Portage Commerce Bank in Portage, Michigan (MI)



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Portage Commerce Bank
GeneralFDIC Certificate #: 27236
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Michigan Commerce Bank (#33134)
Federal Reserve ID: 1190001
Date Established: May 02, 1988
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 1 (Interstate: No)
FDIC's unique #: 39171
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: May 02, 1988
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
LocationAddress: 800 East Milham, Portage, MI 49081
County: Kalamazoo
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): Kalamazoo-Battle Creek, MI (#3720)
Core Based Statistical Area (CBSA): Kalamazoo-Portage, MI (#28020)
CBSA Metro Statistical Area: Kalamazoo-Portage, MI (#28020)
Financial SummaryTotal assets: $217.7 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)
Total employees (full-time equivalent)30
Total assets$217,668
Cash and due from depository institutions$16,895
Interest-bearing balances$13,468
Securities$1,167
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$192,136
Loan loss allowance $2,208
Trading account assets$0
Bank premises and fixed assets$3,754
Other real estate owned$392
Goodwill and other intangibles$0
All other assets$3,324
Life insurance assets$149
Total liabilities and capital$217,668
Total liabilities$199,702
Total deposits$189,858
Interest-bearing deposits$174,601
Deposits held in domestic offices$189,858
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $9,250
Subordinated debt $0
All other liabilities $594
Total equity capital$17,966
Total bank equity capital$17,966
Perpetual preferred stock$17,966
Common stock$0
Surplus$275
Undivided profits $12,477
Memoranda
Noncurrent loans and leases $5,214
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $27,850
Income earned, not collected on loans $0
Earning assets $1,206
Long-term assets (5+ years) $169
Average Assets, year-to-date $798
Average Assets, quarterly $206,771
Volatile liabilities $13,907
Insider loans $209,259
FHLB advances $220,124
Loans and leases held for sale $37,849
Unused loan commitments $11,204
Tier 1 (core) risk-based capital $9,250
Tier 2 risk-based capital $803
Total risk weighted assets $569
Total unused commitments $27,850
Restructured Loans and leases $1,180
Derivatives$2,208
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Income and Expense (December 31, 2008)
(Dollar figures in thousands)
Total interest income $13,383
Total interest expense $6,159
Net interest income $7,224
Provision for loan and lease losses $820
Total noninterest income $980
Fiduciary activities $0
Service charges on deposit accounts $400
Trading account gains & fees $0
Additional noninterest income $580
Total noninterest expense $3,833
Salaries and employee benefits $1,393
Premises and equipment expense $373
Additional noninterest expense $2,067
Pre-tax net operating income $3,551
Securities gains (losses) $0
Applicable income taxes $1,185
Income before extraordinary items $2,366
Extraordinary gains - net $0
Net income attributable to bank $2,366
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $424
Net operating income $1,840
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Performance and Condition Ratios (December 31, 2008)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets6.88%
Cost of funding earning assets 3.17%
Net interest margin 3.71%
Noninterest income to earning assets 0.50%
Noninterest expense to earning assets 1.97%
Net operating income to assets 1.13%
Return on assets (ROA) 1.13%
Pretax return on assets 1.70%
Return on equity (ROE) 13.64%
Retained earnings to average equity (YTD only) 3.03%
Net charge-offs to loans 0.22%
Credit loss provision to net charge-offs 193.40%
Efficiency ratio10.31%
Assets per employee$46,721
Cash dividends to net income (YTD only)7.26%
Condition Ratios (%)
Loss allowance to loans 77.77%
Loss allowance to noncurrent loans 1.14%
Noncurrent assets plus other real estate owned to assets 183.08%
Noncurrent loans to loans 0.73%
Net loans and leases to deposits0.62%
Net loans and leases to core deposits 101.20%
Equity capital to assets 123.55%
Core capital (leverage) ratio 8.25%
Tier 1 risk-based capital ratio 8.33%
Total risk-based capital ratio 9.16%
Memoranda
Average assets$10
Average earning assets$209,259
Average equity $17,352
Average loans $194,493
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