Select Bank in Grand Rapids, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches


  • Select Bank in Grand Rapids, Michigan (MI)
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Select Bank - Overview

  • General
  • FDIC Certificate #: 34127
    Status: Active
    Federal Reserve ID: 2389857
    Bank Holding Company (Regulatory Top Holder): Harbor Springs Financial Corporation (RSSDID: 1208102, Location: Harbor Springs, MI)
    Date Established: Febuary 07, 1996
    WWW: http://www.selectbank.com
    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 #: 56270
    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: Yes
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: Febuary 07, 1996
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 60 Monroe Center, Grand Rapids, MI 49503
    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)
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $75.4 mil
    Equity capital: $7.6 mil
    Deposits held in domestic offices: $67.6 mil
    Return on assets (ROA): 0.56% ($0.4 mil)
    Quarterly return on assets: 0.46% ($0.3 mil)
    Return on Equity (ROE): 6.07% ($0.5 mil)
    Quarterly return on equity: 4.68% ($0.4 mil)
    Net income: $0.5 mil
    Quarterly Net income: $0.1 mil
    Pretax return on assets: 0.56% ($422.3 mil)
    Quarterly Pretax return on assets: 0.46% ($346.9 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, 2011)

  • Dollar figures in thousands
  • 9Total employees (full-time equivalent)
  • $75,414Total assets
  • $977Cash and due from depository institutions
  • $154Interest-bearing balances
  • $4,226Securities
  • $3,000Federal funds sold & reverse repurchase agreements
  • $59,162Net loans & leases
  • $1,214Loan loss allowance
  • $0Trading account assets
  • $2,425Bank premises and fixed assets
  • $4,771Other real estate owned
  • $0Goodwill and other intangibles
  • $75,414Life insurance assets
  • $853All other assets
  • $67,775Total liabilities and capital
  • $67,563Total liabilities
  • $62,524Total deposits
  • $67,563Interest-bearing deposits
  • $98Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $212Subordinated debt
  • $7,639All other liabilities
  • $7,639Total equity capital
  • $7,639Total bank equity capital
  • $0Perpetual preferred stock
  • $2,183Common stock
  • $8,917Surplus
  • $-3,461Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,332Income earned, not collected on loans
  • $0Earning assets
  • $240Long-term assets (5+ years)
  • $66,542Average Assets, year-to-date
  • $1,011Average Assets, quarterly
  • $79,867Volatile liabilities
  • $77,215Insider loans
  • $62,825FHLB advances
  • $77,747Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $7,564Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $2,172Restructured Loans and leases
  • $1,798Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $4,549Total interest income
  • $1,125Total interest expense
  • $3,424Net interest income
  • $360Provision for loan and lease losses
  • -$151Total noninterest income
  • $0Fiduciary activities
  • $77Service charges on deposit accounts
  • $0Trading account gains & fees
  • -$228Additional noninterest income
  • $2,463Total noninterest expense
  • $775Salaries and employee benefits
  • $343Premises and equipment expense
  • $1,345Additional noninterest expense
  • $450Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • $450Income before extraordinary items
  • $0Extraordinary gains - net
  • $450Net income attributable to bank
  • $0Net charge-offs
  • $450Cash dividends
  • $1,358Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 6.46%Yield on earning assets
  • 1.60%Cost of funding earning assets
  • 4.86%Net interest margin
  • -0.21%Noninterest income to earning assets
  • 3.50%Noninterest expense to earning assets
  • 0.56%Net operating income to assets
  • 0.56%Return on assets (ROA)
  • 0.56%Pretax return on assets
  • 6.07%Return on equity (ROE)
  • 6.07%Retained earnings to average equity (YTD only)
  • 2.16%Net charge-offs to loans
  • 26.51%Credit loss provision to net charge-offs
  • 0.60%Efficiency ratio
  • 75,252Assets per employee
  • 8.38%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.01%Loss allowance to noncurrent loans
  • 52.06%Noncurrent assets plus other real estate owned to assets
  • 9.42%Noncurrent loans to loans
  • 3.86%Net loans and leases to deposits
  • 87.57%Net loans and leases to core deposits
  • 97.14%Equity capital to assets
  • 10.13%Core capital (leverage) ratio
  • 9.73%Tier 1 risk-based capital ratio
  • 12.04%Total risk-based capital ratio
  • Memoranda
  • $13Average assets
  • $79,867Average earning assets
  • $7,408Average equity
  • $70,465Average loans

List of branches

  • 1 Michigan Branch as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    056270Select Bank60 Monroe Center, Grand Rapids, MI 49503Febuary 07, 1996Full Service Brick and Mortar

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