Gogebic Range Bank in Ironwood, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches


Gogebic Range Bank - Overview

  • General
  • FDIC Certificate #: 57192
    Status: Active
    Federal Reserve ID: 3025929
    Bank Holding Company (Regulatory Top Holder): West End Financial Corp. (RSSDID: 3025910, Location: Ironwood, MI)
    Date Established: May 20, 2002
    WWW: http://www.gogebicrangebank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 2 (Domestic: 2, Interstate: No)
    FDIC's unique #: 359381
    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: May 20, 2002
    Last Structure Change Effective Date: May 10, 2010
    Last Structure Change Process Date: June 08, 2010
    Last Data Update: June 08, 2010
    Data Source Date: April 05, 2012
  • Location
  • Address: 155 East Cloverland Drive, Ironwood, MI 49938
    County: Gogebic
    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
  • History of Changes
  • Change in Location
  • Financial Summary
  • Total assets: $63.9 mil
    Equity capital: $7.1 mil
    Deposits held in domestic offices: $56.4 mil
    Return on assets (ROA): 1.14% ($0.7 mil)
    Quarterly return on assets: 1.73% ($1.1 mil)
    Return on Equity (ROE): 10.44% ($0.7 mil)
    Quarterly return on equity: 15.72% ($1.1 mil)
    Net income: $0.7 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: 1.68% ($1,073.4 mil)
    Quarterly Pretax return on assets: 2.62% ($1,674.0 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
  • 20Total employees (full-time equivalent)
  • $63,893Total assets
  • $4,283Cash and due from depository institutions
  • $773Interest-bearing balances
  • $7,525Securities
  • $36Federal funds sold & reverse repurchase agreements
  • $48,621Net loans & leases
  • $690Loan loss allowance
  • $0Trading account assets
  • $2,489Bank premises and fixed assets
  • $357Other real estate owned
  • $0Goodwill and other intangibles
  • $63,893Life insurance assets
  • $582All other assets
  • $56,824Total liabilities and capital
  • $56,374Total liabilities
  • $49,197Total deposits
  • $56,374Interest-bearing deposits
  • $90Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $450Subordinated debt
  • $7,069All other liabilities
  • $7,069Total equity capital
  • $7,069Total bank equity capital
  • $0Perpetual preferred stock
  • $1,625Common stock
  • $5,175Surplus
  • $269Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $909Income earned, not collected on loans
  • $0Earning assets
  • $302Long-term assets (5+ years)
  • $56,955Average Assets, year-to-date
  • $8,375Average Assets, quarterly
  • $62,600Volatile liabilities
  • $64,064Insider loans
  • $52,565FHLB advances
  • $63,210Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $7,069Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $6,456Restructured Loans and leases
  • $152Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $3,668Total interest income
  • $642Total interest expense
  • $3,026Net interest income
  • $600Provision for loan and lease losses
  • $423Total noninterest income
  • $0Fiduciary activities
  • $114Service charges on deposit accounts
  • $0Trading account gains & fees
  • $309Additional noninterest income
  • $1,833Total noninterest expense
  • $860Salaries and employee benefits
  • $281Premises and equipment expense
  • $692Additional noninterest expense
  • $1,016Pre-tax net operating income
  • $36Securities gains (losses)
  • $338Applicable income taxes
  • $714Income before extraordinary items
  • $0Extraordinary gains - net
  • $714Net income attributable to bank
  • $0Net charge-offs
  • $714Cash dividends
  • $565Sale, conversion, retirement of capital stock, net
  • $235Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.60%Yield on earning assets
  • 1.15%Cost of funding earning assets
  • 5.44%Net interest margin
  • 0.76%Noninterest income to earning assets
  • 3.30%Noninterest expense to earning assets
  • 1.10%Net operating income to assets
  • 1.14%Return on assets (ROA)
  • 1.68%Pretax return on assets
  • 10.44%Return on equity (ROE)
  • 7.00%Retained earnings to average equity (YTD only)
  • 1.13%Net charge-offs to loans
  • 106.19%Credit loss provision to net charge-offs
  • 2.86%Efficiency ratio
  • 53,146Assets per employee
  • 3.19%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 32.91%Loss allowance to loans
  • 1.40%Loss allowance to noncurrent loans
  • 75.91%Noncurrent assets plus other real estate owned to assets
  • 1.98%Noncurrent loans to loans
  • 1.84%Net loans and leases to deposits
  • 86.25%Net loans and leases to core deposits
  • 94.21%Equity capital to assets
  • 11.06%Core capital (leverage) ratio
  • 11.18%Tier 1 risk-based capital ratio
  • 13.45%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $62,600Average earning assets
  • $6,842Average equity
  • $55,607Average loans

List of branches

  • 2 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0359381Gogebic Range Bank155 East Cloverland Drive, Ironwood, MI 49938May 20, 2002Full Service Brick and Mortar
    1363726Bessemer Branch300 South Sophie Street, Bessemer, MI 49911May 20, 2002Full Service Brick and Mortar

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