Michigan - First Quarter 2008
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ECONOMIC INDICATORS
(Change from year ago, unless noted)
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|
Employment Growth Rates
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Total Nonfarm (share of trailing four quarter employment in parentheses)
|
-1.3%
|
-1.5%
|
-1.7%
|
-1.5%
|
-1.4%
|
|
Manufacturing (14%)
|
-5.7%
|
-5.7%
|
-5.3%
|
-5.2%
|
-4.3%
|
|
Other (non-manufacturing) Goods-Producing (4%)
|
-7.1%
|
-5.4%
|
-7.6%
|
-6.6%
|
-5.8%
|
|
Private Service-Producing (66%)
|
0.0%
|
-0.4%
|
-0.4%
|
-0.4%
|
-0.5%
|
|
Government (15%)
|
-1.2%
|
-1.2%
|
-1.8%
|
-1.2%
|
-1.3%
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|
Unemployment Rate (% of labor force)
|
7.2%
|
7.4%
|
7.0%
|
7.2%
|
6.9%
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|
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Other Indicators
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Single-Family Home Permits
|
-51.2%
|
-36.4%
|
-42.7%
|
-36.7%
|
-35.2%
|
|
Multifamily Building Permits
|
34.6%
|
-56.3%
|
-73.1%
|
-49.2%
|
-23.5%
|
|
Home Price Index
|
-3.1%
|
-4.1%
|
-1.4%
|
-2.7%
|
-0.4%
|
|
Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)
|
5.20
|
4.67
|
4.30
|
4.47
|
3.28
|
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|
|
|
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BANKING TRENDS
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|
General Information
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Institutions (#)
|
162
|
164
|
170
|
164
|
171
|
|
Total Assets (in millions)
|
167,345
|
165,804
|
220,293
|
165,804
|
231,479
|
|
New Institutions (# < 3 years)
|
8
|
9
|
8
|
9
|
8
|
|
Subchapter S Institutions
|
18
|
16
|
16
|
16
|
15
|
| |
|
|
|
|
|
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Asset Quality
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Past-Due and Nonaccrual Loans / Total Loans (median %)
|
3.94
|
3.58
|
2.69
|
3.58
|
2.64
|
|
ALLL/Total Loans (median %)
|
1.26
|
1.25
|
1.19
|
1.25
|
1.21
|
|
ALLL/Noncurrent Loans (median multiple)
|
0.60
|
0.67
|
1.02
|
0.67
|
0.99
|
|
Net Loan Losses / Total Loans (median %)
|
0.23
|
0.49
|
0.10
|
0.25
|
0.13
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|
|
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Capital / Earnings
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Tier 1 Leverage (median %)
|
9.18
|
9.19
|
9.68
|
9.19
|
9.70
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Return on Assets (median %)
|
0.58
|
0.48
|
0.86
|
0.59
|
0.95
|
|
Pretax Return on Assets (median %)
|
0.73
|
0.57
|
1.13
|
0.82
|
1.28
|
|
Net Interest Margin (median %)
|
3.72
|
3.84
|
3.95
|
3.90
|
4.14
|
|
Yield on Earning Assets (median %)
|
6.66
|
7.03
|
7.05
|
7.10
|
6.96
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|
Cost of Funding Earning Assets (median %)
|
2.93
|
3.19
|
3.13
|
3.19
|
2.81
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Provisions to Avg. Assets (median %)
|
0.24
|
0.39
|
0.12
|
0.24
|
0.14
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Noninterest Income to Avg. Assets (median %)
|
0.61
|
0.62
|
0.63
|
0.60
|
0.65
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Overhead to Avg. Assets (median %)
|
3.16
|
3.15
|
3.06
|
3.12
|
3.09
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Liquidity / Sensitivity
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Loans to Assets (median %)
|
76.5
|
78.3
|
76.6
|
78.3
|
77.1
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Noncore Funding to Assets (median %)
|
24.6
|
23.7
|
23.8
|
23.7
|
24.4
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Long-term Assets to Assets (median %, call filers)
|
14.5
|
13.9
|
12.0
|
13.9
|
12.0
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Brokered Deposits (number of institutions)
|
81
|
80
|
89
|
80
|
89
|
|
Brokered Deposits to Assets (median % for those above)
|
7.5
|
8.3
|
7.5
|
8.3
|
8.9
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|
|
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Loan Concentrations (median % of Tier 1 Capital)
|
Q1-08
|
Q4-07
|
Q1-07
|
2007
|
2006
|
|
Commercial and Industrial
|
95.7
|
97.0
|
85.3
|
97.0
|
88.7
|
|
Commercial Real Estate
|
284.7
|
285.9
|
268.0
|
285.9
|
267.3
|
|
Construction & Development
|
55.5
|
57.0
|
54.1
|
57.0
|
56.3
|
|
Multifamily Residential Real Estate
|
8.1
|
8.5
|
5.8
|
8.5
|
5.7
|
|
Nonresidential Real Estate
|
221.9
|
226.9
|
210.9
|
226.9
|
208.6
|
|
Residential Real Estate
|
251.9
|
250.5
|
247.9
|
250.5
|
249.7
|
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Consumer
|
24.1
|
23.8
|
25.0
|
23.8
|
26.8
|
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Agriculture
|
3.5
|
3.7
|
3.4
|
3.7
|
2.6
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BANKING PROFILE
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