.33%-479 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ4 2007Q1 2008Q2 2008Q3 2008Q4 2008YoY ΔTrend
Earnings
Return on Assets-1.66%-1.83%-8.25%0.03%-6.82%-516 bps
Return on Equity-17.81%-20.94%-104.88%0.42%-87.30%-6,950 bps
Net Interest Margin3.21%2.91%2.84%2.51%1.68%-153 bps
Efficiency Ratio100.12%100.24%153.40%99.23%95.33%-479 bps
Non-Interest Burden3.21%2.92%4.15%2.49%1.54%-167 bps
Growth
Asset Growth (YoY)2.63%3.25%1.93%-6.63%-8.63%-1,125 bps
Loan Growth (YoY)10.66%1.24%-4.90%-6.78%-14.12%-2,478 bps
Deposit Growth (YoY)4.52%2.13%2.73%-12.53%-6.86%-1,138 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.84%1.53%7.28%-0.23%1.49%+65 bps
Allowance / Loans1.96%2.50%4.20%4.36%6.98%+502 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 Capital10.67%9.72%11.10%11.35%8.51%-216 bps
Equity / Assets8.83%8.67%7.04%7.64%7.99%-85 bps
Liquidity & Funding
Loans / Deposits113.63%110.39%106.48%114.98%104.78%-886 bps
Liquid Assets / Assets0.17%0.17%0.18%0.20%7.41%+724 bps
CRE / Total Capitaln/an/an/an/an/an/an/a