Independent Bank - South Michigan in East Lansing, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of September 15, 2007

  • Independent Bank - South Michigan in East Lansing, Michigan (MI)
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Independent Bank - South Michigan - Overview

  • General
  • FDIC Certificate #: 13930
    Status: Inactive
    Closing history: Absorption - Without Assistance
    Acquiring institution: Independent Bank (#27811)
    Federal Reserve ID: 405744
    Date Established: December 31, 1886
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 23 (Interstate: No)
    OTS Docket #: 11269
    FDIC's unique #: 8714
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    State Chartered: Yes
    Date of Deposit Insurance: Febuary 24, 1934
    Last Structure Change Effective Date: September 15, 2007
    Last Structure Change Process Date: October 01, 2007
    Last Data Update: October 01, 2007
    Data Source Date: April 05, 2012
  • Location
  • Address: 2900 West Road, Suite 100, East Lansing, MI 48823
    County: Ingham
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Detroit
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Metropolitan Statistical Area (MSA): Lansing-East Lansing, MI (#4040)
    Combined Statistical Area (CSA): Lansing-East Lansing-Owosso, MI (#330)
    Core Based Statistical Area (CBSA): Lansing-East Lansing, MI (#29620)
    CBSA Metro Statistical Area: Lansing-East Lansing, MI (#29620)
  • Financial Summary
  • Total assets: $539.8 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, 2006)

  • Dollar figures in thousands
  • 145Total employees (full-time equivalent)
  • $503,880Total assets
  • $10,525Cash and due from depository institutions
  • $0Interest-bearing balances
  • $109,533Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $354,290Net loans & leases
  • $3,878Loan loss allowance
  • $0Trading account assets
  • $11,890Bank premises and fixed assets
  • $450Other real estate owned
  • $2,444Goodwill and other intangibles
  • $7,047Life insurance assets
  • $14,748All other assets
  • $503,880Total liabilities and capital
  • $467,299Total liabilities
  • $431,673Total deposits
  • $385,146Interest-bearing deposits
  • $431,673Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $29,422Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $1,943Other borrowed funds
  • $0Subordinated debt
  • $4,261All other liabilities
  • $36,581Total equity capital
  • $36,581Total bank equity capital
  • $36,581Perpetual preferred stock
  • $0Common stock
  • $1,656Surplus
  • $18,844Undivided profits
  • Memoranda
  • $16,081Noncurrent loans and leases
  • $42,765Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $4,385Earning assets
  • $0Long-term assets (5+ years)
  • $2,917Average Assets, year-to-date
  • $463,823Average Assets, quarterly
  • $109,704Volatile liabilities
  • $497,234Insider loans
  • $505,291FHLB advances
  • $216,234Loans and leases held for sale
  • $2,633Unused loan commitments
  • $1,000Tier 1 (core) risk-based capital
  • $133,972Tier 2 risk-based capital
  • $3,518Total risk weighted assets
  • $42,765Total unused commitments
  • $0Restructured Loans and leases
  • $4,201Derivatives

Income and Expense (December 31, 2006)

  • Dollar figures in thousands
  • $31,987Total interest income
  • $14,029Total interest expense
  • $17,958Net interest income
  • $1,810Provision for loan and lease losses
  • $7,316Total noninterest income
  • $0Fiduciary activities
  • $4,098Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,218Additional noninterest income
  • $14,187Total noninterest expense
  • $5,992Salaries and employee benefits
  • $1,939Premises and equipment expense
  • $6,256Additional noninterest expense
  • $9,277Pre-tax net operating income
  • $0Securities gains (losses)
  • $2,073Applicable income taxes
  • $7,204Income before extraordinary items
  • $0Extraordinary gains - net
  • $7,204Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $995Sale, conversion, retirement of capital stock, net
  • $6,600Net operating income

Performance and Condition Ratios (December 31, 2006)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.98%Yield on earning assets
  • 3.06%Cost of funding earning assets
  • 3.92%Net interest margin
  • 1.60%Noninterest income to earning assets
  • 3.10%Noninterest expense to earning assets
  • 1.45%Net operating income to assets
  • 1.45%Return on assets (ROA)
  • 1.87%Pretax return on assets
  • 20.24%Return on equity (ROE)
  • 1.70%Retained earnings to average equity (YTD only)
  • 0.29%Net charge-offs to loans
  • 181.91%Credit loss provision to net charge-offs
  • 11.14%Efficiency ratio
  • 55,203Assets per employee
  • 3.48%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 91.62%Loss allowance to loans
  • 1.08%Loss allowance to noncurrent loans
  • 88.44%Noncurrent assets plus other real estate owned to assets
  • 0.96%Noncurrent loans to loans
  • 1.22%Net loans and leases to deposits
  • 82.07%Net loans and leases to core deposits
  • 144.14%Equity capital to assets
  • 7.26%Core capital (leverage) ratio
  • 7.15%Tier 1 risk-based capital ratio
  • 9.70%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $497,234Average earning assets
  • $35,599Average equity
  • $458,235Average loans

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