ChoiceOne Bank in Sparta, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

  • ChoiceOne Bank in Sparta, Michigan (MI)
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ChoiceOne Bank - Overview

  • General
  • FDIC Certificate #: 1014
    Status: Active
    Federal Reserve ID: 324340
    Bank Holding Company (Regulatory Top Holder): Choiceone Financial Services, Inc. (RSSDID: 1139297, Location: Sparta, MI)
    Date Established: January 01, 1898
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 14 (Domestic: 14, Interstate: No)
    OTS Docket #: 10747
    FDIC's unique #: 672
    Numeric code: 13
    Regulator: FED
    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: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: December 07, 2006
    Last Structure Change Process Date: January 23, 2007
    Last Data Update: January 23, 2007
    Data Source Date: April 05, 2012
  • Location
  • Address: 109 East Division, Sparta, MI 49345
    County: Kent
    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
    Metropolitan Statistical Area (MSA): Grand Rapids-Muskegon-Holland, MI (#3000)
    Combined Statistical Area (CSA): Grand Rapids-Muskegon-Holland, MI (#266)
    Core Based Statistical Area (CBSA): Grand Rapids-Wyoming, MI (#24340)
    CBSA Metro Statistical Area: Grand Rapids-Wyoming, MI (#24340)
  • History of Changes
  • Participated in Absorption/Consolidation/Merger
  • Financial Summary
  • Total assets: $495.7 mil
    Equity capital: $57.3 mil
    Deposits held in domestic offices: $403.9 mil
    Return on assets (ROA): 0.73% ($3.6 mil)
    Quarterly return on assets: 0.82% ($4.1 mil)
    Return on Equity (ROE): 6.36% ($3.6 mil)
    Quarterly return on equity: 7.05% ($4.0 mil)
    Net income: $3.5 mil
    Quarterly Net income: $1.0 mil
    Pretax return on assets: 0.95% ($4,709.1 mil)
    Quarterly Pretax return on assets: 1.09% ($5,403.1 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
  • 139Total employees (full-time equivalent)
  • $495,696Total assets
  • $17,125Cash and due from depository institutions
  • $2,817Interest-bearing balances
  • $114,058Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $316,177Net loans & leases
  • $5,213Loan loss allowance
  • $0Trading account assets
  • $12,080Bank premises and fixed assets
  • $1,934Other real estate owned
  • $16,218Goodwill and other intangibles
  • $495,696Life insurance assets
  • $18,104All other assets
  • $438,432Total liabilities and capital
  • $403,852Total liabilities
  • $325,103Total deposits
  • $403,852Interest-bearing deposits
  • $86Deposits held in domestic offices
  • 21869.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $8,447Trading liabilities
  • $0Other borrowed funds
  • $4,264Subordinated debt
  • $57,264All other liabilities
  • $57,264Total equity capital
  • $57,264Total bank equity capital
  • $0Perpetual preferred stock
  • $3,006Common stock
  • $39,385Surplus
  • $14,873Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $1,262Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $4,311Income earned, not collected on loans
  • $53Earning assets
  • $2,104Long-term assets (5+ years)
  • $433,052Average Assets, year-to-date
  • $101,602Average Assets, quarterly
  • $485,886Volatile liabilities
  • $491,226Insider loans
  • $343,872FHLB advances
  • $470,037Loans and leases held for sale
  • $9,834Unused loan commitments
  • $8,559Tier 1 (core) risk-based capital
  • $38,960Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $1,275Total unused commitments
  • $55,613Restructured Loans and leases
  • $6,972Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $21,468Total interest income
  • $3,552Total interest expense
  • $17,916Net interest income
  • $3,700Provision for loan and lease losses
  • $5,976Total noninterest income
  • $0Fiduciary activities
  • $3,454Service charges on deposit accounts
  • $0Trading account gains & fees
  • $2,522Additional noninterest income
  • $15,707Total noninterest expense
  • $7,348Salaries and employee benefits
  • $2,247Premises and equipment expense
  • $6,112Additional noninterest expense
  • $4,485Pre-tax net operating income
  • $129Securities gains (losses)
  • $1,076Applicable income taxes
  • $3,538Income before extraordinary items
  • $0Extraordinary gains - net
  • $3,538Net income attributable to bank
  • $0Net charge-offs
  • $3,538Cash dividends
  • $3,216Sale, conversion, retirement of capital stock, net
  • $1,695Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.06%Yield on earning assets
  • 0.84%Cost of funding earning assets
  • 4.22%Net interest margin
  • 1.41%Noninterest income to earning assets
  • 3.70%Noninterest expense to earning assets
  • 0.71%Net operating income to assets
  • 0.73%Return on assets (ROA)
  • 0.95%Pretax return on assets
  • 6.36%Return on equity (ROE)
  • 3.31%Retained earnings to average equity (YTD only)
  • 1.01%Net charge-offs to loans
  • 115.05%Credit loss provision to net charge-offs
  • 2.55%Efficiency ratio
  • 63,867Assets per employee
  • 3.57%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 47.91%Loss allowance to loans
  • 1.62%Loss allowance to noncurrent loans
  • 120.92%Noncurrent assets plus other real estate owned to assets
  • 1.33%Noncurrent loans to loans
  • 1.34%Net loans and leases to deposits
  • 78.29%Net loans and leases to core deposits
  • 88.53%Equity capital to assets
  • 11.55%Core capital (leverage) ratio
  • 8.29%Tier 1 risk-based capital ratio
  • 11.33%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $485,886Average earning assets
  • $55,641Average equity
  • $424,555Average loans

List of branches

  • 14 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0672Choiceone Bank109 East Division, Sparta, MI 49345January 01, 1898Full Service Brick and Mortar
    1187474Appletree Branch416 West Division Street, Sparta, MI 49345May 22, 1990Full Service Brick and Mortar
    3187476Cedar Springs Branch4170 17 Mile Road, Cedar Springs, MI 49319July 01, 1996Full Service Brick and Mortar
    5187478Alpine Branch5050 Alpine Ave.N.w., Comstock Park, MI 49321December 14, 1998Full Service Brick and Mortar
    6364695Northstar Cinema Atm Branch11699 Northland Drive, Rockford, MI 49341November 11, 2001Limited Service Retail
    7437179Rockford Branch6795 Courtland Drive Ne, Rockford, MI 49341September 01, 2004Full Service Brick and Mortar
    81039Kent City Branch450 West Muskegon Street, Kent City, MI 49330April 01, 1907Full Service Brick and Mortar
    9189869Ravenna Branch3069 Slocum Road, Ravenna, MI 49451April 06, 1979Full Service Brick and Mortar
    10189870Egelston Branch5475 E Apple Avenue, Muskegon, MI 49442Febuary 01, 1982Full Service Brick and Mortar
    12274241Coopersville Branch661 West Randall Road, Coopersville, MI 49404January 01, 1923Full Service Brick and Mortar
    134021Grant Branch10 West Main Street, Grant, MI 49327August 09, 1906Full Service Brick and Mortar
    14208340Newaygo Branch246 W River Valley Drive, Newaygo, MI 49337April 10, 1989Full Service Brick and Mortar
    15189872White Cloud Branch47 South Charles Street, White Cloud, MI 49349September 19, 1997Full Service Brick and Mortar
    16363637Fremont Branch1423 West Main Street, Fremont, MI 49412April 01, 2002Full Service Brick and Mortar

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