First Bank, Upper Michigan in Gladstone, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

First Bank, Upper Michigan - Overview

  • General
  • FDIC Certificate #: 14276
    Status: Active
    Federal Reserve ID: 239556
    Bank Holding Company (Regulatory Top Holder): First Bancshares Corporation (RSSDID: 1978414, Location: Gladstone, MI)
    Date Established: August 14, 1916
    Trust Powers Granted: Yes
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Domestic: 3, Interstate: No)
    OTS Docket #: 11028
    FDIC's unique #: 8919
    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: April 23, 1934
    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: 1400 Delta Avenue, Gladstone, MI 49837
    County: Delta
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Appleton
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Core Based Statistical Area (CBSA): Escanaba, MI (#21540)
    CBSA Micro Statistical Area: Yes
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $168.4 mil
    Equity capital: $29.6 mil
    Deposits held in domestic offices: $119.5 mil
    Return on assets (ROA): 2.41% ($4.0 mil)
    Quarterly return on assets: 2.45% ($4.1 mil)
    Return on Equity (ROE): 14.56% ($4.4 mil)
    Quarterly return on equity: 14.41% ($4.3 mil)
    Net income: $4.1 mil
    Quarterly Net income: $1.0 mil
    Pretax return on assets: 2.41% ($4,059.3 mil)
    Quarterly Pretax return on assets: 2.45% ($4,126.7 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
  • 48Total employees (full-time equivalent)
  • $168,435Total assets
  • $5,072Cash and due from depository institutions
  • $36Interest-bearing balances
  • $33,362Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $123,676Net loans & leases
  • $4,115Loan loss allowance
  • $0Trading account assets
  • $2,155Bank premises and fixed assets
  • $1,317Other real estate owned
  • $155Goodwill and other intangibles
  • $168,435Life insurance assets
  • $2,698All other assets
  • $138,826Total liabilities and capital
  • $119,537Total liabilities
  • $108,175Total deposits
  • $119,537Interest-bearing deposits
  • $84Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $16,500Trading liabilities
  • $0Other borrowed funds
  • $2,789Subordinated debt
  • $29,609All other liabilities
  • $29,609Total equity capital
  • $29,609Total bank equity capital
  • $0Perpetual preferred stock
  • $200Common stock
  • $5,900Surplus
  • $23,509Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $446Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $6,373Income earned, not collected on loans
  • $0Earning assets
  • $791Long-term assets (5+ years)
  • $157,074Average Assets, year-to-date
  • $35,562Average Assets, quarterly
  • $168,888Volatile liabilities
  • $170,695Insider loans
  • $119,343FHLB advances
  • $168,720Loans and leases held for sale
  • $525Unused loan commitments
  • $525Tier 1 (core) risk-based capital
  • $27,899Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $6,369Restructured Loans and leases
  • $1,728Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $9,162Total interest income
  • $1,859Total interest expense
  • $7,303Net interest income
  • $575Provision for loan and lease losses
  • $2,401Total noninterest income
  • $894Fiduciary activities
  • $276Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,231Additional noninterest income
  • $5,058Total noninterest expense
  • $2,552Salaries and employee benefits
  • $583Premises and equipment expense
  • $1,923Additional noninterest expense
  • $4,071Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • $4,071Income before extraordinary items
  • $0Extraordinary gains - net
  • $4,071Net income attributable to bank
  • $0Net charge-offs
  • $4,071Cash dividends
  • $572Sale, conversion, retirement of capital stock, net
  • $2,531Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.84%Yield on earning assets
  • 1.19%Cost of funding earning assets
  • 4.66%Net interest margin
  • 1.53%Noninterest income to earning assets
  • 3.23%Noninterest expense to earning assets
  • 2.41%Net operating income to assets
  • 2.41%Return on assets (ROA)
  • 2.41%Pretax return on assets
  • 14.56%Return on equity (ROE)
  • 5.51%Retained earnings to average equity (YTD only)
  • 0.45%Net charge-offs to loans
  • 100.52%Credit loss provision to net charge-offs
  • 8.12%Efficiency ratio
  • 52,123Assets per employee
  • 3.51%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 62.17%Loss allowance to loans
  • 3.22%Loss allowance to noncurrent loans
  • 64.57%Noncurrent assets plus other real estate owned to assets
  • 4.57%Noncurrent loans to loans
  • 4.99%Net loans and leases to deposits
  • 103.46%Net loans and leases to core deposits
  • 117.79%Equity capital to assets
  • 17.58%Core capital (leverage) ratio
  • 16.54%Tier 1 risk-based capital ratio
  • 23.38%Total risk-based capital ratio
  • Memoranda
  • $25Average assets
  • $168,888Average earning assets
  • $27,954Average equity
  • $156,820Average loans

Total Fiduciary and Related Assets (December 31, 2011)

  • Dollar figures in thousands
  • $1Total fiduciary and related assets
  • 1Number of Fiduciary Accounts and Related Asset Accounts
  • YesFiduciary powers granted
  • YesFiduciary or related activity
  • $131,305Managed Assets
  • 1Number of Accounts
  • $120,674Personal trust and agency accounts
  • $39,525Employee benefit-defined contribution accounts
  • $11,434Employee benefit-defined benefit accounts
  • $0Other retirement accounts
  • $22,499Corporate trust and agency accounts
  • $0Investment management agency accounts
  • $43,060Other fiduciary accounts
  • $4,154Fiduciary accounts held in foreign offices
  • $2Non-managed Assets
  • 319Number of Accounts
  • $0Personal trust and agency accounts
  • $22,499Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $10,631Other retirement accounts
  • $5,889Corporate trust and agency accounts
  • $0Other fiduciary accounts
  • $2,781Fiduciary accounts held in foreign offices

List of branches

  • 3 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    08919First Bank, Upper Michigan1400 Delta Avenue, Gladstone, MI 49837August 14, 1916Full Service Brick and Mortar
    2231253Escanaba Branch2800 Ludington St, Escanaba, MI 49829May 01, 1989Full Service Brick and Mortar
    3232188Garden BranchMain Street, Garden, MI 49835November 21, 1974Full Service Brick and Mortar

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