Ann Arbor, Michigan, February 18, 2011 – Timothy G. Marshall, President and CEO of Arbor Bancorp, Inc. the parent company of Bank of Ann Arbor announced the following year end results for 2010.
Net income was $5.1 million, or $5.90 per share, for the twelve months ended December 31, 2010, improving from $1.8 million, or $2.15 per share, for the same period of 2009. Total assets of the bank were $689 million, up 27% from $542 million in 2009.
The strong asset growth and earnings improvement was driven by the successful acquisition of the former New Liberty Bank in Plymouth, continued growth in the existing core markets of Ann Arbor, Ypsilanti, and neighboring Washtenaw County communities, and improving credit quality trends.
“Due to our strong performance throughout this downturn, Bank of Ann Arbor is well positioned to continue to support our communities and work closely with all of our existing and prospective clients, some of whom need our assistance and patience during these challenging times”, commented Marshall. “We continued to strengthen our balance sheet and capital position in 2010 which will enable us to maintain our strong commitment to helping the families, businesses, and communities we serve, as we have since the inception of the bank in 1996.”
As the most recent 2010 comparative FDIC report shows, Bank of Ann Arbor continues to materially outperform other banks in Michigan and the U.S. in key loan quality metrics. As for earnings, return on shareholder equity was 12.1%, substantially better than the Michigan bank average, which for the third straight year will be a negative number.