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Bank of Ann Arbor Financial Condition Overview
Current Quarterly Statement of ConditionAs evidenced in all of the important bank performance categories below, Bank of Ann Arbor is well positioned to weather the economic downturn. Bank of Ann Arbor helps by staying financially healthy. Read our 2007 Annual Report to learn more.
Capital
Bank of Ann Arbor is considered a "well-capitalized" institution which is the highest designation provided by the FDIC. Our capital-to-asset ratio, at February 29, 2008, is 66% above the level needed to be considered a well-capitalized institution by the FDIC. All of our other capital ratios evaluated by the FDIC are similarly in the "well-capitalized" category.
Profitability
Bank of Ann Arbor continues to be profitable with $3.8 million in net income in 2007. The bank enjoyed an earnings improvement in 2007 over the prior year. Another measure of earnings, earnings per share, was $4.31 in 2007, a 4.6% increase from last year.
Return on equity, a leading measure of bank profitability, was 11.55% in 2007. This compares quite favorably to the Michigan bank average of 4.7% and 11.2% for all U.S. commercial banks in our peer group with assets of $300 - $500 million.
Asset Size
Bank of Ann Arbor had combined bank and trust assets of over $1 billion at year end 2007. Bank assets at year-end totaled $476 million.
Asset Quality
Bank of Ann Arbor does not have any sub-prime mortgage investments in its investment portfolio. Our mortgage department has always focused on providing conventional mortgage products to borrowers with the financial means to enjoy home ownership without difficulty. As of February 29, 2008, we had zero mortgage or home equity loans over 30 days past due.
Non-current assets to total assets at year-end 2007 for Bank of Ann Arbor was 1.35%, which compares favorably to the Michigan bank average of 1.94%.
If you have any questions or want to learn more, feel free to contact us at 734-662-1600. Or read our 2007 Annual Report.
