Charlevoix State Bank in Charlevoix, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

Charlevoix State Bank - Overview

  • General
  • FDIC Certificate #: 33926
    Status: Active
    Federal Reserve ID: 2232757
    Bank Holding Company (Regulatory Top Holder): Charlevoix First Corporation (RSSDID: 2336794, Location: Charlevoix, MI)
    Date Established: August 16, 1994
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 6 (Domestic: 6, Interstate: No)
    FDIC's unique #: 54977
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: Yes
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: August 16, 1994
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 111 State Street, Charlevoix, MI 49720
    County: Charlevoix
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Grand Rapids
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $143.7 mil
    Equity capital: $13.2 mil
    Deposits held in domestic offices: $130.1 mil
    Return on assets (ROA): 0.86% ($1.2 mil)
    Quarterly return on assets: 0.68% ($1.0 mil)
    Return on Equity (ROE): 9.52% ($1.2 mil)
    Quarterly return on equity: 7.65% ($1.0 mil)
    Net income: $1.3 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: 0.86% ($1,236.2 mil)
    Quarterly Pretax return on assets: 0.68% ($977.4 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 36Total employees (full-time equivalent)
  • $143,739Total assets
  • $20,364Cash and due from depository institutions
  • $12,822Interest-bearing balances
  • $14,833Securities
  • $257Federal funds sold & reverse repurchase agreements
  • $102,595Net loans & leases
  • $1,558Loan loss allowance
  • $0Trading account assets
  • $2,207Bank premises and fixed assets
  • $1,428Other real estate owned
  • $3Goodwill and other intangibles
  • $143,739Life insurance assets
  • $2,052All other assets
  • $130,499Total liabilities and capital
  • $130,137Total liabilities
  • $100,946Total deposits
  • $130,137Interest-bearing deposits
  • $79Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $362Subordinated debt
  • $13,240All other liabilities
  • $13,240Total equity capital
  • $13,240Total bank equity capital
  • $0Perpetual preferred stock
  • $1,250Common stock
  • $7,491Surplus
  • $4,499Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $526Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $3,020Income earned, not collected on loans
  • $991Earning assets
  • $570Long-term assets (5+ years)
  • $130,507Average Assets, year-to-date
  • $10,553Average Assets, quarterly
  • $146,219Volatile liabilities
  • $149,368Insider loans
  • $103,514FHLB advances
  • $148,212Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $12,926Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $16,483Restructured Loans and leases
  • $3,866Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $6,489Total interest income
  • $824Total interest expense
  • $5,665Net interest income
  • $740Provision for loan and lease losses
  • $1,198Total noninterest income
  • $0Fiduciary activities
  • $182Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,016Additional noninterest income
  • $4,933Total noninterest expense
  • $2,277Salaries and employee benefits
  • $543Premises and equipment expense
  • $2,113Additional noninterest expense
  • $1,190Pre-tax net operating income
  • $66Securities gains (losses)
  • $0Applicable income taxes
  • $1,256Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,256Net income attributable to bank
  • $0Net charge-offs
  • $1,256Cash dividends
  • $1,059Sale, conversion, retirement of capital stock, net
  • $1,254Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.92%Yield on earning assets
  • 0.63%Cost of funding earning assets
  • 4.30%Net interest margin
  • 0.91%Noninterest income to earning assets
  • 3.74%Noninterest expense to earning assets
  • 0.81%Net operating income to assets
  • 0.86%Return on assets (ROA)
  • 0.86%Pretax return on assets
  • 9.52%Return on equity (ROE)
  • 0.02%Retained earnings to average equity (YTD only)
  • 1.03%Net charge-offs to loans
  • 69.88%Credit loss provision to net charge-offs
  • 1.82%Efficiency ratio
  • 71,864Assets per employee
  • 3.99%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 99.84%Loss allowance to loans
  • 1.50%Loss allowance to noncurrent loans
  • 51.59%Noncurrent assets plus other real estate owned to assets
  • 3.09%Noncurrent loans to loans
  • 2.90%Net loans and leases to deposits
  • 78.84%Net loans and leases to core deposits
  • 81.76%Equity capital to assets
  • 9.21%Core capital (leverage) ratio
  • 8.72%Tier 1 risk-based capital ratio
  • 12.49%Total risk-based capital ratio
  • Memoranda
  • $14Average assets
  • $146,219Average earning assets
  • $13,188Average equity
  • $131,790Average loans

List of branches

  • 6 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    054977Charlevoix State Bank111 State Street, Charlevoix, MI 49720August 16, 1994Full Service Brick and Mortar
    1290220Beaver Island Branch38230 Michigan Avenue, Beaver Island, MI 49782August 18, 1998Limited Service Facility
    3363558East Jordan Branch100 Main Street, East Jordan, MI 49727May 15, 2002Full Service Brick and Mortar
    4441115Southside Branch102 M-66, Charlevoix, MI 49720June 15, 2005Limited Service Facility
    5451890Ellsworth Branch9136 Main Street, Ellsworth, MI 49729May 23, 2006Full Service Brick and Mortar Branch102 M-66, Charlevoix, MI 49720June 16, 2006Full Service Cyber

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