Firstbank - West Michigan in Ionia, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Firstbank - West Michigan in Ionia, Michigan (MI)
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Firstbank - West Michigan - Overview

  • General
  • FDIC Certificate #: 14471
    Status: Active
    Federal Reserve ID: 238241
    Bank Holding Company (Regulatory Top Holder): Firstbank Corporation (RSSDID: 1134322, Location: Alma, MI)
    Date Established: June 15, 1934
    WWW: http://www.firstbankmi.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 9 (Domestic: 9, Interstate: No)
    OTS Docket #: 12470
    FDIC's unique #: 9041
    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: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: June 15, 1934
    Last Structure Change Effective Date: July 01, 2007
    Last Structure Change Process Date: July 17, 2007
    Last Data Update: July 17, 2007
    Data Source Date: April 05, 2012
  • Location
  • Address: 302 West Main Street, Ionia, MI 48846
    County: Ionia
    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
    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
  • Corrections
    Name Change
    Change in Primary Regulatory Agency
  • Financial Summary
  • Total assets: $202.5 mil
    Equity capital: $35.1 mil
    Deposits held in domestic offices: $162.4 mil
    Return on assets (ROA): 0.38% ($0.8 mil)
    Quarterly return on assets: 0.61% ($1.2 mil)
    Return on Equity (ROE): 2.23% ($0.8 mil)
    Quarterly return on equity: 3.56% ($1.2 mil)
    Net income: $0.8 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: 0.45% ($911.4 mil)
    Quarterly Pretax return on assets: 0.84% ($1,701.3 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
  • 55Total employees (full-time equivalent)
  • $202,538Total assets
  • $12,014Cash and due from depository institutions
  • $4,061Interest-bearing balances
  • $41,037Securities
  • $404Federal funds sold & reverse repurchase agreements
  • $116,084Net loans & leases
  • $3,478Loan loss allowance
  • $0Trading account assets
  • $6,206Bank premises and fixed assets
  • $1,860Other real estate owned
  • $16,510Goodwill and other intangibles
  • $202,538Life insurance assets
  • $8,423All other assets
  • $167,430Total liabilities and capital
  • $162,442Total liabilities
  • $140,990Total deposits
  • $162,442Interest-bearing deposits
  • $88Deposits held in domestic offices
  • 3603.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $1,385Subordinated debt
  • $35,108All other liabilities
  • $35,108Total equity capital
  • $35,108Total bank equity capital
  • $0Perpetual preferred stock
  • $1,316Common stock
  • $39,494Surplus
  • $-5,702Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,902Income earned, not collected on loans
  • $0Earning assets
  • $650Long-term assets (5+ years)
  • $161,586Average Assets, year-to-date
  • $48,688Average Assets, quarterly
  • $202,973Volatile liabilities
  • $204,433Insider loans
  • $118,181FHLB advances
  • $190,616Loans and leases held for sale
  • $5,102Unused loan commitments
  • $5,102Tier 1 (core) risk-based capital
  • $18,533Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $14,080Restructured Loans and leases
  • $5,026Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $8,490Total interest income
  • $1,245Total interest expense
  • $7,245Net interest income
  • $375Provision for loan and lease losses
  • $1,135Total noninterest income
  • $0Fiduciary activities
  • $290Service charges on deposit accounts
  • $0Trading account gains & fees
  • $845Additional noninterest income
  • $7,029Total noninterest expense
  • $2,651Salaries and employee benefits
  • $908Premises and equipment expense
  • $3,470Additional noninterest expense
  • $976Pre-tax net operating income
  • -$61Securities gains (losses)
  • $152Applicable income taxes
  • $763Income before extraordinary items
  • $0Extraordinary gains - net
  • $763Net income attributable to bank
  • $0Net charge-offs
  • $763Cash dividends
  • $737Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.17%Yield on earning assets
  • 0.76%Cost of funding earning assets
  • 4.41%Net interest margin
  • 0.69%Noninterest income to earning assets
  • 4.28%Noninterest expense to earning assets
  • 0.40%Net operating income to assets
  • 0.38%Return on assets (ROA)
  • 0.45%Pretax return on assets
  • 2.23%Return on equity (ROE)
  • 2.23%Retained earnings to average equity (YTD only)
  • 0.60%Net charge-offs to loans
  • 50.88%Credit loss provision to net charge-offs
  • 1.83%Efficiency ratio
  • 78,747Assets per employee
  • 3.68%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.91%Loss allowance to noncurrent loans
  • 182.86%Noncurrent assets plus other real estate owned to assets
  • 1.86%Noncurrent loans to loans
  • 1.59%Net loans and leases to deposits
  • 71.46%Net loans and leases to core deposits
  • 72.66%Equity capital to assets
  • 17.33%Core capital (leverage) ratio
  • 9.72%Tier 1 risk-based capital ratio
  • 15.68%Total risk-based capital ratio
  • Memoranda
  • $17Average assets
  • $202,973Average earning assets
  • $34,288Average equity
  • $164,177Average loans

List of branches

  • 9 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    09041Firstbank - West Michigan302 West Main Street, Ionia, MI 48846June 15, 1934Full Service Brick and Mortar
    1231529Dexter Drive-In Branch202 Dexter Street, Ionia, MI 48846January 11, 1963Limited Service Facility
    2231530Southside Branch2600 South State Road, Berlin Township, MI 48846May 01, 1974Full Service Brick and Mortar
    3231531Woodland Branch115 South Main Street, Woodland, MI 48897June 02, 1975Full Service Brick and Mortar
    4231532Belding Branch9344 West Belding Road, Otisco Township, MI 48809Febuary 04, 1980Full Service Brick and Mortar
    5231533Lowell Branch2601 Main Street West Southeast, Lowell, MI 49331Febuary 14, 1997Full Service Brick and Mortar
    6232065Sunfield Branch145 Main Street, Sunfield, MI 48890January 11, 1965Full Service Brick and Mortar
    8358281Belding Downtown Branch105 South Pearl, Belding, MI 48809Febuary 14, 2000Limited Service Facility
    11473963Hastings West Branch1500 West M-43 Highway, Hastings, MI 49058December 31, 2007Full Service Brick and Mortar

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