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Letter portraitLegal landscapeQuarterYTD

Bank of Washtenaw

Saline, MI · Cert 57070

FDIC

Q3 2004

$76.4MAssets
$68.4MLoans
$64.8MDeposits
$7.2MEquity
Loan mix
58%RE $24.0M41%C&I $17.0M1%Consumer $0.2MQ3 2003Q3 2004
Deposit mix
82%Interest-bearing $53.3M18%Noninterest $11.6MQ3 2003Q3 2004

NIM

6.32%Q3 ’025.97%Q3 ’035.84%Q3 ’04+11%+5%

Non-interest income vs. expense

4.69%Q3 ’024.58%Q3 ’033.79%Q3 ’04-1%-11%

Executive Summary

  • Earnings: ROA of 0.51%, up 63 bps year over year; NIM at 4.20%.
  • Asset quality: problem loans at 0.00% of loans (0 bps YoY), with net charge-offs at 0.01%.
  • Funding: loans stand at 105.47% of deposits as of Q3 2004.

Financial Results

Return on Assets (quarter, annualized)

0.51%+63 bps YoY

Net Interest Margin (quarter, annualized)

4.20%+19 bps YoY

Efficiency Ratio (quarter, annualized)

84.01%-1,375 bps YoY

Tier 1 Leverage Ratio

n/a

Discrete quarter, annualized.

MetricQ3 2003Q4 2003Q1 2004Q2 2004Q3 2004YoY ΔTrend
Earnings
Return on Assets-0.12%-0.16%0.17%0.24%0.51%+63 bps
Return on Equity-1.22%-1.64%1.69%2.47%5.28%+650 bps
Net Interest Margin4.01%3.78%3.65%3.82%4.20%+19 bps
Efficiency Ratio97.76%99.21%93.76%91.28%84.01%-1,375 bps
Non-Interest Burden3.91%3.75%3.40%3.45%3.48%-42 bps
Growth
Asset Growth (YoY)14.22%20.05%15.66%8.33%7.01%-720 bps
Loan Growth (YoY)29.34%28.41%13.72%11.92%8.43%-2,090 bps
Deposit Growth (YoY)1.01%16.92%12.41%11.93%14.17%+1,316 bps
Asset Quality
Nonperforming Loans / Loans0.00%0.00%0.00%0.00%0.00%0 bps
Net Charge-Offs / Loans0.01%0.04%0.00%0.02%0.01%+1 bps
Allowance / Loans1.10%1.13%1.21%1.12%1.10%-1 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 Capital13.45%12.04%12.79%11.47%10.16%-329 bps
Equity / Assets9.94%9.66%9.90%9.80%9.48%-47 bps
Liquidity & Funding
Loans / Deposits111.05%106.09%101.34%106.82%105.47%-558 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