Kent Commerce Bank in Kentwood, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of March 31, 2009

  • Kent Commerce Bank in Kentwood, Michigan (MI)
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Kent Commerce Bank - Overview

  • General
  • FDIC Certificate #: 34609
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Michigan Commerce Bank (#33134)
    Federal Reserve ID: 2621342
    Date Established: January 12, 1998
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 1 (Interstate: No)
    FDIC's unique #: 60774
    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: January 12, 1998
    Last Structure Change Effective Date: March 31, 2009
    Last Structure Change Process Date: April 02, 2009
    Last Data Update: April 02, 2009
    Data Source Date: April 05, 2012
  • Location
  • Address: 4050 Lake Drive, S.E., Kentwood, MI 49546
    County: Kent
    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
    Metropolitan Statistical Area (MSA): Grand Rapids-Muskegon-Holland, MI (#3000)
    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)
  • Financial Summary
  • Total assets: $79.9 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, 2008)

  • Dollar figures in thousands
  • 15Total employees (full-time equivalent)
  • $79,904Total assets
  • $7,148Cash and due from depository institutions
  • $5,107Interest-bearing balances
  • $0Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $68,676Net loans & leases
  • $2,459Loan loss allowance
  • $0Trading account assets
  • $156Bank premises and fixed assets
  • $898Other real estate owned
  • $791Goodwill and other intangibles
  • $0Life insurance assets
  • $2,235All other assets
  • $79,904Total liabilities and capital
  • $72,672Total liabilities
  • $68,983Total deposits
  • $61,184Interest-bearing deposits
  • $68,983Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $3,250Other borrowed funds
  • $0Subordinated debt
  • $439All other liabilities
  • $7,232Total equity capital
  • $7,232Total bank equity capital
  • $7,232Perpetual preferred stock
  • $0Common stock
  • $2,405Surplus
  • $6,216Undivided profits
  • Memoranda
  • $-1,389Noncurrent loans and leases
  • $9,915Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $1,789Earning assets
  • $235Long-term assets (5+ years)
  • $280Average Assets, year-to-date
  • $73,783Average Assets, quarterly
  • $4,984Volatile liabilities
  • $84,441Insider loans
  • $81,876FHLB advances
  • $15,409Loans and leases held for sale
  • $0Unused loan commitments
  • $3,250Tier 1 (core) risk-based capital
  • $816Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $9,915Total unused commitments
  • $0Restructured Loans and leases
  • $899Derivatives

Income and Expense (December 31, 2008)

  • Dollar figures in thousands
  • $5,118Total interest income
  • $2,475Total interest expense
  • $2,643Net interest income
  • $2,540Provision for loan and lease losses
  • -$189Total noninterest income
  • $0Fiduciary activities
  • $77Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$266Additional noninterest income
  • $2,906Total noninterest expense
  • $1,252Salaries and employee benefits
  • $291Premises and equipment expense
  • $1,363Additional noninterest expense
  • -$2,992Pre-tax net operating income
  • $0Securities gains (losses)
  • -$1,013Applicable income taxes
  • -$1,979Income before extraordinary items
  • $0Extraordinary gains - net
  • -$1,979Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $1,608Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2008)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.63%Yield on earning assets
  • 3.20%Cost of funding earning assets
  • 3.42%Net interest margin
  • -0.24%Noninterest income to earning assets
  • 3.76%Noninterest expense to earning assets
  • -2.34%Net operating income to assets
  • -2.34%Return on assets (ROA)
  • -3.54%Pretax return on assets
  • -26.36%Return on equity (ROE)
  • -26.36%Retained earnings to average equity (YTD only)
  • 2.08%Net charge-offs to loans
  • 157.96%Credit loss provision to net charge-offs
  • -0.28%Efficiency ratio
  • 118,419Assets per employee
  • 5.33%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 3.46%Loss allowance to noncurrent loans
  • 137.45%Noncurrent assets plus other real estate owned to assets
  • 3.36%Noncurrent loans to loans
  • 2.51%Net loans and leases to deposits
  • 99.55%Net loans and leases to core deposits
  • 122.47%Equity capital to assets
  • 9.05%Core capital (leverage) ratio
  • 7.35%Tier 1 risk-based capital ratio
  • 8.36%Total risk-based capital ratio
  • Memoranda
  • $10Average assets
  • $84,441Average earning assets
  • $7,507Average equity
  • $77,224Average loans

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