Lotus Bank in Novi, Michigan (MI)



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Lotus Bank
GeneralFDIC Certificate #: 58340
Status: Active
Federal Reserve ID: 3482166
Bank Holding Company (Regulatory Top Holder): Lotus Bancorp, Inc. (RSSDID: 3547935, Location: Novi, MI)
Date Established: Febuary 28, 2007
WWW: http://www.lotusbank.net
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Domestic: 1, Interstate: No)
FDIC's unique #: 446323
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: Febuary 28, 2007
Last Structure Change Effective Date: April 23, 2010
Last Structure Change Process Date: June 17, 2010
Last Data Update: June 17, 2010
Data Source Date: April 05, 2012
LocationAddress: 44350 West 12 Mile Road, Novi, MI 48377
County: Oakland
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): Detroit, MI (#2160)
Consolidated Metropolitan Statistical Area (CMSA): Detroit-Ann Arbor-Flint, MI (#35)
Combined Statistical Area (CSA): Detroit-Warren-Flint, MI (#220)
Core Based Statistical Area (CBSA): Detroit-Warren-Livonia, MI (#19820)
CBSA Metro Statistical Area: Detroit-Warren-Livonia, MI (#19820)
Core Based Statistical Division: Warren-Troy-Farmington Hills, MI (#47644)
Financial SummaryTotal assets: $70.0 mil
Equity capital: $8.6 mil
Deposits held in domestic offices: $61.3 mil
Return on assets (ROA): 0.84% ($0.6 mil)
Quarterly return on assets: 1.19% ($0.8 mil)
Return on Equity (ROE): 7.29% ($0.7 mil)
Quarterly return on equity: 9.80% ($0.9 mil)
Net income: $0.6 mil
Quarterly Net income: $0.2 mil
Pretax return on assets: 0.84% ($588.4 mil)
Quarterly Pretax return on assets: 1.19% ($833.5 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)14
Total assets$70,046
Cash and due from depository institutions$939
Interest-bearing balances$0
Securities$8,496
Federal funds sold & reverse repurchase agreements$5,665
Net loans & leases$51,523
Loan loss allowance $1,101
Trading account assets$0
Bank premises and fixed assets$2,937
Other real estate owned$0
Goodwill and other intangibles$0
All other assets$486
Life insurance assets$70,046
Total liabilities and capital$61,493
Total liabilities$61,343
Total deposits$53,390
Interest-bearing deposits$61,343
Deposits held in domestic offices$73
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $150
All other liabilities $8,553
Total equity capital$8,553
Total bank equity capital$8,553
Perpetual preferred stock$0
Common stock$5,050
Surplus$5,591
Undivided profits $-2,088
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $336
Earning assets $0
Long-term assets (5+ years) $255
Average Assets, year-to-date $65,684
Average Assets, quarterly $7,154
Volatile liabilities $70,382
Insider loans $69,828
FHLB advances $58,072
Loans and leases held for sale $70,793
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $8,376
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $10,956
Derivatives$5,115
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $3,552
Total interest expense $610
Net interest income $2,942
Provision for loan and lease losses $138
Total noninterest income $187
Fiduciary activities $0
Service charges on deposit accounts $37
Trading account gains & fees $0
Additional noninterest income $150
Total noninterest expense $2,400
Salaries and employee benefits $1,151
Premises and equipment expense $356
Additional noninterest expense $893
Pre-tax net operating income $591
Securities gains (losses) $0
Applicable income taxes $0
Income before extraordinary items $591
Extraordinary gains - net $0
Net income attributable to bank $591
Net charge-offs $0
Cash dividends $591
Sale, conversion, retirement of capital stock, net -$4
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.38%
Cost of funding earning assets 0.92%
Net interest margin 4.46%
Noninterest income to earning assets 0.28%
Noninterest expense to earning assets 3.64%
Net operating income to assets 0.84%
Return on assets (ROA) 0.84%
Pretax return on assets 0.84%
Return on equity (ROE) 7.29%
Retained earnings to average equity (YTD only) 7.29%
Net charge-offs to loans -0.01%
Credit loss provision to net charge-offs -3450.00%
Efficiency ratio0.00%
Assets per employee$76,702
Cash dividends to net income (YTD only)5.00%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 2.09%
Noncurrent assets plus other real estate owned to assets 327.68%
Noncurrent loans to loans 0.48%
Net loans and leases to deposits0.64%
Net loans and leases to core deposits 83.99%
Equity capital to assets 106.16%
Core capital (leverage) ratio 12.21%
Tier 1 risk-based capital ratio 11.83%
Total risk-based capital ratio 14.42%
Memoranda
Average assets$16
Average earning assets$70,382
Average equity $8,106
Average loans $65,972
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1 Michigan Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
0446323Lotus Bank44350 West 12 Mile Road, Novi, MI 48377Febuary 28, 2007Full Service Brick and Mortar
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