First Community Bank in Harbor Springs, Michigan (MI)

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First Community Bank
GeneralFDIC Certificate #: 13179
Status: Active
Federal Reserve ID: 932745
Bank Holding Company (Regulatory Top Holder): Harbor Springs Financial Corporation (RSSDID: 1208102, Location: Harbor Springs, MI)
Date Established: November 01, 1905
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 8 (Domestic: 8, Interstate: No)
OTS Docket #: 10580
FDIC's unique #: 8339
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: Yes
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: January 01, 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
LocationAddress: 200 East Main Street, Harbor Springs, MI 49740
County: Emmet
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 ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $186.7 mil
Equity capital: $22.5 mil
Deposits held in domestic offices: $154.7 mil
Return on assets (ROA): 0.53% ($1.0 mil)
Quarterly return on assets: 0.39% ($0.7 mil)
Return on Equity (ROE): 4.56% ($1.0 mil)
Quarterly return on equity: 3.31% ($0.8 mil)
Net income: $1.0 mil
Quarterly Net income: $0.2 mil
Pretax return on assets: 0.53% ($989.5 mil)
Quarterly Pretax return on assets: 0.39% ($728.2 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)
Total employees (full-time equivalent)68
Total assets$186,707
Cash and due from depository institutions$14,602
Interest-bearing balances$10,864
Federal funds sold & reverse repurchase agreements$8,000
Net loans & leases$136,985
Loan loss allowance $2,203
Trading account assets$0
Bank premises and fixed assets$2,573
Other real estate owned$4,727
Goodwill and other intangibles$0
All other assets$6,401
Life insurance assets$186,707
Total liabilities and capital$164,193
Total liabilities$154,685
Total deposits$124,261
Interest-bearing deposits$154,685
Deposits held in domestic offices$89
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$8,957
Other borrowed funds $0
Subordinated debt $551
All other liabilities $22,514
Total equity capital$22,514
Total bank equity capital$22,514
Perpetual preferred stock$0
Common stock$1,500
Undivided profits $13,614
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $772
Income earned, not collected on loans $1,223
Earning assets $0
Long-term assets (5+ years) $809
Average Assets, year-to-date $169,268
Average Assets, quarterly $7,082
Volatile liabilities $194,074
Insider loans $192,858
FHLB advances $142,162
Loans and leases held for sale $190,193
Unused loan commitments $3,156
Tier 1 (core) risk-based capital $3,156
Tier 2 risk-based capital $22,204
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $20,439
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $10,098
Total interest expense $1,622
Net interest income $8,476
Provision for loan and lease losses $900
Total noninterest income $1,310
Fiduciary activities $0
Service charges on deposit accounts $779
Trading account gains & fees $0
Additional noninterest income $531
Total noninterest expense $7,879
Salaries and employee benefits $3,690
Premises and equipment expense $1,353
Additional noninterest expense $2,836
Pre-tax net operating income $1,007
Securities gains (losses) $21
Applicable income taxes $0
Income before extraordinary items $1,028
Extraordinary gains - net $0
Net income attributable to bank $1,028
Net charge-offs $0
Cash dividends $1,028
Sale, conversion, retirement of capital stock, net $1,158
Net operating income $800
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.71%
Cost of funding earning assets 0.92%
Net interest margin 4.79%
Noninterest income to earning assets 0.74%
Noninterest expense to earning assets 4.46%
Net operating income to assets 0.52%
Return on assets (ROA) 0.53%
Pretax return on assets 0.53%
Return on equity (ROE) 4.56%
Retained earnings to average equity (YTD only) 1.01%
Net charge-offs to loans 0.81%
Credit loss provision to net charge-offs 77.72%
Efficiency ratio1.65%
Assets per employee$80,513
Cash dividends to net income (YTD only)2.75%
Condition Ratios (%)
Loss allowance to loans 77.82%
Loss allowance to noncurrent loans 1.58%
Noncurrent assets plus other real estate owned to assets 180.13%
Noncurrent loans to loans 3.19%
Net loans and leases to deposits0.88%
Net loans and leases to core deposits 88.56%
Equity capital to assets 100.03%
Core capital (leverage) ratio 12.06%
Tier 1 risk-based capital ratio 11.67%
Total risk-based capital ratio 15.62%
Average assets$17
Average earning assets$194,074
Average equity $22,562
Average loans $176,843
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8 Michigan Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
08339First Community Bank200 East Main Street, Harbor Springs, MI 49740November 01, 1905Full Service Brick and Mortar
1229279Harbor Springs Airport BranchPleasantview Road And M-119, Harbor Springs, MI 49740October 27, 1976Limited Service Facility
2229280Harbor Springs Lake St Branch115 East Lake Street, Harbor Springs, MI 49740June 22, 1981Limited Service Facility
3229281Petoskey Division St Branch2201 East Mitchell, Petoskey, MI 49770July 19, 1993Limited Service Facility
4229282Petoskey Main Office330 East Mitchell, Petoskey, MI 49770May 03, 1993Full Service Brick and Mortar
7361319Cheboygan Main Office Branch201 North Main Street, Cheboygan, MI 49721June 30, 2001Full Service Brick and Mortar
8419443Petoskey Spring Street Branch930 Spring Street, Petoskey, MI 49770June 02, 2003Limited Service Facility
9465763Traverse City Main Branch102 E Front Street, Traverse City, MI 49684November 01, 2006Full Service Brick and Mortar
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