Paragon Bank & Trust in Holland, Michigan (MI)

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Paragon Bank & Trust
GeneralFDIC Certificate #: 33126
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Michigan Commerce Bank (#33134)
Federal Reserve ID: 1473496
Date Established: September 24, 1990
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Interstate: No)
FDIC's unique #: 46361
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: September 24, 1990
Last Structure Change Effective Date: March 31, 2010
Last Structure Change Process Date: April 14, 2010
Last Data Update: April 14, 2010
Data Source Date: April 05, 2012
LocationAddress: 240 East 8th Street, Holland, MI 49423
County: Ottawa
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): Holland-Grand Haven, MI (#26100)
CBSA Metro Statistical Area: Holland-Grand Haven, MI (#26100)
Financial SummaryTotal assets: $106.8 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, 2009)
(Dollar figures in thousands)
Total employees (full-time equivalent)16
Total assets$106,751
Cash and due from depository institutions$28,604
Interest-bearing balances$27,765
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$63,402
Loan loss allowance $3,589
Trading account assets$0
Bank premises and fixed assets$2,681
Other real estate owned$3,357
Goodwill and other intangibles$1,613
All other assets$6,704
Life insurance assets$619
Total liabilities and capital$106,751
Total liabilities$99,914
Total deposits$95,369
Interest-bearing deposits$90,944
Deposits held in domestic offices$95,369
% insured (estimated)91.69%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $3,574
Subordinated debt $0
All other liabilities $971
Total equity capital$6,837
Total bank equity capital$6,837
Perpetual preferred stock$6,837
Common stock$0
Undivided profits $12,266
Noncurrent loans and leases $-7,854
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $4,870
Income earned, not collected on loans $0
Earning assets $5,336
Long-term assets (5+ years) $0
Average Assets, year-to-date $249
Average Assets, quarterly $91,557
Volatile liabilities $3,635
Insider loans $110,665
FHLB advances $104,725
Loans and leases held for sale $18,133
Unused loan commitments $3,067
Tier 1 (core) risk-based capital $3,500
Tier 2 risk-based capital $3,316
Total risk weighted assets $2,124
Total unused commitments $4,870
Restructured Loans and leases $506
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Income and Expense (December 31, 2009)
(Dollar figures in thousands)
Total interest income $4,327
Total interest expense $2,308
Net interest income $2,019
Provision for loan and lease losses $4,525
Total noninterest income $1,253
Fiduciary activities $1,259
Service charges on deposit accounts $55
Trading account gains & fees $0
Additional noninterest income -$61
Total noninterest expense $5,485
Salaries and employee benefits $1,433
Premises and equipment expense $362
Additional noninterest expense $3,690
Pre-tax net operating income -$6,738
Securities gains (losses) $0
Applicable income taxes $558
Income before extraordinary items -$7,296
Extraordinary gains - net $0
Net income attributable to bank -$7,296
Net charge-offs $0
Cash dividends -$7,296
Sale, conversion, retirement of capital stock, net $4,426
Net operating income $0
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Performance and Condition Ratios (December 31, 2009)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.48%
Cost of funding earning assets 2.39%
Net interest margin 2.09%
Noninterest income to earning assets 1.30%
Noninterest expense to earning assets 5.68%
Net operating income to assets -6.59%
Return on assets (ROA) -6.59%
Pretax return on assets -6.09%
Return on equity (ROE) -84.84%
Retained earnings to average equity (YTD only) -84.84%
Net charge-offs to loans 5.75%
Credit loss provision to net charge-offs 102.24%
Efficiency ratio-0.50%
Assets per employee$162,531
Cash dividends to net income (YTD only)6.67%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 5.36%
Noncurrent assets plus other real estate owned to assets 67.26%
Noncurrent loans to loans 8.14%
Net loans and leases to deposits7.97%
Net loans and leases to core deposits 66.48%
Equity capital to assets 78.53%
Core capital (leverage) ratio 6.40%
Tier 1 risk-based capital ratio 4.86%
Total risk-based capital ratio 7.01%
Average assets$8
Average earning assets$110,665
Average equity $8,600
Average loans $96,497
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Total Fiduciary and Related Assets (December 31, 2009)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$164,097
Number of Accounts1
Personal trust and agency accounts$16,342
Employee benefit-defined contribution accounts$9,846
Employee benefit-defined benefit accounts$3,688
Other retirement accounts$353
Corporate trust and agency accounts$698
Investment management agency accounts$0
Other fiduciary accounts$1,757
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts1630
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$698
Employee benefit-defined benefit accounts$0
Other retirement accounts$147,755
Corporate trust and agency accounts$30,543
Other fiduciary accounts$3,777
Fiduciary accounts held in foreign offices$106,785
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