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
No
ID
Name
Address
Established
Service Type
Map
0
56270
Select Bank
60 Monroe Center, Grand Rapids, MI 49503
Febuary 07, 1996
Full Service Brick and Mortar
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